Minera Valparaiso S.a. · BCS:MINERA
Minera Valparaiso — Q4 2023 Earnings Presentation
37 slides from Minera Valparaiso's earnings presentation, December 2023
Slide 1: Fourth Quarter 2023 Results
aN LN INERA VALPARAISO Minera Valparaiso S.A. Fourth Quarter 2023 Results December, 2023 Santiago, Chile
Slide 2: Table of Contents
4!" Quarter 2023 Results TABLE OF CONTENTS 1. Minera Valparaiso at a glance 2. Corpora 3. 4th2023 4. Highligh 5. Corpora e Governance Quarterly Results s 402023 e Strategy 6. Performance 7. Financia Position 8. Annexes MINERA VALPARAISO Santiago, Chile 2 March, 2023
Slide 3: Minera Valparaiso at a Glance
Minera Valparaiso at a Glance MINERA VALPARAISO ——————— Santiago, Chile
Slide 4: Minera Valparaiso
4!" Quarter 2023 Results ~ Minera Valparaiso Investment Company of the Matte Group Company Description = Minera Valparaiso is a long-standing investment company that carries out its main activities and businesses in the fields of Energy, Materials, Finance and Telecommunications = Itstands out for i
Slide 5: Pulp & Paper Energy Finance
55.7% 50.0% 98.1% 45.4% 32.5% 10.6% 10.0% 19.2% 48.2% 6.7% 0.0% 8.5% 6.5% 7.0% $4,825 $2,783 $1,299 $181 $457 $9,459 $566 $17,177 $6,661 $20,223 $438 $6,723 $28,718 $1,969 $470 $404 $257 $21 $100 $393 $25 Construction Fuel Dx Pulp & Paper Energy Finance Telecom Material Refining Materials Pulp & Pap
Slide 6: Corporate Governance
Corporate Governance MINERA VALPARAISO ——————— Santiago, Chile
Slide 7: Minera Valparaiso S.A. Board of Directors
4!" Quarter 2023 Results ~ Minera Valparaiso S.A. Board of Directors Joaquin Izcue Elgart Chairman. Joaquin Izcue studied Business Administration at the Pontificia Universidad Catolica de Chile. In 2017 was appointed CEO of Forestal O'Higgins S A after a successful careerin the banking industry at B
Slide 8: Management Team
4 Quarter 2023 Results N Management Team Organizational structure Investment Management! Development and Strategy Management! Tax and Legal Board of Management! Directors Accounting Management! Corporate Comptrolle! Operations and Technology Management! Head of Administration and Personnel! ‘1 Funct
Slide 9: 4th 2023 Quarter Results
4th 2023 Quarter Results MINERA VALPARAISO ——————— Santiago, Chile
Slide 10: EBITDA Margin
▪ EBITDA Margin 51% 53% ▪ 50% 47% 44% 47% 46% 41% 39% 42% 39% 35% 35% 30% 260 25% 20% 226 ▪ 205 192 172 154 174 178 167 161 136 146 146 153 135 ▪ 71 1Q '20 2Q '20 3Q '20 4Q '20 1Q '21 2Q '21 3Q '21 4Q '21 1Q '22 2Q '22 3Q '22 4Q '22 1Q '23 2Q '23 3Q '23 4Q '23 ▪ 72 78 77 76 66 68 54 40 42 41 28 33 1
Slide 11: Highlights 4Q2023
Highlights 492023 MINERA VALPARAISO ——————— Santiago, Chile
Slide 12: Period Highlights Colbun and BICE Corp
aN 4!" Quarter 2023 Results ~ Period Highlights Cool olbun 1. Colbun = In August, a fire broke out in a gas turbine in Unit 1 of Nehuenco complex. This was quickly contained, and no injuries were - reported. The restart of the Unit was on January 2024. = |n 2023, Colbun and Minera Collahuasi signed
Slide 13: Period Highlights CMPC
4 Quarter 2023 Results Period Highlights 3. CMPC 37,400 ha. planted forests were affected by the fires in 2022-2023 (~5.0% of total productive ha.). In March, CMPC was indemnified for damages suffered at the Guaiba II plant in Brazil. The total amount of this compensation was US$215 mm, of which US$
Slide 14: Corporate Strategy
Corporate Strategy MINERA VALPARAISO ——————— Santiago, Chile
Slide 15: Corporate Strategy
4!" Quarter 2023 Results Corporate Strategy Our Strategy is defined in 6 Key Elements Capital Structure Portfolio Management Environmenta Social Governance Sector Diversification Long Term Growth Trends Core Business Expansion MINERA VALPARAISO Santiago, Chile March, 2023
Slide 16: Asset value by sector
43.96% Pulp & Paper 40.45% Fuel Dx Finance Energy Material Refining 10.15% Telecom 2.86% 1.30% 1.27% Pulp & Paper Fuel Dx Finance Energy Material Refining Telecom 16
Slide 17: Corporate Strategy: Sector diversification
4 Quarter 2023 Results » Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Sales By Geography Europe: 3% USA: 4% Portfolio Genie China: 4% Growth Trends Capital Structure Purr §6=6» Asset Value Asia ex. China: 3% Environmental Social Core Business Oth
Slide 18: Corporate Strategy: Long term growth trends
4 Quarter 2023 Results Corporate Strategy Global and local economy growth, plus evolutionary long term growth trends Sector Capital Diversification Structure Portfolio Purr §6=6» Asset Value Environmental Social Governance Expansion Core Business cmpc” NNN ON Increasing GDP Per capita Global Consump
Slide 19: Corporate Strategy: Portfolio management
4t Quarter 2023 Results » Corporate Strategy Innovative, forward-looking and stronger business lines in the region » EC colbun = BICECORP pod 2 Diversification H | r TO | T OO | | | | | | Portfolio oe | ~ | | Fieremrn Asset Value som I 1 I efizity 1 I @ Cc | ever \ | ap | by =BICE | | | ‘ee | — | IG
Slide 20: Corporate Strategy: Sustainable growth
4 Quarter 2023 Results Corporate Strategy Sustainable growth and active and transparent relationships with stakeholders are key to the strategy Sector Capital Diversification Structure Long Term Growth Trends Portfolio lanagement Asset Value Environmental Social Governance Core Business Expansion cm
Slide 21: Corporate Strategy: Knowledge of assets and portfolio
4 Quarter 2023 Results we Corporate Strategy Profound knowledge of assets, markets and portfolio management, unlocking value 1990 - 2000 1970-1980 * BICE Vida is founded = BICEV|IDA + Chilauinta Acquires 18.99% @) 2010 - Today = 55% control stake in CMPC & Capital oe isachieved cmpc of Entel . Puert
Slide 22: Corporate Strategy: Capital structure
4 Quarter 2023 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets wv cmpc™ €colbun =Zeicecore Sector Cash (US$mn) $846 $1,031 $1,151 Diversification Net Debt/ A EBITDA LTM 3.5x 15x 11.8x' # Bonds 4 4 2 Portfolio (Lelasjueam Stun = Asset Val
Slide 23: Performance
Performance MINERA VALPARAISO ——————— Santiago, Chile
Slide 24: Share price vs IPSA Index
0 500 1000 1500 2000 ene-00 jul-00 3Q '21 3,395 ene-01 jul-01 ene-02 jul-02 ene-03 4Q '21 2,184 jul-03 ene-04 jul-04 ene-05 jul-05 1Q '22 2,339 ene-06 jul-06 ene-07 jul-07 ene-08 2Q '22 2,056 jul-08 ene-09 jul-09 ene-10 jul-10 3Q '22 2,082 ene-11 jul-11 24 Minera Valparaíso ene-12 jul-12 ene-13 4Q '
Slide 25: Holding Discount, Market Value and NAV
4" Quarter 2023 Results Holding Discount 9 Market Value NAV Market Value Minera Stake (%) (USD mm) (USD mm) Valparaiso (USD mm) 41.2% (discount) CE coibun cmpc® LS) almendral = BICE CORP SC Ootymert’ Net Debt (25) MINERA VALPARAISO Santiago, Chile March, 2023 25
Slide 26: Holding discount history
52.1% 49.1% 46.6% 45.6% 46.3% 46.3% 39.1% 39.7% 40.7% 40.1% 41.2% 37.6% 30.0% 31.0% 30.9% 32.6% 25.4% 18.0% 17.1% 12.4% 5.8% 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 26
Slide 27: Historical Dividends
4 Quarter 2023 Results ~ Historical Dividends Minera’s Received Dividends per company! Figures in US$ millions $1,000 = COLBUN = CMPC $800 S775 = COPEC mBICECORP $600 = ALMENDRAL = MOLYMET $400 = PUERTO $199 $250 $226 $228 = ENELAM $200 $130 ENELCHILE $0 ie sr + Total Minera 2018 2019 2020 2021 2022
Slide 28: Dividend Payout Policy
4 Quarter 2023 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid! Figures in US$ millions $1,200 $1,000 $800 $600 $400 $200 $0 LNP2 68% 95% Note: I:Regular dividends charged to the profits for the year mentioned, Eventual dividends allocated according to distribution
Slide 29: Financial Position
Financial Position MINERA VALPARAISO ——————— Santiago, Chile
Slide 30: Financing Strategy
4 Quarter 2023 Results » Financing Strategy We follow 5 main indicators! a Net Debt to Non- Net Debt to LTM Dividends to : . | Debt to NAV | | LTM Dividends | | Financial Expenses? | | Controlling Asset | Net Debt to Equity* | Minera Valparaiso | 0.16x | 1.73x | | 9.26x | | 0.55x | | O.11x | (Covena
Slide 31: Minera Valparaiso Consolidated Financial Debt
4t Quarter 2023 Results » Minera Valparaiso Consolidated Financial Debt Financial Debt as of December 2023 By Debt Maturity By Debt Type By Debt Currency By Debt Borrower! Current Derivati Colbun Fenis 14% financial. UF. 72.1% 105% instruments 8.3% US$ 2.46 Bn US$ 2.46 Bn ese US$ 2.46 Bn US$ 2.46 Bn
Slide 32: Key Financial Ratios (Unconsolidated)
4!" Quarter 2023 Results ~ Key Financial Ratios (Unconsolidated) Net Debt / Equity’ Debt to NAV Financial Covenant: 0.50x 0.18x or Olax OX orm Ox OIBK Oy O10x O.10x O40x —O10x 0.06x 0.06x 0.05x Qo4x 0.05x | i i i | | see oe oe © | 49'1 19:22 ag'22 39:22 49:22 19:28. AQ'23B. 30:23 -40'23 40'21 10°22
Slide 33: Annexes
Annexes MINERA VALPARAISO Santiago, Chile March, 2023
Slide 34: Minera Valparaiso's Investment Portfolio
4!" Quarter 2023 Results Minera Valparaiso’s Investment Portfolio Production and marketing of wood and cellulose products, being the 3rd largest cellulose producer in the market. Industrial operations in 8 countries in Latin America Financial holding company with presence in commercial banking, insu
Slide 35: Consolidated Income Statement (US$ millions)
Consolidated Income Statement (US$ millions) dic-23 dic-22 Operating Revenues 2,004 1,974 Operating Costs (1,130) (1,070) Gross Profit 874 905 Gross Margin (%) 44% 46% Administrative Expenses (369) (364) Other Gains (Losses) 85 (34) Operating Gains (Losses) 590 507 Operating Margin (%) 29% 26% Finan
Slide 36: Consolidated Balance Sheet (US$ millions)
Consolidated Balance Sheet (US$ millions) dic-23 dic-22 Consolidated Balance Sheet (US$ millions) dic-23 dic-22 Assets Liabilities Cash and Cash Equivalents 337 217 Other current financial liabilities 347 96 Other current financial assets 846 954 Lease liabilities, current 14 11 Other current non fi
Slide 37: Investor Relations
aN iN MINERA VALPARAISO Investor Relations: ir@minera.cl Santiago, Chile March, 2023