Enel Americas S.a. · BCS:ENELAM
Enel Americas — Investor Presentation (November 2025)
63 slides from Enel Americas's investor presentation, November 2025
Slide 1: Corporate Presentation November 2025
Corporate Presentation November 2025 Enel Américas November 22nd, 2024
Slide 2: Index
Index 1 Enel Américas at a glance 2 2025-2027 Strategic Plan 3 Q3 2025 Results
Slide 3: Enel Américas at a glance
Enel Américas at a glance Cre
Slide 4: Enel Américas at a glance
Enel Américas at a glance 2023 2024 EBITDA (US$ bn) 3.7 3.7 Ownership structure2 10.1% Net Income (US$ bn) 0.9 2.61 0.8% 6.8% CAPEX (US$ bn) 2.7 2.1 Market Cap3 USD 10.7 bn Net debt / EBITDA (times) 1.7 0.6 RES Capacity (GW) 11.8 12.6 82.3% RES capacity (%) 98 98 Enel SpA Chilean Pension Funds Insti
Slide 5: Pillars and key business drivers
Pillars and key business drivers Grids Colombia • Investments tailored to returns, with advocacy playing a key role Guatemala Brazil • Continued enhancement of grid resiliency Generation & quality Panama Costa Rica • Leverage digitalization and innovation to • Selective capital allocation driven by
Slide 6: 2025-2027 Strategic Plan
2025-2027 Strategic Plan Cre
Slide 7: Extreme weather events becoming more frequent
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 distribution
Slide 8: 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% a 600 80% Spot price 60% Brazil1 400 Reservoir level 40% 200 20% Price volatility period 0 0% 2021 2022 2023 2024 2025 COP/kWh 3000 100% 2500 80% Spot price 2000 60%
Slide 9: LatAm has significant potential for growth
…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 10: 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 11: Investing in countries with clear frameworks
…investing in countries with clear frameworks, enhancing remuneration visibility… Grids CAPEX RAB2 (USD bn) Key drivers 4% +24% Concession renewal 21% 13.9 Ongoing advocacy with significant focus +61%1 on enhancing grids quality and resilience 2024-26 3.0 USD 11.2 3.8 bn 3.0 CAPEX acceleration 3.8 7
Slide 12: Focusing 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) +4% 2024 2027 2024 2027 2024 2027 +5% 23.7 110.9 Ceará 14.8% 14.6% 9.7 8.3 4.2 3.7 22.6 106.9 Sao Paulo 10.2% 9.5% 6.7 5.9 3.2 3.2 Rio 20.1% 19
Slide 13: Increasing renewable capacity in Colombia, coal phase-out by 2027
Increasing renewable capacity in Colombia, with coal phase-out by 20271… Net capacity evolution (GW) Energy balance (TWh) -14% 12.9 13.2 0.2 0.6 (0.2) 65.7 65.7 19% 56.3 56.3 6.9 23% 6.4 14% 20% 16% 9% 1% 43% 26% 37% 42% 6.2 6.3 37% 34% 40% 38% 2024 Additional Coal 2027 Own production 2024 2027 capa
Slide 14: Capital allocation 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 4% 9% 10% +46% +46% positive regulatory updates and significant investments 32% 2027 2027 1% USD 5.4 bn 35% USD 5.4 bn 55% Increasing EBITDA
Slide 15: Increasing focus on Grids with visible returns
…increasing our focus on Grids with visible and predictable returns… Grids CAPEX1 EBITDA evolution (USD bn) Main grids business KPIs 2024 2027 +40% CAPEX/Grid cust. (USD/grid cust.) 61 99 30% FY 2024 2.0 2.9-3.0 RAB/Grid cust.1 0.2 (USD/grid cust.) 494 586 36% 0.3 2.1 0.9 0.7 2025-27 0.03 (0.1) Blen
Slide 16: Optimizing investments in renewables
…while optimizing investments in renewables with a better risk-return balance… Generation CAPEX1 EBITDA evolution (USD bn) Main generation business KPIs +38% 2024 2027 Maintenance 1.8-1.9 1.3 EBITDA/MWh FY 2024 0.1 0.2 (USD/MWh) 33 43 0.1 0.41 1.4 OPEX/MW 0.2 (0.1) (th USD/MW)2 25 23 38% 0.02 0.9 20
Slide 17: Good financial shape to finance growth or 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 18: 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% 21% 26% 10% Gross debt FY 2024 2.8 2.1 3.0 (10.5) 7.5 1.4 3.7 1.1 2.6 0.4 0.1 0.8 0.5 2024E CAPEX Dividends FFO Pension Extraordinary Fx 2027 2025 2026 2027 2025-27 fund o
Slide 19: Strategic Plan targets
Strategic Plan targets (USD bn) Dividend policy of 30% of net income maintained EBITDA Net income CAPEX +13% +26% +8% CAGR 24-27 CAGR 24-271 CAGR 24-27 5.2-5.4 2.6 2.7 4.4-4.6 2.2 Ordinary Disposals 2.1 3.7 1.5-1.7 1.7 1.4-1.6 0.9 2024 2025 2027 2024 2025 2027 2024 2025 2027 0.0082 0.014 0.016 EPS (
Slide 20: Q3 & 9M 2025 Results
Q3 & 9M 2025 Results Cre
Slide 21: Q3 2025 Key highlights
Q3 2025 Key highlights 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 Colombiahydroproduction Adj.EBITDA1 +9% YoY +24%YoY Immediate return for selling Grids CAPEX increase in all G
Slide 22: Share buyback program
Share buyback program 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 return, with DPS accretion for re
Slide 23: Regulatory scenario
Regulatory scenario 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 published, date set suspended due to S
Slide 24: Gross CAPEX
Gross CAPEX 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) (+23% YoY) 62% Argentina 81% Bra
Slide 25: Grids operational highlights
Grids operational highlights 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 Edesur 18.3 18.3 8.3 8.8 22.9 22.5 Enel São Paulo 6.7 6.9 3.3 3.6
Slide 26: Generation operational highlights
Generation operational highlights 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 8.6 9.7 GW 2.3 3.4 0.2 2.0 2.4 0.7
Slide 27: 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 28: 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 29: 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 30: 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 31: 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% USD 4.3 6.2 bn 38% ARS 3.1 0.7 PEN 1.0 4.3 2.1 0.9 (0.3) 2.1 1% 1
Slide 32: 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 33: Q3 & 9M 2025 Annexes
Q3 & 9M 2025 Annexes al
Slide 34: 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 35: 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 36: 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 37: Brazil | Generation business
Brazil | Generation business Submarket State Technology Parques MW Salto Apiacás 103 Center-West MT Hydro Primavera 22 Apiacas 16 141 Solar Sao Goncalo 864 PI Wind Lagoa dos Ventos 1,524 Intuverava 254 Solar Horizonte 103 RN Frontes Solar 12 Hydro Morro do chapeu 525 PI PE Northeast BA Aroeira Delfi
Slide 38: 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 4.6 2.3 3.7 10.1 9.8 7.1 2.9 2.8 6.7 6.7 1.7 8.6 9.7 1.8 3.
Slide 39: 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 5.9 e-Buses (#) 926 926 +0% M&R2 contracts (th) 941 957 +2% PV3 (MWp
Slide 40: 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 41: 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% 580 602 8% 31% 1,909 (-1% YoY) 62% Q3 2024 Q3 2025 Argentina Brazil Colombia 41
Slide 42: 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 42
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: 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 49% (June 2025) 51% USD 2.7 bn 1.7 BBB+/Stable 0.5 0.6 (Ma
Slide 52: 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 53: 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 54: 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 55: Strategic Plan Annexes
Strategic Plan Annexes al
Slide 56: Consolidated capacity and production
Consolidated capacity and production Capacity (GW) Production (TWh) 2024 2027 2024 2027 2% 2% 0.4% 27% 27% Hydro 33% 35% Solar By 12.9 49% 13.2 47% 40.4 43.6 51% Wind GW GW TWh 56% TWh Tech Coal 22% 26% 9% 14% 2024 2027 2024 2027 5% 5% 6% 6% 10% 10% 7% 6% Brazil By 12.9 13.2 40.4 43.6 Colombia 51% 5
Slide 57: 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 17.6 19.7 0.0 0.0 Brazil 15.9 16.6 73.9 75.0 1.3 5.3 Ceará 4.3 4.4 14.2 15.4 0.0 0.1 São Paulo 8.5 9.1 44.9 45.2 1.3 5.1 Rio 3.1 3.1
Slide 58: Grids: current regulatory framework
Grids: current regulatory framework Brazil Colombia Argentina WACC real 11.2% 12.1% 10.0% pre tax Next Regulatory Period 2027-28 2027 2030 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 inclusion
Slide 59: 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 60: Gross debt (USD bn)
Gross debt (USD bn) By currency By country 2024 2027 2024 2027 12% 12% 44% 44% 44% 44% USD 5.2 bn USD 6.4 bn USD 5.2 bn USD 6.4 bn 56% 56% 43% 43% BRL COP USD Brasil Colombia Holding 60
Slide 61: 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 62: Thank you.
Corporate Presentation 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 Sebastián Cisternas Francisco Basauri - ESG
Slide 63: CNC
CNC
Enel Américas — Investor Presentation (November 2025) on 6ix