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    Martin Arancet

    Research Analyst at Balanz

    Martin Arancet is an Equity and Credit Research Analyst at Balanz, focusing on equity and credit research with coverage across multiple finance and corporate sectors. He has previously served as a Corporate Financial Analyst, bringing analytical expertise to his current role at Balanz, which he joined after developing a background in corporate finance. Based in Buenos Aires, he delivers financial insights and recommendations but there is no public record of his specific company coverage, rankings, or verifiable performance metrics. Publicly available sources do not indicate any formal securities licenses or professional registrations.

    Martin Arancet's questions to Enel Chile (ENIC) leadership

    Martin Arancet's questions to Enel Chile (ENIC) leadership • Q1 2025

    Question

    Martin Arancet of Itaú BBA asked about Enel Chile's grid resilience program, the status of the full-year CapEx guidance, and the potential financial impact from upcoming regulatory changes for BESS and electricity subsidies.

    Answer

    CEO Giuseppe Turchiarelli confirmed the resilience program's CapEx was included in the existing strategic plan. CFO Simone Conticelli reaffirmed the full-year CapEx guidance, noting spending is weighted towards the second half of the year. Turchiarelli added that while it is too early to quantify the impact of BESS ancillary services regulation, he expects it to be a positive complement, and estimated the proposed CO2 tax changes could add approximately $15 million in costs.

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    Martin Arancet's questions to Enel Chile (ENIC) leadership • Q4 2024

    Question

    Martin Arancet inquired about the status of the government's potential revocation of the distribution concession, the CapEx plan for 2025, and the commercial strategy for battery storage, specifically regarding arbitrage versus PPA integration.

    Answer

    CEO Giuseppe Turchiarelli stated that no formal process to revoke the concession has begun and noted legal protections exist for force majeure events. He explained the battery business model relies on energy shifting and capacity payments, with ancillary services expected to add a future revenue stream. CFO Simone Conticelli outlined the 2025 CapEx plan of just under $800 million, with $500 million for development, primarily for hybrid BESS projects.

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    Martin Arancet's questions to Enel Chile (ENIC) leadership • Q2 2024

    Question

    Martin Arancet inquired about the potential impact of strengthening Santiago's electrical grid on CapEx, the specifics of recent tariff hikes for households, and the remuneration structure for the new El Manzano and La Cabaña battery projects.

    Answer

    CEO Giuseppe Turchiarelli noted recent weather events incurred ~$3 million in costs and discussions with regulators are ongoing. He detailed the July tariff hikes, which vary by customer consumption levels. For the battery projects, he explained that revenue currently comes from capacity payments and energy shifting, with ancillary services revenue pending new regulations.

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    Martin Arancet's questions to CENTRAL PUERTO (CEPU) leadership

    Martin Arancet's questions to CENTRAL PUERTO (CEPU) leadership • Q2 2023

    Question

    Martín Arancet of Balanz Capital asked about the future of the Piedra del Águila concession, the reasons for increased Q2 OpEx, the potential for CAMMESA payment delays after a currency devaluation, the cause of low thermal availability, and the projected EBITDA from the forestry business.

    Answer

    CEO Fernando Bonnet explained that the Piedra del Águila concession's future will be decided by the next government, with an estimated EBITDA of $30 million. He attributed higher OpEx to significant maintenance on combined cycles, which will continue into the next quarter. Bonnet does not expect CAMMESA payment delays to exceed 60 days. He clarified that low thermal availability was an average dragged down by older units under maintenance and expects a return to normalized levels. Lastly, he projected the forestry business EBITDA to reach $10-15 million annually post-investment.

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    Martin Arancet's questions to CENTRAL PUERTO (CEPU) leadership • Q1 2023

    Question

    Martin Arancet from Balanz Capital inquired about the financial details of the Evasa acquisition, the expected EBITDA from this new forestry asset, updates on the Brigadier Lopez expansion including CapEx, and the anticipated EBITDA impact from the new Resolution 59.

    Answer

    CEO Fernando Bonnet explained that the Evasa acquisition price is confidential but was paid abroad. He noted that EBITDA from the forestry asset is not currently significant as the focus is on growth, not sales. For the Brigadier Lopez expansion, a contract is expected within two months for a late 2024 launch, with CapEx around $130 million. Regarding Resolution 59, Bonnet confirmed several combined cycle plants were added, projecting an additional $13-15 million in annual EBITDA.

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    Martin Arancet's questions to CENTRAL PUERTO (CEPU) leadership • Q4 2022

    Question

    Martin Arancet from Balanz Capital inquired about several strategic initiatives, including the expected EBITDA and sales model for the new forestry business, expansion potential for a 10 MW solar park, the company's early-stage interest in the mining sector, updated CapEx and timeline for the Brigadier López project, and the payment status of the recent forestry acquisition.

    Answer

    CEO & GM Fernando Bonnet explained that new power regulations could add $10-15 million in EBITDA for existing combined cycles and another $15 million for the newly acquired Central Costanera. He clarified that the forestry business sells wood mainly on the spot market. Regarding expansion, Bonnet noted that while land is available for the solar park, transmission constraints limit near-term expansion to about 5 MW. He characterized the company's mining interest as exploratory, with a focus on metals over lithium. For the Brigadier López project, he projected a 20-24 month construction timeline following a 3-month assessment, with CapEx expected to be between $120-140 million. Finally, he confirmed the forestry acquisition was paid in full in 2022.

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