Enel Américas (ENELAM) Q4 2024 earnings summary

Executive summary

• Record net income of US$2,589 million for 2024, up 200% year-over-year, mainly due to the sale of Peruvian subsidiaries, which generated a net effect of US$1,712 million in net income, and resilient operational performance despite challenging market conditions.

• EBITDA for 2024 was US$3,735 million, flat year-over-year, with growth in Argentina and Central America offset by declines in Colombia and Brazil, and a 14.7% drop in Q4 due to lower hydro generation and FX devaluation.

• Revenues for 2024 reached US$13,904 million, a 7.9% increase year-over-year, driven by higher revenues in Argentina and Colombia, partially offset by currency devaluation in Brazil.

• Asset disposal in Peru completed, optimizing financial flexibility and simplifying structure for future challenges.

• Dividend attributable to 2024 net income is nearly US$0.8 billion, tripling dividend per share year-over-year.

Financial highlights

• FY 2024 revenues rose 7.9% to US$13,904 million; Q4 revenues up 15.3% to US$3,552 million, mainly due to recovery in Argentina.

• FY 2024 EBITDA flat at US$3,735 million; Q4 EBITDA down 14.7% year-over-year to US$724 million, mainly due to lower hydro generation in Colombia and FX effects.

• Net income reached US$2,589 million, including a US$1,712 million gain from Peruvian asset sales; excluding this, net income was US$877 million, in line with last year.

• Net financial debt decreased by 67.5% to US$2,127 million, mainly due to asset sales and debt prepayments; net debt/EBITDA improved to 0.6x.

• Free cash flow at year-end was US$0.29 billion after US$2.1 billion in investments.

Outlook and guidance

• 2025 EBITDA guidance confirmed at US$4.4–4.6 billion; net income guidance at US$1.4–1.6 billion, with FX as a key variable.

• Regulatory milestones expected in 2025 for Colombia (tariff revision), Brazil (concession renewal), and Argentina (tariff review), with new tariffs in Argentina effective April.

• CAPEX for 2025 will continue to focus on grids, aligned with the strategic plan to reinforce quality and resilience.

• Focus remains on energy transition and simplification, with continued divestment of non-core assets and concentration in core markets.

• Ongoing efforts to optimize capital structure and reduce financial debt.