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]