Enel Americas S.a. · BCS:ENELAM
Enel Americas — Investor Presentation (May 2025)
57 slides from Enel Americas's investor presentation, May 2025
Slide 1: Corporate Presentation May 2025
Corporate Presentation May 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 Net Income (US$ bn) 0.9 2.61 0.8% CAPEX (US$ bn) 2.7 2.1 6.9% Market Cap3 USD 10.4 bn 82,3% 10.1% Net debt / EBITDA (times) 1.7 0.6 RES Capacity (GW) 11.8 12.6 RES capacity (%) Enel SpA Chilean Pension Funds 98 98 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 Reservoir level 40% Price volatility 200 20% 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 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) (0.1
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 FY 2024 1.3 EBITDA/MWh 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: Q1 2025 Results
Q1 2025 Results Cre
Slide 21: Key highlights
Key highlights Operational Financial Financial CAPEX results results position USD 0.30 bn +23% vs PY USD 1.13 bn USD 0.33 bn Adj.Grids CAPEX+11% Renewablegeneration Adj.EBITDA +5% Fin. expenses -21% Net of Fx Grids CAPEX increase Relevant increase in solar & wind Net of Fx EBITDA improvement Improve
Slide 22: Regulatory scenario
Regulatory scenario Key recent and expected developments for our main markets Dx concession renewal – Expected timetable Publication of base ANEEL’s recommendation Signing of concession contract to the MME concession contract March 28 Tariff review – Dx and Cx 1 2 + 60 days 3 + 30 days 4 + 90 days 5
Slide 23: Gross CAPEX
Gross CAPEX Focus on Grids aligned with Strategic Plan goals CAPEX by country and business1 Grids CAPEX breakdown2 0% 1% 12% 25% 29% 30% Net of Fx 41% Networks upgrade USD 406 mn USD 406 mn Grids CAPEX3 USD 300 mn +42% YoY +11% YoY (-27% YoY) (-27% YoY) (-2%YoY) 74% 59% 31% Argentina Colombia Grids
Slide 24: Grids operational highlights
Grids operational highlights Improvement in SAIDI across the board and continued deployment of smart meters Electricity distributed (TWh) Grids customers (mn) Quality indicators2 SAIDI (hours) SAIFI (times) +0.2% +397k Q1 2024 Q1 2025 Q1 2024 Q1 2025 27.3 27.3 Edesur 17.3 16.8 7.7 8.6 22.3 22.7 Enel
Slide 25: Generation operational highlights
Generation operational highlights +1.2 TWh renewable generation due to capacity expansion & better hydrology in Colombia Net installed capacity (GW) Energy balance1 (TWh) 2% 98% renewables 97% +13% 99% 22% 17.4 17.4 15.4 15.4 4.2 3.8 12.9 49% 4.2 3.2 GW 3.4 2.6 0.1 8.3 0.3 6.6 2.6 3.7 27% 5.8 5.6 5.
Slide 26: Financial highlights
Financial highlights Adj. EBITDA growth on better hydrology in Colombia and tariff indexation in Argentina Adj. EBITDA1 Adj. Net income2 FFO (USD bn) (USD bn) (USD bn) +5% -5% +6% 1,08 1,13 0,44 0,47 0,25 0,24 Q1 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Reported 1.08 1.01 0.36 0.25 Adj. Q1’25
Slide 27: EBITDA breakdown: Q1 2025 results
EBITDA breakdown: Q1 2025 results Important recovery in Generation explained by better hydro generation in Colombia EBITDA evolution by business line (USD mn) EBITDA breakdown -6% 6% 3% +5% Argentina 1.133 USD Brazil 1.077 7 8 50% 46 (6) 1.007 1,007 mn Colombia (126) 41% C. America 3% Grids 39% USD
Slide 28: Cash flow (USD bn)
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 1 2 3 4 EBITDA NWC Taxes paid Net financial FFO CAPEX FCF 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 f
Slide 29: Debt (USD bn)
Debt (USD bn) Net debt increase due to Fx appreciation vs December 2024 and dividend payment Gross and net debt1 Net debt evolution Gross debt breakdown +8% +34% 12% 0% 5.7 5.2 BRL Currency USD 48% COP 2.8 5.7 bn USD 3.1 2.9 39% ARS 0.3 0.1 2.1 0.4 (0.1) 2.9 2.1 1% 11% 0% Brazil Dec. 24 Mar. 25 Dec.
Slide 30: Closing remarks
Closing remarks Distribution concession renewal in Brazil well on track CAPEX aligned with Strategic Plan guidelines, Total dividends from focusing on Grids to reinforce quality and 2024 Net income resilience USD 0.78bn EBITDA net of Fx improving due to better results of which in Argentina and bette
Slide 31: Q1 2025 Annexes
Q1 2025 Annexes al
Slide 32: 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 ∆% Q12 March March ‘25 vs ‘24 2024 2025 Argentina -2.1% March March Argentina -
Slide 33: 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 2,729,178 17,456 16.8 8.6 17.7% Buenos Aires, Argentina 3,309 2025
Slide 34: 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 35: 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 36: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Energy balance – Enel Américas Consolidated, Colombia and Brazil 97% Enel Américas 99% 92% Colombia 97% 100% Brazil 100% Hydro +13% 17.4 17.4 +9% 5.3 5.3 +19% 10.7 10.7 Renewables Own production 15.4 15.4 4.8 4.8 4,2 3,8 0,8 1,1 9.0 9.0 2,4 Thermal
Slide 37: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Enel X & Retail Enel X Retail Mar. 2024 Mar. 2025 Δ% Charging points1 (th) 11.0 13.4 +22% Customers (th) Energy sold (TWh) Street lighting (th) 687 744 +8% +10% +2% 5,7 5,8 6,2 5,6 e-Buses (#) 925 926 0% M&R2 contracts (th) 851 973 +14% PV3 (MWp in
Slide 38: Financial exhibits
Financial exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Reported results Q1 2025 Q1 2024 ∆YoY Revenues 3,280 3,373 -3% Gross Margin 1,418 1,457 -3% OPEX (410) (380) +8% Reported EBITDA 1,007 1,077 -6% D&A1 (359) (347) +3% EBIT 649 730 -11% Net financial results (166) (181) -8% Non operating results (1)
Slide 39: Grids business results
Grids business results \\psf\Home\Desktop\ENELLOGO1.jpg Quarter results Q1 EBITDA evolution (USD mn) Q1 EBITDA by country (USD mn) -14% 709 4% 613 33% 613 (-14% YoY) 64% Q1 2024 Q1 2025 Argentina Brazil Colombia 39
Slide 40: Generation business results
Generation business results \\psf\Home\Desktop\ENELLOGO1.jpg Quarter results Q1 EBITDA evolution (USD mn) Q1 EBITDA by country (USD mn) +4% 2% 14% 407 392 32% 407 (+4% YoY) 52% Q1 2024 Q1 2025 Argentina Colombia Brazil C. America 40
Slide 41: Argentina (USD mn)
Argentina (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarter results Generation1 Grids1 Total2 Q1 2024 Q1 2025 % Q1 2024 Q1 2025 % Q1 2024 Q1 2025 % Revenues 10 13 29% 236 410 74% 246 423 72% Procurements -1 -1 22% -163 -276 69% -166 -277 67% and Services OPEX -11 -3 -73% -64 -112 73% -75 -115 53% EB
Slide 42: Brazil (USD mn)
Brazil (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarter results Generation1 Grids1 Total2 Q1 2024 Q1 2025 % Q1 2024 Q1 2025 % Q1 2024 Q1 2025 % Revenues 285 295 3% 1,790 1,577 -12% 2,079 1,875 -10% Procurements -95 -136 44% -1,120 -1,012 -10% -1,213 -1,142 -6% and Services OPEX -30 -29 -3% -176 -17
Slide 43: Colombia (USD mn)
Colombia (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarter results Generation1 Grids1 Total2 Q1 2024 Q1 2025 % Q1 2024 Q1 2025 % Q1 2024 Q1 2025 % Revenues 437 411 -6% 583 540 -7% 968 899 -7% Procurements -225 -176 -22% -340 -301 -11% -512 -423 -17% and Services OPEX -27 -22 -17% -36 -39 8% -63 -61
Slide 44: Central America (USD mn)
Central America (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarter results Central America Q1 2024 Q1 2025 % Revenues 80 83 3% Procurements -25 -20 -20% and Services OPEX -8 -7 -11% EBITDA 47 56 18% Net Income 18 29 57% Gross Capex 1 1 -12% Net Production 649 733 13% (GWh) Energy Sales 805 888 10% (G
Slide 45: 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 2,5 Baa2/Stable 3.6 years (June 2024) 30% BBB-/Stable 1,4 (February 2024) USD 4.0 bn 1,2 70% 0,6 BBB+/Stable (
Slide 46: 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 47: 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 48: Strategic Plan Annexes
Strategic Plan Annexes al
Slide 49: 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 Coal Tech 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 50: Gross pipeline
Gross pipeline Renewables Pipeline Mature pipeline by country By technology By stage 1% 1% 5% 3% 18% 24% ~31 47% ~31 ~16 GW GW 53% GW 72% 77% Hydro Wind Mature Brazil Argentina Solar BESS Early stage Colombia Central America 50
Slide 51: 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 52: 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 2025 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 53: 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 54: 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 54
Slide 55: 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 56: 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 57: CNC
CNC