Enel Chile SA (ENIC) 2024 Q4 法說會逐字稿

Good morning ladies and gentlemen, and welcome to Enel Chile full year and fourth quarter 2024 results conference call. My name is Carmen and I'll be your operator for today. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Enel Chile 2024 年全年及第四季度業績電話會議。我叫卡門，今天我將擔任您的接線生。（操作員指示）

During this conference call, we may make statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995. Such forward-looking statements reflect only our current expectations, are not guarantees of 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.

在本次電話會議中，我們可能會做出構成 1995 年《私人證券訴訟改革法案》所定義前瞻性的陳述。此類前瞻性陳述僅反映我們目前的預期，並不保證未來的表現，並涉及風險和不確定性。由於各種因素，實際結果可能與前瞻性陳述中預期的結果有重大差異。

These factors are described in the Chile's press release and reporting its full year and fourth quarter 2024 results. The presentation accompanying this conference call and Enel Chile's annual report on Form 20 included on their risk factors. You may access our full year and fourth quarter 2024 results press release and presentation on our website at www.enel.cl and our 20F on the SEC's website www.SEC.gov.

這些因素在智利的新聞稿和2024年全年及第四季業績報告中均有描述。本次電話會議的簡報和 Enel Chile 的 20 號表格年度報告都包含了其風險因素。您可以在我們的網站 www.enel.cl 上訪問我們的 2024 年全年和第四季度業績新聞稿和演示文稿，也可以在美國證券交易委員會 (SEC) 網站 www.SEC.gov 上訪問我們的 20F。

Readers are cautioned not to place undue reliance on those forward-looking statements which speak only as of their dates, and Chile undertakes no obligation to update these forward-looking statements or to disclose any development as a result of which these forward-looking statements becomes inaccurate except as required by law.

請讀者不要過度依賴這些前瞻性陳述，因為這些陳述僅代表其當日的觀點，除非法律要求，否則智利不承擔更新這些前瞻性陳述或披露導致這些前瞻性陳述變得不准確的任何事態發展的義務。

I would now like to turn the presentation over to Miss Isabela Klemes, head of investor relations of Enel Chile. Please proceed.

現在，我想將演講交給 Enel Chile 投資者關係主管 Isabela Klemes 女士。請繼續。

Wendy, good morning and welcome to Enel Chile 2024 fourth quarter and full year results presentation. Thanks to you all for joining us today. My name is Isabela Klemes. I am the head of investor relations team. Joining me today our CEO Giuseppe Turchiarelli and our CFO Simone Conticelli. Our presentation and related financial information are available on our website www.enel.cl in the investors section and on our app investors. In addition, a replay of the call will be soon available. At the end of this presentation, there will be an opportunity to ask questions via phone or request chat through the link, ask a question.

溫迪，早安，歡迎參加 Enel Chile 2024 年第四季和全年業績報告。感謝大家今天的參與。我的名字是 Isabela Klemes。我是投資人關係團隊的負責人。今天加入我的是我們的執行長朱塞佩·圖基亞雷利 (Giuseppe Turchiarelli) 和財務長西蒙·康蒂切利 (Simone Conticelli)。我們的介紹和相關財務資訊可在我們的網站 www.enel.cl 的投資者部分和我們的應用程式投資者上找到。此外，此次通話的重播也將很快提供。在本演示結束時，將有機會透過電話提問或透過連結請求聊天，提出問題。

Media participants are connected only in listening modes. Giuseppe will start the presentation by covering key highlights of the period. He will then discuss our portfolio management actions, provide updates on regulatory contests, and share our guidance achievements. Following that, Simon will offer an overview of our business economics and financial performance.

媒體參與者僅在聆聽模式下連線。朱塞佩將在演講開始時介紹這段時期的主要亮點。然後，他將討論我們的投資組合管理行動，提供監管競賽的最新進展，並分享我們的指導成果。隨後，西蒙將概述我們的業務經濟和財務表現。

Thank you for our attention. Giuseppe will now take over the call.

謝謝您的關注。朱塞佩現在將接聽電話。

Thank you, Isabella. Good morning and thanks for joining us.

謝謝你，伊莎貝拉。早安，感謝您加入我們。

Let's start the presentation with our main highlights of the period on slide two. Our hydro portfolio performed exceptionally well with hydrogeneration increasing by 12% compared to last year. This performance was a result of a higher reservoir level at the beginning of the year, influenced by El Nino phenomenon observed in 2023 and a solid rainy season during 2024.

讓我們從第二張幻燈片上這段時期的主要亮點開始演示。我們的水力發電組合表現非常出色，加氫量與去年相比增加了 12%。這一表現是由於年初水庫水位較高，受到 2023 年厄爾尼諾現象和 2024 年雨季的影響。

Also on Hydro. We are pleased to announce that the Los Condores hydro power project has finally been connected to the system. The plane is already in full capacity mode generation. All the tests were concluded and we are now expecting to receive the COD in the next weeks. As we reviewed last quarter, the first major climatic event on August severely impacted our distribution concession area. In this presentation, I would like to provide you with some updates on the additional measures we have been taken to prepare for the future climate events, while we do not see changes in distribution regulations.

也使用 Hydro。我們很高興地宣布，洛斯孔多雷斯水力發電計畫終於併網發電了。飛機已經處於滿載模式發電。所有測試均已結束，我們預計將在接下來的幾週內收到 COD。正如我們上個季度回顧的那樣，八月的第一次重大氣候事件嚴重影響了我們的分銷特許區域。在本次演講中，我想向大家介紹我們為應對未來氣候事件而採取的額外措施的最新情況，同時我們沒有看到分銷法規的變化。

Regarding the August event, I would like to emphasize that distribution was the first distribution company to request and agree on a voluntary compensation plan for its clients impacted by the fourth major events in August. Also, I will give you more color on how we are in terms of BAD 2024, 2028 process. And the pack situation considering the publication of PMP.

關於八月事件，我想強調的是，分銷公司是第一家向受八月第四次重大事件影響的客戶提出並同意自願補償計劃的分銷公司。此外，我將向您詳細介紹我們在 BAD 2024、2028 流程的進展。以及考慮到PMP發布的打包情況。

It is the regulated consumer target during January this year. Regarding the business profitability, I'd like to remind you that we changed the company functional currency during the fourth quarter. This led to a no cash impact of $657 million at the EBITDA level. As we have emphasized before, this will not affect the dividend distribution for our shareholders. Throughout the presentation, we will discuss adjusted EBITDA and excluding this impact. Taking the adjustment, I'm pleased to announce that our adjusted EBITDA and net income results were fully in line with the 2024 guidance, reaffirming the confidence in our strategic plan.

這是今年1月調控的消費目標。關於業務獲利能力，我想提醒您，我們在第四季度更改了公司功能貨幣。這導致 EBITDA 水準沒有產生 6.57 億美元的現金影響。正如我們之前強調的，這不會影響我們股東的股利分配。在整個演示過程中，我們將討論調整後的 EBITDA 並排除此影響。經過調整，我很高興地宣布，我們的調整後 EBITDA 和淨收入結果完全符合 2024 年指引，這再次堅定了我們對戰略計劃的信心。

In terms of FFO, we see an important improvement versus last year coming mainly from our EBITDA and the factory executed in the fourth quarter. I will provide more detail on this later. Now, let's review some updates regarding our generation sourcing, beginning with the hydro and natural gas situation as outlined on slide 3. The positive hydrological condition during 2023, which led to a greater water availability from the beginning of 2024, coupled with the higher-than-expected rainfall record in 2024 allowed us to increase our hydro production.

就 FFO 而言，我們看到與去年相比有顯著改善，主要得益於我們的 EBITDA 和第四季度的工廠運作。我稍後會提供更多細節。現在，讓我們回顧一下有關發電來源的一些最新情況，首先介紹幻燈片 3 中概述的水力和天然氣情況。2023 年的水文條件良好，從 2024 年初開始水資源供應增加，再加上 2024 年的降雨量高於預期，使我們能夠增加水力發電量。

This resulted in a 12% increase compared to the 2023 period, equivalent to 1.5 terawatt hour of additional hydrogeneration. The hydrological situation in our reservoir continues to be comfortable here today compared to the last year figures. Despite experiencing a La Nina phenomenon. However, for the year, we have chosen to adopt a conservative strategy and set our hydro condition target for our hydro fleet close to the average of the last 10 years, equivalent to 10.7 terawatt hour.

與 2023 年相比增加了 12%，相當於額外增加 1.5 太瓦時的加氫量。與去年同期相比，我們水庫的水文狀況依然良好。儘管經歷了拉尼娜現象。然而，今年我們選擇採取保守策略，將水電廠的水力發電狀況目標設定為接近過去 10 年的平均水平，相當於 10.7 太瓦時。

To strengthen and diversify our portfolio, we have strategically secured contract with a variety of Argentinian natural gas providers for 2025. Unlike previous years, this agreement covered the entire year, not just the winter and summer period. This approach enhance visibility of both prices and quantities, providing us with a more stable and predictable supply for the year. Furthermore, while Argentinian gas remains highly competitive, our strategy continues to be anchored to our long term and firm LNG contract with Shell.

為了加強和多樣化我們的產品組合，我們已與多家阿根廷天然氣供應商簽訂了 2025 年戰略合約。與往年不同的是，此次協議涵蓋全年，而不僅僅是冬季和夏季。這種方法提高了價格和數量的可見性，為我們提供了全年更穩定和可預測的供應。此外，儘管阿根廷天然氣仍然具有很強的競爭力，但我們的策略仍然以與殼牌簽訂的長期且穩定的液化天然氣合約為基礎。

This dual sourcing strategy ensure the security of our required volumes and offer the flexibility to explore trading opportunities in both internal and external market. This proactive measure position as strongly to navigate market and climate fluctuation and capitalize on op opportunity. Let's continue discussing our generation sourcing with a focus on the development of our portfolio on generation assets now on slide 5.

這種雙重採購策略確保了我們所需數量的安全，並提供了探索內部和外部市場貿易機會的靈活性。這項積極措施對於應對市場和氣候波動以及抓住營運機會具有重要意義。讓我們繼續討論我們的發電採購，重點討論第 5 張投影片上的發電資產組合的開發。

I would like to start emphasizing that in 2024 we successfully completed the expansion of our renewable portfolio across the country. Increasing our exposure to battery energy storage. This milestone represents a crucial step in our strategy to diversify and make our portfolio more flexible. Our ongoing efforts to advance battery regulation for ancillary services are vital for boosting market competitiveness and reducing system costs.

我想首先強調的是，2024 年我們成功完成了全國再生能源組合的擴展。增加我們對電池儲能的接觸。這一里程碑代表著我們實現投資組合多元化和更靈活的策略邁出了關鍵一步。我們持續努力推進輔助服務的電池監管，對於提高市場競爭力和降低系統成本至關重要。

In 2024, we received authorization from the National Electricity coordinator to begin commercial operation of a total of 693 megawatts. These include 385 megawatts of solar, 202 megawatts of battery storage, and 106 megabits of wind capacity. Additionally, we successfully connected 404 megawatts of renewable capacity in 2024, bringing our total capacity to 8.9 gigabytes. Today, almost 80% of our total capacity is renewable and gas.

2024年，我們獲得國家電力協調員的授權，開始總計693兆瓦的商業運作。其中包括 385 兆瓦的太陽能、202 兆瓦的電池儲存和 106 兆位元的風能容量。此外，我們在 2024 年成功連接了 404 兆瓦的再生能源容量，使我們的總容量達到 8.9 千兆位元組。如今，我們總發電量的近 80% 來自再生能源和天然氣。

As anticipated in the fourth quarter, we connected Los Condores hydropower plant into the grid. The plant is already operating in a testing mode until we receive approval for the combination to commence commercial operation. The good news is that we are generating at high levels to date, we have received approval for the 11-testing procedure requested by the assistant coordinator and have sent a letter formally requesting approval for commercial operation last week.

正如第四季度預期的那樣，我們將洛斯孔多雷斯水力發電廠併入電網。該工廠目前處於測試模式運行，等待我們獲得批准開始商業運營。好消息是，到目前為止，我們的發電量一直很高，我們已經獲得了助理協調員要求的 11 項測試程序的批准，並在上周正式發出了一封信，請求批准商業運營。

Therefore, it is reasonable to anticipate authorization by March this year. Now, on the next slide, we will review the performance of our generation KPI. Net electricity generation total 24.6 terawatt hours as of December 2024, exceeding by 2% of the production during 2023. Mainly due to higher hydro renewable generation, resulting from the improved hydrology this year and the operation of a new project. During the fourth quarter of 2024, next generation decreased 8% to 6.1 terawatt hours, mainly due to lower thermal dispatch during the fourth quarter of 2024, lower other renewable production, and slightly better hydrology recording during 2023.

因此，預計今年三月前獲得授權是合理的。現在，在下一張投影片中，我們將回顧我們這一代 KPI 的表現。截至 2024 年 12 月，淨發電量總計 24.6 太瓦時，比 2023 年的發電量高出 2%。主要是由於今年水文狀況改善和新項目的投入運營，導致水力再生能源發電量增加。2024 年第四季度，下一代發電量下降 8% 至 6.1 太瓦時，主要原因是 2024 年第四季熱能調度減少、其他再生能源生產減少以及 2023 年水文記錄略有改善。

Our energy s total 33.4 terawatt hour during 2024 8% higher than the level recorded in the previous year, resulting from higher sales to both regulated customer and free clients. Our commitments with our clients were fulfilled with a higher portion of our renewable generation, coupled with the inefficient portfolio of purchases for third parties. Regarding the latter, in terms of our balance during 2024, we increased our purchases from third parties by 2.3 terawatt hours as part of our continuing efforts to diversify and optimize our energy sourcing. During the fourth quarter of 2024, physical energy sales grew by 6% to 8.1 terawatt hour, mainly due to higher sales to regulated customers. Now, I would like to take a few minutes to talk about the extraordinary weather events of last August.

2024 年，我們的能源總量將達到 33.4 太瓦時，比上一年的水平高出 8%，這是由於對受監管客戶和自由客戶的銷售額都有所增加。我們透過增加再生能源發電的比例以及低效率的第三方採購組合來履行對客戶的承諾。關於後者，就我們 2024 年的平衡而言，作為我們持續努力實現能源採購多樣化和優化的一部分，我們從第三方的採購量增加了 2.3 太瓦時。2024 年第四季度，實體能源銷售額成長 6%，達到 8.1 太瓦時，主要原因是對受監管客戶的銷售額增加。現在，我想花幾分鐘談談去年八月的異常天氣事件。

I would like to provide updates on the extreme weather events that impacted our concessionary in August 2024 and discuss our preparation for future events. Just to recall, on August 1st and 2nd, an extraordinary and unpredictable storm with winds of up to 124 kilometers per hour impacted the metropolitan region, causing extensive damages. This storm severely affected our electricity distribution network, resulting in widespread power outages and making system restoration extremely challenging.

我想提供有關 2024 年 8 月影響我們特許經營權的極端天氣事件的最新情況，並討論我們對未來事件的準備。回想一下，8 月 1 日和 2 日，一場異常且難以預測的風暴襲擊了大都會區，風速高達每小時 124 公里，造成了巨大的破壞。這場風暴嚴重影響了我們的配電網絡，導致大面積停電，使系統恢復極具挑戰性。

We request the local regulator to declare the August 2024 storm as the first major event, but it was rejected. In response, we filed a reclamation remedy with the Santiago Court of Appeal to overturn the superintendent of the combust decision. On September 30, 2024, the Santiago Court of Appeals accepted our reclamation remedy, requiring the sect to provide substantial information about our claims. As anticipated on November 2024. The second rate the report recommended rejecting our claim.

我們要求當地監管機構將2024年8月的風暴宣佈為第一個重大事件，但遭到拒絕。作為回應，我們向聖地牙哥上訴法院提起了索賠訴訟，以推翻焚燒決定的主管。2024 年 9 月 30 日，聖地牙哥上訴法院接受了我們的索回補救措施，要求該教派提供有關我們索賠的大量資訊。預計2024年11月實現。第二，報告建議拒絕我們的索賠。

We are now awaiting the court file resolution, which remains pending, and we stand confident in our position still related to the event in August. Last January, the imposed a $20 million fine on Enel Distribution. This fine is the largest ever imposed on electricity provider in Chile for service interruption, among other issues identified by the any distribution booked 100% in December 2024 of the fine but filed an administration. Remedy reiterating that August climate event was an unforeseen and resistible force measure under Chile's current legal and regulatory framework. We are awaiting the se formal response to our appeal.

我們目前正在等待法院的文件決議，該決議仍懸而未決，但我們對與八月事件相關的立場仍然充滿信心。去年 1 月，歐盟對 Enel Distribution 處以 2,000 萬美元的罰款。這是智利電力供應商因服務中斷而被處以的最高罰款，除其他問題外，任何配電公司均在 2024 年 12 月記入 100% 的罰款，但提交了管理。雷梅迪重申，8月的氣候事件是智利現行法律和監管框架下無法預見且可抵抗的強制性措施。我們正在等待對我們上訴的正式答覆。

On February 4, 2025, distribution, as part of a voluntary collective procedure, became the first distribution company in Chile to reach a voluntary agreement with the National Consumer Services. To establish an extraordinary compensation mechanism for redemption customer affected by the prolonged power outages in the agreement Include a total voluntary agreement of approximately $80 million benefiting around 800,000 customers.

2025年2月4日，作為自願集體程序的一部分，分銷成為智利第一家與國家消費者服務局達成自願協議的分銷公司。為協議中受長時間停電影響的贖回客戶建立特別補償機制，其中包括總額約8000萬美元的自願協議，惠及約80萬客戶。

This amount is divided into: First compensation of interruption. Second, compensation for claims and Compensation for the loss of food, medicine, and similar items. This agreement is separated from the legal compensation that are pending the resolution of the first major. An aggravated abnormal state of reclamation remedies. The impact of this voluntary agreement program was also recorded in our 2024 financial results. Simone, we'll show you later. Despite several re regulatory and legal discussions surrounding the August event.

金額分為：第一次中斷補償。第二、索賠賠償和對食品、藥品、及類似物品的損失的賠償。本協議與有待第一大案解決的法律賠償無關。開墾補救措施的加劇異常狀態。這項自願協議計畫的影響也記錄在我們 2024 年的財務表現中。西蒙娜，我們稍後會告訴你。儘管圍繞八月事件進行了多次監管和法律討論。

We have introduced many initiatives to improve the response of all our parties involved in the future climate events. We believe that climate changes will make such events always more frequent. Therefore, it is essential for all parties to act promptly and effectively to ensure the proper functioning of the networks. Let me provide you with some examples. We agreed on operational emergency guidelines with the municipality to better coordinate with our operational teams during climate events. We signed a collaboration agreement with the electro dependent group to ensure the cap for medical devices and to provide training on the correct use of the keep.

我們已經採取了許多措施來改善所有參與者對未來氣候事件的應對。我們相信氣候變遷將使此類事件更加頻繁。因此，各方必須迅速有效地採取行動，確保網路正常運作。讓我舉一些例子給你聽。我們與市政府就緊急行動指南達成一致，以便在氣候事件期間更好地與我們的行動團隊協調。我們與電子依賴集團簽署了合作協議，以確保醫療器材的上限，並提供有關正確使用上限的培訓。

We accelerate the rollout of the smart meter program for electro-dependent clients, and we conducted through preventive aerial inspection of the grid in preparation for the upcoming winter, particularly to identify any potential additional damage from the August events and to address any further needs for preventive trimming. Part of this action were already included and presented as part of distribution 2025 autumn winter season plan, which was submitted to the SEC on February 19, 2025. In the distribution sector we remain committed to promoting reform and modernizing the regulatory framework to enhance. As the Brazilian this effort will enable us to optimize the value of our distribution network, fully meet our clients' needs, and ensure long-term sustainability.

我們加快了對依賴電力的客戶推出智慧電錶計劃的步伐，並對電網進行了預防性空中檢查，為即將到來的冬季做準備，特別是為了確定八月事件可能造成的任何額外損害，並解決任何進一步的預防性修整需求。該行動的部分內容已納入並作為2025年秋冬季發行計畫的一部分，該計畫已於2025年2月19日提交給SEC。在分銷領域，我們將繼續致力於推動改革和監管框架的現代化。作為巴西公司，這項努力將使我們能夠優化分銷網絡的價值，充分滿足客戶的需求，並確保長期的可持續性。

Talking about regulation, let's take a look at the main update on the next slide. A supportive regulatory framework is crucial for attracting investment necessary for the energy transition and providing resilience against increasingly extreme a frequent event to climate change. Therefore, we continue to advocate for a new model based on real assets that addresses factors such as proper remuneration rates and incentive mechanisms for resilience, quality and performance improvement.

談到監管，讓我們來看看下一張投影片的主要更新。支持性監管框架對於吸引能源轉型所需的投資以及應對日益極端的氣候變遷事件至關重要。因此，我們繼續倡導基於實體資產的新模式，該模式解決適當的薪酬率和激勵機制等因素，以提高韌性、品質和績效。

We appreciate the consensus among academia, the electrical industry, and the Congress on the urgency of the distribution reform and hope it will soon be part of the legislative agenda once the legislative member returned in March. The process for the 2024-2028 VAD has started using the same methodology applied for the 2020-2024 cycles, the reference model company.

我們讚賞學術界、電力產業和國會就配電改革的緊迫性達成的共識，並希望立法成員三月回歸後，配電改革很快就會成為立法議程的一部分。2024-2028 年 VAD 流程已開始使用與 2020-2024 年週期相同的方法，即參考模型公司。

The delivery and official publication of the consultant final report are expected by the end of March. And we estimate that by the second quarter of 2025, the regulator will publish the preliminary technical report on this new cycle. We expect an improvement in remuneration for this new process. Considering the newly approved el Valor Nuevo de Reemplazo, VNR and old economic and technical assumption of the December 2022 included in the report. We believe. That this factor will be confirmed in the various stages of this process.

顧問最終報告預計將在三月底交付並正式發布。我們預計，到2025年第二季度，監管機構將發布有關此新周期的初步技術報告。我們期望這項新流程能夠提高薪酬。考慮到新批准的「重建新價值」、VNR 以及報告中包含的 2022 年 12 月的舊經濟和技術假設。我們相信。這一因素將在過程的各個階段得到證實。

Regarding the pack, since October of last year, we have not accumulated additional receivables as the client tariffs now reflects the real contract price. In December 2024. The decree for the first half of 2025 PMP was published and the regulated tariff was updated. In this process, the average residential consumer in the metropolitan region of Santiago experienced an average increase of around 12%, mainly due to the integration of the client protection mechanisms NPC into their tariffs.

關於包裝，自去年10月以來，我們沒有累積額外的應收款，因為客戶關稅現在反映了實際合約價格。2024年12月。發布了2025年上半年PMP法令，並更新了管制關稅。在此過程中，聖地牙哥大都會地區的平均居民消費者電費平均成長了約 12%，這主要歸功於將 NPC 客戶保護機制納入其電價中。

This mechanism allows for the gradual repayment of accumulated debt to the generator and establishes a transitional subsidy for the most vulnerable clients. On the other end, clients with consumption higher than 350 kilowatt per month. That they've been paying for this mechanism since last year, so a decrease of approximately 3% compared to their tariff from the last year related to the P/E accrual as of December 2024, we had an account receivable related to the pack already net of factoring and including the adjustment in interest of around $500 million. Showing a reduction of around 40% versus 2023.

該機制允許逐步償還發電廠累積的債務，並為最脆弱的客戶提供過渡補貼。另一方面，每月用電量高於350千瓦的客戶。他們從去年開始就一直在為這種機制付費，因此與去年與 2024 年 12 月的市盈率應計相關的關稅相比，下降了約 3%，我們有與該套餐相關的應收賬款，已扣除保理費用並包括約 5 億美元的利息調整。與 2023 年相比減少了約 40%。

This reduction is mainly due to the fractioning executed last October 2024. We expect to execute a new factory during the second quarter of 2025 of around $250 million. Let's move to the right side of the slide where we will review the key points of the government proposed law to expand subsidies. Which currently benefiting around 1.8 million families. The new proposal aims to extend coverage to approximately 4.7 million families targeting the 40% most vulnerable household in Chile.

這一減少主要是由於 2024 年 10 月實施的分餾。我們預計將於 2025 年第二季建造一座價值約 2.5 億美元的新工廠。讓我們轉到投影片的右側，我們將回顧政府提出的擴大補貼法律的要點。目前約有180萬個家庭受益。新提案旨在將覆蓋範圍擴大到約 470 萬個家庭，針對智利 40% 最脆弱的家庭。

In January 2025, the chamber of Deputies approved the government proposed text with some changes. The proposal, which will now move to the Senate for its second legislative stage, includes various instruments to fund the subsidies. The key instruments to fund the services are as follows: Allocating the additional VAT revenue that the treasury is collecting due to the increasing the tariff. Implementing a temporary surcharge on the green tax emissions, increasing it from the current $5 per ton of CO2 emitted. Also, in this project, the chamber of deputies has approved the following, increasing the amount of compensation that the distribution company must pay to clients in case of distribution power outages and for what concern.

2025年1月，眾議院批准了政府提出的文本，並進行了一些修改。該提案目前將提交參議院進行第二階段立法，其中包括為補貼提供資金的各種手段。為這些服務提供資金的主要手段如下：分配國庫因提高關稅而徵收的額外增值稅收入。對綠色稅排放徵收臨時附加費，將目前的每噸二氧化碳排放附加費從5美元提高到5美元。此外，在該項目中，眾議院還批准了以下內容，增加了配電公司在配電中斷時必須向客戶支付的賠償金額。

The small and medium companies replacing the price of electricity currently provided through the regulated contract with a price that includes a reduction coming from the electricity prices of PMGD. In order to offer a tariff discount to these clients limited to 500g per year. As we support the government efforts to assist the most vulnerable families amid potential economic change. While the solution aimed to provide necessary support, it is important to ensure that they do not disrupt the market, as occurred since 2019. For a sustainable approach, it is essential to consider a measure that preserves long-term investment, competitiveness, and the energy sector.

中小型公司將目前透過管制合約提供的電價替換為包含PMGD電價的折扣價。為了給這些客戶每年限量500克的關稅折扣。我們支持政府在潛在的經濟變化中幫助最脆弱的家庭的努力。雖然該解決方案旨在提供必要的支持，但重要的是確保它們不會擾亂市場，就像 2019 年以來發生的那樣。為了採取可持續的方法，必須考慮採取能夠保護長期投資、競爭力和能源部門的措施。

We believe that allocating additional VAT revenue could be a viable and sustainable option among the proposed measures. I will now conclude with our commitment on and deliver on July 9. Let me point out that we have reached our main financial target for the year 2024. Our results adjusted for the no cash effect of the change in functional currency show any EBITDA of $1.4 billion and the net income of $0.6 billion. These achievements reflect our ability to generate value in a resilient and flexible manner. Even in a challenging environment. A more efficient portfolio mix driven by improved hydrology conditions allowed us to meet our EBITDA net income commitments of our guidance announced during 2024 Investor Day.

我們認為，在提議的措施中，分配額外的增值稅收入可能是可行且可持續的選擇。我現在將總結我們對 7 月 9 日的承諾並兌現。我要指出的是，我們已經實現了2024年的主要財務目標。經功能貨幣變動無現金影響調整後的結果顯示，EBITDA 為 14 億美元，淨收入為 6 億美元。這些成就體現了我們以有彈性和靈活的方式創造價值的能力。即使在充滿挑戰的環境中。在水文條件改善的推動下，更有效率的投資組合使我們能夠實現 2024 年投資者日期間宣布的指導方針中的 EBITDA 淨收入承諾。

Simone will provide details on our performance on EBITDA and I think in the following slides. the action taken during 2024 have ensured the fulfillment of our leverage and net debt to EBITDA commitments, allowing us to recommend maintaining the committed payout in our guidance. This recommendation was also endorsed by the company board of director. It will be submitted for approval at the 2025 and no shareholder meeting. Now, I will hand over to our Simone Conticelli.

Simone 將在以下投影片中詳細介紹我們的 EBITDA 表現。 2024 年採取的行動確保了我們履行槓桿率和淨債務與 EBITDA 承諾，這使我們能夠建議在指導中維持承諾的支出。該建議也得到了公司董事會的認可。它將提交2025年股東大會批准。現在，我將把時間交給我們的 Simone Conticelli。

Many thanks, Giuseppe. Good morning, everyone.

非常感謝，朱塞佩。大家早安。

I will start my presentation with a summary of our main results of the period. First, to better evaluate our company's earning performance, we present the 2023 and 2024 figures adjusted by the following one-time effects. For 2024, full year and four quarter EBITDA and net income have been adjusted by the non-cash asset of the change in the functional currency, respectively amounting to $657 and $468 million.

我首先將總結我們這段時期的主要成果。首先，為了更好地評估我們公司的獲利表現，我們根據以下一次性影響調整了 2023 年和 2024 年的數據。2024年全年及第四季的EBITDA和淨收入已根據功能貨幣變動的非現金資產進行了調整，分別為6.57億美元和4.68億美元。

For 2023, the full year and fourth quarter net income exclude the capital gains obtained from the sale of Arcadia executed last year and amounting to $163 million and the full year FFO clued the taxes paid on capital gains obtained from the sale of transmission amounting to $310 million. Considering this adjustment, led us to the analysis of economic and financial performance, starting with a quick overview of the key figures, which I will detail in the following slides.

2023 年全年及第四季淨收入不包括去年出售 Arcadia 所獲得的資本利得，金額為 1.63 億美元，全年 FFO 包括出售傳輸所獲得的資本利得所繳納的稅款，金額為 3.1 億美元。考慮到這項調整，我們對經濟和財務表現進行了分析，首先簡要概述關鍵數據，我將在接下來的幻燈片中詳細介紹。

Adjust the full year 2024 EBITDA net income recorded significant improvements when compared to the previous year indicators. Despite the negative impact of the first major event of August 2024. This is mainly explained by a more efficient social mix boosted by a better ideological situation and an increase in our energy sales and better pricing.

調整後的2024年全年EBITDA淨收入與上年指標相比取得顯著改善。儘管2024年8月的第一起重大事件帶來了負面影響。這主要是因為意識形態狀況改善，社會結構更有效率，能源銷售增加，定價更合理。

These results demonstrate the resilience of our business and the solidity of our strategy. Furthermore, the full year 2024 figure show an important FFO increase versus PUCR, mainly due to a better EBITDA and the X factoring operation with a significant impact on the fourth quarter. And now on the next slide, let's review the progress on CapEx. Our total CapEx reached $583 million during 2024, 90% lower than the previous year, considering the conclusion of several renewables and storage projects over the 2023-2024 period.

這些結果證明了我們業務的韌性和策略的穩固性。此外，2024 年全年數據顯示 FFO 相對於 PUCR 有顯著成長，這主要歸功於 EBITDA 的改善和 X 保理業務對第四季度產生了重大影響。現在，在下一張投影片中，讓我們回顧一下資本支出的進展。考慮到 2023-2024 年期間多個再生能源和儲存項目的完成，我們的總資本支出在 2024 年達到 5.83 億美元，比前一年下降 90%。

61% of the total CapEx amounting to $355 million was mainly related to renewable and storage deployment CapEx and 22% equivalent to $130 million was related to Greece. Asset management CapEx reached $203 million which represents 35% of our total CapEx. It increased around 77% compared to 2023 figures, mostly due to the following facts in both businesses. In the generation business, an increase of $58 million most, mostly related to maintenance activity in the gamma CCGT power plant and also in the solar and wind assets. In the distribution business, an increase of $30 million due to climate event emergency and maintenance activities related to the line failures. Finally, the development CapEx reached $318 million a decrease of 40% compared to 2023 figures, mainly due to the conclusion of renewable and best projects.

總資本支出的 61%（3.55 億美元）主要與再生能源和儲存部署資本支出有關，22%（1.3 億美元）與希臘有關。資產管理資本支出達到 2.03 億美元，占我們總資本支出的 35%。與 2023 年的數據相比，這一數字增長了約 77%，這主要是由於兩家公司都存在以下情況。發電業務增加了多達 5,800 萬美元，主要與伽馬 CCGT 發電廠以及太陽能和風能資產的維護活動有關。在配電業務方面，由於氣候事件緊急情況和與線路故障相關的維護活動，增加了3000萬美元。最後，開發資本支出達到 3.18 億美元，與 2023 年的數據相比下降了 40%，這主要是由於可再生和最佳項目的完成。

So let's move to the next slide where we have a summary of the fourth quarter EBITDA breakdown. During the fourth quarter of 2024, our adjusted EBITDA reached $424 million excluding, as anticipated, the one-time and non-cash effects of the change of functional currency. The $5 million dollar increase compared to the same period of 2023 is primarily due to the following effect.

讓我們進入下一張投影片，其中我們對第四季度 EBITDA 明細進行了總結。2024 年第四季度，我們的調整後 EBITDA 達到 4.24 億美元，不包括預期的功能貨幣變化的一次性和非現金影響。與 2023 年同期相比增加 500 萬美元主要是由於以下影響。

In the generation business we recorded a $71 million increase due to a significant contribution from PPA sales. This growth is mainly related to pricing effects, primarily due to contract indexation in the free market and higher volumes, especially in the regulated market. Additionally, we recorded an increase of $33 million due to positive performance in our generation.

在發電業務方面，由於 PPA 銷售的重大貢獻，我們實現了 7,100 萬美元的成長。這種成長主要與定價效應有關，主要是由於自由市場中的合約指數化和交易量增加，尤其是在受監管的市場中。此外，由於我們這一代的積極表現，我們還實現了 3300 萬美元的成長。

This is mainly explained by lower production costs resulting from reduced thermal generation dispatch, partially offset by higher commercial costs. The positive performance of generation business was reduced by $68 million mainly due to the reduction of gas trading margin given the 2023 outstanding results. Regarding Greece, we recorded a $9 million positive impact, mainly due to an increase in remuneration associated with the rise in el Valor Nuevo de Reemplazo, VNR.

這主要是因為火電調度減少導致生產成本降低，但商業成本上升部分抵消了這種影響。發電業務的正向表現減少了 6,800 萬美元，主要原因是鑑於 2023 年的優異業績，天然氣交易利潤率減少。關於希臘，我們記錄了 900 萬美元的正面影響，這主要是由於 el Valor Nuevo de Reemplazo (VNR) 上漲帶來的薪資增加。

However, this margin was more than offset by the impact of last year's extreme weather events, including the first major event on August. The impact amounted to $41 million including fines and clients' voluntary compensation program. So, let's move to the next slide to review the full year EBITDA breakdown. In the full year of 2024, adjusted EBITDA reached $1,421 million not considering the impact of functional currency change. The increase versus 2023 amounts to $320 million primarily due to a significant contribution of $321 million from PPA sales in the generation segment, mainly explained by higher volume, especially in the regulated market, and pricing effect related to the contract indexation in the free market.

然而，這一增幅被去年極端天氣事件（包括八月的第一次重大天氣事件）的影響所抵消。包括罰款和客戶自願補償計劃在內的損失總額高達 4,100 萬美元。那麼，讓我們進入下一張幻燈片來回顧全年 EBITDA 細目。2024年全年，不考慮功能性貨幣變動的影響，調整後的EBITDA達到14.21億美元。與 2023 年相比，增幅達到 3.2 億美元，主要原因是發電部門的 PPA 銷售額貢獻了 3.21 億美元，這主要是因為銷量增加（尤其是在受監管的市場中），以及與自由市場中的合約指數化相關的定價效應。

The positive impact of $27 million from the generation sourcing activity, mostly due to lower variable production costs resulting from lower thermal generation thanks to the remarkable hydrology during the year. And lower price in spot market purchases partially offset by higher purchases from the third parties. The reduction of gas trading margin compared to 2023 outstanding performance amounting approximate to $0.2 billion.

發電採購活動產生了 2,700 萬美元的正面影響，主要是由於本年度水文條件極佳，火力發電量減少，從而降低了可變生產成本。現貨市場採購價格的下降部分被第三方採購量的增加所抵銷。與2023年的出色表現相比，天然氣交易保證金減少約2億美元。

Finally, regarding Greece, we recorded a $31 million positive effect for the full year, primarily due to the increase in the remuneration linked to the publication of VAD 2024 regulatory report. The increase in the development of [lao] and the tariff indexation. Partially offset by higher technical losses and the negative impact of inflation on our costs. These results were more than offset by the impact of extreme weather events that amounted to $62 million for the full year, including fines and client's voluntary compensation program.

最後，關於希臘，我們全年錄得 3,100 萬美元的正面影響，這主要歸因於與 VAD 2024 監管報告發布相關的薪資增加。[寮國]的發展和關稅指數化的增加。部分被更高的技術損失和通貨膨脹對我們成本的負面影響所抵消。但這些結果被極端天氣事件的影響所抵消，全年極端天氣事件造成的損失高達 6,200 萬美元，其中包括罰款和客戶自願補償計畫。

And now let's move to the next slide where we will review the net income evolution. 2024 net income amounted to $622 million 22% higher than last year figure, mainly explained by the already commented EBITDA improvement. So now let's commend the additional effects for this year. Referring to depreciation, amortization, impairment, and bad debt, we recorded higher cost for $81 million mainly resulting from higher depreciation in the NLD in energy power due to new added renewable capacity and trillion peso devaluation in the period.

現在讓我們進入下一張投影片，回顧一下淨收入的演變。 2024 年淨收入達到 6.22 億美元，比去年同期高出 22%，這主要得益於已經評論的 EBITDA 改善。現在讓我們來讚揚一下今年的附加效果。關於折舊、攤銷、減值和壞賬，我們記錄了 8,100 萬美元的較高成本，這主要是由於新增再生能源容量導致 NLD 能源電力折舊增加以及本期間萬億比索貶值。

An impairment made in December 2024 related to Las Salinas express projects. Higher debt accrual in Greece due to a worsening in clients' payments, behavior, and higher tariffs. Regarding financial results and equity investment, we recorded a $75 million negative variation versus last year, mainly explained by positive exchange rate differences in 2023 and higher financial expenses, mainly due to FX variation and higher amount of tax receivable also in 2023. Finally, on income taxes, we recorded a $39 million dollar increase mainly to due to better results in the period.

2024 年 12 月發生的與 Las Salinas 快線計畫相關的減損。由於客戶付款和行為的惡化以及關稅的提高，希臘的債務累積增加。至於財務績效和股權投資，與去年相比，我們錄得 7,500 萬美元的負差額，主要原因是 2023 年的匯率出現正差額，以及財務費用增加，這主要是由於外匯變動以及 2023 年應收稅款金額增加。最後，所得稅方面，我們記錄了 3,900 萬美元的成長，這主要是由於本期間業績較好。

Focusing on the quarter, are adjusted net income decreased by $37 million. This is mainly expended by. First, the difference of impairment accounted in the field for $29 million. Second, the higher financial expenses for $10 million mainly due to lower interest recognition related to PEC 2 in the fourth quarter of 2024, partially offset by positive exchange rate differences in 2023. These effects were partially offset by lower tax expenses of $2 million mainly due to lower EBITDA in the fourth quarter 2024 and now let's move to the FFL analysis on the next slide.

集中來看本季，調整後淨收入減少了3700萬美元。這主要由以下因素造成。首先，該領域提列的減損差異為2,900萬美元。其次，財務費用增加 1,000 萬美元，主要因為 2024 年第四季與 PEC 2 相關的利息確認減少，但 2023 年的正匯率差異部分抵銷了這一影響。這些影響被 200 萬美元的稅收支出降低部分抵消，這主要是由於 2024 年第四季的 EBITDA 降低，現在讓我們轉到下一張投影片中的 FFL 分析。

Let's analyze the FFL composition for 2024 period and the main effects when compared to 2023. It is worth mentioning that the 2023 FFL figures have been adjusted by $310 million related to taxes paid on capital gains from the sale of annual transmission in Chile in December 2022. 2024 FFL reached the $1,209 million. It means an improvement of $332 million versus 2023 as a result of the following factors.

讓我們分析一下 2024 年 FFL 的組成情況以及與 2023 年相比的主要影響。值得一提的是，2023 年的 FFL 數據已調整 3.1 億美元，與 2022 年 12 月智利出售年度輸電所繳納的資本利得稅有關。2024 年 FFL 達到 12.09 億美元。由於以下因素，這意味著與 2023 年相比將增加 3.32 億美元。

First, the adjusted EBITDA amounted to $1.4 billion with the already explained positive variation of $320 million versus 2023 results. Second, the cumulative negative impact of the stabilization mechanism amounted to $310 million. Which was more than offset by the execution of the IDB factoring related to PEC 2 and PEC 3 amounting to $697 million. If we compare the 2024 total effects of the PEC net of factoring versus 2023, we see an increase of $393 million.

首先，調整後的 EBITDA 達到 14 億美元，與 2023 年的結果相比，有 3.2 億美元的正向變化。第二，穩定機制累計負面影響達3.1億美元。但這一損失因執行了與 PEC 2 和 PEC 3 相關的 IDB 保理業務而得到了彌補，金額達 6.97 億美元。如果我們將 2024 年 PEC 扣除保理後的整體影響與 2023 年進行比較，我們會發現增加了 3.93 億美元。

Third, the increase of networking capital equals to $153 million mostly due to CapEx payment related to renewable development in the second half of 2023 compared to the last year figures, the impact of working capital on FFL was negative for $233 million mainly due to CapEx payment related to 2023 renewables, collection impact from distribution business, and cashing from the sale of Santa Rosa building receipt in 2023. Fourth, the income taxes that negatively impacted our FFL by $205 million primarily due to tax payments related to generation business and to the seeds of Arcadia assets.

第三，與去年相比，網路資本增加 1.53 億美元，主要是由於 2023 年下半年與再生能源開發相關的資本支出，營運資本對 FFL 的影響為負 2.33 億美元，主要是由於與 2023 年可再生能源兌現相關的資本支出、配電業務的收款大樓影響以及 2023 年出售的聖羅莎。第四，所得稅對我們的 FFL 產生了 2.05 億美元的負面影響，這主要是由於與發電業務和 Arcadia 資產種子相關的稅款。

Comparing income taxes paid in 2024 versus paid in 2023, we see a negative aspect of $174 million. The difference is mainly due to the tax payment of Arcadia transactions in 2024. Higher tax payment in the generation business and lower recovery from previous periods and finally, the financial expenses amounting to $241 million mainly due to the debt-related expense compared to the last year, our financial expenses decreased by $25 million in 2024. This decrease was mainly due to the financial expenses related to PEC1 in 2023.

將 2024 年繳納的所得稅與 2023 年繳納的所得稅進行比較，我們發現負數為 1.74 億美元。此差異主要由於2024年Arcadia交易的納稅所致。發電業務的稅額較高，而前期回收率較低，最終導致財務費用達 2.41 億美元，主要是由於債務相關費用與去年相比，2024 年我們的財務費用減少了 2,500 萬美元。此減少主要由於2023年與PEC1相關的財務費用。

So now let's take a look at our liquidity and leverage position. Our gross debt decreased by 11% to $3.9 billion as of December 2024 compared to December 2023. This degree was mainly due to the optimization on the use of cash from the factory, which took place in October 2024 and the operational cash generation during the year. The average term of our debt maturity slightly increased to 6.2 years as of December 2024 versus 6.1 years in December 2023, and the portion of gross debt at fixed rate was 89% of the total debt in December 2024.

現在讓我們來看看我們的流動性和槓桿狀況。截至 2024 年 12 月，我們的總債務與 2023 年 12 月相比下降了 11%，至 39 億美元。這一程度主要歸功於2024年10月對工廠現金使用的優化以及當年的營運現金產生。截至 2024 年 12 月，我們的債務平均期限略有增加至 6.2 年，而 2023 年 12 月為 6.1 年，固定利率的總債務部分佔 2024 年 12 月總債務的 89%。

The average cost of our debt reached 5.0% as of December 2024, slightly above the 4.9% recorded in December 2023, primarily due to the annual generation Yankee Bond maturity in April 2024 for $400 million at 4.25%. And finally, regarding liquidity, we are in a comfortable position to support our capital needs for the upcoming months and cope with 2025 maturities.

截至 2024 年 12 月，我們的債務平均成本達到 5.0%，略高於 2023 年 12 月的 4.9%，這主要是由於 2024 年 4 月到期的年度洋基債券，金額為 4 億美元，利率為 4.25%。最後，關於流動性，我們有能力滿足未來幾個月的資本需求，並應對 2025 年到期的債務。

As of December 2024, we had the availability available committed the credit lines for $690 million and cash and cash equivalents for $385 million. With the financial depth analysis, we close our comment on the company figures. So, thanks everybody for the attention. And now I will leave the floor to Giuseppe for the final remarks.

截至 2024 年 12 月，我們擁有可用的信貸額度 6.9 億美元以及現金和現金等價物 3.85 億美元。透過對財務深度的分析，我們結束對公司數據的評論。所以，感謝大家的關注。現在，請朱塞佩做最後的發言。

Thank you, Simone.

謝謝你，西蒙娜。

To conclude my presentation, I would like to give you the following closing remarks. Despite the very challenging context related to the client events registered in August, and resilient business model allowed us to obtain robust results for the year. Enabling us to fulfill our commitment to all our shareholders this year. We have delivered a robust economic and financial performance aligned with the target and strategic pillar presented on our last investor day.

在結束我的演講之前，我想發表以下結束語。儘管八月份的客戶活動環境非常具有挑戰性，但富有彈性的商業模式使我們在今年取得了強勁的業績。使我們能夠履行今年對所有股東的承諾。我們實現了強勁的經濟和財務業績，符合我們上次投資者日提出的目標和策略支柱。

This gives us confidence that Chile is more than prepared to operate in a volatile environment. And to take advantage of a new opportunities. For 2025, we will continue to advocate for utilities reform and the modernization of the regulatory framework to enhance asset resilience. This will help us optimize the value of our assets across both businesses and ensure long-term sustainability.

這讓我們相信智利已做好充分準備在動盪的環境中開展業務。並利用新的機會。2025年，我們將繼續倡導公用事業改革和監管框架的現代化，以增強資產彈性。這將幫助我們優化兩個業務的資產價值並確保長期可持續性。

Finally, to conclude on April 28th, we will hold our unnatural meeting during which the final and extraordinary dividend to be paid in May 2025 will be proposed, including the interim and eventual dividend. The total amount will be 4.24 CLP per share. Now, let me hand over to Isabella for the Q&A session.

最後，我們將於 4 月 28 日舉行臨時股東大會，提議於 2025 年 5 月支付的最終股息和特別股息，包括中期股息和最終股息。總金額為每股 4.24 智利比索。現在，讓我將問答環節交給伊莎貝拉。

Thank you, Giuseppe.

謝謝你，朱塞佩。

Thank you all for your attention here. We are now, begin with our Q&A session. We receive questions via phone and chat in the webcast.

在此謝謝大家的關注。我們現在開始問答環節。我們透過電話和網路直播聊天接收問題。

The Q&A session is open, operator, please, you may start.

問答環節開始，請接線生開始。

(Operator Instructions)

（操作員指示）

Thank you. One moment for our first question and it's from Alessandro Di Vito with Mediobanca. Please proceed.

謝謝。請稍等片刻，回答我們的第一個問題，這個問題來自 Mediobanca 的 Alessandro Di Vito。請繼續。

Hi, all and thanks for taking my question. I have three or four. First one is, we saw a couple of days ago that you had a big blackout in Chile. And it looked like it was a systemic event. So, I wanted to understand whether the distribution companies like yourself would be liable for potential penalties or it was more like a systemic event, so no fault on networks. That's the first question.

大家好，感謝您回答我的問題。我有三、四個。首先，幾天前我們看到智利發生了大規模停電。看起來這是一個系統性事件。所以，我想了解像您這樣的分銷公司是否會承擔潛在的處罰責任，或者這更像是一個系統性事件，因此網路沒有過失。這是第一個問題。

Second question, I was looking at the hydro output, your assumption for 2025 of 10.7%. I understand that we come from that the estimate is based on a 10-year average, but we come from two exceptionally wet years. So would you argue that this estimate could be conservative and maybe it would be interesting to understand if you had moved some maybe a portion of the extra 2024 hydro resources for production in '25.

第二個問題，我正在研究水力發電產量，您假設 2025 年的水力發電產量為 10.7%。我知道我們的估計是基於 10 年的平均值，但我們之前經歷了兩個異常潮濕的年份。那麼您是否認為這個估計可能是保守的，如果您將 2024 年額外的水力發電資源中的一部分轉移到 25 年的生產中，那可能會很有趣。

The third question is more related to batteries because we saw that you started the operation at 200 megawatts of batteries. I wanted to understand whether these were stand-alone batteries or they were part of a [libridized] renewable plant. And if they are stand-alone batteries, I wanted to understand which IRR you see on battery projects in the country and in general how do you see the ramp up in standalone battery capacity in the country for the coming years. And the last one, last question is if you confirm 25 gallons that was included in the latest.

第三個問題與電池更相關，因為我們看到您以 200 兆瓦的電池開始了營運。我想了解這些是獨立電池還是[自由化]再生能源工廠的一部分。如果它們是獨立電池，我想了解您在該國電池項目中看到的 IRR 是多少，以及總體而言，您如何看待未來幾年該國獨立電池容量的增長。最後一個問題是，您是否確認最新版本包含了 25 加侖。

Thank you.

謝謝。

Thank you, Alexandro for your question. I will pass to Giuseppe.

謝謝亞歷山德羅的提問。我將把這個交給朱塞佩。

Okay.

好的。

Well, let's start from the blackout for what's concerned is the massive interruption of the electricity supply that has been caused by the transmission system and this commission. Which unfortunately affected all our distribution company are not liable for any penalty because we are not responsible as distribution company for this interruption. Of course, there will be several analysis that has to be made by the coordinator and then the sector, so we're going to see which will be the results, but as of today, our information is that everything is coming from.

好吧，讓我們從停電開始，因為我們擔心的是輸電系統和委員會造成的大規模電力供應中斷。不幸的是，我們所有受到影響的分銷公司均不承擔任何罰款，因為作為分銷公司，我們不對此次中斷負責。當然，協調員和部門需要進行幾項分析，所以我們將看看結果如何，但截至今天，我們的資訊是一切都準備就緒。

In interaction the test mission line, so we don't foresee right now any kind of penalty for our distribution cost. For what concern the output for 2025 as you see in the presentation we made Maybe conservative assumption using the 10-year average historical data this is our, current approach since several years. Because we believe that the hydro is pretty volatile, so we prefer to take this kind of conservative approach.

在與測試任務線互動時，我們目前預計我們的分銷成本不會受到任何懲罰。對於 2025 年的產量，正如您在簡報中所看到的，我們使用 10 年平均歷史資料做出了保守的假設，這是我們幾年來的現行方法。因為我們認為水電波動性很大，所以我們更願意採取這種保守的方法。

It's too early to understand whether there will be an extraordinary rainy season or weather conditions, we're going to see in the following month, as soon as the winter season will start. So basically, in May, we are confident that to match this I draw on production and we're going to see or we're going to give you more information in the following month, not before May or June.

現在判斷是否會出現異常雨季或天氣狀況還為時過早，我們將在下個月冬季開始時看到結果。因此基本上，在五月份，我們有信心實現這一目標，我們將在下個月（而不是五月或六月）看到或向您提供更多資訊。

Talking about the battery. The battery, that we have already in operation and the battery that has been present in the last capital market, they are hybrid. So basically, we are going to build up together with solar or wind projects. And for what's concerned, the IRR I mean is double digit, of course, the IRR depends on each project, and the characteristic that the project has and the location that the project has in the system. And finally, the guidance, yes, we confirmed the 2025 guidance that we present in the last capital market day.

談電池。我們已經投入營運的電池和上一個資本市場上出現的電池都是混合的。所以基本上，我們將與太陽能或風能項目一起建造。就我所指的 IRR 而言，是兩位數，當然，IRR 取決於每個項目，以及項目所具有的特性和項目在系統中的位置。最後，是的，我們確認了在上次資本市場日提出的 2025 年指引。

Thank you Giuseppe.

謝謝你，朱塞佩。

Thank you Alexandro. Do you have more questions coming from the line?

謝謝你，亞歷山德羅。您還有其他問題嗎？

Yes, let me, bring the next one to our stage, and it's from Martin Arancet with Balanz Capital. Please proceed.

是的，讓我把下一個嘉賓帶到我們的舞台上，他來自 Balanz Capital 的 Martin Arancet。請繼續。

Hi, well, thank you for the presentation and for taking my questions.

你好，非常感謝你的演講和回答我的問題。

I have three questions. First, regarding the distribution business, you mentioned a fine of almost $20 million and the voluntary compensation program. If I'm not mistaken, the government was also assessing the possibility of revoking the con the concession. I was wondering if that's off the table or if the government is still working on assessing that possibility. My second question, well, regarding CapEx if you can share with us, possibly the CapEx plan for this year.

我有三個問題。首先，關於分銷業務，您提到了近2000萬美元的罰款和自願補償計劃。如果我沒記錯的話，政府也在評估撤銷該特許權的可能性。我想知道這是否是不可能的，或者政府是否仍在評估這種可能性。我的第二個問題是關於資本支出的，如果您可以與我們分享今年的資本支出計劃。

And my third question, probably a follow up of a recent question. I was wondering what is your strategy, your commercial strategy with batteries? If it's just to take advantage of a dash opportunities due to low marginal cost during solar hours, or if you think that you could add the cost of batteries to new PPA prices to give a 24/7 solution.

我的第三個問題可能是最近一個問題的後續。我想知道您的電池策略、商業策略是什麼？如果您只是想利用太陽能時段邊際成本低的優勢，或者您認為可以將電池成本添加到新的 PPA 價格中，以提供全天候解決方案。

Thank you, Martin you pass over to do that and then to Tuesday morning.

謝謝你，馬丁，你把這個交給我，然後到星期二早上再做。

Okay.

好的。

Well talking about the concession. Well first of all, let me remind that the revoking of the process of the concession has not yet started. What's happened is that the needs of energy. Thus the second the superintendent with preparing a technical report on NLD distribution concession. And according to the authority, this study could take between 6 months and 18 months.

好吧，談論讓步。首先，我要提醒一下，撤銷特許權的程序尚未開始。發生的事情就是對能源的需求。因此，第二任主管準備了一份關於 NLD 分配特許權的技術報告。根據該機構介紹，這項研究可能需要6個月到18個月的時間。

As of today, I would like to point out that we have not received any notification or communication in this regard. And so, no administrative process is pending for the for forfeiture of any distribution electricity conversation. And under the local laws, the President of the republic must declare the forfeiture of the electricity distribution concession through an administrative act.

我想指出的是，截至今天，我們還沒有收到這方面的任何通知或通報。因此，目前還沒有任何行政程序可以取消任何配電電力對話。根據當地法律，共和國總統必須透過行政行為宣布喪失電力分配特許權。

And the second, the superintendent is mandated by law to carry out all necessary steps regarding the expiry of the operational concession. But again, it's really important to underline that the law excludes the forfeiture of the electricity distribution concession in case of force majeure duly verified by the superintendency and as of today, we don't have, as I said, any further update on that.

第二，法律規定主管必須在經營特許權到期後採取一切必要措施。但再次強調，必須強調的是，法律規定，在發生經監管機構正式核實的不可抗力事件的情況下，不得沒收電力分配特許權，而且正如我所說，截至今天，我們還沒有關於此事的進一步更新消息。

Talking about CapEx and the best, the business model, I mean the best we used to have an intensive business model. Let me remind you the business model. First of all, As of today, we have to revenues stream in our business model for the best. The first one is the energy shifting. So basically we charge the best during the solar hour and we discharge during the night. So we take advantage of the spread that we have in terms of price you probably know that in Chile. There are, in general in all the count, but specifically in the north, there is a very important balances between solar and soar.

談到資本支出和最佳商業模式，我的意思是我們過去最好的商業模式是密集商業模式。讓我提醒你一下商業模式。首先，從今天起，我們必須將收入流融入我們的商業模式中，以達到最佳效果。第一個是能量轉移。因此，基本上我們在太陽照射時充電效果最佳，而在夜間放電。因此，我們利用我們在價格方面的優勢，您可能知道這一點在智利。總體而言，在所有地區，尤其是北方，太陽和大氣之間存在著非常重要的平衡。

And the second revenue stream for the best is the capacity payment, foreseen by the regulation that guarantee. A certain percentage of the revenue for the best. Let me say in general, I would say that is around 30%, the capacity payment, 70% energy shifting and important point for what concerns the best is that this year is supposed to be an issue a change in the regulation.

而最好的第二個收入來源是容量付費，這是由保證條例預見的。一定比例的收入為最佳。讓我總體來說，我認為大約是 30% 的容量支付，70% 的能源轉移，最令人擔憂的一點是，今年應該是法規變化的問題。

We hope it's going to be issued by the end of this year, probably in the middle, we hope. Based on which, there will be a new regulatory stream for the best because they are going to be entitled to receive and civil services, remuneration. So, I believe that the best business model is very good as of today in Chile, by the way, the system required this kind of technology, so everything is going well.

我們希望它能在今年年底或年中發布。在此基礎上，將會有新的監管流程，因為他們將有權獲得公務員的報酬。所以，我相信目前智利的最佳商業模式非常好，順便說一句，系統需要這種技術，所以一切都很順利。

Okay, thank you, just let me know, one on the, Martin, yes, go ahead.

好的，謝謝你，請告訴我一個，馬丁，是的，請說。

Yeah, just a small follow up on that. While you share that arbitrage is currently like the most important revenue stream. I was wondering if you have, I don't know, an estimate on how That could change with this ancillary service charge if that it will be relevant close to arbitration revenues or what's your expectation there?

是的，只是對此進行一點跟進。正如您所說，套利目前是最重要的收入來源。我想知道您是否有一個估計，即這項輔助服務費將如何變化，以及它是否會與仲裁收入相關，或者您對此的預期是什麼？

Well, the ancillary services, remuneration is a very good compliment to the remuneration of the battery because of course, there will be a moment, during the year or in the following year in which the arbitrage, is less confident than what we see right now, and even the three is a very good compliment, in order to guarantee the remuneration of the battery. Clearly it's not going to be a third, it's going to be a third remuneration but not in the same moment.

好吧，輔助服務的報酬是對電池報酬的很好的補充，因為當然，在今年或下一年會有一段時間，套利的信心不如我們現在看到的那麼高，甚至這三者也是一個很好的補充，以保證電池的報酬。顯然這不會是第三次，這將是第三次報酬，但不是在同一時刻。

So Thank you. I now call the carpet to pass over to Simone.

所以謝謝你。我現在把地毯交給西蒙娜。

Hi Martin, thanks for the question.

你好，馬丁，謝謝你的提問。

Talking about 2025 CapEx, as we commend the during the presentation of the plan we are focused on obtaining the best mix in terms of generation just to reduce the cost of generation. So we expect a very intense year in terms of CapEx. In general, we are going to invest something less than $800 million and more or less $0.5 billion are related to development CapEx in new power plant.

談到 2025 年的資本支出，正如我們在計劃介紹過程中所讚揚的那樣，我們專注於獲得最佳的發電組合，以降低發電成本。因此，我們預計今年的資本支出將非常緊張。總體來說，我們將投資不到 8 億美元，其中約 5 億美元與新發電廠的開發資本支出有關。

We are going to focus on new best project, three best projects with a total of more or less 450 megawatts. This kind of best that just described hybrid projects and the investments are more or less all in this year in 2025, but the best will arrive at the beginning of next year. So improving our mix of production starting from 2026.

我們將重點關注新的最佳項目，三個最佳項目，總計約 450 兆瓦。剛剛描述的這種混合項目和投資最好的也基本上都在2025年這一年，但是最好的會在明年年初到來。因此從 2026 年開始改善我們的生產組合。

Thank you, Simon operator. Do you have more questions to the line.

謝謝您，西蒙接線員。您還有其他問題嗎？

Thank you, Martin.

謝謝你，馬丁。

(Operator Instructions)

（操作員指示）

All right, it's from Emmanuele Oggioni with Kepler. Please proceed.

好的，這是來自開普勒的 Emmanuele Oggioni。請繼續。

Good morning, everybody. Thank you for the presentation and taking my question.

大家早安。感謝您的演講和回答我的問題。

I have two left. One is on the regulatory framework you mentioned in a very detailed slide the next steps expected. My question is about the related to your target of roughly $150 million US dollar of the PTA for $20. The on the plan basically yearly in '26, '27 if the current expectation based on the regulatory framework, the evolution of the reg framework could confirm or not or improve or not the current targets including the business plan. This is my first question.

我還剩下兩個。一是關於監管框架，您在一張非常詳細的幻燈片中提到了預期的下一步。我的問題是關於您設定的以 20 美元的價格收購 PTA 約 1.5 億美元的目標。該計劃基本上每年在'26、'27 年進行，如果當前的預期是基於監管框架，那麼監管框架的演變是否可以確認或改善當前的目標（包括商業計劃）。這是我的第一個問題。

And the second one is on the renewable side and the additional capacity to remind us that the expected additional capacity in '25 if there is some delay or something to flag?

第二個問題是關於再生能源和額外產能，以提醒我們 25 年預計的額外產能是否有一些延遲或需要標記的情況？

Thank you.

謝謝。

Thank you very much, Joe.

非常感謝，喬。

Okay, well.

好的，嗯。

They And industrial plan 2025, 2027 has been made according to the view that we had at the end of the last year that is supposed to be confirmed in this preliminary. A report that is going to be issued at the end of November by the consultant. So everything is in line.

他們和2025年、2027年的工業規劃是根據我們去年年底提出的觀點制定的，應該在這次初步規劃中得到確認。顧問將於 11 月底發布報告。所以一切都在正常進行中。

It There could be some smaller improvement and that we are going to see in the next month, but I mean it's really to see whether we are going to have any upside, but the amount that we put in terms of EBITDA for distribution companies in line with the most conservative expectation that we have about the new regulatory cycle. And for what concerned, the renewable, capacity, all the CapEx, I will give you the floor to and bath. All the CapEx are devoted for to capacity that is going to be in in operation next year but.

可能會有一些較小的改善，我們將在下個月看到，但我的意思是，這真的是為了看看我們是否會有任何上行空間，但我們在配電公司的 EBITDA 方面投入的金額符合我們對新監管週期最保守的預期。對於所關心的再生能源、產能和所有資本支出，我將給予您發言權。所有的資本支出都用於明年投入營運的產能。

So talking about the CapEx and complimenting about the CapEx, the new project will involve the company basically for the larger part in the second half of 2025 and the plants are expected to be -- to reach the COD just in the first half of 2026, as of today, we don't see any specific reason for a delay in any case, the impact of these plans, I want to highlight that are not, for this year. It will, improve the data for 2026.

因此，談到資本支出並讚揚資本支出，新項目基本上將在 2025 年下半年涉及公司的大部分工作，預計工廠將在 2026 年上半年達到 COD，截至今天，我們沒有看到任何具體的延遲原因，無論如何，這些計劃的影響，我想強調的是，今年不會出現。它將改善2026年的數據。

Thank you.

謝謝。

Thank you, Emmanuele.

謝謝你，艾曼紐。

Thank you, Simon, operator. If you don't have more questions, I'm from the line, I go to the chat questions that we received. We received several questions. So a lot of the questions coming from the outages, from Chile from last February '25, so it's still the question related to it from Francisco Paz and Andrew McCartney, Laravel, Fernan Gonzalez , BTG.

謝謝接線員西蒙。如果您沒有其他問題，我可以透過線上回答我們收到的聊天問題。我們收到了幾個問題。因此，許多問題都與去年 2 月智利發生的停電有關，所以 Francisco Paz 和 Andrew McCartney、Laravel、Fernan Gonzalez、BTG 提出的問題仍然與此相關。

So the questions, are all more or less all the same, okay. So I will read one of these. Regarding the massive power outages in Chile, the Minister of Energy Putin of Chile is one of the Companies pointing out in the problem in this case for the delaying connected some power plants in the system in order to establish the electricity service in the country, in particular the hydropower plant rappel.

所以，這些問題或多或少都是一樣的，好吧。所以我會讀其中一本。對於智利大規模停電事件，智利能源部長普丁等指出，這次停電的根本原因在於部分發電廠未能及時併網，因此無法在全國範圍內建立電力服務，尤其是水力發電廠的併網問題。

Do you think you can see fines for the delay in connecting your plants? How long did it take to activate the plants versus what was requested from the authorities? And now so we also received questions so about the potential impact on the distribution business related to the blackout. So if you see any impact on the distribution as well. So do that then.

您認為您會因為延遲連接工廠而被罰款嗎？相對於當局的要求，啟動這些工廠花了多久時間？現在我們也收到了一些關於停電對配電業務的潛在影響的問題。因此，如果您也看到對分佈有任何影響。那就這麼做吧。

Okay, so in response to the failure of the national electric system and then the map and green power immediately mobilize all its teams, procedure and protocol to control and restore the operation of generator across the country. Specifically, for what concerns one of our plants rappel and the power plant, which had several attempts to connect to the nationalistic system, we emphasized that there was no technical unavailability of the plan.

好的，為了應對國家電力系統故障，地圖和綠色電力公司立即調動所有團隊、程序和協議來控制和恢復全國發電機的運作。具體來說，對於我們其中一座工廠的下降和發電廠多次嘗試連接到國家電網的問題，我們強調，該計劃並非因技術原因而無法實施。

External factor on condition that prevented the regular startup are being analyzed. Additionally, any team immediately mobilized all teams to proceed on protocol to control and restore the operation for all the counties. In particular, our generation control room center was operational for corresponding communication with the national coordinator.

正在分析阻礙正常啟動的外部因素。此外，各組立即動員各組人員按計畫進行工作，全力控制並恢復各縣的運作。特別是我們的發電控制室中心已投入運行，以便與國家協調員進行相應的溝通。

And we talk about, I saw other question about and talk about the possible findings as I said before it too soon to foresee any impact related to it. The incident is under investigation by the system operator and there are a lot of issues regarding the system op operation that must be clarified before assigning any accountability to any company.

我們討論過，我看到了其他問題，並討論了可能的發現，正如我之前所說，現在預見與之相關的任何影響還為時過早。系統運營商正在調查此事件，在追究任何公司的責任之前，必須先澄清系統操作方面的許多問題。

And on distribution you have.

且您有分佈。

As I said before, distribution is not involved in in terms of responsibility. Actually, we made a lot of effort in order to restore the electricity to the final customer, but, and not having any kind of responsibility, we don't believe there will be any kind of liability for the home.

我之前說過，分銷並不涉及責任。實際上，為了恢復最終客戶的電力供應，我們付出了很多努力，但是，由於我們不承擔任何責任，我們認為家庭不會承擔任何責任。

Okay, thank you, Giuseppe now changing the subject received some questions on this ordinary effect, not the one-off effect on the functional currency. So, questions coming out from Francisco Paanan there, Eduard Roton from HSBC, so regarding the change of curing, the reporting of results going forward, we will see any additional adjustment to the one observed in additional currency in the next period. Also, please could you give further details on the impact on the effect, not changing the functional current to USD. What are the mechanisms behind this move, Simone.

好的，謝謝你，Giuseppe 現在換了一個話題，收到了一些關於這種普通影響的問題，而不是對功能貨幣的一次性影響。因此，來自 Francisco Paanan 和匯豐銀行的 Eduard Roton 提出了問題，關於治療方式的變化、未來結果的報告，我們將在下一時期看到對額外貨幣的任何額外調整。此外，請您提供有關對效果的影響的更多詳細信息，而不是將功能電流更改為 USD。西蒙娜，這項舉措背後的機制是什麼？

So, thanks for the question. I will, give some detail about this change of currency.

感謝您的提問。我將詳細介紹一下這種貨幣變化。

First of all, highlighting that given the international financial reporting standards, the change of currency is not like a choice of the management. It's something that we have to do. I mean, what I say that the currency should reflect the relevant transaction, even a condition of the company. So, what happened between 2024 and 2025 to the three companies that changed the currency. It's important starting from Enel cause the impact on Chile is related to the change in Chile.

首先，要強調的是，鑑於國際財務報告準則，貨幣的變化並不是管理階層的選擇。這是我們必須要做的事。我的意思是，我說的貨幣應該反映相關的交易，甚至是公司的狀況。那麼，2024 年至 2025 年間，改變貨幣的三家公司發生了什麼事。從 Enel 開始很重要，因為對智利的影響與智利的變化有關。

Chile has two main forms of revenues and flows. One are the regulated contracts and the other one is the contract on the free market. The first, the regulated contracts. Are exposed to the exchange rate among between the US dollar and the CLP. On the other side, the three contracts are linked to US dollar. So which was the trigger for the change?

智利的收入和流動主要有兩種形式。一種是受監管的合約，另一種是自由市場合約。第一，規範合約。面臨美元與智利比索之間的匯率風險。另一方面，這三份合約都與美元掛鉤。那麼，引發這項變化的因素是什麼呢？

On one side, the regulated contract volume decrease at the end of 2024 cause some old bid from the past, expired. On the other side, linked to our policy to keep on selling on the free market, we increase the volume in the free market contract. And so, as a result, the volume for 2025 is now higher looking at the free-market contract and this is the reason why we had to change the currency.

一方面，2024年底受監管的合約量減少導致過去的一些舊投標到期。另一方面，結合我們繼續在自由市場上銷售的政策，我們增加了自由市場合約的交易量。因此，從自由市場合約來看，2025 年的交易量現在更高，這就是我們必須改變貨幣的原因。

Talking briefly about prevent similar prevent and in the past until 2024, a contract that was a big contract with same condition as a regulators contract and now changes is a bit of strategy because it's going to sell energy to spot price and the, this kind of contracts are basically strictly linked to US dollar.

簡單談談防止類似的防止，過去直到 2024 年，一份與監管合同條件相同的大合同，現在發生了變化，這是一種策略，因為它將以現貨價格出售能源，這種合同基本上與美元嚴格掛鉤。

Talking about Enel Chile. Enel Chile received the dividends from its affiliate company and so the change in from Chile change the flow and so we had to change also in energy and this is the story. Now the impact until 2024, we had to make some research related to exchange rate risks cost to wedge this exchange rate that we do need some liability in dollar and following the IFRS principle you have to create this reserve that was negative reserve given the trend of the exchange rate.

談論 Enel Chile。Enel Chile 從其附屬公司獲得了股息，因此智利的變化改變了流量，因此我們也必須在能源方面做出改變，這就是故事。現在的影響要到 2024 年，我們必須進行一些與匯率風險成本相關的研究，以楔入這個匯率，我們確實需要一些美元負債，並且按照 IFRS 原則，你必鬚根據匯率趨勢創建這個負儲備金。

In the moment in which in the last quarter of 2024, we decide to change the currency in this very moment, we have to discontinue this kind of activities and so take this reserve and bring them to the P&L and this is the impact that you see in the P&L at the level of EBITDA level of net income.

在 2024 年最後一個季度，我們決定在這一刻更改貨幣，我們必須停止此類活動，因此要將這些儲備金計入損益表，這就是您在損益表中看到的對 EBITDA 淨收入水準的影響。

And finally, to finally answer the question, no, all the changes were not recorded on 2024 and so we will not have any other impact starting from 2025.

最後，最終回答這個問題，不，所有的變化都沒有在 2024 年記錄下來，所以從 2025 年開始我們不會有任何其他影響。

Thank you, Simone. So moving on to the question. Now we have question in terms of the gas trading, no, so the following question is coming from Andres, Andrew McCartney Larissa and also Andres Navarrete from BTG.

謝謝你，西蒙娜。那就繼續討論這個問題。現在我們對天然氣交易有疑問，沒有，所以下一個問題來自 Andres、Andrew McCartney Larissa 以及 BTG 的 Andres Navarrete。

So, the question is, when, where and when do you see the most likely gas commercialization opportunities this year. And could you give us some call regarding the gas contracts from Argentina, size, price range, take our pay agreements, and now so why would there be an extraordinary shareholder meeting on April, and end of April for Enel Chile.

那麼，問題是，您認為今年何時、何地、什麼時候最有可能出現天然氣商業化機會。您能否給我們打個電話，詢問一下阿根廷的天然氣合約、規模、價格範圍、付款協議，以及為什麼 Enel Chile 要在 4 月和 4 月底召開特別股東大會。

Okay.

好的。

So, during February, we have already traded plus volume for 2025, around 6 teraBTU taking advantage of the current condition and we are always looking for new opportunities to improve our financial results. This trading opportunity was already included in our guidance figures. However, At the moment we cannot share more detailed information due to the confidential information and strategic nature of this operation. About Argentinian gas, we have contracted about 30 teraBTU distributed in the year 2025 with a competitive price lower than GNL prices.

因此，在二月份，我們利用當前條件已經實現了 2025 年以上的交易量，約為 6 太英熱單位，並且我們一直在尋找新的機會來改善我們的財務業績。這一交易機會已包含在我們的指導數據中。然而，由於此次行動的機密資訊和戰略性質，目前我們無法分享更多詳細資訊。關於阿根廷天然氣，我們已經簽約在 2025 年以低於 GNL 價格的有競爭力的價格分銷約 30 太英熱單位的天然氣。

Due to competitiveness, what I can say is that it is lower than 2024 prices of $8 per teraBTU. Extraordinary meeting, an extraordinary meeting should the meeting will be held to amend the bylaw in order to reflect the new functional currency. Changing the capital currently expressing in pesos to move to a dollar to implement the functional currency changes from a statutory perspective, it is necessary to amend the company by law to redenominate the shared capital from Chile.

由於競爭力，我可以說的是，它低於 2024 年每太英熱單位 8 美元的價格。特別股東大會，應召開特別股東大會，會議將修改章程，以反映新的功能貨幣。將目前以比索表示的資本改為以美元表示，從法定角度實施功能貨幣的變化，有必要透過法律修改公司，將共享資本從智利重新計價。

Okay, thank you, Giuseppe. So moving on the questions, we have questions coming from Fernan Gonzalez, from BTG and now Felipe Torres from IP Capital. The first one is about the fine. So if the $20 million fines were already booked in 2024 numbers, then Fernan have some questions regarding distribution, no. What makes, you think that the debate around the distribution reform can begin in March?

好的，謝謝你，朱塞佩。那麼繼續提問吧，我們的問題來自 BTG 的 Fernan Gonzalez 以及 IP Capital 的 Felipe Torres。第一個是關於罰款。因此，如果 2000 萬美元的罰款已經計入 2024 年的數字，那麼費爾南對分配有一些疑問，不是嗎？是什麼讓您認為有關分配改革的辯論會在三月開始？

The minister has said that some of your, when this is already have been said, then he's asking about if our plans in terms of a strategic plan, the guidance in CapEx and also EBITDA would be changed considering the last updates in terms of the distribution segment. And now so we will keep our plan to invest the free cash flow in the distribution segment in this period, or if we're seeing any changes to regulatory restrictions.

部長說，當這些已經說過的時候，他問的是，考慮到分銷部門的最新更新，我們的策略計畫、資本支出和 EBITDA 的指導是否會改變。因此，我們將繼續我們的計劃，在此期間將自由現金流投資於分銷部門，或如果我們看到監管限制有任何變化。

Okay. Well, first of all, as I said in the presentation, all the finds all the other extraordinary items like the compensation to the clients are already booked and then the closing 2024. As I said in the past, the distribution business is very important for our strategy. We believe that there is a lot of value in the company.

好的。嗯，首先，正如我在演示中所說的那樣，所有其他非常項目（例如對客戶的補償）都已預訂，然後是 2024 年的結算。正如我過去所說，分銷業務對我們的策略非常重要。我們相信該公司具有很大的價值。

So, we confirm our topics and our strategy in this segment. There's no reason as of today to change our strategic plan for what the distribution company. So, we are focused to spend most part of our cash flow in order to improve our grids in terms of resilience and inequality.

因此，我們確認了本部分的話題和策略。截至今天，沒有理由改變我們分銷公司的策略計劃。因此，我們集中大部分現金流來改善電網的彈性和不平等現象。

Okay, thank you to the testimony just, another question for me regarding the carpet and for distribution we have already said, but just to complement according to the guidance that we give to the market.

好的，感謝您的證詞，另一個問題是關於地毯和分銷的，我們已經說過了，但只是根據我們給市場的指導進行補充。

Yeah, so, we can confirm the guidance given to the market that you have seen that we expect an increase in time of beta in 2025, but compared to 2024 and the reason of this delta is mainly related to the. Very negative impact of the climate event of 2024 that amount for more than $60 million impact on the other side, as the evolution of the regulation is giving us a little bit more space and so these are the two reasons. This plan in our opinion, as of today is quite solid that all can be confirmed.

是的，因此，我們可以確認給予市場的指導，正如您所見，我們預計 2025 年的 beta 時間會增加，但與 2024 年相比，這種差異的原因主要與此有關。2024 年氣候事件的影響非常負面，金額超過 6000 萬美元，另一方面，由於法規的演變給了我們更多的空間，所以這就是兩個原因。我們認為，截至今天為止，該計劃已經相當穩固，一切可以得到證實。

Okay.

好的。

Thank you Simone.

謝謝你，西蒙娜。

Thank you, Giuseppe. Just checking if there is any more question as we do not have any more questions, I conclude the results conference call like to remind you that the investor relations team is available for any doubts that you may have. Many thanks for your attention and see you soon. Bye bye.

謝謝你，朱塞佩。只是檢查是否還有其他問題，因為我們沒有其他問題，我結束業績電話會議，想提醒您，投資者關係團隊可以解答您的任何問題。非常感謝您的關注，期待很快與您見面。再見。

And thank you all for participating and you may now disconnect.

感謝大家的參與，現在您可以斷開連線了。