Américas - Strategic Plan 2026-2028 and FY 2025

FY 202S Results and Strategic Plan 2026-28

February 26th, 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

Netincome1 +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 indicators2-3

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)

8.1

7.4

8.5

7.4

Enel Colombia

FY 2024 FY 2025

Smart meters

(th)

Net RAB1 (USD bn)

Net RAB / Grids customer1 (USD)

FY 2024 FY 2025

Energy losses

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 production1 (TWh)

24%

2%

98%

renewables

Capacity

by country

1.3 GW1

Enel Américas2

+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

1.6

22.9

98%

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 Américas1

50.6 50.6

+1%

50.9 50.9

1.4

Brazil Colombia

Flat +7%

27.2 27.2 27.2 27.2

24.6

1.3

8.6

24.4

17.5 17.5 18.6 18.6

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 spot2 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 20242

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

Peru2

C. America

FY'24

Generation

Grids1

Customers

Others2 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

Net income

Δ EBITDA

Δ D&A2

Δ Financial

Δ Taxes

Δ Non-

Net income

Fx effect &

Tariff review Curtailment & Net income

20241

result

controlling

interest

2025

hyperinflation

Edesur

PIS/COFINS

Guidance3

(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 debt1

Net debt evolution

Gross debt breakdown

3.1

2.0

5.2

+30%

+126%

6.8

0.5

0.5

2.1

(0.3)

4.8

BRL COP USD ARS PEN

1.1

Dec. 24 Dec. 25

Net debt

/ EBITDA2

Dec. 24

FCF Dividend Share Extr. Op. paid buyback & others4

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





Net debt Cash3

(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

42%

45%

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 country1

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 RAB1 (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 losses1

(%)

SAIDI2

(hours)

SAIFI2

(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

0.31

3.6

3.2

3.5

0.6

13.5

2025

(1.3)

Non-renewal El Chocón

0.5

Additional capacity

(0.2)

Coal phase-out2

12.4

2028

Country Technology Capacity Expected

COD

Colombia Solar 0.4 GW 2026-273

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 prices3 (USD/MWh)

2028

78.9

23%

10%

13.6

12.8

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 prices3 (USD/MWh)

2028

41.4

32%

10%

5.2

5.1

6.5

8.2

15.3

19.0

6.8

Hydro

Renewables Thermal

Third party purchases Net spot2

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

34%

2026-28

USD 6.8 bn

42%

24%

0.3

Blended regulated return 26-281

Argentina 10.0%

Brazil 11.7%

Colombia 12.1%

3x EBITDA/Development CAPEX

3.2-3.3

CAPEX/Grid cust. (USD/grid cust.)

RAB/Grid cust. (USD/grid cust.)

2025 Tariff & RAB

Demand

Opex Others

Fx & CPI

2028

Networks upgrade2 Recurring2 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

0.8

0.030.2

0.2

0.1

0.04

0.02

+18%

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%

4.8

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 liquidity1 (USD bn) Debt maturities1 (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