Earning Release 4T25

1. HIGHLIGHTS

   Möln figures at a C0nSolidated level

   G Consolidated operating income for the fourth quarter of 2025 (4g25) reached US$392.6 increasing 20s compared to the fourth quarter of 2024 This increase was mainlg driven bg (i) higher phgsical sales to regulated clients in both Chile and PerU, 6nd (iÏ) higher income from unregulated associated with a higher average sales price in Chile and higher v0lUmes from this segment iÛ effects were partiallg offset bg lower in the market in both countries, mainlg due to lower generation levels recorded dUFing the period. In cumulative consolidated operating income as of Dec-25 reached US$1,595.6 increasing compared to mainIl explained bg the same operational and commercial dg namics observed on a quarterlg

   R Consolidated EBITDA for 4g25 reached US$164.5 million, decreasing 5% compared to EBITDA of US$172.8 million in 4g24. This decrease was mainlg explained bg a lower gross margin, associated with lower hgdroelectric generation during the period, which impacted the generation mix and sgstem dispatch, F9SUlting in (Ï) higher raw material and consumable costs, mainlg driven bg higher natural gas c0FISUM QtÏOFI iFl Chile dUe to the increased generation with this fuel, as well as higher transmission tolls costs arising from tariff adjustments in effect during the bear, and (ii) lower energg and capacité sales to the spot market, consistent with the lower generation recorded during the period. Additionallg, an increase in "Other expenses, bg nature" was recorded, explained bg the reversal of non-recUrring provisions recognized in 2024.

   In cumulative terms, EBITDA totaled US$609.1 million as of Dec-25, decreasing 5% compared to Dec-24. This decline was mainlg driven bg a lower accumulated gross margin, explained bg (i) lower revenUes from energg and capacité sales to the spot market,

   (ii) higher costs associated with energg and capacité purchases, dU9 to lower own generation recorded in bath Chile and Peru, and (iii) higher transmission toll costs, reflecting the application of higher tariffs and higher energg withdrawals thr0Ughout the bear. Thèse effects were partiallg offset bg (iv) lower coal consumption costs, consistent with F9dUced coal-based generation resulting from th9 U0öV6II6biIitg of the Santa MöFIa power plant dUFIÛÇ ö SiÇÛificant portion of 2025. Additionallg, higher emplogee benefit expenses were recorded, which marginallg contributed to the decrease in accumulated EBITDA for the period.

   G Operating income for 4g25 reached US$93.3 decreasing 18% compared to the million recorded in

   This variation was mainly explained bg (i) higher depreciation and amortization as a result of the entry into commercial operation of the Horizonte Wind which the Company's operating during the period, and (ii) the lower EBITDA mentioned above. In cumulative operating income as of Dec-25 totaled US$357.8 decreasing 16% compared to the US$427.1 million recorded of mainly due to the same that explain th9 QU6Ft9FIg

   R Non-operating income for 4g25 recorded a loss of US$55.5 increasing 22% compared to the loss of US$45.6 million recorded in 4g24. This increase was mainlg explained bg (i) higher financial expenses, driven bg higher interest expenses, mostlg associated with the the of related to the its operation date, and bg a higher average financial debt recorded during the qUarter, aFId (ii) higher "Other Profit (Loss)", mainly associated with the recognition of impairment dUFIng the period. In cumulative non-operating income as of Dec-25 recorded a loss of US$124.6 increasing 51% compared to the loss of US$82.4 million recorded in the same period of 2024. This variation mainIg reflects (i) higher interest pay with both a higher average financial debt dUFIFIg 2025 and the end of the capitalization of interest related to the Horizonte Wind (ii) higher "Other Profit due to the recognition of asset impairment provisions previously mentioned and expenses related to the partial prepag ment of the 2027 and (iii) lower financial income, derived from a lower investment r9tUFFI oFl Short-term financial deposits and lower cash sUFQIUs levels compared to

   G In 4g25, an income tax expense of US$6.7 million was recorded, compared to an income tax expense of US$14.5 million in 4g24. This decrease was mainlg explained bg (i) lower pre-tax income recorded during the period, and (ii) the favorable effect of the appreciation of the Peruvian Sol, which resulted in a positive adjustment to deferred tax balances at Fenix Power Peru, reducing the dcC0U0ting expense foF this item. In cumulative terms, as of Dec-25, the Company recorded an income tax expense of US$46.2 million, compared to US$87.6 million as of Dec-24. This variation was mainly dU9 t0 the same factors that explain the quarterly changes.

   G The Company reported a profit of US$31.1 million in 4g25, compared to a profit of US$54.1 million in 4g24, mainlg explained bg (i) a lower operating result, driven bg lower EBITDA and higher depreciation and amortization expenses, and (ii) a lower non-operating resUlt recorded dUFing the period, as mentioned above, partiallg offset bg lower income tax expenses. In cumulative terms, net income reached US$187.0 million as of Dec-25, compared to a profit of US$257.2 million as of Dec-24, mainIl explained bg the same reasons that explain th9 QU6Ft9FI§ VöFÎ6ti00S.

   HighllghtS Ot the çeor

   COMMERCIAL STRATEGY:

   • DUFiFIg 2025, power purchase agreements (PPAs) were signed in Chile with 92 clients, for a total annual volume of 846 GWh. Among the main contracte signed are a renewable energg SUQQIg contract with AgU6S AFldin6S S.A., for 311 GWh per bear, starting in Januarg 2026 and with a tenor of 8 Sears; a renewable energg supplg contract with Parque Arauco S.A., for 150 GWh per gear, starting in Januarg 2026 for a period of 4 gears; and a renewable energg supplg contract with GFUQO SMU, for 60 GWh per gear, starting in March 2025, also with a 4-bear term.

     G In PerU, power supply contracts were signed with 26 clients, totaling 62.9 MW of contracted capacity. The most significant awards were a 5-gear renewal with Operadores Concentrados PerU600S (15 MW) and a 4-gear renewal with P9FU6FI6 d9 Moldeados (13.7 MW).

     POWER PURCHASE AGREEMENTS:

     G DUring 2g25, the Company entered into a power purchase agreement with Atlas Renewable Energg, with a term of 15 gears. Under this agreement, Atl6S Will bUild the battery energg storage sgstem (BESS), while C0lbun Will QUFchase the energy supplied bg the project. Located in the Antofagasta Region, the project will have an installed capacity of 230 MW and 920 MWh of storage, enabling an energg injection of up to 335 GWh per gear.

     DIVIDENDS:

     R 0n May 9, the Company distributed a final dividend of US$26.5 million. Combined with the US$99.7 million paid on December 13, 2024, total dividends 6M0Unted to US$126.2 million, representing 50% of the distributable net income for the gear 2024, in accordance with the Company's dividend policy.

     G 0n December 12, the Company distributed an interim dividend of US$78.0 million, charged against 2025's net income. FINANCING:

     G In September 2025, Colbun issued its second green bond in the international market, for a total amount of US$500 Under RUIe / Regulation S, with a 10-§96F M6tUFitg (Sept-35), a coupon rate of and a gield of 5.415%. Of the proceeds obtained from this ÏSSUance, US$266 million were used to partiallg refinance the Company outstanding US$500 million bond of the tgpe, maturing in AÛ öM0U0t 9qUivalent to the total proceeds will be allocated to finance or refinance eligible green

     in accordance with the Green Financing Framework, which aligned with the Green Bond Principles

     2021).

     ' In December 2025, Fenix Power Peru S.A. a 5-year bullet bank loan with MUFG and MÏzUho f0r ön 6M0U0t OK US$200 The proceeds were used to fullg prepag the Company's million 144A / Regulation S bond, M6tUFÏFIg in 2027.

     4

     PEC:

     0n April 2, the second and final sale of DDP ("D0CUM9Ût0S de pöÇ0" as its SpaniSh acrongm) related to the price stabilization mechaniSM, U0d9r the PEC III Law, was completed for a total amount of US$41 million. With this transaction, Colbun completed the sale of all SUCh rights, with onIg the payment related to ILAP -associated with the San Juan and Norvind assets-F9Mdi0Î0g 0UtSt6nding, for approximatelg USD 13 million. lt is worth noting that this transaction didn't have and material effect on the C0Mpang's resUlts.

     MERGERS AND ACQUISITIONS:

     G0n AUgUSt 21, 2025, and in accordance with the Share Agreement (SPA) signed with PIOtIOUm Bolt A 2015 RSC

     a of the AbU Dhabi Authority (ADIA), Colbun completed the of the 41.379% stake in Inversiones Las Canteras S.A. (ILC), the controlling of Fenix Power Peru after all precedent established in the agreement were satisfied. As a result of this acquisition, Colbun reached ownership of ILC

     of Fenix Power.

     PROJECTS PROGRESS:

     G Commercial Operation (Chile):

     • Horizonte Wind Farm (816 MW) The National Electricitg COoFdÃŒnator an00Unced the Commissioning Operation Date (COD) of Horizonte Norte on JUne 2025, corresponding to 70 wind turbines. Subsequentlg, oFl JUIg the Coordinator declared the COD of Stage Horizonte Sur. With this the Horizonte Wind Farm complex (North and reached fUII COMmercial operation, achieving a total capacità of approximatelg 816

       position as one of the wind in Latin America.

       G Under COnStrUCtiOn (Chile):

     • BESS Chaca (Ex-CeIda Solar 228 MW) As of 4Ç25, the project reached The installation of batterg containers and power conversion sgstems was completed, eqUipment interconnection works commenced, and construction of the Chaca SUbSt6tÃŽ00 and the transmission line was

     • BESS Dieoo de Almaoro Sur (228 MW) As of the project reported 4% The first batch of 70 batterg containers (out of a total of 20 ) was factorg acceptance tests (FAT) of th9 MediUm-voltage cells were successfullg completed in China, and progress was recorded in civil works and project

     • Don Eduardo S/S (Ex-LIuIIaiIIaco 2x500 kV): DUFIFIg works commenced, inCIUdIng access major These were awarded to

       Projects with Environmental Approval (Chile):

     • Horizonte Wind Farm Modification (180 MW) Approved in 2g25.

     • /U0QUIII0S Wind Farm (473 MW) Approved in

       G Projects with Environmental Approval (Peru)

     • Bauovar Wind Farm (660 MW) Approved in

     • Aloarrobal Photovoltaic Plant (400 MW) Approved in

       OPERATION OF OUR POWER PLANTS:

       GDUring 4g25, some of our main power plants carried out major or annual maintenance activities to ensure their proper operation

       and efficiency:

     • Nehuenco Thermal Power Plant U1 Maintenance activities were carried out from November 8 to December 9,

   5

   U According to the information reported to the National Electric Coordinator, on March 2025, the Santa Maria Thermal Power Plant (379 MW) became unavailable due to a of lubrication in the which caused the to following the disconnection of both circuits of the Santa Maria-Charrña transmission as a resUlt of the wildfires that occurred in the Repair works were completed as planned, and Operations resUmed 00 October 2025. It is worth noting that the Company has

   coverage for this type of

   G On Juli an incident occurred at Unit of the RUcue Hgdroelectric Power Plant (90 CdUS9Ö b§ 60 Ïg0ÏtÏ00 resulting from a gas leak dUring metallization works on the tUrbine's wear plates and upper while major maintenance activities were being performed. It should be noted that the Company hös i0SUFance coverage for this type of event. To

   has been made in the repair of electrical and mechanical systems, removal of damaged components, and preparation for critical teaching 87% overall progress. The unit is expected to return in service bg mid-Februari

   CNE TARIFF ADJUSTMENT:

   On October 14, 2025, the National Energg Commission (CNE) ÃŽSSU9d Exempt Resolution approving the Preliminarg the the Average Node of the System the This

   report identified and corrected an error in the valuation of Billing arising from a methodological inconsistencg in the treatment of inflation due to the application of CPI variation and the cUrrent rate for

   in local CUrrencg. ThiS error regUlated clients tariffs are determined bg the CNE.

   G SubseqUeFltlg, oFl ÜdFlUdFg 20, 2026, Decree 24T W6S QUblished in the Official JOUFFIdI f0FMalizing the tariff correction bg setting the Average Node Prices of the National Electric Sgstem and the corresponding adjUStmeFltS, ÏFI dCc0Fdance with Article 158 of the General Electricité Law. As therein, the reversal of associated with this correction bg generation companies will be implemented from JaÛU6F§ 2026 billings, through equal monthly lt shoUld be noted that the economic effects of this correction were alreadg recognized in the Company's resUlts foF the quarter.

   VColbun

2. PHYSICAL SALES AND GENERATION BALANCE

1. 1. Physical sales and generatl0D balance in Chile

   Table 1 shows a comparison between physical energg and capacity sales, and generation in 4g24 and 4Q25, and CUMUlative as

   of Dec-24 and Dec-25.

   Table 1: Physical sales and generation in Chile

   
   
   
   
   
   
   
   
   

   Var

   		A /A	/
   Total Phgsi¢al Sales (GWh)		(8%)	(10%)
   RegUlated Clients		46%	18%
   UnregUlated Clients		1%	(10%)
   Sales to the Spot Market		(99%)	(85%)

   
   
   
   
   
   
   
   
   
   
   

   c t S les (MW

   
   
   
   
   

   Total Generation (GWh) Hgdraulic Thermal

   Gas

   Diesel C06I VRE*

   Wind

   
   
   
   
   

   Solar MaS ot rkPu h sees ( Wh t

   18%

   15º

   A /A

   
   
   

   Q/Q

   (16%)

   (32%)

   (22%)

   8%

   I87%J

   (5%)

   
   
   

   (12%)

   (38%)

   84%

   86%

   16%

   68%

   55%

   97%

   (0)

   
   
   
   
   

   S es Purch ses to the Sp t M rket ( Wh)

   (*) Note: Figures include, from October 2024 onwards, the San Juan and Norvind power plants and clients. Includes energg purchased from the Punta Palmeras

   (Wind) and lrÛelSa (S0lar) p0Wer plants.

   VRE: Variable renewable energies.

   G Phgsical sales during 4g25 reached 2,582 GWh, decreasing 10% compared to 4g24. This decline was mainlg explained bg (i) lower consumption from unregulated clients (-244 GWh), largelg associated with th9 MinÎ0§ IOÔUStFg, and (ii) lower phgsical sales to the spot market (-97 GWh), due to lower generation recorded dUFlng the period. Thèse effects were partiallg offset bg higher sales to regulated clients, driven bg increased conSUMgti00 dUFÎng the qUaFter. In cumulative terms, phgsical sales as of Dec-25 reached 11,029 GWh, decreasing 8% compared to Dec-24. This decrease was mainlg explained bg lower spot market sales, primarilg reflecting lower hgdroelectric generation and coal-based thermal generation recorded throughout the gear. Thèse effects were partiallg offset bg (i) higher sales to regulated clients, driven bg the incorporation of contracts associated with the Norvind and San Juan wind farms, and (ii) to a lesser extent, high9F Sales to unregUlated clients, reflecting increased demand

   from mining clients duri ng the first quarters of the gear.

   G On the other hand, Colbun's generation during the quarter reached 2,472 decreasing compared to 4g24. This variation was mainly explained bg lower hydroelectric generation (-798 GWh), associated with significantly less favorable hydrological conditions compared to the same period of the previous gear, which redUced inflow v0lUmes available for

   effect was partially bg (i) higher wind generation (+263 GWh), mainly driven bg the entrg into commercial operation of the Horizonte Wind Farm, and (ii) higher thermal generation (+209 explained bg increased economic dispatch of the Nehuenco Complex in a context of lower hgdrologg availability during the period. In cumulative terms, generation as of Dec-25 reached 10,170 GWh, 16% compared to Dec-24. decline was mainly explained bg (i) lower hydroelectric generation (-2,340 GWh), reflecting lower inflows thr0Ughout the and (ii) lower coal-based thermal generation

   GWh), resUlting froM the incident at the Santa Maria Thermal Power Plant, which remained Unavailable between March and October These effects were partially offset bg higher wind generation associated with both the commissioning of the

   
   
   
   
   
   
   

   15,000

   10,000

   5,000

   Commitments vs. Generation

   GWh

   • Thermal Generation- Diesel

     
     
     

   • Thermal Generation- Natural Gas

   • VRE Generation

   • H gdro Generation

   • Commercial Commitments

   
   
   
   
   
   
   
   
   

   4Q24 4Q25

   2024

   2025

   
   
   
   
   

   SEN Generation	Quarterly	Figures Var % Ac/Ac	Q/Q
   Total Generation t0Wh)		(0%)	1%
   H gdraulic		(23%)	(35%)
   Gas		7%	43%
   Diesel
   C06I		16%	37%
   Wind		10%	14%
   S0l6r		10%	17%
   Others		(8%)	6%

   Accumulated Figures

   
   
   
   
   
   
   

   2.2. Physical sales and generati0n balance in Peru

   Table 3 shows a comparison between physical energg and capacity sales, and generation in 4g24 and 4g25, as of and

   
   
   
   
   

   Table 3: Physical sales and generation in Peru

   			Vr%
   		Ac/Ac		Q/Q
   Total Ph sical Sales (GWh)		(0%)		(3%)
   Regulated Clients		35%		36%
   Unregulated Clients		22%		14%
   Sales to the Spot Market		(56%)		(59%)
   C t S les (MW		(0%)		(0%)

   
   
   
   
   
   
   
   
   

   Accumulated Figures Generation

   Total Generation (GWh) Gas

   
   
   Spot Market Purchases (GWh)
   
   

   Sales - Purchases to the Spot Market (GWh›

   Quarterly Figures

   
   
   
   
   
   
   

   Var % Var %

   Ac/Ac Ç/g

   (6%) (5%)

   (6%) (5%)

   (76%) (66%)

   G Physical sales during 4g25 reached 934 SWh, decreasing 3% compared to 4g24, mainlg due to lower sales to the spot market associated with lower generation at the Fenix Thermal Power Plant. This effect was partiallg offset bg (i) higher sales to the regulated segment, driven bg the entrà into force of the sUpplg contract with Electro Oriente, equivalent to approximatelg 450 GWh per Year, and (ii) higher sales to unre§UIated clients, resulting from the entrg into force Of ó SUgglg C00tract with Distriluz of approximatelg 200 GWh per gear, as well as increased consUMQtI0FI bg Minera Volcan. In cumulative terms, phgsical sales as of Dec-25 reached 3,772 GWh, remaining in line with December 2024 levels, as lower spot market sales- consistent with lower generation observed thF0Ughout the gear- were offset bg higher contracted sales.

   G On the other hand, generation at the Fenix Thermal Power Plant dUring 4g25 reached 935 decreasing 5% compared to 4g24. This variation was mainIl explained bg a forced oUtage associated with the steam turbine, which kept the plant out of service for days (from October 26 to November 7). Additionallg, more favorable hgdrological conditions in the sgstem redUced the economic dispatch of the leading Fenix to operate for a greater number of hours at techFIÏc6I minÏMUm levels, therebg affecting generation v0lUmes dUring the period. In cumulative generation as of Dec-25 totaled 3,586 decreasing 6% compared to the period of 2024, mainlg explained bg (i) a longer duration of maintenance carried out in 2025 compared to 2024, (ii) more favorable hgdrological conditions relative to 2024, which in lower economic dispatch of the

   and (iii) the f0FC9Ô 0Utög9 F9C0Fded dUring 4g25, as

   The spot market balance during 4g25 recorded net of 107 compared to net of 314 GWh in 4g24, representing a 66% This variation was mdinlg attrÏbUtdble to (i) higher consumption from regulated aFId UnregUlat9d clients following the incorporation of new contracts, and (ii) lower generation at the Fenix Thermal Power Plönt dUFIng the In cumulative net as of Dec-25 totaled 288 compared to net of GWh recorded as of mainlg due to the

   same factors that explain th9 QUarterlg

   G Generation mix in Peru: As of the Mantaro River basin- which SUQQlies maÍ0 hgdroelectric complex, CH Mantaro and CH Restitución (900 MW)- recorded an exceedance probabilitg of compared to 17.48% as of December ofthe

   bear, reflecting improved hgdrological conditions dUring the cUrrent hgdrological gear In cumulative terms hgdroelectric generation in the National Interconnected Electric System (SEIN) increased while thermal generation decreased 7.0% compared to both variations explained bg higher availabilitg of water Meanwhile, national electricitg demand grew gear-over-bear as of the end of driven bg structural demand growth and higher consumption from the mining

   60

   40

   2024

   2025

   37

   20

   0

   
   
   

   Jan Feb Mar M6Ç EUA QUI Sep Oct Nov Dec

2. INCOME STATEMENT ANALYSIS /

   
   
   

   Table 4 presents a summarg of the Consolidated Income Statement (Chile and PerU) iFl 4g24 and 4g25 and cumulative as of Dec-24 and Dec-25.

   
   
   
   
   
   
   
   
   
   
   

   Table 4: Income Statement (US$ million)

   			Ac/A	Q Q
   	OPERATING INCOME		1%	2%
   	Regulated Customers Sales		42%	20%
   	Unregulated Customers Sales		9%	1%
   	Energy and Capacity Sales		(63%)	(33%)
   	Other Operatic Income		0%	15%
   	RAW MATERIALS AND CONSUMABLES USED		5%	7%
   	Transmission Tolls		18%	14%
   	Energg and Capacity Purchases		58%	(20%)
   	Gas Consumption		(0%)	34%
   	Diesel Consumption			70%
   	Coal Consumption Other Operatic Expenses		(79%)	14%
   	ROSS PROF		(2%)	(2
   	Pe e E		2%	6
   	Other Expenses, bg Nature			17%
   ted	D e A t z t o E pe s s		7%	22
   	OPERAT N5 NCOME (LOSS) (		(16	(1
   QE	TDA
   	Financial Income		(23%)	14%
   	Financial Expenses Exchange rate Differences Profit (Loss) of Companies Accounted for Using the Equity Method		34% 1%	72% (1%)
   	Other Profit (Loss)		20%	16%
   	NON OPERAT N N OME		51%	22

   
   
   
   
   
   
   
   
   
   
   
   
   PRTAX PROIF T(LOSS E
   
   
   
   
   
   

   o E

   (3 %

   (47%

   (45

   (54

   
   
   APEA PROF (LOSSR
   
   

   BGM R0 EUR B N R N ER

   (27%

   (26%

   (43º (41

   The subtotal shown in presented differs from the ' Profit (loss) from line presented in the Financial Statements. This is explained bg a change in taxonomy dictated bg the CMF (Financial Market means of which the concept of "Other Profit which in the case of Colbun are non-operating

   was incorporated as an operating item in the Financial Statements.

   Table 5: Closing Exchange Rates

   
   
   
   
   

   Exch n9eR tes

   Lhi (PUSI$) /

   Chile UF (CLP/UF)

   PeFU (PEN / US$)

   907,13 996,46

   39.727,96 38.416,69

   3,36 3,77

   1. Chile's Analysis

      Table 6 presents a summary of Operating Income and EBITDA in 4g24 and add CUMUlative as of Dec-24 and the major accounts and/or variations will be

      Table 6: EBITDA Chile (US$ million)

      OPERATING INCOME

      Regulated Customers Sales Unregulated Customers Sales Energy and Capacity Sales Other Operatic Income

      RAW MATERIALS AND CONSUMABLES USED

      Transmission Tolls

      Energy and Capacity Purchases Gas Consumption

      DieSel C0r!SUMpti0ri

      C0@l HOûSUFMQtiOû

      Other Operating Expenses

      
      
      

      Var %

      A A Q/Q

      1%

      51%

      8%

      (62%)

      J%

      4%

      18%

      51%

      1%

      (79%)

      9%

      2%

      13%

      1%

      (16%)

      39%

      6%

      13%

      (24%)

      7 1%

      70%

      14%

      (12%)

      
      
      
      
      

      ROSS PROF T

      
      
      

      PasExpe seos

      Other Expenses, bg NôtUre

      De e t o A o t z t o Ex ses

      (3%

      
      
      
      
      
      
      
      
      

      1 2%

      (1º 5

      
      
      
      
      

      OPERATIN N OME (LOSS) ( )

      (1 %) (18º ) EBITDA (6% (4º
      
      

      The subtotal shown in presented differs the Profit( from operating line presented in the Financial This is explained a change in taxonomy dictated the CMF Market Commission means of which the of "Other Profit which in the case of Colbun are only

      was incorporated as an operating item in the Financial

      G Operating income for 4g25 dM0Unted to US$334.6 million, increasing 2% compared to million in 4g24. This variation mainIl explained bg (i) higher devenues from regUlated with higher dUFlng the period, (ii) an increase in Other mainlg related to the pass-through of certain costs established in contracts with unregulated clients, and (iii) higher devenues from unregulated clients, primarilg driven bg a higher average sale price reflecting contract Thèse effects were partiallg offset bg lower revenU9s from energg and capacité sales to the spot market, mainlg with lower generation recorded dUFÎng the In cumulative operating income as of Dec-25 reached US$1,363.3 million, 1% compared to US$1,355.0 million recorded as of Dec-24. This was mainlg explained bg (i) higher t0 U0F9§UIöt9Ô driven primarilg bg a higher average contract together with higher recorded during the first quarters of the and (ii) high9F to regUlated with the full-bear

      effect of the Norvind and San Juan which were incorporated dUFÎ0g 4g24 and therefore onIl partiallg contributed to devenues in the previous gear. Thèse effects were partiallg offset bg lower spot market revenUes, reSUlting from lower generation levels during the

      G Raw materials and consumables used costs in 4g25 totaled US$149.9 increasing 6% compared to

      was mainlg explained bg (i) higher natUral with higher thermal generation in a content of lower hgdroelectric generation during the and (ii) higher toll reflecting the application of higher

      This partiallg offset bg lower energg and C6ÇöCitg associated with related to capacité pat ments that took place dUring the quarter, despite higher energg purchases in the spot market. In cumulative raw materials and c0FISUfTÏ6bI9S USed as of Dec-25 reached US$682.6 million, increasing 4% compared to the same period of mainlg explained bg (i) higher energg and CdpaCit§ QUFChases throughout the gear, associated with lower own generation-particularlg hgdroelectric generation- and (ii) higher transmission toll costs, reflecting the application of higher tariffs dUring the

      and Thèse bg c0FISUMQtÏ0FI C0StS,

      from redUced coal-b6Sed generation dUe to the Unavail6bilitg of the Santa Maria power plant during a significant portion of the bear.

      G Operating income for 4g25 reached US$81.7 million, decreasing 18% compared to the million recorded in 4g24. This variation mainlg explained bg (i) higher depreciation and amortization a of the entrg into commercial operation of the Horizonte Wind which increased the Company's operating asset base during the period, and (ii) the lower EBITDA mentioned In cumulative terms, operating as of Dec-25 totaled US$307.4 decreasing 19% compared to the US$378.2 million recorded as of Dec-24, mainlg due to the same reasons that explain the qUarterlg

      G EBITDA for 4g25 reached US$143.1 4% compared to EBITDA of US$149.4 million in This

      was mainly explained bg an in "Other bg from the of non-recurring

      recognized in 2024, together with a lower gross margin during the period. In cumulative EBITDA as of Dec-25 totaled US$522.1 decreasing 6% compared to EBITDA of million as of Dec-24. This variation was mainlg explained bg the lower margin recorded dUFlng the together with higher employee benefit

   2. Peru's Operating Income Analysis

      Table 7 a SUMMarg of 0perating Income and EBITDA in Peru for the quarters in 4g24 and 4g25, and cumulative as of Dec-

      24 and Dec-25. the M6j0F 6CC0U0tS 60d/OF will be

      Table 7: EBITDA Peru (US$ million)

      
      
      
      
      
      
      

      OPERATING INCOME	Quarterly Figures	Ac/Ac 5%	Var %	Q/Q 1%
      Regulated Customers Sales		28%		31%
      UnregUlated Customers Sales		21%		7%
      Energy and Capacity Sales		(69%)		(68%)
      Other Operating Income		(3%)		(40%)
      RAW MATERIALS AND CONSUMABLES USED		7%		10%
      Transmission Tolls Energy and Capacity Purchases Gas Consumption		18% (2%)		52%
      Diesel Consumption		83%
      Other Operatic Expenses		45%		29%
      GROSS PROFIT		3%		(8%)

      Accumulated Figures

      
      
      
      
      
      
      
      
      

      Pro

      
      
      
      
      

      e E pe s s

      Other Expenses. bg Nature

      D p e t o A o t o Ex s s

      OPERATING INCOME (LOSS) (*)

      EBITDA

      15% 14%

      
      
      
      
      

      (9%) (9%)

      2% 8%

      
      
      

      3% (2 1%)

      
      
      

      3% (10%)

      The subtotal shown in 'OPERATING INC0 presented differs from the 'Profit from operating line presented in the Financial This is explained a change in dictated bg the CMF Market bg means of which the concept of "Other Profit which in the case of Colbun are only

      was incorporated as an operating item in the Financial

      G Operating income for 4g25 6M0Unted to US$58.0 1% compared to the operating income recorded in 4g24. This variation was mainlg explained bg (i) higher revenU9S from regulated associated with the entry into force of a supply contract with Electro and (ii) higher to Unr9§UIOted driven bg both the entry into force Of 0 SUgglg COOtFOCt with DistrilUZ Udder the unregUlated client regime and increased conSUM ption bg Minera Volcan. These were partially offset bg lower energy and capacity sales in the spot reflecting higher contracted and lower generation recorded during the In cumulative operating income as of Dec-25 amounted to US$232.3 increasing 5% compared to Dec-24, reflecting the same drivers observed at the quarterly level, particularly higher contracted sales in both the regulated and Unregulated segments.

      G Raw materials and consumables used costs 4g25 totaled US$31.7 10% to 4g24.

      was mainlg explained bg (i) higher energg and capaCÍt§ in the market, and (ii) higher toll costs, resulting from tariff adjustments recorded dUring the In cumulative raw materials and COFISUMóbIes used as of

      Dec-25 reached US$126.0 7% compared to Dec-24, mainlg driven bg the same at the quarterly level. were partially offset bg lower in line with lower generation at the Fenix Thermal Power Plant recorded thF0Ugh0Ut the

      G EBITDA for 4g25 reached US$21.1 decreasing 10% compared to mainlg explained bg a lower margin during the In cumulative EBITDA of Dec-25 totaled US$86.4 3% compared to EBITDA of US$84.2 million recorded as of This increase was mainlg driven bg a higher accumulated gross margin, as previouslg

      Ó9SCFÍ

   3. Consolidated Non-Operating Results Analysis (Chile and Peru)

      Table 8 sh0WS 6 SUMMarg of the Consolidated Non-Operating Result (Chile and PerU) Î0 4Ç24 and and cumulative as of Dec-24 and Dec-25. Subsequentlg, the main accounts and/or variations will be analgzed.

      Table 8: Consolidated Non-0perating Result (US$ million)

      V6F %

      Financial Income

      Financial Expenses Exchange rate Differences

      Profit (Loss) of Cor panies Accounted for Using the Equitg Method

      Other Profit (Loss) NON OPERA NS N ME PRE A P 0F T (LOSS

      o T E

      AFTER TA PROF (LOSS

      AQ A

      (23%)

      34%

      14%

      72%

      1%

      20%

      (1%)

      16%

      
      
      

      G Non-operating income for 4g25 recorded a loss of US$55.5 increasing 22% compared to the loss of US$45.6 million recorded in This was mainly explained bg (i) higher financial expenses, driven bg higher interest expenses, associated with the end of the capitalization of interest related to the Horizonte Wind Farm following its commissioning operation date, and bg a higher average financial debt recorded during the and (ii) higher "Other Profit mainly associated with the recognition of impairment dUFlng the period. In cumulative terms, non-operating income as of Dec-25 recorded a loss of US$124.6 increasing 51% compared to the loss of million recorded in the period of 2024. This variation mainlg reflects (i) higher interest payments associated with both a higher average financial debt dUring 2025 and the end of the capitalization of interest related to the Horizonte Wind Farm, (ii) higher "Other Profit due to the recognition of asset impairment previously mentioned and related to the partial prepayment of the 2027 Bond, and (iii) lower financial derived from a lower investment retUrn on financial and lower SUrplus levels compared to

      G In 4Ç25, an income tax expense of US$6.7 million was recorded, compared to an income tax expense of US$14.5 million in 4Ç24. This decrease was mainlg explained bg (i) lower pre-tax income recorded during the period, and (ii) the favorable effect of the appreciation of the PerUVÎan Sol, which resulted in a positive adjustment to deferred tax balances at Fenix Power Peru, reducing the accounting expense for this item. In cumulative terms, as of Dec-25, the Company recorded an income tax expense of US$46.2 million, compared to US$87.6 million as of Dec-24. This variation was mainlg due to the same factors that explain the quarterlg changes.

      u• The Company reported a profit of US$31.1 million in 4g25, compared to a profit of US$54.1 million in 4g24, mainlg explained bg lower operating and non-operating results recorded during the period, partially offset bg lower income tax expenses. In cumulative terms, net income reached US$187.0 million as of Dec-25, compared to a profit of US$257.2 million as of Dec-24, mainly explained bg the same reasons that explain the quarterly variations.

      
      
      

3. CONSOLIDATED BALANCE SHEET ANALYSIS /

   Table 9 shows an analysis of the Balance relevant aCC0U0ts as of Dec-25 and Dec-24. the main variations

   WÎII Ô9 6FI6I gZ9Ô.

   Table 9: Consolidated Balance Sheet Main Accounts for Chile and Peru (US$ million)

   
   
   

   Current assets Non-current assets

   TOTAL ASSETS

   Current liabilities Non-current liabilities Total net equitg

   TOTALLIABILITIESANDNETEQUITY

   274 1 8

   
   
   
   
   

   1 %

   
   
   

   2 1 3 4 o

   
   
   
   
   

   2 2

   
   
   
   
   

   269 0 8%

   16 2 1 o

   
   
   

   2 1 4 4º

   G Current Assets: Reached US$1,414.0 million as of Dec-25, increasing 18% compared to the cUrFent assets recorded at the end of Dec-24, mainlg explained bg higher cash balances, primarilg associated with net proceeds from th9 iSSUance of the 2035 Bond and the partial repUrChase ofthe 2027 Bond, both carried out in September 2025. Additionallg, an i0Crease in aCC0Unts receiVöbles was observed due to timing differences in collections.

   ' Non-current Assets: Recorded USS5,785.5 million as of Dec-25, increasing 1% compared to the non-current assets recorded at the end of Dec-24, mainly explained bg higher levels of Property, Plant and EQUipment, associated with the period's capital expenditures. This increase was partially offset bg the recognition of depreciation related to operating assets.

   ' Current Liabilities: Totaled US$376.3 million of increasing 2% compared to the CUrrent IÍ6bilities recorded at the end of primarilg due to (i) an increase in accounts pagables associated with higher levels of operating This effect was partiallg bg a decrease in to related explained bg IoWer acCFU6IS ÍOF dÍVÍdends in line with the lower profit generated during 4g25 compared to the same period of the previoUS Year.

   R Non-current Liabilities: Reached US$3,576.6 million as of Dec-25, 8% compared to the balance of Dec-24. This increase is mainIg explained bg higher Other non-current financial liabilities, primarily as a r9SUIt of the issUance of the 2035 partially offset bg the partial prepag ment of the 2027 Bond.

   G Total Net Equitg: The Company reached a Net Equitg of US$3,246.6 increasing 1% compared to the Net Equitg recorded of primarily explained bg the net income for fiscal gear 2025, partially bg dividend made during the

   
   
   

   Main Debt Items (US$ million)

   
   
   

   Gross Financial Debt*	260.1	11%
   Financial Investments**	108.1	14%
   Net Debt	152.0	10%
   EBITDA LTM	(33.3)	(5%)
   Net Debt/EBITDA LTM	0.4	16%

   The amount includes debt associated to Fenix without recourse to Colbun: a bank loan for USS200 a financial leasing for USS9.7 million associated with a transmission contract with Consorcio a us s million financial associated with a gas distribution contract with and credit lines for million.

   The account "Financial presented includes: the associated to deposits for an investment term of more than 9o are recorded as "Other Current Financial in the Financial Statements.

   Table 11: Long Term Financial Debt

   
   
   

   700 • Fenix Liabilities

   soo • CoIbUO Liabilities

   600

   500

   US$m í Il0f1

   400

   300

   200

   • Colbun Peru Liabilities

   234

   360

   500

   
   
   
   
   

   20

   500

   TOO

   0

   21

   
   
   
   
   
   
   

   2026 2027 2028 2029 2030 2033 2032 2033 2034 2035

4. CONSOLIDATED FINANCIAL RATIOS /

   
   
   

   A comparative table of financial indicators as of Dec-25 and Dec-24 is below. Balance Sheet financial indicators are calculated at the specified date and Income Statement ratios include the accUmUlated reSUlt over the twelve

   of the indicated date.

   Table 12: Financial Ratios

   Ratio
   Current Liquidity: CUrrent Assets in operati0n / CUFFeOt Liabilities in operation	16%
   Acid Test: (CUFFent Assets - Inventorg - Advanced Pagments) / Current Liabilities in operation	19%
   Debt Ratio: (ÛUFFeOt Liabilities in Operation + Non-cUFFeOt Liabilities) / Total Net EÇUitg	7%
   Short-term Debt (%): CUFFent Liabilities in operation / (CUFFOOt Liabilities in operation + NOO-CUFFent Liabilities)	-5%
   Long-term Debt (%): Non-CUFF60t Lidbilities in 0 Prati00 / (ÃœUFFeOt Liabilities in Operation + Non-current Liabilities)	1%
   Financial Expenses Coverage: (Profit (Loss) Before Taxes + Financial Expenses) / Financial Expenses	-41%
   Equity Profitability (%): Profit (Loss) After Taxes. Continuing Activities / Average Net Equity	-28%
   Profitabilité of Assets (%): Profit (Loss) Controller / Total Average Assets	-29%
   Performance of Operating Assets (%) Operating Income / Propertg, Plant and Equipment, Net (Average)	-18%

   Income Statement ratios correspond to last 12 months

   • Net the ago bg two

   • Total Average Total Asset: Current total assets pIUs total assets one bear ago divided bg two.

   • e 0perati Onal et: CUrrent t0tal pr0 plants and eqUiprÛent plUS t0tal pr0 plants and eqUiprÛent One Bear ag0 diVi ded hg tW0

   G Current Liquidité and Acid Test Ratio reached 3.76x and 3.54x as of 16% and 19% compared to the values as of Dec-24. This increase is explained bg high9F CUrrent assets, mainIl associated with increased cash balances and higher account receivables dU9 t0 tÏMing differences in collections. This effect was partiallg offset bg higher current

   The lndebtedness Ratio reached 1.22x as of increasing 7% compared to the value of 1.14x as of mainlg explained bg higher non-current with the rise in financial debt resUlting from the of the 2035 Bond, partiallg offset bg the partial r9QUFChase of the 2027 Bond. This effect was partiallg offset bg an increase in eQUitg driven bg profits recorded during 2025, which partiallg offset bg dividend Möd9 dUFÎn§ the same

   G The percentage of Short-Term Debt of Dec-25 was 9.52%, decreasing 5% compared to the value of 10.06% as of due to the increase in non-current mentioned

   6 The percentage of Long-Term Debt as of Dec-25 was 90.48%, increasing 1% compared to the value of 89.94% as of due to the increase in non-current liabilities mentioned

   R The Financial Expenses Coverage as of Dec-25 reached 41% compared to the VaIUe of 5.90x of

   This variation is mainlg explained bg the lower profit before taxes recorded during the period and, to a lesser bg higher financial inCUrred in the

   G The Equitg Profitability as of Dec-25 was 5.76%, decreasing 280a compared to the value of 7.96% recorded as of

   variation is explained bg the lower net income for the period compared to the prior gear to a lesser extent, bg higher equitg

   G Profitability of Assets as of Dec-25 was 2.60%, decreasing 29% compared to the value of 3.65% recorded as of This decrease is mainIg explained bg the lower resUltS dUring the period to a lesser extent, bg a higher average asset

   R The Performance of Operating Assets as of Dec-25 was decreasing 18% compared to the valUe of as of mainlg explained bg the lower operating recorded during the period to a extent, bg higher levels of plant and

5. CONSOLIDATED CASH FLOW ANALYSIS /

   
   
   

   f

   The Company's Cash Flow changes are shawn in the following

   Table 13: Cash Flow Summarg for Chile and Peru (US$ million)

   
   
   
   
   

   Accumulated Figures Flujo Efectivo

   
   
   
   
   
   
   

   Cash Equivalents, Beg. of Period*

   Net cash flows provided bg (used in) operating activities Net cash flows provided bg (Used in) financing activities Net cash flows provided bg (used in) investing activities** Net Cash Flows for the Period

   
   
   

   Effects of exchange rate changes on cash and cash equivalents

   (25%)

   11%

   (43%)

   (43%)

   0%

   (35%)

   (79%)

   (55%)

   
   
   

   AQ/A

   
   
   

   Var %

   
   
   

   Cash Equivalents, End of Period

   14% 14º
   
   

   The account and Cash presented includes the amount associated to deposits for an term of than 90 are recorded as "Other Current Financial in the Financial

   Cash Flow from Investing ' differs the Financial Statements as it does not incorporate the associated with deposits with over 9o and the investment

   DUring 4g25, the Company reported a negative cash flow of US$71.8 compared to the negative cash flow of

   million in 4g24. In cumulative terms, as of Dec-25 the Company reported a positive cash flow of US$95.9 million, compared to a

   negative flow of US$239.9 million of

   G Operating Activities: DUFI0§ a positive flow of US$130.5 million was decreasing 350a compared to the positive cash flow of million in mainlg due to lower receivables compared to the QrioF QUarter, associated with the sale of PEC receivables in October 2024. In a cumulative basis, a cash flow of US$476.9 million was

   compared to US$430.9 million as of Dec-24, the lower gross margin F9SUlting from lower generation recorded dUFIn§ the

   gear, mainly due to lower VAT and income tax payments during the

   G Financing Activities: Generated a negative cash flow of US$110.9 million during 4g25, compared to a positive cash flow of US$72.4 million recorded in The negative cash flow for the quarter is mainlg explained bg: (i) the distribUti0n of an interim of US$78 2025; the prepag ment of a of Peru with US$29

   million. This with an original amount of US$50 was obtained to finance part of the acquisition of stake in Fenix. lt be noted during the at the Fenix Power a US$200 million loan with the MUFG the proceeds of were used th9 pFepag ment of 144A maturing

   US$186 million. 0n the other the cash flow in 4g24 mainIl explained bg the US$200 million disbursement of the green loan signed with BBVA and Bank of America, partiallg offset mainlg bg the payment of an interim dividend of US$100 million in December 2024 and bg pagments during the qUaFter. In a cumulative a negative flow of US$38.2 million was compared to a negative flow of US$67.0 million as of December The annual flow mainlg composed of: (i) million in dividends distribUted during the bear; (ii) interest pagments associated with financial debt amounting to US$95 million; and (iii) the of in Fenix. Thèse effects were partiallg bg the

   of a US$500 million 144A Bond in September the proceeds of which WeFe for the partial prepagment of the 2027 Bond, 6M0U0tIÛÇ t0 ÜS$266 million. Bg contrast, the negative cash flow in 2024 mainlg comprised dividend and interest pat ments dUring the gear, partiallg offset bg the disbursement of the loan with BBVA and Bank of America.

   R Investment Activities: Generated a negative net cash flow of US$91.5 million during 4g25, compared to a negative cash flow of million in 4g24. The higher disbursements in 4g24 are mainlg explained bg the acquisition of the ILAP companies during that effect partially offset bg higher CAPEX disbursements driven bg in the construction of BESS projects during In cumulative a negative net cash flow of US$343.0 million was compared to a negative flow of US$603.9 million as of mainlg explained bg the same factors driving the quarterly

6. ENVIRONMENT AND RISK ANALYSIS /

Colbun S A. is a power generation company with a production capacity of 5,034 MW. The Company operates in the National Electric System (SEN as its Spanish acronym) in Chile, where it represents approximately 12% of the market. It also operates in the National Interconnected Electric System (SEIN as its Spanish acronym) in Peru, where it holds approximately a 6% market share. Both shares measUred in terms of gross energy produced in 2025.

The Company seeks growth opportunities in Chile, Peru, and other countries in order to maintain a relevant position in the power generation industry and to diversify its SOUrces of income in terms of geography, hydrological conditions, generation techn0logies, fUeI access, connection feasibility, and regulatory frameworks.

COIbUrl a iMS t0 inCreaSe its installed CapaCitg fr0M reneWable SOUrCeS (Wind, S0lar and batterg), Wh ile Maintaining a SignifiCa nt

hgdroelectric share, with an efficient thermal comblement that ensures a secure, competitive, and sustainable generation matrix.

In Chile, Colbun has several potential projects CUrrentlg at different stages of development, inCIUdÎ0§ WÎnd, s0IaF, batterg,

St0rage, and tranSM iSSi0n pr0jeCtS.

Generation and Transmission Projects Under Development in Chile

Project Name lnstalled Capacité (max) Technology Location

BESS Chaca (Ex Celda Solar) 912 MWh Storage System Arica q Parinacota Region

Under COnStrUCti0 n

BESS Diego de Almagro

New S/S

Don Eduardo (Ex Llullaillaco)

Celda Solar

912 MWh

2x500 kV

422 MW

Storage System Transmission Photovoltaic

Atacama Region Antofagasta Region

Arica q Parinacota Region

Under COnStrUCti0 n Under COnStrUCti0 n

Approved EIA

Inti Pacha

925 MW + 2,000 MWh

Photovoltaic + Storage System Antofagasta Region

Approved EIA

Jardln S0I6F

Horizonte M0dification

ÜUÜÇ UilloS

CU6tF0 Vientos

PapOSO PUiTiped St0ra9e

802 MW + 1,000 MWh

180 MW

473 MW

360 MW

800 MW

Photovoltaic + Storage System Wind

Wind Wind

St0F^9+

Tarapaca Region Antofagasta Region Biobio Region

Los Lagos Region Antofagasta Region

Approved EIA Approved DIA Approved EIA EIA Under review

SUspended

G BESS Chaca Project (Ex Celda Solar) (912 MWh): The project considers the installation of a 228 MW battery block with a 4-h0UF COQacitg. The energy generated will be injected into the Interconnected System through a 3.5 km transmission line, connecting to the new Roncach0 SUbStation, which is the same transmission system planned for the park.

This project originates from the award, in 3g19, of three Concessions for Onerous Use tendered bg the Ministry of National Assets and has authorization from the National Electric Coordinator for the project's connection to the Roncacho Substation since 1g23.

The Environmental Impact StUdg ION a photovoltaic project and a BESS, was entered into processing in 3g22 and approved on

January 31, 2024.

The Company signed a batterg supply agreement with MdFlUf6CtUF9r Tesla.

As of 4g25, the project has reached 70% completion. The installation of all battery containers and transformation centers has been completed, eqUigment connecti0n has begun, and the c0nstFUCti0n of the Chaca Substation and the transmission line has been finalized.

G BESS Diego de Almagro Project (912 MWh): The Project considers the installation of a battery park with a capacity of 912 MWh in the installation of the Diego de Almagro photovoltaic park (212 MW). The evacUation of energg will be through the existing infrastructure of the photovoltaic park.

DUFIDg 1 g25, the final investment decision was made, and the Company signed a botteFg SUgglg agreement with manufactUrer Canadian Solar.

As of 4g25, the project has reached 14% completion. The first batch of 70 battery containers (0Ut Of a total Of 201) has been shipped, and Factory Acceptance Tests (FAT) for th9 MedlUm-voltage cells were sucCeSSfUllg completed i0 China. Additionally, progress continUes the project's civil works and foundations.

G New Don Eduardo Sectioning Substation Project (500 kV): The project is a work that was part of the bidding process organized bg the National Electric Coordinator, initiated through Exempt Decree No. 257 from the Ministry of Energg, dated December 13, 2022. This bidding process conClUded with the awarding of the project to Colbun S.A. on November 8, 2023.

The project consists of the construction of a new sectioning SUbstation, bg sectioning the 2x500 kV Patinas - Cumbre line, with its respective line and gard sections at 500 kV. Additionally, the project considers the construction of links for the sectioning of the line at the Don Eduardo substation. The S/S will be in the Province of Taltal, Antofagasta Region, 170 km south of Antofagasta.

00 JUne 24, the Environmental Assessment Service (SEA) of the Antofagasta Region iSSU9d a favorable Environmental gU6lification ReS0IUtÍ00 (RCA) for the project.

As of 4g25, construction works commenced, inClUding earthworks, access roads, and major f0U0dations, which were awarded to the company Strabag.

DUFiOg this same period, the sUpplier HitdChi completed the on-site delivery of equipment associated with the 500kV GIS (Gas-Insulated Switchgear), as well as the project's control and protection systems.

G Celda Solar Photovoltaic Project (422 MW): The project would involve the installation of a solar energg generation plant with a MaxÎMUm installed capacité of 422 MW. This solar park is located approximatelg 76 km S0Uth of Arica in the commune of Camarones in the Arica and Parinacota Region, would use a total area of approximatelg 960 hectares.

The energg generated would be injected into the Interconnected Sgstem through a 3.5 km electrical transmission line, connecting

to the new Roncach0 SUbSt6ti0Fl.

The Environmental Impact Study for the photovoltaic project and BESS was submitted for processing in 3g22 and was approved

on January 31, 2024.

As of 4g25, the investment opportunité remains in the definition phase from a bUsiness perspective.

G Photovoltaic Solar Project and BESS Inti Pacha I, II and III (925 MW + 2,000 MWh): This solar project is located approximately 75 km east of Tocopilla, in the Maria Elena commune, Antofagasta Region. It would use a total area of 1,000 hectares.

The project would consider the installation of a solar energg generation park in three phases, and a total annual generation of approximatelg 2,000 GWh across all phases. lt also inClUd9S 6 BESS system with a storage capacité of up to 2,000 MWh, which would be injected into the interconnected system thF0Ugh a transmission line approximatelg 3 km in length, connecting to the

CrUCerO SUbStati0n.

This project originates from the awarding of 3 CU0s ("Concesiones de Uso Oneroso" for its acronym in Spanish) tendered bg the Ministry of National Assets.

The project obtained its Environmental Qualification Resolution (RCA as its Spanish acronym) in 4g20 dcd inClUdes the 3 CU0s. As of 4g25, the investment opportunity remains in the definition phase from a bUSiness perspective.

G Photovoltaic Solar Project and BESS Jardfn Solar (802 MW + 1,000 MWh): The Project would consider the installation of a solar energg generation park that has an installed capacity of close to 802 MW to be bUilt in 2 stages and an average annual generation of approximately 1,500 GWh. Additionally, it includes BESS system with a storage capacity Of Ug t0 1,000 MWh. This solar park is located approximately 8 km SOUtheast of the town of Pozo Almonte, in the commune of Pozo Almonte in the Tarapaca Region, and would use a total area of approximately 1,000 hectares.

The energy generated W0Uld be injected into the Interconnected Sgstem through an electric transmission line, which starts at the S/S associated with the park, and has an approximate extension of 3 km, connecting to the new Pozo Almonte substation located 2.5 km northeast of the intersection of the highway to La Tirana with the Pan-American Highway.

The project obtained its EÛVironmental gU6lification ReS0IUtÎ00 (RCA) in 3Ç21

As of 4Ç25, the investment opportU0ltg remai0S Under evaluation from a bUsiness perspective.

G Horizonte Wind Farm Modification (180 MW): The expansion W0UId include the installation of up to 24 new wild tUFbines with a maximum nominal capacité of 7.5 MW each, which would add UQ t0 d0 ddditional 180 MW to its generation capacité. This expansion W0UId increase the installed capacité of the original park that ÎS CUFF90tIg operating bg up to 20%, reaching 996 MW.

In 1 g24, the Horizonte wind farm expansion project was entered into the Environmental Impact Assessment Sgstem (EIAS), and

it was approved in 2g25.

As of 4g25, progress was made on the technical evaluation of eqUlgmeDt alternatives and studies associated with the project's development.

G Junquillos Wind Farm Project (473 MW): The Junquillos project is a wind farm located 15 km northwest of the citg of Mulchén, in the commune of MUlChén in the Biobio Region. It W0UId include the installation of a maximum of 63 wind turbines (UQ t0 7.5 MW each), which W0UId result in an installed capacity 0/ UQ to 473 MW.

The power generated W0UId be injected into the Interconnected System through a 12 km power transmission line to Mulchén S/S.

DUring 4g22, the project's Environmental Impact Assessment (EIA) WOS SUbmitted for environmental processing. SubSeqUentlg,

in 4g23, Addendum 1 WdS SUbMitted, followed bg Addendum 2 in 4g24.

As of 4g25, agreements within the framework of th9 Indigenous ConSUltation WeFe finalized, alongside the sUbmission of Addendum 3 in October. This led to the approval of the project's EIA on December 22, 2025.

G Cuatro Vientos Wind Farm Project (360 MW): It is in Llanquihue, in the Los Lagos Region. It W0UId contemplate the installation of 48 wind tUFbines of up to 7.5 MW of nominal capacity each, totaling a maximum installed capacity of 360 MW, with an annual energg generation of approximately 800 GWh per gear and a capacity factor of 25%

The Project's transmission sgSt9M W0UId consider the constrUCti0n of the Cuatro Vientos 33/220 kV Lift Substation and a 15 km d0Uble-circuit Electric Transmission Line that will be connected to the existing Tin90 SUbStation, located in the commune of LlanquihU9.

The Environmental Impact Assessment (EIA) for this project was submitted for processing in 1 g24.

As of 4g25, the SEA issUed ICSARA 2, and work focused on its evaluation to address the drafting of Addendum 2 for the EIA.

Concurrentlg, work is progressing on the project's Indi§9D0US Ü00SUlt6ti00 iD COOFdination with the SEA.

" Paposo Pumped Storage Project (800 MW): Paposo PUmped Storage project would consist in the construction and operation of a power generation plant thF0Ugh a pumping plant with d MaxÏMUm installed capacité of 800 MW, which would operate with desalinated water obtained from a reverse osmosis desalination plant that would be located approximatelg 5.2 km north of Paposo cove.

The Pumping Station W0UId be composed of two reservoirs connected to each other bg On adducti00 6nd iMgUlsion pipe, where the water would be pumped from the lower reservoir located in the coastal area to the upper reservoir located in the coastal cliff. In this wag, wateF W0Uld accumulat9 dUring the dag, to later generate energg in the afternoon, night and early morning, changing the direction of the water flow from the upper reservoir to the lower reservoir through the same pipe, taking advantage of a difference in level of about 1,500 meters between the reservoirs.

The power generat9d W0UId be transmitted to a Lifting substation located next to the power plant, raising its electrical voltage to be transmitted thF0Ugh the electrical transmission line to its injection point to the National Electric System (SEN as its Spanish

aCr0ngMS) in the Parinas SUbStatiOn (eXiSting).

As of 4Ç25, the project remaiÛS SUSgended while options for an eventU6l filing with the SEIA are evalU6ted and updating the project information in compliance with environmental and sectoral regulations.. Within this context, the preparation of the EIA C00tÎ0U9S, inClUding the conclusion of spring environmental Vaseline studies, the execUtÎ00 Of Early Citizen Participation (PCT), and schedUled interviews with members of social organizations and IndigenoUs groups.

G Other renewable energg projects from variable sources: At the end of 4g25, ColbUn continUes making progress in the pipeline of options for wind, solar and storage projects, which are in preliminary development stages. These projects are highly competitive, locations have been chosen with the best energg resoUrces, they have high socio-environmental feasibility, have lower investment costs and are distribUt9d throughout th9 C0U0tF§

*Colbun

Generation projects under development in Peru

G Bayovar Wind Project (660 MW): Bagóvar Project would involve a wind generation farm with a capacitg of approximatelg 660 MW to be built in 2 phases. This wind farm would be located 46 km southwest of Sechura cita, in San Martin de SechUF6 COMMUOÏtg ÏD PIUra department and would occupg a total area of approximatelg 8,800 hectares of private propertg.

The power generat9d W0UId be injected into the Interconnected Sgstem through a transmission line which W0UId start at the substation associated with the park and W0UId have an approximate extension of 44 km, connecting at 500 kV to La Nina substation, located 11 km north of the PE-04 road junction to Bagóvar with Panamericana highwag.

The project's Pre-operabilitg Studg of phase 1 was approved in 4g23 bg the SElN's Economic Operation Committee (COES, as its Spanish acronym).

The project's Environmental ImgoCt StUdg W6S approved bg SENACE in 1g25.

As of 4g25, the investment opportU0ltg remai0S Under evaluation from a bUsiness perspective.

G Algarrobal Photovoltaic Project (400 MW): Algarrobal Project would consider a solar generation park thdt W0UId have an installed capacity of approximately 400 MW and W0UId be built in 2 phases. This solar park would be located 60 km southwest of MoquegUa citg, i0 El Algarrobal and MoquegUa districts, in MoquegUa department, and would use approximately 760 hectares total area owned bg the Peruvian State.

The power generated would be injected into the Interconnected Sgstem thF0Ugh a transmission line, which would begin at the substation associated with the project, and would have an approximate extension of 40 km, connecting at 220 kV to Montalvo substation, located 5 km to the northwest of MoqUegua with the Panamericana highway intersection.

The project's Pre-OperabiIitg Studg of phase 1 was approved in 1g24 bg the SEIN Economic Operation Committee (COES, as its Spanish acronym).

The project's Environmental Impact Study (EIA) was submitted for processing in 3g24.

DUring g4 2025, the Environmental Impact Assessment was approved bg SENACE and the investment opportU0Îtg reMöi0S under evaluation from a business perspective.

G Tres §|uebradas Wind Project (238 MW): Tres Çuebradas Project would involve a wind generation farm with a capacitg of approximatelg 238 MW. This wind farm would be located 23 km south of Acarí town, in Bella Unión district within Ar9QUIQó department, and would use approximatelg 3,600 hectares of propertg owned total area bg the Peruvian State.

The energg generated woUld be injected into the Interconnected System thF0Ugh a transmission line, which would start at the substation associated with the park and has an approximate extension of 78 km, connecting at 220 kV to Poroma substation, located 13 km southwest of Poroma city.

The project iS U0dergoing design and optimization in preparation for the EIA filing.

G Naglamp Wind Project (238 MW): Naglamp Project would involve a wind generation park with an installed capacitg of approximatelg 238 MW. This wind park would be located 10 km southeast of Mórrope citg, in San Pedro de Mórrope cita in Lamb6§9QU9 Ó9Q6rtment, and would use a total area of approximatelg 3,950 hectares of private propertg.

The power generat9d W0UId be injected into the Interconnected Sgstem thF0U§h a transmission line, which would start at the substation associated with th9 gaFk OFId W0UId have an approximate extension of 2 km, connecting at 220 kV to the fUtUre Lambageque Oeste SUbstation, located 2 kM SOUthwest of the LA-661 road junction with Panamericana highway

As of 4Ç25, the investment opportunitg remaÏ0S Under definition from a business perspective.

b' Pampas Wind Project (315 MW): Pampas Project w0UId c0nsideF the installation of a wind farm with an installed capacity of approximately 315 MW. This wind farm is located 80 km southwest of the citg of lca, in the district of Santiago in the department of lca and uses a total area of approximately 10,000 hectares of state-owned land.

The energy generated woUld be injected into the Interconnected Sgstem thF0U§h a transmission line, which starts at the substation associated with the park, and has an approximate extension of 38 km, connecting at 220 kV to the future Colectora substation, which was aWOFded ID /U09 2024 bg Proinversion.

In 1Ç25, the Ministre of Energy and Mines approved the Terms of Reference and the Citizen Participation Plan for the project's

E nVir0nMental IMpaCt StUdg.

In 4Ç25, the environmental baseline surveg was completed as part of the EIA preparation.

6 Chasqui Photovoltaic Project (250 MW): The ChaSqui Project w0UId involve the installation of a solar power plant with an installed capacity of approximately 250 MW. Located 20 km SOUthwest of the city of lca, in the Santiago districts of the Ica Department, the project would occupg a total area of approximately 650 hectares of state-owned land.

The generated energy WoUId be injected into the Interconnected System via an electric transmission line, starting at the plant's substation and extending approximately 6 km to connect at 220 kV to the Colectora SUbStation, locat9d 7 km west of the Pan-American Highway

As of 4g25, the application for a temporary concession was submitted to MINEM (Ministry of Energy and Mines).

7.2 Risk Management

1. Risk Mana9ementModel

   The Risk Management Model is designed to safegUard the principles of stabilité and sustainabilitg of the Company bg identifging and managing sources of uncertaintg that could impact it. This model addresses both the strategic risks that threaten

   SUStainabilitg and th0Se that COUld affeCt the Organizati 0n'S 0perati0nS and fUtUre pr0jeCtS. In additi0n t0 pr0teCting 0perati0nal aCtiVitieS, it a iMS t0 MaXiMize bUSi tess 0pp0rtUn ities and enSU re COMplianCe With reg Ulat0rg and legal 0bligati0nS.

   The Company's activities are exposed to various risks, which have been classified into:

   1. EIectFÏC6I bUSiFI9SS risks

   2. Project construction risks

   3. Financial risks

   4. Re§UIöt0Fg risks

   5. Environmental risks

   6. Social risks

   7. Governance risks

      This model is based on 150 31 000:2018 and has an appropriate governance framework and organizati00dl StFUCtUF9S BOF FÃŽsk management, with clearlg defined roles and responsibilities, fostering a cultUre of organizational awareness.

      The Company also has a Risk Committee that meets everg two months with the purpose of identifying, QU60tIf§iD§, M00it0FiDg, and communicating organizational risks. This committee is composed of the Chief Executive Officer, keg executives, and the Chairman of the Board, with the Risk Manager acting as secretary. Additionally, other directors may participate as needed, and the Chief Executive Officer reports the main Risk Committee topics to the Board for discussion and analysis.

2. Risk Factors

G B.1. Electrical Business Risks

ThFOUgh its commercial policy, the Company seeks to be a competitive, safe, and sustainable energg provider, committing V0IUM9S thF0Ugh contracts that maximize the long-term profitability of its asset base and reduce the volatility of its resUlts. Nevertheless, these results present strUctural variability due to risks associated with exogenous conditions such as hgdrologg, the availability of solar and wind resources, fuel prices (oil, natural gas, and coal), as well as unscheduled maintenance events

6nd 6SSet f6 ilUreS.

To mitigate thèse risks, the Company aims to balance its generation sources over the long term while ensUring efficient C0StS. IO addition, in the event of generation deficits or surplUses, the spot market is Used, allowing energg to be b0Ught or sold at marginal cost. Hgdrological conditions are also monitored, and fuel inventories are managed to ensUre operational C00tÎ0Uitg, minimize

finanCial iMpaCtS, and gUara rltee COntraCtUal COMplianCe.

The main risks include:

1. Hgdrological risk

2. Fuel price risk

3. Fuel supplg risk

4. EqUiQment failure and maintenance risk

5. Commercial risk

6. Project construction risk

7. ReÇUl6t0Fg FiSk

% Colbun

Re§UIOt0Fg Stobilitg is fundamental for the energg sector, where investment projects involve considerable timelines for obtaining permits, development, eX9CUtion, and retUrn on investment. Colbun believes that regulatory changes mUst be made with full consideration of the complexities of the electric system and bg Maintaining adeqUate incentives for investment. It is important to have a regulatory framework that provides clear and transparent rUI9s, thereby strengthening the confidence of sector participants.

Chile

EnactedLaws

This section presente the laws that were pUblished and enacted dUring the forth quarter of 2025:

Main Developments in Bills Under Review Title Details

The main proposals are:

Current Status

Framework Law on Sectoral Authorizations

• EstablishmeÃœt Of 6 c0fT!iT!0Ãœ F9gUlatorg framework for the processing and governance of sectoral 6Uthorizations.

• Creation of the "System for Sectoral RegUl6ti0Ãœ 6Ãœd Evaluation", an entité designed to promote a more coherent, integrated, and modem 6Uthorization regime.

• Creation of the "Office for Sectoral Regulation and EvalU6ti0Ãœ", an institution responsible for progressivelg improving sectoral regulations and eÃœSUring the proper functioning ofthe System

• Establishment of miniFÛUfTi procedUral standards and a Unified Information System for Sectoral Permits.

• Amendment of 37 legal frameworks to enable sectoral agencies to applg the mechanisms and instrUments defined under the Sectoral AUthorizations Framework Law, therebg aligning existing Iegislati0n With its ObjeCtiVeS. SpeCifiC arÛendiTients t0 regUlated SeCtoral pr0CedUreS are alS0 inClUded, aimed at simplifging and standardizing thefTl, SUch as those to the Water Code, the Health Code, and

  PUblished in the Official Gazette on September 29,

  2025

  Pending the implementation of the law thr0Ugh the drafting of the mandated regUlations.

  the General Law on Sanitarg Services. among others.

  Bill for the Protection of Astronomical Skies

  Bill Establishing Tax Incentives for the Production of GreenHqdrogen and Its Derivatives

• IÃœ AUgUSt 2025, Congressman Félix Gonzalez sgbmitted a bill proposing the establishment of restrictions and prohibitions to protect night skies in areas designated as having scientific and research value for astronomical observation. Its most critical provision is Article 3, which creates a "special exclusion zone" with a 70 kFÛ radius ar0UÃœd the Paranal and Amazones observatories (Taltal rÛUniCipalitg, Ant0fagaSta Regi 0n), Where the inStallati0 n 0f indUStries 0r aCtiVities that rÛaq affect the astronomical qualité of night skies is prohibited. This measure territoriallg overlaps with areas where significant renewable energg, green hqdrogen, and mining projects are cUrFentlg being developed.

• The bill seeks to promote local demand and reduce the cost gap between green hqdrogen (HIV) and fossil fuels.

• The main incentive consists of a temporarg tax credit against the corporate income tax, available to companies that ÇUFchase green hgdrogen or its derivatives produced in Chile for their internal production promesses. This benefit will be granted thF0Ugh anÃœU6I COfTipetitive tenders between 2025 and 2030, prioritizing pr0dUcers requesting the lowest benefit per kilogram of HIV.

• In addition, a special tax regime is created for HIV producers established in the Magallanes and Chilean Antarctic Region, aimed at standardizing fiscal treatment in the area. Thèse companies will be exempt from corporate income tax and VAT on the import of capital goods but will be reqUiFed to prepag the

  The bill was approved in general terrns bg the Environment Committee ffirst COnStitUti0 nal Sta9e), and its diSCUssion in detail is scheduled to begin in Januari 2026.

  The bill was voted on in both general and detailed terms bg the Chamber of Deputies in October 2025 and SUbS9gU90tlg moved to its second constitUtional stage in the Senate, where diSCUSSi00 in general h6S b9gU0.

  regional contribUti0Ü and will not receive other pr0dUCtion or sales bonUses.

  • The total projected tax expenditUre Under this bill aFÛ0UÃœtS t0 US$2.8 Million, allocated between 2025 and 2030, and is estimated to result in reduced fiscal rev9ÃœU9S Of UÇ t0 CLP 321.516 Million per bear between 2030 and 2040.

    The main measUres of the bill are:

    Bill on Electricité Subsidy and Strengthening of the Superintendencg of Electricity and Fuels (SEC)

  • E and the coverape of the electricitg subsidg thF0Ugh three financinp mechanisms: (1) a temporarg SUFCharge on the C0, emissions tax, (2) increased collection of Net VAT, and (3) an additional fiscal contribution.

  • Reduce electricitq rates: creation of a 500 GWh preferential price energg pool for Micro, Small and Medium Enterprises, and Renewable Resource Systems fSRR), and the authorization of consumer associations to initiate price review procedUres for regulated contracts (Art. 134 of the General Law on Electric Services - LGSE)

  • Strenqthen SEC fsuperintendencq of Electricité and FUeIs) powers: allowing those inspected to

    pr0 p0Se aCti 0n plans and inCreaSing the arÛ0 Unt 0f UnaUthOriZed aUt0 iTiatiC CO iTipensat i0nS.

    The bill is currentlg in its second constitUtional stage in the Senate, under review bq the Finance Committee

    Legislative processing has

    been suspended.

    Seawater Use for Desalination Bill

    PrOpOSeS a neW Feg Ulat0rg fFafTl eW0rk f0r gFanting 0F designating SeaWater desalinati 0n COnCeSSiO nS, Categ 0riZing it aS a SpeCial rÛarit ifTi e COnCeSSi 0n.

    Its key points are:

  • Creation of a concession and designation for the desalination and use of coastal seawater.

  • Right to establish or impose legal easements for the convenance of seawater and desalinated water.

  • Development of a National Desalination Strategg to guide th9 SUStainable development of desalination projects.

  • Amendments to other legal bodies to better Amplement the new regUlatorg framework.

    The bill is currentlg in its second constitUtional stage,

    Under detailed diSCU SSi0 n in

    the Chamber of DepUties' Water Resources Committee.

    Other Relevant Regulatorg Announcements

    This section presents ann0Uncements of regulations relevant to Colbun, both for its core bUsiness and for growth-related matters.

    Title

    Regulation on Node Prices

    Amendment to the Technical Standard on Safety and Service gualitg

    Details

    0n October 10, the Ministre of En9rgg I6UÜched 6 ÇUbIiC C0ÜSUlt6ti0Ü 0Ü the Nodal Price Regulation. Article Twentieth Transitorg of Law No. 20,936 of 2016 mandated the update of Supreme Decree No. 86 of 2013 of the Ministre of Energy, which approves the regulation governing the setting of nodal prices. SUbS9ÇU9Ütlg, a series of laws have been enacted amending the provisions established in said r9gUl6tion. Accordinglg, following joint work with the National Energy Commission, a new regulation for the setting of nodal prices has been developed. This new regUlation incorporates reforms related to the Short-Term Nodal Price and the Average Nodal Price, as well as other matters associated with thèse tariff determinations. In light of the foregoing, the Ministre of Energy has made the draft of this regUlatorg reform available for

    PUbliC COnSUltati 0n.

    RObUStness standards for the National Electric System (SEN) are introduced, based on the results of the SEN Robustness Requirements StUdg, which the Coordinator FÛUSt COÜdUCt 6ÜÜU6IIÇ. Additi0Ü6llg, Ü9W

    COnCeptS are intr0dUCed IO r C0nVerter-baSed inStallati0nS, al0 ng With V0ltage r0bUSt ness and freqUenCg

    robustness.

    FUrthermore, two new technical annexes are included

    • Methodologg for determining robustness reqUirements

    • Mini fTiUrn reqUirefTi ents IO r C0nVerter-haSed inStallati0 nS

      Current Status

      In progress - pending publication of the pUblic

      COnSUltati0 n reSp0 nses.

      In progress - The National

      EneFg g C0rrISTIi SSi0 n i S

      currentlg reviewing the comments SUbFÛitted bg market participants.

      The proposed amendmeÃœtS f0CUS On f0Ur key areas:

      PMGD

      Regulation

      (DS88)

      • M0nit0 Fing and C0ntF0l SqStefTlS: eaCh PMGD STIUSt iSTIplement its 0Wn fTI0 nit0 Fing and COntF0l system, which mUst be integrated with both the CEN's SITR system and the distribution company s control center.

      • Real-time operation: principles are established for th9 6pplicati0Ãœ of CUFtailments and Other 0Ç9F6ti0Ãœ6l iÃœStFUCtions affecting PMGDs.

      • Stabilization mechanism: a new mechanism is defined, based on the basic energg price bg hourlg block, without market band adjustments and with annual settlement.

      • Connection procedUr9: the timelines for the milestones that make up this proc9dUFe are modified to better reflect the actual processing times.

In pr0g ress - aWaiting

SUbmission to the Office of the Comptroller General.