Forestal Constructora Y Comercial Del Pacifico Sur S.a. · BCS:PASUR
Forestal Constructora Y Comercial Del Pacifico Sur — Q2 2026 Earnings Presentation
36 slides from Forestal Constructora Y Comercial Del Pacifico Sur's earnings presentation, June 2026
Slide 1: Forestal, Constructora y Comercial del Pacífico Sur SA
Forestal, Constructora y Comercial del Pacífico Sur SA Second Quarter 2026 Results Santiago, Chile September ‘26
Slide 2: Table of Contents
2nd Quarter 2026 Results TABLE OF CONTENTS 1. PASUR at a glance 2. Corporate Governance 3. 2nd 2026 Quarterly Results 4. Highlights 2Q2026 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile September ‘26 2
Slide 3: PASUR at a glance
PASUR at a glance Santiago, Chile September ‘26
Slide 4: Forestal, Constructora y Comercial del Pacífico Sur SA
2nd Quarter 2026 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
2nd Quarter 2026 Results Main Subsidiaries and Affiliates of the Matte Group Ownership1 55.7% 50.0% 69.8% 45.7% 32.5% 10.6% Through Pasur 21.6% 1.2% 3.9% 0.0% 1.9% 2.6% Mkt Cap2 $2,782 $2,529 $4,136 $253 $522 $8,107 Total Assets $20,839 $7,163 $39,338⁶ $473 $6,381 $35,351 Net Income (LTM)3 $104 $125
Slide 6: Corporate Governance
Corporate Governance Santiago, Chile September ‘26
Slide 7: PASUR Board of Directors
2nd Quarter 2026 Results PASUR Board of Directors Hernán Rodríguez Wilson Chairman Hernán Rodríguez studied Engineering at the Pontificia Universidad Católica de Chile and received an MBA from the University of California, Los Angeles (UCLA). He had a successful career at CMPC from 1987 to 2018 beco
Slide 8: Management Team
2nd Quarter 2026 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 2nd 2026 Quarter Results
1st 2026 Quarter Results Santiago, Chile September ‘26
Slide 10: Net Income and Earnings from Associates
2nd Quarter 2026 Results Net Income and Earnings from Associates CMPC Results Summary 2Q26/2Q25: ▪ Pulp sales increased: by 1%, explained by higher pulp prices, Quarterly Net Income especially in the hardwood price. Figures in US$ millions ▪ Softy’s sales increased by 9%, driven by higher volumes in
Slide 11: Highlights 2Q2026
Highlights 2Q2026 Santiago, Chile September ‘26
Slide 12: Period Highlights: CMPC
2nd Quarter 2026 Results Period Highlights 1. CMPC ▪ Natureza Project (Brazil): In April 2024, CMPC signed an agreement with the State of Rio Grande do Sul to advance the Natureza project, which contemplates the development of a new pulp mill in Barra do Ribeiro, alongside investments in logistics i
Slide 13: Period Highlights: BICECORP
2nd Quarter 2026 Results Period Highlights 2. BICECORP ▪ During Q2 2026, Banco BICE completed the liquidation of its factoring subsidiary, BICE Factoring S.A., following regulatory approval. The bank assumed all assets and liabilities of the entity. In addition, BICE Corredores de Seguros Limitada a
Slide 14: Corporate Strategy
Corporate Strategy Santiago, Chile September ‘26
Slide 15: Corporate Strategy
2nd Quarter 2026 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 September ‘26 15
Slide 16: Sector diversification: underlying value by sector
2nd Quarter 2026 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Underlying Value By Sector1 Sector Capital Diversification Pulp & Paper Structure 69,70% Fuel Dx Long Term Finance Portfolio Growth Management Asset Value Trends Energy 15,90%
Slide 17: Sector diversification: sales by geography
2nd Quarter 2026 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Sales By Geography Sector Capital Diversification Structure Europe: 2% Long Term USA: 3% Portfolio China: 2% Growth Management Asset Value Trends Asia ex. China: 3% Environment
Slide 18: Global and local economy growth and long term trends
2nd Quarter 2026 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 Long Term ✓ Power generation using renewables
Slide 19: Innovative, forward-looking and stronger business lines
2nd Quarter 2026 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 Diego de Almagro and Chaca BESS
Slide 20: Sustainable growth and stakeholder relationships
2nd Quarter 2026 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
2nd Quarter 2026 Results Corporate Strategy Profound knowledge of assets, markets and portfolio management, unlocking value 1970 - 1980 1990 - 2000 2010 - 2025 ▪ 55% control stake in ▪ BICE Vida is founded ▪ Puertos y Logística is sold CMPC is achieved to DP World ▪ Chilquinta Acquires 19.99% Sector
Slide 22: Consistent, prudent and flexible capital structure
2nd Quarter 2026 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $816 $833 $959 Capital Diversification Structure Net Debt/ 4.17x 2.77x 12.80x1 EBITDA LTM # Bonds 13 4 7 Long Term Portfolio Growth Management Asset Val
Slide 23: Performance
Performance Santiago, Chile September ‘26
Slide 24: Performance and NAV
2nd Quarter 2026 Results Performance and NAV Stock Performance (base=100) PASUR IPSA Index 1600 1400 1200 1000 800 600 400 200 0 ago-04 ago-09 ago-14 ago-19 ago-24 sept-01 ene-00 nov-00 abr-01 ene-05 nov-05 abr-06 sept-06 ene-10 abr-11 sept-11 ene-15 nov-15 abr-16 sept-16 ene-20 nov-20 abr-21 sept-2
Slide 25: Holding Discount
2nd Quarter 2026 Results Holding Discount Market Value NAV Market Value PASUR Stake (%) (USD mm) (USD mm) (USD mm) 22% 601 40.4% (discount) 4% 161 1,080 3% 209 644 2% 10 1% 31 Net Debt 69 Santiago, Chile September ‘26 25
Slide 26: Holding Discount Evolution
2nd Quarter 2026 Results Holding Discount Evolution Historical Evolution of PASUR’s Holding Discount Average: 40.6% 52,7% 45,5% 47,0% 44,9% 40,9% 42,1% 42,8% 40,7% 43,1% 41,2% 43,7% 37,7% 40,4% 37,9% 40,2% 35,7% 36,6% 36,5% 37,2% 34,3% 35,0% 37,1% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q
Slide 27: Historical Dividends
2nd Quarter 2026 Results Historical Dividends PASUR’s Received Dividends per company1 Figures in US$ millions $200 CMPC $158 COLBUN $150 $10 COPEC $129 BICECORP $100 ALMENDRAL $75 MOLYMET $68 $62 $8 $7 $45 $109 $107 PUERTO $50 $30 ENELAM $56 $9 $15 $44 $12 $45 $26 $5 ENELCHILE $0 $9 $6 2018 2019 202
Slide 28: Dividend Payout Policy
2nd Quarter 2026 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $350 $300 $250 $200 $150 $100 $171 $138 $50 $46 $39 $38 $0 $18 $15 3 2019 2020 2021 2022 2023 2024 2025 LNP2 81% 80% 100% 54% 30% 31% 31% Note: 1:Regular divid
Slide 29: Financial Position
Financial Position Santiago, Chile September ‘26
Slide 30: Financing Strategy
2nd Quarter 2026 Results Financing Strategy We follow 4 main indicators1 Net Debt to Net Debt to Non-Controlling Debt to NAV Net Debt to Equity3 LTM Dividends Asset Value2 Forestal, Constructora y Comercial del Pacífico Sur 0.06x 0.74x 0.05x 0.01x Covenant: 0.5x Local Credit Ratings AA-⁴ AA 1: As of
Slide 31: Main Financial Aspects
2nd Quarter 2026 Results Main Financial Aspects Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0,06x 0,07x 0,07x 0,07x 0,06x 0,06x 0,06x 0,06x 0,06x 0,03x 0,03x 0,02x 0,02x 0,03x 0,03x 0,02x 0,01x 0,01x 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 3Q '25 4Q '25 1Q '26 2Q '26 2Q '24 3Q '24 4Q '24 1Q
Slide 32: Annexes
Annexes Santiago, Chile September ‘26
Slide 33: PASUR's Investment Portfolio
2nd Quarter 2026 Results PASUR’s Investment Portfolio Electric power generation 17 power plants in Chile and 1 in Peru. Installed capacity 5,034 MW. . Production and marketing of wood and It has businesses in the forestry, energy, cellulose products, being the 4th largest mining and fishing sectors.
Slide 34: Income Statement
2nd Quarter 2026 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Income Statement Income Statement (US$ millions) jun-26 jun-25 Administrative Expenses -0.6 -0.7 Other Gains (Losses) 9.3 2.2 Operating Gains (Losses) 8.7 1.5 Financial Income 1.8 1.6 Financial Costs -2.3 -3.0 Share of
Slide 35: Balance Sheet
2nd Quarter 2026 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Balance Sheet Balance Sheet (US$ millions) jun-26 dic-25 Assets Cash and Cash Equivalents 42.7 5.1 Other current financial assets 23.7 18.9 Accounts receivable from related parties 0.0 0.0 Current Tax Assets 0.8 1.1 To
Slide 36: Investor Relations
Investor Relations: investor@pasur.cl Santiago, Chile September ‘26
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