Enel Chile S.A. Q4 FY2024 earnings call

• Hydro: Hydro generation up 12% due to higher reservoir levels and rainy season; Los Condores hydro plant connected.
• August storm: Filed reclamation remedy, awaiting court resolution; SEC imposed $20 million fine, Enel Distribucion filed appeal; voluntary $80 million compensation program for customers.
• Regulation: VAD 2024-2028 process started, expected final report by end of March 2025; PEC receivables reduced as tariff reflects real prices; government proposed subsidy expansion.
• Financials: Adjusted EBITDA $1.4 billion and net income $0.6 billion met guidance, non-cash effect of functional currency change excluded; FFO improved due to EBITDA and PEC factoring.

Hydro portfolio performed exceptionally well with hydro generation increasing by 12% compared to 2023, equivalent to 1.5 terawatt hour of additional hydro generation. The Los Condores hydro power project was connected and in full capacity. Renewable portfolio expanded in 2024 with 693 megawatts of new capacity (385 MW solar, 202 MW battery, 106 MW wind), bringing total renewable and BESS capacity to 8.9 gigawatts, nearly 80% of total capacity. Energy sales totaled 33.4 terawatt hours in 2024, 8% higher than 2023. Distribution had a $20 million fine from SEC and a $80 million voluntary compensation program for customers affected by August storm.

• 2025 guidance confirmed, aligned with targets set at 2024 Investor Day.
• Adjusted EBITDA and net income results in line with 2024 guidance, reaffirming strategic plan confidence.
• Leverage and net debt to EBITDA commitments fulfilled, recommending maintaining dividend payout.

• August storm impact: SEC rejected force majeure claim, pending court resolution; $20 million fine imposed, appeal filed.
• Regulatory uncertainties: Distribution reform process ongoing, potential impacts on asset resilience and remuneration.
• Climate events: Need for preparedness and regulatory reforms to address future extreme weather impacts.

Q: Where and when see gas commercialization opportunities?

A: Traded star plus volume in February 2025, looking for new opportunities; contracted ~30 terabtu from Argentina in 2025 at competitive prices lower than GNL.

Q: Extraordinary shareholder meeting in April?

A: To amend bylaws to reflect functional currency change, redenominate share capital from CLP to USD.