Enel Chile (ENIC) Q1 2025 earnings summary

Executive summary

• Achieved strong EBITDA and net income growth in Q1 2025, driven by cost reductions and portfolio optimization, despite lower hydro and renewable generation and regulatory changes.

• Los Cóndores Hydropower Plant began commercial operations in Q1 2025, adding 153 MW and generating 100 GWh.

• Maintained a diversified portfolio with 8.9 GW installed capacity, 78% from renewables and storage.

• Implemented a Resilience Plan to strengthen grid infrastructure in response to increased climate and hydrology risks.

• AGM approved a total dividend of CLP 4.24 trillion per share for FY 2024, with payments scheduled through May 2025.

Financial highlights

• Q1 2025 EBITDA reached $365 million, up 24.6% year-over-year.

• Net income for Q1 2025 was $175 million, an 11.4% increase from Q1 2024.

• FFO for Q1 2025 was $109–$114 million, nearly flat or down 5% year-over-year.

• Total CapEx in Q1 2025 was $68–$88 million, with significant allocation to grid, thermal, and renewables/storage.

• Gross debt increased 2% to $3,993–$4,000 million, with an average cost of 4.9%.

Outlook and guidance

• CapEx guidance of $800 million for 2025 is maintained, with higher investment expected in H2, especially in storage.

• Hydrology target of 10.7 TWh for 2025 remains valid, but outlook remains challenging.

• Confident in meeting 2025 financial guidance and strategic plan targets.

• Regulatory changes, including VAD 2020-24 Decree and BESS ancillary system regulation, expected to impact future results.

• Cumulative EBITDA for Enel Distribution projected at $0.4–$0.5 billion for 2025–2027.