PRESS RELEASE
CONSOLIDATED FINANCIAL STATEMENTS ENEL AMÉRICAS GROUP AS OF DECEMBER 31, 2025 (figures expressed in millions of US$)In the fourth quarter of 2025, revenues reached US$4,064 million, representing a 14.4% increase compared to the same period of the previous year. This is mainly due to higher revenues in Argentina and Brazil, partially offset by lower revenues in Colombia, driven by lower average selling prices in the spot market.
As of December, revenues reached US$14,506 million, representing a 4.3% increase compared to 2024, explained by higher revenues in Argentina and Brazil, partially offset by lower revenues in Colombia and the devaluation of the Brazilian real and Colombian peso.
EBITDA in the fourth quarter of the year reached US$1,162 million, representing a 60.5% increase compared to the same period of the previous year. This is mainly explained by stronger results in Argentina and Brazil, linked to higher tariff indexation in both countries, and in Colombia, where improved hydrological conditions reduced energy purchase costs. Isolating the US$102 million positive impact from the exchange rate, EBITDA would have grown by 46% over the same period of the previous year.
At cumulated level, EBITDA reached US$4,268 million, a 14.3% increase compared to 2024. This was driven by improved results in Argentina, Brazil, Colombia, and Central America, partially offset by exchange-rate effects from currency devaluations in the countries where we operate. Excluding the US$130 million negative effect from exchange rates, EBITDA would have grown by 18% compared with the same period of the previous year.
EBITDA
(in US$ million)
Cumulative Quarterly
Country
Dec.-25
Dec.-24
Var %
Argentina
227
48
377.2%
Brazil
2,246
2,231
0.7%
Colombia
1,592
1,304
22.1%
EGP Central America
202
174
16.3%
Enel Américas (*)
4,268
3,735
14.3%
4Q2025
4Q2024
Var %
56
(10) n.a.
691
511
35.4%
366
182
101.5%
47
50
(4.5%)
1,162
724
60.5%
(*) Includes Holding, Disposals, and Others
The Operating Result (EBIT) for the fourth quarter of 2025 reached US$738 million, representing a 217.0% increase compared to the fourth quarter of 2024, driven by higher EBITDA and partially offset by an increased depreciation and amortization during the period. On a cumulative basis, EBIT increased by 22.1%, reaching US$2,688 million.
The Net Income attributable to Enel Américas shareholders reached US$319 million in the fourth quarter of 2025, showing a 157.8% increase compared to the US$124 million recorded in the fourth quarter of 2024. This is mainly explained due to better results in Argentina and Colombia. On a cumulative term, Net Income reached US$960 million, a 62.9% decrease, driven by asset sales in Peru in 2024.
Net financial debt reached US$ 4,809 million, which represents a 126.1% increase compared to the end of 2024, mainly due to higher debt in the subsidiaries of the distribution business in Brazil, lower cash levels in Enel Américas Holding as a result of the dividend payment charged to the 2024 profits, the implementation of the share buyback program, and the payment of the tax related to asset sales in Peru.
CAPEX in the fourth quarter of 2025 reached US$836 million, representing a 45.0% increase compared to the fourth quarter of 2024, explained by higher investments in distribution in Brazil and Colombia. As of December 2025, the total CAPEX reached US$ 2,322 million, resulting in a 10.8% increase compared to the same period of the previous year, mainly due to higher investments in distribution in Argentina, Brazil, and Colombia, and in generation in Colombia, partially offset by lower investments in generation in Brazil due to the completion of ongoing projects.
Information Relevant to the Analysis of These Financial Statements
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Changes in the consolidation perimeter due to Enel Américas Group's corporate simplification
At the end of 2022, Enel Américas announced its strategic plan for 2023-2025, which included simplifying the Group by focusing its operations on countries that could accelerate the energy transition in the region. The plan aimed to sell operations in Argentina and Peru by December 31, 2022. In the strategic plans presented in November 2023 and November 2024, the scope of the corporate simplification was reviewed, and it was no longer intended to include a complete exit from Argentina; instead, it included assets in Colombia and Central American assets.
As part of the Group's corporate simplification initiative, the divestitures completed in 2022-involving the Brazilian subsidiaries Enel Generación Fortaleza and Enel Distribución Goiás, along with the Argentine subsidiaries Enel Generación Costanera and Central Dock Sud- were finalized in 2023, and the sale of subsidiaries in Peru, which took place in 2024.
The main sales processes implemented by Enel Américas since 2022 are described below.
Operational subsidiary sale in Peru
In the 2023 fiscal year, the Company began steps to finalize the sale of its operational subsidiaries in Peru, which focus on electricity distribution, generation, and advanced energy solutions.
This process showed significant progress during in 2024, culminating in the sale of the main subsidiaries. The following summarizes the involved companies and their current status:
Company
Business
Status
Enel Generación Perú S.A.C.
Electric Power Generation
Completed May 2024
Chinango S.A.
(i)
Electric Power Generation
Completed May 2024
Energética Monzón S.A.C.
(i)
Electric Power Generation
Completed May 2024
SL Energy S.A.C.
(i)
Electric Power Generation
Completed May 2024
Compañía Energética Veracruz S.A.C.
Electric Power Generation
Completed May 2024
Enel Distribución Perú S.A.A.
Electric Power Distribution
Completed June 2024
Enel X Peru S.A.C.
Advanced Energy Solutions
Completed June 2024
Enel Generación Piura S.A.
Electric Power Generation
In progress
Enel X Way Peru S.A.C.
(i) Subsidiaries of Enel Generación Perú S.A.
E-mobility solutions
Liquidated November 2025
Through the various companies that make up the Generation segment in Peru, it reached an installed capacity of 2,255 MW, which is distributed among the following technologies:
Thermal Generation: It has a total installed capacity of 1,150 MW, comprising three power plants with 8 generating units. These figures include contributions from Enel Generación Piura, which has an installed capacity of 319 MW from a power plant with 3 generating units.
Hydroelectric Generation: It has 8 hydroelectric plants with a net installed capacity of 794 MW, comprising two reservoir-based plants and 6 run-of-river plants.
Wind Generation: The Wayra wind farm, with a net installed capacity of 132 MW, is located in the Marcona district. It has 42 wind turbines, each with a capacity of 3.15 MW.
Solar Generation: The Rubí Photovoltaic Solar Power Plant has a net installed capacity of 179 MW, comprising 560,880 solar panels covering 400 hectares in the Moquegua desert.
Enel Distribución Perú S.A.A. is a Peruvian energy distributor operating in the northern area of Lima. Its concession area covers 1,602 km² and serves more than 1.5 million customers.
Enel X Peru S.A.C. offers smart, simple, and fast technologies and services to help various types of customers make smarter decisions about how they use, create, store, and manage energy.
Enel X Way Peru S.A.C. is a company in which our subsidiary Enel Peru S.A.C. owns a 20% stake. It specializes in sustainable electric mobility, focusing on developing technologies, flexible mobility solutions, and intelligent electric charging.
Specific background:
Sales of Enel Generación Perú and Compañía Energética Veracruz S.A.C.
On November 21, 2023, Enel Américas and its Peruvian subsidiary, Enel Peru S.A.C., entered into a Purchase and Sale Agreement ("PSA") under which they agreed to sell to Niagara Energy S.A.C., a Peruvian company controlled by the global investment fund Actis, all of the shares it owns issued by Enel Generación Peru S.A.A., equivalent to 66.50% owned by Enel Peru S.A.C. and 20.46% owned by Enel Américas, and by Compañía Energética Veracruz S.A.C., equivalent to 100% of its share capital owned by Enel Peru
S.A.C. (the "Sale and Purchase Agreement).
The completion of the Purchase and Sale and the subsequent transfer of shares owned by Enel Américas and Enel Peru S.A.C. in Enel Generación Peru S.A.A. and Compañía Energética Veracruz S.A.C. was subject to typical conditions required for this type of transaction, including the approval of INDECOPI. The acquisition of the shares of Compañía Energética Veracruz S.A.C. would occur directly. In contrast, the acquisition of Enel Generación Peru S.A.A.'s shares would be conducted through a takeover bid (OPA) in compliance with Peruvian laws.
Furthermore, under the terms of the PSA, Enel Américas sold all of its shares in Enel Generación Perú S.A.A. to Enel Peru S.A.C. on April 17, 2024. This meant that Enel Peru S.A.C. was the only entity representing the Enel Group in Niagara Energy's prior takeover bid, conducted in accordance with Peruvian law, and that 100% of those shares were sold.
On May 9, 2024, (i) the takeover bid was completed. The shares issued by Enel Generación Peru S.A.A. were transferred to Niagara Energy S.A.C., and (ii) the shares of Compañía Energética Veracruz S.A.C. were transferred to Niagara Energy S.A.C. The price that Enel Peru S.A.C. received from the Sale was US$1,288 million, generating a US$302 million net effect on the consolidated results of Enel Américas.
Sale of Enel Distribución Perú and Enel X Perú
On April 7, 2023, Enel Américas' subsidiary, Enel Perú S.A.C., signed a "Share Purchase Agreement", under which it agreed to sell to China Southern Power Grid International (HK) Co., Limited., all of the shares it owns and issued by Enel Distribución Perú S.A.A., equivalent to 83.15% of its share capital, and by Enel X Perú S.A.C., equivalent to 100% of its share capital (the "Share Purchase Agreement").
The completion of the sale and purchase agreement and the subsequent transfer of the shares of Enel Perú S.A.C. issued by Enel Distribución Perú S.A.A. and Enel X Perú S.A.C. was subject to certain conditions precedent customary for this type of transaction, including the approval of the former by the National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI) of the Republic of Peru and the approval of the Chinese authorities responsible for outbound direct investments (ODI). The acquisition will be carried out directly. However, the buyer must make a subsequent public acquisition offer in accordance with Peruvian law.
On May 21, 2024, all the regulatory conditions precedent to which the Sale had been subject were met, so on June 12, 2024, our subsidiary Enel Peru S.A.C. completed the sale of all the shares issued by Enel Distribución Peru S.A.A., equivalent to approximately 83.15% of its share capital, and by Enel X Peru S.A.C., equivalent to 100% of its share capital, to China Southern Power Grid International (HK) Co., Ltd. The price that Enel Peru S.A.C. received from the Sale was US$3,089 million, generating a net effect of US$1,410 million on Enel Américas' consolidated results.
It is important to note that, considering the progress made, the Company has considered the provisions of IFRS 5 "Non-Current Assets Held for Sale and Discontinued Operations" (IFRS 5) and has followed the accounting criteria outlined in note 3 (k). As a result, in 2023, the Company reclassified the assets and liabilities of its businesses in Peru as held for sale. The operations in Peru have been classified as discontinued. The financial statements of Enel AMÉRICAS show the combined after-tax results of its operating subsidiaries in Peru. The results are reported as a single figure in the consolidated income statements and are explicitly classified as gains from discontinued operations.
Sale of Enel Generación Piura S.A.
During the second quarter of 2025, due to new circumstances related to the sale process of Enel Generación Perú, the company determined that the conditions under IFRS 5 for classifying the subsidiary's assets and liabilities as held for sale were no longer met.
As a result of the above, the consolidated financial position of Enel Américas as of December 31, 2025, includes, line by line, the amounts corresponding to Enel Generación Piura. Enel Generación Piura's non-current assets have been valued at their carrying amount prior to classification as held for sale, adjusted for depreciation or amortization that would have been recognized had the asset not been classified as held for sale. This measurement involved adjusting Enel Américas' accumulated results by US$10 million.
Furthermore, the consolidated income statements of Enel Américas as of December 31, 2025, also include, line by line, the corresponding amounts from Enel Generación Piura. The results of this subsidiary, for the fiscal years 2024 and 2023, are part of Enel Américas' consolidated results of discontinued operations as of those dates.
Enel Generación Piura, following the guidelines established in IFRS 8 Operating Segments (IFRS 8), does not represent an operating segment for which Enel Américas is required to present separate information.
Liquidation of Enel X Way Perú.
Enel X Way Peru, a company in which Enel Américas held a 20% stake, was liquidated on November 19, 2025.
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Transfer of assets related to the Windpeshi wind project of Enel Colombia S.A.
On May 24, 2023, the board of directors of our subsidiary Enel Colombia S.A. E.S.P. approved suspending the execution of the
Windpeshi wind project located in the La Guajira department of Colombia and initiating its sale.
Therefore, at the end of 2023 and in accordance with the provisions of IFRS 5 "Non-Current Assets Held for Sale and Discontinued Operations," and following the accounting criteria described in note 3.k), the Company reclassified the assets related to the Windpeshi wind project as held for sale, measuring them at the lower of their carrying amount and their fair value.
As of December 31, 2024, following internal analyses of the project, Enel Colombia recorded an additional impairment loss of MCOP 200,775,885, equivalent to US$49 million on that date.
During the first half of 2025, given the progress of the project sale process, the Company updated its estimated recoverable amount and, as a result of this analysis, determined that it was appropriate to partially reverse the previously recorded impairment loss, resulting in a gain of MCOP 25,697,629 (equivalent to US$6 million).
On July 7, 2025, all conditions necessary for Ecopetrol S.A. to acquire 100% of Wind Autogeneración S.A.S., a company controlled by Enel Colombia S.A. E.S.P. and owner of the Windpeshi renewable energy wind project, were satisfied. The sale was completed through a share purchase agreement, prior approval by its Board of Directors in December 2024 and the achievement of various conditions, including regulatory and competition clearances. This completion of the transaction did not impact Enel Américas' financial results.
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Sale of Transmisora de Energía Renovable S.A.
On September 6, 2023, our subsidiary Enel Colombia S.A. E.S.P., together with Enel Guatemala, S.A., and Generadora Montecristo S.A., subsidiaries of Enel Colombia located in Guatemala, signed a purchase and sale agreement with Grupo Energía de Bogotá
S.A. E.S.P. for the transfer of 100% of the shares in the subsidiary Transmisora de Energía Renovable, S.A. ("Transnova").
This company is based in Guatemala and is dedicated to transmitting electricity in the country. It was created to interconnect the energy generated by the Palo Viejo hydroelectric plant (operated by the subsidiary Renovables de Guatemala, S.A.) via a transmission line and two electrical substations; however, as of today it serves the entire national grid, connecting both independent third-party agents and local related entities. The company has substations in Uspantan and Chixoy 2, and a 32-kilometer aerial transmission line extension to interconnect the mentioned substations.
Considering the indications in the previous paragraphs, in accordance with the provisions of IFRS 5 'Non-Current Assets Held for Sale and Discontinued Operations' and following the accounting criterion described in note 3.k), starting from the end of the first quarter of 2023, the Company reclassified the assets and liabilities of Transmisora de Energía Renovable S.A. as held for sale. The expected sale value of this company exceeded its corresponding book value.
On October 19, 2023, our subsidiary Enel Colombia S.A. E.S.P. and its subsidiaries in Guatemala completed the sale of 100% of their stake in the subsidiary Transmisora de Energía Renovable, S.A. to Grupo Energía de Bogotá S.A. E.S.P. The sale price was COP 148,794,000 million, corresponding to US$34 million, resulting in a profit of US$3 million.
Sale of Sociedad Portuaria Central Cartagena (SPCC)
On July 12, 2023, Enel Colombia S.A. E.S.P. and SMN Termo Cartagena signed an asset purchase agreement for the Cartagena Thermal Power Plant and 100% of the shares of Sociedad Portuaria Central Cartagena S.A., the concessionaire of the port permits necessary for the operation of the Cartagena Thermal Power Plant.
This thermoelectric plant, located in Mamonal, an industrial area of Cartagena, has an installed capacity of 203 megawatts (MW)
and generates energy using gas and/or liquid fuel.
In line with IFRS 5 "Non-Current Assets Held for Sale and Discontinued Operations" and the accounting criteria in note 3.k), the
Company reclassified SPCC's assets and liabilities as held for sale.
Subsequently, on December 1, 2023, the sale was finalized, and from that date, SMN assumed ownership, management, and operation of the power generation plant and the port concession.
Rounding
The figures in this report are presented in millions of U.S. dollars and have been rounded for clarity. As a result, totals obtained by summing individual figures in the tables may not exactly match the total shown.
SUMMARY BY BUSINESS Generation and transmission of continued operationsIn the fourth quarter of 2025, EBITDA in the generation and transmission business increased by 67.8% year over year to US$385 million. This is mainly explained by better hydrology in Colombia, leading to higher self-generation and lower energy purchase costs, and by higher revenues in Brazil linked to higher average selling prices.
Considering the accumulated EBITDA in 2025, in the generation and transmission business, it reached US$1,628 million, an 18.2% increase compared to the same period in 2024, also explained by higher results in Argentina, Colombia, and Central America, offset by lower results in Brazil due to higher costs for energy purchases and the devaluation of the Brazilian real.
Physical energy sales from continued operations decreased 0,6% in the fourth quarter, primarily due to by lower sales in Brazil and Central America by lower renewable generation, partially offset by higher sales in Argentina and Colombia due to higher hydro generation. Energy sales for the 2025 fiscal year increased by 0.6%, also primarily due to increased sales in Colombia. Additionally, energy generation in the fourth quarter increased by 1.2% regarding the same period of 2024, driven by higher renewable generation in Argentina and Colombia, partially offset by lower generation in Brazil and Central America. As of December 31, 2025, total energy generation increased by 2.3% compared to 2024, driven by higher generation in Colombia.
Cumulative Quarterly
Physical Information | Dec.-25 | Dec.-24 Var % |
Total Sales (TWh) | 50.9 | 50.6 0.6% |
Total Generation (TWh) | 41.6 | 40.7 2.3% |
4Q2025 | 4Q2024 Var % |
12.3 | 12.3 (0.6%) |
9.3 | 9.1 1.2% |
EBITDA in the distribution business increased by 44.4% year over year in the fourth quarter of 2025, reaching US$740 million. This is mainly due to better results in Argentina, Brazil, and Colombia from higher tariff indexation, partially offset by lower results in Argentina due to the devaluation of the Argentine peso.
On a cumulative basis, EBITDA for the 2025 fiscal year increased by 8.6% to US$2,649 million, driven by stronger results in Argentina, Brazil, and Colombia, reflecting higher tariff indexation and the positive effect in Argentina from the debt regularization agreement with CAMMESA.
As of December 31, 2025, the consolidated customer base increased by 344,000, or 1.5%, compared with the same period in 2024, reaching to US$ 23 million. Meanwhile, physical sales rose by 6.1% in the quarter, driven by increases in Edesur, Enel Distribution Ceará, Enel Distribution Río, Enel Distribution São Paulo, and Enel Colombia. On a cumulative basis, sales in 2025 grew 1.5% regarding 2024, driven primarily by higher sales in Enel Distribution Ceará and Enel Distribution São Paulo.
Cumulative Quarterly
Physical Information | dic.-25 | dic.-24 Var % |
Total Sales (TWh) | 108.6 | 106.9 1.5% |
Number of customers (thousands) | 22,955 | 22,611 1,5% |
4Q2025 | 4Q2024 Var % |
28.8 | 27.1 6.1% |
22,955 | 22,611 1.5% |
The available liquidity has remained in a solid position, as shown below:
Cash and cash equivalents US$1,904 million
Cash and cash equivalents + placements over 90 days US$2,034 million
Committed available credit lines (1) y (2) US$1,149 million
The increase in interest rates at Enel Américas (10.3% in Dec-24 vs 11.4% in Dec-25) primarily originated from the rise in the monetary rate in Brazil (CDI) from 13.5% to 15%, slightly offset by the reduction of the rate in Colombia (IBR) from 9.5% to 9.25%.
Hedging and Protection:
To mitigate financial risks from exchange rate and interest rate fluctuations, Enel Américas has established policies and procedures to protect its financial statements from the volatility of these variables.
Enel Américas Group's foreign exchange risk hedging policy establishes that there must be a balance between the currency in which the cash flows generated by each company are indexed and the currency in which they are financed. Therefore, Enel Américas Group has entered into cross-currency swaps totaling US$700 million and forwards totaling US$230 million.
To reduce volatility in the financial statements due to interest rate changes, Enel Américas Group maintains an appropriate balance in its debt structure. To achieve this, we have entered into interest rate swaps totaling US$1,286 million.
Includes two committed credit lines between related parties with Enel Finance International (EFI). One from Enel Américas, fully available for US$500 million, and another from Enel Brazil, fully available for US$149 million.
Includes US$1.000 million in long-term committed credit lines.
Detailed financial information does not include 'assets held for sale' in Peru as of December 2024.
MARKETS IN WHICH THE COMPANY OPERATES
Enel Américas owns and operates companies in the generation, transmission, and distribution segments in Argentina, Brazil, Colombia, Costa Rica, Guatemala, and Panama. Virtually all revenue and cash flows stem from the operations of our subsidiaries and associates in these six countries. During the analysis period, the Company also maintained a significant presence in the generation and distribution businesses in Peru, which were largely sold in the second quarter of 2024. Under IFRS 5, the remaining businesses in Peru were initially classified as held-for-sale. Because they involve ceasing operations in all businesses where the Group was and is present, they also meet the criteria for classification as discontinued operations in the Group's consolidated financial statements. During the 2025 fiscal year, as the sale process for Enel Generación Piura S.A. progressed, this subsidiary no longer met the IFRS 5 criteria for classification as held for sale and, therefore, as discontinued operations. Consequently, Enel Generación Piura S.A. was reclassified to full consolidation, that is, line-by-line.
Generation and Transmission Business SegmentAs of December 31, 2025, the Enel Américas Group's total installed capacity is 14.2 GW, with 95.9% generated from renewable sources. This figure reflects the sales of Enel Generación Costanera, Central Dock Sud, Central Cartagena, and Enel Generación Peru, finalized on February 17, 2023, April 14, 2023, December 1, 2023, and May 9, 2024, respectively.
Enel Américas' strategy has led to a continued rise in renewable electricity generation capacity, while installed thermal capacity has been nearly eliminated, following the corporate simplification outlined in the 2022 Strategic Plan. As part of this strategy, in 2022, the Company reduced its installed capacity from thermal sources by selling Enel Generation Fortaleza in Brazil, which was completed in August 2022, making Brazil the first country in the group to have 100% of its installed capacity from renewable sources. Similarly, during the first half of 2023, the sale of Enel Generation Costanera and Central Dock Sud in Argentina was finalized. Later, in December 2023, the sale of Central Cartagena in Colombia was finalized, and in May 2024, the sale of Enel Generation Peru was completed.
The Group is involved in the generation business through the subsidiaries Enel Generación Costanera (until February 17, 2023, the date of its divestment), Central Dock Sud (until April 14, 2023), and Enel Generación El Chocón1 in Argentina, EGP Cachoeira Dourada, EGP Volta Grande, and Enel Brasil S.A. (the parent company of EGP subsidiaries in Brazil), Enel Green Power Costa Rica S.A., Enel Colombia S.A. ESP (a company that continues Emgesa and also merged with Enel Green Power Colombia S.A.S ESP in March 2022), Enel Green Power Guatemala S.A., and Enel Green Power Panama S.R.L.
The following table summarizes the physical information of the continued operations in the generation segment by geographic area, for the periods ending December 31, 2025, and 2024:
Net Energy Sales (TWh)(*) Market Share %
Cumulative Quarterly
Generation Segment by Geographic Area Markets in Continued Operations which it participates Generation Segment Argentina SIN Argentina | Dec.-25 | Dec.-24 | Var % | |
2.4 | 3.0 | (20.2%) | ||
Generation Segment Brazil (**) | SICN Brazil | 27.2 | 27.2 | 0.1% |
Generation Segment Colombia | SIN Colombia | 18.6 | 17.5 | 6.4% |
Generation Segment Central America | (***) | 2.7 | 2.9 | (8.6%) |
Total Continued Operations | 50.9 | 50.6 | 0.6% | |
4Q2025 | 4Q2024 | Var % |
0.5 | 0.5 | 4.7% |
6.8 | 6.9 | (1.4%) |
4.4 | 4.2 | 2.7% |
0.6 | 0.7 | (14.7%) |
12.3 | 12.3 | (0.6%) |
Dec.-25 | Dec.-24 |
1.6% | 2.0% |
7.2% | 6.3% |
26.1% | 25.9% |
8.9% | 8.8% |
(*) Regulated sales, unregulated sales and the net spot sales position made by the generation segments of each country to third parties are included; all intra-segment energy purchases and sales and those between related companies have been eliminated.
(**) Among the volumes of energy sales in Brazil, Enel Trading S.A.'s energy is included, even though it is not a generator; it serves as an intermediary for the purchase and sale of electricity.
(***) Companies from Costa Rica, Guatemala, and Panama participate in their local markets, SEN, SEN, and SIN, respectively, and may eventually participate in the MER (Regional Electricity Market).
This global market covers the 9 Central American countries.
1 On August 7, 2025, the Argentine State determined, through Decree 564/2025, to grant Enel Generación El Chocón an extension of the concession period for the El Chocón-Arroyito hydroelectric complex until December 31, 2025, inclusive, or until the completion of the national and international public tender to transfer the concession to a new operator, whichever occurs first. The Group ultimately operated the El Chocón electrical complex until January 8, 2026. For more information, see notes 3.a) and 40.i of the Consolidated Financial Statements of Enel Américas as of December 31, 2025.
Power Generation (TWh)
Cumulative Quarterly
Generation Segment by Geographic Area Continued Operations | Dec.-25 | Dec.-24 | Var % |
Generation Segment Argentina | 2.4 | 3.0 | (20.8%) |
Generation Segment Brazil | 20.4 | 21.0 | (3.2%) |
Generation Segment Colombia | 16.3 | 14.0 | 15.9% |
Generation Segment Central America | 2.6 | 2.6 | (0.3%) |
Total | 41.6 | 40.7 | 2.3% |
4Q2025 | 4Q2024 | Var % |
0.5 | 0.5 | 1.4% |
4.6 | 5.3 | (13.3%) |
3.6 | 2.7 | 33.7% |
0.6 | 0.7 | (12.9%) |
9.3 | 9.1 | 1.2% |
The distribution business is conducted through subsidiaries Edesur in Argentina; Enel Distribución Río, Enel Distribución Ceará, and Enel Distribución São Paulo in Brazil; and Enel Colombia S.A. ESP in Colombia. These companies serve major Latin American cities and provide electric service to 23 million customers.
Enel Distribución Perú's distribution business in Peru was sold on June 12, 2024. Although it was operational in the first half of 2024, it met the criteria for classification as held for sale and as a discontinued operation under IFRS 5. As a result, its physical and financial information has not been consolidated into the physical and financial disclosures included in the distribution segment for the accumulated and quarterly periods ending December 31, 2025, and 2024.
The following tables present key indicators for the continued operations of the distribution segment by geographic area for the accumulated and quarterly periods ended December 31, 2025, and 2024.
Energy Sales Energy losses
(TWh) %
Cumulative Quarterly
Distribution segment by geographic area of | Dec.-25 | Dec.-24 | Var % | 4Q2025 | 4Q2024 | Var % | |
continued operations | |||||||
Argentine Distribution Segment | 17.7 | 17.6 | 0.6% | 4.2 | 4.1 | 2.8% | |
Brazil Distribution Segment | 75.4 | 73.9 | 2.0% | 20.6 | 19.1 | 7.8% | |
Colombia Distribution Segment | 15.5 | 15.4 | 0.5% | 4.0 | 3.9 | 1.2% | |
Total | 108.6 | 106.9 | 1.5% | 28.8 | 27.1 | 6.1% |
Dec.-25 | Dec.-24 |
18.2% | 17.2% |
13.4% | 13.1% |
7.6% | 7.5% |
13.3% | 12.9% |
Customers (thousands)
Distribution segment by geographic area of continued operations | Dec.-25 | Dec.-24 | Var % |
Argentine Distribution Segment | 2,731 | 2,713 | 0.6% |
Brazil Distribution Segment | 16,173 | 15,930 | 1.5% |
Colombia Distribution Segment | 4,051 | 3,967 | 2.1% |
Total | 22,955 | 22,611 | 1.5% |
The table below displays energy sales revenue for continued operations, broken down by business segment, customer type, and country, in both cumulative and quarterly figures as of December 31, 2025, and 2024.
REVENUES FROM THE SALE OF ENERGY
Cumulative
Argentina Brazil Colombia Central America Total Segments Disposals and
others
Total General
(in millions of US$) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Generation | 44 | 47 | 1,388 | 1,191 | 1,592 | 1,782 | 337 | 345 | 3,361 | 3,365 | (179) | (187) | 3,182 | 3,178 |
Regulated Customers | - | - | 297 | 323 | 736 | 717 | 171 | 169 | 1,204 | 1,209 | 8 | (43) | 1,212 | 1,166 |
Non-Regulated Customers | - | - | 836 | 775 | 554 | 639 | 63 | 75 | 1,453 | 1,489 | (33) | (13) | 1,420 | 1,476 |
Spot Market Sales | 44 | 47 | 253 | 93 | 302 | 426 | 103 | 101 | 702 | 667 | (154) | (131) | 548 | 536 |
Distribution | 1,330 | 1,281 | 4,974 | 4,954 | 1,085 | 1,092 | - | - | 7,389 | 7,327 | 33 | 30 | 7,422 | 7,357 |
Residential | 580 | 500 | 3,071 | 2,961 | 632 | 624 | - | - | 4,283 | 4,085 | - | - | 4,283 | 4,085 |
Commercial | 384 | 332 | 1,177 | 1,250 | 276 | 285 | - | - | 1,837 | 1,867 | 16 | 14 | 1,853 | 1,881 |
Industrial | 260 | 224 | 275 | 314 | 116 | 119 | - | - | 651 | 657 | 17 | 13 | 668 | 670 |
Other Consumers | 106 | 225 | 451 | 429 | 61 | 64 | - | - | 618 | 718 | - | 3 | 618 | 721 |
Disposals between companies of different business lines | - | - | (45) | (45) | (159) | (112) | - | - | (204) | (157) | 204 | 157 | - | - |
Revenue from Energy Sales | 1,374 | 1,328 | 6,317 | 6,100 | 2,518 | 2,762 | 337 | 345 | 10,546 | 10,535 | 58 | - | 10,604 | 10,535 |
Variation in millions of US$ and % | 46 | (3.5%) | 217 | 3.6% | (244) | (8.8%) | (8) | (2.3%) | 11 | 0.1% | - | - | 69 | 0.7% |
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Generation | 10 | 11 | 428 | 335 | 403 | 446 | 85 | 88 | 926 | 880 | (48) | (14) | 878 | 866 |
Regulated Customers | - | - | 101 | 74 | 194 | 154 | 42 | 49 | 337 | 277 | 3 | (4) | 340 | 273 |
Non-Regulated Customers | - | - | 160 | 218 | 143 | 158 | 17 | 14 | 320 | 390 | (9) | (10) | 311 | 380 |
Spot Market Sales | 10 | 11 | 167 | 43 | 66 | 134 | 26 | 25 | 269 | 213 | (42) | - | 227 | 213 |
Distribution | 342 | 269 | 1,377 | 1,218 | 280 | 238 | - | - | 1,999 | 1,725 | 7 | 8 | 2,006 | 1,733 |
Residential | 164 | 125 | 769 | 721 | 167 | 137 | - | - | 1,100 | 983 | - | - | 1,100 | 983 |
Commercial | 108 | 83 | 349 | 300 | 73 | 60 | - | - | 530 | 443 | 5 | 4 | 535 | 447 |
Industrial | 74 | 56 | 79 | 72 | 31 | 24 | - | - | 184 | 152 | 5 | 4 | 189 | 156 |
Other Consumers | (4) | 5 | 180 | 125 | 9 | 17 | - | - | 185 | 147 | (3) | - | 182 | 147 |
Disposals between companies of different business lines | - | - | (12) | (12) | (44) | 6 | - | - | (56) | (6) | 41 | 6 | (15) | - |
Revenue from Energy Sales | 352 | 280 | 1,793 | 1,541 | 639 | 690 | 85 | 88 | 2,869 | 2,599 | - | - | 2,869 | 2,599 |
Variation in millions of US$ and % | 72 | 25.7% | 252 | 16.4% | (51) | (7.4%) | (3) | (3.4%) | 270 | 10.4% | - | - | 270 | 10.4% |
REVENUES FROM ENERGY SALES (in millions of US$)
Quarterly Figures
Argentina Brazil Colombia Central America Total Segments Disposals and
others
Total General
ANALYSIS OF THE FINANCIAL STATEMENTS
INCOME STATEMENT ANALYSIS
The result attributable to Enel Américas' controlling shareholders for the fiscal year ended December 31, 2025, was a profit of US$960 million, compared with US$2,589 million as of December 31, 2024, a decrease of US$1,629 million. This variation is mainly due to better results in the 2024 fiscal year, driven by contributions from Enel Generación Perú and Enel Distribución Perú in the current period, as well as the impact of their disposal in the second quarter of 2024.
Below is a comparative overview of each item in the consolidated income statements, presented in accumulated and quarterly terms as of December 31, 2025, and 2024:
Cumulative Quarterly Figures
CONSOLIDATED INCOME STATEMENTS CONTINUED OPERATIONS (in millions of US$) | Dec.-25 | Dec.-24 | Variation | % |
Income | 14,506 | 13,904 | 603 | 4.3% |
Income from ordinary activities | 12,819 | 12,616 | 203 | 1.6% |
Other operating income | 1,688 | 1,288 | 400 | 31.0% |
Raw Materials and Consumables Used | (8,542) | (8,547) | 5 | (0.1%) |
Energy purchases | (5,660) | (5,904) | 244 | (4.1%) |
Fuel consumption | (35) | (66) | 30 | (46.3%) |
Transportation costs | (1,230) | (1,245) | 16 | (1.3%) |
Other Supplies and Services | (1,618) | (1,332) | (286) | 21.5% |
Contribution Margin | 5,964 | 5,357 | 607 | 11.3% |
Staff costs | (561) | (522) | (39) | 7.5% |
Other expenses by nature | (1,134) | (1,099) | (35) | 3.2% |
Gross Operating Profit (EBITDA) | 4,268 | 3,735 | 533 | 14.3% |
Depreciation and amortization | (1,129) | (1,131) | 1 | (0.1%) |
Impairment Losses (Reversals) | (89) | (115) | 25 | (22.1%) |
Impairment Losses (Reversals) from IFRS 9 application | (361) | (289) | (73) | 25.2% |
Operating Profit (EBIT) | 2,688 | 2,201 | 487 | 22.1% |
Financial Result | (786) | (892) | 106 | (11.9%) |
Financial income | 376 | 452 | (76) | (16.7%) |
Financial expenses | (1,307) | (1,588) | 281 | (17.7%) |
Results by readjustment units (Argentine Hyperinflation) | 191 | 331 | (140) | (42.2%) |
Exchange Difference | (47) | (87) | 41 | (46.6%) |
Other non-transaction results | - | 3 | (3) | (92.8%) |
Other Gains (Losses) | 2 | 5 | (3) | (62.0%) |
Comp. Results accounted for by the equity method | (2) | (2) | - | (12.2%) |
Profit Before Tax | 1,902 | 1,312 | 590 | 44.9% |
Corporate income tax | (556) | (344) | (213) | 61.9% |
Profit after tax | 1,346 | 969 | 377 | 38.9% |
Result of discontinued operations | - | 1,893 | (1,893) | (100.0%) |
Result of the Period | 1,346 | 2,861 | (1,516) | (53.0%) |
Profit attributable to Enel Américas' owners | 960 | 2,589 | (1,629) | (62.9%) |
Profit attributable to non-controlling interests | 386 | 272 | 113 | 41.6% |
4Q2025 | 4Q2024 | Variation % | |
4,064 | 3,552 | 512 14.4% | |
3,520 | 3,132 | 389 12.4% | |
543 | 420 | 123 29.2% | |
(2,442) | (2,392) | (50) 2.1% | |
(1,574) | (1,726) | 152 (8.8%) | |
(7) | (12) | 5 (43.1%) | |
(318) | (280) | (38) 13.6% | |
(542) | (373) | (169) 45.3% | |
1,622 | 1,160 | 462 39.9% | |
(146) | (141) | (5) 3.2% | |
(314) | (294) | (20) 6.7% | |
1,162 | 724 | 438 60.5% | |
(213) | (287) | 74 (25.7%) | |
(95) | (110) | 14 (13.0%) | |
(116) | (96) | (21) 21.8% | |
738 | 233 | 505 217.0% | |
(213) | (263) | 50 (19.2%) | |
96 | 117 | (20) (17.4%) | |
(345) | (409) | 65 (15.8%) | |
64 | 43 | 21 50.3% | |
(29) | (13) | (15) 113.4% | |
1 | (1) | 2 (375.7%) | |
1 | 1 | - | (22.6%) |
- | (2) 2 | (123.2%) | |
526 | (31) | 557 n.a. | |
(111) | 142 | (253) (177.9%) | |
415 | 111 | 304 273.3% | |
- | 5 | (5) (100.0%) | |
415 | 116 | 300 258.5% | |
319 | 124 | 195 157.8% | |
97 | (8) | 104 n.a. | |
Earnings Per Share US$ (*) Continued Operations | 0.00904 | 0.00686 | 0.00218 | 31.8% |
Earnings per share US$ (*) Discontinued operations | - | 0.01727 | (0.01727) | (100.0%) |
Earnings per share US$ (**) | 0.00904 | 0.02413 | (0.01509) | (62.5%) |
0.00309 | 0.00111 | 0.00198 | 178.6% |
- | 0.00004 | (0.00004) | (100.0%) |
0.00309 | 0.00115 | 0.00194 | 168.6% |
(*) As of January 1, 2023, Peru's operations met the criteria for classification as discontinued. In accordance with IFRS 5, the revenues, costs, and other income statements associated with these operations, as well as the gains from the sale of the disposed operations, have been classified as discontinued operations in the net tax line in the 2024 and 2023 results (see more information in note 5.1 of the consolidated financial statements).
(**) As of December 31, 2025, and 2024, the average number of common shares outstanding was 106,198,273,110.
EBITDA
EBITDA for continued operations for the year ended December 31, 2025, was US$4,268 million, representing a US$533 million
increase, or 14.3%, compared to US$3,735 million in 2024.
The EBITDA increase during the fourth quarter of 2025 was US$438 million, driven by stronger results in Argentina and Brazil, attributable to higher tariff indexation in both countries and, in Colombia, improved hydrological conditions that reduced energy purchase costs.
Operating income, operating costs, staff costs, and other expenses by nature for the continued operations that determine our EBITDA, broken down by each business segment, are presented below, in cumulative and quarterly terms as of December 31, 2025, and 2024.
Dec.-25 | Dec.-24 Variation Var % |
4Q2025 | 4Q2024 Variation Var % |
Cumulative Quarterly Figures
EBITDA BY BUSINESS SEGMENT / COUNTRY CONTINUED OPERATIONS
(in US$ million) Generation and Transmission:
Argentina | 48 | 49 | (2) | (3.1%) |
Brazil | 1,432 | 1,229 | 203 | 16.5% |
Colombia | 1,634 | 1,857 | (224) | (12.0%) |
Central America | 338 | 343 | (5) | (1.5%) |
Operating Income Generation and Transmission Segment | 3,451 | 3,478 | (27) | 0.8% |
11 | 7 | 4 | 49.7% |
466 | 361 | 105 | 29.1% |
411 | 497 | (86) | (17.3%) |
85 | 87 | (3) | (3.1%) |
973 | 953 | 20 | 2.1% |
Distribution:
Argentina | 1,497 | 1,355 | 142 | 10.5% |
Brazil | 7,464 | 7,059 | 405 | 5.7% |
Colombia | 2,221 | 2,199 | 21 | 1.0% |
Operating Income Distribution Segment | 11,183 | 10,614 | 569 | 5.4% |
Consolidation adjustments and other business activities | (127) | (189) | 61 | 32.6% |
Total Consolidated Operating Income Enel Américas | 14,506 | 13,904 | 603 | 4.3% |
364 | 342 | 22 | 6.4% |
2,149 | 1,785 | 365 | 20.5% |
592 | 508 | 84 | 16.5% |
3,105 | 2,635 | 471 | 17.9% |
(14) | (36) | 21 | (59.7%) |
4,064 | 3,552 | 512 | 14.4% |
Generation and Transmission:
Argentina | (4) | (5) | - | 9.9% |
Brazil | (698) | (456) | (242) | (53.2%) |
Colombia | (699) | (1,195) | 497 | 41.6% |
Central America | (98) | (133) | 35 | 26.6% |
Operating Costs: Generation and Transmission Segment | (1,498) | (1,789) | 290 | (16.2%) |
(1) | (1) | - | 39.9% |
(247) | (179) | (68) | 37.9% |
(192) | (429) | 237 | (55.3%) |
(25) | (27) | 2 | (6.2%) |
(465) | (636) | 171 | (26.8%) |
Argentina | (962) | (948) | (14) | (1.5%) |
Brazil | (5,082) | (4,752) | (330) | (6.9%) |
Colombia | (1,220) | (1,274) | 54 | 4.3% |
Operating Costs Distribution Segment | (7,264) | (6,974) | (289) | (4.1%) |
Consolidation adjustments and other business activities | 219 | 216 | 4 | 1.6% |
Total Consolidated Operating Costs Enel Américas | (8,542) | (8,547) | 5 | (0.1%) |
(231) | (251) | 20 | (8.1%) |
(1,475) | (1,240) | (235) | 18.9% |
(326) | (310) | (16) | 5.1% |
(2,032) | (1,801) | (231) | 12.8% |
55 | 45 | 11 | 23.6% |
(2,442) | (2,392) | (50) | 2.1% |
Distribution:
Dec.-25 | Dec.-24 Variation Var % |
4Q2025 | 4Q2024 Variation Var % |
Cumulative Quarterly Figures
EBITDA BY BUSINESS SEGMENT / COUNTRY CONTINUED OPERATIONS
(in US$ million) Generation and Transmission:
Argentina | (2) | (8) | 6 | (74.1%) |
Brazil | (19) | (17) | (2) | 14.3% |
Colombia | (57) | (46) | (11) | 24.7% |
Central America | (13) | (14) | - | (3.3%) |
Staff Costs Generation and Transmission Segment | (91) | (84) | (7) | 8.9% |
(1) | (1) | - | 11.1% |
(5) | (4) | - | 8.9% |
(21) | (12) | (9) | 72.1% |
(3) | (4) | - | (7.2%) |
(30) | (21) | (9) | 42.5% |
Distribution:
Argentina | (164) | (176) | 12 | (7.0%) |
Brazil | (215) | (178) | (36) | 20.4% |
Colombia | (47) | (37) | (10) | 26.2% |
Staff Costs Distribution Segment | (425) | (392) | (34) | 8.7% |
Consolidation adjustments and other business activities | (44) | (46) | 2 | (4.2%) |
Total Consolidated Staff Costs Enel Américas | (561) | (522) | (39) | 7.5% |
(43) | (48) | 5 | (10.4%) |
(44) | (52) | 8 | (15.2%) |
(18) | (9) | (8) | 89.9% |
(105) | (110) | 5 | (4.1%) |
(11) | (11) | - | 1.8% |
(146) | (141) | (5) | 3.2% |
Generation and Transmission:
Argentina | (9) | (17) | 8 | (46.6%) |
Brazil | (120) | (114) | (6) | 5.6% |
Colombia | (80) | (76) | (4) | 4.7% |
Central America | (25) | (22) | (2) | 11.2% |
Other Expenses by Nature Generation and Transmission Segment | (234) | (230) | (4) | 1.9% |
(4) | (3) | (1) | 23.7% |
(41) | (29) | (12) | 41.0% |
(39) | (28) | (12) | 42.4% |
(9) | (7) | (1) | 19.4% |
(93) | (67) | (26) | 38.4% |
Distribution:
Argentina | (173) | (201) | 29 | (14.2%) |
Brazil | (509) | (482) | (27) | 5.6% |
Colombia | (162) | (125) | (37) | 29.8% |
Other Expenses by Nature Distribution Segment | (844) | (809) | (35) | 4.4% |
Consolidation adjustments and other business activities | (56) | (61) | 5 | (8.0%) |
Total Other Expenses by Nature Consolidated Enel Américas | (1,134) | (1,100) | (35) | 3.2% |
(37) | (55) | 19 | (34.0%) |
(151) | (121) | (30) | 24.4% |
(41) | (35) | (6) | 16.8% |
(228) | (212) | (17) | 7.9% |
7 | (16) | 23 | (145.4%) |
(314) | (294) | (19) | 6.6% |
Argentina | 32 | 20 | 13 | 65.4% |
Brazil | 595 | 643 | (48) | (7.5%) |
Colombia | 799 | 540 | 258 | 47.8% |
Central America | 202 | 174 | 28 | 16.3% |
EBITDA Generation & Transmission Segment | 1,628 | 1,377 | 251 | 18.2% |
5 | 3 | 3 | 98.6% |
173 | 149 | 24 | 16.5% |
159 | 29 | 131 | n.a. |
47 | 50 | (2) | (4.5%) |
385 | 230 | 156 | 67.8% |
Generation and Transmission:
Distribution:
Argentina | 199 | 30 | 169 | n.a. |
Brazil | 1,658 | 1,646 | 12 | 0.7% |
Colombia | 792 | 763 | 29 | 3.8% |
EBITDA Distribution Segment | 2,649 | 2,439 | 210 | 8.6% |
Consolidation adjustments and other business activities | (8) | (80) | 72 | (89.6%) |
Total Consolidated EBITDA Enel Américas | 4,268 | 3,735 | 533 | 14.3% |
54 | (12) 66 | n.a. |
480 | 371 108 | 29.2% |
207 | 154 53 | 34.7% |
740 | 513 228 | 44.4% |
37 | (18) 55 | (306.4%) |
1,162 | 724 438 | 60.5% |
GENERATION AND TRANSMISSION SEGMENT EBITDA
Argentina:
Cumulative Quarterly Figures
EBITDA ARGENTINE GENERATION SEGMENT (in millions of US$) | Dec.-25 | Dec.-24 | Variation | Var % |
Operating income | 48 | 49 | (2) | (3.1%) |
Operating costs | (4) | (5) | - | (9.9%) |
Staff costs | (2) | (8) | 6 | (74.1%) |
Other expenses by nature | (9) | (17) | 8 | (46.6%) |
Total Generation Segment Argentina | 32 | 20 | 13 | 65.4% |
4Q2025 | 4Q2024 | Variation | Var % |
11 | 7 | 4 | 49.7% |
(1) | (1) | - | 39.9% |
(1) | (1) | - | 11.1% |
(4) | (3) | (1) | 23.7% |
5 | 3 | 3 | 98.6% |
EBITDA for our generation segment in Argentina reached US$32 million as of December 31, 2025, an increase of US$13 million
regarding 2024. The main variables that explain this variation in the items that make up EBITDA are described below:
Operating income decreased by US$2 million as of December 31, 2025, compared to 2024. This decrease is due to lower revenues of US$18 million, driven by currency conversion effects from the devaluation of the Argentine peso against the US dollar, partially offset by US$16 million from price increases granted in various ENRE resolutions.
Operating costs remain practically in line regarding 2024.
Staff costs decreased by US$6 million, primarily due to adjustments for lower provisions for employee severance payments resulting from the non-renewal of Enel Generación El Chocón's concession.
Other expenses by nature decreased by US$8 million, mainly due to (i) lower costs for outsourced services and material purchases by US$5 million; and (ii) a US$3 million positive effect from currency conversion resulting from the devaluation of the Argentine peso against the US dollar.
In the fourth quarter of 2025, EBITDA for our generation segment in Argentina reached US$5 million, higher by US$3 million to the same period last year, driven by higher revenues from tariff adjustments.
Brazil:
Cumulative Quarterly Figures
EBITDA GENERATION SEGMENT BRAZIL (in millions of US$) | Dec.-25 | Dec.-24 | Variation | Var % |
Operating income | 1,432 | 1,229 | 203 | 16.5% |
Operating costs | (698) | (456) | (242) | (53.2%) |
Staff costs | (19) | (17) | (2) | (14.3%) |
Other expenses by nature | (120) | (114) | (6) | (5.6%) |
Total Generation Brazil Segment | 595 | 643 | (48) | (7.5%) |
4Q2025 | 4Q2024 | Variation | Var % |
466 | 361 | 105 | 29.1% |
(247) | (179) | (68) | (37.9%) |
(5) | (4) | - | (8.9%) |
(41) | (29) | (12) | (41.0%) |
173 | 149 | 25 | 16.6% |
EBITDA for our generation and transmission segment in Brazil reached US$595 million as of December 31, 2025, down US$48 million from the 2024 fiscal year. The main variables explaining this decrease in the components that make up EBITDA are detailed below:
Operating income increased by US$203 million, or 16.5%, in the fiscal year ending December 31, 2025, compared with 2024. The increase is mainly explained by: (i) US$200 million from higher average selling prices; (ii) US$107 million from higher physical energy sales volumes (+1.41 TWh), traded primarily by Enel Trading and EGP companies in Brazil, due to the commissioning of new generation units; and (iii) US$27 million from higher compensation for damages occurred in the Horizonte and São Gonçalo solar projects and the Morro wind project. These increases were partially offset by: (i) a US$51 million negative effect from currency conversion due to the devaluation of the Brazilian real against the US dollar; (ii) US$56 million from lower energy sales to the Brazilian market, resulting from imports from Uruguay and Argentina; and (iii) US$15 million from lower sectoral assignment revenues.
Operating costs increased by US$242 million, or 53.2%, during the fiscal year ended December 31, 2025, compared with 2024, mainly due to US$270 million higher energy purchase costs, primarily from increased volume, which was partially offset by a US$23 million positive effect from currency conversion due to the devaluation of the Brazilian real against the US dollar.
Staff costs remained essentially in line with those recorded in 2024.
Other expenses by nature increased by US$6 million, primarily due to US$14 million in higher payments for insurance contracts denominated in EGP in Brazil. This was offset by a US$6 million positive effect from currency conversion due to the devaluation of the Brazilian real against the US dollar.
EBITDA for the fourth quarter of 2025 was US$173 million, up US$25 million from the same period in 2024. The main variables influencing this are explained by: (i) US$120 million in higher revenues from energy volumes and average selling prices; (ii) US$27 million in higher compensation for damages incurred in Horizonte and São Gonçalo solar projects, and El Morro wind project; and
(iii) US$8 million positive effect in currency conversion due to the devaluation of the Brazilian real against the US dollar. The above was partially offset by: (i) US$75 million in higher purchase volumes; (ii) US$47 million in lower energy sales to the Brazilian market from imports from Uruguay and Argentina; and (iii) US$6 million in higher costs for outsourced services.
Colombia:
Cumulative Quarterly Figures
EBITDA GENERATION SEGMENT COLOMBIA (in millions of US$) | Dec.-25 | Dec.-24 | Variation | Var % |
Operating income | 1,634 | 1,857 | (224) | (12.0%) |
Operating costs | (699) | (1,195) | 497 | 41.6% |
Staff costs | (57) | (46) | (11) | (24.7%) |
Other expenses by nature | (80) | (76) | (4) | (4.7%) |
Total Generation Segment Colombia | 799 | 540 | 258 | 47.8% |
4Q2025 | 4Q2024 | Variation | Var % |
411 | 497 | (86) | (17.3%) |
(192) | (429) | 237 | 55.3% |
(21) | (12) | (9) | (72.1%) |
(39) | (28) | (12) | (42.4%) |
159 | 29 | 131 | n.a. |
EBITDA for our generation segment in Colombia reached US$799 million for the year ended December 31, 2025, an increase of
US$258 million from the 2024 fiscal year. The main variables explaining this increase in EBITDA components are outlined below:
Enel Colombia Generation's operating income decreased by US$224 million in the year ended December 31, 2025, representing a 12.0% decline from 2024. This decrease is mainly due to: (i) US$350 million lower revenue from lower average selling prices in the spot market; and (ii) US$4 million from higher insurance claims. These effects were partially offset by: (i) US$107 million from higher physical electricity sales (+0.6 TWh) due to better hydrological conditions in 2025; (ii) US$15 million in higher revenue from customer penalties; and (iii) a positive US$11 million effect from currency conversion, related to the appreciation of the Colombian peso against the US dollar.
Operating costs decreased by US$497 million, or 41.6%, primarily due to improved hydrological conditions. This is mainly explained by: (i) US$479 million from lower energy purchase volumes; and (ii) US$42 million from lower fuel-based generation costs. These decreases were partially offset by: (i) US$20 million in higher transportation costs; and (ii) a negative US$5 million from currency conversion effect due to the Colombian peso's appreciation against the US dollar.
Staff costs increased by US$11 million, mainly due to higher salary costs from adjustments.
Other expenses by nature increased by US$4 million, mainly driven by: (i) US$3 million from higher costs related to environmental fines; and (ii) US$1 million from a negative impact on currency conversion figures due to the appreciation of the Colombian peso against the US dollar.
For the fourth quarter of 2025, EBITDA for our generation segment in Colombia reached US$159 million, up from US$28 million in the same quarter of 2024. This increase is mainly explained by: (i) US$250 million due to lower energy purchases to meet demand because of higher generation compared to the same quarter of 2024; (ii) US$21 million from the positive currency conversion effect resulting from the appreciation of the Colombian peso against the US dollar; (iii) US$9 million from lower fuel-based generation costs; and (iv) US$1 million from higher revenues due to physical volumes of energy sold. All of the above was partially offset by: (i) US$145 million in lower revenues from average selling prices in the spot market; and (ii) US$7 million in higher transportation costs.
Central America:
Cumulative Quarterly Figures
EBITDA GENERATION SEGMENT CENTRAL AMERICA (in millions of US$) | Dec.-25 | Dec.-24 | Variation | Var % |
Operating income | 338 | 343 | (5) | (1.5%) |
Operating costs | (98) | (133) | 35 | 26.6% |
Staff costs | (13) | (14) | - | 3.3% |
Other expenses by nature | (25) | (22) | (2) | (11.2%) |
Total Generation Segment Central America | 202 | 174 | 28 | 16.3% |
4Q2025 | 4Q2024 | Variation | Var % |
85 | 87 | (3) | (3.1%) |
(25) | (27) | 2 | 6.2% |
(3) | (4) | - | 7.2% |
(9) | (7) | (1) | (19.4%) |
47 | 50 | (2) | (4.5%) |
EBITDA for our generation segment in Central America reached US$202 million for the period ended December 31, 2025, an increase of US$28 million from 2024. The main variables explaining this increase in EBITDA components are detailed below.:
Operating income decreased by US$5 million, primarily due to lower sales volumes compared to 2024.
Operating costs decreased by US$35 million, primarily due to lower energy purchase costs in Panama, driven by improved hydrologic conditions compared to 2024.
Staff costs remained in line with those recorded in the same period of 2024.
Other expenses by nature remained consistent with those recorded in the same period of 2024.
In the fourth quarter of 2025, EBITDA for the Central America generation segment was US$47 million, US$2 million lower than in the same quarter of 2024, primarily due to US$3 million in lower sales volumes compared to 2024.
DISTRIBUTION SEGMENT EBITDA
Argentina:
Cumulative Quarterly Figures
EBITDA DISTRIBUTION SEGMENT ARGENTINA (in millions of US$) | Dec.-25 | Dec.-24 | Variation | Var % |
Operating income | 1,497 | 1,355 | 142 | 10.5% |
Operating costs | (962) | (948) | (14) | 1.5% |
Staff costs | (164) | (176) | 12 | (7.0%) |
Other expenses by nature | (173) | (201) | 29 | (14.2%) |
Total Distribution Segment Argentina | 199 | 30 | 169 | n.a. |
4Q2025 | 4Q2024 Variation | Var % |
364 | 342 22 | 6.4% |
(231) | (251) 20 | (8.1%) |
(43) | (48) 5 | (10.4%) |
(37) | (55) 19 | (34.0%) |
54 | (12) 66 | n.a. |
EBITDA for the distribution segment in Argentina reached US$199 million for the year ended December 31, 2025, an increase of
US$169 million from 2024. The main variables explaining this variation in the components of EBITDA are detailed below:
Operating income increased by US$142 million, or 10.5%, compared to 2024, primarily due to higher revenues from: (i) US$580 million from various tariff adjustments accepted by the Argentine regulatory authority, effective from February 2024; (ii) US$93 million from higher income related to the agreement for the Special Obligation Regularization Regime at Edesur; and (iii) US$11 million from increased physical sales compared to 2024 (+0.1 TWh). The above is partially offset by a US$541 million negative currency conversion effect arising from the devaluation of the Argentine peso against the US dollar.
Operating costs increased by US$14 million, primarily explained by: (i) US$316 million in higher energy purchase costs, mainly due to increased purchase prices; (ii) US$37 million in higher transportation costs; (iii) US$33 million in increased costs of other supplies and variable services associated with inflation-driven increases; and (iv) US$21 million in higher costs related to physical energy purchase volumes. The above was partially offset by a positive US$392 million currency conversion effect driven by the Argentine peso's devaluation against the US dollar.
Staff costs decreased by US$12 million compared to the 2024 fiscal year, mainly due to: (i) US$67 million from a positive currency conversion effect, due to the devaluation of the Argentine peso against the US dollar; and (ii) US$4 million in lower staff costs due to increased capitalization of labor in investment assets. The above was partially offset by US$58 million in salary increases driven by inflation and overtime.
Other expenses by nature decreased by US$29 million compared with the 2024 fiscal year, primarily due to a US$70 million favorable conversion effect from the devaluation of the Argentine peso against the US dollar. This was partially offset by US$42 million in higher expenses for outsourced services, repairs, network operations and maintenance, and other variable costs.
In the fourth quarter of 2025, our distribution segment in Argentina reported EBITDA of US$54 million, up US$66 million from the same period in 2024. This change is mainly explained by: (i) US$122 million from higher sales revenue, primarily due to better average selling prices resulting from tariff adjustments established by the regulatory authority; (ii) US$11 million from higher revenue due to higher physical sales volume; (iii) US$7 million from higher income related to the agreement for the Special Obligation Regularization Regime at Edesur; and (iv) US$2 million from lower costs of outsourced services due to price increases caused by inflation. These effects were partially offset by: (i) US$36 million in higher energy purchase costs due to increased regulated prices; (ii) US$18 million from higher energy purchase volume due to demand; (iii) salary increases of US$11 million resulting from higher inflation in Argentina; (iv) US$7 million in higher costs for electricity transportation; (v) a negative US$3 million effect from currency conversion due to the devaluation of the Argentine peso against the US dollar; and (vi) US$2 million in higher costs for services related to the distribution process.
Energy loss (%) Number of Customers (in millions)
SUBSIDIARY Edesur | Dec.-25 | Dec..-24 Var p.p. 17.2% 1.1 |
18.2% | ||
Total Distribution Segment Argentina | 18.2% | 17.2% 1.1 |
Dec.-25 | Dec..-24 Var 2.71 0.6% |
2.73 | |
2.73 | 2.71 0.6% |
Brazil:
Cumulative Quarterly Figures
EBITDA DISTRIBUTION SEGMENT BRAZIL (in millions of US$) | Dec.-25 | Dec.-24 | Variation | Var % |
Operating income | 7,464 | 7,059 | 405 | 5.7% |
Operating costs | (5,082) | (4,752) | (330) | 6.9% |
Staff costs | (215) | (178) | (36) | 20.4% |
Other expenses by nature | (509) | (482) | (27) | 5.6% |
Total Distribution Segment Brazil | 1,658 | 1,646 | 12 | 0.7% |
4Q2025 | 4Q2024 | Variation | Var % |
2,149 | 1,785 | 365 | 20.5% |
(1,475) | (1,240) | (235) | 18.9% |
(44) | (52) | 8 | (15.2%) |
(151) | (121) | (30) | 24.4% |
480 | 371 | 108 | 29.2% |
EBITDA for our distribution segment in Brazil reached US$1,658 million for the fiscal year ended December 31, 2025, an increase of US$12 million from the previous year. The main variables explaining this variation in EBITDA components are detailed below:
Operating income in the Brazil distribution segment increased by US$405 million, equivalent to a 5.7% rise compared with the previous year's revenues. This increase is primarily explained by: (i) a US$421 million increase in construction revenue due to the application of CINIIF 12; (ii) US$339 million from higher tariff adjustments; and (iii) US$35 million from increased revenues from fines and penalties related to service quality. These increases were partially offset by: (i) US$264 million due to the negative effect of currency conversion resulting from the devaluation of the Brazilian real against the US dollar; and (ii) US$117 million from lower sectorial charges.
Operating costs increased by US$330 million, or 6.9%, compared to the same period in 2024, primarily due to: (i) US$310 million from higher construction costs due to application of CINIIF 12; (ii) US$212 million from higher energy purchase volumes caused by increased spot prices due to worse water conditions in Brazil; and (iii) US$7 million from higher costs related to shared use of poles. The above was partially offset by: (i) US$179 million positive effect from currency conversion due to the devaluation of the Brazilian real against the US dollar; (ii) US$15 million from lower energy transportation costs; and (iii) US$5 million from reduced energy purchases to meet demand due to increased physical sales.
Staff costs increased by US$36 million compared with 2024, mainly due to: (i) US$68 million in higher compensation costs, primarily driven by increased staffing; and (ii) US$3 million in higher insurance costs related to staff. These increases were partially offset by a US$34 million positive effect from currency conversion resulting from the devaluation of the Brazilian real against the US dollar.
Other expenses by nature increased by US$27 million compared to 2024, mainly as a result of (i) US$54 million in higher maintenance and repair costs; and (ii) US$16 million in higher outsourced service costs. The above was partially offset by (i) US$19 million in lower capitalization of investment assets; and (ii) US$18 million from a positive currency conversion effect due to the devaluation of the Brazilian real against the US dollar.
In the fourth quarter of 2025, our distribution segment in Brazil reported EBITDA of US$480 million, US$108 million higher than the same period in 2024. This variation is mainly explained by: (i) US$107 million from higher revenues, including (A) US$180 million from annual tariff adjustments approved for each distributor in Brazil, offset by (B) US$89 million in lower revenues from sectorial charges; (ii) US$80 million from higher revenues due to lower updates of financial assets associated with CINIIF 12; (iii) US$40 million from a positive currency conversioneffect from the devaluation of the Brazilian real against the US dollar; (iv) US$16 million from lower labor contingencies related to personnel; and (v) US$6 million from lower costs due to physical energy purchase volumes. All of the above was partially offset by: (i) US$52 million in higher costs related to shared pole usage; (ii) US$42 million in higher costs due to average electricity purchase prices; (iii) US$20 million in higher personnel compensation due to increased staffing; (iv) US$15 million in lower capitalizations of materials in investment assets; (v) US$11 million in higher costs for outsourced services; (vi) US$7 million in higher electricity transportation costs; and (vii) US$7 million in lower revenues from fines and penalties related to service quality.
Energy loss (%)
Number of Customers (in millions)
SUBSIDIARY | Dec.-25 | Dec.-24 | Var p.p. |
Enel Distribución Rio | 20.5% | 20.1% | 0.4 |
Enel Distribución Ceará | 13.9% | 14.8% | (0.8) |
Enel Distribución Sao Paulo | 10.8% | 10.2% | 0.6 |
Total Distribution Segment Brazil | 13.2% | 13.2% | (0.0) |
Dec.-25 | Dec.-24 | Var % |
3.1 | 3.1 | 0.5% |
4.3 | 4.3 | 1.9% |
8.7 | 8.5 | 1.7% |
16.2 | 15.9 | 1.5% |
Colombia:
Cumulative Quarterly Figures
EBITDA DISTRIBUTION SEGMENT COLOMBIA (in millions of US$) | Dec.-25 | Dec.-24 | Variation | Var % |
Operating income | 2,221 | 2,199 | 21 | 1.0% |
Operating costs | (1,220) | (1,274) | 54 | (4.3%) |
Staff costs | (47) | (37) | (10) | 26.2% |
Other expenses by nature | (162) | (125) | (37) | 29.8% |
Total Distribution Segment Colombia | 792 | 763 | 29 | 3.8% |
4Q2025 | 4Q2024 | Variation | Var % |
592 | 508 | 84 | 16.5% |
(326) | (310) | (16) | 5.1% |
(18) | (9) | (8) | 89.9% |
(41) | (35) | (6) | 16.8% |
207 | 154 | 53 | 34.7% |
EBITDA for our distribution segment in Colombia reached US$792 million in 2025, a US$29 million increase from 2024. The main variables explaining this increase in the components that make up EBITDA are detailed below:
Operating income increased by US$21 million, equivalent to a 1.0% rise, primarily due to (i) US$29 million higher revenue from increased physical energy sales volume (+0.1 TWh); (ii) US$26 million higher revenue from tolls to non-regulated customers; and
(iii) US$15 million from a positive currency conversion effect, driven by the appreciation of the Colombian peso against the US dollar. These gains were partially offset by US$52 million lower revenue from average sale prices, driven by tariff adjustments for inflation and spot prices.
Operating costs decreased by US$54 million, or 4.3%, primarily due to US$71 million in lower costs resulting from lower average energy purchase prices. The above was partially offset by (i) US$8 million from the effect of currency conversion caused by the appreciation of the Colombian peso against the US dollar, and (ii) US$5 million in higher transportation costs.
Staff costs increased by US$10 million, mainly due to (i) a US$7 million negative adjustment to actuarial calculations of post-employment benefits for workers; (ii) US$7 million from higher salary adjustments for workers; and (iii) US$1 million from the negative effect of currency conversion caused by the appreciation of the Colombian peso against the US dollar. These increases were partially offset by US$3 million from lower capitalization of labor costs to fixed asset projects.
Other expenses by nature increased by US$37 million, mainly due to: (i) US$22 million in higher operating expenses related to contingencies with the Special Administrative Unit of Public Services (UAESP), granted through resolution 463 issued in 2025; (ii) US$8 million in higher maintenance costs for operations; (iii) US$7 million in increased costs of purchasing materials and supplies for operations; and (iv) US$1 million due to the currency conversion effect from the appreciation of the Colombian peso against the US dollar.
For the fourth quarter of 2025, EBITDA for our distribution segment in Colombia reached US$207 million, up US$53 million from the same period in 2024. This increase is mainly explained by: (i) US$29 million from lower energy purchase costs; (ii) a US$25 million positive effect from currency conversion, driven by the apreciation of the Colombian peso against the US dollar in the fourth quarter of 2024; and (iii) US$10 million from higher toll revenues to non-regulated customers. These factors were partially offset by US$4 million in higher operating expenses related to contingencies with the Administrative Unit of the Special Public Services Administrative Unit (UAESP), granted through resolution 463 issued in 2025.
Energy Loss (%) Number of Customers (in millions)
Dec.-25 | Dec.-24 Var p.p. | |
Distribution Segment Colombia | 7.6% | 7.5% 0.1 |
Total Distribution Segment Colombia | 7.6% | 7.5% 0.1 |
Dec.-25 | Dec.-24 Var % |
4.05 | 3.97 2.1% |
4.05 | 3.97 2.1% |
Depreciation, Amortization, and Impairment
Below is a segment- and country-specific summary of continued operations, detailing EBITDA, Depreciation, Amortization, Impairment costs, and EBIT for Enel Américas Group subsidiaries. The data covers both cumulative and quarterly figures as of December 31, 2025, and 2024.
Cumulative
(in millions of US$)
Dec.-25 | Dec.-24 | |||||
BUSINESS SEGMENT | EBITDA | Depreciation, Amortization, and | EBIT | EBITDA | Depreciation, Amortization, and | EBIT |
Impairment | Impairment | |||||
Generation and Transmission:
Argentina | 32 | (1) | 32 | 20 | (2) | 17 |
Brazil | 595 | (243) | 352 | 643 | (232) | 411 |
Colombia | 799 | (88) | 710 | 540 | (128) | 413 |
Central America | 202 | (56) | 146 | 174 | (61) | 113 |
Total Generation and Transmission Segment | 1,628 | (388) | 1,240 | 1,377 | (423) | 954 |
Distribution:
Argentina | 199 | (235) | (36) | 30 | (207) | (178) |
Brazil | 1,658 | (746) | 912 | 1,646 | (658) | 989 |
Colombia | 792 | (158) | 634 | 763 | (167) | 596 |
Total Distribution Segment | 2,649 | (1,139) | 1,510 | 2,439 | (1,032) | 1,407 |
Less: Consolidation adjustments and other business activities | (8) | (53) | (61) | (80) | (79) | (160) |
Total Consolidated Enel Américas | 4,268 | (1,580) | 2,688 | 3,735 | (1,534) | 2,201 |
Quarterly Figures (in millions of US$)
4Q2025 | 4Q2024 | |||||
BUSINESS SEGMENT | EBITDA | Depreciation, Amortization, and | EBIT | EBITDA | Depreciation, Amortization, and | EBIT |
Impairment | Impairment | |||||
Generation and Transmission:
Argentina | 5 | - | 5 | 3 | - | 2 |
Brazil | 173 | (92) | 81 | 149 | (87) | 61 |
Colombia | 159 | (25) | 134 | 29 | (69) | (41) |
Central America | 47 | (18) | 30 | 50 | (20) | 30 |
Total Generation and Transmission Segment | 385 | (136) | 250 | 230 | (177) | 53 |
Argentina | 54 | (74) | (21) | (12) | (68) | (80) |
Brazil | 480 | (149) | 331 | 371 | (143) | 229 |
Colombia | 207 | (42) | 165 | 154 | (44) | 110 |
Total Distribution Segment | 740 | (266) | 475 | 513 | (255) | 258 |
Less: Consolidation adjustments and other business activities | 37 | (24) | 13 | (18) | (61) | (79) |
Total Consolidated Enel Américas | 1,162 | (425) | 738 | 724 | (492) | 233 |
Distribution:
Depreciation, amortization, and impairment of continued operations totaled US$1,580 million for the year ended December 31, 2025, an increase of US$46 million from 2024.
Depreciation and amortization totaled US$1,129 million as of December 31, 2025, US$1 million lower than in 2024. This is mainly explained by: (i) a US$34 million decrease in depreciation in distribution companies, primarily in (a) Brazil, where a US$27 million decrease reflects a change in the estimated useful lives of certain assets by US$111 million, offset by a higher average asset base subject to depreciation by US$84 million; and (b) a US$8 million decrease in Colombia due to lower investments. The above was partially offset by (i) higher depreciation of US$19 million due to the commissioning of new renewable generation projects in Brazil; and (ii) US$14 million of increased depreciation in generation companies in Colombia.
Meanwhile, impairment losses reached US$451 million as of December 31, 2025, higher by US$47 million regarding 2024. This increase is mainly explained by: (a) US$73 million due to higher recognition of impairment losses on financial assets, composed of:
(i) a US$120 million increases from the application of IFRS 9 due to a deterioration in the determination of expected credit losses, primarily in the companies Enel Distribución São Paulo, Edesur, Enel Distribución Rio, and Enel Colombia; and (ii) a US$47 million decrease from lower impairment losses on financial assets recognized in Enel X Brazil, EGP Brazil, and Enel Ceará due to a better recovery outlook for their accounts receivable. The above was partially offset by US$22 million in lower impairment losses on long-lived assets from generation and distribution, detailed as follows: (a) Enel Colombia with US$56 million fewer impairment losses related to the Windpeshi renewable project in 2024; (b) Guatemala with US$7 million fewer losses associated with renewable projects carried out in 2024; (c) EGP Brazil with US$4 million fewer impairment losses related to a portfolio of advanced technology projects, wind, solar, and hybrid; (d) Enel X Brazil with US$3 million of lower losses; and (e) Enel Distribución São Paulo, Enel Distribución Rio, and Enel Ceará with higher impairment losses on assets under construction under IFRS 12 for US$49 million.
In the fourth quarter of 2025, depreciation, amortization, and impairment of continued operations totaled US$425 million, a
US$67 million decrease from the same period in 2024.
Depreciation and amortization totaled US$213 million for the fourth quarter ended December 31, 2025, US$74 million lower than the amount recorded in the same period of 2024; primarily due to (i) US$94 million less depreciation, resulting from a change in the estimated useful lives of certain assets by US$111 million, offset by a higher average asset base subject to depreciation by US$17 million, partially offset by increased depreciation of US$16 million due to the commissioning of new renewable generation projects in Brazil and Colombia.
Meanwhile, impairment losses reached US$212 million in the fourth quarter of 2025, higher by US$7 million from the same period in 2024. This change is mainly explained by a US$23 million increase in impairment losses on financial assets, highlighting: (i) a US$64 million higher loss in Enel Distribución Río, Enel Distribución São Paulo, Enel Distribución Ceará, and Edesur due to a deterioration in the determination of expected credit loss, in accordance with IFRS 9 guidelines; and (ii) US$41 million lower impairment losses on Brazilian financial assets in Enel X Brasil and EGP Brasil due to better recovery prospects for their accounts receivable. These effects were partially offset by lower impairment losses on long-lived assets of US$14 million, notably in: (a) Enel Colombia, with US$50 million associated with a lower impairment on the Windpeshi renewable project in 2024; (b) US$14 million on impaired assets in EGP Brasil related to a portfolio of advanced technology projects, wind, solar, and hybrid; and (c) Enel Distribución São Paulo, Enel Distribución Río, and Enel Ceará, with higher impairment losses on construction assets under CINIIF 12 for US$49 million.
Non-Operating Result
The following table presents the consolidated non-operating results for the periods ending December 31, 2025, and 2024:
Cumulative Quarterly Figures
NON-OPERATING RESULTS (in millions of US$) | Dec.-25 | Dec.-24 Variation Var % |
4Q2025 | 4Q2024 Variation Var % |
Financial Income:
Argentina | 26 | 41 | (15) | (36.0%) |
Brazil | 264 | 298 | (34) | (11.4%) |
Colombia | 27 | 38 | (10) | (27.2%) |
Central America | 6 | 4 | 1 | 29.1% |
Consolidation adjustments and other business activities | 53 | 71 | (18) | (25.5%) |
Total Financial Income | 376 | 452 | (76) | (16.7%) |
11 | 6 | 5 | 93.3% |
69 | 76 | (7) | (9.5%) |
7 | 6 | 1 | 14.7% |
2 | 1 | 1 | 70.3% |
6 | 27 | (20) | (76.1%) |
96 | 117 | (20) | (17.4%) |
Financial Expenses:
Argentina | (215) | (417) | 202 | (48.4%) |
Brazil | (713) | (799) | 86 | (10.7%) |
Colombia | (330) | (278) | (51) | 18.4% |
Central America | (12) | (15) | 4 | (24.6%) |
Consolidation adjustments and other business activities | (38) | (78) | 40 | (51.5%) |
Total Financial Expenses | (1,307) | (1,588) | 281 | (17.7%) |
(78) | (155) | 77 | (49.7%) |
(178) | (179) | 1 | (0.5%) |
(76) | (62) | (13) | 21.6% |
(3) | (4) | 1 | (26.5%) |
(10) | (9) | (1) | 11.5% |
(345) | (409) | 65 | (15.8%) |
Exchange differences:
Argentina | 8 | 10 | (2) | (21.2%) |
Brazil | (41) | (85) | 43 | (51.2%) |
Colombia | 6 | - | 6 | n.a. |
Central America | (2) | 1 | (4) | (311.4%) |
Consolidation adjustments and other business activities | (17) | (14) | (4) | 26.8% |
Total Exchange Differences | (47) | (87) | 41 | (46.6%) |
Total Results by Readjustment Units (Argentine hyperinflation) | 191 | 331 | (140) | (42.2%) |
Total Financial Result Enel Américas | (786) | (892) | 106 | (11.9%) |
4 | (2) | 6 | (356.2%) |
(29) | (9) | (20) | 216.6% |
1 | 2 | (1) | (59.8%) |
(2) | 2 | (3) | (217.3%) |
(3) | (6) | 3 | (49.9%) |
(29) | (13) | (15) | 113.4% |
64 | 43 | 21 | 50.3% |
(213) | (263) | 50 | (19.2%) |
Other Gains (Losses):
Colombia | 1 | 2 | (1) | (62.8%) |
Consolidation adjustments and other business activities | - | 1 | (1) | (98.6%) |
Total Other Gains (Losses) | 2 | 5 | (3) | (62.0%) |
- | 2 | (2) | (96.5%) |
- | 1 | (1) | (96.5%) |
1 | 1 | (0) | (22.6%) |
Profit or loss of companies accounted for by the equity method:
Colombia | (1) | (2) | 1 | (54.0%) |
Total Profit of the company accounted for by the equity method | (1) | (2) | 1 | (41.3%) |
Total Other Non-Transaction Income | 1 | 3 | (2) | (77.1%) |
Profit Before Tax | 1,903 | 1,312 | 590 | 45.0% |
- | (1) | 2 | (115.5%) |
- | (2) | 2 | (116.7%) |
1 | - | 2 | (395.3%) |
526 | (31) | 557 | n.a. |
Taxes:
Argentina | 46 | 80 | (33) | (41.6%) |
Brazil | (185) | (104) | (81) | 77.3% |
Colombia | (362) | (275) | (88) | 31.9% |
Central America | (43) | (33) | (10) | 30.5% |
Consolidation adjustments and other business activities | (13) | (11) | (1) | 12.0% |
Total Corporate Income Tax | (556) | (344) | (213) | 61.9% |
Profit after tax | 1,346 | 969 | 378 | 39.0% |
Result of discontinued operations | - | 1,893 | (1,893) | (100.0%) |
Result of the Period | 1,346 | 2,861 | (1,515) | (53.0%) |
Profit attributable to Enel Américas owners | 960 | 2,589 | (1,629) | (62.9%) |
Profit attributable to non-controlling interests | 386 | 272 | 113 | 41.6% |
57 | 102 | (46) | (44.8%) |
(73) | 68 | (141) | (206.8%) |
(88) | (21) | (67) | 326.1% |
(9) | (10) | 1 | (8.3%) |
3 | 3 | - | 11.4% |
(111) | 142 | (253) | (177.9%) |
415 | 111 | 304 | 272.9% |
- | 5 | (5) | (100.0%) |
415 | 116 | 299 | 258.1% |
319 | 124 | 195 | 157.8% |
97 | (8) | 104 | n.a. |
Financial Result
For the year ended December 31, 2025, the financial results showed a loss of US$786 million, a US$106 million decrease from the 2024 loss. A detailed breakdown of its components is provided below.
Lower financial income of US$76 million, mainly explained by: (i) US$58 million from lower updates of cash and cash equivalents accounts, primarily in Brazil and Colombia; (ii) US$57 million from lower income from derivatives operations in the distribution companies in Brazil; (iii)US$14 million from lower incomes due to leases update and accounts receivable; and (iv) US$8 million from lower recognition of exchange rate differences recognized in Enel Generación El Chocón for accounts receivable to VOSA. The above was partially offset by: (i) US$27 million from higher updates of regulatory assets and liabilities due to higher inflation recorded in that country compared to 2024.
In the fourth quarter of 2025, financial income decreased by US$20 million compared with the previous period. This is mainly explained by: (i) US$28 million lower income from derivative operations in the distribution companies in Brazil; (ii) US$15 million lower income by cash and cash equivalents accounts updates, primarily in Brazil and Colombia; and (iii) US$11 million lower updates on leases and payables account. These decreases were partially offset by: (i) US$22 million from higher updates to regulatory assets and liabilities in Brazil, driven by the country's higher inflation in the fourth quarter compared with the previous period; and (ii) US$10 million from higher income tax on Brazilian companies.
Lower financial expenses of US$281 million were mainly explained by (i) US$198 million from lower interest on accounts payable to CAMMESA in Argentina; (ii) US$65 million from lower expenses incurred from transactions with related companies outside the consolidation perimeter; (iii) US$57 million from lower effects on obligations for post-employment benefits; (iv) US$53 million from lower updates to PIS/COFINS tax credits; (v) US$19 million from lower financial expenses recognized from derivative operations in the distribution companies in Brazil; (vi) US$17 million from lower updates to regulatory assets and liabilities in Brazil; and (vii) US$5 million from lower expenses incurred on obligations to the public for bonds held by the company in Brazil. These were partially offset by (i) US$55 million from higher recognition of interest related to a contingency with the Administrative Unit of Public Services (UAESP), granted through resolution 463 issued in 2025; (ii) US$33 million from higher expenses for provision updates; (iii) US$24 million from higher financial expenses from bank loans, mainly due to increased debt in the period up to 2024 in Enel Colombia and Brazil; and (iv) US$10 million from higher costs in lease updates.
In the fourth quarter, financial expenses decreased by US$65 million, primarily due to: (i) US$85 million in lower financial expenses related to accounts payable to CAMMESA in Argentina; (ii) US$50 million in lower updates to PIS/COFINS tax credits; (iii) US$23 million in lower effects on obligations related to post-employment benefits; and (iv) US$7 million in lower capitalization of financial expenses on projects. These decreases were partially offset by: (i) US$48 million in higher financial expenses from bank loans, mainly in Enel Colombia and Brazil; (ii) US$35 million in higher financial expenses recognized from derivative operations in the distribution companies in Brazil; (iii) US$13 million in higher expenses incurred on obligations to the public for bonds held by the Company in Brazil; and (iv) US$4 million in higher recognition of interest related to a contingency with the Special Administrative Unit of Public Services (UAESP), granted by resolution 463 issued in 2025.
The adjustment results decreased by US$140 million and reflect the financial impact of applying IFRS 29 Financial Reporting in Hyperinflationary Economies in Argentina. They represent the net balance resulting from applying inflation to non-monetary assets and liabilities, to income statement accounts that are not updated, and from converting them to U.S. dollars at the closing exchange rate.
In the fourth quarter of 2025, the hyperinflationary effect in Argentina led to an increase of US$21 million in the income statement due to adjustments to units.
Income from exchange rate differences increased by US$41 million compared with the 2024 fiscal year, mainly due to (i) US$101 million from higher income from exchange rate differences due to the update of accounts receivable and commercial accounts payable with related companies outside the consolidation perimeter. This was partially offset by US$61 million from lower income from exchange rate differences on derivative instruments.
In the fourth quarter of 2025, exchange rate differences led to a loss of US$15 million, compared to the same period in 2024, primarily explained by US$56 million due to lower income from exchange rate differences on derivative instruments; (ii) US$44 million due to higher loss from exchange rate differences from the update of trade accounts payable with related companies outside the consolidation perimeter; all the above was partially offset by US$87 million from higher income from exchange rate differences from the update of commercial accounts receivable and accounts payable with related companies outside the consolidation perimeter.
Other gains (losses) recorded a lower income of US$3 million, remaining in line with the same period in 2024.
In the fourth quarter of 2025, other gains (losses) remained in line with those recorded in the same period of 2024.
Income tax on corporations reached US$556 million for the year ended December 31, 2025, up from US$213 million in 2024. This variation is mainly explained by: (i) US$98 million in higher taxes due to increased results in Colombian companies; (ii) US$91 million in higher costs due to the recognition of deferred tax assets related to prior-year tax losses in Enel Distribución Rio in Brazil;
(iii) US$39 million in higher taxes from increased results in the remaining Brazilian companies, excluding the previously mentioned; and (iv) US$38 million in higher taxes at Enel Generación El Chocón, associated with asset revaluations due to hyperinflation. All of the above was partially offset by: (i) US$49 million in lower tax expenses in this fiscal year, resulting from the recording of higher taxes in the first quarter of 2024 due to compensation related to the termination of the Enel CIEN concession contract in Brazil.
Income tax expense in the fourth quarter of 2025 was US$253 million higher than in the same period in 2024, primarily due to: (i) Enel Distribución Rio in Brazil, with US$112 million, driven by higher expenses from recognizing deferred tax assets related to prior-year tax losses; (ii) US$95 million in higher taxes from increased results, including (A) US$66 million in Colombia and (B) US$29 million from the remaining Brazilian companies, excluding the one already described; and (iii) higher taxes of US$41 million at Edesur, mainly due to: (A) US$38 million from higher taxes due to inflation and (B) US$2 million from higher taxes related to income from the agreement act for the Special Regime for the Regularization of Obligations.
Gain from discontinued operations decreased by US$1,893 million compared with 2024, driven by lower results from discontinued operations, including contributions from the Enel Generación Perú and Enel Distribución Perú operations in the first half of 2024, as well as a capital gain from the sale of these companies, finalized during the second quarter of the same year.
Gain from discontinued operations for the fourth quarter ending December 31, 2025, decreased by US$5 million compared with the same period in 2024.
ANALYSIS OF THE FINANCIAL POSITION
ASSETS (in millions of US$) | Dec.-25 | Dec.-24 | Variation | Var % |
Current Assets | 6,696 | 7,419 | (723) | (9.7%) |
Non-current Assets | 28,175 | 24,065 | 4,110 | 17.1% |
Total Assets | 34,871 | 31,484 | 3,387 | 10.8% |
Enel Américas' total assets as of December 31, 2025, increased by US$3,387 million compared with those as of December 31, 2024, primarily due to:
Current Assets show a decrease of US$723 million, equivalent to 9.7%, mainly explained by:
The decrease in cash and cash equivalents of US$1,172 million, mainly composed of:
Net cash flows from operating activities of US$2,714 million, corresponding to collections from sales and service provisions, net of payments to suppliers and others;
Net cash outflows from investing activities of US$2,222 million, which include cash outflows for: (i) payments for the acquisition of intangible assets of US$1,226 million; (ii) acquisition of property, plant, and equipment of US$1,106 million;
(iii) expenditures on investments over 90 days of US$771 million; and (iv) payments from derivative instruments of US$72 million. These cash outflows from investing activities were offset by: (i) proceeds from the redemption of investments over 90 days of US$820 million; (ii) US$101 million from recoveries of loans to related companies and their interest; (iii) US$18 million from sales of property, plant, and equipment; (iv) US$6 million from cash flows related to the sale and loss of control of ZE Colombia; (v) US$7 million from income from derivative instruments; and (vi) US$1 million from other cash inflows.
Net use of financing activity flows totaling US$1,819 million, related to disbursements associated with; (i) disbursements for the repayment of bank loans and obligations to the public of US$1,941 million; (ii) US$1,028 million paid in dividends;
(iii) US$567 million for disbursements of interest payments on bank obligations, obligations to the public, loans from related companies, and derivative operations;(iv) payments made related in the acquisition of Treasury Shares of Enel Américas by US$472 million; (v) disbursements made for the repayment of loans from related companies of US$367 million; and (v) disbursements made for the payment of financial leases of US$85 million; (vii) and payments made in the equity stake by US$21 million. The above cash and cash equivalents disbursements for financing activities are partially offset by fund inflows related to (i) US$2,538 million received from financings by financial institutions, obligations to the public, and other financings, with US$1,592 million of short-term maturities and the remaining US$946 million maturing in the long term;
(ii) receipt of funds from loans received from related companies of US$91 million; and (iii) other financing inflows of US$34 million.
A US$149 million increase due to the effect of exchange rate fluctuations on cash and cash equivalents; (5) A US$6 million increase related to available-for-sale securities.
A decrease in other current financial assets of US$106 million, mainly explained by changes in results of financial instruments, with Enel Brazil accounting for US$109 million.
An increase in other current non-financial assets of US$71 million, explained by (i) a US$48 million increase in withholding tax obligations and (ii) a US$29 million increase in higher ongoing services related to energy efficiency.
An increase in commercial receivables and other current accounts receivable by US$677 million, mainly explained by (i) a US$346 million increase due to volume and average sale prices in the distribution companies in Brazil, (ii) a US$233 million positive effect of conversion due to the appreciation of the Brazilian real and Colombian peso relative to the US dollar compared with the previous period, and (iii) US$142 million in higher accounts receivable due to volume and average sale prices in Edesur and Enel Trading Argentina. This was partially offset by US$52 million in lower accounts receivable, driven by volume and average sale prices in Enel Colombia.
An increase in inventories of US$91 million, mainly due to the positive currency conversion effect on distribution companies in Brazil, given the appreciation of the Brazilian real against the US dollar compared to 2024.
A decrease in current taxes by US$45 million, caused by: (i) US$63 million from a reduction in provisional income tax payments in Enel Peru due to the sale of Peruvian companies Enel Generación Perú and Enel Distribución Perú carried out in 2024, (ii) US$8 million from a lower income tax provision in Enel Generación Piura, and (iii) US$5 million from a lower income tax provision in Enel Generación Piura. These effects were partially offset by US$35 million from higher income tax provisions in Brazil and Colombia.
A decrease in assets available for sale2 by US$243 million, mainly due to Enel Generación Piura, which in 2025 ceased to
2 For more information, see Note No. 5.1 of the Consolidated Financial Statements of Enel Américas as of December 31, 2025.
meet the required condition under IFRS to be presented in this item.
An Increase in Non-Current Assets by US$4,110 million, equivalent to 17.1%, mainly due to:
An increase in other non-current financial assets by US$1,312 million, mainly explained by: (i) US$800 million due to higher financial assets generated by the application of IFRS 12 to new investments in distribution companies in Brazil; and
(ii) US$512 million, due to the positive effect on currency conversion resulting from the appreciation of the Brazilian real against the US dollar when comparing with 2024.
An increase in other non-financial non-current assets by US$332 million, primarily explained by: (i) US$194 million due to higher assets under construction generated by the application of IFRS 12 to new investments in distribution companies in Brazil; (ii) higher taxes to recover from PIS and COFINS of US$64 million, and (iii) higher judicial deposits of US$53 million.
An increase in non-current accounts receivable of US$162 million, mainly due to accruals and smaller transfers to short-term accounts, including (i) US$138 million from Brazilian distribution companies Enel Distribución Rio, Enel Distribución São Paulo, and Enel Distribución Ceará; (ii) US$49 million from Enel Trading Brazil; and (iii) US$37 million from Enel Colombia. This was partially offset by (i) US$28 million from Enel X Brazil and (ii) US$28 million from Enel Generation El Chocón.
An increase in intangible assets other than goodwill of US$160 million, mainly composed of (i) an increase of US$302 million related to the currency conversion effect on the different functional currencies in which the company operates; (ii) an increase of US$391 million due to the recognition of new intangibles, primarily in the distribution business in Brazil. The above was partially offset by (i) a decrease due to amortization for the period of US$520 million.
An increase in goodwill of US$137 million, mainly due to the effects of converting from the functional currencies of each subsidiary to U.S. dollars.
An increase in properties, plants, and equipment of US$1,911 million mainly due to: (i) increase from recognition of new additions of US$1,118 million, primarily in the generation business in Brazil and Colombia, as well as distribution lines in Edesur; (ii) an increase of US$684 million related to the effect of currency conversion; (iii) a decrease due to depreciation for the period of US$573 million; (iv) service withdrawals by US$27 million; (v) greater inflation adjustment resulting from the application of IAS 29 for our Argentine subsidiaries of US$568 million; and (vi) a US$140 million increase in available-for-sale assets due to the continuation of Enel Generación Piura..
An increase in assets of US$138 million, mainly due to right-of-use assets, consisting of: (i) an increase of US$180 million from the recognition of new contracts, primarily in the generation business in Brazil and Colombia; (ii) an increase of US$28 million from the effect of conversion; (iii) a decrease of US$57 million from depreciation for the period; (v) an increase of US$86 million in available-for-sale assets due to the continuation of Enel Generación Piura; and (vi) a decrease of US$13 million.
A decrease in deferred tax assets of US$34 million, mainly explained by the negative effect of currency conversion in Brazilian companies due to the depreciation of the Brazilian real against the US dollar.
LIABILITIES AND EQUITY
(in millions of US$)
Dec.-25
Dec.-24
Variation
Var %
Current Liabilities
7,738
7,115
623
8.8%
Non-Current Liabilities
8,557
7,962
595
7.5%
Total Equity
18,576
16,407
2,169
13.2%
Attributable to the owners of the parent company
16,023
14,130
1,893
13.4%
Non-controlling interests
2,553
2,277
276
12.1%
Total Equity and Liabilities
34,871
31,484
3,387
10.8%
As of December 31, 2025, Enel Américas' total liabilities and equity grew by US$3,387 million compared to December 31, 2024, primarily due to:
Current liabilities increased by US$623 million, equivalent to 8,8%, mainly explained by:
An increase in other current financial liabilities by US$1,273 million, mainly due to: (i) bank obligations for obtaining loans and obligations with the public and transfers of these from the long term, such as: Enel Américas for US$599 million, Enel Distribution Río for US$338 million, Enel Distribution Ceará for US$163 million, Enel Distribution São Paulo for US$140 million, Enel Generation Piura for US$70 million, Edesur for US$47 million, and EGP Volta Grande for US$2 million. The above was partially offset by Enel Colombia's payments of bank obligations totaling US$83 million.
An increase in current lease liabilities by US$41 million, mainly due to the effects of converting to U.S. dollars from the functional currencies of each related subsidiary.
An increase in commercial payables and other current payables of US$367 million, mainly explained by: (i) an increase in other accounts payable of US$417 million; (ii) US$263 million of higher liabilities for energy purchases; (iii) higher payables account in services by US$240 million; (iv) increased accounts payable for "low-rent" subsidies of US$122 million; and (v) US$49 million increased accounts payable for purchases of property, plant and equipment. All of the above was partially offset by: (i) lower accounts payable to CAMMESA of US$213 million; (ii) US$136 million of lower accounts payable by PIS/COFINS in distribution companies in Brazil; (iii) a decrease of US$100 million in dividends to be paid to third parties.
A decrease in accounts payable to related current entities of US$590 million, mainly due to (i) a decrease in dividends payable to the parent company ENEL S.p.A. of US$392 million; (ii) a US$233 million decrease in accounts payable to EFI due to payments by the Brazilian subsidiaries; and (iii) a US$37 million increase in accounts payable with related companies connected to the parent company that provide technical and IT services to the subsidiaries.
An increase in other current provisions of US$57 million, mainly explained by (i) US$37 million in higher miscellaneous provisions; and (ii) US$22 million in increased provisions for environmental obligations of subsidiary Enel Colombia S.A.
A decrease in current tax liabilities of US$552 million, mainly explained by: (i) a US$641 million lower income tax provision related to the sale of Peruvian companies Enel Generación Perú and Enel Distribución Perú, partially offset by higher tax provisions in (i) Enel Colombia of US$40 million; (ii) Edesur of US$24 million; and (iii) higher tax provisions in Brazil of US$21 million.
An increase in other current non-financial liabilities of US$139 million, mainly due to (i) increase in deferred income in sales by US$117 million; (ii) an increase in value-added tax payable (tax debit) of US$36 million. The above was partially offset by a decrease in other withholding taxes of US$14 million.
A decrease in liabilities available for sale by US$113 million mainly stems from Enel Generación Piura no longer meeting the IFRS requirement to be included in this item in 2025.
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