Enel Chile Q4 2024 Earnings Report

Enel Chile EPS Results

• Actual EPS: N/A
• Consensus EPS: $0.28
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Enel Chile Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $1,205.00 billion
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Enel Chile Announcement Details

• Quarter: Q4 2024
• Date: 2/27/2025
• Time: After Market Closes
• Conference Call Date: Thursday, February 27, 2025
• Conference Call Time: 9:00AM ET

Enel Chile (NYSE:ENIC), an electricity utility company, engages in the generation, transmission, and distribution of electricity in Chile. The company operates through Generation, and Distribution and Networks Segments. It generates electricity through various sources, such as hydroelectric, thermal, wind, solar, and geothermal power plants. It distributes electricity in various municipalities of the Santiago metropolitan region. The company also engages in the sale and transportation of natural gas, and provision of engineering consulting services. It serves residential, commercial, industrial, and other customers. The company was formerly known as Enersis Chile S.A. and changed its name to Enel Chile S.A. in October 2016. The company was incorporated in 2016 and is headquartered in Santiago, Chile. Enel Chile S.A. (SNSE:ENELCHILE) operates as a subsidiary of Enel SpA (BIT:ENEL).

Enel Chile Q4 2024 Earnings Call Transcript

Key Takeaways

• Hydro generation increased 12% year-over-year thanks to high reservoir levels and rainfall, and the new Los Condores hydro plant is in full capacity testing with COD expected soon.
• Enel Distribution booked a record $20 million regulatory fine and agreed an $80 million voluntary compensation program for 800,000 customers impacted by the August storm, with force majeure claims still pending resolution.
• Adjusted FY 2024 EBITDA of $1.4 billion and net income of $600 million were fully in line with guidance, while FFO improved significantly due to PEC receivables factoring executed in Q4.
• Renewable portfolio reached 8.9 GW (nearly 80% renewable), including 393 MW of new solar and battery capacity authorized in 2024, and ongoing hybrid battery‐solar projects to enhance flexibility.
• Enel Chile is advocating for a modernized distribution regulatory framework to improve asset resilience and remuneration, but legislative progress and impacts on future cycles remain uncertain.

Presentation

[Operator]

Good morning, ladies and gentlemen, and welcome to Enel Chile Full Year and Fourth Quarter twenty twenty four Results Conference Call. My name is Carmen, and I'll be your operator for today. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To participate, you will need to press 11 on your telephone.

[Operator]

You will then hear a message advising your hand is raised. To withdraw your question, simply press 11 again. Please be advised that today's conference is being recorded. During this conference call, we may make statements that constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements reflect only our current expectations, are not guarantees of future performance and involve risks and uncertainties.

[Operator]

Actual results may differ materially from those anticipated in the forward looking statements as a result of various factors. These factors are described in Enel Chile's press release and reporting its full year and fourth quarter twenty twenty four results. The presentation accompanying this conference call and Enel Chile's annual report on Form 20 F included under Risk Factors, You may access our full year and fourth quarter twenty twenty four results, press release and presentation on our website at www.nl.cl and our 20 F on the SEC's website, www.sec.gov. Readers are cautioned not to place undue reliance on those forward looking statements, which speak only as of their dates. NLGLA undertakes no obligation to update these forward looking statements or to disclose any development as a result of which these forward looking statements becomes inaccurate, except as required by law.

[Operator]

I would now like to turn the presentation over to Ms. Isabella Clemens, Head of Investor Relations of Enel Chile. Please proceed.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Buendia, good morning and welcome to Enochile twenty twenty four Fourth Quarter and Full Year Results Presentation. Thanks to you all for joining us today. My name is Isabella Clemens. I am the Head of Investor Relations team. Joining me today are CEO, Giuseppe Turcielelli and our CFO, Simone Conricheri.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Our presentation and related financial information are available on our website, www.enl.co in the Investors section and on our app Investors. In addition, a replay of the call will be soon available. At the end of this presentation, there will be an opportunity to ask questions via phone or webcast chat through the link Ask a Question. Media participants are connected only in listening mode. Giuseppe will start the presentation by covering key highlights of the period.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

He will then discuss our portfolio management actions, provide updates on regulatory context and share our guidance achievements. Following that, Simone will offer an overview of our business economics and financial performance. Thank you for your attention. Giuseppe will now take over the call.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Thank you, Isabella. Good morning, and thanks for joining us. Let's start the presentation with our main highlights of the period on Slide two. Our hydro portfolio performed exceptionally well with hydro generation increasing by 12% compared to last year. This performance was a result of a higher reservoir level at the beginning of the year, influenced by El Nino phenomenon observed in 2023 and a solid rainy season during 2024.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Also on hydro, we are pleased to announce that the Los Condores hydro power project has finally been connected to the system. The plant is already in full capacity mode generation. All the tests were concluded and we are now expecting to receive the COD in the next weeks. As we reviewed last quarter, the first major climatic event on August severely impacted our distribution concession area. In this presentation, I would like to provide you with some updates on the additional measure we have been taken to prepare for the future climate events.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

While we do not see changes in distribution regulation. Regarding the August event, I would like to emphasize that Enel Distribution was the first distribution company to request and agree on a voluntary compensation plan for its clients impacted by the fourth major events in August. Also, I will give you more color on how we are in terms of BAD's twenty twenty four, twenty twenty eight process and the PEC situation, considering the publication of PNP, which is the regulated consumer tariff during January. Regarding the business profitability, I'd like to remind you that we changed the company functional currency during the fourth quarter. This led to a no cash impact of $657,000,000 at the EBITDA level.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

As we have emphasized before, this will not affect the dividend distribution for our shareholders. Throughout the presentation, we will discuss adjusted EBITDA and net income excluding this impact. Taking the adjustment, I'm pleased to announce that our adjusted EBITDA and net income results were fully in line with the 2024 guidance reaffirming the confidence in our strategic plan. In terms of FFO, we see an important improvement versus last year, coming mainly from our EBITDA and the PEC factoring executed in the fourth quarter. I will provide more detail on this later.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Now let's review some update regarding our generation sourcing, beginning with the hydro and natural gas situation as outlined on Slide three. The positive hydrological condition during 2023, which led to a greater water availability from the beginning of 2024, coupled with the higher than expected rainfall recorded in 2024, allowed us to increase our hydro production. This resulted in a 12% increase compared to the 2023 period, equivalent to 1.5 terawatt hour of additional hydro generation. The hydrological situation in our reservoir continued to be comfortable year to date compared to the last year figures. Despite experiencing La Nina phenomenon.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

However, for the year, we have chosen to adopt a conservative strategy and set our hydro condition target for our hydro fleet close to the average of the last ten years, equivalent to 10.7 terawatt hour. To strengthen and diversify our portfolio, we have strategically secured contract with a variety of Argentinean natural gas providers for 2025. Unlike previous years, this agreement covered the entire year, not just the winter and summer period. This approach enhanced our visibility of both prices and quantities, providing us with a more stable and predictable supply for the year. Furthermore, while Argentina Gas remained highly competitive, our strategy continued to be anchored to our long term and firm LNG contract with Shell.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

This dual sourcing strategy ensure the security of our required volumes and offer the flexibility to explore trading opportunity in both internal and external market. This proactive major position has strongly to navigate market and climate fluctuation and capitalize on opportunity. Let's continue discussing our generation sourcing with a focus on the development of our portfolio on generation assets now on Slide five. I would like to start emphasizing that in 2024, we successfully completed the expansion of our renewable portfolio across the country, increasing our exposure to battery and energy storage. This milestone represents a crucial step in our strategy to diversify and make our portfolio more flexible.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Our ongoing effort to advance battery regulation for ancillary services are vital for boosting market competitiveness and reducing system costs. In 2024, we received authorization from the National Electricity Coordinator to begin commercial operation of a total of six ninety three megawatts. These include three eighty five megawatts of solar, two zero two megawatts of battery storage and 106 megawatts all wheel capacity. Additionally, we successfully connected four zero four megawatts of renewable capacity in 2024, bringing our total capacity to 8.9 gigawatts. Today, almost 80% of our total capacity is renewable and best.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

As anticipated in the fourth quarter, we connected Los Condore hydropower plant into the grid. The plant is already operating in a testing mode until we receive approval for the combination to commence commercial operation. The good news is that we are generating at high levels. To date, we have received approval for the 11 testing procedure requested by the system coordinator and have sent a letter formally requesting approval for commercial operation last week. Therefore, it is reasonable to anticipate authorization by March.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Now on the next slide, we will review the performance of our generation KPIs. Net electricity generation totaled 24.6 terawatt power as of December 2024, exceeding by 2% debt production during 2023, mainly due to higher hydro and renewable generation, resulting from the improved hydrology this year and the operation of new project. During the fourth quarter of twenty twenty four, net generation decreased 8% to 6.1 terawatt hour mainly due to lower thermal dispatch during the fourth quarter twenty twenty four, lower other renewable production and slightly better hydrology recording during 2023. Our energy sales totaled 33.4 terawatt hour during 2024, '8 percent higher than the level recorded in the previous year, resulting from higher sales to both regulated customer and free cash clients. Our commitments with our clients were fulfilled with a higher portion of our renewable generation, coupled with an efficient portfolio of purchases to third parties.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Regarding the latter, in terms of our balance during 2024, we increased our purchases from third parties by 2.3 terawatt hours as part of our continued efforts to diversify and optimize our energy sourcing. During the fourth quarter twenty twenty four, physical energy sales grew by 6% to 8.1 terawatt hour mainly due to higher sales to regulated customers. Now I would like to take a few minutes to talk about the extraordinary weather events of last August. I would like to provide updates on the extreme weather events that impacted our concessionaire in August 2024 and discuss our preparation for future events. Just to recall, on August, an extraordinary and unpredictable storm with winds of up to 124 kilometers per hour impacted the metropolitan region, causing extensive damages.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

This storm severely affected our electricity distribution network, resulting in widespread power outages and making system restoration extremely challenging. We request the local regulator to declare the August 2024 storm as the first major event, but it was rejected. In response, we filed a reclamation remedy with the Santiago Court of Appeal to overturn the Superintendencia del Refidade Combos Tibile decision SEC. On 09/30/2024, the Santiago Court of Appeals accepted our reclamation remedy requiring the SEC to provide substantial information about our claims. As anticipated on November 2024, the SECRET report recommended rejecting our claim.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

We are now awaiting the court filed resolution, which remains pending and we stand confident in our position. Still related to the event in August, last January, the SEC imposed a $20,000,000 fine on Enel de Cibucion. This fine is the largest ever imposed on electricity provider in Chile for service disruption, among other issues identified by the SEC. Enel Disturbucion booked 100% in December 2024 of the fine but filed an administration remedy, reiterating that August climate event was an unforeseen and resistible force majeure under Chile's current legal and regulatory framework. We are awaiting the SEC formal response to our appeal.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

On 02/04/2025, Enel Distibution, as part of a voluntary collective procedure, became the first distribution company in Chile to reach a voluntary agreement with the National Consumer Services, SEDMAC, to establish an extraordinary compensation mechanism for residential customer affected by the prolonged power outage in Europe. The agreement includes a total voluntary agreement of approximately $80,000,000 benefiting around 800,000 customers. This amount is divided into: first, compensation of interruption second, compensation for claims and third, compensation for the loss of food, medicine and similar items. This agreement is separated from the legal compensation that are pending the resolution of the force majeure and aggravated abnormal state of reclamation remedies. The impact of this voluntary agreement program was also recorded in our 2024 financial results, as Simon will show you later. Despite several regulatory and legal discussions surrounding the August events, we have introduced many initiatives to improve the response of our parties involved in the future climate events. We believe that climate changes will make such events always more frequent. Therefore, it is essential for all parties to act promptly and effectively to ensure the proper functioning of the networks. Let me provide you with some example. We agreed on operational emergency guidelines with the municipality to better coordinate with our operational teams during climate events.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

We signed a collaboration agreement with the electro dependent group to ensure backup for medical devices and to provide training on the correct use of the keypad. We accelerate the rollout of the smart meter program for electro dependent clients and we conducted through preventive aerial inspection of the grid in preparation for the upcoming winter, particularly to identify any potential additional damage from the August events and to address any further needs for preventive 3,000,000. Part of this action were already included and presented as part of Enel de Cebucion twenty twenty five AutumnWinter Season Plan, which was submitted to the SEC on 02/19/2025. In the distribution sector, we remain committed to promoting reform and modernizing the regulatory framework to enhance asset resilience. This effort will enable us to optimize the value of our distribution network, fully meet our clients' needs and ensure long term sustainability.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Talking about regulation, let's take a look at the main update on the next slide. A supportive regulatory framework is crucial for attracting investment necessary for the energy transition and providing resilience against increasingly extreme and frequent events to climate change. Therefore, we continue to advocate for a new model based on real assets that addresses factors such as proper remuneration rates and incentives mechanisms for resilience, quality and performance improvement. We appreciate the concerns among academia, the electrical industry and the Congress on the urgency of the distribution reform and hope it will soon be part of the legislative agenda one, the legislative member return in March. The process for the twenty twenty four, twenty twenty eight BAD has started using the same methodology applied for the twenty twenty, twenty twenty four cycles, the reference model company.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

The delivery and official publication of the consultant final report are expected by the March. And we estimate that by the second quarter of twenty twenty five, the regulator will publish the preliminary technical report on this new cycle. We expect an improvement in remuneration for this new process, considering the newly approved Valor Nueva de Rem Plaza B and R and all the economic and technical assumption of the December 2022 included in the report. We believe that this factor will be confirmed in the various stages of this process. Regarding the PEC, since October of the last year, we have not accumulated additional receivables as the client tariff now reflects the real contract price.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

In December 2024, the decree for the first half of twenty twenty five E and P was published and the regulated tariff was updated. In this process, the average residential consumer in the metropolitan region of Santiago experienced an average increase of around 12%, mainly due to the integration of the client protection mechanism MPC into their tariffs. This mechanism allows for the gradual repayment of accumulated debt to the generator and establish a transitional subsidy for the most vulnerable clients. On the other end, clients with consumption higher than three fifty kilowatt hour per month that have been paying for this mechanism since last year saw a decrease of approximately 3% compared to the study from the last year. Related to the PEC accrual, as of December 2024, we had an account receivable related to the PEC already net of factoring and including the adjustment in interest of around $500,000,000 showing a reduction of around 40% versus 2023.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

This reduction is mainly due to the factoring executed last October 2024. We expect to execute a new factoring during the second quarter twenty twenty five of around $250,000,000 Let's move to the right side of the slide, where we will review the key points of the government proposed law to expand subsidies, which currently benefiting benefit around 1,800,000 families. The new proposal aims to extend coverage to approximately 4,700,000 families targeting the 40% most vulnerable households in Chile. In January 2025, the Chamber of Deputies approved the government proposed tax with some changes. The proposal, which will now move to the Senate for its second legislative stage, includes various instruments to fund the subsidies.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

The key instruments to fund the subsidies are as follows: Allocating the additional VAT revenue that the treasury is collecting due to the increase in the tariff implementing a temporary surcharge on the green tax emissions, increasing it from the current $5 per tonnes of CO2 emitted. Also in this project, the Chamber of Deputies has approved the following: increasing the amount of compensation that the distribution company must pay to clients in case of distribution power outages and for what concern the small and medium companies replacing the price of electricity currently provided through the regulated contract with a price that includes a reduction coming from the electricity prices of PMGD in order to offer a tariff discount to this client limited to 500 gigawatt hour per year. As Enel, we support the government effort to assist the most vulnerable families amid potential economic challenge. While this solution aim to provide necessary support, it is important to ensure that they do not disrupt the market as occurred since 2019. For a sustainable approach, it is essential to consider a measure that preserves long term investment, competitiveness and the energy sector.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

We believe that allocating additional VAT revenue could be a viable and sustainable option among the proposed measures. I will now conclude with our commitment on and deliverable on slide nine. Let me point out that we have reached our main financial target for the year 2024. Our results adjusted for the no cash effect of the change in function and currency show an EBITDA of $1,400,000,000 and a net income of $600,000,000 These achievements reflect our ability to generate value in a resilient and flexible manner, even in a challenging environment. A more efficient portfolio mix driven by improved hydrology condition allowed us to meet our EBITDA net income commitment of our guidance announced during twenty twenty four Investor Day.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Simone will provide details on our performance on EBITDA and net income in the following slides. The action taken during 2024 have ensured the fulfillment of our leverage and net debt to EBITDA commitments, allowing us to recommend maintaining the committed payout in our guidance. This recommendation was also endorsed by the company Board of Directors and will be submitted for approval at the twenty twenty five annual shareholder meeting. Now I will endeavor to our CFO, Simone Conticelli. Simone, the floor is yours.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Many thanks, Giuseppe, and good morning, everyone. I will start my presentation with a summary of our main results of the period. First, to better evaluate our company's earning performance, we present the 2023 and 2024 figures adjusted by the following one time FX. For 2024, full year and fourth quarter EBITDA and net income have been adjusted by the noncash effect of the change in the functional currency, respectively amounting to $657,000,000 and $468,000,000 For 2023, the full year and fourth quarter net income exclude the capital gains obtained from the sale of Arcadia executed last year and amounting to 163,000,000 and the full year FFO exclude the taxes paid on capital gains obtained from the sale of Enel Transmission amounting to $310,000,000 Considering this adjustment, let's pass to the analysis of economic and financial performance, starting with a quick overview of the key figures, which I will detail in the following slides. Adjusted full year 2024 EBITDA and net income recorded significant improvements when compared to the previous year indicators despite the negative impact of the force majeure event of August 2024.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

This is mainly explained by a more efficient sourcing mix boosted by a better hydrological situation and an increase in our energy sales and better pricing. These results demonstrate the resilience of our business and the solidity of our strategy. Furthermore, the full year 2024 figure show an important FFO increase versus previous year, mainly due to a better EBITDA and the PEX factoring operation with a significant impact on the fourth quarter. And now on the next slide, let's review the progress on CapEx. Our total CapEx reached $583,000,000 during 2024, '90 percent lower than the previous year, considering the conclusion of several renewables and storage projects over the twenty twenty three-twenty twenty four period.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

61% of the total CapEx amounting to $355,000,000 was mainly related to renewable and storage deployment CapEx and 22% equivalent to 130,000,000 was related to grids. Asset management CapEx reached $2.00 $3,000,000 which represents 35% of our total CapEx. It increased around 77% compared to 2023 figures, mostly due to the following facts in both businesses. In the generation business, an increase of $58,000,000 was mostly related to maintenance activity in the Atagama CCGT power plant and also in the solar and wind assets. In the distribution business, an increase of $30,000,000 due to climate event emergency and maintenance activities related to the line failures.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Finally, the development CapEx reached $318,000,000 a decrease of 40% compared to 2023 figures, mainly due to the conclusion of renewable and best projects. So let's move to the next slide where we have a summary of the fourth quarter EBITDA breakdown. During the fourth quarter twenty twenty four, our adjusted EBITDA reached $424,000,000 excluding as anticipated the one time and non cash effects of the change of functional currency. The $5,000,000 increase compared to the same period of 2023 is primarily due to the following effect. In the generation business, we recorded a $71,000,000 increase due to a significant contribution from PPA sales.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

This growth is mainly related to pricing FX, primarily due to contract indexation in the free market and higher volumes, especially in the regulated market. Additionally, we recorded an increase of $33,000,000 due to positive performance in our generation. This is mainly explained by lower production cost resulting from reduced thermal generation dispatch, partially offset by higher commercial costs. The positive performance of generation business was reduced by $68,000,000 mainly due to the reduction of gas trading margin given the 2023 outstanding results. Regarding Greece, we recorded a $9,000,000 positive impact, mainly due to an increase in remuneration associated with the rise in the Valor Nuevo de Remplasso, the P and R.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

However, this margin was more than offset by the impact of last year extreme weather events, including the first major event on August. The impact amounted to $41,000,000 including fines and clients voluntary compensation program. So let's move to the next slide to review the full year EBITDA breakdown. In the full year 2024, our adjusted EBITDA reached $1,421,000,000 dollars not considering the impact of functional currency change. The increase versus 2023 amounts to $320,000,000 primarily due to a significant contribution of $321,000,000 from PPA sales in the generation segment, mainly explained by higher volume, especially in regulated market and pricing effect related to the contract index session in the free market.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Deposit EB impact of $2,027,000,000 dollars from the generation sourcing activity, mostly due to lower variable production costs resulting from lower thermal generation, thanks to the remarkable hydrology during the year. And lower price in spot market purchases, partially offset by higher purchases from the third parties. The reduction of gas trading margin compared to 2023 outstanding performance amounting approx to $200,000,000 Finally, regarding Greece, we recorded a $31,000,000 positive effect for the full year, primarily due to the increase in the remuneration linked to the publication of BAD 2024 regulatory report the increase in development level at Remplasso and the tariff index session partially offset by higher technical losses and the negative impact of inflation on our costs. These results were more than offset by the impact of extreme weather events that amounted to $62,000,000 for the full year, including fines and clients voluntary compensation program. And now let's move to the next slide, where we will review the net income that we will be shown.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Our full year 2024 net income amounted to $622,000,000 20 2 percent higher than last year figure, mainly explained by the already commented EBITDA improvement. So now let's comment the additional effects for this year. Referring to depreciation and amortization impairment and bad debt, we recorded higher cost for $81,000,000 mainly resulting from higher depreciation in the Enel Grip in Enelfin Power due to new added renewable capacity and Chilean peso devaluation in the period. An impairment made in December 2024 related to La Salina extension projects, higher bad debt accrual in grades due to a worsening in clients' payments behavior and higher tariffs. Regarding financial results and equity investment, we recorded a $75,000,000 negative variation versus last year, mainly explained by positive exchange rate differences in 2023 and higher financial expenses, mainly due to FX variation and higher amount of PEC receivable also in 2023.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Finally, on income taxes, we recorded a $39,000,000 increase, mainly due to better results in the period. Focusing on the quarter, our adjusted net income decreased by $37,000,000 This is mainly expanded by: first, the difference of impairment accounted in the period for $29,000,000 second, the higher financial expenses for $10,000,000 mainly due to lower interest recognition related to PEC2 in the fourth quarter twenty twenty four, partially offset by positive exchange rate differences in 2023. These effects were partially offset by lower tax expenses of $2,000,000 mainly due to lower EBITD in the fourth quarter twenty twenty four. And now let's move to the FFO analysis on the next slide. Let's analyze the FFO composition for 2024 period and the main FX when compared to 2023.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

It is worth mentioning that the 2023 FFO figures have been adjusted by $310,000,000 related to taxes paid on capital gains from the sale of Enel Transmission Chile in December 2022. '20 '20 '4 FFO reached $12.00 $9,000,000 It means an improvement of $332,000,000 versus 2023 as a result of the following factors. First, the adjusted EBITDA amounted to $1,400,000,000 with the already explained positive variation of $320,000,000 versus 2023 results. Second, the cumulative negative impact of the stabilization mechanism amounted to $310,000,000 which was more than offset by the execution of the IDB factoring related to PEX2 and PEX3 amounting to six ninety seven million dollars If we compare the 2024 total FX of the PEC net of factoring versus 2023, we see an increase of $393,000,000 third, the increase of net working capital equal to $153,000,000 mostly due to CapEx payment related to renewable development in the second half of twenty twenty three. Compared to the last year figures, the impact of working capital on FFO was negative for $233,000,000 mainly due to CapEx payment related to 2023 renewables, collection impact from distribution business and cash in from the sale of Santa Rosa building receipt in 2023.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Fourth, the income taxes that negatively impacted our FFO by $2.00 $5,000,000 primarily due to tax payments related to generation business and to the sales of Arcadia asset. Comparing income taxes paid in 2024 versus paid in 2023, we see a negative effect of $174,000,000 The difference is mainly due to the tax payment of our Cardio transaction in 2024, higher tax payment in the generation business and lower recovery from previous periods And finally, the financial expenses amounting to $241,000,000 mainly due to the debt related expenses. Compared to last year, our financial expenses decreased by $25,000,000 in 2024. This decrease was mainly due to the financial expenses related to PEC1 in 2023. So now let's take a look at our liquidity and leverage position.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Our gross debt decreased by 11% to $3,900,000,000 as of December 2024 compared to December 2023. This decrease was mainly due to the optimization on the use of cash from the factory factory, which took place in October 2024 and the operational cash generation during the year. The average term of our debt maturities slightly increased to six point two years as of December 2024 versus six point one years in December 2023. And the portion of gross debt at fixed rate was 89% of the total debt in December 2024. The average cost of our debt reached 5% as of December 2024, slightly above the 4.9 recorded in December 2023, primarily due to the NL generation Yankee bond maturity in April 2024 for $400,000,000 at 4.25%.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

And finally, regarding liquidity, we are in the comfortable position to support our capital needs for the upcoming months and cope with 2025 maturities. As of December 2024, we had availability available committed credit lines for $690,000,000 and cash and cash equivalents for $385,000,000 With the financial debt analysis, we closed our comment on the company figures. So thanks everybody for the attention. And now I will leave the floor to Giuseppe for the final remarks.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Thank you, Simone. To conclude my presentation, I would like to give you the following closing remarks. Despite the very challenging context related to the client events registered in August, NHL resilient business model allowed us to obtain robust results for the year, enabling us to fulfill our commitment to all our shareholders. This year, we have delivered a robust economic and financial performance, aligned with the target and strategic pillar presented on our last Investor Day. This give us confidence that NHL is more than prepared to operate in a volatile environment and to take advantage of new opportunities.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

For 2025, we will continue to advocate for utilities reform and the modernization of the regulatory framework to enhance asset resilience. This will help us optimize the value of our asset across both businesses and ensure long term sustainability. Finally, to conclude on April 28, we will hold our annual shareholder meeting, during which the final and extraordinary dividend to be paid in May 2025 will be proposed, including the interim eventual dividend, the total amount will be ARS 4.24 per share. Now let me hand over to Isabella for the Q and A session.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Thank you, Giuseppe. Thank you all for your attention here. We will now begin with our Q and A session. We received questions via phone and chat in the webcast.

[Operator]

And it's from Alessandro Divito with Mediobanca. Please proceed.

[Alessandro Di Vito, Equity Research Analyst at Mediobanca]

Hi, all, and thanks for taking my question. I have three or four. First one is, we saw a couple of days ago that you had a big blackout in Chile, and it looked like it was a systemic event. So I wanted to understand whether distribution companies like yourself will be liable for potential penalties or it was more like a systemic event. So no fault on networks. So it's the first question.

[Alessandro Di Vito, Equity Research Analyst at Mediobanca]

Second question, I was looking at the hydro output, your assumption for 2025 of 10.7. I understand that we come from that the estimate is based on our ten year leverage, but we come from two exceptionally wet years. So would you argue that this estimate could be conservative? And maybe it would be interesting to understand if you had moved some maybe a portion of the extra 2024 hydro resources for production in 'twenty five. The third question is more related to batteries because we saw that you started operation at off 200 megawatts of batteries.

[Alessandro Di Vito, Equity Research Analyst at Mediobanca]

I wanted to understand whether these were standalone batteries or they were part of an EBITDAZE renewable plant. And if they are standalone batteries, I wanted to understand which IRR do you see on battery projects in the country? And in general, how do you see the ramp up in standalone battery capacity in the country for the coming years? And the last one, last question is, if you confirm 25 gallons that was included in the latest PP. Thank you.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Thank you, Alessandro, for your question. I will pass to Giuseppe.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Okay. Well, let's start from the blackout. For what concerned is massive interruption of the electricity supply that has been caused by the transmission system and disconnection, which unfortunately affected also our distribution company. We are not liable for any penalty because we are not responsible as distribution company for this interruption. Of course, there will be several analysis that has to be made by the coordinator and the SEC.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

So we're going to see which will be the results. But as of today, our information is that everything is coming from an interaction with the transmission line. So we don't foresee right now any kind of penalty for our distribution call. For what concern the hydro output for 2025? As you see in the presentation, we made maybe conservative assumption using the ten year average historical data.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

This is our current approach since several year because we believe that the hydro is pretty volatile. So we prefer to take this kind of conservative approach. It's too early to understand whether there will be an extraordinary rainy season or weather condition. We're going to see in the following month as soon as the winter season will start, so basically in May. We are confident to match this hydro production and we're going to see or we're going to give you more information in the following months, not before May or June. Talking about the battery. The battery that we have already in operation and the battery that has been present in the last Capital Market Day are hybrid.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

So basically, we are going to build up together with solar or wind projects. And for what's concerned, the IRR is double digit. Of course, IRR depends of each project and the characteristics that the project has and the location that the project have in the system. And finally, the guidance, yes, we confirmed the 2025 guidance that we present in the last Capital Market Day.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Thank you, Giuseppe. Thank you, Alessandro. Great. Do we have more questions coming from the line?

[Operator]

Yes. Let me bring the next one to our stage. And it's from Martin Aronset with Valence Capital. Please proceed.

[Martín Arancet, Equity & Credit Research Analyst at Balanz Capital]

Hi. Well, thank you for the presentation and for taking my questions. I have three questions. First, regarding the distribution business, you mentioned a fine of almost $20,000,000 and the voluntary compensation program. If I'm not mistaken, the government was also assessing the possibility of revoking the concession.

[Martín Arancet, Equity & Credit Research Analyst at Balanz Capital]

I'm wondering if that's off the table or if the government is still working on assessing that possibility? My second question, well, regarding CapEx, if you can share with us possibly the CapEx plan for this year. And my third question, probably a follow-up of a recent question. I was wondering what is your strategy, your commercial strategy with batteries? If it's just to take advantage of arbitrage opportunities due to low marginal cost during solar hours Or if you think that you could add the cost of batteries to new PPA prices to give a 20 fourseven solution?

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Thank you. Martina, you'll pass over to Duzep and then to Simone.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Okay. Well, talking about the concession, Well, first of all, let me remind that the revoking of the process of the concession has not yet started. What happened is that the means of energy passed the SEC, the Superintendenza, which preparing a technical report on Nel Distibucion concession. And according to the authority, this study could take between six and eighteen months. As of today, I would like to point out that we have not received any notification or communication in this regard.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

So no administrative process is pending for the forfeiture of any distribution electricity compensation. And under the local laws, the president of the republic must declare the forfeiture of the electricity distribution concession through an administrative act. And the second, the Superintendentsa de Residade is mandated by law to carry out all necessary steps regarding the expiry of the operational concession. But again, it's really important to underline that the law excludes the forfeiture of the electricity distribution concession in case of force majeure duly verified by the superintendency. And as of today, we don't have, as I said, any further update on that.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Talking about CapEx and the best, the business model, I mean, the best we use to have in terms of business model, let me remind you the business model. First of all, as of today, we have two revenues streaming our business model for the best. The first one is the energy shifting. So basically, we charge the best during the sort of hour and we discharge during the night. So we take advantage of the spread that we have in terms of prices.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

You probably know that in Chile, they are in general in all the counties, but specifically in the North, there is a very important variances between solar and solar power. And the second revenue stream for the best is the capacity payment. The capacity payment, foreseen by the regulation that guarantee a certain percentage of the revenue for the best. Let me say, in general, I would say that it is around 30% capacity payment, 70% energy shifting. Important point for what concerns the best is that this year is supposed to be issue a change in the regulation.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

We hope it's going to be issued by the end of this year, probably in the middle. We hope based on which there will be a new regulatory stream for the best because they are going to be entitled to receive ancillary services remuneration. So I believe that the best business model is very good as of today in Chile. And by the way, the system requires this kind of technology, so everything is going well.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Okay. Thank you, Giuseppe. Now one on the cash sorry, Martin, yes, yes, go ahead.

[Martín Arancet, Equity & Credit Research Analyst at Balanz Capital]

Yes, just a small follow-up on that. While you shared that arbitrage is currently like the most important revenue stream, I was wondering if you have, I don't know, an estimate on how that could change with this ancillary service charge if that will be relevant close to arbitrage revenues or what's your expectation there?

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Well, the ancillary services remuneration is a very good complement to the remuneration of the battle because, of course, there will be a moment during the year or in the following year in which the arbitrage is less confident than what we see right now. And having the three cities a very good complement in order to guarantee the remuneration of the battery. Clearly, it's not going to be a third it's going to be a third remuneration, but not in the same moment.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Thank you. And now on the CapEx surface over to Simone.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Hi, Martin, thanks for the question. Talking about 2025 CapEx, as we commented during the presentation on the plan, we are focused on obtaining the best mix in terms of generation just to reduce the cost of generation. So we expect a very intense year in terms of CapEx. In general, we are going to invest something less than $800,000,000 and more or less $500,000,000 related to development CapEx in new power plant. We are going to focus on new best project three best projects with a total of more or less four fifty megawatt, this kind of best that Josep described, hybrid projects.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

And the investments are more or less all in this year, in 2025, but the best will arrive at beginning of next year. So improving our mix of production starting from 2026.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Thank you, Simone. Operator, do you have more questions to the line? Thank you, Martin.

[Operator]

Yes, we do. But as a reminder, to get in the queue, simply press 11. 1 moment for our next question. All right. It's from Emmanuel Oggione with Kepler. Please proceed.

[Emanuele Oggioni, Senior Financial Analyst at Kepler Cheuvreux]

Good morning, everybody. Thank you for the presentation and taking my question. I have two left. One is on the regulatory framework. You mentioned in a very detailed slide the next steps expected.

[Emanuele Oggioni, Senior Financial Analyst at Kepler Cheuvreux]

My question is about the related to your target of roughly USD 150,000,000 of EBITDA for '20 along the plan basically yearly and 2627. If the current expectation based on the regulatory framework, the evolution of the regulatory framework could confirm or not or improve or not the current targets included in the business plan? This is my first question. And the second one is on the renewable side and the additional capacity. If you remind us the expected additional capacity in 2025, if there is some delay or something to flag? Thank you.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Thank you very much, Josep.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Okay. Well, the ML distribution industrial plan twenty twenty five, twenty twenty seven has been made according to the view that we had at the end of the last year that is supposed to be confirmed in this preliminary report that is going to be issued at November by the consultant. So everything is in line. There could be some smaller improvement than that we are going to see in the next month, but I mean, it's really to say whether we are going to have any upside. But the amount that we put in terms of EDA for distribution companies in line with the most conservative expectation that we have about the new regulatory cycle.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

And for what's concerned the renewable capacity, all the CapEx, I will give you the floor to Simon and Basem. All the CapEx are devoted for to capacity that is going to be in operation next year. But, Mona, please.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

So talking about the CapEx and complementing about the CapEx, the new project will involve the company basically for the larger part in the second half of twenty twenty five. And the plants are expected to be to reach the COPD just in the first half of contract candidates. As of today, we don't see any specific reason for a delay. In any case, the impact of these plants, I want to highlight that are not for this year. It will improve the EBITDA for 2026.

[Emanuele Oggioni, Senior Financial Analyst at Kepler Cheuvreux]

Thank you.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Thank you. Thank you, Manolis. Thank you, Simone. Operator, if you don't have more questions from the line, I go to the chat questions that we received. We received several questions.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

So a lot of the questions coming from the outages from Chile from last February 2025. So we received questions related to it from Francisco Paz, Santander, Andrew McCartney, La Rinpial, Pernang Gonzales, BTG. So the questions are all more or less all the same, okay? So I will read one of these. Regarding the massive power outages in Chile, the Minister of Energy puts in El Chile as one of the companies pointing out in the problem.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

In this case, for the delay in connected some power plants in the system in order to establish the electricity service in the country, in particular the hydropower plant to Rafael. Do you think you can see fines for the delay in connecting your plant? How long did it take to activate the plan versus what was requested from the authorities? And now so we also received questions about potential impacts on the distribution business related to the breakout. So if you see any impact on the distribution as well. So, Giuseppe?

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Okay. So in response to the failure of the National Electrical System, And then, GNE ASSONEN and Green Power immediately mobilized all its things, procedure and protocol to control and restore the operation of generator across the country. Specifically for what concerned one of our planes, RAPEL, and the power plant, which had several attempts to connect to the nationalistic system, we emphasized that there was no technical and availability of the plant. External factor on condition that prevented regular start up are being analyzed. Additionally, NREL team immediately mobilized all teams, proceed or protocol to control and restore the operation for all the counties.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

In particular, our generation control room center was operational for a corresponding communication with the national coordinator. And talking about I saw other question, but I mean, talk about the possible findings. As I said before, it's too soon to foresee any impact related to it. The incident is under investigation by the system operator and there are a lot of issues regarding the system of patient that must be clarified before assigning any accountability to any company.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

And on distribution, you have heard

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

As I said before, distribution is not involved in terms of responsibility. Actually, we made a lot of effort in order to restore the electricity to the final customer, but not having any kind of responsibility. We don't believe there will be any kind of liability for the company.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Okay. Thank you, Giuseppe. Now changing the subject, we received some questions on this ordinary effect, not the one off effect on the functional currency. So questions coming out from Francisco Pazen Sandeir, Eduard Rochon from HSBC. So regarding the change of currency in the reporting of results going forward, we will see any additional adjustment to the one observed in Enel General Asurion in the next period?

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Also, please could you give further details on the effects on the fact no change in the function of currency to USD? What are the mechanisms behind this move? Simone?

[Simone Conticelli, Chief Financial Officer at Enel Chile]

So thanks for the question. I will give some detail about this change of currency. First of all, highlighting that given the international financial reporting standards, the change of currency is not like a choice of the management. It's something that we have to do. I mean, what I say that the currency should reflect relevant transaction event and condition of the comp.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

So what happened between 2024 and 2025 to the three companies that changed the currency? It's important starting from Enel Veracion because the impact on Enercarecion Chile is related to the change in Enercarecion Chile. Enercarecion Chile has two main forms of revenues and flows. One are the regulated contracts and the other one is the contract on a free market. The first, the regulated contracts are exposed to the exchange rate among between the U.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

S. Dollar and the CLP. On the other side, the free contracts are strictly linked to U. S. Dollar.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

So which was the trigger for the change? On one side, the regulated contract volume decrease at the end of twenty twenty four caused some old bid from the past expired. On the other side, linked to our policy to keep on selling on the free market, we increased the volume in the free market contracts. And so as a result, the volume for 2025 is now higher looking at the free market contract. And this is the reason why we had to change the currency.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Talking briefly about Pejuanche. It's similar. Pejuanche had in the past until 2024 a contract that was a big contract with same condition as the regulators contract. And now change a little bit of strategy because it's going to sell energy to spot price and this kind of contract are basically strictly linked to U. S.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Dollar. Talking about Enel Chile. Enel Chile received the dividend from its affiliate company. And so the change in Enel Credit Suun Chile changed the flow. And so we had to change also in Enercarel.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

And this is the story. Now the impact. Until 2024, we had to make some reserves related to exchange rate risks. Cost to wage this exchange rate, we eliminate some liability in dollar. And following the IFRS principle, we had to create this reserve that was negative reserve given the trend of the exchange rate.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

In the moment in which in the last quarter of twenty twenty four, we decide to change the currency. In this very moment, we have to discontinue this kind of activities And so take this reserve and bring them to the P and L. And this is the impact that you see in the P and L at level of EBITDA, level of net income. And finally to finally answer the question, all the changes were recorded on 2024 and so we will not have any other impact starting from 2025.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Thank you, Simone. So moving on to the questions. Now we have question in terms of the gas trading. So the following question is coming from Andrew McCartney, La Rinzio and now to Andres Navarretti from BTG. So the question is, where and when do you see the most likely gas commercialization opportunities this year?

[Isabela Klemes, Head - Investor Relations at Enel Chile]

And could you give us some color regarding the gas contracts from Argentina, size, price range, take or pay agreement? And now so why will there be an extraordinary shareholder meeting on April and April for Chile?

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Okay. So during February, we have already traded a Star Plus volume for 2025 around TRY 6 terabitu, taking advantage of the current market condition. And we are always looking for new opportunity to improve our financial results. This trading opportunity was already included in our guidance figures. However, at the moment, we cannot share more detailed information due to the confidential information and strategical nature of this operation.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

About Argentina And Gas, we have contracted about 30 terabitu distributed in the year 2025 with a competitive price lower than G and L prices. Due to competitiveness, what I can say is that is lower than 2024 prices of USD 8 per million. Extraordinary meeting an extraordinary shareholder meeting will be held to amend the bylaw in order to reflect the new function and currency, changing the capital currently expressing in pesos to move to dollar. To implement the functional currency changes from a statutory perspective, it is necessary to amend the company by law to redenominate the shared capital from China based on two years ago.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Okay. Thank you, Giuseppe. So moving on the questions. We have questions coming from Ferdinand Gonzalez from BTG. And now so Felipe Torres from IC Capital.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

The first one is about the fines. So if the $20,000,000 fines were at book in 2024 numbers. Then Ferna had some questions regarding distribution. What makes you think that the debate around the distribution reform can begin in March? The minister has said that some of your this is already being said.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Then he's asking about if our plans in terms of a strategic plan, the guidance in CapEx and also EBITDA would be changed considering the last updates in terms of the distribution segment. And now so if we'll keep our plan to invest the free cash flow in the distribution segment in this period? Or if we're seeing any changes to regulatory restrictions?

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

Okay. Well, first of all, as I said in the presentation, all the fines, all the other extraordinary items like the compensation to the client are already booked in the closing 2024. As I said in the past, the distribution business is very important for our strategy. We believe that there is a lot of value in the company. So we confirm our CapEx and our strategy in this segment.

[Giuseppe Turchiarelli, Chief Executive Officer at Enel Chile]

There is no reason as of today to change our strategic plan for what's concerned the distribution company. So we are focused to spend most part of our cash flow in order to improve our grades in terms of resilience and quality.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Okay. Thank you, Giuseppe. Simone, just another question, tell me, regarding the CapEx and EBITDA for annual distribution. We have already said, but just to complement according to the guidance that we gave to the market.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

Yes. So we can confirm regarding the guidance given to the market. You have seen that we expect an increase in terms of EBITDA in 2025 compared to 2024. And the reason of this delta is mainly related to the very negative impact of the climate event of twenty twenty four that amount for more than $60,000,000 impact. On the other side, as you know, the evolution of the regular or the regulation is giving us a little bit more space.

[Simone Conticelli, Chief Financial Officer at Enel Chile]

And so these are the two reasons. This plan, in our opinion, as of today is quite solid. That's all can be confirmed.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Okay. Thank you, Simone. Thank you, Giuseppe. Just checking if there is any more question. As we do not have any more question, I conclude the results conference call.

[Isabela Klemes, Head - Investor Relations at Enel Chile]

Let's remind you that the Investor Relations team is available for any doubts that you may have. Many thanks for your attention and see you soon. Bye bye.

[Operator]

And thank you all for participating and you may now disconnect.

Participants

Executives

• Isabela Klemes, Head - Investor Relations
• Giuseppe Turchiarelli, Chief Executive Officer
• Simone Conticelli, Chief Financial Officer

Analysts

• Alessandro Di Vito, Equity Research Analyst at Mediobanca
• Martín Arancet, Equity & Credit Research Analyst at Balanz Capital
• Emanuele Oggioni, Senior Financial Analyst at Kepler Cheuvreux