Enel Chile (ENIC) investor relations material

Executive summary

• Earnings remained resilient in H1 2026, supported by portfolio diversification, increased renewable generation, and flexible fuel sourcing, despite challenging hydrological conditions and lower rainfall.

• Regulatory certainty improved with the approval of the Electricity Tariff Protection Bill, extending tariff periods, supporting tariff settlements, and enabling future grid resilience investments.

• Strong liquidity and disciplined capital allocation underpin ongoing growth initiatives, including battery storage and new long-term PPAs.

• Net income attributable to shareholders rose 10.7% year-over-year to US$272 million, driven by improved operating performance and lower financial expenses.

• Operating revenues for H1 2026 were US$2,268 million, nearly flat year-over-year; Q2 revenues fell 9% due to lower energy and gas sales.

Financial highlights

• EBITDA for H1 2026 reached US$685 million, up 3.9% year-over-year; Q2 EBITDA declined 10.9% due to weaker hydrology and lower gas sales.

• Net income for H1 2026 was US$272 million, up 10.7% year-over-year; Q2 net income rose 54% to US$110 million due to lower depreciation and financial expenses.

• FFO for H1 2026 increased 24% to US$499 million, with strong cash generation and disciplined cash management.

• CapEx for H1 2026 totaled US$328 million, more than doubling year-over-year, with two-thirds allocated to renewables and BESS.

• Operating income (EBIT) H1 2026: US$502 million (+14.7% YoY); Q2: US$186 million (+12.2% YoY).

Outlook and guidance

• Full-year 2026 guidance confirmed, with no changes anticipated despite earlier hydrological challenges.

• Hydro generation outlook for 2026 remains at 10.7 TWh, with recent rainfall supporting confidence in targets.

• Management remains confident in fuel sourcing for the remainder of 2026, with additional LNG secured.

• Regulatory changes will gradually return rates for regulated customers to actual energy costs, with mechanisms in place to recover accumulated balances by 2035.

• Sourcing diversification and BESS project execution remain on track, with additional gas and energy purchases secured for future reliability.