Enel Chile S A : – Financial Statements Analysis – H1 2025

ENEL CHILE ANNOUNCES CONSOLIDATED RESULTS FOR THE PERIOD ENDED JUNE 30, 2025

(Figures expressed in millions of United States dollars

US$ million)

EXECUTIVE SUMMARY

• Net income attributable to Enel Chile S.A. shareholders reached US$ 246 million as of June 30, 2025, equivalent to a decrease of 7.8% compared to June 30, 2024, mainly due to lower financial results, offsetting improved margins in the Generation and Distribution and Networks businesses. On a quarterly basis, net income was US$ 71 million in Q2 2025, equivalent to a decrease of US$ 39 million compared to Q2 2024, partially due to higher asset depreciation, expenses for incentives granted to employees linked to early retirement plans, and other fixed expenses.
• Operating revenues totaled US$ 2,279 million as of June 2025, down 7.3% compared to June 2024, mainly due to lower energy sales, primarily in the Generation Segment. Similarly, during Q2 2025, operating revenues decreased 12.6% to US$ 1,177 million, mainly due to lower energy sales.
• Procurement and services costs totaled US$ 1,413 million as of June 2025, equivalent to a decrease of 16.1% compared to June 2024, largely explained by lower energy purchase costs and transportation expenses in the Generation and Distribution and Networks Segments. A similar trend was recorded during Q2 2025, with a 19.9% reduction in procurement and services costs to US$ 762 million, mainly due to lower energy purchase costs and transportation expenses in both Segments.
• As a result of the factors described above, the Company's EBITDA totaled US$ 659 million as of June 2025, representing a growth of 10.4% compared to June 2024. During Q2 2025, EBITDA reached US$ 293 million, a decrease of US$ 10 million compared to Q2 2024.
• The financial result went from an expense of US$ 52 million as of June 2024 to an expense of US$ 84 million as of June 2025, mainly explained by lower financial income and lower gain on adjustment units. During Q2 2025, the financial result recorded an increase in expenses of US$ 3 million compared to Q2 2024, reaching a total of US$ 58 million, mainly due to higher financial expenses.

  BUSINESS SEGMENT SUMMARY

  Generation

  • Net energy generation decreased 5.3% to 11,474 GWh as of June 2025 (-645 GWh), mainly due to lower hydroelectric dispatch in the first quarter of the current year, combined with lower solar generation. During Q2 2025, net generation decreased by 2.9% (-176 GWh) to 5,892 GWh, mainly due to lower solar dispatch.

  • Physical energy sales decreased 11.6% compared to June 2024, reaching 15,895 GWh (-2,090 GWh) during the first half of 2025, mainly explained by lower sales to regulated customers due to the expiration of contracts at the end of 2024. Similarly, during Q2 2025, physical sales decreased 13.6% (-1,232 GWh) to reach 7,847 GWh, mainly due to lower sales to regulated and free customers.

  • Operating revenues decreased 9.9% to US$ 1,604 million as of June 2025, mainly due to lower energy sales largely related to the aforementioned decrease in physical sales. Similarly, during Q2 2025, operating revenues decreased 13.4% compared to Q2 2024, reaching US$ 825 million, mainly due to lower energy sales, partially offset by higher gas sales.

  • Procurement and services costs totaled US$ 902 million as of June 2025, down 18.2%, mainly due to lower energy purchase costs and transportation expenses, together with lower fuel consumption costs. Procurement and services costs followed the same trend during Q2 2025, with a 19.8% reduction to US$ 492 million, mainly due to the lower energy purchase costs mentioned above.

  • As a result of the factors described above, EBITDA for the Generation Segment increased 0.9% compared to June 2024, totaling US$ 576 million during the first half of 2025. On a quarterly basis, EBITDA totaled US$ 260 million in Q2 2025, a decrease of US$ 22 million compared to Q2 2024.

    Cumulative Quarterly

    Physical Data

    Jun-25

    Jun-24 % Change

    Q2 2025

    Q2 2024 % Change

    Total Sales (GWh)	15,895	17,985	(11.6%)	7,847	9,079	(13.6%)
    Total Generation (GWh)	11,474	12,119	(5.3%)	5,892	6,068	(2.9%)

    Distribution & Networks

• Physical sales decreased 2.3% compared to June 2024, reaching 7,237 GWh as of June 2025 (-170 GWh), mainly in the residential and commercial segments. The same trend was recorded during Q2 2025, with physical sales totaling 3,577 GWh, equivalent to a 5.0% decrease (-187 GWh) compared to Q2 2024.

• The number of customers grew by 1.4% at the end of the first half of 2025, reaching a total of 2,175,718 end users, especially in the residential segment. On the other hand, energy losses went from 5.5% in June 2024 to 6.2% in June 2025.

• Operating revenues decreased 1.1% compared to June 2024, recording a value of US$ 872 million, mainly due to lower energy sales. Similarly, during Q2 2025, operating revenues totaled US$ 439 million, 9.6% below the level reported in Q2 2024 as a result of lower energy sales.

• Procurement and services costs totaled US$ 719 million as of June 2025, equivalent to a 6.4% decrease compared to June 2024, mainly explained by lower energy purchase costs and transportation expenses. Similarly, during Q2 2025, procurement and services costs reached US$ 362 million, down 13.5% from Q2 2024.

• Given the above, EBITDA for the Distribution and Networks Segment reached US$ 92 million as of June 2025, which compares favorably with the US$ 57 million recorded as of June 2024. EBITDA showed a similar trend in Q2 2025, reaching a total of US$ 42 million, up 16.4% compared to the same period in 2024, as a result of lower operating costs.

Q2 2025

Physical Data

Jun-25

Jun-24 % Change

Cumulative Quarterly Q2 2024 % Change

Total Sales (GWh)	7,237	7,407	(2.3%)	3,577	3,764	(5.0%)
Number of Customers	2,175,718	2,145,621	1.4%	2,175,718	2,145,621	1.1%

FINANCIAL SUMMARY- ENEL CHILE

The Company's gross financial debt as of June 2025 increased US$ 40 million compared to December 2024, totaling US$ 3,970 million. This variation is explained by the following:

• The disbursement of Enel Chile's committed credit line with Corporación Andina de Fomento (CAF) for a total of US$ 100 million.

• The repayment of a loan installment from Enel Finance International to Enel Chile for a total of US$ 81 million in June 2025.

• The amortization of Enel Generación Chile's H and M bonds for US$ 22 million.

• An increase of US$ 43 million in lease liabilities (IFRS 16).

  Enel Chile's available liquidity breaks down into the following factors:

• Cash and cash equivalents : US$ 320 million

• Committed credit lines available : US$ 590 million

The average cost of debt in June 2025 decreased to 4.9% from 5.0% in December 2024.

Hedging and protection:

To mitigate the risks associated with exchange rate and interest rate variations, Enel Chile has established policies and procedures to protect its financial statements against the volatility of these variables.

Enel Chile's exchange rate risk hedging policy establishes that there must be a long-term balance between the currency in which each company's cash flows are indexed and the currency in which it borrows. Therefore, to date, the Enel Chile Group has cross currency swap contracts for US$ 189 million and forwards for US$ 589 million.

In order to reduce the volatility of the financial statements due to changes in interest rates, the Enel Chile Group maintains an adequate balance in its debt structure, for which it has interest rate swap contracts for US$ 286 million.

INFORMATION RELEVANT TO THE ANALYSIS OF THESE FINANCIAL STATEMENTS

Regulatory Changes:

>As part of the social agenda announced by the government, the Ministry of Energy

on November 2, 2019. This Law creates a Temporary Regulated Customer Tariff Stabilization Mechanism that states that the price to charge regulated customers for electricity from July 1, 2019, through December 31, 2020, is to be equal to the prices in force during the first semester of 2019 (Decree 20T/2018). This stabilized price was named t

January 1, 2021, until the stabilization mechanism is suspended, the prices will be those defined in the tariff setting processes carried out every six months as established in Article 158 of the Electricity Law, but not to exceed the PEC adjusted by inflation according to the Consumer Price Index as of January 1, 2021, using the same date as base (adjusted PEC). The billing differences until 2023 are to be recorded as accounts receivables in favor of generation companies, limited to a maximum US$ 1,350 million. This limit was reached in January 2022. The balance of these accounts receivable is to be recovered, at the latest, by December 31, 2027.

acronym) published Exempt Resolution No. 340 that modified the technical provisions regarding the implementation of the Tariff Stabilization Law. This Resolution clarified that the

chronological manner, beginning with the most dated to the most recent pending

been interpreted by the industry up to such date.

This Resolution also established that payments be calculated using the official price US dollar exchange rate on the sixth working day following the publication of the

in force until then.

> On August 2, 2022, Law No. 21,472 was published creating a new Tariff Stabilization Fund and a New Transitional Regulated Customer Tariff Stabilization Mechanism. The

acronym) to pay the difference between the respective regulated supply contract

bills during 2022 and allow for gradual increases over the next decade. A US$ 1.8 billion transitional fund was created to accumulate the regulated customer price differences and pay electricity generation companies with a Payment Document in US dollar, transferable, subject to price indexation, issued monthly by the Chilean Treasury Department and secured by a state guarantee to expire in December 2032.