Minera Valparaiso S.a. · BCS:MINERA
Minera Valparaiso — Q1 2024 Earnings Presentation
37 slides from Minera Valparaiso's earnings presentation, March 2024
Slide 1: Minera Valparaiso S.A. First Quarter 2024 Results
aN LN INERA VALPARAISO Minera Valparaiso S.A. First Quarter 2024 Results March, 2024 Santiago, Chile
Slide 2: Table of Contents
‘1'Quarter 2024 Results TABLE OF CONTENTS 1. Minera Valparaiso at a glance 2. Corpora e Governance 3. 182024 Quarterly Results 4. Highligh 5. Corpora $ 102024 e Strategy 6. Performance 7. Financia 8. Annexes Position MINERA VALPARAISO Santiago, Chile 2 dune, 2024
Slide 3: Minera Valparaiso at a Glance
Minera Valparaiso at a Glance MINERA VALPARAISO —————— ss Santiago,Chiile une, 2024
Slide 4: Minera Valparaiso: Investment Company of the Matte Group
‘1'Quarter 2024 Results N Minera Valparaiso Investment Company of the Matte Group Company Description = Minera Valparaiso is a long-standing investment company that carries out its main activities and businesses in the fields of Energy, Materials, Finance and Telecommunications = Itstands out for it
Slide 5: Pulp & Paper Energy Finance
55.7% 50.0% 98.1% 45.4% 32.5% 10.6% 10.0% 19.2% 48.2% 6.7% 0.0% 8.5% 6.5% 7.0% $5,084 $2,274 $1,404 $186 $423 $9,346 $509 $17,098 $6,680 $18,884 $416 $6,362 $28,308 $1,833 $453 $371 $272 $16 $65 $476 $9 Construction Fuel Dx Pulp & Paper Energy Finance Telecom Material Refining Materials Pulp & Paper
Slide 6: Corporate Governance
Corporate Governance MINERA VALPARAISO —————— ss Santiago,Chiile une, 2024
Slide 7: Minera Valparaiso S.A. Board of Directors
‘1'Quarter 2024 Results N Minera Valparaiso S.A. Board of Directors Joaquin Izcue Elgart Chairman. Joaquin Izcue studied Business Administration at the Pontificia Universidad Catolica de Chile. In 2017 was appointed CEO of Forestal O'Higgins S A after a successful careerin the banking industry at Ba
Slide 8: Management Team
Quarter 2024 Results Management Team Organizational structure Board of Directors Corporate Controller! Investment Management! Development and Strategy Management! Tax and Legal Management! Accounting Management! Operations and Technology Management! Head of Administration and Personnel! ‘1 Functions
Slide 9: 1st 2024 Quarter Results
1st 2024 Quarter Results MINERA VALPARAISO —————— ss Santiago,Chiile une, 2024
Slide 10: EBITDA Margin
▪ EBITDA Margin 47% 46% ▪ 44% 42% 39% 39% 39% 41% 35% 35% 30% 260 25% 20% 226 205 192 ▪ 167 153 161 136 146 146 135 148 ▪ 71 ▪ 1Q '21 2Q '21 3Q '21 4Q '21 1Q '22 2Q '22 3Q '22 4Q '22 1Q '23 2Q '23 3Q '23 4Q '23 1Q '24 78 77 76 40,722 72 68 66 61 54 42 41 28 33 9,897 11,293 22 -953 1Q '21 2Q '21 3Q '
Slide 11: Highlights 1Q 2024
Highlights 192024 MINERA VALPARAISO —————— ss Santiago,Chiile une, 2024
Slide 12: Period Highlights: Colbun
Quarter 2024 Results Period Highlights 1. Colbun = In August 2023, a fire broke out in a gas turbine in Unit 1 of Nehuenco complex. This was quickly contained, and no injuries were reported. The restart of the Unit was on January 2024. = In January, Colbun and Antofagasta Minerals signed a 100% rene
Slide 13: Period Highlights: CMPC
‘1'Quarter 2024 Results Period Highlights 3. CMPC = OnFebruary 218, CMPC issued a 10-year GSLB Bond (Green & Sustainability-Linked Bond) for US$ 500 million with an effective rate of 6.173% and a spread of 185 bps over the Treasury Rate. After this event, 75% of CMPC'’s debt is qualified as sustaina
Slide 14: Corporate Strategy
Corporate Strategy MINERA VALPARAISO —————— ss Santiago,Chiile une, 2024
Slide 15: Our Strategy is defined in 6 Key Elements
‘1'Quarter 2024 Results N Corporate Strategy Our Strategy is defined in 6 Key Elements Sector Diversification Capital Structure Long Term Growth Trends Portfolio Management Environmenta Social Core Business Expansion Governance MINERA VALPARAISO Santiago, Chile June, 2024 15
Slide 16: Portfolio breakdown by sector
44.95% Pulp & Paper 38.47% Fuel Dx Finance Energy Material Refining 10.74% Telecom 3.32% 1.26% 1.26% Pulp & Paper Fuel Dx Finance Energy Material Refining Telecom 16
Slide 17: Sector diversification provides quality, value protection and cashflow
+'Quarter 2024 Results ~ Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Sales By Geography Europe: 3% USA: 4% Portfolio Genie China: 4% Capital Structure circum Asset Value oo Trends Asia ex. China: 3% Environmental Social Core Business Other Latam
Slide 18: Global and local economy growth and long term growth trends
‘1'Quarter 2024 Results Corporate Strategy Global and local economy growth, plus evolutionary long term growth trends Sector Capital Diversification Structure Portfolio Purr §6=6» Asset Value Environmental Social Governance Expansion Core Business cmpc” NNN ON Increasing GDP Per capita Global Consum
Slide 19: Innovative, forward-looking and stronger business lines in the region
‘1'Quarter 2024 Results ~ Corporate Strategy Innovative, forward-looking and stronger business lines in the region €colbun = BICE CORP Capital pocioy ee Diversification r TO | T TT l I | | 9 iy Sura | | Portfolio Rengucan 1 | | Eirecucn Asset Value \ efizity | | = BK | i) i] — 1e | _— I [ a I 5 F |
Slide 20: Sustainable growth and transparent relationships with stakeholders
‘1'Quarter 2024 Results Corporate Strategy Sustainable growth and active and transparent relationships with stakeholders are key to the strategy Sector Capital Diversification Structure Long Term Growth Trends Portfolio lanagement Asset Value Environmental Social Governance Core Business Expansion c
Slide 21: Profound knowledge of assets, markets and portfolio management
+'Quarter 2024 Results we Corporate Strategy Profound knowledge of assets, markets and portfolio management, unlocking value 1990 - 2000 1970-1980 * BICE Vida is founded = BICEV|IDA + Chilauinta Acquires 18.99% @) 2010 - Today = 55% control stake in CMPC & Capital oe isachieved cmpc of Entel . Puert
Slide 22: Consistent, prudent and flexible capital structure
+'Quarter 2024 Results ~ Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets wv cmpc™ €colbun =Zeicecore — Cash (US$mn) $618 $990 $1,631 Diversification Net Debt/ A EBITDA LTM 4.0x 17x 12.0x' # Bonds 16 4 2 Portfolio (Lelasjueam Stun = Asset Value G
Slide 23: Performance
Performance MINERA VALPARAISO ——————— Santiago, Chile
Slide 24: Minera Valparaiso vs IPSA Index
0 500 1,000 1,500 2,000 ene-00 jun-00 3Q '21 3,395 nov-00 abr-01 sept-01 feb-02 jul-02 4Q '21 2,184 dic-02 may-03 oct-03 mar-04 ago-04 ene-05 1Q '22 2,339 jun-05 nov-05 abr-06 sept-06 feb-07 2Q '22 2,056 jul-07 dic-07 may-08 oct-08 mar-09 ago-09 3Q '22 2,082 ene-10 jun-10 nov-10 abr-11 sept-11 24 Mi
Slide 25: Holding Discount
1*Quarter 2024 Results Holding Discount CE coibun cmpc® LS) almendral = BICE CORP SC Ootymert’ Net Debt Market Value NAV (USD mm) (USD mm) Market Value Minera Valparaiso (USD mm) 34.2% (discount) MINERA VALPARAISO Santiago, Chile June, 2024
Slide 26: Holding discount history
52.1% 49.1% 46.6% 45.6% 46.3% 46.3% 39.1% 39.7% 40.7% 40.1% 41.2% 37.6% 34.2% 30.0% 31.0% 30.9% 32.6% 25.4% 18.0% 17.1% 12.4% 5.8% 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 26
Slide 27: Dividends received by company
$1,000 COLBUN CMPC $800 $773 COPEC $97 BICECORP $600 ALMENDRAL MOLYMET $400 PUERTO $250 $601 $228 $226 ENELAM $199 $200 $39 $23 $130 $40 $95 ENELCHILE $3 $143 $168 $117 $149 $23 $74 Total Minera $0 2018 2019 2020 2021 2022 2023 YTD 27
Slide 28: Dividend Payout Policy
‘1'Quarter 2024 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid! Figures in US$ millions $1,200 $1,000 $800 $600 $400 $200 $0 LNP2 68% 95% Note: I:Regular dividends charged to the profits for the year mentioned, Eventual dividends allocated according to distribution
Slide 29: Financial Position
Financial Position MINERA VALPARAISO —————— ss Santiago,Chiile une, 2024
Slide 30: Financing Strategy
1 Quarter 2024 Results » Financing Strategy We follow 5 main indicators! a Net Debt to Non- Net Debt to LTM Dividends to : . | Debt to NAV | | LTM Dividends | | Financial Expenses? | | Controlling Asset | Net Debt to Equity* | Minera Valparaiso | 0.17x | 1.87x | | 741x | | 0.68x | | 0.13x | (Covenan
Slide 31: Consolidated Financial Debt
1 Quarter 2024 Results » Minera Valparaiso Consolidated Financial Debt Financial Debt as of March 2024 By Debt Maturity By Debt Type By Debt Currency By Debt Borrower! Current Derivative Colbun Féni 14.1% _ financial UF. 73.2% “01% instruments 7.6% 42% “ee US$ 2.45 Bn US$ 2.45 Bn . US$ 2.45 Bn US$ 2
Slide 32: Key Financial Ratios (Unconsolidated)
‘1'Quarter 2024 Results ~ Key Financial Ratios (Unconsolidated) Net Debt / Equity’ Debt to NAV Financial Covenant: 0.50x 0:18 ore Ox 26x ex Ol?x om O12 = O18K gy, OSX 010x — 0.10x —-0.10x 0.08x 0.05 9,04x —-0.05x | | | i i i Hs ms | | 10°22 20°22 30'22 -49'22 19°23 20238. 30'23.-40'23. 1924. 10°22 2
Slide 33: Annexes
Annexes MINERA VALPARAISO Santiago, Chile June, 2024
Slide 34: Minera Valparaiso's Investment Portfolio
‘1'Quarter 2024 Results Minera Valparaiso’s Investment Portfolio Production and marketing of wood and cellulose products, being the 3rd largest cellulose producer in the market. Industrial operations in 8 countries in Latin America Financial holding company with presence in commercial banking, insur
Slide 35: Consolidated Income Statement (US$ millions)
Consolidated Income Statement (US$ millions) mar-24 mar-23 Operating Revenues 382 555 Operating Costs (196) (324) Gross Profit 186 231 Gross Margin (%) 49% 42% Administrative Expenses (90) (90) Other Gains (Losses) (16) (14) Operating Gains (Losses) 79 127 Operating Margin (%) 21% 23% Financial Inco
Slide 36: Consolidated Balance Sheet (US$ millions)
Consolidated Balance Sheet (US$ millions) mar-24 dic-23 Consolidated Balance Sheet (US$ millions) mar-24 dic-23 Assets Liabilities Cash and Cash Equivalents 639 337 Other current financial liabilities 362 347 Other current financial assets 531 846 Lease liabilities, current 14 14 Other current non f
Slide 37: Investor Relations
aN iN MINERA VALPARAISO Investor Relations: ir@minera.cl Santiago, Chile June, 2024