Enel Américas (ENELAM) Corporate presentation summary

Strategic focus and portfolio optimization

• Emphasis on ESG integration, focusing on grids in countries with constructive regulation and maximizing RAB growth, while selectively investing in generation based on risk-reward analysis by technology and country.

• Corporate simplification through M&A, with major asset sales in Peru and Argentina, generating $3.8 billion in net proceeds and significant net debt deconsolidation.

• Strategic CAPEX allocation prioritizes Brazil and Colombia, with 91% of 2024-26 investments directed to these core countries, mainly in grids and renewables.

• Exit from non-core geographies and focus on 98% renewable installed capacity by 2026, with 100% sales coverage through own production and PPAs.

Operational and financial performance

• H1 2024 EBITDA rose 9% to $2.1 billion, mainly driven by grids in Colombia and Argentina, and generation in Brazil.

• Net income for H1 2024 reached $2.3 billion, boosted by the sale of Peruvian assets, while net debt dropped to $0.6x EBITDA.

• Gross CAPEX for H1 2024 was $1.07 billion, with 71% allocated to grids and 19% to generation.

• Significant reduction in gross and net debt, with cost of gross debt falling by 170 bps to 10.5%.

Grids and digitalization

• $3.9 billion CAPEX planned for grids (2024-26), targeting digitalization, quality improvements, and OPEX/CAPEX efficiencies.

• Grid customers expected to grow 5% to 20.5 million by 2026, with smart meters increasing 8% and energy losses reduced by 0.7 percentage points.

• Regulatory frameworks in Brazil and Colombia provide visible, predictable returns, with a blended regulated return of ~11.3%.