Inversiones La Construccion Sa · BCS:ILC
Inversiones La Construccion Sa — Investor Presentation (March 2026)
55 slides from Inversiones La Construccion Sa's investor presentation, March 2026
Slide 1: Corporate Presentation March 2026
“BE LEADERS IN THE CONSTRUCTION OF SOCIAL AND ECONOMIC VALUE THAT IMPROVES PEOPLE'S QUALITY OF LIFE” Corporate Presentation March 2026 /2026MAR. MAR. /2026 1
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
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 2030 goals MAR. /2026 3
Slide 4: ILC at a Glance
CHAPTER ILC AT A GLANCE 01 MAR. /2026 4
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
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 MAR. /2026 6
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: 68.0% 32.0% BBB+ AA+ FINANCIAL SECTOR HEALTH SECTOR Pension Fund Managers Life Insurance Bank Hospitals, Outpatient and Manda
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 99.8 bn. Assets under insurer and healthcare Surgeries perform
Slide 9: Our Fundamental Pillars to Achieve Growth
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 SOLVENCY FLEXIBILITY MAR. /2026 9
Slide 10: Presence in Industries That Exceed GDP Growth
PRESENCE IN INDUSTRIES THAT EXCEED GDP GROWTH Growth CAGR 1995-2005 CAGR 2005-2015 CAGR 2015-2025 BANKING(1) Total Loans 12.4% 12.5% 6.4% ANNUITIES 16.1% 10.1% 8.4% AUM Life Insurance Industry PENSIONS 14.0% 11.1% 6.9% AUM Life Insurance Industry HEALTH Current Health Expenditure 8.9%(2) 11.3% 10.6%
Slide 11: Consistent Growth and Diversification
CONSISTENT GROWTH AND DIVERSIFICATION Growth 2015 2025 Assets Ch$ bn 7,735 2.4x 18,192 AUM US$ bn 37.8 2.6x 99.8 Equity Ch$ bn 507 2.5x 1,259 Profit Ch$ bn 79 3.4x 280 Beneficiaries mn 3.9 2.5x 9.8 Industries 2 4 MAR. /2026 FX: 900 Ch$/US$ Source: ILC 11
Slide 12: 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% 23.4% Ch$ bn. Extraordinary Profit Recurrent Profit 222.8 280.0 23.5 12.3 182.6 21.9 146.6 148.2 72.5 105.9 90.3 91.0 86.5 88.4 62.5 69.2 71.9
Slide 13: Consistent and Attractive Dividend Yield
CONSISTENT AND ATTRACTIVE DIVIDEND YIELD Profitability Ch$ DIVIDENDS PER SHARE AND DIVIDEND YIELD ILC 2013 -2025 750 ILC’s Average Dividend 631 650 Yield 600 600 2013-2025 19.8% 518 449 450 450 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% 4.0% 2.7% 4.
Slide 14: Profit Diversification: New Industries & Geographies
PROFIT DIVERSIFICATION: NEW INDUSTRIES & Flexibility GEOGRAPHIES ILC’s Recurring Profit(1) Contribution by Subsidiary (2012) Pensions Financial 3.7% 79.3% 16.2% Health 0.7% Others Profit Growth 2012- 2025 3.4x ILC Recurring Profit(2) Contribution by Subsidiary (2025) 21.9% 6.3% 34.8% 13.2% 12.0% 11.
Slide 15: New Sources of Funding: Access to International Debt Market
NEW SOURCES OF FUNDING: ACCESS TO INTERNATIONAL DEBT MARKET Solvency 2012 2025 Domestic Banks US Capital Domestic Banks US Capital Market Market 2 Credits 144A-Reg S Credits UF 2.8 MM. US$ 300 MM. N/A Rate: UF + 3.5%(1) Rate: USD + 5.0% Local Capital Local Capital Foreign Private Foreign Private Mar
Slide 16: Continuous Improvement in Risk Ratings at ILC and Subsidiaries
CONTINUOUS IMPROVEMENT IN RISK RATINGS AT ILC AND SUBSIDIARIES Solvency ILC’s CREDIT RATINGS ILC’s SUBSIDIARIES CREDIT RATINGS 2015 2022 2025 2015 2020 2025 AA- AA AA+ AA+ AA+ AA+ LOCAL A- AA-- AA AA+- AA+- AA+ - A- AA - BBB+ BBB+ A- A A+ INTER. A+ AA- AA- - BBB BBB+ MAR. /2026 Source: ILC 16
Slide 17: Well-Managed Debt Maturity and Liquidity Position
WELL-MANAGED DEBT MATURITY AND LIQUIDITY POSITION Solvency Ch$ bn. ILC (STANDALONE) AMORTIZATION SCHEDULE 300 100 255 80 60 30 13 40 9 9 27 15 15 20 24 27 15 15 13 0 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 B
Slide 18: ESG Results Over Time: ILC Positioned 7th Globally in the Industry
ESG RESULTS OVER TIME: ILC POSITIONED 7th GLOBALLY IN THE INDUSTRY Sustainability EVOLUTION OF ILC’S DJSI SCORE(1) +71% ILC’s Entry into the 6th Place Yearbook Globally ILC’s Entry into the DJSI 96 99 74 74 77 63 45 31 16 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MAR. /2026 Source: ILC,
Slide 19: 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 ESTIMATE OF THE CHILEAN +60Y POPULATION MAIN PRIORITIES +60Y 32.1% 2.1x 6.9 MM HEALTH: 43% PRIORITY NO. 1 of the income of older for older people in households comes 17.2% Chile 2050 from retirement pensions 2020 3.3 MM 21% 69% of bank of the el
Slide 20: Zoom-In by Division
CHAPTER ZOOM-IN BY 02 DIVISION MAR. /2026 20
Slide 21: Banking
MAR. 12026 Banking @ Banco . Internacional ILC
Slide 22: Banco Internacional: A Growth Story
BANCO INTERNACIONAL: A GROWTH STORY BANCO INTERNACIONAL LOANS EVOLUTION 5x CAGR: +18% US$ bn. Industry: 1.9X 4.7 Commercial Consumer Mortgage 4.3 4% 11% 2.2 85% 2% 2% 0.9 96% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ILC Acquisition Stake Increase Stake Increase 50.6% | P/B 1.3x 67.2% |
Slide 23: Proven Growth Track Record
PROVEN GROWTH TRACK RECORD COMMERCIAL BANKING CLIENTS VALUE PROPOSITION 2.0X AND FUTURE OUTLOOK No. COMMERCIAL BANKING CLIENTS 1. Deepening Sectoral Expertise 8,082 8,805 2. Capitalizing on Market Consolidation 5,605 6,884 4,351 3. Speed and Flexibility 2016 2021 2023 2024 2025 RETAIL BANKING CLIENT
Slide 24: Auto Finance Opportunities in a Growing Market
AUTO FINANCE OPPORTUNITIES IN A GROWING MARKET AUTOFIN LOAN PORTFOLIO INDUSTRY MARKET SHARE (SEPT-25) US$ MM. 2.2x(1) Global Eurocapital GM 3.1% Since acquisition 0.9% 5.7% Autofin Loans NPLs Autofin 7.9% 408.0 Tanner Forum 305.8 8.0% 39.6% US$ 4.6 183.9 195.6 BK bn. 4.6% 2.4% 10.6% 1.9% 1.7% 2022 2
Slide 25: Establishing a Robust Funding Structure
ESTABLISHING A ROBUST FUNDING STRUCTURE FUNDING STRUCTURE 2024 VS 2025 Ch$ bn. 5,579 4,997 15.3% During 2025, the bank issued Capital increases during 2025 Other Ch$15 bn. in subordinated 12,3% totaling Ch$42.8 billion liabilities 6.8% bonds Banks 10,8% 27.4% In April 2025, the Bank issued the first
Slide 26: Strong Collateral Coverage and Controlled Risk Indicators
STRONG COLLATERAL COVERAGE AND CONTROLLED RISK INDICATORS SOLVENCY RATIO – NPLs (% TOTAL LOANS) RISK INDEX(1) COLLATERAL COVERAGE BASEL III % Banco Internacional Industry 68.1% 68.2% 17.4% 16.9% 2.5% 2.5% 2.9% 2.8% 17.0% 14.8% 53.0% 53.0% 1.9% 1.9% 2.4% 2.4% Dec. 2024 Dec. 2025 Dec. 2024 Dec. 2025 D
Slide 27: Sustained Growth in Profit
SUSTAINED GROWTH IN PROFIT BANCO INTERNACIONAL PROFIT & ROAE MAIN TOPICS Ch$ bn. Banco Internacional Profit Banco Internacional ROAE Industry ROAE 20.7% • Enhanced organic growth driven by 18.9% digital expansion 18.2% 15.8% 16.1% • Adding inorganic opportunities and 14.9% 15.2% 15.0% 14.9% strategi
Slide 28: Annuities
MAR. /2026 Annuities confuturo ILC
Slide 29: Strong Demand for Annuities
STRONG DEMAND FOR ANNUITIES ANNUITY RATE VS PROGRAMED WITHDRAWAL RATE Rate (%) Dec. 2025: 5% 3.41% 4% 3% 2% Dec. 2025: 1% 2.75% - 2018 2019 2020 2021 2022 2023 2024 2025 Programed Withdrawal Rate Annuity Rate % ANNUITY VS PROGRAMED WITHDRAWAL PREFERENCE 100% 80% Dec. 2025: 35.0% 60% 40% Dec. 2025: 2
Slide 30: Annuity Industry: Growth Potential to 2030
ANNUITY INDUSTRY: GROWTH POTENTIAL TO 2030 ANNUITY PREMIUM PROJECTION 2025-2030 Industry Annuity Premiums UF MM. Confuturo's Annuity Premiums UF +6% CAGR2019-2030 133 105 109 86,7 74 39,3 40,6 92.8 117.1 79.0 89.6 67.3 36.3 36.8 7.7 2.9 3.8 7.0 15.2 16.1 15.9 2019 2020 2021 2022 2023 2024 2025 2026e
Slide 31: Growth in Investment Portfolio: Focus on Alternative Assets
GROWTH IN INVESTMENT PORTFOLIO: FOCUS ON ALTERNATIVE ASSETS CONFUTURO TOTAL AUM(1) AUM BY INVESTMENT CLASS(1) Leasing 10% Real Estate 2x Foreign Fixed Income 6% 17% CAGR: +7% Local and Foreign Funds 2% Alternative Investments (Funds + Real Estate) 2015 Others 10,4 6% 9,8 Local Fixed 8,3 26% 26% Inco
Slide 32: Efficient Operating Model, Portfolio Emphasizing Alternative Investment
EFFICIENT OPERATING MODEL, IN A PORTFOLIO THAT EMPHASIZES ALTERNATIVE INVESTMENT ANNUITY SALES RATE AND CONFUTURO INVESTMENT RATE AND SG&A OVER AUM(1) INVESTMENT RATE: % 6% Sales Rate Investment Rate SG&A / AUM 1. Portfolio with emphasis on alternative investments 5% 2. Search for economic value, 17
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% 1.00% 1.01% 1.03% 31% 29% 31% 0.96% 41% 0.77% 59% 0.57% 73% 0.42% 0.43% 0.38% 0.38% 47% 50% 49% 34% 41.2 37.7 36.2 35.9 37.1 33.0 28% 9% 25% 22% 21% 20% 18% 13% 2015
Slide 34: Sustained Generation of Results Over Time
SUSTAINED GENERATION OF RESULTS OVER TIME CONFUTURO PROFIT & ROAE MAIN TOPICS Ch$ bn. Confuturo Profit Confuturo ROAE Industry ROAE 26.7% • Continue increasing portfolio leveraged in a 26.0% growing industry 21.8% 21.5% • Investment portfolio focused on alternative assets 19.1% • Operational leverag
Slide 35: Pensions
MAR. /2026 Vg cco 8 Pensions HABITAT “Ate.aaisA Gos
Slide 36: Regional Model for Mandatory and Voluntary Savings
REGIONAL MODEL FOR MANDATORY AND VOLUNTARY SAVINGS AFP HABITAT & AAISA AUM BUSINESS SEGMENTS 2025 4.1x USD bn. 87,2 AFP 21,1 ASSET MANAGER 2012 2013 2019 2024 2025 LIFE INSURANCE AFFILIATES MM Personas 2.1x HOLDING 4.4 1.0 1.0 1.0 4.6 MM 5 New Companies 1.9 1.9 1.7 0.1 Affiliates(1) Since 2019 2.1 2
Slide 37: Growth in Voluntary Savings in the Andean Region
GROWTH IN VOLUNTARY SAVINGS IN THE ANDEAN REGION ASSET MANAGERS AUM Prudential AGF Prudential SAF US$ MM • +1,300 clients 14.5x • 5 Mutual Funds and 1 Investment Fund 328.2 67.5 252.7 66.4 • +1,700 clients 161.7 • 8 Mutual Funds: Fixed Income, Equities, and Balanced 46.4 260.7 • Voluntary Pension Sa
Slide 38: 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 136.2 132.9 144.7 149.6 150.6 117.2 119.4 118.5 • Consolidation in the Andean Region • Focus on increasing taxable income 2018 2019 2020 202
Slide 39: 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
Slide 40: Health
ILC ~ Health ><REDSALUD ¢ wconsalud Vida Camara w MAR. /2026
Slide 41: Our Healthcare Model
OUR HEALTHCARE MODEL Patients 2.7 MM 10 • Largest private network in Chile Hospitals • Close relationship with the public insurer • Relevant size in inpatient, 1,000 outpatient and dental Beds 658 th 460 th Beneficiaries Beneficiaries • Know-how in individual and • Know-how in group health supplemen
Slide 42: RedSalud 2015–2025: Network Consolidation and Sustained Revenue Growth
REDSALUD 2015–2025: NETWORK CONSOLIDATION AND SUSTAINED REVENUE GROWTH Ch$ bn. REDSALUD’S REVENUE EVOLUTION REVENUE BREAKDOWN BY INSURER 3x CAGR: +12% Out of pocket and others Isapre 21% 31% 2025 Fonasa 48% 836 of patients are +60% covered by Fonasa 281 2015 2016 2017 2018 2019 2020 2021 2022 2023 2
Slide 43: 2015-2025: RedSalud
2015- 2025: REDSALUD PHASE 1 PHASE 2 PHASE 3 PHASE 4 REDESIGN OF CONSOLIDATION OF THE HEALTH NETWORK MEDICAL INSTITUCIONAL NETWORK THE NETWORK ROADMAP ORGANIZATION CONSOLIDATION BUSINESS EBITDA Y MARGEN EBITDA REDSALUD Ch$ bn. EBITDA EBITDA Margin +14.8% 99.9 87.0 75.6 76.7 71.9 46.4 37.0 41.1 34.9
Slide 44: RedSalud 2025-2030 Strategy
REDSALUD 2025-2030 STRATEGY o Complete the National Network o Comprehensive Health Model o New business models and Institutional, o Institutional Medical Model revenue diversification Growth and Comprehensive, o Strengthening of the quality and o Referral and capture within the completion of the and
Slide 45: RedSalud Investment Plan 2025–2030
REDSALUD Activity Capture 2025 – 2030 INVESTMENT Complexity and Positioning PLAN Patient and Physician Experience Real Estate Opportunities Geographic Coverage MAR. CAPEX: Ch$150-200 bn. /2026 Source: RedSalud 45
Slide 46: RedSalud Geographic Coverage
REDSALUD GEOGRAPHIC COVERAGE REGIONAL REDSALUD INFRAESTRUCTURE 10 Hospitals 25 Medical 45 Dental PRESENCE Centers Centers Arica Tarapacá Antofagasta 848 251 1,136 Beds ICU/UTI Outpatient Atacama Consulting Rooms Coquimbo Valparaíso Metropolitan 119 552 Oncology O´Higgins Emergency Dental Chairs Netw
Slide 47: Recovery of the Average Monthly Contribution in Consalud
RECOVERY OF THE AVERAGE MONTHLY CONTRIBUTION IN CONSALUD CONSALUD AVERAGE MONTHLY CONTRIBUTION Loss Ratio 86.1% 89.3% 97.3% 103.8% 97.4% 86.3% 88.1% 85.7% 81.7% 79.6% Aug-23 Oct-24 UF GES Price Payment Plan Increased and Cancellation Jan-24 May-24 Sept-24 Extraordinary Single Factor Premium GES Pric
Slide 48: Stable Recurrent Profit Following Approval of the Payment Plan
STABLE RECURRENT PROFIT FOLLOWING APPROVAL OF THE PAYMENT PLAN AND REDUCED MEDICAL LEAVE COSTS Ch$ bn. CONSALUD PROFIT EVOLUTION 7.8 7.1 9.7 6.9 10.2 6.5 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 (5.2) (6.2) (18.3) (13.8) Accounting Total Liability Superintendency Short Isapres approved the Law (
Slide 49: 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 +63% Patients insured under RedSalud agreements 658 634 4 33 51 529 2 17 47 404 2 31 373 2 15 1 2 Dec. 2022 Dec. 2023 Dec. 2024 Dec. 2025 600 607 233 5
Slide 50: Healthcare and Insurance Hedging Strategy
HEALTHCARE AND INSURANCE HEDGING STRATEGY HEALTH SECTOR NET PROFIT Ch$ bn. Consalud (IFRS) RedSalud Vida Cámara (Health Sector) Loss due to Liability from Isapre's Short Law 47.6 37.4 17.7 4.6(1) 1.1 5.9 ( 31.4) (1.1) Liability from (61.8) Covid-19 Short Law of Isapres 2018 2019 2020 2021 2022 2023
Slide 51: Closing Remarks
CHAPTER CLOSING 03 REMARKS MAR. /2026 51
Slide 52: Strategic Plan and 2030 Goals
STRATEGIC PLAN AND 2030 GOALS Organic growth Strengthening Organic growth leveraging market Potential 4th market healthcare network opportunities coverage Enhancing individual Scale up retail Pursuit of higher Voluntary savings offerings and collective banking and products investment spreads insuran
Slide 53: ILC 2025 and 2030
ILC 2025 AND 2030 CAGR > 10% CAGR < 10% 11.7% 12.0% 28.2% 2025 2030 13.2% Pensions 34.8% Financial Health CAGR > 15% Others Accelerated growth in the financial sector and opportunities in healthcare MAR. /2026 Source: ILC 53
Slide 54: Accelerated Growth in the Financial Sector and Opportunities in Healthcare
ACCELERATED GROWTH IN THE FINANCIAL SECTOR AND OPPORTUNITIES IN HEALTHCARE ILC PROFIT Recurrent Profit Extraordinary Profit 2030 Ch$ bn. 2x Recurrent Profit Ch$ 350 - 400 bn. Average Average 189,3 92.4 ROE Average 69.0 ~15% 280.0 CAGR 2025 – 2030 ~15% 2016 2017 2021 2023 2013 2014 2015 2018 2019 202
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Inversiones La Construcción S.A. (ILC) — Investor Presentation (March 2026) on 6ix