Q2 2026 Interconexion Electrica SA Earnings Call

August 4, 2026

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Transformer.

Operator: Una infraestructura confiable, segura, moderna, sostenible para todos. Para el cuidado del planeta. Somos energía que da vida a la transición. ISA, conexiones que inspiran. La energía da más vida cuando se transforma. En ISA nos comprometimos con el futuro energético, transmitiendo y almacenando energías limpias por todo el continente. Una infraestructura confiable, segura, moderna, sostenible para todos. Para el cuidado del planeta. Somos energía que da vida a la transición. ISA, conexiones que inspiran. La energía da más vida cuando se transforma. En ISA nos comprometimos con el futuro energético, transmitiendo y almacenando energías limpias por todo el continente. Una infraestructura confiable, segura, moderna, sostenible para todos. Para el cuidado del planeta. Somos energía que da vida a la transición. ISA, conexiones que inspiran. La energía da más vida cuando se transforma. En ISA nos comprometimos con el futuro energético, transmitiendo y almacenando energías limpias por todo el continente.

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Transform.

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Operator: Una infraestructura confiable, segura, moderna, sostenible para todos. Para el cuidado del planeta. Somos energía que da vida a la transición.

Mateo Ochoa Toro: Good morning. My name is Mateo Ochoa and I am part of the Investor Relations team at ISA. We would like to thank you all for being here in this results conference call for Q2 2026 of ISA and its companies. During the presentation, we would like to thank you for asking your questions on the screen that will pop up on the right-hand side of your screens. Please state your name, the company you belong to, and at the end, our team of directors will answer your questions. We have just enabled the Q&A session on the screen you can see. Let us now move to the next slide. Today, we have Patricia Castaño, who is the Acting President of ISA. Jaime Falquez, who is the Vice President of Corporate Finance.

Mateo Ochoa: Good morning. My name is Mateo Ochoa and I am part of the Investor Relations team at ISA. We would like to thank you all for being here in this results conference call for Q2 2026 of ISA and its companies. During the presentation, we would like to thank you for asking your questions on the screen that will pop up on the right-hand side of your screens. Please state your name, the company you belong to, and at the end, our team of directors will answer your questions. We have just enabled the Q&A session on the screen you can see. Let us now move to the next slide. Today, we have Patricia Castaño, who is the Acting President of ISA. Jaime Falquez, who is the Vice President of Corporate Finance.

in these results conference, call for the second quarter of 2026 of Issa and its companies during the presentation, we

think would like to thank you for um, asking your questions on the

screen that will pop up on the right hand side of your screens. Please state, your name, the company you belong to and at the end, our team of directors will answer your questions.

We have just enabled the Q&A session on the screen. You can see it now.

Let us now move to the next slide.

Mateo Ochoa Toro: Gabriel Melguizo, Vice President of Energy Transmission. Natalia Pineda, Vice President of Road Concessions, and other relevant supporting teams for this conference call. In the first part of this event, Patricia Castaño will provide a summary of the key highlights of Q2 2026, followed by an explanation of the financial results Led by Jaime Falquez, who is the Vice President of Corporate Finance. Finally, we will come back to Patricia for some closing remarks and the Q&A session. Let us now move to the next slide, please. I give the floor to Patricia Castaño. Thank you very much, Mateo, for organizing this relevant session. Good morning, everyone. Thank you for being with us. Today, we will be presenting the results for H1 of the year, and we are very happy to announce that they are very positive.

Mateo Ochoa: Gabriel Melguizo, Vice President of Energy Transmission. Natalia Pineda, Vice President of Road Concessions, and other relevant supporting teams for this conference call. In the first part of this event, Patricia Castaño will provide a summary of the key highlights of Q2 2026, followed by an explanation of the financial results Led by Jaime Falquez, who is the Vice President of Corporate Finance. Finally, we will come back to Patricia for some closing remarks and the Q&A session. Let us now move to the next slide, please. I give the floor to Patricia Castaño.

Today we have Patricia castano, who is the acting president of Isam? File case? Who is the vice president of corporate finance, Gabriel meliso vice president of energy transmission Natalia Pineda. Vice president of Road concessions and other relevant supporting teams for these conference calls.

Let's begin the first part of this event. Patricia Castano will provide a summary of the key highlights of the second part.

Quarter of 2026 followed by an explanation of the financial results led by him file care, who is the vice president of corporate finance. And finally, we will come back to Patricia for some closing remarks and the Q&A session. Let us now move to the next slide, please.

And I give the floor to Patricia castano.

Patricia Castaño: Thank you very much, Mateo, for organizing this relevant session. Good morning, everyone. Thank you for being with us. Today, we will be presenting the results for H1 of the year, and we are very happy to announce that they are very positive.

Thank you very much Mateo for organizing these relevant session.

Good morning everyone and thank you for being with us.

Olga Patricia Castaño Díaz: These results reflect our capacity to harmonize growth, execution, and financial discipline. They confirm again that we are moving along the direction we defined in our 2040 strategy. Let us start speaking about growth. Next slide, please. At the end of June 2026, the investment commitments for 2030, which are a source of value for our business, amount to COP 28.1 trillion. On the graph on the left-hand side, we show the distribution by geography and business. 85% of the investments for 2030 will be destined to our core Energy Transmission business, 12% to the Roads business, and 3% to the Telecommunications business. These investments are comprised of investment commitments related to tenders and solicitations in each one of the countries that were awarded, in each one of the countries that will have a presence, improvements and optimization to the ISA Energia Brasil network, among others.

Patricia Castaño: These results reflect our capacity to harmonize growth, execution, and financial discipline. They confirm again that we are moving along the direction we defined in our 2040 strategy. Let us start speaking about growth. Next slide, please. At the end of June 2026, the investment commitments for 2030, which are a source of value for our business, amount to COP 28.1 trillion. On the graph on the left-hand side, we show the distribution by geography and business. 85% of the investments for 2030 will be destined to our core Energy Transmission business, 12% to the Roads business, and 3% to the Telecommunications business. These investments are comprised of investment commitments related to tenders and solicitations in each one of the countries that were awarded, in each one of the countries that will have a presence, improvements and optimization to the ISA Energia Brasil network, among others.

Today we will be presenting the results for the first half of the year, and we are very happy to announce that they are very positive. These results reflect our capacity to harmonize growth, execution, and financial discipline. They confirm again that we are moving along the direction we defined in our 2040 strategy.

Let us start speaking about growth next slide, please.

At the end of June 2026.

The investment commitments for 2030.

Which are a source of value for our business, amounting to 208.1 trillion pesos on the graph. On the left-hand side, we show the distribution by geography and business.

85% of the Investments.

For 2030 will be.

Destined to our core energy, transmission business, 12% to the roads business and 3% to the Telecommunications business.

This Investments are comprised of.

Investment commitments and related to tenders.

and solicitations in each 1 of the countries that were, um,

Wooded in each of the countries that we have a presence improvements and optimized solution to the Issa and here. Brazil Network,

Olga Patricia Castaño Díaz: On the graph to the right, you can see the annual projections that are estimated for the execution of these investments. We move forward in building 35 projects that are distributed into 32 Energy Transmission projects and 3 road projects, which will add up around 4,500 kilometers in circuit and interventions to 296 kilometers of roads. The graph that we can see on the right for the column that corresponds to 2026 includes the investments made in the first quarter, which add up COP 3.1 trillion. We will explain in the next slide, where we detail the quarterly CapEx. Next slide, please. In Q2 2026, we executed investments for COP 1.7 trillion, which is a 23% increase compared to Q2 2025.

Patricia Castaño: On the graph to the right, you can see the annual projections that are estimated for the execution of these investments. We move forward in building 35 projects that are distributed into 32 Energy Transmission projects and 3 road projects, which will add up around 4,500 kilometers in circuit and interventions to 296 kilometers of roads. The graph that we can see on the right for the column that corresponds to 2026 includes the investments made in the first quarter, which add up COP 3.1 trillion. We will explain in the next slide, where we detail the quarterly CapEx. Next slide, please. In Q2 2026, we executed investments for COP 1.7 trillion, which is a 23% increase compared to Q2 2025.

Among others on the graph to the right, you can see the annual projections that are estimated for the execution of these investments.

We move forward in building 35 projects that are distributed into 20, 32 and the transmission projects and 3 road projects, which will add up, add adapt around, 4,500 kilometers in, at circuit circuits and interventions to 296 km of Roads. The graph that we can see here on the right for the column that correspond to 2026 includes the Investments made in the first quarter, which add up 3.1 trillion, and which we will explain in the next slide. Where we detail the quarterly capex next. Slide. Please.

In the second quarter of 2026, we executed Investments for 1.7 trillion pesos, which is at 23% increase.

Compared to the second quarter of 2025.

Olga Patricia Castaño Díaz: The pie chart you can see on this slide shows the CapEx distribution consolidated by geography. The images on the right, of course, show the distribution by segment. Here we indicate that 73% of the investments of this quarter correspond to the Energy Transmission business, 25% of the investments this quarter relate to the Roads business or segment, and 2% to the Telecommunications segment. In this value, we have included the start of the construction of the Eastern Pan-American Highway in Panama and Orbital Sur in Chile. Next slide, please.

Patricia Castaño: The pie chart you can see on this slide shows the CapEx distribution consolidated by geography. The images on the right, of course, show the distribution by segment. Here we indicate that 73% of the investments of this quarter correspond to the Energy Transmission business, 25% of the investments this quarter relate to the Roads business or segment, and 2% to the Telecommunications segment. In this value, we have included the start of the construction of the Eastern Pan-American Highway in Panama and Orbital Sur in Chile. Next slide, please.

The pie chart you can see on this. Slide shows the capex distribution Consolidated by geography.

And the major on the right of course show the distribution by segment.

Here, we indicate that the first 73% of the investments this quarter correspond to the energy transmission business, 25% of the investments this quarter related to the roads business or segments, and 2% to the telecommunications segment.

In this value, we have included the start of the construction of the eastern paname and, uh, Highway in Panama and orbital Sur in Chile, next, slide, please.

Olga Patricia Castaño Díaz: In that sense, we would like to tell you that during Q2, we added new awarded contracts for more than COP 1.25 billion, which allows us to have an accumulated for the year close to COP 2.5 billion. We highlight the following in chronological order and by country. In Chile, the Ministry of Public Works published the supreme decree through which we were awarded the Rio Bueno Puerto Montt concession, which we will continue calling Ruta de los Lagos in our reports and results calls. This project contemplates the modernization of 121 kilometers in the south of Chile and has a reference investment of COP 821 million, which are equivalent to COP 3 trillion. Likewise, in Chile, Ruta de la Araucanía signed a supplementary agreement for COP 22 million, which allows us to extend the concession term for a further 12 months, which is October 2027.

Patricia Castaño: In that sense, we would like to tell you that during Q2, we added new awarded contracts for more than COP 1.25 billion, which allows us to have an accumulated for the year close to COP 2.5 billion. We highlight the following in chronological order and by country. In Chile, the Ministry of Public Works published the supreme decree through which we were awarded the Rio Bueno Puerto Montt concession, which we will continue calling Ruta de los Lagos in our reports and results calls. This project contemplates the modernization of 121 kilometers in the south of Chile and has a reference investment of COP 821 million, which are equivalent to COP 3 trillion. Likewise, in Chile, Ruta de la Araucanía signed a supplementary agreement for COP 22 million, which allows us to extend the concession term for a further 12 months, which is October 2027.

In this quarter of the year, it is relevant to highlight how we are ensuring new sources of value generation for our business. In that sense, we would like to tell you that during the second quarter, we added new awarded contracts for more than $1.25 billion, which allows us to have an accumulated total for the year close to $2.5 billion.

We highlight the following in chronological order and buy country in Chile, the ministry of Public Works.

Published the Supreme decree through which we were awarded, the reeno Puerto mod concession, which we will continue calling De Los Lagos in our reports and results calls this project. Contemplates, the modernization of 121 km at in the south of Chile and has a reference investment of 821 million which are equivalent to 3 trillion pesos.

Olga Patricia Castaño Díaz: In Brazil, ISA Energia Brasil successfully completed the transaction that was announced in March, which allows for the consolidation and total control of IE Madeira. The operation comprises the acquisition of the shares of AXIA Energia and AXIA Nordeste in Madeira, and the sale of the shares of ISA in IE Garanhuns, which was 51%, and this was sold to AXIA Nordeste. Framed by this transaction, ISA Energia Brasil paid an amount of BRL 1.167 billion, which are around COP 776 billion. Given this, ISA Energia Brasil will capture the value of this asset, which has a reference investment of $355 million, which is around COP 1.3 trillion. IE Madeira is a 2,385-kilometer line, and it is the first project that ISA has with high voltage direct current technology. This technology will be very important for future growth.

Patricia Castaño: In Brazil, ISA Energia Brasil successfully completed the transaction that was announced in March, which allows for the consolidation and total control of IE Madeira. The operation comprises the acquisition of the shares of AXIA Energia and AXIA Nordeste in Madeira, and the sale of the shares of ISA in IE Garanhuns, which was 51%, and this was sold to AXIA Nordeste. Framed by this transaction, ISA Energia Brasil paid an amount of BRL 1.167 billion, which are around COP 776 billion. Given this, ISA Energia Brasil will capture the value of this asset, which has a reference investment of $355 million, which is around COP 1.3 trillion. IE Madeira is a 2,385-kilometer line, and it is the first project that ISA has with high voltage direct current technology. This technology will be very important for future growth.

Likewise in Chile signed as supplementary agreement for 22 million dollars which allows us to extend the concession term for further 12 months which is October 2027

In Brazil, we have successfully completed the transaction that was announced in March, which allows for the consolidation and total control of EIE in the operation. This comprises the acquisition of the shares of Axia Energy and Axia Nodes in Madeira, and the sale of the shares of Vizaen.

Interconexion Electrica got a news, I got a news which was 51%, and this was sold to Axion of test.

Frame by this transaction Isa and here Brazil paid an amount of 1.167 billion Brazilian guys which are around 776 billion Colombian pesos.

Given this is an here Brazil will capture the value of this asset which has an investment.

A reference investment of 355 million which is around 1.3 trillion Colombian pesos.

IE Madera is a 2,385 km line and it is the first

Project that is a house with direct high voltage, direct current technology.

And this technology will be very important for future growth.

Olga Patricia Castaño Díaz: On the other hand, in Brazil, TAESA, one of our companies where we have a joint venture, signed a contract to acquire five energy transmission concession agreements, which are in full commercial operation, located in four states. These five concessions have a remaining average term of 22 years, and they include 1,305 kilometers of transmission lines and 12 substations. The investment on these assets amounts to the equivalent of COP 1.6 trillion and will contribute to TAESA annual revenue close to COP 206 billion for the 2025, 2026 tariff cycle. To finalize this report, in Brazil, we were also awarded a great connection project with an investment of $5 million, which is around COP 18 billion. Next slide, please. Apart from mentioning the award of new investments, we are very happy when projects start to enter operation and create income, of course, materializing value generation.

Patricia Castaño: On the other hand, in Brazil, TAESA, one of our companies where we have a joint venture, signed a contract to acquire five energy transmission concession agreements, which are in full commercial operation, located in four states. These five concessions have a remaining average term of 22 years, and they include 1,305 kilometers of transmission lines and 12 substations. The investment on these assets amounts to the equivalent of COP 1.6 trillion and will contribute to TAESA annual revenue close to COP 206 billion for the 2025, 2026 tariff cycle. To finalize this report, in Brazil, we were also awarded a great connection project with an investment of $5 million, which is around COP 18 billion. Next slide, please. Apart from mentioning the award of new investments, we are very happy when projects start to enter operation and create income, of course, materializing value generation.

On the other hand, in Brazil, Tiesa, one of our companies, where we have a joint venture,

Signed a contract to acquire 5 energy transmission concessions.

Which are in follow-up commercial, operation located in 4 States.

These 5 concerned of 22 years and they include 1,305 kilometers of transmission lines and 12 substations.

The investment on these assets amounts to the equivalent of 1.6 trillion Colombian pesos and will contribute to ties.

Annual revenue close to 2106 billion pesos for the 2526.

Tire cycle to finalize this report in Brazil. We were also awarded a Great Connection project with an investment of $5 million, which is around 18 billion Colombian pesos. Next slide, please.

Apart from mentioning, the award of new Investments.

Olga Patricia Castaño Díaz: On this slide, we can see that during the Q2 of the year, we commissioned projects that had a CapEx of COP 785 million. Let us now start with Colombia, where we have carried out the refurbishment of around 55 kilometers of the line Chinú-Sabanalarga, and we replaced the overhead ground wire in this Promatón-Chinú and Chinú-Copey lines. These upgrades on the electric infrastructure reduce the risks linked to wear and tear of the components, strengthening the continuity, quality, and security of the energy supply in more than seven departments of the Caribbean coast of Colombia. I am now mentioning this to talk about the operational details of our network, but to show you that our remuneration model in Colombia is based on the reliability of the service and the availability of these lines, which is why these refurbishments and renewals will guarantee our level of income.

Patricia Castaño: On this slide, we can see that during the Q2 of the year, we commissioned projects that had a CapEx of COP 785 million. Let us now start with Colombia, where we have carried out the refurbishment of around 55 kilometers of the line Chinú-Sabanalarga, and we replaced the overhead ground wire in this Promatón-Chinú and Chinú-Copey lines. These upgrades on the electric infrastructure reduce the risks linked to wear and tear of the components, strengthening the continuity, quality, and security of the energy supply in more than seven departments of the Caribbean coast of Colombia. I am now mentioning this to talk about the operational details of our network, but to show you that our remuneration model in Colombia is based on the reliability of the service and the availability of these lines, which is why these refurbishments and renewals will guarantee our level of income.

We are very happy when projects start, enter operation, and create income. Of course, materializing value generation on this slide. We can see that during the second quarter of the year, we commissioned,

Projects that had a capex of 785 million.

Let us now start with Colombia where we have carried out the refurbishment of around 55, kilometers of the line Chino sauna Lara and we replaced the overhead ground wire in this chromatog Chino and Chino copay lines. These updates on or upgrades on the electric infrastructure, reduce the risks linked to wear and tear of the components. Strengthening the continuity quality and security of the energy Supply in more than 7, Departments of the Caribbean coast of Colombia.

Olga Patricia Castaño Díaz: In Brazil, we started the operation, the totality of the Piraquê Project, and we made 16 reinforcements to the network. Together, these projects had an investment of $775 million, which are equivalent to COP 2.8 trillion. The Piraquê Project, including the construction of more than 1,000 kilometers of transmission lines and eight substations in the states of Minas Gerais and Espírito Santo. We would like to highlight that Piraquê commissioned 16 months before the period established by ANEEL, which is the Brazilian regulator, which will allow us to receive the total annual revenue, which amount to COP 243 billion, before what we had estimated. Next slide, please. In terms of this characteristic seal of our management that ISA would like to share the following.

Patricia Castaño: In Brazil, we started the operation, the totality of the Piraquê Project, and we made 16 reinforcements to the network. Together, these projects had an investment of $775 million, which are equivalent to COP 2.8 trillion. The Piraquê Project, including the construction of more than 1,000 kilometers of transmission lines and eight substations in the states of Minas Gerais and Espírito Santo. We would like to highlight that Piraquê commissioned 16 months before the period established by ANEEL, which is the Brazilian regulator, which will allow us to receive the total annual revenue, which amount to COP 243 billion, before what we had estimated. Next slide, please. In terms of this characteristic seal of our management that ISA would like to share the following.

And the availability of these lines, which is why these refurbishments and renewals will guarantee our level of income.

In Brazil, we started the operation of the totality of the Pedak project, and we made 16 reinforcements to the network together. These projects had an investment of $775 million, which is equivalent to 2.8 trillion Colombian pesos. The PDK project included the construction of more than 1,000 kilometers of transmission lines and 8 substations in the states of Minas Gerais and Espírito Santo.

we would like to highlight the P commission 6 15s before the period established by anel, which is the Brazilian regulator which has

This will allow us to receive the total annual revenue, which amounts to 243 billion pesos, as we had previously estimated.

Next slide, please.

Olga Patricia Castaño Díaz: ISA was again included in the Dow Jones Sustainability Index conducted by S&P Global, which is one of the main global benchmarks in corporate sustainability. ISA obtained a score of 85 over 100, placing us amongst the 10% of companies with the best performance amongst 250 companies in the same sector globally. With this score, ISA is positioned as one of the two Colombian companies included in the group of 15 companies with the best results. In Brazil, through the REDD+ project, Serra do Amolar, ISA contributes to the conservation of the ecosystem called Gran Pantanal. The project classified as REDD+, which means that it is focusing on the reduction of emissions by deforestation and degradation.

Patricia Castaño: ISA was again included in the Dow Jones Sustainability Index conducted by S&P Global, which is one of the main global benchmarks in corporate sustainability. ISA obtained a score of 85 over 100, placing us amongst the 10% of companies with the best performance amongst 250 companies in the same sector globally. With this score, ISA is positioned as one of the two Colombian companies included in the group of 15 companies with the best results. In Brazil, through the REDD+ project, Serra do Amolar, ISA contributes to the conservation of the ecosystem called Gran Pantanal. The project classified as REDD+, which means that it is focusing on the reduction of emissions by deforestation and degradation.

In terms of this characteristic, a seal of our management that is, I would like to share the following: ISA was again included in the Dow Jones Best-in-Class Index, contacted by S&P Global, which is one of the main global benchmarks in corporate sustainability. We obtained a score of 85 over 100, placing us...

Amongst the 10% of companies with the best performance.

Amongst 250 companies in the same sector globally with this score is is positioned that 1 of the 2. Colombian companies included in the group of 15 companies with the best results.

In Brazil, through the Red Plus project.

It contributes to the conservation of the ecosystem called Granpa now.

Olga Patricia Castaño Díaz: This project contributes to the preservation of approximately 135,000 hectares of the Gran Pantanal ecosystem in Brazil, which is the largest freshwater wetland in the world, and which is aligned with ISA's target of contributing to a potential reduction of nine million tons of CO2. Additionally, ISA concluded the sale of the totality of its certified carbon credits, creating a virtuous cycle where the sustainability initiatives create resources that will be reinvested in the development of new sustainable projects. Last but not least, during Q2, ISA mobilized resources to move initiatives and drive initiatives with social impact and sustainable development of communities through the Investment Fund or Fondo Inversor, which is a platform where we have collaborative investment with other allies. Next slide, please. I left this point for last.

Patricia Castaño: This project contributes to the preservation of approximately 135,000 hectares of the Gran Pantanal ecosystem in Brazil, which is the largest freshwater wetland in the world, and which is aligned with ISA's target of contributing to a potential reduction of nine million tons of CO2. Additionally, ISA concluded the sale of the totality of its certified carbon credits, creating a virtuous cycle where the sustainability initiatives create resources that will be reinvested in the development of new sustainable projects. Last but not least, during Q2, ISA mobilized resources to move initiatives and drive initiatives with social impact and sustainable development of communities through the Investment Fund or Fondo Inversor, which is a platform where we have collaborative investment with other allies. Next slide, please. I left this point for last.

The project classified as red plus which means that it is focusing on the reduction of emissions by deforestation and degradation this project contributes to the preservation of approximately 135,000 hectares of the grand pantanal, ecosystem in Brazil, which is the largest freshwater.

Wetland in the world and which is a line with isa's Target of contributing to a potential reduction of 9 million tons of CO2.

Additionally, it is concluded the sale of the totality of its certified carbon credits, creating a virtuous cycle where the sustainability initiatives create resources that will be reinvested in the development of new sustainable projects.

Last but not least, during the second.

Quarter is a mobilized resources to move initiatives and driving initiatives with social impact and sustainable development of communities through the inverse investment fund or funding resolve, which is a platform where we have collaborative investment with other allies next. Slide, please.

I left.

this point for the,

Olga Patricia Castaño Díaz: In July 2026, ISA issued preferential shares in order to establish and strengthen our capital structure and finance growth. The operation was closed for an amount of BRL 1.2 billion, equivalent to COP 752 billion, which allows us to have a consolidated leverage close to COP 230 million. After this is preserved the complete control of the subsidiary. The resources coming from this transaction will be used for the consolidation of 100% of Madeira, which I mentioned before, and to accelerate investment in reinforcements and improvements and upgrades in Brazil. With that, I have finished my intervention and give the floor to Jaime Falquez, who will explain the financial results. Thank you very much, Patricia. Thank you to the investors and the different stakeholders who are here in this presentation of our results for Q2. Next slide, please. Next slide, please. Thank you.

Patricia Castaño: In July 2026, ISA issued preferential shares in order to establish and strengthen our capital structure and finance growth. The operation was closed for an amount of BRL 1.2 billion, equivalent to COP 752 billion, which allows us to have a consolidated leverage close to COP 230 million. After this is preserved the complete control of the subsidiary. The resources coming from this transaction will be used for the consolidation of 100% of Madeira, which I mentioned before, and to accelerate investment in reinforcements and improvements and upgrades in Brazil. With that, I have finished my intervention and give the floor to Jaime Falquez, who will explain the financial results.

let's left a lance.

In July 2026, ISA issued preferential shares in order to establish and strengthen our capital structure and finance growth. The operation was closed for an amount of 1.2 billion Brazilian reais, equivalent to 752 billion pesos, which allows us...

to have a Consolidated, leverage, close to 230 million.

After this.

A separate preserved, the complete control of the subsidiary, the resources, provide a coming from this transaction will be used for the consolidation of 100% of Madera. Which I mentioned before and to accelerate investment in.

Reinforcements, improvements, and upgrades in Brazil.

Jaime Falquez: Thank you very much, Patricia. Thank you to the investors and the different stakeholders who are here in this presentation of our results for Q2. Next slide, please. Next slide, please. Thank you.

With that, I have finished my intervention and give the floor to him a false who will explain their financial results.

Thank you very much.

And thank you to the investors and the different stakeholders who are here for this presentation of our results.

Second quarter next slide. Please.

Next slide, please.

Thank you.

Jaime Falquez: We start the financial chapter highlighting a quarter with positive results, a 20% increase in the EBITDA and the net income of around 9%. The Colombian peso continues becoming stronger compared to the other currencies in the region, which reflects a lower value equivalent in Colombian pesos when we show the consolidated amounts, as we have explained before, and if we compare it to the previous year. As Patricia mentioned, we continue with a relevant investment pace, according to the 2040 strategy, reaching an execution of around COP 1.7 trillion during Q2 of this year, which is a 23% increase compared to the same quarter in the previous year, and an 18% if we see it accumulated. We continue actively managing our debt portfolio, always looking to optimize the financing conditions and to be more competitive and to optimize the cash flows of our company.

We start the financial chapter highlighting.

A quarter with positive results.

And increase.

At 20% increase in the Evita and the net income of around 9%.

becoming stronger compared to the other currencies in the region, which reflects

Uh, lower value equivalent in Colombian pesos. When we show the Consolidated amounts as we have explained before, comp, and if we compare it to the previous year,

As Patricia mentioned, we continue with an relevant investment pays, according to the 2040 strategy. Reaching

An execution of around 1.7 trillion pesos.

during the second quarter of this year,

which is a 23% increase compared to the same quarter in the previous year.

and then 18%. If we see,

Accumulated.

We continue.

Jaime Falquez: In the slide, you can see that the details of some of the operations that we carried out during this quarter, such as bonds issuance in Chile, banking debt disbursement in Colombia, the issuance of shares in Brazil, as we have previously mentioned. All this to support efficiently our investment plan. Before going to the detail of the results, I would like to share with you that after the approval of the general shareholders' assembly from this past 27 May, we have already paid the first dividends for an amount of COP 218 share, and the following and last payment will be carried out on 16 December for an amount of COP 872 per share. Let us go to the next slide, please.

Actively managing our debt portfolio, always looking to optimize the financing conditions, to be more competitive, and to optimize the cash flows of our company.

In this slide, you can see that.

The details of some of the operations that we carried out during this quarter.

Such as bonds issuance in Chile.

Banking, displacement in Colombia, and the issuance of shares in Brazil, as we have previously mentioned.

And all of these to support efficiently.

Our investment plan.

before going to the detail of the results, I would like to share with you that after the approval of the general shareholders assembly,

um from the past 27th of May we have already paid the first dividends for an amount of

218 pesos per share and the last um the following. And last payment will be uh, carried out on the 16th of December 4, an amount of 872 pesos per share. Let us go to the next slide, please.

Jaime Falquez: Now talking about the financial results, as we can see on the slide, we have an EBITDA and a net income for H1 of the year. At the top of the slide, we can see that EBITDA was COP 4.9 trillion, which is a 20% increase compared to the same period in the previous year. If we isolate non-operating factors, such as the foreign currency translation effect and the adjustments related to Brazil's basic grid, which we reported last year, we can see that the operating activity of the period was positive, with a 10% EBITDA growth.

Now, talking about the financial results, and as we can see on the slide,

we have an iida and a net income for the first 6 Months of the Year at the top of this slide, we can see that debit down.

Was 4.9 trillion pesos.

Which is a 20% increase.

Compared to the same period in the previous year.

If we isolate non-operating factors, such as the forensic, foreign currency translation effect, and the adjustments related to Brazil's basic grid.

Which we reported last year.

Jaime Falquez: This increase is explained by different elements, such as the commissioning of new projects, a larger growth in the contractual escalators, which are the factors related to income upgrade or updates related to inflation, and the yields in the roads and energy transmission lines projects or concessions at a higher income due to the construction. As we advance with our investments plans, this is all shown in the results as costs and income for construction. The accumulated EBITDA by segment shows 80% in the transmission segment, 17% in the road segment, and 3% in the telecommunication segment. During the quarter, the EBITDA was COP 2.7 trillion, with a 62% increase compared to Q2 2025, explained again by the same factors that I previously mentioned for the accumulated H1 of the year.

We can see that the operating activity of the period was positive with an 10% ebike growth. This increase is explained

by different elements, such as the commissioning of new projects.

a larger growth in the contractual escalators, which are the

Up. Uh,

The factors related to income out of upgrade or updates related to inflation, and the yields in the roads and energy transmission lines, projects, or concessions, show a higher income due to the construction as we advance with our investment plans. This is all shown in the results as costs and income.

Um, for construction, the accumulated EBITDA by segment shows 80% in the transmission. Um,

Jaime Falquez: If we go to the net income, the earnings of this H1 added COP 1.7 trillion, a 9% increase compared to the same period in 2025. Isolating non-operating factors, such as the foreign currency translation effect or the adjustment to the Brazil's basic grid, the net income would have an increase of 2%. On the lower right-hand side of the slide, we can see the distribution of the net income by country. We can see a positive change, which responds to the greater EBITDA created in the period, and lower income tax related to Chile, which was compensated, offset by the wealth tax in Colombia and higher financial expenses related to financing of growth, especially in Brazil, and costs associated to the restructuring of debt at the Ruta del Maipo project.

Segment 17% in the road segments and 3% in the telecommunication segment. During the quarter. The ibida was 2.7 trillion pesos with uh 62% increase compared to the second quarter of 2025 explained Again by the same factors that I P previously mentioned um for the accumulated first, half of the year. If we go to the net income the earnings of the half of of this semester added 1.7 trillion pesos and 9% increase compared to the same period in 2025.

Isolating don't operate in factors.

Such as the foreign currency translation effect or the adjustment to Brazil's basic grid. The net income would have an increase of 2% on the lower right-hand side of the slide. We can see the distribution of the net income per country.

We can see a positive change, which responds to the greater EV that was created in the period. And, um, lower...

related to a Chilean which was compensated offset by the wealth tax in Columbia and higher Financial expenses related to financing of growth specially in Brazil

Jaime Falquez: On the lower right-hand part of the slide, we can see the distribution of this net income on a profit by country, where Colombia is contributing 70%, Brazil 36%, Chile 24%, Peru 18%, and Panama and Bolivia 5%. For the quarter, the net income reached COP 695 billion, which is a 53% increase compared to Q2 2025, which is explained by the same factors that support the growth of H1 of the year. I would like to conclude by reiterating the solidity of our operation, our commitment to the execution of our strategy, always looking to complete our projects in budget and time. Let us go to the next slide. The general balance at the end of June 2026 reflects our solid financial situation. We have assets for COP 76.1 trillion, with a very stable behavior compared to the previous year.

and costs associated to the restructuring of debt at the Ruta de Mayo project on the lower right hand.

Part of the slide. We can see the distribution of these net income on a profit back country. Where Columbia is contributing 70% Brazil, 36% Chile 24%, Peru 18% and Panama and Bolivia 5%.

For the quarter, the net income reached 695 billion pesos which is a 53% increase.

Compared to the second quarter of 2025, which is explained by the same factors.

That support the growth of the first half of the year.

I would like to conclude, um, by

reiterating the solidity of our operation, our commitment to the execution of our strategy, always looking to

Complete our projects. Um,

In budget and on time. Let us go to the next slide.

The general balance at the end of June 2026.

Jaime Falquez: It's important to highlight that the movements in our asset accounts is mainly given the progress in the construction of projects, the yields of the concessions created and generated in this period, and revenue in the joint ventures. This is also offset by the currency translation effect, as I said, how strong the peso has become. Of course, this has an effect on the results in our general balance sheet when we translate everything into pesos. The liabilities increased 1% compared to the end of 2025, explained mainly by the financing operations related to the different investment projects, as well as the recognition of the dividends payable decreed in 2026 for ISA and its companies.

Reflects our solid financial situation. We have assets for 76.1 trillion pesos with a very stable Behavior compared to the previous year. It's important to highlight that doesn't movements in our accounts. Nothing accounts is mainly given the progress in the construction of projects, the yields of the concessions, create and generated in this period and

revenue in the joint ventures. This is also offset by the translation, currency translation effect. As I said,

How strong The Vessel has become.

And of course, this has an effect on the results in our general balance sheet, when we translate everything into Pesos, the liabilities increase 1%.

compared to

previously, uh, to the end of 2025, explained mainly by the financing operations related to the different investment projects, as well as the recognition of the

Jaime Falquez: The equity of ISA at the end of June this year was COP 17.1 trillion, which is a 4% reduction, given mainly the dividends decreed at the General Assembly and due to the translation effect, partially compensated by the revenue generated during this H1 of the year. The non-controlling interests were stable, and as you can see, we continue having stability in our results and progress in completing our strategy. Let us go to the next slide to talk about the behavior of our debt. In June 2026, the consolidated financial debt closed at COP 34.2 trillion, which is a 0.7 increase compared to the end of 2025. The net change in debt for COP 245 billion is explained mainly by the foreign currency translation effect and disbursements associated to the investments plan, as well as the amortizations to the debt, of course, following the payment schedules.

Dividends payable, um, decreed in 2026 for is and its companies. The equity of is at the end of June, this year was 17.1 trillion pesos with, which is a 4% reduction.

Given mainly the dividends decreed at the general assembly, and due to the translation effect partially compensated by the revenue generated during this first half of the year.

the non-controlling interest was stable, and as you can see, we

Continue having stability in our results and progress in.

Completing our strategy. Let us go to the next slide to talk about the behavior of our debt.

In June 2020. Uh 6, the Consolidated financial debt, close at 342 trillion pesos, which is a 0.7 increase compared to the end of 2025.

The net change in debt for 245 billion. Pesos is explained, mainly by the currency foreign currency translation effects and disbursements Associated to the investments plan,

As well as the multi stations to the Dead.

Jaime Falquez: Even though the net change in debt was slow, we were very active during this quarter, looking for opportunities to improve and optimize the financing conditions. The main operations we carried out were: at ISA Energia Brasil, we made the 21st issuance of debentures for BRL 1 billion, which is equivalent to COP 676 billion, in order to finance our Itatiaia Project. In Colombia, we disbursed COP 400 billion through credit with the private banking sector. In Panama, the Eastern Highway, Ruta del Este, we received the second disbursement of the loan awarded for $101 million, which will be used for the rehabilitation of the Eastern Pan-American Highway. Finally, we have the gross debt to EBITDA indicator, which closed at 3.6x, and the operating cash flow to gross debt at 22%. Both indicators reflect adequate levels of debt given the range suggested by risk rating agencies.

Of course, following the payment schedules.

Even though the net change in, that was slow, we were very active during this quarter.

Looking for opportunities to improve and optimize the financing conditions.

The main operations we carried out where

It is Brazil. We should... the...

21st, we made the 21st issuance of deventures for 1 billion Brazilians which is equivalent to 676 billion pesos in order to finance our project in Colombia, we dispersed, 400 billion pesos,

In Panama, the Eastern Highway, we received the second development of the—

loan.

Awarded for 101 million which will be used for the rehabilitation of the Eastern Pan-American Highway.

finally, we have

The.

Cross.

Dead uh, to be the indicator, which closed at 3.6 times and the cash flow, operating cash flow to gross, debt to 22% both indicators. Reflect adequate levels of debt

Uh, given the range suggested by risk.

Jaime Falquez: The average maturity is 9 years, which is aligned with the nature of our long-term business. Before going to the next slide, I would like to talk about the statement made by Moody's yesterday, where they lowered the risk score of ISA from Baa2 to Baa3 with a negative outlook. The report highlighted the solidity of ISA's general balance, the strength of its financial metrics for this type of company with an adequate liquidity profile. This adjustment was given the lowering of the risk score of our controlling shareholder, which has a Ba2 rating with a negative outlook. This, of course, considering that given the rating methodology, we cannot be more than 2 notches above Ecopetrol. Next slide, please. Let us now talk about the behavior of the share at the end of June.

Rating agencies, and the average maturity is 9 years which is aligned with the nature of our long-term business before going to the next slide. I would like to talk about the statement uh made by Moody's yesterday where they lowered the risk score of Isa from baa2 to baa3 with a negative outlook. The reports highlighted the solidity of J is a general balance the strength of its Financial metrics for um this type of company.

With a an adequate liquidity profile. These adjustment was given the lowering of the risk score of our controlling shareholder which has a ba2 rating with a negative outlook.

This, of course, considering the given the rating methodology.

We cannot be more than 2 notches above a car patrol.

Next slide, please.

Jaime Falquez: Between January and June, the ISA share showed an appreciation of 20%, reflecting a positive behavior in the market, outperforming the 10% increase of the local index COLCAP. It is worth highlighting that on 19 June this year, the share reached a new historical maximum value of COP 36,000. The liquidity of the stock continues to improve with an increase of 45% and with a daily trading volume that went from COP 7.6 billion in 2025 to COP 11.07 billion in 2026. At the end of June, the share had a price of COP 29,500 in a range that oscillated between COP 24,720 and 36,000 in the year, an average of COP 29,214. With the closing price, the company reached an appreciation of around COP 32.7 trillion, and we show a dividend decreed of COP 1,090, with a yield estimated at 4.4%.

Let us now talk about the behavior of the share at the end of June, between January and June, the ISA share.

Showed an appreciation of 20% reflecting a positive behavior in the market.

Outperforming the 10% increase of the local index call cap. It is worth highlighting that on June 19th of this year, the share reached a new historical maximum value of 36,000 pesos. The liquidity

Of the stock continues, uh, to improve with an increase of 45% and with a daily trading. Volume that went from 7,

.6 billion pesos in 2025, to 11.07 billion pesos in 2026. At the end of June, the share had a price of 29.5 29500 pesos in a Range that oscillated between 4 247 and 36,000. In the year, an average of 29,214 pesos.

With the closing at the closing price, the company reached.

An appreciation of around 3, 2. 7.

Jaime Falquez: We also include in our slides some market indicators where we compare ISA with some Latin American peers. These indicators reflect the strength of ISA and the quality of its assets, and we can see this is evidenced by a premium-to-book value compared to the peers in the region. In terms of the market value, we can see that the company is still being traded with discounts, which shows that there could be opportunities for capturing further value. With this, I conclude the financial chapter, and I give the floor to Patricia, who will provide some closing remarks. Thank you, Jaime. I would like to conclude this call with the main messages. We continue with determination in the growth of ISA, moving forward in the execution of the investment commitments, which add up to COP 8 billion by 2030.

We show a dividend decree of 1,090 pesos, with a yield estimated at 4.4%. We also include in our slides some market indicators, where we compare ISA with some Latin American peers.

this indicators, reflect the strength of these and the quality of its assets and we can see

We—this is evidenced by a premium to book value compared to the peers in the region, and in terms of the market value, we can see that the company is still being traded. We—

At discounts, which shows that there could be opportunities for capturing further value with this. I conclude the financial chapter and give the floor to Patricia, who will provide some closing remarks.

Patricia Castaño: Thank you, Jaime. I would like to conclude this call with the main messages. We continue with determination in the growth of ISA, moving forward in the execution of the investment commitments, which add up to COP 8 billion by 2030.

Thank you. Hi man.

I would like to conclude.

This, uh, call with the main messages.

Olga Patricia Castaño Díaz: We closed the Q1 with a good performance, with a growth in EBITDA and net income, thanks to the new projects that were commissioned and the new awarded projects. This result is very positive given the adverse effects that we have had. We continued managing the capital structure, looking for the best conditions to leverage our growth. ISA's share had a positive performance during the H1 with an appreciation of 20%. ISA was recognized for its good practices, and it was again included in the Dow Jones Sustainability Index in the Utilities Sector. To conclude, I would like to share with you that the board of directors approved the update of title of the general assembly of the Code of Good Corporate Governance. This modification consolidates in a single governance instrument the rules applicable to the assembly.

Patricia Castaño: We closed the Q1 with a good performance, with a growth in EBITDA and net income, thanks to the new projects that were commissioned and the new awarded projects. This result is very positive given the adverse effects that we have had. We continued managing the capital structure, looking for the best conditions to leverage our growth. ISA's share had a positive performance during the H1 with an appreciation of 20%. ISA was recognized for its good practices, and it was again included in the Dow Jones Sustainability Index in the Utilities Sector. To conclude, I would like to share with you that the board of directors approved the update of title of the general assembly of the Code of Good Corporate Governance. This modification consolidates in a single governance instrument the rules applicable to the assembly.

We continue with the termination in the growth of Visa moving forward in the execution of the investment commitments, which add up to $8 billion by 2013.

We closed the first trimester with good performance, with a growth indicator, and that income was thanks to the new projects that were commissioned and then the newly awarded projects.

This result is very positive, given the circumstances.

Adverse effects that we have had.

We continued um, managing the capital structure?

Looking for the best conditions to leverage our growth.

E says share had a positive performance during the first half of the year with an appreciation of 20%.

For its good practices, it was again included in the Dow Jones Best-in-Class Index in the utility sector. To conclude, I would like to share with you that...

Olga Patricia Castaño Díaz: It modernizes its functioning, incorporating provisions that enable the use of technology tools for quorum verification and electronic voting. Also, the adoption of practices geared to the development of a more orderly and efficient shareholder assembly, which are elements that are part of the best practices of corporate governance. Thank you very much again for connecting today. Let us now start with the Q&A session. Thank you very much, Patricia. We now start with the Q&A session. Let us now go to Florencia's question from MetLife. She is asking if we have any comments on the rumor of Ecopetrol selling ISA. I give you the floor, Patricia. Florencia, thank you very much for your question. In general, ISA does not speculate, and we do not comment on rumors that have not been confirmed publicly.

Patricia Castaño: It modernizes its functioning, incorporating provisions that enable the use of technology tools for quorum verification and electronic voting. Also, the adoption of practices geared to the development of a more orderly and efficient shareholder assembly, which are elements that are part of the best practices of corporate governance. Thank you very much again for connecting today. Let us now start with the Q&A session.

The Board of Directors approved the update of the title to, in, of the General Assembly—General Assembly, uh, of the Code of Good Corporate Governance. These modifications consolidate in a single governance instrument the rules applicable to the assembly. It modernizes its functioning, incorporating provisions that enable the use of technology tools for quorum verification and electronic voting, such as the — and also the adoption of practices geared to the development and more orderly and efficient—.

Shareholders' assembly, which starts at 11. This is part of the best practices of corporate governance. Thank you very much again for connecting today.

And let us now start with a Q&A session.

Mateo Ochoa: Thank you very much, Patricia. We now start with the Q&A session. Let us now go to Florencia's question from MetLife. She is asking if we have any comments on the rumor of Ecopetrol selling ISA. I give you the floor, Patricia.

Thank you very much Patricia.

Patricia Castaño: Florencia, thank you very much for your question. In general, ISA does not speculate, and we do not comment on rumors that have not been confirmed publicly.

and we now start with the Q&A session, let us now go um to florencia's question from medlife and she is asking if we have a any comments on the rumor of a cop patrol selling Issa and I give you the floor, um, Patricia

Florencia, thank you very much for your question.

Olga Patricia Castaño Díaz: In particular, in a call like this, ISA would be what is going to be sold. Because of that, it is not for us to comment on that. However, as issuer, any decision or operation that becomes relevant will, of course, be communicated to the market through our formal channels. Thank you, Patricia. We continue with the Q&A session with a question from Andrés Duarte from Corficolombiana. In the investments plan by 2030, what participation will have the new solutions business line, "decentralized solutions" and energy storage, and whether the projects are going to be greenfield? Again, Patricia, I give you the floor to answer this question. I was sorry. I was on mute. Thank you very much for that question.

Patricia Castaño: In particular, in a call like this, ISA would be what is going to be sold. Because of that, it is not for us to comment on that. However, as issuer, any decision or operation that becomes relevant will, of course, be communicated to the market through our formal channels.

in general Issa does not speculate and we do not comment on rumors that have not been confirmed publicly but in particular um, in a cult like this,

Isa would be the.

What is going to be sold, and because of that, it is not for us to comment on that. However, as issuer, any decision or operation that becomes relevant will, of course, be communicated to the market through our formal channels.

Mateo Ochoa: Thank you, Patricia. We continue with the Q&A session with a question from Andrés Duarte from Corficolombiana. In the investments plan by 2030, what participation will have the new solutions business line, "decentralized solutions" and energy storage, and whether the projects are going to be greenfield? Again, Patricia, I give you the floor to answer this question.

Thank you, Patricia.

We continue with the Q&A session with a question from Andres dwart from Quarry, Columbia in the investments plan. By 2030. What participation will have the new Solutions business line.

Quote, unquote, decentralized solutions and energy storage, and whether the projects are going to be greenfield. Again, Patricia, I give you the floor to answer this question.

Patricia Castaño: I was sorry. I was on mute. Thank you very much for that question.

I'm sorry, I was on mute. Thank you very much for that question.

Olga Patricia Castaño Díaz: We declared in the 2040 strategy, a definition for allocating CapEx between COP 6.7 and 7.2 trillion in an item called new energy businesses, where we have this distributed energy solutions item. Every year, we conduct an exercise, even sometimes a year, a rigorous exercise where we prioritize those capital allocations for the opportunities that we can see in the pipeline for each item. In that sense, our 2040 goal has not been modified. However, this year, given all the opportunities that we have in energy transmission, especially in Colombia, we have also had awards of relevant projects. The allocation for energy solutions has been moved to following years, but the 2040 goal in the new energy businesses item continues being valid. Thank you, Patricia. We now continue with the following question from Carlos Duque, journalist from the La República newspaper.

Patricia Castaño: We declared in the 2040 strategy, a definition for allocating CapEx between COP 6.7 and 7.2 trillion in an item called new energy businesses, where we have this distributed energy solutions item. Every year, we conduct an exercise, even sometimes a year, a rigorous exercise where we prioritize those capital allocations for the opportunities that we can see in the pipeline for each item. In that sense, our 2040 goal has not been modified. However, this year, given all the opportunities that we have in energy transmission, especially in Colombia, we have also had awards of relevant projects. The allocation for energy solutions has been moved to following years, but the 2040 goal in the new energy businesses item continues being valid.

We declared this in the 2040 strategy.

a definition for allocating Capital between 6.7 and

7.2 trillion dollars in an item called new business, a new energy businesses, where we have this distributed Energy Solutions item every year. We conduct an SX size, even sometimes a year, a rigorous exercise. What? We prioritize those capital allocations for the opportunities that we can see in the pipeline.

For each item. In that sense, our goal, our 2040 goal has not been modified. However, this year, giving all the opportunities that we have energy energy, energy Transmissions specially in Colombia, we have also had

Mateo Ochoa: Thank you, Patricia. We now continue with the following question from Carlos Duque, journalist from the La República newspaper.

Um, awards of relevant projects. So the allocation for, and it is as solution, has been moved to the following years, but the 2040 goal in the new energy businesses item continues to be valid. Thank you, Patricia.

Mateo Ochoa Toro: Colombia contributes 17% of the net income of the group. Are you expecting to increase that weight in the following years? What projects and investments will be key to reach that? I give the floor to Gabriel Megiso, Vice President of Energy Transmission, for that answer. Good morning. Thank you very much for your question. In Colombia, we have many investment expectations that of course depend on new planning schemes for the grid, and resolutions that are luckily being issued, such as the resilience resolutions and some others that will be supporting energy transition. We expect that the growth of our contribution or of Colombia to the EBITDA is greater through works such as the ones we are building, which are fundamental for energy transmission, such as synchronous compensators.

Mateo Ochoa: Colombia contributes 17% of the net income of the group. Are you expecting to increase that weight in the following years? What projects and investments will be key to reach that? I give the floor to Gabriel Megiso, Vice President of Energy Transmission, for that answer.

Gabriel Melguizo: Good morning. Thank you very much for your question. In Colombia, we have many investment expectations that of course depend on new planning schemes for the grid, and resolutions that are luckily being issued, such as the resilience resolutions and some others that will be supporting energy transition. We expect that the growth of our contribution or of Colombia to the EBITDA is greater through works such as the ones we are building, which are fundamental for energy transmission, such as synchronous compensators.

We now continue with the following question, from Carlos, Duke journalist from the LA repubblica newspaper, Columbia contributes, 17% of the net income, uh, of the group. Are you expecting to increase that weight in the following years and what projects and investments will be key to reach that? I give the floor to Gabrielle, meiso, vice president of energy transmission for that answer. Good morning, thank you very much for your question.

In Colombia, we have many investment expectations that, of course, depend on new planning schemes.

Uh, for the grid.

and resolutions that are

Luckily being issued such as the resilience resolutions and some others that will be supporting energy transition. We expect that the growth

Of our contribution.

Gabriel Jaime Melguizo Posada: That is a project that we are developing for several billion COP, and we are working on two other important projects, which are the Sogamoso La Loma line, which is extremely relevant for energy transmission, as well as the Carriole substation. With the resolution I mentioned on resilience, we open a very important door so that Colombia can work harmonically on the growth of the generation segment of business together with transmission, which is very, very important. This resolution, which has just been issued, should of course be granted different mechanisms so that it can be operational concretely and will give us the right signals for investment. In this way, we expect through the contribution of ISA to energy transition, we expect to increase our investment in Colombia and have a greater percentage in the EBITDA and our income in the portfolio of ISA. Thank you very much.

Gabriel Melguizo: That is a project that we are developing for several billion COP, and we are working on two other important projects, which are the Sogamoso La Loma line, which is extremely relevant for energy transmission, as well as the Carriole substation. With the resolution I mentioned on resilience, we open a very important door so that Colombia can work harmonically on the growth of the generation segment of business together with transmission, which is very, very important. This resolution, which has just been issued, should of course be granted different mechanisms so that it can be operational concretely and will give us the right signals for investment. In this way, we expect through the contribution of ISA to energy transition, we expect to increase our investment in Colombia and have a greater percentage in the EBITDA and our income in the portfolio of ISA. Thank you very much.

To the ibida Visa is greater through works. Such as the ones we are building, which are fundamental for energy transmission. Such as synchronous compensators. There is a project that we are developing for several billion dollars and we are the working on on 2, other important projects, which are the SOA Mo La line, which is extremely relevant for energy transmission, as well as the career substation.

With the resolution I mentioned on resilience, we open a very important role so that Columbia can work harmonically on the growth of the of the generation segment or business together with transmission, which is very, very important this resolution which has just been issued, should of course, be granted different mechanisms so that it can um, be operational. Concretely and will give us the right signals for investment in this way. We expect through the contribution of visa to try energy transition. We expect to increase our investment in Colombia and have a greater percentage of in the ibida and our income in the portfolio. Visa, thank you very much.

Mateo Ochoa Toro: Thank you, Gabriel. We now continue with the following question. Question, please. One second. Okay. We continue with a question from Conrado, who says, could you please provide more details on the performance on the roads segment in Q2 2026? Was this improvement given the indexation of tariffs to the UF, or were there different factors? What should we expect margins to go back to the normal margins run in previous periods? This question will be answered by Jaime Valquez, our Financial Vice President. Thank you, Conrado, for that question. We have several elements in order to replicate this result. On the one hand, having the income. Thank you very much, everyone. We apologize for network inconvenience, but we will repeat Jaime Falquez' answer to the financial results. Thank you, Mateo, and thank you Conrado again for your question.

Mateo Ochoa: Thank you, Gabriel. We now continue with the following question. Question, please. One second. Okay. We continue with a question from Conrado, who says, could you please provide more details on the performance on the roads segment in Q2 2026? Was this improvement given the indexation of tariffs to the UF, or were there different factors? What should we expect margins to go back to the normal margins run in previous periods? This question will be answered by Jaime Valquez, our Financial Vice President.

Thank you, Javier.

We now continue with the following question.

Question please.

1 second.

Okay, we can continue with a question from Conrad, who says: Could you please provide more details on the performance of the roads segment in the second quarter of 2026? Was this improvement due to the indexation of tariffs to the UF, or were there different factors? What?

Should we expect modules to, um, go back to the normal margin sign-in in previous periods?

This question will be answered by. I mean, if I guess our financial vice president

Jaime Falquez: Thank you, Conrado, for that question. We have several elements in order to replicate this result. On the one hand, having the income.

Thank you, Conrad, for that question. We

Have several elements in order to replicate this. Um, resulting

on the 1 hand, having the income

about the moment.

Mateo Ochoa: Thank you very much, everyone. We apologize for network inconvenience, but we will repeat Jaime Falquez' answer to the financial results.

Thank you very much, everyone. We apologize for the network.

Inconvenience, but we will repeat. Hi, Meethile. Cases: answer to their financial response, financial results. I'm sorry.

Jaime Falquez: Thank you, Mateo, and thank you Conrado again for your question.

Thank you, Mateo, and thank you again for your question.

Jaime Falquez: The results on roads that we have seen, we have had an improvement this year compared to the same periods in the previous year. This is mainly supported by the higher income due to currency correction, especially increase by the UF, the increase in the UF, as Conrado explained in his question. Additionally, we're reflecting the revenue in construction, new projects such as the Eastern Highway and Orbital Sur highway in Chile. They are now being built, going into the construction phase, and we expect to maintain these levels and margins for the following months, again, aligned with the progress in the execution of these projects. Thank you very much. Thank you, Jaime. We now continue with the questions. We have a question from Florencia, from MetLife.

The results on roads that we have seen show an improvement this year compared to the same periods in the previous year. This is mainly supported by the higher income due to

Currency correction, especially increased by the US increasing the UF, as Contra explained in his question. Additionally, we are reflecting the...

revenue in construction new projects such as the East and Highway and orbitals Highway in Chile. They are now

Mateo Ochoa: Thank you, Jaime. We now continue with the questions. We have a question from Florencia, from MetLife.

Being built going into the construction phase, and we expect to maintain these levels and margins for the following months again, aligned with the progress in the execution of these projects. Thank you very much.

Hi ma'am.

We will now continue with the questions.

Mateo Ochoa Toro: Do you have an update on the InterChile case, and could you please provide some ideas about the election of the new CEO? I suggest to split this question into two parts. On the one hand, Gabriel Melguizo, who is the Vice President of Energy Transmission, for updating us on the InterChile case from last year, and Patricia will answer the question about the new CEO. Thank you, Florencia, for your question. First of all, I would like to give you some background. You know that on 20 February 2026, InterChile was notified by this electricity and fuels superintendency for a fine of around COP 24.5 million, given the lack of availability on 25 October 2025. About this fine, this penalization, the legal team and the company analyzed the case and decided to appeal the resolution in all the different instances.

Mateo Ochoa: Do you have an update on the InterChile case, and could you please provide some ideas about the election of the new CEO? I suggest to split this question into two parts. On the one hand, Gabriel Melguizo, who is the Vice President of Energy Transmission, for updating us on the InterChile case from last year, and Patricia will answer the question about the new CEO.

We have a question from Florencia from medlife to have an update on the inter Sheila case and could you please provide some um ideas about the election of the new CEO. And I suggest to split this question into 2 parts on the 1 half Gabrielle, who is the vice president of an editor? Transmission for a uh dating us on the internet. Sheila case from, um,

last year, and

Gabriel Melguizo: Thank you, Florencia, for your question. First of all, I would like to give you some background. You know that on 20 February 2026, InterChile was notified by this electricity and fuels superintendency for a fine of around COP 24.5 million, given the lack of availability on 25 October 2025. About this fine, this penalization, the legal team and the company analyzed the case and decided to appeal the resolution in all the different instances.

Patricia will answer the question about the NUE Co. Thank you, Florencia, for your question. First of all, I would like to give you some background. You know that on the 20th of February this year, 2026, in Chile, we were notified by the Electricity and Fuels Superintendency, uh,

Um, for a fine of around $24.5 million, given the lack of availability on October 25, 2025.

about this fine, this penalization, the legal team and the company are analyzed the

Gabriel Jaime Melguizo Posada: It acted through appeal resource before the Superintendency, and we highlighted that there was unauthorized human intervention in the protection schemes on this line. The technical background shows that this event corresponds to a force majeure event associated with the unavoidable activation of those schemes, which is an extremely infrequent case. We only know one case in 17,200 units manufactured. However, ISGEN here at Chile has reinforced its different processes to coordinate technically with the intention of contributing to a more robustness of the system. Finally, we would like to clarify that the company has not made any fine or penalization, given that this appeal is trying to have the Superintendency to correct the sentence, and that it will be the position of the company during this appeal process. Thank you very much for this question, Florencia.

Gabriel Melguizo: It acted through appeal resource before the Superintendency, and we highlighted that there was unauthorized human intervention in the protection schemes on this line. The technical background shows that this event corresponds to a force majeure event associated with the unavoidable activation of those schemes, which is an extremely infrequent case. We only know one case in 17,200 units manufactured. However, ISGEN here at Chile has reinforced its different processes to coordinate technically with the intention of contributing to a more robustness of the system. Finally, we would like to clarify that the company has not made any fine or penalization, given that this appeal is trying to have the Superintendency to correct the sentence, and that it will be the position of the company during this appeal process. Thank you very much for this question, Florencia.

Case and decided to appeal this resolution at all, in all the different instances. It acted through uh, appeal resource, uh,

Before the Supreme tendency, and we highlighted that there was no non-authorized human intervention in the protection schemes on these lines.

The technical background shows that this event corresponds to a fourth major event associated with the unavoidable activation of those schemes, which is an extremely infrequent case.

Where we only know 1 case in 17,200 units. And manufactured. However is centered here at Chile has reinforced is different processes to coordinate. Technically, with the intention of contributing to a more robustness of the system. Finally, we would like to clarify that the company has not made any final penalization given that this appeal is trying to have the superintendency to correct their sentence, and that it will be the position of the company during this appeal process. Thank you very much for this question Florencia.

Olga Patricia Castaño Díaz: Florencia, I would like to answer your question about the selection of the new president of ISA, with the information I have and can tell you. The responsibility of selecting the president is that of the Talent Committee of the Board of Directors. This process is moving forward in coming up with preparatory actions that are necessary to comply with the ruling of the Council of State. At the moment, the Talent Committee of the Board of Directors is analyzing the different scenarios and the different considerations with the intention of ensuring that this process happens in the most rigorous and orderly fashion. Of course, agreeing with the different decisions that have to be made in the competent instances. To summarize, we are moving forward with the process, of course, following the ruling of the Council of State and of course, ensuring rigorosity.

Patricia Castaño: Florencia, I would like to answer your question about the selection of the new president of ISA, with the information I have and can tell you. The responsibility of selecting the president is that of the Talent Committee of the Board of Directors. This process is moving forward in coming up with preparatory actions that are necessary to comply with the ruling of the Council of State. At the moment, the Talent Committee of the Board of Directors is analyzing the different scenarios and the different considerations with the intention of ensuring that this process happens in the most rigorous and orderly fashion. Of course, agreeing with the different decisions that have to be made in the competent instances. To summarize, we are moving forward with the process, of course, following the ruling of the Council of State and of course, ensuring rigorosity.

Sorry, I would like to answer your question about the selection of the new president of Visa with the information I have. I can tell you that the responsibility for selecting the president is that of the Tallac Committee of the Board of Directors. This process is moving forward in

Coming up with preparatory actions that are necessary.

to comply with the

ruling of the State Council at the moment. The Talent Committee of the Board of Directors is analyzing the different scenarios and the different considerations, with the intention of ensuring that this process happens in the most rigorous and orderly fashion. And of course,

Agreeing with different decisions that have to be made in the competent instances. So, to summarize, we are moving forward with the process.

Mateo Ochoa Toro: We will, of course, communicate progress, but at the moment it is still under process. Thank you, Patricia. We now continue with the following question from Andrés Duarte, Corficolombiana. Please update us on the tariff regulation that will affect the transmission business in Brazil and Colombia in the following years, and maybe in other countries in case there are updates. I would like to give the floor to Pablo Franco, who is an Expert on Regulation, to give us some background and answer this question. Good morning. Thanks very much, Andrés, for your question. About the tariff review, the regulator has issued three resolution projects. The last one was issued more than 10 years ago in 2016. This resolution project proposes a scheme changing to one with depreciated costs.

Mateo Ochoa: We will, of course, communicate progress, but at the moment it is still under process. Thank you, Patricia. We now continue with the following question from Andrés Duarte, Corficolombiana. Please update us on the tariff regulation that will affect the transmission business in Brazil and Colombia in the following years, and maybe in other countries in case there are updates. I would like to give the floor to Pablo Franco, who is an Expert on Regulation, to give us some background and answer this question.

Of course, following the ruling of the state counts and, of course, ensuring regularity, we will, of course, communicate progress.

But at the moment, it is still in the process.

Thank you, Patricia.

We now continue with the following question from Andre Darte, Colombia. Please update us on the type of regulation that will affect the transmission business in Brazil and Colombia in the following years.

Maybe in other countries, in case there are updates, I would like to give the floor to Paulo Franco who is an expert on regulation to give us some background that answers this question.

Pablo Franco: Good morning. Thanks very much, Andrés, for your question. About the tariff review, the regulator has issued three resolution projects. The last one was issued more than 10 years ago in 2016. This resolution project proposes a scheme changing to one with depreciated costs.

Good morning.

Thanks very much, and thanks for your question.

Uh, about the tire review.

The regulator has issued three resolution projects; the last one was issued more than 10 years ago, in 2016, and the resolution project proposes a scheme.

Pablo Franco: The review of the different parameters that are part of the methodology, and also this entity issued in 2021, two resolutions that define the methodology for determining the recognized capital cost for the transmission activity. It is, of course, important, Andrés, and everyone, to take into account that according to the CREG issuance 252, we had provided that in Q2, a fourth resolution project would be published.

Methodology for determining the capital cost recognized. Capital cost for the translation activity.

It is, of course, important, Andres, and everyone, to take into account that according to the two hundred, um, five oh two, um,

Pablo Franco: However, to date, this fourth project has not been published or issued, and we understand that in the priorities of the regulator and what these institutions have, in light of the El Niño phenomenon and all the priorities in the sector, the resolution project would be being issued in Q1 2027, and with a final resolution in Q2 2027, of course, considering the different times that are required for issuing these resolutions that are particular for each company. We are foreseeing that the application of the new scheme in Colombia would be We apologize. We lost the call for a second. Pablo. Thank you very much. We apologize. We again had a connection issue, but we will now continue with our call with Pablo Franco. Pablo, you have the floor. Thank you, Mateo.

Um, insurance, uh, from Craig. We had provided that in the second quarter there would be a resolution. A fourth resolution project would be published; however, to date, this fourth project has not been published or issued. And we understand that in the priorities of the regulator, and what these institutions have in light of the El Niño phenomenon and all the priorities in the sector,

The resolution project would be issued in the first quarter of 2027, with a final resolution in the second quarter of 2027, of course, considering the different times that are required for issuing. These are solutions that are particularly average for the company.

Um, so we are foreseeing that the application of the new scheme in Colombia would be—

Mateo Ochoa: We apologize. We lost the call for a second. Pablo. Thank you very much. We apologize. We again had a connection issue, but we will now continue with our call with Pablo Franco. Pablo, you have the floor.

We apologize. The

Call, we lost the call for a second.

Thank you very much.

We apologize. We again had a connection issue, but we will now continue with our call.

With Pablo Franco.

Pablo Franco: Thank you, Mateo.

Pablo, you have the floor.

Pablo Franco: Again, as we had said, we were talking about the periodical tariff review process, and we said that according to the CREG resolution 242, where we indicate the agenda for this year, it was provided that to have the fourth resolution project already published. To date, this has not been issued or published. We understand this is due to the priorities that the regulator has in light of the El Niño phenomenon and other situations that have been occurring. The fact that this fourth resolution project would be issued or published at the beginning of 2027 with a final resolution at the end of that year, 2027. We should have, of course, particular resolutions for each company. What we would expect is resolutions to be valid in 2028, applying the revised or reviewed scheme in 2029.

Thank you, Mateo.

Again, as we had said, uh, we were talking about the periodical tariff review process and we said that according to the 242 Craig, uh, resolution where we indicate the agenda for this year, it was provided to have the fourth resolution project already published, however, to date. This has not been issued or published. And we understand this is due to the priorities that the regulator has in light of the new phenomenon, and other situations that have been

Occurring. The fact that this fourth resolution project would be issued or published at the beginning of 2027, with a final resolution at the end of that year 2027 and

And we should have, of course, particular resolutions for each company. So what you—we would expect these resolutions to be valid in 2028.

Pablo Franco: It is important to take into account that the projected effects of this tariff review have been incorporated into our own financial forecasts in the last few years. For the case of Brazil, the periodical transmission tariff review was already applied for the period 2023-2028, with results that were very positive for the business, for the company, and which we have presented in a previous call. Now, the next revision is for the period 2028-2030. If we remember, in Brazil, it is five-year periods, and the company is preparing itself to come up with value propositions in this review process that the national regulator in Brazil will conduct. Andrés is also asking about these tariff revisions or reviews in other countries. The next one is Chile. The one for Chile was expected for the period 2024-2027.

I played applying the revised or reviewed scheme for in 2029. This is important to think into account that the projected effects of this Theory review have been incorporated into our own Financial forecasts in the last few years, for the case of Brazil, the tarot, the periodical transmission. Uh, tarot review was already applied for the period 2023 2028 with the results that were very positive for the business for the company. And which we have presented,

Pablo Franco: The process did not happen as it was foreseen, and we knew a bill that was passed by the Chilean government that is trying to extend the current cycle to 2027. Basically, they are going to extend the regulatory period, and the next review will be for 2028-2031. I conclude by saying that ISA, of course, keeps an eye on all the countries where we are to present different proposals in a timely fashion, in an anticipated way, to be able to have analysis and conversations with the regulators in all the countries we have presence in. Thank you very much, Andrés and everyone. Thank you, Pablo. We continue with more questions. Next question from Juan Felipe Becerra, Credicorp. Thank you for your presentation. He says, Can you please detail the increase in the financial expenses?

In our previous call. Now, the next revision is, uh, for the period 2028 2033. We remember, in Brazil, it's 5 year, period. And the company is preparing itself to come up with value propositions in this, uh, review process, uh, that the, the national um, regulator in Brazil, will conduct Andres is also asking about um, this time of revisions in or reviews in other countries. And the next 1 is Chile. The 1 for chile was expected for the period 2024 2027. However the process did not happen as it was foreseen and we knew a bill that was passed by the Chilean government that is is trying to extend and the current cycle to 2027.

So basically, they're going to extend the regulatory period, and the next review will be in 2042 or 2031.

I conclude by saying that ISA, of course.

Keeps an eye on all the countries where we are.

To present different proposals in a timely fashion.

Mateo Ochoa: Thank you, Pablo. We continue with more questions. Next question from Juan Felipe Becerra, Credicorp. Thank you for your presentation. He says, Can you please detail the increase in the financial expenses?

In anticipated way to be able to have analysis and conversations with The Regulators. In all the countries, we have presence in. Thank you very much Andres and everyone

Thank you, Pablo.

We continue with more questions.

Thanks question from Juan Felipe.

Mateo Ochoa Toro: If we expect these levels to be maintained in the future, given the expectations of the interest rates and exchange rates, and what strategies could we implement to mitigate this impact?" I give the floor to Jaime Falquez, Financial Vice President. Yes, thank you. Thank you for your question. That's an interesting question. I would start by saying that we have an investment plan that is already in execution, which could be COP 8 billion, and it is distributed around different geographies. These financial expenses that we are seeing and that we are projecting are aligned with the execution and the progress of these projects, which of course have a financing component that has already been taken into account, and that comes from the estimation of the different business cases.

Mateo Ochoa: If we expect these levels to be maintained in the future, given the expectations of the interest rates and exchange rates, and what strategies could we implement to mitigate this impact?" I give the floor to Jaime Falquez, Financial Vice President.

Thank you for your presentation. He says, can you please detail the increase in the financial expenses and if we expect these levels to be maintained in the future, given the expectations of the interest rates and exchange rates and what strategies could we Implement to mitigate this impact?

Jaime Falquez: Yes, thank you. Thank you for your question. That's an interesting question. I would start by saying that we have an investment plan that is already in execution, which could be COP 8 billion, and it is distributed around different geographies. These financial expenses that we are seeing and that we are projecting are aligned with the execution and the progress of these projects, which of course have a financing component that has already been taken into account, and that comes from the estimation of the different business cases.

I give the floor to the Financial Vice President.

Yes, thank you.

Thank you for your question.

That's uh, an interesting question.

I would start by saying that we have an investment plan that is already in execution, which could be 8 billion dollars and it is distributed around different geographies.

These Financial expenses that we are seeing and that we are projecting our line with the execution and the progress of these projects.

which of course, has

Jaime Falquez: Something important in terms of financial risk management in the company is that we give privilege to the natural hedges in projects. In Peru, we have projects that are financed in dollars. They're long-term financing projects, project finance strategies, where we have natural hedges in each one of the countries. The same thing happened in the projects like Brazil. In Peru and Chile, where right from the moment of being awarded, we create our hedge for the interest rates. Depending on the exchange rate, we have a natural hedge in each country where we are trying to keep the debt in the same currency of income and accounting. When we consolidate the different financial statements in COP, when we bring them from Peru, Chile, Brazil, as Colombian peso is of course becoming stronger, it will be less, I figure that's smaller in pesos.

A financing component that has already been taken into account and that comes from the estimation of the different business cases. Something important, in terms of Financial Risk Management in the company, is that we, uh, we give privilege to the Natural hedges in projects. Um,

In Peru, we have projects that are financed in dollars—these are long-term financing projects and project finance strategies that we have.

Natural hedges in each 1 of the countries and the same.

Same thing happened in the uh projects like Brazil. We have um some that are in Peru and Chile were right. From the moment of our being awarded, we create our hedge of the for the interest rates, and depending on the uh, exchange rate, we have a natural hedge in each country where we are trying to keep the debt in the same currency of income and accounting. When we consolidate the different Finance financial statements in cop in when we bring them from Peru, Chile Brazil,

Colombian peso is, of course, becoming stronger. He will be

Jaime Falquez: This of course does not risk the capacity of each one of the operations of meeting their obligations and paying for the financing. That is why in terms of the effect that we saw in the results that the contractual escalators, if we look at this slide, they are practically being compensated. The escalators are offsetting the increases. We have COP 71 billion, and due to the effect in the depreciation, it's COP -61. The natural hedges will cover for the increases in inflation. These natural hedges are in the same currency of the income. Again, we have long-term financing that is already defined. Of course, the businesses that we start closing in the future will start collecting all the macro conditions and the interest rates effects that are, of course, current at the moment of closing each one of those offers.

less, I figured that smaller in pesos but this of course does not

Risk: the capacity of each one of the operations to meet their obligations and

um,

pain for the financing—that is why, in terms of the effect that we saw in the results, the contractual escalate is, uh,

If we look at this slide,

The practically being compensated, the escalators are offsetting the increases. Uh, we have 71 billion pesos, um,

And Newton in fact in the depreciation in 61 negative and the natural. Hedges will, uh, cover for the

Update, um, increases in inflation. And these natural hedges are in the same currency as the income. And again, we have long-term financing that is already defined. Of course, the businesses that we start closing in the future will be, start collecting all the macro conditions, and the interest rates affect that are, of course, current at the moment of closing each one of those.

Mateo Ochoa Toro: I hope I answered your question. Thank you, Jaime. We now continue with a question that has been repeated in the Q&A. Through the screen, our investors are sharing with us and asking us whether we can update them or show what we expect in terms of the El Niño phenomenon in Colombia towards the end of this year. We're expecting this to impact in any way the cash flow, and whether we can see an impact in the working capital, given a possible stress in the national energy system. With that, I give the floor to Patricia Castaño, the Acting President of ISA. Thank you for that question. It includes several questions in one, of course, and I am going to refer to the effects to our income or to our financial results.

Jaime Falquez: I hope I answered your question.

Office. I hope I answered your question.

Mateo Ochoa: Thank you, Jaime. We now continue with a question that has been repeated in the Q&A. Through the screen, our investors are sharing with us and asking us whether we can update them or show what we expect in terms of the El Niño phenomenon in Colombia towards the end of this year. We're expecting this to impact in any way the cash flow, and whether we can see an impact in the working capital, given a possible stress in the national energy system. With that, I give the floor to Patricia Castaño, the Acting President of ISA.

Thank you. Hi ma'am.

We now continue with a question that has been repeated in the Q&A.

Go to Patricia castano.

Patricia Castaño: Thank you for that question. It includes several questions in one, of course, and I am going to refer to the effects to our income or to our financial results.

The acting president of Visa.

Thank you for that question.

It includes several questions in 1, of course. And I am going to refer to

Olga Patricia Castaño Díaz: I remind you, and I had already mentioned this, our business model is regulated, and we have income that does not depend on the energy demand. In that respect, our income will not be affected, but that does not mean that we are not going to be indifferent given the impacts of the El Niño phenomenon. Of course, we have solidarity towards the situation, and we understand the severity of this condition, both for the users of our power service, and for some of the companies in the chain, and for the country at large. With this background, we are conducting several actions. The first thing is that we have an action plan that has three fronts: readiness, maintenance, and contingency.

Patricia Castaño: I remind you, and I had already mentioned this, our business model is regulated, and we have income that does not depend on the energy demand. In that respect, our income will not be affected, but that does not mean that we are not going to be indifferent given the impacts of the El Niño phenomenon. Of course, we have solidarity towards the situation, and we understand the severity of this condition, both for the users of our power service, and for some of the companies in the chain, and for the country at large. With this background, we are conducting several actions. The first thing is that we have an action plan that has three fronts: readiness, maintenance, and contingency.

The effects to our income Auto, our financial results.

I remind you, as I have already mentioned, our business model is regulated, and we have income that does not depend on energy demand.

In that respect, our income will not be affected, but that does not mean that we are not going to.

Be indifferent given the impacts of building your phenomenon. Of course, we have solidarity towards the situation, and we understand the severity of this condition.

both for the users of our

With this background, we are conducting several actions. The first thing is that we have an action plan that has three fronts: readiness, maintenance, and contingency.

Olga Patricia Castaño Díaz: This plan has been executed from April 2026 to June 2027 to mitigate the risks linked to the El Niño phenomenon in our infrastructure and to be able to ensure what I mentioned before, the availability of the network under all circumstances. The plan considers specific actions for assessment and monitoring of assets, which are very critical: rescheduling maintenance activities, satellite monitoring of the infrastructure, availability of key resources in strategic places, mobile substations, spare parts, and emergency powers. Of course, we are very rigorous and we have a long-term vision to guarantee a reliable transmission system. We are planning future scenarios, and we desire infrastructure with high standards that will allow us to cover for these critical moments. That is referring to the possible effects on infrastructure and, of course, to the reliability as a source of income, and, of course, an effect on our financial results.

Patricia Castaño: This plan has been executed from April 2026 to June 2027 to mitigate the risks linked to the El Niño phenomenon in our infrastructure and to be able to ensure what I mentioned before, the availability of the network under all circumstances. The plan considers specific actions for assessment and monitoring of assets, which are very critical: rescheduling maintenance activities, satellite monitoring of the infrastructure, availability of key resources in strategic places, mobile substations, spare parts, and emergency powers. Of course, we are very rigorous and we have a long-term vision to guarantee a reliable transmission system. We are planning future scenarios, and we desire infrastructure with high standards that will allow us to cover for these critical moments. That is referring to the possible effects on infrastructure and, of course, to the reliability as a source of income, and, of course, an effect on our financial results.

This plan has been executed from April 2026 to June 2027, to mitigate the risks linked to the lingo phenomenon in our infrastructure and to be able to ensure what I mentioned before—the availability of the network under all circumstances.

The plan considers specific actions for assessment and monitoring of assets, which are very critical.

Rescheduling maintenance activities, satellite monitoring of the infrastructure.

Availability of Key Resources.

In strategic places, mobile substations, spare parts, and emergency power sources.

And, of course, we are very rigorous, and we have a long-term vision to guarantee a reliable transmission system. We are planning future scenarios. And with this, uh,

Infrastructure. We have high standards that will allow us to cover for these critical moments.

That's referring to the possible effects on infrastructure and...

Jaime Falquez: I think Jaime maybe could complement this answer regarding the effects on the financial results. Thank you. Thank you. Yes, it is important to highlight, and Pablo can complement this answer, the nature of the income of the business that is a regulated business. That is why the income is already defined in the concession contracts, and they will not be affected by these type of phenomena. Of course, we will experience operating challenges, where surely in terms of the operation and the maintenance of our infrastructure, we will have to make some additional efforts. Of course, working together with the regulators and with the governments, taking into account that for each country and for each region, the effect and the consequences of these type of natural phenomena can vary. In terms of income, this will not be affected by these natural phenomena. Thank you, Jaime.

Patricia Castaño: I think Jaime maybe could complement this answer regarding the effects on the financial results. Thank you.

Of course, to the reliability as a sort of income, and, of course, an effect on our financial results.

But I think him maybe could complement.

This answer.

Regarding the financial, or effects on the financial results.

Thank you.

Jaime Falquez: Thank you. Yes, it is important to highlight, and Pablo can complement this answer, the nature of the income of the business that is a regulated business. That is why the income is already defined in the concession contracts, and they will not be affected by these type of phenomena. Of course, we will experience operating challenges, where surely in terms of the operation and the maintenance of our infrastructure, we will have to make some additional efforts. Of course, working together with the regulators and with the governments, taking into account that for each country and for each region, the effect and the consequences of these type of natural phenomena can vary. In terms of income, this will not be affected by these natural phenomena.

Thank you. Yes, it is important to highlight and complement. The nature of the income of the business is that it's a regulated business. That is why the income is already defined in the concession contracts, and they will not be affected by this type of phenomena.

of course, we

will experience or operating challenges.

Where, surely, in terms of the operation and maintenance of our infrastructure, we will have to make some additional efforts.

Of course, working together with the regulators and with the governments, taking into account that for each country and for each region, the effect and the consequences of this type of natural phenomenon can vary. But in terms of income, this will not be affected by these natural phenomena.

Mateo Ochoa: Thank you, Jaime.

Thank you. Hi ma'am.

Mateo Ochoa Toro: We continue with one question that has been asked several times in our Q&A session, which has to do with Air-e. I suggest to divide this answer into two parts. One, the regulatory side, and I request Pablo Franco to answer that. On the financial side, given that these repetitive questions have to do with the provision of the Air-e portfolio, I would like to give the floor to Pablo for this. Thank you for those who asked questions about this. Remember that Air-e was intervened in September 2024, and in January 2025, the superintendency decided the scheme for taking possession of this company. This company has been not meeting its obligations, especially the payment of the transmission charges and the generation tariff since December 2024 to date.

Mateo Ochoa: We continue with one question that has been asked several times in our Q&A session, which has to do with Air-e. I suggest to divide this answer into two parts. One, the regulatory side, and I request Pablo Franco to answer that. On the financial side, given that these repetitive questions have to do with the provision of the Air-e portfolio, I would like to give the floor to Pablo for this.

We continue with 1 question that has um been asked several times in our Q&A session which has to do with

Ida, Ari, and I suggest we divide this answer into two parts. One, the regulatory side—and I would request Pablo Franco to answer that—and on the financial side, given that these repetitive questions have to do with...

The.

Provision of the ID portfolio. I would like to keep the floor to Parlor for this.

Pablo Franco: Thank you for those who asked questions about this. Remember that Air-e was intervened in September 2024, and in January 2025, the superintendency decided the scheme for taking possession of this company. This company has been not meeting its obligations, especially the payment of the transmission charges and the generation tariff since December 2024 to date.

Thank you. Um, for those who ask questions about this, remember that Ida was intervened in September 2024. And in January 2025, the superintendency decided, um, the uh, scheme for

Taking possession of this company and this company.

Pablo Franco: It is important to mention that ISA has been part of meetings with authorities and the intervening agents, of course, trying to guarantee the end of the situation, to guarantee the conditions of the market, not only for the obligations that they are pending on and also for the mid and long term. It is important to take into account that recently, in the different sector conversations we have had, we have identified new alternatives for recovering the pending amounts. We have seen several options that we will be proposing to the government so that they can consider them. Additionally, we highlight that this is a sector-wide matter, which has been managed in the regulatory frameworks that we have that does not compromise the financial stability or the execution of the investment plan of the company.

Since December 2024 to date, it's important to mention that he has been part of meetings with authorities and the intervening agents. Of course, trying to guarantee—

Uh, end of the situation to guarantee the conditions on the market. Not only for the obligations that they depending on and also, for the middle long term.

It's important to take into account their recent activity in the different conversations and sector discussions we have had. We have identified new alternatives for recovering the pending amounts. We have seen several options.

Where We Are?

We're going that we will be proposing to the government so that they can consider them. And additionally we highlight that this is

Pablo Franco: Finally, in this context, we'd like to give you the peace of mind, the fact that we have activated legal options to recover this portfolio, and we hope to find a structural solution to the situation that this company is experiencing. Thank you, Pablo. To complement this question in terms of what it reflects in the financial statements, this can add up to a 3% of effects on EBITDA. We have, in terms of effects in this year, COP 180 billion, which is a total provision of Air-e of COP 660 billion, which we have already provided for. As Pablo said, as a result of the management and the actions of the corresponding entities, we hope this to become more stable and solved as soon as possible, and especially that they start paying for the service that was provided.

A sector-wide matter which has been managed in the regulatory Frameworks that we have, that does not compromise the financial stability or the execution of the investment plan of the company. Finally, in this context,

Would like to give you the Peace of Mind of the fact that we have activated, uh, legal options to recover this uh, portfolio. Uh,

And we hope to find a structural solution to the situation that this company is experiencing.

Jaime Falquez: Thank you, Pablo. To complement this question in terms of what it reflects in the financial statements, this can add up to a 3% of effects on EBITDA. We have, in terms of effects in this year, COP 180 billion, which is a total provision of Air-e of COP 660 billion, which we have already provided for. As Pablo said, as a result of the management and the actions of the corresponding entities, we hope this to become more stable and solved as soon as possible, and especially that they start paying for the service that was provided.

Thank you, Pablo.

To complement this question in terms of what it reflects in the financial statements.

this can,

Add up to a 3% of effect on ibida. And we have, in terms of

effects in this year, 180 billion pesos which is, uh, the, a total provision of I

Of $660 billion pesos, which we have already.

Um,

provided for,

and,

As Pablo said, as a result of the management and the actions of the corresponding entities, we hope this will become more, uh,

Jaime Falquez: As long as we continue with that, we continue accruing that. We are accruing COP 30 billion per month, and this is what we have to date. Thank you, Jaime. We continue with the next question from Carlos. In terms of the growth of the portfolio, the downgrade of the rating and the needs, the administration considers it worth to maintain the current distribution of yields or to reprioritize the equity. Thank you, Carlos. That's an excellent question. ISA keeps its investment level. It continues having access open to the different sources of financing. All these sources are on the table. We're always assessing the best way of financing our investment plan. In the last year, the majority of projects have been financed under project finance structures and with resources exclusively to comply with the investment plan.

Jaime Falquez: As long as we continue with that, we continue accruing that. We are accruing COP 30 billion per month, and this is what we have to date.

Stable and solved as soon as possible, and especially that they start paying for the service that was provided. As long as we continue with our— we continue our crewing, that we are crewing 30.

Billion pesos per month and this is what we have today.

Mateo Ochoa: Thank you, Jaime. We continue with the next question from Carlos. In terms of the growth of the portfolio, the downgrade of the rating and the needs, the administration considers it worth to maintain the current distribution of yields or to reprioritize the equity.

Continue with the next question from Carlos.

in terms of the growth of the portfolio, the um downgrade of the rating and the needs um the administration considers it worth to maintain the current distribution of

yields are also, prioritize the equity

Jaime Falquez: Thank you, Carlos. That's an excellent question. ISA keeps its investment level. It continues having access open to the different sources of financing. All these sources are on the table. We're always assessing the best way of financing our investment plan. In the last year, the majority of projects have been financed under project finance structures and with resources exclusively to comply with the investment plan.

Thank you, Carlos, that's an excellent question.

Isa keeps it uh investment.

Level.

And it continues, having access open to the different sources of financing. All these sources are on the table. We are always assessing the best way of financing our investment plan.

In the last year. Uh the majority of projects have um been financed on the project Finance structures and with resources exclusively

To um, invest.

Jaime Falquez: On the financing side and access, we have a dividend payment policy that can be between 40% and 50%. This is reviewed every year, depending on the outlook in terms of execution that we have for the current year. In the last years, we have shared 50%. There are some years where we have had extraordinary income, and we have shared more than 50%, and some others we have been under that percentage. We will continue monitoring these catalysts, and of course, we will continue being watchful because our commitment to financial discipline is complete, as you have seen in previous years. That is recognized by our risk rating agencies in their reports. That is what I can answer. Thank you for your question. Thank you, Jaime. We continue with one more question. This is a recurring question about CapEx.

To comply with investment plan, that's on the financing side and access. We have a dividend payment policy that can be between 40 and 50%.

This is reviewed.

Every year depending on the Outlook.

In terms of execution that aware.

Half of the current year in the last years we have shared 50%. There are some years where we have had extraordinary income and we have shared more than 50% and some others, we have been under that the percentage we will continue monitoring these catalysts and

of course, we will continue been watchful because our commitment to financial discipline is

complete. As you have seen in previous years that is recognized by our

Risk rating agencies in the reports.

That is what I can answer.

Thank you for your question.

Mateo Ochoa: Thank you, Jaime. We continue with one more question. This is a recurring question about CapEx.

Mateo Ochoa Toro: CapEx that we have estimated for 2026, 2028 in Colombia and other countries, does it have some financing lines already committed? I ask Jaime Falquez to answer this question. Thank you, Mateo. That is an excellent question. Yes, we have fronts in all the different geographies that are working in a parallel fashion, I can start talking about each one of them. In Chile, we have two important projects. That is the project Quimal Lagunas, which had a financial closure this year, and we have committed financing for this CapEx. We have a project in Panama, the Eastern Highway, where we had a financial closure in December last year, where we have committed financing there. Quimal Aguirre, which is one of the projects that we have as a joint venture together with CSEC and Transelec in Chile.

Mateo Ochoa: CapEx that we have estimated for 2026, 2028 in Colombia and other countries, does it have some financing lines already committed? I ask Jaime Falquez to answer this question.

This is a recurring question about capex.

Jaime Falquez: Thank you, Mateo. That is an excellent question. Yes, we have fronts in all the different geographies that are working in a parallel fashion, I can start talking about each one of them. In Chile, we have two important projects. That is the project Quimal Lagunas, which had a financial closure this year, and we have committed financing for this CapEx. We have a project in Panama, the Eastern Highway, where we had a financial closure in December last year, where we have committed financing there. Quimal Aguirre, which is one of the projects that we have as a joint venture together with CSEC and Transelec in Chile.

The capex that we have estimated for 2026 to 2028 in Colombia and other countries—does it have some financing lines already committed? I asked to answer this question.

Thank you.

And it's an excellent question.

Yes. Uh, we have front in all the different geographies that are working in a parallel fashion.

And now, you can start talking about each 1 of them in Chile. We have 2 important projects that are, uh,

the project khilauna, which had a financial closure this year, and we have committed financing for these capex and we have a project in Panama the Eastern Highway where we had a financial closure on December last year and where we have

Jaime Falquez: We already are very advanced with the financial closure, we hope to be announcing the results to the market, there is a lot of appetite in the market. CEPI, which is the biggest project that we have in execution in Peru now, which is led by ISA together with Grupo Energía Bogotá. We are in the financial closures stage. There is a lot of appetite in the market. We do not have any concern about the results. In terms of Brazil, we have announced for the obligations we have, both the commitments to the closing of the Madeira transaction and as well as some other projects under execution. We recently had the follow-on, where we captured some resources, some cash resources for BRL 1.2 billion in Brazil because these obligations are over-financed as well. In Colombia, we are not closing this year yet.

Committed financing there, which is 1 of the projects that we have, uh, as a joint venture together with csgi and try and select in Chile, we already are doing, um, a a very Pro Advanced with the financial closure. So we, um,

Hope to be at my announcing the results to the market.

And there's a lot of appetite in the market and separate which is the biggest project that we have in in execution, in Peru now, which is led by Issa,

Together with the Bora Energy Group, we're in the financial crashes.

Um, State. There's a lot of appetite in the market.

we do not have any concern about the

Results. Uh, in terms of Brazil,

We have announced for the obligations. We have both a commitments to

Yes, the closing of my data transaction, as well as some other projects under execution. We recently had the follow-on, where we captured some resources and have some cash resources for R$1.2 billion in Brazil, because we have the finance; the obligations are already financed as well. I think in Colombia, we have...

Mateo Ochoa Toro: We have a bonds program with enough quota to cover these obligations, we are working with public credit to cover the needs of this investment plan as well. We have been moving at all fronts, in each place, there is a different story. There is a different strategy that matches the nature of each one of the projects. This is why we have good progress for the financial close of the projects underway. Thank you very much for the answers. Let us now see what other questions are on the chat. We now conclude the Q2 2026 results call. We thank all the investors, shareholders, and different stakeholders for being with us on this call. We will see you in the following conference call. Thank you.

Jaime Falquez: We have a bonds program with enough quota to cover these obligations, we are working with public credit to cover the needs of this investment plan as well. We have been moving at all fronts, in each place, there is a different story. There is a different strategy that matches the nature of each one of the projects. This is why we have good progress for the financial close of the projects underway.

We end for closing this year, yet we have a bonds program with enough quota to cover these obligations.

and we have,

we are working. Um,

With Public Credit.

To cover the needs of these investment plan as well. So we have been moving.

A at all fronts and we have in each place, there is a different story. There is a different strategy that

matches the nature of each 1 of the projects.

This is why we have good progress for the finance, financial close of the projects underway.

Mateo Ochoa: Thank you very much for the answers. Let us now see what other questions are on the chat. We now conclude the Q2 2026 results call. We thank all the investors, shareholders, and different stakeholders for being with us on this call. We will see you in the following conference call. Thank you.

Thank you very much for the answers. Let us, uh, now see what other questions.

Are on the chat.

We now conclude the

Second quarter of 2026 results. Call we thank all the investors shareholders and different stakeholders for being with us in this call.

We will see you in the following conference call. Thank you.

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