Good morning to everyone and welcome to our first quarter 2026 results presentation and investment plan update. I am Rubén Gómez, Head of Investor Relations, and the speakers today are going to be David Ruiz, our CEO; Mercedes Español, our Chief of M&A and Development; Daniel Barman, our Chief of Energy; Emi Takehara, our CFO; Daniel Lozano, Chief of Strategy and Capital Markets; and María Rodríguez, Director of Sustainability.

The intended duration of the presentation is 1 hour, and after that, there will be a Q&A session. Without any further delay, please, David, the floor is yours.

Hello, yeah. Is it nice?

Yeah.

Hello, everyone. Thanks very much for coming once again.

I see many familiar faces. When we were thinking about this event, when we were preparing, we never thought of this format.

It really looks like a Capital Markets Day, if there's no one. I think there were so many things, so many new stuff to tell you about, and I think it's great that we all get together and we can let you know firsthand, yeah.

It's been 2.5 years since in November 2023 in this same room we introduced for the first time Oasis de Atacama. I think we will review the platforms today.

We were introducing a new concept. We were introducing storage for the first time.

We were talking about a platform of 1 GW, 4 GWh. We had great expectations, but we never thought that this acceleration, this growth in such a little time would take place.

I think storage is redefining the industry. It's helping the energy transition, and we are right at the heart of it.

I think it's great that we were in Chile and we were at the right place at the right time. I think Chile, Australia are showing the way to many other markets, but storage is definitely booming everywhere, yeah.

I'm also very happy today that many of our key partners like CATL, BYD, and several other key strategic partners like Ingeteam, Power Electronics, Gotion, they're all around here. I definitely invite you all to have a chat with them and talk to them after the event because it's very interesting the relationship we are developing with this kind of companies.

Moving to the highlights, I will be introducing the targets for 2028, for the plan 2026-2028. I will be also letting you know the news about Greenback, the platform we introduced in our Capital Markets Day in London a year ago.

We will be telling you about GR Power, which is our green, clean utility we are developing in Chile. We no longer call it retail unit.

I think we are developing an integrated utility, and that's extremely important for us. Then we have invited some of the key directors of the company, what we call internally the three pillars.

I think Daniel Barman will be presenting the energy management part. We need to sell energy, then we need to have the right projects, we need to sell the energy, we need to get the right finance, and then, as from time to time rotate the right assets, yeah.

I have invited Daniel Barman, he will be presenting the energy management. There's so many news, so many interesting stuff.

Emi Takehara, our CFO, will be presenting the finance, and I think her team is doing a terrific job. We are basically closing one deal per quarter.

I have asked Mercedes to let you know about the evolution of the Oasis platforms. I think it's really the backbone of our business right now, it deserves a specific part.

Then, well, Daniel, you know very well, he will explain you the financial highlights of the period, and he will explain in more detail the investment plan update. The $3.7 billion, this is the new capex plan for 2026-2028.

It's very important, the key messages in this slide, okay, on one side, we are investing $1.5 billion more in 2028. This is even considering the reduced capex for storage, and the exchange rate which is less favorable today to the US dollar, we are now considering 1.15 instead of 1.05 in the previous plan.

This is showing how we are approaching growth, and a very important message is diversification, yeah. I think it's the first time in a while that we will be investing more in other regions than Chile.

Chile will account for 45% of total capex, while Europe will account for 45%, and the USA, that's something new, for the first time we are considering some capex in 2028 for our first plant in the USA, which we announced the other day our first PPA with Georgia Power. I'll give you more information.

The Oasis platforms, we are talking now about 5 GW, 22 GWh platform. This is five times what we announced only 30 months ago in this same room, right?

That's I think a very impressive number. We started in Northern Chile.

This platform now is 2.5 times bigger than initially expected, right? We replicated it in Central Chile, as and we just announced the first financial close in Central Oasis platform.

Emi will give you plenty more information. Then we have Iberian Oasis.

I think Mercedes will let you know what we mean, but we are replicating, it's about scaling, it's about growing, it's about replicating what we have already done in Chile. The conditions in Spain, central, south of Spain are pretty similar to Central Chile.

Then we are approaching BESS both through our hybrid plants, Oasis platforms, we're talking about large hybrid plants combining solar and BESS, and through Greenback, yeah. Greenback is what we announced a year ago, and I think we're doing pretty well.

It's every month we keep announcing some new stuff, a new auction, a new tolling agreement. I think it's great.

The potential of this platform could be even bigger than any of the Oasis platforms, but it takes a while. It will be exponential.

I will give you more details. Then I think Daniel will let you know about the great achievements in GR Power.

GR Power is our green utility in Chile. We are targeting 5 TWh per year.

We are targeting 8 GWh for Greenback in operation, under construction in 2028, $3.7 billion. Once again, it's very important, this is a fully funded plan, mainly financed by our project finance.

Again, we are closing one deal per quarter, even more. I think Emi will give you more details.

Asset rotation. Asset rotation is something key for us.

We have been doing it regularly since the early days. Our plan for these three years will be reaching €0.8 billion.

Daniel will give you more information, we have achieved 30% of this already. Moving to the pipeline and regions, I think no other company has this pipeline.

It's distributed between hybrid combining solar, standalone, but it's very important how we are executing. If you look at the total pipeline, 70 of BESS, we're talking about slightly more than 70 GWh, we have already close to 9 either in operation or under construction.

If you put together the backlog plus advanced development, we are now talking about more than 40 GWh. This is more than 50% of the total pipeline where we have strong visibility.

This is happening, and it's about to happen in the next 3, 4, 5 years, right? If you look at our solar pipeline, it remains at 12 GW, 2.2 GW in operation, under construction.

Again, if you put together the advanced development and backlog, we also reach more than 50%. It's very important to remark storage executes faster than solar.

We need less time for development, we need less time to execute. It's very important to remark we have tried all these years to develop and get the right stuff, but if we don't have it, we will buy it, right?

That's very important. Time to market is absolutely essential in storage, and we definitely need the flexibility to grow with our buy-side division if we don't have the right projects at the right time in the right market.

Also, I think it's very important to remark this flexibility. Some markets, like Chile, definitely we believe in hybrid projects combining solar and BESS.

Other markets like Europe, we believe that, with less radiation, standalone is definitely the best way to go fast, yeah. We need to adapt to every market, and we need the flexibility and the know-how to do that.

Talking about the USA, I think also in our first Capital Markets Day, we introduced our strategy for the USA. I think it's one of the most dynamic, if not the hottest market in the world right now, even considering what the current administration mentioned about renewables.

I think that roughly 80%, 90% of what's going on now in the US is about solar and BESS, right? This is a fact, and this is very, very clear, right.

Our focus is in the Southeast. We're talking about 6, 7 states, and the size of this area of the United States is roughly two times Spain.

It's slightly bigger in terms of market size than Germany, right? The potential is huge, and AI is behind.

We've never seen this demand coming from offtakers. In the case of the Southeast, that is a regulated market, normally you are going to be closing the PPAs with companies like Duke, or Southern Company, Constellation, NextEra.

You're talking about four of the top 10 largest utilities by market cap in the world. These are going to be offtakers.

At the same time, these guys are closing the PPAs with the IT companies. A lot of activity of AI and data centers is moving from Virginia to other areas farther south.

We've never seen really anything like this. We are getting now an RFQ every quarter instead of once per year or maximum twice per year.

The demand for energy is huge, the momentum is great, and I think we need to focus in one region, and in our case is the Southeast. Why the Southeast?

Because we purchased a small developer, Sawtooth Harbor in Alabama, 4 years ago, and we've been growing the pipeline, and the big momentum now for us is the announcement of our first PPA, I think it was last week, with Georgia Power, which is part of Southern Company, 20 years. I think it's the first time that we close such a long PPA.

We will keep announcing PPAs. Also we have two small BESS projects in Texas already connected, they're already operational, and we have safe-harbored the rest of our pipeline.

That's very important. The States, it's a very complex market, and I think it's not just the tax equity.

You need to safe-harbor the projects because to make sure your projects are secure before the ITC and the tax equity system gets removed. You need to take care of where your materials are coming from, with the entity of concern.

There are so many peculiar things of the States. On the other hand, once you are really there, it's one of the markets with biggest potential.

We like to go step by step. This is what we're going to do, but I'm sure we will start giving news every quarter about this market.

We'd like to spend 2 minutes because I think it's very remarkable what we have achieved in the last 18 months, 1.3 GW of solar and 8 GWh of BESS. That's very remarkable.

I think no other company has done that. This is a summary of the six largest projects from Atacama to Tabernas in Almería, three large projects in Spain, four large projects in Chile.

It's very important, this year for the first time our construction division will surpass the $1 billion threshold. Only a few years ago, we had a turnover of maybe a hundred, we were basically building small projects in Chile.

Now we are building large utility-scale PV BESS in Chile, we've built in Peru, we've built in Colombia, now our first project in the States, and several projects in Spain. We need to get ready for what is coming, what we have ahead.

We are estimating that the volume of our construction division will reach $2 billion as early as 2028, if not between 2028-2029. We need to get ready to build projects, standalone projects in the UK, in Poland, in Germany, in Italy, and first projects in the States, and at the same time, keep building these massive, large hybrid plants in Spain and Chile.

We are getting ready for that, but I think it's very remarkable what we are doing in-house with our integrated model. Greenback, we introduced Greenback only 12 months ago in London in our last Capital Markets Day.

We're extremely happy about the way we are doing. We believed and we still strongly believe that standalone require a different approach, right?

I think if you look at the potential of Europe, this graph we're showing, we're thinking about between 300 and 400 GWh as early as 2029. If you ask my opinion, and you can ask also the CATL, BYD guys which are around here, what are the expectations, but only in Chile the market size has been 40, only in Chile.

Chile is roughly one-third the size of Spain. I think the potential for BESS is huge in Europe.

There will be hybrid plants, there will be standalone plants, but having a specific approach on standalone plants, I think it's giving us the know-how, market by market. We are in all the major markets, I would say except France.

We already have 30 GWh under development, 9 GWh in advanced development, and we are giving a target of 8 GWh for 2028. If we look at this slide, we already have in Spain the first plant under construction in Oviedo, 0.7.

There will be more coming up. We have announced our first tolling agreement for this plant.

We have mandated and we will close the finance very very soon for this first projects in a club deal with two banks. In countries like UK and Poland, we have achieved capacity payments in the auctions.

These capacity payments combine with tolling agreements or hedges for the spread, combined, they really make these projects extremely workable and we can achieve two-digit IRRs. We are working very hard in Germany, I think tolling in a very advanced negotiations.

We are getting ready for the next MACSE and capacity payments auctions in Italy. Romania, considering it's an emerging market, but we are getting very interesting proposals for tolling agreements in this market as well.

We have to mention Oviedo. Oviedo, it was a very important tolling agreement, the one we announced.

I think the first of this type in Spain. I think we are really breaking the market, we're really showing the way.

Again, we will announce the project finance very soon. That will be a very important milestone for the company and I think for storage in Spain because it will be the first project finance close for a sizable standalone project in Spain.

I'm not done. I think there are many colleagues now that need to present.

I'm not done yet. There is something new, okay?

I think if you remember when we introduced Greenback 12 months ago, I made this comparison. I said that, okay, if we were Apple in 2005, 2006, this could be our iPhone.

I think I was wrong. This could be maybe our iPod, yeah.

I think what comes next will be our iPhone.

AI, automation, robotics. These technologies will fuel the global economy.

There is no AI revolution without energy. No intelligence without infrastructure at scale.

During years, Grenergy has been building the energy system behind the transition. Clean energy 24/7 with our Oasis platforms.

We are ready to take the next step. GR Data.

We introduce a fully integrated model for the AI era. Clean energy, energy management with GR Power, and data center infrastructure with GR Data.

Our goal, to be the prime partner, the energy digital platform powering the next wave of AI for the world's most demanding tech partners. We are starting in Chile, the world's most competitive clean energy markets in a region with enormous potential.

In Santiago, we are developing two new AI cloud campuses: Alto Jahuel South Campus and Polpaico North Campus, to bring digital capacity closer to main centers of consumption and connectivity. In Atacama, we are developing a data center designed for AI training powered at the world's lowest energy cost to maximize the clean energy we generate.

Because the next great energy ecosystem will also be digital. Grenergy is ready to become the partner of choice for the world's most demanding tech players.

Cost-advantaged digital infrastructure for the AI era. Let's power the future.

Yeah. Thank you.

It's nice to welcome in our new baby. We've been building energy plants and generating energy for 18 years.

I think the last 4, 5 years, it's when we finally had what we needed to develop storage and plants and being able to deliver energy 24/7. That's very exciting for us because it's something completely disruptive and completely new.

I think it's very natural for us to partner, because the digital revolution, it's about energy now, right? It's about energy, and we do have the energy.

Why are we starting in Chile? It's pretty obvious, right?

Because we had many projects there, grid access, main interconnection points. That doesn't mean that we will not replicate in Spain and other places, and we're working on it.

I think like 2 years ago we said, okay, let's make sure we get the best locations and we develop the best data centers in the market. If you look at the opportunity, 650 million people live in Latin America.

Less than 2% of global DC capacity is there. There is a great opportunity to bring back to Latin America those cloud services, those colocation, enterprise, AI inference, what is needed, bring it back in many cases from the States.

There are several regional hubs, one is in Mexico, mainly Querétaro, and another one is in Brazil, maybe around São Paulo. We believe and the market believes that Santiago could be a very strong regional hub, yeah.

Chile, I obviously need to sell Chile, but I think it's a fantastic place to do business. The government has absolutely no doubts, and it's really now a mission of promoting the digital infrastructure and attracting investments for data centers.

It's a dollarized market, political stability, this new government is really helping the establishment of data centers. I think all pieces really work.

Grenergy, we are now developing 1 GW of IT. The grid is secure.

We have the largest permitting team in the market, and obviously we can provide energy 24/7. Basically we can help IT companies and operators with a partnership where we take care of the real estate, we take care of the land, we take care of the grid access, which, as it's something extremely important right now, we take care of the energy, and basically we can partner with them in many ways.

Finding now the right partners is going to be our mission, but I think it's very important that we explain you what we were working in. There are two great opportunities in here, right?

We're talking about cloud campuses around Santiago to be able to provide cloud computing, colocation, enterprise. I think the market is extremely hot, we have decided to develop these two projects, one is north, like 30 km north of Santiago, the other one is 30 km south of Santiago, and they're both in very strategic locations next to the most iconic and important nodes.

One goes all the energy to the north, the other goes all the energy Santiago to the south. I think they're in very strategic locations.

They are designed for the workloads of the near term. We are ready to provide this on ready to build, and go with some partners to ready for service.

I think in the next couple of presentations, we will be telling you about the progress of these negotiations, right? Then Atacama Data is really our dream.

We believe it's one, if not the best location on Earth for establishing a large AI training, machine learning, massive data center. You basically have the lowest energy LCOE in the world.

We're talking about lower than $20 during the day, lower than $40 very very soon 24/7. Our plan is having a plant next door where you basically save all the grid fees.

We're talking about providing energy on average at $30, $30-something per megawatt-hour. This is compared to what, I don't know, the hyperscalers can expect in Virginia, like $70-something for the PPA plus the grid fees and other fees.

We're talking about maybe a hundred or even more. Here we can provide it below $40.

You can have as much land as you need, because you have the best irradiation in the world, and the best condition, and full support from the government. What matters most is the energy cost, and I think this location is unbelievable.

It's next to our Elena plant that we will inaugurate very very soon, in a matter of 2 weeks. This is GR Data.

It's only the beginning. We will keep you updating.

We might expand it to other geographies, but again, it's really a very natural step for a company like us. I'm going to invite Mercedes to let you know about the Oasis platforms.

Thank you.

What is an oasis for? It is a water reserve even in the most unexpected places.

For us, it's an energy reserve to deliver clean energy anytime, anywhere. Because every ecosystem needs its own oasis.

We build in Atacama our first oasis, the sunniest place on Earth. In 2023, our plan was bold, but now it's a reference, proving that clean energy can run 24/7 and provide stability to the grid.

At the heart of Oasis de Atacama is Elena, the largest single-site storage in the Americas, already in operation and still expanding. We brought this oasis from the north to heart of Chile.

Central Oasis continues to grow at scale. We are driving the future of energy storage in Chile, and now this model crosses the Atlantic to the Iberian market.

Today, we present our Iberian Oasis platform. Escuderos is just the beginning.

Next comes Índalo. We're already exploring new opportunities to accelerate time to market.

Iberian Oasis is targeting 1 GW of solar and 3.2 GWh of storage across Iberia. Our ambition is greater.

Oasis, one model, different geographies. Born in Atacama, scaled to the world.

Good morning, everyone. At our first Capital Markets Day in Madrid, as you might remember, we launched our first Oasis platform.

Today, I would like to walk you through the evolution of Oasis, how the platform has evolved, how much it has grown, and why we believe the next phase in Iberia could be even more significant. As we announced the birth of Oasis de Atacama in November '23 with 1 GW of solar and 4 GWh of storage.

Only 18 months later, by May '25, the platform had already doubled its solar capacity and almost tripled in BESS. Today, only 1 year later, with the addition of our third platform, their combined scale reaches 5 GW and 22 GWh of storage.

To put that into perspective, it represents almost four times the current battery storage capacity installed in the whole UK. Overall, Oasis has grown fivefold in 2.5 years, as David mentioned earlier.

A scale that very few players globally have been able to achieve in such a short period of time. Oasis de Atacama remains the clearest example of our execution capability.

What matters is not only the growth itself, it's the fact that we have continued expanding the platform while projects move through construction, commissioning, and operations. In other words, we are growing while executing.

Quillagua and Víctor Jara are already operating with BESS. Gabriela and Elena are currently under a commissioning phase.

At the same time, we continue expanding the platform with a new phase of Elena, a large-scale project added inorganically that has strengthened our business plan. We continue securing strategic partnerships with tier 1 suppliers, signing increasingly sophisticated PPAs.

We keep seeing strong appetite from offtakers, and financing the platform successfully with close to $2 billion of debt raised across the Oasis platform and more than 10 international financial institutions participating in the process. The sharp reduction in battery capex over the last few years, together with the high solar irradiation in Northern Chile, has allowed us to increase project capacities and confirms the strong potential the region still has.

On rotation side, we already completed phases 1 to 3 to KKR, and Gabriela is expected to follow very soon. I believe this clearly demonstrates that the market has already validated the value creation generated by the platform, the strong global appetite the market has for well-structured hybrid assets, and Grenergy's execution credibility.

This is no longer a development story, but this is a delivery story. Central Oasis confirms that the model is replicable.

Gran Teno, Tamango, Planchón, you all know these projects, and Monte Águila are already well advanced in their hybridization process. We also grew during '26 through selective acquisitions, our new projects, Parral and Pelequén.

Pelequén is expected to start construction very soon, while Parral and Sol de Cauquenes continue progressing in their development. In a very short period of time, the platform has continued expanding through storage integration, pipeline maturation, and selective acquisitions.

This slide is updated with the last year. I showed it in London, and it shows the progress achieved during the last period.

We secured more than $600 million of financing for part of the platform. We completed the acquisition, as I just mentioned, of strategic projects that have a better match with our energy strategy and for which we have already signed a first PPA with GR Power.

What is especially interesting is that many of the dynamics we see in Central Oasis are very similar to Spain: radiation, high renewable penetration, curtailment, and a growing need for flexibility. This brings us to today's announcement, as David mentioned, Iberian Oasis, what we believe could become one of the largest hybrid renewable platforms of this kind in the region on the coming years.

Our objective in Spain is very clear: to replicate the platform model we developed in Chile in a market now undergoing through the same transition with irradiation level, as mentioned, comparable to Central Chile. Spain is rapidly evolving toward that hybridization, and not only because the current operational projects increasingly need it, but because the system itself require that flexibility.

Spain represents a market of more than 250 TWh of electricity demand, compared to only 85 in Chile, nearly three times larger, like also David mentioned. Imagine the opportunity we have here.

Grenergy is very well positioned to capture it because, as not many other competitors have, we are not starting from zero. We have operational assets, we have the execution experience, we have the battery expertise, and we have strong M&A capabilities to acquire projects at very competitive prices in a market environment like the Spanish one that is allowing us to do so.

Escuderos, more than 3 GW in the market, both operational and under development projects. If Oasis de Atacama proved our execution capability, Central Oasis showed that the model is replicable, Iberian Oasis represents the international scaling of that model, but also the opportunity to deploy it at a much larger scale.

Thank you. I will give the floor to Daniel.

Okay.

Good morning, everyone. In the last 12 months, we have delivered record commercial volumes.

We have closed 2.1 TWh per year already contracted through PPAs, plus 4.2 GWh of storage capacity through different mechanisms and everything across five different markets. In Chile, new PPAs for the Oasis platforms: solar PPAs for Monte Águila and Planchón with an investment-grade offtaker, GR Power as offtaker as well of Central Oasis with more than 700 GWh per year of energy contracted, and also, and most importantly, GR Power as a supplier with the first 24/7 PPA with Codelco, one of the largest mining companies in the country.

We're also working in new contracts for the next phases of Oasis, and hopefully we can give you more news in the coming weeks, if not days. In Spain, we are opening the market with the first financial tolling agreements for batteries.

Proof of that is the agreements that we have closed for the projects Oviedo and Escuderos with investment-grade offtakers and long terms from 10 to 12 years. These agreements, we believe, are setting the contracting standards, are much more liquid products than just selling a pure solar curve, and we believe it will give us many opportunities in the future for the projects that are coming in our pipeline.

In the UK and Poland, we have secured our first capacity contracts in Europe for Greenback for almost 3 GWh of storage capacity. Also in the UK, we were awarded with our first PPA in the last round of the CfD scheme for the Fibden project.

Finally, as David announced previously, we have closed our first PPA with Georgia Power, a 20-year contract with our hybrid project, Beaver Creek. GR Power is probably one of the most strategic transformation in our company today.

We are transforming the company from an IPP to a green power utility. We are building a utility from the ground up on a 100% 100% renewable foundation without legacy assets and without legacy cost structure.

2.1 TWh per year already contracted plus 1.2 TWh per year under active negotiations, a very interesting commercial momentum in the market right now for the company. Very important that we have the capability to offer on a 24/7 basis, as I explained in the previous slide through the PPA of Codelco, and we are working in new contracts for this kind of supply.

The investment-grade credit rating is in process, it's a very important milestone for the company because it will unlock cheaper funding and broader institutional partnerships, but most importantly, it will give us greater independence from the traditional incumbents. The target for 2028 is having more than 5 TWh per year of energy contracted.

It represents more than double of today's contracted volume and more than 16 times the volume we had only 3 years ago. Regarding energy management, signing the PPA is the key element in our business model, but we can add more value if we can control how to manage every megawatt in every hour across every market, and that is what our energy management platform does.

In our main markets, we are going to forecast, optimize, set up state-of-the-art control centers, and assess risk management because controlling this stack is what allows us to control the value of every PPA that we close and every asset we own. This is already on track.

Some months ago, we announced our new head of energy management, Juan, who is here with us today, with an impressive track record in the market, and he has already done it in the past, we are already working on it. We are building, as you can see in the images, two state-of-the-art control centers, one in Madrid in this building, one in Santiago, and operating around the clock and managing assets across multiple time zones and regulatory regimes.

Real-time monitoring, real-time decisions, real-time value capture. We believe this is a capability that will allow us to extract additional revenue from every asset or every one megawatt we own through optimization, ancillary services strategy, and BESS arbitrage beyond the contracted price of the PPA, no?

We think that as BESS scales across the markets, energy management becomes the decisive value driver, no? We are building the platform for it.

Thank you.

Good morning, everyone. How to turn this?

Let me start today with a key figure. As 80% of our capex investment plan over '26-'28 will be funded through non-recourse financing, close to $2.8 billion of financing.

This is a huge volume. Our ability to rapidly scale project finance is going to be critical for our success.

Structuring very large non-recourse financing has become a core capability at Grenergy. Over the past 2 years only, we have structured and closed six transactions for the Oasis platform.

That's close to $2 billion of debt raised with 14 international lenders. Why is this so important?

Number one, we have structured one of the largest BESS portfolio globally. This gives us a competitive edge as we enter new market and we need to structure new BESS financings, such as Spain or very soon in the US.

Second, we are trusted by the world's largest international banks. These banks are present across our platforms.

This includes banks such as BNP, Natixis, SocGen, SMBC, Scotiabank, and more recently, BBVA, Rabobank, and Santander. All of these banks are part of our corporate pool of lenders, and this creates huge synergies for our treasury platform, where we manage currently close to €1 billion of lines.

Third, we have been able to close these transactions at a record pace. This is because we understood very early on, as I mentioned in previous presentations, that recurrence in lending goes hand in hand with derisking and successful syndication.

We have been leading the syndication efforts of these banks by bringing in new relationship institutions, such as US banks for the first time in Chile, Bank of America and JPMorgan, as well as longstanding relationship banks such as KfW and EDC. Repeat lenders is for us the clearest signal of confidence in our platform.

Recurrence builds trust and better terms, and these better terms compound into a structural cost of capital advantage. Recurrence is obvious in all the deals that we have closed in record time.

Together, all of these compound into the best possible competitive terms for the platform. Every closing has set a very strong market precedent, and these precedents have opened the door to very strategic new transactions for the group.

Central Oasis was one of them. This is truly a pivotal transaction for Grenergy, as Daniel mentioned.

Grenergy GR Power was for the first time the main BESS offtaker. The volumes were very large, $600 million of debt raised under very competitive market conditions, very close to what we achieved in Oasis Atacama.

This proved that the business model in Chile is very resilient, it's diversified, and that GR Power is fully bankable. This opens huge growth opportunities for us in Chile in the near term.

What comes next? We are growing the Oasis platform, we know that we have to deliver fast financings in the coming months, and we are prepared.

We're currently working on Algarrobal, the Algarrobal portfolio, which is going to be the company's largest single deal so far, close to $500 million in a single deal, and we plan to execute this deal by the end of Q3 with a group of very strong international lenders. In Europe, we will replicate the success of the hybrid platform, and we're also currently executing a hybrid financing for Escuderos, and we plan to raise more than €200 million of non-recourse debt with a club of very strong banks.

More imminently, we are about to announce in a couple of weeks the first BESS standalone financing of the Spanish market. This is truly a landmark transaction, as David mentioned, because we managed to do it under very competitive terms, and this is what validates the investment case for BESS standalone in Spain for Greenback, and it sets a very aggressive market precedent for the Spanish financing market.

To conclude, we will continue to structure competitive financings, but we have also been able to improve our corporate financial position by raising a €170 million corporate bond at a 5% coupon, very attractive coupon for 5-year tenor, as well as a €105 million revolving credit facility. These two instruments diversify our funding, it increases our liquidity, of course, extending maturities, and overall optimize our cost of capital.

We sit currently on record levels of cash, more than €400 million, and our capital structure has never been more stable to support the next phases of growth. Moving to M&A.

M&A has been evolving over the past years, but is now more than ever a dual strategy. On the one hand, we have sufficient organic pipeline to continue to grow, sell assets at very attractive multiples, and recycle capital.

On the other hand, there is a unique opportunity to buy assets right now in the market to accelerate growth. Two sides of the same disciplined approach to investment that runs continuously in our business.

Sell side is funding the next wave, and buy side is accelerating entrance into new market and technologies. Together, they compound into a capital efficiency that pure developers cannot match.

On the sell side, we have a decade of track record, more than 73 projects rotated from 2017 at an average EV to invested capital of 1.6 times. This benchmark has been validated by the most sophisticated investors such as KKR, EQT, CVC, and utilities like ENGIE.

Asset rotation will continue to be the core funding mechanism to continue to grow without diluting shareholders, and we plan to have roughly €800 million asset rotation over the period '26-'28. We'll continue to sell to lower cost of capital buyers to achieve higher returns and invest in new growth opportunities.

Buy side really means for us the engine to accelerate entrance to new markets. As David explained, the BESS markets are changing rapidly in Europe, and the key competitive advantage right now is time to market.

We will seize these opportunities as we have done recently in Chile with the purchase of projects, 100 MW hybrid project as well as a 150 MW standalone asset. Overall, we are looking at more than 5 GW of opportunities on the buy side.

Our teams are prepared, we have scaled accordingly. Of this 5 GW, 3 GW, you get an idea, is located in Spain.

Strong focus on Spain. Buy-side acquisition, buy for quality and returns.

Thank you.

Good morning. We have been talking about the business, now let's move into the numbers.

I think we are running out of the time, but I'm going to try to speak fast. I'm from Andalucía, I can do it, medio de Jaén.

Starting EBITDA was as expected, okay? No major M&A contribution coming in the quarter.

This is what considered at the beginning of the year, the main asset rotation that should be Elena, impacting very soon, is already in operation, trial phase. Commissioning should end, hopefully, in next weeks, and that will have a good impact in energy.

Year, 58% up to 1.4 GW. BESS capacity is improving quite a lot thanks to Elena and Víctor Jara asset.

Production moved slightly down 4% because we had to disconnect Elena PV plant during the construction of the BESS facility, and unrealized price increased a little bit, just 5%, okay? Then important in FX gain thanks to the dollar and Colombian peso appreciation, around €14 million, and also a one-off positive impact by closing a financial hedge.

Then very rapidly, this is exactly what I just said. M&A should come in next quarters.

Energy EBITDA, the same with Elena. Important to mention, GR Power is increasing total sales by 90%.

It should keep improving this energy and EBITDA generation in the coming year. We have reached €1.6 million of EBITDA, for the year maybe is going to be around €4 million, €5 million, okay?

That should multiply as soon as more contracts are coming in in coming years, okay? Then very rapidly, €132.5 million capex, that is 59% up compared with previous year.

This is our guidance regarding the PV capex and battery capex. PV capex, no major changes, steel, panel around 10, 11 cent of dollar.

Regarding hybrid with the batteries is the most important part, and well, battery cost during this year, we expect no major deflation, but it is true, and we have here Mónica and Camilo from BYD and CATL, they are improving quite a lot industrial capacity. That is creating good effect over time on capex, okay?

We are considering in the coming years further deflation, but not in the investment plan we are presenting to you, okay? We are considering just the price we are guiding for this year.

No problem with the made in Europe issue, and also flat-ish as trackers and the rest of the part for both PV and BESS, okay? Then cash flow, well, is good that after investing €133 million, thanks to the bonds we have been able to raise, €170 million, and project financing, we are ending with a very solid cash balance position of 500 €429 million.

That is allowing us to keep investing, to keep checking opportunities in the buy side, especially here in Spain. The leverage for the period maybe is misleading because actually with the asset rotation we have done over the last period that is impacting in next quarter, on pro forma basis, we are having a 2.4 times.

We have also a covenant to have a corporate leverage of 3.5, and right now, even without the pro forma deals, we are below that, okay? The debt structure mainly is coming from project finance.

Then the investment plan, okay? It's worthly to mention the strategy is very similar from what we have presented and you all know.

We are bringing more capex after delivering good investment and asset rotation at a good valuation. Last year, when we presented this deal, some of the M&A were still to be announced.

We could sell Gabriela at a 1.8 EV to IC, fantastic deal. We have in this chart, you can see that the previous target for 2025-2027 capex plan remained the same.

The main difference is that we are deducting what we have already achieved, €25, and we are including another €200 million. What we have already achieved thanks to the deal we announced are pending to be received in the P&L, as explained, is around 30% of this target, already delivering part of this asset rotation target.

45% of it is in progress. That means that there are investors checking opportunity of existing portfolio, both in operation, ready to build, or expecting to have in commercial operation date.

We are considering, and we can talk about this later, a conservative EV to IC of 1.3 times, okay? The investment plan, this is the bridge from the previous investment plan.

We presented $3.5 billion. We did €900 million last year, that is amazing.

I wanted to make a bridge so you can see that even though there are in those €900 million, we are having some positive effects thanks to FX savings. Remember that, well, we are investing mostly in dollars, and we were considering 1.05, and now the dollar depreciation is allowing us to in euros have a lower capex impact, savings €0.3 billion.

Then the redesign of the Oasis platform means that we are not extending any COD within the investment plan. That means that we are even increasing the number of hours in some of the phases.

There is not any major changes in what is important, that are the projects we want to connect and want to deliver EBITDA, okay? Thanks to the big-scale project we are connecting that, well, like Elena, for instance, 3.5 GWh, that is the biggest project in America, both together north and south, that is creating on average reduction in capex for interconnection, for instance.

Also, with our friend, we did it with BYD, they have been more competitive because of the big scale of the order we're doing. We are including $1.5 billion in this investment plan.

Out of those $1.5 billion, $1 billion is coming in Europe, okay? That is a major change because we were investing in previous business plan 70% in Chile.

Now we are bringing more Europe to you, to investors. We want to have a diversify portfolio geographically, okay?

That's why now we have 3.7 billion investment plan. The investment plan, again, is what our playbook, our financial playbook is quite the same always.

Having very good asset, quality asset with project finance, disciplined asset rotation, no dilution, self-funded business plan. That is our intention to keep doing that, okay?

We have included some share buyback that we have as an option, €100 million. You can see that corporate debt is very reduced, 75% to be coming from project finance, 20% from corporate debt, just very little from the existing bank position, okay?

Once more, one year again, we are bringing more capex, $1.5 extra billion on investment with a good valuation. On average, we have achieved 1.6.

We are considering 1.3. Again, we are not including any project that might be connected in '29 that should include some capex in '28.

This is a business plan for the next 3 years. Whenever we present more capex for 2029, there will be the financing chart with some M&A as new asset rotation target, and we will present that capex as well.

Also, we are not including any capex from GR Data, okay? That is something that whenever we are going further, we are going to let you know the way that is going to create value within our company.

That's all. At the end, this is just the capex we're bringing to you, but what really matter is the great team we have, not only in Madrid, beyond in Chile and in many locations.

In 2023, we presented Oasis de Atacama. We expanded in '24 with no capex increase thanks to the capex deflation on storage.

Last year, we presented Greenback, Oasis Central. This year, we're bringing more Greenback, Iberian Oasis, and GR Data that is not even included in the business plan.

Trust us. I think there is plenty of history yet to be made, okay?

Thank you very much, and good morning to everyone. As many of we've been working since 2022 build a very solid foundation in ESG.

We are now on the final year of our second roadmap, and a lot has been achieved since then. During the first 3 years in our first roadmap, we focused on building the right foundation.

We focused on things like creating key corporate policies and procedures that we didn't have. We created our Sustainability Committee.

We produced our first ESG report fully in-house, and many other milestones as well. On the second roadmap, we were then subject to increasingly demanding reporting landscape, and the team had to work hard to adapt to that.

While, of course, in parallel, they were doing very valuable work in biodiversity strategy and ESG impact assessment. This year, we are reassessing our priorities to define the next phase in our ESG journey while we continue to work in very important areas such as recycling, or human rights, or climate, and how to measure our impact.

We're very proud to see that all this work over the years have been widely recognized, and is really fantastic to see Grenergy strongly positioned across the main ESG ratings, and in many cases, leading in our sector. What is next?

In line with the EU decision to streamline reporting, we are evolving toward a renewed strategy where impact becomes the central focus. We are already bringing solar energy closer to our communities.

We are investing in educational programs for women and local young people, and working to generate positive environmental outcome. It is clear to us that beyond generating clean energy, we want to create tangible and lasting positive impact on local communities, on our people, and on the environment.

That is why we are rebalancing our resources to focus where impact matters most. Because sustainability has always been and will continue to be core at our corporate strategy.

Now, more than ever. Thank you very much.

Thank you very much for the presentation. Now let's move to the Q&A session.

First we will take the questions from sell-side analysts in the room. From those joining us virtually, please just try to ask one question per participant, okay?

Flora? Flora from CaixaBank, please go ahead.

Hi, good morning. Thank you very much for the presentation.

Just a clarification because in the previous CMD you had given targets for EBITDA, I noticed that you don't have there. You say that the plan is fully funded.

I don't know if you will share something about EBITDA targets or if you'll stick just to investments as you have in the presentation. Then I would just like to understand how do you see the timeline of the data centers unit?

If the cashing is progressive, how should we model this in terms of the execution and the effective impact of the data center? You mentioned, Daniel, that there is no capex attached within the plan, but can you help us understand how do you expect this cashing to evolve and whether this is part already of the '28 plan or after that?

Thank you.

Thank you. Thank you, Flora.

I think I can leave you the first one,

and

I'll go with GR Data. Yeah.

Okay.

Regarding EBITDA guidance, we want to be very clear. We have done fantastic execution over the last year.

Everything is on track. We are bringing more projects to you.

Targets still there. There are many moving parts regarding assets that we are checking for rotation, and many gigawatts, as Mercedes was saying, of projects that we're buying.

We prefer to provide you with good information. Time to time, we will update you with that.

But $1.5 billion bringing value 1.3 times on average in a conservative level compared with historical value generation.

About GR Data, yeah, I think it's just we wanted to share with you the whole idea and what it represents for the company. It's not nothing new.

We've been more than 2 years working on this plan. It was very obvious that the opportunity is here for us in Chile due to our presence.

Chile is like 2 years behind, is 2 years ahead in storage or 3 years ahead, but is maybe 2 years behind in data centers. We've been looking very well at what the opportunities that companies like us, energy companies have been having in Europe in partnership with hyperscalers and data center operators, and we wanted to make sure that we could capture the highest value of the opportunity in Chile, both in cloud around Santiago, this is like being around Madrid, and in AI training, which is like some plants in Spain, in Aragón or in Extremadura, right?

We wanted to make sure we had the right asset. Then, how are we going to monetize this opportunity?

We are already closing our first PPAs with data centers, that's a very conservative, but we want to do obviously more, because we believe we are the perfect partner for IT companies and hyperscalers to provide them speed, which is the most important currency right now in the data center. If you can really deliver ready for service 1 year earlier, the value of this development is way higher.

We can monetize by selling power land, we can monetize by closing PPAs, and we can even participate as a shareholder in the data center business. We have several conversations ongoing.

Whenever there is something binding, we will let you know. We obviously will try to capture the highest potential value.

Thank you.

You want to ask? Okay.

Yes, next question, Nacho from JB Capital.

Hi, thank you for the presentation. Just a follow-up on GR Data, this could be a massive investment opportunity, no?

A multibillion opportunity. You could give us more color, no, on what would be Grenergy's role and how could this strategy be funded?

I appreciate it's post-2028, but still, it would be a very relevant investment opportunity post the projects you have upgraded, no? Then second question on Greenback, if I'm not mistaken, the platform is that the capacity is slightly down versus your previous update, but I just wanted to clarify if this is driven because some of the capacity is going to some of the projects in Spain and Chile, or so it's being hybridized, or you are seeing other opportunities in hybrid basically and maybe giving up a bit of the Greenback platform?

Thank you.

About GR Data, and I think I replied in previous question. I would say is we are not considering any capex, as Daniel mentioned, in between '26 and '28.

It doesn't really need to be necessarily a capex opportunity. On one side, we can monetize the value of our developments as a one-shot opportunity.

Then our main aim is to remain supplying energy in the long term, 15, 20, 25 years, to those data centers. There will be opportunities in capex as well, right?

We are now estimating, if you consider our South Santiago campus, we're talking about 300, roughly everybody has in mind like $10 million per megawatt, so that's a $3 billion capex opportunity. We're definitely not going to do this ourselves, but we can partner with someone and have also participate in this opportunity.

For the moment, we want to make sure we have the best developments in the countries and the best time to market. Again, time to market, we believe, is everything.

We are the perfect partner for an IT operator or hyperscaler because we can help with the real estate, we can help with the grid access, we do have the grid access already. Most of this grid access were obtained through previous standalone projects that we have reconverted into IT.

We'll see. We find this as a fantastic opportunity, but still, I think this is just a first approach.

I think we've been working for a long time, we wanted to give you clarity and visibility. The second was very quickly about Greenback.

Greenback is doing fine. As I mentioned, 30 GWh is what we currently have under development.

It's all on greenfield. As I mentioned, buy side is going to play a very important role.

You better look at what we are executing, or what we have in advanced development, or our backlog, yeah? I think our estimation is jumping from 0.7 right now, it's just Oviedo project.

I think next year, we will be roughly in around 3 GWh, considering some projects in mostly Spain, but also the first projects in Poland and the UK. We are considering 8 GWh in 2028.

This will be exponential. Again, if the opportunity is there and if we don't have the right stuff, we will buy it.

That's the key message. I don't think the overall size of our greenfield pipeline is that important, yeah.

A follow-up, could you consider rotating Greenback, or is just what we've seen?

I think it's a bit early to do that. If you ask our M&A head, she might say that, yeah, they're fantastic [laughter] for rotation.

Whenever we rotate something, it's because there are opportunities for growing, yeah. I think there will be fantastic opportunities for financing, rotating, that.

For the moment, we want to make sure we have the largest and we can grow as fast as possible with the right returns, yeah. It's something very new.

It's only starting, right? We're jumping from few gigawatt-hours to hundreds of gigawatt-hours and maybe 1 TWh as early as 20 2030.

This is really I don't know about data centers, but really it's the largest opportunity we've ever had, really making sure that the Greenback platform grows in the right way.

Next question, Gonzalo de Cueto, BNP.

Hello, and thanks a lot for the presentation. Two questions.

The first one on the US. I think that I've not seen the project IRR target that you are expecting here for the new projects, if you can update us on that.

The second question would be on BESS capex. Daniel has briefly touched on this, but from the current or the constant conversations you are having with battery suppliers, what are your mid-term view here?

Okay. IRR for the US, it's definitely a double-digit market right now.

I'm talking about equity, because the way we finance projects there with tax equity, it's very different from other geographies. We don't do that differentiation between project and equity, it's just the equity of the project after tax equity.

We're targeting 11%, 12%, 12% 12%. That's the sweet spot, right?

I think anything above 10%, right? If you want to add anything on the US?

No, I think it's quite a competitive market, but we are in this range which is in line, I think, with most developers in the US. The key advantage that we have in the Southeast is that the contracts are very long term.

We have fantastic projects for financing. We're already working under mandate for the first asset, which is Beaver Creek, and you can reach up to 90% leverage in total, no,

including

with the tax equity commitment.

Sorry, your other question was capex? I don't know, maybe in the barbecue [laughter] there is a blonde Chinese lady, you can ask [laughter] directly, and there are two great guys, Carmen and Rodrigo, you can ask them.

I honestly feel that there will be further reductions in the capex price, because on one side, there is sodium coming as alternative to lithium, it's a real alternative. That in the medium term my guess is that will create some competition between the two technologies and it will be positive for further capex reductions.

I think companies like CATL and BYD, these two companies are the top two companies in the space. They have each 40,000 R&D engineers.

It's amazing how the efficiency is improving year after year. The batteries we were buying for the first phase of Oasis Atacama in a 20-foot container, we could fit just 4 MWh, and the same container, we are now talking about 6.5, 7 in a matter of 2 years.

There is a race with efficiency, capacity manufacturing. I do see some capex reductions in terms of megawatt-hour.

That's my guess, but it's also on supply and demand market, and it will take time.

Next question, Eduardo González, Santander.

Thank you very much. On Iberian Oasis, one question: could you give a bit of more color on the 700 MW that you are in negotiations, the timing of the operation, the price that you are expecting to pay for these assets, and also the economics of this platform?

Maybe in a second question, the asset rotation that you say that 45% is under negotiation, also if you can give a bit of more details on what kind of assets are you negotiating right now?

On the pipeline we are analyzing and under negotiation, we have completely different kind of projects, either asset operational, under development. Spain is right now in a moment where we have plenty of opportunities at, I would say, very symbolic prices.

Many companies are exiting, or many other companies don't really know how to bring the value to these projects. As I explained earlier, we come from doing that in Chile for the last years, we feel much more comfortable in order to do so.

We're analyzing many projects, every transaction is completely different in terms of timing. We can buy a project in a couple of months or 9 months, it depends completely, but I can say that we are really finding very good opportunities in the market.

It's the perfect environment for a company like us.

The other question was?

The other question was, sorry?

On asset rotation, on the 45% that you have under negotiation right now.

Yes, well, I cannot give a lot of information on that side, but you know that our department is constantly taking a look at the market and trying to see good opportunities whenever the returns are the ones expected for us, and at the same time, adding a portfolio to our portfolio in order to replace the assets that we are rotating. Of course, many or some transactions will come into the future, but I cannot say when.

If I may, the message will be the same. We're obtaining good cash flow coming in LatAm with a very good multiple, in Chile where we have a lot of presence.

Also we might exit countries like Colombia where we have sold asset. That is creating the equity recycling, we can keep investing into Europe.

I think there are no more questions here in the room. Now let's connect the people that are joining us virtually.

Hold on a second. First question from Fernando Garcia, RBC.

Please go ahead. Yes.

I have a couple, sorry.

Please remind, just one question per participant. [laughter]

The first one is in terms of EBITDA guidance, can you confirm the 2027 guidance that you provided in the CMD last year? Can you provide any color on the EBITDA upside coming from the new projects that you are presenting today?

As you said just one question, I'm going to keep it to this one, Rubén. Thank you.

Yes, we are confirming 2027 target regarding EBITDA. Then for '28, we are bringing many projects, $1.5 billion capex.

Again, those projects will be connecting during '27, '28. We are talking about many Greenback projects.

If we haven't provide a guidance on that, is because we want to be delivering everything we promise. Of course, the target cannot be the other way to be higher.

You can easily modelize it, if not, we can help you after this conversation.

Okay. Now next question from Anna Webb, UBS.

Good morning. Thank you for taking my question.

Just one from me. One of the things you talk about is the opportunity in Spain, and obviously we know it's very hard to do kind of greenfield projects in Spain.

You talk about the opportunities to procure existing solar or projects at various stages of development. Can you talk a bit more about kind of why you can make these projects work and others can't, or maybe why the owners of those projects at various stages don't undertake these opportunities themselves, and kind of what your advantages over the other players in that market?

I guess in other markets, too, kind of where do you see your advantage over them? Thank you.

Thank you. Thank you, Anna, for your question.

I think Mercedes can give you more info on this, but the situation really reminds me of Chile. If you look at Chile, there were big questions from traditional utilities and other players about the timing for hybridization of projects.

I think we've made it. Why we do it and others don't see the opportunity?

I think it's a combination of factors. First, I believe we have the scale and the size that I think we can procure very good at a very good cost.

We are an integrated player, right? That means we do the EPC ourselves, we have that extra maybe difference like 15%, 20% lower capex compared to other players that are entering the space.

I think that's one point. I think the other is we have been pioneers in closing hybrid PPA projects, which were very innovative at the time in Chile.

We are also breaking the ice in Spain, first tolling agreement announced for our first standalone, first tolling announced for a hybrid project for Escuderos. I think we are 1.5, maybe 2 years ahead of many other companies that still don't see the opportunity the way we see it, right, with batteries.

We feel fine. I think we are doing it.

I think we will announce the first financial close, which is a very important test for us for things. I don't know, Emi, if you want to say something about this, why it works for us and doesn't work for others.

We're not going to be the only ones. There are other companies very active also looking at this opportunity, but some transmission.

Maybe, Emi?

No, I think you've mentioned everything. I think it's procurements, it's the pillars of the company, the way we structure faster than anyone, financial tolling or hedge for these projects, the way also we anticipate financing and we help really the markets evolve in the direction we want.

I think it's going to be a test for the market, this first deal. We're very very excited to bring this first deal to the Spanish market, and then we'll come of course Escuderos, which is also going to be one of the largest, one of the first hybrid projects in Spain.

We're very happy to lead a bit the way like we did in Chile years ago.

Thank you very much, Anna.

Last question from the time being from Beatrice from Mediobanca. Please go ahead.

Yes, thank you so much for taking my question. Actually, my question is on the capex plan.

You emphasized the concept of diversification in investments, which are going to be roughly balanced between Chile and Europe. However, I would assume the return profiles across those regions are quite different.

Could you elaborate on the rationale behind this? Is the priority more around the strategic positioning or are you somehow seeing convergence in expected returns between these two geographies going forward?

Then another quick one on the data center opportunity. I was wondering whether you could provide some details on the type of returns you expect from this business compared to the core renewable one, and when do you expect this business unit to start contributing meaningfully to the operational performance of the group?

Thank you so much.

Thank you for the question. The signal was not extremely clear.

I think I kind of understood the second part of your question, where we are about to invest in Europe. I think first of all, diversification is key for us.

I think we've been a very Chilean company in the past, and it's a must for us to diversify to our other geographies where we've been working very hard. The opportunity in Europe with everything related to BESS, whether it's hybrid or standalone, is fantastic, as it is in the US, each market has different dynamics.

I think what has happened so rapidly in countries like Chile and Australia, maybe some parts of California with BESS, will replicate, and we want to make sure we take our key advantage as early movers to replicate. Having said that, there is some complexity in Europe.

Unfortunately, we're talking about many different countries. We first had to pick up the right combination, and we're talking about six markets, except for France again, that we still feel that is a difficult place to do business in BESS, in our humble opinion.

We have picked up a right combination of more mature markets like the UK, with more emerging markets like Poland, Romania, and Southern European countries like Spain and Italy. I think the first projects we're building for Greenback, it's in Spain, but next year, we will start breaking ground in Poland and maybe the UK.

Then Germany is a fantastic market, but still we need to make sure there's some uncertainties regarding grid fees and grid access, and we want to make sure before we really fully start that the projects are fully bankable and investable, right? I would say that the opportunity in Germany is the biggest one, but we need to make sure that some things regarding the grid clarify.

Italy is a market that needs MACSE and capacity payment support right now only with the tolling agreements, we don't get the necessary IRR. Like in the UK and Poland, we need to combine that with capacity payments.

Spain, so far for us, we can get the IRR without the capacity payments. It has been announced for a very long time, as but we definitely see this as an upside, not anymore, yeah.

About data centers, I think we are not giving the capex yet. We want to see that it could be transformational for the company.

Let's think that will start in 2029. Hopefully, we can monetize and we can start creating value earlier, right?

This is our belief. Again, we will try to get the biggest value out of our data center pipeline, and whether it's selling the power land, or whether it's converting that into equity of the projects and participating in the long term as operators, like some power companies are doing in Europe, and in any case, for us, bringing the offtaker and securing PPAs in the long term is really what we live for, yeah.

There are no more questions. With this, we finished our presentation.

Thank you very much for attending, and see you in September with our first-half results. Thank you very much.

Thank you.