Enel Americas S.a. · BCS:ENELAM
Enel Americas — H1 2026 Earnings Presentation
37 slides from Enel Americas's earnings presentation, Jul 29, 2026
Slide 1: Enel Américas Second Quarter & First Half Consolidated results
Second Quarter & First Half Enel Américas Consolidated results July 29th, 2026
Slide 2: Key highlights and operational performance
Q2 & H1 2026 Key highlights and operational performance Giuseppe Turchiarelli CEO
Slide 3: Q2 2026 Key highlights
Q2 2026 Key highlights Investments Investments aligned with Strategic Plan goals CAPEX +10% increase on investments excluding Fx, supported by tariff scheme improvement USD 0.54 bn Grids CAPEX increased 42% mainly focused on digitalization and resilience Flat YoY Lower investments execution due to c
Slide 4: Regulatory scenario
Regulatory scenario Key recent and expected developments for our main markets Relevant topics Energy sector bill: Includes provisions on regulatory assets related to the frozen tariffs. Legislative discussion ongoing Enel Dx São Paulo concession: ANEEL1 continues the administrative process to evalua
Slide 5: Gross CAPEX
Gross CAPEX Focus on Grids aligned with Strategic Plan goals; Brazil leads CAPEX growth CAPEX by country and business1 Grids CAPEX breakdown2 1% 10% 10% Networks upgrade 19% growth 30% +19% YoY 34% Q2 2026 USD 537 mn USD 537 mn USD 481 mn (Flat YoY) (Flat YoY) (+24% YoY) 70% Argentina 90% 36% Networ
Slide 6: Grids operational highlights
Grids operational highlights Continued deployment of smart meters reinforcing our digitalization efforts Electricity distributed (TWh) Grids customers (mn) Quality indicators2 SAIDI (hours) SAIFI (times) -0.5% +1% +347k H1 2025 H1 2026 H1 2025 H1 2026 52.1 52.5 23.2 Edesur 18.4 15.7 8.6 9.1 22.8 Ene
Slide 7: Installed capacity & net production
Installed capacity & net production Higher total generation mainly explained by Colombia & Central America Net installed capacity (GW) Net production1 (TWh) Colombia & Capacity Enel Américas1 Brazil Central America 96% by country +8% 10.9 5.4 +4% 5.6 +11% 5.2 4% renewables 10.1 4.7 0.1 0.3 0.7 0.2 6
Slide 8: Energy balance
Energy balance Higher sales mainly explained by higher production in Colombia Energy balance (TWh) Colombia & Enel Américas1 Brazil Central America 12.6 12.6 +4% 13.1 13.1 7.5 7.5 -4% 7.2 7.2 +9% 5.8 5.8 5.3 5.3 0.1 2.2 0.9 0.4 0.4 0.6 0.5 2.4 1.6 0.6 0.3 1.1 1.8 6.7 5.2 1.3 5.4 4.1 10.1 10.9 4.7 5.
Slide 9: Economic and financial performance
Q2 & H1 2026 Economic and financial performance Rafael de la Haza CFO
Slide 10: Financial highlights
Financial highlights EBITDA growth led by Generation in Colombia and Grids in Brazil EBITDA Net income FFO (USD bn) (USD bn) (USD bn) +18% +31% +12% 1.25 0.66 1.06 0.25 0.59 0.19 Q2 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 H1 2.08 2.43 +17% 0.43 0.51 +18% 1.06 0.74 -30% Better EBITDA performa
Slide 11: EBITDA breakdown: Q2 2026 results
EBITDA breakdown: Q2 2026 results Positive result in Generation & Grids along with positive Fx dynamics boosted EBITDA EBITDA evolution by business line (USD mn) EBITDA breakdown 4% 1% +18% 4% Argentina +16% Brazil 1,254 USD 48% Colombia 1,116 138 1,254 mn 1,061 42 (3) 44% Peru (99) 962 114 C. Ameri
Slide 12: EBITDA breakdown: H1 2026 results
EBITDA breakdown: H1 2026 results Continued positive performance across both businesses EBITDA evolution by business line (USD mn) EBITDA breakdown 5% +17% 1% 4% Argentina +11% Brazil 2,428 USD 49% Colombia 2,186 242 2,428 mn 2,077 (7) Peru (99) 1,978 166 42% 50 C. America 1% 39% Grids USD Integrate
Slide 13: Cash flow (USD bn)
Cash flow (USD bn) Positive FFO despite NWC pressure in Brazil 2.43 of which (USD 0.77) bn in Brazil, explained by: - USD 0.23 bn CVA1 (0.95) - USD 0.20 IFRIC 122 - USD 0.30 CAPEX payments (0.35) (0.39) 0.74 (0.98) (0.25) 3 4 5 6 EBITDA NWC Taxes paid Net financial FFO CAPEX FCF expenses H1 2025 2.0
Slide 14: Debt (USD bn)
Debt (USD bn) Net debt increase due to Fx appreciation, dividend payments and negative FCF Gross and net debt1 Net debt evolution Gross debt breakdown +12% +25% 8% 3% 7.7 1% BRL 6.8 Currency 1.6 COP 6.0 USD USD 2.0 7.7 bn 53% 4.8 0.7 35% ARS 0.2 0.3 PEN 6.0 4.8 3% 8% 0% Brazil Dec. 25 Jun. 26 Dec. 2
Slide 15: Closing remarks
Closing remarks Continued capital allocation in Grids at the core of our 1 strategy Solid results across all businesses, with positive effects from 2 currency appreciation Focus on regulatory advocacy efforts to support business 3 continuity ESM approved share buyback program on July 23, boosting 4
Slide 16: Q2 & H1 2026 Annexes
Q2 & H1 2026 Annexes enel
Slide 17: Current scenario
Current scenario Local currencies, inflation, electricity distributed and interest rates Macroeconomic variables1 Electricity distributed Interest rates Local currencies Inflation3 vs USD ∆% Q22 ∆%H12 June June ‘26 vs ‘25 ‘26 vs ‘25 2025 2026 Argentina 2.9% June June Argentina -24% -24% 39.4% 33.5%
Slide 18: Operating exhibits: Distribution companies
Operating exhibits Distribution companies Energy sold SAIDI SAIFI Energy Concession Next tariff Distributor Clients City, Country LTM (GWh) (hours) (times) losses (%) area (km2) review Edesur 2,741,365 17,792 15.7 9.1 18.2% Buenos Aires, Argentina 3,309 2030 Enel Ceará 4,375,254 15,404 8.1 4.2 18.0%
Slide 19: Operating exhibits: Installed capacity and production
Operating exhibits Net installed capacity & Total net production: Breakdown by source and geography Net installed capacity (MW) MW Hydro Wind Solar CCGT Coal Total Argentina 0 0 0 0 0 0 Brazil 1.272 3.506 1.845 0 0 6.622 Colombia 3.097 0 1.148 0 224 4.470 Central America 543 0 162 0 0 705 Peru 0 0 0
Slide 20: Financial exhibits
Financial exhibits Reported results Q2 2026 Q2 2025 ∆YoY H1 2026 H1 2025 ∆YoY Revenues 4.229 3.491 +21% 8.152 6.788 +20% Gross Margin 1.735 1.483 +17% 3.382 2.911 +16% OPEX (481) (422) +14% (954) (835) +14% Reported EBITDA 1.254 1.061 +18% 2.428 2.077 +17% 1 D&A (396) (405) -2% (804) (765) +5% EBIT
Slide 21: Grids business results
Grids business results Quarterly and cumulative results Q2 EBITDA evolution (USD mn) YTD EBITDA by country (USD mn) +6% 737 7% 694 30% 1,536 (+18% YoY) 63% Q2 2025 Q2 2026 Argentina Brazil Colombia 21
Slide 22: Generation business results
Generation business results Quarterly and cumulative results Q2 EBITDA evolution (USD mn) YTD EBITDA by country (USD mn) +43% 551 11% 30% 386 933 (+18% YoY) 59% Q2 2025 Q2 2026 Brazil Colombia C. America 22
Slide 23: Argentina (USD mn): Quarterly results
Argentina (USD mn) Quarterly results Generation Grids Total1 Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Revenues 14 1 -94% 449 450 0% 463 451 -3% Procurements -1 0 -94% -234 -310 32% -235 -310 32% and Services OPEX -4 -1 -80% -86 -92 7% -90 -94 4% EBITDA 9 0 <-100% 129 48 -63% 138 47 -66%
Slide 24: Argentina (USD mn): Cumulative results
Argentina (USD mn) Cumulative results Generation Grids Total1 H1 2025 H1 2026 % H1 2025 H1 2026 % H1 2025 H1 2026 % Revenues 27 3 -91% 859 869 1% 886 872 -2% Procurements -3 0 -91% -510 -575 13% -512 -575 12% and Services OPEX -7 -3 -59% -197 -182 -8% -205 -186 -9% EBITDA 18 0 <-100% 152 113 -26% 16
Slide 25: Brazil (USD mn): Quarterly results
Brazil (USD mn) Quarterly results Generation Grids Total1 Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Revenues 312 396 27% 1,759 2,151 22% 2,068 2,515 22% Procurements -146 -187 28% -1,203 -1,461 21% -1,340 -1,626 21% and Services OPEX -33 -42 30% -164 -218 32% -225 -289 28% EBITDA 134 167
Slide 26: Brazil (USD mn): Cumulative results
Brazil (USD mn) Cumulative results Generation Grids Total1 H1 2025 H1 2026 % H1 2025 H1 2026 % H1 2025 H1 2026 % Revenues 608 842 39% 3,336 4,170 25% 3,943 4,965 26% Procurements -282 -488 73% -2,215 -2,760 25% -2,483 -3,206 29% and Services OPEX -62 -78 26% -340 -448 32% -448 -571 27% EBITDA 264 27
Slide 27: Colombia (USD mn): Quarterly results
Colombia (USD mn) Quarterly results Generation Grids Total1 Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Revenues 383 595 55% 530 630 19% 859 1,157 35% Procurements -158 -230 45% -291 -362 25% -394 -524 33% and Services OPEX -26 -31 23% -66 -51 -23% -92 -83 -10% EBITDA 199 334 68% 174 217 2
Slide 28: Colombia (USD mn): Cumulative results
Colombia (USD mn) Cumulative results Generation Grids Total1 H1 2025 H1 2026 % H1 2025 H1 2026 % H1 2025 H1 2026 % Revenues 794 978 23% 1,071 1,259 18% 1,758 2,118 21% Procurements -334 -360 8% -592 -696 18% -817 -937 15% and Services OPEX -48 -67 40% -105 -101 -3% -153 -169 10% EBITDA 412 552 34% 3
Slide 29: Central America (USD mn)
Central America (USD mn) Quarterly & cumulative results Central America Q2 2025 Q2 2026 % H1 2025 H1 2026 % Revenues 81 83 2% 165 159 -3% Procurements -29 -23 -20% -49 -37 -25% and Services OPEX -8 -10 19% -16 -18 12% EBITDA 44 50 13% 100 105 5% Net Income 18 23 34% 46 51 9% Gross Capex 4 4 -7% 6 6
Slide 30: Peru (USD mn)
Peru (USD mn) Quarterly and cumulative results Peru Q2 2025 Q2 2026 % H1 2025 H1 2026 % Revenues 19 22 17% 37 39 5% Procurements -9 -9 3% -16 -16 -1% and Services OPEX -3 -3 10% -5 -5 -11% EBITDA 8 10 37% 16 18 16% Net Income 2 5 >100% 12 9 -22% Gross Capex 0 0 42% 1 2 >100% Net Production 58 87 50%
Slide 31: Consolidated financial position
Consolidated financial position Liquidity, debt maturities and credit profile Liquidity position Debt maturities (USD bn) Credit profile Average maturity of Baa3/Negative 3.4 3.2 years (April 2026) BB+/Stable 48% (April 2026) 52% USD 3.1 bn 1.8 1.6 0.9 BBB+/Stable (March 2026) 2026 2027 2028 After 2
Slide 32: Corporate governance structure
Corporate governance structure Shareholders’ meeting Audit firm 29% BoD’s 43% composition Board of Directors (7 members) 29% Executive of Enel Group Independent Non-executive elected by Enel SpA Functions: Directors Committee Audit committee Sustainability committee Related parties' transactions 32
Slide 33: Board composition
Board composition Board of Directors Board of Directors’ diversity Beatriz Saiz Chairwoman 29% Luca Lo Voi Director Gender diversity 71% Roberto Deambrogio Director Male Female Director José Antonio Vargas Directors’ Committee 14% 14% 29% Britaldo Soares Director Tenure 14% Nationality 14% diversity
Slide 34: Policies, principles and codes
Enel Américas - Policies, principles and codes 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 Free Competition Regulations • Human
Slide 35: Disclaimer
Q2 & H1 2026 Consolidated results 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
Slide 36: Contact us
Q2 & H1 2026 Consolidated results 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 Bas
Slide 37: CNC
CNC