Enel Americas S.a. · BCS:ENELAM
Enel Americas — Q3 2025 Earnings Presentation
39 slides from Enel Americas's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter & Nine Months Consolidated results
Third Quarter & Nine Months Enel Américas Consolidated results October 30th, 2025
Slide 2: Key highlights and operational performance
Q3 & 9M 2025 Key highlights and operational performance Giuseppe Turchiarelli CEO
Slide 3: Q3 2025 Key highlights
Q3 2025 Key highlights \\psf\Home\Desktop\ENELLOGO1.jpg Share Grids Operational Financial buyback CAPEX results results program USD 0.47 bn USD 0.46 bn + 0.8 TWh USD 1.03 bn 4% of outstanding shares Adj. Grids CAPEX1 +29% YoY Colombia hydro production Adj. EBITDA1 +9% YoY +24% YoY Immediate return f
Slide 4: Share buyback program
Share buyback program \\psf\Home\Desktop\ENELLOGO1.jpg Successful repurchase program of 4% of outstanding shares Objectives and program characteristics Shareholders structure1 Optimization of capital structure, funded with remaining cash from sale of Peruvian assets 4.0% Improvement in shareholders
Slide 5: Regulatory scenario
Regulatory scenario \\psf\Home\Desktop\ENELLOGO1.jpg Key recent and expected developments for our main markets Brazil Other relevant topics Dx concession renewal: H. El Chocón renewal: Concession extended until year- • Enel Dx São Paulo process currently end; terms and conditions of the tender publi
Slide 6: 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% 8% 1% 18% Net of Fx Networks upgrade 29% 33% Grids CAPEX3 37% growth Q3 2025 +29% YoY +66% YoY USD 541 mn USD 541 mn USD 436 mn (+20% YoY) (+20% YoY)
Slide 7: Grids operational highlights
Grids operational highlights \\psf\Home\Desktop\ENELLOGO1.jpg Ongoing deployment of smart meters in Sao Paulo Electricity distributed (TWh) Grids customers (mn) Quality indicators2 SAIDI (hours) SAIFI (times) Flat Flat +392k 9M 2024 9M 2025 9M 2024 9M 2025 79.8 79.8 22.9 Edesur 18.3 18.3 8.3 8.8 22.
Slide 8: Generation operational highlights
Generation operational highlights \\psf\Home\Desktop\ENELLOGO1.jpg Higher generation in Colombia compensated by curtailments in Brazil Net installed capacity (GW) Energy balance1 (TWh) 2% 98% renewables 98% -7% 100% 98% +3% 99% 22% 50.0 50.0 51.7 51.7 9.9 8.9 10.1 9.8 12.9 49% 17.9 17.9 16.6 16.6 8.
Slide 9: Economic and financial performance
Q3 & 9M 2025 Economic and financial performance Rafael de la Haza CFO
Slide 10: Financial highlights
Financial highlights \\psf\Home\Desktop\ENELLOGO1.jpg Adj. EBITDA growth on better results in Brazil and Colombia Adj. EBITDA1 Adj. Net income2 FFO (USD bn) (USD bn) (USD bn) +9% -24% +3% 1.02 0.29 0.75 0.77 0.94 0.22 Q3 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 9M 3.01 3.33 +11% 0.61 0.64 +5%
Slide 11: EBITDA breakdown: Q3 2025 results
EBITDA breakdown: Q3 2025 results \\psf\Home\Desktop\ENELLOGO1.jpg Positive results in Grids and Generation lead to EBITDA growth EBITDA evolution by business line (USD mn) EBITDA breakdown +10% 0% 0% 5% +9% Argentina Brazil USD 53% Colombia 1,024 1,029 42% 1,029 mn 939 18 0 3 5 Peru 64 C. America 2
Slide 12: EBITDA breakdown: 9M 2025 results
EBITDA breakdown: 9M 2025 results \\psf\Home\Desktop\ENELLOGO1.jpg Growth in Dx Argentina, Gx Colombia and Gx Central America help offset Fx headwinds EBITDA evolution by business line (USD mn) EBITDA breakdown +3% 5% 0% +11% 5% Argentina Brazil 3,329 USD 50% Colombia 163 (16) 24 3,106 3,106 mn 3,01
Slide 13: Cash flow (USD bn)
Cash flow (USD bn) \\psf\Home\Desktop\ENELLOGO1.jpg Higher EBITDA, lower taxes and net financial expenses lead to positive cash generation 3.11 (0.60) (0.31) (0.36) 1.83 of which USD 0.55 bn in Brazil due to: - USD 0.22 bn CVA - USD 0.16 IFRIC 12 - USD 0.18 delayed CAPEX payments (1.49) 0.34 1 2 3 4
Slide 14: Debt (USD bn)
Debt (USD bn) \\psf\Home\Desktop\ENELLOGO1.jpg Net debt increase due to Fx appreciation, dividend and tax payments Gross and net debt1-2 Net debt evolution Gross debt breakdown +17% +103% 2% 11% 1% 6.2 BRL Currency 5.2 COP 1.8 USD 49% 4.3 USD 6.2 bn 38% ARS 3.1 0.7 PEN 1.0 2.1 4.3 0.9 (0.3) 2.1 1% 1
Slide 15: Closing remarks
Closing remarks \\psf\Home\Desktop\ENELLOGO1.jpg Successful execution of share buyback program, with high market interest Grids CAPEX with a continued focus on reinforce quality and resilience 2026 Investor Day confirmed for Q3 EBITDA improvement due to better results in Brazil Q1 2026 and Colombia
Slide 16: Annexes
Q3 & 9M 2025 Annexes nr Cl
Slide 17: 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 ∆% Q32 ∆%9M2 September September ‘25 vs ‘24 ‘25 vs ‘24 2024 2025 1.0% Argentina
Slide 18: 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 2,755,593 17,539 18.2 8.8 17.5% Buenos Aires, Argentina 3,309 2030
Slide 19: 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 0 881 226 4,205 Central America
Slide 20: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Energy balance of Enel Américas, Brazil and Colombia 98% Enel Américas 99% 100% Brazil 100% 94% Colombia 99% 50.0 50.0 +3% 51.7 51.7 28.9 28.9 +5% 30.4 30.4 16.1 16.1 +4% 16.7 16.7 9.9 8.9 7.1 4.6 2.8 2.3 3.7 10.1 9.8 6.7 6.7 2.9 1.7 8.6 9.7 1.8 3.
Slide 21: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Enel X & Retail Enel X Retail Sep. 2024 Sep. 2025 Δ% Charging points1 (th) 11.8 14.0 +19% Customers (th) Energy sold (TWh) Street lighting (th) 744 760 +2% +12% +1% 17.2 17.4 6.7 e-Buses (#) 926 926 +0% 5.9 M&R2 contracts (th) 941 957 +2% PV3 (MWp
Slide 22: Financial exhibits
Financial exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Reported results Q3 2025 Q3 2024 ∆YoY 9M 2025 9M 2024 ∆YoY Revenues 3,654 3,603 +1% 10,443 10,352 +1% Gross Margin 1,431 1,336 +7% 4,342 4,197 +3% OPEX (401) (397) +1% (1,236) (1,186) +4% Reported EBITDA 1,029 939 +10% 3,106 3,011 +3% D&A1 (390) (3
Slide 23: Grids business results
Grids business results \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly and cumulative results Q3 EBITDA evolution (USD mn) YTD EBITDA by country (USD mn) +4% 602 8% 580 31% 1,909 (-1% YoY) 62% Q3 2024 Q3 2025 Argentina Brazil Colombia 23
Slide 24: Generation business results
Generation business results \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly and cumulative results Q3 EBITDA evolution (USD mn) YTD EBITDA by country (USD mn) +17% 448 2% 12% 382 34% 1,242 (+8% YoY) 51% Q3 2024 Q3 2025 Argentina Colombia Brazil C. America 24
Slide 25: Argentina (USD mn)
Argentina (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly results Generation1 Grids1 Total2 Q3 2024 Q3 2025 % Q3 2024 Q3 2025 % Q3 2024 Q3 2025 % Revenues 19 9 -50% 430 275 -36% 449 284 -37% Procurements -2 -1 -69% -306 -222 -27% -308 -222 -28% and Services OPEX -7 0 <-100% -108 -60 -45% -115 -6
Slide 26: Argentina (USD mn)
Argentina (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Cumulative results Generation1 Grids1 Total2 9M 2024 9M 2025 % 9M 2024 9M 2025 % 9M 2024 9M 2025 % Revenues 42 37 -12% 1,013 1,134 12% 1,055 1,170 11% Procurements -4 -3 -20% -697 -732 5% -701 -735 5% and Services OPEX -21 -6 -70% -274 -257 -6% -29
Slide 27: Brazil (USD mn)
Brazil (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly results Generation1 Grids1 Total2 Q3 2024 Q3 2025 % Q3 2024 Q3 2025 % Q3 2024 Q3 2025 % Revenues 295 358 22% 1,832 1,978 8% 2,131 2,336 10% Procurements -105 -168 61% -1,301 -1,392 7% -1,404 -1,555 11% and Services OPEX -32 -32 0% -151 -189
Slide 28: Brazil (USD mn)
Brazil (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Cumulative results Generation1 Grids1 Total2 9M 2024 9M 2025 % 9M 2024 9M 2025 % 9M 2024 9M 2025 % Revenues 868 966 11% 5,275 5,315 1% 6,153 6,279 2% Procurements -276 -450 63% -3,512 -3,607 3% -3,783 -4,038 7% and Services OPEX -97 -94 -4% -488 -529
Slide 29: Colombia (USD mn)
Colombia (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly results Generation1 Grids1 Total2 Q3 2024 Q3 2025 % Q3 2024 Q3 2025 % Q3 2024 Q3 2025 % Revenues 458 429 -6% 529 558 6% 931 930 0% Procurements -280 -173 -38% -307 -302 -2% -531 -416 -22% and Services OPEX -23 -29 23% -39 -46 17% -63 -75 1
Slide 30: Colombia (USD mn)
Colombia (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Cumulative results Generation1 Grids1 Total2 9M 2024 9M 2025 % 9M 2024 9M 2025 % 9M 2024 9M 2025 % Revenues 1,360 1,223 -10% 1,691 1,629 -4% 2,888 2,688 -7% Procurements -766 -507 -34% -964 -894 -7% -1,565 -1,233 -21% and Services OPEX -82 -77 -7% -
Slide 31: Central America (USD mn)
Central America (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly & cumulative results Central America Q3 2024 Q3 2025 % 9M 2024 9M 2025 % Revenues 92 88 -4% 255 253 -1% Procurements -24 -24 0% -106 -73 -32% and Services OPEX -9 -10 21% -25 -26 4% EBITDA 60 54 -9% 124 154 25% Net Income 33 30 -9%
Slide 32: Peru (USD mn)
Peru (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarterly & cumulative results Peru Q3 2024 Q3 2025 % 9M 2024 9M 2025 % Revenues - 16 n.a. - 53 n.a. Procurements - -7 n.a. - -23 n.a. and Services OPEX - -15 n.a. - -20 n.a. EBITDA - -6 n.a. - 10 n.a. Net Income - -10 n.a. - 1 n.a. Gross Capex - 1 n.a.
Slide 33: 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 3.3 3.6 years (June 2025) BBB-/Negative 51% 49% (June 2025) USD 2.7 bn 1.7 BBB+/Stable 0.5 0.6 (Ma
Slide 34: 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 35: 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 36: 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 37: Disclaimer
Q3 & 9M 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 38: Thank you.
Q3 & 9M 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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