As usual, before going into the details of the results of this first 9 months of the year, I would like to deal with some contextual topics. We have the hydrological levels of the first 9 months in the city, and this was lower compared to last year, and it was the second most important since 2017 with a third quarter with a rainfall that was very similar to the rainfall last year, although it was distributed in a different manner.

Last year in August we had intense rainfalls and this year has been better distributed throughout the year. In the mountain range, the water accumulated is lower compared to 2024, but we still have the dam at 84%, which is very comparable to the levels that we have day-by-day.

As a part of our optimization from the operational point of view, we have this available in the basin. In this quarter, we have agreed some transfers that have been helpful to maintain this level at the dam, and also preserving the resources that we have in the aquifers.

Now, concerning the different rates, I will give you a summary of the present situation: the publication of the decree of water and [dina?] that was published the same day that we have the conference for the results in the first quarter at the end of August of this year.

Last week, the decree of Aguas Manquehue was published, which will allow to bill with the new rates in this company. Then, we have the basic rates that we have also this information available for the next publication.

Regarding the rates related to the standard changes, at the end of October, we had the authorization of the regulator in order to apply the additional rate of 0.55 with retroactive effects to September 15. Concerning now the projects that will go into force in the short term, in the case we have this course as envisaged to put this facility into operation in the next coming weeks.

This will mean that the rate will be affected in the first quarter next year. I would like to comment to you that in the last board directorship we approved the distribution of provisional dividend of the results of 20 over 42 million pesos, which is 6.83 pesos per action, and the payment will be effective on December 2.

Now, concerning the ratings, the last quarters we have been ratified as A- by Standard & Poor's in the international rating and A+ in the local rating. Finally, I wanted to highlight a fact that happened a month ago: Aguas Andinas was recognized in all the categories of the rating 20 and with the best companies in the six participating countries, a leader in sustainability and relationships with the investors, which is a reason of pride for us as a company.

We'll give the floor now to Cristian, who will give further details of what happened in the first 9 months of the year. Thank you, Miquel.

Good morning, everyone. We have the closing of the third quarter that is ratifying once again the positive evolution and the pathway of the operational results in the company.

In terms of EBITDA, we have an increase of 8.1% as compared to the same period of time last year. In June, this was 6%, and in March 4.1%.

This is ratifying what we commented before. That is to say that we, as a result of the coming into force of the new rates from the eighth tarifary process of Aguas Andinas, Aguas Cordillera, and Aguas Manquehue, this is already reflected positively in the evolution of the company's income, and at the closing period has an increase of 7.8% as compared to last year.

The main effect is what I was commented that is associated to the new rates as well as the indexation by a poly-money that were reflected last year. In the case of that year, the last indexation was in September last year with 3.2%, and in March this year with the coming into force of the new rate process with 2.6%.

In terms of the volumes and the growth in consumption, we have a variation of 2. 1.2%, and in the last quarter, it was increased positively in 2.8%.

The first part of the year was rather steady and flat, and the last quarter it goes up. This is quite linked to a management, a commercial management, very active that is taking place at the level of the company with different projects that seek to improve the commercial efficiency in terms of measuring and also billing.

There are two projects to highlight: one of them related to the installation of meters and the second one the management of the green areas of Santiago. This allowed to recover the measurement and the billing of some sectors of the city that were not recorded.

In terms of the non-sanitary income, the variation is positive and this because of the non-regulated branches and also the better income related to the gains for the services to clients. Last year, we had two incomes that were not recurrent; for example, the insurance reimbursement and also the engineering services that are related to the construction of line number 7 of the subway.

At the income level, we can say that the sanitary income has an important, significant growth rate. On the other hand, this also we have the volumes as a result of the new rates that are in force and being applied right now.

On the side of the costs, they are going up by 7.5%. It is important to highlight that 65-66% of the increase of costs are explained as a vegetative or organic nature.

What do I mean by this? This is to say the growth rate is related to the variation of the Consumer Price Index (CPI), and also a part is related to the variable costs of production.

We have higher costs and a part of it is related to the costs. We also have the costs related to income by the non-sanitary side and also as a result of costs related to the new additional rates that are already into force.

We have one of them that is related to the transfers of water that are offset partially. As Miquel said before, we already were authorized for the plan of alternative supply and this is all the logistics that the company is putting in place as the cases of force majeure or acts of God.

We were explaining also the 66% of this increase in costs. Another relevant information that we can highlight, first of all, is the cost of staff.

There were some regulatory changes that are already in place; 1/3 of this increase of the costs is explained by this. We'd like to highlight something that is related to the working hours: 40 hours a week, so that the shifts have to be accommodated consequently.

As of August, we have also the new labor reform, and this goes as a charge for the employers. Thirdly, we have to consider the increase of the minimum salary, and this is also reflected in the compensation that is paid to all the payroll.

1/3 of this is explained by this, and another 30 is explained as an accounting element associated to the valuation of the actuarial value that is related to the reserve at the number of services that is part of the collective bargaining that the company has with the workers. Another third is explained by greater costs associated to necessary personnel in order to maintain service continuity, increase standards, and also to develop new projects, new initiatives within the framework of the transformation projects, which also implies efficiencies that the company has been capturing.

Another cost concept that has been relevant during this fiscal year is electric energy. As it has been an issue in the country and this is reflected in an increase of the regulated tariffs of the operational entities of the company.

This is an increase and also at the level of consumption the company has developed initiatives that have allowed to optimize and reduce energy consumption. During the period, the consumption has reduced by 7.5% regarding the production of water using less wells, as well as the biofactory with a great generation.

This 7.5% represents a savings of around 2.5 million pesos. Without these actions, the impact because of the electric rates would have been even better or even greater.

The other operational cost as we have been saying is the development of certain activities that are relevant and strategic for the company; for example, the implementation of some applications for business support that this entered into force in the past quarter of last year, and with this we already have been applying it for one year, and it is part now of the structural costs of the company. Also, we have continued working actively in our networks regarding the desobstruction of collectors as well as the detection of leaks associated to our water efficiency plans.

Amongst the commercial management, it is important to state that there is an active management due to the cut because of clients that have debt, and this is part of the collection actions that the company is carrying out. This limitation of the service, the model says that when we visit the client, we offer the possibility of paying right there their debt before the service is cut.

This, plus other measures that the company has carried out, has allowed the debt level and the bad debt to be stabilized. In terms of percentages, the income by the end of this period is at 1.3%, and if we compare this with last year, it was 1.4%.

For us, this is good news because the evolution of the debt has become stable consistently after the pandemic period. Finally, it is important to state that amongst the plans that the company is developing, we have that the transformation program, which is the umbrella that generates most of the initiatives in order to look for economic efficiency and operational performance for the company.

At the end of this period, we have captured efficiencies for more than 2.6 million pesos and one part of that have come from this project as well as the purchasing management of the company. In summary, the income has increased by 7.8% compared to 7.5%, and this explains the positive evolution of our EBITDA and operational results, which we closed at 254 billion pesos.

Under the EBITDA, we need to highlight one, the financial results. Here, there are three components that explain the financial results of the company: the first is the financial costs associated to the debt of the company.

By the end of this period, we have a greater debt compared to last year and also the composition of the debt changed. In the first part of the year, we paid for bank loans and credits that had been obtained at very low rates.

Now, we have a debt composition that is at the market rate. The other relevant issue is the monetary correction of our financial debt because this represents a variation of almost 3.8 billion pesos.

Finally, this is compensated because at the level of financial income, we had an improvement compared to the surplus management that the company has. At the level of our results, the variation is negative basically because last year we had the effect, a non-recurrent effect or a one-off effect, that was the sale of a land lot for an amount equivalent to 4 billion pesos, and this explains the variation at this line of other results.

At the level of income tax, the effective rate for income tax includes the monetary correction of the assets or the capital, and therefore this generates a positive variation of 720 million. In the last line, the net profit, we closed this period with a profit of around 97 billion pesos, and this represents an improvement, a growth of 6.5% compared to the same period in the past year.

In terms of cash generation, this is still positive and robust for the company. In terms of the operational cash flows, the collection has been stable and positive and this allows us to compensate the working capital with the payment for suppliers.

A significant effect that we have commented has been at the level of taxation because starting from this year we applied the accelerated depreciation of our taxable fixed assets, and we had a recovery of almost 26 billion pesos, which are incorporated in the cash of the company. To this, we need to add that starting in May, we are already paying a rate of PPM, which is a provisional payment and income tax monthly that is done periodically.

Therefore, this contributes to an improvement in terms of this concept for 30 billion pesos. Another important matter is the CAPEX paid, the payment of investments.

This is associated to the seasonality of the execution of the projects. This is not linear, this depends on the type of projects and when they are executed.

Therefore, this explains the positive variation in this period. As a result of the free cash flow, we have 51 billion positive compared to the previous period.

As we have the asset sales that last year we had and at the level of taxes there is a variation, a positive variation. We need to consider that the payment of the minimum dividend was done, the provisory dividend was done in January of this year, and not in December as it is usually done every year.

With this, at the level of cash flow generation, we have a positive variation of 21.7 billion pesos. When we see the variation of our cash position, this is reflected just as the variation of the net financial debt.

The variation of the debt increased due to the monetary correction, particularly the debt monetary correction, more than 59 billion pesos, but it is compensated by this positive generation of cash flow during the period. At the level of debt structure, there have not been any variations in the past quarter.

Just to remember that during this fiscal year, the company went out to the local market with a placement with a bond of 4 million UFs, and right now 33% of our debt has the category of green and social. And 81.1% of the debt is based on the UF, which explains the variation at the level of financial results.

With a composition of variable fixed rate of 96.4%, and this provides a lot of stability and risk mitigation given the volatility in the market. In terms of investments, the company maintains its investment strength in order to ensure the secure supply in this context of climate change.

This is leveraged in our pillar of Bio Ciudad, which are those strategic projects in the short and mid-term which have the purpose of providing this safety in the supplies. This has been collected in the last result of the rating period.

Our investments are based fundamentally in the renewal of networks, both drinking water as well as wastewater, that are part of this category of development plans, and also the management of renewal of meters in terms of the corrective part. As part of the projects that will have future rates, we are developing, and we are at an advanced stage, the deodorization in the La Farfana biofactory, and in September it has been with a very good percentage of progress.

Other projects associated to capacity of the water treatment plant as well as the wastewater treatment plant, this concentrates the execution of the projects that we have executed to date. This is with the focus of ensuring the sustainability, economic and operational sustainability, of our business.

Finally, all of this translates in the fact that we have economic ratios that are solid and stable, and as Miquel said, these were ratified by the risk classifications, both local and also we need to highlight the international one, Standard & Poor's, with this A- category, which leaves Aguas Andinas in a good position as a private company internationally and also domestically. In the case of EBITDA, we are maintaining a stable indicator by the end of the period at 3.64x, and also the leverage is below 1.4.

With this, we have a greater stability and this has been also observed by the risk classificators. In terms of the EV/EBITDA, we have the update at November the 12th and we are over 10 times, and this ratifies the positive performance, both economic as well as financial, that the company has been showing in the past accounting period.

This is what I wanted to say and it was a pleasure to be here with you again. Thank you all for being present in this video conference.

We have a couple of questions that have arrived. The first question is related to the volumes and the sales, and it says: "The growth of our volumes in the third quarter has to do more with a better metering due to the renewal of meters?

The company has been reinvesting in this item, or is it because of greater demand?" This question is for Miquel.

Thank you, Denisse. Since 2022 approximately, we have renewed almost 40% of the meters, and it is important that the company has been doing for a while.

Although it is true that this year we have carried out some more intensive initiatives, the weight of the metering improvements could be greater, but in previous years it has been significant in terms of the change of metering. Maybe the results have been more this year, 2025, but we see a base growth.

We have to take into account an additional topic, that is to say that we have one less day this year and we get away already from February, but it means some additional decimal points if we standardize that information, and therefore the growth rate that we would have would be higher compared to the exhibited in the closing period of September.

Thank you, Miquel. We have another question concerning the CAPEX and the investments: "The execution or implementation of these investments, $117 billion in the 9-month of 2025, shows a lower path compared to the investment pattern that there was or a higher value indicated in the path.

Do you think that the execution of the works agreed by the superintendence will be higher than expected?" We leave this question to Cristian Torres concerning the investments.

There is a plan that is linked to the execution of such projects, and we can say for certain that in 2025, where we have the lower investment rate in the period of time with the curve of performance and execution of the projects, and therefore what we are seeing that is for the present year it will be lower than expected. In the next coming years, this will be maintained and this guidance will not change because these are projects that are already committed and associated to the rates.

Perfect.

That is to say that we already have everything available to use this when the case arises. By the end of June, we'll have all these elements to mobilize the trucks and reservoirs in case of some cutting of the service, and it will be done as necessary.

The CAPEX is very significant because this is a project that has been submitted to a bidding process for the trucks and there is an initial CAPEX that is quite minor. Concerning now the increase of the rates related to this project is 0.55%.

As I said before, is applied retroactively to September 15. Thank you very much.

I have another question here, Miquel, if you can help us with this question, too, and it's related to costs: "Where do you see opportunities to reduce costs?

In the last quarter, we have succeeded to maintain this cost very stable, and some quarters ago, I don't remember exactly on which one we were commenting this, the increase of maintenance was seen with this trend towards stability with the objective to maintain as minimum this reading, and even reducing that. I think that in Investor's Day, we commented that we are working very hard in redefining how to work vis-à-vis the networks, including the maintenance of networks, and we are coming to the end of this project or initiative.

We expect that it will be having good results for the next year. The stabilization of the increase is the first good news, and I hope this is the first one of other good news in the future.

Thank you, Miquel.

to have in line or envisage the behavior and to make more efficient the electricity consumption of the company? The technology allows to determine in a continuous manner the exact, accurate level of air that should be injected into the process.

This is done in situ in a more sequential manner, and now it can be handled online 24/7, and this favors also the reduction in the costs related to the aeration in the biofactory and the treatment of wastewater. We can estimate some reduction of 30-40% of power consumption.

This is an example of how the artificial intelligence can be applied. We already have some precise aspects in the processes of the company.

This is very interesting, this line of development that we are now including.