Enel Américas (ENELAM) Q4 2025 earnings summary

Executive summary

• FY 2025 delivered improved operational and financial results, with hydro recovery in Colombia and tariff review in Argentina driving performance.

• Strategic Plan 2026-28 focuses on grids investment, selective renewables growth, and financial flexibility.

• Grids remain the main strategic focus, with over 85% of investments targeted in Brazil and Colombia.

• Q4 2025 revenues rose 14.4% year-over-year to $4,064 million, driven by Argentina and Brazil, partially offset by Colombia's decline.

• Full-year 2025 revenues increased 4.3% to $14,506 million, with growth in Argentina and Brazil, offset by currency devaluation in Brazil and Colombia.

Financial highlights

• FY 2025 revenues rose 4% year-over-year to $14.5bn; EBITDA increased 14% to $4.3bn.

• Net income grew 30% year-over-year to $1.0bn, mainly due to higher EBITDA and improved financial results.

• Gross margin improved 11% year-over-year; EBIT up 22% to $2.7bn.

• Total CAPEX reached $2.3bn, up 11% year-over-year, with grids CAPEX up 30%.

• Net financial debt at year-end: $4,809 million (+126.1% YoY), mainly due to higher debt in Brazil, dividend payments, share buybacks, and tax payments on asset sales.

Outlook and guidance

• 2028 EBITDA targeted at $5.1–5.3bn (+22% vs 2025); net income expected at $1.2–1.4bn (+11% CAGR 2025–28).

• Dividend policy set at 30% of net income for the plan period.

• CAPEX for 2026–28 planned at $7.9bn (+5% vs previous plan), with 86% allocated to grids.

• Strategic focus on simplifying operations and accelerating the energy transition, with divestitures in Peru and a revised approach to Argentina.

• Continued emphasis on renewable generation, with 95.9% of installed capacity from renewables as of year-end.