Enel Chile SA (ENICN) Q3 2026 Earnings Report
MX:ENICN Q3 2026 EPS Results
- Actual EPS
- MXN 3.17
- Consensus EPS
- MXN 1.47
- Beat/Miss
- Beat by +MXN 1.71
- One Year Ago EPS
- MXN 2.68
MX:ENICN Q3 2026 Revenue Results
- Actual Revenue
- MXN 21.99B
- Expected Revenue
- MXN 20.76B
- Beat/Miss
- Beat by +MXN 1.23B
- YoY Revenue Growth
- +3.46%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
MX:ENICN Upcoming Earnings
Enel Chile SA's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:ENICN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive. Management reported higher nine-month EBITDA, net income, and FFO, improved hydrology, strong progress on battery storage and grid modernization, continued capital investment, solid liquidity, and confidence in achieving 2026 guidance. The main challenges were the severe hydrological conditions earlier in the year, lower third-quarter EBITDA, sourcing and gas-margin headwinds, lower free-market demand, unremunerated system-stability services, ongoing regulatory uncertainty, and the lack of 2027 guidance. Highlights significantly outweighed the lowlights.
Company Guidance
Management expects full year hydro generation to be between, 11 and 12 terawatt hour, remains on track to deliver its 2026 EBITDA and net income guidance, and said it is too early to define guidance for 2027; based on all information available today, it does not see evidence of a material supply risk for 2027, with more color expected with first quarter 2027 results. Las Salinas, Valle del Sol and Azabache are expected to begin commercial operation during 2027, while Finisterre is expected to enter operation in 2028, with approximately 0.6 gigawatts under construction. The approved corporate tax reduction is expected to have a positive impact starting in the October closing, including a 1-off impact of around $11 million from deferred tax, while the recurring effect will increase until 2029 and then will end; the company is not providing specific guidance on remuneration for grid-forming attributes.
- Resilient Nine-Month Financial PerformanceNine-month EBITDA reached $1.021 billion, increasing 2% year-on-year, while net income totaled $390 million, up 11% year-on-year. Management said results remained resilient despite the challenging first half of the year.
- Strong Funds From Operations GrowthNine-month FFO totaled $770 million, an increase of 25% compared with the same period of 2025. Third-quarter FFO increased 28% to $271 million, supported by EBITDA resilience and net working capital improvement.
- Improved Hydrology and Hydro GenerationHydrological conditions improved significantly in August and September after severe dryness through July. Nine-month hydro production reached 8.2 terawatt-hours, 3% above last year, while third-quarter hydro generation increased 88% from 2.1 terawatt-hours in the second quarter to 3.9 terawatt-hours in the third quarter.
- Positive Reservoir and Snow OutlookCumulative rainfall in the Maule and Bío Bío basins is now above the historical average and well above the dry historical scenario. Ralco and Pangue are operating at 100% capacity, and the 2026-2027 snowmelt outlook represents a 43% probability of exceedance scenario, broadly consistent with average hydrological conditions.
- Hydro Generation Outlook MaintainedFollowing improved rainfall and precipitation through October, management expects full-year hydro generation to be between 11 and 12 terawatt-hours and remains on track to deliver 2026 EBITDA and net income guidance.
- Renewable and Battery Storage ExpansionApproximately 0.6 gigawatts of battery energy storage capacity is under construction across four projects: Las Salinas at 206 megawatts, Valle del Sol at 153 megawatts, Azabache at 94 megawatts, and Finisterre at 100 megawatts. Las Salinas achieved first synchronization to the national grid, and construction of Finisterre began in August.
- Grid-Forming Battery MilestoneLas Salinas is expected to be the first grid-forming BESS in Chile. The projects were designed with grid-forming capabilities that can support frequency regulation, fault response, voltage and frequency stability, and the integration of additional renewable generation.
- BESS Commercial Operation TimelineLas Salinas, Valle del Sol, and Azabache are expected to begin commercial operation during 2027, while Finisterre is expected to enter operation in 2028. Management said the projects support portfolio flexibility, security of supply, renewable integration, and long-term value creation.
- Improved Renewable Generation Mix and Energy BalanceNine-month production increased slightly to 17.0 terawatt-hours, primarily driven by strong hydro generation that more than compensated for lower thermal output. The generation mix remained increasingly supported by renewable and emission-free resources.
- Lower Reliance on Market PurchasesImproved hydrology and higher internal generation reduced net spot purchases by 1.6 terawatt-hours in the third quarter and by 1.3 terawatt-hours over the first nine months, mainly during solar hours.
- Distribution Network Operational ProgressEnergy distributed increased 2% to 11.1 terawatt-hours, while energy losses remained stable at 6.4%. Remote-control equipment increased 22% to 4.3 thousand units, strengthening the network's digital capabilities.
- Distribution Investment and Resilience ImprovementsDistribution CapEx reached $122 million, increasing 21% compared with the same period last year, mainly for service quality, grid digitalization, and resilience. Management said the investment supported solid network performance during the winter season and severe weather conditions in Santiago.
- Strategic Capital DeploymentNine-month investment reached $492 million, doubling CapEx compared with the same period last year. Of total investment, 63% was directed to renewable generation and 25% to strengthening and modernizing the distribution network.
- Development Investment Focused on BESSDevelopment investment totaled $295 million, representing 60% of total spending. BESS accounted for 79% of development spending, networks represented 14%, and hydropower plants represented 6%.
- Gas Optimization ContributionGas optimization initiatives increased integrated-business EBITDA by more than $90 million during the first nine months, while lower natural gas costs and lower thermal production volumes also reduced thermal production costs.
- Grid EBITDA StabilityNine-month grids EBITDA remained broadly stable at $127 million, supported by higher margins from distribution-related services and a positive exchange-rate impact.
- Positive Tax-Regime Change ImpactThe recently approved corporate tax reduction is expected to have a positive impact beginning with the October closing. Management expects an approximately $11 million one-off deferred-tax benefit, followed by a recurring net-income and cash-out benefit that will increase through 2029.
- Diversified Gas Supply PositionThe firm Argentina gas agreement provides contracted volumes through April 2027. Management said the strategy combines Argentina gas, LNG, and active portfolio management, and that based on currently available information it does not see evidence of a material supply risk for 2027.
- Comfortable Liquidity PositionAs of September 2026, Enel Chile had $650 million of available committed credit lines and $371 million of cash equivalents. Management said liquidity was sufficient to support capital needs and meet upcoming maturities.
- Debt Profile and Financial FlexibilityGross debt reached $3.8 billion at the end of September 2026, decreasing 1% from December 2025 after $150 million of debt amortization. Fixed-rate debt represented 84% of total debt, average debt cost was 4.9%, and management said the market remained liquid and accessible for potential bond issuance.
- Regulatory and Policy OpportunitiesThe National Reconstruction Law was enacted with tax incentives and economic reactivation measures. The proposed electricity grid reform is expected to be submitted to Congress in March 2027, and management views it as an opportunity to address electrification, digitalization, grid resilience, and long-term distribution investment needs.
- Progress on Distribution Regulatory ProcessesThe September VAD 2024 type-normalization report determined the amount pending recovery for distribution companies, providing greater visibility on the recovery process. Authorities are also expected to release a detailed proposal for the investment framework under the electricity tariff protection law for public consultation in the coming weeks.
- Commercial Portfolio FlexibilityManagement said it continues to see commercial opportunities in both regulated and free-market segments and is evaluating the upcoming regulated auction. The company intends to place energy on attractive terms while balancing returns and risk.
MX:ENICN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2026 (Q4) | 2.16- | -2.39 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 1.473.17 | 2.68 | 18.47% (+0.49) | |
| Jul 28, 2026 | 2026 (Q2) | 1.431.42 | 0 | ― | |
| Apr 28, 2026 | 2026 (Q1) | 1.561.96 | 0.05 | 4193.40% (+1.91) | |
| Mar 02, 2026 | 2025 (Q4) | 2.62-2.39 | -3.74 | 35.93% (+1.34) | |
| Oct 28, 2025 | 2025 (Q3) | 1.932.68 | 2.29 | 16.91% (+0.39) | |
| Jul 29, 2025 | 2025 (Q2) | 1.400.00 | 0.99 | -100.00% (-0.99) | |
| Apr 28, 2025 | 2025 (Q1) | 1.460.05 | 2 | -97.72% (-1.95) | |
| Feb 26, 2025 | 2024 (Q4) | -0.47-3.74 | 5.31 | -170.43% (-9.04) | |
| Oct 29, 2024 | 2024 (Q3) | 1.772.29 | 2.23 | 2.71% (+0.06) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed