Engie Energia Chile S.a. · BCS:ECL
Engie Energia Chile — H1 2025 Earnings Presentation
49 slides from Engie Energia Chile's earnings presentation, August 2025
Slide 1: 6M 2025 Investor Presentation
6M 2025 INVESTOR PRESENTATION AUGUST 2025 ENGIE ENERGIA CHILE JULY 2025
Slide 2: Part 1: 6M2025 Performance
6M 2025 INVESTOR PRESENTATION PART 1 6M2025 Performance 2 ENGIE ENERGIA CHILE AUGUST 2025
Slide 3: 6M 2025 Highlights
6M 2025 INVESTOR PRESENTATION 6M 2025 HIGHLIGHTS Strong Increased High availability Energy financial results renewable gen. of Flex assets transition in a challenging with 468MW capacity providing stability to our consistently market environment added in 1H25 generation portfolio progressing 3 ENGIE
Slide 4: Financial Review 1H25, a Strong Start of the Year
6M 2025 INVESTOR PRESENTATION FINANCIAL REVIEW 1H25, A STRONG START OF THE YEAR 2025 Guidance upgraded 2025 guidance EBITDA CAPEX upgraded US$ 362 million US$ 302 million EBITDA US$650 -700 million CAPEX US$900- 975 million ND/EBITDA NET INCOME 3.3 Times (*) US$ 186 million ND/EBITDA 3.3 times (*) E
Slide 5: Excellent Execution in Renewables and BESS
6M 2025 INVESTOR PRESENTATION EXCELLENT EXECUTION IN RENEWABLES AND BESS 1.4 GW RENEWABLE PROJECTS ALREADY DONE 1,094 GWh generated in 1H25 652 MW 445 MW 46 MW 267 MW WIND PV HYDRO BESS 468 MW NEW IN OPERATION - COD 1H25 76MW / 418 MWh 344MW Kallpa Wind 48MW / 264 MWh BESS Tamaya (storage) (ex-Lomas
Slide 6: Flexibility in Generation
6M 2025 INVESTOR PRESENTATION FLEXIBILITY IN GENERATION Giving new life to coal-based assets Installation of synchronous Improvement, increased Conversion of the condensers: a new life for capacity and life extension of Infraestructura Energética former U-15 coal unit combined cycle plants to Mejill
Slide 7: Generation Portfolio Transformation
6M 2025 INVESTOR PRESENTATION GENERATION PORTFOLIO TRANSFORMATION 1.5 GW of coal capacity to be closed or converted by 3Q26 U12 U13 U14 U15 IEM -171 MW – 2019 -268 MW – 2022 =377MW – 3Q26 Dismantled in 2023 Closed in 2022 To be converted 2026 Being built in site of dismantled plants Coal to Synchron
Slide 8: Energy Transition
6M 2025 INVESTOR PRESENTATION ENERGY TRANSITION EECL is embarked on a profound generation portfolio transformation 2019 2025 2027 3% 7% 23% 29% 36% 34% Installed Installed Installed 29% 61% capacity capacity capacity 2.2 GW 3.1 GW 3.7 GW 8% 22% 48% Coal Gas Diesel Renewables Coal Gas Bess Renewables
Slide 9: Renewable & BESS Projects
6M 2025 INVESTOR PRESENTATION RENEWABLE & BESS PROJECTS 1.2 GW under construction BESS Arica 30 MW BESS Tocopilla 116 MW BESS Lile 140 MW BESS Capricornio 48 MW Pampa Fidelia 306 MW BESS Kallpa 30MW BESS Arica 116MW BESS Tocopilla 140MW BESS Lile 306MW Wind Pampa Fidelia 57 MW US$51 million CAPEX US
Slide 10: Accelerating Investment in Renewables and BESS
6M 2025 INVESTOR PRESENTATION ACCELERATING INVESTMENT IN RENEWABLES AND BESS 2.6 GW renewable + BESS: 1.4 GW ready and 1.2 GW under construction 1.4 GW 1.2 GW Already in portfolio Under Construction 2019 2020 2021 2022 2023 2024 2025 (e) 2026 -2027(e) MW 46 82 278 371 141 468 1,210 48 163 96 344 471
Slide 11: Reducing Our Short Position During the Energy Transition
6M2025 INVESTOR PRESENTATION 6 REDUCING OUR SHORT POSITION DURING THE ENERGY TRANSITION Diversified energy sources provide flexibility GWh 14.000 Gaby/Chuquicamata (*) 12.000 Dx North Sen (*) Abra (*) 10.000 8.000 Kallpa Chequenes 6.000 Pampa Libélula Fidelia Capricornio Libélula 4.000 Tocopilla Los
Slide 12: Part 2: Financial Results
6M 2025 INVESTOR PRESENTATION PART 2 Financial Results 12 ENGIE ENERGIA CHILE AUGUST 2025
Slide 13: Financial Highlights
6M 2025 INVESTOR PRESENTATION FINANCIAL HIGHLIGHTS Strong financial performance Successful execution of our strategy and demonstration of our ability to capture value 6M25 RESULTS MUSD Actual ∆ Gross1 • EBITDA amounted to US$361.6 million in the first half of 2025, a US$67 million increase compared
Slide 14: Strong Generation Margin Driving EBITDA
6M 2025 INVESTOR PRESENTATION STRONG GENERATION MARGIN DRIVING EBITDA Higher system marginal costs mitigated by availability of own assets 25% -12% Ren + BESS Spot Ren + EBITDA Evolution by effect BESS 1.1 2,0 Spot 1,5 (US$m) 0.8 Con- Con- Thermal 61 -19 Thermal tract- tract- 1,8 2,1 ed ed 25 -50 1,
Slide 15: 1H25: Sustained Electricity Margin
6M 2025 INVESTOR PRESENTATION 1H25: SUSTAINED ELECTRICITY MARGIN Increased renewable and thermal production: reduced exposure to spot market US$/MWh 150 1H25 Avg. monomic price: 130 USD/MWh 1H24 Avg. monomic price: 128 USD/MWh Margin Margin 100 1H25 1H24 1H25 Average fuel & electricity purchase cost
Slide 16: 1H25: Net Income Improvement
6M 2025 INVESTOR PRESENTATION 1H25: NET INCOME IMPROVEMENT Operations and recurrence of one-offs driving results NET RESULTS (After-tax variations) (US$m) 54 -1 -36 Depreciation & 19 impairments Net financial Foreign- results exchange EBITDA (mainly lower difference PEC-related (1H24: -8% interest d
Slide 17: Healthy Cash Generation
6M 2025 INVESTOR PRESENTATION HEALTHY CASH GENERATION Balanced sources and uses of funds NET DEBT & FUND FLOWS (US$m) 52 11 1 334 54 287 Income Insurance Accrued premium Dividends taxes interest, paid 112 MTM / FX Cash from 1,941 CAPEX operations PEC-3 1,900 DDP sale 31-Dec-24 30-Jun-25 down US$41m
Slide 18: Financial Structure
6M 2025 INVESTOR PRESENTATION FINANCIAL STRUCTURE Strong balance sheet and rating Investment-grade ratings Net Debt / EBITDA Excluding IFRS-16 leases International: 8,7 Fitch (Mar 2025): BBB Stable S&P (Apr 2025): BBB Stable 4,6 3,8 National scale: 3,3 2.7 Fitch (Mar 2025): AA- Stable Feller Rate (J
Slide 19: Accelerating Investment in Renewables and BESS
6M 2025 INVESTOR PRESENTATION ACCELERATING INVESTMENT IN RENEWABLES AND BESS US$1.4 bn in renewables + BESS under construction (2025 – 2027) MUSD 900 - 975 1.000 900 800 Renewables 700 655 425 -500 600 535 Renewables 500 281 394 Renewables 400 276 BESS 174 BESS 350 300 237 209 Renewables 200 190 325
Slide 20: EECL's Performance During the Energy Transition
6M 2025 INVESTOR PRESENTATION EECL’S PERFORMANCE DURING THE ENERGY TRANSITION Our guidance US$ millions times 9,0 1.000 8,0 800 7,0 6,0 600 5,0 4,0 400 3,0 2,0 200 1,0 0 0,0 2018 2019 2020 2021 2022 2023 2024 2025 (e) EBITDA CAPEX ND/EBITDA 20 ENGIE ENERGIA CHILE AUGUST 2025
Slide 21: FY 2025 Guidance Upgraded
6M 2025 INVESTOR PRESENTATION FY 2025 GUIDANCE UPGRADED Drivers & assumptions • Availability of generation assets • Renewable generation increase EBITDAE CAPEXE • LNG Arbitration award US$650-700 US$900-975 • New storage projects million million • Stable fuel costs • LNG + Argentine gas sourcing ND/
Slide 22: Summary
6M 2025 INVESTOR PRESENTATION SUMMARY Re-balancing portfolio Accelerating Strong results and Moving forward with Reaching high through renewable development of balance sheet energy transition with availability and additions, back-up PPAs renewable projects and strong CAPEX in excellence in our and g
Slide 23: Projects and Assets Information
PROJECTS AND ASSETS INFORMATION
Slide 24: Our Renewable Portfolio
6M 2025 INVESTOR PRESENTATION OUR RENEWABLE PORTFOLIO 1,094 GWh generated during 1H2025 267 MW BESS 46 MW HYDRO 141MW / 638 MWh 76MW / 418 MWh 48MW / 264 MWh 2MW / 6 MWh 34 MW Laja 11 MW Chapiquiña 1 MW Cosapilla BESS Coya BESS Tamaya BESS Capricornio BESS Arica Hydro Hydro Hydro 652 MW WIND 48 MW M
Slide 25: Sizeable Transmission Portfolio with Growth Focused on Regulated Assets
6M 2025 INVESTOR PRESENTATION SIZEABLE TRANSMISSION PORTFOLIO WITH GROWTH FOCUSED ON REGULATED ASSETS Strong Pipeline of Regulated Projects Awarded • Regulated assets to increase their contribution to revenues 1,990 km to ~US$ 40 mln in 2030, transmission lines providing long-term cash flow 40 subst
Slide 26: Strong Pipeline of Regulated Transmission Projects Awarded
6M 2025 INVESTOR PRESENTATION STRONG PIPELINE OF REGULATED TRANSMISSION PROJECTS AWARDED Increased regulated contribution to provide long-term cash flow visibility S/S Capricornio Expansion – Re-bidding Manuel Rodriguez US$26 million CAPEX Substation – COD:3Q28 Awarded in February 2025 COD: 3Q28 Cha
Slide 27: ENGIE: A Relevant Player in Transmission
6M 2025 INVESTOR PRESENTATION ENGIE: A RELEVANT PLAYER IN TRANSMISSION 1,990 Kms. transmission lines, 28 transmission substations and 50% share in TEN ENGIE’S transmission lines Substations 12 Transmission substations 14% 1,152 Generation 1,990 substations MVA kms 28 946 86% Owned & Operated Operate
Slide 28: Dedicated Transmission Business
3M 2025 INVESTOR PRESENTATION DEDICATED TRANSMISSION BUSINESS US$ 26 million revenue estimate for 2025 => 50% of total transmission revenue 2025 Dedicated transmission revenue Top-tier off-takers 18% (breakdown in US$ millions) National 13 Dedicated toll & service US$ 51 MM (e) contracts w/8-yr avg.
Slide 29: ESG
ESG
Slide 30: Our Sustainability Strategy
6M 2025 INVESTOR PRESENTATION OUR SUSTAINABILITY STRATEGY Embedded in our business to create value in our four pillars Our purpose is to act to accelerate the transition In 2024 we… towards a carbon-neutral economy, through reduced energy consumption and more environmentally friendly PLANET PEOPLE s
Slide 31: Sustainable Finance
6M 2025 INVESTOR PRESENTATION SUSTAINABLE FINANCE The first Sustainability-linked loan of IFC in Chile A green loan that accounts for the work we do everyday hand in hand with the care of people and the environment US$400 million 10-year term financing available to refinance debt and finance green p
Slide 32: Progress on ESG at ENGIE Chile
6M 2025 INVESTOR PRESENTATION PROGRESS ON ESG AT ENGIE CHILE People and planet Climate change Renewable Gender Health mitigation energy balance & Safety GHG emissions 2030 Share of 2030 Gender diversity 2030 2030 Frequency rate 2030 from energy % of women in GROUP Lost time injury GROUP TARGET renew
Slide 33: ESG Rankings, Certifications and Initiatives
6M 2025 INVESTOR PRESENTATION ESG RANKINGS, CERTIFICATIONS AND INITIATIVES To track our performance “ESG” Certifications & Ratings EECL Corporate Commitments SET Label certification: MSCI assesses ECOVADIS is the ISO 40001 Our project companies' resilience to largest global Environmental ENGIE Group
Slide 34: Corporate Social Responsibility
6M 2025 INVESTOR PRESENTATION CORPORATE SOCIAL RESPONSIBILITY A just energy transition to help communities thrive Just New Stakeholders Transition Projects Engagement Responsible coal-exit Accelerating renewables Our approach 1. Employment and new 1. Early citizen 1. Associativity Policy skills part
Slide 35: Company and Market Information
COMPANY AND MARKET INFORMATION
Slide 36: Industry and Company Highlights 6M25
6M 2025 INVESTOR PRESENTATION INDUSTRY AND COMPANY HIGHLIGHTS 6M25 EECL has 8% market share in terms of generation and 16% in terms of electricity sales Gross capacity Generation Demand Market share Other Engie Hydro 3% Enel Solar 20% Coal Regulated 8% SISTEMA Renewables AES 31% 15% 38% 27% ELÉCTRIC
Slide 37: PPA Portfolio with 6-Year Remaining Average Life
6M 2025 INVESTOR PRESENTATION PPA PORTFOLIO WITH 6-YEAR REMAINING AVERAGE LIFE Free clients: 7 yrs. Regulated clients: 6 yrs. 650 600 Unregulated contracts Clients’ credit ratings 550 Regulated contracts Distribution Companies 500 (South SEN) Average demand (MW) (S&P/Moody’s/Fitch): 450 400 - Codelc
Slide 38: EECL's PPA Portfolio Provides the Basis for Stable Sales Revenue
6M 2025 INVESTOR PRESENTATION EECL’S PPA PORTFOLIO PROVIDES THE BASIS FOR STABLE SALES REVENUE Prices Energy sales GWh Energy sales and prices US$/MWh 3.500 200 3.000 150 2.500 2.000 100 1.500 1.000 50 500 0 0 Unregulated Regulated Spot Energy+Capacity Price->Unregulated Energy+Capacity Price->Regul
Slide 39: Natural Gas Availability in the Chilean System
6M 2025 INVESTOR PRESENTATION NATURAL GAS AVAILABILITY IN THE CHILEAN SYSTEM Stable pricing environment throughout the year LNG prices LNG international markets 60 HH 50 • Following peaking prices in 2022 as a result of the supply-demand JKM imbalance, aggravated by the Russia-Ukraine war, LNG price
Slide 40: Closing the Gap Through Back-up PPAs
6M 2025 INVESTOR PRESENTATION CLOSING THE GAP THROUGH BACK-UP PPAS Contracted energy purchases up to 3.8 TWh in 2025, reducing exposure to spot risk Supply sources to meet demand under Engie’s contracted portfolio [TWh] 13 12 11 10 9 8 7 6 5 4 0,5 0,4 0,3 0,3 3 0,4 0,2 2 0,3 2,9 3,1 3,4 3,2 3,2 1 2,
Slide 41: Demand Supplied with Own Generation and Energy Purchases
6M 2025 INVESTOR PRESENTATION DEMAND SUPPLIED WITH OWN GENERATION AND ENERGY PURCHASES Portfolio balancing: More renewables, storage & back-up PPAs. Less spot exposure Renewables 36% Coal 34% Installed Capacity 3,161 MW (Jun-25) Bess 8% Gas 22% GWh Energy sources and average supply cost US$/MWh 150
Slide 42: Volatile Marginal Costs Due to Renewable Intermittency
6M 2025 INVESTOR PRESENTATION VOLATILE MARGINAL COSTS DUE TO RENEWABLE INTERMITTENCY A 10-day real example in the SEN grid (June 1 to 10, 2025) MW USD/MWh 200 10.000 8.000 150 6.000 100 4.000 50 2.000 0 0 1 6 11 16 21 2 7 12 17 22 3 8 13 18 23 4 9 14 19 24 5 10 15 20 1 6 11 16 21 2 7 12 17 22 3 8 13
Slide 43: Regulatory Initiatives
6M 2025 INVESTOR PRESENTATION REGULATORY INITIATIVES GENERATION DISTRIBUTION • New Tariff Bill (Subsidy extension + PyMEs Price). • Tariff fixing process (VAD 2024-2028). • Coordination & Operation regulation (DS 125) + PMGD regulation (DS 88) update. • Safety and quality of service technical standa
Slide 44: Price Stabilization Laws (PEC)
6M 2025 INVESTOR PRESENTATION PRICE STABILIZATION LAWS (“PEC”) Three monetization programs for an aggregate US$5.6bn for the industry • PEC-3 final sale for US$112.4 million (including US$3.7 million interest) completed on April 3, 2025, marking the end of the PEC receivables build-up. Interest EVOL
Slide 45: Financing Activity
6M 2025 INVESTOR PRESENTATION FINANCING ACTIVITY Securing funding and liquidity for the energy transition PEC Accounts Receivable (ARs) Bank loans as of 30-Jun-25 Bonds as of 30-Jun-25 monetization programs US$952 million US$1,225 million US$953 million (o.w. US$96 mln < 1 yr.) (o.w. US$0 < 1 yr.) C
Slide 46: Dividends on Account of 2024 Results Paid in May 2025
6M 2025 INVESTOR PRESENTATION DIVIDENDS ON ACCOUNT OF 2024 RESULTS PAID IN MAY 2025 30% of 2024 net result after absorbing accumulated losses 30-Jun-24 30-Jun-25 EECL: CLP 842 EECL: CLP 1,300 (+54%) IPSA: 6,414 IPSA: 8,248 (+29%) 160 Genco’s: 100 Genco’s: 136 (+36%) up 54% to CLP 1,300 135 110 85 Ju
Slide 47: Ownership Structure
6M 2025 INVESTOR PRESENTATION OWNERSHIP STRUCTURE 50% Pension Local Foreign 59.99% 15.68% 16.94% 7.0% Individuals 0.39% funds institutions institutions ENGIE Energía Chile S.A. “EECL” Red Eléctrica Chile S.A. 50% Gasoducto Norandino SpA Inversiones Eólica Monte Redondo Edelnor Transmisión Transmisor
Slide 48: For More Information About ENGIE Energía Chile
6M 2025 INVESTOR PRESENTATION FOR MORE INFORMATION ABOUT ENGIE ENERGÍA CHILE +562 2353 3200 inversionistas@engie.com https://engie.cl/inversionistas/ More information on 6M2025 results in our web page Presentation Addenda Press Release Recorded Financial Analyst pack conference Report audiocast 49 E
Slide 49: Disclaimer
Disclaimer Forward-Looking statements This presentation may contain certain forward-looking statements and information relating to ENGIE Energía Chile S.A. (“EECL” or the “Company”) that reflect the current views and/or expectations of the Company and its management with respect to its business plan