Enel Chile S.A. (NYSE: ENIC) closed the first half of 2026 with net income attributable to its shareholders of US$272 million, 10.7% above the US$246 million reported as of June 2025. The utility filed its financial statements analysis with the United States Securities and Exchange Commission on Form 6-K for the month of July, 2026, under commission file number 001-37723. It reports in millions of United States dollars and lists its Santiago address as Santa Rosa 76.

The improvement came from operations rather than from the financial line. EBITDA rose 3.9% to US$685 million as of June 2026, against US$659 million a year earlier, while the financial result moved from an expense of US$84 million to an expense of US$121 million, which the company attributed mainly to a loss from exchange rate differences. On a quarterly basis net income totaled US$110 million in Q2 2026, a US$38 million increase from Q2 2025, when the figure was US$71 million.

Operating revenues of US$2,268 million as of June 2026 were close to the US$2,279 million recorded a year earlier. The quarter was weaker: revenues fell 9.0% to US$1,071 million, which the company linked to lower energy sales and reduced gas commercialization. Procurement and services costs fell 2.4% to US$1,378 million for the half and 8.6% to US$696 million in the quarter, driven by lower costs for other variable procurement and services and reduced fuel consumption in the generation segment.

Generation carried the half, and hydrology carried the quarter

Net energy generation fell 5.0% to 10,898 GWh as of June 2026, a decline of 576 GWh from 11,474 GWh. The company said lower hydroelectric dispatch was largely offset by increased solar and combined cycle production. The quarterly pattern was sharper: net generation declined 7.5% to 5,451 GWh, which the filing attributes to lower hydrology compared with Q2 2025.

Physical energy sales in generation reached 15,622 GWh, down 1.7% or 273 GWh, mainly on lower sales to free customers. That is a very different year from 2025, when first half physical sales had fallen 11.6% as regulated contracts expired at the end of 2024. Generation segment revenues of US$1,596 million were US$7 million below the first half of 2025, but segment EBITDA rose 6.0% to US$611 million because procurement and service costs fell 3.7% to US$868 million.

The second quarter reversed that. Generation revenues dropped 12.4% to US$723 million and segment EBITDA fell 13.5% to US$225 million from US$260 million in Q2 2025.

Distribution grew customers, not margin

The distribution and grids segment added end users but lost EBITDA. Customer numbers rose 1.5% to 2,208,595, particularly in the residential segment, and physical sales edged up from 7,237 GWh to 7,261 GWh. Segment operating revenues increased 2.3% to US$893 million. Procurement and services costs rose 3.1% to US$741 million on higher transportation expenses and energy purchases, and segment EBITDA finished at US$80 million, US$12 million below the June 2025 level.

Energy losses moved from 6.2% in June 2025 to 6.6% in June 2026. Loss ratios in a regulated distribution business feed directly into the cost of energy the utility must buy to serve a given volume of billed demand, so the 0.4 percentage point move sits alongside the cost line that took the segment down.

Gross financial debt fell US$55 million from December 2025 to US$3,785 million. The movements behind that were an US$81 million amortization of a loan from Enel Finance International, a US$50 million drawdown on a committed credit line with Corporacion Andina de Fomento, US$22 million of amortization on Enel Generacion Chile H and M bonds, a US$12 million first installment on a Citibank loan, and a US$10 million increase in lease liabilities under IFRS 16. The average cost of debt held at 4.9%, unchanged from December 2025. Liquidity comprised US$276 million of cash and cash equivalents and US$640 million of committed available credit lines.

Analysis: EBITDA rose while the financial result deteriorated

The 10.7% rise in half year net income combines two movements that run in opposite directions, one above the operating line and one below it. EBITDA grew US$26 million year on year while the financial result deteriorated by US$37 million, from a US$84 million expense to a US$121 million expense. The company points to exchange rate differences. Enel Chile changed its functional and reporting currency to the dollar, so peso denominated regulated revenues and dollar reporting meet inside the financial result, and the disclosed hedge book comprises cross currency swaps of US$148 million, forwards of US$182 million and interest rate swaps of US$274 million, against gross debt of US$3,785 million.

The quarterly split is the more informative part of the disclosure. First quarter EBITDA had risen 15.8% to US$423 million on revenues up 8.7% to US$1,198 million, so almost the entire half year gain was booked before April. The second quarter delivered a 10.9% EBITDA decline to US$262 million on a 7.5% drop in generation. A reader tracking this company through the rest of the year is really tracking hydrology and the spread between contracted sales and the cost of covering them, not the headline earnings growth rate.

The filing also does not settle what happens to the regulated receivable. Enel Chile describes the account receivable created by Law No. 21,185, capped at US$1.35 billion and reached in January 2022, with recovery required no later than December 31, 2027, and the successor mechanism under Law No. 21,472 whose US$1.8 billion limit was reached in February 2024. Law No. 21,667 raised the customer protection mechanism fund by US$5.5 billion, of which US$3.7 billion carries a 30% fiscal guarantee, with repayment by December 31, 2035. The half year statements report earnings; they do not show the timing of those cash recoveries.

What the disclosure adds on capacity

On April 1, 2026 the company began construction, through Enel Green Power Chile, of the Azabache battery energy storage system in the Antofagasta Region. The system is being built into a hybrid plant combining solar, wind and storage at one site, with 94 MW of installed capacity and 372 MWh of storage, 36 MW at the Valle de los Vientos wind plant and 58 MW at the Azabache photovoltaic plant. The project appeared in the same terms in the first quarter filing, so the half year report confirms rather than updates it.

Enel Chile is registered with Chile’s Comision para el Mercado Financiero under RUT 76536353-5, with its regulatory domicile recorded as Roger de Flor 2725, Torre 2, in Las Condes, Santiago, and trades on the local exchange under the name ENELCHILE. The company remains listed as vigente, or current, in the regulator’s securities issuer register.