General information

The Directors of the Company hereby present their financial statements for the financial year ended on 31

December 2025.

Enel Finance International N.V. (“the Company”) is a public company with limited liability, where 74.999%

of the shares are held by Enel Holding Finance S.r.l (direct parent) and 25.001% of the shares are held by

Enel S.p.A., both companies, have their seats in Rome, Italy. 100% of the shares of Enel Holding Finance

S.r.l. are held by Enel S.p.A. Therefore, Enel S.p.A. is the ultimate controlling shareholder of the Company.

The Company is registered with the trade register of the Dutch chamber of commerce under number

34313428. The Company operates as a financing company for the Enel Group (“Enel”), raising funds

through bond issuances, loans and other facilities and on turn lending the funds so raised to the companies

belonging to the Enel Group.

Significant events in 2025

12,000 million euro committed revolving credit facility

On 19 February 2025 the Company jointly with its parent company Enel S.p.A. signed a committed,

revolving, sustainability-linked credit facility for an amount of 12 billion euros and a maturity of five years.

The Facility is linked to the KPI of “Percentage of CAPEX aligned with the EU taxonomy” in addition to the

achievement of a Sustainability Performance Target (“SPT”) equal to or greater than 80% as of 31

December 2026 for the 2024-2026 period.

This Facility replaces the previous credit line that had been signed in March 2021, and subsequently

amended, with an overall value of 13.5 billion euros.

The cost of the new facility varies on the basis of the pro-tempore rating assigned to the Enel Group. Based

on the current rating, it has a spread of 40 bps above Euribor, with a floor at zero; the commitment fee is

equal to 35% of the spread.

A triple-tranche 2,000 million-euro Sustainability-Linked Bond

On 17 February 2025 the Company launched a multi-tranche “Sustainability-Linked bond” for institutional

investors in the Eurobond market for a total of 2,000 million euros.

The issue is structured in the following three tranches:

- 750 million euros at a fixed rate of 2.625%, with issuance date set on 24 February 2025, maturing

24 February 2028:

• the issue price has been set at 99.574% and the effective yield at maturity is equal to 2.775%;

• the interest rate will remain unchanged to maturity, subject to the achievement by the Enel Group

of the following Sustainability Performance Targets (“SPTs”). In particular:

o for the KPI related to the “Proportion of CAPEX aligned to the EU Taxonomy (%)”, the

achievement of a SPT equal to or higher than 80% on 31 December 2025 for the 2023-

2025 period;

o for the KPI related to the “Scope 1 GHG emissions Intensity relating to Power Generation

(gCO2eq/kWh)”, the achievement of a SPT equal to or less than 130gCO2eq/kWh on

31 December 2025;

• if one or both of the above mentioned SPTs are not achieved, a step-up mechanism will be applied,

increasing the rate by 25 bps, as of the first interest period subsequent to the publication of the

relevant assurance report issued by an external verifier;

- 750 million euros at a fixed rate of 3.000%, with issuance date set on 24 February 2025, maturing

24 February 2031:

• the issue price has been set at 99.229% and the effective yield at maturity is equal to 3.143%;

• the interest rate will remain unchanged to maturity, subject to the achievement by the Enel Group

of the following SPTs. In particular:

o for the KPI related to the “Proportion of CAPEX aligned to the EU Taxonomy (%)”, the

achievement of a SPT equal to or higher than 80% on 31 December 2027 for the 2025-

2027 period;

o for the KPI related to the “Scope 1 GHG emissions Intensity relating to Power Generation

(gCO2eq/kWh)”, the achievement of a SPT equal to or less than 115gCO2eq/kWh on

31 December 2027;

• if one or both of the above mentioned SPTs are not achieved, a step-up mechanism will be applied,

increasing the rate by 25 bps, as of the first interest period subsequent to the publication of the

relevant assurance report issued by an external verifier.

- 500 million euros at a fixed rate of 3.500%, with issuance date set on 24 February 2025, maturing

24 February 2036:

• the issue price has been set at 99.123% and the effective yield at maturity is equal to 3.598%;

• the interest rate will remain unchanged to maturity, subject to the achievement by the Enel Group

of the following SPTs. In particular:

o for the KPI related to the “Scope 1 GHG emissions Intensity relating to Power Generation

(gCO2eq/kWh)”, the achievement of a SPT equal to or less than 72gCO2eq/kWh on

31 December 2030;

o or the KPI related to the “Renewable Installed Capacity Percentage (%)”, the achievement

of a SPT equal to or higher than 80% on 31 December 2030;

• if one or both of the above mentioned SPTs are not achieved, a step-up mechanism will be applied,

increasing the rate by 25 bps, as of the first interest period subsequent to the publication of the

relevant assurance report issued by an external verifier.

The issue, which has an average duration of approximately 6 years, has an average coupon of 3%.

A multi-tranche USD 4,500 million Bond

On 24 September 2025 the Company launched a multi-tranche bond for institutional investors in the US

and international markets for a total of USD 4,500 million.

The issue is structure in the following four tranches:

• USD 1,000 million at a fixed interest rate of 4.125%, and maturity at 30 September 2028. The

issue price has been set at 99.766% and the effective yield at maturity is equal to 4.209%;

• USD 1,250 at a fixed interest rate of 4.375%, and maturity at 30 September 2030. The issue price

has been set at 99.596% and the effective yield at maturity is equal to 4.466%;

• USD 1,250 million at a fixed interest rate of 5.000% and maturity at 30 September 2035. The issue

price has been set at 99.162% and the effective yield to maturity is equal to 5.108%;

• USD 1,000 million at a fixed interest rate of 5.750% and maturity at 30 September 2055. The issue

price has been set at 98.663% and the effective yield to maturity is equal to 5.845%.

The issue, which has an average duration of approximately 12 years, has an average cost equivalent in

euros of around 3.6%.

A multicurrency financing with EIFO and Citi

On 25 July 2025 the Enel Group signed an agreement aimed at granting multicurrency facilities from Citi

and Denmark’s Export and Investment Fund (EIFO), for up to Euro 756 million.

The Company signed the first facility for USD 500 million (equivalent to around Euro 430 million).

Lending Operations

During the reporting year the Company has resolved to enter as a lender into several new intercompany

financial agreements to support the financing of the Enel Group’s strategy.

Please see a disclosure of long-term and short-term loans and facility agreements granted to Enel Group

Companies in the notes 6 and 9 of the financial statements.

Overview of the Company’s performance and financial position

Income statement highlights

Millions of euro

2025

2024

Change

Net interest income/ (expense)

171

470

(299)

Other operating expense

Net financial income/ (expense)

(24)

Income/(Loss) before taxes

140

466

(326)

Income Taxes

116

131

(15)

Net income

335

(311)

Net interest income shrunk by Euro 299 million compared with the prior year totaling Euro 171 million.

A decrease was mainly attributed to:

- sizable decrease of interest income from lending operations (Euro 525 million) following changes

in the interest rate environments and a termination of certain loans;

- lower interest income from derivatives (Euro 48 million).

Such impact was partly offset by a decrease of interest expenses from bonds and other borrowing (Euro

274 million).

Other operating expenses increased to Euro 7 million in 2025, which was Euro 3 million higher than in

previous year mainly due to services rendered.

Net financial expense totaled to Euro 24 million mainly showing a mitigation of foreign exchange rate

expenses by net financial income from derivatives.

Income taxes amounted to Euro 116 million in 2025. A decrease of Euro 15 million reflected a decrease

of taxable profit and a prior year tax adjustment which was partly offset by derecognition of non-

recoverable part of deferred tax assets.

The effective tax rate was 82.9% (28.1% in 2024) compared with the standard Dutch tax rate 25.8%.

For more information please see the note 4 and 5.

Analysis of the Company financial position

Millions of euro

at Dec. 31,

2025

at Dec. 31,

2024

Change

Loans and financial receivables:

- long-term loans and receivables

43,438

41,485

1,953

- short-term loans and receivables

5,240

7,080

(1,840)

Derivatives covering FX risk exposed from loans and receivables

(90)

159

Gross financial debt:

- Bonds

40,083

41,254

(1,171)

- Commercial papers

1,014

1,801

(787)

- Deposits from Group and associate companies

706

202

504

- Other bank borrowings

407

403

Derivatives covering FX risk exposed from debt

1,195

1,142

Cash collateral on derivatives

1,139

316

823

Cash and cash equivalents

Net non-current assets/ (liabilities)

(120)

(133)

Net current assets/ (liabilities)

(145)

(230)

Deferred tax assets/ (liabilities)

211

568

(357)

Shareholders' Equity

6,428

5,683

745

Long-term loans and financial receivables totaled to Euro 43,438 million, having an increase by Euro

1,953 million. This was largely attributable to increase in loans granted to Enel Group companies in Italy

(Euro 3,783 million), reversal of expected credit loss allowance (Euro 7 million) and increase of loan granted

to Enel subsidiary in Zambia (Euro 1 million).

Such increase was partly offset by a repayment of loans granted to a Dutch associated company (Euro 770

million) and Enel subsidiaries established in Spain (Euro 350 million), in Chile (Euro 274 million), in Brazil

(Euro 216 million), in Mexico (Euro 193 million), in Panama (Euro 22 million), Costa Rica (Euro 11 million)

and Taiwan (Euro 2 million).

Short-term loans and financial receivables decreased by Euro 1,840 million totaling to Euro 5,240

million. The decrease was recorded mainly due to decrease in financing to Enel Group companies in Italy

(Euro 1,690 million), in Mexico (Euro 81 million), in South Africa (Euro 77 million) which was partly offset

by a release of an attributed expected credit loss allowance (Euro 8 million).

Derivatives covering FX risk exposed from loans and receivables increased by Euro 159 million

mainly due to the development in fair value.

Gross financial debt amounted to Euro 42,210 million, of which Euro 28,574 million in respect of financing

connected with achievement of SDG.

Millions of Euro

at Dec. 31,

2025

at Dec. 31,

2024

Gross long-

term debt

including

current

portion

Gross short-

term debt

Gross debt

Gross long-

term debt

including

current

portion

Gross short-

term debt

Gross debt

Gross financial debt

40,490

1,720

42,210

41,254

2,007

43,261

of which:

-debt linked with the

achievement of SDGs

27,560

1,014

28,574

30,057

1,801

31,858

Debt connected with

achievement of SDGs/Total

gross financial debt (%)

68%

74%

Bonds decreased to Euro 40,083 million mainly due to matured bonds (Euro 4,759 million) and exchange

rates on the outstanding and repaid bonds denominated in non-Euro currencies (Euro 2,275 million), a

decrease of costs to be amortised (Euro 11 million).

Such impact was partly offset by newly issued debt (Euro 5,830 million), capitalized interest on zero coupon

bonds (Euro 13 million) and fair value adjustment (Euro 31 million).

Commercial papers declined by Euro 787 million due to a decrease of new notes issued.

Deposits from Group and associate companies increased by Euro 504 million mainly by more deposits

attracted from Enel Group companies in Spain (Euro 476 million), in Japan (Euro 12 million), in Poland

(Euro 11 million) and in UK (Euro 5 million).

Other bank borrowings represented newly issued EIFO loan.

Derivatives covering debt increased by Euro 1,195 million mainly due to a development of fair value of

derivatives designed as cash flow hedges and fair value hedge.

Cash collateral on derivatives in relation to Credit Support Annexes (CSA) increased by Euro 823 million

and totaled to Euro 1,139 million.

Cash and cash equivalents amounted to Euro 1 million remaining unchanged in comparison with the

prior year balance.

Net non-current liabilities decreased by Euro 13 million totaling to Euro 120 million.

Net current liabilities decreased by Euro 85 million totaling Euro 145 million as of 31 December 2025.

Deferred tax assets decreased by Euro 357 million reflecting temporary differences attributed to hedging

transactions accrued directly in other comprehensive income, temporary differences attributed to cost

capitalization of bond repurchasing, interest carry forwards and impairment of financial assets accrued in

profit and loss and derecognition of non-recoverable part of deferred tax assets.

Shareholders equity amounted to Euro 6,428 million as of 31 December 2025, increased by Euro 745

million over 2025 year ended, having a cumulative impact of an increase of hedge and hedging cost

reserves (Euro 721 million) and the net profit for the period (Euro 24 million).

Main Risks and uncertainties

In compliance with the provisions in Dutch Accounting Standard 400, the Company has drawn up elements

of its risk section as follows.

Methodology

Enel Finance International N.V. (“EFI”) adopts risk governance and control arrangements defined at Group

level, applicable for all wholly owned companies and companies with controlling interest, with specific

reference to financial risks (market, credit and liquidity risks). To mitigate its risk exposure, the Company

conducts specific analysis, monitoring, management and control activities.

The Company operates within Treasury Guidelines, which provide capital markets and treasury operational

framework. Based on current power of attorney, hedging is the subject of Board of Directors consideration

and approval.

Current or planned improvements in the risk management system

The Board of Directors considers that the existing system of risk management and internal controls

provides reasonable assurance that risks are properly assessed and managed to achieve business

objectives.

The most significant risks and the risk reduction measures taken

As part of its operations, the Company is exposed to a variety of financial risks, namely liquidity, interest

rate, foreign exchange, credit and counterparty risk.

The Company is willing to bear a low-to-moderate level of residual risk for those factors that are intrinsically

related to the pursuit of its mission of providing financial services, including funding, lending and liquidity

management, to Enel Group companies

Financial risks

Credit risk and counterparty risk

Lending and hedging transactions expose the Company to credit and counterparty risk, i.e. the possibility

of a deterioration in the creditworthiness of its counterparties that could have an adverse impact on the

expected value of the creditor position or could lead to a failure to honor their obligations.

The lending activity is the most important source of credit risk, and, for the very nature of its activity, the

Company is prepared to bear a moderate level of risk. However, such level of risk is mitigated as borrowers

are related parties and in case of specific risk situations, deemed not in line with acceptable level, has been

further reduced receiving a guarantee by a relevant shareholder with higher creditworthiness.

The Company has a consistent counterparty risk exposure to banking counterparties, stemming from

derivative transactions traded for hedging purposes and short-term treasury activity. The Company has a

very low appetite to counterparty risk and pursues risk mitigation through the selection of counterparties

with a high credit standing and the adoption of specific standardized contractual frameworks that contain

risk mitigation clauses and possibly the exchange of cash collateral.

Liquidity risk

Liquidity risk is the risk that the Company, while solvent, would not be able to discharge its obligations in

a timely manner or would only be able to do so on unfavourable terms owing to situations of tension or

systemic crises (credit crunches, sovereign debt crises, etc.) or changes in the perception of Company

riskiness by the market.

Among the factors that define the risk perceived by the market, the credit rating assigned to Enel by rating

agencies plays a decisive role, since it influences its ability to access sources of financing and the related

financial terms of that financing. A deterioration in the credit rating could therefore restrict access to the

capital market and/or increase the cost of funding, with consequent negative effects on the performance

and financial situation of the Company. Enel’s long-term rating was: (i) “BBB” with a positive outlook for

Standard & Poor’s; (ii) “BBB+” with a stable outlook for Fitch; and (iii) “Baa1” with a stable outlook for

Moody’s. Short-term rating at the end of the year was: (i) “A-2” for Standard & Poor’s; (ii) “F2” for Fitch;

and (iii) “P-2” for Moody’s.

The Company is prepared to bear a moderate to low level of risk. The liquidity risk management is designed

to maintain a level of liquidity sufficient to meet its obligations over a specified time horizon, without having

recourse to additional sources of financing, as well as to maintain a prudential liquidity buffer sufficient to

meet unexpected obligations. In addition, to ensure that its medium and long-term commitments could be

met, the Company pursues a borrowing strategy that provides for a diversified structure of financing

sources to which it can turn and a balanced maturity profile. Additionally, Enel SpA is the guarantor for the

repayment of the issued Bonds and Commercial Papers, which is a relevant consideration for management

with respect to their liquidity risk management procedures.

Please see Risk management section of financial statements for more detailed information about liquidity

risk.

Exchange rate

Due to its international funding and lending activity, the Company is significantly exposed to exchange rate

risk associated with cash flows and value of financial assets and liabilities denominated in foreign currencies.

Consistently with the Enel Group risk policy and with the Company low risk appetite, the currency profiles

of funding and lending portfolios are balanced by making recourse to derivative transactions, with the aim

of minimizing the residual exposure, or by means of a back to back structure to prevent high hedging fee

associated to not liquid currencies or in the case of high volatility in the underling financial operation.

Please see Risk management section of financial statements for more detailed information about exchange

rate risk.

Interest rate risk

The Company is exposed to the risk that changes in the level of interest rates could produce unexpected

changes in net financial expense or the value of financial assets and liabilities measured at fair value,

related to its funding, lending and hedging portfolios.

The exposure to interest rate risk derives mainly from the variability of the terms of financing and lending,

in case of new issues, and from the variability of the cash flows of floating-rate assets and liabilities.

The policy for managing interest rate risk aims to contain financial expense and its volatility by optimizing

the Company’s portfolio of financial assets and liabilities and by entering financial derivatives on OTC

markets.

A certain level of interest rate risk is intrinsic in the Company’s mission and has been actively managed to

ensure value creation.

Please see Risk management section of financial statements for more detailed information about interest

rate risk.

Compliance risks

The Company, as a global issuer, is exposed to compliance risks with applicable laws and regulation, as

well as fiscal risk. No risk appetite is defined for compliance risks, and the Company control activities aim

at ensuring full compliance and consequently, no residual risk is acceptable.

Compliance with tax regulation

The Company may be subject to unfavorable changes in the respective tax laws and regulations. The

financial position of the Company may be adversely affected by new laws, changes in the interpretation of

existing laws or tax policy. The Company adopts a conservative approach based on an open collaboration

with tax authorities.

Compliance with financial legislation and regulation

The Company is committed to a high level of compliance with financial laws, regulations and standards.

Internal monitoring activities allow prompt identification of possible breaches of compliance and consequent

remediation actions, when needed. No issues of non-compliance have been detected.

Compliance with bond and loan agreements

Bonds final terms and loan agreements prescribe a set of covenants which the Company should comply

with. Any breaches and defaults may have high adverse effect on the Company’s activity.

Internal monitoring activities allow prompt identification of possible breaches of compliance and consequent

remediation actions, when needed.

Digital technology risks

Cyber security

The speed of technological developments that constantly generate new challenges, the ever-increasing

frequency and intensity of cyber-attacks and the attraction of critical infrastructures and strategic industrial

sectors as targets underscore the potential risk that, in extreme cases, normal company operations could

grind to a halt.

In this context, cyber security risk represents the possibility that cyber-attacks could compromise corporate

information systems with the main consequence being the interruption of services and the theft of sensitive

information, with both financial and reputational impacts.

Being a part of the Enel Group the Company seeks to use cutting age technologies, to design ad hoc

business processes, to strengthen people’s awareness and to implement regulatory requirement for IT

security. In addition, the Enel Group has developed an IT risk management methodology founded on “risk-

based” and “cyber-security by design” approaches. Thus, integrating the analysis of business risks into all

strategic decisions. The Enel Group has also created its own Cyber Emergency Readiness Team (CERT) in

order to proactively respond to any IT security incidents.

Digitalization, IT effectiveness and service continuity

Following the Enel Group the Company is carrying out a digital transformation of how it manages and is

digitizing its business processes. A consequence of this digital transformation is that the Company is

exposed to risks related to the functioning of the IT systems implemented throughout the Company, which

could lead to service interruptions or data loss and a consequent increase in operating costs with significant

reputational and financial impacts.

These risks are managed using a series of measures developed in the Enel Group by Global Digital Solutions

unit, which is responsible for guiding Enel’s digital transformation.

Risks and strategic opportunities associated with climate change

Over the past years, the Enel Group has significantly changed its energy mix. In 2025 the Group has

continued reducing the direct and indirect GSG emission in line with the Paris Agreement and the 1.5°C

scenario, as certified by the Science Based Targets initiative (SBTi), confirming its ambition to achieve net

zero emissions across all Scopes by 2040. In 2025 the intensity of Scope 1 GHG emissions related to power

generation was reduced to 97 gCO2eq/kWh (101 gCO2eq/kWh compared to 2024).

Such shift was also possible thanks to the use of sustainable finance instruments.

Since 2020 the Company has included in its funding contracts a mechanism that links the cost of financing

to the achievement of one or more sustainability targets identified in the "Sustainability-Linked Financing

Framework", a document that extends the Sustainability-Linked approach to all financial debt instruments.

Indicators, targets and principles have been defined to govern the development of sustainable finance

throughout the Enel Group, linking the financial strategy to sustainability objectives. The "Sustainability-

Linked Financing Framework" can be obtained from the investor relations section of Enel S.p.A. official

website (https://www.enel.com/investors/investing/sustainable-finance).

The Company’s financial instruments and financial operations may therefore have an interest rate or other

financial or structural terms linked to the achievement of targets for the reduction of direct and indirect

greenhouse gas emissions (SDG 13 "Fight against climate change") or for the growth of installed capacity

expenditures, carried out over a given period, in activities that qualify as environmentally sustainable

according to the criteria set out in Article 3 of the EU Taxonomy Regulation (2020/852).

The performance of these targets is periodically monitored by an external auditor and is published in the

Enel Group Integrated Annual Report.

Today, the Enel Group business model is sustainable and fully in line with the energy transition path.

As a result, the Enel Group no longer needs to resort to financial instruments linked to specific sustainability

targets and will adopt an approach that will allow efficient access to global financial markets, continuing to

align funding methods with its long-term sustainability objectives towards net-zero emissions by 2040.

Quantification of the impact on the result and financial position if the main financial

risks materialize

In 2025 the Company was exposed to exchange risk in relation to non-Euro denominated debt. There was

a significant exposure to fluctuation of the Euro against the U.S. dollar, which has recently been subject to

market volatility, British pound and Swiss franc.

At 31 December 2025 risk was fully covered by corresponding derivatives.

Millions of euro

at Dec. 31,

2025

Gross debt

Derivatives

After risk

mitigation

Book value

Notional value

Euro

18,602

18,718

45.8%

22,144

40,862

100.0%

US dollar

18,769

18,969

46.4%

(18,969)

0.0%

Pound sterling

2,979

3,035

7.4%

(3,035)

0.0%

Swiss franc

140

0.3%

(140)

0.0%

Total Non-Euro currencies

21,888

22,144

54.2%

(22,144)

0.0%

Total

40,490

40,862

100.0%

40,862

100.0%

At 31 December 2024 risk was fully covered by corresponding derivatives.

Millions of euro

at Dec. 31,

2024

Gross debt

Derivatives

After risk

mitigation

Book value

Notional value

Euro

20,031

20,170

48.4%

21,478

41,648

100.0%

US dollar

17,970

18,135

43.5%

(18,135)

0.0%

Pound sterling

3,115

3,205

7.7%

(3,205)

0.0%

Swiss franc

138

0.3%

(138)

0.0%

Total Non-Euro currencies

21,223

21,478

51.6%

(21,478)

0.0%

Total

41,254

41,648

100.0%

41,648

100.0%

The exchange risk exposure from loans and financial receivables granted in non-Euro currency is limited to

3% in 2025 (4% in 2024) and covered by derivatives, part of which is not designed as hedge for accounting

purposes.

The future significant variations in exchange rates would not materially and adversely affect the Company’s

financial position.

Please see Risk Management section of these Financial Statements for sensitivity analysis on exchange

rate.

As shown in the table below, in 2025 the Company has low exposure to interest rate risk, nevertheless the

risk had not been fully eliminated. The Company used derivative instruments aiming at transforming

floating rate liabilities into fixed rate liabilities.

Millions of euro

at Dec. 31,

2025

Before risk mitigation

After risk mitigation

Floating rate

426

1.0%

426

1.0%

Fixed rate

40,436

99.0%

40,436

99.0%

Total

40,862

100.0%

40,862

100.0%

The table below represented the exposure to interest risk in 2024.

Millions of euro

at Dec. 31,

2024

Before risk mitigation

After risk mitigation

Floating rate

0.1%

0.0%

Fixed rate

41,598

99.9%

41,648

100.0%

Total

41,648

100.0%

41,648

100.0%

The future significant variations in interest rates would not materially and adversely affect the Company’s

financial position.

Please see Risk Management section of these Financial Statements for sensitivity analysis on interest rate.

Related Parties

The main activity of Enel Finance International N.V. is to operate as financing company of the Enel Group,

raising funds through bonds issuance, loans and other facilities and on turn lending the funds so raised to

the companies belonging to Enel Group or associated companies; all the transactions are part of the

ordinary operations of the Company and are settled on arm’s length basis in line with Standard intra-Group

contract market prices.

Outlook

The Company expects to evolve steadily throughout 2026, with the aim to maintain the funding and lending

activities currently ongoing, keeping to support the Enel Group in the execution of its strategic business

plan.

Board of Directors composition

The Company’s organization is characterized by a Board of Directors charged with managing the Company

and a Shareholders’ Meeting.

The Company is a so-called Public Interest Entity (“Organisatie van Openbaar Belang”), since it has issued

listed bonds on EU-regulated markets, which requires the establishment of an audit committee. The

Company however makes use of the exemption in Article 3(a) of the Dutch Decree on the Audit Committee

("Besluit instelling auditcommissie") as foreseen in Article 39(3)(a) of Directive 2006/43/CE, as amended

by Directive 2014/56/EU of the European Parliament and of the Council, as its Parent Company (Enel

S.p.A.) is an entity that fulfils the requirements set out in paragraphs 39(1), (2) and (5) of Directive

2006/43/CE, as amended by Directive 2014/56 EU, Article 11(1), Article 11(2) and Article 16(5) of

Regulation (EU) No 537/2014 of the European Parliament and of the Council.

Pursuant to Article 19, subsection 2 of Italian Legislative Decree 39/2010 - as amended by Legislative

Decree 135/2016, implementing Directive 2014/56 EU - the audit committee of Enel S.p.A. coincides with

the “collegio sindacale” (board of statutory auditors). According to the legislation in force, the members of

the board of statutory auditors of Enel S.p.A. must possess the requisites of integrity, professionalism and

independence imposed upon the statutory auditors of listed companies, as supplemented (only as regards

the professionalism requisites) by specific provisions of the bylaws.

The Company believes that the composition of its Board of directors has a broad diversity of experience,

expertise and backgrounds, and that the backgrounds and qualifications of the directors, considered as a

group, provide a significant mix of experience, knowledge, abilities and independence that we believe will

allow our Board of Directors to fulfill its responsibilities and properly execute its duties.

The Company is in compliance with the Regulation on Sound Remuneration Policies pursuant to the

Financial Supervision Act 2011 (the “Regeling Beheerst beloningsbeleid Wft 2011”).

The directors, with relation to Enel, are not remunerated for their services directly and any interests they

hold in relation to the Parent Company and any expenses incurred in their directorship are declared as such

in the financial statements of the Parent company where necessary. The independent directors with no

relation to Enel, are remunerated in accordance with Remuneration policy of the management board of

Enel Finance International N.V., amended by the Shareholder (Resolution of the Sole Shareholder

23.01.2017) (see note 21).

Diversity of Board of Directors

The gender diversity within the Board members of the Company is currently 40% therefore the Company

met the target of 33% set for 2025.

For next year the Company confirms that the selection criteria are only measurable skills, experience,

knowledge and personal qualities.

The Company has set the target to follow the best practice and to improve diversity within the workplace

as well as to keep at least 40% ratio between the number of men and women among Directors by the end

of 2026.

Financial committee

It is composed of council members (a general manager, an independent director and a chief operating

officer of the Company) and advisory members from the Company’s employees. It has a task of supporting

the assessment and decisions of the Board of Directors relating to the potential financial transaction of the

Company. In particular:

- adopting a standardized process to analyse potential financial portfolio transactions of the

Company;

- verifying the prior availability of transfer price and credit risk assessments concerning all lending

transactions;

- assessing the economic benefit and the consistency of main lending and funding transactions with

the Company's policies and arm's length principles;

- performing an analysis of the main financial risks involved in financial transactions, such as interest

rate, exchange rate, liquidity risk;

- verifying the debt capacity analysis of any new lending operations, considering cash flow

sustainability and financial and economic projections of the borrowers;

- evaluating potential accounting, tax and legal implications of the financial transactions

The Company’s control system

The appropriateness of the administrative and accounting procedures used in the preparation of the

financial statements has been verified in the assessment of the internal control system for financial

reporting. The assessment of the internal control system for financial reporting did not identify any material

issues.

On 16 December 2016 the Company adopted the new Enel Global Compliance Program (“EGCP”), addressed

to the foreign subsidiaries of the Enel Group. The aim of EGCP is to reinforce the commitment of the

Company to the highest ethical, legal and professional standards for enhancing and preserving the

reputation as well as the prevention of criminal behaviour abroad, which may lead to corporate criminal

liability to the Company.

Corporate ethics

All activities of the Enel Group are performed by adhering to a robust system of ethics. The system is based

on specific compliance programs, including among others: the Code of Ethics, the Enel Global Compliance

Program, the “Zero-Tolerance-of-Corruption” Plan, the Human Rights Policy.

More information can be obtained from the investor relations section of Enel S.p.A. official website

https://www.enel.com/investors/governance/internal-controls

The Company voluntary follows above mentioned programs adopted by the Enel Group, confirming the

commitment to ensure propriety and transparency in conducting company business and operations and to

safeguard our image and positioning, the work of our employees, the expectations of shareholders and all

of the Enel Group’s stakeholders.

The awareness on topics included in the system of ethics is created though the internal learning platform.

Events after the reporting period

No events after the reporting date.

Sustainability report

In November 2022, the European Union adopted the Corporate Sustainability Reporting Directive (CSRD)

to enhance transparency and quality of sustainability information. However, following the recent adoption

of the Sustainability Omnibus Directive (Omnibus I), the EU has revised the scope of mandatory reporting,

raising the threshold to companies with more that 1,000 employees.

The Company will continue to monitor these regulatory developments and will report on its sustainability

performance as appropriate.

The Enel Group disclosed the Sustainability Statement as a part of the Enel Group Integrated Annual Report.

Report can be obtained from the investor relations section of Enel S.p.A. official website

(http://www.enel.com).

Personnel

At 31 December 2025 the Company had, other than the directors, ten employees and one seconded

personnel (nine employees and one seconded personnel at 31 December 2024).

In 2025 average headcount comprised nine people (nine people for 2024). All people worked in the

Netherlands.

Statement of the Board of Directors

Statement ex Article 5:25c Paragraph 2 sub c Financial Markets Supervision Act (“Wet op het Financieel

Toezicht”).

To our knowledge,

- the financial statements give a true and fair view of the assets, liabilities, financial position and

result of Enel Finance International N.V.;

- the Director’s Report gives a true and fair view of the Company’s position as per 31 December 2025

and the developments during the financial year 2025;

- the Director’s Report describes the principal risks the Company is facing.

This annual report is prepared according to International Financial Reporting Standards as adopted by the

European Union (“IFRS-EU”) and its financial statement is audited by KPMG Accountants N.V.

Statement of profit or loss and other comprehensive

income

Millions of euro

Notes

2025

2024

Interest income

1,514

2,044

Interest income from derivatives

217

294

(Subtotal)

1,731

2,338

Interest expenses

1,472

1,758

Interest expense from derivatives

110

(Subtotal)

1,560

1,868

Net interest income/ (expense)

171

470

Other operating expense

Financial income

Financial income from derivatives

357

1,584

Other financial income

2,315

195

(Subtotal)

2,672

1,779

Financial expense

Financial expense from derivative

2,432

437

Other financial expense

264

1,342

(Subtotal)

2,696

1,779

Net financial income/ (expense)

(24)

Income/(Loss) before taxes

140

466

Income Taxes

116

131

Net income/(loss) for the year (attributable to the shareholders)

335

Other components of comprehensive income recyclable to profit or loss in future

periods:

- effective portion of change in fair value of cash flow hedges net of deferred taxes

756

(765)

- Change in the fair value of hedging costs net of deferred taxes

(35)

200

(Subtotal)

721

(565)

Total comprehensive income/(loss) for the period (attributable to the

shareholders)

745

(230)

Statement of financial position

Millions of euro

Notes

ASSETS

at Dec. 31,

2025

at Dec. 31,

2024

Non-current assets

Deferred tax assets

211

568

Long-term loans and financial receivables

40,671

39,506

Derivatives

458

1,170

Other non-current financial assets

(Subtotal)

41,374

41,274

Current assets

Current portion of long-term loans and financial receivables

2,767

1,979

Short-term loans and financial receivables

5,240

7,080

Derivatives

Other current financial assets

1,608

1,281

Income tax receivable

Cash and cash equivalents

(Subtotal)

9,629

10,373

TOTAL ASSETS

51,003

51,647

LIABILITIES AND SHAREHOLDERS’ EQUITY

Share capital

1,479

Share premium reserve

4,826

Hedging reserve

(754)

(1,510)

Hedging costs reserve

159

194

Retained earnings

694

359

Net income for the period

335

Total shareholder's equity

6,428

5,683

Non-current liabilities

Long-term borrowings

36,057

36,342

Derivatives

1,583

1,244

Other non-current financial liabilities

154

146

(Subtotal)

37,794

37,732

Current liabilities

Income tax payable

116

Current portion of long-term borrowings

4,433

4,912

Short-term borrowings

1,858

2,635

Derivatives

118

Other current financial liabilities

483

449

Other current liabilities

(Subtotal)

6,781

8,232

TOTAL EQUITY AND LIABILITIES

51,003

51,647

Statement of changes in equity

Millions of euro

Notes

capital

premium

reserve

Hedging

reserve

Hedging

costs

reserve

Retained

earnings

Net

income

for the

period

Equity

attributable

to the

shareholders

At January 1, 2024

1,479

9,126

(745)

(6)

350

10,213

Allocation of net income from the

previous year

350

(350)

Share premium repayment

(4,300)

Comprehensive income for the year:

(765)

200

335

(230)

of which:

- other comprehensive income (loss) for

the period

(765)

200

(565)

- net income for period

335

At December 31, 2024

1,479

4,826

(1,510)

194

359

335

5,683

Allocation of net income from the

previous year

335

(335)

Comprehensive income for the year:

756

(35)

745

of which:

- other comprehensive income (loss) for

the period

756

(35)

721

- net income for period

At December 31, 2025

1,479

4,826

(754)

159

694

6,428

Statement of cash flows

Millions of euro

Note

2025

2024

Income for the period

335

Adjustments for:

(Un)realised (gain)/ losses

103

272

Expected credit loss

(14)

(11)

Income taxes

116

131

(Gains)/Losses and other non-monetary items

Changes in:

'- accrued interest income

(30)

'- accrued interest expenses

'- derivatives covering interest rate risk

(3)

'- other assets

(16)

Net changes in all other operational assets and liabilities

(12)

Income taxes paid

(103)

(54)

Cash flows from operating activities (a)

114

752

Financial service agreement with Enel S.p.A.

(2,092)

524

Loans granted to Group and associate companies

(102)

(1,636)

Loans repaid by Group and associate companies

1,726

6,263

Derivatives covering exchange rate risks - loans and RFAs

(163)

Cash flows from investing/disinvesting activities (b)

(456)

4,988

Financial debt (new borrowings)

13,14

6,178

3,582

Financial debt (repayments and other changes)

13,14

(5,546)

(5,276)

Derivatives covering exchange rate risks - bonds

(176)

Loans due to Group and associate companies

706

Share premium repayment

(4,300)

Other financing

(821)

188

Cash flows from financing activities (c)

341

(5,742)

Impact of exchange rate fluctuations on cash and cash equivalent (d)

Increase/(Decrease) in cash and cash equivalents (a+b+c+d)

(2)

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year

Notes to the financial statements

Form and content of the financial statement

Enel Finance International N.V. (“the Company”) is incorporated as a limited liability company under the

laws of the Netherlands on 26 September 2008. The Company is registered with the trade register of the

Dutch chamber of commerce under number 34313428 with business address at Herengracht 469, 1017 BS

Amsterdam, the Netherlands. The Company is established for an indefinite duration.

Enel Finance International N.V. (“the Company”) is a public company with limited liability, where 74.99%

of the shares are held by Enel Holding Finance S.r.l (direct parent) and 25.01% of the shares are held by

Enel S.p.A., both companies, have their seats in Rome, Italy. 100% of shares of Enel Holding Finance S.r.l.

are held by Enel S.p.A.

Therefore, Enel S.p.A. is the ultimate controlling shareholder of the Company.

Company’s financial statements are included into the consolidated financial statements of Enel S.p.A., which

can be obtained from the investor relations section of Enel S.p.A. official website (http://www.enel.com).

Corporate purpose

The Company operates as a financing company for the Group, raising funds through bond issuances, loans

and other facilities and on turn, lending the funds so raised to the companies belonging to the Enel Group.

The Company is also part of the centralised financial process and acts as the primary reference for the

management of financial needs or liquidity generated by the Enel Group companies.

The Company acts solely as a financing company for the Enel Group and therefore is not engaged in market

competition in the energy sector with third parties.

The Company is managed by a Board of Directors composed of five members, appointed by the general

meeting of shareholders, which may dismiss them at any time. The management board has the power to

perform all acts of administration and disposition in compliance with the corporate objects of the Company.

The joint signatures of any two members of the management board or the single signature of any person

to whom such signatory shall have been appointed by the management board may bind the Company.

Compliance with IFRS/IAS

The financial statements for the year ended 31 December 2025 have been prepared in accordance with

international accounting standards (International Accounting Standards – IAS and International Financial

Reporting Standards – IFRS) issued by International Accounting Standards Board (IASB), the

interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the Standing

Interpretations Committee (SIC), endorsed by the European Union pursuant to Regulation (EC) no.

1606/2002 and in effect as of the close of the year. All of these standards and interpretations are hereinafter

referred to as the “IFRS-EU”. The financial statements have also been prepared in conformity with the

statutory provisions of the Netherlands Civil Code, Book 2, Title 9 and specifically Section 2:362(9).

The financial statements were approved by the Board of Directors and authorised for issue effective on

25 February 2026, with an update on the final version as per 22 April 2026.

Basis of presentation

The financial statements consist of the statement of profit and loss and comprehensive income, the

statement of financial position, the statement of changes in equity, the statement of cash flows, and the

related notes.

The assets and liabilities reported in the financial position are classified on a “current/non-current basis”.

Current assets, which include cash and cash equivalents, are assets that are intended to be used during

the normal operating cycle of the Company or in the twelve months following the balance-sheet date;

current liabilities are liabilities that are expected to be settled during the normal operating cycle of the

Company or within the twelve months following the close of the financial year.

The income statement is classified on the basis of the nature of expenses, while the indirect method is used

for the cash flow statement.

Financial assets and liabilities are offset and the net amount presented in the statement of financial position

when, and only when, the Company has a legal right to offset the amounts and intends either to settle on

a net basis or to realize the asset and settle the liability simultaneously.

Functional and presentation currency

The financial statements are presented in euro, the functional currency of Enel Finance International N.V.

All figures are shown in millions of euro unless stated otherwise.

The accounting policies set out below have been applied consistently to all periods presented in these

financial statements.

Going Concern

The financial statements have been prepared on a going concern basis using the cost method, with the

exception of items measured at fair value in accordance with IFRS-EU.

Enel S.p.A. would provide financial support to the Company should it not be able to meet its obligations.

In relation to this, this annual commitment has been formally confirmed by Enel S.p.A. in a support letter

issued on 3 February 2026 and valid until next year’s approval date of the Financial Statements, should

the company remain under control of the Enel Group.

Based upon the assessment of management, supported by the fact that Enel S.p.A. is the guarantor of the

bonds and the ECPs, management has not identified any going concern triggers and therefore has prepared

these financial statements on a going concern basis.

Solvency

Given the objectives of the company, the Company is strictly economically interrelated with Enel S.p.A. In

assessing the solvency as well as the general risk profile of the Company, the solvency of the Enel Group

as a whole, headed by Enel S.p.A. should be considered.

Accounting policies and measurement criteria

Use of estimates and management judgments

Preparing the financial statements under IFRS-EU requires the use of estimates and assumptions that affect

the carrying amount of assets and liabilities and the related information on the items involved, as well as

the disclosure required for contingent assets and liabilities at the balance sheet date. The estimates and

the related assumptions are based on previous experience and other factors considered reasonable in the

circumstances. They are formulated when the carrying amount of assets and liabilities is not easily

determined from other sources. The actual results may therefore differ from these estimates. The estimates

and assumptions are periodically revised, and the effects of any changes are reflected in the income

statement if they only involve that period. If the revision involves both the current and future periods, the

change is recognized in the period in which the revision is made and in the related future periods

Expected credit losses on financial assets

Loss allowances for financial assets are based on assumptions about risk of default and on the measurement

of expected credit losses. Management uses judgement in making these assumptions and selecting the

inputs for the impairment calculation, based on the Company’s past history, existing market conditions as

well as forward looking estimates at the end of each reporting period.

Determining the fair value of financial instruments

Fair value of financial instruments is determined on the basis of prices directly observable in the market,

where available, or, for unlisted financial instruments, using specific valuation techniques (mainly based on

present value) that maximise the use of observable market inputs. In the rare circumstances where this is

not possible, the inputs are estimated by management considering the characteristics of the instruments

being measured.

Recovery of deferred tax assets

The financial statements report deferred tax assets in respect of income components whose deductibility is

deferred in an amount whose recovery is considered by management to be highly probable.

The recoverability of such assets is subject to the achievement of future profits sufficient to absorb such

tax losses and to use the benefits of the other deferred tax assets.

Significant management judgement is required to determine the amount of deferred tax assets that can be

recognised, based upon the likely timing and the level of future taxable profits together with future tax

planning strategies and the tax rates applicable at the date of reversal.

Classification and measurement of financial assets

At initial recognition, in order to classify financial assets as financial assets at amortised cost, at fair value

through other comprehensive income and at fair value through profit or loss, management assesses both

the contractual cash flows characteristics of the instrument and the business model for managing financial

assets in order to generate cash flows.

For the purpose to evaluate the contractual cash flows characteristics of the instrument, management

performs the “SPPI test” at an instrument level, in order to define if it gives rise to cash flows that are solely

payments of principal and interest on the principal amount outstanding, performing specific assessment on the

contractual clauses of the financial instruments, as well as quantitative analysis, if required.

The business model determines whether cash flows will result from collecting contractual cash flows, selling

the financial assets, or both.

Hedge Accounting

Hedge accounting is applied to derivatives in order to reflect into the financial statements the effect of risk

management strategies.

At such regard, the Company documents at the inception of the transaction the hedge relationship between

hedging instruments and hedged items, as well as its risk management objectives and strategy. The

Company also assesses, both at hedge inception and on an ongoing basis, whether hedging instruments

are highly effective in offsetting changes in fair values or cash flows of hedged items.

Based on management judgement, the effectiveness assessment based on the existence of an economic

relationship between the hedging instruments and the hedged items, on the dominance of credit risk on

the value changes and on the hedge ratio, as well as the measurement of the ineffectiveness, is evaluated

through a qualitative assessment and/or a quantitative computation, depending on the specific facts and

circumstances and on the characteristics of the hedged items and the hedging instruments.

For cash flow hedges of forecast transactions designated as hedged items, management assesses and

documents to what extent they are highly probable and present an exposure to changes in cash flows that

affect profit or loss.

Moreover, during the year, the Company has carefully monitored the effect of uncertainties related to the

Covid-19 pandemic on its hedge accounting relationships.

Uncertainty over income tax treatments

The Company determines whether to consider each uncertain income tax treatment separately or together

with one or more other uncertain tax treatments as well as whether to reflect the effect of uncertainty by

using the most likely amount or the expected value method, depending on which approach the Company

expects to better predicts the resolution of the uncertainty for each uncertain tax treatments, taking

account of local tax regulations.

The Company applies judgment in identifying uncertainties over income tax treatments and reassesses any

judgments and estimates made if a change in facts and circumstances might change a conclusions about

the acceptability of a tax treatment or the estimate of the effect of uncertainty, or both.

Material accounting policies

Related parties

Related parties are mainly parties that have the same parent entity as Enel Finance International N.V.,

companies that directly or indirectly through one or more intermediaries control, are controlled or are

subject to the joint control of the Company. In addition, statutory directors, other key management of the

Company or the ultimate parent company and close relatives are regarded as related parties.

All transactions with related parties were carried out on normal market terms and conditions.

Translation of foreign currencies

Transactions in currencies other than the functional currency are recognized in these financial statements

at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency other than the functional currency are

later adjusted using the balance sheet exchange rate.

Any exchange rate differences are recognized in profit or loss.

Fair value measurement

For all fair value measurements and disclosures of fair value, that are either required or permitted by

international accounting standards, the Company applies IFRS 13.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in an

orderly transaction, between market participants, at the measurement date (i.e. an exit price).

The fair value measurement assumes that the transaction to sell an asset or transfer a liability takes place

in the principal market, i.e. the market with the greatest volume and level of activity for the asset or

liability. In the absence of a principal market, it is assumed that the transaction takes place in the most

advantageous market to which the entity has access, i.e. the market that maximizes the amount that would

be received to sell the asset or minimizes the amount that would be paid to transfer the liability.

The fair value of an asset or a liability is measured using the assumptions that market participants would

use when pricing the asset or liability, assuming that market participants act in their economic best interest.

Market participants are independent, knowledgeable sellers and buyers who are able to enter into a

transaction for the asset or the liability and who are motivated but not forced or otherwise compelled to do

so.

When measuring fair value an entity shall take into account the characteristics of the asset or liability, in

particular:

> for a non-financial asset, a fair value measurement takes into account a market participant’s ability

to generate economic benefits by using the asset in its highest and best use or by selling it to another

market participant that would use the asset in its highest and best use;

> for liabilities and own equity instruments, the fair value reflects the effect of non-performance risk,

i.e the risk that an entity will not fulfill an obligation, including but not limited to the entity’s own credit

risks;

> in the case of groups of financial assets and financial liabilities with offsetting positions in market

risk or counterparty credit risk, managed on the basis of an entity’s net exposure to such risks, it is

permitted to measure fair value on a net basis.

In measuring fair value of assets and liabilities, the Group uses valuation techniques that are appropriate

in the circumstances and for which sufficient data are available, maximizing the use of relevant observable

inputs and minimizing the use of unobservable inputs.

Financial instruments

Financial instruments are any contract that gives rise to a financial asset of one entity and a financial

liability or equity instrument of another entity; they are recognised and measured in accordance with IAS 32

and IFRS 9.

A financial asset or liability is recognised in the financial statements when, and only when, the Company

becomes party to the contractual provision of the instrument (trade date).

Conversely, the Company initially measures financial assets other than trade receivables at their fair value

plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.

Financial assets are classified, at initial recognition, as financial assets at amortised cost, at fair value

through other comprehensive income and at fair value through profit or loss, on the basis of both

Company’s business model and the contractual cash flows characteristics of the instrument.

For this purposes, the assessment in order to define if the instrument gives rise to cash flows that are

solely payments of principal and interest (SPPI) on the principal amount outstanding, is referred to as the

SPPI test and is performed at an instrument level.

The Company’s business model for managing financial assets refers to how it manages its financial assets

in order to generate cash flows. The business model determines whether cash flows will result from

collecting contractual cash flows, selling the financial assets, or both.

For purposes of subsequent measurement, financial assets are classified in four categories:

- financial assets at amortised cost (debt instruments);

- financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments);

- financial assets designated at fair value through OCI with no recycling of cumulative gains and losses

upon derecognition (equity instruments); and

- financial assets at fair value through profit or loss.

Financial assets measured at amortised cost

This category mainly includes trade receivables, other receivables and financial receivables.

Financial assets at amortised cost are held within a business model whose objective is to hold financial

assets in order to collect contractual cash flows and whose contractual terms give rise, on specified dates,

to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Such assets are initially recognised at fair value, adjusted for any transaction costs, and subsequently

measured at amortised cost using the effective interest method and are subject to impairment.

Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

Impairment of financial assets

At the end of each reporting date, the Company recognizes a loss allowance for expected credit losses on

trade receivables and other financial assets measured at amortised cost and all other assets in the scope

of IFRS 9 expected credit loss model.

The Company impairment model is based on the determination of expected credit losses (ECL) using a

forward- looking approach. In essence, the model provides for:

- the recognition of expected credit losses on an ongoing basis and the updating of the amount of such

losses at the end of each reporting period, reflecting changes in the credit risk of the financial

instrument;

- the measurement of expected losses on the basis of reasonable information, obtainable without undue

cost, about past events, current conditions and forecasts of future conditions.

For all financial assets, other than trade receivables, the Company applies the general approach under IFRS

9, based on the assessment of a significant increase in credit risk since initial recognition. Under such

approach, loss allowance on financial assets is recognized at an amount equal to the lifetime expected

credit losses, if the credit risk on those financial assets has increased significantly, since initial recognition,

considering all reasonable and supportable information, including also forward-looking inputs.

If at the reporting date, the credit risk on financial assets has not increased significantly since initial

recognition, the Company measures the loss allowance for those financial assets at an amount equal to 12-

month expected credit losses.

For financial assets on which loss allowance equals to lifetime expected credit losses has been recognized

in the previous reporting date, the Company measures the loss allowance at an amount equal to 12-month

expected credit losses when significant increase in credit risk condition is no longer met.

The Company recognizes in profit or loss, as impairment gain or loss, the amount of expected credit losses

(or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is

required to be recognized in accordance with IFRS 9.

The loss allowances for financial assets are based on assumptions about risk of default and expected credit

losses. The Company uses judgement in making these assumptions and selecting the inputs for the

impairment calculation, based on the Company’s past history, existing market conditions as well as forward

looking estimates at the end of each reporting period.

Cash and cash equivalents

This category includes deposits that are available on demand or at very short term, as well as highly short-

term liquid financial investments that are readily convertible into a known amount of cash and which are

subject to insignificant risk of changes in value.

Financial liabilities at amortised cost

This category mainly includes borrowings, trade payable and debt instruments.

Financial liabilities, other than derivatives, are recognised when the Company becomes a party to the

contractual clauses of the instrument and are initially measured at fair value adjusted for directly

attributable transaction costs. Financial liabilities are subsequently measured at amortised cost using the

effective interest rate method.

Derecognition of financial assets and liabilities

Financial assets are derecognised whenever one of the following conditions is met:

- the contractual right to receive the cash flows associated with the asset expires;

- the Company has transferred substantially all the risks and rewards associated with the asset,

transferring its rights to receive the cash flows of the asset or assuming a contractual obligation to pay

such cash flows to one or more beneficiaries under a contract that meets the requirements provided by

IFRS 9 (the “pass through test”);

- the Company has not transferred or retained substantially all the risks and rewards associated with the

asset but has transferred control over the asset.

Financial liabilities are derecognised when they are extinguished, i.e. when the contractual obligation has

been discharged, cancelled or expired.

When an existing financial asset or liability is replaced by another from the same borrower or lender on

substantially different terms, or the terms of an existing asset or liability are substantially modified, such

an exchange or modification is treated as the derecognition of the original asset or liability and the

recognition of a new asset or liability. The difference in the respective carrying amounts is recognised in

profit or loss.

Derivative financial instruments

A derivative is a financial instrument or another contract:

- whose value changes in response to the changes in an underlying variable such as an interest rate,

commodity or security price, foreign exchange rate, a price or rate index, a receivable rating or other

variable;

- that requires no initial net investment, or one that is smaller than would be required for a contract with

similar response to changes in market factors;

- that is settled at a future date.

Derivative instruments are classified as financial assets or liabilities depending on the positive or negative

fair value and they are classified as “held for trading” within “Other business model” and measured at fair

value through profit or loss, except for those designated as effective hedging instruments.

For more details about hedge accounting, please refer to the note 17 “Derivatives and hedge accounting”.

All derivatives held for trading, are classified as current assets or liabilities.

Derivatives not held for trading purposes, but measured at fair value through profit or loss since they are

not designed as hedge instruments for hedge accounting and derivative designated as effective hedging

instruments are classified as current or not current on the basis of their maturity date and the Group

intention to hold the financial instrument till maturity or not.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary

shares and share options are recognized as a deduction from equity, net of any tax effects.

Reference is made to note 12 for the other relevant elements of equity.

Interest income and expense

Interest income and expense is recognized on an accruals basis in line with interest accrued on the net

carrying amount of the related financial assets and liabilities using the effective interest method.

Interest income is recognised to the extent that it is probable that the economic benefits will flow to the

Company and the amount can be reliably measured.

Other interest income and expense

Other interest income and expense primarily includes gain/loss on the disposal of financial assets/ liabilities

that are not an output of the Company’s ordinary activity.

Financial income and expense

Financial income and expense from derivatives include:

- income and expense from derivatives measured at fair value through profit or loss;

- income and expense from fair value hedge derivatives;

- income and expense from cash flow hedge derivatives on interest rate and foreign exchange risks.

Financial income and expense include also changes in the fair value of financial instruments other than

derivatives.

Dividends

Dividends and interim dividends payable to the Company’s shareholders are recognized as changes in

equity at the date they are approved by the Shareholders’ Meeting and the Board of Directors, respectively.

Income taxes

Income tax expense comprises current and deferred tax.

Corporate income tax is calculated on the basis of the profit before taxation shown in the Statement of

profit and loss and comprehensive income, taking into account tax allowances and tax adjustments. As of

1 January 2015, the Company forms part of a fiscal unity with Enel Investment Holding B.V, whereby the

Company is the head of the fiscal unity. From 1 January 2020 till 31 December 2023 Enel Insurance N.V.

was a part of the fiscal unity.

The Company is jointly and severally liable for all corporate income tax liabilities of the fiscal unity. Taxation

for entities within the fiscal unity is calculated on a stand-alone basis.

Current tax and deferred tax are recognised in profit or loss except to the extent that it relates to a business

combination, or items recognised directly in equity or in other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax

rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect

of previous years. Current tax payable also includes any tax liability arising from the declaration of

dividends.

Deferred tax liabilities and assets are calculated on the temporary differences between the carrying

amounts of assets and liabilities in the financial statements and their corresponding values recognized for

tax purposes on the basis of tax rates in effect on the date the temporary difference will reverse, which is

determined on the basis of tax rates that are in force or substantively in force at the balance sheet date.

Deferred tax assets are recognized when recovery is probable, i.e. when an entity expects to have sufficient

future taxable income to recover the asset.

The recoverability of deferred tax assets is reviewed at each year-end. Taxes in respect of components

recognized directly in equity are taken directly to equity.

The Company has assessed the expected impact of the Pillar II - global minimum top-up tax and notes that

the financial statements are not impacted due to the local effective tax rate that is higher than 15 percent

and the entity has not paid any Pillar II top-up tax on behalf of other entities in the Enel Group. Also, no

Pillar II top-up tax has been recharged to the entity.

Recently issued accounting standards and Standards issued but not yet effective

New accounting standards applied in 2025

The Company has applied the following new standards, interpretation and amendments that took effect as

from January 1, 2025:

 “Amendments to IAS 21-The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability”,

issued in August 2023, that specify how to assess whether a currency is exchangeable, and how to

determine the exchange rate when it is not.

The amendments state that a currency is exchangeable into another currency when it is possible to

obtain the other currency within a time frame that allows for a normal administrative delay and through

a market or exchange mechanism in which an exchange transaction would create enforceable rights

and obligations. Exchangeability shall be assessed at a measurement date and for a specified purpose.

If it is possible to obtain no more than an insignificant amount of the other currency at the

measurement date for the specified purpose, the currency is not exchangeable into the other currency.

When a currency is not exchangeable into another currency at a measurement date, a spot exchange

rate, that reflects the rate at which an orderly exchange transaction would take place at the

measurement date between market participants under prevailing economic conditions, shall be

estimated.

The amendments do not specify how the spot exchange rate shall be estimated to meet that objective;

at such regard, observable exchange rate without adjustment or another estimation technique can be

used.

The amendments also require disclosure of information that enables users of financial statements to

understand how the currency not being exchangeable into the other currency affects, or is expected

to affect, the financial performance, financial position and cash flows.

The application of these amendments did not have material impact in the financial statements.

Standards issued but not yet effective

Below is a list of accounting standards, amendments and interpretations that will be effective for the

Company after 31 December 2025:

 IFRS 18, ‘Presentation and Disclosure in Financial Statements’, issued in April 2024. The new

standard, on presentation and disclosures in financial statements, will replace IAS 1 Presentation of

financial statements, introducing new requirements to provide more relevant information and transparency

to users, with a focus on updates to the statement of profit or loss. More in details, the key concepts

introduced by IFRS 18 relate to:

− structure of the statement of profit or loss, requiring defined subtotals;

− requirement to determine the most useful structure summary for presenting expenses in the statement

of profit or loss;

− required disclosures in a single note within the financial statements for management-defined

performance measures related to subtotals of income and expenses that are used in public

communications reported outside the financial statements; and

− enhanced principles on aggregation and disaggregation of information.

The standard shall be applied, subject to endorsement, to annual reporting periods beginning on or after 1

January 2027. Retrospective application is required.

 “IFRS 19 Subsidiaries without Public Accountability: Disclosures”, issued in May 2024. The new,

voluntary, standard allows eligible subsidiaries to apply reduced disclosure requirements.

In particular, a subsidiary is eligible if:

− it does not have public accountability; and

− it has an ultimate or intermediate parent that produces consolidated financial statements available for

public use that comply with IFRS Accounting Standards.

The standard shall be applied, subject to endorsement, to annual reporting periods beginning on or after

1 January 2027.

 “Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and its

Associate or Joint Venture”, issued in September 2014. The amendments clarify the accounting treatment

for sales or contribution of assets between an investor and its associates or joint ventures. They confirm

that the accounting treatment depends on whether the non-monetary assets sold or contributed to an

associate or joint venture constitute a ‘business’ (as defined in IFRS 3). The IASB has deferred the effective

date of these amendments indefinitely.

 “Amendments to IFRS 9 and IFRS 7 - “Amendments to the Classification and Measurement of

Financial Instruments”, issued in May 2024. The amendments include new requirements to:

− clarify the date of recognition and derecognition of some financial assets and liabilities, with a new

exception for some financial liabilities settled through an electronic cash transfer system;

− clarify and add further guidance for assessing whether a financial asset meets the solely payments of

principal and interest (SPPI) criterion;

− add new disclosures for certain instruments with contractual terms that can change cashflows (such

as some financial instruments with features linked to the achievement of environment, social and

governance targets); and

− update the disclosures for equity instruments designated at fair value through other comprehensive

income (FVOCI).

The amendments shall be applied, subject to endorsement, to annual reporting periods beginning on or

after 1 January 2026.

 Annual Improvements Volume 11, issued in July 2024. The document contains formal modifications

and clarifications of existing standards. More specifically, the following standards were amended:

− IAS 7 - Cost method; the amendment removes the term “cost method” that is no longer defined in

IFRS Accounting Standards;

− IFRS 9 - Lessee derecognition of lease liabilities; the amendment addresses a potential lack of clarity

related to how a lessee accounts for the derecognition of a lease liability, clarifying that any resulting

gain or loss shall be recognized in profit or loss;

− IFRS 9 - Transaction price; the amendment removes the reference in Appendix A of the IFRS 9 to the

definition of ‘transaction price’ in IFRS 15, considering that the term ‘transaction price’ is used in

particular paragraphs of IFRS 9 with a meaning that is not necessarily consistent with the definition of

that term in IFRS 15;

− IFRS 7 - Gain or loss on derecognition; the amendment addresses a potential confusion arising from

an obsolete reference to a paragraph that was deleted from the standard when IFRS 13 Fair Value

Measurement was issued;

− IFRS 7 - Disclosure of deferred difference between fair value and transaction price; the amendment

addresses an inconsistency between the standard and its accompanying implementation guidance that

arose when a consequential amendment resulting from the issuance of IFRS 13 was made to the

standard, but not to the corresponding paragraph in the implementation guidance;

− IFRS 7 - Introduction and credit risk disclosures; the amendment addresses a potential confusion by

clarifying how to apply the relevant Implementation Guidance and by simplifying some explanations;

− IFRS 10 - Determination of a ‘de facto agent’; the amendment clarify how an investor shall determine

whether another party is acting on its behalf;

− IFRS 1 Hedge accounting by a first-time adopter; the amendment improves the consistency between

requirements for hedge accounting in IFRS 9 and IFRS 1.

Each of the amendments shall be applicable for annual reporting periods beginning on or after 1 January

2026, with early application permitted.

 “Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity”, issued in

December 2024. The amendments aim to better represent the financial effects arising from certain

contracts for the purchase or sale of electricity from renewable sources (e.g. wind and solar). Such

contracts involve exposure to the variability of the underlying amount of electricity because the source

of electricity generation depends on uncontrollable natural conditions (e.g., the weather). These

contracts include both contracts to buy or sell nature-dependent electricity, often structured as long-

dated power purchase agreements (i.e., physical power purchase agreements, PPAs), and financial

instruments that reference such electricity (i.e., virtual power purchase agreements, VPPAs); The

amendments are the following:

- the application of the own-use exception to physical PPAs is allowed if the entity has been, and it

expects to be, a ‘net purchaser’ of electricity for the contract period, i.e., it buys sufficient electricity

to offset any sales of unused electricity in the same market in which the electricity is sold;

- the application of hedge accounting is permitted to Virtual PPAs (i.e. contracts that do not provide

for the physical delivery of energy and whose settlement is based on the difference between the

market price of energy and the strike price provided for in the contract) or to PPAs for which it is

not possible to apply the own use exemption. In particular, such contracts can be used as hedging

instruments for a variable nominal amount of forecast electricity transactions that is aligned with

the variable amount of electricity expected to be delivered by the generation facility as referenced

in the hedging instrument. If the cash flows of the hedging instrument are conditional on the

occurrence of a designated forecast transaction, such forecast transaction is presumed to be highly

probable;

- disclosures requirements have been introduced to clarify the effects of the nature-dependent

electricity contracts on the cash flows and the financial performance. Furthermore, specific

disclosures are required in case of own-use exception adoption.

The amendments shall be applied for annual reporting periods beginning on or after 1 January 2026,

and early application is permitted.

 “Amendments to IAS 21 - Translation to a Hyperinflationary Presentation Currency”, issued in November

2025. The Amendments aim to specify the translation procedures when the presentation currency is

that of a hyperinflationary economy. The amendments shall be applied if:  

- the functional currency is that of a non-hyperinflationary economy and the results and financial

position shall be translated into the currency of a hyperinflationary economy; or

- the results and financial position of a foreign operation whose functional currency is that of a non-

hyperinflationary economy shall be translated into the currency of a hyperinflationary economy. 

The amendments, subject to endorsement, shall be applied for annual reporting periods beginning on or

after 1 January 2027, and early application is permitted.

The Company is assessing the potential impact of the future application of the new provisions.

Risk management

Market risk

As part of its operation as a financing company for the Enel Group, Enel Finance International N.V. is

exposed to different market risks, notably interest rate and exchange rates risks. The primary objective of

the Company is to mitigate such risks appropriately so that they do not give rise to unexpected changes in

results.

In order to mitigate this risk, the Company employs financial derivative instruments such as interest rate

swaps, currency forwards and cross currency interest rate swaps, that are negotiated both with Enel S.p.A.

and on the market.

The derivatives compliant with IFRS 9 requirements can be designated as cash flow hedge or fair value

hedge, otherwise are classified as trading.

There were no changes in the source of exposure to interest rate and exchange rate risk compared with

the previous year.

Interest rate risk

Interest rate risk is the risk born by an interest-bearing financial instrument due to variability of interest

rates. The optimal debt structure results from the trade-off between reducing the interest rate exposure

and minimizing the average cost of debt.

The Company is exposed to interest rate fluctuation on both liabilities and assets.

Interest rate swaps are stipulated to mitigate the exposure to interest rates fluctuation, thus reducing the

volatility of economic results. Through an interest rate swap, the Company agrees with a counterparty to

exchange, with a specified periodicity, floating rate interest flows versus fixed rate interest flows, both

calculated on a reference notional amount. In order to ensure effectiveness, all the contracts have notional

amount, periodicity and expiry date matching the underlying financial liability and its expected future cash

flows.

The notional amount of outstanding contracts is reported below.

Millions of euro

Notional amount

2025

2024

Interest rate derivatives:

Interest rate swap

1,445

2,097

Total

1,445

2,097

For more details, please refer to the note 16 and 17.

At 31 December 2025, 1.0% of gross long-term debt towards third parties was floating rate (0.12% at 31

December 2024). Taking into account interest rate derivatives designated as cash flow hedge considered

effective pursuant to the IFRS – EU, gross long-term debt is mostly fully hedged against interest rate risk.

Having both assets and liabilities indexed to floating rate indices, the sensitivity of the Company income

statement to the fluctuation of interest rates depends upon its net long term financial position, please refer

to the sensitivity table.

Interest rate risk sensitivity analysis

The Company performs sensitivity analysis by estimating the effects of changes in the level of interest rates

on financial instruments portfolio. In particular, sensitivity analysis measures the potential impact of market

scenarios both on equity, for the hedging component of derivatives in cash flow hedge, and on income

statement for all derivatives that do not qualify for hedge accounting and the portion of net long-term

floating-rate debt not covered by derivatives. The Company’s assets and liabilities are accounted for at

amortised costs and not impacted by changes in the level of interest rates.

These scenarios are represented by parallel translation, measured in basis points (bps) in the interest rate

yield curve at the reporting date. All other variables held constant, the Company’s income and equity before

tax is impacted as follows:

Millions of euro

Interest rate risk sensitivity analysis

2025

Pre-tax impact on

income

Pre-tax impact on

equity

Interest

Rates

scenario

increase

decrease

increase

decrease

Change in interest expense related to long term gross

floating-rate debt after hedging

25 bp

Change in interest income related to floating-rate

financial receivables after hedging

25 bp

(39)

Change in Fair value of Derivative financial

instruments not qualifying for hedge accounting

25 bp

Change in Fair value of Derivative Financial

instruments designated as hedging instruments

25 bp

Millions of euro

Interest rate risk sensitivity analysis

2024

Pre-tax impact on

income

Pre-tax impact on

equity

Interest

Rates

scenario

increase

decrease

increase

decrease

Change in interest expense related to long term gross

floating-rate debt after hedging

25 bp

Change in interest income related to floating-rate

financial receivables after hedging

25 bp

(32)

Change in Fair value of Derivative financial

instruments not qualifying for hedge accounting

25 bp

Change in Fair value of Derivative Financial

instruments designated as hedging instruments

25 bp

(1)

Currency risk

Currency risk is a type of risk that arises from the change in price of one currency against another. The

Company exposure to such risk is mainly due to foreign currencies denominated flows, originated by

financial assets and liabilities.

In order to mitigate this risk, the Company enters into plain vanilla transactions such as currency forwards

and cross currency interest rate swaps. In order to ensure effectiveness, all the contracts have notional

amount and expiry date matching the underlying expected future cash flows.

Cross currency interest rate swaps are used to transform a long-term fixed – or floating – rate liability in

foreign currency into an equivalent fixed – or floating – rate liability in euro, while currency forwards are

used to hedge commercial papers and intercompany loans.

Millions of euro

Notional amount

2025

2024

Foreign exchange derivatives:

Currency forwards:

539

898

Cross currency interest rate swaps

23,014

22,699

Total

23,553

23,597

For more details, please refer to the note 16 and 17.

Currency risk sensitivity analysis

The Company performs sensitivity analysis by estimating the effects on financial instruments portfolio of

changes in the level of exchange rates. In particular, sensitivity analysis measures the potential impact of

market scenarios both on equity, for the hedging component of cash flow hedges derivatives, and on income

statement for those derivatives that do not qualify for hedge accounting and the portion of gross long-term

foreign denominated debt not covered by derivatives.

These scenarios are represented by the 10% Euro appreciation/depreciation towards all foreign currencies

in comparison with end of year level. All other variables held constant, the carrying value of the Company’s

assets and liabilities denominated in foreign currencies are impacted following the exchange rate scenario

disclosed (10%), the Company’s income and equity before tax is impacted as follows:

Millions of euro

Foreign exchange risk sensitivity analysis

2025

Pre-tax impact on

income

Pre-tax impact on

equity

Exchange

Rate

Euro

Appr.

Euro

Depr.

Euro

Appr.

Euro

Depr.

scenario

Change in Fair value of Derivative financial

instruments not qualifying for hedge accounting

10%

(53)

Change in Fair value of Derivative Financial

instruments designated as hedging instruments

10%

Cash Flow hedge

10%

(2,116)

2,586

Fair value hedge

10%

(50)

Millions of euro

Foreign exchange risk sensitivity analysis

2024

Pre-tax impact on

income

Pre-tax impact on

equity

Exchange

Rate

Euro

Appr.

Euro

Depr.

Euro

Appr.

Euro

Depr.

scenario

Change in Fair value of Derivative financial

instruments not qualifying for hedge accounting

10%

(98)

Change in Fair value of Derivative Financial

instruments designated as hedging instruments

Cash Flow hedge

10%

(2,038)

2,491

Fair value hedge

10%

(51)

Credit risk

The Company’s financial operations expose it to credit risk, i.e. the possibility that a deterioration in the

creditworthiness of a counterparty has an adverse impact of the expected value of the creditor position.

The exposure to credit risk is attributable to Lending and hedging transactions.

Enel Finance International N.V. is part of the centralised financial flow process and acts as the primary

reference for the management of financial needs or liquidity generated by Enel Group entities. The Company

manages its lending operations in different countries and regions to minimise the concentration of risks

and therefore mitigate financial loss through a counterparty’s potential failure to make payments.

Finally, with regard to derivative transactions, risk mitigation is pursued with a uniform system for assessing

counterparties, as well as with the adoption of specific risk mitigation clauses (e.g. netting arrangements)

and possibly the exchange of cash collateral.

The Company’s maximum exposure to credit risk for the components of the Balance Sheet at 31 December

2025 and 2024 is the carrying amounts as illustrated in Note 6, 9 and 10.

Credit risk measurement

The Expected Credit Loss (i.e. ECL), determined considering Probability of Default (PD), Loss Given Default

(LGD), and Exposure at Default (EAD), is the difference between all contractual cash flows that are due in

accordance with the contract and all cash flows that are expected to be received (i.e., all short falls)

discounted at the original EIR.

EAD is established on a quarterly basis using outstanding exposure data. PD and LGD are determined at

least annually.

Probability of Default (PD) indicates the likelihood that a counterparty will default within one-year time

horizon.

The Company defines a default to have occurred when:

• the counterparty is overdue by more than 90 days; or

• the Company considers the borrower to be unlikely to meet its contractual obligations;

• besides mandatory triggers, judgmental triggers also apply.

The PD is estimated mainly in relation to the creditworthiness of each counterparty. The Company computes

the PD as the average of the P provided by the major rating agencies (e.g. Standard & Poor’s, Moody’s) for

each credit score, updated on yearly basis. In addition, in the absence of detailed values for each rating

class of Caa range, the values of cumulative PD shown in the tables for B3 and Ca-C are interpolated using

an exponential regression. Internal methodology to assess the creditworthiness considers qualitative and

quantitative information in order to reflect possible future events and macroeconomic scenarios, which may

affect the risk of the portfolio or the financial instrument.

Rating

Moody's PD %

Standard&Poors PD%

PD%

Aaa/AAA

Aa1/AA+

Aa2/AA

0.02

0.01

Aa3/AA-

0.04

0.02

0.03

A1/A+

0.06

0.04

0.05

A2/A

0.04

0.05

0.04

A3/A-

0.06

0.05

Baa1/BBB+

0.09

Baa2/BBB

0.16

0.13

0.14

Baa3/BBB-

0.26

0.21

0.23

Ba1/BB+

0.50

0.27

0.38

Ba2/BB

0.72

0.44

0.58

Ba3/BB-

1.30

0.87

1.09

B1/B+

1.84

1.83

1.84

B2/B

2.88

2.69

2.78

B3/B-

4.43

5.16

4.80

Caa1

7.64

Caa2

12.19

Caa3

19.43

Ca-C

35.82

26.12

30.97

Exposure at Default (EAD) estimates the expected exposure at the time of a counterparty default and

contains the carrying exposure at the reporting date net of eventual cash deposits obtained as guarantees

or, in some cases, as the amortized cost

Loss Given Default (LGD) consider each specific exposure at default, date of default, guarantee and deposit

information, recovery rate (portfolio or benchmark), credit insurance and legal/post default classification

details.

The Company uses qualitative triggers to determine whether a financial instrument should be classified as

stage 1 or stage 2. The Company is monitoring the status of borrower and the instruments is transferred

from stage 1 to stage 2 if the credit risk increases and there is a significant past due. A transfer to stage 3

will always be the result of default of the financial instrument.

The following table provides information about the exposure to credit risk and ECL, measured on an

individual basis, for financial assets subject to impairment other than trade receivables and contract assets:

Millions of euro

Staging

Basis for

recognition of

expected credit

loss provision

Weighted

average

expected credit

loss rate

(PD*LGD)

Gross carrying

amount

Expected credit

loss allowance

Net amount

at Dec. 31,

2025

Performing

12 m ECL

0.08%

48,715

48,678

Underperforming

Lifetime ECL

Non-performing

Lifetime ECL

Total

48,715

48,678

Millions of euro

Staging

Basis for

recognition of

expected credit

loss provision

Weighted

average

expected credit

loss rate

(PD*LGD)

Gross carrying

amount

Expected credit

loss allowance

Net amount

at Dec. 31,

2024

Performing

12 m ECL

0.11%

48,617

48,565

Underperforming

Lifetime ECL

Non-performing

Lifetime ECL

Total

48,617

48,565

The table below reports the movement in expected credit loss that has been recognized for financial assets

measured at amortized cost

Millions of euro

2025

2024

Change

Expected credit loss allowance as at 1 January

(10)

Impairment losses recognized in profit or loss

Reversal of impairment losses in profit or loss

(23)

(20)

(3)

Exchange rate differences

(1)

(2)

Expected credit loss allowance as at 31 December

(15)

Liquidity risk

Liquidity risk manifests itself as uncertainty about the Company’s ability to discharge its obligations

associated with financial liabilities that are settled by delivering cash or another financial asset.

The Company manages liquidity risk by implementing measures to ensure an appropriate level of liquid

financial resources minimizing the associated opportunity cost and maintaining a balanced debt structure

in terms of its maturity profile and funding sources.

On short term, liquidity risk is mitigated by maintaining an appropriate level of unconditionally available

resources.

On long term, liquidity risk is mitigated by maintaining a balanced debt maturity profile for our debt, access

to a range of resources of funding on different markets, in different currencies and with different

counterparties.

The mitigation of liquidity risk enables the Company to maintain a credit rating that ensures access to the

capital market and limits the cost of funds, with a positive impact on its performance and financial

position.

The Company holds the following undrawn lines of credit and commercial papers.

Millions of euro

at Dec. 31,

2025

at Dec. 31,

2024

Expiring

within one

year

Expiring

beyond one

year

Expiring within

one year

Expiring beyond

one year

Committed credit lines

3,600

1,050

3,000

Commercial paper

6,986

6,199

Total

6,986

3,600

7,249

3,000

Sustainability-linked revolving credit facilities in the amount of Euro 10 billion and Euro 3.5 billion, with a

maturity in 2026 and 2025 respectively are available for both the Company and Enel S.p.A.

Furthermore, Enel S.p.A. has confirmed through a letter dated 3 February 2026 its commitment to explicitly

provide the Company with the financial support until the date of approval of full year 2026 financial

statements of the Company. Enel S.p.A is a Guarantor on the bonds and commercial paper program.

Maturity analysis

The table below summarizes the maturity profile of the Company’s long-term debt on contractual

undiscounted payments.

Maturing in

Millions of Euro

2026

2027

2028

2029

2030

Beyond

Bond

-listed, fixed rate

3,848

3,254

1,964

3,225

1,597

11,646

-listed, floating rate

-unlisted, fixed rate

1,955

2,311

3,563

2,429

1,700

17,175

Total Bond

5,803

5,566

5,526

5,654

3,296

28,821

Bank borrowings:

- floating rate

374

Total bank borrowings:

374

Total

5,823

5,587

5,568

5,712

3,353

29,195

Notes to the statement of profit or loss and other comprehensive income

1 Interest income/ (expense) – Euro 171 million

Millions of euro

2025

2024

Change

Interest income:

- interest income on long-term financial assets

1,276

1,584

(308)

- interest income on short-term financial assets

212

429

(217)

- interest income from derivatives

217

294

(77)

- interest income from cash collaterals

(5)

Total interest income

1,731

2,338

(607)

Interest expense:

- interest expense on borrowings

- interest expense on bonds

1,350

1,529

(179)

- interest expense on commercial papers

129

(96)

- interest expense from derivatives

110

(22)

- interest expense from cash collaterals

(12)

- guarantee fee

(10)

Total interest expense

1,560

1,868

(308)

Net interest income/ (expense)

171

470

(299)

Interest income decreased by Euro 607 million with the variation mainly attributed to combined effect

of:

- lower interest income from Enel subsidiaries and affiliates incorporated in Italy (Euro 272 million),

in Spain (Euro 90 million), Netherlands (Euro 67 million), in Chile (Euro 65 million), in Brazil (Euro

18 million), in Mexico (Euro 8 million), in Panama (Euro 2 million) and in South Africa

(Euro 2 million)

- decrease of interest income from derivatives (Euro 77 million);

- decrease of interest income from cash collaterals (Euro 5 million).

Interests expenses on financial debt totaled Euro 1,560 million decreased by Euro 308 million mainly

due to:

- a decrease of interest expenses for bonds and borrowings (Euro 178 million);

- a decrease of interest charges from the Commercial Paper (Euro 96 million);

- a decrease of interest expense from derivatives (Euro 22 million);

- a decrease of interest expense from cash collaterals (Euro 12 million);

2. Other operating expense – Euro (7) million

Other operating expense increased by Euro 3 million totaling Euro 7 million and referred to services (mainly

related to legal and consultancy charges) for Euro 3 million and to personnel costs for Euro 1 million.

At 31 December 2025 the Company had, other than the directors, ten employees and one seconded

personnel (nine employees and one seconded personnel at 31 December 2024). In 2025 average headcount

comprised nine people (nine people for 2024). All people worked in the Netherlands.

3. Financial income/(expense)– Euro (24) million

3.1 Financial income/(expense) from derivatives

Millions of euro

2025

2024

Change

Financial income from derivatives:

- income from cash flow hedge derivatives

251

1,392

(1,141)

- income from fair value hedge derivatives

(34)

- income from derivatives at fair value through profit or loss

106

158

(52)

Total finance income from derivatives

357

1,584

(1,227)

Financial expense from derivatives:

- expenses from cash flow hedge derivatives

2,353

206

2,147

- expenses from fair value hedge derivatives

(6)

- expenses from derivatives at fair value through profit or loss

212

(146)

Total financial expense from derivatives

2,432

437

1,995

Net income/(expense) from derivatives

(2,075)

1,147

(3,222)

Net financial expenses from derivatives totaled to Euro 2,075 million and essentially reflected net financial

expenses from cash flow derivatives (Euro 2,102 million), net expenses from fair value hedge derivatives

(Euro 13 million) and net financial income from derivatives at fair value through profit and loss (Euro 40

million).

The sharp decrease of Euro 3,222 million compared with the previous year was due to increase in net

financial loss from cash flow hedge derivatives (Euro 3,288 million) and an increase of net financial

expenses from fair value hedge derivatives (Euro 28 million), partly offset by an increase of net financial

income from derivatives at fair value though profit and loss (Euro 94 million).

The net balance recognized in 2025 on both hedging and trading derivatives mainly reflected the hedging

of currency risk.

For more details about derivative financial instruments, please refer to the note 16 and 17.

3.2 Other net financial income/ (expense)

Millions of euro

2025

2024

Change

Other financial income

- positive exchange rate differences

2,301

184

2,117

- reversal of impairment

Total other financial income

2,315

195

2,120

Other financial expenses

- negative exchange rate differences

233

1,336

(1,103)

- fair value adjustment on bond

Total other financial expense

264

1,342

(1,078)

Net other financial income/ (expense)

2,051

(1,147)

3,198

Net other financial income totaled to Euro 2,051 million composed to net exchange rate differences (Euro

2,068 million) and impairment reversal (Euro 14 million), partly offset by fair value adjustment on bond

(Euro 31 million).

Net foreign exchange gain totaled to Euro 2,068 million consisted of: revaluation of the outstanding value

of bonds denominated in foreign currencies (Euro 2,275 million), partly offset by foreign currency

evaluation of non-euro group portfolio (Euro 197 million) and other foreign exchange losses (Euro 10

million).

The amount of the foreign exchange loss arisen from the revaluation of notional value of bonds (Euro 2,109

million) and the amount of forex exchange gain arisen from several BRL and USD loans (Euro 97 million)

are mitigated by the same amount recycled to the Cash Flow Hedge equity reserve.

The following table shows impairment losses recognized and reversed during the period.

Millions of euro

2025

2024

Change

Expected credit losses:

Long-term loans and financial receivables (including current portion)

Short-term loans and financial receivables

(6)

Total expected credit losses

Reversals of expected credit losses:

Long-term loans and financial receivables (including current portion)

Short-term loans and financial receivables

(3)

Total reversals of expected credit losses

Total expected credit losses/ (reversal of expected credit losses)

(14)

(11)

(3)

Reversal of impairment is mainly attributed to the repayment of long-term loans and change in structure

of short-term revolving credit lines and loans granted to Enel Group Companies.

4 Income tax (income)/expenses – Euro 116 million

Millions of euro

2025

2024

Change

Profit before income taxes

140

466

(326)

Withholding tax on foreign interests

(3)

Current tax

(79)

Deferred tax

103

Income taxes

116

131

(15)

Effective tax rate

82.9%

28.1%

The following table reconciles the theoretical tax rate with the effective tax rate.

Millions of euro

2025

2024

Change

Accounting profit before income tax

140

466

(326)

Tax rate applicable

25.8%

Theoretical tax expense

120

(84)

Adjustments in respect of current income tax of previous years

(5)

(6)

Withholding tax deduction

(1)

(2)

Withholding tax paid abroad

(9)

Deferred taxes derecognition

Income taxes

116

131

(15)

The decrease of tax changes was mainly attributable to decline of taxable profit recorded in the reporting

period compared to the previous year (Euro 77 million), and prior year adjustments (Euro 6 million) partly

offset by the derecognition non-recoverable deferred tax assets (Euro 67 million).

On a basis of current estimates of future taxable income there is no reasonable certainty of recoverability

of deferred tax assets.

The effective tax rate in 2025 was 82.9% (28.1% in 2024) compared with the standard Dutch rate of

25.8% which was driven mainly by the tax on derecognition of non-recoverable deferred tax assets and

interest income withheld abroad.

Notes to the statement of financial position

5 Deferred tax assets (liabilities) – Euro 211 million

Changes in deferred tax assets and deferred tax liabilities, grouped by type of temporary difference, are

shown below.

Millions of euro

at Dec. 31,

2024

Increase/

(Decrease)

taken to

income

statement

Increase/

(Decrease)

taken to

equity

(De)recognition

at Dec. 31,

2025

Deferred tax asset

Nature of temporary differences:

- derivatives

457

(251)

(3)

203

- losses with deferred deductibility

(17)

(73)

- measurement of financial instruments

(4)

(9)

Deferred tax asset

568

(21)

(251)

(85)

211

Net deferred tax asset

568

(21)

(251)

(85)

211

Deferred tax assets totaled to Euro 211 million, having an decrease by Euro 357 million mainly due to

decrease of deferred tax assets on effective portion in fair value of cash flow hedges (Euro 263 million),

partly offset by an increase of deferred tax assets on hedging costs (Euro 12 million), a decrease of deferred

tax assets recorded for carrying forward losses (Euro 17 million) and a decrease of deferred tax assets

attributed to expected credit loss allowance (Euro 4 million) and derecognition (Euro 85 million).

Deferred tax assets have not been recognized in respect of the following items, because it is not probable

that future taxable profit will be available against which the Company can use the benefits therefrom

Millions of euro

2025

2024

Gross

amount

Tax

effect

Gross

amount

Tax

effect

- deductible temporary difference taken to income statement

320

- deductible temporary difference taken to equity

Total unrecognised deferred tax assets

331

6 Long-term loans and financial receivables including portion falling due within

twelve month – Euro 43,438 million

Following table represents medium long-term loans granted to Enel Group companies and affiliated

companies:

Millions of Euro

at Dec. 31,

2025

at Dec. 31,

2024

Change

Long-term loans

Loan receivable from Enel S.p.A.

17,009

14,142

2,867

Loan receivable from Enel Italia S.p.A.

16,450

Loan receivable from Endesa SA

3,525

Loan receivable from Enel Iberia Srl

1,954

2,304

(350)

Loan receivable from Enel Green Power S.p.A.

535

1,335

(800)

Loan receivable from Enel Chile SA

733

988

(255)

Loan receivable from Energia Limpia de Amistad SA de CV

126

109

Loan receivable from Energía Limpia de Palo Alto SA de Cv

(23)

Loan receivable from Parque Salitrillos SA de Cv

(11)

Loan receivable from Villanueva Solar SA de CV

(3)

Loan receivable from Dominica Energía Limpia SA de Cv

Loan receivable from Parque Solar Villanueva Tres SA de CV

(2)

Loan receivable from Vientos del Altiplano SA de Cv

Loan receivable from Parque Solar Don Jose SA de CV

(1)

Loan receivable from PH Chucas SA

(10)

Loan receivable from Enel X Korea Ltd

Loan receivables from NGONYE POWER COMPANY Ltd

Loan receivables from Enel X S.r.l.

100

(100)

Loan receivable from EGP Magdalena Solar SA DE CV

(57)

Loan receivables from Dolores Wind Sa De Cv

(56)

Loan receivables from Parque Amistad II SA DE CV

(26)

Loan receivables from Parque Amistad III SA DE CV

(25)

Loan receivables from ENEL PANAMA CAM, S.R

(18)

Loan receivable from ENERNOC TAIWAN LTD

(1)

Total loans

40,703

39,545

1,158

Expected credit loss

(7)

Total loans net of expected credit loss

40,671

39,506

1,165

Short-term portion of long-term loans represented in the table below:

Millions of euro

at Dec. 31,

2025

at Dec. 31,

2024

Change

Short-term portion of long-term loans

Loan receivable from Enel S.p.A.

2,133

132

2,001

Loan receivable from Enel Iberia Srl

350

Loan receivable from Enel Chile SA

137

156

(19)

Loan receivables from Enel X S.r.l.

100

Loan receivable from Enel Green Power S.p.A.

112

(85)

Loan receivable from Energía Limpia de Palo Alto SA de Cv

Loan receivable from PH Chucas SA

(1)

Loan receivable from Parque Salitrillos SA de Cv

Loan receivable from Slovak Power Holding BV

770

(770)

Loan receivable from Enel Global Trading S.p.A.

200

(200)

Loan receivable from Enel Brazil S.A.

(92)

Loan receivable from Companhia Energetica Do Ceara - Coelce

(78)

Loan receivable from Ampla Energia E Serviços S.A.

(46)

Loan receivable from Dolores Wind Sa De Cv

(6)

Loan receivable from EGP Magdalena Solar SA DE CV

(6)

Loan receivables from ENEL PANAMA CAM, S.R

(4)

Loan receivables from Parque Amistad II SA DE CV

(3)

Loan receivables from Parque Amistad III SA DE CV

(3)

Loan receivable from ENERNOC TAIWAN LTD

(1)

Total

2,770

1,982

788

Expected credit loss

Total loans net of expected credit loss

2,767

1,979

788

The table below reports long-term financial receivables by currency and interest rate.

Millions of Euro

Balance

Nominal value

Effective

interest rate

Balance

Nominal value

Effective

interest rate

at Dec. 31,

2025

at Dec. 31,

2024

Euro

42,087

2.84%

39,565

3.14%

Brazilian Real

0.0%

12.7%

Mexican Peso

219

12.6%

191

12.6%

US dollar

1,163

4.1%

1,690

1,691

4.5%

Zambian Kwacha

25.9%

Total non-Euro currencies

1,386

1,962

1,963

Total

43,473

41,527

41,528

7. Derivatives – Euro 1,126 million

Derivative instruments refer to: (i) Cash flow hedge derivatives used by the Company to hedge the

exchange rate and interest rate fluctuations of bonds and long-term loans or receivables; (ii) derivatives

at fair value through profit and loss used by the Company to mitigate the loan interest rate fluctuations

and (iii) fair value hedge derivative on interest rate risk.

Millions of euro

Non Current

Current

at Dec. 31,

2025

at Dec. 31,

2024

at Dec. 31,

2025

at Dec. 31,

2024

Derivative financial assets

458

1,170

Derivative financial liabilities

1,583

1,244

118

For more details about the nature, the recognition and classification of derivative financial assets and

liabilities, please refer to the note 17.

8 Other non-current financial assets – Euro 34 million

Other non-current financial assets totaled Euro 34 million as at 31 December 2025 (Euro 30 million as at

31 December 2024) are essentially accounted for by transaction costs on Euro 12 billion revolving credit

facility agreed on 19 February 2025 between Enel SpA, Enel Finance International N.V. and Mediobanca

and prepaid expenses of derivative agreements.

9 Short-term loans and financial receivables – Euro 5,240 million

The following table shows the breakdown of the short-term loans granted to Enel Group and affiliated

companies:

Millions of euro

at Dec.

31,

2025

at Dec.

31,

2024

Change

Short-term loans

Enel S.p.A. - Financial Services Agreement

1,239

1,929

(690)

Revolving short-term facility agreement with Enel S.p.A

2,500

3,000

(500)

Revolving short-term facility agreement with Enel Italia S.p.A

1,500

2,000

(500)

Revolving short-term facility agreement with EGP GERMANY GMBH

Revolving short-term facility agreement with Enel Green Power South Africa Pty

(77)

Revolving short-term facility agreement with Dolores Wind Sa De Cv

(19)

Revolving short-term facility agreement with EGP Magdalena Solar SA DE CV

(19)

Revolving short-term facility agreement with PARQUE AMISTAD III SA

(16)

Revolving short-term facility agreement with PARQUE AMISTAD II SA

(14)

Revolving short-term facility agreement with PARQUE AMISTAD IV SA

(13)

Total short term loans

5,242

7,090

(1,848)

Expected credit loss

(8)

Total loans net of expected credit loss

5,240

7,080

(1,840)

The table below reports short -term financial receivables by currency and interest rate.

Millions of Euro

at Dec. 31,

2025

at Dec. 31,

2024

Balance

Nominal value

Effective

interest rate

Balance

Nominal value

Effective

interest rate

Total Euro

5,242

2.5%

6,932

3.5%

South African rand

0.0%

10.2%

US dollar

0.0%

7.9%

Total non-Euro currencies

0.0%

158

Total

5,242

7,090

The table below reports the short-term financial instruments granted to the Enel Group companies:

Facility Agreements

Financial relationship

Commitment

amount as at

31 Dec 2025

Rate of Interest

Spread

as at 31

Dec 2025

Commitment fee as

at 31 Dec 2025

Millions of Euro

Enel Green Power Germany

GmbH

Revolving credit facility

3.00

EURIBOR 3M

1.50%

35% of the margin

per annum

Endesa S.A.

Revolving credit facility

1,500.00

EURIBOR 1/3/6M

0.77%

17.6 bps

Endesa S.A.

Revolving credit facility

1,000.00

EURIBOR 1/3/6M

0.63%

20 bps

Enel Italia S.p.A.

Revolving credit facility

2,000.00

EURIBOR 1/3/6M

0.75%

35% of the margin

per annum

Enel S.p.A.

Revolving credit facility

3,000.00

EURIBOR

1W/1/3/6M

0.80%

35% of the margin

per annum

Millions of USD

Enel Americas S.A.

Revolving credit facility

500.00

SOFR 1/3/6M

1.60%

35% of the margin

per annum

Enel Chile S.A.

Revolving credit facility

50.00

SOFR 1/3/6M

1.00%

30% of the margin

Enel Chile S.A.

Revolving credit facility

290.00

SOFR 1/3/6M

1.50%

35% of the margin

per annum

Millions of ZAR

Enel Green Power RSA (Pty)

Ltd

Revolving credit facility

200.00

Fixed 8%

n/a

48.87 bps

10 Other current financial assets – Euro 1,608 million

Millions of Euro

at Dec. 31,

2025

at Dec. 31,

2024

Change

Cash collateral on derivatives

1,277

944

333

Current financial accrued income

329

335

(6)

Other current financial receivables

Total other current financial assets

1,608

1,281

327

While other current financial assets are also subject to the impairment requirements of IFRS 9, the identified

impairment loss was immaterial.

11 Cash and cash equivalents – Euro 1 million

Cash and cash equivalent represent the cash availability deriving by the turnover of the lending portfolio

of the Company, temporary not invested in lending activities within Enel Group and placed in time deposits

operations with primary bank counterparties.

Millions of euro

at Dec. 31,

2025

at Dec. 31,

2024

Change

Bank balances

Total cash and cash equivalents

While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified

impairment loss was immaterial.

Cash balances are mostly denominated in euro. Cash balances are not restricted by any encumbrances.

12 Shareholder’s equity – Euro 6,428 million

Share capital – Euro 1,479 million

The authorized share capital of the company amounts to Euro 2,500 million, divided into 2,500 million of

shares, each share with a nominal value of Euro 1.0 each.

The issued and paid-up share capital amounts to Euro 1,478.8 million represented by 1,478,810,371 shares

with nominal value of Euro 1.0 each increased by 1 share as a result of demerger in 2016 of Enel Green

Power International B.V.

The share capital was unchanged compared with the amount reported at 31 December 2024

Share premium reserve– Euro 4,826 million

The reserve arises from the cross-border merger finalized during 2010 between Enel Finance International

S.A. and Enel Trading RUS B.V. (Euro 43 million) and demerger of net assets from Enel Green Power

International B.V. in October 2016 (Euro 983 million) and the capital contribution (Euro 8,100 million)

made by the parent company in October 2021.

In 2024 the Company distributed share premium in amount of Euro 4,300 million to its shareholders.

Legal reserves include reserves such as reserve from effective portion of change in the fair value of cash

flow hedges and reserve from cost of hedging.

Hedging reserve (legal reserve) – Euro (754) million

The reserve includes the effective portion of the cumulative net change in the fair value of cash flow hedging

instruments related to hedged transactions.

Considering the nature of the reserve (legal), up to the amount of the negative balance of this reserve, no

distributions may be charged to the free reserves.

For more details about the nature, the recognition and classification of derivative financial assets and

liabilities, please refer to the note 17.

Hedging costs reserve (legal reserve) – Euro 159 million

This reserve includes net gains (losses) recognised directly in equity resulting from the measurement of

fair value cost of hedging (i.e. time value, forward element and currency basis) when excluded from hedging

relationship.

Considering the nature of the reserve (legal), up to the amount of the negative balance of this reserve, no

distributions may be charged to the free reserves.

For more details please refer to the note 17.

Capital Management

It is the policy of the Company to maintain a strong capital base to preserve creditors and market

confidence and so to sustain future development of the business. The Board of Directors monitors the

return on capital that the Company defines as total shareholder’s equity, the developments in the level of

its debt in relation to equity and the level of dividends to ordinary shareholders.

The return of capital is calculated as a percentage of financial result on total equity net of cash flow hedge

reserve excluded in this key performance indicator because Company’s management preferred to exclude

evaluation equity reserves which might be quite volatile over the periods:

Millions of euro

at Dec. 31,

2025

at Dec. 31,

2024

Total Equity

6,428

5,683

Cash flow hedge and cost of hedging reserves

(595)

(1,316)

Adjusted equity

7,023

6,999

Net financial result

335

Return of capital (*)

0.3%

4.8%

* Key Performance Indicator determined on a yearly basis.

The Board’s objective is to maintain a balance between the higher returns that might be possible with

higher levels of borrowings and the advantages and security afforded by a sound capital position.

The Company is not subject to externally imposed capital requirements.

Proposal for net result appropriation

The Board of Directors proposes to the General meeting of Shareholders the allocation of the net result of

the year 2025 to the Company’s retained earnings/ (accumulated loss).

13 Long-term loans and borrowings (including the portion falling due within

twelve months for Euro 4,433 million) – Euro 40,490 million

This note provides information about the contractual terms of the Company’s interest bearing loans and

borrowings, which are measured at amortized cost. For more information about the Company’s exposure

to interest rate, foreign currency and liquidity risk, see paragraph “Risk management”.

The aggregate includes long-term payables in respect of bonds, bank loans, revolving credit facility and

other loans in Euro and other currencies.

The following table shows the nominal values, carrying amounts of long-term debt at 31 December 2025,

including the portion falling due within 12 months, grouped by type of borrowing and type of interest

rate:

Millions of Euro

Balance

Nominal

value

Portion

due in

more than

12 months

Current

portion

Balance

Nominal

value

Portion

due in

than 12

months

Current

portion

at Dec. 31,

2025

at Dec. 31,

2024

Bonds

-listed, fixed rate

21,495

21,662

18,127

3,368

23,022

23,246

19,609

3,414

-listed, floating rate

-unlisted, fixed rate

18,588

18,774

17,523

1,065

18,182

18,352

16,733

1,448

Total Bond

40,083

40,436

35,650

4,433

41,254

41,648

36,342

4,912

Bank borrowings

-floating rate

407

426

407

Total Bank borrowings

407

426

407

Total Bonds and bank

borrowings

40,490

40,862

36,057

4,433

41,254

41,648

36,342

4,912

The table below reports long-term financial debt by currency and interest rate.

Millions of Euro

at Dec. 31,

2025

at Dec. 31,

2024

at Dec. 31,

2025

Balance

Nominal value

Balance

Current average

interest rate

Effective

interest rate

Total Euro

18,602

18,718

20,031

1.9%

2.1%

US dollar

18,769

18,969

17,970

4.8%

5.0%

Pound sterling

2,979

3,035

3,115

4.0%

4.2%

Swiss Franc

140

138

4.0%

Total non-Euro currencies

21,888

22,144

21,223

Total

40,490

40,862

41,254

The table below reports changes in the nominal value of long-term debt during the year.

Millions of Euro

Nominal value

New

financing

Capitalised

interests on

ZCB

Repayments

Exchange

rate

differences

Nominal value

at Dec. 31,

2024

at Dec. 31,

2025

Bonds in non-Euro currencies

and Euro currency

41,648

5,830

4,759

(2,296)

40,436

Bank borrowings

425

426

Total long-term financial

debt

41,648

6,255

4,759

(2,295)

40,862

New bonds issue

On 17 February 2025 the Company launched a multi-tranche “Sustainability-Linked bond” for institutional

investors in the Eurobond market for a total of 2,000 million euros.

The issue is structured in the following three tranches:

- 750 million euros at a fixed rate of 2.625%and maturity 24 February 2028;

- 750 million euros at a fixed rate of 3.000%and maturity 24 February 2031;

- 500 million euros at a fixed rate of 3.500%and maturity 24 February 2036.

On 24 September 2025 the Company launched a multi-tranche bond for institutional investors in the US

and international markets for a total of USD 4,500 million.

The issue is structure in the following four tranches:

- USD 1,000 million at a fixed interest rate of 4.125%, and maturity at 30 September 2028;

- USD 1,250 at a fixed interest rate of 4.375%, and maturity at 30 September 2030;

- USD 1,250 million at a fixed interest rate of 5.000% and maturity at 30 September 2035;

- USD 1,000 million at a fixed interest rate of 5.750% and maturity at 30 September 2055.

Bond repayments

Repayment at maturity

- Euro 985 million in respect of a fix-rate bond matured on 27 January 2025;

- Euro 50 million in respect of a floating-rate bond matured on 4 April 2025;

- Euro 180 million in respect of a fix-rate bond matured on 23 April 2025;

- USD 750 million (approx. Euro 647 million) in respect of a fix-rate bond matured on 16 June 2025;

- Euro 1,000 million in respect of a fix-rate bond matured on 21 June 2025;

- USD 750 million (approx. Euro 647 million) in respect of a fix-rate bond matured on 14 October

2025;

- Euro 1,250 million in respect of a fix-rate bond matured on 17 November 2025.

A multicurrency financing with EIFO and Citi

On 25 July 2025 the Enel Group signed an agreement aimed at granting multicurrency facilities from Citi

and Denmark’s Export and Investment Fund (EIFO), for up to Euro 756 million.

The Company signed the first floating rate facility for USD 500 million (equivalent to around Euro 430

million) maturing on 31 January 2038.

Debt covenants

The main long-term financial debts of the Company are governed by covenants containing undertakings by

the borrowers (Enel S.p.A. and the Company) and by Enel S.p.A. as guarantor that are commonly adopted

in international business practice. The main covenants for the Company are related to the bond issues

carried out within the Euro / Global Medium-Term Notes Programme and the Revolving Facility Agreement

dated 19 February 2025 between Enel S.p.A., the Company and a pool of banks, of up to Euro 13.5 billion

(“Amended Revolving Facility Agreement”), and the Facility Agreement dated 19 July 2025 between the

Company, Enel S.p.A. (as guarantor), Citibank and Export and Investment Fund of Denmark (“EIFO”) for

an amount of US Dollars 500 million (the “EIFO Financing”), executed on the basis of the Framework

Agreement dated 19 July 2025 between Enel S.p.A., Citibank and EIFO, which regulates the provision by

Citibank of financings in favor of Enel Group companies, guaranteed by EIFO and by Enel S.p.A. (the “EIFO

Framework Agreement”).

Covenants are non-financial. To date none of the covenants have been triggered.

The main covenants in respect of the bond issues under the Global/Euro Medium-Term Notes program

(including the Green Bonds of the Company guaranteed by Enel S.p.A., which are used to finance the

Group’s eligible green projects) and those related to the bonds issued by the Company on the US market

guaranteed by Enel SpA can be summarized as follows:

• negative pledge clauses under which the issuer may not establish or maintain (except under

statutory requirement) mortgages, liens or other encumbrances on all or part of its assets or

revenues to secure any listed bond or bond for which listing is planned unless the same guarantee

is extended equally or pro rata to the bonds in question;

• pari passu clauses, under which the securities constitute a direct, unconditional and unsecured

obligation of the issuer and are issued without preferential rights among them and have at least

the same seniority as other unsubordinated and unsecured obligations, present and future, of the

issuer;

• under cross-default clauses, the occurrence of a default event (above a threshold level) in respect

of certain indebtedness of the issuer constitutes a default in respect of the bonds in question, which

may become immediately repayable;

From 2019, the Company issued some “sustainable” bonds on the European market (as part of the Euro

Medium Term Notes - EMTN bond issue program) and on the US market, guaranteed by Enel SpA, linked

to the achievement of a number of the Sustainable Development Goals (SDGs) of the United Nations that

contain the same covenants as other bonds of the same type.

The main covenants for the Revolving Facility Agreement and the EIFO Financing involving the Company

and Enel S.p.A. can be summarized as follows:

• negative pledge clause under which the borrower (and Enel S.p.A.’s significant subsidiaries) may

not establish or maintain (with the exception of permitted guarantees) mortgages, liens or other

encumbrances on all or part of their assets to secure certain financial indebtedness;

• pari passu clause, under which the payment obligation of the borrower have at least the same

seniority as its other unsubordinated and unsecured payment obligations;

• change of control clause which is triggered in the event (i) control of Enel is acquired by one or

more shareholders other than the Italian state or (ii) Enel or any of its subsidiaries transfer a

substantial portion of the Group’s assets to any other persons outside the Group such that the

financial reliability of the Group is significantly compromised. The occurrence of one of the two

circumstances may give rise to (a) the renegotiation of the terms and conditions of the facility or

(b) compulsory early repayment of the facility by the borrower;

• rating clauses, which provide for the borrower to maintain their rating above a certain specified

level;

• under cross-default clause, the occurrence of a default event (above a threshold level) in respect

of certain financial indebtedness of the borrower or Enel S.p.A.’s “significant” subsidiaries (i.e.

consolidated companies whose gross revenues or total assets are at least equal to a specified

percentage (10% of gross consolidated revenues or total consolidated assets)) constitutes a default

in respect of the facility in question, which may become immediately repayable;

• disposals clause, under which the borrower (and Enel S.p.A.’s controlled subsidiaries) may not

dispose of all or any material part of their assets or undertaking with the exception of permitted

disposals.

Moreover, the EIFO Framework Agreement and the EIFO Financing contain also covenants which are typical

of facilities backed by export credit agencies.

None of the covenants indicated above has been triggered to date.

The following table provides disclosures about changes in bonds and commercial papers, as defined in the

cash flows statements, including both changes arising from cash flows and non-cash changes.

Millions of Euro

Notes

at Jan.1,

2024

Changes from

financing cash flows

Non-cash changes

at Dec.

31,

2025

New

issues

Repayments

and other

net changes

Effect of

changes in

foreign

exchange

rates

Changes

in fair

values

Other

non-

cash

changes

Long-term borrowings

41,254

6,255

4,759

(2,274)

(17)

40,490

Commercial papers

1,801

787

1,014

Total

43,055

6,255

5,546

(2,274)

(17)

41,504

14 Short-term loans and borrowings – Euro 1,858 million

Millions of Euro

at Dec. 31,

2025

at Dec. 31,

2024

Change

Short-term loans from the Enel Group and associated companies

706

202

504

Commercial papers

1,014

1,801

(787)

Cash collaterals on derivatives

138

628

(490)

Overdraft

(4)

Short-term financial debt

1,858

2,635

(777)

Short-term loans

At 31 December 2025 loans maturing withing 12 months totaled to Euro 706 million having an increase by

Euro 504 million comparing with 31 December 2024.

Millions of Euro

Original

currency

at Dec. 31,

2025

at Dec. 31,

2024

Change

Enel Iberia S.r.l.

Euro

678

202

476

Enel X Japan K.K.

JPY

ENEL X POLSKA SP Z O

PLN,EUR

Enel X UK Limited

GBP

Total

706

202

504

Commercial Papers

The payables represented by commercial papers relate to outstanding issuances at 2025 year-end in the

context of the Euro Commercial Paper Programme (hereinafter, also “ECP Programme”), launched in 2005

by the Company and guaranteed by Enel S.p.A.

In the context of the last update of the commercial paper programme the Company can issue short-term

promissory notes issued in the interest-bearer form up to an amount of Euro 8,000 million. Each note can

be denominated in any currency, with a minimum denomination of Euro 500,000 (or GBP 100,000, or USD

500,000, or JPY 100 million or its equivalent in the relevant currency) and a maturity between one day and

one year. The notes may be issued on a discounted basis or may bear fixed or floating interest rate or a

coupon calculated by reference to an index or formula, and are not listed on any stock exchange.

The total nominal value of commercial papers issued and not yet reimbursed as of 31 December 2025 was

Euro 1,014 million (Euro 1,801 million at 31 December 2024). Commercial papers will be repaid within 12

months.

15 Other current financial liabilities – Euro 483 million

Other current financial liabilities increased by Euro 34 million and mainly related to interest expenses

accrued on debt outstanding at 31 December 2025.

All payments are expected within 12 months.

16 Fair value measurement

The fair value of assets and liabilities is categorized into a fair value hierarchy that provides three levels

defined as follows on the basis of the inputs to valuation techniques used to measure fair value:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities to which the company

has access at the measurement date;

Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability,

either directly (that is, as prices) or indirectly (that is, derived from prices);

Level 3: inputs for the asset or liability that are not based on observable market data (that is, unobservable

inputs).

In this note, the relevant disclosures are provided in order to assess the following:

- for assets and liabilities that are measured at fair value on a recurring or non-recurring basis in the

balance sheet after initial recognition, the valuation techniques and inputs used to develop those

measurements; and

- for recurring fair value measurements using significant unobservable inputs (Level 3), the effect of

the measurements on profit or loss or other comprehensive income for the period.

For this purpose:

- recurring fair value measurements are those that IFRSs require or permit in the balance sheet at

the end of each reporting period;

- non-recurring fair value measurements are those that IFRSs require or permit in the balance sheet

in particular circumstances.

The fair value of derivative contracts is determined using the official prices for instruments traded on

markets.

The fair value of instruments not listed on a market is determined using valuation methods appropriate for

each type of financial instrument and market data as of the close of the period (such as interest rates,

exchange rates, volatility), discounting expected future cash flows on the basis of the market yield curve

and translating amounts in currencies other than the euro using exchange rates provided by the European

Central Bank.

The notional amount of a derivative contract is the amount on which cash flows are exchanged. This amount

can be expressed as a value or a quantity (for example tons, converted into euros by multiplying the

notional amount by the agreed price).

Amounts denominated in currencies other than euro are converted into euros at the exchange rate provided

by the European Central Bank.

The notional amounts of derivatives reported here do not necessarily represent amounts exchanged

between the parties and therefore are not a measure of the company’s credit risk exposure.

For listed debt instruments, the fair value is given by official prices. For unlisted instruments the fair value

is determined using appropriate valuation techniques for each category of financial instrument and market

data at the closing date of the year, including the credit spreads of Enel Finance International N.V.

Assets and liabilities measured at fair value in the financial statements

The following table shows the fair value measurement at the end of the reporting period and the level in

the fair value hierarchy into which the fair value measurements are categorised:

Millions of Euro

Non Current

Current

at Dec.

31,

2025

Level 1

Level 2

Level 3

at Dec.

31,

2025

Level 1

Level 2

Level 3

DERIVATIVE ASSETS

Cash flow hedge

on interest rate risk

on foreign exchange risk

453

Total

456

At fair value through

profit or loss

on interest rate risk

on foreign exchange risk

Total

TOTAL DERIVATIVE

ASSETS

458

DERIVATIVE LIABILITIES

Fair value hedge

on foreign exchange risk

(15)

Total

-15

Cash flow hedge

on interest rate risk

(3)

on foreign exchange risk

(1,563)

Total

(1,566)

At fair value through

profit or loss

on interest rate risk

(2)

on foreign exchange risk

(3)

Total

(2)

(3)

TOTAL DERIVATIVE

LIABILITIES

(1,583)

(3)

Milions of euro

Non Current

Current

at Dec.

31,

2024

Level 1

Level 2

Level 3

at Dec.

31,

2024

Level 1

Level 2

Level 3

DERIVATIVE ASSETS

Fair value hedge

on foreign exchange risk

Total

Cash flow hedge

on interest rate risk

on foreign exchange risk

1,153

Total

1,159

At fair value through

profit or loss

on interest rate risk

on foreign exchange risk

Total

TOTAL DERIVATIVE

ASSETS

1,170

DERIVATIVE LIABILITIES

Fair value hedge

on foreign exchange risk

Total

Cash flow hedge

on interest rate risk

on foreign exchange risk

1,198

Total

1,221

At fair value through

profit or loss

on interest rate risk

on foreign exchange risk

Total

TOTAL DERIVATIVE

LIABILITIES

1,244

118

Assets and liabilities not measured at fair value in the financial statements

The following table shows, for each class of liabilities not measured at fair value in the balance sheet but

for which the fair value shall be disclosed, the fair value at the end of the reporting period and the level in

the fair value hierarchy into which the fair value measurements are categorized.

For listed debt instruments, the fair value is given by official prices while for unlisted instruments the fair

value is determined using appropriate valuation technique for each category of financial instrument and

market data at the closing date of the year.

Milions of euro

note

Fair value

Level 1

Level 2

Level 3

at Dec. 31,

2025

Financial assets at amortized cost

Medium/long-term financial receivables

43,308

Short-term financial receivables

4,010

Total

47,318

Borrowings:

Bonds

-fixed rate

39,472

39,330

142

-floating rate

Bank borrowings

-floating rate

415

Total

39,887

39,330

557

Level 2 includes financial assets/liabilities measured at fair value on the basis of the curve on the market

for each currency and the exchange rate for the non-euro currency.

17 Derivatives and hedge accounting

Derivatives are initially recognised at fair value, on the trade date of the contract and are subsequently re-

measured at their fair value. The method of recognising the resulting gain or loss depends on whether the

derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

Hedge accounting is applied to derivatives entered into, in order to reduce risks such as interest rate risk,

foreign exchange rate risk, when all the criteria provided by IFRS 9 are met.

The Company documents at the inception of the transaction the relationship between hedging instruments

and hedged items, as well as its risk management objectives and strategy. The Company also documents

its assessment, both at hedge inception and on an ongoing basis, of whether hedging instruments are

highly effective in offsetting changes in fair values or cash flows of hedged items.

For cash flow hedges of forecast transactions designated as hedged items, the Company assesses and

documents that they are highly probable and present an exposure to changes in cash flows that affect

profit or loss.

To be effective a hedging relationship shall meet all of the following criteria:

- existence of an economic relationship between hedging instrument and hedged item;

- the effect of credit risk does not dominate the value changes resulting from the economic

relationship;

- the hedge ratio defined at designation resulting equal to the one used for risk management

purposes (i.e. same quantity of the hedged item that the entity actually hedges and the quantity of the

hedging instrument that the entity actually uses to hedge the quantity of the hedged item).

Based on the IFRS 9 requirements, the existence of an economic relationship is evaluated by the Company

through a qualitatively assessment or a quantitatively computation, depending of the following

circumstances:

- if the underlying risk of the hedging instrument and the hedged item is the same, the existence of

an economic relationship will be provided through a qualitative analysis;

- on the other hand, if the underling risk of the hedging instrument and the hedged item is not the

same, the existence of the economic relationship will be demonstrated through a quantitative method

in addition to a qualitative analysis of the nature of the economic relationship (i.e. linear regression).

In order to demonstrate that the behaviour of the hedging instrument in line with those of the hedged item,

different scenarios will be analysed

In order to evaluate the credit risk effects, the Company considers the existence of risk mitigating measures

(collateral, mutual break-up clauses, netting agreements, etc.).

The Company has established a hedge ratio of 1:1 for all the hedging relationships as the underlying risk

of the hedging derivative is identical to the hedged risk, in order to minimize hedging ineffectiveness.

The hedge ineffectiveness will be evaluated through a qualitative assessment or a quantitative computation,

depending on the following circumstances:

- if the critical terms of the hedged item and hedging instrument match and there aren’t other sources

of ineffectiveness included the credit risk adjustment on the hedging derivative, the hedge relationship

will be considered fully effective on the basis of a qualitative assessment;

- if the critical terms of the hedged item and hedging instrument do not match or there is at least

one source of ineffectiveness, the hedge ineffectiveness will be quantified applying the dollar offset

cumulative method with hypothetical derivative. This method compares changes in fair values of the

hedging instrument and the hypothetical derivative between the reporting date and the inception date.

The main causes of hedge ineffectiveness may be the followings:

- basis differences (i.e. the fair value or cash flows of the hedged item depend on a variable that is

different from the variable that causes the fair value or cash flows of the hedging instrument to change);

- timing differences (i.e. the hedged item and hedging instrument occur or are settled at different

dates);

- quantity or notional amount differences (i.e. the hedged item and hedging instrument are based

on different quantities or notional amounts);

- other risks (i.e. changes in the fair value or cash flows of a derivative hedging instrument or hedged

item relate to risks other than the specific risk being hedged);

- credit risk (i.e. the counterparty credit risk differently impact the fair value movements of the

hedging instruments and hedging item)

Fair value hedge

Fair value hedges are used to protect the Company against exposures to changes in the fair value of assets,

liabilities or firm commitment attributable to a particular risk that could affect profit or loss. Changes in fair

value of derivatives that qualify and are designated as hedging instruments are recognised in the income

statement, together with changes in the fair value of the hedged item that are attributable to the hedged

risk.

If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of

a hedged item for which the effective interest rate method is used is amortized to profit or loss over the

period to maturity.

Cash flow hedge

Cash flow hedges are applied in order to hedge the Company exposure to changes in future cash flows that

are attributable to a particular risk associated with a recognised asset or liability or a highly probable

transaction that could affect profit or loss.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow

hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is

recognised immediately in the income statement.

Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects

profit or loss.

When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge

accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised

when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction

is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately

transferred to the income statement.

Hedging relationships using cross currency basis spread as hedging instrument, the Company separates

foreign currency basis spread, in designating the hedging derivative, and present them in other

comprehensive income (OCI).

The following tables report the notional amount and fair value of derivative financial assets and liabilities

by type of hedge relationship and hedged risk, broken down into current and non-current derivative

financial assets and liabilities.

The notional amount of a derivative contract is the amount on the basis of which cash flows are exchanged.

Amounts denominated in currencies other than the euro are converted at the end-year exchange rates

provided by the European Central Bank.

Milions of euro

Non Current

Current

Notional amount

Fair value

Notional amount

Fair value

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

DERIVATIVE ASSETS

Fair value hedge

on foreign exchange risk

Total

Cash flow hedge

on interest rate risk

500

on foreign exchange risk

8,507

11,996

453

1,153

1,064

724

Total

9,007

12,496

456

1,158

1,064

724

DERIVATIVE LIABILITIES

Fair value hedge

on foreign exchange risk

573

605

Total

573

605

Cash flow hedge

on interest rate risk

111

601

on foreign exchange risk

12,870

8,185

1,563

1,198

1,189

Total

12,981

8,786

1,566

1,221

1,239

Hedge relationships by type of risk hedged

Interest rate risk

The following table shows the notional amount and the average price of interest rate risk hedging

instruments outstanding as at 31 December 2025 broken down by maturity:

Millions of euro

Maturity

2026

2027

2028

2029

2030

Beyond

Total

Interest rate swap:

Total Notional value

500

111

611

Notional value in Euro

500

Average interest rate in Euro

1.74

Notional value in USD

111

Average interest rate in USD

4.3

The following table reports the notional amount and fair value of the hedging instruments on interest rate

risk of transactions outstanding as at 31 December 2025 and 31 December 2024, broken down by type of

hedged item:

Millions of euro

Fair value

Notional

amount

Fair value

Notional

amount

Hedged instruments

Hedged

item

at Dec. 31,

2025

at Dec. 31,

2024

Interest rate swaps

Floating-rate

borrowings

500

550

Interest rate swaps

Floating-rate

lendings

(3)

945

(22)

1,547

Total

1,445

(17)

2,097

The following table shows the notional amount and the fair value of hedging derivatives on interest rate

risk as at 31 December 2025 and 31 December 2024, broken down by type of hedge:

Millions of Euro

Notional amount

Fair value assets

Notional amount

Fair value

liabilities

Derivatives

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

Interest rate swaps

917

973

528

1,124

Total

917

973

528

1,124

Cash flow hedge derivatives

The following table shows the cash flows expected in coming years from cash flow hedge derivatives on

interest rate risk:

Millions of euro

Fair

value

Distribution of expected cash flows

at Dec.

31,

2025

2026

2027

2028

2029

2030

Beyond

Cash flow hedge derivatives on

interest rates:

- Positive fair value

- Negative fair value

(3)

(1)

Exchange rate risk

The following table shows the notional amount and the average price of foreign exchange risk hedging

instruments outstanding as at 31 December 2025 broken down by maturity.

Millions of euro

Maturity

2026

2027

2028

2029

2030

Beyond

Total

Cross currency interest rate swap:

Total Notional value

1,064

2,710

3,108

2,608.00

1,064

12,460

23,014

Notional value CCIRS Euro-USD

1,064

1,997

3,108

1,749.00

1,064

10,856

19,838

Average exchange rate Euro/USD

1.2

1.09

1.2

1.11

1.18

1.15

Notional value CCIRS Euro-GBP

573

893

1,603

3,069

Average exchange rate Euro/GBP

0.90

0.84

0.9

The following table shows the notional amount and the fair value of the hedging instruments on foreign

exchange risk of transactions outstanding as at 31 December 2025 and 31 December 2024, broken down

by type of hedged item:

Millions of euro

Fair value

Notional

amount

Fair value

Notional

amount

Hedged instruments

Hedged

item

at Dec. 31,

2025

at Dec. 31,

2024

Cross currency interest rate swap (CCIRS)

Fixed-rate

borrowings

in foreign

currencies

(1,195)

22,144

(53)

21,478

Cross currency interest rate swap (CCIRS)

Fixed-rate

lendings in

foreign

currencies

870

(74)

1,221

Total

(1,123)

23,014

(127)

22,699

The following table shows the notional amount and the fair value of hedging derivatives on foreign

exchange risk of transactions outstanding as at 31 December 2025 and 31 December 2024, broken down

by type of hedge:

Millions of euro

Notional amount

Fair value assets

Notional amount

Fair value

liabilities

Derivatives

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

Cross currency interest rate swap

(CCIRS)

9,571

12,720

455

1,178

13,443

9,979

1,578

1,305

Total

9,571

12,720

455

1,178

13,443

9,979

1,578

1,305

Fair value hedge derivatives

The following table shows separately gains or losses of fair value hedge derivatives on foreign exchange

risk and those on the hedged items attributable to the hedged risk for

Millions of CU

Net Gains /(Losses)

2025

2024

Hedging instruments

(1)

Hedged items

(31)

(6)

Ineffectiveness

Cash flow hedge derivatives

The following table reports expected cash flows related to derivatives for the coming years:

Millions of euro

Fair

value

Distribution of expected cash flows

at Dec.

31,

2025

2026

2027

2028

2029

2030

Beyond

Cash flow hedge derivatives on

exchange rates:

- Positive Fair value derivatives

455

129

168

133

741

- Negative fair value derivatives

(1,563)

(24)

(74)

(94)

Impact of hedging derivatives on balance sheet, statement of profit or loss and other

comprehensive income and equity

The impact of the hedging instruments on the balance sheet is, as follows:

Millions of Euro

Notional

amount

Carrying

amount

Line item in

the

statement of

financial

position

Fair value

used for

measuring

ineffectiveness

for the period

at Dec. 31,

2025

Interest rate swap (IRS)

611

Derivatives

Cross currency interest rate swap (CCIRS)

22,441

(1,108)

Derivatives

(1,322)

at Dec. 31,

2024

Interest rate swap (IRS)

1,151

(18)

Derivatives

(18)

Cross currency interest rate swap (CCIRS)

22,094

(115)

Derivatives

(375)

The impact of the hedged item on the balance sheet is, as follows:

Millions of Euro

Fair value

used for

measuring

ineffectiveness

Offsetting

effect on

P&L

Cash

flow

hedge

reserve

Cost of

hedging

reserve

Fair value

used for

measuring

ineffectiveness

Offsetting

effect on

P&L

Cash

flow

hedge

reserve

Cost of

hedging

reserve

2025

2024

Floating-rate

borrowings

(3)

(5)

Floating-rate

lendings

(3)

(23)

Floating-rate

lendings in foreign

currencies

(72)

(73)

(1)

Fixed-rate

borrowings in

foreign currencies

1,386

113

(1,499)

210

302

130

(432)

261

Floating-rate

borrowings in

foreign currencies

(8)

Total

1,322

113

(1,435)

216

393

130

(523)

260

The effect of the cash flow hedge in the statement of profit or loss and other comprehensive income is:

Millions of Euro

Total

hedging

gain/(loss

)

recognised

in OCI

Ineffectivenes

s recognised in

profit or loss

Line item

in the

statement

of profit

or loss

Cost of

hedging

recognise

d in OCI

Amount

reclassifie

d from OCI

to profit or

loss

Line item in the statement of

profit or loss

at Dec. 31,

2025

Floating-rate

borrowings

Derivatives

Financial expense from

derivative

Floating-

rate lendings

(3)

Derivatives

Financial expense from

derivative

Floating-rate

lendings in

foreign

currencies

Derivatives

122

Financial expense from derivativ

Fixed-rate

borrowings in

foreign

currencies

(8)

Derivatives

(2,068)

Financial expense from

derivative

at Dec. 31,

2024

Floating-

rate borrowings

Derivatives

Financial expense from derivativ

Floating-rate

lendings

(23)

Derivatives

Financial expense from

derivative

Floating-rate

lendings in

foreign

currencies

(73)

Derivatives

Financial expense from

derivative

Fixed-rate

borrowings in

foreign

currencies

(432)

Derivatives

270

(1,191)

Financial expense from

derivative

The following table reports the impact of cash flow hedge derivatives on equity during the period, gross of

the fiscal impact:

Millions of

Euro

Cost of

hedgin

Gross

changes

in fair

value

recognize

d in equity

Gross

changes in

fair value

transferre

d to

income –

Recycling

Gross changes

in fair value

transferred to

income -

Ineffectivenes

Cost of

hedgin

Gross

changes

in fair

value

recognize

d in

equity

Gross

changes in

fair value

transferre

d to

income –

Recycling

Gross changes

in fair value

transferred to

income -

Ineffectivenes

2025

2024

Interest

rate

hedging

Exchange

rate

hedging

(930)

270

127

Hedging

derivative

(914)

270

131

The amount of effective changes in the fair value of cash flow hedge derivatives, not yet settled,

corresponding to hedges on the exchange rate on hedged items released in order to offset the adjustment

at the spot exchange rate of the hedged assets/liabilities denominated in a foreign currency at the end of

the reporting period totalled to Euro 1,225 million.

Derivatives at fair value through profit or loss

The following tables show the notional amount and the fair value of derivatives assets and liabilities at

FVTPL, as at 31 December 2025 and 31 December 2024, classified on the basis of each type of risk, broken

down into current and non-current.

Millions of euro

Non Current

Current

Notional amount

Fair value

Notional amount

Fair value

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

at Dec.

31,

2025

at Dec.

31,

2024

DERIVATIVE ASSETS

At fair value through

profit or loss

on interest rate risk

417

473

on foreign exchange risk

269

Total

417

473

269

DERIVATIVE LIABILITIES

At fair value through

profit or loss

on interest rate risk

417

473

on foreign exchange risk

471

629

Total

417

473

471

629

The following table reports expected cash flows related to derivatives for the coming years:

Millions of euro

Fair

value

Distribution of expected cash flows

at Dec.

31,

2025

2026

2027

2028

2029

2030

Beyond

Fair value through profit or loss

derivatives on interest rates:

- Positive fair value

- Negative fair value

(2)

(4)

(1)

Millions of euro

Fair

value

Distribution of expected cash flows

at Dec.

31,

2025

2026

2027

2028

2029

2030

Beyond

Fair value through profit or loss

derivatives on exchange rates:

- Positive fair value

- Negative fair value

(3)

Other notes

18 Related parties

Transactions between Enel Finance International N.V. and other companies of Enel Group involve Financing

and Treasury management.

The main activity of Enel Finance International N.V. is to operate as financing company of the Enel Group,

raising funds through bonds issuance, loans and other facilities and on turn lending the funds so raised to

the companies belonging to Enel Group.

Enel Finance International N.V. is also part of the centralizing financial flow process and acts as the primary

reference for the management of financial needs or liquidity generated by the entities that operate outside

of Italy and are part of Enel Group.

Enel Finance International N.V. has no business relations (except remuneration) with Key management

personnel during the financial year.

The following table summarizes the financial relationships between the Company and its related parties at

31 December 2025 and 31 December 2024 respectively:

Millions of euro

Receivables

Payables

Income

Cost

at Dec. 31,

2025

Shareholder

Enel S.p.A

23,034

413

(Subtotal)

23,034

413

Other affiliated companies

Companhia Energetica Do Ceara -

Coelce

Dolores Wind Sa De Cv

Dominica Energia Limpia Srl De

EGP Magdalena Solar SA de CV

Eletropaulo Metropolitana

Eletricidade De Sao Paulo S.A.

Endesa SA

3,541

123

Enel Americas S.A.

Enel Brasil S.A

Enel Chile S.A.

875

135

Enel Global Trading Spa

Enel Green Power Germany Gmbh

Enel Green Power Turkey Enerji

Yatirimlari Anonim Sirketi

Enel Green Power South Africa

(Pty) Ltd

Enel Green Power Spa

566

Enel Iberia SRL

2,316

678

Enel Investment Holding B.V.

Enel Italia S.p.A.

18,028

750

(2)

Enel Panama CAM, S.R.L

Enel X Korea Limited

Enel X S.r.l.

101

Energia Limpia De Amistad, S.A

De C.V.

124

Energia Limpia De Palo Alto, S.

De R.L. De C.V.

Ngonye Power Company Limited

Parque Amistad II Sa De Cv

Parque Amistad III Sa De Cv

Parque Amistad IV Sa De Cv

Parque Salitrillos, S.A. de C.V.

Parque Solar Don Jose, S.A. De

C.V.

Parque Solar Villanueva Tres, S.A.

De C.V.

PH Chucas S.A.

Slovak Power Holding B.V.

(1)

Vientos Del Altiplano, S. De R.L.

De C.V.

Villanueva Solar, S.A. De C.V.

Enel X Japan KK

Enel Polska SP ZO

Enel X UK LTD

(Subtotal)

25,952

726

1,102

230

Total

48,986

727

1,515

288

Millions of euro

Receivables

Payables

Income

Cost

at Dec. 31,

2024

Shareholder

Enel S.p.A

19,315

519

(Subtotal)

19,315

519

Other affiliated companies

Ampla Energia E Servicos S.A.

Companhia Energetica Do Ceara - Coelce

Dolores Wind Sa De Cv

(1)

Dominica Energia Limpia Srl De Cv

Egp Magdalena Solar SA de CV

Eletropaulo Metropolitana Eletricidade De Sao

Paulo S.A.

Endesa SA

3,544

198

(2)

Enel Americas S.A.

Enel Brasil S.A

Enel Chile S.A.

1,148

159

Enel Global Trading Spa IT

200

Enel Green Power Germany Gmbh

Enel Green Power Turkey Enerji Yatirimlari

Anonim Sirketi

Enel Green Power South Africa (Pty) Ltd

Enel Green Power Spa GLO

1,460

Enel Iberia SRL

2,674

202

Enel Investment Holding BV

Enel Italia S.p.A.

18,538

891

Enel Panama CAM, S.R.L

Enel Reinsurance - Compagnia di Riassicurazione

S.p.A.

Enel X Korea Limited

Enel X S.r.l.

100

Enel X Taiwan Co., Ltd

Energia Limpia De Amistad, S.A De C.V.

108

Energia Limpia De Palo Alto, S. De R.L. De C.V.

112

Ngonye Power Company Limited

Parque Amistad Ii Sa De Cv

Parque Amistad Iii Sa De Cv

Parque Amistad Iv Sa De Cv

Parque Salitrillos, S.A. de C.V.

Parque Solar Don Jose, S.A. De C.V.

Parque Solar Villanueva Tres, S.A. De C.V.

PH Chucas S.A.

Slovak Power Holding B.V.

769

Vientos Del Altiplano, S. De R.L. De C.V.

Villanueva Solar, S.A. De C.V.

(Subtotal)

29,559

290

1,672

130

Total

48,874

290

2,191

196

For further details of each relation with related parties please refer to notes 6, 9, 14.

The impact of transactions with related parties on the balance sheet and income statement is reported in

the following tables.

Impact on balance sheet

Millions of Euro

Total

parties

% of total

Total

parties

% of

total

at Dec. 31,

2025

at Dec. 31,

2024

Assets

Long-term loans and financial receivables

including current portion

43,438

100%

41,485

100%

Derivatives- non-current

458

1,170

Short-term loans and financial receivables

5,240

100%

7,080

100%

Derivatives - current

Other current financial assets

1,608

271

17%

1,281

271

21%

Liabilities

Derivatives- non-current

1,583

1,244

Other non-current financial liabilities

26%

30%

Income tax payable

116

30%

Short-term loans and borrowings

1,858

706

38%

2,635

202

Derivatives - current

118

Other current financial liabilities

483

449

Other current liabilities

75%

50%

Impact on income statement

Millions of Euro

Total

parties

% of total

Total

parties

% of

total

at Dec. 31,

2025

at Dec. 31,

2024

Interest income

1,514

1,488

98%

2,044

2,013

98%

Interest income from derivatives

217

294

Interest expense

1,472

-4%

1,758

Interest expense from derivatives

23%

110

28%

Other operating expenses

43%

25%

Financial income on derivatives

357

1,584

Other financial income

2,315

185

178

96%

Financial expense on derivatives

2,432

437

Other financial expense

264

202

77%

1,342

19 Contractual commitments and guarantees

The notes issued by the Company under the GMTN programme are guaranteed by Enel S.p.A. Commercial

papers issued in the context of the Euro Commercial Paper Programme launched in 2005 by the

Company are also guaranteed by Enel S.p.A.

More information could be found in the above mentioned programmes.

Furthermore, Enel S.p.A has confirmed their commitment to provide the Company with support until next

year's approval of the financial statements, should the Company remain under control of Enel S.p.A. The

Company has not given guarantees to third parties up to the reporting date.

20 Offsetting financial assets and financial liabilities

At 31 December 2025, the Company did not hold offset positions in assets and liabilities, as it is not the

Enel policy to settle financial assets and liabilities on a net basis.

21 Compensation of Directors and key management personnel

The emoluments of the Company Directors as intended in Section 2:383 (1) of the Dutch Civil Code, which

were charged in 2025, amounted to Euro 118 thousand (Euro 118 thousand in 2024) represented short-

term employee benefits and summarized in the following table:

Just

2025

2024

E. Di Giacomo

H. Marseille

A.J.M. Nieuwenhuizen

W. Parente

L.B. Van der Heijden

A. Canta

Total

118

With regards to disclosure of remuneration of key management personnel, provided under IAS 24,

please see the table below:

Thousands of euro

2025

2024

short-term employee benefits

246

222

246

222

22 Fees of the auditors

The independent auditor of the Company is KPMG Accountants N.V. having been appointed by the

shareholders’ meeting of the Company held on 20 May 2020.

With reference to Section 2:382 a (1) and (2) of the Netherlands Civil Code, below a summary is provided

of services performed by KPMG Accountants N.V. and fees for each year accrued as per 31 December in

the respective years.

Thousands of euro

at Dec. 31,

2025

at Dec. 31,

2024

Audit

187

170

Audit related services in connection with GMTN prospectus

Tax

Other

Total

198

181

KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of

independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

Independent auditor's report

To: the General Meeting of Shareholders of ENEL Finance International N.V. and the Audit

Committee of ENEL S.p.A.

Report on the audit of the financial statements 2025 included in the annual report

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial

position of ENEL Finance International N.V. as at 31 December 2025 and of its result and its

cash flows for the year then ended, in accordance with IFRS Accounting Standards as endorsed

by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code.

What we have audited

We have audited the financial statements 2025 of ENEL Finance International N.V. based in

Amsterdam.

The financial statements comprise:

1 the statement of financial position as at 31 December 2025;

2 the following statements for 2025: profit or loss and other comprehensive income, changes in

equity and cash flows; and

3 the notes comprising material accounting policy information and other explanatory

information.

Basis for our opinion

We conducted our audit in accordance with Dutch law, including the Dutch Standards on

Auditing. Our responsibilities under those standards are further described in the ‘Our

responsibilities for the audit of the financial statements’ section of our report.

We are independent of ENEL Finance International N.V. in accordance with the ‘Verordening

inzake de onafhankelijkheid van accountants bij assurance-opdrachten’ (ViO, Code of Ethics for

Professional Accountants, a regulation with respect to independence) and other relevant

independence regulations in the Netherlands. Furthermore, we have complied with the

‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics).

We designed our audit procedures in the context of our audit of the financial statements as a

whole and in forming our opinion thereon. The information in respect of going concern, fraud and

non-compliance with laws and regulations, climate-related risks and the key audit matters was

addressed in this context, and we do not provide a separate opinion or conclusion on these

matters.

We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our opinion.

3345591/26W00201077AVN

Information in support of our opinion

Summary

Materiality

• Materiality of EUR 353 million

• 0.75% of Total Assets

Risk of material misstatements related to Fraud, NOCLAR, Going concern and Climate

risks

• Fraud risks: presumed risk of management override of controls identified and further

described in the section ‘Audit response to the risk of fraud and non-compliance with laws

and regulations’.

• Non-compliance with laws and regulations (NOCLAR) risks: no reportable risk of material

misstatements related to NOCLAR risks identified.

• Going concern risks: no going concern risks identified.

• Climate risks: We have considered the impact of climate-related risks on the financial

statements and described our approach and observations in the section ‘Audit response to

climate-related risks’.

Key audit matters

• Recoverability of the long-term and short-term loans and financial receivables due from

ENEL S.p.A. (parent company) and ENEL S.p.A. group companies.

Materiality

Based on our professional judgement, we determined the materiality for the financial statements

as a whole at EUR 353 million (2024: EUR 370 million). The materiality is determined with

reference to 0.75% of total assets (2024: 0.75%). We consider total assets, which mainly include

accounts related to financing activities, as the most appropriate benchmark given the activities of

ENEL Finance International N.V. as a group financing company. We have also taken into

account misstatements and/or possible misstatements that in our opinion are material for the

users of the financial statements for qualitative reasons.

We agreed with the Board of Directors of ENEL Finance International N.V. and the Audit

Committee of the ultimate parent company, ENEL S.p.A., that misstatements identified during

our audit in excess of EUR 17 million would be reported to them, as well as smaller

misstatements that in our view must be reported on qualitative grounds.

Audit response to the risk of fraud and non-compliance with laws and regulations

In the paragraphs “Main risks and uncertainties” and “The Company’s control system” of the

Directors’ report, the Board of Directors describes its procedures in respect of the risk of fraud

and non-compliance with laws and regulations.

3345591/26W00201077AVN

As part of our audit, we have gained insights into the Company and its business environment

and the Company’s risk management in relation to fraud and non-compliance. Our procedures

included, among other things, assessing the Company’s code of conduct, whistleblowing

procedures, and its procedures to investigate indications of possible fraud and non-compliance.

Furthermore, we performed relevant inquiries with management and those charged with

governance. We have also incorporated an element of unpredictability in our audit by performing

substantive procedures over a selected operating expense account that, due to its size and

assessed risk, would not otherwise be tested in the normal course of the audit.

As a result from our risk assessment, we identified the following laws and regulations as those

that may have a material effect on the financial statements in case of non-compliance:

— Anti-bribery and corruption laws and regulations (reflecting the Company’s involvement in the

regulated market).

— Anti-money laundering and terrorist financing laws and regulations (reflecting the Company’s

significant and geographically diverse lending operations).

Further, we assessed the presumed fraud risk on revenue recognition as not significant since the

Company`s sole significant source of income is finance income. Such finance income is derived

from long- and short-term loan agreements with the parent company and the group companies,

including fixed terms and conditions in respect of interest. As a consequence, we did not identify

an incentive nor pressure for the Board of Directors to achieve certain results or specific finance

income targets and there appears to be limited perceived opportunity to commit a material fraud

in this area.

Based on the above and the applicable auditing standards, we identified the following presumed

fraud risk laid down in the auditing standards in respect of management override of controls that

is relevant to our audit, and responded as follows:

Management override of controls (a presumed risk)

Risk:

Management is in a unique position to manipulate accounting records and prepare fraudulent

financial statements by overriding controls that otherwise appear to be operating effectively, such

as accounting records around the estimate related to the recoverability of loans (principal and

interest) receivable from related parties.

Responses:

— We evaluated the design and the implementation of internal controls that mitigate fraud risks,

such as processes related to journal entries and estimates.

— As part of the fraud risk assessment, we performed a data analysis of the journal entries

population to determine if high-risk criteria for testing apply and evaluated relevant estimates

and judgments for bias by the Company’s management.

— We involved a specialist to challenge the assumptions underlying the fair value of the

derivatives and the valuation assessment of loans and interest receivables from the parent

company and other ENEL S.p.A. group companies. The latter is considered a key audit

matter and we refer for the procedures performed to the key audit matter paragraph below.

— We identified and selected journal entries and other adjustments made at the end of the

reporting period for testing.

3345591/26W00201077AVN

Our evaluation of procedures performed related to fraud in respect of management override of

controls did not result in an additional key audit matter.

We communicated our risk assessment, audit responses and results to the Company’s Board of

Directors and the Audit Committee of ENEL S.p.A.

Our audit procedures did not reveal indications and/or reasonable suspicion of fraud and non-

compliance that are considered material for our audit.

Audit response to going concern

The Board of Directors has performed its going concern assessment, in which amongst others

the Company’s high dependency on the parent company’s and group companies’ ability to fulfill

their obligations towards the Company was considered. The Board of Directors has not identified

any going concern risks.

To assess the Board of Directors’ assessment, we performed, inter alia, the following

procedures:

— We considered whether the Board of Directors’ assessment of the going concern risks

includes all relevant information of which we are aware as a result of our audit.

— We considered whether (new) strategic decisions and targets, developments in the electricity

industry, the effect of climate-related risks and evolution of recent geopolitical events indicate

a significant going concern risk.

— We inspected the (new) financing agreements in terms of conditions that could lead to

significant going concern risks, including the terms of the agreements.

— We analyzed the Company’s financial position as at year end, results and cash flows for the

year and compared it to the previous financial year in terms of indicators that could identify

significant going concern risks.

— Considering ENEL S.p.A. is a guarantor for the bonds issued by the Company, through

inspection of the audited consolidated financial statements as of 31 December 2025 of

ENEL S.p.A., we verified the going concern basis of the group as a whole.

— We considered whether the outcome of our audit procedures to determine the recoverability

of the intercompany loans, as described in the key audit matter paragraph below, could

indicate a significant going concern risk.

The outcome of our risk assessment procedures did not give reason to perform additional audit

procedures on the Board of Directors’ going concern assessment.

Audit response to climate-related risks

The Company has set out its commitments relating to climate change in the chapter “Risks and

strategic opportunities associated with climate change” in the Directors’ report. The Company’s

commitments include aligning its financing activities with sustainability targets and integrating

climate-related considerations into its strategy.

The Board of Directors has assessed, at a high level, how climate-related risks and opportunities

throughout the Enel Group and the Company’s own commitments could have a significant

impact on its business or could impose the need to adapt its strategy and operations.

3345591/26W00201077AVN

The Board of Directors has considered the impact of climate-related risks on the financial

statements in accordance with EU-IFRS, more specifically on the potential financial impact of

sustainability-linked financial instruments, as described in the section “Risk and strategic

opportunities associated with climate change” in the Directors’ report. Furthermore, as disclosed

in this paragraph, the Company, in accordance with the group strategy, has already taken

actions to mitigate potential risks and to exploit the opportunities offered by the energy transition.

As part of our audit, we performed a risk assessment of the impact of climate-related risk and the

commitments made by the Company in respect of climate change on the financial statements

and our audit approach. In doing this, we performed the following:

— Understanding management's processes: we made inquiries with management, inspected

relevant documentation, and obtained an understanding of management’s assessment of

climate-related risks regarding intercompany receivables and external borrowings. We also

assessed the related disclosures in the financial statements to determine their consistency

with our audit procedures and assessed whether climate-related risks were appropriately

considered in the financial reporting process.

— We have evaluated the existence of climate-related fraud risk factors, and none have been

identified as an event or condition that would indicate a risk of material misstatement in the

financial statements.

Based on the procedures performed above we have identified that climate-related risks have no

material impact on the current financial statements under the requirements of EU-IFRS and no

material impact on our key audit matters.

Furthermore, we have read the Directors’ report with respect to climate-related risks as included

in the annual report and considered whether such information contains material inconsistencies

with the financial statements or our knowledge obtained through the audit, in particular as

described above, and our knowledge obtained otherwise.

Our key audit matters

Key audit matters are those matters that, in our professional judgement, were of most

significance in our audit of the financial statements. We have communicated the key audit

matters to the Board of Directors of ENEL Finance International N.V. and the Audit Committee of

ENEL S.p.A. The key audit matters are not a comprehensive reflection of all matters discussed.

Recoverability of the long-term and short-term loans and financial receivables including

current financial accrued income due from ENEL S.p.A. (parent company) and

ENEL S.p.A. (group companies)

Description

As included in note 6, 9 and 10 to the financial statements, the Company’s exposure, in terms

of credit risk, to group companies may have a significant effect on the Company’s financial

statements. The outstanding balance as at 31 December 2025 of EUR 49,007 million

(EUR 48,900 million as at 31 December 2024), long-term and short-term loans and financial

receivables including current financial accrued income, net of the impairment loss allowance of

EUR 37 million (EUR 52 million as at 31 December 2024) represents approx. 96% (2024

approx. 95%) of the total balance sheet.

3345591/26W00201077AVN

The Company’s most significant assets are the long-term and short-term loans and financial

receivables due from ENEL S.p.A. and/or the ENEL S.p.A. group companies. In the event that

ENEL S.p.A. and/or group companies can no longer fulfill their financial obligations towards

the Company, this would have a significant impact on the Company. The Company’s ability to

meet its financial obligations depends on the cash flows generated from the repayment of

(accrued) interest and principal by ENEL S.p.A. and/or ENEL S.p.A. group companies. Current

and future developments of the energy market are an example of factors that can impact the

Company’s ability to meet its financial obligations.

The Company records the long-term and short-term loans and financial receivables, net of the

impairment loss allowance, which is done by estimating intercompany Probability of Default

(PD) and Loss Given Default (LGD) on the basis of the creditworthiness of ENEL S.p.A. and/or

ENEL S.p.A. group companies and the applicable market data.

As the long-term and short-term loans and financial receivables from ENEL S.p.A. and/or

ENEL S.p.A. group companies are material to the Company’s balance sheet and given the

related estimation uncertainty on impairment losses, the risk of a financial loss of the Company

is significant when ENEL S.p.A. and/or ENEL S.p.A. group companies fail to meet their

contractual obligations towards the Company. We therefore consider the valuation on the long-

term and short-term loans and financial receivables provided from ENEL S.p.A. and/or |

ENEL S.p.A. group companies to be a key audit matter.

Our response

We performed, amongst others, the following procedures with respect to management’s

assessment of the recoverability of the long-term and short-term loans and financial

receivables from ENEL S.p.A. and/or ENEL S.p.A. group companies:

— We evaluated the design and implementation of the controls regarding the valuation

assessment by the Board of Directors in respect of the long-term and short-term loans and

financial receivables.

— We inquired with the Board of Directors of the Company about its assessment of the

valuation of the long-term and short-term loans and financial receivables, based upon its

knowledge of the developments in the financial position and cash flows of ENEL S.p.A.

and/or ENEL S.p.A. group companies considering among others the impact, if any, of the

current and future developments on the energy market, and about its evaluation with

respect to the recoverability of the long-term and short-term loans and financial receivables

from ENEL S.p.A. and/or ENEL S.p.A. group companies.

— We inspected and analyzed ENEL S.p.A.'s financial position by evaluating its audited

consolidated financial statements for the year 2025. Furthermore, we inquired the auditor of

ENEL S.p.A. with respect to the group going concern evaluation.

— We inspected the terms and conditions of the loan agreements between ENEL S.p.A. and

certain ENEL S.p.A. group companies and the Company.

— We involved a specialist in evaluating the reasonableness of the Board of Directors' key

judgements and estimates in relation to Probability of Default (PD) and Loss Given Default

(LGD) made in respect of IFRS 9, including selection of methods, models, assumptions and

data sources.

— We evaluated the long-term credit ratings and outlook of ENEL S.p.A., from Standard &

Poor’s, Fitch and Moody’s.

3345591/26W00201077AVN

— In addition, we evaluated the appropriateness of the accounting principles applied based on

IFRS 9’s requirements and the adequacy of the Company’s related disclosures as

presented in the notes to the financial statements.

Our observation

The results of our audit procedures relating to the valuation of the long-term and short-term

loans and financial receivables from ENEL S.p.A. and/or ENEL S.p.A. group companies were

satisfactory, and we consider the disclosures relating to credit risk, as included in the credit

risk paragraph on pages 39-42 and Notes 6 and 9 of the financial statements, to be adequate.

Report on the other information included in the annual report

In addition to the financial statements and our auditor’s report thereon, the annual report

contains other information.

Based on the following procedures performed, we conclude that the other information:

• is consistent with the financial statements and does not contain material misstatements; and

• contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the

directors’ report and other information.

We have read the other information. Based on our knowledge and understanding obtained

through our audit of the financial statements or otherwise, we have considered whether the other

information contains material misstatements.

By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the

Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is less

than the scope of those performed in our audit of the financial statements.

The Board of Directors is responsible for the preparation of the other information, including the

information as required by Part 9 of Book 2 of the Dutch Civil Code.

Report on other legal and regulatory requirements and ESEF

Engagement

We were initially appointed by the General Meeting of Shareholders as auditor of ENEL Finance

International N.V. on 20 May 2020, as of the audit for the year 2020 and have operated as

statutory auditor ever since that financial year.

No prohibited non-audit services

We have not provided prohibited non-audit services as referred to in Article 5(1) of the

EU Regulation on specific requirements regarding statutory audits of public-interest entities.

European Single Electronic Format (ESEF)

ENEL Finance International N.V. has prepared its annual report in ESEF. The requirements for

this are set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory technical

standards on the specification of a single electronic reporting format (hereinafter: ‘the RTS on

ESEF’).

3345591/26W00201077AVN

In our opinion the annual report prepared in XHTML-format, including the financial statements of

ENEL Finance International N.V., has been prepared in all material respects in accordance with

the RTS on ESEF.

The Board of Directors is responsible for preparing the annual financial report, including the

financial statements, in accordance with the RTS on ESEF.

Our responsibility is to obtain reasonable assurance for our opinion whether the annual financial

report is in accordance with the RTS on ESEF. We performed our examination in accordance

with Dutch law, including Dutch Standard 3950N ’Assurance-opdrachten inzake het voldoen aan

de criteria voor het opstellen van een digitaal verantwoordingsdocument’ (assurance

engagements relating to compliance with criteria for digital reporting). Our examination included

amongst others:

• Obtaining an understanding of the entity's financial reporting process, including the

preparation of the annual financial report in XHTML-format.

• Identifying and assessing the risks that the annual report does not comply in all material

respects with the RTS on ESEF and designing and performing further assurance procedures

responsive to those risks to provide a basis for our opinion, including examining whether the

annual financial report in XHTML-format is in accordance with the RTS on ESEF.

Description of responsibilities regarding the financial statements

Responsibilities of the Board of Directors of ENEL Finance International N.V. and

the Audit Committee of ENEL S.p.A. for the financial statements

The Board of Directors is responsible for the preparation and fair presentation of the financial

statements in accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code.

Furthermore, the Board of Directors is responsible for such internal control as management

determines is necessary to enable the preparation of the financial statements that are free from

material misstatement, whether due to fraud or error. In that respect the Board of Directors,

under supervision of the Audit Committee of ENEL S.p.A., is responsible for the prevention and

detection of fraud and non-compliance with laws and regulations, including determining

measures to resolve the consequences of it and to prevent recurrence.

As part of the preparation of the financial statements, the Board of Directors is responsible for

assessing the Company’s ability to continue as a going concern. Based on the financial reporting

frameworks mentioned, the Board of Directors should prepare the financial statements using the

going concern basis of accounting unless the Board of Directors either intends to liquidate the

Company or to cease operations or has no realistic alternative but to do so.

The Board of Directors should disclose events and circumstances that may cast significant doubt

on the Company’s ability to continue as a going concern in the financial statements.

The Audit Committee of ENEL S.p.A. is responsible for overseeing the Company’s financial

reporting process.

Our responsibilities for the audit of the financial statements

Our objective is to plan and perform the audit engagement in a manner that allows us to obtain

sufficient and appropriate audit evidence for our opinion.

3345591/26W00201077AVN

Our audit has been performed with a high, but not absolute, level of assurance, which means we

may not detect all material errors and fraud during our audit.

Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users

taken on the basis of these financial statements. The materiality affects the nature, timing and

extent of our audit procedures and the evaluation of the effect of identified misstatements on our

opinion.

A further description of our responsibilities for the audit of the financial statements is located at

the website of de ‘Koninklijke Nederlandse Beroepsorganisatie van Accountants’ (NBA, Royal

Netherlands Institute of Chartered Accountants) at www.nba.nl/eng_oob_20241203. This

description forms part of our auditor’s report.

Amstelveen, 22 April 2026

KPMG Accountants N.V

A. Zefferino RA