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]