Slides
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Strategic Plan 2026-28 FY 2025 Results • Our targets and closing remarks • Financial management • Financial figures • Market context and strategy going forward • Key highlights and operational performance • Economic and financial results 2 Agenda Rafael de la Haza CFO Giuseppe Turchiarelli CEO Speakers:
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FY 2025 Results Key highlights and operational performance Giuseppe Turchiarelli CEO
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2025 shows better operational and financial results, led by hydro recovery in Colombia and tariff review in Argentina USD 1.0 bn N e t i n c o m e1 +30% Y o Y Net income growth explained by higher EBITDA and improved financial result Profitability USD 2.3 bn T o t a l C A P E X + 1 1 % Y o Y Gr i d s C A P E X + 3 0 % Y o Y Total CAPEX growth explained by Grids, which increases in all countries CAPEX EBITDA improvement mainly explained by Generation in Colombia and Grids in Argentina USD 4.3 bn E B I T D A + 1 4 % Y o Y Financial results + 1.7 TWh R e n e w a b l e g e n e r a t i o n +4% Y o Y Operational results Hydrology recovery in Colombia offsets lower generation in Argentina and Brazil. +0.3 GW solar capacity in Colombia to boost future generation This presentation includes Enel Gx Piura in its financial figures. (1) 2024 Net income excludes effect related to discontinued operations in Peru 4
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FY 2024 FY 2025 22.6 23.0 FY 2024 FY 2025 106.9 108.6 Solid performance in electricity distributed, while quality metrics in Argentina & Brazil were impacted by weather events Rounded figures. Does not include Peruvian operations sold in 2024. (1) Figures net of Fx effect; (2) Energy losses in Brazil were adjusted to consider the effect of distributed generation; (3) SAIFI: System Average Interruption Frequency Index; SAIDI: System Average Interruption Duration Index. Last twelve months regulatory data, aligned to KPIs reported to local regulator. +344k Smart meters (th) 2,2521,354 Net RAB1 (USD bn) 12.711.7 Net RAB / Grids customer1 (USD) 553517 +66% +11% +7% 8.1 7.4Enel Colombia 9.7 8.6Enel Ceará 9.1 8.1Enel Rio 16.2 20.8Edesur FY 2024 FY 2025 SAIDI (hours) 4.0 7.4 4.2 4.5 4.6 4.3 8.0 9.6 FY 2024 FY 2025 SAIFI (times) 7.5% 7.6%Enel Colombia 17.1% 18.0%Enel Ceará 20.1% 20.5%Enel Rio 10.3% 11.0%Enel São Paulo 17.2% 18.2%Edesur FY 2024 FY 2025 Electricity distributed (TWh) Quality indicators2-3 Energy losses Grids customers (mn) +2% 5 6.7 6.8Enel São Paulo 3.2 3.8
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Better hydrology led to higher production in Colombia, while Brazil was significantly impacted by curtailments Net installed capacity (GW) Net production1 (TWh) 47% 27% 24% 2% 98% renewables 13.1 GW Hydro Wind Solar Coal +2% Rounded figures, does not include figures related to Peru (Enel Gx Piura). (1) Argentina’s net capacity is 0 GW as of January 2026, due to the non-renewal of El Chocón hydropower plant. (2) Includes Argentina (2.4 TWh) and Central America (2.6 TWh) Enel Américas2 1.3 GW1 6.6 GW 4.5 GW 0.7 GW Capacity by country 6 22.9 24.3 16.8 17.1 1.0 FY 2024 0.2 FY 2025 40.7 41.6 Thermal Wind & Solar Hydro ~100%98% 5.5 5.1 15.5 15.3 FY 2024 FY 2025 21.0 20.4 11.9 14.5 1.0 0.2 1.1 FY 2024 1.6 FY 2025 14.0 16.3 Brazil Colombia -3% +16% Emission-free production 4.51.9Curtailment (TWh) 2.4x -- Additional capacity: 0.3 GW Guayepo III Q1’26 COD
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Increase in sales, while reducing spot market exposure in our core markets Energy balance (TWh) 40.7 26.0 41.6 25.1 8.6 24.6 9.2 24.4 1.3 1.4 50.6 50.6 50.9 50.9 FY 2024 FY 2025 +1% Rounded figures, does not include figures related to Peru (Enel Gx Piura). (1) Includes Argentina (2.4 TWh) and Central Ameri ca (3.5 TWh); (2) Net amount of spot purchases and sales Enel Américas1 Brazil Colombia 7 Production Third party purchases Net spot2 21.0 8.5 20.4 8.2 5.8 18.7 6.8 19.0 0.3 27.2 27.2 27.2 27.2 14.0 12.6 16.3 12.8 2.7 4.9 2.4 4.6 0.8 1.217.5 17.5 18.6 18.6 FY 2024 FY 2025 FY 2024 FY 2025 Flat +7% Unregulated sales Regulated sales Sourcing Sales Sourcing Sales Sourcing Sales Sourcing Sales Sourcing Sales Sourcing Sales
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FY 2025 Results Economic and financial performance Rafael de la Haza CFO
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FY 2024 4.3 0.1 FY 2025 3.7 4.4 Growth explained by Grids across all countries, with Grids CAPEX increasing 30% YoY. Grids Brazil CAPEX increased 36% Higher EBITDA mainly due to better hydrology in Colombia and higher tariff indexation in Grids in all countries CAPEX commitment confirmed, EBITDA and net income show a marked improvement YoY +14%1 Net income increase mainly due higher EBITDA and improved financial result due to an active financial management. Net income/EBITDA conversion increased to 22% Rounded figures. (1) YoY variation of reported figures; (2) Excludes contribution from Peruvian operations to Net income (USD 1.9 bn) FY 20242 FY 2025 1.1 0.7 1.0 0.1 +30%1 CAPEX (USD bn) Net income (USD bn) EBITDA (USD bn) FY 2024 FY 2025 2.1 2.3 +11% 1 Fx effect Fx effect + hyperinflation 9 Reported Reported In line with guidance
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60% 37% 2% 1% 5% 52% 37% 1% 5% FY’24 0.3 Generation 0.4 Grids1 0.0 Customers 0.0 Others2 Adj. FY’25 (0.1) Fx FY’25 3.7 4.4 4.3 Rounded figures. (1) Includes USD 99 mn related to debt regularization agreement in Edesur; (2) Includes figures related to Peru (USD 19 mn) and Services (USD 5 mn). EBITDA improvement mainly explained by Colombia in Generation and Argentina in Grids EBITDA evolution by business line (USD bn) EBITDA breakdown USD 4.3 bn USD 4.3 bn +14% +18% Argentina Brazil Colombia Peru2 C. America 10 Grids Generation Customers Others
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Net income & EPS growth mainly explained by higher EBITDA; net income guidance affected by non-manageable effects 0.7 0.5 1.0 0.1 0.2 Net income 20241 Δ EBITDA 0.0 Δ D&A2 0.1 Δ Financial result (0.2) Δ Taxes (0.1) Δ Non- controlling interest Net income 2025 Fx effect & hyperinflation 0.1 Tariff review Edesur Curtailment & PIS/COFINS Net income Guidance3 1.4 Net income evolution (USD bn) 11(1) Excludes contribution from Peruvian operations to Net income (USD 1.9 bn); (2) Depreciation, amortization and impairments; (3) Announced in Enel Américas’ 2024 Investor Day. Shareholder remuneration (USD/sh) 0.007 0.009 2024 2025 +36% Net income growth & share buyback boost profitability
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Net debt evolution 2.1 4.8 3.1 2.0 Dec. 24 Dec. 25 5.2 6.8 49% 38% 9% 2% 1% 1% 49% 38% 10% 2% 1% (1) Gross & net debt exclude accrued interests and adjustments after derivatives; (2) Annualized ratio. Net debt does not include pension fund liability in Enel Dx São Paulo. Including Sao Paulo pension fund: 1.2x; (3) Cash and cash equiv. + 90-day cash investments. (4) Includes USD 0.6 bn of tax payments in Peru (sale of Peruvian assets) and USD 0.2 bn related to a payment of São Paulo’s pension fund liability. Gross and net debt1 USD 6.8 bn Gross debt breakdown Cost of gross debt +110 bps 10.3% 11.4%Net debt / EBITDA2 0.6x Country Currency USD 6.8 bn 1.1x Net debt increased mainly due to Fx appreciation, share buyback, dividends and tax payment 2.1 4.8 1.1 0.5 0.9 0.5 Dec. 24 (0.3) FCF Dividend paid Share buyback Extr. Op. & others4 FX Dec. 25 +30% BRL COP USD ARS PEN Brazil Colombia Holding Argentina C. America Peru Net debt Cash3 12 +126%
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Strategic Plan 2026-28 Market context and strategy going forward Giuseppe Turchiarelli CEO
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Rising end-customer demand increases pressure to upgrade grids for renewable integration and resilience LatAm - Electricity consumption (TWh)1 14 42% 58% 2025-2030 45% 55% 2031-2040 38% 62% 2041-2050 105 211 360 Renewable Grids LatAm – Average annual investment across periods (USD bn)1 2030 2040 2050 1,274 2,077 3,105 Rising electricity consumption will require higher investments in transmission lines and improvement in distribution networks resilience CAGR: 4.6% CAGR: 6.4% Growing share of investments in renewable to exploit regional opportunities call for increase grids improvement to maintain operational stability (1) Source: IRENA, Regional Energy Transition Outlook for South America (November 2025) - Decarbonizing Energy Scenario.
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Supportive context in our main markets, with interest rates on a downward trend over the plan period GDP growth Inflation Fx (vs USD) Interest rate Colombia Brazil 2025 2026 2027 2028 2.0% 1.7% 2.3% 2.3% 2025 2026 2027 2028 5.0% 4.2% 3.7% 3.2% 2025 2026 2027 2028 5.6 5.2 5.3 5.3 2025 2026 2027 2028 14.6% 13.5% 11.6% 10.1% 2025 2026 2027 2028 2.4% 2.6% 2.9% 2.6% 2025 2026 2027 2028 5.1% 5.6% 4.9% 4.1% 2025 2026 2027 2028 4,047 3,815 3,776 3,834 2025 2026 2027 2028 9.3% 10.8% 10.4% 8.4% Argentina 2025 2026 2027 2028 4.6% 3.3% 3.2% 2.5% 2025 2026 2027 2028 31.5% 22.1% 21.3% 15.6% 2025 2026 2027 2028 1,452 1,766 2,093 2,421 2025 2026 2027 2028 61.3% 36.8% 33.6% 29.0% 15Source: Internal estimates. Brazil and Colombia use average of the period data, Argentina uses year-end data, except for GDP growth
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Key strategic highlights 16 Growth Risk/Return Productivity 2 3 Optimizing capital allocation Enhancing process Preserving low risk profile Improving EPS profile • >85% investments in Brazil and Colombia, with main focus in Grids • Enhance productivity & operational performance • Increase productivity & operational efficiency • Boost execution effectiveness • Assets and investments with visible returns • Continued with financial discipline • Reducing business volatility • Increase earnings predictability • Focus on countries with constructive regulation • Boosting investments in Grids • Greenfield renewable projects • Balance sheet flexibility for future growth 1 Business-specific focus
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10% 67% 21% 2% 86% 14% Capital allocation focused on securing profitability and growth By business lineBy country1 CAPEX 2026-28 Further investments in Grids to increase resilience and lead the energy transition Key drivers Selective approach to renewable investments driven by a weighted risk-reward matrix Investments vs previous plan increase mainly linked to Grids in Brazil Brazil Colombia C. America Argentina USD 7.9 bn +5% vs Old Plan Grids Integrated business USD 7.9 bn +5% vs Old Plan 17Rounded figures. (1) Includes Peru for USD 22 mn
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12% 74% 14% 74% 12%14% Focus on enhancing grids quality and resilience Key drivers Better return visibility with transparent and constructive regulatory frameworks Higher investments to improve grid reliability, with recognition in our asset base Grids’ capital allocation according to regulatory framework & favorable environment context 2026-28 Grids CAPEX RAB1 (USD bn) +22% 2.9 5.8 3.9 2025 3.1 8.2 4.1 2028 12.7 15.5 Colombia Brazil Argentina 18 Old Plan Rounded figures. (1) RAB adjusted by inflation and growth investments USD 6.8 bn +8% vs Old Plan
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Rounded figures. (1) Energy losses in Brazil were adjusted to consider the effect of distributed generation; (2) SAIFI: System Average Interruption Frequency Index; SAIDI: System Average Interruption Duration Index. Last twelve months regulatory data, aligned to KPIs reported to local regulator. 17.6% Investments aimed towards quality improvements across all concessions Ceará Sao Paulo Rio Colombia Edesur Grid customers (mn) SAIFI2 (times) Energy losses1 (%) SAIDI2 (hours) 18.0% 8.6 4.5 10.4% 11.0% 6.0 6.8 3.4 3.8 19.9% 20.5% 6.4 8.1 3.5 4.3 7.6% 7.6% 6.3 7.4 7.2 7.4 18.2% 11.5 20.8 7.1 9.6 2025 20282025 20282025 2028 7.6 3.6 15.7% 2025 2028 23.0 24.1 Smart meters (mn) +5% 2.3 7.0 19 108.6 117.7 Energy distributed (TWh)
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4% 1% 21% 75% 21% 65% 12% 2% Additional capacity in Colombia and Central America in line with our selective approach to renewable investments Net capacity evolution (GW) 6.2 3.5 3.2 0.6 2025 (1.3) Non-renewal El Chocón 0.5 Additional capacity (0.2) Coal phase-out2 4.9 3.5 3.6 0.31 2028 13.5 12.4 Additional capacity Hydro Wind Solar Thermal 2026-28 Integrated business CAPEX USD 1.1 bn In line vs Old Plan Country Technology Capacity Expected COD Colombia Solar 0.4 GW 2026-273 Guatemala Solar 0.1 GW 2027 Argentina Brazil Colombia C. America Peru 20 Old Plan 0.5 GWAdditional capacity Rounded figures. (1) Capacity corresponds to Peru (Piura); (2) The decommission of a coal-fired power plant (Termozipa) is not solely the Company’s responsibility, but it is subject to an authorization process; (3) Does not consider Guayepo III, expected to start operations in Q1 2026.
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2025 58% 32% 10% 2028 2025 67% 23% 10% 2028 Reducing exposure to the spot market while optimizing portfolio mix 21 Spot exposure 35.9 Avg. sales prices3 (USD/MWh) 41.4 69.8 78.9 Contracted Future contracts Rounded figures. (1) Does not include 2025 figures from Argentina (2.4 TWh), and includes figures from Peru (0.4 TWh); (2) Net amount of spot purchases and spot sales; (3) Avg. sales prices include: Regulated Market, Free Market, Wholesale, and Spot Market 5.1 8.2 5.2 6.5 15.3 19.0 16.1 14.8 6.8 0.1 0.1 27.2 27.2 21.4 21.4 Hydro Renewables Thermal Third party purchases Net spot2 Regulated sales Unregulated sales Brazil 2025 2028 Sourcing Sales Sourcing Sales Energy balance (TWh) Spot exposure and current contracted energy Colombia Energy balance (TWh) Spot exposure and current contracted energy Avg. sales prices3 (USD/MWh) Spot exposure Contracted Future contracts 14.5 12.8 14.0 13.6 4.6 3.0 5.30.2 0.11.6 2.4 1.2 2.5 0.518.6 18.6 19.5 19.5 2025 2028 Sourcing Sales Sourcing Sales -21% +4%
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Evolving regulatory scenario offers potential opportunities to secure our business 22 Argentina • Dx business: Ongoing application of 2025 tariff review, with a clear visibility for VAD and its quality parameters • Potential opportunities due to liberalization of electricity market Brazil • Dx concession renewal: • Early renewal of Enel Dx Rio & Enel Dx Ceará in 2026 • Enel Dx São Paulo process currently on hold April 2027 Dx Ceará July 2027 Dx São Paulo March 2028 Dx Rio • Curtailment: Mitigation effects related to reliability and transmission restrictions. Oversupply curtailment remains unaddressed Colombia • Approved 5% cap to spot sales: Applies to hydro generators, rules expected during 2026 • Dx tariff review: New guidelines for the process published, implementation expected in 1H 2027 Upcoming tariff cycle review:
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Strategic Plan 2026-28 Financial figures Rafael de la Haza CFO
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61% 39% 60% 40% 8% 53% 35% 4% 1% 5% 52% 37% 5% 0% Leveraging financial flexibility and position to fund our ambitious CAPEX plan Our capital allocation and strategy drives significant EBITDA growth Grids’ performance benefitting from positive regulatory updates and significant investments Increasing EBITDA contribution from renewable projects in Colombia and Central America Key drivers Argentina Brazil Colombia C. America Peru 2028 EBITDA by country 2028 EBITDA by business line USD 5.1-5.3 bn +22% vs 2025 Grids Integrated business 24 Old Plan Old Plan Rounded figures. USD 5.1-5.3 bn +22% vs 2025
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76 103 1.7 0.4 0.3 0.4 0.7 2.1 0.8 0.2 2025 Tariff & RAB 0.2 Demand Opex 0.2 Others (0.5) Fx & CPI 2028 2.6 3.2-3.3 42% 24% 34% Strengthening our focus in Grids, with investments tailored to the regulatory environment Grids CAPEX EBITDA evolution (USD bn) 2026-28 USD 6.8 bn CAPEX/Grid cust. (USD/grid cust.) 2025 2028 Blended regulated return 26-281 3x EBITDA/Development CAPEX +25% RAB/Grid cust. (USD/grid cust.) 641553 Grids business KPIs Networks upgrade2 Recurring2 Connections Argentina Brazil Colombia 25 +8% vs. old plan Argentina 10.0% Brazil 11.7% Colombia 12.1% Rounded figures. (1) Real, pre-tax. Calculated as a weighted average; (2) Networks upgrade include CAPEX in resilience, digitalization & climate change, among others; Ordinary includes asset maintenance CAPEX and recurring network development CAPEX
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Investments in line with previous plan, with EBITDA growth led by capacity growth and portfolio optimization Generation CAPEX EBITDA evolution (USD bn) 2025 2028 25 39 25 22 ~300 bps average spread IRR-WACC 10x EBITDA/Development CAPEX EBITDA/MWh (USD/MWh) OPEX/MW (th USD/MW)1 +18% Development Maintenance 0.6 0.2 1.0 0.8 0.2 0.2 0.03 0.03 2025 Portfolio optimization 0.1 Growth 0.04 OPEX 0.02 FX + CPI 0.7 0.04 2028 1.6 1.9-2.0 56% 44% 2026-28 USD 1.0 bn Generation business KPIs Argentina Brazil Colombia C. America Peru 26 In line vs. old plan Rounded figures. (1) In real terms. Excludes Argentina in 2025
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Strategic Plan 2026-28 Financial management Rafael de la Haza CFO
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FFO generation match investments and shareholder remuneration Net debt evolution (USD bn) 11.4% 9.5% +2% 1.1x 0.9x Cost of debt (%) Net debt/ EBITDA 6.8 6.4Gross debt (USD bn) 28 FFO by currency (USD bn) Gross debt by currency (USD bn) 7% 55%39% 2026-28 USD 9.9 bn 2.2 7.9 2025 (9.9) FFO CAPEX Dividends 0.2 Ext. Ops.1 (0.4) Fx 2028 4.9 4.8 57% 38% 5% ARS BRL COP 2028 USD 6.4 bn Rounded figures. (1) Related to Sao Paulo pension fund
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Solid liquidity position to cover long term maturities 2026 2027 2028 After 2028 2.1 0.8 0.8 3.1 Debt maturities1 (USD bn) Maturities / Gross debt 31% 12% 11% 36% 64% Committed credit lines Cash Available liquidity1 (USD bn) USD 3.2 bn Total plan period maturities USD 3.7 bn Strong liquidity position to cover short-term debt maturities 29Rounded figures. (1) As of December 31, 2025.
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Strategic Plan 2026-28 Our targets and closing remarks Giuseppe Turchiarelli CEO
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Rounded figures. 2025 2026 2028 1.0 1.1-1.3 1.2-1.4 2025 2026 2028 4.3 4.8-5.0 5.1-5.3 EBITDA (USD bn) Strategic Plan targets (USD bn) Net income (USD bn) Dividend policy of 30% of net income for plan period +7% CAGR 25-28 +11% CAGR 25-28 31
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32 Closing remarks Capital allocation in constructive regulatory environments Grids continues to be the main focus of our strategy Selective and profitable growth in Generation Significant financial flexibility to support additional growth 1 2 3 4 Building a stronger & more predictable value-creating company Shareholders’ Meeting to be held on April 30th, 2026
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This presentation contains statements that could constitute forward-looking statements. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of Enel Américas and its management with respect to, among other things: (1) Enel Américas’ business plans; (2) Enel Américas’ cost-reduction plans; (3) trends affecting Enel Américas’ financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile or elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Enel Américas or its subsidiaries. Such forward-looking statements reflect only our current expectations, are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include a decline in the equity capital markets, an increase in the market rates of interest, adverse decisions by government regulators in Chile or elsewhere and other factors described in Enel Américas’ Annual Report. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Enel Américas undertakes no obligation to release publicly the result of any revisions to these forward-looking statements, except as required by law. Figures included in this presentation are rounded. FY 2025 Results & Strategic Plan 2026-28 Disclaimer 33
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FY 2025 Results & Strategic Plan 2026-28 Contact us Contacts Email - ir.enelamericas@enel.com Jorge Velis Head of Investor Relations Investor Relations team Nicolás Gracia Claudio Ortiz Sebastián Cisternas Francisco Basauri – ESG Channels Website www.enelamericas.com Mobile App Enel Américas Investors Thank you. iOS Download App Android 34
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Annexes
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Q4 & FY 2025
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Macro scenario Local currencies, inflation, electricity distributed and interest rates 3 Macroeconomic variables1 Electricity distributed Monetary policy rate December 2024 December 2025 12.25% 15.00% 9.50% 9.25%4 (1) Source: Central Bank of each country; (2) Average Fx of the period, except for Argentina, which uses end-of-period FX. Panama is a dollarized economy, (3) Last 12 months; (4) Monetary policy rate was increased in 100 bps in January 2026 (10.25%). Local currencies vs USD2 Inflation3 December 2024 December 2025 0.2%Panama -0.2% 1.7%Guatemala 1.7% -1.2%Costa Rica 0.8% 5.1%Colombia 5.2% 4.3%Brazil 4.8% 31.5%Argentina 117.8% 2.8% 0.6% 7.8% 2.0% 1.2% 0.5% ∆% Q4 ‘25 vs ‘24 ∆% FY ‘25 vs ‘24 Colombia Brazil Argentina ∆%FY ‘25 vs ‘24 - 1% 2% 0% -4% -41% ∆% Q4 ‘25 vs ‘24 - 1% 2% 12% 7% -41%
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4 Operating exhibits Distribution companies Distributor Clients Edesur 2,730,892 Enel Ceará 4,340,958 Energy sold LTM (GWh) SAIDI (hours) SAIFI (times) Energy losses (%) City, Country Concession area (km2) Next tariff review 17,539 20.8 9.6 18.2% Buenos Aires, Argentina 3,309 2030 14,453 8.6 4.5 18.0% Fortaleza, Brazil 148,921 2027 Enel Rio 3,149,651 14,601 8.1 4.3 20.5% Niteroi, Brazil 32,615 2028 Enel São Paulo 8,682,397 44,877 6.8 3.8 11.0% Sao Paulo, Brazil 4,526 2027 Enel Colombia-Dx 4,051,113 15,442 7.4 7.4 7.6% Bogota, Colombia 26,093 2027 Total 22,955,011 106,912 - - - - - -
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5 Operating exhibits Net installed capacity & Total net production: Breakdown by source and geography Does not include Enel Gx Piura (0.3 GW) Net installed capacity (MW) - MW Hydro Argentina 1,328 Wind Solar Coal Total 0 0 0 1,328 Brazil 1,272 3,506 1,845 0 6,622 Colombia 3,097 0 1,148 226 4,472 Central America 543 0 162 0 705 Total 6,240 3,506 3,155 226 13,127 Total net production (GWh) GWh Hydro Wind Solar Coal Total Argentina 2,369 0 0 0 2,369 Brazil 5,051 12,729 2,590 0 20,369 Colombia 14,500 0 1,571 189 16,259 Central America 2,390 0 207 0 2,597 Total 24,310 12,729 4,367 189 41,594 - - - - - -
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Financial exhibits (1) Depreciations, amortizations and impairments 6 Reported results Q4 2025 Q4 2024 ∆YoY FY 2025 FY 2024 ∆YoY Revenues 4,064 3,552 +14% 14,506 13,904 +4% Gross Margin 1,622 1,160 +40% 5,964 5,357 +11% OPEX (460) (435) +6% (1,696) (1,621) +5% Reported EBITDA 1,162 724 +60% 4,268 3,735 +14% D&A1 (425) (492) -14% (1,580) (1,534) +3% EBIT 738 233 >100% 2,688 2,201 +22% Net financial results (213) (263) -19% (786) (892) -12% Non operating results 1 (1) <-100% 0 3 -93% EBT 526 (31) <-100% 1,902 1,312 +45% Income taxes (111) 142 <-100% (556) (344) +62% Discontinued operations 0 5 -100% 0 1,893 -100% Non-controlling interest (97) 8 <-100% (386) (272) +42% Group Net Income 319 124 >100% 960 2,589 -63%
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8% 63% 30%513 740 Q4 2024 Q4 2025 Quarterly and cumulative results Grids business results YTD EBITDA by country (USD mn) Q4 EBITDA evolution (USD mn) 2,649 (+9% YoY) 7 +44% Argentina Brazil Colombia
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37% 49% 12% 2% Quarterly and cumulative results Generation business results YTD EBITDA by country (USD mn)Q4 EBITDA evolution (USD mn) 8 1,628 (+18% YoY) Argentina Brazil Colombia C. America 230 385 Q4 2024 Q4 2025 +68%
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Argentina (USD mn) (1) Grids business includes Enel X. Generation business includes trading business. Both, Generation and Grids businesses, inc lude Retail business; (2) “Total” included Holding and Services adjustments. Cumulative results 9 FY 2024 FY 2025 % FY 2024 FY 2025 % FY 2024 FY 2025 % Revenues 49 48 -3% 1,355 1,497 11% 1,405 1,545 10% Procurements and Services -5 -4 -10% -948 -962 1% -953 -966 1% OPEX -25 -11 -55% -378 -337 -11% -404 -352 -13% EBITDA 20 32 65% 30 199 >100% 48 227 >100% Net Income -50 26 <-100% -60 19 <-100% -116 49 <-100% Gross Capex 0 1 >100% 186 234 26% 186 235 26% Net Production (GWh) 2,990 2,369 -21% - - - 2,990 2,369 -21% Energy Sales (GWh) 2,992 2,386 -20% 17,551 17,652 1% - - - Av. Spot Price ($US/MWh) N.A. N.A. - - - - N.A. N.A. - Energy losses (%) - - - 17.2% 18.2% - - - - Customers (Th) - - - 2,713 2,731 1% 2,713 2,731 1% Generation1 Grids1 Total2
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(1) Grids business includes Enel X. Generation business includes trading business. Both, Generation and Grids businesses, inc lude Retail business; (2) “Total” included Holding and Services adjustments; (3) Southeast/Central-west region 10 Brazil (USD mn) Cumulative results FY 2024 FY 2025 % FY 2024 FY 2025 % FY 2024 FY 2025 % Revenues 1,229 1,432 16% 7,059 7,464 6% 8,313 8,921 7% Procurements and Services -456 -698 53% -4,752 -5,082 7% -5,207 -5,759 11% OPEX -131 -139 7% -661 -724 10% -875 -916 5% EBITDA 643 595 -8% 1,646 1,658 1% 2,231 2,246 1% Net Income 246 236 -4% 392 224 -43% 571 539 -6% Gross Capex 443 129 -71% 947 1,230 30% 1,392 1,361 -2% Net Production (GWh) 21,041 20,369 -3% - - - 21,041 20,369 -3% Energy Sales (GWh) 27,163 27,178 0% 73,942 75,424 2% - - - Av. Spot Price ($US/MWh)3 18 38 >100% - - - 18 38 >100% Energy losses (%) - - - 13.1% 0.0% - - - - Customers (Th) - - - 15,930 16,173 2% 15,930 16,173 2% Generation1 Grids1 Total2
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Colombia (USD mn) 11 Cumulative results (1) Grids business includes Enel X. Generation business includes trading business. Both, Generation and Grids businesses, inc lude Retail business; (2) “Total” included Holding and Services adjustments. FY 2024 FY 2025 % FY 2024 FY 2025 % FY 2024 FY 2025 % Revenues 1,857 1,634 -12% 2,199 2,221 1% 3,843 3,630 -6% Procurements and Services -1,195 -699 -42% -1,274 -1,220 -4% -2,254 -1,690 -25% OPEX -122 -137 12% -162 -209 29% -285 -347 22% EBITDA 540 799 48% 763 792 4% 1,304 1,592 22% Net Income 197 387 96% 298 301 1% 493 687 39% Gross Capex 193 370 91% 312 341 9% 505 711 41% Net Production (GWh) 14,030 16,259 16% - - - 14,030 16,259 16% Energy Sales (GWh) 21,268 21,906 3% 15,420 15,489 0% - - - Av. Spot Price ($US/MWh) 131 61 -53% - - - 131 61 -53% Energy losses (%) - - - 7.5% 7.6% - - - - Customers (Th) - - - 3,967 4,051 2% 3,967 4,051 2% Generation1 Grids1 Total2
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Central America & Peru (USD mn) 12 Cumulative results FY 2024 FY 2025 % Revenues - 73 n.a. Procurements and Services - -30 n.a. OPEX - -24 n.a. EBITDA - 20 n.a. Net Income - 9 n.a. Gross Capex - 3 n.a. Net Production (GWh) - 264 n.a. Energy Sales (GWh) - 410 n.a. Peru FY 2024 FY 2025 % Revenues 343 338 -1% Procurements and Services -133 -98 -27% OPEX -36 -38 6% EBITDA 174 202 16% Net Income 70 95 35% Gross Capex 12 15 22% Net Production (GWh) 2,604 2,597 0% Energy Sales (GWh) 3,469 3,456 0% Central America
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2026-28 Macroscenario
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GDP , CPI and FX 14 2026 Argentina 3.3 GDP (%)1 CPI (%)1 Fx (vs USD)2 2027 2028 2026 2027 2028 2026 2027 2028 3.2 2.5 22.1 21.3 15.6 1,766 2,093 2,421 Brasil 1.7 2.3 2.3 4.2 3.7 3.2 5.2 5.3 5.3 Colombia 2.6 2.9 2.6 5.6 4.9 4.1 3,815 3,776 3,834 Perú 2.5 3.0 3.1 2.2 2.3 3.1 3.6 3.7 3.7 Costa Rica 3.2 2.6 2.3 2.6 3.1 3.0 540.1 554.3 564.2 Guatemala 3.3 2.9 2.7 3.1 3.5 3.7 7.7 7.7 7.7 1. Year end. 2. Average for the period, except in Argentina (year-end Fx) Panamá 3.5 3.3 3.3 2.1 2.0 2.0 1.0 1.0 1.0
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2026-28 Generation
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Consolidated capacity and production1 16 Production (TWh)Capacity (GW) 41% 26% 29% 2% 3% 12.1 GW 40% 29% 28% 3% 12.4 GW 20252 2028 52% 15% 32% 0.4% 41.5 TWh 2025 2028 56% 11% 32% 1% 39.5 TWh 55%37% 6% 3% 12.1 GW 53%38% 6% 3% 12.4 GW 52%41% 7% 1% 39.5 TWh 51%41% 7% 1% 41.5 TWh Hydro Solar Wind Coal CCGT Brazil Colombia Central America Peru 20252 2028 2025 2028 By Tech By Country 1. Rounded figures. 2. Does not include El Chocón capacity (1.3 GW)
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2026-28 Grids
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Electricity distributed, Grid customers and Smart meters 18 2025 Edesur 2.7 Enel Ceará 4.3 2028 2025 2028 2.8 4.5 Enel Rio 3.1 3.2 Enel São Paulo 8.7 9.2 Enel Colombia - Dx 4.1 4.4 TOTAL 23.0 24.1 108.6 117.7 Customers (mn) Electricity distributed (TWh) Smart meters (mn) 17.7 15.5 18.6 14.8 45.1 15.5 19.5 15.3 48.0 16.3 2025 2.3 0.0 0.0 0.0 2.2 0.1 2028 0.1 0.2 0.1 6.5 0.1 7.0 <en blanco>
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Grids: current regulatory framework Smart meter inclusion in RAB Metering Ownership Regulatory Period Length (years) Next Regulatory Period WACC real pre tax 2026 Argentina Yes Owned by DSO 5 2030 10.0% No Owned by users/DSO 51 20271 12.1% Colombia 19 1. Current period extended beyond 5 years and until new tariff definition (ordinary expiration was on 2025) Brazil Yes Owned by DSO 5 (Rio) 4 (São Paulo/Ceara) 2027 (São Paulo/Ceara) 2028 (Rio) 11.2%
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2026-28 Financials
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2026-28 Cumulated Capex1,2 (USD bn) 11% 67% 21% 2% By business lineBy country Gross CAPEX 2026-28 14% 86% USD 7.9 bn USD 7.9 bn 1. Rounded figures. 2. Includes figures related to Peru (USD 22 mn) and services and others (USD 15 mn). 21 69% 23% 5% 3% By business lineBy country Development CAPEX 2026-28 Argentina Brazil Colombia Central America 83% 17% Grids Integrated business USD 3.5 bn USD 3.5 bn
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22 Gross debt (USD bn) 50% 38% 10%2% 1% BRL COP ARS USD PEN USD 6.8 bn By currency 2025 56% 38% 1% 5% USD 6.4 bn 2028 49% 39% 9% 2% 1% BRA COL&CAM ARG PER Holding USD 6.8 bn 56% 38% 1% 5% USD 6.4 bn By country 2025 2028 1. Rounded figures.