Enel Americas S A : Américas Financial Statements Analysis - Q1 2024

PRESS RELEASE

CONSOLIDATED FINANCIAL STATEMENTS

ENEL AMÉRICAS GROUP

AS OF MARCH 31, 2024

PRESS RELEASE

ENEL AMÉRICAS GROUP

CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024

(figures expressed in millions of US$)

• At the end of the first quarter of 2024, Enel Américas maintains significant progress in its efforts to divest all its operational subsidiaries in Peru covering the diverse sectors in which the Group is engaged. In accordance with the principles outlined in international accounting standards, this circumstance requires that the consolidated income statements of Enel Américas consolidate the after-tax results of these subsidiaries into a single amount, marked as discontinued operations.1
• In the first quarter of 2024, revenues reached US$3,373 million, showing a 7.4% growth compared to the same period last year. The increase was mainly explained by higher revenues in Colombia, particularly in the distribution business, as consequence of the rise in demand and the positive impact of the revaluation of the Colombian peso.
• Furthermore, the fluctuation in currencies had a favorable effect of US$68 million during this quarter.

EBITDA CONTINUED OPERATIONS

(in millions of US$)

		Accumulated
Country	Mar-24		Mar-23	Var %
Argentina	4		(36)	n.a.
Brazil	637		623	2.3%
Colombia	393		326	20.6%
EGP Central America	47		40	17.7%
Enel Américas (*)	1,077		945	14.0%
(*): Incluye Holding y Eliminaciones

• Operating income (EBIT) for the first quarter reached US$730 million, representing an improvement of 10.9% compared to the first quarter of 2023, in line with the improvement in EBITDA and partially offset by higher depreciation and amortization.

• Net income attributable to Enel Américas shareholders reached US$359 million in the first quarter, representing an improvement of 16.8% compared to the first quarter of 2023. This is explained by a higher

1 For more information, see note 6.1 of the consolidated financial statements of Enel Américas as of March 31, 2024.

1

PRESS RELEASE

CONSOLIDATED FINANCIAL STATEMENTS

ENEL AMÉRICAS GROUP

AS OF MARCH 31, 2024

operating result and a higher result in discontinued operations, partially offset by lower financial income.

• Net financial debt, considering available-for-sale assets and liabilities, reached US$7,601 million, a 2.6% increase compared to the end of 2023. This increase is mainly explained by higher debt at Enel Américas Holding and Enel Brasil, partially offset by lower debt at Enel Río and Enel Ceará. Excluding available-for-sale assets and liabilities, net debt reached US$6,778 million, 3.6% higher than at the end of 2023 under the same criterion.
• CAPEX in the first quarter of 2024, including those incurred by companies classified as available-for-sale, amounted to US$599 million, representing a decrease of 3.7% compared to the first quarter of 2023. Lower investments in the generation business in Colombia and Argentina and the distribution business in Brazil account for the decrease. Excluding investments classified as available-for-sale, CAPEX reached US$556 million.

2

PRESS RELEASE

CONSOLIDATED FINANCIAL STATEMENTS

ENEL AMÉRICAS GROUP

AS OF MARCH 31, 2024

Relevant Information for the analysis of these financial statements

1. Changes in the consolidation perimeter due to Enel Américas Group's corporate streamlining

At the end of 2023, Enel Américas reported its strategic plan for the 2024-2026 period, in which it announced the Group's corporate simplification. This plan considers concentrating operations in those countries that allow the acceleration of the energy transition process in the region, seeking to dispose of operations in Peru, and continuing the process ofanalyzing the potential sale of the remaining businesses in Argentina.

The sales planned in the 2023-2025 strategic plan would be added to the disposals already completed during 2022 and of the Brazilian subsidiaries Enel Generación Fortaleza and Enel Distribución Goiás and the Argentine subsidiaries Enel Generación Costanera and Central Docksud made in 2023.

The main sales processes that Enel Américas has been carrying out as of 2022 to date are described below:

1. Sale of Central Geradora Thermoelétrica Fortaleza SA (CGTF) (commercially known as "Enel Generación Fortaleza")

With the objective to lead sustainability efforts and prioritize investments in clean energy matrix, in 2022 the Company initiated studies for the potential sale of Enel Generación Fortaleza, a Brazilian subsidiary focused on independent energy production authorized by the Brazilian regulatory body (ANEEL).

On June 9, 2022, following the completion of the feasibility study, the Group entered into a sale agreement with the ENEVA S.A. Group for the sale of 100% of the CGTF shares owned by the subsidiary Enel Brasil. Due to the circumstances mentioned, in the second quarter of 2022, CGTF's assets and liabilities were reclassified as available for sale, with the former being measured by the lower of their book value and fair value. This entailed identifying an impairment loss of BRL 395 million, which is equal to US$77 million, in the second quarter of 2022.

Following the successful completion of all requirements, the deal with ENEVA S.A. was finalized on August 23, 2022. In exchange for the sale of the shares issued by CGTF, Enel Brasil's subsidiary received a payment of BRL 490 million, which is equivalent to US$96 million. This led to a loss of US$131 million on the sale, with US$94 million attributed to conversion differences accumulated during the consolidation process of CGTF in Enel Américas, which were accumulated in other comprehensive results until the date of disposal.

1. Sale of CELG DISTRIBUIÇÃO SA (commercially known as "Enel Distribución Goiás")

On September 23, 2022, our subsidiary Enel Brasil signed a share purchase agreement with Equatorial Participações e Investimentos S.A., a subsidiary of Equatorial Energia S.A. (collectively "Equatorial"). Through this agreement, and subject to meeting certain conditions precedent, Enel Brasil would dispose of 99.9% of the shares issued by Enel Distribución Goiás, owned by Enel Brasil S.A. (the "Share Purchase Agreement").

Accordingly, during the third quarter of 2022, Enel Distribución Goiás' assets and liabilities were reclassified as available for sale, with the former adjusting the lower of their book value to fair value. This resulted in the recognition of an impairment loss of US$ 786 million.

3

PRESS RELEASE

CONSOLIDATED FINANCIAL STATEMENTS

ENEL AMÉRICAS GROUP

AS OF MARCH 31, 2024

The agreed conditions precedent included authorizations from Brazilian regulatory bodies Agência Nacional de Energia Elétrica ("ANEEL") and Conselho Administrativo de Defesa Econômica ("CADE").

By the end of 2022, all the necessary conditions outlined in the Share Purchase Agreement were successfully fulfilled. Enel Brasil S.A. effectively finalized the transaction on December 29, 2022, transferring 99.9% of the shares issued by Enel Distribución Goiás S.A. to Equatorial. In exchange for the sale of the shares mentioned earlier, Enel Brasil received a payment of BRL 1,513 million, which is equivalent to US$293 million. This resulted in a loss of US$219 million on the sale. Out of this loss, US$216 million was due to the conversion differences that occurred during the consolidation process of Enel Distribución Goiás and Enel Américas. These differences had been accumulated in other comprehensive results until the date of the disposal.

1. Sale of Enel Generación Costanera and Central Dock Sud

As of December 31, 2022, the Company has been engaged in advanced negotiations to sell its stake in the Argentine subsidiaries that operate the thermal generation business Enel Generación Costanera and Inversora Dock Sud, Central Dock Sud's parent company.

Enel Américas' Management estimates that the sale of its participation in these subsidiaries will very likely take place in 2023.

Considering the preceding paragraphs, pursuant to the provisions of IFRS 5 "Non-Current Assets Held for Sale and Discontinued Operations" and following the accounting criteria described in note 3.k), at the end of 2022, the Company reclassified the assets and liabilities of Enel Generación Costanera and Inversora Dock Sud as held for sale, measuring the former by the lower between their book value and fair value.

The preceding meant recognizing a US$166 million impairment loss in the case of Enel Generación Costanera and a US$150 million impairment loss in the case of Inversora Dock Sud.

Subsequently, on February 17, 2023, through its subsidiary Enel Argentina, Enel Américas signed a sale agreement of the Group's 75.7% stake in the thermal generation company Enel Generación Costanera to the energy company Central Puerto S.A. The value of the sale was US$48 million, leading to a US$85 million loss on the sale recorded during the first quarter of 2023, mainly explained by the conversion differences generated in the consolidation process of Enel Generación Costanera in Enel Américas, accumulated in the comprehensive results as of the date of the disposal.

On the same date, Enel Américas signed an agreement with Central Puerto to sell the Group's 41.2% stake in the thermal generation company Central Dock Sud. The sale was subject to meeting certain conditions precedent, which included the fact that the operation would be carried out only if Central Dock Sud's remaining minority shareholders, both direct and indirect, did not exercise their pre-emptive purchase right.

On March 17, 2023, YPF Luz, YPF's electric power company, notified Enel Américas of its intention to exercise its preemptive purchase right of all the shares it owns in Inversora Dock Sud S.A., extending the same intention to the shares that Enel Américas owned in Central Dock Sud S.A. through Enel Argentina. Similarly, on the same date, Pan American Sur S.A. informed Enel Argentina of its intention to exercise its pre-emptive right to purchase the shares it held in Central Dock Sud. The agreement with the minority shareholders of Dock Sud, both direct and indirect, established a total of US$52 million as a sale value and was subject to meeting certain conditions precedent.

4

PRESS RELEASE

CONSOLIDATED FINANCIAL STATEMENTS

ENEL AMÉRICAS GROUP

AS OF MARCH 31, 2024

On April 14, 2023, after meeting the conditions precedent, the sale of the Group's stake in Central Dock Sud was completed. As a result of this operation, the Company registered a US$193 million loss corresponding mainly to the conversion differences stemming from the consolidation process of Central Dock Sud in Enel Américas, accumulated in other comprehensive results until the date of completion to be recorded and entirely during the second quarter of the year.

1. Sale process of Peruvian subsidiaries

As of March 31, 2024, the Company made significant progress toward completing the sale of its 100% interest in its operating subsidiaries in Peru. These subsidiaries operate in the electric power distribution and generation business and advanced energy solutions.

The Management of Enel Américas estimates that it is highly likely that the sale of its interest in these subsidiaries will take place in the coming months. The details of the companies in the sale process are as follows:

Company	Business
Enel Distribución Perú S.A.A.	Electric Power Distribution
Enel X Perú S.A.C.	Advanced Energy Solutions
Enel X Way Perú S.A.C.	Electromobility solutions
Enel Generación Perú S.A.C.	(i) Electric Power Generation
Chinango S.A.	(ii) Electric Power Generation
Enel Generación Piura S.A.	Electric Power Generation

1. On August 1, 2023, the merger by absorption of the Peruvian companies Enel Green Power Perú S.A., Empresa de Generación Eléctrica Los Pinos S.A., and Empresa de Generación Eléctrica Marcona S.A.C. with Enel Generación Perú S.A. took place, the latter being the legal successor.

1. Subsidiary of Enel Generación Perú

Considering the preceding paragraphs, in accordance with the provisions of IFRS 5 "Non-Current Assets Held for Sale and Discontinued Operations" (IFRS 5) and following the accounting criteria described in note 3.k), during the period ended September 30, 2023, the Company reclassified the assets and liabilities related to the businesses in Peru as held for sale. The expected value for each asset exceeds its corresponding book values.

Furthermore, considering that Enel Américas will most likely cease operations in Peru, in each of the businesses in which it is currently present, and in accordance with IFRS 5, the after-tax results of the operating subsidiaries in Peru are presented as a single and separate amount in the consolidated income statements of Enel Américas as of March 31, 2024, and 2023.

5

PRESS RELEASE

CONSOLIDATED FINANCIAL STATEMENTS

ENEL AMÉRICAS GROUP

AS OF MARCH 31, 2024

Specific Background:

1. Sale process of Enel Distribución Perú and Enel X Perú.

On April 7, 2023, Enel Perú S.A.C., a subsidiary of Enel Américas, entered into a "Share Purchase Agreement" with China Southern Power Grid International (HK) Co., Limited. This agreement involves the sale of all shares issued by Enel Distribución Perú S.A.A. and Enel X Perú S.A.C., representing 83.15% of their respective share capitals. The total purchase price was around US$ 2,900 million and will be adjusted as per the usual practice for this type of transaction, considering the time between contract signing and transaction closure. The execution of the Sale and Purchase Agreement is expected to impact Enel Américas' consolidated net results by approximately US$1,650 million.

The completion of the Purchase and Sale and the subsequent transfer of ownership shares of Enel Perú S.A.C. issued by Enel Distribución Perú S.A.A. and by Enel X Perú S.A.C. was contingent upon certain customary conditions for this type of transaction. These conditions included obtaining approval from the National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI) of the Republic of Peru, as well as approval from the relevant Chinese authorities for outbound direct investments (OIDs). The acquisition will happen directly. Nevertheless, the buyer is required to submit a subsequent takeover offer in compliance with Peruvian legislation.

On February 5, 2024, INDECOPI approved the transfer of shares of Enel Distribución Perú S.A.A. and Enel X S.A.C. to China Southern Power Grid International (HK) CO., Limited. The sale will be carried out under certain conditions that guarantee transparency in the energy supply mechanisms in order to protect competition and the interests of consumers. As of the date of issuance of the financial statements, the closing and execution of the transaction are subject to meeting other conditions agreed between Enel Perú S.A.C. and China Southern Power Grid International (HK) Co., Limited.

6

PRESS RELEASE

CONSOLIDATED FINANCIAL STATEMENTS

ENEL AMÉRICAS GROUP

AS OF MARCH 31, 2024

(ii) Sale of Enel Generación Perú and Compañía Energética Veracruz S.A.C.

On November 21, 2023, Enel Américas and its Peruvian subsidiary, Enel Perú S.A.C., entered into an English-language "Purchase and Sale Agreement" ("PSA"), pursuant to which they agreed to sell to Miagara Energy S.A.C., a Peruvian company controlled by the global investment fund Actis, all of the shares it owns and issued by Enel Generación Perú S.A.A., equivalent to 66.50% owned by Enel Perú S.A.C. and 20.46% owned by Enel Américas, and by Compañía Energética Veracruz S.A.C., equivalent to 100% of its share capital owned by Enel Perú S.A.C. (the "Purchase and Sale").

The completion of the Sale and Purchase and the subsequent transfer of the shares owned by Enel Américas and Enel Peru issued by Enel Generación Perú S.A.A. and by Compañía Energética Veracruz S.A.C., which is estimated to be completed during the second quarter of 2024, has been subject to certain conditions precedent for this type of operation, including the approval of the former by INDECOPI. The acquisition of the shares of Compañía Energética Veracruz S.A.C. will materialize directly, and the acquisition of the shares of Enel Generación Perú S.A.A. will be carried out through a takeover bid in accordance with Peruvian legislation.

The total purchase price is around US$1,400 million. It will be adjusted as per the usual norms for this type of transaction, considering the time between contract signing and transaction closure. The PSA includes provisions for Enel Américas to issue bonds and assume joint and several debts, which is customary in transactions of this nature. These measures are put in place to ensure that Enel Perú's payment obligations are guaranteed, with maximum amounts and staggered periods of validity for each set of obligations.

The successful completion of the Sale and Purchase Agreement is projected to impact Enel Américas' consolidated net results by around US$400 million.

1. Sale of Transmisora de Energía Renovable S.A.

On September 6, 2023, our subsidiary Enel Colombia S.A. E.S.P., in conjunction with Enel Guatemala, S.A. and Generadora Montecristo S.A., subsidiaries of Enel Colombia located in Guatemala, signed the purchase and sale agreement for the sale of 100% of the stake in the subsidiary Transmisora de Energía Renovable, S.A. ("Transnova") with

Grupo Energía de Bogotá S.A. E.S.P.

The mission of this Guatemala-based subsidiary is the transmission of electrical power throughout the nation. They were initially designed to connect two electrical substations and a transmission line to facilitate the flow of energy produced by the Palo Viejo hydroelectric plant (which is operated by its related company Renovables de Guatemala, S.A.). However, at present, it serves the entirety of the national grid, facilitating connections between local related entities and independent third-party agents. The company owns overhead transmission lines spanning 32 kilometers that connect the substations located in Uspantan and Chixoy 2.

7

PRESS RELEASE

CONSOLIDATED FINANCIAL STATEMENTS

ENEL AMÉRICAS GROUP

AS OF MARCH 31, 2024

Considering the preceding paragraphs, in accordance with the provisions of IFRS 5 "Non-Current Assets Held for Sale and Discontinued Operations" and following the accounting criteria described in note 3.k), as of the end of the first quarter of this year, the Company reclassified the assets and liabilities of Transmisora de Energía Renovable S.A. as held for sale. The expected sale value of this company exceeded its corresponding book value.

On October 19, 2023, our subsidiary Enel Colombia S.A. E.S.P., in conjunction with Enel Guatemala, S.A. and Generadora Montecristo S.A., Enel Colombia's Guatemala-based subsidiaries, completed the sale of 100% of its stake in the subsidiary Transmisora de Energía Renovable, S.A. Grupo Energía de Bogotá S.A. E.S.P. The sale price was MCOP 148,794,000, corresponding to MUS$33,518 and generating MUS$3,169 profits.

1. Sale of Central Cartagena in Colombia (SPCC)

On July 12, 2023, Enel Colombia S.A. E.S.P.and SMN Termo Cartagena signed an agreement for the sale and purchase of the assets of the Cartagena Thermal Power Plant and 100% of the stake of Sociedad Portuaria Central Cartagena S.A., concessionaire of the Port Permits essential for the operation needs of the Cartagena Thermal Power Plant.

This thermoelectric plant, located in Mamonal, an industrial area of Cartagena, has a 203 megawatt (MW) installed capacity and generates energy using gas and/or liquid fuel.

In view of the above, pursuant to the provisions of IFRS 5 "Non-Current Assets Held for Sale and Discontinued Operations" and following the accounting criteria described in note 3.k), the Company reclassified the SPCC assets and liabilities as held for sale.

Subsequently, on December 1, 2023, the sale was completed, SMN taking ownership, management, and operation of the power generation plant and the port concession.

1. Rounding

The figures in this report are expressed in millions of US dollars and, for ease of presentation, have been rounded. That is why it might happen that when adding the figures contained in the tables, the result is not exactly equal to the total of the table.

8

PRESS RELEASE

CONSOLIDATED FINANCIAL STATEMENTS

ENEL AMÉRICAS GROUP

AS OF MARCH 31, 2024

SUMMARY BY BUSINESS

Generation and transmission in continued operations

In the first quarter of 2024, EBITDA in the generation and transmission business decreased by 2.3% compared to the same period in 2023, reaching US$392 million. This is mainly explained by a lower performance in Colombia as a result of the difficult hydrological situation affecting that country, which translates into higher costs for energy purchases. Added to this is the perimeter effect derived from the sale of Enel Generación Costanera and Central Dock Sud, together with the non-renewal of the concession of the transmission assets operated by Enel CIEN, which together contributed US$35 million in the first quarter of 2023. Without these effects, EBITDA in the generation business would have increased by 6.9%.

Energy sales from continuing operations grew 12.4% in the first quarter, which was explained by higher sales in Brazil, partially offset by lower sales in Colombia and the change in perimeter due to the failure to consolidate Costanera and Central Dock Sud in Argentina. Without the perimeter effect, sales would have increased by 25.9%. On the other hand, power generation from continuous operations in the first quarter of 2024 fell by 19.5% compared to the previous year, also explained by Colombia, along with a slight drop in Brazil and the aforementioned perimeter effect. Without this effect, generation would have fallen by 3.7%.

Generation of continued operations

		Accumulated
Physical Information	Mar-24	Mar-23	Var %
Total Sales (TWh)	18.6	16.6	12.4%
Total Generation (TWh)	8.7	10.8	(19.5%)

9

PRESS RELEASE

CONSOLIDATED FINANCIAL STATEMENTS

ENEL AMÉRICAS GROUP

AS OF MARCH 31, 2024

Distribution of Continued Operations

EBITDA in distribution increased by 22.5% reaching US$709 million in the first quarter of 2024, compared to the same period of previous year. This can be primarily attributed to an improved result in Colombia, which was bolstered by the favorable exchange rate effect, and a substantial recovery in Argentina in contrast to its negative result during the first quarter of the previous year.

As of March 31, 2024, the consolidated customer count resulting from continued operations was US$22.3 million, reflecting a growth of 419 thousand or 1.9% in comparison to the corresponding period of the preceding year.

Distribution of Continued Operations

		Accumulated
Physical Information	Mar-24	Mar-23	Var %
Total Sales (TWh)	27.3	26.1	4.4%
Number of customers (thousands)	22,301	21,882	1.9%

10