Enic Stock Earnings Reports

Key points for investors: Enel Chile reported a solid operational and financial first quarter 2026. EBITDA rose 16% year-over-year to $423 million, driven by improved integrated margin performance from lower natural gas costs and gas-sourcing optimization (including a new LNG arrangement with Shell). Net income was $162 million (down 7% y/y) mainly due to higher depreciation from newly commissioned renewables and lower capitalization of interest; FFO improved 12% to $122 million. Hydrology was favorable and management is guiding 2026 hydro generation at ~10.7 TWh using a conservative 13-year average. Portfolio actions: construction started in 2026 on three battery energy storage system (BESS) projects totalling ~0.5 GW (COD expected in 3Q–4Q 2027) to increase flexibility and support commercial strategy. Enel signed longer-tenor Argentine gas contracts and an LNG optimization deal with Shell to better valorize surplus gas and optimize supply. CapEx for Q1 was $111 million (41% renewables/storage, 31% thermal, 20% grids); development CapEx heavily focused on BESS. Distribution/regulatory: the VAD 2024–2028 tariff review is progressing (final technical report expected by June 2026; tariff decree early 2027). The VAD 2020–2024 settlement was postponed to July 2026 (Enel Distribución’s expected amount ~USD 65 million; sector-level amounts referenced in the call). A capital increase of CLP 360 billion at Enel Distribución was approved to bolster the distribution balance sheet and financial flexibility. Balance sheet/liquidity: gross debt ~$3.9 billion, average debt cost ~4.9%, average maturity ~5.4 years; available liquidity included ~$454 million cash and ~$640 million committed lines. Management emphasizes a resilient, well-diversified portfolio, continued investment in renewables and storage, close monitoring of regulatory developments, and disciplined financial execution.