Slide 1: FY 2025 Consolidated results
FY 2025 Consolidated results March 19th , 2026
Slide 2: Solid economic and financial performance supports targets achievement
Solid economic and financial performance supports targets achievement EBITDA1 (€bn) Net Income1 (€bn) Net Debt (€bn) +2% +6% 22.4 22.9 55.8 57.2 7.0 6.6 14.7 14.1 8.0 8.9 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Pro Forma Pro Forma Net Ordinary Net Debt/ 22.8 22.9 7.1 ordinary 7.0 2.4x 2.5x E
Slide 3: Acceleration on Grids' investments supports solid and visible delivery
Acceleration on Grids’ investments supports solid and visible delivery Grids Capex (€bn) Grids’ share of RAB (€bn) Group’s EBITDA +21% +2.4€bn 7.0 8.9 €bn 5.8 1.7 1.4 1.0 39% 0.9 5.3 FY 2025 47.5 Europe 22.9 €bn 45.1 4.3 61% 3.5 ~76% 12.7 €bn FX +3 p.p.1 exposed FY 2024 FY 2025 FY 2024 1 FY 2025 Pro
Slide 4: Reduced exposure to commodities price volatility improved margins quality and visibility
Reduced exposure to commodities price volatility improved margins quality and visibility Integrated business EBITDA by business2 (€bn) EBITDA evolution1 (€bn) -4% 9.9 11.6 14.4 14.7 14.1 >14 Trading 0.1 1.2 2.3 1.5 2.1 1.5 14.7 14.1 Flex gen. 1.6 0.5 1.1 4.0 3.2 3.8 RES+ 5.2 6.1 7.8 7.3 Nuclear 3.5
Slide 5: Net Ordinary Income evolution
Net Ordinary Income evolution (€bn) 22.9 (8.1) (2.9) (3.4) (1.5) 7.0 Ordinary D&A and Bad Net financial Taxes Minorities Net ordinary EBITDA Debt expenses1 income ∆ yoy +0.4 (0.1) +0.4 (0.2) (0.2) 2024 Net ordinary income2 Pro forma 6.6 +6% Lower Bad Debt in • Lower cost of debt (-0.2 €bn) +0.4 Euro
Slide 6: FFO and Net Debt evolution
FFO and Net Debt evolution ND/EBITDA 2.5x FFO (€bn) Net Debt (€bn) FFO/ND 26% Total Shareholders’ remuneration: 8 €Bn 22.9 FFO Adj. (1.8) (0.8) 15.1 57.2 55.8 (3.6) 6.1 (2.9) +0.3 Clawback (3.0) 1.9 (2.5) 14.8 Ordinary ∆ ∆NWC Taxes Financial FFO Dec. 31, FFO-Capex Other Shares Dividends Dec. 31, 1 E
Slide 7: Share Buy Back Programs to further enhance shareholders' remuneration
Share Buy Back Programs to further enhance shareholders’ remuneration Total2 Total 2 Total 3.5 Enel S.p.A €bn Endesa 2.0 €bn Enel Americas 0.4 $bn 1 €bn Tranche ongoing from 500 €mn tranche February 23rd to July 31st, announced from March 2nd 470 mn USD executed 2026. to July 7th 2026. ~0.5 €bn alre
Slide 8: Annexes
FY 2025 Consolidated results Annexes
Slide 9: Macroscenario
FY 2025 consolidated results Macroscenario GDP (%) CPI (%) € vs. local currency2 Spot Price (€/MWh)3 Electricity Demand (TWh) FY 20251 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 Italy 0.65 0.49 1.63 1.06 - - 115.3 108.0 311.3 311.9 Iberia 2.80 3.45 2.69 2.87 - - 65.5 62.
Slide 10: Group consolidated net capacity: breakdown by technology and geography
FY 2025 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal BESS Nuke Oil & Gas Coal CCGT TOTAL Other Tier 1 Countries 18,362 10,512 776 7,243 3,232 3,328 3,925 4,401 10,952 62,731 Europe 18,362 3,931 776 3,376 1,774 3,328 3,92
Slide 11: Group consolidated net production: breakdown by technology and geography
FY 2025 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Tier 1 Countries 24,498 26,975 5,224 10,767 24,924 4,507 1,315 21,042 119,252 Europe 24,498 6,985 5,224 4,140 24,924 4,507 1,31
Slide 12: Group total additional capacity: breakdown by technology and geography
FY 2025 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal BESS Nuke Oil & Gas Coal CCGT TOTAL Other Tier 1 Countries 624 595 - 448 594 - - - 798 3,058 Europe 624 160 - 448 594 - - - 798 2,623 Italy 1 - - 10 589 - - - 798 1,3
Slide 13: 2026-28 additional capacity target
2026-28 additional capacity target Renewable projects in execution1: breakdown by technology and 2026-28 additional capacity target3 geography2 Solar & MW Wind Hydro Geothermal BESS TOTAL Other 2.8 Tier 1 Countries 295 4 - 919 1,499 2,716 Europe 90 4 - 294 1,499 1,886 Italy 90 1 - 165 1,450 1,706 0.
Slide 14: Enel Grids KPIs
FY 2025 consolidated results Enel Grids KPIs1 Electricity Distributed (TWh) End users (mn) Smart meters (mn) FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 Europe 351.8 355.9 43.9 43.7 43.6 43.5 Italy 208.2 217.4 31.2 31.1 31.0 31.0 Iberia 143.6 138.6 12.7 12.6 12.6 12.5 LatAm & Others 123.0 125.3
Slide 15: Enel Commercial: Retail KPIs
FY 2025 consolidated results Enel Commercial: Retail KPIs1 Power Gas Public Charging Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) Points (k) FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 Europe 23.2 24.8 132.0 148.1 5.7 5.8 6.0 6.8 32.1 28.6 Italy 13.7
Slide 16: Total Investments
FY 2025 consolidated results Total Investments1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 Tier 1 Countries 455 584 5,316 4,431 1,306 2,098 778
Slide 17: Asset development Investments
FY 2025 consolidated results Asset development Investments1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 Tier 1 Countries 82 236 2,593 2,021 883
Slide 18: Revenues
FY 2025 consolidated results Revenues1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 Tier 1 Countries 25,798 21,817 11,567 11,842 6,798 7,326 34,7
Slide 19: Reported EBITDA
FY 2025 consolidated results Reported EBITDA1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 2 Tier 1 Countries 2,642 3,094 6,409 6,917 3,923 4,473
Slide 20: Ordinary EBITDA
FY 2025 consolidated results Ordinary EBITDA1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 2 Tier 1 Countries 3,041 3,214 6,409 5,843 4,143 4,517
Slide 21: From Ordinary to Reported figures
FY 2025 consolidated results From Ordinary to Reported figures (€mn) EBITDA Net Income FY 2025 FY 2024 FY 2025 FY 2024 Ordinary 22,874 22,801 7,011 7,135 Impairments (91) (90) (2,100) (457) 2 Energy transition & digitalization funds (258) (184) Results from M&A operations (398) 2,358 (455) 899 ow Sl
Slide 22: Reported EBIT
FY 2025 consolidated results Reported EBIT1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 Tier 1 Countries 722 2,304 4,082 4,687 1,584 3,121 2,547
Slide 23: From EBITDA to net income
FY 2025 consolidated results From EBITDA to net income1 (€mn) FY 2025 FY 2024 FY 2025 FY 2024 ∆ yoy ∆ yoy ordinary ordinary reported reported EBITDA 22,874 22,801 +0.3% 22,073 24,066 -8.3% D&A and Others (8,060) (8,040) (10,540) (8,572) EBIT 14,814 14,761 +0.4% 11,533 15,494 -25.6% Net financial cha
Slide 24: Gross debt structure
FY 2025 consolidated results Gross debt1 structure Long term debt by currency After swap Long term Interest rate composition 50% 18% 84% 66.3 €bn 66.3 €bn 66.3 €bn 6% 3% 1% 4% 3% 82% 3% 8% 1% 37% EUR USD BRL EUR USD BRL CLF COP GBP Floating Fixed + Hedged CLF COP GBP 1. In nominal terms 23
Slide 25: Debt structure by instrument
FY 2025 consolidated results Debt structure by instrument (€bn) EGP SpA LATAM Rest of and and USA and RoW- Debt by instrument Enel Spa EFI Italy Iberia the Total Central Central Canada Other World Others America Bonds 2.16 40.09 - - 0.01 3.90 3.29 0.61 - 46.16 Bank Loans 1.00 0.41 0.13 4.35 5.63 5.0
Slide 26: Debt maturity coverage split by typology
FY 2025 consolidated results Debt maturity coverage split by typology (€bn) Available liquidity 30.2 5.3 7.9 23.4 €bn 18.1 22.3 8.82 8.3 8.4 Bank Loans and Others 3.4 2.7 3.0 6.3 1.3 4.0 Available committed 1.5 Bonds 5.4 5.6 5.4 5.0 credit lines1 2.5 Cash 2026 2027 2028 2029 2030 After 2030 1. Of wh
Slide 27: Balance sheet
FY 2025 consolidated results Balance sheet (€mn) FY 2025 FY 2024 Δ yoy Net financial debt 57,182 55,767 +2.5% Shareholders’ equity 46,805 49,171 -4.8% Net capital employed 103,987 104,938 -0.9% 26
Slide 28: Headcount
FY 2025 consolidated results Headcount 1 FY 2025 FY 2024 Δ yoy Generation and Trading 4,560 5,105 -10.7% Enel Green Power 7,266 8,269 -12.1% Grids 35,395 32,214 +9.9% 1 Enel Commercial 6,651 7,944 -16.3% 1 Others and adjustments 7,762 6,827 +13.7% Total 61,634 60,359 +2.1% 27
Slide 29: Disclaimer
FY 2025 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 30: Contact us
Contact us Contacts Email investor.relations@enel.com Omar Al Bayaty Phone +39 06 8305 7975 Head of Group Investor Relations Investor Relations App Federico Baroncelli - Fixed Income and ESG iOS Android Investors and Ratings Alessia Accili Bianca Brancati Jaime Andres Rodrigues Perez Emanuele Toppi