Slide 1: Q1 2020 Consolidated results
Q1 2020 Consolidated results May 6, 2020
Slide 2: Key highlights of the period
Key highlights of the period Push on Increase in Enel Chile Solid delivery COVID-19 renewables and Enel Americas Limited +6% economic impact +420 MW built EBITDA Progress in Ongoing actions 65% emissions plan to reach +11% to support free production 65% stake people and Net Income communities 1
Slide 3: COVID-19: Q1 2020 business and financial evolution
COVID-19 Q1 2020 business and financial evolution Business evolution Financial evolution Renewables: 420 MW built in the quarter 25.9 €bn available liquidity as of April 30th 2020, of which 5.8 €bn cash and 20.1 €bn committed credit lines Conventional generation and trading: neutral impact thanks to
Slide 4: Enel at the forefront in supporting people, communities and stakeholders
COVID-19 Enel at the forefront in supporting people, communities and stakeholders Our people Communities Around 55% of our global workforce work Over 200 initiatives: 70% to support health remotely (37,5001). Of these, 75% will work organization and 30% to mitigate impact on remotely until Christmas
Slide 5: Delivering on a fully sustainable capex plan
Delivering on a fully sustainable capex plan More than 90% capex addressed in 2020 Capex by business and by nature Asset development capex by business Capex addressed 2% 5%3% 2% by year 4% 24% 26% 2020E 92% Q1 2020 48% Q1 2020 Q1 2020 1.9 €bn 1.9 €bn 54% 1.0 €bn 2021E 72% 40% 22% 70% 2022E 42% Netwo
Slide 6: Decarbonisation: Global Power Generation – Enel Green Power
Global Power Generation – Enel Green Power Decarbonisation Development target on track, 65% emission free production Renewable capacity evolution (GW) Emission free share of production1 45.8 Total capacity 46.0 420 MW built in the first quarter of the year 0.0 0.2 3.7 3.5 Q1 2020 Renewables producti
Slide 7: Operational efficiency
Operational efficiency Efficiencies doubled in Q1 versus PY, reaching around 80 €mn OPEX evolution (€mn) Efficiencies by business -4% 2,5 10.0 9% 17 4 2,0 10.0 2,112 (27) 14% (78) 2,028 1,5 10.0 1,672 Q1 2020 (356) 58% 78 €mn 1,0 10.0 19% 510 .0 10. 0 Q1 2019 CPI & FX Efficiency Develop. & Perimeter
Slide 8: Financial results
Q1 2020 Financial results
Slide 9: Financial highlights (€mn)
Financial highlights (€mn) EBITDA1 Net Income1 FFO Net Debt 4,741 1,281 2,061 47,097 +6% +11% -17% +4% Q1 2019 4,454 1,159 2,484 45,1752 1. Ordinary figures 8 2. As of December 2019
Slide 10: Ordinary EBITDA evolution
Ordinary EBITDA evolution 9% EBITDA growth net of FX devaluation EBITDA evolution (€bn)1 Ordinary EBITDA by GBL1 +6% 20% 0.13 0.01 41% 5.00 0.09 0.08 (0.02) 4.74 4.7 €bn 4.45 (+6% yoy) 15% 24% 0.14 0.00 Networks EGP Q1 2019 Global Power Retail Networks Enel X Services&Other Q1 2020 Generation Retail
Slide 11: Decarbonisation: Global Power Generation
Decarbonisation Global Power Generation Performance supported by renewables volumes and ongoing efficiencies EBITDA evolution (€mn)1 EBITDA by geography1 2,50 0 +5% Solid contribution from new renewables 6% 1,749 1,834 capacity and hydro recovery 2,00 0 26% 32% Q1 2020 501 695 Benefit from short pos
Slide 12: GPG - Enel Green Power
Decarbonisation GPG - Enel Green Power +7% underlying operating performance thanks to new capacity and volumes EBITDA evolution (€mn) EBITDA by geography -9% Positive contribution from capacity 5% developed at end of 2019 1,20 0.00 1,248 31% 1,10 0.00 45% Q1 2020 1,139 Volumes recovery led by hydro
Slide 13: GPG - Conventional generation and trading
Decarbonisation GPG - Conventional generation and trading Hedging, short position and balancing services EBITDA evolution (€mn) EBITDA by geography +39% 900 .00 11% 8% 800 .00 Benefit from short position and balancing services 19% 700 .00 600 .00 695 Q1 2020 500 .00 Q1 ’19: 80 €mn PPA early terminat
Slide 14: Infrastructure and Networks
Enabling Infrastructure Infrastructure and Networks Stable performance thanks to protective regulatory framework EBITDA evolution (€mn) EBITDA by geography 2,10 0.00 +7% European regulatory framework 1% protecting against dropping volumes 2,05 0.00 2,00 0.00 33% 1,95 0.00 Q1 2020 44% 1,958 Limited i
Slide 15: Retail
Electrification Retail Strong performance, shift in demand from B2B to B2C EBITDA evolution (€mn) Free Market – Energy sold (TWh)1 -6% +9% 17.2 16.2 Improved performance led by 861 941 free markets (+10%) 4.1 4.5 Italy 151 13.1 11.7 146 Higher margins in Iberia Q1 2019 Q1 2020 B2C 790 -3% 715 B2B c.
Slide 16: Profit & loss (€mn)
Profit & loss (€mn) 1Q 2020 1Q 2019 ∆ yoy Ordinary EBITDA 4,741 4,454 +6% D&A (1,607) (1,567) +3% D&A slightly increase due to investments growth, partially offset by coal impairments effects EBIT 3,134 2,887 +9% Financial expenses1 (618) (647) -4% Lower cost of debt by around 20 bps Results from eq
Slide 17: Cash flow (€bn)
Cash flow (€bn) 8.0 7.0 6.0 5.0 4.7 4.0 (0.4) (0.4) 3.0 0.0 2.0 (1.5) ((0.4) 2.1 1.0 (1.9) 0.2 - 3 Ordinary ∆ Provisions 1 Provision ∆Working Income Financial FFO Capex FCF EBITDA reversal in capital taxes expenses 2 Spain & other PY 4.5 (0.3) (1.1) (0.2) (0.4) 2.5 (1.9) 0.6 Delta YoY +6% -65% -32%
Slide 18: Debt (€bn)
Debt (€bn) Gross debt Net debt evolution +2% 50 0.1 2.2 48 61.5 63.0 46 (0.2) 47.1 7.6 45.2 44 60 9.0 8.3 42 (0.2) 7.3 50 40 40 38 30 20 45.2 47.1 36 34 10 32 - 30 Dec 31, 2019 Mar 31, 2020 Dec 31, 2019 FCF Dividends paid Active portfolio 1 FX 2 Mar 31, 2020 management Net debt Financial receivables
Slide 19: Liquidity position
Liquidity position Business continuity supported by solid liquidity position Liquidity Position1 Debt maturities1 19.0 17.0 14.9 Liquidity of 25.9 €bn covers 2.1x 5.8 15.0 13.0 2.2 LT debt maturities in the plan 11.0 25.9 €bn 8.9 9.0 Limited re-financing needs with only 7.0 6.4 5.9 €bn LT debt matur
Slide 20: Closing remarks
Closing remarks Solid underlying Early management AGM to be held as Robust and expected on May 14th, Q1 performance in actions to support integrated business set to approve spite of COVID-19 business continuity model to absorb dividend payment in crisis to support post lockdown July and a new tempor
Slide 21: Annexes
Q1 2020 Consolidated results Annexes
Slide 22: Macroscenario
Q1 2020 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh) Electricity Demand (TWh)2 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy (4.13) 0.21 0.29 0.95 - - 39.60 59.40 76.97 80.62 Iberia (0.77) 2.19 0.70 1.12 - - 35.89 54.90 6
Slide 23: Group consolidated net capacity by technology and geography
Q1 2020 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,408 772 766 28 - 2,739 6,206 4,583 27,502 Iberia 4,748 2,291 - 352 3,318 2,334 4,825 5,445 23,313 Latin America 10,579 1,
Slide 24: Group consolidated net production by technology and geography
Q1 2020 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 3,478 410 1,448 3 - 47 1,849 1,846 9,080 Iberia 2,249 1,398 - 90 7,201 1,153 348 2,705 15,143 Latin America 9,442 1,040 5
Slide 25: Group total additional capacity by technology and geography
Q1 2020 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 2 - - - - - - 48 51 Iberia - - - - - - - - - Latin America - - - 165 - - - - 165 Argentina - - - - - - - - - Brazil - - - 1
Slide 26: Renewable projects in execution
Q1 2020 consolidated results Renewable projects in execution: breakdown by technology and geography1 MW Wind Hydro Geothermal Solar Biomass Total Italy - 51 9 - - 60 Iberia 108 7 - 258 - 372 Latin America 1,771 154 28 1,467 - 3,420 Rest of Europe 291 - - - - 291 North America 797 - - 180 - 977 Afric
Slide 27: EGP gross pipeline
Q1 2020 consolidated results EGP gross pipeline1 Pipeline by technology Pipeline by geography Pipeline by COD 1% 15% 7% 11% 14% 4% 47% 52% 40.0 GW 40.0 GW 57% 40.0 GW 32% 21% 39% Wind Italy North America 2021 Solar Iberia Rest of Europe 2022 Hydro & Others Latin America Africa, Asia & Oceania >2022
Slide 28: Infrastructure & Networks KPIs
Q1 2020 consolidated results Infrastructure & Networks KPIs Electricity distributed (TWh) End users (m n) Sm art m eters (m n) 1 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy 53.6 56.4 31.4 31.4 31.4 31.3 Iberia 30.6 31.5 12.2 12.2 12.2 11.9 Latin Am erica 34.3 34.7 27.4 27.2 0.4 0.3 A rgent
Slide 29: Retail KPIs
Q1 2020 consolidated results Retail KPIs Power Gas 1 Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy 23.4 24.7 23.4 26.1 4.2 4.2 2.1 2.2 Iberia 10.6 10.7 21.5 22.2 1.7 1.6 1.6 1.8 Latin America 27.4 27.2 30.4 32.0 0.0 0
Slide 30: Baseload power price & production sold forward
Q1 2020 consolidated results Baseload power price & production sold forward Baseload price 2020 2021 Italy (€/MWh) 60.2 59.8 Iberia (€/MWh) 55.0 55.4 Production sold forw ard 2020 2021 2022 price % price % price % 1 Italy (€/MWh) 57.1 100% 51.6 50% - - 1 Iberia (€/MWh) 73.5 100% 74.5 80% - - Brazil
Slide 31: Capex (€mn)
Q1 2020 consolidated results Capex1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Netw orks & Other Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy 25 23 486 410 35 36 72 67 13 11
Slide 32: Asset development Capex (€mn)
Q1 2020 consolidated results Asset development Capex1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Netw orks & Other Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy 11 6 171 209
Slide 33: Asset management Capex (€mn)
Q1 2020 consolidated results Asset management Capex1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Netw orks & Other Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy 14 17 145 99 1
Slide 34: Customers Capex (€mn)
Q1 2020 consolidated results Customers Capex1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Netw orks & Other Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy - - 170 103 - - 72 67
Slide 35: Revenues (€mn)
Q1 2020 consolidated results Revenues1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Netw orks & Other Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy 6,669 7,790 1,755 1,832 542
Slide 36: Reported EBITDA (€mn)
Q1 2020 consolidated results Reported EBITDA1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Netw orNs & Other Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy 130 134 857 893 359 2
Slide 37: Ordinary EBITDA (€mn)
Q1 2020 consolidated results Ordinary EBITDA1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Netw orNs & Other Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy 133 40 867 893 360 26
Slide 38: Reported EBIT (€mn)
Q1 2020 consolidated results Reported EBIT1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Netw orNs & Other Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Italy 86 71 578 632 285 195 4
Slide 39: EBITDA from Reported to Adjusted: by geography
Q1 2020 consolidated results EBITDA from Reported to Adjusted: breakdown by geography (€mn) North & Africa, South Rest of Q1 2020 Italy Iberia Central Asia & Other Total America Europe America Oceania Reported 1,980 1,452 1,069 130 107 16 (46) 4,708 Extraordinary items (25) (2) (3) (1) (0) - (3) (33
Slide 40: EBITDA from Reported to Adjusted: by business line
Q1 2020 consolidated results EBITDA from Reported to Adjusted: breakdown by business line (€mn) Conventional Generation & Infrastructure Services Q1 2020 EGP Retail Enel X Total Global & Networks & Holding Trading Reported 692 1,945 1,138 933 7 (7) 4,708 Extraordinary items (3) (13) (1) (8) (1) (7)
Slide 41: From EBITDA to net income (€mn)
Q1 2020 consolidated results From EBITDA to net income1 (€mn) Q1 2020 Q1 2019 Q1 2020 Q1 2019 1 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 4,708 4,548 3.5% 4,741 4,454 6.4% D&A (1,599) (1,567) (1,607) (1,567) EBIT 3,109 2,981 4.3% 3,134 2,887 8.6% Net financial charges (618) (647) (618)
Slide 42: D&A reported (€mn)
Q1 2020 consolidated results D&A reported (€mn) 1 0 Q1 2020 Q1 2019 ∆ yoy Generation and Trading 217 295 -26% Enel Green Pow er 312 303 3% Distribution 682 686 -1% Retail 306 205 49% Enel X 33 30 10% Others and adjustm ents 49 48 2% Total 1,599 1,567 2% 41
Slide 43: Gross debt structure
Q1 2020 consolidated results Gross debt1 structure Long term debt by currency After swap Interest rate composition Long term credit ratings 47% Rating Outlook 82% Standard & 22% BBB+ Stable Poors 58.2 €bn 2% 58.2 €bn 63.8 €bn 7% 2% Moody’s Baa2 Positive 1% 3% 5% 78% 2% 37% 1% 8% Fitch A- Stable 3% E
Slide 44: Debt structure by instrument (€bn)
Q1 2020 consolidated results Debt structure by instrument (€bn) EFA - EGP Europe and North & SpA and Latin Euro- Africa, Asia Debt by instrument Enel Spa EFI Italy Iberia Central Total Central America Mediterranean and Oceania America Others Affairs Bonds 8.17 30.45 - - 0.02 5.21 - 0.06 - 43.91 Bank
Slide 45: Debt maturity coverage split by typology (€bn)
Q1 2020 consolidated results Debt maturity coverage split by typology (€bn) 30.7 22.7 6.7 Available committed credit 15.0 lines1 24.0 7.7 6.9 7.7 6.4 1.0 0.9 5.6 3.6 1.7 Cash 7.7 Short Term 1.3 1.9 5.9 6.8 Bank Loans and Others 4.7 Bonds 0.8 1.7 1Q 2020 2020 2021 2022 2023 2024 After 2024 44 1. Of w
Slide 46: Balance sheet (€mn)
Q1 2020 consolidated results Balance sheet (€mn) Q1 2020 FY 2019 Δ Net financial debt 47,097 45,175 4.3% Shareholders' equity 45,823 46,938 -2.4% Net capital employed 92,920 92,113 0.9% 45
Slide 47: Balance sheet structure (€bn)
Q1 2020 consolidated results Balance sheet structure (€bn) Net fixed assets 108.0 9.7 1.6 0.0 (6.3) 96.6 (8.8) 92.9 45.8 47.1 Assets WIP (tangible Equity NWC Provisions Assets held Net capital Equity Net Debt & intangible) Investment for sale employed Net debt / Net capital employed 51% 46
Slide 48: Headcount
Q1 2020 consolidated results Headcount 1 0 Q1 2020 Q1 2019 ∆ yoy Generation and Trading 9,380 9,432 -1% Enel Green Pow er 7,988 7,957 0% Distribution 34,833 34,822 0% Retail 6,300 6,336 -1% Enel X 2,830 2,808 1% Others and adjustm ents 6,590 6,898 -4% Total 67,921 68,253 0% 47
Slide 49: Disclaimer
Q1 2020 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 50: Contact us
Q1 2020 consolidated results Contact us Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Monica Girardi Channels Head of Group Investor Relations Website Mobile App Investor Relations team Enel.com Enel Investors Federico Baroncelli Francisco Basauri Serena Carioti Federica Dori Fol