Earnings call transcript: Colbun Q2 2025 sees net profit decline

Colbún S.A. reported its financial results for the second quarter of 2025, revealing a decline in key financial metrics compared to the previous year. Despite challenges, the company continues to focus on expanding its renewable energy capabilities and exploring international markets. The stock experienced a slight decline of 0.84%, closing at $148.50. According to InvestingPro analysis, the company maintains strong financial health with a GOOD overall score, supported by its 13-year track record of consistent dividend payments.

Key Takeaways

• Consolidated operating income decreased by 5% year-over-year.
• Net profit fell to $48 million from $62 million in Q2 2024.
• The company is expanding its Horizonte Wind Farm and pursuing new battery storage projects.
• Colbún acquired full ownership of Fenix Power Peru.
• The stock price saw a minor drop of 0.84% post-earnings release.

Company Performance

Colbún’s performance in Q2 2025 was marked by a decrease in net profit and operating income compared to the same period last year. The company reported a net profit of $48 million, down from $62 million in Q2 2024. Despite these declines, Colbún remains committed to diversifying its energy portfolio and expanding its renewable energy projects.

Financial Highlights

• Consolidated operating income: $403 million (-5% YoY)
• EBITDA: $141 million (-8% YoY)
• Net profit: $48 million (vs. $62 million in Q2 2024)
• Total financial debt: $2.3 billion
• Net debt/EBITDA: 2.3x

Market Reaction

Following the earnings announcement, Colbún’s stock price fell by 0.84%, closing at $148.50. This movement reflects investor concerns over the company’s declining profits and operating income, despite its strategic focus on renewable energy and international expansion.

Outlook & Guidance

Colbún maintains its focus on renewable energy projects, with plans for significant capital expenditures in 2025. The company has projected a total CapEx of $500 million, including $430 million for investment purposes. Additionally, Colbún is exploring opportunities for international expansion, particularly in Spain, while ensuring its investment-grade rating remains intact.

Executive Commentary

"We are looking for a gradual growth to make a first acquisition and then grow that platform with greenfield projects over the years," said Soledad Errázuriz, Investor Relations. This statement underscores Colbún’s strategic approach to expanding its renewable energy footprint.

Miguel Alarcón, CFO, commented, "We believe that as of today, having one firm gas supply contract for one combined cycle should be enough," indicating a flexible approach to gas sourcing amidst fluctuating market conditions.

Risks and Challenges

• Declining net profit and operating income may impact investor confidence.
• Potential delays in renewable energy project developments.
• Fluctuating energy demand and marginal costs in key markets like Chile and Peru.
• Hydrological conditions affecting hydroelectric power generation.
• International expansion risks, including regulatory challenges and market entry barriers.

Q&A

During the Q&A session, analysts inquired about Colbún’s gas sourcing strategy and the company’s approach to managing hydrological conditions. Executives expressed confidence in their current strategies and highlighted ongoing efforts to expand internationally without compromising their investment-grade rating.

Full transcript - Colbun (COLBUN) Q2 2025:

Conference Operator: Ladies and gentlemen, thank you for standing by. I’d like to welcome you to Colbún S.A.’s second quarter 2025 results conference call on 1 August 2025. At this time, all participant lines are in listen-only mode. The format of the call will be a presentation by the management team followed by a question and answer session. Without further ado, I would now like to pass the line to Miguel Alarcón, the CFO. Please go ahead.

Miguel Alarcón, CFO, Colbún S.A.: Good afternoon to everyone and thank you for joining once again in reviewing our quarterly results. My name is Miguel Alarcón, I’m Colbún’s CFO and joining me today are Soledad Errázuriz, Isidora Zaldívar, and Carolina Blasco from our investor relations team. I hope you have received our earnings report and an earnings review presentation that you have prepared to complement the analysis of our figures. Otherwise, you can download them from the investors section on our website. On this occasion, we will review the highlights of the quarter, our liquidity and debt position, and to conclude the company’s consolidated results for the second quarter of 2025. Now please go to slide number four to review the highlights of this quarter. First, regarding our commercial strategy. During the second quarter of 2025, power purchase agreements were signed in Chile for 357 gigawatt hours per year.

In Peru, supply contracts were awarded for 30.6 megawatts per year. Second, regarding the latest developments on our pipeline of projects, we can comment that during second quarter of 2025, the company’s main advances in renewable energy and storage projects in Chile. First, regarding the Horizonte wind power expansion, the project received environmental approval. It contemplates the installation of up to 24 new wind turbines, adding up to 180 megawatts to the park’s generation capacity. Second, in the Horizonte Wind Farm, the National Electricity Coordinator approved the commercial operation date of the Horizonte Norte, effective as of June 2. It is worth noting that Horizonte has been injecting energy to the system since the beginning of the commissioning phase. In May of 2024, about Celdas Solar, the project reached 30% of progress.

Finally, regarding BESS Diego Almagro Sur, progress was made in securing the necessary quotations and permits required to begin construction. Third, regarding power purchase agreements, on April 8, Colbún signed a power purchase agreement with Atlas Renewable Energy for a battery storage project with an installed capacity of 230 and a daily storage capacity of 920 megawatt hours. The project will be located in the commune of María Elena and the agreement will be in effect for 15 years starting in 2027. Now please go to slide number five. Fourth, regarding our power plant’s operations. Since March 23, Santa María has been out of service due to a loss of lubrication in the steam turbine which caused the turbine shaft to cease. This occurred after both circuits of the Santa María Charoa transmission line were disconnected due to wildfires.

Repair work is ongoing and the plant is expected to resume operations during the.

Fourth quarter of this year.

It is worth commenting that the company has insurance coverage for this type of events. Fifth, regarding our dividend distribution. On May 9, the company distributed a final dividend of $27 million combined with $100 million paid on December 2024. This in total represents 50% of the distributable net income for the year 2024 in accordance with the company’s dividend policy. Finally, regarding the sale of documents under PEC 3 law, we can comment that on April 2, the second and final sale of self-payment documents under PEC 3 law was completed for a total amount of $41 million. Now let’s go to slide number six to review subsequent events of the quarter. First, regarding operation of our plants.

On July 9, an incident occurred in unit number one of the Rucúe hydroelectric plant of 178 megawatts of installed capacity due to a gas leak that caused a fire during metallization work on the turbine’s workplace and upper cover as part of the major maintenance activities. The incident caused first and second degree burns to the contractor that was performing the related work. The magnitude and time needed for repairs are still under analysis. Second, led to mergers and acquisitions. On July 14, the National Institute for the Defense of Competition and Protection of Intellectual Property of Peru approved the transaction through which Colbún will acquire 41.379% of the ownership of Fenix Power Peru. With this acquisition, Colbún will reach 100% ownership of the company. The transaction is expected to be completed during August of this year.

The acquisition will be financed through a combination of available cash held by Colbún Peru S.A. and $50 million bank term loan. Now continuing with the conference call, please go to slide number eight to analyze the liquidity position and consolidated financial debt held by the company. Total financial debt on a consolidated basis this quarter reached $2.3 billion with an average life of 4.4 years and an average interest rate of 4.5%. In consolidated terms, net debt/EBITDA for this quarter reached 2.3 times. Now I will turn to Isidora who will speak about the main drivers of the results for the second quarter of 2025.

Isidora Zaldívar, Financial Executive, Colbún S.A.: Thank you, Miguel, and hello to everyone. Before starting with our quarterly results review, I would like to highlight some relevant data about the system operation on slide number 10. In Chile, the average marginal cost measured at Alto Hawaii increased 22% compared to the same quarter of last year, averaging $82 per megawatt hour. Electricity demand decreased by 1% compared to the same quarter of last year. On the other hand, the hydrological year started in April has presented a probability of exceedance of 92%. In Peru, Santa María average marginal cost reached $24 per megawatt hour. Electricity demand grew 3% compared to the same quarter of last year. In terms of hydrological conditions, the hydrological year started in September 2024 has presented an exceedance probability of zero. Now let’s go to slide number 11 to review the quarter’s physical sales and operating income figures.

In Chile, physical sales during the quarter reached 2.9 terawatt hours, decreasing 9% compared to the second quarter of 2024, mainly explained by lower spot market sales due to the lower generation recorded during the quarter. This effect was partially offset by higher sales to unregulated clients, primarily driven by higher consumption from the mining clients and higher sales to regulated clients, mainly due to the incorporation of contracts from IDA. In Peru, physical sales during this quarter reached 0.9 terawatt hours, increasing 3% compared to the same quarter of last year, mainly due to the higher sales to regulated clients driven by the entry into force of a contract with Electro Oriente and higher sales to unregulated clients due to the entry into force of a contract with Distriluz and increased consumption by Minera Volcan.

These effects were partially offset by lower spot market sales resulting from the lower generation recorded during the quarter and higher under contract sales. For the second quarter of the year, consolidated operating income amounted to $403 million, decreasing 5% compared to the operating income recorded in the second quarter of 2024, mainly due to the lower energy and capacity sales in the Chilean spot market as a result of the lower generation recorded during the quarter. This effect was partially offset by higher sales to unregulated clients both in Chile and Peru, primarily due to a higher consumption from the segment. Additionally, there was an increase in sales to regular clients, mainly driven by the incorporation of ILAP contracts in Chile and the entry into force of a contract with Electoriente in Peru.

Now please go to slide number 12 to review the generation and raw materials and consumable use cost figures. In Chile, total generation of the quarter reached 2.8 terawatt hours, decreasing 15% compared to the second quarter of last year. This was mainly explained by lower thermal generation as Santa María power plant was unavailable during the quarter following the incident that occurred in March 2024. Lower gas-based thermal generation due to the limited Argentinian gas supply and lower hydro generation resulting from less favorable hydrological conditions. These effects were partially offset by higher wind generation mainly due to the commissioning of Horizonte and the acquisition of San Juan and Totoral wind farms in Peru. Total generation reached 0.7 terawatt hours, decreasing 23% compared to the same quarter of last year.

This was mainly due to the lower availability resulting from the maintenance carried out at Mayfield, whereas in 2024 the annual maintenance took place in February. Consolidated raw materials and consumable use cost in this quarter amounted to $250 million. This decreased 8% compared to the same quarter of last year, mainly due to the lower coal and gas consumption associated with the lower generation from the fields compared to the second quarter of 2024. This effect was partially offset by higher transmission toll costs resulting from tariff adjustments implemented during the period and increased energy and capacity purchases made during the quarter. Now please go to slide number 15 to review the main differences in the consolidated EBITDA for this quarter. Consolidated EBITDA reached $141 million during this quarter, decreasing 8% compared to the same quarter of last year.

EBITDA in Chile amounted to $120 million, decreasing 9% compared to the second quarter of 2024, mainly due to the lower gross margin during the period associated with net purchases in the spot market compared to the net sales in the same market during the second quarter of 2024. EBITDA in Peru amounted to $21 million this quarter in line with the amount recorded during the second quarter of 2024. Now please go to slide number 14 to review the consolidated net income of the quarter. Non-operating income for this quarter posted a loss of $23 million compared to a loss of $12 million during the second quarter of 2024. This increase is mainly explained by higher order profit and losses and lower financial income, the latter due to the reduced cash surplus levels and a lower investment rate compared to the second quarter of 2024.

The company reported a net profit of $48 million this quarter compared to the $62 million profit obtained during the second quarter of 2024, mainly reflecting the lower operating and non-operating results during this quarter, partially offset by lower tax expenses. Now please go to slide number 15 to review the consolidated cash flow. The company began the period with a cash balance of $768 million, amended with $788 million. Regarding operating activities during the second quarter of 2025, an inflow of $165 million was generated compared to the inflow of $5 million during the second quarter of 2024, mainly explained by lower tax payments, billing, timing differences, and the sales accounts receivable associated with check mechanisms.

In terms of financing activities, they generated a cash flow outflow of $47 million, which compares to the outflow of $45 million in the second quarter of 2024, mainly due to higher disbursements for the payment of loan and interest primarily related to this $200 million bank loan subscribed in the fourth quarter of 2024. Lastly, investment activities generated a cash outflow of $101 million during this quarter compared to the outflow of $43 million in the second quarter of 2024, primarily due to the higher capex disbursement, mostly related to Celdas Solar and BESS Diego Almagro Sur battery storage projects. This concludes Colbún’s second quarter of 2025 results review. Thank you for listening and now we are open to answering your questions.

Conference Operator: Thank you very much. We’ll now be moving to the Q and A part of this call. If you’d like to ask a question, please press Star two on your phone and wait to be prompted. If you’re dialed in by the web, you can type your question in the box provided or request to ask a voice question. Please wait a few moments for the questions to come in. Okay, our first question is from Rodrigo Palomino from GNL Quintero. Your line is now open. Please go ahead.

Miguel Alarcón, CFO, Colbún S.A.: Hello, can you hear me?

Conference Operator: Yes, we can hear you.

Okay, thank you.

Miguel Alarcón, CFO, Colbún S.A.: I would like to know if you.

Are looking for some serum gas contracts or.

In these few months or just.

Looking for interim approval contracts from Argentina.

Hi, Rodrigo, this is Miguel speaking.

Can you hear me?

Yes, I can hear you.

Okay, great. Thank you for your question. Yes, actually for the month of August we will have firm gas already reported to a coordinator for the full month for the operation of one combined cycle, one unit. On top of that, depending on hydrology, we might purchase additional gas interruptible but firm gas, one combined cycle throughout August. That’s already confirmed and informed to a coordinator.

Okay, thank you. Excellent.

Conference Operator: Thank you. Our next question is from Juan Felipe Becerra from Credit Corp. Thank you for the presentation. One question. Gas costs in Chile increased compared to the first quarter of 2025, despite lower generation from that technology. Could you provide some color on what drove that, and whether you expect this trend to continue?

Miguel Alarcón, CFO, Colbún S.A.: Hi, Miguel here. Juan Felipe, thank you for your question. In effect, during the past quarter, the variable cost of gas on a unitary basis were higher than the first quarter. That has to do with the breakdown of Argentinian gas and LNG. LNG represented a higher percentage in this quarter, close to 30%. Because of that, you would expect, because of the associated costs of using that type of fuel, to have a higher cost than before. In the previous quarter, about 90% of total gas generation was based on Argentinian gas.

Conference Operator: Thank you. Just a reminder, if you’d like to ask a question, please press star two on your phone. If you’re dialed in by the web, you can either type your question in the box provided or request to ask a voice question. Our next question is from Eduard Palma from Itaú. Your line is now open. Please go ahead.

Hi everyone. Thank you so much for the presentation. My question is very related to the first question. Considering the hydrology that it’s been really bad considering the previous years, especially for 2024, the only source to generate energy in this case could be gas. If it’s gas, are you considering Argentinian gas? My question is because the delta transportation is very limited right now.

Miguel Alarcón, CFO, Colbún S.A.: Hi, Miguel again here. I couldn’t completely hear your question, but I think you were referring to the possibility of generating with gas because of hydrology conditions not being what they were last year. I would say that, yes, so far hydrology has been lower than 2024, but we are still under the hydrological year. We see more rainfall coming, and because of that we need to operate and make decisions on the short term based on that. As I already mentioned, we contracted firm gas for the next month, and we will see the evolution of hydrology going forward in the next month to make more decisions about contracting more gas or resorting to interruptible gas, if that were the case.

We’ve had more rainfall in the southern part of the country, actually closer to the Maule and Chapo basins, and because of that we need to be cautious in terms of our gas and fuel decisions. Finally, I would like to remind you that when thinking about PPA contracting, we put ourselves under really conservative scenarios for the amount of levels of energy we contract from our own generation. Thank you.

Do you have a, sorry, can you give us a range for the prices that you are making those contracts?

We cannot, unfortunately, because the interruptible prices are negotiated on a bilateral basis on a case-by-case scenario, and the decision around that is with, again, the short-term view we have on hydrogen marginal costs that evolve constantly. I think furthermore we cannot disclose our internal forecasts about those.

Thank you. Thank you.

Conference Operator: Our next question is from Isabela Pacheco from Bank of America. You mentioned that you sold the last sale payment of PEC 3 law for $41 million. Could you give more color on the accumulated figure? Could you please give more details on capex and expected COD of your pipeline of projects, specifically the BESS projects. Finally, should we expect liability management in the coming months? What are your plans for Fenix 2027 note?

Soledad Errázuriz, Investor Relations, Colbún S.A.: Hi Isidora, thank you for your question. This is Soledad speaking. Regarding your first question, we sold $41 million in the second and final sale under the PEC 3 law. The total amount of accounts sold under that law is $120 million. Regarding your second question, in terms of the CapEx for the second half of 2025, we are estimating a level of around $350 million. This includes some final CapEx for the wind farm project and also the CapEx associated with our storage facilities under construction, i.e., Celdas Solar and BESS Diego Almagro Sur and others. Regarding the storage facilities, the CapEx estimated is $260 million for BESS Celdas Solar, around $205 million for BESS Diego Almagro Sur, and the COD for those projects is the fourth quarter of 2026 for Celdas Solar and the first quarter of 2027 for Diego Almagro Sur.

I mentioned a total CapEx for the second half of the year of around $350 million. We currently hold cash of $650 million approximately in Chile. With that and considering the cash flow of the period, we should close up, if we do not do any new issuances, in around $400 million. Considering those levels and the proximity of the 2027 maturity both at Fenix and Colbún, we are looking closely at the market levels, and if we see that they are competitive, we might go into the market in the upcoming months. We are analyzing that. It could be a benchmark size transaction and use a portion of that to refinance at 2027 and the other portion to finance new CapEx for the next 18 months. In terms of the Fenix maturity, the amount outstanding of that bond is a little bit lower than $200 million.

The refinancing strategy might be a little different. We are analyzing both the bond market and also some bilateral agreements in the private market since that size might be too small to go into the market. We are looking closely at both maturities, the Colbún 2027 and the Fenix bonds.

Isidora Zaldívar, Financial Executive, Colbún S.A.: Thank you.

Conference Operator: Thank you. Our next question is from Martin Arensett from Balance Capital. Your line is now open. Please go ahead. Hi.

Thank you. Thank you for taking my questions. I have two. First, if I’m not mistaken, the Rucúe hydro plant should face limited operations due to aging. Regarding an environmental issue, I was wondering if you could give us a little bit of color on that and what are your expectations for this situation moving forward? How do you think this could get solved? My second question is, there have been a couple of unexpected issues probably this year with Santa María, Rucúe, Canutillar, and lower gas availability. I was wondering if this changes in any sense your capex plan for this year.

Thanks.

Miguel Alarcón, CFO, Colbún S.A.: Hi, Martin, Miguel here, how are you? Regarding your first question, actually there’s not a lot I can comment about the Candida situation. There is a legal dispute that was raised by a local landowner regarding the level of the reservoir and its potential impact on potential erosion around the reservoir. There’s a legal process going on. We are analyzing the merits and the assumptions behind that demand and of course we’ll prepare an answer in a legal way before thinking about communicating to the market any potential impacts linked to the operation. Basically, the level of the reservoir is what’s being discussed and the potential impact of that going forward is again yet to be seen. That’s all I can comment. I think you also asked about Santa María if I got it right.

Yeah, I was wondering if that impacts your plans in any sense for this year.

Regarding capex, I would say that you know this hopefully from previous experience that we are really careful about our liquidity position and the capex we commit. We are finalizing the Horizonte Wind Farm in terms of the capex disbursements and that’s almost completely disbursed. On top of that, we are in the middle of the disbursements linked to a capex of two BESS projects and within those amounts in scope and maintenance capex linked to that having close to $700 million in available cash. We believe that for the time being there’s no need to perform adjustments in those disbursements planned. The short answer would be no.

Okay, thank you.

Conference Operator: Sure. Thank you very much. Our next question is from Constanza Gonzalez from Quest Capital. Thanks for the presentation. Could you confirm the capex for 2025? I appreciate whether you can separate by investments and maintenance. My second question, could you give us more color about the apologies if I mispronounced Rucúe operation? Finally, could you be more specific about the return in operations for Santa María? Do you expect a recovery by the end of the third quarter of 2025?

Soledad Errázuriz, Investor Relations, Colbún S.A.: Hello Constanza, this is Isidora.

Isidora Zaldívar, Financial Executive, Colbún S.A.: Related to the capex for this year, we are expecting a figure close to $500 million. Related to how much is maintenance and how much is investment capex, I would say that the figure of maintenance is close to $70 million and the rest is investment capex. As Olea was mentioning before, of those $500 million, $350 million is expected for the second half of this quarter and is related mostly to Celdas Solar, BESS Diego Almagro Sur, and Horizonte Wind Farm project related to Rucúe operation. Today we are expecting unit two to start operations, and for unit one, that is the one that had the incident, we are expecting to start operation.

Soledad Errázuriz, Investor Relations, Colbún S.A.: During the first week of October.

Isidora Zaldívar, Financial Executive, Colbún S.A.: With the information that we have as of today, of course, depending on the maintenance and the works, we could change that date. Related to Santa María, as we.

Soledad Errázuriz, Investor Relations, Colbún S.A.: Informed to the coordinator, we expect start.

Isidora Zaldívar, Financial Executive, Colbún S.A.: Operations during the first week of September.

Conference Operator: Thank you very much. Our next question is from Fernando Gonzalez from BTG. Your line is now open.

Please go ahead.

Hi, good afternoon. I basically have three questions. The first one is I’m trying to understand why you decided to use Canadian Solar as the supplier for your BESS Diego Almagro Sur project as opposed to Tesla, which you were using in the Celdas Solar project. Are there any technical specifications for this supplier, or is it because the pricing is more competitive? Any color you could share on this will be very helpful. My second question is if the Horizonte expansion that already got the environmental approval, can we assume that it would go ahead, or is this not in the short-term planning of you? My final question is again regarding gas sourcing. You already declared the availability for this month, but what about for the rest of the year?

Miguel Alarcón, CFO, Colbún S.A.: Are you still comfortable with the strategy?

That you adopted this year with regard to gas?

Conference Operator: Or.

Can we expect more firm contracts?

Miguel Alarcón, CFO, Colbún S.A.: Only from the spot market.

Second half of the year?

Hi Fernand, how are you? Thank you for your questions. The first question would be that for all the BESS projects we analyzed different counterparties, made several trips to different locations, including the U.S. and China, and put together, I would say, a really comprehensive list of top tier suppliers, being Canadian Solar and Tesla. I would say equally on both, the decision of going in one case with Tesla and the other with Canadian Solar has to do with a combination and of course pricing, both in terms of CapEx and OpEx, and of course the technical support that the provider provides.

For that purpose, the supplier provides.

I can say with confidence that after a lot of study and research, we feel extremely confident in working with both suppliers. I would say equally Canadian Solar, that you might have some questions to us. Again, it’s a top tier counterparty with several projects already installed and operating with good results throughout the world. After the technical due diligence and inspection, we believe that it’s in a really high level and position to be the supplier for this particular project. There’s also a consideration in terms of diversification of suppliers that is also relevant. Answering your question, we believe that both are equally qualified in technical terms.

Regarding your second question about the Horizonte expansion, as you, I’m sure you know we have the strategy of having different projects, different technologies with environmental approval in place throughout the country just to be ready for a potential opportunity for PPA that might materialize in. In this case we have not made a final investment decision about that project and that’s something that should be discussed in the short to medium term. No decisions or no capex committed as of today at least. Finally, regarding gas, it’s always hard to analyze a decision that you made some months ago with current information.

Yes, we had an expectation at the.

thinking that the hydrological year might unfold differently when we made that decision. I would say that the same logic applies for the availability of our thermal operations, in this case being Santa María, and on top of that the incident on Rucúe. We believe that as of today, having one firm gas supply contract for one combined cycle should be enough. As I said previously, it’s something that we monitor closely, so we could make a different decision or hire more gas if that’s needed, depending on how the hydrology unfolds going forward.

Okay, thank you.

Sure.

Conference Operator: Thank you. We have a follow-up from Juan Felipe Becerra from Cailcorp. There have been local media reports about Colbún’s potential interest in acquiring a wind asset from Acciona in Spain. Can you comment on these reports, and if you have an estimated timeline regarding this possible operation?

Soledad Errázuriz, Investor Relations, Colbún S.A.: Thank you, Juan Felipe. Regarding that specific transaction, it was already awarded to other participants and I cannot give you more comments on that. However, what I can say is that a few years ago we made an analysis of potential geographies we could expand on seeking to diversify our sources of income and Spain was selected as a target in which we think it’s an attractive market to grow because of its size, its growth prospects, and also the overall power system conditions. We are analyzing opportunities in that market. However, something important to say is that this growth would be without committing our investment grade rating. Without compromising would be probably in a first basis, in a smaller amount and probably with partners. We are looking for a gradual growth to make a first acquisition and then grow that platform with greenfield projects over the years.

Thank you.

Conference Operator: Thank you very much. Just a reminder, if you’d like to ask a question, please press star two on your phone, and if you’re dialed in by the web, you can type your question in the box provided or request to ask a voice question. Our next question is from Gutenberg Martinez from Quest Capital. Why are transmission tolls costs increasing?

Isidora Zaldívar, Financial Executive, Colbún S.A.: Hello, Gutenberg, how are you? Isidora here. Transmission focus has increased over the last quarter because of some indexation adjustment on the tariff of the tolls, nothing more.

Conference Operator: Thank you very much. We’ll wait a few more moments for any new questions to come in. Okay, looks like we have no further questions. I’ll now hand it back to the Colbún team for the closing remarks.

Miguel Alarcón, CFO, Colbún S.A.: Okay, thank you to everyone for joining this conference call. With this, we conclude this year’s, this quarter’s results review.

Isidora Zaldívar, Financial Executive, Colbún S.A.: Thank you for listening.

Miguel Alarcón, CFO, Colbún S.A.: Thank you for your questions, which were many, and have a great weekend to you all. Bye bye.

Conference Operator: That concludes the call. Thank you and have a nice day.

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