Enel Chile S.A.

Good day, ladies and gentlemen, and welcome to NL Chile's second quarter and first half 2026 results conference call. My name is Carmen, and I'll be your operator for today. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Please submit your written questions via the webcast chat. Please be advised that today's conference is being recorded. During this call, we may make statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include NL Chile S.A. current expectations, intentions, plans, beliefs, or projections. Forward-looking statements are based on management's current assumptions and expectations, do not guarantee future performance, and involve risks and uncertainties. Actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors. These factors are described in NL Chile's press release on its second quarter and first half 2026 results. In the presentation accompanying this conference call, NL Chile's annual report on Form 20F on the risk factors You may access our second quarter and first half 2026 results press release and presentation on our website www.nl.cl and our 20F on the SEC's website www.sec.gov. Readers are cautioned not to place under reliance on those forward-looking statements which speak only as of their dates. and El Chile undertake no obligation to update these forward-looking statements or to disclose any development as a result of which these forward-looking statements become inaccurate except as required by law. I would now like to turn the presentation over to Ms. Isabela Klemes, Head of Investor Relations of NL Chile. Please proceed.

Buenas tardes, good afternoon and welcome to NL Chile's 2026 second quarter and first half results presentation. Thank you for taking the time to join us today. My name is Isabela Klemes and I'm the head of investor relations. Joining me today are our CEO Gianluca Palumbo and our CFO Simone Conticelli. Our presentation and related financial information are available on our website. www.nl.cl in the investor section as well through our investor app. In addition, a replay of the call will soon be available. At the end of this presentation, there will be an opportunity to ask questions via webcast chat through ask a question link. Media participants are connected in listening mode. Gianluca will begin by covering the key highlights of the period. Our portfolio management actions and recent regulatory developments Simone will then provide an overview of our business economic and financial performance Thank you for your attention and I will now hand the call over to Gianluca

Thank you Isabella, good afternoon everyone, and thank you for joining us today. Let me start with the main highlights of the period. First, let me turn to portfolio management. During the first half of 2026, hydro generation was lower than last year, reflecting weaker rainfall conditions across the system, despite a strong El Niño expectation. This impact was partially offset by higher renewable generation, availability of Argentina Gas and active portfolio optimization initiatives, helping us maintain operational flexibility and support our supply commitments. Looking at our medium-term strategy, we continue to advance our portfolio diversification initiatives. Construction of our battery energy storage projects remains on track, with approximately 0.5 gigawatts currently under construction. In addition, we signed a new renewable PPA buy that will provide greater flexibility to our supply portfolio, strengthen diversification and support long-term value creation. Let's now move to the country and regulatory context. During the quarter, the Electricity Tariff Protection Bill was approved by both the Chamber of Deputies and the Senate. The bill includes A securitization mechanism to address the VAD 2020-2024 tariff settlement process, providing greater visibility on the recovery of regulatory receivables. At the same time, the proposal extends the VAD 2024-2028 regulatory period through 2030, aiming to prevent delays in upcoming tariff review cycles. In addition, the initiative established a dedicated framework to plan investments aimed at enhancing the quality of service for customers by strengthening network resilience. This is an increasingly relevant topic considering the challenges faced by the electricity system in the recent years. Finally, let me turn to business performance. Despite a more challenging operating environment in the quarter, our first-half results remained resilient, supported by active portfolio management and diversification initiatives. We also maintained a sound liquidity position, allowing us to support our CapEx plan while providing financial flexibility. In the next slide, we will go deeper into each of these areas and provide further details on the key drivers behind these results. Throughout the presentation, we will discuss each of these topics in greater detail and explain the main drivers behind our operation and financial performance. Let's now move to slide four. where I will provide more detail on our sourcing strategy, hydrological conditions and the progress of our battery energy storage projects. Let me begin with our hydro generation. Hydrogeneration during the first half was below last year level as shown on the left hand side of the slide. This was due to poor rainfall recorded year-to-date, even though observations from specialized entities indicate that Pacific Ocean conditions have transitioned into aniline conditions and are continuing to intensify. For 2026, our hydro-generation outlook remains at around 10.7 TWh, reflecting an expected recovery in the second half of the year. Over the past few weeks, we have seen a significant improvement in hydrological conditions, together with encouraging snow accumulation levels. As a result, we are increasingly confident that our hydro generation target is achievable. Moving now to gas and thermal activities. In thermal generation, we continue to optimize our fuel management strategy, adapting our sourcing and generation portfolio to evolving system conditions. As a result, thermal generation increased by 5% year over year, reaching 3.6 TWh during the first half of 2026. As you already know, we secured an Argentina firm gas supply agreement covering fixed volumes from January 2026 through April 2027, strengthening fuel availability during the period. During the first half of the year, Lower hydro-reliability and safety operational requirements across the power system increased the need for Thelma generation. To support system reliability, security of supply and cost efficiency, we also secured additional short-term LNG volumes for the second half of 2026. In parallel, we will continue to advance our LNG portfolio optimization strategy for the strengthening flexibility across our sourcing portfolio.