Slide 1: Investment Meeting 3Q25 Colbún
INVESTMENT MEETING 3Q25 COLBÚN November 2025
Slide 2: Agenda
AGENDA 1. System overview 2 . Strategic agenda update 3 . Business profile 4 . Financial results 5 . Subsequent events of the quarter 2
Slide 3: System overview: unique position in attractive markets with high growth potential
SYSTEM OVERVIEW Unique position in attractive markets with high growth potential INSTALLED CAPACITY LTM GENERATION DEMAND GROWTH MARGINAL COST (GW) (GWh) (12 months average %) (US$/MWh) Alto Jahuel 4% 4% 200 Crucero Hydro Puerto Montt 15% 28% 3% 150 Solar SEN 2% 100 Wind 38.7 GW 85,396 50 40 Coal 1%
Slide 4: Hydro conditions in Chile
SYSTEM OVERVIEW Hydro conditions in Chile CURRENT HYDROLOGICAL YEAR (APR 25 - OCT 25) COLBUN RESERVOIR LEVEL (m.a.s.l) 2021 2024 2025 Max Min Accumulated Rainfalls 437 vs vs (mm) Avg. Year 5-Year Avg. 425 199 Aconcagua -36% +4% MW 252 mm 397 Maule 660 1,268 mm -42% -28% Jan Feb Mar Apr May Jun Jul A
Slide 5: Marginal costs in Chile
SYSTEM OVERVIEW Marginal costs in Chile 1. AVERAGE HOURLY MARGINAL COSTS 1 2. GENERATION VS COMMITMENTS AS OF SEPT-25 24 hr 2 Crucero TWh CRUCERO (USD/MWh) (USD/MWh) Gx 1.5 0.7 0.7 Early morning Day Night 2025 : 55 PPAs 3.5 1.5 2.0 2024: 51 Balance -2.1 -0.8 -1.3 120 2 100 TWh/year 24 hr JAHUEL ALTO
Slide 6: Strategic Agenda progress during 2025
STRATEGIC AGENDA UPDATE Strategic Agenda progress during 2025 We transform energy, in balance with the planet to boost your projects and dreams. Core business Expanding our limits New businesses Asset Renewable Customers Energy Growth and Water Green optimization solutions + international Water ener
Slide 7: Commercial Strategy
BUSINESS PROFILE Commercial Strategy GENERATION VS. PPA COMMITMENTS CHILE (TWh) 14.0 Ensuring generation units 11.9 availability and reliability 11.6 11.2 12.0 10.2 10.0 9.8 Gas Maintenance optimization considering 8.0 Coal the system’s and Colbún’s conditions Wind 6.0 Solar Hydro Preparation, flexi
Slide 8: Horizonte Wind Farm
BUSINESS PROFILE Horizonte Wind Farm ACCUMULATED GENERATION PROFILE AS OF SEPT-25 (TWh) TRANSMISSION LIMITATIONS 28/07 COD approved ▪ In the short term, the replacement of transformers at the Nueva Zaldivar 02/06 COD approved Horizonte Sur substation will enable a capacity increase Horizonte Norte ▪
Slide 9: Fuel availability
BUSINESS PROFILE Fuel availability 2025 CONTEXT 2025 GAS SUPPLY BY SOURCE ▪ This year, gas availability has been mostly covered 1Q25 2Q25 3Q25 As of Sept25 by interruptible Argentine gas GNL 5% 31% 35% 21% ▪ Gas availability from Argentina remained constrained for most of the year due to several GNA
Slide 10: 3Q25 Results
FINANCIAL RESULTS 3Q25 Results CONSOLIDATED US$127 million EBITDA -25% Q/Q US$ million 147 69 150 104 17 9 100 21 22 2 50 0 3Q24 Spot Market Gas Consumption Others Regulated Coal Consumption Unregulated 3Q25 Balance (+178 GWh) Customers Sales Customers Sales US$ million 40 3 9 7 30 23 1 23 1 20 10 0
Slide 11: Proven performance track record and solid financial position
FINANCIAL RESULTS Proven performance track record and solid financial position 1. EBITDA & EBITDA MG (US$ million & %) 2. CAPEX 1 & CASH POSITION (US$ million) EBITDA Maintenance CAPEX 1,419 1,50 0 900 EBITDA Mg 60% Growth CAPEX 1,154 Cash 1,031 800 39% 41% 39% 50% 949 36% 36% 700 1,00 0 600 40% 775
Slide 12: Leveraging solid financial position to fund strategic projects
FINANCIAL RESULTS Leveraging solid financial position to fund strategic projects CONSERVATIVE DEBT PROFILE NEW 144A ISSUANCE Deal Size US$ 5.9 100% US$ 500 mm 2.6 bn 4.7% years USD 85% Tenor 10-Year Consolidated Average Average Composition Fixed Interest Financial Debt Interest Rate Rate Coupon Life
Slide 13: Billing Differences Adjustment – CNE Methodological Error
SUBSEQUENT EVENTS OF THE QUARTER Billing Differences Adjustment – CNE Methodological Error CONTEXT IMPLEMENTATION UNDER DISCUSSION • In October 2025, the CNE acknowledged a 1) Refund via Tariff Stabilization Fund (FET), methodological error in the calculation of billing correcting Treasury-issued Pa
Slide 14: Investment Meeting 3Q25 Colbún
INVESTMENT MEETING 3Q25 COLBÚN November 2025
Slide 15: Leading generation company in Chile and Peru
ANNEX - COLBUN AT A GLANCE Leading generation company in Chile and Peru GEOGRAPHIC FOOTPRINT INTERNATIONAL RATINGS OWNERSHIP (%) 5,028 MW Installed capacity 10% Matte Group S&P: BBB : Stable 18% Others 4,456 MW 572 MW Fitch: BBB+ : Stable 50% Pension Funds Moody’s: Baa2 : Stable 22% Angelini Group 5
Slide 16: Our generation assets
ANNEX – STRATEGIC AGENDA UPDATE Our generation assets 2025 INCIDENTS SANTA MARÍA RUCÚE 23-03-2025 09-07-2025 • Out of service due to a loss of • Gas leak caused a fire during lubrication in the steam turbine, metallization work on turbine’s wear which caused the turbine shaft to plates and upper cov
Slide 17: Attractive, diversified and long-term contracts
ANNEX - STRATEGIC AGENDA UPDATE Attractive, diversified and long-term contracts FOCUS ON UNREGULATED CLIENTS CREDITWORTHY OFFTAKERS ✓ Renewable Energy 24/7 ✓ Consumption profile ✓ Demand certainty ✓ Bilateral contracts PPA PROFILE IN CHILE (TWH) Unregulated Customers Regulated Customers 16 14 12 TWh
Slide 18: Attractive pipeline of renewable projects
PIPELINE OF PROJECTS Attractive pipeline of renewable projects 660 MW 876 MW PROGRESS 456 MW 2,929 MW PROGRESS Construction Environmentally Environmentally Feasibility STAGE approved STAGE approved 540 MW 833 MW 800 MW Preliminary Feasibility1 Suspended studies Inti Pacha 1.7 GW 0.4 GW 925 MW PV + H
Slide 19: BESS projects under construction
PIPELINE OF PROJECTS BESS projects under construction BESS CELDA SOLAR CAPEX INSTALLED STORAGE ESTIMATED BATTERY SUPPLIER 46% CAPACITY HOURS COD US$ 260 MM 228 MW 4 HOURS 4Q26 BESS DIEGO DE ALMAGRO SUR CAPEX INSTALLED STORAGE ESTIMATED BATTERY SUPPLIER 3% CAPACITY HOURS COD US$ 206 MM 228 MW 4 HOURS
Slide 20: SEN available supply by 2025 (MW)
ANNEX SEN available supply by 2025 (MW) Renewable Average capacity by Demand Balance 2025 (A) (B) (A – B) 4,421 8,439 49 12,909 3,334 +9,575 North 1,457 175 2,241 1,465 3,881 3,720 +161 Center 118 1,902 1,330 5,890 9,122 2,558 +6,564 South 125 6,498 12,010 7,404 25,912 9,612 +16,300 Total 1,700 Chil
Slide 21: System's thermal power plants
ANNEX System’s thermal power plants 2.2 GW 9 power plants 1.9 GW 5 power plants Nehuenco 0.8 GW 5 power plants Start-up times 1.8 GW improvements. 5 power plants 0.5 GW 2 power plants Santa Maria 0.4 GW Technical minimum 1 power plant decrease and qualification to Combined provide ancillary Cycles s
Slide 22: Regulatory Framework Challenges
ANNEX Regulatory Framework Challenges Permitting Decarbonization Climate Change Green Hydrogen Bidding market Distribution Plan Adaptation and Desalination 22