Half Year 2026 Grenergy Renovables SA Earnings Call

September 16, 2026

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Rubén Gómez: Ya les hemos admitido. Están entrando.

Rubén Gómez: [Foreign language]

David Ruiz de Andrés: Please, coffee. Claro, arriba. Rubén, can we go?

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Speaker #4: Please, coffee. Claro. Arriba. Rubén, can we go?

Speaker #3: We are still waiting for people to connect. There are eight more pending. Okay, I think all of us are connected now. Sorry for the delay.

Rubén Gómez: We are still waiting for the people to connect.

David Ruiz de Andrés: Okay.

David Ruiz: Okay.

Rubén Gómez: There is eight more pending. I think all of us are connected. Sorry for the delay, because we had some troubles connecting the Zoom application. Good morning, and welcome to Grenergy's H1 2026 results presentation. I am Rubén Gómez, Head of Investor Relations, and the presentation is going to be led by David Ruiz, our Chairman and CEO, Daniel Lozano, our Chief of Strategy and Capital Markets, and María Rodríguez, Director of the Sustainability Department. They are going to take you through our business, financial, and sustainability review. At the end of the presentation, as always, there will be a Q&A session for sell-side analysts. Please, David, the floor is yours.

Speaker #3: We had some trouble connecting to the Zoom application. Good morning, and welcome to GRENERGY's first half 2026 results presentation. I am Rubén Gómez, Head of Investor Relations.

Speaker #3: The presentation will be led by David Reeve, our Chairman and CEO; Daniel Lozano, our Chief of Strategy and Capital Markets; and María Rodríguez, Director of the Sustainability Department.

Speaker #3: They are going to take you through our business, financial, and sustainability review. At the end of the presentation, as always, there will be a Q&A session for sell-side analysts.

Speaker #3: Please, David, the floor is yours.

David Ruiz de Andrés: Thank you, Rubén, and I am very sorry for the delay. I will try to compress my part so we leave more time for the Q&A. Moving to the second slide, financial highlights. I think it has been a pretty strong set of results for H1 with all the metrics growing double digits. I think it has been our best half year to date. The CapEx was close to EUR 300 million, expected to decrease significantly in H2. I think we will be getting and receiving most of the batteries and storage for our large Teno, Tamango, Planchón, and Monte Águila projects on our first hybrid standalone projects in Spain. Net debt EBITDA is reduced to 4.6 times compared to 8.1 in the previous quarter, mainly due to Gabriela closing, as you know, which has both effects in EBITDA and debt deconsolidation. Moving to the business highlights.

David Ruiz: Thank you, Rubén, and I am very sorry for the delay. I will try to compress my part so we leave more time for the Q&A. Moving to the second slide, financial highlights. I think it has been a pretty strong set of results for H1 with all the metrics growing double digits. I think it has been our best half year to date. The CapEx was close to EUR 300 million, expected to decrease significantly in H2. I think we will be getting and receiving most of the batteries and storage for our large Teno, Tamango, Planchón, and Monte Águila projects on our first hybrid standalone projects in Spain. Net debt EBITDA is reduced to 4.6 times compared to 8.1 in the previous quarter, mainly due to Gabriela closing, as you know, which has both effects in EBITDA and debt deconsolidation. Moving to the business highlights.

Speaker #5: Thank you, Rubén, and I'm very sorry for the delay. I will try to compress my part so we leave more time for the Q&A.

Speaker #5: Okay, moving to slide 2, the second slide: financial highlights. I think it's been a pretty strong set of results for the first half, with all the metrics growing double digits.

Speaker #5: I think it's been our best half year to date. The CapEx closed was close to $300 million, and it is expected to increase significantly in the second half.

Speaker #5: I think we will be getting and receiving most of the batteries and storage for our large 10 atomic plants, Monte Águila projects, on our first hybrid standalone projects in Spain.

Speaker #5: Net debt to EBITDA reduced to 4.6 times compared to 8.1 times in the previous quarter, mainly due to Gabriela closing, as you know, which has effects both in EBITDA and debt decentralization.

Speaker #5: Okay, moving to the business highlights. I really want to emphasize here the fact that Grenergy—we consider Grenergy as a very predictable company. I believe we are executing on all fronts.

David Ruiz de Andrés: I really want to emphasize here the fact that we consider Grenergy as a very predictable company. I believe we are executing on all fronts, what we call our three pillars, project finance, M&A, energy, and basically based on what we outlined in the business plan we presented last May. Energy management, what we show here, we will get into more detail in the presentation, what we achieved in H1 2026. Some of these new PPAs already announced in Q1 2026, but plenty of new things happened in Q2. Mainly our largest 1 TWh PPA closed in Chile for Elena, but also a very remarkable hybrid PPA, 350 for Garrufal, phase 5 of Oasis de Atacama. These two PPAs are some of the largest we have ever closed. Our first hybrid PPA in the US, and the new tolling agreements for Greenbox are under negotiation.

David Ruiz: I really want to emphasize here the fact that we consider Grenergy as a very predictable company. I believe we are executing on all fronts, what we call our three pillars, project finance, M&A, energy, and basically based on what we outlined in the business plan we presented last May. Energy management, what we show here, we will get into more detail in the presentation, what we achieved in H1 2026. Some of these new PPAs already announced in Q1 2026, but plenty of new things happened in Q2. Mainly our largest 1 TWh PPA closed in Chile for Elena, but also a very remarkable hybrid PPA, 350 for Garrufal, phase 5 of Oasis de Atacama. These two PPAs are some of the largest we have ever closed. Our first hybrid PPA in the US, and the new tolling agreements for Greenbox are under negotiation.

Speaker #5: What we call our three pillars: project finance, M&A, and energy, are basically based on what we outlined in the business plan we presented last May.

Speaker #5: Energy management—well, as we show here, we will get into more detail in the presentation. We achieved in the first half of 2026 some of these new PPAs already announced in Q1 2026, but plenty of new things happened in the second quarter.

Speaker #5: Mainly, our largest 1-terawatt night PPA closed in Chile for Elena, but also a very remarkable hybrid PPA, 350, for Algarrobal, phase 5 of Oasis of Atacama.

Speaker #5: These two PPAs are some of the largest we've ever closed. Our first hybrid PPA in the US—I mean, you told in agreements for Greenbox, under negotiation.

Speaker #5: Moving to financing, new financing closed for Oviedo. It was €100 million in Spain. It's a very remarkable deal, the first of this type in Spain.

David Ruiz de Andrés: Well, new financing closed for Oviedo. It was EUR 100 million in Spain. It is a very remarkable deal, the first of this type in Spain, and business as usual in Chile. I think we are closing one large deal every quarter, and this time, we closed the project financing for Monte Águila in Central Oasis. I think it is very impressive what our financing team is achieving. We are basically closing one large deal in Chile every quarter. In M&A, very active on the buy side. We will get into more detail. There is plenty of new stuff in this quarter. We acquired the rights to build nearly 300 MW in a hybrid plan in, it is called Andrea in Andalusia, and 100 MW more to our portfolio of Greenbox in Spain.

David Ruiz: Well, new financing closed for Oviedo. It was EUR 100 million in Spain. It is a very remarkable deal, the first of this type in Spain, and business as usual in Chile. I think we are closing one large deal every quarter, and this time, we closed the project financing for Monte Águila in Central Oasis. I think it is very impressive what our financing team is achieving. We are basically closing one large deal in Chile every quarter. In M&A, very active on the buy side. We will get into more detail. There is plenty of new stuff in this quarter. We acquired the rights to build nearly 300 MW in a hybrid plan in, it is called Andrea in Andalusia, and 100 MW more to our portfolio of Greenbox in Spain.

Speaker #5: And business as usual in Chile. I think we're closing one large deal every quarter, and this time we closed project financing for Monte Águila in Petro Oasis.

Speaker #5: I think it's very impressive what our financing team is achieving. We're basically closing one large deal in Chile every quarter. And in M&A, we're very active on the buy side. We'll get into more detail.

Speaker #5: There's plenty of new stuff in this quarter. We acquired the rights to build nearly 300 megawatts in a hybrid plant in this call, Andrea, in Andalucía.

Speaker #5: And 100 megawatts more to our portfolio of Greenbox in Spain, under the sell side. As you know, we have concluded the closing of Gabriela, and we are expecting to deliver also our Colombian assets very soon.

David Ruiz de Andrés: On the sell side, as you know, we have concluded the closing of Gabriela, and we are expecting to deliver also our Colombian assets very soon. Operational highlights, I think outstanding execution with 1.5 GW and close to 8 GWh built in just 18 months. We are rapidly progressing in Greenbox with 10 GWh of pipeline, either under construction backlog or advanced stage. Later we will see in detail how quickly we are advancing in Spain, Romania, and Poland. We are advancing in our greenfield in the six markets where we are. We are looking for opportunities in the secondary market as well in some of these markets. Great news in sustainability and our new impact strategy, and I think I leave this to, later will be explained by María. Okay, just very quickly, our platform overview.

David Ruiz: On the sell side, as you know, we have concluded the closing of Gabriela, and we are expecting to deliver also our Colombian assets very soon. Operational highlights, I think outstanding execution with 1.5 GW and close to 8 GWh built in just 18 months. We are rapidly progressing in Greenbox with 10 GWh of pipeline, either under construction backlog or advanced stage. Later we will see in detail how quickly we are advancing in Spain, Romania, and Poland. We are advancing in our greenfield in the six markets where we are. We are looking for opportunities in the secondary market as well in some of these markets. Great news in sustainability and our new impact strategy, and I think I leave this to, later will be explained by María. Okay, just very quickly, our platform overview.

Speaker #5: Operational highlights: I think outstanding execution with 1.5 gigawatts and close to 8 gigawatt-hours built in just 18 months. We are rapidly progressing in Greenbox with 10 under construction, in backlog, or at an advanced stage.

Speaker #5: And later, we will see in detail how quickly we are advancing in Spain, Romania, and Poland. And we are advancing in our greenfield in the six markets where we are.

Speaker #5: And we are looking for opportunities in the secondary market as well, in some of these markets. Great news on sustainability and our new impact strategy, which I think I will leave for later and will be explained by María.

Speaker #5: Okay, just very quickly, our platform overview—main message here: the pilot has reduced, as contracted, from the previous 12 gigawatts to now 11 gigawatts of solar, and from 72 gigawatt-hours, putting together the hybrid and the standalone storage, down to 63.

David Ruiz de Andrés: Main message here, the pipeline has reduced, has contracted from the previous 12 GW to now 11 GW of solar, and from 72 GWh of putting together the hybrid and the standalone storage to 63. This is, well, following our review, we are applying a more selective approach, so we want to prioritize those projects that are completely investable, bankable, highest quality, and especially with the right execution timing. We have stressed many times how important is the time to market. In many cases, we prefer sourcing opportunities through the secondary market where we have greater certainty of delivery. Well, we are demonstrating this with the recently acquired 1 GW in Spain and Chile. Rapid progress anyway in BESS. Our portfolio, considering plants in operation and under construction, has jumped from 2.2 to 2.3, and especially from 4.5 GWh in BESS to 8.5.

David Ruiz: Main message here, the pipeline has reduced, has contracted from the previous 12 GW to now 11 GW of solar, and from 72 GWh of putting together the hybrid and the standalone storage to 63. This is, well, following our review, we are applying a more selective approach, so we want to prioritize those projects that are completely investable, bankable, highest quality, and especially with the right execution timing. We have stressed many times how important is the time to market. In many cases, we prefer sourcing opportunities through the secondary market where we have greater certainty of delivery. Well, we are demonstrating this with the recently acquired 1 GW in Spain and Chile. Rapid progress anyway in BESS. Our portfolio, considering plants in operation and under construction, has jumped from 2.2 to 2.3, and especially from 4.5 GWh in BESS to 8.5.

Speaker #5: This is, well, following our review, we are applying a more selective approach. So, we want to prioritize those projects that are completely investable, bankable, highest quality, and especially with the right execution timing.

Speaker #5: We have stressed many times how important time to market is. So, in many cases, we prefer sourcing opportunities through the secondary market, where we have greater certainty of delivery.

Speaker #5: And, well, we are demonstrating this with the recently acquired 1 gigawatt in Spain and Chile, and rapid progress anyway in BES. Our portfolio, considering plants in operation and under construction, has jumped, and especially from 4.5 gigawatt-hours in BES to 8.5.

Speaker #5: That's considering the commissioning of Elena, which, as you know, is our largest asset to date, yeah? Moving to—well, I think I will jump this.

David Ruiz de Andrés: That's considering the commissioning of Elena, which you know is our largest asset to date, yeah. Moving to Well, I think I will jump this. I can get in more detail in the Q&A. It's very clear we have transitioned from a pure standalone PV developer to develop nearly exclusively hybrid projects in all the jurisdictions. I think it's a very remarkable transformation, just a couple of years. Moving to Oasis platforms, moving to Chile, I think we're very proud of what we achieved in Chile. Our greenfield projects are progressing at a very good pace. We have strengthened our platforms through the acquisition of new projects, as you know, and we continue to close increasingly important PPAs, secure new financing deals every quarter. We are rotating assets whenever necessary. So all in all, the conditions are excellent.

David Ruiz: That's considering the commissioning of Elena, which you know is our largest asset to date, yeah. Moving to Well, I think I will jump this. I can get in more detail in the Q&A. It's very clear we have transitioned from a pure standalone PV developer to develop nearly exclusively hybrid projects in all the jurisdictions. I think it's a very remarkable transformation, just a couple of years. Moving to Oasis platforms, moving to Chile, I think we're very proud of what we achieved in Chile. Our greenfield projects are progressing at a very good pace. We have strengthened our platforms through the acquisition of new projects, as you know, and we continue to close increasingly important PPAs, secure new financing deals every quarter. We are rotating assets whenever necessary. So all in all, the conditions are excellent.

Speaker #5: I can get into more detail in the Q&A. It's very clear we have transitioned from being a pure standalone PV developer to developing nearly exclusively hybrid projects in all the jurisdictions, right?

Speaker #5: And I think it's a very remarkable transformation—just a couple of years. Moving to Oasis platforms, moving to Chile. I think we're very proud of what we're achieving in Chile.

Speaker #5: Our greenfield projects are progressing at a very good pace. We have strengthened our platforms through the acquisition of new projects, as you know, and we continue to close increasingly important PPAs and secure new financing deals every quarter.

Speaker #5: And we are rotating assets whenever necessary. So, all in all, the conditions are excellent. The new administration in Chile is very supportive whenever we need it.

David Ruiz de Andrés: The new administration in Chile is very supportive whenever we need it. They're helping us accelerating permits, fast-tracking concessions when we need it. While we had the honor of inaugurating Elena, which is our most significant project to date and the most important project we have undertaken in the country, in the presence of the President of Chile, of course, of the Republic, and several ministers. Specific milestones to Oasis de Atacama, we achieved effective transfer of Gabriela, as we mentioned. We have secure PPAs to all phases except phase 8, and Oasis de Atacama, that's very remarkable. Well, as I mentioned earlier, we closed, I think it's very advanced, the financial close of Algarrobal, which we hope to announce in the next couple of weeks. We will initiate the mandate for financing the second phase of Elena. Moving to Central Oasis.

David Ruiz: The new administration in Chile is very supportive whenever we need it. They're helping us accelerating permits, fast-tracking concessions when we need it. While we had the honor of inaugurating Elena, which is our most significant project to date and the most important project we have undertaken in the country, in the presence of the President of Chile, of course, of the Republic, and several ministers. Specific milestones to Oasis de Atacama, we achieved effective transfer of Gabriela, as we mentioned. We have secure PPAs to all phases except phase 8, and Oasis de Atacama, that's very remarkable. Well, as I mentioned earlier, we closed, I think it's very advanced, the financial close of Algarrobal, which we hope to announce in the next couple of weeks. We will initiate the mandate for financing the second phase of Elena. Moving to Central Oasis.

Speaker #5: They're helping us accelerate permits, fast-tracking concessions when we need it, and, well, we had the honor of inaugurating Elena, which is our most significant project to date.

Speaker #5: And the most important project we have undertaken in the country, in the presence of the President of CAS, the President of the Republic, and several ministers, right?

Speaker #5: Specific milestones for Oasis Atacama: we closed well; we achieved the effective transfer of Gabriela, as we mentioned. We have secured PPAs for all phases except phase eight.

Speaker #5: And Oasis of Atacama, that's very remarkable. And, well, as I mentioned earlier, we closed I think it's very advanced the financial close of Agarrobal, which we hope to announce in the next couple of weeks.

Speaker #5: And we will initiate the mandate for financing ELENA, the second phase of ELENA. Moving to Central Oasis, I think the most important news here is, well, you know, we had two new projects at Pelican and Peral.

David Ruiz de Andrés: I think most important news here, we add two new projects, Pelequén and Parral. This is something we announced in a previous presentation. We have closed new PPAs for Monte Águila and Teno, Tamango, Planchón, and in this case, using Geopower as the offtake. We announced, in Q1, the finance of Teno, Tamango, Planchón, Q2 of Monte Águila. We are now working in a new financial close for Pelequén, which is phase 5, which is also already contracted. Construction, Teno, Tamango, Planchón, we expect to be in full operation as now hybrid plants before the end of the year. The batteries are already on site. Monte Águila is advancing very well, and batteries will arrive in December. Moving to Iberian Oasis. in May, we announced a target of 1 gigawatt. We expect this platform will grow even further.

David Ruiz: I think most important news here, we add two new projects, Pelequén and Parral. This is something we announced in a previous presentation. We have closed new PPAs for Monte Águila and Teno, Tamango, Planchón, and in this case, using Geopower as the offtake. We announced, in Q1, the finance of Teno, Tamango, Planchón, Q2 of Monte Águila. We are now working in a new financial close for Pelequén, which is phase 5, which is also already contracted. Construction, Teno, Tamango, Planchón, we expect to be in full operation as now hybrid plants before the end of the year. The batteries are already on site. Monte Águila is advancing very well, and batteries will arrive in December. Moving to Iberian Oasis. in May, we announced a target of 1 gigawatt. We expect this platform will grow even further.

Speaker #5: This is something we announced in the previous presentation. We have closed new PPAs for Monte Águila and Tenochtamoc, and in this case, using Geopower as the offtake.

Speaker #5: And we have announced, in the first quarter, the financing of Tenochtamoc; second quarter, Monte Águila. We are now working on a new financial close for Pelican, which is phase five and is also already contracted.

Speaker #5: And construction, Tenochtamango, we expect to be in hybrid plants before the end of the year. The batteries are ready on site. And Monte Águila is advancing, and very well.

Speaker #5: And batteries will arrive in December. Moving to Iberian Oasis, you know in May we announced a target of 1 gigawatt. We expect this platform will grow even further.

Speaker #5: And so far, we have already secured—you know, we have the Scuderos project already under construction. That was an existing project. And last quarter, we announced the purchase of a greenfield project called Naming Dalo.

David Ruiz de Andrés: So far we have already secured, we have Escuderos project already under construction, and that was an existing project. Last quarter, we announced the purchase of a greenfield project called Índalo with 100. Now we are announcing a new project of nearly 300, which we have purchased, also in Almería, with excellent conditions, with COD in 2028. We have close to slightly more than 400 megawatts under advanced negotiations. So might announce these deals as early as November in the next presentation. There we will be in the target we announced in May of 1 gigawatt. Again, we believe, we consider there is a great opportunity here to even grow even further in this platform. Important milestones.

David Ruiz: So far we have already secured, we have Escuderos project already under construction, and that was an existing project. Last quarter, we announced the purchase of a greenfield project called Índalo with 100. Now we are announcing a new project of nearly 300, which we have purchased, also in Almería, with excellent conditions, with COD in 2028. We have close to slightly more than 400 megawatts under advanced negotiations. So might announce these deals as early as November in the next presentation. There we will be in the target we announced in May of 1 gigawatt. Again, we believe, we consider there is a great opportunity here to even grow even further in this platform. Important milestones.

Speaker #5: We're at 100. Now we are announcing a new project of nearly 300, which we have also purchased in Almería, with excellent conditions and COD in 2028.

Speaker #5: And we have close to, or slightly more than, 400 megawatts under advanced negotiations. So, I might announce these deals as early as November, in the next presentation.

Speaker #5: And there we will be in the target we announced in May of 1 gigawatt. And again, we will try— we believe, we consider there is a great opportunity here to grow even farther.

Speaker #5: On this platform, important milestones—well, we have mandated Scuderos with three banks, and we might announce the financial close for Scuderos also very soon.

David Ruiz de Andrés: Well, we have mandated Escuderos with three banks, and we might announce the financial close for Escuderos also very soon, I think even before our next update in November. We are now advancing in PPAs, for the new projects we are buying. We expect a large mandate for the financial or the remaining of the platforms, might be our largest mandate to date, close to 800 megawatts in hybrid projects in Spain with COD in 2028. In construction, Escuderos batteries are expected to arrive Spain in January, and we are expecting connection in Q2 next year. Quick update on Greenbox. It is becoming one of the largest standalone BESS platforms in Europe. We currently have close to 30 gigawatt-hours under development. We are advancing very fast with 10 gigawatt-hours already under construction or an advanced stage, either backlog or advanced development.

David Ruiz: Well, we have mandated Escuderos with three banks, and we might announce the financial close for Escuderos also very soon, I think even before our next update in November. We are now advancing in PPAs, for the new projects we are buying. We expect a large mandate for the financial or the remaining of the platforms, might be our largest mandate to date, close to 800 megawatts in hybrid projects in Spain with COD in 2028. In construction, Escuderos batteries are expected to arrive Spain in January, and we are expecting connection in Q2 next year. Quick update on Greenbox. It is becoming one of the largest standalone BESS platforms in Europe. We currently have close to 30 gigawatt-hours under development. We are advancing very fast with 10 gigawatt-hours already under construction or an advanced stage, either backlog or advanced development.

Speaker #5: I think even before our next update in November. And we are now thinking that we are not advancing in PPAs for the new projects we are buying.

Speaker #5: And we expect a large mandate for the financial, or the remainder of the platforms, which might be our largest mandate to date—close to 800 megawatts in hybrid projects in Spain, with COD in 2028.

Speaker #5: In construction, Scuderos batteries are expected to arrive in Spain in January, and we are expecting connection in Q2 next year. Quick update on Greenbox.

Speaker #5: It's becoming one of the largest standalone, best platforms in Europe, right? Which, you know, we currently have close to 30 gigawatt-hours under development.

Speaker #5: And we are advancing very fast, with 10 gigawatt-hours already under construction or at an advanced stage, either in backlog or advanced development. Fresh news here—projects in Poland and Romania have been advanced to backlog.

David Ruiz de Andrés: Fresh news here, projects in Poland and Romania have been advanced to backlog. As we will see later in more detail, it means that we might start construction as early as beginning of next year, first projects in Europe outside Spain. So it will be a very important milestone for us. Moving to Oviedo, its first project, stand-alone project in Spain. The first one we obtained project finance before summer, and has financial tolling, and batteries are expected to arrive before the year and expected to be in operation in Q1 next year. Again, we believe this will be the first one of many projects for Greenbox in Spain. Romania and Poland. Poland, I think it is good news, because for the first time, we are moving projects to backlog in Europe outside Spain. Again, it is a very important milestone for the company, and we are getting ready for it.

David Ruiz: Fresh news here, projects in Poland and Romania have been advanced to backlog. As we will see later in more detail, it means that we might start construction as early as beginning of next year, first projects in Europe outside Spain. So it will be a very important milestone for us. Moving to Oviedo, its first project, stand-alone project in Spain. The first one we obtained project finance before summer, and has financial tolling, and batteries are expected to arrive before the year and expected to be in operation in Q1 next year. Again, we believe this will be the first one of many projects for Greenbox in Spain. Romania and Poland. Poland, I think it is good news, because for the first time, we are moving projects to backlog in Europe outside Spain.

Speaker #5: As we will see later in more detail, it means that we might start construction as early as the beginning of next year in our first projects in Europe outside Spain.

Speaker #5: So it will be a very important milestone for us. Moving to Oviedo, it’s the first standalone project in Spain. It’s the first one where we obtained project finance before summer.

Speaker #5: And that has a financial toll-in. And batteries are expected to arrive before the end of the year, and are expected to be in operation in Q1 next year.

Speaker #5: And again, we believe this will be the first of many projects for Greenbox in Spain, Romania, and Poland. I think it's good news because for the first time, we are moving projects to backlog in Europe outside of Spain.

Speaker #5: So again, it's a very important milestone for the company. We are getting ready for it, and the first project in Romania will be a project of 204 megawatts.

David Ruiz: Again, it is a very important milestone for the company, and we are getting ready for it. The first project in Romania will be a project of 204 megawatts, 4 hours, slightly bigger than Oviedo, just to give you a perspective. Our first project in Poland, there will be many more coming up. The key message here is now that the execution now is not visible just in Spain, but also in Romania and Poland, and a big partner. We will keep adding new countries, and we will be updating our execution milestones. Just to conclude this part of presentation, our three pillars, energy management, record volumes signed in the last 18 months, as you can see on the slide, 2.1 TWh contracted, 4.2 gigawatt hours of capacity with different varieties of off takes, 24/7, purely solar, hybrid night PPAs, tolling agreements, auctions.

David Ruiz de Andrés: The first project in Romania will be a project of 204 megawatts, 4 hours, slightly bigger than Oviedo, just to give you a perspective. Our first project in Poland, there will be many more coming up. The key message here is now that the execution now is not visible just in Spain, but also in Romania and Poland, and a big partner. We will keep adding new countries, and we will be updating our execution milestones. Just to conclude this part of presentation, our three pillars, energy management, record volumes signed in the last 18 months, as you can see on the slide, 2.1 TWh contracted, 4.2 gigawatt hours of capacity with different varieties of off takes, 24/7, purely solar, hybrid night PPAs, tolling agreements, auctions.

Speaker #5: Four hours. It's slightly bigger than Oviedo. That's just to give you some perspective. And our first project in Poland—there will be many more coming up.

Speaker #5: And, well, the key message here is now that the execution is not visible just in Spain, but also in Romania and Poland. Every quarter, we will keep adding new countries and we will be updating our execution milestones.

Speaker #5: And just to conclude this part of the presentation, our three pillars. Energy management, record volumes signed in the last 18 months. As you can see on the slide, 2.1 terawatt-hours contracted.

Speaker #5: 4.2 gigawatt-hours of capacity, with different varieties of offtakes, 24/7—purely solar. Hybrid night PPAs, tolling agreements, auctions. So, you know, I think it's great news that we are securing different alternatives of offtake in the different jurisdictions where we operate.

David Ruiz de Andrés: I think it is great news that we are securing different alternatives of off take in the different jurisdictions where we operate. We do not stop here. We are currently negotiating close to an additional 3 TWh and more than 5 gigawatt hours in most of the markets where we operate. Financing, I think, I have already expressed how proud we are of this slide. We are showing just what we have achieved in the H1 of the year. More than 600 million US in finance raised from top international banks. I think Algarrobal will be our next deal coming up in the next weeks, and will add more than 400 million extra US dollars. So altogether, we will have closed more than 1 billion in project finance just for Oasis platforms in Chile, only in one year.

David Ruiz: I think it is great news that we are securing different alternatives of off take in the different jurisdictions where we operate. We do not stop here. We are currently negotiating close to an additional 3 TWh and more than 5 gigawatt hours in most of the markets where we operate. Financing, I think, I have already expressed how proud we are of this slide. We are showing just what we have achieved in the H1 of the year. More than 600 million US in finance raised from top international banks. I think Algarrobal will be our next deal coming up in the next weeks, and will add more than 400 million extra US dollars. So altogether, we will have closed more than 1 billion in project finance just for Oasis platforms in Chile, only in one year.

Speaker #5: And we do not stop here. We are currently negotiating close to an additional 3 terawatt-hours, and more than 5 gigawatt-hours in most of the markets.

Speaker #5: Where we operate. Financing—I think I have already expressed how proud we are. On this slide, we are showing just what we have achieved in the first half of the year.

Speaker #5: More than $600 million U.S. in finance raised from top international banks. I think Algarrobal will be our next deal coming up in the next weeks.

Speaker #5: And we'll add more than $400 million extra US dollars. So altogether we will have close to, more than, $1 billion in project finance just for OSS platforms in Chile, only in one year.

Speaker #5: In Spain, again, Oviedo was the first financing for a standalone asset in the country, and we believe it's a very important milestone—and the first of many.

David Ruiz de Andrés: In Spain, again, Oviedo was the first financing for a stand-alone asset in the country, and we believe it is a very important milestone and the first of many. Corporate finance, we have also, as you know, in Q1, we issued 170 million green bond. We have renewed our green notes program with a maximum cap of 200 million, and also a revolving facility led by BBVA of a maximum amount of 105 million. Finally, to conclude, M&A, on the sales side, Gabriela, I think Daniel will give you more info. Finally, the ratio has been 1.7 instead of the 1.8 we announced. I think we will talk about the late commissioning of some large plants done in Chile.

David Ruiz: In Spain, again, Oviedo was the first financing for a stand-alone asset in the country, and we believe it is a very important milestone and the first of many. Corporate finance, we have also, as you know, in Q1, we issued 170 million green bond. We have renewed our green notes program with a maximum cap of 200 million, and also a revolving facility led by BBVA of a maximum amount of 105 million. Finally, to conclude, M&A, on the sales side, Gabriela, I think Daniel will give you more info. Finally, the ratio has been 1.7 instead of the 1.8 we announced. I think we will talk about the late commissioning of some large plants done in Chile.

Speaker #5: And in corporate finance, we have also, as you know, in the first quarter, issued a €170 million Green Bond. And we have renewed our Green Notes program with a maximum cap of €200 million and also a revolving facility, led by BBVA, of a maximum amount of €105 million.

Speaker #5: Million. Finally, to conclude M&A, on the sales side, Gabriela, I think Daniel will give you more info. Well, finally, the ratio has been 1.7 instead of the 1.8 we announced.

Speaker #5: I think we will talk about the late commissioning of some large plants done in Chile. It's taking us slightly longer than expected. The commissioning of large systemic PV and BES.

David Ruiz de Andrés: It is taking us slightly longer than expected, the commissioning of large systemic PV and BESS, and I think this is also due with the interactions we have with the TSO in the market. We are improving, but we have lost 2, 3 months on average in Gabriela and Elena, compared to our expectations. Colombia assets expected to be delivered before the year, and the asset rotation target has been achieved around 30%. I remember we announced 800 million in proceeds, between 2026 and 2028. Buy side, very active. We have acquired recently in the H1 of the year, 1 gigawatt, 300 megawatts in Chile, 700 megawatts in Spain. That is including new projects for Greenbox and new projects for Iberian Oasis, new hybrid projects. The key message here, we will continue. We are continuing to be very active on both the buy side and the sell side opportunities.

David Ruiz: It is taking us slightly longer than expected, the commissioning of large systemic PV and BESS, and I think this is also due with the interactions we have with the TSO in the market. We are improving, but we have lost 2, 3 months on average in Gabriela and Elena, compared to our expectations. Colombia assets expected to be delivered before the year, and the asset rotation target has been achieved around 30%. I remember we announced 800 million in proceeds, between 2026 and 2028. Buy side, very active. We have acquired recently in the H1 of the year, 1 gigawatt, 300 megawatts in Chile, 700 megawatts in Spain. That is including new projects for Greenbox and new projects for Iberian Oasis, new hybrid projects. The key message here, we will continue. We are continuing to be very active on both the buy side and the sell side opportunities.

Speaker #5: And I think this is also due to the interactions we have with the TSO in the market. We are improving every day, but we have lost two to three months on average in Gabriela and Elena, compared to our expectations.

Speaker #5: Colombian assets expected to be delivered before the year. And the asset rotation target has been achieved around 30%. I remember we announced 800 million in proceeds between 2026 and 2028.

Speaker #5: Buy-side very active we have acquired recently in the year. In the first half of the year, 1 gigawatt. 300 megawatts in Chile. 700 megawatts in Spain.

Speaker #5: And that's including new projects for Greenbox and new projects for Agroenergies—new hybrid projects. So, the key message here is we will continue—we are continuing—to be very active on both the buy-side and the sell-side opportunities.

Speaker #5: So I hand it over to Daniel. Thank you.

David Ruiz de Andrés: So I hand it over to Daniel. Thank you.

David Ruiz: So I hand it over to Daniel. Thank you.

Speaker #1: Thank you, David. I hope you can hear me. You cannot see me here; I don't know what is happening with Zoom, but okay.

Daniel Lozano Herrera: Thank you, David. I hope you can hear me. You cannot see me. I do not know what is happening with the Zoom, but, okay. Let's move to financial review. First of all, in key operating and financial data in slide 21, it is worth mentioning that there are some very nice KPIs in operating data. In the last 12 months, we have added 4.1 GWh of gross capacity in storage, and we have still 5 GWh under construction. That compares, for instance, with 200 MW in total capacity installed in Spain. So you will see total production moving up as more projects are connected. Elena to add a lot of production, especially in Q4. Realized price also are moving up because also as we are selling at night, that means higher prices. Then financial data, maybe I explain it in next slides.

Daniel Lozano: Thank you, David. I hope you can hear me. You cannot see me. I do not know what is happening with the Zoom, but, okay. Let's move to financial review. First of all, in key operating and financial data in slide 21, it is worth mentioning that there are some very nice KPIs in operating data. In the last 12 months, we have added 4.1 GWh of gross capacity in storage, and we have still 5 GWh under construction. That compares, for instance, with 200 MW in total capacity installed in Spain. So you will see total production moving up as more projects are connected. Elena to add a lot of production, especially in Q4. Realized price also are moving up because also as we are selling at night, that means higher prices. Then financial data, maybe I explain it in next slides.

Speaker #1: Let's move to the financial review. First of all, in key operating...

Speaker #6: On financial data in slide 21, it's worth mentioning that there are some very nice KPIs in operating data. In the last 12 months, we have added four...

Speaker #7: 4.1 gigawatt-hour of

Speaker #6: Gross capacity in storage, and we still have 5 gigawatt-hours under construction. That compares, for instance, with 200 megawatts in total capacity installed.

Speaker #7: in Spain.

Speaker #6: So, you will see total production moving up as more projects are connected. Elena should add a lot of production, especially in Q4. The realized prices are also moving up because, as we are selling at night, that means higher prices.

Speaker #6: Then, financial data—maybe I explain it in the next slides, in slide 22. Revenue and EBITDA were both nicely impacted by the capital gain of the Cabrera deal we closed, and impacted in Q2, at least $120 million of capital gain impact.

Daniel Lozano Herrera: In slide 22, revenue and EBITDA both were nicely impacted by the capital gain of the Gabriela deal we closed and impacted in Q2, at least EUR 120 million of capital gain impacted in that quarter, even though there will be more capital gains up to EUR 150 million in the next periods. That created, that boosted revenue and EBITDA 55% year-on-year. Energy, EBITDA, and revenues moving up. As I said, Elena will be an important contributor in Q4. Retail division, that is GR Power, as more contracts are coming online, this revenue to continue to increase. You see that revenue increased to EUR 43.9 million and EBITDA to EUR 1.5 million. Then next slide, CapEx. Well, the total CapEx has been EUR 275 million, mainly concentrated in Central Oasis.

Daniel Lozano: In slide 22, revenue and EBITDA both were nicely impacted by the capital gain of the Gabriela deal we closed and impacted in Q2, at least EUR 120 million of capital gain impacted in that quarter, even though there will be more capital gains up to EUR 150 million in the next periods. That created, that boosted revenue and EBITDA 55% year-on-year. Energy, EBITDA, and revenues moving up. As I said, Elena will be an important contributor in Q4. Retail division, that is GR Power, as more contracts are coming online, this revenue to continue to increase. You see that revenue increased to EUR 43.9 million and EBITDA to EUR 1.5 million. Then next slide, CapEx. Well, the total CapEx has been EUR 275 million, mainly concentrated in Central Oasis.

Speaker #6: In that quarter, even though there will be more capital gains—up to $150 million—in the next periods. And that created, that boosted revenue and EBITDA by 55% year on year.

Speaker #6: Energy EBITDA and revenues are moving up, as I said. Lena will be an important contributor in Q4. In the retail division, that is GR Power, as more contracts are coming online, these revenues will increase.

Speaker #6: You see that revenue increased to €43.9 million, and EBITDA to €1.5 million. Next slide, CapEx. The total CapEx has been €275 million, mainly concentrated in Central Oasis.

Speaker #6: We are connecting, and we are working on the connection of the hybrid asset: Teno, Tamango, Planchón, Monte Aguilar—many of them will be connected in Q4.

Daniel Lozano Herrera: We are connecting, and we are working in the connection of the hybrid asset, Teno, Tamango, Planchón, Monte Águila, many of them that will be connected in Q4. CapEx is expected to increase significantly in the second semester, 2026 at least, that will add another EUR 600 million to this figure before the year end. It is not CapEx, but it is related. There is a small impairment of EUR 10 million that you can see in depreciation in the P&L. As you know, we are checking our pipeline and projects time to time to see if the permits are going through, the returns are where we are expecting, and well, it is not really material, but there was an impact of EUR 10 million.

Daniel Lozano: We are connecting, and we are working in the connection of the hybrid asset, Teno, Tamango, Planchón, Monte Águila, many of them that will be connected in Q4. CapEx is expected to increase significantly in the second semester, 2026 at least, that will add another EUR 600 million to this figure before the year end. It is not CapEx, but it is related. There is a small impairment of EUR 10 million that you can see in depreciation in the P&L. As you know, we are checking our pipeline and projects time to time to see if the permits are going through, the returns are where we are expecting, and well, it is not really material, but there was an impact of EUR 10 million.

Speaker #6: CapEx is expected to increase significantly in the second semester of '26. At least that will add another

Speaker #7: €600 million.

Speaker #6: to this figure before the year-end. It's not CapEx, but it is related. There is a small impairment of €10 million that you can see in depreciation in the P&L.

Speaker #6: As you know, we are checking our pipeline and projects from time to time to see if the permits are going through and the returns are where we are expecting.

Speaker #6: And well, it's not really material, but there was an impact of €10 million. Of course, you know, we are building a huge pipeline, as David explained, and the net profit of that pipeline that we are building we are expecting to come in the coming years to more than offset, of course—to provide a huge net profit to offset this.

Daniel Lozano Herrera: Of course, we are building a huge pipeline, as David explained, and the net profit of that pipeline that we are expecting to come in coming years to more than offset, of course, to provide a huge net profit to offset these small depreciations. Moving to cash flow, slide 24. Very solid cash position at the end of the period, EUR 272.7 million, starting from beginning of the year, cash position of EUR 305.4. Even though we have invested huge, EUR 275 million, cash position remains solid. Still, as you can see in the net working capital, there is an impact of EUR 110 million, mainly for the proceeds of the Gabriela deal that has already impacted in Q3. Also worth mentioning that the bond and commercial paper, mainly that green bond that we issued in Q1 of EUR 170 million in the local fixed income market.

Daniel Lozano: Of course, we are building a huge pipeline, as David explained, and the net profit of that pipeline that we are expecting to come in coming years to more than offset, of course, to provide a huge net profit to offset these small depreciations. Moving to cash flow, slide 24. Very solid cash position at the end of the period, EUR 272.7 million, starting from beginning of the year, cash position of EUR 305.4. Even though we have invested huge, EUR 275 million, cash position remains solid. Still, as you can see in the net working capital, there is an impact of EUR 110 million, mainly for the proceeds of the Gabriela deal that has already impacted in Q3. Also worth mentioning that the bond and commercial paper, mainly that green bond that we issued in Q1 of EUR 170 million in the local fixed income market.

Speaker #7: small depreciations.

Speaker #6: Then, moving to cash flow, slide 24. A very solid cash position at the end of the period: €272.7 million, starting from a beginning-of-the-year cash position of €305.4 million.

Speaker #6: So even though we have invested heavily—€250 million, €275 million—our cash position remains solid. Still, as you can see in the net working capital, there is an impact of €110 million.

Speaker #6: ...million euros, mainly from the proceeds of the Gabriela deal that has already impacted in Q3.

Speaker #7: Also worth mentioning

Speaker #6: that the bond and commercial paper, mainly that green bond that we issued in Q1 of €170 million, in the local fixed income market. Well, partially is we are using it to reduce short-term financial debt.

Daniel Lozano Herrera: Well, partially we are using it to reduce short-term financial debt, like a confirmed letter of credit, to extend the maturity of our liabilities. Moving to next slide, leverage. Total leverage stay at 4.69. If you are considering the effect on Gabriela deal that has occurred in Q3 or the other asset like Colombia that will affect within the future, the pro forma leverage will remain at 3.8 times, and the corporate leverage will be even below one times. One of the reasons, especially because of the proceeds we have received, as we have a very nice market update in May. We have continued to deliver strong execution across all the business, as David explained, in PPA, in M&A, in financing. However, we don't believe our share price fully reflects the company fundamentals.

Daniel Lozano: Well, partially we are using it to reduce short-term financial debt, like a confirmed letter of credit, to extend the maturity of our liabilities. Moving to next slide, leverage. Total leverage stay at 4.69. If you are considering the effect on Gabriela deal that has occurred in Q3 or the other asset like Colombia that will affect within the future, the pro forma leverage will remain at 3.8 times, and the corporate leverage will be even below one times. One of the reasons, especially because of the proceeds we have received, as we have a very nice market update in May. We have continued to deliver strong execution across all the business, as David explained, in PPA, in M&A, in financing. However, we don't believe our share price fully reflects the company fundamentals.

Speaker #6: Like a confirming letter of credit to extend the maturity of our liabilities.

Speaker #7: Then

Speaker #6: Moving to the next slide, leverage. So total leverage stays at 4.6 times. If you are considering the effect on Gabriel Adil that has occurred in Q3, or the other asset like Colombia that will affect us in the future, the pro forma leverage will remain at 3.8 times, and the corporate leverage will be even below 1 time.

Speaker #7: So

Speaker #6: Well, it's one of the reasons, especially because of the proceeds we have received. That as well, we have a very nice market update in May.

Speaker #6: We have continued to deliver strong execution across all the business, as David explained—in PPA, in M&A, and in financing. However, we don't believe our share price fully reflects the company fundamentals, so we have included in the business plan that we presented in May €100 million for share buyback.

Daniel Lozano Herrera: We have included in the business plan that we presented in May, EUR 100 million for share buyback. That's why we are launching a EUR 50 million share buyback, taking the opportunity to create value for shareholders while demonstrating our confidence in the business. Well, I think I'm going to leave the floor to María for sustainability and the impact strategy where we are now having. Thank you.

Daniel Lozano: We have included in the business plan that we presented in May, EUR 100 million for share buyback. That's why we are launching a EUR 50 million share buyback, taking the opportunity to create value for shareholders while demonstrating our confidence in the business. Well, I think I'm going to leave the floor to María for sustainability and the impact strategy where we are now having. Thank you.

Speaker #6: And that's why we are launching a €50 million share buyback, taking the opportunity to create value.

Speaker #7: for shareholders.

Speaker #6: While demonstrating our confidence in the business... So, and well, I think I'm going to leave the floor to Maria for sustainability and the impact strategy we are—

Speaker #7: Now having. Thank you. Thank you. Thank you, Daniel.

María Rodríguez Gismero: Thank you. Thank you, Daniel, and good morning to everyone. You may remember how in our last presentation in May, we shared that we are evolving our sustainability strategy into a more impact-driven approach. Today, we wanted to show you how we are already turning that strategy into action. We've recently launched two flagship initiatives that I'd like to share with you today, as they reflect our commitment to creating lasting value for both people and nature. On the social side, we have established a partnership with Chile Ministry of Energy, formalized through an MOU that we very recently signed to launch the pilot phase of Luz de Antofagasta, which is an electrification project for vulnerable off-grid households in the region.

María Rodríguez: Thank you. Thank you, Daniel, and good morning to everyone. You may remember how in our last presentation in May, we shared that we are evolving our sustainability strategy into a more impact-driven approach. Today, we wanted to show you how we are already turning that strategy into action. We've recently launched two flagship initiatives that I'd like to share with you today, as they reflect our commitment to creating lasting value for both people and nature. On the social side, we have established a partnership with Chile Ministry of Energy, formalized through an MOU that we very recently signed to launch the pilot phase of Luz de Antofagasta, which is an electrification project for vulnerable off-grid households in the region.

Speaker #8: And good morning to everyone. You may remember how, in our last presentation in May, we shared that we are evolving our sustainability strategy into a more impact-driven approach.

Speaker #7: approach.

Speaker #8: So, today we wanted to show you how we are already turning that strategy into action. We've recently launched two flagship initiatives that I'd like to share with you today.

Speaker #8: Today, as they reflect our commitment to creating lasting value for both people and nature. So, on the social side, we have established a partnership with the Chile Ministry of Energy, formalized through an MOU that we very recently signed, to launch the pilot phase of Luz Antofagasta, which is an electrification project for vulnerable off-grid households in the region.

Speaker #8: The pilot will include both a region-wide diagnostic and technical assessment, alongside an initial 20-household pilot, and will provide in this way the foundation for future scale-up.

María Rodríguez Gismero: The pilot will include both a region-wide diagnostic and technical assessment, alongside an initial 20 household pilot, and will provide, in this way, the foundation for future scale-up. On the environmental side, we are supporting the restoration of native forest in Nonguén National Park following the 2026 wildfires. This restoration is taking place within a globally recognized key biodiversity area, on top of being a protected area, being a national park, and includes the planting of 12 native species, five of them endemic to Chile, and supported by a three-year biodiversity monitoring program to measure long-term outcomes. It will also help restore potential habitat for threatened fauna species and other native species of conservation importance. These initiatives mark just the first steps in delivering our renewed impact strategy, but this is only the beginning.

María Rodríguez: The pilot will include both a region-wide diagnostic and technical assessment, alongside an initial 20 household pilot, and will provide, in this way, the foundation for future scale-up. On the environmental side, we are supporting the restoration of native forest in Nonguén National Park following the 2026 wildfires. This restoration is taking place within a globally recognized key biodiversity area, on top of being a protected area, being a national park, and includes the planting of 12 native species, five of them endemic to Chile, and supported by a three-year biodiversity monitoring program to measure long-term outcomes. It will also help restore potential habitat for threatened fauna species and other native species of conservation importance. These initiatives mark just the first steps in delivering our renewed impact strategy, but this is only the beginning.

Speaker #8: On the environmental side, we are supporting the restoration of native forest in Nonguén National Park following the 2026 wildfires. This restoration is taking place within a globally recognized key biodiversity area, on top of being a protected area, being a national park, and includes the planting of 12 native species—5 of them endemic to Chile—and is supported by a three-year biodiversity monitoring program to measure long-term outcomes.

Speaker #8: It will also help restore potential habitat for threatened fauna species and other native species of conservation importance. So, these initiatives mark just the first steps in delivering our Renew Impact Strategy, but this is only the beginning.

Speaker #8: Behind the scenes, we are developing other initiatives that will continue to strengthen our relationship with local communities and further increase our positive impact on people.

María Rodríguez Gismero: Behind the scenes, we are developing other initiatives that will continue to strengthen our relationship with local communities and further increase our positive impact for people and nature. Thank you very much.

María Rodríguez: Behind the scenes, we are developing other initiatives that will continue to strengthen our relationship with local communities and further increase our positive impact for people and nature. Thank you very much.

Speaker #8: and nature. Thank you very much.

Speaker #6: Okay, thank you very much, Maria. We are now moving to the Q&A session. Please, if you have any questions, raise your hands. And, as always,

Rubén Gómez: Okay. Thank you very much, María. We are now moving to the Q&A session. Please, if you have any questions, raise your hands, and as always, we kindly ask for asking just one question per participant. Okay. First question comes from UBS, Anna Webb, please go ahead.

Speaker #8: We kindly ask that each participant ask just one question.

Speaker #6: So, okay, first question comes from UBS. Ana Webb, please go ahead.

Speaker #9: Yes, hi. Hopefully you can hear me okay—had a few troubles connecting. But, yeah, one question from me on the Iberian Oasis project, which seems to be moving pretty quickly.

Anna Webb: Yes. Hi. Hopefully, you can hear me okay. Had a few troubles connecting. Yeah, one question from me on the Iberian Oasis, which seems to be moving pretty quickly. I wanted to understand, it seems the strategy here is to buy the ready-to-build projects, which obviously makes sense given the dynamics in Spain. Just wondering how that affects your CapEx, how the market is for those projects, whether there is a lot of availability and you are able to get those very cheaply or how that affects the CapEx guidance you have given for solar and BESS projects, and how that might affect your outlook for the IRRs. I think you gave some guidance around the double-digit IRRs. I guess that is taking into account having to buy these ready-to-build projects, but just trying to understand the market there and if that has any impact on your expected costs. Thank you.

Speaker #9: And I wanted to understand—it seems the strategy here is to buy the ready-to-build projects, which obviously makes sense given the dynamics in Spain.

Speaker #9: Just wondering how that affects your CapEx, like how the growth market is for those projects—whether, you know, there's a lot of availability and you're able to get those very cheaply—or how that affects, you know, the CapEx guidance you've given for solar and BESS projects, and how that might affect your outlook for the IRRs.

Speaker #9: I think you gave some guidance around the double-digit IRRs. I guess that's taking into account having to buy these ready-to-build projects. I'm just trying to understand the market there and if that has any impact on CapEx.

Anna Webb: I guess that is taking into account having to buy these ready-to-build projects, but just trying to understand the market there and if that has any impact on your expected costs. Thank you.

Speaker #9: on your expected costs. Thank you. Thank you. Thank you, Ana.

Daniel Lozano Herrera: Thank you. Thank you, Anna. I think everything's in line with what we announced in May of our CapEx of EUR 3.7 billion. I think roughly 45% of that amount will go to Europe in two main growth divisions. Greenbox on one side, hybrid plants on the other. I don't want to say we're purchasing these trades for nothing, but the value per megawatt is close to zero, because in many ways, we're talking about projects owned by developers. They have some commitments with bonds. In some cases, they have invested in substations, but for the drastic change in conditions for PV projects, they don't want to keep going on. So, the trade-off here is we are normally just buying the projects, changing the bonds, and in some cases, under some conditions on CPs, we are paying them back

David Ruiz: Thank you. Thank you, Anna. I think everything's in line with what we announced in May of our CapEx of EUR 3.7 billion. I think roughly 45% of that amount will go to Europe in two main growth divisions. Greenbox on one side, hybrid plants on the other. I don't want to say we're purchasing these trades for nothing, but the value per megawatt is close to zero, because in many ways, we're talking about projects owned by developers. They have some commitments with bonds. In some cases, they have invested in substations, but for the drastic change in conditions for PV projects, they don't want to keep going on. So, the trade-off here is we are normally just buying the projects, changing the bonds, and in some cases, under some conditions on CPs, we are paying them back part of the CapEx they already made.

Speaker #6: I think it's—well, everything's in line with what we announced in May of our CapEx of $3.5 billion.

Speaker #10: And I think roughly 45% of that amount will go to Europe in two main groups: growth divisions, right? Greenbox on one side, Hybrid Plugs on the other.

Speaker #10: We are— well, I don't want to say we're purchasing these projects for nothing, but the value per megawatt is close to zero, because in many ways we're talking about projects owned by developers.

Speaker #10: They have some commitments with bonds. In some cases, they have invested in substations, but due to the drastic change in conditions for PV projects, they don't want to keep going on.

Speaker #10: So, you know, the trade-off here has been, we are normally just buying the projects, changing the bonds, and in some cases, we are—under some conditions on CPs—we are paying them back part of the CAPEX they already made.

David Ruiz de Andrés: part of the CapEx they already made. So it's a good opportunity for us. It's also a good opportunity for them because they're exiting, in some cases, even the country. So for us, when we buy the projects, we immediately start the permitting for the hybridization, which takes 8 to 9 months now. So once this is concluded, which might happen in Q2 next year, we may be ready to execute the projects, and those projects mostly need to be connected at the end of 2028. So there is nothing. If there is upgrade in the IRR, I think we are getting the project for a very low CapEx, but even lower than we initially expected. So it's a good opportunity. There are not many projects available because some projects are available, but with CODs in 2030, which is too late for us at this point.

Speaker #10: So, it's a great opportunity for us. It's a good way—also a good opportunity for them, because they're exiting, in some cases, even the country.

David Ruiz: So it's a good opportunity for us. It's also a good opportunity for them because they're exiting, in some cases, even the country. So for us, when we buy the projects, we immediately start the permitting for the hybridization, which takes 8 to 9 months now. So once this is concluded, which might happen in Q2 next year, we may be ready to execute the projects, and those projects mostly need to be connected at the end of 2028. So there is nothing. If there is upgrade in the IRR, I think we are getting the project for a very low CapEx, but even lower than we initially expected. So it's a good opportunity. There are not many projects available because some projects are available, but with CODs in 2030, which is too late for us at this point.

Speaker #10: So, for us, when we buy the projects, we immediately start the permitting for the hybridization, which takes about 8 to 9 months now. Once this is concluded, which might happen in Q2 next year, we might be ready to execute the projects, and those projects mostly need to be connected by the end of 2023.

Speaker #10: So, there is nothing—if there is an upgrade in the ARR, I think we're getting the projects for a slightly lower, very low CAPEX, but even lower than we initially expected.

Speaker #10: So, it's a good opportunity. There are not many projects available because some projects are available, but with CODs in 2030—which is too late for us at this point—or some projects, they have no demand.

David Ruiz de Andrés: Or some projects, they have no demand. It means you cannot hybridize them. You can hybridize the projects, but you cannot charge the batteries from the grid. So, we cannot operate in many markets, and the numbers don't work that well. So there are not many projects. We're trying to get as many as we can. I think we're very close to achieving our gigawatt target. If we can find something else and we can increase that target, that might be an opportunity, but we will keep you updated.

David Ruiz: Or some projects, they have no demand. It means you cannot hybridize them. You can hybridize the projects, but you cannot charge the batteries from the grid. So, we cannot operate in many markets, and the numbers don't work that well. So there are not many projects. We're trying to get as many as we can. I think we're very close to achieving our gigawatt target. If we can find something else and we can increase that target, that might be an opportunity, but we will keep you updated.

Speaker #10: It means you cannot update them. I mean, you can hybridize the projects, but you cannot charge the batteries from the grid. So, you know, we cannot operate in many markets, and the numbers don't work that well.

Speaker #10: So, there are not many projects. We're trying to get as many as we can. I think we're very close to achieving our gigawatt target.

Speaker #10: If we can find something else, and we can increase that target, that might be an opportunity, but we will keep you updated.

Speaker #6: Okay, thank you. Next question from Henry Tarr at Berenberg. Please go ahead. Hi there, and thanks for taking my questions. The first one was just on the asset rotation programme.

Rubén Gómez: Okay. Thank you. Next question from Henry Tarr, Berenberg. Please go ahead.

Henry Tarr: Hi there, and thanks for taking my questions. The first one was just on the asset rotation program. Gabriela is obviously complete now. What is left in that program, and do the acquisitions that you are making increase the need to sell on the other side? I guess that is the first question. Then the second, could you talk a little bit more about the tolling agreements or potential tolling agreements that you are looking for BESS? How is that market? I guess we have not seen that many of those agreements signed. How are you looking to structure them? Is it a fixed price or a spread? Any sort of incremental comment around that would be great. Thank you.

Speaker #9: So Gabriela is obviously complete now. What's sort of left in that programme, and do the acquisitions that you're making—

Speaker #6: sort of increase the need to sell on the other side?

Speaker #9: So I guess that's the first question. And then the second, could you talk a little bit more about the tolling agreements or potential tolling agreements that you're looking for, for BESS?

Speaker #9: How is that market? I guess we haven't seen that many of those agreements signed.

Speaker #11: And what is it that you're—how are you looking to sort of structure them? Is it a fixed price, or a spread, or—any sort of incremental comment around that would be great.

Speaker #11: Thank you. Thank you, Henri.

David Ruiz de Andrés: Thank you, Henry. Quick answers on your two questions. On asset rotations, everything is according to plan. When we announced 1 gigawatt target for Spain, we knew we only had 200 megawatts, which was Escuderos. We had to, well, we also have another plan, but that is harder to hybridize. So we had to find 800 extra projects from other developers, and not any project is eligible. We need to find projects that actually have demand so we can charge the batteries from the grid, right? So that is even more challenging. We are halfway there. Nothing changes, right? We do not need to do some extra rotation. It is everything according to plan. As I answered Anna before, we are even getting those projects for lower CapEx than we initially expected. The Gabriela in Colombia, we are 30% in the target of EUR 800 million.

David Ruiz: Thank you, Henry. Quick answers on your two questions. On asset rotations, everything is according to plan. When we announced 1 gigawatt target for Spain, we knew we only had 200 megawatts, which was Escuderos. We had to, well, we also have another plan, but that is harder to hybridize. So we had to find 800 extra projects from other developers, and not any project is eligible. We need to find projects that actually have demand so we can charge the batteries from the grid, right? So that is even more challenging. We are halfway there. Nothing changes, right? We do not need to do some extra rotation. It is everything according to plan. As I answered Anna before, we are even getting those projects for lower CapEx than we initially expected. The Gabriela in Colombia, we are 30% in the target of EUR 800 million.

Speaker #10: And quick, quick answers on your two questions. Yeah, on asset rotations, nothing—everything's according to plan. I mean, when we announced a 1-gigawatt target for Spain, we knew we only had 200 megawatts, which was—and we had to—well, we also have another plant, but that's harder to hybridize.

Speaker #10: So we had to find 800 extra megawatts—projects from all the developers—and not any project is eligible. We need to find projects that actually have demand so we can charge the batteries for the grid, right?

Speaker #10: So that's even more challenging. We are halfway there, yeah, but nothing changes, right? I mean, we don't need to do any extra rotation. Everything is going according to plan.

Speaker #10: As I answered Anna before, we are even getting those projects for lower CapEx than we initially expected. The Gabela in Colombia, we are 30% in toward the target of €800 million.

Speaker #10: We keep exploring asset locations in several jurisdictions, and, well, whenever there is something new, we will let you know. Tolling agreements—every tolling agreement is different from each other, right?

David Ruiz de Andrés: We keep exploring asset rotations in several jurisdictions. Whenever there is something new, we will let you know. On tolling agreements, every tolling agreement is different from each other, right? So far, the two agreements we have closed in Spain, one was for our Oviedo plant, and the other one was for Escuderos. They are pretty similar. They are day-ahead. We are hedging the day-ahead through a financial product for 12 years, right? It is just the day-ahead. The rest of the products, if we operate in frequency regulation, secondary or third markets or tension market, the new tension market, or technical restrictions. There are so many markets, that is an upside for us. So we operate and we optimize. That is why we are getting all the capabilities for energy management and for optimizing our fleet of batteries.

David Ruiz: We keep exploring asset rotations in several jurisdictions. Whenever there is something new, we will let you know. On tolling agreements, every tolling agreement is different from each other, right? So far, the two agreements we have closed in Spain, one was for our Oviedo plant, and the other one was for Escuderos. They are pretty similar. They are day-ahead. We are hedging the day-ahead through a financial product for 12 years, right? It is just the day-ahead. The rest of the products, if we operate in frequency regulation, secondary or third markets or tension market, the new tension market, or technical restrictions. There are so many markets, that is an upside for us. So we operate and we optimize. That is why we are getting all the capabilities for energy management and for optimizing our fleet of batteries.

Speaker #10: So far, the two agreements with plugs in Spain—one was for our Oviedo plant, yeah, and the other one was for Escuderos. They're pretty similar.

Speaker #10: They are day-ahead. We are hedging the day-ahead through a financial product for 12 years, right? It's just a day-ahead. The rest of the products—I mean, we operate in frequency regulation, secondary or tertiary markets, or the tension market, the new tension market.

Speaker #10: Technical restrictions. You know, there are so many markets. That's an upside for us. So we operate and we optimize. That's why we are getting all the capabilities for energy management and for optimizing our fleet of batteries.

Speaker #10: And we are securing the main product, which is the day ahead, for 12 years, right? Other tolling agreements we are negotiating in markets like Germany, and, you know, the maxi in Italy, or in Poland, to complement, or the UK, to complement the capacity payments we already have.

David Ruiz de Andrés: We are securing the main product, which is the day-ahead, for 12 years, right? Other tolling agreements, we are negotiating in markets like Germany and you know the matching in Italy or in Poland to complement, or the UK to complement the capacity payments we already have. They will be more complete, comprising other markets, not just the day-ahead. So it might give the offtaker the rest of the market. The main message here is that every tolling agreement or every offtake agreement for a battery in each market is slightly different, right? They follow different patterns, market by market.

David Ruiz: We are securing the main product, which is the day-ahead, for 12 years, right? Other tolling agreements, we are negotiating in markets like Germany and you know the matching in Italy or in Poland to complement, or the UK to complement the capacity payments we already have. They will be more complete, comprising other markets, not just the day-ahead. So it might give the offtaker the rest of the market. The main message here is that every tolling agreement or every offtake agreement for a battery in each market is slightly different, right? They follow different patterns, market by market.

Speaker #10: They will be more complete, comprising other markets, not just the day-ahead. So, it might give the off-taker exposure to the rest of the market. So, that's basically—but the main message here is that every tolling agreement, or every offtake agreement for a battery in each market, is slightly different, right?

Speaker #10: It's not that they follow different patterns, market by market.

Speaker #6: Okay, next question from Nacho Domenic, JB Capital. Please go ahead. Nacho, you have to say that you want to unmute. We're unmuting you. Okay, if not, we also have another question in the meantime with Mediobanca, Beatrice.

Rubén Gómez: Okay. Next question from Ignacio Domenech, JB Capital. Please go ahead. Nacho, you have to say that you want to unmute. We are unmuting you. Okay, if not, we also have another question in the meantime with Mediobanca, Beatrice.

Speaker #12: Yes, can you hear me? Yes, perfect. Thank you. Thank you so much for taking my question. It is regarding the newly announced share buyback.

[Analyst] (Mediobanca): Yes. Can you hear me?

Beatrice Gianola: Yes. Can you hear me?

Rubén Gómez: Yes. Perfect.

[Analyst] (Mediobanca): Yeah. Thank you. Thank you so much for taking my question. It is regarding the new announced share buyback. Was interested in knowing from you, how would you prioritize the buyback within your overall capital allocation? You have done buybacks in the past, but the timing is somewhat different this time, given the share price and your sizable growth investment plan. So would be interested to have your view on this, and how would you rank the priority for the potential use of the shares between the core productions, the cancellations, and incentive plans you have mentioned?

Beatrice Gianola: Yeah. Thank you. Thank you so much for taking my question. It is regarding the new announced share buyback. Was interested in knowing from you, how would you prioritize the buyback within your overall capital allocation? You have done buybacks in the past, but the timing is somewhat different this time, given the share price and your sizable growth investment plan. So would be interested to have your view on this, and how would you rank the priority for the potential use of the shares between the core productions, the cancellations, and incentive plans you have mentioned?

Speaker #12: I was interested in knowing from you, how would you prioritize the buyback within your overall capital allocation? I mean, you have done buybacks in the past, but the timing is somewhat different this time, given the share price and your sizable growth investment plan.

Speaker #12: So I would be interested to have your view on this, and how would you rank the priority for the potential use of the shares?

Speaker #12: Between the corporate actions, cancellations, and incentive plans you have, you have mentioned? Okay, thank you. Thank you very much.

David Ruiz de Andrés: Okay. Thank you very much for your question, Beatrice. First, to put the share buyback in perspective, on one hand, it was included in our goals for we announced in May this year. We were considering up to a maximum of EUR 100 million in shareholder remuneration. So if we were about to complete this program with a maximum of EUR 50 million, I do not think we will reach this figure, a maximum of 500, half a million shares, and EUR 50 million, that gives you a maximum of, I think it is 1.7, 1.8 of our total shares. So it is not really material if you are looking at the amount of asset rotations we are doing.

David Ruiz: Okay. Thank you very much for your question, Beatrice. First, to put the share buyback in perspective, on one hand, it was included in our goals for we announced in May this year. We were considering up to a maximum of EUR 100 million in shareholder remuneration. So if we were about to complete this program with a maximum of EUR 50 million, I do not think we will reach this figure, a maximum of 500, half a million shares, and EUR 50 million, that gives you a maximum of, I think it is 1.7, 1.8 of our total shares. So it is not really material if you are looking at the amount of asset rotations we are doing.

Speaker #10: For your question, Beatrice. First, to put this share buyback in perspective, on one hand, it was included in our goals—we announced in 2021. In May this year, you know, we were considering up to a maximum of €100 million in shareholder remuneration.

Speaker #10: So, you know, if we were about to complete this program with a maximum of €50 million, I don't think we'll reach this figure.

Speaker #10: Maximum 500,000 shares and €50 million. That gives you a maximum of 1 point—I think it's 1.7, 1.8—of our total shares.

Speaker #10: So, it's not really material if you are looking at the amount of asset rotations we're doing. And what triggered this now was, well, on one hand, we believe that there is an upside on the share price.

David Ruiz de Andrés: What triggered this now, it was, well, in one hand, we believe that there is an upside on the share price, a bigger upside compared to a few months ago, and we believe it is a good moment for the company. Also, we materialize the transfer of Gabriela, so we had some extra, I think around $150, $160 million coming in. We are also advancing in other asset rotations. So we believe it is the right timing. We have limitations. We cannot execute that because it is based on a percentage of your traded volume. So it will be executed. We need to inform the CNMV every week. So it is not that different from previous share buyback we have executed. I think it is our fourth program, and the three ones we executed before were executed successfully, and I think it is just business as usual for us.

David Ruiz: What triggered this now, it was, well, in one hand, we believe that there is an upside on the share price, a bigger upside compared to a few months ago, and we believe it is a good moment for the company. Also, we materialize the transfer of Gabriela, so we had some extra, I think around $150, $160 million coming in. We are also advancing in other asset rotations. So we believe it is the right timing. We have limitations. We cannot execute that because it is based on a percentage of your traded volume. So it will be executed. We need to inform the CNMV every week. So it is not that different from previous share buyback we have executed. I think it is our fourth program, and the three ones we executed before were executed successfully, and I think it is just business as usual for us.

Speaker #10: Compared to a bigger upside, yes, compared to a few months ago. And we believe it's a good moment for the company. Also, we materialized the transfer of Gabriela.

Speaker #10: So, we had some extra—I think we reckon €150 million, €160 million—coming in. We are also advancing in other asset rotations, so we believe this is the right timing.

Speaker #10: You know, we have limitations. We cannot execute that because it is based on a percentage of your traded volume, so it will be executed.

Speaker #10: You know, we will— we have— we need to inform this to CNBC every week. So, it is not that different from previous share buybacks we have executed.

Speaker #10: I think some programs—the three ones we executed before—were executed successfully, and I think it's just business as usual for us. We've been doing this every year.

David Ruiz de Andrés: We have been doing this every year.

David Ruiz: We have been doing this every year.

Speaker #6: Okay, thank you very much. Now, let's try again, Nacho Domenech. Now, if it works, we have unmuted you. Hi, yes, apologies for the connection issues.

Rubén Gómez: Okay. Thank you very much. Now let us try again. Ignacio Domenech. Now, if it works, we have unmuted you.

Ignacio Domenech: Hi. Yes. Apologies for the connection issues. Thank you for the presentation. David, I had a question on GR Data. If you could provide an update versus what you already presented in the main investor update. More specifically, if we nail it down to Spain, and with all the noise around the royal decree, what is your view on this, and if you see any opportunity given the platform that you are building in Spain in relation to the whole data center opportunity and more specifically on what this royal decree proposal is bringing. Thank you very much.

Nacho Domenech: Hi. Yes. Apologies for the connection issues. Thank you for the presentation. David, I had a question on GR Data. If you could provide an update versus what you already presented in the main investor update. More specifically, if we nail it down to Spain, and with all the noise around the royal decree, what is your view on this, and if you see any opportunity given the platform that you are building in Spain in relation to the whole data center opportunity and more specifically on what this royal decree proposal is bringing. Thank you very much.

Speaker #6: Thank you for the presentation. David, I had a question on GRD.

Speaker #10: Data. Okay, if you could provide an update versus what you already presented in the investor update. And more specifically, if we nail it down to Spain, okay, and with all the noise around the Royal Decree, what's your view, okay, on on this, and if you see any opportunity given the platform that you are building in Spain in relation to this, to the whole data center opportunity, and more specifically on what this Royal Decree proposal is.

Speaker #10: is bringing. Thank you very much. Yeah, thank you, Ignacio. Well, this presentation, you know, we have not dedicated a lot of time to talk about geodata and also geopower.

David Ruiz de Andrés: Well, this presentation is, we have not dedicated a lot of time to talk about GR Data and also GR Power. Both are very important growth areas for us. GR Data, we are working on finding the right match, the right partner for some of our projects. We are having very interesting conversations. We have even mandated a large US bank to help us with all the process. So we are in all the process. As you know, we have two very different products. On one side, we have the colocation campuses around Santiago. They have normally different partnership. Hyperscalers could work with us in both, but many colocation players will be only interested in the cloud campuses we are developing in Santiago. Whenever there is some news, I can only say now that we are advancing well.

David Ruiz: Well, this presentation is, we have not dedicated a lot of time to talk about GR Data and also GR Power. Both are very important growth areas for us. GR Data, we are working on finding the right match, the right partner for some of our projects. We are having very interesting conversations. We have even mandated a large US bank to help us with all the process. So we are in all the process. As you know, we have two very different products. On one side, we have the colocation campuses around Santiago. They have normally different partnership. Hyperscalers could work with us in both, but many colocation players will be only interested in the cloud campuses we are developing in Santiago. Whenever there is some news, I can only say now that we are advancing well.

Speaker #10: You know, both are very important growth areas for us. But Geodata—you know, we are working on finding the right match, the right partner for some of our projects.

Speaker #10: We are having very interesting conversations. We have even mandated a large U.S. bank to help us with the entire process. So, we are in the process.

Speaker #10: As you know, we have two very different products. On one side, we have the colocation campuses around Santiago. They have, like, normally different partnerships. Hyperscalers could work with us in both, but many colocation players will be interested in the cloud campuses we are developing in Santiago.

Speaker #10: Whenever there is some news, I can only say now that we are advancing well. We are not far from being ready to build the first phase or so.

David Ruiz de Andrés: We are not far from ready to build of the first phase of Santiago, and that is very important. It was Chile Day on Monday. Again, you can see very strong messages of support from the government, from the current administration in Chile. This is great news. I was in a panel also with the head of Amazon Web Services for Latin America on Monday. I think most operators scalers, they also identified that there is a window of opportunity for AI training in northern Chile, right? But the size of that opportunity is massive, and it is something that we need to work a lot with the government, because it is really a flagship project for the market. I am talking now about Atacama Data. About Spain, I do not have really a lot of comments. I am sure other companies can give you plenty.</seg <seg id="3">I find that an excess of regulation, like the government is now proposing, is not really good for the development of the industry in Spain. This is what we see from the last draft outlined by the government.

David Ruiz: We are not far from ready to build of the first phase of Santiago, and that is very important. It was Chile Day on Monday. Again, you can see very strong messages of support from the government, from the current administration in Chile. This is great news. I was in a panel also with the head of Amazon Web Services for Latin America on Monday. I think most operators scalers, they also identified that there is a window of opportunity for AI training in northern Chile, right? But the size of that opportunity is massive, and it is something that we need to work a lot with the government, because it is really a flagship project for the market. I am talking now about Atacama Data. About Spain, I do not have really a lot of comments. I am sure other companies can give you plenty.

Speaker #10: South Santiago, and that's very important. And, you know, it was Chile Day on Monday, and again, you can see very strong messages of support from the government, from the current administration in Chile.

Speaker #10: And this is great news. I was on a panel also with the head of Amazon Web Services for Latin America on Monday. And, you know, I think most hyperscalers—they also identified that there is a window of opportunity for IT and AI training in northern Chile, right?

Speaker #10: But the size of that opportunity is massive, and it's something that we need to work on a lot with the government, because it's really a flagship project.

Speaker #10: For the market, I'm talking now about Atacama Data. About Spain, I don't really have a lot of comments. I'm sure other companies can give you plenty.

David Ruiz de Andrés: I find that an excess of regulation, like the government is now proposing, is not really good for the development of the industry in Spain. This is what we see from the last draft outlined by the government.

David Ruiz: I find that an excess of regulation, like the government is now proposing, is not really good for the development of the industry in Spain. This is what we see from the last draft outlined by the government.

Speaker #10: I find that the excess regulation the government is now proposing is not really good for the development of the industry in Spain.

Speaker #10: And this is what we see from the last draft outlined by the government. Thank you very much, Matthias.

Ignacio Domenech: Thank you very much. Gracias.

Nacho Domenech: Thank you very much. Gracias.

Speaker #6: Okay, Henry from Bremberg wants another question. So, Henry, please go ahead. Thanks, thanks for giving me...

Rubén Gómez: Henry from Berenberg wants another question. Henry, please go ahead.

Henry Tarr: Thanks for giving me another question. I just wanted to talk about the PPAs, and what you are seeing there. Both in Chile, I guess you have still got a couple of those projects, later phases for Oasis de Atacama to sign, and then also in the Iberian Oasis for these new projects. You do not have to give a price necessarily, but what is the demand like for PPAs currently as you are going through the negotiations?

Speaker #11: Another question. I just wanted to talk about the PPAs and what you're seeing there—both in Chile; I guess you've still got a couple of those projects, later phases for Atacama.

Speaker #11: to sign, and then also in the Iberian Oasis for these new projects. What's the— You don't have to give a price necessarily, but how— what's the demand like for PPAs currently as you're going through the negotiations?

David Ruiz de Andrés: Thank you. By the way, I think your previous questions, I did not reply you well, so I take the opportunity again to, on the structure of the tolling agreement. So far, what we have closed are fixed prices, right? There is also the alternative of closing, like, a floor and then do, like, a revenue sharing with the off-taker for the rest of the market or for one particular market. Once again, the structures are very different from each other. Regarding the situation for PPAs, I think, well, Chile is more mature. I am showing now the Oasis de Atacama, but we are very happy. We nearly contracted everything we need for our 2028 plan. The only plan we have not contracted, Antofagasta, it is a plan that we are expecting in the next plan, in 2029, it could complete. So very happy. Yeah.

David Ruiz: Thank you. By the way, I think your previous questions, I did not reply you well, so I take the opportunity again to, on the structure of the tolling agreement. So far, what we have closed are fixed prices, right? There is also the alternative of closing, like, a floor and then do, like, a revenue sharing with the off-taker for the rest of the market or for one particular market. Once again, the structures are very different from each other. Regarding the situation for PPAs, I think, well, Chile is more mature. I am showing now the Oasis de Atacama, but we are very happy. We nearly contracted everything we need for our 2028 plan. The only plan we have not contracted, Antofagasta, it is a plan that we are expecting in the next plan, in 2029, it could complete. So very happy. Yeah.

Speaker #10: Thank you. By the way, regarding your previous questions—I don't think I replied very well—so I’d like to take this opportunity to address the structure of the tolling agreements.

Speaker #10: So far, what we've closed are fixed prices, right? But there is also the alternative of closing, like, a floor and then—look—do, like, a revenue sharing with the offtakers.

Speaker #10: For the rest of the market, or for one particular market. So, once again, the structures are very different from each other. Regarding the situation for PPAs, I think, well, Chile is more mature.

Speaker #10: I'm showing now the O'Higgins to Patacama, but we're very happy. We have nearly contracted everything we need for our 2028 plan. The only plant we have not contracted, Antofagasta, is a plant that we are expecting in the next plan—I mean, in 2029—to complete.

Speaker #10: So, very happy. Yeah, and in Chile, we now have our own offtake in-house, which is Geopower. So, we are still selling to large incumbents online.

David Ruiz de Andrés: In Chile, we have now our own offtake in-house, which is Geopower. We are still selling to large incumbents, large mining companies directly from the project. We are also closing PPAs successfully from our Geopower. Geopower might be investment-grade soon also, because we might issue bonds for the first time. We might include Pelequén plant within Geopower, and that will be a game-changer. I think it's considered bankable by the banks, by many off-takers, but it will be the culmination of our transition from being just a developer of plants to being an integrated utility, having retail on one side and generation on the other. That gives us a lot of opportunities to approach every single client, whether it's a mining data center through Geopower, and then Geopower can be the offtake to the plants. That's the future goal.

David Ruiz: In Chile, we have now our own offtake in-house, which is Geopower. We are still selling to large incumbents, large mining companies directly from the project. We are also closing PPAs successfully from our Geopower. Geopower might be investment-grade soon also, because we might issue bonds for the first time. We might include Pelequén plant within Geopower, and that will be a game-changer. I think it's considered bankable by the banks, by many off-takers, but it will be the culmination of our transition from being just a developer of plants to being an integrated utility, having retail on one side and generation on the other. That gives us a lot of opportunities to approach every single client, whether it's a mining data center through Geopower, and then Geopower can be the offtake to the plants. That's the future goal.

Speaker #10: Large mining companies are directly from the project, but we are also closing PPAs successfully from our Geopower. Geopower might be investment-grade soon as well, because we might issue bonds for the first time.

Speaker #10: We might include the Peliquén plant within Geopower, and that will be a game changer. I mean, I think it's considered bankable by the banks, by many offtakers, but it will be the culmination of our transition from being just a developer of plants to being an integrated utility—having retail on one side and generation on the other.

Speaker #10: So, you know, that gives us a lot of opportunities to approach every single client, whether it's a mining data center, through Geopower. And then Geopower can be the offtake to the plants.

Speaker #10: So, that's the future goal. And we expect we might replicate this in Spain one day, okay? But we want to make sure we first have the right fleet of projects.

David Ruiz de Andrés: We expect we might replicate this in Spain one day. We want to make sure we first have the right fleet of projects. In Spain, so far in this stage, we are closing with investment-grade counterparts. I think the market is pretty liquid now. We have announced already two tolling agreements. We might include the PPAs, pure solar PPAs. PPAs is a lot more challenging. If you talk about, if you offer flexibility like we do in Greenbox, or if you offer night PPAs, I think the market, the opportunities are because we have several tenders open now, and we have more than eight, nine interested off-takers. I think we'll give the news. This is Spain. I think similar situation for batteries in Europe.

David Ruiz: We expect we might replicate this in Spain one day. We want to make sure we first have the right fleet of projects. In Spain, so far in this stage, we are closing with investment-grade counterparts. I think the market is pretty liquid now. We have announced already two tolling agreements. We might include the PPAs, pure solar PPAs. PPAs is a lot more challenging. If you talk about, if you offer flexibility like we do in Greenbox, or if you offer night PPAs, I think the market, the opportunities are because we have several tenders open now, and we have more than eight, nine interested off-takers. I think we'll give the news. This is Spain. I think similar situation for batteries in Europe.

Speaker #10: So, in Spain, so far at this stage, we are closing with investment-grade counterparts. And I think the market is pretty liquid now. You know, we have already announced two tolling agreements.

Speaker #10: We might include the PPAs—pure solar PPAs—the situation is a lot more challenging. But if you talk about flexi—if you offer flexibility like we do in Greenvox, or if you offer night PPAs, I think the market—the opportunities are big because we have several tenders open now, and we have more than eight, nine interested bidders.

Speaker #10: So, Spain will give good news. This is Spain, and I think it's a similar situation for batteries in Europe. That's great. Thank you so much. Yeah, cheers.

Henry Tarr: That's great. Thank you so much.

David Ruiz de Andrés: Gracias.

David Ruiz: Gracias.

Speaker #6: Okay, so with this, there are no more questions for any other analysts. Thank you very much for attending, and see you in November with our 9-month results.

Rubén Gómez: Okay. With this, there are no more questions for another analyst. Thank you very much for attending, and see you in November with our nine-month results. Okay.

David Ruiz de Andrés: Thank you.

David Ruiz: Thank you.

Rubén Gómez: Thank you very much.

David Ruiz de Andrés: Have a great week.

David Ruiz: Have a great week.

Henry Tarr: Thank you.

David Ruiz de Andrés: Bye.

David Ruiz: Bye.

Rubén Gómez: Yeah. Yeah.

[Company Representative] (Grenergy): Goodbye

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