Forestal Constructora Y Comercial Del Pacifico Sur S.a. · BCS:PASUR
Forestal Constructora Y Comercial Del Pacifico Sur — Q3 2025 Earnings Presentation
36 slides from Forestal Constructora Y Comercial Del Pacifico Sur's earnings presentation, September 2025
Slide 1: Forestal, Constructora y Comercial del Pacífico Sur SA Third Quarter 2025 Results
Forestal, Constructora y Comercial del Pacífico Sur SA Third Quarter 2025 Results Santiago, Chile December ‘25
Slide 2: Table of Contents
3rd Quarter 2025 Results TABLE OF CONTENTS 1. PASUR at a glance 2. Corporate Governance 3. 3rd 2025 Quarterly Results 4. Highlights 3Q2025 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile December ‘25 2
Slide 3: PASUR at a glance
PASUR at a glance Santiago, Chile December ‘25
Slide 4: Forestal, Constructora y Comercial del Pacífico Sur SA
3rd Quarter 2025 Results Forestal, Constructora y Comercial del Pacífico Sur SA Investment Company of the Matte Group Company Description ▪ PASUR is a long-standing investment company that carries out its main activities and businesses in the fields of Pulp & Paper. ▪ It stands out for its significa
Slide 5: Main Subsidiaries and Affiliates of the Matte Group
3rd Quarter 2025 Results Main Subsidiaries and Affiliates of the Matte Group Ownership1 55.7% 50.0% 69.8% 45.7% 32.5% 10.6% 10.0% Through Pasur 21.6% 1.2% 3.9% 0.0% 1.9% 2.6% 3.0% Mkt Cap2 $3,685 $2,772 $3,197 $257 $412 $9,517 $742 Total Assets2 $17,564 $7,183 $36,603⁵ $439 $6,065 $31,367 $1,848 Net
Slide 6: Corporate Governance
Corporate Governance Santiago, Chile December ‘25
Slide 7: PASUR Board of Directors
3rd Quarter 2025 Results PASUR Board of Directors Joaquín Izcúe Elgart Chairman Joaquín Izcúe studied Business Administration at the Pontificia Universidad Católica de Chile. In 2017 was appointed CEO of Forestal O’Higgins S A after a successful career in the banking industry at Banco BICE (Chile) i
Slide 8: Management Team
3rd Quarter 2025 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 3rd 2025 Quarter Results
3rd 2025 Quarter Results Santiago, Chile December ‘25
Slide 10: Net Income and Earnings from Associates
3rd Quarter 2025 Results Net Income and Earnings from Associates CMPC Results Summary 3Q25/3Q24: Quarterly Net Income ▪ Pulp sales decreased: due to lower average prices. Figures in US$ millions ▪ Softy’s sales increased, explained by both higher sales volume 76 and average prices. 65 67 57 51 ▪ Bio
Slide 11: Highlights 3Q2025
Highlights 3Q2025 Santiago, Chile December ‘25
Slide 12: Period Highlights
3rd Quarter 2025 Results Period Highlights 1. CMPC ▪ On April 29th, 2024 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 p
Slide 13: Period Highlights
3rd Quarter 2025 Results Period Highlights 2. BICECORP ▪ Merger with Grupo Security: BICE finalized its legal integration with Grupo Security on September 1, 2025, after both shareholders meetings approval to merge both companies, marking a strategic milestone in strengthening the financial group. I
Slide 14: Corporate Strategy
Corporate Strategy Santiago, Chile December ‘25
Slide 15: Corporate Strategy
3rd Quarter 2025 Results Corporate Strategy Our Strategy is defined in 6 Key Elements Capital Sector Structure Diversification Long Term Portfolio Growth Management Asset Value Trends Environmental Core Business Social Expansion Governance Santiago, Chile December ‘25 15
Slide 16: Sector diversification provides quality, value protection and cashflow
3rd Quarter 2025 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Underlying Value By Sector1 Sector Capital Diversification Pulp & Paper Structure 74.70% Fuel Dx Long Term Finance Portfolio Growth Management Asset Value Trends Energy Materia
Slide 17: Sales By Geography
3rd Quarter 2025 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Sales By Geography Sector Capital Diversification Structure Europe: 4% Long Term USA: 3% Portfolio China: 3% Growth Management Asset Value Trends Asia ex. China: 4% Environment
Slide 18: Global and local economy growth and long term trends
3rd Quarter 2025 Results Corporate Strategy Global and local economy growth, plus evolutionary long term growth trends ✓ Increasing GDP Per capita ✓ Global Consumption Sector ✓ Global trade Capital Diversification Structure ✓ Packaging away from plastics ✓ Power generation using renewables – solar,
Slide 19: Innovative, forward-looking and stronger business lines in the region
3rd Quarter 2025 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 December ‘25 19
Slide 20: Sustainable growth and active relationships with stakeholders
3rd Quarter 2025 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
3rd Quarter 2025 Results Corporate Strategy Profound knowledge of assets, markets and portfolio management, unlocking value 1970 - 1980 1990 - 2000 2010 - Today ▪ 55% control stake in ▪ BICE Vida is founded ▪ Puertos y Logística is sold CMPC is achieved to DP World ▪ Chilquinta Acquires 19.99% Secto
Slide 22: Consistent, prudent and flexible capital structure
3rd Quarter 2025 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $844 $949 $1,761 Capital Diversification Structure Net Debt/ 3.79x 2.59x 12.68x1 EBITDA LTM # Bonds 12 5 6 Long Term Portfolio Growth Management Asset V
Slide 23: Performance
Performance Santiago, Chile December ‘25
Slide 24: Performance and NAV
0 200 400 600 1000 1200 1400 1600 800 dic-99 1,606 3Q '21 may-00 oct-00 mar-01 Figures in US$ millions ago-01 1,245 Net Asset Value 4Q '21 3rd Quarter 2025 Results ene-02 jun-02 nov-02 1,374 abr-03 1Q '22 sept-03 feb-04 jul-04 Stock Performance (base=100) 1,212 2Q '22 dic-04 may-05 Performance and N
Slide 25: Holding Discount
3rd Quarter 2025 Results Holding Discount Market Value NAV Market Value PASUR Stake (%) (USD mm) (USD mm) (USD mm) 22% 796 36.5% (discount) 4% 125 1,248 3% 22 3% 245 792 2% 8 1% 34 Net Debt 19 Santiago, Chile December ‘25 25
Slide 26: Holding Discount Evolution
3rd Quarter 2025 Results Holding Discount Evolution Historical Evolution of PASUR’s Holding Discount Average: 40.1% 52.7% 45.5% 46.5% 44.9% 41.0% 42.8% 43.0% 43.1% 41.3% 43.7% 40.2% 40.2% 37.9% 36.6% 36.5% 34.5% 34.6% 35.1% 34.3% 35.1% 36.6% 35.7% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q
Slide 27: Historical Dividends
3rd Quarter 2025 Results Historical Dividends PASUR’s Received Dividends per company1 Figures in US$ millions $200 CMPC $158 COLBUN $150 $10 COPEC $129 BICECORP $100 ALMENDRAL $75 MOLYMET $68 $62 $8 $7 $45 $109 $107 PUERTO $50 $26 ENELAM $56 $44 $12 $45 $9 $26 ENELCHILE $0 $9 2018 2019 2020 2021 202
Slide 28: Dividend Payout Policy
3rd Quarter 2025 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $400 $350 $300 $250 $183 $200 $150 $100 $171 $138 $50 $54 $46 $39 $37 $0 $18 2018 2019 2020 2021 2022 2023 2024 LNP2 39% 81% 80% 100% 54% 30% 31% Note: 1:Regul
Slide 29: Financial Position
Financial Position Santiago, Chile December ‘25
Slide 30: Financing Strategy
3rd Quarter 2025 Results Financing Strategy We follow 4 main indicators1 Net Debt to Net Debt to Non-Controlling Debt to NAV Net Debt to Equity3 LTM Dividends Asset Value2 Forestal, Constructora y Comercial del Pacífico Sur 0.07x 1.89x 0.28x 0.04x Covenant: 0.5x Local Credit Ratings AA AA 1: As of S
Slide 31: Main Financial Aspects
3rd Quarter 2025 Results Main Financial Aspects Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0.09x 0.09x 0.08x 0.06x 0.07x 0.07x 0.07x 0.06x 0.06x 0.05x 0.06x 0.06x 0.03x 0.03x 0.03x 0.04x 0.02x 0.02x 3Q '23 4Q '23 1Q '24 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 3Q '25 3Q '23 4Q '23 1Q '24 2Q
Slide 32: Annexes
Annexes Santiago, Chile December ‘25
Slide 33: PASUR's Investment Portfolio
3rd Quarter 2025 Results PASUR’s Investment Portfolio Electric power generation 17 power plants in Chile and 1 in Peru. Installed capacity 5,028 MWS. Production and marketing of wood and cellulose World’s largest molybdenum processor and rhenium products, being the 5th largest cellulose pulp produce
Slide 34: Income Statement
3rd Quarter 2025 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Income Statement Income Statement (US$ millions) sept-24 sept-25 Administrative Expenses -1.1 -1.1 Other Gains (Losses) 1.4 2.2 Operating Gains (Losses) 0.3 1.1 Financial Income 1.9 1.9 Financial Costs -3.4 -4.2 Share
Slide 35: Balance Sheet
3rd Quarter 2025 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Balance Sheet Balance Sheet (US$ millions) sept-25 dic-24 Assets Cash and Cash Equivalents 5.6 31.9 Other current financial assets 17.7 0.0 Accounts receivable from related parties 0.0 0.6 Current Tax Assets 1.2 1.2 To
Slide 36: Investor Relations: investor@pasur.cl
Investor Relations: investor@pasur.cl Santiago, Chile December ‘25
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