Enel Chile S.A.

Good morning ladies and gentlemen and welcome to NL Chile's third quarter and nine months 2026 results conference call. My name is Victor and I'll be your operator for today. During this conference 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 MLChile S.A.'s 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. and the forward-looking statements as a result of various factors. These factors are described in Enochita's press release on its third quarter and nine months 2026 results. In the presentation accompanying this conference call and Enochita's annual report on Form 20F under risk factors. You may access our third quarter and nine months 2026 results, press release and presentation on our website www.no.cl and our 20F on the SEC's website www.sec.gov. Readers are cautioned to not place undue reliance on those forward-looking statements, which speak only as of their dates. NO Chile undertakes 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 will now turn the presentation over to Mrs. Isabela Klemes, Head of Investor Relations of NO Chile. Please proceed.

Buenos dias, good morning, and welcome to NL Chile's third quarter and nine months 2026 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. In addition, a replay of the call will soon be available. At the end of the presentation, there will be an opportunity to ask questions through the webcast chat using the Ask a Question link. 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 morning everyone and thank you for your joining us today. Let me start with the main highlights of the period. First, let me turn to portfolio management. During the third quarter, hydrological conditions improved significantly, especially in August and September, following exceptionally dry hydrological conditions through July. Strong rainfall supported hydro production, while non-conventional renewable generation also increased compared to last year. Turning to our medium-term strategy, our battery energy storage project Remain on track with approximately 0.6 gigawatts under construction. In August, we started construction of the 100 megawatt Finisterra batteries project, the fourth grid-forming base of our portfolio. Additionally, last week we performed the first synchronization of the La Salinas base. Let's now move to country and regulatory context. The national reconstruction law was enacted, supporting national investment conditions through tax incentives and economic reactivation. In addition, the electricity grid reform is under discussion, with working groups ongoing between the authority and the industry. The government is expected to submit a bill to Congress in March 2027. We see this as an opportunity for a structural reform of a distribution framework that, once defined, could address the need arising from electrification, digitalization, and grid resilience, and especially enable new long-term investments. Finally, let me turn to business performance. Our nine-month results remain resilient with EBITDA and net income above the prior year. Our FFO increased by 25% compared to the same period last year. We also maintained a sound liquidity position, which allowed us to execute our CAPEX plan while maintaining financial flexibility. In the next slides, we will go deeper into each of these areas and the key drivers behind these results. Let's now move to slide 4 for a closer look at our hydrological conditions and hydro generation. As shown on this slide, hydrological conditions improved significantly in August and September after a prolonged period of severe dryness After taking close to historically dry conditions through July, hydrology improved markedly from August onward. Cumulative rainfall in Maule and Biobio basins is now above historical averages and well above the dry historical scenario mainly due to a strong El Niño event. In fact, regarding our reservoir levers, proactive reservoir management allowed us to manage stronger inflows responsibly, avoid extreme weather discharge, and protect downstream communities. This is an important example of how operational discipline and responsible weather management work together. As a result of this strong rainfall improvement, hydro generation increased 88% from 2.1 TWh in the second quarter to 3.9 TWh in the third quarter. Nine-month hydro production reached 8.2 TWh 3% above last year, offsetting the weaker hydrology early in the year. At this point, it is worth noting that reservoir levers recovered significantly during the third quarter of this year. In fact, our Rasco and Pange power plants are currently operating at 100% capacity in the Biobio region. Finally, regarding the upcoming melting season, images of the Maule and Laja basins show an important recovery in snow accumulation during the third quarter. According to the latest forecasts from the National Electricity Coordinator, The outlook represents a 43% probability of exceeding scenario for the 2026-2027 snow melt season, which is broadly consistent with average hydrological conditions. Currently, we are also complementing conventional monitoring with sensors and artificial intelligence to improve visibility on snow levels and other availability. And now let's move to slide five, where we will review the progress of our strategic projects in the generation business. Our best projects demonstrate how we are enhancing the value of our renewable portfolio through disciplined investments in advanced storage solutions and grid support technologies. I will explain now how. We currently have four BEST projects under construction, representing approximately 0.6 GW of storage capacity. La Salinas, a 206 MW BEST project integrated with a hybrid wind and solar facility, recently achieved its first synchronization to the national grid. Valle del Sol, which will add 153 MW of storage capacity to its existing solar plant, Azapache, which will incorporate a 94 MW-based project into its hybrid wind and solar platform, and finally Finisterrai, our most recently launched project, which will add 100 MW of storage capacity to its existing solar facility. This project goes beyond adding storage capacity. By incorporating grid forming technology, they bring capabilities that will play an increasingly important role in enabling a more flexible, resilient and reliable over Chilean power system. Notably, La Salinas will be the first grid-forming base in the country, a milestone for Chile's energy transition. Importantly, these projects were designed with grid-forming capabilities ahead of the new requirements introduced this year. In simple terms, grid-forming technology allows a battery system not only Thank you very much. Thank you. helping the system better manage disturbances and recover more quickly. As Chile continues to increase its share of renewable generation, technology such as grid forming will play an increasingly important role in ensuring a secure and reliable power system. Las Salinas, Valladolid and Azapache are expecting to begin commercial operations during 2027 while Finisterra is expected to enter operation in 2028. So, these investments increase portfolio flexibility, reinforce security of supply and support our long-term value creation objectives. Now, let us move to slide 6 to review our generation mix and energy balance.