Core Viewpoint - Enel Chile S.A. (NYSE:ENIC) has entered a partnership with Chile's National Disaster Prevention and Response Service (Senapred) to enhance emergency response capabilities, particularly in relation to extreme climate events affecting power supply infrastructure [1][4]. Group 1: Partnership Details - The partnership aims to establish structured coordination models between Enel and Senapred, including an annual work plan that encompasses the entire emergency cycle from preparation to recovery [2]. - Both entities will engage in joint planning, conduct shared training sessions, and enhance risk communication to better prepare institutions and the public for emergencies [2]. Group 2: Disaster Risk Management - The agreement will utilize existing Disaster Risk Management Committees (COGRID) at both national and regional levels, enabling Enel to remain informed about the state's emergency management [3].

Financial Data and Key Metrics Changes - In 2025, Enel Chile's EBITDA totaled $1,473 million, an increase of $52 million compared to 2024, reflecting operational resilience despite challenging conditions [19][15] - Net income for 2025 was $538 million, a 14% decrease from the previous year, primarily due to higher depreciation and bad debt expenses [23] - The company's gross debt decreased by 2% to $3.8 billion as of December 2025, with an average cost of debt slightly reduced from 5% to 4.9% [26][51] Business Line Data and Key Metrics Changes - Net production in 2025 decreased by 12% compared to 2024, driven by lower hydro dispatch due to extreme drought and maintenance activities [18] - Energy sales amounted to 30 terawatt-hours in 2025, down from 33.3 terawatt-hours in 2024, with free market sales remaining stable at 19.4 terawatt-hours [18] - The grids business saw increased investment in digitalization and automation, enhancing service quality and network resilience [19] Market Data and Key Metrics Changes - Chile's energy landscape is evolving rapidly, with a significant increase in renewable energy capacity and a growing demand for electricity, particularly from data centers [10][11] - By 2025, connected capacity associated with data centers reached 325 megawatts, expected to rise to around 1,200 megawatts by 2030 [10] Company Strategy and Development Direction - Enel Chile's strategic focus includes enhancing flexibility and resilience in its portfolio, optimizing commercial strategies, and investing in renewable energy and digitalization [28][29] - The company plans to allocate approximately $1.6 billion in CapEx from 2026 to 2028, prioritizing battery energy storage systems (BESS) and new wind projects [35][43] - The strategic plan aims for renewables to constitute around 80% of the generation mix by 2028, enhancing competitiveness and supporting the energy transition [35] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of a robust regulatory framework to sustain long-term investments in Chile's electricity sector [12] - The company remains confident in its ability to navigate challenges and deliver value, supported by a disciplined approach to capital management and operational execution [15][28] Other Important Information - Enel Chile confirmed its dividend policy for 2025, reaffirming its commitment to financial stability and sustainable value creation for shareholders [15] - The company is actively engaged in regulatory discussions to ensure that the evolving needs of the distribution business are met [39] Q&A Session Summary Question: Gas supply volumes and indexation - The majority of thermal gas needs for the year are secured through firm Argentina gas contracts and LNG contracts, with most exposure already locked in [58] Question: Cost risk related to gas contracts - Currently, there is no material cost risk as firm gas supply agreements with Argentina are structured at fixed prices [59] Question: Impact of geopolitical tensions on the Chilean spot market - Geopolitical uncertainty may influence expectations for higher spot prices, but the impact on Enel Chile is limited due to contracted gas supply [60] Question: Updates on the concession revocation process - No notifications have been received regarding potential forfeiture of the concession, and the company is closely monitoring the situation [71][72] Question: CapEx per megawatt trends - The lower CapEx per megawatt is attributed to a higher mix of BESS, with prices for BESS expected to decrease [74] Question: Dividend payout expectations - The current policy is to maintain a minimum payout of 50%, with potential for increase depending on future opportunities [76]

Financial Data and Key Metrics Changes - In 2025, Enel Chile's EBITDA totaled $1,473 million, an increase of $52 million compared to 2024, reflecting operational resilience despite challenging conditions [19][15] - Net income for 2025 was $538 million, a 14% decrease from the previous year, primarily due to higher depreciation and bad debt expenses [23] - The company's gross debt decreased by 2% to $3.8 billion as of December 2025, with an average cost of debt slightly reduced from 5% to 4.9% [26][51] Business Line Data and Key Metrics Changes - Net production in 2025 decreased by 12% compared to 2024, driven by lower hydro dispatch due to extreme drought and maintenance activities [18] - Energy sales amounted to 30 terawatt-hours in 2025, down from 33.3 terawatt-hours in 2024, with regulated sales declining due to the expiration of previous contracts [18] - The grids business saw increased investment in digitalization and automation, enhancing service quality and operational efficiency [19] Market Data and Key Metrics Changes - Chile's energy landscape is rapidly evolving, with a significant increase in renewable energy capacity and a growing demand for electricity, particularly from data centers [10][11] - By 2025, connected capacity associated with data centers reached 325 megawatts, expected to rise to around 1,200 megawatts by 2030 [10] Company Strategy and Development Direction - Enel Chile's strategic focus includes enhancing flexibility and resilience in its portfolio, optimizing commercial strategies, and investing in renewable energy and digitalization [28][29] - The company plans to allocate approximately $1.6 billion in capital expenditures from 2026 to 2028, focusing on battery energy storage systems (BESS) and new wind projects [35][43] - The strategic plan aims to achieve around 80% of the generation mix from renewables by 2028, reinforcing the company's competitive position [35] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of a robust regulatory framework to sustain long-term investments in Chile's electricity sector, particularly as electrification accelerates [12] - The company remains confident in its ability to navigate future challenges while delivering on commitments to stakeholders [16] Other Important Information - Enel Chile confirmed its dividend policy for 2025, reaffirming its commitment to financial stability and sustainable value creation for shareholders [15] - The company is actively engaged in regulatory discussions to ensure that the evolving needs of the distribution business are met [39] Q&A Session All Questions and Answers Question: Gas supply volumes and indexation - The majority of thermal gas needs for the year are secured through firm Argentina gas contracts and LNG contracts, with most exposure already locked in [58] Question: Cost risk related to gas contracts - Currently, there is no material cost risk as firm gas supply agreements with Argentina are structured at fixed prices [59] Question: Impact of geopolitical tensions on the Chilean spot market - Geopolitical uncertainty may influence expectations for higher spot prices, but the impact on the company's operations is limited due to contracted gas supply [60] Question: Updates on the concession revocation process - No notifications have been received regarding potential forfeiture of the concession, and the company is closely monitoring the situation [71][72] Question: CapEx per megawatt trends - The decrease in CapEx per megawatt is attributed to a higher mix of BESS, with prices for BESS expected to continue decreasing [74] Question: Dividend payout expectations - The current policy is to maintain a minimum payout of 50%, with potential for increase depending on future opportunities [76]

Financial Data and Key Metrics Changes - In 2025, Enel Chile's net production decreased by 12% compared to 2024, primarily due to lower hydro dispatch from extreme drought and maintenance activities on solar plants [16] - EBITDA for 2025 totaled $1,473 million, an increase of $52 million compared to 2024, driven by various factors including lower energy purchase costs and gas trading contributions [17][18] - Net income for 2025 was $538 million, a 14% decrease from the previous year, attributed to higher depreciation and bad debt expenses [20] Business Line Data and Key Metrics Changes - Energy sales in 2025 amounted to 30 terawatt-hours, down from 33.3 terawatt-hours in 2024, mainly due to lower regulated sales [16] - The generation business saw a decrease in PPA sales by $286 million, while gas trading contributed an increase of $87 million to margins [18][19] Market Data and Key Metrics Changes - Chile's energy landscape is evolving rapidly, with a significant increase in renewable energy capacity and a growing demand for electricity, particularly from data centers [9][10] - By 2025, there were 325 megawatts of connected capacity associated with data centers, expected to rise to around 1,200 megawatts by 2030 [9] Company Strategy and Development Direction - Enel Chile's strategic focus includes enhancing flexibility and resilience in its portfolio, investing in renewable energy, and supporting the country's net-zero ambitions [7][10] - The company plans to allocate approximately $1.6 billion in CapEx from 2026 to 2028, focusing on battery energy storage systems (BESS) and new wind projects [33] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of a regulatory-driven transition framework to sustain long-term investments in Chile's electricity sector [11] - The company remains confident in its ability to navigate future challenges while delivering on commitments to stakeholders [14] Other Important Information - Enel Chile confirmed its dividend policy for 2025, reaffirming its commitment to financial stability and sustainable value creation for shareholders [13] - The company is actively engaged in regulatory dialogues to ensure that the evolving needs of the distribution business are met [36] Q&A Session Summary Question: Gas supply volumes and indexation - The majority of thermal gas needs for the year are secured through firm Argentina gas contracts and LNG contracts, with most exposure already locked in [54] Question: Cost risk under current situation - Currently, there is no material cost risk as firm gas supply agreements with Argentina are structured at fixed prices [55] Question: Impact of geopolitical tensions on energy supply - No material impact on operations is expected due to reliance on long-term contracts with Argentina, which help mitigate short-term volatility [60] Question: Trends in energy purchase costs - The company expects to continue improving energy purchase costs in a more standard year, indicating a structural trend [64] Question: Updates on concession revocation process - No notifications regarding administrative or legal proceedings for concession forfeiture have been received, and the company is closely monitoring the situation [67]

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Core Viewpoint - Enel Chile S.A. has seen a slight increase in analyst sentiment, reflected in the rise of its consensus target price from $4.45 to $4.60, indicating a cautiously optimistic outlook for the company's future performance [2][5]. Company Overview - Enel Chile S.A. is a prominent electricity utility company based in Santiago, Chile, serving approximately 2 million customers through a diverse energy mix that includes hydroelectric, thermal, wind, solar, and geothermal power. The company also engages in natural gas sales and provides construction, engineering, and consulting services [1]. Analyst Sentiment - The consensus target price for Enel Chile has recently increased, suggesting a more optimistic outlook from analysts [2][5]. - Morgan Stanley has set a lower price target of $4.30 for Enel Chile, indicating a more conservative perspective compared to the consensus target price [3][5]. - The stability of the target price at $4.45 over the past year, with a recent increase to $4.60, reflects a consistent yet cautiously optimistic view among analysts regarding the company's performance [4][5].

Financial Data and Key Metrics Changes - The company closed the first nine months of 2025 with stable EBITDA compared to the previous year, despite lower hydrological conditions, demonstrating operational resilience [7] - Net income for the nine months of 2025 reached $352 million, a 21% decrease compared to the previous year, primarily due to higher depreciation, amortization, and bad debt expenses [23] - FFO reached $615 million, representing an improvement of $248 million compared to the previous year, driven by the recovery of PEC receivables [25] Business Line Data and Key Metrics Changes - Net production decreased by 9% in the first nine months of 2025 compared to the same period in 2024, primarily due to lower hydro dispatch and maintenance of solar plants [9][10] - Energy sales reached 22.7 TWh, with a notable decrease in sales to regulated customers following the expiration of contracts [10] - EBITDA for the last quarter totaled $345 million, a decrease of $63 million compared to the same period in 2024, mainly due to reduced PPA sales [18] Market Data and Key Metrics Changes - The company maintained its hydrology guidance despite a particularly dry year in 2025, thanks to the flexibility of its hydro plants [8] - The gas business saw increased margins of $74 million during the first nine months of 2025, supported by favorable trading opportunities [9] - The distribution business implemented a comprehensive winter plan, resulting in improved service continuity and network reliability [11] Company Strategy and Development Direction - The company is focused on operational excellence and sustainable growth, aiming to deliver long-term value to shareholders while advancing in energy transition [7] - Significant regulatory updates are expected that will clarify tariffs and market mechanisms, which are essential for refining long-term strategy [29] - The company is negotiating new contracts for Argentinian gas and maintaining a long-term gas contract for LNG, emphasizing the importance of gas for thermal power generation [38] Management's Comments on Operating Environment and Future Outlook - Management confirmed that despite a tough hydrological situation, the company has shown flexibility and maintained high production levels [45] - The company expects to improve FFO performance in the last quarter of 2025, driven by higher ordinary cash flow and efficient management of working capital [46] - The company is preparing for its 2026 Investor Day, where it will share a comprehensive view of its strategy and actions for long-term value creation [30] Other Important Information - Total CAPEX reached $245 million during the first nine months of 2025, with a focus on grid investments and thermal power projects [16] - The company has available committed credit lines for $640 million and cash equivalents for $373 million, indicating a strong liquidity position [28] Q&A Session Summary Question: What is the amount that Enel Chile must return to customers due to the miscalculation of the CNE? - The estimated amount is between $40 million and $45 million, expected to be accrued in 2025 and paid back in the first half of 2026 [32] Question: What is the amount owed to Enel distribution Chile in connection to the VAD 2020-2025 freeze? - The amount is around $50 million to $55 million, with potential cashback starting in mid-2026 [34] Question: Could you explain your strategy regarding LNG and Argentinian gas? - The company has a long-term gas contract for LNG and is negotiating a new contract for Argentinian gas, with ongoing discussions [38] Question: Could you provide an update on CAPEX for the generation business? - CAPEX for 2025 is expected to be around $150 million to $160 million, with at least $50 million allocated for BESS projects [40] Question: What measures are being taken to address increasing energy losses? - The company is increasing recovery activities and launching flexible payment plans for customers, while also working with regulators to address the issue [43] Question: Is the company confirming its latest guidance? - Yes, the company confirms its guidance despite a challenging hydrological situation, leveraging its gas contracts and flexible production capabilities [45] Question: Could you explain the dynamics of FFO during the nine months of this year? - FFO is usually concentrated in the second half of the year, with expectations for improved performance in the last quarter due to higher ordinary cash flow [46] Question: Do you have any news for unregulated PPA contracts? - Currently, there are no updates regarding unregulated PPA contracts [57]

Financial Data and Key Metrics Changes - The company closed the first nine months of 2025 with stable EBITDA compared to the previous year, despite lower hydrology conditions [8] - Net income for the nine months of 2025 reached $352 million, a 21% decrease compared to the previous year, primarily due to higher depreciation and bad debt expenses [24] - FFO reached $615 million, representing an improvement of $248 million compared to the previous year, driven by the recovery of PEC receivables [26] Business Line Data and Key Metrics Changes - Net production decreased by 9% in the first nine months of 2025 compared to the same period in 2024, driven by lower hydro dispatch and maintenance of solar plants [10][11] - Energy sales reached 22.7 terawatt-hour, mainly due to lower sales to regulated customers following the expiration of contracts [11] - EBITDA for the last quarter totaled $345 million, a decrease of $63 million compared to the same period in 2024, mainly due to decreased PPA sales [18] Market Data and Key Metrics Changes - The company maintained its hydrology guidance despite a particularly dry year in 2025, thanks to the flexibility of its hydro plants [9] - The gas business saw an increase in margin during the first nine months of 2025, adding $74 million due to favorable trading opportunities [10] - The average cost of debt reached 4.8% as of September 2025, down from 5.0% in December 2024, reflecting efforts to optimize financial costs [29] Company Strategy and Development Direction - The company is focused on operational excellence and sustainable growth, aiming to deliver long-term value to shareholders while advancing in energy transition [8] - Significant regulatory updates are expected that will clarify tariffs and market mechanisms, which are essential for refining long-term strategy [30] - The company is implementing proactive initiatives to address portfolio dynamics and climate challenges, including strengthening generation and distribution businesses [30] Management's Comments on Operating Environment and Future Outlook - Management confirmed that despite a tough hydrological situation, the company showed flexibility and maintained high production levels [46] - The company expects to improve FFO performance in the last quarter of 2025, driven by higher ordinary cash flow and efficient management of working capital [47][48] - Management remains committed to investing in strategic renewable projects and delivering sustainable returns for shareholders [30] Other Important Information - Total CAPEX reached $245 million during the first nine months of 2025, with a focus on grid investments and thermal power projects [17] - The company is awaiting settlement of outstanding debt related to the VAD decree for 2020-2024, expected to be settled in 2026 [14] Q&A Session Summary Question: What is the amount that Enel Chile must return to customers due to the miscalculation of the CNE? - The estimated amount is between $40 million and $45 million, expected to be accrued in 2025 and paid back in the first half of 2026 [33] Question: What is the amount owed to Enel distribution Chile in connection to the VAD 2020-2025 freeze? - The amount is around $50 million to $55 million, with potential cashback starting in mid-2026 [35][36] Question: Could you explain your strategy regarding LNG and Argentinian gas? - The company has a long-term gas contract for LNG and is negotiating a new contract for Argentinian gas, with ongoing discussions [39] Question: Could you provide an update on CAPEX for the generation business? - CAPEX for 2025 is expected to be around $150 million to $160 million, with at least $50 million allocated for BESS projects [41][42] Question: What measures are being taken to address increasing energy losses? - The company is increasing recovery activities and launching flexible payment plans for customers, while also working with regulators to address the issue [44] Question: Is the company confirming its latest guidance? - Yes, despite a tough year, the company has shown flexibility and can confirm the results for the year [46] Question: Could you explain the dynamics of FFO during the nine months of this year? - FFO is usually concentrated in the second half of the year, with expectations for improved performance in the last quarter [47][48] Question: Do you have any news for unregulated PPA contracts? - Currently, there are no updates regarding unregulated PPA contracts [58]

Financial Data and Key Metrics Changes - The company closed the first nine months of 2025 with stable EBITDA compared to the previous year, despite lower hydrology conditions [7] - Net income for the nine months of 2025 reached $352 million, a 21% decrease compared to the previous year, primarily due to higher depreciation and bad debt expenses [24] - FFO reached $615 million, representing an improvement of $248 million compared to the previous year, driven by the recovery of PEC receivables [26] Business Line Data and Key Metrics Changes - Net production decreased by 9% compared to the same period of 2024, driven by lower hydro dispatch and maintenance of solar plants [10] - Energy sales reached 22.7 terawatt-hour, mainly due to lower sales to regulated customers following the expiration of contracts [11] - EBITDA for the last quarter totaled $345 million, a decrease of $63 million compared to the same period of 2024 [18] Market Data and Key Metrics Changes - The company maintained its hydrology guidance despite a particularly dry year in 2025, with hydro production remaining in line with strategic plans [9] - The gas business saw a margin increase of $27 million due to expanded trading activities [22] - The average cost of debt decreased to 4.8% as of September 2025, down from 5.0% in December 2024 [28] Company Strategy and Development Direction - The company is focused on operational excellence and sustainable growth while advancing in energy transition [8] - Significant regulatory updates are expected that will clarify tariffs and market mechanisms, essential for refining long-term strategy [29] - The company is implementing proactive initiatives to address portfolio dynamics and climate challenges [29] Management Comments on Operating Environment and Future Outlook - Management confirmed that despite a tough hydrological situation, the company showed flexibility and maintained high production levels [37] - The company expects to improve FFO performance in the last quarter due to higher EBITDA and efficient management of working capital [38] - The company is negotiating new contracts for Argentinian gas, emphasizing the importance of gas for thermal power plants [33] Other Important Information - Total CAPEX reached $245 million during the first nine months of the year, with a focus on grid investments [17] - The company successfully implemented a comprehensive winter plan to strengthen grid resilience and improve service continuity [6] - The distribution cycle for 2024-2028 is under development, with key changes in the regulatory framework expected [13] Q&A Session Summary Question: What is the amount that Enel Chile must return to customers due to the miscalculation of the CNE? - The estimated amount is between $40 million and $45 million, expected to be accrued in 2025 and paid back in the first half of 2026 [30] Question: What is the amount owed to Enel distribution Chile in connection to the VAD 2020-2025 freeze? - The amount is around $50 million-$55 million, with potential cashback starting in mid-2026 [31] Question: Could you explain your strategy regarding LNG and Argentinian gas? - The company has a long-term gas contract for LNG and is negotiating a new contract for Argentinian gas [33] Question: What is the update on CAPEX for the generation business? - CAPEX for generation is expected to be around $150 million-$160 million, with at least $50 million allocated for BESS projects [34] Question: What measures are being taken to address increasing energy losses? - The company is increasing recovery activities and launching flexible payment plans for customers to address energy losses [36] Question: Is the company confirming its latest guidance? - Yes, the company confirms its guidance despite a tough hydrological situation [37] Question: Could you explain the dynamics of FFO during the nine months of this year? - FFO is usually concentrated in the second half of the year, with expectations for improved performance in the last quarter [38] Question: Do you have any news for unregulated PPA contracts? - Currently, there are no updates regarding unregulated PPA contracts [44]

Financial Performance - Enel Chile's 9M 2025 EBITDA remained stable at $1,004 million, compared to $1,005 million in 9M 2024 [22, 30] - Net income decreased by 21%, from $446 million in 9M 2024 to $352 million in 9M 2025 [22, 45] - Funds From Operations (FFO) increased by 68%, from $366 million in 9M 2024 to $615 million in 9M 2025, driven by PEC recovery [22] - Q3 2025 EBITDA was $345 million, a 15% decrease compared to $408 million in Q3 2024 [22, 43] Operational Highlights - Hydroelectric generation increased by 16% in 9M 2025 [9] - Thermal generation increased from 9.8 TWh in 9M 2024 to 12.2 TWh in 9M 2025 [9] - Renewable energy sources (REN) plus BESS accounted for 78% of net installed capacity [13, 61] Regulatory and Strategic Updates - VAD 2024-28 Preliminary Regulator technical report published in Oct/25 [6] - Regulated energy auctions to be held in Q4 2025 for 2027-30 period (3.4 TWh/year) and Year 2026 (1.5 TWh/year) [6, 19] - PEC recovery includes $261 million received through factoring in April 2025 [7, 36] Grids and Distribution - Energy distributed increased by 1% to 11.0 TWh in 9M 2025 [16, 63] - Remote control equipment increased by 22% [16]