This report does not constitute a rating action. Its first-half 2025 net energy production totaled 11.5 terawatt-hours (TWh), 5% lower than in 2024. But hydro was 47% of the first-half 2025 total, and that hydro production was in line with the 11 TWh we expect for the full year, given our expectation of favorable hydrology conditions. However, first-half energy sales were 12% lower than in first-half 2024, reflecting lower regulated demand. In addition, they're still impaired by curtailment and decoupling, which recently have hurt Enel Chile and other Chilean generation companies. We expected these adverse risks to continue until 2030, when the Kimal-Lo Aguirre transmission line should be completed. All of this resulted in first-half EBITDA of $659 million with
