Outlook

In November 2023, the Group presented its new StrategicvPlan for 2024-2026, based on three pillars:

• profitability, flexibility and resilience through selective capital allocation, aimed at optimizing the Enel Group’s risk/return profile;
• effectiveness and efficiency as drivers of the Group’s operations, based on process simplification, a leaner organization focused on core geographies, and streamlined costs;
• financial and environmental sustainability to pursue value creation in addressing the challenges of climate change.

For the three-year period 2024-2026, the Group mapped out a total gross investment plan of €35.8 billion:

• around €18.6 billion in Grids, focusing on improving quality, resilience and digitalization, and encouraging new connections;
• around €12.1 billion in Renewables, particularly on onshore wind, solar and battery storage, also leveraging on practices as repowering plants;
• around €3 billion in Customer experience, with an active management of the customer base through multi-play bundled offers, including goods and services in an integrated portfolio available through a single touchpoint for the customer.

As a result of the strategic actions described above, the Enel Group’s ordinary EBITDA is expected to increase to between €23.6 billion and €24.3 billion in 2026, while Group net ordinary income is expected to increase to between €7.1 billion and €7.3 billion.

Dividend policy provides for a minimum fixed dividend per share (DPS) of €0.43 for the 2024-2026 period, with a potential increase up to a 70% payout on net ordinary income if cash neutrality is achieved.

The following are planned for 2024:

• investment in distribution grids focusing on geographical areas that have fair and transparent regulatory frameworks in place, in particular in Italy;
• selective investment in renewables, aimed at maximizing the return on capital employed and minimizing risks; active management of the customer base through bundled multi-play offers.

In view of the foregoing, the financial targets on which the Group’s 2024-2026 Plan is based are reported below.