Slide 1: 1Q25 Results Presentation
1Q25 RESULTS PRESENTATION Banchile, May 2025
Slide 2: Agenda
AGENDA 1. MARKET CONDITIONS 2 . STRATEGIC AGENDA UPDATE 3 . FINANCIAL RESULTS 4 . STORAGE SYSTEMS DEVELOPMENT 2
Slide 3: 1. Market Conditions
1. MARKET CONDITIONS Totoral Wind Farm 3
Slide 4: Market Conditions Update
MARKET CONDITIONS Update INSTALLED CAPACITY LTM GENERATION DEMAND GROWTH MARGINAL COST (GW) (GWh) (12 months average %) (US$/MWh) 300 Alto Jahuel Crucero 3% Hydro 250 22% 10% Puerto Montt 24% 200 Coal 8% 6% 150 67 SEN Natural Gas 3.0% 4% 100 37.3 GW 86,958 2% 53 GWh Wind 50 + 5.8% y/y 0% 0 52 14% -2
Slide 5: Hydrological conditions in Chile
MARKET CONDITIONS Hydrological conditions in Chile ACCUMULATED RAINFALLS COMPARISON (mm) COLBUN RESERVOIR LEVEL (m.a.s.l) 2024 2025 Apr24-Mar25 437 436 vs vs Av. last 5 vs Apr23-Mar24 years Av. year 423 199 Aconcagua +44 mm +183 mm +36 mm 419 MW +13% +93% +10% Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Slide 6: Colbun's resiliency towards hydrological conditions
MARKET CONDITIONS Colbun’s resiliency towards hydrological conditions EBITDA (US$ mm) +8% +5% +2% -2% -6% -9% H x 1.3 H x 1.2 H x 1.1 BASE H x 0,9 H x 0.8 H x 0.7 Wet hydro conditions Dry hydro conditions Lower Spot Balance Higher Spot Balance - Lower thermal generation and lower + Higher thermal ge
Slide 7: 2. Strategic Agenda Update
2 . STRATEGIC AGENDA UPDATE Horizonte Wind Farm 7
Slide 8: 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 9: Commercial Strategy
STRATEGIC AGENDA UPDATE Commercial Strategy 1. FOCUS ON UNREGULATED CLIENTS 11% ✓ Renewable Energy 24/7 ✓ Secure supply 89% ✓ Consumption profile Unregulated Regulated ✓ Bilateral contracts 3. PPAs PROFILE 14 Unregulated Regulated 12 10 8 8 110 24% years Energy of the energy 6 average life Solutions
Slide 10: Thermal generation flexibility
STRATEGIC AGENDA UPDATE Thermal generation flexibility Colbun’s PPAs backed by its own generation (TWh)1 Ensuring generation units availability and reliability 11.6 11.9 10.3 10.2 10.2 9.8 Maintenance optimization considering the Gas system’s and Colbun’s conditions Coal Wind Preparation, flexibilit
Slide 11: Pipeline of projects
STRATEGIC AGENDA UPDATE Pipeline of projects 538 MW 638 MW PROGRESS 580 MW 1,013 MW PROGRESS Preliminary Preliminary Feasibility Feasibility STAGE studies STAGE studies 660 MW 2,755 MW 800 MW 1,272 MW Environmentally Suspended Construction Environmentally approved approved Inti Pacha Horizonte 1, 2
Slide 12: 3. Financial Results
3 . FINANCIAL RESULTS Diego de Almagro Sur Storage System 12
Slide 13: 1Q25 Results
FINANCIAL RESULTS 1Q25 Results CONSOLIDATED US$179 million EBITDA +21% Q/Q US$ million 250 11 22 200 26 30 156 150 130 40 15 7 100 50 0 1Q24 Unregulated Regulated Coal Gas Spot market Transmission Others 1Q25 clients clients consumption consumption balance Tolls US$ million 40 1 8 5 18 22 20 9 0 1Q2
Slide 14: Key financial figures
FINANCIAL RESULTS Key financial figures 1. EBITDA & EBITDA MG (US$ million & %) 2. CAPEX & CASH POSITION (US$ million) EBITDA EBITDA Mg 1,419 Capex 1,155 Cash 1000.0 51% 60% 1,031 40% 39% 41% 39% 800.0 33% 775 768 600.0 40% 522 400.0 20% 254 274 236 244 200.0 683 520 763 714 642 673 0.0 0% 2020 2021
Slide 15: 4. Storage Systems Development
4 . STORAGE SYSTEMS DEVELOPMENT BESS Diego de Almagro Sur (8 MW) 15
Slide 16: Storage technologies in the market
STORAGE SYSTEMS DEVELOPMENT Storage technologies in the market MECHANICAL PUMPED HYDRO CONCENTRATED THERMAL ENERGY ELECTROCHEMICAL ENERGY STORAGE STORAGE SOLAR POWER STORAGE ENERGY STORAGE CO2 storage Lithium BESS Modular Pumped Concentrated E2S Battery Storage Solar Power LAES CAES (air) (Cryogenic
Slide 17: BESS worldwide
STORAGE SYSTEMS DEVELOPMENT BESS worldwide BESS / INSTALLED CAPACITY GX INSTALLED CAPACITY (Dec24) (Dec24) MAIN BATTERY SUPPLIERS 3.0% 2.7% 33% Others 2.5% 1% Chile 2.0% 19% USA 1.5% 1.0% 0.9% China 1.0% 46% 0.5% 0.0% Chile USA China 17
Slide 18: Pipeline of BESS projects in Chile
STORAGE SYSTEMS DEVELOPMENT Pipeline of BESS projects in Chile PROGRESS 563 MW 1,675 MW 14,109 MW STAGE Operation Construction Development Estepa II (Atlas) 230 MW Diego de Almagro Celda Solar 228 MW 228 MW 2,377 MW 578 MW 769 MW 224 MW 320 MW 151 MW 922 MW 7,576 MW 1,548 MW 943 MW 599 MW 139 MW Jar
Slide 19: Regulatory Framework
STORAGE SYSTEMS DEVELOPMENT Regulatory Framework CURRENT DRAFT LONG TERM: REGULATION BILL BIDDING MARKET CHARGE Decided by owner Decided by CEN Decided by owner DISCHARGE Decided by CEN Decided by CEN Decided by owner ENERGY PRICE Marginal cost Marginal cost Offered marginal cost Until 2034: Storage
Slide 20: LCOS and Capex
STORAGE SYSTEMS DEVELOPMENT LCOS and Capex LCOS COMPOSITION CAPEX EVOLUTION (USD/KWh) 4% Others 14% Charge 37% Capacity payments 22% Opex 60% Capex 63% Energy payments -92% 20 Note: Data as of Mar25.
Slide 21: BESS projects under construction
STORAGE SYSTEMS DEVELOPMENT BESS projects under construction BESS CELDA SOLAR CAPEX INSTALLED STORAGE ESTIMATED BATTERY CAPACITY HOURS COD SUPPLIER US$ 260 MM 228 MW 4 HOURS 1Q26 BESS DIEGO DE ALMAGRO SUR CAPEX INSTALLED STORAGE ESTIMATED BATTERY CAPACITY HOURS COD SUPPLIER US$ 205 MM 228 MW 4 HOURS
Slide 22: BESS Celda Solar
STORAGE SYSTEMS DEVELOPMENT BESS Celda Solar 22
Slide 23: BESS Celda Solar
STORAGE SYSTEMS DEVELOPMENT BESS Celda Solar 23
Slide 24: BESS Diego de Almagro Sur
STORAGE SYSTEMS DEVELOPMENT BESS Diego de Almagro Sur 24
Slide 25: BESS Diego de Almagro Sur
STORAGE SYSTEMS DEVELOPMENT BESS Diego de Almagro Sur 25
Slide 26: 1Q25 Results Presentation
1Q25 RESULTS PRESENTATION Banchile, May 2025
Slide 27: Financial Debt Snapshot
ANNEX Financial Debt Snapshot FINANCIAL DEBT PROFILE US$ 4.6 100% 2.0 bn 3.96% years USD 83% 44% Consolidated Interest Rate Average Composition Fixed Interest Green Financial Debt Average Life by currency Rate Financing Percentage Percentage AMORTIZATION STRUCTURE (US$ million) 600 Fenix Bond 500 50
Slide 28: 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 29: 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 30: Regulatory Framework Challenges
ANNEX Regulatory Framework Challenges Permitting Decarbonization Climate Change Green Hydrogen Bidding market Distribution Plan Adaptation and Desalination 30