Investor Presentation June2020

Investor
Presentation
June 2020
Agenda
Investor Presentation – Strategic Plan 2020-22
Our positioning
Sustainability = Value. Our delivery over time
Our vision
Our vision in numbers
Financial management & Sustainable finance

2020-2022
Strategic plan
De-risking long term targets
Earnings & targets
FY 2019 consolidated results
Q1 2020 consolidated results
Annexes
Investor Presentation
Strategic Plan 2020-22
Our positioning
Our positioning
A sustainable and fully integrated business model

delivering value for shareholders
EBITDA by business Total shareholder return 2015-20191
160%
140%
9% 120%
26% 100%
18% 80%
2019 60%
136%
17.9 €bn 40%
1% 20%
46% 57%
0%
Enel FTSE MIB Euro Stoxx

46% Utilities
SRI2
10.8%
1. From Jan 1st 2015 to Dec 31st 2019 4

2. Socially Responsible Investors as of December 2019
Enel’s leadership in the new energy world
Our positioning
# End users
1st network
operator1
74 mn
Renewable capacity
World’s largest
player2 in 46 GW
renewables
# Customers
Largest retail
customer base 70 mn
worldwide3
1. By number of end users. Publicly owned operators not included 5
2. By installed capacity. Includes managed capacity for 3.7 GW
3. Including customers of free and regulated power and gas markets
Sustainability = Value
Our delivery over time
Sustainability=Value
A sustainable business model that has delivered

growth and improved visibility
EBITDA dynamics (€bn) CAPEX and financial KPIs evolution
Traditional model Sustainable model

CAGR 2012-15: -1.7% CAGR 2015-19: +4.5% +27%
~10 €bn
12.0 0
~8 €bn
19
✔
10.0 0
18
8.00
23% Other
17
✔ 35%
16
6.00
Asset
17.9
15
14
4.00
77% development &

15.8 15.5 15.0
13
2.00 65% customer

12
11 -
20121 2014 2015 2019 2015 2019
2.5x Net debt/ 2.5x

✔ Target achieved EBITDA
19.1% Net income/ 26.7%

EBITDA 7
1. FY 2012 restated in 2013 according to IAS 19
We have focused our capital allocation on

renewables…
Generation capex: 2015 vs 2019 Renewable and Thermal Production (TWh)
-17%
300
17% 244
250
34% ~36% 203

89 ~49% 200
4.6 €bn 5.1 €bn

99 150
66%
100
83% 1551
1031 50
2015 2019
2015 2019
~70% % Development ~80% ~40% % RES Capacity ~50%

Capex /Total
% RES Production/ Renewables Thermal generation

Total 8
1. Excluding nuke (39.8 TWh in 2015 and 26.3 TWh in 2019)
…to become the world leader in renewables

2015 2019
Installed capacity1
Installed capacity
37 GW 46 GW
Built capacity
Built capacity
1 GW 3 GW
EBITDA/CAPEX
EBITDA/CAPEX
11% 11% >1.2k

plants
31
Countries
9
1. Including managed capacity by 3.7 GW
Grid expansion and digitalisation have driven

efficiencies and created value
2015 2019
End Users End users

Bogotá
Ceará 61 mn 73 mn
Goiás Smart meters
Smart meters
Lima
Rio de Janeiro
Sao Paulo
38.5 mn 44.7 mn
Smart meters 2.0 Smart meters 2.0
Santiago
Buenos Aires
0 mn 13.1 mn
2.2 mn
11 ~43 €bn
Networks Opex/End user Opex/End user
Grids RAB
42.5 €
km
57 €
10
We focused on customers and platforms to seize

future opportunities
Customers – key metrics New deployments
Energy sold (TWh)1

2015 2019
+19%
Charging
180
points3
0k 80 k
160
159
140
120
100
134
80
60
Demand
40
Response
0 GW 6.3 GW
20
2015 2019
Power cust. (mn)1 ~12 ~17 Battery

storage
0 MW 110 MW
Gas cust. (mn) ~5 ~6

EBITDA2 Established a leading position
/Customer (€/cl) ~84 ~118 in new services and infrastructures
11
1. Retail free power market, excluding energy sold through PPA in Latin America. Regulated 3. Private and public charging points
customers: 38.4mn in 2015 and 46.9mn in 2019
2. Calculated on Gas and Power free market
A pervasive innovation and digitalisation

process drives change in our organization
Platformisation process
2017-19
Total investment1
< 2015 2019 > 2020
Pre-Digital Full migration Platform operating
~4.5 strategy to cloud model
€bn
2017-19
Cumulated benefit2
Fragmented IT 100% applications in New business

~1.5 platforms Cloud models
€bn
No economies of Closing of 100% of Platformisation of
scale data centers existing businesses
12
1. Digitalization capex
2. EBITDA level
Delivery on strategic pillars
✔ Industrial Growth ✔ Operational Efficiency ✔ Active Portfolio Management
Impact on Group Net Income

EBITDA (€bn) Cost Savings (€bn)
(€bn)
18 2 0
17
1
16
17.9 0
15
14
17.0 1
1
1.4 0
0.3
13
12
1
1.1 0
0.2
1
11
10
0
9
8 - -
2019 2019 Plan Actual 2019 2019

(Plan 2015-19) 2015-19 2015-19 (Plan 2015-19)
RES capacity Opex I&N Asset

41 461 51.7 42.5 ~5% ~10%
(GW) (€/end user) Rotation3
End users Opex

65 73 60.3 38.4
(mn) Thermal2
(k€/MW)
13
1. Including managed capacity for 3.7 GW
2. Plan 2015-19 pro forma, does not include large hydro
3. Asset rotated in the period on invested capital
Value creation and shareholders remuneration
Value creation spread1 (bps) Shareholder return – DPS (€/sh)
+250 +105%
400 0.35
350
370
0.30
✔ 0.328
✔
300
0.25
0.28
250
0.20
✔ ~0.24
✔
200
0.15
0.18
150
0.16
0.10
MIN
100
120 0.21 0.28 0.32 DPS

0.05
50
- -
2015 2019 2015 2016 2017 2018 2019
EPS 0.28 0.32 0.36 0.40 0.47
✔ Target achieved
14
1. Calculated as the difference between ROIC and WACC
Our vision
Our vision
Our strategy addresses dynamically the

evolution of sector trends
Decarbonisation
Enabling Ecosystems
Infrastructure & Platforms
Electrification
16
Our vision
Global outlook: decarbonisation through new

renewable capacity and services
Share of renewables on global capacity1 Flexibility and storage2
Demand Response 250
(GW) 200
200
3.5x
150
31%
100
145
35% 50
2018 2040 -
57
Total capacity Total capacity 2020 2030 2040
7.2 TW 15.5 TW
65%
69%
1,40 0
Storage (GW) 1,20 0
1,00 0
800 1,095
600
400
45x
25 346
Global renewable installed capacity 4x
200
2020 2030 2040
17
1. Source: IEA WEO 2019 SDS Scenario
2. Source: BNEF NEO 2019, BNEF long term energy storage
decarbonisation
Global Power Generation: a new global business

Our vision
line to accelerate decarbonisation

20191 Consolidated Capacity1 (GW)
# sites
85 81 87
60.0
55.0
Accelerate and facilitate the
decarbonisation path
~1,300 50.0
45.0
48
54
40.0
35.0
42 39
30.0 37
25.0
33 Extract synergies and maximize
# people 2015 2019 2022 return on investments
~16,000 Consolidated Production1 (TWh)
244 203 223 Enhance transition technologies

165.0
145.0
EBITDA 155
125.0
143
105.0
85.0
99 103
~5.8 €bn 65.0
45.0
89 80 Optimize workforce skillset
25.0
2015 2019 2022

18
Total Thermal generation Renewables
1. Excluding nuclear and managed capacity. Nuclear EBITDA in 2019E c.500 €mn.
decarbonisation
Our vision
Phasing out of coal production over the plan

period and beyond… 120 .0
100 .0
80. 0
Coal production 60. 0
(TWh)
40. 0
92.0
64.4
20. 0
37.6
74% 0-2
16.9 10.4
0.0
2012 2018 2019 2022 2024 2030
Coal on total 19 p.p.

production 31.1% 25.7% 16.4% 6.8% 3.9% <1%
(%)
Coal capacity 61%

(GW)
17.6 15.8 11.7 6.6 3.1 <2
19
decarbonisation
…with an accelerated renewables deployment

Our vision
2020-22 GROWTH CLUSTERS GW Target of capacity to be added (GW)
Fleet decarbonisation in Italy, Spain and

Chile 5.4 1.8x
Development through PPA mainly in Brazil

and US 5.1 16
14
12
Other developments in countries of

1.1
10
presence / new markets 14.1

✔
8
6
11.6
4
7.8
Development in new markets through JVs 2.5 2
2018-20 2019-21 2020-22

Plan Plan Plan
TOTAL 14.1 ✔ Target achieved
20
decarbonisation
Our vision
Further acceleration of renewable additions

fueled by organic development
Additional capacity evolution: 2019-21 vs 2020-22 plan Renewable capacity evolution (GW)
+22% +31%
Total
capacity 45.9
45.7 59.8
(2.2) 5.6
3.7 3.4 14.1 54.2

2.6
(1.8) 1.7 42.3
42.2 +28%
11.6
65% 14.1
FY 2019
Old plan BSO JVs Organic New plan 2019E Additional Portfolio 2022
2019-21 2020-22 capacity rotation
21
decarbonisation
Our vision
The largest and most diversified pipeline of the

industry is fueling future growth ambitions
Renewables pipeline (GW) Breakdown by technology
As of October 2019 As of December 2019
100 .0
31.4 GW
90. 0
1%
80. 0
70. 0
47%
60. 0
58.6 40.0 GW
50. 0
40. 0 90.0 2.1 52%

3.6 6.1
30. 0
xx
20. 0
10. 0
29.6 19.6
0.0
Wind Solar
Gross Early stage COD 2025 COD 2024 COD 2023 COD Hydro
Pipeline and beyond 2020-22
22
decarbonisation
Our vision
High level visibility on deployment goals
2020-22 Renewables growth1: addressed share vs pipeline2 (GW)
2020 ~100% 40.0 GW

30. 0
Coverage
by year 2021 69%
2020-22 pipeline
25. 0
2022 35% ~ 3.4x
23.0 Residual target
20. 0
Beyond 2022
15. 0 65% addressed
14.1 Pipeline
10. 0
9.1 17.0 ~ 8.0x

2020-22 Residual target
5.0
5.0
0.0
Target additional Addressed Residual target Pipeline

capacity
23
1. Including managed capacity
2. As of March 2020
decarbonisation
Our vision
Strategy strongly supports our path towards full

decarbonisation by 2050
Scope 1 & Scope 3 CO2 emissions evolution
600 .000
500 .000
-70%
400 .000
465 FULL decarbonisation

411 BY 2050
Scope 11 300 .000
(g CO2/kWh) 296
200 .000
254
100 .000
125
0.0 00
2007 2017 2019 2020 2030 0

2050
✔
Previous
SBTi target
350
Scope 32 16% indirect emissions

(Mton CO2) reduction
✔ Target achieved 24
1. Scope 1 by 2030, consistent with the Well Below 2C pathway of the Science Based Target Initiative and the IEA B2DS scenario
2. Scope 3 related to gas retail activities by 2030, consistent with the 2C pathway of the Science Based Target Initiative
Our vision
Global outlook: electricity is winning the energy

battle
Share of electricity on total final energy consumption1 End use avg. investments needed for electrification
(‘000 TWh) (USD Tn/year)
+11.5 ~2x
2
1.2 0
23 34.6 2
1.0 0 + 1 bn electric cars 2
1
~2.5x
24%
43%
0.8 0 1
+ 2.8 bn air cond. 1
0.6 0
1.9
1
+ 2 bn heat pumps 1
0.4 0
0
1.0
0.2 0 0
0.4
~4x Europe
0
0.0 0
2018 2019-30 2031-2040

2018 2040
25
1. Useful energy - Source: IEA WEO 2019 SDS and IEA Future of Cooling
Electrification
Our vision
Retail will position ahead of electrification trends,

paving the way for further growth
Power customers Power volumes sold Unitary consumption
(mn) (TWh) (MWh/client)
40. 0 12
35. 0
200 .0
10
30. 0
+67% +23% 8
Developed
25. 0
20. 0
150 .0
6
-26%
markets 15. 0
28.6
100 .0
195 9.2
(Europe) 159 4
6.8
17.2
10. 0
50. 0
2
5.0
0.0 0
0.0
2019 2022 2019 2022 2019 2022
12
40. 0
35. 0
200 .0
10
30. 0
Developing 25. 0 +9% 150 .0
+21%
8
+11%
6
economies
20. 0
100 .0
(Latin America)
15. 0
26.7 29.2 143

4
10. 0
50. 0 118 2
4.4 4.9
5.0
0
0.0
0.0
2019 2022 2019 2022 2019 2022

26
Free Power Market Regulated Power Market
Ecosystems & Platforms
Our vision
New services enable decarbonisation and

electrification of consumption
Decarbonisation through new services Enabling electrification
Revenues from
Demand Response (GW) Storage (MW) Charging points1 (k)
Electrification services (€mn)
1.6x 4.0x 8.9x 2.2x
12 500 800 600
450
700
10
500
736
400
10.1 350
300
439
600
500
400 536
6 250 400 300
6.3
200
300
4
200
80
150
100
200
242
110
2
100
100
50
- - - -
2019 2022 2019 2022 2019 2022 2019 2022
27
1. Public and private charging points
Our vision
Global outlook: networks as the backbone of a

sustainable electric system
Energy system evolution Average yearly investments in networks (USD bn)1
800
700
+85%
600
500
400
300
200
500
Aggregator 100 270
TSO
0
2010-2018 2019-2040
DSO
DSO TSO
Average investments in smart meters and grids (USD bn)2
80
70
Microgrids 60
~2x
50
40
30
60
DSO role stands out as pivotal in the transition:
33
20
a key enabler and a unique value creation opportunity 10
2018 2040 28
1. Source: World Energy Investment and WEO
2. Internal elaborations on WEO data.
Enabling Infrastructure
Our vision
Development of Infrastructure and Networks

centered on digitalisation, quality and efficiency
Digitalisation Quality of service Efficiency
Smart meters 2.0 (mn) SAIFI1 (n) Opex/End user (€)
>2x -9% -16%

35. 00
3.25 44.0 0
30. 00
3.20
28.8
42.0 0
25. 00 3.15
3.10
40.0 0
20. 00
3.05
3.00 38.0 0
3.2
15. 00
2.95 42.5
36.0 0
10. 00
2.90
13.1 2.85
5.0 0
2.80
2.9 34.0 0
35.6
0.0 0
2.75 32.0 0
2019 2022 2019 2022 2019 2022 2
Smart meters (mn)
~45 ~47
29
1. Calculated as weighted average on end users
2. In real terms
Our vision
Towards a platform company
Distribution Retail Enel X

Activities
Products
Global
Front End
Asset Operator
Customer
Management Customers Prosumers
Asset Owner
Digital
layer
Unique database
& Network Digital
Twin Back End
Assets
Buy Standardized Suppliers & (e.g. charging
Physical
Cities
assets
Back Office partners stations)
Sell
Customer identity
30
Our vision
A fully sustainable capex plan
Total gross capex by business and by nature 2020-22 Asset development by business 2020-22
4% 41%
4% 6.5
7% 66%
28.7 €bn 28.7 €bn 27% 17.2 €bn
17.2
5.0
3%
44% 4%
Networks Enel X Asset development
Retail EGP Customers Networks Enel X
Conventional generation Asset management Conventional generation EGP
~ 95% of capex SDGs related 31

Our vision
Sustainable, profitable, digitalised and customer

centric
2015 2019 2022
Renewables focus Owned RES capacity/Total capacity1 41% 50% 60%
CO2 Footprint Specific CO2 emissions g/kWh 409 296 220
Coal power plants # 19 12 7
Networks end users mn 61 73 75
Smart meters 2.0 mn - 13.1 28.8
Retail customers mn in the free market2 17 23 35
Demand response GW - 6.3 10.1
Charging points ‘000 - 80 736

32
1. Including nuke
2. Power and gas
Our vision
Purpose driven strategy promotes sustainable value

creation for shareholders
Value creation spread1 (bps) Shareholder return – DPS (€/sh)
+28% CAGR
0.4 5
2019-22
450
0.4
0.42 + 8.6%
440 0.3 5
0.40
0.37
400
0.3
0.328
370
350 0.2 5
0.2
300
Min DPS
0.1 5 0.32 0.35 0.37 0.40 +7.7%
0.1
250
0.0 5
200
2019 2022 2019 2020 2021 2022

EPS 0.47 0.53 0.57 0.60
33
1. Calculated as the difference between ROIC and WACC
2020-2022
Strategic Plan
2020-22 Strategic Plan
Strategic plan at a glance
Cumulated organic capex1 vs previous plan (€bn) EBITDA (€bn)
+11% 24
+12%
22
29
27 20
25
18
23
28.7 16
21
25.9 20.1
19
14
17.9
12
17
15
10
2019-21 2020-22 2019 2022
Net Income (€bn) Net Debt (€bn)
7
+27% 51
+5%
6.5
49
47
5.5
45
5
4.5 43
4
6.1 41
47.3
3.5
4.8 39
45.2
3
37
2.5
2 35
2019 2022 2019 2022 35
1. 2019-21 net of capex associated with BSO

2020-22 Strategic Plan
Focus on profitability, value creation and balance

sheet
Profitability Return on invested capital Credit metrics
+300 bps +200 bps +400 bps
0.3 5 14. 0% 35. 0%
12. 0% 30. 0%
0.3 0
30% 10. 0% 25. 0%

29%
9.6% 10.2% 25% 26%
27%
0.2 5
8.0 % 20. 0%
6.0 %
8.2% 15. 0%
0.2 0
19%
4.0 % 10. 0%
0.1 5
2.0 %
7% 5.9% 5.8% 5.0 %
2.5x 2.5x 2.3x

0.1 0 0.0 % 0.0 %
2015 2019 2022 2015 2019 2022 2015 2019 2022
Net income/EBITDA ROIC WACC FFO/Net Debt Net debt/EBITDA
36
2020-2022
Organic capex up by 11% to pursue strategic

vision
Organic capex by GBL1: 2019-21 vs 2020-22 (€bn)
€bn
+2.8 Decarbonisation 14.4
28.7
30. 0
25.9 Electrification
2.3 1.2
25. 0
2.4
20. 0
11.8
11.1
15. 0 Enabling Infrastructure 11.8
10. 0
10.0 12.5
1.1
5.0

0.0
2.5 1.9
2019-21 2020-22
Conventional generation EGP
Networks Retail & Enel X

38
1. 2019-21 net of capex associated with BSO . Total organic capex 2020-22 include 200€mn related to other.
Sound EBITDA growth reflecting strategic priorities…
Cumulated EBITDA (€bn) EBITDA evolution 2019-22 (€bn)
+3% +13%
0.4 (0.5)
0.7
20.00
0.4 20.1
FY 2019 1.3 0.1
59
57
17.9
55
53
17.8
58.0
56.1
51
49
47
45
15.00
1
2019-21 2020-22 EBITDA EGP Conventional Retail Networks Enel X Perimeter EBITDA 2022 2
2019E generation
Decarbonisation Electrification Enablers & 39

1. 2019-21 Proforma to include IFRS 16 Platforms
2. EBITDA 2022 includes -100 €mn related to Holding
…supported by ongoing delivery and focus on
efficiencies
Opex evolution (€bn) Efficiencies by business
-9%
FY 2019
0.5 (0.1) 5%
8.5 (1.2)
26%
8.5
7.7 38%
1.2 €bn
31%
2019E CPI & Growth & Efficiency 2022
Forex Perimeter
32% Net operating expenses on gross margin 28%

40
decarbonisation
Profitability of generation enhanced by

decarbonisation
Global Power Generation EBITDA (€bn) Main KPIs1
+23%
FY 2019
10.0 0
9.00
2019 2022 2019 2022
6.2 7.6
8.00
7.00
6.2 0.5
Total Production Gross Margin/MWh
Nuke (TWh)
229 249 (k€/MWh)
41 44
6.00
0.5
5.00
Total Capacity OPEX/MW

84 91 39 33
4.00
7.1 (GW) (€/MW)2

5.7
3.00
2.00
RES on total EBITDA/MW

1.00
capacity
50% 60% (k€/MW)
73 84
-
2019E 2022
41
1. Excluding managed capacity.
2. 2022 in real terms
decarbonisation
Conventional generation focuses on flexibility and

efficiencies
Gross capex 2019-21 vs 2020-22 (€bn) 2019-22 EBITDA evolution (€bn)
-24% 100% earmarked +6%

3.0
for development
beyond 2022
2.5
FY 2019
2.5
0.6 1.9 1.6 0.2

2.0
(0.1) (0.4) 0.3

0.7 0.1 1.7
1.6
1.5
1.9
1.0
0.5
1.2
0.0
2019-21 2020-22 2019E FX Coal Nuke Efficiencies Regulated 2022

Asset development Asset management margins margins revenues
37.4 EBITDA / MW (k€/MW) 46.1
38.4 OPEX / MW (k€/MW) 35.71 42
1. 2022 in real terms

decarbonisation
Renewable capex tailored to maximise economic

value of decarbonisation
Capex EBITDA/Capex IRR-WACC spread
GROWTH CLUSTERS GW
(€bn) (%) (bps)
Fleet decarbonisation in Italy, Spain and

5.4 5.6 12-13% >200
Chile
Development through PPA mainly in Brazil

5.1 4.7 12-13% ~200
and US
Other developments in countries of

1.1 1.2 14-15% ~150
presence / new markets
Development in new markets through JVs1 2.5
TOTAL
2020-22 14.1 11.5
43
1. Capex associated to JVs excluded from the total capex

decarbonisation
Renewable capex to maximise economic value of

decarbonisation
Renewables asset development capex 2020-22 (€bn) 2019-22 EBITDA evolution (€bn)
+28%
6%
FY 2019 1.3 -
39%
4.6 5.9
11.5 €bn
4.6
55%
Asset development capex 11.5 2019E Asset Asset 2022

development management
Asset management capex 1.0
44
decarbonisation
Higher share of organic capex increases EBITDA

evolution
Asset development capex evolution (€bn) Cumulated EBITDA growth (€bn)
+8% +33%
2.5 11.5
10.6 (1.6) 0.7 2.4
1.6 BSO
1.8 (0.1)
9.0 +28%
Old plan BSO Organic New plan Old plan BSO fee Organic New plan
1
2019-21 2020-22 2019-21 2020-22
0.9 Capex/MW 0.9 12% EBITDA/Capex ~13%
(€mn/MW)
110 EBITDA/MW 115
(k€/MW) 45
1. Net of BSO
Electrification
Retail EBITDA growth due to platformisation and

related activities
Retail gross capex 2020-22 (€bn) 2019-22 EBITDA evolution (€bn)
+13% +13%
FY 2019
41% FY 2019
3.6 3.3 3.6
3.3 3.2 3.2 0.1
0.4
0.3
1.2 €bn 0.6 0.8
82%
80% Free market 68%
2.2 2.3
59%
20% Regulated 32%
18%
2019E 2022 2019E 2022

CTA Platform
118 EBITDA/cust. (€/cl)1 84 Italy Iberia
Latin America RoE

23 Customers (mn)1 35
46
1. Free market power and gas
Networks capex focused on quality and efficiencies
Networks gross capex 2020-22 (€bn) Operating performance
RAB (€bn) 2019 2022

5%
13%
27%
50.0 0
~ 43 ~45 Opex/end user 42.5 35.61

(€/cust)
11.8 €bn 40.0 0
~12 ~14
5% 30.0 0
SAIFI2 (n) 3.2 2.9

50% 20.0 0
~31 ~31
10.0 0
Quality index3 +160 bps vs 2019E

Smart Meters Quality & Efficiency -
(%)
2019 2022
Platforms Connections
Other Europe Latin America
47
1. In real terms
2. Calculated as weighted average on end users
3. Quality on services rewards/penalties and losses reduction economic impact on gross margin
Infrastructure & networks set to improve cash

generation
2019-22 EBITDA evolution (€bn) FFO-CAPEX2 (€bn)
+9% +5%
FY 2019
0.4 (0.1)
8.2 0.3 7.5
- 0.1 8.9
7
8.2
6.5
7.7
7.3
6
5.5
2019E Argentina Connections Tariffs, Efficiency FX1 2022 2019-21 2020-22

Volumes
& Quality
Capex (€bn) 11.1 11.8
48
1. Excluding Argentina
2. Including not unbundled activities in Latin America
Enel X will capture new opportunities with customers
Gross Capex 2020-22 2019-22 EBITDA evolution (€bn)
5x
0.3 0.5
FY 2019
42%
58% 1.1 €bn 0.2
0.1
0.1
Enabling businesses 2019E Enabling Scale-up 2022

businesses businesses
Scale-up business
49
~12% of 2020-2022 capex to generate ~ 800€mn
EBITDA post 2022
2020-2022 Investments (€bn) Yearly EBITDA impact post 2022 (€mn)
30. 0
3.5
25. 0
~2.4 Decarbonisation ~650

20. 0
28.7 ~1.1 ~150

15. 0
Enabling infrastructure
25.2
10. 0
5.0
Total yearly EBITDA

0.0
~800
Gross Capex Capex generating Capex generating impact at regime
EBITDA by 2022 EBITDA post 2022
50
2020-2022
Financial management
& Sustainable finance
Debt evolution reflecting capital allocation dynamics
Net debt evolution (€bn) Source of funds allocation 2020-22 (€bn)
+1.4 50. 0
45. 0
1.4 (28.7)
40. 0
FY 2019
49.0
35. 0
42.1
47.0
45.2 30. 0
45.0
25. 0
43.0
20. 0
(14.7)
41.0
~46.8 ~47.3 ~47.3

~45.9
15. 0
39.0
10. 0
37.0 5.0
35.0 0.0
2019E 2020 2021 2022 Sources Incremental Gross capex Dividends

of funds Debt
52
Improving credit metrics
Credit metrics Long term credit rating
Rating Outlook
29%
4.5 0 35%
26% 26% 27%

4.0 0
25% 30%
3.5 0 25%
Standard & Poors BBB+ Stable
3.0 0 20%
2.5 0 15%
2.5x 2.5x 2.5x 2.4x Moody’s Baa2 Positive

2.3x
2.0 0 10%
1.5 0 5%
1.0 0 0%
Fitch A- Stable
0.5 0 -5%
- -10%
2015 2019 2020 2021 2022
Net debt/EBITDA FFO/Net debt

53
Continued reduction in cost of debt
Financial strategy for 2020-22 (€bn) Cost of debt evolution (2019-22)

Expected Current total 4.6%
Amount 4.7%
cost1 cost 4.5%

4.5%
4.4% 4.4%
Bond refinancing 5.5 1.7% 3.7% (40)
4.3%
bps
(40)
bps (50) (70)
Bank loans and other bps
4.1 0.9% 2.8% 4.1%
4.2%
bps
financing
3.9%
FY 2019 4.0%
Hybrid refinancing 1.1 2.6% 5.8% 3.7% 4.1% 3.9%
3.8%
3.5%
Emerging markets 3.1 6.7% 6.7%

2019 2020 2021 2022
Total 13.8 2.7% 4.2% Cost of debt New Plan Cost of debt Old Plan
Net Financial
2.3 2.3 2.3 2.2
Expenses
54
1. Enel estimates on current cost associated with financial instruments
Our journey to Sustainable Finance…
Path to SDG bonds Our SDG bonds
Cost of issuance discount Size Maturity KPI

USD
55%3
Issue 1.5 $bn 2024
20%2 Res. Capacity
10%1
SDG
Bonds 55%3
Green 2.0 €bn 2024/27
- Res. Capacity
Bonds
EUR
Plain Vanilla Focus on Issue
125
Bonds sustainable 0.5 €bn 2034
Focus on gCO2/kWh4
strategy
specific projects
No focus on 3.9 €bn - 3.6x covered – 7 yrs weighted avg. maturity
sustainability Weighted average coupon: 0.4%5
1. Green Bond issuance dated 21st January, 2019 3. Percentage of consolidated renewable capacity on total capacity at 2021
55
2. SDG Linked Bond issuance dated 10th October, 2019 4. Reduction of Scope 1 GHG emissions 70% per kWh by 2030 from a 2017 base-year.
5. Including CCIRS on US dollar coupon into euros
…will support cost of debt reduction throughout the
period
Sustainable Finance evolution (2019-2030) Expected impact on cost of debt

120 .0
100 .0
-15 bps -5 bps -15 bps

80. 0
22%
23%
60. 0
43%
2019 2022 2030
40. 0
57% 77%
78% 20. 0
0.0
Brown Kd SDG Kd 1 notch 2 notch Sustainability

Sustainable sources Traditional sources upgrade upgrade Kd
Credit upgrade worth from 5 to 20 bps
56
De-risking long term targets
De-risking our long term targets
2020-22 EBITDA centered on sustainable businesses

and benefitting from improved risk profile
Cumulated EBITDA evolution (€bn) Cumulated EBITDA 2020-22
60. 00
0.8
2.2
58
(0.9)
(0.5) 0.4 80%
55. 00
56
58 €bn
20%
50. 00
EBITDA Argentina Coal Efficiencies Contracted Free market EBITDA Contracted & regulated activities
2019-21 generation & services 2020-22
Merchant
& secured
volumes
58
Operating deployment: renewables’ contribution to
growth secured across the board
Development secured 2020-22 Production secured Variance in renewable production
120 .0
2020-2022
Additional Capacity 14.1 75%
2020-22 (GW) 100 .0
Gap to target (GW) 5.0 2020-22

80. 0
~45%
~390 TWh
60. 0
40. 0
25%
20. 0
2020-22 pipeline
Sold
~3.4x 0.0
Residual target Hedge w/retail portfolio1

Upside/ Netting Total
Downside
Total Production
7% @ 4%
Opportunity/Risk
59
(%)
1. Volumes to be sold forward in year n-1
Operating deployment: over 90% of generation

energy margin covered by sales to customer base
Integrated margin1 – energy margin vs retail margin Hedging position on price driven production
Ren & Nuke

160 %
Production1 60.0
hedged price vs
Pool price +19% +13%
(%) 2018 140 %
Hedging of CDS-CSS indexed

Coal & Gas
50.0
based on Large Retail margin vs

= =
120 %
33 2018
7% scenario/market customers
40.0
100 %
80%
30.0
Renewables
+ Nuke
Small and 60%
67 20.0
Natural hedging with medium ~100%
93% retail portfolio customers 40%
69%
10.0
20%
0%
Generation A Retail 2020 2021
60
1. Average 2020-21, Italy and Iberia.
Currency exposure: a low bottom line impact from

volatile currencies
2020-22 EBITDA by currency Cumulated impact 2020-221 (€bn)
EBITDA Group NI
11%
BRL (0.69) 0.84 (0.21) 0.24
ARS (0.12) 0.15 (0.03) 0.06

58 €bn 28%
61%
CLP (0.06) 0.09 (0.00) 0.00
Other (0.39) 0.48 (0.06) 0.09
EUR
USD Total (2.2%) – 2.7% (1.8%) – 2.2%
Latin America
-10% +10%
61
1. Sensitivity based on +/-10% USD/LOC (EUR/USD @Plan). Rounded figures
Excellent credit quality and well distributed

maturities
Net Debt/EBITDA of top European Utilities1 Liquidity and debt maturity by year (€bn)
25
20
4.5
4.4x 15
3.3x 22.7 12.2% 5.7% 10.2%

2.5x
3.5
10
2.5
2.3x 17.7 3
2
1.5
5
5.6
1
6.4
0.5
2.1 3.6
0 0
2019 2022 Available 2020 2021 2022 2020-22

liquidity2 New plan Last 3 yrs
Enel Average Peers Yearly refinancing on
7.5% 19.2%
average gross debt
Maturities/Gross Debt Short term

62
1. The panel includes integrated European Utilities (EDP, Iberdrola, EDF, E.on, Innogy, Engie, Naturgy). Source: Bloomberg estimates @ 04/03/2020
2. As of March 31st, 2020
3. Includes the short term debt.
2020-2022
Earnings & Targets
Earnings and targets
Sustainable strategy delivers earnings growth of 27%
Group net ordinary income (€bn)
Steady operational growth driving net income

+27% performance
7.0
6.1 6.5
5.8
Sustainable finance and managerial actions
6.0
5.4
5.6 5.5
granting adequate and cheap funding

4.8 5.0
4.5
4.0
3.5 Active portfolio management to simplify the

3.0
structure while improving value creation and
2.5
risk profile
2.0
2019 2020 2021 2022
Old Plan
64
Earnings and targets
Visible value creation for our shareholders
2019-22
Earnings growth 2019 2020 2021 2022 CAGR
Ordinary EBITDA (€bn) 17.9 18.6 19.4 20.1 +3.9%
Net ordinary income (€bn) 4.8 5.4 5.8 6.1 +8.3%
2019-22
Value creation CAGR
Pay-out ratio 70% 70% 70% 70% -
Implicit DPS (€/sh) 0.328 0.37 0.40 0.42 +8.6%
Minimum guaranteed DPS (€) 0.32 0.35 0.37 0.40 +7.7%
65
Closing remarks
Closing remarks
Accelerating decarbonisation through renewables growth and coal phase out
Future proofing operations ahead of electrification of consumption
Solid balance sheet with ample liquidity
Sustainable value creation for all stakeholders
Significant growth opportunities beyond the plan
67
FY 2019 Consolidated results
Full Year 2019
Consolidated results
March,19 2020
COVID-19
Business continuity management and risks
assessment
Francesco Starace
CEO
COVID-19
Business continuity management: our people
Remote working trends
% of employees on remote working

Remote working: c.35,300 total number of people
+13x
1
0
52% 14,700 6,300 RoW: 14,300
0
0
4%
-
Pre COVID19 Post COVID19 Crisis management: Global Task Force set up in February 2020,
outbreak outbreak established also at country level with currently 17 local task forces
# of simultaneous VPN accesses (k)

+7x Personnel protection: optimization of work scheduling,
35
extension of PPE use and monitoring of health conditions
30
25
27.2
20
15
3.7
External suppliers: request to adopt same protection measures
10
Pre COVID19 Post COVID19 activated by Enel

2
outbreak1 outbreak
71
1. As of February 24th, 2020; 2. As of March 18th, 2020
COVID-19
Business continuity management: our assets
 100% remote operational management of

 Complete remote management of all the
renewable assets, 100% remote monitoring of
activities, including call centers
conventional generation
 Customer interactions through digital channels
 Optimization of power plants operation schemes
only
and rescheduling of maintenance activities
guaranteeing business continuity
 Robot process automation to minimize front-end
and back-end disruption
 c. 45 mn smart meters, 205k switchgears, 2,200
primary substations and 135k secondary
substations remotely controlled  Digital native business
 Operations can be transferred between operating  Management and deployment of activities remotely
and back up centers ensuring the reliability of the controlled in full
network
100% IT portfolio core applications on cloud provide full accessibility from everywhere and scalability
72
COVID-19
Risk assessment: strategic deployment not affected, resilient business set up
Macroeconomic Risks Business Risks Financial Risks
GDP & Commodities: Prices: 2020 production sold Strong coverage and
forward: Latin America leverage ratios set to
 80% contracted and
100%, Europe >80% improve over the 2020-22
regulated activities
Renewables: no material period
protect earnings from
macro economic cycle disruption in supply chain, so Limited re-financing needs
far deployment in line with in the plan period
 Energy margin fully target
covered in 2020
Distribution: minor delays in Liquidity to cover 1.9x debt
FX: 10% simultaneous smart meter installation to mature by 2022
devaluation of local
Retail: well diversified and
currencies against euro
resilient customer base
translates into max c.2%
negative impact on Cost efficiencies: benefits
earnings from large scale remote
working and restriction in
travels
73
Full Year 2019
Francesco Starace
CEO
Key highlights of the year
Strong financial Push on Grid Free market Rating

results decarbonisation digitalisation growth improvements
+11% +3 GW Fitch A-
EBITDA Renewables +5.9 mn +1.2 mn Moody’s Baa2/+
Smart
+17% - 4.1 GW Customers MSCI AAA
meters 2.0 CDP A
Net Income Coal
75
Delivering on a fully sustainable capex plan
Capex increased by 17% yoy
Capex by business and by nature Capex asset development by business
2%
5%3%2% 18% 2%
8% 28%
39%
FY 2019 FY 2019 FY 2019
10 €bn 23% 10 €bn 59% 5.9 €bn
43% 68%
Networks Enel X Asset development Networks Enel X
Retail EGP Customers Conventional EGP

generation
Conventional Other Asset management
generation
More than 90% of capex SDGs related
76
Decarbonisation
Global Power Generation

A single business line to enhance opportunities of the energy transition
Installed capacity and production evolution in 20191 (GW) Emission free share of production2
110 .0
51% emission free 57% emission free

235 86.5 84.8 213
90. 0
70. 0
127 43.1 - 4.2 GW 38.9 103 FY 2019

FY 2018
-10%
50. 0 260 TWh 239 TWh
30. 0
43.4 + 2.5 GW3 45.9

108 110
10. 0
+6%
-10.0
FY 2018 FY 2019 2017 2018 2019 20304

CO2 emissions
Renewables Thermal Generation (g CO2/kWh)
411 369 296 125
Production (TWh)
1. Rounded figures. Includes renewable managed capacity (4.2 GW in FY2018; 3.7 GW in FY 2019). 2. Emission free production includes nuclear generation and production from managed 77
Does not include nuclear (~3.3GW capacity; production of 24 TWh in FY2018 and 26 TWh in capacity (9.1 TWh in FY2018 and 10.2 TWh in FY2019)
FY2019). 3. Net of asset rotation activities
4. Target certified by the Science Based Target initiative (SBTi)
Decarbonisation
Renewables capacity evolution

Continued delivery on renewable growth with more than 3,000 MW built
Renewable capacity evolution 2019 (GW)
Total
capacity 43.4 3.0 0.7 (1.3) 45.9 Capacity delivery: set new record
with more than 3,000 MW built
0.1 -
Managed (0.7) c. 2,400 MW added only

4.2 3.7
capacity
in Q4 2019
2 0.7
2020 additional capacity: 4,000 MW
2.9 (0.6) ~100% already addressed
Consolidated 42.2
capacity 39.2
FY 2018 Built Acquisition Disposal FY 2019

capacity
78
Decarbonisation
High level visibility on deployment goals
2020-22 Renewables growth1: addressed share vs pipeline2 (GW)
2020 ~100% 35.9 GW 35.9 GW Pipeline

30. 0
Coverage ~~6.8x
7.4x
by year 2021 63% Residual target
25. 0
2022 35% 16.2
Beyond 2022
20. 0
15. 0 62% addressed
14.1 19.7 2020-22 pipeline

10. 0
8.8 2020-22 ~~3.7x

4.2x
5.0
Residual target
5.3
0.0
Target additional Addressed Residual target Pipeline

capacity
1. Includes managed capacity 79

2. As of December 2019
Decarbonisation
Focus on coal phase out

Acceleration of decarbonisation with coal capacity down by 4.1 GW
Coal production (TWh) Coal capacity (GW)

Coal production on total1 Coal capacity on total1 Coal production almost
halved in 2019
-42% -26%
4.1 GW of coal capacity (4 power

16.0 0
60. 00
64.4 15.0 0
15.8
55. 00
14.0 0
plants)2 reduction in 2019
13.0 0
50. 00
12.0 0
45. 00
40. 00
11.0 0
11.7 Revenues from coal c.3.5% on total

10.0 0
EBITDA from coal c.2% on total

37.6
35. 00
9.00
30. 00
25.7% 16.4% 8.00

18.5% 13.9%
25. 00 7.00
FY 2018 FY 2019 FY 2018 FY 2019 4.3 €bn impairment
1. Does not include managed capacity and production 80

2. Reftinskaya,Tarapacà, Bastardo and Alcudia
Electrification
Retail
Progressive shift towards more profitable free markets
Free markets Total power customers

(mn) (mn)
+1.2 Free market customers up by 1.2 mn
driven by Italy
16.0 17.2 65.4 64.1
60. 00
16.0 17.2 End of Italian regulated tariff:

2.2
1.7 50. 00
2021 for SME, 2022 for retail

40. 00
5.7 5.8
30. 00
49.4 46.9
+200k regulated customers in
Latin America reaching 26.7 mn
20. 00
8.6 9.2
10. 00
FY 2018 FY 2019 FY 2018 FY 2019
Italy Iberia RoE Free markets Regulated markets
81
Networks
Continued effort on grid digitalisation with meters 2.0 almost doubled
Electricity distributed (TWh) Smart meter 2.0 (mn)1
+5.9 mn smart meters 2.0 installed

+4% +82%
14.0 0
500 .00
504 12.0 0
13.1
450 .00
484 10.0 0
~30% smart meters 2.0 on total
8.00
400 .00
6.00
7.2
350 .00
4.00
Fully digitalized end users

2.00
higher than 60%

300 .00 -
FY 2018 FY 2019 FY 2018 FY 2019

End users
SAIFI (n.) 3.4 3.2 72.9 73.3
(mn)
Total Smart
SAIDI (min.) 312 294 43.8 44.7 82
Meters (mn)
1. FY 2018 restated
Ecosystems and Platforms
Enel X
Development ramp up of our value added services
New energy services Infrastructure deployment
Demand Response (GW) Storage (MW)
+2% +57% FY 2018 FY 2019

+63%
Charging points1 (k) 49 80
6 120
6.3
110
100
6.2
6
80
Public lighting -4%

6
(mn points) 2.5 2.4

70
60
40
20
+55%
6
Fiber deployment
6 -
(Households passed mn) 5.1 7.9

FY 2018 FY 2019 FY 2018 FY 2019
MW awarded
in 2019
5.3
83
1. Public and private charging points
Shareholder remuneration
EPS (€/sh) DPS (€/sh)
+33% +32%
+18% +17%
0.40
0.35
0.53
0.30
0.37
0.47 0.25
0.328
0.40 0.20
0.28
0.15
0.10
0.05
0.00
2018 2019 2020 2018 2019 2020
Min. guaranteed
DPS 0.28 0.32 0.35
84
Full Year 2019
Financial results
Alberto De Paoli
CFO
Financial highlights (€mn)
EBITDA1 Net Income1 FFO Net Debt
✔ ✔ ✔ ✔
17,905 4,767 11,630 45,175

+11% +17% +5% +10%
FY 2018 16,158 4,060 11,075 41,0892
1. Ordinary figures 86
2. As of December 31st 2018. IFRS 16 impact from January 1st, 2019
Ordinary EBITDA evolution1
Performance supported by our sustainable and integrated business model
EBITDA evolution (€bn) Ordinary EBITDA by GBL
+11%
1%
20.00
18%
0.0 0.1
0.8 46%
0.2 17.9 €bn
0.1 0.5 17.9 9% (11% yoy)
15.00 16.2
26%
0.6 0.9
10.00
EBITDA 2018E EGP Conventional Retail Networks Enel X Services&Other EBITDA 2019 Networks Enel X
generation
Retail EGP
Conventional
Decarbonisation generation
Electrification Enablers & Platforms
87
1. Excludes extraordinary items in FY 2018 (+128 €mn Rete Gas Earn Out and +65 €mn EF Solar) and FY 2019 (+94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, -
205 €mn impairment coal Italy, -103 €mn impairment coal Iberia, -30 €mn price adjustment Kafireas, -7 €mn impairment coal Russia)
Operational efficiency
Efficiencies reached 300€mn in 2019
OPEX evolution (€mn) Efficiencies by business
8,9 00.0
-1%
186
8,7 00.0
22%
140
8,5 00.0
8,590 (194) 8,582

97 8,506 FY 2019 47%
0.3 €bn
8,3 00.0
(313)
8,1 00.0
31%
7,9 00.0
7,7 00.0
FY 2018 Perimeter IFRS 16 FY 2018 Efficiency CPI & FX Develop. & FY 2019
& Other pro forma Customers
88
Decarbonisation
Enel Green Power

Robust sustained growth
EBITDA evolution (€mn) EBITDA FY 2019 by geography
+2%
4,80 0.00
2%
4,70 0.00
Higher prices more than offset

4,60 0.00
lower volumes 27%
4,634
48% FY 2019
4,543
4,50 0.00
4,40 0.00
Impact from large Q4 investments 4.6 €bn
4,30 0.00
not yet visible 7%
4,20 0.00
16%
4,10 0.00
Positive contribution from PPA early
4,00 0.00
termination for around 80 €mn
FY 2018 FY 2019 Italy Latin America
Iberia RoW
EBITDA/ North America
11% 11%
Capex1 (%)
1. Calculated on the basis of EBITDA at regime of renewable plants with COD 2018 and 2019 89
Decarbonisation
Conventional generation and Global trading

Performance driven by higher nuclear prices and continued efficiencies
2,00 0.00
+45% 11% 6%
1,80 0.00
1,60 0.00
Higher nuclear prices and volumes
1,40 0.00
1,616
FY 2019
1.6 €bn
1,20 0.00
40%
1,00 0.00
1,117 Ongoing efficiency plan 43%

800 .00
600 .00
400 .00
c.60 €mn positive impact from
200 .00
ancillary services
Iberia RoW
Opex/MW1
34.0 33.4
(k€/MW)
1. Thermal generation 90
Infrastructure and Networks

EBITDA growth driven by Enel DX Sao Paulo and efficiencies
11,0 00.00
+11%
10,0 00.00
1%
Enel DX Sao Paulo consolidation 25%
and outstanding performance
9,00 0.00
8,00 0.00
8,228 FY 2019
47%
8.2 €bn
7,00 0.00
7,411
6,00 0.00
Efficiencies for 160 €mn

5,00 0.00
27%
4,00 0.00
3,00 0.00
Constructive regulatory changes in
Brazil and Argentina
2,00 0.00

Iberia RoW
Opex/End
43.9 42.5
users (€/cust)
91
Electrification
Retail
Performance propelled by free market
EBITDA evolution (€mn) Energy sold1 (TWh)
+7% +3%
Higher margins in Iberia and Latin
3,079 3,287
America 400 .00
350 .00
327 336
599
546
300 .00
c.9% cost to serve reduction 172

250 .00
163
mainly in Italy 200 .00
2,53 2,68 150 .00
3 8 100 .00
Regulated market performance 50. 00

164 164
supported by Enel Dx Sao Paulo 0.0 0
FY 2018 FY 2019 FY 2018 FY 2019
Ebitda/Cust. Free markets Regulated markets

118 =
(€/cl)2
1. Includes energy losses; 92

2. Free market power and gas
Profit & loss (€mn)
FY 2019 FY 2018 ∆ yoy
Ordinary EBITDA 17,905 16,158 +11% Higher D&A mainly due to IFRS16, consolidation of
Enel DX Sao Paulo and higher investments
D&A (6,809) (6,365) +7%
EBIT 11,096 9,793 +13%

Lower cost of debt by around 40bps
Financial expenses1 (2,413) (2,370) +2%
Results from equity investments (88) 81 n.m.
EBT 8,595 7,504 +15% Results from equity investments negatively

Impacted by North America JV unwinding
Income taxes (1,960) (1,864) +5%
Minorities (1,868) (1,580) +18%

Higher minorities due to increasing contribution of
Group net ordinary income2 4,767 4,060 +17% activities in Latin America
1. Includes other financial expenses (-101 €mn for FY 2018, -158 €mn for FY 2019)
2. Excludes extraordinary items in FY 2018 (+729 €mn: +128 €mn earn out Retegas, +64 €mn EF Solar, +646 €mn Slovenske, -98 €mn impairment, -11 €mn Income on equity Powecrop) and FY
2019 (-2593 €mn: +97 €mn disposals Mercure plant, +49 €mn second tranche earn out Rete Gas, -1,412 €mn coal plants and other impairments Italy, -108 €mn impairment USA, -902
93
€mn impairments coal plants Iberia, -151 €mn impairments coal plants Bocamina 1 and Tarapaca, -60 €mn impairment RGRES, -34 €mn Slovenske investment impairment and -4 €mn impairment
of financial asset for SE disposal; -38 €mn Devaluation FUNAC; -30 €mn Price adj Kafireas)
Cash flow (€bn)
Solid FFO generation supports increasing capex
12.0
17.9
10.0
(1.8) (0.0)
8.0
(1.8)
6.0
(2.7)
4.0
11.6 (10.0)
2.0
-
1.7
1 3
Ordinary ∆ Provisions ∆Working Income Financial FFO Capex FCF
EBITDA capital taxes expenses 2
& other
PY 16.2 (1.9) 1.1 (1.7) (2.6) 11.1 (8.5)4 2.5
Delta YoY +11% -3% -96% +7% +3% +5% +17% -34%
1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges),
accruals of bad debt
2. Includes dividends received from equity investments
94
3. Funds from operations
4. Gross of BSO capex HFS
Debt (€bn)
Cost of debt declined by 40 bps, Net Debt impacted by FX and IFRS16
Gross debt Net debt evolution
50
+7%
48
46
4.0 1.1
61.5
57.4 44
42.5 45.2
60
9.0 (0.6)
6.7 42
1.4
50
7.3 IFRS 16
8.2 40
IFRS 16
40
1.4
(1.7)
38
30
41.1
36
20
41.1 45.2 34
10 32
30
-
1 2
Jan 1, 2019 Dec 31 2019 Jan 1, 2019 FCF Dividends paid Active portfolio FX Dec 31, 2019
management
Net debt Financial receivables Cash
Cost of gross debt: 4.1% (-40 bps vs 2018)
1. Includes New Leasing for 0,1 €bn

95
2. Includes foreign exchange derivatives realized in the period
Closing remarks
More than 50% of NO evidence of Ample liquidity

2019 strong
our people significant available and
financial results as
working remotely impacts thanks to strong balance
a consequence of a
a resilient and sheet to face
strong operational No disruptions on diversified volatile scenarios
execution operations business mix
96
Q1 2020 Consolidated results
Q1 2020
May 6, 2020
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
99
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 hedging, short position and 5.9 €bn long term debt maturing from May 1st up
balancing services due to load volatility to the end of 2021, 4.4 times covered by liquidity2
Distribution: 1% volumes decrease in Latin Available liquidity to cover 2.1 times long term
America; remuneration in Europe not impacted by debt to mature by 20222
reduction in volumes (-4% yoy)
Retail: -3% decrease in B2B volumes and +1% Strong balance sheet to withstand volatile
increase in B2C volumes1 linked to COVID-19 crisis scenarios
130 €mn of negative impact on EBITDA from FX

0.4 €bn of temporary net working capital
devaluation, of which 80 €mn linked to COVID-
increase linked with COVID-19 crisis
19 crisis
1. Italy and Spain 100
2. Calculated on the basis of liquidity position and debt maturities as of April 30th, 2020
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 communities
Insurance policy for all employees worldwide
Around 50 €mn donations globally to hospital
 First ever of its kind in the world institutions and social assistance services
 Cash allowance for hospitalized employees
Top management to donate around 15% of
Support to employees engaged in non remotable 2020 remuneration
activities through the creation of a “Vacation Day
Bank” mechanism
Crowdsourcing for ideas to help countries deal
 20,999 days donated by Enel’s people2 with the emergency
 29,700 days donated by the Company
MBO targets more aligned with people safety Dunning processes suspension worldwide
and business continuity
1. Daily average in the week 13-17 April 2020 101
2. As of April 30th, 2020
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%
Networks Enel X Asset development Networks Enel X
Retail EGP Customers Conventional EGP

generation
Conventional Asset management
generation
102
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 production up by 9%
54 TWh
Coal production down by 80%
0.4 -
In 2020 ~3.2 GW in execution
and ~0.4 GW fully permitted
42.1 42.5
65% emission free
(+12 p.p. vs PY)
FY 2019 Built Disposal Q1 2020
Consolidated capacity Managed capacity

103
1. Emission free production includes nuclear generation (7.1 TWh in Q1 2019 and 7.2 Twh in Q1 2020) and production from managed capacity (2.9 TWh in Q1 2019 and 2.5 TWh in Q1 2020)
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 Q1 2020 Spain Q1 2020
Customers pro forma provision
reversal
104
Q1 2020
Financial results
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 106

2. As of December 2019
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 Conventional
generation
Decarbonisation Electrification Enablers & Platforms

107
1. Excludes extraordinary items in Q1 2019 (+94 €mn Disposals of Mercure plant) and Q1 2020 (-33 €mn COVID-19)
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 position
1.8 €bn
1,50 0
and balancing services

1,00 0
7%
Q1 ‘19: 260 €mn PPA early 29%
500
1,248 1,139 termination and JV unwinding
Q1 ‘20: 170 €mn provision reversal
-
Italy Latin America

Q1 2019 Q1 2020 70 €mn from adverse FX scenario Iberia RoW
in Latin America North America
1. Includes Nuke and Trading 108

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
1,00 0.00
1.1 €bn
900 .00
(+1.3 TWh) at hedged prices
800 .00
9%
700 .00
Q1 ’19: 180 €mn from JV unwinding 10%

600 .00
and PPA early termination

500 .00
400 .00
Italy Latin America

Q1 2019 Q1 2020 50 €mn negative effect from Iberia RoW
FX devaluation North America
109
Decarbonisation
GPG - Conventional generation and trading

Hedging, short position and balancing services
900 .00
+39%
11% 8%
Benefit from short position and
800 .00
700 .00
balancing services 19%

600 .00
695
Q1 2020
Q1 ’19: 80 €mn PPA early termination 0.7 €bn
500 .00
501
400 .00
Q1 ‘20: 170 €mn provision rev. Spain

300 .00
200 .00
62%
Ongoing efficiencies more than
offset 20 €mn FX devaluation
100 .00
Q1 2019 Q1 2020 Italy Latin America

Iberia RoW
110
Infrastructure and Networks

Stable performance thanks to protective regulatory framework
2,10 0.00
+7%
2,05 0.00
European regulatory framework 1%

2,00 0.00
protecting against dropping volumes 33%

1,95 0.00
1,958 Q1 2020
1,90 0.00
Limited impact from 1% decline in 44%

1,85 0.00
2.0 €bn
Latin America volumes
1,826
1,80 0.00
22%
1,75 0.00
1,70 0.00
Q1 ‘20: 180 €mn provision
1,65 0.00
reversal in Spain
1,60 0.00
Q1 2019 Q1 2020 Italy Latin America

c. 60 €mn negative impact from Iberia RoW
FX devaluation
111
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
151 Italy
146 13.1 11.7
Higher margins in Iberia
Q1 2019 Q1 2020
B2C
715 790 -3%
B2B
c. 8% cost to serve reduction
in Italy and Spain 21.1 20.4
5.4 5.1
Q1 2019 Q1 2020 Spain
15.7 15.3
Free markets Regulated markets
Q1 2019 Q1 2020
1. Includes energy losses; 112
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 equity investments 14 (63) n.m. vs year end 2019
EBT 2,530 2,177 +16%
Income taxes (809) (624) +30% Higher taxes mainly due to higher EBT and
positive deferred tax asset in 2019
Minorities (440) (394) +11%
Group net ordinary income2 1,281 1,159 +11%
1. Includes other financial expenses (-70 €mn in Q1 2019, -73 €mn in Q1 2020)
2. Excludes extraordinary items in Q1 2019 (+97 €mn disposals Mercure plant) and in Q1 2020 (-34 €mn: -3 €mn write-down of Funac in Brazil, -17 €mn Slovenske investment impairment, -22 €mn
donations and other cost due to COVID-19, +8 €mn reversal impairment on coal plants in Iberia)
113
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% n.a. -6% -17% - -69%
1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt
2. Includes dividends received from equity investments 114
3. Funds from operations
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 Cash
Cost of gross debt: 3.9% (-20 bps vs year end 2019)

1. Includes New Leasing for 0,07 €bn
115
2. Includes foreign exchange derivatives realized in the period
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 maturing in 2020-21
12.7
20.1 5.0 6.9 3.9 1.7
3.0
2.2 4.7 Diversified and balanced cash

1.0
1.2 1.7 allocation to minimize counterparty risk
0.8
Available committed
-1.0
2020 2021 2022 2023-24

credit lines
Cash Short term Bank Loans & Others Bonds
1. As of April 30th, 2020

116
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
temporary shocks
year end delivery through December remuneration policy
117
2020-2022
Annexes
Agenda
Page
Macro scenario 121
Conventional generation 124
EGP 127
Financial
annexes Infrastructure & Networks 131
Retail 135
Enel Group 140
2020 – 2022 Sustainability Plan 148
Focus on People Centricity 150

ESG
annexes
Focus on Corporate Governance 153
Focus on Innovation & Cybersecurity 159 119

2020-2022
Financial annexes
2020-2022
Macro scenario
Macro scenario
GDP, CPI, FX
GDP (%) CPI (%) FX against €1

2020 2021 2022 2020 2021 2022 2020 2021 2022
Italy 0.5 0.6 0.7 1.3 1.5 1.7 n. m. n. m. n. m.
Iberia 2.0 1.7 1.5 1.7 1.8 1.9 n. m. n. m. n. m.
Latin Am erica
A rgentina (1.3) 1.4 1.8 48.6 34.8 22.9 77.8 95.2 115.2
B razil 2.6 2.6 2.5 4.1 3.9 3.7 4.4 4.5 4.7
Chile 3.0 2.9 2.9 3.0 3.0 3.0 753 752 752
Co lo mbia 3.2 3.2 3.3 3.0 3.0 3.0 3,768 3,868 3,908
P eru 3.8 3.9 3.9 2.3 2.5 2.5 3.9 3.9 3.9
Rest of Europe
Ro mania 2.3 2.1 2.0 2.8 2.6 2.6 4.8 4.9 4.9
Russia 1.7 1.7 1.5 4.0 3.7 4.0 72.6 72.0 72.3
North Am erica
USA 1.9 1.8 1.9 2.0 2.0 2.0 1.2 1.2 1.2
1. Year end 122

Commodities’ prices
Macro scenario
2019 2020 2021 2022

Gas TTF (€/MWh) 13.5 19.2 19.5 19.7
Gas Henry Hub ($/m m btu) 2.5 3.1 3.1 3.1
Gas PSV (€/MWh) 16.0 20.9 21.1 21.3
Oil Brent ($/bbl) 64.1 65.0 65.0 66.0
Coal API2 ($/ton) 61.0 75.0 76.0 78.0
CO2 (€/ton) 24.8 23.5 24.0 24.5
123
2020-2022
Conventional generation
Installed capacity1 (GW)
By technology By geography
8% 9% 32% 34%
35% 12% 15%
2019 2022 41% 2019 2022
29% 32% 36.5 GW
42.2 GW 42.2 GW 36.5 GW
18%
21%
38% 30%
28% 18%
Nuke CCGT Coal Oil & Gas Italy Latin America Iberia Rest of Europe
Nuke CCGT Coal Oil & Gas Total

2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022
Italy - - - - 4.5 4.6 4.6 4.6 6.2 6.2 6.2 5.6 2.7 2.4 2.4 2.4 13.5 13.2 13.2 12.6
Iberia 3.3 3.3 3.3 3.3 5.5 5.5 5.5 5.5 4.8 2.8 0.2 0.2 2.3 2.3 2.3 2.1 16.0 13.9 11.3 11.1
Latin America - - - - 4.2 4.2 4.2 4.2 0.7 0.7 0.7 0.7 2.7 2.7 2.7 2.7 7.5 7.5 7.5 7.5
Rest of Europe - - - - 0.8 0.8 0.8 0.8 - - - - 4.4 4.4 4.4 4.4 5.3 5.3 5.3 5.3
North America - - - - - - - - - - - - - - - - - - - -
Africa, Asia & Oceania - - - - - - - - - - - - - - - - - - - -
Total 3.3 3.3 3.3 3.3 15.0 15.0 15.0 15.0 11.7 9.6 7.1 6.6 12.2 11.9 11.8 11.6 42.2 39.9 37.3 36.5
1. Rounded figures. Latin America includes: South America, Costa Rica, Guatemala and Panama. Rest of Europe includes: Romania, Russia, Greece and Bulgaria. North America includes: Mexico, 125
USA and Canada. Africa, Asia & Oceania includes: South Africa, India and Zambia
Production1 (TWh)
20% 25% 17% 24%
16% 18%
2019 22% 2022 25% 2019 2022
129.7 TWh 35% 106.0 TWh 129.7 TWh 40% 106.0 TWh
37% 15% 43%
29% 16% 18%
Nuke CCGT Coal Oil & Gas Italy Latin America Iberia Rest of Europe
Nuke CCGT Coal Oil & Gas Total

2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022
Italy - - - - 9.6 11.0 10.0 9.0 12.8 16.9 17.8 16.0 0.3 0.1 0.1 0.1 22.6 28.1 28.0 25.1
Iberia 26.3 26.4 26.1 26.5 11.7 9.2 10.1 11.1 7.6 8.5 3.3 0.1 5.7 8.7 8.5 8.4 51.3 52.8 48.0 46.1
Latin America - - - - 17.9 14.8 14.2 13.3 3.9 2.0 1.0 0.8 1.6 1.9 2.4 2.0 23.4 18.6 17.6 16.2
Rest of Europe - - - - 5.8 4.9 5.7 5.8 13.3 - - - 13.3 12.8 12.7 12.9 32.4 17.7 18.4 18.7
North America - - - - - - - - - - - - - - - - - - - -
Africa, Asia & Oceania - - - - - - - - - - - - - - - - - - - -
Total 26.3 26.4 26.1 26.5 45.0 40.0 40.0 39.2 37.6 27.3 22.1 16.9 20.9 23.5 23.8 23.4 129.7 117.3 112.0 106.0
1. Rounded figures 126

2020-2022
EGP
EGP
Consolidated capacity1 (GW)
13% 2% 15%
2%
7% 27%
2% 16% 52% 2% 33%
3%
2019 67% 2022 2019 2022
42.2 GW 1% 54.2 GW 42.2 GW 54.2 GW
24% 32%
34% 19%
31% 18%
Italy Latin America North America

Hydro Wind Solar & Other Geothermal
Iberia Rest of Europe Africa, Asia & Oceania
Hydro Wind Geothermal Solar & Other Total

2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022
Italy 12.4 12.4 12.4 12.5 0.8 0.8 1.0 1.3 0.8 0.8 0.8 0.8 0.0 0.0 0.0 0.2 14.0 14.0 14.2 14.7
Iberia 4.7 4.8 4.8 4.8 2.3 2.5 2.6 3.2 - - - - 0.4 0.6 1.4 2.2 7.4 7.9 8.8 10.2
Latin America 10.6 10.6 10.6 10.7 1.6 2.4 3.3 3.7 0.0 0.1 0.1 0.1 1.5 2.3 3.2 4.0 13.7 15.3 17.2 18.5
Rest of Europe 0.0 0.0 0.0 0.0 0.9 1.0 1.2 1.2 - - - - 0.1 0.1 0.1 0.1 1.0 1.1 1.3 1.3
North America 0.1 0.1 0.1 0.1 4.4 5.6 6.1 6.6 0.1 0.1 0.1 0.1 0.7 0.9 1.1 1.3 5.3 6.7 7.4 8.0
Africa, Asia & Oceania - - - - 0.4 0.5 0.5 0.5 - - - - 0.4 0.8 0.8 0.9 0.8 1.3 1.3 1.4
Total 27.8 27.9 27.9 28.1 10.3 12.7 14.6 16.4 0.9 0.9 0.9 0.9 3.1 4.8 6.7 8.8 42.2 46.3 50.1 54.2

EGP
Consolidated production1 (TWh)
13%2% 19%
2%
18%
4% 45% 24%
6% 12% 2%
2019 63% 2022 2019 2% 2022
5% 12%
99.4 TWh 143.3 TWh 99.4 TWh 143.3 TWh
10%
27%
38% 49%
47%
Italy Latin America North America
Hydro Wind Solar & Other Geothermal
Iberia Rest of Europe Africa, Asia & Oceania
Hydro Wind Geothermal Solar & Other Total

2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022
Italy 17.2 17.3 17.2 17.0 1.4 1.3 1.5 2.2 5.7 5.6 5.6 5.7 0.0 0.1 0.1 0.3 24.3 24.3 24.4 25.2
Iberia 5.9 6.9 6.9 6.9 4.1 5.7 6.4 7.6 - - - - 0.1 0.7 1.7 3.3 10.1 13.3 15.0 17.8
Latin America 39.2 41.9 42.6 42.9 6.3 6.7 11.4 14.7 0.2 0.4 0.6 0.6 2.8 4.1 7.0 9.6 48.4 53.1 61.5 67.8
Rest of Europe 0.0 0.0 0.0 0.0 1.8 2.2 2.5 3.3 - 0.0 0.0 0.0 0.2 0.2 0.2 0.2 2.0 2.4 2.7 3.5
North America 0.2 0.3 0.3 0.3 12.1 18.9 21.6 23.4 0.3 0.4 0.3 0.3 0.3 1.7 2.1 2.6 12.9 21.2 24.3 26.6
Africa, Asia & Oceania - - - - 1.0 1.2 1.0 1.0 - - - - 0.6 1.3 1.4 1.5 1.6 2.5 2.3 2.5
Total 62.6 66.4 66.9 67.1 26.7 36.1 44.4 52.2 6.1 6.3 6.6 6.6 4.0 8.0 12.4 17.4 99.4 116.8 130.3 143.3
1. Rounded figures C 129

EGP
Consolidated additional capacity and pipeline1 (GW)
Consolidated additional capacity by technology COD 2020-2022 Pipeline by geography
1%
Wind
2020-22 Solar COD

49% 11.62 GW 50% 2020 2021 2022 Total
Hydro
Italy 0.0 0.5 1.6 2.1
Iberia 0.1 1.0 1.8 2.9
Latin America - 0.3 4.8 5.1
Rest of Europe 0.0 0.0 0.3 0.3
Consolidated additional capacity by geography North America 0.0 2.4 4.2 6.7
Africa, Asia & Oceania 0.0 0.3 2.3 2.6
2%6% Total 0.1 4.6 15.0 19.7
22% Italy
24% Iberia
2020-22
3% Latin America
11.62 GW
Rest of Europe
North America
43% 1. Rounded figures 130
Africa, Asia & Oceania 2. Excluding Jvs for 2.5 GW
2020-2022
Infrastructure & Networks
Electricity distributed, End users, Smart meters1
Electricity distributed (TWh) End users (mn) Smart meters (mn)

2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022
Italy 224.6 226.5 226.8 227.1 31.5 31.5 31.5 31.6 31.4 31.4 31.4 31.6
Iberia 126.5 127.0 128.4 129.8 12.2 12.3 12.4 12.4 12.2 12.3 12.4 12.5
Latin America 137.3 139.8 143.5 147.1 26.7 27.1 27.6 28.1 0.4 0.6 1.1 1.6
Rest of Europe 15.7 16.0 16.2 16.4 2.9 2.9 3.0 3.0 0.7 0.8 1.0 1.2
Total 504.0 509.3 514.9 520.4 73.3 73.8 74.4 75.1 44.7 45.1 45.9 46.8

Current regulatory framework in Europe1
Italy Iberia Romania
WACC real pre tax 6.9%

5.9% 6.0%
2019
Next Regulatory
20242 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 RAB
1. As of February 2020 133
2. WACC review by 2022
Current regulatory framework in Latin America1
Argentina Brazil Chile Colombia Peru
WACC real pre tax 10.0%2

12.5% 12.3% 11.79% 12.0%2
2019
Next Regulatory
2022 2023 Nov 2020 2024 Nov 2022
Period
Regulatory Period 5 (Rio, Goias)

5 4 5 4
Length (years) 4 (Ceará, São Paulo)
Metering Owned by Owned by Owned by Owned by Owned by

Ownership DSO DSO users/DSO users/DSO users4
Smart meter
Yes Yes No No No4
inclusion in RAB3
1. February 2020
2. Return rate before taxes
134
3. Chile and Peru uses a Price Cap based on VNR (NRC – New Replacement value)
4. Excluding a pilot project approved by the local regulator, involving 10k smart meters, which will be included in Enel assets base from 2021
2020-2022
Retail
Power & gas customers and volumes1
Retail
Power Gas
Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc)
2019 2022 2019 2022 2019 2022 2019 2022
Italy 23.7 18.5 97.5 92.6 4.1 4.4 4.7 4.7
Free Market 9.2 18.5 62.0 92.6 4.2 4.4 4.7 4.7
Regulated 14.4 - 35.6 - - - - -
Iberia 10.6 10.7 89.4 103.1 1.6 1.8 5.7 5.6
Free Market 5.8 6.6 78.1 90.2 1.4 1.6 5.6 5.4
Regulated 4.8 4.1 11.4 12.9 0.2 0.2 0.1 0.1
Latin America 26.7 29.2 105.0 180.9 - 0.0 - 0.5
Rest of Europe 3.1 3.9 9.7 12.9 0.1 0.2 0.0 0.3
Total 64.1 62.2 301.7 389.5 5.9 6.5 10.5 11.1

Retail
Power unitary margin and opex per client
Power unitary margin Opex per client

(€/MWh)
1
(€/customer)
2019 2022 2019 2022
Italy 22.3 20.2 26.0 22.9
Iberia 10.5 9.8 35.5 30.5
Latin America 3.8 3.0 14.4 12.5
Rest of Europe 6.3 10.4 16.2 11.3
1. Includes only power free market 137

Italian power market 2019
Customers (mn) Energy sold (TWh)
Enel Enel Enel Enel

market share1 market share2 market share1 market share2
40% 36.8
18.5 239.3 286.2
4.5 7.2
53% 24%
18.3
14.0
205.3 220.1
2.8 29.5
47%
15.5 46.8 34.1
14.8 66.1
32.0
Regulated 79% Free 50% Total Regulated Free Total
84% 27%
Business
Residential
1 Enel estimate based on closing 2018; % calculated on Total Italian Regulated Market
2 Enel estimate based on closing 2018; % calculated on Total Italian Free Market (not including Last Resort - “Salvaguardia”)
Spanish power market 2019
Customers (mn) Energy sold (TWh)
Enel
Enel
market share1
market share1
18.3 29.4 226.6 253.9
30% 55.3 32%
81.2
17.4
28.5 171.4
11.2 0.9 33%
172.7
31%
11.2 27.3
26.0
0.0 0.9 1.3
43% 30% Regulated 48% Free 34% Total
Regulated Free Total
Business
Residential
139
1. Customers: CNMC “Informe de supervision de los cambios de comercializador 1Q-19 published october2019
2. Energy sold: Internal estimation based on “sectorial energy daily forecast system”
2020-2022
Enel Group
Gross Capex1 (€bn)
Enel Group
Cumulated gross capex by GBL2 Cumulated gross capex by geography3
10%1%
4% 41% Networks 3% Italy
4% Retail 32% Iberia
7% Conventional generation Latin America
28.7 €bn 28.7 €bn
Enel X 32% Rest of Europe
EGP North America
44% 22% Africa, Asia & Oceania
Global Generation
Conventional Generation Global Infrastructures Services
EGP Retail Enel X Total
& Trading & NetworNs & Other
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022
Italy 0.2 0.1 0.2 0.3 0.6 0.8 1.9 1.8 1.8 0.3 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.1 2.8 3.0 3.3
Iberia 0.4 0.3 0.2 0.6 1.0 1.4 0.6 0.7 0.7 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 1.8 2.1 2.4
Latin America 0.2 0.1 0.2 2.0 1.5 1.0 1.4 1.3 1.3 0.1 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 3.7 3.0 2.6
Rest of Europe 0.1 0.0 0.0 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 - - - 0.4 0.3 0.3
North America 0.0 0.0 0.0 1.1 0.8 0.7 - - - - - - 0.1 0.0 0.0 - - - 1.2 0.9 0.8
Africa, Asia & Oceania - - - 0.1 0.1 0.1 - - - - - - 0.0 0.0 0.0 - - - 0.1 0.1 0.1
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - 0.1 0.1 0.0 0.0 (0.1) (0.1) 0.2 0.0 0.0
Total 0.7 0.5 0.6 4.4 4.0 4.1 4.0 4.0 3.9 0.4 0.4 0.4 0.4 0.4 0.3 0.2 0.0 0.0 10.1 9.3 9.3
Total Capex 2020 - 2022 1.9 12.5 11.8 1.2 1.1 0.2 28.7
141
1. Rounded figures
2. Services & Other is not included in the breakdown
3. Other is not included in the breakdown
Asset development capex1 (€bn)
Enel Group
Cumulated asset development capex by GBL2 Cumulated asset development capex by geography3
27% Networks 15% 1% Italy

3% 29%
4% Retail 3% Iberia
Conventional generation Latin America
17.2 €bn 17.2 €bn
Enel X Rest of Europe
EGP 32% North America
20%
66% Africa, Asia & Oceania
Global Generation
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022
Italy 0.1 0.1 0.2 0.2 0.4 0.6 1.0 1.0 0.9 - - - 0.1 0.1 0.1 0.0 0.0 0.0 1.5 1.7 1.9
Iberia 0.0 0.0 0.0 0.6 0.9 1.3 0.2 0.2 0.1 - - - 0.0 0.0 0.0 - - - 0.8 1.2 1.5
Latin America 0.0 0.0 0.0 1.9 1.4 0.9 0.4 0.4 0.3 - - - 0.1 0.0 0.1 - - - 2.4 1.8 1.3
Rest of Europe 0.0 0.0 0.0 0.2 0.1 0.1 0.1 0.0 0.0 - - - 0.0 0.0 0.0 - - - 0.3 0.2 0.1
North America - - - 1.1 0.8 0.7 - - - - - - 0.0 0.0 0.0 - - - 1.1 0.8 0.7
Africa, Asia & Oceania - - - 0.1 0.0 0.1 - - - - - - - - - - - - 0.1 0.0 0.1
Other - - - - - - - - - - - - 0.0 0.0 (0.1) 0.0 (0.2) (0.1) 0.0 0.0 -0.1
Total 0.2 0.2 0.3 4.0 3.7 3.7 1.7 1.6 1.4 - - - 0.2 0.2 0.1 0.0 (0.1) (0.1) 6.2 5.5 5.5
Total Capex 2020 - 2022 0.7 11.5 4.7 - 0.5 (0.2) 17.2
1. Rounded figures
142
Asset management capex1 (€bn)
Enel Group
Cumulated asset management capex by GBL2 Cumulated asset management capex by geography3
2%
Networks 3% Italy
30% Iberia
20% Retail
64% 36% Latin America
6.5 €bn Conventional generation 6.5 €bn
Rest of Europe
EGP North America
16%
Global Generation
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022
Italy 0.0 0.0 0.0 0.1 0.1 0.1 0.4 0.4 0.4 - - - - - - 0.1 0.1 0.0 0.6 0.6 0.6
Iberia 0.3 0.3 0.2 0.1 0.1 0.1 0.2 0.3 0.3 - - - - - - 0.0 0.0 0.0 0.6 0.6 0.6
Latin America 0.1 0.1 0.2 0.1 0.1 0.1 0.6 0.5 0.5 - - - - - - 0.0 0.0 0.0 0.8 0.7 0.8
Rest of Europe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - - - - - - 0.1 0.1 0.1
North America 0.0 0.0 0.0 0.0 0.0 0.0 - - - - - - - - - - - - 0.0 0.0 0.0
Africa, Asia & Oceania - - - 0.0 0.0 0.0 - - - - - - - - - - - - 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - - - 0.0 0.0 0.0 0.1 0.0 0.0
Total 0.5 0.4 0.4 0.3 0.3 0.3 1.3 1.3 1.4 - - - - - - 0.1 0.1 0.1 2.3 2.1 2.1
Total Capex 2020 - 2022 1.2 1.0 3.9 - - 0.4 6.5

Customers capex1 (€bn)
Enel Group
Cumulated customers capex by GBL2 Cumulated customers capex by geography3
2%
5%
Networks 1% Italy
12% Iberia
43%
5.0 €bn 64% Retail 31% 5.0 €bn Latin America
Rest of Europe
24% Enel X North America
Global Generation
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022
Italy - - - - - - 0.4 0.4 0.4 0.3 0.3 0.2 0.0 0.0 0.0 - - - 0.7 0.7 0.7
Iberia - - - - - - 0.2 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 - - - 0.3 0.3 0.3
Latin America - - - - - - 0.4 0.4 0.4 0.1 0.0 0.0 0.0 0.0 0.0 - - - 0.5 0.5 0.5
Rest of Europe - - - - - - 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - 0.1 0.1 0.1
North America - - - - - - - - - - - - 0.0 0.0 0.0 - - - 0.0 0.0 0.0
Africa, Asia & Oceania - - - - - - - - - - - - 0.0 0.0 0.0 - - - 0.0 0.0 0.0
Other - - - - - - - - - - - - 0.0 0.1 0.1 - - - 0.0 0.1 0.1
Total - - - - - - 1.1 1.1 1.1 0.4 0.4 0.4 0.2 0.2 0.2 - - - 1.7 1.7 1.7
Total Capex 2020 - 2022 - - 3.2 1.2 0.6 - 5.0

Ordinary EBITDA1
Enel Group
By GBL2 By geography3
20.1 17.9 20.1

17.9 Italy
Networks 3% 4%
43% 3% 4% Iberia
46% Retail 33%
29% Latin America
17% 21% Rest of Europe
21%
18% 8% Enel X
North America
1% 9% 2% EGP
42% 39% Africa, Asia & Oceania
26% 29%
2019 2022 2019 2022

2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022
Italy 0.1 0.1 0.2 0.2 1.2 1.3 1.4 1.4 3.9 3.7 3.7 3.9 2.3 2.3 2.3 2.3 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.2 7.7 7.6 7.8 8.0
Iberia 0.7 0.7 0.7 0.7 0.4 0.5 0.6 0.7 2.0 1.9 1.9 1.8 0.7 0.7 0.7 0.8 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 3.9 3.8 4.0 4.2
Latin America 0.6 0.4 0.5 0.5 2.2 2.4 2.6 2.8 2.3 2.6 2.7 3.0 0.2 0.4 0.4 0.4 0.1 0.1 0.1 0.1 (0.1) (0.1) (0.1) (0.1) 5.3 5.8 6.3 6.8
Rest of Europe 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.5 0.5 0.6
North America 0.0 0.0 0.0 0.0 0.7 0.7 0.8 0.8 - - - - 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 - - - - 0.8 0.7 0.8 0.8
Africa, Asia & Oceania - - - - 0.1 0.1 0.1 0.1 - - - - - - - - 0.0 0.0 0.0 0.0 - - - - 0.1 0.1 0.1 0.1
Other 0.0 0.1 0.1 0.1 0.0 (0.1) (0.1) (0.1) 0.0 0.0 0.1 0.1 - - - - 0.0 0.1 0.1 0.1 (0.1) (0.1) (0.3) (0.7) (0.3) 0.0 (0.1) (0.5)
Total 1.6 1.4 1.6 1.7 4.6 5.1 5.6 5.9 8.2 8.3 8.5 8.9 3.3 3.4 3.5 3.6 0.2 0.2 0.4 0.5 0.0 0.1 (0.2) (0.5) 17.9 18.6 19.4 20.1
Total EBITDA 2020 - 2022 4.7 16.6 25.7 10.5 1.1 (0.6) 58.0

Enel Group
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 (USD/MWh) 63.5 100% 60.1 100% 60.6 100%
Chile (USD/MWh) 79.0 100% 76.0 100% 70.1 100%
Colombia (USD/MWh) 68.7 100% 72.5 85% 67.1 80%
Peru (USD/MWh) 56.7 100% 57.8 100% 60.1 100%
1. Average hedged price; wholesale price for Italy and Spain. As of 31 March 2020 146
2020-2022
Environmental, Social and
Governance annexes
2020-2022
Sustainability Plan
Sustainable business model, driving change through
2020-2022 Sustainability Plan
innovation
149
Enel public committment to United Nations (7.1, 4, 8, 13)
2020-2022
Focus on People Centricity
Engaging People we work with
Plan actions 2019 2020-2022 targets
Promotion of digital skills’ dissemination 46% of people involved in digital 100% of people involved in digital
among all employees skills training skills training
Gender - % of women in selection 42% women involved 50% women involved in

processes1 in recruiting processes recruiting processes
• 100% of people involved • 100% of people involved

Performance appraisal2
• 99% of people appraised3 • 99% of people appraised
• 100% of people involved • 100% of people involved

Climate survey2
• 86% of people participating • 87% of people participating
151
1. Selection processes involving blue collar workers and the USA perimeter are not included as local legislation to protect anti -discrimination practices in the recruiting phase does not allow to monitor this data.
2. Eligible and reachable people having a permanent contract and working in the Group for at least 3 months during 2019
3. Forecast data, since the closure of the assessment process has been postponed to May 2, 2020 due to the Covid-19 crisis.
Engaging local Communities
Plan actions 20191 2020-2022 targets
High-quality, inclusive and fair education 1.3 mn beneficiaries 2.5 mn beneficiaries in 20301
Access to affordable and clean energy 7.9 mn beneficiaries 10.0 mn beneficiaries in 20301
Employment and sustainable 8.0 mn beneficiaries in 20301

2.1 mn beneficiaries
and inclusive economic growth
1. Cumulated figures since 2015

152
2020-2022
Focus on Corporate
Governance
Focus on Corporate Governance
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 Committee Committee Sustainability Committee
1. Chair can be considered independent in accordance with Unified Financial Act criteria 154
2. Out of which 3 Directors drawn from the slate filed by a group of mutual funds and other institutional investors
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 Male Female
Costanza Esclapon Corp. Governance & Sust. C.
de Villeneuve Nomination & Compensation C.
22% 1 3
Control & Risks C. 3
Samuel Leupold
Related Parties C. 4
Tenure 11% Skill
Control & Risks C. diversity diversity
Alberto Marchi 6
(C) Nomination & Compensation C.
67% 5
Corp. Governance & Sust. C.
Mariana Mazzucato
Related Parties C. 1-3 years 4-6 years Energy
Control & Risks C. Over 6 years Accounting, Finance & Risk Management
Mirella Pellegrini
Related Parties C. Strategy
Nomination & Compensation C. Expertise in Intl. Environment
Anna Chiara Svelto
(C) Related Parties C. Legal & Corporate Governance
Non executive Executive Independent (C) Chair Communication & Marketing
CEO’s short-term variable remuneration1
Macro objective Objective Type of target

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/Consolidated net

15% 24.4% 24.9% 25.2% Financial
management financial debt
Safety in the FI3≤ 0.80 FI3≤ 0.78 FI3≤ 0.76

Safety 15% & & & ESG
workplace FA4≤ 7 FA4≤ 7 FA4≤ 7
COVID 19 Remote management Average IT Average IT Average IT

15% ESG
emergency of operations5 logins 80% logins 84% logins 88%
1. Management by objectives (MBO) 2020

2. (%) Weight in the variable remuneration 156
3. FI: Work-related accident Frequency Index
4. FA: Number of Fatal Accidents during 2020, except for road events
5. Average daily logins recorded during the period March-December 2020 to the ten main IT applications used within the Enel Group compared to the period January-February 2020
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% 40.0% 40.6% Financial
Renewable capacity
Environmental 15% 59.7% 59.9% 60.0% ESG
on total4
CO2 emissions ≤ 220 ≤ 215 ≤210

Environmental 10% gCO2/KWheq7 gCO2/KWheq7 gCO2/KWheq7
ESG
reduction
100%8 of the base amount is assigned in Enel shares, whose number is determined on the basis of the arithmetical
mean of Enel’s daily VWAP in the three-month period preceding the beginning of the performance period
1. Long-Term Incentive (LTI) Plan 2020. Performance period: January 1, 2020 – December 31, 2022. 30% payment (if any) in the 4th year. 70% payment (if any) in the 5th year (deferred payment)
2. Average TSR Enel compared to average TSR EUROSTOXX Utilities Index-EMU, calculated in the three-month period preceding the beginning and the end of the performance period 157
3. Cumulative for the 3-year period 2020-2022 4. Renewable sources net consolidated installed capacity /Total net consolidated installed capacity at the end of 2022
5. (%) Weight in the variable remuneration 6. For the CEO/General manager. 100% at target and 180% at Over II for the other beneficiaries of the LTI Plan 2020
7. As at 2022 8. 50% for the other beneficiaries of the LTI Plan 2020
Enel group’s listed companies
70.1% 64.9%1 62.3%2 56.4%
Chile Américas3 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
74.1% 99.7%
Not listed companies 158
1. As of July 7, 2020 Enel Dx Ceará Enel Dx Rio
2. As of May 28, 2020
3. Enel Americas operates also in Colombia through not listed companies
2020-2022
Focus on Innovation &
Cybersecurity
Focus on Innovation & Cybersecurity
Innovation
Plan actions 2020-2022 targets
10 innovation hubs
~83 partnerships
5 innovation labs1
Implementation in the
business of 30 projects
with startups
Promoting global
Crowdsourcing 12 innovation partnership and
upporting high-potential
>400.000 solver communities startups
75 bootcamps to find
startups with which
collaborate
160
1. In total, Enel has developed 10 Innovation Hubs and 5 Innovation Labs dedicated to startups. The total
number of Enel Group’s laboratories, including also the Labs not dedicated exclusively to startups, is 20.
Focus on Innovation & Cybersecurity
Cyber security
Plan actions 2020-2022 targets

2 mn
Risky emails blocked1 (#)
every day
Coverage of web
100% of internet web
applications exposed to
applications protected
internet with advanced
Connections to dangerous 400K through advanced
cyber security
websites blocked1 (#) every day cyber security solutions
application solutions
Web applications protected through 100%

advanced cyber security solutions (%) total ytd
Disseminating the
information security 15 cyber security
culture and changing knowledge sharing
people’s behaviour in events per year
order to reduce risks
161
1. Daily average from 01/07/2019 to 31/12/2019
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 current expectations and projections about future events. Because these forward-looking
statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed
in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to
control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the
price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements
contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to
publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of
this presentation. The information contained in this presentation does not purport to be comprehensive and has not been
independently verified by any independent third party.
This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not
contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries.
Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of
preparing the corporate accounting documents at Enel, Alberto De Paoli, declares that the accounting information contained
herein correspond to document results, books and accounting records.
162
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 Follow us
Federica Pozzi
Fabrizio Ragnacci
Noemi Tomassi
Emanuele Toppi

Investor Presentation June2020

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Investor

Sustainability = Value. Our delivery over time

Our vision in numbers

Financial management & Sustainable finance

Earnings & targets

FY 2019 consolidated results

Q1 2020 consolidated results

A sustainable and fully integrated business model

Enel FTSE MIB Euro Stoxx

1. From Jan 1st 2015 to Dec 31st 2019 4

A sustainable business model that has delivered

Traditional model Sustainable model

77% development &

2.00 65% customer

20121 2014 2015 2019 2015 2019

2.5x Net debt/ 2.5x

19.1% Net income/ 26.7%

We have focused our capital allocation on

34% ~36% 203

4.6 €bn 5.1 €bn

~70% % Development ~80% ~40% % RES Capacity ~50%

% RES Production/ Renewables Thermal generation

…to become the world leader in renewables

11% 11% >1.2k

Grid expansion and digitalisation have driven

End Users End users

We focused on customers and platforms to seize

Energy sold (TWh)1

Power cust. (mn)1 ~12 ~17 Battery

Gas cust. (mn) ~5 ~6

A pervasive innovation and digitalisation

Fragmented IT 100% applications in New business

Delivery on strategic pillars

✔ Industrial Growth ✔ Operational Efficiency ✔ Active Portfolio Management

Impact on Group Net Income

2019 2019 Plan Actual 2019 2019

RES capacity Opex I&N Asset

End users Opex

Value creation and shareholders remuneration

Value creation spread1 (bps) Shareholder return – DPS (€/sh)

120 0.21 0.28 0.32 DPS

2015 2019 2015 2016 2017 2018 2019

EPS 0.28 0.32 0.36 0.40 0.47

Our strategy addresses dynamically the

Global outlook: decarbonisation through new

Demand Response 250

Storage (GW) 1,20 0

2020 2030 2040

Global Power Generation: a new global business

line to accelerate decarbonisation

~16,000 Consolidated Production1 (TWh)

244 203 223 Enhance transition technologies

2015 2019 2022

Phasing out of coal production over the plan

Coal production 60. 0

2012 2018 2019 2022 2024 2030

Coal on total 19 p.p.

Coal capacity 61%

…with an accelerated renewables deployment

2020-22 GROWTH CLUSTERS GW Target of capacity to be added (GW)

Fleet decarbonisation in Italy, Spain and

Development through PPA mainly in Brazil

Other developments in countries of

presence / new markets 14.1