Minera Valparaiso S.a. · BCS:MINERA
Minera Valparaiso — Q4 2024 Earnings Presentation
37 slides from Minera Valparaiso's earnings presentation, March 2025
Slide 1: 4th Quarter 2024 Results
March, 2025 Santiago, Chile March, 2025
Slide 2: 4th Quarter 2024 Results agenda
4th Quarter 2024 Results 1. Minera Valparaíso at a glance 2. Corporate Governance 3. 4th 2024 Quarterly Results 4. Highlights 4Q2024 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile March, 2025 2
Slide 3: Minera Valparaiso at a Glance
Minera Valparaiso at a Glance MINERA VALPARAISO Santiago, Chile March, 2025
Slide 4: Minera Valparaíso
4th Quarter 2024 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
4th Quarter 2024 Results Main Subsidiaries and Affiliates of the Matte Group Ownership1 55.7% 50.0% 98.1% 45.4% 32.5% 10.6% 10.0% Through Minera 19.2% 48.2% 6.7% 0.0% 8.5% 6.5% 7.0% Mkt Cap2 $3,928 $2,171 $1,619 $189 $357 $7,955 $455 Total Assets2 $16,936 $6,908 $18,672 $418 $6,113 $28,482 $1,693 Ne
Slide 6: Corporate Governance
Corporate Governance MINERA VALPARAISO Santiago, Chile March, 2025
Slide 7: Minera Valparaíso S.A. Board of Directors
4th Quarter 2024 Results Minera Valparaíso S.A. Board of Directors Joaquín Izcúe Elgart Chairman Joaquín Izcúe studied Business Administration at the Pontificia Universidad Católica de Chile. In 2017 was appointed CEO of Forestal O’Higgins S A after a successful career in the banking industry at Ban
Slide 8: Management Team
4th Quarter 2024 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 4th 2024 Quarter Results
4th 2024 Quarter Results MINERA VALPARAISO Santiago, Chile March, 2025
Slide 10: EBITDA and Earnings from Associates
4th Quarter 2024 Results EBITDA and Earnings from Associates Colbún Results Summary 4Q24/4Q23: Quarterly EBITDA ▪ Total Generation: decreased mainly due to lower coal and hydro Figures in US$ millions and % generation, this last one is mainly explained by the lower ice EBITDA Margin melting water in
Slide 11: Highlights 4Q2024
Highlights 492024 MINERA VALPARAISO Santiago, Chile March, 2025
Slide 12: Period Highlights
4th Quarter 2024 Results Period Highlights 1. Colbún ▪ Horizonte Wind Project reached 97% progress, with 70 wind turbines energized, which have added 200 GWh of energy. ▪ In September, Colbún decided to suspend Paposo Pump Storage project after the Antofagasta EAS rejected the reconsideration appeal
Slide 13: Period Highlights
4th Quarter 2024 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 March, 2025
Slide 15: Corporate Strategy
4th Quarter 2024 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 March, 2025 15
Slide 16: Sector diversification provides quality, value protection and cashflow
4th Quarter 2024 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Underlying Value By Sector1 Sector 42.50% 43.90% Capital Pulp & Paper Diversification Structure Fuel Dx Finance Long Term Portfolio Growth Management Asset Value Energy Trends
Slide 17: Sales By Geography
4th Quarter 2024 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: 4% Growth Management Asset Value Trends Asia ex. China: 3% Environment
Slide 18: Global and local economy growth and long term trends
4th Quarter 2024 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 a
Slide 19: Innovative, forward-looking and stronger business lines
4th Quarter 2024 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 March, 2025 19
Slide 20: Sustainable growth and stakeholder relationships
4th Quarter 2024 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: Profound knowledge of assets, markets and portfolio management
4th Quarter 2024 Results Corporate Strategy Profound knowledge of assets, markets and portfolio management, unlocking value 1990 - 2000 1970 - 1980 ▪ BICE Vida is founded ▪ Chilquinta Acquires 19.99% of 2010 - Today ▪ 55% control stake in CMPC Sector Entel Capital is achieved ▪ Puertos y Logística D
Slide 22: Consistent, prudent and flexible capital structure
4th Quarter 2024 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $632 $775 $729 Capital Diversification Structure Net Debt/ 3.00x 2.37x 12.64x1 EBITDA LTM # Bonds 13 4 1 Long Term Portfolio Growth Management Asset Val
Slide 23: Performance
Performance MINERA VALPARAISO Santiago, Chile March, 2025
Slide 24: Performance and NAV
4th Quarter 2024 Results Performance and NAV Stock Performance (base=100) Minera Valparaíso IPSA Index 600 400 200 0 oct-24 sept-07 feb-08 abr-12 sept-12 feb-13 abr-17 sept-17 feb-18 abr-22 sept-22 feb-23 mar-05 ago-05 jun-06 nov-06 abr-07 jul-08 dic-08 oct-09 mar-10 ago-10 jun-11 nov-11 jul-13 dic-
Slide 25: Holding Discount
4th Quarter 2024 Results Holding Discount Market Value Market Value Minera Stake (%) NAV (USD mm) Valparaíso (USD mm) (USD mm) 27.5% 48% 1,047 (discount) 19% 753 2,405 9% 30 1,745 7% 109 7% 521 7% 32 Net Debt (87) Santiago, Chile March, 2025 25
Slide 26: Holding Discount Evolution
4th Quarter 2024 Results Holding Discount Evolution Historical Evolution of Minera Valparaiso's Holding Discount Average: 34.0% 49.1% 46.6% 45.6% 46.3% 46.3% 39.7% 40.7% 40.1% 41.2% 37.6% 34.2% 30.0% 31.0% 30.9% 32.6% 32.1% 25.4% 27.3% 27.5% 18.0% 17.1% 12.4% 5.8% 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Slide 27: Historical Dividends
4th Quarter 2024 Results Historical Dividends Minera’s Received Dividends per company1 Figures in US$ 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 $74 To
Slide 28: Dividend Payout Policy
4th Quarter 2024 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $1,200 $1,000 $800 $696.0 $600 $400 $200 $195.0 $397 $232 $256 $167 $86 $146 $0 2018 2019 2020 2021 2022 2023 LNP2 68% 95% 84% 90% 62% 44% Note: 1:Regular divi
Slide 29: Financial Position
Financial Position MINERA VALPARAISO Santiago, Chile March, 2025
Slide 30: Financing Strategy
4th Quarter 2024 Results Financing Strategy We follow 5 main indicators1 Net Debt to LTM Dividends to Net Debt to Non- Debt to NAV Net Debt to Equity4 LTM Dividends Financial Expenses2 Controlling Asset Value3 Minera Valparaíso 0.10x 1.17x 6.66x 0.29x 0.05x Covenant: 0.5x Credit Ratings Internationa
Slide 31: Minera Valparaíso Consolidated Financial Debt
4th Quarter 2024 Results Minera Valparaíso Consolidated Financial Debt Financial Debt as of December 2024 By Debt Maturity By Debt Type By Debt Currency By Debt Borrower1 Current Bonds 4.5% Loans with 82.3% financial Colbún Fénix institutions 82.5% 9.5% 15.8% US$ 2.4 Bn US$ 2.4 Bn US$ 2.4 Bn US$ 2.4
Slide 32: Key Financial Ratios (Unconsolidated)
4th Quarter 2024 Results Key Financial Ratios (Unconsolidated) Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0.18x 0.17x 0.16x 0.16x 0.13x 0.14x 0.12x 0.13x 0.13x 0.09x 0.09x 0.10x 0.11x 0.11x 0.05x 0.06x 0.06x 0.05x 4Q '22 1Q '23 2Q '23 3Q '23 4Q '23 1Q '24 2Q '24 3Q '24 4Q '24 4Q '22 1Q
Slide 33: Annexes
Annexes MINERA VALPARAISO Santiago, Chile March, 2025
Slide 34: Minera Valparaíso’s Investment Portfolio
4th Quarter 2024 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: Consolidated Income Statement
4th Quarter 2024 Results Consolidated Income Statement (US$ millions) dic-24 dic-23 Operating Revenues 1,577 2,004 Operating Costs (772) (1,130) Gross Profit 804 874 Gross Margin (%) 51% 44% Administrative Expenses (381) (369) Other Gains (Losses) (53) 85 Operating Gains (Losses) 371 590 Operating M
Slide 36: Consolidated Balance Sheet
4th Quarter 2024 Results Consolidated Balance Sheet (US$ millions) dic-24 dic-23 Consolidated Balance Sheet (US$ millions) dic-24 dic-23 Assets Liabilities Cash and Cash Equivalents 671 337 Other current financial liabilities 107 347 Other current financial assets 202 846 Lease liabilities, current
Slide 37: Investor Relations
aN iN MINERA VALPARAISO Investor Relations: ir@minera.cl Santiago, Chile March, 2025