Financial Data and Key Metrics Changes - The company reported a net income of $175 million for Q1 2025, reflecting an 11% increase compared to the previous year [22] - Funds from operations (FFO) reached $109 million, showing a slight decrease of $5 million compared to Q1 2024 [24] - EBITDA for the quarter was $365 million, with a notable increase attributed to improved energy distribution receivables [24] Business Line Data and Key Metrics Changes - Net electricity generation totaled 5.6 terawatt hours, an 8% decrease compared to 2024, primarily due to lower hydro and renewable generation [12] - Energy sales amounted to 7.7 terawatt hours, marking a 9% reduction from the previous year, driven by lower sales to regulated customers [13] - The company achieved a total net installed capacity of 8.9 gigawatts, with 28% from renewable energy sources and battery storage systems [11] Market Data and Key Metrics Changes - The company experienced a reduction in energy purchases from third parties by 0.2 terawatt hours and a decrease in spot market purchases by 0.1 terawatt hours [13] - The regulatory framework is undergoing significant changes, with updates expected in the second quarter of 2025 regarding ancillary services and electricity subsidies [15][16] Company Strategy and Development Direction - The company is focused on a resilient plan to strengthen grid infrastructure in response to increasing climate risks [9] - There is a commitment to advocate for comprehensive distribution reform and modernization of the regulatory framework to enhance asset resilience [28][29] - The strategic vision emphasizes innovation, efficiency, and economic competitiveness within the energy sector [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 guidance, with expectations for improved remuneration from the regulatory changes [57] - The company remains optimistic about the hydrology forecast for 2025, maintaining the target of 10.7 terawatt hours [52] - The management acknowledged the challenges posed by extreme climate events but emphasized the adaptability of the business model [28] Other Important Information - The final dividend for the 2024 fiscal year was approved at approximately 4.24 Chilean pesos per share [11] - The gross debt increased by 2% to $4 billion, with a competitive average cost of debt at 4.9% [26] Q&A Session Summary Question: Additional details on the resilience program for distribution - Management confirmed the implementation of a strong resilience program to enhance grid quality and digitalization, with increased CapEx planned [36] Question: CapEx guidance for the year - Management maintained the CapEx guidance of $800 million for the year, with a significant portion expected in the second half [41] Question: Impact of new regulatory changes - Management indicated it is too early to quantify the impact of regulatory changes on profitability, but they expect some benefits from improved rules for ancillary services [45] Question: Hydrology expectations for the year - Management confirmed that the target of 10.7 terawatt hours for 2025 remains valid, pending further hydrological assessments [53] Question: Economic impact of the resilient program - Management stated that the CapEx for the resilience program is included in the last industrial plan, but estimating its impact on EBITDA is challenging at this stage [61] Question: Gas supply contracts with Argentina - Management confirmed that the current gas contract portfolio includes take-or-pay clauses, ensuring stability for the remainder of the year [66] Question: Expired regulated contracts - Management clarified that the expired contracts were related to a tender process from 2013, which had higher prices than current market rates [73] Question: Renewable generation decrease - Management attributed the decrease in renewable generation to maintenance at solar plants and lower hydro generation, which was offset by other generation sources [73]