Enel Chile ((ENIC)) has held its Q3 earnings call. Read on for the main highlights of the call.
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The recent earnings call of Enel Chile painted a mixed picture of the company’s current standing. While the company showcased strong adaptability and operational resilience, particularly in thermal generation and liquidity management, it also faced significant challenges, including decreased net production, energy sales, and a notable decline in net income.
Thermal Generation Fleet Performance
The high-level performance of Enel Chile’s thermal generation fleet played a crucial role in offsetting the lower hydrological conditions. This adaptability and operational stability were key highlights, demonstrating the company’s ability to manage and mitigate adverse environmental factors.
Winter Plan Success
Enel Chile successfully implemented a comprehensive winter plan, resulting in one of the best performance periods in Chile. This success was attributed to the effective deployment of emergency crews, vegetation management, and the introduction of new telecontrol units.
Stable EBITDA Despite Adversities
Despite facing a difficult context and lower hydrology, Enel Chile maintained a stable EBITDA of $1,004 million for the first nine months of 2025. This stability underscores the resilience of the company’s operations amid challenging conditions.
Strong Liquidity Position
The company maintained a robust liquidity position, with $640 million in committed credit lines and $373 million in cash equivalents. This strong financial footing provides Enel Chile with the flexibility to navigate market uncertainties.
Gas Trading Margin Increase
Enel Chile’s gas trading activities contributed an additional $74 million in margin during the first nine months of 2025. This increase was supported by favorable trading opportunities, highlighting the company’s strategic positioning in the gas market.
Net Production Decrease
There was a 9% decrease in net production in the first nine months compared to 2024. This decline was driven by lower hydro dispatch, a reduction in renewable energy production, and higher curtailment levels.
Decrease in Energy Sales
Energy sales reached 22.7 terawatt hours, marking a significant decrease due to lower sales to regulated customers following the expiration of regulated contracts.
Net Income Decrease
Enel Chile experienced a 21% decrease in net income, amounting to $352 million. This decline was attributed to higher depreciation and amortization, impairment, and bad debt expenses.
Increased Energy Losses
Energy losses exceeded 6% due to increased tariffs and target customer adjustments. This situation necessitates enhanced recovery activities and potential changes in regulation.
Forward-Looking Guidance
Enel Chile’s forward-looking guidance highlighted its strategic focus on operational resilience and market adaptability. The company confirmed its guidance for the year, maintaining a stable EBITDA of $1,004 million and a strong liquidity position. Despite a 9% decline in net production, Enel Chile remains committed to its hydro production target of 10.7 terawatt-hours for 2025. The company also discussed regulatory developments and strategic plans for future growth, including its 2026 Investor Day.
In summary, Enel Chile’s earnings call reflected a company navigating through a complex landscape with both strengths and challenges. While the company demonstrated resilience in its operations and financial management, it faces ongoing challenges with production and sales declines. The forward-looking guidance suggests a strategic focus on maintaining stability and preparing for future growth, underscoring Enel Chile’s commitment to adapting to market dynamics and environmental challenges.