Enel Spa · MIL:ENEL
Enel Spa — Investor Presentation (April 2021)
167 slides from Enel Spa's investor presentation, April 2021
Slide 1: Investor Presentation
Investor Presentation
Slide 2: Agenda
Agenda The next 10 years Enel @2030 Our ambitions Value for all The next 3 years Our ambitions in medium-term targets Sustainable growth and value Enel @2023 Sustainable finance & financial management De-risking targets 2021-23 Targets & Closing remarks FY 2020 consolidated results 2021-2023 annexes
Slide 3: Enel @2030 The next 10 years
Enel @2030 The next 10 years
Slide 4: The energy world will be completely transformed over the next decades
The energy world will be completely transformed over the next decades… 12 10 (TW) 12.0 8 +4x 6 Global RES Capacity 4 2 0 2.7 2019 2040 60% 50% 56% 40% Share of capacity connected to +23 pp 30% 33% 20% distribution grids1 10% 0% 2019 2040 (kTWh) 33 31 29 +43% 27 33 25 23 Electrified energy consumptio
Slide 5: Platform-based business models will manage increasing complexity
…and platform-based business models will manage increasing levels of complexity... Why utility as a platform? Generation sources Consumer Services Scale & efficiency Utility Replicability of ‘plug & play’ models, as a marginal costs close to zero ‘platform’ Prosumer Value for customers Smart service
Slide 6: Driving data-flows across company structures
… while driving data-flows across company structures From the Sylos age... …to the digital platform ...enabling new operating and architechture… business models Customers Platform Business Model Business needs Creating new shared value from the relationship with ecosystems Commodity Equipment Produc
Slide 7: Enel is the leader in asset classes at the center of transformation
Enel is the leader in the asset classes that are at the center of this transformation… 74 mn 49 GW RES capacity1 end users RES capacity3 End users3 Customers3 43% (GW) (mn) (mn) EBITDA 55 70 70 2020 74 70 50 38% 49 60 60 45 17.9 €bn 40 50 50 35 40 51 40 38 30 19% 25 32 30 38 31 30 37 20 20 20 Enel 2
Slide 8: Leadership in the digital and platform development journey
…as well as in the digital and platform development journey Platformisation process Enel’s Platform CURRENT FUTURE >2020 Global development, E&C and asset management platforms Global development and asset 2016-19 management platforms Setting the Enel as an array Customer operation digital foundation
Slide 9: Leadership in asset classes and platforms open new ways to create value
Leadership in asset classes and digital & platform open us new ways to create value Models to create value Activities Ownership business model Operating platforms Direct investments in growing renewables, Offer operating platform services to third networks and customers supporting long parties throu
Slide 10: Reshaping global energy sector calls for unprecedented investment levels
Reshaping global energy sector calls for unprecedent investments levels… Investments Yearly Average investments share 2020-40 RENEWABLES (USD trl) >4x 1.40 1.20 1.2 1.00 0.80 45% 2.6 2.5 0.60 0.40 0.20 0.00 0.3 2 2010-2019 2020-2040 ~3x NETWORKS >2x 0.70 0.60 0.6 1.5 0.50 24% 0.40 0.30 0.3 0.20 0.10
Slide 11: Stewardship model: where Enel will keep the leadership
…where Enel will keep the leadership going forward… Investments activated for the energy transition Ownership model 100.00 2020 2030 ~190 Ownership model 90.00 Consolidated RES 45 ~120 capacity (GW) >150 €bn 80.00 RAB (€bn) ~42 ~70 70.00 60.00 % Digitalized users 60% ~100% 50.00 Stewardship model St
Slide 12: Ownership business model
…through its ownership business model… Capex by GBL Value creation KPIs Ownership model 2021-30 >150 €bn 5%3% EBITDA/ ~11% Capex (%) 46% 2021-30 RAB/end >150 €bn +35% 46% user Stewardship model B2C customer 2x value (€/cl/y)1 ~40 €bn Renewables Conventional generation Networks Retail Enel Third part
Slide 13: Structured stewardship business model
…and a structured stewardship business model that will catalyse additional third parties investments… Capex by cluster Enel’s adjusted EBITDA1 Enel’s direct investments Ownership model ~10 €bn >150 €bn 4.0 2.8 Fair Value of JVs 2021-30 2021-30 & Partnerships ~40 €bn ~17 €bn ~10 €bn Stewardship model
Slide 14: Creating long term growth
…creating long term growth… EBITDA 2020-2030 (€bn) Net Income 2020-2030 (€bn) CAGR CAGR 35 6-7% 35 5-6% 30 30 FY 2020 25 FY 2020 25 17.9 5.2 20 20 ~18.0 5.0-5.2 15 15 10 10 5 5 0 0 2020E 2030 2020E 2030 14
Slide 15: Sustainable shared value
…and sustainable shared value Decarbonization Electrification Digital & Platforms ~25% reduction of household ~3x improvement in service >200 mn saved BoE1 spending3 quality (SAIDI) 80% Scope 1 GHG emission 40% GHG emissions 85% GHG emission reduction reduction from 2017 households reduction4 from c
Slide 16: Enel @2030 Our ambitions
Enel @2030 Our ambitions
Slide 17: Renewables Super Major: strategic actions
Renewables Super Major with the world as geographic footprint 3x RES capacity increase 2021-30 catalyzed investments1 (GW) Triple our renewable capacity by 2030 Global market 2.5% >4% share Strategic actions Support profitability through global ~145 20 footprint and integrated position 140.00 120.00
Slide 18: Global Power Generation: ownership model
Global Power Generation The ownership model in GPG: +75,000 MW in 10 years, tripling our capacity 2021-30 Owned capacity Capex & Profitability RES Capacity evolution Capacity split Gross capex1 140 .0 By geography By tech Maintenance 120 .0 5 EBITDA/ 100 .0 Capex ~53% 80. 0 ~75 46% ~75 GW ~11% ~65 €
Slide 19: Global Power Generation: stewardship model
Global Power Generation The stewardship model in GPG: catalysing capital for accelerated value creation and growth Stewardship additional capacity Capex stewardship model (GW) Value creation 30. 0 25. 0 Enel’s adjusted 4.3 €bn ~25 EBITDA 21-301 20. 0 2021-30 ~2 ~18 ~20 €bn 15. 0 ~21 Fair value of c.
Slide 20: Global Power Generation: growing GW pipeline
Global Power Generation Leveraging on A 206 GW pipeline that is growing worldwide Renewables Pipeline (GW) Mature Pipeline GENERATION STORAGE By technology By geography +1.5x ~120 19% 35% 53% ~206 ~60 GW ~60 GW 15% 46% 141 ~60 ~15 1% 31% 10.5 Gross Gross Early stage Mature BESS In Europe Pipeline Pi
Slide 21: Worldwide platform-based development
Global Power Generation Leveraging on A worldwide platform-based development1 BD global presence North & Central Europe Headcount A big platform America >240 Headcount External HC ~ 120 (#) >450 (#) ~1,000 Africa, Asia & A highly adaptive & growing platform Latin America Oceania Pipeline yearly Pipe
Slide 22: Worldwide platform-based E&C
Global Power Generation Leveraging on A worldwide platform-based E&C1 Built capacity evolution (MW) A global community Projects managed (#) 45 58 73 96 External Countries with Workers (#) ~12.3k opened Sites 14 3,106 2,841 Focus on delivery Projects Sites with Under ~96 automation 30% construction s
Slide 23: Worldwide platform-based O&M model
Global Power Generation Leveraging on A worldwide platform-based O&M model1 RES global presence North & Central A big platform Europe Headcount America 78% 75% Capacity (GW) External HC ~5k Plants3 ~1.2k (#) 9.7 3% 22.8 >360 >3.1k 21% 18% 4% Hydro A highly digital platform Solar Latin Wind Africa, A
Slide 24: Hybridization of renewables - Battery storage
Global Power Generation Leveraging on Hybridization of renewables - Battery storage BESS energy storage 2030 Cumulated capex 2021-30 Projects under Value proposition Italy development USA Actual BESS RES electricity and BESS Spain & Portugal integration provides competitive Colombia decarbonization
Slide 25: Hybridization of renewables - Green hydrogen
Global Power Generation Leveraging on Hybridization of renewables - Green hydrogen Green hydrogen capacity (MW) H2 projects under Value proposition Italy USA Spain development Competitive full decarbonization offer bundling RES electricity and green H2 supply 2,60 0 >2,000 Main value drivers >17x 2,
Slide 26: Acceleration in RES capex to c.80% RES share
Global Power Generation Acceleration in RES capex resulting in a c.80% RES share capacity and production Capacity evolution1 Production evolution2 (GW) (TWh) CO2 emissions (gCO2eq/kWh) ~400 250 .0 390 .0 2020 2030 214 82 340 .0 >170 200 .0 290 .0 217 ~80% 240 .0 150 .0 190 .0 Emission free productio
Slide 27: Accelerating exit from coal to 2027
Global Power Generation Accelerating exit from coal to 2027 from 2030 Coal capacity evolution (GW) 2017 2020 2027 18. 0 Coal production Coal phase 70.5 13.2 - 16. 0 16.0 (TWh) out brought 14. 0 forward Coal production 12. 0 11.7 28% 6% - on total from 2030 10. 0 8.9 8.0 Coal emissions 65 13.6 - (mn
Slide 28: Boosting GHG emissions reduction target
Global Power Generation Boosting reduction target in GHG emissions, in line with 1.5° scenario -80% 500 .000 450 .000 400 .000 350 .000 414 FULL 300 .000 250 .000 298 DECARBONIZATION Scope 11 200 .000 150 .000 214 (gCO2eq/kWh) 100 .000 148 82 50. 000 0.0 00 2017 2019 2020 2023 2030 2050 Previous SBT
Slide 29: Global leader in networks: strategic actions
Global leader in networks for scale, quality and resiliency RAB SAIDI (€bn) (min) Adoption of a platform operating model to guarantee management of future networks -61% Strategic actions Ensure the highest level of quality ~70% 300 80 at the lowest cost across all grids 70 250 60 ~70 259 200 50 Mone
Slide 30: Infrastructure & Networks: capex expansion
Infrastructure & Networks Capex expansion set to enhance global leadership position 2021-30 Cumulated capex1 Regulated Asset Base (€bn) By geography By nature ~40% ~70% 80 23% 70 60 ~70 ~60 €bn ~60 €bn 50 10% 40 30 ~42 67% 20 ~60% 10 - Europe RoW 2020 2030 Quality & Resiliency Digitalisation Average
Slide 31: Create value without increasing costs for end users
Infrastructure & Networks Create value without increasing costs for end users Value creation Quality (SAIDI) Tariff/end user1 (€/cl) RAB/end user (€/cl) Opex/end user1 (€/cl) 2020 -61% +36% -27% FLAT 800 45 259 min 160 40 2030 750 140 700 ~760 35 41 120 ~140 ~140 30 650 100 600 25 30 80 550 20 ~100
Slide 32: A single global platform
Infrastructure & Networks Leveraging on A single global platform A single platform… ..enhancing key business drivers… ..for a superior performance 2020 2030 Digitalization Smart meters coverage 60% ~100% Reliability User/Remote ~350 ~200 control point Efficiency Opex/End 41 30 user1 (€/cl) Resilienc
Slide 33: Unparalleled scale of network operations
Infrastructure & Networks Leveraging on An unparalleled scale of our network operations1 Enel current positioning in networks Europe A big platform 1st DSO External HC Grids length (#) 51.4k (mn km) 2.2 2nd DSO A highly digitalized network Latam 1st DSO Smart meters Remote control (mn) 44.3 points (
Slide 34: The highest digitalisation expertise
Infrastructure & Networks Leveraging on The highest digitalisation expertise Digitalization investments Smart meters Digitalisation KPIs (mn) 46.50 46.00 45.50 45.00 44.50 44.00 2020 43.50 43.00 42.50 42.00 41.50 41.00 40.50 40.00 39.50 39.00 38.50 38.00 37.50 37.00 36.50 36.00 35.50 35.00 34.50 34.
Slide 35: Distinctive Intellectual Property value
Infrastructure & Networks Leveraging on Distinctive Intellectual Property value Market share by vendor1 Smart meter as the pivot of a digital network architecture Vendor 1 TLC for field application 20% Ultra broad-band Optical fiber 444 mn Renewables integration 19% RES dispatching, Storage Enel Dig
Slide 36: B2C - Reference energy choice
B2C – Reference energy choice, enabling electrification of the customer base Customer value1 Volume sold2 (€/Cl/y) (TWh) Increasing customer value enabling electrification through platforms Strategic actions ~2x 2.5x 100 150 Allowing electrification of 130 90 ~100 consumption through integrated 80
Slide 37: B2B - Leading energy partner of businesses
B2B - Leading energy partner of global and local businesses Commodity & Customer value1 Beyond commodity value2 (€/cl/y) (Gross Margin, €bn) Supporting B2B customers in fostering efficiency and sustainability 400 ~1.7x 2 +1.7x 1.9 Promote the electrification of Strategic actions 1.8 350 consumption
Slide 38: B2G - Trusted partner to support cities
B2G - Trusted partner to support cities in their decarbonization and sustainability path Electric buses1 Street lighting (k) (mn) Allow decarbonisation through electrification of public transport Strategic actions +1.5x 12000 4.5 Enable services for sustainable, 4 smart and circular cities 10000 >4
Slide 39: The largest customer base
Customers Leveraging on The largest customer base with 70 mn customers1 World’s largest customer base in power market Europe A big platform Total Customers Headcount customers 42 mn (#) 70 mn (#) 9.5k Latam A highly digitalized customer base Total Digital Digital Customers interactions 1 mn customer
Slide 40: Digital platforms to handle the business
Customers Leveraging on Digital platforms to handle the business1 Operating platform for customers at Group’s level Customer segments covered by Enel X plaftorms Opex/ customer2 (€/cl) 25.00 B2C B2B B2G 22.6 20.00 15.00 Zero back office 10.00 5.00 14.0 Offering integrated with commodity - 2020 2030
Slide 41: A growing portfolio of integrated offering
Customers Leveraging on A growing portfolio of integrated offering B2C key offering B2B key offering B2G key offering Charging points (#) Demand Response (GW) Electric buses1 (k) 12000 +3x 4500 25 10000 +23x >10 4000 >4mn 12x 20 3500 8000 3000 15 ~20 6000 2500 2000 10 4000 1500 1000 186k 5 2000 0.9
Slide 42: Enel @2030 Value for all
Enel @2030 Value for all
Slide 43: The path to transformation
The path to transformation Decarbonization Electrification Digital & Platforms Total renewable capacity (GW) Free customers volumes (TWh) End users (mn) RES share % digitalized on total end users 350.00 100.00 140.00 90.00 ~145 300.00 >90 120.00 80.00 250.00 280 70.00 100.00 74 60.00 200.00 80.00 50
Slide 44: Creating value for customers, society and the environment
Creating value for our customers, society and the environment Customers Society and Environment SAIDI GHG Emissions scope 1 (min/y) (gCO2eq/kWh) 200.00 300.00 150.00 214 250.00 100.00 200.00 259 50.00 82 0.00 150.00 100.00 2020 2030 50.00 ~100 Circularity improvement3 0.00 2020 2030 100 90 80 86% 70
Slide 45: Creating value for Enel
Creating value for Enel Decarbonization Electrification Digital & Platforms EBITDA/MWh1 (€) 2021-30 Enel’s adjusted EBITDA from stewardship model5 45.00 +29% 40.00 4.0 40 B2C customer value4 (€/cust/y) 2.8 35.00 Operating platforms 30.00 31 25.00 >17 €bn Business platforms 20.00 15.00 10.00 2020 203
Slide 46: Creating value for shareholders
Creating value for shareholders 3Y Dividend Policy (DPS €/Share) 3Y Total Return2 Average DY CAGR20 6% Guaranteed ~5% DPS FY 2020 0.358 0.40 0.43 >13% 0.38 0.35 Earnings 0.20 8%-10% CAGR 1 2020 2021 2022 2023 2030 Growing dividends to 2030 3Y Total Return ~13% 46 1. Minimum guaranteed dividend 2. EP
Slide 47: Enel @2023 The next three years
Enel @2023 The next three years
Slide 48: Long term transition kicks off now
Long term transition kicks off now… Investments activated for the energy transition Ownership model 2020 2023 ~190 100.00 Ownership model Consolidated RES 45 ~60 capacity (GW) 90.00 80.00 38 €bn RAB (€bn) ~42 48 70.00 60.00 48 % Digitalized users 60% 64% 50.00 40.00 Stewardship model ~160 Stewardshi
Slide 49: Investments through the ownership business model
…driven by investments through the ownership business model… Capex by GBL Value creation KPIs Ownership model 2021-23 ~38 €bn 5% 7% EBITDA/ ~12% >12% Capex (%) 2021-23 RAB/end 43% ~38 €bn +11% 45% user Stewardship model B2C customer +26% value (€/cl/y)1 ~ 10 €bn Renewables Conventional generation Ne
Slide 50: Supported by the stewardship business model
…supported by the stewardship business model… Investments by cluster Enel’s adjusted EBITDA1 Enel’s direct investments Ownership model ~2 €bn Value of contracts ~ 38 €bn 0.3 from 20232 8.6 €bn 2021-23 1.4 2021-23 ~10 €bn 3.3 €bn Fair Value of 1.6 JVs & Pnships Stewardship model 4 €bn ~10 €bn ~2 €bn
Slide 51: Growth and profitability in the mid term
… crystallising already in the mid term growth and profitability… EBITDA (€bn) Net Income (€bn) CAGR 20-30 CAGR 20-30 35 CAGR 20-23 5-6% 12 6-7% 30 5-6% 10 CAGR 20-23 FY 2020 25 8 8-10% FY 2020 17.9 20 6 15 5.2 4 ~18 10 5 2 5-5.2 0 0 2020E 2023 2030 2020E 2023 2030 +300 bps GNI/EBITDA 51
Slide 52: Sound financial metrics
…on sound financial metrics FFO/Net Debt Net debt/EBITDA Stable FY 2020 Stable 27% +400bps 2.8 2.5x 2.7 25% 2.6 FY 2020 2.5 23% 25% 2.4 26% 2.7x 2.7x 2.3 21% 2.2 22% 19% 2.1 2 17% 1.9 1.8 15% 2020E 2023 2030 2020E 2023 2030 52
Slide 53: Enel @2023 Our ambitions in medium-term targets
Enel @2023 Our ambitions in medium-term targets
Slide 54: Power Generation: the renewable super major
Power Generation The renewable super major Total RES capacity Cumulated catalyzed investments1 19.5 GW of new capacity (GW) (€bn) 2023 installed capacity halfway through 2030 targets +40% 90.0 ~145 ~85 Unchanged profitability levels 80.0 68 ~25 Strategic actions 50.00 under the ownership model vs 70
Slide 55: Renewables ownership business model
Global Power Generation Renewables ownership business model 2021-23 Owned capacity Capex & Profitability RES Capacity evolution Capacity split Gross capex1 70. 0 By geography By tech 1.1 60. 0 EBITDA/ IRR-WACC 50. 0 15.4 24% Capex (bps) ~58% 4.2 40. 0 15.4 GW 16.8 €bn ~61 >12% ~200 ~42% 30. 0 45 11.
Slide 56: Renewables stewardship business model
Global Power Generation Renewables stewardship business model Stewardship additional capacity Capex stewardship model (GW) Value creation EBITDA 300 €mn 9.0 Cumulated 21-23 8.0 2021-23 0.5 ~8 3.3 7.0 3.8 €bn Future value of +1.3x 4.1 6.0 5.0 contracts vs 20201 4.0 3.6 3.0 Fair value of JVs xx 900 €m
Slide 57: Diversified pipeline fuels future growth
Global Power Generation 206 GW of highly diversified pipeline fuels future growth ambitions… Renewable pipeline1 Breakdown by growth cluster (GW) 250 .0 200 .0 Mature Pipeline 22% ~60 GW ~120 ~60 GW 150 .0 55% 100 .0 ~206 1 23% 28 32 ~15 50. 0 10.5 0.0 Integrated presence Gross Early stage COD COD C
Slide 58: High visibility on mid term development targets
Global Power Generation …with high level visibility on mid term development targets 2021-23 Renewables growth1: addressed share vs pipeline2 (GW) 2021-23 Pipeline/Residual target 30. 0 ~60 GW 3.5x 25. 0 28 Beyond 2023 20. 0 19.5 GW BY CLUSTER Integrated presence 2.4x 10.5 15. 0 32 2021-23 Potential
Slide 59: Further acceleration of power generation decarbonisation
Global Power Generation The next three years will mark a further acceleration of power generation decarbonisation… Capacity evolution1 Production evolution2 (GW) (TWh) CO2 emissions (gCO2eq/kWh) ~400 2020 2023 250 .0 390 .0 2030 214 148 82 340 .0 >170 200 .0 290 .0 265 150 .0 240 .0 217 ~80% RES ~10
Slide 60: Growth and profitability: EBITDA evolution
Global Power Generation …as well as of growth & profitability EBITDA evolution (€bn) +13% 2020 2023 Δ EBITDA/MWh 0.3 (€/MWh)2 31 34 +10% FY 2020 9.0 1.5 7.7 8.0 6.8 4.7 7.0 (0.9) EBITDA/MW 6.0 (k€/MW)2 71 85 +20% 5.0 FY 2020 4.0 4.7 6.5 Opex/MW 30.4 3.0 2.2 2.0 (k€/MW)2,3 32.6 -7% 1.0 2.1 1.2 0.0 20
Slide 61: Infrastructure and Network: strategic actions
Infrastructure and Network Global leader in networks for scale, quality and resiliency RAB (€bn) Quality index - SAIDI (min) Capex deployment fuels RAB growth -12% +14% Strategic actions Profitability supported by more than 80 300 400 €mn efficiencies 70 250 60 ~70 259 50 200 228 Quality and efficie
Slide 62: Investments lead to 14% RAB growth
Infrastructure & Networks Sharp increase in investments leads to a 14% growth in RAB… Cumulated capex (€bn) Group RAB (€bn) (€bn) 2021-23 35.00 Cumulated capex 30.00 +14% 80 +37% ~60 25.00 70 12% ~70 16.2 48 60 20.00 50 ~42 15.00 11.8 4.8 15 16.2 €bn 11 40 23% 10.00 4.0 11.4 30 7.8 33 20 65% 31 5.00
Slide 63: Progression in digitalization and quality of service
Infrastructure & Networks …and progression in digitalization and quality of service End users and digitalization process Quality and reliability End users (mn) Share of digitalized end users 2020 2023 2030 2020 +3% 100 SAIDI (min) 259 228 c.100 ~77 90 74 ~90 60% 2023 80 70 SAIFI (#) 2.9 2.5 ~2 60 28
Slide 64: Double digit growth supported by capex and efficiencies
Infrastructure & Networks Double digit growth supported by capex acceleration and efficiencies EBITDA evolution 2020 2023 Δ (€bn) RAB/end user +19% (€/cl) ~560 624 +11% 0.3 10. 0 0.5 Opex/end user 34.5 9.5 (€/cl)1 41 -16% FY 2020 9.0 0.4 9.5 8.5 0.3 7.7 8.0 EBITDA/end user 104 124 +19% 7.5 (€/cl) 7.
Slide 65: B2C - Reference energy choice
B2C – Reference energy choice, enabling electrification of the customer base Customer value1 Volumes sold2 +10 mn free market customers on (€/cl/y) (TWh) end of regulated segment and integrated commercial offering Strategic actions +59% 190 Initial take up of electrification push 100 170 +28% 90 thr
Slide 66: B2B - Leading energy partner
B2B - Leading energy partner of global and local businesses Customer value1 B2B Gross margin2 (€/cl/y) (€bn) +10% increase in customer value in first 3 years supported by integration of beyond commodity Strategic actions 1.9 +45% +27% 2 400 Value generation driven by 1.8 350 1.6 1.4 platform-based m
Slide 67: B2G - Trusted partner to support cities
B2G - Trusted partner to support cities in their decarbonization and sustainability path Electric buses1 Street lighting Steep acceleration for E-buses with (k) (mn) a six-fold increase of fleet deployed Strategic actions Stronger leadership on public 12000 +6x 4.5 +21% lighting with double digit gr
Slide 68: Increasing share of free market customer base
Customers Increasing share of free market customer base Customers Electricity sold (mn) (TWh) 42 39 205 180 45. 0 250 .0 40. 0 5 200 .0 13 19 35. 0 Developed 30. 0 43 +40% 150 .0 markets +48% 25. 0 34 192 20. 0 (Europe)1 100 .0 137 15. 0 10. 0 23 50. 0 5.0 0.0 0.0 2020 2023 2020 2023 180 35 160 30 1
Slide 69: Expanding customer value drives EBITDA up by 36%
Customers Expanding customer value drives EBITDA up by 36% EBITDA evolution 2020 2023 Δ (€bn) B2C customer value1 (€/cl/y) 71 91 +30% +36% B2B customer 0.3 value1 (€/cl/y) 200 289 +45% 0.4 0.1 FY 2020 4.6 4.1 0.5 (0.1) 4.5 B2G Revenues +60% vs 2020 3.4 3.6 3.1 3.3 Opex/Customer 2.6 2.1 (€/cl)2 22.6
Slide 70: Retail and Enel X
Customers Retail and Enel X Ownership - Retail Stewardship - Enel X Cumulated capex EBITDA evolution (€bn) Cumulated capex EBITDA evolution (€bn) 61% Digital +25% 74% 1 5 4 1 +2.5x 2021-23 4 2021-23 3 0 1.7 €bn 3 4.3 €bn 4.0 0 2 0.5 3.2 26% 39% 0 2 0.2 1 0 CTA 1 - - Enel Third parties 2020 2023 2020
Slide 71: Enel @2023 Sustainable growth and value
Enel @2023 Sustainable growth and value
Slide 72: Capex split and EBITDA growth by GBL
Capex split e EBITDA growth by GBL Cumulated catalyzed investments 2021-23 Incremental EBITDA 2021-23 (€bn) ~90% SDG aligned1 2023 vs 20 6% 16% 8% +1.7 48 €bn -0.2 34% 36% 80%/90% EU +1.8 Taxonomy eligible1,2 Renewables +1.1 Conventional generation Networks Retail & Enel X Third parties 72 1. Of con
Slide 73: Creating value for Enel
Creating value for Enel Decarbonization Electrification Digital & Platforms EBITDA / MWh1 (€) B2C customer 2021-23 Enel’s adjusted value4 (€/cl/y) EBITDA from stewardship model5 +10% 0.3 100.00 35.00 90.00 91 80.00 30.00 34 70.00 Operating platforms 31 71 60.00 1.4 3.3 €bn 50.00 25.00 Business platf
Slide 74: Sustainable finance & financial management
Enel @2023 Sustainable finance & financial management
Slide 75: A strong financial position
A strong financial position Source of funds allocation 2021-23 Net debt evolution 60. 0 (€bn) (€bn) 28.5% 25% 26% 26% 9.4 (40.0) 46.2 50. 0 80.0 23.5% 70.0 40. 0 60.0 18.5% 30. 0 50.0 40.0 13.5% 20. 0 57 - 58 30.0 10. 0 (15.6) 20.08.5% 45.4 10.0 0.0 - 3.5% Sources Incremental Gross capex1 Dividends
Slide 76: Excellent credit quality and well distributed maturities
Excellent credit quality and well distributed maturities Net Debt/EBITDA of top European Utilities1 Liquidity and debt maturity by year (€bn) Maturities/Gross Debt 5% 8.6% 8.4% 30 25 3.4x 20 2.7x 3.5 3 2.5x 15 2.5 24.6 2 10 1.5 14.9 1 5 5.9 5.8 3.2 0.5 0 0 2020 20232023 Available 2021 2022 2023 2021
Slide 77: A growing share of sustainable finance
A growing share of sustainable finance Sustainable Finance evolution Expected impact on cost of debt +15pp >20pp 120 .0 -15/-20 bps 100 .0 30% 33% 80. 0 60. 0 2020 52% 2023 48% 2030 40. 0 67% >70% 20. 0 0.0 Conventional Sustainability Sustainable Bond Bond benefit Kd Sustainable sources Traditional
Slide 78: Synergy between private and public sources
The synergy between private and public sources Sustainability-Linked Private Sources Public Sources Commercial Bonds Loans and RCFs Loans Papers Size 4.4 €bneq 8.4 €bn1eq 10.0 €bn1 0.8 €bneq KPIs Pricing adj. 55% @2021 RES Capacity/Total Capacity 125 gCO2eq/kWh 60% @2022 RES Capacity/Total Capacity
Slide 79: EU recovery plan to drive European investments
EU recovery plan to drive an increase in European investments EU recovery plan1 Enel capex in Europe (€bn) (€bn) 200 0.0 750 Just transition 180 0.0 Flexible generation Loans 1,824 160 0.0 360 +52% Circularity & innovation Grants2 140 0.0 390 120 0.0 24.2 Digitization 100 0.0 1,074 60% Resilience ~4
Slide 80: Further reduction in cost of debt
Further reduction in cost of debt Financial strategy for 2021-23 Cost of debt evolution 2020-23 Amount Expected Current 32% 48% (€bn) cost1 total cost Centralized new 4.0% 3.9% 4.1% funding 6.5 0.9% 3.8% 3.7% 3.9% 3.7% Bond refinancing 8.3 0.9% 3.8% 3.7% 3.6% 3.5% 3.4% 3.3% Bank loans 4.7 1.3% 2.1%
Slide 81: De-risking targets
Enel @2023 De-risking targets
Slide 82: 2021-2023 targets maintain a low risk profile
2021-2023 targets will maintain a low risk profile Decreasing risk perception Business model highly visible and stabilized Enel Beta – 2015-20201 Cumulated EBITDA 2021-23 REN development secured Renewables Production secured 1.2 1.14 Additional Capacity 58% 19.5 1.1 -25% 2021-23 (GW) 80% ~400 TWh 1
Slide 83: Power production volumes and margins locked in
Power production volumes and margins locked in thanks to long customer position in Europe… Integrated margin – Generation GM vs retail GM Hedging position on price driven production 160 % 60.0 Delta Pool price indexed Integrated140 % STABLE STABLE 50.0 Hedging of margins margin hedged Coal & Gas bas
Slide 84: Power Purchase Agreements offering long term visibility
…with Power Purchase Agreements offering long term visibility in RoW Growth of PPA portfolio PPAs key features (TWh) By Off-taker rating By Duration +20% 5% 17% 24% 28% 26% ~230 220 ~230 TWh ~230 TWh 170 191 120 30% 18% 70 52% 49% 58% 20 AAA to A- BB+ to BB- >15 yrs 5-10 yrs 2020-22 2021-23 BBB+ to
Slide 85: 2021-23 Targets
2021-23 Targets
Slide 86: 2021-2023 Financial Targets
2021-2023 Financial Targets Earnings growth 2020 2021 2022 2023 CAGR2020 Ordinary EBITDA (€bn) 17.9 18.7-19.3 19.7-20.3 20.7-21.3 +5% / +6% Net ordinary income (€bn) 5.2 5.4-5.6 5.9-6.1 6.5-6.7 8% / 9% CAGR2020 Value creation Guaranteed DPS (€/sh) 0.358 0.38 0.40 0.43 +6% Implied Dividend Yield1 (%)
Slide 87: Closing remarks
Closing remarks
Slide 88: Closing remarks
Closing remarks Global Unparalleled Maximized Sustainable Renewable Networks Customers Value super major worldwide value for all Best in class Total Return 88
Slide 89: Full Year Consolidated results
Full Year Consolidated results
Slide 90: Full Year 2020 Consolidated results
Full Year 2020 Consolidated results Francesco Starace CEO
Slide 91: Key highlights of the year
Key highlights of the year Results & shareholders Push on Group Credit rating remuneration decarbonisation simplification improvements 5.2 €bn +3.1 GW Merger of EGP Net Income New record on Latam into at top of the Moody’s renewable Enel Americas range upgrade to Baa1 built capacity effective as of
Slide 92: Operational and financial performance amidst COVID-19
A remarkable operational and financial performance amidst COVID-19 pandemic Operational delivery… …coupled with outstanding financial performance Continued growth in renewables +3.1 GW 2020 Total Shareholder Return3 Net income Digitalized end 22% 5.2 €bn users1 +500k DY 5% 14% DPS Increasing Share c
Slide 93: Enhancing green leadership position
Enhancing green leadership position entering the new decade 55 Unmatched and proven …to deliver the RES track record… super major 50 RES 45 40 49 Capacity 35 30 38 32 (GW)1 RES built capacity (GW) 25 20 RES capacity (GW) Enel 2nd 3rd 3x 140.00 8.00 ~7 120.00 7.00 70 74 100.00 60 6.00 End users 50 14
Slide 94: Fostering scale, quality and resiliency of networks
Fostering scale, quality and resiliency of the backbone of the energy transition 55 50 Value creation without increasing costs for end users RES 45 40 49 Capacity 35 End users (mn) Quality (SAIDI) 30 38 32 (GW)1 25 -12% 20 2019 Enel 2nd 3rd 100 90 ~90 80 294 min 70 74 74 70 74 60 60 61 2020 End user
Slide 95: Positioning to benefit from growth of customers' value
Positioning optimally to benefit from growth of customers’ value Highly urbanized customer base enhances value creation from electrification 55 50 RES 45 40 49 Capacity 35 30 38 32 Total customers B2C Customer value2 (€/Cl/y) (GW)1 25 20 Enel 2nd 3rd Europe 42 mn +2x 150 130 70 60 74 End users 110 5
Slide 96: Fully sustainable capex plan
Delivering on a fully sustainable capex plan, net of currency impact capex up by 7% yoy Capex by business model and GBL Ownership model FY 2019 FY 2020 5%4% Ownership model 10.2 Consolidated RES 42.1 45.0 Stewardship1 10.00 0.7 capacity (GW) 9.5 €bn Smart meter 2.0 (mn) 13.1 18.2 50% 8.00 Customers
Slide 97: Global Power Generation key highlights
Global Power Generation Production evolution1 Renewables (TWh) Conventional Generation (TWh) xx Production on total 300 .0 Production from renewables Capacity 239.4 217.0 Capacity overtakes conventional sources on total2 250 .0 on total2 on greener installed base Key highlights -22% 200 .0 Conventio
Slide 98: Record 3,100 MW built in 2020
Set new additional capacity record with 3,100 MW built in 2020 notwithstanding COVID-19 Renewable capacity evolution (GW) Emission free share of production1 45.8 Total capacity 48.6 57% emission free 65% emission free 0.2 0.3 FY 2019 FY 2020 3.7 3.6 239 TWh 217 TWh 2.9 - 42.1 +3,100 MW 45.0 Emission
Slide 99: Further acceleration on coal exit
Further acceleration on coal exit to boost GHG emission reduction Coal production (TWh) Coal capacity (GW) xx% Coal production on total1 xx% Coal capacity on total1 -65% -24% Coal production down by 65% yoy 13.0 0 38. 00 12.0 0 37.6 2.8 GW of coal capacity 11.7 33. 00 11.0 0 28. 00 10.0 0 shut down
Slide 100: Renewable pipeline up 1.5x
Renewable pipeline up 1.5x enhances visibility on delivery Renewables Pipeline (GW) 2021-23 Additional GENERATION STORAGE capacity 2021-23 Pipeline/Residual target +1.5x ~120 3.5x 10.5 19.5 BY CLUSTER ~206 GW 9.0 Integrated presence 2.4x 141 ~60 Potential integrated ~15 presence 9.0x 10.5 Gross Gros
Slide 101: Infrastructure & Networks key highlights
Infrastructure & Networks SAIDI (min.) Smart meter1 (mn) xx Smart meter 2.0 -12% +500k Double digit decrease in SAIDI during COVID-19 year 45.0 0 300 .00 Key highlights 44.5 0 294 44.3 290 .00 44.0 0 Grid digitalization: 280 .00 43.5 0 43.8 60% of end users with smart meter 270 .00 43.0 0 42.5 0 260
Slide 102: Retail & Enel X
Retail & Enel X Retail Enel X and new infrastructures Free market Free market FY 2019 FY 2020 power customers (mn) energy sold (TWh)1 +2.3x Charging points2 (k) 82 186 +200k -7% +41% 184.0 Fiber deployment 7.9 11.1 18 200 180 170.7 (Households passed mn) 17 17.4 160 -10% 17 +17% 140 17 17.2 145.4 2.
Slide 103: Merger of EGP Latam assets in Enel Américas
Merger of EGP Latam assets in Enel Américas 1 65% 100% Merger effective as of April 1st 2021 Américas Latin America Enel shareholding post transaction2 >75% September End December PTO launched April 2020 2020 March 15th, 2021 PTO launched on 10% of pre- 2021 merger share capital @140 CLP/sh BOD laun
Slide 104: Total Shareholders Return at 22%
Total Shareholders Return at 22% DPS (€/Share) 2020 Total Shareholder Return1 +20% Dividend yield Guaranteed DPS 5% +9% 0.43 0.40 22% 0.38 0.358 0.328 0.30 17% 2019 2020 2021 2022 2023 Share price increase 2020 DPS above guaranteed 0.35 €/sh Guaranteed DPS double digit growth by 2023 104 1. From Jan
Slide 105: Full Year 2020 Financial results
Full Year 2020 Financial results Alberto De Paoli CFO
Slide 106: Financial highlights
Financial highlights (€mn) EBITDA1 Net Income1 FFO Net Debt 17,940 5,197 11,525 45,415 - +9% -1% +1% FY 2019 17,905 4,767 11,630 45,175 1. Ordinary figures 106
Slide 107: Currencies' weakness and electricity demand
Currencies’ weakness over 2020, electricity demand starts recover in H2 Currencies vs. euro1 (∆ yoy) Electricity demand (∆ yoy) FY 2020 H1 2020 H2 2020 FY -9% Italy -5% ARS/EUR -34% -2% -8% Spain -5% BRL/EUR -24% -3% -5% Brazil -1% CLP/EUR -13% 2% 2% COP/EUR Chile +1% -13% -% -2% PEN/EUR -6% Colombi
Slide 108: FX and COVID-19 impact on demand and bad debt
FX and COVID-19 impact on demand and bad debt (€bn) Net of Ordinary FX COVID-19 Bad debt COVID-19 & FX Net of FX and COVID-19, EBITDA would have increased by 9% EBITDA 17.9 1.0 0.73 19.6 COVID-19 impact mainly associated with declining volumes in Latam D&A (6.7) 0.37 (0.29) (6.6) D&A impacted by bad
Slide 109: Ordinary EBITDA in line vs PY
Ordinary EBITDA in line vs PY despite COVID-19 and FX devaluation impact EBITDA FY 2020 By business model By business line EBITDA net of FX and COVID-19 0.3 +9% versus previous year 4.7 7.7 Generation performance boosted by 17.9 €bn1 17.9 €bn1 renewables development 2.2 17.6 0.2 3.2 Around 350 €mn F
Slide 110: Global Power Generation
Global Power Generation Performance driven by growth in renewables, efficiencies and short position EBITDA evolution (€mn)1 EBITDA by geography1 EGP Conventional Generation & Trading 10,0 00 +12% 9,00 0 Positive contribution of 5% 6,951 new RES capacity 8,00 0 6,203 27% 33% FY 2020 7,00 0 2,230 Bene
Slide 111: GPG - Enel Green Power
GPG - Enel Green Power Continued delivery on renewable growth drives EGP result in 2020 EBITDA evolution (€mn)1 EBITDA by geography1 +2% 500 €mn positive contribution from 4% 5,20 0.00 new capacity developed 29% 42% 4,70 0.00 FY 2020 4,721 Benefit from higher volumes 4,618 4.7 €bn (+6 TWh yoy) 4,20
Slide 112: GPG - Conventional generation and trading
GPG - Conventional generation and trading Production down by 22% yoy, benefits from trading activities and efficiencies EBITDA evolution (€mn)1 EBITDA by geography1 +41% 3,00 0.00 Gas portfolio management 1% 15% and short position 5% 2,50 0.00 2,230 FY 2020 Efficiencies for around 150 €mn 2,00 0.00
Slide 113: Infrastructure and Networks
Infrastructure and Networks EBITDA up by 3% net of currency devaluation and COVID-19 impact EBITDA evolution (€mn)1 EBITDA by geography1 -6% Quality and efficiency programme 21% drive growth in European networks 10,0 00.00 8,228 7,714 27% FY 2020 8,00 0.00 Latam 2,259 1,598 Demand contraction impact
Slide 114: Retail
Retail Increase in customer base in spite of COVID-19 EBITDA evolution (€mn)1 Free market – Energy sold (TWh)2 -3% -4% 66.2 64.2 Free market customer base increase driven by +300k customers in Italy 16.1 17.2 +7% 3,334 3,197 Italy 50.1 47.0 -6% Regulated 600 Volumes contraction in Spain, markets 6%
Slide 115: Profit & loss
Profit & loss (€mn) FY 2020 FY 2019 ∆ yoy Ordinary EBITDA 17,940 17,905 -% D&A (6,656) (6,809) -2% EBIT 11,284 11,096 +2% Financial expenses1 (2,197) (2,413) -9% Results from equity investments 134 (88) n.m. EBT 9,221 8,595 +7% Income taxes (2,541) (1,960) +30% Minorities (1,483) (1,868) -21% Group
Slide 116: Net Ordinary Income up by 9%
Net Ordinary Income up by 9% driven by focus on minorities and financial charges Net Ordinary Income evolution (€bn) +9% Net income increase net of 0.2 FX impact +14% yoy 5.5 0.2 0.4 0.0 0.2 5.2 5.0 4.5 4.8 (0.6) Financial expenses reduction 4.0 thanks to lower cost of debt 3.5 3.0 Minorities decrea
Slide 117: Cash flow
Cash flow (€bn)1 20.0 18.0 16.0 17.9 ( 2.1 ) 14.0 ( 0.4 ) ( 0.4 ) 12.0 (1.6) 10.0 ( 2.0 ) 11.5 ( 10.2 ) 8.0 6.0 4.0 2.0 1.3 - Ordinary ∆ Provisions 2 Provision ∆Working Income Financial FFO Capex FCF EBITDA reversal in capital taxes expenses 3 Spain & other PY 17.9 (1.8) (0.0) (1.8) (2.7) 11.6 (10.0
Slide 118: Debt
Debt (€bn) Net debt evolution Gross debt 50 -4% 1.0 0.5 4.7 48 45.2 61.5 46 59.0 Hybrids 44 2.4 (2.3 45.4) 45.4 9.0 Cash 60 42 6.0 50 7.3 7.6 Fin. receivables 40 (1.3) 40 Hybrids 38 30 45.4 Net debt 36 20 45.2 34 10 32 - 30 1 Dec 31, FCF Dividends APM New FX Dec 31, Dec 31, 2019 Dec 31, 2020 2019 pa
Slide 119: Liquidity position and credit metrics
Liquidity position and credit metrics Strong financial position with ample liquidity available Liquidity position and LT debt maturities (€bn)1 Credit metrics 19.0 2019 2020 17.0 NET DEBT /EBITDA 2.5x 2.5x 2021-23 Maturities 14.9 €bn 13.2 15.0 6.0 13.0 1.9 FFO/NET 11.0 DEBT 26% 25% 24.6 €bn 9.0 7.0
Slide 120: Accelerating towards next decade goals
Accelerating towards next decade goals... Earnings at top of A solid operating People first: the range roll out supporting proactive measure confirming an long term Top quartile 2020 to protect people outstanding positioning to Total Shareholder and ensure growth in spite of capture energy Return bu
Slide 121: 2021-2023 Annexes
2021-2023 Annexes
Slide 122: Agenda
Agenda Macro scenario Global Power Generation Infrastructure & Networks Financial annexes Retail Enel Group Targets sensitivity 2021 – 2023 Sustainability Plan ESG annexes Focus on Corporate Governance Contact us
Slide 123: Financial annexes
2021-2023 Financial annexes
Slide 124: Macro scenario
2021-2023 Macro scenario
Slide 125: GDP, CPI, FX
GDP, CPI, FX GDP (%) CPI (%) FX against €1 2021 2022 2023 2021 2022 2023 2021 2022 2023 Italy 5.1 2.8 1.4 1.0 1.0 1.2 n. m. n. m. n. m. Iberia 7.7 3.9 1.9 1.1 1.3 1.4 n. m. n. m. n. m. Latin Am erica A rgentina 4.0 2.3 2.0 34.6 24.8 18.1 109.5 120.4 131.1 B razil 4.8 2.5 2.4 2.2 3.2 3.5 4.8 4.6 4.6
Slide 126: Commodities' prices
Commodities’ prices 2021 2022 2023 Gas TTF (€/MWh) 14.0 15.5 17.0 Gas Henry Hub ($/m m btu) 2.4 2.6 2.7 Gas PSV (€/MWh) 15.8 17.2 18.6 Oil Brent ($/bbl) 48.0 55.0 59.0 Coal API2 ($/ton) 57.0 61.0 63.0 CO2 (€/ton) 30.0 31.0 32.0 126
Slide 127: Global Power Generation
2021-2023 Global Power Generation
Slide 128: Consolidated capacity & production
Global Power Generation Consolidated capacity & production1 By technology2 By geography3 18% 17% 8%1% 11%1% 5% 13% 8% 1% 14% 14% 31% 26% 9% Capacity Capacity 15% 2020 2023 4 1% 2020 20234 4% 84 GW 10% 1% >90 GW 84 GW >90 GW 26% 4% 20% 29% 30% 24% 33% 26% 3% 21% 15% 8%1% 13%1% 16% 8% 21% 3% 9% 11% 1%
Slide 129: RES additional capacity
Global Power Generation RES additional capacity1 (MW) Hydro Wind Geothermal Solar & Other Total 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 Italy 19 - - 129 - 360 6 15 - 17 532 445 171 548 805 Iberia 4 6 - 34 396 450 - - - 705 1,024 1,250 743 1,426 1,700 Latin America
Slide 130: COD 2021-2023 pipeline
Global Power Generation COD 2021-2023 pipeline1 (GW) By geography By technology COD COD 2021 2022 2023 Total 2021 2022 2023 Total Italy 0.1 1.5 2.0 3.6 Iberia 0.0 1.5 3.5 5.1 Wind 0.0 2.7 8.4 11.1 Latin America 0.2 0.7 4.6 5.4 Solar 0.1 7.7 12.6 20.3 Rest of Europe 0.0 0.8 2.3 3.1 Hydro 0.2 0.0 0.0
Slide 131: Infrastructure & Networks
2021-2023 Infrastructure & Networks
Slide 132: Electricity distributed, End users, Smart meters
Infrastructure & Networks Electricity distributed, End users, Smart meters1 Electricity distributed (TWh) End users (mn) Smart meters (mn) 485 512 74 77 44 49 100 60 90 16 1 520 15 50 3 1 3.5 80 145 3 131 420 70 13 40 320 60 28 30 12 125 131 50 30 12 13 40 220 20 31 32 30 214 219 31 32 120 20 10 10
Slide 133: Networks regulation: high visibility
Infrastructure & Networks Networks regulation: high visibility across the full business plan South America Europe 2020 2021 2022 2023 2024 WACC 2020 2021 2022 2023 2024 WACC Italy 5.9% Brazil3 12.3% 5.6% Colombia 11.64% Iberia1 Chile 7.5% Romania2 6.4% Argentina 12.46% 2021-23 BP Peru1 12% 2021-23 B
Slide 134: Current regulatory framework in Europe
Infrastructure & Networks Current regulatory framework in Europe1 Italy Iberia Romania WACC real pre tax 6.4%4 5.9% 5.6%2 2020 Next Regulatory 20243 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
Slide 135: Current regulatory framework in Latin America
Infrastructure & Networks Current regulatory framework in Latin America1 Argentina Brazil Chile Colombia Peru WACC real pre tax 7.5%2 12.46% 12.3% 11.64% 12.0%2,6 2020 Next Regulatory 2022 2023 Nov 2020 2024 2022 Period Regulatory Period 5 (Rio, Goias) 5 4 5 4 Length (years) 4 (Ceará, São Paulo) Met
Slide 136: Retail
2021-2023 Retail
Slide 137: Power & gas customers and volumes
Customers Power & gas customers and volumes1 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 2020 2023 2020 2023 2020 2023 2020 2023 Italy 22.6 18.7 90.2 94.9 4.1 4.5 4.4 4.2 Free Market 9.5 18.7 59.9 94.9 4.1 4.5 4.4 4.2 Regulated 13.1 - 30.3 - - - - - 2 Iberia 10.4 10.6 80.8 9
Slide 138: Italian and Spanish power market
Customers Italian and Spanish power market Italy Spain Customers (mn) Enel Customers (mn) Enel Regulated Free Total Market Share % 2 Regulated Free Total Market Share % 3 Business 2.2 5.0 7.2 37% Business - 0.9 0.9 23% Residential 13.0 16.7 29.7 46% Residential 10.9 17.7 28.7 29% Total 15.2 21.7 36.
Slide 139: Enel Group
2021-2023 Enel Group
Slide 140: Gross Capex
Gross Capex1 (€bn) Cumulated gross capex by GBL2 Cumulated gross capex by geography3 3% 10% 42% Networks 8% Italy 4% Retail 36% Iberia 7% ~39.0 €bn Conventional generation ~39.0 €bn Latin America Enel X 26% Rest of Europe EGP North America 44% 20% Africa, Asia & Oceania Global Power Generation Conve
Slide 141: Asset development capex
Asset development capex1 (€bn) Cumulated development capex by GBL2 Cumulated development by geography3 2% 33% 13% Networks Italy 5% 35% Retail 10% Iberia ~26.4 €bn Conventional generation ~26.4 €bn Latin America Enel X Rest of Europe EGP 22% North America 60% 20% Africa, Asia & Oceania Global Power
Slide 142: Group Ordinary EBITDA
Group Ordinary EBITDA1 By GBL2 By geography3 (€bn) (€bn) 17.9 20.7 - 21.3 17.9 20.7 - 21.3 1% 6% 3% 3% 4% 44% 33% 43% 23% 18% 24% 19% 18% 6% 12% 3% 1% 45% 38% 26% 30% 2020 2023 2020 2023 Networks Enel X Italy Latin America North America Retail EGP Iberia Rest of Europe Africa, Asia & Oceania Convent
Slide 143: Global Power Generation Ordinary EBITDA
Global Power Generation Global Power Generation Ordinary EBITDA1 Ordinary EBITDA EGP - By geography2 (€bn) 1% 1% 16% 18% 20% 29% 3% 2020 5% 2023 6.9 7.7 9 8 4.7 €bn 6.5 €bn 12% 7 1.2 9% 42% 44% 2.2 6 5 4 Conventional Generation and Trading - By geography2 6.5 5% 3 4.7 8% 2 15% 22% 25% 2020 1 31% 202
Slide 144: Infrastructure & Networks Ordinary EBITDA
Infrastructure & Networks Infrastructure & Networks Ordinary EBITDA1 Ordinary EBITDA EBITDA by geography2 (€bn) 12000 2% 2% 10000 21% 9.5 36% 42% 8000 2020 2023 7.7 50% 6000 7.7 €bn 9.5 €bn 4000 27% 2000 20% 0 2020 2023 Italy Latin America Iberia Rest of Europe 1. Rounded figures 144 2. Other is not
Slide 145: Customers Ordinary EBITDA
Customers Customers Ordinary EBITDA1 Ordinary EBITDA Retail - By geography2 (€bn) 6%3% 11% 3% 17% 2020 2023 4.5 23% 4.0 €bn 3.2 €bn 5 4.5 0.5 63% 4 3.4 74% 3.5 3 0.2 2.5 Enel X - By geography2 2 4.0 3.2 5% 7%6% 1.5 22% 32% 1 8% 2023 0.5 0 2020 47% 0.2 €bn 0.5 €bn 2020 2023 25% 33% 14% Retail Enel X
Slide 146: EBITDA by GBL
EBITDA by GBL (€bn)1 Italy Iberia Rest of Europe 8.2 ~8.2 4.4 ~4.2 0.5 ~0.7 23% 48% 49% 48% 47% 14% 27% 14% 12% 14% 5% 29% 30% 23% 23% 6% 4% 29% 11% 2% 44% 1% 2% 32% 17% 16% 1% 18% 10% 2020 2023 2020 2023 2020 2023 Networks Conventional generation EGP Retail Enel X 1. Rounded figures 146 2. Other is
Slide 147: EBITDA by GBL
EBITDA by GBL (€bn)1 Latam North America Africa, Asia & Oceania 4.1 ~7.1 0.8 ~1.2 0.1 ~0.1 47% 2% 32% 2% 41% 6% 5% 98% 5% 2% 2% 8% 100% 68% 98% 39% 45% 2020 2023 2020 2023 2020 2023 Networks Conventional generation EGP Retail Enel X 1. Rounded figures 147 2. Other is not included in the breakdown
Slide 148: Baseload power price & production sold forward
Baseload power price & production sold forward Enel Group Baseload price 2020 2021 2022 2023 Italy (€/MWh) 38.9 52.3 53.9 55.3 Iberia (€/MWh) 34.0 48.4 49.2 49.7 Production sold forw ard 2020 2021 2022 2023 price % price % price % price % 1 Italy (€/MWh) 57.5 100% 51.6 85% 51.6 41% - - Iberia (€/MWh
Slide 149: Targets sensitivity
2021-2023 Targets sensitivity
Slide 150: Risks and opportunities: commodities and volumes
Risks and opportunities: commodities and volumes Cum. 2021-23 EBITDA impact (%) Mitigation factors 1 COMMODITY 0.8 Increasing renewable production +10% 0.6 0.4 0.9 0.2 across commodities 0 -0.2 -10% -0.8 -0.4 -0.6 -0.8 -1 Forward hedging strategy 0.8 0.6 Long customer position and forward sales +1%
Slide 151: Risks and opportunities: currencies
Risks and opportunities: currencies 2021-23 EBITDA & Net Income impact (+/-10% USD/LOC FX1) (€bn) Net 2021-23 Cumulated Ebitda Income EBITDA by currency BRL 0.9 0.3 2021-23 Cum. +10% 2 EBITDA impact ARS 0.1 0.0 11% 1.5 1.9 1 CLP 0.2 - 3.2% (2.5%) 0.5 0.5 60 €bn 0 Other 0.7 0.1 25% cum 21-23 64% 0 20
Slide 152: Environmental, Social and Governance annexes
2021-2023 Environmental, Social and Governance annexes
Slide 153: Sustainability Plan
2021-2023 Sustainability Plan
Slide 154: Sustainable business model, driving change through growth accelerators
Sustainable business model, driving change through growth accelerators 2021 – 2023 Sustainability Plan 1 1. Growth accelerators include innovation, digital supports, circular economy and sustainable finance
Slide 155: People we work with
People we work with Plan actions 2020E1 2021-23 targets Gender - % of women in selection 44% women involved in 50% women involved in processes1 recruiting processes recruiting processes • 100% of people involved • 100% of people involved Climate survey2 • 86% of people participating • 87% of people
Slide 156: Local and global communities
Local and global communities Plan actions 2020E1 2030 targets2 High-quality, inclusive and fair education ~ 2.1 mn beneficiaries 5.0 mn beneficiaries in 20302 Access to affordable and clean energy ~ 9.6 mn beneficiaries 20.0 mn beneficiaries in 20302 Employment and sustainable 8.0 mn beneficiaries i
Slide 157: Environmental sustainability
Environmental sustainability Plan actions 2020E 2030 targets -54% vs 2017 Reduction of specific Nox emissions1 -70% in 2030 (vs 2017) (0,36 g/kWheq) -87% vs 2017 Reduction of specific SO2 emissions1 -90% in 2030 (vs 2017) (0,11 g/kWheq) -95% vs 2017 Reduction of specific dust emissions1 -97% in 2030
Slide 158: Innovation
Innovation 2020E Plan actions 2021-23 targets New geographies opened for scouting 2 in addition to active Innovation hubs 10 • Enhance the reach of our Launch of 350 Proof of New lab 1 innovation ecosystem to Concept to test innovative to a total of labs 22 find the best solutions solutions worldwid
Slide 159: Cyber security
Cyber security 2020E Plan actions 2021-23 targets Risky emails blocked (#) 1.8M every day Execution of 36 cyberexercises Cyberexercises involving industrial cyberexercises involving executed on industrial plants/sites (#) 14 industrial plants/sites plants/sites Internet domain detected for suspect i
Slide 160: Focus on Corporate Governance
Focus on Corporate Governance
Slide 161: Corporate governance structure
Corporate governance structure 78% Shareholders’ meeting Audit firm BoD’s composition 11% 11% Board of Statutory Board of Directors1 Auditors (3 members) Non executive Executive (9 members2) Independent Nomination and Control and Risks Related Parties Committee Corporate Governance and Compensation
Slide 162: Board composition
Board composition Board of Directors Board of Directors’ diversity Chair 33% Michele Crisostomo (C) Corp. Governance & Sust. C. 44% CEO and Age Gender Francesco Starace diversity 22% diversity General Manager 45% 56% (C) Control & Risks C. Cesare Calari Nomination & Compensation C. 48-52 53-56 57-66
Slide 163: CEO's short-term variable remuneration
CEO’s short-term variable remuneration1 Macro Objective Type of target objective Weight2 Entry (50%) Target (100%) Over (150%) Ordinary consolidated Profitability 35% 5.25 €bn 5.35 €bn 5.41 €bn Economic net income Efficiency Group Opex 20% 8.28 €bn 8.12 €bn 8.04 €bn Economic Cash and debt FFO/Consol
Slide 164: Long-term variable remuneration
Long-term variable remuneration1 Macro objective Objective Type of target Weight5 Target (130%)6 Over I (150%) Over II (280%)6 Enel’s TSR from Enel’s TSR from Enel’s TSR > Performance TSR2 50% 100% to 110% 110% to 115% 115% of TSR Market of TSR Index of TSR Index Index Profitability ROACE3 25% 39.4%
Slide 165: Enel Group's listed companies
Enel Group’s listed companies 70.1% 64.9% 82.3% 56.4% Chile Américas1 Russia 93.5% 99.1% 99.9% 100% 100% Enel Gx Chile Enel Dx 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 Enel Gx Perú Not listed companies 74.1% 99.7%
Slide 166: 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 167: Contact us
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 Channels Noemi Tomassi Emanuele To