Minera Valparaiso S.a. · BCS:MINERA
Minera Valparaiso — Q2 2025 Earnings Presentation
37 slides from Minera Valparaiso's earnings presentation, September 2025
Slide 1: Santiago, Chile September '25
Santiago, Chile September ‘25
Slide 2: 2nd Quarter 2025 Results
2nd Quarter 2025 Results 1. Minera Valparaíso 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 ‘25 2
Slide 3: Minera Valparaíso at a glance
Santiago, Chile September ‘25
Slide 4: Minera Valparaíso
2nd Quarter 2025 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
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 Minera 19.2% 48.2% 4.6% 0.0% 0.0% 8.5% 6.5% 7.0% 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 $
Slide 6: Corporate Governance
Santiago, Chile September ‘25
Slide 7: Minera Valparaíso S.A. Board of Directors
2nd Quarter 2025 Results Minera Valparaíso S.A. 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 Ban
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 ‘25
Slide 10: EBITDA and Earnings from Associates
2nd Quarter 2025 Results EBITDA and Earnings from Associates Colbún Results Summary 2Q25/2Q24: Quarterly EBITDA ▪ Total Generation decreased, because of lower coal generation, due to a major maintenance in Santa María Central, lower gas Figures in US$ millions and % generation due to limitations in
Slide 11: Highlights 2Q2025
Santiago, Chile September ‘25
Slide 12: Period Highlights
2nd Quarter 2025 Results Period Highlights 1. Colbún ▪ In December 2024, Colbún announced that they made the investment decision to build Celda Solar storage project for an amount of US$ 260 million. For this project, a contract was signed with Tesla as the battery supplier. As of June 2025, this pr
Slide 13: Period Highlights
2nd Quarter 2025 Results Period Highlights 3. CMPC ▪ On April 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 port i
Slide 14: Corporate Strategy
Santiago, Chile September ‘25
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 Social Core Business Expansion Governance Santiago, Chile September ‘25 15
Slide 16: Corporate Strategy: Underlying Value by Sector
2nd Quarter 2025 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Underlying Value By Sector1 47,40% Sector Capital Pulp & Paper Diversification Structure 35,70% Fuel Dx Finance Long Term Portfolio Growth Management Asset Value Energy Trends
Slide 17: Corporate Strategy: 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: Corporate Strategy: Long-term growth trends
2nd Quarter 2025 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: Corporate Strategy
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 ‘25 19
Slide 20: Corporate Strategy
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: Corporate Strategy
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: Corporate Strategy: 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 $1,805 Capital Diversification Structure Net Debt/ 3.65x 2.27x 12.90x1 EBITDA LTM # Bonds 13 52 1 Long Term Portfolio Growth Management Asset
Slide 23: Performance
Santiago, Chile September ‘25
Slide 24: Performance and NAV
2nd Quarter 2025 Results Performance and NAV Stock Performance (base=100) Minera Valparaíso IPSA Index 600 400 200 0 abr-06 sept-06 feb-07 abr-11 sept-11 feb-12 abr-16 sept-16 feb-17 abr-21 sept-21 feb-22 jun-05 nov-05 jul-07 dic-07 oct-08 mar-09 ago-09 jun-10 nov-10 jul-12 dic-12 oct-13 mar-14 ago-
Slide 25: Holding Discount
2nd Quarter 2025 Results Holding Discount Market Value Market Value Minera Stake (%) NAV (USD mm) Valparaíso (USD mm) (USD mm) 31.5% 48% 1,358 (discount) 19% 731 2,757 9% 30 1,888 5% 125 7% 579 7% 40 Net Debt (105) Santiago, Chile September ‘25 25
Slide 26: Holding Discount Evolution
2nd Quarter 2025 Results Holding Discount Evolution Historical Evolution of Minera Valparaiso's Holding Discount Average: 31.3% 49,1% 46,6% 46,3% 39,7% 40,7% 40,1% 41,2% 37,6% 34,2% 30,0% 31,0% 30,9% 32,6% 32,1% 31,5% 25,4% 27,3% 27,5% 22,1% 18,0% 17,1% 12,4% 5,8% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
Slide 27: Historical Dividends
2nd Quarter 2025 Results Historical Dividends Minera’s Received Dividends per company1 Figures in US$ 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 ENELCHILE $143 $168 $149 $50 $49 $117 $74 $61 T
Slide 28: Dividend Payout Policy
2nd Quarter 2025 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $1.200 $1.000 $800 $696 $600 $400 $200 $195 $397 $232 $256 $167 $86 $146 $99 $0 2018 2019 2020 2021 2022 2023 2024 LNP2 68% 95% 84% 90% 62% 44% 43% Note: 1:Reg
Slide 29: Financial Position
Santiago, Chile September ‘25
Slide 30: Financing Strategy
2nd Quarter 2025 Results Financing Strategy We follow 5 main indicators1 Net Debt to LTM Dividends to Net Debt to Non- Debt to NAV Net Debt to Equity4 LTM Dividends Financial Expenses2 Controlling Asset Value3 Minera Valparaíso 0.08x 1.76x 15.70x 0.34x 0.06x Covenant: 0.5x Credit Ratings Internation
Slide 31: Minera Valparaíso Consolidated Financial Debt
2nd Quarter 2025 Results Minera Valparaíso Consolidated Financial Debt Financial Debt as of June 2025 By Debt Maturity By Debt Type By Debt Currency By Debt Borrower1 Current Bonds 3,7% Loans with 83,0% financial Colbún Fénix institutions 82,2% 9,1% 15,9% US$ 2.4 Bn US$ 2.4 Bn US$ 2.4 Bn US$ 2.4 Bn
Slide 32: Key Financial Ratios (Unconsolidated)
2nd Quarter 2025 Results Key Financial Ratios (Unconsolidated) Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0,18x 0,17x 0,16x 0,16x 0,12x 0,13x 0,13x 0,09x 0,09x 0,10x 0,09x 0,11x 0,08x 0,06x 0,06x 0,05x 0,05x 0,05x 2Q '23 3Q '23 4Q '23 1Q '24 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 2Q '23 3Q
Slide 33: Annexes
Santiago, Chile September ‘25
Slide 34: Minera Valparaíso's Investment Portfolio
2nd Quarter 2025 Results Minera Valparaíso’s Investment Portfolio Electric power generation 17 power plants in Chile and 1 in Peru. Installed capacity 5,023 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
2nd Quarter 2025 Results Minera Valparaíso S.A. Consolidated Income Statement Consolidated Income Statement (US$ millions) jun-25 jun-24 Operating Revenues 815 808 Operating Costs (407) (430) Gross Profit 408 378 Gross Margin (%) 50% 47% Administrative Expenses (205) (182) Other Gains (Losses) (15)
Slide 36: Minera Valparaíso S.A. Consolidated Balance Sheet
2nd Quarter 2025 Results Minera Valparaíso S.A. Consolidated Balance Sheet Consolidated Balance Sheet (US$ millions) jun-25 dic-24 Consolidated Balance Sheet (US$ millions) jun-25 dic-24 Assets Liabilities Cash and Cash Equivalents 231 671 Other current financial liabilities 89 107 Other current fin
Slide 37: Santiago, Chile September '25
Santiago, Chile September ‘25