Colbun Sa · BCS:COLBUN
Colbun Sa — Q2 2025 Earnings Presentation
21 slides from Colbun Sa's earnings presentation, August 2025
Slide 1: 2Q25 Results Presentation
2Q25 RESULTS PRESENTATION LarrainVial, August 2025
Slide 2: Agenda
AGENDA 1. MARKET CONDITIONS 2 . STRATEGIC AGENDA UPDATE 3 . FINANCIAL RESULTS 4 . OPERATIONAL HIGHLIGHTS OF THE QUARTER 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) Alto Jahuel 4% Hydro 200 Crucero 4% Puerto Montt 3% 150 23% 30% Coal 112 2% 100 105 SEN Natural Gas 37.8 GW 85,372 1% 50 62 Wind 0.4% + 6.8% y/y GWh - 0% 14% Aug Jan Nov
Slide 5: Hydro conditions
MARKET CONDITIONS Hydro conditions CURRENT HYDROLOGICAL YEAR (APR 25 - JUN 25) COLBUN RESERVOIR LEVEL (m.a.s.l) Accumulated Reservoir 2020 2021 2022 2023 Rainfalls level 2024 2025 Max Min (mm) (m.a.s.l) vs vs 437 Apr24-Jun24 Av. year 199 -157 mm -148 mm 410 Aconcagua MW -54% -52% 397 -591 mm -792 mm
Slide 6: 2. Strategic Agenda Update
2 . STRATEGIC AGENDA UPDATE Horizonte Wind Farm 6
Slide 7: 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 8: Commercial Strategy
STRATEGIC AGENDA UPDATE Commercial Strategy 1. FOCUS ON UNREGULATED CLIENTS 2. GENERATION VS COMMITMENTS AS OF JUN-25 Unregulated Customers Regulated Customers 1 TWh 24 hr CRUCERO 16 Gx 0.7 0.4 0.3 14 PPAs 2.3 1.1 1.3 12 Balance -1.7 -0.7 -1.0 10 8 1 TWh/year 24 hr JAHUEL 6 ALTO Gx 4.2 1.6 2.6 4 2 P
Slide 9: 3. Financial Results
3 . FINANCIAL RESULTS Diego de Almagro Sur Storage System 9
Slide 10: 2Q25 Results
FINANCIAL RESULTS 2Q25 Results CONSOLIDATED US$141 million EBITDA -8% Q/Q US$ million 150 132 85 120 25 14 100 27 37 50 13 6 10 0 2Q24 Spot Market Transmission Diesel Others Unregulated Coal Gas Regulated 2Q25 Balance Tolls Consumption Customers Consumption Consumption Customers Sales Sales US$ mill
Slide 11: Last years results
FINANCIAL RESULTS Last 5 years results 1. EBITDA & EBITDA MG (US$ million & %) 2. CAPEX 1 & CASH POSITION (US$ million) 900 EBITDA 60% Maintenance CAPEX 1,419 Growth CAPEX 1,500 800 EBITDA Mg 50% Cash 700 1,154 51% 1,031 600 40% 967 41% 42% 1,000 500 39% 36% 775 788 36% 30% 763 400 683 714 642 662 4
Slide 12: Financial Debt Snapshot
FINANCIAL FIGURES Financial Debt Snapshot FINANCIAL DEBT PROFILE US$ 4.4 100% 2.0 bn 4.5% 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
Slide 13: 4. Operational Highlights of the Quarter
4 . OPERATIONAL HIGHLIGHTS OF THE QUARTER BESS Diego de Almagro Sur (8 MW) 13
Slide 14: Horizonte wind farm
OPERATIONAL HIGHLIGHTS OF THE QUARTER Horizonte wind farm COMMERCIAL OPERATION DATE TRANSMISSION LIMITATIONS ▪ The area has faced constraints in evacuating energy from renewable projects 02/06 26/07 ▪ In the short term, the replacement of transformers at the Horizonte Norte Horizonte Sur Nueva Zaldi
Slide 15: Fuel availability
OPERATIONAL HIGHLIGHTS OF THE QUARTER Fuel availability LNG (ADP) Long-term contract in the international market 1 with shipping rights (first half of the year) Cancellation option was exercised for this year 2025 CONTEXT Fuel strategy is Argentine NG ▪ This year, gas availability has been mostly co
Slide 16: Our generation assets
OPERATIONAL HIGHLIGHTS OF THE QUARTER Our generation assets ASSET OPTIMIZATION IN THE ENERGY TRANSITION 2025 INCIDENTS SANTA MARÍA RUCÚE Ensure availability and reliability of generation units • Out of service due to a loss • Gas leak caused a fire of lubrication in the steam during metallization wo
Slide 17: 2Q25 Results Presentation
2Q25 RESULTS PRESENTATION LarrainVial, August 2025
Slide 18: Portfolio of projects in different stages of development
ANNEX Portfolio of projects in different stages of development 660 MW 638 MW 408 MW 456 MW 2,935 MW PROGRESS PROGRESS Construction Environmentally Environmentally Feasibility Pending COD STAGE approved STAGE approved 538 MW 833 MW 580 MW 800 MW Preliminary Feasibility Preliminary Suspended studies s
Slide 19: 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 20: 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 21: Regulatory Framework Challenges
ANNEX Regulatory Framework Challenges Permitting Decarbonization Climate Change Green Hydrogen Bidding market Distribution Plan Adaptation and Desalination 21