Capital Markets Day2o2s
February 23rd Milan
Agenda
Flavio Cattaneo, CEO
The Group in the energy context
The Group in the next three years
Stefano De Angelis, CFO
2026-28 Strategic Plan
Flavio Cattaneo, CEO
Value creation and Closing remarks
Flavio Cattaneo
Group's CEO
Delivering top results in the industry, while reducing net debt and increasing financial flexibility
Delivering on strategic path
2022 2025 2022 2025E
3.1x
ND/EBITDA
2.5x
0.53
EPS Growth
¦3%
0.C3
Assets' Portfolio turnaroundboosting profitability
Group's EBITDA (€bn)
CAGR
Net income/EBITDA
conversion1
Financial Discipline achieving flexibility to support future growth
Selective capital allocation reducing risks while enhancing value creation~1G €bn
+5%
~22.G €bn
~30%
+6p.p.
~25%
Avg. 2020-22 2025 Avg. 2020-22 2025E
Commitments over delivered, driving sustainable growth
… creating value for our shareholders
Share Price Evolution1 (€/sh)
Shareholders' remuneration
Total shareholder return1
Market Cap
FROM TO
61 €bn G1 €bn
+80%
+4G%
Enel Shares Buy Back
80%
~1
66%
2023-25
~15 €bn
Apr.12th
2023
TSR Share priceFeb.19th 2026
~14
Dividends
EuroStoxx Utilities
The Group in the energy context
Energy context: Acceleration of global power demand…
2024-35
AI s Data Center: +3x
driven by AI uptake and digitalization
Electric mobility: +4X
supported by the technological development and affordability
Residential s Automation: +30%
on wider penetration of heating C cooling systems and robotics
Industry: +30%
mainly driven by industrial recovery economic and additional growth
Global electricity demand ('000 TWh)
X CAGR 3%
37.8
27.3
2024 2035
Source IEA, World Energy Outlook 2025, STEPS scenario; IEA, Energy and AI 2025 7
… calls for a new strategic positioning
Energy demand
Electricity demand peaking
Value creation opportunities
Base power supply evolution
Time horizon
Tier 1 geographies
Power demand growth
100
2023
2026
2028
Investment approach driven by value-creation opportunities (i.e. power demand growth and timing)
Gap between supply needs and generation availability set to boost greenfield investments' requirements
Increasing opportunities for Brownfield and Asset Rotation
Ready to deploy investments in right geographies with the right timing
The Group in the next 3 yearsStrategic pillars
1
Growth
Based on balance sheet flexibility
Brownfield: grids, generation C customers
Greenfield projects
Tier1 countries with stable environment
2
Productivity
Optimizing capital allocation
Balance sheet strength and flexibility
Enhance productivity C efficiency
Streamline internal processes and activities leveraging
also on AI
Boost execution effectiveness
Stepping up process s activities simplification
3
Risk/Return
Preserving low risk profile
Assets and investments with visible and predictable
returns
Customer base as a natural hedge
Boosting growth preserving financial discipline
Improving EPS profile
Financial flexibility allocation to boost growth and value creation
Net Debt/EBITDA
Peers Average1 3.5x
Maximum
Flexibility allocation
Shareholder's
remuneration
Brownfield & Greenfield
Geographies: Europe,
2.5x
flexibility
~3.0x
~30%
~15 €bn
~70%
US and other Tier 1 countries
Businesses: renewables, grids and customers
Avg. Return: 200/300 bps according
to business/technologies/geographies
Maintaining a solid leverage whilst allocating financial flexibility to expand Group's asset base and improve shareholder's return
Brownfield opportunities as a lever to reduce risk
and maximize returns, lowering time to EBITDA
1. Based on publicly available data published by companies 11
Capital allocation set to lead the transition, securing profitability and industrial
growth
Total Investments (€bn)
+10 €bn
~531 €bn
~431 €bn
26 +60%
vs old plan
26
26
16
Further investments in grids to increase resilience and lead the transition
Focus on Tier 1 countries to reduce risk and enhance value
Renewables Grids
Europe
50%
2026-28
~20 €bn
Other Tier 1
50%
Latam
24%
2026-28
26 €bn
Europe
76%
Old Plan
2025-27
Grids
New Plan
2026-28
Renewables Customers
Business KPIs
RAB Growth (€bn)
RES capacity (GW)2
Clients (mn)3
47 58 68 >80 23 ~26
2025E
2028
2025
2028
2025 2028
Reducing risk and increasing visibility
Cumulated EBITDA
Grids
EBITDA Regulated/ Contracted
FULLY regulated
FFO by Currency1
EUR & USD
2026-28
74 €bn
>G0%
Regulated
generation
Contracted generation
Customers
covered by regulatory
schemes
Production covered by forward sales and PPAs with an avg. duration of 8 years
Regulated customers and volumes already priced/contracted
Other
19%
2026-28
~47-4G €bn
81%
Regulated and contracted EBITDA offers ample visibility
on future delivery
Progressing on productivity and effectiveness, leveraging also on AI
AI applications (#)
2028
2025E
2022
Evolution of addressable cash-cost baseline1 (€bn)
~1 €bn
-25%
Vs 2022
>5
~6
~7
29%
350
+15p.p.
44%
71%
56%
x
250
AI
Gen AI
Process Coverage
20%
80%
2024 2025 2028
20%
40%
100%
2023 efficiency plan executed 1 year in advance
0.7 €bn additional efficiencies to be addressed by 2028
Boosting AI initiatives: 100% Cloud Applications, digitalized process C leading market solutions
1. Addressable cash-costs exclude new generation asset development, grids reguated totex and perimeter effect. In real terms
Data Centers to catch new business opportunities
Business model Key opportunities
Retaining control of the value pools
Data Centers
power availability, customer relationship and optionality on capacity
Provide value-added solutions to Data centers operators leveraging on Enel's global scale and know-how
Cash-positive profile since day 1 Reduced exposure to market volatility Reduced capital intensity
Long-term relationship with the client through commodity supply
8 Sites ready to use, some of which already in advanced stages
Electric infrastructure: connection and PPA
Current pipeline already enables 2 TWh additional generation @2030
Full potential @2050: >30 TWh potential energy supply to DC
Customers: an enriched offering portfolio to boost customers' value
Enriched offering portfolio
Bundled offers (#)
Churn (%)
+10% -10%
TLC services
Power s Gas
2025E 2028 2025E 2028
Avg. Lifetime (y) 4.5 5
Electric Mobility
LENE a new fully digital company to innovate customer's
service and engagement
Enhance customer's loyalty through tailored and bundled offers to boost customers' value
2025-28 targets
EPS (€/sh)
CAGR 25-281
~ +6%
~0.6G
0.66
0.72-0.74
CAGR
~ +7%2
0.80-0.82
2025 baseline 2026 2028
Energy Decree Impact2025 adjustment does not include IRAP step-up impact because the impact will expire in 2027
1. Calculated on 2025 expected data 2. Calculated on 2025 baseline
Stefano De Angelis
Group's CFO
2026-28 Strategic Plan
2025 results and headwinds proved the resiliency of our reshaped Assets'
Portfolio and the visibility granted by a secured Business Model
2025 scenario was affected by significant and unprecedent headwinds
Increasing Curtailment in LatAm
Negative FX Impacts (USA, Brasil)
2X Ancillaries Services' Bill (Spain) to keep Energy System security
Low Hydro Resources in Italy and Chile
27%
NI/EBITDA
CAGR
+G%
5.4
Net Income (€bn)
7
+9%
30%
Net Income CAGR (3Y)
6.8
Mid Point
~30%
+0.2
CMD
Guidance1
+0.2
€bn
Overperformance vs Net Income Guidance1
2022 2025E
1. Mid Point 2025 Guidance (6.7-6.9 €bn)
Assets' Portfolio turnaround delivered unique Growth and Cash Generation
Improved Credit Metrics 2023-25 ROIC growth drivers
CMD 2022 CMD 2026
Net debt (€bn)
-3 €bn
60 57
2022 2025
Record high MsA multiples executing 2022 Disposal Plan
First mover on selective capital allocation
approach (+7 €bn Capex in Grids)
Groups' streamline: Country C Business
Investments
> Sourcing
< Cost of Debt
37
53
(€bn)
15%
46%
27%
FFO/Net Debt FFO/EBITDA NI/EBITDA
26%
65%
~30%
Portfolio rationalization
Efficiency Plan (-1 €bn) executed ahead of schedule
Shift to AI and native Cloud SaaS solutions,
-30% running cost on ICT (-0.4 €bn)
ROIC1
2025 vs 22
< D&A
> Returns
+2 p.p.
Efficiencies were successfully re-invested in Assets with secured and risk-weighted Returns
Solid and resilient Business Portfolio and sound Balance Sheet trigger Financial Flexibility use to tap Growth Acceleration and sustain a further expansion in Shareholders Remuneration
1. Based on ordinary results
2025 results set an improved foundation to build future growth
EPS evolution (€/sh)
Additional Shareholder Remuneration
0.80-0.82
2025E
0.6G
Organic Step-up
0.67
CAGR
+~6%
0.70
0.72
0.65
CMD 2025-27: CAGR +3%
Re-levered additional Growth (including SBB)
Organic step-up already secured in 2025
Old Plan 2025-27
Up 3.5 €bn
1.0 €bn Share buy-backEPS
Old Plan
to
Share Buy Back
Program Enel SpA1
~ 6 €bn
already executed in 2025
1.0 €bn additional tranche
execution approved by the BoDat Group Level2
2024 2025E 2026 2027 2028
In a context where visibility makes the difference, we built a sustainable route to deliver a solid EPS Growth
Play the incoming Multiverse of different
Energy Transition landscapes
10 €bn
Growth
acceleration
1. SBB program approved by 2025 AGM 2. up to 3.5 €bn at Enel SpA level + up to 2 €bn at Endesa and 0.4 €bn at Enel Americas level 22
The Industrial Plan leverage on our diversified Portfolio with Growth
Acceleration focused on most attractive Tier-1 frameworks
Integrated business Grids
EBITDA (€bn)
Investments Investments
EBITDA (€bn) Investments (€bn) Investments
(€bn)
Intensity
Intensity
2025 2028 vs 25 2025 Cum 3Y Baseline
1
Growth acceleration
2025 2028 vs 25
2025 Cum 3Y Baseline
Growth acceleration
11.2 >+1 ~3 >23
6.4 +0.5/0.7
5.3 >20
2.8 +~0.5
~4% CAGR
~1 ~3
2.5 + ~0.5
~4% CAGR
1.7 >6
Total
14.1
+1.8/2.0 ~4
€bln
>26
Total
8.G
+1.0/1.2
€bln
7.0 >26
Europe: amid permitting constraints and ahead of full visibility on future shape of the Regulatory Framework, focus is on Regulated Auctions (i.e. FER-X, MACSE), Hybridization, Repowering and Brownfield.
US data driven growth calls for a unique momentum. >90% secured EBITDA as mandatory.
Tier 1 Countries: Europe includes Italy, Iberia and other countries.
Italy: long-term visibility sets Capex at maximum effort
Spain will ramp-up progressively and will continue to expand Capex beyond 2028
LATAM: we continue to pursue a mutually fair framework balancing sustainability of the relevant investments' need with just and visible returns.
Grids
RAB expansion enhance visibility on regulated earnings evolution
Total Investments1
Latam
24%
Focus Italy 2026-28 Investments by nature Investments break-down (€bn)
Grants
2026-28
26 €bn
55%
(EU Funds) Recurring 2
10%
Capex net of grants
~13
Grants
~2
21%
RAB (€bn)
Returns
2025E 2028
47 58
+22%
29%
Connections
15 €bn
Rab-in
24%
Networks' Upgrade
38%
Connections
Remunerated Cash Cost
Rab-in
>10
In line with old plan
13% EBITDA/Development capex
7% Blended regulated return2 over 2026-28
RAB (€bn)
2025E 2028
23 30
+7 €bn
vs +c €bn old plan
1. Split does not include "Other" 2. Asset maintenance and recurring network development
Renewables
Tier-1 markets are already calling for higher capital allocation in Renewables
Key operational1
New capacity (GW)
Total investments
Capital allocation
Maintenance capex
Other
4%
~G GW
Greenfield focused on
(i) Regulated schemes (ii) Long-Term
10%
4%
18%
PPA's and (iii) Residentials short positions. IRR-WACC > 300 bps
3.8
PV Generation >G0% secured and full profiled
2026-28
~20 €bn
50%
15%
Brownfield brings No-Construction Risk, full visibility on M/Long-Term Cash Flow and PsL
~6 GW
High Flexibility in exploiting deals to play the growth acceleration thanks to the shorter time-to-COD
~15 GW total additions
+2.6 TWh production from repowering
~30%
~+8 €bn vs. Piano 25-27
Total production2 (TWh)
147 ~1G0
43
55
30
20
Predictable Attractive Returns
10-12% EBITDA/Development capex
>200 bps average spread IRR-WACC Adj.
G0-100% EBITDA Secured by >10Y PPA
~+5 €bn vs. old plan~+2 €bn
vs. old plan
2025 2028
1. It includes deconsolidated capacity 2. It includes deconsolidated and BESS production 3. Europe includes Italy, Iberia and Germany
Europe3North Am.
Latam
ROW
7.0
4.3
>75% wind and
programmable
technologies
Brownfield acquisition step-up will support Growth Acceleration and faster
cash and economic conversion
Acquisition 100% hydro asset
¦0.C GW
Acquisition of over 1 GW of RES portfolio throughits JV Potentia Energy
Acquisition of c2.5% of CETASA+100MW
Swap Agreement between EGP NA and Gulf PacificPower
285 MW of additional consolidated capacity
Acquisition of 51 MW of operating Wind assets
Acquisition of fouroperational wind farms
¦150.2 MW
throug its JV Principia
Acquisition ofEnergía
Colectiva:
>350k
customers
2025
1Q
Feb 2cth
H1
Apr 3rd
9M
Jul 31st
Oct 1st
FY
Dec 15th
2026
Jan 2Sth
1Q
Feb Sth
¦3 GW Additional Capacity ~ 3 €bn of assets acquisition~850 MW solar and wind capacity
PPA
Expiration
~1 $bn Net Debt impact
>120 €mn EBITDA per year at regime
Contracted
NPV
US
in the last 15 months1
Power Price scenario has been adjusted to the Energy Decree provisions
reflecting a smooth ETS impact on Power Prices going forward
Integrated Energy Management
B2C s SMB
FIXED
Offer
>G0% of the Renewable GenerationRenewables'
Generation
hedged with Fixed B2C and SMB
6Y Customer Base avg lifetimePrice review after 12 months
Opportunistic Pre-hedging to extract additional value from the portfolio
G5%
G0%
New B2C Clients
(CB Rotation, churn driven)
Existing B2C Clients
(Re-Pricing optionality)
Existing B2C with 2/3Y Fixed Price
Industrial Plan Scenario
Power Price Italy (€/MWh)
2026E 2027-28E
Forward 2027-2028
102
33
up to -15€ change in 2027-2028 delivery date
87
78
Forward 2026-2028
(historical Forward price)
Cal. 26
Cal. 27
106
Cal. 28
G7
86
G5
110
GG
86
78
2024
2025
91
February (before Energy DL)
2026
Energy Decree impacts (preliminary assessments)
Impacts on Net income (€bn)
~0.4 €bn/y
ETS Effective from
01.01.20271
< 0.1 €bn/y
Step-up in Net Debt from YE202c
~0.2 €bn/y
Effective in
202c-27
~0.6 €bn/y ~(0.1) €bn/y
~0.3
IRAP ~0.2
0.3/0.4 €bn/y
Gas Trasmission C Spread PSV-TTF
ETS
Offset
System Charge
Early payment
(cost of Debt)
Tax Rate IRAP +2p.p.
Cumulated
Managerial
Mitigation
Net Impact
(2027 max impact, IRAP step-up expires in 2027)
EBITDA
Net debt
(cumulated)
Max impact @2028
0.4
0.8 0.8
0.4
202c-28
0.8
2.0
(0.2) 1.8
EPS bridge to target: scenario headwinds factorized and visibility on growth
drivers support our ambitions
EPS evolution (€ cents)
Market Scenario de-risked assuming ETS system revision
+6 +2
+3
+1/-1
80-82
6G
0.6G
1
(3)
+1
(2)
+3/4
+3
Greenfield Brownfield
MACSE, FER-X (Italy) awarded capacity
Capacity Market with BESS
Repowering Spain/Italy ¦3TWh included)
US (Safe Harbored, near FID, +0,4GW Wind, COD-2028)
BESS Chile under construction, Spain and USA (COD 2027-8)
M&A/BD process set and ramping-up
US Portfolio's Rotation from Utilities and Funds is massive and expanding.
EU Assets' secured Brown portfolio including actionable pipeline RTB is a model under assessment.
EPS
Energy decree GAS and Power
Share BB Networks
Additional
Productiovity
Integrated
EPS
2025E
impact
Scenario on Commodity, Wholesale and EU Retail Market
(1€Bn Fee
Scenario)
Capacity Brown C Greenfield
Business
Transformation Project
Market LatAm (w/o Growth) Including FX
2028
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