Enel Spa · MIL:ENEL
Enel Spa — Investor Presentation (April 2022)
159 slides from Enel Spa's investor presentation, April 2022
Slide 1: Investor Presentation April 2022
INVESTOR PRESENTATION April 2022
Slide 2: Agenda
Agenda CMD 2021 The context Enel Our strategic actions @2030 Our value Capital allocation The value of integration Simplifying and refocusing 2022-24 Strategic Plan EBITDA evolution Financial management Targets FY 2021 consolidated results 2022-2024 annexes
Slide 3: Enel @2030
Enel @2030 CNet
Slide 4: The context
The context CNet
Slide 5: Net zero: the unavoidable journey towards global decarbonization
Net zero: the unavoidable journey towards global decarbonization… 2010 2020 2030 2050 Global emissions GLOBAL 32.3 34.2 21.1 (Gton CO2) NET ZERO OECD countries emissions Range Consensus 15 20 50% electrification rate -17% 18 14 16 13 14 12 12 11 10 10 12.7 8 100% of EV sales 9 6 4 10.6 8 2 7 0 25-46
Slide 6: Electrification as the most important trigger
…will see electrification as the most important trigger… 1.5C 50 Red NZE Green At least a 50% 45 rate of Electrification rate (%) 40 Energreen SDS electrification 35 Enerblue NZ@2050/~1.5°C is needed in 2050 30 PES Temperature increase ≤2°C in order to 25 Enerbase >2°C reach 1.5°c STEPS 20 2019 leve
Slide 7: Underlying trends to accelerate further
…with underlying trends we presented last year to accelerate further… Electrified energy consumption (kTWh) Global RES Capacity (TW) 2040 IEA NEW SDS VS 19 ELECTRIFIED ENERGY +10% 42 25.0 CONSUMPTION 37 39 +57% 32 36 20.0 21 27 33 +23% 15.0 22 23 14.7 12.0 17 10.0 12 2040 IEA NES SDS VS 19 7 5.0 GLO
Slide 8: Decarbonized electricity opening to main benefits for customers
…and decarbonized electricity opening to main benefits for customers Affordable and clean energy ENERGY SPENDING1 -20% Reliable and safe delivery GREENHOUSE GASES1 High tech and high quality service -37% 7 1. Internal elaboration on IEA WEO 2021 | Comparison among NZE and STEPS scenarios 2030. Energ
Slide 9: Our strategic actions
Our strategic actions CNet
Slide 10: Our strategic actions
Our strategic actions Allocating capital to support a decarbonized 1 electricity supply Enabling electrification of customer energy 2 demand 3 Leveraging full value chain’s value creation 4 Bringing forward Sustainable Net Zero 9
Slide 11: Our strategic actions
Our strategic actions Allocating capital to support a decarbonized 1 electricity supply Enabling electrification of customer energy 2 demand 3 Leveraging full value chain’s value creation 4 Bringing forward Sustainable Net Zero 10
Slide 12: An investment plan tailored to address customers' needs
An investment plan tailored to address customers’ needs… Total investments1 (€bn) Capex by business line and customers’ needs 250 210 Affordable and 200 190 clean energy +6% 150 10 10 44% 2021-30 43% 170 €bn Reliable and safe delivery 100 150 160 50 10% 3% High tech and high quality service 0 2021-3
Slide 13: Consolidating Enel's leadership through the decade
…and consolidating Enel’s leadership through the decade 2020 2030 2020 2030 2020 2030 Ownership RES capacity (GW) Grid customers (mn) Electricity sold2 (TWh) 45 1291 74 81 ~430 ~550 +84 GW +7 mn +28% Stewardship Storage (MW) ~4 25 0 5 6 >600 +21 GW +5 mn Electric buses (k) 0.4 >20 Total ~49 154 74 8
Slide 14: Ownership capex concentrated in Tier 1 Countries
Ownership capex concentrated in Tier 1 Countries where we will pursue integrated value maximization Capex Capex deployed in Tier 1 countries (€bn) We consider Tier 1, 44% 2021-30 44% 2021-30 98% countries 160 €bn 160 €bn where we have an integrated 9% 3% or potential integrated Tier 1 countries RoW
Slide 15: Foster renewable penetration
Foster renewable penetration… Capacity evolution (GW) Additional capacity Gross Capex 2021-20301 by geo and tech1 Maintenance +84 GW BESS 140 .0 79 129 4 9 9 6 120 .0 43 100 .0 80. 0 70 ~84 GW ~70 €bn 32 60. 0 45 >5 120 40. 0 9 60 RES 20. 0 growth ~65 €bn development 0.0 2020 2021 Capacity 2030 addi
Slide 16: Leveraging on a unique track record
…leveraging on a unique track record … Built capacity evolution1 (MW) ~15,000 3x Progressive BESS 13x acceleration 5,120 of our renewables 2,841 3,106 growth 382 924 over time 2010 2015 2018 2020 2021 2030 Projects managed (#) 45 58 73 95 147 15 1. It includes managed capacity
Slide 17: Supported by the largest pipeline in the industry
…supported by the largest pipeline in the industry… Renewables pipeline by technology and maturity (GW) Extensive pipeline 28% ~373 ~52 secures growth ~209 ambitions, 67% covering our 3% future targets ~100 towards 2030 11.6 2% Gross Pipeline BESS1 Early stage Mature In execution 16 1. It includes s
Slide 18: Well-established global platforms
…and by well-established global platforms 27 53.4 GW 15k 13k COUNTRIES RES CAPACITY1 HEADCOUNT1 EXT. WORKERS1,2 DEVELOPMENT E&C O&M >2.6x -9% -1% Delivery LTM PIPELINE GROWTH HEADCOUNT/MW3 OPEX/MW3 1 €bn -9% -25% -9% +12% 2021 vs ‘24 Targets 2022-24 HEADCOUNT/ PROJECT OPEX/MW RECOVERY PIPELINE MW4 L
Slide 19: Growth of our grid infrastructure led by investments in Europe
Growth of our grid infrastructure led by investments in Europe… Gross capex by geography1 (€bn) RAB1 (€bn) Electricity distributed (TWh) ~6 €bn increase secured by investments 70. 0 under execution 90.00 17% 12% 80.00 ~70 60. 0 65 580.00 70.00 22 570.00 60 50. 0 60.00 560.00 570 550.00 40. 0 50.00 4
Slide 20: Focused on quality of services and efficiency
…focused on quality of services and efficiency… Capex by nature1 SAIDI (min) @2030 -60% 100% 250.00 13% 243 200.00 DIGITALISED 150.00 GRID CUSTOMERS 2021-30 25% 100.00 ~70 €bn ~100 62% 50.00 0.00 2021 2030 +80% NEW SMART Opex/ METERS3 Quality & Resiliency Grid Customer2 35.2 ~30 -15% Digitalisation
Slide 21: Running on a single platform: Grid Blue Sky
…running on a single platform: Grid Blue Sky DIGITAL INFRASTRUCTURE 2024 vs 2020 Networks Value driven resource allocation & Asset value digital network design Opex/Grid -5% customer Operating Automated Planning and Dispatching, smart field execution Energy Recovery performance and advanced resource
Slide 22: Stewardship capex deployed mainly in non Tier 1 countries
Stewardship capex deployed mainly in ‘non Tier 1’ countries… Total investments Equity contribution by GBL Value Creation KPIs Cumulated ~4 €bn EBITDA 2021-301 2021-30 2021-30 ~10 ~50 €bn ~10 €bn JV Equity return ~20% Third parties 21 1. Excluding Open Fiber
Slide 23: To further maximize the value of our asset base
...to further maximize the value of our asset base Renewables Networks Customers Managed Capacity (GW) 30. 0 25. 0 2021 2030 2021 2030 ~25 20. 0 Managed grid JVs Electric 0 5 0.4 >20 customers (mn) Buses (k) 15. 0 ~22 10. 0 Gridspertise JVs Storage 0.1 >1 23 >600 Revenues (€bn) (MW) 5.0 ~3 xx Smart
Slide 24: Our strategic actions
Our strategic actions Allocating capital to support a decarbonized 1 electricity supply Enabling electrification of customer energy 2 demand 3 Leveraging full value chain’s value creation 4 Bringing forward Sustainable Net Zero 23
Slide 25: Electrification starts with customers
Electrification starts with customers… Tier 1 countries integrated margin (€bn) Combined offering to enable electrification and affordability Digitalization to enhance customer experience and efficiencies B2C 2.6x 18 16 14 Global partnerships to promote electrification and Net Zero targets 12 10 B2B
Slide 26: Handled by a unified platform
…handled by a unified platform 69 mn COMMODITY 5 3.7k 16k CUSTOMERS LANGUAGES HEADCOUNT EXT. WORKERS CUSTOMER CARE SERVICES PAYMENTS BILLING ACTIVATION 400k 22k 2.3 mn 2.6 mn CALLS MANAGED DAILY DAILY PAYMENTS DAILY BILLS DAILY ACTIVATIONS (EU) PROCESSED MANAGED -30% -80% +30% -20% COMMERCIAL AVERAG
Slide 27: The journey to value kicks off with revenues
The journey to value kicks off with revenues… Customer Revenues (€bn) Average Revenues 1 (€/MWh) 120 Prices 40 +80% 100 FLAT to customers remain 35 80 flat while the 30 ~75 ~75 portion of services 25 60 20 15 ~19 40 offered 10 20 will 5 improve 0 0 significantly 2021E 2030 2021E 2030 26 1. Calculate
Slide 28: Electrification drives up sales and beyond commodity services
…supported by electrification that drives up sales and beyond commodity services pick up Electricity sales1 (TWh) Unitary consumption2 (MWh/cl/Y) 2021 2030 Δ 500 >70% 8 1.4x Charging points 0.3 >5 >15x 450 7 (mn) 400 350 6 Storage behind 5 the meter 80 >1,000 13x 300 250 4 ~5 (MW) 200 ~250 3 Demand
Slide 29: Revenues increase coupled with lower integrated cost
Revenues increase will couple with lower integrated cost… Cost of energy sold (€/MWh) Unitary energy and service cost (€/MWh) -40% Integrated cost set to decline on 50 45 60 40 35 30 lower cost of 25 20 15 50 10 5 energy sold 0 40 2021E 2030 30 driven by higher 20 Cost of service sold1 (%) penetrati
Slide 30: Investments in RES abating the cost of energy sold
…thanks to investments in RES that will abate the cost of energy sold Sales and coverage (%) RES production on total 350 300 2021 2030 250 59% >85% Overall cost of energy sold 50 Production cost (€/MWh) 45 200 down by 40 -50% 150 35 ~70% ~60% -40% 30 100 Covered by 25 Covered by own 20 50 own produc
Slide 31: A strategy that will create value to us
A strategy that will create value to us… Integrated capex Integrated margin (€bn) ~15% 18 2.6x 16 14 Integrated EBITDA/ 2022-30 Capex1 12 ~80 €bn 10 8 6 ~15% ~6 ~85% 4 2 0 2021E 2030 Generation Customers 30 1. Development capex
Slide 32: And to our customers
…and to our customers 2030 Reduction of household ~40% energy spending1 Sales covered by RES >85% production2 (%) GHG emissions household reduction1 ~80% 31 1. Vs. 2020, based on Enel’s portfolio of clients in Italy and Spain; 2. Based on Tier 1 countries, free market.
Slide 33: Our strategic actions
Our strategic actions Allocating capital to support a decarbonized 1 electricity supply Enabling electrification of customer energy 2 demand 3 Leveraging full value chain’s value creation 4 Bringing forward Sustainable Net Zero 32
Slide 34: In 2014, we announced a matrix organisation
In 2014, we announced a matrix organisation focused on increasing accountability and profitability… 33
Slide 35: Platformisation journey towards customer centricity
…enabling a platformisation journey towards an ever-increasing customer centricity… Customer Migration to cloud operations platform 2014 2017 2020 2016 2019 Set up of Launch of matrix organisation GRID BLUE SKY 34
Slide 36: Organisation set to evolve further
…and which is now set to evolve further to be fit for the future merging retail operations and Enel X… 2021 Enel Green Global Global Global Define Power Trading Networks Customers commercial Enel as a partner to optimize strategy to B2B energy costs and improve enable sustainability towards Net Zero
Slide 37: Focusing on Tier 1 countries
…focusing on countries that we consider Tier 1 2021 Starting from now, Countries will be able Enel Green Global Global to optimize Global Trading Power Networks Customers the integration between clients’ portfolio TIER 1 COUNTRIES and assets, ensuring value maximisation ROW 36
Slide 38: A balanced asset rotation to re-position the Group
A balanced asset rotation to re-position the Group Sources and uses of funds balance 2022-30 (€bn) NORTH & SOUTH EUROPE & ASIA PACIFIC AMERICA NORTH AFRICA 12 Establish an 10 Fulfill growth Implement integrated position potential in domestic stewardship to open and fuel organic 8 markets new markets
Slide 39: Our strategic actions
Our strategic actions Allocating capital to support a decarbonized 1 electricity supply Enabling electrification of customer energy 2 demand 3 Leveraging full value chain’s value creation 4 Bringing forward Sustainable Net Zero 38
Slide 40: We are bringing forward our Net Zero target
We are bringing forward our Net Zero target by accelerating customer electrification, maximizing value and addressing climate change challenges
Slide 41: Path towards full decarbonization by 2040
Path towards full decarbonization by 2040 Scope 1 emissions1 (gCO2eq/kWh) 2030 TARGET -80% 450 .000 414 400 .000 CONFIRMED Accelerating the decomissioning 350 .000 of the 300 .000 250 .000 227 200 .000 140 thermal fleet 150 .000 Full decarbonization from 2050 to 2040 to achieve full 82 decarbonizati
Slide 42: Strategic milestones to become Net Zero by 2040
The strategic milestones to become Net Zero across Scopes (1, 2 and 3) by 2040 Exit Deploy new from coal Exit gas retail Enel capex plan RES capacity by 2027 by 2040 fully aligned to have a 100% with 2040 Net RES fleet by Exit from gas 100% sales from Zero targets 2040 by 2040 RES by 2040 2021 2030
Slide 43: Our value
Our value CNet
Slide 44: Enel positioning at 2030
Enel positioning at 2030 RES Capacity1 RES Production1 Emission free Affordable and (GW) (TWh) production1 clean energy 154 ~340 >85% RAB2 Grid customers1 SAIDI Reliable and (€bn) (mn) (min) safe delivery 65 86 ~100 Electricity sold3 Demand Response Charging points1 High tech and (TWh) (GW) (mn) hig
Slide 45: Value for shareholders in the long term
The value we will create to our shareholders in the long term EBITDA (€bn) Net Income (€bn) 2020-30 CAGR 2020-30 CAGR 35 5%-6% 6%-7% 30 25 10 9 20 8 7 15 6 5 10 4 3 5 2 1 0 0 2020 2030 2020 2030 44
Slide 46: Value for shareholders in the medium term
The value we will create to our shareholders in the medium term Fixed DPS 0.50 +13% 0.45 2021-24 0.40 0.43 0.43 TOTAL RETURN1 0.40 ~13% 0.35 0.38 0.30 0.25 0.20 2021 2022 2023 2024 Dividend Yield21-24 ~6% 45 1. Calculated as Dividend Yield21-24 + Earnings CAGR21-24
Slide 47: Strategic Plan 2022-24
2022-24 Strategic Plan CNet
Slide 48: Capital allocation
2022-24 Capital allocation CNet
Slide 49: A 12% increase in our investment plan
An 12% increase in our investment plan highly aligned to SDGs and EU Taxonomy… Total investments1 (€bn) Enel’s capex (€bn) 60 ~52 +12% 50 ~48 ~94% SDG aligned2 50 40 ~45 ~2 45 ~2 40 40 35 30 30 25 20 38 ~43 20 38 ~43 15 >85% 10 5 10 0 EU Taxonomy 2021-23 2022-24 aligned2 0 Old plan New plan 2021-23
Slide 50: Accelerating operating delivery
…accelerating operating delivery and improving our positioning… RES capacity1 (GW) Grid customers1 (mn) Electricity sold1,3 (TWh) Ownership 2024 2024 2024 692 +19 GW 77 +2 mn ~470 +30 TWh JVs Revenues (€bn) Stewardship ~8 +4 GW ~4 +4 mn ~0.8 7x Total ~77 +23 GW ~81 +6 mn 49 1. Delta calculated versu
Slide 51: Driven by the ownership business model
…driven by the ownership business model… Gross capex Capex deployed in Tier 1 countries Investments deployed into OECD countries 43% 2022-24 44% 2022-24 increased by 15% ~43 €bn ~43 €bn 98% vs. previous plan, and represents 8% 5% around 65% of total capex Tier 1 countries RoW 50
Slide 52: Supported by the stewardship model
…and supported by the stewardship model that will create further value Total investments Enel’s equity commitment by GBL Cumulated EBITDA 2022-24 Capital gains 27% 2022-24 2022-24 56% 2022-24 ~2 ~10 €bn ~2 €bn 0.6 1.2 €bn 0.6 17% Contracts Fees Third parties Equity IRR (%) ~20% 51
Slide 53: A growing RES deployment on attractive assets
A growing RES deployment on attractive assets return … 2022-24 Gross capex 2021-24 Capacity evolution (GW) Maintenance 85. 0 +23 GW 77 BESS 1.3 75. 0 ~4 1.3 2 65. 0 ~ 54 17 55. 0 0.2 18.6 €bn 15.9 RES growth1 73 45. 0 35. 0 53.4 25. 0 15. 0 IRR-WACC ~200 bps 2021 Ownership Stewardship 2024 BESS RES
Slide 54: Leveraging on 114 GW mature pipeline
…and leverages on 114 GW mature pipeline… 2022-24 capacity growth1: addressed share vs pipeline2 (GW) Mature pipeline by COD Beyond 114 2024 50. 0 45. 0 40. 0 ~14 35. 0 50% 30. 0 already 58 114 GW 56 25. 0 23 addressed 10% 20. 0 ~100 15. 0 11.6 30% 10. 0 2022-24 5.0 11.4 60% 0.0 2022-24 Pipeline/ Ta
Slide 55: Substantial increase in clean energy production
…with a substantial increase in clean energy production Production evolution1 (TWh) Emission free production CO2 emissions2 (gCO2eq/kWh) 77% emission free +15 p.p. vs 2021 300 .00 290 .00 +20% 278 300 290 280 .00 280 270 .00 -38% 270 260 .00 260 250 .00 240 .00 232 250 240 230 .00 220 .00 210 .00 10
Slide 56: Networks investments to enhance value and performance
Networks investments to enhance value and performance… 2022-24 Gross capex by geography and by nature RAB1 (€bn) +12% 70.0 18 60.0 +14% ~65 24% 2000% 16 49 50.0 43 15 1500% 18 €bn 40.0 Row 12 1000% 13% 63% 30.0 13.4 +18% 20.0 500% 11.4 Europe 32 35 10.0 0.0 0% 2021-23 2022-24 Quality & Resiliency 20
Slide 57: Enabling the transition and electrification of consumption
…enabling the transition and the electrification of energy consumption Grid customers (mn) Quality of service1 Distributed energy1 (TWh) Managed customers 2021 2024 580 86 SAIDI 95 243 216 85 75 ~81 (min) 560 +4% ~570 75 ~4 540 530 520 Row 65 Remote 28 30 231 270 500 55 Control Points 480 510 45 (k)
Slide 58: The value of integration
2022-24 The value of integration
Slide 59: Value creation from customer integration
Value creation from customer integration well visible early on in the decade… Integrated margin in Tier 1 Countries (€bn) 18 ~2.6x Integrated 16 margin in 14 1.6x Tier 1 countries will 12 10 8 grow by 1.6x 6 4 ~6 2 by 2024 0 2021E 2024 2030 58
Slide 60: Revenues up double digit on stable tariff
…with revenues up double digit on stable tariff to customers… Customer Revenues 1 (€bn) Average Revenues 1 (€/MWh) 120 40 +26% 100 FLAT Long term trends 35 80 visible 30 25 60 ~75 ~75 20 in the ~19 medium term 40 15 period 10 20 5 0 0 2021E 2024 2021E 2024 59 1. Calculated on T1 countries. It includ
Slide 61: Driven by commodity and services uptake
…driven by commodity and services uptake… Electricity sales1 (TWh) Beyond commodity services >70% 2021 2024 Δ 450 Charging points 0.3 1.1 3.7x 400 (mn) 350 ~25% Storage behind 80 ~300 4x 300 ~310 the meter (MW) 250 200 ~250 Demand 7.7 13 1.7x 150 Response (GW) 100 Electric buses 50 3 ~13 4x 0 (k) 20
Slide 62: Cost of energy sold abated by new renewable capacity
…and cost of energy sold abated by investments in new renewable capacity 55 Sales and coverage (%) 45 35 FLAT PURCHASE 350 25 COST 15 300 Overall cost of 5 250 energy sold -5 55 2021E 2024 200 45 -23% down by PRODUCTION 150 ~65% 35 100 ~60% Covered by Covered by own COST 25 -15% 50 own production 15
Slide 63: Simplifying and refocusing
2022-24 Simplifying and refocusing
Slide 64: Becoming leaner with sound earnings accretion
Becoming leaner to speed up the transition with a sound earnings accretion Sources and uses of funds balance 12 2022-24 (€bn) 10 8 6 ~7 Impact on Earnings 4 ~10 EBITDA1 accretion 2 ~3 Neutral +300 €mn 0 Sources Uses of funds of funds Stewardship & Organic growth Non organic Growth 63 1. It includes
Slide 65: EBITDA evolution
2022-24 EBITDA evolution CNet
Slide 66: +12% growth in Group's EBITDA
+12% growth in Group’s EBITDA Cumulated EBITDA by business EBITDA evolution over 2021-2024 (€bn) +12% 1.2 FY 2021 1.3 20. 00 2.9 (1.2) 21-21.6 36% 19.2 42% 2022-24 60-62 €bn 18.7-19.3 (1.8) 5.4 €bn Business growth 22% 10. 00 EBITDA Open Fiber Generation Customers Networks Active EBITDA 2021E Portfol
Slide 67: EGP EBITDA: +50%
EGP EBITDA: +50% EBITDA evolution over 2021E-2024 (€bn) Financial KPIs 2.9 €bn 2021 2024 Δ +50% EBITDA/MWh 10. 0 (€/MWh)2 30.5 35 +15% 9.0 0.7 0.2 2.0 8.0 8.7 FY 20217.0 Opex/MW 30.3 28.5 -6% 6.5 6.0 (k€/MW)2,3 5.0 5.8 4.0 o/w 1.7 €bn 3.0 2022-24 additions Stewardship 2.0 Cumulated 1.0 ~400 €mn 0.0
Slide 68: Customers EBITDA: +36%
Customers EBITDA: +36% EBITDA evolution over 2021E-2024 (€bn) Financial KPIs 1.3 €bn 2021 2024 Δ +36% EBITDA/Cust. 0.2 45 60 +33% 5.0 0.7 commodity (€/cl) (0.1) 4.9 Opex/Cust. 20.9 18.8 -10% 4.5 0.5 commodity (€/cl)1 FY 2021 4.0 3.4 Cust. Revenues 3.5 (€/MWh) 75 75 3.6 3.0 Stewardship 2.5 Cumulated
Slide 69: Networks EBITDA: +16%
Networks EBITDA: +16% EBITDA evolution over 2021E-2024 (€bn)1 Financial KPIs 1.2 €bn 2021 2024 Δ +16% RAB/grid 577 636 +10% customer (€/cl) 9.0 0.5 0.1 8.5 0.2 8.7 Opex/grid 0.4 customer (€/cl)2 35.2 32.6 -7% FY 2021 8.0 7.5 7.7 WACC revision EBITDA/grid 7.0 7.5 -150 €mn customer (€/cl) 101 113 12%
Slide 70: Financial management
Financial management CNet
Slide 71: Improving FFO/ND and cash conversion
An accelerated industrial growth coupling with improving FFO/ND and cash conversion… FFO/Net Debt evolution Source of funds 2022-24 (€bn) 70. 0 60. 0 50. 0 ~2 0.2 ~7 40. 0 0.2 ~51 0.2 30. 0 0.2 24% 20. 0 ~42 0.2 23% Net Debt/ 10. 0 0.2 2.7x 2.9x EBITDA 0.0 0.2 2021 2024 FFO Active Portfolio Other1 T
Slide 72: Sustainable finance at the core of financial strategy
…supported by sustainable finance at the core of our financial strategy… Sustainability-Linked instruments1 Sustainable finance evolution Amount KPIs Pricing ~ 10 p.p. >10 p.p. (€bn)2 adj. Bonds 14.6 Loans 4.8 2021 2024 2030 RCFs 14.9 55% >70% ~65% CPs 14.1 Total 48.4 Sustainable sources Conventiona
Slide 73: Further reducing the cost of debt
…to further reduce the cost of debt… Financial strategy for 2022-24 Cost of debt evolution 2021-24 Amount Expected Current 55% Share of Sust. Finance ~65% (€bn) cost1 total cost New funding 3.7% 5.0 0.7% 3.8% 3.6% HOLDING 3.6% 3.4% 3.4% 3.3% 3.5% Debt refinancing 12.0 0.7% 3.5% 3.2% 3.3% 3.0% 3.0% 2
Slide 74: Leveraging on a solid liquidity position
…leveraging on a solid liquidity position Liquidity and debt maturity by year (€bn) 2021 LT Gross Debt breakdown 30 LT MATURITIES/GROSS DEBT 25 5.8% 5.5% 12.6% 16% 20 15 59.2 €bn2 24.2 10 84% 17.0 9.0 5 4.0 4.0 0 Available 2022 2023 2024 2022-24 Fixed/Swapped Floating liquidity1 New plan Old plan Li
Slide 75: Targets
2022-24 Targets CNet
Slide 76: Wrap up of the 2022-2024 targets
Wrap up of the 2022-2024 targets 2021 2022 2023 2024 Total Return Earnings growth Ordinary EBITDA (€bn) 19.2 19-19.6 20-20.6 21-21.6 Earnings CAGR Net Ordinary Income (€bn) 5.6 5.6-5.8 6.1-6.3 6.7-6.9 Fixed ~13% Value creation DPS (€/sh) 0.38 0.40 0.43 0.43 Implied Dividend Yield1 6.6% 5.7% 6.1% 6.1
Slide 77: Closing remarks
Closing remarks CNet
Slide 78: Closing remarks
Closing remarks Enhancing the A simpler and Visible and value of re-focused Bringing stable value to Customers via organization to forward shareholders: an integrated drive the Net Zero Total Return model change ~13%
Slide 79: Full Year 2021 Consolidated results
Full Year 2021 Consolidated results Francesco Starace CEO
Slide 80: Key highlights of the year
Key highlights of the year EBITDA & Solid New record on Shareholder Net Income operating renewables return at top of the performance 5.1 GW guidance across all deployed 0.38 €/sh range businesses in 2021 fixed DPS 79
Slide 81: Enel positioning in 2021
Enel positioning in 2021 RES Capacity1 RES Production1 Emission free (GW) (TWh) production1 A greener 53.4 118 62% installed base Electricity Smart meters SAIDI A highly distributed (TWh) (mn) digitalized and 510 45 -6% resilient grid Electricity sold Demand Response Charging points (TWh) (GW) (k) P
Slide 82: A visible acceleration in renewables growth
A visible acceleration in renewables growth… Total capacity evolution1 (GW) Total production1 (TWh) 87.7 Total capacity 90.7 Renewables - Thermal (2.0) 39.0 37.0 FY 2021 38% 51% 232 TWh 0.3 0.1 5.1 (0.1) 62% NEW 53.4 Emission 11% 48.6 RECORD free Nuke FY 2020 Built Asset rotation/ FY 2021 FY 2020 FY
Slide 83: Renewable pipeline at around 370 GW
Renewable pipeline at around 370 GW supports delivery on additional capacity target Renewables Pipeline (GW) 2022-24 Additional capacity target2 Residual target ~52 ~209 11.6 23 GW 11.4 +40 GW ~373 vs PY Capacity ~100 in execution 11.6 Gross Pipeline BESS 1 Early stage Mature In execution 2022-24 Pi
Slide 84: Volumes back to pre COVID-19 levels
Volumes back to pre COVID-19 levels, continued improvement in quality and digitalization Electricity distributed (TWh) SAIDI1 (min.) Smart meter Smart meter 520 .00 +5% 270 .00 -6% 2.0 260 .00 510 .00 259 510 250 .00 FY 2021 500 .00 22.9 22.1 240 .00 45 mn 490 .00 243 230 .00 480 .00 485 220 .00 470
Slide 85: Push on electrification drives up sales
Push on electrification drives up sales and ‘beyond commodity’ services Free market Free market energy sold1 (TWh) power customers (mn) FY 2020 FY 2021 Charging points 186 319 1.7x +9% 20.0 0 +1.7 (k) 200 .00 187 19.0 0 180 .00 171 19.1 Storage behind 41 18.0 0 69 80 +16% 160 .00 40 17.0 0 the meter
Slide 86: Simple and predictable shareholder remuneration
Simple and predictable shareholder remuneration DPS (€/sh) Visible +12% improvement in +6% 0.50 shareholder 0.45 remuneration with 0.40 0.40 a 6% increase in 0.35 0.38 0.358 DPS and 0.30 7% dividend 0.25 yield1 0.20 2020 2021 2022 1. Enel Share Price as of March 16th, 2022 85
Slide 87: Full Year 2021 Financial results
Full Year 2021 Financial results Alberto De Paoli CFO
Slide 88: Financial highlights
Financial highlights (€mn) EBITDA1 Net Income FFO +7% +8% +3% 195 00 580 0 140 00.00 190 00 560 0 120 00.00 185 00 540 0 100 00.00 180 00 520 0 800 0.00 175 00 500 0 19,210 5,593 11,818 11,525 170 00 480 0 600 0.00 165 00 18,027 460 0 5,197 400 0.00 160 00 440 0 200 0.00 155 00 420 0 150 00 400 0 0.
Slide 89: EBITDA up by 7% yoy
Integrated and diversified business model drives EBITDA up by 7% yoy EBITDA evolution (€bn) Operating growth +7% • Strong contribution of renewable development • Grid digitalization and quality in Europe 1.76 • Recovery of volumes and tariff indexation in Latam 1.27 • Uptake in beyond commodity serv
Slide 90: Enel Green Power and Conventional generation
Enel Green Power and Conventional generation Renewable performance up by 2% yoy despite lack of resources EBITDA evolution (€bn) -6% 8.2 0.37 Operating growth 6.9 0.37 6.5 • Contribution from new capacity installed in US and 7.2 -24% 6.2 (1.03) (0.15) Latin America 2.2 1.7 5.2 • Efficiencies mainly
Slide 91: Infrastructure and Networks
Infrastructure and Networks KPIs back to pre-COVID levels, growth yoy overshadowed by non-recurrings EBITDA evolution1 (€bn) -2% 9.2 0.75 Operating growth 7.8 7.7 • Quality & digitalization programs in Europe 8.2 (0.45) (0.3) +7% 7.2 1.7 (0.1) • Higher volumes and tariff indexation in Latam 1.8 6.2
Slide 92: Retail
Retail Free Market performance: EBITDA up by 3% in Italy and 5% in Spain EBITDA evolution1 (€mn) Focus on free market EBITDA1 (€mn) Energy sold (TWh)2 -3% -% +9% 64.2 69.9 3,197 3,086 2,551 2,549 18.0 17.2 +5% -17% 71 91 Italy 646 537 233 0 514 47.0 51.9 538 +10% +5% 183 0 FY 2020 FY 2021 B2C 133 0
Slide 93: Net Income up by 8% yoy
Net Income up by 8% yoy, despite the liability management program executed in 2021 Net Ordinary Income evolution (€bn) • 20 bps reduction in cost of debt vs. 2020, thanks +8% to the extensive liability management program 7.2 • Minorities reduction on the back of continued 1.2 simplification efforts
Slide 94: Cash flow
Cash flow (€bn)1 25.0 20.0 (0.7) €bn Liability management 19.2 ( 2.0 ) 15.0 ( 0.8 ) ( 1.8 ) 10.0 ( 2.8 ) 5.0 11.8 - (13.1) (1.3) -5.0 Ordinary ∆ Provisions 3 ∆Working Income Financial FFO Capex FCF 4 EBITDA capital taxes expenses & other PY 18.02 (2.1) (0.5) (1.6) (2.0) 11.5 (10.2) 1.3 Delta YoY +7%
Slide 95: 27% increase in capital deployed
27% increase in capital deployed vs previous year to fuel future growth Total investments1 (€bn) Capex by business line 2021 additional +27% 15 13.1 renewable 0.4 13 11 10.2 capacity to 45% 0.4 41% FY 2021 contribute 13.1 €bn 9 more than 500 €mn 7 12.7 5 9.8 8% 6% EBITDA in 2022 3 1 -1 FY 2020 FY 20
Slide 96: Debt evolution
Debt evolution Net debt evolution (€bn) Gross debt (€bn) 65 +22% 60 55 2.0 52.0 59.0 72.0 0.8 0.7 50 5.0 70 8.9 Cash 45.4 Hybrids 1 45 1.3 49.3 60 6.0 11.1 Fin. receivables 3.2 40 50 7.6 40 35 30 30 20 45.4 52.0 Net debt 25 10 20 - 2 Dec 31, FCF Dividends APM Operating New FX Dec 31, Dec 31, 2020 De
Slide 97: Strong financial position with ample liquidity
Strong financial position with ample liquidity available Liquidity position and LT debt maturities (€bn)1 2021 LT debt breakdown 19.0 17.0 16% 2022-24 Maturities 17 €bn 15.0 13.1 13.0 8.9 11.0 24.2 €bn1 9.0 5.4 59.2 €bn2 9.0 15.3 7.0 2.6 5.0 4.0 4.0 84% 1.3 1.3 7.7 3.0 6.4 1.0 2.7 2.7 Available comm
Slide 98: Closing remarks
Closing remarks Earnings at the top of the Our business Our strategy is Our dividend guidance model is fit for a policy will range, engineered for changing confirming our continue to be delivery resilience energy world visible capabilities 97
Slide 99: Annexes
2022-24 Annexes CNet
Slide 100: Annexes
Annexes Page Financial annexes Macroscenario 81 Enel Green Power 86 Global Infrastructure & Networks 92 Global Customers 96 Enel Group financials 100 ESG annexes Sustainability strategy 111 Focus on Corporate Governance 127 Contact us 137 99
Slide 101: Financial Annexes
2022-24 Financial Annexes CNet
Slide 102: Macroscenario
2022-24 Macroscenario CNet
Slide 103: GDP and CPI
GDP and CPI GDP (%) CPI (%) 2022 2023 2024 2022 2023 2024 Italy 4.6 1.7 0.6 1.3 1.2 1.4 Iberia 6.2 2.6 1.9 1.4 1.5 1.6 Latin America Argentina 1.6 1.8 1.7 41.8 34.1 28.4 Brazil 2.3 2.2 2.3 5.5 3.7 3.3 Chile 2.7 3.6 3.4 4.1 3.2 3.0 Colombia 4.1 3.8 3.8 3.5 3.3 3.1 Peru 4.6 4.0 3.6 4.0 3.2 3.0 Rest of
Slide 104: Target range against currencies volatility
Target range to provide an ample buffer against currencies volatility Currencies @SPOT vs EBITDA and Net Income target range FOCUS ON NET INCOME max 35 max max Impact of a 10% devalution vs. SPOT 30 EBITDA 25 20 15 min min min Spot1 10 5 USD/BRL 5.53 ~70 €mn/Year 18 16 2022 2023 2024 14 max USD/CLP
Slide 105: Commodities' prices
Commodities’ prices 2022 2023 2024 Gas TTF (€/MWh) 27.0 22.3 19.0 Gas Henry Hub ($/mmbtu) 3.3 3.0 2.7 Gas PSV (€/MWh) 28.0 23.0 19.9 Oil Brent ($/bbl) 66.0 63.0 62.0 Coal API2 ($/ton) 90.0 75.5 73.5 CO2 (€/ton) 65.0 69.0 74.0 104
Slide 106: Commodities and electricity demand
Commodities and electricity demand Impact on 2022-24 Cumulated EBITDA (€mn) 2022 2024 CO2 +10% 65 74 400 Commodities (€ton) 300 200 100 300 COAL 90 74 0 (US$/t) Balanced position -100 -10% -200 -300 (400) GAS (€/MWh) 27 19 -400 -500 on upside/ 2022 2024 0.3 downside scenario +1% 0.2 Italy 250 321 33
Slide 107: Enel Green Power
2022-24 Enel Green Power CNet
Slide 108: Consolidated capacity
Consolidated capacity1 By technology2 By geography2 58% share of RES 66% share of RES 9% 2% 1% 1%7% 17% 19% 16% 14% 29% 27% 17% 8% 1% 11% 7% 2021 20243 2021 20243 14% 87.1 GW 101.5 GW 87.1 GW 101.5 GW 18% 4% 3% 28% 8% 28% 23% 32% 4% 24% 28% Hydro Wind Solar & Other Geothermal Italy Latin America Nor
Slide 109: Consolidated production
Consolidated production1 By technology2 By geography2 49% share of RES 65% share of RES 4% 3% 13% 16% 9% 1% 1% 23% 15% 17% 2% 21% 17% 11% 8% 9% 2021 20243 2021 20243 223 TWh 257 TWh 1% 223 TWh 257 TWh 10% 25% 24% 10% 26% 6% 26% 32% 11% 34% 25% Hydro Wind Solar & Other Geothermal Italy Latin America
Slide 110: RES Additional Capacity (MW)
RES Additional Capacity1 (MW) Hydro Wind Geothermal Solar & Other Total 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 Italy 32 - - 98 - 50 3 - - 29 263 546 161 263 596 Iberia 3 13 2 329 77 - - - - 634 1,419 1,514 966 1,509 1,516 Latin America 1 154 - 500 1,224 770 - - -
Slide 111: COD 2022-24 Mature Pipeline
COD 2022-24 Mature Pipeline1 (GW) By geography By technology COD COD 2022 2023 2024 Total Italy 0.0 0.4 4.7 5.2 2022 2023 2024 Total Iberia 0.1 2.8 2.7 5.5 Wind 0.0 1.2 12.3 13.6 Latin America 0.0 2.8 9.7 12.5 Solar 0.1 11.4 21.0 32.4 Rest of Europe 0.0 0.8 3.0 3.8 Hydro 0.0 0.0 0.1 0.2 North Americ
Slide 112: Sales Portfolio & PPAs key features
Sales Portfolio & PPAs key features RES Portfolio Composition PPAs by Off-taker rating PPAs by Duration 13% 7% 15% 26% 2022-24 2022-24 2022-24 43% 51% 23% 452 TWh 230 TWh 22% 230 TWh 23% 57% 20% Covered by PPAs (>=3 years) AAA to A- BB+ to BB- >10 years 3-5 years Forward sales & PPAs < 3 years BBB+
Slide 113: Global Infrastructure & Networks
2022-24 Global Infrastructure & Networks
Slide 114: Electricity distributed, Grid customers, Smart meters
Electricity distributed, Grid customers, Smart meters1 Electricity distributed (TWh) Grid customers 2 (mn) Smart meters (mn) 2021 2024 2021 2024 2021 2024 Italy 227 230 31.6 31.5 31.0 31.5 Iberia 131 136 12.4 12.7 12.5 12.7 Latin America 136 147 28.2 29.8 0.5 2.8 Rest of Europe 16 17 3.0 3.2 1.0 1.5
Slide 115: Current regulatory framework in Europe
Current regulatory framework in Europe1 Italy Iberia Romania WACC real 5.2% 5.6% 6.4%3 pre tax 2022 Next Regulatory 20242 2026 2024 Period Regulatory Period 4+4 6 5 Length (years) Metering Owned by Owned by Owned by Ownership DSO DSO DSO Smart meter Yes No Yes inclusion in RAB 1. As of December 2021
Slide 116: Current regulatory framework in Latin America
Current regulatory framework in Latin America1 Argentina Brazil Chile Colombia Peru WACC real 12.5% 10.8% 7.5%2,3 11.5% 12.0%3 pre tax 2022 Next Regulatory 20234 2023 Nov 2024 2024 Nov 2022 Period 5 (Rio, Goias) Regulatory Period 5 4 (Ceará, São 4 5 4 Length (years) Paulo) Metering Owned by Owned by
Slide 117: Global Customers
2022-24 Global Customers CNet
Slide 118: Power & Gas customers and volumes
Power & Gas customers and volumes1 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 2021 2024 2021 2024 2021 2024 2021 2024 Italy 21.8 18.1 92.8 94.9 4.2 4.2 4.4 4.0 Free Market 10.2 18.1 65.6 94.9 4.2 4.2 4.4 4.0 Regulated 11.6 - 27.2 - - - - - 2 Iberia 10.3 10.0 79.5 92.5 1.7 1
Slide 119: Italian and Spanish Power Market
Italian and Spanish Power Market Italy Spain Customers (mn) Enel Customers (mn) Enel Regulated Free Total Market Share Regulated Free Total Market Share 2 Business 1.7 5.2 6.9 37% Business 0.0 0.9 0.9 22% Residential 11.7 18.1 29.8 45% Residential 10.9 17.9 28.8 28% Total 13.4 23.3 36.7 Total 10.9 1
Slide 120: Enel X KPIs
Enel X KPIs Charging Points 1 (k) Street lighting (mn) Electric buses (#) Storage (MW) Demand Response (GW) 2021 2024 2021 2024 2021 2024 2021 2024 2021 2024 Italy 39 150 1.5 1.9 17 1,903 - 190 1.0 2.7 Iberia 9 46 0.1 0.1 146 878 - - - 0.2 Latin America 4 14 1.2 1.6 2,491 5,863 - 39 - 0.4 Rest of Eu
Slide 121: Enel Group financials
2022-24 Enel Group financials
Slide 122: Gross Capex
Gross Capex1 (€bn) Cumulated gross capex by GBL2 Cumulated gross capex by geography3 3% Italy 5% Networks 16% 5% Iberia Retail 37% 6% 43% Latin America 42.6 €bn Conventional generation 42.6 €bn Rest of Europe Enel X 44% 23% North America Renewables 18% Africa, Asia & Oceania Enel Green Power Global
Slide 123: Asset Development Capex
Asset Development Capex1 (€bn) Cumulated gross capex by GBL2 Cumulated gross capex by geography3 2% Italy 3% Networks 24% Iberia 34% Retail 33% Latin America 28.4 €bn Conventional generation 7% 28.4 €bn Rest of Europe Enel X 61% North America Renewables 20% 16% Africa, Asia & Oceania Enel Green Powe
Slide 124: Enel Green Power Ordinary EBITDA
Enel Green Power Ordinary EBITDA1 Ordinary EBITDA (€bn) Renewables - By geography2 15%2% 25% 22% 1% 23% 4% 10 2021 2024 8.7 4.8 €bn 5% 7.2 €bn 9 12% 8 1.5 37% 17% 7 6.5 37% 6 1.7 Conventional Generation and Trading - By geography2 5 4 5% 6% 7.2 3 20% 27% 15% 26% 4.8 2 2021 2024 1 1.7 €bn 1.5€bn 0 20
Slide 125: Infrastructure & Networks Ordinary EBITDA
Infrastructure & Networks Ordinary EBITDA1 Ordinary EBITDA (€bn) EBITDA - By geography2 1% 2% 8800 24% 8600 8.7 29% 2021 2024 8400 50% 47% 7.7 €bn 8.7 €bn 8200 8000 25% 7800 7600 22% 7.7 7400 7200 7000 Italy Iberia 2021 2024 Latin America Rest of Europe 1. Rounded figures. 124 2. Other is not includ
Slide 126: Customers Ordinary EBITDA
Customers Ordinary EBITDA1 Ordinary EBITDA (€bn) Retail - By geography2 8% 11% 3% 18% 2021 6 2024 3.1 €bn 23% 4.9 4.0 €bn 5 0.9 74% 63% 4 3.4 3 0.3 Enel X - By geography2 7% 3%7% 2 4.0 5% 7% 3.1 1 2021 42% 2024 0.3 €bn 21% 0.9 €bn 49% 0 29% 2021 2024 17% 13% Retail Enel X Italy Iberia Latin America
Slide 127: Ordinary EBITDA by GBLs
Ordinary EBITDA by GBLs1 (€bn) Italy2 Iberia2 Rest of Europe2 ~9.1 ~0.8 8 ~4.6 4.2 22% 45% 0.3 42% 48% 45% 15% 18% 11% 20% 7% 28% 13% 47% 29% 4% 4% 20% 18% 3% 6% 2% 1% 2% 45% 15% 19% 21% 18% 32% 2021 2024 2021 2024 2021 2024 Networks Conventional generation Renewables Retail Enel X 1. Rounded figure
Slide 128: Ordinary EBITDA by GBLs
Ordinary EBITDA by GBLs1 (€bn) Latin America2 North America2 Africa, Asia & Oceania2 ~1.6 ~0.1 ~5.9 1% 0.1 2% 41% 4.3 42% 42% 7% 0.7 4% 2% 1% 99% 7% 3% 100% 4% 2% 59% 45% 96% 45% 2021 2024 2021 2024 2021 2024 Networks Conventional generation Renewables Retail Enel X 1. Rounded figures. 127 2. Other
Slide 129: Baseload power price & production sold forward
Baseload power price & production sold forward Baseload price 2022 2023 2024 Italy (€/MWh) 88.1 78.9 75.0 Iberia (€/MWh) 82.9 69.4 59.0 Production sold forward 2022 2023 2024 price % price % price % 1 Italy (€/MWh) 60.0 100% 75.4 46% - - Iberia (€/MWh)1 54.0 97% 58.0 55% - - Brazil (USD/MWh) 51.7 10
Slide 130: ESG Annexes
2022-24 ESG Annexes CNet
Slide 131: Sustainability strategy
Sustainability strategy CNet
Slide 132: Sustainability strategy and contribution to SDGs
Sustainability strategy and contribution to Sustainable development goals Focus on Just Transition for Enel’s People Innovation Circular economy Cyber security Diversity & inclusion Sustainability projects Sustainable supply chain Health & safety Environmental sustainability Enel’s main Policies 131
Slide 133: Just Transition for Enel's People
Just Transition for Enel’s People Enel’s strategy for a Just Transition promotes a highly sustainable program to increase people’s skills through: Internal redeployment and upskilling/reskilling processes for people working in coal generation, which is being phased out, enabling them to work in othe
Slide 134: Innovation
Innovation 7 Hub 3 Hub & Lab 3 Labs dedicated to startups ~12,000 Startups scouted 115+ scaled-up Innovation 465 engaged in projects Hubs/Labs1 10 Hubs involved 22 Labs involved2 170+ Challenges Crowdsourcing3 10,000+ Proposals collected 2021 2024 Proof of Concept 168 520 launched (#) 600+ Innovatio
Slide 135: Circular economy
Circular economy Enel’s vision of the circular economy stands of five pillars that define the related context and methods of application Circular Production and use model based on renewable inputs or previous Inputs life cycles (reuse and recycling) Life Approach to the design and management of an a
Slide 136: Cyber security
Cyber security Enel adopted a structured cyber security system to manage all cyber Cyber Security risks, assigning a tailored accountability Framework Cyber to relevant stakeholders Security It includes 8 processes fully applicable Framework to the complexity of regular Information Technology (IT),
Slide 137: Diversity and inclusion
Diversity and inclusion Diversity and inclusion are essential factors in Enel approach to create long term value for all stakeholders Global Diversity Enel puts in place an organic set of actions aimed at: & Inclusion Policy allowing expression of people uniqueness ensuring non discrimination, equal
Slide 138: Sustainability projects with communities
Sustainability projects with communities Enel continues to promote CSV, in the long term, in line with three pillars: Creating Shared Value Making the value chains of the Creating Business Lines sustainable process definition and Shared Advancing equity through the business management Value Policy t
Slide 139: Sustainable Supply Chain
Sustainable Supply Chain Enel promotes long-term partnerships with its suppliers, aiming at maximizing value creation in various forms: effectiveness, safety, time, quality, performance, revenue, flexibility, risk reduction and sustainability It ensures the careful selection and assessment of compan
Slide 140: Health & safety
Health & safety Health & Safety Management system is based on hazard identification, on qualitative and quantitative risk analysis. Certification of the whole Health & Safety Group according to ISO 45001 and relative implementation Policy Extra checking Data-driven approach based on digital tools, d
Slide 141: Environmental Sustainability
Environmental Sustainability Power Sales - Path towards full decarbonization by 2040 Scope 1 & 3 integrated power (gCO2eq/kWh) 450 .000 NEW 2030 400 .000 c. -80% TARGET 350 .000 366 Electricity 300 .000 sold to our 250 .000 201 customers 100% Full ≤130 from renewable 200 .000 150 .000 Decarbonizatio
Slide 142: Environmental Sustainability
Environmental Sustainability Gas sales - Path towards full electrification by 2040 Scope 3 gas retail emissions (MtCO2) 450 .000 2030 TARGET 400 .000 UPGRADED 350 .000 25.3 -55% Exit from gas 300 .000 retail business 22.3 driven by 250 .000 electrification 200 .000 21.3 Full Electrification from 205
Slide 143: Environmental Sustainability
Environmental Sustainability Pollutants and waste Enel commitment to improving the air quality in areas where the Group operates is Air quality testified by the constant reduction of the main atmospheric pollutants associated with Environmental thermal production Key Performance Policy Sulphur dioxi
Slide 144: Environmental Sustainability
Environmental Sustainability Biodiversity Enel is committed to apply the Mitigation Hierarchy principle to avoid and prevent negative impacts respecting the No Net Loss principle when building new infrastructures Biodiversity Policy Risk Enel includes Biodiversity Risks Assessment to evaluate compan
Slide 145: Environmental Sustainability
Environmental Sustainability Water Enel applies an integrated approach for optimal management of use of water resources and their protection Environmental key Downstream of internal recoveries and reuses, wastewater discharged from the plants is performance returned to the surface water body. Discha
Slide 146: Enel's main Policies
Enel’s main Policies Latest Commitment to respect all Human Rights along entire value chain, with due Update Human Right Policy (2013) regard for cultural, social and economic diversities, and requirement for all 2021 stakeholders Code of Commitments on corporate conduct according to standards based
Slide 147: Focus on Corporate Governance
Focus on Corporate Governance
Slide 148: Corporate governance structure
Corporate governance structure 89% Shareholders’ meeting Audit firm BoD’s composition 11% Board of Statutory Board of Directors Auditors (3 members) (9 members1) Independent Executive Nomination and Control and Risk Related Parties Committee Corporate Governance and Compensation Committee Committee
Slide 149: Board nomination and election
Board nomination and election BoD’s Enel’s Board of Directors consists of three to nine members who are appointed by the Members ordinary shareholders’ meeting for a term of up to three financial years The appointment of the entire Board of Directors takes place according to a slate voting system, a
Slide 150: Board composition
Board composition Board of Directors Board of Directors’ diversity Chair Michele Crisostomo (C) Corp. Governance & Sust. C. 22% CEO and Francesco Starace General Manager 44% Age 45% Gender 56% (C) Control & Risk C. Cesare Calari 33% Nomination & Compensation C. Costanza Esclapon Corp. Governance & S
Slide 151: CEO remuneration
CEO remuneration Overall structure Compensation accrued in 2021 equal to: 4,580,456 € (-33% vs 2020) Market Cap: between the third quartile and the ninth decile2 Enel position vs Revenues: between the third quartile and the ninth decile2 the Peer Group1 Employees: between the median and third quarti
Slide 152: CEO's short-term variable remuneration
CEO’s short-term variable remuneration1 Macro objective Objective Weight2 Entry Target Over Type of target (50%) (100%) (150%) Ordinary consolidated Profitability 40% 5.50 €bn 5.67 €bn 5.84 €bn Economic net income Efficiency Group Opex 10% 8.11 €bn 8.03 €bn 7.95 €bn Economic Cash and debt FFO/Consol
Slide 153: CEO's short term variable remuneration
CEO’s short term variable remuneration Changes vs 2021 remuneration policy1 2021 MBO 2022 MBO Underlying rationale Ordinary consolidated net Objective unchanged, income (weight 35%) weight increased to 40% Further emphasize the importance of maintaining a solid financial structure and growth in term
Slide 154: Long-term variable remuneration
Long-term variable remuneration1 130% of the base amount is assigned in Enel shares2 Macro objective Objective Weight3 Target Over I Over II Type of target (130%)4 (150%) (280%)4 Enel’s TSR Enel’s TSR Enel’s TSR Performance TSR5 50% = 100% of = 110% of ≥ 115% of Market Index’s TSR Index’s TSR Index’
Slide 155: Long-term variable remuneration
Long-term variable remuneration Changes vs 2021 remuneration policy1 2021 LTI 2022 LTI Underlying rationale ROACE Objective substituted with Financial markets consider ROIC - WACC a better measure of a (weight 25%) Cumulative ROIC - WACC, company’s ability to create value in the medium-long term wei
Slide 156: CEO remuneration
CEO remuneration Termination agreements In case of misalignment between the performance period of the 2022 LTI plan and the term Pro rata of office of CEO/GM, due to the expiry of its mandate without renewal, a “pro rata temporis” temporis rule rule for compensation was confirmed1 It was confirmed a
Slide 157: Enel Group's listed companies
Enel Group’s listed companies (as of December 31, 2021) 70.1% 64.9% 82.3% 56.4% Chile Américas1 Russia 93.5% 99.1% 99.1% 99.9% 100% 100% Enel Gx Chile Enel Dx Chile Enel Tx Chile Enel Argentina Enel Brasil Enel Perú 96.5% 92.6% 75.7% Enel Gx Piura 83.2% 83.6% Pehuenche Enel Gx Costanera Enel Dx Perú
Slide 158: Disclaimer
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 are based on Enel S.p.A.’s curr
Slide 159: Investor Relations Team
Investor Relations Team 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 Channels Fab