Forestal Constructora Y Comercial Del Pacifico Sur S.a. · BCS:PASUR
Forestal Constructora Y Comercial Del Pacifico Sur — Q2 2025 Earnings Presentation
36 slides from Forestal Constructora Y Comercial Del Pacifico Sur's earnings presentation, September 2025
Slide 1: September, 2025
September, 2025 Santiago, Chile September, 2025
Slide 2: 2nd Quarter 2025 Results
2nd Quarter 2025 Results 1. PASUR at a glance 2. Corporate Governance 3. 2nd 2025 Quarterly Results 4. Highlights 2Q2025 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile September, 2025 2
Slide 3: PASUR at a glance
Santiago, Chile September, 2025
Slide 4: Forestal, Constructora y Comercial del Pacífico Sur SA
2nd Quarter 2025 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 2025 Results Main Subsidiaries and Affiliates of the Matte Group Ownership1 55.7% 50.0% 66.8% 26.2% 45.4% 32.5% 10.6% 10.0% Through Pasur 21.6% 1.2% 4.4% 0.0% 0.0% 1.9% 2.6% 3.0% Mkt Cap2 $3,814 $2,816 $2,716 $1,215 $265 $350 $8,834 $570 Total Assets2 $17,319 $6,987 $37,496⁵ $17,022⁵ $44
Slide 6: Corporate Governance
Santiago, Chile September, 2025
Slide 7: PASUR Board of Directors
2nd Quarter 2025 Results PASUR Board of Directors Joaquín Izcúe Elgart Chairman Joaquín Izcúe studied Business Administration at the Pontificia Universidad Católica de Chile. In 2017 was appointed CEO of Forestal O’Higgins S A after a successful career in the banking industry at Banco BICE (Chile) i
Slide 8: Management Team
2nd Quarter 2025 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 2nd 2025 Quarterly Results
Santiago, Chile September, 2025
Slide 10: Net Income and Earnings from Associates
2nd Quarter 2025 Results Net Income and Earnings from Associates CMPC Results Summary 2Q25/2Q24: Quarterly Net Income ▪ Pulp sales decreased: mainly due to lower sales volume, in a Figures in US$ millions context of lower pulp prices. ▪ Softy’s sales increased, reflecting the integration of Falcon 7
Slide 11: Highlights 2Q2025
Santiago, Chile September, 2025
Slide 12: Period Highlights
2nd Quarter 2025 Results Period Highlights 1. CMPC ▪ On April 29th, CMPC signed an agreement with the State of Rio Grande do Sul in Brazil to advance in the evaluation of Natureza, which will include the construction of a new pulp mill in Barra do Ribeiro, as well as improvements in roads and port i
Slide 13: Period Highlights
2nd Quarter 2025 Results Period Highlights 2. BICECORP ▪ Merger with Grupo Security: BICE finalized its legal integration with Grupo Security on September 1, 2025, after acquiring 98.43% ownership through a public tender offer, marking a strategic milestone in strengthening the financial group. ▪ Re
Slide 14: Corporate Strategy
Santiago, Chile September, 2025
Slide 15: Corporate Strategy
2nd Quarter 2025 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, 2025 15
Slide 16: Sector diversification: underlying value by sector
2nd Quarter 2025 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Underlying Value By Sector1 Sector Capital Diversification Pulp & Paper Structure 76.30% Fuel Dx Long Term Finance Portfolio Growth Management Asset Value Trends Energy Materia
Slide 17: Sector diversification: sales by geography
2nd Quarter 2025 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Sales By Geography Sector Capital Diversification Structure Europe: 4% Long Term USA: 3% Portfolio China: 3% Growth Management Asset Value Trends Asia ex. China: 4% Environment
Slide 18: Global and local economy growth and long term trends
2nd Quarter 2025 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 ✓ Power generation using renewables – solar,
Slide 19: Innovative, forward-looking and stronger business lines
2nd Quarter 2025 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 Santiago, Chile September, 2025
Slide 20: Sustainable growth and stakeholder relationships
2nd Quarter 2025 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 2025 Results Corporate Strategy Profound knowledge of assets, markets and portfolio management, unlocking value 1990 - 2000 2010 - Today ▪ BICE Vida is founded ▪ Puertos y Logística is sold 1970 - 1980 to DP World ▪ Chilquinta Acquires 19.99% Sector ▪ 55% control stake in of Entel Capita
Slide 22: Consistent, prudent and flexible capital structure
2nd Quarter 2025 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $674 $788 $1,805 Capital Diversification Structure Net Debt/ 3.65x 2.27x 12.90x1 EBITDA LTM # Bonds 13 52 1 Long Term Portfolio Growth Management Asset
Slide 23: Performance
Santiago, Chile September, 2025
Slide 24: Performance and NAV
2nd Quarter 2025 Results Performance and NAV Stock Performance (base=100) PASUR IPSA Index 1600.0 1400.0 1200.0 1000.0 800.0 600.0 400.0 200.0 0.0 ago-06 ago-01 ago-11 ago-16 ago-21 ene-02 nov-02 abr-03 sept-03 ene-07 nov-07 abr-08 sept-08 ene-12 nov-12 abr-13 sept-13 ene-17 nov-17 ene-22 nov-22 feb
Slide 25: Holding Discount
2nd Quarter 2025 Results Holding Discount Market Value NAV Market Value PASUR Stake (%) (USD mm) (USD mm) (USD mm) 22% 824 36.6% (discount) 4% 119 1,246 3% 17 3% 227 790 2% 7 1% 35 Net Debt 18 Santiago, Chile September, 2025 25
Slide 26: Holding Discount Evolution
2nd Quarter 2025 Results Holding Discount Evolution Historical Evolution of PASUR’s Holding Discount Average: 40.3% 52.7% 45.5% 46.5% 44.9% 41.4% 41.0% 42.8% 43.0% 43.1% 41.3% 43.7% 40.2% 37.9% 40.2% 35.7% 36.6% 34.5% 34.6% 35.1% 34.3% 35.1% 36.6% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q
Slide 27: Historical Dividends
2nd Quarter 2025 Results Historical Dividends PASUR’s Received Dividends per company1 Figures in US$ millions $200 CMPC $158 COLBUN $150 $10 COPEC $129 BICECORP $100 ALMENDRAL $75 MOLYMET $68 $62 $8 $7 $45 $109 $107 PUERTO $50 $26 ENELAM $56 $44 $12 $45 $9 $26 ENELCHILE $0 $9 2018 2019 2020 2021 202
Slide 28: Dividend Payout Policy
2nd Quarter 2025 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $400 $350 $300 $250 $183 $200 $150 $100 $171 $138 $50 $54 $46 $39 $37 $0 $18 2018 2019 2020 2021 2022 2023 2024 LNP2 39% 81% 80% 100% 54% 30% 31% Note: 1:Regul
Slide 29: Financial Position
Santiago, Chile September, 2025
Slide 30: Financing Strategy
2nd Quarter 2025 Results Financing Strategy We follow 4 main indicators1 Net Debt to Net Debt to Non-Controlling Debt to NAV Net Debt to Equity3 LTM Dividends Asset Value2 Forestal, Constructora y Comercial del Pacífico Sur 0.07x 1.41x 0.28x 0.03x Covenant: 0.5x Credit Ratings International Local BB
Slide 31: Main Financial Aspects
2nd Quarter 2025 Results Main Financial Aspects Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0.09x 0.09x 0.09x 0.08x 0.06x 0.07x 0.07x 0.06x 0.06x 0.05x 0.05x 0.06x 0.06x 0.03x 0.03x 0.02x 0.02x 0.03x 2Q '23 3Q '23 4Q '23 1Q '24 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 2Q '23 3Q '23 4Q '23 1Q
Slide 32: Annexes
Santiago, Chile September, 2025
Slide 33: PASUR's Investment Portfolio
2nd Quarter 2025 Results PASUR’s Investment Portfolio Electric power generation 17 power plants in Chile and 1 in Peru. Installed capacity 5,023 MWS. Production and marketing of wood and cellulose World’s largest molybdenum processor and rhenium products, being the 5th largest cellulose pulp produce
Slide 34: Income Statement
2nd Quarter 2025 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Income Statement Income Statement (US$ millions) jun-24 jun-25 Administrative Expenses -0.8 -0.7 Other Gains (Losses) 1.4 2.2 Operating Gains (Losses) 0.6 1.5 Financial Income 1.6 1.6 Financial Costs -1.9 -3.0 Share of
Slide 35: Balance Sheet
2nd Quarter 2025 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Balance Sheet Balance Sheet (US$ millions) jun-24 jun-25 Assets Cash and Cash Equivalents 16.8 11.0 Other current financial assets 0.0 12.7 Trade and Other Receivables, Net, Current 0.0 0.0 Accounts receivable from rel
Slide 36: Investor Relations: investor@pasur.cl
Investor Relations: investor@pasur.cl Santiago, Chile September, 2025
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