Q2 2026 Enel Americas SA Earnings Call

July 29, 2026

Speaker #1: There will be a question-and-answer session. To ask a question over the webcast, please type your question into the Ask a Question box and click Submit.

Operator: There will be a question and answer session. To ask a question over the webcast, please type your question into the Ask a Question box and click Submit. Please be advised that today's conference is being recorded. This presentation contains statements that could constitute forward-looking statements. These statements appear in a number of places in this presentation and include statements regarding the intent, belief, or current expectations of Enel Américas's and its management with respect to, among other things, Enel Américas's business plans, trends affecting Enel Américas's financial condition or results of operations, including market trends in the electricity sector in Chile, the countries where the company operates or elsewhere, supervision and regulation of the electricity sector in Chile and the countries where the company operates or elsewhere, and the future effect of any changes in the laws and regulations applicable to Enel Américas's or its subsidiaries.

Operator: There will be a question-and answer session. To ask a question over the webcast, please type your question into the Ask a Question box and click Submit. Please be advised that today's conference is being recorded. This presentation contains statements that could constitute forward-looking statements. These statements appear in a number of places in this presentation and include statements regarding the intent, belief, or current expectations of Enel Américas's and its management with respect to, among other things, Enel Américas's business plans, trends affecting Enel Américas's financial condition or results of operations, including market trends in the electricity sector in Chile, the countries where the company operates or elsewhere, supervision and regulation of the electricity sector in Chile and the countries where the company operates or elsewhere, and the future effect of any changes in the laws and regulations applicable to Enel Américas's or its subsidiaries.

Speaker #1: Please be advised that today's conference is being recorded. This presentation contains statements that could constitute forward-looking statements. These statements appear in a number of places in this presentation, and include statements regarding the intent, belief, or current expectations of ENEL AMERICAS and its management with respect to, among other things, ENEL AMERICAS' business plans, trends affecting ENEL AMERICAS' financial condition or results of operations, including market trends in the electricity sector in Chile, the country where the company operates, or elsewhere.

Speaker #1: Supervision and regulation of the electricity sector in Chile and the countries where the company operates are elsewhere, and the future effect of any changes in the laws and regulations applicable to ENEL AMERICAS or its subsidiaries.

Speaker #1: Such forward-looking statements reflect only our current expectations and are not guarantees of future performance, and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors.

Operator: Such forward-looking statements reflect only our current expectations and are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include a decline in the equity capital markets, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile, the countries where the company operates or elsewhere, and other factors described in Enel Américas's integrated annual report. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Enel Américas undertakes no obligation to release publicly the results of any revisions to these forward-looking statements, except as required by law. I would now like to turn the presentation over to Mr. Jorge Velis, Enel Américas's Head of Investor Relations. Please proceed.

Speaker #1: These factors include a decline in the equity capital markets, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile, the countries where the company operates, or elsewhere, and other factors described in ENEL AMERICAS' integrated annual report.

Speaker #1: Readers are cautioned not to place under-reliance on those forward-looking statements which state only as of their dates. ENEL AMERICAS undertakes no obligation to release publicly the results of any revisions to these forward-looking statements except as required by law.

Speaker #1: I would now like to turn the presentation over to Mr. Jorge Velis, ENEL AMERICAS' Head of Investor Relations. Please proceed.

Speaker #2: Thank you. Good afternoon, ladies and gentlemen, and welcome to our second quarter 2026 results presentation. I'm Jorge Velis, Head of Investor Relations of ENEL AMERICAS.

Jorge Velis: Thank you. Good afternoon, ladies and gentlemen, welcome to our Q2 2026 results presentation. I'm Jorge Velis, Head of Investor Relations of Enel Américas. In the coming slides, our CEO, Giuseppe Turchiarelli, and our CFO, Rafael de la Haza, will be presenting the main figures of this period. Let me remind you that this presentation will follow the slides that have already been uploaded on the company's website. Following the presentation, we will have the Q&A session. If you want to make a question, please send it through the webcast or write us to our corporate email, ir.enelamericas@enel.com. Let me hand over the call to Giuseppe, who will start by outlining the main highlights of the period on slide three.

Speaker #2: In the coming slides, our CEO, Giuseppe Turchiarelli, and our CFO, Rafael de la Asa, will be presenting the main figures of this period. Let me remind you that this presentation will follow the slides that have already been uploaded on the company's website.

Speaker #2: Following the presentation, we will have the Q&A session. If you want to make a question, please send it through the webcast or write us to our corporate email ir dot enelamericas at enel dot com.

Speaker #2: Now, let me hand over the call to Giuseppe, who will start by outlining the main highlights of the period on slide 3.

Speaker #3: Thank you, Jorge. During the second quarter of this year, we delivered positive results across all our businesses. Reflecting solid execution, healthy financial performance, and sustained profitability fully aligned with our strategic plan.

Giuseppe Turchiarelli: Thank you, Jorge. During the Q2 of this year, we delivered positive results across all our businesses, reflecting solid execution, healthy financial performance, and sustained profitability, fully aligned with our strategic plan. Regarding the investment, total CapEx reached CLP 0.54 billion, in line with the Q2 of last year, with a significant increase in grids, offset by lower CapEx in generation due to the completion of renewable projects in the last 12 months. In Argentina, we increased our investment by 10%, supported by the continued implementation of the new tariff scheme. In Brazil, we saw a 42% increase in grid CapEx, focused on digitalization and network resilience. Finally, in Colombia, CapEx decreased due to a lower investment in generation business, mainly explained by the completion of Guayepo III and Atlántico solar park.

Speaker #3: Regarding the investments, total capex reached $0.54 billion. In line with the second quarter of last year, with a significant increase in grids offset by lower capex in generation due to the completion of renewable projects in the last 12 months.

Speaker #3: In Argentina, we increased our investment by 10%, supported by the continued implementation of the new tariff scheme. In Brazil, we saw a 42% increase in grids capex, focused on digitalization and network resilience.

Speaker #1: Good day, ladies and gentlemen, and welcome to ENEL Americas’ second quarter and first half 2026 results conference call. My name is Liz, and I will be your operator today.

Speaker #1: At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question over the webcast, please type your question into the 'Ask a Question' box and click Submit.

Speaker #3: Finally, in Colombia, capex decreased due to a lower investment in generation business, mainly explained by the completion of Guayepo III and Atlántico Solar Plant.

Speaker #1: Please be advised that today's conference is being recorded. This presentation contains statements that could constitute forward-looking statements. These statements appear in a number of places in this presentation and include statements regarding the intent, belief, or current expectations of Enel Americas and its management with respect to, among other things, Enel Americas' business plans, trends affecting Enel Americas' financial condition or results of operations—including market trends in the electricity sector in Chile, the country where the company operates, or elsewhere.

Speaker #3: Regarding our financial performance, EBITDA reached $1.25 billion. An increase of 18% compared to the same period of 2025. Growth was driven by better results in all our businesses, boosted by currency appreciation.

Giuseppe Turchiarelli: Regarding our financial performance, EBITDA reached CLP 1.25 billion, an increase of 18% compared to the same period of 2025. Growth was driven by better results in all our businesses, boosted by currency appreciation. Finally, net income increased 31% compared to the same period of last year, reaching CLP 0.25 billion. Let me also highlight that last week, in an extraordinary shareholder meeting, our shareholders approved a new share buyback program of up to 5% of the share of the company. Our Board of Directors was mandated to define the percentage to be acquired, price of this operation, and the final decision will be communicated to the market through a material fact. Now, in the coming slide, let's see the main regulatory news for the period.

Speaker #3: Finally, net income increased 31% compared to the same period of last year, reaching $0.25 billion. Let me also highlight that last week, in an extraordinary shareholder meeting, our shareholders approved a new share buyback program of up to 5% of the share of the company.

Speaker #1: Such forward-looking statements reflect only our current expectations and are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors.

Speaker #3: Our board of directors was mandated to define the percentage to be acquired and priced of these operations. And the final decision will be communicated to the market through a material pact.

Speaker #3: Now, in the coming slides, let's see the main regulatory news for the period. Starting with the Argentina, the Congress is discussing a new bill for energy sector matters, including a provision related to the regulatory assets associated with the frozen tariff.

Giuseppe Turchiarelli: Starting with Argentina, the Congress is discussing a new bill for energy sector matters, including a provision related to the regulatory assets associated with the frozen tariff. The proposal has already been approved by the Chamber of Deputies, now we are waiting for the discussion in the Senate. In Brazil, the main focus remained the administrative process initiated by ANEEL regarding Enel São Paulo concession. During the quarter, the company formally challenged the possible recommendation of early termination, we presented our final argument to ANEEL on 23 July. In a parallel process, the company submitted a comprehensive defense supported by technical and regulatory analysis. The case remains under review by ANEEL. Also in Brazil, the Minister of Mines and Energy recently issued the regulation governing the compensation mechanisms for renewable generation curtailment events that occurred between September 2023 and November 2025.

Speaker #1: Readers are cautioned not to place under-reliance on those forward-looking statements which state only as of their dates. ENEL AMERICA's undertakes no obligation to release publicly the results of any revisions to these forward-looking statements except as required by law.

Speaker #3: The proposal has already been approved by the Chamber of Deputies and now we are awaiting for the discussion in the Senate. In Brazil, the main focus remained the administrative process initiated by ANEEL regarding ENEL São Paulo.

Speaker #1: I would now like to turn the presentation over to Mr. Jorge Velez. ENEL AMERICA's Head of Investor Relations. Please proceed.

Speaker #2: Thank you. Good afternoon, ladies and gentlemen, and welcome to our second quarter 2026 results presentation. I'm Jorge Velez, Head of Investor Relations at Enel Americas.

Speaker #3: Concession: during the quarter, the company formally challenged the possible recommendation of early termination. And we presented our final argument to ANEEL on July 23.

Speaker #3: In a parallel process, the company submitted a comprehensive defense supported by technical and regulatory analysis. The case remained under review by ANEEL. Also in Brazil, the Minister of Mines and Energy recently issued the regulation governing the compensation mechanisms for renewable generation containment events that occurred between September 2023 and November 2025.

Speaker #2: Now, let me hand over the call to Giuseppe, who will start by outlining the main highlights of the period on slide 3.

Speaker #3: The framework provides higher legal certainty for the sector by establishing the process for compensating generation costs associated with transmission constraints and electrical reliability requirements, while containment driven by energy oversupply remains excluded from compensation.

Giuseppe Turchiarelli: The framework provides higher legal certainty for the sector by establishing the process for compensating generation associated with transmission constraints and electrical reliability requirements, while curtailment driven by energy oversupply remains excluded from compensation. Finally, in Colombia, the regulator, CREG, recently issued a set of preventive measures aimed at strengthening the reliability of the power system in anticipation of the effect of El Niño phenomenon. The measures are designed to increase energy availability and operational flexibility, thus by reinforcing security of supply. Now, let's analyze our investment for the period of the coming slide. CapEx reached CLP 537 million in Q2, remaining broadly stable year-on-year. This is explained by an increase in CapEx in our distribution concession, offset by lower investment in generation due to the completion of renewable projects in Colombia.

Speaker #3: Finally, in Colombia, the regulator, CREG, recently issued a set of preventive measures in the strengthening the reliability of the power system in anticipation of the effect of El Niño phenomenon.

Speaker #3: The measures are designed to increase energy availability and operational flexibility, thereby reinforcing security and cost supply. Now, let's analyze our investment for the period of the coming slide.

Speaker #3: Finally, in Colombia, capex decreased due to a lower investment in generation business, mainly explained by the completion of Guayepo III and Atlántico Solar Plant.

Speaker #3: Capex reached $537 million, in the second quarter. Remaining broadly stable year-on-year. This is explained by the increasing capex in our distribution concession, offset by lower investment in generation due to the completion of renewable projects in Colombia.

Speaker #3: Regarding our financial performance, EBITDA reached $1.25 billion, an increase of 18% compared to the same period of 2025. Growth was driven by better results in all our businesses, boosted by currency appreciation.

Speaker #3: Brazil accounted for 70% of the total investment, followed by Colombia with 19% and Argentina with 10%. By business line, 90% of the capex was allocated to grids, while 10% corresponded to the integrated businesses.

Giuseppe Turchiarelli: Brazil accounted for 70% of the total investment, followed by Colombia with 19%, Argentina with 10%. By business line, 90% of the CapEx was allocated to Grids, while 10% corresponded to the integrated businesses. Grid CapEx totaled CLP 481 million, increasing 24% year-on-year, mainly driven by continued investment in network modernization and quality improvement. Within this, investment in networks upgrade increased by 19% compared to the same period of last year. On a cumulative basis, CapEx increased by 4% compared to 2025, reaching almost CLP 1 billion in H1. Let's now analyze grid operational highlights from slide six. Electricity distributed reached 24.3 TWh in Q2, slightly lower than the same period of the last year. This is explained by lower demand in Brazil, mainly due to milder temperatures.

Speaker #3: Finally, net income increased 31%. Compared to the same period of last year, reaching $0.25 billion. Let me also highlight that last week, in an extraordinary shareholder meeting, our shareholders approved a new share buyback program of up to 5% of the share of the company.

Speaker #3: Grid capex totaled $481 million. Increasing 24% year-on-year mainly driven by continued investment in network modernization and quality improvement. Within this, investment in networks upgraded increased by 19% compared to the same period of last year.

Speaker #3: Our board of directors was mandated to define the percentage to be acquired and the price of this operation. The final decision will be communicated to the market through a material pack.

Speaker #3: On a cumulative basis, capex increased by 4% compared to 2025, reaching almost $1 billion in the first half of the year. Let's now analyze grids operational highlights on slide 6.

Speaker #3: Now, in the coming slide, let's see the main regulatory news for the period. Starting with Argentina, the Congress is discussing a new bill for energy sector matters, including a provision related to the regulatory assets associated with the frozen tariff.

Speaker #3: Electricity distributed reached 24.3 terawatt-hour in the second quarter. Slightly lower than the same period of the last year. This is explained by lower demand in Brazil, mainly due to milder temperatures.

Speaker #3: Regarding number of customers, we had an increase of 347,000 in the last 12 months. Reaching 23.2 million customers. Smart meter increased by 63%, reaching almost 2.8 million in this period.

Giuseppe Turchiarelli: Regarding number of customers, we had an increase of 347,000 in the last 12 months, reaching 23.2 million customers. Smart meter increased by 63%, reaching almost 2.8 million in this period, due to our deployment plan in São Paulo. Net RAB and net RAB per customer increased 12% and 11% respectively, isolating the impact of the exchange rate. This reflects the significant investment that we are making in our grid. In terms of quality indicators, we can see that SAIDI improved significantly in Edesur and in Enel Ceará and Enel Colombia, and in São Paulo and in Enel Rio, slightly increased, mainly due to weather events registered in the last 12 months.

Speaker #3: Concession. During the quarter, the company formally challenged the possible recommendation of early termination, and we presented our final argument to ANEEL on July 23.

Speaker #3: Due to our deployment plan in São Paulo. Net RAB and net RAB per customer increased 12% and 11% respectively, isolating the impact of the exchange rates.

Speaker #3: These reflect the significant investment that we are making in our grids. In terms of quality indicators, we can see that SAID improved significantly in EDSUR, ENELSARA, and ENECOLOMBIA.

Speaker #3: ENELSAUPAULO and ENELRIO slightly increased mainly due to weather events registered in the last 12 months. SAIFI improved in ENECOLOMBIA and ENELSARA and ENELRIO, while EDSUR and ENELSAUPAULO increased mainly due to the effect of severe service interruption events in the transmission line in the case of EDSUR and due to higher number of incidents associated with extreme weather conditions in the case of São Paulo.

Giuseppe Turchiarelli: SAIFI improved in Enel Colombia and Enel Ceará and in Enel Rio, while Edesur and São Paulo increased mainly due to the effect of severe service interruption events in the transmission line in the case of Edesur, and due to higher number of incidents associated with extreme weather conditions in the case of São Paulo. Finally, regarding energy losses, we see an increase in all subsidiaries. In Edesur, this was mainly driven by higher electricity demand, mainly due to lower temperatures in May. Colombia slightly increased to higher energy transported, and in Brazil, despite having an increase in loss in the last 12 months, if we consider the H1 of the year, we can see a recovery in this KPI. Let's continue with the generation operational highlights on slide seven. Installed capacity reached 12.1 gigawatts, from which 96% is renewable.

Speaker #3: Finally, in Colombia, the regulator CREG recently issued a set of preventive measures aimed at strengthening the reliability of the power system, in anticipation of the effects of the El Niño phenomenon.

Speaker #3: Finally, regarding energy losses, we see an increase in all subsidiary in EDSUR. This was mainly driven by higher electricity demand, mainly due to lower temperatures in May.

Speaker #3: Colombia slightly increased to higher energy transported and in Brazil, despite having an increase in loss in the last 12 months, if we consider the first half of the year, we can see a recovery in this KPI.

Speaker #3: Let's continue with the generation operational highlights on slide 7. Install capacity reached 12.1 gigawatt, from which 96% is renewable. Compared to June of the last year, we added 0.3 gigawatt of solar capacity of Guayepo 3 project in Colombia.

Speaker #3: Capex reached $537 million in the second quarter, remaining broadly stable year-on-year. This is explained by the increase in capex in our distribution concession, offset by lower investment in generation due to the completion of renewable projects in Colombia.

Giuseppe Turchiarelli: Compared to June of the last year, we added 0.3 gigawatts of solar capacity of Guayepo III project in Colombia. I remind you that we have a decrease of 1.3 gigawatts of hydro capacity related to the non-renewal of El Chocón hydropower concession in Argentina. We are currently working on additional 0.3 gigawatts capacity related to the solar power plant, Atlántico, in Colombia. This plant is already delivering electricity to the grid under commissioning test. Formal approval of commercial operation is expected soon. Regarding net production, we recorded an 8% increase at the consolidated level. This was mainly driven by higher solar production in Colombia and higher hydro and wind output in Brazil. Let's see our energy balance on the next slide. Energy sales showed a positive evolution during the quarter, increasing 4% year on year to 13.1 terawatt hours.

Speaker #3: I remind you that we have a decrease of 1.3 gigawatt of hydro capacity, related to the non-renewal of El Chocón hydropower concession in Argentina.

Speaker #3: We are currently working on additional 0.3 gigawatt capacity, related to the solar power plant Atlántico in Colombia. This plant is already delivering electricity to the grid under commissioning test.

Speaker #3: Grid capex totaled $481 million, increasing 24% year-on-year, mainly driven by continued investment in network modernization and quality improvement. Within this, investment in network upgrades increased by 19% compared to the same period last year.

Speaker #3: Formal approval of commercial operation is expected soon. Regarding net production, we recorded an 8% increase at consolidated level, this was mainly driven by higher solar production in Colombia and a higher hydro and wind output in Brazil.

Speaker #3: On a cumulative basis, capex increased by 4% compared to 2025, reaching almost $1 billion in the first half of the year. Let's now analyze grids operational highlights on slide 6.

Speaker #3: Let's see our energy balance on the next slide. Energy sales show a positive evolution during the quarter, increasing 4% year-on-year to 13.1 terawatt-hours. This growth was mainly driven by higher energy sales in Colombia and Central America, where volumes increased 9%, reflecting higher solar production in Colombia and stronger hydro availability in Panama.

Giuseppe Turchiarelli: This growth was mainly driven by higher energy sales in Colombia and Central America, where volumes increased 9%, reflecting higher solar production in Colombia and stronger hydro availability in Panama. In Brazil, sales slightly decreased, reaching 7.2 terawatt hour. On the sourcing side, total energy availabilities increased from 12.6 terawatt hour to 13.1 terawatt hour. Supported by higher production levels, which more than compensate for the reduction in the third-party purchases. As a result, our generation represents a greater portion of energy supply during the quarter. Looking at the sales mix, regulated sales continue to grow, reaching 6.9 terawatt-hour, an increase of 17% year-on-year, while unregulated sales decline to 5.2 terawatt-hour. On a year-to-date basis, energy sales reached 23.9 terawatt-hour, a slight reduction compared to the last year, mainly due to lower energy purchases to third parties.

Speaker #3: Regarding the number of customers, we had an increase of 347,000 in the last 12 months, reaching 23.2 million customers. Smart meters increased by 63%, reaching almost 2.8 million in this period, due to our deployment plan in São Paulo.

Speaker #3: In Brazil, sales slightly decreased, reaching 7.2 terawatt-hours. On the sourcing side, total energy availability increased from 12.6 terawatt-hours to 13.1 terawatt-hours. Supported by higher production levels, which more than compensated for the reduction in the third-party purchases.

Speaker #3: Net RUB and net RUB per customer increased 12% and 11% respectively, isolating the impact of the exchange rates. This reflects the significant investment that we are making in our grids.

Speaker #3: As a result, our generation represents a greater portion of energy supply during the quarter. Looking at the sales mix, regulated sales continue to grow, reaching 6.9 terawatt-hours and increase of 17% year-on-year, while unregulated sales declined to 5.2 terawatt-hours.

Speaker #3: In terms of quality indicators, we can see that SAID improved significantly in EDSUR, ENELSARA, and ENECOLOMBIA. ENELSAUPAULO and ENELRIO slightly increased mainly due to weather events registered in the last 12 months.

Speaker #3: On a year-to-date basis, energy sales reached 23.9 terawatt-hours, a slight reduction compared to the last year, mainly due to lower energy purchases to third parties.

Speaker #3: SAIFI improved in ENECOLOMBIA and ENELSARA and ENELRIO, while EDSUR and ENELSAUPAULO increased mainly due to the effect of severe service interruption events in the transmission line in the case of EDSUR and due to higher number of incidents associated with extreme weather conditions in the case of São Paulo.

Speaker #3: Now, Rafael, we comment on the financial results of the period in the coming slides.

Giuseppe Turchiarelli: Now, Rafael De La Haza will comment on the financial results of the period in the coming slide.

Speaker #2: Thank you, Giuseppe. Buenas tardes a todos. A BPA this quarter reached 1.25 billion US dollars, which represents an increase of 18% compared to the second quarter of 2025.

Rafael de la Haza: Thank you, Giuseppe. Buenas tardes a todos. EBITDA this Q2 reached $1.25 billion, which represents an increase of 18% compared to the Q2 2025. This result is mainly explained by better results in generation business in Colombia, mainly due to higher production and distribution business in Brazil due to higher tariffs. Currency appreciation in Colombia and Brazil also helped to boost EBITDA. Net income reached CLP 0.25 billion in this Q2, which is 31% higher than Q2 last year, mainly explained by better EBITDA. This was partially offset by higher financial expenses due to higher gross debt and higher average cost of debt. Funds from operations showed a positive performance during this Q2, reaching $0.66 billion. This represents an increase of 12% when compared to last year, mainly explained by higher EBITDA. Ahead in this presentation, we will see more details about funds from operations.

Speaker #3: Finally, regarding energy losses, we see an increase in all subsidiaries in Edesur. This was mainly driven by higher electricity demand, mainly due to lower temperatures in May.

Speaker #2: These results are mainly explained by better results in generation business in Colombia, mainly due to higher production and distribution business in Brazil due to higher tariffs.

Speaker #3: Colombia slightly increased to higher energy transported, and in Brazil, despite having an increase in loss in the last 12 months, if we consider the first half of the year, we can see a recovery in this KPI.

Speaker #2: Currency appreciation in Colombia and Brazil also helped to boost EBITDA. Net income reached 0.25 billion in this quarter, which is 31% higher than second quarter of last year.

Speaker #3: Let's continue with the generation operational highlights on slide 7. Installed capacity reached 12.1 gigawatts, of which 96% is renewable. Compared to June of last year, we added 0.3 gigawatts of solar capacity from the Guayepo 3 project in Colombia.

Speaker #2: Mainly explained by better EBITDA. This was partially offset by higher financial expenses due to higher gross debt and higher average cost of debt. Funds from operations showed a positive performance during this quarter.

Speaker #3: I remind you that we have a decrease of 1.3 gigawatts of hydro capacity, related to the non-renewal of the El Chocón hydropower concession in Argentina.

Speaker #2: Reaching 0.66 billion US dollars. This represents an increase of 12% when compared to last year, mainly explained by higher EBITDA. Ahead in this presentation, we will see more details about funds from operations.

Speaker #2: On a slide number 11, we will see this quarter's EBITDA, evolution, and breakdown. Starting from reported EBITDA of 1,061 million in this second quarter of 2025, and excluding the positive impact recorded last year from the debt agreement with CAMESA in EDSUR, adjusted EBITDA stood at 962 million.

Rafael de la Haza: On slide number 11, we will see this Q2's EBITDA evolution and breakdown. Starting from reported EBITDA of CLP 1,061 million in this Q2 2025, and excluding the positive impact recorded last year from the debt agreement with Cammesa in Edesur, adjusted EBITDA stood at CLP 962 million. On this comparable basis, both business lines showed a solid performance. Integrated business increased by CLP 114 million, mainly supported by stronger generation results in Colombia. Grids contributed an additional CLP 42 million, supported by a strong performance across these three countries in which we operate. As a result, adjusted EBITDA reached CLP 1,116 million, up 16% year-on-year. In addition, FX had a positive impact of CLP 138 million, bringing reported EBITDA for the Q2 to $1,354 million, that represents 18% above the same period of 2025.

Speaker #3: Formal approval of commercial operation is expected soon. Regarding net production, we recorded an 8% increase at the consolidated level. This was mainly driven by higher solar production in Colombia, as well as higher hydro and wind output in Brazil.

Speaker #2: On this comparable basis, both businesses, both business lines showed a solid performance integrated business increase by 114 million, mainly supported by a stronger generation results in Colombia, while grids contributed an additional 42 million, supported by a strong performance across these three countries.

Speaker #2: In which we operate. As a result, adjusted EBITDA reached 1,116 million, up 16% year-on-year, but in addition, effects had a positive impact of 138 million, bringing reported EBITDA for the quarter to 1,254 million US dollars.

Speaker #3: In Brazil, sales slightly decreased, reaching 7.2 terawatt-hours. On the sourcing side, total energy availability increased from 12.6 terawatt-hours to 13.1 terawatt-hours, supported by higher production levels, which more than compensated for the reduction in third-party purchases.

Speaker #2: That represents 80% above the same period of 2025. In terms of EBITDA contribution, Brazil remained the largest market, representing 48% of the total, followed with closely by Colombia with 44% of the total.

Rafael de la Haza: In terms of EBITDA contribution, Brazil remained the largest market, representing 48% of the total, followed closely by Colombia with 44% of the total. Argentina and Central America each accounted for 4%, while Peru contributed 1%. By business line, grids represented 55% of EBITDA, while the integrated business accounted for 44%. Now on slide number 12, let me analyze EBITDA breakdown on a cumulative basis. Adjusted EBITDA in the H1 2026 reached CLP 2,186 million, reflecting an 11% year-on-year increase. This positive evolution was supported by both business segments, with grids increasing by CLP 166 million, driven by a strong operating performance across all countries, while integrated business grew by $50 million, mainly due to better results in Colombia, mainly due to the relevant performance in Colombia this H1.

Speaker #3: As a result, our generation represents a greater portion of energy supply during the quarter. Looking at the sales mix, regulated sales continue to grow, reaching 6.9 terawatt-hours—an increase of 17% year-on-year—while unregulated sales declined to 5.2 terawatt-hours.

Speaker #2: Argentina and Central America each accounted for 4%, while Peru contributed 1%. By business line, grids represented 55% of EBITDA, while the integrated business accounted for 44%.

Speaker #2: Now, on a slide number 12, let me analyze EBITDA breakdown on accumulative basis. Adjusted EBITDA in the first half of 2026 reached 2,186 million, reflecting an 11% year-on-year increase.

Speaker #3: On a year-to-date basis, energy sales reached 23.9 terawatt-hours, a slight reduction compared to the last year, mainly due to lower energy purchases to third parties.

Speaker #2: This positive evolution was supported by both business segments, with grids increasing by 166 million, driven by a strong operating performance across all countries. While integrated business grew by 50 million US dollars.

Speaker #3: Now, Rafael, we comment on the financial results of the period in the coming slides.

Speaker #1: Thank you, Giuseppe. Buenas tardes a todos. BPA this quarter reached $1.25 billion, which represents an increase of 18% compared to the second quarter of 2025.

Speaker #2: Mainly due to a better results in Colombia, mainly due to the relevant performance in Colombia this first half. After including effects effects, we had a positive impact of 242 million, reported EBITDA amounted to 2,428 million US dollars, representing a 17% increase versus the first half of 2025.

Speaker #1: These results are mainly explained by better results in the generation business in Colombia, mainly due to higher production, and in the distribution business in Brazil due to higher tariffs.

Rafael de la Haza: After including FX effects, which had a +CLP 242 million impact, reported EBITDA amounted to CLP 2,428 million, representing a 17% increase versus H1 2025. Brazil remaining the largest contributor, accounting for 49% of the total EBITDA, followed by Colombia with 42%. Argentina and Central America represented 5% and 4%, respectively, while Peru contributed 1%. By business line, grids accounted for 60% of the total EBITDA, while the integrated business represented 39% of the total. On slide 13, we will review the cash flow of our company.

Speaker #1: Currency appreciation in Colombia and Brazil also helped to boost EBITDA. Net income reached $0.25 billion in this quarter, which is 31% higher than the second quarter of last year.

Speaker #2: Looking at the EBITDA mix, Brazil remained the largest contributor, accounting for 49% of the total EBITDA. Followed by Colombia with 42%, Argentina and Central America represented 5% and 4% respectively, while Peru contributed 1%.

Speaker #1: Mainly explained by better EBITDA. This was partially offset by higher financial expenses due to higher gross debt and a higher average cost of debt. Funds from operations showed a positive performance during this quarter, reaching $0.66 billion.

Speaker #2: By business line, grids accounted for 60% of the total EBITDA, while the integrated business represented 39% of the total. Now, on a slide number 13, we will review the cash flow of our company.

Speaker #1: This represents an increase of 12% compared to last year, mainly explained by higher EBITDA. Later in this presentation, we will see more details about funds from operations.

Speaker #1: On slide number 11, we will see this quarter's EBITDA evolution and breakdown. Starting from reported EBITDA of $1,061 million in this second quarter of 2025, and excluding the positive impact recorded last year from the debt agreement with CAMESA in EDSUR, adjusted EBITDA stood at $962 million.

Speaker #2: Starting from an EBITDA of 2.43 billion, we see that net working capital for the period accounted to 0.95 billion US dollars, higher than last year and mainly explained by Brazil due to higher seaway mechanism, which is a regulatory pass-through account that records differences between actual and tariff-recognized energy purchase costs, higher effect from the inflation adjustments over the regulatory asset base, which is a non-cash item, and by timing effects related to CAPEX payments.

Rafael de la Haza: Starting from an EBITDA of CLP 2.43 billion, we see that net working capital for the period accounted to CLP 0.95 billion, higher than last year and mainly explained by Brazil due to higher CVA mechanism, which is a regulatory pass-through account that records differences between actual and tariff-recognized energy purchase costs, higher effect from the inflation adjustments over the RAB, regulatory asset base, which is a non-cash item. By timing effects related to CapEx payments. Taxes during this period amounted to CLP 0.35 billion, an increase of $15 million, while net financial expenses increased by $130 million, reaching CLP 0.39 billion, mainly explained by higher debt in Brazil. With this, cash from operations remained positive, amounting to CLP 0.74 billion. After investments for CLP 0.98 billion, we get to a negative free cash flow, in this case, of -$0.25 billion.

Speaker #1: On this comparable basis, both businesses, both business lines, showed a solid performance. Integrated business increased by $114 million, mainly supported by stronger generation results in Colombia, while grids contributed an additional $42 million, supported by strong performance across these three countries.

Speaker #2: Taxes during this period amounted to 0.35 billion, an increase of 15 million US dollars, while net financial expenses increased by 130 million US dollars, reaching 0.39 billion, mainly explained by higher debt in Brazil.

Speaker #1: In which we operate. As a result, adjusted EBITDA reached $1,116 million, up 16% year-on-year. In addition, effects had a positive impact of $138 million, bringing reported EBITDA for the quarter to $1,254 million US dollars.

Speaker #2: With this, funds from operations remained positive, amounting to 0.74 billion. After investments for 0.98 billion, we get to a free cash flow negative free cash flow, in this case, of 0.25 billion US dollars.

Speaker #1: That represents 80% above the same period of 2025. In terms of EBITDA contribution, Brazil remained the largest market, representing 48% of the total, followed closely by Colombia with 44% of the total.

Speaker #2: Let me now analyze the debt of our company on a slide 14. Gross debt amounted to 7.7 billion, an increase of 12% compared to December 2025, mainly explained by higher debt in Brazil and currency appreciation in Colombia and in Brazil.

Rafael de la Haza: Let me now analyze the debt of our company on slide 14. Gross debt amounted to CLP 7.7 billion, an increase of 12% compared to December 2025, mainly explained by higher debt in Brazil and currency appreciation in Colombia and in Brazil. Net debt reached $6 billion, an increase of 25% compared to the end of 2025. This includes negative free cash flow for -CLP 0.2 billion that we saw in the previous slide. Net dividends paid for CLP 0.3 billion and negative effects impact of -CLP 0.7 billion. In terms of currency and country, we see that Brazil remains the largest contributor, while the debt at the holding level represents 8% of the total. Finally, regarding the cost of debt, we can see an increase for this period going from 11.4% to 13.1%, explained by higher proportion of debt coming from Brazil and Argentina, and higher rates in Colombia.

Speaker #1: Argentina and Central America each accounted for 4%, while Peru contributed 1%. By business line, grids represented 55% of EBITDA, while the integrated business accounted for 44%.

Speaker #2: Net debt reached 6 billion US dollars, an increase of 25% compared to the end of 2025. This includes negative free cash flow for 0.2 billion that we saw in the previous slide.

Speaker #1: Now, on a slide number 12, let me analyze EBITDA breakdown on accumulative basis. Adjusted EBITDA in the first half of 2026 reached 2,186 million, reflecting an 11% year-on-year increase.

Speaker #2: Net dividends paid for 0.3 billion and negative effects impact of 0.7 billion. In terms of currency and country, we see that Brazil remains the largest contributor, while the debt at the holding level represents 8% of the total.

Speaker #1: This positive evolution was supported by both business segments, with grids increasing by $166 million, driven by a strong operating performance across all countries, while integrated business grew by $50 million.

Speaker #2: Finally, regarding the cost of debt, we can see an increase for this period going from 11.4% to 13.1%, explained by higher proportion of debt coming from Brazil and Argentina and higher rates in Colombia.

Speaker #1: Mainly due to better results in Colombia, mainly due to the relevant performance in Colombia this first half. After including the FX effect, we had a positive impact of $242 million. Reported EBITDA amounted to $2,428 million, representing a 17% increase versus the first half of 2025.

Speaker #2: On the next slide, Giuseppe will conclude this presentation with some closing remarks.

Rafael de la Haza: On the next slide, Giuseppe will conclude this presentation with some closing remarks.

Giuseppe Turchiarelli: Disciplined capital allocation continues to be central for our strategy. We remain focused on investing in risk, where we see attractive risk-adjusted returns and clear opportunity to strengthen network resilience. Our Q2 results reflect the consistency of this approach. We delivered solid performance across our business, supported by positive contribution from currency appreciation. This reinforced the strength of our asset base and our ability to execute effectively in a complex operating environment. Regulatory advocacy remains a key priority for the company. We continue to engage constructively with regulators and other stakeholders to support business continuity, protect value, and advance toward regulatory certainty across our markets. Finally, I would like to highlight the approval of the share buyback program by the extraordinary shareholder meeting on 23 July. This initiative reflects our commitment to enhancing the shareholder return while maintaining a disciplined and balanced approach to capital allocation.

Speaker #3: Discipline CAPEX allocation capital allocation continues to be central for our strategy. We remain focused on investing in grids, where we see attractive risk adjustment return, and clear opportunity to strengthen network resilience our second quarter results reflect the consistency of this approach.

Speaker #1: Looking at the EBITDA mix, Brazil remained the largest contributor, accounting for 49% of total EBITDA, followed by Colombia with 42%. Argentina and Central America represented 5% and 4%, respectively, while Peru contributed 1%.

Speaker #3: We delivered solid performance across our business, supported by a positive contribution from currency appreciation. This reinforced the strength of our asset base and our ability to execute effectively in a complex operating environment.

Speaker #1: By business line, grids accounted for 60% of the total EBITDA, while the integrated business represented 39% of the total. Now, on slide number 13, we will review the cash flow of our company.

Speaker #3: Regulatory advocacy remained a key priority for the company. We continue to engage constructively with regulator and other stakeholders to support business continuity, protect value, and advance toward regulatory certainty across our market.

Speaker #1: Starting from an EBITDA of $2.43 billion, we see that net working capital for the period amounted to $0.95 billion, higher than last year and mainly explained by Brazil due to a higher C-Way mechanism, which is a regulatory pass-through account that records differences between actual and tariff-recognized energy purchase costs. There was also a higher effect from the inflation adjustments over the regulatory asset base, which is a non-cash item, and by timing effects related to capex payments.

Speaker #3: Finally, I would like to highlight the approval of the share buyback program by the extraordinary shareholder meeting on July 23. This initiative reflects our commitment to enhancing the shareholder return, while maintaining a disciplined and balanced approach to capital allocation.

Speaker #3: Now, I will give the floor to Jorge for the Q&A section.

Giuseppe Turchiarelli: Now, I will give the floor to Jorge for the Q&A section.

Speaker #2: Thank you, Giuseppe. Thank you, Rafa. First questions come from Isabella Pacheco. Bank of America. How do you expect El Niño to impact your operations?

Jorge Velis: Thank you, Giuseppe. Thank you, Rafa. First question comes from Isabella Pacheco, Bank of America. How do you expect El Niño to impact your operations? Are you taking any measures, initiatives to minimize risk? Could you also please remind us how you handled El Niño in the past, and what the impacts on your operations and financial results were? Thank you.

Speaker #1: Taxes during this period amounted to 0.35 billion, an increase of 15 million US dollars, while net financial expenses increased by 130 million US dollars, reaching 0.39 billion, mainly explained by higher debt in Brazil.

Speaker #2: Are you taking any measures initiatives to minimize risk? Could you also please remind us how you handled El Niño in the past and what the impacts on your operations and financial results were?

Speaker #1: With this, funds from operations remained positive, amounting to $0.74 billion. After investments of $0.98 billion, we arrive at a free cash flow, which in this case is negative, at $0.25 billion US dollars.

Speaker #2: Thank you.

Speaker #3: Well, let me say that, of course, Enel Colombia is closely monitoring this phenomenon. As of today, we don't have any material impact to be reported for what concerns our financial target.

Giuseppe Turchiarelli: Well, let me say that, of course, Enel Colombia is closely monitoring this phenomenon. As of today, we don't have any material impact to be reported for what concerns our financial targets. The hydrological risk is mitigated because of our diversified hydropower plants portfolio, which reservoirs are in a very good situation compared to the average of the other hydropower plants in the country. Thermal resilience is secured through maintenance plan that guarantees availability of thermal supply for the unit. As of today, we don't have any major impact to be reported.

Speaker #1: Let me now analyze the debt of our company on slide 14. Gross debt amounted to $7.7 billion, an increase of 12% compared to December 2025, mainly explained by higher debt in Brazil and currency appreciation in Colombia and in Brazil.

Speaker #3: The hydrological risk is mitigated because of our diversified hydropower plants portfolio, which reservoir are in a very good situation compared to the average of the other hydropower plants in the country.

Speaker #1: Net debt reached $6 billion, an increase of 25% compared to the end of 2025. This includes negative free cash flow of $0.2 billion, as we saw in the previous slide.

Speaker #3: And thermal resilience is secured through maintaining maintenance plan that guaranteed availability of thermal dipper for units. So as of today, we don't have any major impact to be reported.

Speaker #1: Net dividends paid were $0.3 billion, and negative effects impacted $0.7 billion. In terms of currency and country, we see that Brazil remains the largest contributor, while the debt at the holding level represents 8% of the total.

Speaker #2: Thank you, Giuseppe. Second question from Juan Felipe Becerra from Credicorp. Could you please elaborate on when we could expect the final decision regarding the price and size of the approved share buyback program?

Jorge Velis: Thank you, Giuseppe. Second question from Juan Felipe Becerra from Credicorp. Could you please elaborate on when we could expect the final decision regarding the price and size of the approved share buyback program?

Speaker #1: Finally, regarding the cost of debt, we can see an increase for this period, going from 11.4% to 13.1%, explained by a higher proportion of debt coming from Brazil and Argentina, and higher rates in Colombia.

Speaker #3: Well, as I said, during my during the presentation, the extraordinary shareholder meeting gave the mandate to the board of directors to design and final price.

Giuseppe Turchiarelli: Well, as I said during the presentation, the extraordinary shareholder meeting gave the mandate to the board of directors to design the final price. We are going to communicate the characteristic of this share buyback program through a material fact.

Speaker #1: On the next slide, Giuseppe will conclude this presentation with some closing remarks.

Speaker #2: Disciplined CapEx allocation and capital allocation continue to be central to our strategy. We remain focused on investing in grids, where we see attractive risk-adjusted returns and a clear opportunity to strengthen network resilience. Our second quarter results reflect the consistency of this approach.

Speaker #3: So we are going to communicate the characteristic of this share buyback program through a material fact.

Speaker #2: Thank you. Next questions from Andrew McCarthy. When do you expect Anel to make its final recommendation regarding the termination of São Paulo distribution concession to the Ministry of Energy in Brazil?

Jorge Velis: Thank you. Next question is from Andrew McCarthy. When do you expect Enel to make its final recommendation regarding the termination of São Paulo distribution concession to the Ministry of Mines and Energy in Brazil?

Speaker #2: We delivered solid performance across our business, supported by a positive contribution from currency appreciation. This reinforced the strength of our asset base and our ability to execute effectively in a complex operating environment.

Speaker #3: Well, it's a difficult question to be answered. But in general, let me say that, well, first of all, the administrative procedure remains ongoing, and there is still no final recommendation from Anel to the Ministry of Mines and Energy.

Giuseppe Turchiarelli: Well, it's a difficult question to be answered. In general, let me say that, first of all, the administrative procedure remains ongoing, and there is still no final recommendation from ANEEL to the Ministry of Mines and Energy. Talking about the administrative procedure, following the closure of the technical and legal review phase, we presented our final allegation on 23 July, respecting the deadline that we received from ANEEL. According to the information that we have, the discussion about the administrative procedure should be done on 11 August. This is referring to the administrative procedure. On the other hand, there is the main process where ANEEL has to discuss about the possible termination of the concession that will be discussed in the following weeks and months. As of today, we don't have any kind of information on this main process.

Speaker #2: Regulatory advocacy remained a key priority for the company. We continue to engage constructively with regulators and other stakeholders to support business continuity, protect value, and advance toward regulatory certainty across our markets.

Speaker #3: Following the closure, talking about the administrative procedure, following the closure of the technical and legal review phase, we presented our final allegation on July 23rd, respecting the deadline that we received from Anel.

Speaker #2: Finally, I would like to highlight the approval of the share buyback program by the extraordinary shareholder meeting on July 23. This initiative reflects our commitment to enhancing the shareholder return while maintaining a disciplined and balanced approach to capital allocation.

Speaker #3: Now, according to the information that we have, the discussion about administrative procedure should be done on August 11th. This is referring to the administrative procedure.

Speaker #2: Now, I will give the floor to Jorge for the Q&A section.

Speaker #1: Thank you, Giuseppe. Thank you, Rafa. First questions come from Isabela Pacheco, Bank of America. How do you expect El Niño to impact your operations?

Speaker #3: On the other hand, there is the main process where Anel have to discuss about the possible termination of the concession that will be discussed in the following weeks and months.

Speaker #1: Are you taking any measures or initiatives to minimize risk? Could you also please remind us how you handled El Niño in the past, and what the impacts on your operations and financial results were?

Speaker #1: Thank you.

Speaker #3: Well, let me say that,

Speaker #3: But as of today, we don't have any kind of information on this main process.

Speaker #2: Of course, Enel Colombia is closely monitoring this phenomenon. As of today, we don't have any material impact to be reported regarding our financial targets.

Speaker #2: Thank you, Giuseppe. Next questions is from Alessandro De Vito Mediobanca. Are you confirming latest guidance? Where do you see net debt by the end of the year?

Jorge Velis: Thank you, Giuseppe. Next question is from Alessandro Di Vito, Mediobanca. Are you confirming latest guidance? Where do you see net debt by the end of the year? Do you see margin to increase dividend?

Speaker #2: The hydrological risk is mitigated because of our diversified hydropower plants portfolio, whose reservoirs are in a very good situation compared to the average of the other hydropower plants in the country.

Speaker #2: Do you see margin to increase dividends?

Speaker #4: Well, thank you. Thank you very much, Alessandro, for your question. This is a very good question. For the moment, we confirm our 2026 financial guidance for this year that the company announced in February 2026.

Rafael de la Haza: Well, thank you. Thank you very much, Alessandro, for your question. This is a very good question. For the moment, we confirm our 2026 financial guidance for BGR that the company announced in February 2026. As the H1 results, as you saw in the presentation, remain in line with our expectations, no news here. To date, no operational or financial factors have been identified that will warrant a material revision to our targets communicated in February. For the moment, I repeat, we confirm our 2026 financial guidance. For sure, we continue to closely monitor macroeconomic, for instance, change and regulatory developments across all countries in which we are present. We are well on track to confirm the guidance, now for 2026, both in terms of net income and also in terms of EBITDA.

Speaker #2: And thermal resilience is secured through a maintenance plan that guarantees the availability of thermal dipper units. So, as of today, we don't have any major impact to be reported.

Speaker #4: As the first half results, as you saw in the presentation, remains in line with our expectations. So no news here. To date, no operational or financial factors have been identified that will warrant a material revision to our target communicated in February.

Speaker #1: Thank you, Giuseppe. Second question from Juan Felipe Becerra from Credit Corp: Could you please elaborate on when we could expect the final decision regarding the price and size of the approved share buyback program?

Speaker #4: So for the moment, I repeat, we confirm our 2026 financial guidance. For sure, we continue to closely monitor macroeconomic, for instance, change and regulatory developments across all countries, in which we are present, but we are well on track to confirm the guidance, not for 2026.

Speaker #2: Well, as I said, during my during the presentation, the extraordinary shareholder meeting gave the mandate to the board of directors to define and final price.

Speaker #4: Both in terms of net income and also in terms of EBITDA. And regarding the question related to dividends, for the moment, this is a decision that does not correspond to the management because this is something that has to be approved by the relevant let me say, by the shareholder meeting of the company.

Rafael de la Haza: Regarding the question related to dividends, for the moment, this is a decision that does not correspond to the management because this is something that has to be approved by the shareholder meeting of the company. We are in a very comfortable situation in terms of net debt on EBITDA. As you know, we have a very relevant EBITDA in 2026. This is something that for sure will be analyzed. We have these kind of discussions in the board of directors of the company. For the moment, we are comfortable with the 30% dividend payout. I repeat, we are in a comfortable situation to analyze the possibility of increasing it in the future.

Speaker #2: So we are going to communicate the characteristic of this share buyback program through a material fact.

Speaker #4: We are in a very comfortable situation in terms of net debt on EBITDA. As you know, we have a very relevant EBITDA. In 2026, so this is something that for sure will be analyzed.

Speaker #1: Thank you. Next question is from Andrew McCarthy. When do you expect Enel to make its final recommendation regarding the termination of the São Paulo distribution concession to the Ministry of Energy in Brazil?

Speaker #4: We have this kind of discussions. In the board of directors of the company, for the moment, we are comfortable with the 30% dividend payout.

Speaker #2: Well, it's a difficult question to be answered, but in general, let me say that, well, first of all, the administrative procedure remains ongoing, and there is still no final recommendation from Enel to the Ministry of Mines and Energy.

Speaker #4: But I repeat, we are in a comfortable situation to analyze the possibility of increasing it in the future.

Speaker #2: Thank you, Rafa. Another question from Alessandro. Could you provide some granularity on when you expect the temporary net working capital to reabsorb?

Jorge Velis: Thank you, Rafa. Another question from Alessandro. Could you provide some granularity on when you expect the temporary net working capital to reabsorb?

Speaker #2: Following the closure, talking about the administrative procedure. Following the closure of the technical and legal review phase, we presented our final allegation on July 23rd, respecting the deadline that we received from Enel.

Speaker #4: Well, thank you. So as we saw in page number 13, the free cash flow of the company was negative, and this first half of the year we expect net working capital pressure to ease in the coming quarters and to be reabsorbed by the end of the year.

Rafael de la Haza: Well, thank you. As we saw on page number 13, the free cash flow of the company was negative in this H1. We expect net working capital pressure to ease in the coming quarters and to be reabsorbed by the end of the year. We want to highlight as well that most of the items that present significant pressures on the non-cash items, as you see in the chart, like inflation adjustments or net RAB, for example, and other components such as CVA in Brazil, that are cash neutral in the medium long term to our concession. I repeat, we expect to reabsorb this negative impact of the H1, and we are comfortable to do it in the H2.

Speaker #2: Now, according to the information that we have, the discussion about the administrative procedure should be done on August 11. This is referring to the administrative procedure.

Speaker #4: And we want to highlight as well that most of the items that present significant pressures on the non-cash items as you see in the chart, like inflation adjustments or net wrap, for example, and other components, such as CBA in Brazil, that are cash-neutral in the medium-long term to our concession.

Speaker #2: On the other hand, there is the main process where Enel had to discuss the possible termination of the concession, which will be discussed in the following weeks and months.

Speaker #4: So I repeat, we expect to reabsorb this negative impact of the first half of the year and we are comfortable to do it. In the second half.

Speaker #2: But as of today, we don't have any kind of information on this main process.

Speaker #1: Thank you, Giuseppe. Next questions is from Alessandro Di Vito. Mediobanca. Are you confirming latest guidance? Where do you see net debt by the end of the year?

Speaker #2: Thank you, Rafa. Well, there are no more questions. I conclude the results conference call. Let me remind you that the investor relations team is available for any doubts that you may have.

Jorge Velis: Thank you, Rafa. Well, there are no more questions. I conclude the results conference call. Let me remind you that the investor relations team is available for any doubts that you may have. Thank you for your attention.

Speaker #1: Do you see margin to increase dividends?

Speaker #2: Thank you for your attention.

Speaker #3: Well, thank you. Thank you very much, Alessandro, for your question. This is a very good question. For the moment, we confirm our 2026 financial guidance for this year, which the company announced in February 2026.

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

Speaker #3: As for the first half results, as you saw in the presentation, they are remaining in line with our expectations—so, no news here. To date, no operational or financial factors have been identified that would warrant a material revision to our target communicated in February.

Speaker #3: So, for the moment, I repeat, we confirm our 2026 financial guidance. For sure, we continue to closely monitor macroeconomic trends and regulatory developments across all countries in which we are present, but we are well on track to confirm the guidance for 2026.

Speaker #3: Both in terms of net income and also in terms of EBITDA. And regarding the question related to dividends, for the moment, this is a decision that does not correspond to the management, because this is something that has to be approved by the relevant—let me say, by the shareholders’ meeting of the company.

Speaker #3: We are in a very comfortable situation in terms of net debt to EBITDA, as you know. We will have a very relevant EBITDA in 2026.

Speaker #3: So, this is something that will definitely be analyzed. We have these kinds of discussions in the board of directors of the company. For the moment, we are comfortable with the 30% dividend payout, but I repeat, we are in a comfortable situation to analyze the possibility of increasing it in the future.

Speaker #1: Thank you, Rafa. Another question from Alessandro. Could you provide some granularity on when you expect the temporary net working capital to be reabsorbed?

Speaker #3: Well, thank you. So, as we saw on page number 13, the free cash flow of the company was negative, and in this first half of the year, we expect net working capital pressure to ease in the coming quarters and to be reabsorbed by the end of the year.

Speaker #3: And we want to highlight as well that most of the items that present significant pressures are on the non-cash items, as you see in the chart, like inflation adjustments or net wrap, for example, and other components such as CBA in Brazil, that are cash neutral in the medium to long term to our concession.

Speaker #3: So I repeat, we expect to reabsorb this negative impact of the first half of the year, and we are comfortable to do it in the second half.

Speaker #1: Thank you, Rafa. Well, there are no more questions. I conclude the results conference call. Let me remind you that the Investor Relations team is available for any doubts that you may have.

Speaker #1: Thank you for your attention.

Q2 2026 Enel Americas SA Earnings Call

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