Enel Americas S.a. · BCS:ENELAM
Enel Americas — H1 2026 Earnings Presentation
37 slides from Enel Americas's earnings presentation, Jul 29, 2026
Slide 1: Enel Américas Second Quarter & First Half Consolidated results
Second Quarter & First Half Enel Américas Consolidated results July 29th, 2026
Slide 2: Key highlights and operational performance
Q2 & H1 2026 Key highlights and operational performance Giuseppe Turchiarelli CEO
Slide 3: Q2 2026 Key highlights
Q2 2026 Key highlights Investments Investments aligned with Strategic Plan goals CAPEX +10% increase on investments excluding Fx, supported by tariff scheme improvement USD 0.54 bn Grids CAPEX increased 42% mainly focused on digitalization and resilience Flat YoY Lower investments execution due to c
Slide 4: Regulatory scenario
Regulatory scenario Key recent and expected developments for our main markets Relevant topics Energy sector bill: Includes provisions on regulatory assets related to the frozen tariffs. Legislative discussion ongoing Enel Dx São Paulo concession: ANEEL1 continues the administrative process to evalua
Slide 5: Gross CAPEX
Gross CAPEX Focus on Grids aligned with Strategic Plan goals; Brazil leads CAPEX growth CAPEX by country and business1 Grids CAPEX breakdown2 1% 10% 10% Networks upgrade 19% growth 30% +19% YoY 34% Q2 2026 USD 537 mn USD 537 mn USD 481 mn (Flat YoY) (Flat YoY) (+24% YoY) 70% Argentina 90% 36% Networ
Slide 6: Grids operational highlights
Grids operational highlights Continued deployment of smart meters reinforcing our digitalization efforts Electricity distributed (TWh) Grids customers (mn) Quality indicators2 SAIDI (hours) SAIFI (times) -0.5% +1% +347k H1 2025 H1 2026 H1 2025 H1 2026 52.1 52.5 23.2 Edesur 18.4 15.7 8.6 9.1 22.8 Ene
Slide 7: Installed capacity & net production
Installed capacity & net production Higher total generation mainly explained by Colombia & Central America Net installed capacity (GW) Net production1 (TWh) Colombia & Capacity Enel Américas1 Brazil Central America 96% by country +8% 10.9 5.4 +4% 5.6 +11% 5.2 4% renewables 10.1 4.7 0.1 0.3 0.7 0.2 6
Slide 8: Energy balance
Energy balance Higher sales mainly explained by higher production in Colombia Energy balance (TWh) Colombia & Enel Américas1 Brazil Central America 12.6 12.6 +4% 13.1 13.1 7.5 7.5 -4% 7.2 7.2 +9% 5.8 5.8 5.3 5.3 0.1 2.2 0.9 0.4 0.4 0.6 0.5 2.4 1.6 0.6 0.3 1.1 1.8 6.7 5.2 1.3 5.4 4.1 10.1 10.9 4.7 5.
Slide 9: Economic and financial performance
Q2 & H1 2026 Economic and financial performance Rafael de la Haza CFO
Slide 10: Financial highlights
Financial highlights EBITDA growth led by Generation in Colombia and Grids in Brazil EBITDA Net income FFO (USD bn) (USD bn) (USD bn) +18% +31% +12% 1.25 0.66 1.06 0.25 0.59 0.19 Q2 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 H1 2.08 2.43 +17% 0.43 0.51 +18% 1.06 0.74 -30% Better EBITDA performa
Slide 11: EBITDA breakdown: Q2 2026 results
EBITDA breakdown: Q2 2026 results Positive result in Generation & Grids along with positive Fx dynamics boosted EBITDA EBITDA evolution by business line (USD mn) EBITDA breakdown 4% 1% +18% 4% Argentina +16% Brazil 1,254 USD 48% Colombia 1,116 138 1,254 mn 1,061 42 (3) 44% Peru (99) 962 114 C. Ameri
Slide 12: EBITDA breakdown: H1 2026 results
EBITDA breakdown: H1 2026 results Continued positive performance across both businesses EBITDA evolution by business line (USD mn) EBITDA breakdown 5% +17% 1% 4% Argentina +11% Brazil 2,428 USD 49% Colombia 2,186 242 2,428 mn 2,077 (7) Peru (99) 1,978 166 42% 50 C. America 1% 39% Grids USD Integrate
Slide 13: Cash flow (USD bn)
Cash flow (USD bn) Positive FFO despite NWC pressure in Brazil 2.43 of which (USD 0.77) bn in Brazil, explained by: - USD 0.23 bn CVA1 (0.95) - USD 0.20 IFRIC 122 - USD 0.30 CAPEX payments (0.35) (0.39) 0.74 (0.98) (0.25) 3 4 5 6 EBITDA NWC Taxes paid Net financial FFO CAPEX FCF expenses H1 2025 2.0
Slide 14: Debt (USD bn)
Debt (USD bn) Net debt increase due to Fx appreciation, dividend payments and negative FCF Gross and net debt1 Net debt evolution Gross debt breakdown +12% +25% 8% 3% 7.7 1% BRL 6.8 Currency 1.6 COP 6.0 USD USD 2.0 7.7 bn 53% 4.8 0.7 35% ARS 0.2 0.3 PEN 6.0 4.8 3% 8% 0% Brazil Dec. 25 Jun. 26 Dec. 2
Slide 15: Closing remarks
Closing remarks Continued capital allocation in Grids at the core of our 1 strategy Solid results across all businesses, with positive effects from 2 currency appreciation Focus on regulatory advocacy efforts to support business 3 continuity ESM approved share buyback program on July 23, boosting 4
Slide 16: Q2 & H1 2026 Annexes
Q2 & H1 2026 Annexes enel
Slide 17: Current scenario
Current scenario Local currencies, inflation, electricity distributed and interest rates Macroeconomic variables1 Electricity distributed Interest rates Local currencies Inflation3 vs USD ∆% Q22 ∆%H12 June June ‘26 vs ‘25 ‘26 vs ‘25 2025 2026 Argentina 2.9% June June Argentina -24% -24% 39.4% 33.5%
Slide 18: Operating exhibits: Distribution companies
Operating exhibits Distribution companies Energy sold SAIDI SAIFI Energy Concession Next tariff Distributor Clients City, Country LTM (GWh) (hours) (times) losses (%) area (km2) review Edesur 2,741,365 17,792 15.7 9.1 18.2% Buenos Aires, Argentina 3,309 2030 Enel Ceará 4,375,254 15,404 8.1 4.2 18.0%
Slide 19: Operating exhibits: Installed capacity and production
Operating exhibits Net installed capacity & Total net production: Breakdown by source and geography Net installed capacity (MW) MW Hydro Wind Solar CCGT Coal Total Argentina 0 0 0 0 0 0 Brazil 1.272 3.506 1.845 0 0 6.622 Colombia 3.097 0 1.148 0 224 4.470 Central America 543 0 162 0 0 705 Peru 0 0 0
Slide 20: Financial exhibits
Financial exhibits Reported results Q2 2026 Q2 2025 ∆YoY H1 2026 H1 2025 ∆YoY Revenues 4.229 3.491 +21% 8.152 6.788 +20% Gross Margin 1.735 1.483 +17% 3.382 2.911 +16% OPEX (481) (422) +14% (954) (835) +14% Reported EBITDA 1.254 1.061 +18% 2.428 2.077 +17% 1 D&A (396) (405) -2% (804) (765) +5% EBIT
Slide 21: Grids business results
Grids business results Quarterly and cumulative results Q2 EBITDA evolution (USD mn) YTD EBITDA by country (USD mn) +6% 737 7% 694 30% 1,536 (+18% YoY) 63% Q2 2025 Q2 2026 Argentina Brazil Colombia 21
Slide 22: Generation business results
Generation business results Quarterly and cumulative results Q2 EBITDA evolution (USD mn) YTD EBITDA by country (USD mn) +43% 551 11% 30% 386 933 (+18% YoY) 59% Q2 2025 Q2 2026 Brazil Colombia C. America 22
Slide 23: Argentina (USD mn): Quarterly results
Argentina (USD mn) Quarterly results Generation Grids Total1 Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Revenues 14 1 -94% 449 450 0% 463 451 -3% Procurements -1 0 -94% -234 -310 32% -235 -310 32% and Services OPEX -4 -1 -80% -86 -92 7% -90 -94 4% EBITDA 9 0 <-100% 129 48 -63% 138 47 -66%
Slide 24: Argentina (USD mn): Cumulative results
Argentina (USD mn) Cumulative results Generation Grids Total1 H1 2025 H1 2026 % H1 2025 H1 2026 % H1 2025 H1 2026 % Revenues 27 3 -91% 859 869 1% 886 872 -2% Procurements -3 0 -91% -510 -575 13% -512 -575 12% and Services OPEX -7 -3 -59% -197 -182 -8% -205 -186 -9% EBITDA 18 0 <-100% 152 113 -26% 16
Slide 25: Brazil (USD mn): Quarterly results
Brazil (USD mn) Quarterly results Generation Grids Total1 Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Revenues 312 396 27% 1,759 2,151 22% 2,068 2,515 22% Procurements -146 -187 28% -1,203 -1,461 21% -1,340 -1,626 21% and Services OPEX -33 -42 30% -164 -218 32% -225 -289 28% EBITDA 134 167
Slide 26: Brazil (USD mn): Cumulative results
Brazil (USD mn) Cumulative results Generation Grids Total1 H1 2025 H1 2026 % H1 2025 H1 2026 % H1 2025 H1 2026 % Revenues 608 842 39% 3,336 4,170 25% 3,943 4,965 26% Procurements -282 -488 73% -2,215 -2,760 25% -2,483 -3,206 29% and Services OPEX -62 -78 26% -340 -448 32% -448 -571 27% EBITDA 264 27
Slide 27: Colombia (USD mn): Quarterly results
Colombia (USD mn) Quarterly results Generation Grids Total1 Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Q2 2025 Q2 2026 % Revenues 383 595 55% 530 630 19% 859 1,157 35% Procurements -158 -230 45% -291 -362 25% -394 -524 33% and Services OPEX -26 -31 23% -66 -51 -23% -92 -83 -10% EBITDA 199 334 68% 174 217 2
Slide 28: Colombia (USD mn): Cumulative results
Colombia (USD mn) Cumulative results Generation Grids Total1 H1 2025 H1 2026 % H1 2025 H1 2026 % H1 2025 H1 2026 % Revenues 794 978 23% 1,071 1,259 18% 1,758 2,118 21% Procurements -334 -360 8% -592 -696 18% -817 -937 15% and Services OPEX -48 -67 40% -105 -101 -3% -153 -169 10% EBITDA 412 552 34% 3
Slide 29: Central America (USD mn)
Central America (USD mn) Quarterly & cumulative results Central America Q2 2025 Q2 2026 % H1 2025 H1 2026 % Revenues 81 83 2% 165 159 -3% Procurements -29 -23 -20% -49 -37 -25% and Services OPEX -8 -10 19% -16 -18 12% EBITDA 44 50 13% 100 105 5% Net Income 18 23 34% 46 51 9% Gross Capex 4 4 -7% 6 6
Slide 30: Peru (USD mn)
Peru (USD mn) Quarterly and cumulative results Peru Q2 2025 Q2 2026 % H1 2025 H1 2026 % Revenues 19 22 17% 37 39 5% Procurements -9 -9 3% -16 -16 -1% and Services OPEX -3 -3 10% -5 -5 -11% EBITDA 8 10 37% 16 18 16% Net Income 2 5 >100% 12 9 -22% Gross Capex 0 0 42% 1 2 >100% Net Production 58 87 50%
Slide 31: Consolidated financial position
Consolidated financial position Liquidity, debt maturities and credit profile Liquidity position Debt maturities (USD bn) Credit profile Average maturity of Baa3/Negative 3.4 3.2 years (April 2026) BB+/Stable 48% (April 2026) 52% USD 3.1 bn 1.8 1.6 0.9 BBB+/Stable (March 2026) 2026 2027 2028 After 2
Slide 32: Corporate governance structure
Corporate governance structure Shareholders’ meeting Audit firm 29% BoD’s 43% composition Board of Directors (7 members) 29% Executive of Enel Group Independent Non-executive elected by Enel SpA Functions: Directors Committee Audit committee Sustainability committee Related parties' transactions 32
Slide 33: Board composition
Board composition Board of Directors Board of Directors’ diversity Beatriz Saiz Chairwoman 29% Luca Lo Voi Director Gender diversity 71% Roberto Deambrogio Director Male Female Director José Antonio Vargas Directors’ Committee 14% 14% 29% Britaldo Soares Director Tenure 14% Nationality 14% diversity
Slide 34: Policies, principles and codes
Enel Américas - Policies, principles and codes Ethics, Integrity, Human Rights, and Diversity • Ethical code • Zero Tolerance Plan for Corruption • Global Compliance Program on Corporate Criminal Liability • Criminal Risk Prevention Model • Compliance Program for Free Competition Regulations • Human
Slide 35: Disclaimer
Q2 & H1 2026 Consolidated results Disclaimer This presentation contains statements that could constitute forward-looking statements. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of Enel Américas and its
Slide 36: Contact us
Q2 & H1 2026 Consolidated results Contact us Contacts Email - [email protected] Channels Website Mobile App www.enelamericas.com Enel Américas Jorge Velis Head of Investor Relations Download App iOS Android Investor Relations team Nicolás Gracia Claudio Ortiz Sebastián Cisternas Francisco Bas
Slide 37: CNC
CNC