Inversiones La Construccion Sa · BCS:ILC

Inversiones La Construccion Sa — Investor Presentation (September 2025)

51 slides from Inversiones La Construccion Sa's investor presentation, Sep 23, 2025

  1. Slide 1: Corporate Presentation September 2025

    “BE LEADERS IN THE CONSTRUCTION OF SOCIAL AND ECONOMIC VALUE THAT IMPROVES PEOPLE'S QUALITY OF LIFE” Corporate Presentation September 2025 /2025SEP. /2025 SEP. 1

  2. 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

  3. 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 2027 goals SEP. /2025 3

  4. Slide 4: Chapter: ILC at a Glance

    CHAPTER ILC AT A GLANCE 01 SEP. /2025 4

  5. 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

  6. 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 SEP. /2025 6

  7. 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: 67.7% 32.3% BBB+ / BBB AA+ FINANCIAL SECTOR HEALTH SECTOR Pension Fund Managers Life Insurance Bank Hospitals, Outpatient and

  8. 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 88.4 bn. Assets under insurer and healthcare Surgeries perform

  9. Slide 9: Consistent Growth and Diversification Since Our IPO

    CONSISTENT GROWTH AND DIVERSIFICATION SINCE OUR IPO 2012 June 2025 Assets Ch$ bn 1,055 15.0x 17,355 AUM US$ bn 22.3 3.7x 88.4 Equity Ch$ bn 428 2.6x 1,161 Beneficiaries mn 3.9 2.5x 9.8 Industries 2 2x 4 Employees +10,500 1.4x +15,000 SEP. /2025 FX: 950 CLP/USD Source: ILC 9

  10. Slide 10: This Has Been Driven by Our 5 Pillars Strategy

    THIS HAS BEEN DRIVEN BY OUR 5 PILLARS STRATEGY SEP. /2025 10

  11. Slide 11: This Has Been Driven by Our 5 Pillars Strategy

    THIS HAS BEEN DRIVEN BY OUR 5 PILLARS STRATEGY SEP. /2025 11 11

  12. Slide 12: Our Fundamental Pillars to Achieve Consistency

    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 STONG FLEXIBILITY FINANCIAL POSITION SEP. /2025 12

  13. Slide 13: Presence in Industries That Exceed GDP Growth

    PRESENCE IN INDUSTRIES THAT EXCEED GDP GROWTH Growth CAGR 1994-2004 CAGR 2004-2014 CAGR 2014- 2024 PENSIONS 14.2% 11.5% 6.3% AUM Chilean Pension Funds Industry ANNUITIES 17.4% 9.9% 9.1% AUM Life Insurance Industry BANKING(1) Total Loans 13.2% 12.3% 7.2% HEALTH Current Health Expenditure 9.0%(2) 10.8

  14. Slide 14: Complemented Our Businesses Through Self-Financed Acquisitions

    WE HAVE COMPLEMENTED OUR BUSSINESSES THROUGH SELF-FINANCED ACQUISITIONS Growth 1980 … 2012 2015 2018 2021 2025 IPO SUCCESSFUL M&A AND DIVESTITURES Increased Increased Acquisition Acquisition Partnership Acquisition Acquisition Acquisition Stake Stake (2013) (2015) (2016) (2019) (2022) (2023) (2024)

  15. Slide 15: Key Milestones in the Last 12 Months

    KEY MILESTONES IN THE LAST 12 MONTHS ILC INCREASED ITS ILC Returns to the BANCO VIVIR SEGUROS WAS INTERNACIONAL AWARDED 28% OF STAKE IN BANCO IPSA INTERNACIONAL ACHIEVES 100% SISCO IN PERU OWNERSHIP OF AUTOFIN October 2024 December 2024 March 2025 April 2025 CONFUTURO WAS BANCO REDSALUD SIGNED A AWA

  16. Slide 16: 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% 18.6% Recurrent Profit Extraordinary Profit (Loss) +114.7% 222.8 +34.9% 23.5 209.2 12.3 182.6 179.6 21.9 146.6 114.0 69.2 72.5 71.9 105.9 90.3

  17. Slide 17: 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.

  18. Slide 18: Profit Diversification: New Industries & Geographies

    PROFIT DIVERSIFICATION: NEW INDUSTRIES & Flexibility GEOGRAPHIES ILC 2027 TARGET Annuities Pensions ILC’s Recurring Profit(1) Contribution by Subsidiary (2012) Pensions 3.7% 79.3% 16.2% Financial 0.7% Health Profit Growth 2012- 2025 (June Z LTM) Banking Health 2.5x ILC Recurring Profit(2) Contributi

  19. Slide 19: Sustained Improvement in Subsidiaries' Risk Ratings

    SUSTAINED IMPROVEMENT IN SUBSIDIARIES’ RISK RATINGS Strong Financial Position JUNE JUNE JUNE 2015 2025 2015 2025 2015 2025 Local Risk Local Risk AA- AA+ Rating A AA Local Risk A- A+ Rating Rating Int. Risk Rating - BBB 15.3x 15.0x NFD (1)/ 6.7x 3.5x Leverage EBITDA Solvency 14.8% 16.6% Investment Ch

  20. Slide 20: Diversified Business Profile and Cash Flow Generation

    DIVERSIFIED BUSINESS PROFILE AND CASH FLOW GENERATION Strong Financial Position ILC’S DIVIDENDS RECEIVED (BREAKDOWN BY SUBSIDIARY) AND ILC’S CASH EQUIVALENTS Ch$ bn. 55.6 59.3 67.6 85.0 116.7 303.5 226.6 135.6 189.3 144.0 18.3 5.1 109.8 108.8 99.8 76.4 24.5 14.7 18.9 76.9 9.8 12.3 13.8 49.2 56.7 56.

  21. Slide 21: Well-Managed Debt Maturity and Liquidity Position

    WELL-MANAGED DEBT MATURITY AND LIQUIDITY POSITION Strong Financial Position ILC (STANDALONE) AMORTIZATION SCHEDULE Ch$ bn. 263 30 13 9 9 27 15 15 27 15 15 24 13 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 BEILC-

  22. Slide 22: ESG Results Over Time: ILC Positioned 5th Globally

    ESG RESULTS OVER TIME: ILC POSITIONED 5th GLOBALLY IN THE INDUSTRY Sustainability EVOLUTION OF ILC’S DJSI SCORE(1) +62% ILC’s Entry into the Yearbook 5th Place Globally ILC’s Entry into the DJSI 98 99 96 84 86 74 76 70 73 63 67 49 50 50 45 31 35 25 16 13 2015 2016 2017 2018 2019 2020 2021 2022 2023

  23. Slide 23: 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 EVOLUTION OF THE CHILEAN MIDDLE-INCOME POPULATION(1) ESTIMATE OF THE CHILEAN +60Y POPULATION 32.1% Millions of people 2.1x 6.9 MM 4,5x 12.0 17.2% 2020 2050 3.3 MM 8.0 POTENTIAL MARKET OF PEOPLE +60Y IN OUR INDUSTRIES 4.9 Programmed Withdrawal 75

  24. Slide 24: Chapter: Zoom-In by Division

    CHAPTER ZOOM-IN BY 02 DIVISION SEP. /2025 24

  25. Slide 25: Banking

    SEP. /2025 Banking © Banco . Internacional ILC

  26. Slide 26: Significant Loan Growth, Fourth-Highest YoY Increase in the Industry

    SIGNIFICANT LOAN GROWTH, FOURTH-HIGHEST YOY INCREASE IN THE INDUSTRY BANCO INTERNACIONAL LOANS MARKET SHARE BY SEGMENT(1) +15.5% Total Market US$ bn. Industry: +3.7%(1) Jun-24 Jun-25 Share Jun-25(1) 4.3 3% Commercial 2.65% 2.94% Mortgages 3% 3.8 10% Loans 1.70% Consumer 7% 87% VS 1.53% Commercial 90

  27. Slide 27: Auto Finance Opportunities in a Growing Market

    AUTO FINANCE OPPORTUNITIES IN A GROWING MARKET AUTOFIN LOAN PORTFOLIO US$ MM. 1.8x(1) Since acquisition Autofin Loans NPLs 345.6 INDUSTRY MARKET SHARE (JUN-25) 305.8 Global Eurocapital GM 2.7% 174.6 183.9 195.6 0.9% 6.0% Autofin 7.5% 4.6% 2.4% 1.9% 2.4% 1.9% Tanner Forum 8.6% 39.1% 2021 2022 2023 20

  28. Slide 28: Establishing a Robust Funding Structure

    ESTABLISHING A ROBUST FUNDING STRUCTURE FUNDING STRUCTURE JUNE 2024 VS 2025 Two capital increases during Ch$ bn. Access to local and 5,375 2025 international markets totaling Ch$28.5 billion 4,898 10,8% Other liabilities 14,1% 8,9% In March 2025, the bank In July 2024, it issued its first issued UF

  29. Slide 29: 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 16.4% 17.0% Industry 74.3% 68.2% 16.6% 15.3% 3.0% 2.6% 2.6% 2.8% 53.0% 53.0% 2.1% 2.0% 2.3% 2.2% Jun-24 Jun-25 Jun-24 Jun-25 Jun-24 Jun-25

  30. Slide 30: Sustained Growth in Profit

    SUSTAINED GROWTH IN PROFIT BANCO INTERNACIONAL PROFIT & ROAE MAIN TOPICS Ch$ bn. Net Profit ROAE 18.9% 18.2% • Enhanced organic growth driven by 15.8% digital expansion 14.9% 13.9% 13.0% • Adding inorganic opportunities and 12.1% -15.4% strategic partnerships 10.8% • Diversified business model acros

  31. Slide 31: Annuities

    SEP. /2025 Annuities confuturo ILC

  32. Slide 32: Sustained Demand for Annuities, Confuturo Maintaining Strong Market Share

    SUSTAINED DEMAND FOR ANNUITIES, WITH CONFUTURO MAINTAINING A STRONG MARKET SHARE ANNUITY RATE VS PROGRAMED WITHDRAWAL RATE ANNUITY INDUSTRY PREMIUMS AND Rate (%) CONFUTURO'S MARKET SHARE 5% Jun. 2025: 3.54% YoY 4% UF MM 14.2% 13.0% GROWTH 3% 2% Jun. 2025: 8.3 +6.3% 7.8 1% 3.14% - +18.0% 2018 2019 20

  33. Slide 33: 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% 1.07% 0.96% 1.00% 31% 29% 29% 0.77% 41% 0.57% 59% 0.42% 0.43% 0.38% 0.38% 73% 50% 41.2 47% 51% 37.7 36.2 35.9 36.9 34% 33.0 28% 9% 25% 22% 21% 20% 18% 13% 2018

  34. Slide 34: Growth in Investment Portfolio: Focus on Alternative Assets

    GROWTH IN INVESTMENT PORTFOLIO: FOCUS ON ALTERNATIVE ASSETS CONFUTURO TOTAL AUM(1) AUM BY INVESTMENT CLASS(2) Leasing US$ bn. 10% Real Estate Foreign Fixed Income 1.9x 17% 6% Local and Foreign Funds 2% 10.2 9.8 2015 Others 6% 8.9 8.3 Local Fixed 7.5 7.0 7.0 Income 6.5 59% 5.9 6.2 5.4 Leasing Foreign

  35. Slide 35: Sustained Generation of Results Over Time

    SUSTAINED GENERATION OF RESULTS OVER TIME Ch$ bn. CONFUTURO PROFIT & ROAE Net Profit ROAE MAIN TOPICS 26.7% 26.0% • Continue increasing portfolio leveraged in a growing industry • Investment portfolio focused on alternative assets 133.1 14.6% 13.6% 12.1% 122.7 12.4% -7.8% • Operational leverage: rev

  36. Slide 36: Pensions

    SEP. /2025 Vg cco 8 Pensions HABITAT “Ade.aaisA Gos

  37. 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 3.7x 78.4 0.2 4.6 0.1 4.0 AFP 16.8 3.0 16.0 10.2 ASSET 0.0 47.6 53.4 56.8 MANAGER 21.1 23.6 2012 2013 2019 2024 Jun-25 LIFE INSURANCE AFFILIATES(1) MM People 2.1x HOLDING 4.6 1.0 1.0 1.0 1.9 1.9

  38. Slide 38: Growing Voluntary Retirement Savings with Prudential and AFP Habitat

    GROWING VOLUNTARY RETIREMENT SAVINGS BASED ON ALLIANCE WITH PRUDENTIAL AND AFP HABITAT PRUDENTIAL AGF - AUM PRUDENTIAL AGF - CLIENTS 1594 1492 1542 US$ MM No. of Clients 1410 1432 115 1294 1346 103 1177 1237 1,077 89 906 60 66 723 614 46 50 55 549 40 44 44 448 500 34 36 38 37 319 385 24 17 22 PRODUC

  39. 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 -0.5% 136.2 132.9 144.7 149.6 149.2 117.2 119.4 118.5 74.6 74.2 • Consolidation in the Andean Region 2018 2019 2020 2021 2022 2023 2024 June

  40. 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

  41. Slide 41: Health

    Z Health SEP. /2025 41

  42. 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, 847 outpatient and dental Beds ~650 th 473 th Beneficiaries Beneficiaries • Know-how in individual and • Know-how in group health supplementa

  43. Slide 43: RedSalud: Success in Our 2025 Strategic Plan

    REDSALUD: SUCCESS IN OUR 2025 STRATEGIC PLAN EBITDA AND EBITDA MARGIN REDSALUD REVENUE BREAKDOWN BY INSURER Ch$ bn. EBITDA EBITDA Margin Out of pocket and others Isapre 18% 33% 13.3% 12.2% 11.8% 11.8% June 2025 11.2% LTM 10.6% 10.8% 10.0% 7.8% Fonasa 49% 87.0 92.1 75.6 76.7 71.9 of patients are 46.4

  44. Slide 44: RedSalud: Developing a Strategic Plan Across the Entire Network

    REDSALUD: DEVELOPING A STRATEGIC PLAN ACROSS THE ENTIRE NETWORK 1. • Development of specialty centers: Cardiovascular Center and Cancer Institute COMPREHENSIVE & • Primary care model focused on early diagnosis INSTITUTIONAL CARE, • Focus on quality: 100% accreditation of our hospitals and THROUGHOUT

  45. Slide 45: Consalud: Recovery of the Average Monthly Contribution

    CONSALUD: RECOVERY OF THE AVERAGE MONTHLY CONTRIBUTION CONSALUD AVERAGE MONTHLY CONTRIBUTION Loss Ratio 86.1% 89.3% 97.3% 103.8% 97.4% 86.3% 88.1% 85.7% UF 5.7 5.7 5.7 5.6 5.4 5.2 5.1 5.0 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 AUG/23 ENE/24 MAY/24 SEP/24 OCT/24 GES Price GES Price Superintendency P

  46. Slide 46: 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 +61% Patients insured under RedSalud agreements 634 650 2.4 2.4 2.5 33 42 2.8 2.2 529 1.7 34.2 39.4 1.8 27.2 30.9 17 2.0 19.4 23.9 2.1 11.5 15.3 2.3 2.

  47. Slide 47: Healthcare and Insurance Hedging Strategy

    HEALTHCARE AND INSURANCE HEDGING STRATEGY HEALTH SECTOR NET PROFIT Consalud (IFRS) RedSalud Vida Cámara (Health Sector) Loss due Liability from the Short Law of Isapres Ch$ bn. 47.6 1.1 32.8 17.7 15.4 3.6(1) 0.1 1.1 1.0 5.9 2.4 5.7 15.6 7.1 3.3 31.0 9.8 21.2 17.9 16.0 17.0 5.8 1.3 (5.3) 9.6 ( 21.4)

  48. Slide 48: Chapter: Closing Remarks

    CHAPTER CLOSING 03 REMARKS SEP. /2025 48

  49. Slide 49: Strategic Plan and 2027 Goals

    STRATEGIC PLAN AND 2027 GOALS Organic growth Strengthening Organic growth leveraging market Potential 4th market healthcare network opportunities coverage Enhancing individual Scale up retail Driving economic Voluntary savings offerings and collective banking and products value through scale insuran

  50. Slide 50: Current Phase: Growth in Financial Business

    CURRENT PHASE: GROWTH IN FINANCIAL BUSINESS Business Consolidation Growth, Diversification Growth in Financial Business and Turnarounds 2012 2016 2017 2022 2023 2027 target Profit Ch$60- 80 bn Ch$90-120 bn Ch$150-200 bn ROE 15-18% 12-15% 13-17% SEP. /2025 50

  51. Slide 51: ILC 45 Years

Inversiones La Construcción S.A. (ILC) — Investor Presentation (September 2025) on 6ix