Enel Américas (ENELAM) Q3 2025 earnings summary

Executive summary

• Share buyback program repurchased 4% of shares, deploying $470 million, optimizing capital structure, and delivering immediate returns to selling shareholders; program was oversubscribed 2.8 times.

• Q3 2025 EBITDA rose 10% year-over-year to $1.03 billion, driven by improved generation in Colombia and grid improvements in Brazil and Colombia.

• Investments increased by 29% year-over-year (excluding FX), focused on grid digitalization and resilience across all countries.

• Construction of Guayepo III Solar Plant in Colombia completed, with operations expected in Q1 2026.

• Net income attributable to shareholders for Q3 2025 was $209 million, up 19% year-over-year, but cumulative net income fell 74% due to asset sales in Peru in 2024.

Financial highlights

• Q3 2025 revenues grew 1.4% year-over-year to $3.65 billion; gross margin up 7% to $1.43 billion.

• Q3 EBITDA reached $1,029 million, up 10% year-over-year; adjusted EBITDA up 9%.

• Adjusted net income for Q3 was $220 million, down 24% year-over-year due to higher depreciation, financial expenses, and lower results in Argentina.

• Cumulative nine-month EBITDA: $3,106 million, up 3% year-over-year after FX impact; would have risen 11% excluding FX.

• Free cash flow for nine months: $346 million, significantly higher than prior year.

Outlook and guidance

• 2025 guidance for EBITDA and net income reaffirmed, with no current indication for revision.

• The group continues to focus on simplifying operations and accelerating the energy transition, emphasizing renewables and divestment from non-core assets.

• Positive impact from PIS/COFINS tax compensation in Brazil expected by year-end: ~$115 million EBITDA, ~$180 million net income.

• Monitoring FX volatility and regulatory developments, but outlook remains stable.

• Installed capacity from renewable sources reached 95.9% after recent asset sales.