Forestal Constructora Y Comercial Del Pacifico Sur S.a. · BCS:PASUR
Forestal Constructora Y Comercial Del Pacifico Sur — Q1 2025 Earnings Presentation
36 slides from Forestal Constructora Y Comercial Del Pacifico Sur's earnings presentation, June 2025
Slide 1: June, 2025
June, 2025 Santiago, Chile June, 2025
Slide 2: 1st Quarter 2025 Results agenda
1st Quarter 2025 Results 1. PASUR at a glance 2. Corporate Governance 3. 1st 2025 Quarterly Results 4. Highlights 1Q2025 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile June, 2025 2
Slide 3: Santiago, Chile June, 2025
Santiago, Chile June, 2025
Slide 4: Forestal, Constructora y Comercial del Pacífico Sur SA
1st 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
1st 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 $4,097 $2,459 $2,707 $1,188 $197 $360 $8,944 $524 Total Assets2 $17,031 $6,958 $35,9225 $16,475 $438
Slide 6: Corporate Governance
Corporate Governance PASUR 0)
Slide 7: PASUR Board of Directors
1st Quarter 2025 Results PASUR Board of Directors Joaquín Izcúe Elgart Chairman Joaquín Izcúe studied Business Administration at the Pontificia Universidad Católica de Chile. In 2017 was appointed CEO of Forestal O’Higgins S A after a successful career in the banking industry at Banco BICE (Chile) i
Slide 8: Management Team
1st Quarter 2025 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 1st 2025 Quarter Results
1st 2025 Quarter Results PASUR 0)
Slide 10: Net Income and Earnings from Associates
1st Quarter 2025 Results Net Income and Earnings from Associates CMPC Results Summary 1Q25/1Q24: Quarterly Net Income ▪ Pulp sales increased: mainly due to higher sales volume, in a Figures in US$ millions context of lower BEKP prices. 76 ▪ Softy’s sales decreased, reflecting the exchange rate 65 67
Slide 11: Santiago, Chile June, 2025
Santiago, Chile June, 2025
Slide 12: Period Highlights
1st 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
1st Quarter 2025 Results Period Highlights 2. BICECORP ▪ BICECORP and Forestal O’Higgins have successfully completed the acquisition of Grupo Security through a tender offer. The tender offer was structured with 20% paid in cash at a price of $278.9 per share, and the remaining 80% paid with BICECOR
Slide 14: Corporate Strategy
Corporate Strategy PASUR 0)
Slide 15: Corporate Strategy
1st 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 June, 2025 15
Slide 16: Sector diversification provides quality, value protection and cashflow
1st 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 77.80% Fuel Dx Long Term Finance Portfolio Growth Management Asset Value Trends Energy Materia
Slide 17: Sector diversification: Sales by Geography
1st Quarter 2025 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Sales By Geography Sector Capital Diversification Structure Europe: 3% Long Term USA: 4% Portfolio China: 3% Growth Management Asset Value Trends Asia ex. China: 3% Environment
Slide 18: Global and local economic growth and long term trends
1st 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
1st 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 June, 2025 19
Slide 20: Sustainable growth and relationships with stakeholders
1st 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
1st 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
1st Quarter 2025 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $627 $768 $1,373 Capital Diversification Structure Net Debt/ 3.41x 2.25x 12.70x1 EBITDA LTM # Bonds 13 4 1 Long Term Portfolio Growth Management Asset V
Slide 23: Santiago, Chile June, 2025
Santiago, Chile June, 2025
Slide 24: Performance and NAV
0.0 200.0 400.0 600.0 1000.0 1200.0 1400.0 1600.0 800.0 dic-99 1,606 3Q '21 may-00 oct-00 mar-01 Figures in US$ millions Net Asset Value 1st Quarter 2025 Results ago-01 1,245 4Q '21 ene-02 jun-02 nov-02 abr-03 1,374 1Q '22 sept-03 feb-04 Stock Performance (base=100) jul-04 dic-04 Performance and NAV
Slide 25: Holding Discount
1st Quarter 2025 Results Holding Discount Market Value NAV Market Value PASUR Stake (%) (USD mm) (USD mm) (USD mm) 22% 885 35.7% (discount) 4% 118 1,306 3% 15 3% 230 839 2% 7 1% 30 Net Debt 20 Santiago, Chile June, 2025 25
Slide 26: Holding Discount Evolution
1st Quarter 2025 Results Holding Discount Evolution Historical Evolution of PASUR’s Holding Discount Average: 40.6% 52.7% 45.5% 46.5% 44.9% 42.4% 41.4% 41.0% 42.8% 43.0% 43.1% 41.3% 43.7% 40.2% 37.9% 40.2% 35.7% 34.5% 34.6% 35.1% 34.3% 35.1% 36.6% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q
Slide 27: Historical Dividends
1st Quarter 2025 Results Historical Dividends PASUR’s Received Dividends per company1 Figures in US$ millions $200 CMPC $158 COLBUN $150 $10 COPEC $20 $129 BICECORP $15 $14 $100 ALMENDRAL $75 MOLYMET $68 $62 $8 $7 $45 $7 $109 $107 $11 PUERTO $50 $10 ENELAM $56 $44 $12 $45 $26 ENELCHILE $0 2018 2019
Slide 28: Dividend Payout Policy
1st Quarter 2025 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $400 $350 $300 $250 $183 $200 $150 $100 $171 $138 $50 $54 $46 $39 $37 $0 $18 3 2018 2019 2020 2021 2022 2023 2024 LNP2 39% 81% 80% 100% 54% 30% 31% Note: 1:Reg
Slide 29: Financial Position
Financial Position PASUR 0)
Slide 30: Financing Strategy
1st Quarter 2025 Results Financing Strategy We follow 4 main indicators1 Net Debt to Net Debt to Non-Controlling Debt to NAV Net Debt to Equity3 LTM Dividends Asset Value2 Forestal, Constructora y Comercial del Pacífico Sur 0.06x 1.06x 0.20x 0.02x Covenant: 0.5x Credit Ratings International Local BB
Slide 31: Main Financial Aspects
1st Quarter 2025 Results Main Financial Aspects Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0.10x 0.09x 0.09x 0.09x 0.08x 0.06x 0.07x 0.06x 0.06x 0.06x 0.05x 0.05x 0.06x 0.06x 0.03x 0.03x 0.02x 0.02x 1Q '23 2Q '23 3Q '23 4Q '23 1Q '24 2Q '24 3Q '24 4Q '24 1Q '25 1Q '23 2Q '23 3Q '23 4Q
Slide 32: Santiago, Chile June, 2025
Santiago, Chile June, 2025
Slide 33: PASUR's Investment Portfolio
1st Quarter 2025 Results PASUR’s Investment Portfolio Electric power generation 26 power plants in Chile and 1 in Peru. Installed capacity 5,023 MWS. Production and marketing of wood and cellulose World’s largest molybdenum processor and rhenium products, being the 5th largest cellulose pulp produce
Slide 34: Income Statement
1st Quarter 2025 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Income Statement Income Statement (US$ millions) mar-24 mar-25 Administrative Expenses -0.5 -0.4 Other Gains (Losses) 0.0 0.0 Operating Gains (Losses) -0.6 -0.5 Financial Income 0.7 0.5 Financial Costs -0.9 -1.4 Share
Slide 35: Balance Sheet
1st Quarter 2025 Results Forestal, Constructora y Comercial del Pacífico Sur S.A. Balance Sheet Balance Sheet (US$ millions) mar-24 mar-25 Assets Cash and Cash Equivalents 4.6 31.8 Other current financial assets 71.3 0.4 Trade and Other Receivables, Net, Current 0.0 0.0 Accounts receivable from rela
Slide 36: Investor Relations
Investor Relations: investor@pasur.cl Santiago, Chile June, 2025
Forestal, Constructora y Comercial del Pacífico Sur — Q1 2025 Earnings Presentation on 6ix