Enel Chile SA (ENIC) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Enel Chile full year 2025 results and strategic plan 2026 to 2028 conference call. My name is Carmen. I'll be your operator for today. During this conference call, we may make statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include Enel Chile's essay, current expectations, intentions, plans, beliefs, or projections.

女士們、先生們，早安，歡迎參加 Enel Chile 2025 年全年業績及 2026 年至 2028 年戰略計劃電話會議。我叫卡門。我今天將擔任您的接線生。在本次電話會議中，我們可能會發表一些構成 1995 年《私人證券訴訟改革法案》意義上的前瞻性聲明的言論。此類聲明可能包括 Enel Chile 的文章、當前期望、意圖、計劃、信念或預測。

Forward looking statements are based on management's current assumptions and expectations. Do not guarantee future performance and involve risk and uncertainties. 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 on its full year 2025 results and strategic plan 2026 to 2028.

前瞻性陳述是基於管理階層目前的假設和預期。不保證未來業績，且有風險和不確定性。由於各種因素的影響，實際結果可能與前瞻性聲明中預期的結果有重大差異。這些因素在 Enel Chile 發布的 2025 年全年業績和 2026 年至 2028 年策略計畫的新聞稿中有所描述。

In the presentation accompanying this conference call, and Enel Chile's annual report on Form 20-F on the risk factors. You may access our full year 2025 results and strategic plan 2026 to 2028 press release and presentation on our website www.enel.cl in our 20-F on the SEC's website www.sec.gov.

在本次電話會議的簡報以及 Enel Chile 的 20-F 表格年度報告中，我們討論了風險因素。您可以在我們的網站 www.enel.cl 上查閱我們 2025 年全年業績和 2026 年至 2028 年戰略計劃的新聞稿和演示文稿，也可以在美國證券交易委員會網站 www.sec.gov 上的 20-F 文件中查閱。

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

讀者應注意，不要過度依賴這些前瞻性陳述，這些陳述僅代表其發布之日的情況，除法律要求外，Enel 不承擔更新這些前瞻性陳述或披露任何導致這些前瞻性陳述不准確的進展的義務。

I would now like to turn the presentation over to Ms. Isabela Klemes, Head of Investor Relations of Enel Chile. Please proceed.

現在我謹將演講交給智利 Enel 公司投資人關係主管 Isabela Klemes 女士。請繼續。

Buenos dias, good morning and welcome to Enel Chile's full year 2025 results and strategic plan 2026 up to 2028 conference call. We greatly appreciate you taking the time to joining us today. My name is Isabela Klemes, and I'm the head of investor relations. Joining me in the morning is our CEO, Gianluca Palumbo and our CFO, Simone Conticelli. Our presentation and related financial information are available on our website www.nl.cl in the investor section as well as through our investors app. In addition, a replay of the call will soon be available.

Buenos dias，早安，歡迎參加 Enel Chile 2025 年全年業績及 2026 年至 2028 年戰略計劃電話會議。非常感謝您今天抽出時間參加。我叫伊莎貝拉‧克萊姆斯，我是投資人關係主管。今天早上和我一起接受採訪的有我們的執行長 Gianluca Palumbo 和財務長 Simone Conticelli。我們的簡報和相關財務資訊可在我們的網站 www.nl.cl 的投資者專區以及我們的投資者應用程式上查閱。此外，通話錄音也將很快上線。

Let us now look at the agenda on slide 2. First, we will begin with an overview of the market contest in Chile, followed by a review of our 2025 performance. We will then present our 2026, 2028 strategic plan outline our key priorities, targets, and value creation drivers for the period.

現在讓我們來看看第二張投影片上的議程。首先，我們將概述智利的市場競爭情況，然後回顧我們 2025 年的表現。然後，我們將介紹我們的 2026 年、2028 年策略計劃，概述我們在此期間的關鍵優先事項、目標和價值創造驅動因素。

At the end of the presentation, there will be an opportunity to ask questions via the webcast chat using ask a question link. Media participants are connected in listening only mode. Before we begin, we would like to share a short video that highlights how Enel Chile is building a more resilient and balanced energy platform, strengthening the present while shaping the future.

演講結束後，觀眾可以透過網路直播聊天室的「提問」連結提出問題。媒體參與者以僅收聽模式連線。在開始之前，我們想分享一段短視頻，重點介紹 Enel Chile 如何建立一個更具韌性和平衡的能源平台，在鞏固現狀的同時塑造未來。

When we at Enel put our energy into Chile, we move a country toward the future with innovation and electro mobility, transforming roads and investing in sustainable development because we know that the best energy comes from passion and fuels our drive to keep dreaming. All our energy is here working for a better future.

當我們 Enel 將精力投入智利時，我們透過創新和電動出行，推動這個國家走向未來，改造道路，投資可持續發展，因為我們知道，最好的能量來自激情，它激勵我們不斷追夢。我們所有的精力都投入到這裡，為更美好的未來而努力。

And now it's my pleasure to hand over the call to our CEO, Gianluca Palumbo. Gianluca, the floor is yours.

現在，我很高興將電話交給我們的執行長詹盧卡·帕倫博。吉安盧卡，請開始。

Thank you, Isabela, and a warm welcome to everyone joining us. Let me start with this slide which sets the broader context for our strategy. It shows how rapidly. Chile's energy landscape is evolving and why the power sector plays such a central role in this transformation. Chile is entering a decisive phase of its energy transition.

謝謝伊莎貝拉，也熱烈歡迎各位的到來。首先，讓我從這張投影片開始，它為我們策略奠定了更廣泛的背景。它顯示了速度有多快。智利的能源格局正在發生變化，而電力產業在這項轉型中扮演著如此核心的角色。智利正進入能源轉型的關鍵階段。

Electrification is accelerating system complexity is increasing, and resilience has become essential. In this environment, the energy sector becomes a key enabler of the country's net zero ambition. Importantly, Chile starts from a position of a real strength. The country combines world-class renewable resources, a diversified and mature energy metrics, and a solid policies framework, moving from carbon neutrality targets to accelerate renewable penetration and electromobility goals.

電氣化進程加快，系統複雜性日益增加，韌性變得至關重要。在這種環境下，能源產業成為國家實現淨零排放目標的關鍵動力。重要的是，智利從一開始就擁有真正的實力優勢。該國擁有世界一流的可再生資源、多元化和成熟的能源指標以及堅實的政策框架，正從碳中和目標轉向加速再生能源普及和電動車目標。

Few markets offer this combination. Building on these foundations, a new wave of opportunities is emerging the electrification of strategic sectors, the development of high value industry such as data centers, and rising demand linked to critical minerals. At the same time, this transition requires an energy system. And an integrated energy platform able to evolve quickly with more flexible and digitalized grids capable of operating reliably through this change.

很少有市場提供這種組合。在這些基礎上，新的機會正在湧現：戰略部門的電氣化、資料中心等高價值產業的發展以及與關鍵礦產相關的需求不斷增長。同時，這種轉型需要一個能源系統。以及一個能夠快速發展的一體化能源平台，該平台擁有更靈活、更數位化的電網，能夠在這種變化中可靠運作。

Climate volatility is also becoming a structural feature of the system, increasing pressure on networks and reinforcing the need for robust and resilient infrastructure. The message is clear. Chile offers. Strong fundamentals for the transition and Enel Chile brings the execution capabilities and platform to deliver it, ensuring reliability today and building system of tomorrow. With that context in mind, let me move to the next slide which shows how Chile has already translated this ambition into tangible progress in decarbonization and electrification.

氣候波動也正在成為該系統的結構性特徵，這增加了電網的壓力，並強化了對強大且有韌性的基礎設施的需求。訊息很明確。智利提供。轉型的基礎十分穩固，Enel Chile 具備執行能力和平台來實現轉型，確保今天的可靠性並建立未來的系統。考慮到上述背景，讓我來看下一張幻燈片，它展示了智利是如何將這一雄心壯志轉化為脫碳和電氣化方面的切實進展的。

Chile is widely recognized as one of the early pioneers in power sector decarbonization, and this leadership is clearly reflected in evolution of a generation mix. Over the past decade, renewables have rapidly become the majority of installed capacity. A key element of this progress has been diversification with renewables.

智利被廣泛認為是電力產業脫碳的早期先驅之一，這種領先地位在發電結構的演變中得到了清晰的體現。過去十年間，再生能源迅速成為裝置容量的主體。這項進展的關鍵因素之一是再生能源的多元化發展。

Solar and wine have gained significant scale while storage technologies are beginning to establish the role of strengthening power system resilience and supporting the long-term stability of the transition. In addition, Chile's growing digital infrastructure is creating new sources of electricity demand.

太陽能和葡萄酒產業已經取得了顯著的規模，而儲能技術也開始在增強電力系統韌性和支持轉型長期穩定性方面發揮作用。此外，智利不斷發展的數位基礎設施也創造了新的電力需求來源。

As of 2025, there are 325 megawatts of connected capacity associated with the data centers. And public sources estimate that this could rise to around 1,200 megawatts by 2030, reinforcing the structural shift in demand. The KPIs presented here confirm this direction higher electricity consumption, a significant expansion of installed capacity, and accelerated transport electrification.

截至 2025 年，與資料中心相關的連接容量為 325 兆瓦。公開消息來源估計，到 2030 年，這一數字可能會上升到 1,200 兆瓦左右，加劇需求結構性轉變。這裡提出的關鍵績效指標證實了這個方向：更高的電力消耗、裝置容量的大幅擴張以及交通電氣化的加速。

Together these indicators reflect a structural. Formation in both demand and system capabilities across the country for Energ Chile this confirmed two fundamental points. First, Chile is moving decisively toward a cleaner, more electrified economy and diversified energy system. And second, our strategic focus on renewables, electrification, network resilience, and innovative customer solution is fully aligned with this trajectory.

這些指標共同反映了一種結構性問題。智利能源公司在全國範圍內的需求和系統能力方面的形成，證實了兩個基本點。首先，智利正果斷地朝著更清潔、更電氣化的經濟和多元化的能源系統邁進。其次，我們對再生能源、電氣化、電網彈性以及創新客戶解決方案的策略重點與此發展軌跡完全一致。

This alignment is what positions us to support growth while delivering reliability, sustainability, and long-term value for the system and for our stakeholders. Building on this progress, the next slide shows how Chile's policy framework has played a fundamental role in enabling this transition by creating the condition for the system transformation we see today.

這種協調一致使我們能夠在支持成長的同時，為系統和我們的利害關係人提供可靠性、可持續性和長期價值。在此基礎上，下一張幻燈片展示了智利的政策框架如何透過創造我們今天看到的系統轉型條件，在促成這一轉變中發揮了根本性作用。

Despite the significant progress achieved, a regulatory driven transition framework remains essential to provide the visibility and predictability needed to sustain long-term investment in Chile's electricity sector. Chile energy agenda is both ambitious and increasingly complex. It combines long-term climate commitments with near term adjustments required to maintain system stability while electrification.

儘管取得了顯著進展，但監管驅動的轉型框架仍然至關重要，它能夠提供維持智利電力產業長期投資所需的可見性和可預測性。智利的能源計畫既雄心勃勃，又日益複雜。它將長期氣候承諾與電氣化過程中為維持系統穩定性所需的近期調整相結合。

Accelerates. Distribution is a clear example. There is broad consensus that the current regulatory model designed more than 40 years ago no longer reflects evolving customer expectation, the scale of electrification, or the level of investment required to build a more resilient and digitalized network. In parallel, system operation and coordination rules must continue to evolve to manage a more decentralized and variable generation mix.

加速。分銷就是一個明顯的例子。人們普遍認為，40 多年前設計的現行監管模式已不再反映不斷變化的客戶期望、電氣化的規模，以及建立更具韌性和數位網路所需的投資水準。同時，系統運作和協調規則必須不斷發展，以管理更分散和多變的發電組合。

Updated technical standards for security and services quality must strike the right balance between higher operational requirements and efficient planning and execution. We are currently assessing the implications of these new requirements across our operating feet with a focus on best system. In addition, a well defined self-consumption framework is particularly important for large scale data.

更新後的安全和服務品質技術標準必須在更高的營運要求和高效率的規劃與執行之間取得適當的平衡。我們目前正在評估這些新要求對我們營運部門的影響，重點是最佳系統。此外，對於大規模數據而言，一個定義明確的自我消費框架尤其重要。

Clear guidelines for flexible solution beyond the meter will enable new investments, reduce congestion in transmission networks, and allow the capture of all renewable potential that is currently unused due to curtailment, all this while ensuring full coordination with the system operations. Overall, these regulatory developments share a common objective, enabling Chile to advance to the.

明確的靈活解決方案指南（超越計量表）將促進新的投資，減少輸電網路的擁堵，並允許利用目前因棄電而未使用的所有可再生能源潛力，同時確保與系統運作的充分協調。整體而言，這些監管舉措都有一個共同的目標，那就是讓智利能夠邁向…

Next stage of its energy transition with clarity, resilience, and confidence. Achieving this will require close and constructive collaboration between authorities and industry to ensure successful implementation. Let me now turn to our 2025 results which clearly demonstrate our resilient and operational flexibility even in what was effectively a stress test year.

以清晰的思路、強大的韌性和十足的信心邁向能源轉型的下一階段。要實現這一目標，需要有關部門和產業之間密切而富有建設性的合作，以確保成功實施。現在讓我來談談我們 2025 年的業績，這些業績清楚地表明，即使在實際上是壓力測試的一年中，我們也展現出了強大的韌性和營運靈活性。

We successfully achieved our 2025 guidance despite the challenging scenario and operating conditions. This reflects the robustness of our business fundamentals and the discipline of our execution. During the year we deployed CapEx with a clear focus on enhancing flexibility and resilience across our portfolio, ensuring that our assets remain reliable and fully aligned.

儘管面臨充滿挑戰的情況和經營環境，我們仍成功實現了2025年的業績目標。這體現了我們業務基本面的穩健性和我們執行的嚴謹性。年內，我們部署資本支出時，明確專注於增強我們投資組合的靈活性和韌性，確保我們的資產保持可靠且完全一致。

With evolving system needs from a financial perspective, we maintain a comfortable liquidity position which allows us to consistently meet our debt obligations while navigating a period of elevated uncertainty. I would also like to highlight that our dividend policies for 2025 has been confirmed, reaffirming our commitment to financial stability and to sustainable value creation.

從財務角度來看，隨著系統需求的不斷變化，我們保持著充足的流動性，這使我們能夠在高度不確定的時期內持續履行債務義務。我還想強調，我們已經確認了 2025 年的股利政策，這重申了我們對財務穩定和永續價值創造的承諾。

For our shareholders overall, these results confirm that even in a highly demanding context, our strategy continues to deliver stability, resilience, and long-term value. This performance gave us the confidence to continue our journey well positioned to face future challenges while continuing to deliver on our commitments to customers, shareholders, and the electricity system.

對我們的股東而言，這些業績證實，即使在競爭非常激烈的環境下，我們的策略也能持續帶來穩定性、韌性和長期價值。這項業績讓我們更有信心繼續前進，以更好地應對未來的挑戰，同時繼續履行我們對客戶、股東和電力系統的承諾。

Let me now walk you through our CapEx deployment in 2025 on the next slide. A significant portion of our CapEx was allocated to continue strengthening the flexibility and resilience of our portfolio, ensuring that our assets correspond effectively to evolving system needs. We also invested to optimize the availability of our gas-fired power plants, which to play a critical role in system reliability, acting as an essential backup to renewable generation.

接下來，我將在下一張投影片中向您介紹我們2025年的資本支出部署。我們投入了相當一部分資本支出，用於繼續加強我們投資組合的靈活性和韌性，確保我們的資產能夠有效地滿足不斷變化的系統需求。我們也投資優化了燃氣發電廠的可用性，這些發電廠在系統可靠性方面發揮關鍵作用，是再生能源發電的重要備用電源。

In addition, we dedicate resources to grid flexibility and resilience, reinforcing infrastructure that is fundamental for managing demand and maintaining services continuity. Part of this investment also supported the successful execution of our winter plan, ensuring reliable services for customers during the most challenging months of the year.

此外，我們也投入資源提高電網的靈活性和韌性，加強對管理需求和維持服務連續性至關重要的基礎設施。這項投資的一部分也支持了我們冬季計畫的成功實施，確保在一年中最具挑戰性的幾個月裡為客戶提供可靠的服務。

Now I will hand over the presentation to Simone to give you more details about 2025 figures.

現在我將把簡報交給西蒙娜，讓她為大家詳細介紹2025年的數據。

Thank you Gianluca, and good morning, everyone. Let's review now our generation portfolio and energy balance as well as our grids KPIs for 2025. Now we are on slide 11. During the year 2025, net production decreased by 12% compared to 2024. This decline was driven by lower other dispatch due to 2025 extreme drought, reduction in renewable energy production, mostly due to extraordinary maintenance activities of two solar plants.

謝謝Gianluca，大家早安。現在讓我們回顧一下我們的發電組合和能源平衡，以及我們2025年的電網關鍵績效指標。現在我們來看第11張投影片。2025 年淨產量比 2024 年下降了 12%。這一下降是由於 2025 年極端乾旱導致其他電力調度減少，以及再生能源產量下降（主要是由於兩座太陽能發電廠的特殊維護活動）所致。

Higher curtailment levels also caused by transmission line limitation. These effects were partially offset by higher contribution from our efficient CCGT power plants. In 2025. Energy sales amounted to 30 terawatt hour compared to 33.3 terawatt hour of 2024.

輸電線路限制也會導致更高的限電水準。這些影響部分被我們高效率的燃氣複合循環發電廠的更高貢獻所抵消。2025年。能源銷售額為 30 太瓦時，而 2024 年的能源銷售額為 33.3 太瓦時。

Mainly due to the lower regulated sales following the expiration of 2008 and 2013 regulated auctions, while free market sales remain stable at 19.4 terawatt hour, moving to Greece business as already anticipated. By Gianluca, we analyze the selective usage of our CapEx to add more flexibility to our grids. Particularly, we increased the stalled remote control equipment to support network automation and the digital meters to improve service quality through network digitalization.

主要原因是 2008 年和 2013 年的監管拍賣到期後，監管銷售量下降，而自由市場銷售量保持穩定在 19.4 太瓦時，正如預期的那樣轉向希臘業務。透過 Gianluca 的分析，我們選擇性地使用資本支出，以增加電網的靈活性。具體而言，我們增加了停滯的遠端控制設備，以支援網路自動化和數位電錶，透過網路數位化提高服務品質。

In summary, our diversified portfolio and ongoing digitalization effort enabled us to achieve our targets and meet our customer needs across both generation and grid businesses. And now let's turn to the next slide which provides a more detailed look at our EBITDA performance. In 2025, EBITDA totaled $1,473 million with an increase of $52 million compared to 2024 EBITDA.

總而言之，我們多元化的產品組合和持續的數位化努力使我們能夠實現目標，並滿足發電和電網業務的客戶需求。現在讓我們來看看下一張投影片，它將更詳細地展示我們的 EBITDA 業績。2025 年 EBITDA 總額為 14.73 億美元，比 2024 年 EBITDA 增加了 5,200 萬美元。

That was adjusted, not including the impact of the 2024 functional currency chain. This growth was mainly driven by the following factors. Starting with the generation business, we recorded a decrease of $286 million in PPA sales, mostly due to The termination of some high prices regulated contract which affected both volume and average price of the regulated portfolio, this was partially offset by the negative impact of exchange rate edges recorded in 2024 and the positive price effect due to the indexation of the free market contracts.

此結果已進行調整，不包括 2024 年功能貨幣鏈的影響。這一增長主要受以下因素驅動。從發電業務來看，我們的購電協議 (PPA) 銷售額減少了 2.86 億美元，這主要是由於一些高價管制合約的終止，影響了管制組合的銷量和平均價格，但 2024 年記錄的匯率波動帶來的負面影響以及自由市場合約指數化帶來的積極價格效應部分抵消了這一影響。

Regarding sourcing, we recorded a positive effects of $172 million despite the $34 million negative impact related to the transmission line restriction, which occurred mainly in the first half of the year. The result was obtained thanks to lower spot and third parties energy purchase costs, insurance provision mainly to cover the aforementioned extraordinary maintenance activities of two solar power plants, and finally lower transmission costs. Gas trading contribution to the margin increase was $87 million driven by higher gas. trading activities compared to 2024.

在採購方面，儘管輸電線路限制帶來了 3,400 萬美元的負面影響（主要發生在上半年），但我們仍獲得了 1.72 億美元的正面影響。要達成這項成果得益於現貨和第三方能源購買成本的降低、主要用於支付上述兩座太陽能發電廠特殊維護活動的保險措施，以及最終降低的輸電成本。天然氣交易對利潤率成長的貢獻為 8,700 萬美元，這主要得益於天然氣交易活動的增加，與 2024 年相比。

Turning to grids, we recorded a positive impact, mainly due to the provision reflecting the higher tariff expected for the 24-28 regulatory period, higher OpEx's recorded in 2024, mainly due to the extreme weather events. And some settlement from previous years partially offset by the increase of O&M expenses mainly associated with the implementation of the comprehensive winter plan. Additionally, we recorded an increase in maintenance activity and generation costs, mainly due to the newly developed capacity.

轉向電網，我們記錄到正面的影響，這主要是由於 24-28 年監管期內預期更高的電價所反映的供應，以及 2024 年記錄到的更高的營運支出，這主要是由於極端天氣事件。前幾年的一些結算款項部分被營運維護費用的增加所抵消，這主要與實施全面的冬季計劃有關。此外，由於新增產能，我們的維修活動和發電成本也有所增加。

Finally, in 2025, we recorded the one-off cost of the incentivized early retirement plan. To support the company organization aimed at improving internal skill and performance, and now let's move on to the next slide where we will review the net income evolution. Our 2025 net income amounted to $538 million 14% lower than last year's adjusted figure, mainly explained by the $52 million increase in EBITDA that we had already commented.

最後，在 2025 年，我們記錄了激勵性提早退休計畫的一次性成本。為了支持公司組織提升內部技能和績效，現在讓我們進入下一張投影片，回顧淨收入的變化。我們 2025 年的淨收入為 5.38 億美元，比去年的調整後數字下降了 14%，這主要是由於 EBITDA 增加了 5,200 萬美元，我們之前已經提到過這一點。

Higher depreciation, amortization, impairment, and bad debt expenses for $93 million mainly due to the $59 million impact of the commissioning of new renewable capacity and the $80 million increase of grid's bad debt provision, mainly due to higher billing resulting from tariff increases and longer overdue customer debt.

折舊、攤銷、減損和壞帳費用增加 9,300 萬美元，主要原因是新增再生能源產能投入使用帶來 5,900 萬美元的影響，以及電網壞帳準備金增加 8,000 萬美元，主要原因是電價上漲導致帳單金額增加，以及客戶欠款逾期時間延長。

Regarding financial results, we recorded a negative variation of $61 million mostly explained by lower capitalized expenses on renewable projects for $83 million higher financial expenses for $42 million related to methodological adjustment of the first 2026 PMP technical report issued by the National Energy Commission.

在財務表現方面，我們記錄了 6,100 萬美元的負變動，這主要是由於再生能源項目的資本支出減少了 8,300 萬美元，以及與國家能源委員會發布的 2026 年首份 PMP 技術報告的方法調整相關的財務支出增加了 4,200 萬美元。

Partially offset by lower financial expenses for $37 million resulting from lower average outstanding debt and lower average interest rate. Finally, we recorded a $4 million reduction in corporate income tax expenses, mostly explained by lower results.

部分被較低的財務費用（3700萬美元）所抵消，這主要是由於平均未償債務減少和平均利率降低所致。最後，我們的企業所得稅支出減少了 400 萬美元，這主要是由於業績下滑所致。

And now let's move on to FFO analysis and leverage position. Our 2025 FFO reached $1,067 million as a result of the following factors. First, EBITDA totaled $1.5 billion as already commented. Second, the recovery of PEC receivable in 2025 contributed for $299 million mainly thanks to factoring a secured in April 2025 related to PEC2 and PEC3. And the recovery to the tariff of $38 million of PEC1 receivable.

現在我們來分析FFO和槓桿率。由於以下因素，我們的 2025 年 FFO 達到 10.67 億美元。首先，如同先前所提到的，EBITDA 總額為 15 億美元。其次，2025 年 PEC 應收款的回收貢獻了 2.99 億美元，這主要得益於 2025 年 4 月與 PEC2 和 PEC3 相關的擔保的保理。收回了 3800 萬美元的 PEC1 應收關稅。

Third, the increase in net working capital for $248 million mainly due to CapEx payment rated to 2024 renewable development and lower collection in our grids business and other seasonal effects. Fourth, the payment of income taxes for $275 million mainly in the generation business.

第三，淨營運資本增加 2.48 億美元，主要原因是 2024 年再生能源發展所需的資本支出支付、電網業務收款減少以及其他季節性因素。第四，主要在發電業務中繳納了 2.75 億美元的所得稅。

Finally, the financial expenses totaled $183 million mostly for debt-related costs. The 2025 FFO is lowered by $142 million compared to the previous year due to. Stronger impact of back recovery mechanism in 2024 for $88 million higher increase of networking capital for $95 million mainly due to the positive edge effect in 2024, and higher amount of income taxes paid for $70 million reflecting both stronger results and higher monthly payment tax rates.

最後，財務支出總計 1.83 億美元，其中大部分是與債務相關的費用。由於以下原因，2025 年的 FFO 比前一年減少了 1.42 億美元。2024 年，由於 2024 年的正面邊緣效應，回溯恢復機制的影響增強，網路資本增加 8,800 萬美元，網路資本增加 9,500 萬美元，繳納的所得稅額增加 7,000 萬美元，這既反映了更強勁的業績，也反映了更高的月度支付稅率。

These effects were partially offset by the already commented EBITDA increase and lower financial expenses for $58 million mainly driven by a lower average debt level during 2025. Passing into debt on the right side of the slide, we can see that our gross debt amounted to $3.8 billion as of December '25, a 2% decrease compared to December '24. The average term of our debt maturity decreased from 6.2 years as of December '24 to five years as of December '25, and the portion at fixed rate was 87% of the total debt.

這些影響部分被先前提到的 EBITDA 成長和 5,800 萬美元的財務費用降低所抵消，這主要是由於 2025 年平均債務水準降低所致。從投影片右側的債務情況來看，截至 2025 年 12 月，我們的總債務為 38 億美元，比 2024 年 12 月減少了 2%。截至 2024 年 12 月，我們的債務到期平均期限為 6.2 年，截至 2025 年 12 月，該期限縮短至 5 年，固定利率部分佔總債務的 87%。

The average cost of our debt decreased from 5% as of December '24 to 4.9% as of December '25 in line with our effort to optimize the financial costs. Regarding liquidity, we are in a comfortable position to support our capital needs for the upcoming months and cope with the next year's maturities. As of December '25, we have available committed credit lines for $690 million and cash equivalents for $462 million.

為優化財務成本，我們的平均債務成本從 2024 年 12 月的 5% 下降到 2025 年 12 月的 4.9%。就流動性而言，我們有能力滿足未來幾個月的資金需求，並應對明年到期的債務。截至 2025 年 12 月，我們有 6.9 億美元的可用承諾信貸額度和 4.62 億美元的現金等價物。

And now I will endeavor to Gianluca illustrate our 2026-2028 strategic plan.

現在我將努力向 Gianluca 說明我們的 2026-2028 年策略計畫。

Thank you, Simone. To recap, the execution delivered in 2025 clearly confirms the strength of our strategic priorities and the direction we have set for the company. We demonstrated resilience, flexibility, and disciplined execution in a more. Demanding environment while continuing to create value. Building on this solid foundation, let's look at how our strategy comes to life in the 2026-2028 plan.

謝謝你，西蒙娜。總而言之，2025 年的執行情況清楚地證實了我們策略重點的力度以及我們為公司設定的方向。我們展現了更強的韌性、靈活性和嚴謹的執行力。在充滿挑戰的環境下，持續創造價值。在此堅實的基礎上，讓我們來看看我們的策略如何在 2026-2028 年計劃中實現。

Please turn to the slide 170. The slide illustrates both of our strategy and our vision for the next phase of our integrated margin approach. It shows how our investment and management action act as catalysts for long-term value creation while progressively improving profitability and reducing the overall risk profile of the business. First, we are further optimistic.

請翻到第170頁幻燈片。這張幻燈片展示了我們的策略以及我們對下一階段綜合利潤率策略的願景。它表明，我們的投資和管理行動如何作為長期價值創造的催化劑，同時逐步提高獲利能力並降低企業的整體風險狀況。首先，我們更加樂觀。

Our commercial strategy, these allow us to anticipate market changes, respond with agility, and capture opportunities while reducing exposure to not solar spot price volatility and prioritizing stability through an integrated approach.

我們的商業策略使我們能夠預測市場變化，靈活應對，抓住機遇，同時降低對非太陽能現貨價格波動的風險，並透過綜合方法優先考慮穩定性。

Second, we are strengthening our integrity offering by combining innovation, technology, and customer centric solutions to enhance the resilience, flexibility, and competitiveness of our portfolio. These allow us to continue partnering with the climate aware customers seeking renewable energy and efficiency solutions to support their sustainable growth.

其次，我們正在透過結合創新、技術和以客戶為中心的解決方案來加強我們的誠信服務，從而增強我們產品組合的韌性、靈活性和競爭力。這些措施使我們能夠繼續與具有氣候意識的客戶合作，尋求再生能源和能源效率解決方案，以支持他們的永續發展。

Third, we are reinforcing our active portfolio management supported by a diversified nationwide. Platform This strengthens our ability to balance positions, enhance resilience, and maintain a competitive energy offering across market cycles.

第三，我們正在加強積極的投資組合管理，並輔以多元化的全國性投資。平台增強了我們平衡部位、提升韌性以及在市場週期中保持能源產品競爭力的能力。

Finally, we continue with a disciplined and selective approach to renewable investments, allocating capital where it can generate the greatest impact in terms of profitability, electrification, and the. Energy transition. We focus on projects that combine solid returns with a clear strategic value. Together these actions improve our risk return profile and reinforce our commitment to discipline, execution, value creation, and long-term sustainability.

最後，我們繼續採取有紀律、有選擇的方法進行再生能源投資，將資金分配到能夠產生最大盈利能力、電氣化等方面影響的地方。能源轉型。我們專注於那些既能帶來穩定回報又具有明確戰略價值的專案。這些措施共同改善了我們的風險回報狀況，並強化了我們對紀律、執行、價值創造和長期永續發展的承諾。

Now let's move to our commercial business model and how we will continue capturing market opportunities. Building on what I've just outlined, our commercial strategy is anchored in a solid nationwide platform with presents and capabilities across the entire country. This allows us to capture value and creative opportunities in both the regulated and free markets at the same time to manage risk in a balanced and disciplined way.

現在讓我們來談談我們的商業模式，以及我們將如何繼續抓住市場機會。基於我剛才概述的內容，我們的商業策略建立在強大的全國性平台之上，在全國範圍內擁有業務和能力。這使我們能夠同時在受監管市場和自由市場中獲取價值和創造機會，以平衡和自律的方式管理風險。

We are not just an energy supplier we offer an integrated proposition of energy and services supported by a diversified asset base that provides flexibility, resilience, and a strong competitive position. A key differentiator of our model is our energy partners approach through which we provide expert personalized support and tailor-made solutions that reflect the needs of each customer. This enables an agile, flexible commercial offering and strengthens long-term relationships built on efficiency and sustainability.

我們不僅僅是能源供應商，我們還提供能源和服務一體化方案，並以多元化的資產基礎為支撐，從而提供靈活性、韌性和強大的競爭地位。我們模式的一個關鍵區別在於我們的能源合作夥伴模式，透過這種模式，我們提供專家級的個人化支援和量身定制的解決方案，以滿足每位客戶的需求。這使得商業產品能夠靈活敏捷地運作，並加強基於效率和永續性的長期合作關係。

In parallel, we have modernized and expanded our customer platform, integrating more digital and proactive channels that enhance retention, increase value per customer, and improve our ability to anticipate market needs overall, our nationwide scale integrated offering and strategic proximity to customers keep us aligned with market dynamics, ensuring agility in execution, reducing risk, and consistently creating sustainable value.

同時，我們對客戶平台進行了現代化改造和擴展，整合了更多數位化和主動管道，從而提高了客戶留存率，增加了每位客戶的價值，並提高了我們預測市場需求的能力。我們涵蓋全國的綜合產品和服務以及與客戶的策略緊密聯繫，使我們與市場動態保持一致，確保執行的靈活性，降低風險，並持續創造可持續的價值。

Let me now turn to the elements that support this strategy and how they translate into resilience, stability, and value creation over time. We have built a solid, diversified and long-term contract portfolio across both regulated and free market customers.

現在讓我來談談支撐這項策略的要素，以及它們如何隨著時間的推移轉化為韌性、穩定性和價值創造。我們已在受監管市場和自由市場客戶中建立了穩固、多元化和長期的合約組合。

This structure provides stability and a robust competitive position, consolidating our leadership in a key segment, including regulated clients, mining, and both small and large free market consumers between year-end 2025 and 2028, we expect contracted volumes to grow together with greater diversification across off takers. In the regulated segment, legacy contract expires, will be offset by new regulated bidding contracts starting supply between 2026 and 2027 that will ensure continuity and strength in our portfolio.

這種結構提供了穩定性和強大的競爭地位，鞏固了我們在關鍵領域的領導地位，包括受監管的客戶、採礦業以及小型和大型自由市場消費者。我們預計，從 2025 年底到 2028 年，合約量將隨著承購商的多元化程度提高而成長。在受監管領域，舊合約到期後，將在 2026 年至 2027 年間開始供應的新受監管招標合約予以抵消，這將確保我們產品組合的連續性和實力。

Portfolio duration is a structural advantage. Our PPAs have an average life of around 13 years, giving us predictable and recurring EBITDA generation. This stability is reinforced by disciplined pricing, with an average PPA price close to USD65 per megawatt hour, reflecting a solid and well-aged commercial.

投資組合久期是一種結構性優勢。我們的購電協議平均壽命約為 13 年，為我們帶來可預測且持續的 EBITDA 收益。這種穩定性得益於嚴格的定價，平均購電協議價格接近每兆瓦時 65 美元，反映出穩固且成熟的商業模式。

At the same time, our growth is not limited to energy supply. We are advancing decisively in high value solutions, and by 2028 we expect significant expansion in customer installed, electrical vehicle charging infrastructure, and human solutions focused on efficiency and energy management.

同時，我們的成長並不限於能源供應。我們在高價值解決方案方面取得了決定性的進展，預計到 2028 年，客戶安裝的電動車充電基礎設施以及以效率和能源管理為重點的人力解決方案將大幅成長。

Businesses position us as strategic partners in electrification and energy transition. Overall, our strategy integrates contractual stability and the expansion of high value products and services, strengthening our financial resilience and generating sustainable long-term value with this foundation in place.

企業將我們定位為電氣化和能源轉型領域的策略夥伴。整體而言，我們的策略融合了合約穩定性和高價值產品及服務的擴展，在此基礎上增強了我們的財務韌性，並創造了可持續的長期價值。

Let me now turn to our cap strategy for the coming years. In the context of a rapid renewable growth in Chile, our 2026-2028 plan focuses on strengthening our portfolio along three dimensions flexibility, technology, and geographic diversification. These three pillars guide our investment decisions and shape how we position the company for the coming years. And all of this is supported by a disciplined and strategic investment effort that strengthens our profitability and operational reliability.

現在讓我來談談我們未來幾年的資本策略。在智利再生能源快速成長的背景下，我們的 2026-2028 年計畫重點是從靈活性、技術和地理多元化三個方面加強我們的投資組合。這三大支柱指導著我們的投資決策，並塑造我們未來幾年公司的定位。而這一切都離不開嚴謹的策略性投資，這增強了我們的獲利能力和營運可靠性。

To navigate Chile's evolving energy landscape, our initiatives are best deployment, hydro enhancement, maximizing generation potential and asset resilience, and improvements internal performance, adding additional flexibility that the system needs aligned with this roadmap, our total integrated margin CapEx for 2026-2028 amounts to about USD1.6 billion. Out of these, roughly $1.0 billion is dedicated to development with a clear prioritization of the best and new wind projects. This technology mix is essential to ensure the system flexibility that Chile increasingly.

為了因應智利不斷變化的能源格局，我們的措施包括最佳部署、水力發電增強、最大限度地發揮發電潛力和資產韌性，以及改善內部績效，增加系統所需的靈活性。根據這條路線圖，我們 2026-2028 年的總綜合利潤資本支出約為 16 億美元。其中約有 10 億美元用於開發，並明確優先考慮最好的和新的風電項目。這種技術組合對於確保智利日益增長的系統靈活性至關重要。

As a result, renewables will reach around 80% of our generation mix by 2028, enhancing flexibility, profitability, and competitiveness while supporting our commercial strategy. Overall, this allocation reflects a balanced and de-risked investment approach. It is aligned with market conditions. And mitigates exposure to price volatility, cost inflation, and regulatory evolution always under strict capital discipline.

因此，到 2028 年，再生能源將占我們發電結構的 80% 左右，這將提高靈活性、獲利能力和競爭力，同時支持我們的商業策略。總體而言，這種資產配置反映了一種平衡且降低風險的投資方法。它符合市場狀況。並降低價格波動、成本上漲和監管變化帶來的風險，始終在嚴格的資本紀律下進行。

Let me now show how these investments translate into new capacity, a stronger nationwide sourcing platform, and ultimately a more robust and competitive energy mix for Chile. Over the 2026-20228 period, we plan to add around 1 gigawatt of renewable capacity, reaching a total installed capacity close to 10 gigawatts by 2028.

現在讓我來展示這些投資如何轉化為新的產能、更強大的全國採購平台，並最終為智利帶來更強大、更具競爭力的能源結構。在 2026 年至 2028 年期間，我們計劃新增約 1 吉瓦再生能源裝置容量，到 2028 年總裝置容量將接近 10 吉瓦。

This includes the deployment of battery systems and maintains a well diversified platform across the country. We currently have three projects under execution by Valle del Sol, Azabache, and Las Salinas. Totaling around 0.5 gigawatts in the north of Chile, all expected to enter operation during 2027. In our plan, we are also including an additional 0.5 gigawats split between new battery systems and wind capacity.

這包括部署電池系統，並在全國範圍內保持多元化的平台。我們目前有三個專案正在執行，分別由 Valle del Sol、Azabache 和 Las Salinas 負責。智利北部總裝置容量約為 0.5 吉瓦，預計全部將於 2027 年投入營運。我們的計畫中還包括新增 0.5 吉瓦的裝置容量，一部分用於新建電池系統，一部分用於風力發電。

During this year, I will provide further details on the evolution of our expansion and other initiatives in terms of portfolio management designed to continue balancing and de-risking our portfolio. All these initiatives are fully aligned with current market signals and are designed to mitigate exposure to energy price volatility, investment cost trends, and regulatory evolution while maintaining strict capital discipline.

今年，我將提供更多關於我們擴張計劃的進展以及其他投資組合管理舉措的詳細信息，旨在繼續平衡和降低我們投資組合的風險。所有這些措施都與當前的市場訊號完全一致，旨在降低能源價格波動、投資成本趨勢和監管變化帶來的風險，同時保持嚴格的資本紀律。

Having defined the strategic direction for the next phase, let's now focus on the distribution businesses and how our decisions are generating value even under regulatory challenges. Our approach to distribution is increasingly centered to disciplined and value driven decisions.

在確定了下一階段的策略方向之後，現在讓我們專注於分銷業務，以及我們的決策如何在監管挑戰下創造價值。我們的分銷方式越來越注重嚴謹的決策和價值驅動的概念。

We are operating in a more challenging environment where climate-related pressures influence costs and tariffs. Electrification is reshaping consumption and customer expectations are rising. Our investment priorities are fully aligned with this reality. We remain constructively engaged in the regulatory dialogue to ensure that resilience, quality of service, and network modernization needs are properly reflected in the regulatory framework.

我們正處於一個更具挑戰性的環境中，氣候相關的壓力會影響成本和關稅。電氣化正在重塑消費模式，消費者的期望也不斷提高。我們的投資重​​點與這一現實完全一致。我們將繼續積極參與監管對話，以確保韌性、服務品質和網路現代化需求在監管框架中得到適當體現。

We will continue focusing capital on action debt and non. Distribution value, strengthening network flexibility, improving service continuity, and supporting long-term asset performance. Digitalization is a key enabler of this strategy. It enhances network visibility, accelerates response times, and improves reliability and efficiency of our customers. In this context, our investment plan continues advancing the digital transformation of the network.

我們將繼續把資金集中用於行動債務和非行動債務。提高分配價值，增強網路靈活性，改善服務連續性，並支援長期資產效能。數位化是實現這項策略的關鍵推動因素。它增強了網路可見性，加快了回應速度，提高了我們客戶的可靠性和效率。在此背景下，我們的投資計畫將繼續推動網路的數位轉型。

In parallel, we are strengthening our customer-led service model. This means ensuring timely service delivery, improving the execution of new connection, enhancing how we manage services interruption through our quality and resilience programs, and elevating the experience across both our physical and digital channels.

同時，我們正在加強以客戶為中心的服務模式。這意味著確保及時提供服務，改善新連接的執行，透過我們的品質和彈性計畫來加強我們對服務中斷的管理，並提升我們在實體和數位管道的體驗。

All of these contributes directly to higher satisfaction and trust, improving the risk return profile of the distribution business and reinforce its role within our portfolio. Let me now turn to how our business and capital management approach allow us to navigate the regulatory cycle while supporting the evolving needs of the distribution business.

所有這些都直接有助於提高客戶滿意度和信任度，改善分銷業務的風險回報狀況，並鞏固其在我們投資組合中的地位。現在讓我談談我們的業務和資本管理方法如何使我們能夠應對監管週期，同時滿足分銷業務不斷變化的需求。

The regulatory framework remains a critical element for planning and for protecting long-term value in distribution business. For this plan, we are not assuming changes to the existing regulatory framework. Our assumptions are based on our best current assessment of the 2024-2028 regulatory cycle before moving to our management actions.

監管架構仍然是規劃和保護分銷業務長期價值的關鍵要素。本計劃不假設現有監管框架會發生變化。在採取管理措施之前，我們的假設是基於我們對 2024-2028 年監管週期的最佳當前評估。

Let me briefly comment on the 2024 to 2028 PAD cycle. The regulator released the second version of the technical report in January 2026, and the final report is expected in the second half of this year. As the process advances, we will have visibility on the regulatory framework at each stage under the current regulatory model we have refined our cap plan, prioritizing digitalization while maintaining strong focus on new connections.

讓我簡單評論一下 2024 年至 2028 年的 PAD 週期。監管機構於 2026 年 1 月發布了第二版技術報告，最終報告預計將於今年下半年發布。隨著流程的推進，我們將能夠了解當前監管模式下每個階段的監管框架，我們已經完善了我們的上限計劃，優先考慮數位化，同時保持對新連接的重視。

This balanced approach is essential as demand continues to grow and customer expectation is increased. The investments we are deploying together with updated operating procedures are designed to deliver a more agile and reliable operation. This will directly improve the service experience for our customers and strengthen the flexibility and resilience of our networks. Let me highlight a few examples of how we are digitalizing and automating the network in ways that have a direct impact on quality and efficiency.

隨著需求持續成長和客戶期望不斷提高，這種平衡的方法至關重要。我們正在進行的投資以及更新的作業流程旨在實現更靈活、更可靠的營運。這將直接改善我們客戶的服務體驗，並增強我們網路的靈活性和韌性。讓我重點介紹幾個例子，說明我們如何透過數位化和自動化網路來直接提高品質和效率。

We are increasing the number of remote-control equipment across the grid, upgrading our main control systems, deploying more advanced digital tools to support field operations, and replacing more than 100,000 m with that advanced metering technology. These actions strengthen network performance, improve service continuity, and enhance long-term value in distribution business.

我們正在增加電網中遠端控制設備的數量，升級我們的主控制系統，部署更先進的數位工具來支援現場作業，並用這種先進的計量技術替換超過 100,000 公尺的計量設備。這些舉措增強了網路效能，提高了服務連續性，並提升了分銷業務的長期價值。

Now Simone will give us more details on the main financial and economic targets.

現在西蒙娜將為我們詳細介紹主要的財務和經濟目標。

Thank you, Gianluca. Let me start by presenting our new investment plan for the coming years. We are allocating an investment of $2 billion for the period '26-'28, around $1.6 billion for generation business, and around $0.5 billion for grids.

謝謝你，詹盧卡。首先，讓我介紹一下我們未來幾年的新投資計畫。我們將在 2026 年至 2028 年期間分配 20 億美元的投資，其中約 16 億美元用於發電業務，約 5 億美元用於電網。

The pillars of our planned strategy are the growth of our renewable energy portfolio, the enhancement of resilience and performance of our production plans, and the flexibility and optimization of our grid's operations.

我們計畫策略的支柱是：擴大再生能源組合，提高生產計畫的韌性和性能，以及提高電網運作的靈活性和優化。

Enel will invest in the plan period about. $1 billion in the construction of new power plants, adding to the already launched best projects a second wave for an additional 0.5 gigawatt of capacity and confirming the increase of 0.1 gigawatts of wind capacity. The improvement of our production fleet is obtained mainly through repowering of some of our facilities, strengthening and preventing maintenance, particularly in our thermal fleet, and executing critical work such as intake structure, erosion control.

Enel將在計畫期間內投資約10億美元建造新的發電廠，在已啟動的最佳項目基礎上，再增加第二批0.5吉瓦的裝置容量，並確認增加0.1吉瓦的風電裝置容量。我們生產設備的改進主要透過對部分設備進行改造升級、加強維護和預防性維護（特別是火力發電設備）以及執行關鍵工作（如進氣結構、侵蝕控制）來實現。

Additionally, we are dedicating investment to address new environmental requirements. The improvement of our grids is achieved thanks to $0.5 billion of investment mainly focused on digitalization, including the installation of new telecontrol units and digital meters which accelerate full detection and significantly reduce response. Times to conclude, the planning investment will not only drive greater value for the company but will also play a key role in reinforcing the country's overall system.

此外，我們正在投入資金以滿足新的環境要求。我們電網的改進得益於 5 億美元的投資，主要集中在數位化方面，包括安裝新的遠端控制單元和數位電錶，這加快了全面檢測速度並顯著降低了響應速度。總之，這項規劃投資不僅將為公司創造更大的價值，而且還將在加強國家整體體系方面發揮關鍵作用。

And now let's look at the value of this investment and our strategy for enhancing our integrated margin. We expect to reach about $1.8 billion of integrated margin by 2028. The growth will be mainly driven by the increase of the revenues, despite the expiration of some regulated contracts, particularly the 2006 auction expired at the end of 2025, the 2010 auction, which will expire in 2027.

現在讓我們來看看這項投資的價值以及我們提高綜合利潤率的策略。我們預計到 2028 年，綜合利潤將達到約 18 億美元。儘管一些受監管的合約即將到期，特別是 2006 年的拍賣合約將於 2025 年底到期，2010 年的拍賣合約將於 2027 年到期，但成長主要將由收入的增加所驅動。

The result is achieved mainly thanks to the awarding of new regulated auctions which contribute to increased sales volumes and help to maintain the average price of our overall portfolio. Furthermore, based on the strategy outlined by Ja Luca, we plan to realize around $0.1 billion from commercial sourcing, leveraging on first, efficiency in thermal variable cost.

這項成果主要歸功於新監管拍賣的授予，這有助於提高銷售量並維持我們整體投資組合的平均價格。此外，根據 Ja Luca 概述的策略，我們計劃透過商業採購實現約 1 億美元的收入，首先利用熱能可變成本的效率。

Thanks to the availability of Argentinian gas and the reduction of thermal volumes versus 2025 impacted by the extreme drought. Second, reduction of spot purchases during the night hour thanks to the optimization of selling volumes and the higher production of renewable plants. And. The reduction of spot prices due to the increase of volumes of competitive natural gas and of the number of bases in the system.

由於阿根廷天然氣的供應充足，以及受極端乾旱影響，到 2025 年火力發電量減少。其次，由於銷售量的最佳化和再生能源發電廠產量的提高，夜間現貨採購量減少。和。由於競爭性天然氣供應量增加以及系統中天然氣供應基地數量增加，現貨價格下降。

Finally, the margin will increase of a further $0.1 billion thanks to the contribution of our new base. And now let's review the performance of our grids on the next slide. Our capital allocation for the 2026-2028 period is structured to ensure grid's operational flexibility as well as system resilience. We forecast around $0.5 billion of cumulative grids gap.

最後，由於我們新客戶的貢獻，利潤率將再增加 1 億美元。現在讓我們在下一張投影片上回顧一下網格的效能。我們 2026-2028 年期間的資本分配結構旨在確保電網的運作靈活性和系統韌性。我們預測累計電網缺口約 5 億美元。

The investments are distributed as follows 47% to connection. Supporting load growth 30% to quality, resilience, and digitalization aimed at strengthening network reliability and the remaining 23% to grids management, supporting essential asset life cycle and OEM activities. Cumulative EBITDA and FFO are respected between. $0.5 billion and $0.6 billion. The choice of investing 90% of the FFO show annual commitment to improve our grids. Despite the current regulation, we are not in line with market requirements.

投資分配如下：47% 用於連接。支援負載成長的 30% 用於品質、韌性和數位化，旨在加強網路可靠性；其餘 23% 用於電網管理，支援重要的資產生命週期和 OEM 活動。累計 EBITDA 和 FFO 預計在 5 億美元至 6 億美元之間。將 90% 的 FFO 用於投資，體現了我們每年致力於改善電網的承諾。儘管有現行法規，我們仍不符合市場要求。

And now let's look at the net income evolution for the next three-year period. The net income is expected to reach a range between $0.5 billion and $0.7 billion in 2028. The main contributor to the increase is the EBITDA growth, with an incremental impact estimated between $0.1 billion and $0.3 billion.

現在讓我們來看看未來三年的淨收入變化。預計到 2028 年，淨收入將達到 5 億美元至 7 億美元之間。成長的主要貢獻因素是 EBITDA 的成長，預計增量影響在 1 億美元至 3 億美元之間。

The EBITDA growth leveraged on the already commented increase of integrated power margin thanks to the improvement of sales portfolio and sourcing performance as well as the development of the new base and the slight improvement of Greece's results also thanks to the growth of distributed volumes below EBITDA variation are due to higher depreciation following the new renewable project mainly best that we start operating in the planned period.

EBITDA 成長得益於先前已提及的綜合電力利潤率的提高，這得益於銷售組合和採購業績的改善以及新基地的發展，希臘的業績也略有改善，這同樣得益於分散式發電量的成長。 EBITDA 的變化是由於新的再生能源專案導致折舊增加，這主要是因為我們在計劃期內開始營運。

Taxes increase for around $50 million following the higher results. Financial charges remain essentially flat with no major changes in funding costs. And now on the next slide, let's review our financial plan. Let's go through our financial strategy designed to ensure long-term growth and value creation. In the 2026-2028 period, we expect funds equivalent to $3.4 billion from the operations.

業績提升後，稅收將增加約 5,000 萬美元。財務費用基本上維持不變，融資成本沒有重大變動。接下來，在下一張投影片中，我們來回顧一下我們的財務計畫。讓我們一起來了解我們為確保長期成長和價值創造而製定的財務策略。在 2026-2028 年期間，我們預計營運收入將達到 34 億美元。

This amount includes around $0.1 billion coming from the full recovery of receivables. These resources will finance our investments with growth cap totaling $2 billion in. Line with our strategy of developing incentive growth opportunities while maintaining financial strength. Additionally, we have allocated $1 billion for dividends, considering a minimum payout of 50%.

該金額包括約 1 億美元，這筆款項來自應收帳款的全額收回。這些資源將為我們的投資提供資金，成長上限為 20 億美元。這符合我們在維持財務實力的同時，發展激勵性成長機會的策略。此外，我們已撥出 10 億美元用於分紅，最低分紅率為 50%。

After the use of funds, we expect a positive change in a debt of $0.3 billion. To sum up, the Stable and reliable sources of funds support shareholder value creation in the long-term. We plan to maintain a solid financial position over the next three year period, leaving room for potential new opportunities arising in the market and being prepared for eventual headwinds in line with our derisking approach.

資金使用後，我們預計債務將減少 0.3 億美元。總而言之，穩定可靠的資金來源能夠長期支持股東價值的創造。我們計劃在未來三年內保持穩健的財務狀況，為市場中可能出現的新機會留出空間，並根據我們的去風險策略，為最終可能出現的逆風做好準備。

And now let's move to the next slide to review our liquidity and debt position for the next three years. As previously mentioned, in the next three-year period, we will continue focusing on the optimization of our debt structure in line with our financial policy. We maintain a balanced debt structure, combining long-term solidity with short-term flexibility.

現在讓我們翻到下一張投影片，回顧一下未來三年的流動性和債務狀況。如前所述，在接下來的三年裡，我們將繼續依照財務政策，專注於優化債務結構。我們維持均衡的債務結構，兼顧長期穩健性和短期彈性。

The resulting average maturity of about six years. Give us room to benefit from attractive market conditions. Our share of US dollar denominated debt, moving from 90% to 91%, remains high and consistent with the current profile of our cash flows. We also continue increasing the percentage of fixed rate debt, rising from 87% to 91%.

由此得出的平均到期期限約為六年。請給我們留出空間，讓我們能夠從有利的市場環境中獲益。我們以美元計價的債務比例從 90% 上升至 91%，仍然很高，與我們目前的現金流狀況一致。我們也持續提高固定利率債務的比例，從 87% 提高到 91%。

The average cost of debt remains close to 5%, reflecting our disciplined liability management. In conclusion, our financial policy reflects the election to maintain a robust, resilient, and future-proof capital structure to support the development and performance of our business.

平均債務成本維持在 5% 左右，這反映了我們嚴格的負債管理。總之，我們的財務政策體現了我們選擇維持穩健、有韌性且面向未來的資本結構，以支持我們業務的發展和績效。

And now let's take a look at the following slide with a summary of our targets for the following years. Summarizing our strategy for the plan period is focused on improving our business performance while maintaining financial stability in a volatile market contest.

現在讓我們來看看下一張投影片，其中總結了我們未來幾年的目標。總結而言，我們計畫期的策略重點是在動盪的市場競爭中，在維持財務穩定的同時，提高業務績效。

The strategic plan projects a cumulative bid for the 2026-2028 period ranging from $4.5billion to $4.7 billion. Looking at the 2028 figures, he beat the target with a range between $1.5 billion and $1.7 billion translating into a net income ranging from $0.5 billion to $0.7 billion. Regarding the shareholder remuneration, we are confirming the dividend payout ratio from the previous plan, leaving room for an eventual increase depending on future opportunities and market conditions.

該戰略計劃預計 2026-2028 年期間的累計投標金額將在 45 億美元至 47 億美元之間。從 2028 年的數據來看，他超額完成了目標，收入在 15 億美元至 17 億美元之間，淨收入在 5 億美元至 7 億美元之間。關於股東回報，我們確認將維持先前計劃的股息支付率，並根據未來的機會和市場情況，留有最終提高股息支付率的空間。

Of course, this proposal shall be further discussed with our shareholders during the annual shareholders' meeting to take place by the end April 2026, this dividend policy will allow us to create long-term value for our shareholders while ensuring a solid financial position in line with our long-term sustainable growth strategy.

當然，這項提案將在2026年4月底前舉行的年度股東大會上與股東進一步討論。這項股利政策將使我們能夠為股東創造長期價值，同時確保公司財務狀況穩健，符合我們長期可持續成長策略。

So thanks everybody for your attention and now let me hand it over to Gianlica for the closing remarks.

感謝大家的關注，現在請吉安利卡做總結發言。

Thank you, Simone. To conclude, let me briefly recap the key messages we wanted to share with you today. First, we are executing an integrated commercial strategy, leveraging a diversified nationwide platform to capture value and creative opportunities across markets.

謝謝你，西蒙娜。最後，讓我簡單總結一下我們今天想和大家分享的關鍵訊息。首先，我們正在執行一項綜合商業策略，利用多元化的全國性平台，在各個市場中獲取價值和創新機會。

Second, we are applying discipline, capital, and operating management to strengthen portfolio flexibility and resilience while maintaining a strong focus on execution. Third, our strategic plan is anchored in financial solidity and a balanced risk return profile. Taken together, this positions Enel Chile as a unique, sustainable, and value driven utility focused on optimizing risk return while maximizing long-term value creation.

其次，我們運用紀律、資本和營運管理來增強投資組合的靈活性和韌性，同時保持對執行的重視。第三，我們的策略計劃以財務穩健且均衡的風險回報狀況為基礎。綜上所述，這使得 Enel Chile 成為一家獨特、可持續且以價值為導向的公用事業公司，專注於優化風險回報，同時最大限度地創造長期價值。

This concludes my remarks. Thank you very much for your attention. I will now hand the call back to Isabela, who will guide us through the QA session.

我的發言到此結束。非常感謝您的關注。現在我將把電話轉回給伊莎貝拉，她將引導我們完成問答環節。

Thank you, Gianluca. Thank you, Simone. Thank you, we're connected. We will now move then to the Q&A sections. Question can via the webcast chat, the Q&A session is then open. Gianluca, we are receiving several questions regarding guests, no, so, as, from several analysts, so I'll go through the first one.

謝謝你，詹盧卡。謝謝你，西蒙娜。謝謝，我們已連接。接下來我們將進入問答環節。可透過網路直播聊天提問，問答環節隨即開啟。Gianluca，我們收到了幾位分析師提出的關於嘉賓的問題，所以我先回答第一個問題。

The first one is about gas supply volumes and indexation. No. So the analyst say that he has a question regarding your gas contracts in light of the current geopolitical tensions. How much gas do you have secured for this year? How much of it comes from Argentina versus LNG? He's also trying to understand the timing of the indexations. Do you still need to lock in prices, or are this year's volumes already fully contracted?

第一個問題是關於天然氣供應量和指數化。不。分析師表示，鑑於當前的地緣政治緊張局勢，他對貴公司的天然氣合約有一些疑問。今年你們儲備了多少天然氣？其中有多少來自阿根廷，又有多少來自液化天然氣？他還在試著了解指數化的時間安排。您還需要鎖定價格嗎？還是今年的訂單量已經全部訂滿了？

Okay. For this year, the large majority of our thermal gas needs are already secured through from Argentina gas contracts and energy contracts. On the other side, G&A is contracted at fixed and energy contracts are indexed to hurry up and rent. However, most of the exposure has been already secured with PP index to commodities and financial products.

好的。今年，我們絕大部分的熱能天然氣需求已透過阿根廷天然氣合約和能源合約得到保障。另一方面，一般及行政費用是按固定價格簽訂的合同，而能源合同則與指數掛鉤，以加快租金的支付速度。然而，大部分風險敞口已經透過PP指數對商品和金融產品進行了保障。

Okay. Thank you, Gianluca. So I will now go to the second question. The second question is related to cost risk and still Argentina gas contracts. Do you see any cost risk under the current situation? The analyst is saying that his understanding that you have a firm gas contract with Argentina, but now are those prices indexes, are they volatile and linked to global benchmarks, or are they mostly predefined?

好的。謝謝你，詹盧卡。接下來我將回答第二個問題。第二個問題與成本風險以及阿根廷天然氣合約有關。您認為目前情況下是否有任何成本風險？分析師表示，據他了解，你們與阿根廷簽訂了固定的天然氣合同，但是現在的價格指數是波動性的，與全球基準掛鉤，還是大多是預先確定的？

Yes, thank you very clear question. So at this stage, we don't see a material. Cost risk our phone gas supply agreements argentina have a six-month term and are structured at a fixed price.

是的，謝謝，問題問得很清楚。所以現階段，我們還沒有看到任何材料。成本風險：我們在阿根廷的電話瓦斯供應協議期限為六個月，價格固定。

Okay, thank you. So the third one is related now to the spot prices. So beyond the specific impact on your company, could this scenario of the conflict, no, deteriorate the Chilean sports market in the sense that higher thermal dispatch could drive spot prices up, potentially affecting players who are short in the energy market.

好的，謝謝。所以第三個問題現在與現貨價格有關。因此，除了對貴公司的具體影響之外，這種衝突情景是否會惡化智利體育市場，因為更高的火力調度可能會推高現貨價格，這可能會影響能源市場中資金短缺的參與者。

Okay, from a system perspective, geopolitical uncertainty can indeed influence expectation for higher spot prices. Especially in scenarios where general dispatch increases. But in our case, let me say that the impact is limited due to our contracted gas supply and our commercial balance.

好的，從系統角度來看，地緣政治的不確定性確實會影響人們對現貨價格上漲的預期。尤其是在一般調度量增加的情況下。但就我們而言，由於我們有合約保障的天然氣供應和商業平衡，因此影響有限。

But, let me say also that at the market level, it is reasonable to expect calm. Upward pressure if thermogeneration becomes more prominent. And however, at the moment we are not seeing the high pressure over area and cold index to expect an important impact on Chilean energy spot prices.

但是，我也想說，從市場層面來看，預期市場平靜是合理的。如果熱生成作用更顯著，則會產生向上的壓力。然而，目前我們並未看到該地區的高壓和寒冷指數，因此預計不會對智利能源現貨價格產生重大影響。

Okay, thank you, Gianluca. Now, still on gas, but now the question comes from Thomas Gonzalez. So the question is, he's saying good morning. He has one question, still on the current Middle East conflict. Give your reliance on natural gas for thermal generation, how could the current geopolitical tensions in the Middle East Affect your contracted energy supply.

好的，謝謝你，詹盧卡。現在，話題仍然停留在汽油上，但現在的問題來自托馬斯·岡薩雷斯。所以問題是，他是在說早安。他還有一個問題，仍然與當前的中東衝突有關。鑑於貴公司在火力發電方面依賴天然氣，當前中東地緣政治緊張局勢將如何影響貴公司的能源供應合約？

Especially do you foresee potential shortages or price increase? And if so, would you be able to increase access to Argentinian gas, particularly in the event of dry season? Additionally, should these conditions materialize, would gas sales be expected to decrease as a result?

您尤其預見到可能出現短缺或價格上漲的情況嗎？如果可以，您能否增加阿根廷天然氣的供應，尤其是在旱季？此外，如果這些情況成為現實，天然氣銷售是否會因此下降？

Okay, Thomas, thank you for your question. So at this stage, we are not seeing any material impact on our operations or cost structure stemming from the geopolitical tension between Iran and the USA. Our thermal generation relies primarily on Argentina gas, and our supply is supported by long-term contract arrangements. And also aging strategy that also help mitigate short-term volatility in the international markets.

好的，托馬斯，謝謝你的提問。因此，目前我們尚未看到伊朗和美國之間的地緣政治緊張局勢對我們的營運或成本結構產生任何實質影響。我們的火力發電主要依賴阿根廷天然氣，我們的供應由長期合約安排保障。此外，老化策略也有助於緩解國際市場的短期波動。

What I can say and add that our exposure to global gas price movements is relatively limited considering the characteristic of our supply. While we continue to closely obviously to monitor the global energy environment. Including also potential international aspects that can be gain from this situation. Current market conditions do not indicate any significant impact for us at this point.

我可以補充的是，考慮到我們供應的特點，我們受全球天然氣價格波動的影響相對較小。我們當然會繼續密切關注全球能源環境。也包括可以從這種情況中獲得的潛在國際效益。目前的市場狀況對我們而言，不會有任何重大影響。

Okay, thank you, Gianluca. Now moving on to the questions now from Rubel Alvarado from BC. Good morning. He has three questions. You do the three, and then Simone and Gianluca. So the first one, we notice lower energy purchase costs per megawatt hour this quarter. Should we expect this trend to continue into the next quarter?

好的，謝謝你，詹盧卡。現在進入下一輪提問環節，來自BC省的Rubel Alvarado提出問題。早安.他有三個問題。你先做這三個，然後是 Simone 和 Gianluca。首先，我們注意到本季每兆瓦時的能源採購成本有所下降。我們是否可以預期這一趨勢會延續到下一季？

The second one is. In the distribution segment, we saw a strong top-line increase year over year, mainly driven by prior year price [resetments]. Understanding this is one on one off. Could you provide my call on that? And the last question is, do you have any updates regarding the concession revocation process in the distribution segment?

第二個是。在分銷環節，我們看到營收年增強勁，這主要得益於上年同期價格上漲。[重置]。要理解這一點需要一對一的溝通。你能幫我接通一下電話嗎？最後一個問題是，關於分銷領域的特許經營權撤銷流程，您有什麼最新進展嗎？

So. So yes, thank you, Rubel, for your question. Let me start from they, the cost of energy purchase. Let me com that 2025 was a very peculiar year. It was impacted not just by the extreme drought, but also by other effects such as some limitation in the distribution lines also following the result of February. And sometimes some plants we're out of production in the system and so also this impacted.

所以。是的，謝謝你，魯貝爾，你的提問。讓我們先從能源採購成本說起。讓我總結一下，2025年是一個非常特別的年份。它不僅受到極端乾旱的影響，還受到其他因素的影響，例如二月結果公佈後配送線路的一些限制。有時系統中的一些工廠會停產，因此也會受到影響。

In the marginal cost of energy. So, yes, we are, improving the cost. And the same we are expecting that in a more standard year we keep on going in this part of the price reduction and this is also something structural if we look to the next three years as to the second question on distribution.

能源的邊際成本。是的，我們正在降低成本。我們同樣預期，在較為正常的年份，我們將繼續降低價格，如果我們展望未來三年，這也是一個結構性問題，可以作為關於分銷的第二個問題。

The fact that there are, different results comparing 2025 with 2024 this is caused by not just one of the effects, but yes, the one-off effects where the primary source of the differences. So starting from 2024 we have a very strong impact following the August 2024 climate event.

2025 年與 2024 年的結果不同，這並非僅僅是由單一因素造成的，但確實，一次性因素是造成差異的主要原因。因此，從 2024 年開始，我們將受到 2024 年 8 月氣候事件的強烈影響。

And talking about 2025 in general we have a better remuneration regulatory remuneration because the new regulatory cycle.Increased the remuneration for the companies. On the other side there were specific one of effect that was basically adjustment from the past. Some mechanism to adjust the prices all over the country that have a positive impact on Enel.

總的來說，展望2025年，由於新的監管週期，我們將迎來更好的薪酬監管環境，企業薪酬也將有所提高。另一方面，還有一些具體的影響，基本上就是對過去的調整。某種能夠調整全國價格的機制，這對 Enel 公司產生了正面影響。

And so considering an impact of event of 2024 of around $60 million. In 2024 and considering the impact of one-off effect for more than $30 million in 2025 we can explain the differences in the performance in the two year. And I think that Gianluca will answer to the concession question.

因此，考慮到 2024 年事件的影響約為 6000 萬美元。考慮到 2024 年一次性影響超過 3000 萬美元，以及 2025 年的一次性影響，我們可以解釋這兩年業績的差異。我認為詹盧卡會回答讓步問題。

Okay. Thank you, Simone. Okay, for, to finalize the question about the status of the confession. Okay. To this date, we have not been notified of any administrative or legal proceeding to address or discuss the potential forfeiture of the concession.

好的。謝謝你，西蒙娜。好的，為了最終確定這份供詞的狀態。好的。截至目前，我們尚未收到任何行政或法律程序通知，以處理或討論可能喪失特許經營權的問題。

Granted to a distribution what we have learned from the press is that the Ministry of Energy tasked the SEC with preparing a technical report on the energy distribution concession. And so according to the authorities, this study could take six months to 18 months.

我們從媒體了解到，能源部已委託SEC準備一份關於能源分配特許經營權的技術報告。因此，根據官方估計，這項研究可能需要6個月到18個月的時間。

And once it is ready, it will be delivered to the President of the Republic for review. So the company has consistently made itself available to the authorities and has provided all the information requested. So this matter is being closely monitored, and we will exercise every legal right to defend our position.

一旦準備就緒，將呈送共和國總統審閱。因此，該公司一直積極配合當局的調查，並提供了所有要求的資訊。因此，我們正在密切關注此事，並將行使一切合法權利捍衛我們的立場。

Okay. Thank you, Gianluca. Let's move on. We are receiving more questions here. Thank you for who is joining us. So the following question is from Ignacio Sabelle from Itau. Hi, everyone. Congrats on the results and thanks for taking my question.

好的。謝謝你，詹盧卡。我們繼續吧。我們這裡收到了更多問題。感謝各位的參與。以下問題來自伊塔烏的伊格納西奧·薩貝爾。大家好。恭喜你取得好成績，謝謝你回答我的問題。

So the first question, Simone, it looks like the CapEx per megawatt is lower in comparison to the less plan in terms of dollars per megawatt, probably because of high mix of bests. Could you provide a scholar on the trend of best unitary CapEx? Could you also increase the hours duration in the current projects compared to the last plan? If there is lower CapEx? So this is the first one, Simone, and then I move to the others.

西蒙妮，第一個問題，看起來每兆瓦的資本支出比每兆瓦較少的方案要低，可能是因為最佳方案的比例很高。您能否提供一位學者，介紹最佳單位資本支出的發展趨勢？與上一個計劃相比，能否增加目前專案的工時？如果資本支出較低呢？這是第一個，西蒙妮，然後我再去看其他人。

So, let me give some, about which are our future investment in the plan. We have two waves of best. The first wave was already relaunched our best for more or less 450 megawatts. And then we have a second wave for more or less. The same amount that has to be launched. The first wave have occurred around 2027 and the second wave in 2028.

那麼，讓我來談談我們未來對該計劃的投資。我們有兩波最佳陣容。第一波浪潮已經重新啟動，我們盡力做到約 450 兆瓦。然後，我們又迎來了第二波疫情，持續時間大致如此。需要推出的數量相同。第一波疫情預計在 2027 年左右發生，第二波疫情預計在 2028 年發生。

And then we have also some new wind capacity to be built the $1 million at which you are referring is the mix of the new technology and you are right, clear that the large amount of best take this number a little bit lower compared to the previous plan.

此外，我們還有一些新的風力發電容量需要建設，您提到的 100 萬美元是新技術組合的一部分，您說得對，很明顯，大量的新技術會使這個數字比之前的計劃略低一些。

But also the, the best price is going lower, no, the price curve is a decreasing curve and so more or less our new best will cost something between 0.8 and 0.9 for or with more or less one that was in the in the previous plan which kind of best you are going to build in the first wave we are talking about four hour best.

但是，最佳價格正在下降，不，價格曲線是一條下降曲線，因此，我們新的最佳價格大致會在 0.8 到 0.9 之間，或者大致與之前的計劃中的價格相同，在第一批產品中，我們談論的是 4 小時的最佳產品。

And in the second wave we are best starting from 4.5 hours to 6 hours. So we are also evolving in the in the technology talking about the wind, that the new wind power plants, the cost is higher, clearly, it's around 1.2 megawatts, 1.34 megawatts.

第二波疫情期間，我們最好從 4.5 小時到 6 小時開始。所以，我們在技術方面也在不斷發展，談到風能，新的風力發電廠的成本顯然更高，大約是 1.2 兆瓦，1.34 兆瓦。

Okay, thank you, Simone. So let me check here. The second question, also from Ignacio is, I know that CapEx has been increased by roughly 25% in comparison to the last plan figures. But how should we think of dividend payout? Could we see the 70%, for example, would be an opportunity to increase the payout that's currently 50% minimal?

好的，謝謝你，西蒙妮。讓我查一下。第二個問題也是伊格納西奧提出的，我知道資本支出比上一個計畫的數字增加了約 25%。但我們該如何看待股利支付呢？例如，70% 的回報率是否可以被視為提高目前最低 50% 回報率的機會？

Okay, so, and I'll try to give value to our shareholder increasing the value of the company, so investing in the company and, giving value through the, dividends, and also trying to maintain a very solid financial position which is our policy in terms of dividends that we are confirming from the past is to distribute at least at least is the world 50% of our net income.

好的，我會努力為股東創造價值，提高公司價值，也就是投資公司，並透過分紅創造價值，同時努力保持非常穩健的財務狀況。我們過去一直堅持的分紅政策是，至少將淨收入的 50% 分配給股東。

And so we have confirmed this policy and in the one the calculation is made considering 50% clear if in future, we will not found, I don't know, opportunity to increase the value of the company, through, direct investment, we can also think to improve the dividend in line with the policy, but in this moment the plan is set with 50%.

因此，我們已經確認了這項政策，並且在計算中考慮到了 50% 的可能性，即如果將來我們找不到機會透過直接投資來增加公司的價值，我們也可以考慮根據這項政策提高股息，但目前計劃設定為 50%。

Okay, thank you, Simone. Thank you, Simone. So I will move on to the following question. Now the following question is from Andrew McCarthy from LarrainVial. So the question is, he has two questions. So the first one is, could you provide more details about how you reach 11.9 terawatt hour of hydro production by 2028?

好的，謝謝你，西蒙妮。謝謝你，西蒙娜。那麼接下來我將回答下一個問題。接下來的問題來自 LarrainVial 的 Andrew McCarthy。所以問題是，他有兩個問題。第一個問題是，您能否提供更多關於如何實現到 2028 年水力發電量達到 11.9 太瓦時目標的詳細資訊？

Okay, so, which is the mechanism that we use to project the production of our hydropower plant, we have statistical models that are based on the historical trend, looking at the last 10 years-15 years, and then collect the other variable on the forecast, the weather forecast and project a number really it they project a curve and we choose to put the plan in the very middle of the curve.

好的，那麼，我們用來預測水力發電廠發電量的機制是這樣的：我們基於歷史趨勢建立統計模型，觀察過去 10 到 15 年的數據，然後收集預測中的其他變量，例如天氣預報，並預測一個數值。實際上，它們預測的是一條曲線，我們選擇將電站的發電量放在曲線的正中間。

So with the probability of 50% with this level of hydroelectricity and so this is the output of our model let me com that we have also, the increase of operativity of such plans because we keep on investing in improving the performance of our hydro fleet.

因此，在這種水力發電水準下，有 50% 的機率實現目標，這就是我們模型的輸出結果。讓我補充一點，由於我們持續投資提高水力發電廠的性能，此類計畫的營運效率也有所提高。

Okay, thank you. Let me check. We have other questions. So from Andrew McCarthy, we have the second one, Simone. The second one is, in the generation business, are there PPA options opportunities that could eventually allow the company to grow sales beyond 32 terawatt hours by 2028?

好的，謝謝。讓我查一下。我們還有問題。所以，安德魯麥卡錫的第二件作品是西蒙妮。第二個問題是，在發電業務方面，是否存在購電協議 (PPA) 選擇機會，最終使公司到 2028 年的銷售額超過 32 太瓦時？

So talking about our, sales strategy, we do not sell energy as a target. We try to maximize the margin and the bid, but also keeping under control the risk so going to your question, yes, there are opportunities in the market and yes, is it possible to increase the sales beyond 32 terawatt.

所以，說到我們的銷售策略，我們並不以銷售能源為目標。我們努力最大化利潤和出價，但同時也要控制風險。所以回到你的問題，是的，市場上有機會，是的，是否有可能將銷售額提高到 32 太瓦以上。

And we are studying this opportunity we are working actively on the market, but then we have to match the buy side and the production with the sales so we will grab this opportunity if these are a creative opportunities and on the same time if you can manage the risk without exposing too much the company to the market risk.

我們正在研究這個機會，我們正在積極開拓市場，但我們必須將採購、生產和銷售相匹配，這樣，如果這些是具有創造性的機會，並且能夠在不使公司面臨過多市場風險的情況下管理風險，我們就會抓住這個機會。

Okay. Thank you, Simone. Now, we have another one that is coming from Fernan Gonzalez from BTG. He has two questions, so I'll go for the first one. Could you please share more details of the new capacity, like the location, expected COD and if it will be added to existing assets or not.

好的。謝謝你，西蒙娜。現在，我們還有一位來自 BTG 的 Fernan Gonzalez 的記者。他有兩個問題，那我先回答第一個。請您提供更多關於新增產能的細節信息，例如地點、預計投產日期以及是否會併入現有資產等。

Okay, thank you for your question. So majority of our caps new capacity is focused on retrofit of existing plants in north of Chile. And so during the 2025, we focused on engineering, permitting, and project preparation. And with the regulatory framework now in place, We are starting on site construction activities.

好的，謝謝你的提問。因此，我們新增產能的大部分都集中在智利北部現有工廠的改造。因此，在 2025 年，我們專注於工程設計、許可審批和專案準備。隨著監管框架的完善，我們即將開始現場施工活動。

In 2026 and with the COD as expected in 2025, 2027, sorry. Our updated strategic plan also includes additional best investments scheduled for 2027 and 2028. As we showed in the in my presentation. And so we are capable to reinforce storage as a structural pillar of our portfolio going forward and with the COD for 2028.

預計在 2026 年，而 COD 則預計在 2025 年、2027 年推出，抱歉。我們更新的策略計劃還包括計劃於 2027 年和 2028 年進行的其他最佳投資。正如我在我的簡報中所展示的那樣。因此，我們有能力將倉儲作為我們未來投資組合的結構支柱，並實現 2028 年的 COD。

Okay, thank you, Gianluca. So the second question on Ferna is about now on distribution. Now, he's saying that on distribution, investment in smart meters and remote control CapEx does not seem to be part of the model company and therefore it may not be remunerated. Is this correct? Or do you have pre-agreements with authorities on that regard?

好的，謝謝你，詹盧卡。所以關於 Ferna 的第二個問題是關於分銷的。現在，他表示，在分銷方面，對智慧電錶和遠端控制資本支出的投資似乎不屬於該模式公司的一部分，因此可能不會得到回報。這樣對嗎？或你們已就此與相關部門達成預先協議？

Okay, first of all, smart meters are key for the energy transition in energy system in general. And currently, we don't have a mandatory process in order to advance in deployment. In Chile, investments in smart meters and remote control equipment are not automatically included in regulator model company.

首先，智慧電錶對於整個能源系統的能源轉型至關重要。目前，我們還沒有推進部署的強制性流程。在智利，對智慧電錶和遠端控制設備的投資並不會自動納入監管模式公司。

So effectively, they are not automatically remunerated. But the cost recovery depends on whether the Commission National of Energy, the CNE recognize those assets in tariff setting, the BID. And, all through specific regulatory approvals. So there are no standing agreements guaranteeing remuneration inclusion must be justified as essential and aligned with the quality of service in government in this period of the plan now.

因此，實際上他們不會自動獲得報酬。但成本回收取決於國家能源委員會 (CNE) 是否在關稅制定和招標中承認這些資產。而且，這一切都需要獲得特定的監管部門批准。因此，目前尚無任何協議保證將薪酬納入其中，必須證明其必要性，並且與本計劃時期政府的服務品質相符。

Okay, thank you, Gianulca. Now we are going to a new question. Let me check here from [Tomas Perotin from Vales Cato]. So, He's asking that regarding the inspiration of the PPAs, could you please elaborate on the strategy the company is implementing as these contracts roll off, in light of your residents participating in the regulated options securing 3.360 gigawatt hour per year for 2027, 2030 period.

好的，謝謝你，吉安努爾卡。現在我們要討論一個新的問題。讓我從這裡查一下。[來自 Vales Cato 的托馬斯·佩羅坦]。所以，他問的是，關於購電協議的靈感，鑑於您的居民參與了受監管的選擇，在 2027 年和 2030 年期間每年獲得 3.360 吉瓦時，您能否詳細說明一下隨著這些合約到期，公司正在實施的策略。

And the almost 1.5 terawatt hour for 2026. How should we think about your contracting strategy going forward? Additionally, could you provide more color on the average PPA price levels embedded in these awards and what price range we should assume for future re-contracting?

到 2026 年，發電量將接近 1.5 太瓦時。我們應該如何看待您未來的合約策略？此外，您能否詳細說明這些合約中所體現的平均購電協議價格水平，以及我們未來續約合約時應該假設的價格範圍？

So. Thank you for the question. As we have talked, our strategy is something that we adjust to the market. So we look, to the free customer and also to regulate the customer, as our portfolio has lost in the last, years many regulated customer. And so we look at the new options like a possible opportunity really this was an opportunity. And why Enel is competitive in this kind of contract because we have a portfolio, a production portfolio that is not just diversify in terms of technology, but also in terms in terms of geographical distribution.

所以。謝謝你的提問。正如我們之前討論過的，我們的策略是會根據市場情況進行調整的。因此，我們既關注自由客戶，也關注受監管客戶，因為在過去的幾年裡，我們的投資組合失去了許多受監管的客戶。因此，我們將這些新選擇視為一個可能的機會，這確實是一個機會。Enel之所以能夠在這類合約中具有競爭力，是因為我們擁有多元化的產品組合，不僅在技術上多元化，而且在地理分佈上也多元化。

So we can enter in this kind of contract without taking high risks and so this is the reason why we participate to the auction we bid and finally the bid was at a good price considering our risks. So this is something about how we are elaborating our strategy. We are looking at free and regulated market where the better opportunity will arise.

因此，我們可以在不承擔高風險的情況下簽訂此類合同，這也是我們參加拍賣並出價的原因，最終出價考慮到我們的風險，是一個不錯的價格。這是關於我們如何完善策略的一些內容。我們著眼於自由且受監管的市場，因為那裡會湧現更好的機會。

Okay, thank you, Simone. Now he has a second question. The second is, the question is, in the presentation, it seems that you view wind as the main technology that could lead to growth in the following years, in which region of the country do you think is more likely to see higher wind penetration? And do you see change in costs that could encourage more investment in wind farms?

好的，謝謝你，西蒙妮。現在他還有第二個問題。第二個問題是，在報告中，您似乎認為風能是未來幾年可能帶來成長的主要技術，您認為該國哪個地區更有可能出現更高的風能滲透率？您認為成本方面是否有任何變化可以鼓勵對風力發電場進行更多投資？

Okay. So, really the main investment in.

好的。所以，真正的主要投資在於。

Our plan are in, best technology. Why? Because this is the leading technology in this very moment is a technology that can help the Chilean systems with this activity of energy shifting. So be success successful in moving energy from the day in which we have an excess of production to the night in which we have an excess of, demand talking about wind.

我們的計劃已經制定完畢，採用了最先進的技術。為什麼？因為這項技術是目前領先的技術，它可以幫助智利系統進行能源轉移活動。所以，要成功地將能源從白天生產過剩的時段轉移到夜晚需求過剩的時段，這裡指的是風能。

Also wind technology is very interesting one with the production that is more likely like a base load production and we are thinking to invest in the north where we find some good opportunities in any case the new wind power plants will arrive in the last part of the plan.

此外，風能技術也非常有趣，其發電方式更可能像基礎負載發電一樣，我們正在考慮在北部投資，因為我們在那裡發現了一些很好的機會，無論如何，新的風力發電廠將在計劃的最後階段建成。

Okay, thank you, Simone. Now, let me check. We have more here. So the next one is from Juan Felipe Becerra. He's asking, on PPA on gas. Gianluca, what is your expectation on PPA prices indexes to commodities, brands carry hub, given the actual geopolitical tension? Do you have an estimate of an impact on average realized PPA prices?

好的，謝謝你，西蒙妮。現在，讓我查一下。我們這裡還有更多。接下來這首來自胡安·費利佩·貝塞拉。他問的是天然氣購買協議（PPA）。Gianluca，鑑於當前的地緣政治緊張局勢，你對PPA價格指數與大宗商品、品牌運輸中心之間的關係有何預期？您能否估算一下這對平均實際購電協議價格會造成多大影響？

Okay, thank you for your question. Given the current geopolitical tensions, PPA price should increase. Yes, but keep in mind that our main source of PPAs index, okay, to commodities are the distribution company's contractor which looks at a six month windows for updating the price and so therefore at the moment it is too soon maybe to give an estimation on eventual upside related to the current geopolitical tension.

好的，謝謝你的提問。鑑於當前的地緣政治緊張局勢，購電協議價格應該會上漲。是的，但請記住，我們獲取購電協議指數（好吧，商品價格）的主要來源是配電公司的承包商，他們以六個月為週期更新價格，因此，目前可能還為時過早，無法對當前地緣政治緊張局勢可能帶來的最終上漲做出估計。

And too soon to give an estimate, and this is the question. So we are seeing the situation, we are monitoring. But what I can confirm that obviously it's very soon to give an estimation for eventual up upside in this moment. the current general political is very dynamic in this moment. But this is the our opinion this moment. Okay.

現在給出估計還為時過早，而這正是問題所在。所以我們正在觀察情況，密切關注事態發展。但我可以肯定的是，現在就對最終上漲空間做出估計顯然為時過早。當前的政治局勢瞬息萬變。但這是我們目前的觀點。好的。

Okay. Thank you, Gianluca. Now, come one, we have a question came from Jay Samani from Scotiabank. He's asking. Given the parent company it stated focus on tier one market. How do you see this affecting your capital location and assets and portfolio strategy at Chile over the next 12 months to 24 months?

好的。謝謝你，詹盧卡。現在，請問，我們有一個問題來自加拿大豐業銀行的傑伊·薩馬尼。他在問。鑑於其母公司的情況，該公司表示將專注於一線市場。您認為這將如何影響您未來 12 至 24 個月在智利的資本配置、資產和投資組合策略？

Okay so talking about the support that we will receive from the group, I think that the group was quite clear that Chile is, a quite strong asset in the group. And so, we are projecting a strong plan in terms of investment and we are sure to keep on having like in the past the support to the group as the strategy of the Enel in Chile is to keep on working with a fully integrated group in all the element of the chain of value.

好的，說到我們將從集團獲得的支持，我認為集團已經非常明確地表示，智利是集團中非常強大的力量。因此，我們在投資方面製定了強有力的計劃，並且我們確信會像過去一樣繼續得到集團的支持，因為 Enel 在智利的戰略是繼續與價值鏈所有環節完全整合的集團合作。

Okay, thank you, Simone. So also Jay, he has, another question. Okay, now talking about data centers, given the strong outlook for data center driven load growth, how is the company thinking about accelerating the CapEx plan to capper this opportunity? Are there constraints or strategic considerations that limit the faster investment today?

好的，謝謝你，西蒙妮。傑伊也有一個問題。好的，現在來談談資料中心，鑑於資料中心驅動的負載成長前景強勁，公司打算如何加快資本支出計畫以抓住這一機會？是否存在限制當前加速投資的因素或策略考量？

Yes, thank you for your question. It's an important topic that we are working on. Okay. We have played a significant role in developing the necessary infrastructure, particularly in terms of capacity to enable the installation of data center in in countries. This includes providing power capacity, strengthening and adding redundancy to network, obviously to ensure operational continuity and supply energy for day operations.

是的，謝謝你的提問。這是我們正在研究的重要課題。好的。我們在發展必要的基礎設施方面發揮了重要作用，尤其是在為各國安裝資料中心提供能力方面。這包括提供電力容量、加強網路並增加冗餘，顯然是為了確保營運連續性並為日常營運提供能源。

In response to the sector's evolving needs, we are proactively identifying future consumption requirements and working closely with the data center industry to kindly develop power infrastructure and energy projects that support their growth. But to fully unlock this potential, a few elements are key.

為了響應該行業不斷變化的需求，我們正在積極確定未來的消費需求，並與資料中心產業密切合作，共同開發支持其發展的電力基礎設施和能源項目。但要充分發揮這種潛力，有幾個關鍵要素。

Let me say first, fast and scalable assets to electrical capacity for large projects. Second, permit the processes that are clear and predictable. Third, firm and competitive renewable energy supported by storage and transmission development.

首先我想說的是，快速且可擴展的資產能夠為大型專案提供電力容量。第二，允許那些清晰且可預測的流程。第三，發展儲能和輸電技術，以支援穩定且具競爭力的再生能源。

So in addition, having a data center hubs close to efficient generation, strong fiber redundancy, and clear rules for direct renewable supply will help attract new investment. So to finalize with this interesting, very interesting question Chile is a strong starting point and will progress in these areas. It can become a leading location for data center in the region.

此外，資料中心樞紐靠近高效發電設施、強大的光纖冗餘以及明確的可再生能源直接供應規則，將有助於吸引新的投資。最後，對於這個非常有趣的問題，我想說，智利是一個很好的起點，並將在這些領域取得進展。它有望成為該地區領先的數據中心所在地。

Okay. Thank you, Gianluca. Now this, the other one, is for you, Simone, coming from Thomas Gonzalez regarding refinance, okay? So he's asking, do you foresee any opportunities to refinance expensive debts at better rates in the short-term and by that means reduce financial costs over the years?

好的。謝謝你，詹盧卡。現在，西蒙妮，還有另一封信是托馬斯·岡薩雷斯發給你的，內容是關於再融資的，好嗎？所以他想問的是，您是否預見到短期內有任何機會以更優惠的利率對高成本債務進行再融資，從而在未來幾年內降低財務成本？

So, in the next year, we will have some needs of refinancing that you know that the most important operation that we have to do is, the refinancing of the $1 billion Yankee bond we have a portfolio with a very competitive interest rate around 5% and if you look in this moment of the market.

因此，明年我們將有一些再融資需求，您也知道，我們必須做的最重要的事情就是對10億美元的揚基債券進行再融資，我們有一個利率非常有競爭力的投資組合，約為5%，如果您看看目前的市場狀況。

There are not opportunity in the very short-term to announce the performance of our portfolio that is well below the market average but we are keep on looking at this opportunity we are always looking at the possibility to anticipate the deadline of our debt and as soon as we'll find the right moment for sure we will analyze the possibility to, anticipate the future impact.

短期內沒有機會公佈我們遠低於市場平均的投資組合表現，但我們會繼續關注這一機會，並始終在尋找提前償還債務的可能性。一旦找到合適的時機，我們一定會分析其可能性，並預測未來的影響。

Okay. Thank you, Simone. We have the last question of the day. So coming from Andrew McCarthy, Lauren Vial, also guest. Could recently higher TTF gas price offer an opportunity for attractive gas trading opportunities for in Enel Chile, Gianluca?

好的。謝謝你，西蒙娜。這是我們今天的最後一個問題。所以，安德魯麥卡錫、蘿倫維亞爾，還有嘉賓。最近TTF天然氣價格上漲是否為Enel Chile的Gianluca提供了有吸引力的天然氣交易機會？

Yes, okay. Thank you for your question. So we are evaluating the current market opportunities to maximize our results. Always taking into account the generation needs to properly supply our energy clients. Indeed, the TTF price are increasing, but yet they far away from the from the previous crisis of 2022 in which TTF reached up to USD80 per mega BTU. So, It's a scenario that concern, but not in comparison with the 2022.

好的。謝謝你的提問。因此，我們正在評估當前的市場機遇，以最大限度地提高我們的業績。始終將發電需求納入考量，以確保為我們的能源客戶提供適當的供應。確實，TTF 的價格正在上漲，但與 2022 年上次危機時的價格相比，仍然相差甚遠，當時 TTF 的價格高達每兆 BTU 80 美元。所以，這確實是一個令人擔憂的情況，但與 2022 年相比，情況就沒那麼糟了。

Okay. If there are more questions, I would like to conclude our conference call today. Thank you all for your presence and please note that the investor relations team remains available to address any follow-up questions you may have. Have a great week. Thank you.

好的。如果還有其他問題，我希望今天的電話會議就此結束。感謝各位的蒞臨，投資人關係團隊隨時準備解答您可能提出的任何後續問題。祝你一周愉快。謝謝。

Thank you. And with that, ladies and gentlemen.

謝謝。女士們、先生們，就這樣。

We conclude our conference. Thank you for participating, and you may now disconnect.

會議結束。感謝您的參與，您現在可以斷開連接了。