Enel Americas S.a. · BCS:ENELAM
Enel Americas — FY2025 Earnings Presentation
58 slides from Enel Americas's earnings presentation, Feb 26, 2026
Slide 1: FY 2025 Results and Strategic Plan 2026-28
Plan 2026-28 Ic FY 2025 Results and Strateg February 26", 2026 frit } | rH mit
Slide 2: Agenda
Agenda Speakers: FY 2025 Results • Key highlights and operational performance Giuseppe Turchiarelli • Economic and financial results CEO Strategic Plan 2026-28 • Market context and strategy going forward • Financial figures Rafael de la Haza CFO • Financial management • Our targets and closing remar
Slide 3: FY 2025 Results: Key highlights and operational performance
FY 2025 Results Key highlights and operational performance Giuseppe Turchiarelli CEO
Slide 4: 2025 shows better operational and financial results
2025 shows better operational and financial results, led by hydro recovery in Colombia and tariff review in Argentina Operational Financial CAPEX Profitability results results USD 2.3 bn + 1.7 TWh USD 4.3 bn USD 1.0 bn TotalCAPEX+11%YoY Renewablegeneration +4%YoY EBITDA+14%YoY Netincome1 +30%YoY Gri
Slide 5: Solid performance in electricity distributed, quality metrics impacted by weather
Solid performance in electricity distributed, while quality metrics in Argentina & Brazil were impacted by weather events Electricity distributed (TWh) Grids customers (mn) Quality indicators2-3 SAIDI (hours) SAIFI (times) +2% +344k FY 2024 FY 2025 FY 2024 FY 2025 Edesur 16.2 20.8 8.0 9.6 106.9 108.
Slide 6: Better hydrology led to higher production in Colombia
Better hydrology led to higher production in Colombia, while Brazil was significantly impacted by curtailments Net installed capacity (GW) Net production1 (TWh) Enel Américas2 2% 98% Capacity renewables Brazil Colombia by country +2% 24% 41.6 2.4x 1.3 GW1 40.7 1.0 0.2 Curtailment 1.9 4.5 - - (TWh) 1
Slide 7: Increase in sales, reducing spot market exposure
Increase in sales, while reducing spot market exposure in our core markets Energy balance (TWh) Enel Américas1 +1% Brazil Colombia 50.6 50.6 50.9 50.9 1.3 1.4 9.2 Flat +7% 8.6 27.2 27.2 27.2 27.2 24.6 24.4 0.3 17.5 17.5 18.6 18.6 5.8 6.8 0.8 2.4 1.2 18.7 19.0 2.7 4.9 4.6 40.7 41.6 26.0 25.1 21.0 20.
Slide 8: FY 2025 Results: Economic and financial performance
FY 2025 Results Economic and financial performance Rafael de la Haza CFO
Slide 9: CAPEX, EBITDA and net income show marked improvement YoY
CAPEX commitment confirmed, EBITDA and net income show a marked improvement YoY CAPEX EBITDA Net income (USD bn) (USD bn) (USD bn) In line with +11% 1 +14%1 guidance +30%1 2.3 4.4 1.1 2.1 3.7 0.1 Fx effect 0.1 Fx effect + hyperinflation 0.7 4.3 Reported 1.0 Reported FY 2024 FY 2025 FY 2024 FY 2025 F
Slide 10: EBITDA improvement explained by Colombia Generation and Argentina Grids
EBITDA improvement mainly explained by Colombia in Generation and Argentina in Grids EBITDA evolution by business line (USD bn) EBITDA breakdown 5% +14% 1% 5% Argentina +18% Brazil Colombia USD 4.3 bn 52% Peru2 4.4 4.3 0.0 0.0 (0.1) 37% C. America 0.4 3.7 0.3 2% 1% Grids 37% Generation USD 4.3 bn Cu
Slide 11: Net income & EPS growth mainly explained by higher EBITDA
Net income & EPS growth mainly explained by higher EBITDA; net income guidance affected by non-manageable effects Net income evolution (USD bn) Shareholder remuneration (USD/sh) Net income growth & share buyback boost profitability 1.4 0.0 0.1 0.2 +36% (0.2) 0.1 (0.1) 1.0 0.1 0.009 0.5 0.7 0.007 Net
Slide 12: Net debt increased due to Fx, buyback, dividends and tax payment
Net debt increased mainly due to Fx appreciation, share buyback, dividends and tax payment Gross and net debt1 Net debt evolution Gross debt breakdown +30% +126% 2% 10% 1% 6.8 BRL Currency 2.0 USD COP 5.2 4.8 49% USD 6.8 bn 0.5 38% ARS PEN 0.9 3.1 0.5 2.1 1.1 4.8 (0.3) 2.1 2% 9% 1% 1% Brazil Dec. 24
Slide 13: Strategic Plan 2026-28: Market context and strategy
Strategic Plan 2026-28 Market context and strategy going forward Giuseppe Turchiarelli CEO
Slide 14: Rising end-customer demand increases pressure to upgrade grids
Rising end-customer demand increases pressure to upgrade grids for renewable integration and resilience LatAm - Electricity consumption LatAm – Average annual investment across periods (TWh)1 (USD bn)1 CAGR: 4.6% CAGR: 6.4% 360 3,105 38% 2,077 211 1,274 45% 105 62% 42% 55% 58% 2030 2040 2050 2025-20
Slide 15: Supportive context in main markets, interest rates trending down
Supportive context in our main markets, with interest rates on a downward trend over the plan period GDP growth Inflation Fx (vs USD) Interest rate 4.6% 61.3% 3.3% 31.5% 2,421 3.2% 2,093 2.5% 22.1% 21.3% 1,766 36.8% 33.6% 1,452 29.0% 15.6% Argentina 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026
Slide 16: Key strategic highlights
Key strategic highlights 1 Growth • Focus on countries with constructive regulation • Boosting investments in Grids Business-specific focus • Greenfield renewable projects • Balance sheet flexibility for future growth 2 Productivity • >85% investments in Brazil and Colombia, with main focus in Grids
Slide 17: Capital allocation focused on securing profitability and growth
Capital allocation focused on securing profitability and growth CAPEX 2026-28 Key drivers By country1 By business line Further investments in Grids to increase resilience and lead the energy 2% transition 10% 14% 21% Investments vs previous plan increase USD 7.9 bn USD 7.9 bn mainly linked to Grids
Slide 18: Grids' capital allocation according to regulatory framework
Grids’ capital allocation according to regulatory framework & favorable environment context 2026-28 Grids CAPEX RAB1 (USD bn) Key drivers +22% Focus on enhancing grids quality 15.5 and resilience 14% 12% 14% 12% 12.7 4.1 3.9 Higher investments to improve grid Colombia reliability, with recognition i
Slide 19: Investments aimed towards quality improvements across all concessions
Investments aimed towards quality improvements across all concessions Grid customers Energy losses1 SAIDI2 SAIFI2 (mn) (%) (hours) (times) +5% 2025 2028 2025 2028 2025 2028 24.1 Edesur 18.2% 15.7% 20.8 11.5 9.6 7.1 Ceará 18.0% 17.6% 8.6 7.6 4.5 3.6 23.0 Rio 20.5% 19.9% 8.1 6.4 4.3 3.5 Sao Paulo 11.0
Slide 20: Additional capacity in Colombia and Central America
Additional capacity in Colombia and Central America in line with our selective approach to renewable investments 2026-28 Integrated Net capacity evolution (GW) Additional capacity business CAPEX 4% 1% 13.5 0.6 12.4 2% (1.3) 0.5 (0.2) 21% 0.31 12% 3.2 21% Country Technology Capacity Expected 3.6 COD
Slide 21: Reducing exposure to the spot market while optimizing portfolio mix
Reducing exposure to the spot market while optimizing portfolio mix Brazil Colombia Energy balance (TWh) Energy balance (TWh) 27.2 27.2 19.5 19.5 -21% Hydro 18.6 18.6 +4% 0.5 21.4 21.4 1.2 2.5 6.8 0.1 0.1 Renewables 0.2 1.6 2.4 4.6 0.1 3.0 5.3 Thermal 19.0 Third party purchases 15.3 16.1 14.8 Net sp
Slide 22: Evolving regulatory scenario offers potential opportunities
Evolving regulatory scenario offers potential opportunities to secure our business Argentina Brazil Colombia • Dx business: Ongoing • Dx concession renewal: • Approved 5% cap to spot application of 2025 tariff • Early renewal of Enel Dx Rio & Enel Dx Ceará sales: Applies to hydro review, with a clea
Slide 23: Strategic Plan 2026-28: Financial figures
Strategic Plan 2026-28 Financial figures Rafael de la Haza CFO
Slide 24: Capital allocation and strategy drives significant EBITDA growth
Our capital allocation and strategy drives significant EBITDA growth 2028 EBITDA by country 2028 EBITDA by business line Key drivers 5% 0% 5% Grids’ performance benefitting from positive regulatory updates and 4% 8% significant investments 1% 40% 39% 37% 35% Increasing EBITDA contribution from USD 5
Slide 25: Strengthening focus in Grids, investments tailored to regulation
Strengthening our focus in Grids, with investments tailored to the regulatory environment Grids CAPEX EBITDA evolution (USD bn) Grids business KPIs 2025 2028 +8% vs. old plan +25% CAPEX/Grid cust. (USD/grid cust.) 76 103 RAB/Grid cust. 0.2 (USD/grid cust.) 553 641 0.3 (0.5) 3.2-3.3 34% 0.2 2.6 0.4 0
Slide 26: Generation investments in line with previous plan
Investments in line with previous plan, with EBITDA growth led by capacity growth and portfolio optimization Generation CAPEX EBITDA evolution (USD bn) Generation business KPIs In line vs. old plan +18% 2025 2028 Maintenance 1.9-2.0 EBITDA/MWh 0.1 0.04 0.02 0.04 0.2 (USD/MWh) 25 39 1.6 0.2 0.03 0.2
Slide 27: Strategic Plan 2026-28: Financial management
Strategic Plan 2026-28 Financial management Rafael de la Haza CFO
Slide 28: FFO generation match investments and shareholder remuneration
FFO generation match investments and shareholder remuneration Net debt evolution (USD bn) FFO by currency (USD bn) 7% +2% 2026-28 39% USD 9.9 bn 55% 7.9 (9.9) 2.2 4.9 0.2 (0.4) Gross debt by currency (USD bn) 4.8 5% 2025 FFO CAPEX Dividends Ext. Ops.1 Fx 2028 Net debt/ 38% 2028 1.1x 0.9x USD 6.4 bn
Slide 29: Solid liquidity position to cover long term maturities
Solid liquidity position to cover long term maturities Available liquidity1 (USD bn) Debt maturities1 (USD bn) Maturities / 31% 12% 11% Gross debt Committed credit Total plan period maturities 3.1 36% lines USD 3.7 bn 2.1 Strong liquidity position to cover USD 3.2 bn short-term debt maturities 64% C
Slide 30: Strategic Plan 2026-28: Our targets and closing remarks
Strategic Plan 2026-28 Our targets and closing remarks Giuseppe Turchiarelli CEO
Slide 31: Strategic Plan targets (USD bn)
Strategic Plan targets (USD bn) Dividend policy of 30% of net income for plan period EBITDA (USD bn) Net income (USD bn) +7% +11% CAGR 25-28 CAGR 25-28 5.1-5.3 1.1-1.3 1.2-1.4 4.8-5.0 4.3 1.0 2025 2026 2028 2025 2026 2028 Rounded figures. 31
Slide 32: Closing remarks
Closing remarks 1 Capital allocation in constructive regulatory environments Building a 2 Grids continues to be the main focus of our strategy stronger & more predictable value-creating 3 Selective and profitable growth in Generation company 4 Significant financial flexibility to support additional
Slide 33: Disclaimer
FY 2025 Results & Strategic Plan 2026-28 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
Slide 34: Contact us
FY 2025 Results & Strategic Plan 2026-28 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 Cister
Slide 35: CNC
CNC
Slide 36: Annexes
FY 2025 Results and Strategic Plan 2026-28 February 26%, 2026 An n exe Ss enel
Slide 37: Q4 & FY 2025
CNC Q4 & FY 2025 eCNel
Slide 38: Macro scenario
Macro scenario Local currencies, inflation, electricity distributed and interest rates Macroeconomic variables1 Electricity distributed Monetary policy rate Local currencies Inflation3 vs USD2 ∆% Q4 ∆%FY December December ‘25 vs ‘24 ‘25 vs ‘24 2024 2025 2.8% Argentina December December Argentina -41
Slide 39: 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 2,730,892 17,539 20.8 9.6 18.2% Buenos Aires, Argentina 3,309 2030 Enel Ceará 4,340,958 14,453 8.6 4.5 18.0%
Slide 40: Operating exhibits: capacity and production
Operating exhibits 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 1,148 226 4,472 Central America 543 0 162 0 705 Total 6,240 3
Slide 41: Financial exhibits: Reported results
Financial exhibits Reported results Q4 2025 Q4 2024 ∆YoY FY 2025 FY 2024 ∆YoY Revenues 4,064 3,552 +14% 14,506 13,904 +4% Gross Margin 1,622 1,160 +40% 5,964 5,357 +11% OPEX (460) (435) +6% (1,696) (1,621) +5% Reported EBITDA 1,162 724 +60% 4,268 3,735 +14% D&A1 (425) (492) -14% (1,580) (1,534) +3%
Slide 42: Grids business results
Grids business results Quarterly and cumulative results Q4 EBITDA evolution (USD mn) YTD EBITDA by country (USD mn) +44% 8% 740 513 30% 2,649 (+9% YoY) 63% Q4 2024 Q4 2025 Argentina Brazil Colombia 7
Slide 43: Generation business results
Generation business results Quarterly and cumulative results Q4 EBITDA evolution (USD mn) YTD EBITDA by country (USD mn) +68% 2% 385 12% 37% 1,628 230 (+18% YoY) 49% Q4 2024 Q4 2025 Argentina Colombia Brazil C. America 8
Slide 44: Argentina (USD mn)
Argentina (USD mn) Cumulative results Generation 1 Grids1 Total2 FY 2024 FY 2025 % FY 2024 FY 2025 % FY 2024 FY 2025 % Revenues 49 48 -3% 1,355 1,497 11% 1,405 1,545 10% Procurements -5 -4 -10% -948 -962 1% -953 -966 1% and Services OPEX -25 -11 -55% -378 -337 -11% -404 -352 -13% EBITDA 20 32 65% 30
Slide 45: Brazil (USD mn)
Brazil (USD mn) Cumulative results Generation 1 Grids1 Total2 FY 2024 FY 2025 % FY 2024 FY 2025 % FY 2024 FY 2025 % Revenues 1,229 1,432 16% 7,059 7,464 6% 8,313 8,921 7% Procurements -456 -698 53% -4,752 -5,082 7% -5,207 -5,759 11% and Services OPEX -131 -139 7% -661 -724 10% -875 -916 5% EBITDA 64
Slide 46: Colombia (USD mn)
Colombia (USD mn) Cumulative results Generation 1 Grids1 Total2 FY 2024 FY 2025 % FY 2024 FY 2025 % FY 2024 FY 2025 % Revenues 1,857 1,634 -12% 2,199 2,221 1% 3,843 3,630 -6% Procurements -1,195 -699 -42% -1,274 -1,220 -4% -2,254 -1,690 -25% and Services OPEX -122 -137 12% -162 -209 29% -285 -347 22
Slide 47: Central America & Peru (USD mn)
Central America & Peru (USD mn) Cumulative results Central America Peru FY 2024 FY 2025 % FY 2024 FY 2025 % Revenues 343 338 -1% Revenues - 73 n.a. Procurements Procurements -133 -98 -27% - -30 n.a. and Services and Services OPEX -36 -38 6% OPEX - -24 n.a. EBITDA 174 202 16% EBITDA - 20 n.a. Net Inc
Slide 48: 2026-28 Macroscenario
Cnet 2026-28 Macroscenario eCNel
Slide 49: GDP, CPI and FX
GDP, CPI and FX GDP (%)1 CPI (%)1 Fx (vs USD)2 2026 2027 2028 2026 2027 2028 2026 2027 2028 Argentina 3.3 3.2 2.5 22.1 21.3 15.6 1,766 2,093 2,421 Brasil 1.7 2.3 2.3 4.2 3.7 3.2 5.2 5.3 5.3 Colombia 2.6 2.9 2.6 5.6 4.9 4.1 3,815 3,776 3,834 Perú 2.5 3.0 3.1 2.2 2.3 3.1 3.6 3.7 3.7 Costa Rica 3.2 2.6
Slide 50: Generation
Cnet 2026-28 Generation eCNel
Slide 51: Consolidated capacity and production
Consolidated capacity and production1 Capacity (GW) Production (TWh) 20252 2028 2025 2028 2% 3% 1% 0.4% 3% Hydro 29% 28% 32% 32% Solar 41% 40% By 12.1 12.4 39.5 41.5 52% Wind GW GW TWh 56% TWh Tech Coal CCGT 11% 15% 26% 29% 20252 2028 2025 2028 6% 6% 7% 7% 3% 3% 1% 1% Brazil By 12.4 41.5 Colombia 12
Slide 52: Grids
Cnet 2026-28 Grids eCNel
Slide 53: Electricity distributed, Grid customers and Smart meters
Electricity distributed, Grid customers and Smart meters Customers Electricity distributed Smart meters (mn) (TWh) (mn) <en blanco> 2025 2028 2025 2028 2025 2028 Edesur 2.7 2.8 17.7 19.5 0.0 0.1 Enel Ceará 4.3 4.5 15.5 18.6 0.0 0.2 Enel Rio 3.1 3.2 14.8 15.3 0.0 0.1 Enel São Paulo 8.7 9.2 45.1 48.0
Slide 54: Grids: current regulatory framework
Grids: current regulatory framework Argentina Brazil Colombia WACC real pre tax 2026 10.0% 11.2% 12.1% Next Regulatory Period 2027 (São Paulo/Ceara) 2030 20271 2028 (Rio) Regulatory Period 5 (Rio) Length (years) 5 4 (São Paulo/Ceara) 51 Metering Ownership Owned by Owned by Owned by DSO DSO users/DSO
Slide 55: Financials
Cnet 2026-28 Financials eCNel
Slide 56: 2026-28 Cumulated Capex (USD bn)
2026-28 Cumulated Capex1,2 (USD bn) By country Gross CAPEX 2026-28 By business line 11% 14% 21% 2% USD USD 7.9 7.9 bn bn 67% 86% By country Development CAPEX 2026-28 By business line 5% 3% 17% 23% USD USD 3.5 3.5 bn bn 69% 83% Argentina Brazil Colombia Central America Grids Integrated business 21 1.
Slide 57: Gross debt (USD bn)
Gross debt (USD bn) By currency By country 2025 2028 2025 2028 5% 9% 5% 2% 10% 1% 2% 1% 1% 1% USD 6.8 bn 50% 38% USD 6.4 bn USD 6.8 bn 49% 38% USD 6.4 bn 56% 56% 38% 39% BRL ARS PEN BRA ARG Holding COP USD COL&CAM PER 22 1. Rounded figures.
Slide 58: CNC
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