#1Investor presentation Sustainability Linked Bond October 2020 enel#2Investor presentation Disclaimer enel 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 constitute or form part of any offer to sell or a solicitation of an offer to buy any securities in the U.S. or any other jurisdiction. This presentation does not constitute a prospectus or other offering document. No securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the U.S. or any other jurisdiction. No securities may be offered, sold or delivered in the United States or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state or other securities laws. No public offering is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited or where such offer would be unlawful. The distribution of this presentation may be restricted by applicable laws and regulations. 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The Base Prospectus as subsequently Supplemented is available at www.ise.it and the Final Terms, when published, will be available at www.ise.it.#3Enel today#4A sustainable, diversified and fully integrated business model EBITDA by business¹ EBITDA by country1 9% ron 3% 5% 26% 18% FY 2019 29% FY 2019 42% 17.9 €bn 17.9 €bn 1% 46% Renewables Retail Conventional generation Enel X Networks 1. Rounded figures Italy Iberia I North America 21% enel | Latin America Rest of Europe#5Enel's leadership in the new energy world¹ 1st network operator² World's largest player³ in renewables Largest retail customer base worldwide4 1234 As of June 30, 2020 By number of end users. Publicly owned operators not included By installed capacity. Includes managed capacity for 3.5 GW Including customers of free and regulated power and gas markets 骨 enel # End users 74 mn Renewable capacity 46 GW # Customers ion 70 mn 5#61. enel A sustainable business model that has delivered growth and improved visibility EBITDA dynamics (€bn) CAPEX and financial KPIs evolution I Traditional model Sustainable model CAGR 2012-15: -1.7% CAGR 2015-19: +4.5% 17.9 15.8 15.5 15.0 +27% ~10 €bn ✓ ~8 €bn 23% Other 35% 77% 65% Asset development & customer I 20121 2014 2015 2019 2015 2019 | I 2.5x Target achieved Net debt1/ EBITDA 2.5x 19.1% Net income/ 26.7% EBITDA 6 FY 2012 restated in 2013 according to IAS 19#7Focus on profitability, value creation and balance sheet... 19% 2015 Profitability +800 bps Return on invested capital 27% 8.2% 2019 2015 Net income/EBITDA +140 bps 7% ROIC WACC enel Credit metrics +100 bps 26% 25% 9.6% 2019 5.9% 2015 2.5x 2019 2.5x ■ FFO/Net Debt Net debt/EBITDA 7#8...that has been recognized by Rating Agencies Fitch Ratings Global leadership in networks and renewables, geographic diversification and defensive business mix with merchant activities only representing c. 20% of EBITDA. Strong track record of delivery, largely manageable impact of the pandemic and financial targets achievable despite the crisis.¹ S&P Global Ratings Enel's key credit measures to continue gradually improving from 2020 onward, thanks to earnings growth stemming mostly from additional renewables capacity and sustainably high investments in networks enel Enel's LT rating Rating Outlook MOODY'S Progress in delivering against strategic priorities. Increasing international diversification with corresponding reduction in the proportion of earnings from Italy. Improving business risk profile as a result of continuing investment in networks and renewables³. 123 Extract from Fitch Rating Report dated 1st Oct 2020. Extract from S&P Research Update dated 3rd July 2020 Extract from Moody's Credit Opinion dated 12th June 2020. A- Stable BBB+ Stable Baa2 Positive 8#97 AFFORDABLE AND CLEAN ENERGY Our sustainable strategy 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES 13 CLIMATE ACTION#10Our strategy addresses dynamically the evolution of sector trends enel Decarbonisation 7 AFFORDABLE AND CLEAN ENERGY F Enabling Infrastructure × Ecosystems & Platforms 13 CLIMATE ACTION on Electrification 7 AFFORDABLE AND CLEAN ENERGY 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES 10 10#11A fully sustainable capex plan... Total gross capex by business and by nature 2020-22 4% 41% 6.5 4% 7% 28.7 €bn Networks Retail 44% Conventional generation 13 CLIMATE ACTION 5.0 enel Asset development by business 2020-22 66% 28.7 €bn 27% 17.2 €bn 17.2 Enel X EGP Asset development Customers AFFORDABLE AND CLEAN ENERGY Asset management INDUSTRY, INNOVATION SUSTAINABLE CITIES AND INFRASTRUCTURE AND COMMUNITIES 3% 4% Networks Conventional generation Enel X EGP >90% of capex SDGs related 11#12AFFORDABLE AND CLEAN ENERGY CLIMATE 13 ACTION ..to decarbonise our generation mix Total Consolidated Capacity (GW) == 84 83 42 42 43 40 40 2019 H1 2020 2021 2022 Consolidated RES capacity 50% 52% on total Conventional generation Renewables -60% enel Renewable capacity on total -60% @2022 Accelerate and facilitate the decarbonisation path Renewable deployment to reduce the exposure to commodity price fluctuation 12#1313 CLIMATE Phasing out of coal production over the plan period and H1 2020 progress... Coal phase-out evolution Coal production (TWh) 64.4 37.6 74% 16.9 Н 2018 2019 2022 19 p.p. Coal on total 25.7% 16.4% 6.8% production (%) Coal capacity (GW) 58% 15.8 11.7 6.6 H1 2020 Progress enel Coal capacity below 10 GW 2.1 GW coal shut down 6.1 TWh production, down 72% vs H1 2019 Revenues from coal 2.6% on total 13#14AFFORDABLE AND CLEAN ENERGY ...with an accelerated renewables deployment Target of capacity to be added (GW) +22% enel Renewable capacity evolution in H1 20201 (GW) 45.8 46.4 0.0 (0.3) 3.7 3.5 0.8 14.1 42.1 11.6 2018-20 2019-21 Plan Plan 2020-22 Plan FY 2019 Built 1. Rounded figures 42.9 Disposal H1 2020 Consolidated capacity Managed capacity Total capacity 14#1513 CLIMATE Strategy strongly supports our path towards full decarbonisation by 2050 Scope 1 & Scope 3 CO2 emissions evolution -70% enel Scope 11 (g CO2/kWh) Scope 32 (Mton CO 2) 465 411 296 220 2019 2022 2007 2017 Previous SBTi target 350 @ 2020 SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 16% indirect emissions reduction SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 125 2030 FULL decarbonisation BY 2050 2050 1. 2. Scope 1 by 2030, consistent with the Well Below 2C pathway of the Science Based Target Initiative and the IEA B2DS scenario Scope 3 related to gas retail activities by 2030, consistent with the 2C pathway of the Science Based Target Initiative Target achieved 15#16The GBP offering 7 AFFORDABLE AND CLEAN ENERGY#17Most Innovative Corporate Borrower GlobalCapital Bond Awards A Sustainability-Linked Financing Framework aligned enel with the ICMA's Sustainability-Linked Bond Principles Enel wishes to foster best market practices and presents a unified and coherent suite of Sustainability-Linked Financing instruments to the market Use of Proceeds Coupon Linked to KPIs KPIs and Targets Our Sustainability-Linked Financing Framework has been reviewed by Vigeo Eiris and confirmed its alignment with the SLB Principles The proceeds of Enel's Sustainability-Linked instruments will be used for general corporate purposes 1 The failure by Enel to satisfy one of the two pre-determined KPI will trigger a step-up margin For the avoidance of doubt, no more than one step-up margin or margin adjustment, as applicable, can be applied over the life of a given Sustainability-Linked transaction 13 CLIMATE KPIs Targets ACTION KPI #1: Direct Greenhouse Gas Emissions Amount (Scope 1) 2030 125gCO2e/kWheq 2 3 4 AFFORDABLE AND CLEAN ENERGY KPI #2: Renewable Installed Capacity Percentage 5 2021 2022 55% 60% Selection of the KPIs The selected KPIs are considered as core and relevant to Enel's business Calibration of Targets The two targets are considered to demonstrate an advanced level of ambition Bond Characteristics The bond's coupon increases if Enel fails to reach the relevant Target Reporting Enel commits to report at least on an annual basis on both KPIs within its yearly Sustainability Report and its Annual Report Verification The performance level against each Target for each KPI will be externally verified annually 17#18Most Innovative Corporate Borrower GlobalCapital Bond Awards The offering: Sustainability-Linked Bond¹ Issuer Guarantor Expected Ratings Status Use of Proceeds Currency Size / Maturity ΚΡΙ Sustainability Performance Target Interest Step Up Option Enel Finance International NV Enel SpA Baa2/BBB+ A- (Moody's / S&P / Fitch) Senior unsecured General Corporate Purposes GBP £ Benchmark / 7 year AFFORDABLE AND CLEAN ENERGY KPI #2 Renewable Installed Capacity enel The Renewables Installed Capacity Percentage as of 31 December 2022 being equal to or exceeding 60%², as confirmed by External Verifier One-time adjustment (+25bps) upon the non-satisfaction of the Target Condition 1. Documentation: Euro Medium Term Note Programme dated January 9th, 2020 as supplemented on August 28th, 2020 2. There can be no assurance of the extent to which we will be successful in doing so or that any future investment we make in furtherance of this target will meet investor's expectations or any binding or non-binding legal standards regarding sustainability performance. 18#19H1 2020 financial results and liabilities structure#20H1 2020 financial highlights (Єmn) enel EBITDA1 Net Income¹ FFO² Net Debt 8,794 2,405 2,042 50,411 -% +6% -56% +12% H1 2019 8,763 2,277 4,619 45,1753 123 Ordinary figures Reported figures As of December 2019 20 20#21Ordinary EBITDA flat yoy despite COVID-19 and strong FX devaluation enel 1. 12% 19% H1 2020 8.81 €bn Net of FX c.+5% 26% 43% ■ Networks ■ EGP ■ Conventional Generation ■ Retail Resiliency of European I&N supported by regulatory frameworks Latam networks exposed to volumes Integrated margin management protected against market fluctuation Growth in renewables and efficiencies driving Global Power Generation performance Excludes extraordinary items in H1 2019 (+94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out) and H1 2020 (-82 €mn donations and emergency costs, -67 €mn impairment) 24 21#22FX and COVID-19 impact on demand and bad debt in the first semester (€bn) enel Ordinary FX Demand Bad debt EBITDA 8.8 0.37 0.30 D&A 3.3 0.10 0.13 Net of COVID-19 & FX 9.47 Group net ordinary 2.4 0.08 0.11 0.06 2.65 Income COVID-19 impact COVID-19 resulted into a sharp decline in volumes affecting particularly Latam where offsetting mechanism are under study In absence of FX devaluation and COVID-19 business dynamics, EBITDA would have grown by c.8% and Group net ordinary income by c.16% 22 22#23H1 2020 debt (€bn) 45.2 Net debt evolution Gross debt +3% enel 1.0 2.6 2.1 (0.7) 61.5 50.4 63.6 0.2 5.9 Cash 9.0 7.3 Fin. receivables 7.3 50.4 Net debt 45.2 Jun 30, 2020 4.1% Cost of gross debt -30 bps 3.8% Dec 31, 2019 IFRS 16 FCF Dividends Active portfolio paid management FX1 June 30,2020 Dec 31, 2019 1. It includes foreign exchange derivatives realized in the period 23 23#24Liquidity covers LT debt maturities up to 2024 enel Liquidity position (€bn) 20.8 26.5 Debt maturities (€bn) 30.8 7.0 Available 20.62 committed credit lines 151 8.6 23.8 7.6 7.2 6.2 6.8 09 3.6 1.0 1.6 Cash 5.8 5.9 0.8 1.9 4.6 5.8 6.7 0.6 1.7 H1 2019 H1 2020 2020 2021 2022 2023 2024 After 2024 Short term Bank Loans & Others Bonds 12 1. 2. Of which 14.4 € bn of long term committed credit lines with maturities beyond June 2020 Of which 14.4 € bn of long term committed credit lines with maturities beyond June 2021 24#25Contact us ene Monica Girardi Head of Group Investor Relations Investor Relations team Federico Baroncelli Serena Carioti Federica Dori Federica Pozzi Fabrizio Ragnacci Noemi Tomassi Emanuele Toppi Contacts Email [email protected] Phone +39 06 8305 7975 Download App e Mobile App Enel Investors Channels enel ios Android f in You Tube e Website Enel.com 25