2021 2023 Strategic Plan

Capital Markets
November 24th,2020
Our next 10 years

Agenda
The next 10 years

Francesco Starace
CEO & General Manager Enel @2030 Our ambitions
Value for all
The next 3 years
Our ambitions in medium-term targets
Sustainable growth and value

Alberto De Paoli Enel @2023
Chief Financial Officer
Sustainable finance & financial management
De-risking targets
2021-23 Targets
Francesco Starace Closing remarks

Francesco Starace
CEO & General Manager
Enel @2030
The next 10 years
The energy world will be completely transformed
over the next decades…
12
10
(TW)
12.0
8
+4x
6
Global RES Capacity

4
0
2.7
2019 2040
60%
50%
40%
56%
Share of capacity connected to +23 pp
30%
33%
20%
distribution grids1 10%
0%
2019 2040
(kTWh)
33
31
29
+43%
27
33
25
23
Electrified energy consumption

21
19
17
23
15
2019 2040
Source: IEA, World Energy Outlook 2020, Sustainable Development Scenario | Grid data from BNEF, NEO2020, Europe Figures
5
1. Europe
…and platform-based business models will manage
increasing levels of complexity...
Why utility as a platform?
Generation
sources Consumer
Services Scale & efficiency
Utility Replicability of ‘plug & play’ models,
as a marginal costs close to zero
‘platform’
Prosumer Value for customers
Smart services designed around
prosumers
Wholesale
market
kWh, kW, ΔkW
Sustainability
ESG drives profitability and lowers risks
Distributed
energy Open Innovation
Quick innovative solutions
DSO implementation and open to ecosystems
TSO
6
… while driving data-flows across company
structures
From the Sylos age... …to the digital platform ...enabling new operating and
architechture… business models
Customers
Platform Business Model
Business
needs Creating new shared value from the
relationship with ecosystems
Commodity
Equipment
Product …
Decoupling
Countries
Platform Operating Model
Enabling innovation, extraction of
IT Data additional value from existing assets
features and selling services to third parties
7
Enel is the leader in the asset classes that are at the
center of this transformation…
74 mn 49 GW
RES capacity1
end users
RES capacity3 End users3 Customers3
44% (GW) (mn) (mn)
EBITDA 55
70
70
2020E 74
50
38% 60 70
49
60
45
~18.0 €bn 40
50
50
35
40
40
30
38 51
18% 25
32 30
38 31
30
37
20 20 20
Enel 2nd 3rd Enel 2nd 3rd Enel 2nd 3rd

70 mn
customers2
TSR 2015-20204 +163%
8
1. It Includes managed capacity 3. 2019 data for comps
2. Power and gas customers 4. From December 31st 2015 to November 20th 2020
…as well as in the digital and platform development
journey
Platformisation process Enel’s Platform
CURRENT FUTURE
>2020 Global development, E&C
and asset management platforms
Global development and asset

2016-19 management platforms
Setting the Enel as an array Customer operation

digital foundations of platforms global platform
✓ Pillars digitalization ✓ Digital Platform B2C: E-Home,

(customer, asset, people) architecture B2B: Flexibility services
B2G: Smart cities solutions
✓ 100% applications in ✓ New operating & Customer operation global platform
Cloud business models
9
Leadership in asset classes and digital & platform
open us new ways to create value
Models to create value Activities
Ownership business model
Operating platforms
Direct investments in growing renewables, Offer operating platform services to third

networks and customers supporting long parties through know how and best
term sustainable growth practices developed over time
Platforms as Business platforms

business enhancer
Develop new products and services
Stewardship business model enabling new business opportunities
Joint Ventures & Partnerships

Provide key services, products or know-
how enabled by our platforms catalyzing Co-investments opportunities to enhance
investments of third parties to maximize value creation where platforms enable third
our and their value creation parties’ investments
Platforms as 10
business generator
Reshaping global energy sector calls for unprecedent
investments levels…
Investments
Yearly Average investments share 2020-40
RENEWABLES
>4x
1.40
(USD trl) 1.20
1.00
2.5
0.80
0.60
1.2 45%
2.6 0.40
0.20
0.00
0.3
2
2010-2019 2020-2040
~3x
NETWORKS
>2x
0.70
0.60
1.5
0.50
0.6
24%
0.40
0.30
0.3
0.20
0.10
0.00
0.9 2010-2019 2020-2040
EFFICIENCY
0.5
>5x
END USE
0.70
0.60
0.50
~0.7
25%
0.40
0.30
2010-2019 2020-2040
0.20
0.10
~0.1
0.00
2010-2019 2020-2040 11
Source: IEA, World Energy Investments 2020 and IEA, World Energy Outlook 2020, Sustainable Development Scenario
…where Enel will keep the leadership going
forward…
Investments activated for the energy transition

Ownership model
100.00 2020E 2030
~190
Ownership model
90.00
Consolidated RES ~45 ~120
capacity (GW)
>150 €bn
80.00
RAB (€bn) 42 ~70

70.00
60.00
% Digitalized users 60% ~100%

50.00
Stewardship model
Stewardship model
~160
40.00
30.00
2020E 2030
20.00
RES managed capacity ~4 ~25
~40 €bn (GW)
10.00
Electric buses2 (#) 812 >10k

0.00
2021-30 Demand Response (GW) 6 ~20

~10 €bn1
Enel Third parties
Household passed (mn) 10.7 34 12
1. It includes equity injections
2. Includes leased and served buses
…through its ownership business model…
Capex by GBL Value creation KPIs

Ownership model
2021-30
>150 €bn 5%3%
EBITDA/
~11%
Capex (%)
46% 2021-30 RAB/end

>150 €bn 46% user
+35%
Stewardship model
B2C customer 2x
value (€/cl/y)1
~40 €bn
Renewables Conventional
generation
Networks Retail
Enel Third parties 13
1. Italy and Spain

…and a structured stewardship business model that
will catalyse additional third parties investments…
Capex by cluster Enel’s adjusted EBITDA1

Enel’s direct investments
Ownership model
~10 €bn
>150 €bn 4.0

2.8
Fair Value of JVs
2021-30 2021-30 & Partnerships
~40 €bn ~17 €bn
~10 €bn
Stewardship model
10.1
~40 €bn ~10 €bn

Renewables Fiber Operating platforms
E-transport Flexibility Business platforms
& Other JVs & Partnership

1. It includes share of income from JVs and capital gains
…creating long term growth…
EBITDA 2020-2030 (€bn) Net Income 2020-2030 (€bn)
CAGR
CAGR
35
6-7%
35
5-6%
30
30
25
25
20
20
~18.0
15
15
5.0-5.2
10
10
2020E 2030 2020E 2030
15
…and sustainable shared value
Decarbonization Electrification Digital & Platforms
~25% reduction of household ~3x improvement in service

>200 mn saved BoE1
spending3 quality (SAIDI)
80% Scope 1 GHG emission 40% GHG emissions 85% GHG emission reduction
reduction from 2017 households reduction4 from cloud platformization6
>100 €bn GDP created >140 €bn GDP created from >800 €mn C&I savings from
from local investments2 electrification investments5 flexibility7
1. Barrel of oil equivalent. Compared to Enel’s consumption in 2020. 2. 2021-30 cumulated. Related to the full life assessment of projects through ownership/stewardship 16
models for GPG. 3. vs 2019 Europe. 4. vs 2019. 5. 2021-30 cumulated. Related to the full life assessment of projects through ownership/stewardship models for Global I&N
and Enel X. 6. Avg. reduction related to IT activities due to shift from data center to cloud. 7. Calculated from current contracts up to 2024
Enel @2030
Our ambitions
Renewables Super Major
with the world as geographic
footprint
3x RES capacity increase 2021-30 catalyzed investments1

(GW)
Triple our renewable
capacity by 2030
Global
market 2.5% >4%
share
Strategic actions
Support profitability through global ~145 20

footprint and integrated position 140.00
120.00
~25
100.00
3x
2021-30
Bolster our pipeline to enable 80.00
85 €bn
growth and create value 60.00 ~49 ~120
40.00
~4
20.00
~45 65
Stewardship business model to 0.00
support value creation 2020E 2030
Ownership Stewardship
18
1. Investments in storage of 5 €bn not included
Global Power Generation
The ownership model in GPG: +75,000 MW in 10

years, tripling our capacity
2021-30 Owned capacity Capex & Profitability
RES Capacity evolution Capacity split Gross capex1
140 .0 By geography By tech

Maintenance
120 .0
5 EBITDA/
100 .0
Capex
~53%
80. 0
~75 46% ~75 GW ~11%
~65 €bn 32
54%
60. 0
~120 28
~47% IRR-WACC
40. 0
150 bps
20. 0
~45
0.0
~60 €bn
development
2020E Capacity 2030
additions
Countries with Countries with potential
19
1. Investments in storage of 5 €bn not included integrated presence integrated presence
The stewardship model in GPG: catalysing

capital for accelerated value creation and growth
Stewardship additional capacity Capex stewardship model

(GW) Value creation
30. 0
25. 0
Enel’s adjusted 4.3 €bn

~25 EBITDA 21-301
20. 0
2021-30 ~2
~18
~20 €bn
15. 0
~21
Fair value of
c.3.0 €bn
10. 0
JVs and
5.0
Partnerships
~4 xx
0.0
2020E Additional 2030 Enel Third parties

Capacity
20
Leveraging on
A 141 GW pipeline that is growing worldwide
Renewables Pipeline (GW) Mature Pipeline
By technology By geography
GENERATION STORAGE
21%
~68
53% 38%
~57 GW ~57 GW
46% 13%
141
~57
1% 29%
7
~9
Europe
Gross Early stage Mature BESS
2
In execution North America
Pipeline 1 pipeline Pipeline Latin America
RoW
21
1. As of October 31°, 2020. It excludes 0.2 GW of storage capacity in execution.
2. It includes storage for around 4 GW in early stage and around 3 in mature pipeline.
Leveraging on
A worldwide platform-based development
BD global presence
North & Central Europe Headcount A big platform
America >240
Headcount External HC
~ 120 (#) >450 (#) ~1,000
Africa, Asia &

A highly adaptive & growing platform
Latin America Oceania
Pipeline yearly Pipeline
renewal rate1 >60% growth yoy +50%
>75 ~30
An efficient platform
Countries (#) 2021-23 2023 vs 20

Development >1 €bn Avg. cost of -10%
investments MW developed
32
22
Flags indicate countries with work force presence
1. Calculated as added pipeline/actual pipeline
Leveraging on
A worldwide platform-based E&C
Built capacity evolution (MW)

A global community
Projects managed (#) 45 58 73 96 External Countries with
Workers (#) ~12.3k opened Sites 14
3,151
2,841 Focus on delivery
Projects Sites with
Under ~96 automation 30%
construction solutions1
924
382
Improving efficiency
2010 2015 2018 2020E 2023 vs 20 2023 vs 20

Project -25% Headcount per -9%
Headcount (#) lead time MW execution
489 800 1,275 1,600
23
Flags indicate the countries with work force / assetes
1. Automation KPI excluding repowering projects
Leveraging on
A worldwide platform-based O&M model
RES global presence

North & Central A big platform
Europe Headcount
America
78% 75% Capacity (GW) External HC
~5k Plants2 ~1.2k
(#)
9.7 3% 22.8
>360 >3.1k
21% 18% 4% Hydro A highly digital platform
Solar
Latin Wind
Africa, Asia & Other
America Oceania Remote 100% Digital ~86%
fleet workers
72%
48%
14.7 >900 >70 1.4 An efficient platform
13%
52%
14% Lost production Opex/MW
-7% 2023 vs 20203 -10%
Countries Generating Headcount 2023 vs 2020
(#) 23 units1 (#) ~16k (#) >4.5k
24
Flags indicate the countries with work force/assets 2. Of which 23 plants operated in JV partnerships
1. Of which 7k wind turbines, 5k solar inverters, 1.5k hydro & geo 3. Opex/MW related to O&M
Leveraging on
Hybridization of renewables - Battery storage
BESS energy storage 2030 Cumulated capex 2021-30

Projects under
Value proposition Italy development
USA Actual BESS
RES electricity and BESS Spain &
Portugal
integration provides competitive
Colombia
decarbonization offer
Main value drivers

Peru
✓ RES risk mitigation, avoiding ~20 TWh ~5 €bn
curtailments for RES
✓ Generate additional margins through
capacity payments and ancillary services
✓ Compliance to regulated tenders
2020E 2030
% Plants hybridized 0% ~30%
with battery storage1
25
1. Calculated on ~95 GW additional capacity

Leveraging on
Hybridization of renewables - Green hydrogen
Green hydrogen capacity

(MW) H2 projects under
Value proposition Italy
USA Spain development
Competitive full decarbonization offer

bundling RES electricity and green H2 supply
2,60 0
>2,000
Main value drivers

>17x
2,10 0
1,60 0 Chile
✓ Sale of hydrogen to industrial offtakers
✓ RES plant optimization 1,10 0
✓ Savings on Capex and Opex arising 600
from synergies with RES plant 0 ~120

✓ Flexibility services
100
(4 00) 2020E 2023 2030

2020E 2030
Production 0
% Plants hybridized (kton)
~5 >90
0% >8%
with green hydrogen1 26
1. Calculated on ~95 GW additional capacity

Acceleration in RES capex resulting in a c.80% RES

share capacity and production
Capacity evolution1 Production evolution2

(GW) (TWh)
CO2 emissions (gCO2eq/kWh)
~400
250 .0 390 .0 2020E 2030
340 .0
200 .0
>170
218 82
290 .0
150 .0
240 .0
216 ~80%
190 .0
Emission free production (%)

100 .0 88 >80% 54%
140 .0
2020E 2030
50. 0
55% 90. 0
40. 0
66% ~85%
0.0
-10.0
2020E 2030 2020E 2030

Renewables Conventional Generation
27
1. It includes renewable managed capacity and nuclear capacity
2. It includes renewable managed production and nuclear production
Accelerating exit from coal to 2027 from 2030
Coal capacity evolution

(GW) 2017 2020E 2027
18. 0
Coal production
Coal phase 70.5 12.9 -
16. 0
16.0 (TWh)
out brought
14. 0
forward Coal production

12. 0
11.7 28% 7% -
from 2030 on total
10. 0
8.9
8.0
6.0
Coal emissions 65 13 -
(mn ton)
4.0
2.0
Plants (#) 14 10 -
0.0
2017 2019 2020E 2027
Coal capacity Old Plan (GW) 9.6

28
Boosting reduction target in GHG emissions, in line

with 1.5° scenario
-80%
500 .000
450 .000
400 .000
350 .000
414
FULL
300 .000
250 .000
298 DECARBONIZATION
200 .000
Scope 11 150 .000

218
(gCO2eq/kWh) 100 .000
148
82
50. 000
0.0 00
2017 2019 2020E 2023 2030 2050
Previous
SBTi target 125
Scope 32
(Mton CO2) 25.3 -16% 21.2
29
1. Scope 1 by 2030, consistent with the 1.5 pathway of the Science Based Target Initiative and the IEA 1.5 scenario
2. Scope 3 related to gas retail activities by 2030, consistent with the 2C pathway of the Science Based Target Initiative
Global leader in networks for scale,
quality and resiliency
RAB SAIDI
Adoption of a platform operating (€bn) (min)

model to guarantee management
of future networks
-64%
Strategic actions
Ensure the highest level of quality

~70%
300
80
at the lowest cost across all grids 70
250
281
60
~70
200
50
Monetize critical know how on 40

150
42
non proprietary assets 30
100
20
50
~100
10
0
0
Footprint expansion and 2020E 2030

2020E 2030
leadership by number of end users
30
Infrastructure & Networks
Capex expansion set to enhance global leadership

position
2021-30 Cumulated capex1 Regulated Asset Base
(€bn)
By geography By nature
~40% ~70%
80
23% 70
60
~70
~60 €bn ~60 €bn
50
10% 40
30
42
20
~60% 67% 10
Europe RoW 2020E 2030

Quality & Resiliency
Digitalisation
Average 2021-30 6.0
capex. (€bn) Connections
31
1. Organic capex
Create value without increasing costs for end users
Value creation Quality (SAIDI) Tariff/end user1

(€/cl)
RAB/end user (€/cl) Opex/end user1 (€/cl)
2020 -64%
+35% -27% FLAT

800 45
281 min 160
40
750 140
~760 35 41.4 2030 ~140 ~140

700 120
30
650 100
600
25
30 80
550
20
~100 min 60
563
15
500 40
10
450 20
5
400 - -
2020E 2030 2020E 2030 2020E 2030

End
users 74 ~90
32
(mn)
1. Real Terms
Leveraging on
A single global platform
A single platform… ..enhancing key business drivers… ..for a superior performance
2020E 2030
Digitalization
Smart meters
coverage 60% ~100%
Reliability
User/Remote ~350 ~200
control point
Efficiency Opex/End 41 30
user1 (€/cl)
Resiliency SAIDI (min) 281 ~100
Flexibility
33
1. Real Terms
Leveraging on
An unparalleled scale of our network operations
Enel current positioning in networks
Europe A big platform
1st DSO External HC Grids length

(#) 51.4k (mn km) 2.2
2nd DSO
A highly digitalized network

Latam
1st DSO Smart meters Remote control
(mn) 44.9 points (k) 214
2nd DSO
An efficient platform
Grids (#) Countries (#) Headcount (#) Opex/End User 2023 vs 20201 -17%
11 8 34.7k
34
1. Real Terms
Leveraging on
The highest digitalisation expertise
Digitalization investments Smart meters Digitalisation KPIs

(mn)
48.50
48.00
47.50
47.00
46.50
46.00
45.50
2020E
45.00
44.50
44.00
43.50
43.00
42.50
42.00
41.50
41.00
40.50
40.00
39.50
39.00
38.50
38.00
37.50
37.00
36.50
36.00
35.50
35.00
34.50
34.00
33.50
33.00
Smart meters
32.50
32.00
31.50
31.00
30.50
30.00
100%
29.50
29.00
28.50
28.00
coverage
27.50
27.00
26.50
26.00
25.50
2015-20
25.00
45
24.50
24.00
23.50
23.00
22.50
22.00
21.50
6.5 €bn
21.00
20.50
38
20.00
19.50
19.00
18.50
Users/Remote
18.00
17.50
17.00
16.50
16.00
15.50
~350
15.00
27
14.50
14.00
13.50
control point
13.00
12.50
12.00
21
11.50
11.00
10.50
10.00
9.50
9.00
8.50
8.00
7.50
7.00
6.50
6.00
5.50
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
2005 2010 2015 2020
1st operator to implement

massive roll out in early 2000
35
Leveraging on
Distinctive Intellectual Property value
Market share by vendor1 Smart meter as the pivot of a digital network architecture
Vendor 1 TLC for field application

20% Ultra broad-band
Optical fiber
444 mn Renewables integration

19% RES dispatching, Storage
Enel
Digital home services
7% activation, connection to
Vendor 3 smart home devices
Active Demand and
flexibility
Unique utility with a proprietary
technology
Network Authomation
Secondary substations and Remote control
>85 mn smart meters produced Sensors networks and IoT MV network authomation
>4 mn smart meters sold LV network remote control
36
1. Cumulated since 2000, excluding China
B2C – Reference energy choice,
enabling electrification of the customer
base
Customer value1 Volume sold2
(€/Cl/y) (TWh)
Increasing customer value enabling
electrification through platforms
Strategic actions
~2x 2.5x
100
150
Allowing electrification of 130

90
~100
consumption through integrated
80
70
offering of commodity and services

110
60
50
90
40
40
70
Digitalization to enhance customer

30
70 20
experience and efficiencies 50
10
0
30
2020E 2030 2020E 2030

Avg.
Unitary consumption
(MWh/cl/y)2
2.5 3.7
37
1. Europe gross margin per customer
2. Europe free market
B2B - Leading energy partner of global
and local businesses
Commodity &
Customer value1 Beyond commodity value
(€/cl/y) (Gross Margin, €bn)

Supporting B2B customers in
fostering efficiency and
sustainability
400
~1.7x 2
+1.7x 1.9
Promote the electrification of
Strategic actions
1.8
350
consumption and the digitalization 300

1.6
of processes 1.1
1.4
250
1.2
200
1
0.2
Expand in core and emerging 150
200 0.8
0.6
countries through an integrated 100
0.4
0.9
value proposition 50
0.2
0
0
2020E 2030 2020E 2030

10% market share of
multinationals with full range of
services Commodity Beyond commodity
38
B2G - Trusted partner to support cities
in their decarbonization and
sustainability path
Electric buses1 Street lighting

(k) (mn)
Allow decarbonisation through
electrification of public transport
Strategic actions
+1.5x
12000 4.5
Enable services for sustainable, 4
smart and circular cities

10000
3.5
>4
>10
8000
~12x 3
6000
2.5
2.9
2
Global leadership on smart lighting

4000 1.5
2000
0.8 0.5
0 0
2020E 2030 2020E 2030
39
Customers
Leveraging on
The largest customer base with 70 mn customers1
World’s largest customer base in power market
Europe A big platform
Total Customers Headcount

customers
42 mn (#) 70 mn (#) 9.5k
Latam
A highly digitalized customer base
Total Digital Digital

Customers interactions 1 mn customers (#) 17 mn
per day (#)
95%
28 An efficient platform
mn
Urban
areas 5% Opex/Customer 2023 vs 20202 -17%
Rural
areas 40
1. Power and gas customers
2. Real terms
Customers
Leveraging on
Digital platforms to handle the business
Operating platform for customers at Group’s level Customer segments covered by Enel X plaftorms
Opex/ customer1 (€/cl)

25.00
B2C B2B B2G

20.00
15.00
22.6
Zero back office 10.00
5.00
14.0 Offering integrated with commodity
-
2020E 2030 Home Smart cities

Flexibility
appliances solutions
services
ecosystems
50.00
Digital customers (mn)
45.00
40.00
35.00
45 Cross segment platforms

Digital 17
30.00
25.00
20.00
15.00
E-Pay Der.Os
Interactions 10.00
5.00
0.00
Homix
Distributed
2020E 2030 Smart
Financial energy
home solutions
Services optimization
EvOs YoUrban
140.00
Corporate cust. (TWh) Mobility
120.00
Platform Municipalities
Customized
100.00
130 & citizens

80.00
60.00
108
offering 40.00
20.00
0.00
Integrated customer operations

2020E 2030
1. In real terms 41
Customers
Leveraging on
A growing portfolio of integrated offering
B2C key offering B2B key offering B2G key offering
Charging points (#) Demand Response (GW) Electric buses1 (k)
12000
+3x
4500 25
10000
+23x >10
4000
>4mn 12x
20
3500 8000
3000
15
~20 6000
2500
2000
10
4000
1500
1000
~175k
5
2000
0.8
500
6
0 0 0
2020E 2030 2020E 2030 2020E 2030
42
Enel @2030
Value for all
The path to transformation
Total renewable capacity (GW) Free customers volumes (TWh) End users (mn)
RES share % digitalized

on total
350.00 100.00
140.00
300.00
90.00 end users
120.00
~145 250.00
80.00
70.00
>90
280
100.00
74
60.00
200.00
80.00
50.00
60.00
150.00
100.00
174 40.00
30.00
40.00
20.00
49 55% >80%
50.00
20.00
10.00
60% 100%
0.00 0.00 0.00
2020E 2030 2020E 2030 2020E 2030
B2C Free Unitary Consumption

Thermal production on total Demand Response (GW)
(MWh/y)1
34% 16% 2.5 3.7 6 ~20
Green Hydrogen built capacity (GW) EV Charging points2 (#) Digital customers (mn)
0 >2.0 ~175k >4mn 17 ~45
44
1. Europe
2. It includes interoperability points
Creating value for our customers, society and the
environment
Customers Society and Environment
SAIDI GHG Emissions scope 1

(min/y) (gCO2eq/kWh)
200.00
300.00 150.00
218
250.00 100.00
281
200.00
50.00
0.00
82
150.00
100.00
2020E 2030
50.00
~100
Circularity improvement3
0.00
2020E 2030 100
90
80
86%
70
2030 60
50
40
30
54%
Reduction of household 20
~25% 10
spending1
0
2020E 2030
C&I savings from 2030

flexibility2 (€mn) >800 GDP created from local
>240
investments4 (€bn)
1. vs 2019 Europe 45
2. Calculated from current contracts up to 2024
3. Materials and fuel consumption reduction of the Group’s power fleet throughout the life cycle, compared to 2015
4. 2021-30 cumulated. Related to construction sites phase through ownership/stewardship models for Global Power Generation, Global I&N and Enel X
Creating value for Enel
EBITDA/MWh1 (€) 2021-30 Enel’s adjusted

EBITDA from stewardship
model5
45.00
+29%
40.00
4.0
B2C customer value4 (€/cust/y) 2.8
35.00
30.00
40
Operating platforms
31
25.00
>17 €bn
20.00
15.00
2020E 2030 Business platforms

10.00
5.00
JVs & Partnership
0.00
70 +2x
2020E 2030 10.1
Opex/end users2 (€/cl)
Opex/MW 1,2(k€/MW) B2B customer value4 (€/cust/y) 2020E 2030
2020E 2030
2020E 2030 41.4 30
32.6 19.4
200 +70% Opex/customer2 (€/cl)
2020E 2030
~11 €bn savings on fossil fuels
by 20303 22.6 14
1. It includes renewables and thermal generation 46

2. Real terms
3. Compared to Enel’s consumption in 2020
Creating value for shareholders
3Y Dividend Policy (DPS €/Share) 3Y Total Return1
Average DY
CAGR20 >7% Guaranteed
~5%
DPS
0.40
0.43 >13%
0.38
0.35
Earnings
0.20
8%-10% CAGR
2020 2021 2022 2023 2030
Growing dividends to 2030 3Y Total Return ~13%
47
1. EPS CAGR 2020-23 + Average 3Y DY in the period (Share price @ 8.2€/share)
Alberto De Paoli
Chief Financial Officer
Enel @2023
The next three years
Long term transition kicks off now…
Investments activated for the energy transition

Ownership model
100.00
2020E 2023
~190
Ownership model
90.00
Consolidated RES ~45 ~60
capacity (GW)
80.00
38 €bn RAB (€bn) 42 48

70.00
60.00
48 % Digitalized users 60% 64%

50.00
40.00
Stewardship model
~160
Stewardship model
30.00
2020E 2023
20.00
~40 RES managed capacity ~4 7.6

(GW)
10.00
10 €bn
0.00
Electric buses2 (k) 0.8 5.5
2021-30 2021-23 Households passed
10.7 28.9
(mn)
~2 €bn1
50
Enel Third parties
1. Includes equity injections
…driven by investments through the ownership
business model…
Capex by GBL Value creation KPIs

Ownership model
2021-23
~38 €bn 5% 7%
EBITDA/
~12%
>12%
Capex (%)
2021-23 RAB/end
43% ~38 €bn +11%
45% user
Stewardship model
B2C customer +26%

value (€/cl/y)1
~ 10 €bn
Renewables Conventional
generation
Networks Retail
51
Enel Third parties
1. Europe. Commodity only.
…supported by the stewardship business model…
Investments by cluster Enel’s adjusted EBITDA1

Enel’s direct investments
Ownership model
~2 €bn
Value of contracts
~ 38 €bn 0.3 from 20232
8.6 €bn
2021-23 1.4 2021-23
~10 €bn 3.3 €bn Fair Value of
1.6 JVs & Pnships
Stewardship model
4 €bn
~10 €bn
~2 €bn Renewables Fiber Operating platforms
E-transport Flexibility Business platforms
& Other JVs & Partnership

1. Including share of income from JVs and capital gains
2. Fair Value of contracts in place as of 2023 calculated for full life
… crystallising already in the mid term growth and
profitability…
EBITDA (€bn) Net Income (€bn)
CAGR 20-30 CAGR 20-30

35
CAGR 20-23 5-6% 12
6-7%
30
5-6% 10 CAGR 20-23

25
8
8-10%
20
15
~18
10
5
2
5-5.2
0 0
2020E 2023 2030 2020E 2023 2030
+300 bps GNI/EBITDA

53
…on sound financial metrics
FFO/Net Debt Net debt/EBITDA
Stable Stable
27%
+400bps 2.8
2.7
25%
2.6
2.5
23%
2.4
2.3
21%
26% 2.2
2.7x 2.7x
19%
22% 2.1
17%
1.9
1.8
15%
2020E 2023 2030 2020E 2023 2030
54
Enel @2023
Our ambitions in medium-term targets
Power Generation
The renewable super major
Total RES capacity Cumulated catalyzed investments1

19.5 GW of new capacity (GW) (€bn)
2023 installed capacity halfway
through 2030 targets
+39%
90.0
~145 ~85
Unchanged profitability levels 80.0
68
Strategic actions
50.00
~25
under the ownership model vs 70.0
45.00
~20
8 ~120
40.00
previous plan 60.0
~49
50.0
60
35.00
~65
~4 30.00
40.0
~45
25.00
20.6
Mature pipeline covers targets by 30.0
20.00
3.8
3x, supporting growth ambitions
15.00
16.8
20.0
10.00
10.0
5.00
0.0 0.00
CO2 emissions down by 65% 2020 2023 2030 2021-23 2021-30

vs. 2017
Ownership Stewardship
56
1. 65 €bn ownership capex does not include Investments in storage for 5 €bn
Renewables ownership business model
2021-23 Owned capacity Capex & Profitability
RES Capacity evolution Capacity split Gross capex1
70. 0 By geography By tech

60. 0
1.1 EBITDA/ IRR-WACC

50. 0
15.4 24% Capex (bps)
~58% 4.2
40. 0
15.4 GW 16.8 €bn

30. 0
~60 >12% ~200

~42%
~45 11.5
20. 0
76%
10. 0
0.0
Countries with integrated

15.7 €bn
development
2020E Capacity 2023
additions presence
Countries with potential
57
integrated presence
1. Of which 1.1 €bn asset management
Renewables stewardship business model
Stewardship additional capacity Capex stewardship model

(GW) Value creation
EBITDA 300 €mn

9.0 Cumulated 21-23
8.0
2021-23 0.5
~8
7.0
3.3 3.8 €bn Future value of

6.0
4.1 +1.3x
5.0
contracts vs 20201
4.0
~4
3.0
Fair value of JVs

xx 900 €mn
2.0
1.0
and Partnerships
0.0
@2023
2020E Additional 2023 Enel Third parties
Capacity
58
1. Margin of contracts in place as of 2023 calculated for full life

141 GW of highly diversified pipeline fuels future

growth ambitions…
Renewable pipeline1 Breakdown by growth cluster
(GW)
141 .0
121 .0
Mature Pipeline 22%

101 .0
68 ~57 GW
81. 0
2
~57 GW
141 58%
61. 0
22 20%
41. 0
xx 33
48.7 7
21. 0
8.7
1.0 8.6 Integrated presence
-19.0
Gross Early stage COD COD COD BESS In Potential integrated presence
Pipeline 2 beyond 2024-2025 2021-2023 execution Other countries
2026
1. As of October 31°, 2020
2. Includes storage for 4 GW in early stage and 3 in mature pipeline. Excludes 0.2 GW of storage in execution. 59
…with high level visibility on mid term development

targets
2021-23 Renewables growth1: addressed share vs pipeline2 (GW)
2021-23
Pipeline/Residual target
30. 0
~57 GW
3x
25. 0
24
Beyond 2023
20. 0
19.5 GW BY CLUSTER
Integrated presence 2.7x

15. 0
8.7
33
2021-23 Potential integrated
10. 0
presence 4.4x
45%
5.0
addressed 10.8
Other countries 3.2x
0.0
Target additional In execution Residual target Pipeline

capacity
1. Including managed capacity 60
2. As of October 2020
The next three years will mark a further acceleration

of power generation decarbonisation…
Capacity evolution1 Production evolution2

(GW) (TWh)
CO2 emissions (gCO2eq/kWh)
~400 2020E 2023
250 .0
390 .0 2030
340 .0
200 .0
>170 218 148 82

290 .0
265
150 .0
240 .0
216 ~80%
RES
~100 >80% 190 .0
Emission free production (%)

88 67%
54%
100 .0
RES 140 .0
2020E 2023 2030

50. 0
55% ~70% 90. 0
40. 0
66% 77% ~85%
0.0
-10.0
2020E 2023 2030 2020E 2023 2030

Renewables Conventional Generation
61
1. It includes renewable managed capacity and nuclear capacity
2. It includes renewable managed production and nuclear production
…as well as of growth & profitability
EBITDA evolution
(€bn)
+13% 2020E 2023 Δ
EBITDA/MWh
0.3 (€/MWh)2 31 34 +10%
9.0
1.5 7.7
8.0
6.8
7.0
(0.9) EBITDA/MW
6.0
(k€/MW)2 71 85 +20%
5.0
4.0
4.7 6.5
Opex/MW
3.0
2.0
(k€/MW)2,3
32.6 30.4 -7%
1.0
2.1 1.2
0.0
2020E RES Growth RES Conventional 2023

Management generation1
EGP Conventional generation

1. It includes nuclear generation, gas and trading 62
2. It includes renewables and thermal generation
3. In real terms.
Infrastructure and Network
Global leader in networks for scale,
quality and resiliency
RAB (€bn) Quality index - SAIDI (min)
Capex deployment fuels

RAB growth
-19%
+14%
Strategic actions
Profitability supported by more than 80

300
400 €mn efficiencies 70
250
281
60
~70
50
200
228
Quality and efficiency of network 40
48 150
42
driven by our digital transformation 30
100
~100
20
50
10
0
0
Stable regulatory frameworks 2020E 2023 2030

2020E 2023 2030
provide visibility on returns
63
Sharp increase in investments leads to a 14%

growth in RAB…
Cumulated capex (€bn) Group RAB

(€bn) (€bn)
2021-23
35.00
Cumulated capex
30.00
+14%
80
+37% ~60
25.00
70
12%
60
~70
20.00
16.2 48
50
42
15.00
11.8 4.8 15
16.2 €bn
40
23% 11
10.00
4.0 11.4
30
7.8
20
65% 33
5.00
10
31
0.00
2020-22 2021-23 2021-30

plan Quality & Resiliency 2020E 2023 2030
Avg. Digitalisation RAB IN/RAB OUT

3.9 5.4 6.0 ~1.4
(€bn) (2021-2023)
Connections
64
Europe RoW
Europe RoW
…and progression in digitalization and quality of

service
End users and digitalization process Quality and reliability
End users (mn) Share of digitalized end users 2020E 2023 2030
+3% 2020E
100
SAIDI (min) 281 228 c.100
~77
90
80
~74 ~90
70
60% 2023
SAIFI (#) 3.1 2.5 ~2
60
28 30
50
40
Opex/end 41.4 34.5 30

30
64% user (€/cl)1

20 47 47
10
2020E 2023 2030
Europe RoW Share of digitalized

end users @2030 100%
1. In real terms 65
Double digit growth supported by capex acceleration

and efficiencies
EBITDA evolution
2020E 2023 Δ
(€bn)
RAB/end user
+19%
(€/cl) 563 624 11%
0.3
10. 0
0.5 Opex/end user 34.5

9.5
(€/cl)1
41.4 -17%
9.0
0.4 9.5
8.5
0.3
8.0
EBITDA/end user 107 124 16%
7.5
~8.0 (€/cl)
7.0
6.5
Stewardship model
6.0
EBITDA
5.5
Cumulated 21-23
0.1 €bn
5.0
Future value of contracts

2020E RAB Efficiency Regulatory & Volumes 2023 +1.8x
vs 20202
Tariff
66
1. In real terms
2. Margin of contracts in place as of 2023 calculated for full life
B2C – Reference energy choice,
enabling electrification of the customer
base
Customer value1 Volumes sold2
+10 mn free market customers on (€/cl/y) (TWh)

end of regulated segment and
integrated commercial offering
Strategic actions
+55%
190
Initial take up of electrification push

100
170
+30%
90
through commodity and beyond

150
80 ~100
130
proposition 110
70
60
90
50
62
70
91 40
Efficiencies unlocked by platform 50
70 30
40
operating model
20
30
10
10
-10
2020E 2023 2030 2020E 2023 2030
Avg. Unitary consumption 2.5 2.6 3.7

(MWh/cl/y)2
67
2. Europe Free market
B2B - Leading energy partner of global
and local businesses
Customer value1 B2B Gross margin
(€/cl/y) (€bn)
+10% increase in customer value
in first 3 years supported by
integration of beyond commodity
Strategic actions
1.9
+45% +27%
2
400
1.8
Value generation driven by 350
1.6
1.4
platform-based management 300
1.4
250
289 1.2
1.1 0.4
200
1
0.2
Acceleration of PPAs and energy 150
200 0.8
0.9 1
0.6
services addressing sustainability 100
0.4
needs 50
0.2
0
0
2020E 2023 2030 2020E 2023 2030
Commodity Beyond commodity

68
B2G - Trusted partner to support cities in
their decarbonization and
sustainability path
Electric buses1 Street lighting
Steep acceleration for E-buses with (k) (mn)

a six-fold increase of fleet
deployed
Strategic actions
Stronger leadership on public

12000
+6x 4.5
+17%
4
lighting with double digit growth by 10000
3.5
>4
2023 >10
8000
3
3.4
6000
2.5
2.9
2
Foster sustainability of cities by 4000

5.5 1.5
adding >200k public charging points 1
2000
0.8 0.5
0
0
2020E 2023 2030 2020E 2023 2030
Public charging points2 (k) 79 289
69
2. Includes interoperability points
Customers
Increasing share of free market customer base
Customers Electricity sold

(mn) (TWh)
45. 0 42 39 250 .0
205
40. 0
198
35. 0
5 200 .0
13
Developed 30. 0
19 48
+28%
150 .0
markets
25. 0
20. 0
+48%
(Europe)1 34
100 .0
192
150
15. 0
10. 0
23 50. 0
5.0
0.0 0.0
2020E 2023 2020E 2023

180
35
160
30
140
25
120
20
100
117
Developing 29
80
108
28
15
60
economies 10
40
(Latin America)
5 20
2020E 2023 2020E 2023

70
Free Market Regulated Market
1. Power and gas customers
Customers
Expanding customer value drives EBITDA up by 36%
EBITDA evolution
2020E 2023 Δ
(€bn)
B2C customer
value1 (€/cl/y) 70 91 +30%
+36%
B2B customer
0.3 value1 (€/cl/y) 200 289 +45%
4.6
0.4 0.1
4.1
0.5 (0.1) 4.5

3.6
B2G Revenues +60% vs 2020
3.1
3.3 Opex/Customer
2.6
2.1
(€/cl)2 22.6 18.8 -17%
1.6
1.1
Stewardship model
0.6
EBITDA Cumulated 21-23 1.4 €bn

0.1
2020E B2C B2B B2G Efficiency FX & Other 2023

-0.4
Future value of contracts vs 20203 +2.6x
Fair Value of JVs & Partnerships 3.1 €bn

71
1. Europe gross margin per customer 3. Margin of contracts in place as of 2023 calculated for full life
2. In real terms
Customers
Retail and Enel X
Ownership - Retail Stewardship - Enel X
Cumulated capex EBITDA evolution (€bn) Cumulated capex EBITDA evolution (€bn)
61% Digital
+25%
1
74%
5
4
1
+5x
2021-23 3
2021-23 0
1.7 €bn 3
4.3 €bn 0
4.0 0.5
2
3.2 26%
0
39% 1
CTA 1
-
-
0.1
Enel Third parties
2020E 2023 2020E 2023
EBITDA/cust.1 Charging points3 (k) ~175 ~780

(€/cl)
45 58
Demand Response
Opex/Custumer (GW) 6 10.6
(€/cl)2 22.6 18.8
Storage (MW) 124 527
72
1. Power and gas customers Bus (k) 0.8 5.5
2. In real terms
3. It includes interoperability points
Enel @2023
Sustainable growth and value
Capex split e EBITDA growth by GBL
Cumulated catalyzed investments 2021-23 Incremental EBITDA 2021-23
(€bn)
~90% SDG aligned1 2023 vs 20
6% 16%
8% +1.8
48 €bn -0.9
34%
36%
80%/90% EU +1.5
Taxonomy eligible1,2
Renewables
+1.2
Conventional generation
Networks Retail & Enel X
Third parties 74
1. Of consolidated Capex
2. Alignment to EU Taxonomy criteria (Climate Change Mitigation)
Creating value for Enel
EBITDA / MWh1 (€) B2C customer 2021-23 Enel’s adjusted

value4 (€/cl/y) EBITDA from stewardship
model5
+10% 100.00
35.00 90.00
80.00
0.3
30.00
34 70.00
91
31
60.00
Operating platforms
50.00
70
25.00
40.00
30.00
1.4 3.3 €bn Business platforms
20.00
20.00
10.00
1.6 JVs & Partnership
15.00 0.00
2020E 2023 2020E 2023

Opex/end users2 (€/cl)
B2B customer value4 (€/cl/y)
Opex/MW2 (k€/MW) 2020E
300.00
2023
2020E 2023 250.00
289
200.00
41.4 34.5
32.6 30.4 150.00
200
Opex/customer2 (€/cl)
100.00
50.00
0.00
2020E 2023
~11 €bn savings on fossil fuels 2020E 2023
by 20303 22.6 18.8
1. It includes renewables and thermal generation 4.. Europe gross margin per customer 75
2. In real terms 5. Including share of income from JVs and capital gains
3. Compared to Enel’s consumption in 2020
Enel @2023
Sustainable finance & financial
management
A strong financial position
Source of funds allocation 2021-23 Net debt evolution
60. 0
(€bn) (€bn)
28.5%
26% 26%
9.4 (40.0)
46.2
50. 0
,80.0
23.5%
22%
,70.0
40. 0
,60.0
18.5%
30. 0
,50.0
,40.0
13.5%
20. 0
57 - 58
,30.0
48 - 49
10. 0 (15.6) ,20.08.5%
,10.0
0.0 - 3.5%
Sources Incremental Gross capex1 Dividends 2020E 2023 2030

of funds debt
2.7x 2.7x 2.7x
FFO/Net debt Net debt/EBITDA 77

1. Includes capex associated with stewardship model
Excellent credit quality and well distributed
maturities
Net Debt/EBITDA of top European Utilities1 Liquidity and debt maturity by year
(€bn) Maturities/Gross Debt
30
5.1% 8.8% 9.6%

25
3.5
3.4x 20
3
2.7x 2.7x 15
2.5
25.4
2 10
1.5
15.9
1 5
0.5
6.0 6.7
0 0
3.2
2020E 20232023 Available 2021 2022 2023 2021-23
liquidity2
Enel Average Peers
New plan Last 3 years
Yearly refinancing on
average gross debt 11.9% 14.8%
78
1. The panel includes integrated European Utilities (EDP, Iberdrola, EDF, E.on, Innogy, Engie, Naturgy). Source: Bloomberg estimates @17/11/2020
2. As of September 30th, 2020
A growing share of sustainable finance
Sustainable Finance evolution Expected impact on cost of debt
+16pp >20pp 120 .0
-15/-20 bps
100 .0
30% 80. 0
32%
60. 0
2020E 52% 2023 48% 2030

40. 0
68%
>70% 20. 0
0.0
Conventional Sustainability Sustainable Bond

Bond benefit Kd
Sustainable sources Traditional sources
Kd
79
The synergy between private and public sources
Sustainability-Linked Private Sources Public Sources
Commercial
Bonds Loans and RCFs Loans
Papers
Size 4.4 €bneq 8.4 €bn1eq 10.0 €bn1 0.8 €bneq
KPIs
Pricing adj.
55% @2021 RES Capacity/Total Capacity 125 gCO2eq/kWh

60% @2022 RES Capacity/Total Capacity @2030
RES capacity on total CO2 emissions (gCO2eq/kWh)

2020E 2030 2020E 2030
51% 80% 218 82
80
1. Programme size – Enel , EFI and Endesa, KPIs set for Endesa differ from Enel’s ones
EU recovery plan to drive an increase in European
investments
EU recovery plan1 Enel capex in Europe

(€bn) (€bn)
200 0.0
750 Just transition

180 0.0
Flexible generation
+52%
Loans 1,824 Circularity & innovation
160 0.0
360
Grants2
140 0.0
390
120 0.0
24.2 Digitization
100 0.0
1,074 60% Resilience

~40% to EU
800 .0
Countries of
Hosting capacity
Enel 15.9
presence
600 .0
400 .0
business
200 .0
aligned Transport electrification
0.0
Energy efficiency
EU budget Next Recovery 2020-22 2021-23
2021-27 Generation Plan plan plan
EU 2021-24
81
1. Excludes Innovation and Modernization Fund resources coming from the ETS that are out of MFF and Next GEN EU; 2 Includes 6€B of Invest EU guarantees.
Further reduction in cost of debt
Financial strategy for 2021-23 Cost of debt evolution 2020-23
Amount Expected Current

32% 48%
(€bn) cost1 total cost
Centralized new 4.1% 4.0%

6.5 0.9% 3.9%
funding 3.9% 3.8%
3.7%
3.7%
Bond refinancing 8.3 0.9% 3.8% 3.7%

3.6%
3.5%
3.4%
3.3%
Bank loans 4.7 1.3% 2.1% 3.1%

3.3%
2020E 2021 2022 2023
Emerging markets 4.5 6.0% 6.0% Net Financial
2.2 2.2 2.2 2.2
Expenses
Total 24.0 2.0% 3.7%
Share of sust. Cost of debt Cost of debt
finance New Plan Old Plan
82
1. Enel estimates on current cost associated with financial instruments
Enel @2023
De-risking targets
2021-2023 targets will maintain a low risk profile
Decreasing risk perception Business model highly visible and stabilized
Enel Beta – 2015-Current Cumulated EBITDA 2021-23 REN development secured Renewables
Production secured
1.2
1.14
Additional Capacity 19.5 56%
1.1
-25% 2021-23 (GW)

80%
422 TWh
1
60 €bn 10.8
Gap to target (GW) 2021-23 14%
0.9
20%
0.85
0.8
30%
0.7
Contracted & Covered by PPA

regulated activities 2021-23 pipeline
~3x
0.6
Forward sales
Merchant Residual target Hedge w/retail portfolio1
84
1. Volume sold forward in year n-1
Power production volumes and margins locked
in thanks to long customer position in Europe…
Integrated margin – Generation GM vs retail GM Hedging position on price driven production

160 %
60.0
Delta
Pool price
indexed
Integrated140 %
STABLE STABLE
50.0
Hedging of margins margin hedged
Coal & Gas based on Large vs 20191 120 %
4% scenario/market customers
40.0
100 %
Renewables 80%
+ Nuke
30.0
Natural hedging Residential, 60%
Small &
20.0
with Medium 92%

96% 40%
retail portfolio customers

10.0
36%
20%
0%
Generation A Retail 2021 2022

Gross margin portfolio
85
1. Calculated on same 2019 mix
…with Power Purchase Agreements offering long
term visibility in RoW
Growth of PPA portfolio PPAs key features
(TWh) By Off-taker rating By Duration
+24% 6%
16%
12% 25%
31%
237
220
237 TWh 237 TWh

170
191
120
22%
22%
70
66%
49% 56%
20
AAA to A- BB+ to BB- >15 yrs 5-10 yrs

2020-22 2021-23
BBB+ to BBB- B+ to CCC- 10-15 yrs < 5 yrs
Share of PPA sales on total

Utilities / 12.2 years avg. duration
expected production C&I 20% 80%
Discos
86
2021-23
Targets
2021-2023 Financial Targets
Earnings growth 2020E 2021 2022 2023 CAGR2020
Ordinary EBITDA (€bn) ~18 18.7-19.3 19.7-20.3 20.7-21.3 +5% / +6%
Net ordinary income (€bn) 5.0-5.2 5.4-5.6 5.9-6.1 6.5-6.7 8% / 10%
CAGR2020
Value creation
Guaranteed DPS (€/sh) 0.35 0.38 0.40 0.43 ~7%
Implied Dividend Yield1 (%) 4.3% 4.6% 4.9% 5.2%
88
1. Share price @ 8.2€/share
Closing remarks
Closing remarks
Global Unparalleled Maximized Sustainable

Renewable Networks Customers Value
super major worldwide value for all
Best in class Total Return
90
2021-2023
Annexes
Agenda
Page
Macro scenario 94
Global Power Generation 97
Infrastructure & Networks 101

Financial
annexes Retail 106
Enel Group 109
Targets sensitivity 119
2021 – 2023 Sustainability Plan 123

ESG
annexes Focus on Corporate Governance 130
Contact us 137
2021-2023
Financial annexes
2021-2023
Macro scenario
GDP, CPI, FX
GDP (%) CPI (%) FX against €1

2021 2022 2023 2021 2022 2023 2021 2022 2023
Italy 5.1 2.8 1.4 1.0 1.0 1.2 n. m. n. m. n. m.
Iberia 7.7 3.9 1.9 1.1 1.3 1.4 n. m. n. m. n. m.
Latin Am erica
A rgentina 4.0 2.3 2.0 34.6 24.8 18.1 109.5 120.4 131.1
B razil 4.8 2.5 2.4 2.2 3.2 3.5 4.8 4.6 4.6
Chile 5.2 4.3 3.9 2.3 2.5 2.8 806 776 783
Co lo mbia 4.0 4.3 3.8 3.0 3.1 3.0 3,711 3,618 3,646
P eru 6.9 4.4 4.0 2.0 2.3 2.4 3.7 3.7 3.8
Rest of Europe
Ro mania 3.1 2.5 2.2 2.9 2.7 2.7 4.9 4.9 4.9
Russia 4.9 3.8 1.9 4.1 3.6 3.9 77.0 76.8 78.3
North Am erica
USA 8.9 3.6 1.5 1.2 2.0 2.0 1.12 1.13 1.14
M exico 3.2 2.1 2.0 3.4 3.3 3.2 24.7 24.7 25.1
1. Year end 95
Commodities’ prices
2020E 2021 2022 2023

Gas TTF (€/MWh) 8.5 14.0 15.5 17.0
Gas Henry Hub ($/m m btu) 2.0 2.4 2.6 2.7
Gas PSV (€/MWh) 10.3 15.8 17.2 18.6
Oil Brent ($/bbl) 39.0 48.0 55.0 59.0
Coal API2 ($/ton) 48.0 57.0 61.0 63.0
CO2 (€/ton) 25.0 30.0 31.0 32.0
96
2021-2023
Consolidated capacity & production1
By technology2 By geography3
18% 17% 8%1% 11%1%

5% 13% 7%
1% 14% 14% 32% 26%
9%
Capacity
Capacity
15% 2020E 2023 4 1% 2020E 20234
4%
84 GW 10% 1% >90 GW 84 GW >90 GW
26%
4% 20% 29%
30% 24%
33% 26%
3%
19% 15% 9%1% 13%1% 16%
8% 20%
3% 11% 11% 1% 10%
10%
Production
Production
2020E 3% 2023 4 11% 2020E 20234
15% 6%
206 TWh 245 TWh 206 TWh 245 TWh 26%
13% 27%
25% 33%
26% 34%
30%
Hydro Wind Solar & Other Geothermal Italy Latin America North America
Nuke CCGT Coal Oil & Gas Iberia Rest of Europe Africa, Asia & Oceania
98
1. Rounded figures. 2. It excludes managed RES capacity for 3.6 GW in 2020 and 7.6 GW in 2023. 3. It excludes managed RES production for 9.8 TWh in 2020 and 20 TWh in 2023.
4. Percentages are calculated excluding perimeter effects
RES additional capacity1 (MW)
Hydro Wind Geothermal Solar & Other Total

2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023
Italy 19 - - 129 - 360 6 15 - 17 532 445 171 548 805
Iberia 4 6 - 34 396 450 - - - 705 1,024 1,250 743 1,426 1,700
Latin America - 3 3 1,020 601 600 28 - - 1,370 1,262 470 2,418 1,866 1,073
Rest of Europe - - - 201 511 721 - - - 7 20 50 208 531 771
North America - - - 490 550 300 - - - 465 730 550 955 1,280 850
Africa, Asia & Oceania - - - - - - - - - - - - - - -
Total 23 9 3 1,874 2,058 2,431 35 15 - 2,564 3,568 2,765 4,495 5,651 5,199
Managed 1,324 807 1,990
1. Ro unded figures Total 5,819 6,458 7,189
By technology By geography
8% Italy
45% 20%
Iberia
20%
Wind Latin America
19.5 GW 19.5 GW
Solar & Other 17% Rest of Europe
55% North America

8% 27% Africa, Asia & Oceania
1. Rounded figures 99
COD 2021-2023 pipeline1 (GW)
By geography By technology
COD
2021 2022 2023 Total COD
Italy 0.0 2.5 0.7 3.2
2021 2022 2023 Total
Iberia - 1.6 3.6 5.2
Wind 0.0 3.5 7.4 10.8
Latin America 0.0 1.1 9.4 10.5
Solar 0.1 7.9 14.5 22.5
Rest of Europe 0.0 0.9 0.7 1.7
North America 0.0 3.3 4.4 7.7 Hydro 0.0 0.0 0.0 0.1
Africa, Asia & Oceania - 2.0 3.2 5.2 Geothermal 0.0 0.0 - 0.0
Total 0.1 11.5 21.8 33.4 Total 0.1 11.5 21.8 33.4
By geography By COD By technology
15% 9% Italy 32%

16% Iberia
35%
Latin America 2022 Wind
23% 33.4 GW 33.4 GW 33.4 GW
Rest of Europe 2023 Solar & Other
North America 65%
5% 32% Africa, Asia & Oceania 68%

2021-2023
Electricity distributed, End users, Smart meters1
Electricity distributed (TWh) End users (mn) Smart meters (mn)
468 512 74 77 45 49
100 60
90
16 1
520
50
1
80
15 3 3 3.5
420
145 70
130
40
30 12 13
28
60
320
131
50 30
119
12 13
40
220
20
30
31 32
203 219
120 20
10
31 32 10
20
0 0
-80
2020E 2023 2020E 2023 2020E 2023
Italy Spain Latin America Rest of Europe

Networks regulation: high visibility across the full

business plan
South
America
Europe 2020 2021 2022 2023 2024 WACC 2020 2021 2022 2023 2024 WACC
Italy 5.9% Brazil3 12.3%
5.6% Colombia 11.64%

Iberia1
Chile 7.5%
Romania2 6.4%
Argentina 12.46%
2021-23 BP
Peru1 12%
2021-23 BP
Highly visible frameworks in almost all countries

Stable and mature regulations in all countries
Discussions ongoing in Peru and Argentina
1. WACC nominal pre-tax 103

2. + 1% new capex
3. Blend of Rio, Cearà, Goias and Eletropaulo
Current regulatory framework in Europe1
Italy Iberia Romania
WACC real pre tax 6.4%4

5.9% 5.6%2
2020
Next Regulatory
20243 2026 2024
Period
Regulatory Period
4+4 6 5
Length (years)
Metering Owned by Owned by Owned by

Ownership DSO DSO DSO
Smart meter
Yes No Yes
inclusion in RAB
1. As of November 2020 104
2. Nominal pre tax
3. WACC review by 2022
4. + 1% new capex
Current regulatory framework in Latin America1
Argentina Brazil Chile Colombia Peru
WACC real pre tax 7.5%2

12.46% 12.3% 11.64% 12.0%2,6
2020
Next Regulatory
2022 2023 Nov 2020 2024 2022
Period
Regulatory Period 5 (Rio, Goias)

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

Ownership DSO DSO users/DSO users/DSO users4
Smart meter To be To be
Yes Yes No5
inclusion in RAB3 defined defined
1. As of November 2020
2. Return rate before taxes, for Chile it is an estimation given that the real WACC post-tax will be 6.0%. 105
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, Smart Meters will be DSO property when the deployment is approved.
5. Smart meters are not included in the RAB, but they will have a regulated remuneration.
6. Nominal term
2021-2023
Retail
Customers
Power & gas customers and volumes1
Power Gas
Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc)
2020E 2023 2020E 2023 2020E 2023 2020E 2023
Italy 22.7 18.7 98.0 94.9 4.2 4.5 4.5 4.2
Free Market 9.7 18.7 64.4 94.9 4.2 4.5 4.5 4.2
Regulated 13.0 - 33.7 - - - - -
2
Iberia 10.5 10.6 91.4 98.6 1.7 1.8 5.1 5.3
Free Market 5.7 6.1 78.5 85.8 1.4 1.6 5.0 5.2
Regulated 4.8 4.5 13.0 12.8 0.2 0.2 0.1 0.1
Latin America 27.7 29.3 132.8 158.2 0.0 0.0 0.1 0.5
Rest of Europe 3.0 3.3 8.9 11.5 0.1 0.1 0.1 0.2
Total 63.9 61.8 331.2 363.2 5.9 6.5 9.8 10.3

2. Iberia includes Spain and Portugal
Customers
Italian and Spanish power market – forecast 2020
Italy Spain
Customers (mn) Enel Customers (mn) Enel

1
Regulated Free Total market share Regulated Free Total market share 2
Business 2.3 4.9 7.1 38% Business 0.3 0.8 1.1 34%
Residential 13.0 16.5 29.6 47% Residential 10.8 17.6 28.4 34%
Total 15.3 21.4 36.7 Total 11.0 18.4 29.4
1 2
Enel Market Share % 85% 45% Enel Market Share 43% 29%
Energy sold (TWh) Enel Energy sold (TWh) Enel

Regulated Free Total market share 1 Regulated Free Total market share 2
Business 11.3 188.5 199.8 25% Business 1.4 151.1 152.5 30%
Residential 30.6 38.9 69.5 44% Residential 26.1 54.7 80.8 32%
Total 41.9 227.4 269.3 Total 27.5 205.8 233.3
Enel Market Share % 80% 28% 1 Enel Market Share 2 47% 33%
Enel estimate based on Forecast 2020 Regulated; % calculated on Total Regulated Market
Enel estimate based on Forecast 2020 Free; % calculated on Total Free Market (not including Last Resort - “Salvaguardia”).
1. Comparing with 2019, data have been adjusted to reflect the availability of the growth, on a monthly basis, of free market data provided by the Authority (approx. equal to 2pp) 108
2. Portugal is not included
2021-2023
Enel Group
Gross Capex1 (€bn)
Cumulated gross capex by GBL2 Cumulated gross capex by geography3
3% 10%
42% Networks 8% Italy
4%
Retail 36% Iberia
7%
~39.0 €bn Conventional generation ~39.0 €bn Latin America
Enel X 26% Rest of Europe
EGP North America

Conventional Generation Global Infrastructures Services
EGP Retail Enel X Total
& Trading & NetworNs & Other
2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023
Italy 0.3 0.6 0.3 0.4 1.0 1.3 2.4 2.8 3.0 0.4 0.3 0.4 0.1 0.2 0.2 0.1 0.1 0.1 3.7 5.0 5.2
Iberia 0.3 0.2 0.2 0.6 1.7 1.5 0.8 0.9 0.9 0.1 0.1 0.2 0.0 0.1 0.1 0.0 0.0 0.0 2.0 3.0 2.9
Latin America 0.1 0.2 0.2 2.0 1.2 1.1 1.6 1.8 1.6 0.1 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 3.9 3.2 3.0
Rest of Europe 0.0 0.1 0.1 0.2 1.1 1.0 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 - - - 0.5 1.4 1.3
North America 0.0 0.0 0.0 1.6 1.3 0.6 - - - - - - 0.0 0.0 0.0 - - - 1.6 1.4 0.6
Africa, Asia & Oceania - - - - - - - - - - - - 0.0 0.0 0.0 - - - 0.0 0.0 0.0
Total 0.8 1.1 0.8 4.9 6.3 5.5 5.0 5.5 5.7 0.6 0.5 0.6 0.4 0.3 0.3 0.2 0.2 0.3 11.9 14.0 13.1
Total Capex 2021 - 2023 2.7 16.8 16.2 1.7 0.9 0.7 39.0
110
1. Rounded figures. Cumulated figures do not include 1 €bn of equity injections 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown
Asset development capex1 (€bn)
Cumulated development capex by GBL2 Cumulated development by geography3
2% 33% 13%
Networks Italy
5% 35%
Retail 10% Iberia
~26.4 €bn Conventional generation ~26.4 €bn Latin America
Enel X Rest of Europe
EGP 22% North America

Conventional Generation Global Infrastructures Services
EGP Retail Enel X Total
& Trading & NetworNs & Other
2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023
Italy 0.2 0.5 0.2 0.2 0.9 1.2 1.5 1.9 2.0 - - - 0.1 0.1 0.1 - - - 2.1 3.4 3.6
Iberia 0.0 0.0 0.0 0.6 1.6 1.4 0.4 0.5 0.5 - - - 0.0 - - 0.0 0.0 0.0 1.1 2.2 2.0
Latin America 0.0 0.0 0.0 1.9 1.1 1.0 0.5 0.6 0.5 - - - - 0.0 0.0 0.0 0.0 0.0 2.5 1.7 1.6
Rest of Europe 0.0 0.1 0.1 0.2 1.1 1.0 0.1 0.1 0.1 - - - 0.0 0.0 0.0 - - - 0.3 1.3 1.2
North America - - - 1.5 1.3 0.5 - - - - - - 0.0 0.0 0.0 - - - 1.6 1.3 0.5
Africa, Asia & Oceania - - - - - - - - - - - - 0.0 0.0 0.0 - - - 0.0 0.0 0.0
Total 0.3 0.6 0.3 4.6 6.0 5.2 2.6 3.0 3.1 - - - 0.2 0.2 0.2 0.0 0.1 0.1 7.7 9.9 8.9
Total Capex 2021 - 2023 1.2 15.7 8.7 - 0.6 0.2 26.4
111
1. Rounded figures. Cumulated figures do not include 1 €bn of equity injections 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown
Group Ordinary EBITDA1
By GBL2 By geography3
(€bn) (€bn)
~18 20.7 - 21.3 ~18 20.7 - 21.3
1% 6%
3%
3% 4%
44% 33%
44% 25%
18% 24% 19%

17% 6%
12% 3%
1% 44% 38%
26% 30%
2020E 2023 2020E 2023
Networks Enel X Italy Latin America North America

Retail EGP Iberia Rest of Europe Africa, Asia & Oceania
Conventional generation
2. Services & Other is not included in the breakdown
3. Other is not included in the breakdown
Global Power Generation Ordinary EBITDA1
Ordinary EBITDA EGP - By geography2

(€bn)
1% 1%
17% 18% 20%
27%
4% 2020E 5% 2023
6.8 7.7
9
4.7 €bn 6.5 €bn 12%

9%
7
1.2
6
2.1 42% 44%

5
4
Conventional Generation and Trading - By geography2
3 6.5
4.7 7% 18% 8%
25%
2
1
17%
2020E 31% 2023
2.1 €bn
0
1.2 €bn
2020E 2023
58% 36%
Conventional generation EGP
Italy Latin America North America
2. Other is not included in the breakdown Iberia Rest of Europe Africa, Asia & Oceania
Infrastructure & Networks Ordinary EBITDA1
Ordinary EBITDA EBITDA by geography2

(€bn)
10000
2% 2%
9500
23%
9.5 36%
9000
2020E 2023 42%

49%
8500 ~8 €bn 9.5 €bn
8000
26%
~8.0
7500
20%
7000
2020E 2023
Italy Latin America
Iberia Rest of Europe

Customers
Customers Ordinary EBITDA1
Ordinary EBITDA Retail - By geography2

(€bn)
7%2% 11%
3%
18%
2020E 2023
4.5 23%
3.2 €bn 4.0 €bn
5
4.5
0.5 63%
4
3.3 73%
3.5
3 0.1
2.5
Enel X - By geography2
2
4.0
3.2 4%
7%6%
1.5
1
25%
0.5
8% 32%
0
2020E 2023
49% 0.1 €bn 0.5 €bn
2020E 2023
22% 33% 14%
Retail Enel X
Italy Latin America North America
2. Other is not included in the breakdown Iberia Rest of Europe Africa, Asia & Oceania
EBITDA by GBL (€bn)1
Italy Iberia Rest of Europe
~7.9 ~8.2 ~4.3 ~4.2 ~0.5 ~0.7
23%
49% 49% 49% 47% 25% 14%
15% 14%
13% 5%
29% 30% 23% 26%
1%
5% 4% 27% 11% 44%
1% 1% 2% 33%
16% 16% 1% 10% 18%
2020E 2023 2020E 2023 2020E 2023
Networks Conventional generation EGP

Retail Enel X
EBITDA by GBL (€bn)1
Latam North America Africa, Asia & Oceania
~4.5 ~7.1 ~0.8 ~1.2 ~0.1 ~0.1
2%
32%
47%
2%
41% 6% 98%
5%
5% 2% 68%
2% 8% 100% 98%
39%
45%
2020E 2023 2020E 2023 2020E 2023
Networks Conventional generation EGP

Retail Enel X
Baseload power price & production sold forward
Baseload price
2020E 2021 2022 2023
Italy (€/MWh) 37.0 52.3 53.9 55.3
Iberia (€/MWh) 32.6 47.2 48.4 49.2
Production sold forw ard

2020E 2021 2022 2023
price % price % price % price %
Italy (€/MWh)1 56.9 100% 51.7 85% 51.7 26% - -
Iberia (€/MWh)1 73.9 100% 71.6 96% ~ 70.8 43% - -
Brazil (USD/MWh) 45.8 100% 50.0 100% 52.4 100% 53.5 100%
Chile (USD/MWh) 75.7 100% 69.4 100% 64.9 100% 66.0 100%
Colombia (USD/MWh) 58.3 100% 67.2 90% 65.4 90% 67.5 90%
Peru (USD/MWh) 53.9 100% 56.5 100% 59.2 100% 61.6 100%
1. Average hedged price; wholesale price for Italy and Spain. 118
2021-2023
Targets sensitivity
Risks and opportunities: commodities and volumes
Cum. 2021-23 EBITDA impact (%)

Mitigation factors
1
COMMODITY
0.8
Increasing renewable production

+10% 0.6
0.4
0.9
0.2
across commodities 0
-0.2
-10%
-0.4
-0.6 -0.8
-0.8
-1
Forward hedging strategy
0.8
Long customer position and forward sales

+1%
0.6
VOLUME
0.4
0.6
0.2
electricity demand 0
-1%
-0.2
-0.4
-0.5
-0.6 Very diversified customer base
Total 2021-23 impact (1.3%) 1.5% 120

Risks and opportunities: currencies
2021-23 EBITDA & Net Income impact (+/-10% USD/LOC FX1)
(€bn) Net
2021-23 Cumulated Ebitda Income
EBITDA by currency
BRL 0.9 0.3 2021-23 Cum.
+10%
2
EBITDA impact
ARS 0.1 0.0
11%
1.5
1.9
1
CLP 0.2 - 3.2% (2.5%)

0.5
0.5
60 €bn 0
cum 21-23
Other 0.7 0.1
64% 25%
0
Cum 21-23
2021-23 Cum.
-0.2
-0.4 BRL (0.7) (0.2) Net. Income impact

-0.4
-0.6
-0.8
ARS (0.1) (0.0) 2.8% (2.2%)

-10%
-1
EUR -1.5
-1.2
-1.4
CLP (0.1) -
USD -1.6
(0.6) (0.1)
-1.8
Latin America -2
Other
Ebitda Net Income 121

1. EUR/USD @Plan. Rounded figures
% on 2021-23 cumulated
2021-2023
Environmental, Social and
Governance annexes
2021-2023
Sustainability Plan
Sustainable business model, driving change
through growth accelerators
2021 – 2023
Sustainability Plan
*1
1. Growth accelerators include innovation, cyber security, digital supports, circular economy and
sustainable finance
People we work with
Plan actions 2020E1 2021-23 targets
Gender - % of women in selection 44% women involved in 50% women involved in

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

Climate survey2
• 86% of people participating • 87% of people participating
• 100% of people involved • 100% of people involved

Performance appraisal2
• 99% of people appraised • 99% of people appraised
Reskilling and upskilling – Promote and plan reskilling and upskilling programs for Enel people in order to support
the energy transition
125
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 worked in the Group for at least 3 months during 2020
Local and global communities
Plan actions 2020E1 2030 targets2
High-quality, inclusive and fair education ~ 2.1 mn beneficiaries 5.0 mn beneficiaries in 20302
Access to affordable and clean energy ~ 9.6 mn beneficiaries 20.0 mn beneficiaries in 20302
Employment and sustainable 8.0 mn beneficiaries in 2030

~ 2.9 mn beneficiaries
and inclusive economic growth
126
1. Cumulated figures since 2015
2. Target increased
Environmental sustainability
Plan actions 2020E 2030 targets
-54% vs 2017
Reduction of specific Nox emissions1 -70% in 2030 (vs 2017)
(0,36 g/kWheq)
-87% vs 2017
Reduction of specific SO2 emissions1 -90% in 2030 (vs 2017)
(0,11 g/kWheq)
-95% vs 2017
Reduction of specific dust emissions1 -97% in 2030 (vs 2017)
(0,006 g/kWheq)
Reduction of specific water requirements1 n.a. -65% in 2030 (vs 2017)
1. Redefined in line with the new 2030 Scope 1 emission reduction target certified by the Science Based Targets initiative (SBTi)
127
Innovation
2020E Plan actions 2021-23 targets
New geographies opened for scouting 2

in addition to active Innovation hubs 10
• Enhance the reach of our Launch of 350 Proof of
New lab 1 innovation ecosystem to Concept to test innovative
to a total of labs 22 find the best solutions solutions
worldwide
Crowdsourcing challenges launched >50 • Create value by solving more
Global call for startups 1 business line needs through
the exploitation of open
innovation tools
Proof of Concept launched ~100
(collaboration with startups,
crowdsourcing, partners, Scale-up of 100
academia, intelligence, solutions to boost the
Solutions under scale-up in the business >30 technology communities, Strategic Plan
solution design activities) accomplishment
128
Cyber security
2020E Plan actions 2021-23 targets
Risky emails blocked (#) 1.8M

every day
Execution of 36 cyberexercises
Cyberexercises involving industrial cyberexercises involving executed on industrial
plants/sites (#) 14 industrial plants/sites plants/sites
Internet domain detected for suspect

illicit use of the brand (#) 675
Disseminating the
Fake corporate profiles detected in
social networks (#) 226 information security 15 cyber security
culture and changing knowledge sharing events
people’s behavior in order per year
to reduce risks
1. As of September 2020
129
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 131
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 International Environment
Anna Chiara Svelto
(C) Related Parties C. Legal & Corporate Governance
132
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 133
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% gCO2eq/KWh7 gCO2eq/KWh7 gCO2eq/KWh7
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-months 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 134
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. For the CEO/General manager. 50% for the other beneficiaries of the LTI Plan 2020
Enel group’s listed companies
70.1% 64.9% 65.0% 56.4%
Chile Américas1 Russia
93.5% 99.1% 99.9% 100% 100%
Enel Gx Chile Enel Dx Chile Enel Argentina Enel Brasil Enel Perú 96.5%
92.6% 75.7% Enel Gx Piura

83.2% 83.6%
Pehuenche Enel Gx Costanera
Enel Dx Perú Enel Gx Perú
74.1% 99.7%
Not listed companies 135
1. Enel Americas operates also in Colombia through not listed companies Enel Dx Ceará Enel Dx Rio
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.
136
Contact us
Contacts
Email investor.relations@enel.com
Phone +39 06 8305 7975
Investor Relations App

Monica Girardi iOS Android
Head of Group Investor Relations
Investor Relations team

Federico Baroncelli
Serena Carioti
Federica Dori
Federica Pozzi
Fabrizio Ragnacci Channels
Noemi Tomassi
Emanuele Toppi Website
Enel.com

2021 2023 Strategic Plan

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2021 2023 Strategic Plan

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Capital Markets

Our next 10 years

The next 10 years

Value for all

The next 3 years

Our ambitions in medium-term targets

Sustainable growth and value

Francesco Starace Closing remarks

Global RES Capacity

distribution grids1 10%

Electrified energy consumption

Enel 2nd 3rd Enel 2nd 3rd Enel 2nd 3rd

Platformisation process Enel’s Platform

Global development and asset

Setting the Enel as an array Customer operation

✓ Pillars digitalization ✓ Digital Platform B2C: E-Home,

Direct investments in growing renewables, Offer operating platform services to third

Platforms as Business platforms

Joint Ventures & Partnerships

(USD trl) 1.20

0.9 2010-2019 2020-2040

Investments activated for the energy transition

RAB (€bn) 42 ~70

% Digitalized users 60% ~100%

Electric buses2 (#) 812 >10k

2021-30 Demand Response (GW) 6 ~20

Capex by GBL Value creation KPIs

46% 2021-30 RAB/end

Enel Third parties 13

1. Italy and Spain

Capex by cluster Enel’s adjusted EBITDA1

>150 €bn 4.0

~40 €bn ~10 €bn

Enel Third parties 14

EBITDA 2020-2030 (€bn) Net Income 2020-2030 (€bn)

2020E 2030 2020E 2030

Decarbonization Electrification Digital & Platforms

~25% reduction of household ~3x improvement in service

3x RES capacity increase 2021-30 catalyzed investments1

Support profitability through global ~145 20

support value creation 2020E 2030

The ownership model in GPG: +75,000 MW in 10

2021-30 Owned capacity Capex & Profitability

RES Capacity evolution Capacity split Gross capex1

140 .0 By geography By tech

The stewardship model in GPG: catalysing

Stewardship additional capacity Capex stewardship model

Enel’s adjusted 4.3 €bn

2020E Additional 2030 Enel Third parties

Africa, Asia &

Countries (#) 2021-23 2023 vs 20

Built capacity evolution (MW)

2010 2015 2018 2020E 2023 vs 20 2023 vs 20

RES global presence

BESS energy storage 2030 Cumulated capex 2021-30

Main value drivers

1. Calculated on ~95 GW additional capacity

Green hydrogen capacity

Competitive full decarbonization offer

Main value drivers

✓ Savings on Capex and Opex arising 600

from synergies with RES plant 0 ~120

(4 00) 2020E 2023 2030

1. Calculated on ~95 GW additional capacity