Enel Americas S A : Integrated Annual Report - Enel Américas 2023

INTEGRATED ANNUAL REPORT ENEL AMÉRICAS 2023

Every action can produce a big change. Every choice made by companies, communities or individuals inevitably affects the balance between them. Growing sustainably means being aware of the effects of each action: from the generation to the distribution of value. This is what the graphic design of the Enel Américas Group's Integrated Annual Report expresses. The Company is symbolically represented by circular geometric shapes that integrate with each other to generate a balanced system and highlight the drive towards growth: from energy production to its distribution and use.

2	Integrated Annual Report Enel Américas 2023

INTEGRATED ANNUAL REPORT ENEL AMÉRICAS 2023

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ENEL IS OPEN POWER

POSITIONING

OPEN POWER

VISION
Open Power to tackle some of the		PURPOSE
world's biggest challenges.		OPEN
POWER
		FOR A
	BRIGHTER
	FUTURE.

MISSION

• Open access to electricity for more people.
• Open the world of energy to new technology.
• Open up to new uses of energy.
• Open up to new ways of managing energy for people.
• Open up to new partnerships.

VALUES

• Trust
• Proactivity
• Responsibility
• Innovation

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PRINCIPLES OF CONDUCT

• Make decisions in daily activities and take responsibility for them.
• Share information, being willing to collaborate and open to the contribution of others.

• Follow through with commitments, pursuing activities with determination and passion.
• Change priorities rapidly if the situation evolves.
• Get results by aiming for excellence.
• Adopt and promote safe behavior and move proactively to improve conditions for health, safety and well-being.
• Work for the integration of all, recognizing and leveraging individual diversity (culture, gender, age, disabilities, personality, etc.).

• Work focusing on satisfying customers and/or coworkers, acting effectively and rapidly.
• Propose new solution and d o not give up when faced with obstacles or failure.
• Recognize merit in co-workers and give feedback that can improve their contribution.

WE EMPOWER SUSTAINABLE PROGRESS.

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Francisco de Borja Acha Besga	Aurelio Bustilho de Oliveira
Chairman of the Board	CEO

LETTER TO

SHAREHOLDERS

AND STAKEHOLDERS

Ladies and gentlemen, we put at your disposal the Integrated Annual Report and the Consolidated Financial Statements of Enel Américas for the year 2023. These documents provide information on the Company's performance in the countries where we operate, progress in strategy implementation, and delivery of value to our stakeholders thanks to the incorporation of environmental, social, and corporate governance (ESG) criteria in management.

During this period, the regional macroeconomic context has remained relatively stable, although interest rates remain high and are expected to remain so in the medium term. The risk of climate change is still present and adds volatility to the markets. In the distribution business,

it forces us to redouble our efforts to build resilient grids that allow us to deliver good quality service to our customers.

All in all, the region has shown significant growth potential in renewable energies and electrification. It also presents

new opportunities, such as the liberalization of the Brazilian market in the forthcoming years.

2024 - 2026 Strategic Plan

In November, we presented our 2024-2026 Strategic Plan based on five concepts: corporate simplification, grids, generation, customers, and financial sustainability. We will focus on countries where the strategy towards the energy transition can be implemented best and has made a greater degree of progress, such as Brazil and Colombia.

Regarding the first concept, and in line with what was announced in 2022, in 2023, we completed the sale of the Costanera and Dock Sud generating plants in Argentina and transferred the CIEN concession in Brazil. We also signed the sale of Enel Distribución Perú and Enel Generación Perú and, as part of our decarbonization plan, the sale of the Cartagena Thermal Power Plant in Colombia.

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US$3,749	14.6
million	GW
EBITDA	Installed Capacity

The second concept, which involves the grids in the distribution business, aims to maximize the growth of our asset base. At the same time, we move forward in digitalizing and electrifying our concession areas, improving quality indicators.

The third concept, generation, will maintain its focus on creating fresh renewable capacity while conscientiously managing the risks, returns, and margins associated with each new investment. Currently, our installed capacity stands at 14.6 gigawatts (GW), with renewable sources accounting for 90% of this amount.

The fourth concept is made up of the 23.8 million customers we have in the region. Our goal is to promote new services and products that aim to electrify consumption and improvee each customer's experience.

The last but certainly not least important concept of our strategy is financial sustainability, where we constantly seek to improve our efficiency and optimize the capital structure.

The results for the period

Net income attributable to Enel Américas' controlling shareholders

for the period ended December 31, 2023, was US$ 864 million, representing a US$ 908 million increase compared to the US$ 44 million loss recorded as of December 31, 2022. The substantial variation in results is explained by the corporate simplification process that Enel Américas has been developing since 2022, which meant recognizing in the previous period non-recurring losses of US$ 1,203 million, mainly associated to the sales processes of Enel Distribución Goiás and Enel Generación Fortaleza. The effect is offset by the US$ 104 million of one-time losses recorded in 2023 for the acknowledgment of impairment losses on long-lived assets at the Windpeshi project in Colombia.

In keeping with our strategy, this year, we have added 1.8 GW of new renewable capacity to the region and continue to build 0.8 GW of new solar and wind projects. These include La Loma, Fundación, the El Paso extension, and Guayepo

I & II, the country's largest solar park under construction. In Central America, two plants were built in Panama: Baco and Madre Vieja. In Brazil, we celebrated the commercial operation of the São Gonçalo solar complex, the first Enel plant in the country to use bifacial panel technology.

In electromobility, one of the period's important milestones was the launch of the largest fleet of public transport electric buses in São Paulo, thanks to the joint efforts of Enel X and the city's Prefecture. The fleet includes nearly 50 vehicles that bring significant benefits to the quality of life of local citizens and contribute to the care of the environment. In Colombia, where we completed six charging yards for electric buses, the District Secretariat of Mobility, La Rolita, and Enel Colombia (through its Enel X line) presented the first public charger network for electric vehicles. It will be made up of 15 charging stations distributed in six strategic areas of Bogotá.

We are also constructing a state-of-the-art digital electrical infrastructure to facilitate an energy transition founded on consumption electrification. In this manner, Enel Brasil achieved the milestone of installing

over 600,000 digital meters in São Paulo. Consequently, the organization emerged as a frontrunner among the operators in Brazil employing this technology. The implementation of this solution commenced in the areas of Perus, Pirituba, Freguesia, and Brasilândia in 2021.

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Within the framework of the Bogotá-Region 2030 expansion plan in Colombia, the new Avenida Calle Primera electrical substation was inaugurated during the first quarter of 2023. The latter, in addition to to meeting the demand for the city's first Metro line, will increase the quality of energy service for more than 206,000 inhabitants of Bogota.

Promoting excellence is key to achieving environmentally, socially, and economically sustainable economies. That is why we participated in the "Blue Dot Network" pilot with the "Lagoa dos Ventos" wind farm in Brazil. It is a project guided by the OECD with the collaboration of the

governments of the United States, Japan, and Australia. This initiative presented us with the opportunity to test our processes by seeking continuous improvement and sharing all the best practices needed to build and operate a renewable energy plant in line with the main international standards for a decarbonized economy.

In 2023, Enel Américas once again stood out in ESG indices thanks to integrating sustainability into its strategy, which was validated by the Company's performance in various rankings. We confirmed our presence in the three categories of the Dow Jones Sustainability Index: Emerging Markets, Pacific Alliance Integrated Market (MILA), and Chile.

We were once again included in the FTSE4Good Latin America Markets Index and the FTSE4Good Emerging Index. Furthermore, for the fourth consecutive year, we have been part of The Sustainability Yearbook.

Simply put, 2023 was a good year for our Company thanks to the support of our directors, shareholders, collaborators, investors, suppliers, and customers, who contribute every day to making this a more sustainable and efficient company. Thank you very much for what you have already achieved, and we encourage you to continue working together on the path we have set for ourselves.

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INDEX

Letter to shareholders and stakeholders	6
Reporting rules	12
Connectivity Matrix	14

.	THE ENEL
AMÉRICAS GROUP 17
Highlights		18
Value creation model	21
The Enel Américas Group	24

. GOVERNANCE	29
Shareholders	30
Enel Américas' corporate
governance system	34
Board of Directors	38
Executive Team	58
Relationship between the Company,
shareholders, and the general public	62
Values and Ethical Pillars	71
Tax transparency	86

STRATEGY & RISK
. MANAGEMENT	91
Macroeconomic and market context	92
Enel Américas' strategy	94
Risk Management	120
Zero emissions ambition	144

ENEL AMÉRICAS
BUSINESS AND
. MANAGEMENT
2023	191
Enel Américas business model	192
Enel Américas group business	194
2023 Performance	230
Structure and regulatory
framework of the electricity industry	233
Investments and financial situation	235
Natural capital protection and
development	245
Innovation	256
Focus on People	272

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