Slides
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Enel Chile - Consolidated results July 30th, 2025 Q2 & H1
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Gianluca Palumbo CEO
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Key highlights of the period Q2 2025 hydro generation in line with last year's levels Notable performance of thermal generation and gas trading Resilience program remains underway, strengthening the grid to mitigate climate-related risks VAD 2024-28 Consultant’s final report expected to be published in Q3 2025 H2 2025 energy regulated tariff decree published in Jul/25 BESS ancillary system regulation to be released in Q3 2025 +10.4% higher H1 2025 EBITDA compared to previous year Positive FFO driven by 261 USD mn1 received from PEC’s factoring Sound liquidity position to support development plan and mitigate potential headwinds 3 Country and Regulatory context Business profitability Portfolio management 1. Includes interests.
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Enel Chile Hydro generation (TWh)System avg. hourly spot price 4 Flexible fleet and strong LNG/GNA supply underpin our sales strategy and mitigate hydro volatility Hydroelectric generation in H1 2025 still aligned with the guidance for the year Hydro generation and commodity management actions to offset Chile’s challenging energy context Unavailability and restrictions of the Pan de Azúcar–Polpaico Transmision line H1 2024 H2 2025 3.2 3.4 Enel Chile gas availability and trading activities 0 50 100 150 04:00 08:00 12:00 16:00 20:00 24:00 Apr-25 May-25 Jun-25 Avg. Marginal Cost per hour (USD/MWh) Quillota High marginal costs in the central-southern zone in both solar and non-solar hours 47 USD mn Mejillones LNG Terminal Quintero LNG Terminal Argentine natural gas Gas optimization activities H1 2025 Gas Atacama gas pipeline operative (Argentina) LNG Gas Swap +7% North Zone Center Zone 1. Considers 2015-2024 data from Enel Generación Chile and Enel Green Power Chile. Thermal generation (TWh) H1 2025 has been marked by… Resulting in… Avg. Q2-2024 Avg. Q2-2025 2020 2021 2022 2023 2024 2025E 13.7 10.7 9.7 7.7 9.8 12.2 5.8 5.4 Avg. 10 years1 2.9 2.9 H1 Q2
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5 Portfolio mix evolution1 Solid and diversified portfolio supports our commercial commitments, despite the drought period Emission free production 70% Net installed capacity (GW) Net production and energy balance (TWh) Net production 1. Energy sales do not include the spot sales. 41.2% 34.4% 2.3% 16.5% 5.6% Hydro Wind, solar & geothermal BESS CCGT Oil-Gas 8.9 GW 78% REN + BESS H1 2024 H1 2025 Q2 2024 Q2 2025 0.7 0.5 Q2 2024 0.6 0.3 Q2 2025 1.1 1.0 1.4 1.1 H1 2024 1.5 0.8 H1 2025 2.5 2.3 Solar hours Non-solar hours 7.1 9.9 12.1 2.3 2.5 17.0 17.0 2.9 1.5 0.2 1.4 Q2 2024 2.9 1.6 0.3 1.1 Q2 2025 6.1 5.9 5.8 2.8 0.4 3.1 H1 2024 5.4 2.9 0.5 2.7 H1 2025 12.1 11.5 Hydro CCGT Oil-gas Wind, solar & geothermal 3.5 5.0 6.1 1.3 1.1 8.5 8.5 2.6 4.8 5.9 0.6 1.0 7.4 7.4 5.3 9.8 11.5 1.3 2.3 15.1 15.1 5.6% 2.3% Spot performance Free market sales Regulated sales Net spot Purchases third parties Production 41.2%
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Important updates to the energy regulatory framework contributing to a more constructive outlook 6 H2 2025 regulated tariff decree Regulatory agenda 1. Year-end exchange rate 851.95 CLP/USD; 2. MPC charge, adjusted according to the Chilean CPI. Dx regulatory cycle 6% Returns (real terms post tax) VNR1 = 2.1 USD bn (Dec 2022) Initiation study Preliminary Regulator technical report (H2 2025) Final Regulator technical report (H2 2025) Final report (Q2/Q3 2026) Consultant final report (Q3 2025) Enel Dx comments Enel Dx comments Expert panel VAD 2024-28 (estimated timeline) Second half of 2025 PNP decree published in July 2025 Update on the remuneration for BESS ancillary services Regulated electric tariff subsidy bill PNP + MPC charge2 H1 2025 Dec-24 H2 2025 Jul-25 164 USD mn PEC 1 Up to 2027Expected final PEC recovery Total receivables net of recovery Jun/25 Updates are expected in the coming months Awaiting the settlement of the outstanding debt VAD 2020-24 Decree published in April 2025
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Simone Conticelli CFO
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8,5 Economic & financial performance1 8 597 659 H1 2024 H1 2025 267 246 H1 2024 H1 2025 H1 2025 results highlight our operational resilience and the flexibility of our portfolio EBITDA (USD mn) Net income (USD mn) FFO (USD mn) 52 403 H1 2024 H1 2025 -8% 1. For comparative purposes, the figures for H1 2024 in the financial statements are converted using the average exchange rate f or the period (941.02 CLP/USD). +10% 7.8x 304Q2 110 71 293 (63) 295-3% -39 USD mn +357 USD mn
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8,5 9 Focused capital allocation to strengthen our grids and optimize the performance of our portfolio H1 2025 CAPEX by business and by nature 40% 31% 29% 1% 157 USD mn 57%24% 19% 157 USD mn Asset management Asset development Customers Grids Thermal REN + BESS Others1 1. It includes Enel X and services.
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10 304 29392 25 7 Q2 2024 PPA sales Sourcing Gas margin Grids Others One-off Incentivized retirement plan Q2 2025 (106) (14) (13) EBITDA evolution (USD mn) Lower PPA Sales due to expiration of regulated contracts and volume reductions in some regulated PPAs Opex expenses linked to new Gx portfolio -3% Optimized Sourcing due to strong portfolio mix despite USD 23mn negative spot impact from Transmission constraints in Jun-25 Stronger quarterly Gas Trading performance, driven by growth sales in both domestic and global markets Q2 2025 EBITDA shows resilience amid regulated PPAs’ expiration and transmission bottlenecks
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11 597 659189 22 34 H1 2024 PPA sales Sourcing Gas margin Grids Others One-off Incentivized retirement plan H1 2025 (155) (14) (13) EBITDA evolution (USD mn) H1 2025 EBITDA growth driven by optimized sourcing and solid Grids contribution +10% Lower PPA sales mainly related to the termination of some regulated contracts Increased Grids margin mainly driven by the regulatory VAD 2024-28 Strong Sourcing performance driven by reduced energy purchases in the spot market and optimized production costs Opex expenses linked to new Gx portfolio
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12 267 246 62 4 H1 2024 EBITDA D&A1 Financial result2 Taxes Minorities H1 2025 (56) (28) (3) 1. Includes depreciation and amortization, bad debt, and impairment. 2. Includes results from equity investments. H1 2025 Net income supported by strong operational performance despite the non-cash accounting effects Net income evolution (USD mn) -8% Higher Financial Expenses primarily driven by reduced Interest Capitalization Rise in D&A1 mainly attributable to solar project impairment and new REN assets 110Q2 2024 (10) (41) (1) 12 2 71 Q2 2025
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H1 2025 FFO anchored in April-25 PEC factoring and PEC recovery through tariff 13 1. Cumulative effect of the Stabilization Mechanism (PEC) on accounts receivable, net of PEC factoring executed during the period. 2. Includes interests. 597H1 2024 (142) (137) FFO evolution (USD mn) (120) 52 659 403 269 EBITDA H1 2025 Stabilization mechanism (PEC) / Recovery PEC Working capital & others Income taxes Financial expenses FFO H1 2025 (256) (187) (82) Working capital reflects seasonality effect and capex plan evolution PEC factoring executed in April 2025 for an amount of 261 USD mn2 Taxes reflect results growth trend (147)1 Financial expenses reflect the reduced debt
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Debt and liquidity 14 Gross debt (USD mn)1 3,546 385 Dec 31, 2024 3,650 320 June 30, 2025 3,931 3,970 Net debt Cash Debt maturities (USD bn)1Liquidity position (USD bn) 35% 65% Cash Available committed credit lines Maturities/Gross Debt 86% of gross debt has a fixed rate Liquidity for upcoming maturities Average maturity of 5.9 years 1. Comparisons between periods in the Financial Statements are made using the exchange rate at the end of the period: December 2024 (996.46 CLP/USD); June 2025 (933.42 CLP/USD). 31% SDG linked instruments Robust liquidity position to support debt commitments and market volatility +1% 3% 10% 15% 28% 0.9 USD bn H2 2025 0.2 0.2 2026 0.5 0.1 2027 1.1 0.1 2028 0.8 0.9 After 2028 0.1 0.4 0.6 1.1 1.7 Maturity SDG - linked
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Closing remarks 15 Solid financial position and flexible business model enable pursuit of business plan and resilience across climate scenarios Proactive initiatives actively addressing portfolio dynamics and climate challenges, leveraging our operational resilience Dx winter plan advancing successfully, ensuring reliable service and timely project delivery
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Q2 & H1 2025 Annexes
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Q2 Profit & Loss (USD mn) 17 ∆ qoqQ2 2025 Q2 2024 D&A +13%(90) (79) Reported EBITDA -3% 293 304 Reported EBIT Financial expenses Income taxes Minorities Reported EBT Reported Group Net Income -24% +6% -28% -17% -32% -35% 166 (58) (30) (10) 111 71 217 (55) (42) (12) 164 110 Other non-financial result +120%4 2 Impairment n.m.(29) - Bad Debt +13%(9) (8)
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H1 Profit & Loss (USD mn) 18 ∆ hohH1 2025 H1 2024 D&A +13%(174) (154) Reported EBITDA +10% 659 597 Reported EBIT Financial expenses Income taxes Minorities Reported EBT Reported Group Net Income +1% +63% +3% -14% -6% -8% 437 (84) (93) (22) 360 246 431 (52) (90) (25) 382 267 Other non-financial result +205%7 2 Impairment n.m.(29) - Bad Debt +56%(18) (11)
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Main business EBITDA breakdown 19 EBITDA Generation business line (USD mn) 282 260 Q2 2024 Q2 2025 59 88 H1 2024 H1 2025 EBITDA Grids business line (USD mn) -8% +51% 571 576 H1 2024 H1 2025 +1% 37 39 Q2 2024 Q2 2025 +6%
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1. Considers Finis Terrae Extension and Finis Terrae III. 2. Las Salinas includes 26 MW, 74 MW and 106 MW connected in Q2, Q3 and Q4 2023, respectively. 3. El Manzano solar connected in Q3 2023 and El Manzano BESS connected in Q2 2024. 4. Los Cóndores hydro connected in Q4 2024. 5. Don Humberto solar and Don Humberto BESS connected in Q2 2024. 6. La Cabaña wind connected in Q3 2023, La Cabaña BESS I connected in Q4 2023 and La Cabaña BESS II connected in Q2 2024. 7. Net installed capacity as of June 2025. Las Salinas2 205 MW Finis Terrae1 145 MW La Cabaña6 106 MW +34 MW BESS North zone The highest solar radiation in the planet Central zone Southern zone First pilot project for green hydrogen production in Chile JV with AME (HIIF) Campos del Sol 375 MW Guanchoi 398 MW Valle del Sol 163 MW PMGD 92 MW Los Cóndores4 153 MW Renaico II 144 MW Under construction Connected Partially connected Ready to start construction Consolidation of our renewable matrix throughout the country 20 COD approved El Manzano3 99 MW 2.1 GW COD authorization since Jan 2023 ~1.0 GW connected since Jan 2023 Don Humberto5 81 MW +67 MW BESS +67 MW BESS Net installed capacity7 +34 MW BESS2 41.2% 34.4% 16.5% 2.3% 5.6% Hydro Wind, solar & geothermal BESS CCGT Oil-Gas 8.9 78% REN + BESS 10 MW PMGD 14 MW 5.6% 41.2%2.3% GW
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Stable and diversified energy supply 21 Complementing hydroelectric with thermal generation, ensuring a more stable and diversified energy supply Mejillones LNG Terminal Quintero LNG Terminal Argentine natural gas Gas Atacama gas pipeline operative (Argentina) Argentine gas contracts signed for the entire year 2025 to complement the supply of LNG from Shell Hydroelectric plants throughout the country 2.0 GW Natural gas Net installed capacity 3.7 GW Net installed capacity
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Commodities and Spot price outlook 22 Henry Hub (USD/mmBTU) Brent (USD/bbl) Avg. Foreign Exchange (CLP/USD) Marginal Cost Quillota (USD/MWh) 3.5 3.5 3.9 4.0 3.2 3.2 2.5 1.6 1.6 1.6 2.5 2.6 1.9 1.9 2.6 2.3 3.4 2.6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2024 79 75 73 68 64 71 80 84 85 90 82 83 85 81 74 76 74 74 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1,001 957 933 962 941 938 908 963 968 960 918 926 938 930 926 934 972 982 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec API 2 (USD/Ton) Marginal Cost Crucero (USD/MWh) 41 64 54 77 55 60 42 54 50 57 79 54 46 43 48 50 40 38 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 42 64 66 94 61 107 41 52 48 56 91 54 48 46 40 39 33 38 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec H1 2025: 3.5 H1 2024: 2.1 H1 2025: 72 H1 2024: 84 H1 2025: 954 H1 2024: 941 H1 2025: 72 H1 2024: 57 H1 2025: 59 H1 2024: 56 110 99 97 102 96 104106 96 114 119 106 110 106 122 115 120 122 112 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec H1 2025: 101 H1 2024: 108
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Rainfall in our most relevant basins2 1. Considers the historical data of Enel Generación Chile and Enel Green Power Chile. 2. As of July 16, 2025. Hydrology outlook 23 Historic Enel Chile hydro generation (TWh) (34% of consolidated Gx) Cumulated rainfall (mm)Cumulated rainfall (mm) Maule 0 500 1,000 1,500 2,000 2,500 3,000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0 1,000 2,000 3,000 4,000 (20% of consolidated Gx) (25% of consolidated Gx) Laja Bío-Bío 0 100 200 300 400 500 600 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0 200 600 1,000 1,400 1,800 2,200 Last 60 years Last 10 years 2024-25 2025-26 98-99 (Driest year) Avg. 10 years1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5.42025E 11.8 9.1 9.7 11.4 10.6 9.7 7.7 9.8 12.2 13.7 10.7 Rapel (9% of consolidated Gx) H1
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North Zone 24 Facilities (#) Net installed capacity (GW) 1 15 7 1.8 0.50.02 Facilities (#) Net installed capacity (GW) 10 22 - 0.3 -1.5 Facilities (#) Net installed capacity (GW) 8 - 4 - 0.42.1 Center Zone South Zone - - 2 0.1 2 0.1 2 0.1 - - - - 1 0.7 2 0.8 - - WindSolar Hydro Geo CCGT BESS 2 0.3 1 0.2 - - O&G 0.92.13.7 0.1 1.50.2 0.5Total net installed capacity (GW) 41% 34% 22% 2% 8.9 GW 21% 39% 34% 7% 9.4 GW +6% H1 2025 20271 Thermal Hydro Renewable (ex - hydro) BESS Net installed capacity (GW)Total 28 3.4 37 2.9 14 2.6 H1 2025 8.9 1. According to 2025-2027 strategic plan. Enel Chile is the largest Utility player in Chile in installed capacity
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25 Concession area: 33 municipalities in the metropolitan region Enel Chile - Networks’ business Overview H1 2025 End users H1 2025 Physical energy sales 90% 7% 2% 1% 0% Residential Commercial Industrial Tolls Others 39% 35% 16% 5% 5% Residential Commercial Industrial Tolls Others Market share 44% in terms of energy sales in 2024 2.2 mn 7.2 TWh
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Glossary 26 Term Definition AGM Annual general meeting API2 Coal price reference indicator BESS CAPEX Battery energy storage system Capital Expenditures CCGT Combined cycle gas turbine CLP Chilean pesos currency COD Commercial operation date assigned by the National Electricity Coordinator CNE Spanish acronym for Chilean national energy commission CPI Consumer price index CSP Spanish acronym for public service charge DPS Dividend per share Dx Distribution business D&A Depreciation and amortization EBITDA FFO Earnings before interest, taxes, depreciation and amortization Funds from operations FX Foreign exchange GW Gigawatt Gx Generation business HH HPP Henry hub (natural gas) Hydro power plant KPI Key performance indicator LNG Liquefied natural gas Term Definition LTM Last twelve months MPC Spanish acronym for client protection mechanism MW Megawatt NCRE Non conventional renewable energy NG Natural gas PEC Spanish acronym for stabilization energy mechanism PMGD Spanish acronym for small distributed generation means PNP Spanish acronym for average weighted nodal price PPA Power purchase agreement REN Renewable SAIDI System average interruption duration index SAIFI System average interruption frequency index SDGMs Small distributed generation means SEC Spanish acronym for Superintendence of Electricity and Fuels SEN Spanish acronym for National Electric System SERNAC Spanish acronym for National Consumer Service TG TWh Spanish acronym for gas turbine Terawatt hours USD US dollar VAD Spanish acronym for value-added from distribution of electricity VAT Value-added tax VNR New Replacement Value of an optimized network
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AA+(cl) Stable Fitch Ratings Feller Rate AA(cl) Stable Standard & Poor’s BBB Stable International market Chilean market Credit Rating - Enel Chile and Enel Generación Chile 27 Enel Chile Enel Chile AA+(cl) Stable Fitch Ratings Feller Rate AA (cl) Stable Standard & Poor’s BBB Stable Enel Generación Enel Generación Fitch Ratings BBB+ Stable Fitch Ratings BBB+ Stable
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Organization structure 28 Enel Chile shareholders1 93.5% 99.1%100.0% Generación Chile Distribución Chile Chile Green Power Chile 100.0% Enel X Chile 64.9% 1.1% 64.9%4.5% 21.1% 8.4% Pension Funds Institutional Investors ADR’s Enel SpA Others Market Cap2 USD 4.5 bn 1. As of June 30, 2025 2. Market cap as of July 28, 2025
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29 Management of the Company Enel Chile’s main executives Enel Chile’s subsidiaries S. Conticelli Chief Executive Officer People and OrganizationG. Manzulli AuditJ. Díaz Chief Financial Officer External Relations & SustainabilityP. Urzúa RegulatoryH. Valenzuela SecurityA. Pinto Legal and Corporate Affairs C. Henríquez ICTG. Grande Enel X ChileKarla Zapata (CEO) Procurement Enel Generación ChileM. Galainena (CEO) Enel Distribución ChileM. Hodor (CEO) Enel Generación Chile Real Estate and General ServicesM. Rinchi A. Hott (Energy & Commodity Mgmt.) G. Palumbo C. Navarrete Deputy Chief Financial Officer J. Rodríguez
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Corporate governance structure1 30 57% 43% Shareholders’ meeting Audit firm Board of Directors (7 members) Directors Committee BoD’s composition Functions: Audit committe Sustainability committe Related parties transactions IndependentExecutive of Enel SpA 1. As of June 30, 2025.
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IndependentExecutive of Enel SpA Board composition 86% 14% Board of Directors Board of Directors’ diversity3 DirectorRodolfo Avogadro ChairMarcelo Castillo Salvatore Bernabei Valentina de Cesare Gina Ocqueteau1,2 María Teresa Vial1 Tenure diversity Nationality diversity Over 3 years< 3 years Director Director Pablo Cruz1,2 Directors’ Committee Director Directors’ Committee Director Directors’ Committee (C) Director 57% 43% ItalianChilean 31 57% 43% Gender diversity Male Female 1. Independent Director under the U.S. law. 2. Independent Director under the Chilean law. 3. As of June 30, 2025.
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Ethics, Integrity, Human Rights, and Diversity Corporate Governance: Sustainability: • Corporate Governance practices • Action protocol in dealing with public officials and public authorities • Protocol of acceptance and offering of gifts, presents, and favors • Induction procedure for new Directors • Procedure for permanent training and continuous improvement of the Board of Directors • Information procedure for shareholders about the background of candidates for Director • Related-party transactions policy • Tax transparency and reporting • Engagement policy • Manual for the management of information of interest to the market • Incentive-based Compensation Policy • Ethical code • Zero Tolerance Plan for Corruption • Global Compliance Program on Corporate Criminal Liability • Criminal Risk Prevention Model • Compliance Program for Free Competition Regulations • Human Rights Policy • Diversity Policy • Privacy and data protection policy • Sustainability and Community Relations Policy • Environmental policy • Biodiversity conservation Policies, principles and codes 32
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Q2 & H1 2025 consolidated results Contact us 33 Isabela Klemes Head of Investor Relations Enel Chile Investor Relations team Catalina González Bárbara Calderón Francisco Basauri - ESG Contacts Email ir.enelchile@enel.com Channels – Follow us facebook, square icon linkedin, square icon instagram icon Website Enel.cl Mobile App Enel Investors iOS Android Download the investor relations app Herramienta: Youtube » Recursos educativos digitales Forma Descripción generada automáticamente con confianza media
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Q2 & H1 2025 consolidated results Disclaimer 34 This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Enel Chile and its management with respect to, among other things: (1) Enel Chile's business plans; (2) Enel Chile's cost-reduction plans; (3) trends affecting Enel Chile's 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 or its subsidiaries. Such forward-looking statements 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 of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Enel Chile's Annual Report and Form 20-F. Readers are cautioned not to place undue reliance on those forward- looking statements, which state only as of their dates. Enel Chile undertakes no obligation to release publicly the result of any revisions to these forward-looking statements. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel Chile or any of its subsidiaries. Figures included in this presentation are rounded.