I think all of us are connected. Good morning and welcome to Grenergy's full-year 2025 results presentation.

I am Rubén Gómez, Head of Investor Relations. The presentation is going to be led by David Ruiz, our Chairman and CEO; Daniel Lozano, our Chief of Strategy and Capital Markets Officer; and Maria Coimbra, Manager of Sustainability Department.

They're going to take you through our business, financial, and sustainability review. At the end of the presentation, there will be a Q&A session for sell-side analysts.

Please, David, the floor is yours.

Thank you, Ruben, and good morning, everyone. Once again, thank you for joining us on our results presentation.

It's very clear that 2025 has been an exceptional year for us, in another record-breaking performance. I'd like to say that we are extremely proud of our team, of what we have accomplished.

Like we like to say, and we firmly believe, that the best is still ahead of us. The best is yet to come.

I'm going to structure the presentation in four parts, just keeping the presentation short so we can move straight to the Q&A. First, we'll talk about the highlights and the evolution of the pipeline, as we always do.

Secondly, we'll talk about our hybrid solar platforms, Oasis de Atacama and the likes, and Central Oasis, and how we are now replicating this in Spain. Thirdly, we will discuss the new developments from Greenbox.

I think plenty of good news and many more to come in the next couple of weeks and months in the six countries where we operate. Finally, I think we do this every year, we will cover what we consider the new developments in the three main pillars of our business, which is energy, energy management, PPAs, financing, and M&A asset rotation.

Moving to slide 3, we strongly believe our strategic shift towards energy storage I think was the right move at the right time. We have to say Oasis de Atacama is already a great success, and we are now working hard with full energy to replicate this achievement in Central Oasis and Escuderos in Spain, and in our Greenbox platform, yeah.

Main figures on the left of the slide, for the first time in our history, revenue exceeded €1 billion. This is close to 70% more from 2025.

EBITDA exceeded €200 million, with growth of 26% up from last year. Net profit is not far away from €100 million, at €87 million, representing an increase of 46% over the previous year.

I think these three figures are not just record numbers for us. They represent a turning point in scale, profitability, and I have to say, financial maturity of the company.

Our CapEx reached €880 million. This is really on track on our expectations, and this will accelerate further during 2026-2027.

Our asset rotation proceeds are 60% roughly, €0.5 billion from our target of €0.8 billion for the three years. In one single year, we're 60% on the target, and that's a very important KPI for us.

From operational highlights, 2025 has been the busiest year in our history in terms of construction activity. We close the year with 2.2 GW and 8.3 GWh in operation and under construction, having added approximately 1 GW and 7 GWh in one single year, and that's a very important point, quite impressive.

Our total platform now amounts to 72 GWh of total pipeline in BESS between hybrid and standalone, and more than 9 GWh in the Greenbox platform in advanced development. This is a very important point, how our pipeline in Greenbox is maturing and moving into advanced development.

In terms of ESG, I see Maria around here, she will give you a lot more information, but we are fully complied with ESG Roadmap 2025 with the publication of the biodiversity report under the TNFD framework and our sustainability report 2025. We really have consolidated our position as a reference in transparency and ESG management in the industry.

From a business perspective, business highlights, our three pillars again: M&A, we have demonstrated our ability to generate value in several geographies. We have rotated assets with an enterprise value of close to $1 billion U.S., closing transactions in Chile, Spain, and Colombia.

In energy, we're very active. We will give more information about Greenbox.

We've managed to sign our first tolling agreement, which is a very important milestone for us, and hopefully I think it's going to be the first of many in Spain and in other markets. We obtained capacity payments for 2.1 GWh in Poland that give us a lot of visibility for a roadmap in Poland, and several more PPAs in Chile, whether direct PPAs with SPVs as the one we closed for Central Oasis, or whether it's through our retail unit, GR Power.

Very busy year, but again, many news coming in the next few months. Regarding financing, it's worth highlighting the more than €700 million in project financing closed during the year, of which €355 million already for our Central Oasis new platform.

It's really a reality that we are raising plenty of interest from international banks and the lenders' community. Moving, and again it's going to be very, very short, on our platform, just a quick overview.

Again, we closed the year with 11.6 GW in solar, 34.2 GWh in hybrid storage, and 38 GWh in standalone. I think putting this together is one of the most important renewable energy and storage platforms globally.

The pipeline reflects that we are really a company in full acceleration mode, already in BESS, and with 3.5 GW and 10 GWh either in backlog, operation, or under construction, plenty of visibility, and a very important figure of 2.4 GW and 17 GWh in advanced development. That give us a strong visibility for the next two years, '27 and '28, yeah.

By region, Latin America, which for us is mainly Chile, keeps being the company's main driver, with 8 GW of solar, 26.8 GWh of hybrid BESS, and 5.3 GWh of standalone. Europe stands out, particularly in standalone, with reaching 34.4 GWh in our Greenbox pipeline.

I think it might be one of the largest standalone platforms in the continent. United States contributes to 1.2 GW of solar, 1.7 GWh of hybrid, and 2.3 GWh of standalone.

It's really a strategic market for us in the medium term, where we'll keep some time in the next presentation in May talking about this market. Moving to slide 5, this is the total platform.

We're very transparent every month. We just want to mention here a quick mention about Chile.

We feel very optimistic with the market. There's a new government coming up, very business-friendly from what I understand, and with a strong focus on accelerating the energy transition and the permitting.

There's a new copper supercycle in the country, plenty of new projects with large mining companies, also plenty of opportunities for large data centers. We see a market with very, very interesting years ahead, and strong appetite from lenders, and plenty of M&A opportunities.

We keep thinking that Chile is a fantastic market to be. A great opportunity in Spain ahead to replicate with hybrid plans, as long as we find the right plans in the secondary markets.

Spain has been closed for new greenfield developments for quite a while, we need to focus in opportunities in the secondary market for growing. It's very clear that hybridization of solar PV with storage is now the central axis of our business model, along with Greenbox.

In this section, we like to update and give full details of three success stories already that demonstrate that this model is replicable and scalable, not just in northern Chile, but in central Chile and in other markets. Oasis de Atacama, it's our pioneering project and the largest hybrid project BESS in the Americas.

As with the total capacity of 2 GW and 11 GWh, and a total investment of nearly $2 billion. During 2025, a lot of things happened around the platform.

We closed the financing for Phase 4 for more than $300 million. We connected Phases 1 and 2.

We have completed the Phase 3 and is now under commissioning, and I think more than 80% of the plant is already delivering and storing energy. We close the financing for Phase 6, Elena, for $270 million, and that's also will be fully operational in the next couple of weeks.

We have concluded both Gabriela and Elena in record time, less than a year. The project as a whole keeps progressing at a great pace and I think consolidates Grenergy as a leader in large-scale storage in the world.

Moving to Central Oasis, it's our second major project. We're replicating the model in central Chile.

It's now with a total capacity of 1.1 GW and 3.8 GWh, and a planned investment of $900 million. We are looking, since we see that there is strong demand of energy and PPAs in central Chile, we are looking at opportunities in the secondary market, and we might update this platform in our next presentation in May, and we might include some further plants in this platform.

The project has already signed PPAs with investment-grade utility, and we have signed a PPA with Codelco for half a terawatt-hour. A very important milestone, a few weeks ago we closed the financing for the first three phases together: Gran Teno, Tamango, and Planchon.

It's a very important milestone for us. It's the largest single financing agreement, $355 million, with BNP, Rabobank, and Santander as lead banks.

We really appreciate the support of this institution and all the lenders that are supporting our storage in Chile. Gran Teno is scheduled to be connected before the end of the year, and we are now mandating Monte Aguila, Phase 4.

There is great interest from lenders, and we believe we might close this finance in a matter of two, three months maximum. The third platform, which is not a platform yet, but we believe it is our flagship hybrid project in Spain, and we believe the first plan in what might be an Iberian Oasis platform, right?

I think, again, we will give plenty of information in May, but this is what we are aiming at, right, to replicate in Spain what we have been doing in hybrid plants in Chile, yeah. This is a 200 MW photovoltaic project.

It's been in operation since December 2021, it's been more than four years already operational. It was our first large PV project in Spain, PPA signed with Galp, which was also our first PPA we closed for a solar plant in Spain, and is now ready to build and being converted to a hybrid project, with the addition of more than 700 MWh of BESS.

We have obtained environmental permits during 2025. We got a Next Generation subsidy of €7 million, and in 2026 we will refinance the project to incorporate all the CapEx, and there is a PPA in advanced negotiation for the battery.

Both the existing PPA for solar and the PPA for the battery will coexist in the same project. It's a very similar approach to what we just closed in Central Oasis in Chile, and the conditions are very similar, right?

Similar radiation, and we are approaching with a combination of a tolling agreement and a PPA. These three platforms, Oasis Atacama, Central Oasis, and Escuderos, my view is the best demonstration that our hybrid model is not just an isolated success in northern Chile, but a standard that can be replicated in multiple geographies.

Greenbox, well, as alongside hybridization, standalone storage is our second major growth driver. Under the Greenbox brand, we're building one of the largest standalone storage platforms in Europe, again, with nearly 40 GWh of total pipeline, and more importantly, more than 9 GWh in the advanced stage.

Already out of this 9 GWh, we have secured capacity payments for 2 GWh, and we are in many processes for obtaining capacity payments. There is an auction in the UK next month.

There will be auctions in Romania, Italy, Poland, the UK, and hopefully Spain in the next few months. It's a fantastic opportunity to secure capacity payments for capacity, and these are compatible with energy trading and ancillary services in the revenue stack of the project.

In this section, we'd like to highlight Oviedo in Asturias, our first flagship standalone BESS project in Spain, with a capacity of 150 MW and 600 MWh. If you compare this to what we're doing in Chile, it might look not that big, but it's, I think at this moment, the largest standalone project in Spain, and many more will come with similar approaches, right?

We believe that this project will be operational one year from now, at the beginning of 2027. Plenty of news coming out from Greenbox in the next few months: more tollies, more auctions.

The buy-side team are extremely active. Time to market is key, we're exploring growth opportunities in our markets, and again, we will give a very important update in May.

Wrapping up, yeah, our three pillars: energy, finance, M&A. A lot of activity, as we show in energy management, and some milestones we have achieved in 2025 in Chile: 24/7 baseload PPA signed with Codelco through GR Power, our retail unit, for 15 years from January 2026, and a solar PPA of nearly 400 GWh for Central Oasis, with a global investment-grade utility for 12, between 12 and 15 years, respectively.

These PPAs are the base for the offtakes for our four phases of Central Oasis: Gran Teno, Tamango, Planchon, and Monte Aguila. In Spain, the tolling agreement we mentioned before, Oviedo project.

In the UK, we just got two weeks ago, we obtained a 32 MW solar CFD. It's very important because it's the first one we achieved in the UK, and it's indexed to CPI, and for a very long period, for 20 years, so that gives a lot of visibility for this project, and it's a hybrid project, it can coexist with another tolling agreement for the battery, yeah, or a capacity payment.

In Poland, and that was a very, very good news, we have won capacity payments auction for 434 MW, that's more than 2 GWh, and again, this is indexed to CPI, 17 years, starting in 2030. Financing, it's very impressive what we're achieving in Chile.

I think only in the last 18, 20 months, we have secured $1.5 billion U.S. in project financing.

If you consider what we are expecting to secure for this year, which we are expecting to conclude the financing for Monte Aguila and Algarrobal, I think the total figure will be close to $2 billion of project finance raised in Chile. That's really unprecedented, and I think nobody has ever got this figure in one single market in Latin America.

We are also very glad to have keep working with several international institutions that for them it's been the first project finance in the market. We're extremely proud of bringing big names of U.S.

banks to project financing in Latin America and Chile, like Bank of America and JPMorgan. I think it's the first deals for both institutions of this type.

Again, we see a lot of appetite for the upcoming deals. Finally, asset rotation.

We have demonstrated in 2025, once again, our ability to generate value and liquidity through asset rotation in three key geographies. In Chile, as the sale of Phases 1 to 4, Phases of Atacama, was completed for an enterprise value of approximately $1.5 billion U.S.

at a multiple of 1.6 enterprise value of invested capital. In Spain, the sale of Jose Cabrera and Tabernas was closed for €273 million at 1.5.

In Colombia, seven plants, seven distribution assets for a total of 88 MW were rotated at 1 on invested capital, 1x. As a result, the equity, again, as we mentioned already, exceeds 60% of the rotation target for a three-year period for 2025-2027.

This I think highlights the strength on which Grenergy is executing its strategic plan. Thank you very much.

I give the floor to Daniel.

Thank you, David. Now let's take a look at the company operational performance for the year 2025.

Total production increased by 37% year-on-year to 1.7 TWh. This strong growth was mainly driven by Gran Teno, Elena, Escuderos, Ayora, stand to PMGDs, Tamango, as well Jose Cabrera and Tabernas before being transferred to Allianz.

In terms of capacity, there was a strong growth in BESS, where Elena drove net addition up to 3 GWh. In PV, net capacity grew just 79 MW because of the asset rotation we have had in Chile mainly, and in Spain with, as I said, Jose Cabrera and Tabernas.

Contracted volumes grew by 61% year-on-year and represented 90% of total electricity production. This reflects a more predictable revenue profile supported by higher hedging levels and larger contracted base.

Realized price, even though during Q4 has been pretty good, but year-on-year decreased slightly, 9%, from €50.1/MWh to €45.7/MWh, partially affected by FX movement, dollar versus euro. However, there will be an increase as soon as batteries start moving the energy to the night, to peak hours prices.

On the right-hand side, you can see a summary of the financial KPIs, which we will review in detail later. Then moving to slide 20, total revenue in full-year '25 surpassed first time €1 billion, representing an impressive increase of 66% year-on-year.

Again, this strong performance was primarily driven by successful M&A transaction in LatAm, Spain, which resulted a 70% year-on-year growth in the development and construction division. Regarding energy, we keep increasing it 25% year-on-year, mainly driven by Chilean asset and, again, the Spanish asset that were transferred.

GR Power, our utility division there in Chile, increase 101% revenue, organic growth. We have 1.5 TWh yearly of energy contracted, and this is getting bigger and bigger.

Finally, services increased by 18%. Full-year '25 EBITDA mounted to €201.4 million, first time above €200 million, 26% increase year-on-year, pushed by asset rotation, but as well by energy.

Development and construction, as was mainly driven by the disposal of the platform in Oasis de Atacama, Jose Cabrera and Tabernas in Spain. Energy division, especially because the same reason of revenue, Chilean asset mainly versus full-year '24.

This underscores, of course, the company capacity to rotate assets efficiently with very good EV to IC, while maintaining a strong operating profitability that is getting bigger as soon as we are connecting more projects. Then moving to slide 21, CapEx.

Total CapEx during the period reached €880 million compared to €566 million in 2024, representing 36% year-on-year increase. The performance explained by hybrid project in LatAm, not a surprise, that amounted half of total CapEx, €519 million.

CapEx in Spain totaled close to €90 million. There will be more CapEx in Europe coming soon, especially with the hybrid and standalone project we are going to connect, as well in the rest of Europe.

€230 million belong to the first three phases of Oasis Atacama project, already sold. That's why we have separated.

Development and other early-stage investments amounted to €41 million, okay? Then regarding the CapEx evolution in both PV and storage, there has been a moderate increase in the total CapEx in PV to $0.47 million/MW, as panel prices have increased from $0.08-$0.09/W to $0.10-$0.12, that is what we are now negotiating, partially driven by pricing of silver or the reduction tax rebate from 9% to 0% to panels.

Because of that, we are guiding to $0.47 million/MW for solar PV. In the meantime, storage CapEx, both BESS standalone and hybrid, we expect to remain flat, even though there has been a small pick up on battery pack.

We expect it to be offset by more efficiency and future deflation coming. Reduction tax rebate has been less in batteries, moving from 9% to 6%.

Then cash flow, next slide, slide 22. We ended with a very solid cash position of €305 million.

Main outflows coming from the CapEx, €880 million. Regarding the change in working capital, -€75 million is mainly explained by supplier payments.

Remember, in full-year '24, this figure was very positive, €222 million, and now it is reverting partially. CapEx has partially been self-funded through asset rotation, and then, of course, with project financing.

Divestment, €201 million related to the asset rotation in Spain, Jose Cabrera and Tabernas. We have had an increase in financial debt of €431 million, and other debt, -€72 million, related to payment to vendor financing because of the acquisition to Repsol and Iberolica that we made last year, reaching a €305 million.

Then finally, on slide 23, net debt closed full-year '25 at €993 million, reflecting the impact of the significant CapEx program executed during the year. As a result, net debt to EBITDA stood at 5x, 1.4 considering just corporate debt.

It is important to let you know that on pro forma basis, including the asset rotation that we have already agreed, pending to be reflected in our P&L and cash flows, the net debt would fall to €501 million. That would mean a total leverage, including corporate and non-corporate, of 1.5x, and the corporate leverage 0, okay?

This is demonstrating how rapidly leverage can normalize post-divestments, reinforcing the company disciplined capital recycling strategy and its commitment to further strengthening in the liquidity position, okay? Debt structure remains sound, with 74% classified as non-recourse project finance, and 26% corporate debt.

That's all for my side. Now Maria is going to explain the main messages about ESG.

Thank you, Daniel, and good morning, everyone. Let me briefly update you on our sustainability work in 2025.

Last year, we strengthened the core of our ESG strategy by deepening our commitment to climate change and biodiversity. We updated our decarbonization roadmap to reflect the growing role of storage, including concrete actions and also the financial planning required for their implementation.

We also reduced our Scope 2 market-based emissions to zero by offsetting our electricity consumption with our own production. We also began assessing impacts, risks, and opportunities at the asset level through TNFD-aligned analysis of our plans in Chile, which will help us integrate nature-related considerations alongside climate criteria in our decision-making.

On the social side, we have set up a corporate volunteering plan and scaled up our investment and donations to initiatives supporting local communities near our projects. All of this and more is captured in our 2025 sustainability report, published just today in line with the requirements of the CSRD.

These efforts continue to be positively reflected in internationally recognized ESG ratings. S&P, for example, has increased our score by four points compared to the previous year, and we maintain strong ratings across the rest.

As we move into 2026, our focus will be on rolling out further impact initiatives with measurable environmental and social outcomes across our projects, building on the progress we have already made. That's everything on my side.

Thank you for your attention and have a good day.

Thank you very much, Maria. We are now moving to the Q&A session.

If you have any question, please raise your hand. Also, as always, we remind you to ask just one question per participant, okay?

First question from Anna Webb, UBS. Please go ahead.

Hi, can you hear me?

Yes.

Perfect. Hi, thank you for taking my questions.

I've got two. The first one's just on Oasis Atacama.

You talked through kind of developments of the pipeline, and obviously you've moved a lot of projects up to advanced development or construction. I think there was a small delay, or around sort of six months delay, to Oasis Atacama Phase 5 versus what you had at nine months.

I was just wondering if you could give a bit more color on why you now think that project's going to be into 2027. Is it on the construction side, financing, PPAs?

What's the story there? Then secondly, a kind of broader question on the tolling agreement you signed last week.

It seems you keep operational control of the asset rather than hand that over to the offtaker, which maybe was a bit of a surprise. How do you think about your kind of capability as an asset optimizer?

I guess more broadly, how you balance fixed contracted revenues, and also the ability to generate good returns? It seems with this first tolling agreement you kind of striking a balance between both, how do you see that more broadly going forward?

Thank you. Thank you,

Anna, for your questions. Talking about Phase 5, I think it's Algarrobal, yeah, I think it's been maybe delayed one quarter from a previous estimation.

I would say it's well, on one side, it's been about permitting. Now it's fully permitted, but some local permits took slightly longer than expected, we couldn't really start construction works.

You also have need to keep in mind that we cannot be nobody, not even us, we have the capacity to build five large projects at the same time. For us, it was about doing Quillagua, then Victor Jara, then we've been building Gabriela and Elena at the same time.

I'm talking about Oasis Atacama. Then we have started construction now of Central Oasis, Gran Teno, Tamango, Planchon, which is the finance we closed.

Now we have started construction of Monte Aguila. That will be our next finance to close.

Right after, we will start construction, well, I think in the meantime, I think in the next couple of weeks, we will also start the construction of Phase 5. We will announce the PPA, which will be a similar strategy to the one we followed in Central Oasis.

It's around 50% of the energy will be purchased by an investment-grade offtaker, and the other 50% will be purchased by our retail unit. Nothing really, but that's going to be the pace.

We are in full execution mode. We have concluded Phases 4 and 6, Elena and Gabriela.

We are now in full execution mode with Central Oasis Phases 1, 2, 3, and 4, and we will announce the PPA and the financing of Algarrobal, I think, before around second quarter. That's Algarrobal.

Your question about tolling agreements, it's very interesting. It's not that, well, first of all, we are still one year away of having this project of Innoviedo operational, we have time.

We are recruiting a lot of talent in our energy management team, both in Santiago de Chile and I think we have recruited already a team of five, and we have recruited a lot of talent also in Madrid. We will announce some of these recruits in I think our new energy management global director will be announced next week.

In our core markets, we have the aspiration of optimizing our batteries ourselves, right? It doesn't mean that we cannot cooperate with some external optimizers, right?

That's completely compatible. We can have a hedge with the offtaker in Oviedo, and we can still work with an optimizer for the rest of the markets.

That's totally fine. In other markets like might be the case of Germany, Poland when the time comes, the UK, we might work with external optimizers, or in some cases like Germany, the offtaker will optimize the battery themselves.

That's really our approach, but we believe that in our core larger markets like Santiago and Madrid, it might make sense to have the capabilities to optimize our own stuff ourselves.

Good morning, and thanks for taking the question. Just a follow-up first, perhaps, on the comments you just made regarding tolling and optimizing yourself.

I think previously you were perhaps expecting or wanting to have a broader tolling framework perhaps across Europe for Greenbox, and which kind of comes maybe a bit more critical now that you've got close to 10 GWh of near-term projects. Is that something you're still thinking or are you perhaps thinking more of a local and country-by-country partnership is my first question, or follow-up question.

Then my question is actually just on 2026 for the build-up of EBITDA. I don't think you've provided guidance, but just from your previous comments, I think we've got around €50 million from existing projects.

You had perhaps indicated €70 to €80 million from Elena at Q3 results. We maybe have €130 million from the sale of Phase 4, maybe €30 million of central cost.

I don't think retail margin should be seen as massively expanding into this year despite some of the progress you're making with GR Power in Chile, maybe a bit of pipeline. Each of that's €240 million.

Is that a fair assessment for EBITDA into 2026, which we're seeing consensus actually quite above that? Just wondering here if I'm missing anything on the bridge.

Thank you.

Thank you, Alex, yeah. To continue talking about the tolling, we see Greenbox as a platform, and I think there are many similarities market by market, but we also need to keep a local approach.

Imagine if you look at the first tolling we've closed in Spain, it is a global utility, it's way easier to replicate with that same offtaker in a different market. In particular, this utility is operating at least in four of the six markets where we are.

We will always try to replicate with the same team, same contracts, but anyway, we will always try to look for the formula that creates more value in every market, yeah. Every market has some differences, it's really global, but we need to keep local in many times, and that applies to offtakes, that applies to financing, and in the future might apply to bringing in like a partner to the platform as a whole.

Obviously we love that the bigger, the better agreements, but I think we need to go step by step, yeah. About EBITDA and the guidance, I think I might leave this one to Daniel.

We give no guidance, and I think he's right, Daniel?

Alex, well, you made a good addition. I think the key element during 2026 is going to be Elena, and if there are further M&A deals that we can register during 2026, okay?

Elena, remember the model right now is merchant till we get a PPA, in case we get a PPA. We have to see when it is activated and the spread we are going to get, but it's quite simple to modelize it in the sense that you can move to the night around 1.1 TWh of energy.

If you are using price of previous year, you're going to charge it at a very low cost, almost zero, and at night, the price right now is around $70, okay? Then merchant prices during the day might increase in case there is more storage getting into the system, we will need to see what are the charging cost and the selling cost at night that will depend mostly on the gas prices, okay?

On top of that, remember we have around $25 million coming from capacity payment. Those capacity payments are activated in the moment we have the COD.

That means that in March, early March, even though we are going to have the plant up and running, selling, then the COD, that depend on some final permits and trial and everything, we are assuming are going to be around June. We are not going to have that full capacity payment during the year, okay?

Elena is the main driver. Then the rest of what you said is right.

Bear in mind, Elena, we are talking about dollars, not euros. Then if we can make more good M&A deals that are reflected during this year, that is our intention always that to happen.

Thank you. Helpful, David.

Helpful, Daniel. Thank you, guys.

Thank you for taking my questions and for the presentation. There has been a significant increase in lithium carbonate prices over the last two months, which is probably reflected in your assumption of flat CapEx costs for batteries in 2026 versus 2025.

I would like to know how is this commodity price movement affecting Grenergy's 2026 installation, or maybe did you contract some of your supplies before this increase? As a follow-up question, with CapEx not falling in 2026 and spreads potentially suffering from declining power prices, how do you see battery returns comparing in 2026 versus 2025?

I wanted to make a question on one of your comments, David, about how business-friendly the new Chilean government is, and with good opportunities, among other things, for data centers. In terms of data centers, what is the opportunity for Grenergy there?

Just selling electricity to the data centers providers, or you might participate as well in the development of this data center projects as well? Thank you.

Thank you, Fernando. About lithium, yeah, it's true the price of lithium has been going up, I think recently.

We are not in levels of 2023 that reached 400. It's really 140, I think, now.

It does affect the price of the battery packs, right, but that's not affect as dramatically as many people think. I think it affects to roughly 15%, 20%, that range of the battery.

It means that the lithium was at record low levels a year ago, and that meant a reduction of maybe 5%, 10% of the battery pack for this reason, right? In my opinion, there are other factors that are affecting more the price of the battery pack, and in particular is the gains in efficiency, right?

I think we are looking at the announcements made by the large players in the industry, mainly CATL, BYD, and well, we were buying containers for 4 MWh only two years ago, now we are buying six. They have just announced seven.

They are announcing new solutions for one year from now, putting together in two layers like 40 even 14 MWh, or 12, put into together. We are in this race of efficiency, keep in mind that even if the battery pack might go up due to lithium, they need less space, and we also need less space for the balance of plant.

That's why we have, and I think we are conservatively leaving the total price per megawatt-hour flat, and if you ask me, I believe the price will go down in 2027. That's the expectation we have, unlike the PV CapEx, which we believe it's going slightly up, and we're really reach rock bottom.

I think there is plenty of room for CapEx reduction in BESS. Also there is a strong case for sodium as alternative to lithium, and now the larger players are also investing very strongly in sodium, and I think there's a lot of efficiency gains.

That might be the big surprise from the end of 2027 onwards, right, that sodium is real alternative to lithium, yeah. They need more space, but durability is way better.

It's a very interesting situation where we live in. We are really keeping a very very close contact with the large players, yeah.

About the opportunity in Chile, well, the new government, it's coming with strong messages on being a very business-friendly government: less permitting, let's do it. I think it's a great opportunity for mining, for copper, and that comes with copper at record-high levels.

There is a great opportunity for data centers, and we want to make the most out of that opportunity, right? Right now, all we can say is that we have secured some of the best grid and land for data centers in the country, right?

Whether we will just focus on selling and becoming the largest provider of energy to AI offtakers, or whether we take a step forward and we try to do something more like we are seeing examples in Spain with some companies that are getting sponsored, well, remains to be seen, but we want to make sure, first, we have the best locations in central Chile, and we believe there's a great opportunity, especially for AI training data centers in northern Chile.

Yes, good morning, and many thanks for the presentation. I've got one question, which is more about the context, let's say, since there is an ongoing political debate in the European Union around the still high electricity prices and the potential need to revise the ETS mechanism.

We understand Grenergy's current exposure to the merchant prices is limited, especially in Europe, but I was interested in how do you see the potential long-term implications of these discussions for your strategy in Europe, and particularly regarding the development of the standalone battery projects? Then probably a second one, which is a very quick one.

You mentioned before new announcements on the tolling agreement part may be announced in May. I guess you were probably referring to a Capital Markets Day, just wanted to be sure you are planning to update the strategy in May or if not, when?

Okay. Thank you, Beatrice.

About the news coming from Italy, well, we are obviously analyzing whether this might have an impact. It reminds me of some measures taken by governments, if you remember, in 2022, after the huge increase due to the Ukrainian war, the aftermath of the Ukrainian war in merchant prices, and some governments took some similar measures.

Honestly, we need to keep working. In our case, we secure normally 75%, 80% through tolling agreements or agreements, we don't think it might be replicable in every other country.

Obviously, it's not going to help in Italy now, there's some uncertainty, but we still see appetite from offtakers for tolling agreements. Let's keep in mind, in Italy, still we don't have that cannibalization of solar as strong as we have in Spain, the gap is not as wide, and I think still, the main driver in Italy has been MACSE and auction capacity is another driver, more than tolling agreements, but it will eventually be tolling agreements what will become the largest driver of the market, yeah.

About May, yes, we plan to update our strategy. I don't think we will make a Capital Markets Day.

I think it will be an important day. I think maybe the same day we announce the first quarter results, we'll take the opportunity to upgrade the strategy and make some important announcements, and especially give visibility on 2028.

It will be our plan 2026-2028 announced, with already giving figures including 2028. I think we will give some news in the next couple of months.

We will try to put all pieces together in this presentation, but it will not be a Capital Markets Day.

Hi, gracias, Rubén. Thank you, David and Daniel, for the presentation.

I'll stick to one question, and it's on the announcement you've made, David, on the replicating, no, either Oasis Atacama or Central Oasis in Spain. I appreciate more detail will be provided during the May strategic update, but if you could give us some color, no, how do you expect to move forward, what would be the size, no, of this project, because in the past you also mentioned, no, that you were planning to or looking for some opportunities in Spain to buy some capacity, projects ready to build here in Spain, any detail you can provide would be extremely helpful.

Thank you.

Another battery, my earphones. About Spain, yeah, it is a key aspect of our strategy to replicate in Spain the platforms we are executing in Chile, and it's a key element, and we're going to do it, right?

I think it's the most obvious opportunity we have in the space in Spain right now. There are some challenges, right, as you know.

Not every solar park is getting the point to be able to charge the batteries from the grid right now, so that is a challenge. Permitting, even if the government has done some efforts, right, now we can hybridize the parks at the autonomous community level, and you don't need to do environmental permits again.

Those are fantastic steps, but let's not forget we are in Europe, we are in Spain, all the permitting longer, right? In Chile, we hybridized one park in a matter of two, three months, and in Spain it's going to be minimum one year, right?

We have Escuderos, we started that two years ago, right? That's a challenge, but on the other side, there are great opportunities in Spain in the secondary market, right?

Parks that were not built or existing parks that we can follow a similar approach than the one we did in Elena, buying that, and hybridize, and. I think it's the big opportunity in Spain, and we're going to make it, right, and we will give more visibility for sure in May.

Yes, thank you for taking my question. Thank you, Ruben.

Maybe I have one question to David. David, you mentioned the potential partnerships with Greenbox.

What type of collaboration were you referring to? Is it mainly about securing financing for merchant projects, possibly with financial partners rather than utilities?

Thank you.

Thank you. I think, for the moment we're doing it old school, let's say.

We are securing our project finance. We see strong appetite from lenders, even up to 70%, 75% of our CapEx, so that's fine for us.

For the moment we are keeping all the portfolio in our balance sheet, but if we ever explore M&A, I think it's a very good case for minority interest, right, as a portfolio. Obviously I would love to bring in a single investor for all Greenbox, right, at the Greenbox level, right?

That would be fantastic. Again, if what creates more value it's going country by country, or cluster of projects by cluster of projects, we will always keep that interest, right?

It's that. Everything is now open, but for the moment, we feel very well hedging the day ahead in some markets, wider tolling agreements like will be the case of Germany in some other markets.

We need to take specific approaches depending on which market, but there are many similarities, right, and synergies having several countries at the same time.

Yes, hi. Thanks for taking my questions.

I have one regarding the comments you made throughout the presentation around secondary market opportunities. I think you mentioned more than once, and you repeated with Spain.

I was just wondering if you have a budget for these opportunities, because I was trying to understand how does this balance with the targets you have announced at the Capital Markets Day in terms of balance sheet. If, when you look into this secondary market opportunities, this will depend on new asset rotation, for instance, in Oasis Central, or if this is just for pipeline, and therefore within the budget.

I was just trying to understand the size of this, because we have other players in the market also mentioning looking into secondary opportunities, understanding how this is consistent with your balance sheet management. Thank you.

Thank you, Flora. It's very interesting question.

First, let's be clear, to meet our Capital Markets Day targets, we already have the necessary stuff, right, and it's mainly concentrated in Oasis Atacama, Central Oasis, and whatever we have in Spain and in Greenbox. That's enough for the $3.5 billion of CapEx we have provided in our Capital Markets Day.

We are already in 2026, we got to start thinking about 2028, 2029, and beyond. It's very important we have the right projects, right?

Or if we decide at one point to accelerate, let's say 2027, right, and that's the case of Spain. There are several markets that you are too late if you want to start developing greenfield projects, and four or five years from now, and then the opportunity is gone, because time to market has always been very important in our industry, but it's even more important than ever now in storage, right?

It's a process of finding the right opportunity. If we're already 60% there in our asset rotation, we might be eventually close to 100% at one point at the end of this year.

That gives us opportunity for acceleration, and we need to make sure we get the right projects in the right market. For Greenbox, it's also very clear, right?

I think we have all the stuff we need, maybe in Poland, Romania, but not in Spain, Germany, and I would say the UK. We're looking at projects from other developers that might be closer to ready to build and COD, and might give us an opportunity to go faster.

That's basically our job, right?

Thanks, Rubén. Hi, just checking you can hear me okay?

Yes.

Perfect. Hi, David.

Hi, Daniel. Good to see you both again, and thanks for the presentation.

I had a question on Greenbox economics. Essentially, it feels to me you've now closed a couple of PPAs or tolling agreements, Poland, some Oviedo in Spain.

I just wanted to ask, what are you seeing? Could you comment on the pricing today versus your expectations a year ago?

Are you kind of seeing prices kind of better, in line, or slightly lower than expected? I ask because it seems you're sort of reshaping the revenue stack a little bit from sort of more secured sort of capacity-market-type revenues to a bit more ancillary services, a bit more energy arbitrage.

Just see if you could comment and provide clarity on that. That'd be helpful.

If it's okay, I'll just add a second tiny question to that, which is on the size of your pipeline. David, you talked about the six countries for Greenbox, and my question is beyond these when I look at your pipeline, that roughly 70 or so gigawatts, or rather the 30 gigawatts in Europe in particular, is it limited to just those six countries, or are there other countries beyond these that you've just not yet sort of individually identified within that broader pipeline?

Okay. Thank you, Temi, for your for your questions.

I think it's it's we we when we announced Greenbox platform in May, it's been only seven, eight months, I think our our basic approach, even if it's a very dynamic industry, our basic approach remains the same, but but every market is a different cycle. The UK has been more cannibalized in in ancillary services in in particular, but there is a wider opportunity, we believe, for for for for arbitrage, for energy trading, especially considering how how low the CapEx is now.

It's basically one-third compared to the CapEx of that that some players going merchant in the UK three years ago were were having. That gives an opportunity, great opportunity, for arbitrage.

Ancillary services, it's it's lower, definitely lower than than than before, but then there is the capacity auction next month, it's a combination of the three. This this revenue stacks distribution changes from from one market to another.

I think Spain is going to be more except except the first two years, two, three years, where there's a great opportunity with ancillary services in Spain, and there will be capacity auctions as well, we see this as an upside in countries like Spain. The the big thing comes from from from from energy trading, right?

Then you've got so every every market, we we could spend hours talking talking about about the different so you need a different approach market by market, and that approach changes with time also, depending on many factors, right? It's, again, very interesting, we need to invest a lot in our energy management talent and market intelligence, and and we need to keep all options open at the moment.

I think in the UK now, if you're talking about the UK, we need we need a capacity payment, otherwise numbers don't work. Some markets like Spain, even without capacity payments, just with energy trading and some and the upsides on on ancillary services, we we we are fine.

About more countries, there's been a lot of debate in our house about bringing in more markets. Netherlands has been a very interesting market for for storage, and and I think after the UK, or together with the UK, the most mature.

Every market requires a lot of regulation, a dedicated team, I think the combination we have is is is I think it's pretty good. Except for France, we are in the largest markets in in Europe.

Three of them euro-denominated, like Spain, Italy, and Germany. Then we have Poland, which is a very interesting market for storage for obvious reasons, right, but is not euro-denominated.

Then we have that's I don't want to call it more exotic, but like a different, more emerging market like Romania. I think it's a good combination, right?

We're we are happy with exposure we have. If we have a very obvious opportunity, we will we will look at it in, I don't know, places like Portugal, or Netherlands, or, but it has to right now, we want to keep the the team's focus on what we have.

Yes, thank you for taking my question, Ruben. Just a quick one: which sales processes or specific asset divestments are more advanced heading into 2026?

I wonder if some of those disposals could come from the U.S., with some projects subject to be sold as ready-to-build without developing them. If you can elaborate on that one, please.

Hi, Alvaro, how are you? I think our M&A team, and I think, you know the team, Fernando, they're very active all the time.

I don't want to say everything's on sale, but the hybrid plants, we are always ready for opportunities, because this gives us an opportunity to accelerate, right? We have very obvious opportunity in Chile, but don't expect anything in the short term, but maybe third or fourth quarter, right, at the end of the year.

Again, is as long as we can accelerate the PPAs and execution, we're going to enlarge the platform. Chile, there are opportunities.

I think in Spain, we're in a different cycle now. We are in earlier stage.

Might be a possibility, Ayora, living with single solar, but let's say. I think in Colombia, we made a big deal with Ecopetrol, but we still have four, six small distribution assets, right?

Obviously we're looking for opportunities there. Again, we will talk a lot about the U.S.

in May, and all opportunities are open, yeah, then in the States. Our primary option has always been bringing a majority investor to all the platform.

If that's not a possibility, we will look at other alternatives, and we're working on it,

Thank you. Have a great day.