Slide 1: Full Year 2023 Consolidated results
FullFull YearYear 2023 2023 ConsolidatedConsolidated results results March 21st, 2024 March 21st, 2024
Slide 2: Full Year 2023 Consolidated results - CEO
Full Year 2023 Consolidated results Flavio Cattaneo CEO
Slide 3: Opening remarks
Opening remarks Strong YoY delivery with Evolution of Disposal Plan almost Shareholder financials up by regulatory completed (>90%) at better multiples return: double digit and frameworks 0.43 €/sh outstanding FFO points to upside M&A to maximize portfolio returns DPS for 2023 improvement on plan de
Slide 4: Strong 2023 financial delivery bodes well for future targets
Strong 2023 financial delivery bodes well for future targets EBITDA1,2 (€bn) Net Income1 (€bn) FFO (€bn) +12% +63% +21% +3 €bn vs 2021 peak +2.3 +1.1 22.0 6.5 +5.7 19.7 14.8 5.4 9.1 2022 2023 2022 2023 2022 2023 1. Ordinary figures. 2. It excludes extraordinary items in FY 2022 (235 €mn: Energy tran
Slide 5: Selective capital allocation drives operating growth and safeguards profitability
Selective capital allocation drives operating growth and safeguards profitability Strategic pillars Gross capex (€bn) By geography By GBL Profitability, -4% -4% >50% capex 1 flexibility and resiliency 16.0 14.2 13.6 16.0 14.2 13.6 on “regulated” 14.0 14.0 12.0 12.0 assets, 10.0 8.0 10.0 8.0 51% incr
Slide 6: Positive outcomes from our advocacy activity to support investments in grids
Positive outcomes from our advocacy activity to support investments in grids Grids ROSS implementation confirm a supportive framework in line with plan’s ambitions Ad hoc remuneration (ARERA 617/2023) defined for special projects focused on grids’ upgrades (resiliency, hosting capacity): up to 13% o
Slide 7: Partnership business model: a staple of our capital light strategy
Partnership business model: a staple of our capital light strategy Strategic pillars BUSINESS MODELS ENEL STAKE First initiative under the partnership 100% Ownership business model Profitability, Full control of assets 1 flexibility and resiliency Higher and hedged returns Mostly in Europe Sale of 4
Slide 8: Delivering on a cost disciplined organization
Delivering on a cost disciplined organization Strategic pillars Cash generation Cash cost reduction FFO (€bn) Addressable cost base1 (€bn) Profitability, +63% -200 €mn 1 flexibility and resiliency 16.00 7.00 6.80 14.00 12.00 14.8 6.60 6.9 6.40 6.7 47% 10.00 6.20 53% 200 €mn 8.00 6.00 Efficiency and
Slide 9: M&A: from deleverage to structural value creation
M&A: from deleverage to structural value creation Strategic pillars M&A delivery: Net Debt impact Profitability, €bn Completion of 1 flexibility and resiliency M&A Plan Closed 3.4 allows strategic shift ~11.5 €bn Signed 7.0 Efficiency and to maximize 2 effectiveness investments Advanced ~1.0 and por
Slide 10: Improved credit ratios and confirmed environmental trajectory
Improved credit ratios and confirmed environmental trajectory Strategic pillars Financial sustainability Environmental sustainability FFO/Net Debt Net Debt/EBITDA Total absolute emissions (MtCO2eq) Profitability, 1 flexibility and resiliency +10 pp -50% 200 180 160 190 Efficiency and 2 effectiveness
Slide 11: Shareholder remuneration
Shareholder remuneration Dividend per share (€/share) Visible 0.215 €/sh Interim DPS paid shareholder in Jan ‘24 up-to 70% pay-out remuneration with upside 0.43 potential FLOOR 0.43 0.43 0.43 linked to cash flow 2023 2024 2025 2026 neutrality 10
Slide 12: Full Year 2023 Economic and financial results - CFO
Full Year 2023 Economic and financial results Stefano De Angelis CFO
Slide 13: H2 and YTD execution backing CMD ambitions
H2 and YTD execution backing CMD ambitions Profitability, flexibility Efficiency & Financial sustainability and resiliency Effectiveness c. 700 MW approved at 300+ New spending review and New 1.75 €bn SLB issued at bps spread over WACC in Q4 approval process set in H2 (200 3.66% avg. coupon vs 4% co
Slide 14: EBITDA up double digit driven by a strong underlying performance
EBITDA up double digit driven by a strong underlying performance Ordinary EBITDA evolution (€bn) EBITDA by geography2 FY 2022 FY 2023 +12% 24. 000 22.0 22. 000 34% 33% 19.7 38% 20. 000 0.3 2.8 49% 0.5 19.7 €bn 22.0 €bn 18. 000 (0.3) 16. 000 14. 000 19.2 18% 67% +15% 28% 0.8 12. 000 0.5 Europe 10. 00
Slide 15: EBITDA baseline into 2024 in line with CMD ambitions
EBITDA baseline into 2024 in line with CMD ambitions Ordinary EBITDA evolution (€bn) Ordinary Net Income evolution (€bn) 22.0 21.23 6.5 0.5 0.2 6.3 (0.5) (0.8) (0.2) (0.3) 14.2 7.3 Ordinary Grids1 Integrated Gas Baseline into Ordinary Grids1 Integrated Gas Baseline into EBITDA business2 arbitration
Slide 16: Grids: +5% RAB increase supporting 2024-26 ambitions
Grids: +5% RAB increase supporting 2024-26 ambitions Ordinary EBITDA evolution (€bn) RAB2 (€bn) -5% +2.1 50.00 44.4 2024-26 capex 45.00 42.3 8.3 3.6 €bn 9.0 00 0.3 0.1 7.9 40.00 8.0 00 0.3 10.9 11.8 35.00 7.0 00 (0.5) 30.00 6.0 00 8.0 25.00 5.0 00 20.00 31.4 32.6 STABLE 2024-26 capex 0.5 4.0 00 15.0
Slide 17: Integrated business: double digit growth yoy
Integrated business: double digit growth yoy Ordinary EBITDA evolution (€bn) 100% of RES production backed by fixed sales to B2C and SMEs, maximizing unitary +24% integrated margin 17. 000 Pre-hedging securing forward generation 15. 000 14.4 margins from backward trend (>90% of 2024-2025 production)
Slide 18: Strong earnings performance: Net Ordinary Income up by more than 20%
Strong earnings performance: Net Ordinary Income up by more than 20% versus PY Profit & loss (€bn) Key Drivers FY 2023 FY 2022 ∆ yoy Financial expenses Financial charges strongly Ordinary EBITDA 22.0 19.7 +12% affected by negative interest rates environment and short- term exposure D&A and Provision
Slide 19: FFO at around 15 €bn
Cash generation accelerated in H2 2023: FFO at around 15 €bn FY FY H1 2023 H2 2023 2023 2022 Ordinary Ordinary EBITDA 10.7 EBITDA 11.3 22.0 19.7 Significant FFO improvement ∆ Provisions1 ∆ (Provisions 0.1 ) ( 1.2 ) (1.3) (2.0) thanks to better economic result and ∆NWC & Other ∆NWC ( 2.0 ) & Other 2.
Slide 20: Pro Forma Net Debt at around 53.5 €bn
Pro Forma Net Debt at around 53.5 €bn Net debt evolution1 (€bn) 0.3 €bn US solar & geothermal cashed-in after Dec. 31st,2023 60.7 0.3 60.2 Hybrids 1.0 0.3 (3.5) 5.3 6.3 (14.8) 13.2 GRANTS ~53.5 FFO-Capex +1.6 €bn 59.9 59.7 2 Dec. 31, 2022 FFO Net Capex3 APM Dividend paid FX & other Dec. 31, 2023 Dea
Slide 21: Full Year 2023 Closing remarks
Full Year 2023 Closing remarks
Slide 22: Closing remarks
Closing remarks 1 2 3 4 Focus on financial Strong Close to 2024-26 sustainability to operating and complete guidance fully drive upside in financial M&A plan confirmed shareholder delivery remuneration 21
Slide 23: Consolidated results Annexes
FY 2023 Consolidated results Annexes
Slide 24: Update on M&A plan
Update on M&A plan Net Debt impact Amount (€bn) Year Sale of Argentina generation1 0.1 2023 Exit from Romania1 2.1 2023 Deals Sale of 50% stake in Australia1 0.1 2023 closed Sale of PV Assets in Chile 0.5 2023 Sale of 50% stake in EGP Hellas 0.3 2023 Sale 150 MW of solar and geothermal capacity 0.3
Slide 25: Macroscenario
FY 2023 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh) 1 Electricity Demand (TWh) FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 Italy 0.72 3.89 6.03 8.72 - - 127.24 304.02 306.09 315.01 Iberia 2.50 5.77 3.43 8.34 - - 87.43 167.66
Slide 26: Group consolidated net capacity by technology and geography
FY 2023 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,998 874 776 237 - 2,378 4,160 4,607 26,030 Iberia 4,746 2,884 - 2,269 3,328 2,333 241 5,445 21,247 Rest of World 10,596 1
Slide 27: Group consolidated net production by technology and geography
FY 2023 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 15,270 1,430 5,310 88 - 200 9,368 10,935 42,601 Iberia 5,083 6,392 - 2,737 24,865 4,505 742 15,939 60,264 Rest of World 4
Slide 28: Group total additional capacity by technology and geography
FY 2023 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 1 13 - 186 - 130 - 11 341 Iberia - 1 - 605 - - - - 607 Rest of World 3 1,138 - 2,085 - 34 - 54 3,313 Latin America 3 1,102
Slide 29: Renewable projects in execution
FY 2023 consolidated results Renewable projects in execution: breakdown by technology and geography1 Solar & MW Wind Hydro Geothermal BESS Total Other Italy - 3.9 - 223 1,572 1,798 Iberia 9 10 - 1,441 5 1,465 Rest of World 630 156 - 1,996 283 3,065 Latin America 194 156 - 755 168 1,273 North America
Slide 30: Renewables Pipeline
FY 2023 consolidated results Pipeline Renewables Pipeline (GW) 2024-26 Additional capacity target2 ~437 83 218 6.3 13.4 GW 7.1 130 6.3 Gross Pipeline BESS 1 Early stage Mature In execution Capacity in execution Residual target 1. It includes BESS for around 54 GW in early stage and around 29 GW in m
Slide 31: Mature pipeline
FY 2023 consolidated results Mature pipeline1 By technology By geography By COD 3% 10% 11% 15% 5% 31% 15% 22% 19% 130 GW 130 GW 130 GW 69% 66% 38% Wind Italy North America 2025 Solar Iberia Rest of Europe 2026 Hydro & Other Latin America Africa, Asia & Oceania >2026 1. It excludes BESS mature pipeli
Slide 32: Enel Grids KPIs
FY 2023 consolidated results Enel Grids KPIs1 Electricity distributed 2 Grid customers (mn) Smart meters (mn) FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 Italy 214.1 220.4 31.8 31.7 31.7 31.6 Iberia 136.4 131.7 12.5 12.5 12.4 12.3 Rest of World 138.8 155.5 25.9 28.5 1.1 2.0 Latin America 126.2 1
Slide 33: Enel X Global Retail: Retail KPIs
FY 2023 consolidated results Enel X Global Retail: Retail KPIs1 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 Italy 18.6 21.4 87.2 97.2 4.3 4.6 4.1 4.7 Iberia 10.5 10.5 77.7 79.0 1.8 1.8 3.8 4.9 Rest of World 25.9
Slide 34: Enel X Global Retail: Enel X
FY 2023 consolidated results Enel X Global Retail: Enel X Enel X Public Charging points (k) Street lighting (mn) Storage (MW) Demand Response (GW) FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 Italy 19.1 18.3 1.6 1.6 - - 0.8 0.6 Iberia 5.5 3.7 0.1 0.1 - - 0.2 0.2 Rest of World 0.7
Slide 35: Capex
FY 2023 consolidated results Capex1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 Italy 393 408 3,084 2,714 1,982 821 565 582 74 115 6,098 4
Slide 36: Asset development Capex
FY 2023 consolidated results Asset development Capex1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 Italy 300 316 1,471 1,318 1,780 632 138
Slide 37: Revenues
FY 2023 consolidated results Revenues1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 Italy 26,178 55,389 7,610 6,963 3,248 2,149 28,717 33,3
Slide 38: Reported EBITDA
FY 2023 consolidated results Reported EBITDA1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 Italy 2,552 2,578 3,566 3,676 555 (564) 4,039 52
Slide 39: Ordinary EBITDA
FY 2023 consolidated results Ordinary EBITDA1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 Italy 2,718 2,735 3,589 3,707 555 (562) 4,039 53
Slide 40: Reported EBIT
FY 2023 consolidated results Reported EBIT1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail 2 Total & Trading & Other FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 Italy 2,351 2,424 2,116 2,326 200 (885) 2,987 (6
Slide 41: From EBITDA to net income
FY 2023 consolidated results From EBITDA to net income1 (€mn) FY 2023 FY 2022 FY 2023 FY 2022 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 20,255 19,918 1.7% 21,969 19,683 11.6% D&A (9,423) (8,725) (7,927) (7,554) EBIT 10,832 11,193 -3.2% 14,042 12,129 15.8% Net financial charges (3,375) (
Slide 42: D&A reported
FY 2023 consolidated results D&A reported1 (€mn) FY 2023 FY 2022 ∆ yoy Generation and Trading 887 1,312 -32.4% Enel Green Power 3,136 1,507 108.1% Grids 3,035 3,782 -19.8% 2 Enel X Global Retail 2,116 1,895 11.7% Others and adjustments 249 229 8.7% Total 9,423 8,725 8.0% 1. FY 2022 restated figure 4
Slide 43: Long-term debt structure
FY 2023 consolidated results Long-term debt1 structure By currency Interest rate Long term By currency After swap composition credit ratings 51% Rating Outlook 82% 18% S&P BBB Stable 70.9 €bn 3% 70.9 €bn 70.9 €bn Moody’s Baa1 Negative 7% 1% 4% 3% 3% 82% 1% 10% Fitch BBB+ Stable 35% EUR USD BRL Float
Slide 44: Debt structure by instrument
FY 2023 consolidated results Debt structure by instrument (€bn) 43
Slide 45: Debt maturity coverage split by typology
FY 2023 consolidated results Debt maturity coverage split by typology (€bn) Available liquidity 30.8 Bank Loans and Others Bonds 7.6 6.9 26.8 €bn 19.9 9.1 8.7 8.6 23.2 7.3 2.3 3.2 2.1 5.7 2.1 6.8 2.6 5.2 5.5 6.5 3.1 Available committed credit lines1 2024 2025 2026 2027 2028 After 2028 Cash 1. Of whi
Slide 46: Balance sheet
FY 2023 consolidated results Balance sheet (€mn) FY 2023 FY 2022 Δ Net financial debt 1 60,163 60,663 -0.8% Shareholders' equity 45,109 42,080 7.2% 1 Net capital employed 105,272 102,743 2.5% 1. FY 2022 restated figures 45
Slide 47: Headcount
FY 2023 consolidated results Headcount 1 FY 2023 FY 2022 ∆ yoy Generation and Trading 5,725 6,447 -11.2% Enel Green Power 8,891 9,397 -5.4% Distribution 30,946 30,262 2.3% 1 Enel X Global Retail 8,926 8,293 7.6% Others and adjustments 6,567 10,725 -38.8% Total 61,055 65,124 -6.2% 1. Enel X Global Re
Slide 48: Disclaimer
FY 2023 consolidated results Disclaimer This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements ar
Slide 49: Contact us
Contact us Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Investor Relations App Monica Girardi iOS Android Head of Group Investor Relations Investor Relations team Federico Baroncelli Serena Carioti Gaia Cherubini Federica Dori Fabrizio Ragnacci Channels Danielle Ribeiro da Encar