Strategic Plan 2026-2028 (2026 2028 enel strategic plan)

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 turnaround

boosting 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

+6p.p.

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

~1

2023-25

~15 €bn

Apr.12th

2023

TSR Share price

Feb.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)

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

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

350

+15p.p.

71%

56%

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

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 Impact

2025 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)

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-back

EPS

Old Plan

to

Share Buy Back

Program Enel SpA1

~ 6 €bn

already executed in 2025

1.0 €bn additional tranche

execution approved by the BoD

at 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.

  1. 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

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

Europe3

North 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 through

its JV Potentia Energy

Acquisition of c2.5% of CETASA

+100MW

Swap Agreement between EGP NA and Gulf Pacific

Power

285 MW of additional consolidated capacity

Acquisition of 51 MW of operating Wind assets

Acquisition of four

operational wind farms

¦150.2 MW

throug its JV Principia

Acquisition of

Energía

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 Generation

Renewables'

Generation

hedged with Fixed B2C and SMB

6Y Customer Base avg lifetime

Price 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

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