Minera Valparaiso S.a. · BCS:MINERA
Minera Valparaiso — Q4 2025 Earnings Presentation
37 slides from Minera Valparaiso's earnings presentation, March 2026
Slide 1: Minera Valparaíso S.A. Fourth Quarter 2025 Results
Minera Valparaíso S.A. Fourth Quarter 2025 Results Santiago, Chile March ‘26
Slide 2: Table of Contents
4th Quarter 2026 Results TABLE OF CONTENTS 1. Minera Valparaíso at a glance 2. Corporate Governance 3. 4th 2025 Quarterly Results 4. Highlights 4Q2025 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile March ‘26 2
Slide 3: Minera Valparaíso at a Glance
Minera Valparaíso at a Glance Santiago, Chile March ‘26
Slide 4: Minera Valparaíso
4th Quarter 2026 Results Minera Valparaíso Investment Company of the Matte Group Company Description ▪ Minera Valparaíso is a long-standing investment company that carries out its main activities and businesses in the fields of Energy, Materials, Finance and Telecommunications ▪ It stands out for it
Slide 5: Main Subsidiaries and Affiliates of the Matte Group
4th Quarter 2026 Results Main Subsidiaries and Affiliates of the Matte Group Ownership1 55.7% 50.0% 69.8% 45.7% 32.5% 10.6% 10.0% Through Minera 19.2% 48.2% 4.1% 0.0% 8.5% 6.5% 7.0% Mkt Cap2 $3,925 $2,804 $4,216 $271 $630 $10,189 $916 Total Assets $20,578 $7,200 $38,9297 $4668 $6,568 $33,210 $1,823
Slide 6: Corporate Governance
Corporate Governance Santiago, Chile March ‘26
Slide 7: Minera Valparaíso S.A. Board of Directors
4th Quarter 2026 Results Minera Valparaíso S.A. Board of Directors Hernán Rodríguez Wilson Chairman Hernán Rodríguez studied Engineering at the Pontificia Universidad Católica de Chile and received an MBA from the University of California, Los Angeles (UCLA). He had a successful career at CMPC from
Slide 8: Management Team
4th Quarter 2026 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 4th 2025 Quarter Results
4th 2025 Quarter Results Santiago, Chile March ‘26
Slide 10: EBITDA and Earnings from Associates
4th Quarter 2026 Results EBITDA and Earnings from Associates Colbún Results Summary 4Q25/4Q24: Quarterly EBITDA ▪ Total Generation decreased, because of lower hydro generation due to less favorable hydro conditions during the quarter. Figures in US$ millions and % EBITDA Margin ▪ Physical sales decr
Slide 11: Highlights 4Q2025
Highlights 4Q2025 Santiago, Chile March ‘26
Slide 12: Period Highlights
4th Quarter 2026 Results Period Highlights 1. Colbún ▪ In April, Colbún signed a purchase and sale agreement to acquire 41.4% ownership of Fenix Power Peru from ADIA. ▪ In June, Horizonte Wind Project started the commercial operation. ▪ In July, an accident occurred at Unit No. 1 of the Rucúe Hydroe
Slide 13: Period Highlights
4th Quarter 2026 Results Period Highlights 3. CMPC ▪ On April 29th, 2024 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 p
Slide 14: Corporate Strategy
Corporate Strategy Santiago, Chile March ‘26
Slide 15: Corporate Strategy: Key Elements
4th 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 Social Core Business Expansion Governance Santiago, Chile March ‘26 15
Slide 16: Sector diversification and underlying value by sector
4th Quarter 2026 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Underlying Value By Sector1 Sector 44,20% Capital Pulp & Paper Diversification Structure 35,50% Fuel Dx Finance Long Term Portfolio Growth Management Asset Value Energy Trends
Slide 17: Sector diversification: sales by geography
4th Quarter 2026 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: 4% Growth Management Asset Value Trends Asia ex. China: 4% Environment
Slide 18: Global and local economy growth and long term trends
4th Quarter 2026 Results Corporate Strategy Global and local economy growth, plus evolutionary long term growth trends ✓ Increasing GDP Per cápita ✓ 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
4th 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 Santiago, Chile March ‘26 19
Slide 20: Sustainable growth and stakeholder relationships
4th 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
4th Quarter 2026 Results Corporate Strategy Profound knowledge of assets, markets and portfolio management, unlocking value 1970 - 1980 1990 - 2000 2010 - Today ▪ 55% control stake in ▪ BICE Vida is founded ▪ Puertos y Logística is sold CMPC is achieved to DP World ▪ Chilquinta Acquires 19.99% Secto
Slide 22: Consistent, prudent and flexible capital structure
4th Quarter 2026 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $812 $883 $1,792 Capital Diversification Structure Net Debt/ 3.97x 2.75x 12.80x1 EBITDA LTM # Bonds 12 4 6 Long Term Portfolio Growth Management Asset V
Slide 23: Performance
Performance Santiago, Chile March ‘26
Slide 24: Performance and NAV
4th Quarter 2026 Results Performance and NAV Stock Performance (base=100) Minera Valparaíso IPSA Index 600 400 200 0 abr-06 sept-06 feb-07 abr-11 sept-11 feb-12 abr-16 sept-16 feb-17 abr-21 sept-21 feb-22 jun-05 nov-05 jul-07 dic-07 oct-08 mar-09 ago-09 jun-10 jul-12 dic-12 oct-13 mar-14 ago-14 jun-
Slide 25: Holding Discount
4th Quarter 2026 Results Holding Discount Market Value Market Value Minera Stake (%) NAV (USD mm) Valparaíso (USD mm) (USD mm) 34.5% 48% 1,337 (discount) 19% 707 3,004 9% 35 1,969 4% 131 7% 623 7% 52 Net Debt (58) Santiago, Chile March ‘26 25
Slide 26: Holding Discount Evolution
4th Quarter 2026 Results Holding Discount Evolution Historical Evolution of Minera Valparaiso's Holding Discount Average: 30.8% 46,3% 39,7% 40,7% 40,1% 41,2% 37,6% 34,2% 34,5% 34,5% 30,0% 31,0% 30,9% 32,6% 32,1% 31,5% 25,4% 27,3% 27,5% 22,1% 18,0% 17,1% 12,4% 5,8% 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
Slide 27: Historical Dividends
4th Quarter 2026 Results Historical Dividends Minera’s Received Dividends per company1 Figures in US$ millions $800 $773 COLBUN CMPC $97 $600 COPEC BICECORP ALMENDRAL $400 MOLYMET $250 $601 PUERTO $226 $228 $199 $200 $39 ENELAM $130 $40 $143 $23 $3 $95 $95 ENELCHILE $143 $168 $149 $50 $117 $74 $61 T
Slide 28: Dividend Payout Policy
4th Quarter 2026 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $1.200 $1.000 $800 $696 $600 $400 $200 $195 $397 $232 $256 $167 $86 $146 $99 $0 2018 2019 2020 2021 2022 2023 2024 LNP2 68% 95% 84% 90% 62% 44% 43% Note: 1:Reg
Slide 29: Financial Position
Financial Position Santiago, Chile March ‘26
Slide 30: Financing Strategy
4th Quarter 2026 Results Financing Strategy We follow 5 main indicators1 Net Debt to LTM Dividends to Net Debt to Non- Debt to NAV Net Debt to Equity4 LTM Dividends Financial Expenses2 Controlling Asset Value3 Minera Valparaíso 0.08x 2.19x 9.45x 0.27x 0.05x Covenant: 0.5x Credit Ratings Internationa
Slide 31: Minera Valparaíso Consolidated Financial Debt
4th Quarter 2026 Results Minera Valparaíso Consolidated Financial Debt Financial Debt as of December 2025 By Debt Maturity By Debt Type By Debt Currency By Debt Borrower1 Current Loans with 2,6% financial Bonds institutions 76,7% Colbún 83,6% Fénix 22,6% 8,3% US$ 2.65 US$ 2.65 US$ 2.65 US$ 2.65 Bn B
Slide 32: Key Financial Ratios (Unconsolidated)
4th Quarter 2026 Results Key Financial Ratios (Unconsolidated) Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0,16x 0,17x 0,13x 0,09x 0,09x 0,10x 0,09x 0,08x 0,11x 0,08x 0,08x 0,06x 0,06x 0,05x 0,05x 0,06x 0,06x 0,05x 4Q '23 1Q '24 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 3Q '25 4Q '25 4Q '23 1Q
Slide 33: Annexes
Annexes Santiago, Chile March ‘26
Slide 34: Minera Valparaíso's Investment Portfolio
4th Quarter 2026 Results Minera Valparaíso’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 cellulose World’s largest molybdenum processor and rhenium products, being the 5th largest cellulose pu
Slide 35: Minera Valparaíso S.A. Consolidated Income Statement
4th Quarter 2026 Results Minera Valparaíso S.A. Consolidated Income Statement Consolidated Income Statement (US$ millions) dic-25 dic-24 Operating Revenues 1,596 1,577 Operating Costs (809) (772) Gross Profit 787 804 Gross Margin (%) 49% 51% Administrative Expenses (433) (381) Other Gains (Losses) (
Slide 36: Minera Valparaíso S.A. Consolidated Balance Sheet
4th Quarter 2026 Results Minera Valparaíso S.A. Consolidated Balance Sheet Consolidated Balance Sheet (US$ millions) dic-25 dic-24 Consolidated Balance Sheet (US$ millions) dic-25 dic-24 Assets Liabilities Cash and Cash Equivalents 200 671 Other current financial liabilities 68 107 Other current fin
Slide 37: Investor Relations
Investor Relations : ir@minera.cl Santiago, Chile March ‘26