HALF-YEAR
FINANCIAL
REPORT
at June 30, 2026
New
horizons
Energy that
shapes
tomorrowThe concept celebrates Enel’s vision as an enabler of possibilities.
Energy broadens our perspective, allowing us to imagine and create what does not yet exist.
This concept portrays Enel as a guide in the global energy transition, a brand capable of shaping change while meeting people’s needs.
The design is built on horizontal gradients and beams of light that generate depth and perspective — a metaphor for trust, care and closeness.
It brings the brand’s purpose — Build the future through sustainable power — to life in a visual system by turning energy into a force that drives change today, tomorrow, and every day.
at June 30, 2026HALF-YEAR
FINANCIAL REPORT
Build the future
through
sustainable
power.Purpose
Vision
Drive
electrification,
fulfilling people’s
needs
and shaping
a better
world.
Values
Trust
Innovation
Proactivity
Respect
FlexibilityPositioning
Your energy choices, our responsibility.
Every day,
powered by
clean energy.
6 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Contents
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Income Statement
Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity Statement of Comprehensive Income
HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 7
INTERIM REPORT ON OPERATIONS
1. Enel Group ....................................................................................... 11 Highlights .................................................................................................................................. 13 2. Governance ..................................................................................... 15 Corporate boards ................................................................................................................. 16 Enel organizational model ................................................................................................. 18 Values and pillars of corporate ethics ......................................................................... 21 3. Group Strategy & Risk Management .................... 25 Group strategy ....................................................................................................................... 26 Reference scenario .............................................................................................................. 27 Risk management ................................................................................................................. 32
8 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 4. Group Performance .............................................................. 37 Definition of performance measures ........................................................................... 38 Group operations .................................................................................................................. 40 Group performance ............................................................................................................. 44 Analysis of the Group’s financial structure ................................................................ 51 Performance by Segment ................................................................................................. 56 – Thermal Generation and Trading ......................................................................... 61 – Enel Green Power ....................................................................................................... 67 – Enel Grids ....................................................................................................................... 73 – Enel Commercial ......................................................................................................... 79 – Holding and Services ................................................................................................ 85 Commitment to limiting global temperature rise and protecting and developing natural capital ........................................................................................ 87 People centricity ................................................................................................................... 89 Significant events in the 1st Half of 2026 .................................................................. 92 Regulatory and rate issues ............................................................................................... 94 5. Outlook ................................................................................................ 103 Outlook ...................................................................................................................................... 104
HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 9
CONDENSED INTERIM
CONSOLIDATED
FINANCIAL ST ATEMENTS
6. Condensed interim consolidated financial statements ...................... 107 Consolidated financial statements ............................................................................... 108
- Consolidated Income Statement ......................................................................... 108 – Statement of Consolidated Comprehensive Income ................................. 109 – Statement of Consolidated Financial Position .............................................. 110 – Statement of Changes in Consolidated Equity ............................................. 112 – Consolidated Statement of Cash Flows ........................................................... 114 Notes to the condensed interim consolidated financial statements ............ 115 Declaration of the Chief Executive Officer and the officer responsible ......... 170
Reports
Report of the Audit Firm .................................................................................................... 173
Attachments
Subsidiaries, associates and other significant equity investments of the Enel Group at June 30, 2026 .............................................................................. 176
INTERIM REPORT
ON OPERATIONS
1
Enel Group
12 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026
1.
Enel Group
Highlights HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 13
Highlights
1st Half
Change 2026 2025 Revenue (millions of euro) 40,919 40,816 0.3% EBITDA (millions of euro) 11,725 11,092 5.7% Ordinary EBITDA (millions of euro) 11,838 11,468 3.2% Profit attributable to owners of the Parent (millions of euro) 3,743 3,428 9.2% Ordinary profit attributable to owners of the Parent (millions of euro) 3,929 3,823 2.8% Net financial debt (millions of euros) 61,011 57, 1 82(1)6.7% Cash flows from operating activities (millions of euros) 4,251 4,845 -12.3% Capital expenditure (millions of euros) 5,142 4,528 13.6% Total net efficient consolidated capacity (GW)(2)86.0 87.0(1)-1.1% Net efficient consolidated renewables capacity (GW) 60.9 61.9(1)-1.6% Net efficient consolidated renewables capacity (%) 70.8% 71.1%(1)-0.3% Additional efficient consolidated renewables capacity (GW) 0.39 1.20 -67 .5% Storage (GW) 3.4 3.4(1)-
Efficient unconsolidated capacity (GW) 6.10 5.80(1)5.2% Total efficient installed capacity (GW) 92.10 92.80(1)-0.8% Consolidated net electricity generation (TWh) 96.27 93.32 3.2% Consolidated net renewable electricity generation (TWh) 65.71 66.24 -0.8% Electricity distribution and transmission grid (km) 1,884,611 1,879,107(1) (3)0.3% Electricity transported on Enel’s distribution grid (TWh) 239.4 231.9(3)3.2% End users (no.) 69,412,948 68,855,342 0.8% End users with active smart meters (no.) 46,956,064 45,679,133 2.8% Electricity sold by Enel (TWh) 115.6 123.8 -6.6% Retail customers (no.) 54,385,599 54,818,099 -0.8%
- of which free market 22,438,157 23,039,376 -2.6% Demand response capacity (MW) 11,065 9,757 13.4% Public charging points (no.) 35,054 31,572(1)11.0% No. of employees 61,900 61,634(1)0.4% (1) At December 31, 2025.
(2) It includes 3,680 MW relating to the Brindisi and Torrevaldaliga Nord coal-fired plants in Italy for which the authorization to use coal (IEA requirement) expired on January 1, 2026.
(3) The figure reflects a more accurate calculation.
INTERIM REPORT
ON OPERATIONS
2
Governance
16 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Corporate boardsCorporate boards
BOARD OF DIRECTORS
AUDIT FIRMBOARD OF STATUTORY AUDITORS
CHAIRMAN
Pierluigi PaceAUDITORS
Monica Scipione
Mauro ZaninALTERNATE AUDITORS
Claudia Mezzabotta
Paolo Russo
Barbara ZanardiCHAIRMAN
Paolo Scaroni
CHIEF EXECUTIVE OFFICER
AND GENERAL MANAGER
Flavio CattaneoDIRECTORS
Johanna Arbib
Mario Corsi
Tiziana De Luca
Dario Frigerio
Alessandro Monteduro
Federica Seganti
Alessandra StabiliniSECRETARY
Leonardo Bellodi
KPMG SpA
2.
Governance
Corporate boards HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 17
Composition of the Board of Directors at June 30, 2026 at Dec. 31, 2025 Executive directors no. 1 1 Non-executive directors no. 8 8
- of whom independent(1)no. 8 7 Board of Directors by gender: no. 9 9
- of whom men no. 5 5 % 55.6 55.6
- of whom women no. 4 4 % 44.4 44.4 Board of Directors by age:
<30 % - -
30-50 % 11 -
>50 % 89 100 (1) The figure refers to directors qualifying as independent pursuant to the Consolidated Law on Financial Intermediation and the Italian Corporate Gov -
ernance Code.
Powers
Board of Directors The Board is vested by the bylaws with the broadest powers for the ordinary and extraordinary management of the Company, and specifically has the power to carry out all the actions it deems advisable to implement and attain the corporate purpose.
Chairman of the Board of Directors The Chairman is vested by the bylaws with the powers to represent the Company and to sign on its behalf, presides over Shareholders’ Meetings, convenes and presides over the Board of Directors, sets its agenda and coordinates its activities, taking steps to ensure that adequate informa-tion on the items of the agenda is provided to all directors, and ascertains that the Board’s resolutions are carried out. Pursuant to a Board resolution of May 13, 2026, the Chairman has been vested with a number of additional non-executive powers.
Chief Executive Officer The Chief Executive Officer is also vested by the bylaws with the powers to represent the Company and to sign on its behalf, and in addition is vested by a Board reso-
lution of May 13, 2026 with all powers for managing the Company, with the exception of those that are otherwise assigned by law or the bylaws or that the aforesaid resolu-
tion reserves for the Board of Directors.
18 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Enel organizational modelEnel organizational model
ENEL GROUP CHAIRMAN
P . Scaroni
ENEL GROUP CEO
F. Cattaneo
STAFF
FUNCTIONSADMINISTRATION, FINANCE
AND CONTROL
S. De Angelis
EXTERNAL RELATIONS
N. Mardegan
AUDIT
A. Spina
CEO OFFICE, STRATEGY
AND SUSTAINABILITY
M. MossiniPEOPLE AND ORGANIZATION
E. Colacchia
LEGAL, CORPORATE, REGULATORY
AND ANTITRUST AFFAIRS
F. Puntillo
SECURITY
V. Giardina
GLOBAL SERVICE
FUNCTIONGLOBAL SERVICES
S. Ciurli
GLOBAL
BUSINESS LINES
ENEL GRIDS AND
INNOVATION
F. BertoliGLOBAL ENERGY
AND COMMODITY
MANAGEMENT
AND CHIEF
PRICING OFFICER
L. CeppatelliENEL GREEN
POWER AND
THERMAL
GENERATION
S. BernabeiENEL
COMMERCIAL
S. Azzi
COUNTRIES
AND REGION
I TA LY
F. Gostinelli
IBERIA
G.V. Armani
REST OF THE WORLD
R.A.E. Deambrogio
2.
Governance
Enel organizational model HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 19 The Enel Group structure is organized into a matrix that comprises:
Global Business Lines Global Business Lines, which are responsible for managing and developing assets, opti-
mizing their performance and the return on capital employed in the various geograph-
ical areas in which the Group operates (Italy, Iberia and ROW - Rest of the World). In compliance with safety, protection and environmental policies and regulations, they are tasked with maximizing the efficiency of the processes they manage and applying best international practices, sharing responsibility for EBITDA, cash flows and revenue with the countries.
The Group, which also draws on the work of an Investment Committee,1 benefits from a centralized industrial vision of projects in the various business lines. Each project is assessed not only on the basis of its financial return but also in relation to the best technologies available at the Group level. Furthermore, each business line contributes to guiding Enel’s leadership in the energy transition and in the fight against climate change, managing the associated risks and opportunities in its area of competence.
The following provides a brief summary of the primary objectives of each Global Busi-
ness Line:
• Enel Grids and Innovation: ensures the optimal allocation of resources to achieve a high level of reliability and quality for electricity supply services, maximizing perfor -
mance with respect to the most advanced safety standards and developing techno-
logically advanced grids that can fully exploit any synergies; promotes, harmonizes and coordinates innovation and sustainability processes, supporting the activities of the Global Business Lines and Countries;
• Global Energy and Commodity Management and Chief Pricing Officer: optimizes the Group’s margin through the active management of its hedging strategy and the ex -
posure to commodity risk, taking account of all commercial/market factors in order to maximize the integrated margin in the markets in which we operate through the optimization of gas and fuel supplies, and local dispatching of thermal and renewable generation, while supporting Enel Commercial in defining the commercial strategy;
• Enel Green Power and Thermal Generation: provides guidance for a rapid and effec-
tive energy transition, growing the portfolio of renewables generation facilities, and manages the corresponding evolution of thermal generation and storage assets with a view to decarbonizing our energy mix in order to meet the needs of customers in all the countries in which we operate; manages the operation and maintenance of Group generation plants in compliance with applicable policies and regulations gov -
erning safety, protection and the environment;
• Enel Commercial: defines the commercial and marketing strategy and manages the customer product range for energy, products and services, including electric mobility, up to sales through the various commercial channels, ensuring compliance with safety, protection and environmental regulations, maximizing value for the customer and operational efficiency, and supporting margin optimization with Global Energy and Commodity Management. It manages the entire customer management pro-
cess, from activation to billing and customer care, with the aim of improving cus-
tomer satisfaction and value while optimizing service cost and cash flows. It maxi-
mizes operational excellence and customer focus, exploring new service models to improve productivity and effectiveness, driving the transformation needed to ensure long-term competitiveness.
1. The Group Investment Committee is made up of the heads of Administration, Finance and Control, Innovation, Legal, Corporate, Regulatory and Anti-
trust Affairs, Global Procurement, the geographical areas, and the heads of the business lines.
20 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Enel organizational modelRegion and Countries The Region and Countries are responsible for managing relationships with institutional bodies and regulatory authorities, as well as handling distribution and electricity and gas sales, in their areas, while also providing staff and other service support to the business lines. They are also charged with promoting decarbonization and guiding the energy transition toward a low-carbon business model within their areas of responsibility.
The following functions provide support to Enel’s business operations:
Global Service Function The Global Service Function is responsible for managing information and communica-
tion technology activities, procurement at the Group level, global customer relation-
ship activities, facility management and the associated general services.
The Global Service Function is also focused on the responsible adoption of measures that enable the achievement of Sustainable Development Goals, specifically in manag-
ing the supply chain and developing digital solutions to support the development of enabling technologies for the energy transition and the fight against climate change.
Holding Company Staff Functions The Holding Company Staff Functions are responsible for managing governance pro-
cesses at the Group level (e.g. Administration, Finance and Control; People and Or -
ganization; External Relations; Audit; Legal, Corporate, Regulatory and Antitrust Affairs;
Security; CEO Office, Strategy and Sustainability). More specifically, the CEO Office, Strategy and Sustainability Function is also responsible for defining strategy, long-term planning and the Group’s strategic objectives, guiding the associated decision-mak -
ing, and ensures the alignment of internal stakeholders with our strategic positioning, aimed among other things at promoting the decarbonization of the energy mix and the electrification of energy demand, key actions in the fight against climate change;
it defines the strategy, strategic positioning, and sustainability guidelines; it manages project execution and performance monitoring; it supports the strategic sustainability planning process and the sustainability reporting process.
2.
Governance
Values and pillars of corporate ethics HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 21 Values and pillars of corporate ethics 2. Reports concerning the Group’s commitments regarding human rights can also be submitted through the platform.A robust, dynamic system of ethics constantly orient-
ed toward incorporating national and international best practices is the founding element of the value system un-
derlying all activities of the Enel Group, as well as its rela-
tionships with all its key stakeholders.
The system is based on specific Compliance Programs,
including:
• the Code of Ethics, which applies to the entire Group and which expresses the Company’s ethical responsibilities and commitments in conducting its affairs and opera-
tions, governing and standardizing corporate conduct on the basis of standards aimed at ensuring the maxi-
mum transparency and fairness with all stakeholders;
• the Compliance Models, i.e. the arrangements installed to prevent the main management and criminal conduct risks envisaged under applicable corporate liability leg-
islation in the various countries in which the Group op-
erates (for example, the 231 Compliance Model for Ital-
ian companies, the “Modelo de prevención de riesgos/ Programa de Integridade” for the Group companies in Spain and Latin America and the Enel Global Compli-ance Program – EGCP – which is applied in the Group’s
non-Italian companies);
• the “Zero-Tolerance-of-Corruption” Plan (ZTC Plan), which pursues our commitment to fighting corruption in compliance with the tenth principle of the Global Compact. In addition to reiterating the need to comply with the principles of honesty, transparency and propri-
ety in conducting business, the ZTC Plan also sets out specific anti-corruption measures to be adopted in re-
lations with all stakeholders;
• the Human Rights Policy, which is again also valid for the entire Group and which leverages the commitments set out in the other codes of conduct, such as the Code of Ethics, the “Zero-Tolerance-of-Corruption” Plan and the global compliance models, strengthening and expand-
ing their content. The Policy defines 12 principles, which are divided into two macro-themes: working practices and relations with communities and society.
The Code of Ethics, the “Zero-Tolerance-of-Corruption” Plan and the Human Rights Policy are available at www.
enel.com.
Whistleblowing channel and stakeholder reports Any violations or suspected violations of Compliance Programs or conduct, acts or omissions that harm the integrity of the Company and which constitute a significant offense pursuant to applicable legisla-
tion can be reported, including in anonymous form, by internal and external stakeholders, through a sin-gle Group-level platform (“Ethics Point”) accessible at
www.enel.ethicspoint.com.2
The Audit Function receives and analyzes such reports, in compliance with the provisions of corporate policies and local regulations.
22 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Values and pillars of corporate ethicsThe following table indicates total violation reports received through the whistleblowing platform and actual violations confirmed.
1st Half
Change 2026 2025 Reports received through whistleblowing channel(1)no. 199 117 82 70.1% Violations ascertained from reports received through whistleblowing channel(1) (2)no. 32 23 9 39.1% (1) At the reporting date, the analyses of all reports received in the 1st Half of 2026 have not yet been completed. Accordingly, the values for reports re-
ceived and violations ascertained may be updated during the year.
(2) Following completion of the analyses of all reports received in the 1st Half of 2025, additional violations were ascertained (raising their number from 14 to 23).
Fighting corruption and bribery Enel’s Anti-Corruption System is founded on the Group’s commitment to fighting corruption, applying the trans-
parency and conduct criteria in accordance with the “Ze-
ro-Tolerance-of-Corruption” Plan (ZTC Plan) and reiterat-
ed in the Anti-Corruption Policy adopted in accordance with ISO 37001:2016 (“Anti-Bribery Management System”).
Enel’s Anti-Bribery Management System is certified ac-
cording to the above-mentioned ISO standard. Following receipt of the certification by Enel SpA, the 37001 certi-fication plan was gradually extended to the Group’s main Italian and foreign subsidiaries.
In line with its commitment to fighting corruption and bribery, Enel reiterates its support in ensuring the partic-
ipation in and completion of the main courses on ethi-
cal compliance. The primary of these are the “Enel Global Compliance Program” (or 231 Model in its Italian version), the “Code of Ethics” course, and the “Enel Anti-Bribery Program” .
Human rights management Enel’s approach to the energy transition Enel promotes a just transition, recognizing that climate change mitigation actions must necessarily take into ac-
count the related social impacts.
Enel’s business model is based on sustainable value cre-
ation shared with internal and external stakeholders, in-
novation and integration of respect for human rights along the entire value chain. The Group therefore rejects practices such as modern slavery, forced labor and hu-
man trafficking, and promotes diversity, inclusion, equal treatment and opportunities, while ensuring that people are treated with dignity and valued for their uniqueness, whether within the Group or in relations with partners and suppliers.
2.
Governance
Values and pillars of corporate ethics HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 23 The human rights management system Enel’s human rights management system is based on the three pillars of the United Nations Guiding Principles on Busi-
ness and Human Rights:
ENEL’S COMMITMENT THE DUE DILIGENCE PROCESS ACCESS TO REMEDY
It includes:
• the strategic approach to human rights in business activities • Enel’s public commitment: the Human
Rights Policy
• the embedding of this commitment in:
• operating policies and procedures
• training
• governanceIt includes:
• the identification of the salient issues • gap identification and definition of potential improvement plans • stakeholder relations (workplace, purchase processes and relations with business partners, communities, customers and cross-cutting and specific topics)It includes:
• Enel’s commitment to provide an adequate remedy in the event of
impacts
• grievance channels information • redressing in legacy projects 3. Universally agreed principles, as they derive from the Universal Declaration of Human Rights, the ILO Declaration, the Rio Declaration and the United Nations Convention against Corruption (Human Rights, Labor, Environment, Fight against Corruption). It is designed for the purpose of integrating into business practices the principles deriving from Enel’s adoption of:
i) the International Charter of Human Rights of the Unit-
ed Nations (which defines the fundamental rights to which human beings are entitled); and ii) Conventions of the International Labour Organization (ILO). The latter, underpinned by the Tripartite Declara-
tion of Principles concerning Multinational Enterprises and Social Policy, constitute a guide for multinational enterprises, governments and employer and worker organizations in areas such as employment, training, living and working conditions and industrial relations. Enel also adheres to the main international standards and
initiatives, including:
• the 10 principles of the United Nations Global Compact3 (which it joined as an active member in 2004);
• the letter of commitment with which the United Nations promotes commitment to a just transition and the cre-
ation of decent jobs;
• the United Nations “Protect, Respect and Remedy” framework, set out in the Guiding Principles on Busi-
ness and Human Rights;
• the OECD’s Guidelines for Multinational Enterprises.
Enel’s public commitment: the Human Rights Policy Enel’s Human Rights Policy was adopted in 2013, and was most recently updated in 2025 to take into consideration the evolution of international frameworks and its opera-
tional, organizational and management processes.
The Policy integrates the commitments set out in the main Group governance tools and codes of conduct – such as the Code of Ethics (adopted in 2002), the “Ze-
ro-Tolerance-of-Corruption” Plan and the global compli-
ance models, also updated in April 2025 – contributing to strengthening and expanding their contents.
The Policy is based on 12 principles, divided into two mac-
ro-themes:
• working practices;
• relations with communities and society. More specifically, the principles of the Policy point out that ensuring a safe, healthy and sustainable environment is part of the full enjoyment of human rights and on the other hand reiterate the rejection of practices harmful to human rights and promote virtuous practices (in line with the approach).
The commitment to human rights is fully integrated into the Group’s decision-making processes and is reflected in a governance model based on principles of transparency and accountability, which attributes specific competen-
cies to the main corporate bodies, including the Board of Directors, the Control and Risk Committee, and the Cor -
porate Governance and Sustainability Committee.
INTERIM REPORT
ON OPERATIONS
3
Group Strategy
& Risk
Management
26 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Group strategyGroup strategy On Capital Markets Day in February 2026, the Group pre-
sented its 2026-2028 Strategic and Business Plan, which provides for an increase in investments in the countries and regions with the highest growth potential in order to further improve shareholder returns.
In the 2026-2028 Strategic Plan, the Group will focus on three strategic priorities:
• accelerating growth in countries with stable envi-ronments, focusing on grids, renewables and end customers, through greenfield and brownfield in-
vestments;
• maximizing capital productivity through optimal alloca-
tion as well as efficient and effective management of
economic resources;
• ensuring a balanced risk/return profile in order to achieve improved EPS (ordinary net earnings per share) while maintaining rigorous financial discipline.
3.
Group Strategy
& Risk Management
Reference scenario HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 27
Reference scenario
The geopolitical environment In the 1st Half of 2026, the euro area continued to oper -
ate in a geopolitical context characterized by high un-
certainty, determined by the escalation of the conflict in the Middle East, the protracted war between Russia and Ukraine and the persistence of global trade ten-
sions. In particular, problems along the main energy and trade routes, with particular reference to the Strait of Hormuz, have increased the risks for the security of supplies and contributed to fueling the volatility of raw materials markets. These factors were compounded by the growing uncertainty linked to the evolution of inter -
national trade policies, characterized by the introduc-
tion of new tariff measures and trade restrictions, with possible effects on investments, global value chains and business confidence.
In this context, the rise in energy prices and some stra-
tegic commodities has led to a re-acceleration of in-
flationary pressures, affecting the growth prospects of the main advanced economies. Despite these elements of fragility, the economy of the euro area continued to show good resilience, supported by the resilience of the labor market, investments in innovation and digitaliza-
tion, and measures adopted by national governments.
However, growth remains moderate and strongly de-
pendent on the evolution of the international geopolit-
ical context, energy prices developments and their ef-
fects on household consumption, business investment and financial conditions. On the monetary front, the European Central Bank has maintained a prudent approach, pursuing the objective of price stability in a context characterized by persistent inflationary pressures and a progressive slowdown in eco-
nomic activity. Monetary policy decisions have therefore continued to reflect the need to balance fighting inflation with the increasing risk of weakening the business cycle.
Furthermore, elements of fragility still affect the energy sce-
nario. Although the easing of tensions between the United States and Iran in the second half of June favored a decrease in oil and gas prices from the highs recorded during the half-
year, the scenario remains highly uncertain. Any delays in the full normalization of flows through the Strait of Hormuz, as well as a possible exacerbation of geopolitical tensions in the area, could lead to new pressures on energy markets and global supply chains, with effects on price volatility, in-
flation and the growth prospects of the European economy.
Overall, the international environment continues to be characterized by an increasing degree of geopolitical and commercial fragmentation, which is expected to foster high volatility in financial and energy markets and increas-
ing uncertainty about the macroeconomic outlook in the medium term. In this scenario, the resilience of supply chains, energy security and the ability to accelerate invest-
ments in strategic infrastructure and energy transition are increasingly important, and will be key factors for the com-
petitiveness and growth of the European economy.
28 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Reference scenarioThe macroeconomic environment The global economy continued its deceleration path in the 1st Half of 2026, with GDP growth expected at 2.3% on an annual basis in the 2nd Quarter, down from 2.7% in the 1st Quarter. At the same time, geopolitical tensions in the Middle East, persistent supply chain vulnerabilities and rising energy prices have led to a renewed acceleration of inflationary pressures, with global inflation rising from 3.9% to 4.8%. The interna-
tional macroeconomic framework therefore remains highly uncertain, although it continues to benefit from the contribution of technological investments and the resilience of some labor markets.
In the United States, GDP growth moderately slowed to 2.3% in the 2nd Quarter, down from 2.6% in the 1st Quar -
ter. Inflation, on the other hand, increased from 2.7% to 3.9%, mainly due to the rise in energy and transport pric-
es. In this context, the Federal Reserve has maintained a cautious stance, postponing any monetary easing in light of the persistent solidity of the labor market.
In the euro area, GDP growth improved slightly, and is expected to be 0.4% in the 2nd Quarter, up from 0.3% in the 1st Quarter. However, the economic activity re-
mains weak, affected by the persistent fragility of the manufacturing sector and the uncertainty of the inter -
national context. Inflation rose from 2.0% to 3.1%, re-
flecting the rise in energy prices observed in the first few months of the year. Against this backdrop, the Eu-
ropean Central Bank confirmed a cautious approach, continuing to closely monitor risks to price stability and economic growth.
In Italy, GDP is expected to grow by 0.7%, down from 0.8% in the 1st Quarter, affected by the persistent weakness of the industrial sector and the slowdown in European trade.
Inflation increased from 1.4% to 3.1%, mainly reflecting higher energy prices and transport costs.
In Spain, growth remained above the euro area average, although slightly slowing from 2.7% to 2.6% in the 2nd Quarter. Domestic demand, tourism and the solidity of the labor market continued to support economic activity. Inflation, on the other hand, rose from 2.7% to 3.4%, re-
flecting the renewed increase in energy prices.
In Latin America, the macroeconomic environment continued to evolve differently in the main countries.
The region has benefited from the resilience of exter -
nal demand and commodity prices, while remaining ex -
posed to rising inflationary pressures resulting from the energy shock and climate risks associated with the El Niño phenomenon.
In Brazil, GDP growth remained broadly stable at 1.8% in the 2nd Quarter, in line with the previous period. Inflation increased from 4.1% to 4.7%, mainly supported by higher food and energy prices. In this context, the central bank maintained a restrictive monetary stance, however reduc-
ing the benchmark rate to 14.25% (-25 basis points) at its June meeting.
In Chile, GDP growth resumed, to 1.3% in the 2nd Quarter on an annual basis, compared with -0.5% in the previous period, while still evolving at a moderate pace. Inflation increased from 2.7% to 4.1%, reflecting the Chilean econ-
omy’s strong exposure to international energy price de-
velopments.
In Colombia, economic growth strengthened, with GDP estimated at 3.4% in the 2nd Quarter, compared with 2.2% in the previous period, supported by domestic demand and an improved climate of confidence following the re-
cent general elections. Inflation rose from 5.4% to 5.8%, mainly on the back of energy and food increases. In this context, the central bank increased the benchmark rate to 12% (+75 basis points) at its meeting in late June.
In Argentina, GDP growth is expected to be 2.7% in the 2nd Quarter, compared with 1.5% in the previous period, sup-
ported by the good performance of the agricultural and en-
ergy sectors and the gradual improvement of the macroe-
conomic framework. Inflation increased slightly, from 32.7% to 33.6%, temporarily interrupting the disinflation process observed in previous quarters, while remaining at levels significantly lower than those recorded in recent years.
3.
Group Strategy
& Risk Management
Reference scenario HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 29
The table below compares changes in the consumer price index between the 1st Half of 2026 and the 1st Half of 2025.
Change in consumer price index (CPI)
%1st Half
Change 2026 2025 Italy 2.20 1.82 0.38 Spain 3.17 2.40 0.77 Argentina 32.98 56.47 -23.49 Brazil 4.38 5.22 -0.84 Chile 3.37 4.58 -1.21 Colombia 5.62 5.10 0.52 Average exchange rates
1st Half
Change 2026 2025 Euro/US dollar 1.17 1.09 7.3 % US dollar/Argentine peso 1,414.02 1,103.28 28.2% US dollar/Brazilian real 5.15 5.76 -10.5% US dollar/Chilean peso 893.80 955.39 -6.4% US dollar/Colombian peso 3,649.46 4,192.60 -13.0% The energy industry Energy and other commodities in the 1st Half of 2026 Energy commodity markets recorded a general upward trend in the 1st Half of 2026, mainly reflecting the impact of the conflict in the Middle East and the US and Israeli strikes on Iran since February 28, 2026.
ICE Brent crude oil marked the most significant rise among energy commodities (+23.2%, to $87 .2/barrel), driven by the almost total closure of the Strait of Hormuz, which took around 11 million barrels per day from the market.
The gradual reopening of the Strait following the US-Iran memorandum then brought prices back toward $75-80/ barrel at the end of the period.
Natural gas (TTF) recorded the smallest change (+3.2%, to €42.5/MWh), despite high volatility following the suspen-
sion of Qatari LNG production in Ras Laffan, then normal-
ized with the de-escalation. European storage remained structurally low throughout the period.Coal (CIF ARA) reversed the downward trend of 2025 (+9.6%, to $111.2/ton), supported by fuel switching trig-
gered by gas scarcity and rising electricity demand in Eu-
rope in the 1st Quarter.
The CO2 market recorded growth of +6.3% (to €75.6/ton), with strong volatility: the peak at €93/ton in January was followed by a collapse of about €30/ton in March due to political pressures on the ETS reform, and subsequent stabilization at the end of the half-year.
Base metals recorded the highest changes of the entire basket. Copper increased by +38.8% (to $13,088/ton), driven by production interruptions in the main mines and structural demand linked to the energy transition. Alumi-
num gained +33.4% (to $3,386/ton), penalized by the pro-
duction contraction in the GCC (Gulf Cooperation Coun-
cil) countries and distorted by US tariffs at 50%.
30 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Reference scenario1st Half Change 2026 2025
Market indicators
Average ICE Brent oil price ($/barrel) 87. 2 70.8 23.2% Average CO2 price (€/ton) 75.6 71.1 6.3% Average coal price ($/ton CIF ARA)(1)111.2 101.5 9.6% Average gas price (€/MWh)(2)42.5 41.2 3.2% Average copper price ($/ton) 13,088 9,432 38.8% Average aluminum price ($/ton) 3,386 2,538 33.4% (1) API2 index.
(2) TTF index.
Electricity and natural gas markets
Electricity demand
Compared with the same period of the previous year, electricity demand showed generalized growth in Eu-
rope in the 1st Half of 2026. In Italy, consumption in-
creased by +2.4%, with positive developments in both quarters. In Spain, growth stood at +2.0%.
In Latin America, Brazil recorded a slight increase of +0.2%, while more marked growth was observed in Co-
lombia (+5.9%), Chile (+2.8%) and Argentina (+1.0%).
Developments in electricity demand(1)
2nd Quarter
Change TWh1st Half Change 2026 2025 2026 2025 76.7 75.3 1.9% Italy 156.6 152.9 2.4% 64.9 63.7 1.9% Spain 133.5 130.9 2.0% 36.4 34.4 5.9% Argentina 74.4 73.7 1.0% 185.3 185.9 -0.3% Brazil 385.2 384.5 0.2% 22.1 21.3 3.8% Chile 43.9 42.7 2.8% 22.2 20.7 7. 2 % Colombia 43.4 41.0 5.9% (1) Figures for the 1st Half of 2025 and the 2nd Quarter of 2025 reflect a more accurate calculation.
Source: national TSOs; figures may change during the year.
Electricity prices
Electricity prices
Average baseload
price H1 2026 (€/MWh)Change in average
baseload price
H1 2026
-
H1 2025Average peakload price H1 2026 (€/MWh)Change in average
peakload price
H1 2026
-
H1 2025
Italy 12 7. 0 5.9% 129.8 3.2% Spain 49.4 -20.9% 30.0 -39.7% Electricity prices in the 1st Half of 2026 showed divergent trends between Italy and Spain.
In Italy, baseload prices increased by +5.9% compared with the 1st Half of 2025, to €127 .0/MWh, while peakload prices grew more moderately by +3.2%, to €129.8/MWh.
The increase is mainly attributable to the increase in nat-
ural gas prices and the strong dependence of the Italian market on gas-fired thermal generation.
3.
Group Strategy
& Risk Management
Reference scenario HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 31
In Spain, the decrease in prices was marked, with the baseload price down by 20.9% to €49.4/MWh and an even more pronounced decrease in the peakload price, down by 39.7%, to €30.0/MWh. This decline was mainly driven by the exceptional growth in solar photovoltaic generation, which reached record levels, with prices close to zero or negative during solar peak hours.
Natural gas markets Natural gas demand
2nd Quarter
Change Billions of m31st Half Change 2026 2025 2026 2025 11.0 10.8 0.2 1.9% Italy 32.7 32.3 0.4 1.2% 6.1 6.3 (0.2) -3.2% Spain 14.1 14.0 0.1 0.7% In the 1st Half of 2026, demand for natural gas in Italy amounted to 32.7 billion cubic meters, up +1.2% com-
pared with the same period of 2025. The increase was more marked in the 2nd Quarter (+1.9%), reflecting higher residential and industrial demand.In Spain, demand remained broadly stable, slightly in-
creasing by 0.7%. Demand for gas-fired electricity gener -
ation supported consumption, while non-power demand contracted.
Italy
Natural gas demand in Italy
2nd Quarter
Change Billions of m31st Half Change 2026 2025 2026 2025 3.6 3.7 (0.1) -2.7% Distribution networks15.3 15.4 (0.1) -0.6% 2.9 3.0 (0.1) -3.3% Industry 6.0 6.0 - -
4.3 3.8 0.5 13.2% Thermal generation10.6 10.1 0.5 5.0% 0.2 0.3 (0.1) -33.3% Other(1)0.8 0.8 - -
11.0 10.8 0.2 1.9% Total 32.7 32.3 0.4 1.2% (1) Includes other consumption and losses.
Source: Enel based on data from the Ministry of Enterprises and Made in Italy and Snam Rete Gas.
In the 1st Half of 2026, demand for natural gas in Italy increased (+1.2%), mainly due to the thermal genera-
tion sector (+5.0%), supported by reduced hydroelec-
tric availability in winter. There was a slight contraction in consumption in the distribution networks (-0.6%), while industrial consumption remained substantially stable, showing resilient consumption despite rising gas prices.
32 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Risk managementRisk management The Enel Group risk governance model In performing its industrial and commercial activities, the Enel Group is exposed to risks that could impact its per -
formance and financial position if not effectively moni-
tored, managed and mitigated.
In this regard, in line with the architecture of Enel’s internal control and risk management system (ICRMS), the Group has also adopted a risk governance model based on a number of “pillars” described below, as well as a uniform taxonomy of risks (the so-called “risk catalogue”) that fa-
cilitates their management and organic representation.
For a more detailed discussion, please see the 2025 Inte-
grated Annual Report.
The “pillars” of risk governance Enel has adopted a reference framework for risk governance that is implemented in the real world through the establish-
ment of specific management, monitoring, control and re-
porting controls for each of the risk categories identified. The Group’s risk governance model is in line with the best national and international risk management practices and is based on the following pillars:
1 2 3 4 5 6
LINES
OF DEFENSEGROUP RISK
COMMITTEELOCAL
RISK
COMMITTEESRISK
APPETITE
FRAMEWORK POLICIES REPORTING
• Lines of defense.
• Group Risk Committee.
• Integrated and widespread system of local risk com-
mittees.
• Risk Appetite Framework (RAF).
• Risk policies.
• Reporting. More specifically, the Risk Landscape Enel Group© system collects and organizes informa-
tion coming from the different geographical areas and business lines of the Group, categorizing them in accordance with the definition in the Group’s risk catalogue.At June 30, 2026 the Enel Group monitored a set of about 400 risks, 15 of which were identified as Top Risks (with an above average likelihood and significant potential finan-
cial impacts).
With regard to the Top Risks identified and examined for the Plan period, we find a greater concentration of stra-
tegic risks (4) and compliance risks (11), the latter mainly relating to risks of tax disputes or compliance with other laws and regulations.
For further details on tax disputes, please see the dedi-
cated paragraphs of the “Contingent assets and liabilities” section of the 2025 Integrated Annual Report.
3.
Group Strategy
& Risk Management
Risk management HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 33
Macro-category: A Compliance LikelihoodImpact5 4 3 2.5 3.0 3.5 4.0 4.5 5.0
B StrategicA
AA AA
B B BB
AAAA A
A The Group risk catalogue Enel has adopted a risk catalogue that represents a point of reference at the Group level and for all corpo-
rate units involved in risk management and monitoring processes. The adoption of a common language facil-
itates the mapping and comprehensive representation of risks within the Group, thus allowing the identifica-
tion of the main types of risk that impact Group pro-cesses and the roles of the organizational units involved in their management.
The risk catalogue groups the types of risk into macro-cat-
egories, which include, as shown below, strategic, financial and operational risks, (non-)compliance risks, risks related to governance and culture, and digital technology risks.
Governance and culture • Corporate culture
and ethics
• Corporate governance
• Stakeholders’
engagement
Strategic
• Climate change • Competitive landscape
• Innovation
• Legislative and regulatory
developments
• Macroeconomic and geopolitical
trends
• Strategic planning and capital
allocation
RISKS
Financial
• Capital structure adequacy and funding access
• Commodity
• Credit and counterparty • Exchange rate • Interest rate
• Liquidity
Digital technology
• Cyber security
• Digitalization
• IT effectiveness • Service continuity
Compliance
• Accounting compliance • Antitrust compliance and consumers’ rights
• Corruption
• Data protection • External disclosure • Financial regulation compliance • Sustainability compliance • Tax compliance • Compliance with other laws and regulations
Operational
• Asset protection • Business interruption • Customers’ needs and satisfaction
• Environment
• Health and safety • Intellectual property • People and organization • Process efficiency • Procurement, logistics and supply
chain
• Service quality management
34 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Risk managementClimate change Climate change and the energy transition impact Group activities and have an effect on strategic and industrial planning and investments. The Group develops short-, medium-, and long-term scenarios related to the energy transition and climate change.
The risks and opportunities related to the evolution of these scenarios are identified, for example, in relation to technological and market developments, changes in reg-
ulations, and even physical phenomena, such as the ef-
fects of acute and chronic climate events on assets and on the rest of the value chain.
For an analysis of the risks associated with climate change, see “Impacts, risks and opportunities related to climate change” in the “Climate change” section of the 2025 Inte-
grated Annual Report.
Legislative and regulatory developments The Group operates in regulated markets and changes in the relevant regulations may affect the Holding’s opera-
tions and results.
Legislative and regulatory developments are therefore constantly monitored and supervised, with particular ref-
erence to:
• periodic reviews of regulations in the distribution sector;
• the liberalization of electricity markets, with par -
ticular attention to expected developments in South
America;
• developments in capacity payment mechanisms in the area of production;
• regulatory measures aimed at mitigating the impact of prices.In view of the risks that may arise from these develop-
ments, discussions have been strengthened with local government and other regulatory bodies, through an ap-
proach of transparency, collaboration, and proactivity in order to mitigate the sources of instability in the legisla-
tive and regulatory framework.
Commodity risk
Enel operates in energy markets and for this reason is ex -
posed to the risk of incurring losses as a result of unfa-
vorable developments in the prices of energy commodities (price risk), or due to changes in volume, such as fluctuations in demand or the unavailability of raw materials (volume risk).
To mitigate the exposure to price risk, the Group has de-
veloped a strategy of stabilizing margins, with early phys-
ical or financial contracting of both revenue and costs, such as by way of derivative financial instruments, sales to end customers, or fuel procurement.
To mitigate the risk of interruption in the supply of fuels and raw materials, the Group has diversified fuel sources, using suppliers from different geographical areas.
Enel’s risk governance calls for the formalization of risk limits, based on measurement and control processes, and allows to mitigate the impact on margins of unexpected changes in market prices and, at the same time, ensures an adequate level of flexibility to seize market opportunities.
The following table reports the results of the sensitivity analysis performed by the Group. It measures the potential impact on profit or loss and on equity of a change in the fair value of financial derivatives in the event of a 15% change in the price of the main commodities making up the fuel scenarios and the basket of formulas used in the contracts.
Millions of euroCommodity prices1st Half 2026 at June 30, 2026 Pre-tax impact on profit or loss Pre-tax impact on equity Increase Decrease Increase Decrease Change in the fair value of trading derivatives on commodities± 15% (423) 251 - -
Change in the fair value of derivatives on commodities designated as hedging instruments± 15% 1 (5) (625) 660 Exchange rate risk In view of their geographical diversification, access to in-
ternational markets for the issuance of debt instruments and transactions in commodities, Group companies are exposed to the risk that changes in exchange rates be-
tween the presentation currency and other currencies could generate unexpected changes in the performance and financial aggregates in their respective financial statements.
3.
Group Strategy
& Risk Management
Risk management HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 35
Given the current structure of Enel, the exposure to ex -
change rate risk is mainly linked to the US dollar.
The exchange rate risk management policy is based on sys-
tematically hedging the exposures of the Group compa-
nies, with the exception of translation risk. Specific opera-
tional processes and appropriate hedging strategies, which employ financial derivatives obtained on over-the-counter (OTC) markets, made it possible to limit possible adverse financial impacts and, at the same time, to optimize the management of cash flows on the managed portfolios.
The following table reports the results of the sensitivity analysis performed by the Group. It measures the poten-
tial impact on profit or loss and on equity of a change in the fair value of financial derivatives in the event of a change in the level of the euro exchange rate against the US dollar, all other variables being equal.
Millions of euroIncr./Decr.
euro/US dollar1st Half 2026 at June 30, 2026 Pre-tax impact on profit or loss Pre-tax impact on equity Euro appr. Euro depr. Euro appr. Euro depr.
Change in the fair value of exchange rate derivatives classified as non-hedging instruments± 10% 51 (62) Change in the fair value of exchange rate derivatives designated as hedging instruments Cash flow hedges ± 10% (2,501) 3,056 Fair value hedges ± 10% (49) 60 Interest rate risks The Group is exposed to the risk that changes in the lev -
el of interest rates could produce unexpected changes in net financial expense or financial assets and liabilities measured at fair value.
The exposure to interest rate risk derives mainly from the variability of the terms of financing, in the case of new debt, and from the variability of the cash flows in respect of interest on floating-rate debt.
The interest rate risk management policy seeks to con-tain financial expense and its volatility by optimizing the Group’s portfolio of financial liabilities and using OTC de-
rivatives.
The following table reports the results of the sensitivity analysis performed by the Group. It measures the poten-
tial impact on profit or loss and on equity of a change in the fair value of financial derivatives and the financial expense connected with the nominal value of long-term floating-rate debt not hedged by derivative contracts in the event of a change in the level of interest rates, all other variables being equal.
Millions of euro Basis points1st Half 2026 at June 30, 2026 Pre-tax impact on profit or loss Pre-tax impact on equity
Increase in
basis pointsDecrease in basis pointsIncrease in basis pointsDecrease in
basis points
Change in financial expense on notional amount of long-
term floating-rate debt after hedging± 25 33 (33) Change in the fair value of interest rate derivatives classified as non-hedging instruments± 25 3 (3) Change in the fair value of interest rate derivatives designated as hedging instruments Cash flow hedges ± 25 38 (38) Fair value hedges ± 25 (1) 1
INTERIM REPORT
ON OPERATIONS
4
Group
Performance
38 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Definition of performance measuresDefinition of performance
measures
In order to present the performance of the Group and analyze its financial structure, separate reclas-
sified schedules have been prepared that differ from the schedules envisaged under the IFRS-EU adopted by the Group and contained in the condensed interim consolidated financial statements. These reclassified schedules contain different performance measures from those obtained directly from the condensed in-
terim consolidated financial statements, in line with the ESMA Guidelines on Alternative Performance Meas-
ures (ESMA/2015/1415) published on October 5, 2015.
Management believes that these measures are useful in monitoring the performance of the Group and repre-
sentative of the financial performance and position of our business.
With regard to these indicators, on April 29, 2021, CON-
SOB issued Warning Notice no. 5/2021 making applicable the Guidelines issued on March 4, 2021 by the European Securities and Markets Authority (ESMA) on disclosure re-
quirements in accordance with Regulation (EU) 2017 /1129 (“Prospectus Regulation”), which apply from May 5, 2021 and replace the references to the CESR Recommenda-
tions and those in Communication no. DEM/6064293 of July 28, 2006 on net financial position; specifically, these guidelines update the previous CESR Recommendations (ESMA/2013/319, as revised on March 20, 2013).
The ESMA Guidelines are intended to promote the use-
fulness and transparency of alternative performance measures included in regulated information or pro-
spectuses within the scope of application of Directive 2003/71/EC in order to improve their comparability, reli-
ability and comprehensibility.
In line with the regulations cited above, the criteria used to construct these measures for the Enel Group are the following.
EBITDA: an operating performance indicator, calculated as the sum of “Operating profit” , “Net impairment/(reversal of impairment) of trade receivables and other receivables” and “Depreciation, amortization and other impairment” .
Ordinary EBITDA: defined as “EBITDA” from core busi-
nesses connected with the Ownership, Partnership and Stewardship business models with which the Group operates. This indicator may exclude, where applica-
ble, the costs associated with corporate restructuring plans and the results related to extraordinary share-
holding acquisition and sale transactions. Also not included are the economic results relating to decar -
bonization processes implemented by the Group, such as those relating to Italian coal-fired power plants for which commercial operations have ended, as well as business operating models no longer deemed consist-
ent with the Group’s core operations, as in the case of the subsidiary 3SUN. Finally, solidarity levies and cap-
ital charges of an extraordinary nature established by government authorities to be paid by companies in the energy sector are excluded from ordinary EBITDA.
Ordinary operating profit: defined as “Operating profit” excluding the effects of transactions not connected with core operations referred to with regard to ordinary EBIT -
DA. Impairments (including related reversals of impair -
ment) recognized on assets and/or groups of assets are also excluded.
Group ordinary profit: it is determined by adjusting “Group profit” for the items discussed under “Ordinary operating profit” , taking account of any tax effects and non-con-
trolling interests. Furthermore, it also excludes certain val-
ue adjustments related to equity investments accounted for using the equity method, financial components that are not attributable to the Group’s core operations, and the effects of fiscal measures in individual countries im-
pacting companies in the energy sector.
Net non-current assets: calculated as the difference be-
tween “Non-current assets” and “Non-current liabilities” with the exception of:
• “Deferred tax assets”;
• “Other non-current financial assets included in net fi-
nancial debt” included in “Other non-current financial
assets”;
• “Long-term borrowings”;
• “Employee benefits”;
• “Provisions for risks and charges (non-current portion)”;
• “Deferred tax liabilities”;
• “Other non-current financial liabilities included in net financial debt” included in “Other non-current financial liabilities” .
4.
Group Performance
Definition of performance measures HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 39 Net working capital: calculated as the difference be-
tween “Current assets” and “Current liabilities” with the
exception of:
• “Other current financial assets included in net financial debt” included in “Other current financial assets”;
• “Cash and cash equivalents”;
• “Short-term borrowings” and the “Current portion of
long-term borrowings”;
• “Provisions for risks and charges (current portion)”;
• “Other current financial liabilities included in net finan-
cial debt” included in “Other current financial liabilities” .
Net assets held for sale: calculated as the algebraic sum of “Assets classified as held for sale” and “Liabilities in-
cluded in disposal groups classified as held for sale” .
Net capital employed: calculated as the sum of “Net non-current assets” and “Net working capital” , “Pro-
visions for risks and charges (non-current and current portion)” , “Employee benefits” , “Deferred tax liabilities” and “Deferred tax assets” , as well as “Net assets held for sale” .
Net financial debt: a financial structure indicator, deter -
mined by:
• “Long-term borrowings” , “Short-term borrowings” , “Current portions of long-term borrowings” and the en-tries: “Other non-current financial liabilities included in net financial debt” and “Other current financial liabilities included in net financial debt” included respectively in:
“Other non-current financial liabilities” and “Other cur -
rent financial liabilities”;
• net of “Cash and cash equivalents”;
• net of “Other current financial assets included in net financial debt” , included in “Other current financial as-
sets” , which includes: (i) the current portion of long-
term financial receivables; (ii) securities; (iii) financial
receivables;
• net of “Other non-current financial assets included in net financial debt” included in “Other non-current fi-
nancial assets” which includes: (i) securities; (ii) financial receivables.
More generally, the net financial debt of the Enel Group is reported in accordance with Guideline no. 39, issued on March 4, 2021 by ESMA, applicable as from May 5, 2021, and with the above Warning Notice no. 5/2021 is-
sued by CONSOB on April 29, 2021. A reconciliation of the Group’s financial debt as determined with the cri-
teria indicated above and the net financial position de-
termined in accordance with the criteria of CONSOB Communication no. DEM/6064293 of July 28, 2006 is re-
ported in note 31 to the condensed interim consolidated financial statements.
40 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Group operationsGroup operations
Electricity generation
1st Half
Change 2026 2025 Consolidated net electricity generation (TWh)(1)96.27 93.32 2.95 3.2% of which from:
- renewable (TWh)(1)65.71 66.24 (0.53) -0.8% Total net efficient consolidated capacity (GW)(2)86.0 87.0(3)(1.0) -1.1% Net efficient consolidated renewables capacity (GW) 60.9 61.9(3)(1.0) -1.6% Net efficient consolidated renewables capacity (%) 70.8% 71.1%(3)-0.3% -
Additional efficient consolidated renewables capacity (GW) 0.39 1.20 (0.81) -67 .5% Storage (GW) 3.4 3.4(3)- -
Efficient unconsolidated capacity (GW)(4)6.10 5.80(3)0.30 5.2% Total efficient installed capacity (GW) 92.10 92.80(3)(0.70) -0.8% (1) 102.5 TWh including the output of managed renewables capacity (100.5 TWh in June 2025). Similarly, renewables generation at June 2026 would total 72.0 TWh (73.4 at June 2025).
(2) It includes 3,680 MW relating to the Brindisi and Torrevaldaliga Nord coal-fired plants in Italy for which the authorization to use coal (IEA requirement) expired on January 1, 2026.
(3) At December 31, 2025.
(4) Managed capacity under the Stewardship business model.
Net electricity generated by Enel in the 1st Half of 2026 increased by 2.95 TWh compared with the same period of 2025 (+3.2%).
The change reflects higher output from thermoelectric sources (+2.92 TWh) related to higher output from com-
bined-cycle plants (+3.35 TWh) mainly in Italy and Spain, partially offset by lower production from coal-fired (-0.40 TWh) and fuel-oil and turbo-gas plants (-0.03 TWh).
Renewables generation decreased (-0.53 TWh) mainly reflecting a decrease in hydroelectric generation (-3.65 TWh), mainly in Italy, Chile and Argentina (the latter fol-lowing the end of the concession of the El Chocón plant on December 31, 2025), and other sources (-0.08 TWh), partially offset by higher wind generation (+1.98 TWh), mainly in the United States and Spain, and solar genera-
tion (+1.22 TWh) mainly in Spain and Colombia.
Nuclear generation increased by 0.56 TWh.
Excluding the changes attributable to lower hydroelec-
tric generation in Argentina following the end of the El Chocón concession, electricity generation in the 1st Half of 2026 increased by 4.24 TWh (+4.6%) compared with the same period of the previous year.
4.
Group Performance
Group operations HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 41
NET ELECTRICITY GENERATION BY SOURCE IN THE 1ST HALF OF 2026
TOTAL TRADITIONAL SOURCES:
31.7%
29.0% in the 1st Half of 202515.4%
Combined-cycle
12.3% in the 1st Half of 2025
13.1%
Nuclear
13.0% in the 1st Half of 2025
2.8%
Fuel-oil and turbo-gas 2.9% in the 1st Half of 2025
0.4%
Coal
0.8% in the 1st Half of 20251st Half of
2026
Total 96.27 TWh 93.32 TWh in the 1st Half of 2025
TOTAL RENEWABLE SOURCES:
68.3%
71.0% in the 1st Half of 202529.2%
Hydroelectric
34.0% in the 1st Half of 2025
25.4%
Wind
24.0% in the 1st Half of 2025
11.0%
Solar
10.1% in the 1st Half of 2025
2.7%
Geothermal and other 2.9% in the 1st Half of 2025 The Group’s total net efficient consolidated capacity de-
creased to 86.0 GW, from 87 .0 GW at the end of 2025.
The change is attributable to lower renewable capacity in Argentina, following the end of the El Chocón hydroelec-
tric plant concession (-1.3 GW) and the disposal of various plants (-0.1 GW), partially offset by higher solar capacity (+0.4 GW). Total net efficient consolidated capacity in-
cludes 3.7 GW relating to the Brindisi and Torrevaldaliga Nord coal-fired plants in Italy. The closure of coal-fired power plants in Italy was planned by December 31, 2025 as part of the energy policy documents (from SEN 2017 to the 2024 PNIEC). Consistent with this, the Integrated Environmental Authorizations (IEAs) issued in 2019 for the Civitavecchia plant (Decree 284 of September 30, 2019) and in 2020 for the Brindisi plant (Decree 84 of April 21, 2020), although valid for 16 years, provide for the end of use of coal by December 31, 2025. Therefore, Enel Pro-
duzione cannot currently operate the plants.
Enel Produzione applied to the Ministry for the Environ-
ment and Energy Security to receive the authorization to permanently cease operations of the two power plants “Federico II” , in Brindisi, and Torrevaldaliga Nord, in Civi-
tavecchia, in relation to which Enel Produzione itself is awaiting a reply.
NET EFFICIENT CONSOLIDATED CAPACITY BY SOURCE AT JUNE 30, 2026
TOTAL TRADITIONAL SOURCES:
29.2%
28.9% at December 31, 202514.4%
Combined-cycle
14.3% at December 31, 2025
5.5%
Fuel-oil and turbo-gas 5.5% at December 31, 2025
5.4%
Coal
5.3% at December 31, 2025
3.9%
Nuclear
3.8% at December 31, 2025
TOTAL RENEWABLE SOURCES:
70.8%
71.1% at December 31, 202531.4%
Hydroelectric
32.5% at December 31, 2025
18.8%
Wind
18.6% at December 31, 2025
15.6%
Solar
15.0% at December 31, 2025
4.0%
BESS
4.0% at December 31, 2025
1.0%
Geothermal and other 1.0% at December 31, 2025at June 30,
2026
Total 86.0 GW
87.0 GW
at December 31, 2025
42 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Group operationsAt the end of June 2026, the Group’s net efficient con-
solidated renewables capacity reached 60.9 GW, equal to 70.8% of total net efficient consolidated capacity. Ex -
cluding the capacity of the aforementioned Brindisi and Torrevaldaliga Nord plants from the total net efficient consolidated capacity, the Group’s net efficient consoli-
dated renewables capacity represents 74.0% of the total net efficient consolidated capacity.
Electricity distribution
1st Half
Change 2026 2025 Electricity transported on Enel’s distribution grid (TWh)(1)239.4 231.9 7.5 3.2% End users with active smart meters (no.)(2)46,956,064 45,679,133 1,276,931 2.8% Electricity distribution and transmission grid (km)(1)1,884,611 1,879,107(3)5,504 0.3% End users (no.) 69,412,948 68,855,342 557 ,606 0.8% SAIDI (average minutes)(1)88.8 97. 9 (9.1) -9.3% SAIFI (average no.) 1.2 1.2 - -
(1) The figure for the 1st Half of 2025 reflects a more accurate calculation.
(2) Of which 30.9 million second-generation meters at June 30, 2026 and 30.3 million at June 30, 2025.
(3) At December 31, 2025.
The electricity transported on Enel’s distribution grid in the 1st Half of 2026 amounted to 239.4 TWh, up 7 .5 TWh (+3.2%) on the 1st Half of 2025.
The increase is general in all countries, but more specif-
ically in Italy (+2.3 TWh), Spain (+2.9 TWh) and Brazil (+1.7 TWh).
The number of Enel end users with active smart meters in the 1st Half of 2026 increased by 1,276,931, mainly at-
tributable to Brazil (+1,077 ,251), as a result of the modern-
ization of the distribution networks, and to a lesser extent Italy (+104,129) and Spain (+93,937).
The number of Enel end users at the end of the 1st Half of 2026 increased by 557 ,606 compared with the same period of 2025 (+0.8%).
4.
Group Performance
Group operations HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 43
Enel Commercial
1st Half
Change 2026 2025 Electricity sold by Enel (TWh) 115.6 123.8 (8.2) -6.6% Gas sold to end users (billions of m3) 3.2 3.5 (0.3) -8.6% Retail customers (no.)(1)54,385,599 54,818,099 (432,500) -0.8%
- of which free market 22,438,157 23,039,376 (601,219) -2.6% Demand response capacity (MW) 11,065 9,757 1,308 13.4% Public charging points (no.) 35,054 31,572(2)3,482 11.0% (1) Total retail customers include fiber optic customers.
(2) At December 31, 2025.
Electricity sold by Enel in the 1st Half of 2026 amounted to 115.6 TWh, a decrease of 8.2 TWh (-6.6%) on the same period of 2025, reflecting a decrease in quantities sold in Italy (-4.1 TWh), Brazil (-3.0 TWh), Spain (-0.9 TWh), Co-
lombia (-0.2 TWh) and Chile (-0.1 TWh), partially offset by the increase in Argentina (+0.1 TWh).
Gas sold by Enel in the 1st Half of 2026 amounted to 3.2 billion cubic meters, a decrease of 0.3 billion cubic meters compared with the same period of the previous year.Enel’s public charging points numbered 35,054 in the 1st Half of 2026, an increase of 3,482 compared with Decem-
ber 31, 2025. The increase is mainly related to Italy (3,523 units) also in consideration of the increase in the invest-
ment in Ewiva, from 50%.
Demand response capacity in the 1st Half of 2026 amounted to 11,065 MW, an increase of 1,308 MW com-
pared with the same period of the previous year, mainly in Spain (+272 MW), the United States (+244 MW) and South Korea (+454 MW).
44 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Group performanceGroup performance Millions of euroOrdinary income
statement(1)
ChangeIncome statement
Change1st Half 1st Half 2026 2025 2026 2025 Revenue 40,892 40,816 76 0.2% 40,919 40,816 103 0.3% Costs 28,770 29,810 (1,040) -3.5% 28,910 30,186 (1,276) -4.2% Net results from commodity contracts (284) 462 (746) - (284) 462 (746) -
EBITDA 11,838 11,468 370 3.2% 11,725 11,092 633 5.7%
Depreciation, amortization and impairment losses3,936 3,875 61 1.6% 4,005 3,893 112 2.9% Operating profit 7 ,902 7,593 309 4.1% 7,7 2 0 7, 19 9 521 7. 2 % Financial income 2,223 4,351 (2,128) -48.9% 2,223 4,351 (2,128) -48.9% Financial expense 3,644 5,639 (1,995) -35.4% 3,630 5,672 (2,042) -36.0% Net financial expense (1,421) (1,288) (133) -10.3% (1,407) (1,321) (86) -6.5% Share of profit/(loss) of equity-
accounted investments12 (14) 26 - 12 (45) 57 -
Income before taxes 6,493 6,291 202 3.2% 6,325 5,833 492 8.4% Income taxes 1 ,741 1,768 (27) -1.5% 1,769 1,731 38 2.2% Profit/(Loss) from continuing operations4,752 4,523 229 5.1% 4,556 4,102 454 11.1% Profit/(Loss) from discontinued operations- - - - - - - -
Profit for the period (owners of the Parent and non-controlling interests) 4,752 4,523 229 5.1% 4,556 4,102 454 11.1% Attributable to owners of the Parent 3,929 3,823 106 2.8% 3,743 3,428 315 9.2% Attributable to non-controlling interests 823 700 123 17.6 % 813 674 139 20.6% (1) The ordinary income statement does not include a number of items, as defined in the “Definition of performance measures” section. The summary of results presents a reconciliation of reported figures with ordinary figures for the following aggregates: EBITDA, operating profit, and profit for the period (attributable to owners of the Parent).
4.
Group Performance
Group performance HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 45
Revenue
Millions of euro1st Half Change 2026 2025 Sale of electricity 20,198 20,185 13 0.1% Transport of electricity 6,661 6,317 344 5.4% Fees from network operators 607 671 (64) -9.5% Transfers from institutional market operators 1,098 799 299 37.4% Sale of gas 2,623 2,991 (368) -12.3% Transport of gas 396 338 58 17. 2 % Sale of fuels 685 706 (21) -3.0% Fees for connection to electricity and gas networks 510 461 49 10.6% Revenue from construction contracts 759 548 211 38.5% Sale of commodities with physical settlement and fair value gain/(loss) on contracts settled in the period 5,131 5,532 (401) -7. 2 % Sale of value-added services 644 572 72 12.6% Sale of environmental certificates 53 195 (142) -72.8% Sale of assets 2 2 - -
Gain from sale of property, plant and equipment and intangible assets10 9 1 11.1% Grants for environmental certificates 148 115 33 28.7% Sundry reimbursements 197 206 (9) -4.4% Tax partnerships 246 329 (83) -25.2% Other income 951 840 111 13.2% Total 40,919 40,816 103 0.3% In the 1st Half of 2026, the Enel Group’s revenue came to €40,919 million, an increase of 0.3% from €40,816 million in the same period of 2025.
This change is mainly attributable to the increase in reve-
nue from Enel Grids and Enel Green Power.
The increase in Enel Grids’ revenue is mainly attributable to Spain, reflecting the effects of a Supreme Court ruling rec-
ognizing previous regulatory components in the amount of €177 million and higher revenue from transport and distri-
bution due to the new regulatory framework for Spanish distribution in force since 2026, to Brazil, reflecting the in-
crease in distribution rates due to the remuneration of in-
vestments made in previous years and the recovery of infla-
tionary effects, and favorable exchange rate developments in the periods under review, in the amount of €189 million, and to Colombia, reflecting the increase in sales prices.
The positive performance of Enel Green Power is mainly due to the increase in solar generation in Colombia and the growth of storage activities in Italy.These developments have more than offset the decline in revenue from Thermal Generation and Trading and Enel Commercial, due to the lower volumes traded on the wholesale market and the decrease in average prices ap-
plied to end customers, combined with the lower amounts of electricity and gas sold.
Revenue from the sale of commodities with physical set-
tlement, including the results from the fair value meas-
urement of transactions closed in the period, decreased by €401 million compared with the 1st Half of 2025, when a particularly favorable market scenario had generated a positive impact on the optimization activities of com-
modity hedges.
This favorable impact, particularly significant in the first three months of 2025, decreased in the current Half, in which, however, the revenue from sales of emission allow -
ances in Italy increased by €1,278 million, with the related cost item recognized under the purchases of materials (see the “Costs” section).
46 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Group performanceCosts Millions of euro1st Half Change 2026 2025 Electricity purchases 8,796 9,010 (214) -2.4% Consumption of fuel for electricity generation 1,646 1,387 259 18.7% Fuel for trading and gas for sale to end users 5,237 7, 27 7 (2,040) -28.0% Materials 2,293 1,341 952 71.0% Personnel expenses 2,424 2,353 71 3.0% Services, leases and rentals 8,184 8,193 (9) -0.1% Environmental certificates 631 539 92 17. 1 % Other charges related to the electricity and gas system 143 148 (5) -3.4% Other charges for taxes and duties 636 737 (101) -13.7% Capital losses and other costs on the disposal of equity investments- 341 (341) -
Other operating expenses 349 371 (22) -5.9% Capitalized costs (1,429) (1,511) 82 5.4% Total 28,910 30,186 (1,276) -4.2% The decrease in costs in the 1st Half of 2026 is main-
ly related to the lower supply of fuel for trading and gas for sale to end users, in line with the normalization of the hedging of the commodity portfolio commented on in the “Revenue” section. The decrease is partially offset by the increase in costs for the purchase of materials, up by €952 million mainly reflecting higher costs of purchasing emis-
sion allowances (CO2), compared with the corresponding increase in the sale of allowances for €1,278 million men-
tioned above, with an overall neutral effect on the margin.
Net results from commodity contracts Net expense from commodity contracts came to €284 million in the 1st Half of 2026, a change of €746 million compared with net income of €462 million in the corresponding period of 2025, attributable to the result of the fair value measurement of derivatives and physical contracts in a price environment not as particularly favorable as that in the 1st Half of 2025.
This development reflects the gradual normalization of trading and wholesale activities, in line with strategy to reduce exposure to commodity volatility and improve the quality and predictability of results.
Ordinary EBITDA
Millions of euro1st Half Change 2026 2025 Thermal Generation and Trading 1,348 1,562 (214) -13.7% Enel Green Power 3,373 3,387 (14) -0.4% Enel Grids 4,844 4,402 442 10.0% Enel Commercial 2,405 2,210 195 8.8% Holding and Services (132) (93) (39) -41.9% Total 11,838 11,468 370 3.2%
4.
Group Performance
Group performance HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 47
Ordinary EBITDA increased by €370 million (3.2%) com-
pared with the same period in the previous year, re-
flecting the improved performance of the Enel Grids business in Spain (€223 million), mainly related to the recognition of certain regulatory adjustments follow -
ing a ruling by the Supreme Court (€177 million), in Ita-
ly (€114 million) due to the increase in Regulated Asset Base (RAB) related to the greater investments made in previous years, and in Brazil (€118 million) due to the re-
covery of investments made in previous years and infla-
tion in rates, as well as positive exchange rate develop-
ments compared with the previous year in the amount of €46 million.
This increase was only partially offset by the decrease in ordinary EBITDA attributable to the Integrated Busi-
nesses (€33 million), connected with the results of Ther -
mal Generation and Trading, Enel Green Power and Enel Commercial, where the decrease of €452 million in Italy, mainly reflecting the above-mentioned normalization of the results of the sale of commodities with physical set-
tlement, was largely offset by the improvement of mar -
gins in Spain (€287 million), as a result of lower costs of procuring energy and fuels against the increase in rev -
enue from the sale and transport of electricity, and in Colombia (€106 million) due to the increase in quantities generated and sold by Enel Green Power.
Therefore, the ordinary EBITDA of the Integrated Busi-
nesses reflects the gradual normalization of trading and wholesale activities, down from approximately €1,014 million to €359 million in the two periods, in line with the strategy of reducing exposure to commodity volatility and improving the quality and predictability of results.
Excluding this effect, the performance of Thermal Gener -
ation and Trading, Enel Green Power and Enel Commercial therefore improved by €622 million.
EBITDA
EBITDA came to €11,725 million (€11,092 million in the 1st Half of 2025). The change mainly reflects the factors commented in relation to ordinary EBITDA, as well as the different impacts of non-recurring items that in the 1st Half of 2025 came to €376 million, mainly reflect-
ing the charges for completing the sale of the residu-
al stake in Slovak Power Holding, compared with €113 million in 2026, when they mainly related to the results attributable to the two Brindisi and Torrevaldaliga Nord (Civitavecchia) coal-fired power plants and the con-
struction of photovoltaic modules which, from January 1, 2026, were excluded from ordinary profit, based on the following considerations:
• termination of commercial coal operations: as stipulat-
ed in the Integrated Environmental Authorizations (IEAs) and in line with the National Integrated Plan for Ener -
gy and Climate (PNIEC), the deadline for the use of coal in the two above-mentioned power plants expired on December 31, 2025 and, consequently, they cannot be operated. The Group is currently still waiting for feed-
back from the Ministry for the Environment and Energy Security on the application to permanently decommis-
sion the plants. During this transitional phase, however, the Group continues to incur in a number of operating and safety charges to ensure the use of the plants in case of need. In this context, since these charges are incurred outside the normal production cycle and the use of the power plants may only occur in extraordinary cases, they are no longer attributable to the ordinary business of power generation;
• strategic focus and industrial discontinuity: the Group reaffirmed its strategic focus on its primary activities of renewable generation, grid management and customer solutions. In this context, the industrial activity of pho-
tovoltaic module production, performed by the subsidi-
ary 3SUN, is characterized by competitive industrial dy -
namics and risk profiles structurally different from the ordinary business model of the Group. Nevertheless, the Enel Group confirms its commitment to ensure the continuity of production, the ramping up of capacity and compliance with its commitments to the European Union as regards the incentivized component.
The medium-term objective is to ensure sustainable management in line with European regulations leverag-
ing on agreements with strategic partners in the pro-
duction chain.
48 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Group performanceMillions of euro1st Half 2026
Thermal
Generation
and TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding and
Services Total
Ordinary EBITDA 1,348 3,373 4,844 2,405 (132) 11,838 Impairment losses - 6 - - - 6 Colombia wealth tax - (9) (7) - - (16) Loss on the Torrevaldaliga Nord and Brindisi coal-fired plants(47) - - - - (47) Loss on photovoltaic module production activities- - - - (56) (56)
EBITDA 1,301 3,370 4,837 2,405 (188) 11,725
Millions of euro1st Half 2025
Thermal
Generation
and TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding and
Services Total
Ordinary EBITDA 1,562 3,387 4,402 2,210 (93) 11,468 Gain/(Loss) of mergers and acquisitions (341) - - - - (341) Corporate restructuring plans and other non-recurring charges(1) (4) (4) (21) (2) (32) Impairment losses - (3) - - - (3)
EBITDA 1,220 3,380 4,398 2,189 (95) 11,092
Ordinary operating profit Millions of euro1st Half Change 2026 2025 Thermal Generation and Trading 974 1,129 (155) -13.7% Enel Green Power 2,356 2,431 (75) -3.1% Enel Grids 3,049 2,690 359 13.3% Enel Commercial 1 ,745 1,542 203 13.2% Holding and Services (222) (199) (23) -11.6% Total 7 ,902 7,593 309 4.1% Ordinary operating profit in the 1st Half of 2026 increased by €309 million reflecting the factors commented above on ordinary EBITDA and the increase in depreciation at-tributable to capital expenditure that entered into service in 2025 and in the 1st Half of 2026.
4.
Group Performance
Group performance HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 49
Operating profit
Millions of euro1st Half 2026
Thermal
Generation
and TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding and
Services Total
Ordinary operating profit/(loss) 974 2,356 3,049 1 ,745 (222) 7 ,902 Impairment losses - (14) - (24) - (38) Colombia wealth tax - (9) (7) - - (16) Loss on the Torrevaldaliga Nord and Brindisi coal-fired plants(47) - - - - (47) Loss on photovoltaic module production activities- - - - (81) (81) Operating profit/(loss) 927 2,333 3,042 1,721 (303) 7,7 2 0 Millions of euro1st Half 2025
Thermal
Generation
and TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding and
Services Total
Ordinary operating profit/(loss) 1,129 2,431 2,690 1,542 (199) 7,593 Gain/(Loss) of mergers and acquisitions (341) - - - - (341) Corporate restructuring plans and other non-recurring charges(1) (4) (4) (21) (2) (32) Impairment losses - (21) - - - (21) Operating profit/(loss) 787 2,406 2,686 1,521 (201) 7, 19 9 In addition to the factors already commented above, note that the operating profit includes value adjustments in the amount of €38 million, mainly relating to energy bro-
kerage and consultancy activities, following their reclassi-fication under net assets classified as held for sale, since at June 30, 2026 they meet the requirements of IFRS 5 for their classification in this item.
Group ordinary profit Group ordinary profit in the 1st Half of 2026 amounted to €3,929 million, up from €3,823 million in the same period of the previous year. The increase of €106 million is essen-
tially related to the factors commented above in relation to the ordinary operating result, partially offset by higher net financial charges (€133 million), due to the increase in net debt in the periods, and the increase in non-con-
trolling interests (€123 million).
50 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Group performanceGroup profit Group profit amounted to €3,743 million in the 1st Half of 2026, an increase of €315 million from €3,428 million in the same period of 2025.
In addition to the factors commented above in relation to Group ordinary profit, the change reflects the recog-
nition in the 1st Half of 2025 of the charges for the sale of the residual interest in Slovak Power Holding, and in the 1st Half of 2026 of the total charges associated with the Brindisi and Torrevaldaliga Nord (Civitavecchia) coal-fired power plants, the loss of the activities related to the pro-
duction of photovoltaic modules as well as the impacts of the “Energy bills Decree” in Italy (see “Significant events in the 1st Half of 2026”).
The following table provides a reconciliation of Group profit with Group ordinary profit, indicating the non-re-
curring items and their respective impact on perfor -
mance, net of the associated tax effects and non-con-
trolling interests.
Millions of euro1st Half
2026 2025
Group ordinary profit 3,929 3,823 “Energy bills Decree” (Italy) (68) -
Loss on photovoltaic module production activities (53) -
Loss on the Torrevaldaliga Nord and Brindisi coal-fired plants (32) -
Value adjustments (26) (8) Colombia wealth tax (7) -
Corporate restructuring plans and other non-recurring charges - (23) Gain/(Loss) of mergers and acquisitions - (364) Group profit 3,743 3,428
4.
Group Performance
Analysis of the Group’s financial structure HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 51 Analysis of the Group’s
financial structure
Net capital employed and funding The following table provides a breakdown of the composition of and changes in net capital employed.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Net non-current assets:
- property, plant and equipment and intangible assets 112,407 108,836 3,571 3.3%
- goodwill 13,120 13,051 69 0.5%
- equity-accounted investments 1,589 1,317 272 20.7%
- other net non-current assets/(liabilities) (1,276) (2,981) 1,705 57. 2 % Total net non-current assets 125,840 120,223 5,617 4.7% Net working capital:
- trade receivables 14,228 14,555 (327) -2.2%
- inventories 4,247 3,301 946 28.7%
- net receivables/(payables) due from/to institutional market operators(2,368) (4,422) 2,054 46.4%
- other net current assets/(liabilities) (12,960) (10,523) (2,437) -23.2%
- trade payables (11,129) (11,827) 698 5.9% Total net working capital (7 ,982) (8,916) 934 10.5% Gross capital employed 117 ,858 111,307 6,551 5.9%
Provisions:
- employee benefits (1,135) (1,127) (8) -0.7%
- provisions for risks and charges and net deferred taxes (6,435) (6,532) 97 1.5% Total provisions (7 ,570) (7 ,659) 89 1.2% Net assets held for sale 389 339 50 14.7% Net capital employed 110,677 103,987 6,690 6.4% Total equity 49,666 46,805 2,861 6.1% Net financial debt 61,011 57, 1 82 3,829 6.7% Net capital employed at June 30, 2026 amounted to €110,677 million and was funded by €49,666 million in equity attributable to owners of the Parent and non-con-
trolling interests and €61,011 million in net financial debt.
At June 30, 2026, the debt/equity ratio was 1.23, a slight increase from 1.22 at December 31, 2025.
The increase in net capital employed of €6,690 million
mainly reflected:
• the increase in net non-current assets mainly related to investments in the period (€5,142 million), favorable exchange rate developments (€2,478 million), change in the fair value of net non-current derivative assets (€304 million), the acquisition of Energía Colectiva (€118 mil-
lion), the increase in the stake in Mooney Group (€273 million) and the effects of hyperinflation (€371 million), offset by depreciation and amortization for the period of €3,553 million;
• the increase in net working capital mainly due to the decrease in net payables to institutional market oper -
ators (€2,054 million), partially offset by the negative performance of net current derivatives (€574 million) and the increase in payables for dividends to be paid to shareholders (€734 million).
Total equity at June 30, 2026 increased by €2,861 million mainly due to the net profit for the period (€4,556 million), the net increase in perpetual hybrid bonds (€1,972 mil-
lion), the positive balance of other comprehensive income
52 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Analysis of the Group’s financial structurerecognized directly in equity (€1,293 million) and the ef-
fect of hyperinflation (€206 million).
These increases were partially offset by the distribution of dividends (€3,429 million), the change in the reserve relat-ed to the purchase of treasury shares (buyback) made by Enel SpA (€1,035 million) and Endesa (€543 million) and coupons paid to holders of perpetual hybrid bonds (€144 million).
Net financial debt The following schedule shows the composition of and changes in the net financial debt of the Enel Group.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change
Long-term debt:
- bank borrowings 14,698 13,528 1,170 8.6%
- bonds 39,181 40,736 (1,555) -3.8%
- other borrowings(1)2,928 2,883 45 1.6% Long-term debt 56,807 57, 147 (340) -0.6% Long-term financial assets and securities (2,353) (2,890) 537 18.6% Net long-term debt 54,454 54,257 197 0.4%
Short-term debt
Bank borrowings:
- current portion of long-term bank borrowings 4,129 3,017 1,112 36.9%
- other short-term bank borrowings 754 192 562 -
Short-term bank debt 4,883 3,209 1,674 52.2% Bonds (current portion) 7,7 14 5,419 2,295 42.4% Other borrowings (current portion) 362 367 (5) -1.4% Commercial paper 2,969 2,342 627 26.8% Cash collateral and other financing in respect of derivatives436 289 147 50.9% Other short-term borrowings 124 152 (28) -18.4% Other short-term debt 11,605 8,569 3,036 35.4% Long-term loan assets (short-term portion) (2,237) (1,372) (865) -63.0% Loan assets - cash collateral (2,594) (2,033) (561) -27.6% Other short-term financial assets (366) (153) (213) -
Cash and cash equivalents and short-term securities (4,734) (5,295) 561 10.6% Cash and cash equivalents and short-term financial assets(9,931) (8,853) (1,078) -12.2% Net short-term debt 6,557 2,925 3,632 -
NET FINANCIAL DEBT 61,011 57, 1 82 3,829 6.7%
Net financial debt of “Assets classified as held for sale” 387 382 5 1.3% (1) Includes “Other non-current financial borrowings” included in “Other non-current financial liabilities” in the statement of financial position.
Net financial debt at June 30, 2026 amounted to €61,011 million (not including net financial debt in re-
spect of assets classified as held for sale for a total amount of €387 million) and increased by €3,829 mil-
lion from €57 ,182 million at December 31, 2025 (not including €5 million in net financial debt in respect of assets held for sale).The positive cash flows generated by operations (€4,251 million), the new issues of perpetual hybrid bonds (€1,972 million) and the sale to A2A of the stake in Duereti (€144 million) only partly offset the funding needs connected with the capital expenditure in the period (€4,223 mil-
lion, net of plant grants received in the amount of €927 million), the payment of dividends (€2,862 million, inclu-
4.
Group Performance
Analysis of the Group’s financial structure HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 53 sive of €144 million in coupons paid to holders of hybrid bonds), the purchase by Enel SpA and Endesa of own shares (€1,578 million), the negative impact of exchange rates developments (€1,010 million), the capital increase in Mooney (€273 million) and the purchase of Energía Colec-
tiva (€71 million).
Gross financial debt Millions of euroat June 30, 2026 at Dec. 31, 2025
Gross long-term
debt (including
short-term
portion)Gross
short-term debt Gross debtGross long-term
debt (including
short-term
portion)Gross
short-term debt Gross debt
Gross financial
debt69,012 4,283 73,295 65,950 2,975 68,925 At June 30, 2026, total gross financial debt amounted to €73,295 million, up €4,370 million compared with December 31, 2025. More specifically, gross long-
term financial debt (including the short-term por -
tion) amounted to €69,012 million, of which €42,093 million in sustainable financing, and is structured as
follows:
• bonds in the amount of €46,895 million, of which €26,800 million attributable to sustainable bonds, an increase of €740 million compared with December 31, 2025, mainly due to negative exchange rate de-
velopments;
• bank borrowings in the amount of €18,827 million, of which €15,293 million related to sustainability-linked financing, which increased by €2,282 million com-pared with December 31, 2025 mainly reflecting new issues in the period;
• other borrowings in the amount of €3,290 million, up €40 million on December 31, 2025.
Gross short-term financial debt amounted to €4,283 mil-
lion, up €1,308 million on December 31, 2025 due to the increase in commercial paper of €627 million, in cash col-
lateral of €147 million and in other short-term bank bor -
rowings of €562 million, partially offset by the decrease in other short-term financial borrowings of €28 million.
Cash and cash equivalents and short-/long-term finan-
cial assets, totaling €12,284 million, increased by €541 million compared with December 31, 2025.
Cash flows
For more information on cash flows, please see note 30 to the condensed interim consolidated financial statements at June 30, 2026.
54 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Analysis of the Group’s financial structureCapital expenditure Millions of euro1st Half Change 2026 2025 Thermal Generation and Trading 233 219 14 6.4% Enel Green Power 914 718 196 27.3 % Enel Grids 3,549 3,112 437 14.0% Enel Commercial 370 390 (20) -5.1% Holding and Services 76 89 (13) -14.6% Total(1)5,142 4,528 614 13.6% (1) Does not include €8 million regarding units classified as held for sale (€2 million in the 1st Half of 2025).
Capital expenditure in the 1st Half of 2026 amounted to €5,142 million, an increase of €614 million on the same period of 2025.
Group capital expenditure is mainly focused on grids (€3,549 million, 69% of the total) and renewable energy (€914 million, 18% of the total), in line with the Group’s Strategic Plan.
The increase in capital expenditure in distribution activ -
ities (€437 million), mainly relating to Italy (€157 million), Spain (€148 million) and Brazil (€138 million), was aimed at ensuring greater reliability and quality of distribution ser -
vices, as well as greater resilience for grids in responding to extreme climate events. As far as renewable energies are concerned, the increase mainly concerned activities in Italy (€193 million) and Chile (€137 million), partially offset by lower capital expenditure in Colombia (€104 million).
Capital expenditure in Thermal Generation and Trading in-
creased by €14 million and mainly related to Spain.
Capital expenditure in Enel Commercial decreased by €20 million, mainly in Italy and Colombia. However, con-
sidering the acquisition of the entire share capital of En-
ergía Colectiva for €91 million, finalized in Spain in the 1st Half of 2026, capital expenditure was up by €71 mil-
lion (+18.2%).
4.
Group Performance
Analysis of the Group’s financial structure HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 55
56 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by SegmentPerformance by Segment The representation of performance by business segment presented here is based on the approach used by man-
agement in monitoring Group performance and to com-
municate to the market its results, taking account of the operational model adopted by the Group.
The business line is the main discriminant in the analy -
ses performed and decisions taken by the management of the Enel Group, and is fully consistent with the internal reporting prepared for these purposes, considering that the results are measured and evaluated first and foremost for each business line and only thereafter are they broken down by geographical area.
Following an organizational arrangement, management decided to reallocate the performance and financial data of the 3SUN subsidiary in Italy to the “Other, eliminations and adjustments” geographical area.
Following the new allocation, the figures of the corre-
sponding period of 2025 have been restated for compar -
ative purposes.
Performance by Business Line in the 2nd Quarter of 2026 and 2025 2nd Quarter of 2026 Millions of euroThermal
Generation
and TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding
and
ServicesTotal
reporting
segment(1)Eliminations
and
adjustments Total
Revenue and other income from third parties5,528 2,027 5,584 7, 16 2 26 20,327 4 20,331 Revenue and other income from transactions with other segments1,523 901 549 287 439 3,699 (3,699) -
Total revenue and other income 7, 0 51 2,928 6,133 7,4 49 465 24,026 (3,695) 20,331 Net results from commodity contracts (215) 35 - (83) (1) (264) - (264)
EBITDA 625 1,784 2,305 1,228 (159) 5,783 - 5,783
Depreciation, amortization and impairment losses176 542 901 351 58 2,028 - 2,028 Operating profit/(loss) 449 1,242 1,404 877 (217) 3,755 - 3,755 (1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
2nd Quarter of 2025 Millions of euroThermal
Generation
and TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding
and
ServicesTotal
reporting
segment(1)Eliminations
and
adjustments Total
Revenue and other income from third parties4,691 1,681 4,996 7 ,353 21 18,742 - 18,742 Revenue and other income from transactions with other segments1,542 1,159 609 61 486 3,857 (3,857) -
Total revenue and other income 6,233 2,840 5,605 7,414 507 22,599 (3,857) 18,742 Net results from commodity contracts 410 36 - (432) (3) 11 - 11
EBITDA 253 1,668 2,245 1,020 (68) 5,118 - 5,118
Depreciation, amortization and impairment losses215 527 860 309 53 1,964 - 1,964 Operating profit/(loss) 38 1,141 1,385 711 (121) 3,154 - 3,154 (1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 57 Performance by Business Line in the 1st Half of 2026 and 2025 1st Half of 2026 Millions of euroThermal
Generation
and TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding
and
ServicesTotal
reporting
segment(1)Eliminations
and
adjustments Total
Revenue and other income from third parties9,536 4,306 11,056 15,969 48 40,915 4 40,919 Revenue and other income from transactions with other segments3,753 1,914 1,117 596 850 8,230 (8,230) -
Total revenue 13,289 6,220 12 ,173 16,565 898 49,145 (8,226) 40,919 Net results from commodity contracts (39) 46 - (286) (5) (284) - (284)
EBITDA 1,301 3,370 4,837 2,405 (188) 11,725 - 11,725
Depreciation, amortization and impairment losses374 1,037 1,795 684 115 4,005 - 4,005 Operating profit/(loss) 927 2,333 3,042 1,721 (303) 7,7 2 0 - 7,7 2 0 Capital expenditure 233 914(2)3,549 370 76 5,142 - 5,142 (1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €8 million regarding units classified as held for sale.
1st Half of 2025 Millions of euroThermal
Generation
and TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding
and
ServicesTotal
reporting
segment(1)Eliminations
and
adjustments Total
Revenue and other income from third parties9,795 3,767 9,885 17,3 03 66 40,816 - 40,816 Revenue and other income from transactions with other segments5,308 2,051 1,260 485 921 10,025 (10,025) -
Total revenue 15,103 5,818 11,145 17,7 8 8 987 50,841 (10,025) 40,816 Net results from commodity contracts 645 35 - (216) (2) 462 - 462
EBITDA 1,220 3,380 4,398 2,189 (95) 11,092 - 11,092
Depreciation, amortization and impairment losses433 974 1,712 668 106 3,893 - 3,893 Operating profit/(loss) 787 2,406 2,686 1,521 (201) 7, 19 9 - 7, 19 9 Capital expenditure 219(2)718(3)3,112 390 89 4,528 - 4,528 (1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €1 million regarding units classified as held for sale.
(3) Does not include €1 million regarding units classified as held for sale.
58 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by SegmentIn the table below, ordinary EBITDA is shown for the two periods under review, for each business line, showing the related geographical area. It should be noted that ordinary EBITDA excludes items identified based on the section “Definition of performance measures” . The reconciliation with EBITDA is provided in the “Group performance” section.
Ordinary EBITDA(1)
Millions of euroThermal Generation and Trading Enel Green Power Enel Grids Enel Commercial Holding and Services Total
1st Half
Change1st Half
Change1st Half
Change1st Half
Change1st Half
Change1st Half
Change 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Italy 365 845 (480) 1,284 1,251 33 2,353 2,239 114 1,503 1,508 (5) 46 31 15 5,551 5,874 (323) Iberia 837 710 127 420 429 (9) 1,124 901 223 781 612 169 25 8 17 3,187 2,660 527 Rest of the World 135 2 133 1 ,674 1,719 (45) 1,351 1,248 103 88 86 2 (29) (21) (8) 3,219 3,034 185 Argentina - - - (1) 16 (17) 99 131 (32) - - - (1) (1) - 97 146 (49) Brazil - (2) 2 213 232 (19) 817 699 118 9 8 1 (21) (12) (9) 1,018 925 93 Chile 96 (8) 104 402 496 (94) 65 84 (19) 27 41 (14) (7) (9) 2 583 604 (21) Colombia and Central America14 12 2 554 452 102 370 334 36 36 36 - - - - 974 834 140 Colombia 15 13 2 463 359 104 370 334 36 36 36 - - - - 884 742 142 Costa Rica - - - 4 5 (1) - - - - - - - - - 4 5 (1) Guatemala (1) - (1) 14 16 (2) - - - - - - - - - 13 16 (3) Panama - (1) 1 73 72 1 - - - - - - - - - 73 71 2 United States and Canada1 (16) 17 433 462 (29) - - - 11 1 10 - 1 (1) 445 448 (3) Mexico 8 1 7 42 33 9 - - - (4) (1) (3) - - - 46 33 13 Rest of the World -
Other countries 16 15 1 31 28 3 - - - 9 1 8 - - - 56 44 12 Peru 16 15 1 - - - - - - - - - - - - 16 15 1 Europe and Africa - - - 30 23 7 - - - 8 (2) 10 - - - 38 21 17 Asia and Oceania - - - 1 5 (4) - - - 1 3 (2) - - - 2 8 (6) Other countries - - - - - - - - - - - - - - - - - -
Other 11 5 6 (5) (12) 7 16 14 2 33 4 29 (174) (111) (63) (119) (100) (19) Total 1,348 1,562 (214) 3,373 3,387 (14) 4,844 4,402 442 2,405 2,210 195 (132) (93) (39) 11,838 11,468 370 (1) Ordinary EBITDA does not include non-recurring items. For a reconciliation with EBITDA, see the “Group performance” section.
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 59
Ordinary EBITDA(1)
Millions of euroThermal Generation and Trading Enel Green Power Enel Grids Enel Commercial Holding and Services Total
1st Half
Change1st Half
Change1st Half
Change1st Half
Change1st Half
Change1st Half
Change 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Italy 365 845 (480) 1,284 1,251 33 2,353 2,239 114 1,503 1,508 (5) 46 31 15 5,551 5,874 (323) Iberia 837 710 127 420 429 (9) 1,124 901 223 781 612 169 25 8 17 3,187 2,660 527 Rest of the World 135 2 133 1 ,674 1,719 (45) 1,351 1,248 103 88 86 2 (29) (21) (8) 3,219 3,034 185 Argentina - - - (1) 16 (17) 99 131 (32) - - - (1) (1) - 97 146 (49) Brazil - (2) 2 213 232 (19) 817 699 118 9 8 1 (21) (12) (9) 1,018 925 93 Chile 96 (8) 104 402 496 (94) 65 84 (19) 27 41 (14) (7) (9) 2 583 604 (21) Colombia and Central America14 12 2 554 452 102 370 334 36 36 36 - - - - 974 834 140 Colombia 15 13 2 463 359 104 370 334 36 36 36 - - - - 884 742 142 Costa Rica - - - 4 5 (1) - - - - - - - - - 4 5 (1) Guatemala (1) - (1) 14 16 (2) - - - - - - - - - 13 16 (3) Panama - (1) 1 73 72 1 - - - - - - - - - 73 71 2 United States and Canada1 (16) 17 433 462 (29) - - - 11 1 10 - 1 (1) 445 448 (3) Mexico 8 1 7 42 33 9 - - - (4) (1) (3) - - - 46 33 13 Rest of the World -
Other countries 16 15 1 31 28 3 - - - 9 1 8 - - - 56 44 12 Peru 16 15 1 - - - - - - - - - - - - 16 15 1 Europe and Africa - - - 30 23 7 - - - 8 (2) 10 - - - 38 21 17 Asia and Oceania - - - 1 5 (4) - - - 1 3 (2) - - - 2 8 (6) Other countries - - - - - - - - - - - - - - - - - -
Other 11 5 6 (5) (12) 7 16 14 2 33 4 29 (174) (111) (63) (119) (100) (19) Total 1,348 1,562 (214) 3,373 3,387 (14) 4,844 4,402 442 2,405 2,210 195 (132) (93) (39) 11,838 11,468 370 (1) Ordinary EBITDA does not include non-recurring items. For a reconciliation with EBITDA, see the “Group performance” section.
60 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by Segment
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 61 Thermal Generation and Trading
Operations
Net electricity generation Millions of kWh1st Half Change 2026 2025 Coal-fired plants 380 784 (404) -51.5% Fuel-oil and turbo-gas plants 2,672 2,694 (22) -0.8% Combined-cycle plants 14,871 11,521 3,350 29.1% Nuclear plants 12,636 12,087 549 4.5% Total net generation 30,559 27 ,086 3,473 12.8%
- of which Italy 4,893 3,121 1,772 56.8%
- of which Iberia 21,730 20,285 1,445 7. 1 %
- of which Rest of the World 3,936 3,680 256 7 .0%
- of which Chile 3,579 3,400 179 5.3%
- of which Colombia and Central America 197 147 50 34.0%
- of which Other countries 160 133 27 20.3% Thermal and nuclear generation increased by 3,473 mil-
lion kWh in the 1st Half of 2026, compared with the same period of 2025.
The increase in generation from combined-cycle plants of 3,350 million kWh mainly regards Italy (+2,153 million kWh), reflecting in particular the commissioning of the Fusina combined-cycle plant, which has been operating almost continuously, and the increase in the use of con-
ventional generation due to the lower availability of hydro-
electric sources, Spain (+926 million kWh) and Chile (+271 million kWh).Generation from nuclear plants in Spain also increased by 549 million kWh, reflecting the increase in the amounts of en-
ergy sold compared with the corresponding period in 2025.
These increases were partially offset by the decrease in generation in coal-fired plants of 404 million kWh, of which 365 million kWh related to Italy, reflecting the lower production of the Sulcis plant as a result of lower request for entry into service by Terna compared with the same period of the previous year, and 89 million kWh related to Spain. The decrease was only partially offset by higher generation in Colombia, in the amount of 50 million kWh.
Consolidated net efficient generation capacity MW at June 30, 2026 at Dec. 31, 2025 Change Coal-fired plants 4,627 4,627 - -
Fuel-oil and turbo-gas plants 4,721 4,747 (26) -0.5% Combined-cycle plants 12,420 12,420 - -
Nuclear plants 3,328 3,328 - -
Total 25,096 25,122 (26) -0.1%
- of which Italy 11,300 11,300 - -
- of which Iberia 11,306 11,306 - -
- of which Rest of the World 2,490 2,516 (26) -1.0%
- of which Chile 1,946 1,965 (19) -1.0%
- of which Colombia and Central America 226 226 - -
- of which Other countries 318 325 (7) -2.2% Net efficient generation capacity is broadly in line with end-2025. However, the figure for net installed thermal capacity in Italy includes the Brindisi and Torrevaldali-
ga Nord coal-fired plants, corresponding to an installed
62 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by Segmentcapacity of 3,680 MW for which the Integrated Environ-
mental Authorizations (IEAs) set the deadline for the use of coal at December 31, 2025, in line with the provisions of the National Integrated Plan for Energy and Climate (PNIEC) and therefore they cannot be de facto operated as from January 1, 2026. A formal application was submit-
ted to the Ministry for the Environment and Energy Secu-rity for authorization to permanently cease operation. As of June 30, 2026, the authorization had not been issued, therefore the plants remain formally included in the ca-
pacity count. If the capacity of these two coal-fired plants is excluded from the capacity count, the Group’s net ef-
ficient capacity at June 30, 2026 amounts to 21,416 MW (-14.8% compared with December 31, 2025).
Performance
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 7,0 51 6,233 818 13.1% Revenue 13,289 15,103 (1,814) -12.0%
625 253 372 - EBITDA 1,301 1,220 81 6.6%
650 595 55 9.2% Ordinary EBITDA 1,348 1,562 (214) -13.7% 449 38 411 - Operating profit 927 787 140 17.8 % 474 380 94 24.7% Ordinary operating profit 974 1,129 (155) -13.7% Capital expenditure 233 219(1)14 6.4% (1) Does not include €1 million regarding units classified as held for sale.
The following tables show a breakdown of performance by geographical area in the 1st Half of 2026.
Revenue
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 4,929 3,924 1,005 25.6% Italy 8,787 9,842 (1,055) -10.7% 1,962 1,737 225 13.0% Iberia 3,939 4,136 (197) -4.8% 151 598 (447) -74.7% Rest of the World 543 1,139 (596) -52.3% (18) 243 (261) - Brazil 1 491 (490) -99.8% 72 257 (185) -72.0% Chile 359 424 (65) -15.3% 41 50 (9) -18.0% Colombia and Central America 70 120 (50) -41.7% 41 50 (9) -18.0% - of which Colombia 70 120 (50) -41.7% 11 11 - - United States and Canada 28 26 2 7.7 % 26 20 6 30.0% Mexico 52 44 8 18.2% 19 17 2 11.8% Rest of the World - Other countries 33 34 (1) -2.9% 19 17 2 11.8% - of which Peru 33 34 (1) -2.9% 12 23 (11) -47 .8% Other 26 39 (13) -33.3% (3) (49) 46 93.9% Eliminations and adjustments (6) (53) 47 88.7% 7, 0 51 6,233 818 13.1% Total 13,289 15,103 (1,814) -12.0% Revenue in the 1st Half of 2026 amounted to €13,289 million, down €1,814 million on the same period in 2025. In Italy, the change is mainly related to low -
er physical volumes of gas and electricity traded, lower average sales prices, and negative develop-
ments of prices of commodity under contracts with future physical settlement, which benefited from a particularly favorable market environment in the 1st Half of 2025.
In Spain, revenue decreased despite the increase in quantities sold, reflecting the decrease in average unit prices compared with the same period of 2025 (-20.9% in €/MWh).
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 63
Ordinary EBITDA
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 177 256 (79) -30.9% Italy 365 845 (480) -56.8% 470 356 114 32.0% Iberia 837 710 127 17 .9% (1) (22) 21 95.5% Rest of the World 135 2 133 -
1 - 1 - Brazil - (2) 2 -
(18) (14) (4) -28.6% Chile 96 (8) 104 -
7 9 (2) -22.2% Colombia and Central America 14 12 2 16.7% 8 10 (2) -20.0% - of which Colombia 15 13 2 15.4% (1) - (1) - - of which Guatemala (1) - (1) -
- (1) 1 - - of which Panama - (1) 1 -
(4) (22) 18 81.8% United States and Canada 1 (16) 17 -
4 (3) 7 - Mexico 8 1 7 -
9 8 1 12.5% Rest of the World - Other countries 16 15 1 6.7% 9 8 1 12.5% - of which Peru 16 15 1 6.7% 4 5 (1) -20.0% Other 11 5 6 -
650 595 55 9.2% Total 1,348 1,562 (214) -13.7% Ordinary EBITDA came to €1,348 million, down by €214 million compared with the 1st Half of 2025, reflect-
ing two opposing developments: the normalization of trading and wholesale activities, down by €655 million compared with the previous period, characterized by a particularly favorable market scenario, and the simulta-
neous increase of €441 million in the margins of thermal and nuclear generation, supported by the growth in net generation (12.8%) mainly relating to the entry into op-eration of the Fusina plant in Italy and higher volumes in Spain and Chile.
EBITDA came to €1,301 million (€1,220 million in the 1st Half of 2025), up €81 million reflecting the factors com-
mented above and the release to profit or loss of the eq-
uity reserve for unrealized losses on derivative contracts, in the 1st Half of 2025, following the sale of the interest in Slovenské elektrárne (€341 million).
64 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by SegmentOrdinary operating profit
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 143 206 (63) -30.6% Italy 296 747 (451) -60.4% 318 206 112 54.4% Iberia 535 407 128 31.4% 8 (36) 44 -Rest of the World 132 (29) 161 -
- (1) 1 -Brazil (1) (5) 4 80.0% 4 (19) 23 -Chile 111 (19) 130 -
(1) 3 (4) -Colombia and Central America 2 - 2 -
1 6 (5) -83.3% - of which Colombia 6 4 2 50.0% (1) (2) 1 50.0% - of which Panama (3) (3) - -
(4) (21) 17 81.0% United States and Canada 1 (16) 17 -
3 (3) 6 -Mexico 8 1 7 -
6 5 1 20.0% Rest of the World - Other countries 11 10 1 10.0% 6 5 1 20.0% - of which Peru 11 10 1 10.0% 5 4 1 25.0% Other 11 4 7 -
474 380 94 24.7% Total 974 1,129 (155) -13.7% The change in ordinary operating profit essentially re-
flects the factors described in relation to ordinary EBITDA and lower depreciation and amortization in the amount of €59 million compared with the same period in the previ-
ous year. Operating profit in the 1st Half of 2026 amount-
ed to €927 million (€787 million in the 1st Half of 2025), reflecting the factors commented above on EBITDA, and the above-mentioned lower depreciation and amortization.
Capital expenditure
Millions of euro1st Half Change 2026 2025 Italy 34 58 (24) -41.4% Iberia 153 110 43 39.1% Rest of the World 46 51 (5) -9.8% Chile 39 45 (6) -13.3% Colombia and Central America 5 6 (1) -16.7% Rest of the World - Other countries 2 - 2 -
Total 233 219(1)14 6.4% (1) Does not include €1 million regarding units classified as held for sale.
Capital expenditure in the 1st Half of 2026 was broadly in line with the period under comparison.
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 65
66 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by Segment
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 67 Enel Green Power
Operations
Net electricity generation Millions of kWh1st Half Change 2026 2025 Hydroelectric 28,071 31,721 (3,650) -11.5% Geothermal 2,608 2,664 (56) -2.1% Wind 24,408 22,427 1,981 8.8% Solar 10,619 9,403 1,216 12.9% Other sources 5 20 (15) -75.0% Total net generation 65,711 66,235 (524) -0.8%
- of which Italy 11,500 12,560 (1,060) -8.4%
- of which Iberia 10,978 9,852 1,126 11.4%
- of which Rest of the World 43,233 43,823 (590) -1.3%
- of which Argentina 58 1,344 (1,286) -95.7%
- of which Brazil 8,988 9,689 (701) -7. 2 %
- of which Chile 7, 319 8,073 (754) -9.3%
- of which Colombia and Central America 9,448 9,256 192 2.1%
- of which United States and Canada 15,334 13,687 1 ,647 12.0%
- of which Mexico 1,440 1,127 313 27 .8%
- of which Other countries 646 647 (1) -0.2% In the 1st Half of 2026, total net renewable generation decreased from the corresponding period of 2025. More specifically, the increase in solar and wind generation was substantially more than offset by the decrease in hydro generation.
Hydroelectric generation decreased reflecting the end of the concession on the El Chocón plant in Argentina (1,290 million kWh) on December 31, 2025 and the de-
crease in water availability in Chile (1,110 million kWh), Italy (1,090 million kWh) and Colombia (310 million kWh). These decreases are only partly offset by higher generation in Spain (200 million kWh).Wind generation increased mainly in North America (1,660 million kWh), due to new plants coming into op-
eration, Spain (390 million kWh) and Mexico (320 million kWh), partly offset by the decrease in generation in Brazil (470 million kWh).
Solar generation increased, mainly in Spain (530 million kWh), Chile (390 million kWh) and Colombia (390 million kWh), partially offset by decreases in Brazil (50 million kWh) and South Africa (40 million kWh).
Excluding the changes attributable to the decommission-
ing of the power plant in Argentina in the 1st Half of 2026, generation increased by 0.76 TWh (+1.1%) compared with the same period of 2025.
68 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by SegmentConsolidated net efficient generation capacity(1) MW at June 30, 2026 at Dec. 31, 2025 Change Hydroelectric 26,961 28,320 (1,359) -4.8% Geothermal 860 860 - -
Wind 16,184 16,184 - -
Solar 13,437 13,053 384 2.9%
BESS 3,445 3,441 4 0.1%
Other sources 6 6 - -
Total net efficient generation capacity 60,893 61,864 (971) -1.6%
- of which Italy 16,827 16,854 (27) -0.2%
- of which Iberia 11,438 11,310 128 1.1%
- of which Rest of the World 32,628 33,700 (1,072) -3.2%
- of which Argentina - 1,328 (1,328) -
- of which Brazil 6,622 6,622 - -
- of which Chile 6,938 6,939 (1) -
- of which Colombia and Central America 5,214 4,958 256 5.2%
- of which United States and Canada 11,906 11,905 1 -
- of which Mexico 1,164 1,164 - -
- of which Other countries 784 784 - -
(1) Following an update to the calculation methodology, the efficient capacity of Battery Energy Storage Systems (BESS) is included as renewables capacity.
The decrease in net efficient capacity is mainly due to the decrease in hydroelectric capacity in Argentina (1,328 MW), attributable to the end of the concession of the El Chocón hydroelectric plant, only partially offset by the in-
crease in solar capacity in Colombia (256 MW) and Spain (128 MW).
Performance
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 2,928 2,840 88 3.1% Revenue 6,220 5,818 402 6.9%
1,784 1,668 116 7.0 % EBITDA 3,370 3,380 (10) -0.3%
1,778 1,675 103 6.1% Ordinary EBITDA 3,373 3,387 (14) -0.4% 1,242 1,141 101 8.9% Operating profit 2,333 2,406 (73) -3.0% 1,256 1,168 88 7.5 % Ordinary operating profit 2,356 2,431 (75) -3.1% Capital expenditure 914(1)718(2)196 27.3 % (1) Does not include €8 million regarding units classified as held for sale.
(2) Does not include €1 million regarding units classified as held for sale.
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 69 The following tables show a breakdown of performance by geographical area in the 1st Half of 2026.
Revenue
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 895 1,139 (244) -21.4% Italy 2,220 2,120 100 4.7% 287 276 11 4.0% Iberia 629 633 (4) -0.6% 1,739 1,420 319 22.5% Rest of the World 3,363 3,059 304 9.9%
- 10 (10) - Argentina 1 23 (22) -95.7% 293 227 66 29.1% Brazil 695 439 256 58.3% 582 479 103 21.5% Chile 1,061 1,084 (23) -2.1% 461 312 149 47.8 % Colombia and Central America 812 662 150 22.7% 392 241 151 62.7% - of which Colombia 676 512 164 32.0% 2 4 (2) -50.0% - of which Costa Rica 5 7 (2) -28.6% 21 22 (1) -4.5% - of which Guatemala 36 46 (10) -21.7% 46 45 1 2.2% - of which Panama 95 97 (2) -2.1% 300 307 (7) -2.3% United States and Canada 608 696 (88) -12.6% 71 58 13 22.4% Mexico 127 99 28 28.3% 29 27 2 7.4% Rest of the World - Other countries 59 56 3 5.4% 27 23 4 17.4% - of which Europe and Africa 54 48 6 12.5% 2 4 (2) -50.0% - of which Asia and Oceania 5 8 (3) -37.5 % 3 - 3 - Eliminations Rest of the World - - - -
45 64 (19) -29.7% Other 82 116 (34) -29.3% (38) (59) 21 35.6% Eliminations and adjustments (74) (110) 36 32.7% 2,928 2,840 88 3.1% Total 6,220 5,818 402 6.9% The increase in revenue compared with the 1st Half of 2025 is mainly attributable to Brazil (€256 million), due to the in-
crease in sales prices and the lower impact of curtailment compared with the corresponding period of the previous year, Colombia (€164 million) due to the increase in sales prices, and Italy (€100 million). These effects were only par -
tially offset by lower revenue in the United States (€88 mil-
lion) due to lower income from tax partnership agreements.
70 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by SegmentOrdinary EBITDA
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 683 713 (30) -4.2% Italy 1,284 1,251 33 2.6% 200 178 22 12.4% Iberia 420 429 (9) -2.1% 894 788 106 13.5% Rest of the World 1 ,674 1,719 (45) -2.6%
- 7 (7) - Argentina (1) 16 (17) -
122 112 10 8.9% Brazil 213 232 (19) -8.2% 203 222 (19) -8.6% Chile 402 496 (94) -19.0% 321 203 118 58.1% Colombia and Central America 554 452 102 22.6% 278 163 115 70.6% - of which Colombia 463 359 104 29.0% 2 3 (1) -33.3% - of which Costa Rica 4 5 (1) -20.0% 6 7 (1) -14.3% - of which Guatemala 14 16 (2) -12.5% 35 30 5 16.7% - of which Panama 73 72 1 1.4% 214 206 8 3.9% United States and Canada 433 462 (29) -6.3% 19 25 (6) -24.0% Mexico 42 33 9 27.3 % 15 13 2 15.4% Rest of the World - Other countries 31 28 3 10.7% 15 9 6 66.7% - of which Europe and Africa 30 23 7 30.4%
- 4 (4) - - of which Asia and Oceania 1 5 (4) -80.0% 1 (4) 5 - Other (5) (12) 7 58.3% 1,778 1,675 103 6.1% Total 3,373 3,387 (14) -0.4% Ordinary EBITDA in the 1st Half of 2026 was substantially in line with the same period of the previous year, as was the EBITDA of €3,370 million (€3,380 million in the 1st Half of 2025).
Ordinary operating profit
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 560 603 (43) -7. 1 % Italy 1,041 1,040 1 0.1% 107 80 27 33.8% Iberia 230 250 (20) -8.0% 597 508 89 17.5 % Rest of the World 1,104 1,179 (75) -6.4%
- 6 (6) - Argentina (1) 16 (17) -
72 66 6 9.1% Brazil 114 138 (24) -17.4% 138 164 (26) -15.9% Chile 275 377 (102) -27.1% 285 167 118 70.7% Colombia and Central America 486 397 89 22.4% 253 136 117 86.0% - of which Colombia 416 324 92 28.4%
- 2 (2) - - of which Costa Rica - 2 (2) -
3 3 - - - of which Guatemala 8 9 (1) -11.1% 29 26 3 11.5% - of which Panama 62 62 - -
89 83 6 7. 2 % United States and Canada 196 221 (25) -11.3% 7 17 (10) -58.8% Mexico 22 18 4 22.2% 6 5 1 20.0% Rest of the World - Other countries 12 12 - -
6 3 3 - - of which Europe and Africa 12 9 3 33.3%
- 2 (2) - - of which Asia and Oceania - 3 (3) -
(8) (23) 15 65.2% Other (19) (38) 19 50.0% 1,256 1,168 88 7.5 % Total 2,356 2,431 (75) -3.1%
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 71 Ordinary operating profit for the 1st Half of 2026 was sub-
stantially in line with the same period of the previous year and was affected by the higher depreciation and amorti-
zation related to new investments over the last 12 months.Operating profit came to €2,333 million (€2,406 million in the 1st Half of 2025), in line with ordinary operating profit.
Capital expenditure
Millions of euro1st Half Change 2026 2025 Italy 452 259 193 74.5% Iberia 110 136 (26) -19.1% Rest of the World 348 320 28 8.8% Brazil 23 54 (31) - 57.4% Chile 179 42 137 -
Colombia and Central America 61 165 (104) -63.0% Mexico - 12 (12) -
United States and Canada 82 45 37 82.2% Rest of the World - Other countries 3 2 1 50.0%
- of which Europe and Africa 2 2 - -
- of which Asia and Oceania 1 - 1 -
Other 4 3 1 33.3% Total 914(1)718(2)196 2 7. 3 % (1) Does not include €8 million regarding units classified as held for sale.
(2) Does not include €1 million regarding units classified as held for sale.
Capital expenditure in the 1st Half of 2026 increased by €196 million on the same period in the previous year. In particular, this change is attributable to the increased capi-
tal expenditure on storage facilities in Italy (€171 million).
72 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by Segment
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 73
Enel Grids
Operations
Transport of electricity Millions of kWh1st Half Change 2026 2025 Electricity transported on Enel’s distribution grid(1)239,355 231,934 7 ,421 3.2%
- of which Italy 103,575 101,267 2,308 2.3%
- of which Iberia 72,555 69,614 2,941 4.2%
- of which Rest of the World(1)63,225 61,053 2,172 3.6%
- of which Argentina 8,915 8,775 140 1.6%
- of which Brazil(1)39,217 37,503 1,714 4.6%
- of which Chile 7,261 7, 16 0 101 1.4%
- of which Colombia and Central America 7, 83 2 7,615 217 2.8% End users with active smart meters (no.)(2)46,956,064 45,679,133 1,276,931 2.8% (1) The figure for the 1st Half of 2025 reflects a more accurate calculation.
(2) Of which 30.9 million second-generation smart meters in the 1st Half of 2026 and 30.3 million in the 1st Half of 2025.
In the 1st Half of 2026, electricity transported on the Enel grid increased by 3.2%, mainly reflecting higher quantities transported in Italy, Spain, Brazil and Colombia.
Average frequency of interruptions per customer
1st Half
Change 2026 2025 SAIFI (average no.) Italy 0.9 0.9 - -
Iberia 0.5 0.5 - -
Argentina 4.2 5.0(1)(0.8) -16.0% Brazil 1.8 1.6(1)0.2 12.5% Chile 0.7 0.7 - -
Colombia 2.0 2.0 - -
(1) The figure for the 1st Half of 2025 reflects a more accurate calculation.
Average duration of interruptions per customer
1st Half
Change 2026 2025 SAIDI (average minutes)(1) Italy 24.0 21.8 2.2 10.1% Iberia 35.2 27. 3 7. 9 28.9% Argentina 411.4 721.8 (310.4) -43.0% Brazil 178.3 179.6 (1.3) -0.7% Chile 87. 2 73.4 13.8 18.8% Colombia 171.4 159.9 11.5 7. 2 % (1) The figure for the 1st Half of 2025 reflects a more accurate calculation.
74 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by SegmentAs shown in the table above, SAIDI improved in Argentina, although it remains high due to adverse weather conditions, especially at some times of the year.
Grid losses
1st Half
Change 2026 2025 Grid losses (average %) Italy 4.6 4.6 - -
Iberia 6.1 6.5 (0.4) -6.2% Argentina 18.6 18.6 - -
Brazil 15.2 15.0(1)0.2 1.3% Chile 6.6 6.5 0.1 1.5% Colombia 7.6 7.6 - -
(1) The figure for the 1st Half of 2025 reflects a more accurate calculation.
Performance
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 6,133 5,605 528 9.4% Revenue 12,173 11,145 1,028 9.2%
2,305 2,245 60 2.7% EBITDA 4,837 4,398 439 10.0%
2,305 2,249 56 2.5% Ordinary EBITDA 4,844 4,402 442 10.0% 1,404 1,385 19 1.4% Operating profit 3,042 2,686 356 13.3% 1,404 1,389 15 1.1% Ordinary operating profit 3,049 2,690 359 13.3% Capital expenditure 3,549 3,112 437 14.0% The following tables show a breakdown of performance by geographical area in the 1st Half of 2026.
Revenue
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 2,316 2,245 71 3.2% Italy 4,582 4,407 175 4.0% 654 645 9 1.4% Iberia 1,497 1,262 235 18.6% 3,160 2,712 448 16.5% Rest of the World 6,091 5,466 625 11.4% 396 352 44 12.5% Argentina 760 731 29 4.0% 1,849 1,550 299 19.3% Brazil 3,575 3,043 532 17.5 % 393 382 11 2.9% Chile 759 791 (32) -4.0% 522 428 94 22.0% Colombia and Central America 997 901 96 10.7% 522 428 94 22.0% - of which Colombia 997 901 96 10.7% 33 92 (59) -64.1% Other 63 177 (114) -64.4% (30) (89) 59 66.3% Eliminations and adjustments (60) (167) 107 64.1% 6,133 5,605 528 9.4% Total 12 ,173 11,145 1,028 9.2%
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 75 Revenue in the 1st Half of 2026 increased by €1,028 mil-
lion compared with the same period in the previous year.
The increase mainly relates to Brazil, due to rate adjust-
ments reflecting investments made in previous years and the recovery of the inflationary effects, combined with the higher volumes of electricity transported, as well as favorable exchange rate developments in the two periods under comparison. In Spain, the increase is due to the recognition of past regulatory items in-
corporating the updating of a number of remuneration parameters, as well as the higher quantity of electricity transported.
Finally, in Italy the increase is due to the remuneration of investments and equalization mechanisms.
Ordinary EBITDA
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 1,188 1,145 43 3.8% Italy 2,353 2,239 114 5.1% 466 455 11 2.4% Iberia 1,124 901 223 24.8% 644 642 2 0.3% Rest of the World 1,351 1,248 103 8.3% 42 110 (68) -61.8% Argentina 99 131 (32) -24.4% 402 335 67 20.0% Brazil 817 699 118 16.9% 31 37 (6) -16.2% Chile 65 84 (19) -22.6% 169 160 9 5.6% Colombia and Central America 370 334 36 10.8% 169 160 9 5.6% - of which Colombia 370 334 36 10.8% 7 7 - - Other 16 14 2 14.3% 2,305 2,249 56 2.5% Total 4,844 4,402 442 10.0% Ordinary EBITDA in the 1st Half of 2026 increased by €442 million compared with the same period of 2025.
This increase mainly depends on the above-mentioned past regulatory adjustments in Spain, the positive impact of the increase in the Regulated Asset Base (RAB) in Ita-
ly, reflecting higher capital expenditure in previous years, tariff remuneration, and the combined effect of the re-
covery of inflationary effects in rates and the positive ex -
change rate developments compared with the same peri-
od of 2025 in Brazil.
EBITDA is in line with ordinary EBITDA.
Ordinary operating profit
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 799 780 19 2.4% Italy 1,590 1,523 67 4.4% 256 253 3 1.2% Iberia 685 484 201 41.5% 344 349 (5) -1.4% Rest of the World 760 670 90 13.4% (9) 69 (78) - Argentina (8) 40 (48) -
211 131 80 61.1% Brazil 448 312 136 43.6% 10 18 (8) -44.4% Chile 21 45 (24) -53.3% 132 131 1 0.8% Colombia and Central America 299 273 26 9.5% 132 131 1 0.8% - of which Colombia 299 273 26 9.5% 5 7 (2) -28.6% Other 14 13 1 7.7 % 1,404 1,389 15 1.1% Total 3,049 2,690 359 13.3% The increase in ordinary operating profit essentially re-
flects the factors commented in relation to ordinary EBIT -
DA, as well as the higher depreciation and amortization due to new investment on the distribution grids. Operating profit is in line with ordinary operating profit.
76 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by SegmentCapital expenditure Millions of euro1st Half Change 2026 2025 Italy 2,192 2,035 157 7.7 % Iberia 546 398 148 37. 2 % Rest of the World 811 679 132 19.4% Argentina 89 98 (9) -9.2% Brazil 555 417 138 33.1% Chile 62 57 5 8.8% Colombia and Central America 105 107 (2) -1.9% Total 3,549 3,112 437 14.0% Capital expenditure in the two periods under compari-
son increased by €437 million, mainly reflecting activities carried out in Italy and Spain with the aim of increasing operational efficiency, quality and digitalization of infra-structures, while capital expenditure in Latin America has been aimed at improving grids resilience, including with regard to extreme weather events.
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 77
78 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by Segment
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 79
Enel Commercial
Operations
Electricity sales
Millions of kWh1st Half Change 2026 2025 Free market 70,365 7 7,6 27 (7 ,262) -9.4% Regulated market 45,272 46,143 (871) -1.9% Total 115,637 123,770 (8,133) -6.6%
- of which Italy 23,809 27 ,877 (4,068) -14.6%
- of which Iberia 35,474 36,325 (851) -2.3%
- of which Rest of the World 56,354 59,568 (3,214) -5.4%
- of which Argentina 7 ,296 7, 157 139 1.9%
- of which Brazil 30,405 33,408 (3,003) -9.0%
- of which Chile 11,856 11,968 (112) -0.9%
- of which Colombia and Central America 6,797 7 ,035 (238) -3.4% Quantities of electricity sold on the free market in the 1st Half of 2026 decreased both in the business-to-business (B2B) and business-to-consumer (B2C) customer seg-
ments, most significantly in Italy and Brazil.
Natural gas sales Millions of m31st Half Change 2026 2025 Business to consumer (B2C) 1,684 1,695 (11) -0.6% Business to business (B2B) 1,549 1,833 (284) -15.5% Total 3,233 3,528 (295) -8.4%
- of which Italy 1,775 1,763 12 0.7%
- of which Iberia 1,342 1,640 (298) -18.2%
- of which Rest of the World 116 125 (9) -7. 2 %
- of which Chile 96 105 (9) -8.6%
- of which Colombia and Central America 20 20 - -
Natural gas sales decreased (-8.4%), mainly in the free market in Spain and Chile.
Demand response capacity and lighting points
1st Half
Change 2026 2025 Demand response capacity (MW) 11,065 9,757 1,308 13.4% Lighting points (thousands) 2,738 2,868 (130) -4.5% Public charging points (no.) 35,054 31,572(1)3,482 11.0% (1) At December 31, 2025.
80 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by SegmentDemand response capacity in the 1st Half of 2026 amounted to 11,065 MW, an increase of 1,308 MW com-
pared with the same period of the previous year, mainly in Spain, the United States and South Korea. Lighting points, represented by the implementation of public lighting, de-
creased mainly in Italy and Chile.Public charging points totaled 35,054, an increase of 3,482 units compared with December 31, 2025 mainly in Italy (3,523 units), also reflecting the acquisition of the controlling stake in Ewiva, a company previously held at 50%.
Performance
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 7,4 49 7,414 35 0.5% Revenue 16,565 17,7 8 8 (1,223) -6.9%
1,228 1,020 208 20.4% EBITDA 2,405 2,189 216 9.9%
1,228 1,041 187 18.0% Ordinary EBITDA 2,405 2,210 195 8.8% 877 711 166 23.3% Operating profit 1,721 1,521 200 13.1% 901 732 169 23.1% Ordinary operating profit 1 ,745 1,542 203 13.2% Capital expenditure 370 390 (20) -5.1% The following tables show a breakdown of performance by geographical area in the 1st Half of 2026.
Revenue
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 3,540 3,818 (278) -7. 3 % Italy 8,241 9,319 (1,078) -11.6% 3,698 3,428 270 7 .9% Iberia 7, 912 8,102 (190) -2.3% 202 167 35 21.0% Rest of the World 389 357 32 9.0% 18 13 5 38.5% Brazil 34 35 (1) -2.9% 19 38 (19) -50.0% Chile 50 74 (24) -32.4% 43 39 4 10.3% Colombia and Central America 80 81 (1) -1.2% 43 39 4 10.3% - of which Colombia 80 81 (1) -1.2% 73 46 27 58.7% United States and Canada 133 80 53 66.3% 1 1 - - Mexico 1 1 - -
48 30 18 60.0% Rest of the World - Other countries 91 86 5 5.8% 26 14 12 85.7% - of which Europe and Africa 51 34 17 50.0% 22 16 6 37.5 % - of which Asia and Oceania 40 52 (12) -23.1% 66 56 10 17 .9% Other 127 113 14 12.4% (57) (55) (2) -3.6% Eliminations and adjustments (104) (103) (1) -1.0% 7,4 49 7,414 35 0.5% Total 16,565 17,7 8 8 (1,223) -6.9% Revenue in the 1st Half of 2026 decreased by €1,223 million (-6.9%) overall. This contraction took place al-
most exclusively in Italy and Spain, and is attributable to the lower quantities of electricity sold against a back -
drop of falling average end-user prices. In the Spanish market, the decline was partially mitigated by the pos-
itive contribution of operations related to the demand response business. Finally, revenue increased in the United States, also driven by the development of de-
mand response services.
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 81
Ordinary EBITDA
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 725 744 (19) -2.6% Italy 1,503 1,508 (5) -0.3% 443 263 180 68.4% Iberia 781 612 169 2 7.6 % 43 37 6 16.2% Rest of the World 88 86 2 2.3% 5 2 3 - Brazil 9 8 1 12.5% 10 21 (11) -52.4% Chile 27 41 (14) -34.1% 19 15 4 26.7% Colombia and Central America 36 36 - -
19 15 4 26.7% - of which Colombia 36 36 - -
7 3 4 - United States and Canada 11 1 10 -
(3) - (3) - Mexico (4) (1) (3) -
5 (4) 9 - Rest of the World - Other countries 9 1 8 -
4 (4) 8 - - of which Europe and Africa 8 (2) 10 -
1 - 1 - - of which Asia and Oceania 1 3 (2) -66.7% 17 (3) 20 - Other 33 4 29 -
1,228 1,041 187 18.0% Total 2,405 2,210 195 8.8% Ordinary EBITDA in the 1st Half of 2026 increased by €195 million compared with the same period of 2025 (+8.8%), mainly driven by positive results in Spain and improved operating margins in value-added services businesses.
In Italy, measures to improve the efficiency of commer -
cial activities have substantially offset the effects deriving from the reduction in quantities sold.EBITDA in the 1st Half of 2026 is in line with ordinary EBIT -
DA. In the 1st Half of 2025, it included a €20 million pro-
vision for reimbursement for the public lighting service in Colombia relating to the years 1998-2004, and charges related to corporate restructuring plans in Latin America, in the amount of €1 million.
Ordinary operating profit/(loss)
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 540 570 (30) -5.3% Italy 1,112 1,131 (19) -1.7% 327 157 170 - Iberia 561 374 187 50.0% 30 27 3 11.1% Rest of the World 66 61 5 8.2% 4 3 1 33.3% Brazil 7 6 1 16.7% 9 18 (9) -50.0% Chile 26 36 (10) -27.8% 14 12 2 16.7% Colombia and Central America 27 28 (1) -3.6% 14 12 2 16.7% - of which Colombia 27 28 (1) -3.6% 4 (1) 5 - United States and Canada 5 (7) 12 -
(5) - (5) - Mexico (6) (1) (5) -
4 (5) 9 - Rest of the World - Other countries 7 (1) 8 -
4 (4) 8 - - of which Europe and Africa 8 (3) 11 -
- (1) 1 - - of which Asia and Oceania (1) 2 (3) -
4 (22) 26 - Other 6 (24) 30 -
901 732 169 23.1% Total 1 ,745 1,542 203 13.2%
82 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by SegmentOrdinary operating profit increased by €203 million, re-
flecting the same factors commented on earlier in rela-
tion to ordinary EBITDA as well as a decrease in depre-
ciation, amortization and impairment totaling €8 million (€660 million in the 1st Half of 2026 from €668 million in the same period in 2025).
Operating profit in the 1st Half of 2026 came to €1,721 mil-lion (€1,521 million in the 1st Half of 2025), and includes val-
ue adjustments of €24 million of the energy brokerage and consultancy activities, following the reclassification of the assets held in the United States and the United Kingdom under net assets held for sale, as they met the requirements of IFRS 5 as of June 30, 2026, while for the same period in 2025 it included non-ordinary components, commented on with reference to the EBITDA, in the amount of €21 million.
Capital expenditure
Millions of euro1st Half Change 2026 2025 Italy 212 219 (7) -3.2% Iberia 143 142 1 0.7% Rest of the World 8 13 (5) -38.5% Brazil 2 1 1 -
Chile 1 1 - -
Colombia and Central America 2 7 (5) -71.4% United States and Canada 2 3 (1) -33.3% Rest of the World - Other countries 1 1 - -
- of which Asia and Oceania 1 1 - -
Other 7 16 (9) -56.3% Total 370 390 (20) -5.1% Capital expenditure in Enel Commercial decreased by €20 million in the Enel X and mobility businesses, partial-
ly offset by higher investments in retail activities, mainly in Italy. However, considering the acquisition of the entire share capital of Energía Colectiva finalized in Spain in the 1st Half of 2026 for €91 million, capital expenditure in-
creased by €71 million (+18.2%).
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 83
84 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by Segment
4.
Group Performance
Performance by Segment HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 85 Holding and Services
Performance
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 465 507 (42) -8.3% Revenue 898 987 (89) -9.0%
(159) (68) (91) - EBITDA (188) (95) (93) -97 .9%
(126) (66) (60) -90.9% Ordinary EBITDA (132) (93) (39) -41.9% (217) (121) (96) -79.3% Operating loss (303) (201) (102) -50.7% (171) (119) (52) -43.7% Ordinary operating loss (222) (199) (23) -11.6% Capital expenditure 76 89 (13) -14.6% The following tables show a breakdown of performance by geographical area in the 1st Half of 2026.“Other” reports the performance of the Holding of the Group and other companies providing global services.
Revenue
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 131 197 (66) -33.5% Italy 272 361 (89) -24.7% 103 99 4 4.0% Iberia 191 194 (3) -1.5% 19 19 - - Rest of the World 40 38 2 5.3% 9 10 (1) -10.0% Chile 19 20 (1) -5.0% 10 11 (1) -9.1% United States and Canada 21 20 1 5.0%
- (2) 2 - Eliminations Rest of the World - (2) 2 -
234 245 (11) -4.5% Other 444 499 (55) -11.0% (22) (53) 31 58.5% Eliminations and adjustments (49) (105) 56 53.3% 465 507 (42) -8.3% Total 898 987 (89) -9.0% Revenue in the 1st Half of 2026 decreased by €89 million on the same period of 2025, mainly reflecting a decrease in IT support services provided to other Group compa-
nies, mainly in Italy.
Ordinary EBITDA
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 9 17 (8) -47 .1% Italy 46 31 15 48.4%
- 3 (3) - Iberia 25 8 17 -
(18) (13) (5) -38.5% Rest of the World (29) (21) (8) -38.1% (1) (1) - - Argentina (1) (1) - -
(14) (8) (6) -75.0% Brazil (21) (12) (9) -75.0% (3) (6) 3 50.0% Chile (7) (9) 2 22.2%
- 2 (2) - United States and Canada - 1 (1) -
(117) (73) (44) -60.3% Other (174) (111) (63) -56.8% (126) (66) (60) -90.9% Total (132) (93) (39) -41.9% Ordinary EBITDA decreased by €39 million in the 1st Half of 2026 compared with the same period of 2025, mainly reflecting the decrease in revenue mentioned above, par -
tially offset by the exclusion from ordinary EBITDA of the
86 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Performance by Segmentlosses of the company 3SUN, equal to €56 million, as this company has industrial and risk profiles different from the ordinary business model adopted by the Enel Group.EBITDA decreased by €93 million, including in this case the losses of the company 3SUN, as mentioned above.
Ordinary operating loss
2nd Quarter
Change Millions of euro1st Half Change 2026 2025 2026 2025 (8) - (8) - Italy 15 (1) 16 -
(9) (7) (2) -28.6% Iberia 6 (12) 18 -
(21) (17) (4) -23.5% Rest of the World (36) (28) (8) -28.6% (1) (1) - - Argentina (1) (1) - -
(14) (9) (5) -55.6% Brazil (23) (15) (8) -53.3% (6) (8) 2 25.0% Chile (11) (13) 2 15.4%
- 1 (1) - United States and Canada (1) 1 (2) -
(134) (95) (39) -41.1% Other (207) (158) (49) -31.0% 1 - 1 - Eliminations and adjustments - - - -
(171) (119) (52) -43.7% Total (222) (199) (23) -11.6% The ordinary operating loss in the first six months of 2026 increased compared with the same period in 2025, re-
flecting the same factors commented in respect of ordi-
nary EBITDA, as well as lower depreciation and amortiza-
tion of €16 million.The operating loss, up €102 million on the 1st Half of 2025, reflects the factors commented on above in relation to EBITDA and higher depreciation and amortization in the amount of €8 million.
Capital expenditure
Millions of euro1st Half Change 2026 2025 Italy 8 17 (9) -52.9% Iberia 3 5 (2) -40.0% Rest of the World 1 1 - -
Chile 1 1 - -
Other 64 66 (2) -3.0% Total 76 89 (13) -14.6% Capital expenditure in the first six months of 2026 de-
creased by €13 million compared with the same period of 2025, mainly attributable to the Italy area, due to lower expenses in the renovation of the Group’s headquarters.
4.
Group Performance
Commitment to limiting global temperature rise and protecting and developing natural capital HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 87 Commitment to limiting global temperature rise and protecting and developing
natural capital
Commitment to limiting global temperature rise Enel is committed to containing global warming within 1.5 °C by setting four emission reduction targets aimed at achieving the Net Zero target by 2040, validated by the Science Based Targets initiative (SBTi) in line with the Paris Agreement. The four targets set out the Group’s decarbonization roadmap, covering both direct and indi-rect emissions along the entire value chain. In 2026, the Group completed the process of reviewing its targets, af-
ter which SBTi confirmed and revalidated the objectives in line with the expected methodological requirements. The following table shows the progress of the three main tar -
gets in the 1st Half of 2026.
Main climate change indicators(1)
1st Half
Change 2026 2025 Intensity of Scope 1 GHG emissions in relation to power generation (SBTi)(2)(gCO2eq/kWh) 92 91 1 1.1% Intensity of Scope 1 and 3 GHG emissions in relation to Integrated Power (SBTi)(3)(gCO2eq/kWh) 100 98 2 2.0% Absolute Scope 3 GHG emissions in relation to gas sales on end-user market(4)(MtCO2eq) 6.52 7. 2 9 (0.77) -10.6% (1) The semi-annual emission values were calculated on the basis of actual data from January 1 to May 31 and estimated data from June 1 to 30.
(2) Specific emissions (including CO2, CH4, N2O) are referred to total generation excluding pumping.
(3) Specific emissions are calculated considering the combination of total direct emissions (Scope 1) from power generation and the Group’s indirect GHG emissions (Scope 3) from the generation of electricity purchased and sold to end users.
(4) The figure for the 1st Half of 2025 has been recalculated to take account of an update of the calculation method.
Developments in the 1st Half of 2026 in the climate change indicators were in line with the same period of 2025. More
specifically:
• intensity of Scope 1 GHG emissions in relation to power generation amounted to 92 gCO2eq/kWh, in line with the 1st Half of 2025, with a slight increase of 1.1% reflect-
ing the increase in thermal generation, mainly at CCGT plants in Italy and Colombia;
• intensity of Scope 1 and 3 GHG emissions in relation to Integrated Power amounted to 100 gCO2eq/kWh, in line with the 1st Half of 2025, with an increase of 2.0% due to developments in Scope 1 emissions from genera-
tion and a decline in electricity sales to end users in the countries in which the Group has an integrated position;
• absolute Scope 3 GHG emissions in relation to retail gas sales amounted to 6.52 MtCO2eq, a decrease of 10.6% on the 1st Half of 2025, reflecting the decrease in volumes of gas sold to end users.Commitment to limiting global temperature rise and protecting and developing natural capital
88 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Commitment to limiting global temperature rise and protecting and developing natural capitalProtection and development of natural capital4 Main atmospheric pollution indicators
1st Half
Change 2026 2025 Specific emissions of NOx (g/kWh) 0.21 0.24 (0.03) -12.5% Specific emissions of SO2 (g/kWh) 0.04 0.06 (0.02) -33.3% Specific emissions of particulates (g/kWh) 0.004 0.004 - -
4. The values relating to emissions, water and waste for the 1st Half of the year, as reported in this section, were calculated considering the actual figure from January 1 to May 31 and the estimated figure from June 1 to 30.As regards emissions of atmospheric pollutants in con-
nection with thermal generation, in the 1st Half of 2026 specific emissions of NOx (0.21 g/kWh) and SO2 (0.04 g/ kWh) decreased respectively by 12.5% and 33.3% on the 1st Half of 2025, due to lower generation at coal-fired power plants. The decrease in particulate emissions (0.004 g/kWh) is negligible, compared to an already very low starting value.
Responsible water management
1st Half
Change 2026 2025 Total water withdrawals (,000 m3) 24,933.3 20,729.1 4,204.2 20.3% Specific freshwater withdrawal for electricity generation(l/kWh) 0.18 0.16 0.02 12.5% In the 1st Half of 2026, total water withdrawal related to the generation process amounted to 24,933.3 x 103 cubic me-
ters and the total specific withdrawal of freshwater from electricity generation amounted to 0.18 l/kWh, an increase of 20.3% and 12.5% respectively compared to the 1st Half of 2025, mainly due to higher generation from CCGT plants.
Resource use and circular economy In the 1st Half of 2026, a total of 2,398,787 tons of waste was generated from operation & maintenance and con-
struction & demolition activities, in line with 2025. The percentage of industrial waste recovered in the 1st Half of 2026 came to 94%.
4.
Group Performance
People centricity HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 89
People centricity
People management and development at Enel At June 30, 2026, the Enel Group had 61,900 employees (61,634 at December 31, 2025). The tables below break down the workforce by gender and business line.
Workforce
at June 30, 2026 at Dec. 31, 2025 Change Employees by gender no. 61,900 61,634 266 0.4%
- of which men % 79.3 79.1 0.2 0.3%
- of which women % 20.7 20.9 (0.2) 1.0% In the January-June 2026 period, the Group’s workforce increased by 266, mainly reflecting the hiring of workers and technical staff for grid operations in Italy and Brazil – in line with the refocusing on core businesses, as provided for in the Group’s Strategic Plan – and the acquisition of Energía Colectiva SL (+34) in February in Iberia. Overall, the balance between new hirings and terminations between December 2025 and June 2026 was a positive +232.
Change in workforce Balance at December 31, 2025 61,634 Hirings no. 1,713 Terminations no. 1,481 Change in consolidation scope no. 34 Balance at June 30, 2026 no. 61,900 Workforce by primary segment (Business Line) No. at June 30, 2026 at Dec. 31, 2025Percentage of total at June 30,
2026Percentage of
total at Dec. 31,
2025 Change
Thermal Generation and Trading 4,445 4,560 7. 2 % 7.3 % (115) Enel Green Power 7, 12 5 7, 26 6 11.5% 11.8% (141) Enel Grids 36,014 35,395 58.2% 57.4% 619 Enel Commercial 6,535 6,651 10.6% 10.8% (116) Holding and Services 7,7 8 1 7,76 2 12.6% 12.6% 19 Total 61,900 61,634 Breakdown of change in workforce
1st Half
Change 2026 2025 Turnover rate % 2.4 2.4 - -
Development
In 2026, Enel’s Talent Strategy took a further step forward by entering the executive phase, focusing on the devel-
opment of people and strategic skills, with the aim of enhancing internal talent and strengthening the Group’s ability to face future transformations.Performance Management is the pillar of the strategy: not only a tool for evaluating and recognizing performance, but also the basis for identifying development needs, di-
recting training investments and building growth paths consistent with business priorities.People centricity
90 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 People centricityTo support this path, national and international mobility is promoted as a professional development experience that can expand skills, promote the cross-fertilization of ex -perience and strengthen an increasingly integrated and global leadership.
Training
Continuous training is confirmed in 2026 as a strate-
gic lever to support the development of people and accompany the Group in taking on the challenges of transformation. The commitment to ensure full use of compulsory training is also confirmed, with particu-
lar attention to compliance and safety issues. In line with the Group’s Talent Strategy, the tools dedicated to the development of skills and leadership have been strengthened. The Leadership School promotes a mod-
el that can deal with complexity and drive change, while the Technical Faculty enhances and disseminates the Group’s distinctive know-how to support business de-
velopment. Together, these initiatives help develop key competencies and strengthen the ability to execute business strategy.
The Artificial Intelligence training plan continues, aimed at disseminating advanced digital skills among managers and professionals (colleagues with high levels of special-
ist skills and/or consolidated expertise in their respec-
tive technical and professional fields) and supporting the transformation of the business.
Welfare, well-being and climate Enel promotes well-being, inclusion and quality of work -
ing life via an extensive system of welfare initiatives and services, aimed at promoting work-life balance and sup-
porting a fair, inclusive work environment that is attentive to people’s needs.
The welfare offer includes both measures defined as part of the negotiations with the social partners and initiatives promoted directly by the Company, with particular atten-
tion to health and personal and family well-being. This in-
cludes interventions dedicated to supporting parenting and caregivers, as well as inclusion and support of people with disabilities.
Diversity, equity, inclusion and sense of belonging at Enel Enel fosters a corporate culture in which Diversity, Equity, Inclusion and Sense of Belonging (DEIB) are considered key factors for the creation of sustainable value and for the development of people. With this in mind, the Group carries out a structured set of initiatives in support of gender equality, based on widespread responsibilities, measurable objectives and monitoring tools aimed at consolidating an increasingly inclusive culture. In January 2026, the companies Enel Energia SpA, Enel X Italia Srl, Enel Sole Srl and Enel X Way Italia Srl in the scope of Enel Commercial Italia obtained the Certification for Gender Equality in accordance with the UNI/PdR 125:2022 Prac-
tice, as a confirmation of the path taken by the Group to promote equal opportunities, inclusion and diversity en-
hancement.
In the same context, Enel is reinforcing its commitment to pay transparency and fairness in people management systems, in accordance with Legislative Decree 96/2026 in Italy, transposing European Directive 2023/970.
The table below reports the number of female managers and middle managers as at June 30, 2026.
Inclusion and uniqueness at June 30, 2026 at Dec. 31, 2025 Change Women in management (including top management) and middle management% 33.9 33.5 0.4 1.3% Furthermore, support for the promotion of female pres-
ence in STEM professions (Science, Technology, Engi-
neering and Mathematics) is confirmed with activities in collaboration with schools and universities and the dif-fusion in different countries of an inclusive culture free from any form of gender bias with training, communica-
tion and awareness initiatives.
4.
Group Performance
People centricity HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 91
Workplace health and safety Enel’s commitment to the health, safety, mental and phys-
ical well-being of its people is an integral part of its strate-
gy and business model, with the definition of action plans and specific targets and the promotion of dedicated training and information programs.
The Group has adopted a Health and Safety Policy estab-
lishing principles, objectives and actions to continuously improve safety. In this context, the Stop Work Policy al-
lows for the suspension of activities in situations of seri-
ous risk, without personal consequences for the person making the report, with the aim of promoting the timely reporting of hazardous conditions, as an essential ele-
ment to prevent accidents.Inspections are carried out regularly in the Group to de-
tect and correct non-conformities and unsafe behavior, both by internal staff and specialized contractors, us-
ing digital tools. Contractors undergo rigorous controls and monitoring, during both selection and work execu-
tion, to ensure compliance with Enel’s health and safety standards, which often exceed legal requirements. The contracts include specific HSE clauses (HSE Terms) that define both the requirements and obligations that com-
panies must comply with.
The following table reports the main workplace safety in-
dicators.
1st Half
Change 2026 2025 Serious injuries(1)no. 29 12 17 -
Number of Total Recordable Injuries (TRI)(2)(3)no. 399 344 55 16.0% Total Recordable Injury Frequency Rate (TRI FR)(3)i 2.30 2.01 0.29 14.4% (1) Serious injuries = fatal injuries, life-changing and high potential accidents.
(2) TRI = recordable accidents at work (“Total Recordable Injuries”). These include all the injury events that cause injuries, both those that caused days of absence from work (LTI, Lost Time Injury) and injuries that did not involve days of absence from work (First Aid).
(3) The figures for 2025 have been recalculated following a reclassification of the events and a more precise definition of the hours worked.
In order to improve safety performance, the Group has launched targeted and concrete initiatives, including ded-
icated task forces, “Turning the tide” technical workshops and a constant communication and awareness campaign on the company intranet, with hero banners focused on the main safety issues.
Following the increase in serious injuries, in particular in Latin America and Italy, a multi-country task force dedi-
cated to electrical work in Brazil was activated in May. The initiative aims to support local teams in identifying areas for improvement, through joint field visits, review of work -
ing methods and sharing of international best practices.
Based on the evidence collected, an action plan has been defined, currently under implementation, with targeted actions on the main H&S processes. In July, a second task force was activated in Italy, focused on reducing accidents related to mechanical risks in the handling of large com-
ponents and in the use of operating machines (excava-
tors, cranes, etc.).
The implementation of the “Turning the tide” technical workshop is underway in all countries, aimed at Enel’s workers and contractors, with the aim of sharing the main causes of serious injuries, the lessons learned and the measures necessary to prevent their recurrence.
The Group has also undertaken corrective measures in all the countries in which it operates, to reinforce specific fo-
cus during field inspections and promote specific training for its workers, as well as information and awareness-rais-
ing initiatives aimed at its contractors.People centricity
92 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Significant events in the 1st Half of 2026Significant events in the 1st Half of 2026 Enel places new €2 billion perpetual
hybrid bonds
On January 7 , 2026, Enel SpA launched on the European market new non-convertible, subordinated perpetual hy -
brid bonds for institutional investors, denominated in eu-
ros, for an aggregate amount of €2 billion.
The new issue is structured in two series, has no fixed ma-
turity, and is due and payable only in the event of winding up or liquidation of the Company:
• a €1,250 million bond with a fixed annual coupon of
4.125%;
• a €750 million bond with a fixed annual coupon of 4.500%.
The securities are listed on both the regulated market of the Irish Stock Exchange (Euronext Dublin) and the MOT of Borsa Italiana.
Enel completes the share buyback program serving its 2025 Long-Term
Incentive Plan
On January 12, 2026, implementing the authorization granted by the Shareholders’ Meeting of May 22, 2025 and the resolution subsequently passed by the Compa-
ny’s Board of Directors, Enel SpA launched a share buy -
back program, for 3.2 million shares, equal to approxi-
mately 0.0315% of Enel’s share capital.
The program is designed to serve the 2025 Long-Term Incentive Plan for the management of Enel and/or of its subsidiaries pursuant to Article 2359 of the Italian Civ -
il Code (2025 LTI Plan), which was also approved by the Shareholders’ Meeting on May 22, 2025.
The program ended on February 19, 2026 with a total out-
lay of €29.3 million.
Decree-Law 21 of February 20, 2026 (“Energy bills Decree”) On February 20, 2026, Decree-Law 21 (“Energy bills De-
cree”) introduced a package of measures to keep energy costs down for households and businesses. The main pro-visions affecting the energy sector concern:
• support to end customers: enhancement of the social electricity bonus for 2026 and introduction of a mech-
anism of voluntary contributions by sellers in favor of households not benefiting from the bonus;
• system charges and taxation: reduction of the Asos component for some non-domestic users. This is partly financed through the rescheduling of incentives for large photovoltaic plants under the Conto Energia (Energy Account), the realignment of the timing of sys-
tem charges payment, and a temporary (2026-2027) 2% increase in the IRAP for companies in the energy
sector;
• wholesale markets and generation: introduction of mechanisms to reduce the wholesale price of electricity and gas, including targeted refunds for thermal gener -
ation (subject to European authorization), the optimiza-
tion of the sale of stored gas and the introduction of a cap on the number of hours of minimum guaranteed prices for bioenergy;
• infrastructure and grids: new provisions to mitigate vir -
tual saturation of the transmission grid, with procedural simplifications and new capacity allocation rules to fos-
ter the integration of renewables.
The parliamentary process for conversion into law was concluded on April 8, 2026 with final approval by the Senate. The Regulatory Authority for Energy, Networks and the Environment (ARERA) is charged to define the relevant implementation rules for the areas under its ju-
risdiction.
Agreements for the acquisition of an 830 MW portfolio of wind and solar power plants in the United States On February 21, 2026, Enel SpA, acting through its whol-
ly-owned subsidiaries Enel Green Power North America and EGPNA Project HoldCo 2, signed agreements with Excelsior Energy Capital to acquire a portfolio of wind and solar power plants, located in the United States, with a to-
tal installed capacity of 830 MW and an expected average annual generation of about 2.1 TWh, for approximately $1 billion (equal to about €850 million) subject to custom-
4.
Group Performance
Significant events in the 1st Half of 2026 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 93 ary adjustments for these types of transactions. The en-
terprise value on a 100% basis of the portfolio is equal to around $1.3 billion. The transaction is expected to close in the third quarter of 2026.
Enel completes a new buyback program of up to €1 billion On February 22, 2026, the Board of Directors of Enel SpA approved the launch of a new share buyback program aimed at providing shareholders an additional remunera-
tion with respect to the distribution of dividends as a re-
sult of the cancellation of the treasury shares purchased for this purpose.
The program ended on March 30, 2026 with the purchase of 106,661,417 treasury shares, equal to 1.0491% of the share capital, at a volume-weighted average price of €9.3755 per share and a total outlay of approximately €1 billion.
Group financing operations On February 22, 2026, the Board of Directors of Enel SpA authorized the issuance of bonds and the subscription and/or renewal of bank loans by Enel and/or Enel Finance International NV and/or Enel Finance America LLC (in the latter two cases, with a guarantee issued by Enel) by March 31, 2027 , for a maximum total amount of €12 billion.
Exercise of purchase option on 10% interest in Duereti Srl On March 19, 2026, A2A SpA exercised a purchase op-
tion on a 10% interest in Duereti Srl held by e-distribuzi-one SpA, consistent with the agreement signed between e-distribuzione SpA and A2A SpA on December 30, 2024.
The transaction was finalized on April 13, 2026 for €144 million.
Agreement for the acquisition of a 270 MW portfolio of solar power plants in the
United States
On May 18, 2026, Enel SpA, through its wholly-owned subsidiary Enel Green Power North America, signed an agreement with a US utility company for the acquisition of a portfolio of seven operational photovoltaic plants, locat-
ed in the United States, with total installed capacity of ap-
proximately 270 MW and expected average annual output of approximately 0.4 TWh, for approximately $140 million (about €120 million) subject to customary adjustments for these types of transaction. The transaction is expected to close by the end of 2026.
€2.5 billion of new perpetual hybrid bonds On May 26, 2026, Enel SpA issued on the Eurobond mar -
ket new bonds for institutional investors, denominated in euros, for an aggregate amount of €2.5 billion. The issue is structured into two tranches:
• a €1,250 million bond with a fixed annual coupon of 3.50% maturing on May 26, 2030;
• a €1,250 million bond with a fixed annual coupon of 3.875% maturing on May 26, 2033.
The securities are listed on both the regulated market of the Irish Stock Exchange (Euronext Dublin) and the MOT of Borsa Italiana.
94 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Regulatory and rate issuesRegulatory and rate issues For more information on the existing regulatory framework, please see the 2025 Integrated Annual Report.
The European regulatory framework Middle East Crisis Temporary State Aid Framework (METSAF) On April 29, 2026, the European Commission adopted the METSAF, a temporary framework on State aid aimed at mitigating the effects of the crisis in the Middle East, applicable until December 31, 2026. The new framework allows Member States to increase support to large energy consumers under the schemes provided for in section 4.5 of the CISAF (Clean Industrial Deal State Aid Framework), increasing the aid intensity up to 70% of eligible electric-
ity costs and covering up to 50% of total consumption, without imposing further decarbonization obligations; it also allows cumulation with the aid provided for in the ETS State Aid Guidelines within certain limits.
Cases of State aid • Italy – FER X support scheme: on June 8, 2026, under the Clean Industrial Deal State Aid Framework (CISAF), the European Commission approved a €23 billion Ital-
ian State aid scheme (FER X decree), to support re-
newable electricity generation. The scheme supports the construction of new onshore wind, solar power, hydroelectric and sewage gas plants, through two-
way contracts for difference (CfD) lasting 20 years.
The aid will be granted mainly through competitive bidding procedures, while plants with a capacity lower than 1 MW can benefit from the scheme directly, with a strike price administratively set by the Italian ener -
gy regulator (Regulatory Authority for Energy, Net-
works and the Environment, ARERA). The mechanism will contribute to the installation of approximately 37 .15 GW of new renewable capacity, supporting the achievement of the national decarbonization targets and the National Integrated Plan for Energy and Cli-
mate (PNIEC).
• Spain – Capacity Mechanism: on May 29, 2026, the European Commission approved the new Spanish Ca-
pacity Mechanism, aimed at ensuring the adequacy and safety of the electricity system during the ener -
gy transition. The mechanism will run for 10 years and is structured as a market-wide capacity mechanism based on a reliability standard defined according to the methodology provided for by the European Regulation on the electricity market. The scheme is administered by the REE (Red Eléctrica de España) network operator according to a central buyer model, under the supervi-
sion of the CNMC (Comisión Nacional de los Mercados y la Competencia), and is open to generation plants (new and existing), storage systems and demand response, with the exception of nuclear, coal and large hydroelec-
tric plants. Support will be awarded through competi-
tive auctions; the first procedure is expected by the end of 2026, with delivery obligations starting in 2027 . The annual cost of the mechanism is estimated between €800 and €900 million, subject to the results of each capacity auction.
Regulation (EU) 2026/261 – Phase-out of Russian gas imports On February 2, 2026, Regulation (EU) 2026/261 establishing the gradual phase-out of natural gas imports from the Rus-
sian Federation was published in the Official Journal of the European Union. The text introduces a gradual ban on im-
ports into the EU of natural gas from the Russian Federation. The general prohibition, provided for in Article 3, applies from March 18, 2026, subject to some temporary excep-
tions for contracts already finalized benefiting from a transitional phase that depends on the date of signing and the type of contract.
4.
Group Performance
Regulatory and rate issues HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 95 EU 2040 climate target (Regulation (EU) 2026/667) In March 2026, the European Union adopted a legally binding European target of a 90% net reduction in emis-
sions by 2040 compared to 1990, confirming the path to climate neutrality by 2050. From 2036, limited use (up to 5%) of high-quality international credits will be allowed. In addition, the regulation postponed the operation of ETS2, the European emissions trading scheme for buildings, road transport and other sectors, from 2027 to 2028.
Entry into force of the CBAM (Regulation (EU) 2023/956) On January 1, 2026, the Carbon Border Adjustment Mecha-
nism (CBAM) fully entered into force. The mechanism applies a price to CO2 embedded in goods imported into the Europe-
an Union to protect the competitiveness of European com-panies subject to the ETS, the European Emissions Trading System. In the electricity sector, it applies directly to electricity imports and indirectly to materials such as steel and cement used in energy infrastructure (generation and distribution).
Regulatory framework by business line For more information on the existing regulatory framework, please see the 2025 Integrated Annual Report.
Thermal Generation and Trading
Italy
“Federico II” (Brindisi) and Torrevaldaliga Nord (Civitavecchia) coal-fired power plants The closure of coal-fired power plants in Italy was planned by December 31, 2025 as part of the energy policy docu-
ments (from SEN 2017 to the 2024 PNIEC). Consistent with this, the Integrated Environmental Authorizations (IEAs) is-
sued in 2019 for the Civitavecchia plant (Decree 284 of Sep-
tember 30, 2019) and in 2020 for the Brindisi plant (Decree 84 of April 21, 2020), although valid for 16 years, provide for the end of use of coal by December 31, 2025. Therefore, Enel Produzione cannot currently operate the plants.
Enel Produzione applied to the Ministry for the Environment and Energy Security to receive the authorization to perma-
nently cease operations of the two power plants “Federico II” , in Brindisi, and Torrevaldaliga Nord, in Civitavecchia, in relation to which Enel Produzione itself is awaiting a reply.
Iberia
Capacity market in Spain The European Commission has authorized the Spanish ca-
pacity remuneration mechanism for a period of 10 years, considering it compatible with the State aid rules pursuant to Article 107(3)(c) TFEU. The new market, based on com-petitive auctions and a central buyer model, will be open to generation, accumulation and demand response, re-
munerating the availability of capacity to face the risks of adequacy of the electricity system. The measure is justified by the adequacy problems detected in the ERAA/NRAA as-
sessments and by the persistence of “missing money” and will include eligibility criteria and emission limits. It will be financed through a specific charge on consumption dur -
ing critical hours. After the authorization of the European Commission, the Ministerial Order establishing the auc-
tions, the operating procedure and the consultation on the convening of the auctions are expected.
Electricity generation in Non-Peninsular
Territories
Ministerial Decree TED/30/2026 established the remuner -
ation parameters to be applied to the generation of elec-
tricity in the Non-Peninsular Territories (NPT) during the 2026-2031 regulatory period. Similarly, Royal Decree Law 7 /2026 set the financial remuneration rate for this period at 6.58%. In addition, with the Resolution of February 3, 2026, the competitive tender procedure started in 2024 to cov -
er the capacity needs of the electrical systems in the NPTs was concluded. Following this procedure, 53 projects sub-
mitted by Endesa were granted an award, relating to the extension of the useful life of existing generation units, nine of which were the subject of specific investments.
96 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Regulatory and rate issuesEnel Green Power
Italy
For the existing regulatory framework, please see the 2025 Integrated Annual Report.
Iberia
In the 1st Half of 2026, the Spanish energy regulatory framework was characterized by a strong acceleration of policies in support of electrification and the development of renewable sources.
In this context, Royal Decree Law 7 /2026 introduced a profound revision of the rules for access and connection to the electricity grid, overcoming the traditional chrono-
logical criterion in favor of a system that favors the most mature and strategic projects, with the aim of fostering actually achievable investments and limiting speculation.
Another key element of the reform is the strengthening of the role of energy storage, recognized as an essen-
tial component to ensure the flexibility and security of the electricity system. Particular attention was paid to hydroelectric pumping plants, considered strategic as-
sets to facilitate the integration of growing generation from non-programmable renewable sources. Significant administrative simplification measures were also intro-
duced for renewable plants, repowering projects, stor -
age and hybrid solutions, with the aim of significantly reducing authorization times.
A critical step was the approval of the Spanish Capaci-
ty Mechanism as State aid by the European Commission.
The new scheme, based on competitive auctions open to generation plants, storage systems and flexible demand, is instrumental to guarantee the security of electricity supply in the long term, while remaining subject to subse-
quent national regulatory developments.
In late June, Royal Decree Law 18/2026 further consoli-
dated the reform process, strengthening network access mechanisms and introducing tools for a more dynamic re-
allocation of available capacity. The standard also confirms the priority given to consumption related to electrification processes and economic activities considered strategic, while strengthening the obligations of coordination and efficient use of infrastructure by operators in the sector.
On the fiscal level, the decree provides for a significant reduction in the Tax on the Value of Electricity Genera-
tion (IVPEE) during 2026 and introduces a path of gradual elimination of the tax, down to 3.5% in 2027 and com-
plete elimination by 2028. The measure is accompanied by the updating of the regulatory parameters necessary to ensure the economic balance of generation plants. Rest of the World
Colombia
Presidential Decree 150/26 of February 11, 2026 declared a state of economic, social and ecological emergency in eight departments of Colombia, in order to address a serious crisis caused by extreme weather events. The measures introduced included the temporary adoption of price control mecha-
nisms and operational restrictions for hydroelectric plants.
In compliance with the provisions of Decree 1091 of 2025, the Ministry of Mines and Energy issued Resolution MME 40178/26 on March 30, 2026, setting out the general rules of the long-term energy bargaining mechanism from 2030 in which it is possible to participate with new or upgraded plants powered by renewable sources, also in combination with storage systems (batteries). The subsequent Resolution MME 40208/26 set the timetable for the auctions in July 2026.
As part of the regulatory framework relating to storage systems, on June 19, 2026 the Comisión de Regulación de Energía y Gas (CREG) published Resolution 101113, defin-
ing the rules for connection to the grid and integration into the market.
Brazil
On June 3, 2026, the Ministry of Mines and Energy pub-
lished the guidelines for capacity auctions for electro-
chemical storage systems, to be held between December 2 and 4, 2026. The duration of the contract will be 15 years and will start from August 2028. The call for tenders will be subject to public consultation.
Chile
In June 2026, amendments to the Regulations for the coor -
dination and operation of the national electricity system and small-scale generation plants were published. The regulato-
ry update related to storage systems, paving the way to a new figure of generation-consumption and introducing new rules to limit the grid injections of distributed generation for reasons of safety and economic efficiency (curtailment).
Mexico
In the 1st Half of 2026, the Mexican government moved from the legal definition phase of the electricity sector reform ini-
tiated in 2025 to the operational implementation of the new
4.
Group Performance
Regulatory and rate issues HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 97 model. In accordance with the Law on the Electricity Sector (LSE) and the principle of binding planning, the State main-
tains the management of the National Electricity System (SEN) and the mandate of the Federal Electricity Commis-
sion (CFE) to guarantee at least 54% of generation, selec-
tively directing and controlling private participation toward generation, storage, self-consumption and mixed devel-
opment projects. As part of this restructuring process, on June 18, 2026, the Ministry of Energy (SENER) published the guidelines for the voluntary migration of generation plants still under self-consumption for sale on the free market. This migration allows the maintenance of the reduced transmis-
sion rate for plants that opt in voluntarily. The deadline for sending expressions of interest is September 18, 2026.
United States
In December 2025, several regional trade associations filed an appeal in the Federal District Court of Massachusetts against the Department of the Interior (DoI) regarding the failure to process applications for federal permits relating to wind and solar projects. In April 2026, the Massachusetts Federal Court granted the preliminary injunction against the DoI ordering that it resume the normal procedure of eval-
uating applications for federal authorization. The appeal is expected to be allowed. The DoI has not appealed against the preliminary injunction order of the Federal Court.
As regards regulation, between December 2025 and June 2026 the FERC (Federal Energy Regulatory Commission) is-
sued several show cause orders against PJM (Pennsylvania, New Jersey, Maryland interconnection), NYISO (New York In-
dependent System Operator), ISO-NE (Independent System Operator New England), MISO (Midcontinent Independent System Operator), SPP (Southwest Power Pool) and CAISO (California Independent System Operator), requesting to demonstrate the fairness and reasonableness of the respec-
tive regulations with particular reference to the absence of forecasts to support the co-location systems of large con-
sumption users (large load) and generation plants. Respons-
es to these orders must be submitted by August 16, 2026.
In relation to the PJM market, a procurement procedure, the Reliability Backstop Procurement (RBP), has been ap-
proved through the Critical Issues Fast Path (CIFP) pro-
cess, which will take place in September 2026 and will guarantee the supply of capacity for a period of 15 years.
Regarding SPP , the market regulator submitted a pro-
posal to FERC in May 2026 aimed at reducing congestion through a reconfiguration of the electricity network in specific locations (economic reconfiguration).
Finally, MISO submitted proposals to FERC for the revi-
sion of the regulation relating to demand response that limit the use of some demand management methodol-
ogies with high loads. Enel expressed a negative opinion on these revisions; however, on June 18, 2026, the FERC approved the MISO proposals.
Other countries
Morocco
In January 2026, the Moroccan regulatory body (ANRE) adopted key regulatory decisions for the integration of new generation from renewable sources and the gradu-
al opening of the medium-voltage market. The ANRE also approved the medium-voltage transport tariff (5.92 cDH/ kWh, indexed to inflation), outlining the regulatory frame-
work for renewable PPAs with medium-voltage custom-
ers. These developments represent a positive step for fu-
ture renewable projects and corporate PPAs in Morocco.
At the same time, ONEE (National Office of Electrici-
ty and Drinking Water) continues to promote important programs for the integration of renewable energies and the expansion of the grid, to support the country’s energy transition objectives.
Enel Grids
Italy
For the existing regulatory framework, please see the 2025 Integrated Annual Report.
Iberia
Natural gas rates for 2026 On March 21, 2026, Royal Decree Law 7 /2026 was published, approving the Comprehensive Response Plan to the crisis in the Middle East. The access tar -
iffs for underground storage is fixed at €0/kWh/day/ year for the capacity allocated in underground storage facilities exceeding the volume equivalent to 20 days of consumption or fixed sales, from April 1, 2026 to March 31, 2027 .
On March 30, 2026, the Resolution of March 27 , 2026 of the Directorate General for Energy Policy and Mines was published in Spain’s Official Journal. It establishes the rate
98 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Regulatory and rate issuesof last resort (TUR) for natural gas to be applied in the 2nd Quarter of 2026 representing an average decrease, ex -
cluding taxes, of 7% for TUR1, 8.1% for TUR2, and 9% for TUR3 over the previous quarter.
Rest of the World
Brazil
Extensions of distribution concessions Based on the provisions of Decree 12.068/2024 contain-
ing the guidelines for the extension of distribution con-
cessions expiring between 2025 and 2031, on March 24, 2026, the Agência Nacional de Energia Elétrica (ANEEL) formalized its positive recommendation to the Ministry of Mines and Energy (MME) for the extension of the Enel Distribuição Ceará concession contract with Resolution 1.033/2026. The extension procedures relating to Enel Distribuição Rio (whose recommendation for the exten-
sion was formalized by ANEEL on August 19, 2025) and Enel Distribuição Ceará are currently awaiting examina-
tion by the MME.
Regarding the process of extending the concession contract of Enel Distribuição São Paulo, see the next point.
Administrative procedure aimed at recommending the revocation of Enel Distribuição São Paulo
concession
On April 7 , 2026, the regulatory agency for the electric-
ity market in Brazil (Agência Nacional de Energia Elétri-
ca - ANEEL) resolved to open an administrative pro-
ceeding to assess the existence of grounds for issuing a recommendation to the granting authority (Ministry of Mines and Energy - MME) to evaluate the revocation of the concession of Enel Distribuição São Paulo. The decision is part of the proceedings initiated by the Bra-zilian regulator (i.e. “Termo de Intimação”) to verify how Enel Distribuição São Paulo provided the service dur -
ing two extreme weather events that occurred in 2023 and 2024, subsequently followed by a new exceptional weather event in December 2025.
Despite the punctual implementation of the Restora-
tion Plan prepared by Enel Distribuição São Paulo, de-
fined after the 2023 and 2024 events, due to the conse-
quences of the 2025 event on the modalities and timing of the service restoration activities, at a public meeting held on April 7 , 2026, ANEEL Board considered that the company had not satisfactorily remedied the technical non-compliances and resolved to open an administra-
tive proceedings.
On April 23, 2026, Enel Distribuição São Paulo filed an ap-
peal against this decision, and on May 13, 2026, it filed its defense challenging the existence of the grounds for the recommendation by ANEEL to the granting authority on the revocation of the concession.
It should also be noted that, following the opening of the aforementioned proceedings, the process of early renewal of the 30-year concession of Enel Distribuição São Paulo – for which ANEEL had issued Technical Note 44/2025 on September 23, 2025 confirming the fulfill-
ment of the technical and economic parameters estab-
lished by Decree 12.068/2024 – continues to be sus-
pended, as already provided for by the precautionary measure issued in October 2025 within the framework of the litigation brought by the Municipality of São Pau-
lo in August 2025.
The company will present its defenses and exercise its rights within the terms and in the manner allowed by ap-
plicable law.
Distribution rates
In the 1st Half of the year, the annual rate adjustments of the Group’s distribution companies were approved, the results of which are shown below.
CompanyAdjustment
dateAverage adjustment change High voltage Low voltage Enel Distribuição Rio March 2026 +19.94% +14.23% Enel Distribuição Ceará April 2026 +9.61% +4.67% Enel Distribuição São Paulo July 2026 +15.00% +8.97% In addition, in accordance with Provision 2.102/2026, ANEEL will be required to republish Enel Distribuição Ceará’s rates in order to incorporate the resources de-
riving from the Use of a Public Good (UBP), deriving from the anticipation of payments made by hydroe-
lectric generation concessionaires and intended for consumers.The inclusion of such resources will have a rate reduction effect and will therefore modify the rate update indices orig-
inally approved in April 2026. Since the amounts received by the distribution company will be recognized in the rates and transferred to consumers, no impact on the company’s economic result is expected, thus preserving the nature of the mechanism as a tool aimed at ensuring rate stability.
4.
Group Performance
Regulatory and rate issues HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 99
Colombia
On February 27 , 2026, the Comisión de Regulación de En-
ergía y Gas (CREG) started a review of the remuneration methodology of distribution activities with Circular 250. With regard to marketing, with Circular 287 of June 9, 2026, CREG set aside the updating project started in 2024, em-
barking on a new round of analysis and consultations in or -
der to define a new methodological proposal. The timing for the conclusion of this process is not currently known.
Enel Commercial
Italy
Elimination of price protection As required by the regulatory framework, non-vulnera-
ble residential customers and businesses that, within the deadlines set for exiting the higher price protection ser -
vice, have not chosen a free market operator, have access to graduated safeguard service until March 31, 2027 pro-
vided by operators awarded the concession in a tender.
Vulnerable residential customers will continue to be served by their operator of the enhanced protection service until the Regulatory Authority for Energy, Networks and the En-
vironment (ARERA) defines the methods for the exit of cus-
tomers from that service through the assignment of a “vul-
nerability service” by tender (not before March 31, 2027).
From April 1, 2027 , customers (non-vulnerable house-
holds and businesses) still served in the graduated safe-
guard service will switch to the most convenient free market offer of the same operator, in ways currently be-
ing defined by ARERA, while vulnerable residential cus-
tomers will automatically switch to the enhanced pro-
tection service or, if established by ARERA and assigned, to the vulnerable protection service. From that date, the graduated safeguard service will therefore remain as a service of last resort for customers who remain without a free market supplier.
As regards the gas sector, the elimination of price protec-
tions took effect as from January 1, 2024 for non-vulnera-
ble residential customers and condominiums who, having not selected a free market offer, moved to that market in accordance with rules defined by ARERA. Customers identified as vulnerable will continue to be served under the economic and contractual conditions specified by ARERA for the gas vulnerable protection service.
Remuneration of commercialization With regard to the electricity sector, the remuneration paid to operators of the enhanced protection service (RCV) was defined with Resolution no. 279/2025/R/eel for the 1st Half of 2026 and Resolution no. 218/2026/R/eel for the 2nd Half of 2026. The Resolutions also define the PCV fee, which is the price applied to the customers with the enhanced protection service.
With reference to the gas sector, from January 1 to March 31, 2026, the levels of the QVD component defined by Resolution no. 126/2025/R/gas are to apply to vulnerable customers. These levels have been updated as from April 1, 2026 with Resolution no. 97 /2026/R/gas.
Iberia
Energy efficiency
On February 25, 2026, Order TED/133/2026 was published in Spain’s Official Journal, establishing the contribution to the National Energy Efficiency Fund for 2026 (established by Law 18/2014), amounting to €223.8 million for Endesa. Endesa is expected to provide a contribution to the National Energy Efficiency Fund in the amount of €262.4 million in 2027 .
Consumer protection measures: Bono Social Royal Decree Law 7 /2026, of March 20, exceptionally extend-
ed the discounts of the Electricity Social Bonus (Bono Social) for the entire period from January 1 to December 31, 2026, fixing them at 42.5% for vulnerable consumers and 57 .5% for severely vulnerable consumers. From January 1, 2027 , the Bono Social discounts will be 35% and 50%, respectively.
It also extended to December 31, 2026 the ban on sus-
pending electricity and water supplies to vulnerable con-
sumers, severely vulnerable consumers and consumers at risk of social exclusion.
The National Strategy against Energy Poverty 2026-2030 aims to overcome an assistance-only approach, promot-
ing structural interventions to permanently reduce the energy vulnerability of households.
Consumer protection measures: electricity-
intensive customers
Royal Decree Law 7 /2026 extends the 80% discount on access tariffs to the electricity transmission and dis-
100 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Regulatory and rate issuestribution networks for electricity-intensive consumers, from January 1, 2026 to December 31, 2026. The meas-
ure was introduced in 2024 and extended several times in subsequent years as part of emergency measures related to the energy crisis, international conflicts and drought.
Consumer protection measures: natural gas
customers
On March 21, 2026, Royal Decree Law 7 /2026 of March 20, 2026 was published, approving the Comprehensive Re-
sponse Plan to the crisis in the Middle East. The decree approves flexibility measures in natural gas supply con-
tracts for consumers subject to the access tariff RL.4 and above, for single-customer LNG satellite plants and for self-employed workers, until December 31, 2026 or until the MIBGAS price of the product d+1 falls below €35 per MWh for 10 consecutive trading sessions. Royal Decree Law 18/2026 of June 30, 2026 introduces temporary tax relief measures on gas as part of the re-
sponse to the crisis in the Middle East. In particular, it pro-
vides for the reduction of VAT to 10% for August and Sep-
tember 2026, subject to an increase in the gas CPI over 15% on 2025.
Rest of the World
Chile
The normalization of electricity tariffs continued in the 1st Half of 2026. The decree on average nodal prices of January 2026 provided for the reimbursement of amounts charged in excess by the generation compa-
nies in the bills of regulated customers, due to double accounting of the inflationary effect. The transitional electricity subsidy established by Law 21.667 was also confirmed.
4.
Group Performance
Regulatory and rate issues HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 101
INTERIM REPORT
ON OPERATIONS
5
Outlook
104 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 OutlookOutlook
In February 2026, the Group presented its new Strategic Plan for 2026-2028 which provides for an acceleration of growth, thanks to the increase in both greenfield and brownfield investments, particularly in markets where electricity demand is expected to grow more rapidly, with the aim to maximize returns from the additional resources invested.
For the three-year period 2026-2028, the Enel Group will therefore focus on three strategic priorities:
• accelerating growth in countries with stable environ-
ments, focusing on grids, renewables and final custom-
ers, through greenfield and brownfield investments;
• maximizing capital productivity through optimal alloca-
tion as well as efficient and effective management of
economic resources;
• ensuring a balanced risk/return profile in order to achieve improved EPS (ordinary net earnings per share) while maintaining rigorous financial discipline.
The new Strategic Plan for 2026-2028 provides for a to-
tal gross capex of about €53 billion, an increase of about €10 billion compared with the previous Plan, allocated as
follows:
• €26 billion in the Integrated Businesses, where the Group expects a strong acceleration of investments in Renewables, reaching about €20 billion (up by about €8 billion on the previous Plan), with a focus on geogra-
phies characterized by significant growth in electricity demand. These investments are expected to add a total of 15 GW of renewable capacity, of which approximately 9 GW through greenfield projects and approximately 6 GW through brownfield opportunities. More than 75% of the new capacity will be accounted for by wind and programmable technologies, such as Battery Energy Storage Systems (BESS).
As regards Customers, the Group intends to increase loyalty through bundled offers, also including additional services to electricity and gas;
• €26 billion in Grids, of which: about 55% in Italy, in antic-
ipation of fast growth; more than 20% in Iberia, in antici-pation of further acceleration after 2028; almost 25% in Latin America. Increased investment in Grids is expect-
ed to bring the Group’s Regulated Asset Base (RAB) to approximately €58 billion in 2028, up by about 22% on about €47 billion at the end of 2025.
As a result of these strategic actions, EPS is expected to increase to between €0.80 and €0.82 in 2028, up from about €0.69 in 2025, with an increase of about 6% in terms of CAGR (Compound Average Growth Rate).
As regards shareholder remuneration, in the period 2026-
2028, the Group expects that the implementation of its strategic actions will translate into highly predictable re-
turns; in line with expected EPS growth, DPS is also ex -
pected to increase by approximately 6% in terms of CAGR between 2025 and 2028.
In 2026 Enel plans:
• investments in distribution grids focusing on geo-
graphical areas with a balanced and clear regulatory
framework;
• investments in renewables, both through the develop-
ment of greenfield projects and by leveraging brown-
field opportunities, with a view to maximizing the return on invested capital and minimizing risks;
• active management of the customer portfolio to en-
hance integrated offerings and improve customer and service management.
The performance in the 1st Half of the year and the strate-
gic actions outlined enable the Group to forecast for 2026 ordinary EBITDA between €23.1 and 23.6 billion, and net ordinary income between €7 .1 and 7 .3 billion.
In light of the solid performance in the 1st Half of 2026, we can confirm the guidance provided to the financial markets at the presentation of the Strategic Plan for 2026-2028: in 2026, the Group expects ordinary net earnings per share (EPS) at about €0.74, on the upper part of the guidance range.
5.
Outlook
Outlook HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 105
CONDENSED INTERIM
CONSOLIDATED FINANCIAL
ST ATEMENTS
6
Condensed
interim
consolidated
financial
statements
108 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Consolidated financial statementsConsolidated financial
statements
Consolidated Income Statement
1st Half
Millions of euro Notes 2026 2025 of which with related partiesof which with
related parties
Revenue 5
Revenue from sales and services 39,896 3,115 39,742 2,965 Other income 1,023 5 1 ,074 7 [Subtotal] 40,919 40,816
Costs 6
Electricity, gas and fuel 15,642 3,831 17,6 31 4,274 Services and other materials 10,514 2,151 9,577 1,916 Personnel expenses 2,424 2,353 Net impairment/(reversals) on trade receivables and other receivables 452 447 Depreciation, amortization and other impairment losses 3,553 3,446 Other operating costs 1,759 105 2,136 122 Capitalized costs (1,429) (1,511) [Subtotal] 32,915 34,079 Net results from commodity contracts 7 (284) 13 462 4 Operating profit 7,7 2 0 7, 19 9 Financial income from derivatives 8 849 620 Other financial income 9 893 66 3,343 50 Financial expense from derivatives 8 380 2,739 Other financial expense 9 2,889 (1) 2,629 60 Net income from hyperinflation 9 120 84 Share of profit/(loss) of equity-accounted investments 10 12 (45) Pre-tax profit 6,325 5,833 Income taxes 11 1,769 1,731 Profit from continuing operations 4,556 4,102 Attributable to owners of the Parent 3,743 3,428 Attributable to non-controlling interests 813 674 Profit/(Loss) from discontinued operations - -
Attributable to owners of the Parent - -
Attributable to non-controlling interests - -
Profit for the period (owners of the Parent and non-controlling interests) 4,556 4,102 Attributable to owners of the Parent 3,743 3,428 Attributable to non-controlling interests 813 674 Earnings per share Basic earnings per share Basic earnings per share 0.36 0.33 Basic earnings per share from continuing operations 12 0.36 0.33 Basic earnings/(loss) per share from discontinued operations 12 - -
Diluted earnings per share Diluted earnings per share 0.36 0.33 Diluted earnings per share from continuing operations 12 0.36 0.33 Diluted earnings/(loss) per share from discontinued operations 12 - -
6.
Condensed interim consolidated
financial statements
Consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 109 Statement of Consolidated Comprehensive Income
1st Half
Millions of euro Notes 2026 2025 Profit for the period 4,556 4,102 Other comprehensive income/(expense) that may be subsequently reclassified to profit or loss (net of taxes) Effective portion of change in the fair value of cash flow hedges (509) 392 Change in the fair value of hedging costs 41 (23) Share of the other comprehensive expense of equity-accounted investments 13 3 Change in the fair value of financial assets at FVOCI (6) (8) Change in translation reserve 1,661 (2,219) Cumulative other comprehensive income that may be subsequently reclassified to profit or loss in respect of non-current assets and disposal groups classified as held for sale/discontinued operations1 (14) Other comprehensive income/(expense) that may not be subsequently reclassified to profit or loss (net of taxes) Remeasurement of net liabilities/(assets) for defined-benefit plans 3 (31) Change in the fair value of equity investments in other companies 89 (29) Cumulative other comprehensive income that may not be subsequently reclassified to profit or loss in respect of non-current assets and disposal groups classified as held for sale/discontinued operations- -
Total other comprehensive income/(expense) for the period 25 1,293 (1,929) Comprehensive income/(expense) for the period 5,849 2 ,173
Attributable to:
- owners of the Parent 4,674 1,952
- non-controlling interests 1,175 221
110 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Consolidated financial statementsStatement of Consolidated Financial Position Millions of euro ASSETS Notes at June 30, 2026 at Dec. 31, 2025 of which with related partiesof which with
related parties
Non-current assets
Property, plant and equipment 13 96,988 93,675 Investment property 37 29 Intangible assets 14 15,382 15,132 Goodwill 15 13,120 13,051 Deferred tax assets 16 8,976 8,830 Equity-accounted investments 17 1,589 1,317 Non-current financial derivative assets 18 1,404 - 1,170 -
Non-current contract assets 19 681 632 Other non-current financial assets 20 8,883 881 8,472 1,103 Other non-current assets 22 2,236 80 2,064 108 [Total] 149,296 144,372
Current assets
Inventories 4,247 3,301 Trade receivables 23 14,228 1,197 14,555 1,018 Current contract assets 19 105 135 Tax assets 1,494 399 Current financial derivative assets 18 4,708 - 2,408 -
Other current financial assets 21 5,490 180 3,941 958 Other current assets 22 3,846 83 3,386 38 Cash and cash equivalents 4,534 5,065 [Total] 38,652 33,190 Assets classified as held for sale 24 1,203 1,095
TOTAL ASSETS 189,151 178,657
6.
Condensed interim consolidated
financial statements
Consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 111 Millions of euro LIABILITIES AND EQUITY Notes at June 30, 2026 at Dec. 31, 2025 of which with related partiesof which with
related parties
Equity attributable to owners of the Parent Share capital 10,167 10,167 Negative reserve for treasury shares (2,112) (1,077) Other reserves 10,783 7,001 Retained earnings 16,042 15,977 [Total] 34,880 32,068 Non-controlling interests 14,786 14,737 Total equity 25 49,666 46,805
Non-current liabilities
Long-term borrowings 31 56,643 686 56,983 747 Employee benefits 26 1,135 1,127 Provisions for risks and charges (non-current portion) 27 5,873 6,273 Deferred tax liabilities 16 8,289 7,8 13 Non-current financial derivative liabilities 18 3,244 4 3,314 3 Non-current contract liabilities 19 5,418 22 5,495 19 Other non-current financial liabilities 28 564 565 Other non-current liabilities 29 3,064 - 3,219 -
[Total] 84,230 84,789
Current liabilities
Short-term borrowings 31 4,283 10 2,975 9 Current portion of long-term borrowings 31 12,205 120 8,803 119 Provisions for risks and charges (current portion) 27 1,249 1,276 Trade payables 29 11,129 1,313 11,827 1,502 Income tax liabilities 29 1,694 541 Current financial derivative liabilities 18 5,217 - 2,343 -
Current contract liabilities 19 2,523 64 2,833 59 Other current financial liabilities 28 795 3 910 3 Other current liabilities 29 15,346 34 14,799 36 [Total] 54,441 46,307 Liabilities included in disposal groups classified as held for sale 24 814 756 Total liabilities 139,485 131,852
TOTAL LIABILITIES AND EQUITY 189,151 178,657
112 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Consolidated financial statementsStatement of Changes in Consolidated Equity (note 25 ) Share capital and reserves attributable to owners of the Parent Millions of euroShare
capitalShare
premium
reserveNegative
reserve for
treasury
sharesReserve
for equity
instruments
- perpetual
hybrid bondsLegal
reserveOther
reservesTranslation
reserveHedging
reserveHedging costs
reserveReserve from
measurement
of financial
instruments at
FVOCIReserve from
equity-
accounted
investmentsActuarial
reserveReserve
from
disposal
of equity
interests
without loss
of control Reserve from
acquisitions
of non-
controlling
interestsRetained
earningsEquity
attributable
to owners of
the ParentNon-
controlling
interestsTotal
equity
At January 1, 2025 10,167 7,49 6 (78) 7, 14 5 2,034 2,363 (6,352) (2,228) 182 132 (404) (1,092) (2,405) (1,220) 17 ,991 33,731 15,440 49,171 Distribution of dividends - - - - - - - - - - - - - - (2,593) (2,593) (648) (3,241) Coupons paid to holders of perpetual hybrid bonds- - - - - - - - - - - - - - (90) (90) - (90) Other changes - - - - - - - - - (7) - - - 5 2 - - -
Reserve for share-based payments (LTI bonus)- - - - - 8 - - - - - - - - - 8 - 8 Equity instruments - perpetual hybrid bonds- - - 1 ,074 - - - - - - - - - - - 1 ,074 - 1 ,074 Monetary restatement (IAS 29) - - - - - - - - - - - - - - 103 103 66 169 Change in the consolidation scope - - - - - - - - - - 364 - - - (45) 319 - 319 Transactions in non-controlling interests - - - - - - (1) - - - - - (18) (10) (12) (41) (138) (179)
Comprehensive income/(expense)
for the period- - - - - - (1,722) 328 (17) (39) 3 (29) - - 3,428 1,952 221 2 ,173
of which:
- other comprehensive income/(expense) - - - - - - (1,722) 328 (17) (39) 3 (29) - - - (1 ,476) (453) (1,929)
- profit for the period - - - - - - - - - - - - - - 3,428 3,428 674 4,102 At June 30, 2025 10,167 7,49 6 (78) 8,219 2,034 2,371 (8,075) (1,900) 165 86 (37) (1,121) (2,423) (1,225) 18,784 34,463 14,941 49,404 At January 1, 2026 10,167 7,49 6 (1,077) 8,219 2,034 3,406 (8,215) (1,797) 159 94 (41) (1,009) (2,448) (897) 15,977 32,068 14,737 46,805 Distribution of dividends - - - - - - - - - - - - - - (2,643) (2,643) (786) (3,429) Coupons paid to holders of perpetual hybrid bonds- - - - - - - - - - - - - - (144) (144) - (144) Purchase of treasury shares - - (1,035) - - 1,005 - - - - - - - - (1,005) (1,035) - (1,035) Reserve for share-based payments (LTI bonus)- - - - - 10 - - - - - - - - - 10 - 10 Equity instruments - perpetual hybrid bonds- - - 1,972 - - - - - - - - - - - 1,972 - 1,972 Monetary restatement (IAS 29) - - - - - - - - - - - - - - 132 132 74 206 Transactions in non-controlling interest - - - - - - (2) (4) - - - - - (130) (18) (154) (414) (568)
Comprehensive income/(expense)
for the period- - - - - - 1,252 (457) 37 80 12 7 - - 3,743 4,674 1,175 5,849
of which:
- other comprehensive income/(expense) - - - - - - 1,252 (457) 37 80 12 7 - - - 931 362 1,293
- profit for the period - - - - - - - - - - - - - - 3,743 3,743 813 4,556 At June 30, 2026 10,167 7,49 6 (2,112) 10,191 2,034 4,421 (6,965) (2,258) 196 174 (29) (1,002) (2,448) (1,027) 16,042 34,880 14,786 49,666
6.
Condensed interim consolidated
financial statements
Consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 113 Statement of Changes in Consolidated Equity (note 25 ) Share capital and reserves attributable to owners of the Parent Millions of euroShare
capitalShare
premium
reserveNegative
reserve for
treasury
sharesReserve
for equity
instruments
- perpetual
hybrid bondsLegal
reserveOther
reservesTranslation
reserveHedging
reserveHedging costs
reserveReserve from
measurement
of financial
instruments at
FVOCIReserve from
equity-
accounted
investmentsActuarial
reserveReserve
from
disposal
of equity
interests
without loss
of control Reserve from
acquisitions
of non-
controlling
interestsRetained
earningsEquity
attributable
to owners of
the ParentNon-
controlling
interestsTotal
equity
At January 1, 2025 10,167 7,49 6 (78) 7, 14 5 2,034 2,363 (6,352) (2,228) 182 132 (404) (1,092) (2,405) (1,220) 17 ,991 33,731 15,440 49,171 Distribution of dividends - - - - - - - - - - - - - - (2,593) (2,593) (648) (3,241) Coupons paid to holders of perpetual hybrid bonds- - - - - - - - - - - - - - (90) (90) - (90) Other changes - - - - - - - - - (7) - - - 5 2 - - -
Reserve for share-based payments (LTI bonus)- - - - - 8 - - - - - - - - - 8 - 8 Equity instruments - perpetual hybrid bonds- - - 1 ,074 - - - - - - - - - - - 1 ,074 - 1 ,074 Monetary restatement (IAS 29) - - - - - - - - - - - - - - 103 103 66 169 Change in the consolidation scope - - - - - - - - - - 364 - - - (45) 319 - 319 Transactions in non-controlling interests - - - - - - (1) - - - - - (18) (10) (12) (41) (138) (179)
Comprehensive income/(expense)
for the period- - - - - - (1,722) 328 (17) (39) 3 (29) - - 3,428 1,952 221 2 ,173
of which:
- other comprehensive income/(expense) - - - - - - (1,722) 328 (17) (39) 3 (29) - - - (1 ,476) (453) (1,929)
- profit for the period - - - - - - - - - - - - - - 3,428 3,428 674 4,102 At June 30, 2025 10,167 7,49 6 (78) 8,219 2,034 2,371 (8,075) (1,900) 165 86 (37) (1,121) (2,423) (1,225) 18,784 34,463 14,941 49,404 At January 1, 2026 10,167 7,49 6 (1,077) 8,219 2,034 3,406 (8,215) (1,797) 159 94 (41) (1,009) (2,448) (897) 15,977 32,068 14,737 46,805 Distribution of dividends - - - - - - - - - - - - - - (2,643) (2,643) (786) (3,429) Coupons paid to holders of perpetual hybrid bonds- - - - - - - - - - - - - - (144) (144) - (144) Purchase of treasury shares - - (1,035) - - 1,005 - - - - - - - - (1,005) (1,035) - (1,035) Reserve for share-based payments (LTI bonus)- - - - - 10 - - - - - - - - - 10 - 10 Equity instruments - perpetual hybrid bonds- - - 1,972 - - - - - - - - - - - 1,972 - 1,972 Monetary restatement (IAS 29) - - - - - - - - - - - - - - 132 132 74 206 Transactions in non-controlling interest - - - - - - (2) (4) - - - - - (130) (18) (154) (414) (568)
Comprehensive income/(expense)
for the period- - - - - - 1,252 (457) 37 80 12 7 - - 3,743 4,674 1,175 5,849
of which:
- other comprehensive income/(expense) - - - - - - 1,252 (457) 37 80 12 7 - - - 931 362 1,293
- profit for the period - - - - - - - - - - - - - - 3,743 3,743 813 4,556 At June 30, 2026 10,167 7,49 6 (2,112) 10,191 2,034 4,421 (6,965) (2,258) 196 174 (29) (1,002) (2,448) (1,027) 16,042 34,880 14,786 49,666
114 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Consolidated financial statementsConsolidated Statement of Cash Flows
1st Half
Millions of euro Notes 2026 2025 of which with related partiesof which with
related parties
Profit for the period 4,556 4,102
Adjustments for:
Net impairment losses/(reversals) on trade receivables and other receivables 6 435 447 Depreciation, amortization and other impairment losses 6 3,570 3,446 Net financial (income)/expense 8-9 1,407 1,321 Net (gains)/losses from equity-accounted investments 10 (12) 45 Income taxes 1,769 1,731 Changes in net working capital: (4,070) (2,780)
- inventories (917) 90
- trade receivables 220 181 1,057 (149)
- trade payables (1,000) (575) (2,300) (611)
- other contract assets 29 34
- other contract liabilities (306) 32 (100) (16)
- other assets/liabilities (2,096) 641 (1,561) 1,036 Accruals to provisions 516 662 Utilization of provisions (1,153) (879) Interest income and other financial income collected 778 66 941 50 Interest expense and other financial expense paid (2,238) 1(2,253) (60) Net (income)/expense from measurement of commodities 137 (313) Income taxes paid (1,444) (1,982) Net capital gains - 357 Cash flows from operating activities (A) 4,251 4,845 of which discontinued operations - -
Investments in property, plant and equipment 13 (4,148) (3,663) Investments in intangible assets 14 (456) (466) Capital grants received 927 292 Investments in non-current contract assets 19 (546) (401) Investments in entities (or business units) less cash and cash equivalents acquired (71) (949) Disposals of entities (or business units) less cash and cash equivalents sold - 3 (Increase)/Decrease in other investing activities (73) (33) Cash flows used in investing activities (B) (4,367) (5,217) of which discontinued operations - -
New long-term borrowings 31 5,250 3,212 Repayments of borrowings 31 (3,482) 87 (3,065) 7 Other changes in net financial debt 196 (1,760) Payments for acquisition of equity investments without change of control and other transactions in non-controlling interests(40) 27 Issues of perpetual hybrid bonds 1,972 1 ,974 Redemptions of perpetual hybrid bonds - (900) Purchase of treasury shares (1,578) (190) Dividends and interim dividends paid (2,718) (2,686) Coupons paid to holders of perpetual hybrid bonds (144) (90) Cash flows used in financing activities (C) (544) (3,478) of which discontinued operations - -
Impact of exchange rate fluctuations on cash and cash equivalents (D) 123 (251) Increase/(Decrease) in cash and cash equivalents (A+B+C+D) (537) (4,101) Cash and cash equivalents at the beginning of the period(1)5,319 8,195 Cash and cash equivalents at the end of the period(2)4,782 4,094 (1) Of which “Cash and cash equivalents” equal to €5,065 million at January 1, 2026 (€8,051 million at January 1, 2025), “Short-term securities” equal to €230 million at January 1, 2026 (€138 million at January 1, 2025) and “Cash and cash equivalents” pertaining to “Assets held for sale” in the amount of €24 million at January 1, 2026 (€6 million at January 1, 2025).
(2) Of which “Cash and cash equivalents” equal to €4,534 million at June 30, 2026 (€3,880 million at June 30, 2025), “Short-term securities” equal to €200 million at June 30, 2026 (€211 million at June 30, 2025) and “Cash and cash equivalents” pertaining to “Assets held for sale” in the amount of €48 million at June 30, 2026 (€3 million at June 30, 2025).
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 115 Notes to the condensed
interim consolidated
financial statements
1. Accounting policies and measurement criteria Enel SpA, which operates in the energy utility sector, has its registered office in Viale Regina Margherita 137 , Rome, Italy. The condensed interim consolidated financial state-
ments at June 30, 2026 comprise the financial statements of Enel SpA, its subsidiaries and Group holdings in asso-
ciates and joint ventures, as well as the Group’s share of the assets, liabilities, costs and revenue of joint operations (“the Group”). A list of the subsidiaries, associates, joint operations and joint ventures included in the consolida-
tion scope is attached.
For a description of the Group’s main activities, please see the Interim Report on Operations.
The publication of this Interim Financial Report was au-
thorized by the Directors on July 30, 2026.
Compliance with IFRS/IAS The condensed interim consolidated financial statements at and for the six months ended at June 30, 2026 have been prepared pursuant to Article 154-ter of Legislative Decree 58 of February 24, 1998 as amended by Legisla-
tive Decree 195 of November 6, 2007 and Article 81 of the Issuers Regulation as amended.
The condensed interim consolidated financial state-
ments at June 30, 2026 included in the Half-Year Fi-
nancial Report have been prepared in compliance with the international accounting standard “IAS 34 – Inter -
im financial reporting” and consist of the consolidat-
ed income statement, the statement of consolidated comprehensive income, the statement of consolidated financial position, the statement of changes in consoli-
dated equity, the consolidated statement of cash flows, and the related notes.
The Enel Group has adopted the half-year as the refer -
ence interim period for the purposes of applying IAS 34 and the definition of interim financial report specified therein.
These condensed interim consolidated financial state-
ments do not include all the information required to be reported in the annual financial statements and must be read together with the financial statements for the period ended December 31, 2025. On the other hand, it does in-
clude explanatory information on transactions and events relevant to understanding changes in the Group’s finan-
cial position and operating performance after the close of the last financial year. The accounting standards adopted, the recognition and measurement criteria and the consolidation criteria and methods used for the condensed interim consolidated financial statements at June 30, 2026 are the same as those adopted for the consolidated financial statements at December 31, 2025 (please see the related report for more information), with the exception of standards and amendments of existing standards first adopted as from January 1, 2026:
• “Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instru-
ments”, issued in May 2024. The changes include new requirements intended to:
• clarify the date of recognition and derecognition of certain financial assets and liabilities, with a new ex -
ception provided for certain financial liabilities settled through electronic cash transfer system, which may be derecognized before the settlement date, if it is no longer possible to withdraw the payment instruction or access the cash and the risk of the transaction not being settled is insignificant;
• clarify and add further guidance for assessing wheth-
er a financial asset meets the solely payments of prin-
cipal and interest (SPPI) criterion;
• add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environmental, social and govern-
ance targets); and
116 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statements• update the disclosures for equity instruments desig-
nated at fair value through other comprehensive in-
come (FVOCI).
The application of these amendments in the condensed interim consolidated financial statements at June 30, 2026 resulted in the integration, in summary form, of disclosures on financial instruments. In this regard, see note 31.2 “Financial liabilities with contingent features” .
• “Amendments to IFRS 9 and IFRS 7 – Contracts Refer -
encing Nature-dependent Electricity” , issued in Decem-
ber 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 quantity of electricity because the source of its generation depends on un-
controllable natural conditions (e.g. weather conditions).
Examples provided include both contracts for the pur -
chase or sale of electricity from renewable sources, of-
ten structured as long-term agreements (i.e. physical Power Purchase Agreements, PPAs), and financial in-
struments referring to this type of electricity (i.e. Virtual Power Purchase Agreements, VPPAs).
The amendments are as follows:
• the application of the own-use exception to physical PPAs is permitted if the company has been, and ex -
pects to be, a net purchaser of electricity for the con-
tract period (i.e. purchases of renewable electricity sufficiently offset any unused electricity sales within the same market);
• the application of hedge accounting is permitted to VPPAs (i.e. contracts that do not provide for the phys-
ical 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, the amendments allow a variable nominal amount of future electricity trans-
actions to be designated as the hedged item, provid-
ed that this is aligned with the estimated output of the specific generation plant to which the hedging instrument refers. Moreover, if the cash flows of the hedging instrument depend on the occurrence of a forecast transaction designated as the hedged item, the latter is assumed to be highly probable;
• additional disclosure requirements were introduced to clarify the effects of such contracts on cash flows and financial performance. In addition, specific informa-
tion is required if the own-use exception is adopted.
The application of these amendments in the condensed interim consolidated financial statements at June 30, 2026 resulted in the integration, in summary form, of disclosures on financial instruments. In this regard, see note 33 “Contracts to buy or sell renewable electricity” .
• “Annual Improvements – Volume 11” , issued in July 2024.
The document contains formal amendments and clari-
fications to the following existing standards:
• “IAS 7 – Statement of Cash Flows”;
• “IFRS 9 – Financial Instruments”;
• “IFRS 7 – Financial Instruments: Disclosures”;
• “IFRS 10 – Consolidated Financial Statements”;
• “IFRS 1 – First-time Adoption of International Financial Reporting Standards” .
The application of the amendments, at the present time, has not had a material impact in these condensed inter -
im consolidated financial statements at June 30, 2026.
2. Argentina – Hyperinflationary economy:
impact of the application of IAS 29 As from July 1, 2018, the Argentine economy has been considered hyperinflationary based on the criteria estab-
lished by “IAS 29 – Financial reporting in hyperinflationary economies” . This designation is determined following an assessment of a series of qualitative and quantitative cir -
cumstances, including the presence of a cumulative infla-
tion rate of more than 100% over the previous three years.For the purposes of preparing these condensed interim consolidated financial statements and in accordance with IAS 29, certain items of the balance sheets of the inves-
tees in Argentina have been remeasured by applying the general consumer price index to historical data in order to reflect changes in the purchasing power of the Argentine peso at the reporting date for those companies.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 117 Bearing in mind that the Enel Group acquired control of the Argentine companies on June 25, 2009, the remeasure-
ment of the non-monetary balance sheet figures was con-
ducted by applying the inflation indices starting from that date. In addition to being already reflected in the opening balance sheet, the accounting effects of that remeasure-
ment also include changes during the period. More specif-
ically, the effect of the remeasurement of non-monetary items, the components of equity and the components of the income statement recognized in the 1st Half of 2026 was recognized in a specific line of the income statement under financial income and expense. The associated tax effect was recognized in taxes for the period.
In order to also take account of the impact of hyperin-
flation on the exchange rate of the local currency, the income statement balances expressed in the hyperinfla-
tionary currency have been translated into the Group’s presentation currency (euro) applying, in accordance with IAS 21, the closing exchange rate rather than the average rate for the period in order to adjust these amounts to current values.
The cumulative changes in the general price indices from July 1, 2009 to June 30, 2026 are shown in the following
table:PeriodsCumulative change
in general consumer
price index
From July 1, 2009 to December 31, 2018 346.30% From January 1, 2019 to December 31, 2019 54.46% From January 1, 2020 to December 31, 2020 35.41% From January 1, 2021 to December 31, 2021 49.73% From January 1, 2022 to December 31, 2022 97 .08% From January 1, 2023 to December 31, 2023 222.01% From January 1, 2024 to December 31, 2024 109.22% From January 1, 2025 to December 31, 2025 31.94% From January 1, 2026 to June 30, 2026 17 .09% In the 1st Half of 2026, the application of IAS 29 generat-
ed net financial income from hyperinflation adjustments (gross of tax) of €120 million.
The following tables report the effects of IAS 29 on the balance at June 30, 2026 and the impact of hyperinflation on the main income statement items for the 1st Half of 2026, differentiating between that concerning the reval-
uation on the basis of the general consumer price index and that due to the application of the closing exchange rate rather than the average exchange rate for the period in accordance with the provisions of IAS 21 for hyperinfla-
tionary economies.
Millions of euroCumulative hyperinflation effect at Dec. 31, 2025Hyperinflation effect for the periodExchange
differencesCumulative hyperinflation
effect at June 30, 2026 Total assets 1,891 314 12 2,217 Total liabilities 641 125 4 770 Net equity 1,250 189(1)8 1,447 (1) The figure includes the loss for the first six months of 2026, equal to €17 million.
1st Half 2026 Millions of euro IAS 29 effect IAS 21 effect Total effect Revenue 45 (19) 26
Costs 152(1)(18)(2)134
Operating loss (107) (1) (108) Net financial income/(expense) 67 5 72 Net income/(expense) from hyperinflation 120 - 120 Pre-tax profit/(loss) 80 4 84 Income taxes 97 2 99 Loss for the period (owners of the Parent and non-controlling interests)(17) 2 (15) Attributable to owners of the Parent (12) 3 (9) Attributable to non-controlling interests (5) (1) (6) (1) The figure includes the impact on depreciation, amortization and impairment losses of €72 million.
(2) The figure includes the impact on depreciation, amortization and impairment losses of €(1) million.
118 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statements3. Main changes in the consolidation scope At June 30, 2026, the consolidation scope had changed with respect to June 30, 2025 and December 31, 2025, as a result of the following main transactions.
2025
• On February 26, 2025, Endesa Generación finalized the acquisition of the entire share capital of Corporación Acciona Hidráulica SL from Corporación Acciona En-
ergías Renovables, a company of the Acciona Group, for €961 million. After the acquisition the company changed its name into E-Generación Hidráulica SLU.
• On July 31, 2025, Enel Green Power España SLU, a sub-
sidiary of Enel SpA through Endesa SA, acquired full control of the company Compañía Eólica Tierras Altas SA (Cetasa), previously held at 37 .5% and consolidated by the Group under the equity method. The consider -
ation for the acquisition of the residual 62.5% was €45 million.
• On October 1, 2025, Enel Green Power North America (EGPNA) closed a swap transaction with Gulf Pacific Power (GPP), as a result of which it increased to 51% its stake in a number of companies owning wind farms and sold certain minority interests in wind farms and its en-
tire stake in another wind farm, for a cash consideration of approximately €44 million.
2026
On January 30, 2026, Endesa Energía finalized the acqui-
sition of the entire share capital of Energía Colectiva SLU from MasOrange Xfera Móviles SA, for €91 million.The difference between the price paid and the fair value of the net assets acquired was allocated as shown in the table below.
Millions of euroCarrying amount before acquisition Purchase price
allocationCarrying amount
at June 30, 2026 Customer list 3 108 111 Other non-current assets 5 2 7 Trade receivables 33 - 33 Cash and cash equivalents 3 - 3 Deferred tax liabilities - (28) (28) Current liabilities (34) (1) (35) Net assets acquired 10 81 91 Purchase price 91 - 91 (of which cash) 74 - -
Energía Colectiva’s contribution to the Enel Group’s revenue for the 1st Half of 2026 was €95 million.
4. Performance and financial position by Segment The representation of performance by business segment presented here is based on the approach used by man-
agement in monitoring Group performance and commu-
nicating its results to the market, taking account of the operational model adopted by the Group.The business line is the main discriminant in the analy -
ses performed and decisions taken by the management of the Enel Group, and is fully consistent with the internal reporting prepared for these purposes, since the results are measured and evaluated first and foremost for each business line and only thereafter are they broken down by geographical area.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 119 Following a new organizational arrangement, manage-
ment decided to reallocate the performance and financial data of the 3SUN subsidiary in Italy to the “Other, elimina-
tions and adjustments” geographical area.Following the new allocation, the figures of the corre-
sponding period of 2025 have been restated for compar -
ative purposes.
Performance by Business Line 1st Half of 2026 Millions of euroThermal
Generation and
TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding
and
ServicesTotal
reporting
segment(1) Eliminations
and
adjustments Total
Revenue and other income from third parties9,536 4,306 11,056 15,969 48 40,915 4 40,919 Revenue and other income from transactions with other segments3,753 1,914 1,117 596 850 8,230 (8,230) -
Total revenue 13,289 6,220 12 ,173 16,565 898 49,145 (8,226) 40,919 Total costs 11,949 2,896 7 ,336 13,874 1,081 37,136 (8,226) 28,910 Net results from commodity contracts(39) 46 - (286) (5) (284) - (284)
Depreciation
and amortization399 1,022 1,616 402 114 3,553 - 3,553 Impairment losses 10 27 207 369 - 613 - 613 Impairment gains (35) (12) (28) (87) 1 (161) - (161) Operating profit/(loss) 927 2,333 3,042 1,721 (303) 7,7 2 0 - 7,7 2 0 Capital expenditure 233 914(2)3,549 370 76 5,142 - 5,142 (1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) This figure does not include €8 million regarding units classified as held for sale.
1st Half of 2025 Millions of euroThermal
Generation and
TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding
and
ServicesTotal
reporting
segment(1) Eliminations
and
adjustments Total
Revenue and other income from third parties9,795 3,767 9,885 17,3 03 66 40,816 - 40,816 Revenue and other income from transactions with other segments5,308 2,051 1,260 485 921 10,025 (10,025) -
Total revenue 15,103 5,818 11,145 17,7 8 8 987 50,841 (10,025) 40,816 Total costs 14,528 2,473 6,747 15,383 1,080 40,211 (10,025) 30,186 Net results from commodity contracts645 35 - (216) (2) 462 - 462
Depreciation
and amortization429 935 1,541 412 106 3,423 - 3,423 Impairment losses 9 46 194 369 - 618 - 618 Impairment gains (5) (7) (23) (113) - (148) - (148) Operating profit/(loss) 787 2,406 2,686 1,521 (201) 7, 19 9 - 7, 19 9 Capital expenditure 219(2)718(3)3,112 390 89 4,528 - 4,528 (1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €1 million regarding units classified as held for sale.
(3) Does not include €1 million regarding units classified as held for sale.
120 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsPerformance by Geographical Area 1st Half of 2026(1) Millions of euro Italy IberiaRest
of the
World Argentina Brazil ChileColombia and
Central
AmericaUnited
States
and Canada Mexico Rest of
the World
- Other
countries Eliminations
Rest of the
World Other,
eliminations
and
adjustments Total
Revenue and other income from third parties19,910 10,954 9,982 761 4,254 1,929 1,952 745 169 182 (10) 73 40,919 Revenue and other
income from
transactions with other segments76 2 8 - - 3 - - - 1 4 (86) -
Total revenue 19,986 10,956 9,990 761 4,254 1,932 1,952 745 169 183 (6) (13) 40,919 Total costs 14,323 7 ,588 6,843 664 3,238 1,357 994 342 122 129 (3) 156 28,910 Net results from commodity contracts(159) (173) 55 - 2 8 - 42 (1) 1 3 (7) (284)
Depreciation and
amortization1,313 1,092 1,050 78 360 172 145 248 18 27 2 98 3,553 Impairment losses 196 207 185 29 119 15 18 (1) 2 (1) 4 25 613 Impairment gains (11) (109) (44) - (6) (27) (3) (4) 2 - (6) 3 (161) Operating profit/(loss) 4,006 2,005 2,011 (10) 545 423 798 202 24 29 - (302) 7,7 2 0 Capital expenditure 2,898 955 1,214(2)89 580 282 173 84 -(2)6 - 75 5,142 (1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €8 million regarding units classified as held for sale.
1st Half of 2025(1) Millions of euro Italy IberiaRest
of the
World Argentina Brazil ChileColombia and
Central
AmericaUnited
States
and Canada Mexico Rest of
the World
- Other
countries Eliminations
Rest of the
World Other,
eliminations
and
adjustments Total
Revenue and other income from third parties20,661 10,842 9,222 755 3,605 2,075 1,757 772 139 173 (54) 91 40,816 Revenue and other
income from
transactions with other segments128 4 56 - - 4 - - - 3 49 (188) -
Total revenue 20,789 10,846 9,278 755 3,605 2,079 1,757 772 139 176 (5) (97) 40,816 Total costs 15,352 8,175 6,656 610 2,680 1,486 946 363 102 474 (5) 330,186 Net results from commodity contracts436 (11) 36 - - 2 1 37 (4) - - 1 462
Depreciation and
amortization1,265 1,054 1,014 66 371 163 127 250 14 23 - 90 3,423 Impairment losses 172 236 194 24 121 43 5 1 - - - 16 618 Impairment gains (3) (134) (8) - (3) - (1) (1) - (3) - (3) (148) Operating profit/(loss) 4,439 1,504 1,458 55 436 389 681 196 19 (318) - (202) 7, 19 9 Capital expenditure 2,588 791 1,064 98 472 146 285 48 12 3(2)- 85 4,528 (1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
(2) Does not include €2 million regarding units classified as held for sale.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 121 Financial position by Business Line At June 30, 2026 Millions of euroThermal
Generation
and TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding
and
ServicesTotal
reporting
segmentEliminations
and
adjustments Total
Property, plant and equipment 6,995 41,468 46,416 966 1,848 97,6 93 (1) 97 ,692 Intangible assets 128 4,965 18,375 4,716 317 28,501 1 28,502 Non-current and current contract assets6 16 665 92 18 797 (7) 790 Trade receivables 3,374 2,584 8,668 4,426 1,031 20,083 (5,786) 14,297 Other 2,768 1,942 3,668 1,027 2,959 12,364 (3,640) 8,724 Operating assets 13,271(1)50,975(2)7 7,7 9 2(3)11,227(4)6,173(5)159,438 (9,433) 150,005 Trade payables 3,205 2,419 5,324 4,339 983 16,270 (5,088) 11,182 Non-current and current contract liabilities148 162 7 ,609 54 1 7, 974 (33) 7 ,941 Sundry provisions 3,242 1,477 1,695 638 1,269 8,321 (51) 8,270 Other 1,527 2,588 9,631 2,528 6,003 22,277 (4,878) 17,3 9 9 Operating liabilities 8,122(6)6,646(7)24,259(8)7,5 59(9)8,256(10)54,842 (10,050) 44,792 (1) Of which €78 million regarding units classified as held for sale.
(2) Of which €884 million regarding units classified as held for sale.
(3) Of which €8 million regarding units classified as held for sale.
(4) Of which €5 million regarding units classified as held for sale.
(5) Of which €31 million regarding units classified as held for sale.
(6) Of which €148 million regarding units classified as held for sale.
(7) Of which €174 million regarding units classified as held for sale.
(8) Of which €5 million regarding units classified as held for sale.
(9) Of which €18 million regarding units classified as held for sale.
(10) Of which €35 million regarding units classified as held for sale.
At December 31, 2025 Millions of euroThermal
Generation
and TradingEnel
Green
PowerEnel
GridsEnel
CommercialHolding
and
ServicesTotal
reporting
segmentEliminations
and
adjustments Total
Property, plant and equipment 6,410 40,884 44,306 961 1,789 94,350 (1) 94,349 Intangible assets 153 4,958 18,115 4,623 334 28,183 (1) 28,182 Non-current and current contract assets6 14 621 122 9 772 (3) 769 Trade receivables 3,469 2,735 8,767 4,429 1,364 20,764 (6,168) 14,596 Other 2,034 1,681 3,204 1,233 3,912 12,064 (4,973) 7,0 91 Operating assets 12,072(1)50,272(2)75,013(3)11,368(4)7 ,408(5)156,133 (11,146) 144,987 Trade payables 3,383 2,458 5,452 5,068 1,127 17 ,488 (5,607) 11,881 Non-current and current contract liabilities305 197 7 ,805 52 4 8,363 (35) 8,328 Sundry provisions 3,240 1,794 1,733 737 1,236 8,740 (52) 8,688 Other 1,216 2,651 9,489 3,805 5,578 22,739 (5,320) 17,419 Operating liabilities 8,144(6)7, 10 0(7)24,479(8)9,662 7 ,945(9)57, 33 0 (11,014) 46,316 (1) Of which €38 million regarding units classified as held for sale.
(2) Of which €834 million regarding units classified as held for sale.
(3) Of which €21 million regarding units classified as held for sale.
(4) Of which €3 million regarding units classified as held for sale.
(5) Of which €31 million regarding units classified as held for sale.
(6) Of which €131 million regarding units classified as held for sale.
(7) Of which €158 million regarding units classified as held for sale.
(8) Of which €4 million regarding units classified as held for sale.
(9) Of which €35 million regarding units classified as held for sale.
122 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsFinancial position by Geographical Area At June 30, 2026 Millions of euro Italy IberiaRest
of the
World Argentina Brazil ChileColombia and
Central
AmericaUnited
States
and Canada Mexico Rest of
the World
- Other
countries Eliminations
Rest of the
World Other,
eliminations
and
adjustments Total
Property, plant
and equipment39,241 24,407 33,080 2,424 5,072 7 ,347 6,646 10,445 654 492 - 964 97 ,692 Intangible assets 2,943 16,148 9,040 141 3,746 2,511 2,188 223 (3) 232 2 371 28,502
Non-current
and current
contract assets47 40 688 - 683 - - 3 1 1 - 15 790 Trade receivables 6,440 2,767 5,216 298 2,304 1,811 470 176 92 89 (24) (126) 14,297 Other 3,263 3,331 1,925 75 960 749 203 189 195 86 (532) 205 8,724 Operating assets 51,934 46,693(1)49,949 2,938 12,765(2)12,418(3)9,507(4)11,036 939(5)900(6)(554) 1,429 150,005 Trade payables 5,141 1,965 4,957 489 1,524 1,918 502 359 69 117 (21) (881) 11,182
Non-current
and current
contract liabilities4,098 3,711 149 - 105 - 44 - - - - (17) 7 ,941 Sundry provisions 2 ,744 2,787 1,776 56 781 264 405 222 6 41 1 963 8,270 Other 6,682 3,575 4,875 403 2,509 234 952 1,019 255 38 (535) 2,267 17,3 9 9
Operating
liabilities18,665 12,038(7)11,757 948 4,919 2,416 1,903 1,600 330(8)196(9)(555) 2,332(10)44,792 (1) Of which €20 million regarding units classified as held for sale.
(2) Of which €1 million regarding units classified as held for sale.
(3) Of which €28 million regarding units classified as held for sale.
(4) Of which €3 million regarding units classified as held for sale.
(5) Of which €917 million regarding units classified as held for sale.
(6) Of which €9 million regarding units classified as held for sale.
(7) Of which €15 million regarding units classified as held for sale.
(8) Of which €181 million regarding units classified as held for sale.
(9) Of which €14 million regarding units classified as held for sale.
(10) Of which €53 million regarding units classified as held for sale.
At December 31, 2025 Millions of euro Italy IberiaRest of the World Argentina Brazil ChileColombia and
Central
AmericaUnited
States
and Canada Mexico Rest of
the World
- Other
countries Eliminations
Rest of the
World Other,
eliminations
and
adjustments Total
Property, plant
and equipment37,813 24,391 31,187 2,034 4,750 7 ,023 5,910 10,329 647 495 (1) 958 94,349 Intangible assets 2,984 16,091 8,697 126 3,574 2,505 2,027 228 (1) 237 1 410 28,182
Non-current
and current contract assets61 44 642 - 627 - - 13 1 1 - 22 769 Trade receivables 6,613 3,093 4,792 267 1,943 1,951 366 159 62 72 (28) 98 14,596 Other 2,563 2,818 1,725 63 775 342 182 229 169 88 (123) (15) 7,0 91 Operating assets 50,034(1)46,437(2)47, 0 43 2,490 11,669 11,821 8,485(3)10,958 878(4)893(5)(151) 1,473 144,987 Trade payables 5,800 1,912 4,895 372 1,591 2,004 470 320 71 98 (31) (726) 11,881
Non-current and
current contract
liabilities4,205 3,873 269 - 226 - 43 - - - - (19) 8,328 Sundry provisions 3,263 2,847 1,685 44 759 264 353 219 6 39 1 893 8,688 Other 7 ,553 3,296 4,690 451 2,105 626 203 1,155 229 45 (124) 1,880 17,419 Operating liabilities 20,821 11,928(6)11,539 867 4,681 2,894 1,069 1,694 306(7)182(8)(154) 2,028(9)46,316 (1) Of which €38 million regarding units classified as held for sale.
(2) Of which €834 million regarding units classified as held for sale.
(3) Of which €21 million regarding units classified as held for sale.
(4) Of which €3 million regarding units classified as held for sale.
(5) Of which €31 million regarding units classified as held for sale.
(6) Of which €131 million regarding units classified as held for sale.
(7) Of which €158 million regarding units classified as held for sale.
(8) Of which €4 million regarding units classified as held for sale.
(9) Of which €35 million regarding units classified as held for sale.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 123 The following table reconciles segment assets and liabilities and the consolidated figures.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Total assets 189,151 178,657 Equity-accounted investments 1,589 1,317 Other non-current financial assets 10,287 9,642 Tax assets included in “Other non-current assets” 1,011 935 Other current financial assets 10,198 6,349 Cash and cash equivalents 4,534 5,065 Deferred tax assets 8,976 8,830 Tax assets 2,325 1,331 Financial and tax assets of “Assets held for sale” 226 201 Segment assets 150,005 144,987 Total liabilities 139,485 131,852 Long-term borrowings 56,642 56,983 Non-current financial derivative liabilities 3,244 3,314 Other non-current financial liabilities 426 414 Short-term borrowings 4,283 2,975 Current portion of long-term borrowings 12,205 8,803 Other current financial liabilities 6,012 3,253 Deferred tax liabilities 8,289 7,8 13 Income tax liabilities 1,694 541 Other tax liabilities 1,321 886 Financial and tax liabilities of “Liabilities held for sale” 577 554 Segment liabilities 44,792 46,316
124 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsInformation on the consolidated income statement
Revenue
5. Revenue – €40,919 million Millions of euro1st Half Change 2026 2025 Sale of electricity 20,198 20,185 13 0.1% Transport of electricity 6,661 6,317 344 5.4% Fees from network operators 607 671 (64) -9.5% Transfers from institutional market operators 1,098 799 299 37.4% Sale and transport of gas 3,019 3,329 (310) -9.3% Sale of fuels 685 706 (21) -3.0% Connection fees to electricity and gas networks 510 461 49 10.6% Construction contracts 759 548 211 38.5% Sale of environmental certificates 53 195 (142) -72.8% Sale of value-added services 644 572 72 12.6% Other sales and services 520 418 102 24.4% Total IFRS 15 revenue 34,754 34,201 553 1.6% Sale of commodities under contracts with physical settlement 5,649 4,904 745 15.2% Fair value gain/(loss) on commodity sales contracts with physical settlement closed during the period (518) 628 (1,146) -
Grants for environmental certificates 148 115 33 28.7% Sundry reimbursements 197 206 (9) -4.4% Gain on sale of subsidiaries, associates, joint ventures, joint operations and non-current assets held for sale2 2 - -
Gain on sale of property, plant and equipment and intangible assets10 9 1 11.1% Other revenue 677 751 (74) -9.9%
TOTAL REVENUE 40,919 40,816 103 0.3%
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 125 Revenue from the “sale of electricity” amounted to €20,198 million in the 1st Half of 2026, substantial-
ly unchanged compared with the same period of 2025 (€20,185 million).
More specifically, the decrease in revenue in Italy (€434 million), mainly reflecting lower sale volumes and the nor -
malization of rates applied to customers, was offset by higher revenue in the Rest of the World (€461 million), mainly in Brazil (€349 million) where the increase in con-
sumption and sales prices was accompanied by the ef-
fects of favorable exchange rate developments.
Revenue from “transport of electricity” increased by €344 million compared with 2025, mainly attributable to Spain (€238 million), with the recognition of past regulatory items incorporating the updating of certain remuneration parameters, and Brazil (€84 million), mainly reflecting the increase in the tariff component for the recovery of the inflationary effects and the remuneration of investments made, as well as to the above-mentioned positive impact of exchange rate developments.
Revenue from “transfers from institutional market op-
erators” increased by €299 million. The increase refers entirely to Spain, reflecting higher compensations recog-
nized for Non-Peninsular Territories (NPT), as a result of regulatory mechanisms and adjustments provided for by current legislation.
The €310 million decrease in revenue from “sale and trans-
port of gas” compared with the 1st Half of 2025 is mainly attributable to lower sales in Spain (€220 million) and It-
aly (€120 million), to a limited extent mitigated by higher transport fees (€58 million), and reflects a decrease in both unit sales prices and volumes sold.
The increase in “sale of commodities under contracts with physical settlement” (€745 million) is mainly attributable to the increase in sales of emission allowances, net of the decrease in revenue from gas sales.
The decrease in “fair value gain/(loss) on commodity sale contracts with physical settlement closed during the pe-
riod” (€1,146 million) is mainly attributable to lower re-
sults from the measurement of outstanding contracts for commodities with physical settlement within the scope of IFRS 9, which in 2025 had benefited from a particularly favorable price environment.
The following table shows the net gain or loss on contracts for the sale or purchase of commodities with physical set-
tlement measured at fair value through profit or loss.
126 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsMillions of euro1st Half Change 2026 2025 Fair value gain/(loss) on contracts for energy commodities with physical settlement (within the scope of IFRS 9) closed in the period
Sales contracts
Electricity sales 704 476 228 47 .9% Fair value gain/(loss) on closed contracts (39) 30 (69) -
Total electricity 665 506 159 31.4% Sale of gas 3,639 4,413 (774) -17.5 % Fair value gain/(loss) on closed contracts (468) 596 (1,064) -
Total gas 3,171 5,009 (1,838) -36.7% Sale of emissions allowances 1,302 14 1,288 -
Fair value gain/(loss) on closed contracts (8) 1 (9) -
Total emissions allowances 1,294 15 1,279 -
Sale of guarantees of origin 4 1 3 -
Fair value gain/(loss) on closed contracts (3) 1 (4) -
Total guarantees of origin 1 2 (1) -50.0% Total revenue 5,131 5,532 (401) -7. 2 %
Purchase contracts
Purchase of electricity 709 593 116 19.6% Fair value gain/(loss) on closed contracts (107) 43 (150) -
Total electricity 602 636 (34) -5.3% Purchase of gas 3,894 4,254 (360) -8.5% Fair value gain/(loss) on closed contracts (687) 478 (1,165) -
Total gas 3,207 4,732 (1,525) -32.2% Purchase of emissions allowances 1,718 170 1,548 -
Fair value gain/(loss) on closed contracts 40 (2) 42 -
Total emissions allowances 1,758 168 1,590 -
Purchase of guarantees of origin 3 1 2 -
Fair value gain/(loss) on closed contracts (11) 2 (13) -
Total guarantees of origin (8) 3 (11) -
Total costs 5,559 5,539 20 0.4% Net revenue/(costs) on contracts for energy commodities with physical settlement closed in the period(428) (7) (421) -
Gain/(Loss) from measurement of outstanding contracts for energy commodities with physical settlement (within the scope of IFRS 9)
Sales contracts
Electricity (97) 61 (158) -
Gas (1,417) 2,022 (3,439) -
Emissions allowances (222) 14 (236) -
Guarantees of origin (4) 1 (5) -
Total (1,740) 2,098 (3,838) -
Purchase contracts
Electricity (81) 65 (146) -
Gas (1,532) 1,768 (3,300) -
Emissions allowances 41 62 (21) -33.9% Guarantees of origin (5) (55) 50 90.9% Total (1,577) 1,840 (3,417) -
Gain/(Loss) from measurement of outstanding contracts for energy commodities with physical settlement (within the scope of IFRS 9)(163) 258 (421) -
TOTAL NET REVENUE/(COSTS) ON CONTRACTS WITH PHYSICAL
SETTLEMENT (WITHIN THE SCOPE OF IFRS 9)(591) 251 (842) -
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 127 Revenue from contracts with customers (IFRS 15) in the 1st Half of 2026 amounted to €34,754 million, and break down into “point in time” and “over time” revenue as indi-
cated in the following table.
Millions of euro1st Half 2026 Italy Iberia Rest of the WorldOther, eliminations and adjustments Total
Over
timePoint
in timeOver
timePoint
in timeOver
timePoint
in timeOver
timePoint in
timeOver
timePoint
in time
Total IFRS 15 revenue 14,003 362 10,612 254 9,323 134 41 25 33,979 775 1st Half 2025 Italy Iberia Rest of the WorldOther, eliminations and adjustments Total
Over
timePoint
in timeOver
timePoint
in timeOver
timePoint
in timeOver
timePoint
in timeOver
timePoint
in time
Total IFRS 15 revenue 14,392 409 10,258 514 8,437 151 15 25 33,102 1,099
Costs
6. Costs – €32,915 million Millions of euro1st Half Change 2026 2025 Electricity purchases 8,796 9,010 (214) -2.4% Fuel and gas purchases 6,846 8,621 (1,775) -20.6% Total purchases of electricity, fuel and gas 15,642 17,63 1 (1,989) -11.3% Wheeling 4,755 4,781 (26) -0.5% Leases and rentals 328 259 69 26.6% Other services 3,138 3,196 (58) -1.8% Raw materials 2,293 1,341 952 71.0% Total services and other materials 10,514 9,577 937 9.8% Personnel costs 2,424 2,353 71 3.0% Depreciation 2,730 2,554 176 6.9% Amortization 823 869 (46) -5.3% Net impairment/(reversal of impairment) of trade receivables and other receivables452 447 5 1.1% Other impairment/(reversal of impairment) - 23 (23) -
Total depreciation, amortization and impairment losses4,005 3,893 112 2.9% Costs of environmental certificates 631 539 92 17. 1 % Other costs connected with electrical and gas system 143 148 (5) -3.4% Other charges for taxes and duties 636 737 (101) -13.7% Capital losses and other charges on the sale of equity investments- 341 (341) -
Other operating expenses 349 371 (22) -5.9% Total other operating expenses 1,759 2,136 (377) - 17.6 % Capitalized materials costs (580) (698) 118 16.9% Capitalized personnel costs (581) (501) (80) -16.0% Other capitalized costs (268) (312) 44 14.1% Total capitalized costs (1,429) (1,511) 82 5.4%
TOTAL COSTS 32,915 34,079 (1,164) -3.4%
128 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsCosts for “electricity purchases” decreased mainly in It-
aly (€360 million), primarily reflecting the decrease in exchange traded volumes and developments in fair val-
ue measurement of electricity purchase contracts with physical settlement closed in the 1st Half of the year. The decrease also affects Spain (€222 million), mainly reflect-
ing lower average prices on the wholesale market. These effects were partially offset by the increase in costs for electricity purchases in Brazil (€307 million).
The item includes the results from the fair value meas-
urement of electricity purchase contracts with physi-
cal settlement closed in the 1st Half of 2026, which posted a decrease of €150 million compared with the same period of 2025, as reported above in note 5 “Revenue” .
The decrease in costs for “fuel and gas purchases” mainly reflects the decrease in costs of gas (€1,585 million), pri-
marily in Italy (€1,414 million), mainly reflecting the change in fair value measurements of purchase contracts with physical settlement closed in the period and lower aver -
age prices on contracts expired in the 1st Half of 2026 compared with the same period of 2025. The decrease also regards Spain (€147 million), mainly reflecting lower volumes purchased.
The item includes the results of the fair value measure-
ment of purchases of gas under contracts with physical settlement closed in the 1st Half of 2026, which decreased by €1,165 million on the same period of 2025, as reported above in note 5 “Revenue” .Costs for “services and other materials” in the 1st Half of 2026 increased by €937 million compared with the corre-
sponding period of the previous year, mainly reflecting the increase in costs for “raw materials” (€952 million), related to higher costs for emission allowances (€980 million), as commented in note 5 “Revenue” .
“Personnel costs” for the 1st Half of 2026 amounted to €2,424 million, a slight increase compared with the corre-
sponding period of 2025 (€2,353 million), due to the high-
er average headcount.
In fact, the Enel Group workforce at June 30,2026 came to 61,900 (61,634 at December 31, 2025), an increase of 266 attributable to the positive balance between new hires and terminations (+232) and the acquisition of En-
ergía Colectiva SL in Spain (+34).
The €112 million increase in “depreciation, amortization and impairment losses” compared with the 1st Half of 2025 mainly reflects higher depreciation (€176 million) connected with the entry into operation of investments made in the renewable energy and distribution sectors.
This change was partially offset by the decrease in amor -
tization (€46 million) and in “other impairment/(reversal of impairment)” (€23 million).
Impairment losses for the 1st Half of 2026, net of asso-
ciated reversals, decreased by €18 million, as reported in the table below.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 129 Millions of euro1st Half Change 2026 2025
Impairment losses:
- trade receivables 552 562 (10) -1.8%
- other receivables 24 25 (1) -4.0% Total impairment losses on trade receivables and other receivables 576 587 (11) -1.9%
Reversals:
- trade receivables (124) (139) 15 10.8% Reversals on other receivables - (1) 1 -
Total reversals of impairment losses on trade receivables and other receivables (124) (140) 16 11.4%
TOTAL NET IMPAIRMENT LOSSES/(REVERSALS)
ON TRADE RECEIVABLES AND OTHER RECEIVABLES452 447 5 1.1%
Impairment losses:
- property, plant and equipment 4 20 (16) -80.0%
- intangible assets 27 6 21 -
- assets classified as held for sale 7 5 2 40.0% Total impairment losses 38 31 7 22.6%
Reversals:
- property, plant and equipment (29) (3) (26) -
- intangible assets (9) (2) (7) -
- assets classified as held for sale - (3) 3 -
Total reversals (38) (8) (30) -
TOTAL OTHER NET IMPAIRMENT LOSSES/(REVERSALS) - 23 (23) -
TOTAL IMPAIRMENT LOSSES AND ASSOCIATED REVERSALS 452 470 (18) -3.8%
“Costs of environmental certificates” increased by €92 million, mainly reflecting:
• higher costs of emissions allowances in Italy, due to the increase in thermal generation and in the prices of
these certificates;
• the increase in charges for energy efficiency certifi-
cates in Italy and Spain.
“Other charges for taxes and duties” decreased by €101 million, mainly due to the lower impact of the Tax on the Value of Electricity Generation (IVPEE) in Spain, following the measures introduced by Royal Decree Law 7 /2026, which provided for the reduction of the tax rate in the 1st Quarter of 2026 and the subsequent suspension of the tax from April.“Capital losses and other charges on the sale of equity in-
vestments” decreased by €341 million compared with the same period of 2025 as a result of the release in the 1st Half of 2025 of the negative equity reserves relating to the unrealized losses of Slovak Power Holding BV, follow -
ing the sale of the investment.
The €82 million decrease in capitalized costs mainly refers to the lower amount of work carried out on the distribu-
tion grid compared with the corresponding period of the previous year.
130 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statements7 . Net results from commodity contracts – €(284) million Millions of euro1st Half Change 2026 2025
Commodity derivatives:
- income from settled derivatives 2,488 1,756 732 41.7%
- expense from settled derivatives 2,585 1,582 1,003 63.4% Net income/(expense) from settled commodity derivatives: (97) 174 (271) -
- income from outstanding derivatives 2,039 861 1,178 -
- expense from outstanding derivatives 2,063 831 1,232 -
Net income/(expense) from outstanding commodity derivatives (24) 30 (54) -
Outstanding contracts for energy commodities with physical
settlement:
- income/(expense) from outstanding contracts to sell energy commodities with physical settlement(1,740) 2,098 (3,838) -
- income/(expense) from outstanding contracts to purchase energy commodities with physical settlement1,577 (1,840) 3,417 -
Net income/(expense) from outstanding contracts for energy commodities with physical settlement(163) 258 (421) -
NET RESULTS FROM COMMODITY CONTRACTS (284) 462 (746) -
Net results from commodity contracts showed net ex -
pense of €284 million (net income of €462 million in the 1st Half of 2025) and break down as follows:
• net expense from commodity derivatives in the amount of €121 million (net income of €204 million in the 1st Half of 2025), relating to derivatives designated as cash flow hedges and derivatives measured at fair value through profit or loss. In particular, the net expense from deriv -
atives settled in the period amounted to €97 million (net income of €174 million in the 1st Half of 2025) and the net fair value loss on outstanding derivatives came to €24 million (net income of €30 million in the 1st Half of 2025);
• net fair value loss on energy commodity contracts with physical settlement still outstanding at the reporting date amounting to €163 million (net fair value gain of €258 million in the 1st Half of 2025).
The decrease in net results from commodity contracts came to €746 million, and is mainly attributable to the re-
sults from outstanding contracts for energy commodity contracts with physical settlement and net expense from settled commodity derivatives in the period, mainly re-
flecting the normalization of the hedging activities of the commodity portfolio in a context of forward prices differ -
ent from the particularly favorable scenario in the 1st Half of 2025.
8. Net financial income/(expense) from derivatives – €469 million Millions of euro1st Half Change 2026 2025
Income:
- income from derivatives designated as hedging instruments 772 453 319 70.4%
- income from derivatives at fair value through profit or loss 77 167 (90) -53.9% Total income 849 620 229 36.9%
Expense:
- expense from derivatives designated as hedging instruments (275) (2,638) 2,363 89.6%
- expense from derivatives at fair value through profit or loss (105) (101) (4) -4.0% Total expense (380) (2,739) 2,359 86.1%
NET FINANCIAL INCOME/(EXPENSE) FROM DERIVATIVES 469 (2,119) 2,588 -
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 131 Net income from derivatives on interest and exchange rates came to €469 million in the 1st Half of 2026 (net ex -
pense of €2,119 million in the 1st Half of 2025) and breaks down as follows:
• net income from derivatives designated as hedging in-
struments in the amount of €497 million (net expense of €2,185 million in the 1st Half of 2025) mainly attributa-
ble to cash flow hedges;
• net expense from derivatives at fair value through profit or loss in the amount of €28 million (net income of €66 million in the 1st Half of 2025).
The increase in net income from derivatives, equal to €2,588 million compared with the 1st Half of 2025, is mainly attributable to derivatives on exchange rates designated as hedging instruments, which increased by €2,682 million. This development is mainly attributable to the release of the OCI reserve to profit or loss, related to the exchange differences on the hedged foreign cur -
rency loans, which were significantly affected by devel-
opments in the euro/US dollar exchange rate. Note that, overall, net income from exchange rate derivative con-
tracts designated as hedging instruments and measured at fair value through profit or loss increased by €2,607 million, almost entirely offsetting the larger impact of negative net exchange differences compared with the 1st Half of 2025, as illustrated in note 9 “Net other finan-
cial income/(expense)” .
9. Net other financial income/(expense) – €(1,876) million Millions of euro1st Half Change 2026 2025 Interest and other income on financial assets 163 187 (24) -12.8% Exchange gains 423 2,929 (2,506) -85.6% Income on equity investments 1 1 - -
Income from hyperinflation 481 388 93 24.0% Other income 306 226 80 35.4% Total other financial income 1 ,374 3,731 (2,357) -63.2% Interest and other expense on financial debt (1,592) (1,408) (184) -13.1% Exchange losses (848) (677) (171) -25.3% Accretion of post-employment and other employee benefits(51) (74) 23 31.1% Accretion of other provisions (116) (109) (7) -6.4% Expense from hyperinflation adjustments (361) (304) (57) -18.8% Other expenses (282) (361) 79 21.9% Total other financial expense (3,250) (2,933) (317) -10.8%
TOTAL OTHER FINANCIAL INCOME/(EXPENSE) (1,876) 798 (2,674) -
Other net financial expense increased by €2,674 million compared with the same period of 2025, mainly reflecting:
• the decrease in positive net exchange differences (€2,506 million), mainly recognized by Enel Finance International and almost entirely offset by the in-
crease in net income from exchange rate derivative
contracts;
• the increase in “interest and other expense on financial debt” (€184 million) reflecting the combined effect of the increase in average debt and the related average cost.
The change was partially offset by:
• the increase in net income from hyperinflation adjust-
ments recognized by the Argentine companies in appli-
cation of IAS 29 (€36 million);• the increase in interest income on arrears (€57 million) mainly in Spain;
• the greater net reversals of impairment of financial as-
sets (€59 million), mainly related to the release of the provision for expected losses relating to the deferred purchase price notes of Enel X Srl to Mooney Group, following the irrevocable and unconditional waiver of the credit, as well as the adjustment of the provision for expected losses on the shareholding loan granted to Mooney Group by Enel X and on the financial re-
ceivables of the Brazilian company Enel X Mobilidade Urbana SA.
132 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statements10. Share of profit/(loss) of equity accounted investments – €12 million The share of net profit from equity-accounted invest-
ments increased by €57 million compared with the same period of the previous year. This change is mainly attrib-
utable to:
• the recognition, in the 1st Half of 2025, of value adjust-
ments relating to the investments of EGPNA Renewable Energy Partners and Rocky Caney (€27 million) due to the asset swap agreement between Enel Green Power North America (EGPNA) and Gulf Pacific Power, as a re-
sult of which Enel Green Power increased to 51% its in-
terest in a number of associated companies and others were sold in 2025;
• the increase in the pro rata economic results of some investee companies compared with the same period in 2025, including Mooney Group, the Matimba project companies, Potentia Energy and Principia Energy.
11. Income taxes – €1,769 million Millions of euro1st Half Change 2026 2025 Current taxes 1,679 1,643 36 2.2% Adjustments for income taxes relating to prior years (200) (166) (34) -20.5% Total current taxes 1,479 1,477 2 0.1% Deferred tax liabilities 53 (3) 56 -
Deferred tax assets 237 257 (20) -7.8 %
TOTAL 1,769 1,731 38 2.2%
Income taxes in the 1st Half of 2026 came to €1,769 million, an increase of €38 million on the same period of 2025.
The effective income tax rate in the 1st Half of 2026 was 28%, from 29.7% in the 1st Half of 2025. This decrease substantially reflects the positive impact of the renewal of the Patent Box benefit for the five-year period 2020-
2024, partially offset, in the 1st Half of 2026, by the in-
crease in the IRAP corporate income tax introduced by the “Energy bills Decree” (in the 1st Half of 2025 it re-
flected the impact of the sale of the residual investment in Slovak Power Holding).
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 133 12. Basic and diluted earnings/(loss) per share Both of these indicators are calculated on the basis of the average number of ordinary shares for the year, equal to 10,166,679,946, adjusted by the average number of treasury shares acquired to serve the Long-Term Incen-
tive Plan (LTI). The number of treasury shares held at June 30, 2026 was 243,416,292.
Millions of euro 1st Half
2026 2025
Profit for the period attributable to owners of the Parent (basic) 3,743 3,428 of which from:
- continuing operations 3,743 3,428
- discontinued operations - -
Effect of preference rights on dividends (e.g. preference shares) - -
Dividends on equity instruments (e.g. hybrid bonds) (144) (90) Other - -
Profit for the period attributable to ordinary owners of the Parent (basic) 3,599 3,338 of which from:
- continuing operations 3,599 3,338
- discontinued operations - -
Number of shares (units) Number of ordinary shares issued at January 1 10,166,679,946 10,166,679,946 Effect of treasury shares held (208,078,643) (12,079,670) Effect of share options exercised - -
Other - -
Weighted average number of ordinary shares outstanding (total) for basic earnings per share 9,958,601,303 10,154,600,276 Profit for the period attributable to ordinary owners of the Parent (basic) 3,599 3,338 Effect of dilution:
- interest on convertible bonds - -
- other - -
Profit for the period attributable to ordinary owners of the Parent (diluted) 3,599 3,338 of which from:
- continuing operations 3,599 3,338
- discontinued operations - -
Number of shares (units) Weighted average number of ordinary shares outstanding (total) for basic earnings per share 9,958,601,303 10,154,600,276 Effect of conversion of convertible notes - -
Other - -
Weighted average number of ordinary shares outstanding (total) for diluted earnings per share 9,958,601,303 10,154,600,276 Basic earnings per share Basic earnings per share 0.36 0.33 Basic earnings per share from continuing operations 0.36 0.33 Basic earnings/(loss) per share from discontinued operations - -
Diluted earnings per share Diluted earnings per share 0.36 0.33 Diluted earnings per share from continuing operations 0.36 0.33 Diluted earnings/(loss) per share from discontinued operations - -
134 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsInformation on the statement of consolidated
financial position
13. Property, plant and equipment – €96,988 million The breakdown of and changes in property, plant and equipment for the 1st Half of 2026 are given below.
Millions of euro Total at December 31, 2025 93,675 Capital expenditure 4,140 Exchange differences 1,563 Change in the consolidation scope 7
Depreciation (2,710)
Impairment losses and reversals 25 Reclassification from/to “Assets held for sale” (29) Other changes 317 Total at June 30, 2026 96,988 Total capital expenditure on property, plant and equip-
ment and intangible assets in the 1st Half of 2026 came to €4,596 million (€4,140 million regarding property, plant and equipment and €456 million for intangible assets; for more information see note 14), an increase of €469 million compared with the 1st Half of 2025. The table be-
low summarizes investments made during the 1st Half of 2026 by type of asset.
Millions of euro1st Half Change 2026 2025
Power plants:
- thermal 129 125 4 3.2%
- hydroelectric 175 134 41 30.6%
- geothermal 55 55 - -
- nuclear 92 71 21 29.6%
- alternative energy sources 278 416 (138) -33.2% Total power plants 729 801 (72) -9.0% Electricity distribution networks(1)3,003 2,711 292 10.8% Enel X (e-City, e-Industries, e-Home) 44 71 (27) -38.0% Enel X Way (e-Mobility) 20 30 (10) -33.3% Retail 306 289 17 5.9% Other 494 225 269 -
TOTAL 4,596 4,127 469 11.4%
(1) The figure for the 1st Half of 2026 does not include €546 million in respect of infrastructure investments within the scope of IFRIC 12 (€401 million in the 1st Half of 2025).
The Group effort is focused on grid modernization and renewables generation, in line with the Strategic Plan which aims to improve the risk/return profile of these in-
vestments, initiating a transformation aimed at creating greater value for customers and achieving net-zero emis-
sions by 2040.
In the 1st Half of 2026 capital expenditure increased in distribution grids (driven by Italy and Spain), with a view to enhancing climate resilience and reliability, and in renew -
able energies, especially in Italy and Chile, net of the de-
crease in Colombia, Spain and Brazil. On the other hand, changes remain marginal for thermoelectric generation and retail, while fixed assets related to the Enel X and mo-
bility businesses decreased, mainly in Italy and Colombia.
The positive impact of exchange rate developments came to €1,563 million, mainly reflecting the deprecia-
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 135 tion of the euro against the US dollar and Latin American currencies.
“Change in the consolidation scope” came to €7 million and mainly refers to assets in the United States.
Depreciation and impairment losses on property, plant and equipment amounted to €2,710 and €25 million, re-
spectively.
“Reclassification from/to ‘Assets held for sale’” came to €29 million, regarding some assets of the Bocamina plant in Chile, which will be sold as part of the decommissioning process of the plant.
“Other changes” show a positive balance of €317 million, and mainly include the effects of hyperinflation in Argen-
tina (€352 million gross of the impact on depreciation), new lease contracts (€195 million), the capitalization of in-
terest on loans specifically funding capital expenditure on property, plant and equipment (€26 million), net of capital grants received in Italy in the amount of €252 million and disposals of €36 million.
14. Intangible assets – €15,382 million Changes in intangible assets during the 1st Half of 2026 were as follows.
Millions of euro Total at December 31, 2025 15,132 Capital expenditure 456 Exchange differences 393 Change in the consolidation scope 110
Amortization (836)
Impairment losses and reversals (18) Other changes 145 Total at June 30, 2026 15,382 The increase in intangible assets is positively impacted by investments in the period, notably due to the acquisi-
tion of new customer contracts mainly in Italy and Spain, positive exchange rate differences in Brazil and Colom-
bia, changes in the scope of consolidation following the acquisition of Energía Colectiva SL in Spain and “other changes” which mainly include reclassifications, for IFRIC 12 purposes in Brazil, under intangible assets and financial assets, and the value adjustments of intangible assets for hyperinflation in Argentina.
The increase was partially offset by the impact of amorti-
zation and impairment losses for the period.
15. Goodwill – €13,120 million Changes in goodwill during the 1st Half of 2026 were as follows.
Millions of euro Total at December 31, 2025 13,051 Exchange differences 76 Change in the consolidation scope (6)
Other (1)
Total at June 30, 2026 13,120
136 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsGoodwill came to €13,120 million, up €69 million mainly attributable to positive exchange rate adjustments mainly in Brazil and Colombia.
Other changes mainly refer to Germany after the comple-
tion of the purchase price allocation process in respect of the purchase of a portfolio of onshore wind plants (€6 million) in December 2025 and the reclassification from assets held for use to assets held for sale of the company Enel X Advisory Services UK (€1 million).
The table below provides a breakdown of goodwill by CGU or groups of CGUs as allocated.
Millions of euroat Dec. 31,
2025Change in
consolidation
scopeExchange
differencesImpairment
lossesReclassifications
from/to “Assets
held for sale”at June 30,
2026
Net carrying
amountNet carrying
amount
Iberia EGP 1,334 - - - - 1,334 Grids 5,788 - - - - 5,788 Commercial 1,807 - - - - 1,807 Chile EGP 949 - - - - 949 Grids 152 - - - - 152 Argentina Grids 20 - - - - 20 Colombia EGP 301 - 6 - - 307 Grids 224 - - - - 224 Brazil EGP 414 - 39 - - 453 Grids 788 - 29 - - 817 Peru Generation 25 - - - - 25 Central America EGP 23 - 1 - - 24 North America EGP 68 - - - - 68 Enel X 39 - 1 - - 40
APAC Enel X 84 - - - - 84
Rest of Europe Enel X 40 - - - (1) 39
EGP 44 (6) - - - 38
Italy Commercial 581 - - - - 581
EGP 21 - - - - 21
Generation 349 - - - - 349 Total 13,051 (6) 76 - (1) 13,120 The criteria adopted for the identification of the Cash Generating Units (CGUs) are based on revenue separation, which is considered the primary criterion in consideration of the nature of the businesses involved, taking due ac-
count of the operating rules and regulations of the mar -
kets in which they operate, and company organization.
For the purposes of impairment testing of goodwill, the identified CGUs are grouped together taking into consid-
eration the expected synergies, consistently with the stra-
tegic and operational vision of management, within the limits of the operating segments identified for segment reporting purposes in accordance with IFRS 8.
The CGUs at June 30, 2026 have not changed compared with those identified at December 31, 2025.
At June 30, 2026, the main assumptions applied used to determine the value in use at the closure of the consoli-dated financial statements at December 31, 2025 still hold and no specific indicators of impairment (so-called “trig-
ger events”) have been identified that would have required testing the CGU groups to which the goodwill is allocated.
In this regard and with specific reference to the CGU “Bra-
zil Grids” , it should be noted that on April 7 , 2026, the Bra-
zilian regulator ANEEL (Agência Nacional de Energia Elétri-
ca) resolved to start an administrative procedure aimed at evaluating a recommendation to revoke the distribution concession for the São Paulo area, following exceptional weather events, confirming the suspension of the early renewal process. Management has assessed that open-
ing this procedure does not constitute an independent indicator of impairment, but represents the evolution of the regulatory and legal complexity framework already as-
sessed when preparing the consolidated financial state-
ments at December 31, 2025.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 137 As part of monitoring the regulatory, legal and operational aspects associated with the above-mentioned concession, the management has in any case updated the sensitivity analyses on the estimate of the recoverable value, which confirmed the recoverability of the assets relating to Enel Distribuição São Paulo at June 30, 2026.The Group will continue to monitor the evolution of the regulatory legal and operational aspects associated with the São Paulo concession, periodically evaluating the ad-
equacy of the assumptions used in light of the informa-
tion available.
16. Deferred tax assets and liabilities – €8,976 million and €8,289 million Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Deferred tax assets 8,976 8,830 146 1.7% Deferred tax liabilities 8,289 7,8 13 476 6.1%
of which:
Non-offsettable deferred tax assets 7, 176 5,413 1,763 32.6% Non-offsettable deferred tax liabilities 5,172 3,134 2,038 65.0% Excess net deferred tax liabilities after any offsetting 1,317 1,262 55 4.4% The increase in “deferred tax assets” and in “deferred tax liabilities” is mainly linked to the taxation associated to changes in the fair value of cash flow hedge derivatives and the impact of exchange differences.
138 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statements17 . Equity-accounted investments – €1,589 million The table below shows the changes in the main investments in associated companies and joint ventures accounted for using the equity method.
Millions of euroat Dec. 31, 2025 % heldImpact on
profit or
loss DividendsReclassifications
from/to “Assets
held for sale”Other changesat June 30, 2026 % held
Joint ventures
Gridspertise 305 50.0% - - - - 305 50.0% Mooney Group SpA 187 50.0% (13) - - 273 447 50.0% Potentia Energy 210 50.0% (6) - - 19 223 50.0% Principia Energy SA 213 50.0% 1 (13) - - 201 50.0% Matimba project companies 53 50.0% 4 - - 6 63 50.0% Drift Sand Wind Project 59 50.0% 2 - - (10) 51 50.0% Front Marítim del Besòs 30 61.4% - - - - 30 61.4% Elecgas SA 36 50.0% 3 - - 2 41 50.0% Tejo Energia - Produção e Distribuição de Energia Eléctrica5 43.8% - - - - 5 43.8% Suministradora Eléctrica de Cádiz 8 33.5% 1 - - - 9 33.5% PowerCrop 5 50.0% 3 - - - 8 50.0% Total joint ventures 1,111 (5) (13) - 290 1,383
Associates
CESI 62 42.7% 2 - - - 64 42.7%
GNL Chile SA 39 33.3% 8 (2) - 1 46 33.3% Energías Especiales del Bierzo 5 50.0% - - - - 5 50.0% Gorona del Viento El Hierro SA 10 23.2% - - - - 10 23.2% Sociedad Eólica El Puntal 5 50.0% - - - 1 6 50.0% Renovables Brovales 400 kV 6 64.2% - - - - 6 64.2% Cogenio Iberia 5 20.0% (4) - (1) - - -
Cogenio Srl 7 20.0% - - (7) - - -
Total associates 139 6 (2) (8) 2 137 Other minor equity-accounted investments67 11 (1) (6) (2) 69
TOTAL 1,317 12 (16) (14) 290 1,589
“Equity-accounted investments” came to €1,589 million, an increase of €272 million essentially attributable to the capital increase in Mooney Group (€273 million) through the irrevocable and unconditional waiver of the financial receivables represented by the deferred purchase price notes held by Enel X Srl toward the investee.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 139
18. Derivatives
Millions of euroNon-current Current at June 30, 2026 at Dec. 31, 2025 at June 30, 2026 at Dec. 31, 2025 Derivative financial assets 1,404 1,170 4,708 2,408 Derivative financial liabilities 3,244 3,314 5,217 2,343 For more information on these derivatives, please see notes 32.1 et seq.
19. Non-current/current contract assets/(liabilities) Non-current assets deriving from contracts with custom-
ers (€681 million) refer mainly to public-to-private service concession agreements recognized in accordance with IFRIC 12, in the amount of €635 million, all related to con-
cession arrangements in Brazil as represented below.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Enel Distribuição Rio 126 113 Enel Distribuição Ceará 157 198 Enel Distribuição São Paulo 352 279 Total 635 590 They occur where the concession holder has not yet fully accrued the right to have these assets recognized by the granting authority. It should also be noted that the figure at June 30, 2026 includes investments for the period in the amount of €546 million.
Current assets arising from contracts with customers (€105 million) mainly concern assets in respect of con-
struction contracts (€90 million) relating to contracts for work still to be invoiced, payment of which is subject to satisfaction of a performance obligation.
Non-current liabilities arising from contracts with cus-
tomers amounting to €5,418 million are mainly attribut-able to the “Grids” sector, in Spain (€3,031 million) and in Italy (€2,316 million) in respect of connection fees related to new users.
Current liabilities arising from contracts with customers (€2,523 million) include mainly the liabilities related to rev -
enue from electricity grid connections in the amount of €2,203 million, recognized in Italy, Spain and Colombia, as well as liabilities for construction work in progress (€212 million).
As required under IFRS 15, the following table reports the reversal to profit or loss of contract liabilities by time band.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Within 1 year 2,523 2,833 Within 2 years 568 529 Within 3 years 495 525 Within 4 years 493 524 Within 5 years 492 523 Over 5 years 3,370 3,394 Total 7 ,941 8,328
140 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statements20. Other non-current financial assets – €8,883 million Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Equity investments in other companies measured at fair value 525 573 (48) -8.4% Other non-current financial assets included in net financial debt (see note 20.1) 2,353 2,890 (537) -18.6% Service concession arrangements 5,849 4,853 996 20.5% Financial assets in respect of joint development agreements (JDA) 100 100 - -
Non-current financial prepayments 56 56 - -
Total 8,883 8,472 411 4.9% “Other non-current financial assets” increased by €411 million reflecting the increase in financial assets related to “service concession arrangements” in Brazil.
This change was partially offset by:
• the decrease in “other non-current financial assets in-
cluded in net financial debt” , as commented in note 20.1;• the decrease in “equity investments in other companies measured at fair value” (€48 million) due to the sale of the remaining 10% of Duereti’s share capital (€137 mil-
lion), completed in the 1st Half of 2026, partially offset by the increase in value of the investment in Zacapa Topco Sàrl (€57 million).
20.1 Other non-current financial assets included in net financial debt – €2,353 million Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Securities 841 716 125 17.5 % Other financial assets 1,512 2 , 174 (662) -30.5% Total 2,353 2,890 (537) -18.6% The decrease of €537 million mainly reflects the de-
crease in financial receivables (€662 million), essentially
attributable to:
• the Endesa Group, due to the decrease in financial as-
sets in respect of deposits with government entities (€428 million), relating to the amounts paid by custom-
ers as collateral, which following the entry into force of Royal Decree 88/2026 have been reclassified under current financial assets, in consideration of their col-
lectability in the short term provided for by the new reg-
ulatory framework;• Enel X Srl (€246 million), substantially as a result of the irrevocable and unconditional waiver of the financial re-
ceivables represented by the deferred purchase price notes held toward Mooney Group.
This change was partially offset by the increase in non-current securities at FVOCI in which the Group in-
vests part of its liquidity.
21. Other current financial assets – €5,490 million Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Other current financial assets included in net financial debt (see note 21.1) 5,397 3,788 1,609 42.5% Financial assets from service concession arrangements (current portion) 13 12 1 8.3% Current financial accrued income 74 131 (57) -43.5% Other current financial assets 6 10 (4) -40.0% Total 5,490 3,941 1,549 39.3% “Other current financial assets” increased by €1,549 mil-
lion, essentially due to the increase in “other current fi-
nancial assets included in net financial debt” , commented on in note 21.1, partially offset by the decrease in “current financial accrued income” .
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 141 21.1 Other current financial assets included in net financial debt – €5,397 million Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Current portion of long-term financial assets 2,237 1,372 865 63.0% Securities 200 230 (30) -13.0% Cash collateral and other financial assets on derivatives 2,594 2,033 561 27.6 % Other short-term financial assets 366 153 213 -
Total 5,397 3,788 1,609 42.5% The €1,609 million increase in this item is mainly attrib-
utable to:
• the increase in the “current portion of long-term financial assets” , mainly recognized in the Endesa Group, as a result of the increase in financial receiv -
ables for deposits with government entities relating to security deposits paid by customers (€428 mil-
lion), which, following the entry into force of Royal Decree 88/2026, have become payable in the short term, as well as the increase in financial assets for the Spanish electricity system deficit mechanism
(€223 million);
• the increase in “other short-term financial assets” mainly for the recognition in e-distribuzione of a finan-
cial receivable referring to NRRP collections;
• the increase in cash collateral paid to counterparties for transactions on derivative contracts.
These effects were partially offset by the decrease in cur -
rent securities at FVOCI.
22. Other non-current/current assets “Other non-current assets” came to €2,236 million in the 1st Half of 2026, an increase of €172 million mainly due to the increase in receivables in respect of equalization funds and market and energy services operators (€122 million), most notably in Italy and Spain, and tax assets (€76 million), only partly offset by a decrease in advances to suppliers (€26 million).
“Other current assets” came to €3,846 million, up by €460 million in the 1st Half of 2026, mainly reflecting the increase in: • receivables in respect of derivatives on energy com-
modities (€51 million) mainly held by Enel Global
Trading;
• amounts due from equalization funds and market and energy services operators (€260 million) essentially in respect of e-distribuzione;
• prepaid expenses in respect of water diversion fees (€82 million) and prepaid expenses for accruals and other items connected with personnel (€54 million).
23. Trade receivables – €14,228 million The decrease in trade receivables came to €327 million and is mainly attributable to lower receivables for the sale and transport of electricity and gas in Italy, Spain and Chile, following the decrease in trading volumes, partially offset by the increase in regulated revenue from distribu-
tion companies in Brazil. Trade receivables are recognized net of allowances for doubtful accounts, which totaled €3,952 million, com-
pared with an opening balance of €3,819 million. The table below reports changes in these allowances.
Millions of euro Total at December 31, 2025 3,819
Accruals 552
Reversals (124)
Utilization (371)
Other changes 76 Total at June 30, 2026 3,952
142 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statements24. Assets and liabilities included in disposal groups classified as held for sale – €1,203 million and €814 million The item includes assets measured at the lower of cost, understood as their net carrying amount, and their es-
timated realizable value classified as held for sale, which meet the requirements of “IFRS 5 – Non-current assets held for sale and discontinued operations” for their clas-
sification in this item.
The following table reports the composition of assets classified as held for sale and associated liabilities.
Millions of euroat Dec. 31,
2025Reclassification
to current and
non-current
assetsReclassification
from current
and non-current
assetsDisposals and
change in the
consolidation
scope ImpairmentExchange
differences InvestmentsOther
changesat June 30,
2026
Property, plant and equipment674 - 29 (5) - 16 9 (19) 704 Investment property 8 (8) - - - - - - -
Intangible assets - - - - - - - - -
Goodwill - - 1 - - - - - 1 Deferred tax assets 72 - - - - 2 - 3 77
Equity-accounted
investments 42 - 14 - (7) (1) - - 48
Non-current
financial assets and securities 15 - - - - - - (9) 6
Other non-current
assets1 - - - - - - - 1 Inventories 32 - - - - 1 - - 33 Trade receivables 42 - 1 - - 2 - 23 68 Income tax assets 42 - - - - 1 - 7 50
Current financial
assets and
securities5 - - - - - - (5) -
Other current assets 138 - - - - 5 - 20 163
Current contract
assets- - 3 - - - - 1 4 Cash and cash equivalents24 - 20 - - 1 - 3 48 Total 1,095 (8) 68 (5) (7) 27 9 24 1,203
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 143 Millions of euroat Dec. 31,
2025Reclassification
to current and
non-current
liabilitiesReclassification
from current
and non-current
liabilitiesDisposals and
change in the
consolidation
scopeExchange
differencesOther
changesat June 30,
2026
Long-term borrowings 333 - - - 2 (335) -
Provisions for risks and charges, non-current portion 10 - - - - 1 11 Deferred tax liabilities 79 - - - 2 1 82 Short-term borrowings - - - - 8 337 345 Long-term borrowings, current portion 93 - - - 2 1 96 Provisions for risks and charges, current portion 1 - - - - - 1 Trade payables 54 - 1 - 1 (3) 53 Income tax liabilities 24 - - - 1 2 27 Other current financial liabilities 25 - - - 1 - 26 Other current liabilities 137 - 17 - 3 16 173 Total 756 - 18 - 20 20 814 In the 1st Half of 2026, net assets classified as held for sale increased by €50 million on the same period of 2025, mainly reflecting the following factors:
• the reclassification to net assets available for sale (€29 million) of a number of assets of the Bocamina plant in Chile as part of the process of disposal and dismantling of the plant;
• the reclassification to net assets available for sale of the company Cogenio Srl in Italy and Cogenio Iberia in Spain, totaling €12 million, since at June 30, 2026 they meet the requirements of IFRS 5; the reclassification resulted in a value adjustment totaling €5 million;
• reclassification of the land located in Palma de Mallor -
ca as held in use to investment property, for €8 million, since management at June 30, 2026 no longer consid-
ered the sale to be highly probable, due to pending ur -
ban and legal constraints;• an increase in net assets of €22 million relating to the company Enel Green Power México and a group of its directly controlled subsidiaries already classified as held for sale at December 31, 2025.
In addition, the net balance (€389 million) mainly includes the following assets already recognized at December 31,
2025:
• Mexico, for €331 million in respect of Enel Green Power México and a group of directly controlled subsidiaries;
• India, for €43 million in respect of Enel Green Power In-
dia holding net installed capacity of about 640 MW in solar and wind plants;
• Spain, for €6 million related mainly to the building in Cadiz.
25. Equity – €49,666 million 25.1 Equity attributable to owners of the Parent – €34,880 million Share capital – €10,167 million At June 30, 2026 the fully subscribed and paid-up share capital of Enel SpA totaled €10,166,679,946, represented by the same number of ordinary shares with no par val-
ue. The share capital of Enel SpA is unchanged compared with the amount reported at December 31, 2025.
At June 30, 2026, based on the shareholders register and the notices submitted to CONSOB and received by the Company pursuant to Article 120 of Legislative Decree 58 of February 24, 1998, as well as other available infor -
mation, the only shareholders with interests of greater than 3% in the Company’s share capital were the Ministry for the Economy and Finance (with a 23.585% stake) and BlackRock Inc. (with 5.023% of the share capital held for asset management purposes).
Negative reserve for treasury shares –
€(2,112) million
At June 30, 2026, treasury shares were represented by 243,416,292 ordinary shares of Enel SpA (133,554,875 at December 31, 2025), which were acquired through an authorized intermediary in the total amount of €2,112 million.
144 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsOther reserves – €10,783 million Share premium reserve – €7 ,496 million Pursuant to Article 2431 of the Italian Civil Code, the share premium reserve contains, in the case of the issue of shares at a price above par, the difference between the issue price of the shares and their par value, including those resulting from conversion from bonds. The reserve, which is a capital reserve, may not be distributed until the legal reserve has reached the threshold established under Article 2430 of the Italian Civil Code.
Reserve for equity instruments - perpetual hybrid bonds – €10,191 million This reserve includes the nominal value, net of transac-
tion costs, of non-convertible subordinated perpetual hybrid bonds denominated in euros intended for insti-
tutional investors.
The change of €1,972 million in the reserve reflects a new issue in January 2026, in the nominal amount of €2,000 million, net of transaction costs.
In the 1st Half of 2026, coupons of €144 million were paid to holders of perpetual hybrid bonds.
Legal reserve – €2,034 million The legal reserve is formed as allocation of part of the net income that, pursuant to Article 2430 of the Italian Civil Code, cannot be distributed as dividends.
Other reserves – €4,421 million These include €2,215 million related to the remaining por -
tion of the value adjustments carried out when Enel was transformed from a public entity to a joint-stock company and €2,010 million referring to the recognition by Enel SpA of the treasury shares purchased with the buyback trans-
actions in 2025 and the 1st Half of 2026.
Pursuant to Article 47 of the Uniform Income Tax Code, this amount does not constitute taxable income when distributed.
Translation reserve – €(6,965) million The increase of €1,250 million in the period was mainly due to the net appreciation of the functional currencies used by the subsidiaries, mainly in Latin America and the United States, against the euro (presentation currency of the Parent).
Hedging reserve – €(2,258) million This includes the net expense recognized in equity from the measurement of hedging derivatives. In the 1st Half of 2026, the change came to a negative €461 million, mainly due to the release of the Enel Finance International re-
serve related to the exchange rate adjustment of hedged borrowings.
Hedging cost reserve – €196 million In application of IFRS 9, the reserve reports the change in the fair value of currency basis points and forward points.
The change in the period is mainly due to the fair value adjustment of Enel Finance International derivatives com-
mented above.
Reserve from measurement of financial instruments at FVOCI – €174 million This includes net unrealized income from the measure-
ment at fair value of financial assets. The change in the 1st Half of 2026 is mainly attributable to the value adjustment of the equity investment in Zacapa Topco and in European Energy Exchange, respectively positive by €54 million and €27 million.
Reserve from equity-accounted investments –
€(29) million
The reserve reports the share of comprehensive income to be recognized directly in equity of companies account-
ed for using the equity method. The change in the 1st Half of 2026 is mainly due to the fair value adjustment of Po-
tentia Energy derivatives.
Actuarial reserve – €(1,002) million The reserve includes all actuarial gains and losses, net of tax effects, in respect of the employee benefit obligation.
Reserve from disposal of equity interests without loss of control – €(2,448) million This includes the realized gains and losses, including transaction costs, resulting from the sale of non-con-
trolling interests to third parties without loss of control.
Reserve from acquisitions of non-controlling interests – €(1,027) million This reserve includes the excess of purchase prices over net book equity acquired following the acquisition from third parties of additional interests in companies already controlled, primarily in Latin America. The change in the 1st Half of 2026 is connected with the repurchase of treasury shares by Endesa.
Retained earnings – €16,042 million The reserve reports earnings from previous years that have not been distributed or allocated to other reserves.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 145 The table below shows the changes in gains and losses recognized directly in other comprehensive income, including non-controlling interests.
Millions of euroChange
Gains/(Losses)
recognized in
equity
for the periodReleased to profit or
lossIncome
taxes TotalOf which
owners of
the ParentOf which non-
controlling
interests
Translation reserve 1,663 - - 1,663 1,252 411 Hedging reserve (96) (530) 116 (510) (457) (53) Hedging costs reserve 57 - (16) 41 37 4 Reserve from measurement of financial instruments
at FVOCI(23) 15 2 (6) (6) -
Share of OCI of equity-accounted associates 14 (1) 13 12 1 Reserve from measurement of equity investments in other companies89 - - 89 86 3 Actuarial reserve 12 - (9) 3 7 (4) Total gains/(losses) recognized in equity 1,716 (515) 92 1,293 931 362 25.2 Non-controlling interests – €14,786 million The following table reports the composition of non-controlling interests by geographical area.
Millions of euroNon-controlling interestsResult for the period attributable to non-controlling interests at June 30, 2026 at December 31, 2025 at June 30, 2026 at June 30, 2025 Italy 1,142 1,206 22 14 Iberia 6,064 6,447 420 311 Latin America 7,4 2 0 6,915 366 341 Europe - 1 - -
North America 31 46 2 5 Africa, Asia and Oceania 129 122 3 3 Total 14,786 14,737 813 674 The change in non-controlling interests in the period mainly reflects the result for the period (€813 million) and the increase in the translation reserve (€411 million) fol-
lowing the net appreciation of the functional currencies used by subsidiaries, mainly in the United States and Lat-
in America, partly offset by dividends distributed (€786 million) and the decrease due to the purchase of treasury shares by Endesa (€396 million).
26. Employee benefits – €1,135 million Millions of euro Total at December 31, 2025 1,127
Accruals 80
Utilization (119)
Unwinding of discount 34 Translation adjustments 31 Other changes (18) Total at June 30, 2026 1,135
146 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsThe Group provides its employees with a variety of bene-
fits, including deferred compensation benefits, additional months’ pay for having reached age limits or eligibility for old-age pension, loyalty bonuses for achievement of sen-
iority milestones, supplemental retirement and healthcare plans, residential electricity discounts and similar benefits.
An analysis of the employee benefit liability is conducted annually, unless significant changes in the actuarial as-
sumptions or plans have occurred in the meantime.The changes in the period have produced an increase of €8 million in the liability.
The updates of the demographic variables prompted to provisions and releases of €80 million and €119 million re-
spectively (mainly in Italy and Brazil).
The item also includes €34 million due to the unwinding of discount and positive translation adjustments of €31 million, due to the depreciation of the euro against the US dollar and Latin America currencies.
27 . Provisions for risks and charges – €7 ,122 million Millions of euro Non-current CurrentTotal provisions for risks and charges Total at December 31, 2025 6,273 1,276 7,5 49 Accruals 332 336 668 Utilization (599) (435) (1,034) Reversals (141) (87) (228) Unwinding of discount 67 12 79 Translation adjustments 81 16 97 Change in the consolidation scope - - -
Plant retirement and site restoration 5 (3) 2 Other changes (145) 134 (11) Total at June 30, 2026 5,873 1,249 7, 12 2 The main change in provisions for risks and charges in the 1st Half of 2026 is attributable to utilization in the period in Italy, mainly in respect of the provision for fees due to local public bodies, restructuring plans connect-
ed to the energy transition, insurance indemnities and other provisions, and in Spain mainly in respect of pro-visions for restructuring plans connected to the energy transition.
Provisions for the period are mainly accounted for in Italy for provisions for insurance indemnities and in Italy and Spain on the provisions for environmental certificates.
28. Other non-current/current financial liabilities Other non-current financial liabilities break down as follows.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Other non-current financial liabilities included in net financial debt164 164 - -
Non-current deferred financial income 140 149 (9) -6.0% Non-current payables to shareholders 260 252 8 3.2% Total 564 565 (1) -0.2% There were no significant changes between the end of 2025 and the 1st Half of 2026.
“Other non-current financial liabilities included in net fi-
nancial debt” include liabilities for the Spanish electricity system deficit, “non-current deferred financial income” essentially refers to up-front fees on derivative contracts collected by Enel Finance International and “non-cur -
rent payables to shareholders” relate to North American companies.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 147 Other current financial liabilities break down as follows.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Accrued financial expense and deferred financial income 601 689 (88) -12.8% Current payables to shareholders 17 26 (9) -34.6% Other liabilities 177 195 (18) -9.2% Total 795 910 (115) -12.6% “Accrued financial expense and deferred financial in-
come” essentially include the decrease in accrued ex -
pense mainly referring to Enel SpA and Enel Finance In-
ternational. “Other liabilities” mainly include financial liabilities for ac-
crued interest mainly in the Endesa Group, Enel Américas and Enel Chile.
29. Other current/non-current liabilities Other non-current liabilities break down as follows.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Accrued operating expense and deferred income 384 399 (15) -3.8% Liabilities with equalization funds/market and energy services operators238 228 10 4.4% Liabilities for tax partnerships 506 659 (153) -23.2% Sundry non-current payments on account 467 477 (10) -2.1% Other liabilities 1,439 1,426 13 0.9% Non-current liabilities for contingent consideration -
Third parties30 30 - -
Total 3,064 3,219 (155) -4.8% “Other non-current liabilities” amounted to €3,064 million (€3,219 million at December 31, 2025), a decrease of €155 million, mainly reflecting lower liabilities for tax partner -ship agreements in the United States.
Other current liabilities are detailed below.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Trade payables 11,129 11,827 (698) -5.9% Income tax liabilities 1,694 541 1,153 -
Other current liabilities 15,346 14,799 547 3.7% Total 28,169 2 7, 167 1,002 3.7% Trade payables amounted to €11,129 million (€11,827 mil-
lion at December 31, 2025), a decrease of €698 million mainly in Italy, due to lower commodity procurement costs.
Income tax liabilities increased by €1,153 million at June 30, 2026, compared with December 31, 2025. The in-
crease is mainly attributable to Italy.The increase in other current liabilities is mainly attributa-
ble to the increase in “sundry payments on account” from public entities as a result of the collections of grants re-
ceived in the 1st Half of 2026 in Italy.
148 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsInformation on the consolidated statement of cash flows 30. Cash flows Millions of euro1st Half Change 2026 2025 Cash and cash equivalents at the beginning of the period(1)5,319 8,195 (2,876) Cash flows from operating activities 4,251 4,845 (594) of which discontinued operations - - -
Cash flows from/(used in) investing activities (4,367) (5,217) 850 of which discontinued operations - - -
Cash flows from/(used in) financing activities (544) (3,478) 2,934 of which discontinued operations - - -
Impact of exchange rate fluctuations on cash and cash equivalents 123 (251) 374 Cash and cash equivalents at the end of the period(2)4,782 4,094 688 (1) Of which “Cash and cash equivalents” equal to €5,065 million at January 1, 2026 (€8,051 million at January 1, 2025), “Short-term securities” equal to €230 million at January 1, 2026 (€138 million at January 1, 2025) and “Cash and cash equivalents” pertaining to “Assets held for sale” in the amount of €24 million at January 1, 2026 (€6 million at January 1, 2025).
(2) Of which “Cash and cash equivalents” equal to €4,534 million at June 30, 2026 (€3,880 million at June 30, 2025), “Short-term securities” equal to €200 million at June 30, 2026 (€211 million at June 30, 2025) and “Cash and cash equivalents” pertaining to “Assets held for sale” in the amount of €48 million at June 30, 2026 (€3 million at June 30, 2025).
Cash flows from operating activities in the 1st Half of 2026 was a positive €4,251 million, a decrease of €594 million on the same period of the previous year, mainly at-
tributable to higher cash requirements related to changes in net working capital.
Cash flows from/(used in) investing activities in the 1st Half of 2026 absorbed cash in the amount of €4,367 mil-
lion, compared with €5,217 million in the 1st Half of 2025.
The €850 million decrease is mainly attributable to:
• a decrease in investments in businesses or business units, amounting to €878 million; investments in the 1st Half of 2026 came to €71 million and relate to the acquisition of the entire share capital of Energía Colectiva SL by Endesa Energia net of cash and cash equivalent acquired of €3 million, while in the 1st Half of 2025 they amounted to €949 million, relat-
ing to the acquisition of the entire share capital of Corporación Acciona Hidráulica SL by Endesa Gen-
eración, net of cash and cash equivalent acquired of
€10 million;
• an increase in investments in property, plant and equip-
ment, intangible assets and non-current contract as-
sets of €620 million, mainly relating to Brazil;
• higher collection of capital grants for €635 million, mainly relating to Italy;
• other investing activities, amounting to €73 million in the 1st Half of 2026 (€33 million in the 1st Half of 2025), which mainly include the capital increase of Mooney (€273 million), partially offset by the proceeds from the sale to A2A of the interest in Duereti (€144 million) and the sale of assets for €36 million. Cash flows from/(used in) financing activities absorbed liquidity in the amount of €544 million, compared with €3,478 million in the 1st Half of 2025, mainly reflecting:
• increases in net financial debt of €1,964 million (as the balance of new issues, repayments and other changes), compared with a change of €1,613 million in the 1st Half of 2025.
During the period, new issues of long-term borrowing amounted to €5,250 million, while repayments amount-
ed to €3,482 million, both up from the corresponding period of the previous year (€3,212 million and €3,065
million, respectively);
• distribution of dividends in the amount of €2,718 mil-
lion, plus €144 million paid to holders of perpetual hy -
brid bonds. In the 1st Half of 2025, the distribution of dividends amounted to €2,686 million, plus €90 million paid to holders of perpetual hybrid bonds;
• the issue of hybrid bonds in the amount of €1,972 mil-
lion (€1,074 million in the 1st Half of 2025 net of repay -
ments of €900 million);
• the purchase of own shares by Enel SpA for €1,035 mil-
lion and Endesa for €543 million. In the 1st Half of 2025, the purchase of own shares amounted to €190 million.
In the 1st Half of 2026, cash flows used in investing ac-
tivities in the amount of €4,367 million and in financing activities in the amount of €544 million fully absorbed the cash flows from operating activities of €4,251 million. The difference resulted in a €537 million decrease in cash and cash equivalents at June 30, 2026 (including €123 million associated with developments in the exchange rates of local currencies against the euro).
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 149 31. Net financial position and long-term financial assets and securities –
€61,011 million
The following table shows the net financial position and long-term financial assets and securities on the basis of the items on the statement of consolidated financial position.
Millions of euro Notes at June 30, 2026 at Dec. 31, 2025 Change Long-term borrowings 31.1 56,643 56,983 (340) -0.6% Other non-current financial liabilities included in net financial debt28 164 164 - -
Short-term borrowings 31.3 4,283 2,975 1,308 44.0% Current portion of long-term borrowings 31.1 12,205 8,803 3,402 38.6% Other non-current financial assets included in net financial debt20.1 (2,353) (2,890) 537 18.6% Other current financial assets included in net financial debt21.1 (5,397) (3,788) (1,609) -42.5% Cash and cash equivalents (4,534) (5,065) 531 10.5% Total 61,011 57, 1 82 3,829 6.7% The financial position is reported in compliance with Guideline no. 39, issued on March 4, 2021 by ESMA and applicable as from May 5, 2021, and with Warning No-
tice no. 5/2021 issued by CONSOB on April 29, 2021, which replaced the references to the CESR Recom-
mendations and the references in Communication no.
DEM/6064293 of July 28, 2006 regarding the net finan-
cial position.
150 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsThe following table reports net financial debt of the Enel Group at June 30, 2026 and December 31, 2025, recon-ciled with net financial debt as provided for in the pres-
entation methods of the Enel Group.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change
Liquidity
Cash and cash equivalents on hand 41 5 36 -
Bank and post office deposits 3,577 4,234 (657) -15.5% Liquid assets 3,618 4,239 (621) -14.6% Cash equivalents 916 826 90 10.9% Securities 200 230 (30) -13.0% Short-term loan assets 2,960 2,186 774 35.4% Current portion of long-term loan assets 2,237 1,372 865 63.0% Other current financial assets 5,397 3,788 1,609 42.5% Liquidity 9,931 8,853 1,078 12.2% Current financial debt Bank debt (754) (192) (562) -
Commercial paper (2,969) (2,342) (627) -26.8% Other short-term borrowings (560) (441) (119) -27.0% Current financial debt (including debt instruments) (4,283) (2,975) (1,308) -44.0% Current portion of long-term bank borrowings (4,129) (3,017) (1,112) -36.9% Bonds issued (current portion) (7 ,714) (5,419) (2,295) -42.4% Other borrowings (current portion) (362) (367) 5 1.4% Non-current financial debt (current portion) (12,205) (8,803) (3,402) -38.6% Current financial debt (16,488) (11,778) (4,710) -40.0% Net current financial debt (6,557) (2,925) (3,632) -
Non-current financial debt Bank borrowings (14,698) (13,528) (1,170) -8.6% Other borrowings(1)(2,928) (2,883) (45) -1.6% Non-current financial debt (excluding current portion and debt instruments)(17 ,626) (16,411) (1,215) -7.4% Bonds (39,181) (40,736) 1,555 3.8% Trade payables and other non-interest-bearing non-current liabilities with a significant financing component- - - -
Non-current financial position (56,807) (57 ,147) 340 0.6% Financial assets in respect of “Assets classified as held for sale”54 44 10 22.7% Financial liabilities in respect of “Liabilities included in disposal groups classified as held for sale”(441) (426) (15) -3.5% Net financial position as per CONSOB instructions (63,751) (60,454) (3,297) -5.5% Long-term financial receivables and securities 2,353 2,890 (537) -18.6% ( - ) Financial assets in respect of “Assets classified as held for sale”(54) (44) (10) -22.7% ( - ) Financial liabilities in respect of “Liabilities included in disposal groups classified as held for sale”441 426 15 3.5%
NET FINANCIAL DEBT (61,011) (57 ,182) (3,829) -6.7%
(1) Includes other non-current financial liabilities included in “Other non-current financial liabilities” in the statement of financial position.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 151 The net position as per CONSOB instructions does not include derivatives designated as qualifying for hedge ac-
counting or trading derivatives held for hedging purposes.
These financial assets and liabilities are reported separate-
ly in the statement of financial position under the follow -
ing items: “Non-current financial derivative assets” in the amount of €1,404 million (€1,170 million at December 31, 2025), “Current financial derivative assets” in the amount of €4,708 million (€2,408 million at December 31, 2025), “Non-current financial derivative liabilities” in the amount of €3,244 million (€3,314 million at December 31, 2025), and “Current financial derivative liabilities” in the amount of €5,217 million (€2,343 million at December 31, 2025).
31.1 Long-term borrowings (including the portion falling due within 12 months) – €68,848 million The following table reports a breakdown of long-term borrowings by category, including the portion falling due within 12 months.
Millions of euroat June 30, 2026 at Dec. 31, 2025 Change
TotalOf which
current
portionOf which portion falling due in more than 12 months Bonds 46,895 7,7 14 39,181 46,155 740 Bank borrowings 18,827 4,129 14,698 16,545 2,282 Leases 2,923 320 2,603 2,847 76 Other borrowings 203 42 161 239 (36) Total 68,848 12,205 56,643 65,786 3,062 The following table reports a breakdown of bonds outstanding at June 30, 2026.
Millions of euro MaturingCarrying amount Fair valueCurrent
portionPortion
falling due
in more than
12 monthsCarrying
amount Fair value at June 30, 2026 at Dec. 31, 2025
Bonds:
- listed, fixed rate 2026-2097 25,282 24,501 4,908 20,374 24,808 24,025
- listed, floating rate 2026-2032 1,701 1,724 64 1,637 1,911 1,950
- unlisted, fixed rate 2026-2055 19,728 19,537 2,598 17, 13 0 19,202 19,358
- unlisted, floating rate 2026-2032 184 185 144 40 234 240 Total bonds 46,895 45,947 7,7 14 39,181 46,155 45,573 The table below reports long-term financial borrowings by currency and interest rate.
Millions of euroCarrying amount Nominal valueCarrying
amountNominal
valueCurrent average
interest rateCurrent effective
interest rate
at June 30, 2026 at Dec. 31, 2025 at June 30, 2026 Euro 34,831 34,972 32,684 32,829 2.7% 2.7% US dollar 24,998 25,262 24,407 24,670 4.9% 5.1% Pound sterling 3,701 3,760 3,646 3,711 4.3% 4.5% Colombian peso 2,311 2,314 2,210 2,213 11.8% 11.8% Brazilian real 2,071 2,093 2,082 2,104 12.9% 13.0% Swiss franc 225 225 140 140 3.1% 3.1% Chilean peso/UF 465 467 462 464 5.2% 5.3% Other currencies 246 248 155 157 Total non-euro currencies 34,017 34,369 33,102 33,459
TOTAL 68,848 69,341 65,786 66,288
152 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsChange in the nominal value of long-term borrowings Millions of euroNominal value RepaymentsChange in the
consolidation
scopeNew
borrowingsExchange
differences Nominal value at Dec. 31, 2025 at June 30, 2026 Bonds 46,572 (2,565) - 2,507 790 47 ,304 Borrowings 19,716 (917) - 2 ,743 495 22,037
- of which leases 2,847 (179) 193 62 2,923 Total 66,288 (3,482) - 5,250 1,285 69,341 Compared with December 31, 2025, the nominal value of long-term debt increased by €3,053 million due to new issues and exchange gains, which more than offset the repayments of €3,482 million.
The main repayments made in the 1st Half of 2026 con-
cerned:
• bonds in the amount of €2,565 million, including:
• €1,250 million in respect of a fixed-rate bond issued by Enel Finance International, maturing in May 2026;
• €882 million in respect of a fixed-rate bond issued by Enel Finance International, maturing in June 2026;
• €51 million in respect of a floating-rate bond issued by Enel maturing in May 2026;
• the equivalent of €198 million in respect of a float-
ing-rate bond issued by Enel Distribuição São Paulo, maturing in May 2026;
• the equivalent of €152 million in respect of a float-
ing-rate bond issued by Enel Finance Distribuição Ceará, maturing in January 2026;
• loans in the amount of €917 million, including:
• €179 million in respect of leases;
• €222 million in respect of loans to Italian companies;
• €190 million in respect of loans to Endesa;
• the equivalent of €238 million in respect of several loans granted to Latin American companies.
New issues in the 1st Half of 2026 mainly regarded:
• bonds, and most notably a multi-tranche bond in the amount of €2,500 million, issued in May 2026 by Enel SpA, structured as follows:
• €1,250 million at a fixed rate and maturing in May
2030;
• €1,250 million at a fixed rate and maturing in May 2033;• loans in the amount of €2,743 million including:
• €193 million in respect of leases;
• €1,000 million relating to an Enel SpA floating-rate bond, maturing in May 2028;
• €650 million relating to two new loans linked to sus-
tainability targets granted to Endesa by the European Investment Bank (EIB);
• €200 million in respect of a loan granted by the EIB to
e-distribuzione;
• the equivalent of €619 million in respect of several loans granted to Latin American companies.
The Group’s main long-term financial liabilities are governed by covenants containing undertakings by the borrowers (Enel SpA, Enel Finance International, Endesa and the other Group companies) and in some cases Enel as guarantor that are commonly adopted in international business practice. For a more detailed description, please see the 2025 consolidated financial statements.
Long-term borrowings in currencies other than the euro and at variable rates expose the Group to the risk that un-
expected changes in exchange and interest rates could have a negative impact on profit or loss. In order to mit-
igate the effects of exchange rate and interest rate risk, the Group adopts a management policy, within specif-
ic pre-established limits, to hedge the exposures of the Group companies with derivative contracts obtained on over-the-counter (OTC) markets.
The following tables show the percentage impact of the nominal value of borrowings in currencies other than the euro and at variable rates taking account of effective hedging relationships for exchange rate and interest rate risk (based on the provisions of the IFRS-EU).
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 153 Structure of the post-hedge nominal value of long-term borrowings in foreign currency Millions of euroat June 30, 2026 at Dec. 31, 2025 Initial debt structure Debt structure after hedging Initial debt structure Debt structure after hedging
Carrying
amountNominal
value %Impact of
hedgeNominal
value %Carrying
amountNominal
value %Impact of
hedgeNominal
value %
Euro 34,831 34,972 50.5% 22,870 57, 8 4 2 83.5% 32,684 32,829 49.5% 22,585 55,414 83.6% US dollar 24,998 25,262 36.4% (19,823) 5,439 7.8 % 24,407 24,670 37.3 % (19,288) 5,382 8.2% Pound sterling 3,701 3,760 5.4% (3,760) - - 3,646 3,711 5.6% (3,711) - -
Colombian peso 2,311 2,314 3.3% - 2,314 3.3% 2,210 2,213 3.3% - 2,213 3.3% Brazilian real 2,071 2,093 3.0% 1,058 3,151 4.5% 2,082 2,104 3.2% 685 2,789 4.2% Swiss franc 225 225 0.3% (225) - - 140 140 0.2% (140) - -
Chilean peso/UF 465 467 0.7% (145) 322 0.5% 462 464 0.7% (160) 304 0.5% Other currencies 246 248 0.4% 25 273 0.4% 155 157 0.2% 29 186 0.2%
Total non-euro
currencies34,017 34,369 49.5% (22,870) 11,499 16.5% 33,102 33,459 50.5% (22,585) 10,874 16.4%
TOTAL 68,848 69,341 100.0% - 69,341 100.0% 65,786 66,288 100.0% - 66,288 100.0%
Structure of the post-hedge nominal value of floating-rate long-term borrowings Millions of euroat June 30, 2026 at Dec. 31, 2025
Nominal amount
pre-hedge %Nominal amount post-hedge %Nominal amount pre-hedge %Nominal amount
post-hedge %
Floating rate 17, 1 10 24.7% 13,111 18.9% 15,504 23.4% 11,827 17.8 % Fixed rate 52,231 75.3% 56,230 81.1% 50,784 76.6% 54,461 82.2% Total 69,341 69,341 66,288 66,288 In managing its gross long-term debt for the purposes of mitigating liquidity risk, Enel pursues a borrowing strate-
gy that involves a diversified structure of funding sources, which it uses to cover its cash needs, and a balanced ma-
turity profile. The following table summarizes the maturity profile of the Group’s long-term debt repayment plan.
Millions of euroMaturing in Current portion 2nd Half 2027 2028 2029 2030 Beyond Gross long-term financial debt Bonds 7,7 14 888 5,529 5,113 3,951 23,700 Borrowings(1)4,491 1,481 4,423 1,305 1,534 8,883
- of which leases 320 146 263 188 147 1,859 Total gross long-term financial debt12,205 2,369 9,952 6,418 5,485 32,583 (1) Includes other non-current financial borrowings presented under “Other non-current financial liabilities” in the statement of financial position.
154 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statements31.2 Financial liabilities with contingent features The Enel Group issues and subscribes sustainability-linked financial instruments for which the amount of contractual cash flows and, in particular, interest, may vary upon the occurrence of specific contingent events related to the achievement of contractually defined Sustainability Per -
formance Targets (SPT). In this regard, note that Enel has five KPIs and related targets, which can be used according to specific financing needs, as indicated in the “Sustaina-
bility-Linked Financing Framework 2025” .
More specifically, according to the contractual terms, fail-ure to reach these targets may result in an increase in the interest rate applied (step-up), or a decrease in the mar -
gin (step-down). Therefore, the contingent clauses do not affect the nominal capital of the instrument but may still change the amount of future contractual flows.
The following table shows, for each class of sustaina-
bility-linked financial instruments at June 30, 2026, the disclosure required by the recent amendments to IFRS 7 for loans with contingent clauses linked to the future achievement of SPT.
IssuerNominal value
(millions of euro)Amortized cost (millions of euro) KPI(1)SPTRange of cash flow
variability (bps)Reporting
date or period
Bonds
Enel Finance International NV 875 864 KPI #1 Scope 1 - 82 g +25 2030 Enel Finance International NV 1,093 1,072 KPI #1 Scope 1 - 82 g +25 2030 Enel Finance International NV 656 644 KPI #1 Scope 1 - 72 g +25 2030 Enel Finance International NV 1,250 1,242 KPI #1 Scope 1 - 82 g +25 2030 Enel Finance International NV 500 496 KPI #1 Scope 1 - 125 g +25 2030 Enel Finance International NV 750 744 KPI #1 Scope 1 - 82 g +25 2030 Enel Finance International NV 875 856 KPI #1 Scope 1 - 0 g +25 2040 Enel Finance International NV 1,000 987 KPI #1 Scope 1 - 72 g +25 2030
KPI #4 REN 80% +25 2030
Enel Finance International NV 875 824 KPI #1 Scope 1 - 0 g +25 2040 Enel Finance International NV 750 731 KPI #1 Scope 1 & 3 - 0 g, Scope 3 Gas - 0 Mt+25 2040 Enel Finance International NV 750 748 KPI #1 Scope 1 - 125 g +25 2026
KPI #5 >80% +25 2026
Enel Finance International NV 500 494 KPI #1 Scope 1 - 72 g +25 2030
KPI #4 80% +25 2030
Enel Finance International NV 1,093 1,082 KPI #1 Scope 1 - 125 g +25 2026 Enel Finance International NV 1,000 983 KPI #1 Scope 1 - 82 g +25 2030 Enel Finance International NV 750 743 KPI #1 Scope 1 - 115 g +25 2027
KPI #5 >80% +25 2027
Enel Finance America 656 628 KPI #1 Scope 1 - 82 g +25 2030 Total 13,373 13,138
Bank borrowings(2)
Enel Finance International NV 437 418 KPI #1 Scope 1 - 72 g +5 2030 e-distribuzione 300 300 KPI #1 Scope 1 - 125 g +5 -5 2026 KPI #1 Scope 1 - 72 g +5 -5 2030 e-distribuzione 500 500 KPI #1 Scope 1 - 125 g +5 -5 2026 KPI #1 Scope 1 - 72 g +5 -5 2030 Endesa SA 400 399 KPI #5 >80% +2 -2 2026 Endesa SA 290 280 KPI #1 Scope 1 - <145 g +2.5 -2.5 2026 KPI #1 Scope 1 - <95 g +2.5 -2.5 2030 e-distribuzione 143 143 KPI #1 Scope 1 - 125 g +5 -5 2026 KPI #1 Scope 1 - 72 g +5 -5 2030 e-distribuzione 143 143 KPI #1 Scope 1 - 125 g +5 -5 2026 KPI #1 Scope 1 - 72 g +5 -5 2030
Continues >>
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 155
>> Continued
IssuerNominal value
(millions of euro)Amortized cost (millions of euro) KPI(1)SPTRange of cash flow
variability (bps)Reporting
date or period e-distribuzione 250 250 KPI #1 Scope 1 - 125 g +5 -5 2026 KPI #1 Scope 1 - 72 g +5 -5 2030 e-distribuzione 250 250 KPI #1 Scope 1 - 125 g +5 -5 2026 KPI #1 Scope 1 - 72 g +5 -5 2030 e-distribuzione 230 220 KPI #1 Scope 1 - 125 g +5 2026 KPI #1 Scope 1 - 72 g +5 2030 e-distribuzione 200 200 KPI #1 Scope 1 - 125 g +5 -5 2026 KPI #1 Scope 1 - 72 g +5 -5 2030 e-distribuzione 200 200 KPI #1 Scope 1 - 125 g +5 -5 2026 KPI #1 Scope 1 - 72 g +5 -5 2030 Enel Italia 100 100 KPI #1 Scope 1 - 125 g +5 -5 2026
KPI #5 >80% +5 -5 2026
KPI #1 Scope 1 - 72 g +5 -5 2030 Endesa SA 275 250 KPI #1 Scope 1 - <145 g +5 -5 2026 KPI #1 Scope 1 - <95 g +5 -5 2030 Endesa SA 229 208 KPI #1 Scope 1 - <145 g +5 -5 2026 KPI #1 Scope 1 - <95 g +5 -5 2030 Endesa SA 229 208 KPI #1 Scope 1 - <145 g +5 -5 2026 KPI #1 Scope 1 - <95 g +5 -5 2030 Endesa SA 250 250 KPI #1 Scope 1 - <145 g +5 -5 2026 KPI #1 Scope 1 - <95 g +5 -5 2030 Endesa SA 250 250 KPI #1 Scope 1 - <145 g +5 -5 2026 KPI #1 Scope 1 - <95 g +5 -5 2030 Endesa SA 200 200 KPI #1 Scope 1 - <145 g +5 -5 2026 KPI #1 Scope 1 - <95 g +5 -5 2030 Enel Distribuição São Paulo 105 105 KPI #1 Scope 1 - 125 g +5 -5 2026 KPI #1 Scope 1 - 72 g +5 -5 2030 Enel Chile 213 213 KPI #1 Scope 1 - 125 g +5 -5 2026 KPI #1 Scope 1 - 72 g +5 -5 2030 Enel Chile 240 243 KPI #1 Scope 1 - 125 g +5 -5 2026 Total 5,434 5,330 (1) KPI #1 “Direct Greenhouse Gas Emissions Amount (Scope 1)” , Intensity of Scope 1 GHG emissions in relation to power generation (gCO2eq/kWh).
KPI #2: Intensity of Scope 1 and 3 GHG emissions in relation to Integrated Power (gCO2eq/kWh).
KPI #3: Absolute Scope 3 GHG emissions in relation to gas sales on end-user market (MtCO2eq).
KPI #4: Percentage of installed renewable capacity (%).
KPI #5: Percentage of capex aligned with the EU taxonomy (%).
(2) Information on the most significant bank loans with contingent clauses related to the future achievement of Sustainability Performance Targets is shown.
156 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statements31.3 Short-term borrowings – €4,283 million At June 30, 2026, short-term borrowings totaled €4,283 million, an increase of €1,308 million compared with December 31, 2025, and break down as follows.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Short-term bank borrowings 754 192 562 Commercial paper 2,969 2,342 627 Cash collateral and other financing on derivatives 436 289 147 Other short-term borrowings 124 152 (28) Total short-term borrowings 4,283 2,975 1,308 Commercial paper at June 30, 2026 came to €2,969 mil-
lion and refers to issues by Enel Finance International, Endesa, Enel Finance America and the Enersis Américas Group. Commercial paper programs, all related to sustainability
targets, include:
• €8,000 million by Enel Finance International;
• €5,000 million by Endesa;
• $5,000 million (€4,373 million at June 30, 2026) by Enel Finance America.
32. Risk management As part of its operations, the Enel Group is exposed to a variety of financial risks which, if not effectively mitigat-
ed, could directly impact the Group’s performance. Ac-
cordingly, the internal control and risk management sys-
tem provides for the definition of specific policies aimed at containing and mitigating the effects of these risks through various actions, including the implementation of appropriate hedging strategies with financial derivatives.In the following sections, the balances of the assets and liabilities in respect of derivative contracts are dis-
cussed. For a complete discussion of the hedging in-
struments used by the Group to reduce interest rate, exchange rate and commodity price risk, please see the description in the consolidated financial statements at December 31, 2025.
32.1 Derivative contracts classified under non-current assets – €1,404 million The table below reports the fair value of derivative contracts classified under non-current assets, broken down by type of risk and hedging relationship.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Fair value hedge derivatives:
- interest rates 45 33 12
- exchange rates 11 30 (19) Total fair value hedge derivatives 56 63 (7) Cash flow hedge derivatives:
- interest rates 75 81 (6)
- exchange rates 687 572 115
- commodities 366 274 92 Total cash flow hedge derivatives 1,128 927 201
Trading derivatives:
- commodities 220 180 40
- other - - -
Total trading derivatives 220 180 40
TOTAL 1,404 1,170 234
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 157 Derivatives on interest rates In the 1st Half of 2026, cash flow hedge derivatives record-
ed a slight decrease of €6 million. The development of the yield curve, particularly in the euro area, while showing an increase in the short-term segment due to recent restric-
tive monetary policies, remained substantially unchanged in the segment where the main maturities of interest rate hedging derivatives are concentrated.
Transactions in fair value hedges mainly refer to derivative financial contracts on interest rates negotiated in Brazil.
These instruments show an increase in the fair value of €12 million, attributable to the trend of the yield curves in the 1st Half of 2026 in the Brazilian market.
Derivatives on exchange rates Cash flow hedge derivatives essentially concern the hedging of exchange rate risk on bond issues in a foreign currency, using cross-currency interest rate swaps and increased by €115 million mainly due to the depreciation of the euro against the US dollar and the pound sterling.
Fair value hedge derivatives essentially concern the hedg-
ing using cross currency interest rate swaps negotiated in Brazil in respect of borrowings in foreign currency and posted a decrease in fair value of €19 million, due to the performance of the local currency against the US dollar and the euro.
Derivatives on commodity prices Cash flow hedge derivatives concern the hedging of price risk on energy (€251 million), gas and oil (€111 million) and CO2 (€4 million).
The fair value of trading derivatives on commodity prices mainly reflects a transaction on power indices for €97 mil-
lion and on gas and oil indices for €90 million.
The absolute values of outstanding derivatives gener -
ally increased in the 1st Half of 2026, as regards both the fair value of cash flow hedge derivatives and the fair value of trading derivatives, due to increased volatility in the energy commodity markets. The main reference prices are higher than end-year levels due to interna-
tional geopolitical tensions: in particular, developments in the Middle East and threats to transit routes have caused significant increases, reshaping balances be-
tween demand and supply.
32.2 Derivative contracts classified under current assets – €4,708 million The table below reports the fair value of derivative contracts classified under current assets, broken down by type of risk and hedging relationship.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Fair value hedge derivatives:
- interest rates - 47 (47)
- exchange rates - 2 (2) Total fair value hedge derivatives - 49 (49) Cash flow hedge derivatives:
- interest rates 8 6 2
- exchange rates 76 3 73
- commodities 157 311 (154) Total cash flow hedge derivatives 241 320 (79)
Trading derivatives:
- exchange rates 7 2 5
- commodities 4,460 2,030 2,430
- other - 7 (7) Total trading derivatives 4,467 2,039 2,428
TOTAL 4,708 2,408 2,300
Derivatives on interest rates At June 30, 2026, the decrease in the fair value of fair value hedge derivatives is entirely attributable the natu-
ral maturity of an interest rate swap traded in Brazil, for €47 million.Derivatives on exchange rates The increase in the fair value of cash flow hedge deriv -
atives, amounting to €73 million, is attributable to the performance of the euro against the US dollar, the re-
classification from non-current assets to current assets
158 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsof a cross-currency interest rate swap maturing in the next year and a number of currency forwards, as well as the negotiation of new exchange risk hedging transac-
tions mainly related to the purchase and sale of energy commodities.
The fair value of trading derivatives, equal to €7 mil-
lion, regards transactions to hedge the exchange rate risk associated with purchase and sale of energy commodities.Derivatives on commodity prices Cash flow hedge derivatives concern the hedging of price risk on gas and oil indices (€129 million), power indices (€21 million) and CO2 (€7 million).
The fair value of trading derivatives on commodities mainly concern transactions on gas and oil indices (€3,282 mil-
lion), power indices (€872 million) and CO2 (€292 million).
For a more extensive discussion of the changes, see note 32.1 on derivative contracts classified under non-current assets.
32.3 Derivative contracts classified under non-current liabilities – €3,244 million The table below reports the fair value of derivative contracts classified under non-current liabilities, broken down by type of risk and hedging relationship.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Fair value hedge derivatives:
- interest rates 1 8 (7)
- exchange rates 21 15 6 Total fair value hedge derivatives 22 23 (1) Cash flow hedge derivatives:
- interest rates 55 58 (3)
- exchange rates 1,739 1,964 (225)
- commodities 1,223 1,131 92 Total cash flow hedge derivatives 3,017 3,153 (136)
Trading derivatives:
- commodities 205 138 67 Total trading derivatives 205 138 67
TOTAL 3,244 3,314 (70)
Derivatives on interest rates In the 1st Half of 2026, the liability in respect of cash flow hedge derivatives decreased by €3 million reflecting the slight increase in the medium/long-term segment of the yield curve, which caused an increase in the fair value of those contracts.
Derivatives on exchange rates Cash flow hedge derivatives on exchange rates essential-
ly refer to transactions to hedge bonds denominated in currencies other than the euro, through cross-currency interest rate swaps. The significant decrease in liabilities in respect of those contracts is mainly attributable to the depreciation of the euro against the US dollar and pound sterling in the 1st Half of 2026, which caused the fair value of those derivatives to increase.Derivatives on commodity prices Cash flow hedge derivatives include the hedging of price risk on power indices (in the amount of €1,048 million), gas and oil (in the amount of €164 million) and CO2 (in the amount of €11 million).
The fair value of trading derivatives on commodities to-
taled €205 million and mainly concerns hedges on power indices, in the amount of €93 million, and gas and oil indi-
ces (€96 million).
For a more extensive discussion of the changes, see note 32.1 on derivative contracts classified under non-current assets.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 159 32.4 Derivative contracts classified under current liabilities – €5,217 million The table below reports the fair value of derivative contracts classified under current liabilities by type of risk and hedging relationship.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change Fair value hedge derivatives:
- interest rates 7 - 7
- exchange rates 8 1 7 Total fair value hedge derivatives 15 1 14 Cash flow hedge derivatives:
- interest rates - - -
- exchange rates 131 69 62
- commodities 683 363 320 Total cash flow hedge derivatives 814 432 382
Trading derivatives:
- interest rates 20 20 -
- exchange rates 13 9 4
- commodities 4,355 1,881 2 ,474 Total trading derivatives 4,388 1,910 2 ,478
TOTAL 5,217 2,343 2 ,874
Derivatives on interest rates The €7 million increase in the fair value of fair value hedge derivatives on interest rates is attributable to the reclassi-
fication from non-current to current liabilities of interest rate swaps maturing next year.
Liabilities in respect of trading derivatives on interest rates are unchanged compared with December 2025.
Derivatives on exchange rates Cash flow hedge derivatives mainly regard hedges of ex -
change rate risk on loans denominated in foreign curren-
cies and the purchase and sale of energy commodities.
The increase in the fair value of cash flow hedge deriva-
tives in the 1st Half of 2026 is mainly attributable to the developments of the euro against the main currencies and normal foreign exchange operations, which regard the purchase and sale of energy commodities and trans-
actions carried out by Enel Américas in order to mitigate the currency risk associated with the collection of divi-
dends in foreign currency from subsidiaries.
The fair value of trading derivative contracts on exchange rates, equal to €13 million, refers to transactions that, while carried out for hedging purposes, do not meet the requirements for hedge accounting.
Derivatives on commodity prices Cash flow hedge derivatives include hedges of gas and oil indices with a fair value of €564 million, and hedges on power indices for €106 million.
Trading derivatives on commodity prices mainly regard transactions on gas and oil indices (€3,059 million), power indices (€802 million) and CO2 (€474 million).
For a more extensive discussion of the changes, see note 32.1 on derivative contracts classified under non-current assets.
160 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statements33. Contracts to buy or sell renewable electricity As part of the Group’s strategy aimed at ensuring the se-
curity of electricity supplies and stable margins, the Group entered into contracts for the purchase and sale of renew -
able electricity both through physical bilateral agreements (physical Power Purchase Agreements or PPAs) and financial contracts (Virtual Power Purchase Agreements or VPPAs).
These contracts are characterized by variability in the un-
derlying energy volumes, since output is influenced by uncontrollable natural factors (for example, the availability of solar or wind resources).
In this regard, based on the assessment of risks asso-
ciated with the variability of output volumes, at June 30, 2026 the Group has no contracts qualifying as on-
erous under IAS 37 . In addition, with reference to the physical PPAs for the purchase of electricity qualifying for the own-use exception, the Group has assessed that these contracts continue to meet the require-
ments for the application of this exception, pursuant to IFRS 9.
The following table reports information regarding Virtual PPAs designated for hedge accounting purposes. Note that, given the number of contracts entered into in the United States, the related information has been aggregat-
ed by residual duration bands.
Country Risk hedged Buy/SellContractual pricing conditionsAverage price (€/MWh)Volume of energy contracted (GWh)Remaining term
(years)
Italy Price Sell Fixed 95.0 30.0 20.0 Iberia Price Buy Fixed 34.2 18,826.0 9.5 Iberia Price Sell Fixed (floor) 33.4 14,080.0 14.5 United States Price Sell Fixed 24.4 744. 1 1-5 United States Price Sell Fixed 19.4 40,718.8 6-10 United States Price Sell Fixed 39.5 32,992.0 11-15 United States Price Sell Fixed (collar) 17.0 3,172.7 6.5 United States Price Sell Fixed with adjustments 23.7 7,219.6 3-7 34. Assets and liabilities measured at fair value In compliance with the disclosure requirements under paragraph 15B (k) of IAS 34, the Group determines fair value in conformity with IFRS 13 any time that treatment is required by an international accounting standard.
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 meas-
urement date (i.e. an exit price).
The best proxy for fair value is market price, i.e. the current publicly available price that is effectively quoted on a liq-
uid and active market.
The fair value of assets and liabilities is classified in a three-level hierarchy, defined as follows on the basis of the inputs and valuation techniques used to measure the
fair value:
• Level 1, where the fair value is determined on the ba-
sis of quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;• Level 2, where the fair value is determined on the basis of inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either di-
rectly (as prices) or indirectly (derived from prices);
• Level 3, where the fair value is determined on the basis of unobservable inputs.
There were no changes in the levels of the fair value hi-
erarchy used for the purposes of measuring financial instruments compared with the most recent annual re-
port (as indicated in note 51 of the consolidated financial statements at December 31, 2025). The methods used in measuring Level 2 and 3 fair values are consistent with those used in the most recent annual report. For a more extensive discussion of general issues and the Group’s most important valuation processes for fair value meas-
urement, please see note 2 “Accounting policies and measurement criteria” of the consolidated financial state-
ments at December 31, 2025.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 161 35. Related parties As an operator in the field of generation, distribu-
tion, transport and sale of electricity and the sale of natural gas, Enel carries out transactions with a num-
ber of companies directly or indirectly controlled by the Italian State, the Group’s controlling shareholder.
The table below summarizes the main types of transac-
tions carried out with such counterparties.
Related party Relationship Nature of main transactions Single Buyer Fully controlled (indirectly) by the Ministry for the Economy and Finance Purchase of electricity for the enhanced protection market
Cassa Depositi
e Prestiti Group Directly controlled by the Ministry for the Economy and Finance Sale of electricity on the Ancillary Services Market (Terna) Sale of electricity transport services (Eni Group) Purchase of transport, dispatching and metering services (Terna) Purchase of postal services (Poste Italiane) Purchase of fuels for generation plants and natural gas storage and distribution services (Eni Group) ESO - Energy Services Operator Fully controlled (directly) by the Ministry for the Economy and Finance Sale of subsidized electricity Payment of A3 component for renewable resource incentives EMO - Energy Markets OperatorFully controlled (indirectly) by the Ministry for the Economy and Finance Sale of electricity on the Power Exchange (EMO) Purchase of electricity on the Power Exchange for pumping and plant planning (EMO) Leonardo Group Directly controlled by the Ministry for the Economy and Finance Purchase of IT services and supply of goods Finally, Enel also maintains relationships with the pension funds FOPEN and FONDENEL, as well as Enel Cuore, an Enel non-profit company devoted to providing social and healthcare assistance, maintaining institutional relations and social projects.All transactions with related parties were carried out on normal market terms and conditions, which in some cas-
es are determined by the Regulatory Authority for Energy, Networks and the Environment.
162 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsThe following tables summarize transactions with related parties, associated companies and joint arrangements carried out in the 1st Half of 2026 and 2025 and outstand-
ing at June 30, 2026 and December 31, 2025.
Millions of euroSingle Buyer EMO ESOCassa
Depositi
e Prestiti
Group(1)OtherTotal
1st Half
2026Associates
and joint
arrangementsOverall total
1st Half 2026Total in
financial
statements%
of total
Income statement
Revenue from
sales and services-1,763 18 1,150 118 3,049 66 3,115 39,896 7.8 % Other income - - - 2 1 3 2 5 1,023 0.5%
Other financial
income- - - 1 - 1 65 66 893 7.4%
Electricity,
gas and fuel306 2,753 18 700 1 3,778 53 3,831 15,642 24.5%
Services and
other materials- 15 2 1 ,974 35 2,026 125 2,151 10,512 20.5%
Other operating
expenses5 94 (9) 12 3 105 - 105 1,759 6.0% Net results from commodity contracts - - - 13 - 13 - 13 (284) -4.6%
Other financial
expense- - - 10 - 10 (11) (1) 2,889 -
(1) Includes balances primarily regarding Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
Millions of euroSingle Buyer EMO ESOCassa
Depositi
e Prestiti
Group(1)OtherTotal at June
30, 2026Associates
and joint
arrangementsOverall total at June 30, 2026Total in
financial
statements%
of total
Balance sheet
Other non-current
financial assets- - - 3 - 3 878 881 8,883 9.9%
Non-current
financial derivative
assets- - - - - - - - 1,404 -
Other non-current
assets- - - 79 1 80 - 80 2,236 3.6% Trade receivables - 127 6 962 30 1,125 72 1,197 14,228 8.4%
Other current
financial assets- - - 7 - 7 173 180 5,490 3.3% Other current assets - 6 15 57 2 80 3 83 3,846 2.2%
Long-term
borrowings- - - 441 - 441 245 686 56,643 1.2%
Non-current
contract liabilities- - - 12 10 22 - 22 5,418 0.4%
Other non-current
liabilities- - - - - - - - 3,064 -
Short-term
borrowings- - - - - - 10 10 4,283 0.2%
Current portion
of long-term
borrowings - - - 96 - 96 24 120 12,205 1.0% Trade payables 131 217 15 849 7 1,219 94 1,313 11,129 11.8%
Other current
financial liabilities- - - 2 - 2 1 3 795 0.4%
Current contract
liabilities- - - 36 28 64 - 64 2,523 2.5%
Other current
liabilities- - - 1 30 31 3 34 15,346 0.2%
Other information
Guarantees given - - - 10 24 34 - 34 Guarantees received - - - 164 - 164 - 164 Commitments - - - 20 - 20 - 20 (1) Includes balances primarily regarding Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 163 Millions of euroSingle Buyer EMO ESOCassa
Depositi
e Prestiti
Group(1)OtherTotal
1st Half
2025Associates
and joint
arrangementsOverall
total
1st Half
2025Total in
financial
statements%
of total
Income statement
Revenue from sales and services-1,467 36 1,263 119 2,885 80 2,965 39,742 7.5 % Other income - - - 1 5 6 1 7 1 ,074 0.7% Other financial income - - - - - - 50 50 3,343 1.5% Electricity, gas and fuel 328 3,115 23 677 1 4,144 130 4, 274 17,63 1 24.2% Services and other materials- 13 1 1,734 32 1,780 136 1,916 9,577 20.0%
Other operating
expenses6 81 - 34 1 122 - 122 2,136 5.7% Net results from commodity contracts - - - 4 - 4 - 4 462 0.9% Other financial expense - - - 10 - 10 50 60 2,629 2.3% (1) Includes balances primarily regarding Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
Millions of euroSingle Buyer EMO ESOCassa
Depositi
e Prestiti
Group(1)OtherTotal
at Dec. 31,
2025Associates
and joint
arrangementsOverall
total
at Dec. 31,
2025Total in
financial
statements%
of total
Balance sheet
Other non-current
financial assets- - - 3 - 3 1,100 1,103 8,472 13.0%
Non-current financial
derivative assets- - - - - - - - 1,170 -
Other non-current
assets- - - 108 - 108 - 108 2,064 5.2% Trade receivables - 84 6 830 37 957 61 1,018 14,555 7.0 %
Other current
financial assets- - - 784 - 784 174 958 3,941 24.3% Other current assets - 5 18 10 2 35 3 38 3,386 1.1% Long-term borrowings - - - 489 1 490 257 747 56,983 1.3%
Non-current contract
liabilities- - - 10 9 19 - 19 5,495 0.3%
Non-current financial
derivative liabilities- - - - - - 3 3 3,314 0.1% Short-term borrowings - - - - - - 9 9 2,975 0.3% Current portion of long-term borrowings - - - 96 - 96 23 119 8,803 1.4% Trade payables 152 127 81 977 9 1,346 156 1,502 11,827 12.7% Other current financial liabilities- - - 2 - 2 1 3 910 0.3%
Current financial
derivative liabilities- - - - - - - - 2,343 -
Current contract
liabilities- - - 32 27 59 - 59 2,833 2.1% Other current liabilities - - - - 32 32 4 36 14,799 0.2%
Other information
Guarantees given - - - 10 20 30 - 30 Guarantees received - - - 158 - 158 - 158 Commitments - - - 26 - 26 - 26 (1) Includes balances primarily regarding Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo Energia and Italgas.
164 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsIn the 1st Half of 2026, no transactions were carried out for which it was necessary to make the disclosures re-
quired in the rules on transactions with related parties adopted with CONSOB Resolution no. 17221 of March 12, 2010, as amended.
36. Contractual commitments and guarantees The commitments entered into by the Enel Group and the guarantees given to third parties are summarized below.
Millions of euro at June 30, 2026 at Dec. 31, 2025 Change
Guarantees issued:
- sureties and other guarantees granted to third parties 3,086 2,876 210 Commitments to suppliers for:
- electricity purchases 56,497 54,617 1,880
- fuel purchases 34,025 30,614 3,411
- various supplies 6,364 3,826 2,538
- tenders 6,092 5,888 204
- other 6,435 6,935 (500) Total commitments 109,413 101,880 7,5 33
TOTAL 112,499 104,756 7,743
Commitments for the purchase of electricity amounted to €56,497 million at June 30, 2026, an increase of €1,880 million compared with the same period of 2025. The in-
crease is mainly due to contractual adjustments, changes in rates in existing contracts and new long-term contracts in Latin America.
The commitments are distributed over a long-term time horizon and break down as follows: €14,898 million refer -
ring to the period between July 1, 2026 and 2030, €14,670 million to the five-year period 2031-2035, €12,257 million to the period 2036-2040 and the remaining €14,672 mil-
lion beyond 2040.
Commitments for the purchase of fuels, mainly relat-
ing to the procurement of natural gas, totaled €34,025 million at June 30, 2026, an increase of €3,411 million compared with December 31, 2025, mainly reflecting the updating of market assumptions adopted for the valuation of commitments in Italy, integrating an ex -
pected higher price scenario than that considered at the end of 2025. The commitments are mainly concen-
trated in the period between July 1, 2026 and 2030, for an amount of €21,356 million, while €8,470 million refer to the five-year period 2031-2035, €4,112 million to the period 2036-2040 and the remaining €87 million be-
yond 2040.
Commitments for the purchases of various supplies in the period amounted to €6,364 million, up €2,538 million compared with the same period of 2025. This change is connected with the supply of metals in Italy and is attributable to the increase in volumes for hedging activities.
37 . Contingent assets and liabilities Compared with the consolidated financial statements at December 31, 2025, which the reader is invited to con-
sult for more information, the following main changes have occurred in contingent assets and liabilities. A pro-
vision is recognized in the consolidated financial state-
ments for the part of liabilities for which defeat in court is deemed probable, according to requirements provid-
ed for in IAS 37 . Hydroelectric concessions Sardinia – Italy Following the order of December 28, 2024 whereby the Court of Cassation upheld the appeal of the Region of Sardinia against the sentence of the High Court of Public Waters (TSAP) which, in 2023, had annulled the three res-
olutions of the Region of Sardinia that had ordered the transfer of the management of the three large hydroe-
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 165 lectric derivations (Coghinas, Flumendosa and Taloro) from Enel Produzione SpA (EP) to the regional body ENAS at January 1, 2019, EP resumed the case before the TSAP for the continuation and consideration of the remaining grounds of appeal. The hearing before the Court was held on April 8, 2026. The publication of the decision is pending.
Antitrust proceeding 12461 EE -
Contract renewals – Italy As regards the appeal filed by the Competition Authority (AGCM) before the Council of State against the Lazio Re-
gional Administrative Court (TAR) decision, published on November 18, 2024, which, upholding the appeal filed by Enel Energia SpA (EE), voided the AGCM fine on Novem-
ber 15, 2023, with decision no. 24387 /2026, published on March 23, 2026, the Council of State dismissed the ap-
peal filed by the AGCM, confirming the annulment of the fine previously imposed on EE. The company therefore submitted a request to the Ministry of Enterprises and Made in Italy and the AGCM for the refund of the fine paid, plus interest. The refund was paid on May 22, 2026.
Criminal proceeding against e-distribuzione concerning an accident – Italy As regards the criminal proceeding initiated by the Pub-
lic Prosecutor’s Office of Taranto against e-distribuzione SpA and a number of its employees and managers follow -
ing the accident that occurred in June 2021 in which an employee of a contractor was injured and subsequently died and the Court accepted the petition for a plea deal from one of the defendants, sending all other defendants to trial, the trial is pending.
Penalty proceeding of the Personal Data Protection Authority against Enel Energia –
Italy
In relation to the fine levied by the Personal Data Protec-
tion Authority on Enel Energia SpA notified on February 29, 2024, the company filed an appeal before the Court of Rome, rejected with decision of September 19, 2025.
The company challenged the ruling before the Court of Cassation and, pending the Court’s ruling, requested its suspension with a precautionary appeal filed before the Court of Rome. We have filed several appeals against the rejection and await the decision.BEG litigation As regards the proceeding initiated before the Court of Milan on November 3, 2022 by BEG SpA (BEG) against Enel SpA (Enel) and Enelpower SpA (Enelpower) regarding a request for damages for tortious liability in an amount of about €1.8 billion, on January 20, 2026, the Court of Appeal of Milan dismissed BEG’s appeal, upholding the first instance ruling in its entirety; between February 26 and March 30, 2026, BEG filed with the Court of Appeal of Milan requesting the revocation of the appeal ruling and appealed to the Court of Cassation, with a simultaneous application for suspension to both courts. Both applica-
tions for suspension were rejected between April 14 and May 26, 2026. Enel and Enelpower appeared at both pro-
ceedings; the proceeding on ordinary revocation is cur -
rently paused pursuant to Article 300 of the Italian Code of Civil Procedure.
As part of the procedure initiated by Albania BEG Ambient SHPK before the Court of Appeal of Rome to obtain rec-
ognition and enforcement in Italy of the judgment issued by the Court of Tirana on March 24, 2009, note that the Court of Appeal of Rome, with a non-definitive decision issued on June 4, 2026 and a concurrent order, decid-
ed on a preliminary question and, without ruling on the merits of the dispute, ordered the referral to the Court of Justice of the European Union in relation to a preliminary ruling, ordering the suspension of the judgment pending the ruling of said Court.
Municipality of Alfedena – COSAP and CUP fees With regard to the proceedings filed by Enel Produzione against the notice of assessment served by the Munici-
pality of Alfedena on September 26, 2024 – concerning the fees for the use of public areas and spaces (COSAP) and the single land usage fee (CUP) in respect of a hydro-
electric catchment area named “Montagna Spaccata” and the associated structures for years 2007-2024 – as well as the related fine for the alleged unlawful occupation of the same areas, the proceeding is currently adjourned to the hearing of September 17 , 2026.
Enel Global Trading SpA arbitration – Italy Enel Global Trading SpA (EGT) was notified a request for international arbitration concerning alleged contractual and non-contractual violations relating to the transfer to
166 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsthird parties, in 2019, of a non-controlling interest in an upstream gas project to which the counterparty had ini-
tially given its consent. The total amount of the claim, as currently quantified by the counterparty, is approximately $480 million, including interest at June 30, 2026. EGT will fully oppose the request in the context of the arbitration procedure, which is in its initial stages.
Litigation with cooperatives – Brazil As regards the proceedings initiated by local coopera-
tives requesting a revision of the contracts with Coelce Companhia Energética do Ceará SA (now Enel Dis-
tribuição Ceará, ED Ceará) for the use of the grids in rural areas of Brazil as part of a project to expand the grid, in relation to the appeals filed by Cooperativa de Eletrificação Rural do Vale do Acaraú Ltda (COPERVA) requesting a revision of the contractual fee for the use of the distribution grid of up to 1% of the value of the leased asset, for approximately 329.7 million Brazilian re-
als (approximately €55.7 million), an official expert report favorable to ED Ceará has been filed in the pending first instance trial.
Blackout November 2023 São Paulo –
Brazil
Following the severe weather events that on November 3, 2023 hit the concession area of Enel Distribuição São Paulo (ED SP), at June 30, 2026, 286 individual actions are still pending while the number of collective actions has not changed.
Blackout November 2023 Rio de Janeiro –
Brazil
Following the severe weather events that on November 18, 2023 hit the concession area of Enel Distribuição Rio (EDR), at June 30, 2026, 697 individual actions are still pending while the number of collective actions has not changed.
Blackout October 2024 São Paulo – Brazil Following the climate event that on October 11, 2024 hit the concession area of Enel Distribuição São Paulo (ED SP), at June 30, 2026, 528 individual actions are still pending while the number of collective actions has not changed. Blackout November 2025 São Paulo – Brazil Following the climate event that on December 10, 2025 hit the concession area of Enel Distribuição São Paulo (ED SP), at June 30, 2026, 652 individual actions are still pending while the number of collective actions has not changed.
Collective action rate increase 2026 Enel Distribuição Rio – Brazil In March 2026, a federal representative initiated a class action against the Agência Nacional de Energia Elétrica (ANEEL), Enel Distribuição Rio (EDR) and a third distribu-
tion company to challenge the tariff increases that came into effect in March 2026 in the State of Rio de Janeiro, claiming they were contrary to the principle of rate mod-
eration, also requesting, as a precautionary measure, the suspension of the rate increase until the end of the case on the merits. The defendants appeared in court request-
ing the dismissal of the precautionary measure and the inadmissibility of the action, claiming the legitimacy of the rate increases and the absence of conditions for granting the precautionary measure. The value of the claim is un-
determined.
Collective action, State of Ceará -
Renewal of Ceará concession – Brazil With reference to the collective action filed by a repre-
sentative of the State of Ceará in April 2025 against Enel Distribuição Ceará (ED Ceará) and the Agência Nacional de Energia Elétrica (ANEEL), aimed at challenging the re-
newal of ED Ceará’s concession contract and requesting, as a precautionary measure, the suspension of the re-
newal procedure, it should be noted that, on May 1, 2026, the precautionary application was rejected in the first in-
stance and the plaintiff challenged the ruling; ED Ceará and ANEEL have appealed against the precautionary rul-
ing. The value of the proceeding is undetermined.
Joint action, São Paulo - Renewal of the São Paulo concession – Brazil With reference to the action brought by the Municipal-
ity of São Paulo against Enel Distribuição São Paulo (ED SP), the Agência Nacional de Energia Elétrica (ANEEL) and the Federal Government requesting – also as a precau-
tionary measure – the suspension of the procedure for the renewal of ED SP’s concession and the assessment of
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 167 compliance with specific criteria for the renewal, due to the alleged poor quality of the service, note that on April 27 , 2026, the Court suspended the proceedings on the merits until the conclusion of the ongoing administrative procedure relating to the concession contract referred to in Notice no. 0049/2024-SFT (TI). The value of the pro-
ceeding is undetermined.
Federal Prosecutor’s Action - Renewal of the Rio de Janeiro concession – Brazil With reference to the action initiated by the Federal Pros-
ecutor’s Office against the Agência Nacional de Energia Elétrica (ANEEL), Enel Distribuição Rio de Janeiro (EDR) and the Federal Government aimed at preventing the extension, in the absence of a tender, of the concession contract of EDR, due to the alleged inadequate quality of the service and requesting, as a precautionary measure, the suspension of the ongoing renewal procedure, note that on May 5, 2026, the Court rejected the request of a precautionary measure of the Federal Prosecutor’s Office who in turn challenged this decision; EDR, ANEEL and the Federal Government filed a precautionary appeal that is pending. The value of the proceeding is undetermined.
Collective action against ANEEL and 19 electricity distribution companies -
Renewal of concessions – Brazil On April 30, 2026, a number of citizens filed a suit against the Agência Nacional de Energia Elétrica (ANEEL), its di-
rectors and 19 distribution companies in Brazil, including Enel Distribuição São Paulo (ED SP), Enel Distribuição Rio de Janeiro (EDR) and Enel Distribuição Ceará (ED Ceará), aimed at preventing the renewal of concession contracts and imposing additional conditions not provided for by law, related to the prior payment of penalties and the verification of service quality indices. As a precautionary measure, the plaintiffs requested the suspension of the ongoing renewal proceedings, which was rejected at first instance; the appeal proceedings remain pending. The value of the proceeding is undetermined.
GasAtacama – Chile As regards the lawsuit initiated in 2017 by certain oper -
ators of the Sistema Interconectado del Norte Grande (SING) concerning a compensatory action against GasAta-
cama Chile (now Enel Generación Chile), which was settled in the first instance with a decision partially favorable to the plaintiffs, the Santiago Court of Appeal, in a ruling dat-
ed February 4, 2026, fully reformed the first instance deci-
sion, annulling it and rejecting all the claims brought by the plaintiffs. On February 20, 2026, the ruling was appealed by the counterparties; the case is currently pending.
Nivel de Tensión Uno user procedure –
Colombia
As regards the class action brought by Centro Médico de la Sabana and other parties against Codensa (now Enel Colombia) seeking restitution of allegedly excess rates, based upon the alleged failure of Codensa to apply a subsidized rate for low-voltage users and owners of in-
frastructure, following the ruling of February 11, 2026, whereby the court of first instance declared the claim inadmissible due to lack of procedural requirements, on February 19, 2026, this ruling was appealed by the coun-
terparties.
Reimbursement for public lighting services in 1998-2004 – Colombia As regards the collection procedure revived by the Co-
lombian Public Services Authority (UAESP) in April 2024 – after having suspended it in 2018 – following a dispute for over-invoicing reimbursement between the UAESP and Codensa (now Enel Colombia) which ended in 2011 with a ruling unfavorable to the latter, following a payment agree-
ment whereby the UAESP approved Enel Colombia’s pro-
posal to pay the total amount in installments, accepting an initial payment of 30%, as well as following the rejection by the UAESP of the administrative appeals brought by Enel Colombia against the resolutions concerning the restate-
ment of the claim and the related calculation of interest, note that one of the two conciliation proceedings has been completed; the other remains pending. On April 30, 2026, the Administrative Court of Cundinamarca denied the approval of the payment agreement relating to Reso-
lution no. 173/2025; against this denial, on May 11, 2026, Enel Colombia and the UAESP jointly filed an appeal for reinstatement before the said Court, rejected on June 11, 2026, and a simultaneous appeal to the Council of State, which remains pending. In addition, the judicial approv -
al of the payment agreement relating to Resolutions no.
237 /2025 and no. 463/2025, concerning the payment in installments and interest, remains pending. In this context, on February 12, 2026 Enel Colombia challenged Resolu-
tions no. 237 and no. 463 of 2025 in court. The amount involved in the dispute at June 30, 2026 is approximately €64.2 million.
168 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Notes to the condensed interim consolidated financial statementsCompared with the consolidated financial statements at December 31, 2025, which the reader is invited to consult for more information, the following main chang-
es have occurred in tax-related contingent assets and liabilities.
Tax litigation in Spain Income tax – Enel Iberia, Endesa and subsidiaries With regard to disputes already underway relating to the years 2011 to 2014 and 2015 to 2018, the Span-
ish tax authority, at the end of the audit relating to the years 2019 to 2022, notified the Group companies par -
ticipating in the Spanish tax consolidation mechanism of the related assessment notices relating mainly to corporate income tax.
The main disputes concern the deductibility of financial charges and the tax treatment of provisions for the dis-
mantling of generation plants. The companies defend the correctness of the methodologies adopted in de-
termining the tax base, and therefore, consistent with previous disputes, in 2026 they challenged the findings received before the Tribunal Económico-Administrativo Central (TEAC).
The overall amount involved in the disputes at June 30, 2026 is approximately €73 million.Tax litigation in Brazil PIS/COFINS – Enel Distribuição São Paulo Starting in June 2017 the Brazilian tax authority served several tax assessment notices against Enel Distribuição São Paulo (for the periods 2013-2018) contesting the offsetting of tax credit with social security contribu-
tions (PIS and COFINS) and thus demanding payment of the latter.
The tax authority claims that the company declared PIS and COFINS credits against the purchase of goods and services that cannot be considered tax-relevant because they are not essential for the distribution of energy. Fur -
thermore, the authority disputes the determination of the tax credit related to non-technical losses of pur -
chased energy.
The company promptly defended the correctness of its calculations and argued the validity of the offsets claimed at the various instances.
In the first few months of 2026, the company, follow -
ing the unfavorable decision at the last administrative level for the part of the dispute concerning non-tech-
nical losses of purchased energy, filed a guarantee to continue to defend the correctness of its actions in court.
The amount involved in the dispute at June 30, 2026 is about €69 million.
38. Subsequent events Issuance of a $2.5 billion multi-tranche bond On July 7 , 2026, Enel Finance International NV, a subsidiary of Enel SpA, launched a multi-tranche unsecured senior bond for institutional investors in the US and international markets for a total nominal amount of $2.5 billion (equiva-
lent to approximately €2.2 billion). The issue, which has an average duration of approximately six years, has an aver -
age cost equivalent in euros of around 3.6%.
Enel agrees on €1 billion multi-borrower and multi-currency financing agreement On July 9, 2026, the Enel Group entered into an agree-
ment aimed at granting a multi-borrower and mul-
ti-currency financing for up to €1 billion. The transac-
tion was structured with Citi (as sole Global Coordinator, Joint Mandated Lead Arranger and Agent Bank), HSBC (as Sustainability Bank and Joint MLA), and German Ex -
port Credit Agency (ECA) Euler Hermes (as guarantor). A first tranche, amounting to $580 million (equivalent to around €500 million), was signed by Enel Finance Inter -
national NV.
Enel Américas approves a share buyback program up to 5% of the capital On July 23, 2026, the Extraordinary Shareholders’ Meeting of Enel Américas SA approved a share buyback program based on the proposal approved by the Board of Direc-
tors on June 18, 2026, which provides for the acquisition of up to 5% of the subscribed and paid-up shares of the company, with a duration of 90 days from the date of the Shareholders’ Meeting.
The purchase price will be set by the Board of Directors, based on the weighted average price on the Santiago Stock Exchange over the 90 days prior to June 17 , 2026, plus a premium of up to 15%. The objective of the pro-
gram is the optimization of the capital structure and the improvement of the return for shareholders.
6.
Condensed interim consolidated
financial statements
Notes to the condensed interim consolidated financial statements HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 169 Spanish Supreme Court Rulings on Coal Tax On July 21, 22 and 23, 2026, Endesa Generación SAU (sub-
sidiary of Endesa SA) was notified several judgments of the Supreme Court in favor of the company, regarding proceedings relating to the Coal Tax. In particular, the judgments uphold the appeals filed against certain set-
tlement acts for the years 2013, 2014 and 2015, for a total amount of €47 million, as well as the appeal against the charging of this tax on the invoice by Repsol Comercial de Productos Petrolíferos SA for the year 2016, for an amount of €0.1 million. Any recovery of the above-men-
tioned amounts would entail the collection of approxi-
mately €18 million by way of default interest.
Endesa is analyzing the scope of these resolutions and their possible impact on all pending disputes and pro-ceedings, in order to assess the probability of recovery of the amounts requested and, where appropriate, their accounting effects in accordance with IAS 37 .
Acquisition of wind farm in Italy On July 30, 2026, Enel’s subsidiary Enel Green Power Italia Srl finalized the acquisition of 100% of the share capital of Campo Eolico Ariano - CEA Srl, which owns and operates a wind farm located in the Campania region of Italy, with a total installed capacity of 84 MW, for about €145 million.
The transaction is consistent with the Enel Group’s strat-
egy, which aims at accelerating growth of its generation capacity from renewable sources, including through the acquisition of assets already in operation.
170 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Declaration of the Chief Executive Officer and the officer responsibleDeclaration of the Chief Executive Officer and the officer responsible for the preparation of the corporate financial documentation regarding the condensed interim consolidated financial statements of the Enel Group at June 30, 2026, pursuant to the provisions of Article 154-bis, paragraph 5, of Legislative Decree 58 of February 24, 1998 and Article 81-ter of CONSOB Regulation no. 11971 of May 14, 1999 1. The undersigned Flavio Cattaneo and Stefano De Angelis, in their respective capacity as Chief Executive Officer and officer responsible for the preparation of the corporate financial reports of Enel SpA, hereby certify, taking into ac-
count the provisions of Article 154-bis, paragraphs 3 and 4, of Legislative Decree 58 of February 24, 1998:
a. the appropriateness with respect to the characteristics of the Enel Group and b. the effective adoption of the administrative and accounting procedures for the preparation of the condensed interim consolidated financial statements of the Enel Group in the period between January 1, 2026 and June 30, 2026.
2. In this regard, we report that:
a. the appropriateness of the administrative and accounting procedures used in the preparation of the condensed interim consolidated financial statements of the Enel Group has been verified in an assessment of the internal control system for financial reporting. The assessment was carried out on the basis of the guidelines set out in the “Internal Controls - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO);
b. the assessment of the internal control system for financial reporting did not identify any material issues.
3. In addition, we certify that:
3.1 the condensed interim consolidated financial statements of the Enel Group at June 30, 2026:
a. have been prepared in compliance with applicable international accounting standards recognized in the Euro-
pean Union pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and the Council of July 19,
2002;
b. correspond to the information in the books and other accounting records;
c. provide a true and fair representation of the performance and financial position of the issuer and the companies included in the scope of consolidation;
3.2 the Interim Report on Operations contains a reliable analysis of the major events that occurred during the first six months of the year and their impact on the condensed interim consolidated financial statements, together with a description of the main risks and uncertainties to be faced in the remaining six months of the year. The Interim Report on Operations also contains a reliable analysis of the information on significant transactions with related parties.
Rome, July 30, 2026 Flavio Cattaneo Stefano De Angelis Chief Executive Officer of Enel SpA Officer responsible for the preparation of the corporate financial reports of Enel SpADeclaration of the Chief Executive Officer and the officer responsible
6.
Condensed interim consolidated
financial statements
Declaration of the Chief Executive Officer and the officer responsible HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 171 Declaration of the Chief Executive Officer and the officer responsible
172 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 ReportsReports
Report of the Audit Firm
6.
Condensed interim consolidated
financial statements
Reports HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 173
KPMG S.p.A.
Revisione e organizzazione contabile Via Curtatone, 3
00185 ROMA RM
Telefono +39 06 80961.1 Email it -fmauditaly@kpmg.it
PEC kpmgspa@pec.kpmg.it
Ancona Bari Bergamo Bologna Bolzano Brescia Catania Como Firenze Genova Lecce Milano Napoli Novara Padova Palermo Parma Perugia Pescara Roma Torino Treviso Trieste Varese Verona Società per azioni
Capitale sociale
Euro 10.415.500,00 i.v.
Registro Imprese Milano Monza Brianza Lodi e Codice Fiscale N. 00709600159 R.E.A. Milano N. 512867 Partita IVA 00709600159 VAT number IT00709600159 Sede legale: Via Giovanni Battista Pirelli, 38 20124 Milano MI ITALIA
KPMG S.p.A.
è una società per azioni di diritto italiano e fa parte del network KPMG di entità indipendenti affiliate a KPMG International Limited, società di diritto inglese.
(This independent auditors’ report has been translated into English solely for the convenience of international readers. Accordingly, only the original Italian version is authoritative ) Report on review of condensed interim consolidated financial
statements
To the Shareholders of Enel S.p.A.
Introduction
We have reviewed the accompanying condensed interim consolidated financial statements of the Enel Group comprising the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes thereto, as at and for the six months ended 30 June 202 6. The parent’s directors are responsible for the preparation of these condensed interim consolidated financial statements in accordance with the IFRS Accounting Standard applicable to interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and endorsed by the European Union . Our responsibility is to express a conclusion on these condensed interim consolidated financial statements based on our review.
Scope of Review We conducted our review in accordance with Consob (the Italian Commission for Listed Companies and the Stock Exchange) guidelines set out in Consob resolution no. 10867 dated 31 July 1997. A review of condensed interim consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with In ternational Standards on Auditing (ISA Italia) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the condensed interim consolidated financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements of the Enel Group as at and for the six months ended 30 June 2026 have not been prepared, in all material respects, in accordance with the IFRS Accounting Standard
174 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 Reports
Enel Group
Report on review of condensed interim consolidated financial statements 30 June 202 6
2 applicable to interim financial reporting (IAS 34) as issued by the International Accounting Standards Board and endorsed by the European Union .
Rome, 3 August 2026 KPMG S.p.A.
(signed on the original)
Davide Utili
Director of Audit
6.
Condensed interim consolidated
financial statements
Reports HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 175
176 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsAttachments Subsidiaries, associates and other significant equity investments of the Enel Group at June 30, 2026 In compliance with Articles 38 and 39 of Legislative Decree 127 /1991 and CONSOB Communication no. DEM/6064293 of July 28, 2006, a list of subsidiaries and associates of Enel SpA at June 30, 2026, pursuant to Article 2359 of the Ital-
ian Civil Code, and of other significant equity investments is provided below. Enel has full title to all investments.
The following information is included for each company: name, registered office, country, share capital, currency in which share capital is denominated, business segment, method of consolidation, Group companies that have a stake in the company and their respective ownership share, and the Group’s ownership share.
The following provides a key to the icons representing the business segments.
Business segment Description of business segments Group holding company Country holding company Enel Green Power
Thermal Generation
Trading
Enel Grids
Enel Commercial
Enel X
e-Mobility
Services
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 177
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Parent
Enel SpA Rome IT 10,166,679,946 EUR Holding Enel SpA 100% 100%
Subsidiaries
10219727
Saskatchewan Ltd Saskoon CA 1 CAD Line-by-line Enel Green Power Elmsthorpe Wind LP 100% 100% 25 Mile Creek Windfarm LLC Andover US 1 USD Line-by-line 25RoseFarms Holdings
LLC 100% 100%
25 Mile PPA LLC Andover US 1 USD Line-by-line EGP North America
PPA LLC 100% 100%
25RoseFarms
Holdings LLC Andover US 1 USD Line-by-line Enel Green Power
25RoseFarms Holdings
LLC 100% 100%
3SUN Srl Catania IT 1,000,000 EUR Line-by-line Enel Green Power Italia Srl 97%
100%
Enel Green Power SpA 3% 3SUN USA LLC Andover US 1 USD Line-by-line Enel North America Inc. 100% 100% 4814 Investments LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Ables Springs Solar Holdings LLC Andover US 1 USD Line-by-line Enel Green Power Ables Springs Solar Holdings LLC 100% 100% Ables Springs Solar PPA LLC Andover US 1 USD Line-by-line EGP North America
PPA LLC 100% 100%
Ables Springs Solar LLC Andover US 1 USD Line-by-line Ables Springs Solar Holdings LLC 100% 100%
Ables Springs
Storage LLC Andover US 1 USD Line-by-line Ables Springs Solar Holdings LLC 100% 100% Abu Renewables India Private Limited Gurugram IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Ace High Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Aced Renewables
Hidden Valley (RF) (Pty) Ltd Johannesburg ZA 1,000 ZAR Equity Enel Green Power RSA 2 (RF) (Pty) Ltd 55% 28% Acefat AIE Barcelona ES 793,340 EUR - Edistribución Redes Digitales SLU 14% 10% ACL SPV 2 Srl Rome IT 10,000 EUR Line-by-line Enel Produzione SpA 100% 100% ACL SPV 4 Srl Rome IT 10,000 EUR Line-by-line Enel Produzione SpA 100% 100% Adams Solar PV Project Two (RF) (Pty) Ltd Johannesburg ZA 10,000,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 60% 60% Adria Link Srl Gorizia IT 300,297 EUR Equity Enel Produzione SpA 50% 50% Aferkat Wind Farm Casablanca MA 1,000,000 MAD Line-by-line Enel Green Power Morocco Sàrl 100% 100% Agassiz Beach LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Agatos Green Power Trino Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Solar Energy Srl 100% 100% Aguilón 20 SA Zaragoza ES 2,682,000 EUR Line-by-line Enel Green Power España SLU 51% 37%
AGWF Finance
Company (Pty) Ltd Perth AU 100 AUD Equity SRV AGWF (Pty) Ltd 100% 40%
178 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
AGWF Hold Trust Perth AU 1,550 AUD Equity Bright Energy Investments Trust 100% 50% AGWF Trust Perth AU 1,550 AUD Equity AGWF Hold Trust 100% 50% Aidon Oy Jyväskylä FI 5,112,572 EUR Equity Gridspertise Srl 100% 50%
Aioliko Parko
Fthiotidas - Erimia
Monoprosopi
Anonymi Etaireia Maroussi GR 880 EUR Equity Principia Aeolus Single Member SA 100% 50% Alba Energia Ltda Rio de Janeiro BR 16,045,169 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Albany Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% Almyros Ape Single Member PC Maroussi GR 270,001 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% Alpe Adria Energia Srl Udine IT 900,000 EUR Equity Enel Produzione SpA 50% 50% Alta Farms Azure
Ranchland Holdings
LLC Dover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100% Alta Farms Wind Project II LLC Andover US 1 USD Line-by-line 25RoseFarms Holdings
LLC 100% 100%
Alvorada Energia SA Niterói BR 50,117 ,416 BRL Line-by-line Enel Brasil SA 100% 86% Amber Sage Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Ampla Energia e Serviços SA Rio de Janeiro BR 8,553,230,392 BRL Line-by-line Enel Brasil SA 100% 86% Annandale Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% Apiacás Energia SA Rio de Janeiro BR 14,216,846 BRL Line-by-line Enel Brasil SA 100% 86% Aquilla Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Aragonesa de
Actividades
Energéticas SAU Teruel ES 60,100 EUR Line-by-line Endesa SA 100% 73%
Aranort Desarrollos
SLU Madrid ES 1,953 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36%
Aravalli Surya
(Project 1)
Private Limited Gurugram IN 31,630,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Arcadia Power Inc. Washington DC US - USD - Enel X North America Inc. 0% 0% Arena Green Power 1 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arena Green Power 2 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arena Green Power 3 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arena Green Power 4 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arena Green Power 5 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arena Power Solar 11 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 179
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Arena Power Solar 12 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arena Power Solar 13 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arena Power Solar 20 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arena Power Solar 33 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arena Power Solar 34 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arena Power Solar 35 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Arrow Head Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Arrow Hills Solar Project Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
Asociación Nuclear
Ascó-Vandellós II AIE Vandellós ES 19,232,400 EUR Proportional Endesa Generación
SAU 85% 62%
Ateca Renovables SL Madrid ES 3,000 EUR Equity Enel Green Power España SLU 50% 36%
Atlántico Photovoltaic
SAS ESP Barranquilla CO 50,587 ,000 COP Line-by-line Enel Colombia SA ESP 100% 49% Atwater Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100%
Aurora Distributed
Solar LLC Wilmington US - USD Line-by-line Aurora Solar Holdings
LLC 100% 100%
Aurora Land Holdings LLC Wilmington US - USD Line-by-line Enel Kansas LLC 100% 100% Aurora Solar Holdings LLC Wilmington US - USD Line-by-line Enel Kansas LLC 100% 100% Aurora Wind Holdings LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Aurora Wind Project LLC Andover US 1 USD Line-by-line Aurora Wind Holdings
LLC 100% 100%
Autumn Hills LLC Wilmington US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Autumn Waltz Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Avikiran Energy India Private Limited Gurugram IN 100,000,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Avikiran Solar India Private Limited New Delhi IN 4,918,810,370 INR Held for sale Enel Green Power India Private Limited 51% 51% Avikiran Surya India Private Limited Gurugram IN 875,350 INR Held for sale Enel Green Power India Private Limited 51% 51% Avikiran Vayu India Private Limited Gurugram IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Azure Blue Jay Holdings LLC Dover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100% Azure Blue Jay Solar Holdings LLC Andover US 1 USD Line-by-line Enel Green Power Azure Blue Jay Solar Holdings LLC 100% 100% Azure Sky Solar Project LLC Andover US 1 USD Line-by-line Azure Blue Jay Solar Holdings LLC 100% 100% Azure Sky Wind Holdings LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
180 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Azure Sky Wind Project LLC Andover US 1 USD Line-by-line AzureRanchII Wind Holdings LLC 100% 100% Azure Sky Wind Storage LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
AzureRanchII Wind
Holdings LLC Andover US 1 USD Line-by-line Enel Green Power
AzureRanchII Wind
Holdings LLC 100% 100% Baikal Enterprise SLU Palma de Mallorca ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73% Baleares Energy SLU Palma de Mallorca ES 4,509 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% Barnwell County Solar Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Bath House Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Baylio Solar SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% Bayou Blues Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Beacon Harbor Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Beaver Falls Water Power Company Wilmington US - USD Line-by-line Beaver Valley Holdings
LLC 68% 68%
Beaver Valley
Holdings LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100% BEI Group Co. (Pty) Ltd Perth AU 18,934 AUD Equity BEI Group Hold Co.
(Pty) Ltd 100% 40% BEI Group Hold Co.
(Pty) Ltd Perth AU 19,034 AUD Equity SRV Joint Venture (Pty) Ltd 80% 40% BEI Group Hold Trust Perth AU 18,934 AUD Equity SRV Joint Venture Trust 100% 50% BEI Group Trust Perth AU 18,934 AUD Equity BEI Group Hold Trust 100% 50% BEI WWF Hold (Pty) Ltd Perth AU 30 AUD Equity Bright Energy Investments (Pty) Ltd 100% 40% BEI WWF Hold Trust Perth AU 354,056,687 AUD Equity Bright Energy Investments Trust 100% 50% BEI WWF (Pty) Ltd Perth AU 30 AUD Equity BEI WWF Hold (Pty) Ltd 100% 40% Bejaad Solar Plant Casablanca MA 200,000 MAD Line-by-line Enel Green Power Morocco Sàrl 100% 100% Belltail Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Belomechetskaya
WPS Moscow RU 3,010,000 RUB Line-by-line Enel Green Power Rus Limited Liability Company 100% 100%
Betwa Renewable
Energy Private
Limited Gurgaon IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Bijou Hills Wind LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Bioenergy Casei
Gerola Srl Rome IT 100,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100%
Bison Meadows
Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Bison Meadows Wind Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 181
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Blair Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Blanche BESS Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50% Blanche BESS Holding Trust Sydney AU 100 AUD Equity Potentia Energy Trust 100% 50% Blanche BESS (Pty) Ltd Sydney AU 100 AUD Equity Blanche BESS Holding (Pty) Ltd 100% 50% Blanche BESS Trust Sydney AU 100 AUD Equity Blanche BESS Holding Trust 100% 50% Blue Crab Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Blue Jay Solar I LLC Andover US 1 USD Line-by-line Azure Blue Jay Solar Holdings LLC 100% 100% Blue Jay Solar II LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Blue Note Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Blue Star Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Boitumelo Solar
Power Plant (RF) (Pty) Ltd Gauteng ZA 100 ZAR Line-by-line Enel Green Power SpA 100% 100% Bold Elk Wind Limited Partnership Calgary CA 100 CAD Line-by-line Enel Alberta Wind Inc. 0% 100% Enel Green Power Canada Inc. 100% Bondia Energia Ltda Niterói BR 2,950,888 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0%
Boone Stephens
Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Bosa del Ebro SL Zaragoza ES 3,010 EUR Line-by-line Enel Green Power España SLU 51% 37% Bottom Grass Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Boujdour Wind Farm Casablanca MA 512,280,000 MAD Equity Nareva Enel Green Power Morocco SA 65% 32%
Bouldercombe Solar
Farm Trust Sydney AU 10 AUD Equity Bouldercombe Solar Holding Trust 100% 50%
Bouldercombe Solar
Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50%
Bouldercombe Solar
Holding Trust Sydney AU 10 AUD Equity Potentia Energy Trust 100% 50%
Bouldercombe Solar
(Pty) Ltd Sydney AU 100 AUD Equity Bouldercombe Solar Holding (Pty) Ltd 100% 50% Box Canyon Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% BP Hydro Finance Partnership Salt Lake City US - USD Line-by-line Enel Green Power North America Inc. 24%
100%
Enel Kansas LLC 76%
Brandonville Solar
I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Bravo Dome Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Brazatortas 220
Renovables SL Madrid ES 3,000 EUR Equity Baylio Solar SLU 17% 12% Furatena Solar 1 SLU 17%
182 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Brazoria West Solar Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Brazos Flat Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Brick Road Solar Holdings LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Bright Energy
Investments (Pty) Ltd Perth AU 18,834 AUD Equity BEI Group Co. (Pty) Ltd 100% 40%
Bright Energy
Investments Trust Perth AU 18,834 AUD Equity BEI Group Trust 100% 50% Bronco Hills Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Buck Canyon Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Buckshutem Solar
I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100%
Buckshutem Solar
II LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Buffalo Dunes Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Buffalo Dunes Wind Project LLC Topeka US - USD Line-by-line EGPNA Development Holdings LLC 75% 75% Buffalo Jump LP Alberta CA 10 CAD Line-by-line Enel Alberta Wind Inc. 0% 100% Enel Green Power Canada Inc. 100% Buffalo Spirit Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Bungala One Finco (Pty) Ltd Sydney AU 1,000 AUD Equity Bungala One Property Trust 100% 50%
Bungala One
Operation Holding
Trust Sydney AU 100 AUD Equity Bungala Solar 3 Trust 49% 50% Bungala Solar (Pty) Ltd 51%
Bungala One
Operations Holding
(Pty) Ltd Sydney AU 100 AUD Equity Bungala Solar 3 (Pty)
Ltd 49%
50% Bungala Solar (Pty) Ltd 51%
Bungala One
Operations (Pty) Ltd Sydney AU 1,000 AUD Equity Bungala One
Operations Holding
(Pty) Ltd 100% 50%
Bungala One
Operations Trust Sydney AU - AUD Equity Bungala One
Operations Holding
(Pty) Ltd 100% 50% Bungala One Property Holding (Pty) Ltd Sydney AU 100 AUD Equity Bungala Solar 3 (Pty)
Ltd 49%
50% Bungala Solar (Pty) Ltd 51% Bungala One Property Holding Trust Sydney AU 100 AUD Equity Bungala Solar 3 Trust 49% 50% Bungala Solar (Pty) Ltd 51% Bungala One Property (Pty) Ltd Sydney AU 1,000 AUD Equity Bungala One Property Holding (Pty) Ltd 100% 50% Bungala One Property Trust Sydney AU - AUD Equity Bungala One Property Holding (Pty) Ltd 100% 50% Bungala Solar 2 (Pty) Ltd Barangaroo AU 3,171,639 AUD Equity Potentia Energy Trust 100% 50% Bungala Solar 3 (Pty) Ltd Barangaroo AU 1,100 AUD Equity Bungala Solar 2 (Pty) Ltd 100% 50% Bungala Solar 3 Trust Barangaroo AU 84,506,843 AUD Equity Potentia Energy Monaro Holding 2 Trust 100% 50% Bungala Solar (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy Group (Pty) Ltd 100% 50%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 183
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Bungala Solar Trust Sydney AU - AUD Equity Potentia Energy Trust 100% 50% Bungala Two Finco (Pty) Ltd Sydney AU - AUD Equity Bungala Two Property Trust 100% 50%
Bungala Two
Operations Holding
(Pty) Ltd Sydney AU - AUD Equity Bungala Solar 3 (Pty)
Ltd 49%
50% Bungala Solar (Pty) Ltd 51%
Bungala Two
Operations Holding
Trust Sydney AU - AUD Equity Bungala Solar 2 (Pty)
Ltd 49%
50% Bungala Solar (Pty) Ltd 51%
Bungala Two
Operations (Pty) Ltd Sydney AU - AUD Equity Bungala Two
Operations Holding
(Pty) Ltd 100% 50%
Bungala Two
Operations Trust Sydney AU - AUD Equity Bungala Two
Operations Holding
(Pty) Ltd 100% 50% Bungala Two Property Holding (Pty) Ltd Sydney AU - AUD Equity Bungala Solar 3 (Pty)
Ltd 49%
50% Bungala Solar (Pty) Ltd 51% Bungala Two Property Holding Trust Sydney AU - AUD Equity Bungala Solar 3 Trust 49% 50% Bungala Solar (Pty) Ltd 51% Bungala Two Property (Pty) Ltd Sydney AU - AUD Equity Bungala Two Property Holding (Pty) Ltd 100% 50% Bungala Two Property Trust Sydney AU 1 AUD Equity Bungala Two Property Holding (Pty) Ltd 100% 50%
Burgundy Spruce
Solar LP Calgary CA 100 CAD Line-by-line Enel Alberta Solar Inc. 0% 100% Enel Green Power Canada Inc. 100%
Business Venture
Investments 1468
(Pty) Ltd Johannesburg ZA 100 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 100% 100% C&C Uno Energy Srl Rome IT 118,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% C&C Castelvetere Srl Rome IT 100,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Cactus Mesa Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Campos Promotores
Renovables SL Elche ES 3,000 EUR Equity Enel Green Power España SLU 25% 18%
Canastota Wind
Power LLC Andover US - USD Line-by-line Fenner Wind Holdings
LLC 100% 100%
Caney River Wind Project LLC Overland Park US - USD Line-by-line Rocky Caney Holdings
LLC 100% 100%
Canyon Top Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Capricorn BESS
Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50%
Capricorn BESS
Holding Trust Barangaroo AU 100 AUD Equity Potentia Energy Trust 100% 50%
Capricorn BESS
(Pty) Ltd Sydney AU 100 AUD Equity Capricorn BESS Holding (Pty) Ltd 100% 50% Capricorn BESS Trust Barangaroo AU 100 AUD Equity Capricorn BESS Holding Trust 100% 50%
Capricorn Solar
Hybrid Holding (Pty) Ltd Barangaroo AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50%
Capricorn Solar
Hybrid Holding Trust Barangaroo AU 100 AUD Equity Potentia Energy Trust 100% 50%
Capricorn Solar
Hybrid (Pty) Ltd Sydney AU 100 AUD Equity Capricorn Solar Hybrid Holding (Pty) Ltd 100% 50%
184 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Capricorn Solar
Hybrid Trust Sydney AU 100 AUD Equity Capricorn Solar Hybrid Holding Trust 100% 50% Castle Rock Ridge Limited Partnership Alberta CA - CAD Line-by-line Enel Alberta Wind Inc. 0% 100% Enel Green Power Canada Inc. 100% Cattle Drive Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Cdec - Sic Ltda Santiago CL 709,783,206 CLP - Enel Green Power Chile SA 6% 4% Cedar Run Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Central Geradora
Fotovoltaica Bom
Nome Ltda Salvador BR 11,841,217 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0%
Central Geradora
Fotovoltaica São
Francisco Ltda Niterói BR 385,128,917 BRL Line-by-line Enel Brasil SA 0% 86% Enel X Brasil SA 100%
Central Hidráulica
Güejar-Sierra SL Granada ES 364,213 EUR Equity Enel Green Power España SLU 33% 24% Central Térmica de Anllares AIE Madrid ES 595,000 EUR Equity Endesa Generación
SAU 33% 24%
Central Vuelta de Obligado SA Buenos Aires AR 500,000 ARS - Enel Generación El Chocón SA 33% 19%
Centrales Nucleares
Almaraz-Trillo AIE Madrid ES - EUR Equity Endesa Generación
SAU 24% 18%
CES 2 Single Member Private Company Maroussi GR 280,397 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% CES 3 Single Member Private Company Maroussi GR 531,174 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% CES 4 Single Member Private Company Maroussi GR 97 ,548 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% CES 5 Single Member Private Company Maroussi GR 322,657 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% CES 6 Single Member Private Company Maroussi GR 889,234 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% CES 7 Single Member Private Company Maroussi GR 186,947 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% CES 8 Single Member Private Company Maroussi GR 488,074 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% CESI - Centro
Elettrotecnico
Sperimentale Italiano
Giacinto Motta SpA Milan IT 8,550,000 EUR Equity Enel SpA 43% 43%
Champagne Storage
LLC Wilmington US 1 USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100%
Checkerboard Plains
Solar Project Limited Partnership Calgary CA - CAD Line-by-line Enel Alberta Solar Inc. 0% 100% Enel Green Power Canada Inc. 100%
Cheyenne Ridge
Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Chi Black River LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100% Chi Minnesota Wind LLC Wilmington US - USD Line-by-line EGPNA Project HoldCo
1 LLC 100% 100%
Chi Operations Inc. Andover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 185
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Chi Power Inc. Naples US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100% Chi Power Marketing Inc. Wilmington US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100% Chi West LLC San Francisco US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100% Chisago Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% Chisholm View II Holding LLC Wilmington US - USD Line-by-line Enel Kansas LLC 100% 100% Chisholm View Wind Project II LLC Wilmington US - USD Line-by-line Chisholm View II Holding LLC 100% 100% Chisholm View Wind Project LLC New York US - USD Line-by-line EGPNA Renewable Energy Partners LLC 100% 100%
Cimarron Bend
Assets LLC Wilmington US - USD Line-by-line Cimarron Bend Wind Project I LLC 49% 100% Cimarron Bend Wind Project II LLC 49% Cimarron Bend Wind Project III LLC 1% Enel Kansas LLC 1% Cimarron Bend III HoldCo LLC Andover US 1 USD Line-by-line Enel Green Power Cimarron Bend Wind Holdings III LLC 100% 100% Cimarron Bend Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Cimarron Bend Wind Holdings I LLC Wilmington US - USD Line-by-line Cimarron Bend Wind Holdings II LLC 100% 100% Cimarron Bend Wind Holdings II LLC Dover US 100 USD Line-by-line Cimarron Bend Wind Holdings LLC 100% 100% Cimarron Bend Wind Holdings III LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Cimarron Bend Wind Holdings LLC Wilmington US - USD Line-by-line EGPNA Preferred Wind Holdings LLC 100% 100% Cimarron Bend Wind Project I LLC Wilmington US - USD Line-by-line Cimarron Bend Wind Holdings I LLC 100% 100% Cimarron Bend Wind Project II LLC Wilmington US - USD Line-by-line Cimarron Bend Wind Holdings I LLC 100% 100% Cimarron Bend Wind Project III LLC Wilmington US - USD Line-by-line Cimarron Bend Wind Holdings III LLC 100% 100% Cinch Top Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Clare Asset Co. (Pty) Ltd Barangaroo AU 100 AUD Equity Clare Holdings Co.
(Pty) Ltd 100% 25% Clare Asset Trust Barangaroo AU 74,624,699 AUD Equity Clare Holding Trust 100% 25% Clare Holding Trust Barangaroo AU 81,018,458 AUD Equity Lighthouse PE Clare Trust 100% 25% Clare Holdings Co.
(Pty) Ltd Barangaroo AU 100 AUD Equity Lighthouse PE Clare (Pty) Ltd 100% 25% Clare Solar Farm Finance (Pty) Ltd Barangaroo AU 100 AUD Equity Clare Asset Co. (Pty) Ltd 100% 25% Clare Solar Farm Holdings (Pty) Ltd Barangaroo AU 100 AUD Equity Clare Solar Holding 2 (Pty) Ltd 50% 25% Clare Solar Farm (Pty) Ltd Barangaroo AU 100 AUD Equity Clare Solar Farm Holdings (Pty) Ltd 100% 25%
186 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Clare Solar Holding 2 (Pty) Ltd Barangaroo AU 480,001 AUD Equity Potentia Energy Monaro Holding (Pty) Ltd 100% 50% Clare Solar Holding (Pty) Ltd Barangaroo AU 51 AUD Equity Potentia Energy Monaro Holding (Pty) Ltd 100% 50% Clare Solar Holding Trust Barangaroo AU 397 ,942 AUD Equity Potentia Energy Monaro Holding 2 Trust 100% 50% Clear Fork Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Clear Sky Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Clinton Farms Battery Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Clinton Farms Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Clinton Farms Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Cloudwalker Wind
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Cogein Sannio Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Cogeneración El Salto SL in liquidation Zaragoza ES 36,061 EUR Equity Enel Green Power España SLU 20% 15% Cogenio Iberia SL Madrid ES 2,874,622 EUR Held for sale Endesa Energía SAU 20% 15% Cogenio Srl Rome IT 2,310,000 EUR Held for sale Enel X Italia Srl 20% 20% Cohuna Solar Holding (Pty) Ltd Sydney AU 3,419,700 AUD Equity Potentia Energy Group (Pty) Ltd 100% 50% Cohuna Solar Holding Trust Sydney AU - AUD Equity Potentia Energy Trust 100% 50% Cohuna Solar (Pty) Ltd Sydney AU 100 AUD Equity Cohuna Solar Holding (Pty) Ltd 100% 50% Cohuna Solar Trust Sydney AU 1 AUD Equity Cohuna Solar Holding Trust 100% 50%
Comanche Crest
Ranch LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Comercializadora
Eléctrica de Cádiz SA Cadiz ES 600,000 EUR Equity Endesa SA 34% 24% Compagnia Porto di Civitavecchia SpA in liquidation Rome IT 16,430,800 EUR Equity Enel Produzione SpA 22% 22%
Companhia
Energética do Ceará
- Coelce Fortaleza BR 2,133,480,314 BRL Line-by-line Enel Brasil SA 77% 66%
Compañía de
Trasmisión del
Mercosur SA - CTM Buenos Aires AR 179,473,412 ARS Line-by-line Enel Brasil SA 74% 86%
Enel CIEN SA 26%
Compañía Eólica
Tierras Altas SAU Soria ES 12,560,900 EUR Line-by-line Enel Green Power España SLU 100% 73% Compass Rose Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Concert Srl Rome IT 10,000 EUR Line-by-line Enel Green Power SpA 100% 100% Concho Solar I LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Concord Vine Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 187
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Consolidated Hydro
Southeast LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100%
Consolidated
Pumped Storage Inc. Wilmington US 550,000 USD Line-by-line Enel Green Power North America Inc. 82% 82%
Consorzio DAP
(Dynamic Accounting
Platform) Rome IT - EUR Line-by-line Enel Group companies 100% 100% Conza Green Energy Srl Rome IT 73,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Copper Landing Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
Corporación
Empresarial de
Extremadura SA Badajoz ES 44,538,000 EUR - Endesa SA 1% 1% Corporación Eólica de Zaragoza SL La Puebla de Alfindén ES 271,652 EUR Equity Enel Green Power España SLU 25% 18% Country Blue Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Country Roads Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Cow Creek Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Crawfish Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Crockett Solar I LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Crystal Bridge Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Dairy Meadows Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Daisy Patch Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Danax Energy (Pty) Ltd Sandton ZA 100 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 100% 100% Dappled Colt Storage
Project Limited
Partnership Calgary CA - CAD Line-by-line Enel Alberta Storage
Inc. 0%
100%
Enel Green Power Canada Inc. 100% Dauphin Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100%
Daybreak Wind
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Decimalfigure -
Unipessoal Ltda Pego PT 2,000 EUR Equity Tejo Energia
- Produção e Distribuição de Energia Eléctrica SA 100% 32% Dehesa de los Guadalupes Solar SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% Dehesa PV Farm 03 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Dehesa PV Farm 04 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Derivex SA Bogotá CO 1,135,867 ,000 COP - Enel Colombia SA ESP 5% 2% Desarrollo de Fuerzas Renovables S de RL de Cv Mexico City MX 53,104,350 MXN Held for sale Enel Green Power México S de RL de Cv 100%
100%
Enel Services México SA de Cv 0% Desert Willow Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
188 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
DI.T.N.E. - Distretto
Tecnologico
Nazionale sull’Energia
- Società Consortile
a Responsabilità
Limitata Rome IT 451,878 EUR - Enel Produzione SpA 2% 2%
Diamond Vista
Holdings LLC Wilmington US 1 USD Line-by-line Enel Kansas LLC 100% 100% Diamond Vista Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Dispatch Renewable
Energy Single
Member SA Maroussi GR 3,015,539 EUR Equity Principia Energy
Generation Single
Member SA 100% 50%
Distretto Tecnologico
Sicilia Micro e Nano Sistemi Scarl Catania IT 623,885 EUR - 3SUN Srl 6% 6%
Distribuidora de
Energía Eléctrica del Bages SA Barcelona ES 108,240 EUR Line-by-line Endesa SA 55% 73% Hidroeléctrica de Catalunya SLU 45%
Distribuidora Eléctrica
del Puerto de la Cruz SAU Santa Cruz de Tenerife ES 12,621,210 EUR Line-by-line Endesa SA 100% 73% Distrilec Inversora SA Buenos Aires AR 497,612,021 ARS Line-by-line Enel Américas SA 52% 44%
Dodge Center
Distributed Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% Dolores Wind SA de Cv Mexico City MX 4,151,197,627 MXN Held for sale Enel Green Power México S de RL de Cv 1%
100%
Enel Rinnovabile SA de Cv 99%
Dominica Energía
Limpia SA de Cv Mexico City MX 2,070,600,646 MXN Equity Tenedora de Energía Renovable Sol y Viento SAPI de Cv 61% 20% Dorset Ridge Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Dragonfly Fields Solar Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Drift Sand Wind Holdings LLC Wilmington US - USD Equity Enel Kansas LLC 50% 50% Drift Sand Wind Project LLC Wilmington US - USD Equity Drift Sand Wind Holdings LLC 100% 50% Dwarka Vayu 1 Private Limited Gurgaon IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% E-Solar 2 Srl Rome IT 2,500 EUR Line-by-line Enel Green Power Italia Srl 100% 100% E-Solar Srl Rome IT 2,500 EUR Line-by-line Enel Green Power Italia Srl 100% 100% ESCO Comuni Srl Trescore Balneario IT 1,000,000 EUR Held for sale Enel X Italia Srl 60% 60%
Earthly Reflections
Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Eastern Blue Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Eastern Rise Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Eastwood Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% Ebenezer Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% EcoSolar 2 SA Grevena GR 25,000 EUR - Principia Energy
Generation Single
Member SA 0% 0%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 189
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Edistribución Redes
Digitales SLU Madrid ES 1,204,540,060 EUR Line-by-line Endesa SA 100% 73% e-distribuzione SpA Rome IT 2,600,000,000 EUR Line-by-line Enel Italia SpA 100% 100% EF Divesture LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
EGP BESS 1 (RF)
(Pty) Ltd Gauteng ZA 1,000 ZAR Line-by-line Enel Green Power SpA 100% 100% EGP BioEnergy Srl Rome IT 1,000,000 EUR Line-by-line Enel Green Power Puglia Srl 100% 100% EGP Estonian Solar Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
EGP Fotovoltaica
La Loma SAS in liquidation Bogotá CO 8,000,000 COP Line-by-line Enel Colombia SA ESP 100% 49%
EGP Geronimo
Holding Company Inc. Wilmington US 1,000 USD Line-by-line Enel Green Power North America Inc. 100% 100% EGP GulfStar Solar PPA LLC Andover US 1 USD Line-by-line EGP North America
PPA LLC 100% 100%
EGP HoldCo 1 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 10 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 11 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 12 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 13 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 14 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 15 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 16 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 17 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 18 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 2 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 3 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 4 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 5 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 6 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 7 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 8 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP HoldCo 9 LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
190 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
EGP Magdalena Solar SA de Cv Mexico City MX 1,258,077,873 MXN Held for sale Enel Green Power México S de RL de Cv 100%
100%
Enel Rinnovabile SA de Cv 1% EGP Matimba NewCo 1 Srl Rome IT 10,000 EUR Equity Enel Green Power SpA 50% 50% EGP North America PPA LLC Andover US 1 USD Line-by-line Enel Green Power North America Inc. 100% 100% EGP Sabaudia Srl Rome IT 1,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% EGP Salt Wells Solar LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100% EGP San Leandro Microgrid I LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100% EGP Solar Services LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% EGP Solar V SAU San Salvador de Jujuy AR 500,000 ARS Line-by-line Enel Américas SA 100% 86% EGP Solar VI SAU San Salvador de Jujuy AR 500,000 ARS Line-by-line Enel Américas SA 100% 86% EGP Terracina 01 Srl Rome IT 1,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% EGP Terracina 02 Srl Rome IT 1,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% EGP Timber Hills Project LLC Los Angeles US - USD Line-by-line Padoma Wind Power
LLC 100% 100%
EGPE Solar 2 SLU Madrid ES 81,106 EUR Line-by-line Enel Green Power España SLU 50% 36% EGPNA 2020 HoldCo 1 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 10 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 11 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 12 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 13 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 14 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 15 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 16 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 17 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 18 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 19 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 2 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 20 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 21 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 191
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
EGPNA 2020 HoldCo 22 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 23 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 24 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 25 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 26 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 27 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 28 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 29 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 3 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 30 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 4 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 5 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 6 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 7 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 8 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2020 HoldCo 9 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 1 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 10 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 11 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 12 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 13 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 14 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 15 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 16 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 17 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 18 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 19 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 2 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
192 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
EGPNA 2023 HoldCo 20 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 3 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 4 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 5 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 6 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 7 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 8 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% EGPNA 2023 HoldCo 9 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
EGPNA Development
Holdings LLC Wilmington US - USD Line-by-line Enel Green Power
North America
Development LLC 100% 100%
EGPNA Hydro
Holdings LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100%
EGPNA Preferred
Wind Holdings II LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100%
EGPNA Preferred
Wind Holdings LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100%
EGPNA Project
HoldCo 1 LLC Dover US 100 USD Line-by-line Enel Kansas LLC 100% 100%
EGPNA Project
HoldCo 2 LLC Dover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100%
EGPNA Project
HoldCo 5 LLC Dover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100%
EGPNA Project
HoldCo 6 LLC Dover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100%
EGPNA Project
HoldCo 7 LLC Dover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100%
EGPNA Renewable
Energy Partners LLC Wilmington US - USD Line-by-line EGPNA REP Holdings
LLC 100% 100%
EGPNA REP Holdings LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100%
EGPNA REP Solar
Holdings LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100%
EGPNA-SP Seven
Cowboy Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Elcogas SA in liquidation Puertollano ES 809,690 EUR Equity Endesa Generación
SAU 41%
34% Enel SpA 4% Elecgas SA Pego PT 50,000 EUR Equity Endesa Generación Portugal SA 50% 36% Electra Capital (RF) (Pty) Ltd Johannesburg ZA 10,000,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 60% 60% Eléctrica de Jafre SA Barcelona ES 165,876 EUR Line-by-line Endesa SA 53% 73% Hidroeléctrica de Catalunya SLU 47% Eléctrica de Lijar SL Algodonales ES 1,081,822 EUR Equity Endesa SA 50% 36% Eléctrica del Ebro SAU Barcelona ES 500,000 EUR Line-by-line Endesa SA 100% 73%
Electricidad de
Puerto Real SA Puerto Real ES 4,960,246 EUR Equity Endesa SA 50% 36%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 193
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Electro Metalúrgica
del Ebro SL Madrid ES 2,906,862 EUR - Enel Green Power España SLU 0% 0%
Electrotest
Instalaciones,
Montajes y
Mantenimientos SL Puerto Real ES 10,000 EUR - Epresa Energía SA 50% 18%
Eletropaulo
Metropolitana
Eletricidade de São Paulo SA São Paulo BR 4,532,524,934 BRL Line-by-line Enel Brasil SA 100% 86%
Emerald Crescent
Solar Limited
Partnership Calgary CA 100 CAD Line-by-line Enel Alberta Solar Inc. 0% 100% Enel Green Power Canada Inc. 100% Emeroo BESS Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50% Emeroo BESS Holding Trust Barangaroo AU 100 AUD Equity Potentia Energy Trust 100% 50% Emeroo BESS (Pty) Ltd Sydney AU 100 AUD Equity Emeroo BESS Holding (Pty) Ltd 100% 50% Emeroo BESS Trust Barangaroo AU 100 AUD Equity Emeroo BESS Holding Trust 100% 50% Emintegral Cycle SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36%
Empresa Carbonífera
del Sur Encasur SAU Madrid ES 18,030,000 EUR Line-by-line Endesa Generación
SAU 100% 73%
Empresa de
Alumbrado Eléctrico
de Ceuta Distribución SA Ceuta ES 16,562,250 EUR Line-by-line Endesa SA 96% 70%
Empresa de
Alumbrado Eléctrico
de Ceuta Energía SLU Ceuta ES 10,000 EUR Line-by-line Endesa Energía SAU 100% 73%
Empresa Distribuidora
Sur SA - Edesur Buenos Aires AR 898,585,028 ARS Line-by-lineDistrilec Inversora SA 56% 62% Enel Argentina SA 43%
Empresa Eléctrica
Pehuenche SA Santiago CL 176,399,375 USD Line-by-line Enel Generación Chile SA 93% 56%
Empresa Propietaria
de la Red SA Panama City PA 63,810,000 USD - Enel SpA 11% 11% EN Solar 4 Single
Member Private
Company Maroussi GR 3,581,150 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% Endesa Capital SAU Madrid ES 60,200 EUR Line-by-line Endesa SA 100% 73% Endesa Energía SAU Madrid ES 14,445,576 EUR Line-by-line Endesa SA 100% 73%
Endesa Financiación
Filiales SAU Madrid ES 4,621,003,006 EUR Line-by-line Endesa SA 100% 73%
Endesa Generación
Portugal SA Lisbon PT 50,000 EUR Line-by-line Endesa Energía SAU 0% 73% Endesa Generación
SAU 99%
Enel Green Power España SLU 1%
Endesa Generación
SAU Seville ES 1,940,379,735 EUR Line-by-line Endesa SA 100% 73% Endesa Ingeniería SLU Seville ES 965,305 EUR Line-by-line Endesa SA 100% 73% Endesa Medios y Sistemas SLU Madrid ES 89,999,790 EUR Line-by-line Endesa SA 100% 73% Endesa Mobility SLU Madrid ES 10,000,000 EUR Line-by-line Endesa SA 100% 73%
Endesa Operaciones
y Servicios
Comerciales SLU Madrid ES 10,138,580 EUR Line-by-line Endesa Energía SAU 100% 73%
194 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Endesa X Way SL Madrid ES 600,000 EUR Line-by-line Endesa Mobility SLU 49% 87% Enel X Srl 51% Endesa SA Madrid ES 1,250,093,461 EUR Line-by-line Endesa SA 2% 73% Enel Iberia SRLU 71% Enel Alberta Solar Inc. Calgary CA 1 CAD Line-by-line Enel Green Power Canada Inc. 100% 100% Enel Alberta Storage Inc. Calgary CA 1 CAD Line-by-line Enel Green Power Canada Inc. 100% 100% Enel Alberta Wind Inc. Alberta CA 16,251,021 CAD Line-by-line Enel Green Power Canada Inc. 100% 100% Enel Américas SA Santiago CL 15,327,282,763 USD Line-by-line Enel SpA 86% 86% Enel Argentina SA Buenos Aires AR 2,297 ,711,908 ARS Line-by-line Enel Américas SA 100% 86% Enel Generación Chile SA 0% Enel Bella Energy Storage LLC Wilmington US - USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100% Enel Brasil SA São Paulo BR 52,480,943,635 BRL Line-by-line Enel Américas SA 100% 86% Enel Brasil SA 0% Enel Chile SA Santiago CL 3,895,894,938 USD Line-by-line Enel SpA 65% 65% Enel CIEN SA Rio de Janeiro BR 285,044,682 BRL Line-by-line Enel Brasil SA 100% 86% Enel Colina SA Santiago CL 82,222,000 CLP Line-by-line Enel Chile SA 0% 64% Enel Distribución Chile SA 100% Enel Colombia SA ESP Bogotá CO 655,222,312,800 COP Line-by-line Enel Américas SA 57% 49% Enel Costa Rica CAM SA San José CR 27 ,500,000 USD Line-by-line Enel Colombia SA ESP 100% 49%
Enel Distribución
Chile SA Las Condes CL 177 ,568,664,063 CLP Line-by-line Enel Chile SA 99% 64% Enel Energia SpA Rome IT 10,000,000 EUR Line-by-line Enel Italia SpA 100% 100% Enel Energía SA de Cv Mexico City MX 25,000,100 MXN Held for sale Enel Green Power México S de RL de Cv 100%
100%
Enel Rinnovabile SA de Cv 0% Enel Energy North America Illinois LLC Andover US 1 USD Line-by-line Enel Energy North America LLC 100% 100% Enel Energy North America Ohio LLC Andover US 1 USD Line-by-line Enel Energy North America LLC 100% 100% Enel Energy North
America Pennsylvania
LLC Andover US 1 USD Line-by-line Enel Energy North America LLC 100% 100% Enel Energy North America Texas LLC Andover US 1 USD Line-by-line Enel Energy North America LLC 100% 100% Enel Energy North America LLC Andover US 1 USD Line-by-line Enel X North America Inc. 100% 100% Enel Energy South Africa Wilmington ZA 100 ZAR Line-by-line Enel X International Srl 100% 100% Enel Energy Storage
Holdings LLC
(formerly EGP Energy Storage Holdings LLC) Andover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100% Enel Finance America LLC Wilmington US 200,000,000 USD Line-by-line Enel North America Inc. 100% 100%
Enel Finance
International NV Amsterdam NL 1,478,810,371 EUR Line-by-line Enel Holding Finance
Srl 75%
100%
Enel SpA 25%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 195
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Fortuna SA Panama City PA 100,000,000 USD Line-by-line Enel Panamá CAM Srl 50% 25% Enel Future Project 2020 #1 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #10 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #11 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #12 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #13 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #14 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #15 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #16 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #17 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #18 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #19 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #2 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #20 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #3 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #4 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #5 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #6 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #7 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #8 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Enel Future Project 2020 #9 LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100%
Enel Generación
Chile SA Santiago CL 554,741,104 USD Line-by-line Enel Chile SA 94% 61% Enel Generación El Chocón SA Buenos Aires AR 68,565,267,452 ARS Line-by-line Enel Argentina SA 9% 56% Hidroinvest SA 59%
Enel Generación
Piura SA San Miguel PE 249,202,667 PEN Line-by-line Enel Perú SAC 96% 83% Enel Generación SA de Cv Mexico City MX 7 ,100,100 MXN Held for sale Enel Green Power México S de RL de Cv 100%
100%
Enel Rinnovabile SA de Cv 0% Enel Global Services Srl Rome IT 50,000 EUR Line-by-line Enel SpA 100% 100% Enel Global Trading SpA Rome IT 90,885,000 EUR Line-by-line Enel SpA 100% 100%
196 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power
25RoseFarms
Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Ables Springs Solar Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Aroeira 01 SA Rio de Janeiro BR 354,783,402 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Aroeira 02 SA Rio de Janeiro BR 275,584,399 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Aroeira 03 SA Rio de Janeiro BR 324,501,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Aroeira 04 SA Rio de Janeiro BR 417 ,886,800 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Aroeira 05 SA Rio de Janeiro BR 128,184,700 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Aroeira 06 SA Rio de Janeiro BR 284,511,002 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Aroeira 07 SA Rio de Janeiro BR 286,941,630 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Aroeira 08 SA Rio de Janeiro BR 96,558,200 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Azure Blue Jay Solar Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power
Azure Ranchland
Holdings LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power
AzureRanchII Wind
Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Boa Vista 01 Ltda Salvador BR 3,554,607 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Boa Vista Eólica SA Rio de Janeiro BR 104,890,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Cabeça de Boi SA Niterói BR 270,114,539 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power
Cachoeira Dourada
SA Cachoeira
Dourada BR 64,339,836 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Cachoeira Dourada SA 0% Enel Green Power Canada Inc. Montreal CA 85,681,857 CAD Line-by-line Enel Green Power North America Inc. 100% 100% Enel Green Power Cerrado Solar SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Chile SA Santiago CL 599,261,770 USD Line-by-line Enel Chile SA 100% 65% Enel SpA 0% Enel Green Power Cimarron Bend Wind Holdings III LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Cove Fort Solar LLC Wilmington US 1 USD Line-by-line Enel Kansas LLC 100% 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 197
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power Cristal Eólica SA Rio de Janeiro BR 87,784,899 BRL Line-by-line Enel Brasil SA 99% 86% Enel Green Power Desenvolvimento Ltda 1% Enel Green Power Cumaru 01 SA Niterói BR 204,653,591 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Cumaru 02 SA Niterói BR 150,724,273 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Cumaru 03 SA Rio de Janeiro BR 175,317,447 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Cumaru 04 SA Rio de Janeiro BR 147 ,429,196 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Cumaru 05 SA Rio de Janeiro BR 180,208,001 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power
Cumaru Participações
SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Cumaru Solar 01 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Cumaru Solar 02 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Damascena Eólica SA Rio de Janeiro BR 83,709,003 BRL Line-by-line Enel Brasil SA 99% 86% Enel Green Power Desenvolvimento Ltda 1% Enel Green Power Delfina A Eólica SA Rio de Janeiro BR 284,062,483 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Delfina B Eólica SA Rio de Janeiro BR 93,068,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Delfina C Eólica SA Rio de Janeiro BR 31,105,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Delfina D Eólica SA Rio de Janeiro BR 105,864,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Delfina E Eólica SA Rio de Janeiro BR 105,936,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda Rio de Janeiro BR 297 ,322,302 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Development Srl Rome IT 20,000 EUR Line-by-line Enel Green Power SpA 100% 100% Enel Green Power Diamond Vista Wind Project LLC Wilmington US 1 USD Line-by-line Diamond Vista Holdings LLC 100% 100% Enel Green Power Dois Riachos Eólica SA Rio de Janeiro BR 130,747 ,009 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Egypt SAE Cairo EG 250,000 EGP Line-by-line Enel Green Power SpA 100% 100% Enel Green Power El Salvador SA de Cv El Salvador SV 22,860 USD Line-by-line Enel Américas SA 0%
100%
Enel Green Power SpA 100% Enel Green Power
Elkwater Wind
Limited Partnership Alberta CA 1,000 CAD Line-by-line Enel Alberta Wind Inc. 1% 100% Enel Green Power Canada Inc. 99% Enel Green Power Elmsthorpe Wind LP Calgary CA 1,000 CAD Line-by-line Enel Alberta Wind Inc. 0% 100% Enel Green Power Canada Inc. 100%
198 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power Emiliana Eólica SA Rio de Janeiro BR 119,791,530 BRL Line-by-line Enel Brasil SA 99% 86% Enel Green Power Desenvolvimento Ltda 1% Enel Green Power España Solar 1 SLU Madrid ES 81,106 EUR Line-by-line Enel Green Power España SLU 50% 36% Enel Green Power España SLU Madrid ES 11,153 EUR Line-by-line Endesa Generación
SAU 100% 73%
Enel Green Power Esperança Eólica SA Rio de Janeiro BR 112,232,174 BRL Line-by-line Enel Brasil SA 99% 86% Enel Green Power Desenvolvimento Ltda 1% Enel Green Power Estonian Solar Project LLC Andover US 1 USD Line-by-line Estonian Solar Holdings LLC 100% 100% Enel Green Power Fazenda SA Niterói BR 264,141,17 4 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Fence Post Solar Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Fontes dos Ventos 2 SA Rio de Janeiro BR 221,409,319 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Fontes dos Ventos 3 SA Rio de Janeiro BR 131,001,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0%
Enel Green
Power Fontes II Participações SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Fontes Solar SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power
Ganado Solar
Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Germany GmbH Berlin DE 25,000 EUR Line-by-line Enel Green Power SpA 100% 100% Enel Green Power Global Investment BV Amsterdam NL 10,000 EUR Line-by-line Enel Green Power SpA 100% 100% Enel Green Power
Gulfstar Solar
Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Hadros Wind Limited Partnership Athens CA 1,000 CAD Line-by-line Enel Alberta Wind Inc. 1% 100% Enel Green Power Canada Inc. 99% Enel Green Power
HF101 GmbH &
Co. KG Berlin DE 50,000 EUR Line-by-line Enel Green Power Germany GmbH 100% 100% Enel Green Power Hilltopper Wind LLC
(formerly Hilltopper
Wind Power LLC) Dover US 1 USD Line-by-line Hilltopper Wind Holdings LLC 100% 100% Enel Green Power Horizonte MP Solar SA Rio de Janeiro BR 416,566,053 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power India Private Limited New Delhi IN 118,604,635 INR Held for sale Enel Green Power Development Srl 100% 100% Enel Green Power Italia Srl Rome IT 272,000,000 EUR Line-by-line Enel Italia SpA 100% 100% Enel Green Power
Ituverava Norte
Solar SA Rio de Janeiro BR 219,806,646 BRL Line-by-line Bondia Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power Ituverava Solar SA Rio de Janeiro BR 261,810,333 BRL Line-by-line Bondia Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power Ituverava Sul Solar SA Rio de Janeiro BR 408,949,643 BRL Line-by-line Bondia Energia Ltda 0% 86% Enel Brasil SA 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 199
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power Joana Eólica SA Rio de Janeiro BR 102,316,530 BRL Line-by-line Enel Brasil SA 99% 86% Enel Green Power Desenvolvimento Ltda 1% Enel Green Power Kenya Limited Nairobi KE 100,000 KES Line-by-line Enel Green Power SpA 99% 100% Enel Green Power South Africa (Pty) Ltd 1% Enel Green Power
Komplementär
Verwaltungs GmbH Berlin DE 25,000 EUR Line-by-line Enel Green Power
Seubersdorf Holding
GmbH 100% 100% Enel Green Power
Krackow Holding
GmbH Berlin DE 25,000 EUR Line-by-line Enel Green Power Germany GmbH 100% 100%
Enel Green
Power Krackow
Treuhänder UG
(haftungsbeschränkt) Berlin DE 100 EUR Line-by-line Windpark Krackow Beteiligungs GmbH 100% 100% Enel Green Power Lagoa do Sol 01 SA Piauí BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 02 SA Piauí BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 03 SA Piauí BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 04 SA Piauí BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 05 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 06 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 07 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 08 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 09 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 10 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 11 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 12 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa do Sol 13 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lagoa II Participações SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0%
Enel Green
Power Lagoa III Participações SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0%
200 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power
Lagoa Participações
SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Lily Solar Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Maniçoba Eólica SA Rio de Janeiro BR 90,722,530 BRL Line-by-line Enel Brasil SA 99% 86% Enel Green Power Desenvolvimento Ltda 1% Enel Green Power
Metehara Solar
Private Limited
Company Metehara ET 5,600,000 ETB Line-by-line Enel Green Power Solar Metehara SpA 80% 80% Enel Green Power México S de RL de Cv Mexico City MX 10,595,218,475 MXN Held for sale Enel Green Power SpA 100% 100% Enel Rinnovabile SA de Cv 0% Enel Green Power MM GmbH & Co. KG Berlin DE 50,000 EUR Line-by-line Enel Green Power Germany GmbH 100% 100% Enel Green Power Modelo I Eólica SA Rio de Janeiro BR 108,476,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Modelo II Eólica SA Rio de Janeiro BR 100,170,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Morocco Sàrl Casablanca MA 839,000,000 MAD Line-by-line Enel Green Power Development Srl 0% 100% Enel Green Power Morro do Chapéu I Eólica SA Rio de Janeiro BR 248,138,287 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Morro do Chapéu II Eólica SA Rio de Janeiro BR 206,050,114 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Morro do Chapéu Solar 01 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Morro Norte 02 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Morro Norte 03 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Morro Norte 04 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Mourão SA Rio de Janeiro BR 25,600,100 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Namibia (Pty) Ltd Windhoek NA 300 NAD Line-by-line Enel Green Power SpA 67% 100% Enel Green Power South Africa (Pty) Ltd 33% Enel Green Power
North America
Development LLC Wilmington US - USD Line-by-line Enel North America Inc. 100% 100% Enel Green Power North America Inc. Andover US - USD Line-by-line Enel North America Inc. 100% 100% Enel Green Power Nova Olinda 01 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 02 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 03 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 04 SA Piauí BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 201
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power Nova Olinda 05 SA Piauí BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 06 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 07 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 08 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 09 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 10 SA Teresina BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 11 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 12 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Nova Olinda 13 SA Rio de Janeiro BR 10,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Novo Lapa 01 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Novo Lapa 02 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Novo Lapa 03 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Novo Lapa 04 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Novo Lapa 05 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Novo Lapa 06 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Novo Lapa 07 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Novo Lapa 08 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power O&M Solar LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Paranapanema SA Niterói BR 175,456,500 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power
Partecipazioni
Speciali Srl Rome IT 10,000 EUR Line-by-line Enel Green Power SpA 100% 100% Enel Green Power Pau Ferro Eólica SA Rio de Janeiro BR 110,390,000 BRL Line-by-line Enel Brasil SA 99% 86% Enel Green Power Desenvolvimento Ltda 1%
202 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power Pedra do Gerônimo Eólica SA Rio de Janeiro BR 156,201,528 BRL Line-by-line Enel Brasil SA 99% 86% Enel Green Power Desenvolvimento Ltda 1% Enel Green Power PO11 GmbH & Co. KG Berlin DE 50,000 EUR Line-by-line Enel Green Power Germany GmbH 100% 100% Enel Green Power
PO133 GmbH &
Co. KG Berlin DE 50,000 EUR Line-by-line Enel Green Power Germany GmbH 100% 100% Enel Green Power PO25 GmbH & Co. KG Berlin DE 50,000 EUR Line-by-line Enel Green Power Germany GmbH 100% 100% Enel Green Power Primavera Eólica SA Rio de Janeiro BR 95,674,900 BRL Line-by-line Enel Brasil SA 98% 86% Enel Green Power Desenvolvimento Ltda 2% Enel Green Power Puglia Srl Rome IT 1,000,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Enel Green Power RA SAE in liquidation Cairo EG 15,000,000 EGP Line-by-line Enel Green Power Egypt SAE 100%
100%
Enel Green Power SpA 0% Enel Green Power
Rattlesnake Creek
Wind Project LLC
(formerly Rattlesnake
Creek Wind Project LLC) Delaware US 1 USD Line-by-line Rattlesnake Creek Holdings LLC 100% 100% Enel Green Power
Roadrunner Solar
Project Holdings
II LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power
Roadrunner Solar
Project Holdings LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power
Roadrunner Solar
Project II LLC Dover US 100 USD Line-by-line Enel Roadrunner Solar Project Holdings II LLC 100% 100% Enel Green Power
Rockhaven Ranchland
Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Roseland Solar LLC Andover US 1 USD Line-by-line 25RoseFarms Holdings
LLC 100% 100%
Enel Green Power RSA (Pty) Ltd Johannesburg ZA 1,000 ZAR Equity EGP Matimba NewCo 1 Srl 100% 50% Enel Green Power RSA 2 (RF) (Pty) Ltd Johannesburg ZA 120 ZAR Equity Enel Green Power RSA (Pty) Ltd 100% 50% Enel Green Power Rus Limited Liability Company Moscow RU 60,500,000 RUB Line-by-line Enel Green Power
Partecipazioni Speciali
Srl 1%
100%
Enel Green Power SpA 99% Enel Green Power SpA Rome IT 272,000,000 EUR Line-by-line Enel SpA 100% 100% Enel Green Power Salto Apiacás SA Rio de Janeiro BR 274,420,832 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Sannio Srl Rome IT 750,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Enel Green Power São Abraão Eólica SA Rio de Janeiro BR 91,300,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power São Cirilo 02 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Cirilo 03 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Gonçalo 02 SA Teresina BR 133,768,019 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 203
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power São Gonçalo 07 SA Teresina BR 114,522,005 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Gonçalo 08 SA Teresina BR 109,281,818 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Gonçalo 1 SA Teresina BR 235,654,397 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power São Gonçalo 10 SA Teresina BR 136,097 ,484 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power São Gonçalo 11 SA Teresina BR 114,475,155 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power São Gonçalo 12 SA Teresina BR 108,022,915 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Gonçalo 14 Teresina BR 233,323,487 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Gonçalo 15 Teresina BR 158,657 ,469 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Gonçalo 17 SA Teresina BR 141,007 ,043 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Gonçalo 18 SA Teresina BR 169,039,744 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Gonçalo 19 SA Teresina BR 138,467 ,789 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Gonçalo 21 SA Teresina BR 152,847,201 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power São Gonçalo 22 SA Teresina BR 158,938,061 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power São Gonçalo 3 SA Teresina BR 282,150,486 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power São Gonçalo 4 SA Teresina BR 137 ,917 ,258 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power São Gonçalo 5 SA Teresina BR 144,108,525 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power São Gonçalo 6 SA Teresina BR 223,615,691 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power São Judas Eólica SA Niterói BR 107 ,561,900 BRL Line-by-line Enel Brasil SA 99% 86% Enel Green Power Desenvolvimento Ltda 1% Enel Green Power São Micael 01 SA Teresina BR 1,000 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power São Micael 02 SA Teresina BR 1,000 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power São Micael 03 SA Teresina BR 1,000 BRL Line-by-line Alba Energia Ltda 0% 86% Enel Brasil SA 100% Enel Green Power São Micael 04 SA Piauí BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power São Micael 05 SA Piauí BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0%
204 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power Services LLC Wilmington US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100% Enel Green Power
Seubersdorf Holding
GmbH Berlin DE 25,000 EUR Line-by-line Enel Green Power Germany GmbH 100% 100% Enel Green Power SHU SAE in liquidation Cairo EG 15,000,000 EGP Line-by-line Enel Green Power Egypt SAE 100%
100%
Enel Green Power SpA 0% Enel Green Power Solar Energy Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Enel Green Power Solar Metehara SpA Rome IT 50,000 EUR Line-by-line Enel Green Power SpA 100% 100% Enel Green Power Solar Ngonye SpA (formerly Enel Green Power Africa Srl) Rome IT 50,000 EUR Line-by-line Enel Green Power SpA 100% 100% Enel Green Power South Africa (Pty) Ltd Johannesburg ZA 1,000 ZAR Line-by-line Enel Green Power SpA 100% 100% Enel Green Power South Africa 3 (Pty) Ltd Gauteng ZA 1,000 ZAR Line-by-line Enel Green Power SpA 100% 100% Enel Green Power
Stampede Solar
Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Enel Green Power Swift Wind LP Calgary CA 1,000 CAD Line-by-line Enel Alberta Wind Inc. 0% 100% Enel Green Power Canada Inc. 100% Enel Green Power Tacaicó Eólica SA Rio de Janeiro BR 72,123,360 BRL Line-by-line Enel Brasil SA 99% 86% Enel Green Power Desenvolvimento Ltda 1% Enel Green Power Tefnut SAE in liquidation Cairo EG 15,000,000 EGP Line-by-line Enel Green Power Egypt SAE 100%
100%
Enel Green Power SpA 0% Enel Green Power
Turkey Enerjí
Yatirimlari Anoním
Şírketí in liquidation Istanbul TR 37 ,141,108 TRY Line-by-line Enel Green Power SpA 100% 100% Enel Green Power UB33 GmbH & Co. KG Berlin DE 75,000 EUR Line-by-line Enel Green Power Germany GmbH 100% 100% Enel Green Power UB43 GmbH & Co. KG Berlin DE 50,000 EUR Line-by-line Enel Green Power Germany GmbH 100% 100% Enel Green Power Ventos de Santa Ângela 1 SA Teresina BR 127 ,540,006 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 10 SA Piauí BR 132,100,849 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 11 SA Piauí BR 142,786,606 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 14 SA Teresina BR 220,147 ,057 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 15 SA Teresina BR 146,779,950 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 17 SA Teresina BR 162,022,288 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 205
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power Ventos de Santa Ângela 19 SA Teresina BR 105,587 ,248 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 2 SA Teresina BR 202,922,006 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 20 SA Teresina BR 102,895,409 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 21 SA Teresina BR 108,267 ,942 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 3 SA Teresina BR 109,786,606 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 4 SA Teresina BR 97 ,834,205 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 5 SA Teresina BR 94,786,606 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 6 SA Teresina BR 93,786,606 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 7 SA Teresina BR 120,482,806 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Esperança Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 8 SA Teresina BR 132,457 ,606 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela 9 SA Teresina BR 128,786,606 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Ângela Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Ângela ACL 12 SA Teresina BR 130,900,364 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Ângela ACL 13 SA Teresina BR 99,046,725 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Ângela ACL 16 SA Teresina BR 104,087 ,563 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Ângela ACL 18 SA Teresina BR 86,496,703 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Esperança 08 SA Rio de Janeiro BR 173,154,501 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Esperança 1 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0%
206 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power Ventos de Santa Esperança 13 SA Rio de Janeiro BR 221,832,010 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Esperança Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Esperança 15 SA Rio de Janeiro BR 152,494,014 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Esperança Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Esperança 16 SA Rio de Janeiro BR 252,240,013 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Esperança 17 SA Rio de Janeiro BR 185,729,841 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Esperança Energias
Renováveis SA 0% Enel Green Power Ventos de Santa Esperança 21 SA Rio de Janeiro BR 276,814,829 BRL Line-by-line Enel Brasil SA 62% 53% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Esperança 22 SA Rio de Janeiro BR 161,187,753 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Esperança 25 SA Rio de Janeiro BR 171,324,008 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Esperança 26 SA Rio de Janeiro BR 293,401,102 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Esperança 3 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santa Esperança 7 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0%
Enel Green
Power Ventos de
Santa Esperança
Participações SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santo Orestes 1 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de Santo Orestes 2 SA Rio de Janeiro BR 1,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 01 SA Teresina BR 383,436,550 BRL Line-by-line Enel Brasil SA 34% 29% Enel Green Power Ventos de São Roque 02 SA Teresina BR 369,758,650 BRL Line-by-line Enel Brasil SA 34% 29% Enel Green Power Ventos de São Roque 03 SA Teresina BR 266,081,761 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 04 SA Piauí BR 379,980,530 BRL Line-by-line Enel Brasil SA 34% 29% Enel Green Power Ventos de São Roque 05 SA Teresina BR 366,006,060 BRL Line-by-line Enel Brasil SA 100% 86%Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 06 SA Teresina BR 266,006,060 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 07 SA Teresina BR 266,006,060 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 207
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Green Power Ventos de São Roque 08 SA Teresina BR 337 ,473,758 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 11 SA Teresina BR 318,740,450 BRL Line-by-line Enel Brasil SA 34% 29% Enel Green Power Ventos de São Roque 13 SA Teresina BR 266,006,060 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 16 SA Teresina BR 353,284,550 BRL Line-by-line Enel Brasil SA 34% 29% Enel Green Power Ventos de São Roque 17 SA Piauí BR 298,952,101 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 18 SA Piauí BR 332,473,759 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 19 SA Teresina BR 313,494,767 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 22 SA Teresina BR 266,006,060 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 26 SA Teresina BR 266,006,060 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Ventos de São Roque 29 SA Teresina BR 265,129,795 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Green Power Verwaltungs GmbH Berlin DE 25,000 EUR Line-by-line Enel Green Power Germany GmbH 100% 100% Enel Green Power Vietnam LLC (Công ty TNHH Enel Green Power Viêt Nam) Ho Chi Minh City VN 2,431,933 USD Line-by-line Enel Green Power SpA 100% 100% Enel Green Power Villoresi Srl Rome IT 1,200,000 EUR Line-by-line Enel Green Power Italia Srl 51% 51% Enel Green Power Volta Grande SA Niterói BR 565,756,528 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Zambia Limited Lusaka ZM 17,015,000 ZMW Line-by-line Enel Green Power Development Srl 0%
100%
Enel Green Power South Africa (Pty) Ltd 100% Enel Green Power Zeus II - Delfina 8 SA Rio de Janeiro BR 90,079,980 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Zeus Sul 1 Ltda 0% Enel Green Power Zeus Sul 1 Ltda Rio de Janeiro BR 6,986,993 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Grids Srl Rome IT 10,100,000 EUR Line-by-line Enel SpA 100% 100% Enel Guatemala SA Guatemala City GT 67 ,208,000 GTQ Line-by-line Enel Américas SA 0% 49% Enel Colombia SA ESP 100% Enel Holding Finance Srl Rome IT 10,000 EUR Line-by-line Enel SpA 100% 100% Enel Iberia SRLU Madrid ES 336,142,500 EUR Line-by-line Enel SpA 100% 100%
Enel Innovation
Hubs Srl Rome IT 1,100,000 EUR Line-by-line Enel SpA 100% 100%
Enel Investment
Holding BV Amsterdam NL 1,000,000 EUR Line-by-line Enel SpA 100% 100%
208 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Italia SpA Rome IT 100,000,000 EUR Line-by-line Enel SpA 100% 100%
Enel Kansas
Development
Holdings LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Enel Kansas LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100% Enel Land HoldCo LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Enel Libra Flexsys Srl Rome IT 1,000,000 EUR Line-by-line Enel Italia SpA 51% 51% Enel Logistics Srl Rome IT 1,000,000 EUR Line-by-line Enel Italia SpA 100% 100%
Enel Minnesota
Holdings LLC Minneapolis US - USD Line-by-line EGP Geronimo Holding Company Inc. 100% 100% Enel Mobility Chile SpA Santiago CL 504,094,780 CLP Line-by-line Enel Chile SA 100% 65% Enel Nevkan Inc. Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100% Enel North America Inc. Andover US 50 USD Line-by-line Enel SpA 100% 100%
Enel Operations
Canada Ltd Alberta CA 1,000 CAD Line-by-line Enel Green Power Canada Inc. 100% 100% Enel Panamá CAM Srl Panama City PA 3,001 USD Line-by-line Enel Américas SA 0% 49% Enel Colombia SA ESP 100% Enel Perú SAC San Miguel PE 1,000 PEN Line-by-line Enel Américas SA 100% 86%
Enel Power
Connection Italy Srl Rome IT 200,000 EUR Line-by-line Enel Italia SpA 100% 100% Enel Produzione SpA Rome IT 1,800,000,000 EUR Line-by-line Enel Italia SpA 100% 100%
Enel Reinsurance
- Compagnia di riassicurazione SpA Rome IT 3,000,000 EUR Line-by-line Enel SpA 100% 100% Enel Renovable Srl Panama City PA 80,320 USD Line-by-line Enel Colombia SA ESP 1% 49% Enel Panamá CAM Srl 99% Enel Rinnovabile SA de Cv Mexico City MX 12,645,490,022 MXN Held for sale Enel Green Power Global Investment BV 100%
100%
Enel Green Power México S de RL de Cv 0%
Enel Roadrunner
Solar Project Holdings II LLC Andover US - USD Line-by-line Enel Green Power
Roadrunner Solar
Project Holdings II LLC 100% 100%
Enel Roadrunner
Solar Project Holdings LLC Dover US 100 USD Line-by-line Enel Green Power
Roadrunner Solar
Project Holdings LLC 100% 100% Enel Services México SA de Cv Mexico City MX 6,339,849 MXN Held for sale Enel Green Power México S de RL de Cv 46% 100% Enel Green Power SpA 54% Enel Guatemala SA 0% Enel Rinnovabile SA de Cv 0% Enel Sole Srl Rome IT 4,600,000 EUR Line-by-line Enel Italia SpA 100% 100%
Enel Soluções
Energéticas Ltda Rio de Janeiro BR 42,863,000 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Enel Texkan Inc. Wilmington US 100 USD Line-by-line Chi Power Inc. 100% 100%
Enel Trading
Argentina Srl Buenos Aires AR 14,012,000 ARS Line-by-line Enel Américas SA 55% 86% Enel Argentina SA 45%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 209
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel Trading Brasil SA Rio de Janeiro BR 340,416,867 BRL Line-by-line Enel Brasil SA 100% 86% Enel Trading North America LLC Wilmington US 10,000,000 USD Line-by-line Enel North America Inc. 100% 100% Enel Uruguay SA Montevideo UY 20,000 UYU Line-by-line Enel Brasil SA 100% 86% Enel Vayu (Project 2) Private Limited Gurugram IN 45,000,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Enel X Advisory
Services Germany
GmbH Frankfurt DE 50,000 EUR Line-by-line Enel X Advisory Services Srl 100% 100% Enel X Advisory Services Japan GK Tokyo JP 284,076,000 JPY Line-by-line Enel X Advisory Services Srl 100% 100% Enel X Advisory
Services North
America Inc. Boston US - USD Held for sale Enel X Advisory Services Srl 100% 100% Enel X Advisory Services Srl Rome IT - EUR Line-by-line Enel X Srl 100% 100% Enel X Advisory Services UK Limited London GB 30,000 GBP Held for sale Enel X Advisory Services Srl 100% 100% Enel X Advisory Services USA LLC Boston US - USD Held for sale Enel X Advisory
Services North
America Inc. 100% 100% Enel X Argentina SAU Buenos Aires AR 127 ,800,000 ARS Line-by-line Enel X International Srl 100% 100% Enel X Australia Holding (Pty) Ltd Melbourne AU 45,424,578 AUD Line-by-line Enel X International Srl 100% 100% Enel X Australia (Pty) Ltd Melbourne AU 24,209,880 AUD Line-by-line Energy Response Holdings (Pty) Ltd 100% 100% Enel X Brasil
Gerenciamento de
Energia Ltda Sorocaba BR 5,538,403 BRL Line-by-line Enel X Advisory Services Srl 100% 100% Enel X Brasil SA São Paulo BR 903,325,892 BRL Line-by-line Enel Brasil SA 100% 86% Enel X Canada Ltd Mississauga CA 1,000 CAD Line-by-line Enel North America Inc. 100% 100% Enel X Chile SpA Santiago CL 142,837,499,395 CLP Line-by-line Enel Chile SA 100% 65% Enel X Colombia SAS ESP Bogotá CO 230,368,000 COP Line-by-line Enel Colombia SA ESP 100% 49% Enel X Demand Response SA São Paulo BR 2,000,000 BRL Line-by-line Enel X Brasil SA 100% 86% Enel X Demand Response LLC Boston US 100 USD Line-by-line Enel X North America Inc. 100% 100% Enel X Federal LLC Boston US 5,000 USD Line-by-line Enel X North America Inc. 100% 100% Enel X Germany GmbH Berlin DE 25,000 EUR Line-by-line Enel X International Srl 100% 100% Enel X International Srl Rome IT 100,000 EUR Line-by-line Enel X Srl 100% 100% Enel X Ireland Limited Dublin IE 10,841 EUR Line-by-line Enel X International Srl 100% 100% Enel X Italia Srl Rome IT 200,000 EUR Line-by-line Enel Italia SpA 100% 100% Enel X Japan KK Tokyo JP 1,030,000,000 JPY Line-by-line Enel X International Srl 100% 100% Enel X KOMIPO Solar Limited Seoul KR 11,054,000,000 KRW Line-by-line Enel X Korea Limited 80% 80% Enel X Korea Limited Seoul KR 11,800,000,000 KRW Line-by-line Enel X International Srl 100% 100% Enel X México S de RL de Cv Mexico City MX 264,303,595 MXN Line-by-line Enel Green Power México S de RL de Cv 0%
100%
Enel X International Srl 100%
210 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Enel X Mobilidade Urbana SA São Paulo BR 163,642,000 BRL Line-by-line Enel X Brasil SA 100% 86% Enel X New Zealand Limited Wellington NZ 313,606 AUD Line-by-line Energy Response Holdings (Pty) Ltd 100% 100% Enel X North America Inc. Boston US 1,000 USD Line-by-line Enel North America Inc. 100% 100% Enel X Polska Sp zo o Warsaw PL 12,275,150 PLN Line-by-line Enel X Ireland Limited 100% 100% Enel X Rus LLC Moscow RU 8,000,000 RUB Line-by-line Enel X International Srl 99% 99% Enel X Srl Rome IT 1,050,000 EUR Line-by-line Enel SpA 100% 100% Enel X Services India Private Limited Mumbai IN 1,497 ,290 INR Line-by-line Enel X International Srl 100% 100% Enel X North America
Inc. 0%
Enel X Taiwan Co. Ltd Taipei City TW 399,100,000 TWD Line-by-line Enel X Ireland Limited 100% 100% Enel X UK Limited London GB 32,638 GBP Line-by-line Enel X International Srl 100% 100% Enel X Way (Shanghai) Co. Ltd Shanghai CN 14,287,305 CNY Line-by-line Enel X Srl 100% 100% Enel X Way Brasil SA Rio de Janeiro BR 37,045,337 BRL Line-by-line Enel Brasil SA 20% 97% Enel X Srl 80% Enel X Way Canada Holding Ltd Vancouver CA - CAD Line-by-line Enel X Srl 100% 100% Enel X Way Chile SpA Santiago CL 19,329,589,733 CLP Line-by-line Enel Chile SA 62% 78% Enel X Srl 38% Enel X Way Germany GmbH Berlin DE 25,000 EUR Line-by-line Enel X Srl 100% 100% Enel X Way Italia Srl Rome IT 5,000,000 EUR Line-by-line Enel X Srl 100% 100% Enel X Way México SA de Cv Mexico City MX 6,479,171 MXN Line-by-line Enel Green Power México S de RL de Cv 0%
100%
Enel X Srl 100% Enel X Way North America Inc. San Carlos US 0 USD Line-by-line Enel X Srl 100% 100% Enel X Way USA LLC San Carlos US - USD Line-by-line Enel X Way North America Inc. 100% 100%
Enelpower Contractor
and Development
Saudi Arabia Ltd Riyadh SA 5,000,000 SAR Line-by-line Enelpower Srl 51% 51% Enelpower do Brasil Ltda Rio de Janeiro BR 55,449,064 BRL Line-by-line Enel Brasil SA 100% 86% Enelpower Srl Milan IT 2,000,000 EUR Line-by-line Enel SpA 100% 100% Energía Base Natural SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% Energía Ceuta XXI
Comercializadora de
Referencia SAU Ceuta ES 65,000 EUR Line-by-line Endesa Energía SAU 100% 73% Energía Colectiva SLU Valencia ES 9,748 EUR Line-by-line Endesa Energía SAU 100% 73% Energía Eólica Ábrego SLU Madrid ES 3,576 EUR Line-by-line Enel Green Power España SLU 100% 73% Energía Limpia de Amistad SA de Cv Mexico City MX 33,452,769 MXN Equity Tenedora de Energía Renovable Sol y Viento SAPI de Cv 61% 20% Energía Limpia de Palo Alto SA de Cv Mexico City MX 673,583,489 MXN Equity Tenedora de Energía Renovable Sol y Viento SAPI de Cv 61% 20%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 211
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Energía Limpia de Puerto Libertad S de RL de Cv Mexico City MX 2,953,980 MXN Held for sale Enel Green Power México S de RL de Cv 0%
100%
Enel Rinnovabile SA de Cv 100% Energía Marina SpA Santiago CL 2,404,240,000 CLP Equity Enel Green Power Chile SA 25% 16% Energía Neta Sa Caseta Llucmajor SLU Palma de Mallorca ES 9,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36%
Energía XXI
Comercializadora de
Referencia SLU Madrid ES 2,000,000 EUR Line-by-line Endesa Energía SAU 100% 73% Energía y Naturaleza SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36%
Energías Alternativas
del Sur SL Las Palmas de Gran Canaria ES 546,919 EUR Line-by-line Enel Green Power España SLU 55% 40% Energías de Aragón I SLU Zaragoza ES 3,200,000 EUR Line-by-line Endesa SA 100% 73% Energías de Graus SL Zaragoza ES 1,298,160 EUR Line-by-line Enel Green Power España SLU 67% 48%
Energías Especiales
de Careón SA Santiago de Compostela ES 270,450 EUR Line-by-line Enel Green Power España SLU 97% 70%
Energías Especiales
del Alto Ulla SAU Madrid ES 9,210,840 EUR Line-by-line Enel Green Power España SLU 100% 73%
Energías Especiales
del Bierzo SA Torre del Bierzo ES 1,635,000 EUR Equity Enel Green Power España SLU 50% 36% Energías Limpias de Carmona SL Seville ES 5,688 EUR Equity Envatios Promoción
I SLU 8%
17% Envatios Promoción
II SLU 8%
Envatios Promoción
III SLU 8%
Energías Renovables
la Mata SA de Cv Mexico City MX 3,011,133,575 MXN Held for sale Enel Green Power México S de RL de Cv 100%
100%
Enel Rinnovabile SA de Cv 0% Energy Podium Single
Member Private
Company Maroussi GR 383,228 EUR Equity Principia Energy
Generation Single
Member SA 100% 50%
Energy Response
Holdings (Pty) Ltd Melbourne AU 52,128,517 AUD Line-by-line Enel X Australia Holding (Pty) Ltd 100% 100% EnergyQ1BESS Srl Rome IT 10,000 EUR Line-by-line Enel Libra Flexsys Srl 100% 51% Energyworx BV Amsterdam NL 18,000 EUR Equity Energyworx International BV 100% 50% Energyworx Inc. Houston US 1 USD Equity Energyworx International BV 100% 0%
Energyworx
International BV Amsterdam NL 270 EUR Equity Gridspertise Srl 100% 50% EnerNOC GmbH Munich DE 25,000 EUR Line-by-line Enel X North America Inc. 100% 100%
EnerNOC Ireland
Limited Dublin IE 10,589 EUR Line-by-line Enel X Ireland Limited 100% 100% Enigma Green Power 1 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Entech Utility Service Bureau Inc. Lutherville US 1,500 USD Line-by-line Enel X North America Inc. 100% 100%
Envatios Promoción
I SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73%
Envatios Promoción
II SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73%
212 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Envatios Promoción
III SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73%
Envatios Promoción
XX SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Eojin Wind Power Co. Ltd Seoul KR 801,000,000 KRW Line-by-line Enel Green Power SpA 100% 100% Eólica Valle del Ebro SA Zaragoza ES 3,561,343 EUR Line-by-line Enel Green Power España SLU 50% 37% Eólica Zopiloapan SA de Cv Mexico City MX 1,877 ,201,538 MXN Held for sale Enel Green Power México S de RL de Cv 57% 43% Enel Green Power
Partecipazioni Speciali
Srl 43%
Eólicas de Agaete SL Las Palmas de Gran Canaria ES 240,400 EUR Line-by-line Enel Green Power España SLU 80% 58%
Eólicas de
Fuencaliente SA Las Palmas de Gran Canaria ES 216,360 EUR Line-by-line Enel Green Power España SLU 55% 40%
Eólicas de
Fuerteventura AIE Puerto del Rosario ES 4,558,427 EUR Equity Enel Green Power España SLU 40% 29% Eólicas de Lanzarote SL Las Palmas de Gran Canaria ES 1,758,226 EUR Equity Enel Green Power España SLU 40% 29% Eólicas de la Patagonia SA in liquidation Buenos Aires AR 480,930 ARS Equity Enel Green Power España SLU 50% 36% Eólicas de Tenerife AIE Santa Cruz de Tenerife ES 420,708 EUR Equity Enel Green Power España SLU 50% 36% Eólicos de Tirajana SL Las Palmas de Gran Canaria ES 3,000 EUR Line-by-line Enel Green Power España SLU 60% 44% Epresa Energía SA Puerto Real ES 2,500,000 EUR Equity Endesa SA 50% 36% e-Solar 3 Srl Rome IT 2,500 EUR Line-by-line Enel Green Power Italia Srl 100% 100% e-Solar 4 Srl Rome IT 2,500 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Ermis 2 Energeiaki SA Grevena GR 25,000 EUR Equity Principia Energy
Generation Single
Member SA 0% 0% Essaouira Wind Farm Casablanca MA 431,250,000 MAD Equity Nareva Enel Green Power Morocco SA 65% 32%
Estonian Solar
Holdings LLC Andover US 1 USD Line-by-line EGP Estonian Solar Holdings LLC 100% 100% Estonian Solar PPA LLC Andover US 1 USD Line-by-line EGP North America
PPA LLC 100% 100%
Eureka Wind Holding Trust Sydney AU 100 AUD Equity Potentia Energy Trust 100% 50% Eureka Wind (Pty) Ltd Sydney AU 100 AUD Equity Eureka Wind Holding (Pty) Ltd 100% 0% Eureka Wind Trust Sydney AU 100 AUD Equity Eureka Wind Holding Trust 100% 50%
European Energy
Exchange AG Leipzig DE 40,050,000 EUR - Enel Global Trading
SpA 2% 2%
EV Gravitational
Energy Storage LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Evacuación Carmona
400-220 kV
Renovables SL Seville ES 9,066 EUR Equity Envatios Promoción
I SLU 3%
8% Envatios Promoción
II SLU 3%
Envatios Promoción
III SLU 3%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 213
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Evolution Wind
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Ewiva Srl Milan IT 1,000,000 EUR Line-by-line Enel X Srl 100% 100%
Expedition Solar
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Explorer Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Explotaciones Eólicas
de Escucha SA Zaragoza ES 3,505,000 EUR Line-by-line Enel Green Power España SLU 70% 51%
Explotaciones Eólicas
el Puerto SA Zaragoza ES 3,230,000 EUR Line-by-line Enel Green Power España SLU 74% 53%
Explotaciones Eólicas
Santo Domingo de Luna SA Zaragoza ES 100,000 EUR Line-by-line Enel Green Power España SLU 51% 37%
Explotaciones Eólicas
Saso Plano SA Zaragoza ES 5,488,500 EUR Line-by-line Enel Green Power España SLU 65% 47%
Explotaciones Eólicas
Sierra Costera SA Zaragoza ES 8,046,800 EUR Line-by-line Enel Green Power España SLU 90% 65%
Explotaciones Eólicas
Sierra la Virgen SA Zaragoza ES 4,200,000 EUR Line-by-line Enel Green Power España SLU 90% 65% Falls Park Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Farrier Station Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Fayette Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100%
Fazenda Aroeira
Empreendimento de
Energia Ltda Rio de Janeiro BR 2,362,046 BRL Line-by-line Enel Brasil SA 100% 86% Fence Post Solar Holdings LLC Andover US 1 USD Line-by-line Enel Green Power Fence Post Solar Holdings LLC 100% 100% Fence Post Solar Project LLC Andover US - USD Line-by-line Fence Post Solar Holdings LLC 100% 100% Fenner Wind Holdings LLC Dover US 100 USD Line-by-line Enel Kansas LLC 100% 100% Field Day Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Finocchiara Solar Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Flat Rocks One Wind Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50% Flat Rocks One Wind Holding Trust Sydney AU 100 AUD Equity Potentia Energy Trust 100% 50% Flat Rocks One Wind (Pty) Ltd Sydney AU 100 AUD Equity Flat Rocks One Wind Holding (Pty) Ltd 100% 50% Flat Rocks One Wind Trust Sydney AU 100 AUD Equity Flat Rocks One Wind Holding Trust 100% 50% Flat Top Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Flint Rock Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Florence Hills LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Flowing Spring Farms LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100%
214 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Fótons de Santo
Anchieta Energias
Renováveis SA Rio de Janeiro BR 577 ,000 BRL Line-by-line Enel Brasil SA 100% 86%
Fotovoltaica Yunclillos
SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% Fourmile Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Fox Run Energy Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Freedom Energy
Storage LLC Andover US - USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100% French Quarter Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Front Marítim del Besòs SL Barcelona ES 6,000 EUR Equity Endesa Generación
SAU 61% 44%
Frontiersman Solar
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% FRV Corchitos I SLU Madrid ES 75,800 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% FRV Corchitos II Solar SLU Madrid ES 22,000 EUR Line-by-line Enel Green Power España SLU 100% 73%
FRV Gibalbín-Jerez
SLU Madrid ES 23,000 EUR Line-by-line Enel Green Power España SLU 100% 73% FRV Tarifa SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% FRV Villalobillos SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% FRV Zamora Solar 1 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% FRV Zamora Solar 3 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% FRWF Stage 1 (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy Group (Pty) Ltd 100% 50%
Fundamental
Recognized Systems
SLU Andorra ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Furatena Solar 1 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% FV Andrea Solar SLU Zaragoza ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73% FV Campos Solar SLU Zaragoza ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73% FV La Cerca SLU Zaragoza ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73% FV Menaute SLU Zaragoza ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73%
Ganado Solar
Holdings LLC Andover US 1 USD Line-by-line Enel Green Power Ganado Solar Holdings
LLC 100% 100%
Ganado Solar LLC Andover US - USD Line-by-line Ganado Solar Holdings
LLC 100% 100%
Ganado Storage LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Garob Wind Farm (RF) (Pty) Ltd Johannesburg ZA 100 ZAR Equity Enel Green Power RSA 2 (RF) (Pty) Ltd 55% 28% Gas y Electricidad Generación SAU Palma de Mallorca ES 213,775,700 EUR Line-by-line Endesa Generación
SAU 100% 73%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 215
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Gauley River
Management LLC Willison US 1 USD Line-by-line Enel Green Power North America Inc. 100% 100%
Generadora de
Occidente SA Guatemala
City GT 20,082,000 GTQ
Line-by-line Enel Colombia SA ESP 100% 49% Enel Panamá CAM Srl 0% Generadora Solar de Occidente SA Panama City PA 10,000 USD Line-by-line Enel Panamá CAM Srl 100% 49%
Geotérmica del
Norte SA Santiago CL 326,577 ,419,702 CLP Line-by-line Enel Green Power Chile SA 85% 55% Gibson Bay Wind Farm (RF) (Pty) Ltd Johannesburg ZA 1,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 60% 60% Girgarre BESS (Pty) Ltd Sydney AU 10,000 AUD Equity Girgarre BESS Holding (Pty) Ltd 100% 50%
Girgarre BESS
Holding (Pty) Ltd Sydney AU 10,000 AUD Equity Potentia Energy (Pty) Ltd 100% 50%
Girgarre BESS
Holding Trust Sydney AU 10,000 AUD Equity Potentia Energy Trust 100% 50% Girgarre BESS Trust Sydney AU 100,000 AUD Equity Girgarre BESS Holding Trust 100% 50% Girgarre Solar Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50% Girgarre Solar Holding Trust Sydney AU 10 AUD Equity Potentia Energy Trust 100% 50% Girgarre Solar (Pty) Ltd Sydney AU - AUD Equity Girgarre Solar Holding (Pty) Ltd 100% 50% Girgarre Solar Trust Sydney AU 10 AUD Equity Girgarre Solar Holding Trust 100% 50% Glass Top Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Global Commodities
Holdings Limited London GB 4,042,375 GBP - Enel Global Trading
SpA 5% 5%
Globyte SA San José CR 910,000 CRC - Enel Costa Rica CAM
SA 10% 5%
Gloucester Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% GNL Chile SA Santiago CL 3,026,160 USD Equity Enel Generación Chile SA 33% 20% Golden Terrace Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Goose Foot Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Gooseneck Solar
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Gorona del Viento El Hierro SA Valverde ES 30,936,736 EUR Equity Unión Eléctrica de
Canarias Generación
SAU 23% 17%
Grand Prairie Solar Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Great Karoo Wind Farm (Pty) Ltd Sandton ZA 1,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 100% 100% Gridspertise Iberia SL Madrid ES 3,000 EUR Equity Gridspertise Srl 100% 50%
Gridspertise India
Private Limited Gurugram IN 19,759,130 INR Equity Gridspertise Srl 100% 50%
Gridspertise Latam
SA São Paulo BR 2,010,000 BRL Equity Enel Brasil SA 0% 50% Gridspertise Srl 100%
216 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Gridspertise Srl Rome IT 7 ,500,000 EUR Equity Enel Grids Srl 50% 50% Gridspertise LLC Dover US 160,000 USD Equity Gridspertise Srl 100% 50% GRSF Finance Co.
(Pty) Ltd Perth AU 100 AUD Equity SRV GRSF (Pty) Ltd 100% 40% GRSF Hold Trust Perth AU 143,251,291 AUD Equity Bright Energy Investments Trust 100% 50% GRSF Trust Perth AU 143,251,291 AUD Equity GRSF Hold Trust 100% 50% Guayepo Solar III SAS ESP Bogotá CO 1,000,000 COP Line-by-line Enel Colombia SA ESP 100% 49% Guayepo Solar SAS Bogotá CO 1,000,000 COP Line-by-line Enel Colombia SA ESP 100% 49% Guir Wind Farm Casablanca MA 200,000 MAD Line-by-line Enel Green Power Morocco Sàrl 100% 100% GulfStar Power LLC Andover US 1 USD Line-by-line Gulfstar Solar Holdings
LLC 100% 100%
Gulfstar Solar
Holdings LLC Andover US 1 USD Line-by-line Enel Green Power Gulfstar Solar Holdings
LLC 100% 100%
Gusty Hill Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Hadley Ridge LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Hamilton County
Solar Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Hamlet Mill Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Hansborough Valley
Solar Project LLC Dover US - USD Line-by-line Enel Kansas LLC 100% 100% Harmony Plains Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100%
Harrogate BESS
Holding (Pty) Ltd Barangaroo AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50%
Harrogate BESS
Holding Trust Barangaroo AU 100 AUD Equity Potentia Energy Trust 100% 50%
Harrogate BESS
(Pty) Ltd Sydney AU 100 AUD Equity Harrogate BESS Holding (Pty) Ltd 100% 50% Harrogate BESS Trust Sydney AU 100 AUD Equity Harrogate BESS Holding Trust 100% 50% Hastings Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100%
Heartland Farms
Wind Project LLC Wilmington US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Heywood BESS
Holding (Pty) Ltd Barangaroo AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50%
Heywood BESS
Holding Trust Sydney AU 100 AUD Equity Potentia Energy Trust 100% 50% Heywood BESS (Pty) Ltd Sydney AU 100 AUD Equity Heywood BESS Holding (Pty) Ltd 100% 50% Heywood BESS Trust Sydney AU 100 AUD Equity Heywood BESS Holding Trust 100% 50%
Hidroeléctrica de
Catalunya SLU Barcelona ES 126,210 EUR Line-by-line Endesa SA 100% 73%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 217
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Hidroeléctrica de
Ourol SL La Coruña ES 1,608,200 EUR Equity Enel Green Power España SLU 30% 22%
Hidroelectricidad
del Pacífico S de RL de Cv Colima MX 30,889,736,000 MXN Held for sale Enel Green Power México S de RL de Cv 100%
100%
Enel Rinnovabile SA de Cv 0% Hidroflamicell SL Barcelona ES 78,120 EUR Line-by-line Hidroeléctrica de Catalunya SLU 75% 54% Hidroinvest SA Buenos Aires AR 55,312,093 ARS Line-by-line Enel Américas SA 42% 83% Enel Argentina SA 55% HIF H2 SpA Santiago CL 6,933,000 USD Equity Enel Green Power Chile SA 50% 32% High Chaparral Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
High Lonesome
Storage LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% High Lonesome Wind Holdings LLC Wilmington US 100 USD Line-by-line Enel Kansas LLC 100% 100% High Lonesome Wind Power LLC Boston US 100 USD Line-by-line High Lonesome Wind Holdings LLC 100% 100% High Lonesome Wind PPA LLC Andover US 1 USD Line-by-line EGP North America
PPA LLC 100% 100%
High Noon Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
Hilltopper Wind
Holdings LLC Wilmington US 1,000 USD Line-by-line Enel Kansas LLC 100% 100%
Hispano Generación
de Energía Solar SL Jerez de los Caballeros ES 3,500 EUR Line-by-line Enel Green Power España SLU 51% 37% Honey Stone Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
Honeybee Solar
Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
Honeywine Solar
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Hope Creek LLC Crestview US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Hope Ridge Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Horse Run Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Horse Wrangler Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% HPSP Cingoli Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100%
Hubject eRoaming
Technology
(Shanghai) Co. Ltd Shanghai CN 12,668,016 CNY - Hubject GmbH 100% 13%
Hubject Financial
Services GmbH Berlin DE 25,000 EUR - Hubject GmbH 100% 13% Hubject GmbH Berlin DE 65,943 EUR - Enel X Srl 13% 13% Hubject Inc. Santa Monica US 100,000 USD - Hubject GmbH 100% 13%
Hubject Singapore
Pte Ltd Singapore SG 50,000 SGD - Hubject GmbH 100% 13% Idalia Park Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
218 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Idrosicilia SpA Milan IT 22,520,000 EUR Equity Enel SpA 1% 1% IIK Energía de Dzemul SA de Cv Mexico City MX 6,204,259 MXN Line-by-line Enel Green Power México S de RL de Cv 0%
100%
Enel Rinnovabile SA de Cv 100%
Impofu Cluster
Investment SPV (RF) (Pty) Ltd Gauteng ZA 2,000,000 ZAR Equity Enel Green Power RSA (Pty) Ltd 51% 25%
Infraestructuras Palos
220 SL Madrid ES 3,000 EUR Line-by-line Puerto Santa María Energía I SLU 50% 73% Puerto Santa María Energía II SLU 50%
Infraestructuras San
Serván 220 SL Madrid ES 12,000 EUR Equity Enel Green Power España Solar 1 SLU 31% 11%
Infraestructuras San
Serván Set 400 SL Madrid ES 90,000 EUR Equity Aranort Desarrollos
SLU 6%
7% Baylio Solar SLU 6% Furatena Solar 1 SLU 6% Ingwe Solar Power Plant (RF) (Pty) Ltd Gauteng ZA 1,000 ZAR Line-by-line Enel Green Power SpA 100% 100%
Inkolan Información
y Coordinación de Obras AIE Bilbao ES 84,142 EUR - Edistribución Redes Digitales SLU 14% 10%
Instalaciones San
Serván II 400 SL Madrid ES 11,026 EUR Equity Aranort Desarrollos
SLU 8%
9% Baylio Solar SLU 8% Furatena Solar 1 SLU 8%
International
Multimedia University
Srl Rome IT 24,000 EUR - Enel Italia SpA 13% 13%
Ipsomata DPGU
Single Member
Private Company Maroussi GR 30,000 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% Iris Bloom Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Iron Belt Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Iron Bull Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Irradiance Draw Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Isamu Ikeda Energia SA Niterói BR 31,753,476 BRL Line-by-line Enel Brasil SA 100% 86% Italgest Energy (Pty) Ltd Johannesburg ZA 1,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 100% 100% Italgest Zambia Lusaka ZM 1,000,000 ZMW Line-by-line Italgest Energy (Pty) Ltd 100% 100% Jack River LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Jackrabbit Energy
Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Jade Energia Ltda Rio de Janeiro BR 7 ,283,953 BRL Line-by-line Enel Brasil SA 100% 86%
Jamboree Solar
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Jessica Mills LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Julep Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 219
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Julia Creek Wind (Pty) Ltd Sydney AU 100 AUD Equity Julia Creek Wind Holding (Pty) Ltd 100% 50% Julia Creek Wind Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50% Julia Creek Wind Holding Trust Sydney AU 10,000 AUD Equity Potentia Energy Trust 100% 50% Julia Creek Wind Trust Julia Creek AU 10,000 AUD Equity Julia Creek Wind Holding Trust 100% 50% Julia Hills LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Junia Insurance Srl Mosciano Sant’Angelo IT 10,000 EUR Equity Mooney Group SpA 100% 50%
Juniper Canyon
Energy Storage
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Keeneys Creek Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Ken Renewables India Private Limited Gurugram IN 12,100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% King Branch Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100%
Kingston Energy
Storage LLC Wilmington US - USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100% Kino Contractor SA de Cv Mexico City MX 1,000,100 MXN Line-by-line Enel Green Power México S de RL de Cv 100%
100%
Enel Rinnovabile SA de Cv 0%
Knickerbocker Energy
Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Kokkinari DPGU
Single Member
Private Company Maroussi GR 41,000 EUR Equity Principia Energy
Generation Single
Member SA 100% 50%
Korea Line
Corporation Seoul KR 122,132,520,000 KRW - Enel Global Trading
SpA 0% 0%
Koukos Energy Single
Member Private
Company Maroussi GR 304,335 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% Kromschroeder SA L’Hospitalet de Llobregat ES 627,126 EUR Equity Endesa Medios y Sistemas SLU 29% 21% Kutlwano Solar Power Plant (RF) (Pty) Ltd Gauteng ZA 1,000 ZAR Line-by-line Enel Green Power SpA 100% 100% Lake Emily Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% Lake Pulaski Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% Land Run Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Land Run Wind Project LLC Dover US 100 USD Line-by-line Sundance Wind Project LLC 100% 100%
Lantana Springs
Hydrogen Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Lantern Trail Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Lariat Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Lasso Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Latam Solar Energías Renovables SAS Bogotá CO 8,000,000 COP Line-by-line Enel Colombia SA ESP 100% 49%
220 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Latam Solar
Fotovoltaica
Fundación SAS Bogotá CO 8,000,000 COP Line-by-line Enel Colombia SA ESP 100% 49%
Latamsolar
Fotovoltaica Sahagun
SAS Bogotá CO 8,000,000 COP Line-by-line Enel Colombia SA ESP 100% 49% Lathrop Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Laural Grove Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Lawrence Creek
Solar LLC Minneapolis US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% Lebanon Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100%
Legacy Blossom
Storage Project
Limited Partnership Calgary CA - CAD Line-by-line Enel Alberta Storage
Inc. 0%
100%
Enel Green Power Canada Inc. 100%
Lemonade Solar
Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Lene Connect Srl Rome IT 100,000 EUR Line-by-line Lene Srl 100% 100% Lene Srl Rome IT 100,000 EUR Line-by-line Enel Italia SpA 100% 100% Lerato Solar Power Plant (RF) (Pty) Ltd Gauteng ZA 1,000 ZAR Line-by-line Enel Green Power SpA 100% 100%
Liberty Energy
Storage LLC Andover US - USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100% Libyan Italian Joint Company - Azienda Libico-Italiana (A.L.I) Tripoli LY 1,350,000 EUR - Enelpower Srl 0% 0% Light Cirrus Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Lighthouse PE Clare (Pty) Ltd Barangaroo AU 102 AUD Equity Clare Solar Holding (Pty) Ltd 50% 25% Lighthouse PE Clare Trust Barangaroo AU 112,854,252 AUD Equity Clare Solar Holding Trust 50% 25% Lily Solar Holdings LLC Andover US 1 USD Line-by-line Enel Green Power Lily Solar Holdings LLC 100% 100% Lily Solar LLC Andover US - USD Line-by-line Lily Solar Holdings LLC 100% 100% Little Elk Wind Holdings LLC Wilmington US - USD Line-by-line Enel Kansas LLC 100% 100% Little Elk Wind Project LLC Wilmington US - USD Line-by-line Little Elk Wind Holdings LLC 100% 100% Little Salt Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Litus Energy Storage LLC Andover US - USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100% Loira de Logística 10 SLU Madrid ES 3,000 EUR Line-by-line Endesa Energía SAU 100% 73% Loira de Logística 2 SLU Madrid ES 3,000 EUR Line-by-line Endesa Energía SAU 100% 73% Loira de Logística 3 SLU Madrid ES 3,000 EUR Line-by-line Endesa Energía SAU 100% 73% Loira de Logística 4 SLU Madrid ES 3,000 EUR Line-by-line Endesa Energía SAU 100% 73% Loira de Logística 5 SLU Madrid ES 3,000 EUR Line-by-line Endesa Energía SAU 100% 73%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 221
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Loira de Logística 6 SLU Madrid ES 3,000 EUR Line-by-line Endesa Energía SAU 100% 73% Loira de Logística 7 SLU Madrid ES 3,000 EUR Line-by-line Endesa Energía SAU 100% 73% Loira de Logística 8 SLU Madrid ES 3,000 EUR Line-by-line Endesa Energía SAU 100% 73% Loira de Logística 9 SLU Madrid ES 3,000 EUR Line-by-line Endesa Energía SAU 100% 73% Loira de Logística SLU Madrid ES 3,000 EUR Line-by-line Endesa Energía SAU 100% 73% Lone Pine Wind Inc. Alberta CA - CAD - Enel Green Power Canada Inc. 10% 10% Lone Pine Wind Project LP Alberta CA - CAD Equity Enel Green Power Canada Inc. 10% 10% Lucas Sostenible SL Madrid ES 1,099,775 EUR Equity Enel Green Power España Solar 1 SLU 35% 13%
Luminary Highlands
Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Luz de Alagoinhas SA Alagoinhas BR 9,350,000 BRL Line-by-line Enel X Brasil SA 80% 69% Luz de Angra Energia SA Rio de Janeiro BR 14,304,790 BRL Line-by-line Enel X Brasil SA 51% 44% Luz de Caruaru Energia SA Rio de Janeiro BR 21,027 ,600 BRL Line-by-line Enel X Brasil SA 51% 44% Luz de Cataguases SA Cataguases BR 4,800,000 BRL Line-by-line Enel X Brasil SA 60% 51% Luz de Caxias do Sul SA Rio de Janeiro BR 31,017,000 BRL Line-by-line Enel X Brasil SA 80% 69% Luz de Itanhaém SA Itanhaém BR 22,700,000 BRL Line-by-line Enel X Brasil SA 60% 51% Luz de Jaboatão Energia SA Rio de Janeiro BR 21,114,200 BRL Line-by-line Enel X Brasil SA 51% 44% Luz de Macapá Energia SA Rio de Janeiro BR 24,338,000 BRL Line-by-line Enel X Brasil SA 51% 44% Luz de Maringá SA Rio de Janeiro BR 35,109,625 BRL Line-by-line Enel X Brasil SA 80% 69% Luz de Ponta Grossa SA Rio de Janeiro BR 17 ,889,000 BRL Line-by-line Enel X Brasil SA 80% 69% Maicor Wind Srl Rome IT 20,850,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100%
Mansar Renewable
Energy Private
Limited Gurgaon IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Maple Run Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% María Renovables SL Zaragoza ES 3,000 EUR Equity Enel Green Power España SLU 45% 33%
Marshoy Energy
Advisory Services
Private Limited Mumbai IN 313,709,000 INR Line-by-line Enel X Advisory Services Srl 100%
100%
Enel X Advisory Services UK Limited 0% Marte Srl Rome IT 6,100,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100%
Marudhar Wind
Energy Private
Limited Gurugram IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Más Energía S de RL de Cv Mexico City MX 61,873,926 MXN Held for sale Enel Green Power México S de RL de Cv 67%
100%
Enel Rinnovabile SA de Cv 33% Mason Jar Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
222 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Mason Mountain
Wind Project LLC Wilmington US - USD Line-by-line Padoma Wind Power
LLC 100% 100%
Matrigenix (Pty) Ltd Johannesburg ZA 1,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 100% 100% Maty Energia Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% McBride Wind Project LLC Wilmington US 1 USD Line-by-line Enel Kansas LLC 100% 100% Merit Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Metro Wind LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Mexicana de
Hidroelectricidad
Mexhidro S de RL de Cv Mexico City MX 181,725,901 MXN Held for sale Enel Green Power México S de RL de Cv 100%
100%
Enel Rinnovabile SA de Cv 0% Mibgas SA Madrid ES 3,000,000 EUR - Endesa SA 1% 1% Midelt Wind Farm SA Casablanca MA 246,580,000 MAD Equity Nareva Enel Green Power Morocco SA 65% 32%
Millstone Junction
Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Minglanilla
Renovables 400
kV AIE Valencia ES - EUR Proportional Enel Green Power España SLU 9% 23% Energía Base Natural
SLU 5%
Energía Eólica Ábrego
SLU 8%
Energía y Naturaleza
SLU 5%
Minicentrales Acequia
Cinco Villas AIE Ejea de los Caballeros ES 3,346,993 EUR - Enel Green Power España SLU 5% 4%
Minicentrales del
Canal de las Bárdenas AIE Ejea de los Caballeros ES 1,202,000 EUR - Enel Green Power España SLU 15% 11%
Minicentrales del
Canal Imperial-Gallur
SL Zaragoza ES 1,820,000 EUR Equity Enel Green Power España SLU 37% 26% Mira Energy (Pty) Ltd Johannesburg ZA 100 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 100% 100% MO Land Holdings 1358 LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Mologa BESS Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50% Mologa BESS Holding Trust Sydney AU 100 AUD Equity Potentia Energy Trust 100% 50% Mologa BESS (Pty) Ltd Sydney AU 100 AUD Equity Mologa BESS Holding (Pty) Ltd 100% 50% Mologa BESS Trust Sydney AU 100 AUD Equity Mologa BESS Holding Trust 100% 50%
Monte Reina
Renovables SL Madrid ES 4,000 EUR Equity FRV Zamora Solar
1 SLU 21% 15%
Montrose Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100%
Moonbeam Solar
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Mooney Group SpA Milan IT 10,050,000 EUR Equity Enel X Srl 50% 50% Mooney SpA Milan IT 87,833,331 EUR Equity Mooney Group SpA 100% 50%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 223
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Mooney Servizi SpA Milan IT 8,549,999 EUR Equity Mooney Group SpA 100% 50% Morgan Branch Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Morning Light Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Mountrail Wind
Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Mucho Viento Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Mule Bit Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Muskegon County
Solar Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Muskegon Green
Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Mustang Run Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% myCicero Srl Senigallia IT 1,142,857 EUR Equity Mooney Servizi SpA 30% 39% Pluservice Srl 70% Nabb Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100%
Napolean Wind
Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Nareva Enel Green Power Morocco SA Casablanca MA 98,750,000 MAD Equity Enel Green Power Morocco Sàrl 50% 50%
Narrandera Solar
Hybrid (Pty) Ltd Narrandera AU 10,000 AUD Equity - 100% 0%
Narrandera Solar
Hybrid Holding (Pty) Ltd Sydney AU 10,000 AUD Equity Potentia Energy (Pty) Ltd 100% 50%
Narrandera Solar
Hybrid Holding Trust Sydney AU 10,000 AUD Equity Potentia Energy Trust 100% 50%
Narrandera Solar
Hybrid Trust Sydney AU 10,000 AUD Equity Narrandera Solar Hybrid Holding Trust 100% 50%
Nevkan Renewables
LLC Wilmington US - USD Line-by-line Enel Nevkan Inc. 100% 100% New York Distributed Storage Projects LLC Boston US - USD Line-by-line Enel X North America Inc. 100% 100%
Ngonye Power
Company Limited Lusaka ZM 10 ZMW Line-by-line Enel Green Power Solar Ngonye SpA (formerly Enel Green Power Africa Srl) 80% 80% Nojoli Wind Farm (RF) (Pty) Ltd Johannesburg ZA 10,000,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 60% 60% North English Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% North Rock Wind LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Northland Wind
Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Northstar Wind
Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Northwest Hydro LLC Wilmington US - USD Line-by-line Chi West LLC 100% 100% Notch Butte Hydro Company Inc. Wilmington US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100%
224 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Nuclenor SA Valle de Tobalina ES 5,406,000 EUR Equity Endesa Generación
SAU 50% 36%
Nuclitalia Srl Rome IT 200,000 EUR Line-by-line Enel Innovation Hubs Srl 51% 51% Nuove Energie Srl Porto Empedocle IT 5,204,029 EUR Line-by-line Enel Global Trading
SpA 100% 100%
Nxuba Wind Farm (RF) (Pty) Ltd Johannesburg ZA 1,000 ZAR Equity Enel Green Power RSA 2 (RF) (Pty) Ltd 51% 26% Olathe Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Old Sport Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Olivum PV Farm 01 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% OMIP - Operador do Mercado Ibérico (Portugal) SGPS SA Lisbon PT 2,610,000 EUR - Endesa Generación Portugal SA 5% 4% Open Range Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Operador del
Mercado Ibérico
de Energía - Polo Español SA Madrid ES 1,999,998 EUR - Endesa SA 5% 4% Operadora Distrital de Transporte SAS Bogotá CO 12,500,000,000 COP Equity Enel Colombia SA ESP 20% 10% Orchid Acres Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Osage Wind Holdings LLC Wilmington US 100 USD Line-by-line Enel Kansas LLC 100% 100% Osage Wind LLC Wilmington US - USD Line-by-line Osage Wind Holdings
LLC 100% 100%
Oxagesa AIE in liquidation Alcañiz ES 6,010 EUR Equity Enel Green Power España SLU 33% 24% Oyster Bay Wind Farm (RF) (Pty) Ltd Johannesburg ZA 1,000 ZAR Equity Enel Green Power RSA 2 (RF) (Pty) Ltd 55% 28% Padoma Wind Power LLC Elida US - USD Line-by-line Enel Green Power North America Inc. 100% 100% Painted Rose Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Paliolivada Storage
Single Member SA Maroussi GR 12,034,001 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% Palo Alto Farms Wind Project LLC Dallas US - USD Line-by-line Enel Kansas LLC 100% 100% Pampinus PV Farm 01 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Paradise Creek Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Paravento SL Paradela ES 3,006 EUR Line-by-line Enel Green Power España SLU 90% 65% Parc Eòlic La Tossa-La Mola d’en Pascual SL Madrid ES 1,183,100 EUR Equity Enel Green Power España SLU 30% 22% Parc Eòlic Los Aligars SL Madrid ES 1,313,100 EUR Equity Enel Green Power España SLU 30% 22% Parco Eolico Monti Sicani Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Parque Amistad II SA de Cv Mexico City MX 2,589,177 ,005 MXN Held for sale Enel Green Power México S de RL de Cv 1%
100%
Enel Rinnovabile SA de Cv 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 225
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Parque Amistad III SA de Cv Mexico City MX 1,706,287 ,200 MXN Held for sale Enel Green Power México S de RL de Cv 1%
100%
Enel Rinnovabile SA de Cv 100% Parque Amistad IV SA de Cv Mexico City MX 2,728,499,160 MXN Held for sale Enel Green Power México S de RL de Cv 1%
100%
Enel Rinnovabile SA de Cv 100% Parque Eólico A Capelada SLU Santiago de Compostela ES 5,857,704 EUR Line-by-line Enel Green Power España SLU 100% 73%
Parque Eólico
Belmonte SA Madrid ES 120,400 EUR Line-by-line Enel Green Power España SLU 50% 36% Parque Eólico BR-1 SA de Cv Mexico City MX 50,000 MXN Held for sale Enel Green Power México S de RL de Cv 0% 25% Enel Rinnovabile SA de Cv 100%
Parque Eólico
Carretera de Arinaga SA Las Palmas de Gran Canaria ES 1,007 ,000 EUR Line-by-line Enel Green Power España SLU 80% 58% Parque Eólico de Barbanza SA Santiago de Compostela ES 3,606,073 EUR Line-by-line Enel Green Power España SLU 75% 54% Parque Eólico de San Andrés SA Santiago de Compostela ES 552,920 EUR Line-by-line Enel Green Power España SLU 82% 59% Parque Eólico de Santa Lucía SA Las Palmas de Gran Canaria ES 901,500 EUR Line-by-line Enel Green Power España SLU 66% 48% Parque Eólico de Santa Lucía SA 1% Parque Eólico Finca de Mogán SA Santa Cruz de Tenerife ES 3,810,340 EUR Line-by-line Enel Green Power España SLU 90% 65% Parque Eólico Montes de las Navas SA Madrid ES 6,540,000 EUR Line-by-line Enel Green Power España SLU 76% 55%
Parque Eólico
Muniesa SLU Madrid ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73% Parque Eólico Palmas dos Ventos Ltda Salvador BR 4,096,626 BRL Line-by-line Enel Brasil SA 100% 86% Enel Green Power Desenvolvimento Ltda 0% Parque Eólico Punta de Teno SA Santa Cruz de Tenerife ES 528,880 EUR Line-by-line Enel Green Power España SLU 52% 38% Parque Eólico Sierra del Madero SA Madrid ES 7,193,970 EUR Line-by-line Enel Green Power España SLU 58% 42% Parque Salitrillos SA de Cv Mexico City MX 100 MXN Equity Tenedora de Energía Renovable Sol y Viento SAPI de Cv 61% 20% Parque Solar Cauchari IV SAU San Salvador de Jujuy AR 500,000 ARS Line-by-line Enel Américas SA 100% 86% Parque Solar Don José SA de Cv Mexico City MX 100 MXN Equity Tenedora de Energía Renovable Sol y Viento SAPI de Cv 61% 20%
Parque Solar
Villanueva Tres SA de Cv Mexico City MX 306,024,631 MXN Equity Tenedora de Energía Renovable Sol y Viento SAPI de Cv 61% 20%
Parque Talinay
Oriente SA Santiago CL 66,092,165,174 CLP Line-by-line Enel Green Power Chile SA 61% 79% Enel Green Power SpA 39% Pastis - Centro Nazionale per la ricerca e lo sviluppo dei materiali SCPA in liquidation Brindisi IT 2,065,000 EUR - Enel Italia SpA 1% 1% Paynesville Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% PDP Technologies Ltd Kfar Saba IL 1,129,252 ILS - Enel Grids Srl 5% 5%
226 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Pearl Star Wind Limited Partnership Calgary CA 100 CAD Line-by-line Enel Alberta Wind Inc. 0% 100% Enel Green Power Canada Inc. 100% Pebble Stream Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Peel Valley Hybrid (Pty) Ltd Sydney AU 100 AUD Equity Peel Valley Solar Hybrid Holding (Pty) Ltd 100% 50% Peel Valley Solar Farm (Pty) Ltd Sydney AU 10 AUD Equity Potentia Energy Group (Pty) Ltd 100% 50% Peel Valley Solar Hybrid Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50% Peel Valley Solar Hybrid Holding Trust Sydney AU 100 AUD Equity Potentia Energy Trust 100% 50% Pegop - Energia Eléctrica SA Pego PT 50,000 EUR Equity Endesa Generación Portugal SA 0% 36%
Endesa Generación
SAU 50%
PH Chucás SA San José CR 100,000 CRC Line-by-line Enel Costa Rica CAM
SA 65% 32%
PH Don Pedro SA San José CR 100,001 CRC Line-by-line Enel Costa Rica CAM
SA 33%
20% Globyte SA 67% PH Río Volcán SA San José CR 100,001 CRC Line-by-line Enel Costa Rica CAM
SA 34%
20% Globyte SA 66% Piebald Hill Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Pike Den Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Pilesgrove Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Pincher Creek LP Alberta CA - CAD Line-by-line Enel Green Power Canada Inc. 51%
100%
Pincher Creek
Management Inc. 50%
Pincher Creek
Management Inc. Calgary CA 100 CAD Line-by-line Enel Green Power Canada Inc. 100% 100% Pine Bluff Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Pine Island
Distributed Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% Playa Flat Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Pluservice Srl Senigallia IT 450,000 EUR Equity Mooney Servizi SpA 70% 35% Point Bar Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Point Rider Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Polka Dot Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Pomerado Energy
Storage LLC Wilmington US 1 USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100% Potentia Energy Finco (Pty) Ltd Sydney AU 120 AUD Equity Cohuna Solar Trust 33% 50% Flat Rocks One Wind
Trust 33%
Girgarre Solar Trust 33%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 227
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Potentia Energy
Group (Pty) Ltd Sydney AU 100 AUD Equity Enel Green Power SpA 50% 50%
Potentia Energy
HoldCo (Pty) Ltd Barangaroo AU 100 AUD Equity Enel Green Power SpA 50% 50%
Potentia Energy
Markets (Pty) Ltd Melbourne AU 2 AUD Equity Potentia Energy Group (Pty) Ltd 100% 50%
Potentia Energy
Monaro Holding 2 (Pty) Ltd Barangaroo AU 251 AUD Equity Potentia Energy Monaro Holding (Pty) Ltd 100% 50%
Potentia Energy
Monaro Holding 2 Trust Barangaroo AU 168,565,977 AUD Equity Potentia Energy Trust 100% 50%
Potentia Energy
Monaro Holding
(Pty) Ltd Barangaroo AU 1,892,105 AUD Equity Potentia Energy Trust 100% 50%
Potentia Energy
(Pty) Ltd Sydney AU 10,000 AUD Equity Potentia Energy HoldCo (Pty) Ltd 100% 50% Potentia Energy Retail (Pty) Ltd Sydney AU 200,100 AUD Equity Potentia Energy Group (Pty) Ltd 100% 50% Potentia Energy Trust Sydney AU 100 AUD Equity Potentia Energy HoldCo (Pty) Ltd 100% 50%
PowerCrop
Macchiareddu Srl Russi IT 100,000 EUR Equity PowerCrop SpA 100% 50% PowerCrop Russi Srl Russi IT 100,000 EUR Equity PowerCrop SpA 100% 50% PowerCrop SpA Russi IT 4,000,000 EUR Equity Enel Green Power Italia Srl 50% 50% Primavera Energia SA Niterói BR 36,965,445 BRL Line-by-line Enel Brasil SA 100% 86%
Principia Aeolus
Single Member SA Athens GR 25,000 EUR Equity Principia Energy
Generation Single
Member SA 100% 50%
Principia
Ananeosimes Piges
Energeias Ellas 1 Single Member SA Athens GR 2,855,000 EUR Equity Principia Aeolus Single Member SA 0% 0% Principia Energy 1 Single Member PC Maroussi GR 2,000 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% Principia Energy 2 Single Member PC Maroussi GR 2,000 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% Principia Energy 3 Single Member PC Maroussi GR 2,000 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% Principia Energy 4 Single Member PC Maroussi GR 2,000 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% Principia Energy 5 Single Member PC Maroussi GR 2,000 EUR Equity Principia Energy
Generation Single
Member SA 100% 50%
Principia Energy
Generation Single
Member SA Maroussi GR 463,195,910 EUR Equity Principia Energy SA 100% 50% Principia Energy SA Maroussi GR 459,160,086 EUR Equity Enel Green Power SpA 50% 50%
Principia Energy
South Evia Single Member SA Maroussi GR 87 ,963,032 EUR Equity Principia Energy
Generation Single
Member SA 100% 50%
Productive Solar
Systems SLU Andorra ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73%
Productora de
Energías SA Barcelona ES 60,101 EUR Equity Enel Green Power España SLU 30% 22%
Productora Eléctrica
Urgellenca SA La Seu d’Urgell ES 8,400,000 EUR - Endesa SA 8% 6%
228 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Promociones
Energéticas del
Bierzo SLU Madrid ES 12,020 EUR Line-by-line Enel Green Power España SLU 100% 73%
Promotores Mudéjar
400 kV SL Zaragoza ES 3,000 EUR Equity Enel Green Power España SLU 25% 25% Renovables la Pedrera
SLU 7%
Renovables Mediavilla
SLU 6%
Proveedora de
Electricidad de
Occidente S de RL de Cv Mexico City MX 89,705,635 MXN Held for sale Enel Green Power México S de RL de Cv 100%
100%
Enel Rinnovabile SA de Cv 0% Proyecto REN 02 SLU Madrid ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73% Proyecto REN 03 SLU Madrid ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73% Proyecto REN 04 SLU Madrid ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73% Proyecto REN 05 SLU Madrid ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73% Proyecto REN 06 SLU Madrid ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73%
Proyectos
Universitarios de
Energías Renovables
SL Alicante ES 27 ,000 EUR Equity Enel Green Power España SLU 33% 24% PSG Energy Private Limited Hyderabad IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% PT Enel Green Power Optima Way Ratai Jakarta ID 10,002,740 USD Line-by-line Enel Green Power SpA 90% 90% Puerto Santa María Energía I SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Puerto Santa María Energía II SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Pulida Energy (RF) (Pty) Ltd Johannesburg ZA 10,000,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 53% 53% Pumpkin Vine Wind Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% QPSF (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy Trust 100% 50% Quatiara Energia SA Niterói BR 34,144,119 BRL Line-by-line Enel Brasil SA 100% 86%
Queens Energy
Storage LLC Andover US - USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100% Quorn Park Finco (Pty) Ltd Barangaroo AU 100 AUD Equity Quorn Park Solar Hybrid Trust 100% 50% Quorn Park Solar Hybrid Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50% Quorn Park Solar Hybrid Holding Trust Sydney AU 100 AUD Equity Potentia Energy Trust 100% 50% Quorn Park Solar Hybrid (Pty) Ltd Sydney AU 100 AUD Equity Quorn Park Solar Hybrid Holding (Pty) Ltd 100% 50% Quorn Park Solar Hybrid Trust Sydney AU 100 AUD Equity Quorn Park Solar Hybrid Holding Trust 100% 50% Raleigh Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 229
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Ranchland Solar
Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Ranchland Wind
Holdings LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
Ranchland Wind
Project II LLC Andover US 1 USD Line-by-line AzureRanchII Wind Holdings LLC 100% 100%
Ranchland Wind
Project PPA LLC Andover US 1 USD Line-by-line EGP North America
PPA LLC 100% 100%
Ranchland Wind
Project LLC Andover US - USD Line-by-line Rockhaven Ranchland Holdings LLC 100% 100%
Ranchland Wind
Storage LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
Rattlesnake Creek
Holdings LLC Delaware US 1 USD Line-by-line Enel Kansas LLC 100% 100% Rausch Creek Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Razorback Wind
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Rebuilding Agente
Rehabilitador SL Madrid ES 250,000 EUR Equity Endesa Energía SAU 50% 36% Red Cap Impofu (RF) (Pty) Ltd Sandton ZA 120,000 ZAR Equity Impofu Cluster Investment SPV (RF) (Pty) Ltd 97% 25% Red Cap Impofu East (RF) (Pty) Ltd Gauteng ZA 162,345,637 ZAR Equity Impofu Cluster Investment SPV (RF) (Pty) Ltd 97% 25% Red Cap Impofu West (RF) (Pty) Ltd Gauteng ZA 162,345,637 ZAR Equity Impofu Cluster Investment SPV (RF) (Pty) Ltd 100% 25% Red Cardinal Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Red
Centroamericana de
Telecomunicaciones
SA Panama City PA 2,700,000 USD - Enel SpA 11% 11% Red Dirt Wind Holdings I LLC Dover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100% Red Dirt Wind Holdings LLC Wilmington US - USD Line-by-line Enel Kansas LLC 100% 100% Red Dirt Wind Project LLC Dover US 1 USD Line-by-line Red Dirt Wind Holdings LLC 100% 100% Red Fox Wind Project LLC Wilmington US 1 USD Line-by-line Enel Kansas LLC 100% 100% Red Stag Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Red Top Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Red Yucca Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Regal Rising Solar
Project Limited
Partnership Calgary CA - CAD Line-by-line Enel Alberta Solar Inc. 0% 100% Enel Green Power Canada Inc. 100% REN Alfajarín Solar SLU Zaragoza ES 3,006 EUR Line-by-line Enel Green Power España SLU 100% 73% REN Wave Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Renovables Andorra
SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73%
230 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Renovables Brovales
400 kV SL Seville ES 5,000 EUR Equity Baylio Solar SLU 6% 23% Dehesa de los Guadalupes Solar SLU 6%
EGPE Solar 2 SLU 16%
Emintegral Cycle SLU 17% Enel Green Power España Solar 1 SLU 6% Furatena Solar 1 SLU 6%
Seguidores Solares
Planta 2 SLU 6%
Renovables Brovales
Segura de León 400 kV SL Seville ES 5,000 EUR Equity EGPE Solar 2 SLU 31% 23% Emintegral Cycle SLU 33%
Renovables de
Guatemala SA Guatemala City GT 1,924,465,600 GTQ Line-by-line Enel Colombia SA ESP 100% 49% Enel Guatemala SA 0% Renovables la Pedrera SLU Zaragoza ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73%
Renovables
Manzanares 400
kV SL Madrid ES 5,000 EUR Equity EGPE Solar 2 SLU 28% 16% Stonewood Desarrollos
SLU 16%
Renovables Mediavilla
SLU Zaragoza ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36%
Renovables Teruel
SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Reservoir Falls Energy Storage Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Rhinestone Solar
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Ridgey Creek BESS Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50% Ridgey Creek BESS Holding Trust Sydney AU 100 AUD Equity Potentia Energy Trust 100% 50% Ridgey Creek BESS (Pty) Ltd Sydney AU 100 AUD Equity Ridgey Creek BESS Holding (Pty) Ltd 100% 50% Ridgey Creek BESS Trust Sydney AU 100 AUD Equity Ridgey Creek BESS Holding Trust 100% 50% River Mill Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% River Point Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Riverbend Farms
Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Riverview LP Alberta CA - CAD Line-by-line Enel Green Power Canada Inc. 51%
100%
Riverview Management
Inc. 50%
Riverview
Management Inc. Calgary CA 100 CAD Line-by-line Enel Green Power Canada Inc. 100% 100% Riverview Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100%
Roadrunner Solar
PPA LLC Andover US 1 USD Line-by-line EGP North America
PPA LLC 100% 100%
Roadrunner Solar
Project LLC Andover US 100 USD Line-by-line Enel Roadrunner Solar Project Holdings LLC 100% 100%
Roadrunner Storage
LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Rock Creek Wind Holdings I LLC Dover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 231
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Rock Creek Wind Holdings II LLC Dover US 100 USD Line-by-line Rock Creek Wind Holdings LLC 100% 100% Rock Creek Wind Holdings LLC Wilmington US - USD Line-by-line EGPNA Preferred Wind Holdings II LLC 100% 100% Rock Creek Wind Project LLC Clayton US 1 USD Line-by-line Rock Creek Wind Holdings LLC 100% 100% Rock Prairie Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Rockhaven Ranchland
Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Rockhaven Wind
Project LLC Andover US 1 USD Line-by-line Rockhaven Ranchland Holdings LLC 100% 100% Rocky Caney Holdings LLC Oklahoma City US 1 USD Line-by-line Enel Kansas LLC 100% 100% Rodnikovskaya WPS Moscow RU 6,010,000 RUB Line-by-line Enel Green Power Rus Limited Liability Company 100% 100%
Roha Renewables
India Private Limited Gurugram IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Rolling Farms Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Roseland Solar PPA LLC Andover US 1 USD Line-by-line EGP North America
PPA LLC 100% 100%
Rosi Energy Iberia SL Madrid ES 500,000 EUR Equity Endesa Generación
SAU 20% 15%
Rosy Range Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Royalla Solar 2 (Pty) Ltd Barangaroo AU 2,084,101 AUD Equity Royalla Solar Holding 4 (Pty) Ltd 100% 50% Royalla Solar Holding 2 (Pty) Ltd Barangaroo AU 1,411,954 AUD Equity Potentia Energy Monaro Holding (Pty) Ltd 100% 50% Royalla Solar Holding 3 (Pty) Ltd Barangaroo AU 100 AUD Equity Royalla Solar Holding (Pty) Ltd 100% 50% Royalla Solar Holding 3 Trust Barangaroo AU 100 AUD Equity Royalla Solar Holding Trust 100% 50% Royalla Solar Holding 4 (Pty) Ltd Barangaroo AU 1,001,000 AUD Equity Royalla Solar Holding 2 (Pty) Ltd 100% 50% Royalla Solar Holding (Pty) Ltd Barangaroo AU 200 AUD Equity Potentia Energy Monaro Holding 2 (Pty) Ltd 100% 50% Royalla Solar Holding Trust Barangaroo AU 27 ,632,003 AUD Equity Potentia Energy Monaro Holding 2 Trust 100% 50% Royalla Solar (Pty) Ltd Barangaroo AU 100 AUD Equity Royalla Solar Holding 3 (Pty) Ltd 100% 50% Royalla Solar Trust Barangaroo AU - AUD Equity Royalla Solar Holding 3 Trust 100% 50% Ruthton Ridge LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
S4ma Developments
Spółka Z Ograniczoną Odpowiedzialnością Wrocław PL 5,000 PLN Line-by-line Enel Green Power SpA 100% 100% Sacme SA Buenos Aires AR 12,000 ARS Equity Empresa Distribuidora Sur SA - Edesur 50% 31% Saddle House Solar Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% Salt Springs Wind Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
232 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Salto de San Rafael SL Seville ES 462,186 EUR Equity Enel Green Power España SLU 50% 36% San Francisco de Borja SA Zaragoza ES 60,000 EUR Line-by-line Enel Green Power España SLU 67% 48% San Juan Mesa Wind Project II LLC Wilmington US - USD Line-by-line Padoma Wind Power
LLC 100% 100%
Sanosari Energy
Private Limited Gurugram IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100%
Santo Rostro
Cogeneración SA in liquidation Seville ES 207 ,340 EUR Equity Enel Green Power España SLU 45% 33% Saugus River Energy Storage LLC Dover US 100 USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100% Savanna Power Solar 10 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Savanna Power Solar 12 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Savanna Power Solar 13 SLU Seville ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Savanna Power Solar 4 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Savanna Power Solar 5 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Savanna Power Solar 6 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Savanna Power Solar 9 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Seaway Landing Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Seccionadora
Almodóvar
Renovables SL Malaga ES 5,000 EUR Equity Enel Green Power España SLU 38% 27%
Seguidores Solares
Planta 2 SLU Madrid ES 3,010 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36%
Servizio Elettrico
Nazionale SpA Rome IT 10,000,000 EUR Line-by-line Enel Italia SpA 100% 100% Set Carmona 400 kV Renovables SL Seville ES 10,000 EUR Equity EGPE Solar 2 SLU 16% 6% Setyl Srl Bergamo IT 100,000 EUR Equity Enel X Italia Srl 28% 28% Seven Cowboy PPA LLC Andover US 1 USD Line-by-line EGP North America
PPA LLC 100% 100%
Seven Cowboy Wind Project Holdings LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Seven Cowboy Wind Project II LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Seven Cowboy Wind Project LLC Andover US 1 USD Line-by-line Seven Cowboy Wind Project Holdings LLC 100% 100% Seven Cowboys Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Shark Power REN 10 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Shark Power REN 4 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Shark Power REN 5 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 233
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Shark Power REN 6 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Shark Power REN 7 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Shark Power REN 8 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Shark Power REN 9 SLU Madrid ES 3,000 EUR Line-by-line Enel Green Power España SLU 100% 73% Shepherd Pass Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Shiawassee Wind
Project LLC Wilmington US 1 USD Line-by-line Enel Kansas LLC 100% 100% Shield Energy Storage Project LLC Wilmington US - USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100% Shikhar Surya (One) Private Limited Gurugram IN 340,100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Silt Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Silver Dollar Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Silverware Solar
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Sinergia EWR4 Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Sinergia GP6 Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Sinergia GP7 Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Sistema Eléctrico de Conexión Valcaire SL Madrid ES 175,200 EUR Equity Enel Green Power España SLU 28% 20%
Sistemas Energéticos
Mañón Ortigueira SA Santiago de Compostela ES 2,007 ,750 EUR Line-by-line Enel Green Power España SLU 96% 70% Six String Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Skyview Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Skyview Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Sleep Hollow Solar I LLC Andover US 1 USD Line-by-line Brick Road Solar Holdings LLC 100% 100% Smoky Hill Holdings II LLC Wilmington US - USD Line-by-line Enel Kansas LLC 100% 100% Smoky Hills Wind Farm LLC Topeka US - USD Line-by-line EGPNA Project HoldCo
1 LLC 100% 100%
Smoky Hills Wind Project II LLC Lenexa US - USD Line-by-line EGPNA Project HoldCo
1 LLC 100% 100%
Snowy Knoll Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Snyder Wind Farm LLC Hermleigh US - USD Line-by-line Texkan Wind LLC 100% 100% Socibe Energia SA Niterói BR 12,969,032 BRL Line-by-line Enel Brasil SA 100% 86% Sociedad Agrícola de Cameros Ltda Santiago CL 5,738,046,495 CLP Line-by-line Enel Chile SA 57% 37%
234 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Sociedad Eólica de Andalucía SA Seville ES 4,507,591 EUR Line-by-line Enel Green Power España SLU 65% 47% Sociedad Eólica de Puntal SL Seville ES 3,286,000 EUR Equity Enel Green Power España SLU 50% 36% Sociedad Eólica Los Lances SA Seville ES 2,404,048 EUR Line-by-line Enel Green Power España SLU 60% 44%
Società Elettrica
Trigno Srl Rome IT 100,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100%
Società Informazioni
Esperienze
Termoidrauliche SpA
- SIET SpA Piacenza IT 697,820 EUR Equity Enel Innovation Hubs Srl 42% 42% Soetwater Wind Farm (RF) (Pty) Ltd Johannesburg ZA 1,000 ZAR Equity Enel Green Power RSA 2 (RF) (Pty) Ltd 55% 28% Solana Renovables SL Madrid ES 6,246 EUR Equity Enel Green Power España SLU 40% 29% Solaning 6 Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Soliloquoy Ridge LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Sonak Solar Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100%
Sone Renewable
Energy Private
Limited Gurgaon IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Sotavento Galicia SA Santiago de Compostela ES 601,000 EUR Equity Enel Green Power España SLU 36% 26% South Italy Green Hydrogen Srl Rome IT 10,000 EUR Equity Enel Green Power Italia Srl 50% 50% South Rock Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% South Sky Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Southern Holly Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Southern Star Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Southwest
Transmission LLC Cedar Bluff US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Southwestern Rays
Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Spartan Hills LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Spinazzola SPV Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% Spring Wheat Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Square Dance Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Sreeja Infrastructure
Private LImited Hyderabad IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100%
SRV AGWF Hold
(Pty) Ltd Perth AU 3,012 AUD Equity Bright Energy Investments (Pty) Ltd 100% 40% SRV AGWF (Pty) Ltd Perth AU 3,012 AUD Equity SRV AGWF Hold (Pty) Ltd 100% 40%
SRV GRSF Hold
(Pty) Ltd Perth AU 31 AUD Equity Bright Energy Investments (Pty) Ltd 100% 40%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 235
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
SRV GRSF (Pty) Ltd Perth AU 31 AUD Equity SRV GRSF Hold (Pty) Ltd 100% 40% SRV Joint Venture (Pty) Ltd Barangaroo AU 200 AUD Equity Potentia Energy (Pty) Ltd 100% 50% SRV Joint Venture Trust Perth AU 11,285,749 AUD Equity Potentia Energy Trust 100% 50% Stable Brook Storage
Project Limited
Partnership Calgary CA - CAD Line-by-line Enel Alberta Storage
Inc. 0%
100%
Enel Green Power Canada Inc. 100%
Stampede Solar
Holdings LLC Andover US 1 USD Line-by-line Enel Green Power
Stampede Solar
Holdings LLC 100% 100%
Stampede Solar
Project LLC Andover US - USD Line-by-line Stampede Solar Holdings LLC 100% 100% Star Catcher Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Star Energy Single Member PC Maroussi GR 213,010 EUR Equity Principia Energy
Generation Single
Member SA 100% 50% Station Tales Solar Limited Partnership Calgary CA 100 CAD Line-by-line Enel Alberta Solar Inc. 0% 100% Enel Green Power Canada Inc. 100% Sterling and Wilson Enel X e-Mobility Private Limited Mumbai IN 107 ,352,420 INR Equity Enel X Srl 50% 50% Stillman Valley Solar LLC Wilmington US - USD Line-by-line Enel Kansas LLC 100% 100% Stipa Nayaá SA de Cv Mexico City MX 1,811,016,346 MXN Held for sale Enel Green Power México S de RL de Cv 55% 45% Enel Green Power
Partecipazioni Speciali
Srl 45%
Stockyard Solar
Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Stone Belt Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Stonewood
Desarrollos SLU Madrid ES 4,053,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% Storage del Colle Srl Rome IT 500 EUR Line-by-line Enel Produzione SpA 100% 100% Storey Plains Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Stormy Hills Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Suave Energía S de RL de Cv Mexico City MX 1,000 MXN Held for sale Enel Green Power México S de RL de Cv 0%
100%
Enel Rinnovabile SA de Cv 100%
Sublunary Trading
(RF) (Pty) Ltd Bryanston ZA 13,750,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 57% 57% Sugar Pine Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Suggestion Power
Unipessoal Ltda Paço de Arcos PT 50,000 EUR Line-by-line Endesa Generación Portugal SA 100% 73%
Suministradora
Eléctrica de Cádiz SA Cadiz ES 12,020,240 EUR Equity Endesa SA 34% 24% Suministro de Luz y Fuerza SL Barcelona ES 2,800,000 EUR Line-by-line Hidroeléctrica de Catalunya SLU 60% 44%
236 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Summit Energy
Storage Inc. Wilmington US 1,000 USD Line-by-line Enel Green Power North America Inc. 75% 75% Sun River LLC Bend US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Sun Rock Solar Limited Partnership Calgary CA - CAD Line-by-line Enel Alberta Solar Inc. 0% 100% Enel Green Power Canada Inc. 100% Sun Up Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Sun4 Torzym Spółka
Z Ograniczoną
Odpowiedzialnością Wrocław PL 5,750 PLN Line-by-line S4ma Developments Spółka z ograniczoną odpowiedzialnością 80% 80%
Sundance Wind
Project LLC Dover US 100 USD Line-by-line Enel Kansas LLC 100% 100%
Sunflower Prairie
Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% Swather Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Sweet Apple Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% TAE Technologies Inc. Pauling US 41,000 USD - Enel Produzione SpA 1% 1%
Tallawang Solar
Hybrid Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50%
Tallawang Solar
Hybrid Holding Trust Sydney AU 100 AUD Equity Potentia Energy Trust 100% 50%
Tallawang Solar
Hybrid (Pty) Ltd Sydney AU 100 AUD Equity Tallawang Solar Hybrid Holding (Pty) Ltd 100% 50%
Tallawang Solar
Hybrid Trust Sydney AU 100 AUD Equity Tallawang Solar Hybrid Holding Trust 100% 50% Tasseling Jewel Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Tauste Energía
Distribuida SL Zaragoza ES 60,508 EUR Line-by-line Enel Green Power España SLU 51% 37% Teal Canoe Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Tecnoguat SA Guatemala City GT 30,948,000 GTQ Line-by-line Enel Colombia SA ESP 75% 37%
Tejo Energia
- Produção e
Distribuição de
Energia Eléctrica SA Lisbon PT 5,025,000 EUR Equity Endesa Generación
SAU 44% 32%
Tenedora de Energía Renovable Sol y Viento SAPI de Cv Mexico City MX 2,892,643,576 MXN Equity Enel Green Power SpA 33% 33% Tera Renewables India Private Limited Gurugram IN 100,000 INR Held for sale Enel Green Power India Private Limited 100% 100%
Termica Colleferro
SpA Bologna IT 6,100,000 EUR Equity Cogenio Srl 60% 12%
Termoeléctrica José
de San Martín SA Buenos Aires AR 500,000 ARS - Enel Generación El Chocón SA 6% 3%
Termoeléctrica
Manuel Belgrano SA Buenos Aires AR 500,000 ARS - Enel Generación El Chocón SA 6% 4% Termotec Energía AIE in liquidation La Pobla de Vallbona ES 481,000 EUR Equity Enel Green Power España SLU 45% 33% Terrer Renovables SL Madrid ES 5,000 EUR Equity Enel Green Power España SLU 30% 21% Texas Sage Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 237
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Texkan Wind LLC Andover US - USD Line-by-line Enel Texkan Inc. 100% 100% Thar Surya 1 Private Limited Gurgaon IN 1,127 ,840 INR Held for sale Avikiran Surya India Private Limited 100% 51% Thunder Ranch Wind Holdings I LLC Dover US 100 USD Line-by-line Enel Green Power North America Inc. 100% 100% Thunder Ranch Wind Holdings LLC Wilmington US - USD Line-by-line Enel Kansas LLC 100% 100% Thunder Ranch Wind Project LLC Dover US 1 USD Line-by-line Thunder Ranch Wind Holdings LLC 100% 100%
Thunderegg Storage
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Thunderegg Wind
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Tico Solar 1 SLU Zaragoza ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% Tico Solar 2 SLU Zaragoza ES 3,000 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36%
Tieton Storage
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Tobivox (RF) (Pty) Ltd Johannesburg ZA 10,000,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 60% 60% Toledo PV AEIE in liquidation Madrid ES 26,888 EUR Equity Enel Green Power España SLU 33% 24% Toro Renovables 400 kV SL Madrid ES 3,000 EUR Equity FRV Zamora Solar
1 SLU 8% 6%
Torrepalma Energy
1 SLU Madrid ES 3,100 EUR Line-by-line Enel Green Power España Solar 1 SLU 100% 36% Tradewind Energy Inc. Wilmington US 1,000 USD Line-by-line Enel Kansas LLC 100% 100% Trading Post Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Trail Ride Canyon Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Transformadora
Almodóvar
Renovables SL Seville ES 5,000 EUR Equity Enel Green Power España SLU 61% 44%
Transportadora de
Energía SA - TESA Buenos Aires AR 119,530,969 ARS Line-by-line Enel Brasil SA 60% 86%
Enel CIEN SA 40%
Tragowel BESS (Pty) Ltd Sydney AU 10,000 AUD Equity Tragowel BESS Holding (Pty) Ltd 100% 50%
Tragowel BESS
Holding (Pty) Ltd Sydney AU 100 AUD Equity Potentia Energy (Pty) Ltd 100% 50%
Tragowel BESS
Holding Trust Sydney AU 10,000 AUD Equity Potentia Energy Trust 100% 50% Tragowel BESS Trust Tragowel AU 10,000 AUD Equity Tragowel BESS Holding Trust 100% 50%
Trévago Renovables
SL Madrid ES 3,000 EUR Equity Furatena Solar 1 SLU 18% 13% Seguidores Solares Planta 2 SLU 18% Trotline Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Tsar Nicholas LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Tulip Grove Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
238 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Tumbleweed Flat
Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Tunga Renewable
Energy Private
Limited Gurugram IN 96,300,000 INR Held for sale Avikiran Energy India Private Limited 100% 100% TWE Franklin Solar Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100% TWE ROT DA LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Twin Lake Hills LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
Twin Saranac
Holdings LLC Wilmington US - USD Line-by-line Enel Green Power North America Inc. 100% 100% Tyme Srl Bergamo IT 100,000 EUR Equity Enel X Italia Srl 50% 50% Unión Eléctrica de
Canarias Generación
SAU Las Palmas de Gran Canaria ES 190,171,521 EUR Line-by-line Endesa Generación
SAU 100% 73%
Upington Solar (Pty) Ltd Johannesburg ZA 1,000 ZAR Line-by-line Enel Green Power South Africa (Pty) Ltd 100% 100% Usina Eólica Pedra Pintada A Ltda Rio de Janeiro BR 540,332,962 BRL Line-by-line Enel Brasil SA 100% 86% Usina Eólica Pedra Pintada B Ltda Rio de Janeiro BR 418,542,805 BRL Line-by-line Enel Brasil SA 100% 86% Usina Eólica Pedra Pintada C Ltda Rio de Janeiro BR 387 ,721,932 BRL Line-by-line Enel Brasil SA 100% 86% Usina Eólica Pedra Pintada D Ltda Rio de Janeiro BR 436,753,327 BRL Line-by-line Enel Brasil SA 100% 86% Usina Eólica Pedra Pintada E Ltda Rio de Janeiro BR 653,327 BRL Line-by-line Enel Brasil SA 100% 86% Usina Eólica Pedra Pintada F Ltda Rio de Janeiro BR 1,153,327 BRL Line-by-line Enel Brasil SA 100% 86% Usina Eólica Pedra Pintada G Ltda Rio de Janeiro BR 1,153,327 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 11 Ltda Rio de Janeiro BR 402,133,267 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 12 Ltda Rio de Janeiro BR 221,724,006 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 13 Ltda Rio de Janeiro BR 229,840,301 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 14 Ltda Rio de Janeiro BR 221,724,006 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 15 Ltda Rio de Janeiro BR 221,724,006 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 16 Ltda Rio de Janeiro BR 221,724,006 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 17 Ltda Rio de Janeiro BR 221,724,006 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 21 Ltda Rio de Janeiro BR 221,724,006 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 22 Ltda Rio de Janeiro BR 221,724,006 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 23 Ltda Rio de Janeiro BR 221,724,006 BRL Line-by-line Enel Brasil SA 100% 86%
Usina Fotovoltaica
Arinos E 24 Ltda Rio de Janeiro BR 221,724,006 BRL Line-by-line Enel Brasil SA 100% 86%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 239
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Vayu (Project 1) Private Limited Gurugram IN 30,000,000 INR Held for sale Enel Green Power India Private Limited 100% 100% Vektör Enerjí Üretím Anoním Şírketí in liquidation Istanbul TR 3,500,000 TRY Line-by-line Enel SpA 100% 100% Velvet Wheat Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Ventos de Santa
Ângela Energias
Renováveis SA Rio de Janeiro BR 7,315,000 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santa
Esperança Energias
Renováveis SA Rio de Janeiro BR 4,727,414 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de Santo
Orestes Energias
Renováveis SA Rio de Janeiro BR 1,754,031 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de São Cirilo
Energias Renováveis
SA Rio de Janeiro BR 2,572,010 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de São Mário
Energias Renováveis
SA Rio de Janeiro BR 2,492,000 BRL Line-by-line Enel Brasil SA 100% 86% Ventos de São Roque
Energias Renováveis
SA Rio de Janeiro BR 10,188,722 BRL Line-by-line Enel Brasil SA 100% 86% Vientos del Altiplano SA de Cv Mexico City MX 1,455,854,094 MXN Equity Tenedora de Energía Renovable Sol y Viento SAPI de Cv 61% 20% Villanueva Solar SA de Cv Mexico City MX 205,316,027 MXN Equity Tenedora de Energía Renovable Sol y Viento SAPI de Cv 61% 20% Viruleiros SL Santiago de Compostela ES 160,000 EUR Line-by-line Enel Green Power España SLU 67% 49% Wagon Train Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Walking Horse Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Wapella Bluffs Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Waseca Solar LLC Waseca US - USD Line-by-line Aurora Distributed Solar LLC 100% 100%
Weber Energy
Storage Project LLC Wilmington US - USD Line-by-line Enel Energy Storage Holdings LLC (formerly EGP Energy Storage Holdings LLC) 100% 100% West Faribault Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% West Waconia Solar LLC Wilmington US - USD Line-by-line Aurora Distributed Solar LLC 100% 100% Western New York Wind Corporation Albany US 300 USD Line-by-line Enel Green Power North America Inc. 100% 100% Western Trails Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Wharton-El Campo
Solar Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% White Cloud Wind Holdings LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100% White Cloud Wind Project LLC Andover US 1 USD Line-by-line White Cloud Wind Holdings LLC 100% 100% White Peaks Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Whitetail Trails Solar Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100%
240 HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 AttachmentsCompany name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
Whitney Hill Wind Power Holdings LLC Andover US 99 USD Line-by-line Enel Kansas LLC 100% 100% Whitney Hill Wind Power LLC Andover US - USD Line-by-line Whitney Hill Wind Power Holdings LLC 100% 100% Whittle’s Ferry Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Wild Ox Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Wild Run LP Alberta CA 10 CAD Line-by-line Enel Alberta Wind Inc. 0% 100% Enel Green Power Canada Inc. 100% Wild Six Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Wildcat Flats Wind Project LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100%
Wilderness Range
Solar Project LLC Andover US - USD Line-by-line Enel Kansas LLC 100% 100%
Wildflower Flats
Battery Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Wildflower Flats Solar Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Wind Belt Transco LLC Andover US 1 USD Line-by-line Tradewind Energy Inc. 100% 100% Wind Parks Anatolis
- Prinias Single Member SA Maroussi GR 15,803,388 EUR Equity Principia Energy South Evia Single Member SA 100% 50% Wind Parks Katharas Single Member SA Maroussi GR 19,932,048 EUR Equity Principia Energy South Evia Single Member SA 100% 50% Wind Parks Kerasias Single Member SA Maroussi GR 26,107,790 EUR Equity Principia Energy South Evia Single Member SA 100% 50% Wind Parks Milias Single Member SA Maroussi GR 19,909,374 EUR Equity Principia Energy South Evia Single Member SA 100% 50% Wind Parks Mitikas Single Member SA Maroussi GR 22,268,039 EUR Equity Principia Energy South Evia Single Member SA 100% 50% Wind Parks Platanos Single Member SA Maroussi GR 13,342,867 EUR Equity Principia Energy South Evia Single Member SA 100% 50% Wind Parks Spilias Single Member SA Maroussi GR 28,267,490 EUR Equity Principia Energy South Evia Single Member SA 100% 50%
Windbreaker Storage
Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100%
Windpark Krackow
Beteiligungs GmbH Berlin DE 25,000 EUR Line-by-line Enel Green Power
Krackow Holding
GmbH 100% 100%
Windpark Krackow-
Glasow GmbH & Co. KG Berlin DE 1,000 EUR Line-by-line Enel Green
Power Krackow
Treuhänder UG
(haftungsbeschränkt) 0%
100%
Windpark Krackow
Beteiligungs GmbH 100%
Windpark
Seubersdorf 2 GmbH & Co. KG Berlin DE 2,000 EUR Line-by-line Enel Green Power
Seubersdorf Holding
GmbH 100% 100% Winter’s Spawn LLC Minneapolis US - USD Line-by-line Chi Minnesota Wind
LLC 100% 100%
WKN Basilicata
Development PE1 Srl Rome IT 10,000 EUR Line-by-line Enel Green Power Italia Srl 100% 100% WWF Finance Co.
(Pty) Ltd Perth AU 100 AUD Equity BEI WWF (Pty) Ltd 100% 40%
6.
Condensed interim consolidated
financial statements
Attachments HALF-YEAR FINANCIAL REPORT AT JUNE 30, 2026 241
Company name Headquarters Country Share capital Currency Segment Consolidation method Held by % holding Group %
holding
WWF Trust Perth AU 54,131,609 AUD Equity BEI WWF Hold Trust 100% 50% X-bus Italia Srl Milan IT 15,000 EUR Equity Enel X Italia Srl 20% 20%
Xironomi
Monoprosopi
Anonymi Etaireia Maroussi GR 17,704,339 EUR Equity Principia Aeolus Single Member SA 100% 50% Yacylec SA Buenos Aires AR 20,000,000 ARS Equity Enel Américas SA 33% 29%
Yedesa Cogeneración
SA in liquidation Almería ES 234,395 EUR Equity Enel Green Power España SLU 40% 29% Yellow Rose Wind Project LLC Andover US 1 USD Line-by-line Enel Kansas LLC 100% 100% Zacapa Topco Sàrl Luxembourg LU 29,970,000 EUR - Enel X International Srl 20% 20% Zoo Solar Project LLC Andover US - USD Line-by-line Tradewind Energy Inc. 100% 100%
Concept design and realization
Mercurio GP
Copy editing
postScriptum di Paola Urbani Publication not for sale
Edited by
Enel Communications
Disclaimer
This Report issued in Italian has been translated into English solely for the convenience of international reader
Enel
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