EBITDA Growth
EBITDA reached $423 million in Q1 2026, a 16% increase year-over-year, driven by improved integrated margin performance and more efficient gas sourcing.
FFO Improvement
Funds from operations (FFO) rose to $122 million, up 12% YoY, reflecting higher EBITDA and favorable timing of energy payments despite working capital seasonality.
Strategic BESS Investments
Construction started on three battery energy storage systems (BESS) totaling ~450 MW (0.45 GW) in northern Chile; COD expected in Q3–Q4 2027. Development CapEx was $40 million in the quarter, with ~75% allocated to batteries.
Strong Renewables Mix and Capacity
Total net installed capacity of 8.9 GW, with 78% from renewables and BESS, supporting resilience and flexibility of the generation portfolio.
Improved Sourcing and LNG Agreement
New LNG optimization agreement with Shell and longer-tenor Argentine gas contracts secured more competitive firm volumes through April 2027, helping lower variable thermal costs and contributing positively to results (noted as a positive one-off impact).
Stable Operating Metrics and Hydrology
Net production and physical energy sales (7.5 TWh) were broadly stable vs. Q1 2025. Hydrological conditions in the quarter were favorable and 2026 hydro generation is forecast at 10.7 TWh (based on a conservative 13‑year average).
CapEx Allocation Aligned with Strategy
Q1 investment totaled $111 million: 41% ($46M) to renewables & storage, 31% ($34M) to thermal projects, and 20% ($31M) to grids; asset management CapEx was $58M (52% of total).
Liquidity and Debt Profile
Gross debt stable at $3.9 billion; average debt cost 4.9% and 85% fixed-rate; average maturity ~5.4 years. Available committed credit lines of $640 million and cash equivalents of $454 million provide comfortable near-term liquidity.
Corporate Actions Supporting Balance Sheet
Extraordinary general meeting approved a CLP 360 billion capital increase at Enel Distribucion Chile to reinforce the balance sheet; AGM approved the final dividend in line with shareholder return commitments.