Q4 2025 Enel Americas SA Earnings Call and Strategic Plan Update

February 26, 2026

Operator: Good day, ladies and gentlemen, and welcome to Enel Américas' 2025 Results and 2026-2028 Strategic Plan Presentation. My name is Carmen, and I will be your operator for today. At this time, all participants are in a listen-only mode. After the presentation, there will be a questions and answer session. To participate, you will need to write your question in the chat box on the web and click Submit. Please note this conference is being recorded. This presentation contains statements that could constitute forward-looking statements. These statements appear in a number of places in this presentation and include statements regarding the intent, belief, or current expectations of Enel Américas and its management with respect to, among other things: Enel Américas business plans, trends affecting Enel Américas' financial condition or results of operations, including market trends.

Speaker #1: Good day, ladies and gentlemen, and welcome to ENEL AMERICAS 2025 results and 2026-2028 strategic plan presentation. My name is Carmen, and I will be your operator for today.

Speaker #1: At this time, all participants are in a listen-only mode. After the presentation, there will be a questions-and-answer session, and to participate, you will need to write your question in the chat box on the web and click submit.

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

Operator: In the electricity sector in Chile, the countries where the company operates or elsewhere, supervision and regulation of the electricity sector in Chile, the countries where the company operates or elsewhere, and the future effects of any changes in the laws and regulations applicable to Enel Américas or its subsidiaries. Such forward-looking statements reflect only our current expectations, are not guarantees of future performance, and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors includes a decline in the equity capital markets, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulations in Chile, the countries where the company operates or elsewhere, and other factors described in the Enel Américas Integrated Annual Report.

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

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

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

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

Operator: Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of this date. Enel Américas undertakes no obligation to release publicly the results of any revisions of these forward-looking statements, except as required by law. I would now like to turn the presentation over to Mr. Jorge Velis, Enel Américas, Head of Investor Relations. Please proceed.

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

Speaker #2: Thank you, Carmen. Good morning, ladies and gentlemen. And welcome to ENEL AMERICAS 2025 results and 2026-2028 strategic plan conference call. I'm Jorge Vélez, Head of Investor Relations.

Jorge Velis: Thank you, Carmen. Good morning, ladies and gentlemen, welcome to Enel Américas 2025 Results and 2026, 2028 Strategic Plan Conference Call. I'm Jorge Velis, Head of Investor Relations. We will begin this presentation with a full year 2025 results. Our CEO, Giuseppe Turchiarelli, will present the highlights of the period, along with the operational performance. Our CFO, Rafael de la Haza, will analyze the economic and financial results of the period. After we conclude our results presentation, we will present our strategic plan for the 2026, 2028 period. Giuseppe will focus on the market context and the strategy of our company, Rafael will be presenting the main financial figures and financial management. Giuseppe will conclude the presentation with our targets and closing remarks. This presentation will follow the slides that have already been uploaded in the company's website.

Speaker #2: We will begin this presentation with a full year 2025 results. Our CEO, Giuseppe Turchiarelli, will present the highlights of the period along with the operational performance.

Speaker #2: Then our CFO, Rafael de la Haza, will analyze the economic and financial results of the period. After we conclude our self-presentation, we will present our strategic plan for the 2026-2028 period.

Speaker #2: Giuseppe will focus on the market context and the strategy of our company. And then Rafael will be presenting the main financial figures and financial management.

Speaker #2: Giuseppe will then conclude the presentation with our targets and closing remarks. This presentation will follow the slides that have already been uploaded in the company's website.

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

Jorge Velis: Following the presentation, we will have the Q&A session. If you want to make a question, please send it through the webcast or write us to the corporate email, ir.enelamericas@enel.com. Please remember that only analysts and investors can ask questions in this session. Now, let me hand over the call to Giuseppe, who will start by outlining the main highlights of the period in slide 4.

Speaker #2: Please remember that only analysts and investors can ask questions in this session. Now, let me hand over the call to Giuseppe, who will start by outlining the main highlights of the period in slide number four.

Speaker #3: Thank you, Jorge. During 2025, we made investments for 2.3 billion dollars, which is an increase of 11% compared to 2024. Most of our CapEx was allocated to grid, where we are working to improve the quality and resilience of our operation.

Giuseppe Turchiarelli: Thank you, Jorge. During 2025, we made investments of $2.3 billion, which is an increase of 11% compared to 2024. Most of our CapEx was allocated to grid, where we are working to improve the quality and resilience of our operation, looking to improve the services for our customer and become a better preferred company to face the extreme weather events that are becoming more frequent in the region. In this sense, grid CapEx increased by 30% compared to the previous year. In generation, we had an increase of 4% in renewable energy production, mainly explained by Colombia, where we increased our renewable generation by 23%, thanks to better hydro condition in the country. This was partially offset by lower production in Argentina and the effect of curtailment in Brazil.

Speaker #3: Looking to improve the services for our customers and become a better preferred company to face the extreme weather events that are becoming more frequent in the region.

Speaker #3: In this sense, grid CapEx increased by 30% compared to the previous year. In generation, we had an increase of 4% in renewable energy production.

Speaker #3: Mainly explained by Colombia, where we increased our renewable generation by 23% thanks to better hydro conditioning in the country. This was partially offset by lower production in Argentina and the effect of curtailment in Brazil.

Speaker #3: In addition to this, we are glad to report the incorporation of 0.3 gigawatts of new solar capacity with the project Guayapo 3 in Colombia.

Giuseppe Turchiarelli: In addition to this, we are glad to report the incorporation of 0.3 GW of new solar capacity with the project Guayepo III in Colombia, which yesterday obtained the commercial operation date. This plant will deliver clean energy to more than 800,000 people. EBITDA in 2025 reached $4.3 billion, which is 14% higher than the previous year. This is mainly explained by better results in generation in Colombia, due to better hydro condition, and in Greece, in Argentina, due to tariff review, which started to be applied as of May 2025. Finally, in terms of net income, we reached $1 billion in 2025. If you exclude the impact of Peruvian deal effect in 2024, net income increased by 30% versus previous year. Let's now analyze grid operational highlights in slide 5.

Speaker #3: Which, yesterday, obtained the commercial operation date. This plan will deliver clean energy to more than 800,000 people. EBITDA in 2025 reached 4.3 billion dollars, which is 14% higher than the previous year.

Speaker #3: This is mainly explained by better results in generation in Colombia due to better hydro condition and in grids in Argentina due to tariff reviews.

Speaker #3: Which started to be applied as of May 2025. Finally, in terms of net income, we reached 1 billion dollars in 2025. If you exclude the impact of Peruvian deal effects in 2024, net income increased by 30% versus previous year.

Speaker #3: Let's now analyze grid operational highlights in slide five. Electricity distributed reached 108.6 terawatt-hours in 2025. An increase of 2% compared to the previous year.

Giuseppe Turchiarelli: Electricity distributed reached 108.6 TWh in 2025, an increase of 2% compared to the previous year. This is explained by higher sales in Brazil, Argentina, and Colombia. Regarding number of customer, we had an increase of 344,000 in the last 12 months, reaching 23 million customers. Smart meter increased by 66%, reaching almost 2.3 million in this period, due to our deployment plan in São Paulo. Net RAB and net RAB per customer increased 11% and 7% respectively, isolating the impact of the currency devaluation. These reflect the significant investment we are making in our grid. In terms of quality indicator, SAIDI improved in Enel Rio, Enel Ceará, and in Colombia, while in Enel São Paulo, this KPI is slightly increased due to the extreme climate event experienced during this period.

Speaker #3: This is explained by higher sales in Brazil, Argentina, and Colombia. Regarding number of customers, we had an increase of 344,000 in the last 12 months, reaching 23 million customers.

Speaker #3: Smart meter increased by 66%, reaching almost 2.3 million in this period. Due to our deployment plan in São Paulo. Net rub and net rub per customer increased 11% and 7% respectively, isolating the impact of the currency devaluation.

Speaker #3: This reflects the significant investment we are making in our grids. In terms of quality indicator, Saidi improved in Enel Rio, Enel Serra in Colombia, while in Enel São Paulo this KPI is slightly increased due to the extreme climate events experienced during this period.

Speaker #3: In EDESUR, the 2025 performance is driven by the deterioration of the grid affected by extreme temperatures. SAIFI improved in Enel Colombia and Enel Rio, while EDESUR, Enel São Paulo and Enel Serra increased due to extreme climate events and transmission line failure in the case of Serra.

Giuseppe Turchiarelli: In Edesur, the 2025 performance is driven by the deterioration of the grid affected by extreme temperatures. SAIFI improved in Enel Colombia and Enel Rio, while Edesur, Enel São Paulo, and Enel Ceará increased due to extreme climate event and transmission line failure in the case of Ceará. We continue focusing on improving this indicator, despite some increases in 2025, we remain fully compliant with the regulatory limits in Brazil and Colombia. Finally, for what concern the energy losses, Edesur has been affected by higher commercial losses as a consequence of tariff review implemented in May 2025. In relation to the Brazilian company, losses particularly increased in high-risk area. While, in Enel Colombia, remained substantially in line with the previous year. Let's continue with generation operational highlights on slide six.

Speaker #3: We continue focusing on improving these indicators and despite some increases in 2025, we remain fully compliant with the regulatory limit in Brazil and Colombia.

Speaker #3: Finally, for what concerns the energy losses, EDESUR has been affected by higher commercial losses as a consequence of tariff review implemented in May 2025.

Speaker #3: In relation to the Brazilian company, losses particularly increased in high-risk areas, while in Enel Colombia remained substantially in line with the previous year. Let's continue with generation operational highlights on slide six.

Speaker #3: Installed capacity increased to 13.1 gigawatts due to the incorporation of Guayapo 3. Whose code has been already obtained as mentioned before. From our total capacity, 98% is renewable.

Giuseppe Turchiarelli: Installed capacity increased to 13.1 GW due to the incorporation of Guayepo III, whose COD has been already obtained, as mentioned before. From our total capacity, 98% is renewable. We are currently working on additional 0.3 GW capacity on Atlántico solar project located in Colombia. In the following slides, we will focus on additional renewable capacity for the coming years. During 2025, we increased our production by 2% on a consolidated basis, reaching 41.6 TWh. This is mainly explained by higher production in Colombia, thanks to better water availability compared to 2024. On the other hand, we had lower production in Brazil, where the impact of curtailment more than offset higher renewable generation coming from new capacity that entered during 2024. The sector is working together with the regulator and authority to find a solution to this problem.

Speaker #3: We are currently working on additional 0.3 gigawatt capacity on Atlantico Solar Project located in Colombia. In the following slides, we will focus on additional renewable capacity for the coming year.

Speaker #3: During 2025, we increased our production by 2% on a consolidated basis, reaching 41.6 terawatt-hours. This is mainly explained by higher production in Colombia, thanks to better water availability compared to 2024.

Speaker #3: On the other hand, we had lower production in Brazil, where the impact of curtailment more than offset higher renewable generation coming from new capacities that entered during 2024.

Speaker #3: The sector is working together with the regulator and authorities to find the solution to this problem. Hydro production also decreased in Brazil due to lower water availability compared to the previous year.

Giuseppe Turchiarelli: Hydro production also decreased in Brazil due to lower water availability compared to the previous year. Let's see our energy balance in the slide number 7. Our energy sales increased by 1% as a consequence of higher energy sales in Colombia, partially compensated by Argentina. Sales to unregulated customer remains broadly in line, mainly due to higher sales in Brazil and decrease in Colombia. On a country basis, we can see that Brazil remained flat, with lower generation compensated by higher energy purchases. Colombia had an increase in energy sales due to better generation. Energy Argentina had lower sales to lower generation, and Clot- and Central America had lower sales to lower energy purchases. Now, Rafael will comment on financial results of the period in the coming slide.

Speaker #3: Let's see our energy balance in slide number seven. Our energy sales increased by 1% as a consequence of higher energy sales in Colombia, partially compensated by Argentina.

Speaker #3: Sales to unregulated customers remained broadened in line mainly due to higher sales in Brazil and decreased in Colombia. On a country basis, we can see that Brazil remained flat, with lower generation compensated by higher energy purchases.

Speaker #3: Colombia had an increase in energy sales due to better generation, and energy Argentina had lower sales to lower generation and Colombia and Central America had lower sales to lower energy purchases.

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

Speaker #4: Thank you, Giuseppe. Buenos días a todos. CAPEX in 2025 reached 2.3 billion US dollars. An increase of 11% compared to the previous year. This is explained by a significant increase in grids business, which grew by 30% year on year.

Rafael De la Haza Casarrubio: Thank you, Giuseppe. Buenos dias a todos. CapEx in 2025 reached $2.3 billion, an increase of 11% compared to the previous year. This is explained by a significant increase in grid business, which grew by 30% year-on-year, with a special focus in Brazil, where CapEx increased by 36%. This is in line with our strategy of boosting grids, aiming to improve quality for our customers and become a more resilient company, considering the climate events that are affecting our region. EBITDA this year reached $4.3 billion, an increase of 14% compared to 2024. This better result is mainly explained by better results in generation business in Colombia due to better ideal conditions this year and better results in grids in Argentina, Brazil, and Colombia.

Speaker #4: Which has special focus in Brazil, where CAPEX increased by 36%. This is in line with our strategy of boosting grids aiming to improve quality for our customers and become a more resilient company considering the climate events that are affecting our region.

Speaker #4: Every day, this year reached 4.3 billion, an increase of 14% compared to 2024. This better result is mainly explained by better results in generation business in Colombia, due to better idle conditions.

Speaker #4: This year, and better results in grids in Argentina, Brazil, and Colombia. Excluding effects impact, EBITDA would have reached 4.4 billion US dollars in line with the guidance we gave on our last strategic plan.

Rafael De la Haza Casarrubio: Excluding FX impact, EBITDA would have reached $4.4 billion US dollars, in line with the guidance we gave on our last strategic plan. Net income reached $1 billion in this period, which is 30% higher than the previous year, if we exclude the impact of the sale of Peruvian assets in 2024. This improvement is mainly due to better EBITDA and better financial results, explained by an active financial management and FX effect on balance sheet items. Net income did not reach the guidance of our latest strategic plan. Ahead of this, on this presentation, we will have a slide focused on this. Now, on slide number 10, we will see EBITDA evolution and breakdown.

Speaker #4: Net income reached 1 billion in this period. Which is 30% higher than the previous year. If we exclude the impact of the sale of Peruvian assets in 2024.

Speaker #4: This improvement is mainly due to better EBITDA and better financial results explained by an active financial management and effects effect on balance sheet items.

Speaker #4: Net income did not reach the guidance of our latest strategic plan, but ahead of this on this presentation, we will have a slide focus on this.

Speaker #4: Now, on slide number 10, we will see EBITDA evolution and breakdown. Starting from 3.7 billion of EBITDA of 2024, we see that generation business had an increase of 0.3 billion.

Rafael De la Haza Casarrubio: Starting from $3.7 billion of EBITDA of 2024, we see that generation business had an increase of $0.3 billion, mainly explained by Colombia due to better hydrology. Grid's business improved by $0.4 billion due to better results in Argentina, Brazil, and Colombia, explained by better positive tariff adjustments and higher demand, and customer business and others remained flat compared to 2024. With this, we get to an EBITDA of $4.4 billion, which represents an increase of 18%. FX had a negative impact of $0.1 billion, resulting in a reported EBITDA for 2025 of $4.3 billion.

Speaker #4: Mainly explained by Colombia, due to better hydrology. Grids business improved by 0.4 billion, due to better results in Argentina, Brazil, and Colombia. Explained by better positive tariff adjustments and higher demand.

Speaker #4: And customer business and others remained flat compared to 2024. With this, we get to an EBITDA of 4.4 billion, which represents an increase of 18%.

Speaker #4: Effects had a negative impact of 0.1 billion, resulting in a reported EBITDA for 2025 of 4.3 billion. From our reported EBITDA, 52% came from Brazil, 37% from Colombia, and 5% from Argentina.

Rafael De la Haza Casarrubio: From our reported EBITDA, 52% came from Brazil, 37% from Colombia, 5% from Argentina, 5% from Central America, and 1% from Piura, our generation business in Peru, which is, as of Q4, this company, Generación Piura, was not considered as a held for sale. In terms of business line, grid represents 60% of our EBITDA, generation 37%, and customers contribute with 2%. As already mentioned, EBITDA was in line with the guidance given on our last strategic plan. However, net income, despite the significant growth of 2025, more than 30%, was below our guidance. On the coming slide, we will analyze the impacts that explain this.

Speaker #4: 5% from Central America and 1% from Piura, our generation business in Peru. Which is, as of the least quarter, this company Enel Generación Piura was not considered asset held for sale.

Speaker #4: In terms of business line, grids represent 60% of our EBITDA, generation 37%, and customers contribute with 2%. As already mentioned, EBITDA was in line with the guidance given to on our last strategic plan.

Speaker #4: However, net income, despite the significant growth of 2025, more than 30%, was below our guidance. On the coming slide, we will analyze the impacts that explain this.

Speaker #4: Starting with 0.7 billion of net income in 2024, we can see that net income increased up to 1 billion in 2025. Explained by higher EBITDA and better financial results partially offset by higher aggregate taxes.

Rafael De la Haza Casarrubio: Starting with $0.7 billion of net income in 2024, we can see that net income increased up to $1 billion in 2025, explained by higher EBITDA and better financial results, by higher income taxes, and higher minority interest due to the increased results in Colombia. The net income guidance presented in our 2025, 2027 strategic plan forecasted $1.4 billion. Starting from the $1 billion net income reported for 2025, the variance versus our guidance is fully explained by several assumptions that did not materialize. First, variations in macroeconomic assumptions and tariff adjustment assumptions in Argentina had a negative impact of $0.1 billion. In addition, results in Brazil were affected by higher curtailment and by currently non-recognition of the DISCO Fin effect in Brazil, together amounting to $0.2 billion.

Speaker #4: And higher minority interest due to the increased results in Colombia. The net income guidance presented in our 2025-2027 strategic plan forecasted $1.4 billion. Starting from the $1 billion net income reported for 2025, the variance versus our guidance is fully explained by several assumptions that did not materialize.

Speaker #4: First, deviations in macroeconomic assumptions and tariff adjustment assumptions in Argentina had a negative impact of 0.1 billion. In addition, results in Brazil were affected by higher curtailment.

Speaker #4: And by currently non-recognition of the Peace Coffins effect in Brazil, together amounting to 0.2 billion. Considering all these impacts, we get to the 1.4 billion indicated in our guidance.

Rafael De la Haza Casarrubio: Considering all these impacts, we get to the $1.4 billion indicated in our guidance. Regarding shareholder remuneration, the increase in net income from our operations, along with the effects from the share buyback executed in 2025, helped boost EPS growth by 36% compared to the previous year. Let me now analyze the debt of our company in the following slide. Gross debt amounted to $6.8 billion, an increase of 30% compared to December 2024, explained by higher debt in Brazil, Argentina, and FX impact in Colombia and Brazil. Net debt reached $4.8 billion, sorry, an increase of 126% compared to the end of 2024.

Speaker #4: Regarding shareholder remuneration, the increase in net income from our operations, along with the effects from the sale buyback executed in 2025, helped boost EPS, growth by 36% compared to the previous year.

Speaker #4: Let me now analyze the debt of our company in the following slide. Gross debt amounted to 6.8 billion, an increase of 30% compared to December 2024.

Speaker #4: Explained by higher debt in Brazil, Argentina, and effects impacting Colombia and Brazil. Net debt reached 4.4, 4.8, sorry, billion, US dollars, an increase of 126% compared to the end of 2024.

Speaker #4: This includes positive free cash flow, for 0.3 billion, net dividends paid for 1.1 billion, the payment of the sale buyback program for 0.5 billion, and extraordinary operations for 0.9 billion, mainly related to the tax payment in Peru due to the asset sales of 2024, and a payment related to the pension fund in São Paulo.

Rafael De la Haza Casarrubio: This includes positive free cash flow of $0.3 billion, net dividends paid for $1.1 billion, the payment of the share buyback program for $0.5 billion, and extraordinary operations for $0.9 billion, mainly related to the tax payment in Peru due to the asset sales of 2024, and a payment related to the pension fund in São Paulo. FX had a negative impact of $0.5 billion. In terms of currency and country, we see that Brazil remains as the largest contributor, while the debt at the holding level represents 9% of the total level. Finally, regarding the cost of debt, we can see an increase for this period, going from 10.3% to 11.4%, explained by higher interest rates in Brazil.

Speaker #4: Effects had a negative impact of 0.5 billion. In terms of currency and country, we see that Brazil remains as the largest contributor, while the debt at the holding level represents 9% of the total debt.

Speaker #4: Finally, regarding the cost of debt, we can see an increase for this period going from 10.3% to 11.4%, explained by higher interest rates in Brazil.

Rafael De la Haza Casarrubio: This concludes the full year 2025 results, part of this presentation. As Jorge mentioned it before, in the coming slides, we will present our strategic plan for the period 2026, 2028. Please remember that Q&A will be held at the end of this presentation. Let's now move ahead on the slide, to the slide number 14, where Giuseppe, our CEO, will start with the main market context and strategy going forward.

Speaker #4: This concludes the full year 2025 results, part of this presentation, and as Jorge mentioned it before, in the coming slides, we will present our strategic plan for the period 2026-2028.

Speaker #4: Please remember that Q&A will be held at the end of this presentation. Let's now move ahead on a slide to the slide number 14, where Giuseppe, our CEO, will start with the main market context and strategy going forward.

Speaker #1: Let me start by framing the long-term context for the electricity sector in Latin America. Over the next 25 years, electricity demand in the region is expected to grow significantly.

Giuseppe Turchiarelli: Let me start by framing the long-term context for the electricity sector in Latin America. Over the next 25 years, electricity demand in the region is expected to grow significantly, driven by economic development, electrification of end user, and the expansion of digital infrastructure. Electricity consumption in Latin America will increase from around 1,270 terawatt-hours in 2030, to more than 3,100 terawatt-hours by 2050. This implies an average annual growth rate of about 4.6%, meaning the regional electricity demand will more than double within 2 decades. Always, more sector and activities increase their electricity consumption, such as transport, heating, and industry. In such situations, the grid become the critical enabler for the entire energy transition. On the investment side, we see the same trend.

Speaker #1: Driven by economic development, electrification of end-user, and the expansion of digital infrastructure. Electricity consumption in Latin America will increase from around 1,000 to 170 terawatt-hours in 2030 to more than 3,100 terawatt-hours by 2050.

Speaker #1: This implies an average annual growth rate of about 4.6%, meaning the regional electricity demand will more than double within two decades. This rapid growth puts additional pressure on the transmission and distribution network.

Speaker #1: Always more sector and activities increase their electricity consumption, such as transport, heating, and industry. In such situation, the grid becomes the critical enabler for the entire energy transition.

Speaker #1: On the investment side, we see the same trend. Annual energy investment in the region are projected to rise sharply. From roughly 105 billion dollar per year in the period 2025-2030 to around 360 billion dollar per year after 2040.

Giuseppe Turchiarelli: Annual energy investments in the region are projected to rise sharply, from roughly $105 billion per year in the period 2025, 2030, to around $360 billion per year after 2040. The composition of those investments shift meaningfully toward grids, while around 42% of the investment in the near term are directed to renewables. By the 2040 and 2050 period, almost two-thirds of the total investment are expected to be allocated to grids. This reflects a structural reality. Without stronger, more flexible, and more digital grids, renewable expansion simply cannot scale up fast enough, nor can system stability be maintained. In short, Latin America is entering a phase of high and sustained growth in both demand and CapEx, and grids become the backbone of the regional energy transformation.

Speaker #1: The composition of those investments shifts meaningfully towards grids, while around 42% of the investment in the near term is directed to renewables. But in the 2040 and 2050 period, almost two-thirds of the total investment are expected to be allocated to grids.

Speaker #1: This reflects a structural reality without stronger, more flexible, and more digital grids with renewables expansion simply cannot scale up fast enough, nor can systems ability be maintained.

Speaker #1: In short, Latin America is entering a phase of high and sustained growth in both demand and capital expenditure. And grids become the backbone of the region's energy transformation.

Speaker #1: Let's see our main macro assumption considering in our plan in the coming slide. In our main markets, Argentina, Brazil, and Colombia, the macroeconomic environment over the planned period remains constructive.

Giuseppe Turchiarelli: Let's see our main macro assumptions considered in our plan in the coming slides. In our main markets, Argentina, Brazil, and Colombia, the macroeconomic environment over the planned period remain constructive, supported by declining inflation and a stable or gradually easing interest rates. In Argentina, we see a significant reduction of inflation from 2025 through 2028. This creates the foundation for a more normalized economic environment, while currency continues its gradually adjustment. In Brazil, the outlook is marked by both stability and improvement. Inflation continues to reduce, while interest rates follow a downward trend. This provides a supportive backdrop for investment and recovery in domestic demand. Finally, in Colombia, the macroeconomic environment continues to undergo adjustment. In the short term, inflation remain above target, and monetary policy continues to be restrictive, with rates remaining high during 2026.

Speaker #1: Supported by declining inflation and a stable or gradually easing interest rate. In Argentina, we see a significant reduction of inflation from 2025 through 2028.

Speaker #1: This creates the foundation for a more normalized economic environment, while currency continues its gradually adjustment. In Brazil, the outlook is marked by both stability and improvement.

Speaker #1: Inflation continues to reduce, while interest rates follow a downward trend. This provides a supportive backdrop for investment and recovery in domestic demand. Finally, in Colombia, the macroeconomic environment continues to undergo adjustment.

Speaker #1: In the short term, inflation remains above target and monetary policy continues to be restrictive. Its rate remains high during 2026. However, the country retains solid macroeconomic fundamentals, providing a stable framework for our operation during the planned period.

Giuseppe Turchiarelli: However, the country retains solid macroeconomic fundamentals, providing a stable framework for our operation during the planned period. Now, let's see our strategy, starting from the key highlights in slide 16. Over the next 3 years, our strategy continues to be focused on the 3 key priorities: growth, productivity, and risk return optimization. First, growth. We are maintaining a business-specific approach, focusing on countries with constructive regulatory framework. These include boosting investment in grids and advancing in high-value greenfield renewable projects. At the same time, we are preserving balance sheet flexibility to support future growth. Second, productivity. We are optimizing capital allocation, prioritizing investment that strengthen our strategic positioning, particularly in Brazil and Colombia, with a main focus on grids. In parallel, we are intensifying our effort to enhance productivities and operational performance.

Speaker #1: Now, let's see our strategy starting from the key highlights in slide 16. Over the next three years, our strategy continues to be focused on the three key priorities: growth, productivity, and risk return optimization.

Speaker #1: First, growth. We are maintaining a business-specific approach. Focusing on country with constructive regulatory framework. This includes boosting investment in grids and advancing in high-value greenfield renewable projects.

Speaker #1: At the same time, we are preserving balance sheet flexibility to support future growth. Second, productivity. We are optimizing capital allocation, prioritizing investment that strengthens our strategic positioning, particularly in Brazil and Colombia, with a main focus on grids.

Speaker #1: In parallel, we are intensifying our effort to enhance productivity and operational performance. This means improving internal processes to increase efficiency and improving our execution capabilities across the current organization.

Giuseppe Turchiarelli: This means improving internal processes to increase efficiency and improving our execution capabilities across the current organization. Third, risk and return. We will preserve a low risk profile by concentrating on assets and investment that offer visible and predictable returns, reinforcing our commitment to financial discipline. This action contributes to reduce business volatility and increase earning predictability, further strengthening our EPS profile. Let's now focus on CapEx allocation. For the 2026, 2028 period, our CapEx plan amounts to $7.9 billion, representing a 5% increase compared to the previous plan. The allocation reflects a disciplined approach, focused on securing profitability while supporting sustainable growth. From a geographical perspective, approximately two-thirds of the plan is concentrated in Brazil, which remains our largest and more strategic market. Argentina, Colombia, and Central America accounts for the remaining part, ensuring a balanced regional footprint.

Speaker #1: Third, risk and return. We will preserve a low-risk profile by concentrating on assets and investment that offer visible and predictable returns, reinforcing our commitment to financial discipline.

Speaker #1: This action contributes to reduce business volatility and increase earning predictability. Further, strengthening our EPS profile. Let's now focus on capital allocation. For the 2026-2028 period, our CAPEX plan amounts to 7.9 billion dollars.

Speaker #1: Representing a 5% increase compared to the previous plan. The allocation reflects a disciplined approach focused on securing profitability while supporting sustainable growth. From a geographical perspective, approximately two-thirds of the plan is concentrated in Brazil.

Speaker #1: Which remain our largest and more strategic market. Argentina and Colombia and Central America account for the remaining part. Ensuring a balanced regional footprint. Looking at the business line, the strategic priority is clear.

Giuseppe Turchiarelli: Looking at the business line, the strategic priority is clear. Grid represents 86% of the total CapEx, aiming to increase the network resilience, support quality of services, and position us to lead the energy transition. The remaining 14% is allocated to integrated businesses, keeping our strategic approach based on renewable projects with the best returns. Overall, the plan reinforce profitability, predictability, and long-term creation. Let's now focus on grid investment in the next slide. During the plan period, we expect to invest $6.8 billion in grid, representing 8% increase versus the previous plan, reflecting the key role of grid business, as already mentioned. The vast majority is concentrated in Brazil, where we are increasing our CapEx by 7% in US dollar, which represent 11% in local currency.

Speaker #1: Grids represent 86% of the total CAPEX, aiming to increase the network resilience, support quality of services, and position hubs to lead the energy transition.

Speaker #1: The remaining 14% is allocated to integrated businesses, keeping our selective approach based on renewable projects with the best return. Overall, the plan reinforces profitability, predictability, and long-term creation.

Speaker #1: Let's now focus on grid investment in the next slide. During the planned period, we expect to invest 6.8 billion dollars in grids. Representing 8% increase versus the previous plan.

Speaker #1: Reflecting the key role of grid business as already mentioned. The vast majority is concentrated in Brazil. Where we are increasing our CAPEX by 7% in US dollars, which represents 11% in local currency.

Speaker #1: Specifically, we are focused in adapting our company to be better prepared to extreme weather events and improving quality to our customer. Colombia and Argentina represent 14% and 12% respectively in line with our previous plan.

Giuseppe Turchiarelli: Specifically, we are focused in adapting our company to be better prepared to extreme weather events and improving quality to our customer. Colombia and Argentina represent 14% and 12%, respectively, in line with our previous plan. Our regulated asset base is expected to grow from $12.7 billion in 2025 to $15.5 billion in 2028, an increase of 22%, reflecting our ongoing effort to accelerate the network digitalization, resilience, and infrastructure renewal. Key drivers include improvement in grid quality, increased investment to support faster modernization, recognizing our asset base, and focus on market with transparent and constructive regulatory framework that's strengthening return on visibility. This plan reinforce the long-term value and stability of our grid. In the next slide, we will see how our main operational and quality KPI will evolve along the plan period.

Speaker #1: Our regulated asset base is expected to grow from 12.7 billion dollars in 2025 to 15.5 billion dollars in 2028. As an increase of 22% reflecting our ongoing effort in accelerating network digitalization, resilience, and infrastructure renewal.

Speaker #1: Key drivers include improvement in grid quality, increased investment to support faster modernization, recognizing our asset base. And focus on market with transparent and constructive regulatory framework that strengthens return visibility.

Speaker #1: This plan reinforces the long-term value and stability of our grids. In the next slide, we will see how our main operation and quality KPI will evolve along the planned period.

Speaker #1: Our investment in grids are translating into measurable improvement across all key operational indicators. First, we see steady growth in the customer base. Increasing 5% between 2025 and 2028.

Giuseppe Turchiarelli: Our investment in grid are translating into measurable improvement across all key operational indicators. First, we see steady growth in the customer base, increasing 5% between 2025 and 2028. At the same time, we will increase significantly the number of smart meters, reaching 7 million by 2028, representing 30% of our customer base. Energy distributed growth by 9% in the period, reflecting both demand expansion and evolving customer base. On a quality side, we observe consistent improvements across all concessions. Energy losses declined materially, proving the impact of targeted investment and effective grid management. Service quality also improved. SAIDI and SAIFI indicators fall across all markets. This is a key goal for distribution companies, and we will do all our effort to reach the improvement committed. Overall, the trend confirm that our modernization and digitalization initiatives are delivering tangible and customer-oriented results.

Speaker #1: At the same time, we will increase significantly the number of smart meters, reaching 7 million. By 2028, representing 30% of our customer base. Energy distributed growth by 9% in the period reflecting both demand expansion and evolving customer base.

Speaker #1: On a quality side, we observe consistent improvements across all concessions. Energy losses decline materially, proving the impact of targeted investment and effective grid management.

Speaker #1: Service quality also improved slightly and safe indicator fall across all markets. This is a key goal for distribution company, and we will do all our efforts to reach the improvement committed.

Speaker #1: Overall, the trend confirms that our modernization and digitalization initiatives are delivering tangible and customer-oriented results. Let's move ahead to integrated business in slide 20.

Giuseppe Turchiarelli: Let's move ahead to integrated business in slide 20. In integrated business, our investment approach remains selective and focused on opportunities, with strong risk adjustment return. For the 2026, 2028 period, we plan to invest $1.1 billion, from which more than 90% correspond to generation, the remaining is related to customer and free market activities. This amount is in line with the previous plan, update our capacity addition for 2027 with the inclusion of new renewable capacity. We expect to have 0.4 GW of new solar capacity in Colombia between 2026 and 2027. At the same time, we will add 0.1 GW of solar capacity in Guatemala during 2027. With this, we are incorporating 0.5 GW of new capacity in our matrix.

Speaker #1: In integrated business, our investment approach remains selective and focused on opportunity. With strong risk adjustment returns. For the 2026-2028 period, we plan to invest 1.1 billion dollars from which more than 90% correspond to generation and the remaining is related to customer and free market activities.

Speaker #1: These amounts are in line with the previous plan and update our capacity addition for 2027 with the inclusion of new renewable capacity. We expect to have zero point four gigawatt of new solar capacity in Colombia.

Speaker #1: Between 2026 and 2027. And at the same time, we will add 0.1 gigawatt of solar capacity in Guatemala during 2027. With this, we are incorporating 0.5 gigawatt of new capacity in our markets.

Giuseppe Turchiarelli: This new capacity is in addition to the 0.3 gigawatts of Guayepo III, which started operation this month, as already mentioned. Our net installed capacity evolution reflects the incorporation of this new project, continuing the transition toward a cleaner matrix. This new capacity will partially offset the non-renewable of hydro plant El Chocón in Argentina, and the coal phase-out expected for the final part of the plan period. In the next slide, we will explain how generation will evolve in terms of energy balance. Looking ahead, our commercial strategy is focused on selling our own energy production, keeping our spot market exposure around 10% across all scenarios. This disciplined approach allow us to significantly reduce volatility and ensure a more predictable revenue stream.

Speaker #1: This new capacity in is in addition to the 0.3 gigawatt of Guayapo tree which started the operation this month has already mentioned. Our net installed capacity evolution reflects the incorporation of this new project continuing the transition toward a cleaner matrix.

Speaker #1: This new capacity will partially offset the non-renewable of either plant El Chocón in Argentina and the coalface house expected for the final part of the planned period.

Speaker #1: In the next slide, we will explain how generation will evolve in terms of energy balance. Looking ahead to our commercial strategy is focused on selling our own energy production.

Speaker #1: Keeping our spot market exposure around 10% across all scenarios. This discipline approach allows us to significantly reduce volatility and ensure a more predictable revenue stream.

Giuseppe Turchiarelli: In both Brazil and Colombia, the charts show that we will progressively recontract volume to bring contracted levels back towards approximately 90%, consistent with our long-term strategy of maintaining stable and visible cash flow. By limiting spot exposure and aligning sales strictly to our physical generation capability, we reinforce the resilience of our portfolio and reduce the risk associated with the short-term market fluctuation. This position us to sustain a balanced energy mix, improving the quality of our margin, and supporting the company long-term value creation. Let's see now a summary of the main regulatory challenge we will have in the next near future in slide 2022. The regulatory environment across our three main markets continue to evolve, in particular, for what concerns Argentina, the ongoing implementation of the 2025 tariff review provides clearer visibility on revenues and quality parameters.

Speaker #1: In both Brazil and Colombia, the chart showed that we will progressively reconstruct volume to bring contracted level back toward approximately 90%. Consistent with our long-term strategy of maintaining stable and visible cash flow.

Speaker #1: By limiting spot exposure and aligning sales strictly to our physical generation capability, we reinforce the resilience of our portfolio and reduce the risk associated with the short-term market fluctuation.

Speaker #1: This positions us to sustain a balanced energy mix improving the quality of our margin and supporting the company long-term value creation. Let's see now a summary of the main regulatory challenges we will have in the next near future in slide 2022.

Speaker #1: The regulatory environment across our three main markets continues to evolve. In particular, for what concerns Argentina, the ongoing implementation of the 2025 tariff review provides clearer visibility on revenues and quality parameters.

Speaker #1: At the same time, the expected liberalization of the electricity market could create a new opportunity for our business. In this sense, we should see during this year a gradual implementation of measures that aim at moving from the current regulated scheme toward a more market-based model, reflecting real generation costs and allowing bilateral contracting.

Giuseppe Turchiarelli: At the same time, the expected liberalization of the electricity market could create a new opportunity for our business. In this sense, we should see, during this year, a gradual implementation of measures that aim at moving from the current regulated scheme towards a more market-based model, reflecting real generation costs and allowing bilateral contracting. In Brazil, regulation remains a central area of attention. Concession renewals are progressing, with early renewal process moving ahead in ML Rio and ML Tera, while in São Paulo, processing meet on all. On other relevant topics, tariff cycle reviews are scheduled between 2027 and 2028 for our company. Good payment mitigation measure will be a relevant trigger for the financial stability of the system.

Speaker #1: In Brazil, regulation remains a central area of attention. Concession renewals are progressing. With earlier renewal process moving ahead in ML Rio and ML Terra.

Speaker #1: While ML Sao Paulo process remains on hold. On other relevant topics, tariff cycle reviews are scheduled between 2027 and 2028 for our company and could take mitigation measures will be a relevant trigger for the financial stability of the system.

Speaker #1: In Colombia, the recent approval of the 5% cap on spot sales for hydro generation will be a relevant focus on attention along with the distribution tariff review process which we expect to be implemented in the first half of 2027.

Giuseppe Turchiarelli: In Colombia, the recent approval of the 5% cap on spot sales for hydro generation will be a relevant focus and attention, along with the distribution tariff review process, which we expect to be implemented in the first half of 2027. Overall, the landscape demands close monitoring, but also provides a clear path for the value creation. In the coming slide, Rafael will focus on financial figures of our plan.

Speaker #1: Overall, the landscape demands close monitoring but also provides a clear path. For the value creation, the coming slide Rafael will focus on financial figures of our plan.

Speaker #2: Thank you, Giuseppe. The strategy and capital allocation analyzed translates into a significant EBITDA growth. For 2028, we expect an EBITDA between 5.1 and 5.3 billion.

Rafael De la Haza Casarrubio: Thank you, Giuseppe. The strategy and capital allocation analyzed translates into a significant EBITDA growth. For 2028, we expect an EBITDA between $5.1 and $5.3 billion, which represents an increase of 22% compared to 2025. Brazil remains the largest contributor with around 53% of the total, supported by sustained grids investments in a constructive regulatory framework. Colombia contributes with 35%, with the remainder coming from Argentina, Central America, and Peru. This geographic mix underscores our focus on scale markets, where regulatory visibility and growth opportunities are strongest. By business line, EBITDA comes mainly from grids, with 61%, while integrated business contributes with 39%. Compared to the previous plan, the mix is basically in line, reflecting the focus in grids and a selective approach in generation business.

Speaker #2: With 3% an increase of 22% compared to 2025. Brazil remains the largest contributor with around 53% of the total. Supported by sustained grid in grid investments in a constructive regulatory framework.

Speaker #2: Colombia contributes with 35%. With the reminder coming from Argentina. Central America and Peru. These geographic mix underscores our focus on a scale market where regulatory visibility and growth opportunities are strongest.

Speaker #2: By business line, EBITDA comes mainly from grids, with 61%, while integrated business contributes with 39%. Compared to the previous plan, the mix is basically in line, reflecting the focus on grids and a selective approach in the generation business.

Speaker #2: Key drivers for our EBITDA growth are the following. Positive regulatory updates and significant investments boost our performance in grids. New renewable capacity contributing with additional EBITDA in generation.

Rafael De la Haza Casarrubio: Key drivers for our EBITDA growth are the following: Positive regulatory updates and significant investments boost our performance in grids. New renewable capacity, contributing with additional EBITDA in generation. Financial flexibility that supports our ambitious CapEx plan while preserving returns. Overall, we expect a larger, more predictable, and higher quality EBITDA base by 2028. Let's now focus on grids in slide number 25. Our strategy continues to prioritize high quality regulated growth, supported by targeted investments. For 2026, 2028, we plan to invest $6.8 billion in grids, an 8% increase versus the previous plan. The allocation is well balanced: 42% directed to network upgrades, including resilience, digitalization, and climate-related investments, 34% to ordinary maintenance, and 42% to new customers connections. These investments directly support the EBITDA expansion.

Speaker #2: Financial flexibility that supports our ambitious capex plan while preserving returns. Overall, we expect a larger, more predictable and higher quality EBITDA based by 2028.

Speaker #2: Let's now focus on grids in slide number 25. Our strategy continues to prioritize high-quality regulated growth supported by targeted investments. For 2026-2028, we plan to invest $6.8 billion in grids, an 8% increase versus the previous plan.

Speaker #2: The allocation is well-balanced. 42% directed to network upgrades included resilience, digitalization, and climate-related investments. 34% to ordinary maintenance and 24 42% to new customers connections.

Speaker #2: These investments directly support EBITDA expansion. Grids EBITDA is expected to grow from $2.6 billion in 2025 to $3.2–3.3 billion by 2028, representing an increase of about 25%.

Rafael De la Haza Casarrubio: Grid's EBITDA is expected to grow from $2.6 billion in 2025 to $3.3 billion by 2028, representing an increase of about 25%. Growth is driven by tariff updates, broad expansion, improved by cost efficiency and demand growth across Argentina, Brazil, and Colombia. Key performance indicators also strengthen meaningfully, while CapEx per grid customers rises from 66% to $103, while RAB per customer increases from $553 to $641 by 2028. The blended regulated return for the period remains solid, averaging around 11.5%, with attractive returns in each country: 10% in Argentina, 11.8% in Brazil, and 12.1% in Colombia.

Speaker #2: Growth is driven by tariff updates. Rap expansion improved by cost efficiency and demand growth across Argentina, Brazil, and Colombia. Key performance indicators also strengthened.

Speaker #2: Meaningfully while capex per grid customers rises from 66% to 103 US dollars while rap per customer increases from 553 dollars to 641 US dollars by 2028.

Speaker #2: The blended regulator return for the period remains solid. Averaging around 11.5% with attractive returns in each country. 10% in Argentina, 11.8% in Brazil, and 12.1% in Colombia.

Speaker #2: At the same time, we are considering that our EBITDA can cover up to three times the growth investments of the period. This reflects robustness of our regulatory environments and reinforces the attractiveness of our portfolio business.

Rafael De la Haza Casarrubio: At the same time, we are considering that our EBITDA can cover up to three times the growth investments of the period. This reflects the robustness of our regulatory environment and reinforces the attractiveness of our portfolio business. Moving to generation in slide number 26, our investments are in line with the previous plan. We are considering $1 billion of CapEx for the period 2026, 2028. The mix is well balanced, with 56% directed to new capacity and 44% to maintenance, ensuring both system reliability and long-term competitiveness. EBITDA in generation is expected to increase from $1.6 billion in 2025 to $1.92 billion by 2028, representing around 18% growth.

Speaker #2: Moving to generation in slide number 26, our investments are in line with the previous plan. We are considering 1 billion US dollars of capex for the period 2026-2028.

Speaker #2: The mix is well-balanced with 56% directed to new capacity and 44% to maintenance, ensuring both system reliability and long-term competitiveness. EBITDA in generation is expected to increase from 1.6 billion in 2025 to 1.92 billion by 2028.

Speaker #2: Representing around 18% growth. This improvement is driven by a stronger operational performance including improved hydrology in Colombia as the one that we saw in 2025, portfolio optimization, and incremental contributions from new renewable capacity.

Rafael De la Haza Casarrubio: This improvement is driven by a stronger operational performance, including improved hydrology in Colombia as the one that we saw in 2025, portfolio optimization, and incremental contributions from new renewable capacity. Key KPIs also show a positive trend. EBITDA per megawatt hour increases from $25 to $39 per megawatt hour, while OPEX per megawatt improves from $25 to $22,000 per megawatt, reflecting better efficiency and a more optimized asset base. The business maintains a solid 300 basis points spread between IRR and WACC for new projects, supported by disciplined capital allocation and a strong pipeline with returns equivalent to 10 times EBITDA to development CapEx. Overall, generation continues to deliver efficient value additive growth. We will now focus on financial management for the period, starting with a view of funds from operations and debt.

Speaker #2: Key KPIs also show a positive trend. EBITDA per mWh increases from 25 to 39 US dollars per mWh. While OPEX per mW improves from 25 to 22,000 US dollars per mW.

Speaker #2: Reflecting better efficiency and a more optimized asset base. The business maintains a solid 300 basis points spread between IRR and WACC for new projects supported by disciplined capital allocation and a strong pipeline with returns equivalent to 10 times EBITDA to development capex.

Speaker #2: Overall, generation continues to deliver efficient, value-attractive growth. We will now focus on financial management for the period starting with a view of funds from operations and debt.

Speaker #2: Over the plan horizon, our cash generation fully supports both investments and stakeholder remuneration. Total funds from operations for 2026-2028 period reaches 9.1 billion US dollars, 9.91 billion US dollars with 55% in Brazilian reais, 39% in Colombian peso, and 7% in Argentinian peso.

Rafael De la Haza Casarrubio: Over the plan horizon, our cash generation fully supports both investments and shareholder remuneration. Total funds from operations for 2026, 2028 period reaches $9.1 billion, $9.91 billion, with 55% in Brazilian reais, 39% in Colombian peso, and 7% in Argentinian peso, ensuring a well-balanced currency profile that matches our debt profile. Net debt remains stable and well under control, increasing only 2% from $4.8 billion in 2025 to $4.9 billion in 2028. This limited change reflects a strong FFO and disciplined dividend policy that remains at 30%. Gross debt goes from $6.8 billion in 2025 to $6.4 billion in 2028, driven by lower holdings level leverage and stable funding needs across our geographies.

Speaker #2: Ensuring a well-balanced currency profile that matches our debt profile. Net debt remains stable and well under control increasing only 2% from 4.8 billion US dollars in 2025 to 4.9 billion in 2028.

Speaker #2: This limited change reflects a strong FFO and disciplined dividend policy that remains at 30%. Gross debt goes from 6.8 billion in 2025 to 6.4 billion in 2028.

Speaker #2: Driven by lower holding leverage and a stable funding needs across our geographies. Brazil and Colombia remain the largest contributors. Debt KPIs continue to strengthen with net debt EBITDA improving from 1.1 times to 0.9 times and cost of debt goes down from 11.4 to 9.5% supported by a liability management and a healthier macro environment.

Rafael De la Haza Casarrubio: Brazil and Colombia remain the largest contributors. Debt KPIs continue to strengthen, with net debt/EBITDA improving from 1.1x to 0.9x and cost of debt goes down from 11.4% to 9.5%, supported by a liability management and a healthier macro environment. Let's analyze our liquidity position in slide number 29. Our liquidity position remains solid and comfortably covers upcoming debt maturities. As of year-end 2025, we hold $3.2 billion in available liquidity, with 64% in cash and 36% in committed credit lines. This balance structure ensures immediate flexibility while maintaining access to the diversified funding sources. Looking at our maturity profile, total scheduled repayments for the plan period amount to $3.7 billion, with a well-distributed timeline: $2.1 billion-

Speaker #2: Less than our liquidity position in slide number 29. Our liquidity position remains solid and comfortably covers upcoming debt maturities. As of year-end 2025, we hold 3.2 billion in a viable liquidity with 64% in cash and 36% in committed credit lines.

Speaker #2: This balance structure ensures immediate flexibility while maintaining access to diversified funding sources. Looking at our maturity profile, total scheduled repayments for the planned period amount to 3.7 billion US dollars with a well-distributed timeline.

Speaker #2: 2.1 billion in 2026 followed by 0.8 billion in both 2027 and 2028. Beyond 2028, maturities totalize 3.1 billion. Reflecting a long-dated and manageable debt structure of Enel Americas in consolidated terms.

Jorge Velis: in 2026, followed by $0.8 billion in both 2027 and 2028. Beyond 2028, maturities totalize $3.1 billion, reflecting a long-dated and manageable debt structure of Enel Américas in consolidated terms. These figures highlight a strong liquidity position to cover short-term maturities, with no refinancing pressure in the near term. The combination of a stable gross debt, adequate cash reserves, and committed credit lines provides resilience and supports our CapEx plan while maintaining financial discipline along the triennium. Now, Giuseppe will conclude this presentation with a view of our main targets and some closing remarks.

Rafael De la Haza Casarrubio: in 2026, followed by $0.8 billion in both 2027 and 2028. Beyond 2028, maturities totalize $3.1 billion, reflecting a long-dated and manageable debt structure of Enel Américas in consolidated terms. These figures highlight a strong liquidity position to cover short-term maturities, with no refinancing pressure in the near term. The combination of a stable gross debt, adequate cash reserves, and committed credit lines provides resilience and supports our CapEx plan while maintaining financial discipline along the triennium. Now, Giuseppe will conclude this presentation with a view of our main targets and some closing remarks.

Speaker #2: These figures highlight a strong liquidity position to cover refinancing pressure in the near term. The combination of stable gross debt, adequate cash reserves, and committed credit lines provides resilience and supports our capex plan while maintaining financial discipline along the triennium.

Speaker #2: Now, Giuseppe will conclude this presentation with a view of our main targets and some closing remarks.

Giuseppe Turchiarelli: All the strategic initiatives and investment decisions we have presented throughout the plan converge into the financial outlook shown on this slide. This target reflects the combined impact of our focus on regulated growth, disciplined CapEx allocation, operational efficiency, and a stronger and more predictable portfolio. Starting with the EBITDA, we expect a solid increase from $4.3 billion in 2025 to $4.85 billion in 2026, and reaching $5.1, $5.3 billion by 2028. This represents a 7% CAGR between 2025 and 2028, driven mainly by the expansion of our grids and improved performance in generation.

Speaker #1: All the strategic initiatives and investment decisions we are presenting throughout the plan converge into the financial outlook shown on this slide. These targets reflect the combined impact of our focus on regulated growth, disciplined capex allocation, operational efficiency, and a stronger and more predictable portfolio.

Speaker #1: Starting with EBITDA, we expect a solid increase from 4.3 billion dollars in 2025 to 4.85 billion dollars in 2026, enriching 5.13 billion dollars by 2028.

Speaker #1: This represents a 7% CAGR between 2025 and 2028 driven mainly by the expansion of our grids and improved performance in generation. Net income growth even faster.

Giuseppe Turchiarelli: Net income growth even faster, increasing from $1 billion in 2025 to $1.1, $1.3 billion in 2026, and $1.2, $1.4 billion in 2028, reflecting 11% increase in terms of CAGR. Aligned with this growth, DPS is set to rise gradually, consistent with our dividend policy of distributing 30% of the net income over the plan period. These results illustrate the financial strength and predictability that our strategic plan is designed to deliver. Let me conclude with some closing remarks in slide 32. Our goal with this strategic plan is clear: We are targeting a stronger and more predictable by recreating company. All the initiatives we have presented work together to deliver sustainable long-term performance.

Speaker #1: Increasing from 1 billion dollars in 2025 to 1.1-1.3 billion dollars in 2026 and 1.2-1.4 billion dollars in 2028 reflecting a 11% increase in terms of CAGR.

Speaker #1: Aligned with these growths, DPS is set to rise gradually. Consistent with our dividend policy of distributing 30% of the net income over the planned period.

Speaker #1: This results illustrates the financial strength and predictability that our strategic plan is designed to deliver. Let me conclude with some closing remarks in slide 32.

Speaker #1: Our goal with this strategic plan is clear. We are targeting a stronger and more predictable company by recreating it. All the initiatives we have presented work together to deliver sustainable, long-term performance.

Speaker #1: We are allocating capital where returns are most visible, placing grids at the center of our strategy supported by constructive regulatory environments and a growing regulated asset base.

Giuseppe Turchiarelli: We are allocating capital where returns are most visible, placing grids at the center of our strategy, supported by constructive regulatory environment and a growing regulated asset base. In generation, we remain selective, adding high quality renewable projects that improve efficiency and profitability. Financially, we maintain a resilient structure with stable net debt, strong liquidity, and improving credit metrics. This underpins our capacity to fund growth while continuing to remunerate our shareholders. This plan positions us to deliver consistent results while contributing significantly to energy transition in our key market. Last but not least, I remind you that our shareholder meeting will be held on 30 April. Now, I will pass the floor to Jorge for the Q&A section.

Speaker #1: In generation, we remain selective adding high-quality renewable projects that improve efficiency and profitability. Financially, we maintain a resilient structure with stable net improving credit metrics.

Speaker #1: This underpins our capacity to fund growth while continuing to remunerate our shareholders. This plan positions us to deliver consistent results while contributing significantly to energy transition and our key markets.

Speaker #1: Last but not least, I remind you that our shareholder meeting will be held on April 30th. Now, I will pass the floor to Jorge for the Q&A section.

Speaker #2: Thank you, Giuseppe. Thank you, Rafael. We will begin now the Q&A session. And the first question comes from Juan Felipe Becerra. A few days ago, the Colombian government, under the framework of the newly declared Economic, Social, and Ecological Emergency, established a transitory 2% parafiscal charge on gross energy sales of hydro and thermal generators in affected regions.

Jorge Velis: Thank you, Giuseppe. Thank you, Rafa. We will begin now the Q&A session. The first questions comes from Juan Felipe Becerra. A few days ago, the Colombian government, under the framework of a newly declared economic, social, and ecological emergency, established a transitory 2% parafiscal charge on gross energy sales of hydro and thermal generators in affected regions. How do you estimate the financial and operational impact of this contribution on your operations in Colombia?

Speaker #2: How do you estimate the financial and operational impact of this contribution on your operations in Colombia?

Giuseppe Turchiarelli: Well, first of all, let me say that, within the framework of the state of emergency, the Decree 150, declared and due to climatic disaster, a total of 5 new decree were issued on 24 February. The decree that could affect our company is the Decree 1474, that introduced a temporary wealth tax for the 2026 fiscal year. While the regulation establishes rates between 0.5 and 1.6, depending on the sector, based on our preliminary assessment, 0.5 rate should apply to our company. As of today, our preliminary estimation is that we could have an impact between $15 and $20 million.

Speaker #3: Well, first of all, let me say that within the framework of the State of Emergency, the decree 150, declared and due to climatic disaster and a total of five new decrees were issued on February 24th.

Speaker #3: The decree that could affect our company is the decree 173 that introduced a temporary wealth tax for the 26th fiscal year. And while the regulation establishes rates between 0.5 and 1.6 depending on the sector, based on our preliminary assessment, 0.5 rates should apply to our company.

Speaker #3: So as of today, our preliminary estimation is that we could have an impact between 15 and 20 million dollars.

Speaker #2: Thank you, Giuseppe. Next question. From Andrew McCarthy. Can you provide more details on the initiatives that you will implement in Brazil to reduce losses and improve society and safety indicators?

Jorge Velis: Thank you, Giuseppe. Next question, from Andrew McCarthy: Can you provide more details on the initiatives that you will implement in Brazil to reduce losses and improve SAIDI and SAIFI indicators?

Giuseppe Turchiarelli: Well, actually, as we see from the map, from the presentation, we increased our CapEx plan by 11% in local currency. We are focusing significantly in improving our resiliency, but also in providing a better service to our customers. We have a very important plan in terms of smart meter deployment, reaching 7 million smart meter at the end of 2028. Together with all the other activities that are focused on reinforcing the performance of our team on the ground, we believe that we are able to reach this very good performance by the end of 2028.

Speaker #3: Well, actually, as we see from the presentation, we increased our capex plan by 11% in local currencies. So we are focusing significantly on improving our resiliency but also on providing a better service to our customers.

Speaker #3: We have a very important plan in terms of smart meter deployment, reaching 7 million smart meters at the end of 2028. So, together with all the other activities that are focused on reinforcing the performance of our team on the ground, we believe that we are able to reach this very good performance by the end of 2028.

Speaker #2: Thank you. Another question from Andrew McCarthy. In Brazil Generation, why were the curtailment mitigation initiatives from authorities not sufficient to trigger more investments in this segment?

Jorge Velis: Thank you. Another question from Andrew McCarthy: In Brazil generation, why were the curtailment mitigation initiatives from authorities not sufficient to trigger more investments in this segment?

Speaker #3: Well, the mitigation that we have as of today are enough to cover the restriction of the grids but they are not covering the excess of capacity coming from the renewable generation.

Giuseppe Turchiarelli: Well, the mitigation that we have as of today are enough to cover the restriction of the grids, but they are not covering the excess of capacity coming from the renewable generation. Basically, we are still in a situation in which we have an overcapacity that are affecting the power, our and the remaining player production. We believe that even if the curtailment is going to be decreasing the following year, the level of the curtailment is gonna be still high, and are not so high that cannot be covered our IR results in terms of profitability of the project. As of today, we believe that there is no chance for additional capacity in renewable projects in Brazil.

Speaker #3: So basically, we are still in a situation in which we have an overcapacity that is affecting our end, the remaining player, production. And we believe that even if the curtailment is going to be decreased in the following year, the level of the curtailment is going to be still high and are not so high that cannot be covered our IR returns in terms of profitability of the project.

Speaker #3: So, as of today, we believe that there is no chance for additional capacity in renewable projects in Brazil. Different story: in the following year, the transmission line is going to be finalized, so in this case, the situation will change and we can start again to evaluate the new project in Brazil.

Giuseppe Turchiarelli: Different story, the following year, the transmission line is gonna be finalized. In this case, the situation will change, and we can start again to evaluate the new project in Brazil.

Speaker #2: Thank you. We have a couple of questions about the concession in São Paulo. Basically, to have an update on the concession renewal process and what could be our strategy going forward in case the concession is not renewed.

Jorge Velis: Thank you. We have a couple of questions about the concession in São Paulo. Basically, we take it to have an update on the concession renewal process, and what could be our strategy going forward in case the concession is not renewed.

Speaker #3: Well, let me say that the concession in São Paulo is governed by a solid legal and contractual framework that establishes clear procedures for all parties involved.

Giuseppe Turchiarelli: Well, let me say that the concession in São Paulo is governed by a solid legal and contractual framework that establishes clear procedure for all parties involved. The concession agreement includes rigorous administrative stages that prioritize service stability, and our current strategy is fully focused on operational excellence. As of today, Enel is in compliance with regulatory performance indicator, and we are evaluating the evolving situation. Regarding the recent regulatory proceeding, we are discussing with Enel, and just a few update, recent update during the session of 26 February 2025, the board of Enel decided to grant a 30-day extension to allow for a deeper analysis of the company's technical defense and overall administration process.

Speaker #3: The concession agreement includes rigorous administrative stages that prioritize service stability, and our current strategy is fully focused on operational excellence. As of today, analyzing compliance with regulatory performance indicators and we are evaluating the evolving situation regarding the recent regulatory proceedings we are discussing with ANEL and just a few updates recent updates during the session of February 26, the board of ANEL decided to grant a 30-day extension to allow for a deeper analysis of the company's technical defense and the overall administrative process.

Speaker #3: So we are we believe that we are complying with the regulatory requirements and we're going to see how the situation will evolve.

Giuseppe Turchiarelli: We believe that we are complying with the regulatory requirement, and we're gonna see how the situation will evolve.

Speaker #2: Thank you, Giuseppe. Another question from Felipe Becerra: regarding the investment in renewables, you mentioned not renewing the Chocón Generation business in Argentina. Could you please elaborate on the process for exiting the asset and the expected timeline?

Jorge Velis: Thank you, Giuseppe. Another question from Juan Felipe Serra: Regarding the investment in renewables, you mentioned not renewing the Chocón generation business in Argentina. Could you please elaborate on the process for exiting the asset and the timeline expected? Regarding Colombia, you mentioned an extra 0.4 gigawatts capacity. Should we assume it is comprised of Atlántico solar plant and another project? Could you comment, if new projects are being incorporated in Colombia?

Speaker #2: And regarding Colombia, you mentioned an extra 3.4 gigawatts capacity. Should we assume it is comprised of Atlantico Solar Plant and another project? Could you comment if new projects are being incorporated in Colombia?

Speaker #3: Well, let me start with El Chocón. El Chocón has been the Chocón process has been already made. At the beginning of January, the asset has been passed to the new concessionary.

Giuseppe Turchiarelli: Well, let me start with the El Chocón. The Chocón process has been already made. At the beginning of January, the asset has been passed to the new concessionaire. Most of the people working for El Chocón passed to the new owner, and basically, everything has been done in a smooth way without any kind of problem about this situation. As of today, El Chocón doesn't be not anymore part of our fleet. For what concern the renewable capacity, looking at 2026, as I said yesterday, we keep the commercial operation date for Guayepo III. Right now Guayepo III is fully operating.

Speaker #3: Most of our most of the people working for El Chocón passed to the new owner, and basically, everything has been done in a smooth way without any kind of problem about this situation.

Speaker #3: So as of today, El Chocón doesn't be not anymore part of our fleet. For what concerns the renewable capacity, looking at 2026, as I said, yesterday, we feed the commercial operation date for Guayapo 3.

Speaker #3: So right now, we're going to have a fully we have a fully Guayapo 3 is fully operating, and for what concerns Atlantico, we and the project that has been started on the construction last year, we are going to have 256 megawatts of installed capacity in the following month.

Giuseppe Turchiarelli: For what concern Atlántico, we, in the project that has been started on the construction last year, we are going to have 256 MW of installed capacity in the following month.

Speaker #2: Thank you. Question from Alessandro De Vito from Melbanca. Three questions. First one is about São Paulo. I think we already covered the topic. Then a question about, could you provide more color on the 5% generation cap being discussed in Colombia?

Jorge Velis: Thank you. Question from Alessandro Di Vito from Mediobanca. Three questions. First one is about solar power, but I think we already covered the topic. A question about: Could you provide more color on the 5% generation cap being discussed in Colombia? Which could be the impact, and which outcome do you expect? Another question: Which is the optimal leverage ratio for a company like Enel Américas, and how do you plan to exploit potential balance sheet headroom?

Speaker #2: Which could be the impact and which outcome do you expect? And another question, which is the optimal leverage ratio for a company like ENEL AMERICAS, and how do you plan to exploit potential balance sheet headroom?

Speaker #3: Okay. So for what concerns Colombia, on October 15 of the last year, the Ministry of Mines and Energy officially published a decree 1072 establishing public policy guidance aimed to reduce the regulatory market exposure to price volatility in the stock market.

Giuseppe Turchiarelli: Okay. For what concern Colombia, on October 15 of the last year, the Ministry of Mines and Energy officially published the Decree 1072, establishing public policy guidance, aimed to reducing the regulatory market exposure to price volatility in the spot market. Basically, under this new regulation, the hydroelectric hydro plants must sell at least the generator Firm Energy Obligation through firm contract. At least 95% of their hourly generation through contract, limiting the spot market exposure to 5%. This rule excludes wind and solar plants and apply only to the hydro unit. The target of this decree is clearly to enhance system reliability and mitigate cost volatility.

Speaker #3: So basically, under this new regulation, the hydro plant must sell at least the generator from energy obligation through firm contract. At least 95% of their hourly generation through contract limiting the stock market exposure to price volatility.

Speaker #3: This rule excludes wind and solar plants and applies only to the hydro units. The target of this decree is clearly to enhance system reliability, mitigate cost volatility, but for what concerns Colombia, the company supports the object of a greater price stability, but doesn't have a significant impact because most of our energy has been already contracted.

Giuseppe Turchiarelli: For what concerning in Colombia, the company support the object of a greater flexibility, but doesn't have a significant impact, because most of our energy has been already contracted, so we don't have any kind of specific issue.

Speaker #3: So, we don't have any kind of specific issue.

Speaker #2: Well, thank you for the question regarding the limit for the level of debt. With which we are comfortable. I would like to say that we are comfortable in a range between two times 2.5 times the debt EBITDA.

Rafael De la Haza Casarrubio: Well, thank you for the question. Regarding the limit for the level of debt with which we are comfortable, I would like to say that we are comfortable in a range between 2 times, 2.5 times, the debt EBITDA. This is something that allow us to be comfortable. We are below or close to 1 time at the closing in 2025. Our, let me say, our target is not to overcome 2 times, 2.5 times. We are comfortable in this in this range. As you mentioned before, of course, is we have a lot of room, let me say, to potentially increase the level of debt at the Enel Américas level.

Speaker #2: This is something that allows us to be comfortable. We are below or close to one time at the closing in 2025, but our let me say, our target is not to overcome two times 2.5 times.

Speaker #2: We are comfortable in this range. So, as you mentioned before, of course, we have a lot of room—let me say—to potentially increase the level of debt at the Enel Americas level. But it is important to underline that we have to attend to a relevant CapEx plan for the following three years.

Rafael De la Haza Casarrubio: It is important to underline that we have to attend a relevant CapEx plan for the following 3 years. I remind you that we have announced a CapEx plan of close to $8 billion for the triennium. We have to keep our financial discipline very strong. I repeat, we have room to increase the level of debt, for the moment, we are comfortable in this, in this situation.

Speaker #2: I remind you that we have announced a CapEx plan of close to 8 billion US dollars for the triennium so we have to keep a financial discipline very strong.

Speaker #2: I repeat, we have room to increase the level of debt, but for the moment, we are comfortable in this situation.

Speaker #3: Thank you. Question from Francisco Paz from Santander. Colombia's current government is trying to boost renewals growth in the country. Through auctions. Would the company be open to participate in these processes and increase investments in the country?

Jorge Velis: Thank you. question from Francisco Paz, from Santander. Colombia's current government is trying to boost renewables growth in the country through auctions. Would the company be open to participate in these processes and increase investments in the country, or is the company waiting for the presidential elections in order to increase or not investments in the country?

Speaker #3: Or is the company waiting for the presidential elections in order to increase or not investments in the country? Well, Colombia let me say that at the end of January, ENEL COLOMBIA has formally declared its interest in participating in the auction for the 2029, 2030.

Giuseppe Turchiarelli: Well, Colombia, let me say that, at the end of January, Enel Colombia has formally declared its interest in participating in the auction for the 2029-2030. We are currently conducting an assessment of the auction of all condition and the risk return profile, and we will continue monitoring the upcoming milestone and regulatory definition of the minister and the CREG. We're gonna give you a different update in the following months.

Speaker #3: We are currently conducting the assessment of the auction of final condition and the risk return profile. And we will continue monitoring the upcoming milestone and regulatory definition of the minister and the CREG, and we're going to give you additional updates in the following month.

Speaker #2: Two other questions from Francisco Paz. Can we confirm that the company will continue to distribute 30% dividends or is considered an increasing dividend policy?

Jorge Velis: Two other questions from Francisco Paz. Can we confirm that the company will continue to distribute 30% dividends, or it's considered an increase in dividend policy? After making a successful buyback program in 2025, is the company open to make another one in the near future?

Speaker #2: And after making a successful buyback program in 2025, is the company open to make another one in the near future?

Speaker #3: Well, let me start by saying that 30% is the current dividend policy. Every year, the Board of Directors proposes a dividend policy for the shareholder meeting.

Giuseppe Turchiarelli: Well, let me start saying that, 30% is a current dividend policy. Every year, the board of directors propose a dividend policy for the shareholder meeting. There is a possibility of increasing the first intake, but as of today, we are in a plan 30% dividend policy. There could be an additional increase, but as of today, this is the projection. In terms of.

Speaker #3: There is a possibility of increasing the percentage, but as of today, we are in a plan. We have in a plan 30% dividend policy.

Speaker #3: So, there could be an additional increase, but as of today, this is the projection. In terms of—

Speaker #2: And you said we have a buyback program.

Jorge Velis: When you say buyback program.

Speaker #3: New share buyback. As of today, we don't have anything on the table.

Giuseppe Turchiarelli: Yes, buyback, as of today, we don't have anything on the table.

Speaker #2: In line with that, subject ever parliament has seen are you going to cancel the current shares in the balance sheet?

Jorge Velis: In line with that, subject, about payments asking, are you going to cancel the current shares in the balance sheet?

Speaker #3: Well, the kind of decision that the board of directors will decide in March and you're going to know as soon as we define the agenda for the shareholder meeting.

Giuseppe Turchiarelli: Well, it's the kind of decision that the board of directors will decide in March, and then you're gonna know as soon as we define the agenda for the shareholder meeting.

Speaker #2: Thank you. Question from Tomás González. Regarding the tariff review of Colombia, distribution business, how much do you expect the WACC will be reduced and which will be the annual impact in revenues because of that?

Jorge Velis: Thank you. Question from Tomas Monsalve. Regarding the tariff review of Colombia distribution business, how much do you expect the WACC will be reduced, and which will be the annual impact in revenues because of that? Second question, tariff review in Argentina should be implemented in 2026, or it's expected to be delayed even further? 3, how do you expect to refinance or roll over the $2.1 billion debt that mature this year?

Speaker #2: Second question. Tariff review in Argentina should be implemented this 2026 or is expected to be delayed even further? And three, how do you expect to refinance or rollover the 2.1 billion debt that matured this year?

Speaker #3: Well, in relation to the third question, Tomás, thank you very much. Good morning. We consider that the WACC will remain flat in Colombia, so we do not expect a very relevant impact because we are targeting a flat WACC for the triennium, for the period 2026, 2028.

Rafael De la Haza Casarrubio: In relation to the first question, Tomas, thank you very much. Good morning. We consider that WACC will remain flat in Colombia. We do not expect a very relevant impact from. Because we are targeting a flat WACC for the period 2026, 2028. Okay, regarding debt, what was the second question regarding debt?

Speaker #3: Jorge regarding that, what was the second question regarding that?

Jorge Velis: Second question, regarding debt, how do you expect to refinance or roll over the $2.1 billion debt that mature this year?

Speaker #2: Second question. Regarding that, how do you expect to refinance or rollover the 2.1 billion debt that matured this year?

Rafael De la Haza Casarrubio: Yes, we have Tomas, just to remind you that this $2.1 billion is a consolidated level. One of the maturities that we have in 2026, which is one of the most relevant ones, is the Yankee bond, the international bond that we have at the Enel Américas level, so at the holding level. It's around $600 billion. We are targeting, for the moment, to pay at the maturity this international bond. We do not have any in mind any potential refinancing of this international bond.

Speaker #3: Yes, we have Tomás just to remind you that this 2.1 billion US dollars is a consolidated level one of the maturities that we have in 2026, which is one of the most relevant ones, is the Yankee Bond, the international bond that we have at the ENEL AMERICAS level.

Speaker #3: So at the holding level, it's around 600 million US dollars. So we are targeting for the moment to pay at the maturity this international bond.

Speaker #3: And we do not have any in mind any potential refinancing of this international bond. And regarding the rest of the debt, of course, regarding the rest of maturities, as we have seen in the presentation, in the slides, we have liquidity and we have enough liquidity to attend those maturities during 2026.

Rafael De la Haza Casarrubio: Regarding the debt, the rest of the debt, of course, regarding the rest of maturities, as we have seen in the presentation, in the slides, we have liquidity, and we have enough liquidity to attend those maturities during 2026.

Speaker #2: Okay. Then the other question is about the tariff review in Argentina. Should it be implemented in 2026?

Jorge Velis: Okay, the other question is about the tariff review in Argentina, should be implemented in 2026.

Speaker #3: The tariff review? Well, actually, the tariff review has been already implemented in May 2025. So it's going ahead, and this is a very good situation because the regulatory framework seems to be applied without any kind of issue.

Giuseppe Turchiarelli: The tariff review, well, actually, the tariff review has been already implemented in May 2025. It's going ahead. This is a very good situation because the regulatory framework seems to be applied without any kind of issues. Great visibility for Argentina. For what's concerned in Colombia, we don't have too many information about the future WACC for what concern the first half of 2027, but as of today, we assume that the WACC is gonna be rather in line with the current situation, that with the current amount.

Speaker #3: So great visibility for Argentina. For what concerns Colombia, we are we don't have too many information about the future WACC for what concerns the first half of 2027, but as of today, we assume that the WACC is going to be read in line with the current situation, with the current amount.

Speaker #2: Thank you, Giuseppe. Well, as there are no more questions, we conclude this conference call. Let me remind you that the investigation team is available for any doubt that you may have.

Jorge Velis: Thank you, Giuseppe. Well, if there are no more questions, we conclude this conference call. Let me remind you that the investor relations team is available for any doubt that you may have. Thanks for your attention, and have a nice day.

Speaker #2: Thanks for your attention and have a nice day.

Operator: Okay, and this concludes our conference. Thank you for participating. You may now disconnect.

Q4 2025 Enel Americas SA Earnings Call and Strategic Plan Update

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