Thank you for joining us once again in reviewing our quarterly results. My name is Miguel Alarcón, I'm Colbún's CFO, and joining me today are Soledad Errázuriz, Isidora Zaldívar, 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 compliment the analysis of our figures. Otherwise, you can download them from the investor section on 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 fourth quarter of 2025. Now, please go to slide number 4 to review the highlights of this year.

First, regarding our commercial strategy. During 2025, power purchase agreements were signed in Chile with 92 clients, for an annual volume of 846 GWh per year.

In Peru, supply contracts were awarded for 26 clients, for a total contracted capacity of 63 MW. Second, regarding the purchase of renewable energy from third parties.

The company entered into a power purchase agreement with Atlas Renewable Energy, with a term of 15 years. Under this agreement, Atlas will build the battery energy storage system, while Colbún will purchase the energy supplied by the project.

Third, regarding dividend distribution. In May 2025, the company distributed a final dividend of $27 million, which, added to the $100 million paid in December of 2024, corresponds to 50% of the distributable net income for the year 2024, in accordance with the company's dividend policy.

In December 2025, the company distributed an interim dividend of $78 million, charged to 2025's net income. Fourth, regarding financing activities.

In September of 2025, Colbún issued its second green bond in the international market, for a total amount of $500 million, with a 10-year maturity and a coupon rate of 5.4%, achieving the lowest spread for a Chilean corporate bond in the last 20 years. Of the proceeds obtained from this issuance, $266 million were used to partially refinance the company's outstanding $500 million bond of the same type, maturing in 2027.

In December 2025, Fenix Power signed a 5-year bullet bank loan with MUFG and Mizuho, for an amount of $200 million. The proceeds were used to fully prepay the $186 million bond held at this affiliate company, maturing also in 2027.

Fifth, regarding M&A activities. On August 2025, Colbún completed the acquisition of the 41% ownership in Inversiones Las Canteras S.A., the controlling shareholder of Fenix Power Peru.

As a result of this acquisition, Colbún reached 100% ownership of Fenix Power. Sixth, regarding our pipeline of projects.

During 2025, the company's main advances in renewable energy and storage projects were the following: In Chile, Horizonte Wind Farm reached full commercial operation, achieving a total installed capacity of 816 MW. BESS Celta, formerly known as Celda Solar, the project reached 70% progress.

The installation of battery containers and power conversion systems was completed. Equipment interconnection works commenced, and construction of the Celta substation and the transmission line was finalized.

BESS Diego de Almagro Sur, construction of the project is underway, with overall progress reaching 14%. The installation of battery containers and power conversion systems was completed.

Equipment interconnection works commenced, and construction of the Celta substation and the transmission line was finalized. Don Eduardo substation, formerly known as Llullaillaco, construction works commenced during this quarter.

Finally, Junquillos Wind Farm, the environmental impact assessment was approved on December 22 of 2025. Now, regarding Peru: Bayóvar Wind Farm, the environmental impact assessment was approved in the first quarter of 2025.

Algarrobal photovoltaic plant, during the quarter, the environmental impact assessment was approved. Both projects remain under business evaluation.

Seventh, regarding our power plant operations. During the fourth quarter of 2025, the company continued to focus on ensuring the reliable operation of its generation fleet, while progressing with scheduled maintenance activities and the resolution of previously reported incidents.

On March, Santa María thermal power plant became unavailable due to a loss of lubrication in the steam turbine. Repair works were completed as planned, and the unit resumed operations on October 23 of 2025.

On July, an incident occurred at unit number 1 of the Rucúe hydroelectric power plant for 90 MW of installed capacity during major maintenance activities, caused by an ignition following a gas leak during metallization works. As of the fourth quarter of 2025, repair works showed 87% overall progress.

The unit is expected to return into service by mid-February of 2026. It is worth noting that the company has insurance coverage for this type of events.

Now, continuing with the conference call, please go to slide number 8 to analyze the liquidity position and consolidated financial debt held by the company. Total financial debt on a consolidated basis this quarter reached $2.6 billion, with an average life of 5.6 years and an average interest rate of 4.3% in consolidated terms.

Net debt to EBITDA as of December of 2025 reached 2.7 times. Now, I will turn to Isidora, who will speak about the main drivers of the results for the fourth quarter of 2025.

Thank you, Miguel, and hello to everyone. Before starting with our quarterly results review, I would like to highlight some relevant data about the system operation on slide number 10.

In Chile, the average marginal cost, measured at Alto Jahuel, increased compared to last year, averaged $39 per MWh. Electricity demand grew by 1% during this quarter, compared to the same quarter of last year.

As of December 2025, the current hydrological year, which began in April, has presented a probability of exceedance of 94%. In Peru, Santa Rosa's average marginal cost increased 1% compared to the fourth quarter of 2024, averaging $28 per MWh.

Electricity demand also continued to expand, growing 2% compared to the same quarter of last year. Additionally, as of December 2025, corresponding to the first three months of the hydrological year, the SEIN has experienced favorable hydrological conditions, reflected in an exceedance probability of 7%.

Now, please go to slide number 11 to review the quarter's physical sales and operating income figures. In Chile, physical sales during the quarter reached 2.6 TWh, decreasing 10% compared to the same quarter of last year.

This decline was mainly explained by: one, lower consumption from unregulated clients, largely associated with the mining industry; and two, lower physical sales to the spot market, due to lower generation recorded during the period. These effects were partially offset by higher sales to regulated clients, driven by increased consumption during the quarter.

In Peru, physical sales during this quarter reaching 0.9 TWh, decreasing 3% compared to the same quarter of last year, mainly due to lower sales in the spot market. This effect was partially offset by: one, higher sales to regulated clients, driven by the entry into force of a supply contract with Electroperú; and two, higher sales to unregulated clients, mainly due to the entry into force of a contract with Distriluz, and increased consumption by Minera Auracana.

For the fourth quarter of the year, consolidated operating income amounted to $393 million, increasing 2% compared to the operating income recorded in the fourth quarter of 2024, mainly driven by higher physical sales to regulated clients in both Chile and Peru, and by higher income from unregulated clients, associated with higher average sales prices in Chile, and higher volumes from this segment in Peru. These effects were partially offset by lower physical sales in the spot market in both countries, mainly due to the lower generation levels recorded during the period.

Now, please go to slide number 12 to review the generation and the raw materials and consumable used costs figures. In Chile, total generation of the quarter reached 2.5 TWh, decreasing 12% compared to the fourth quarter of last year.

This was mainly explained by lower hydroelectric generation, associated with significantly less favorable hydrological conditions. This effect was partially offset by: one, higher wind generation, mainly driven by the entry into commercial operation of Horizonte Wind Farm; and two, higher gas-based thermal generation, explained by increased economic dispatch of Nehuenco complex, in a context of lower hydrological availability during the period.

In Peru, total generation reached 0.9 TWh during the quarter, decreasing 5% compared to the same quarter of last year. This decline was mainly explained by forced outage associated with the steam turbine, together with more favorable hydrological conditions in the system, which reduced the plant's economic dispatch.

Consolidated raw materials and consumable used costs this quarter amounted to $182 million, increasing 7% compared to the same quarter of last year, mainly due to: first, higher gas consumption costs in Chile, associated with higher generation with this fuel; and second, higher transmission tolls, resulting from tariff adjustments recorded during the quarter. These effects were partially offset by lower energy and capacity purchases, associated with adjustments related to capacity payments that took place during the quarter, despite higher energy purchases in the spot market.

Now, please go to slide number 13 to review the main differences in the consolidated EBITDA for this quarter. Consolidated EBITDA reached $165 million during this quarter, decreasing 5% compared to the same quarter of last year.

EBITDA in Chile amounted to $143 million, decreasing 4% compared to the same quarter of last year. This decline was mainly driven by higher variable costs, particularly: one, higher gas consumption, associated with higher gas-based thermal generation; two, higher transmission tolls; and three, an increase in other expenses by nature, resulting from the reversal of non-recurring provisions recognized on 2024.

This decrease was partially offset by an improvement in the company's net position in the spot market, mainly reflecting lower net energy and capacity purchases; and higher revenues from regulated clients, associated with higher consumption during the period; and finally, an increase in other income, mainly related to the pass-through of certain costs established in contracts with unregulated clients, and higher revenues from unregulated clients, primarily driven by a higher average sales price reflecting contract indexation. EBITDA in Peru amounted $21 million this quarter, decreasing 10% compared to the same quarter of last year.

This variation was mainly explained by: first, a weaker net position in the spot market, reflecting higher levels of contracted sales and lower generation during the period; and second, higher transmission tolls. This decrease was partially offset by higher sales to regulated and unregulated clients.

Now, please go to slide number 14 to review the consolidated net income of the quarter. Non-operating income for this quarter posted a loss of $56 million, compared to a loss of $46 million the fourth quarter of 2024.

This increase was mainly explained by: first, higher financial expenses, mostly associated with the end of capitalization of interest related to Horizonte Wind Farm, following its commissioning operation date, and by a higher average financial debt recorded during the quarter; and second, higher other profit and losses, associated with the recognition of asset impairment provisions during the period. The company reported a net profit of $31 million this quarter, compared to $54 million profit obtained in the fourth quarter of 2024, mainly explained by: first, a higher depreciation and amortization, and lower operating result, driven by a lower EBITDA; and second, a lower non-operating result recorded during the period, partially offset by lower income tax expenses.

Now, please go to slide number 15 to review the consolidated cash flow. The company began the period with a cash balance of $949 million and ended with $883 million.

Regarding operating activities, during this quarter, an inflow of $131 million was generated, compared to the inflow of $201 million during the fourth quarter of 2024, mainly due to lower receivables compared to the prior quarter, associated with the sale of PEC receivables on October 2024. In terms of financing activities, they generated an outflow of $111 million, which compares to the inflow of $72 million during this fourth quarter of 2024, mainly explained by the distribution of an interim dividend in December, and the partial prepayment of a loan of Colbún Peru.

On the other hand, the cash inflow recorded in the fourth quarter of 2024 is mainly explained by the $200 million disbursements of the green loan signed with BBVA and Bank of America, partially offset mainly by the payment of an interim dividend and by interest payments during the quarter. Lastly, investment activities generated a cash flow of $92 million during this quarter, compared to the outflow of $433 million in the fourth quarter of 2024, primarily explained by the acquisition of Fenix shares.

This effect was partially offset by higher CapEx disbursements during 2025, driven by progress in the construction of BESS projects. This concludes Colbún's fourth quarter of 2025 results review.

Thank you for listening, and now we're open to answer your questions.

Hello, do you hear me?

Hi, thank you very much for the presentation. My questions was first regarding in a market questions.

The first one, have you analyzed the implications on the investments on BESS, given that and the whole portfolio, the price of the power will be changed in the next resolution for changing from a gas turbine, as my understanding, correct me if I wrong, to a BESS system, a battery storage system? How this price, the precio básico de potencia, will be higher or will be to the lower for the new scheme?

The second one, have you analyzed how it's going to go the demand factor for the sufficiency, correct me if I wrong, the definitive sufficiency power, with the BESS penetration? What happen if you do a sensitization on this, what happened to the price?

Last one, but not least, have you ever studied the impact that will come to contract firm gas from Argentina? Have you ever take that option on to add to your portfolio?

Hello?

Can you hear us now, Francisco? Hi.

Yes.

Great. This is Miguel speaking.

How are you?

Hey Miguel, thank you.

I will try to address the first two questions, and then Carolina will take the third. I would say, first of all, that of course, BESS technology is evolving rapidly in Chile, as CapEx is going down significantly, as has been the case in the last, I don't know, 12, 18 months maybe, worldwide.

Because of that, I think it's too soon to tell the potential impact going forward of that technology, and how can that affect capacity payments in the future. As we cannot provide any type of forecast around that, especially regarding pricing.

I would just say that it is clear to us at this point that BESS technology will play a significant role in the system going forward, and you can tell that by the numerous projects trying to incorporate more installed capacity. We with the two projects are part of that system.

We'll have to wait to actually analyze the impact on that again on capacity payments and how the system will be dispatched and remunerate going forward. Regarding your second question, the only thing we know as of today is what's been stated in the legislation, which is basically a 98% recognition for the capacity payment up until 2034.

We of course have done many sensitivity analysis around different possibilities regarding pricing and capacity recognition, but we cannot share those publicly. Carolina will take the final question you had.

Hey, perfect. Thank you very much, Miguel, for your answers.

Great.

Hello, Carolina speaking. Related with your question about gas, first to start, I would like to mention what happened during 2025 that developed the strategy that we are designing for 2026.

As in 2025, our gas strategy was mainly based on interruptible contracts with Argentine gas, and we deliberately choose not to nominate LNG cargoes, given the market conditions that we saw at the end of 2024. What we didn't anticipate was the combination of, for example, pipeline maintenance, a very strong cold wave that pushed the domestic demand in Argentina higher, and some production issues, all happening at the same time.

Of course, that materially reduced gas availability during parts of the year. To manage that situation, we turned to spot LNG purchases under interruptible structures, mainly with Enel, and these contracts were designed to preserve the flexibility, avoid take-or-pay exposure, and ensure the dispatch priority, even if the variable cost was high.

Having said that, what we are looking into 2026 is we are taking an approach more balanced. We are combining firm Argentine gas from May onwards, plus LNG under contractual options, mainly for the early part of the year.

That idea is not to increase LNG structurally, but to diversify supply, reduce risk, and keep the flexibility, especially under different hydrological conditions.

Carolina, thank you very much for your responses. Just to understand, the Argentine gas that Colbún are looking for, if you can disclose the range of the prices that Colbún are targeting to gas, and to just understand how be the variable cost of those plants?

No, we can't reveal the level of the prices of the deal.

Okay. Okay.

Thank you very much, Carolina and Miguel, for your responses.

Hi, can you hear me?

Thank you very much for taking my questions. I have three questions: First, could you provide guidance on expected CapEx for the next year, particularly regarding the remaining investment required to complete BESS Celta and BESS Diego de Almagro Sur?

Second, we have seen narrower energy arbitrage spreads for battery storage in recent months. Do you see this as a headwind for BESS returns, and could it affect your capital allocation for the new BESS projects in Chile?

Finally, regarding the Peru expansion plan, do you have a defined construction start timeline and CapEx expectations for the Bayóvar and Algarrobal projects? Thank you very much.

Hello Thomas, Isidora in the line. Related to CapEx for 2026, we are expecting disbursements about $50 million for BESS Celta, $130 for BESS DAS, and $24 for Don Eduardo substation.

In the other hand, related to maintaining CapEx for 2026, we expect an addition of $70 million for the CapEx. Related to the BESS and the arbitrage that the market is seeing, well, the idea and the logical of constructing BESS for the company is always linked that project with a PPA, we do not rely on the difference of the prices for the profitability of that project.

Related to when do we expect to start the Bayóvar or Algarrobal project in Peru, as well as we do in Chile, first, we wait to sign new PPAs in order to link that energy to the projects.

Thank you very much for your answers.

Hi. Thank you for the presentation.

I was wondering if you could share your thoughts on the opportunities that there may be on the commercial front, both in Chile and Peru, if you have an idea of a pipeline of auctions being carried out in 2026 in both countries, either regulated or unregulated. If you can give us any color on that, it would be great.

Hi Fernan, this is Soledad here. Thank you for your question.

Regarding opportunities, we are seeing for next year, mainly opportunities on the unregulated segment, there are significant auctions we are expecting on the upcoming months, eyeing up to approximately 3 TWh.

Okay.

Maybe an additional question. Do you think there's a business opportunity for Colbún to add more energy storage capacity on top of BESS Celta and Diego de Almagro Sur, perhaps elsewhere in the country, to improve the quality of Colbún's portfolio other than winning new contracts?

Hi Fernan, this is something that we are constantly evaluating. It of course will depend on the availability of a PPA opportunity, because we analyze our projects with a PPA in the long run.

We also compare these technologies with others available, that's the reason why we have a diverse portfolio of projects, both in terms of technologies and geographies. We're constantly seeing how the cost of these technologies are evolving, and what are the PPAs available at the specific zone of injection of each project.

Something to be seen.

Thank you.

Sorry, me again, Miguel and Carolina. I want to understand if you have seen higher coal prices in the international market, because there's some coal markets, such as the Australian market price, that has been rising a little bit.

Have you see a concern that the Santa María power plant could increase the variable cost and given that could be less dispatched for your portfolio?

Hi Francisco, thank you for your question. Regarding the coal supply, the last auction we made for our supply was in 2023, and with that, we still have secured the supply of coal in the medium tenor.

We haven't seen an impact on an increased price in the international markets.

Perfect. Thank you.

'Hi, could you please give us more details about the impairment performed in the fourth quarter of 2025? Thank you.'

Hi Ignacio, Miguel here. I cannot give you specific details, apart from saying that as part of the accounting measures, IFRS 36 in particular, we have the obligation of always analyzing the value of our assets against the expected future cash flow they will provide, and based of that, we make decisions about those provisions for impairment, because these are provisions, these are not actual impairment on the assets.

That's a typical exercise we do towards the end of each year. Just to put things in perspective, we had also same effects in 2024, and because of that, the net difference in the total account registering those amounts equals $15 million, and part with that has to do with other things apart from impairments, for example, $8 million that we spent in prepaying existing financial debts.

Then again, nothing in concrete I can comment, apart from it's an obligatory exercise mandatory by accounting standards.

Hi Jay, Miguel here. Yes, we are in fact seeing potential opportunities in data centers.

That of course has to do with the space available in some zones in Chile and the potential resource in terms of renewable energy from supplying those data centers. We have been studying the potential business opportunity for quite some time.

It is part of our potential expansion strategy, but unfortunately, we cannot comment more until we have more concrete data to share with the market. Again, yes, we do see a potential business opportunity going into data centers.

Yes, this is an agreement that we signed in 2025, which basically consists in getting renewable energy from that BESS project that is being built by Atlas Renewable and should be available in the beginning of 2027, if I recall correctly. Basically, the agreement consists in all of that production will be directed to Colbún.

Thank you again for joining this conference call for the fourth quarter of 2025, especially at this time of the summer. Hopefully, you all have a great weekend, great vacations if that is soon in the horizon, and we'll see you again for the first quarter of 2026 results.

Thank you very much.