Enel Americas S.a. · BCS:ENELAM
Enel Americas — Q1 2024 Earnings Presentation
36 slides from Enel Americas's earnings presentation, May 2, 2024
Slide 1: Enel Américas First Quarter Consolidated results
First Quarter Enel Américas Consolidated results May 2nd, 2024
Slide 2: Key highlights and operational performance
Q1 2024 Key highlights and operational performance Aurelio Bustilho CEO
Slide 3: Key highlights
Key highlights Announced Financial Cost of debt Grids Profitability results evolution investments BRL 11.0 bn USD 1.1 bn 11.0% USD 0.4 bn CAPEX plans for Enel Sao EBITDA +14% vsPY - 120 basis points G.Net income +17% vsPY Paulo and Ceará 2024-26 Robust CAPEX plans with a focus Q1’24 EBITDA increase
Slide 4: Brazil – Dx CAPEX plans
Brazil – Dx CAPEX plans Announced commitments on our Brazilian concessions Enel Sao Paulo – 2024-26 CAPEX plan Enel Ceará – 2024-26 CAPEX plan BRL 6.2 bn CAPEX plan for the 2024-26 period BRL 4.8 bn CAPEX plan for the 2024-26 period ~BRL 2.0 bn per year, +43% vs 4-year average ~BRL 1.6 bn per year,
Slide 5: Gross CAPEX
Gross CAPEX Completing renewable projects in core countries, continued focus on Grids CAPEX by country CAPEX by business1 Asset development2 CAPEX by business 2% 1% 6% 16% 22% USD 556 mn 42% USD 556 mn USD 282 mn (-4% YoY) (-4% YoY) (+4% YoY) 56% 77% 78% Argentina Brazil Grids Grids Colombia Generat
Slide 6: Generation operational highlights
Generation operational highlights 97% emission-free production, strong growth in energy sales in Brazil Net installed capacity (GW) Net production1 (TWh) Energy sales1-2 (TWh) +26% 18.6 2% -3% 14.8 34% 9.0 8.7 20% 98% renewables 0.1 0.6 0.3 20% 0.7 2.2 2.0 Hydro 36% 44% 12.2 Wind 51% GW Solar 6.1 5.
Slide 7: Renewables development
Renewables development ~0.2 GW added capacity in Brazil and Colombia Q1 CAPEX breakdown1 Projects in execution Net End of Country & tech Project capacity construction 8% Arinos 461 MW 2024 41% USD Brazil 1.1 Pedra Pintada 194 MW 2024 0.2 bn Colombia GW 59% Guayepo II 190 MW 2024 92% Guayepo III 267
Slide 8: Grids operational highlights
Grids operational highlights Digitalization efforts and increase in net RAB to drive future growth and profitability Electricity distributed (TWh) Grid customers (mn) Quality indicators1-2 +4% +420k SAIDI (hours) SAIFI (times) Q1 2023 Q1 2024 Q1 2023 Q1 2024 27.3 26.1 Argentina 19.1 15.9 6.6 7.5 21.
Slide 9: Economic and financial performance
Q1 2024 Economic and financial performance Rafael de la Haza CFO
Slide 10: Financial highlights (USD mn)
Financial highlights (USD mn) EBITDA increase mainly due to Argentina, Colombia and Fx effect Reported EBITDA Q1 2023 Q1 2024 Δ% YoY Q1 2024 increase mainly due to tariff adjustment in Argentina and Colombia, and Fx effect due to Reported EBITDA 945 1,077 14.0% BRL and COP appreciation Adjusted EBIT
Slide 11: EBITDA breakdown: Q1 2024 results
EBITDA breakdown: Q1 2024 results Increase explained by Grids Argentina, Grids Colombia, and Fx effect EBITDA evolution by business line (USD mn) EBITDA breakdown +14% 5% +11% Brazil 1,077 1,010 36% USD Colombia 945 8 (3) 68 910 102 1,077 mn 59% C. America (35) (8) 12% Grids Q1’23 Disposals 1 Adj. Q
Slide 12: Cash flow (USD mn)
Cash flow (USD mn) Strong CAPEX investment to drive future growth 1,077 (281) USD 282 mn Asset development CAPEX (185) (170) 441 (556) (115) 1 2 3 4 EBITDA NWC Taxes paid Net financial FFO CAPEX FCF expenses Q1 2023 945 (269) (86) (38) 552 (579) (27) (1) Net working capital; (2) Funds from operation
Slide 13: Debt (USD bn)
Debt (USD bn) Lower cost of debt mainly due to lower interest rates in Brazil and Colombia Gross and net debt1 Net debt evolution Gross debt breakdown +3% + 3% 8.1 8.4 4% 1.6 1.6 6.5 6.7 21% Currency 0.1 0.1 0.1 (0.1) BRL USD 47% COP 8.4 bn USD 28% PEN 6.5 6.7 1% Dec. 23 Mar. 24 Dec. 23 FCF Dividend
Slide 14: Closing remarks
Closing remarks Reinforcing our commitment in Brazil, with clear investment plans in Grids focused on quality and resilience Successful General shareholders’ meeting Solid economics results, paired with a sound financial position to execute our New BoD elected investment plan and dividend of USD 259
Slide 15: Annexes
Q1 2024 Annexes ry Cl
Slide 16: Current scenario
Current scenario Local currencies, inflation, electricity distributed and interest rates Macroeconomic variables1 Electricity distributed Interest rates Local currencies Inflation3 vs USD ∆% Q12 March March ‘24 vs ‘23 2023 2024 March March Argentina -6% 2023 2024 Argentina - 310% 104.3% 287.9% Brazi
Slide 17: Regulation Update Q1 2024
Regulation Update Q1 2024 • Resolution ENRE 573/2024 – On February 2024, the regulator published the new tariff charts to be applied, which incorporates an average increase of 323% for the VAD. • Resolution SE 33/2024 – The Chocón concession term is extended for an additional 60 days. This extension
Slide 18: Operating exhibits
Operating exhibits Net installed capacity & Total net production: Breakdown by source and geography Net installed capacity (MW) MW Hydro Wind Solar Oil-Gas CCGT Coal Total Argentina 1,328 0 0 0 0 0 1,328 Brazil 1,233 3,454 1,416 0 0 0 6,102 Colombia 3,097 0 779 0 0 226 4,102 Central America 543 0 16
Slide 19: 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 2,672,642 17,770 15.9 7.5 16.1% Buenos Aires, Argentina 3,309 2024 Enel Dx Rio 3,111,927 13,969 8.9 4.4 19.7
Slide 20: Operating exhibits: Enel X & Retail
Operating exhibits Enel X & Retail Enel X Retail Mar. 2023 Mar. 2024 Δ% Charging points1 (th) 9.1 10.1 +11% Customers (#) Energy sold (TWh) Street lighting (th) 512 687 +34% +19% +15% 5.6 4,702 5,614 4.9 e-Buses (#) 3,217 3,217 0% M&R2 contracts (th) 600 852 +42% PV3 (MWp installed) 39 57 +48% Mar.
Slide 21: Financial exhibits
Financial exhibits Reported results Q1 2024 Q1 2023 ∆YoY Revenues 3,373 3,140 +7% Gross Margin 1,457 1,330 +10% OPEX (380) (385) -1% Reported EBITDA 1,077 945 +14% D&A1 (347) (287) +21% EBIT 730 658 +11% Net financial results (181) (184) -2% Non operating results (0) 18 <-100% EBT 549 491 +12% Incom
Slide 22: Generation business results
Generation business results Quarter results Q1 EBITDA evolution (USD mn) Q1 EBITDA by country (USD mn) -2% +7% 401 392 366 12% 41% 392 (-2% YoY) 47% Q1 2023 Q1 2023 Q1 2024 1 exc. disposals Argentina Colombia Brazil C. America 22 (1) Figures from Generation do not include Holding and Eliminations. D
Slide 23: Grids business results
Grids business results Quarter results Q1 EBITDA evolution (USD mn) Q1 EBITDA by country (USD mn) +23% 1% 709 579 29% 709 (+23% YoY) 70% Q1 2023 Q1 2024 Argentina Colombia Brazil C. America 23
Slide 24: Argentina (USD mn)
Argentina (USD mn) Quarter results Generation 1 Grids1 Total 2 Q1 2023 Q1 2024 % Q1 2023 Q1 2024 % Q1 2023 Q1 2024 % Revenues 42 10 -76% 229 236 3% 271 246 -9% Procurements -2 -1 -48% -211 -163 -23% -213 -166 -22% and Services OPEX -23 -11 -53% -70 -64 -8% -94 -75 -20% EBITDA 17 -2 <-100% -52 8 <-10
Slide 25: Brazil (USD mn)
Brazil (USD mn) Quarter results Generation 1 Grids1 Total 2 Q1 2023 Q1 2024 % Q1 2023 Q1 2024 % Q1 2023 Q1 2024 % Revenues 271 285 5% 1,790 1,790 0% 2,068 2,079 0% Procurements -93 -95 2% -1,131 -1,120 -1% -1,226 -1,213 -1% and Services OPEX -29 -30 2% -166 -176 6% -220 -229 4% EBITDA 149 161 8% 493
Slide 26: Colombia (USD mn)
Colombia (USD mn) Quarter results Generation 1 Grids1 Total 2 Q1 2023 Q1 2024 % Q1 2023 Q1 2024 % Q1 2023 Q1 2024 % Revenues 358 437 22% 425 583 37% 737 968 31% Procurements -145 -225 56% -258 -340 32% -358 -512 43% and Services OPEX -19 -27 42% -29 -36 24% -53 -63 19% EBITDA 195 185 -5% 138 207 51%
Slide 27: Central America (USD mn)
Central America (USD mn) Quarter results Central America Q1 2023 Q1 2024 % Revenues 63 80 28% Procurements -13 -25 94% and Services OPEX -10 -8 -14% EBITDA 40 47 18% Net Income 15 18 20% Gross Capex 7 1 -80% Net Production 551 649 18% (GWh) Energy Sales 616 805 31% (GWh) Av. Spot Price - - - ($US/MW
Slide 28: Peru (USD mn) – Assets held for sale
Peru (USD mn) – Assets held for sale Quarter results Generation 1 Grids1 Total 2 Q1 2023 Q1 2024 % Q1 2023 Q1 2024 % Q1 2023 Q1 2024 % Revenues 192 215 12% 288 284 -1% 479 498 4% Procurements -61 -67 9% -187 -186 0% -248 -253 2% and Services OPEX -24 -25 4% -18 -20 8% -42 -45 6% EBITDA 107 123 15% 8
Slide 29: Financial position
Financial position Liquidity, debt maturities and credit profile Liquidity position Debt maturities (USD bn) Credit profile Average maturity of Baa2/Stable 3.3 3.0 years (December 2023) 36% 2.4 BBB-/Stable (February 2024) USD 2.5 bn 1.6 64% 1.0 BBB+/Stable (March 2024) 2024 2025 2026 After 2026 AA/S
Slide 30: ESG raters and rankings
ESG raters and rankings AAA 4.2 4.4 4.4 94 AA AA AA AA 3.5 3.8 90 81 83 84 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Scale from CCC to AAA Scale from 0 to 5 Scale from 0 to 100 83 85 87 84 67 67 A- A- 81 53 56 B 47 B- C 2019 2020 2021 2022 2023 2019 2020 2021 2022 20
Slide 31: Corporate governance structure
Corporate governance structure Shareholders’ meeting Audit firm 29% BoD’s composition 14% Board of Directors (7 members) 57% Executive Independent Non-executive elected by Enel SpA Functions: Directors Committee Audit committee Sustainability committee Related parties' transactions 31
Slide 32: Board composition
Board composition Board of Directors Board of Directors’ diversity Borja Acha Besga Chair 14% Director José Antonio Vargas Directors’ Committee Gender diversity Alberto De Paoli Director 86% Male Female Luca Lo Voi Director 14% 14% Britaldo Soares Director 14% 29% Tenure 29% Nationality diversity di
Slide 33: Enel Américas - 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 34: Disclaimer
Q1 2024 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 mana
Slide 35: Contact us. Thank you.
Q1 2024 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 Francisco Basauri - ESG Thank you. 35
Slide 36: CNC
CNC