Colbun Sa · BCS:COLBUN
Colbun Sa — Santander Andean Conference 2025
23 slides from Colbun Sa's conference presentation, October 2025
Slide 1: Santander Andean Conference
SANTANDER ANDEAN CONFERENCE October 2025
Slide 2: Colbun at a Glance: Leading generation company in Chile and Peru
COLBUN AT A GLANCE Leading generation company in Chile and Peru GEOGRAPHIC FOOTPRINT INTERNATIONAL RATINGS OWNERSHIP (%) 5,037 MW Installed capacity 10% Matte Group S&P: BBB : Stable 4,465 MW 572 MW 19% Others Fitch: BBB+ : Stable 50% Pension Funds Moody’s: Baa2 : Stable 21% Angelini Group 57% 43% R
Slide 3: System Overview: Unique position in attractive markets with high growth potential
SYSTEM OVERVIEW Unique position in attractive markets with high growth potential INSTALLED CAPACITY LTM GENERATION DEMAND GROWTH MARGINAL COST (GW) (GWh) (12 months average %) (US$/MWh) 4% Alto Jahuel Hydro 200 Crucero 4% Puerto Montt 3% 150 23% 30% Coal 112 2% 100 105 SEN Natural Gas 62 37.8 GW 85,
Slide 4: Hydro conditions in Chile
SYSTEM OVERVIEW Hydro conditions in Chile CURRENT HYDROLOGICAL YEAR (APR 25 - SEPT 25) COLBUN RESERVOIR LEVEL (m.a.s.l) 2021 2022 2023 2024 Accumulated Rainfalls 2025 Max Min (mm) vs vs 437 Avg. Year 5-Year Avg. 425 199 Aconcagua 252 mm 239 mm MW -31% +6% 397 1,198 mm 1,708 mm 660 Maule -40% -30% Ja
Slide 5: Strategic Agenda progress during 2025
STRATEGIC AGENDA UPDATE Strategic Agenda progress during 2025 We transform energy, in balance with the planet to boost your projects and dreams. Core business Expanding our limits New businesses Asset Renewable Customers Energy Growth and Water Green optimization solutions + international Water ener
Slide 6: Attractive pipeline of renewable projects
PIPELINE OF PROJECTS Attractive pipeline of renewable projects 660 MW 638 MW PROGRESS 456 MW 2,929 MW PROGRESS Construction Environmentally Environmentally Feasibility STAGE approved STAGE approved 778 MW 833 MW 800 MW Preliminary Feasibility1 Suspended studies Inti Pacha 1.7 GW 0.4 GW 925 MW PV + H
Slide 7: BESS projects under construction
PIPELINE OF PROJECTS BESS projects under construction BESS CELDA SOLAR CAPEX INSTALLED STORAGE ESTIMATED BATTERY SUPPLIER 33% CAPACITY HOURS COD US$ 260 MM 228 MW 4 HOURS 4Q26 BESS DIEGO DE ALMAGRO SUR CAPEX INSTALLED STORAGE ESTIMATED BATTERY SUPPLIER 2% CAPACITY HOURS COD US$ 206 MM 228 MW 4 HOURS
Slide 8: Leveraging solid financial position to fund strategic projects
FINANCIAL RESULTS Leveraging solid financial position to fund strategic projects CONSERVATIVE DEBT PROFILE NEW 144A ISSUANCE Deal Size US$ 5.8 100% US$ 500 mm 2.4 bn 4.2% years USD 85% Tenor 10-Year Consolidated Average Average Composition Fixed Interest Financial Debt Interest Rate Rate Coupon Life
Slide 9: Santander Andean Conference
SANTANDER ANDEAN CONFERENCE October 2025
Slide 10: Marginal costs in Chile
ANNEX Marginal costs in Chile 1. AVERAGE HOURLY MARGINAL COSTS 2. GENERATION VS COMMITMENTS AS OF JUN-25 Jan25 - Jun25 1 Crucero TWh 24 hr 2 CRUCERO (USD/MWh) (USD/MWh) Gx 0.7 0.4 0.3 Early morning Day Night 1H25: 59 PPAs 2.3 1.1 1.3 1H24: 49 Balance -1.7 -0.7 -1.0 140 2 120 TWh/year 24 hr JAHUEL AL
Slide 11: Horizonte wind farm
ANNEX Horizonte wind farm COMMERCIAL OPERATION DATE TRANSMISSION LIMITATIONS ▪ The area has faced constraints in evacuating energy from renewable projects 02/06 02/09 ▪ In the short term, the replacement of transformers at the Horizonte Norte Horizonte Sur Nueva Zaldivar substation will enable a cap
Slide 12: Our generation assets
ANNEX Our generation assets 2025 INCIDENTS SANTA MARÍA RUCÚE • 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 wear plates and upper cover, as to seize part of major maintenance activitie
Slide 13: Fuel availability
ANNEX 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 covered by interruptible Argentine
Slide 14: PPAs fully backed by Colbún's own generation (TWh) - Chile
ANNEX PPAs fully backed by Colbún’s own generation (TWh) - Chile 14.0 Ensuring generation units 11.9 availability and reliability 12.0 11.6 11.0 10.2 10.0 9.8 Gas Maintenance optimization considering 8.0 Coal the system’s and Colbún’s conditions Wind 6.0 Solar Hydro Preparation, flexibility and cont
Slide 15: Attractive, diversified and long-term contracts
ANNEX Attractive, diversified and long-term contracts FOCUS ON UNREGULATED CLIENTS CREDITWORTHY OFFTAKERS ✓ Renewable Energy 24/7 ✓ Consumption profile ✓ Demand certainty ✓ Bilateral contracts 8 ~80 24% 1001 years Energy of the energy average Solutions for mining is USD/MWh life Agreements supplied
Slide 16: Commercial business opportunities
ANNEX Commercial business opportunities 1. REGULATED AUCTIONS 2. EVOLUTION OF REGULATED SUPPLY AUCTIONS Two tenders for regulated clients underway 79.3 1. Tender 2025/01 80 56.6 60 47.6 4 3 4 US$/MWh 37.4 40 32.5 Years Time Zonal 23.8 supply period blocks blocks 20 2. Exceptional Tender to cover 202
Slide 17: 2Q25 Results
ANNEX 2Q25 Results CONSOLIDATED US$141 million EBITDA -8% 2Q25 vs. 2Q24 US$ 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$ millio
Slide 18: 1H25 Results
ANNEX 1H25 Results CONSOLIDATED US$319 million EBITDA +6% 1H25 vs. 1H24 US$ million 40 36 125 450 49 67 28 25 300 261 277 150 0 1H24 Unregulated Coal Regulated Gas Spot Market Transmission Others 1H25 Customers Consumption Customers Consumption Balance Tolls Sales Sales US$ million 80 11 2 21 60 12
Slide 19: Proven performance track record and solid financial position
ANNEX Proven performance track record and solid financial position 1. EBITDA & EBITDA MG (US$ million & %) 2. CAPEX 1 & CASH POSITION (US$ million) EBITDA Maintenance CAPEX EBITDA Mg 1,50 0 1,419 Growth CAPEX 900 60% 1,154 Cash 42% 1,031 800 39% 41% 50% 36% 36% 700 1,00 0 600 40% 775 788 500 30% 471
Slide 20: 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 21: Boom of BESS Storage in Chile
ANNEX Boom of BESS Storage in Chile ENERGY STORAGE SYSTEMS UNDER EXECUTION JUL25 (MW) 1,105 801 Operation Testing 5,765 12,863 Under Construction MW 3,192 Declared Under Construction Under Environmental Studies >2,000 1Declared Under Construction 21
Slide 22: 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 23: Regulatory Framework Challenges
ANNEX Regulatory Framework Challenges Permitting Decarbonization Climate Change Green Hydrogen Bidding market Distribution Plan Adaptation and Desalination 23