Minera Valparaiso S.a. · BCS:MINERA
Minera Valparaiso — Q3 2023 Earnings Presentation
37 slides from Minera Valparaiso's earnings presentation, Dec 22, 2023
Slide 1: Minera Valparaiso Third Quarter 2023 Results
aN LN INERA VALPARAISO Minera Valparaiso S.A. Third Quarter 2023 Results September, 2023 Santiago, Chile December 22", 2023
Slide 2: Table of Contents
34Quarter 2023 Results TABLE OF CONTENTS 1. Minera Valparaiso at a glance 2. Corporate Governance 3. 342023 Quarterly Results 4. Highlights 302023 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes MINERA VALPARAISO Santiago, Chile 2 December 22", 2023
Slide 3: Minera Valparaiso at a Glance
Minera Valparaiso at a Glance MINERA VALPARAISO ——————— Santiago, Chile
Slide 4: Minera Valparaiso
34Quarter 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 its
Slide 5: Main Subsidiaries and Affiliates of the Matte Group
34Quarter 2023 Results ~ Main Subsidiaries and Affiliates of the Matte Group a cmpc” €colbun Spicecore VONeAN Cw Almendral SC Omourmer: Ownership! 55.7% 50.0% 98.1% 454% 32.5% 10.6% 10.0% Through Minera 19.2% 48.2% 6.7% 0.0% 8.5% 6.5% 7.0% Mkt Cap* $4,598 $2,385 $1,299 $185 $426 $9,206 $551 Total As
Slide 6: Corporate Governance
Corporate Governance MINERA VALPARAISO ——————— Santiago, Chile
Slide 7: Minera Valparaiso S.A. Board of Directors
34Quarter 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 Ban
Slide 8: Management Team
‘34 Quarter 2023 Results » 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 Fun
Slide 9: 3rd 2023 Quarter Results
3rd 2023 Quarter Results MINERA VALPARAISO ——————— Santiago, Chile
Slide 10: EBITDA Margin
▪ EBITDA Margin 51% 53% 50% 47% 44% 47% 46% ▪ 41% 39% 42% 35% 35% 30% 260 25% 20% 226 ▪ 205 192 172 174 178 167 154 136 146 146 153 135 ▪ 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 72 78 77 76 66 68 54 40 42 41 28 22 18 10 -29 1Q '20
Slide 11: Highlights 3Q2023
Highlights 302023 MINERA VALPARAISO ——————— Santiago, Chile
Slide 12: Period Highlights
‘34 Quarter 2023 Results Period Highlights 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. Estimated restart of service of the Unit is projected for January 2024, this has already been reported to the C
Slide 13: Period Highlights
‘34 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 U
Slide 14: Corporate Strategy
Corporate Strategy MINERA VALPARAISO ——————— Santiago, Chile
Slide 15: Corporate Strategy
34Quarter 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 December 22", 2023
Slide 16: Portfolio by sector: Pulp & Paper, Energy, Finance
42.30% 41.12% Pulp & Paper Fuel Dx Finance Energy 10.78% Material Refining 3.13% 1.38% Pulp & Paper Fuel Dx Finance Energy Material Refining 16
Slide 17: Corporate Strategy
‘34 Quarter 2023 Results ~ Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Sales By Geography Europe: 3% Portfolio Genie USA8% China: 4% Capital Structure circum Asset Value oo Trends Asia ex. China: 3% Environmental Social Core Business Other Latam
Slide 18: Corporate Strategy
‘34 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 Consu
Slide 19: Corporate Strategy
Shinkansen ‘3 Quarter 2023 Results ~ Corporate Strategy Innovative, forward-looking and stronger business lines in the region » EC colbun = BICE CORP pod 2 Diversification H | r TO | T OO | § | sura | | | | Portfolio oe | ~ | | Feu Asset Value Grease | \ efizity | @ clever | 1 mo 1 by SBICE | i | ;
Slide 20: Corporate Strategy
‘34 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 Purr §6=6» Asset Value Environmental Social Core Business Governance Expansion
Slide 21: Corporate Strategy
‘34 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 is achieved cmpc of Entel * Pu
Slide 22: Corporate Strategy
‘34 Quarter 2023 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Diversification Long Term Growth Trends Portfolio lanagement| Asset Value Environmental Social Governance Core Business Expansion Note: Information as of September 2
Slide 23: Performance
Performance MINERA VALPARAISO Santiago, Chile December 22", 2023
Slide 24: ene-00 ene-01 ene-02
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 ene-06 1Q '22 2,339 jul-06 ene-07 jul-07 ene-08 jul-08 2Q '22 2,056 ene-09 jul-09 ene-10 jul-10 ene-11 24 jul-11 Minera Valparaíso 3Q '22 2,082 ene-12 jul-12 ene-13 jul-
Slide 25: Holding Discount
34 Quarter 2023 Results Holding Discount CE coibun cmpc® LS) almendral = BICE CORP SC Ootymert’ Net Debt Market Value NAV (USD mm) (USD mm) Market Value Minera Valparaiso (USD mm) 37.6% (discount) MINERA VALPARAISO Santiago, Chile December 22"4, 2023
Slide 26: 52.1% 49.1% 46.6% 45.6% 46.3% 46.3% 39.1% 39.7% 40.7% 39.3% 37.6% 30.0% 31.0% 31.6%
52.1% 49.1% 46.6% 45.6% 46.3% 46.3% 39.1% 39.7% 40.7% 39.3% 37.6% 30.0% 31.0% 31.6% 32.6% 25.5% 18.7% 16.9% 12.7% 6.3% 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 26
Slide 27: Historical Dividends
‘34 Quarter 2023 Results ~ Historical Dividends Minera’s Received Dividends per company! Figures in US$ millions $1,000 = COLBUN -_ = CMPC $800 = COPEC ™ BICECORP $600 = ALMENDRAL = MOLYMET $400 ‘ = PUERTO 250 $200 $199 $226 = ENELAM 143 $130 $ ENELCHILE $0 sr os + Total Minera 2018 2019 2020 2021 2
Slide 28: Dividends Paid and Payout Policy
‘34 Quarter 2023 Results we 2021 LNP2 68% 95% 84% 90% 62% Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid! Figures in US$ millions mRegular m Eventual $1,200 $1,000 $800 $600 $400 wy 07 2018 2019 2020 2022 Note: I:Regular dividends charged to the profits for the year mentio
Slide 29: Financial Position
Financial Position MINERA VALPARAISO ——————— Santiago, Chile
Slide 30: Financing Strategy
3Quarter 2023 Results » Financing Strategy We follow 5 main indicators! a Net Debt to Non- Net Debt to LTM Dividends to : . | Debt to NAV | | LTM Dividends | | Financial Expenses? | | Controlling Asset | Net Debt to Equity* | Minera Valparaiso | 0.18x | 1.97x | | 12.07x | | 0.70x | | 0.13x | (Covena
Slide 31: Minera Valparaiso Consolidated Financial Debt
‘34 Quarter 2023 Results Minera Valparaiso Consolidated Financial Debt Financial Debt as of September 2023 By Debt Maturity US$ 2.46 Bn Non-current 85.4% Current 14.6% Bonds 80.7% Debt Maturity profile as of September 2023! Figures in US$ millions 235 2023 2024 2025 4: Considers bank loans and bonds
Slide 32: Key Financial Ratios (Unconsolidated)
IN ‘34 Quarter 2023 Results ~ Key Financial Ratios (Unconsolidated) Net Debt / Equity’ Debt to NAV Financial Covenant: 0.50x ote OOF awe 21% 018x 0.06x 0.06 0.18; 4x x X —0.05x 04x — 0.05x | i | O10x 010K OO O10 x | | | | | a | 0.07x | -0.04x 20'21 49°21 19'22-29'22-30'22-49'22 19'23.-20'23.-30'28 3
Slide 33: Annexes
Annexes MINERA VALPARAISO Santiago, Chile December 22", 2023
Slide 34: Minera Valparaiso's Investment Portfolio
34Quarter 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, insura
Slide 35: Consolidated Income Statement (US$ millions)
Consolidated Income Statement (US$ millions) sept-23 sept-22 Operating Revenues 1,595 1,419 Operating Costs (922) (813) Gross Profit 672 606 Gross Margin (%) 42% 43% Administrative Expenses (272) (267) Other Gains (Losses) 111 (26) Operating Gains (Losses) 512 314 Operating Margin (%) 32% 22% Financ
Slide 36: Consolidated Balance Sheet (US$ millions)
Consolidated Balance Sheet (US$ millions) sept-23 dic-22 Consolidated Balance Sheet (US$ millions) sept-23 dic-22 Assets Liabilities Cash and Cash Equivalents 236 217 Other current financial liabilities 359 96 Other current financial assets 1,009 954 Lease liabilities, current 12 11 Other current no
Slide 37: Investor Relations
aN iN MINERA VALPARAISO Investor Relations: ir@minera.cl Santiago, Chile December 22", 2023