Colbun Sa · BCS:COLBUN
Colbun Sa — Investor Day (2025)
42 slides from Colbun Sa's investor day presentation, 2025
Slide 1: Investor Day 2025
© Colbun a “INVESTOR. , iy DAY - 2025” 2
Slide 2: Agenda
AGENDA 1. WELCOME REMARKS 2. POWER SECTOR DYNAMICS 3. STRATEGIC AGENDA UPDATE: Growth Opportunities and Projects 4. COLBUN’S OUTLOOK 5. ANNEX 2
Slide 3: 1. Welcome Remarks
1 . WELCOME REMARKS Hernan Rodriguez Chairman of the Board 3
Slide 4: 2. Power Sector Dynamics
2 . POWER SECTOR DYNAMICS Juan Eduardo Vasquez Chief Energy Officer 4
Slide 5: Operational Highlights – Chilean Power System 2025
POWER SECTOR DYNAMICS Operational Highlights – Chilean Power System 2025 GREATER MARGINAL HYDROLOGY FLEXIBILITY COSTS CHALLENGES Hydrological conditions Higher marginal costs The increasing share of have been below the compared to 2024 variable renewable average of recent years generation continues
Slide 6: SEN Hydrology: Key Trends and Insights
POWER SECTOR DYNAMICS SEN Hydrology: Key Trends and Insights SEN Hydroelectric Evolution (TWh)1 30 November, 2021 November, 2024 November, 2025 25 27 -21% 20 24 20 21 15 16 10 5 - 2021 2022 2023 2024 2025 F P942 ▪ 2025 hydrology has been below the average of recent Snowmelt conditions are expected t
Slide 7: Colbun's Hydroelectric Generation Performance
POWER SECTOR DYNAMICS Colbun’s Hydroelectric Generation Performance Colbun’s Hydroelectric Generation Colbun’s Hydroelectric Generation (GWh/day) (TWh) 35 30 7.2 -2.2 TWh 6.9 25 31% 20 17 17 17 5.2 5.0 15 15 16 15 15 13 13 3.9 11 10 9 10 5 0 2021 2022 2023 2024 2025 F Jan Feb Mar Apr May Jun Jul Agu
Slide 8: Colbun's Generation and Commitments by Zone
POWER SECTOR DYNAMICS Colbun’s Generation and Commitments by Zone Average hourly marginal costs Jan25 - Sept25 2 24 1 Crucero 2025 F hrs (USD/MWh) (USD/MWh) Gx 2.1 1.0 1.1 2025: 55 PPAs 5.2 2.2 3.0 Early morning Day Night 2024: 49 140 Balance -3.1 -1.2 -1.9 120 Gx 7.1 2.2 4.9 Alto Jahuel (USD/MWh) 1
Slide 9: Post-Blackout Challenges – February 25th, 2025
POWER SECTOR DYNAMICS Post-Blackout Challenges – February 25th, 2025 February 25th, 20251 Challenges and Lessons Learned Around 15:15, prior to the blackout… GW 1. EPRI2 Post-Event Study: Strengthen 12 system resilience through technical 10 1.1 GW (11%) upgrades, added redundancies, and enhanced sim
Slide 10: Increased challenges for the system's power plants
POWER SECTOR DYNAMICS Increased challenges for the system's power plants SEN hourly capacity generation (MW) [USD/MWh] BESS 12,000 1 140 Diesel 10,000 120 1 Others 8,000 1 100 Reservoir 6,000 80 1 Solar 60 4,000 Gas 40 0 2,000 Coal 20 0 Wind - - - ROR (2,000) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Marginal Cost - A.
Slide 11: High Presence of Renewable Energies
POWER SECTOR DYNAMICS High Presence of Renewable Energies Energy Storage Systems (BESS)3 Values as of Jul-25, in GW Supply and Demand 1 Values as of Oct-25, in GW 38.4 .80 1.7 3.200 2.0 2.00 3.2 0.8 1.100 1.1 0 32.8 Gas 3.8 0.3 Coal 3.7 Estimated to be in 12.1 Declared under construction Testing Die
Slide 12: Colbun's Generation–PPA Balance: Strategic Positioning and System Constraints
POWER SECTOR DYNAMICS Colbun’s Generation–PPA Balance: Strategic Positioning and System Constraints Colbun’s generation and commitments ▪ Lower hydro output due to less favorable hydrological conditions (TWh) 14.0 14.0 ▪ Horizonte Wind Farm below expected 11.6 11.9 11.5 YTD levels, mainly due to low
Slide 13: Gas: A Key Enabler of System Reliability
POWER SECTOR DYNAMICS Gas: A Key Enabler of System Reliability 2025 Context As of 2025 Gas Supply By Source 1Q25 2Q25 3Q25 Sept25 ▪ This year, gas availability has been mostly covered by interruptible GNL 5% 31% 35% 21% Argentine gas GNA 95% 69% 65% 79% ▪ Gas availability from Argentina As of remain
Slide 14: Power plants availability
POWER SECTOR DYNAMICS Power plants availability 2025 Incidents SANTA MARIA RUCUE 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 which caused the turbine shaft to wear plates and upper c
Slide 15: Key Regulatory Pillars for a Responsible Energy Transition
POWER SECTOR DYNAMICS Key Regulatory Pillars for a Responsible Energy Transition BROAD CONSENSUS AND ENERGY SUPPLY SECURITY ACCESSIBLE ENERGY INSTITUTIONAL REVIEW ✓ Roadmap for today’s ✓ The role of natural gas as a ✓ Distribution sector reform challenges backup source ✓ Addressing distortions: ✓ Fo
Slide 16: 3. Strategic Agenda Update: Growth Opportunities and Projects
STRATEGIC AGENDA UPDATE: 3. Growth Opportunities and Projects Jose Ignacio Escobar Chief Executive Officer 16
Slide 17: 2025 Highlights
STRATEGIC AGENDA UPDATE 2025 Highlights Construction began on Celda Solar (228 MW), one of the largest energy storage projects in Chile JAN SMU PPA award (60 GWh/year) Received international recognition FEB from Business for Nature for our biodiversity strategy Inaugurated Horizonte (816 MW), Chile’
Slide 18: 2025 Highlights
STRATEGIC AGENDA UPDATE 2025 Highlights Colbun completed the acquisition of the 41.379% stake in Fenix Power Peru JUN (573 MW), reaching 100% ownership Launched the Energy for JUL Entrepreneurship program across multiple regions First Tesla batteries arrived for the Celda Solar project (228 MW) COD
Slide 19: 2025 Updated Strategy
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO 2025 Updated Strategy “We transform energy, in balance with the planet, to boost your projects and dreams” SHAREHOLDERS Core business: Expanding New Power Generation the Core businesses ENVIRONMENT Efficient Asset Client at the Pro
Slide 20: Commercial Strategy - Customers at a glance
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO COMERCIAL STRATEGY - Customers at a glance 1. Focus on unregulated clients 2. Contracted energy during 2025 7 years average life 8 years average life Total clients 5 years average life 842 294 GWh GWh Large clients 80-90 Medium cli
Slide 21: Commercial Strategy - Growth Opportunities for the Years Ahead
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO COMERCIAL STRATEGY - Growth Opportunities for the Years Ahead 3. PPAs contracting opportunities by 2030 4. Main Demand Growth Drivers (2024–2030) Mining +5 TWh CAGR 2% ▪ A total of 19 TWh are With large expected to be Data Vegetati
Slide 22: Projects - Pipeline of Projects
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO PROJECTS - Pipeline of Projects 660 MW 876 MW PROGRESS 456 MW 2,935 MW PROGRESS Construction Environmentally Environmentally Feasibility STAGE approved STAGE approved 315 MW 833 MW 800 MW Preliminary Feasibility1 Suspended studies
Slide 23: Pipeline of Projects – Under Construction: BESS Celda Solar
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO PROJECTS - Pipeline of Projects – Under Construction BESS CELDA SOLAR Location: Camarones, Arica y Parinacota Region KEY INDICATORS Installed capacity 912 MWh BESS (228 MW x 4 hrs) ARICA Net annual generation 330 GWh/year BESS CELD
Slide 24: Pipeline of Projects – Under Construction: BESS Celda Solar
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO PROJECTS - Pipeline of Projects – Under Construction BESS CELDA SOLAR Oct 25 24
Slide 25: Pipeline of Projects – Under Construction: BESS Diego de Almagro
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO PROJECTS - Pipeline of Projects – Under Construction BESS DIEGO DE ALMAGRO Location: Diego de Almagro, Atacama Region BESS DIEGO DE KEY INDICATORS ALMAGRO Installed capacity 912 MWh BESS (228 MW x 4 hrs) Net annual generation 330 G
Slide 26: Pipeline of Projects – Under Construction: BESS Diego de Almagro
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO PROJECTS - Pipeline of Projects – Under Construction BESS DIEGO DE ALMAGRO 26 Image includes a conceptual rendering of the BESS layout for illustrative purposes
Slide 27: Pipeline of Projects – COD approved: Horizonte Wind Farm
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO PROJECTS - Pipeline of Projects – COD approved HORIZONTE WIND FARM Accumulated Generation Profile (TWh) 02/06 COD 28/07 COD approved approved Horizonte Horizonte Norte Sur 1.1 1.0 0.9 0.8 0.7 0.5 0.4 0.3 0.3 0.1 0.1 0.2 Jan Feb Mar
Slide 28: Horizonte Wind Farm – Transmission Limitations
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO PROJECTS - Horizonte Wind Farm – Transmission Limitations Transmission Limitations 1,800 Jadresic S/S MW 1,000 1,065 MW MW 650 MW ERNC Antofagasta 11/2025 05/2026 2028 Don Eduardo Kallpa WF + BESS S/S Antofagasta WF Pampas WF Horiz
Slide 29: Sustainability Initiatives: Colbun Entrepreneurship Center – Taltal
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO SUSTAINABILITY INICIATIVES COLBUN ENTREPRENEURSHIP CENTER – TALTAL IMPACT Support and accompany local entrepreneurs through the Energy for Entrepreneurs Program, 157 applications, 82% led by women entrepreneurs offering: entreprene
Slide 30: Sustainability Initiatives: Horizonte Circular
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO SUSTAINABILITY INICIATIVES HORIZONTE CIRCULAR IMPACT ✓ Reuse of high-quality wood through a Carpentry ECONOMIC ~30% reduction in operating costs Workshop implemented at the Education and Work Center (CET) in Antofagasta 100% valori
Slide 31: Sustainability Initiatives: H2V Nehuenco Plant
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO SUSTAINABILITY INICIATIVES H2V NEHUENCO PLANT IMPACT ✓ Implementation of an autonomous off-grid system First green hydrogen project implemented integrating a solar PV plant, batteries, and within a thermal generation plant in Chile
Slide 32: Sustainability Initiatives: Sustainable Reforestation Initiative
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO SUSTAINABILITY INICIATIVES SUSTAINABLE REFORESTATION INITIATIVE – IMPACT ACONCAGUA COMPLEX ✓ Implement a water-efficient reforestation model Achieved high survival rates after one year with using the natural water-retention propert
Slide 33: Sustainability Initiatives: Regenera Biobío Project
STRATEGIC AGENDA UPDATE: GROWTH OPPORTUNITIES AND PROJECTS PORTFOLIO SUSTAINABILITY INICIATIVES REGENERA BIOBÍO PROJECT – BIOBÍO REGION IMPACT Support and accompany local communities through municipalities involved in ecological restoration the Regenera Biobío Program, by: 3 activities ✓ Training in
Slide 34: 4. Colbun's Outlook
4 . COLBUN’S OUTLOOK Jose Ignacio Escobar Chief Executive Officer 34
Slide 35: Consolidated EBITDA 2030 E
COLBUN’S OUTLOOK Consolidated EBITDA 2025 2030 E 14% 10% 15% Chile 600 - 650 1,000 - 1,100 MMUS$ MMUS$ Peru Others 75% 86% Strategic Agenda 2030 Core business Expanding the Core New businesses ▪ Efficient asset portfolio ▪ International Platform ▪ Adjacent Infrastructure ▪ Client at the Center Expan
Slide 36: Renewable development progress in 2025-2030
COLBUN’S OUTLOOK Renewable development progress in 2025-2030 Investment Capex Additional Installed Capacity Installed Capacity (%) 5% 12% US$ 1,200 – 1,500 mm 1 GW 24% 4% 29% 35% Wind BESS Substation 4.5 5.5 GW 26% GW 2½x 35% 60% 5% 40% 60% 500 kV 36% 29% Thermoelectric Hydroelectric Generation Wind
Slide 37: Growth Strategy
COLBUN’S OUTLOOK Growth Strategy Our hydroelectric capacity is a key Colbun has a solid financial complement to renewable energy position to support this growth from variable sources for the 24/7 phase and multiples financial renewable PPAs supply, alternatives complemented with our thermal capacity
Slide 38: 5. Annex
5 . ANNEX 38
Slide 39: Santa Maria (350 MW/Coal) Outage
POWER SECTOR DYNAMICS Santa Maria (350 MW/Coal) Outage MARCH 23rd MAY 19th JUN 26th OCT 23rd Key lessons and Wildfires damaged Turbine sent to Turbine arrived in Return to power lines that United States for Chile operation mitigation actions supply the power repairs at GE´s plant facilities Two back
Slide 40: Rucue (178 MW/Hydro) Outage
POWER SECTOR DYNAMICS Rucue (178 MW/ Hydro) Outage MAY 30th JUL 9th JUL 28th JAN 23rd, 2026 Key lessons and Major maintenance Andritz was After inspections, Estimated return mitigation actions activities performing Unit 2 returned to to operation metallizing works on operation All gas-related activi
Slide 41: Regulatory Progress Snapshot in Chile
ANNEX Regulatory Progress Snapshot in Chile Core Business Regulation Dec 27, 2024 Feb 25, 2025 May 5, 2025 Aug 5, 2025 Aug 13, 2025 Sep 9, 2025 Energy Transition System Blackout Wind Turbine Bill Astronomical Sky PMG/PMGD Electricity Law – Publication Event – SEC – Reintroduction Protection Bill – R
Slide 42: Regulatory Progress Snapshot in Chile
ANNEX Regulatory Progress Snapshot in Chile New Business Regulation (H₂, Storage & Emerging Technologies) Aug 5, 2025 Aug 19, 2025 Sep 29, 2025 Oct 13, 2025 Astronomical Sky Green Hydrogen Sectoral Coordination and Protection Bill – (H₂V) Tax Permitting Operation Submission Incentive Bill – Framewor