Enel Spa · MIL:ENEL
Enel Spa — Investor Presentation (November 2025)
139 slides from Enel Spa's investor presentation, November 2025
Slide 1: Investor Presentation 2025
Cl Investor Presentation 2025
Slide 2: Agenda
Agenda CMD 2024 The Group in the energy context 2025-27 Strategic Plan 2025-27 Strategic Plan The Group in the next three years Capital allocation and EBITDA growth 2025-27 The financial plan Strategic Plan Targets Closing remarks Full Year 2024 consolidated results 9M 2025 consolidated results 2025
Slide 3: Flavio Cattaneo, CEO
Flavio Cattaneo CEO ene
Slide 4: 2024 results empower us to tackle the next chapter
2024 results empower us to tackle the next chapter Delivering on our commitments Strategic Pillars Total shareholder return Well on track to reach all 2024 targets 2023-20241 Profitability, 1 flexibility and resilience Disposal Plan completed Efficiency and Re-focus on core activities 2 effectivenes
Slide 5: The Group in the energy context
The Group in the energy context
Slide 6: Advancing energy transition calls for new regulations…
Advancing energy transition calls for new regulations… Global electricity Global renewables EU power prices3 Consumption1 (kTWh) installation2 (GW/y) (€/MWh) New market +25% ~1000 design and 32 regulatory 25 25 mechanisms 560 21 needed for 15 15 350 ~800 75 sustainable 45 renewable 10 10 11 expansio
Slide 7: …while grids are the backbone of the transition
…while grids are the backbone of the transition New RES EU connection 2023-301 Global Investments in grids2 (k$bn/y) +50% Energy system calls for 30% 0.6 increasing 0.1 Net Zero investments in 550 GW distribution grids Current to host growing 70% 0.5 policies renewable 0.4 capacity and enhance quali
Slide 8: 2025-27 Strategic Plan
2025-27 Strategic Plan ene
Slide 9: External context normalization leads to a re-set of plan assumptions
External context normalization leads to a re-set of plan assumptions Power Price Italy (€/MWh) Power Price Spain (€/MWh) A solid and 145 conservative 131 106 approach: 115 88 74 power prices 111 114 104 scenario fully 67 64 62 aligned with current 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 fo
Slide 10: Pillars and key business drivers confirmed
Pillars and key business drivers confirmed Grids • Investments tailored according to returns OUR STRATEGIC PILLARS • Continued enhancement of grid resilience, operating efficiency and quality • Leverage on digitalization and innovation to enable the energy transition Profitability, 1 flexibility and
Slide 11: Higher focus on grids and countries with ample visibility
Higher focus on grids and countries with ample visibility and enhanced risk-return profile Cumulated gross capex (€bn) Grids 6% 7.2% Blended regulated return2 over 2025-27 19% +1 p.p. +22% RAB growth +14 p.p. vs old plan vs old plan 16.2 2025-27 2025-27 Renewables ~431 €bn ~431 €bn 26.0 75% 300 bps
Slide 12: A capital allocation designed to enhance grids' profitability
Grids A capital allocation designed to enhance grids’ profitability Gross capex RAB2 (€bn) +22% Latam ~52 22% 50.00 Investments ~43 45.00 ~13 focused on 2025-27 40.00 ~10 improving grids’ 26.01 €bn Latam Δ vs ‘24E quality and 35.00 16% 62% resilience and 30.00 25.00 ~39 27 +30% Europe 20.00 ~32 desi
Slide 13: Proactive advocacy activity to support the pivotal role of grids
Grids Proactive advocacy activity to support the pivotal role of grids Regulatory period Advocacy priorities 2024 – 2027 Regulatory remuneration rates even if aligned with macro 2028 – 2031 environment must be supportive of investments needed by the system Consolidation and simplification of incenti
Slide 14: Selective investments in renewables to support profitability
Renewables Selective investments in renewables to support profitability Gross capex Additional capacity Delta vs 16% 2.3 old plan Renewable 3.2 34% development -4 GW 2025-27 0.7 ~12 GW concentrated 19% 12.01 €bn +2 GW in core countries, 31% 5.7 streamlining of assets portfolio 2024 2027 Italy Iberia
Slide 15: Investments focused on the most valuable initiatives and geographies
Customers Investments focused on the most valuable initiatives and geographies Gross capex Customers2 (mn) +6% 60.00 Bundled offers 55.00 tailored on 55.5 50.00 52.4 customer needs and geographies, 45.00 40.00 35.00 leveraging on Total free customers3 (mn) 30.00 scale-up and ~85% 25.00 valorization
Slide 16: Reducing risk and increasing visibility
Reducing risk and increasing visibility Cumulated EBITDA Contracted/ regulated (€bn) ~90% Grids ~27 100% business regulated ~90% of Generation capacity regulated and Regulated ~4 covered by regulatory generation schemes contracted 2025-27 EBITDA offers >70 €bn Production hedged/sold to unprecedented
Slide 17: Raising the bar on efficiencies
Raising the bar on efficiencies Evolution of addressable cash-cost Cash-cost reduction split2 baseline1 (€bn) Reduction 1.5 €bn 8.0 -20% Continued 7.0 6.5 optimization effort on 6.0 ~1.2 €bn 6.0 40% ~1.5 €bn processes and 5.0 5.5 60% activities also 4.0 ~7 5.0 -25% <6.0 3.0 leveraging on 4.5 2.0 4.0
Slide 18: Efficiency and value creation through a new business model for connection assets
Efficiency and value creation enhanced through a new business model for connection assets Connection assets Data Centers Creation of a NewCo focused on connection assets to unlock further Provide value-added solutions to Data value centers operators leveraging on Enel’s global scale and know-how O&M
Slide 19: A solid financial position to fund growth and shareholder remuneration
A solid financial position to fund growth ambitions and shareholder remuneration Leverage evolution (ND/EBITDA) 2025-27 Funds allocation (€bn) 70. 0 Growth & shareholder remuneration 15% FFO/Net Debt 27% Change in 60. 0 Net Debt 50. 0 Peers Average1 3.2x 40. 0 3.1x 2.7x 30. 0 FFO & 2.4x ∼2.5x other
Slide 20: Well on track to achieve Net Zero
Well on track to achieve Net Zero Total absolute emissions (MtCO2eq) 2027 200 Exit coal power generation1 190 180 160 -63% 140 120 2040 Zero GHG emissions from both 100 80 94 -99% generation and retail business ~70 60 40 60 Just Transition 20 0 <2.5 0 2017 2023 2024 2030 2040 2040 A plan that preser
Slide 21: The Group in the next three years
The Group in the next three years
Slide 22: Plan's targets
Plan’s targets Ordinary EBITDA (€bn) Ordinary Net Income (€bn) Net Debt/EBITDA ~7%1 ~11%1 CAGR 22-27 CAGR 22-27 7.1-7.5 2.8x 24.1 -24.5 ~2.5x 17.3 4.3 16.1 2 Avg. 19-21 2022 2027 2022 2027 2022 2027 Like for Like2 Like for Like 2 Pro Forma 2 1. Calculated on mid-point of the guidance range 2. Calcul
Slide 23: A value-driven strategy promotes sustainable value creation for shareholders
A value-driven strategy promotes sustainable value creation for shareholders Dividend policy 0.6 2024 DPS (€/sh) 0.5 0.5 Visible 0.5 improvement 0.5 +9% 0.47 in shareholder 0.5 remuneration 0.43 0.4 with 9% DPS 0.4 increase, fully covered by 0.4 organic and 0.4 sustainable 0.4 1 2023 2024 Jan. 22 in
Slide 24: Stefano De Angelis, CFO
Stefano De Angelis CFO ene
Slide 25: Capital allocation and EBITDA growth
Capital allocation and EBITDA growth
Slide 26: Capital allocation execution and core operation improvement
Capital allocation execution and core operation improvement drive to a more resilient business profile Gross Capex by business (€bn) Cumulated Gross Capex (€bn) Conv GX & Wholesale Renewables Retail 6% 4% 12 12 Selective approach to renewables confirmed in light of 28% persisting uncertainty 2025-27
Slide 27: Proactive attitude across geographies to foster sustainable network upgrade
Grids Proactive attitude across geographies to foster a sustainable network upgrade with fair visible returns 2025-27 Gross capex by nature From Gross to “RAB-in” eligible Capex1 (€bn) Grants (Local and Ordinary Regional Funds) (asset maintenance >1.5x and recurring network 25.00 ~23 11% development
Slide 28: Grids' capex remuneration scheme: focus on Italy
Grids Grids’ capex remuneration scheme: focus on Italy 2025-27 Gross capex by nature Capex break-down (€bn) Ordinary Grants Non-RAB regulated Incentive schemes Grants (asset maintenance • According to IFRS, Grants are deducted (Local and and recurring network Capex 13.5 2.7 from related asset when c
Slide 29: Networks' contribution to the Group has been restored
Grids Networks’ contribution to the Group has been restored with improved business and risk profile Grids share on Group EBITDA Grids 3Y cumulated EBITDA (€bn) RAB evolution1 (€bn) +12 €bn 54.50 10.50 29.50 ~52 49.50 40% 9.50 27 44.50 24.50 24 39.50 ~45 ~40 8.50 22 34.50 35% 19.50 29.50 7.50 32% 24.
Slide 30: New renewable capacity: shift in technology mix
Renewables New renewable capacity: shift in technology mix to further improve returns’ risk profile Gross capex (€bn) From Gross to Net Capex (€bn) Key operational New capacity (GW) 5.7 ~12 2024-26 Strategic Plan ~6 Other >70% wind and 14. 0 2.3 programmable Maintenance 7% technologies 13% 12. 0 cap
Slide 31: Brownfield deal in Spain proves potential value creation
Renewables Brownfield deal in Spain proves the potential value creation upside of the new capital allocation strategy July 2024 November 2024 Sale of 49.99% of Acquisition of solar assets 100% hydro assets Reduce portfolio exposure to most volatile assets while strengthening readily available resili
Slide 32: A strategy tailored to fit market and country specifics
A strategy tailored to fit market and country specifics RES and Nuclear Coverage @2027 2025-27 production mix production (TWh) Italy Iberia Buffer Regulated 80 90.00 80.00 67 Matched 5% 10% 70.00 51 56 with clients • Limited PPA demand for 60.00 51 38 both volumes and T&L 25% 42 duration 50.00 40.00
Slide 33: A strategy tailored to market and country specifics: focus on Europe
A strategy tailored to fit market and country specifics: focus on Europe Free power customers (mn) Free power sales coverage @2027 (TWh) Unique Service Platform Italy Iberia1 ~ +1 ~75 25.00 >18 >19 ~70 Indexed 20.00 Coverage Indexed ~90% 15.00 Coverage ~75% 10.00 ~76% ~55% Fixed Multi-Commodity Bund
Slide 34: EBITDA growth leveraging on a consistent asset portfolio strategy
EBITDA growth leveraging on a consistent, solid and visible asset portfolio strategy EBITDA evolution1 (€bn) Grids Actual 2024 22.8 • +7 €bn RAB and WACC updates drive EBITDA growth • Extra remuneration on networks upgrade, resilience projects and grants Guidance 22.1 - 22.8 compensation close the b
Slide 35: The financial plan
The financial plan ene
Slide 36: Industrial growth and shareholder remuneration fueled by solid financial position
Industrial growth and shareholder remuneration fueled by a solid financial position 2025-27 Funds allocation (€bn) Sources Uses 65. 0 55. 0 Leveraging on 6 45. 0 financial 40 flexibility and 35. 0 25. 0 46 52 15. 0 cash 19 generation to 5.0 -5.0 ~6 -15.0 fund growth FFO Partnerships Total Capex net
Slide 37: Refinancing strategy and cost of debt evolution
Refinancing strategy and cost of debt evolution Financial strategy for 2025-27 Cost of debt evolution 2024-27 5.0% 4.5% Amount Expected (€bn) cost1 4.0% 3.5% 3.9% Centralized 26.9 3.6% 3.0% 2024 2025 2026 2027 Countries 3.8 8.2% Financial expenses (€bn) Total 30.7 4.1% 2024 2025 2026 2027 On debt 2.
Slide 38: Solid liquidity position to cover long term maturities
Solid liquidity position to cover long term maturities Liquidity available1 LT Debt maturity by year (€bn)1 LT Maturities/ 7% 13% 11% Gross Debt1 Cash 30.0 5.0 Ample liquidity available covers 25.0 20.0 > 100% debt maturities over the 19.7 period 25-27 23.2 €bn 15.0 10.0 18.2 5.0 8.8 8.2 Average yea
Slide 39: Targets
Targets ene
Slide 40: Plan's targets for 2025
Plan’s targets for 2025 Ordinary EBITDA (€bn) Ordinary Net Income (€bn) 10%1 17%1 CAGR 22-25 CAGR 22-25 22.9-23.1 6.7-6.9 17.3 4.3 2022 Like 2025 2027 2022 Like 2025 2027 2 for Like for Like 2 1. Calculated on mid-point of the guidance range 2. Calculated excluding the impact from disposals and stew
Slide 41: Closing remarks
Closing remarks ene
Slide 42: Closing remarks
Closing remarks Continued Optimization of the A solid Strategic maximization of Focus on core risk-return profile Plan centered cash generation to businesses and of the Group, on core activities, maintain a solid geographies to boosting open to innovation financial position enhance visibility invest
Slide 43: Full Year 2024 Consolidated results
Full Year 2024 Consolidated results March 13th, 2025
Slide 44: Full Year 2024: Flavio Cattaneo, CEO
Full Year 2024 Consolidated results Flavio Cattaneo Group’s CEO
Slide 45: Opening remarks
Opening remarks Re-building a constructive and De-leverage Visible 2024 continued completion improves Shareholder delivery on solid institutional balance sheet remuneration: performance dialogue, with flexibility to fuel 0.47 €/sh of the underlying positive and visible future and additional DPS for
Slide 46: Full Year 2024 results at the top of the guidance range
Full Year 2024 results at the top of the guidance range EBITDA1,2 (€bn) Net Income1 (€bn) Net Debt/EBITDA +4% +10% 22.0 22.8 22.1-22.8 7.1 2.7x 6.5 6.6-6.8 2.4x 2.4x FY 2023 FY 2024 Guidance FY 2023 FY 2024 Guidance FY 2023 FY 2024 Guidance 1. Ordinary figures. 2. It excludes extraordinary items in
Slide 47: Proactive advocacy activity to support business evolution
Proactive advocacy activity to support business evolution Extension of distribution concession included in the 2025 Budget Law1 ▪ 20-year extension ▪ Investment plan to address network upgrade and resiliency ▪ Upfront payment for the concession renewal to be recognized as RAB ▪ Terms and fee magnitu
Slide 48: Gross capex mix defined according to strategic priorities
Gross capex mix defined according to strategic priorities and capital allocation guidelines Gross capex1 (€bn) Business lines’ mix Geographical’s mix FY ‘23 FY ‘24 1.2 1.2 11.0 11.0 1.0 1.0 RAB2 (€bn) 44.4 45.1 0.8 ROW 0.8 RES production on total3 63% 71% 0.6 +14 p.p. 0.6 +3 p.p. vs 2023 vs 2023 0.4
Slide 49: Capital allocation: leveraging on different models
Capital allocation: leveraging on different models to enhance value creation and maximize returns November 2024 February 2025 Spain Australia Acquisition of 100% of Acquisition of over 1 GW of RES hydro assets portfolio through Enel’s JV Focus on less risky 0.6 GW of hydro assets acquired Over 1 GW
Slide 50: Continued effort on cash-cost optimization
Continued effort on cash-cost optimization Addressable cash-cost baseline1 (€bn) Addressable cash-cost base ~0.8 €bn Reducing worthless cash-cost focusing 94% resources and management actions 7.5 only on value accretive processes 7.0 and services 0.8 €bn 6.5 6.0 5.5 5.0 ~7.0 6.7 Optimization visible
Slide 51: A solid financial position and focus on environmental sustainability
A solid financial position and confirmed focus on environmental sustainability Financial sustainability Environmental sustainability Net Debt/EBITDA FFO/Net Debt Total absolute emissions (MtCO2eq) -63% Peers’ avg.1 3.2x 250 0.8x 200 2.7x 25% 25% 150 190 2.4x 100 94 ~70 50 0 FY 2023 FY 2024 FY 2023 F
Slide 52: Shareholder remuneration improves on solid results
Shareholder remuneration improves on solid results Dividend policy 0.6 2024 DPS (€/sh) 0.5 0.5 Visible 0.5 improvement 0.5 +9% 0.47 in shareholder 0.5 remuneration 0.43 0.4 with 9% DPS 0.4 increase, fully covered by 0.4 organic and 0.4 sustainable 0.4 1 2023 2024 Jan. 22 interim growth dividend paid
Slide 53: Full Year 2024 Economic and financial results
Full Year 2024 Economic and financial results Stefano De Angelis Group’s CFO
Slide 54: Operational delivery
Strong operating delivery and solid cash generation reinstate a sustainable growth trajectory Operational delivery Emission free production1 (TWh) Liberalized Market Customers (mn) RAB2 (€bn) +10TWh broadly flat +0.7 145 155 RoW 84 88 18.5 18.4 44.4 45.1 Iberia 42 39 Italy 22 25 FY 2023 FY 2024 FY 2
Slide 55: Grids: solid and visible returns drive EBITDA up by 8%
Grids Solid and visible returns in grids drives EBITDA up by 8%, net of disposals EBITDA evolution (€bn) Capex uplift in a supportive regulatory +8% scheme and improved efficiency drive robust 9 EBITDA performance 8 7.3 0.4 0.2 7.9 7 - 2.0 Latam 6 2.1 Final positive outcome of 2020 remuneration +0.2
Slide 56: Renewables and Customers: Integrated business
Integrated business Integrated business EBITDA up on normalized renewables and retail performances Retuned REN contribution after an adverse 2023 EBITDA evolution (€bn) context; drivers of the change in the results were: Renewables 1) resources availability (+6 TWh); 2) capacity expansion in USA and
Slide 57: Net Ordinary Income
Net Ordinary Income Profit & loss (€bn) 2021-24 Net Income evolution 8 7.1 FY 2024 FY 2023 ∆ yoy 6.5 5.4 7 6 5.6 Ordinary EBITDA 22.8 22.0 +4% 7.0 5 2x vs 2023 4 D&A and Provisions (8.0) (7.9) 3 2 3.2 3.4 Financial expenses1 (3.1) (3.2) (0.5) €bn cash out 1 vs 2023 at FFO 0 1.7 Income taxes (3.3) (3
Slide 58: Strong cash generation with FFO reaching almost 14 €bn
Strong cash generation with FFO reaching almost 14 €bn in 2024 Cash flow (€bn) FY 2024 o (1.6) Δ Provisions o (0.6) Δ WC (neutral WC net of Normalized 28.0 64% 2023 Qatar arbitration) FFO/EBITDA 23.0 22.8 18.0 (2.1) 20.7 0.4 0.5 (16.9 3.8 ) (13.7 3.2 ) 14.6 13.0 13.7 13.7 14.2 8.0 3.0 -2.0 Ordinary
Slide 59: Net debt at 55.8 €bn, reducing more than 4 €bn
Net debt at 55.8 €bn, reducing more than 4 €bn vs previous year Net debt evolution1 (€bn) Successful (1.1) €bn Grants (1.1) €bn BESS partnerships (0.8) €bn Solar in Spain execution of 11.0 Group’s financial 60.2 (2.0) turnround (13.7) (4.0) 5.4 55.8 9.9 1.5 €bn FX Best in class ND/EBITDA 2.4x FFO-Ca
Slide 60: FY 2024: EBITDA and Net Income Pro Forma
FY 2024: EBITDA and Net Income Pro Forma Ordinary EBITDA evolution (€bn) Ordinary Net Income evolution (€bn) o (0.1) Perù o (0.1) Grids in Lombardy o (0.3) Perù o (0.1) Grids in Lombardy +3%1 +3%1 …adding financial flexibility on top 22.8 (0.4) 22.9- 7.1 (0.2) of the secured 22.4 23.1 6.7-6.9 +3% ba
Slide 61: Full Year Closing Remarks
Full Year Closing Remarks ene
Slide 62: Closing remarks
Closing remarks A restored financial solidity… 1 2 3 4 Solid economic Full Year 2025 …to capture …guarantee an and financial guidance fully additional attractive results confirm confirmed on profitable growth shareholders’ Group’s delivery baseload evolution opportunities and… remuneration capabilit
Slide 63: Nine months 2025 Consolidated results
Nine months 2025 Consolidated results November 13th , 2025
Slide 64: Nine months 2025: Flavio Cattaneo, CEO
Nine months 2025 Consolidated results Flavio Cattaneo Group’s CEO
Slide 65: Execution of strategic priorities supports 2025 delivery
Execution of strategic priorities supports 2025 delivery Financial Discipline and Selective Capital allocation are re-shaping Enel Assets’ Portfolio Ordinary Ordinary Profitability, Steady EBITDA growth, higher predictability EBITDA Net Income 1 flexibility and 17.3 €bn 5.7 €bn and quality resilienc
Slide 66: Enel Group Ordinary EBITDA: 9M 2025 overview by country
Enel Group Ordinary EBITDA: 9M 2025 overview by country EBITDA by geography (€bn)1 Positive and resilient business evolution in Latam offset currencies dynamics Colombia reported a solid performance driven by a good water resource availability 17.1 17.3 Remarkable positive net cash flow in USA 4.5 4
Slide 67: Nine months 2025: Stefano De Angelis, CFO
Nine months 2025 Consolidated results Stefano De Angelis Group’s CFO
Slide 68: 9M 2025 delivering on Plan's strategic pillars
9M 2025 delivering on Plan’s strategic pillars Capital allocation Group’s operations Sustainability Financial and Profitability, Efficiency and 1 flexibility and resiliency 2 effectiveness 3 environmental sustainability Ordinary EBITDA 1.2 €bn addressable ND/EBITDA1 (ltm) 17.3 €bn +1% yoy1 cash-cost
Slide 69: Steady execution of the Portfolio Strategy
Steady execution of the Portfolio Strategy forges an increasingly resilient business model 1 Industrial Plan execution delivers a substantial improvement of the business results leveraging on: Assets’ quality: returns visibility, balanced risk profile, ~90% Group Net Income stable and resilient busi
Slide 70: Turning around business foundations delivers higher EBITDA conversion
Turning around the business foundations delivers a structural higher EBITDA conversion into sustained long-term returns 2 2020-22 Investment Cycle: 2023-27 New Investment Cycle: Focus on Latam and USA Renewables… Focus on Countries with secured, visible returns Cumulated gross Capex Groups’ EBITDA (
Slide 71: Improved Cash Conversion supports the SBB Programs
Improved Cash Conversion and strict Financial Discipline provide financial support for the SBB Programs: on track to complete ~2.5 €bn 3 Total1 Total 2 Total 1.0 €bn Enel S.p.A 3.5 1.0 Endesa 2.0 0.4 Enel Americas 0.4 €bn €bn €bn €bn3 $bn 2nd tranche completed for 470 mn USD executed 1 €bn Share buy
Slide 72: Solid set of results despite FX impacts
Solid set of results despite FX impacts above expectation and industry’s temporary headwinds EBITDA1 (€bn) Net Income1 (€bn) Net Debt (€bn) Normalized +3% +1% +5% (0.6 €bn) 17.1 17.3 11.3 10.9 5.5 5.7 58.2 57.5 6.0 6.5 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Pro Forma Pro Forma Net Debt/ 2.5
Slide 73: Acceleration on grid's investments
Acceleration on grid’s investments to sustain energy transition and foster future growth Grids Capex (€bn) Grids’ share of RAB (€bn) Group’s EBITDA +14% +1.3 €bn 4.7 6.5 €bn 4.1 1.1 1.0 38% 0.6 3.6 0.6 9M 2025 Europe 45.7 17.3 €bn 44.4 3.0 ~80% 62% 2.5 12.5 €bn FX +3 p.p.1 exposed 9M 2024 9M 2025 9M
Slide 74: Integrated strategy: greener asset base and storage capacity
Integrated strategy: greener asset base, coupled with world leading storage capacity and matched with the best-customer segments Renewables Integrated Business EBITDA 9M 2024 9M 2025 BESS + PUMPING (GW) Flex. Gen Capacity1 64.6 67.8 +3.2 &Wholesale Renewables (GW) GW 11.5 22% 10.4 RES production 72%
Slide 75: P&L breakdown: Ordinary net income/Ordinary EBITDA > 30%
P&L breakdown: Ordinary net income/Ordinary EBITDA > 30% Net income evolution (€bn) Lower bad debt in Europe for around 0.4 €bn 17.3 -0.4 €bn non-cash M&A/ disposals, o/w -0.3 €bn Slovenske equity reserves (5.9) write-off (2.0) (2.6) - 4.3 €bn Gross (1.1) (0.5) Debt reduction yoy 5.7 5.2 - Lower cos
Slide 76: Cash Conversion and Debt Coverage confirmed as Top Pick
Cash Conversion and Debt Coverage confirmed as Top Pick in the Industry FFO (€bn) Net Debt (€bn) Net Debt/ 2.5x EBITDA (ltm) (3.8) €bn ΔWC (0.55) €bn Δ Provisions 0.3 €bn Claw Back (1.36) €bn Taxes Total Shareholders’ ~0.9 €bn ΔWC Capex remuneration: 7 €Bn FFO/ND 17.3 25% (ltm) 57.5 (1.9) 55.8 (2.5)
Slide 77: 2025-27 Financial Annexes
2025-27 Financial Annexes ene
Slide 78: Macroscenario
2025-27 Macroscenario ene
Slide 79: GDP, CPI and FX
GDP, CPI and FX 1 GDP (% ) CPI (% ) FX against € 2025 2026 2027 2025 2026 2027 2025 2026 2027 Italy 1.1 1.1 0.7 1.9 1.7 1.7 n.m n.m n.m Iberia 1.9 1.7 1.6 2.2 2.0 1.9 n.m n.m n.m Latin America Brazil 2.2 2.4 2.3 3.9 3.8 3.4 5.8 5.8 5.9 Chile 2.6 2.7 2.4 3.6 3.0 3.0 1,019.2 998.9 1,003.4 Colombia 2.7
Slide 80: Commodities' prices
Commodities’ prices 2025 2026 2027 Power price - Italy (€/MWh) 114.0 111.0 104.0 Power price - Spain (€/MWh) 67.0 64.0 62.0 Gas TTF (€/MWh) 38.1 35.4 31.4 Gas Henry Hub ($/mmbtu) 10.5 10.9 11.3 Gas PSV (€/MWh) 39.5 36.7 32.1 Oil Brent ($/bbl) 76.0 74.0 72.0 Coal API2 ($/ton) 120.0 122.0 96.0 CO2 (€/
Slide 81: Enel Green Power
2025-27 Enel Green Power ene
Slide 82: 2025-27 RES Additional Capacity
2025-27 RES Additional Capacity1 (MW) Hydro Wind Solar & Other BESS Total 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025-27 Italy 5 2 3 60 770 426 20 280 283 - 193 - 86 1,245 712 2,043 Iberia 626 3 - 414 200 521 400 246 466 5 103 38 1,446 551 1,026 3,022 Latin Americ
Slide 83: Consolidated capacity and production
Consolidated capacity and production1 By geography By technology Capacity2 Production3 Capacity2 Production3 5% 14% 10% 17% 17% 13% 19% 16% 2% 5% 30% 5% 1% 4% 12% 2027 2027 2027 2027 87.2 GW 209 TWh 87.2 GW 209 TWh 26% 28% 33% 22% 31% 33% 27% 30% 75% share of RES4 Italy Latin America Hydro Wind Sola
Slide 84: Grids
2025-27 Grids ene
Slide 85: Electricity distributed, Grid customers, Smart meters
Electricity distributed, Grid customers, Smart meters1 Electricity End users Smart meters distributed (TWh) (mn) (mn) 2024 2027 2024 2027 2024 2027 Italy 217 217 31.1 31.2 31.0 31.1 Iberia 139 145 12.6 12.9 12.5 12.6 Latin America 122 126 24.8 26.5 1.7 5.8 Total 478 489 68.5 70.6 45.2 49.5 1. Rounde
Slide 86: Grids: current regulatory framework
Grids: current regulatory framework1 Italy Iberia Brazil Chile Colombia WACC real 5.6% 5.6%2 11.2% 7.0%3 12.1% pre tax 2025 Next Regulatory 2028 2026 2027-28 2028 2025 Period 5 (Rio) Regulatory Period 4+4 6 4 (São 4 5 Length (years) Paulo/Ceara) Metering Owned by Owned by Owned by Owned by Owned by
Slide 87: Enel X Global Retail
2025-27 Enel X Global Retail ene
Slide 88: Power & Gas: customers and volumes
Power & Gas: customers and volumes1 Italy Iberia2 Customer (mn) Volumes (TWh) Customer (mn) Volumes (TWh) 16 14.6 90 73.7 12 10.2 10.6 90 74.4 83.1 14 2.9 12.1 80 70.8 80 8.0 7.4 7.3 10 3.5 3.5 70 70 12 60 8 60 10 Power 50 50 8 6 11.7 40 66.4 40 67.1 75.1 7.1 6 6.7 30 4 30 4 20 20 2 2 10 10 0 0 0 0
Slide 89: Products and services
Products and services Charging Points (k) Street lighting (mn) Storage (MW) Demand Response (GW) 2024 2027 2024 2027 2024 2027 2024 2027 Italy 22.4 35.4 1.6 1.6 - 18.2 0.7 0.9 Iberia 6.2 9.6 0.2 0.2 - - 0.1 0.1 Rest of World 1.0 2.4 1.1 1.8 11.0 10.7 8.5 12.7 Latin America 1.0 2.4 1.1 1.8 - - - 0.1
Slide 90: Italian power market: 4Q 2024
Italian power market: 4Q 20241 Customers (mn) Energy sold (TWh) Enel Enel market share market share 28.9 37.0 254.0 270.7 31% 6.8 6.8 204.5 205.2 28%3 22.1 43% 30.3 8.1 0.7 49.5 66.2 44% 16.0 Regulated2 Free Total 2 Regulated 3 Free Total 3 Enel Enel 85% 40% 79% 31% market share market share Busines
Slide 91: Spanish power market
Spanish power market1 Customers (mn) Energy sold (TWh) Enel Enel market share2 market share3 21.6 30.2 0.9 0.9 157.3 172.4 29% 20.7 107.6 107.9 28% 29.3 23% 8.7 15.2 49.7 64.5 28% 0.4 14.8 Regulated Free Total Regulated Free Total Enel Enel market share 42% 29% market share 43% 28% Business Resident
Slide 92: Enel Group financials
2025-27 Enel Group financials
Slide 93: 2025-27 Cumulated Gross Capex
2025-27 Cumulated Gross Capex1 (€bn) by GBL By geography 4%6% Grids 25% Italy Enel X Global Retail3 Iberia 28% Conv. Gx & Wholesale 432 €bn 52% Rest of World 432 €bn 62% Renewables 23% 3 Services Global Generation & Trading Renewables Energies Enel Grids Enel X Global Retail Total & Other 2025 202
Slide 94: 2025-27 Asset development Capex
2025-27 Asset development Capex1 (€bn) By GBL By geography 2% 1% Grids 22% Italy Enel X Global Retail3 Iberia 40% Conv. Gx & Wholesale 252 €bn 252 €bn Rest of World 57% 58% Renewables 20% Services Global Generation & Trading Renewables Energies Enel Grids Enel X Global Retail 3 Total & Other 2025
Slide 95: Group Ordinary EBITDA: focus on grids
Group Ordinary EBITDA1: focus on grids By GBL2 (€bn) Focus on grids FY 2024 22.8 24.1 - 24.5 Latin America 22.1 - 22.83 Italy 28% ~15.0 15.2 ~15.0 51% 2027 ~9.8 €bn2 7.9 ~8.0 ~9.8 21% 2024E 2027 Iberia 1. Rounded figures. 2. Other is not included in the breakdown 3. Guidance range does not include P
Slide 96: Group Ordinary EBITDA: focus on integrated business
Group Ordinary EBITDA1: focus on integrated business By GBL2 (€bn) Focus on integrated business FY 2024 22.8 24.1 - 24.5 RoW 22.1 - 22.83 ~15.0 31% 15.2 ~15.0 2027 ~15.0 €bn 69% 7.9 ~8.0 ~9.8 Europe 2024E 2027 1. Rounded figures. 2. Other is not included in the breakdown 3. Guidance range does not i
Slide 97: FY 2024 Consolidated results Annexes
FY 2024 Consolidated results Annexes
Slide 98: FY 2024 consolidated results: Macroscenario
FY 2024 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh) 1 Electricity Demand (TWh) FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 0.48 0.79 1.08 6.03 107.98 127.24 312.28 305.27 Iberia 3.25 2.67 2.88 3.43 62.90 87.43 296.44 2
Slide 99: Group consolidated net capacity
FY 2024 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,994 874 776 436 - 1,632 4,160 4,709 25,582 Iberia 4,746 2,893 - 2,492 3,328 2,304 241 5,445 21,449 Rest of World 9,957 11
Slide 100: Group consolidated net production
FY 2024 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 18,475 1,314 5,240 313 - 291 1,361 7,789 34,783 Iberia 7,660 6,374 - 3,758 24,152 4,309 54 13,474 59,780 Rest of World 38
Slide 101: Group total additional capacity
FY 2024 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 3 - - 200 - 82 - 102 387 Iberia - 9 - 223 - - - - 232 Rest of World 155 194 - 1,856 - - - - 2,205 Latin America and Central
Slide 102: Enel Grids KPIs
FY 2024 consolidated results Enel Grids KPIs1 Electricity distributed (TWh) Grid customers (mn) Smart meters (mn) FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 217.4 214.1 31.1 31.8 31.0 31.7 Iberia 138.6 136.5 12.6 12.5 12.5 12.4 Rest of World 125.3 138.8 24.8 25.9 1.7 1.1 Latin America 121
Slide 103: Enel X Global Retail: Retail KPIs
FY 2024 consolidated results Enel X Global Retail: Retail KPIs1 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 14.6 18.5 73.7 87.2 4.0 4.3 3.4 4.1 Iberia 10.2 10.5 74.4 77.7 1.8 1.8 3.4 3.8 Rest of World 24.7
Slide 104: Enel X Global Retail: Enel X
FY 2024 consolidated results Enel X Global Retail: Enel X1 Enel X Public Charging points (k) Street lighting (mn) Storage (MW) Demand Response (GW) FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 22.4 19.1 1.6 1.6 - - 0.7 0.8 Iberia 6.2 5.5 0.2 0.1 - - 0.1 0.2 Rest of World 1.0
Slide 105: Capex
FY 2024 consolidated results Capex1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 269 393 3,530 3,084 1,027 1,982 549 565 47 74 5,422
Slide 106: Asset development Capex
FY 2024 consolidated results Asset development Capex1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 215 300 1,600 1,471 850 1,780 133
Slide 107: Revenues
FY 2024 consolidated results Revenues1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail 2 Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 13,775 26,178 9,281 7,610 4,104 3,248 22,869 28,7
Slide 108: Reported EBITDA
FY 2024 consolidated results Reported EBITDA1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 1,658 2,552 5,002 3,566 2,266 555 3,128 4,
Slide 109: Ordinary EBITDA
FY 2024 consolidated results Ordinary EBITDA1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 1,732 2,718 4,023 3,589 2,266 555 3,159 4,
Slide 110: Reported EBIT
FY 2024 consolidated results Reported EBIT1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 1,422 2,351 3,549 2,116 1,853 199 1,923 2,98
Slide 111: From EBITDA to net income
FY 2024 consolidated results From EBITDA to net income1 (€mn) FY 2024 FY 2023 FY 2024 FY 2023 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 24,066 20,255 18.82% 22,801 21,969 3.8% D&A (8,572) (9,423) (8,040) (7,927) EBIT 15,494 10,832 43.04% 14,761 14,042 5.1% Net financial charges (3,401)
Slide 112: Long-term debt structure
FY 2024 consolidated results Long-term debt1 structure By currency Interest rate Long term By currency After swap composition credit ratings 51% Rating Outlook 84% 16% S&P BBB Stable 68.0 €bn 68.0 €bn 68.0 €bn Moody’s Baa1 Stable 6% 3% 3% 4% 84% 2% 9% Fitch BBB+ Stable 1% 37% EUR USD BRL Floating Fi
Slide 113: Debt structure by instrument
FY 2024 consolidated results Debt structure by instrument (€bn) EGP SpA Latam and Rest of the USA & Other Debt by instrument Enel Spa EFI and Central Italy Iberia Central Total World Canada countries Others America Bonds 2.3 41.26 - - 0.01 4.03 3.33 0.7 - 47.6 Bank Loans 1.34 - 0.17 3.99 6.15 4.85 3
Slide 114: Balance sheet
FY 2024 consolidated results Balance sheet (€mn) FY 2024 FY 2023 Δ Net financial debt 55,767 60,163 -7.3% Shareholders' equity 49,171 45,109 9.0% Net capital employed 104,938 105,272 -0.3% 113
Slide 115: Headcount
FY 2024 consolidated results Headcount 1 FY 2024 FY 2023 ∆ yoy Generation and Trading 5,105 5,725 -10.8% Enel Green Power 8,269 8,891 -7.0% Distribution 32,214 30,946 4.1% 1 Enel X Global Retail 7,944 8,926 -11.0% Others and adjustments 6,827 6,567 4.0% Total 60,359 61,055 -1.1% 1. Enel X Global Ret
Slide 116: 9M 2025 Consolidated results Annexes
9M 2025 Consolidated results Annexes
Slide 117: 9M 2025 consolidated results: Macroscenario
9M 2025 consolidated results Macroscenario GDP (%) CPI (%) FX against € (January-Sept avg) Spot Price (€/MWh)1 Electricity Demand (TWh) 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 0.57 0.48 1.79 1.00 - - 116.42 102.15 233.27 236.01 Iberia 2.91 3.38 2.54 3.06
Slide 118: Group consolidated net capacity
9M 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 Italy 12,995 874 776 447 1,688 - 1,633 4,160 5,507 28,081 Iberia 5,369 3,001 - 2,669 11 3,328 2,293 241 5,445 22,357 Rest of
Slide 119: Group consolidated net production
9M 2025 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 13,102 904 3,909 548 - 99 837 3,899 23,298 Iberia 6,885 4,124 - 2,887 19,065 3,242 89 10,085 46,377 Rest of World 26,604
Slide 120: Group total additional capacity
9M 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 Italy 1 - - 10 514 - - - 798 1,323 Iberia 623 108 - 177 5 - - - - 914 Rest of World - - - 300 - - - - - 300 Latin America -
Slide 121: Renewable projects pipeline
9M 2025 consolidated results Pipeline Renewable projects in execution: breakdown by technology and 2025-27 Additional capacity target2 geography1 Solar & MW Wind Hydro Geothermal Other BESS Total 3.0 Italy - 2 - 12 802 816 Iberia 24 8 - 572 5 608 Rest of World 336 2 - 654 568 1,561 Latin America - 2
Slide 122: Mature pipeline
9M 2025 consolidated results Mature pipeline1 By technology By geography2 By COD 4% 13% 2% 18% 10% 37% 59.4 GW 28% 59.4 GW 14% 59.4 GW 59% 27% 88% Wind 2026 Italy USA & Canada 2027 Solar Iberia Other countries >2027 Hydro & Other Latam and Central America 1. It excludes BESS mature pipeline 2. Latin
Slide 123: Enel Grids KPIs
9M 2025 consolidated results Enel Grids KPIs1 Electricity distributed (TWh) Grid customers (mn) Smart meters (mn) 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 156.1 163.0 31.2 31.9 31.1 31.8 Iberia 109.0 105.7 12.7 12.6 12.6 12.5 Rest of World 90.6 94.6 25.1 24.7 2.3 1.6 Latin America 90.6
Slide 124: Enel X Global Retail: Retail KPIs
9M 2025 consolidated results Enel X Global Retail: Retail KPIs1 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 13.9 14.8 43.2 56.7 4.0 4.0 2.0 2.4 Iberia 9.7 10.2 56.6 56.5 1.7 1.8 2.1 2.4 Rest of World 25.0
Slide 125: Enel X Global Retail: Enel X
9M 2025 consolidated results Enel X Global Retail1: Enel X Enel X Public Charging points (k) Street lighting (mn) Storage (MW) Demand Response (GW) 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 23.7 21.3 1.6 1.6 - - 0.8 0.6 Iberia 6.6 6.1 0.2 0.2 - - 0.1 0.1 Rest of World 1.1
Slide 126: Capex
9M 2025 consolidated results Capex1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other 2 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 90 190 3,031 2,534 392 609 319 402 103 137 3,935 3,8
Slide 127: Asset development Capex
9M 2025 consolidated results Asset development Capex1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 2 9M 2025 9M 2024 9M 2025 9M 2024 Italy 50 161 1,614 1,269 255 511 56 96 7
Slide 128: Revenues
9M 2025 consolidated results Revenues1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading 2 & Other 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 13,865 9,398 6,654 6,071 3,075 3,120 13,213 17,18
Slide 129: Reported EBITDA
9M 2025 consolidated results Reported EBITDA1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other 2 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 1,196 1,549 3,401 2,961 1,857 2,046 2,273
Slide 130: Ordinary EBITDA
9M 2025 consolidated results Ordinary EBITDA1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 2 9M 2025 9M 2024 9M 2025 9M 2024 Italy 1,196 1,549 3,401 2,961 1,857 2,046 2,273
Slide 131: Reported EBIT
9M 2025 consolidated results Reported EBIT1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M2 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 1,046 1,377 2,323 1,899 1,529 1,793 1,681 1,4
Slide 132: From EBITDA to net income
9M 2025 consolidated results From EBITDA to net income1 (€mn) 9M 2025 9M 2024 9M 2025 9M 2024 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 16,870 18,595 -9.3% 17,262 17,449 -1.1% D&A (5,946) (5,867) (5,853) (5,804) EBIT 10,924 12,728 -14.2% 11,409 11,645 -2.0% Net financial charges (2,045)
Slide 133: Gross debt structure
9M 2025 consolidated results Gross debt1 structure By currency Interest rate composition Long term By currency After swap credit ratings 50% Rating Outlook 85% 17% S&P BBB Stable 67.7 €bn 67.7 €bn 67.7 €bn 5% 3% 4% Moody’s Baa1 Stable 3% 3% 8% 83% 1% 38% Fitch BBB+ Stable EUR USD BRL CLP COP CHF GBP
Slide 134: Debt structure by instrument
9M 2025 consolidated results Debt structure by instrument (€bn) EGP SpA and LATAM and Rest of the USA and Debt by instrument Enel Spa EFI Central Italy Iberia Central RoW-Other Total World Canada Others America Bonds 2.21 41.95 - - 0.01 3.92 3.31 0.61 - 48.09 Bank Loans 1.30 0.40 0.14 4.02 5.66 4.48
Slide 135: Debt maturity coverage split by typology
9M 2025 consolidated results Debt maturity coverage split by typology1 (€bn) 32.9 Available liquidity 8.2 5.0 Bonds Bank Loans and Others 23.2 €bn 18.2 2.7 8.8 8.2 8.3 6.3 24.7 3.4 2.6 2.9 1.3 Available committed 0.7 5.4 5.6 5.4 5 credit lines1 2 Cash 2025 2026 2027 2028 2029 After 2029 1. Of which
Slide 136: Balance sheet
9M 2025 consolidated results Balance sheet (€mn) 9M 2025 FY 2024 Δ% Net financial debt 57,535 55,767 +3.2% Shareholders' equity 49,788 49,171 +1.3% Net capital employed 107,323 104,938 +2.3% 135
Slide 137: Headcount
9M 2025 consolidated results Headcount 1 9M 2025 FY 2024 Δ% Generation and Trading 4,745 5,105 -7.1% Enel Green Power 7,328 8,269 -11.4% Grids 34,492 32,214 +7.1% 1 Enel X Global Retail 6,767 7,944 -14.8% Others and adjustments 1 7,860 6,827 +15.1% Total 61,192 60,359 +1.4% 136
Slide 138: Disclaimer
9M 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
Slide 139: Contact us
Contact us Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Omar Al Bayaty Head of Group Investor Relations Investor Relations App iOS Android Serena Carioti – Equity and Credit Analysts Noemi Tomassi Esteci Yamil Medina Luciano Paolo Germiniani - Equity Investors and Reporting Davi