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

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

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

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

First, I want to highlight that we continued to show strong results during the first half of the year. We had a very strong cash generation, which helped us support our investments as well as our dividend payments.

Some of the drivers of these excellent results were, on the one hand, the high regulated demand we supplied, leveraging on the high availability of our thermal fleet, which, together with the addition of new BESS capacity, helped give stability to our generation portfolio, especially in non-solar hours. This continued to reduce our exposure to the spot market.

Notably, all of our renewable projects under construction are currently injecting energy to the system, most of them 100% energized, while the wind farm have been progressively adding energy. This strong operating performance allowed us to confirm our guidelines for 2026.

On page 4, we give you a summary of all the projects and activities we continue to develop related to our thermal assets in Tocopilla and Mejillones. In Tocopilla, we continue working on our coal-based former Unit 15, which was closed in 2022 and is being converted into a synchronous condenser, which will provide ancillary services to the system.

We have also improved, extended the life, and increased the capacity of our gas-fired combined-cycle plant, Unit 16, thus becoming the most efficient in the north and ensuring the flexibility of our generation portfolio. In Mejillones, the conversion of our IEM coal-fired plant to natural gas has advanced as planned and is currently in its final stage to reach COD during the second half of 2026.

Also, as we've already mentioned during the prior calls, our coal plants, CTM1 and CTM2, were decommissioned on December 31st of 2025, while CTA and CTH have continued operating as required by the authorities until May 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 these assets could be used in the future, and the same will occur in CTA, CTH once disconnected in 2027.

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

On page 5, we show in some deep the importance of the conversion of IEM to natural gas. It is a key milestone in ENGIE Chile's decarbonization roadmap.

The project enhances operational resilience, support renewable energy integration, and strengthen system reliability through dispatchable backup generation. At the same time, it reduces emissions and improves ESG performance.

The plant is now equipped with 20 dual-fuel burners and new gas infrastructure, enabling more efficient and sustainable operation while creating long-term value. This project demonstrates how ENGIE Chile continues advancing the energy transition while maintaining reliability and operational excellence.

If we go to page 6, we show a graph of the complete generation portfolio transformation ENGIE has embarked on since 2019, when coal generation represented 61% of our generation capacity, while renewables represent only 3% of a total generation capacity of 2.2 GW. In December of 2027, we showed that our generation capacity had reached 2.9 GW, of which coal represented only 25% after disconnection of CTM1 and CTM2.

Natural gas represented another 25%, and renewables plus batteries represented 50%, a significant increase during this period. Today, as of June 2026, our generation capacity increased to 3 GW, which now includes the 0.1 GW extra capacity of BESS Tocopilla and BESS Arica.

Our expectation for 2027, considering the renewable and BESS projects currently under construction, as well as the conversion of IEM and retirement of the remaining coal plant, is to reach a total installed capacity of approximately 3.6 GW, of which 71% will be renewables and batteries and the remaining 29% will be natural gas. On page 7, we can see that we continue to show additional progress in the execution plan for our renewable capacity under construction.

As of today, we already have 1.6 GW of renewable installed capacity, including the recent addition of BESS Tocopilla, our first standalone battery site 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, in June of 2026, BESS Arica reached COD.

All these projects continue to be developed on time and on budget. As such, during the first half of 2026, we generated 1.071 GWh through our renewable assets.

Next, on slide 8, we show the 6 renewable and batteries projects still under construction, which are developed over 5 different regions of Chile, including BESS Los Loros, which is in the process of obtaining its COD. BESS Libélula, the battery project in our Libélula PV plus BESS site, is also in the process of obtaining COD.

The PV is 100% energized, as well as the Lile and Calpa battery projects. These 3 projects should reach COD during the second half of 2026.

Our 2 wind projects, on the other hand, have advanced on schedule and are expected to reach COD in the first half of 2027. We expect these projects to continue adding megawatt-hours of generation as they progress with their energization.

On slide 9, we provide an overview of our transmission projects. The strength and reliability of our transmission assets are enablers for the accelerated growth of our renewable generation portfolio.

As shown, we have projects in different regions of the country. Currently, we have 6 expansion works in the north and south of Chile, and another 6 new projects in different states, mostly in the Center-South.

On May 28, our Totihue substation reached COD, showing our project execution capacity and our ability to provide integrated energy services to our customers. Now, I will leave you with Vincent, who will present the detailed evolution of ENGIE Chile's financials for the first half, as well as the guidance for 2026.

Thank you, Juan. Hello, everyone.

I'm now pleased to present the financial performance for the first half of 2026. On slide 11, we present our key financial highlights for the first half of 2026.

EBITDA reached $400 million, up 11% year-on-year, reflecting strong operating performance, higher electricity margin explained by a more efficient generation mix and higher physical sales to regulated clients. Despite lower thermal generation, we were able to reduce our purchases from the spot market.

Net income amounted to $205 million, representing a 10% increase versus the same period last year. This improvement was mainly supported by a stronger operational result.

Finally, net financial debt stood at $2.3 billion, while the net debt to 12-month EBITDA ratio improved to 3.3 times as of June 2026. This reflects both our 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 half of the year. Our EBITDA increased by $38 million from $362 million in the first half of 2025 to $400 million in the first half of 2026.

The main driver was a $67 million increase in electricity margin supported by a more balanced generation position that reduced energy purchase volume in the spot market. Higher sales to regulated clients and lower spot purchases explain most of this improvement.

In addition, EBITDA benefited from positive contribution from transmission, as well as higher savings reflected in the performance brick, which also contributed $8 million to this EBITDA year-on-year increase. These gains were partially offset by a negative effect of one-offs, considering that last year we had reflected the results of the arbitration with our main natural gas supplier.

Overall, this chart shows that a stronger and a more balanced operating profile was the key factor behind our EBITDA growth in the first half of 2026, confirming the benefits of our portfolio transformation and reduced exposure to spot market volatility. On slide 13, you can see how this improvement in operating performance translated into growth in final results.

Net income increased by $20 million from $185 million in the first half of 2025 to $205 million in the same period this year. The main positive driver was the strong increase in EBITDA, partially offset by higher depreciation and higher income tax, as well as a negative foreign exchange effect.

At the same time, a decrease in net interest expense contributed to a positive net income during the first half as compared to the same period last year. The decrease in net financial expense is mainly explained by a $16 million increase in capitalized interest, but also by lower interest rates.

Notably, our net income this first half of the year is the highest since 2016. On slide 14, we show our investment program continue to be funded through internal cash generation, which allowed us not only to fund our capex, but also our dividend payments.

Despite a high level of capital expenditure during this first half, net debt decreased by $57 million. This reflects strong cash from operations, which more than covered all of the capex deployed during the first half, and in addition, the company received $17.5 million in dividends from TEN during the first quarter and paid $66 million in dividends to its investors.

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

Notably, confirming this solid credit and risk profile, Feller Rate upgraded ENGIE rating in national scale from AA- to AA Stable during the second quarter. As of June 2026, net debt stood at approximately $2.3 billion, while the net debt to 12-month EBITDA ratio improved to 3.3, excluding IFRS 16 lease.

At the same time, the company increased its cash position and continued reducing its average interest paid, which stood at 5% coupon. The debt maturity schedule also remained well-spread over time, with no material short-term refinancing pressure, and overall, this slide confirms that ENGIE Chile is preserving a strong and flexible balance sheet while continuing to execute its growth plan.

In June 2026, we issued a new bond in the local market. It was a 3 million UF bond, equivalent to $136 million with a 7-year bullet structure.

We used the funds from this bond plus cash to prepay a loan with Banco Santander. Finally, on slide 16, we confirm our 2026 guidance.

After a strong first half, 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 times, excluding IFRS 16 lease.

The first-half results, EBITDA of $400 million, net income of $205 million US dollars, capex of $384 million, and net debt to EBITDA ratio of 3.3, support our confidence in meeting this target. While capital expenditure will remain high, this represents a decrease compared to the record investment level of 2025 and will reduce our financing needs.

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

How do you perceive the current operation of BESS in terms of charging and discharging profiles, spot price formation, and asset remuneration? Are you willing to renegotiate regulated PPA with the CNE or do you rule out that option?

Have you signed a new LNG contract to replace the one expiring this year? Are there market conditions for such contracts these days?

Thank you very much for the good questions. Regarding the batteries charging and discharging profiles, spot price formation, and asset remuneration, what can we say this in Chile, this is a new technology, no more than 2 years in industrial scale, and the authorities and the different players, we are learning in the process to maximize the value of the asset.

We are not seeing a big disruption in the way of operating this. I think that there are fluent communication to take care about the short-term value for the system, for the companies, and to take care in the long term the operation to secure that we will not damage them in the long-term expectation of production.

In terms of the remuneration, what can we say that today there are a business case leveraged by the capacity payments, and when the batteries are requested to supply ancillary services, there are a regulation, transitory regulation, and obviously is in the center of attention of all the players what will be the formal, stable regulation that will start in 1 and a 1/2 years more is something that we need to secure that will make sense to protect the value of the asset and the kind of services that will supply to the system, okay? Regarding the second question then, about the renegotiation of the regulated PPAs, what can we say today is that is not clear yet what will be the mechanism to understand if make sense or not to participate in some manner.

Obviously, we agree in the voluntary concept that was introduced and the 2 principles that are directly mentioned related to the economical efficiency and the respect of the contract that is the base of our same principles that we are following. We can't say yet if we will participate or not, because it's not clear the rules, okay?

About the LNG, what can we say is today we are focusing close positions for the next year to secure on the confrontation of the winter. This is what we are doing, not thinking in more than this.

The focus and the center of attention is to protect the risk of position during the winter, okay?

Good afternoon. Can you hear me?

Great. Thanks very much.

Just a couple of questions from my side. First one, the better hydrological scenario that we've been seeing in Chile since mid-July.

I was just wondering if you could comment on how that impacts your confidence with respect to the 2026 EBITDA guidance. Then my second question is, can you comment on potential impacts to earnings or the balance sheet from the reconstruction law, especially the tax reform within that law, with respect to impacts that you will see on deferred taxes?

Just trying to understand if adjustments to deferred taxes might impact your earnings this year or next year, and any impacts that could have on the balance sheet. That's it from my side.

Thanks.

Thank you, Andrew, and always a pleasure. For the first question on hydrology, good hydrology is better for results, indeed.

That being said, I think we are closing the short position and as we are less exposed than in the past to volatility of spot prices. Also, I would say the level of reservoir in July is not higher than last year at the same date.

The probability of the El Niño is increasing, above 50%, but all in all, I would say we remain balanced, and I don't see a significant upside to date of El Niño condition on our results. Regarding the deferred tax, we are analyzing and we are I would say observing how the tax progress through the various legislative steps.

Indeed, will impact the balance sheet and the P&L in the same period, and it will also depend of the instructions that the CMF will likely issue like they did when the rate was increased to 2027 sorry, to 27%.

Hello, and thank you very much for taking my question. I have two by my side.

The first one related to backup PPAs, and if we could expect the company to maintain its backup PPAs contracted status to remain around 4 TWh per year, and given the significant amount of BESS capacity that it's being expected to come online in Chile over the next few years, do you expect the renewal of these backup PPAs to remain relatively straightforward, or how do you expect the market for these PPAs to evolve? My second question is regarding maybe emphasizing some of the previous questions, regarding standalone BESS projects, battery projects.

How do you see the arbitrage opportunities evolving over the medium term as the additional capacity of BESS enters the system? That would be from my side.

Thank you very much.

Thank you, Juan Felipe. In general, to clarify what is our expectation about backup PPAs and the evolution of this in our portfolio, the backbone of our strategy is our own capacity, and because of this, we are creating an strong pipeline to secure that the growth will be responsible to protect the position, and obviously, the backup PPA is a complement to hedge positions, but is not the base of the strategy.

This is what can I mention in general, okay? Regarding the scenario of the standalone BESS project, of course that the arbitrage spread is reducing because of the high penetration, and from our side, the key topic and this is happening now, is not a topic of the future.

We are seeing a reduction when you are reviewing the average spread, and the focus is to be contracted. At the end of the day, if you are contracted and you have a proper hedge, is not so relevant the impact.

It's more a protection for the portfolio. The role of the BESS is to give in flexibility to the energy management from our side.

We are not seeing a big or an strong threat from our side. Probably for players that are deciding investment for merchant, is a real complication.

It's not our case.

Following up on the BESS penetration, is increasing BESS penetration beginning to reduce evening peak prices or are you seeing that it's creating more competition among storage operators? Then secondly, on your guidance, you had a very strong first half, almost over 50% of the annual guidance has been met, what do you think are the main variables that could prevent ENGIE from outperforming in the second half?

Thanks.

Thank you, Jai. Regarding the first question, I think that I answered in the previous one, mainly conceptually speaking.

The BESS penetration so fast in big portion of the year, with the exception probably in the drop years, May, June, July could be different, but in the rest, the peaking price is being lower in general. Obviously there are more competition.

This will affect the capture price and the spread. The key topic here is the hedging that you are having with the PPAs.

Today is the vision that we have to invest in future asset, with the exception of managing curtailment that could leverage some ideas of investment. In general, you must go through contracted strategy, okay?

In the second question, I will leave Vincent to answer you better, okay?

Thank you, Juan. The operating performance that we deliver over the first half is in line, I would say, with our expectation.

It's important to note as well that the guidance is the highest EBITDA ever posted by the company, that the low end of the guidance is higher than the EBITDA of last year. We still have many risk ahead of us.

That being said, we are super confident to achieve the guidance. Indeed, a combination of positive factors like I would say good hydrology, a very strong regulated demand, and that sort of thing combined, in addition to capturing market opportunities on gas sales, for instance, and it's too early to say, could indeed lead us to outperform the current range.

At this stage, we maintain the range published in February, and while we express again the confidence to achieve this target.

Hi, you hear me?

Okay. Could you give us an idea of the capex levels we should expect from 1929 [2029?]

onward? Could you expect lower levels now that the matrix has been rebuilt around non-conventional renewable energy and gas?

Thank you.

Thank you, Isabel. What we can say is that we have the ambition to add 2 GW between 20 end of 2027 and end 2030.

This is backed by a strong pipeline that we presented in the strategy update earlier this year. All this was presented under the condition of profitable megawatt.

In other words, the technologies that will form this 2 GW are, of course, backed by a pipeline, any other project acquisition that we could do. With that regard, as the technology mix is not definitive yet, it's very difficult to give an indication of the capex range, especially spread between 2029 and 2030, because this will be dependent of the life of the project development.

I guess that starting from the 2 gigs, you can probably use that as a model and multiple to model the capex intensity that we could have, even if it is not committed, in 2029 and 2030.

Thanks a lot for attending this call. Thanks a lot for the questions.

I hope we answer to the extent of what was possible and we met your expectation. As always, anytime you can contact our IR people here to further discuss the results.

Considering the forecast, I would say next timeline for us is the September results, we will have more information. We are looking forward to updating you in October with our press release and in November with this call for the pre-forecast of the performance of this year.

Thanks a lot.