Slides
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Nine months 2025 Consolidated results November 13th , 2025
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Nine months 2025 Consolidated results Flavio Cattaneo Group’s CEO
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2 Execution of strategic priorities supports 2025 delivery Profitability, flexibility and resilience 1 Efficiency and effectiveness 2 Financial and environmental sustainability 3 Steady EBITDA growth, higher predictability and quality Improved EBITDA conversion into Net Income and cash (FFO) Financial Discipline and Selective Capital allocation are re-shaping Enel Assets’ Portfolio Ordinary EBITDA 17.3 €bn 1% yoy1 Ordinary Net Income 5.7 €bn 5% yoy1 Shareholder remuneration 84% emission free production 2020-222 FY2025E ~25% Net Income/ EBITDA ~30% +5 p.p. TSR Apr. 23- Nov. 253 +76% 1. 2024 Pro Forma. Pro Forma numbers are calculated excluding the perimeter of disposed assets ( Perù and grids in Lombardy as full consolidated assets; Slovenske Elektrarne as equity consolidated perimeter effect) 2. Average, figures do not include disposed assets P&L impacts (i.e. Open Fiber, Mooney, Gridspertise). 3. From April 12th 2023 to November 4th 2025.
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Strong Integrated business management supports economic and financial performance Positive and resilient business evolution in Latam offset currencies dynamics Colombia reported a solid performance driven by a good water resource availability Integrated business affected by lower hydro volumes versus 2024 Remarkable positive net cash flow in USA 8.8 8.7 4.0 4.2 4.5 4.5 9M 2024 Pro Forma 9M 2025 3 EBITDA by geography (€bn)1 1. Rounded figures. Split does not include Other for -93 €mn in 2025 and -148 €mn in 2024. 17.317.1 Enel Group Ordinary EBITDA: 9M 2025 overview by country 2025 Ordinary EBITDA guidance confirmed, Net ordinary income expected slightly above the top end of guidance range “Other Countries” Renewables have been restructured and reset as a growth platform
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Nine months 2025 Consolidated results Stefano De Angelis Group’s CFO
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5 1. 2024 Pro Forma. 2. It considers nuclear and renewable production (consolidated & deconsolidated). 9M 2025 delivering on Plan’s strategic pillars Solid business model with ample and flexible Balance-Sheet headroom to expand the Asset Base and afford an appealing shareholders’ remuneration Profitability, flexibility and resiliency Capital allocation 1 Ordinary EBITDA 17.3 €bn +1% yoy1 Ordinary Net Income 5.7 €bn +5% yoy1 Financial and environmental sustainability Sustainability 3 ND/EBITDA1 (ltm) 2.5x Emission free production2 84% Efficiency and effectiveness Group’s operations 2 2027 efficiency target 80% achieved 1.2 €bn addressable cash-cost base
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61. Compared to 2020-22 average 2. Rounded figures. 1 1 EBITDA Contribution ~90% Group Net Income ~75% Group Ebitda (+10 p.p.1) Rest of the World Net Income (€bn) Steady execution of the Portfolio Strategy forges an increasingly resilient business model Industrial Plan execution delivers a substantial improvement of the business results leveraging on: Assets’ quality: returns visibility, balanced risk profile, stable and resilient business environment Assets’ profitability: focus on EBITDA conversion rate into Cash Generation (FFO) and Net Income EBITDA (€bn)2 9M25
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7 2 1. Average, adjusted figures excluding mainly non-recurring items 2. Mid point of the guidance range. Turning around the business foundations delivers a structural higher EBITDA conversion into sustained long-term returns 2023-27 New Investment Cycle: Focus on Countries with secured, visible returns 2020-22 Investment Cycle: Focus on Latam and USA Renewables… Cumulated gross Capex 2020-22 37.8 €bn ~35% Flat 0.0 0.2 0.4 0.6 0.8 1.0 1.2 <2020 2023 ~45% ROW ~55% EU Integrated Liberalized Market 75% 2025-27 ~43 €bn 60% On Grids Groups’ EBITDA (€bn) +10p.p. ~25% ~30% Avg. 2020-22 2025E ~19 €bn ~23 €bn2 +>5p.p. Net Income/ EBITDA1 ~65% ~75% 38% of Group EBITDA The turnaround of the business portfolio and a more efficient and effective allocation of Cash Cost (Investment+Opex) drive a sound EBITDA expansion …delivering poor upside in RoW EBITDA contribution especially if matched with the related rise in Financial Cost and D&A
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8 1. Enel S.p.A SBB program approved on May 22 nd 2025: maximum 500 million shares, total outlay of up to 3.5 billion euros. 2. Endesa total SBB Framework Program 2 €bn, appr oved by the shareholders meeting on April 29th, 2025, 1st tranche for LTI purposes. 3.Exchange rate EUR/USD 1.1723, payment date October 1 st . 3 Enel S.p.A 1 €bn Share buy-back from Aug. 1st to Dec 31st, 2025 80.5 mn Shares purchased as of Nov 2025 631 €mn already executed 3.5 €bn Total1 1.0 €bn Endesa 2nd tranche completed for 442 €mn (17 mln shares) Enel Americas 470 mn USD executed Successful completion with 279% acceptance Enel shareholding after the cancellation of the shares will equal to 85.7% 3rd tranche of 500 €mn ongoing from October 15th 2025 to February 28th 2026 2.0 €bn Total 2 0.4 $bn Total 1.0 €bn 0.4 €bn3 Investing in own industrial assets Improving EBITDA conversion into Net income Higher economic interest in Endesa and EAM increase Enel SpA EPS/DPS Improved Cash Conversion and strict Financial Discipline provide financial support for the SBB Programs: on track to complete ~2.5 €bn
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91. 9M 2024 restated, EBITDA split does not include Other for -221 €mn in 2024 and -130 €mn in 2025. 6.0 6.5 11.3 10.9 9M 2024 Pro Forma 9M 2025 17.317.1 +1% 5.5 5.7 9M 2024 Pro Forma 9M 2025 +5% 58.2 57.5 9M 2024 9M 2025 (0.6 €bn) Net Debt/ EBITDA (ltm) 2.5x 2.5x EBITDA1 (€bn) Net Income1 (€bn) Net Debt (€bn) Normalized +3% Solid set of results despite FX impacts above expectation and industry’s temporary headwinds
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44.4 45.7 9M 2024 9M 2025 10 Grids 1. 2024 Pro Forma, restated. 2. 2024 restated +1.3 €bn 12.5 €bn FX exposed 1 Capex (€bn) 38% 62% 9M 2025 17.3 €bn RAB (€bn) 11.2 11.2Iberia2 - 20.9 22.0Italy +5% 12.2 12.5Latam +2% Grids investments up by 14% Delivering on Strategic Plan priorities 2.5 3.0 0.6 0.61.0 1.1 9M 2024 Pro Forma 9M 2025 +3 p.p.1 RAB (€bn) 3.6 +14% 4.7 4.1 6.5 €bn Europe ~80% Acceleration on grid’s investments to sustain energy transition and foster future growth Grids’ share of Group’s EBITDA
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29.5 28.6 23.1 23.5 9M 2024 9M 2025 11 1. 2024 Pro Forma. It includes consolidated and deconsolidated capacity 2. Gross of losses, rounded figures 3. 2024 Pro Form a Renewables Customers 52.252.6 Power B2C & SME sales (% on total) 42%41% 55% +1 p.p. +12 p.p. 67.8 64.6Capacity1 (GW) BESS + PUMPING (GW) 67% 9M 2024 9M 2025 +3.2 GW RES production on total1 72% 72% Power liberalized: B2C & SME Sales (TWh)2 9M 2024 9M 2025 6.7GWh (~1GW) BESS awarded in Italy (MACSE auction), with delivery in 2028 47% 31% 22% 9M 2025 10.9 €bn Renewables Customers Flex. Gen &Wholesale Integrated Business EBITDA Integrated strategy: greener asset base, coupled with world leading storage capacity and matched with the best-customer segments -7% vs 20243 on -1.5 TWh hydro production in Italy and lower tax incentives in US +2% vs 20243 Lower EBITDA recorded in Italy is more than offset by the improved performance in Iberia 11.5 10.4 9M 2024 9M 2025
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12 5.7 17.3 (5.9) (2.0) (2.6) (1.1) (0.5) 5.2 Ordinary EBITDA D&A and provisions Net financial expenses Taxes Minorities Net ordinary income Extr. items Reported net income 1. It includes income on equity 2. Pro Forma 1 Net income evolution (€bn) P&L breakdown: Ordinary net income/Ordinary EBITDA > 30% +0.2 +0.2 +0.3 - (0.1)∆ yoy Pro forma +5% 5.5 2024 ordinary net income2 (0.1) Lower bad debt in Europe for around 0.4 €bn - 4.3 €bn Gross Debt reduction yoy - Lower cost of debt -0.4 €bn non-cash M&A/ disposals, o/w -0.3 €bn Slovenske equity reserves write-off
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2.5 17.3 (1.9) (2.6) (1.7) 8.5 Ordinary EBITDA ∆ Provisions & Taxes ∆NWC Adj. Financial expenses FFO Adjusted 1 FFO (€bn) Rounded figures 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks & charges). 2. FFO adjusted excludes: (i) NWC 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 H1 ‘23 accrual) 13 55.8 57.5(2.5) (2.6) 1.1 5.9 Dec. 31, 2024 FFO-Capex Other Changes Shares buyback Dividends paid Sept. 30, 2025 Net Debt (€bn) 2 Cash Conversion and Debt Coverage confirmed as Top Pick in the Industry 11.1 FFO-Capex Cash Capex 8.5 Total Shareholders’ remuneration: 7 €Bn Net Debt/ EBITDA (ltm) 2.5x FFO/ND (ltm) 25% (3.8) €bn ΔWC 0.3 €bn Claw Back ~0.9 €bn ΔWC Capex (0.55) €bn Δ Provisions (1.36) €bn Taxes
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9M 2025 Consolidated results Annexes
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15 Macroscenario 1. As of September 30th, 2025 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 0.57 0.48 1.79 1.00 - - 116.42 102.15 233.27 236.01 Iberia 2.91 3.38 2.54 3.06 - - 63.92 52.40 193.94 192.57 Rest of World - - - - - - - - - - Latin & Central America - - - - - - - - - - Brazil 2.20 3.30 5.20 4.22 6.32 5.70 33.83 17.72 564.88 560.31 Chile 2.53 2.13 4.47 4.19 1,070.47 1,018.71 60.21 48.77 63.64 64.51 Argentina 5.28 (2.66) 48.83 262.74 1,612.69 1,082.30 - - 110.02 110.27 Mexico 0.68 1.47 3.85 4.80 21.80 19.29 - - - - Colombia 2.33 1.60 5.09 7.08 4,619.42 4,330.13 53.65 173.76 62.58 61.61 USA & Canada - - USA 1.77 2.93 2.69 3.03 1.12 1.09 - - 3,436.25 3,375.61 Canada 1.32 1.31 2.01 2.56 1.56 1.48 - - - - Other Countries - - - - - - - - - - Peru 3.19 2.95 1.53 2.45 4.06 4.08 25.91 28.75 45.65 44.74 India 7.40 6.82 2.72 4.71 96.87 90.67 - - - - Australia 1.69 0.95 3.20 2.80 1.75 1.64 - - - - South Africa 0.97 0.56 3.10 4.94 20.28 20.08 - - - - GDP (%) CPI (%) FX against € (January-Sept avg) Spot Price (€/MWh)1 Electricity Demand (TWh) 9M 2025 consolidated results
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MW Hydro Wind Geothermal Solar & Other BESS Nuke Oil & Gas Coal CCGT TOTAL Italy 12,995 874 776 447 1,688 - 1,633 4,160 5,507 28,081 Iberia 5,369 3,001 - 2,669 11 3,328 2,293 241 5,445 22,357 Rest of World 9,957 11,972 83 9,683 1,667 - 821 226 1,468 35,878 Latin America 9,957 5,301 83 5,459 210 - 497 226 1,468 23,201 Brazil 1,272 3,506 - 1,845 - - - - - 6,622 Chile 3,665 903 83 2,084 203 - 497 - 1,468 8,902 Argentina 1,328 - - - - - - - - 1,328 Mexico 52 893 - 220 - - - - - 1,164 Colombia and CAM 3,640 - - 1,310 7 - - 226 - 5,184 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 15,848 860 12,799 3,367 3,328 4,747 4,627 12,420 86,316 Group consolidated net capacity: breakdown by technology and geography 1. Includes Panama, Guatemala and Costa Rica. 2. Includes Germany, South Africa and Zambia. 3. Includes India 1 2 3 9M 2025 consolidated results 16
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GWh Hydro Wind Geothermal Solar & Other Nuke Oil & Gas Coal CCGT TOTAL Italy 13,102 904 3,909 548 - 99 837 3,899 23,298 Iberia 6,885 4,124 - 2,887 19,065 3,242 89 10,085 46,377 Rest of World 26,604 27,882 81 11,581 - 862 169 4,299 71,478 Latin America 26,604 12,923 81 5,918 - 655 169 4,299 50,649 Brazil 3,410 10,047 - 1,970 - - - - 15,427 Chile 7,998 1,545 81 2,288 - 655 - 4,299 16,866 Argentina 1,890 - - - - - - - 1,890 Mexico 112 1,331 - 370 - - - - 1,813 Colombia and CAM 13,195 - - 1,290 - - 169 - 14,654 USA & Canada - 14,346 - 5,300 - - - - 19,646 USA - 13,549 - 5,300 - - - - 18,849 Canada - 797 - - - - - - 797 Other Countries - 612 - 364 - 208 - - 1,184 Peru - - - - - 208 - - 208 Europe and Africa - 439 - 364 - - - - 803 Asia and Oceania - 173 - - - - - - 173 Total 46,590 32,911 3,990 15,016 19,065 4,203 1,095 18,283 141,153 Group consolidated net production: breakdown by technology and geography 1. Includes Panama, Guatemala and Costa Rica. 2. Includes Germany, South Africa and Zambia. 3. Includes India 1 2 3 9M 2025 consolidated results 17
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Group total additional capacity1: breakdown by technology and geography 1. Excludes JV and stewardship capacity MW Hydro Wind Geothermal Solar & Other BESS Nuke Oil & Gas Coal CCGT TOTAL Italy 1 - - 10 514 - - - 798 1,323 Iberia 623 108 - 177 5 - - - - 914 Rest of World - - - 300 - - - - - 300 Latin America - - - 300 - - - - - 300 Brazil - - - - - - - - - - Chile - - - 33 - - - - - 33 Argentina - - - - - - - - - - Mexico - - - - - - - - - - Colombia and CAM - - - 267 - - - - - 267 USA & Canada - - - - - - - - - - USA - - - - - - - - - - Canada - - - - - - - - - - Other Countries - - - - - - - - - - Peru - - - - - - - - - - Europe and Africa - - - - - - - - - - Asia and Oceania - - - - - - - - - - Total 624 108 - 487 519 - - - 798 2,537 9M 2025 consolidated results 18
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3.0 1.77.2 12 GW Renewable projects in execution: breakdown by technology and geography1 2025-27 Additional capacity target2 Pipeline Capacity in execution Residual target Added capacity 1. It Includes consolidated, JV and stewardship capacity 2. It includes both renewables and BESS 3. Of which 20.5 GW of BESS ~90GWTotal Pipeline3 MW Wind Hydro Geothermal Solar & Other BESS Total Italy - 2 - 12 802 816 Iberia 24 8 - 572 5 608 Rest of World 336 2 - 654 568 1,561 Latin America - 2 - 556 548 1,107 North America - - - - - - Other Countries 336 - - 98 20 454 Total 360 11 - 1,238 1,375 2,985 9M 2025 consolidated results 19
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By technology By CODBy geography2 Mature pipeline1 18% 14% 27% 28% 13% 2%10% 88% 37% 59% 4% Wind Solar Hydro & Other Italy Iberia Latam and Central America Other countries USA & Canada 2027 >2027 59.4 GW 2026 1. It excludes BESS mature pipeline 2. Latin America includes Argentina, Brazil, Chile, Mexico, Colombia, Guatemala and Panama; other countries include Germany, Ind ia, Morocco, South Africa, Tunisia and Zambia 59.4 GW 59.4 GW 9M 2025 consolidated results 20
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21 Enel Grids KPIs1 1. 9M 2024 restated figures. 2025 figures after the disposal of Enel Perú and grids in Lombardy (Italy). 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 156.1 163.0 31.2 31.9 31.1 31.8 Iberia 109.0 105.7 12.7 12.6 12.6 12.5 Rest of World 90.6 94.6 25.1 24.7 2.3 1.6 Latin America 90.6 90.9 25.1 24.7 2.3 1.6 Brazil 54.8 54.8 16.1 15.9 1.9 1.1 Chile 10.9 11.1 2.2 2.2 0.4 0.4 Argentina 13.5 13.5 2.8 2.7 0.0 0.0 Colombia 11.5 11.5 4.0 3.9 0.1 0.1 Other Countries - 3.7 - - - - Peru - 3.7 - - - - Europe & Africa - - - - - - Total 355.7 363.3 69.0 69.2 45.9 45.8 Electricity distributed (TWh) Grid customers (mn) Smart meters (mn) 9M 2025 consolidated results
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22 Enel X Global Retail: Retail KPIs1 1. 9M 2024 restated figures. 2025 figures after the disposal of Enel Perú. 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 13.9 14.8 43.2 56.7 4.0 4.0 2.0 2.4 Iberia 9.7 10.2 56.6 56.5 1.7 1.8 2.1 2.4 Rest of World 25.0 24.6 88.3 95.6 0.0 0.0 0.2 0.2 Latin America 25.0 24.6 88.3 90.7 0.0 0.0 0.2 0.2 Other Countries - - - 4.8 - - - - Total 48.6 49.6 188.1 208.7 5.7 5.8 4.3 5.0 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 9M 2025 consolidated results
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23 Enel X Global Retail1: Enel X 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 23.7 21.3 1.6 1.6 - - 0.8 0.6 Iberia 6.6 6.1 0.2 0.2 - - 0.1 0.1 Rest of World 1.1 1.0 1.1 1.1 11 119 9.0 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 11 4.3 3.9 Total 31.3 28.4 2.9 2.9 11 119 9.9 9.1 Public Charging points (k) Street lighting (mn) Storage (MW) Demand Response (GW) Enel X 1. Rounded figures. 9M 2024 restated figures. 9M 2025 consolidated results
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Capex1 (€mn) 2 1. Rounded figures. 9M 2024 restated figures, it includes capex related to asset classified as HFS for 2 € mn in 9M 2025 and for 188 €mn in 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 90 190 3,031 2,534 392 609 319 402 103 137 3,935 3,873 Iberia 161 189 619 603 204 261 210 237 14 11 1,208 1,301 Rest of World 77 65 1,088 1,082 452 1,352 18 44 2 8 1,637 2,552 Latin America 75 54 1,088 1,021 375 687 13 15 2 8 1,553 1,784 Brazil 0 0 680 636 80 346 1 5 1 1 762 989 Chile 68 48 90 84 60 233 1 2 1 7 219 374 Argentina - - 136 99 0 0 - - - - 137 99 Mexico 1 (0) - - 13 16 - - - - 13 16 Colombia & CAM 7 6 182 201 221 92 11 7 - - 421 307 USA & Canada 1 0 - - 68 651 3 16 - 0 72 667 Other Countries 1 12 - 61 10 14 2 14 - (0) 13 100 Peru 1 12 - 61 - 9 - 12 - (0) 1 94 Europe & Africa - - - - 9 3 - - - - 9 3 Asia & Oceania - - - - 1 2 2 2 - - 3 4 Others and adjustments 0 0 0 0 5 7 26 29 27 28 58 65 Total 328 445 4,738 4,220 1,054 2,229 572 712 145 185 6,838 7,790 Global Generation & Trading Enel Grids Renewable Energies Enel X Global Retail TotalServices & Other 9M 2025 consolidated results 24
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Asset development Capex1 (€mn) 2 1. 9M 2024 restated figures, Rounded figures 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 50 161 1,614 1,269 255 511 56 96 76 129 2,052 2,167 Iberia 15 7 162 175 159 196 14 27 0 0 350 406 Rest of World 1 3 338 292 299 1,204 1 23 1 6 640 1,528 Latin America 1 3 338 286 262 577 1 8 1 6 604 880 Brazil 0 0 237 208 44 313 (5) 3 - - 276 524 Chile 1 3 27 10 25 192 1 2 1 6 54 213 Argentina - - 23 15 - - - - - - 23 15 Mexico - - - - 0 4 - - - - 0 4 Colombia & CAM 0 0 52 53 192 68 6 3 - - 250 124 USA & Canada - - - - 31 618 0 3 - - 31 621 Other Countries - (0) - 6 6 9 - 12 - - 6 27 Peru - (0) - 6 - 8 - 12 - - - 26 Europe & Africa - - - - 6 1 - - - - 6 1 Asia & Oceania - - - - 0 0 - - - - 0 0 Others and adjustments - - 0 - 4 3 25 27 2 1 31 31 Total 66 171 2,114 1,737 716 1,915 97 173 79 137 3,073 4,132 TotalGlobal Generation & Trading Enel Grids Renewable Energies Services & Other Enel X Global Retail 9M 2025 consolidated results 25
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26 Revenues1 (€mn) 2 1. 9M 2024 restated figures, Rounded figures 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 13,865 9,398 6,654 6,071 3,075 3,120 13,213 17,189 (6,787) (10,614) 30,020 25,164 Iberia 5,631 5,464 1,881 1,918 948 993 12,428 11,942 (4,976) (4,563) 15,912 15,754 Rest of World 1,718 1,942 8,234 10,190 4,494 5,215 558 591 (1,096) (1,160) 13,908 16,778 Latin America 1,641 1,728 8,234 8,448 3,459 3,825 283 286 (1,055) (1,039) 12,562 13,248 Brazil 756 571 4,747 4,858 655 694 53 51 (594) (508) 5,617 5,666 Chile 627 794 1,186 1,245 1,627 1,849 106 110 (442) (500) 3,104 3,498 Argentina - 1 965 903 31 32 - 6 - (1) 996 941 Mexico 75 95 - - 151 174 2 3 (9) (20) 219 252 Colombia & CAM 183 267 1,336 1,442 995 1,076 122 116 (10) (10) 2,626 2,891 USA & Canada 30 67 - - 954 1,125 154 144 (39) (37) 1,099 1,299 Other Countries 47 147 - 1,742 81 265 124 164 1 (78) 253 2,240 Peru 47 147 - 1,742 - 160 - 23 - (78) 47 1,994 Europe & Africa - - - - 71 96 49 60 - - 120 156 Asia & Oceania - - - - 10 9 75 81 - - 85 90 RoW elisions - - - - - - (3) (3) (3) (6) (6) (9) Others and adjustments (1) 7 11 20 9 17 23 47 (180) (153) (138) (62) Total 21,213 16,811 16,780 18,199 8,526 9,345 26,222 29,769 (13,039) (16,490) 59,702 57,634 TotalGlobal Generation & Trading Enel Grids Renewable Energies Enel X Global Retail Services & Other 9M 2025 consolidated results
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27 Reported EBITDA1 (€mn) 2 1. 9M 2024 restated figures, Rounded figures 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 1,196 1,549 3,401 2,961 1,857 2,046 2,273 2,313 16 2 8,743 8,871 Iberia 1,173 995 1,335 1,399 712 732 940 865 6 (187) 4,166 3,804 Rest of World (335) 42 1,772 3,122 2,549 2,929 116 72 (48) (97) 4,054 6,068 Latin America 3 (60) 1,772 1,778 1,887 1,993 102 115 (35) (91) 3,729 3,735 Brazil (2) (1) 1,041 1,156 361 446 11 7 (16) (25) 1,395 1,583 Chile (17) (58) 107 63 760 895 56 61 (17) (65) 889 896 Argentina - 1 125 35 23 13 - 3 (1) (1) 147 51 Mexico 7 2 - - 57 58 - (1) - - 64 59 Colombia & CAM 15 (4) 499 524 686 581 35 45 (1) - 1,234 1,146 USA & Canada (17) (12) - - 621 714 7 (53) (1) (5) 610 644 Other Countries (321) 114 - 1,344 41 222 7 10 (12) (1) (285) 1,689 Peru 20 114 - 1,344 - 161 (1) 11 (12) (1) 7 1,629 Europe & Africa (341) - - - 35 60 3 2 - - (303) 62 Asia & Oceania - - - - 6 1 5 (3) - - 11 (2) Others and adjustments 4 - 14 2 (7) (22) 14 27 (118) (155) (93) (148) Total 2,038 2,586 6,522 7,484 5,111 5,685 3,343 3,277 (144) (437) 16,870 18,595 TotalGlobal Generation & Trading Enel Grids Renewable Energies Enel X Global Retail Services & Other 9M 2025 consolidated results
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28 Ordinary EBITDA1 (€mn) 2 1. Ordinary figures, It excludes extraordinary items in 9M 2025 ( -392 €mn: -341 €mn release of equity reserves after Slovenské Elektrarne closing, -16€mn corporate restructuring plan and value adjustments and -35 Impairment and other) and in 9M 2024 (+1,146 €mn: -202 €mn solidarity contribution Spain, +1.332 €m Perú, +16 €mn impairment and other). 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 1,196 1,549 3,401 2,961 1,857 2,046 2,273 2,313 16 2 8,743 8,871 Iberia 1,173 995 1,335 1,362 712 732 940 865 6 16 4,166 3,970 Rest of World 7 (2) 1,780 1,885 2,557 2,864 136 92 (34) (83) 4,446 4,756 Latin America 4 (60) 1,780 1,780 1,892 1,993 123 115 (33) (77) 3,766 3,751 Brazil (2) (1) 1,043 1,156 362 446 11 7 (16) (25) 1,398 1,583 Chile (16) (58) 110 64 762 895 57 61 (15) (51) 898 911 Argentina - 1 127 35 23 13 - 3 (1) (1) 149 51 Mexico 7 2 - - 57 58 - (1) - - 64 59 Colombia & CAM 15 (4) 500 525 688 581 55 45 (1) - 1,257 1,147 USA & Canada (17) (12) - - 624 714 6 (33) (1) (5) 612 664 Other Countries 20 70 - 105 41 157 7 10 - (1) 68 341 Peru 20 70 - 105 - 96 (1) 11 - (1) 19 281 Europe & Africa - - - - 35 60 3 2 - - 38 62 Asia & Oceania - - - - 6 1 5 (3) - - 11 (2) Others and adjustments 5 - 13 2 (7) (22) 14 27 (118) (155) (93) (148) Total 2,381 2,542 6,529 6,210 5,119 5,620 3,363 3,297 (130) (220) 17,262 17,449 TotalServices & Other Global Generation & Trading Enel Grids Renewable Energies Enel X Global Retail 9M 2025 consolidated results
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29 Reported EBIT1 (€mn) 2 1. 9M 2024 restated figures, Rounded figures 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Italy 1,046 1,377 2,323 1,899 1,529 1,793 1,681 1,494 (47) (49) 6,532 6,513 Iberia 729 586 721 823 425 498 576 472 (24) (216) 2,427 2,163 Rest of World (381) (8) 921 2,308 1,640 2,173 69 (50) (57) (105) 2,192 4,318 Latin America (36) (92) 921 1,002 1,436 1,586 71 92 (36) (74) 2,356 2,514 Brazil (5) (1) 469 628 225 309 (2) (0) (21) (28) 666 906 Chile (35) (73) 49 12 543 730 49 60 (14) (45) 593 684 Argentina (0) 1 (2) (63) 23 8 (0) 3 (1) (1) 20 (52) Mexico 7 2 - - 36 38 (0) (1) 0 (0) 43 39 Colombia & CAM (3) (20) 405 426 609 501 24 30 (0) 0 1,035 936 USA & Canada (18) (15) - - 187 400 (5) (141) (0) (5) 164 239 Other Countries (327) 99 - 1,306 17 187 3 (1) (21) (26) (328) 1,566 Peru 14 99 - 1,306 (0) 150 (1) 7 (12) (1) 1 1,562 Europe & Africa (341) - - - 14 39 2 (2) (0) (0) (326) 38 Asia & Oceania - - - - 3 (2) 2 (6) (0) (0) 5 (8) RoW Elisions - - - - - - - (0) (9) (26) (9) (26) Others and adjustments 5 (0) 11 1 (40) (34) (28) (17) (173) (216) (226) (267) Total 1,399 1,955 3,976 5,030 3,554 4,430 2,297 1,899 (302) (586) 10,924 12,728 TotalGlobal Generation & Trading Enel Grids Renewable Energies Enel X Global Retail Services & Other 9M 2025 consolidated results
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From EBITDA to net income1 (€mn) 1. Rounded figures EBITDA 16,870 18,595 -9.3% 17,262 17,449 -1.1% D&A (5,946) (5,867) (5,853) (5,804) EBIT 10,924 12,728 -14.2% 11,409 11,645 -2.0% Net financial charges (2,045) (2,310) (1,995) (2,310) Net income from equity investments using equity method (41) (6) (12) 194 EBT 8,838 10,412 -15.1% 9,402 9,529 -1.3% Income tax (2,567) (3,403) (2,629) (2,676) Net income 6,271 7,009 6,773 6,853 Minorities (1,035) (1,139) (1,070) (1,007) Discontinued operations - - - - Group net income 5,236 5,870 -10.8% 5,703 5,846 -2.4% ∆ yoy9M 2025 reported 9M 2024 reported ∆ yoy 9M 2025 ordinary 9M 2024 ordinary 9M 2025 consolidated results 30
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31 50% 38% 3%1% 3% 5% EUR USD BRL CLP COP CHF GBP Other 85% 8% 4% 3% 67.7 €bn67.7 €bn By currency By currency After swap Interest rate composition 1. In nominal terms S&P Moody’s Fitch BBB Baa1 BBB+ Stable Stable Stable Rating Outlook Long term credit ratings 17% 83% Floating Fixed + Hedged 67.7 €bn Gross debt1 structure 9M 2025 consolidated results
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Debt structure by instrument (€bn) 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 2.21 41.95 - - 0.01 3.92 3.31 0.61 - 48.09 Bank Loans 1.30 0.40 0.14 4.02 5.66 4.48 3.5 0.90 0.08 16.00 Tax Partnership - - - - - 0.21 0 0.21 - 0.21 Other Loans - - 0.01 0.60 0.92 1.41 0.63 0.77 0.01 2.94 Other short term debt 0.03 0.11 - 0.15 0.03 0.40 0.35 - 0.05 0.72 Commercial Paper - - - - 0.64 0.61 - 0.61 - 1.25 Gross debt 3.54 42.46 0.15 4.77 7.26 11.03 7.79 3.10 0.14 69.21 Financial Receivables - -0.48 -0.96 -0.20 -0.60 -1.07 -0.99 -0.01 -0.07 -3.31 Tariff Deficit - - - - -0.67 - - - - -0.67 Other short term financial receivables -0.49 -1.46 - -0.09 -0.19 -0.50 -0.32 -0.11 -0.07 -2.73 Cash and cash equivalents -2.14 -0.02 -0.35 -0.48 -0.20 -1.77 -1.31 -0.33 -0.13 -4.96 Net Debt – Third Parties 0.91 40.5 -1.16 4.00 5.60 7.69 5.17 2.65 -0.13 57.54 Net Debt – Intercompany 20.8 -48.52 4.09 18.69 3.52 1.42 1.31 - 0.11 - Net Debt – Group View 21.71 -8.02 2.93 22.69 9.12 9.11 6.48 2.65 -0.02 57.54 32 9M 2025 consolidated results
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2 5.4 5.6 5.4 5 24.7 0.7 3.4 2.6 2.9 1.3 8.2 2025 2026 2027 2028 2029 After 2029 Bonds Bank Loans and Others 1. Of which 17.9 €bn of long term committed credit lines with maturities beyond September 2026 2. Short Term not included (+1.25 €bn Commercial paper, +0.72 €bn, other short term) Available liquidity 5.0 18.2 Cash Available committed credit lines1 23.2 €bn 2.7 8.8 8.2 8.3 6.3 32.9 Debt maturity coverage split by typology1 (€bn) 33 9M 2025 consolidated results
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34 Balance sheet (€mn) 9M 2025 FY 2024 Δ% Net financial debt 57,535 55,767 +3.2% Shareholders' equity 49,788 49,171 +1.3% Net capital employed 107,323 104,938 +2.3% 9M 2025 consolidated results
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1 35 Headcount 1 1 9M 2025 FY 2024 Δ% Generation and Trading 4,745 5,105 -7.1% Enel Green Power 7,328 8,269 -11.4% Grids 34,492 32,214 +7.1% Enel X Global Retail 6,767 7,944 -14.8% Others and adjustments 7,860 6,827 +15.1% Total 61,192 60,359 +1.4% 9M 2025 consolidated results
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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. 9M 2025 consolidated results - Disclaimer 36
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Omar Al Bayaty Head of Group Investor Relations Serena Carioti – Equity and Credit Analysts Noemi Tomassi Esteci Yamil Medina Luciano Paolo Germiniani - Equity Investors and Reporting Davide Abete Danielle Ribeiro da Encarnação Alessandro Taddei Federico Baroncelli - Fixed Income Investors and ESG Alessia Accili Bianca Brancati Jaime Andres Rodrigues Perez Emanuele Toppi Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Website Enel.com iOS Android Investor Relations App Contact us 37