Enel Chile SA (ENIC) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Enel Chile's first half and second quarter 2025 results conference call. My name is Victor, and I'll be your operator for today.

女士們、先生們，早安，歡迎參加 Enel Chile 2025 年上半年和第二季業績電話會議。我叫維克多，今天我將擔任您的接線生。

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 forward-looking statements reflect only our current expectations, are not guarantees of future performance and involve risks and uncertainties.

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》所定義前瞻性陳述的聲明。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。

Actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors. These factors are described in Enel Chile's press release reporting its first half and second quarter 2025 results.

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。Enel Chile 在報告其 2025 年上半年和第二季業績的新聞稿中描述了這些因素。

The presentation accompanying this conference call and the annual report on Form 20-F, included under risk -- included under Risk Factors. You may access our first half and second quarter 2025 results press release and presentation on our website, www.enel.cl, and our 20-F on the SEC's website, www.sec.gov.

本次電話會議隨附的簡報和 20-F 表年度報告包含在風險中 - 包含在風險因素中。您可以在我們的網站 www.enel.cl 上訪問我們 2025 年上半年和第二季度的業績新聞稿和演示文稿，也可以在美國證券交易委員會的網站 www.sec.gov 上訪問我們的 20-F。

Readers are cautioned to not place undue reliance on those forward-looking statements, which speak only as of their dates. Enel 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.

敬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截至當日的觀點。除非法律要求，Enel Chile 不承擔更新這些前瞻性聲明或披露導致這些前瞻性聲明變得不準確的任何進展的義務。

I would now like to turn the presentation over to Ms. Isabela Klemes, Head of Investor relation 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。

Good morning, and welcome to Enel Chile 2025 second quarter and first half results presentation. We greatly appreciate you taking time to join us today.

早安，歡迎參加 Enel Chile 2025 第二季及上半年業績發表會。我們非常感謝您今天抽出時間參加我們的活動。

My name is Isabela Klemes, I'm the Head of Investor Relations. Joining me this morning are our CEO, Gianluca Palumbo; and our CFO, Simone Conticelli. Before we begin, I'd like to take a moment to introduce Gianluca Palumbo, who assumed the role of Chief Executive Officer of Enel Chile on July 1.

我叫伊莎貝拉‧克萊姆斯 (Isabela Klemes)，擔任投資人關係主管。今天早上與我一起出席的還有我們的執行長 Gianluca Palumbo 和財務長 Simone Conticelli。在我們開始之前，我想花點時間介紹一下詹盧卡·帕倫博 (Gianluca Palumbo)，他於 7 月 1 日就任 Enel Chile 首席執行官。

Gianluca is an electrical engineer, a graduate of University of Naples Federico II and brings nearly three decades of experience within Enel Group. Throughout his career, he has held several strategic leadership positions, including Head of Global Network Development for all distribution business lines within Enel and General Manager of EDESUR, Enel Distribution Company in Argentina.

Gianluca 是一名電氣工程師，畢業於那不勒斯費德里科二世大學，在 Enel 集團擁有近三十年的工作經驗。在他的職業生涯中，他擔任過多個策略領導職務，包括 Enel 所有分銷業務線的全球網路開發主管以及阿根廷 Enel 分銷公司 EDESUR 的總經理。

Most recently, Gianluca served as Head of Global Construction, Operation and Maintenance for the entire distribution business across Enel Group. Our presentation and related financial information are available on our website, www.enel.cl in the Investors section as well as through our investor app. In addition, a replay of the call will soon be available. (Event Instructions)

最近，Gianluca 擔任 Enel 集團整個分銷業務的全球建設、營運和維護主管。我們的介紹和相關財務資訊可在我們的網站 www.enel.cl 的投資者部分以及我們的投資者應用程式上找到。此外，此次通話的重播也將很快提供。（活動須知）

Gianluca will kick off the presentation by covering key highlights of the period and the country energy context. He will also delve into our portfolio management actions and provide updates on the regulatory context. Following that, Simone will offer an overview of our business economic and financial performance.

詹盧卡將在演講開始時介紹這段時期的主要亮點和國家能源背景。他還將深入研究我們的投資組合管理行動並提供監管環境的最新資訊。隨後，西蒙娜將概述我們業務的經濟和財務表現。

Thank you all for your attention. And now let me hand over to Gianluca.

謝謝大家的關注。現在讓我把時間交給詹盧卡。

Thank you, Isabela. Good morning, and thank you for your participation. I'm honored to be speaking with you today. Together with our senior leadership team, I'm committed to our core goals as we navigate both challenges and opportunities with clarity and determination. Let's start the presentation with our main highlights of the period.

謝謝你，伊莎貝拉。早上好，感謝您的參與。我很榮幸今天能和你們交談。我與我們的高階領導團隊一起，致力於實現我們的核心目標，以清晰的思路和堅定的決心應對挑戰和機遇。讓我們從這段時期的主要亮點開始介紹。

Let's begin with portfolio management. Hydro generation remained consistent with the last year's levels, supported by a higher-than-expected thermal dispatch. This was largely driven by transmission constraints throughout the period as well as temporary unavailability of certain thermal units within the system.

讓我們從投資組合管理開始。在高於預期的火力發電調度的支持下，水力發電量與去年的水平保持一致。這主要是由於整個時期的傳輸限制以及系統內某些熱電機組的暫時不可用所造成的。

Our gas trading operations also performed well this quarter, playing a strategic role in complementing our portfolio and helping offset our spot market purchases. This activity continues to be a key tool in navigating current market dynamics and is expected to remain at a relevant level throughout the year.

我們的天然氣交易業務本季也表現良好，在補充我們的產品組合和幫助抵消我們的現貨市場購買方面發揮了戰略作用。這項活動仍然是引導當前市場動態的關鍵工具，預計全年將保持在相關水平。

Now moving on to our Distribution segment. At the same time, we have made solid progress with our resilient in winter program. This initiative is designed to strengthen our grid and improve our response to climate-related events.

現在轉到我們的分銷部分。同時，我們的冬季復育計畫也取得了紮實的進展。該計劃旨在加強我們的電網並改善我們對氣候相關事件的應對。

As part of this effort, we have been deploying remote control systems across our networks to significantly reduce average services restoration times. This is a key part of our strategy to ensure long-term reliability and to improve our operational continuity.

作為這項工作的一部分，我們一直在整個網路中部署遠端控制系統，以顯著縮短平均服務恢復時間。這是我們確保長期可靠性和提高營運連續性的策略的關鍵部分。

We have also implemented a new vegetation management control program carried out in close coordination with local municipality and relevant regulatory entities. This initiative aims to prevent service disruption and further secure the stability of our infrastructure.

我們還實施了一項新的植被管理控制計劃，並與當地市政當局和相關監管機構密切協調。此項措施旨在防止服務中斷並進一步確保我們基礎設施的穩定性。

Additionally, we have introduced new procedures for managing grid failures more efficiently. For instance, once applied, we are using generation units to support service restoration during network recovery. These enhancements are part of our broader strategy to boost system resilience and operational responsiveness.

此外，我們還引入了新程序來更有效地管理電網故障。例如，一旦應用，我們將使用發電機組來支援網路恢復期間的服務恢復。這些增強功能是我們提高系統彈性和營運回應能力的更廣泛策略的一部分。

Let's now turn to the regulatory and country context, which continues to play a key role in shaping our strategic decisions and long-term planning. This third quarter will be particularly relevant as we expect the release of the final VAD '24/'28 consultant report and the publication of a new regulation on base ancillary services.

現在讓我們來談談監管和國家背景，它們在製定我們的戰略決策和長期規劃方面繼續發揮關鍵作用。第三季尤其重要，因為我們預計將發布最終的 VAD '24/'28 顧問報告和有關基地輔助服務的新法規。

I will share more details later. In the meantime, the PNP regulated tariff decree for the second half of 2025 was published in July. This update adjusts the energy component of regulated tariffs.

我稍後會分享更多細節。同時，2025年下半年菲律賓國家警察局管制關稅法令於7月公佈。此次更新調整了管制關稅的能源部分。

As I will explain later, it enables us to begin recovering a larger portion of PEC 1 and provides greater visibility of our cash flow for our generation business. Let's now move on to our financial performance, which reflects the resilience of our operations and our ability to adapt to a changing environment.

正如我稍後將解釋的那樣，它使我們能夠開始恢復更大比例的 PEC 1，並為我們的發電業務提供更大的現金流可見度。現在讓我們來看看我們的財務業績，它反映了我們營運的彈性和適應不斷變化的環境的能力。

In the first half of 2025, we delivered an EBITDA higher than the same period last year. This strong performance was further supported by a positive FFO driven by $261 million received from stabilization energy mechanism factoring. This inflow significantly improved our cash flow position.

2025年上半年，我們的EBITDA高於去年同期。這一強勁表現也得益於穩定能源機制保理業務所獲得的 2.61 億美元帶來的正 FFO。這筆資金的流入顯著改善了我們的現金流狀況。

As a result, we have maintained a solid liquidity position and this allows us to navigate potential headwinds posed by evolving climate scenario while also advancing our investment program across both our generation and distribution businesses. Now turning to generation investments.

因此，我們保持了穩固的流動性狀況，這使我們能夠應對不斷變化的氣候情景所帶來的潛在阻力，同時推進我們在發電和配電業務上的投資計畫。現在轉向發電投資。

After gaining confidence in proposed ancillary services regulation and deeply analyzing several market scenarios for Chile and observing the cost evolution of the BESS, we are ready to formally launch construction of our BESS investments. These projects will be deployed in the Northern Chile, adding around 0.5 gigawatts of battery energy storage to our portfolio within the next two years. This marks a significant milestone.

在對擬議的輔助服務監管充滿信心、深入分析智利的幾種市場情景並觀察 BESS 的成本演變之後，我們準備正式啟動 BESS 投資的建設。這些項目將部署在智利北部，在未來兩年內為我們的投資組合增加約 0.5 千兆瓦的電池儲能。這是一個重要的里程碑。

It reinforces our commitment to Chile and demonstrates the strength of our strategy to continue serving both regulated and free market segments. Now let's move to slide 4 to talk about the country's market situation.

它加強了我們對智利的承諾，並展示了我們繼續服務於受監管和自由市場領域的策略的實力。現在我們來看投影片 4，討論一下該國的市場狀況。

The national electricity system has been affected by several factors, including poor hydrological conditions, both scheduled and unscheduled maintenance across various thermal power plants and the temporary unavailability of transmission line connecting the Northern and Central Regions of the country, mainly in April and June, which led to significant system decoupling.

國家電力系統受到多種因素的影響，包括水文條件惡劣、各火力發電廠的計劃內和計劃外維護以及連接該國北部和中部地區的輸電線路暫時中斷（主要在 4 月和 6 月），導致系統嚴重脫鉤。

All these factors combined led to increase in spot price in Central and Southern zone of Chile, mainly during daytime hours, resulting in higher operating costs for the system as we are showing in the left part of this slide. On the hydrology front, cumulative rainfall as expected, has been lower than in the same period of 2024.

所有這些因素共同導致智利中部和南部地區的現貨價格上漲，主要是在白天，從而導致系統運營成本上升，正如我們在本幻燈片左側所示。從水文方面來看，累積降雨量如預期的低於 2024 年同期。

Nevertheless, the hydro generation during this period was close to last year's levels. Therefore, we are maintaining our hydrology guidance for the year in line with the average observed over the past 10 years. For the 2025, we expect hydro generation to reach around 11 terawatt hours.

儘管如此，這段時期的水力發電量接近去年的水平。因此，我們將今年的水文指導維持在與過去 10 年的平均值一致。到 2025 年，我們預計水力發電量將達到約 11 太瓦時。

Despite this challenging scenario, we have managed to navigate it, thanks to our solid and long gas supply position, which includes our long-term LNG contract with Shell and Argentina gas supply, the full availability of our efficient thermal capacity and strategic water reserves from favorable rainfall in the 2024 storage in our dams.

儘管面臨這種充滿挑戰的情況，我們還是設法渡過了難關，這要歸功於我們穩固而長期的天然氣供應狀況，其中包括我們與殼牌和阿根廷天然氣供應的長期液化天然氣合約、我們高效的熱力容量的充分可用性以及 2024 年水壩儲存的有利降雨帶來的戰略水儲備。

Thanks to our robust and diversified gas position, we were able to capitalize on favorable trading opportunities across both local and international markets during the period. This demonstrates the effective complementarity within our portfolio.

憑藉我們穩健而多元化的天然氣地位，我們能夠在此期間利用本地和國際市場的有利交易機會。這證明了我們的產品組合具有有效的互補性。

Now moving on to slide 5. Let's review our generation portfolio and energy balance, taking into account the system constraints I just outlined.

現在轉到投影片 5。讓我們回顧一下我們的發電組合和能源平衡，同時考慮到我剛才概述的系統限制。

First of all, I would like to highlight that we have started 2025 with a solid diversified portfolio, which includes a total net installed capacity of 8.9 gigawatts with 78 coming from renewable energy source and battery energy storage systems. Net electricity generation decreased 5% compared to production as of June 2024.

首先，我想強調的是，我們在 2025 年伊始就擁有了穩固的多元化投資組合，其中包括 8.9 千兆瓦的總淨裝置容量，其中 78 千兆瓦來自再生能源和電池儲能係統。截至 2024 年 6 月，淨發電量與產量相比下降了 5%。

This decline was driven by lower hydro dispatch during the first quarter of 2025, reduced renewable generation, increased the curtailment levels caused by transmission line limitation already mentioned. However, this was partially offset by higher contribution from our efficient thermal power plants.

這一下降是由於 2025 年第一季水力發電調度減少、再生能源發電量減少以及上文提到的輸電線路限制導致的限電水平上升所致。然而，這一增長被我們高效能火力發電廠的更高貢獻部分抵消。

During the second quarter of 2025, net generation declined to 5.9 terawatt hour, mainly due to the reduced renewable generation already mentioned. In the first half, our energy sales almost reached 15.1 terawatt hour, mainly due to lower sales to regulated customers following the expiration of regulated contracts.

2025 年第二季度，淨發電量下降至 5.9 太瓦時，主要原因是前面提到的再生能源發電量減少。上半年，我們的能源銷售量幾乎達到 15.1 太瓦時，主要原因是受監管合約到期後對受監管客戶的銷售量下降。

During the second quarter of 2025, fiscal energy totaled 7.4 terawatt hour, lower than the second quarter of 2024, mainly due to reduced sales to regulated customers and free clients. In this first semester, as you can see in the slide, we reduced our purchases from third parties and also our spot market purchases, mainly at non-solar hours.

2025年第二季度，財政能源總量為7.4太瓦時，低於2024年第二季度，主要原因是受監管客戶和自由客戶的銷售減少。在第一學期，正如您在幻燈片中看到的，我們減少了從第三方的採購量以及現貨市場的採購量，主要是在非太陽時段。

Now I would like to take a moment to discuss the energy regulatory framework and share important upcoming updates on slide 7. Regarding our distribution business, we are currently navigating a new regulatory cycle that incorporates a new replacement value of $2.1 billion. The consultant's final report on the '24/'28 VAD is expected to be delivered and published in the coming weeks.

現在我想花點時間討論能源監管框架，並在投影片 7 上分享即將發布的重要更新。關於我們的分銷業務，我們目前正在經歷一個新的監管週期，其中包含 21 億美元的新重置價值。顧問關於「24/28 VAD」的最終報告預計將在未來幾週內提交並發布。

We estimate the regulator will release the preliminary technical report for this new cycle in the second half of 2025. In relation to the 2024 VAD process, we remain monitoring the resolution from the Superintendency of Electricity and Fuels, which will establish the time line for defining the outstanding debt in favor of distribution companies, marking an important step towards improved regulatory.

我們預計監管機構將在2025年下半年發布該新周期的初步技術報告。關於 2024 年 VAD 流程，我們仍在關注電力和燃料監管局的決議，該決議將確定有利於配電公司的未償債務的時間表，這是朝著改善監管邁出的重要一步。

Now on tariffs, in July 2025, the decree for the second half of 2025 PNP was published. This decree allows the recovery of cash in our generation business for an amount of around $48 million in the next six months. Related to the PEC accruals as of June 2025, we had an account receivable related to the PEC of around $164 million. These figures already include the factoring executed in April for $261 million.

現在關於關稅，2025年7月，2025年下半年PNP法令公佈。該法令允許我們在未來六個月內從發電業務中回收約 4,800 萬美元的現金。與截至 2025 年 6 月的 PEC 應計項目相關，我們有與 PEC 相關的應收帳款約為 1.64 億美元。這些數字已經包括了 4 月執行的 2.61 億美元的保理業務。

Let's now move to right-hand side of the slide to review updates on important changes in the regulatory framework currently under discussion. The proposal to expand the electricity subsidy for the country's most vulnerable households continues under discussion.

現在讓我們轉到幻燈片的右側來查看目前正在討論的監管框架中重要變化的更新。擴大針對該國最弱勢家庭的電力補貼的提議仍在討論中。

So far, the measures approved to date are additional net VAT related to the tariff increase, increasing the amount of compensation that distribution company must pay to clients in case of distribution power outages. The discussion now moves to the Finance Commission before being voted in Senate plenary.

到目前為止，已批准的措施是與電價上漲相關的額外淨增值稅，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。該提案目前已移交財政委員會討論，之後將提交參議院全體會議表決。

Measures related to the CO2 tax and so-called [Bolsa PMI] initiative are still under discussion. Regarding the remuneration of ancillary services for battery energy storage systems, we expect regulatory update in the third quarter of 2025. The proposal presented by National Energy Commission seeks to encourage the participation of BESS in the ancillary service market by recognizing the cost associated with their delivery given the systemic benefits that their inclusion would entail.

與二氧化碳稅和所謂的[Bolsa PMI]計劃相關的措施仍在討論中。關於電池儲能係統輔助服務的報酬，我們預計監管將在 2025 年第三季更新。國家能源委員會提出的提案旨在透過承認電池儲能係統 (BESS) 交付的相關成本以及其納入將帶來的系統性效益來鼓勵電池儲能係統 (BESS) 參與輔助服務市場。

To this end, the calculation methodology for the opportunity cost is proposed to mitigate the risk of foregoing participation in energy arbitrage. Next, our CFO, Simone ConticellI, will present a review of our financial and economical performance.

為此，提出了機會成本的計算方法來減輕放棄參與能源套利的風險。接下來，我們的財務長 Simone ConticellI 將對我們的財務和經濟表現進行回顧。

Many thanks, Gianluca, and good morning, everyone. I will start by reviewing the highlights of our performance over the period.

非常感謝，詹盧卡，大家早安。我將首先回顧我們這段時期表現的亮點。

Before we start commenting the first half results, let me remind that as of January 1, 2025, Enel Chile changed its functional currency from Chilean pesos to US dollar. For comparative purpose, in today's presentation, the first half and the second quarter 2024 figures are converted using the average exchange rate of the figures.

在我們開始評論上半年業績之前，請允許我提醒一下，自 2025 年 1 月 1 日起，Enel Chile 將其功能貨幣從智利比索更改為美元。為了進行比較，在今天的演示中，2024 年上半年和第二季度的數據是使用平均匯率進行轉換的。

And now let's take a look at a brief overview of our financial performance. As shown on the slide, in the first half 2025 EBITDA reached $659 million, representing a 10% improvement compared to the last year figures.

現在讓我們來簡要回顧一下我們的財務表現。如投影片所示，2025 年上半年 EBITDA 達到 6.59 億美元，與去年同期相比成長了 10%。

The improvement is mainly driven by strong sourcing performance in generation and improved gas trading activities, which more than offset the negative impact of regulated PPA expirations and transmission line constraints. The June transmission line constraint particularly impacted the second quarter EBITDA slightly decreased by $10 million compared to the second quarter 2024.

這項改善主要得益於發電採購表現強勁以及天然氣交易活動改善，足以抵消受監管的電力採購協議到期和輸電線路限制的負面影響。6 月輸電線路限制尤其影響了第二季的 EBITDA，與 2024 年第二季相比略有下降 1,000 萬美元。

Moving to the net income. The first half net income amounted to $246 million representing a decrease of 8% compared to the previous year, mainly due to the higher D&A, while in the second quarter net income amounted to $71 million. The first half FFO showed a significant improvement compared to last year reaching important $403 million, 7.8 times the previous year figure.

轉向淨收入。上半年淨收入為 2.46 億美元，較上年下降 8%，主要原因是折舊攤提前利潤增加，而第二季淨收入為 7,100 萬美元。上半年 FFO 與去年相比有顯著改善，達到重要的 4.03 億美元，是去年的 7.8 倍。

And the second quarter FFO reached $295 million, that means $357 million higher than the result of the same period of 2024. This is driven mainly by the previously mentioned improvement in EBITDA and the recovery of funds associated with PEC. We'll go into more details later in the presentation.

第二季的 FFO 達到 2.95 億美元，比 2024 年同期高出 3.57 億美元。這主要得益於前面提到的 EBITDA 的改善以及與 PEC 相關的資金的回收。我們將在稍後的演示中詳細介紹。

And so now moving -- let's move to the next slide to review the progress made on CapEx. Our total CapEx reached $157 million in the first half, mostly centered on grid and power plant grid performance.

現在讓我們進入下一張投影片來回顧資本支出的進展。上半年我們的總資本支出達到 1.57 億美元，主要集中在電網和發電廠電網性能。

Let's take a closer look at the allocation. 40% of $63 million was directed towards grid investments, 31% or $48 million supported thermal projects, 29% of $45 million was invested in renewable and storage. The grid focus as previously explained by Gianluca remains on the resilient program, reinforcing infrastructure to reduce vulnerability to climate-driven destruction.

讓我們仔細看看分配情況。 6,300 萬美元中的 40% 用於電網投資，31% 或 4,800 萬美元用於支持熱電項目，4,500 萬美元中的 29% 投資於再生能源和儲能。正如詹盧卡之前所解釋的那樣，電網的重點仍然放在彈性計畫上，加強基礎設施以減少對氣候驅動破壞的脆弱性。

The priority for thermal segment is the maintenance and performance enhancement of the power plant fleet. In the renewable segment, we have centered our efforts on finalizing the PMGD program, enhancing hydro facility performance and maintain fleet availability.

火力發電部門的首要任務是發電廠群的維護和性能提升。在再生能源領域，我們致力於完成 PMGD 計劃、提高水力發電設施性能並保持機組可用性。

Moving to breakdown by nature, asset management CapEx totaled $89 million, accounting for 57% of the total CapEx, mostly used for the maintenance of Atacama, Quintero and San Isidro CCGT, and grid maintenance and digitalization. development CapEx was $38 million, primarily driven by the completion of 2024 investment program for Enel Chile and investment for grid reliability enhancement and (inaudible) deployment.

按性質細分，資產管理資本支出總計 8,900 萬美元，佔總資本支出的 57%，主要用於阿塔卡馬、金特羅和聖伊西德羅 CCGT 的維護以及電網維護和數位化。開發資本支出為 3,800 萬美元，主要由於 Enel Chile 2024 年投資計畫的完成以及電網可靠性增強和（聽不清楚）部署的投資。

In 2025, the development CapEx (inaudible) related project has been partially deferred to 2026. Customer CapEx totaled $30 million, mostly focused on low and medium (inaudible) connection projects and initiatives to support growth increase. And now let's move to the next slide, which presents a detailed view of our second quarter EBITDA.

2025 年，開發資本支出（聽不清楚）相關項目已部分延後至 2026 年。客戶資本支出總計 3,000 萬美元，主要集中在低、中（聽不清楚）連結項目和支援成長的計畫。現在讓我們來看看下一張投影片，它詳細介紹了我們的第二季 EBITDA。

In the second quarter of 2025, our EBITDA reached $293 million representing a slight decrease of $10 million compared to the same period of 2024. Let's go to the main reason for the performance differences.

2025 年第二季度，我們的 EBITDA 達到 2.93 億美元，與 2024 年同期相比略有下降 1,000 萬美元。讓我們來看看造成性能差異的主要原因。

Starting with Generation business, we recorded a decreased of $106 million in PPA sales primarily due to the termination of some high-priced regulated contract that impacted on volume and average price of the regulated portfolio, partially offset by the negative impact of exchange rate hedges recorded in 2024.

從發電業務開始，我們的 PPA 銷售額減少了 1.06 億美元，這主要是由於一些高價受監管合約的終止影響了受監管投資組合的銷量和平均價格，但 2024 年記錄的匯率對沖的負面影響部分抵消了這一影響。

Going to the sourcing, we recorded a positive effect of $92 million despite the negative impact of $23 million due to the transmission line constraint and interruption, particularly in June. The group performance is primarily explained by lower cost in the spot market, mainly due to lower energy volume purchase and lower third parties purchases.

在採購方面，儘管由於輸電線路的限制和中斷（尤其是在 6 月），造成了 2,300 萬美元的負面影響，但我們仍記錄了 9,200 萬美元的正面影響。集團業績表現不佳的主要原因是現貨市場成本較低，這主要是由於能源採購量較低以及第三方採購量較低。

Regarding gas optimization activities, we achieved a positive contribution of $25 million, thanks to increased gas trading volumes for the total of 6.4 (inaudible) during the second quarter of 2025. Regarding our grid business, we reported a positive impact of $7 million, mainly driven by provision reflecting the higher tariff expected for 2024, 2028 regulatory remuneration period, partially offset by a higher in the quarter, mainly due to increased maintenance activities and strengthening the grid.

在天然氣優化活動方面，由於 2025 年第二季天然氣交易量增加至 6.4（聽不清楚），我們實現了 2,500 萬美元的正貢獻。關於我們的電網業務，我們報告了 700 萬美元的積極影響，主要是由於反映了 2024 年、2028 年監管薪酬期預期更高關稅的撥備，但本季度的更高關稅部分抵消了這一影響，這主要是由於維護活動增加和電網加強。

We also recorded a negative impact of $14 million, mainly due generation costs related to the new development capacity that starting over at after June 2024 and maintenance activities. Finally, in the second quarter of 2025, we recorded a pension cost one-off effect, mainly for the incentivized retirement plan to support the company reorganization aimed at improving internal performance.

我們也記錄了 1400 萬美元的負面影響，主要是由於 2024 年 6 月之後重新開始的新開發產能相關的發電成本以及維護活動。最後，在2025年第二季度，我們記錄了退休金成本一次性效應，主要用於激勵退休計劃，以支持旨在改善內部績效的公司重組。

And now let's move on to the next slide to review the main impacts on EBITDA during the first line. In the first half, EBITDA reached $659 million, representing an improvement of $62 million compared to the same period of 2024. Starting with the generation business.

現在讓我們進入下一張投影片，回顧第一行對 EBITDA 的主要影響。上半年，EBITDA 達到 6.59 億美元，較 2024 年同期成長 6,200 萬美元。從發電業務開始。

We recorded a decrease of $155 million in PPA sales, mainly due to termination of high-price related contracts, partially offset by the negative impact from exchange rate hedges recorded in 2024 and deposited price efforts due to the indexation of three market contracts.

我們的 PPA 銷售額減少了 1.55 億美元，主要是由於高價相關合約的終止，但部分被 2024 年記錄的匯率對沖的負面影響以及由於三個市場合約指數化而存入的價格努力所抵消。

Regarding sourcing, we recorded a positive effect of $189 million despite this $34 million negative the impact due to the transmission line restriction following the February blackout and the additional second quarter issues.

在採購方面，儘管由於 2 月停電以及第二季的其他問題導致輸電線路受限，造成了 3,400 萬美元的負面影響，但我們仍錄得 1.89 億美元的正面影響。

The result was obtained, thanks to lower spot market and third-party energy purchase costs, energy settlement for previous periods, reduced transmission costs and finally, lower production costs, thanks to the efficiency of our thermal power plants.

這項成果的取得得益於現貨市場和第三方能源採購成本的降低、前期能源結算的降低、傳輸成本的降低，以及最終由於我們火力發電廠的效率而降低的生產成本。

In the first half of 2025, gas optimization activities contributed (inaudible) $22 million, also thanks of the increase of 5.9 (inaudible) in trading volumes versus the same period of 2024. On the grids business, we recorded a positive impact of $34 million, primarily driven by two factors, provision reflecting the higher tariff expected for 2024 2028 regulatory remuneration and (inaudible) of tariff indexation.

2025 年上半年，天然氣優化活動貢獻了（聽不清楚）2,200 萬美元，也得益於與 2024 年同期相比交易量增加了 5.9（聽不清楚）。在電網業務方面，我們錄得 3,400 萬美元的正面影響，主要受兩個因素推動，即反映了 2024 年和 2028 年監管報酬預期更高的關稅和（聽不清楚）關稅​​指數化的撥備。

As outlined in the quarterly analysis in the first half, we recorded an increase of generation cost due to the new developed capacity and the maintenance activities. Finally, as previously explained, we have a non-recurring effect of $30 million related to the company's reorganization.

如上半年季度分析所述，由於新開發產能和維護活動，我們記錄了發電成本的增加。最後，如前所述，我們因公司重組而產生了 3000 萬美元的非經常性影響。

And now let's move on to the next slide where we will review the net income evolution. Our first half 2025 net income reached $246 million, a decrease of 8% compared to the last year figures, mainly explained by improved EBITDA by $62 million, offset by higher depreciation, amortization, impairment and net debt expenses for $66 million, mainly due to the commissioning of new renewable capacity amounting to $20 million, $29 million impairment following our decision not to proceed with the new PMGD solar project initially planned for development in this area.

現在讓我們進入下一張投影片，回顧一下淨收入的演變。我們 2025 年上半年的淨收入達到 2.46 億美元，比去年同期下降 8%，主要原因是 EBITDA 增加了 6200 萬美元，但折舊、攤銷、減值和淨債務費用增加 6600 萬美元，這主要歸因於新的可再生能源產能投入使用，金額為 2000 萬美元，我們決定繼續在該地區損失為太陽能項目2900 萬美元。

And finally, the increase of net debt provisions amounting to $6 million, mainly driven by higher average invoice amount due to the rise of tariffs. Regarding financial results, we reported a negative variation of $28 million, mainly explained by the lower capitalized expenses of renewable projects, the 2024 interest on tax receivables, partially offset by lower financial expenses and positive foreign exchange differences. We also recorded a $3 million increase in the income taxes, mostly due to the improved results.

最後，淨債務準備金增加 600 萬美元，主要由於關稅上漲導致平均發票金額增加。關於財務結果，我們報告了 2800 萬美元的負變化，主要原因是可再生項目資本化費用較低、2024 年應收稅款利息，但財務費用較低和外匯匯率正差額部分抵消了這一變化。我們的所得稅也增加了 300 萬美元，這主要歸功於業績的改善。

Focusing on the quarter, net income decreased by $39 million mainly due to $10 million decline in EBITDA, $41 million increase in depreciation, amortization and net debt, primarily due to the operation of the renewable capacity and (inaudible) impairment.

集中於本季度，淨收入減少了 3,900 萬美元，主要是由於 EBITDA 減少 1,000 萬美元，折舊、攤提和淨債務增加了 4,100 萬美元，這主要是由於可再生能源容量的營運和（聽不清楚）減損。

And finally, $12 million decrease in income taxes mainly due to the lower results recorded in the second quarter 2025 versus the second quarter 2024. And now let's move on to the analysis on the next slide.

最後，所得稅減少 1,200 萬美元，主要是由於 2025 年第二季的業績低於 2024 年第二季。現在我們繼續下一張投影片的分析。

Let's analyze FFO first half of 2025 and the main effect compared to the same period in 2024. Our FFO reached at $403 million, representing an improvement of $261 million comparted first half of 2024. This is due to the following factors.

讓我們來分析一下 2025 年上半年的 FFO 以及與 2024 年同期相比的主要影響。我們的 FFO 達到 4.03 億美元，與 2024 年上半年相比增加了 2.61 億美元。這是由於以下因素造成的。

First, EBITDA amounted to $659 million with a positive variation of $62 million as previously explained. Second, a $269 million of recovery PEC receivable in the first half of 2025, mainly due to factoring executed in April 2025 related to PEC 3s. It's worth mentioning that we offset a positive FFO variance of $460 million versus the first half 2024, thanks to the end of accumulation of PEC receivable started in October 2024.

首先，EBITDA 達到 6.59 億美元，如前所述，正向變化為 6,200 萬美元。其次，2025 年上半年有 2.69 億美元的 PEC 應收帳款回收，主要由於 2025 年 4 月執行的與 PEC 3s 相關的保理業務。值得一提的是，由於 2024 年 10 月開始的 PEC 應收帳款累積結束，我們抵銷了與 2024 年上半年相比 4.6 億美元的正 FFO 差異。

Third, the working capital increased by $256 million, mainly due to the development CapEx payment and seasonality on energy payments. The increase was higher by $115 million versus previous year, mainly due to the negative effect of energy payment scheduling and the increase in distribution receivables due to the increase in the tariff. These effects were partially offset by lower CapEx payments related to the new renewable capacity.

第三，營運資本增加了 2.56 億美元，主要是因為開發資本支出和能源支付的季節性。與前一年相比，增幅高出 1.15 億美元，主要原因是能源付款計劃的負面影響以及關稅上調導致的配電應收帳款增加。這些影響被與新再生能源相關的較低的資本支出部分抵消。

Fourth, income taxes impacted on FFO by $187 million, mainly due to the tax payment in the generation business. Income taxes paid in the first half 2025 were higher by $50 million compared to the first half 2024. This difference is mainly due to the increased tax payment in the generation business driven by both higher results and higher monthly payment tax rates.

第四，所得稅對FFO的影響為1.87億美元，主要由於發電業務的納稅。2025 年上半年繳納的所得稅比 2024 年上半年高出 5,000 萬美元。這一差異主要是由於發電業務的稅費增加，這既是由於業績提高，也是由於每月繳納的稅率提高。

And finally, financial expenses amounting to $82 million, mostly due to the debt-related cost. This represents a reduction of $38 million compared to the first half 2024, mainly driven by a lower average debt this year. And now let's take a look to our liquidity and leverage position.

最後，財務費用達 8,200 萬美元，主要是因為債務相關成本。與 2024 年上半年相比，這一數字減少了 3,800 萬美元，主要原因是今年平均債務較低。現在讓我們來看看我們的流動性和槓桿狀況。

Our gross debt increased slightly by $4 billion to $3.9 billion at the end of June 2025 compared to December 2024. This increase is mainly due to a seasonal effect related to the net working capital needs in the second quarter.

與 2024 年 12 月相比，我們的總債務在 2025 年 6 月底小幅增加了 40 億美元，達到 39 億美元。這一增長主要是由於第二季淨營運資本需求相關的季節性影響。

The gross debt increase between December 2024 and June 2025 was driven by $100 million drawn from the new credit line with CAF -- Banco de desarrollo de América Latina y el Caribe and $42 million in new leasing liability offset by $102 million debt amortization.

2024 年 12 月至 2025 年 6 月期間的總債務增加是由於從 CAF（美洲拉丁美洲和加勒比發展銀行）的新信貸額度中提取的 1 億美元和 4200 萬美元的新租賃負債被 1.02 億美元的債務攤銷所抵消。

The average maturity of our debt portfolio slightly declined to 5.9 years as of June 2025 compared to 6.2 years in December 2024 and the portion at fixed rate is the 86% of the total debt. The average cost of our debt reached 4.9 as of June 2025, in line with our effort to optimize the financial costs.

截至 2025 年 6 月，我們的債務組合的平均期限略微下降至 5.9 年，而 2024 年 12 月為 6.2 年，固定利率部分佔總債務的 86%。截至 2025 年 6 月，我們的平均債務成本達到 4.9，這與我們優化財務成本的努力一致。

Regarding liquidity, we are in a comfortable position to support our capital needs for the upcoming months and cope with the next year maturity. And finally, as of June 2025, we have available committed credit lines $590 million and cash equivalents for $320 million.

關於流動性，我們有足夠的能力滿足未來幾個月的資本需求並應對明年的到期債務。最後，截至 2025 年 6 月，我們已承諾的信用額度為 5.9 億美元，現金等價物為 3.2 億美元。

So thank you all for your attention. And now I will pass the floor to Gianluca for the closing remarks.

謝謝大家的關注。現在，我請詹盧卡致閉幕詞。

Thank you, Simone. As I take part in my first earnings call as CEO, I'd like to extend my thanks to our shareholders and the broader investment community for your continued support of Enel Chile.

謝謝你，西蒙娜。在我作為執行長參加第一次財報電話會議之際，我想向我們的股東和更廣泛的投資界表示感謝，感謝你們對 Enel Chile 的持續支持。

I step into this role committed to working with the Enel Chile team through an agile data-driven approach, clarity in execution and deeply rooted in operational excellence. This mindset will guide how we identify the seek opportunities design and scale innovative solutions and lead our team with clarity, purpose and accountability.

我擔任這個職位是為了致力於透過敏捷的數據驅動方法、清晰的執行和深深紮根於卓越的營運與 Enel Chile 團隊合作。這種思維方式將指導我們如何識別尋求機會、設計和擴展創新解決方案，並以清晰、有目的和有責任感的方式領導我們的團隊。

I look forward to fostering our culture of agility, productivity, resilience and innovation, confident that this approach will generate consistent and sustainable value to all our stakeholders.

我期待培養我們的敏捷、高效、彈性和創新的文化，並相信這種方法將為我們所有的利害關係人創造持續和可持續的價值。

Now I would like to share the following closing remarks. We remain fully committed to our winter plan in the distribution business with a clear focus on ensuring services continuity and reliability, especially during the most critical months of the year. The timely completion of all infrastructure projects is progressing as planned, strengthening our ability to respond effectively within a robust risk management framework.

現在，我想分享以下結束語。我們將繼續全力執行分銷業務的冬季計劃，重點是確保服務的連續性和可靠性，尤其是在一年中最關鍵的月份。所有基礎設施項目的按時完工正在按計劃進行，增強了我們在強有力的風險管理框架內有效應對的能力。

This approach includes a well-defined risk prevention activities, improves organizational readiness, enhances our capacity to respond rapidly and supports a swift recovery. Also, now that we have greater clarity regarding the regulation, we are set to begin construction of our BESS pipeline in the coming months.

這種方法包括明確的風險預防活動，提高了組織準備程度，增強了我們快速回應的能力並支持快速恢復。此外，現在我們對法規有了更清晰的認識，我們將在未來幾個月開始建造我們的 BESS 管道。

In parallel, we are proactively implementing managerial measures to mitigate the impacts on our portfolio, those related to transmission constraints and asset unavailability. We are acting with flexibility and precision to identify key operational actions and deploying solutions to safeguard value and maintain system stability and rentability.

同時，我們正在積極實施管理措施，以減輕與傳輸限制和資產不可用相關的對我們投資組合的影響。我們靈活且精確地採取行動，確定關鍵的營運行動並部署解決方案，以保障價值並維持系統穩定性和可租性。

At the same time, we continue to improve the foundations of our business model, which has consistently proven resilient in face of external challenges. These ongoing managerial actions enhance our adaptability, reinforce our positioning and support the delivery of sustainable long-term value. Now let me hand it over to Isabela for question-and-answer session.

同時，我們不斷完善我們的商業模式基礎，在面對外部挑戰時始終表現出韌性。這些持續的管理措施增強了我們的適應性，鞏固了我們的定位，並支持實現可持續的長期價值。現在，讓我將時間交給伊莎貝拉進行問答。

Thank you, Gianluca. Thank you, Simone. So let's now move on to the Q&A session. We will be taking questions this time via chat through the webcast. So the Q&A session is now open.

謝謝你，詹盧卡。謝謝你，西蒙娜。現在讓我們進入問答環節。這次我們將透過網路直播聊天來回答問題。問答環節現在開始。

So I will start here, Gianluca and Simone with the first question we have received. The first question comes from [Florence Mallorca from METRI].

因此，Gianluca 和 Simone，我將從我們收到的第一個問題開始。第一個問題來自[來自 METRI 的 Florence Mallorca]。

The first question of Florence is, Gianluca, which is the main reason behind the higher energy losses in the distribution business? And she also -- the second question is regarding higher gas sales in the generation business, how sustainable they are? Okay.

Florence 的第一個問題是，Gianluca，配電業務中能源損失較高的主要原因是什麼？她也提出的第二個問題是，發電業務中天然氣銷售的增加，其永續性如何？好的。

Gianluca?

詹盧卡？

Yes. Losses in distribution increased once comparing 2024 versus 2025. One reason is higher electricity prices starting in the mid-2024, which led to more energy debt and the last year climate events. Some changes in customer habits also added to the problem. To fix this, we have made payment plans easier for customers.

是的。2024 年與 2025 年相比，分銷損失增加。原因之一是從 2024 年中期開始電價上漲，這導致了更多的能源債務和去年的氣候事件。顧客習慣的一些變化也加劇了這個問題。為了解決這個問題，我們為客戶提供了更簡單的付款計劃。

We have also adapt better tools to find that. And we are working with regulators to improve the rules and regulatory model. Chile still has lower losses than other Latin American countries, but we are watching the situation closely and working with teams in other regions to share what's working and reduce these losses.

我們也採用了更好的工具來發現這一點。我們正在與監管機構合作，以完善規則和監管模式。智利的損失仍然低於其他拉丁美洲國家，但我們正在密切關注局勢，並與其他地區的團隊合作，分享有效的方法並減少這些損失。

Thank you, Gianluca. Then we have the second question regarding the gas.

謝謝你，詹盧卡。接下來我們有關於氣體的第二個問題。

Yes. Okay. Our current guidance is between $80 million to $90 million for this year. We expect that the sale of gas surplus could be sustainable in the next few years, considering our liability. However, profitability and volume of gas trading will vary considering market conditions.

是的。好的。我們目前的預期是今年的銷售額在 8,000 萬至 9,000 萬美元之間。考慮到我們的責任，我們預計未來幾年天然氣過剩的銷售將是可持續的。然而，天然氣交易的獲利能力和交易量會因市場情況而有所不同。

Okay. Thank you very much, Gianluca. So now let's go to our second question coming from Beatrice Gianola from Mediobanca. So she has several questions. I go one by one, Simone.

好的。非常感謝，詹盧卡。現在我們來回答第二個問題，這個問題來自 Mediobanca 的 Beatrice Gianola。所以她有幾個問題。我一個一個地講，西蒙娜。

So the first one is from hydrology, okay? So she's asking that in the first half, hydro production is slightly above 50% of the full year target, which gets confirmed. How do you expect hydro volumes to evolve in second half?

第一個是來自水文學的，好嗎？因此，她要求上半年水電產量略高於全年目標的 50%，這一目標得到了確認。您預計下半年水電發電量將如何變動？

Do you expect a slowdown? And if you are comfortable with the full year guidance, both in the hydrology and also in the -- we understand also in the EBITDA numbers, if you are confirming.

您預計經濟會放緩嗎？如果您對全年指導感到滿意，包括水文和 EBITDA 數字，我們也理解，如果您確認的話。

Okay. So the first half was a very, very seasonal, but considering that we have many plants with reservoir and the reservoir was at the highest level at the beginning of the year, we achieved a very high level of production.

好的。因此，上半年的季節性非常強，但考慮到我們有許多有水庫的工廠，而且水庫在年初處於最高水位，因此我們實現了非常高的產量。

July was a little bit of surprise, it started a little bit dry. And -- but in this moment, it seems that the rain season has already come a little bit late. So also considering that we are expecting the melting season and there are a lot of snow on the mountains.

七月有點令人驚訝，開始有點乾燥。而且——但此刻，雨季似乎已經來得有點晚了。因此，我們也考慮到融化季節即將到來，山上有很多雪。

We are quite optimistic about the hydro production for the next month. But clear, we will go on monitoring the situation. And so we can confirm 10.7 terawatt hour that was our target in the first year of the strategic plan.

我們對下個月的水力發電生產非常樂觀。但顯然，我們將繼續監測局勢。因此，我們可以確認 10.7 太瓦時是我們策略計畫第一年的目標。

Okay. Thank you, Simone. So we are going to the second question from Beatrice is about the debt cost of Enel Chile. Can you share with us your current average cost of debt?

好的。謝謝你，西蒙娜。因此，我們要回答 Beatrice 提出的第二個問題，即有關 Enel Chile 的債務成本。您能與我們分享您目前的平均債務成本嗎？

We have a very good cost of debt coming from the indebtedness that we made in the past in a more favorable condition. We would start the year with 5%. But in this moment, the cost of debt is slightly decreased to 4.9%, also due to our good mix between long-term and short-term debt.

我們的債務成本非常低，這源自於我們過去在更有利的條件下所承擔的債務。我們將以 5% 的成長率開始新的一年。但目前，債務成本略有下降，至 4.9%，這也歸功於我們長期債務和短期債務的良好組合。

Okay. Thank you, Simone. So let me see now. We have a question coming from Francisco Paz from Santander. So the question of his is regarding the 2025 guidance as well.

好的。謝謝你，西蒙娜。現在讓我看看。我們有一個來自桑坦德銀行的弗朗西斯科·帕茲的問題。所以他的問題也與 2025 年的指導有關。

So considering the worse-than-expected energy market condition, also he's talking about the low hydrology and available of generation plant, transmission issues, which led to higher spot market prices. Are you considering to adjust your full year year-end guidance in terms of EBITDA, net income and payout?

因此，考慮到能源市場狀況比預期更差，他還談到了水文和發電廠可用性低以及輸電問題，這些都導致​​現貨市場價格上漲。您是否考慮調整 EBITDA、淨收入和支出的全年年終指引？

So thank you for the question, Francisco. As we know, we are a very well-balanced company. So we have many possibility to react also to bad events. And so also in the first half, that as you commented, was a negative from the point of view of external pressure, hydrology, higher price, product transmission line and everything.

謝謝你的提問，弗朗西斯科。眾所周知，我們是一家非常均衡的公司。因此，我們也有很多可能性來應對不良事件。因此，正如您所評論的那樣，從外部壓力、水文、價格上漲、產品傳輸線等各個角度來看，上半年都是負面的。

We reacted and reached good results in line with our expectation. And so we are sure that we can continue on this trend and so we confirm also the guidance for the cost of debt --

我們做出了反應，並取得了符合預期的良好結果。因此，我們確信我們可以繼續保持這一趨勢，因此我們也確認了債務成本的指導--

Okay. Thank you, Simone. So I'm checking here. Okay. The next one is coming from [Ruby Alvarado from BC].

好的。謝謝你，西蒙娜。所以我在這裡檢查。好的。下一個來自[來自 BC 的 Ruby Alvarado]。

So he has three questions, Simone. So I think I can go one by one. So he's asking about do you expect any additional impairments in the future related to Salinas project, is the second one. I think it's one by one.

所以他有三個問題，西蒙娜。所以我想我可以一一講解。所以他問的是，您是否預計未來與薩利納斯計畫相關的任何額外損害，這是第二個問題。我認為是一個接一個。

Okay. So let's talk about Salinas project. This is an important project, a power plant with 375 megawatts in the initial project. We built the first 205 megawatts in 2024 and then the condition in the market changed. So what happened that we moved the destination of our two different projects, in particular the construction of PMGD, it's a small power plant -- solar power plant in the area.

好的。那我們來談談薩利納斯計畫。這是一個重要的項目，初期項目為一座375兆瓦的發電廠。我們在 2024 年建造了第一個 205 兆瓦的發電廠，然後市場狀況改變了。那麼，我們將兩個不同項目的目的地轉移了，特別是 PMGD 的建設，這是一個小型發電廠——該地區的太陽能發電廠。

Considering that the market for this kind of project is reducing, finally, we change the value of our assets to align the assets at the market level. And in this moment, the value of the asset after the last impairment is quite low, and we are not expecting any other impairment.

考慮到這類項目的市場正在縮小，最終我們改變了資產的價值，使資產與市場水平保持一致。目前，上次減損後的資產價值相當低，我們預計不會再發生任何其他減損。

Okay. Thank you, Simone. So the second question is, could you give us more color on the reduction cost in the distribution segment? So yes, if sales in the distribution business were down, why do you see consolidated cost decreasing more than consolidated sales? Did you reach some additional efficiencies in terms of cost this year?

好的。謝謝你，西蒙娜。那麼第二個問題是，您能否向我們詳細介紹一下分銷環節的成本降低情況？那麼，是的，如果分銷業務的銷售額下降，為什麼您認為合併成本的下降幅度大於合併銷售額的下降幅度？今年您在成本方面是否取得了一些額外的效率？

So we keep on working on distribution business. You know that this is for us a core business. And for sure, we are looking at the possibility of reduce the cost. For this reason, we launched some of the concepts and also some extraordinary activity to contain the cost, and this is the main reason for the cost reduction. This is in line with our policy, try to increment the value of this business.

因此我們繼續致力於分銷業務。您知道這對我們來說是一項核心業務。當然，我們正在研究降低成本的可能性。為此，我們推出了一些理念，也推出了一些非常規活動來控製成本，這是成本降低的主要原因。這符合我們的政策，並努力提高這項業務的價值。

Okay. So the last one is what is the reason behind the year-over-year increase in the financial expenses in the quarter for Enel Chile?

好的。那麼最後一個問題是，Enel Chile 本季財務費用年增的原因是什麼？

The increase is related to also to increase of amortization. The reason is that in the last year, we have a large amount of projects under construction. And so we have the opportunity to capitalize on some cost in the way in these projects.

這一增加也與攤銷的增加有關。原因是去年我們有大量的專案在建。因此，我們有機會利用這些項目中的一些成本。

And considering that this project start producing energy, we issued a COD in particular for the huge project of Los Cóndores this year. We have a little bit changed the possibility to capitalize the financial cost.

考慮到該專案開始發電，我們今年特別為 Los Cóndores 這個大型專案簽發了 COD。我們稍微改變了將財務成本資本化的可能性。

Thank you, Simone. So the next one is coming from Felipe Flores. August trading activities already made or booked, or can we expect further impact of gas trading already in the next quarters? Can you give us guidance regarding future gas trading activities in the current context of lower availability of Argentinian gas? Gianluca?

謝謝你，西蒙娜。下一個是 Felipe Flores。八月的交易活動已經完成或預訂了嗎？或者我們可以預期天然氣交易在下一季會產生進一步的影響？在當前阿根廷天然氣供應量較低的背景下，您能否為我們提供有關未來天然氣交易活動的指導？詹盧卡？

Okay. Thank you, Felipe, for the question. In the first quarter of 2025, we signed an agreement to sell two LNG cargoes for delivery in Europe. We are always looking for opportunities to trade LNG surpluses. The margin of the first cargo was booked in the second quarter of 2025 and accounted for $23 million.

好的。謝謝費利佩提出的問題。2025年第一季度，我們簽署了出售兩批液化天然氣貨物並在歐洲交付的協議。我們一直在尋找交易液化天然氣盈餘的機會。首批貨物的保證金於2025年第二季入賬，金額為2,300萬美元。

The second cargo will be sold and booked only in the fourth quarter of this year. As commented before, our current guidance for 2025 gas margin is between $80 million to $90 million. And at the end -- okay, yes, the last is --

第二批貨物將於今年第四季出售和預訂。如同先前所說，我們目前對 2025 年天然氣利潤的預期是在 8,000 萬美元到 9,000 萬美元之間。最後——好的，是的，最後一個是--

Okay, regarding Argentina natural gas, we would like to clarify that we have a firm contract and our demand has been successfully delivered, expect during one week in June due to the extreme weather conditions in Vaca Muerta.

好的，關於阿根廷天然氣，我們想澄清一下，我們有一個確定的合同，我們的需求已經成功交付，由於瓦卡穆埃爾塔的極端天氣條件，預計在六月份的一周內交付。

Okay. Thank you, Gianluca. So let me check here. Okay. We have from next one coming from Martin Arancet from Balanz.

好的。謝謝你，詹盧卡。所以讓我在這裡檢查一下。好的。下一位嘉賓是來自 Balanz 的 Martin Arancet。

And now also from Rodrigo Mora from Moneda. Actually, both are quite the same. So they are asking questions about the BESS. They announced BESS investments in the presentation. So I'm reading in the question.

現在還有 Moneda 的 Rodrigo Mora。事實上，兩者是完全相同的。所以他們問了有關 BESS 的問題。他們在演示中宣布了對 BESS 的投資。所以我正在閱讀這個問題。

What is the difference between the new BESS investment plan and the previous one? How much do you expect to invest in the following two years? What are your expectations in terms of additional revenues from ancillary services? This is the first one that is from Martin, and then I read from Moneda as well from Rodrigo Mora.

新的BESS投資計畫與之前的有什麼不同？您預計未來兩年投資多少？您對輔助服務的額外收入有何期望？這是馬丁的第一本書，然後我讀了莫內達和羅德里戈·莫拉的書。

Okay. So Martin, so the BESS investment is in the same Enel Chile presented in the Capital Market Day '25-2027. And so we are not considering in our numbers, yet ancillary system revenues.

好的。所以馬丁，BESS 投資與 Enel Chile 在資本市場日 '25-2027 中提出的投資相同。因此，我們在數字中考慮的不是輔助系統收入，而是輔助系統收入。

Okay. So from Rodrigo Mora, Moneda. So thank you for your participation. Let me say here. I have one question.

好的。來自 Rodrigo Mora、Moneda。感謝您的參與。我這裡就說一下吧。我有一個問題。

Could you give us more color about the BESS program, the 557 megawatts that you announced, how many hours is your battery that you are considering and the schedule that this capacity will be ready? And could you give us more information about the new wind farm project announced during the strategic plan 2025-2027? Gianluca?

您能否向我們詳細介紹 BESS 計劃，包括您宣布的 557 兆瓦，您考慮的電池壽命為多少小時，以及這個容量的準備時間表？您能否向我們介紹一下2025-2027年戰略規劃中宣布的新風電場專案？詹盧卡？

Okay. The investment is around $400 million in three BESS projects, 453 megawatts in total of four hours with the cost in 2027. The wind farm projects announced during the strategic plan are still in the business plan, but with a further call than BESS projects.

好的。三個 BESS 項目的投資約 4 億美元，總計 453 兆瓦，耗電 4 小時，成本為 2027 年。戰略規劃期間宣布的風電場項目仍在商業計劃中，但比 BESS 項目更具吸引力。

Okay. Thank you, Gianluca. I'm going now to a new one from Florence Mallorca from METRI. She's asking about Simone. When you're expecting to address the 2027, 2028 bonds of Enel Chile, the JPY1 billion bond?

好的。謝謝你，詹盧卡。我現在要從佛羅倫薩馬略卡島的 METRI 去一個新的地方。她在詢問西蒙娜的情況。您預計何時發行 Enel Chile 的 2027 年、2028 年債券，即 10 億日圓債券？

Thank you for the question. And this is really the higher maturity that we have in the medium term. But in this moment, it's a little bit early to make plans about that. What we can say that in general terms, we continuously evaluate liability management alternatives to optimize our financial costs.

謝謝你的提問。這確實是我們在中期內所擁有的更高的成熟度。但目前製定計劃還為時過早。總的來說，我們會不斷評估負債管理方案，以優化我們的財務成本。

And so our analysis that already have been started include many refinancing options like issuing new bonds or, for example, security long-term loans and so on. But maybe we will be more involved in this issue in the next months.

因此，我們已經開始的分析包括許多再融資選擇，例如發行新債券或擔保長期貸款等。但也許我們會在接下來的幾個月裡更多地參與這個問題。

Okay. Simone, we have another one for you coming from [Liliana Young] from UBS. She's asking about the investment. If we are seeing -- let me ask the other question. Where do you see most attractive investment opportunities for a subsector standpoint, renewables plus BESS or distribution on transmission?

好的。西蒙娜，我們還有另一個問題要告訴你，這個問題來自瑞銀的莉莉安娜楊 (Liliana Young)。她正在詢問有關投資的情況。如果我們看到——讓我問另一個問題。從次產業的角度來看，您認為最具吸引力的投資機會是什麼？再生能源加電池儲能係統 (BESS) 還是輸電配電？

What about dividend, share buybacks? Do you have a program of share buybacks in your company? Sorry, Simone, there is another one that I keep here. And if you can provide more color on the CapEx plan of the company as well.

股利、股票回購怎麼樣？貴公司有股票回購計畫嗎？抱歉，西蒙娜，我這裡還保留著另一個。並且您是否還可以提供有關公司資本支出計劃的更多詳細資訊。

Okay. So the first one, please, can you help me about where investment, okay? I remember. And then I will ask for the next. For our investment, we try to optimize the investment in all the areas, I mean, in generation, but also in distribution.

好的。那麼第一個問題，請問您能幫我了解投資方向嗎？我記得。然後我會問下一個。對於我們的投資，我們試圖優化所有領域的投資，我的意思是，在發電領域，也在配電領域。

In generation, for sure, at the center of our strategy, there are the projects for hybridized renewable power plants, mainly in the North, mainly solar power plant through BESS. But also we are considering many other opportunities, for example, to build or maybe to buy also power plant in other areas of the country.

在發電方面，我們策略的核心當然是混合再生能源發電廠項目，主要在北方，主要是透過 BESS 建造太陽能發電廠。但我們也在考慮許多其他機會，例如在該國其他地區建造或購買發電廠。

And talking about distribution, we are investing as much as we can considering our cash flow that is impacted by our current remuneration model. And these investments are mainly devoted to increase the resilience of the grids, also considering that this very disruptive climate event, it seems that will occur in the future more often.

談到分銷，考慮到受當前薪酬模式影響的現金流，我們正在盡可能地進行投資。這些投資主要用於提高電網的彈性，同時考慮到這種極具破壞性的氣候事件似乎在未來會更頻繁地發生。

So all our effort to make this succeed. Second, talking about share buyback. This is something that is not in the end of the management. It's a decision of the assembly of shareholders. It always is an opportunity for a company that has a very good and solid leverage.

因此，我們盡一切努力確保它成功。第二，談股份回購。這是管理階層未盡事宜。這是股東大會的決定。對於擁有良好且穩固的槓桿的公司來說，這始終是一個機會。

So this opportunity can be used. But in this moment, I don't have any specific about that.

所以可以利用這個機會。但目前我對此還沒有任何具體的想法。

Okay. Thank you, Simone. So the other question on Liliana is also about the CapEx plan of the company confirming of the Capital Market Day, the CapEx plan?

好的。謝謝你，西蒙娜。那麼關於 Liliana 的另一個問題也是關於公司確認資本市場日的資本支出計劃，資本支出計劃？

We are confirming for the moment the current plan as we have commented during the presentation, we have a little bit delay in 2025 CapEx because we started deferring the investment in BESS.

我們目前正在確認目前的計劃，正如我們在演示過程中所評論的那樣，由於我們開始推遲對 BESS 的投資，因此 2025 年的資本支出會稍微延遲。

We also expect a very good news from the regulator about the participation of BESS on the complementary services market. But we are going to start in the very next phase. But this BESS will be delivered with some more delay compared to the plan. And we will talk about further opportunity in our planned presentation further.

我們也期待監管機構就 BESS 參與補充服務市場傳來非常好的消息。但我們即將開始下一階段。但與計劃相比，該電池儲能係統的交付將延遲。我們將在計劃的演示中進一步討論進一步的機會。

Okay. Thank you, Simone. So the next question is coming from Fernan Gonzalez from BTG. So he is welcome you, Gianluca, from the company. He has two questions.

好的。謝謝你，西蒙娜。下一個問題來自 BTG 的 Fernan Gonzalez。所以他歡迎你，Gianluca，來自公司。他有兩個問題。

The first one is the proposal of ancillary services remuneration from energy storage for the CNE is a positive step, but it is far from ideal as it doesn't see many incentives. Your decision as a company to launch the new BESS project is because you expect the initial proposal to be improved before it has made public, consider all the comments that was spent over the coming weeks.

第一個是，為 CNE 提出儲能輔助服務補償是一個積極的舉措，但它遠非理想，因為它沒有看到太多的激勵措施。你們公司決定啟動新的 BESS 項目，是因為你們希望在初步提案公開之前對其進行改進，並考慮未來幾週內出現的所有評論。

The second one, have you gotten any feedback from the CNE? The other question is the new BESS project will hybridize existing solar PVs in the North? Or are you looking to develop a stand-alone assets?

第二個問題，您收到 CNE 的任何回饋了嗎？另一個問題是，新的 BESS 專案是否會與北方現有的太陽能光電發電結合？或者您正在尋求開發獨立資產？

Thank you for your questions, Fernan. Gianluca?

感謝您的提問，費爾南。詹盧卡？

Yes. First of all, thank you, Fernan, for your welcome. So about the first question, the new ancillary services proposal will allow capture higher spot prices with independency of the BESS dispatch by coordinator.

是的。首先，感謝費爾南的歡迎。關於第一個問題，新的輔助服務提案將允許協調員獨立於 BESS 調度以獲得更高的現貨價格。

And about the second question, okay, we have -- so we have advanced battery storage project totaling 450 megawatts like before for four-hour duration in Northern Chile, and we expect to share important updates in coming weeks. Our wind projects remain on track and fully aligned with our current plan.

關於第二個問題，好的，我們有——所以我們在智利北部有一個先進的電池儲存項目，總容量為 450 兆瓦，持續時間為四小時，我們預計將在未來幾週分享重要更新。我們的風電專案進展順利，完全符合我們目前的計劃。

And finally, the BESS projects will hybridize existing PV plants in Northern of Chile. The new BESS capacity in (inaudible) is to improve our non-solar hour production rather than providing ancillary services.

最後，BESS 計畫將與智利北部現有的光電站混合使用。(聽不清楚) 中的新 BESS 容量是為了提高我們的非太陽能小時產量，而不是提供輔助服務。

Okay. Thank you, Gianluca. So we have the last question here. The last one is coming from Rodrigo Mora, Moneda. Simone, two questions here.

好的。謝謝你，詹盧卡。我們現在有最後一個問題。最後一個來自莫內達的羅德里戈·莫拉 (Rodrigo Mora)。西蒙娜，這裡有兩個問題。

So the first one is related to the incentivized retirement plan included in this quarter for the company. Could you give us to investors more information about the speed by subsidiaries, not by segment. And also, he's asking question about the availability of some renewable assets of the company.

因此，第一個問題與公司本季推出的激勵退休計畫有關。您能否向投資者提供更多按子公司而非按部門劃分的速度資訊？此外，他還詢問了該公司一些可再生資產的可用性。

He's saying that Guanchoi is generating less than one-third of one year ago and the geothermal plant, Cerro Pabellón has a reduction of any generator. So can you give more information about the actions that the company is taking to recover this capacity of generation?

他說，Guanchoi 的發電量不到一年前的三分之一，而地熱發電廠 Cerro Pabellón 的發電量也有所減少。那麼，您能否提供更多有關公司為恢復發電能力所採取的措施的資訊？

So Rodrigo, thank you for your questions. First of all, so talking about the reorganization of the company. It's a very important project that we will improve our internal efficiency in the future.

羅德里戈，謝謝你的提問。首先，談談公司的重組。這是一個非常重要的項目，我們將來會提高內部效率。

And so this plan goes to all the group here in Chile, $5 million of the impact are on generation area, more or less the same amount on distribution area, but we are also looking at the services areas. Talking about our solar assets, yes, it's true, we are producing a little bit less than expected.

因此，該計劃適用於智利的所有集團，其中 500 萬美元的影響將集中在發電領域，大致相同的金額將集中在配電領域，但我們也關注服務領域。談到我們的太陽能資產，是的，我們的產量確實比預期的要少一些。

And the reason is that we anticipate some maintenance activity especially cross-call measures, during this first half, we come to finish the job in other few weeks, maybe in September, we should be ready. And this is due to some problems, but also I want to stress that this kind of issue are covered by the issuance. We have insurance to cover the cost of the maintenance, but also partially the lost production. So it's very important.

原因是我們預計在上半年會有一些維護活動，特別是交叉呼叫措施，我們會在接下來的幾週內完成工作，也許在九月份，我們就應該做好準備了。這是由於一些問題造成的，但我還想強調的是，這類問題在發行中已經解決。我們有保險來承擔維護費用，但也承擔部分生產損失。所以這非常重要。

Then talking about Cerro Pabellón, it's true that we are producing a little bit less. We are producing two out of three turbines, but the three turbines are currently functioning. The fact is that we have a little bit less of fluid and this is the natural evolution of the wells, but we have planned already an intervention with a specific machine to be transported in the site to recover the full efficiency of the wells. And so by the end of the year, we should be making smarter activities.

然後談到塞羅帕貝隆 (Cerro Pabellón)，我們的產量確實少了一點。我們正在生產三台渦輪機中的兩台，但這三台渦輪機目前正在運作。事實上，我們的液體量有點少，這是油井的自然演變，但我們已經計劃進行幹預，使用一台專用機器運送到現場，以恢復油井的全部效率。因此，到今年年底，我們應該會進行更聰明的活動。

Thank you, Simone. So now our last question. So from Fernan Gonzalez, BTG on the distribution now Gianluca. So has there been any progress on the change to execute investment in resilience in Greece and be recognized in the asset base earlier?

謝謝你，西蒙娜。現在是我們的最後一個問題。因此，從 Fernan Gonzalez 到 BTG，現在 Gianluca 負責分銷。那麼，在希臘實施復原力投資並更早在資產基礎中得到認可的變革方面是否有任何進展？

Okay. Thank you for your question. No, progress so far. But as Enel are actively advocating for the need to transition to a new model based on real assets. A significant investment in the network will be required to address the increasingly vagrant effects of climate change and also the higher electrification expected and the growing penetration of renewables in the system.

好的。感謝您的提問。沒有，目前有進展。但正如 Enel 積極倡導的那樣，需要過渡到基於實體資產的新模式。為了應對氣候變遷日益加劇的影響、預期更高的電氣化程度以及再生能源在系統中日益增長的滲透率，需要對網路進行大量投資。

So this is our point.

這就是我們的觀點。

Okay. Thank you very much, Gianluca. Thank you all connected. So if there is any other questions or any information you may need, our Investor Relations team will be available. Thank you very much.

好的。非常感謝，詹盧卡。謝謝大家的支持。因此，如果您有任何其他問題或需要任何信息，我們的投資者關係團隊將隨時為您服務。非常感謝。

Have a good week.

祝你有個愉快的一周。

Thank you.

謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。