Enel Américas (ENELAM) Q3 2024 earnings summary

Executive summary

• Q3 2024 EBITDA declined 6% year-over-year to $0.94 billion, mainly due to FX devaluation in Brazil and lower hydro generation in Colombia.

• Net income for 9M 2024 surged to $2.47 billion, primarily due to the $1.7 billion gain from the sale of Peruvian assets.

• Gross debt reduced by 30% year-over-year to $5.7 billion, driven by asset sales and liability management.

• Revenues for Q3 2024 increased 4.8% year-over-year to $3.60 billion, with cumulative revenues to September 2024 up 5.5% to $10.35 billion.

• Major storm in São Paulo and drought in Colombia significantly impacted operations and service quality.

Financial highlights

• Q3 2024 EBITDA was $0.94 billion, down 6% year-over-year; 9M 2024 EBITDA rose 4% to $3.01 billion, driven by grid and generation growth in key markets.

• Q3 2024 EBIT fell 16% year-over-year to $598 million; 9M 2024 EBIT nearly flat at $1.97 billion.

• Net income for Q3 2024 was $176 million, down from $307 million in Q3 2023, mainly due to tax withholdings and capital distributions from Peru.

• Net financial debt dropped 64.7% to $2.31 billion, mainly due to asset sales.

• Free cash flow for 9M 2024 was $0.66 billion, supported by positive working capital trends and lower financial expenses.

Outlook and guidance

• Hydrological impact in Colombia estimated at $130–150 million for 2024, with mitigation measures in place.

• Positive free cash flow expected by year-end, before dividend payments.

• Strategic plan for 2025–2027 and Investor Day scheduled for November 22, 2024.

• Ongoing analysis of potential sale of remaining businesses in Argentina.