Minera Valparaiso S.a. · BCS:MINERA
Minera Valparaiso — Q1 2025 Earnings Presentation
37 slides from Minera Valparaiso's earnings presentation, June 2025
Slide 1: 1st Quarter 2025 Results
June, 2025 Santiago, Chile June, 2025
Slide 2: 1st Quarter 2025 Results agenda
1st Quarter 2025 Results 1. Minera Valparaíso at a glance 2. Corporate Governance 3. 1st 2025 Quarterly Results 4. Highlights 1Q2025 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile June, 2025 2
Slide 3: Minera Valparaiso at a Glance
Minera Valparaiso at a Glance MINERA VALPARAISO Santiago,Chile == June, 2025
Slide 4: Minera Valparaíso
1st Quarter 2025 Results Minera Valparaíso Investment Company of the Matte Group Company Description ▪ Minera Valparaíso is a long-standing investment company that carries out its main activities and businesses in the fields of Energy, Materials, Finance and Telecommunications ▪ It stands out for it
Slide 5: Main Subsidiaries and Affiliates of the Matte Group
1st Quarter 2025 Results Main Subsidiaries and Affiliates of the Matte Group Ownership1 55.7% 50.0% 66.8% 26.2% 45.4% 32.5% 10.6% 10.0% Through Minera 19.2% 48.2% 4.6% 0.0% 0.0% 8.5% 6.5% 7.0% Mkt Cap2 $4,097 $2,459 $2,707 $1,188 $197 $360 $8,944 $524 Total Assets2 $17,031 $6,958 $35,9225 $16,475 $4
Slide 6: Corporate Governance
Corporate Governance MINERA VALPARAISO Santiago,Chile == June, 2025
Slide 7: Minera Valparaíso S.A. Board of Directors
1st Quarter 2025 Results Minera Valparaíso S.A. Board of Directors Joaquín Izcúe Elgart Chairman Joaquín Izcúe studied Business Administration at the Pontificia Universidad Católica de Chile. In 2017 was appointed CEO of Forestal O’Higgins S A after a successful career in the banking industry at Ban
Slide 8: Management Team
1st Quarter 2025 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 1st 2025 Quarter Results
1st 2025 Quarter Results MINERA VALPARAISO Santiago,Chile == June, 2025
Slide 10: EBITDA and Earnings from Associates
1st Quarter 2025 Results EBITDA and Earnings from Associates Colbún Results Summary 1Q25/1Q24: ▪ Total Generation decreased, because of lower coal generation, Quarterly EBITDA due to a major maintenance in Santa María Central and hydro Figures in US$ millions and % generation, this last one is mainl
Slide 11: Highlights 1Q2025
Highlights 192025 MINERA VALPARAISO Santiago,Chile == June, 2025
Slide 12: Period Highlights
1st Quarter 2025 Results Period Highlights 1. Colbún ▪ In December 2024, Colbún announced that they made the investment decision to build Celda Solar storage project for an amount of US$ 260 million. For this project, a contract was signed with Tesla. As of March 2025, this project reached 13% progr
Slide 13: Period Highlights
1st Quarter 2025 Results Period Highlights 3. CMPC ▪ On April 29th, CMPC signed an agreement with the State of Rio Grande do Sul in Brazil to advance in the evaluation of Natureza, which will include the construction of a new pulp mill in Barra do Ribeiro, as well as improvements in roads and port i
Slide 14: Corporate Strategy
Corporate Strategy MINERA VALPARAISO Santiago,Chile == June, 2025
Slide 15: Corporate Strategy
1st Quarter 2025 Results Corporate Strategy Our Strategy is defined in 6 Key Elements Capital Sector Structure Diversification Long Term Portfolio Growth Management Asset Value Trends Environmental Social Core Business Expansion Governance Santiago, Chile June, 2025 15
Slide 16: Sector diversification: Underlying Value by Sector
1st Quarter 2025 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Underlying Value By Sector1 Sector 43.14% Capital Pulp & Paper Diversification 39.23% Structure Fuel Dx Finance Long Term Portfolio Growth Management Asset Value Energy Trends
Slide 17: Sector diversification: Sales by Geography
1st Quarter 2025 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Sales By Geography Sector Capital Diversification Structure Europe: 3% Long Term USA: 4% Portfolio China: 3% Growth Management Asset Value Trends Asia ex. China: 3% Environment
Slide 18: Global and local economic growth trends
1st Quarter 2025 Results Corporate Strategy Global and local economy growth, plus evolutionary long term growth trends ✓ Increasing GDP Per cápita ✓ Global Consumption Sector ✓ Global trade Capital Diversification Structure ✓ Packaging away from plastics ✓ Power generation using renewables – solar,
Slide 19: Innovative, forward-looking and stronger business lines
1st Quarter 2025 Results Corporate Strategy Innovative, forward-looking and stronger business lines in the region Sector Capital Diversification Structure Long Term Portfolio Growth Management Asset Value Trends Environmental Social Core Business Governance Expansion Santiago, Chile June, 2025 19
Slide 20: Sustainable growth and stakeholder relationships
1st Quarter 2025 Results Corporate Strategy Sustainable growth and active and transparent relationships with stakeholders are key to the strategy Sector Capital Diversification Structure Long Term Portfolio Growth Management Asset Value Trends Environmental Social Core Business Governance Expansion
Slide 21: Knowledge of assets, markets and portfolio management
1st Quarter 2025 Results Corporate Strategy Profound knowledge of assets, markets and portfolio management, unlocking value 1990 - 2000 2010 - Today ▪ BICE Vida is founded ▪ Puertos y Logística is sold 1970 - 1980 to DP World ▪ Chilquinta Acquires 19.99% Sector ▪ 55% control stake in of Entel Capita
Slide 22: Consistent, prudent and flexible capital structure
1st Quarter 2025 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $627 $768 $1,373 Capital Diversification Structure Net Debt/ 3.41x 2.25x 12.70x1 EBITDA LTM # Bonds 13 4 1 Long Term Portfolio Growth Management Asset V
Slide 23: Performance
Performance MINERA VALPARAISO Santiago,Chile == June, 2025
Slide 24: Performance and NAV
1st Quarter 2025 Results Performance and NAV Stock Performance (base=100) Minera Valparaíso IPSA Index 600 400 200 0 oct-08 mar-14 sept-06 feb-07 abr-11 sept-11 feb-12 abr-16 sept-16 sept-21 feb-22 jun-05 nov-05 abr-06 jul-07 dic-07 mar-09 ago-09 jun-10 nov-10 jul-12 dic-12 oct-13 ago-14 jun-15 nov-
Slide 25: Holding Discount
1st Quarter 2025 Results Holding Discount Market Value Market Value Minera Stake (%) NAV (USD mm) Valparaíso (USD mm) (USD mm) 22.1% 48% 1,186 (discount) 19% 785 2,652 9% 31 2,066 5% 124 7% 586 7% 37 Net Debt (97) Santiago, Chile June, 2025 25
Slide 26: Holding Discount Evolution
1st Quarter 2025 Results Holding Discount Evolution Historical Evolution of Minera Valparaiso's Holding Discount Average: 31.9% 49.1% 46.6% 46.3% 46.3% 39.7% 40.7% 40.1% 41.2% 37.6% 34.2% 30.0% 31.0% 30.9% 32.6% 32.1% 25.4% 27.3% 27.5% 22.1% 18.0% 17.1% 12.4% 5.8% 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
Slide 27: Historical Dividends
1st Quarter 2025 Results Historical Dividends Minera’s Received Dividends per company1 Figures in US$ millions $1,000 COLBUN CMPC $800 $773 COPEC $97 BICECORP $600 ALMENDRAL MOLYMET $400 PUERTO $250 $601 $228 $226 ENELAM $199 $200 $39 $143 $23 $130 $40 $95 ENELCHILE $3 $143 $168 $149 $50 $117 $74 To
Slide 28: Dividend Payout Policy
1st Quarter 2025 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $1,200 $1,000 $800 $696 $600 $400 $200 $195 $397 $232 $256 $167 $86 $146 $99 $0 2018 2019 2020 2021 2022 2023 20243 LNP2 68% 95% 84% 90% 62% 44% 43% Note: 1:Re
Slide 29: Financial Position
Financial Position MINERA VALPARAISO Santiago,Chile == June, 2025
Slide 30: Financing Strategy
1st Quarter 2025 Results Financing Strategy We follow 5 main indicators1 Net Debt to LTM Dividends to Net Debt to Non- Debt to NAV Net Debt to Equity4 LTM Dividends Financial Expenses2 Controlling Asset Value3 Minera Valparaíso 0.09x 1.48x 6.47x 0.27x 0.05x Covenant: 0.5x Credit Ratings Internationa
Slide 31: Minera Valparaíso Consolidated Financial Debt
1st Quarter 2025 Results Minera Valparaíso Consolidated Financial Debt Financial Debt as of March 2025 By Debt Maturity By Debt Type By Debt Currency By Debt Borrower1 Current Bonds 4.0% Loans with 82.5% financial Colbún Fénix institutions 82.4% 9.1% 15.9% US$ 2.4 Bn US$ 2.4 Bn US$ 2.4 Bn US$ 2.4 Bn
Slide 32: Key Financial Ratios (Unconsolidated)
1st Quarter 2025 Results Key Financial Ratios (Unconsolidated) Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0.18x 0.17x 0.16x 0.16x 0.14x 0.12x 0.13x 0.13x 0.09x 0.09x 0.10x 0.09x 0.11x 0.11x 0.06x 0.06x 0.05x 0.05x 1Q '23 2Q '23 3Q '23 4Q '23 1Q '24 2Q '24 3Q '24 4Q '24 1Q '25 1Q '23 2Q
Slide 33: Annexes
Annexes MINERA VALPARAISO Santiago, Chile June, 2025
Slide 34: Minera Valparaíso's Investment Portfolio
1st Quarter 2025 Results Minera Valparaíso’s Investment Portfolio Electric power generation 26 power plants in Chile and 1 in Peru. Installed capacity 5,023 MW Production and marketing of wood and cellulose World’s largest molybdenum processor and rhenium products, being the 5th largest cellulose pu
Slide 35: Minera Valparaíso S.A. Consolidated Income Statement
1st Quarter 2025 Results Minera Valparaíso S.A. Consolidated Income Statement Consolidated Income Statement (US$ millions) mar-25 mar-24 Operating Revenues 413 382 Operating Costs (191) (196) Gross Profit 221 186 Gross Margin (%) 54% 49% Administrative Expenses (100) (90) Other Gains (Losses) (13) (
Slide 36: Minera Valparaíso S.A. Consolidated Balance Sheet
1st Quarter 2025 Results Minera Valparaíso S.A. Consolidated Balance Sheet Consolidated Balance Sheet (US$ millions) mar-25 dic-24 Consolidated Balance Sheet (US$ millions) mar-25 dic-24 Assets Liabilities Cash and Cash Equivalents 619 671 Other current financial liabilities 95 107 Other current fin
Slide 37: Investor Relations
aN iN MINERA VALPARAISO Investor Relations: ir@minera.cl Santiago, Chile June, 2025