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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. 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. Disclaimer 1
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Flavio Cattaneo, CEO Flavio Cattaneo, CEO Stefano De Angelis, CFO The Group in the energy context The Group in the next three years 2026-28 Strategic Plan Agenda Value creation and Closing remarks 2
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Flavio Cattaneo Group’s CEO
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Avg. 2020-22 2025 41. Average, adjusted figures excluding mainly non-recurring items Assets’ Portfolio turnaround boosting profitability Delivering on strategic path Financial Discipline achieving flexibility to support future growth Net income/EBITDA conversion1 ~25% ~30% Avg. 2020-22 2025E +6p.p. +5% ~19 €bn ~22.9 €bn Group’s EBITDA (€bn) Selective capital allocation reducing risks while enhancing value creation Delivering top results in the industry, while reducing net debt and increasing financial flexibility Commitments over delivered, driving sustainable growth CAGR 0.53 0.69EPS Growth +9%3.1x 2.5xND/EBITDA 2022 2025 2022 2025E
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5 1. Bloomberg Data. From April 12 th 2023 to February 19th 2026 Total shareholder return1Shareholders’ remuneration ~14 ~1 2023-25 ~15 €bn … creating value for our shareholders Dividends Enel Shares Buy Back 66% 80% EuroStoxx Utilities Maximizing returns to our shareholders Apr.12th 2023 Share Price Evolution1 (€/sh) +80% +49% Feb.19th 2026 TSR Share price 61 €bn 91 €bn Market Cap FROM TO
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The Group in the energy context
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Energy context: Acceleration of global power demand… 7 2024-35 Global electricity demand (‘000 TWh) 1.4X CAGR 3% 27.3 37.8 2024 2035 Electric mobility: +4X supported by the technological development and affordability Industry: +30% mainly driven by industrial recovery economic and additional growth AI & Data Center: +3x driven by AI uptake and digitalization Residential & Automation: +30% on wider penetration of heating & cooling systems and robotics Source IEA, World Energy Outlook 2025, STEPS scenario; IEA, Energy and AI 2025
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8 … calls for a new strategic positioning 8 Time horizon Base power supply evolution Electricity demand peaking Value creation opportunities Energy demand Tier 1 geographies Power demand growth Source IEA, EIA Ready to deploy investments in right geographies with the right timing 2023 2026 2028 100 Gap between supply needs and generation availability set to boost greenfield investments’ requirements Increasing opportunities for Brownfield and Asset Rotation Investment approach driven by value-creation opportunities (i.e. power demand growth and timing)
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The Group in the next 3 years
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Growth Risk/Return Productivity 10 2 3 Optimizing capital allocation Stepping up process & activities simplification Preserving low risk profile Improving EPS profile • Balance sheet strength and flexibility • Enhance productivity & efficiency • Streamline internal processes and activities leveraging also on AI • Boost execution effectiveness • Assets and investments with visible and predictable returns • Customer base as a natural hedge • Boosting growth preserving financial discipline • Brownfield: grids, generation & customers • Greenfield projects • Tier1 countries with stable environment 1 Based on balance sheet flexibility Strategic pillars
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11 Financial flexibility allocation to boost growth and value creation Flexibility allocation 2.5x ~3.0x 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 2025 2028 Net Debt/EBITDA Peers Average1 3.5x Maintaining a solid leverage whilst allocating financial flexibility to expand Group’s asset base and improve shareholder’s return Brownfield opportunities as a lever to reduce risk and maximize returns, lowering time to EBITDA Shareholder’s remuneration Maximum flexibility Brownfield & Greenfield Geographies: Europe, US and other Tier 1 countries Businesses: renewables, grids and customers Avg. Return: 200/300 bps according to business/technologies/geographies 1. Based on publicly available data published by companies ~70% ~30% ~15 €bn
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12 50% 50% 76% 24% Total Investments (€bn) 1. Total Investments, split does not include other 2. It includes consolidated and deconsolidated capacity and BESS 3. Liberaliz ed market: power, gas and fiber Capital allocation set to lead the transition, securing profitability and industrial growth 26 26 16 26 Old Plan 2025-27 New Plan 2026-28 ~431 €bn ~531 €bn 47 23 2025 58 68 >80 ~26 RAB Growth (€bn) Renewables Customers Clients (mn)3 Grids 2028 Business KPIs 2025E 2025 20282028 RES capacity (GW)2 Further investments in grids to increase resilience and lead the transition Focus on Tier 1 countries to reduce risk and enhance value +60% vs old plan +10 €bn 2026-28 26 €bn Latam Europe Europe 2026-28 ~20 €bn Other Tier 1 Renewables Grids
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81% 19% Regulated and contracted EBITDA offers ample visibility on future delivery Cumulated EBITDA >90% Reducing risk and increasing visibility 2026-28 74 €bn Grids Regulated generation Contracted generation Customers EBITDA Regulated/ Contracted FULLY regulated covered by regulatory schemes Production covered by forward sales and PPAs with an avg. duration of 8 years Regulated customers and volumes already priced/contracted FFO by Currency1 2026-28 ~47-49 €bn 13 Other EUR & USD 1. Maximum FFO amount (49 €bn), excludes the impact of the energy decree in Italy
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~6 >5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 2025E 2028 ~7 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 2022 Progressing on productivity and effectiveness, leveraging also on AI 14 2023 efficiency plan executed 1 year in advance 0.7 €bn additional efficiencies to be addressed by 2028 -25% Vs 2022~1 €bn AI applications (#) 20% 29% 44%80% 71% 56% 2024 2025 2028 Gen AI AI 250 350 +15p.p. 1.5x 100%40%20%Process Coverage Evolution of addressable cash-cost baseline1 (€bn) 1. Addressable cash-costs exclude new generation asset development, grids reguated totex and perimeter effect. In real terms Boosting AI initiatives: 100% Cloud Applications, digitalized process & leading market solutions
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Data Centers to catch new business opportunities Business model Key opportunities 15 Data Centers Provide value-added solutions to Data centers operators leveraging on Enel’s global scale and know-how Electric infrastructure: connection and PPA Full potential @2050: >30 TWh potential energy supply to DC Retaining control of the value pools power availability, customer relationship and optionality on capacity Current pipeline already enables 2 TWh additional generation @2030 8 Sites ready to use, some of which already in advanced stages Cash-positive profile since day 1 Reduced exposure to market volatility Reduced capital intensity Long-term relationship with the client through commodity supply
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16 Customers: an enriched offering portfolio to boost customers’ value Enhance customer’s loyalty through tailored and bundled offers to boost customers’ value Power & Gas Electric Mobility Enriched offering portfolio 4.5 5 Bundled offers (#) Avg. Lifetime (y) Churn (%) TLC services 2025E 2028 2025E 2028 +10% -10% LENE a new fully digital company to innovate customer’s service and engagement
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0.66 0.72-0.74 0.80-0.82 2025 baseline 2026 2028 2025-28 targets 1. Calculated on 2025 expected data 2. Calculated on 2025 baseline 17 CAGR 25-281 ~ +6% Energy Decree Impact 2025 adjustment does not include IRAP step-up impact because the impact will expire in 2027 ~0.69 EPS (€/sh) CAGR ~ +7%2
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Stefano De Angelis Group’s CFO
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2026-28 Strategic Plan
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20 2022 2025E Net Income (€bn) CAGR +9% +0.25.4 7 6.8 Mid Point CMD Guidance1 27% ~30%NI/EBITDA 1. Mid Point 2025 Guidance (6.7-6.9 €bn) 2025 scenario was affected by significant and unprecedent headwinds Increasing Curtailment in LatAm Negative FX Impacts (USA, Brasil) 2X Ancillaries Services’ Bill (Spain) to keep Energy System security Low Hydro Resources in Italy and Chile +9% 30% +0.2€bn Overperformance vs Net Income Guidance1 Net Income CAGR (3Y) 2025 results and headwinds proved the resiliency of our reshaped Assets’ Portfolio and the visibility granted by a secured Business Model
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21 Improved Credit Metrics 2023-25 ROIC growth drivers 2025 vs 22 +2 p.p. ROIC1 26% 65%FFO/EBITDA FFO/Net Debt ~30%NI/EBITDA Assets’ Portfolio turnaround delivered unique Growth and Cash Generation 15% 46% 27% 60 57 2022 2025 Net debt (€bn) -3 €bn > Sourcing < D&A < Cost of Debt > Returns Efficiencies were successfully re-invested in Assets with secured and risk-weighted Returns Record high M&A multiples executing 2022 Disposal Plan First mover on selective capital allocation approach (+7 €bn Capex in Grids) Groups’ streamline: Country & Business Portfolio rationalization Efficiency Plan (-1 €bn) executed ahead of schedule Shift to AI and native Cloud SaaS solutions, -30% running cost on ICT (-0.4 €bn) Solid and resilient Business Portfolio and sound Balance Sheet trigger Financial Flexibility use to tap Growth Acceleration and sustain a further expansion in Shareholders Remuneration 1. Based on ordinary results 53 Investments (€bn)37 CMD 2022 CMD 2026
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22 2025 results set an improved foundation to build future growth EPS evolution (€/sh) 2025 results set an improved foundation to build future growth Additional Shareholder Remuneration 3.5 €bn 1.0 €bn Share buy-back already executed in 2025 1.0 €bn additional tranche execution approved by the BoD 6 €bn at Group Level2 Share Buy Back Program Enel SpA1 10 €bn Growth acceleration 2024 2025E 2026 2027 2028 0.69 0.80-0.82 CAGR +~6%2025E 0.65 0.67 0.720.70 Organic Step-up CMD 2025-27: CAGR +3% Organic step-up already secured in 2025 Re-levered additional Growth (including SBB) Old Plan 2025-27 EPS Old Plan Play the incoming Multiverse of different Energy Transition landscapes In a context where visibility makes the difference, we built a sustainable route to deliver a solid EPS Growth 1. SBB program approved by 2025 AGM 2. up to 3.5 €bn at Enel SpA level + up to 2 €bn at Endesa and 0.4 €bn at Enel Americas level Up to
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23 11.2 >+1 EBITDA (€bn) 6.4 +0.5/0.7 2.5 + ~0.52.8 +~0.5 3 >23 1 3 Investments (€bn) Investments Intensity 5.3 >20 1.7 >6 Integrated business Grids Growth acceleration Total 2025 2028 vs 25 2025 Cum 3Y Baseline 1. Tier 1 Countries: Europe includes Italy, Iberia and other countries. 1 The Industrial Plan leverage on our diversified Portfolio with Growth Acceleration focused on most attractive Tier-1 frameworks • Italy: long-term visibility sets Capex at maximum effort • Spain will ramp-up progressively and will continue to expand Capex beyond 2028 • LATAM: we continue to pursue a mutually fair framework balancing sustainability of the relevant investments’ need with just and visible returns. • Europe: amid permitting constraints and ahead of full visibility on future shape of the Regulatory Framework, focus is on Regulated Auctions (i.e. FER-X, MACSE), Hybridization, Repowering and Brownfield. • US data driven growth calls for a unique momentum. >90% secured EBITDA as mandatory. EBITDA (€bn) Investments (€bn) Investments Intensity Growth acceleration 2025 2025 Cum 3Y Baseline 8.9 7.0 >26 2028 vs 25 14.1 4Total >26 ~4% CAGR +1.8/2.0 €bln ~4% CAGR +1.0/1.2 €bln
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55% 21% 24% RAB expansion enhance visibility on regulated earnings evolution 2026-28 26 €bn Latam 1. Split does not include “Other” 2. Asset maintenance and recurring network development Grids Total Investments1 47 58RAB (€bn) 2025E 2028 +22% 38% 24% 29% 10% 15 €bn Rab-in Grants (EU Funds) Recurring 2 Networks’ Upgrade Connections ~13 >10 ~2 Capex net of grants Connections Remunerated Cash Cost Rab-in Grants In line with old plan RAB (€bn) 2026-28 Investments by nature Investments break-down (€bn) Focus Italy 23 30 2025E 2028 +7 €bn vs +6 €bn old plan 24 Returns 13% EBITDA/Development capex 7% Blended regulated return2 over 2026-28
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25 18% 15% 50% 4% 10% 4% Tier-1 markets are already calling for higher capital allocation in Renewables Renewables 2026-28 ~20 €bn Maintenance capex Other Total investments >75% wind and programmable technologies Key operational1 New capacity (GW) 3.8 ~15 GW total additions +2.6 TWh production from repowering ~30% 43 55 30 20 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 160.00 180.00 200.00 2025 2028 Total production2 (TWh) 147 ~190 10-12% EBITDA/Development capex >200 bps average spread IRR-WACC Adj. 90-100% EBITDA Secured by >10Y PPA Predictable Attractive Returns Capital allocation ~9 GW ~6 GW Greenfield focused on (i) Regulated schemes (ii) Long-Term PPA’s and (iii) Residentials short positions. IRR-WACC > 300 bps Brownfield brings No-Construction Risk, full visibility on M/Long-Term Cash Flow and P&L High Flexibility in exploiting deals to play the growth acceleration thanks to the shorter time-to-COD 4.3 Europe3 LatamNorth Am. ROW ~+8 €bn vs. Piano 25-27 PV Generation >90% secured and full profiled ~+5 €bn vs. old plan ~+2 €bn vs. old plan 7.0 1. It includes deconsolidated capacity 2. It includes deconsolidated and BESS production 3. Europe includes Italy, Iberia and Germany
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26 US ~850 MW solar and wind capacity >120 €mn EBITDA per year at regime Contracted NPV PPA Expiration Brownfield acquisition step-up will support Growth Acceleration and faster cash and economic conversion ~1 $bn Net Debt impact Apr 3rd Acquisition of over 1 GW of RES portfolio through its JV Potentia Energy H1 Swap Agreement between EGP NA and Gulf Pacific Power 9M FY Jul 31st Oct 1st Acquisition of 51 MW of operating Wind assets 285 MW of additional consolidated capacity Dec 15th Acquisition 100% hydro asset +0.6 GW Feb 26th 1Q Feb 9th2025 2026 Acquisition of Energía Colectiva: >350k customers 1Q 3 €bn of assets acquisition in the last 15 months1+3 GW Additional Capacity 1. It includes all operations at JV Acquisition of 62.5% of CETASA +100MW Acquisition of four operational wind farms +150.2 MW throug its JV Principia Jan 29th
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27 Power Price Italy (€/MWh) Power Price scenario has been adjusted to the Energy Decree provisions reflecting a smooth ETS impact on Power Prices going forward 95% Renewables’ Generation B2C & SMB FIXED Offer >90% of the Renewable Generation hedged with Fixed B2C and SMB 6Y Customer Base avg lifetime Price review after 12 months Opportunistic Pre-hedging to extract additional value from the portfolio 90% 2026E 2027-28E Existing B2C with 2/3Y Fixed Price Existing B2C Clients (Re-Pricing optionality) New B2C Clients (CB Rotation, churn driven) Industrial Plan Scenario 78 86 91 86 95 9997 106 110 50 70 90 110 130 150 170 190 70 90 110 130 150 170 190 2024 2025 2026 Cal. 26 Cal. 27 Cal. 28 87 February (before Energy DL) Forward 2026-2028 102 93 78 up to -15€ change in 2027-2028 delivery date Forward 2027-2028 (historical Forward price) Integrated Energy Management
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2828 Gas Trasmission & Spread PSV-TTF ETS Offset System Charge Early payment (cost of Debt) Tax Rate IRAP +2p.p. Net debt (cumulated) EBITDA 0.4 0.8 0.8 2.0 0.8 Impacts on Net income (€bn) 0.4 ~0.2 €bn/y ~0.4 €bn/y ETS Effective from 01.01.20271 Effective in 2026-27Step-up in Net Debt from YE2026 Managerial Mitigation Net Impact (2027 max impact, IRAP step-up expires in 2027) Energy Decree impacts (preliminary assessments) Cumulated 2026-28Max impact @2028 1. Measure to reduce the spread of PSV vs TTF will be implemented along 2026 (2€/MWh GAS, providing 4€/MWh in terms of Power Generation) <0.1 €bn/y ~0.6 €bn/y ~(0.1) €bn/y ~0.3 IRAP ~0.2 (0.2) 1.8 0.3/0.4 €bn/y
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• M&A/BD process set and ramping-up • US Portfolio’s Rotation from Utilities and Funds is massive and expanding. • EU Assets’ secured Brown portfolio including actionable pipeline RTB is a model under assessment. 29 EPS bridge to target: scenario headwinds factorized and visibility on growth drivers support our ambitions 1 0.69 Energy decree impact EPS evolution (€ cents) (3) +3 EPS 2025E 69 GAS and Power Scenario on Commodity, Wholesale and EU Retail Market Additional Capacity Brown & Greenfield +6 +1 Integrated Market LatAm (w/o Growth) Including FX Share BB Networks (1€Bn Fee Scenario) +3 +2 +3/4 Productiovity Business Transformation Project 80-82+1/-1 EPS 2028 Market Scenario de-risked assuming ETS system revision Greenfield Brownfield (2) • MACSE, FER-X (Italy) awarded capacity • Capacity Market with BESS • Repowering Spain/Italy +3TWh included) • US (Safe Harbored, near FID, +0,4GW Wind, COD-2028) • BESS Chile under construction, Spain and USA (COD 2027-8)
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30 Leveraging on financial flexibility & cash generation to fund growth ambitions and shareholders remuneration 2026-28 Funds allocation (€bn) 47-49 9 53 23 0.0 10. 0 20. 0 30. 0 40. 0 50. 0 60. 0 70. 0 80. 0 90. 0 FFO Partnerships, asset rotation, grants & hybrids Total sources Total investments Shareholders remuneration Sources Uses Debt increase & flexibility EBITDA conversion into FFO with an increasing trend reaching >65% at end of plan period Grants contribution and partnership model to lower risk and optimize financial effort 1 1. Maximum FFO amount (49 €bn), excludes the impact of the energy decree in Italy
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Solid liquidity position to cover long term maturities 8.8 8.3 8.5 25.6 0.0 5.0 10.0 15.0 20.0 25.0 30.0 2026 2027 2028 2026-28 LT Debt maturity by year (€bn) 1. As of December 31st 2025. Cash 5.3€bn, Undrawn committed credit lines 18.1€bn 2. As of December 31st 2025 31 Ample liquidity available of 23.4 €bn1 covering >90% debt maturities over the period 26-28 Amount (€bn) Expected cost Centralized 41.0 3.5% Countries 7.1 9.2% Total 48.1 4.3% Financial strategy for 2026-28 Centralized gross debt @2028 ∼85% Fixed rate debt @2028 ∼75% Euro US Dollar Other 50% 84% 37% 8%13% 8% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Before hedges After hedges Debt by currency2
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Flavio Cattaneo Group’s CEO
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Value creation and Closing remarks
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0.49 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 2025 2026 2027 2028 EPS pathway will support a 6% DPS CAGR in the next three years EPS and Dividend policy (€/sh) EPS 0.80 - 0.82 34 1 €bn Share buy-back already executed 1.5 €bn remaining amount Shares buy-back 3.5 €bn1 Additional lever to further enhance shareholders’ remuneration 1 €bn Share buy-back launched 0.69 DPS CAGR +6% Shareholders remuneration: a simple and visible ambition to deliver a solid and consistent DPS growth in the next three years 1. SBB program approved by 2025 AGM, up to 3.5 €bn at Enel SpA level.
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Our trajectory @2030 35 0.69 2025E 2030 68 2025 2030 47 2025E 2030 Renewables (GW) RAB (€bn) EPS (€/sh) CAGR 25-30 ~ +5% CAGR 25-30 ~ +6% CAGR 25-30 ~ +6%
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Ahead of schedule to achieve Net Zero 36 ~190 94 ~70 ~62 60 <2.5 0 0 20 40 60 80 100 120 140 160 180 2017 2023 2024 2025E 2030 2040 2040 1.5°C SBTi certification across all scopes Total absolute emissions (MtCO2eq) Net Zero Our ambition -67% -99% 2028 Short-term emission reduction targets across all Scopes 2030 GHG emission reduction targets in line with 1.5°C pathway 2040 Zero GHG emissions from both generation and retail business Just Transition A plan that preserves the social and economic context
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37 1 2 3 4 Closing remarks Growth ambitions on balance sheet flexibility Enhanced capital productivity to maximize sustainable returns Solid and predictable EPS growth, double digit Total return Flexible approach on capital allocation to capture value-creation opportunities
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Back-up
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Enel Group Net Income 2025-26 (€bn, €/share) - EBITDA Conversion 2026 Results is expected to deliver an EPS growth in line with the plan 7.0 7.1-7.3 7.02025 2026 2025 2028 10 12 14 16 18 20 22 24 26 2025 2026 ~31% EBITDA Conversion into Net Income 22.9 23.1-23.6 Like-for-Like (Energy Decree) 6.8 7.21 +5% YoY 1. Calculated on the mid-point of the guidance range for 2026. 0.69 0.731 +6% YoY EPS (€Cent/share) Group Net Income EBITDA 39 +3%1 YoY Like-for-Like (Energy Decree)
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Omar Al Bayaty Head of Group Investor Relations Federico Baroncelli - Fixed Income and ESG Investors and Ratings Alessia Accili Bianca Brancati Jaime Andres Rodrigues Perez Emanuele Toppi Serena Carioti – Equity Market and Financial Analysis Esteci Yamil Medina Luciano Paolo Germiniani - Equity Investors and Reporting Davide Abete Danielle Ribeiro da Encarnação Alessandro Taddei Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Website Enel.com iOS Android Investor Relations App Contact us 40