Enel Américas (ENELAM) investor relations material

Executive summary

• Q1 2026 delivered strong financial and operational results, with revenues up 19% to US$3,924 million and EBITDA rising 16% to US$1,174 million, driven by grid investments, tariff indexation, and favorable FX effects in Brazil and Colombia.

• Net income attributable to shareholders increased 9% year-over-year to US$267 million, supported by higher EBITDA and stable financial results.

• CAPEX increased 10% year-over-year to US$446 million, with major investments in grids, especially in Brazil, Argentina, and Colombia, and a focus on digitalization and resilience.

• Shareholders approved a US$280 million final dividend for 2025 and the cancellation of 4% of treasury shares from the buyback program.

• Net financial debt surged 117% to US$5,635 million, mainly due to higher subsidiary debt in Brazil, FX effects, and dividend payments.

Financial highlights

• EBITDA reached US$1.17 billion, up 16% year-over-year, mainly from grid improvements and FX gains.

• Net income was US$267 million, a 9% increase from Q1 2025.

• Free cash flow was negative at -US$370 million after US$446 million in investments, impacted by working capital needs in Brazil.

• Gross debt rose 8% to US$7.4 billion, net debt increased 17% to US$5.6 billion, mainly due to Brazil and FX effects.

• Operating income (EBIT) was US$766 million, up 17% year-over-year.

Outlook and guidance

• No changes to 2026 guidance for EBITDA, CAPEX, or cash flow; current guidance incorporates main operational, regulatory, and macroeconomic assumptions.

• Distribution business expected to remain strong, supported by tariff indexation and increased energy demand in key markets.

• M&A remains a possibility, but no concrete plans; focus also on new projects, especially in Colombia.

• October 2026 bond maturity (US$600 million) expected to be paid with strong cash and liquidity.

• FX volatility and regulatory changes remain key uncertainties for future quarters.