Slide 1: 9M 2022 Consolidated results
9M 2022 Consolidated results November 3rd, 2022
Slide 2: Key highlights
Key highlights Business Energy crisis in Financial FY2022 performance Europe performance Guidance RES capacity Governments’ Liquidity position EBITDA +4.8 GW over LTM measures weighing strong and 19-19.6 €bn on working capital supportive Volumes increase in Net Income free market segment Challenging
Slide 3: Strong and visible operating development across all business
Business performance Strong and visible operating development across all business Renewables Customers Grids Energy sold in the RES capacity (GW) Capex (€bn) free market1 (TWh) xx% RES capacity on total xx% Share on total capex 58 +4.8 160 +14% 4.0 0 +15% 3.8 0 56 150 3.6 0 54 140 52 55.6 130 3.4 0
Slide 4: Government measures weighing on financials
Energy crisis in Europe Government measures weighing on financials Govt measures impact on financials1 (€bn) FY2021 H1 9M Italy 2.4 4.4 5.7 System charges elimination Tariffs equalization recognition Government Coal/gas mandatory stock measures c.8.0 Spain 0.7 0.6 1.7 progressively Price cap on gas
Slide 5: Energy trends in 9M 2022 positive for the future but affected the short term
Energy crisis in Europe Energy trends in 9M 2022 positive for the future but affected the short term, particularly in Italy Q1 Q2 Q3 9M 9M ∆yoy Clients growth would Customers +0.5 +0.6 +0.4 +1.5 +18% have returned (Free market, mn) +1.7 €bn on EBITDA Volumes sold1 9.9 9.7 12.1 31.6 +41% & (Free mark
Slide 6: Abundant liquidity notwithstanding the high volatility in margin call requirements
Financial performance Abundant liquidity notwithstanding the high volatility in margin call requirements 30.0 Liquidity position Long Term debt maturities (€bn) 25.0 20.0 2022-24 Maturities 16.9 €bn 17.8 6.6 15.0 12.1 7.7 9M 2022 24.7 €bn 5.3 10.0 4.2 10.1 18.1 5.0 1.3 6.8 0.6 2.9 0.0 2022 2023 2024
Slide 7: Progressing effort to simplify, re-focus and streamline the Group
Financial performance Progressing effort to simplify, re-focus and streamline the Group Disposal of the 56.43% stake in Enel Russia for a Geographical Enel Closing Russia consideration of c.137 €mn ✔ repositioning Executed 600 €mn total impact on Net Debt Trasmission Signed, closing Disposal for a c
Slide 8: Stewardship model: signed agreement for the sale of 50% stake in Gridspertise
Stewardship model: signed agreement for the sale of 50% stake in Gridspertise Agreement with CVC to sell a 50% quota in Gridspertise, Delivering smart transaction to be closed by YE grids worldwide: fostering the Enterprise value of 625 €mn1 digitalization of advanced metering, networks and field op
Slide 9: 9M 2022 Economic results
9M 2022 Economic results CNet
Slide 10: EBITDA broadly flat despite a challenging environment
EBITDA broadly flat despite a challenging environment EBITDA evolution1 (€bn) +1% 0.88 0.33 (0.19) (2.07) (0.03) (0.02) 1.04 12.8 12.6 12.7 12.7 12.4 (0.2) €bn Integrated margin management 12.6 9M 2021 2021 Non 9M 2021 Networks Generation Retail & Portfolio Steward. 2022 Non 9M 2022 recurring net of
Slide 11: Grids supported by Latam performance; Romania to recover in Q4
Grids supported by Latam performance; Romania to recover in Q4 EBITDA evolution1 (€bn) Latam +30%3 driven -3% by regulatory adjustments, efficiencies and supported by FX strengthening - (0.08) 0.29 Performance in Italy impacted (0.1) (0.18) by WACC reset, (0.12) Iberia by lower tariff and increase i
Slide 12: Integrated margin management: solid performance across geographies offset by Italy and Romania
Integrated margin management: solid performance across geographies offset by Italy and Romania EBITDA evolution1 (€bn) Italy still affected by increasing -% -% volumes sold, lack of hydro and higher sourcing costs 0.15 (0.20) Positive performance in Latam 0.54 (1.33) continue to be driven by renewab
Slide 13: Italy: Focus on Q3 – Demand increased more than expected
Italy: Focus on Q3 – Demand increased more than expected Fixed price sales (TWh) Churn rate (%) A combination of higher temperatures 13 +2TWh 10 -1.6 p.p. and lower churn rate 12 9.5 9.8 pushed up 12 consumption and 11 9 10 9 10 8.5 created 8 7 8 8.2 an unexpected open 6 7.5 position of 5 7 Q3 2022
Slide 14: Italy: Focus on Q3 – Open position covered at high energy costs
Italy: Focus on Q3 – Open position covered at high energy costs Q3 2022 Expectations Q3 2022 Actual dynamics Q3 2022 Actual EBITDA 400 €mn EBITDA vs 700 €mn Negative margin -300 €mn EBITDA ✓ 10 TWh volumes sold ✓ 2 TWh open position Negative delta due to higher costs of ✓ +20% contract repricing ✓ H
Slide 15: FY2022 Ordinary EBITDA guidance
FY2022 Ordinary EBITDA guidance (€bn) 9M 2022 12.7 4Q 2021 EBITDA: 2.2 €bn Networks 2.5 ✓ +0.1 Romania settlement FY 2022 GUIDANCE ✓ +0.2 Latam contribution 4Q 2021 EBITDA: 1.8 €bn FY2022 GPG & ✓ +0.3 RES growth Trading 2.8-3.1 ✓ +1.2/+1.3 Conventional generation & Trading Ordinary EBITDA ✓ -0.3/-0.
Slide 16: Net Income evolution
Net Income evolution Net Ordinary Income evolution (€bn) -9% Amortization increase driven by higher investments deployed and FX impact 0.2 €bn depreciation 0.4 €bn amortization 3.2 (0.1) Bad Debt increase +0.2 €bn yoy, 3.0 (0.1) around 1.3% on revenues 2.8 (0.6) 0.4 in line with historical level 2.6
Slide 17: FY2022 Net Income guidance
FY2022 Net Income guidance FY2022E Ordinary Net Income (€bn) Δ vs plan EBITDA: Italy -20% FY 2022 GUIDANCE different geographical mix with lower contribution from 6 RoW1 +20% domestic business 5.6-5.8 5 5.0-5.3 Minorities (€bn) 4 +0.3 3 2 1 D&A due to higher bad debt (€bn) +0.2 0 FY2022E FY2022E New
Slide 18: 9M 2022 Financial results
9M 2022 Financial results CNet
Slide 19: Cash flow dynamics strongly affected by working capital volatility
Cash flow dynamics strongly affected by working capital volatility Cash flow (€bn) ∆NWC impacts evolution (€bn) H1 9M 0.3 Govt & regulatory (2.2) (5.0) 2.8 12.0 measures 12.7 10.0 Energy market (1.4) (3.7) 2.3 8.0 ( 8.6 ) context 6.0 Capex (1.1) (1.1) - seasonality 4.0 ( 1.3 ) 2.0 ( 1.9 ) Other & (0
Slide 20: Net Debt at 64 €bn including FX hedges and disposals
Net Debt at 64 €bn including FX @hedges and disposals announced but still to be cashed in Net debt evolution (€bn) Net Debt Pro-forma @ hedges 4.1 4.8 0.7 (~3.0) 69.7 9.4 (~3.0) ~64 52.0 (1.1) 1 Dec. 31, '21 FFO Capex Dividends APM FX Sep. 30, '22 Disposals FX Sep. 30, '22 paid ND not @hedges ND Rep
Slide 21: FY2022 Net Debt guidance
FY2022 Net Debt guidance Net debt evolution to FY2022 (€bn) Net Debt at YE to range FY 2022 GUIDANCE 58-62 €bn 64.0 on managerial actions to improve cash (8.0-10.0) 5.0 (0-2.0) generation, additional proceeds from disposals 58-62 and neutralization of the currencies 9M 2022 FFO Capex Disposals FY 20
Slide 22: 9M 2022 Closing remarks
9M 2022 Closing remarks CNet
Slide 23: Closing remarks
Closing remarks Operating Focus on cash Simplification evolution flow production and corporate Dividend bodes well and balance streamlining set to support policy for sheet Group’s unchanged future targets strengthening profitability 22nd November 2022: presentation of the 2023-2025 Plan
Slide 24: Nine Months 2022 Consolidated results Annexes
Nine Months 2022 Consolidated results Annexes
Slide 25: Macroscenario
9M 2022 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh) Electricity Demand (TWh) 2 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Italy 4.39 7.17 7.47 1.36 - - 324.23 86.25 240.97 238.98 Iberia 5.60 5.88 8.99 2.07 - - 187.60 77.95
Slide 26: Group consolidated net capacity: breakdown by technology and geography
9M 2022 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,995 825 776 29 - 2,253 4,720 4,596 26,194 Iberia 4,746 2,602 - 1,197 3,328 2,333 1,644 5,445 21,296 Latin America 10,542
Slide 27: Group consolidated net production: breakdown by technology and geography
9M 2022 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 8,842 954 4,057 52 - 152 12,764 9,342 36,163 Iberia 3,409 3,991 - 1,526 20,424 3,339 769 15,867 49,324 Latin America 25,5
Slide 28: Group total additional capacity: breakdown by technology and geography
9M 2022 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 551 32 3 - - - - - 585 Iberia 5 56 - 99 - - - - 160 Latin America 1 347 - 476 - 3 - - 826 Argentina - - - - - - - - - Brazi
Slide 29: Renewable projects in execution: breakdown by technology and geography
9M 2022 consolidated results Renewable projects in execution: breakdown by technology and geography1 Solar & MW Wind Hydro Geothermal BESS Total Other Italy 49 15 - 380 1,734 2,178 Iberia 340 20 - 2,084 25 2,469 Latin America 1,742 159 - 2,360 78 4,338 Rest of Europe - - - 173 - 173 North America 97
Slide 30: Renewables Pipeline
9M 2022 consolidated results Pipeline Renewables Pipeline (GW) 2022-24 Additional capacity target2 Capacity in execution Built ~69 13.8 capacity 2.1 ~222 23 GW +36 GW ~424 vs PY 8.4 Residual target ~119 13.8 2022 target in execution 100% Gross Pipeline BESS 1 Early stage Mature In execution 2023 tar
Slide 31: EGP mature pipeline
9M 2022 consolidated results EGP mature pipeline1 By technology By geography By COD 4% 11% 12% 1% 16% 31% 9% 11% 119 GW 119 GW 119 GW 22% 65% 36% 75% Wind Italy North America 2023 Solar Iberia Rest of Europe 2024 Hydro & Others Latin America Africa, Asia & Oceania >2024 1. Excludes BESS mature pipel
Slide 32: Enel Grids KPIs
9M 2022 consolidated results Enel Grids KPIs Electricity distributed1 (TWh) Grid customers (mn) Smart meters (mn)1 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Italy 169.0 170.0 31.7 31.6 31.1 30.9 Iberia 102.0 98.8 12.4 12.3 12.5 12.5 Latin America 104.4 101.9 28.7 28.1 0.6 0.4 Argentina 13.1 12
Slide 33: Retail KPIs
9M 2022 consolidated results Retail KPIs Power Gas Customers (mn) 1 Volumes (TWh) Customers (mn) Volumes2 (bscm) 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Italy 21.5 21.8 74.3 70.1 4.5 4.1 3.3 2.8 Iberia 10.6 10.2 60.1 60.1 1.8 1.7 3.7 3.5 Latin America 28.7 28.1 100.5 95.6 0.0
Slide 34: Enel X KPIs
9M 2022 consolidated results Enel X KPIs Charging Points1,2 (k) Street lighting (mn) Electric buses2 (#) Storage BTM (MW) Demand Response (GW) 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Italy 50.2 34.9 1.5 1.5 100 - - - 0.6 0.9 Iberia 12.0 8.4 0.1 0.1 234 146 - -
Slide 35: Capex
9M 2022 consolidated results Capex1 (€mn) Conventional Generation & Services Enel Grids EGP Retail Enel X Total Global Trading & Other 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Italy 237 150 1,791 1,672 515 232 382 300 65 46 65 48
Slide 36: Asset development Capex
9M 2022 consolidated results Asset development Capex1 (€mn) Conventional Generation & Services Enel Grids EGP Retail Enel X Total Global Trading & Other 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Italy 188 105 906 882 420 150 - - 2
Slide 37: Revenues
9M 2022 consolidated results Revenues1 (€mn) Conventional Generation & Services Enel Grids EGP Retail Enel X Total Global Trading & Other 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Italy 42,084 17,162 5,203 5,354 1,623 1,786 25,337
Slide 38: Reported EBITDA
9M 2022 consolidated results Reported EBITDA1 (€mn) Conventional Generation & Services Enel Grids EGP Retail Enel X Total Global Trading & Other 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Italy 2,249 (50) 2,629 2,383 (511) 887 69 1
Slide 39: Ordinary EBITDA
9M 2022 consolidated results Ordinary EBITDA1 (€mn) Conventional Generation & Services Enel Grids EGP Retail Enel X Total Global Trading & Other 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Italy 2,263 478 2,651 2,728 (509) 904 70 1,
Slide 40: Reported EBIT
9M 2022 consolidated results Reported EBIT1 (€mn) Conventional Generation & Services Enel Grids EGP Retail Enel X Total Global Trading & Other 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Italy 2,147 (189) 1,644 1,521 (752) 681 (624)
Slide 41: From EBITDA to net income
9M 2022 consolidated results From EBITDA to net income1 (€mn) 9M 2022 9M 2021 9M 2022 9M 2021 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 12,421 11,417 8.8% 12,671 12,770 -0.8% D&A (6,900) (5,024) (5,456) (4,836) EBIT 5,521 6,393 -13.6% 7,215 7,934 -9.1% Net financial charges 2 (1,723) (1
Slide 42: D&A reported
9M 2022 consolidated results D&A reported (€mn) 1 0 9M 2022 9M 2021 ∆ yoy Generation and Trading 1,221 693 76% Enel Green Power 1,130 1,143 -1% Enel Grids 3,069 1,963 56% Retail 1,112 910 22% Enel X 164 141 16% Others and adjustments 204 174 17% Total 6,900 5,024 37% 41
Slide 43: Gross debt structure
9M 2022 consolidated results Gross debt1 structure Long-term debt By currency Interest rate Long term by currency After swap composition credit ratings 54% Rating Outlook 85% S&P BBB+ Stable 41% 73.9 €bn 73.9 €bn 96.9 €bn 6% 2% Moody’s Baa1 Negative 1% 5% 59% 1% 2% 1% 3 7% Fitch BBB+ Stable 33% EUR
Slide 44: Debt structure by instrument
9M 2022 consolidated results Debt structure by instrument (€bn) EGP SpA and Latin Africa, Asia and Debt by instrument Enel Spa EFI Italy Iberia North America Europe Total Central America Oceania Others Bonds 4.52 40.44 - - 0.01 5.11 - - 0.07 50.15 Bank Loans 5.61 - 0.25 3.94 5.79 3.19 0.50 - 0.37 19
Slide 45: Debt maturity coverage split by typology
9M 2022 consolidated results Debt maturity coverage split by typology (€bn) Available liquidity 38.4 8.3 Bank Loans and Others Bonds 6.6 24.7 €bn 30.1 18.1 12.1 10.4 5.3 7.4 4.9 4.2 2.8 1.3 6.8 5.5 Available committed 2.9 4.6 0.6 2.4 credit lines1 2022 2023 2024 2025 2026 After 2026 Cash 1. Of which
Slide 46: Balance sheet
9M 2022 consolidated results Balance sheet (€mn) 9M 2022 FY 2021 Δ Net financial debt 69,736 51,952 34.2% Shareholders' equity 42,725 42,342 0.9% Net capital employed 112,461 94,294 19.3% 45
Slide 47: Headcount
9M 2022 consolidated results Headcount 1 0 9M 2022 FY 2021 ∆ yoy Generation and Trading 7,704 7,847 -2% Enel Green Power 9,682 8,989 8% Enel Grids 33,663 33,263 1% Retail 6,102 6,148 -1% Enel X 2,865 3,352 -15% Others and adjustments 7,365 6,680 10% Total 67,381 66,279 2% 46
Slide 48: Disclaimer
9M 2022 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
9M 2022 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 Federica Pozzi Fabrizio Ragnacci Chann