Enel Chile S.A. American Depositary Shares Representing Common Stock (Each representing 50 shares of Common Stock) 2026 Q3 Earnings Call

Please proceed. Buenos días. Good morning, and welcome to Enel Chile's third quarter and 9 months 2026 results presentation.

Thank you for taking the time to join us today. My name is Isabela Klemes, and I am 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 the investor section, as well through our investor app. 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 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 projects remain on track, with approximately 0.6 gigawatts under construction. in August, we started construction of the 100-megawatt Finis Terrae BESS, the fourth grid-forming BESS of our portfolio. Additionally, last week, we performed the first synchronization of the Las Salinas BESS. 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 the 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 allow us to execute our CapEx plan while maintain financial flexibility. In the next slide, 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 through July, supporting a positive start to the 2026-2027 hydrological year. After tracking close to historically dry conditions through July, hydrology improved markedly from August onward. Cumulative rainfall in Maule and Biobío basins is now above historical average and well above the driest historical scenario, mainly due to a strong El Niño event. In fact, regarding our reservoir levels, proactive reservoir management allowed us to manage stronger inflows responsibly, avoid extreme water discharge, and protect downstream communities. This is an important example of how operational discipline and responsible water management work together.

As a result of this strong rainfall improvement, hydro generation increased 88% from 2.1 terawatt hours in Q2 to 3.9 terawatt hours in Q3. Nine-month hydro production reached 8.2 terawatt hours, 3% above last year, offsetting the weaker hydrology early in the year. At this point, it is worth noting that reservoir levels recovered significantly during Q3 of this year. In fact, our Ralco and Pangue power plants are currently operating at 100% capacity in the Biobío region. Finally, regarding the upcoming melting season, images of the Maule and Laja basins show an important recovery in snow accumulation during Q3. According to the latest forecast from the National Electricity Coordinator, the outlook represents a 43% probability of exceeding the 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 water availability. Now let's move to slide 5, where we will review the progress of our strategic projects in the generation business. Our BESS 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 BESS projects under construction, representing approximately 0.6 gigawatts of storage capacity. Las Salinas, a 206 megawatt BESS 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 megawatts of storage capacity to its existing solar plant. Azabache, which will incorporate a 94 megawatt BESS project into its hybrid wind and solar platform.

Finally, Finis Terrae, our most recently launched project, which will add 100 megawatts of storage capacity to its existing solar facility. These projects go 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 Chilean power system. Notably, Las Salinas will be the first grid-forming BESS 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 to follow the grid, but also to actively support it and keep it stable. By helping maintain voltage and frequency, it can provide the same kind of stability traditionally provided by conventional power plants.

This brings greater flexibility, enabling the integration of more renewable energy and greater resilience, 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, Valle del Sol, and Azabache are expected to begin commercial operation during 2027, while Finis Terrae is expected to enter operation in 2028. 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. Let me now turn to our generation mix.

As shown in the charts on the left, our net electricity production increased during the first nine months of 2026, driven by improved hydrological conditions and a stronger renewable generation mix, which contributed to a stronger energy balance. Hydro generation reached 3.9 terawatt hours in the quarter, increasing by 1.3 terawatt hours compared with the same period in 2025, offsetting the weaker hydrological conditions experienced through mid-year. The change in thermal output reflects the flexibility of our integrated portfolio, enabling us to optimize our generation mix while supporting system stability requirements and efficiently adapting to changing market conditions. In this context, we would like to highlight the inertia provided by thermal plants, which is essential for system stability and has proven to be very necessary for the system this year. However, this service is currently provided without economic recognition.

We expect authorities to promptly recognize this new operating reality and establish price signals through services aimed at enhancing system reliability and flexibility. Moving now to our energy balance. Physical sales remained broadly stable, totaling 22.3 terawatt-hours during the first nine months of 2026, in line with the 22.7 terawatt-hours recorded in the same period last year. Our diversified sourcing portfolio enabled us to fully capture the benefit of improved hydrology while maintaining a solid commercial position across both regulated and free market customers. This difference compared to the previous year was driven by a decrease in free market sales, partially reflecting lower demand, mainly from mining customers, among others. On our portfolio mix. Portfolio flexibility continues to be one of our key competitive advantages.