The Q1 beat on EBITDA is largely non-recurring (Shell gas optimization gain), while core energy sales and net income declined. Watch for the CNE's final node price report (methodology change pending) and the trajectory of FX losses — both are key swing factors for H2 earnings. The 20-F filed two days ago showed a similar mixed FY2025 picture; this 6-K confirms the trend is continuing into 2026.
Price Chart
Executive Summary
Enel Chile reported Q1 2026 net income of US$162 million, down 7.0% YoY, as a sharp increase in financial expenses and FX losses offset strong EBITDA growth of 15.8% to US$423 million. Revenue rose 8.7% to US$1,198 million, but core energy sales fell 1.7% and the bottom-line decline confirms a mixed quarter with underlying earnings pressure.
Key Facts
- Net income attributable to shareholders fell 7.0% YoY to US$162 million
- Consolidated EBITDA rose 15.8% to US$423 million, driven by a US$140 million gas optimization gain with Shell
- Operating revenues increased 8.7% to US$1,198 million, but energy sales revenue declined 1.7%
- Financial result swung to a US$78 million expense from US$26 million, driven by US$32 million in FX losses and higher financial expenses
- Generation segment EBITDA grew 22.0% to US$386 million; Distribution EBITDA fell 18.3% to US$41 million
- Gross financial debt rose US$41 million to US$3,882 million; average cost of debt stable at 4.9%
- Operating cash flow improved 14.9% to US$175 million; total net cash flow was US$5 million
- Construction of Azabache BESS (94 MW / 372 MWh) began on April 1, 2026
Financial Impact
Net income decline of US$12 million (-7.0%) on revenue growth of US$96 million (+8.7%); EBITDA up US$58 million (+15.8%) but financial result worsened by US$52 million
Risk Factors
- Regulatory methodology change (CNE ITP) could negatively impact future node prices and generation revenue
- FX volatility continues to pressure financial results — net FX loss of US$23 million in Q1
- Distribution segment EBITDA declining 18.3% with rising energy losses (5.8% to 6.7%)
- Financial cost coverage ratio halved to 4.77x from 9.04x a year ago
- Negative working capital of US$237 million and current ratio below 1.0x
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-002712 |
| Document: 0001292814-26-002712-index-headers.html | 0001292814-26-002712 |
| Document: 0001292814-26-002712-index.html | 0001292814-26-002712 |
| Document: 0001292814-26-002712.txt | 0001292814-26-002712 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 12w ago | 6-K | $4.36 $4.47 | ▲ +2.52% | ▼ −2.50% | $4.33 (−0.69%) |
Apr 30, 2026 25w ago | 6-K | $4.53 $4.29 | ▼ −5.30% | ▼ −10.27% | $4.33 (−4.42%) |
Apr 28, 2026 25w ago | 20-F | $4.52 $4.27 | ▼ −5.53% | ▼ −11.00% | $4.33 (−4.20%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers