Enel Américas (ENELAM) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA rose 17% year-over-year in Q2 2025, driven by improved hydrology, tariff indexation, and strong results in Argentina and Colombia.

• Net income surged 172% year-over-year in Q2 2025, supported by higher EBITDA and lower financial expenses.

• Grids CAPEX increased 26% in Q2 2025, mainly in Argentina and Brazil, focusing on digitalization, resilience, and service quality.

• Renewable generation grew 5% year-over-year, with notable solar capacity additions in Brazil and Colombia.

• Net financial debt nearly doubled to $4.2 billion, mainly due to higher debt in Brazil, dividend payments, and taxes from asset sales in Peru.

Financial highlights

• Q2 2025 revenues increased 3.4% year-over-year to $3.49 billion; H1 2025 revenues up 1% to $6.79 billion.

• Q2 2025 adjusted EBITDA reached $1.16 billion (+17% YoY); H1 2025 adjusted EBITDA at $2.30 billion (+11% YoY).

• Q2 2025 adjusted net income was $0.42 billion (+172% YoY); H1 2025 adjusted net income $0.42 billion (+32% YoY).

• Funds from operations improved 42% year-over-year in Q2 2025, driven by lower financial expenses and taxes.

• CAPEX for Q2 2025 was $539 million (+5.3% YoY); H1 2025 CAPEX was $945 million (-11.5% YoY).

Outlook and guidance

• 2025 guidance for EBITDA and net income is confirmed, with performance aligned to internal expectations and confidence in meeting the lower end of full-year targets.

• Focus remains on reinforcing grid quality and resilience, with continued CAPEX execution.

• No extraordinary events have occurred to warrant a revision of outlook; macroeconomic and regulatory developments are being closely monitored.