Press release EECL 3Q21 Inglés

October 27, 2021

ENGIE ENERGÍA CHILE REPORTED EBITDA OF US$243 MILLION AND NET INCOME OF US$39 MILLION IN THE FIRST NINE MONTHS OF 2021.

EBITDA AMOUNTED TO US$56 MILLION IN THE THIRD QUARTER OF 2021, A 59% DECREASE COMPARED TO THE THIRD QUARTER OF 2020. THE EBITDA DROP IS PRIMARILY EXPLAINED BY THE INCREASE IN BOTH GENERATION COSTS AND SPOT PRICES, WHICH HAVE BEEN IMPACTED BY THE SEVERE DROUGHT IN THE COUNTRY AND THE STEEP RISE IN FUEL PRICES WORLDWIDE.

• Operating revenues amounted to US$1,087 million in the first nine months of 2021, a 9% increase compared to the same period in 2020, mainly due to the demand recovery in the regulated and unregulated segments and the increase in average realized energy prices explained by higher CPI and fuel prices.
• EBITDA amounted to US$243 million in the first nine months of the year, a 28% decrease compared to the first nine months of 2020, mainly due to an increase in average energy supply costs and higher spot prices. This was due to weak hydro conditions, lower gas availability, generally lower performance of coal plants in the system, and rising coal and gas prices, particularly towards the end of the third quarter.
• Net Income reached US$39 million in the first nine months of 2021, a 69% decrease compared to the first nine months of 2020. This was basically due to the decrease in operating results and one-time financial expenses related to the sale of accounts receivable born from the application of the temporary price stabilization mechanism to regulated clients pursuant to Law #21,185 dated November 2019 ("PEC").

Financial Highlights (in US$ millions)
	3Q20	3Q21	Var %	9M20	9M21	Var%
Total operating revenues	338.7	365.8	8%	996.0	1,086.5	9%
Operating income	86.8	11.0	-87%	203.4	109.1	-46%
EBITDA	135.8	55.6	-59%	337.8	243.3	-28%
EBITDA margin	40.1%	15.2%	0,1pp%	33.9%	22.4%	3.1 pp
Total non-operating results	(11.7)	(0.7)	n.a	(47.6)	(62.1)	31%
Net income after tax	57.0	8.7	-85%	123.3	38.7	-69%
Net income attributed to controlling shareholders	57.0	8.7	-85%	123.3	38.7	-69%
Earnings per share (US$/share)	0.054	0.008		0.117	0.037
Total energy sales (GWh)	2,783	2,986	7%	8,528	8,792	3%
Total net generation (GWh)	1,657	2,249	36%	5,305	6,254	18%
Energy purchases on the spot market (GWh)	1,093	434	-60%	2,977	2,083	-30%
Energy purchases - back up (GWh)	127	127	0%	377	373	-1%

ENGIE ENERGÍA CHILE S.A. ("ECL") is engaged in the generation, transmission and supply of electricity and the transportation of natural gas in Chile. ECL is the fourth largest electricity generation company in Chile and one of the largest electricity generation companies in the northern segment of the SEN national grid (formerly known as SING). As of September 30, 2021, ECL accounted for 8% of the SEN's installed capacity. ECL primarily supplies electricity to large mining and industrial customers, and it also supplies electricity to distribution companies throughout Chile. ECL is currently 59.99% indirectly owned by the French company, ENGIE LATAM. The remaining 40.01% of ECL's shares are publicly traded on the Santiago stock exchange. For more information, please refer to www.engie-energia.cl.

Contents
HIGHLIGHTS: ..............................................................................................................................................................	3
RECENT EVENTS .........................................................................................................................................	3
3Q21 ..........................................................................................................................................................	3
2Q21 ..........................................................................................................................................................	3
1Q21 ..........................................................................................................................................................	4
INDUSTRY OVERVIEW.............................................................................................................................................	5
Marginal Costs ................................................................................................................................................	6
Fuel prices .......................................................................................................................................................	7
Generation .......................................................................................................................................................	7
Management's Discussion and Analysis of Financial Results.......................................................................................	9
3Q 2021 compared to 2Q 2021 and 3Q 2020 ..................................................................................................	9
Operating Revenues ..........................................................................................................................	9
Operating Costs...............................................................................................................................	10
Electricity Margin ...........................................................................................................................	11
Operating Results ............................................................................................................................	12
Financial Results .............................................................................................................................	12
9M 2021 compared to 9M 2020 ....................................................................................................................	13
Operating Revenues ........................................................................................................................	13
Operating Costs...............................................................................................................................	14
Operating Results ............................................................................................................................	15
Financial Results .............................................................................................................................	16
Liquidity and Capital Resources ...................................................................................................................	17
Cash Flow from Operating Activities .............................................................................................	17
Cash Flow Used in Investing Activities ..........................................................................................	17
Cash Flow from Financing Activities .............................................................................................	18
Contractual Obligations ..................................................................................................................	18
Dividend Policy.............................................................................................................................................	19
Risk management policy ...............................................................................................................................	20
Hedging Policy ..............................................................................................................................................	21
Business Risk and Commodity Hedging.........................................................................................	21
Currency Hedging ...........................................................................................................................	21
Interest Rate Hedging......................................................................................................................	22
Credit Risk ......................................................................................................................................	22
OWNERSHIP STRUCTURE AS OF SEPTEMBER 30, 2021...................................................................................	23
APPENDIX 1 ..............................................................................................................................................................	24
PHYSICAL DATA AND SUMMARIZED QUARTERLY FINANCIAL STATEMENTS ........................	24
Physical Sales..................................................................................................................................	24
Quarterly Income Statement ...........................................................................................................	25
Quarterly Balance Sheet..................................................................................................................	26
Main Balance Sheet Variations .......................................................................................................	26
APPENDIX 2 ..............................................................................................................................................................	28
Financial information ......................................................................................................................	28
Financial Ratios ..............................................................................................................................	28
CONFERENCE CALL 9M2021 .................................................................................................................................	29

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HIGHLIGHTS:

• COVID-19: The Corona virus, or COVID-19, was first detected in Chile on March 3, 2020, and as of October 26, 2021, 1,684,608 cases have been confirmed and 37,691 deaths have been reported. The current situation has been cataloged as Phase 4, and constitutional state of catastrophe, enacted on March 18, 2020, was lifted on September 30, 2021, given the progress of the vaccination process and reduction of contagion and mortality rates. The COVID-19 pandemic is deemed to be the worst sanitary and economic crisis in recent times. The COVID-19 pandemic has posed several challenges forcing us to adapt ourselves and to respond quickly along three lines of action: first, ensuring the safety and wellbeing of our teams; second, ensuring our company's operational continuity, which is essential for the continued electricity supply in our country; and, finally, coordinating ourselves as best as possible with our stakeholders including our customers, suppliers, shareholders and communities to keep an open, direct and collaborative dialogue. Since the beginning of this crisis, we established a crisis committee and have implemented contingency plans, adopting sanitary measures in our sites as necessary to comply with the authority's instructions. Similarly, we have monitored the situation and actions taken by our suppliers and contractors, asking them to comply with safety standards with their own staff. At present, approximately 37% of our staff is working from home, while approximately 300 direct employees and 400 contractors are working in shifts in ten different sites to ensure the continuity of our operations. The government has implemented the "Plan Paso a Paso", a step-by-step plan that considers five scenarios from a full lockdown to an advanced opening, each with specific restrictions and obligations. The advance or retrocession from one to another scenario is subject to epidemiologic indicators, sanitary network availability and traceability. Chile has implemented a widely recognized vaccination process, reporting over 14 million people vaccinated. More than 89.5% of its population had received at least two doses of the vaccine as of October 25, 2021.

RECENT EVENTS

3Q21

• Provisional dividend: On July 27, 2021, the company's Board of Directors approved the distribution of a provisional dividend on account of 2021's net income in the amount of US$41.5 million, equivalent to US$0.0393996153 per share, which was paid to the company's shareholders on August 26, 2021.
• IDB Invest financing: On August 27, 2021, the company drew the US$125 million financing signed with IDB Invest on December 23, 2020, to finance the construction of the Calama wind farm. The loan structure seeks to accelerate the decarbonization of the company's energy matrix.

2Q21

• Accounts receivable monetization: On June 30, 2021, ENGIE Energía Chile sold to Chile Electricity PEC SpA the third group of accounts receivable from distribution companies born from the application of the electricity price stabilization mechanism enacted in November 2019. Eólica Monte Redondo completed the sale on July 5. Chile Electricity PEC raised the financing to buy receivables from four groups of generation companies through a US$419 million 4a2 delayed draw private placement with the participation of Allianz, IDB Invest and Goldman Sachs. During the second and third quarters of 2021, ENGIE and EMR sold accounts receivable with face value of US$28.8 million. They received US$20.8 million in cash proceeds and reported US$8 million in financial expenses.
• Fitch rating confirmation: On June 3, 2021, Fitch Ratings affirmed EECL's long-term foreign and local currency issuer default ratings at BBB+, and long-term national scale rating at AA(cl). Fitch also affirmed the company's US$850 million outstanding unsecured notes at BBB+ and its national equity rating at 'Primera Clase Nivel 2 (cl)'. The rating outlook is stable. EECL's ratings reflect the company's strong credit profile based on its improved capital structure, with expected leverage between 2.0x and 2.5x during 2021-2023, combined with a strong 100% contracted position until 2028 with a contracted average life of

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its PPAs of 11 years. The stable outlook is driven by Fitch's expectations that Engie will maintain adequate liquidity levels in the medium term, supported by strong and predictable cash flow.

• Annual Ordinary Shareholders' Meeting: On April 27, 2021, the Company's shareholders agreed the following:
• • Definitive Dividends: To pay a final dividend equivalent to US$51,055,643.26, or US$0,0484716314 per share, which together with the US$66.7 million provisional dividend paid on November 30, 2020, accounted for approximately 72% of 2020 net income. The final dividend was paid on May 20, 2021, in Chilean pesos at the dollar-equivalent observed rate published in the Official Gazette on May 17, to shareholders listed in the company's Shareholder Registry five business days before the dividend payment date.
  • Auditors: To appoint EY Servicios Profesionales de Auditoría y Asesorías SpA as the Company's external auditors.
  • Local Rating Agencies: To confirm "Feller Rate Clasificadora de Riesgo" and "Fitch Chile Clasificadora de Riesgo Ltda." as the agencies that will rate the company's shares according to the national rating scale.

1Q21

• Price stabilization fund: On March 11, 2020, the National Energy Commission ("CNE") published Exempt Resolution #72 setting the rules for the implementation of the temporary price stabilization mechanism for clients subject to regulated tariffs, as established in Law #21,185 dated November 2, 2019. This price stabilization mechanism froze electricity tariffs at the levels prevailing in the first half of 2019 until year-end 2027, subject to certain adjustments, from time to time, as provided by the law. At the same time, the tariffs charged by generation companies to distribution companies continue to follow the indexation formula set in the prevailing contracts among them. The mechanism has therefore produced a differential between the tariffs that generation companies are entitled to charge according to the terms of their contracts with distribution companies and the tariffs actually collected from regulated end-consumers. As a result of this price differential, generation companies have begun to build up an account receivable from distribution companies, which taken as a whole, gives birth to the so-called price stabilization fund. According to Law #21,185 this fund may increase until the first to occur between July 2023 or until it reaches a global amount of US$1,350 million. The authority expects that once lower-priced power supply agreements awarded in more recent auctions become effective, the average price of the contracts between generation and distribution companies will begin to decrease gradually starting 2021. At some point contract prices will fall below the stabilized price that will remain unchanged until December 31, 2027, subject to the adjustments defined by the law. When average contract tariffs fall below the stabilized price, distribution companies will begin repaying the accounts with generation companies that form part of the stabilization fund. As of September 30, 2021, EECL reported approximately US$49.4 million in accounts receivable related to the price stabilization mechanism, after selling accounts receivable with nominal total amount of US$167.3 million between February and July 2021, as explained below.
• • Monetization of accounts receivable stemming from Tariff Stabilization Law: On January 20, 2021, Engie Energía Chile S.A. ("EECL") and its subsidiary, Eólica Monte Redondo SpA
    ("EMR") reached an agreement with Goldman Sachs & Co. LLC and Goldman Sachs Lending Partners LLC ("GS") on the terms and conditions for a financing operation specifically related to current and future accounts receivable from distribution companies accrued in the context of Law #21,185, which creates an electricity tariff stabilization mechanism for regulated consumers, and exempt resolution #72 of the National Energy Commission ("CNE"), which set the rules for the application of the law. Under the financing transaction agreed with GS, EECL and EMR will be entitled to sell, without recourse to them, accounts receivable from distribution companies for up to a committed amount of US$162 million to Chile Electricity PEC SpA (the "Purchaser"). The sales of receivable will be perfected in groups, from time to time, as each Average Node Price decree ("PNP decree") is published including the corresponding chart with the balances owed by

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distribution companies to generation companies pursuant to the tariff stabilization law. On January 27, 2021, EECL, EMR and Inter-American Investment Corporation ("IDB Invest") reached an agreement under which IDB Invest will participate in the financing to the Purchaser for the acquisition of accounts receivable sold by EECL and EMR for up to a committed amount of US$74.7 million. The Company estimates that the total amount of accounts receivable, considering those already accrued and those to be accrued until the mechanism's cap is reached, which cannot occur after July 2023, could be approximately US$266 million. The sale of accounts receivable seeks to enhance the company's liquidity and procure the necessary financing resources in times of active investment in renewable generation projects.

• • On February 8, 2021, EECL and EMR sold the first group of accounts receivable to Chile Electricity PEC SpA. On March 31, EECL completed the sale of the second group of accounts receivable, while EMR sold its second group of accounts receivable on April 1. These sales were made under the terms and conditions agreed with Goldman Sachs and IDB Invest, as informed in material event notices published on January 20 and January 30, respectively. They comprised accounts receivable with total face value of US$141.9 million, representing approximately 54% of the total accounts receivable that ENGIE expects to accrue during the life of the price stabilization mechanism. The differential between the face value of the accounts receivable sold and the purchase price was accounted for as financial expenses in 2021 (US$40.9 million in the first quarter and US$0.9 million in April).
• Chile rating downgrade by S&P Global Ratings: S&P downgraded Chile's Long-Term Foreign- Currency Rating to 'A' from 'A+', changing the Outlook from Negative to Stable. The rating adjustment reflects a deterioration of the country's public finance, and the agency estimates that despite the economic recovery under way, the public debt will increase over the next years due to increased pressure on social expenditure.
• Energy efficiency law: On February 13, the government published the Energy Efficiency Law, which establishes that the Ministry of Energy will be required to present an energy efficiency plan every five years. The first plan will impose a 10% energy intensity reduction objective for the period 2019-2030.

INDUSTRY OVERVIEW

The SING and SIC power grids operated independently until November 24, 2017, when the interconnection of both grids was perfected through EECL's 50%-owned TEN project, giving birth to the SEN ("Sistema Eléctrico Nacional"). Currently, the company's generation assets are predominantly located in the northern segment of the SEN, in the area that used to be covered by the so-called SING Grid ("Sistema Interconectado del Norte Grande"), which serves a major portion of the country's mining industry. Given local conditions, the northern segment of the SEN is predominantly a thermoelectric system, with generation based on coal and LNG, with growing penetration of renewable sources, including wind, solar, and geothermal. Energy flows through the interconnection are variable, and until the full commissioning of the Interchile project, used to be predominantly in the south-north direction comprising inflows of renewable power generated in the area known as Norte Chico into the SING grid.

Following the commissioning of the last tranche of Interchile's Cardones-Polpaico transmission project on May 30, 2019, marginal costs in the different nodes of the SEN have reported greater coupling of transmission bars at different substations and the injection into the grid of renewable power generation, which was previously being lost due to insufficient transmission capacity.

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