Hello, everyone. Today I'm here with Juan Villavicencio, Chief Executive Officer; Alison Safri, Head of Corporate and Finance; Marcela Muñoz, Investor Relations Officers.

We are pleased to present ENGIE Chile 2026 Q1 results. I leave you with Juan, who will describe our performance during the first quarter of 2026.

Good afternoon, everybody. On page 2, we show we have organized this presentation into two sections.

In the first part, I will briefly go through our first quarter 2026 performance, and then the second part, Vincent will provide an updated vision of our financial result and guidance. We can start directly on page 3, where we share the main highlights for this first quarter of 2026.

First, I want to highlight our strong operating result supported by a higher electricity margin. Our result show the resilience of our portfolio despite the volatility in international markets and challenging market condition faced by the industry.

Some of the drivers of this excellent result were: On the one hand, we leveraged the high availability of our thermal fleet during this period, which provided us with stability to our generation portfolio, especially in non-solar hours, continuing to reduce our exposure to the spot market. On the regulated demand, we saw greater physical sales to regulated clients.

This is strategically important because regulated contracts provide revenues predictability and long-term cash flow visibility. The strong operating performance helped by these factors rendered a solid start to the year, with the guidance provided during our previous call confirmed for 2026.

Another highlight of this quarter is that our BESS Tocopilla project, the first standalone battery project and the first of the eight renewable project we have under construction, achieved 100% energization last year and reached COD in February this year. This was key to the result we've obtained.

Finally, in our April 29th shareholders' meeting, a dividend equivalent to 30% of 2025 net income was approved, and it will be paid in May 27 of 2026. In summary, a very strong first quarter across all dimension: operational, financial, and strategic.

On page 4, we give you a summary of all the project and activities we have deployed related to our thermal asset in Tocopilla and Mejillones. In Tocopilla, we continue advancing in giving new life of our coal-based former Unit 15, which was closed in 2022, converting it into a synchronous condenser that will provide ancillary services to the system.

We also improved, extended the life, and increased the capacity by 25 MW of our gas-fired combined-cycle plant Unit 16 to ensure flexibility in our generation and energy supply. In Mejillones, on the other hand, we continue in the process of converting our IEM coal-fired plant to natural gas.

IEM stopped its operations and plant in December 2025 and is still scheduled to finish its conversion and initiate operation with gas natural by the second half of 2026. Also, as we already mentioned in our full-year meeting, two of our remaining coal plants in Mejillones, CTM1 and CTM2, were decommissioned on December 21 of 2025, while CTA and CTH were required by the authority to continue their operation until May of 2027 in order to secure supply and services to the system until such date.

CTM1 and 2 will be kept under preservation maintenance while the company decides if and how this asset could be used in the future, and the same will occur with CTA, CTH once disconnected in 2027. With this, 1.1 GW of coal capacity are already disconnected or under conversion as of December of 2025, and the remaining 0.4 GW will be disconnected by May of 2027.

Our thermal asset in operation continue to show high availability and operational excellence, providing the generation to secure the 24/7 supply for our PPA contract and at the same time reducing our exposure to the spot market. This continued to be true during the first quarter of 2026 despite our IEM plant being closed during its conversion.

If we go to the page 5, we show a graph of the complete generation portfolio transformation of ENGIE has embarked on since 2019, when coal generation represented 61% of our generation capacity, while renewable represented only 3% of total generation capacity, which reached 2.2 GW at the end of that year. In December of 2025, we showed that our generation capacity had reached 2.9 GW, of which coal represented only 25% after the disconnection of CTM1 and CTM2.

Natural gas represented another 25%, and renewable plus batteries represented 50%, a significant increase during this period. Today, as of March of '26, our generation capacity increased to 3 GW, which now includes the 0.1 GW extra capacity of BESS Tocopilla.

Our expectation for 2027, considering the renewable and BESS project currently under construction, as well as the conversion of IEM and retirement of the remaining coal plants, is to reach a total installed capacity of approximately 3.6 GW, of which 71% will be renewable and batteries, and the remaining 29% will be natural gas. On page 6, we can see that we continue to show additional progress in the execution plan of our renewable capacity under construction.

As of today, we already have 1.5 GW of renewable installed capacity, including the recent addition of BESS Tocopilla, our first standalone batteries, which was built in the same site where coal units 12 and 13 used to operate, and which added 119 MW of capacity to our portfolio in February of 2026. Additionally, during the first quarter of 2026, BESS Los Loros and BESS Arica reached 100% energization.

All this project continue to be developed on time and on budget. As such, during the first quarter of 2026, we generated 522 GWh with our renewable assets.

Next, on slide 7, we show the seven renewable and battery project still under construction, which are deployed over five different region of Chile, including the already mentioned BESS Arica and BESS Los Loros, which reached already 100% energization. Additionally, our other five project under construction started their energization during this period, most of which should reach COD by the second half of 2026, while the two wind project are expected to reach COD in the first half of 2027.

Notably, this project include our first greenfield project in Metropolitan Region, PV and BESS Libélula, as well as the first wind project built in the Ñuble Region in the south of Chile, Wind Chequenes. We expect this project to continue adding megawatt-hour of generation as they progress with their energization.

On slide 8, we give an overview of our existing transmission network, which is an integral part of our energy transition and growth strategy. We seek to continue strengthening our transmission network, currently made up of over 2,600 km of transmission lines, more than 30% of which correspond to national and zonal regulated transmission asset.

We own and operate 28 transmission substation and 12 generation substation. Finally, we hold a 50% ownership share in the 600 km long transmission line, TEN.

As we accelerate the growth of our renewable generation portfolio and intend to provide integrated energy services to our customers, the strength and reliability of the transmission system become critical. On page 9, we show a little more about the transition process undergone by our Tocopilla site, a core pillar of our transmission and value creation where, as we mentioned before, the BESS Tocopilla project reached COD during the first quarter of '26.

Also, the site is undergoing a transformation process with the conversion of Unit 15 to a synchronous condenser, which will provide ancillary services to the system, while the expansion and life extension of Unit 16, our combined-cycle plant, will continue providing resilience to our portfolio. Together with all that, we are extending the life of ENGIE Chile in Tocopilla itself by bringing social, environmental, and security of supply benefit to the region.

The work we are doing is also providing grid flexibility and reliability to support our PPA contract and reduce our exposure to the spot market. Now, I will leave you with Vincent, who will provide the detailed evolution of ENGIE Chile's financial and capital structure, as well as the guidance for 2026.

Thank you, Juan. Hello, everyone.

I'm now pleased to present the financial performance for the first quarter of 2026. As you can see on slide 11, we present our key financial highlights for the first quarter.

EBITDA reached $216 million, up 35% year-on-year, reflecting strong operating performance, lower marginal cost, higher electricity margin, and increase in our own generation due to high availability of our generation portfolio. Net income amounted to $118 million US dollars, representing a 52% increase versus the same period last year.

This improvement was mainly supported by stronger EBITDA, partially offset by higher depreciation and tax effect. Finally, net financial debt stood at $2.4 billion US dollars, while the net debt to 12-month EBITDA ratio improved to 3.2 times as of March 2026.

This reflects both strong EBITDA generation and disciplined financial management, even as we continue executing our investment plan. On slide 12, let me provide more detail on the drivers behind our EBITDA performance in the first quarter.

EBITDA increased by $56 million US dollars from $160 million last quarter in 2025 to $216 million for the first quarter of '26. The main driver was a $45 million increase in electricity margin supported by a more balanced generation position that reduced energy purchase.

Higher own generation and lower spot purchase explain most of this improvement, as reflected in lower contracted and spot energy purchase volumes. In addition, EBITDA benefited from stronger PPA revenues and positive contribution from transmission business.

Higher savings reflected in performance also contributed by $4 million US dollars to this EBITDA increase. These gains were partially offset by notably lower revenue from gas sales.

You will note that one-off had only a slightly positive effect on EBITDA evolution. Overall, this chart shows that a stronger and more balanced operating profile was the key factor behind EBITDA growth in 2026, confirming the benefits of our portfolio transformation and reduced exposure to spot market volatility.

On slide 13, you can see how the improvement in operating performance translated into bottom-line growth. Net income increased by $40 million US dollars from $78 million in the first quarter of '25 to $118 million in the same period of this year.

The main positive driver was a strong increase in EBITDA, partially offset by higher depreciation and amortization and higher income tax, mainly non-cash. At the same time, a decrease in net interest expense added to a positive foreign exchange effect also supported net income during the quarter as compared to the same period last year.

The decrease in net financial expense is mainly explained by $7 million increase in capitalized interest, but also by lower interest rates. Tax expense increased by $15 million.

On slide 14, we show our investment program continue to be funded through internal cash generation. Despite a high level of capital expenditure in the quarter, net debt decreased by $97 million US dollars.

This reflect strong cash from operation, which more than covered all of the capex deployed during the period. In addition, the company received $18 million in dividends from TEN during the quarter.

Slide 15 highlights the strength of our financial structure. ENGIE Chile continues to maintain investment-grade rating at both on the international and local scale, reflecting a solid credit profile and disciplined financial management.

Notably, confirming this solid and risk profile, Feller Rate just announced the upgrade in its rating in national scale from AA- to AA stable. As of March 2026, net debt stood at approximately $2.3 billion, while the net debt to 12-month EBITDA ratio improved to 3.2, excluding IFRS 16 lease.

At the same time, the company increased its cash position and continued reducing its average interest paid, which stood at around 5.1%. The debt maturity schedule also remains well-spread over time, with no material short-term refinancing pressure.

Overall, this slide confirms that ENGIE Chile is preserving a strong and flexible balance sheet while continuing to execute its growth plan. In January, we continued taking action by extending the maturity of a $50 million dollar loan with BancoEstado by almost 3 years, as well as lowering its interest rate.

We were also able to reduce the total amount and the interest rate of our long-term loan with IFC and DEG. Additionally, during the first quarter, we made a second draw of $200 million dollars from our CAF loan closed in 2025.

There is still $100 million dollars outstanding to be drawn within the next 5 months. These initiatives contribute to further improve our debt profile, lower the average cost of debt going forward, as well as strengthening our liquidity.

Slide 16 shows the evolution of our capital expenditure program, with a clear shift toward renewable and battery storage. In 2025, as you remember, total capex reached over $1 US billion dollar, of which the vast majority was allocated to renewable generation and BESS projects.

For 2026, estimated capex range is between $640 million and $710 million. This reflects the continued execution of project currently under construction, particularly in storage and renewables, while maintaining selective investment in thermal asset and transmission, but also recurring maintenance.

This capex profile is fully aligned with our strategy: accelerating profitable growth in renewables and storage, while supporting system flexibility and maintaining the reliability of our broader asset base. They are expected to reduce our exposure to the spot market and, thanks to the deployment of batteries, also mitigate intermittency and curtailment risk associated with renewable generation.

In parallel, we continue to invest in our thermal fleet as well as in transmission project that are necessary to support and optimize our overall portfolio. Finally, on slide 17, we confirm our 2026 guidance.

After a first strong quarter, the company remains on track to deliver an EBITDA in the range of $690 million to $760 million, while capex, as mentioned, is expected to range between $640 million and $710 million. At the same time, we expect net debt to EBITDA to remain below 3.5, excluding IFRS 16 leases.

The first quarter result, EBITDA of $216 million, net income of $118 million, capex of $196 million, and net debt to EBITDA of 3.2, support our confidence in meeting this target. While capital expenditure will remain high, this represents a decrease compared to the record level of 2025 and will reduce our financing needs.

Overall, this slide reflects a strong start of the year and reinforces our confidence in the outlook for 2026. Thank you for your attention, and we are now open to any question you may have.

Yeah. Hello, can you hear me?

Fantastic. Thanks very much for the presentation.

I've got three questions. The first one is, given the company's power generation fleet, how are you feeling about your ability to compete in forthcoming PPA auctions to be held in particular by sort of larger mining companies?

My second question is just wanted to check, CTA has been out of operation for the last few days according to what we've been seeing on the coordinator website. Just wondering if that's going to be maybe a sort of a longer-term outage and what impact that could have on your guidance for 2026?

Then finally, just wanted to check with you, what's your sort of initial take on the government's reconstruction bill, especially with respect to tax changes? Are you seeing any potential one-time effects on net income for this year, perhaps related to deferred tax assets or liabilities?

That's it for me. Thanks.

Thank you, Andrew. I think these are all very good question and that underpin I think and that can illustrate the strength of our portfolio.

On the first question, we strongly believe that ECL will be able to compete in the forthcoming PPA auction, and this will be performed with the support of our newer asset that we are being developing. However, of course, this will be competitive process, and there will be many, we will see.

On the second question on CTA: CTA, we invested a lot in maintenance, preventive maintenance over the last year, and you might remember that before the extension was announced, we put CTA, CTH offline. CTA has been out of operation only for a few days, and we expect it, thanks to this preventive program that we did in 2025, we expect CTA to be back online very soon in the coming days.

Last but not least, regarding the reconstruction bill: We welcome all initiative from the government to help Chile industry and economy to develop, and I think this is one of the very good sign. However, nothing is enacted yet, and at this stage, we can only highlight that a potential change in the corporate income tax rate would have indeed an impact on deferred taxes non-cash.

However, we are not yet in a position to quantify this, as greater clarity is needed regarding the final scope of the reform and its approval.

Yeah. Hi, good afternoon.

Just a couple of questions on gas. I would like to know if you have or will you use the price discount that was embedded in the compensation agreement with TotalEnergies this year?

If you could also comment on the gas strategy that you will pursue for the coming years, as the contract with Total expires this year, will you try to renew that contract, will you try to diversify with another supplier? It would be interesting to know that.

My second question is on the regulated segment, if you can comment on the outlook that you see for regulated tariffs for the rest of the year, given the recent indexation that we already saw.

Thank you. Indeed, one of our long-term gas contract will end this year.

However, our projection show that less gas would be needed for our asset due to the increase of BESS and RES in the system. We are following up the situation.

We are looking at potential purchases to complete our gas supply, but this will depend on the economics. On the second point, I cannot comment regulation, of course, and our guidance is established at stable regulation.

Hello, good afternoon. Can you all hear me well?

Yes.

Great. Thank you for taking my questions.

I have three. I think one of them was partially answered, but I'll say it anyways.

The first one is related to the regulated prices that came at $160 per megawatt-hour during the quarter. We understand this was mainly attributed to the fuel price dynamics, particularly the Henry Hub prices.

However, the average Henry Hub prices during 1Q '26 were actually below both 4Q '25 and 1Q '25 average levels. Could you please provide some additional color on the drivers behind this increase in the regulated prices?

The second one is regarding the US $26 million insurance recovery related the CTM3 unit and IEM. Could you provide more details on the nature of this recovery?

Should we expect more additional recoveries going forward? The last one is also related the regulated auctions in the following years between 2026 and 2027.

I think there are around 15 terawatt-hour expected to be tendered. If you could provide some more color on your strategy regarding these upcoming auctions.

Thank you.

Thank you. I will start with the insurance.

I think this is an older incident that we had around 3 years ago on one of our power plant, was fully baked in the guidance because we were expecting the file to eventually close. I would say in March, we received the final agreement with the insurer about the amount that we disclosed.

Is there anything else major coming in? No.

I would say this is a good news because you should note that since more than 2 years, we haven't had any significant incident on our fleet. A good result of our maintenance program that we discipline and strongly apply since 2023.

Regarding the price: There are various mechanism of indexation, notably the Henry Hub indeed, but not only. I would say that regulated tariff should indeed be impacted downwards due to the decrease of the Henry Hub prices.

However, the indexation of the price have some delay, and so this is a effect that you should see in the next semester or maybe early 2027, depending on the contract. Regarding the auctions: ENGIE's first priority is to stabilize the portfolio, right, and to avoid being unreasonably short in terms of power position, as we have been in the past.

In that respect, we are competitive. We have the pipeline, but we will follow up incoming auction and we will participate, but we will not be able to win all of those, of course.

This will be supported by the new development of the asset, and so it's a process, I would say, that is going on in parallel.

Great. Thank you.

If there are no more question, maybe it's time to close the call. I would say the Q1 has been very, very strong, and on a side note, I think that you might note that EBITDA of the Q1 2026, in a context of a war, is higher than the total EBITDA for the full year 2022 that we had in the past.

It's not a key point in itself, but I think it really highlight, illustrate, demonstrate the transformation of the portfolio both from an exposure to the short market, but also to the exposure on the fuel price and the international tension that we can have on the market. We are very confident for 2026 as in the current state of the geopolitics, and be ensured that all efforts of the company is to monitor the risk and to deliver 2026 objectives.

With that, I wish you a very good weekend, and I hope to see you and talk to you for the next quarter.