Enel Chile (ENIC) Q4 2025 earnings summary

Executive summary

• Achieved 2025 financial guidance despite challenging conditions, demonstrating resilience and operational flexibility.

• Strategic focus on renewables, electrification, network resilience, and innovative customer solutions aligns with Chile’s energy transition.

• Confirmed dividend policy for 2025 and maintained minimum 50% payout through 2028, reaffirming commitment to financial stability and sustainable value creation.

• 2026-2028 strategic plan prioritizes integrated commercial strategy, disciplined capital allocation, and risk-return optimization.

• Net income attributable to shareholders reached $538 million in 2025, up significantly year-over-year due to extraordinary effects from functional currency change.

Financial highlights

• 2025 EBITDA reached $1,473 million, up 3.6% year-over-year adjusted for extraordinary effects; reported EBITDA up 92.7% due to currency change.

• Net income for 2025 was $538 million, down 14% from last year’s adjusted figure but up 249.7% year-over-year due to non-cash and currency effects.

• Operating revenues totaled $4,663 million, up 10.4% year-over-year, driven by higher energy sales and gas commercialization.

• Gross debt at December 2025 was $3.8 billion, a 2% decrease year-over-year; average debt cost decreased to 4.9%.

• 2025 FFO was $1,067 million, $142 million lower than previous year due to lower PEC recovery and higher working capital needs.

Outlook and guidance

• 2026-2028 CapEx plan totals $2 billion, with $1.6 billion for generation and $0.5 billion for grids.

• Targeting cumulative EBITDA of $4.5–$4.7 billion for 2026-2028; 2028 EBITDA expected at $1.5–$1.7 billion.

• Net income projected at $0.5–$0.7 billion in 2028, driven by integrated margin growth and new BESS deployment.

• Dividend payout policy confirmed at minimum 50% of net income, with potential for increase depending on opportunities.

• Company is evaluating implications of potential changes in node price methodology and regulatory reforms affecting tariffs and debt recovery.