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 - Revenue for the company grew by 19.2% year-on-year, increasing from INR 154.5 crore in Q1 FY '25 to INR 184.2 crore in Q1 FY '26 [20] - FAT increased by 25.2%, rising from INR 96.4 crore in Q1 FY '25 to INR 120.7 crore in Q1 FY '26 [20] - Electricity trading volume recorded a growth of 15% year-on-year, reaching 32.4 billion units [19] Business Line Data and Key Metrics Changes - Nearly 53 lakh renewable energy certificates were traded, marking a growth of nearly 150% over the same quarter last year [21] - RTM volumes increased by 41% year-on-year, reaching nearly 13 billion units, highlighting its critical role in managing short-term requirements [21] - Green market volume rose by 51% year-on-year to 2.7 billion units, supporting the integration of clean energy sources [22] Market Data and Key Metrics Changes - India's power consumption in Q1 FY '26 was 446 billion units, a decrease of 1.3% compared to Q1 FY '25 [10] - Average day-ahead market price was INR 4.41 per unit, down 16% year-on-year, while the real-time market price averaged INR 3.91 per unit, a 20% drop [22] - Imported coal prices remained steady at around USD 50 per tonne, lower by 9% compared to the same period last year [10] Company Strategy and Development Direction - The company is focused on maintaining its leadership position in the day-ahead and RTM markets, leveraging robust technology and customer engagement [33][34] - The introduction of electricity derivatives and market coupling is expected to enhance market participation and volumes [18][19] - The company is actively working on diversification initiatives and adapting to regulatory changes to ensure continued growth [25][27] Management Comments on Operating Environment and Future Outlook - The management highlighted India's macroeconomic stability and growth potential, with a GDP forecast of 6.5% for FY '26 [8] - Despite lower than expected power demand due to weather conditions, the long-term outlook for power demand growth remains positive at 6% per annum [11] - The management expressed confidence in maintaining market share and customer loyalty even after market coupling implementation [37][38] Other Important Information - The company is awaiting regulatory approval for extending the Term Air market contract and has completed public comments on the Green segment petition [23] - The Ministry of Power has finalized funding mechanisms for battery energy storage solutions, indicating a shift towards renewable energy integration [12][27] Q&A Session Summary Question: What advantages does IEX have over competitors in the diamond RCM segment? - IEX has maintained a leadership position due to robust technology, customer engagement, and advisory roles with state regulatory commissions [33][34] Question: What percentage of volumes does CTC India contribute to IEX? - CTC India contributes approximately 12% of the volumes on the IEX platform [40] Question: Will competition use transaction fees to gain market share post-market coupling? - The management indicated that they will address any competitive pricing strategies as they arise, emphasizing the small impact of transaction fees on overall power procurement costs [44][45] Question: Is there any mention of MBED in the recent market coupling order? - There is no mention of MBED in the order, and the management expressed uncertainty about its future implementation [60][61] Question: What explains the sharp increase in gas volume in the quarter? - The increase in gas volume was attributed to significant demand from global marketing companies and favorable pricing conditions [116] Question: What are the key advantages needed to sustain a market share above 50%? - The management is focused on retaining current market share and is working on strategies to maintain leadership in the market [102]

Financial Data and Key Metrics Changes - Revenue for the company grew by 19.2% year-on-year, increasing from INR 154.5 crore in Q1 FY '25 to INR 184.2 crore in Q1 FY '26 [19] - FAT increased by 25.2%, rising from INR 96.4 crore in Q1 FY '25 to INR 120.7 crore in Q1 FY '26 [19] - Electricity trading volume recorded a growth of 15% year-on-year, reaching 32.4 billion units [18] Business Line Data and Key Metrics Changes - Nearly 5.3 million renewable energy certificates were traded, marking a growth of nearly 150% over the same quarter last year [20] - RTM volumes increased by 41% year-on-year, reaching nearly 13 billion units, highlighting its critical role in managing short-term requirements [20] - Green market volume rose by 51% year-on-year to 2.7 billion units, supporting the integration of clean energy sources [21] Market Data and Key Metrics Changes - India's power consumption in Q1 FY '26 was 446 billion units, down by 1.3% compared to Q1 FY '25 [8] - The average day-ahead market price was INR 4.41 per unit, down 16% year-on-year, while the real-time market price averaged INR 3.91 per unit, a 20% drop [21] - Supply liquidity in the day-ahead market increased by 45.2% year-on-year [21] Company Strategy and Development Direction - The company is focusing on maintaining its leadership position in the day-ahead and RTM markets, leveraging robust technology and customer engagement [30][32] - The introduction of electricity derivatives and market coupling is expected to deepen India's power market and enhance liquidity [16][27] - The company is actively working on regulatory updates and policy initiatives to support power market development [12][14] Management Comments on Operating Environment and Future Outlook - The management highlighted India's macroeconomic stability and growth potential, with a GDP growth forecast of 6.5% for FY '26 [6] - Despite lower than expected power demand due to early monsoons, the long-term outlook for power demand growth remains positive, projected at 6% per annum until 2032 [9] - The management expressed confidence in maintaining market share and customer loyalty even after the implementation of market coupling [34][70] Other Important Information - The company is awaiting approval from the CRC for extending the Term Air market contract from three months to eleven months [22] - The Ministry of Power has finalized two tranches of viability gap funding for battery energy storage solutions, indicating a push towards renewable energy integration [10] - The company is also involved in developing an Extended Producer Responsibility trading platform and is awaiting further directives regarding coal exchange legislation [26][27] Q&A Session Summary Question: What advantages does IEX have over competitors in the market coupling context? - IEX has maintained a leadership position due to robust technology, customer engagement, and advisory roles with regulatory commissions, resulting in over 95% market share [30][32] Question: What percentage of volumes does CTC India contribute to IEX? - CTC India contributes approximately 12% of the volumes on the IEX platform, but cannot trade on IEX due to holding more than 5% equity in a competing exchange [35] Question: Will transaction fees be a tool for competition post-market coupling? - The management indicated that transaction fees are a small component of total power procurement costs, and they will address any competitive pricing strategies as they arise [38] Question: What is the timeline for implementing market coupling? - The management expressed uncertainty about the January 2026 timeline for market coupling implementation, citing the need for common software and regulatory frameworks [40][41] Question: Is there any mention of MBED in the recent market coupling order? - There was no mention of MBED in the order, and the management could not comment on its future implementation [46] Question: What are the options available post-CRC order? - The company has several options, including seeking a review from CRC or appealing to APTEL, and is currently evaluating the order [102]