ENIC · ENIC Q2 FY2026 earnings call record财报电话会记录

“For 2026, our hydro generation outlook remains at around 10.7 TWh, reflecting an expected recovery in the second half of the year.”

“As you already know, we secured an Argentina firm gas supply agreement covering fixed volumes from January 2026 through April 2027, strengthening fuel availability during the period.”

“The agreement has a duration of 15 years and will further enhance supply diversification, while supporting long-term customer demand.”

“This mechanism is expected to help distribution companies monetize regulatory receivables over time, while avoiding an immediate impact on regulated customers.”

“As shown on the slide, in the first half 2026, EBITDA reached $685 million, up 4% year-on-year, driven mainly by stronger gross margin performance in our integrated business, while second quarter EBITDA was lower than last year, reflecting weaker hydrology and lower gas sales.”

“Net income reached $272 million in the first half, increasing 11% year-on-year, while second quarter net income grew 54%, supported by lower depreciation, amortization, and impairment expenses, as well as lower financial expenses.”

“Looking at the CapEx breakdown by nature, first, development CapEx, equal to $196 million, represented 60% of the total spending and were mainly allocated to BESS, which accounted for 80% of the spending, network, representing 13%, mainly related to reliability, quality of services, and digitalization, and hydro plants, which represent 5%, mainly driven by performance enhancement project.”

“On the other hand, we recorded a $36 million reduction of the gas margin, reflecting the high impact of gas trading and optimization activity of the second quarter 2025.”

“Our gross debt reached $3.8 billion at the end of June 2026, decreasing by 1.4% compared to the gross margin as of December 2025.”

“This reduction was mainly driven by $150 million of debt amortization related to the inertial debt, partially offset by a $15 million drawdown under the CAF credit facility to support net working capital needs, and $9 million of additional IFRS 16 lease liabilities.”

“The average terms of our debt maturities decreased from 5.8 years recorded in December 2025 to 5.5 years by the end of June 2026, and the portion at a fixed rate was 85% of the total debt.”

“Is Enel Chile's full-year hydro guidance at risk, or will the recent rainfall over the last week sustain your projections?”