Enel Chile S.A. Q3 FY2025 earnings call

• Portfolio Management: Thermal generation fleet performance offset lower hydrological conditions, and gas optimization activities supported margin. - Distribution: Implemented winter plan to strengthen grid resilience, including deploying emergency crews, vegetation management, and telecontrol units; supported vulnerable customers. - Regulatory Context: VAD 2024-2028 had key milestones with consultant and preliminary regulatory reports; PAD decree settlement expected in 2026; BESS remuneration resolution in August 2025. - Financial Performance: EBITDA for 9 months remained flat compared to 2024; net income decreased by 21% due to higher depreciation, etc.; FFO improved by $248M compared to 2024; CapEx totaled $245M with allocations to grids, thermal, and renewables/storage.

Generation: In 2025, hydro production was in line with the strategic plan despite a dry year, with thermal production increased using the flexible thermal fleet and strong gas supply, contributing to a $74M margin in the first 9 months. Gas margin in the first 9 months was $27M. Distribution: Successfully implemented a comprehensive winter plan, deploying 376 emergency crews, over 115,000 tree trimming actions, installing new telecontrol units, and supporting over 3,000 vulnerable customers, leading to improved grid performance and service continuity.

• Hydrology guidance for 2025 remains unchanged. - Anticipates significant regulatory updates in coming months to clarify tariffs and market mechanisms, which will refine long-term strategy. - Implementing proactive initiatives to address portfolio dynamics and climate challenges, including strengthening generation and distribution, improving risk management, and enhancing response to extreme weather events.

• Regulatory uncertainties regarding tariffs and market mechanisms that could impact long-term strategy. - Market uncertainties affecting financial results and investment decisions. - Climate challenges posing risks to generation and distribution business operations and service continuity.

Q: What is the amount that Enel Chile must return to customers due to the miscalculation of the CNE included in the first half 2026 PNP report?

A: The CNE changed the formula for PNP calculation, and Enel calculated the impact to be between $40 million and $45 million, with customers impacted by a small amount.

Q: What is the amount on to Enel's distribution Chile in connection to the VAD 2000, 2025?

A: The amount is around $50 million to $55 million, with cashback potentially starting mid-2026 but could be faster.

Q: Could you please explain about your strategy regarding LNG and Argentina gas firm or interruptible? For the year 2026, how many ships do you plan to buy?

A: Have a long-term LNG contract with over 32 teraBtu per year; negotiating Argentinian gas contracts, but details not finalized.

Q: Regarding CapEx for generation, could you please give us an update for 2025?

A: Followed CapEx plan with a delay in BESS project due to regulatory changes, total generation CapEx around $150M to $160M, with at least $50M in BESS.

Q: On distribution, could you outline the measures being taken to address the increasing energy losses?

A: Recovering losses more than expected, launching flexible payment plans, localizing loss origins, and working with regulator to contain the phenomenon.

Q: Is the company Enel Chile confirm its latest guidance?

A: Yes, despite tough hydrological year, maintained production using flexibility and gas contracts, confirming results.

Q: Could you explain the dynamics of FFO during the 9 months of this year? And your expectation by the year-end?

A: FFO higher in first 9 months due to PEC receivable recovery, expects improvement in last quarter with efficient net working capital management.

Q: I saw that BESS Las Salinas, 200 megawatts and BESS Acebache, 58 megawatts were declared under construction at the CNE. These projects involve additional solar capacity or just the energy storage?

A: These are hybrid projects with BESS in solar power plants in the North, not increasing solar capacity but equalizing solar projects.

Q: If I'm not mistaken, you had a target of -- for 2025 of $500 million for expansion projects, mainly relating to batteries to storage. How has that changed by now, given that you are expecting a resolution on ancillary services before moving forward? And was the resolution in line with your expectations? Do you think we will be enough to unlock high investment in storage?

A: BESS projects launched during second half, COD in 2026 and 2027; August regulation allowing BESS in service market is good news, helping make BESS profitable and stabilize system.

Q: Do you have any news for unregulated PPA contracts?

A: No news related to unregulated PPA contracts at this moment.