Enel Chile SA (ENIC) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Enel Chile's first-quarter 2026 results conference call. My name is Carmen, and I'll be your operator for today. (Operator Instructions)

各位女士、先生，早安，歡迎參加智利安能（Enel Chile）2026 年第一季業績電話會議。我是 Carmen，今天將擔任本次會議的接線員。（接線員指示）

During this conference call, we'll 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 SA current expectations, intentions, plans, beliefs, and projections. Forward-looking statements are based on management's current assumptions and expectations, do not guarantee future performance, and involve risks and uncertainties.

在本次電話會議中，我們將發表若干構成《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義之「前瞻性陳述」的聲明。此類陳述可能包括 Enel Chile SA 目前的預期、意圖、計畫、信念與預測。前瞻性陳述係基於管理層目前的假設與預期，不保證未來表現，且涉及風險與不確定性。

Actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors. These factors are described in the Enel Chile's press release on its first-quarter 2026 results 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 first-quarter 2026 results press release and presentation on our website, www.enel.cl, and our 20-F on the SEC's website, www.sec.gov.

由於各種因素，實際結果可能與前瞻性陳述中所預期者存在重大差異。這些因素已載於 Enel Chile 關於 2026 年第一季業績的新聞稿、隨本次電話會議提供之簡報，以及 Enel Chile 於 Form 20-F 年報中「風險因素」章節。您可於我們網站 www.enel.cl 取得 2026 年第一季業績新聞稿與簡報，並可於美國證券交易委員會（SEC）網站 www.sec.gov 查閱我們的 20-F。

Readers are cautioned not to place undue reliance on these 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.

敬請讀者注意勿過度依賴此等前瞻性陳述；其僅反映作成當日之情況。除法律要求外，Enel Chile 不承擔更新此等前瞻性陳述或揭露任何使該等前瞻性陳述變得不準確之發展的義務。

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

現在我想將簡報交由 Enel Chile 投資人關係主管 Isabela Klemes 女士。請開始。

Buenos dias. Good morning, and welcome to Enel Chile’s 2026 first-quarter results presentation. We greatly appreciate you taking the time to join us today. 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. Our presentation and related financial information are available on our website, www.enel.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。各位早安，歡迎參加智利安能（Enel Chile）2026 年第一季業績簡報。我們非常感謝各位今天撥冗參與。我是 Isabela Klemes，投資人關係主管。今天早上與我一同出席的有我們的執行長 Gianluca Palumbo，以及財務長 Simone Conticelli。我們的簡報與相關財務資訊可於網站 www.enel.cl 的投資人專區取得，也可透過我們的投資人 App 查閱。此外，本次電話會議的重播也將很快提供。

(Operator Instructions) Gianluca will kick off the presentation by covering key highlights of the period, our portfolio management actions, and providing updates on the regulatory context. Following that, Simone will offer an overview of our business economic and financial performance.

（接線員指示）Gianluca 將先就本期重點摘要、投資組合管理行動，以及監管環境更新進行說明。接著，Simone 將概述我們的營運經濟表現與財務表現。

Thank you all for your attention, and now let me hand over the call to Gianluca.

感謝各位的關注，現在讓我把電話交給 Gianluca。

Thank you, Isabela. Good morning, and thank you for your participation. Let’s start the presentation with our main highlights of the period.

謝謝你，Isabela。各位早安，感謝各位參與。讓我們從本期的主要重點開始。

Let’s begin with portfolio management. During the quarter, hydrological conditions were favorable, which helped us reduce portfolio risk and supported a stable operating performance across the business. We will come back to this point in more detail later on. At the same time, through EGP Chile, we started the construction of three battery energy storage projects in the northern part of the country. These BESS projects will add around 0.5 gigawatts of additional capacity and will play a key role in strengthening the flexibility of our portfolio while supporting our commercial strategy.

先從投資組合管理談起。本季水文條件有利，協助我們降低投資組合風險，並支持各項業務維持穩定的營運表現。我們稍後會更詳細回到這一點。同時，透過 EGP Chile，我們已在該國北部啟動三個電池儲能專案（BESS）的建設。這些 BESS 專案將新增約 0.5 GW 的容量，並在強化投資組合彈性、同時支持我們的商業策略方面扮演關鍵角色。

In addition, Enel Generacion Chile signed a new LNG supply agreement with Shell. This agreement allows us to better valorize surplus gas volumes already available and to optimize LNG and Argentine gas supply for our generation business. Importantly, this initiative is fully aligned with our long-term business vision for Chile. This is particularly relevant in the context of the growing deployment of Battery Energy Storage Systems, which are essential to ensure a more flexible and efficient portfolio.

此外，Enel Generacion Chile 與 Shell 簽署了一項新的液化天然氣（LNG）供應協議。該協議使我們能更有效地提升既有可用之剩餘天然氣量的價值，並為發電業務優化 LNG 與阿根廷天然氣供應。重要的是，這項舉措與我們在智利的長期業務願景完全一致。在電池儲能系統（Battery Energy Storage Systems）加速部署的背景下，此點尤為關鍵；儲能系統對於確保更具彈性且更有效率的投資組合至關重要。

Let’s now move to the country and regulatory context. Starting with the VAD 2020, 2024 process. Tariff resettlements have been postponed until July 2026. At this stage, the regulator is working on alternative solutions to fund this payment with the objective of avoiding any impact on regulated customers’ tariffs.

接著談國家與監管環境，先從 VAD 2020、2024 流程開始。電價重算（tariff resettlements）已延後至 2026 年 7 月。目前監管機關正研擬替代方案以籌措該筆款項，目標是避免對管制用戶電價造成任何影響。

Turning to the VAD 2024 to 2028 process. During the quarter, the regulator published the preliminary technical report Volume 2, in January 2026. Over the next few months, we are awaiting the publication of the final report.

再看 VAD 2024 至 2028 流程。本季監管機關於 2026 年 1 月公布了初步技術報告第二卷（Volume 2）。未來幾個月，我們將等待最終報告的發布。

Let’s now turn to business profitability. The first quarter of 2026 delivered consistent financial results. EBITDA showed a solid improvement compared to previous years, plus 16% during the period. The extraordinary general meeting approved a capital increase of CLP360 billion at Enel Distribucion Chile, reinforcing the company’s balance sheet and overall financial flexibility. In addition, the Annual General Meeting approved the final dividend, fully in line with our commitment to shareholder returns and value creation.

接著談業務獲利能力。2026 年第一季交出一致且穩健的財務結果。EBITDA 較前幾年顯著改善，本期成長 16%。臨時股東大會核准對 Enel Distribucion Chile 增資 3,600 億智利披索（CLP360 billion），強化公司資產負債表與整體財務彈性。此外，年度股東常會核准期末股利，完全符合我們對股東報酬與價值創造的承諾。

In the next slides, we will go deeper into each of these areas and provide further details on the key drivers behind these results. Let’s move to slide 4 to talk about hydrology and the progress of our battery energy storage project.

接下來幾張投影片，我們將更深入探討上述各領域，並就推動本期成果的關鍵因素提供更多細節。現在請到第 4 張投影片，討論水文情況以及我們電池儲能專案的進展。

Let me begin with our hydro generation. Hydro generation during the quarter remained broadly in line with last year’s levels, as shown on the left-hand side of the slide. For 2026, we are forecasting hydro generation at 10.7 terawatt-hours. This assumption is based on a conservative view on hydrology, fully consistent with the average evolution observed over the last 13 years that allows us to confirm our 2026 guidance.

先從水力發電開始。如投影片左側所示，本季水力發電量大致與去年同期持平。對於 2026 年，我們預估水力發電量為 10.7 太瓦時（terawatt-hours）。此假設基於對水文狀況的保守看法，並與過去 13 年觀察到的平均變化趨勢完全一致，使我們得以確認 2026 年的財測指引。

This is the case, even though the probability of an El Niño event has increased in recent weeks, with potential impacts mainly expected in the second half of the year. This level of performance is supported by our well-diversified hydro portfolio, together with continuous operational optimization.

即便如此，近幾週聖嬰（El Niño）事件的發生機率有所上升，潛在影響主要預期將出現在下半年。此一表現水準得益於我們高度多元化的水力資產組合，以及持續的營運最佳化。

Moving now to gas activities. On gas sourcing, we have signed contracts with Argentine gas suppliers with a longer tenure compared to previous years. These contracts secure firm volumes at more competitive prices, providing stable supply until April 2027.

接著談天然氣業務。在氣源採購方面，我們與阿根廷天然氣供應商簽署了期限較以往更長的合約。這些合約以更具競爭力的價格鎖定確定供應量（firm volumes），可提供穩定供應至 2027 年 4 月。

In parallel, in the context of high gas prices and the more flexible demand outlook for our thermal fleets, we concluded a negotiation related to our long-term LNG agreement. This approach is well aligned with our view of a gradual ramp-up of battery storage in the coming years, supported by a solid and reliable gas supply from Argentina.

同時，在天然氣價格偏高、且我們火力機組需求展望更具彈性的背景下，我們完成了與長期 LNG 協議相關的談判。此作法與我們對未來幾年電池儲能逐步擴張的看法高度一致，並由來自阿根廷的穩健可靠天然氣供應作為支撐。

Finally, let me focus on battery storage. We continue to strengthen our generation portfolio through the development of battery energy storage systems. These investments will increase the flexibility of our portfolio and support the long-term resilience of our generation mix. In addition, they will continue to optimize our sourcing strategy. In this context, approximately 450 megawatts of new battery capacity are currently under development and will gradually start operations from 12/12/2027 ahead, in line with our planned investment schedule.

最後聚焦電池儲能。我們持續透過開發電池儲能系統來強化發電投資組合。這些投資將提升投資組合彈性，並支持我們發電組合的長期韌性。此外，也將持續優化我們的採購策略。在此背景下，目前約有 450 兆瓦的新儲能容量正在開發中，並將依照既定投資時程，自 12/12/2027 起陸續投入營運。

And now let’s move to slide 5, where we will review our generation portfolio and the energy balance.

現在請到第 5 張投影片，我們將檢視發電投資組合與能源平衡。

Let me start with our generation portfolio. We entered 2026 with a solid and well-diversified portfolio. In fact, our total net installed capacity stands at 8.9 gigawatts, of which 78% comes from renewable energy sources and BESS. Therefore, this structure enhances flexibility and supports a balanced and resilient energy mix.

先從發電投資組合開始。我們以穩健且多元化的投資組合進入 2026 年。事實上，我們的淨裝置容量總計為 8.9 GW，其中 78% 來自再生能源與 BESS。因此，這樣的結構可提升彈性，並支持均衡且具韌性的能源組合。

Moving now to our energy balance. During the first quarter of 2026, net production remained stable compared to the same period last year. This performance reflects the flexibility of our generation portfolio. Higher contributions from wind, solar, and efficient natural gas combined cycles more than compensated for the slightly lower hydro generation.

接著看能源平衡。2026 年第一季淨發電量與去年同期相比維持穩定。此一表現反映了我們發電投資組合的彈性。風電、太陽能與高效率天然氣複循環機組的較高貢獻，已足以抵消水力發電略為下降的影響。

Physical energy sales amounted to 7.5 terawatt hours, fully in line with the level recorded in the first quarter of last year. This confirms the stability of our commercial positioning, supported by our diversified sourcing mix.

實體售電量為 7.5 太瓦時，與去年第一季所記錄的水準完全一致。這確認了我們商業布局的穩定性，並由多元化的供應組合所支撐。

On energy purchases during the quarter, we maintained a similar purchasing mix compared to last year. This included 1.3 terawatt hours of net spot market purchases and 0.8 terawatt hours sourced from third parties.

就本季能源採購而言，我們維持與去年相近的採購組合。其中包括 1.3 太瓦時的淨現貨市場採購，以及 0.8 太瓦時自第三方採購的電量。

And now I would like to take a moment to share with you some key topics related to the distribution business, which we will cover on the next slide. Let me start with the tariff review shown on the left-hand side of the slide.

現在我想花一點時間與各位分享一些與配電業務相關的關鍵議題，我們將在下一張投影片中說明。先從投影片左側所示的費率審查開始。

We are in the 2024 to 2028 distribution tariff review process. In January of this year, the regulator released the second version of the technical report. The remaining technical steps are expected to lead a final tariff determination in the second half of 2026. Overall, the review is progressing in line with the regulatory timetable.

我們目前正處於 2024 至 2028 年配電費率審查流程中。今年 1 月，監管機構發布了技術報告第二版。預期剩餘的技術步驟將在 2026 年下半年導向最終費率裁定。整體而言，審查進度符合監管時程。

Turning now to the VAD 2020 to 2024. The settlement of the outstanding debt with distribution companies, which was originally scheduled to begin earlier, has been postponed to July 2026. For Enel Distribucion, the amount to be received is around USD65 million, while at the distribution sector level, the total amount involved is approximately USD900 million. We remain confident that the process will progress toward the prompt resolution, considering its relevance for the sector and the need for orderly completion.

接著談 VAD 2020 至 2024。原本預計較早開始的、與配電公司之間未清償債務的結算，已延後至 2026 年 7 月。就 Enel Distribucion 而言，預計可收取的金額約為 6,500 萬美元；而在整個配電產業層級，涉及的總金額約為 9 億美元。我們仍有信心該流程將朝向及時解決推進，考量其對產業的重要性以及需要有序完成。

Turning to distribution reform, we continue to see constructive and positive engagement from stakeholders, together with the growing and broad consensus on the need to further evolve and modernize the distribution framework in Chile. This is particularly important in the context of electrification and considering the long-term nature of distribution investments.

談到配電改革，我們持續看到利害關係人以建設性且正向的方式參與，同時也看到對於進一步演進並現代化智利配電框架之必要性，正形成日益成長且廣泛的共識。這在電氣化背景下尤其重要，也考量到配電投資具有長期性。

Finally, a few words on grids and execution. We continue to reinforce specific parts of the network, while at the same time expanding digitalization and remote control solutions across the network. These actions allow us to restore service faster, improving customer experience, and strengthen the flexibility and resilience of our networks. Overall, execution and distribution remains solid, with a clear and continued focus on service quality.

最後談一下電網與執行。我們持續強化電網的特定區段，同時在全網推動數位化與遠端控制解決方案的擴展。這些行動使我們能更快恢復供電、提升客戶體驗，並強化電網的彈性與韌性。整體而言，執行與配電業務維持穩健，並持續明確聚焦於服務品質。

And with that, I will now hand over the presentation to Simone.

接下來我將把簡報交給 Simone。

Many thanks, Gianluca, and good morning, everyone. I will begin my presentation with an overview of our key results for the period.

非常感謝你，Gianluca，各位早安。我將先以本期間的主要成果概覽作為開場。

As shown on the slide, during the first quarter of 2026, EBITDA reached $423 million, with a 16% increase compared to the same period of last year. The improvement was mainly driven by a better integrated margin performance.

如投影片所示，2026 年第一季 EBITDA 達到 4.23 億美元，較去年同期成長 16%。改善主要來自整合業務利潤率表現提升。

First-quarter net income amounted to $162 million, representing a 7% decrease compared to the result of first-quarter 2025, mainly due to higher depreciation following the commissioning of the new renewable plants and lower capitalization of interest. Finally, first quarter FFO reached $122 million, representing a 12% increase compared to the same period last year. The improvement is due to a combination of several factors, which will be commented on the following slides.

第一季淨利為 1.62 億美元，較 2025 年第一季下降 7%，主要因新再生能源電廠投運後折舊增加，以及利息資本化減少。最後，第一季 FFO 達到 1.22 億美元，較去年同期成長 12%。改善來自多項因素的組合，我們將在後續投影片中說明。

And now let’s move to the next slide to talk about the investment made during the quarter. First-quarter investment amounting to $111 million were mainly allocated to the development of BESS project, increasing the value of our power plant fleet, and the reinforcement of our distribution network.

現在我們看下一張投影片，說明本季投資。第一季投資金額為 1.11 億美元，主要用於 BESS 專案開發、提升我們電廠機組組合的價值，以及強化配電網路。

Let’s review the allocation in more detail. 41% or $46 million were invested in renewable and storage. 31% or $34 million supported thermal power projects. 20% or $31 million was directed toward grids investments.

我們更詳細檢視資金配置：41%（4,600 萬美元）投資於再生能源與儲能；31%（3,400 萬美元）支持火力發電專案；20%（3,100 萬美元）投入電網投資。

In the renewable segment, we have focused our effort on the development of BESS project, as announced in our strategic plan, on the enhancement of hydro capacity performance, and on the improvement of fleet availability. In the thermal segment, the priority has been the maintenance and performance enhancement of the power plant fleet. Finally, regarding grids, the focus remain on the resilience program to strengthen the distribution network and ensure service continuity under adverse weather condition.

在再生能源部門，我們依照策略計畫公告，將重點放在 BESS 專案開發、水力容量績效提升，以及提升機組可用率。在火力部門，優先事項是電廠機組的維護與績效提升。最後，就電網而言，重點仍在韌性計畫，以強化配電網路並確保在不利天候條件下的供電連續性。

Passing to the nature of investment, first, asset management CapEx totaled CLP58 million, accounting for 52% of the total CapEx. The main activities have been the maintenance of Atacama, Quintero, and San Isidro CCGT, the maintenance of renewable fleet aimed at ensuring plant availability, and some activities for the corrective maintenance and digitalization of grids. Second, development CapEx amounted to CLP40 million, mainly invested in batteries development, which represented 75% of total, and digital meters and grids remote control equipment. Finally, customer CapEx totaled CLP13 million, mainly invested in low and medium voltage connection project and initiative to support load increase.

接著看投資性質。第一，資產管理資本支出（CapEx）合計 5,800 萬智利披索，占總 CapEx 的 52%。主要活動包括 Atacama、Quintero 與 San Isidro 複循環燃氣渦輪（CCGT）的維護、為確保電廠可用率而進行的再生能源機組維護，以及部分電網矯正性維護與數位化工作。第二，開發性 CapEx 為 4,000 萬智利披索，主要投資於電池開發（占其中 75%），以及數位電表與電網遠端控制設備。最後，客戶相關 CapEx 為 1,300 萬智利披索，主要投資於低壓與中壓接網專案，以及支持負載增加的相關措施。

Let’s now go on to the next slide, which provide a closer look at the EBITDA performance. In the first quarter of 2026, our EBITDA reached $423 million. The increase of $58 million compared to the same period of 2025 is mainly explained by the following factors.

現在我們看下一張投影片，更近一步檢視 EBITDA 表現。2026 年第一季，我們的 EBITDA 達到 4.23 億美元。相較 2025 年同期增加 5,800 萬美元，主要由以下因素所解釋。

Starting with the integrated business, we recorded an increase of $67 million, mainly due to, first, lower natural gas costs that reduce the variable production cost of our thermal power plants and the spot energy purchase costs; and second, the positive impact of the optimization of gas sourcing, which allowed us to improve LNG and Argentine gas supply for our thermal fleet, extracting value from our gas contracts portfolio, as previously commented by Gianluca. These positive impacts were partially offset by the termination of certain high-priced regulated contracts and higher provision related to energy and transmission charges adjustments booked in 2025.

先看整合業務，我們錄得 6,700 萬美元的增加，主要原因為：第一，天然氣成本下降，降低了火力電廠的變動發電成本以及現貨電力採購成本；第二，天然氣採購來源最佳化帶來正面影響，使我們得以改善火力機組的 LNG 與阿根廷天然氣供應，並如 Gianluca 先前所述，從天然氣合約組合中提取價值。上述正面影響部分被以下因素抵銷：部分高價管制合約終止，以及 2025 年入帳的、與能源與輸電費用調整相關的較高準備。

Going to grids, we recorded a decrease of 18%, mainly due to the positive impact of issuance provision on 2025 and the impact of the higher O&M expenses associated with the anticipation of the 2026 winter plant activities, partially offset by a higher contribution from complementary distribution activities, mainly related to the new customer connections.

再看電網業務，我們錄得 18% 的下降，主要因 2025 年提列準備的正面影響，以及因提前進行 2026 年冬季電廠相關作業而帶來較高的營運與維護（O&M）費用；部分則由配電補充性業務較高貢獻所抵銷，主要與新客戶接網相關。

And now let’s move to the next slide to review the net income evolution. Net income amounted to $162 million in the first quarter of 2026. The difference compared to the first-quarter 2025 is mainly due to the $58 million improvement in EBITDA, thanks to the more efficient sourcing, partially offset by higher depreciation and amortization, mainly related to the commissioning of new renewable capacity in the generation business and higher financial expenses, partially due to lower interest capitalization in the generation business.

現在我們看下一張投影片，檢視淨利變動。2026 年第一季淨利為 1.62 億美元。相較 2025 年第一季的差異，主要來自 EBITDA 改善 5,800 萬美元（受惠於更有效率的採購來源），但部分被較高的折舊與攤銷所抵銷（主要與發電業務中新再生能源容量投運相關），以及較高的財務費用所抵銷（部分因發電業務利息資本化降低）。

And now, passing to the next slide, let’s analyze the FFO composition for the first three months of 2026. In the first-quarter 2026, FFO reached $122 million as a result of the following factors.

接著到下一張投影片，我們分析 2026 年前三個月的 FFO 組成。2026 年第一季 FFO 達到 1.22 億美元，原因如下。

First, EBITDA totaled $423 million, as previously explained. Second, the increase of net working capital amounted to $161 million, mainly due to seasonality of energy payments and gas optimization agreement, for which the payment was registered in April. Third, financial expenses amounted to $93 million, also including the settlement of hedging derivatives. Finally, income tax expense payments amounted to $48 million, mainly related to generation business.

第一，EBITDA 為 4.23 億美元，如前所述。第二，淨營運資金增加 1.61 億美元，主要因能源付款的季節性，以及天然氣最佳化協議（其付款於 4 月入帳）。第三，財務費用為 9,300 萬美元，亦包含避險衍生性金融工具的結算。最後，所得稅費用支付為 4,800 萬美元，主要與發電業務相關。

Passing to the comparison with the results of the first quarter of 2025, the 2026 FFO was $13 million higher, mainly thanks to the EBITDA increase for $58 million, the lower increase of net working capital for $27 million, mostly due to lower CapEx payment related to the new development capacity, the positive effect of energy payment scheduling, partially offset by the increase of account receivable following the LNG agreement settled in April, the higher financial expenses for $62 million, and the higher income taxes for CLP9 million, reflecting higher monthly payment tax rates.

與 2025 年第一季結果相比，2026 年 FFO 高出 1,300 萬美元，主要受惠於 EBITDA 增加 5,800 萬美元、淨營運資金增加幅度較小（少 2,700 萬美元，主要因與新增開發容量相關的 CapEx 付款較低，以及能源付款排程的正面效果）；但部分被以下因素抵銷：因 4 月結算的 LNG 協議導致應收帳款增加、財務費用增加 6,200 萬美元，以及所得稅增加 900 萬智利披索，反映每月預繳稅率較高。

And now let’s take a look at our liquidity and leverage position. Gross debt amounted to $3.9 billion as of March 2026, remaining broadly flat compared to December 2025. The slight increase reflects the seasonal cash and working capital requirements, which were temporarily funded through a $50 million drawdown on the CAF credit line, partially offset by a $9 million reduction in IFRS 16 lease liability.

現在我們看一下流動性與槓桿狀況。截至 2026 年 3 月，總負債為 39 億美元，與 2025 年 12 月相比大致持平。小幅增加反映季節性的現金與營運資金需求，該需求透過動用 CAF 信用額度 5,000 萬美元暫時融資，並部分被 IFRS 16 租賃負債減少 900 萬美元所抵銷。

The average term of our debt maturity reached 5.4 years by March 2026 versus the 5.8 years seen in December 2025, and the portion at a fixed rate was 85% of the total debt. The average cost of our debt reached 4.9% as of March 2026, in line with December 2025 figures.

截至 2026 年 3 月，我們債務到期的平均年期為 5.4 年，低於 2025 年 12 月的 5.8 年；固定利率部分占總債務的 85%。截至 2026 年 3 月，我們的平均債務成本為 4.9%，與 2025 年 12 月水準一致。

Regarding liquidity, we are in a comfortable position to support our capital needs for the upcoming months and cope with next year maturities. As of March 2026, we have available committed credit lines for $640 million and cash equivalent for $454 million.

關於流動性方面，我們目前處於相當充裕的狀態，足以支應未來數月的資本需求，並因應明年到期債務。截至2026年3月，我們可動用的已承諾授信額度為6.40億美元，現金及約當現金為4.54億美元。

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

因此，感謝各位的關注。接下來我將把時間交給Gianluca做結語。

To conclude, our resilient and diversified business model supported solid and stable results in the first quarter of 2026, even in a volatile operating environment. A well-balanced portfolio, combined with disciplined execution, continues to provide resilience, allowing us to navigate changes in market and climate conditions with confidence.

總結而言，即使在波動的營運環境下，我們具韌性且多元化的商業模式仍支撐了2026年第一季穩健且穩定的成果。均衡的投資組合結合嚴謹的執行，持續提供韌性，使我們能夠有信心地因應市場與氣候條件的變化。

Second, electrification is clearly emerging as a key driver of demand growth in Chile. This trend is supported by structural developments across mining, industry, transport and electromobility. In this context, we remain closely engaged and well-positioned to support the country’s electrification process, leveraging our integrated offering of clean energy, infrastructure and services. At the same time, we continue to closely monitor regulatory developments and their potential impacts.

第二，電氣化顯然正成為智利需求成長的關鍵驅動力。此趨勢受到礦業、工業、運輸與電動移動等領域結構性發展的支持。在此背景下，我們持續密切參與並具備良好定位，透過我們整合式的潔淨能源、基礎設施與服務方案，支持該國的電氣化進程。同時，我們也持續密切關注監管發展及其潛在影響。

Finally, our solid financial position and flexible business model continue to support the execution of our investment plan and our ability to meet financial commitments. This financial strength allows us to continue investing in renewables and battery storage while maintaining financial discipline and delivering sustainable returns to our shareholders.

最後，我們穩健的財務狀況與具彈性的商業模式，持續支持投資計畫的執行以及履行財務承諾的能力。這項財務實力使我們能在維持財務紀律並為股東創造可持續回報的同時，持續投資再生能源與電池儲能。

Now, let me hand it over to Isabela for the Q&A session.

現在，讓我把時間交給Isabela進行問答環節。

(Operator Instructions) I will start now, Gianluca and Simone, with the first question. We actually received this question from several analysts, including Andrew McCartney from LarrainVial. I will do the questions, okay?

（接線員指示）我現在開始，Gianluca和Simone，先從第一個問題。我們其實收到多位分析師提出這個問題，包括來自LarrainVial的Andrew McCartney。我來提問，好嗎？

So the first one is, congrats on the results. Apart from the gas valorization agreement which is a positive one-off in your results, could you please indicate which other one-off negatives you have incurred in your first-quarter 2026 figures? Basically, I’m interested in knowing the recurring EBITDA booked in the first-quarter 2026.

第一個問題是，恭喜你們的業績。除了天然氣價值化協議（gas valorization agreement）這項對你們業績有正面影響的一次性因素之外，請問在2026年第一季數字中，還有哪些其他一次性的負面因素？基本上，我想了解2026年第一季所認列的經常性EBITDA。

Actually, on the same, we also received a question regarding what we have mentioned in the EBITDA, regarding the provisions recorded in the first-quarter 2026 related to energy and transmission charges.

另外，針對同一主題，我們也收到一個問題，關於你們在EBITDA中提到的、於2026年第一季就能源與輸電費用（energy and transmission charges）所認列的準備（provisions）。

Simone?

Simone？

Thank you. Thank you for the question. You are right. In this quarter, we have more than one non-recurrent effect. The first one is the impact of the agreement with Shell. That is a positive impact, but then was partially offset by some problem with the transmission line that impacted in our efficiency.

謝謝，謝謝你的提問。你說得對。本季我們有不只一項非經常性影響。第一項是與Shell協議的影響，這是正面影響，但之後部分被輸電線路的一些問題所抵銷，該問題影響了我們的效率。

And on the other side, this impact can be around $50 million, and then around $60 million of adjustment coming from the previous year. The main part from 2023, it was related to an adjustment of the ancillary services, booked in this year after quite a long discussion with the system, we finally take the final decision, and this has an impact of minus $30 million. So to make a synthesis, if you normalize all these non-recurrent effect, our results is around $360 million, $370 million for the quarter.

另一方面，這項影響大約是5,000萬美元，另外還有約6,000萬美元的調整來自前一年度。主要部分來自2023年，與輔助服務（ancillary services）的調整有關；在與系統進行相當長時間的討論後，我們終於做出最終決定，並在今年入帳，影響為負3,000萬美元。簡而言之，若將所有這些非經常性影響正常化，我們本季的結果約為3.60億至3.70億美元。

Okay. Thank you, Simone. So we are receiving several questions. Let me go to the second one. So the second one is coming from Javier Suarez from Mediobanca. Javier has several questions that I will split here.

好的，謝謝你，Simone。我們收到好幾個問題。讓我進入第二個。第二個問題來自Mediobanca的Javier Suarez。Javier有幾個問題，我會在這裡拆開來問。

So the first one is, can you update on the key factors on the ongoing negotiations with regulator of the distribution regulatory framework? And also on the same page on distribution, he also is asking why, in other words, what is the reasons for the postponement of the settlement to July 2026 relating to VAD 2020, 2024? So Gianluca, is this yours?

第一個是，你能否更新一下與監管機構就配電監管框架（distribution regulatory framework）持續談判的關鍵因素？同樣在配電方面，他也在問：換句話說，為什麼與VAD 2020、2024相關的結算（settlement）會延後到2026年7月？Gianluca，這題是你回答嗎？

Yes. Okay. So let me start for the first part. On the distribution regulatory framework, the VAD 2024, 2028 process is still ongoing, so the methodology remains based on the reference model company with a regulated real post-tax WACC, as you know, of 6%. We believe there is still room for improvement in the CNE proposal, and we are actively participating with the distribution association in the observation and the discrepancy process. The final technical report is expected by June 2026, and the tariff decree in early 2027.

是的。好的，我先回答第一部分。關於配電監管框架，VAD 2024、2028的流程仍在進行中，因此方法論仍以參考模型公司為基礎，並採用受監管的稅後實質WACC，如你所知為6%。我們認為CNE的提案仍有改善空間，我們也正與配電協會一起，積極參與意見（observation）與差異（discrepancy）程序。最終技術報告預計於2026年6月出爐，費率法令（tariff decree）則預計在2027年初。

So regarding the postponement of the VAD 2020, 2024 settlement, the estimated impact is around USD65 million. The recovery mechanism was defined by the SEC in February 2026, but collection was postponed by three months. So in this moment, our current planning assumption is collection from July 2026, while the Ministry of Energy is also evaluating alternative mechanisms, including potential debt factoring.

至於VAD 2020、2024結算的延後，估計影響約為6,500萬美元。回收機制已由SEC於2026年2月訂定，但收取（collection）延後了三個月。因此目前我們的規劃假設為自2026年7月開始收取；同時，能源部也在評估替代機制，包括潛在的債權保理（debt factoring）。

Okay. Thank you, Gianluca. Now, another question from Javier. The other question from Javier, Simone, this is for you. Can you give more details on the profitability of the BESS project in Chile in terms of IRR?

好的，謝謝你，Gianluca。接下來是Javier的另一個問題。這題給你，Simone。你能否就智利BESS專案的獲利能力（以IRR衡量）提供更多細節？

Yes, thanks for the question. First of all, let me make a initial comment saying that Enel is developing new BESS, following the strategical goal to balance our portfolio. So first of all, we see this BESS project like an improvement of our portfolio and a way to have some energy shift that can result in a better match between the demand and the production curve.

好的，謝謝提問。首先我先做個開場說明：Enel正在開發新的BESS，符合我們平衡投資組合的策略目標。首先，我們將這個BESS專案視為對投資組合的改善，以及提供能量移轉（energy shift）的一種方式，從而使需求曲線與發電曲線能更好地匹配。

But looking at the BESS project as a standalone project, what we can say is that we launch this kind of project only if the return is at least 300 basis points above our WACC. And also that we make also some stress test trying to change the market condition to see the resilience of this kind of project also to some more stressed and critical scenarios.

但若把BESS專案視為單一獨立專案，我們能說的是：只有在報酬率至少比我們的WACC高出300個基點時，我們才會啟動這類專案。此外，我們也會做壓力測試，嘗試改變市場條件，以檢視此類專案在更具壓力與更嚴峻情境下的韌性。

Okay. Thank you, Simone. So move on. The other question is coming from Fernando Gonzalez. This is also for you, Simone, from BTG Pactual.

好的，謝謝你，Simone。接著往下。下一個問題來自Fernando Gonzalez。這題也是給你，Simone，來自BTG Pactual。

So the question is, why did energy purchase cost in the generation segment increase so much if volumes were similar with last year and its spot prices were significantly below the first-quarter 2025 levels, even in the non-solar hours?

問題是：如果發電事業部門的電量與去年相近，而且即期價格（spot prices）明顯低於2025年第一季水準（即使在非太陽能時段也是如此），為什麼能源採購成本（energy purchase cost）仍大幅上升？

Simone?

Simone？

Okay. In such a way, we answer at the beginning indirectly to this question, because this negative impact from adjustment from the past, entered as sourcing cost. So you are looking also at the impact of this negative adjustment.

好的。某種程度上，我們在一開始已間接回答了這個問題，因為來自過去的這項負面調整影響，以採購成本（sourcing cost）的形式入帳。因此你看到的也包含了這項負面調整的影響。

Okay. Thank you, Simone. So moving on, we’re receiving a lot of questions. So the next one is coming from Andrew McCartney, another question from Andrew from LarrainVial.

好的，謝謝你，Simone。接著，我們收到很多問題。下一個問題來自Andrew McCartney，這是Andrew（LarrainVial）的另一個問題。

Good morning. Energy losses in the distribution segment continued to deteriorate during the first-quarter 2026. Can you comment on what is driving that, how you expect to evolve, and what can be done to reverse the trend?

早安。配電部門的能源損失（energy losses）在2026年第一季持續惡化。你能否說明是什麼因素在驅動、你預期接下來會如何演變，以及可以做些什麼來扭轉這個趨勢？

Gianluca?

Gianluca？

Okay. Thank you for your question. So energy losses increased mainly due to tariff adjustments and some change in customer behavior, which have led to a rise in not technical losses, such as the debt. So in the first quarter, losses were also impacted by lower-than-expected demand and a more competitive market environment.

好的，謝謝你的提問。能源損失增加主要是因為費率調整以及部分客戶行為的改變，導致非技術性損失（non-technical losses）上升，例如欠費（debt）。此外，在第一季，損失也受到需求低於預期以及市場競爭環境更為激烈的影響。

That said, our loss levels remain below the regional averages, and we have a clear plan to reserve the trend. So we are strengthening our loss reduction strategy through this plan. So first of all, improved inspection targeting using better analytics. Second, expansion of micro and macro metering. So this is an action to help the balance -- micro balance. Increased field action and controls, considering the better analysis that we will do. And finally, enhanced coordination with authorities to address illegal connection. That is one of the problem that we have.

不過，我們的損失水準仍低於區域平均值，而且我們有明確的計畫來扭轉趨勢。因此，我們正透過該計畫強化降損策略。第一，運用更好的分析能力提升稽查目標鎖定。第二，擴大微型與宏觀計量（micro and macro metering），這項行動有助於平衡——微觀平衡。第三，基於我們將進行的更佳分析，增加現場行動與管控。最後，加強與主管機關的協調以處理非法接電（illegal connection），這是我們面臨的問題之一。

So looking forward, we expect losses to gradually decline, targeting around 5.7% by 2028, supported by these operational and technological improvements. That is very important for us.

展望未來，我們預期損失將逐步下降，在這些營運與技術改善的支持下，目標於2028年降至約5.7%。這對我們非常重要。

Okay. Thank you, Gianluca, for the question. I’m checking here other questions. Okay, so the other question is coming from Felipe Flores from Banchile Citi.

好的，謝謝你，Gianluca，回答這個問題。我在這裡再查看其他問題。好的，另一個問題來自Banchile Citi的Felipe Flores。

The question is, my question is related to the capital increase in distribution. Will this be subscribed by Enel fully using cash? How does the company plan to finance it? It’s already covered? How much would take to recover the money?

問題是，我的問題與配電業務的增資有關。這是否會由 Enel 全額以現金認購？公司計畫如何為此提供資金？是否已經有資金覆蓋？需要多久才能回收這筆資金？

So Gianluca, if you can give some color on the capital increase.

所以 Gianluca，如果你能就這次增資補充一些說明。

Yes, of course. Okay. The capital increase is intended to strengthen Enel Distribucion financial position, and it’s expected to be supported by controlling shareholders in line with its long-term commitment to the business. So from a financial perspective, it will be covered through group level financial resources, ensuring obviously efficiency and flexibility.

是的，當然。好的。這次增資旨在強化 Enel Distribucion 的財務狀況，並預期將由控股股東支持，符合其對該業務的長期承諾。因此，從財務角度來看，將透過集團層級的財務資源予以覆蓋，並確保效率與彈性。

So in terms of returns, this is not a short-term recovery investment. It supports the long-term sustainability of the business through improved financial structure, lower financial costs and maybe, it's very clear, the ability to execute the investment plan under regulatory framework. This is the last question that I can add in this case. Okay.

就報酬而言，這不是一項短期回收的投資。它透過改善財務結構、降低財務成本，並且（很明顯地）提升在監管框架下執行投資計畫的能力，來支持業務的長期永續性。這是我在此情況下能補充的最後一點。好的。

Okay. Thank you, Gianluca. So I’m checking here. We have receiving another question. Some of them -- we have already talked about that is related the capital increase and also on the postponement on the VAD. So I’m continue checking here. So another one was a question also, Gianluca, regarding the VAD 2020, 2024, that potentially is going to be a new pack. But Gianluca has already answered this. That is one of the proposals that could be done in order to have the payment on the VAD.

好的。謝謝你，Gianluca。我在這裡查看一下。我們又收到另一個問題。其中一些——我們已經談過了，與增資以及 VAD 延後有關。所以我繼續查看。還有一個問題也是，Gianluca，關於 VAD 2020、2024，可能會是一個新的方案。但 Gianluca 已經回答過了。這是可能採取的提案之一，以便取得 VAD 的付款。

So let me just a second. Okay. So we have other questions that is coming from Juan Felipe Becerra, that is relating -- he ask Simone, if you can give more details on the gas optimization contract on Shell. We have already included, if you can check also.

讓我等一下。好的。我們還有其他問題，來自 Juan Felipe Becerra，內容是——他問 Simone，你是否能提供更多關於與 Shell 的天然氣最佳化合約的細節。我們已經納入了，如果你也可以查看一下。

Now, he has another question. Does this optimization imply lower contracted volumes or changing pricing terms with Shell? And regarding the three BESS projects highlighting the presentation, can you provide more details on the expected timeline for each project to reach COD and enter in EGP capacity?

另外，他還有一個問題。這項最佳化是否意味著降低與 Shell 簽約的合約量，或是改變定價條款？以及關於簡報中重點提到的三個 BESS 專案，你能否提供更多細節，說明各專案預計達到 COD 並納入 EGP 容量的時間表？

Simone?

Simone？

So let’s start talking about the Shell agreement. This is an agreement that has the goal to optimize our portfolio. As you know, we have a very valuable portfolio of gas contracts. Part of the contracts is for LNG. Part of this contract is for gas from Argentina.

那我們先談 Shell 的協議。這是一項以最佳化我們投資組合為目標的協議。如你所知，我們擁有非常有價值的天然氣合約組合。其中一部分合約是 LNG，另一部分合約是來自阿根廷的天然氣。

What I want to stress is that the total amount of volume of gas that we can manage is higher of our needs, even stressing the needs of our power plant during a dry year. What we have done in this agreement is try to rebalance the amount of the LNG contract to make coherent our portfolio. And we did it in a very right moment in such ways. We have also positive impact on 2026 results.

我想強調的是，我們可管理的天然氣總量高於我們的需求，即使在乾旱年份、電廠需求被拉高的情境下也是如此。我們在這項協議中所做的，是嘗試重新平衡 LNG 合約的數量，使我們的投資組合更一致。我們也在非常合適的時點完成，並且對 2026 年的業績帶來正面影響。

On the other side, talking about the BESS --

另一方面，談到 BESS——

Yeah, this is -- go to Gianluca.

是的，這個——交給 Gianluca。

Okay. So regarding the three BESS, to complement, the answer, regarding the three BESS projects highlighted in the presentation, let me know that, we could -- you provide more detail on expected timeline. So in this case --

好的。關於這三個 BESS，作為補充回答，針對簡報中重點提到的三個 BESS 專案，讓我知道——我們可以——你希望提供更多關於預期時間表的細節。所以在這個情況下——

Yes. The question, Gianluca, was regarding the BESS. So what we're expecting the COD on the BESS side? So what Gianluca was saying that we're expecting -- it's included in our business plan that we have recently presented. And Gianluca, if you want, now your mic is up going back again.

是的。問題，Gianluca，是關於 BESS。所以我們在 BESS 方面預期的 COD 是什麼時候？Gianluca 剛才說的是，我們預期——這已包含在我們最近發布的商業計畫中。Gianluca，如果你願意，現在你的麥克風已經開了，可以再接著說。

Okay. So during 2025, we focused on engineering, permitting and project preparation. And with the regulatory framework now in place, we are starting construction in 2026 and expecting the COD during the third and the fourth quarter of 2027.

好的。在 2025 年，我們將重點放在工程設計、許可取得與專案準備。隨著監管框架現已到位，我們將於 2026 年開始施工，並預期在 2027 年第三季與第四季達到 COD。

So our strategy also included additional BESS investment, like we presented in the last Capital Markets Day, in 2027 and 2028, reinforcing storage as a core pillar of our portfolio. So we will continue to closely monitor market conditions, maintain flexible approach, focus on profitability and value creation. This is our pillar in our optimization of our portfolio.

我們的策略也包含額外的 BESS 投資，正如我們在上一次資本市場日所展示的，將在 2027 年與 2028 年進行，強化儲能作為我們投資組合的核心支柱。因此，我們將持續密切監控市場狀況，維持彈性作法，聚焦於獲利能力與價值創造。這是我們在投資組合最佳化中的支柱。

Thank you, Gianluca. Another question is coming from Jay Samani from Scotiabank. This is for you, Simone.

謝謝你，Gianluca。下一個問題來自 Scotiabank 的 Jay Samani。這題是給你的，Simone。

So where do you see Enel Chile next avenues for growth, given that lower demand from unregulated customers? He’s mentioned about the termination of the PPA -- regulated PPAs. How is Enel Chile position itself for long term, and can we expect the company to maintain the current earnings level for growth? He’s asking about our business plan.

鑑於非管制客戶需求較低，你認為 Enel Chile 下一步的成長途徑在哪裡？他提到 PPA 的終止——管制型 PPA。Enel Chile 如何為長期定位？我們是否可以預期公司維持目前的獲利水準以支撐成長？他在詢問我們的商業計畫。

So can you repeat me the first part of the question, please?

你可以請再重複一下問題的第一部分嗎？

Yes. Jay is asking you, where do you see that Enel Chile is going? So what are the strengths of our plan? He’s also mentioned that we have seen the results, not the reduction of the regulated PPAs, so he’s asking what we are seeing the long term, no? So we are seeing more regulated customer coming on, new auctions, and how we are positioning ourselves in the long term.

可以。Jay 在問你，你認為 Enel Chile 會往哪裡走？也就是我們計畫的優勢是什麼？他也提到我們已看到結果，而不是管制型 PPA 的減少，所以他在問我們長期看到什麼，對吧？也就是我們是否看到更多管制客戶加入、新的標案，以及我們如何在長期進行布局。

Okay. Enel will confirm its strategy. In this moment, clear, we see a reduction in the volumes of regulated contract, but this is related in how the auction now will rise in the market. What we have to stress is that we want the full last to auction also at a valuable price on the market. So we have a very good portfolio in term of price in the short term.

好的。Enel 將確認其策略。在此刻，很明顯，我們看到管制合約的量有所下降，但這與目前市場上標案將如何推出有關。我們要強調的是，我們希望在最後的標案中也能以市場上有價值的價格得標。因此，我們在短期內擁有一個就價格而言非常好的投資組合。

Also, we can stress the fact that the pricing of our portfolio, the average price in the next three year, we will maintain the same value, even if the price on the market is going down. And for the full following year, we will keep on looking to a good mix among short-term opportunity and also long-term contract. That can be new, regulated auction, but also, long-term contract with the big customer.

此外，我們也可以強調，我們投資組合的定價——未來三年的平均價格——即使市場價格正在下滑，我們仍將維持相同水準。而在更往後的年度，我們將持續尋求短期機會與長期合約之間的良好組合。這可以是新的管制型標案，也可以是與大型客戶簽訂的長期合約。

Okay. Thank you, Simone. We have a last question that is coming from Isabella from Bank of America.

好的。謝謝你，Simone。我們最後一個問題來自美國銀行的 Isabella。

Si SHE’S asking, what is the minimal cash position you are operationally comfortable with? You currently have a cash position of around $454 million. Do you plan on using your credit lines this year, or will you refinance your short-term debt?

她在問，你在營運上覺得最低需要維持多少現金部位才會安心？你目前的現金部位約為 4.54 億美元。你今年是否計畫動用信用額度，或是會再融資你的短期債務？

Okay, so thanks for the question. You know that our business has a strong seasonality with some needs in terms of financing in the first and in the second quarter, and higher cash production in the second half. So we have an internal model to define the comfortable minimal cash position to cover the networking capital needs. And then for the future financial needs, we plan to refinance using a long-term financing that in this moment is under negotiation.

好的，謝謝這個問題。你知道，我們的業務具有明顯的季節性，在第一季與第二季會有一些融資需求，而在下半年現金產出較高。因此，我們有一個內部模型，用來界定可安心的最低現金部位，以覆蓋營運資金需求。至於未來的資金需求，我們計畫透過長期融資進行再融資，而目前這項安排正在洽談中。

Okay. Thank you, Simone. We do not have any more questions coming here from the chat. So any other doubts that you may have, the investor relations team will be fully available to execute other calls and to go into more details.

好的。謝謝你，Simone。我們在聊天室這邊沒有再收到其他問題。因此，如果你還有任何其他疑問，投資人關係團隊將完全可配合安排其他電話會議，並進一步提供更詳細的說明。

Thank you very much for connecting today. Have a nice holiday. Thank you.

非常感謝你今天的連線。祝你假期愉快。謝謝。

And this concludes our conference. Thank you for participating, and you may now disconnect.

本次電話會議到此結束。感謝各位參與，現在可以中斷連線。