Enel Americas S A : Américas - Strategic Plan 2026-2028 and FY 2025

About this update from Enel Americas S.a.

FY 202S Results and Strategic Plan 2026-28 February 26 th , 2026 Speakers: Agenda FY 2025 Results Key highlights and operational performance Giuseppe Turchiarelli CEO Economic and financial results Strategic Plan 2026-28 Market context and strategy going forward Rafael de la Haza CFO Financial figures Financial management Our targets and closing remarks 2 FY 2025 Results Key highlights and operational performance Giuseppe Turchiarelli CEO 2025 shows better operational and financial results, led by hydro recovery in Colombia and tariff review in Argentina CAPEX Operational results Financial results Profitability USD 2.3bn TotalCAPEX+11%YoY GridsCAPEX+30%YoY Total CAPEX growth explained by Grids , which increases in all countries + 1.7 TWh Renewablegeneration+4%YoY Hydrology recovery in Colombia offsets lower generation in Argentina and Brazil. +0.3 GW solar capacity in Colombia to boost future generation USD 4.3bn EBITDA+14%YoY EBITDA improvement mainly explained by Generation in Colombia and Grids in Argentina USD 1.0bn Netincome 1 +30%YoY Net income growth explained by higher EBITDA and improved financial result This presentation includes Enel Gx Piura in its financial figures. (1) 2024 Net income excludes effect related to discontinued operations in Peru 4 Electricity distributed (TWh) Quality indicators 2-3 Grids customers (mn) Solid performance in electricity distributed, while quality metrics in Argentina & Brazil were impacted by weather events +2% 106.9 108.6 +344k 22.6 23.0 SAIDI (hours) SAIFI (times) FY 2024 FY 2025 FY 2024 FY 2025 Edesur 16.2 20.8 8.0 9.6 Enel Ceará 9.7 8.6 4.2 4.5 Enel Rio 9.1 8.1 4.6 4.3 Enel São Paulo 6.7 6.8 3.2 3.8 8.1 7.4 8.5 7.4 Enel Colombia FY 2024 FY 2025 1,354 2,252 +66% 11.7 12.7 +11% 517 553 +7% Smart meters (th) Net RAB 1 (USD bn) Net RAB / Grids customer 1 (USD) FY 2024 FY 2025 Energy losses FY 2024 FY 2025 Edesur 17.2% 18.2% Enel Ceará 17.1% 18.0% Enel Rio 20.1% 20.5% Enel São Paulo 10.3% 11.0% 7.5% 7.6% Enel Colombia Rounded figures. Does not include Peruvian operations sold in 2024. (1) Figures net of Fx effect; (2) Energy losses in Brazil were adjusted to consider the effect of distributed generation; (3) SAIFI: System Average Interruption Frequency Index; SAIDI: System Average Interruption Duration Index. Last twelve months regulatory data, aligned to KPIs reported to local regulator. 5 Better hydrology led to higher production in Colombia, while Brazil was significantly impacted by curtailments Net installed capacity (GW) Net production 1 (TWh) 24% 2% 98% renewables Capacity by country 1.3 GW 1 Enel Américas 2 +2% 40.7 41.6 Brazil Colombia 2.4x 1.0 0.2 Curtailment (TWh) 1.9 4.5 - - 13.1 47% 6.6 GW 16.8 17.1 -3% +16% GW 27% 4.5 GW 0.7 GW 24.3 ~100% Emission-free production 21.0 20.4 1.0 14.0 0.2 16.3 11.9 1.1 14.5 1.6 22.9 98% 15.5 15.3 5.5 5.1 Hydro Wind Solar Coal FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Additional capacity: 0.3 GW Guayepo III Q1'26 COD Thermal Wind & Solar Hydro Rounded figures, does not include figures related to Peru (Enel Gx Piura). (1) Argentina's net capacity is 0 GW as of January 2026, due to the non-renewal of El Chocón hydropower plant. (2) Includes Argentina (2.4 TWh) and Central America (2.6 TWh) 6 Increase in sales, while reducing spot market exposure in our core markets Energy balance (TWh) Enel Américas 1 50.6 50.6 +1% 50.9 50.9 9.2 1.4 Brazil Colombia Flat +7% 27.2 27.2 27.2 27.2 12.8 16.3 4.6 1.2 2.4 24.6 1.3 8.6 24.4 0.3 5.8 18.7 6.8 19.0 21.0 20.4 8.5 8.2 17.5 17.5 18.6 18.6 12.6 14.0 4.9 0.8 2.7 40.7 26.0 41.6 25.1 Sourcing Sales Sourcing Sales Sourcing Sales Sourcing Sales Sourcing Sales Sourcing Sales FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Production Third party purchases Net spot 2 Unregulated sales Regulated sales Rounded figures, does not include figures related to Peru (Enel Gx Piura). (1) Includes Argentina (2.4 TWh) and Central America (3.5 TWh); (2) Net amount of spot purchases and sales 7 FY 2025 Results Economic and financial performance Rafael de la Haza CFO 0.7 Fx effect + hyperinflation 4.3 Reported 1.0 Reported FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 2 FY 2025 1.1 0.1 Fx effect 4.4 0.1 3.7 2.1 2.3 +30% 1 In line with guidance +14% 1 +11% 1 Net income (USD bn) EBITDA (USD bn) CAPEX (USD bn) CAPEX commitment confirmed, EBITDA and net income show a marked improvement YoY Growth explained by Grids across all countries , with Grids CAPEX increasing 30% YoY. Grids Brazil CAPEX increased 36% Higher EBITDA mainly due to better hydrology in Colombia and higher tariff indexation in Grids in all countries Net income increase mainly due higher EBITDA and improved financial result due to an active financial management. Net income/EBITDA conversion increased to 22% Rounded figures. (1) YoY variation of reported figures; (2) Excludes contribution from Peruvian operations to Net income (USD 1.9 bn) 9 EBITDA improvement mainly explained by Colombia in Generation and Argentina in Grids EBITDA evolution by business line (USD bn) EBITDA breakdown +14% 5% 1% 5% USD 4.3 bn 52% 37% +18% Argentina Brazil Colombia 0.0 0.0 4.4 4.3 3.7 0.4 (0.1) 0.3 Peru 2 C. America FY'24 Generation Grids 1 Customers Others 2 Adj. FY'25 Fx FY'25 Grids 2% 1% 37% USD 4.3 bn 60% Generation Customers Others Rounded figures. (1) Includes USD 99 mn related to debt regularization agreement in Edesur; (2) Includes figures related to Peru (USD 19 mn) and Services (USD 5 mn). 10 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 +36% 0.009 0.007 2024 2025 1.4 0.0 0.1 (0.2) (0.1) 1.0 0.1 0.1 0.7 0.5 0.2 Net income Δ EBITDA Δ D&A 2 Δ Financial Δ Taxes Δ Non- Net income Fx effect & Tariff review Curtailment & Net income 2024 1 result controlling interest 2025 hyperinflation Edesur PIS/COFINS Guidance 3 (1) Excludes contribution from Peruvian operations to Net income (USD 1.9 bn); (2) Depreciation, amortization and impairments; (3) Announced in Enel Américas' 2024 Investor Day. 11 Net debt increased mainly due to Fx appreciation, share buyback, dividends and tax payment 2% 10% 1% USD 6.8 bn 49% 38% Gross and net debt 1 Net debt evolution Gross debt breakdown 4.8 2.1 3.1 2.0 5.2 +30% +126% 6.8 0.5 0.5 2.1 (0.3) 0.9 4.8 BRL COP USD ARS PEN 1.1 Dec. 24 Dec. 25 0.6x 1.1x Net debt / EBITDA 2 Currency Dec. 24 FCF Dividend Share Extr. Op. paid buyback & others 4 10.3% Cost of gross debt +110 bps FX Dec. 25 Brazil 2% 9% 1% 1% USD 6.8 bn 49% 38% Colombia Holding Argentina C. America Peru 11.4% Country Net debt Cash 3 (1) Gross & net debt exclude accrued interests and adjustments after derivatives; (2) Annualized ratio. Net debt does not include pension fund liability in Enel Dx São Paulo. Including Sao Paulo pension fund: 1.2x; (3) Cash and cash equiv. + 90-day cash investments. (4) Includes USD 0.6 bn of tax payments in Peru (sale of Peruvian assets) and USD 0.2 bn related to a payment of São Paulo's pension fund liability. 12 Strategic Plan 2026-28 Market context and strategy going forward Giuseppe Turchiarelli CEO Rising end-customer demand increases pressure to upgrade grids for renewable integration and resilience LatAm - Electricity consumption (TWh) 1 LatAm - Average annual investment across periods (USD bn) 1 CAGR: 4.6% 3,105 CAGR: 6.4% 360 1,274 2,077 105 211 58% 42% 55% 45% 62% 38% 2030 2040 2050 2025-2030 2031-2040 2041-2050 Renewable Grids Rising electricity consumption will require higher investments in transmission lines and improvement in distribution networks resilience Growing share of investments in renewable to exploit regional opportunities call for increase grids improvement to maintain operational stability (1) Source: IRENA, Regional Energy Transition Outlook for South America (November 2025) - Decarbonizing Energy Scenario. 14 Supportive context in our main markets, with interest rates on a downward trend over the plan period 4.6% 3.3% 3.2% 31.5% 2,421 61.3% 2.5% 22.1% 21.3% 1,766 2,093 36.8% 33.6% Argentina 15.6% 1,452 29.0% 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 GDP growth Inflation Fx (vs USD) Interest rate 2.4% 2.6% 2.9% 2.6% 5.1% 5.6% 4,047 4.9% 10.8% 3,815 3,834 9.3% 10.4% 8.4% 4.1% 3,776 Colombia 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 5.0% 5.6 2.0% 2.3% 2.3% 4.2% 5.2 5.3 5.3 14.6% 13.5% 1.7% 3.7% 3.2% 11.6% 10.1% Brazil 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 Source: Internal estimates. Brazil and Colombia use average of the period data, Argentina uses year-end data, except for GDP growth 15 1 Growth Business-specific focus Focus on countries with constructive regulation Boosting investments in Grids Greenfield renewable projects Balance sheet flexibility for future growth 2 Productivity Optimizing capital allocation >85% investments in Brazil and Colombia, with main focus in Grids Enhance productivity & operational performance Key strategic highlights Increase productivity & operational efficiency Boost execution effectiveness Enhancing process 3 Risk/Return Preserving low risk profile Assets and investments with visible returns Continued with financial discipline Improving EPS profile Reducing business volatility Increase earnings predictability 16 Capital allocation focused on securing profitability and growth By country 1 CAPEX 2026-28 Key drivers Further investments in Grids to increase resilience and lead the energy transition Investments vs previous plan increase mainly linked to Grids in Brazil By business line 2% 10% 21% USD 7.9 bn +5% vs Old Plan 67% 14% USD 7.9 bn +5% vs Old Plan 86% Selective approach to renewable investments driven by a weighted risk-reward matrix Argentina Brazil Colombia C. America Grids Integrated business Rounded figures. (1) Includes Peru for USD 22 mn 17 Grids' capital allocation according to regulatory framework & favorable environment context Key drivers Focus on enhancing grids quality and resilience 2026-28 Grids CAPEX RAB 1 (USD bn) +22% 14% 14% 12% 12% USD 6.8 bn +8% vs Old Plan 74% 74% 8.2 4.1 15.5 12.7 Higher investments to improve grid reliability , with recognition in our asset base 5.8 3.9 Colombia Brazil Argentina Old Plan 2.9 3.1 Better return visibility with transparent and constructive regulatory frameworks 2025 2028 Rounded figures. (1) RAB adjusted by inflation and growth investments 18 Investments aimed towards quality improvements across all concessions Grid customers (mn) Energy losses 1 (%) SAIDI 2 (hours) SAIFI 2 (times) 108.6 23.0 +5% 17.6% 24.1 15.7% 2025 2028 Edesur 18.2% Ceará 18.0% 2025 2028 20.8 11.5 8.6 7.6 2025 2028 9.6 7.1 4.5 3.6 Sao Paulo 11.0% 6.8 3.8 10.4% 6.0 3.4 2025 2028 2.3 7.0 Smart meters (mn) Energy Rio Colombia 19.9% 20.5% 6.4 8.1 3.5 4.3 117.7 distributed (TWh) 7.6% 7.4 6.3 7.4 7.2 7.6% Rounded figures. (1) Energy losses in Brazil were adjusted to consider the effect of distributed generation; (2) SAIFI: System Average Interruption Frequency Index; SAIDI: System Average Interruption Duration Index. Last twelve months regulatory data, aligned to KPIs reported to local regulator. 19 Additional capacity in Colombia and Central America in line with our selective approach to renewable investments 2026-28 Integrated business CAPEX Net capacity evolution (GW) Additional capacity 4% 1% 2% 12% 21% 21% USD 1.1 bn In line vs Old Plan 75% 65% 3.5 0.3 1 3.6 4.9 3.2 3.5 0.6 6.2 13.5 2025 (1.3) Non-renewal El Chocón 0.5 Additional capacity (0.2) Coal phase-out 2 12.4 2028 Country Technology Capacity Expected COD Colombia Solar 0.4 GW 2026-27 3 Guatemala Solar 0.1 GW 2027 0.5 GW Additional capacity Argentina Brazil Colombia C. America Peru Old Plan Hydro Wind Solar Thermal Rounded figures. (1) Capacity corresponds to Peru (Piura); (2) The decommission of a coal-fired power plant (Termozipa) is not solely the Company's responsibility, but it is subject to an authorization process; (3) Does not consider Guayepo III, expected to start operations in Q1 2026. 20 Reducing exposure to the spot market while optimizing portfolio mix Colombia Energy balance (TWh) 19.5 19.5 0.2 18.6 2.4 18.6 1.2 +4% 0.1 Sourcing Sales Sourcing Sales 2025 2028 Spot exposure and current contracted energy Spot exposure Future contracts Contracted 2025 69.8 Avg. sales prices 3 (USD/MWh) 2028 78.9 67% 23% 10% 13.6 14.0 12.8 14.5 3.0 4.6 0.5 5.3 2.5 1.6 Brazil Energy balance (TWh) 27.2 27.2 -21% 21.4 0.1 21.4 0.1 16.1 14.8 Sourcing Sales Sourcing Sales 2025 2028 Spot exposure and current contracted energy Spot exposure Future contracts Contracted 2025 35.9 Avg. sales prices 3 (USD/MWh) 2028 41.4 58% 32% 10% 5.2 5.1 6.5 8.2 15.3 19.0 6.8 Hydro Renewables Thermal Third party purchases Net spot 2 Regulated sales Unregulated sales Rounded figures. (1) Does not include 2025 figures from Argentina (2.4 TWh), and includes figures from Peru (0.4 TWh); (2) Net amount of spot purchases and spot sales; (3) Avg. sales prices include: Regulated Market, Free Market, Wholesale, and Spot Market 21 Evolving regulatory scenario offers potential opportunities to secure our business Brazil Dx concession renewal: Early renewal of Enel Dx Rio & Enel Dx Ceará in 2026 Enel Dx São Paulo process currently on hold Upcoming tariff cycle review: April 2027 Dx Ceará July 2027 Dx São Paulo March 2028 Dx Rio Curtailment: Mitigation effects related to reliability and transmission restrictions. Oversupply curtailment remains unaddressed Argentina Colombia Dx business: Ongoing application of 2025 tariff review , with a clear visibility for VAD and its quality parameters Potential opportunities due to liberalization of electricity market Approved 5% cap to spot sales: Applies to hydro generators, rules expected during 2026 Dx tariff review: New guidelines for the process published, implementation expected in 1H 2027 22 Strategic Plan 2026-28 Financial figures Rafael de la Haza CFO Our capital allocation and strategy drives significant EBITDA growth % Leveraging financial flexibility and position to fund our ambitious CAPEX plan Key drivers Grids' performance benefitting from positive regulatory updates and significant investments Increasing EBITDA contribution from renewable projects in Colombia and Central America 2028 EBITDA by country 2028 EBITDA by business line 5% 0% 5% 4% 1% 8% 37% 35% USD 5.1-5.3 bn +22% vs 2025 53% 52% 40% 39% USD 5.1-5.3 bn +22% vs 2025 61 60% Argentina Brazil Colombia C. America Peru Old Plan Grids Integrated business Old Plan Rounded figures. 24 Strengthening our focus in Grids, with investments tailored to the regulatory environment +25% +8% vs. old plan Grids CAPEX EBITDA evolution (USD bn) Grids business KPIs 2.6 0.2 0.2 0.4 0.2 0.4 1.7 2.1 0.7 0.8 (0.5) 34% 2026-28 USD 6.8 bn 42% 24% 0.3 Blended regulated return 26-28 1 Argentina 10.0% Brazil 11.7% Colombia 12.1% 3x EBITDA/Development CAPEX 3.2-3.3 CAPEX/Grid cust. (USD/grid cust.) 2025 2028 76 103 553 641 RAB/Grid cust. (USD/grid cust.) 2025 Tariff & RAB Demand Opex Others Fx & CPI 2028 Networks upgrade 2 Recurring 2 Connections Argentina Brazil Colombia Rounded figures. (1) Real, pre-tax. Calculated as a weighted average; (2) Networks upgrade include CAPEX in resilience, digitalization & climate change, among others; Ordinary includes asset maintenance CAPEX and recurring network development CAPEX 25 Investments in line with previous plan, with EBITDA growth led by capacity growth and portfolio optimization In line vs. old plan Generation CAPEX EBITDA evolution (USD bn) Generation business KPIs 44% 2026-28 USD 1.0 bn 56% Maintenance 1.6 0.03 0.6 0.8 0.03 0.2 0.2 0.1 0.04 0.02 +18% 0.7 1.0 0.04 0.2 1.9-2.0 EBITDA/MWh (USD/MWh) ~300 bps average spread IRR-WACC 10x EBITDA/Development CAPEX OPEX/MW (th USD/MW) 1 2025 2028 25 39 25 22 Development 2025 Portfolio optimization Growth OPEX FX + CPI 2028 Argentina Brazil Colombia C. America Peru Rounded figures. (1) In real terms. Excludes Argentina in 2025 26 Strategic Plan 2026-28 Financial management Rafael de la Haza CFO FFO by currency (USD bn) 7% 39% 2026-28 USD 9.9 bn 55% Gross debt by currency (USD bn) 5% 38% 2028 USD 6.4 bn 57% ARS BRL COP FFO generation match investments and shareholder remuneration Net debt evolution (USD bn) +2% 7.9 (9.9) 4.8 2.2 0.2 (0.4) 4.9 2025 FFO CAPEX Dividends Ext. Ops. 1 Fx 2028 1.1x Net debt/ EBITDA Gross debt (USD bn) 0.9x 6.8 6.4 11.4% Cost of debt (%) 9.5% Rounded figures. (1) Related to Sao Paulo pension fund 28 Solid liquidity position to cover long term maturities Available liquidity 1 (USD bn) Debt maturities 1 (USD bn) Cash 64% USD 3.2 bn 36% 11% Committed credit lines 31% 12% USD 3.7 bn 3.1 2.1 Strong liquidity position to cover short-term debt maturities 0.8 0.8 2026 2027 2028 After 2028 Total plan period maturities Maturities / Gross debt Rounded figures. (1) As of December 31, 2025. 29 Strategic Plan 2026-28 Our targets and closing remarks Giuseppe Turchiarelli CEO

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