Monitor hydrology recovery and regulatory outcomes from storm-related fines and blackout investigations, which could pressure future earnings. The strategic plan's EBITDA guidance implies confidence in operational improvements, but adjusted earnings decline warrants caution. Watch for Q1 2026 results on April 28, 2026 OSM for dividend approval and further guidance.
Price Chart
Executive Summary
Enel Chile reported FY2025 net income of US$538 million, up from US$154 million in FY2024, but adjusted net income (excluding functional currency change effects) fell 13.6% to US$538 million from adjusted US$622 million. Operating revenue grew 10.4% to US$4,663 million, while adjusted EBITDA rose only 3.6%. The company proposed a final dividend of US$268.8 million and announced a 2026-2028 strategic plan targeting cumulative EBITDA of US$4.5-4.7 billion with US$2.0 billion CAPEX. Results reflect a mixed picture: top-line growth offset by declining adjusted earnings, ongoing hydrology challenges, and regulatory fines from the August 2024 storm.
Key Facts
- Net income attributable to shareholders: US$538 million in FY2025 vs US$154 million in FY2024 (increase of US$384 million)
- Adjusted net income (excluding functional currency change impact) decreased 13.6% to US$538 million from adjusted US$622 million in 2024
- Operating revenues: US$4,663 million, up 10.4% year-over-year
- EBITDA: US$1,473 million, up 92.7% (headline); adjusted EBITDA up 3.6% to US$1,473 million from adjusted US$1,421 million
- Net energy generation decreased 12.4% to 21,583 GWh; physical energy sales down 11.1%
- Financial result expense increased to US$237 million from US$164 million
- Proposed final dividend of US$268.8 million (50% of net income), with effective distribution of US$216.0 million after interim dividend
- Strategic Plan 2026-2028: estimated cumulative EBITDA of US$4.5-4.7 billion, CAPEX of US$2.0 billion
- SEF fines totaled ~US$28.5 million from August 2024 storm outages; voluntary compensation of US$17.1 million approved
- February 2025 national blackout led to investigations and audits of transmission infrastructure
Financial Impact
Revenue up 10.4% but adjusted net income down 13.6%; EBITDA up 3.6% adjusted; fines of ~US$28.5 million and compensation of US$17.1 million; total dividends of US$268.8 million proposed
Risk Factors
- Continued drought conditions reducing hydroelectric generation and increasing thermal dispatch costs
- Regulatory fines and potential concession revocation from August 2024 storm outages
- February 2025 blackout may lead to stricter regulation and higher compliance costs
- 13.6% decline in adjusted net income signals underlying profitability weakness
- Financial expenses rising from US$164 million to US$237 million
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001104659-26-050251 |
| Document: enic-20251231xex2d1.htm | 0001104659-26-050251 |
| Document: enic-20251231xex1d1.htm | 0001104659-26-050251 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 12w ago | 6-K | $4.36 $4.47 | ▲ +2.52% | ▼ −2.50% | $4.35 (−0.23%) |
Apr 30, 2026 25w ago | 6-K | $4.53 $4.29 | ▼ −5.30% | ▼ −10.27% | $4.35 (−3.97%) |
Apr 28, 2026 26w ago | 20-F | $4.52 $4.27 | ▼ −5.53% | ▼ −11.00% | $4.35 (−3.76%) |
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