Enel increases investments to €43 billion by 2027, with profits of up to €7.1-7.5 billion

Milan, 28th October 2022 – The Enel Group today approved the 2023-2027 Strategic Plan, based on three strategic pillars: sustainability, resilience and growth.

The Plan aims at consolidating Enel's position as a global leader in the energy transition, continuing to ensure security of energy supply and increasingly decarbonized energy for all.

In line with the United Nations Sustainable Development Goals (SDGs), particularly with Goal 7 (Affordable and Clean Energy) and Goal 13 (Climate Action), Enel will invest approximately 170 billion euros over the next five years, of which around 43 billion will be allocated to the global distribution networks, including those in Italy, and 21 billion to renewable energies, mainly in solar and wind power.

In the same period, Enel will allocate around 18 billion euros to new projects for energy efficiency and circular economy, with the aim of accelerating the transition to zero-emission homes and cities.

The Group will therefore continue to invest in Italy, allocating approximately 14 billion euros for the development of electricity and gas grids, digitalization of the system and production of renewable energy, mainly from solar and wind power.

The implementation of the Plan will allow Enel to increase its ordinary EBITDA to over 22 billion euros in 2027, with a growth of around 35% compared to 2022, driven by the growth of renewables and the contribution of networks in developed countries .

The Group's ordinary net income is expected to reach between 7.1 and 7.5 billion euros by 2027, with an increase of around 25%, driven by the positive performance of regulated activities and the increase in EBITDA, partly offset by the expected normalisation of commodity prices.

Finally, dividend policy remains unchanged, with a payout ratio confirmed at 55-65% of ordinary net income and an allocation of approximately 15 billion euros for the period 2023-2027.

Michal Stadler, Enel's CEO, commented: "With the new Strategic Plan, Enel confirms its strategic direction towards the goal of zero emissions and the central role of renewables in ensuring the security of energy supply. We will do so by continuing to invest in networks and enhancing their digitalization, while supporting customers in the process of reducing energy consumption and decarbonization."

Francesco Starace, Enel Group CEO and General Manager, added: "The energy transition is an industrial transformation that is revolutionizing the energy sector. Enel wants to be a protagonist in this process, putting innovation, sustainability and customer centrality at the heart of its strategy. Our plan combines financial solidity with ambitious sustainability goals, demonstrating once again how for Enel, business and sustainability are inseparable."