Minera Valparaiso S.a. · BCS:MINERA
Minera Valparaiso — Q3 2025 Earnings Presentation
37 slides from Minera Valparaiso's earnings presentation, September 2025
Slide 1: Minera Valparaíso S.A. Third Quarter 2025 Results
Minera Valparaíso S.A. Third Quarter 2025 Results Santiago, Chile December ‘25
Slide 2: Table of Contents
3rd Quarter 2025 Results TABLE OF CONTENTS 1. Minera Valparaíso at a glance 2. Corporate Governance 3. 3rd 2025 Quarterly Results 4. Highlights 3Q2025 5. Corporate Strategy 6. Performance 7. Financial Position 8. Annexes Santiago, Chile December ‘25 2
Slide 3: Minera Valparaíso at a Glance
Minera Valparaíso at a Glance Santiago, Chile December ‘25
Slide 4: Minera Valparaíso: Investment Company of the Matte Group
3rd 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
3rd Quarter 2025 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 $3,685 $2,772 $3,197 $257 $412 $9,517 $742 Total Assets $17,564 $7,183 $36,603⁵ $439 $6,065 $31,367 $1,848 Ne
Slide 6: Corporate Governance
Corporate Governance Santiago, Chile December ‘25
Slide 7: Minera Valparaíso S.A. Board of Directors
3rd Quarter 2025 Results Minera Valparaíso S.A. Board of Directors Joaquín Izcúe Elgart Chairman Joaquín Izcúe studied Business Administration at the Pontificia Universidad Católica de Chile. In 2017 was appointed CEO of Forestal O’Higgins S A after a successful career in the banking industry at Ban
Slide 8: Management Team
3rd Quarter 2025 Results Management Team Organizational structure Investment Management1 Development and Strategy Management1 Tax and Legal Board of Management1 CEO Directors Accounting Management1 Corporate Controller1 Operations and Technology Management1 Head of Administration and Personnel1 1. F
Slide 9: 3rd 2025 Quarter Results
3rd 2025 Quarter Results Santiago, Chile December ‘25
Slide 10: EBITDA and Earnings from Associates
3rd Quarter 2025 Results EBITDA and Earnings from Associates Colbún Results Summary 3Q25/3Q24: ▪ Total Generation decreased, because of lower coal generation, Quarterly EBITDA due to a major maintenance in Santa María Central and lower hydro Figures in US$ millions and % EBITDA Margin generation due
Slide 11: Highlights 3Q2025
Highlights 3Q2025 Santiago, Chile December ‘25
Slide 12: Period Highlights
3rd 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 September 2025, th
Slide 13: Period Highlights
3rd Quarter 2025 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 December ‘25
Slide 15: Corporate Strategy: Key Elements
3rd 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 December ‘25 15
Slide 16: Sector diversification: Underlying Value by Sector
3rd Quarter 2025 Results Corporate Strategy Sector diversification provides a unique quality, value protection and cashflow Underlying Value By Sector1 46.35% Sector Capital Pulp & Paper Diversification Structure 35.29% Fuel Dx Finance Long Term Portfolio Growth Management Asset Value Energy Trends
Slide 17: Sector diversification: Sales by Geography
3rd 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: Global and local economy growth and long term trends
3rd 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: Innovative, forward-looking and stronger business lines
3rd 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 December ‘25 19
Slide 20: Sustainable growth and stakeholder relationships
3rd 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: Profound knowledge of assets, markets and portfolio management
3rd Quarter 2025 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
3rd Quarter 2025 Results Corporate Strategy Consistent, prudent and flexible capital structure with channels built into markets Sector Cash (US$mn) $844 $949 $1,761 Capital Diversification Structure Net Debt/ 3.79x 2.59x 12.68x1 EBITDA LTM # Bonds 12 5 6 Long Term Portfolio Growth Management Asset V
Slide 23: Performance
Performance Santiago, Chile December ‘25
Slide 24: Performance and NAV
3rd Quarter 2025 Results Performance and NAV Stock Performance (base=100) Minera Valparaíso IPSA Index 600 400 200 0 mar-24 abr-06 sept-06 feb-07 abr-11 sept-11 feb-12 abr-16 sept-16 feb-17 abr-21 sept-21 feb-22 jun-05 nov-05 jul-07 dic-07 oct-08 mar-09 ago-09 jun-10 nov-10 jul-12 dic-12 oct-13 mar-
Slide 25: Holding Discount
3rd Quarter 2025 Results Holding Discount Market Value Market Value Minera Stake (%) NAV (USD mm) Valparaíso (USD mm) (USD mm) 34.5% 48% 1,337 (discount) 19% 707 2,779 9% 35 1,819 4% 131 7% 623 7% 52 Net Debt (106) Santiago, Chile December ‘25 25
Slide 26: Holding Discount Evolution
3rd Quarter 2025 Results Holding Discount Evolution Historical Evolution of Minera Valparaiso's Holding Discount Average: 30.6% 46.6% 46.3% 39.7% 40.7% 40.1% 41.2% 37.6% 34.2% 34.5% 30.0% 31.0% 30.9% 32.6% 32.1% 31.5% 25.4% 27.3% 27.5% 22.1% 18.0% 17.1% 12.4% 5.8% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Slide 27: Historical Dividends
3rd Quarter 2025 Results Historical Dividends Minera’s Received Dividends per company1 Figures in US$ 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 $61 T
Slide 28: Dividend Payout Policy
3rd Quarter 2025 Results Dividend Payout Policy Up to 100% of the Liquid Net Profit Dividends Paid1 Figures in US$ millions Regular Eventual $1,200 $1,000 $800 $696 $600 $400 $200 $195 $397 $232 $256 $167 $86 $146 $99 $0 2018 2019 2020 2021 2022 2023 2024 LNP2 68% 95% 84% 90% 62% 44% 43% Note: 1:Reg
Slide 29: Financial Position
Financial Position Santiago, Chile December ‘25
Slide 30: Financing Strategy
3rd Quarter 2025 Results Financing Strategy We follow 5 main indicators1 Net Debt to LTM Dividends to Net Debt to Non- Debt to NAV Net Debt to Equity4 LTM Dividends Financial Expenses2 Controlling Asset Value3 Minera Valparaíso 0.08x 1.92x 11.68x 0.32x 0.06x Covenant: 0.5x Credit Ratings Internation
Slide 31: Minera Valparaíso Consolidated Financial Debt
3rd Quarter 2025 Results Minera Valparaíso Consolidated Financial Debt Financial Debt as of September 2025 By Debt Maturity By Debt Type By Debt Currency By Debt Borrower1 Current Bonds 3.2% Loans with 82.7% financial Colbún 84.5% Fénix institutions 7.8% US$ 2.65 16.2% US$ 2.65 US$ 2.65 US$ 2.65 Min
Slide 32: Key Financial Ratios (Unconsolidated)
3rd Quarter 2025 Results Key Financial Ratios (Unconsolidated) Net Debt / Equity1 Debt to NAV Financial Covenant: 0.50x 0.18x 0.17x 0.16x 0.13x 0.13x 0.09x 0.09x 0.10x 0.09x 0.08x 0.11x 0.08x 0.06x 0.06x 0.05x 0.05x 0.06x 0,05x 3Q '23 4Q '23 1Q '24 2Q '24 3Q '24 4Q '24 1Q '25 2Q '25 3Q '25 3Q '23 4Q
Slide 33: Annexes
Annexes Santiago, Chile December ‘25
Slide 34: Minera Valparaíso's Investment Portfolio
3rd Quarter 2025 Results Minera Valparaíso’s Investment Portfolio Electric power generation 17 power plants in Chile and 1 in Peru. Installed capacity 5,028 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
3rd Quarter 2025 Results Minera Valparaíso S.A. Consolidated Income Statement Consolidated Income Statement (US$ millions) sept-25 sept-24 Operating Revenues 1,203 1,192 Operating Costs (626) (603) Gross Profit 577 589 Gross Margin (%) 48% 49% Administrative Expenses (314) (279) Other Gains (Losses)
Slide 36: Minera Valparaíso S.A. Consolidated Balance Sheet
3rd Quarter 2025 Results Minera Valparaíso S.A. Consolidated Balance Sheet Consolidated Balance Sheet (US$ millions) sept-25 dic-24 Consolidated Balance Sheet (US$ millions) sept-25 dic-24 Assets Liabilities Cash and Cash Equivalents 260 671 Other current financial liabilities 86 107 Other current f
Slide 37: Investor Relations: ir@minera.cl
Investor Relations : ir@minera.cl Santiago, Chile December ‘25