Slides
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First Half 2025 Consolidated results July 31st, 2025
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First Half 2025 Consolidated results Flavio Cattaneo CEO
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Opening remarks 2 Solid economic and financial results Net ordinary income up by 4% net of perimeter Resilient business model supported by managerial actions implemented Shares Buy back implementation: 1 €bn tranche from August 1st to December 31st 2025 Continued advocacy activities to support business evolution
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11.4 11.5 0.3 H1 2024 H1 2025 3 EBITDA1,2 (€bn) Net Income1 (€bn) FFO/ND (ltm) 1. Ordinary figures. It excludes extraordinary items in H1 2025 ( -376 €mn: -341 €mn release of equity reserves after Slovenské Elektrarne closing, -35€mn corporate restructuring plan and value adjustments) and in H1 2024 (+1.181 €mn: -202 €mn solidarity contribution in Spain, +1.347 €mn gain disposal Perù, +36 €mn gain Iberia) 2. In the whole presentation Pro Forma numbers are calculated excluding the perimeter of disposed assets ( Perù and grids in Lombardy) H1 2025 delivery shows solid economic and financial results 11.7 +1% Net of perimeter 3.7 3.8 0.3 H1 2024 H1 2025 4.0 +4% Net of perimeter 26% 25% H1 2024 H1 2025 2025 Guidance (€bn) 22.9-23.1 6.7-6.9 FY 2025 guidance confirmed, on track to achieve top of Net income range disposals disposals
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Delivering on CMD’s strategic pillars: capital allocation Profitability, flexibility and resiliency 1 1. 2024 restated 2. In the whole presentation emission free production and capacity are calculated including consolidated renewable and nuclear c apacity/production, BESS and capacity /production related to JV and Stewardships 3. Gross of energy losses 4 Gross capex1 (€bn) Geographical mixBusiness mix 3.1 1.4 1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 H1 2025 4.42 0.00 1.00 2.00 3.00 4.00 5.00 6.00 H1 2025 ROW 5.5 5.5 +4 p.p. vs 2024 +10 p.p. vs 2024 Hydro acquisition in Spain H1 2025H1 2024 Pro-forma 87% 93%RES coverage of fixed sales3 ~650 658RAB/customer (€/customer) 84% 85%Emission free production2 CO2 72% 73%RES production on total2
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5 Acquisition of over 1 GW of RES portfolio through Enel’s JV Over 1 GW acquired, of which 0.7 GW in operation and 0.4 GW under construction Transaction in line with the new development strategy, which combines brown and greenfield opportunities to maximize returns Australia February 2025 Assets Swap between EGP NA and Gulf Pacific Power 285 MW of additional consolidated capacity US May 2025 Implementation of renewables’ growth strategy to enhance value creation and maximize returns Brownfield opportunities to boost capital allocation on renewables +50 €mn EBITDA impact per year Profitability, flexibility and resiliency 1 EGPNA acquisition of indirect equity stake reaching 51% in exchange of 100% of a wind farm.
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Delivering on CMD’s strategic pillars: Group’s operations and sustainability 97% 3% 1.0 €bn Business Lines Holding costs Addressable cash-cost base (From FY 2022 to H1 2025) 67% of 2025-27 target already achieved 2.5x 2.5x H1 2024 H1 2025 ND/EBITDA (ltm) 102 91 H1 2024 H1 2025 Scope1 GHG emissions intensity (gCO2eq/kWh) 6 Financial and environmental sustainability 3Efficiency and effectiveness 2 11% emission reduction, an additional step forward to achieve Net Zero target Restored financial flexibility to sustain additional long-term growth -11% STABLE
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First Half 2025 Consolidated results Stefano De Angelis CFO
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Operating delivery across all businesses… 8 44.4 45.3 H1 2024 H1 2025 +0.9 €bn 228.7 231.4 Renewables KPIs Liberalized market clients (mn) Grids 11.1 11.4 6.7 6.4 H1 2024 H1 2025 - 17.817.8 Electricity distributed (TWh) Power B2C & SMB sales (% on total) 43%41% 53% +2 p.p. +13 p.p Production (TWh) 1 TWh higher production Storage Capacity (GW) BESS + PUMPING 10.1 11.5 H1 2024 H1 2025 +1.4 66% Leader in Storage capacity Greenfield growth focused on BESS Resiliency recovered in Italy Focus on Residential and SMB customers 20241 2025 1. Pro forma 12.4 €bn FX exposed +3 p.p. Paving the way for a relevant and growing share of Groups’ EBITDA Grids’ EBITDA on total RAB (€bn) 1
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…sustains “secured” and organic delivery proved by positive net cash flow outcomes 91. H1 2024 restated, split does not include Other for -154 €mn in 2024 and -93 €mn in 2025 4.0 4.4 7.5 7.2 H1 2024 Pro Forma H1 2025 11.511.4 +1% 3.7 3.8 H1 2024 Pro Forma H1 2025 +4% 57.4 55.4 H1 2024 H1 2025 (2 €bn) Net ordinary income Ordinary EBITDA Net Debt/ EBITDA (ltm) 11.7 11.5 4.0 3.8 2.5x 2.5x EBITDA1 (€bn) Net Income1 (€bn) Net Debt (€bn) Normalized +3%
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Proving our secured growth more than offsetting FX and regulated cost of sourcing spike in Spain 10 1. H1 2024 restated, split does not include Other for -154 €mn in 2024 and -93 €mn in 2025 2. Source: OMIE and REE 4.0 4.4 7.5 7.2 H1 2024 Pro Forma H1 2025 H1 2025 Normalized 11.511.4 +1% Ordinary EBITDA 11.7 11.5 EBITDA1 (€bn) Normalized +3% ~10 ~40 H1 2024 H1 2025 1 2 Curtailment in Brazil (1.5) TWh FX impact vs plan scenario EUR/USD EUR/BRL Avg. Plan Avg. H1 2025 3 Abnormal spike in ancillary costs in Spain 18 26 16 Apr-25 May-25 Jun-25 Iberian power prices (€/MWh)2 Post blackout Ancillary Daily mkt price EBITDA impact (€ mn)
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+5% Enel Group Ordinary EBITDA: H1 2025 overview by country 11 51% 23% 22% 4% Italy Iberia Latam and RoW H1 2025 11.5 €bn North America Integrated business up by 6% thanks to optimized integrated energy management. Hydro output +0.8 TWh 0.45 0.45 H1 2024 H1 2025 (1%) Stable EBITDA evolution yoy despite current environment. Lower contribution of tax incentive in Q2 2025 vs previous year Lower contribution of Thermal Generation & Trading and Retail normalization partially compensated by strong performance of Grids (+18% net of perimeter) (€bn) c.270 €mn negative FX impact fully absorbed by Integrated Margin performance and positive tariff indexation for Grids 2.6 2.6 H1 2024 Pro Forma H1 2025 +1% 5.9 5.8 H1 2024 Pro Forma H1 2025 (1.5%) EBITDA by geography1 (€bn) (€bn)(€bn) 1. Split does not include Other for -69 €mn 2.5 2.7 H1 2024 H1 2025
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EBITDA up by 9% net of perimeter effect, Latam performance offset by FX impact 12 GridsEBITDA evolution1 (€bn) 1. Rounded figures. H1 2024 restated 2. Proforma Capex (€bn) Main KPIs 1.9 2.2 0.9 0.9 1.3 1.2 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 H1 2024 H1 2025 4.0 +9% 4.4 Italy Iberia Latam Ordinary EBITDA 4.2 4.4 2.0 0.4 0.7 H1 2025 3.1 €bn RAB (€bn): 45 €bn H1 25 11.1 11.3Iberia +0.2 20.9 21.6Italy +0.7 12.4 12.4Latam - Electricity distributed (TWh) H1 25 67.6 69.6Iberia +3% 100.4 101.3Italy +1% 60.8 60.5Latam -0.5% Grid customers (mn) H1 25 12.6 12.7Iberia +0.1 31.1 31.2Italy +0.1 24.8 25.0Latam +0.2 +5% -1% -4% H1 242 H1 242 FY 242 FX impact yoy: (190) €mn 2
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Reduction of thermal generation volumes (-1.8 TWh) and lower contribution of hedges on commodities portfolio and wholesale activities in line with seasonality Normalization of Retail EBITDA reflects the executed repositioning of B2C and SMB customers in Italy, 2Q25 in line with expectations Continued positive performance in Iberia mainly on gas market. Positive impact of renewables development more than offset by Weaker renewables resources availability mainly in Europe Ongoing 2025 results supported by the integrated strategy in Europe, hedged by a solid and resilient Retail Customer base, and LT PPAs coverage in Latam and in US Integrated strategy evolution in line with expected trend for 2025 13 EBITDA evolution1 (€bn) ∆ yoy (0.2) (0.1) FLAT RenewablesFlex. gen. & Wholesale Customers 1. Rounded figures. H1 2024 restated 2. Pro forma Integrated business 4.0 3.6 1.6 1.8 1.8 1.8 0 1 2 3 4 5 6 7 8 H1 2024 H1 2025 7.5 -4% 7.2 Italy Iberia RoW 7.7 7.2Ordinary EBITDA Pro-forma 2
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0.90 0.66 H1 2024 H1 2025 Generation EBITDA in Italy supported by Grids’ performance 14 1.0 0.76 0.6 0.7 Q1 2024 Q1 2025 Q2 2024 Q2 2025 (0.3) EBITDA (€bn)1 ~18% Churn ~25% Churn -7 p.p. +0.1 ~6y~4y Avg. residential customers’ lifetime Impact from Gas wholesale contracts hedging (27%) Fully in line with planned turnaround targets Resiliency and better quality of the customers restated June 2024 June 2025 RetailGrids 1.9 2.2 H1 2024 Pro forma H1 2025 The secured growth engine +18% Fair and innovative regulatory framework Consistent returns with quality and efficiencies driven by return premium Renewal of concession already defined, terms to be approved by ARERA 1.31 1.25 1.1 0.8 H1 2024 H1 2025 (2%) EBITDA (€bn)1 EBITDA (€bn)1 Gas wholesale & commodities EBITDA evolution (€bn) 2.4 2.1 1. Rounded figures
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~60% ~50% ~30% 2025 2026 2027 Group’s Customers and Generation business in Italy 15 Renewable Generation hedging1 ~90%~100% FinancialCommercial2 Matchable with Retail Customer Base 100% contracted with price optionality31.0 0.76 0.6 0.7 Q1 2024 Q1 2025 Q2 2024 Q2 2025 (0.3) EBITDA (€bn) ~18% Churn ~25% Churn +0.1 ~6y~4y Residential Customers avg. lifetime Fully in line with planned turnaround targets Resiliency and better quality of the customers restated June 2024 June 2025 Retail (€bn) 1. Integrated energy management does not include hydro buffer, pumping, ancillary services and regulated generation 2. Retail volumes are 100% related to contracted Customers. “Priced” refers to volumes whose cost of sourcing has been already s ecured and matched with customers’ binding pricing terms (12/24 months) 3. Contracts dutation is perpetual with the option to align price condition to relevant change in the market scenario +2 years 2025 2026 Priced Matched with Price Optionality - Churn + Acquisitions B2C and SME Fixed Price Power Sales (TWh) ~21 ~21
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3.8 11.5 (3.9) (1.3) (1.8) (0.7) (0.4) 3.4 Ordinary EBITDA D&A and provisions Net financial expenses Taxes Minorities Net ordinary income Extr. items Reported net income Net Ordinary Income evolution (€bn) 16 1. It includes income on equity 2. Pro forma Lower bad debt in Europe for around 0.2 €bn 1 +0.1 (0.3) - +0.1∆ yoy Pro forma - Lower cost of debt - 9.3 €bn Debt reduction versus June 2024 - Income on equity: (0.14 €bn) perimeter effect 0.3 €mn equity reserves (non-cash) after closing of Slovénske sale +4% 3.7 2024 Net ordinary income2
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Cash generation: FFO adjusted at 6.7 €bn 11.5 (1.8) (1.7) (1.3) 6.7 Ordinary EBITDA ∆ Provisions & Taxes ∆NWC Adj. Financial expenses FFO Adjusted1 FFO (€bn) Rounded figures 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). 2. FFO adjusted excludes: (i) ΔWC change related to Capex Payables, included in the capital expenditure and (ii) one -off items related to relevant previous yea rs’ accrual (Claw-back cash-out refers to 1H23 accrual) 17 (2.7) €bn ΔWC 0.3 €bn Claw Back ~0.7 €bn ΔWC Capex (0.4) €bn Δ Provisions (1.4) €bn Taxes 55.8 55.4 (6.7) 6.0 (2.4) 2.8 Dec. 31, 2024 FFO Adj. Capex Non operat. & accounting items Dividends paid Jun. 30, 2025 FFO-Capex 0.7 €bn 4.5 €bn Gross Capex ~0.7 €bn ΔWC Capex 0.9 €bn Hydro in Spain 0.1 €bn Equity Injection (0.3) €bn Grants & Partnerships Net Debt (€bn) 2
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18 6.7-6.9FY 2025 Guidance Ordinary Net Income Full Year 2025 EBITDA guidance confirmed, Net income moving towards the top-end of the guidance range Full Year guidance supported by improved business performance offsetting headwinds 2025 Ordinary EBITDA guidance (€bn) (~0.3) 11.4-11.6 H1 2025 Normalized Headwinds H1 2025 H2 contribution FY 2025 Guidance 22.9-23.1 ✓ Prolonged FX impact also in H2 ✓ No additional impact of ancillary services in Spain ✓ Further impact from curtailment in Latam 11.5 +3% vs H1 2024
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First Half 2025 Closing remarks
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Closing remarks Constant delivery on results and strategic plan execution 1 Brownfield assets opportunities to boost renewables’ growth 2 Full year 2025 Net income at the top of the guidance range 3 Ensuring value creation for shareholders 4 20
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H1 2025 Consolidated results Annexes
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H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 0.64 0.46 1.82 0.92 119.50 93.56 152.42 152.11 Iberia 2.71 3.00 2.40 3.42 60.27 37.82 151.13 147.38 Rest of World Latin America Argentina 6.34 (3.02) 59.62 275.93 1,397.51 977.43 - - 60.68 73.47 Brazil 3.29 2.48 5.22 4.13 6.29 5.49 30.26 11.47 353.40 348.22 Chile 2.91 2.18 4.58 4.05 1,044.07 1,017.17 66.89 52.67 42.79 43.30 Colombia & Central America 2.73 0.97 5.10 7.49 4,587.79 4,241.24 56.48 120.15 40.74 40.81 USA & Canada USA 1.86 2.97 2.58 3.25 1.09 1.08 - - 2,178.37 2,126.72 Canada 1.70 0.99 2.04 2.82 1.54 1.47 - - Mexico 0.55 1.47 3.97 4.67 21.81 18.51 - - Other Peru 3.26 2.51 1.61 2.68 4.02 4.05 25.91 27.67 30.56 29.78 India 7.03 7.43 3.45 4.95 94.16 89.93 860.60 849.65 Australia 1.51 1.05 2.30 3.80 1.72 1.64 South Africa 0.41 0.63 2.94 5.28 20.11 20.25 84.99 104.91 GDP (%) CPI (%) FX against € (January-June avg) Spot Price (€/MWh)1 Electricity Demand (TWh) H1 2025 consolidated results 22 Macroscenario 1. As of June 30th, 2025
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MW Hydro Wind Geothermal Solar & Other BESS Nuke Oil & Gas Coal CCGT TOTAL Italy 12,995 874 776 437 1,688 - 1,633 4,160 5,507 28,072 Iberia 5,369 2,893 - 2,530 6 3,328 2,293 241 5,445 22,104 Rest of World 9,957 11,972 83 9,406 1,667 - 821 226 1,468 35,601 Latin America and Central America 9,957 5,301 83 5,181 210 - 497 226 1,468 22,924 Brazil 1,272 3,506 - 1,845 - - - - 6,622 Chile 3,665 903 83 2,073 203 - 497 - 1,468 8,892 Argentina 1,328 - - - - - - - 1,328 Mexico 52 893 - 220 - - - - 1,164 Colombia and Central America 3,640 - - 1,044 7 - - 226 - 4,917 USA & Canada - 6,296 - 3,867 1,457 - - - - 11,620 USA - 5,933 - 3,867 1,457 - - - - 11,258 Canada - 363 - - - - - - 363 Other Countries - 375 - 357 - 325 - - 1,057 Peru - - - - - 325 - - 325 Europe and Africa - 203 - 357 - - - - 560 Asia and Oceania - 172 - - - - - - 172 Total 28,321 15,739 860 12,373 3,362 3,328 4,747 4,627 12,420 85,777 Group consolidated net capacity: breakdown by technology and geography H1 2025 consolidated results 23 1 2 3 1. Includes Panama, Guatemala and Costa Rica. 2. Includes Germany, South Africa and Zambia. 3. Includes India
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GWh Hydro Wind Geothermal Solar & Other Nuke Oil & Gas Coal CCGT TOTAL Italy 8,970 659 2,608 322 - 56 547 2,518 15,681 Iberia 5,201 2,950 - 1,702 12,087 2,026 89 6,082 30,137 Rest of World 17,550 18,818 56 7,400 - 612 147 2,921 47,504 Latin America and Central America 17,550 7,906 56 3,978 - 479 147 2,921 33,038 Brazil 2,319 6,033 - 1,337 - - - - 9,689 Chile 5,416 1,041 56 1,560 - 479 - 2,921 11,474 Argentina 1,344 - - - - - - - 1,344 Mexico 50 832 - 246 - - - - 1,127 Colombia and Central America 8,420 - - 836 - - 147 - 9,403 USA & Canada - 10,516 - 3,171 - - - - 13,687 USA - 9,907 - 3,171 - - - - 13,079 Canada - 609 - - - - - - 609 Other countries - 396 - 250 - 132 - - 778 Peru - - - - - 132 - - 132 Europe and Africa - 285 - 250 - - - - 535 Asia and Oceania - 111 - - - - - - 111 Total 31,721 22,427 2,665 9,423 12,087 2,694 784 11,521 93,322 Group consolidated net production: breakdown by technology and geography H1 2025 consolidated results 24 1 2 3 1. Includes Panama, Guatemala and Costa Rica. 2. Includes Germany, South Africa and Zambia. 3. Includes India
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MW Hydro Wind Geothermal Solar & Other BESS Nuke Oil & Gas Coal CCGT TOTAL Italy 1 - - 1 514 - - - 798 1,314 Iberia 623 - - 38 - - - - 661 Rest of World - - - 23 - - - - 23 Latin America and Central America - - - 23 - - - - 23 Brazil - - - - - - - - - Chile - - - 23 - - - - 23 Argentina - - - - - - - - - Mexico - - - - - - - - - Colombia and Central America - - - - - - - - - USA & Canada - - - - - - - - - USA - - - - - - - - - Canada - - - - - - - - - Other countries - - - - - - - - - Peru - - - - - - - - - Europe and Africa - - - - - - - - - Asia and Oceania - - - - - - - - - Total 624 - - 62 514 - - - 798 1,997 Group total additional capacity1: breakdown by technology and geography 25 H1 2025 consolidated results 1. Excludes JV and stewardship capacity
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MW Wind Hydro Geothermal Solar & Other BESS Total Italy - 2 - 12 802 816 Iberia 24 8 - 572 5 609 Rest of World 336 2 - 654 20 1,012 Latin America - 2 - 556 - 558 North America - - - - - - Other countries 336 - - 98 20 454 Total 360 11 - 1,239 827 2,437 26 2.4 1.2 8.3 12 GW Renewable projects in execution: breakdown by technology and geography1 2025-27 Additional capacity target2 Pipeline Capacity in execution Residual target Added capacity H1 2025 consolidated results 1. It Includes consolidated and JV and stewardship capacity 2. It includes both renewables and BESS 3. Of which 22.2 GW of BESS ~100 GWTotal Pipeline3
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By technology By CODBy geography2 Mature pipeline1 27 19% 15% 20% 34% 12% 1% 13% 86% 36% 58% 6% Wind Solar Hydro & Other Italy Iberia Latam and Central America Other countries USA & Canada 2027 >2027 61.5 GW 2026 H1 2025 consolidated results 1. It excludes BESS mature pipeline 2. Latin America includes Argentina, Brazil, Chile, Mexico, Colombia and Central America; other countries include Germany, Polan d, India, Kenya, Morocco, South Africa, Tunisia and Zambia 61.5 GW 61.5 GW
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H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 101.3 104.7 31.2 31.9 31.1 31.8 Iberia 69.6 67.6 12.7 12.6 12.5 12.5 Rest of World 60.5 64.5 25.0 24.5 2.1 1.4 Latin America 60.5 60.8 25.0 24.5 2.1 1.4 Brazil 37.0 36.9 16.0 15.8 1.6 0.9 Chile 7.2 7.4 2.2 2.1 0.4 0.4 Argentina 8.8 8.8 2.7 2.7 0.0 0.0 Colombia 7.6 7.6 4.0 3.9 0.1 0.1 Other countries - 3.7 - - - - Peru - 3.7 - - - - Europe & Africa - - - - - - Total 231.4 236.8 68.9 69.0 45.7 45.6 Electricity distributed (TWh) Grid customers (mn) Smart meters (mn) 28 Enel Grids KPIs1 H1 2025 consolidated results 1. H1 2024 restated figures. 2025 figures after the disposal of Enel Perú and grids in Lombardy (Italy).
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H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 14.1 17.1 27.9 37.2 3.9 4.1 1.8 2.1 Iberia 9.9 10.3 36.3 36.6 1.7 1.8 1.6 1.9 Rest of World 24.9 24.5 59.6 65.3 0.0 0.0 0.1 0.1 Latin America 24.9 24.5 59.6 60.5 0.0 0.0 0.1 0.1 Other countries - - - 4.8 - - - - Total 48.8 51.9 123.8 139.1 5.7 5.9 3.5 4.1 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 29 Enel X Global Retail: Retail KPIs1 H1 2025 consolidated results 1. H1 2024 restated figures. 2025 figures after the disposal of Enel Perù. It excludes fiber customers.
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H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 23.2 20.5 1.6 1.6 - - 0.8 0.6 Iberia 6.4 5.9 0.2 0.2 - - 0.1 0.1 Rest of World 1.0 1.0 1.1 1.1 11 118 8.8 8.4 Brazil - - 0.3 0.3 - - - - Chile 1.0 1.0 0.4 0.4 - - 0.0 0.0 Colombia 0.0 0.0 0.4 0.4 - - 0.0 0.0 USA & Canada - - - - - 108 4.6 4.5 Other countries - - - - 11 10 4.2 3.8 Total 30.5 27.3 2.9 2.8 11 118 9.8 9.0 Public Charging points (k) Street lighting (mn) Storage (MW) Demand Response (GW) Enel X 30 Enel X Global Retail: Enel X H1 2025 consolidated results
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H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 58 122 2,035 1,738 259 439 219 292 70 100 2,640 2,691 Iberia 110 144 398 403 136 184 142 155 5 2 791 889 Rest of World 51 41 679 731 321 1,018 13 33 1 6 1,064 1,829 Latin America 50 29 679 669 274 555 9 9 1 6 1,012 1,269 Brazil 0 0 417 414 55 314 1 4 0 2 473 733 Chile 44 27 57 59 42 176 0 2 0 5 144 268 Argentina - - 98 64 0 0 - - - - 98 64 Mexico 0 (0) - - 12 12 - - - - 12 12 Colombia & CAM 6 2 107 132 165 53 7 4 - - 285 192 USA & Canada 0 0 - - 45 450 3 10 - 0 48 460 Other countries 1 11 - 62 3 13 1 13 - (0) 4 99 Peru 1 11 - 62 - 9 - 12 - (0) 1 94 Others and adjustments 0 0 0 3 4 2 16 31 13 20 34 56 Total 219 307 3,112 2,876 719 1,643 390 510 89 128 4,530 5,464 Global Generation & Trading Enel Grids Renewable Energies Enel X Global Retail TotalServices & Other Capex1 (€mn) 31 2 H1 2025 consolidated results 1. Rounded figures. H1 2024 restated figures, it includes capex related to asset classified as HFS for 2 € mn in H1 2025 and for 185 €mn in H1 2024 2. Enel X Global Retail includes Enel X Way
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H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 40 102 1,103 882 172 384 43 78 55 95 1,411 1,540 Iberia 9 3 91 111 109 148 8 18 0 0 217 279 Rest of World 0 2 204 188 227 912 4 21 0 4 436 1,128 Latin America 0 2 204 182 205 473 4 6 0 4 413 668 Brazil 0 0 145 127 35 289 (0) 3 - - 179 420 Chile 0 1 16 8 18 143 0 1 0 4 35 158 Argentina - - 15 9 - - - - - - 15 9 Mexico - - - - 0 3 - - - - 0 3 Colombia & CAM 0 0 27 38 151 38 4 2 - - 183 78 USA & Canada - - - - 22 431 0 3 - - 22 434 Other countries - (0) - 6 0 8 - 12 - - 0 26 Peru - (0) - 6 - 8 - 12 - - - 26 Others and adjustments - - - 3 3 1 16 15 1 1 19 20 Total 49 106 1,397 1,185 511 1,444 70 131 56 100 2,083 2,967 TotalGlobal Generation & Trading Enel Grids Renewable Energies Services & Other Enel X Global Retail Asset development Capex1 (€mn) 32 2 H1 2025 consolidated results 1. H1 2024 restated figures, Rounded figures 2. Enel X Global Retail includes Enel X Way
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H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 9,842 6,340 4,407 4,021 2,120 2,049 9,319 11,960 (4,891) (7,693) 20,797 16,677 Iberia 4,136 3,394 1,262 1,260 633 662 8,102 7,772 (3,287) (2,667) 10,846 10,421 Rest of World 1,139 1,264 5,466 7,327 3,059 3,464 357 371 (743) (767) 9,278 11,659 Latin America 1,079 1,111 5,466 5,531 2,307 2,511 191 208 (708) (655) 8,335 8,706 Brazil 491 362 3,043 3,187 439 481 35 35 (403) (342) 3,605 3,723 Chile 424 495 791 806 1,084 1,185 74 74 (294) (292) 2,079 2,268 Argentina - - 731 541 23 20 - 3 1 - 755 564 Mexico 44 73 - - 99 115 1 18 (5) (15) 139 191 Colombia & CAM 120 181 901 997 662 710 81 78 (7) (6) 1,757 1,960 USA & Canada 26 25 - - 696 719 80 97 (30) (28) 772 813 Other countries 34 128 - 1,796 56 234 86 68 - (79) 176 2,147 Peru 34 128 - 1,796 - 160 - (27) - - 34 2,057 Europe & Africa - - - - 48 69 34 42 - - 82 111 Asia & Oceania - - - - 8 5 52 55 - - 60 60 RoW elisions - - - - - - - (2) (5) (5) (5) (7) Others and adjustments (14) 15 10 7 6 21 10 31 (117) (100) (105) (26) Total 15,103 11,013 11,145 12,615 5,818 6,196 17,788 20,134 (9,038) (11,227) 40,816 38,731 TotalGlobal Generation & Trading Enel Grids Renewable Energies Enel X Global Retail Services & Other 33 Revenues1 (€mn) 2 H1 2025 consolidated results 1. H1 2024 restated figures, Rounded figures 2. Enel X Global Retail includes Enel X Way
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H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 845 1,083 2,239 1,940 1,251 1,311 1,508 1,648 1 1 5,844 5,983 Iberia 710 643 901 911 429 478 612 525 8 (195) 2,660 2,362 Rest of World (340) 37 1,244 2,656 1,712 1,967 65 27 (23) (57) 2,658 4,630 Latin America 2 (51) 1,245 1,263 1,224 1,268 63 85 (24) (53) 2,510 2,512 Argentina (1) - 131 22 16 7 - 1 (1) - 145 30 Brazil (2) (2) 699 816 232 306 8 6 (12) (16) 925 1,110 Chile (8) (54) 81 54 493 538 40 42 (11) (37) 595 543 Colombia 12 4 334 371 450 379 16 30 - - 812 784 Mexico 1 1 - - 33 38 (1) 6 - - 33 45 USA & Canada (16) (16) - - 460 494 1 (22) 1 (4) 446 452 Other countries (326) 104 (1) 1,393 28 205 1 (36) - - (298) 1,666 Peru 15 104 - 1,394 - 162 - (39) - - 15 1,621 Others and adjustments 5 - 14 (4) (12) (13) 4 9 (81) (105) (70) (113) Total 1,220 1,763 4,398 5,503 3,380 3,743 2,189 2,209 (95) (356) 11,092 12,862 TotalGlobal Generation & Trading Enel Grids Renewable Energies Enel X Global Retail Services & Other 34 Reported EBITDA1 (€mn) 2 H1 2025 consolidated results 1. H1 2024 restated figures, Rounded figures 2. Enel X Global Retail includes Enel X Way
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H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 845 1,083 2,239 1,940 1,251 1,311 1,508 1,648 1 - 5,844 5,982 Iberia 710 643 901 874 429 478 612 525 8 8 2,660 2,528 Rest of World 2 (7) 1,248 1,369 1,719 1,902 86 77 (21) (57) 3,034 3,284 Latin America 3 (51) 1,248 1,263 1,229 1,268 84 85 (22) (53) 2,542 2,512 Argentina - - 131 22 16 7 - 1 (1) - 146 30 Brazil (2) (2) 699 816 232 306 8 6 (12) (16) 925 1,110 Chile (8) (54) 84 54 496 538 41 42 (9) (37) 604 543 Colombia 12 4 334 371 452 379 36 30 - - 834 784 Mexico 1 1 - - 33 38 (1) 6 - - 33 45 USA & Canada (16) (16) - - 462 494 1 (22) 1 (4) 448 452 Other countries 15 60 - 106 28 140 1 14 - - 44 320 Peru 15 60 - 106 - 97 - 11 - - 15 274 Others and adjustments 5 - 14 (4) (12) (13) 4 9 (81) (105) (70) (113) Total 1,562 1,719 4,402 4,179 3,387 3,678 2,210 2,259 (93) (154) 11,468 11,681 TotalServices & Other Global Generation & Trading Enel Grids Renewable Energies Enel X Global Retail 35 Ordinary EBITDA1 (€mn) 2 H1 2025 consolidated results 1. H1 2024 Restated figures. Ordinary figures, It excludes extraordinary items in H1 2025 ( -376 €mn: -341 €mn release of equity reserves after Slovenské Elektrarne closing, -35€mn corporate restructuring plan and value adjustments) and in H1 2024 (+1.181 €mn: -202 €mn solidarity contribution in Spain, +1.347 €mn gain disposal Perù, +36 €mn gain Iberia) 2. Enel X Global Retail includes Enel X Way
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H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 747 983 1,523 1,233 1,040 1,125 1,131 1,139 (40) (13) 4,401 4,467 Iberia 407 370 484 534 250 318 374 284 (12) (214) 1,503 1,292 Rest of World (371) 3 666 1,866 1,154 1,464 40 150 (30) (61) 1,459 3,421 Latin America (24) (70) 666 670 920 995 48 127 (24) (49) 1,587 1,673 Brazil (5) (2) 312 452 138 215 6 (5) (15) (18) 436 642 Chile (20) (64) 42 31 348 430 35 27 (9) (31) 397 394 Argentina (0) (0) 40 (47) 16 1 (0) 9 (1) (1) 55 (37) Mexico 1 1 - - 18 24 (1) 6 0 - 19 31 Colombia and Central (0) (6) 273 234 400 325 8 90 0 0 681 644 USA & Canada (16) (19) - - 218 290 (7) (96) 0 (4) 195 172 Other countries (331) 92 - 1,196 15 179 (1) 119 (7) (8) (324) 1,576 Perù 10 91 - 1,196 (0) 151 (0) 118 (0) (0) 10 1,556 Others and adjustments 4 0 12 (5) (38) (21) (24) (19) (119) (147) (164) (192) Total 787 1,356 2,686 3,628 2,406 2,886 1,521 1,554 (201) (436) 7,199 8,988 TotalGlobal Generation & Trading Enel Grids Renewable Energies Enel X Global Retail Services & Other 36 Reported EBIT1 (€mn) 2 H1 2025 consolidated results 1. H1 2024 restated figures, Rounded figures 2. Enel X Global Retail includes Enel X Way
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EBITDA 11,092 12,862 -14% 11,468 11,681 -1.8% D&A (3,893) (3,874) (3,875) (3,819) EBIT 7,199 8,988 -19.9% 7,593 7,862 -3.4% Net financial charges (1,321) (1,585) (1,288) (1,585) Net income from equity investments using equity method (45) 4 (14) 137 EBT 5,833 7,407 -21.3% 6,291 6,414 -1.9% Income tax (1,731) (2,482) (1,768) (1,823) Net income 4,102 4,925 4,523 4,591 Minorities (674) (781) (700) (635) Discontinued operations - - - - Group net income 3,428 4,144 -17.3% 3,823 3,956 -3.4% ∆ yoyH1 2025 reported H1 2024 reported ∆ yoy H1 2025 ordinary H1 2024 ordinary 37 From EBITDA to net income1 (€mn) H1 2025 consolidated results 1. Rounded figures
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54% 33% 3%1% 3% 6% 84% 8% 4% 3% 38 Long-term debt1 structure 64.9 €bn 17% 83% Floating Fixed + Hedged 64.9 €bn64.9 €bn By currency By currency After swap Interest rate composition S&P Moody’s Fitch BBB Baa1 BBB+ Stable Stable Stable Rating Outlook Long term credit ratings EUR USD BRL COP GBPCLP H1 2025 consolidated results 1. In nominal terms
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Debt by instrument Enel Spa EFI EGP SpA and Central Others Italy Iberia Rest of the World LATAM and Central America USA and Canada RoW-Other Total Bonds 2.23 39.2 - - 0.01 3.97 3.35 0.62 - 45.41 Bank Loans 1.3 - 0.15 4.05 6 4.4 3.42 0.9 0.08 15.9 Tax Partnership - - - - - 0.22 0 0.22 - 0.22 Other Loans - - 0.02 0.64 0.93 1.39 0.61 0.77 0.01 2.98 Other short term debt 0.05 0.1 - 0.27 0.03 0.32 0.27 - 0.05 0.77 Commercial Paper - - - - - 0.58 - 0.58 - 0.58 Gross debt 3.58 39.3 0.17 4.96 6.97 10.88 7.65 3.09 0.14 65.86 Financial Receivables - -0.46 -0.88 -0.21 -0.6 -0.95 -0.86 -0.01 -0.08 -3.1 Tariff Deficit - - - - -0.52 - - - - -0.52 Other short term financial receivables -0.47 -1.57 - -0.1 -0.45 -0.11 0.08 -0.12 -0.07 -2.7 Cash and cash equivalents -0.94 -0.01 -0.3 -0.63 -0.23 -1.98 -1.6 -0.27 -0.11 -4.09 Net Debt – Third Parties 2.17 37.26 -1.01 4.02 5.17 7.84 5.27 2.69 -0.12 55.45 Net Debt – Intercompany 15.68 -45.28 5.58 19.11 3.52 1.39 1.31 - 0.08 - Net Debt – Group View 17.85 -8.02 4.57 23.13 8.69 9.23 6.58 2.69 -0.04 55.45 39 Debt structure by instrument (€bn) H1 2025 consolidated results
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3.1 5.4 5.6 4.5 5.0 21.8 1.3 3.3 2.6 2.9 1.2 7.8 2025 2026 2027 2028 2029 After 2028 8.2 6.2 40 Debt maturity coverage split by typology (€bn) Bank Loans and Others Bonds 8.7 7.4 29.6 Available liquidity 4.1 18.2 Cash Available committed credit lines1 22.3 €bn 4.4 H1 2025 consolidated results 1. Of which 17.8 € bn of long term committed credit lines with maturities beyond June 2026
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H1 2025 FY 2024 Δ Net financial debt 55,447 55,767 -0.6% Shareholders' equity 49,404 49,171 0.5% Net capital employed 104,851 104,938 -0.1% 41 Balance sheet (€mn) H1 2025 consolidated results
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H1 2025 FY 2024 ∆ yoy Generation and Trading 4,873 5,105 -4.5% Enel Green Power 7,466 8,269 -9.7% Distribution 34,022 32,214 5.6% Enel X Global Retail 6,768 7,944 -14.8% Others and adjustments 7,821 6,827 14.6% Total 60,950 60,359 1.0% 1 42 Headcount 1 H1 2025 consolidated results 1. Enel X Global Retail includes Enel X Way
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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. Certain numbers in this presentation are rounded, while certain figures may have been restated. 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, Stefano De Angelis, declares that the accounting information contained herein correspond to document results, books and accounting records. H1 2025 consolidated results 43 Disclaimer
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Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Omar Al Bayaty Head of Group Investor Relations Serena Carioti – Equity and Credit Analysts Noemi Tomassi Paolo Germiniani - Equity Investors and Reporting Danielle Ribeiro da Encarnação Riccardo Ricci Alessandro Taddei Federico Baroncelli - Fixed Income Investors and ESG Bianca Brancati Jaime Andres Rodrigues Perez Emanuele Toppi Website Enel.com iOS Android Investor Relations App Contact us 44