Buenos días. Good morning and welcome to Enel Chile's 2026 first quarter results presentation.

We greatly appreciate you taking the time to join us today. My name is Isabela Klemes and the Head of Investor Relations.

Joining me this morning are our CEO, Gianluca Palumbo, and our CFO, Simone Conticelli. Our presentation and related financial information are available on our website www.enel.cl in the Investors section, as well as through our Investors app.

In addition, a replay of the call will soon be available. At the end the presentation, there will be an opportunity to ask questions via webcast chat through the Ask a Question link.

Media participants are connected in listen-only mode. Gianluca will kick off the presentation by covering key highlights of the period, our portfolio management actions, and providing updates on the regulatory context.

Following that, Simone will offer an overview of our business economic and financial performance. Thanking you all for your attention, and now let me hand over the call to Gianluca.

Thank you, Isabela. Good morning, and thank you for your participation.

Let's start the presentation with our main highlights of the period. Let's begin with portfolio management.

During the quarter, hydrological conditions were favorable, which helped us reduce portfolio risk and supported a stable operating performance across the business. We will come back to this point in more detail later on.

At the same time, through EGP Chile, we started the construction of three battery energy storage projects in the northern part of the country. These BESS projects will add around 0.5 GW of additional capacity and will play a key role in strengthening the flexibility of our portfolio while supporting our commercial strategy.

In addition, Enel Generación Chile signed a new LNG supply agreement with Shell. This agreement allows us to better valorize surplus gas volumes already available and to optimize LNG and Argentine gas supply for our generation business.

Importantly, this initiative is fully aligned with our long-term business vision for Chile. This is particularly relevant in the context of the growing deployment of battery energy storage systems, which are essential to ensure a more flexible and efficient portfolio.

Let's now move to the country and regulatory context. Starting with the VAD 2020-2024 process, tariff resettlements have been postponed until July 2026.

At this stage, the regulator is working on alternative solutions to fund this payment with the objective of avoiding any impact on regulated customers' tariff. Turning to the VAD 2024 to 2028 process, during the quarter, the regulator published the preliminary technical report Volume 2 in January 2026.

Over the next few months, we are awaiting the publication of the final report. Let's now turn to business profitability.

The first quarter of 2026 delivered consistent financial results. EBITDA showed a solid improvement compared to previous years, +16% during the period.

The Extraordinary General Meeting approved a capital increase of CLP360 billion at Enel Distribución Chile, reinforcing the company's balance sheet and overall financial flexibility. In addition, the Annual General Meeting approved the final dividend fully in line with our commitment to shareholder returns and value creation.

In the next slides, we will go deeper into each of these areas and provide further details on the key drivers behind these results. Let's move to slide 4 to talk about hydrology and the progress of our battery energy storage projects.

Let me begin with our hydro generation. Hydro generation during the quarter remained broadly in line with last year's level, as shown on the left-hand side of the slide.

For 2026, we are forecasting hydro generation at 10.7 TWh. This assumption is based on a conservative view on hydrology, fully consistent with the average evolution observed over the last 30 years, that allows us to confirm our 2026 guidance.

This is the case even though the probability of an El Niño event has increased in recent weeks, with potential impacts mainly expected in the second half of the year. This level of performance is supported by our well-diversified hydro portfolio, together with continuous operational optimization.

Moving now to gas activities. On gas sourcing, we have signed contracts with Argentine gas suppliers with a longer tenor compared to previous years.

These contracts secure firm volumes at more competitive prices, providing stable supply until April 2027. In parallel, in the context of high gas prices and a more flexible demand outlook for our thermal fleets, we concluded a negotiation related to our long-term LNG agreement.

This approach is well aligned with our view of a gradual ramp-up of battery storage in the coming years, supported by a solid and reliable gas supply from Argentina. Finally, let me focus on battery storage.

We continue to strengthen our generation portfolio through the development of battery energy storage systems. These investments will increase the flexibility of our portfolio and support the long-term resilience of our generation mix.

In addition, they will continue to optimize our sourcing strategy. In this context, approximately 450 MW of new battery capacity are currently under development and will gradually start operations from 2027 ahead, in line with our planned investments schedule.

Now let's move to slide 5, where we will review our generation portfolio and the energy balance. Let me start with our generation portfolio.

We entered 2026 with a solid and well-diversified portfolio. In fact, our total net installed capacity stands at 8.9 GW, of which 78% comes from renewable energy sources and BESS.

Therefore, this structure enhances flexibility and supports a balanced and resilient energy mix. Moving now to our energy balance.

During the first quarter of 2026, net production remained stable compared to the same period last year. This performance reflects the flexibility of our generation portfolio.

Higher contributions from wind, solar, and efficient natural gas combined cycles more than compensated for the slightly lower hydro generation. Physical energy sales amounted to 7.5 TWh, fully in line with the level recorded in the first quarter of last year.

This confirms the stability of our commercial positioning, supported by our diversified sourcing mix. On energy purchases during the quarter, we maintained a similar purchasing mix compared to last year.

This included 1.3 TWh of net spot market purchases and 0.8 TWh sourced from third parties. Now I would like to take a moment to share with you some key topics related to the distribution business, which we will cover on the next slide.

Let me start with the tariff review shown on the left-hand side of the slide. We are in the 2024 to 2028 distribution tariff review process.

In January of this year, the regulator released the second version of the technical report. The remaining technical steps are expected to lead a final tariff determination in the second half of 2026.

Overall, the review is progressing in line with the regulatory timetable. Turning now to the VAD 2020-2024, the settlement of the outstanding debt with distribution companies, which was originally scheduled to begin earlier, has been postponed to July 2026.

For Enel Distribución, the amount to be received is around $65 million, while at the distribution sector level, the total amount involved is approximately $900 million. We remain confident that the process will progress toward a prompt resolution, considering its relevance for the sector and the need for orderly completion.

Turning to distribution reform, we continue to see constructive and positive engagement from stakeholders, together with a growing and broad consensus on the need to further evolve and modernize the distribution framework in Chile. This is particularly important in the context of electrification and considering the long-term nature of distribution investments.

Finally, a few words on grids and the execution. We continue to reinforce specific parts of the network while at the same time expanding digitalization and remote control solutions across the network.

These actions allow us to restore service faster, improving customer experience, and strengthen the flexibility and resilience of our networks. Overall, execution in distribution remains solid, with a clear and continued focus on service quality.

With that, I will now hand over the presentation to Simone.

Many thanks, Gianluca, and good morning, everyone. I will begin my presentation with an overview of our key results for the period.

As shown on the slide, during the first quarter of 2026, EBITDA reached $423 million, with a 16% increase compared to the same period of last year. The improvement was mainly driven by a better integrated margin performance.

First quarter net income amounted to $162 million, representing a 7% decrease compared to the result of first quarter 2025, mainly due to higher depreciation following the commissioning of the new renewable plants and lower capitalization of interests. Finally, first quarter FFO reached $122 million, representing a 12% increase compared to the same period last year.

The improvement is due to a combination of several factors, which will be commented on the following slides. Now let's move to the next slide to talk about the investment made during the quarter.

First quarter investment, amounting to $111 million, were mainly allocated to the development of BESS project, increasing the value of our power plant fleet, and the reinforcement of our distribution network. Let's review the allocation in more detail.

41% or $46 million were invested in renewable and storage. 31% or $34 million supported thermal power projects.

28% or $31 million was directed toward grids investments. In the renewable segment, we have focused our effort on the development of BESS project as announced in our strategic plan, on the enhancement of hydro facility performance, and on the improvement of fleet availability.

In the thermal segment, the priority has been the maintenance and performance enhancement of the power plant fleet. Finally, regarding grids, the focus remain on the resilience program to strengthen the distribution network and ensure service continuity under adverse weather condition.

Passing to the nature of investment, first, asset management capex totaled $58 million, accounting for 52% of the total capex. The main activities have been the maintenance of Atacama, Quintero, and San Isidro CCGT; the maintenance of renewable fleet aimed at ensuring plants availability; and some activities for the corrective maintenance and digitalization of grids.

Second, development capex amounted to $40 million, mainly invested in batteries development, which represented the 75% of total, and digital meters and grids remote control equipment. Finally, customer capex totaled $13 million, mainly invested in low and medium voltage connection project and initiative to support load increase.

Let's now go on to the next slide, which provide a closer look at the EBITDA performance. In the first quarter of 2026, our EBITDA reached $423 million.

The increase of $58 million compared to the same period of 2025 is mainly explained by the following factors. Starting with the integrated business, we recorded an increase of $67 million, mainly due to: first, lower natural gas cost that reduce the variable production cost of our thermal power plants and the spot energy purchase costs; and second, the positive impact of the optimization of gas sourcing, which allowed us to improve LNG and Argentine gas supply for our thermal fleet, extracting value from our gas contracts portfolio, as previously commented by Gianluca.

These positive impacts were partially offset by the termination of certain high-price regulated contracts and higher provision related to energy and transmission charges adjustments booked in 2025. Going to grids, we recorded a decrease of 18%, mainly due to the positive impact of insurance provision on 2025 and the impact of the higher O&M expenses associated with the anticipation of the 2026 winter plan activities, partially offset by a higher contribution from complementary distribution activities, mainly related to the new customer connections.

Now let's move to the next slide to review the net income evolution. Net income amounted to $162 million in the first quarter of 2026.

The difference compared to the first quarter 2025 is mainly due to the $58 million improvement in EBITDA thanks to more efficient sourcing, partially offset by higher depreciation and amortization, mainly related to the commissioning of new renewable capacity in the generation business, and higher financial expenses, partially due to lower interest capitalization in the generation business. Now passing to the next slide, let's analyze the FFO composition for the first 3 months of 2026.

In the first quarter 2026, FFO reached $122 million as a result of the following factors. First, EBITDA totaled $423 million as previously explained.

Second, the increase of net working capital amounted to $161 million, mainly due to seasonality of energy payments and gas optimization agreement, for which the payment was registered in April. Third, financial expenses amounted to $93 million, also including the settlement of hedging derivatives.

Finally, income tax expense payments amounted to $48 million, mainly related to generation business. Passing to the comparison with the results of the first quarter of 2025, the 2026 FFO was $30 million higher, mainly thanks to the EBITDA increase for $58 million, the lower increase of net working capital for $27 million, mostly due to lower capex payment related to the new development capacity, a positive effect of energy payment scheduling, partially offset by the increase of accounts receivable following the LNG agreement settled in April.

The higher financial expenses for $62 million and the higher income taxes for $9 million reflecting higher monthly payment tax rates. Now let's take a look at our liquidity and leverage position.

Gross debt amounted to $3.9 billion as of March 2026, remaining broadly flat compared to December 2025. The slight increase reflect the seasonal cash and working capital requirements, which were temporarily funded through a $50 million drawdown on the CAF credit line, partially offset by an $9 million reduction in IFRS 16 lease liability.

The average term of our debt maturity reached 5.4 years by March 2026 versus the 5.8 years seen in December 2025, and the portion at fixed rate was 85% of the total debt. The average cost of our debt reached 4.9% as of March 2026, in line with December 2025 figures.

Regarding liquidity, we are in a comfortable position to support our capital needs for the upcoming months and cope with next year maturities. As of March 2026, we have available committed credit lines for $640 million and cash equivalent for $454 million.

Thank you all for your attention, and now I will pass the floor to Gianluca for the closing remarks.

To conclude, our resilient and a diversified business model supported solid and stable results in the first quarter of 2026, even in a volatile operating environment. A well-balanced portfolio combined with disciplined execution continues to provide resilience, allowing us to navigate changes in market and climate conditions with confidence.

Second, electrification is clearly emerging as a key driver of demand growth in Chile. This trend is supported by structural developments across mining, industry, transport, and electromobility.

In this context, we remain closely engaged and well positioned to support the country's electrification process, leveraging our integrated offering of clean energy, infrastructure, and services. At the same time, we continue to closely monitor regulatory developments and their potential impacts.

Finally, our solid financial position and flexible business model continue to support the execution of our investment plan and our ability to meet financial commitments. This financial strength allows us to continue investing in renewables and battery storage while maintaining financial discipline and delivering sustainable returns to our shareholders.

Now let me hand it over to Isabela for the Q&A session.

Thank you very much, Simone and Gianluca. We will now start the Q&A.

As a reminder, we are receiving questions from our chat on the application. I will start now, Gianluca and Simone, with the first question.

We actually received this question from several analysts, including Andrew McCarthy from LarrainVial. I will do the questions, okay?

The first one is: congrats on the results. Apart from the gas valorization agreement, which is a positive one-off in your results, could you please indicate which other one-off negatives you have incurred in your first quarter 2026 figures?

Basically, I'm interesting knowing the recurring EBITDA booked in the first quarter 2026. Actually, on the same, we also receive a question regarding what we have mentioned in the EBITDA regarding the provisions recorded in the first quarter 2026 related to energy and transmission charge.

Simone?

Thank you for the question. You are right.

In this quarter, we have more than one nonrecurrent effect. The first one is the impact of the agreement with Shell, that is a positive impact, but then was partially offset by some problem with the transmission line that impacted in our efficiency.

On the other side, this impact can be around $15 million, and then around $60 million of adjustment coming from the previous year. The main part from 2023, it was related to an adjustment of the ancillary services booked in this year after quite a long discussion with the system.

We finally take the final decision, and this has an impact of -$30 million. To make a synthesis, if you normalize all this nonrecurrent effect, our results is around $360, $370 million for the quarter.

Okay.

Thank you, Simone. We are receiving several questions.

Let me go to the second one. The second one is coming from Javier Suarez from Mediobanca.

Javier has several questions, I will split here. The first one is: can you update on the key factors on the ongoing negotiations with regulator of the distribution regulatory framework?

Also on the same page on distribution, he also is asking why, in other words, what is the reasons for the postponement of the settlement to July 2026 relating to VAD 2020-2024? Gianluca, this is yours?

Yes, okay. Let me start for the first part on the distribution regulatory framework, the VAD 2024-2028 process is still ongoing.

The methodology remains based on the reference model company with a regulated real post-tax WACC, as of 6%. We believe that there is a still room for improvement in the CNE proposal, and we are actively participating with the Distribution Association in the observation and the discrepancy process.

The final technical report is expected by June 2026 and the tariff decree in early 2027. Regarding the postponement of the VAD 2020-2024 settlement, the estimated impact is around USD 65 million.

The recovery mechanism was defined by the SEC in February 2026, but collection was postponed by 3 months. In this moment, our current planning assumption is collection from July 2026, while the Ministry of Energy is also evaluating alternative mechanisms, including potential debt factoring.

Okay. Thank you, Gianluca.

Now, another question from Javier. The other question from Javier, Simone, this is for you: can you give more details on the profitability of the BESS project in Chile in terms of IRR?

Yes. Thanks for the question.

Let me make a initial comment saying that Enel is developing new BESS following the strategic goal to balance our portfolio. We see this BESS project like an improvement of our portfolio and a way to have some energy shift that can result in a better match between the demand and the production curve.

Looking at the BESS project as a stand-alone project, what we can say is that we launch this kind of project only if the return is at least 300 basis points above our WACC, and also that we make also some stress tests trying to change the market condition to see the resilience of this kind of project also to some more stressed and critical scenarios.

Okay. Thank you, Simone.

Moving on, the other question is coming from Fernán González, this is also for you, Simone, from BTG Pactual. The question is: why did energy purchase costs in the generation segment increase so much if volumes were similar versus last year and spot prices were significantly below the first quarter 2025 levels, even in the non-solar hours?

Simone?

Okay. In such a ways we answer at the beginning indirectly to this question, cause this negative impact from adjustment from the past entered as sourcing cost, and so you are looking also at the impact of this negative adjustment.

Okay. Thank you, Simone.

Moving on, we're receiving a lot of questions. The next one is coming from Andrew McCarthy, another question from Andrew from LarrainVial: good morning, energy losses in the distribution segment continue to deteriorate during the first quarter 2026.

Can you comment on what is driving that, how you expect to evolve, and what can be done to reverse the trend? Gianluca?

Okay. Thank you for question.

Energy losses increased mainly due to tariff adjustments and some change in customer behavior, which have led to a rise in nontechnical losses such as the theft. In the first quarter, losses were also impacted by lower than expected demand and a more competitive market environment.

That said, our loss levels remain below the regional averages, and we have a clear plan to reverse the trend. We are strengthening our loss reduction strategy through this plan: so first of all, improved inspection targeting using better analytics; second, expansion of micro and macrometering, this is an action to help the microbalance; increased field action and controls, considering the better analysis that we will do; and finally, enhanced coordination with authorities to address illegal connection, that is one of the problem that we have.

Looking forward, we expect losses to gradually decline, targeting around 5.7% by 2028, supported by these operational and technological improvements, that is very important for us.

Okay. Thank you, Gianluca, for the question.

I'm checking here other questions. The other question is coming from Felipe Flores from Banchile City.

The question is: my question is related to the capital increase in distribution. Will this be subscribed by Enel fully using cash?

How does the company plan to finance it, or it's already covered? How much would take to recover the money?

Gianluca, if you can give some color on the capital increase?

Yes, of course. Okay.

The capital increase is intended to strengthen Enel Distribución financial position, and it's expected to be supported by controlling shareholders in line with its long-term commitment to the business. From a financial perspective, it will be covered through group-level financial resources, ensuring obviously efficiency and flexibility.

In terms of returns, this is not a short-term recovery investment. It supports the long-term sustainability of the business through improved financial structure, lower financial costs, and maybe it's very clear, the ability to execute the investment plan under regulatory framework.

This is the last question that I can add in this case. Okay.

Okay. Thank you, Gianluca.

I'm checking here, we're receiving another question. Some of them we have already talked about that is related the capital increase and also on the postponement on the VAD.

I'm continuing checking here. Another one was a question also, Gianluca, regarding the VAD 2020-2024, that potentially is going to be a new PEC, but Gianluca has already answered this, that is one of the proposals that could be done in order to have the payment on the VAD.

Let me just a second. We have other questions that is coming from Juan Felipe Becerra.

He asks, Simone, if you can give more details on the gas optimization contract on Shell. We have already included, but if you can check, also he has another question, huh?

Does this optimization imply lower contracted volumes or change in pricing terms with Shell? Regarding the three BESS projects highlighted in the presentation, can you provide more details on the expected timeline for each project to reach COD and enter in EGP capacity, Simone?

Let's start talking about the Shell agreement. This is an agreement that has the goal to optimize our portfolio.

As we have a very valuable portfolio of gas contracts. Part of the contracts is for GNL, part of this contract is for gas from Argentina.

What I want to stress is that the total amount of volume of gas that we can manage is higher of our needs, even stressing the needs of our power plant during a dry year. What we have done in this agreement is try to rebalance the amount of the GNL contract to make coherent our portfolio.

We did it in a very right moment in such a ways, we have also a positive impact on 2026 results. On the other side, talking about the BESS—

This is go to Gianluca.

Okay.

Regarding the three BESS, to complement the answer regarding the three BESS projects highlighted in the presentation, could you provide more detail on expected timeline. In this case—

The question, Gianluca, was regarding the BESS. What we're expecting the COD on the BESS side, no?

What Gianluca was saying that we're expecting it's included in our business plan that we have recently presented. Gianluca, if you want, now your mic is going back again.

Okay. During the 2025, we focused on engineering, permitting, and project preparation.

With the regulatory framework now in place, we are starting construction in 2026 and expecting the COD during the third and the fourth quarter of 2027. Our strategy also included additional BESS investment, like we presented in the last Capital Markets Day, in 2027 and 2028, reinforcing storage as a core pillar of our portfolio.

We will continue to closely monitor market conditions, maintain flexible approach, focus on profitability and value creation. This is our pillar in our optimization of our portfolio.

Thank you, Gianluca. Another question is coming from J.

Samaniego from Scotiabank, this is for you, Simone. Where do you see Enel Chile next avenues for growth, given that lower demand from unregulated customers?

He's mentioned about the termination of the regulated PPAs. How is Enel Chile positioning itself for long term, and can we expect the company to maintain the current earnings level for growth?

He's asking about our business plan.

Can you repeat me the first part of the question, please?

Yes. J.

is asking you: where do you see that Enel Chile is going, no? What are the strengths of our plan?

He's also mentioned that we have seen in the results, no, the reduction of the regulated PPAs, he's asking what we are seeing in the long term, no? We are seeing more unregulated customer coming on, new auctions, and how we are positioning ourselves in the long term.

Okay. Enel will confirm its strategy.

In this moment, clear, we see a reduction in the volumes of regulated contracts, but this is related in how the auction will arise in the market. What we have to stress is that we won the full last two two auction, also at a valuable price on the market.

We have a very good portfolio in term of price in the short term. Also, we can stress the fact that the price of our portfolio, the average price in the next 3 years, we will maintain the same value even if the price on the market is going down.

For the following year, we will keep on looking to a good mix among short-term opportunity and also long-term contract that can be new regulated auction, but also long-term contract with big customer.

Okay. Thank you, Simone.

We have a last question that is coming from Isabela from Bank of America. She's asking: what is the minimum cash position you are operationally comfortable with?

You currently have a cash position of around $454 million. Do you plan on using your credit lines this year, or will you refinance your short-term debt?

Thanks for the question. That our business has a strong seasonality, with some needs in terms of financing in the first and the second quarter, and then a higher cash production in the second half.

We have an internal model to define the comfortable minimal cash position to cover the net working capital needs, and then for the future financial needs, we plan to refinance using a long-term financing that in this moment is under negotiation. Okay.

Thank you, Simone. We do not have any more questions coming here from the chat.

Any other doubts that you may have, the Investor Relations team will be fully available to execute other calls and to go into more details. Thank you very much for connecting today.

Have a nice holiday. Thank you.