Thank you for joining us once again in reviewing our quarterly results. My name is Soledad Errázuriz, I'm Colbún's Financial Manager, and joining me today are Miguel Alarcón, the company CFO, and Carolina Plasser from our investor relations team.

I hope you have received our earnings report and an earnings review presentation that we have prepared to complement the analysis of our figures. Otherwise, you can download them from the investor section in our website.

On this occasion, we will review the highlights of the quarter, our liquidity and debt position, and to conclude, the company's consolidated results for the second quarter of 2026. Now, please go to slide number four to review the highlights of this year.

First, regarding our commercial strategy. During this year, power purchase agreements have been signed in Chile with 68 clients for an annual volume of 491 gigawatt-hours per year.

In Peru, supply contracts have been awarded to eight clients for a total contract capacity of 15.5 megawatts. Second, regarding financial activities.

On April 6, Colbún prepaid a bank loan with Sumitomo Mitsui Banking Corporation for a total amount of $162 million. Additionally, on May 15, the company distributed a final dividend for a total amount of $16 million.

This, together with the interim dividend of $78 million paid in December 2025, total dividends amounted to $93 million, equivalent to 50% of the distributable net income for 2025, in accordance with the company's dividend policy. Third, regarding our pipeline of projects.

During this quarter, the company's main advances were: regarding BESS Celda Solar, the project reached 94% progress and it's currently progressing with the energization and operational testing activities. Regarding BESS Diego de Almagro Sur, overall progress reached 68%.

The project now advanced toward interconnection activities. Regarding Don Eduardo Substation, overall project progress reached 70% as of today.

During the quarter, approximately 90% of the foundations were completed and all major equipment supplies were procured. Now, please go to slide number five to review subsequent events of the quarter.

First, weather conditions and secure energy supply. During July, severe storms affected a large part of Chile, highlighting that despite the significant progress made in the integration of renewable energy sources, the security of the energy supply continues to largely depend on weather conditions.

Prior to the rainfall events, the hydrological year ranked within the driest 2% of the historical observations. Reduced hydro resource availability, together with high wind variability and seasonally lower solar generation during the winter months, significantly increased the system reliance on thermal generation, which drove marginal costs at Alto Jahuel to levels above $300 per megawatt-hour.

Following the rainfall, hydroelectric generation recovered, thermal generation declined significantly, and marginal costs fell to below $10 per megawatt-hour. This sharp shift highlights both the resilience and the vulnerabilities of the Chilean electricity system, reinforcing the importance of maintaining an electricity supply that balances security, competitiveness, and sustainability.

Under current market conditions, efficient thermal generation, particularly natural gas-fired generation, continues to play a key role in supporting the integration of variable renewable energy sources. More broadly, a successful energy transition requires a long-term approach that incorporates timely investments in backup capacity, energy storage, transmission infrastructure, and appropriate regulatory incentives.

Second, regarding the National Reconstruction and Economic and Social Development Act. On July 21st, the Chamber of Deputies approved the bill in its entirety, with the exception of a small number of provisions that will continue through the legislative process.

The company is currently analyzing the financial and tax implications arising from the bill in order to apply them once the law is enacted. Third, regarding the electricity tariff protection bill.

On July 22, the National Congress approved the electricity tariff protection bill, which seeks to mitigate the impact of tariff recalculation on regulated customers' electricity bills, regularize pending distribution and transmission processes, and strengthen the security and reliability of the electricity system. The bill introduces a voluntary mechanism to renegotiate regulated PPAs by mutual agreement and extends the residential subsidy through 2027.

From the company's perspective, the tariff measures included in the legislation do not impose new direct financial obligations on generation companies, nor do they unilaterally modify existing power supply contracts. Notwithstanding the foregoing, the legislation broadens the circumstances under which preventive measures may be adopted in situations of system supply shortages, the effects of which will depend on their future implementation and subsequent regulation.

Now, continuing with this conference call, please go to slide number seven to analyze the liquidity position and consolidated financial debt held by the company. Total financial debt on a consolidated basis this quarter reached $2.4 billion, with an average life of 5.2 years and an average interest rate of 4.1% in consolidated terms.

Net to the EBITDA levels, as of June 2026, reached 2.8 times. Now, I will turn to Carolina, who will speak about the main drivers of the results for the second quarter of 2026.

Thank you, Soledad, and hello to everyone. Before starting with our quarterly results review, I'd like to highlight some relevant data about the system's operation on slide number nine.

In Chile, the average marginal cost measured at Alto Jahuel decreased compared to the second quarter of 2025, averaging $66 per megawatt-hour. Electricity demand grew by 1.4% during the second quarter of 2026 compared to the second quarter of 2025.

The quarter was marked by particularly challenging hydrological conditions in Chile's National Electric System. As of the end of June, after its first three months, the main [southern?]

river basins are recording precipitation deficits relative to a normal year. In addition, cumulative inflows reflect a 100% probability of exceedance, indicating that this quarter ranks as the driest in the available historical record.

In Peru, Santa Rosa's average marginal cost increased compared to the second quarter of 2025, averaging $29 per megawatt-hour this quarter. Electricity demand also continued to expand, growing 6% compared to the second quarter of 2025.

Additionally, as of June of 2026, the SEIN has recorded a hydrological conditions with a probability of exceedance of 20% compared to the 0% recorded as of June of the previous year. Now, please go to slide number 10 to review the quarter's physical sales and operating income figures.

In Chile, physical sales during the second quarter of 2026 reached 3.2 terawatt-hours, increasing 10% compared to the second quarter of 2025. This variation was mainly explained by higher spot market sales compared to a period with no spot market sales during the second quarter of 2025, mainly due to higher generation during the quarter.

This effect was partially offset by a decrease in sales to regulated clients, primarily associated with the expiration in December 2025 of contract with Enel Distribución. In Peru, physical sales during the quarter reached 1 terawatt-hour, increasing 18% compared to the second quarter of 2025.

This increase was mainly explained by higher sales to regulated clients, associated with the commencement of the contract with Luz del Sur and the increasing contracted capacity with Electro Dunas. This effect was partially offset by lower energy sales in spot market and a decrease in sales to unregulated clients due to the termination of contracts, mainly with mining clients.

For the second quarter of the year, consolidated operating revenue amounted $449 million, increasing 12% compared to the operating revenue recorded in the second quarter of 2025. This variation was mainly explained by higher energy and capacity sales in Chile, associated with higher volumes sold in the spot market together with higher spot prices, and higher revenues from regulated clients in Peru.

These effects were partially offset by lower revenues from regulated and unregulated clients in Chile, as well as lower revenues from unregulated clients in Peru. Now, please go to slide number 11 to review the generation and raw materials and consumables used cost figures.

In Chile, total generation of the quarter reached 3.3 terawatt-hours, increasing 19% compared to the second quarter of last year. This variation was mainly explained by higher coal-based generation, driven by the return to operations of Santa María Thermal Power Plant, which recorded no generation during the second quarter of 2025 due to the unavailability resulting from the incident that occurred in March of that year; higher wind generation, mainly explained by greater contributions from the Horizonte Wind Farm, which was still in the commissioning stage during the comparative period; and higher gas-fired generation, associated with increased economic dispatch of Nehuenco complex units in a context of greater fuel availability and higher marginal costs toward the end of the quarter.

These effects were partially offset mainly by lower hydroelectric generation due to less favorable hydrological conditions. In Peru, total generation reached 1 terawatt-hour during the quarter, increasing 57% compared to the second quarter of 2025.

This increase was mainly explained by plant's higher availability, considering that the 2026 major maintenance was carried out during February, whereas in 2025 it extended from April 4 to April 28, significantly reducing generation during that month. Additionally, during the second quarter of 2026, the plant recorded higher generation due to the economic dispatch of this unit.

Consolidated raw materials and consumables used cost in the second quarter of 2026 amounted to $248 million, increasing 21% year-on-year, mainly driven by a higher coal consumption associated with the return to operation of Santa María Thermal Power Plant. Now, please go to slide number 12 to review the main differences in the consolidated EBITDA for this quarter.

Consolidated EBITDA reached $157 million during this quarter, increasing 12% compared to the second quarter of 2025. EBITDA in Chile amounted to $131 million, increasing 9% compared to the second quarter of 2025.

This increase was mainly driven by higher energy and capacity sales, associated with the increased generation together with higher spot prices recorded during the quarter, and lower gas consumption cost, despite higher dispatch of the combined cycle units, due to a decrease in the average supply cost. These effects were partially offset by higher coal consumption cost associated with the return to operation of Santa María Thermal Power Plant, and lower revenues from regulated clients due to a decrease in the supplied volumes following the expiration of the Enel distribution contract.

EBITDA in Peru reached $26 million in second quarter of 2026, increasing 26% compared to the second quarter of 2025, mainly associated with the greater plant availability and increased sales to regulated clients. Now, please go to slide number 13 to review the consolidated net income of the quarter.

Non-operating income for the second quarter of 2026 posted a loss of $42 million compared to a loss of $23 million in the second quarter of 2025. This variation was mainly explained by higher losses recorded under other gains/losses associated with the recognition of extraordinary non-recurring effects, particularly cost related to the early termination of coal supply contracts signed during the 2022; and higher financial expenses, mainly explained by lower capitalized interest following the commercial operation of the Horizonte Wind Farm; and finally, to a lesser extent, by a higher average level of financial debt.

These effects were partially offset by a foreign exchange gain recorded during the period. The company reported a profit of $37 million during the second quarter of 2026 compared to a profit of $48 million recorded in the second quarter of 2025.

This decrease was mainly explained by the deterioration in non-operating income, an effect partially offset by a higher operating income and lower income tax expense. Now, please go to slide number 14 to review the consolidated cash flow.

The company began the period with a cash balance of $925 million and ended with $832 million. Regarding operating activities, during the second quarter of 2026, the company generated a positive operating cash flow of $164 million, in line with the operating cash flow recorded in the second quarter of 2025.

This reflects offsetting effects during the period: lower operating cash collections primarily associated with timing differences in the billing and collection cycles, as well as higher operating cash disbursements. These effects were partially offset by higher tax refunds received during the period.

In terms of financing activities, there recorded a negative cash flow of $227 million during the second quarter of 2026 compared to a negative cash flow of $47 million recorded during the second quarter of 2025. This variation was mainly explained by the prepayment of the bilateral loan with SMBC carried out during the quarter.

Lastly, investment activities generated a negative cash flow of $85 million during the second quarter of 2026, decreasing 16% compared to the negative cash flow of $101 million recorded during the second quarter of 2025. This variation was mainly explained by lower disbursements associated with the company's investment plan, reflecting the different progress of growth projects compared to the same period of the previous year.

This concludes Colbún's second quarter of 2026 results review. Thanks for listening, and now we are open to answering your questions.

Hello. Hi, this is Miguel.

Andrew, thank you for your questions. Since there are many, we'll try to tackle one by one.

First, regarding natural gas and coal availability: natural gas, as you may know, we purchase from several different sources. Up until June, we've used a combination of GNA, gas from Argentina, and liquefied natural gas.

Higher percentage of the use has been linked to the gas coming from Argentina. We still have that, I would say, via short-term contracts available, but for now we have secured gas up until August with a counterparty getting GNL with a contract with Enel that we previously disclosed.

For the moment, we don't foresee the need to acquire more gas. That, of course, is subject to hydro conditions which have improved significantly over the past three weeks.

If we need more, we'll probably activate again the Argentinian supply side for getting more gas, but as for today, we have available gas up until August with Enel's contract. Regarding coal, we have coal stored for the operation of about 1.5 months on a full load on the Santa María plant, and on top of that, we have secured a shipment that should arrive by mid-August that is useful for another full-time month of total dispatch of Santa María.

Basically, enough coal to operate at least 2.5 months on a full-time basis, and again, linked to hydro conditions and level of marginal costs, we believe that's an adequate cushion to operate the facility. Regarding capex, I would say that for the second half of the year, total expected capex is around $200 million.

$100 million of those splits, I would say, evenly between the two BESS projects we are embarked on, Celda Solar and Diego de Almagro Sur; 50 other million should go into maintenance; and the final $50 million should be in smaller investments. All in all, $200 million: half of that amount, $100 million, should go to the BESS projects, and the rest for smaller capex needs and maintenance.

Regarding reservoirs, as you may know, because of current climate conditions, situations have improved significantly over the last three weeks. The current level of the Colbún reservoir, it's getting almost completely full.

As the maximum level it can go is, in terms meters above sea level, is the 437 meters, and nowadays is at 430, 429.7 actually, as of today, and still going up because of the rainfall expected to occur during this week in the Maule Basin. Angostura reservoir, as it has a limited capacity to accommodate high inflow, it's completely full, operating as a run-of-the-river facility.

The Chapo Lake has also improved significantly, I would say, pretty much in line with the situation on the Colbún reservoir. I think that should cover all of your questions.

Hi, Cristóbal. Canutillar just began its annual maintenance that is done unit by unit on separate times.

My understanding is that it will not be out of operations completely up until January, but only partially. We will still get more info and get back to you, because our understanding is that—at least mine—is that the maintenance time is shorter than January.

We'll gather more information and get back to you.

Hi, Rodrigo. Thank you for your question.

In the situation you described, which for the moment actually we don't foresee, the answer is yes, particularly the Nehuenco II unit, which is the larger of the three in the complex, is designed to operate on a dual basis with both LNG or diesel, and it can completely operate using that fuel. In that situation, I would believe that if the LNG supply would be shut off not only for Colbún, but for the system, that would create pressure on the marginal costs and would go up significantly, setting a diesel unit as the one setting the marginal cost, and because of that, I would expect to fully recover those costs if the unit were to operate on diesel, because of the efficiency, we believe that that would create infra-marginality and provide further benefits for the company.

Again, I don't foresee, for the moment, a situation like the one you described, specially considering, on one side, availability of hydropower in the reservoirs, the expected melting season because of the accumulated snowfall, and even beyond that, availability of coal facility that is extremely competitive when compared to diesel generation units.

Thank you to everyone for joining this conference call on a Monday morning. Hope you all have a great weekend, and see you again for the release of third quarter 2026 results call.

Thank you very much, and goodbye.