Enel Chile (ENIC) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered solid and stable results with strong EBITDA growth and stable FFO, supported by a resilient, diversified business model and portfolio management amid volatile market conditions.

• Hydrological conditions were favorable, supporting stable operations and risk reduction, while hydro production remained broadly flat year-over-year.

• Construction began on three BESS projects in northern Chile, adding 0.5 GW capacity and advancing renewable integration.

• Regulatory developments included postponement of VAD 2020-2024 tariff settlements, ongoing distribution framework reforms, and evaluation of electricity pricing changes.

• Signed a new LNG supply agreement with Shell to optimize gas sourcing and portfolio flexibility.

Financial highlights

• Q1 2026 EBITDA reached $423 million, up 16% year-over-year, driven by improved integrated margin and operating performance.

• Net income was $162 million, down 7% year-over-year, mainly due to higher depreciation, financial expenses, and lower interest capitalization.

• Funds from operations (FFO) totaled $122 million, stable year-over-year.

• Investments in Q1 2026 totaled $111 million, with 41% allocated to renewables and storage; CAPEX increased 64% year-over-year.

• Operating revenues rose 8.7% to $1,198 million, while procurement and services costs increased 4.8% to $682 million.

Outlook and guidance

• 2026 hydro generation forecast at 10.7 TWh, with rainfall in key basins monitored and conservative hydrology assumptions.

• Battery storage investments to continue, with 450 MW of new capacity under development and COD expected in Q3/Q4 2027.

• Regulatory processes for distribution tariffs and framework reforms are ongoing, with key milestones in 2026.

• Guidance for 2026 confirmed, supported by portfolio diversification and operational optimization.

• The company is evaluating the impact of regulatory and methodological changes in electricity pricing.