Long-term Climate Strategy and Financial Performance

The integrated commercial business is set to grow at 15% CAGR over the plan Integrated commercial business (€bn) 2025 Integrated comm. business coverage³ CAGR -15% €bn 4.8 enel 2025 RES Cumulated Capex IRR-WACC €bn bps 6.7 5.9 >300 3.4 10.61 7.0 1.12 5.0 2.2 4.8 2022E Normalized 2025 2.0 2.8 ~200 34 1. It excludes tax partnership and incentives for around 0.7 €bn. 2. It includes tax partnerships and incentives for around 0.7 €bn. 3. Fixed sales

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