Enel Americas S.a. · BCS:ENELAM
Enel Americas — H1 2025 Earnings Presentation
38 slides from Enel Americas's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter & First Half Enel Américas Consolidated results
Second Quarter & First Half Enel Américas Consolidated results July 30th, 2025
Slide 2: Key highlights and operational performance
Q2 & H1 2025 Key highlights and operational performance Giuseppe Turchiarelli CEO
Slide 3: 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% Renewable generation +5% Adj. EBITDA +17% Fin. expenses -37% Grids CAPEX increase mainly in Relevant increas
Slide 4: 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 5: 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% 27% Net of Fx Networks upgrade 31% 35% Grids CAPEX3 growth 39% Q2 2025 +26% YoY +39% YoY USD 539 mn USD 539 mn USD 388 mn (+5% YoY) (+5% YoY)
Slide 6: Grids operational highlights
Grids operational highlights \\psf\Home\Desktop\ENELLOGO1.jpg 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
Slide 7: Generation operational highlights
Generation operational highlights \\psf\Home\Desktop\ENELLOGO1.jpg +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 6.4 10.1 12.9 49% 16.5 16.5 17.6 17
Slide 8: Economic and financial performance
Q2 & H1 2025 Economic and financial performance Rafael de la Haza CFO
Slide 9: Financial highlights
Financial highlights \\psf\Home\Desktop\ENELLOGO1.jpg 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 Q2 0.07 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 H1 2.
Slide 10: 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 1,164 USD 47% Brazil (2) 5 1,061 Colombia 129 (102) 1,061 mn 995 Peru 36 35% C. A
Slide 11: 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% 5% Argentina Brazil 2,305 USD 2,072 124 5 21 2,077 49% Colombia (228) 2,077 mn 83
Slide 12: Cash flow (USD bn)
Cash flow (USD bn) \\psf\Home\Desktop\ENELLOGO1.jpg Lower taxes and net financial expenses lead to positive cash generation 2.08 (0.55) (0.20) (0.26) 1.06 (0.95) 0.12 1 2 3 4 EBITDA NWC Taxes paid Net financial FFO CAPEX FCF expenses H1 2024 2.07 (0.40) (0.45) (0.36) 0.86 (1.07) (0.21) Rounded figur
Slide 13: Debt (USD bn)
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% 2% 11% 1% 5.9 BRL 5.2 Currency COP 1.7 USD 50% 4.2 USD 5.7 bn 0.4 37% ARS 3.1 PEN 0.9 2.1 0.8 4.2
Slide 14: 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 15: Q2 & H1 2025 Annexes
Q2 & H1 2025 Annexes nr Cl
Slide 16: 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 17: 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 18: 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 19: 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 6.4 3.7 1.6 1.8 1.5 2.3 7.9 6.4 10.1 8.1 1.2 5.8 4.4 1.2 4.5 0.5 0
Slide 20: 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% PV3 (MWp i
Slide 21: 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 22: 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% 694 12% 637 1,307 29% (-3% YoY) 60% Q2 2024 Q2 2025 Argentina Brazil Colombia 22
Slide 23: 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% 386 2% 374 13% 33% 794 (+4% YoY) 52% Q2 2024 Q2 2025 Argentina Colombia Brazil C. America 23
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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% BBB-/Negative (June 2025) USD 2.9 bn 1.5 58% BBB+/Stable 0.6 0.6 (Ma
Slide 33: 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 34: 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 35: Enel Américas - 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 36: Disclaimer
Q2 & H1 2025 Consolidated results \\psf\Home\Desktop\ENELLOGO1.jpg 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 expe
Slide 37: Thank you.
Q2 & H1 2025 Consolidated results \\psf\Home\Desktop\ENELLOGO1.jpg 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
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