Enel Americas S.a. · BCS:ENELAM
Enel Americas — Investor Presentation (March 2025)
64 slides from Enel Americas's investor presentation, March 2025
Slide 1: Corporate Presentation
Corporate Presentation Enel Américas March 2025
Slide 2: Index
Index 1 Enel Américas at a glance 2 2025-2027 Strategic Plan 3 Q4 & FY 2024 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 Net Income (US$ bn) 0.9 2.61 0.8% CAPEX (US$ bn) 2.7 2.1 7.1% Market Cap3 USD 10.4 bn 82.3% 9.8% Net debt / EBITDA (times) 1.7 0.6 RES Capacity (GW) 11.8 12.6 RES capacity (%) Enel SpA Chilean Pension Funds 98 98 Instit
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% 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 9: 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 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, enhancing remuneration visibility
…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 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) +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 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 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 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 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) (0.1
Slide 16: Optimizing investments in renewables with 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% 2024 2027 Maintenance 1.8-1.9 FY 2024 1.3 EBITDA/MWh 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 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 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: Q4 & FY 2024 Results
Q4 & FY 2024 Results Cre
Slide 21: FY 2024 key highlights
FY 2024 key highlights \\psf\Home\Desktop\ENELLOGO1.jpg Operational Financial Shareholder CAPEX results results remuneration USD 1.37 bn Additional capacity USD 3.7 bn USD 0.8 bn1 2024Grids CAPEX +0.8 GWin 2024 FY EBITDA flat Totaldividendattributable to +16%vs PY Wind+ Solargeneration +23% 2024neti
Slide 22: 2024 at a glance
2024 at a glance \\psf\Home\Desktop\ENELLOGO1.jpg Resilient performance in a complex scenario ! Hydro situation in Colombia, leading to lower generation and higher energy purchase costs ! Blackout in São Paulo in Oct-2024, with extreme weather events becoming more frequent ! Curtailment in wind and
Slide 23: Gross CAPEX
Gross CAPEX \\psf\Home\Desktop\ENELLOGO1.jpg Strengthening our focus on Grids in line with current Strategic Plan CAPEX by country and business1 Asset development2 CAPEX – Grids 1% 13% 6% 12% 27% 31% Grids CAPEX Q4 2024 29% +37% YoY USD 577 mn USD 577 mn USD 90 mn (-16% YoY) (-16% YoY) (+65% YoY) 65
Slide 24: Grids operational highlights
Grids operational highlights \\psf\Home\Desktop\ENELLOGO1.jpg Continued growth in Brazil and relevant deployment of smart meters in 2024 Electricity distributed (TWh) Grids customers (mn) Quality indicators2 SAIDI (hours) SAIFI (times) +3% FY 2023 FY 2024 FY 2023 FY 2024 106.9 +414k 103.4 Edesur 19.
Slide 25: Generation operational highlights
Generation operational highlights \\psf\Home\Desktop\ENELLOGO1.jpg Over 800 MW of additional capacity in Brazil and Colombia Net installed capacity (GW) Energy balance2-3 (TWh) 2% 98% renewables 97% +1% 97% 22% +0.8 GW 62.2 62.2 65.7 65.7 capacity built in 15.0 12.6 12.9 13.4 12.2 49% 2024 GW 10.2 1
Slide 26: Financial highlights
Financial highlights \\psf\Home\Desktop\ENELLOGO1.jpg FY’24 EBITDA flat on mixed effects across countries and businesses EBITDA Net income Debt position (USD bn) (USD bn) (USD bn) In line ~3x -35% 3.7 3.7 2.6 8.1 1.6 1.7 5.2 0.9 6.5 3.1 FY 0.9 2.1 FY 2023 FY 2024 FY 2023 FY 2024 Dec. 2023 Dec. 2024
Slide 27: EBITDA breakdown: Q4 2024 results
EBITDA breakdown: Q4 2024 results \\psf\Home\Desktop\ENELLOGO1.jpg Decrease mainly explained by Grids, Gx Colombia and Fx effect EBITDA evolution by business line (USD mn) EBITDA breakdown -15% 7% In line Argentina 25% USD Brazil 724 mn Colombia 848 852 C. America 2 12 (13) 3 69% (128) 724 10% Grids
Slide 28: EBITDA breakdown: FY 2024 results
EBITDA breakdown: FY 2024 results \\psf\Home\Desktop\ENELLOGO1.jpg In line with 2023, growth in Grids and Customers offset by Generation and Fx effect EBITDA evolution by business line (USD mn) EBITDA breakdown In line 1% 5% +3% Argentina 3,836 35% USD Brazil 3,729 3,735 (102) 196 0 14 (101) 3,735 m
Slide 29: Cash flow
Cash flow (USD bn) \\psf\Home\Desktop\ENELLOGO1.jpg Positive trends in NWC and financial expenses led to a positive FCF 3.74 (0.19) (0.57) (0.59) 2.39 (2.10) 0.29 1 2 3 4 EBITDA NWC Taxes paid Net financial FFO CAPEX FCF expenses FY 2023 3.75 (0.62) (0.64) (0.87) 1.62 (2.73) (1.11) Rounded figures.
Slide 30: Debt
Debt (USD bn) \\psf\Home\Desktop\ENELLOGO1.jpg Liability management actions led to a significant gross debt decrease Gross and net debt1 Net debt evolution Gross debt breakdown -35% - 65% 12% 0% 8.1 BRL Currency 1.6 (2.9) 6.5 USD 44% COP (0.3) 0.5 5.2 5.2 bn USD ARS (4.0) 43% Debt reduction: (2.1) B
Slide 31: Regulatory scenario
Regulatory scenario \\psf\Home\Desktop\ENELLOGO1.jpg Key recent and expected developments for our main markets Dx concession renewal – Expected timetable Publication of base ANEEL’s recommendation Signing of concession contract to the MME concession contract Distribution and commercialization 1 + 30
Slide 32: Closing remarks
Closing remarks \\psf\Home\Desktop\ENELLOGO1.jpg CAPEX aligned with Strategic Plan guidelines, focusing on Grids to reinforce quality and resilience EBITDA in line with PY, showing a resilient Total dividends 2025 performance in a complex scenario USD 0.8 bn1 Completion of our disposal plan led to r
Slide 33: Q4 & FY 2024 Annexes
Q4 & FY 2024 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 ∆% Q42 ∆% FY2 December December ‘24 vs ‘23 ‘24 vs ‘23 2023 2024 -2.6% December
Slide 35: 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 0 882 226 4,205 Central America
Slide 36: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Energy balance of Colombia and Brazil 97% Enel Américas 97% 96% Colombia 93% 100% Brazil 100% 62.2 62.2 +1% 65.7 65.7 21.6 21.6 -2% 21.3 21.3 +10% 38.0 38.0 34.5 34.5 15.0 12.6 3.5 4.1 4.6 3.8 9.7 8.3 13.4 12.2 7.6 2.2 8.9 10.2 10.4 0.7 0.3 4.6 2.7
Slide 37: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Distribution companies Energy SAIDI SAIFI Energy Concession Next tariff Distributor Clients distributed City, Country (hours) (times) losses (%) area (km2) review LTM (GWh) Edesur 2,713,498 17,551 16.2 8.0 17.2% Buenos Aires, Argentina 3,309 2025 E
Slide 38: Operating exhibits
Operating exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Enel X & Retail Enel X Retail Dec. 2023 Dec. 2024 Δ% Charging points1 (th) 9.6 11.0 +15% Customers (th) Energy sold (TWh) Street lighting (th) 687 759 +11% +24% +15% 23.4 6.4 20.3 e-Buses (#) 925 926 0% 5.2 M&R2 contracts (th) 1,051 1,021 -3% PV3 (
Slide 39: Financial exhibits
Financial exhibits \\psf\Home\Desktop\ENELLOGO1.jpg Reported results Q4 2024 Q4 2023 ∆YoY FY 2024 FY 2023 ∆YoY Revenues 3,552 3,080 +15% 13,904 12,888 +8% Gross Margin 1,160 1,168 -1% 5,357 5,216 +3% OPEX (435) (319) +37% (1,621) (1,468) +10% Reported EBITDA 724 849 -15% 3,735 3,749 -0% D&A1 (492) (
Slide 40: Generation business results
Generation business results \\psf\Home\Desktop\ENELLOGO1.jpg Quarter & YTD results Q4 EBITDA evolution (USD mn) FY EBITDA by country (USD mn) -16% 13% 1% 273 230 1,377 47% (-10% YoY) 39% Q4 2023 Q4 2024 Argentina Colombia Brazil C. America 40
Slide 41: Grids business results
Grids business results \\psf\Home\Desktop\ENELLOGO1.jpg Quarter & YTD results Q4 EBITDA evolution (USD mn) FY EBITDA by country (USD mn) -14% 594 1% 513 31% 2,439 (+5% YoY) 67% Q4 2023 Q4 2024 Argentina Brazil Colombia 41
Slide 42: Argentina (USD mn)
Argentina (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarter results Generation1 Grids1 Total2 Q4 2023 Q4 2024 % Q4 2023 Q4 2024 % Q4 2023 Q4 2024 % Revenues -6 7 <-100% -149 342 <-100% -154 349 <-100% Procurements 0 -1 <-100% 131 -251 <-100% 131 -251 <-100% and Services OPEX 2 -4 <-100% 14 -103 <-10
Slide 43: Argentina (USD mn)
Argentina (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg YTD results Generation1 Grids1 Total2 FY 2023 FY 2024 % FY 2023 FY 2024 % FY 2023 FY 2024 % Revenues 42 49 18% 623 1,355 >100% 665 1,405 >100% Procurements -4 -5 28% -481 -948 97% -487 -953 96% and Services OPEX -12 -25 >100% -196 -378 93% -212 -40
Slide 44: Brazil (USD mn)
Brazil (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarter results Generation1 Grids1 Total2 Q4 2023 Q4 2024 % Q4 2023 Q4 2024 % Q4 2023 Q4 2024 % Revenues 279 361 30% 1,860 1,785 -4% 2,179 2,160 -1% Procurements -101 -180 78% -1,240 -1,240 0% -1,373 -1,424 4% and Services OPEX -33 -33 1% -206 -173 -1
Slide 45: Brazil (USD mn)
Brazil (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg YTD results Generation1 Grids1 Total2 FY 2023 FY 2024 % FY 2023 FY 2024 % FY 2023 FY 2024 % Revenues 1,098 1,229 12% 7,190 7,059 -2% 8,352 8,313 0% Procurements -366 -456 24% -4,712 -4,752 1% -5,115 -5,207 2% and Services OPEX -121 -131 8% -740 -661 -
Slide 46: Colombia (USD mn)
Colombia (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarter results Generation1 Grids1 Total2 Q4 2023 Q4 2024 % Q4 2023 Q4 2024 % Q4 2023 Q4 2024 % Revenues 436 497 14% 585 508 -13% 968 956 -1% Procurements -307 -429 40% -363 -310 -14% -617 -690 12% and Services OPEX -29 -40 36% -38 -44 16% -68 -84 2
Slide 47: Colombia (USD mn)
Colombia (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg YTD results Generation1 Grids1 Total2 FY 2023 FY 2024 % FY 2023 FY 2024 % FY 2023 FY 2024 % Revenues 1,723 1,857 8% 2,027 2,199 8% 3,549 3,843 8% Procurements -848 -1,195 41% -1,254 -1,274 2% -1,899 -2,254 19% and Services OPEX -97 -122 26% -128 -16
Slide 48: Central America (USD mn)
Central America (USD mn) \\psf\Home\Desktop\ENELLOGO1.jpg Quarter & YTD results Central America Q4 2023 Q4 2024 % FY 2023 FY 2024 % Revenues 88 87 -1% 322 343 6% Procurements -54 -27 -50% -170 -133 -22% and Services OPEX -3 -11 >100% -40 -36 -11% EBITDA 31 50 60% 111 174 56% Net Income 12 19 59% -30
Slide 49: Peru (USD mn) – Sold assets
Peru (USD mn) – Sold assets \\psf\Home\Desktop\ENELLOGO1.jpg Quarter & YTD results Generation1 Grids1 Total2 Q4 2023 Q4 2024 % Q4 2023 Q4 2024 % Q4 2023 Q4 2024 % Revenues 205 19 -91% 273 0 <-100% 478 19 -96% Procurements -58 -7 -88% -184 0 <-100% -242 -7 -97% and Services OPEX -28 -3 -91% -27 0 <-1
Slide 50: 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 2.3 Baa2/Stable 3.8 years (June 2024) 29% 1.4 BBB-/Stable (February 2024) USD 4.4 bn 1.1 71% 0.5 BBB+/Stable (
Slide 51: ESG raters and rankings
ESG raters and rankings \\psf\Home\Desktop\ENELLOGO1.jpg Corporate Sustainability Climate Change ESG Ratings ESG Rating Assessment 67 AAA BBB 76 A- 53 B BBB 35 Enel Américas Industry Enel Américas Industry Enel Américas Industry Enel Américas Industry score average score average score average score
Slide 52: Corporate governance structure
Corporate governance structure1 \\psf\Home\Desktop\ENELLOGO1.jpg Shareholders’ meeting Audit firm 33% BoD’s composition 17% Board of Directors (7 members) 50% Executive Independent Non-executive elected by Enel SpA Functions: Directors Committee Vacancy Audit committee Sustainability committee Relat
Slide 53: Board composition
Board composition \\psf\Home\Desktop\ENELLOGO1.jpg 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 Boenin
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 Coal Tech 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: Gross pipeline
Gross pipeline Renewables Pipeline Mature pipeline by country By technology By stage 1% 1% 5% 3% 18% 24% ~31 47% ~31 ~16 GW GW 53% GW 72% 77% Hydro Wind Mature Brazil Argentina Solar BESS Early stage Colombia Central America 57
Slide 58: 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 59: 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 60: 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 61: 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 61
Slide 62: 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 63: 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 64: CNC
CNC