SEC Form 6-K filed by Enel Chile S.A.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2025.

Commission File Number: 001-37723

Enel Chile S.A. 
(Translation of Registrant’s Name into English)

Santa Rosa 76
Santiago, Chile 
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  [X]   Form 40-F  [   ]

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

ENEL CHILE

ANNOUNCES CONSOLIDATED RESULTS

FOR THE PERIOD ENDED DECEMBER 31, 2024

(Amounts expressed in millions of Chilean Pesos – Ch$ million)

EXECUTIVE SUMMARY

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

BUSINESS SEGMENT SUMMARY

Generation

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Distribution & Networks

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

FINANCIAL SUMMARY- ENEL CHILE

The Company’s gross financial debt as of December 2024 was US$ 3,931 million, US$ 477 million less than the balance as of December 2023. This variation was mainly explained by the following:

Liquidity available to Enel Chile is composed of the following:

The average cost of Enel Chile’s debt went from 4.9% in December 2023 to 5.0% in December 2024.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Hedging and protection:

To mitigate the risks associated with exchange rate and interest rate variations, Enel Chile has established policies and procedures to protect its financial statements against the volatility of these variables.

Enel Chile’s exchange rate hedging policy states that there should be a balance between the currencies of each company’s operations and debt in the long term. Therefore, Enel Chile Group has cross currency swaps and forward contracts that amount to US$ 211 million and US$ 20 million, respectively.

To reduce financial statement volatility caused by interest rate variations, the Enel Chile Group maintains an adequate debt structure balance. Therefore, the Group has interest rate swaps for US$ 286 million.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

INFORMATION RELEVANT TO THE ANALYSIS OF THESE FINANCIAL STATEMENTS

Regulatory Changes:

On December 14, 2020, the National Energy Commission (“CNE” in its Spanish acronym) published Exempt Resolution No. 340 that modified the technical provisions regarding the implementation of the Tariff Stabilization Law. This Resolution clarified that the payment to each supplier “must be booked against the Balance in a chronological manner, beginning with the most dated to the most recent pending Balances”, and not weighted based on the total Balance pending payment as it had been interpreted by the industry up to such date.

This Resolution also established that payments be calculated using the official price US dollar exchange rate on the sixth working day following the publication of the Coordinator’s Payment Chart rather than the monthly average US dollar exchange rate in force until then.

This fund will be financed with an extra charge billed to final customers based on their level of consumption. Customers whose monthly consumption is less than 350 kWh, and also small companies that consume less than 1,000 kWh are exempt of this additional charge.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

The fund is managed by Chile’s treasury department, Tesorería General de la República. It is to receive a US$ 20 million fiscal contribution every year until its expiration date set at December 31, 2032, in addition to the US$ 15 million contribution made in 2022. The amount accumulated in excess of the US$ 1,350 million fund established in Law No. 21,185 is subject to this new mechanism created by Law No. 21,472.

On March 14, 2023, the National Energy Commission published Exempt Resolution 86 that establishes technical provisions regarding the implementation of Law No. 21,472. On August 9, 2023, the CNE issued Exempt Resolution No. 334 that amends and restates the text of Exempt Resolution No. 86 indicating, among other issues, certain provisions, procedures, terms and conditions to adequately implement such Law.

The US$ 1.8 billion regulated customer accounts receivable limit established by Law No. 21,472 was reached in February 2024.

Customers that consume over 350 kWh per month are to pay the actual price of energy and capacity as of the publication date of the node price decree for the first semester of 2024 and an additional charge (MPC charge) enabling the repayment of the debt accumulated by PEC and MPC mechanisms. Customers that consume 350 kWh per month or less are to pay the actual price of energy and capacity as of the publication date of the node price decree for the second semester of 2024 and the additional MPC charge as of the publication date of the node price decree of the first semester of 2025.

The sale of Arcadia Generación Solar S.A.:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Change of functional currency:

As of 2025, Enel Generacion Chile’s main source of revenue will come from its unregulated customer segment, which considering its billing and collections cycle, has a much lower exposure to exchange rate risk than revenue from the regulated customer segment that represented the main source of revenue up until 2024.

Consequently, considering the relevance of the generation business for the Group, and being Enel Chile’s main source of income, i.e. dividends from its subsidiaries, will be determined on a US dollar basis.

Enel Chile carried out certain operations defined as cash flow hedges to cover the exchange rate risk of part of Enel Generación Chile’s revenue that is directly linked to the US dollar, which consisted in obtaining financing in US dollars and signing exchange rate hedging derivative contracts. These hedging instruments lose their effectiveness when the functional currency of Enel Generación Chile is changed from Chilean Peso to US Dollar and the goal of risk management also changes, therefore, they should be discontinued prospectively.

As of yearend 2024, cash flow hedge reserves related to revenue directly linked to the US dollar amounted to Ch$ 620,164 million before taxes. This amount was entirely booked as lower revenues in 2024.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

MARKETS IN WHICH ENEL CHILE S.A. OPERATES

Generation segment

We carry out the generation business in Chile through our subsidiaries Enel Generación Chile and Enel Green Power Chile (hereafter EGP Chile) which combined, have a total 8,869 MW^[1] net installed capacity as of December 31, 2024. Generation assets are diversified, and focus on renewable energy, which represents 78%^[2] of the Enel Chile’s total net installed capacity. A total of 3,665 MW come from hydroelectric power plants, 1,965 MW from thermal power plants that operate using gas or fuel oil, 2,050 MW from solar power plants, 903 MW from wind farms, 83 MW from geothermal power plants, and 203 MW from energy storage systems (BESS).

The following chart summarizes the physical information of our Generation business segment for the period ended December 31, 2024, and 2023:

Distribution & Networks segment

The Distribution and Networks business is carried out by our subsidiaries Enel Distribución Chile S.A. and Enel Colina S.A.

Enel Distribución Chile is one of the largest electricity distribution companies in Chile in terms of regulated customers, distribution assets, and electricity sales. It operates in a 2,105 square kilometer concession area distributing electricity to 33 counties of the Metropolitan Region.

The following chart summarizes the physical information of our Distribution and Networks business segment for the period ended December 31, 2024, and 2023:

^[1] Includes an additional 402 MW net capacity during 2024 and 2 additional MW from repowering Rapel hydroelectric power plant. Additional capacity: when the first wind turbine/photovoltaic field circuits are connected to the network and begin to produce electricity and all wind turbine/photovoltaic field circuits are electromechanically operational. Capacity to be declared as “Additional” refers to the nominal capacity that is electromechanically operational.

^[2] Refers to Renewables + BESS (Battery Energy Storage System).

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

The following chart presents electricity sales revenue per business segment and customer type on a cumulative and quarterly basis as of December 31, 2024, and 2023:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

I. CONSOLIDATED FINANCIAL STATEMENT ANALYSIS

Net income attributable to the shareholders of Enel Chile as of December 31, 2024, reached a Ch$ 145,112 million profit, which represents a Ch$ 488,344 million decrease when compared to the figure for 2023. During Q4 2024, net income attributable to the shareholders of Enel Chile reached a Ch$ 272,980 million loss, which is Ch$ 630,777 million less than the Ch$ 357,798 million profit booked for Q4 2023.

The following chart compares the cumulative and quarterly figures of each item of the income statement as of December 31, 2024, and 2023:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

EBITDA

Consolidated EBITDA of Enel Chile amounted to Ch$ 721,162 million as of December 31, 2024, which represents a Ch$ 317,797 million decrease, equivalent to 30.6%, when compared to 2023. This variation is primarily explained by the Ch$ 620,164 million extraordinary loss booked at yearend due to discontinuing hedging instruments related to revenue directly linked to the US dollar because its subsidiary Enel Generación Chile changes its functional currency as of January 2025.

During Q4 2024, consolidated EBITDA amounted to Ch$ 220,396 million, which represents a Ch$ 615,882 million decrease when compared to Q4 2023, primarily explained by discontinuing hedging instruments as indicated above.

Operating revenues, operating costs, personnel, and other expenses that determine our EBITDA, broken down by business segment on a cumulative and quarterly basis as of December 31, 2024, and 2023, are presented below:

Generation business EBITDA

EBITDA of the Generation business segment reached Ch$ 722,688 million as of December 31, 2024, which is Ch$ 268,899 million, or 27.1% lower than the figure for 2023. Regarding quarterly results, Q4 2024 EBITDA for this business segment decreased Ch$ 580,106 million when compared to Q4 2023.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

The main variables that explain this result are described below:

Operating revenues for Q4 2024 reached Ch$ 184,368 million, which represents a Ch$ 575,871 million decrease when compared to Q4 2023. This variation is mainly due to the following:

The aforementioned was partially compensated by:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

The aforementioned was partially offset by:

Operating costs for Q4 2024 reached Ch$ 325,078 million, which represents a Ch$ 8,735 million increase when compared to Q4 2023. This variation is mainly due to the following:

These effects were partially offset by:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

§  Personnel expenses (net of personnel expense capitalization) reached Ch$ 52,907 million as of December 31, 2024, which represents a Ch$ 7,976 million decrease when compared to December 2023, mainly explained by: (i) lower bonuses and other employee benefits for Ch$ 3,618 million; (ii) lower expenses related to the Group’s digitalization strategy for Ch$ 1,905 million; and (iii) lower employee vacation provisions for Ch$ 1,552 million.

During Q4 2024, personnel expenses (net of personnel expense capitalization) reached Ch$ 14,064 million, which represents a Ch$ 5,054 million decrease when compared to Q4 2023, mainly explained by: (i) lower expenses on bonuses and other employee benefits for Ch$ 2,234 million; and (ii) lower expenses related to the Group’s digitalization strategy for Ch$ 1,979 million.

§  Other expenses as of December 31, 2024, amounted to Ch$ 162,973 million, which represents a Ch$ 16,727 million increase when compared to 2023, mainly explained by: (i) a Ch$ 7,029 million increase in insurance premiums; and (ii) greater maintenance and repair services for Ch$ 7,464 million due to the commissioning of new solar and wind projects.

During Q4 2024, other expenses amounted to Ch$ 43,427 million, a Ch$ 553 million increase when compared to the figure for Q4 2023, mainly explained by an increase in insurance premiums.

Distribution & Networks business EBITDA

The EBITDA of our Distribution and Networks business segment reached Ch$ 60,469 million as of December 31, 2024, which represents a Ch$ 31,909 million, or 34.5% decrease when compared to the figure as of December 2023. During Q4 2024, EBITDA of this business decreased Ch$ 27,577 million when compared to Q4 2023.

The main variables that explain this outcome are described below:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

These effects were partially offset by:

During Q4 2024, operating revenues amounted to Ch$ 357,390 million, which represents a Ch$ 18,327 million decrease when compared to Q4 2023, mainly explained by the following:

These effects were partially offset by:

§  Operating costs reached Ch$ 1,467,109 million as of December 31, 2024, which represents a Ch$ 145,916 million or 11% increase when compared to December 2023, explained by:

During Q4 2024, operating costs reached Ch$ 334,123 million, which represents a Ch$ 4,844 million increase when compared to Q4 2023, mainly explained by:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

These effects were partially offset by:

§  Personnel expenses (excluding capitalized personnel costs) amounted to Ch$ 29.386 million as of December 31, 2024, which represents a Ch$ 2,852 million increase when compared to December 2023, mainly due to greater collective bargaining bonuses for Ch$ 5,015 million. This was partially offset by: (i) greater capitalization of personnel expenses related to investment projects for Ch$ 1,589 million; and (ii) lower vacation provisions for Ch$ 528 million.

During Q4 2024, personnel expenses (excluding capitalized personnel costs) amounted to Ch$ 6,634 million, in line with the figure for 2023.

§  Other expenses amounted to Ch$ 84,445 million as of December 31, 2024, which represents a Ch$ 12,932 million increase when compared to 2023, mainly explained by higher network maintenance and repair costs related to the force majeure weather events during May and August of 2024.

During Q4 2024, other expenses amounted to Ch$ 20,704 million, a Ch$ 4,451 million increase when compared to the figure for Q4 2023, also mainly due to greater network maintenance and repair costs related to the force majeure weather events on August 1^st and 2^nd, 2024.

DEPRECIATION, AMORTIZATION AND IMPAIRMENT

The following table summarizes the Enel Chile Group quarterly and accumulated EBITDA, depreciation, amortization and impairment expenses and EBIT broken down by segment as of December 31, 2024, compared to December 31, 2023:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Depreciation, amortization, and impairment costs amounted to Ch$ 348,102 million for the period ended December 31, 2024, which represents a Ch$ 76,905 million increase when compared to last year. This variation is mainly explained by:

During Q4 2024, depreciation, amortization, and impairment costs amounted to Ch$ 110,632 million, which represents a Ch$ 33,098 million increase when compared to Q4 2023. This is mainly explained by: (i) a Ch$ 27,079 million increase impairment of long lived assets in the Generation business segment due to the impairment of the Las Salinas power plant expansion project booked at yearend 2024 for Ch$ 34,203 million that was partly offset by the Ch$ 7,024 million impairment loss related to Tarapacá gas unit booked in 2023; (ii) higher depreciation and amortization for Ch$ 2,725 million, primarily in the Generation business segment, due to the commissioning of new power plants; and (iii) greater impairment of accounts receivables for Ch$ 3,193 million, primarily in the Distribution and Networks business segment.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

NON-OPERATING INCOME

The following chart presents Enel Chile’s quarterly and cumulative consolidated non-operating income as of December 31, 2024, and 2023:

Financial Result

The consolidated financial income of Enel Chile as of December 31, 2024, amounted to a Ch$ 155,210 million loss, which represents a Ch$ 66,825 million negative variation when compared to the Ch$ 88,384 million loss booked for 2023. During Q4 2024, consolidated financial income amounted to a Ch$ 49,234 million expense, greater than the Ch$ 39,391 million expense for Q4 2023.

The most relevant variables that explain this result are described the below:

Financial income decreased Ch$ 55,971 million, mainly explained by: (i) lower interest income for Ch$ 43,502 million on power distribution company accounts receivables related to billings that have been pending the issuance of the corresponding tariff decrees; (ii) lower income on short-term fixed income investments amounting to Ch$ 13,688 million.

During Q4 2024, financial income decreased Ch$ 51,935 million when compared to the same quarter of 2023, mainly explained by lower interest income for Ch$ 51,627 million on power distribution company accounts receivables related to billings that have been pending due to the postponement of the issuance of the corresponding tariff decrees.

Financial expenses decreased Ch$ 14,483 million, primarily explained by: (i) lower interest expenses for Ch$ 25,630 million mainly related to losses from the sale of accounts receivables in 2023, specifically regarding the Company’s financial leasing contracts related to electromobility projects; (ii) lower financial expenses for Ch$ 10,679 million on accounts receivable factoring transactions, mainly those responding to the issuance of Tariff Stabilization Law No. 21,185 amounting to Ch$ 7,671 million; and (iii) lower financial expenses related to improvements to the supplier payment schedule for Ch$ 4,958 million. These effects were partially compensated by: (i) greater financial expenses on bonds and bank loans amounting to Ch$ 17,296 million; and (ii) higher financial expenses with related parties for Ch$ 9,486 million related to greater debt with Enel Finance International (EFI).

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

During Q4 2024, financial expenses decreased Ch$ 45,108 million when compared to Q4 2023, mostly explained by: (i) lower interest expenses for Ch$ 35,546 million mainly related to losses from the sale of accounts receivables, specifically regarding the Company’s financial leasing contracts related to electromobility projects; (ii) lower financial expenses related to improvements to the supplier payment schedule for Ch$ 10,540 million. These effects were partially offset by greater financial interest expenses on bonds and bank loans amounting to Ch$ 4,945 million.

Income related to indexation decreased Ch$ 4,462 million, mainly explained by: (i) lower income from the indexation of recoverable taxes and other non-financial assets for Ch$ 13,554 million; and (ii) lower income from indexation of trade accounts receivables for Ch$ 7,933 million. These effects were partially offset by: (i) greater positive effects caused by IAS 29 “Financial Reporting in Hyperinflationary Economies” on the branch of Enel Generación Chile located in Argentina for Ch$ 13,957 million; and (ii) greater income from trade accounts payable indexation for Ch$ 2,634 million.

During Q4 2024, income related to indexation amounted to a Ch$ 17,154 million higher loss when compared to Q4 2023, mainly due to: (i) lower income from indexation of trade accounts receivables for Ch$ 17,725 million; and (ii) lower income from indexation of recoverable taxes and other non-financial assets for Ch$ 8,998 million. These effects were partially offset by greater positive effects caused by IAS 29 “Financial Reporting in Hyperinflationary Economies” on the branch of Enel Generación Chile located in Argentina for Ch$ 8,001 million.

Loss from exchange rate differences increased Ch$ 20,876 million, mainly explained by: (i) greater negative exchange rate differences on financial debt and derivative instruments for Ch$ 157,459 million; (ii) higher negative exchange rate differences on trade accounts payables for Ch$ 152,023 million, which includes the Ch$ 93,165 million negative effect related to the tariff stabilization mechanisms established by Law No. 21,185, Law No. 21,472, and Law No. 21,667 that dollarized pending billings to regulated customers; and (iii) greater negative exchange rate differences on trade accounts payable to related parties for Ch$ 171,968 million related to EFI.

The aforementioned was partially offset by: (i) greater positive exchange rate differences on cash and cash equivalents for Ch$ 12,851 million; (ii) greater positive exchange rate differences on other financial assets for Ch$ 23,777 million; (iii) greater positive exchange rate differences on trade accounts receivables for Ch$ 136,922 million related to the tariff stabilization mechanisms established by Law No. 21,185, Law No. 21,472, and Law No. 21,667; and (iv) greater positive exchange rate differences on trade accounts receivables from related parties for Ch$ 288,801 million, primarily accounts receivables from EGP Chile.

During Q4 2024, income from exchange rate differences amounted to a Ch$ 14,138 million lower loss when compared to Q4 2023, mainly explained by: (i) greater positive exchange rate differences on cash and cash equivalents for Ch$ 19,565 million; (ii) greater positive exchange rate differences on trade accounts receivables for Ch$ 157,559 million mainly related to Tariff Stabilization mechanisms established by Laws No. 21,185, No. 21,472 and Law No. 21,667; (iii) higher positive exchange rate differences on trade accounts receivables with related parties for Ch$ 37,314 million, mainly with EGP Chile; and (iv) lower negative exchange rate differences on accounts payable to related parties for Ch$ 99,894 million, mainly related to EFI loans.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

The aforementioned was partially offset by: (i) higher negative exchange rate differences on bank loans and derivative instruments for Ch$ 214,394 million; and (ii) greater negative exchange rate differences on trade accounts payable for Ch$ 88,553 million that includes the Ch$ 101,830 million negative effect related to the tariff stabilization mechanisms established by No. 21,185, Law No. 21,472, and Law No. 21,667.

Other non-operating results

Net income from Other investments decreased Ch$ 217,743 million when compared to 2023, mainly due to the income from the sale of Arcadia Generacion Solar for Ch$ 215,618 million booked in October 2023.

During Q4 2024, Net income from Other investments decreased Ch$ 215,618 million when compared to Q4 2023 for the same reason indicated above.

Net income from companies accounted for using the equity method increased Ch$ 2,712 million when compared to 2023, mainly due to a Ch$ 2,488 million increase in income from GNL Chile S.A. in 2024.

During Q4 2024, Net income from companies accounted for using the equity method increased Ch$ 2,186 million when compared to Q4 2023 mainly due to greater income from GNL Chile S.A.

Corporate income taxes

Corporate income tax reached a Ch$ 34,929 million loss as of December 31, 2024, a Ch$ 191,984 million lower expense when compared to 2023, primarily explained by: (i) a Ch$ 128,340 million lower tax expense due to the Company’s lower profit; (ii) a Ch$ 61,750 million lower tax expense related the sale of Arcadia Generación Solar S.A. in October 2023. These effects were partially offset by a Ch$ 4,952 million higher tax expense related to price-level restatement.

During Q4 2024, corporate income tax represented a Ch$ 111,671 million profit, a Ch$ 231,459 million lower expense when compared to Q4 2023. This variation is primarily explained by: (i) a Ch$ 176,254 million lower tax expense due to the Company’s lower profit; and (ii) a Ch$ 61,750 million lower tax expense related to the sale of Arcadia Generación Solar S.A. in October 2023. These effects were partially offset by a Ch$ 2,388 million higher tax expense related to price-level restatement.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Total assets of the Company as of December 31, 2024, increased Ch$ 886,177 million, when compared to total assets as of December 31, 2023.

Current Assets decreased Ch$ 136,752 million as of December 31, 2024. The variations in the main categories are presented below:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Non-Current Assets increased Ch$ 1,022,929 million when compared to the balance as of December 31, 2023. The variations in the main categories are presented below:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

The Company’s Total Liabilities as of December 31, 2024, including Equity, reached Ch$ 12,719,898 million, which represents a 7.5% increase when compared to total liabilities as of December 31, 2023.

Current liabilities decreased Ch$ 550,431 million as of December 31, 2024. The variations in the main categories are explained below:

The above was partially offset by greater accounts payable to Enel Finance International NV (EFI) for Ch$ 19,928 million, mainly due to the addition of new loans for Ch$ 287,049 million and from transferring the Ch$ 175,200 million current portion of debt from the long-term to the short-term category, partially compensated by debt amortizations for Ch$ 436,923 million and exchange rate differences for Ch$ 6,201 million.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Non-Current Liabilities increased Ch$ 871,114 million as of December 31, 2024, mainly explained by the following:

Total Equity amounted to Ch$ 5,326,380 million as of December 31, 2024, representing a Ch$ 565,493 million increase when compared to the figure as of December 31, 2023, and is mainly explained by the following:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Performance of main financial ratios

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

When excluding this extraordinary effect, the Company’s profitability index would have increased 4.1 percentage points (21.6% as of December 31, 2024, 17.5% as of December 31, 2023).

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

The net cash flow of Enel Chile Group reached negative Ch$ 198.387 million as of December 31, 2024, a Ch$ 116,424 million decrease in cash outflows when compared to 2023. The main factors that explain this lower negative net cash flow are presented below:

Net cash flow from operating activities reached Ch$ 1,530,905 million for the period ended December 31, 2024. It includes the following main cash inflows: (i) collections from sales of goods and services amounting to Ch$ 6,486,575 million; and (ii) collections from leasing company assets and then selling such assets for Ch$ 27,340 million. These cash flows were partially offset by: (i) supplier payments for Ch$ 4,509,722 million; (ii) income tax payments for Ch$ 194,604 million; (iii) employee payments for Ch$ 147,135 million; (iv) other operational cash disbursements for Ch$ 132,565 million, mainly value added tax payments and other taxes; and (v) payments to build or purchase assets to lease and later sell for Ch$ 6,327 million.

The Ch$ 825,243 million increase in operating cash inflows when compared to 2023 is mainly due to changes to: (i) greater cash received from the sale of goods and services for Ch$ 600,233 million; (ii) lower supplier payments for Ch$ 128,384 million; and (iii) lower income tax payments for Ch$ 100,394 million.

Net cash flow from investing activities amounted to a negative Ch$ 696,099 million for the period ended December 31, 2024. These cash flows are mainly comprised of: (i) Ch$ 684,004 million to purchase property, plant, and equipment; and (ii) Ch$ 38,350 million to purchase intangible assets. These cash flows were partially compensated by: (i) interest payments received amounting to Ch$ 20,774 million; and (ii) greater cash received from future contracts, options and swaps for Ch$ 4,147 million.

The Ch$ 609,861 million negative variation in the Company’s investment cash flow when compared to December 2023, is mainly explained by: (i) lower cash for losing control of a subsidiary for Ch$ 520,086 million due to the sale of Arcadia Generacion Solar S.A.; (ii) greater disbursements for the purchase of property, plant, and equipment and intangibles for Ch$ 59,931 million; (iii) lower cash received from the sale of property, plant, and equipment for Ch$ 33,979 million due to the cash received in 2023 for the sale of Santa Rosa Complex (the Group’s previous corporate building); (iv) less cash from joint businesses for Ch$ 29,662 million due to the sale of ownership share in Sociedad Inversiones K Cuatro SpA; and (v) less interest payments received for Ch$ 13,812 million. These effects were partially offset by lower future contract payments for Ch$ 49,858 million.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Net cash flow from financing activities amounted to negative Ch$ 1,033,193 million for the period ended December 31, 2024. These cash flows are mainly comprised of the following cash outflows: (i) Enel Chile loan payments to EFI for Ch$ 1,230,854 million; (ii) Enel Generación Chile bond payments for Ch$ 428,152 million; (iii) dividend payments for Ch$ 345,073 million; and (iv) bank loan payments to third parties for a total Ch$ 327,282 million; (v) interest payments for Ch$ 205,474 million; and (v) leasing liability payments and other cash outflows for Ch$ 17,889 million. These effects were partially compensated by the following cash inflows: (i) cash received by Enel Chile from financing provided by EFI for Ch$ 1,092,247 million; and (ii) new loans for Ch$ 448,296 million granted by various financial institutions for Ch$ 448,296 million (US$ 486 million).

The Ch$ 98,958 million negative variation in the Company’s financial cash flow when compared to the figure as of December 31, 2023, is mainly explained by: (i) greater repayments of bonds and bank loans for Ch$ 471,093 million; (ii) greater other cash inflows (outflows) for Ch$ 21,064 million; and (iii) greater interest payments for Ch$ 12,301 million. These cash flows were partially compensated by: (i) greater amount of cash received from loans to Enel Chile for Ch$ 348,723 million; and (ii) lower dividend payments for Ch$ 56,521 million.

The following table presents the cash disbursements related to additional Property, Plant and Equipment and respective Depreciation for the periods ended December 31, 2024, and 2023.

The most relevant cash outflows originate in the Generation business segment and are primarily related to the construction of new renewable generation projects that amounted to Ch$ 598,232 million as of December 31, 2024.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

II. MAIN RISKS ASSOCIATED WITH THE ACTIVITY OF ENEL CHILE S.A. GROUP

The Group’s activities are subject to a broad set of governmental regulations, and any changes in them could affect their activities, economic situation and operating income.

The Group’s operating subsidiaries are subject to a wide range of tariff regulations and other aspects that govern their operations in Chile. Consequently, the introduction of new laws or regulations, or the modification of current laws and regulations, could affect their operations, economic situation and operating results.

These new laws or regulations, on occasion, modify regulatory aspects that may affect existing entitlements which, as the case might be, may adversely affect the Group’s future income.

The Group’s operations are also subject to wide-ranging environmental regulations that Enel Chile continuously meets. Eventual modifications introduced to such regulations could affect its operations, economic situation and operating income.

These regulations, among other things, require the preparation and submission of Environmental Impact Studies for projects under study, obtaining licenses, permits and other mandatory authorizations and complying with all the requirements imposed by such licenses, permits and regulations. Just as with any regulated company, Enel Chile cannot guarantee that:

The Group’s commercial operations have been planned in order to mitigate possible impacts as a result of changing hydrological conditions.

The operations of Enel Chile Group include hydroelectric generation, and therefore, depend on actual hydrological conditions throughout a broad geographical area where the Group’s hydroelectric generation facilities are located. Should the hydrological conditions lead to droughts or other conditions that might negatively affect hydroelectric generation business, our results could be adversely affected, which is why Enel Chile has established, as an essential part of its commercial policy, to refrain from contractually committing 100% of its generation capacity. At the same time, the electricity business is also affected by meteorological conditions, such as temperatures, that affect consumption. Our margins may be affected by weather conditions depending on the different climate conditions.

The financial situation and the results of our operations may be negatively affected if the exposure to interest rate fluctuations, commodity prices and foreign exchange rates are not effectively managed.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

RISK MANAGEMENT POLICY

The companies of the Enel Chile Group follow the guidelines of the Internal Risk Management Control System (SCIGR) defined at the Holding level (Enel SpA), which establishes the guidelines for risk management through the respective standards, procedures, systems, etc., which are applied at the different levels of the Enel Chile Group Companies, in the processes of identification, analysis, evaluation, treatment, monitoring and communication of risks that the business faces continuously. These are approved by the Board of Directors of Enel SpA, which houses a Controls and Risks Committee, which supports the evaluation and decisions of the Board of Directors of Enel Chile with respect to internal controls and risk management system, as well as those related to the approval of the periodic financial statements.

To comply with this, there is a specific Risk Control and Management policy within the Company, which is reviewed and approved each year by the Board of Directors of Enel Chile, observing and applying local requirements in terms of risk culture.

The Company seeks protection for all risks that may affect the achievement of business objectives. There is a risk taxonomy for the entire Enel Group, which considers 6 risk macro-categories: financial; strategic; governance and culture; digital technology; compliance; and operational; and 37 risk sub-categories to identify, analyze, assess, treat, monitor and communicate its risks.

The Enel Group's risk management system considers three lines of action (defense) to obtain effective and efficient management of risks and controls. Each of these three "lines" plays a distinct role within the broader governance structure of the organization (Business and Internal Controls areas, acting as the first line, Risk Control, acting as the second line and Internal Audit as the third line of defense). Each line of defense has the obligation to inform and keep Senior Management and Directors updated on risk management, with Senior Management being informed by the first and second line of defense and the Board of Directors of Enel Chile in turn, by the second and third line of defense.

Within each company of the Group, the risk management process is decentralized. Each manager responsible for the operational process in which the risk originates is also responsible for the treatment and adoption of risk control and mitigation measures.

Interest Rate Risk

Interest rate variations modify the fair value of interest bearing at a fixed rate assets and liabilities, as well as future flows of assets and liabilities indexed at a variable rate of interest.

The aim of managing the interest rate risk is to reach a debt structure balance that would enable to minimize debt costs while reducing Income Statement volatility.

The debt structure according to interest rate, measured as the percentage of fixed debt and/or protected above total gross debt, is the following:

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

This ratio considers only debt transactions with third parties and with Enel Finance International, if any.

Depending on the Group’s estimates and on the objectives of its debt structure, various hedging operations are carried out via contracting derivatives to mitigate such risks.

Risk control through specific processes and indicators allows limiting possible adverse financial impacts and, at the same time, optimizes the debt structure with an adequate degree of flexibility.

As is public knowledge, the U.S. dollar LIBOR rate (Libor) was discontinued on June 30, 2023, and was replaced by the SOFR reference rate. Enel Chile Group successfully completed the transition from Libor to SOFR of 100% of its financial contracts and derivatives in June 2023, in line with market standards.

Foreign Exchange Rate Risk

Foreign exchange rate risks are primarily inherent to the following transactions:

In order to mitigate the foreign exchange rate risk, the hedging policy of the Enel Chile aims at maintaining a balance between US$-indexed flows or local currencies flows if they exist, and the level of assets and liabilities denominated in such currency. The aim is to minimize the exposure of cash flows to foreign exchange rate variations.

The instruments currently used to comply with the policy are foreign exchange forwards and currency swaps.

During 2024, the Boards of Directors of Enel Chile, Enel Generación Chile and Empresa Eléctrica Pehuenche agreed to change the functional currency of these companies from Chilean pesos to US dollars as of January 1, 2025, since the US currency will become the currency that will significantly influence the economic environment in which each of them operates (See note 41.i).

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Commodity Risk

The Enel Chile Group is exposed to the risk of price variations of certain commodities, primarily the following:

In order to reduce the risk under extreme drought conditions, the Group has designed a policy that defines sale commitment levels in line with the capacity of its generating facilities during a dry year, by including risk mitigation clauses in some contracts with unregulated clients and, in the case of regulated clients subject to long-term tender processes, by establishing indexing polynomials to reduce commodity exposure.

In consideration of the operational conditions Chile is facing in the electricity generation market and the drought and commodity price volatility in international markets, the Company is continuously reviewing the convenience of hedging the impact of these price variations on its net income.

As of December 31, 2024, we hold active hedges in Brent totaling 45 kbbl related to purchases. As for gas, there were no active hedges to be settled at the end of 2024, neither in Henry Hub Swap nor in Henry Hub Future. Regarding coal hedges, as of December 31, 2024, there were settlement obligations for a total of 10.7 kTon corresponding to sales contracts. As of December 31, 2023, the Company held Brent hedges for 551 Kbbl to be settled for purchases and for 217 Kbbl to be settled for sales. With respect to gas, there were hedges for two commodities as of December 31, 2023: a) the Henry Hub Swap with 1.5 TBtu to be settled for sales; and b) the Henry Hub Future with 5.9 TBtu and 3.9 TBtu to be settled for purchases and sales, respectively. Regarding coal, there were hedges for 47 kTon as of December 31, 2023 to be settled for sales.

According to the operating conditions that are updated permanently, these hedges may be amended or include other commodities.

The Group was able to minimize the effects of volatility in commodity prices on the results of the 2024 period, due to the mitigation strategies implemented.

Liquidity risk

The Group maintains a liquidity policy that consists of contracting long-term credit commitment facilities and temporary financial investments for amounts sufficient to support the forecast needs in a given period which, in turn, is a function of the overall situation and expectations of the debt and capital markets.

The above-mentioned forecast needs include maturities of net financial debt, that is to say, net of financial derivatives.

As of December 31, 2024, the liquidity of Enel Chile Group was Ch$ 383,399 million in cash and cash equivalents and Ch$ 687,557 million in in long-term committed credit lines. As of December 31, 2023, the liquidity of Enel Chile Group was Ch$ 563,291 million in cash and cash equivalents and Ch$ 473,645 million in long-term committed credit lines.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Credit risk

The Enel Chile Group continually monitors in depth all credit risks as described below:

Commercial Accounts receivable

In relation to the credit risks of accounts receivable from commercial activities in our generation business, this risk has historically been quite limited given that clients cannot accumulate significant amounts due to short collection terms. To that effect, we continuously monitor the credit risk and measure the maximum amounts exposed to payment risk, which, as stated earlier, are quite limited.

Regarding the credit risk corresponding to accounts receivable from the commercial activity of electricity distribution business, this risk is historically very limited since the short term of collection from customers means that they do not individually accumulate very significant amounts before the suspension of supply due to non-payment can occur, in accordance with the corresponding regulation. Additionally, there are portfolio monitoring and control measures for all the Company's segments: Corporate, Public Administration and Residential, with exclusive commercial executives available to attend to Corporate and Public Administration customers, in order to mitigate any activity that may put the customer's non-payment at risk.

Financial assets

Investments of cash surpluses are made with both national and foreign first-class financial entities with limits set for each entity.

Investment banks selection considers those with Investment Grade rating, considering the three major international rating agencies (Moody’s, S&P and Fitch).

Investments may be guaranteed by treasury bonds of Chile and/or paper issued by first class banks, giving priority to those offering the best returns (always within the current investment policies).

Risk Measurement

Exchange Rate Risk

In order to monitor this risk and limit the volatility of the income statement, the Enel Chile Group prepares a prospective measurement, based on a monthly Monte Carlo simulation, on the exchange fluctuations of the mismatch of accounts, in a 3 month period with 95% confidence.

Based on the Company's estimated exposure, considering the hedges in place, the estimated impact of exchange rate fluctuations to the next quarter would reach US$ 47.9 million.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

Considering that since January 1, 2025, Enel Chile and its subsidiaries Enel Generación Chile and Empresa Eléctrica Pehuenche will change its functional currency to the U.S. dollar, the measurement of the exchange rate risk described above has been determined considering this circumstance.

Interest Rate Risk

The exposure related to the variation of interest rates is measured as the sensitivity of the financial expense. The sensitivity analysis performed on the monthly financial expense shows that a variation of 25 basis points in the reference interest rate, SOFR, would have the following effects:

Given the Company's effective control over its exposure to variable rates, this risk is limited. To further reduce this exposure, market scenarios are continuously monitored, and a balance between fixed and variable rate financing is pursued.

OTHER RISKS

As is common practice in bank credit facilities and capital market operations, a portion of our financial debt, is subject to cross-default provisions. If certain non-payments are not corrected, they could result in a cross-default and eventually certain liabilities of Enel Chile could become enforceable.

In connection with the credit facilities under New York State law, subscribed in March 2024 maturing in March 2027, and the credit facility under Chilean law, entered into in December 2024 maturing in December 2027, prepayment may occur as a result of the non-payment -after any applicable grace period- of any other debt of Enel Chile whose individual outstanding principal amount exceeds the equivalent of US$ 150 million and whose amount in default also exceeds the equivalent of US$ 150 million. In addition, this credit lines contain provisions under which certain events other than non-payment, such as Enel Chile's bankruptcy, insolvency, adverse enforceable court judgments in excess of US$ 300 million, among others, could lead to the acceleration of these debts.

In connection with the bank loan under Chilean law, signed in December 2021 maturing in December 2026, prepayment may occur as a result of the non-payment - after any applicable grace period - of any other debt of Enel Chile whose individual outstanding principal amount exceeds the equivalent of US$ 150 million and whose amount in arrears also exceeds the equivalent of US$ 150 million. In addition, this loan contains provisions according to which certain events other than non-payment, in Enel Chile, such as bankruptcy, insolvency, adverse enforceable court judgments for an amount greater than US$ 300 million, among others, could result in the declaration of acceleration of the loan.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

In connection with the bank loan under Italian law, signed in August 2022 and July 2023, both maturing in December 2038, prepayment may occur as a result of the non-payment -after any applicable grace period- of any other debt of Enel Chile whose individual outstanding principal amount exceeds the equivalent of US$ 150 million and whose amount in arrears also exceeds the equivalent of US$ 150 million. In addition, this loan contains provisions according to which certain events other than non-payment, in Enel Chile, Enel SpA or a relevant subsidiary, such as bankruptcy, insolvency, adverse enforceable court judgments, could cause the declaration of acceleration thereof.

In connection with the bank loan under English law, signed in May 2024 and maturing in December 2037, prepayment may occur as a result of the non-payment - after any applicable grace period - of any other debt of Enel Chile whose aggregate outstanding principal amount exceeds the equivalent of US$ 150 million and whose amount in arrears also exceeds the equivalent of US$ 150 million. In addition, this loan contains provisions according to which certain events other than non-payment, in Enel Chile, Enel SpA, or a relevant subsidiary, such as bankruptcy, insolvency, adverse enforceable court judgments, could cause the declaration of acceleration of this loan.

Additionally, non-payment – after any applicable grace period – for any debt of Enel Chile or any of its subsidiaries, with a principal amount that exceeds US$ 150 million, or its equivalent in other currencies, could lead to the mandatory advance payment of its Yankee Bonds. The acceleration of the debt due to cross default does not occur automatically but must be demanded by the holders of at least 25% of the bonds of a certain Yankee Bonds series.

There are no credit-agreement clauses stating that changes in the corporate or debt rating of Enel Chile or its subsidiaries’ debt, performed by credit-rating agencies, would result in the need to make prepayments of debt.

	FINANCIAL STATEMENTS ANALYSIS ENEL CHILE GROUP AS OF DECEMBER 31, 2024

III. BOOK VALUE AND ECONOMIC VALUE OF ASSETS

The following are the most important assets:

Property, plant, and equipment are valued at their acquisition cost, net of the corresponding accumulated depreciation, and impairment losses. The property, plant, and equipment, net of their residual value, depreciate by distributing the cost of their different components linearly over the years of the estimated useful life of the asset, which is the period in which the companies expect to use them. The estimated useful life of the asset is reviewed periodically.

Goodwill (lower value of investments or commercial funds) generated in the consolidation, represents the excess acquisition cost over the Group’s participation in the fair value of assets and liabilities, including contingent liabilities and any non-controlling, identifiable shareholdings in a subsidiary, as of the date of acquisition. Goodwill is not amortized, but at the end of each accounting period an estimation of any impairment that might reduce its recoverable value to an amount below the recorded net cost is calculated, in which case an adjustment is made for the impairment. For additional information see Note 3.e. of the Financial Statements as of December 31, 2024.

Throughout the year and, primarily at its closing date, an evaluation is carried out to determine whether any asset might have suffered an impairment loss. In the event that there is an indication of such loss, an estimate of the recoverable value of such asset is made to determine the amount of the impairment. In the case of identifiable assets that do not generate cash flows independently, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs, which is considered to be the smallest group of assets that generate cash inflows independently.

Assets denominated in foreign currencies are presented at the exchange rate prevailing at the end of the period.

Accounts and notes receivable from related companies are classified according to their maturity in short-term and long-term. Transactions are adjusted to conditions prevailing in the market.

In summary, asset values are determined according to the International Financial Reporting Standards, whose criteria are included in Notes No. 2 and 3 of the Financial Statements of Enel Chile as of December 31, 2024.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 27, 2025