This report does not constitute a rating action. We expect Enel Chile's diversified generation mix, expanding battery energy storage system (BESS) capacity, and favorable hydrology to support resilient earnings through 2027. We expect revenue to increase 4.5% to $4.85 billion and adjusted EBITDA at approximately $1.57 billion, with margins remaining above 32%, in 2027. We anticipate a recovery in electricity generation in 2027, driven by improved hydrological conditions associated with El Niño and the commissioning of new renewable and BESS capacity. This follows a recovery in hydroelectric output from August, with 8.2 terawatt-hours (TWh) produced in the first nine months of 2026. Operational stability is further reinforced by procurement efficiencies, including reduced fuel consumption, optimized gas commercialization via flexible Argentine
