Enel Américas (ENELAM) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA rose 17% year-over-year in Q2 2025, driven by improved hydrology in Colombia, tariff indexation in Argentina and Brazil, and grid investment; EBITDA reached $1.06 billion, or $1.16 billion adjusted for FX.

• Net income surged 172% year-over-year in Q2 2025, supported by higher EBITDA and lower financial expenses, but dropped 90.3% to $187 million due to the absence of Peruvian operations.

• Grid CAPEX increased 26% in Q2 2025, mainly in Argentina and Brazil, focusing on digitalization, resilience, and service quality.

• Generation increased 5% year-over-year, with notable renewable and solar capacity additions in Brazil and Colombia.

• Net financial debt nearly doubled to $4.2 billion, mainly due to higher debt in Brazil, dividend payments, and taxes from asset sales in Peru.

Financial highlights

• Q2 2025 revenues increased 3.4% year-over-year to $3.49 billion; H1 2025 revenues up 1% to $6.79 billion.

• Q2 2025 adjusted EBITDA reached $1.16 billion (+17% YoY); H1 2025 adjusted EBITDA at $2.08 billion (+11% YoY).

• Q2 2025 adjusted net income was $0.42 billion (+172% YoY); H1 2025 adjusted net income $0.42 billion (+32% YoY).

• Funds from operations improved 42% year-over-year in Q2 2025, driven by lower financial expenses and taxes.

• Free cash flow after investments was positive at $120 million.

Outlook and guidance

• 2025 guidance for EBITDA and net income is confirmed, with performance aligned to internal expectations.

• Focus remains on reinforcing grid quality and resilience, with continued CAPEX execution and operational efficiency.

• Confident in meeting the lower end of full-year targets, monitoring macro and regulatory developments.

• Strategic plan emphasizes simplification, energy transition, and further asset sales in core markets.