Empresa Nacional De Telecomunicaciones S.a. · BCS:ENTEL
Empresa Nacional De Telecomunicaciones — Investor Presentation (April 2026)
38 slides from Empresa Nacional De Telecomunicaciones's investor presentation, April 2026
Slide 1: Corporate Presentation
Empresa Nacional de Telecomunicaciones S.A. Corporate Presentation April 2026 Contact Information: Paula Raventós, Investor Relations Officer Ignacio Reyes, Investor Relations Sr. Analyst ir@entel.cl
Slide 2: Fragmented markets with strong postpaid weight and fixed internet services
Fragmented markets with strong postpaid weight and fixed internet services Industry Structure (Chile & Peru 2024 and LTM) Market Share by Operator 1 (%) Mobile & Fixed Industy Structure 2 (Millions) HHI M&F OECD Markets Concentration 3 (%) Entel Op.3 Op.5 Op.7 Others population of the country Op.2 O
Slide 3: Sustained Long Term Leadership in mobile Chile and now 2nd in Peru
Sustained Long Term Leadership in mobile Chile and now 2nd in Peru. Mobile services revenue share and postpaid market share (Chile and Peru) Mobile Services Revenue Share 1 (%) Postpaid Market Share 2 (%) Entel Op. 2 Op. 3 Op. 4 Entel Op. 2 Op. 3 Op. 4 41,5 38,4 40,2 40,7 42,1 40,8 41,4 41,7 Diff vs
Slide 4: Entel strengthens its position in revenue share within a competitive fixed industry in Chile
Entel strengthens its position in revenue share within a competitive fixed industry in Chile. Home B2C Fixed services revenue share and Fixed Market Share (Chile and Peru) Fixed Revenue Share 1 (%) Fixed Market Share 2 (%) Entel Op. 2 Op. 3 Op. 4 Op. 5 Op. 6 Op. 7 Op. 8 Entel Op. 2 Op. 3 Op. 4 Op. 6
Slide 5: Strong Mobile Growth in Both Countries, Fixed Gaining Momentum
Strong Mobile Growth in Both Countries, Fixed Gaining Momentum Mobile Postpaid Lines and Fixed Connections Growth (Chile and Peru). Mobile Postpaid Lines Growth (Ths.) Fixed Connections Growth (Ths.) Mobile Postpaid Lines Growth (Ths.) Entel Op. 2 Op. 3 Op. 4 Others Entel Op. 3 Op. 6 Others Entel Op
Slide 6: Our Proven Formula to Create Value
Our Proven Formula to Create Value Superior network and brand generate resilient results 3 ARPU & Churn Reflected in greater average revenue per unit (ARPU) and loyal customers, with a lower churn rate 1 Key Fundamentals 2 Brand Power and Satisfaction A robust network and obsession with Generate a c
Slide 7: Mobile Presence, Excellent Consistent Quality and Network Experience
Mobile Presence, Excellent Consistent Quality and Network Experience Consistent excellence across 4G & 5G, validated by OpenSignal 1 Key Fundamentals 4G and 5G Presence 1 (tests %) Excellent Consistent Quality (ECQ) 2 (tests %) Mobile Network Experience 3 (n° dimensions won) Entel Op. 2 Op. 3 Op. 4
Slide 8: Brand Power, Net Promoter Score and Awards in Quality
Brand Power, Net Promoter Score and Awards in Quality Recognized with awards, trusted by users, and reflecting in NPS 2 Brand Power and Satisfaction Awards in Quality, Brand and XP Mobile Brand Power (Points) Postpaid NPS 3 (n° dimensions won) Alco #1 in Customer Loyalty Awards for Home Internet & M
Slide 9: Entel's solid pricing strategy sustains ARPU growth, while Chile port-out stays half the industry
Entel’s solid pricing strategy sustains ARPU growth, while Chile port-out stays half the industry Port-out rate, Blended ARPU 3 ARPU & Churn Port-out Rate Postpaid Monthly average 1 (%) ARPU Mobile Services 2 (CLP for Chile, USD for Peru) Entel Industry ex. Entel Entel Op. 2 Op. 3 Op. 4 1Q25: Subtel
Slide 10: Significant growth in the base despite stiff competition
Significant growth in the base despite stiff competition Entel Chile fixed services Entel Chile Fixed Connections (thousands) Total Fixed Market Share 1 (%) TV Voice Broadband Entel Op. 2 Op. 3 Op.4 Op. 6 Op. 7 Op. 8 Others CAGR 21-25 +0,3% 908 39,1 898 868 861 828 96 -10,2% 35,6 148 126 101 107 30,
Slide 11: Peru Fixed Market
Peru Fixed Market Entel Peru signer an agreement with Wi-Net Telecom S.A.C. to deliver connectivity services via current and future fiber optic networks Market Share by Operator 1D (%) Fixed Internet Market Share 2 (%) Market Share by Technology 3 (%) Entel Op.3 Op.5 Entel Op.3 Op.5 Op.7 FTTx HFC Ot
Slide 12: Peru: FTTH Business Opportunity Remains
Peru: FTTH Business Opportunity Remains FTTH Market share and fiber penetration in Lima FTTH Market Share 1 (%) Home Fiber Penetration in Lima (%) Entel Op. 2 Op. 3 Op. 6 Op. 7 Others Connections Lima (ths): 1.556 1.643 1.697 1.751 1.801 31,4 53% 55% 56% 57% 30,6 29,8 48% 50% 29,6 29,2 29,1 37% 40%
Slide 13: Smart investment allocation sustains leadership while reducing capex intensity
Smart investment allocation sustains leadership while reducing capex intensity Investment Focused on Network Leadership (5G & 5G), Fiber Expansion in Chile and Accelerated Growth in Peru Consolidated CAPEX by country CLP $ Billion Chile Peru ECC 2025: +0,2% -4,2% • Mobile and FTTH Capex adjusted dow
Slide 14: Entel Group Investments Evolution Through the Years
Entel Group Investments Evolution Through the Years Capex Over Revenues, in each business (Chile and Peru), and EBITDA-Capex in Chile Business CAPEX / Total Revenues by country (%) EBITDAaL-Capex, excluding home internet business (%) Mobile Chile Home Chile Mobile Peru 4G deployment 4 years of extra
Slide 15: Entel in line with Global Telco operators CAPEX intensity benchmark
Entel in line with Global Telco operators CAPEX intensity benchmark CAPEX Benchmark/Total revenues of global telco operators LTM-25 (1) (%) Includes Strategic regulatory projects, equivalent to a spectrum tender, with a +0.5pp average impact for 26-28. 17,7% 15,4% Ø 15,0 Average 26-28P 2025 (1) CAPI
Slide 16: Snapshot of Entel Financials
Snapshot of Entel Financials Results as of December 2025 Organic Non-Organic Consolidated Revenues CAPEX Market Capitalization CLP 3.032 Bn (+9,7% vs 2024) CLP 457 Bn (15,1% / Revenues) CLP 1.018 Bn (+11,0% vs 2024) Org. Dividend / Revenues 2.765 477 917 Yield 2024 2024 2024 17.3% 9.67% 2023 2.573 2
Slide 17: Sustaining Strong Performance in Chile while Accelerating Growth in Peru
Sustaining Strong Performance in Chile while Accelerating Growth in Peru Revenue disclosure by country B2C B2B Consolidated Revenues (CLP $ Bn) Mobile Services Fixed TI - Digital Wholesale Mobile Services Handset Fixed Others 10% 15% +9.7% ∆ YoY 64 % 65% 22% 35% 35% Consolidated 3,032 176 23.4% Reve
Slide 18: Telecommunications industry in Chile and Peru is among the most competitive in the world
Telecommunications industry in Chile and Peru is among the most competitive in the world HHI M&F OECD Markets Concentration 1 (%) Avg. spectrum per operator (OECD) 2 (%) 3 Op. 4 Op. MHz currently undergoing 5,5 concession modification. population of the country 𝑃 < 35 𝑀𝑛 Slovenia 382 5,0 Latvia…
Slide 19: Industry consolidation is the path to sustainable returns
Industry consolidation is the path to sustainable returns Consolidation Outlook & International Precedents Comparison of profitability in 3-player markets vs. Chile 1 (%) Global Consolidation & Telefonica’s LatAm Strategy 2 2024 2022 Acquisition of Oi by Claro, Vivo, and TIM. Number of Operators: 3
Slide 20: Regulatory impact on the Chilean Telecom Industry
Regulatory impact on the Chilean Telecom Industry A timeline of policy shifts and their financial consequences Introduction of Regulatory Burdens Financial Distress • While some price controls on fixed-line services were lifted, this • The cumulative effect of these policies has resulted in signific
Slide 21: Industry consolidation: Brazil Case
Industry consolidation: Brazil Case Consolidation Outlook & International Precedents Op. 1 Ebitda margin before and after (%) Op. 2 Ebitda margin before and after (%) Op. 3 Ebitda margin before and after (%) +2,5% +0,2% +4,4% 51% 44% 49% 41% 42% 40% 2020 2025 2020 3Q25 LTM 2020 2025 Mobile ARPU (USD
Slide 22: Focused strategy to capture value in a complex environment
Focused strategy to capture value in a complex environment Entel Group’s Strategy Overview for 3-5 Year Horizon Mobile Mobile Fiber Connectivity Digital B2C Maintain leadership in Grow Peru's mobile Grow in FTTH both in Increase profitability in Take Digital Business Adjacencies Mobile Business in C
Slide 23: Table of Contents
Table of Contents 1. Snapshot 2. Macro & Industry Overview 3. Strategic Deep Dive 4. Results 39
Slide 24: Solid mobile growth and steady fiber expansion amid strong competitive pressure
Solid mobile growth and steady fiber expansion amid strong competitive pressure Evolution of Mobile Subscribers and Fixed RGUs Mobile Users Ths. Fixed RGU’s 1 Ths. Prepaid Postpaid HFC Fiber & TV OTT 1Q25: Subtel Base Cleanup 2Q25: Portability and Biometric Regulation +0.9% -4.1% YoY% CAGR % +15.6%
Slide 25: Entel maintains strong revenue growth, despite industry conditions
Entel maintains strong revenue growth, despite industry conditions Revenue and EBITDA in the Last 5 Years in Chile Revenue by Business (CLP $ Billion) EBITDA, EBITDA Mg. & EBITDAaL Mg. (CLP $ Bn, %) EBITDAaL - CAPEX (%) Mobile Services Fixed Non-organic Org. EBITDA Org. EBITDA Mg. Org. EBITDAaL - CA
Slide 26: Entel leads internet growth in a concentrated slow-growing industry
Entel leads internet growth in a concentrated slow-growing industry Fiber-to-the-home (FTTH) FTTH-industry connection growth in Chile, by operator 1 Thousands Entel Op. 2 Op. 3 Op. 4 Op. 5 Op. 6 Op. 7 Others 89 102 79 44 66 42 49 3 12 63 1 0 23 1 3 40 28 0 39 7 26 39 17 21 34 1 5 6 59 9 1 5 1 0 2 4
Slide 27: Solid mobile growth and steady fiber expansion amid strong competitive pressure
Solid mobile growth and steady fiber expansion amid strong competitive pressure Evolution of Mobile Subscribers and Fixed RGUs Mobile Users Ths. Fixed RGU’s 1 Ths. Prepaid Postpaid HFC Fiber & TV OTT 1Q25: Subtel Base Cleanup 2Q25: Portability and Biometric Regulation +0.9% -4.1% YoY% CAGR % +15.6%
Slide 28: Entel Peru: Positive revenue expansion and slight growth in EBITDA
Entel Peru: Positive revenue expansion and slight growth in EBITDA Revenue and EBITDA in the Last 5 Years In Peru Revenues by Business (CLP $ Billion) EBITDA, EBITDA Mg. & EBITDAaL Mg. (CLP $ Bn, %) EBITDAaL- CAPEX (%) Mobile Services Fixed Non-organic Org. EBITDA Org. EBITDA Mg. Org. EBITDAaL - CAP
Slide 29: Achieving Continuous Growth in Postpaid Despite High Competition
Achieving Continuous Growth in Postpaid Despite High Competition Voice Connections in Mobile postpaid Industry, Peru. Net share growth mobile postpaid Connection Industry Peru 1 Ths. Entel Op. 2 Op. 3 Op. 4 561 428 477 105 447 422 271 138 162 101 181 353 149 176 60 14 216 100 129 40 177 102 129 73 2
Slide 30: EBITDA & Net Income grows, given business performance and non-recurring effects
EBITDA & Net Income grows, given business performance and non-recurring effects Consolidated EBITDA, EBITDAaL and Net Income EBITDA & EBITDA Mg. (Cons.) (CLP $ Billion) EBITDAaL & EBITDAaL Mg. (Cons.) (CLP $ Bn, %) Net Income (Cons.) (%) EBITDA Non-Organic Org. EBITDA Mg. EBITDAaL Non-Organic Org. E
Slide 31: Mobile margin is 'affected' by an increased mix of devices with lower unit margins
Mobile margin is 'affected' by an increased mix of devices with lower unit margins Organic EBITDA Mg Chile and Peru Organic EBITDA margin 1) (%) Entel Op. 3 Entel Mobile Entel Op. 2 Op. 3 Op. 4 Op. 2 Op. 4 41,4% 40,6% 39,7% 40,4% 39,7% 39,6% 39,8% 39,7% 38,3% 37,9% 36,0% 35,9% 39,0% 38,4% 37,7% 37,2
Slide 32: Superior profitability in a stressed industry
Superior profitability in a stressed industry. Organic Chile EBITDAaL Mg. and RONA Organic EBITDAaL margin 1 (%) Organic RONA (%) Entel Industry w/out Entel Entel Op. 2 Op. 4 27,9% 25,1% 25,2% 24,4% 22,7% 21,6% 11,8 20,2% 11,1 9,5 9,5 9,1 20,1% 20,6% 8,1 7,5 7,0 7,1 6,6 16,4% 5,5 10,1% 4,3 7,0% 4,5
Slide 33: Efficiency as a Method
Efficiency as a Method We challenge ourselves to think differently, act decisively, and raise the bar. This way, we accelerate our progress toward strategic goals. 2025 Top Improvements 2025 Latest Estimated Impact Service OPS - Technician productivity improvement - Field force optimization ~3 Mn -
Slide 34: Efficiency as a Method
Efficiency as a Method We seek efficiencies to expand our margins in a mature 31 industry; our goal is to position ourselves within the top 202 quartile of the most efficient telcos. 108 53 17 5 79 177 9 ~ USD 200 Mn 64 19 45 10 13 6 16 Expected run-rate Ebitda / 2024 2025 2026 Program Run rate Cape
Slide 35: Positive Free Cash Flow from Operations
Positive Free Cash Flow from Operations Entel Group Net Cash Flow 2025 vs 2024 Cash at the beginning of the period 659 274 2025: Cash Flow (CLP Billion) 2024 2025 EBITDA: 2025 performance driven by handset sales and EBITDA 789 835 mobile services. % over Revenues 28.5% 27.6% IFRS16 (171) (179) EBITD
Slide 36: Healthy Financials Position Evidenced by Successful Refinancing and Gross Debt Reduction
Healthy Financials Position Evidenced by Successful Refinancing and Gross Debt Reduction Financial Indicators Net financial debt CLP $ Billion Since the second half of 2024, we have successfully executed a +3.5% comprehensive refinancing program. Key transactions include: 1,598 1,323 1,369 1,148 New
Slide 37: Comfortable Amortization Schedule Provides Flexibility and Supports Investment Grade
Comfortable Amortization Schedule Provides Flexibility and Supports Investment Grade Debt Profile and Credit Risk Rating Net financial debt CLP $ Billion 144A Bonds Local Bonds International Bank Loan Bank Loans Chile 363 363 291 238 210 80 91 53 13 40 13 13 13 13 2025 26 27 28 29 30 31 32 33 34 35
Slide 38: Final Remarks
Final Remarks 1 2 3 Even in a highly competitive We continue to lead in Chile, In Peru we have consolidated landscape, we have expanded maintaining a significant our position as the 2nd largest our revenue while maintaining advantage over the industry in operator in mobile service stable EBITDA both
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