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Report and financial statements
of Enel SpA at December 31, 2022
OPEN
POWER
FOR A
BRIGHTER
FUTURE.
WE EMPOWER
SUSTAINABLE
PROGRESS.

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We live in an increasingly interconnected world
where the companies that will continue to thrive in the long
run will be those able to act collectively, creating and sharing
value with all stakeholders. This is what the graphic design
of the Enel Group's Corporate Reporting expresses through
the development of connected and balanced forms. Elements
inspired by nature, whose movement offers a narration
of harmony, growth and evolution.

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OPEN
POWER
FOR A
BRIGHTER
FUTURE.
WE EMPOWER
SUSTAINABLE
PROGRESS.
Report and financial statements
of Enel SpA at December 31, 2022

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PURPOSE
Enel is Open Power
VISION
Open Power to tackle some
of the world’s biggest
challenges.
POSITIONING
Open Power
4 Report and financial statements of Enel SpA at December 31, 2022

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VISION
Open Power to tackle some
of the world’s biggest
challenges.
PRINCIPLES OF CONDUCT
Make decisions in daily activities and take
responsibility for them.
Share information, being willing to collaborate
and open to the contribution of others.
Follow through with commitments, pursuing activities
with determination and passion.
Change priorities rapidly if the situation evolves.
Get results by aiming for excellence.
Adopt and promote safe behavior and move proactively
to improve conditions for health, safety and well-being.
Work for the integration of all, recognizing and leveraging
individual diversity (culture, gender, age, disabilities,
personality, etc.).
Work focusing on satisfying customers and/or coworkers,
acting effectively and rapidly.
Propose new solution and do not give up when faced
with obstacles or failure.
Recognize merit in co-workers and give feedback
that can improve their contribution.
VALUES
Trust
Proactivity
Responsibility
Innovation
MISSION
Open access to electricity
for more people.
Open the world of energy
to new technology.
Open up to new uses of energy.
Open up to new ways of managing
energy for people.
Open up to new partnerships.
5

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Letter
to shareholders
and other
stakeholders
Dear shareholders and stakeholders,
During 2022, the Enel Group pursued with
determination its growth strategy along
the lines of increasingly decarbonized
electrification to guarantee its customers
competitive prices, sustainability and energy
security.
Enel confirms its position as the largest
private operator in the renewable energy
sector in the world, having reached around
59 GW of managed capacity with the plants
built this year. It is also the largest private
electricity distributor globally, with around 73
million end users connected to increasingly
digital grids, with around 63% of users
equipped with smart meters. Furthermore,
the Group manages the largest customer
base among private companies, with about
67 million customers.
Our business model, entirely based on digital
platforms, allows the Group to optimally
seize the opportunities generated by the
energy transition now under way at the
global level.
The Group’s financial performance in 2022
demonstrated our resilience even in highly
volatile and adverse environments, such as
that characterizing the year just ended.
The Group’s leadership in sustainability has
once again been recognized worldwide,
underscored by its constant presence in
various major sustainability rankings and
indices.
73 million
End users
59 GW
Renewables
capacity managed
6 Report and financial statements of Enel SpA at December 31, 2022

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The macroeconomic environment
After a strong post-pandemic recovery, the global
macroeconomic environment in 2022 experienced
a generalized slowdown in the real economy, with
global GDP growth of around 3% on an annual basis.
The world economies were impacted by sudden and
growing inflationary pressures that forced many central
banks to rapidly tighten their monetary policies, with a
consequent impact on the financial markets. The military
conflict between Russia and Ukraine, and the resulting
global uncertainty, has also aggravated conditions on
the energy, commodity and food markets, with direct
repercussions on the prices of final consumer goods.
In the United States, the real economy was heavily
affected by growing inflationary pressures, which
prompted the Federal Reserve to implement rapid
increases in its benchmark interest rate. In the euro area,
the 1st Half of the year witnessed an economic recovery
that outpaced expectations, while in the 2nd Half, with
the emergence of the great uncertainty engendered
by the hostilities between Russia and Ukraine and
the sudden increase in energy prices, the European
economies saw growth slow significantly. The European
Central Bank also decided to rapidly adjust its monetary
policy stance, with multiple increases in its benchmark
rates.
In Latin America, the macroeconomic context was
characterized by two different phases. The 1st Half of the
year saw a significant post-pandemic recovery, while in
the 2nd Half the economies of the area experienced the
rapid and large high increase in international commodity
prices, mainly driven by the conflict between Russia and
Ukraine. National central banks responded by tightening
their monetary policies, which, as a result, dampened the
economic recovery.
On the energy front, in 2022 the European gas market
experienced substantial volatility. The sharp rise in
prices, which saw the TTF (Title Transfer Facility) index
exceed €300/MWh during August, was caused by the
supply uncertainty of flows from Russia, which steadily
decreased over the past year. The achievement of high
storage filling percentages achieved before the winter
season, together with temperatures that exceeded
seasonal averages in November and December,
subsequently led to a sharp fall in European gas prices in
the closing months of 2022.
The rise in gas prices and a number of hitches along
the supply chain in turn led to an increase in coal prices,
which in 2022 reached an average of $290/t.
The quotations of CO
2
within the ETS (Emission Trading
System) also increased, rising by over 50% compared
with the previous year, despite the slowdown in
economic activity in the 4th Quarter.
The bullish dynamics on the commodity markets
produced a sharp increase in electricity prices
Francesco Starace
Chief Executive Officer
and General Manager
Michele Crisostomo
Chairman
7Letter to shareholders and other stakeholders

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throughout Europe, which in the case of Italy and Spain
exceeded 140% and 50%, respectively, compared with
2021.
As had occurred in 2021, 2022 was also characterized
by pronounced volatility in the industrial metals sector,
albeit with different dynamics. The 1st Half of the year
was characterized by unexpected peaks and sharp
increases in prices, mainly for aluminum and nickel. In
the 2nd Half, however, fears for the short-term growth
outlook dominated, with a partial reversal of benchmark
prices compared with the peak recorded in the 1st Half.
Performance
In 2022, the Enel Group continued its growth path
despite the turbulence associated with the volatility of
the prices of commodities and raw materials.
In particular, the 2022 financial year closed with ordinary
EBITDA of €19.7 billion, an increase of 3% compared with
2021. Ordinary profit amounted to €5.4 billion, down
about 4% compared with the previous year. The dividend
for 2022 amounts to €0.40 per share, up 5% compared
with 2021. In terms of cash generation, FFO in 2022
amounted to about €9.1 billion. Net debt amounted
to €60.1 billion, down €9.6 billion compared with
September 30, 2022.
Main developments
As in previous years, in 2022 Enel once again achieved
a new record for generation capacity from renewable
sources, globally building 5,223 MW of new renewables
capacity, including 387 MW of BESS.
With the plants built in 2022, installed renewable
capacity, including batteries, reached about 59 GW,
producing a total of about 124 TWh of power from
renewable sources over the year, of which about 66 TWh
from wind and sun, about 52 TWh from hydroelectric
and about 6 TWh from geothermal.
The pipeline of projects under development in 2022 also
set a record, with 462 GW, inclusive of renewable energy
plants, batteries capacity and capacity already under
construction, an increase of around 24% compared
with the previous year. At the same time, the process of
decommissioning and conversion of coal-fired plants
continues.
As a result, the Group’s specific greenhouse gas
emissions linked to electricity generation in 2022
amounted to 229 gCO