Enel Chile S A : – Financial Statements Analysis – 9M & Q3 2023

FINANCIAL STATEMENTS ANALYSIS

ENEL CHILE GROUP

AS OF SEPTEMBER 30, 2023

ENEL CHILE

ANNOUNCES CONSOLIDATED RESULTS

FOR THE PERIOD ENDED SEPTEMBER 30, 2023

(Amounts expressed in millions of Chilean Pesos Ch$ million)

EXECUTIVE SUMMARY

• Net income attributable to the shareholders of Enel Chile S.A. as of September 30, 2023, reached Ch$ 275,658 million, which is greater than the Ch$ 149,442 million booked for the same period of 2022, mainly due to higher energy sales in the Generation business segment and a more efficient generation mix, especially during this last quarter due to better hydrology. Thus, during Q3 2023, net income reached a Ch$ 161,916 million profit, which is 61.5% greater than the figure for Q3 2022.
• Despite greater sales in the Generation business segment, operating revenues decreased 1.1% to Ch$ 3,177,263 million as of September of 2023 when compared to September 2022, primarily due to lower gas sales in this same business. Similarly, during Q3 2023, operating revenues decreased 20.1% to Ch$ 1,035,976 million, mostly due to lower level of gas commercialization mentioned above and lower energy sales in the Distribution and Networks business segment.
• Procurement and services costs reached Ch$ 2,287,556 million as of September 2023, 10.6% less than the figure for the same period of 2022, mainly explained by lower energy purchases in the Generation and Distribution and Networks segments, coupled with lower fuel consumption costs and gas commercialization costs in the Generation segment. During Q3 2023, procurement and services costs decreased 36.9% to Ch$ 628,168 million, mainly explained by lower energy purchase costs in both business segments, coupled with lower fuel consumption costs and gas commercialization costs in the Generation business.
• As a result of the factors previously mentioned, the Company´s EBITDA increased 55.2% to Ch$ 643,473 million as of September 2023 when compared to September 2022. During Q3 2023, EBITDA also increased 55.2% to Ch$ 321,094 million.
• Financial result amounted to a Ch$ 48,993 million expense as of September 2023, equivalent to a Ch$ 21,441 million improvement when compared to September 2022, mainly explained by greater financial income and a higher positive indexation effect. Similarly, during Q3 2023, financial result improved Ch$ 22,917 million when compared to Q3 2022 reaching a Ch$ 1,141 million expense.
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FINANCIAL STATEMENTS ANALYSIS

ENEL CHILE GROUP

AS OF SEPTEMBER 30, 2023

• Enel Chile, through its subsidiary Enel Green Power Chile (EGP Chile), after receiving the respective authorizations from the National Electricity Coordinator between May and August of 2023, began commercial operations of its new Renaico II (144 MW) wind power plant and its Guanchoi (398 MW), Valle del Sol (163 MW), Finis Terrae Extension (126 MW) and Finis Terrae III (18 MW) photovoltaic power plants. In addition, during the first nine months of 2023, the Company added 377 MW of net additional capacity by completing the Renaico II (144 MW) and La Cabaña (106 MW) wind power plants, the El Manzano photovoltaic plant (99 MW), and connecting part of the Sierra Gorda Solar project (100 MW) to the System.
• In July 2023, Enel Chile signed a contract called "Stock Purchase Agreement" with Sonnedix, an international renewable energy company, regarding the sale of Enel
  plants in Atacama and in Antofagasta that have a total aggregate 416 MW net installed capacity. The closing of the sale took place on October 24, 2023, having

ing satisfied other conditions precedent customary to this type of transaction. On that same date, Enel Chile received approximately US$ 556 million for its 99.99% ownership share of Arcadia Generación Solar S.A. and resulted in a positive US$ 160 million effect on the Company net income for 2023.

BUSINESS SEGMENT SUMMARY

Generation

• Net electricity generation amounted to 17,551 GWh as of September 2023, 6.2% more (+1,031 GWh) than the figure as of September 2022, mainly due to greater hydroelectric (+1,756 GWh) and solar (+1,121 GWh) generation this year as a consequence of greater hydrology and the commissioning of new power plants, respectively, which compensated the lower thermal dispatch (-1,770 GWh) resulting primarily from the disconnection of Bocamina 2 in September 2022. During Q3 2023, net electricity generation increased 11.2% (+707 GWh) to 6,998 GWh primarily due to greater hydroelectric and solar generation, when compared to Q3 2022.
• Physical energy sales reached 24,198 GWh as of September 2023, 0.9% greater (+210 GWh) than the figure for the same period of 2022, mainly explained by an increase in spot market sales partly offset by lower regulated and unregulated customer sales. During Q3 2023, physical energy sales increased 3.5% (+285 GWh) to 8,408 GWh, mainly due to greater unregulated customer sales and spot market sales.
• Operating revenues as of September 2023 increased 1.9% to Ch$ 2,516,147 million when compared to September 2022, primarily due to a higher average sales price due to contract indexation clauses, in addition to greater physical sales. During Q3 2023,
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FINANCIAL STATEMENTS ANALYSIS

ENEL CHILE GROUP

AS OF SEPTEMBER 30, 2023

operating revenues decreased 20.6% to Ch$ 809,887 million, primarily due to lower gas sales.

• Procurement and services costs reached Ch$ 1,761,327 million as of September 2023, representing an 11.7% decrease, mainly explained by lower energy purchases, fuel consumption costs and gas commercialization costs. Similarly, during Q3 2023, procurement and services costs decreased a significant 41.5% to Ch$ 448,830 million primarily due to a more efficient generation mix resulting from better hydrology and the operations of new power plants.
• As a result of the abovementioned, EBITDA of the Generation business increased 80.2% to Ch$ 609,683 million as of September 30, 2023, when compared to the same period of 2022. Also, during Q3 2023, EBITDA increased 56.8% to Ch$ 309,188 million, mainly due to lower procurement and services costs.

		Cumulative				Quarterly
Physical Data	Sep-23	Sep-22	% Change		Q3 2023	Q3 2022	% Change
Total Sales (GWh)	24,198	23,988	0.9%		8,408	8,123	3.5%
Total Generation (GWh)	17,551	16,520	6.2%		6,998	6,291	11.2%

Distribution & Networks

• Physical sales reached 10,912 GWh as of September 2023, representing a 17.7% decrease (-2,346 GWh) when compared to September 2022, mainly due to the change
  December 2022. Physical sales during Q3 2023 also declined amounting to 3,732 GWh, 19.5% (-902 GWh) less than Q3 2022.
• The total number of customers grew 2.5% to 2,120,136 end customers during the first nine months of 2023, mainly residential and commercial customers. Annual energy losses decreased from 5.11% in September 2022 to 5.06% in September 2023.
• Operating revenues decreased 10.5% when compared to September 2022 reaching Ch$ 959,358 million, mainly due to lower revenues from other services after selling Enel Transmisión Chile, in addition to lower energy sales resulting from a lower average sales price when expressed in Chilean pesos. During Q3 2023, operating revenues decreased 22.7% when compared to Q3 2022 reaching Ch$ 319,658 million, mainly
  as stated previously.
• Procurement and services costs decreased 6.9% to Ch$ 815,370 million as of September 30, 2023, mainly due to lower energy purchases when compared to the same period of last year. Similarly, during Q3 2023, procurement and services costs decreased 23.5 % to Ch$ 271,248 million when compared to Q3 2022.
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FINANCIAL STATEMENTS ANALYSIS

ENEL CHILE GROUP

AS OF SEPTEMBER 30, 2023

• Consequently, EBITDA of the Distribution and Networks business reached Ch$ 68,872 million as of September 2023, 41.9% less than the figure for the same period of 2022, which includes the sale of Enel Transmisión Chile effect mentioned previously. EBITDA for Q3 2023 followed a similar trend reaching Ch$ 21,539 million, representing a 25.9% reduction when compared to Q3 2022.

		Cumulative				Quarterly
Physical Data	Sep-23	Sep-22	% Change		Q3 2023	Q3 2022	% Change
Total Sales (GWh)	10,912	13,258	(17.7%)		3,732	4,634	(19.5%)
Number of Customers	2,120,136	2,069,386	2.5%		2,120,136	2,069,386	2.5%

FINANCIAL SUMMARY- ENEL CHILE

gross financial debt of September 30, 2023, was US$ 4,915 million, US$ 255 million more than the balance as of December 31, 2022. This variation is mainly explained by the following:

-

Enel Finance International in January 2023 for US$290 million. This credit line was fully disbursed in April 2023.

• Full dMizuho in April 2023 for US$ 100 million.

-	committed credit line granted by Enel Finance
	International in April 2023 for US$ 50 million.

• Full dby Enel Finance International in May 2023 for US$ 200 million.
• First disbursement of the extended European Investment Bank (EIB) financing plan for Enel Chile in July 2023 for US$ 98.6 million.

-

US$ 200 million.

-	S$ 21.2 million.

• A US$ 27.7 million increase in leasing liabilities (IFRS 16).

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FINANCIAL STATEMENTS ANALYSIS

ENEL CHILE GROUP

AS OF SEPTEMBER 30, 2023

Liquidity available to Enel Chile is composed of the following:

-	Cash and cash equivalents	: US$ 328 million
-	Undisbursed committed credit lines	: US$ 138 million

The

September 2023.

Hedging and protection:

To mitigate the risks associated with exchange rate and interest rate variations, Enel Chile has established policies and procedures to protect its financial statements against the volatility of these variables.

have cross currency swaps and forward contracts that amount to US$ 273 million and US$ 1,655 million, respectively.

To reduce financial statement volatility caused by interest rate variations, the Enel Chile Group maintains an adequate debt structure balance. Therefore, the Group has interest rate swaps for US$ 50 million.

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FINANCIAL STATEMENTS ANALYSIS

ENEL CHILE GROUP

AS OF SEPTEMBER 30, 2023

INFORMATION RELEVANT TO THE ANALYSIS OF THESE FINANCIAL STATEMENTS

Regulatory Changes:

• As part of the social agenda announced by the government, the Ministry of Energy
  published Law on November 2, 2019. This Law creates a Temporary Regulated Customer Tariff Stabilization Mechanism that states that the price to charge regulated customers for electricity from July 1, 2019, through December 31, 2019, is to be equal to the prices in force during the first semester of 2019 (Decree 20T/2018). This stabilized price was
  January 1, 2021, until the stabilization mechanism is suspended, the prices will be those defined in the tariff setting processes carried out every six months as established in Article 158 of the Electricity Law, but not to exceed the PEC adjusted by inflation according to the Consumer Price Index as of January 1, 2021, using the same date as base (adjusted PEC). The billing differences until 2023 are to be recorded as accounts receivables in favor of generation companies, limited to a maximum US$ 1,350 million. This limit was reached in January 2022. The balance of these accounts receivable is to be recovered, at the latest, by December 31, 2027.
  On September 14, 2020, the National Energy Commission (CNE in its Spanish acronym) published Exempt Resolution 340 that modified the technical provisions regarding the implementation of the Tariff Stabilization Law. This Resolution clarified that the
  manner, beginning with the most dated to the most rec weighted based on the total Balance pending payment as it had been interpreted by the industry up to such date.
  This Resolution also established that the payment of Balances is to be performed using the Observed Exchange Rate on the sixth working day following the day the Balance Payment Chart is published by the System Coordinator, replacing the average value of the dollar during the billing month, which had been in force up to then.
• On August 2, 2022, Law 21,472 was published creating a new Tariff Stabilization Fund and a New Transitional Regulated Customer Tariff Stabilization Mechanism. The Law also established a customer protection mechanism to pay the difference between the respective regulated supply contract price and the stabilized tariff. The goal was to
  increases over the next decade. A US$ 1.8 billion transitional fund was created to accumulate the regulated customer price differences and pay electricity generation companies with a Payment Document in US dollar, transferable, subject to price indexation, issued monthly by the Chilean Treasury Department and secured by a State guarantee to expire in December 2032.
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FINANCIAL STATEMENTS ANALYSIS

ENEL CHILE GROUP

AS OF SEPTEMBER 30, 2023

This fund will be financed with an extra charge billed to final customers based on their level of consumption. Customers whose monthly consumption is less than 350 kWh, and also small companies that consume less than 1,000 kWh are exempt of this additional charge.

The fund i República. It will receive a US$ 20 million fiscal contribution every year until its expiration date set on December 31, 2032, in addition to the US$ 15 million contribution in 2022. The amount accumulated in excess of the US$ 1,350 million fund established in Law 21,185 is subject to this new mechanism created by Law 21,472.

On March 2, 2023, the National Energy Commission issued Exempt Resolution 86 that establishes technical provisions regarding the implementation of Law 21,472. On August 9, 2023, the CNE issued Exempt Resolution 334 that amends and restates the text of Exempt Resolution 86.

The sale of Enel Transmisión Chile S.A.:

• On July 28, 2022, Enel Chile signed a Stock Purchase Agreement to sell its entire 99.09% ownership share of Enel Transmisión Chile S.A. (the Sale) to Sociedad Transmisora Metropolitana SpA, controlled by Inversiones Grupo Saesa Ltda. (hereafter Saesa Group). The Sale and subsequent transfer of shares was subject to certain conditions precedent, which included the approval of the transaction by the FNE as established by Law 211/1973. Pursuant to Securities Market Law 18045, the Sale was to be carried out as a Public Tender Offer (PTO) of 100% of Enel Transmisión Chile S.A. shares.
  On December 9, 2022, the Company informed that the conditions precedent previously mentioned had been satisfied and therefore the Sale and the Bylaw amendments, which had been approved by the extraordinary shareholders meeting of
  Ene capital into two classes of shares, had become effective that day.

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FINANCIAL STATEMENTS ANALYSIS

ENEL CHILE GROUP

AS OF SEPTEMBER 30, 2023

MARKETS IN WHICH ENEL CHILE S.A. OPERATES

Generation segment

We carry out our generation business in Chile through our subsidiaries Enel Generación Chile, Enel Green Power Chile (hereafter EGP Chile) and Arcadia Generación Solar S.A.1, which combined, have a total 8,780 MW2 net installed capacity as of September 30, 2023. Generation assets are diversified, and focus on renewable energy, which represents 77% net installed capacity. A total of 3,510 MW are hydroelectric power, 2,042 MW are thermal power that operate using gas or fuel oil, 2,242 MW are solar power, 903 MW are wind generation power, and 83 MW are geothermal installed capacity.

The following chart summarizes the cumulative physical information of our generation business segment as of September 30, 2023, and 2022:

Energy Sales (GWh)

Market share

Cumulative

Quarterly

(%)

Markets in which participates

Sep-23

Sep-22

% Change

Q3 2023

Q3 2022

% Change

Sep-23

Sep-22

Sistema Eléctrico Nacional (SEN)

24,198

23,988

0.9%

8,408

8,123

3.5%

41.4%

41.7%

Distribution & Networks segment

Our Distribution and Networks business is carried out by our subsidiaries Enel Distribución Chile S.A. and Enel Colina S.A.

Enel Distribución Chile is one of the largest electricity distribution companies in Chile in terms of regulated customers, distribution assets, and electricity sales. It operates in a 2,105 square kilometer concession area. The Chilean Government granted the concession agreement for an unlimited period of time to transmit and distribute electricity to 33 counties of the Metropolitan Region, including the concession areas of our subsidiary Enel Colina. Its service area, from the Chilean tariff regulation perspective, is considered primarily a densely populated area, making it one of the largest electric utility companies for regulated customers in Chile.

1. The sale of Arcadia Generación Solar S.A. to Sonnedix became effective on October 24, 2024.
2. Includes an additional 377 MW net capacity during the first nine months of 2023. Additional capacity: when the first wind turbine/photovoltaic field circuits are connected to the network and begin to produce electricity and all wind turbine/photovoltaic field circuits are electromechanically operational. Capacity to be electromechanically operational.
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FINANCIAL STATEMENTS ANALYSIS

ENEL CHILE GROUP

AS OF SEPTEMBER 30, 2023

The following chart summarizes the physical information of our Distribution and Networks business segment for the period ended September 30, 2023, and 20223:

Energy Sales

			(GWh)						Energy Losses
		Cumulative					Quarterly				(%)
Physical Information	Sep-23	Sep-22	% Change		Q3 2023	Q3 2022	% Change	Sep-23		Sep-22
Distribution & Networks Business	10,912	13,258	(17.7%)			3,732	4,634	(19.5%)			5.06%		5.11%
Other Information	Sep-23	Sep-22	% Change
Number of Customers	2,120,136	2,069,386	2.5%
Customers/Employees	3,541	3,061	15.7%

The following chart presents quarterly and accumulated electricity sales revenue per business segment and customer type as of September 30, 2023, and 2022:

			Cumulative Figures
ENERGY SALES	Total Businesses	Structure and Adjustments	Total
(Figures in Million Ch$)	Sep-23	Sep-22	Sep-23	Sep-22	Sep-23	Sep-22
Generation:	2,063,693	1,893,854	(314,474)	(323,924)	1,749,219	1,569,930
Regulated customers	947,053	831,689	(280,974)	(293,152)	666,079	538,537
Non regulated customers	1,053,785	961,235	(33,500)	(30,713)	1,020,285	930,522
Spot market	62,855	100,930	-	(59)	62,855	100,871
Distribution & Networks:	917,530	988,096	(13,310)	(8,398)	904,220	979,698
Residential	467,616	549,683	-	-	467,616	549,683
Commercial	275,026	262,037	-	-	275,026	262,037
Industrial	75,644	82,403	-	-	75,644	82,403
Other	99,244	93,973	(13,310)	(8,398)	85,934	85,575
Less: Consolidation adjustments	(327,784)	(332,322)	-	-	-	-
Total Energy Sales	2,653,439	2,549,628	(327,784)	(332,322)	2,653,439	2,549,628
Million Chilean pesos variation in Ch$ and %	103,811	4.07%	-	-	103,811	4.07%

3

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FINANCIAL STATEMENTS ANALYSIS

ENEL CHILE GROUP

AS OF SEPTEMBER 30, 2023

			Quarterly Figures
ENERGY SALES	Total Businesses	Structure and Adjustments	Total
(Figures in Million Ch$)	Q3 2023	Q3 2022	Q3 2023	Q3 2022	Q3 2023	Q3 2022
Generation:	716,080	694,633	(101,759)	(133,072)	614,321	561,561
Regulated customers	313,598	331,138	(88,549)	(119,261)	225,049	211,877
Non regulated customers	385,384	315,269	(13,210)	(13,786)	372,174	301,483
Spot market	17,098	48,226	-	(25)	17,098	48,201
Distribution & Networks:	308,636	386,196	(5,699)	(3,843)	302,937	382,353
Residential	164,513	220,692	-	-	164,513	220,692
Commercial	87,873	100,536	-	-	87,873	100,536
Industrial	22,534	28,501	-	-	22,534	28,501
Other	33,716	36,467	(5,699)	(3,843)	28,017	32,624
Less: Consolidation adjustments	(107,458)	(136,915)	-	-	-	-
Total Energy sales	917,258	943,914	(107,458)	(136,915)	917,258	943,914
Million Chilean pesos variation in Ch$ and %	(26,656)	(2.82%)	-	-	(26,656)	(2.82%)

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