2025 earnings call. During the presentation, please send your questions through the window on the right side of your screens.

Provide your name and the company you represent in the dialogue box. At the very end, your questions will be answered.

Next slide, please. We are pleased to be joined today by Gabriel Melguizo, Interim President of ISA; Jaime Falquez, VP of Corporate Finance; Sonia Abuchar, VP of Legal Affairs; Patricia Castaño, VP of Corporate Strategy; Natalia Pineda, VP of Road Concessions; and Juliana Suso, VP of Institutional Relations; and Alejandro Velásquez, Director of Mergers and Acquisitions.

The call begins with Gabriel's review of the highlights of 2025, then followed by Jaime Falquez's presentation of the financial results. Lastly, we'll go back to Gabriel, who will provide closing remarks and lead the Q&A session.

Next slide, please. Before we begin with Gabriel, we'd like to give the floor to Sonia Abuchar, VP of Legal Affairs, who has an important announcement.

Thank you, Mateo. Before we begin our earnings call, we'd like to address recent events related to the company's presidency.

As everybody knows, last Friday, February 27th, ISA was formally notified of a decision issued by the Fifth Section of the State Council, which declared the annulment of the election of Jorge Andrés Carrillo Cardoso as President of the company. In response to these events, and out of respect for the decisions adopted by the judicial authorities, that same Friday, in an extraordinary session, the Board of Directors resolved that: First, as of that same day, Jorge Andrés Carrillo Cardoso ceased to perform the duties of President and legal representative of the company.

Two: with the vote of the majority of its members, the Board decided to temporarily suspend Jorge Carrillo's employment contract until the ruling issued by the Fifth Section of the State Council declaring the annulment of his election becomes final. Third: once the State Council's decision becomes final, his employment contract will be terminated.

Lastly: unanimously, the Board of Directors appointed Gabriel Jaime Melguizo Posada, VP of Power Transmission, as the Interim President until a permanent President is named. Lastly: we reiterate to the market that ISA maintains absolute operational and strategic stability.

We have rigorously responded to the court's rulings, ensuring continuity in leadership and immediately activating the corresponding protocols. The company continues to execute its ISA 2040 Strategy as usual, backed by a sound management team, over 5,000 dedicated employees, and intact financial and operational fundamentals.

ISA continues to fulfill its commitments in every country where we operate. Our focus remains the same: excellence, transparency, and sustained value creation for our shareholders.

Thank you. Now let's look at the next slide, Mateo, please, where

we have now Gabriel Melguizo, who will begin talking about the results.

Thank you, Sonia. Good morning, everyone, and thank you for joining us today.

Let's look at the highlights of the year next. Next slide, please.

When we enter 2020... First let's talk about the strategy, which is extremely important.

By the end of 2024, we have a new strategy for ISA for a term until 2040 because we anticipated the results of the prior strategy, as you know. In early 2025, we launched the new 20...

the new ISA 2040 Strategy to different stakeholders... First: consolidating energy transmission.

Second: deploying and accelerating new energy businesses. Third: growing selectively and strategically in roads.

Then: entering new geographies within America, multiplying by more than twice the 2024 EBITDA, actively managing the portfolio. Lastly: positively contributing to talent, communities, and nature.

Next slide, please. Now let's talk about operational efficiencies.

In 2025, we implemented several changes to be better positioned when it comes to the new strategy. It was not only to enhance the operational efficiencies, but also the reliability of our grid, especially that of Colombia, and the contribution to energy transition.

We chose Transelca, our subsidiary in the Atlantic Coast, to drive the new energy solutions business. With this, we aim to enhance the segment of new energy solutions with solar farms for large consumers and to storage energy, a field with huge potential in the region.

We also consolidated the energy transmission business of ISA in Intercolombia, which allows us to focus and consolidate in a single subsidiary our capabilities and technical experience, driving the best operation practices at a high level in Colombia. With these changes, Transelca is still the owner of its transmission assets, while Intercolombia assumed the construction, administration, operation, and maintenance of these assets.

By the end of the year, we created the Digital Hub, a platform that centralized and optimized cross-sectional services and digital services for all of our companies in Latin America. Next slide, please.

When it comes to the operational performance, it was sound in 2025, where we created value for investors. We executed 6.3 trillion pesos in investments, up 31% compared to 2024.

Ahead, I'll be telling you more about this. We created an EBITDA of 8.7 trillion pesos, a net profit of 2.4 trillion pesos, and a return on equity close to 14%.

We paid dividends for a total of 1.4 trillion pesos, which mean 1,265 per stock. The stock had a positive performance with an increase of the price of 48% in the year.

Also, if we keep in mind the dividend paid, the total return of the stock was 55% in 2025. We closed the financial part of the Panamericana Este route in Panama for $281, ensuring enough resources to execute the project.

Next... Next...

Yeah. Moving to sustainability, we'd like to highlight several milestones that we reached.

First, we invested 28 billion pesos on social management. Also, we ended the year with an SROI indicator with 4.15, meaning that for every peso invested in social management, 4.15 pesos were generated in social, environmental, and economic value.

Also, we declared our decarbonization path towards net zero, and in the year, we met 114% of the goal, and 100% of our companies are neutral carbon. Also, we obtained $6.8 million in revenue and $500,000 in reduction of costs from an innovation, such as the use of technologies that optimize the capacity of the existing grid, the integration of data for decision-making, and 3D solutions, among others.

We end this chapter with great news: ISA scored 85 of 100 points in the Dow Jones Sustainability Index, ranking among the 15 best companies of the public services power energy industry. This allowed us to be in the S&P and to be one of the 10% best companies of this industry.

Next. When it comes to projects that are energized and awarded, in 2025, we won projects with investments close to $283 million, and we put into operation projects with a capex of $664 million.

Among the projects awarded, 94 are for reinforcements in Brazil, a contract of connection and two expansions of the grid in Colombia, the new control of flow system of Las Palmas and Telén in Chile, and we have a free-flow agreement in Maipo, Chile. In Brazil, we include 54 reinforcements and improvements of the grid and the energization of the Riacho Grande project, the first block of the Piratininga project, and the Água Vermelha project.

All of these projects are very significant in capex and contributions to energy transition and to the grid's reliability. I'd like to highlight that these projects were commissioned before term.

This means efficiency, since we began to receive revenue before what we agreed. In Colombia, we have the Copey-Cuestecitas put into operation, a project in the north of the country with an investment of $147 million.

Also in Colombia, we energized two connections to solar farms, plus two renovations and two expansions. In Peru, we have the commissioning of the Chilca-San Gabriel transmission line with an investment of $7 million, and the Expansión 21 with a capex of $13 million.

Next slide. In the fourth quarter of 2025, investments were executed for 1.9 trillion pesos, reaching investments of 6.3 trillion in 2025.

This figure represents an annual growth of 31% compared to 2024, coherent with our commitments of investment and the strategy to maintain our relevance in the region. The figure in the middle shows the distribution of capex consolidated by geography, while the one on the right, distribution per business segments.

In 2025, 92% of investments were in the energy transmission business, 7% in roads, and 1% in telecommunications. Now let's look by country.

In Colombia, Colombia represented 19% of total investments of ISA, which rose to 1.2 trillion pesos. Investments in Colombia enabled the commissioning of projects like Copey-Cuestecitas, the connections of the solar farm Guayepo 3 and the Valledupar 1, 2, and 3 solar farm in the Caribbean.

In addition, in Colombia, ISA still advances to build seven projects awarded, five for connection and 12 renewal and expansion projects of installed capacity. Let's look at Brazil.

This represented 58% of investments for 3.6 trillion pesos. In the year, ISA CTEEP Brazil put into operation 54 reinforcements and improvements of the grid, energized the Riacho Grande project with an investment close to 641 billion pesos, the Água Vermelha project with an investment of 61 billion, and the Block 1 of the Piratininga projects, which is 30% of the annual revenue.

We have also four projects in construction, including the completion of the Piratininga project, and 183 projects of reinforcements and improvements. Now let's move to Chile, which represented 12% of investments made for 764 billion pesos.

In energy transmission, we have the commissioning of the increased capacity of the Maitencillo-Nueva Maitencillo line, and we invest to build two projects and three expansions and renewals of the grid. When it comes to the roads, we still advance in the Orbital Sur Santiago project and complementary works.

Moving on to Peru: there, we executed 8% of the investments for 468 billion pesos. In the year, we enabled the commissioning of the transmission line Chilca-San Gabriel with an investment close to 100 billion, and the Ampliación 21 project with an investment of 49 billion.

We also advanced to build four projects awarded and two expansions of the grid. Moving on to Panama and Bolivia, which represented 3% of the investments, these rose to 189 billion pesos, mainly for the construction of the Panamericana Este route.

Next slide. At the end of 2025, the investments plan from 2026 to 2030 rose to 25.5 trillion pesos.

On the left, we see the distribution by geography and by business segment. Investments consist of commitments of investments in bids awarded in each of the countries where we operate, projections of investments in energy solutions, optimizations, reinforcements of the grid of ISA CTEEP Brazil, and others.

On the right, you can see the annual projections estimated of the execution of these investments. Today, we advance in the construction of 29 projects; that is, 26 projects of energy transmission and three in roads, which will add close to 5,000 km of line and interventions of 296 km of roads.

With this, I end. Now let's give the floor to Jaime Falquez, who will talk about the financial results.

Next slide, please.

Thank you, Gabriel. Next slide, please.

We begin this financial chapter. Of course, I'd like to thank you all for attending and joining us today in this presentation, our earnings call of 2025, which is so important to us.

We'd like to highlight a sound operating performance, keeping in mind, of course, that we had special events that impacted the comparison of financial figures from 2024 to 2025. When it comes to 2024, we had favorable events that had a positive impact on the results, such as the regular tariff revision in Brazil, which had a net positive impact on the EBITDA of 872 billion pesos and the net profit of ISA for 206 billion pesos.

Also in 2024, we had a positive effect, special, because of the adjustment, the estimate of the reserve for major maintenance, which created a higher EBITDA of 177 billion pesos. These special results of 2024 are compared with several unfavorable events in 2025, such as: In Brazil, ANEEL, the regulator, decided to reconsider the formula to update the financial component of the basic grid of the existing system.

This had a negative impact on the EBITDA on 592 billion and the net of ISA of 140 billion pesos. In addition, in 2025, we keep on updating the reserve for the no payment of Air-e, which accumulated in the year 2025 314 billion pesos, with a direct effect on the results of the year.

As Gabriel mentioned, we're still increasing our investment pace to honor our commitments by 2030, and with that, to advance in the path of our 2040 Strategy, reaching a total execution of 6.3 trillion pesos, which is an historical execution, representing an increase of 31% of the pace of execution of our investments compared to the year before. In terms of debt, we have sound debt levels within the rank suggested for investment grade.

The gross debt/EBITDA indicator closed at 3.7 times. In terms of financing, we had disbursements of 4.4 trillion pesos and amortizations or compliance of obligations of 2.8 trillion pesos.

Alongside, we kept our investment grade as an international issuer and the highest score in local markets. Before we end this first part, I'd like to highlight also that we were given two recognitions: the renewal as an IR granted by the Colombian Stock Exchange, which is given to companies that adopt the best practices in transparency and information, and we were also first in the ALAS20 ranking, which is an independent initiative that rates and recognizes annually companies for their excellence in disclosure of information.

Next slide, please. When we look at the financial results on this slide, we'd like to share with you the EBITDA and the net profit and their performance in the year 2025.

At the top, we see the EBITDA was set at 8.7 trillion pesos, down 11% compared to the same period displayed in 2024. If we focus in the middle of the graph, you can see the operational performance.

If we exclude the special events, the positive ones we had in '24 and the negative ones in 2025 that I just mentioned, we can see that the EBITDA grew 8% compared to the same period, explained by the commissioning of projects that generated new revenue and the positive effect of the contractual scalers with which we update the revenue in each geography and higher yields in our road concessions. When it comes to the distribution of the accumulated EBITDA by segment, 83% comes from or is generated from electric energy transmission, 15% roads, and 2% telecommunications.

Moving on to net profit, you can see that the revenue of the year added up to 2.4 trillion pesos, down 14% compared to what was seen the year before. If we exclude the special events, the net profit because of the operation would reach an increase of 5% because of the higher EBITDA and partially counteracted by a higher income tax, more minority interest, and higher financial expenditures to finance the growth that we have been talking about.

On the bottom right of the slide, you can see the distribution of the net profit per country. I'd like to close this slide repeating that our operations are doing very well, that we're still energizing projects, we're creating new revenue, and we're benefiting from contractual scalers, which also provide the natural coverage on our balance sheet.

Next slide, please. The balance sheet at the end of 2025 really reflects our sound financial situation: assets, 76.1 billion pesos, with a slight decrease compared to the year before, and mainly explained by the conversion effect.

Here it's important to highlight that the Colombian peso was strengthened in 2025 compared to the other currencies of the region and the dollar. This is reflected when we consolidated everything to pesos.

This reduction was also partially compensated by the construction of the projects and the higher yields that we have from the concessions. When it comes to liabilities, these decreased 1.9% compared to 2024, mainly also because of the effect of the conversion and compensated also by the higher financial liabilities that come from the debts that we have taken to finance our new projects.

When it comes to the equity of ISA at the end of 2025, it was 17.8 billion pesos, showing a stable performance compared to December 2024. The main movements of this item have to do with the dividend decreed and by the shareholders that same year.

Next slide, please, we can talk about the debt. In 2025, consolidated financial debt, closed at 34 billion pesos, that is 1.7% lower than at the end of 2024.

The net movement of the debt is mainly explained by the conversion effect, the amortizations according to the timetables of payments, the issue of debentures in Brazil and Peru, and disbursements that are made for our investments plan. The main operations of debt during the year focused in Brazil with the issue of debentures, which bonds, for 2.8 billion pesos destined to cover the investments planned and especially the development of the projects Piratininga and Serra do Luar, as well as the prepayment of the 12th issue of debentures, with which we also improved the company's debt profile for the end of the year.

In Colombia, ISA received disbursements for 650 trillion pesos to finance the investments plan. In Peru, there are local bonds issued made by ISA Peru, the first one made by this company in the local market, for an equivalent of 232 billion pesos, with which we will refinance the total of its bank debt that it had last year.

We also had loan disbursements in ISA REP and Consorcio Transmantaro in the last quarter to finance investments and projects for a total amount of 164 billion pesos. Lastly, ISA Intervial Chile received a disbursement of a bank loan for 405 billion pesos mainly for the works of the project of the Ruta Panamericana Este.

The gross debt-over-EBITDA indicator ended at 3.7 times, and these show proper levels of debt, were within the rank suggested by risk rating firms for a rating investment grade. Also, we have a mean life of our debt close to 9 years.

This goes hand-in-hand with the nature of long term that we have in our concessions. Next slide, please.

When it comes to the performance of the share of ISA in 2025, the performance was positive. It was valued 48%.

If we keep in mind the dividends paid, the total return of the stock of ISA was 55%. The price of the stock at the end of the year was 24,660 pesos.

During the year, it reached a maximum of 26,300 pesos and a minimum of 16,660 pesos. It's important to highlight that the average volume transacted was 7,665 billion pesos.

This is important because it's a 23% increase, and this is reflected on a higher liquidity of the stock. At the end of the year, ISA reached a stock capitalization of 27.3 trillion pesos.

Next slide, please. As usual, along with the disclosure of the results of the fourth quarter and of the end of the year, we share with the market the proposal to distribute dividends that the Board of Directors of ISA will propose to the shareholders meeting held March 26th.

There are several elements worth highlighting for this proposal. First, we propose to distribute 50% of the net profit, which is equivalent to a dividend of 1,090 pesos per stock.

This dividend agrees with a higher range of the profit distribution policy and seeks to maintain a sound balance. Then this has been the brand of ISA between sharing the earnings and reinvesting for growth to contribute to the future valuation of the company.

We consider that this is a responsible proposal with which we have a good level of liquidity, we protect our investment grade rating, and it's a component that's strategic to maintain the company's competitiveness in the region. With this, I'd like to give the floor to Gabriel to give us some closing remarks.

Thank you, Jaime. Now we're ending this webcast.

Before we begin our Q&A session, let me give you some closing remarks. First: we began the year defining a strategy that ensures the company's future, positioning as a leader in energy transition.

We had a 2025 with a sound operational and financial performance, and we still win bids and execute with discipline and responsibility our investment commitments. Third: we implemented changes to enhance our structure and our capabilities for the organization to drive our strategic decisions.

We also ratified our commitment to sustainability, which is fundamental to our strategy. In 2025, we increased the execution of investments by 31% according to our ISA 2040 Strategy.

We also have a stock that had a total return for shareholders of 55%, considering the valuation for the price. We also had financial results that allow us to grow and keep the investment grade rating.

With this, we end our presentation. Thank you again for joining us.

Now we can begin our Q&A session.

Gabriel, thank you. Let's begin the Q&A session.

Let's begin with a question from Andrés Duarte from Corfi, and he asks: "How do you account the project, the new project that we won in Peru, the Tocache-Celendín? I understand that ISA and Grupo Energía are not controlling.

Jaime, could you give us a hand with this question?"

Sure, thank you, Andrés, for your question. The project that you refer to is the Consorcio Transmantaro, a project that we're executing in Peru along with the Grupo Energía de Bogotá.

It's a consortium in which we are co-controllers, neither ISA or Grupo Energía are controllers, we cannot consolidate line by line. This investment is acknowledged according to the international standards for financial information through the equity method, reflecting solely the economic participation of each of the company, in this case, 50% of ISA.

Perfect, Jaime. Thank you.

Next question also from Andrés Duarte, Corfi: "Could you please give us an update on the project with GEB, the same project of Tocache-Celendín? In this case, Gabriel Melguizo can help us with this answer."

Yes, thank you, Andrés, for your question. The Tocache-Celendín project, which is the abbreviation of the name of the substation, it really joins three projects in Peru.

It's the largest project of its kind in Peru. It's a project of about 800 km of line and of $800 million approximately.

Really these are two projects. The first two are under evaluation, the environmental study presented in 2025, and we're advancing in the design and contracting.

The second part of the project, which is Celendín, meaning Celendín-Piura, we are working to complete the environmental study to file the license request in the first quarter of 2026. That's the development of the Tocache-Celendín project.

Thank you, Andrés, for your question.

Thank you, Gabriel. Next question from Andrés Duarte as well, that I will join with another question from Florencia from MetLife: "Could you give us an update on the problem that we had in Chile?"

Yes, of course, Andrés and Florencia, thank you so much for your questions. We're going to try to join them both.

First, remember February 20th, 2026, Interchile was notified by the SEC on the imposition of a fine of about $14.5 million. It's really equivalent to $14.5 million.

That fine is related to what happened with the national blackout that happened in January 2025. The resolution that gave way to this fine is part of the regulatory framework and the administrative part of the Chilean authorities that include many many players.

Interchile, which is our company, our subsidiary of ISA in charge of the transmission Chile, along with the corporate practice and is analyzing the scope of the resolution and will continue managing this process, along with the mechanisms established by the local norms. The legal team of the company has begun to analyze the defense and has decided to impugn this in every instance possible.

For now, on Friday, we presented a resource of reposition before the SEC and it's the first file we present. Now, all of the above means that the company is not forced to pay this sum right now, and this scenario will remain during this impugnation process.

Once again, thank you, Andrés and Florencia, for your questions.

Thank you, Gabriel. Let's continue now with the next question, which is focused also: "Do you feel that the energy policy in Colombia recognized the importance of transmission?"

This is from Andrés Duarte as well, and also Pablo Franco, who is an expert. Could you give us a hand to answer this?

Thank you, Andrés, for your question. Sure.

The public policy really showed that transmission is part of the energy transition. For instance, we can see how the ministry recently issued Resolution 14004, which shows the works that will be very relevant for the transition and that we will be given nationally and regionally, and these will have to be developed in the following years, and the purpose is to improve the reliability of the system to, of course, serve the increased demand and enable the renewable energy processes.

Also, the ministry has been reviewing a project of resilience guided to guarantee the robustness of the transmission infrastructure, and we hope that this resolution will be issued soon as a final one. Also, the CREG, which has also incorporated in its agenda topics that have to do with transmission that are relevant and to close the regular rate tariff review.

The UPME also is carrying out its analysis to incorporate in its expansion plan transmission works that have been identified and included preliminary in the modernization plan that was incorporated as part of the mission of this unit. Thank you for your question.

Pablo, thank you. Let's continue with another question, and I'm going to join one of Andrés Duarte and Juan José Muñoz of BTG Pactual, who ask: "When will ISA have its new Chairman or President?"

Sonia Abuchar will help us.

Thank you, Mateo. Thank you for the question.

The State Council ruled the annulment of this election and retroacted everything that was made in the selection process to January 23, 2024. For the last two years, since the moment that the sentence has been published, within the company, with the Board of Directors, we have been analyzing the decision and how we will meet it.

We're in this process right now. We cannot determine when we will have a new President in the company.

We are analyzing the decision of the State Council, but we will be informing you soon.

Thank you, Sonia. We continue with a question from Jaider: "How is ISA making use of the opportunities rising from the growth of companies that create energy from renewable sources, and how does it capture value within the energy transition?"

Gabriel Melguizo, could you give us a hand here?

Thank you, Jaider, for your question. The answer has different viewpoints.

First: when you increase the number of renewable generation, this has to go out towards consumers, this implies the need of building new transmission lines and the need of installing another type of technology that will contribute to have this energy flowing from solar or wind farms and that it has to be reliable. I'm talking about static compensators and other number of equipment that contribute to energy transition and transition.

Everything that I'm talking about is a great opportunity. The increase of the grid that we will be building and the increased installations of these operations and these equipment that we know and that we are aware of and that we will be placing throughout Latin America is a great opportunity.

It's part of the portfolio that the transmission business has of $23 billion from here to 2040. Another viewpoint to answer this question is that through the business unit that we created, devoted to energy solutions, which basically refers to renewable generation through solar plants and storage of energy, we aspire also to generate that renewable energy for self-consumption of large industries through self-generation, and we expect to expand our energy storage business throughout Latin America in both fields: solar farms for self-consumption and energy storage for either solutions or end users is a huge market that we will be capturing surely throughout the world.

For 2040 Strategy, we'll be capturing $47 billion. The truth is, this question is very relevant to us, and the answer is our capability to invest and to be leaders in energy transmission in Latin America has to do with this.

Thank you, Jaider, for your question.

Gabriel, thank you for your answer as well. Let's continue with the next question: "How will you recover the money from Air-e in the Caribbean region?"

Gabriel, could you help us here? Sure.

Carlos, thank you for your question. Indeed, ISA and its companies has been working looking at the legal aspect directly and as a sector to recover the accounts receivable from this company.

This way, we have been working before the Ministry of Mines and Energy when it comes to the suspension. Last year, the temporary suspension of the supply made by this organism, which was suspended by the Superintendence of Public Utilities through a circular.

We also made legal actions, which surely all of you are aware of. There was a ruling, and right now, it's being appealed.

We also worked before the Superintendence of Public Utilities seeking to enhance the business fund, which is a mechanism to serve these types of contingencies. We have been holding meetings with the Ministry of Mines and Energy with the interventor of Air-e to find structural measures to solve the problem of this company.

Of course, we do this directly and with the sector. Lastly, I'd like to mention that in July 2025, we have filed a suit against Air-e when it comes to the second half of the year, but this was suspended until January this year because of a partial payment agreement made with this company.

Still, in January, we renewed the project, and we will carry on with this execution. Still, of course, ISA and its companies still is analyzing the chance of filing new suits so that this company can assume the payment of its obligations subsequent and to have a structural solution that's convenient to us.

Thank you.

Pablo, thank you. Next question: "Which are the new projects for the Colombian market in next years?"

First let's hear Pablo Franco and then Alejandro Velásquez, who's the Director of Mergers and Acquisitions.

Mateo, thank you for the question. Yes, indeed.

We have a series of resolutions and definitions that the Mining Energy Planning Unit has. We will be looking at a resolution that approves a series of projects that are very relevant to enhance transmission in the Caribbean and precisely to serve all of the needs that rise from the energy transition and the incorporation of all these non-conventional renewable sources from incorporating new technologies.

There we are focusing for next years, of course, and serving the needs rising conventionally within our plans.

Thank you, Alejandro.

Expanding on what Pablo just said, we have identified opportunities in the region for the next months of about $12 billion. Of these, about 48% of the amount corresponds to energy transmission, and 26% to new energy business.

Geographically, 40% corresponds to Brazil, 42% to Chile, 18% to Chile, and 10% to Peru. Particularly Colombia, for the energy transmission business, we identified eight bids in addition to the projects contained in the urgent resolution that Pablo just mentioned.

Thank you, Alejandro. Next question given by Gloria to Gabriel Melguizo: "Could you please tell us how is ISA operations hurt with Ecuador's commercial war?"

I can answer this two ways. Through transmission and market operator.

None of these really affect ISA. When it comes to transmission, we transmit energy towards Ecuador or from Ecuador to here through lines that come from the Jamondino lines from Pasto to Pomasqui in Ecuador.

That line is available when the countries require exchanges, but revenues through that line, our part goes from Jamondino in Pasto to the boundary with Ecuador. This does not depend on the amount of energy sent, instead of the availability of the asset.

We keep receiving the revenue normal from the line. These are the conditions of the transmission.

The lines are there when the grid needs them. We are sorry, of course, that we don't have international transfers, of course, but these are the circumstances.

The second pillar has to do with XM. It's not hurt at all because XM does not buy or sell energy and is not impacted.

Thank you, Gloria, for your question.

Thank you, Gloria, for your question, and Gabriel, for your answer. Next question from Florencia of MetLife: "How much does Air-e owe?"

Thank you, Mateo and Florencia, for your question. To date, there's a reserve of 467 billion pesos, of which 153 billion were reserved at the end of 2024 and 314 billion at the end of 2025.

Thank you, Florencia.

Thank you, Florencia. Thank you, Jaime.

Next, Juan Felipe asks: "Thank you for your presentation. When it comes to the energy storage, will you be incurring in batteries?

Do you see opportunities of storage in Colombia, given the limited capacity of renewables, or do you see more opportunities in other countries? Gabriel Melguizo, could you give us a hand here?"

Thank you. I'm sorry, who asked the question?

Juan Felipe?

Yes, Juan Felipe did.

Juan Felipe, thank you for your question. Truly, Transelca is the vehicle.

It's the first vehicle of ISA to execute or better build solar generation to store energy in Colombia. It's the first vehicle in Colombia, meaning we're not saying that Transelca will be operating other countries.

We're analyzing the market in the rest of Latin America, but for now, we see a great opportunity. We have an interesting portfolio to execute it in Colombia initially by 2030, both in solar generation and in storage, and we see that there's a good number of projects possible.

This is a business unit that was recently born and just beginning, but we expect to give you good news soon. When it comes to the rest of Latin America, however, we are focused mainly in Chile and Peru, exploring their market.

Chile, we're focused on storage of energy, and in Peru, generation and storage of energy. That's what we have.

Let me conclude: Transelca is only for Colombia, and we see that there's a good market for energy solutions. Thank you, Juan Felipe, for your question.

Thank you, Gabriel and Juan Felipe, for your question. Let me review what other questions we may have that we have not answered yet.

With regards to the questions we have, this ends our earnings call of the fourth quarter of 2025 of ISA and its companies. We'd like to thank you all for joining us, and we'll see you next time.

Thank you.