2026. During the first quarter, our business faced significant challenges with impacts across our four operating geographies, particularly driven by non-recurring events that we will describe at the end.

In this period, we reported total revenues of 1.8 trillion and an adjusted revenue of 2.4 trillion, primarily driven by the dividend declared by our associate company in Colombia on April 1 this year amounting to 1.117 trillion, which resulted in a 4% increase in adjusted for the quarter compared to the first quarter of 2025. Adjusted contribution was distributed as follows: 27% power generation, 24% power distribution, 19% gas transportation, 16% electricity transmission, and 14% gas distribution, reflecting the consistent progress of our diversification strategy across business lines.

Adjusted over the last month reached trillion [unclear] trillion, increasing 14% compared to March 2025. Controlled net income as of March 2026 was 5,000 million compared to the first quarter of 2025, mainly explained by three factors: a 12% year-over-year appreciation of the Colombian peso that affects our transmission business and the international investments; a higher recognition of the wealth tax derived from the declaration of the national economic emergency, which is still being litigated at the Constitutional Court; and the provision associated with receivables.

At the end, there are corrective actions on behalf of the Ministry of Mines. In terms of profitability, the return on equity reached 15.7%, increasing by 70 basis points compared to the first quarter of 2025, while the last 12 months rate reached 12.5%, increasing 27 basis points, mainly driven by extraordinary dividend received from our investments in Brazil at the end of last year.

The group's dividend yield will reach 8.5% based on the dividend declared at the shareholders' assembly held on March 27 amounting to 250.8 pesos per share, of which 81.7% ordinary dividend and 18.2% extraordinary dividend representing a 5.4% increase compared to the 2025 dividend. Within the framework of the shareholders' meeting, the 2025 financial statements and the proposed profit distribution were approved, along with the delegation to the board of directors for a potential international bond to the group financial flexibility, in line with commitment to more than 23,600,000 shareholders, 23,600 shareholders.

At the end of January, our major shareholder, [Analcatori?] , base for the potential men of up to 9.4% stake in Grupo Energía Bogotá, which has been in place since 2018.

If executed, this transaction would seek to increase the free float, attract new investors, and improve our weighting in local and international equity indices. In line with this, in February, GEB launched a market maker program in coordination with Alianza Valores with the objective of improving liquidity and trading efficiency of GEB shares and contributing to more dynamic local capital market.

As part of our strategy roadmap, we continue working to maximize value generation in markets where we operate and see growth potential. In this regard, we recently announced an agreement with Acciona [unclear] to acquire the remaining 49% stake in four transmission concessions in Brazil through our subsidiary, reaching 100% ownership of existing assets.

The transaction is subject to the corresponding regulatory approvals, including those of the National Electric Energy Agency, ANEEL, with expected closing within months. These concessions include 1,086 km of transmission lines and 15 substations, with regulated revenues of approximately $280 million and an estimated [unclear] under standards.

This transaction will allow us to fully capture the cash flows of our operating assets, increasing scale in transmission in Brazil, and strengthening a platform with stable revenues and long-term receivables in one of the most relevant markets within our road portfolio. Next slide, please.

Moving to operational highlights, I would like to highlight the following. In Colombia, we announce that UPME, the planning institute of the energy sector, has awarded the installation of the first synchronous compensators in the country at the substations of Santa Marta, Maicao, El Banco, Guatapurí, and La Jagua, marking a technical and historical milestone for the National Interconnected System.

This technology is widely used in countries such as Brazil to support systems with high penetration of renewable energy, as it provides stability, inertia, and voltage control to the GRE, enabling safe and reliable integration of solar and wind generation. These projects are expected to enter operation by December 2028.

In addition, they will strengthen the reliability of the power system and support the modernization and transmission in Colombia, positioning us as the leading player in implementation of critical infrastructure for an orderly and sustainable energy transition. In power generation, Colombia advances renewable expansion with the commercial operation of Guajira 3 and the start of generation at Parque Solar Atlántico, both with the installation capacity of 180 MW, solar [unclear] the Atlántico department as one of the country's main solar.

In power distribution, in strengthening and modernizing the network in Bogotá, [unclear] Cundinamarca, with investments focused on improving service reliability and resilience to climate events, including intensive preventive maintenance, vegetation management, and infrastructure upgrades in more than 15 municipalities. In gas transportation, we are pleased to announce that on May 7, we achieved a significant milestone in the structuring of the regasification project, following the announcement made by the Ministry of Mines and Energy regarding the inclusion of the project within the IPAT framework after the technical evaluation conducted by the Energy Planning Unit, UPME, through which it was determined that the project meets the required criteria and is relevant to strengthening the security and reliability of the country's gas supply.

The initiative contemplates the injection of up to 250 million per day at a strategic supply hub. Under this framework, TGI has the right, as incumbent transporter, to develop the project within a regulatory scheme that recognizes remuneration, enhancing investment visibility and reinforcing its role in the expansion of the system, and is the only transport infrastructure in the country that can supply the gas that is needed in the interior of Colombia, and it will be connected to that pipe owned by TGI.

In parallel, on the regulatory front, the Energy and Gas Regulatory Commission, CREG, through Resolution CREG 054 of 2026, resolves the reconsideration appeal related to TGI's current tariff application. It confirmed the interpretation of a 10.94% remuneration rate for gas transportation activities, in line with the current regulatory framework in Peru.

On March 1st, a rupture occurred in a section of the pipeline operated by Transportadora de Gas del Perú, TGP, resulting in a temporary restriction in natural gas supply. As a preventive measure, the Ministry of Energy and Mines declared a state of emergency, prioritizing to critical users, including residential, commercial, and public transportation segments in this context.

While service continuity for regulated user was not affected, there were impacts on supply to the industrial sector and thermal generation plants. TGP is the main pipeline that brings all the Camisea gas into Lima.

The event was addressed in a timely manner and was fully resolved on March the 14th, at which point normal gas flows were restored with no sustained effects on the operation of the distribution system. During this period, the natural gas distribution system operated by Cálidda remained 100% operational, confirming its ability to respond to external events.

The incident had no structural implications and did not compromise the service continuity for regulated users at any time. Finally, on the regulatory front, we expect clear signals from the national government regarding the resolution that includes additional [unclear] income users solidarity mechanism, adding financial strain on getting [unclear].

Thank you so much. Jorge, please go ahead.

Thank you, Juan Ricardo. Good morning, everyone.

Consolidated operating revenues decreased by 12% compared to the first quarter of 2025, partly explained by the conversion effect of the Colombian peso against the US dollar. The exchange rate for March 2026 was 3,690 compared to 4,300 in March 2025, representing a 12% appreciation of the peso against the dollar and resulting in lower revenues of 121 billion Colombian pesos.

The natural gas distribution segment recorded a 19% year-on-year contraction, mainly explained by two factors: the conversion effect, which resulted in lower revenues of 11%, and second, a non-recurring event in gas transportation system in Peru, 66% impact associated with the state of emergency declaration following the incident in the pipeline operated by Transportadora de Gas del Perú, TGP, which was the first of its kind in history, to prioritize supply to critical users, temporarily restricting dispatch to industrial and power generation sectors for 14 days, while the distribution system operated by Cálidda remained 100% available. This regulatory restriction had a direct impact on distributed volumes, which declined by 9.5% in March.

Excluding this effect, quarterly volumes would have increased by 1.4%, confirming that the impact was not structural. As a result, revenues in the distribution segment decreased by 19%, and excluding pass-through revenues, declined by 7%.

Cálidda's revenues in functional currency decreased by 7% year-over-year, and $15.7 million was mainly affected by lower pass-through revenues, which do not impact margin, and the temporary restriction in distribution. It's worth highlighting that excluding the TGP event, regulated distribution revenues would have increased by 2.1% year-over-year, reflecting resilient underlying demand.

Additionally, lower revenues from installation services and material sales were observed. The natural gas transportation segment recorded a 6% year-over-year decrease in revenues as a result of an adjustment in contracted transportation capacity, aligned with lower structural demand and reduced gas availability.

The electricity transmission segment recorded a 3% year-over-year decline, mainly driven by Colombia, where revenues decreased by 1.8%, explained by lower revenues from awarded assets associated with updates in macroeconomic variables such as PPI and appreciation of the Colombian peso against the US dollar. The electricity distribution segment recorded a 6% year-over-year decline, driven by 6,000 million conversion effect and the non-recurring TGP event, which temporarily interrupted gas supply to thermal power plants, limiting self-generation operations for approximately 15 days.

Consolidated operating costs decreased by 11% year-over-year, mainly reflecting the conversion effects of 83 and lower and TG levels in distribution driven by the TGP event, and gas transportation and gas distribution operating costs decreased by 9, in line with lower activity and reduced distributed volumes. At Cálidda, the decline was mainly driven by lower pass-through costs and reduced investment execution in functional currency costs, that account $12.3 million.

Natural gas transportation operating costs decreased by 5% and 10.6, mainly due to reductions in fuel gas and insurance. In electricity transmission, operating costs increased by 13%, with Colombia Transmission showing the highest growth, mainly explained by higher personal expenses of 10.

Administrative expenses increased by 38% compared to March 2025, mainly due to the provisioning of ID receives within the electricity transmission segment for 55, the wealth tax for corporations introduced under the economic emergency decree with an impact of 38, and the annual salary and bonus adjustments of 25. This was partially offset by a conversion effect of 14.

As a result, the operating margin decreased by 25% compared to Q1 2025, with electricity transmission and gas transportation showing the most significant impact on operating results, mainly due to the high provision, lower industrial demand associated with reduced gas availability in the country. The next slide, I will present the key drivers behind the evolution of net income during the quarter.

Net income for the first quarter reached 568 billion, representing a 43% year-over-year decrease, mainly explained by three factors: gross profit declined by the conversion effect associated with the appreciation of the Colombian peso against the dollar, as well as the TGP event affecting the gas distribution operations in Peru, with a 60 total impact in pesos at the consolidated level; second, the administrative expenses increase, mainly due to the provision of 55, the wealth tax of 38, and a salary adjustment of 25; and a decrease in FX differences in COP 167 due to lower quarterly peso appreciation compared to Q1 of 2025. Finally, the results include lower contribution from the equity method of COVID-19 compared to the same period of the previous year.

As a result, controlled net income for the quarter closed at 3 billion pesos. Next slide, please.

The equity method recorded a 13% year-over-year decrease in the first quarter of 2026, driven by specific dynamics. Colombia contribution decreased by 42 and a quarter mark due to high hydrology, which pressed prices, as well as higher tax linked to the economic emergency and the increase in the minimum wage.

In Brazil, the contribution decreased by 20, mainly due to higher financial expenses associated with debt linked to advance dividend paid to [unclear] last year, as well as FX effects. In Vantage, the contribution decreased by 14 due to the implementation of new gas distribution tar, which impacted results.

Next slide, please. Organic CAPEX executed during the first quarter of 2026 amounted to $6 million, representing a 33% year-over-year increase compared to Q1 2025, driven mainly by higher execution of electricity transmission in Colombia and natural gas transportation.

Transmission Colombia accounts for a significant share of CAPEX with a million increase associated with progress in project Colectora, Refuerzo Suroccidental, Norte, Chivor II Norte, and the second circuit of Colectora, as well as of substations and private projects. In natural gas transportation, TGI executed 40 million, reflecting progress in IPAT capacity expansion projects, Mariquita and [Ramal?]

. Execution remains stable, focused on distribution networks in line with the closing phase of the 5YE investment plan.

The five-year CAPEX outlook $1.66 billion with Transmission Colombia and Gas Transportation representing 69% of the total investment, followed by Cálidda at 8%. Transmission Colombia investments remain focused on structural and private projects.

TGI CAPEX is focused on ongoing IPAT projects and maintenance. During the quarter, the UGM awarded in LA the first synchronous compensators project in Colombia, which are already incorporated into this year CAPEX plan.

Next slide, please. Consolidated adjusted reached 2.4 trillion, including Enel dividends, which were declared on April 1st, representing a 4% year-over-year increase.

Controlled companies reduced their contribution by 160 million, while dividend contributions from associated companies increased by 259, with dividends declared by Enel for 1.2 trillion Colombian pesos on April 1 stand out. These are included in this quarter to maintain year-over-year consistency, as in 2025 they were declared during the first quarter of the year.

The decrease in controlled companies is mainly explained by the provision on revenues built to air in Colombia Transmission, lower margins and higher expenses in TGI and appreciation of the Colombian peso, and the impact of the TGP event in [unclear]. Moving now to the debt section, I will hand over to Karen Guzman, Head of Financing and Investment Relations.

Please go ahead.

Thank you, Jorge. Good morning, everyone.

During the first quarter of 2026, the group's consolidated debt reached $5.6 billion, maintaining stable structure by currency and interest rate compared to previous periods. 53% of the debt belongs to Grupo Energía Bogotá, while the remaining 47% is distributed across its subsidiaries, with Cálidda accounting for 18% and TGI for 15%.

In terms of currency, the debt composition remains denominated in US dollars with a 67% participation, followed by Colombian pesos with 30%, and soles 3%. Regarding interest rate structure, 40% of the debt remains fixed rate, while 60% is indexed to SOFR, IBR, and CPI.

The average life of the debt, 5.6 years, reflecting soft management of the maturity profile. In terms of cost, there was an increase in the cost of debt in Colombian pesos, consistent with the local rate environment, rising from 10.82% in March 2025 to 11.68% in March 2026, while the cost of debt in US dollars decreased from 6.0% in March 2025 to 5.74% in March 2026.

The group financing structure remains diversified, with 52% in bonds, 38% allocated to commercial banks, and 10% to multilateral institutions. In terms of financial metrics, leverage measured as net debt/adjusted decreased from 3.48 times in March 2025 to 2.91 times in March 2026.

This improvement reflects a 14% increase in last 12 months adjusted and a 76% increase in the group's cash position. The interest coverage ratio, measured as adjusted over net financial expenses, increased from 4.88 times to 5.83 times over the same period, reflecting in the group's to cover financial expenses.

At the company level, the most relevant developments were as follows: an additional $5 million were disbursed under the KfW loan, completing the total contracted amount of $00 million; at Contugas, a million prepayments was made on the syndicated loan, reducing the overall balance to $0.0 million. In this regard, the general shareholders' meeting approved the granting of guarantee for Contugas payment obligations in proportion to its ownership as part of their financing process structured.

For TRECSA, a $50 million club deal financing was executed with is and blades aimed at refinancing existing debt and optimizing the maturity profile. This transaction includes a corporate guarantee from GEB, authorized by the Ministry of Finance of Colombia.

I will now hand it back to Jorge to continue with ESG matters.

Thank you. The first quarter of 2026, the group continued to advance sustainability agenda focused on transparency, risk management, and disciplined execution of environmental, social, and governance initiatives aligned with its long-term strategy.

In terms of ESG reporting and governance, GEB published its 2025 integrated sustainability report, covering the group at its seven controlled subsidiaries, incorporating for the first time the results of its double materiality assessment. Additionally, the group released its first human rights report, outlining due diligence processes, risk identification, and action plans, as well as the role of energy as an enabler of rights, developing coordination with the legal vice president and external advisors.

On the environmental front, the group publishes its first nature report under the TNFD framework, the Task Force on Nature-related Financial Disclosures, focused on assessing impacts, risks, opportunities, and dependencies related to nature across groups and subsidy based on pilot exercise conducted during the period. Further, 2025 greenhouse gas emissions were independently verified under the ISO 14064 standards for GEB and subsidy Cálidda, Consett, Gas Natural de Lima y Callao, Electro Dunas, Consett.

In addition, the group launched the program identifying an innovative technologies and solutions to reduce emissions across its business. Environmental investment execution required exceeded $1.6 US dollars, 15,000 million.

For Clothes for Life legacy program for territories, training for energy transition benefiting community [unclear], La Guajira, Cesar, Bogotá, [unclear], executed more than 39 social investment initiatives, benefiting 246 indigenous communities in five and five community councils. Social investments during the quarter exceeded $0.5 million.

Finally, at the general assembly on March 27, 95% shareholder-represented corporate were approved the financial statements, profit distribution, amendment to the purchase laws, and the election of the board of directors for the 2026-2028 period. Additionally, the board evaluation self-assessment process was completed with the support of laying the foundation for the implementation of improvement plans during 2026.

Please move to next slide. The first quarter was primarily impacted by conversion effects and foreign exchange movements compared to the same period of the previous year, as well as the impact of the equity method and the non-recurring event previously mentioned, which affected the performance of certain businesses during the quarter.

In response to specific events, operational, regulatory, and structural solutions have been implemented across all fronts. Peru, the event is currently with regulatory authority with the objective of responsibilities and the recovery of economic impact generated regarding provisions recorded, reflects its condition as an inter-company with the national government advancing regulatory measures aimed at ensuring compliant with its obligations within the context of lower gas availability in the country is being addressed as structural solution, development degasification project recently incorporating to the IPAT framework, which establishes a clear pathway to strengthen the security and reliability of the system in the medium term.

In this context, adjusted over the last 12 months increased by 14%, reflecting the group's ability to sustain consolidated performance. From a profitability perspective, equity of 15.7% and last 12 months of 12.5%, factors remaining above the weighted cost of capital.

In terms of investment, execution was concentrated in transmission and gas transportation projects aligned with expansion of capacity and reliability of the system, while maintaining a leverage profile consisting of the group capital discipline. During the quarter, relevant progress was achieved in the group's strategic roadmap in Colombia.

The award of synchronous compensators project reinforces and led leadership in the implementation of key technologies for system stability. Regional level agreement with acquire remaining 49% stake in for existing transmission assets in Brazil strengthens the group's scale in this market and its ability to capture long-term cash flow.

Additionally, progress was made in sustainability and corporate governance, particularly in reporting, environmental certification, and social investment. I thank you very much for your attention, and we now move to the questions and answers session.

We have the team ready to respond.

Hello? I have four questions.

Three of them are related to Grupo Energía, and then another question specifically on TGI. Let me do the three, and then only if time allow the other one.

The questions on Grupo Energía: one related to Acciona. What do you expect on the acquisition of Acciona's concessions in Brazil on your results, which I understand will be affected by the equity method?

The second question has to do with the process of selling part of the district stake on Grupo Energía. Could you please confirm whether the sale process established for the 2018 is currently subject to inflation regulations under current regulations?

What's your current unhedged or open position on US dollars and the real denominated debt? There's one on a consolidated basis.

Thank you.

Can you hear me? Hello?

Sorry, I don't know what happened. On the I think I'm going to go back to Acciona question.

The the Acciona, roughly half of the assets that we co-own with Acciona, and we just announced another transaction by which we're going to that we're going to combine that with some other assets or participation in Argo and the participation of and some other assets. I think we're asking about the equity method and how we are going to account for it.

It becomes the question does not apply any longer because of the recent announcement that we just did. We had to announce as soon as we signed the transaction, and it happened to just before this this conference call.

We can expand on that at the end of the call. On the district, the share price, the minimum price used in 2018 is not applicable.

Under Law 226, is a subsequent event transaction. There is another applicable law, but as it is not it does not have to in line with the original inflated price.

On the hedging, the US dollar debt that we have is basically hedged because of the natural hedge that asset the US assets asset revenue the US revenue that we have, plus some hedging, some cross-currency swaps, or some principal-only swaps US dollar-peso, and also we converted a Brazilian real asset into US dollar a while back. We're basically neutral at this point in the exposure to US dollar.

Can I do a follow-up and a final question specifically on TGI? Or there's no time for that?

Go ahead.

Thank you, Jorge. The open position on dollars and reals before, you have three, 3 1/2 I had that figure from a year ago.

I was wondering if you had something like an update on that just in order to follow the results related to FX. Then

on the investment side of our balance sheet, yes, we do not hedge the real position or the Peruvian sol position. We consider that as a structural diversification long-term investment, and given that approach, we basically ride with the exchange rate variations between the peso and the Peruvian sol.

The specific question on TGI is the regulatory reduction of about 96 basis points which comes from the 2023 resolution from CREG. The question is, can you include in your analysis information from after to also say recent rising interest rates in Colombia?

Or are you limited to information available as of that year?

Let me try to answer. When TGI calculates the tariff to the clients, it uses the existing resolution, and CREG had published a resolution with a WACC.

They updated a while back, and we were applying that resolution. CREG just issued a new resolution saying that we had to use the previous work and not the one that they had published.

We started doing that in April of 2026 onwards. There is no retroactive calculation, and we have the right to charge that because that was the regulation that valid at the time that we charged the customer.

This is the situation. Just from April forward, the CREG clarified, and they publicly in the resolution that we had to use the old.

Now we are waiting for the actual proper calculation of the tariffs using all the regulatory resolutions existing to calculate the proper ties that they miscalculated when they published last year. Once we start using that, the new will be part of that formula.

Thank you.

Thank you

Thank you for everybody. As I mentioned the Superintendencia Financiera, of the transaction that combines our participation in Argo Energía, our participation in BR, which is recently acquired part of the transaction of the asset, and adding a cash of about $60 million to combine with Veran, which is the asset that they have created for a long time in Brazil, including recent acquisitions.

That combination of assets, when added all up, will account for about 7% of the total revenue of the Brazilian transmission system. Ideas are simple: long-term transaction by which we aim to continue growing in Brazil.

No put or call options or any structure that will signal any short-term relationship with LAEES. We are looking at this as a long-term investment opportunity growth platform by which we combine both the technical capabilities and financial capabilities of both groups.

Of course, with CDPQ, which has very ample financial possibility given how much money they manage and their appetite to continue growing in Brazil.

Thank you for your interest. As mentioned, we had a relatively unusual quarter affected by tax issues, by updates in personal costs, and some volume reduction at TGI.

We also announced two transactions in Brazil during the last month, which are a core of the execution of the strategy of the group and one that reinforces our intent to continue growing in transmission Brazil. We remain open for further questions after the call to our IR team.

Thank you very much.