ENIC

Enel Chile S.A. Financial Summary (Form 6-K)

Business Context and Reporting Period

This filing covers the consolidated financial results of Enel Chile S.A. for the period ended December 31, 2025. The company operates in Chile through two primary segments: Generation (8,904 MW net installed capacity, 78% renewable) and Distribution & Networks (2.19 million customers). A critical accounting change occurred on January 1, 2025, when the company and its subsidiary Enel Generación Chile changed their functional currency from Chilean pesos to United States dollars.

Key Financial Metrics

Note: Available liquidity includes US$ 462 million in cash/cash equivalents and US$ 690 million in committed credit lines.

Material Changes vs. Prior Period

• Accounting Currency Impact: The reported 249.7% increase in net income and 92.7% increase in EBITDA are primarily driven by the absence of a US$ 657 million extraordinary loss recorded in Q4 2024. This loss resulted from the discontinuation of cash flow hedges due to the functional currency change. Excluding this effect, adjusted net income decreased 13.6% and adjusted EBITDA increased 3.6% year-over-year.
• Generation Segment: Physical energy sales decreased 11.1% (31,975 GWh) due to lower hydrology and contract expirations. However, revenues rose 11.3% due to the accounting currency shift and higher gas commercialization. EBITDA surged 69.8% to US$ 1,301 million.
• Distribution Segment: Revenues grew 2.6% to US$ 1,784 million, driven by restatements from prior years and higher service revenues. EBITDA increased 194.2% to US$ 189 million, aided by lower costs related to SEC fines recorded in 2024.
• Financial Costs: Financial expenses increased to US$ 330 million (from US$ 246 million) due to lower interest capitalizations following the commissioning of the Los Cóndores power plant and methodological adjustments by the National Energy Commission (CNE).

Outlook, Risks, and Contingencies

• Regulatory Environment: The company is navigating the implementation of Law No. 21,667, which allows for gradual tariff increases to recover accumulated debt from previous stabilization mechanisms (PEC and MPC). A US$ 5.5 billion fund has been established for this recovery, with repayment deadlines extending to 2035.
• Methodological Review: The CNE issued a preliminary report in October 2025 correcting a methodological inconsistency regarding inflation adjustments in tariff setting. The company is evaluating the financial implications pending the final report.
• Risk Management:
  • Hydrology: Generation remains exposed to hydrological conditions; the company mitigates this by not contracting 100% of capacity.
  • Commodity Prices: Active hedges are maintained for Brent oil, Henry Hub gas, and coal to mitigate price volatility.
  • Cross-Default: Debt facilities contain cross-default provisions where non-payment of debts exceeding US$ 150 million could trigger acceleration of other obligations.

Investor Verification Checklist

• Adjusted Performance: Verify the "organic" growth by isolating the US$ 657 million one-time hedge loss from 2024 to assess true operational trends.
• Regulatory Recovery: Monitor the timeline and collection status of the US$ 5.5 billion receivable fund established under Law No. 21,667.
• Hydrological Exposure: Assess the impact of continued lower hydrology on the Generation segment's physical sales and spot market pricing.
• Debt Structure: Review the maturity profile of the US$ 3.84 billion gross debt and the impact of the 4.9% average cost of debt on future cash flows.
• CNE Methodology: Track the finalization of the CNE's technical report on inflation adjustments to understand potential future tariff revisions.