Q3 & 9M Enel Chile Consolidated Results Presentation
November 04th, 2025
Simone Conticelli
CFO
Key highlights of the period
Portfolio management
Country and Regulatory context
Business profitability
Remarkable performance of thermal generation, offsetting lower hydrological conditions
Positive gas optimization activities
continues in Q3 2025
Successful implementation of the comprehensive Winter Plan aimed at strengthening grid resilience
1. Includes interests.
VAD 2024-28 Preliminary Regulator technical report published in Oct/25
H1 2026 preliminary energy regulated tariff decree published in Oct/25
Regulated energy auctions
to be held in Q4 2025
2027-30 period: 3.4 TWh/year
Year 2026: 1.5 TWh/year
Stable 9M 2025 EBITDA
compared to previous year
Positive FFO driven by the PEC recovery
including 261 USD mn1
received through factoring
Strong liquidity position
to support development plan
and mitigate potential headwinds
3
Effective gas supply and optimization strategy to offset the lower hydro generation
Enel Chile hydro generation
Enel Chile gas availability and trading activities
9.7
Historic hydro generation
(TWh)
13.7
12.2
9.7
9.8
7.7
10.7
Avg. 10 years1
9M
Snow levels Maule and Laja basins
Thermal generation
(TWh)
+16%
4.3 5.0
9M 2024 9M 2025
Gas optimization activities 9M 2025
North Zone
Mejillones LNG Terminal
LNG
Gas Swap
Quintero LNG
Terminal
Gas Atacama gas pipeline operative (Argentina)
Argentine natural
8.0
2020 2021 2022 2023 2024 2025E
3.8 2.6 Q3
74 USD mn
Center Zone
gas
Hydroelectric generation in 9M 2025 still aligned with the guidance
for the year
Sep 15, 2025
Sep 15, 2024
88% average probability of exceedance2 for the upcoming snowmelt season
Flexible fleet and strong LNG/GNA
supply underpin our sales strategy and mitigate hydro volatility
Considers 2015-2024 data from Enel Generación Chile and Enel Green Power Chile.
According to the latest snowmelt report from the National Electric Coordinator (6th 2025/2026 forecast). 4
Solid and diversified portfolio supports our commercial commitments, despite the drought period
Net installed capacity (GW)
Net production and energy balance (TWh)
78%
REN + BESS
Net production
18.6
71%
Emission free production
0.8
0.8
16.9
Portfolio mix evolution1
0.5
3.7
4.7
8.4 8.4 7.6 7.6
Spot performance
16%
6%
1.5
0.1
6.5
4.6
8.0
4.3
9.7
0.4
3.8
3.9
0.7
4.8
6.5
1.4
2.8
0.6
1.6
5.4
6%
0.5 0.1
0.5
1.6
2%
2%
8.9
1.0
1.3
0.2
GW
41%
5.4
Q3 2024 Q3 2025
Q3 2024
Q3 2025
2.6
1.4
3.8
25.3 25.3
3.0
22.7 22.7
34%
Q3 2024
Q3 2025
9M 2024
9M 2025
14.6
10.7
3.7
18.6
3.9
1.9
1.2
2.3
1.6
16.9
1.9
3.9
3.0
8.1
14.6
Wind, solar & geothermal
Oil-Gas
Hydro CCGT
9M 2024 9M 2025
9M 2024
9M 2025
BESS
Oil-gas
Wind, solar & geothermal
Free market sales
Purchases third parties
Production
Solar hours Non-solar hours
Energy sales do not include the spot sales.
Net spot also includes BESS production 5
Main winter plan actions carried out in distribution to ensure stability and security of the grid
Winter plan main actions1 Grids main KPIs
376 crews operating for emergency services, power outage response and restoration, tree trimming, among others
115k tree trimming actions carried out
End users
(million)
9M 2024
2.2
9M 2025
2.2
+1%
572 telecontrol units installed
Energy distributed2
(TWh)
11.2
10.9
-3%
Infrastructure improvements, including 11 new feeders energized and 8 km MV/LV lines built or reinforced
3,229 electro-dependent customers, including 2,053 with
digital meters and 2,891 with backup equipment
Operational emergency guidelines with municipalities for climate events
Remote control equipment3 (000')
Digital meters3
(000')
2.9
356
3.5
359
+22%
+1%
Data as of August 31, 2025.
Data only for Enel Distribución concession area. 6
Cumulative figures.
Important updates to the energy regulatory framework
2025 regulated tariff decree
H1 2025
Dec-24
H2 2025
Jul-25
Generation
component:
PNP + MPC charge2
H1 2026
Oct-25 (preliminary)
PEC 1
PEC 2&3
Total receivables net
of recovery Sep/25
Expected final PEC recovery
100%
monetized
Up to 2027
149 USD mn
Dx regulatory cycle (VAD) Other regulatory topics
VAD 2024-28
(estimated timeline)
6% Returns
(real terms post tax)
VNR1 = 2.1 USD bn
(Dec 2022)
VAD 2020-24
Decree published in April 2025
Initiation study
Consultant final report (September 2025)
Enel Dx comments
Preliminary Regulator technical report (October 2025)
Enel Dx comments
Final Regulator technical report (Q1 2026)
Expert panel
Final report (H2 2026)
Awaiting the settlement of the outstanding debt
Resolution regarding remuneration for BESS ancillary services
2 Regulated auctions to be held in Q4 2025:
- 2027-30 period: 3.4 TWh/year
- Year 2026: 1.5 TWh/year
Regulated electric tariff
subsidy bill
2022 Year-end exchange rate 851.95 CLP/USD
MPC charge, adjusted according to the Chilean CPI 7
2025 results show our resilient operational performance
Economic & financial performance1
EBITDA
(USD mn)
Flat
Net income
(USD mn)
-21%
FFO
(USD mn)
615
366
+68%
1,005 1,004
446
352
9M 2024 9M 2025
408
345
Q3
-63
USD mn
9M 2024 9M 2025
106
-73
USD mn
9M 2024 9M 2025
211
-104
USD mn
180
315
1. For comparative purposes, the figures for 9M 2024 in the financial statements are converted using the average exchange rate for the period (937.20 CLP/USD).
8
Focused capital allocation to strengthen our grids and optimize the performance of our portfolio
9M 2025 CAPEX by business and by nature
1%
27%
245
USD mn
41%
31%
19%
245
24%
USD mn
57%
Others1
1. It includes Enel X and services.
9
Q3 2025 EBITDA evolution explained by the regulated
PPAs' expiration
EBITDA evolution (USD mn)
-15%
408
Lower PPA Sales due to expiration
3
5
17
345
(89)
of regulated contracts
Sourcing and Gas Trading activities mainly driven by optimized gas sourcing strategy
Q3 2024 PPA
sales
Sourcing Gas margin Grids & Others Q3 2025
Grids & Others mainly explained by 2024 extreme climate event and settlement adjustments from previous years
10
Attachments
Disclaimer
Enel Chile SA published this content on November 04, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 04, 2025 at 13:26 UTC.
