Enel Chile (ENIC) Q3 2025 earnings summary

Executive summary

• Thermal generation and gas optimization offset lower hydrology, maintaining operational stability and margin through a resilient grid winter plan.

• Functional currency changed to USD as of January 2025 for financial reporting, reducing exchange rate exposure.

• Operating revenues totaled US$3,479 million, a 7.8% decrease year-over-year, mainly from lower energy sales in Generation.

• EBITDA remained stable at US$1,004 million year-over-year, but Q3 2025 EBITDA fell 15.4% to US$345 million.

• Regulatory updates included new reports on tariffs and technical standards, with key settlements and auctions scheduled for 2025-2026.

Financial highlights

• Nine-month 2025 EBITDA was $1,004 million, flat year-over-year despite adverse conditions.

• Net income for nine months was $352 million, down 21% year-over-year due to higher depreciation, impairment, and bad debt.

• FFO reached $615 million, up 68% year-over-year, mainly from regulatory receivable recovery.

• Gross debt at September 2025 was $3,941 million, with average cost of debt at 4.8%.

• Available liquidity included $1.0 billion as of September 2025, with $640 million in credit lines and $373 million in cash equivalents.

Outlook and guidance

• Hydrology guidance for 2025 remains unchanged despite a dry year, leveraging flexible hydro and thermal assets.

• Guidance for the year is confirmed, supported by operational flexibility and profitable gas contracts.

• FFO expected to improve in Q4 due to seasonality and efficient working capital management.

• Regulated energy auctions scheduled for Q4 2025 for 2027-30 and 2026 periods.

• 2026 Investor Day planned for Q1 2026 to present long-term strategy.