Inversiones La Construccion Sa · BCS:ILC
Inversiones La Construccion Sa — Investor Presentation (December 2025)
55 slides from Inversiones La Construccion Sa's investor presentation, December 2025
Slide 1: Corporate Presentation December 2025
“BE LEADERS IN THE CONSTRUCTION OF SOCIAL AND ECONOMIC VALUE THAT IMPROVES PEOPLE'S QUALITY OF LIFE” Corporate Presentation December 2025 /2025DEC. /2025 DEC. 1
Slide 2: Disclaimer
DISCLAIMER Forward-looking statements are based on the beliefs and assumptions of ILC’s management, and on information currently available. They involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investo
Slide 3: Building Social and Economic Value: Financial Sector Growth and Demographics
BUILDING SOCIAL AND ECONOMIC VALUE: FINANCIAL SECTOR GROWTH AND DEMOGRAPHICS 1. ILC: HISTORY, STRATEGY AND MAIN ADVANCES Sustained Growth and Returns Over Time 2. ZOOM-IN BY DIVISION Current phase: Growth in the Financial Sector 3. CLOSING REMARKS Strategic plan and 2030 goals DEC. /2025 3
Slide 4: ILC at a Glance
CHAPTER ILC AT A GLANCE 01 DEC. /2025 4
Slide 5: ILC: Our Origins
ILC: OUR ORIGINS Origins 1980 ILC was founded over 45 years ago, when the Chilean Chamber of Construction (CChC) decided to create companies focused on health and social security, with the primary goal of improving social security for construction workers and their families. Recurring Net Profit 100
Slide 6: Consolidating Our Presence in Four Industries and Three Countries
CONSOLIDATING OUR PRESENCE IN FOUR INDUSTRIES AND THREE COUNTRIES Z Banking Annuities Pensions Health DEC. /2025 6
Slide 7: ILC at a Glance
Lean structure under leading position in ILC AT A GLANCE financial and health sectors Listed at Santiago Risk Ratings Stock Exchange & IPSA Member Float International: Local: 67.8% 32.2% BBB+ AA+ FINANCIAL SECTOR HEALTH SECTOR Pension Fund Managers Life Insurance Bank Hospitals, Outpatient and Manda
Slide 8: ILC in Numbers
ILC IN NUMBERS +400 th pensioners 1.1 million Health policyholders 5.5 +5 million million Medical consultations performed Second largest manager of pension Pension fund funds in the Andean members Region 100 th Largest private health USD 98.6 bn. Assets under insurer and healthcare Surgeries perform
Slide 9: This Has Been Driven by Our 5 Pillars Strategy
THIS HAS BEEN DRIVEN BY OUR 5 PILLARS STRATEGY DEC. /2025 9 9
Slide 10: Our Fundamental Pillars to Achieve Growth
OUR FUNDAMENTAL PILLARS TO ACHIEVE GROWTH CONSISTENCY PROFITABILITY SUSTAINABILITY Our Propose: Be leaders in the construction of social and economic value, that improves people’s quality life SOLVENCY FLEXIBILITY DEC. /2025 10
Slide 11: Presence in Industries That Exceed GDP Growth
PRESENCE IN INDUSTRIES THAT EXCEED GDP GROWTH Growth CAGR 1995-2005 CAGR 2005-2015 CAGR 2015-2025 BANKING(1) Total Loans 12.4% 12.5% 6.4% ANNUITIES 16.1% 10.1% 8.4% AUM Life Insurance Industry PENSIONS 14.0% 11.1% 6.9% AUM Life Insurance Industry HEALTH Current Health Expenditure 8.9%(2) 11.3% 10.6%
Slide 12: Consistent Growth and Diversification Since Our IPO
CONSISTENT GROWTH AND DIVERSIFICATION SINCE Growth OUR IPO 2012 Sept. 2025 Assets Ch$ bn 1,055 17x 17,682 AUM US$ bn 21.1 5x 98.6 Equity Ch$ bn 428 3x 1,219 Profit(1) Ch$ bn 83 3x 224 Beneficiaries mn 3.9 2,5x 9.8 Industries 2 4 DEC. /2025 FX: 950 Ch$/US$ (1) September 2025 LTM Source: ILC 12
Slide 13: Consistent Returns Over Time and Double Digit ROAE
CONSISTENT RETURNS OVER TIME AND DOUBLE DIGIT ROAE Profitability PROFIT AND ROAE ILC 18.4% 14.3% 14.5% 49.6% 18.3% 13.8% 12.0% 10.8% 10.6% 17.0% 19.6% 14.0% 19.2% Ch$ bn. Extraordinary Profit Recurrent Profit 222.8 23.5 223.8 12.3 182.6 21.9 146.6 148.2 72.5 105.9 90.3 91.0 86.5 88.4 62.5 69.2 71.9
Slide 14: Consistent and Attractive Dividend Yield
CONSISTENT AND ATTRACTIVE DIVIDEND YIELD Profitability DIVIDENDS PER SHARE AND DIVIDEND YIELD ILC 2013 -2025 Ch$ 750 ILC’s Average Dividend 631 650 Yield 600 600 2013-2024 518 449 450 19.8% 450 7.6% 370 350 330 8.3% 8.6% 223 7.9% 7.0% 11.7% 7.1% Distributed since IPO 5.6% 6.1% 5.4% 5.0% 2.7% 4.0% 4.
Slide 15: Profit Diversification: New Industries & Geographies
PROFIT DIVERSIFICATION: NEW INDUSTRIES & Flexibility GEOGRAPHIES ILC’s Recurring Profit(1) Contribution by Subsidiary (2012) Pensions Financial 3.7% 79.3% 16.2% Health 0.7% Profit Growth 2012- 2025 (Sept LTM) 2.7x ILC Recurring Profit(2) Contribution by Subsidiary (Sept. 2025 LTM) 24.3% 7.3% 30.9% 1
Slide 16: New Sources of Funding: Access to International Debt Market
NEW SOURCES OF FUNDING: ACCESS TO INTERNATIONAL DEBT MARKET Solvency 2012 Sept. 2025 Domestic Banks US Capital Domestic Banks US Capital Market Market 2 Credits 144A-Reg S Credits UF 2.8 MM. US$ 300 MM. N/A Rate: UF + 3.5%(1) Rate: USD + 5.0% Local Capital Local Capital Foreign Private Foreign Priva
Slide 17: Continuous Improvement in Risk Ratings at ILC and Subsidiaries
CONTINUOUS IMPROVEMENT IN RISK RATINGS AT ILC AND SUBSIDIARIES Solvency ILC’s CREDIT RATINGS ILC’s SUBSIDIARIES CREDIT RATINGS 2015 2022 2025 2015 2020 2025 AA- AA AA+ AA+ AA+ AA+ LOCAL A- AA-- AA AA+- AA+- AA+ - A- AA - BBB+ BBB+ A- A A+ INTER. A+ AA- AA- - BBB BBB+ DEC. /2025 Source: ILC 17
Slide 18: Well-Managed Debt Maturity and Liquidity Position
WELL-MANAGED DEBT MATURITY AND LIQUIDITY POSITION Solvency ILC (STANDALONE) AMORTIZATION SCHEDULE Ch$ bn. 300 100 269 75 30 50 13 9 9 27 25 15 15 15 15 24 27 13 0 5 5 5 5 5 5 5 8 8 8 8 8 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 BEILC-C BEILC-H BEILC-J BEIL
Slide 19: ESG Results Over Time: ILC Positioned 6th Globally in the Industry
ESG RESULTS OVER TIME: ILC POSITIONED 6th GLOBALLY IN THE INDUSTRY Sustainability EVOLUTION OF ILC’S DJSI SCORE(1) +71% ILC’s Entry into the 6th Place Yearbook Globally ILC’s Entry into the DJSI 96 99 74 74 77 63 45 31 16 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 DEC. /2025 Source: ILC,
Slide 20: By 2050, 3 out of 10 People in Chile Will Be Over 60
BY 2050, 3 OUT OF 10 PEOPLE IN CHILE WILL BE OVER +60Y ESTIMATE OF THE CHILEAN +60Y POPULATION MAIN PRIORITIES +60Y 32.1% 2.1x 6.9 MM HEALTH: 43% PRIORITY NO. 1 of the income of older for older people in households comes 17.2% Chile 2050 from retirement pensions 2020 3.3 MM 21% 69% of bank of the el
Slide 21: Zoom-in by Division
CHAPTER ZOOM-IN BY 02 DIVISION DEC. /2025 21
Slide 22: Banking
DEC. /2025 Banking © Banco . Internacional ILC
Slide 23: Banco Internacional: A Growth Story
BANCO INTERNACIONAL: A GROWTH STORY BANCO INTERNACIONAL LOANS EVOLUTION US$ bn. Commercial Consumer Mortgage Banco Internacional: 5.0x Industry: 1.9X 4.4 4.1 4% 10% 2.1 86% 2% 2% 0.9 96% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sept-25 ILC Acquisition Stake Increase Stake Increase 50.6% | P
Slide 24: Proven Growth Track Record
PROVEN GROWTH TRACK RECORD COMMERCIAL BANKING CLIENTS VALUE PROPOSITION 2.0X AND FUTURE OUTLOOK No. COMMERCIAL BANKING CLIENTS 1. Deepening Sectoral Expertise 8,082 8,702 5,605 6,884 2. Capitalizing on Market Consolidation 4,351 3. Speed and Flexibility 2016 2021 2023 2024 Sept-25 RETAIL BANKING CLI
Slide 25: Auto Finance Opportunities in a Growing Market
AUTO FINANCE OPPORTUNITIES IN A GROWING MARKET AUTOFIN LOAN PORTFOLIO INDUSTRY MARKET SHARE (SEPT-25) US$ MM. 1.9x(1) Global Eurocapital GM 3.1% Since acquisition 0.9% 5.7% Autofin Loans NPLs Autofin 368.1 7.9% 305.8 Tanner Forum 8.0% 39.6% 183.9 195.6 US$ 4.6 BK bn. 4.6% 10.6% 1.9% 2.4% 1.7% Santan
Slide 26: Establishing a Robust Funding Structure
ESTABLISHING A ROBUST FUNDING STRUCTURE FUNDING STRUCTURE SEPTEMEBER 2024 VS 2025 Ch$ bn. 5,384 4,770 9,4% In March 2025, the bank Two capital increases during Other issued UF 400,000 in 2025 liabilities 9,1% 12,3% subordinated bonds totaling Ch$28.5 billion Banks 10,8% 30,2% In April 2025, the Bank
Slide 27: Strong Collateral Coverage and Controlled Risk Indicators
STRONG COLLATERAL COVERAGE AND CONTROLLED RISK INDICATORS SOLVENCY RATIO – NPLs (% TOTAL LOANS) RISK INDEX(1) COLLATERAL COVERAGE BASEL III % Banco Internacional Industry 17.0% 16.9% 71.2% 69.0% 16.4% 2.6% 2.5% 2.5% 15.0% 2.4% 53.0% 53.0% 2.4% 2.4% 1.8% 1.9% Sept-24 Sept-25 Sept-24 Sept-25 Sept-24 S
Slide 28: Sustained Growth in Profit
SUSTAINED GROWTH IN PROFIT BANCO INTERNACIONAL PROFIT & ROAE MAIN TOPICS Ch$ bn. Profit ROAE 18.9% 18.2% • Enhanced organic growth driven by 15.8% 14.9% digital expansion 13.9% 13.0% • Adding inorganic opportunities and 11.9% strategic partnerships 10.8% • Diversified business model across 55.4 mult
Slide 29: Annuities
DEC. /2025 Annuities confuturo ILC
Slide 30: Strong Demand for Annuities
STRONG DEMAND FOR ANNUITIES ANNUITY RATE VS PROGRAMED WITHDRAWAL RATE Rate (%) Sept. 2025: 5% 3.54% 4% 3% Sept. 2025: 2% 2.89% 1% - 2018 2019 2020 2021 2022 2023 2024 2025 Programed Withdrawal Rate Annuity Rate % ANNUITY VS PROGRAMED WITHDRAWAL PREFERENCE 100% 80% Sept. 2025: 60% 35.0% 40% Sept. 202
Slide 31: Annuity Industry: Growth Potential to 2030
ANNUITY INDUSTRY: GROWTH POTENTIAL TO 2030 ANNUITY PREMIUM PROJECTION 2025-2030 UF +6% UF MM. CAGR2025-2030 163 125 105 109 2023 2024 Sept. 2025 2025e 2026e 2027e 2028e 2029e 2030e LTM Demographic Factors Increase in Contribution Rate Reduction of Annuity Requirement Population +60 would Increase of
Slide 32: Growth in Investment Portfolio: Focus on Alternative Assets
GROWTH IN INVESTMENT PORTFOLIO: FOCUS ON ALTERNATIVE ASSETS CONFUTURO TOTAL AUM(1) AUM BY INVESTMENT CLASS(1) Leasing 10% Real Estate Foreign Fixed Income 1.9x 17% 6% Local and Foreign Funds 2% Alternative Investments 10,3 2015 Others 9,8 6% 8,3 26% Local Fixed 26% Income 59% 6,5 24% 5,4 14% Foreign
Slide 33: Efficient Operating Model, Portfolio Emphasizing Alternative Investment
EFFICIENT OPERATING MODEL, IN A PORTFOLIO THAT EMPHASIZES ALTERNATIVE INVESTMENT ANNUITY SALES RATE AND CONFUTURO INVESTMENT RATE AND SG&A OVER AUM(1) INVESTMENT RATE: % Sales Rate Investmet Rate SG&A / AUM 6% 1. Portfolio with emphasis on alternative investments 5% 2. Search for economic value, 170
Slide 34: Focus on Direct Sales Channel and Enhancing Cost Efficiency
FOCUS ON DIRECT SALES CHANNEL AND ENHANCING COST EFFICIENCY ANNUITIES SOLD BY CHANNEL SG&A AND SG&A OVER AUM(1) % Ch$ bn. 1.14% 1.08% 1.01% 1.06% 0.96% 1.00% 31% 29% 31% 41% 0.77% 0.57% 59% 0.42% 0.43% 0.38% 0.38% 73% 47% 50% 44% 41.2 34% 37.7 36.2 35.9 37.1 33.0 28% 9% 25% 22% 21% 26% 18% 13% 2015
Slide 35: Sustained Generation of Results Over Time
SUSTAINED GENERATION OF RESULTS OVER TIME CONFUTURO PROFIT & ROAE Ch$ bn. MAIN TOPICS 26.7% 26.0% • Continue increasing portfolio leveraged in a growing industry • Investment portfolio focused on alternative assets 133.1 14.6% 15.1% • Operational leverage: revenues growth with 122.7 12.4% current st
Slide 36: Pensions
DEC. /2025 Vg cco 8 Pensions HABITAT “Ate.aaisA Gos
Slide 37: Regional Model for Mandatory and Voluntary Savings
REGIONAL MODEL FOR MANDATORY AND VOLUNTARY SAVINGS AFP HABITAT & AAISA AUM US$ bn. BUSINESS SEGMENTS 2025 4.0x 83.7 0.5 0.1 5.1 AFP 4.0 17.5 3.0 16.0 10.2 ASSET 60.6 0.0 47.6 53.4 MANAGER 21.1 23.6 LIFE 2012 2013 2019 2024 Sept-25 INSURANCE AFFILIATES(1) 2.1x MM People HOLDING 4.5 1.0 1.0 1.0 4.6 MM
Slide 38: Growth in Voluntary Savings in the Andean Region
GROWTH IN VOLUNTARY SAVINGS IN THE ANDEAN REGION ASSET MANAGERS AUM US$ MM Prudential AGF Prudential SAF • +1,300 clients 11.1x • 5 Mutual Funds and 1 Investment Fund 252.7 66.4 161.7 • +1,700 clients 46.4 • 8 Mutual Funds: Fixed Income, Equities, and Balanced 80.6 186.2 • Voluntary Pension Savings
Slide 39: Stability at AFP Habitat Chile and Increasing Relevance of AAISA
STABILITY AT AFP HABITAT CHILE AND INCREASING RELEVANCE OF AAISA EVOLUTION OF AFP HABITAT CHILE’S PRE-TAX EARNINGS AND LEGAL RESERVE RETURN Ch$ bn. MAIN TOPICS 136.2 144.7 149.6 150.6 117.2 119.4 118.5 132.9 • Consolidation in the Andean Region • Focus on increasing taxable income per contributor an
Slide 40: Pension System Regulatory Changes in Chile
PENSION SYSTEM REGULATORY CHANGES IN CHILE CURRENT SITUATION PENSION REFORM (MAIN CHANGES) • PGU of Ch$ 250,000(1) • Individual Pillar: • State contribution of Ch$ 214,296 to the poorest 90% (PGU)(1) o 10% of the taxable salary, paid by the employee • Mandatory: 10% of gross salary, charged to the o
Slide 41: Health
Z Health DEC. /2025 41
Slide 42: Our Healthcare Model
OUR HEALTHCARE MODEL Patients 2.7 MM 9 • Largest private network in Chile Hospitals • Close relationship with the public insurer • Relevant size in inpatient, 885 outpatient and dental Beds 654 th 466 th Beneficiaries Beneficiaries • Know-how in individual and • Know-how in group health supplementar
Slide 43: RedSalud 2015–2025: Network Consolidation and Sustained Revenue Growth
REDSALUD 2015–2025: NETWORK CONSOLIDATION AND SUSTAINED REVENUE GROWTH Ch$ bn. REDSALUD’S REVENUE EVOLUTION REVENUE BREAKDOWN BY INSURER 3x CAGR: +11% Out of pocket and others Isapre 17% 34% Sept. 2025 LTM Fonasa 49% 810 of patients are 281 +60% covered by Fonasa 2015 2016 2017 2018 2019 2020 2021 2
Slide 44: 2015-2025: RedSalud
2015- 2025: REDSALUD PHASE 1 PHASE 2 PHASE 3 PHASE 4 REDESIGN OF CONSOLIDATION OF THE HEALTH NETWORK MEDICAL INSTITUCIONAL NETWORK THE NETWORK ROADMAP ORGANIZATION CONSOLIDATION BUSINESS EBITDA Y MARGEN EBITDA REDSALUD Ch$ bn. EBITDA EBITDA Margin 95.0 87.0 75.6 76.7 71.9 46.4 41.1 37.0 34.9 27.2 31
Slide 45: RedSalud 2025-2030 Strategy
REDSALUD 2025-2030 STRATEGY o Complete the National Network o Comprehensive Health Model o New business models and Institutional, o Institutional Medical Model revenue diversification Growth and Comprehensive, o Strengthening of the quality and o Referral and capture within the completion of the and
Slide 46: RedSalud Investment Plan
REDSALUD Activity Capture 2025 – 2030 INVESTMENT Complexity and Positioning PLAN Patient and Physician Experience Real Estate Opportunities Geographic Coverage CAPEX: Ch$150-200 bn. DEC. /2025 Source: RedSalud 46
Slide 47: RedSalud Geographic Coverage
REDSALUD GEOGRAPHIC COVERAGE REGIONAL REDSALUD INFRAESTRUCTURE 9 Hospitals 26 Medical 45 Dental PRESENCE Centers Centers Arica Tarapacá Antofagasta 885 251 1,136 Beds ICU/UTI Outpatient Atacama Consulting Rooms Coquimbo Valparaíso Metropolitan 119 552 Oncology O´Higgins Emergency Dental Chairs Netwo
Slide 48: Recovery of the Average Monthly Contribution in Consalud
RECOVERY OF THE AVERAGE MONTHLY CONTRIBUTION IN CONSALUD CONSALUD AVERAGE MONTHLY CONTRIBUTION Loss Ratio 86.1% 89.3% 97.3% 103.8% 97.4% 86.3% 88.1% 85.7% 81.7% Aug-23 Oct-24 UF GES Price Payment Plan Increased and Cancellation Jan-24 May-24 Sept-24 Extraordinary Single Factor Premium GES Price Prom
Slide 49: Stable Recurrent Profit Following Approval of the Payment Plan
STABLE RECURRENT PROFIT FOLLOWING APPROVAL OF THE PAYMENT PLAN AND REDUCED MEDICAL LEAVE COSTS Ch$ bn. CONSALUD PROFIT EVOLUTION 7.8 7.1 6.5 9.7 6.9 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 (5.2) (6.2) (18.3) (13.8) Accounting Total Liability Superintendency Short Isapres approved the Law (net of (31
Slide 50: Vida Cámara: Anticipating Changes in the Health Insurance Industry
VIDA CAMARA: ANTICIPATING CHANGES IN THE HEALTH INSURANCE INDUSTRY VIDA CÁMARA BENEFICIARIES VIDA CÁMARA INDIVIDUAL BENEFICIARIES Th. Th. 2.8x Other +62% Patients insured under RedSalud agreements 3 634 654 2 2 33 47 3 2 43 529 2 34 2 27 31 17 2 19 24 2 12 15 2 2 6 404 1 373 2 Dec. March June Sept.
Slide 51: Closing Remarks
CHAPTER CLOSING 03 REMARKS DEC. /2025 51
Slide 52: Strategic Plan and 2030 Goals
STRATEGIC PLAN AND 2030 GOALS Organic growth Strengthening Organic growth leveraging market Potential 4th market healthcare network opportunities coverage Enhancing individual Scale up retail Pursuit of higher Voluntary savings offerings and collective banking and products investment spreads insuran
Slide 53: ILC 2025 and 2030
ILC 2025 AND 2030 CAGR > 10% CAGR < 10% 12.0% 10.7% 31.6% Sept. 2025 LTM 2030 14.7% Pensions 30.9% Financial Health CAGR > 15% Others Accelerated growth in the financial sector and opportunities in healthcare DEC. /2025 Source: ILC 53
Slide 54: Accelerated Growth in the Financial Sector and Opportunities in Healthcare
ACCELERATED GROWTH IN THE FINANCIAL SECTOR AND OPPORTUNITIES IN HEALTHCARE ILC PROFIT Recurrent Profit Extraordinary Profit 2030 Ch$ bn. 2x Recurrent Profit Ch$ 350 - 400 bn. Average Average 184,9 101.4 ROE Average 69.0 223.8 ~15% CAGR 2025 – 2030 2016 2017 2018 2021 2013 2014 2015 2019 2020 2022 20
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Inversiones La Construcción S.A. (ILC) — Investor Presentation (December 2025) on 6ix