Enel Americas S.a. · BCS:ENELAM
Enel Americas — Investor Presentation (August 2025)
62 slides from Enel Americas's investor presentation, August 2025
Slide 1: Corporate Presentation August 2025
Corporate Presentation August 2025 Enel Américas November 22nd, 2024
Slide 2: Index
Index 1 Enel Américas at a glance 2 2025-2027 Strategic Plan 3 Q1 2025 Results
Slide 3: Enel Américas at a glance
Enel Américas at a glance Cre
Slide 4: Enel Américas at a glance
Enel Américas at a glance 2023 2024 EBITDA (US$ bn) 3.7 3.7 Ownership structure2 10.1% Net Income (US$ bn) 0.9 2.61 0.8% 6.8% CAPEX (US$ bn) 2.7 2.1 Market Cap3 USD 10.7 bn Net debt / EBITDA (times) 1.7 0.6 RES Capacity (GW) 11.8 12.6 82.3% RES capacity (%) 98 98 Enel SpA Chilean Pension Funds Insti
Slide 5: Pillars and key business drivers
Pillars and key business drivers Grids Colombia • Investments tailored to returns, with advocacy playing a key role Guatemala Brazil • Continued enhancement of grid resiliency Generation & quality Panama Costa Rica • Leverage digitalization and innovation to • Selective capital allocation driven by
Slide 6: 2025-2027 Strategic Plan
2025-2027 Strategic Plan Cre
Slide 7: Extreme weather events becoming more frequent
Extreme weather events becoming more frequent… 2023 2024 October – Storm in November – Storm in Sao Paulo Sao Paulo 2.1 mn customers affected Strongest storm in 30 years Current environment 3.1 mn customers affected calls for increasing investments in November – Storm in May – Storm in distribution
Slide 8: Climate change risk adding higher market volatility
…and climate change risk adding higher market volatility… Spot price volatility vs reservoirs levels BRL/MWh Reservoir level 800 100% 600 a 80% Spot price 60% Brazil1 400 40% Reservoir level 200 20% Price volatility period 0 0% 2021 2022 2023 2024 2025 COP/kWh 3000 100% 2500 80% Spot price 2000 60%
Slide 9: LatAm has significant potential for growth in our businesses
…but LatAm has significant potential for growth in our businesses Share of electricity in RES share in final consumption (%)1 electricity generation (%)1 99% Increase in energy 88% consumption is a key driver 84% 45% for Grids’ demand growth… 21% 23% …with renewables playing a key role to supply thi
Slide 10: 35% increase in our investments vs previous plan
35% increase in our investments vs previous plan1… CAPEX 2025-27 Key drivers By country By business line Strengthening our focus on Grids as the backbone of our operations, increasing 61%1 1% 4% 10% 15% Investments increase across all geographies1 23% USD 7.5 bn USD 7.5 bn Ongoing advocacy on conces
Slide 11: Investing in countries with clear frameworks, enhancing remuneration visibility
…investing in countries with clear frameworks, enhancing remuneration visibility… Grids CAPEX RAB2 (USD bn) Key drivers 4% +24% Concession renewal 21% 13.9 Ongoing advocacy with significant focus +61%1 on enhancing grids quality and resilience 2024-26 3.0 USD 11.2 3.8 bn 3.0 CAPEX acceleration 3.8 7
Slide 12: Focusing efforts on quality and resilience enhancement
…while focusing our efforts on quality and resilience enhancement Grid customers Energy distributed Energy losses SAIDI SAIFI (mn) (TWh) (%) (hours) (times) +4% 2024 2027 2024 2027 2024 2027 +5% 23.7 110.9 Ceará 14.8% 14.6% 9.7 8.3 4.2 3.7 22.6 106.9 Sao Paulo 10.2% 9.5% 6.7 5.9 3.2 3.2 Rio 20.1% 19
Slide 13: Increasing renewable capacity in Colombia, coal phase-out by 2027
Increasing renewable capacity in Colombia, with coal phase-out by 20271… Net capacity evolution (GW) Energy balance (TWh) -14% 12.9 13.2 0.2 0.6 (0.2) 65.7 65.7 19% 56.3 56.3 6.9 23% 6.4 14% 20% 16% 9% 1% 43% 26% 37% 42% 6.2 6.3 37% 34% 40% 38% 2024 Additional Coal 2027 Own production 2024 2027 capa
Slide 14: Capital allocation and strategy drives significant EBITDA growth
Our capital allocation and strategy drives significant EBITDA growth… EBITDA by country EBITDA by business line Key drivers Grids’ performance benefitting from 4% 9% 10% +46% +46% positive regulatory updates and significant investments 32% 2027 2027 1% USD 5.4 bn 35% USD 5.4 bn 55% Increasing EBITDA
Slide 15: Increasing our focus on Grids with visible and predictable returns
…increasing our focus on Grids with visible and predictable returns… Grids CAPEX1 EBITDA evolution (USD bn) Main grids business KPIs 2024 2027 +40% CAPEX/Grid cust. (USD/grid cust.) 61 99 30% FY 2024 2.0 2.9-3.0 RAB/Grid cust.1 0.2 (USD/grid cust.) 494 586 36% 0.3 2.1 0.9 0.7 2025-27 0.03 (0.1) Blen
Slide 16: Optimizing investments in renewables with better risk-return balance
…while optimizing investments in renewables with a better risk-return balance… Generation CAPEX1 EBITDA evolution (USD bn) Main generation business KPIs +38% 2024 2027 Maintenance 1.8-1.9 1.3 EBITDA/MWh FY 2024 0.1 0.2 (USD/MWh) 33 43 0.1 0.41 1.4 OPEX/MW 0.2 (0.1) (th USD/MW)2 25 23 38% 0.02 0.9 20
Slide 17: Good financial shape to finance growth or increase shareholder remuneration
Good financial shape to finance potential growth or increase shareholder remuneration… 2025-27 Funds allocation (USD bn) Dividends paid evolution (USD bn) 3.5x 10.5 10.3 1.8 2.8 0.5 Dividends1 FFO 7.5 0.52 1.2 CAPEX Ordinary Disposals Total Total 2022-24 2025-27 sources uses Use of funds fully cover
Slide 18: Leverage ratios remain stable over the plan period
…while leverage ratios remain stable over the plan period Net debt evolution (USD bn) Debt maturities (USD bn) Maturities / +43% 21% 26% 10% Gross debt FY 2024 2.8 2.1 3.0 (10.5) 7.5 1.4 3.7 1.1 2.6 0.4 0.1 0.8 0.5 2024E CAPEX Dividends FFO Pension Extraordinary Fx 2027 2025 2026 2027 2025-27 fund o
Slide 19: Strategic Plan targets
Strategic Plan targets (USD bn) Dividend policy of 30% of net income maintained EBITDA Net income CAPEX +13% +26% +8% CAGR 24-27 CAGR 24-271 CAGR 24-27 5.2-5.4 2.6 2.7 4.4-4.6 2.2 Ordinary Disposals 2.1 3.7 1.5-1.7 1.7 1.4-1.6 0.9 2024 2025 2027 2024 2025 2027 2024 2025 2027 0.0082 0.014 0.016 EPS (
Slide 20: Q2 & H1 2025 Results
Q2 & H1 2025 Results Cre
Slide 21: Q2 2025 Key highlights
Q2 2025 Key highlights \\psf\Home\Desktop\ENELLOGO1.jpg Grids Operational Financial Financial CAPEX results results position USD 0.39 bn 10.6 TWh USD 1.16 bn USD 0.30 bn Adj.Grids CAPEX+26% Renewablegeneration +5% Adj.EBITDA +17% Fin. expenses -37% Grids CAPEX increase mainly in Relevant increase in
Slide 22: Regulatory scenario
Regulatory scenario \\psf\Home\Desktop\ENELLOGO1.jpg Key recent and expected developments for our main markets Argentina Other relevant topics Debt regularization agreement An agreement was signed with the Energy Secretariat and CAMMESA to address outstanding commercial Dx concession renewal: debts
Slide 23: Gross CAPEX
Gross CAPEX \\psf\Home\Desktop\ENELLOGO1.jpg Focus on Grids aligned with Strategic Plan goals CAPEX by country and business1 Grids CAPEX breakdown2 1% 1% 13% Net of Fx Grids CAPEX3 27% Networks upgrade +26% YoY 31% 35% growth 39% Q2 2025 +39% YoY USD 539 mn USD 539 mn USD 388 mn (+5% YoY) (+5% YoY)
Slide 24: Grids operational highlights
Grids operational highlights Improvement in SAIDI in Brazil and Colombia and continued deployment of smart meters Electricity distributed (TWh) Grids customers (mn) Quality indicators2 SAIDI (hours) SAIFI (times) -0.3% Flat +420k H1 2024 H1 2025 H1 2024 H1 2025 53.4 53.4 22.8 Edesur 17.8 18.8 8.2 8.
Slide 25: Generation operational highlights
Generation operational highlights +1.8 TWh RES generation, with growth in Colombia, Brazil and Central America Net installed capacity (GW) Energy balance1 (TWh) 2% 98% renewables 97% +6% 100% 97% +9% 99% 22% 35.0 35.0 32.0 32.0 6.4 10.1 12.9 49% 16.5 16.5 17.6 17.6 7.9 6.4 4.5 2.7 GW 3.2 5.0 0.1 3.7
Slide 26: Financial highlights
Financial highlights Adj. EBITDA growth on better hydrology in Colombia, tariff indexation in Argentina Adj. EBITDA1 Adj. Net income2 FFO (USD bn) (USD bn) (USD bn) +17% +172% +42% 1.16 0.59 0.99 0.19 0.42 0.07 Q2 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 H1 2.07 2.30 +11% 0.32 0.42 +32% 0.86
Slide 27: EBITDA breakdown: Q2 2025 results
EBITDA breakdown: Q2 2025 results \\psf\Home\Desktop\ENELLOGO1.jpg Positive results in Generation and Grids lead to EBITDA growth EBITDA evolution by business line (USD mn) EBITDA breakdown +7% 13% +17% 1% 4% Argentina USD 47% Brazil 1,164 Colombia (2) 5 1,061 mn 129 (102) 1,061 Peru 995 36 35% C. A
Slide 28: EBITDA breakdown: H1 2025 results
EBITDA breakdown: H1 2025 results \\psf\Home\Desktop\ENELLOGO1.jpg Growth in Dx Argentina & Brazil and Gx Colombia help offset Fx headwinds EBITDA evolution by business line (USD mn) EBITDA breakdown In line 8% +11% 1% Argentina 5% Brazil USD 2,305 49% Colombia 5 21 2,077 mn 2,072 124 (228) 2,077 Pe
Slide 29: Cash flow
Cash flow (USD bn) FFO improvement driven by lower taxes and net financial expenses 1.01 (0.34) (0.10) (0.10) 0.47 (0.41) 0.06 EBITDA NWC1 Taxes paid Net financial FFO2 CAPEX3 FCF4 expenses Q1 2024 1.08 (0.28) (0.19) (0.17) 0.44 (0.56) (0.12) Rounded figures. (1) Net working capital; (2) Funds from
Slide 30: Debt
Debt (USD bn) \\psf\Home\Desktop\ENELLOGO1.jpg Net debt increase due to Fx appreciation vs December 2024, dividend and tax payments Gross and net debt1 Net debt evolution Gross debt breakdown +13% +97% 11% 2% 1% 5.9 BRL Currency 5.2 COP 1.7 USD 50% USD 4.2 5.7 bn ARS 37% 0.4 3.1 PEN 0.9 2.1 0.8 4.2
Slide 31: Closing remarks
Closing remarks \\psf\Home\Desktop\ENELLOGO1.jpg Grids CAPEX with a continued focus on reinforce quality and resilience EBITDA improvement due to better results in Argentina and better hydrology in Colombia and Central America Continued improvement in FFO due to lower financial expenses and lower ta
Slide 32: Q2 & H1 2025 Annexes
Q2 & H1 2025 Annexes al
Slide 33: Current scenario
Current scenario \\psf\Home\Desktop\ENELLOGO1.jpg Local currencies, inflation, electricity distributed and interest rates Macroeconomic variables1 Electricity distributed Interest rates Local currencies Inflation3 vs USD ∆% Q22 ∆%H12 June June ‘25 vs ‘24 ‘25 vs ‘24 2024 2025 0.8% Argentina June June
Slide 34: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Distribution companies Energy SAIDI SAIFI Energy Concession Next tariff Distributor Costumers distributed City, Country (hours) (times) losses (%) area (km2) review LTM (GWh) Edesur 2,741,645 17,491 18.8 8.4 17.9% Buenos Aires, Argentina 3,309 2030
Slide 35: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Net installed capacity & Total net production: Breakdown by source and geography Net installed capacity (MW) MW Hydro Wind Solar Coal Total Argentina 1,328 0 0 0 1,328 Brazil 1,272 3,506 1,845 0 6,622 Colombia 3,097 0 882 226 4,205 Central America
Slide 36: Brazil | Generation business
Brazil | Generation business Submarket State Technology Parques MW Salto Apiacás 103 Center-West MT Hydro Primavera 22 Apiacas 16 141 Solar Sao Goncalo 864 PI Wind Lagoa dos Ventos 1,524 Intuverava 254 Solar Horizonte 103 RN Frontes Solar 12 Hydro Morro do chapeu 525 PI PE Northeast BA Aroeira Delfi
Slide 37: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Energy balance of Enel Américas, Brazil and Colombia 97% Enel Américas 99% 100% Brazil 100% 93% Colombia 98% +8% 35.0 35.0 +14% 21.2 21.2 10.3 10.4 +5% 10.8 10.8 32.0 32.0 18.6 18.6 1.5 6.4 3.7 1.6 1.8 2.3 6.4 10.1 7.9 5.8 4.4 8.1 1.2 1.2 4.5 0.5 2
Slide 38: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Enel X & Retail Enel X Retail Jun. 2024 Jun. 2025 Δ% Charging points1 (th) 11.6 13.7 +22% Customers (th) Energy sold (TWh) Street lighting (th) 743 759 +8% +6% +1% 10.1 10.2 6.0 6.4 e-Buses (#) 925 926 0% M&R2 contracts (th) 925 956 +14% Jun. 2024
Slide 39: Financial exhibits
Financial exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Reported results Q2 2025 Q2 2024 ∆YoY H1 2025 H1 2024 ∆YoY Revenues 3,491 3,376 +3% 6,788 6,749 +1% Gross Margin 1,483 1,403 +6% 2,911 2,860 +2% OPEX (422) (408) +3% (835) (788) +6% Reported EBITDA 1,061 995 +7% 2,077 2,072 +0% D&A1 (405) (354) +14
Slide 40: Grids business results
Grids business results \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly and cumulative results Q2 EBITDA evolution (USD mn) YTD EBITDA by country (USD mn) +9% 12% 694 637 1,307 29% (-3% YoY) 60% Q2 2024 Q2 2025 Argentina Brazil Colombia 40
Slide 41: Generation business results
Generation business results \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly and cumulative results Q2 EBITDA evolution (USD mn) YTD EBITDA by country (USD mn) +3% 2% 374 386 13% 33% 794 (+4% YoY) 52% Q2 2024 Q2 2025 Argentina Colombia Brazil C. America 41
Slide 42: Argentina (USD mn)
Argentina (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly results Generation1 Grids1 Total2 Q2 2024 Q2 2025 % Q2 2024 Q2 2025 % Q2 2024 Q2 2025 % Revenues 13 14 10% 347 449 29% 360 463 29% Procurements -1 -1 19% -228 -234 2% -227 -235 3% and Services OPEX -3 -4 23% -102 -86 -16% -106 -90 -15% EB
Slide 43: Argentina (USD mn)
Argentina (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Cumulative results Generation1 Grids1 Total2 H1 2024 H1 2025 % H1 2024 H1 2025 % H1 2024 H1 2025 % Revenues 23 27 18% 583 859 47% 606 886 46% Procurements -2 -3 20% -391 -510 30% -394 -512 30% and Services OPEX -14 -7 -51% -166 -197 19% -181 -205 1
Slide 44: Brazil (USD mn)
Brazil (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly results Generation1 Grids1 Total2 Q2 2024 Q2 2025 % Q2 2024 Q2 2025 % Q2 2024 Q2 2025 % Revenues 288 312 9% 1,653 1,759 6% 1,944 2,068 6% Procurements -77 -146 90% -1,092 -1,203 10% -1,166 -1,340 15% and Services OPEX -35 -33 -7% -161 -164 2
Slide 45: Brazil (USD mn)
Brazil (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Cumulative results Generation1 Grids1 Total2 H1 2024 H1 2025 % H1 2024 H1 2025 % H1 2024 H1 2025 % Revenues 573 608 6% 3,443 3,336 -3% 4,023 3,943 -2% Procurements -172 -282 64% -2,212 -2,215 0% -2,379 -2,483 4% and Services OPEX -65 -62 -5% -337 -340
Slide 46: Colombia (USD mn)
Colombia (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly results Generation1 Grids1 Total2 Q2 2024 Q2 2025 % Q2 2024 Q2 2025 % Q2 2024 Q2 2025 % Revenues 465 383 -18% 579 530 -8% 988 859 -13% Procurements -261 -158 -39% -317 -291 -8% -521 -394 -24% and Services OPEX -32 -26 -20% -43 -66 54% -75
Slide 47: Colombia (USD mn)
Colombia (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Cumulative results Generation1 Grids1 Total2 H1 2024 H1 2025 % H1 2024 H1 2025 % H1 2024 H1 2025 % Revenues 902 794 -12% 1,162 1,071 -8% 1,956 1,758 -10% Procurements -486 -334 -31% -657 -592 -10% -1,034 -817 -21% and Services OPEX -59 -48 -19% -79
Slide 48: Central America (USD mn)
Central America (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly & cumulative results Central America Q2 2024 Q2 2025 % H1 2024 H1 2025 % Revenues 83 81 -2% 163 165 1% Procurements -58 -29 -50% -83 -49 -41% and Services OPEX -8 -8 1% -17 -16 -5% EBITDA 17 44 >100% 64 100 56% Net Income 0 18 <-100
Slide 49: Peru (USD mn)
Peru (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly & cumulative results Peru Q2 2024 Q2 2025 % H1 2024 H1 2025 % Revenues - 19 n.a. - 37 n.a. Procurements - -9 n.a. - -16 n.a. and Services OPEX - -3 n.a. - -5 n.a. EBITDA - 8 n.a. - 16 n.a. Net Income - 2 n.a. - 12 n.a. Gross Capex - 1 n.a. - 1
Slide 50: Consolidated financial position
Consolidated financial position \\psf\Home\Desktop\ENELLOGO1.jpg Liquidity, debt maturities and credit profile Liquidity position Debt maturities (USD bn) Credit profile Average maturity of Baa2/Stable 3.1 3.5 years (June 2025) 42% 1.5 BBB-/Negative (June 2025) USD 2.9 bn 58% 0.6 0.6 BBB+/Stable (Ma
Slide 51: Corporate governance structure
Corporate governance structure \\psf\Home\Desktop\ENELLOGO1.jpg Shareholders’ meeting Audit firm 29% BoD’s composition 14% Board of Directors 57% (7 members) Executive of the Enel Group Independent Non-executive elected by Enel SpA Functions: Directors Committee Audit committee Sustainability commit
Slide 52: Board composition
Board composition \\psf\Home\Desktop\ENELLOGO1.jpg Board of Directors Board of Directors’ diversity Borja Acha Besga Chairman 14% Luca Lo Voi Director Gender diversity Roberto Deambrogio Director 86% Male Female Director José Antonio Vargas Directors’ Committee 14% 14% Britaldo Soares Director 14% 1
Slide 53: Policies, principles and codes
Enel Américas - Policies, principles and codes \\psf\Home\Desktop\ENELLOGO1.jpg Ethics, Integrity, Human Rights, and Diversity • Ethical code • Zero Tolerance Plan for Corruption • Global Compliance Program on Corporate Criminal Liability • Criminal Risk Prevention Model • Compliance Program for Fre
Slide 54: Strategic Plan Annexes
Strategic Plan Annexes al
Slide 55: Consolidated capacity and production
Consolidated capacity and production Capacity (GW) Production (TWh) 2024 2027 2024 2027 2% 2% 0.4% 27% 27% Hydro 33% 35% Solar By 12.9 49% 13.2 47% 40.4 43.6 51% Wind GW GW TWh 56% TWh Tech Coal 22% 26% 9% 14% 2024 2027 2024 2027 5% 5% 6% 6% 10% 10% 7% 6% Brazil By 12.9 13.2 40.4 43.6 Colombia 51% 5
Slide 56: Electricity distributed, Grid customers and Smart meters
Electricity distributed, Grid customers and Smart meters Customers Electricity distributed Smart meters (mn) (TWh) (mn) 2024 2027 2024 2027 2024 2027 Argentina 2.7 2.9 17.6 19.7 0.0 0.0 Brazil 15.9 16.6 73.9 75.0 1.3 5.3 Ceará 4.3 4.4 14.2 15.4 0.0 0.1 São Paulo 8.5 9.1 44.9 45.2 1.3 5.1 Rio 3.1 3.1
Slide 57: Grids: current regulatory framework
Grids: current regulatory framework Brazil Colombia Argentina WACC real 11.2% 12.1% 10.0% pre tax Next Regulatory Period 2027-28 2027 2030 Regulatory Period 5 (Rio) 4 (São Paulo/Ceara) 5 5 Length (years) Owned by Owned by Owned by Metering Ownership DSO users/DSO DSO Smart meter Yes No Yes inclusion
Slide 58: Total capex (USD bn)
Total capex (USD bn) By country CAPEX 2025-271 By business line 4% 10% 1% Brazil 15% Grids Colombia Generation USD USD 23% Argentina 7.5 Customers 7.5 C. America bn bn 66% 82% Services Generation Grids Customers Total & others 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 202
Slide 59: Gross debt (USD bn)
Gross debt (USD bn) By currency By country 2024 2027 2024 2027 12% 12% 44% 44% 44% 44% USD 5.2 bn USD 6.4 bn USD 5.2 bn USD 6.4 bn 56% 56% 43% 43% BRL COP USD Brasil Colombia Holding 59
Slide 60: Disclaimer
Corporate Presentation Disclaimer This presentation contains statements that could constitute forward-looking statements. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of Enel Américas and its management
Slide 61: Thank you
Corporate Presentation Contact us Contacts Email - ir.enelamericas@enel.com Channels Website Mobile App www.enelamericas.com Enel Américas Jorge Velis Head of Investor Relations Download App iOS Android Investor Relations team Nicolás Gracia Claudio Ortiz Sebastián Cisternas Francisco Basauri - ESG
Slide 62: CNC
CNC