Good morning, everyone, and welcome to this webinar on the results for 2025 for Aguas Andinas. Thank you very much for joining us, and we are going to review very quickly the status of 2025 for the company, during which we have consolidated everything that has been gained from the operational, financial, and ESG from a long time now.

Today, I am pleased to show you the leaders of this conversation today. We will be with Miquel Sans, the CFO of the company, who will share the general overview of Aguas Andinas for 2025.

Cristian Torres, the manager of control, management, and accounting, who will delve into the financial part of this fiscal year. At the closure, Cristian Schwerter, the director of planning, engineering, and construction, will shed light on the CAPEX plan for the main investments based on the pricing process that were established and the next steps to take.

I would like to remind you that this presentation will be delivered and then we will go into the questions and answers. All questions can be written down in the chat box that we have in the panel for the purpose.

Thank you very much. Now, I will give the floor to Miquel Sans.

Thank you, Denisse. Good morning, everyone, and thank you very much for being with us once again in the presentation of the financial results for the closure of 2025.

As it is a custom already, and before Cristian goes into the details of the closure, we will start with some roadmap. We have 2025 where we have less rainfalls compared to the present or the previous years, and this required more perspective for the medium term.

This led us to the transfers of water with the view of the short and medium terms. In the last terms with water, we didn't have these turbidity events, but at the beginning of 2026, we have one of these events.

This didn't have major events or impacts for the customers because we have an infrastructure, particularly the mega reservoirs in Pirque. Concerning the other rates and the different increases that were previewed for the schedules of the implementation of the basic rates, we have also the supplemental or supplementary scheme that was applied and that is recognized mid-October.

In February this year, we have the approval from the regulator to recognize also the rate that is associated to the projects in La Farfana. This was concluded in December 2025 and will be recognized as of January 27 this year.

Concerning the other projects based on the rates, Mr. Schwerter will show the details of this in the second part of the presentation.

We can say that the first wells were drilled and we are moving ahead in order to start with the work associated to these use. Now, we have other acknowledgments.

In the last quarter of the year, we had two distinctions. We were recognized in climate change perspective, the climate change.

We are in the 5% upper 5% worldwide. These acknowledgments are very important for us because they are the result of the fruits of many collaborations of the company for many years now.

Finally, and before going into the details of the closure, I would like to say that the board meeting agreed to approve the members' report and the distribution of 20 or 75% of the dividends. This is added to the provisional dividend that was allocated in December last year.

Concerning now the risk ratings, Fitch changed the perspective of stable, and this is in accordance with the ratings that we have at local level and international level that we received last year. Now we will give the floor to Cristian Torres, and he will give more details concerning the preceding fiscal year.

Good morning, everyone, and it is a pleasure to be with you again in this presentation of the financial results. The results at the end of 2025 consolidate already the positive pathway that we have followed on a quarterly basis in terms of the operational results and also at the level of the financial indicators.

I would like to comment about the evolution of the income of the company, which were increased by 7.5% concerning the preceding year. There are two major effects explaining this.

The effects on the rates. As Miquel said before, we have the application, the fluid application of the results that were obtained on the eighth pricing period for the water company, the Teo Cordillera, Aguas Andinas, with the law decrees approved and already implemented and added to the indexation, the polynomial indexation that we have during the preceding year explain or stand for this accrual in the income, which should also include another increase in the consumption rate and the water amount that was provided of 2% increase that represent this million pesos.

We should also that the company has developed also some important efforts lastly in order to implement the management and the efficiency in measurement perspective. We have the change of the meters and the replacement of meters and the initiative that is related to the green areas management in the city so that we can recover this water measurement that was not before recorded.

We have this increased of 7.5%. Then, if we go into the costs, at the end of 2025, we implemented 7.2%, and there are many factors that explain this increase.

At the structural level, we can comment that there is an effect of the inflation rates in consumer price index completely by 6.5%, and also the effect of exchange rate because we have some items that are under the influence of the kind of the exchange rate. For example, the chemical supplies, the IT licenses, and the base for the price of energy for the independent customers.

Also, we have the non-regulated income, and also more non-regulated income related to this consumption. These are the structural topics that represent the 59% or 60% of the cost increase.

Additionally to this, there are some issues of the management issues related to the water transfer. Miquel also mentioned the situation of the hydrological status in this area where we have some events in the Maipo and Mapocho basins.

In 2024, this did not allow to do the water transfer, but in 2025, we have done some of this water transfer in order to maintain the levels of security for our reservoir and yes. At the level of the staffing, I would like to mention three important topics.

We have some regulatory changes as of August last year. We have the provisional reform or the labor reform that is going to change the cost for the employers for the contributions.

There was also an increase of the minimum wage that has an effect particularly in the structure of remunerations for the staff of the company. We also experienced more activity in the sanitary branches that are contracts related to the maintenance, and when new contracts are accorded, we need to include more staffing to serve these facilities.

On the other hand, concerning the electricity, we have here two important factors that are going in opposite direction. We have the rates, the regulated rates, that have been increased since 2024, and it is publicly known that we have a regularization of these rates, but the consumption rate has gone down by 8%, and this is the result of two major factors.

We have the operational mix of the operational management in order to reduce the use of underground waters, and the operational mix was 81% of surface water compared to 19% of well water or water from the underground. Then we have the biofactories where we have the treatment of the used waters that are having different projects of optimization of the process allowing to reduce the consumption rates.

This has been amortization for 37% in the net effect that is finally only 762 million. On the other hand, we have other operational costs, including that the fact that the company is still developing the intensive maintenance of our facilities, either operational or everything related to the equipment in the ground and also for the information systems, and by applying the business support scheme to improve the operations, the customer service, and the monitoring of all the facilities online.

The reposition service was a normalized activity and it is a leverage for the collections process. We have increased an effort in hydraulic search in order to diminish the operational losses in the network.

To close with respect to the cost of the company, there are two important issues: the evolution of the bad debts, and by the end of the fiscal year, in the ratio on income, we closed in 1.2% over the income versus 1.1% in the year 2024. This represents an increase of those 982 million pesos.

It is important to mention that the evolution of the bad debts has evolved and is stabilized. We are far from the levels observed in the pandemic, and the objective is to be maintained in these levels that are the ones that we had before that period.

An effort of the company is to capture new efficiency. We have several plans that have been consolidated in the Acelera plan that allows us to incorporate these cost improvements.

Here we have projects associated from the optimization of the expenditures in bad debts, as well as the purchasing management to take advantage of the bids that allowed us to have good results at the level of insurance policies, and also at operational level, which was what we mentioned before, the management in terms of electricity consumption, as well as other operational products, the application of advanced technologies to monitor and be able to optimize the consumption. In summary, we have an EBITDA that grows at 7.8%, and we ratify then what we said on previous quarters with this positive evolution in the trajectory of the operational results of the company.

At level of financial results, it increased by 905 million pesos, and here we have effects that need to be analyzed separately, mainly three: increase in the financial profits particularly due to the management and due to the cash flow increases that is associated to the fiscal year; and also we have a lower monetary correction of our financial debt, which is denominated in Fomento units, and there is a greater variation, and this was 8% in UFs versus 4% in 2024. This is compensated by the increase in financial costs.

Here we have two explanation. One is an increase in the debt, that in January, we issued a bond in our local market, and this allowed us to prepay the debt and bank loans that were at a smaller rate, and this came from the pandemic times, where today we had debt at market prices.

This combined effects explain the increase of these 905 million pesos at the level of the financial results. Regarding the final part of the results accounting, we need to mention other results.

Here we have an effect of 1.3 million pesos, and it is important to mention and remember that in 2024, we had the sales of some land lot, and this is the main factor that explains this reduction when we compare a year versus the other. Finally, at the level of income tax, there is a greater income tax due to this better results before taxes.

This consolidates an improvement in the net profit of 12.4%, and we close the fiscal year with 139 million pesos in profits. If we go to the next slide, here we see our solid generation of cash flow that this will be a lever to improve our financial indicators.

In terms of operational cash flow, there is a sustained and stable growth with the compliance of all of our obligation with our suppliers. At the level of taxes, this is a relevant aspect that occurred during the fiscal year, which was the application of accelerated depreciation, and this allowed us to have a tax return in May that complemented with a second one in November associated to taxation process of previous years.

Then we had a lower tax burdens, and this is reflected in this best cash flow of almost 39 billion with respect to 2024. Another relevant aspect has to do with our investment efforts.

This year, we closed in execution almost 190 billion pesos in the execution of investments. This is translated in a paid CAPEX of around 171 million pesos, which are 17 billion more than in 2024.

Our free cash flow, our generation of cash flow before dividends, was 187 billion, which represents a 38,000 with improvement with respect to 2024. To finish this part, as I said before, in 2024, we had sales of assets; in 2025, we only have minor issues.

The dividend paid in 2025 is greater than 2024 because we had three dividend payments. In January 2025, we paid the provisional dividend for '24.

In April, we paid the final dividend. In December, as Miquel said, we paid the provisory dividend that is corresponding to 2025.

This explains this variation, and we closed with a positive cash flow of almost 10 billion pesos. As we will see later on in the next slide, this explains the difference in our financial debt, which is increased because of the monetary correction in UF and also the positive cash flow for the period.

There we can see the amortization of the bank loans that were matured in 2025 and that came mainly from the debt that we took during the COVID period. Our financial debt structure has not changed significantly.

It is basically consolidated in the bonds, whether local as well as international, and the IOUs and also a minor part associated to bank loans. Approximately 1/3 of our debt has a label of green and social because of the bonds in the local market as well as the international market.

Almost 96% is fixed rate, this reduces the risk, and 82.5% is concentrated in debt in UFs. There we can see how much the international debt represents.

It is in the Australian dollars, yens, and Swiss francs. In the next slide, I want to tell you about the evolution of the investment plan.

I was saying before that we executed almost 190 million pesos in the fiscal year, and this is the highest in the history of the company. Where are we investing?

Where are the priorities in 2025? Where were they?

In the development and execution of the development plan that was committed to the authorities: the renewal of networks, both drinking water and wastewater, which was a fundamental topic in our management; also, corrective maintenance of our facilities; and the development of projects to improve the lifetime of these assets. There are projects that have some tariffs.

The deodorization of the La Farfana factory is finished and executing in 2025, and has an approved rate that is up to date, starting in March 2026. This has a retroactive effect starting in January 27 of 2026.

These are the first projects that are being finished. Then Schwerter will talk more about this.

Also, at the level of wastewater treatment plants which are outside the urban radius, we are developing projects to expand the capacity and for treatment as well, due to the growth of demand. For example, the plant in Melipilla, Talagante, and Pomaire, which were areas that have had a strong urban expansion, and we need to adapt and expand the treatment capacity of this wastewater plant in order to respond to this increase in demand.

To end the financial aspects, as we can see in this slide, we have our financial ratios at the end of the fiscal year, and these validate and support our classification of risk. This validates our solid financial position by the end of the fiscal year, with a net debt-to-EBITDA of 3.61, and in 2024, we have 3.74.

It is a leverage level that is associated to a bond issue that is very stable below 1.4, with a ROCE that is still solid, 9.6%, just to mention the main financial indicators. As a summary, then, this is an operational result that consolidated the positive trajectory that we had announced and expected, with an efficient management over costs, with projects that are being developed and a consolidation of the investment effort with concrete projects, and some of them are having their tariffs.

This is translated in solid financial indicators that have ratified our risk classification at the highest level, both at the market level, domestic as well as international. Now, I will leave you with Cristian Schwerter, who will give us an update of the status of the relevant investment projects associated to Biociudades and also the approved tariffs.

Thank you.

Thank you, Cristian. A relevant aspect to comment is that we face an investment challenge for the next few years.

For this, we have adjusted the organization so as to maintain the investment that we need to carry out in the development plan, particularly the increase in the network renewal rates, but also the expansion of the plants in the localities that Cristian just mentioned. Also, the projects that imply a tariff increase because it is a change in the standards.

For these projects and to follow up efficiently these projects, we have generated an Acelera plan, which is a cross-cutting committee whose purpose is to follow up, but also facilitate the development of the project, and that they are executed in time and with the costs. Regarding the cost estimates and the execution, we see that, starting from this reviews, we have done an adjustment in the calendar.

Here we see the estimated date. This is a new estimate of the calendar of the execution, and the main change is the alternative catchment and transportation system that is displayed two years due to the information that Alto Maipo provided regarding the operations in the Alfalfal 2 plant, which is part of the transportation area required by our project.

Based on this information that Alto Maipo delivered, this indicates that the central could be starting operation at the end of this year, but we have moved the operations because the complexity of the works has defined that this will take three years to be executed. There are minor adjustments regarding the wells, both in West Santiago and South Santiago, as a function of the advance of the projects and whether they are obtaining or not the lands.

With respect to this calendar review, we have also reviewed the investment plan. We have optimized by reducing the cost from 410 million to 365 million due to a review of the design solutions, an adjustment in the present prices that we have in our biddings process, and also a contracting strategy that allows us to estimate a downward cost trend.

As an important aspect, I would like to show you some images in the next slide concerning the deodorization project that has been implemented in La Farfana. In the images, you can see the sectors that have been capsule in capsule, and not allowing the inlet of water in the reservoirs that were producing these odors, and these have been enclosed.

Also, a system for odor management has been implemented that allowed to release into the atmosphere the gases that do not have those odors. I would like to mention also concerning the well batteries, we just finished drilling this set of wells in Santiago.

We show you some images of that, but I would like to say that we are submitting to a bidding process the works of this wells, and we are also working the two additional batteries of wells. I would like to show you now a video showing the progress made by these works in Santiago Poniente.

We have already 400 liters, and we will share this with you.

We are currently at the Antonio Varas Sub-Bajo project Phase 1, one of the Biociudades initiatives aimed at enhancing the company's resilience in face of the growing threat of climate change. At this site, we are drilling four deep wells, ranging from 250 to 258 meters in depth, which are intended to contribute to groundwater catchment, supplementing the company's surface water production.

In the future, this will be a major facility. We will have a 5,000-cubic-meter reservoir, four wells, a lifting plant.

In times of scarcity, it will allow us to supply more than 150,000 people in the western area of Santiago, providing an estimated flow rate of 400 liters per second.

Thank you very much for being with us in this presentation. Next, we will entertain questions now, the questions that have been posted in the chat box, and we will answer them.

You can do these questions through the chat box. It is important to remind you that this presentation will be available for replay in our website in both languages so that you can review the presentation later on.

We will start with the first question. I will ask the question to the manager, Mr.

Cristian Torres, and this is related to the item other profits in the results. You mentioned that there are some guarantees associated to some projects that have not been approved yet, and therefore these are discarded.

Which are such projects? Sorry, his microphone is not on.

Now I am on. I would like to mention that with this item other revenues and costs different from the operations, we include three major concepts.

We have the one related to the sale of assets, that in 2024, we had some sales of relevant assets, and in 2025, some minor issues. We also have issues related to costs related to restructuring of some plans of a voluntary retirement or a contribution.

We have some projects that have been discarded. Those are the projects corresponding to investments that go into analysis.

We do the basic engineering, sometimes detailed engineering, and we finally decide that this project is not profitable and doesn't get the objective. Then we have the recovery of the guarantee invoices.

In the companies making part of this consortium, we have to issue these invoices to third parties for the execution of works in the public areas. When these invoices have a seniority of over four years, they are eliminated from the accounting system and we recognize the associated revenue.

We had 1 billion pesos related to the recovery of this guarantee invoices, and in these particular cases is related to this project.

Thank you very much, Cristian. There is a second question that I would like to ask you so that you can help us in this regard.

Regarding the financial results and the expenses for administration and sales, there is drop in the indemnizations concerning the previous period of time. This we wonder if these levels would be sustainable in time.

Concerning also in this same area, the salaries are observed in an increase of 6% concerning the previous period of time. I would like to know the reason for that.

I will start with the last part of the question. To reinforce what I mentioned during the presentation, there are some labor-related costs that are increased because of the reforms, labor reforms and provision or provision reform.

Here, for example, we have to take into account the minimum wage that has a legal ground. Then we have a new contract that have been accorded for the maintenance of the facilities, and this is reflected in this increased staffing.

Concerning now this indemnizations, we can say that there are two effects. One is related to the accounting, the provision or the reserve for the actuarials.

We have some agreements with the unions establishing the conditions related to the elimination of some staff, and we review the actuarial tables. We have to do the review related to this reserve.

On the other hand, we have some indemnizations that can be specific, and this is indemnizations that are related to this. Then it has to be reviewed year after year because we have to update all the variables making part of this actuarial calculation of the table based on each service year.

Thank you, Cristian. We have a new question here for you.

This is for Miquel Sans. How do you think that the international circumstances will impinge on the business in the financial point of view, the disruptions from the logistics point of view, and so on?

Thank you, Denisse. We will start with the part that will be less important in the short and medium term.

On one hand, we have the financing that in the present year not have to issue debts, and we see that the market is open to us, and we don't see impacts in this regard. Concerning now the supply chain, we are monitoring the situation because this is evolving.

This is changing every week with the outlook that we have for the medium, short, and long term in relation to the war conflict. Therefore, we see that there is a potential impact, but I would say that this is medium or moderate.

These are the specific categories related to the supply chain: comprising the chemicals and some items that are under control, including the fuel. As I said, there is a risk of disruption.

We see that this risk is mitigated for now because we have this strategic risk always considered for many months with sufficient stock, and also with local production of the main chemicals. Therefore, we don't see that in the short term we should envisage an impact for us in terms of price or diminish of the services.

There are also some other strategic contracts. We have also some polynomials effects that are reviewed on a quarterly basis or every term or a yearly basis, and in this way, we can observe all the pressures from the costs.

If we had a pressure on the prices, that would also be a directly impact on the polynomial adjustment of the prices, and we have this coverage for the costs and revenues. Once again, we have a strategic stock in our facilities and the facilities of our suppliers.

Although the monitoring is done on a weekly basis, we don't see now some relevant effects for our operations or for our costs.

Thank you very much for the comprehensive answer. Now we have another question.

Which should be the main focuses for the cost control to reach the objectives of the medium term in order to have more convergence of the EBITDA margin?

We expect that some of the effects of cost management will be materialized in 2026. We have commented this in some fora and in previous presentations.

One year ago, we have the plan Acelera, which is rather focused on the efficiencies with financial impacts, and an impact we have already observed in 2025. That was the first year of this plan.

We see in a positive manner the evolution it has undergone and the impact that this initiatives can have in the next coming years. To this, we have a strategy in the CAPEX.

Schwerter said this before: we have optimized the investments, and the same for the OPEX in the bidding processes with two major focuses: first of all, to give the certainty to the suppliers, and to refind new suppliers that can help us in this optimization process. In 2026, we will continue to do savings with a transformation plan that is very extensive.

Not all of these savings will be materialized in 2026. Some of them are medium, short, and long term, but by 2030, we see that there is a recovery of the margin.

In 2026, we are taking the first steps, but not so drastic from the point of view of change, but we envisage that this will be stronger by 2030.

Once again, thank you very much, Miquel. I will ask you another question that is posed by an analyst.

Now concerning the issuance of debt in the Asian markets, the private placement that was done in Japanese yens and Australian dollars, we would like to know which was the rationale to issue this in this marketplaces and in this kind of currencies?

In 2022, the overall market maybe was existing, but was very expensive, but was not as existing as it is today. Over a year now, the local marketplace has a depth that is similar to the one we knew back in 2020.

In 2022, when we needed it to go for the markets, the local markets would not giving the levels of cost or depth rate that we needed. One of the reasons that you have this international rating, as I said before, was to have this international debt that gives access to many international markets when the market is closed or stagnated with not the optimal prices.

In 2022, we were able to issue in the private markets in Australia, in Japan, and then in Switzerland. Then we came back to Chile because it was the best option at that time, and we monitor the different marketplaces and we have this flexibility to issue in many of them.

It doesn't have any effect for us. When we issue in Japan, we issue it in Japanese yens, but when we convert it to the UF, it's the same as investing in the local market, but it gave us a optimal cost compared to issuing a local bond at that time.

Thank you, Miquel. Now I would like to give the floor to Cristian Schwerter.

We have a question that has to do with the present political context. We have seen that the new government has removed environmental decrees, the question is to understand whether this creates uncertainties as a company regarding the processes that we are carrying out for the upcoming projects, or this should not have a direct impact in the development of our CAPEX plan.

Thank you, Denisse. It is important to mention that in the battery of projects or the group of tariff projects, the only one that has an EIA is the alternative conduction that had already its environmental qualification, there's no contingency.

The rest of the projects, due to their size and characteristics, don't have to go into the system. The projects that should have a revision or an environmental negotiation is the expansion of the plants in certain localities, and this needs to be reviewed.

There could be something there, but in general, what we're seeing is needs that will happen at the end of the five-year period. For example, the Melipilla plant that is pending as well as El Monte, they would have time to achieve the obtaining of the environmental permits.

Thank you, Cristian, for your answer. We continue with the next question is for Miquel Sans again.

It has to do with the cost of investment. It says, regarding the reduction of the investment plan costs that we have mentioned in this percentage presentation, could you specify the types of costs associated to the investments that have a greater reduction?

This lower cost, would it imply an effect in the tariff associated to each of these projects?

Thank you, Denisse. When we talk about the reduction of 400 billion pesos to 365 billion, we're talking about two projects with additional tariffs.

Where Cristian Schwerter is working on, is to look for the best option. Years ago, when we estimated those 400 billion pesos, it was a specific technology or a specific solution.

For example, in that past year, we have been analyzing other technologies, not necessarily for these projects, but for example, for the expansion of a wastewater plant. These technologies we hadn't used before, and we have researched and we have seen that these are technologies that are just as efficient as the ones that we have now, and they have a more adjusted cost.

For example, in the costs of the wells, optimizing the design means to drill one well less, because the flow rate we will obtain is obtained with the less wells. Some of the optimizations that we have done are these, and we want to optimize the expenses both in CAPEX and OPEX, but our vision today, it is just a change of 400 billion to 385 billion.

The rates or the tariffs won't be affected by this change, although the cost reduction is more for us. In the contrary case, both in the past as in the future, this does not imply an increase in the tariffs.

Thank you, Miquel, for your full response. We have several questions among the participants regarding the announcement of the proposal to increase the payout from 70 to 75%.

Some of these questions are, given the ambitious projections that we have regarding investments explained by the Biociudades and development projects, how can we explain or propose to increase from 70% to 75% for the results of 2025, also considering the leeway that we have in the level that we have of our covenants? Because why wasn't this payout greater, or why increase it?

There are other questions that have to do with what to expect regarding the payout for the next years in this cycle. To go a step back,

in March 20 last year, we issued a comment saying that we would propose to the board a payout in 2024 of 70%, and this was a vision of a mid CAPEX between '25 and '30 of 250 billion. We indicated at that time that the board made the commitment to permanently review the definition of the annual payout as a function of the production and also the advance of the financial indicators.

The board that week, given the update of these projections and also given the cash flow of the year, which was a little bit more positive than what we estimated initially, proposes to increase that 5% between 70 from 70 to 75% for this year. Once again, the commitment of the board is to evaluate the situation annually to properly payout the shareholders.

Year by year, we will start making that decision as well.

Thank you. We have a last question, and with this, we will close the event.

It has to do with the water transfers. Could you help us understand how the transfer of waters could be transferred to the tariffs according to the eighth tariffing process?

Is this something that is being reflected in the income of the last quarter of 2025, or is it something that we will see later on in the financial statements?

The water transfers, the agreement of the eighth tariff process has in operation two wells of base drought. Once we have used all of our water sources, these transfers will be transferred to the tariff.

In 2025, we had to resort to these transfers once we used our different sources, but at some time, there were conditions where those that did the irrigation had excess of water in the river due to maintenance of their canals, and we prefer to use that water that comes from the river, the excess water, and not use the waters of our wells because of an operational financial balance that we considered that was optimal at that time. From the transfers of 2025, there is a part that will have an income associated to the tariff, and another one that isn't because it has to do with operational optimizations.

Having said this, in the close of 2025, we had the best estimate of income associated to these transfers. Right now, we are finishing establishing the way this will work with the regulator.

This has been a process that took longer than others, but we hope that this is the first time that we use this mechanism, we're taking more time so that it is well designed with all the details. As I was saying, most of the income in 2025, and any small adjustment will be corrected in 2026, but we consider that it won't be anything very relevant.

Thank you, Miquel Sans. Thank you to our speaker Cristian Torres and Cristian Schwerter.

Once again, we remind you that this presentation will be available in our web page so that you can review anything that you want. Any additional question that was not asked in the event, but any other question that you may have, please contact the investor relations team, and we will gladly respond to all your consultations.

We invite you to the next event on the financial results. Thank you, all.

Thank you,

and goodbye.