Long-term Climate Strategy and Financial Performance

Power Free: dynamics in Italy Fixed sales and coverage (TWh) Unitary margin dynamics (€/MWh) Price 1.5x ~140 54 48 16% -1 TWh Market purchases ~90 21% FY 2021 FY 2022 33% +14 TWh 54% TGX Cost¹ 2.9x ~125 46% 30% -7 TWh Renewables FY 2021 FY 2022 1. Unitary cost of sourcing ~40 FY 2021 FY 2022 enel Unitary margin down 70% yoy impacted by unexpected higher sourcing costs not passed through customers' bills 73

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