Slide 1: Nine months consolidated results
Nine months Consolidated results November 4th, 2021
Slide 2: Key highlights of the period
Key highlights of the period Financial results Investments Push on renewables Shareholder return Remarkable growth of Capex up 4 GW built 0.38 €/sh operating KPIs double over the LTM guaranteed Financial digit yoy to DPS fuel future On track to performance reach more 5% dividend affected by growth t
Slide 3: Solid and visible recovery in the operating performance
Solid and visible recovery in the operating performance… Renewables Infrastructure & Customers Networks Strong and continued delivery Volumes fully recovering Solid increase in volumes in renewables additions COVID-19 dynamics drives operating recovery Additional built capacity (MW) Electricity dist
Slide 4: Temporary headwinds and currency devaluation weighing on EBITDA
…overshadowed by temporary headwinds and currencies devaluation weighting on EBITDA… Ordinary EBITDA evolution1 (€bn) Focus on FX and temporary headwinds1 (€bn) Q1 Q2 Q3 TOTAL - (0.32) (0.24) (0.33) (0.9) 0.83 13.2 FX devaluation (0.3) (0.45) (~0.6) (0.30) Drought and gas (0.3) shortage in Chile 13.
Slide 5: …and on Net Income
…and on Net Income Ordinary Net Income evolution1 (€bn) Focus on FX and temporary headwinds1 (€bn) Q1 Q2 Q3 TOTAL +13% (0.1) (0.3) (0.4) (0.8) 0.63 4.07 FX devaluation (0.07) (0.08) (0.07) (0.78) Temporary headwinds (0.33) from EBITDA 3.59 3.29 Non recurring on taxes (0.15) Liability (0.3) managemen
Slide 6: 20% increase in capital deployed to fuel future growth
20% increase in capital deployed to fuel future growth Capex by business model and GBL (€bn) Ownership model 21% 9M 2020 9M 2021 Ownership model Consolidated RES 43.7 47.5 9.00 capacity (GW) 6.6 8.0 45% 8.00 0.4 7.6 €bn Smart meter 2.0 (mn) 16.5 22.1 46% 7.00 Customers free market 17.4 18.6 6.00 3%
Slide 7: Global Power Generation
Global Power Generation Generation evolution1,2 NOTA Renewable capacity evolution LTM and outlook2 (GW) 63% emission free 100% in execution PRODUCTION 9M 2021 37% 51% 172 TWh ~3.0 2.3 (0.1) 12% Nuke 50.8 48.6 9M 2020 9M 2021 CAPACITY (GW) 47.2 50.8 36.5 35.7 FY 2020 Built Portfolio 9M 2021 Q4 Additi
Slide 8: A growing pipeline to support delivery on additional capacity target
A growing pipeline to support delivery on additional capacity target Renewables Pipeline (GW) Mature pipeline by geo 2021-23 Additional 19.5 GW capacity target 31% ~47 34% Residual target2 5.5 GW ~208 ~83 GW Pipeline Coverage 3.3x Ratio3 12% ~350 +32 GW vs PY 23% ~83 ~12 Europe North America Latin A
Slide 9: Infrastructure & Networks
Infrastructure & Networks Electricity distributed1 (TWh) Smart meter1 (mn) xx Smart meter 2.0 Focus on Latam +6% +400k 9M 2020 9M 2021 360 382 45.0 0 57.1 60.0 +5% 450 .00 44.8 44.5 0 400 .00 350 .00 44.0 0 44.4 97 102 43.5 0 11.8 12.4 +5% 300 .00 Latam 250 .00 43.0 0 200 .00 42.5 0 280 +6% 150 .00
Slide 10: Retail & Enel X
Retail & Enel X Retail Enel X and new infrastructures Free market Free market 9M 2020 9M 2021 power customers (mn) energy sold (TWh)1 +79% +1.2mn +9% Charging points2 (k) 137 245 +34% 139 Fiber deployment 9.5 12.8 19 150 130 127 (Households passed mn) 19 18.6 110 +11% 18 +4% 108 90 18 70 97 Street l
Slide 11: Continued focus on active portfolio management activities
Continued focus on active portfolio management activities Simplification in Signed agreement Latam with ERG 82.3% stake in Enel Américas 527 MW of hydro capacity in Italy after EGP Américas Avg. annual production of 1.5 TWh merger and PTO 15.6 GW Enel Américas c.1,000 €mn Enterprise Value capacity p
Slide 12: 9M 2021 Financial results
9M 2021 Financtal results CNC l
Slide 13: Financial highlights (€mn)
Financial highlights (€mn) EBITDA1 Net Income1 FFO Adjusted EBITDA Adjusted Net income up Adjusted FFO up flat yoy by 13% yoy by 23% -4% -8% -23% Temporary 140 00 400 0 870 0 350 0 770 0 120 00 300 0 100 00 250 0 670 0 570 0 3,000 13,146 12,631 800 0 200 0 3,593 3,289 470 0 6,572 150 0 600 0 5,054 3
Slide 14: Global Power Generation
Global Power Generation Strong operating performance offset by lack of resources EBITDA evolution (€mn) EGP Conventional Gen. & Trading Positive contribution from RES 7,00 0 -6% deployment and volumes partially RES deployment and +300 offset by prices dynamics 6,00 0 volumes 5,064 4,755 5,00 0 Chile
Slide 15: Infrastructure and Networks
Infrastructure and Networks yoy performance broadly flat if adjusted for non recurring items @9M2020 EBITDA evolution (€mn) Focus on Latam -7% Growth in Latam supported by 8,00 0.00 Volumes & Tariff index. +200 volumes and tariff indexation 7,00 0.00 5,753 5,355 6,00 0.00 Maintenance costs -30 Persi
Slide 16: Retail
Retail Strong rebound back to pre-COVID levels EBITDA evolution (€mn)1 Free market – Energy sold (TWh)2 +9% +3% 47.6 51.8 Italy EBITDA up by 4% driven by +140 €mn free market contribution 12.8 13.3 +4% 2,297 2,363 Italy 34.8 38.5 +11% Regulated -25% 353 Uplift in volumes in Italy, stable markets 487
Slide 17: Liability management & minorities to benefit from window opportunities
Liability management & minorities to benefit from window opportunities in the financial market Net Ordinary Income evolution (€bn) Lower financial expenses despite -8% 4.2 00 400 €mn negative one-off from liability managment 3.7 00 0.10 0.08 0.22 3.59 Average cost of debt at 3.6% 3.2 00 (0.02) 3.29
Slide 18: Extensive liability management program to reduce cost of debt
Extensive liability management program to reduce cost of debt June 2021 July 2021 September 2021 ~10 €bneq new issues: New 3.5 €bn 9 years avg. maturity, 0.5% avg. cost 3.25 €bn 4 $bn issues MWC Tender offer Share of sustainable finance at c.50%, Liability Tender offer 6 $bn 1.5 $bn management 1.1 €
Slide 19: Cash flow (€bn)
Cash flow (€bn)1 14.0 0.45 €bn Liability manag. 12.6 12.0 ( 1.0 ) 0.45 €bn temporary EBITDA 10.0 impact 8.0 ( 3.1 ) 0.9 6.0 ( 1.3 ) 2.1 4.0 ( 2.1 ) 8.1 2.0 5.1 - Ordinary ∆ Provisions 3 ∆Working Income Financial FFO Measures to Temporary FFO Adjusted 4 EBITDA capital taxes expenses soften price impa
Slide 20: Debt evolution
Debt evolution Net debt evolution (€bn) Gross debt (€bn) +15% 1.6 60 4.8 1.5 0.4 59.0 67.7 45.4 8.0 54.4 50 70 Hybrids 2.2 52.4 6.0 Cash 7.3 60 40 6.0 Fin. receivables 50 7.6 30 (5.1) 40 Net debt 30 20 54.4 20 45.4 10 10 0 - 1 Dec 31, FFO Capex Dividends APM Operating New FX Sep 30, Dec 31, 2020 Sep
Slide 21: Closing remarks
Closing remarks Operating Managerial +20% Resilient growth in line actions investments business model with implemented to support the absorbs expectations to unlock Group’s temporary future value positioning impacts, over plan FY2021 guidance period confirmed 20
Slide 22: Nine months 2021 Consolidated results Annexes
Nine months 2021 Consolidated results Annexes
Slide 23: Macroscenario
9M 2021 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh) Electricity Demand (TWh)2 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 Italy 6.62 (9.79) 1.35 (0.06) - - 86.25 35.60 239.01 225.14 Iberia 5.83 (10.50) 2.07 (0.18) - - 77.95
Slide 24: Group consolidated net capacity by technology and geography
9M 2021 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,434 786 773 28 - 2,253 5,583 4,593 26,450 Iberia 4,743 2,422 - 625 3,328 2,333 2,764 5,445 21,661 Latin America 10,585 2,
Slide 25: Group consolidated net production by technology and geography
9M 2021 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 13,479 940 4,108 51 - 382 6,883 8,609 34,451 Iberia 4,864 3,853 - 806 19,895 2,965 461 9,736 42,581 Latin America 24,909
Slide 26: Group total additional capacity by technology and geography
9M 2021 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 17 14 4 - - 5 - 10 50 Iberia - - - 15 - - - - 15 Latin America - 543 28 857 - - 1 - 1,429 Argentina - - - - - - - - - Brazi
Slide 27: Renewable projects in execution by technology and geography
9M 2021 consolidated results Renewable projects in execution: breakdown by technology and geography1 Solar & MW Wind Hydro Geothermal Total Other Italy 106 47 3 28 183 Iberia 439 23 - 2,044 2,506 Latin America 2,021 156 - 2,303 4,480 Rest of Europe 205 - - 89 294 North America 1,275 - - 1,805 3,079
Slide 28: EGP mature pipeline
9M 2021 consolidated results EGP mature pipeline By technology By geography By COD 4% 12% 11% 1% 20% 9% 11% 39% ~83 GW ~83 GW ~83 GW 57% 23% 34% 79% Wind Italy North America 2022 Solar Iberia Rest of Europe 2023 Hydro & Others Latin America Africa, Asia & Oceania >2023 27
Slide 29: Infrastructure & Networks KPIs
9M 2021 consolidated results Infrastructure & Networks KPIs Electricity distributed (TWh)1 End users (mn) Smart meters (mn)1 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 Italy 169.1 159.0 31.6 31.5 30.9 30.8 Iberia 98.6 93.1 12.3 12.3 12.5 12.3 Latin America 101.9 96.8 28.1 27.6 0.4 0.4 Argentina
Slide 30: Retail KPIs
9M 2021 consolidated results Retail KPIs Power Gas Customers (mn) Volumes1 (TWh) Customers (mn) Volumes (bsmc) 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 Italy 21.8 22.9 70.1 67.3 4.1 4.1 2.8 3.1 Iberia 10.2 10.5 60.1 60.6 1.7 1.7 3.7 3.5 Latin America 28.1 27.6 95.6 87.5 0.0 0.
Slide 31: Enel X KPIs
9M 2021 consolidated results Enel X KPIs Charging Points1 (k) Street lighting (mn) Electric buses (#) Storage (MW) Demand Response (GW) 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 Italy 34.9 22.0 1.5 1.6 - - 32 12 0.9 0.3 Iberia 8.4 6.0 0.1 0.1 146 7 21 20 - - Lat
Slide 32: Baseload power price & production sold forward
9M 2021 consolidated results Baseload power price & production sold forward Baseload price 2021 2022 2023 Italy (€/MWh) 52.3 53.9 55.3 Iberia (€/MWh) 47.2 48.4 49.2 Production sold forward 2021 2022 2023 price % price % price % 1 Italy (€/MWh) 51.9 94% 60.9 100% 70.7 38% Iberia (€/MWh)1 71.1 100% 76
Slide 33: Capex (€mn)
9M 2021 consolidated results Capex1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 Italy 150 90 1,672 1,291 232 138 300 2
Slide 34: Asset development Capex (€mn)
9M 2021 consolidated results Asset development Capex1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 Italy 105 44 882 563
Slide 35: Revenues (€mn)
9M 2021 consolidated results Revenues1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 Italy 16,534 12,487 5,354 5,515 1,7
Slide 36: Reported EBITDA (€mn)
9M 2021 consolidated results Reported EBITDA1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 Italy (50) 292 2,383 2,922 8
Slide 37: Ordinary EBITDA (€mn)
9M 2021 consolidated results Ordinary EBITDA1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 Italy 479 383 2,728 2,951 90
Slide 38: Reported EBIT (€mn)
9M 2021 consolidated results Reported EBIT1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 Italy (189) 161 1,521 1,827 68
Slide 39: From EBITDA to net income (€mn)
9M 2021 consolidated results From EBITDA to net income1 (€mn) 9M 2021 9M 2020 9M 2021 9M 2020 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 11,278 12,705 -11.2% 12,631 13,146 -3.9% D&A (5,024) (5,730) (4,836) (4,935) EBIT 6,254 6,975 -10.3% 7,795 8,211 -5.1% Net financial charges (1,752) (1
Slide 40: D&A reported (€mn)
9M 2021 consolidated results D&A reported (€mn) 1 0 9M 2021 9M 2020 ∆ yoy Generation and Trading 693 1,375 -50% Enel Green Power 1,143 968 18% Distribution 1,963 2,219 -12% Retail 910 923 -1% Enel X 153 106 44% Others and adjustments 162 139 17% Total 5,024 5,730 -12% 39
Slide 41: Gross debt structure
9M 2021 consolidated results Gross debt1 structure Long term debt by currency After swap Interest rate composition Long term credit ratings Rating Outlook 53% 24% S&P BBB+ Stable 83% 58.5 €bn 2% 58.5 €bn 68.3 €bn Moody’s Baa1 Stable 7% 2% 2% 1% 5% 2% 3% 7% 76% Fitch A- Stable 1% 32% EUR USD BRL CLP
Slide 42: Debt structure by instrument (€bn)
9M 2021 consolidated results Debt structure by instrument (€bn) EGP SpA Latin North Africa, Asia Debt by instrument Enel Spa EFI and Italy Iberia Americ Europe Total America and Oceania Central a Others Bonds 5.29 33.78 - - 0.02 4.59 - 0.06 - 43.74 Bank Loans 1.40 - 0.32 3.74 2.40 2.16 0.42 0.34 0.3
Slide 43: Debt maturity coverage split by typology (€bn)
9M 2021 consolidated results Debt maturity coverage split by typology (€bn) 36.9 Available liquidity 8.6 6.0 21.6 €bn 15.6 10.5 28.3 7.9 4.0 3.9 4.5 1.4 Short Term 9.8 Bank Loans and Others 1.3 1.2 6.5 1.1 Available committed Bonds 0.6 2.7 2.7 3.4 credit lines1 0.1 2021 2022 2023 2024 2025 After 202
Slide 44: Balance sheet (€mn)
9M 2021 consolidated results Balance sheet (€mn) 9M 2021 FY 2020 Δ Net financial debt 54,389 45,415 19.8% Shareholders' equity 44,080 42,357 4.1% Net capital employed 98,469 87,772 12.2% 43
Slide 45: Balance sheet structure (€bn)
9M 2021 consolidated results Balance sheet structure (€bn) Net fixed assets 109 12.1 0.8 0.7 (1.6) 96.4 (10.0) 98.5 44.1 54.4 Assets WIP (tangible Equity NWC Provisions Assets held Net capital Equity Net Debt & intangible) Investment for sale employed Net debt / 55% Net capital employed 44
Slide 46: Headcount
9M 2021 consolidated results Headcount 1 0 9M 2021 FY 2020 ∆ Generation and Trading 7,960 8,142 -2% Enel Green Power 8,910 8,298 7% Distribution 33,066 34,332 -4% Retail 6,171 6,324 -2% Enel X 3,266 2,989 9% Others and adjustments 6,648 6,632 0% Total 66,021 66,717 -1% 45
Slide 47: Disclaimer
9M 2021 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 48: Contact us
9M 2021 consolidated results 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 Federica Dori Matteo Marengon Federica Pozzi Channel