Overview Key Strengths Key Risks Support from parent company, Engie S.A., if necessary, given that the subsidiary is one of the parent's vehicles to expand operations in Latin America and a source of dividend upstream. Support materialized in 2023. A large investment plan in place that reduces financial flexibility, and which has increased reliance on external funding. We expect negative free operating cash flows in 2025-2026. Predictable cash flow thanks to the long-term, highly contracted strategy with an average tenor of seven years. Although reducing in the medium term, the company remains a net buyer of energy and is exposed to international fuel price volatility and spot price fluctuations. By 2027, its current capacity, which is still mostly reliant on
