Enel Chile Sa · BCS:ENELCHILE
Enel Chile Sa — Investor Presentation (May 2026)
71 slides from Enel Chile Sa's investor presentation, May 2026
Slide 1: Enel Chile Corporate Presentation May 2026
Enel Chile Corporate Presentation May 2026 1 1
Slide 2: Empowering today, shaping tomorrow
Empowering today, shaping tomorrow Building a more resilient and balanced energy platform 2
Slide 3: Chilean electrical market context
Chilean electrical market context 3
Slide 4: Chile's energy landscape transforming through electrification and strong structural fundamentals
Chile’s energy landscape transforming through electrification and strong structural fundamentals Electricity demand potential Rising system complexity Structural advantages Policies enabling the transition Zero-emission vehicles by 2035, Growth led by mining Exceptional solar and wind Transmission c
Slide 5: Chile's diversified capacity mix supports reliability and future electrification
Chile’s strong and diversified capacity mix supports system reliability and enables future electrification Chile’s Installed capacity mix (%)1 Country’ main KPIs2 17 CAGR 29 2015 2025 2035E 2015-2035 58 Electricity consumption3 (TWh) 72 85 125 +3% 71 83 42 Total installed capacity3,4 2015 2025 2035E
Slide 6: A clear and stable regulatory framework is essential to enable large-scale electrification
A clear and stable regulatory framework is essential to enable large-scale electrification … Enabling the modernization and strengthening of the Chilean Power System Strengthened system operation standards to ensure securtiy and reliability Strong cooperation between authorities and electric compani
Slide 7: Our value proposition and strategic rationale
2026-2028 Our value proposition and strategic rationale 7
Slide 8: FY 2025 results demonstrate resilience and operational flexibility
FY 2025 results demonstrate our resilience and operational flexibility, even during a challenging period Delivering on our commitments Economic & financial performance1 (USD bn) 2025 guidance achieved despite a Net income3 EBITDA2 challenging year +4% -14% Capex executed to bring flexibility and res
Slide 9: Execution in 2025 confirms the strength of our strategic direction
Key strategic priorities Risk/ Growth Return Productivity Execution in 2025 confirms the strength of our strategic direction and management actions 9
Slide 10: Our investments and management actions continue to drive value creation
Key strategic Integrated margin priorities Our investments and management actions continue to drive value creation Business and capital management decisions in integrated business Optimizing our Active portfolio Strategic selection of commercial strategy with management supported by value-oriented i
Slide 11: We have built a strong commercial platform to unlock value-accretive opportunities
Key strategic Integrated margin priorities We have built a strong commercial platform to unlock value-accretive market opportunities… Solid presence in both regulated and free markets 100% renewable energy supply, with Efficient and sustainable energy international certification options for solution
Slide 12: Predictable margins and enhanced client value through integrated commercial offering
Key strategic Integrated margin priorities … delivering predictable margins and enhanced client value through our integrated commercial offering Sales Gx (TWh) Electrification main products2 Avg. PPA Price1 ~65 ~65 (USD/MWh) 2025 2028E 30 32 PV3 +3x (MWp) 19 51 59% 59% 65% 65% Charging 41% 41% 3 6 +
Slide 13: Disciplined investments strengthening profitability and operational reliability
Key strategic Integrated margin priorities All, supported by a disciplined and strategic investments that strengthens profitability and operational reliability… Main initiatives in integrated Total integrated margin capex Development capex by margin capex (USD bn) technology +12% BESS deployment to
Slide 14: New capacity and nationwide sourcing platform
Key strategic Integrated margin priorities … enabled by new capacity and our nationwide sourcing platform, ensuring a robust and competitive energy mix Additional net installed capacity Energy sourcing (GW) (TWh) 9.9 32.0 8.9 0.5 0.1 0.4 30.0 1.5 1.9 3.0 4.1 2.0 2.6 1.1 3.2 0.2 2.8 0.9 3.8 3.1 3.2 5
Slide 15: Our investments and management actions continue to drive value creation (Grids)
Grids Key strategic priorities Our investments and management actions continue to drive value creation Business and capital management decisions in distribution Pursuing the optimization of Selecting resilience-driven Driving a customer-led distribution value investments service model 15
Slide 16: Active business and capital management to navigate market dynamics and regulatory evolution
Grids Key strategic priorities Active business and capital management to navigate market dynamics and regulatory evolution Distribution tariff Gross CAPEX Main KPIs review process Old plan 2025 2028E VAD 2024-2028 Consultant final report (estimated timeline) (Sep-2025) End users 20% New plan (mn) 2.
Slide 17: Our vision in numbers
2026-2028 Our vision in numbers 17
Slide 18: Optimized capital allocation focused on portfolio resilience and performance
Key strategic priorities All in all, our optimized capital allocation is focused on strengthening portfolio resilience and performance Cumulated integrated business development Cumulated gross capex capex by technology 1.6 USD bn Integrated 2% 12% 9% margin 1% 2% BESS 11% Wind 37% 2026-28 2026-28 Hy
Slide 19: Strengthening our integrated margin as the core of our strategy
Key strategic Integrated margin priorities Strengthening our integrated margin as the core of our strategy Integrated margin evolution (USD bn) Main Gx KPIs 0.1 2025 2028E 0.1 1.7-1.9 ~1.8 0.1 1.6 (0.1) Sales Gx (TWh) 30 32 Avg. PPA price1 (USD/MWh) 65 65 Avg. Commercial sourcing cost 62 52 (USD/MWh
Slide 20: Substantially all of Grids' FFO allocated to Capex
Grids Key strategic priorities Substantially all of Grids’ FFO is allocated to Capex to support the 2026–28 investment plan Grids cumulated total capex Grids cumulated EBITDA Grids FFO 30% 32% 35% 2026-28 2026-28 47% 2026-28 0.5 USD bn 0.4-0.5 USD bn +15% vs Old plan Flat vs Old plan 0.4-0.5 USD bn
Slide 21: Consolidated Net income growth driven by improved operational performance
Key strategic priorities Consolidated Net income growth, driven by improved operational performance Net income evolution (USD bn) 0.1-0.3 0.5-0.7 (0.03) (0.00) (0.05) 0.5 Net income 2025 EBITDA D&A Financial charges Taxes Net Income 2028E 21
Slide 22: Portfolio management and capital allocation boosting financial position
Key strategic priorities Portfolio management and capital allocation strategy boosting our financial position 2026-28 Source of funds Net debt evolution (USD bn) (USD bn) Net debt/ ̴3.4 EBITDA (x) 2.3x ≤ 2.0x PEC Recovery 0.1 -10% (2.0) 3.4 3.0 ̴(1.0) ̴0.3 Sources of Gross Dividends Change in 2025 2
Slide 23: Solid and lower-risk debt structure
Key strategic priorities Solid and lower-risk debt structure, strengthening our sustainable value creation Financial main ratios Debt maturity by year2 (USD bn) YE 2025 YE 2028E 3.3 Avg. term of debt 8% 9% 21% (years) ~6 ~6 Share of USD debt1 90% 91% 1.1 0.4 0.5 Share of fixed debt1 87% 91% 2026E 20
Slide 24: Financial targets
2026-28 Financial targets 24
Slide 25: Strategic plan targets
Strategic plan targets 2026E 2027E 2028E EBITDA (USD bn) 1.3-1.5 1.4-1.6 1.5-1.7 Net income (USD bn) 0.4-0.6 0.5-0.7 0.5-0.7 Dividend Payout (%) Min 50% Min 50% Min 50% 25
Slide 26: Closing remarks
Closing remarks 26
Slide 27: Enel Chile as a unique, sustainable and value-driven utility
Enel Chile as a unique, sustainable and value-driven utility 1 Enel Integrated Chile commercial strategy, leveraging a diversified as a unique, nationwide platform sustainable 2 and Disciplined capital and operating management strengthening portfolio flexibility and resilience value-driven 3 company
Slide 28: Enel Chile Q1 2026 results
Enel Chile Q1 2026 results 28
Slide 29: Key highlights of the period
Key highlights of the period Portfolio Country and Business management Regulatory context profitability Hydro production broadly in line with 2026 Positive EBITDA expectations, while higher Argentine gas availability Contribution, +16% higher at competitive price resulted in lower spot prices compar
Slide 30: Active portfolio management actions; BESS expansion on track
Active portfolio management actions, aligned with the guidance; BESS expansion well on track Enel Chile sourcing portfolio BESS projects under construction Hydro generation Gas management Las Salinas Valle del Sol Azabache (TWh) 10.3 10.7 Argentine gas agreement securing fixed volumes for 16 months
Slide 31: Well-balanced generation mix improves our energy balance
Well-balanced generation mix continues to improve our energy balance, supporting our commercial positioning Net installed capacity Net production and energy balance (GW) (TWh) Net production Portfolio mix evolution1 70% Net Spot2 5% Emission free production 7.7 7.7 7.5 7.5 1.3 1.3 17% 5.6 5.4 1.3 0.
Slide 32: Advancing operational execution in grids, with Dx framework opportunities
Advancing through operational execution in grids, with Dx framework opportunities under monitoring Distribution tariff review process Grids Main Kpis VAD 2024-28 (estimated timeline) Q1 2025 Q1 2026 6% Returns 1.1% (real terms post tax) End users 2.2 2.2 Expert (million) Enel Dx VNR = 2.11 bn USD co
Slide 33: Q1 2026 results reflect solid operation execution
Q1 2026 results reflect solid operation execution in a volatile market environment Economic & financial performance EBITDA Net income FFO (USD mn) (USD mn) (USD mn) +58 -13 +13 423 365 175 162 122 109 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 33
Slide 34: Capital investments focused on project portfolio and grid strengthening
Capital investments focused on the development of our project portfolio and grid strengthening Q1 2026 CAPEX by business and by nature Asset development 31% 28% 36% ~75% REN + BESS 111 111 USD mn 52% USD mn +64% vs PY +64% vs PY ~25% Grids 8,5 12% 41% REN + BESS Asset management Thermal Asset develo
Slide 35: Q1 2026 EBITDA growth supported by portfolio optimization
Q1 2026 EBITDA growth is supported by our portfolio management optimization and diversification strategy EBITDA evolution (USD mn) Q1 2025 Q1 2026 Integrated business up by 67 USD mn thanks to: i. lower gas and spot energy costs 50 41 ii. gas optimization initiatives iii. partially offset by negativ
Slide 36: Net income for Q1 2026 reflects EBITDA growth despite negative financial effects
Net income for Q1 2026 reflects EBITDA growth despite negative financial effects Net income evolution (USD mn) -7% Higher EBITDA supported by more 58 efficient integrated margin sourcing (14) 175 162 Increase in D&A1 mainly attributable to (51) (5) 0 new REN + BESS assets in operation Higher Financi
Slide 37: Q1 2026 FFO remains stable
Q1 2026 FFO remains stable reflecting optimal fund management FFO evolution (USD mn) 423 Net working capital reflects seasonality effect and capex plan evolution (161) Taxes reflect higher tax payment in the generation business (93) 122 (48) Financial expenses mainly explained by Δ Net working Finan
Slide 38: Solid liquidity position to support investments and debt maturities
Solid liquidity position to support our investments and debt maturities Debt and liquidity Gross debt (USD mn)1 Liquidity position (USD bn) Debt maturities (USD bn)1 +1% 11% 14% 29% 3% 1.7 3,841 3,882 1.1 41% 462 454 1.1 USD bn 59% 0.6 3,379 3,429 0.4 0.1 Dec 31, 2025 Mar 31, 2026 2026 2027 2028 202
Slide 39: Closing remarks
Closing remarks 1 Our resilient and diversified business model continues to support results even in a volatile context 2 Electrification is emerging as a key growth driver, and we are well positioned to support the country’s evolving energy needs 3 Comfortable financial position and a flexible busin
Slide 40: Annexes: Strategic plan 2026-28
Annexes Strategic plan 2026-28 May 2026 40
Slide 41: Macroeconomics and main assumptions
Macroeconomics and main assumptions Macroeconomics GDP CPI Foreign exchange YE (%) (%) (CLP/USD) 2024 2025 2026E 2027E 2028E 2024 2025 2026E 2027E 2028E 2024 2025 2026E 2027E 2028E 2.6 2.6 2.7 2.7 2.4 3.9 4.5 3.1 3.0 3.0 944 950 926 927 930 Commodities Henry Hub Brent (USD/MMBtu) (USD/bbl) 2024 2025
Slide 42: Capex by business lines
Capex by business lines Capex 2026-28 allocation (USD bn) 0.8 2% 0.7 19% 2% 21% 14% 0.5 8% 2% 30% 44% 44% 15% 17% 21% 25% 36% 2026E 2027E 2028E Renewable Thermal Others1 BESS Grids 1. Others includes electrification, trading and services. 42
Slide 43: Installed capacity and production by technology
Installed capacity and production by technology Net installed capacity Net production 2025 2028E 2025 2028E +11% +8% 2% 11% 16% 22% 25% 37% 41% 20% 8.9 9.9 21.6 48% 23.2 51% GW GW TWh TWh 33% 34% 27% 32% Hydro Thermal Wind, solar & geothermal BESS 43
Slide 44: Main operative KPIs
Main operative KPIs 2025 2028E REN & BESS capacity (GW) 6.9 7.9 REN & BESS capacity over total (%) 78% 80% CO2 GHG free production over total (%) 73% 84% Energy sold in Gx1 (TWh) 30.0 32.0 Energy distributed2 (TWh) 14.4 15.3 Network losses3 (%) 6.6% 5.7% Charging units4,5 (000’) 3.2 6.0 1. Includes
Slide 45: Annexes: Q1 2026 Results
Annexes Q1 2026 Results May 2026 45
Slide 46: Q1 Profit & Loss (USD mn)
Q1 Profit & Loss (USD mn) Q1 2026 Q1 2025 Δ qoq Reported EBITDA 423 365 +16% D&A (99) (84) +17% Bad Debt (9) (9) -4% Impairment - - N.A Reported EBIT 316 272 +16% Financial expenses (78) (26) x3 Other non-financial result 4 3 +33% Reported EBT 242 249 -3% Income taxes (68) (63) +8% Minorities (12) (
Slide 47: Hydrology outlook
Hydrology outlook Historic Enel Chile hydro generation (TWh) Rainfall in our most relevant basins1 2,200 4,000 2017 9.7 1,800 Cumulated rainfall (mm) 3,000 2018 11.4 1,400 2,000 2019 10.6 1,000 600 1,000 2020 9.7 Maule Bío-Bío 200 (32% of consolidated Gx) (33% of consolidated Gx) 0 0 2021 7.7 2,200
Slide 48: Commodities and Spot price outlook
Commodities and Spot price outlook Henry Hub (USD/mmBTU) Brent (USD/bbl) API 2 (USD/Ton) 7.5 Q1 2026: 5.0 Q1 2026: 80.6 Q1 2026: 108 Q1 2025: 3.7 121 Q1 2025: 75.7 Q1 2025: 102 104 4.7 4.4 79 75 73 71 71 68 3.9 4.0 68 64 68 65 64 63 120 3.5 3.3 3.1 3.4 3.2 106 3.5 2.9 2.8 67 71 102 96 104 104 99 96
Slide 49: Largest utility player in Chile in installed capacity and clients
Enel Chile is the largest Utility player in Chile in installed capacity and number of clients Q1 2026 Hydro Solar Wind BESS Geo CCGT O&G Total Net installed capacity Q1 2026 North 22% Facilities (#) 1 16 7 - 2 1 1 28 Zone Net installed capacity (GW) 0.02 1.8 0.5 - 0.1 0.7 0.2 3.4 41% 2% 8.9 GW 35% C
Slide 50: Enel Chile - Networks' business
Enel Chile - Networks’ business Overview Concession area: Q1 2026 End users Q1 2026 Physical energy sales 33 municipalities in the metropolitan region 2% 9% 7% 0.1% 16% 41% 2.2 3.7 mn TWh1 33% 90% Residential Tolls Market share 44% Commercial Industrial & Others in terms of energy sales in 2024 1. I
Slide 51: Credit Rating - Enel Chile and Enel Generación Chile
Credit Rating - Enel Chile and Enel Generación Chile International market Chilean market Enel Chile Enel Chile Standard & Poor’s Fitch Ratings Fitch Ratings Feller Rate BBB Stable BBB+ Stable AA+(cl) Stable AA(cl) CWN Enel Generación Enel Generación Standard & Poor’s Fitch Ratings Fitch Ratings Fell
Slide 52: Organization structure
Organization structure1 Enel Chile shareholders 64.9% 9% 21% 4% 1% Chile Market Cap2 6.2 USD bn 100.0% 93.5% 99.1% 100.0% Green Power Chile Generación Chile Distribución Chile Enel X Chile 65% Pension Funds Enel SpA Institutional Investors Others ADR’s 1. As of March 31, 2026; 2. Market Cap as of Ma
Slide 53: Management of the Company
Management of the Company G. Palumbo Chief Executive Officer C. Henríquez Procurement S. Conticelli Chief Financial Officer G. Grande ICT Real Estate and C. Navarrete Deputy Chief Financial Officer M. Rinchi General Services L. Sánchez People and Organization M. Pino Security N. Fernández Legal and
Slide 54: Corporate governance structure
Corporate governance structure1 Shareholders’ meeting Audit firm 43% BoD’s composition Board of Directors (7 members) 57% Executive of Enel SpA Independent Directors Committee Functions: Audit committe Sustainability committe Related parties transactions 1. As of December 31, 2025. 54
Slide 55: Board composition
Board composition Board of Directors Board of Directors’ diversity3 Marcelo Castillo Chairman Rodolfo Avogadro Director 43% Gender diversity 57% Salvatore Bernabei Director Male Female Valentina de Cesare Director 14% Directors’ Committee (C) María Teresa Vial1 43% Director Tenure Nationality divers
Slide 56: Policies, principles and codes
Policies, principles and codes 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 Free Competition Regulations • Human Rights Policy •
Slide 57: Glossary
Glossary Term Definition Term Definition AGM Annual General Meeting KPI Key performance indicator ANAC Spanish acronym for National Automotive Association of Chile LNG Liquefied natural gas API2 Coal price reference indicator LTM Last twelve months BESS Battery energy storage system MPC Spanish acro
Slide 58: Annexes: Regulatory and country context
Annexes Regulatory and country context 58
Slide 59: Macroeconomic situation
Macroeconomic situation Chile today – Main figures Diversity Main characteristics Chile in LATAM • Mining Industry • Atacama desert (solar 17.8k USD GDP per capita in 2025 great potential, driest int the Chile ranks 46th in the world, out of 218 countries, in 2025 world) according to the IMF.1 GDP p
Slide 60: Chile - Power Industry Overview
Chile - Power Industry Overview Transmission Chile has a regulated and highly competitive electricity industry, with clearly defined segments fully operated by private companies Generation Generation ▪ Production and sale of energy and capacity, either on the spot market or through supply contracts
Slide 61: Chile - Electricity sector
Chile - Electricity sector Main regulatory entities Autonomous organizations PRESIDENCIA Panel de Expertos MINISTERIO DE ENERGÍA Coordinador Eléctrico MINISTERIO DE ENERGÍA Nacional (Subsecretario) Empresas Eléctricas (AG) SUPERINTENDENCIA COMISIÓN CHILENA AGENCIA CHILENA DE COMISION NACIONAL ELECTR
Slide 62: Chile - System operation
Chile - System operation Description Marginal Cost Model1 Hydro & NCRE Coal & Gas Diesel Marginal Cost (US$ / MWh) Spot Price Generation (MWh) • Physical energy dispatch for each generation company is independent from its contractual obligations, and each facility’s operation is coordinated centrall
Slide 63: Chilean coal phase out committed scenario
Chilean coal phase out committed scenario1 Complete phase-out of coal-energy sources by 2040 Coal capacity 2018 2025 2030 2040 at year end (MW) 5,512 3,132 2,223 0 6,000 5,000 Enel Chile, the first Chilean generator to complete the coal phaseout process in 2022: 4,000 • Tarapacá (158 MW) disconnecte
Slide 64: Chilean scenarios in terms of clean electrification @2050
Chilean scenarios in terms of clean electrification @2050 Different scenarios have different assumptions/purposes EnerBase: The business-as-usual scenario, illustrating the Benchmark of Energy Transition Scenarios @2050 effects of current policies and trends. EnerBlue: Reflect the successful achieve
Slide 65: Chilean market regulated auctions
Chilean market regulated auctions Brief history recap 2013-2025 DisCos Tender Volume DisCos Tender awarded price1 Spot price2 USD/MWh TWh 150 148 13 140 12 130 129 128 128 11 120 10 110 112 108 108 9 100 99 90 91 91 8 83 7 80 79 70 6 64 60 62 59 57 5 62 50 49 48 4 40 33 35 3 30 24 2 20 10 1 0 0 2013
Slide 66: Energy tariff stabilization mechanism
Energy tariff stabilization mechanism PEC 01, PEC 02 & PEC 03 PEC 01 PEC 02 PEC 03 Total amount: 3,700 USD mn Total amount: 1,800 USD mn Total amount: 1,350 USD mn1 Balance to be settled: Up to 2035 Balance to be settled: Up to 20322 Balance to be settled: Up to 2027 (PEC 02 & PEC 03) 100% guarantee
Slide 67: Distribution regulatory framework (1/2)
Distribution regulatory framework (1/2) Overview Return on Recognition of asset value according to optimized network investment WACC real post-tax ranging from 6% - 8% based on the WACC 2020-2024: 6% real term post-tax Regulatory assets’ value WACC 2024-2028: 6% real term post-tax period length is I
Slide 68: Distribution regulatory framework (2/2)
Distribution regulatory framework (2/2) Overview Distribution tariff Timeline review process Sep-2025 Oct-2025 Jan-2026 Q2 2026 H2 2026 VAD1 2024-2028 (estimated timeline) Enel Dx Expert Consultant Enel Dx Preliminary Enel Dx Regulator Final Final report comments comments comments panel final report
Slide 69: Chilean regulated tariff
Chilean regulated tariff Bill components breakdown1 Distribution Energy Transmission Taxes and Bill of final MPC charge Cost cost cost Others client (VAD) ≤350 kWh/month Household 55% 11% 6% 11% 17% Bill >350 kWh/month Household 52% 14% 7% 8% 19% Bill 69 1. Average reference for Enel Distribución Ch
Slide 70: Disclaimer
Strategic plan 2026-28 & Q1 2026 results Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements regarding the current expectations, intentions, plans,
Slide 71: Contact us
Strategic plan 2026-28 & Q1 2026 results Contact us Contacts Email ir.enelchile@enel.com Channels – Follow us Herramienta: Youtube » Recursos educativos digitales Forma linkedin, square icon instagram icon facebook, square icon Descripción generada automáticamente con confianza media Isabela Klemes