Enel Americas S.a. · BCS:ENELAM
Enel Americas — Investor Presentation (December 2024)
43 slides from Enel Americas's investor presentation, December 2024
Slide 1: Corporate Presentation Enel Américas December 2024
Corporate Presentation Enel Américas December 2024
Slide 2: Index
Index 1 Enel Américas at a glance 2 2025-2027 Strategic Plan 3 Q3 & 9M 2024 Results 4 Annexes
Slide 3: Enel Américas at a glance
Enel Américas at a glance Cre
Slide 4: Pillars and key business drivers confirmed
Pillars and key business drivers confirmed Grids • Investments tailored to returns, with advocacy playing a key role • Continued enhancement of grid resiliency Generation & quality • Leverage digitalization and innovation to • Selective capital allocation driven by a enable the energy transition wei
Slide 5: Disposal plan completed, with defined perimeter for the future
Disposal plan completed, with defined perimeter for the future… Strategic Pillars Key drivers implemented: Post-disposals perimeter Profitability, Colombia 1 flexibility and Disposal plan completed resilience Efficiency and Guatemala Brazil 2 effectiveness Focus on countries and businesses Panama Co
Slide 6: …leading to a remarkable track record over the years
…leading to a remarkable track record over the years 2016 2024E 2016 2024E 2016 2024E EBITDA Grid customers RES capacity (USD bn) 2.4 3.9 (mn) 14.1 22.5 (GW) 5.8 12.6 12.6 Net Income Energy distributed RES production (USD bn) 0.6 2.71 (TWh) 62.7 106.4 (TWh) 22.6 41.4 CAPEX RAB Emission-free (USD bn)
Slide 7: 2025-2027 Strategic Plan
2025-2027 Strategic Plan Cre
Slide 8: Broadly stable regional context, but interest rates to remain high for longer
Broadly stable regional context, but interest rates to remain high for longer than expected… GDP growth Inflation Fx (vs USD) Interest rates 4.6% 11.8% 11.6% 2.9% 2.8% 2.3% 5.29 5.00 5.10 New Plan 3.7% 8.5% Brazil 3.2% 9.1% Old Plan 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 2023 2024 2025 20
Slide 9: …with extreme weather events becoming more frequent
…with extreme weather events becoming more frequent… 2023 2024 October – Storm in November – Storm in Sao Paulo Sao Paulo 2.1 mn customers affected Strongest storm in 30 years Current environment 3.1 mn customers affected calls for increasing investments in November – Storm in May – Storm in distrib
Slide 10: …and climate change risk adding higher market volatility
…and climate change risk adding higher market volatility… Spot price volatility vs reservoirs levels BRL/MWh Reservoir level 800 100% 600 80% Spot price 60% Brazil 400 Reservoir level 40% Price volatility 200 20% period 0 0% 2021 2022 2023 2024 COP/kWh 3,000 100% 2,500 80% Spot price 2,000 60% Colom
Slide 11: …but LatAm has significant potential for growth in our businesses
…but LatAm has significant potential for growth in our businesses Share of electricity in RES share in final consumption (%)1 electricity generation (%)1 99% Increase in energy 88% consumption is a key driver 84% 45% for Grids’ demand growth… 21% 23% …with renewables playing a key role to supply thi
Slide 12: 35% increase in our investments vs previous plan
35% increase in our investments vs previous plan1… CAPEX 2025-27 Key drivers By country By business line Strengthening our focus on Grids as the backbone of our operations, increasing 61%1 1% 4% 10% 15% Investments increase across all geographies1 23% USD 7.5 bn USD 7.5 bn Ongoing advocacy on conces
Slide 13: …investing in countries with clear frameworks, enhancing remuneration visibility
…investing in countries with clear frameworks, enhancing remuneration visibility… Grids CAPEX RAB2 (USD bn) Key drivers 4% +12% Concession renewal 21% 13.9 Ongoing advocacy with significant focus +61%1 12.4 on enhancing grids quality and resilience 2024-26 3.0 USD 2.9 3.8 bn 3.8 CAPEX acceleration 7
Slide 14: …while focusing our efforts on quality and resilience enhancement
…while focusing our efforts on quality and resilience enhancement Grid customers Energy distributed Energy losses SAIDI SAIFI (mn) (TWh) (%) (hours) (times) +5% 2024E 2027 2024E 2027 2024E 2027 +5% 23.7 110.9 Ceará 15.1% 14.6% 9.2 8.3 3.9 3.7 22.5 105.8 Sao Paulo 10.1% 9.5% 6.3 5.9 3.4 3.2 Rio 19.8%
Slide 15: Increasing renewable capacity in Colombia, with coal phase-out by 2027
Increasing renewable capacity in Colombia, with coal phase-out by 20271… Net capacity evolution (GW) Energy balance (TWh) -13% 12.9 13.2 0.2 0.6 (0.2) 65.0 65.0 56.3 56.3 21% 20% 6.4 6.9 14% 20% 14% 9% 1% 44% 28% 37% 42% 6.2 6.3 36% 36% 40% 38% 2024E Additional Coal 2027 Own production 2024E 2027 ca
Slide 16: …with free market customers increasing over >2x in plan period
…with free market customers increasing over >2x in plan period Customers’ CAPEX Free market customers (th) +108% 12.5 Positive developments in market liberalization in Brazil 7% 6.0 to continue driving customer base expansion 2024E 2027 35% 2025-27 USD 0.3 bn 58% E-billing Light points (th) +10.8 p.
Slide 17: Our capital allocation and strategy drives significant EBITDA growth
Our capital allocation and strategy drives significant EBITDA growth… EBITDA by country EBITDA by business line Key drivers Grids’ performance benefitting from +39% 4% 9% 10% positive regulatory updates and +39% significant investments 32% 2027 2027 2% USD 5.4 bn 35% USD 5.4 bn 55% Increasing EBITDA
Slide 18: …increasing our focus on Grids with visible and predictable returns
…increasing our focus on Grids with visible and predictable returns… Grids CAPEX1 EBITDA evolution (USD bn) Main grids business KPIs 2024E 2027 +40% CAPEX/Grid cust. (USD/grid cust.) 61 99 30% 2.9-3.0 RAB/Grid cust.1 0.2 (USD/grid cust.) 551 586 36% 0.3 2.1 0.9 0.7 2025-27 0.03 (0.1) (0.1) Blended r
Slide 19: …while optimizing investments in renewables with a better risk-return balance
…while optimizing investments in renewables with a better risk-return balance… Generation CAPEX1 EBITDA evolution (USD bn) Main generation business KPIs +38% 2024E 2027 Maintenance 1.8-1.9 EBITDA/MWh 0.1 0.2 (USD/MWh) 32 43 0.1 0.41 1.4 OPEX/MW 0.2 (0.1) (th USD/MW)2 24 23 38% 0.02 0.9 2025-27 0.5 U
Slide 20: Good financial shape to finance potential growth or increase shareholder remuneration
Good financial shape to finance potential growth or increase shareholder remuneration… 2025-27 Funds allocation (USD bn) Dividends paid evolution (USD bn) 3.5x 10.5 10.3 1.8 2.8 0.5 Dividends1 FFO 7.5 0.52 1.2 CAPEX Ordinary Disposals Total Total 2022-24 2025-27 sources uses Use of funds fully cover
Slide 21: …while leverage ratios remain stable over the plan period
…while leverage ratios remain stable over the plan period Net debt evolution (USD bn) Debt maturities (USD bn) Maturities / +43% 19% 25% 9% Gross debt 2.8 3.2 (10.5) 7.5 1.5 3.7 1.1 2.6 0.4 0.1 0.8 0.6 2024E CAPEX Dividends FFO Pension Extraordinary Fx 2027 2025 2026 2027 2025-27 fund operations pay
Slide 22: Strategic Plan targets (USD bn)
Strategic Plan targets (USD bn) Dividend policy of 30% of net income maintained EBITDA Net income CAPEX +12% +20% +8% CAGR 24-27 CAGR 24-271 CAGR 24-27 5.2-5.4 2.7 2.7 4.4-4.6 2.2 Ordinary Disposals 2.1 3.9 1.7 1.5-1.7 1.4-1.6 1.0 2024E 2025 2027 2024E 2025 2027 2024E 2025 2027 0.0092 0.014 0.016 EP
Slide 23: Q3 & 9M 2024 Results
Q3 & 9M 2024 Results Cre
Slide 24: Gross CAPEX
Gross CAPEX Completing renewable projects in core countries, relevant growth in Grids Brazil CAPEX by country CAPEX by business1 Asset development2 CAPEX by business 3% 1% 9% 28% 19% Q3 2024 41% US$ 450 mn US$ 450 mn US$ 149 mn (-37% YoY) (-37% YoY) (-64% YoY) 58% 63% 78% Argentina Grids Brazil 3% G
Slide 25: Renewables development
Renewables development ~0.8 GW added capacity in Brazil and Colombia 9M CAPEX breakdown1 Projects in execution Net capacity Expected Country & tech Project remaining COD 18% Guayepo II 24 MW 2025 (166 MW built) USD Brazil 0.4 bn Colombia Guayepo III 267 MW 2025 82% Atlantico 256 MW 2026 461 MW – Ari
Slide 26: Generation business highlights
Generation business highlights Facing difficult hydro scenario in Colombia, partially mitigated by renewables development Energy balance1 Net installed capacity (GW) 98% Enel Américas2 98% 96% Colombia 96% +7% 50.0 50.0 -3% 2% 46.6 46.6 11.1 9.8 16.6 16.6 16.1 16.1 8.8 9.4 98% renewables 7.6 2.0 3.5
Slide 27: Grids operational highlights
Grids operational highlights Solid growth led by Brazil; quality indicators affected by extreme climate events Electricity distributed (TWh) Grid customers (mn) Quality indicators1 SAIDI (hours) SAIFI (times) +4% +424k 9M 2023 9M 2024 9M 2023 9M 2024 Edesur 19.5 17.4 7.5 8.1 76.4 79.8 22.1 22.5 São
Slide 28: Financial highlights
Financial highlights 9M’24 EBITDA increase mainly due to Grids Colombia, Grids Argentina, and Gx Brazil EBITDA Net income Debt position (USD bn) (USD bn) (USD bn) +4% >3x 2.9 3.0 2.5 8.1 -30% 1.6 5.7 1.7 9M 0.8 6.5 3.4 0.8 2.3 9M 2023 9M 2024 9M 2023 9M 2024 -4% exc. Peru Dec. 2023 Sep. 2024 Sale of
Slide 29: EBITDA breakdown: 9M 2024 results
EBITDA breakdown: 9M 2024 results Growth explained by Grids Argentina, Grids Colombia, Gx Brazil and Gx Central America EBITDA evolution by business line (USD bn) EBITDA breakdown +4% +7% 2% 4% Argentina 3,056 3,011 USD Brazil 2,899 2,869 19 7 (45) (31) (86) 247 37% 3,011 mn Colombia 57% C. America
Slide 30: Cash flow (USD bn)
Cash flow (USD bn) Positive trends in NWC and financial expenses led to a positive FCF 3.01 (0.44) USD 0.66 bn Asset development (0.49) CAPEX (0.47) 1.61 (1.52) 0.09 1 2 3 4 EBITDA NWC Taxes paid Net financial FFO CAPEX FCF expenses 9M 2023 2.90 (0.93) (0.55) (0.48) 0.94 (2.04) (1.10) Rounded figure
Slide 31: Debt (USD bn)
Debt (USD bn) Liability management actions led to a significant gross debt decrease Gross and net debt1 Net debt evolution Gross debt breakdown - 30% - 65% 12% 8.1 Currency BRL 1.6 (2.4) 6.5 0.3 USD (0.1) 52% COP 5.7 36% 5.7 bn USD Debt reduction: (4.1) (1.4) Brazil 3.4 6.5 (0.4) Colombia 2.3 (0.7)
Slide 32: Disclaimer
Corporate Presentation 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 management
Slide 33: Thank you. Contact us
Corporate Presentation Contact us Contacts Email - ir.enelamericas@enel.com Channels Website Mobile App www.enelamericas.com Enel Américas Investors Jorge Velis Head of Investor Relations Download App iOS Android Investor Relations team Nicolás Gracia Claudio Ortiz Sebastián Cisternas Francisco Basa
Slide 34: Annexes
Corporate Presentation Annexes
Slide 35: GDP, CPI and FX
GDP, CPI and FX GDP (%) CPI (%)1 Fx (vs USD)2 2025 2026 2027 2025 2026 2027 2025 2026 2027 Brazil 2.2 2.4 2.3 3.7 3.7 3.2 5.2 5.1 5.1 Colombia 2.7 2.6 2.5 3.8 3.4 3.3 4,078 4,088 4,121 Argentina 3.1 2.8 2.9 41.0 39.8 36.5 2,109.0 2,864.0 3,803.0 Costa Rica 3.1 2.9 2.9 3.7 2.5 2.8 543.0 552.7 562.4 G
Slide 36: Electricity distributed, Grid customers and Smart meters
Electricity distributed, Grid customers and Smart meters Customers Electricity distributed Smart meters (mn) (TWh) (mn) 2024 2027 2024 2027 2024 2027 Argentina 2.7 2.9 18.5 19.7 0.0 0.0 Brazil 15.9 16.6 72.4 75.0 1.3 5.3 Ceará 4.2 4.4 14.2 15.4 0.0 0.1 São Paulo 8.6 9.1 44.0 45.2 1.3 5.1 Rio 3.1 3.1
Slide 37: Grids: current regulatory framework
Grids: current regulatory framework Brazil Colombia Argentina WACC real 11.2% 12.1% 12.5% pre tax 2024 Next Regulatory Period 2027-28 2025 2025 Regulatory Period 5 (Rio) 4 (São Paulo/Ceara) 5 5 Length (years) Owned by Owned by Owned by Metering Ownership DSO users/DSO DSO Smart meter Yes No Yes incl
Slide 38: Total capex (USD bn)
Total capex (USD bn) By country CAPEX 2025-271 By business line 4% 10% 1% Brazil 15% Grids Colombia Generation USD USD 23% Argentina 7.5 Customers 7.5 C. America bn bn 66% 82% Services Generation Grids Customers Total & others 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 202
Slide 39: 2024 CEO's short-term variable remuneration
2024 CEO’s short-term variable remuneration Macro objective Objective Type of target Weight Range Net Income Maximum Profitability 15% Economic Enel Américas 120% EBITDA Maximum Profitability 25% Economic Enel Américas 120% FCF Maximum Financial 20% Financial Enel Américas 120% Strategy Maximum Busi
Slide 40: Corporate governance structure
Corporate governance structure1 Shareholders’ meeting Audit firm 33% BoD’s composition Board of Directors 17% (7 members) 50% Executive Independent Non-executive elected by Enel SpA Functions: Directors Committee Vacancy Audit committee Sustainability committee Related parties' transactions 1. As of
Slide 41: Board composition
Board composition Board of Directors Board of Directors’ diversity1 Borja Acha Besga Chairman 17% Director José Antonio Vargas Directors’ Committee Gender diversity Luca Lo Voi Director 83% Male Female Britaldo Soares Director 17% 17% Directors’ Committee Iris Boeninger Director 17% Tenure Nationali
Slide 42: ESG raters and rankings
ESG raters and rankings AAA 4.5 92 4.4 4.4 90 AA AA AA AA 4.2 83 84 81 3.8 2019 2020 2021 2022 2023 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 Scale from CCC to AAA Scale from 0 to 5 Scale from 0 to 100 87 67 67 81 83 85 84 A- A- 53 56 B 47 B- C 2019 2020 2021 2022 2023 2019 2020 2021 2022 20
Slide 43: CNC
CNC
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