Slides
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First Half 2026 Consolidated results July 30th, 2026
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First Half 2026 Consolidated results Flavio Cattaneo CEO
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Business delivery Opening remarks 2 1 Strategic turnaround reduces exposure to commodities price volatility and improves margins quality and visibility EBITDA and Net income up by 3% yoy in line with expectations, before of re-leverage Growth 2 Growth path supported by a continued improvement of the underlying business Progress on greenfield and brownfield investments to boost growth Value creation 3 EPS 2026 expected at the top of the guidance range 1H26 EPS1: 40€/cent +5% yoy 1. H1 2026 EPS considers the 2 €bn SBB already completed.
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41% 57% 3% 3 Group’s asset portfolio turnaround expands earnings, while improving quality and visibility 1 H1 2026 11.8 €bn78% 22% Tier 1 H1 2026 11.8 €bn +3 p.p. +3 p.p. Reduced exposure to commodities price volatility, improve margins quality and visibility 78% EBITDA from Tier1 countries >90% Share secured EBITDA 1. Ordinary EBITDA includes Other for -131€mn in H1 2026 +0.4 €bn yoy +0.6 €bn yoy Integrated business Trading & Gas wholesale Grids >90% Secured H1 2026 11.8 €bn Ordinary EBITDA1
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Signed & Closed 4 2 Unlocking value of our existing asset base while capturing profitable brownfield opportunities to foster long-term growth Brownfield Grids Unlocking value from the existing asset base Generation &Supply H1 2026 CAPEX (€bn) VALUE GROWTH EBITDA (€bn) 3.5 1.5 +15% yoy +13% yoy +0.4 +0.6 +10% yoy +10% yoy KPI 45.3 49.7 H1 2025 H1 2026 +4.4 99 103 H1 2025 H1 2026 RAB (€bn) +3% 98 89 H1 2025 H1 2026 -9% 19% 16% H1 2025 H1 2026 -300 bps SAIDI (min) Production (TWh) Churn rate power (%) Binding Offer Stage >1 GW ~1.5 GW Growth contribution: ~0.2 €bn at EBITDA level in 2027-2028 (per year) 2-3 GW NBO stage ~5 GW ~0.3 €bn at EBITDA level Early/ Mid Stage 85% Deal Signed/Closed and in a Binding Offer Stage account for more than 50% of the CMD Plan Target. US Portfolios as the prevailing Geography Sale Processes where a NBO has been already posted amount to additional 5GW, while a preliminary assessment is in progress on 7GW of Renewable Capacity. The analysis are carried-on exclusively on Tier-1 Portfolio Internal assessment ~7 GW ~15GW pipeline
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5 Financial flexibility allocation to enhance value creation, maintaining a solid leverage 3 1. YTD. It includes organic capex deployed as of June and brownfield deals signed and closed in 2026 2. YTD. It includes total divided paid as of July 2026, Shares buyback programs both executed and approved at subsidiary level and 1€bn share buyback executed by Enel Spa. EPS Evolution: brownfield and shares buy back as opportunity for further growth 5.2 Investments Progressing on flexibility allocation 6.6 Shareholders' remuneration 5.1 €bn dividend paid by Enel and ~1.5 €bn shares buybacks executed to enhance shareholders’ remuneration. ~7 €bn ~8 €bn 2 1 2.6xND/EBITDA (LTM) 60% of total Program Approved Organic growth SBB Executed EPS Growth H1 2026 Balance to Full Year Guidance EPS 2026E Organic investments already deployed, 1.5 GW brownfield RES capacity signed/closed. 3GW in NBO stage with potential closing in 2026/1Q27 0.40 +5% yoy ~0.74 Organic Growth driven by investments deployed
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First Half 2026 Consolidated results Stefano De Angelis CFO
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4.4 4.8 6.1 6.8 H1 2025 H1 2026 7 Our diversified business portfolio secures consistent organic growth while navigating a volatile market, regulatory and geopolitical landscape Front-Loaded Target Delivery Extract incremental value from the underlying business 3.8 3.9 H1 2025 H1 2026 71. Rounded figures. Split does not include Other 2. H1 2026 EPS considers the 2 €bn SBB already completed 11.510.5 +3% 0.38 0.40 H1 2025 H1 2026 Net Income (€bn)EPS2 (€/cent) 33% EBITDA converted into Group Net Income: 54% H1 share on FY Target Ordinary EBITDA1 (€bn) +3% +5% 55%H1 share of FY Target2 97% 91% +6 p.p. Improved earnings quality EBITDA net of trading EBITDA net of trading +10% Organic Growth Leveraging on a disciplined capex deployment +10% +10% 11.811.5 Group EBITDA Ordinary0.4 1.0 3.4 3.7Reported Net Income +9% Ordinary
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EBITDA high double-digit growth on higher investments deployed, supporting visibility on future delivery A balanced and diversified portfolio delivers a unique, organic and secured underlying growth thanks to a reshaped business mix, another quarter of Capex growth and a pivotal turnaround of the Generation and Supply model. Generation & Supply EBITDA1 (€bn) 38% 41% H1 2025 H1 2026 Group’s EBITDA1 (€bn)Grids EBITDA1 (€bn) Earnings Quality MIX Value Growth 10.5 11.5 H1 2025 H1 2026 +3p.p. +400 €mn +10% +3p.p. +600 €mn +10% 11.5 11.8 97% +1€bn +10% +6p.p. 91% 54% 57% H1 2025 H1 2026 4.4 4.8 6.1 6.8 Share on total Share on total 81. Rounded figures. Ordinary EBITDA
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~15% 9 Generation & Supply leverage on a disciplined capital allocation resulting in a reshaped solid and diversified International Asset Portfolio >+20% normalized 1.4 1.1 1.5 0.8 H1 2026 2.9 1.9 H1 2026 H1 2026 0.6 H1 2026 1.3 YoY trend +8% +7% LATAM: growth driven by additional built capacity and hydro generation in Colombia. Persistent Curtailment in Brazil offsets an improved pricing scenario Poor hydro production in Chile in 2Q26, LT gas contracts optionality offset the stressed resource conditions US: Positive YoY trend (+10% excluding 1H25 additional tax partnerships contribution) driven by consistent improvement of the US market scenario ROW: Positive contribution from the streamlined Other Countries Portfolio IBERIA: New Generation & Supply Integrated Value Chain (Retail + ReNuke production): I. reshaped sourcing model based on a “best 2 best” flexible matching of the Generation & Supply profiles II. exit from costly and ineffective push sales channels and igniting competition Supportive Regulation of the Islands generation pave the way to future higher Greenfield Investments with a fair “RAB like” remuneration Retail Business stabilized its trend thanks to the increasing adoption of Fixed Pricing Schemes (Power & GAS) offering a mutually convenient hedging from the spot price spike ITALY: Poor Hydro Resources offset the spot price upside. Increasing share of Regulated Revenues underpins the central role of our flexible Thermal Fleet with capacity and Flexibility Services accounting for >90% of the Thermal Margin in Italy. 1.5 0.8 H1 2026 1.4 1.1 0.6 1.3 H1 2026 2.4 €bn 4.4 €bn Latam +9% yoy +11% yoy EBITDA1 (€bn) 6.8 €bn flat 1. Ordinary EBITDA net of Trading <10 Generation Margin Thermal Italy Merchant
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10 Wholesale Spot Price spike does not affect our Customers thanks to the hedged fixed pricing terms carrying an improved loyalty and resiliency -15 p.p. 2023 2024 2025 2026 -14% Customer Lifetime (years) Churn Rate (%) +2 Years A more resilient Customer Base (5Y average) consents to hedge Generation and Customers demand through mutually fair and sustainable pricing terms Hedging B2C Fixed Price (Power €/MWh) Churn Rate % and AVG Lifetime Residential and SoHo Customers were repositioned after the 2022-23 Spike and are now protected by the spot price Volatility through Long Term Fixed Price conditions <20% 15% 30% 3 5 2024 2026E CAGR 2023-26 127 108 116 131 2023 2024 2025 2026 Italian Pool Price €/MWh 1 1. Power price 2026 YTD as of July 29th 2026.
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21.6 23.7 11.3 11.4 12.4 14.6 H1 2025 H1 2026 EBITDA growth on higher investments deployed, supporting visibility on future delivery 11 Grids +4.4 €bn 41% 59% H1 2026 11.8 €bn +3 p.p. RAB (€bn) 4.8 €bn Grids’ share of Group’s EBITDA1 45.3 49.7 Italy: continued investment growth drive RAB expansion boosted by improved capex mix and RAB-IN/RAB-OUT ratio. Spain: first evidence of a long-term cycle of higher capex, RAB and returns. Previous years’ regulatory settlements not only a “one-off” , but a structural improvement of the regulatory framework. Latam: Continued resiliency in Colombia. Tariff indexation and step-up in investments (+30% yoy) support results in Brazil. 1. Ordinary Figures
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Robust capex execution supports network expansion and reinforces growth trajectory 12 2.20.5 0.8 H1 2026 3.5 €bn Latam 45.3 49.7RAB (€bn) H1 2025 H1 2026 +10% 1. Asset maintenance and recurring network development Capex Italy Focus Italy 12 2018-2026 Network Capex1 Our commitment to sustain the extraordinary investments’ need called by the Energy System is unchanged 1.7 1.8 2.0 2.6 2.7 3.1 3.5 4.3 4.5 2018 2019 2020 2021 2022 2023 2024 2025 2026 2.1 €bn 2018-2022 avg. 4.5 €bn FCT 20262X FY26 Capex in Italy more than double 2018–2022 investments 2.0 2.2 H1 2025 H1 2026 +7% Grids Total capex 0.6 €bn deployed in Brazil +30% YoY +14% yoy
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H1 2025 H1 2026 2026E H2 Outlook 2026E 2026 EPS target supported by Organic growth of the existing asset portfolio. Brownfield and SBB adding further growth potential 13 +5% 0.40 0.38 1. H1 2026 EPS considers the 2 €bn SBB already completed. 1 ~0.74 2026E EPS: finetuning target +7% yoy Organic Growth 2026 delivery powered by the Organic Growth driven by expanding Investments on Networks and selected Greenfield Capacity Outstanding Share buy back and ongoing Brownfield add growth potential ahead of 2026 3.8 3.9 +3% yoy Ordinary NI(€bn) CMD 2024-27: CAGR +3% 2024 2025 2026 2027 2028 0.69 2025-26: 2024-25: +6% 0.65 2026-28 Strategic Plan Brownfield Old Plan 2025-27 +7%+6% CMD 2025-28: CAGR +6% Share buy back 2026E-2028 EPS evolution 0.80-0.82 0.72-0.74 ~0.74
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• 2.0 €bn Hybrids • (1.2) €bn Energy Decree 14 Cash generation and financial flexibility use fuel capex deployment and shareholders’ remuneration 57.2 59.8 61.0 (6.1) 5.0 4.4 (0.7) 1.2 Dec. 31, 2025 FFO recurring Net Capex Shareholders remuneration Other ND Adj Jun. 30, 2026 FX (no cash) Jun. 30, 2026 ND/EBITDA (ltm) 2.5x FFO adj/ND (ltm) 25% Net Debt (€bn) 2.6x Rounded figures 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks & charges). 2. It includes 0.1 €bn dividends paid to bond holders 5.9 6.1 H1 2025 H1 2026 EBITDA 11.5 11.8 Taxes Adj. ∆ WC Adj.& ∆ Provision FFO (€bn) FFO recurring +0.2 €bn vs PY Fin. Expenses FFO recurring H1 2026 H1 2026 • 1.5 €bn SBB • 2.9 €bn Dividends2
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Focus on energy Decree impacts 15 0.8 0.8 0.8 ~0.1 0.1 0.3 0.4 System charges early payment IRAP financial impact Impact H1 2026 IRAP financial impact balance to 2027 Total impact @2027 Financial impacts provided by tax and advance payments measures A ~1.2 1.2 1.6-1.8 A B B B @CMD Introduced by the Final Law Provision Forward price (€/MWh) Iran war has reshaped the commodity price scenario with a 12- 18 months volatility now priced-in, while 2028 forward rebound January 2026 value Measures to mitigate the impact of gas-driven marginal electricity price setting. ETS offset replaced by government measures under definition to ensure EU compliance. 91 75 96 Jan 2nd 2026 Jul 24th 2026
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First Half 2026 Closing remarks Flavio Cattaneo CEO
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17 Closing remarks Enhanced visibility on EBITDA and Net income trajectory supports future growth ambitions Financial flexibility to capture profitable Brownfield opportunities Well on track to reach the top end of 2026 EPS guidance range
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H1 2026 Consolidated results Annexes
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Macroscenario 19 1. Data based on Bloomberg consensus 2. 6-month average 3. As of June 30th 4. Estimation for the month of June 2026 for Argentina, Chile, India and South Africa GDP (%) CPI (%) € vs. local currency2 Spot Price (€/MWh)3 Electricity Demand (TWh) H1 20261 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 20264 H1 2025 Italy 0.80 0.60 2.18 1.82 - - 127.18 119.50 156.6 152.9 Spain 2.60 3.00 3.17 2.40 - - 48.34 60.27 133.5 130.9 Rest of World Latin & Central America Brazil 1.90 2.80 4.36 5.22 6.01 6.29 43.07 30.26 385.2 384.5 Chile 0.80 2.90 3.37 4.58 1,041.98 1,044.07 44.77 66.89 43.9 42.7 Argentina 2.70 6.10 32.87 56.47 1,694.05 1,397.50 - - 74.4 73.7 Mexico 0.60 0.30 4.03 3.97 20.38 21.81 - - - - Colombia 2.40 2.40 5.64 5.10 4,259.31 4,587.77 73.64 56.48 43.4 41.0 USA & Canada - - USA 2.50 2.10 3.27 2.60 1.17 1.09 - - 2,192.0 2,178.0 Canada 0.90 2.50 2.55 2.02 1.61 1.54 - - - - Other Countries - - Peru 3.40 3.50 3.27 1.61 3.98 4.02 39.45 25.91 31.7 30.6 India 7.40 6.90 3.52 3.30 108.64 94.18 - - 898.4 860.6 Australia 2.20 1.70 4.20 2.25 1.66 1.72 - - - - South Africa 1.60 0.80 3.77 2.95 19.14 20.11 - - 97.4 101.4
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201. Includes Panama, Guatemala and Costa Rica. 2. Includes South Africa, Zambia and India MW Hydro Wind Geothermal Solar & Other BESS Nuke Oil & Gas Coal CCGT TOTAL Tier 1 Countries 18,331 10,512 776 7,371 3,236 3,328 3,925 4,401 10,952 62,832 Europe 18,331 3,931 776 3,504 1,778 3,328 3,925 4,401 10,952 50,926 Italy 12,963 874 776 447 1,767 - 1,633 4,160 5,507 28,127 Iberia 5,368 3,001 - 3,057 11 3,328 2,293 241 5,445 22,744 Other EU Countries - 55 - - - - - - - 55 USA & Canada - 6,581 - 3,867 1,457 - - - - 11,905 USA - 6,218 - 3,867 1,457 - - - - 11,543 Canada - 363 - - - - - - - 363 LatAm & Others 8,630 5,672 83 6,072 210 - 795 226 1,468 23,157 Brazil 1,272 3,506 - 1,845 - - - - - 6,622 Chile 3,666 903 83 2,084 203 - 477 - 1,468 8,884 Argentina - - - - - - - - - - Mexico 52 893 - 220 - - - - - 1,164 Colombia & CAM 3,640 - - 1,566 7 - - 226 - 5,439 Peru - - - - - - 318 - - 318 Africa, Asia and Oceania - 371 - 357 - - - - - 729 Total 26,961 16,184 860 13,443 3,445 3,328 4,721 4,627 12,420 85,988 Consolidated REN 60,893 JV & Stewardship REN 6,115 Total REN 67,008 1 2 Net installed capacity – Breakdown by tech and geography
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GWh Hydro Wind Geothermal Solar & Other Nuke Oil & Gas Coal CCGT TOTAL Tier 1 Countries 13,283 16,316 2,557 5,712 12,636 2,125 183 11,679 64,490 Europe 13,283 4,142 2,557 2,551 12,636 2,125 183 11,679 49,156 Italy 7,882 745 2,557 316 - 39 183 4,671 16,393 Iberia 5,401 3,342 - 2,235 12,636 2,086 - 7,008 32,708 Other EU Countries - 55 - - - - - - 55 USA & Canada - 12,174 - 3,160 - - - - 15,334 USA - 11,552 - 3,160 - - - - 14,712 Canada - 622 - - - - - - 622 LatAm & Others 14,788 8,092 52 4,912 - 547 197 3,192 31,780 Brazil 2,130 5,567 - 1,292 - - - - 8,989 Chile 4,318 1,003 52 1,946 - 387 - 3,192 10,898 Argentina 58 - - - - - - - 58 Mexico 65 1,151 - 224 - - - - 1,440 Colombia & CAM 8,218 - - 1,230 - - 197 - 9,645 Peru - - - - - 160 - - 160 Africa, Asia and Oceania - 371 - 220 - - - - 591 Total 28,071 24,408 2,609 10,624 12,636 2,672 380 14,871 96,271 Consolidated REN 65,712 JV & Stewardship REN 6,251 Total REN 71,963 21 1. Includes Panama, Guatemala and Costa Rica. 2. Includes South Africa, Zambia and India 1 2 Net production – Breakdown by tech and geography
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MW Hydro Wind Geothermal Solar & Other BESS Nuke Oil & Gas Coal CCGT TOTAL Tier 1 Countries 1 - - 128 4 - - - - 133 Europe 1 - - 128 4 - - - - 133 Italy 1 - - 0.1 4 - - - - 5 Iberia - - - 128 - - - - - 128 Other EU Countries - - - - - - - - - - USA & Canada - - - - - - - - - - USA - - - - - - - - - - Canada - - - - - - - - - - LatAm & Others - - - 256 - - - - - 256 Brazil - - - - - - - - - - Chile - - - - - - - - - - Argentina - - - - - - - - - - Mexico - - - - - - - - - - Colombia & CAM - - - 256 - - - - - 256 Peru - - - - - - - - - - Africa, Asia and Oceania - - - - - - - - - - Total Consolidated 1 - - 384 4 - - - - 389 Total JV & Stewardship - 150 - 43 49 - - - - 242 22 Total additional capacity YTD – Breakdown by tech and geography
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23 2.6 1.3 0.4 0.2 10.6 15 GW Renewable projects in execution1: breakdown by technology and geography2 2026-28 additional capacity target3 Capacity in execution Residual target1. In execution projects have been approved by investment committee 2. It includes consolidated, JV and stewardship capacity (108 MW Wind in Australia) 3. It includes both greenfield and brownfield projects 4. Brownfield deals in US announced on 21.02.2026 for 830 MWac and on 18.05.2026 for 204 MWac MW Wind Hydro Geothermal Solar & Other BESS TOTAL Tier 1 Countries 90 3 - 190 1,506 1,788 Europe 90 3 - 190 1,506 1,788 Italy 90 - - 165 1,446 1,701 Iberia - 3 - 25 60 88 Other EU Countries - - - - - - USA & Canada - - - - - - LatAm & Others 108 1 - - 672 781 Latin America - 1 - - 672 673 Africa, Asia & Oceania 108 - - - - 108 Total Capacity in Exec. 198 4 - 190 2,178 2,570 Capacity announced4 205 - - 1,079 - 1,284 US acquisition announced4 Additional Capacity Consolidated Additional Capacity JV & Stewardship 2026-28 additional capacity target
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24 Electricity Distributed (TWh) End users (mn) Smart meters (mn) H1 2026 H1 20251 H1 2026 H1 2025 H1 2026 H1 2025 Europe 176.1 170.9 44.1 43.9 43.8 43.6 Italy 103.6 101.3 31.3 31.2 31.2 31.1 Iberia 72.6 69.6 12.8 12.7 12.6 12.5 LatAm & Others 63.2 61.1 25.3 25.0 3.2 2.1 Brasil 39.2 37.5 16.3 16.0 2.7 1.6 Chile 7.3 7.2 2.2 2.2 0.4 0.4 Argentina 8.9 8.8 2.7 2.7 0.0 0.0 Colombia 7.8 7.6 4.1 4.0 0.1 0.1 Total 239.4 231.9 69.4 68.9 47.0 45.7 1. H1 2025 restated figures Enel Grids KPIs
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25 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bcm) Public Charging Points (k) H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 Europe 22.9 23.9 59.3 64.2 5.7 5.7 3.1 3.4 34.2 29.5 Italy 13.3 14.1 23.8 27.9 4.0 3.9 1.8 1.8 26.9 23.2 Iberia 9.6 9.9 35.5 36.3 1.7 1.7 1.3 1.6 7.3 6.4 LatAm & Others 25.3 24.9 56.4 59.6 - 0.0 0.1 0.1 0.9 1.0 Total 48.3 48.8 115.6 123.8 5.7 5.7 3.2 3.5 35.1 30.5 Enel Commercial: Retail KPIs
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26 2 1. It includes capex related to assets classified as HFS for 8 €mn in H1 2026 and for 2 €mn in H1 2025 2. H1 2025 restated figures Global Generation & Trading Enel Grids Renewable Energies Enel Commercial Services & Others Total H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 20252 H1 2026 H1 2025 Tier 1 Countries 188 168 2,738 2,433 644 439 357 364 12 23 3,938 3,427 Europe 187 168 2,738 2,433 563 395 355 361 12 23 3,854 3,379 Italy 34 58 2,192 2,035 452 259 212 219 8 17 2,898 2,588 Iberia 153 110 546 398 110 136 143 142 3 5 956 791 Other EU Countries - - - - - - - - - - - - USA & Canada 0 0 - - 82 45 2 3 - - 84 48 LatAm & Others 45 51 811 679 274 276 5 10 1 1 1,137 1,017 Brazil 0 0 555 417 23 55 2 1 0 0 581 473 Chile 39 44 62 57 179 42 1 0 1 0 281 144 Argentina - - 89 98 (0) 0 - - - - 89 98 Mexico 0 0 - - 8 12 - - - - 8 12 Colombia & CAM 4 6 105 107 61 165 2 7 - - 173 285 Peru 2 1 - - - - - - - - 2 1 Africa, Asia & Oceania - - - - 3 3 1 1 - - 3 3 Others and adjustments - 0 0 0 4 4 7 16 64 66 75 87 Total Investments 233 219 3,549 3,112 922 719 370 390 76 89 5,150 4,530 Total Investments1 (€mn)
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27 2 Global Generation & Trading Enel Grids Renewable Energies Enel Commercial Services & Others Total H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 20251 H1 2026 H1 2025 Tier 1 Countries 27 49 1,379 1,194 479 303 35 51 2 2 1,921 1,598 Europe 27 49 1,379 1,194 430 281 34 51 2 2 1,872 1,576 Italy 21 40 1,184 1,103 363 172 22 43 2 2 1,592 1,359 Iberia 6 9 195 91 67 109 13 8 0 0 280 217 Other EU Countries - - - - - - - - - - - - USA & Canada - - - - 49 23 0 0 - - 49 23 LatAm & Others 1 0 255 204 192 205 2 4 0 1 450 413 Brazil 0 - 185 145 (1) 35 (0) (0) - - 184 180 Chile 0 0 21 16 146 18 1 0 0 0 168 35 Argentina - - 19 15 - - - - - - 19 15 Mexico - - - - - 0 - - - - - 0 Colombia & CAM 1 0 30 27 47 151 1 4 - - 79 183 Peru - - - - - - - - - - - - Africa, Asia & Oceania - - - - - 0 - - - - - 0 Others and adjustments - - - - 2 3 7 16 30 53 39 72 Total Asset Development Investments 28 49 1,634 1,397 673 511 43 70 33 56 2,410 2,083 1. H1 2025 restated figures Asset Development Investments (€mn)
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28 2 Global Generation & Trading Enel Grids Renewable Energies Enel Commercial Services & Others Total H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 20251 H1 2026 H1 2025 Tier 1 Countries 12,754 14,004 6,079 5,669 3,462 3,450 16,337 17,535 (6,889) (8,216) 31,743 32,442 Europe 12,726 13,978 6,079 5,669 2,854 2,754 16,204 17,455 (6,865) (8,186) 30,998 31,670 Italy 8,787 9,842 4,582 4,407 2,220 2,120 8,241 9,319 (3,844) (4,899) 19,986 20,789 Iberia 3,939 4,136 1,497 1,262 629 633 7,912 8,102 (3,021) (3,287) 10,956 10,846 Other EU Countries - - - - 5 1 51 34 - - 56 35 USA & Canada 28 26 - - 608 696 133 80 (24) (30) 745 772 LatAm & Others 515 1,113 6,091 5,466 2,750 2,362 205 243 (366) (708) 9,195 8,476 Brazil 1 491 3,575 3,043 695 439 34 35 (51) (403) 4,254 3,605 Chile 359 424 759 791 1,061 1,084 50 74 (297) (294) 1,932 2,079 Argentina - - 760 731 1 23 - - - 1 761 755 Mexico 52 44 - - 127 99 1 1 (11) (5) 169 139 Colombia & CAM 70 120 997 901 812 662 80 81 (7) (7) 1,952 1,757 Peru 33 34 - - - - - - - - 33 34 Africa, Asia & Oceania - - - - 54 55 40 52 - - 94 107 Elisions - - - - - - - - (6) (5) (6) (5) Others and adjustments 20 (14) 3 10 8 6 23 10 (67) (109) (13) (97) Total Revenues 13,289 15,103 12,173 11,145 6,220 5,818 16,565 17,788 (7,328) (9,038) 40,919 40,816 1. H1 2025 restated figures Revenues (€mn)
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29 2 Global Generation & Trading Enel Grids Renewable Energies Enel Commercial Services & Others Total H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 20251 H1 2026 H1 2025 Tier 1 Countries 1,156 1,198 3,477 3,140 2,147 2,139 2,303 2,119 71 39 9,154 8,635 Europe 1,155 1,214 3,477 3,140 1,714 1,679 2,292 2,118 71 38 8,709 8,189 Italy 318 845 2,353 2,239 1,284 1,251 1,503 1,508 46 30 5,504 5,873 Iberia 837 710 1,124 901 428 429 781 612 25 8 3,195 2,660 Other EU Countries - (341) - - 2 (1) 8 (2) - - 10 (344) USA & Canada 1 (16) - - 433 460 11 1 - 1 445 446 LatAm & Others 134 17 1,344 1,244 1,230 1,253 69 66 (30) (24) 2,747 2,556 Brazil - (2) 817 699 213 232 9 8 (21) (12) 1,018 925 Chile 96 (8) 65 81 402 493 27 40 (7) (11) 583 595 Argentina - (1) 99 131 (1) 16 - - (1) (1) 97 145 Mexico 8 1 - - 42 33 (4) (1) - - 46 33 Colombia & CAM 14 12 363 334 545 450 36 16 - - 958 812 Peru 16 15 - - - - - - - - 16 15 Africa, Asia & Oceania - - - - 29 29 1 3 - - 30 32 Others and adjustments 11 5 16 14 (7) (12) 33 4 (229) (110) (176) (99) Total Reported EBITDA 1,301 1,220 4,837 4,398 3,370 3,380 2,405 2,189 (188) (95) 11,725 11,092 1. H1 2025 restated figures Reported EBITDA (€mn)
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30 Global Generation & Trading Enel Grids Renewable Energies Enel Commercial Services & Others Total H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 20251 H1 2026 H1 2025 Tier 1 Countries 1,203 1,539 3,477 3,140 2,139 2,141 2,303 2,119 71 40 9,193 8,979 Europe 1,202 1,555 3,477 3,140 1,706 1,679 2,292 2,118 71 39 8,748 8,531 Italy 365 845 2,353 2,239 1,284 1,251 1,503 1,508 46 31 5,551 5,874 Iberia 837 710 1,124 901 420 429 781 612 25 8 3,187 2,660 Other EU Countries - - - - 2 (1) 8 (2) - - 10 (3) USA & Canada 1 (16) - - 433 462 11 1 - 1 445 448 LatAm & Others 134 18 1,351 1,248 1,239 1,258 69 87 (29) (22) 2,764 2,589 Brazil - (2) 817 699 213 232 9 8 (21) (12) 1,018 925 Chile 96 (8) 65 84 402 496 27 41 (7) (9) 583 604 Argentina - - 99 131 (1) 16 - - (1) (1) 97 146 Mexico 8 1 - - 42 33 (4) (1) - - 46 33 Colombia & CAM 14 12 370 334 554 452 36 36 - - 974 834 Peru 16 15 - - - - - - - - 16 15 Africa, Asia & Oceania - - - - 29 29 1 3 - - 30 32 Others and adjustments 11 5 16 14 (5) (12) 33 4 (174) (111) (119) (100) Total Ordinary EBITDA 1,348 1,562 4,844 4,402 3,373 3,387 2,405 2,210 (132) (93) 11,838 11,468 1. H1 2025 restated figures Ordinary EBITDA (€mn)
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31 Global Generation & Trading (€mn) Q1 2025 Q2 2025 H1 2025 Q1 2026 Q2 2026 H1 2026 Total Global Generation & Trading 967 595 1,562 698 650 1,348 Total Conventional Generation 147 154 301 319 397 717 Total Nuke 148 99 247 190 82 272 Total Global Trading 671 343 1,014 188 171 359 Tier 1 Countries 669 324 994 183 166 349 Europe 664 346 1,009 179 170 348 Italy 537 118 655 107 98 204 Iberia 126 228 354 72 72 144 USA & Canada 6 (21) (16) 5 (4) 1 LatAm & Others 2 19 20 5 5 10 Snapshot Full Year (bn€) 1.5 ~0.5 FY '25 FY '26E -70% Focus on Global Trading Ordinary EBITDA
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32 2 EBITDA Net Income H1 2026 H1 2025 H1 2026 H1 2025 Ordinary 11,838 11,468 3,929 3,823 Impairments 6 - (26) (8) Results from M&A operations - (341) - (364) DL Bollette – Italy (IRAP) - (3) (68) - Coal results - Italy (47) - (32) - Corporate Restr. Plan & others - (32) - (23) Estate tax - Colombia (16) - (7) - Other non-core activities (56) - (53) - Total adjustments (113) (376) (186) (395) Reported 11,725 11,092 3,743 3,428 From Ordinary to Reported figures (€mn)
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33 2 Global Generation & Trading Enel Grids Renewable Energies Enel Commercial Services & Others Total H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 20251 H1 2026 H1 2025 Tier 1 Countries 785 796 2,274 2,007 1,453 1,508 1,686 1,495 21 (13) 6,220 5,793 Europe 784 812 2,274 2,007 1,257 1,290 1,681 1,502 21 (14) 6,018 5,597 Italy 249 747 1,590 1,523 1,040 1,040 1,112 1,131 15 (1) 4,006 4,439 Iberia 535 407 685 484 218 250 561 374 6 (12) 2,005 1,503 Other EU Countries - (341) - - (1) (1) 8 (3) - - 7 (345) USA & Canada 1 (16) - - 196 218 5 (7) (0) 0 202 195 LatAm & Others 131 (14) 754 666 899 936 54 50 (36) (31) 1,801 1,608 Brazil (1) (5) 448 312 114 138 7 6 (23) (15) 545 436 Chile 111 (20) 21 42 275 348 26 35 (11) (15) 422 390 Argentina (0) (0) (8) 40 (1) 16 (0) (0) (1) (1) (10) 55 Mexico 7 1 - - 22 18 (6) (1) - - 24 19 Colombia & CAM 2 (0) 292 273 476 400 27 8 (0) 0 798 681 Peru 11 10 - - - (0) - (0) (0) (0) 11 10 Africa, Asia & Oceania - - - - 12 16 (1) 2 - - 12 17 Others and adjustments 11 4 14 12 (19) (38) (19) (24) (288) (157) (301) (202) Total Reported EBIT 927 787 3,042 2,686 2,333 2,406 1,721 1,521 (303) (201) 7,720 7,199 1. H1 2025 restated figures Reported EBIT (€mn)
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34 H1 2026 ordinary H1 2025 ordinary ∆ yoy H1 2026 reported H1 2025 reported ∆ yoy EBITDA 11,838 11,468 +3.2% 11,725 11,092 +5.7% D&A and Others (3,936) (3,875) (4,005) (3,893) EBIT 7,902 7,593 +4.1% 7,720 7,199 +7.2% Net financial charges (1,421) (1,288) (1,407) (1,321) Net income from equity investments using equity method 12 (14) 12 (45) EBT 6,493 6,291 +3.2% 6,325 5,833 +8.4% Income tax (1,741) (1,768) (1,769) (1,731) Net income 4,752 4,523 4,556 4,102 Minorities (823) (700) (813) (674) Discontinued operations - - - - Group net income 3,929 3,823 +2.8% 3,743 3,428 +9.2% From EBITDA to Net Income (€mn)
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35 1. Enel S.p.A SBB program approved on May 22nd 2025: maximum 500 million shares, total outlay of up to 3.5 billion euros . 2. Approved at the AGM on May 12, 2026. 3. Endesa: 2 €bn Program, approved by the shareholders meeting on April 29th, 2025. 4. 0.5 €bn ongoing from 15 July 2026 until 27 November 2026. 5. Exchange rate EUR/USD 1.1723, payment date October 1st, 2025. 6. Approved by the company’s extraordinary Shareholders' Meeting on July 23 rd PROGRAM (€bn) RESIDUALo/w 2026 (€bn) EXECUTED (€bn) Enel S.p.A1 Enel Americas Endesa3 2.0 1.0 1.5€bn 1.1 0.5 1.0€bn 3.5 2.0 1.0 0.4 5 - 0.5$bn ~1.5~3.5~6.5 2 €bn completed, with 229.1mn shares (2.25% of share capital) repurchased across 2025–26 at 8.7 €/sh Announcement6 of the acquisition of maximum 5% of the Company’s outstanding shares (~0.5 $bn) ~1.1 €bn executed across 2025-26 (~35 mn shares) at 30.38 €/sh 500 €mn4 tranche ongoing until November 27th, 2026 (~60 €mn completed as of Jul 24th ) 4.29 bn shares (4% of Share Capital) repurchase in 2025 Authorization renewed2 for a 1.5 €bn of up to 200 mn shares with a duration of 18 months Total approved ~3.0€bn Total executed 60% on total 50% on total Share Buy Back Programs to further enhance shareholders’ remuneration
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361. In nominal terms Long term debt by currency After swap Long term Interest rate composition 51% 36% 3% 1% 3% 6% EUR USD BRL CLP COP CHF GBP Other 84% 8% 4%1% 3% EUR USD BRL CLP COP CHF Other 19% 81% Floating Fixed + Hedged 69.3 €bn 69.3 €bn 69.3 €bn Gross debt1 structure
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37 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 4.61 38.53 - - 0.01 3.75 3.12 0.63 - 46.90 Bank Loans 1.99 0.42 0.11 4.34 6.14 5.82 4.86 0.85 0.11 18.82 Tax Partnership - - - - - 0.19 - 0.19 - 0.19 Other Loans - - 0.01 0.56 1.02 1.51 0.66 0.84 0.01 3.10 Other short term debt 0.66 0.37 - 0.10 0.03 0.15 0.09 - 0.06 1.31 Commercial Paper - 1.51 - - 0.42 1.04 0.49 0.55 - 2.97 Gross debt 7.26 40.83 0.12 5.00 7.62 12.46 9.22 3.06 0.18 73.29 Financial Receivables - -0.51 -1.17 -0.14 -0.60 -1.10 -1.01 -0.01 -0.08 -3.52 Tariff Deficit - - - - -1.07 - - - - -1.07 Other short term financial receivables -0.38 -0.99 - -1.05 -0.42 -0.12 0.06 -0.09 -0.09 -2.96 Cash and cash equivalents -1.55 -0.01 -0.33 -0.64 -0.27 -1.93 -1.56 -0.26 -0.11 -4.73 Net Debt – Third Parties 5.33 39.32 -1.38 3.17 5.26 9.31 6.71 2.70 -0.10 61.01 Net Debt – Intercompany 14.60 -46.42 4.67 22.75 3.56 0.84 0.84 - - 0.00 Net Debt – Group View 19.93 -7.10 3.29 25.92 8.82 10.15 7.55 2.70 -0.10 61.01 Debt structure by instrument (€bn)
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1.Of which 17.5 € bn of long term committed credit lines with maturities beyond June 2027 2.Short-Term not included (+2.97 €bn Commercial paper, +1.31 €bn, other short term) 3.The weighted average debt maturity of long-term debt is over 6.5 years 38 Bank Loans and Others Bonds Available liquidity 4.7 18.0 Cash Available committed credit lines1 22.7 €bn Debt maturities2,3 (€bn) 3.0 5.6 5.6 5.1 3.9 23.7 2.7 3.2 4.4 1.3 1.6 8.9 2026 2027 2028 2029 2030 After 2030 10.0 5.55.7 Bonds 32.6 6.48.8 Debt maturity coverage split by typology (€bn)
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39 Net financial debt Shareholders’ equity Net capital employed 61,011 49,666 110,677 57,182 46,805 103,987 +6.7% +6.1% +6.4% H1 2026 FY 2025 Δ yoy Balance sheet (€mn)
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1 40 1 1 H1 2026 FY 2025 Δ yoy Generation and Trading 4,445 4,560 -2.5% Enel Green Power 7,125 7,266 -1.9% Grids 36,014 35,395 +1.7% Enel Commercial 6,535 6,651 -1.7% Holding, Services & Others 7,781 7,762 +0.2% Total 61,900 61,634 +0.4% Headcount
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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. 41 Disclaimer H1 2026 consolidated results
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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 42