Empresa Nacional De Telecomunicaciones S.a. · BCS:ENTEL
Empresa Nacional De Telecomunicaciones — Investor Presentation (September 2025)
61 slides from Empresa Nacional De Telecomunicaciones's investor presentation, September 2025
Slide 1: Corporate Presentation
Empresa Nacional de Telecomunicaciones S.A. Corporate Presentation September 2025 Contact Information: Paula Raventós, Investor Relations Officer Ignacio Reyes, Investor Relations Sr. Analyst ir@entel.cl
Slide 2: Table of Contents
Table of Contents 1. Macro & Industry Overview 2. Reasons to Invest 3. Consolidated Results Highlights 4. Strategic Deep Dive 5. Final Remarks 2
Slide 3: Industry growth pressured by inflation, FX volatility, and intense competition
Industry growth pressured by inflation, FX volatility, and intense competition Macro Backdrop & Competitive Intensity CPI vs Telco Industry Revenue Growth 1 (%) Real GDP & Exchange rates 2 Avg. spectrum per operator (OECD) 3 (Mhz ) 3 Op. 4 Op. MHz currently undergoing CPI (var % 12 m) Organic Revenu
Slide 4: 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 5: Chile & Peru have median mobile penetration with data usage above OECD average
Chile & Peru have median mobile penetration with data usage above OECD average Worldwide mobile internet activity While Chile's mobile penetration is at the OECD median, the country ranks in the top 10 for data consumption per user. * Data as of June 2024 5
Slide 6: Fixed Internet: Low Overall Penetration, High Fiber Adoption
Fixed Internet: Low Overall Penetration, High Fiber Adoption Worldwide fixed internet activity While overall fixed internet penetration is below the OECD average, both Chile and Peru are above the average in fiber optic penetration. * Data as of June 2024 6
Slide 7: Chile Ranks Among Top OECD Countries for Internet Usage
Chile Ranks Among Top 10 OECD Countries for Internet Usage OECD mobile internet gigas-on-use (GOU) 7
Slide 8: OECD mobile and fixed internet prices
1.00 2.00 1.00 2.00 8.00 0.50 3.00 3.00 5.00 6.00 7.00 1.50 2.50 0.00 4.00 0.00 Italia Israel Polonia Italia República… Colombia Korea Francia Chile Polonia 0.04 Lituania Australia Japón Turquía España Perú Hungría España Letonia Austria Portugal Finlandia Estados Unidos Reino Unido Suecia Chile 0.6
Slide 9: 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 10: Table of Contents
Table of Contents 1. Macro & Industry Overview 2. Reasons to Invest 3. Consolidated Results Highlights 4. Strategic Deep Dive 5. Final Remarks 10
Slide 11: 3 reasons to invest
3 reasons to invest 1. We Lead 2. We Create Value 3. Our Governance We are long-term mobile leaders Our 3-step proven formula to We have a respected Controlling in the Chilean telecom industry create value in superior network group that is committed to it’s and now well-positioned 2nd in and brand r
Slide 12: 1st Reason to Invest: Sustained Long Term Leadership in Chile and now 2nd in Peru
1st Reason to Invest: Sustained Long Term Leadership in Chile and now 2nd in Peru. Mobile services revenue 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 39,1 39,7 40,2 40,7 41,2 38,6 38,4 37,1 Diff vs 2nd O
Slide 13: 2nd Reason to Invest: Our Proven Formula to Create Value
2nd Reason to Invest: 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 obses
Slide 14: 2nd Reason to Invest: We Invest in robust network infrastructure & spectrum
2nd Reason to Invest: We Invest in robust network infrastructure & spectrum… Driving coverage expansion and securing spectrum leadership 1 Key Fundamentals Mobile Capex (tests %) Mobile Coverage (Q) Spectrum Market Share 1 (%) Northern Area Entel Chile Spectrum Holding Total Mobile PoP:2,311 Band Co
Slide 15: 2nd Reason to Invest: …which delivers the best network experience & quality
2nd Reason to Invest: …which delivers the best network experience & quality… 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.
Slide 16: 2nd Reason to Invest: …building a leading brand with strong customer satisfaction
2nd Reason to Invest: …building a leading brand with strong customer satisfaction… 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) Entel Op. 2 Op. 3 Op. 4 Ent
Slide 17: 2nd Reason to Invest: …that ensures loyal, high-value clients and industry leadership
2nd Reason to Invest: …that ensures loyal, high-value clients and industry leadership. Lower churn, higher ARPU, and growing revenue share 3 ARPU & Churn Pospaid Av. Monthly Port-out Rate 1 (%) Mobile Services ARPU 2 (CLP for Chile, USD for Peru) Mobile Service Revenue Share 3 (%) Entel Industry ex.
Slide 18: 2nd Reason to Invest: Chile and Peru profitability
2nd Reason to Invest: Chile and Peru profitability Organic EBITDA Mg and Chile EBITDAaL Mg. 3 ARPU & Churn Organic EBITDA margin (1) (2) (%) Organic EBITDAaL margin (1) (2) (%) Entel Op. 2 Op. 3 Op. 4 Entel Op. 2 Op. 4 37,4% 38,2% 38,4% 33,9% 34,5% 35,9% 30,7% 30,0% 29,7% 27,9% 30,1% 25,1% 24,6% 22,
Slide 19: 3rd Reason to Invest: Our respected Controlling Group and Corporate Governance
3rd Reason to Invest: Our respected Controlling Group and Corporate Governance… Important Controlling Group with solid experience and knowledge of the Company and Industry. Entel’s Board of Directors Juan José Luis Felipe Bernardo Richard Hurtado Gazitúa Matte Büchi Vicuña Achondo Larraín Buc Juan J
Slide 20: 3rd Reason to Invest: committed to sustainability through a sound ESG strategy
3rd Reason to Invest: … committed to sustainability through a sound ESG strategy. Positive performance in the S&P Corporate Sustainability Assessment (CSA) ESG Recognitions Points Top 15% in 2024 CSA 69 71 For the eighth year, recognized as the only 67 65 67 65 66 64 64 62 58 South American telecomm
Slide 21: Table of Contents
Table of Contents 1. Macro & Industry Overview 2. Reasons to Invest 3. Consolidated Results Highlights 4. Strategic Deep Dive 5. Final Remarks 22
Slide 22: Snapshot of Entel Financials
Snapshot of Entel Financials Results LTM as of June 2025 Organic Non-Organic Consolidated Revenues CAPEX Market Capitalization CLP 2.867 Bn (+6,7% vs 2024) CLP 452 Bn (-6,4% vs 2024) CLP 906 Bn (+7,0% vs 2024) Revenues trend CAPEX / Revenues Dividend Yield 2024 2.764.760 2024 17,2% 2024 9,7% 2023 2.
Slide 23: Entel is constantly seeking to maximize the value of its assets
Entel is constantly seeking to maximize the value of its assets Three projects generating nearly $1B are funding special dividends ($600M paid) while protecting the capital structure. 2019 - 2021 2021 - 2022 2022 - 2023 Towers Datacenter Fiber • Maximizing the value of tower • Housing business threa
Slide 24: Strong revenue momentum across mobile and fixed drives solid performance
Strong revenue momentum across mobile and fixed drives solid performance Key Consolidated Financial Metrics in the Last 5 Years Consolidated Revenues (CLP $ Billion) Consolidated EBITDA, EBITDA Mg. & EBITDAaL Mg. (CLP $ Billion, %) Mobile Services Handset Fixed Others Non-organic Org. EBITDA Non-org
Slide 25: Positive Business Performance
Positive Business Performance EBITDA components through the year Organic EBITDA 6M25 vs 6M24 CLP $ Billions +2.2% 33.4 387.7 396.2 -5.0 -13.4 -6.5 EBITDA 6M24 Business Inflation effect Other leases and Others (including Organic EBITDA 6M25 IFRS16 (includes energy) leases from Fiber) 31
Slide 26: Strong revenue momentum: Revenue and EBITDA by Country
Strong revenue momentum across mobile and fixed drives solid performance Revenue and EBITDA in the Last 5 Years by Country Revenues by Business (CLP $ Billion) EBITDA, EBITDA Mg. & EBITDAaL Mg. (CLP $ Billion, %) Mobile Services Handset Fixed Others Non-organic Org. EBITDA Non-organic Org. EBITDA Mg
Slide 27: Driving Future Growth: CLP $563 Billion Strategic Capex Plan for 2025
Driving Future Growth: CLP $563 Billion Strategic Capex Plan for 2025 Investment Focused on Network Leadership (5G/4G), Fiber Expansion (Chile), and Accelerated Growth in Peru Chile CAPEX by business CLP $ Billion Peru CAPEX by business CLP $ Billion Entel Consolidated CAPEX CLP $ Billion Mobile Hom
Slide 28: 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 in Chile, excluding home internet business (%) Mobile Chile Home Chile Mobile Peru 21,9% 4G deployment I
Slide 29: Industry Pressures Squeezing Margins and Profitability
Industry Pressures Squeezing Margins and Profitability Chile: Organic Return on Net Assets Chile: Organic RONA (%) Entel Industry w/out Entel 11,8 11,1 9,5 9,5 9,1 8,1 7,5 6,6 7,0 5,5 4,3 4,5 4,4 0,0 -5,0 -5,6 2017 2018 2019 2020 2021 2022 2023 2024 (1) Quarterly reports operators and internal estim
Slide 30: Sustained profitability after leases despite fiber deployment
Sustained profitability after leases despite fiber deployment EBITDA after leases, CAPEX and EBITDA after leases – CAPEX. EBITDA after Leases (CLP $ Billion) CAPEX (CLP $ Billion) EBITDA after Leases - CAPEX (%) Org. EBITDAaL Mg. EBITDAaL CAPEX CAPEX / revenues Org. EBITDAaL - CAPEX / revenues Chile
Slide 31: Positive Free Cash Flow from Operations
Positive Free Cash Flow from Operations Entel Group Net Cash Flow 6M2024 vs 6M2025 Cash at the beginning of the period 658,850 273,778 6M25: 6M24 6M25 EBITDA: 1H25 performance driven by handset sales and Ebitda 387,707 396,214 mobile services. % over Revenues 57.0% 58.8% IFRS16 (85,050) (86,712) EBI
Slide 32: Sound Financial Indicators Maintains Investment Grade
Sound Financial Indicators Maintains Investment Grade Financial Indicators Net financial debt CLP $ Billion NFD / LTM EBITDA N° of times Including IFRS16 1,598 ∆ YoY ∆ CAGR 3.00 ∆ YoY ∆ CAGR 1,300 1,323 1,423 1,148 2.52 2.53 2.63 2.45 2.17 +7.6% +9.5% 1.78 +3.7% +4.4% 1.73 1.61 1.67 2021 2022 2023 2
Slide 33: Healthy Debt Maturity Profile and Full Currency Hedging
Healthy Debt Maturity Profile and Full Currency Hedging Entel Group Debt Amortization. Amortization profile US$ Millions 144A Bonds International Bank Loan Bank Loans Peru Local Bonds Bank Loans Chile 400 400 Paid the 2025 maturity 400 400 ($281M in August) and prepaid the 2026 312 302 maturity ($28
Slide 34: Table of Contents
Table of Contents 1. Macro & Industry Overview 2. Reasons to Invest 3. Consolidated Results Highlights 4. Strategic Deep Dive 5. Final Remarks 40
Slide 35: 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 36: 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 37: 41% of mobile service revenue share maintaining consistent market leadership
41% of mobile service revenue share maintaining consistent market leadership Mobile Industry Subscribers 1 (thousands) Mobile Revenue Share 2 (%) Postpaid Prepaid Entel Op. 2 Op. 3 Op. 4 41.2 41.6 37.5 38.4 38.5 -1.3% -0.5% 8,569 8,621 27.5 27.4 27.9 8,375 8,308 8,264 25.8 25.5 17.9 19.4 20.3 18.7 1
Slide 38: We Keep Our Growth Trend in Postpaid despite industry challenges
We Keep Our Growth Trend in Postpaid despite industry challenges Voice Connections in Mobile postpaid Industry, Chile. Net share growth mobile postpaid Voice Connection Industry Chile 1 Ths. Entel Op. 2 Op. 3 Op. 4 Op. 5 Others 2.509 2.174 483 491 1.513 731 1.322 1.382 732 255 496 761 7 981 373 89 8
Slide 39: We Keep Our Growth Trend in Postpaid despite industry challenges
We Keep Our Growth Trend in Postpaid despite industry challenges Voice Connections in Mobile postpaid Industry, Chile. Net share growth mobile postpaid Voice Connection Industry Chile 1 Ths. Entel Op. 2 Op. 3 Op. 4 Op. 5 Others 130 212 90 158 16 95 78 53 1 57 37 45 122 28 149 38 94 65 68 5 19 86 14
Slide 40: Leaders in 5G presence and connections with 47,5% market share
Leaders in 5G presence and connections with 47,5% market share Mobile Technologies Distribution and Share in 3G, 4G and 5G Connections. Industry: Share of Mobile Technologies (%) Share of 3G-5G connections % 5G 4G 3G Entel Op. 2 Op. 3 Op. 4 6% 4% 4% 4% 35,3 8% 34,4 34,6 34,0 34,8 +10,1 pp (-0.1pp 24
Slide 41: Trend in Entry Price Reflecting Changes in the Cost Structure
Trend in Entry Price Reflecting Changes in the Cost Structure Chile Industry Entry Prices Fixed Mobile Entry Offer per Operator in Chile CLP Entel Op. 4 Op. 2 Op. 3 12.990 12.990 12.990 12.990 12.990 11.990 11.990 11.990 11.990 11.990 11.990 11.990 11.990 11.990 10.990 10.990 10.990 10.990 10.990 10
Slide 42: Trend in Entry Price Reflecting Changes in the Cost Structure
Trend in Entry Price Reflecting Changes in the Cost Structure Chile Industry Entry Prices EBITDA Entel Chile 2019 – 2024 (CLP millions) 543.242 514.849 75.593 84.645 65.469 20.123 Equivalent to 4,2 pp of Mg EBITDA 2024 30.456 22.555 EBITDA 2019 USD y UF in Energy Home and DC Tariff Increase Organic
Slide 43: Leading the Way: Direct to Cell
Leading the Way: Direct to Cell We are proud to be the only company in Latin America that has already tested Starlink’s direct-to-cell technology and it’s already prepared to provide satellite messaging services, bringing connectivity to zones without terrestrial coverage. This highlights our commit
Slide 44: Complement to Terrestrial Networks
Complement to Terrestrial Networks Satellite Terrestrial LEO GEO FIBER 5G Speed 100 mbps <25 mbps 1-10 Gbps Up to 1 Gbps 1GB Movie 13,5 min 54 min 1,3 min- 8 sgds 1,3 min <30 ms >500 ms <15 ms <30 ms Streaming, People talking over Shooter Streaming, Latency videocalls, videocalls, only watch games v
Slide 45: 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 46: 26,7% of mobile revenue share maintaining consistent 2nd place
26,7% of mobile revenue share maintaining consistent 2nd place Mobile Industry Subscribers 1 (thousands) Mobile Revenue Share 2 (%) Postpaid Prepaid Entel Op. 2 Op. 3 Op. 4 +5.1% +2.1% 37.8 38.2 39.2 39.7 39.8 10,078 28.4 27.6 26.7 9,828 9,730 9,875 26.4 26.2 9,586 24.7 25.2 24.4 22.9 21.6 9.1 10.0
Slide 47: 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 Voice Connection Industry Peru Ths. Entel Op. 2 Op. 3 Op. 4 2.607 690 1.601 1.640 464 417 1.298 505 225 634 409 893 866 83 666 395 18 400 460 610 218
Slide 48: Gaining scale and profitability in Peru's mobile business
Gaining scale and profitability in Peru´s mobile business and we aim for more with ambitious goals… Service revenue share Mg EBITDA P R O F I T A B I L I T Y B A S E D P R O F I T A B I L I T Y B A S E D O N E F F I C I E N C I E S O N S C A L E 26,0 ~30,0 23,8 24,2 24,5 22,6 23,2 23,7 24,2 19,1 (1)
Slide 49: 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 50: Significant growth in the base despite stiff competition
Significant growth in the base despite stiff competition Entel Chile fixed services Entel Chile FTTH connections (thousands) Fixed internet market share 1 (%) Voice TV Broadband Entel Op. 2 Op. 3 Op.4 Op. 5 Op. 6 Op. 7 Others CAGR 22-25 553,9 31,4 30,4 30,3 +23,0% 19,7 -4,8% 29,3 28,7 26,5 437,6 124
Slide 51: Entel FTTH still growing in a concentrated slow-growing industry
Entel FTTH still growing 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 12 49 66 3 1 0 42 23 0 39 40 26 28 39 17 7 1 26 59 21 9 5 6 9 5 1 0 4 1 9 2 17 5 1
Slide 52: Important brand and experience positioning in FTTH
Important brand and experience positioning in FTTH Chile: Home Brand Power and Fiber Satisfaction Chile: Home Brand Power 2Q25 (Pts) +1,4 19,1 17,7 12,5 12,2 11,9 10,1 Entel Op. 2 Op. 4 Op. 5 Op. 3 Op. 6 Chile: Internet Fiber Satisfaction 2Q25 (Pts) -6,0 67 61 53 50 23 Op. 6 Entel Op. 2 Op. 3 Op. 5
Slide 53: Growing in Fiber by protecting the mobile base
Growing in Fiber by protecting the mobile base Fiber-to-the-home (FTTH) The value of an integrated journey Protect our mobile base in an industry with multi-service 1 mobile line 1 mobile line fiber operators. Mobile Churn 1.88% Churn 1.46% The Home business generates synergies with the fiber fiber
Slide 54: Neutral network allow to focus on our core: Customer service excellence
Neutral network allow to focus on our core: Customer service excellence Entel Group FTTH Structure Core network Access network Drop to customer FiberCo Transport & IP Core Central Ducts Pole Cabinets Drop Home Enterprise 2.8% of total service failures (1) 23.3% of total service failures (1) occur 73
Slide 55: Grow in home and SME, protecting mobile customer
Grow in home and SME, protecting mobile customer Entel Group FTTH Structure Drop to customer Dimensions Explaining Home Fiber Churn 6,3% Others 9,7% Price & value for money 36,0% Failure repairs +80% 28,0% TV performance 20,7% Internet performance Drop Home Enterprise 2024 73,8% of total service fai
Slide 56: 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 57: Capturing opportunity in the digital B2B business
Capturing opportunity in the digital B2B business TRADITIONAL B2B TELCO B2B TECHCO Digital Services & IT Advanced Connectivity Cloud Fixed voice Roaming Analytics 5G Mobile 5G Services Networks Service Mobile voice Enterprise networks Fixed Network Service Mobile Network Fixed broadband Wholesale ma
Slide 58: B2B Digital Business Opportunity
B2B Digital Business Opportunity digital Entel Digital, a specialized digital/IT business unit focused on growth and creating cutting-edge digital solutions We strategically divest from datacenter infrastructure, to focus on new growing digital services (cybersecurity, video analytics solutions, hyb
Slide 59: Expanding Portfolio With High Growth Potential Solutions
Expanding Portfolio With High Growth Potential Solutions Entel Digital Business Opportunity IoT - Analytics IoT – Advanced Analytics - NBIoT Monitor fleets in real time and Intelligently monitor, control and consolidate high-value metrics in one optimize natural resources. place • Comply with DGA re
Slide 60: Table of Contents
Table of Contents 1. Macro & Industry Overview 2. Reasons to Invest 3. Consolidated Results Highlights 4. Strategic Deep Dive 5. Final Remarks 67
Slide 61: It's important to maintain PURPOSE & CONSISTENCY
Final Remarks A stressed, highly competitive industry, with pressure on margins. Intense competition and rising costs are squeezing margins, forcing efficiencies and differentiation to sustain profitability. Entel is performing positively thanks to its consistent strategy and its commitment to stayi
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