Slide 1: BTG Investment Meeting 4Q25 Colbún
BTG INVESTMENT MEETING 4Q25 COLBÚN February 2026
Slide 2: Agenda
AGENDA Pipeline Financial Annex 1. Business profile 2. of 3. Results 4. projects 2
Slide 3: Business Profile
Se ACENDA “Colour BUSINESS PROFILE ©
Slide 4: Unique position in attractive markets with high growth potential
BUSINESS PROFILE Unique position in attractive markets with high growth potential INSTALLED CAPACITY 2025 GENERATION DEMAND GROWTH MARGINAL COST (GW) (GWh) (12 months average %) (US$/MWh) 200 Alto Jahuel 4% 4% Crucero 24% Hydro 150 Puerto Montt 15% 3% Solar 100 SEN 2% Wind 73 39.2 GW 85,529 50 38 Co
Slide 5: Hydro conditions in Chile
BUSINESS PROFILE Hydro conditions in Chile CURRENT HYDROLOGICAL YEAR (APR 25 - MAR 26) COLBUN RESERVOIR LEVEL (m.a.s.l) 2021 2024 2025 Max Min Accumulated 437 Rainfalls vs vs 437 (mm) 432 Avg. Year 5-Year Avg. 428 199 Aconcagua -32% +7% MW 275 mm 397 Maule Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Slide 6: Colbun's Generation–PPA Balance
BUSINESS PROFILE Colbun’s Generation–PPA Balance COLBUN’S GENERATION AND COMMITMENTS ▪ Lower hydro output due to less favorable hydrological conditions 14.0 (TWh) ▪ Horizonte Wind Farm generation below 11.6 11.9 12.0 expected levels, mainly due to lower wind 11.0 resource during winter months, on-si
Slide 7: Colbun's contractual position by zone
BUSINESS PROFILE Colbun’s contractual position by zone 1. AVERAGE HOURLY MARGINAL COSTS 1 2. GENERATION VS COMMITMENTS AS OF DEC-25 24 hr 2 Crucero TWh (USD/MWh) (USD/MWh) Gx 2.1 1.0 1.0 Early morning Day Night 2025: 49 PPAs 4.8 2.0 2.7 2024: 51 Balance -2.7 -1.0 -1.7 120 2 100 TWh/year 24 hr Alto J
Slide 8: Pipeline of Projects
AGENDA 2. PIPELINE OF PROJECTS 8
Slide 9: Attractive pipeline of renewable projects
PIPELINE OF PROJECTS Attractive pipeline of renewable projects HIGHLIGHTS HIGHLIGHTS Bayovar: EIA approved (1Q25) BESS Chaca (Ex-Celda Solar): 70% progress achieved Algarrobal: EIA approved (4Q25) BESS Diego de Almagro Sur: 14% progress achieved Don Eduardo S/S (Ex-Llullaillaco): Construction starte
Slide 10: Financial Results
AGENDA 3. FINANCIAL RESULTS 10
Slide 11: 2025 Results
FINANCIAL RESULTS 2025 Results CONSOLIDATED US$609 million EBITDA -5% Q/Q US$ million 187 66 558 67 79 522 28 23 10 Dec-24 Spot Market Transmission Tolls Others 1 Thermal Unregulated Regulated Coal Consumption Dec-25 Balance Generation Customers Sales Customers Sales US$ million 16 2 38 25 3 84 86 D
Slide 12: Proven performance track record and solid financial position
FINANCIAL RESULTS Proven performance track record and solid financial position 1. EBITDA & EBITDA MG (US$ million & %) 2. CAPEX 1 & CASH POSITION (US$ million) EBITDA CAPEX 900 EBITDA Mg 60% 1,419 Cash 1,154 800 39% 41% 38% 50% 1,031 36% 36% 700 600 40% 883 500 775 522 30% 763 714 400 642 609 343 52
Slide 13: Leveraging solid financial position to fund strategic projects
FINANCIAL RESULTS Leveraging solid financial position to fund strategic projects CONSERVATIVE DEBT PROFILE 2025 Financial Highlights US$ 4.3% 5.6 US$ 2.4 bn 4.3% 5.6 years 100% 76% • Colbun acquired the remaining 41% stake in 2.4 bn years USD Fenix Power. AUG • Transaction financed with a US$50 mill
Slide 14: BTG Investment Meeting 4Q25 Colbún
BTG INVESTMENT MEETING 4Q25 COLBÚN February 2026
Slide 15: Leading generation company in Chile and Peru
ANNEX - COLBUN AT A GLANCE Leading generation company in Chile and Peru GEOGRAPHIC FOOTPRINT INTERNATIONAL RATINGS OWNERSHIP (%) 5,034 MW Installed capacity 10% Matte Group S&P: BBB : Stable 18% Others 4,462 MW 572 MW Fitch: BBB+ : Stable 50% Pension Funds Moody’s: Baa2 : Stable 22% Angelini Group 5
Slide 16: Strategic Agenda progress during 2025
ANNEX - STRATEGIC AGENDA UPDATE Strategic Agenda progress during 2025 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 Profitable & International
Slide 17: Attractive, diversified and long-term contracts
ANNEX - STRATEGIC AGENDA UPDATE Attractive, diversified and long-term contracts FOCUS ON UNREGULATED CLIENTS CREDITWORTHY OFFTAKERS ✓ Renewable Energy 24/7 ✓ Consumption profile ✓ Demand certainty ✓ Bilateral contracts 7 ~80 24% 80-90 years Energy of the energy USD/MWh average Solutions for mining i
Slide 18: Power plants availability
ANNEX - 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
Slide 19: Fuel availability
ANNEX - BUSINESS PROFILE Fuel availability 2025 CONTEXT 2026 STRATEGY ▪ Gas availability was mostly covered by interruptible Argentine gas ▪ For 2026, Colbún is implementing a more flexible and diversified gas supply strategy: ▪ Gas availability from Argentina remained constrained during the winter
Slide 20: Horizonte Wind Farm
ANNEX - BUSINESS PROFILE Horizonte Wind Farm ACCUMULATED GENERATION PROFILE 2025 (TWh) TRANSMISSION LIMITATIONS 28/07 COD 1,800 approved MW 02/06 COD Horizonte approved Horizonte Sur 1,000 1,065 MW MW Norte 650 MW 1.2 11/2025 05/2026 2028 1.0 0.9 0.8 0.7 0.5 0.4 0.3 0.3 0.2 0.1 1 2 3 Jan Feb Mar Apr
Slide 21: 4Q25 Results
ANNEX - FINANCIAL RESULTS 4Q25 Results CONSOLIDATED US$165 million EBITDA -5% Q/Q US$ million 17 4 2 1 5 7 5 4 149 143 4Q24 Gas Transmission Other Expenses, Spot Market Regulated Other Unregulated Others 4Q25 Consumption Tolls by Nature 1 Balance Customers Operating Customers Sales Income Sales US$
Slide 22: 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 23: 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 24: Regulatory Framework Challenges
ANNEX Regulatory Framework Challenges Permitting Decarbonization Climate Change Green Hydrogen Bidding market Distribution Plan Adaptation and Desalination 24