Enel Américas (ENELAM) Corporate presentation summary

Business overview and recent performance

• Achieved stable EBITDA of $3.7bn in 2024, with net income rising to $2.6bn, and CAPEX at $2.1bn, reflecting a focus on grid and renewable investments.

• Grid customers increased to 22.6 million, with 98% of capacity from renewables and a market cap of $10.4bn as of May 2025.

• Net debt/EBITDA improved to 0.6x, indicating strong financial health and flexibility.

• Q1 2025 saw adjusted EBITDA up 5% to $1.13bn, driven by better hydrology in Colombia and tariff indexation in Argentina.

• Financial expenses dropped 21% in Q1 2025 due to lower gross debt and interest rates in Colombia.

Strategic plan and investment focus (2025–2027)

• Strategic plan targets $7.5bn CAPEX, a 35% increase over the previous plan, with 82% allocated to grids and 15% to renewables.

• Grid investments focus on modernization, resilience, and digitalization, especially in Brazil, Colombia, and Argentina.

• Renewables expansion prioritized in Colombia, with a coal phase-out by 2027 and 0.5 GW of new projects in execution.

• EBITDA projected to grow 46% by 2027, reaching $5.4bn, with grids and renewables as main contributors.

• Dividend policy maintained at 30% of net income, with positive evolution expected post-disposals.

Operational highlights and regulatory environment

• Grid quality improved, with SAIDI and SAIFI indicators declining across major markets and smart meter deployment rising to 5.4 million by 2027.

• Renewable generation increased by 23% YoY in Q1 2025, mainly from new solar and wind capacity in Brazil and Colombia.

• Regulatory updates in Brazil and Argentina support grid concession renewals and tariff reviews, enhancing returns visibility.

• Energy losses and operational efficiency improved in key markets, with ongoing advocacy for regulatory improvements.

• Macroeconomic headwinds include currency depreciation and inflation, but interest rates have moderated in core markets.