Minera Valparaiso S.a. · BCS:MINERA
Minera Valparaiso — Q1 2026 Earnings Presentation
37 slides from Minera Valparaiso's earnings presentation, March 2026
Slide 1: Minera Valparaíso S.A. First Quarter 2026 Results
Minera Valparaíso S.A. First Quarter 2026 Results Santiago, Chile June ‘26
Slide 2: Table of Contents
1st Quarter 2026 Results TABLE OF CONTENTS 1. Minera Valparaíso at a glance 2. Corporate Governance 3. 1st 2026 Quarterly Results 4. Highlights 1Q2026 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile June ‘26 2
Slide 3: Minera Valparaíso at a Glance
Minera Valparaíso at a Glance Santiago, Chile June ‘26
Slide 4: Minera Valparaíso
1st 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
1st Quarter 2026 Results Main Subsidiaries and Affiliates of the Matte Group Ownership1 55.7% 50.0% 69.8% 45.7% 32.5% 10.6% Through Minera 19.2% 48.2% 4.1% 0.0% 8.5% 6.5% Mkt Cap2 $3,374 $2,442 $4,165 $250 $488 $8,910 Total Assets $20,694 $7,298 $38,2497 $466 $6,332 $34,580 Net Income (LTM)3 $177 $1
Slide 6: Corporate Governance
Corporate Governance Santiago, Chile June ‘26
Slide 7: Minera Valparaíso S.A. Board of Directors
1st Quarter 2026 Results Minera Valparaíso S.A. Board of Directors Hernán Rodríguez Wilson Chairman Hernán Rodríguez studied Engineering at the Pontificia Universidad Católica de Chile and received an MBA from the University of California, Los Angeles (UCLA). He had a successful career at CMPC from
Slide 8: Management Team
1st Quarter 2026 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 1st 2026 Quarter Results
1st 2026 Quarter Results Santiago, Chile June ‘26
Slide 10: EBITDA and Earnings from Associates
1st Quarter 2026 Results EBITDA and Earnings from Associates Colbún Results Summary 1Q26/1Q25: ▪ Total Generation decreased, because of lower hydro and gas Quarterly EBITDA generation due to less favorable hydro conditions during the quarter Figures in US$ millions and % EBITDA Margin and Nehuenco’s
Slide 11: Highlights 1Q2026
Highlights 1Q2026 Santiago, Chile June ‘26
Slide 12: Period Highlights
1st Quarter 2026 Results Period Highlights 1. Colbún ▪ In January 2026, Colbún Perú S.A. prepaid the remaining US$21 million of its loan with J.P. Morgan. The financing had been used in August 2025 to acquire a 41.379% stake in Inversiones Las Canteras S.A. (ILC), owner of Fenix Power Perú. Followin
Slide 13: Period Highlights
1st Quarter 2026 Results Period Highlights 3. CMPC ▪ Natureza Project (Brazil): In April 2024, CMPC signed an agreement with the State of Rio Grande do Sul to advance the Natureza project, which contemplates the development of a new pulp mill in Barra do Ribeiro, alongside investments in logistics i
Slide 14: Corporate Strategy
Corporate Strategy Santiago, Chile June ‘26
Slide 15: Corporate Strategy
1st 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 June ‘26 15
Slide 16: Sector diversification: underlying value by sector
1st Quarter 2026 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Underlying Value By Sector1 Sector 44,96% Capital Diversification Pulp & Paper Structure 35,83% Fuel Dx Long Term Finance Portfolio Growth Management Asset Value Trends Energy
Slide 17: Sector diversification: sales by geography
1st Quarter 2026 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Sales By Geography Sector Capital Diversification Structure Europe: 2% Long Term USA: 3% Portfolio China: 2% Growth Management Asset Value Trends Asia ex. China: 3% Environment
Slide 18: Global and local economy growth and long term trends
1st 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 Long Term ✓ Power generation using renewables
Slide 19: Innovative, forward-looking and stronger business lines
1st 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 Diego de Almagro and Chaca BESS
Slide 20: Sustainable growth and stakeholder relationships
1st 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
1st Quarter 2026 Results Corporate Strategy Profound knowledge of assets, markets and portfolio management, unlocking value 1970 - 1980 1990 - 2000 2010 - 2025 ▪ 55% control stake in ▪ BICE Vida is founded ▪ Puertos y Logística is sold CMPC is achieved to DP World ▪ Chilquinta Acquires 19.99% Sector
Slide 22: Consistent, prudent and flexible capital structure
1st Quarter 2026 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $882 $926 $1,446 Capital Diversification Structure Net Debt/ 4.10x 2.91x 13.10x1 EBITDA LTM # Bonds 12 4 6 Long Term Portfolio Growth Management Asset V
Slide 23: Performance
Performance Santiago, Chile June ‘26
Slide 24: Performance and NAV
1st Quarter 2026 Results Performance and NAV Stock Performance (base=100) Minera Valparaíso IPSA Index 650 450 250 50 mar-15 abr-07 sept-07 feb-08 abr-12 sept-12 feb-13 abr-17 sept-17 feb-18 abr-22 sept-22 feb-23 jun-06 nov-06 jul-08 dic-08 oct-09 mar-10 ago-10 jun-11 nov-11 jul-13 dic-13 oct-14 jun
Slide 25: Holding Discount
1st Quarter 2026 Results Holding Discount Market Value Market Value Minera Stake (%) NAV (USD mm) Valparaíso (USD mm) (USD mm) 35.7% 48% 1,178 (discount) 19% 647 2,655 9% 42 1,707 4% 170 7% 584 Net Debt 35 Santiago, Chile June ‘26 25
Slide 26: Holding Discount Evolution
1st Quarter 2026 Results Holding Discount Evolution Historical Evolution of Minera Valparaiso's Holding Discount Average: 31.0% 46,3% 39,7% 40,7% 40,1% 41,2% 37,6% 34,2% 34,5% 34,5% 35,7% 31,0% 30,9% 32,6% 32,1% 31,5% 25,4% 27,3% 27,5% 22,1% 18,0% 17,1% 12,4% 5,8% 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22
Slide 27: Historical Dividends
1st Quarter 2026 Results Historical Dividends Minera’s Received Dividends per company1 Figures in US$ 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 $61 T
Slide 28: Dividend Payout Policy
1st Quarter 2026 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $1.000 $800 $696 $600 $400 $200 $397 $232 $256 $86 $146 $100 $0 $45 3 2019 2020 2021 2022 2023 2024 2025 LNP2 95% 84% 90% 62% 44% 43% 30% Note: 1:Regular divid
Slide 29: Financial Position
Financial Position Santiago, Chile June ‘26
Slide 30: Financing Strategy
1st Quarter 2026 Results Financing Strategy We follow 5 main indicators1 Net Debt to LTM Dividends to Net Debt to Non- Debt to NAV Net Debt to Equity4 LTM Dividends Financial Expenses2 Controlling Asset Value3 Minera Valparaíso 0.08x 0.55x 9.34x 0.08x 0.01x Covenant: 0.5x Credit Ratings Internationa
Slide 31: Minera Valparaíso Consolidated Financial Debt
1st Quarter 2026 Results Minera Valparaíso Consolidated Financial Debt Financial Debt as of March 2026 By Debt Maturity By Debt Type By Debt Currency By Debt Borrower1 Current Loans with 3,6% financial Bonds institutions 76,0% Colbún Fénix 23,4% 82,1% 10,0% US$ 2.66 US$ 2.66 US$ 2.66 US$ 2.66 Bn Bn
Slide 32: Key Financial Ratios (Unconsolidated)
1st Quarter 2026 Results Key Financial Ratios (Unconsolidated) Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0,17x 0,13x 0,09x 0,09x 0,10x 0,09x 0,08x 0,08x 0,08x 0,08x 0,06x 0,06x 0,05x 0,05x 0,06x 0,06x 0,05x 0,01x 1Q '24 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 3Q '25 4Q '25 1Q '26 1Q '24 2Q
Slide 33: Annexes
Annexes Santiago, Chile June ‘26
Slide 34: Minera Valparaíso's Investment Portfolio
1st 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 products, being the 5th largest It has businesses in the forestry, energy, cellulose pulp pro
Slide 35: Minera Valparaíso S.A. Consolidated Income Statement
1st Quarter 2026 Results Minera Valparaíso S.A. Consolidated Income Statement Consolidated Income Statement (US$ millions) mar-26 mar-25 Operating Revenues 409 413 Operating Costs (232) (191) Gross Profit 177 221 Gross Margin (%) 43% 54% Administrative Expenses (110) (100) Other Gains (Losses) 20 (1
Slide 36: Minera Valparaíso S.A. Consolidated Balance Sheet
1st Quarter 2026 Results Minera Valparaíso S.A. Consolidated Balance Sheet Consolidated Balance Sheet (US$ millions) mar-26 dic-25 Consolidated Balance Sheet (US$ millions) mar-26 dic-25 Assets Liabilities Cash and Cash Equivalents 527 200 Other current financial liabilities 96 68 Other current fina
Slide 37: Investor Relations
Investor Relations : ir@minera.cl Santiago, Chile June ‘26