Engie Energia Chile S.a. · BCS:ECL
Engie Energia Chile — 9M 2025 Earnings Presentation
50 slides from Engie Energia Chile's earnings presentation, November 2025
Slide 1: 9M 2025 Investor Presentation
9M 2025 INVESTOR PRESENTATION NOVEMBER 2025 ENGIE ENERGIA CHILE NOVEMBER 2025
Slide 2: Part 1: 9M2025 Performance
9M 2025 INVESTOR PRESENTATION PART 1 9M2025 Performance 2 ENGIE ENERGIA CHILE NOVEMBER 2025
Slide 3: 9M 2025 Highlights
9M 2025 INVESTOR PRESENTATION 9M 2025 HIGHLIGHTS Strong High availability Increased New BESS financial results of Flex assets renewable gen. Project Reaffirmed during 3Q25 providing stability to our with 468MW capacity 100% energized in generation portfolio added in 2025 3Q25 (116MW) 3 ENGIE ENERGIA
Slide 4: Financial Review September 2025, Continued Strong Results
9M 2025 INVESTOR PRESENTATION FINANCIAL REVIEW SEPTEMBER 2025, CONTINUED STRONG RESULTS 2025 Guidance confirmed 2025 guidance EBITDA CAPEX confirmed US$ 521 million US$ 604 million EBITDA US$650 -700 million CAPEX US$900- 975 million ND/EBITDA NET INCOME 3.4 Times (*) US$ 209 million ND/EBITDA 3.3 t
Slide 5: Excellent Execution in Renewables and BESS
9M 2025 INVESTOR PRESENTATION EXCELLENT EXECUTION IN RENEWABLES AND BESS 1.4 GW RENEWABLE PROJECTS ALREADY DONE 1,721 GWh generated in first nine months of 2025 652 MW 445 MW 46 MW 267 MW WIND PV HYDRO BESS 468 MW NEW IN OPERATION - COD 2025 AND 100% ENERGIZATION OF 116 MW 3Q25 76MW / 418 MWh 344MW
Slide 6: Flexibility in Generation
9M 2025 INVESTOR PRESENTATION FLEXIBILITY IN GENERATION Giving new life to coal-based assets Conversion into 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
9M 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
9M 2025 INVESTOR PRESENTATION ENERGY TRANSITION EECL is embarked on a profound generation portfolio transformation 2019 2025 2027E 3% 7% 23% 29% 36% 34% Installed Installed Installed 29% 61% capacity capacity capacity 2.2 GW 3.2 GW 3.7 GW 8% 22% 48% Coal Gas Diesel Renewables Coal Gas Bess Renewable
Slide 9: Tocopilla Conversion
9M 2025 INVESTOR PRESENTATION TOCOPILLA CONVERSION The place where past and future of energy infrastructure meet • Core pillar of our transformation and value creation • Virtuous cycle bringing social, environmental and energy security benefits • Installed capacity: 116MW fully energized in 3Q 2025
Slide 10: Renewable & BESS Projects
9M 2025 INVESTOR PRESENTATION RENEWABLE & BESS PROJECTS 1.2 GW under construction – BESS Tocopilla 100% energized 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 Fide
Slide 11: Accelerating Investment in Renewables and BESS
9M 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 82 278 371 141 468 116 1,094 48 163 96 344
Slide 12: Part 2: Financial Results
9M 2025 INVESTOR PRESENTATION PART 2 Financial Results 12 ENGIE ENERGIA CHILE NOVEMBER 2025
Slide 13: Financial Highlights
9M 2025 INVESTOR PRESENTATION FINANCIAL HIGHLIGHTS Strong financial performance Successful execution of our strategy and demonstration of our ability to capture value 9M25 RESULTS MUSD Actual ∆ Gross1 • EBITDA amounted to US$520.6 million, driven by increased EBITDA 520.6 23% regulated demand and ta
Slide 14: Strong Generation Margin Driving EBITDA
9M 2025 INVESTOR PRESENTATION STRONG GENERATION MARGIN DRIVING EBITDA Higher system marginal costs mitigated by availability of own assets 37% Ren + EBITDA Evolution by effect BESS Spot -23% (US$m) Ren + 1.7 3,0 Spot BESS 1,6 1.2 Con- Con- 55 -65 Thermal Thermal tract- tract- 28 -6 3,6 2,7 ed ed 74
Slide 15: 9M25: Sustained Electricity Margin
9M 2025 INVESTOR PRESENTATION 9M25: SUSTAINED ELECTRICITY MARGIN Increased renewable and thermal production: reduced exposure to spot market US$/MWh 150 9M25 Avg. monomic price: 129 USD/MWh 9M24 Avg. monomic price: 125 USD/MWh 100 Margin Margin 9M25 9M24 9M25 Average fuel & electricity purchase cost
Slide 16: 9M25: Strong Net Income
9M 2025 INVESTOR PRESENTATION 9M25: STRONG NET INCOME Operations driving net income NET RESULTS (Before-tax variations (*)) (US$m) 97 -10 -38 Depreciation, 9 -51 amortization & other Net financial Foreign- results exchange (mainly lower difference Income tax EBITDA PEC-related increase interest) (ma
Slide 17: Healthy Cash Generation
9M 2025 INVESTOR PRESENTATION HEALTHY CASH GENERATION Overall balanced sources and uses of funds NET DEBT & FUND FLOWS 36 524 77 11 (US$m) 54 582 Income Insurance Accrued taxes premium Dividends interest, paid MTM / FX 112 Cash from operations PEC-3 2,064 CAPEX (1) DDP sale 1,941 31-Dec-24 30-Sep-25
Slide 18: Financial Structure
9M 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: 3,4 2.7 Fitch (Mar 2025): AA- Stable Feller Rate (J
Slide 19: Accelerating Investment in Renewables and BESS
9M 2025 INVESTOR PRESENTATION ACCELERATING INVESTMENT IN RENEWABLES AND BESS US$1.4 bn in renewables + BESS under construction (2025 – 2027) MUSD 900 - 975 1.000 900 800 Renewables 700 655 425 -500 600 535 Renewables 500 281 394 Renewables 400 276 BESS 174 BESS 350 300 237 209 Renewables 200 190 325
Slide 20: EECL's Performance During the Energy Transition
9M 2025 INVESTOR PRESENTATION EECL’S PERFORMANCE DURING THE ENERGY TRANSITION Our guidance US$ 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 NOVEMBER 2025
Slide 21: FY 2025 Guidance Confirmed
9M 2025 INVESTOR PRESENTATION FY 2025 GUIDANCE CONFIRMED Drivers & assumptions • Availability of generation assets EBITDAE CAPEXE • Renewable generation increase US$650-700 US$900-975 • LNG Arbitration award million million • New storage projects • Stable fuel costs • LNG + Argentine gas sourcing ND
Slide 22: Summary
9M 2025 INVESTOR PRESENTATION SUMMARY Re-balancing portfolio Moving forward with Accelerating Reaching high Strong results and through renewable energy transition with development of availability and balance sheet additions, back-up PPAs strong CAPEX in renewable projects excellence in ourand and ga
Slide 23: Projects and Assets Information
PROJECTS AND ASSETS INFORMATION
Slide 24: Our Renewable Portfolio
9M 2025 INVESTOR PRESENTATION OUR RENEWABLE PORTFOLIO 1,721 GWh generated during the first nine months of 2025 267 MW BESS 46 MW HYDRO 141MW / 638 MWh 76MW / 418 MWh 48MW / 264 MWh 2MW / 6 MWh 34 MW Laja 11 MW Chapiquiña 1 MW Cosapilla BESS Coya BESS Tamaya BESS Capricornio BESS Arica Hydro Hydro Hy
Slide 25: Sizeable Transmission Portfolio with Growth Focused on Regulated Assets
6M 2025 INVESTOR PRESENTATION SIZEABLE TRANSMISSION PORTFOLIO WITH GROWTH FOCUSED ON REGULATED ASSETS Strong Pipeline of Regulated Projects Awarded • Regulated assets to increase their contribution to revenues 2,002 km to ~US$ 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$26 million CAPEX Substation – COD:3Q28 Awarded in February 2025 COD: 3Q28 Cha
Slide 27: ENGIE: A Relevant Player in Transmission
6M 2025 INVESTOR PRESENTATION ENGIE: A RELEVANT PLAYER IN TRANSMISSION 2,002 Kms. transmission lines, 28 transmission substations and 50% share in TEN ENGIE’S transmission lines Substations 12 Transmission substations 13% 1,152 Generation 2,002 substations MVA kms 28 946 87% Owned & Operated Operate
Slide 28: Dedicated Transmission Business
3M 2025 INVESTOR PRESENTATION DEDICATED TRANSMISSION BUSINESS US$ 24 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
3M 2025 INVESTOR PRESENTATION OUR SUSTAINABILITY STRATEGY Embedded into our business to create value and based on 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
Slide 31: Green Finance
9M 2025 INVESTOR PRESENTATION GREEN FINANCE The first green loan from CAF to Engie Chile A green loan that reflects the investment in renewables supporting the transition from coal generation reflecting the care for people and the environment • US$400 million 7-year term A/B Loan with one-year “Apoy
Slide 32: 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 33: ESG Rankings, Certifications & Initiatives
3M 2025 INVESTOR PRESENTATION ESG RANKINGS, CERTIFICATIONS & INITIATIVES Corporate Commitments “ESG” Certifications & Ratings EECL SET Label certification: MSCI assesses ECOVADIS is the ISO 40001 Our project companies' resilience to largest global Environmental ENGIE Group is part of development and
Slide 34: 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 skills 1. Early citizen participation 1. Associativi
Slide 35: Company and Market Information
COMPANY AND MARKET INFORMATION
Slide 36: Industry and Company Highlights 6M25
9M 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 4% Enel Solar 20% 8% SISTEMA Coal Renewables Regulated AES 31% 36% 39% 27% ELÉCTRIC
Slide 37: Reducing Our Short Position During the Energy Transition
9M 2025 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 Lo
Slide 38: PPA Portfolio with 6-Year Remaining Average Life
9M 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 39: EECL's PPA Portfolio Provides the Basis for Stable Sales Revenue
9M 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 40: Natural Gas Availability in the Chilean System
9M 2025 INVESTOR PRESENTATION NATURAL GAS AVAILABILITY IN THE CHILEAN SYSTEM Stable pricing environment throughout the year LNG prices LNG international markets 60 HH 50 • LNG prices normalized through 2023 and 2024 after the sharp JKM increase in 2022. JKM and TTF showed a steady downward 40 adjust
Slide 41: Closing the Gap Through Back-up PPAs
9M 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 42: Demand Supplied with Own Generation and Energy Purchases
9M 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 33% Installed Capacity 3,202 MW (Sept-25) Bess 8% Gas 23% GWh Energy sources and average supply cost US$/MWh 150
Slide 43: Volatile Marginal Costs Due to Renewable Intermittency
9M 2025 INVESTOR PRESENTATION VOLATILE MARGINAL COSTS DUE TO RENEWABLE INTERMITTENCY A 10-day real example in the SEN grid (September 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
Slide 44: Regulatory Initiatives
9M 2025 INVESTOR PRESENTATION REGULATORY INITIATIVES GENERATION DISTRIBUTION • New Tariff Bill (Subsidy extension + PyMEs Price). • Coordination & Operation regulation (DS 125) + PMGD • Tariff fixing process (VAD 2024-2028). regulation (DS 88) update. • Safety and quality of service technical standa
Slide 45: Price Stabilization Laws (PEC)
9M 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 46: Financing Activity
9M 2025 INVESTOR PRESENTATION FINANCING ACTIVITY Securing funding and liquidity for the energy transition PEC Accounts Receivable (ARs) Bank loans as of 30-Sep-25 Bonds as of 30-Sep-25 monetization programs US$952 million US$1,347 million US$953 million (o.w. US$96 mln < 1 yr.) (o.w. US$0 < 1 yr.) C
Slide 47: Dividends on Account of 2024 Results Paid in May 2025
M 2025 INVESTOR PRESENTATION DIVIDENDS ON ACCOUNT OF 2024 RESULTS PAID IN MAY 2025 30% of 2024 net result after absorbing accumulated losses 30-Sep-24 30-Sep-25 EECL: CLP 871 EECL: CLP 1,390 (+60%) IPSA: 6,491 IPSA: 8,971 (+38%) Genco’s: 100 Genco’s: 145 (+45%) up 60% to CLP 1,390 160 135 110 85 Sep
Slide 48: Ownership Structure
9M 2025 INVESTOR PRESENTATION OWNERSHIP STRUCTURE 50% Pension Local Foreign 59.99% 15.13% 16.57% 7.9% Individuals 0.4% funds institutions institutions ENGIE Energía Chile S.A. “EECL” Red Eléctrica Chile S.A. 50% Gasoducto Norandino SpA Inversiones Eólica Monte Redondo Edelnor Transmisión Transmisora
Slide 49: 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 9M2025 results in our web page Presentation Addenda Press Release Recorded Financial Analyst pack conference Report audiocast 50 E
Slide 50: 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