Engie Energia Chile S.a. · BCS:ECL
Engie Energia Chile — Q1 2025 Earnings Presentation
49 slides from Engie Energia Chile's earnings presentation, April 2025
Slide 1: 3M 2025 Investor Presentation
3M 2025 INVESTOR PRESENTATION APRIL 2025 ENGIE ENERGIA CHILE APRIL 2025
Slide 2: Part 1: 3M2025 Performance
3M 2025 INVESTOR PRESENTATION PART 1 3M2025 Performance 2 ENGIE ENERGIA CHILE APRIL 2025
Slide 3: 3M 2025 Highlights
3M 2025 INVESTOR PRESENTATION 3M 2025 HIGHLIGHTS A strong start of the Dividends resumed Last sale of PEC year after 3 years receivables (30% of 2024 net income) (April 2025) Increased renewable Pivotal expansion move Coal exit preparation generation + back-up in battery storage PPA volumes 3 ENGIE
Slide 4: Excellent Execution in Renewables and BESS
3M 2025 INVESTOR PRESENTATION EXCELLENT EXECUTION IN RENEWABLES AND BESS 1.3 GW RENEWABLE PROJECTS ALREADY DONE 410 MW NEW IN OPERATION 530 GWh generated in 1Q25 COD 1Q25 652 MW 441 MW WIND PV 68MW / 418 MWh BESS Tamaya (storage) 46 MW 215 MW HYDRO BESS 344MW Kallpa Wind (ex-Lomas de Taltal) On time
Slide 5: A Strong Start of the Year, 2025 Guidance Confirmed
3M 2025 INVESTOR PRESENTATION A STRONG START OF THE YEAR, 2025 GUIDANCE CONFIRMED Financial Review 1Q25 EBITDA CAPEX US$ 160 million US$ 169 million 2025 guidance confirmed ND/EBITDA 3.6 times (*) (*) Excluding IFRS-16 leases 5 ENGIE ENERGIA CHILE APRIL 2025
Slide 6: Financial Highlights
3M 2025 INVESTOR PRESENTATION FINANCIAL HIGHLIGHTS Strong financial performance EBITDA: 15% increase 3M25 RESULTS • EBITDA amounted to US$159.5 million in the first quarter of MUSD Actual ∆ Gross1 2025, a 15% increase compared to the first quarter of EBITDA 159.5 15% 2024. The main reasons behind th
Slide 7: 1Q25: Sustained Electricity Margin
3M 2025 INVESTOR PRESENTATION 1Q25: SUSTAINED ELECTRICITY MARGIN Increased renewable production US$/MWh 150 1Q25 Avg. monomic price: 128 USD/MWh 1Q24 Avg. monomic price: 123 USD/MWh Margin Margin 100 1Q25 1Q25 Average fuel & electricity purchase cost 1Q24 75 USD/MWh 1Q24 Average fuel & electricity p
Slide 8: Ongoing Strengthening of EBITDA
3M 2025 INVESTOR PRESENTATION ONGOING STRENGTHENING OF EBITDA Physical sales increase, lower fuel costs and higher gas sales EBITDA (US$m) +31 -32 +14 -14 +27 Higher fuel Energy -2 -2 Lower sales & lower purchase OPEX & costs Net Margin generation cost of SG&A -24 Price capacity transmission Physica
Slide 9: 1Q25: Net Income Improvement
3M 2025 INVESTOR PRESENTATION 1Q25: NET INCOME IMPROVEMENT Stronger operating and financial results NET RESULTS +11 (US$m) +2 +16 +3 Net FX Depreciation financial variation results EBITDA 78 46 1Q24 1Q25 up US$32m to US$78m 9 ENGIE ENERGIA CHILE APRIL 2025
Slide 10: Healthy Cash Generation
3M 2025 INVESTOR PRESENTATION HEALTHY CASH GENERATION Cash needs financed with cash from operations NET DEBT & FUND FLOWS (US$m) +161 +28 +6 +1 -203 Income Insurance Accrued taxes premium interest / MTM 1,941 CAPEX / FX Cash from 1,933 operations 31-Dec-24 31-Mar-25 down US$8m to US$1.93 bn 10 ENGIE
Slide 11: Price Stabilization Laws: Effects on ENGIE
3M 2025 INVESTOR PRESENTATION PRICE STABILIZATION LAWS: EFFECTS ON ENGIE PEC: three programs representing 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. In
Slide 12: Financial Structure
3M 2025 INVESTOR PRESENTATION FINANCIAL STRUCTURE Making progress in reducing ND/EBITDA and extending debt maturity profile Investment-grade ratings Net Debt / EBITDA Excluding IFRS-16 leases International: 8.7 Fitch (Mar 2025): BBB Stable S&P (Apr 2024): BBB Stable 4.6 3.8 National scale: 3.6 2.7 F
Slide 13: Summary
3M 2025 INVESTOR PRESENTATION SUMMARY Re-balancing portfolio Moving forward with Accelerating Accelerating Securing liquidity and through renewable energy transition with development development of of financing needs additions, back-up PPAs strong CAPEX in renewable renewable projects and projects a
Slide 14: Part 2: Medium Term Outlook
3M 2025 INVESTOR PRESENTATION PART 2 Medium term Outlook 14 ENGIE ENERGIA CHILE APRIL 2025
Slide 15: Accelerating Investment in Renewables and BESS
3M 2025 INVESTOR PRESENTATION ACCELERATING INVESTMENT IN RENEWABLES AND BESS 2.5 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 82 265 369 137 458 1,157 48 Monte Redondo
Slide 16: Accelerating Investment in Renewables and BESS: US$1.4bn
3M 2025 INVESTOR PRESENTATION ACCELERATING INVESTMENT IN RENEWABLES AND BESS US$1.4 bn expected investment in renewables + BESS between 2025 and 2027 1,000 MUSD 850 - 900 900 800 Renewables 700 400 -450 655 600 535 Renewables 500 281 Renewables 394 Renewables 350-400 400 276 BESS 330 300 BESS 174 23
Slide 17: EECL's Performance During the Energy Transition
3M 2025 INVESTOR PRESENTATION EECL’S PERFORMANCE DURING THE ENERGY TRANSITION Our guidance US$ millions times 1,000 9.0 900 8.0 800 7.0 700 6.0 600 5.0 500 4.0 400 3.0 300 200 2.0 100 1.0 0 0.0 2018 2019 2020 2021 2022 2023 2024 2025 (e) 2026 (e) EBITDA CAPEX ND/EBITDA 17 ENGIE ENERGIA CHILE APRIL 2
Slide 18: Energy Transition
3M 2025 INVESTOR PRESENTATION ENERGY TRANSITION EECL is embarked on a profound generation portfolio transformation 2019 + 2.5 GW Renewables + BESS (1) 2027 3% 7% 34% Installed Installed - 29% capacity 61% capacity 1.2 GW Coal disconnection(2) 66% 2.2 GW 3.5 GW Coal Gas Diesel Renewables Gas Renewabl
Slide 19: Reducing Our Short Position During the Energy Transition
12M 2024 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 Pemuco Kallpa 6,000 Pampa Libélula Fidelia Capricornio Libélula 4,000 Tocopilla Los
Slide 20: FY 2025 Guidance
3M 2025 INVESTOR PRESENTATION FY 2025 GUIDANCE ~0.9 bn expected CAPEX and higher EBITDA than in 2024 • Stable fuel costs EBITDAE CAPEXE • LNG + Argentine gas sourcing US$525-575 US$850-900 • Renewable generation increase million million • New storage projects • Last PEC receivables monetization ND/E
Slide 21: Projects and Assets Information
PROJECTS AND ASSETS INFORMATION
Slide 22: Our Renewable Portfolio
12M 2024 INVESTOR PRESENTATION OUR RENEWABLE PORTFOLIO 530 GWh generated during 1Q 2025 215 MW 46 MW BESS HYDRO 137MW / 638 MWh 68MW / 418 MWh 34 MW Laja 11 MW Chapiquiña 1 MW Cosapilla BESS Coya BESS Tamaya Hydro Hydro Hydro 652 MW WIND 48 MW Monte 163 MW Calama 96 MW San Pedro 344MW Kalpa Redondo
Slide 23: Renewable & BESS Projects
3M 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 Los Loros 30MW BESS Arica 116MW BESS Tocopilla 140MW BESS Lile 306MW Wind Pampa Fidelia 46 MW US$51 million CAPEX
Slide 24: Moving Away from Coal-Based Generation
3M 2025 INVESTOR PRESENTATION MOVING AWAY FROM COAL-BASED GENERATION Installation of synchronous Improvement and life Conversion of the condensers: a new life for extension of combined cycle Infraestructura Energética former U-15 coal unit plants to ensure supply Mejillones (IEM) coal-fired unit fle
Slide 25: Generation Portfolio Transformation
3M 2025 INVESTOR PRESENTATION GENERATION PORTFOLIO TRANSFORMATION 1.5 GW of coal capacity to be closed or converted by 3Q26 U12 U13 U14 U15 IEM -171 MW – 2019 -268 MW – 2022 =377MW – 3Q26 Dismantled in 2023 Closed in 2022 To be converted 2026 Being built in site of dismantled plants Coal to Synchron
Slide 26: Sizeable Transmission Portfolio with Growth Focused on Regulated Assets
3M 2025 INVESTOR PRESENTATION SIZEABLE TRANSMISSION PORTFOLIO WITH GROWTH FOCUSED ON REGULATED ASSETS Strong Pipeline of Regulated Projects Awarded • Regulated assets to increase their contribution to revenues 1,990 km to ~US$ 40 mln in 2030, transmission lines providing long-term cash flow 40 subst
Slide 27: Strong Pipeline of Regulated Transmission Projects Awarded
3M 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:4Q27 Awarded in February 2025 US$22 million
Slide 28: ESG
ESG
Slide 29: Our Sustainability Strategy
3M 2025 INVESTOR PRESENTATION OUR SUSTAINABILITY STRATEGY Embedded in our business and aiming to create value in our four sustainability pillars Our purpose is to act to accelerate the transition In 2024 we… towards a carbon-neutral economy, through reduced energy consumption and more environmentall
Slide 30: Sustainable Finance
3M 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 31: Progress on ESG at ENGIE Chile
3M 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 Frequency rate 2030 from energy GROUP renewables GROUP % of women in GROUP Lost time injury
Slide 32: ESG Rankings, Certifications and Initiatives
3M 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 33: Corporate Social Responsibility
3M 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 34: Company and Market Information
COMPANY AND MARKET INFORMATION
Slide 35: Industry and Company Highlights 3M25
3M 2025 INVESTOR PRESENTATION INDUSTRY AND COMPANY HIGHLIGHTS 3M25 EECL has 6% market share in terms of generation and 17% in terms of electricity sales Gross capacity Generation Demand Market share Other Engie 6% Hydro 3% Regulated AES Solar 20% Coal SISTEMA 31% Renewables 37% Enel Andes 5% 15% 26%
Slide 36: PPA Portfolio with 7-Year Remaining Average Life
3M 2025 INVESTOR PRESENTATION PPA PORTFOLIO WITH 7-YEAR REMAINING AVERAGE LIFE Free clients: 7 yrs. Regulated clients: 6 yrs. 550 500 Unregulated contracts Clients’ credit ratings 450 Regulated contracts Distribution Companies (South SEN) Average demand (MW) 400 (S&P/Moody’s/Fitch): 350 - Codelco: B
Slide 37: EECL's PPA Portfolio Provides the Basis for Stable Sales Revenue
3M 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 38: Natural Gas Availability in the Chilean System
3M 2025 INVESTOR PRESENTATION NATURAL GAS AVAILABILITY IN THE CHILEAN SYSTEM Increased Argentine gas availability expected for 2025 LNG prices LNG international markets 60 HH 50 ▪ Following peaking prices in 2022 as a result of the supply- JKM demand imbalance, aggravated by the Russia-Ukraine war,
Slide 39: Closing the Gap Through Back-up PPAs
3M 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 40: Demand Supplied with Own Generation and Energy Purchases
3M 2025 INVESTOR PRESENTATION DEMAND SUPPLIED WITH OWN GENERATION AND ENERGY PURCHASES Portfolio balancing: More renewables, storage & back-up PPAs. Less coal and spot exposure Renewables 37% Coal 34% Installed Capacity 3,106 MW (Mar-25) Bess 7% Gas 22% GWh Energy sources and average supply cost US$
Slide 41: Volatile Marginal Costs Due to Renewable Intermittency
3M 2025 INVESTOR PRESENTATION VOLATILE MARGINAL COSTS DUE TO RENEWABLE INTERMITTENCY A 10-day real example in the SEN grid (Mar 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 42: ENGIE: A Relevant Player in Transmission
3M 2025 INVESTOR PRESENTATION ENGIE: A RELEVANT PLAYER IN TRANSMISSION 1,990 Kms. transmission lines, 40 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 Operated Regulated r
Slide 43: Dedicated Transmission Business
3M 2025 INVESTOR PRESENTATION DEDICATED TRANSMISSION BUSINESS US$ 27 million revenue in 2024 => 49% of total transmission revenue 2024 Dedicated transmission revenue Top-tier off-takers 28% (breakdown in US$ millions) National 17 Dedicated toll & service US$ 55.5 MM contracts w/8-yr avg. life Zonal
Slide 44: Regulatory Initiatives
3M 2025 INVESTOR PRESENTATION REGULATORY INITIATIVES GENERATION DISTRIBUTION • Tariff fixing process (VAD 2024-2028). • New Tariff Bill (Subsidy extension + PyMEs Price). • Ministry of Energy's decarbonization plan. • Coordination & Operation regulation (DS 125) update. • PMGD regulation (DS 88) & N
Slide 45: Financing Activity
3M 2025 INVESTOR PRESENTATION FINANCING ACTIVITY Securing funding and liquidity for the energy transition PEC Accounts Receivable (ARs) Bank loans as of 31-Mar-25 Bonds as of 31-Mar-25 monetization programs US$1,003 million US$1,225 million US$953 million (o.w. US$145 mln < 1 yr.) (o.w. US$0 < 1 yr.
Slide 46: Dividends to Be Paid in May 2025 on Account of 2024 Results
3M 2025 INVESTOR PRESENTATION DIVIDENDS TO BE PAID IN MAY 2025 ON ACCOUNT OF 2024 RESULTS Proposed dividend: 30% of 2024 net result after absorbing accumulated losses 31-Mar-24 31-Mar-25 EECL: CLP 780 EECL: CLP 992 (+25%) IPSA: 6,644 IPSA: 7,473 (+15%) Genco’s: 100 Genco’s: 112 (+12%) up 25% to CLP
Slide 47: Ownership Structure
3M 2025 INVESTOR PRESENTATION OWNERSHIP STRUCTURE 50% Pension Local Foreign 59.99% 16.61% 17.07% 6.0% Individuals 0.33% funds institutions institutions ENGIE Energía Chile S.A. “EECL” Red Eléctrica Chile S.A. 50% Gasoducto Norandino SpA Central Termoeléctrica Inversiones Edelnor Transmisión Transmis
Slide 48: For More Information About ENGIE Energía Chile
3M 2025 INVESTOR PRESENTATION FOR MORE INFORMATION ABOUT ENGIE ENERGÍA CHILE +562 2353 3200 inversionistas@engie.com https://engie-energia.cl/inversionistas/ More information on 3M2025 results in our web page Presentation Addenda Press Release Recorded Financial Analyst pack conference Report audioc
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