Sc annual report 2024

Annual

Report 2024

PRESENTATION WE ARE SALMONES CAMANCHACA CORPORATE GOVERNANCE BUSINESS DESCRIPTION SUSTAINABILITY FINANCIAL INFORMATION METHODOLOGY APPENDIX

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PRESENTATION WE ARE SALMONES CAMANCHACA CORPORATE GOVERNANCE BUSINESS DESCRIPTION SUSTAINABILITY FINANCIAL INFORMATION METHODOLOGY APPENDIX

Identification

SALMONES CAMANCHACA S.A.

76.065.596-1

Sociedad Anónima

1150

Casa Matriz: Diego Portales 2000, piso 13, Puerto Montt, Región de los Lagos

550364

(56 2) 2873 2900

inversionistas@camanchaca.cl

https://www.salmonescamanchaca.cl

Santiago Stock Exchange: SALMOCAM

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PRESENTATION WE ARE SALMONES CAMANCHACA CORPORATE GOVERNANCE BUSINESS DESCRIPTION SUSTAINABILITY FINANCIAL INFORMATION METHODOLOGY APPENDIX

Content

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PRESENTATION 4

A word from our Chairman 5

Value Creation 7

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WE ARE SALMONES CAMANCHACA 8

Our Company 9

Salmones Camanchaca's Mission, Vision and Values 12

Strategy 13

Value Footprint 17

Historical events 18

Highlights of the year 20

Articles of Incorporation 21

Corporate structure 22

Control 23

Ownership Structure 25

Agreements with subsidiaries and associates 25

Subsidiary companies 26

Associate companies 27

Board members and executives with positions at subsidiaries 28

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or associates

CORPORATE GOVERNANCE 29

Corporate Governance Report 30

The Board 37

Senior Executives 42

Directors' Committee Annual Report 47

Other Committees 49

Ethical management 51

Risk management 56

BUSINESS DESCRIPTION 66

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Salmon industry 67

Our operations 72

Marketing network 82

Salmones Camanchaca around the world 85

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SUSTAINABILITY 86

Sustainability model 87

Healthy, nutritious food 92

Meaningful employment 115

Prosperous Communities 144

Healthy Ecosystem 164

Profitable and responsible business 204

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FINANCIAL INFORMATION 222

Key Financial Indicators 223

Net Income Statement 223

Statement of Financial Position 225

Statement of Cash Flows 226

Material facts 226

Share transactions 228

Main risks and uncertainties 230

Tax, investment and financing and dividend policies 234

Fees Paid to External Auditors 235

Financial statements 235

METHODOLOGY 236

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About This Integrated Report 237

Contents 237

Double Materiality 237

Material Issues 238

Materiality matrix 239

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APPENDIX 240

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01 PRESENTATION

PRESENTATION

WE ARE SALMONES CAMANCHACA CORPORATE GOVERNANCE BUSINESS DESCRIPTION SUSTAINABILITY FINANCIAL INFORMATION METHODOLOGY APPENDIX

A word from our Chairman

2024 marked a significant financial recovery for our company, driven by sustained efforts in operational efficiency that we have been implementing for nearly two years, and by our organic growth plan in Atlantic salmon production. All of this took place in a challenging context, characterized by lower sales prices due to weakened international demand caused by inflation and a drop in consumption in some of our main destination markets.

In this scenario, we closed the year with revenues of US$ 405 million, representing a 14% increase compared to 2023. This growth was driven by higher sales volumes of Atlantic and Coho salmon, reaching a total of 61 thousand tons sold.

EBITDA for the period was US$ 49.1 million, 47% higher than the US$ 33.5 million recorded in 2023, reflecting greater operational efficiency and cost reductions, while maintaining our high standards of quality and customer service. This result was mainly explained by the strong performance of Atlantic salmon, although it was partially offset by the operational loss from Coho, a species that continued to be affected by lower dollar prices in the Japanese market, the primary destination for Chilean Coho.

The year's positive results allowed us to strengthen our financial position, reducing net financial debt by 25%, reaching US$ 91.4 million as of December 2024, compared to US$ 122.5 million at the end of 2023.

One of the year's milestones was the operational recovery that led to a significant decrease in our total production costs. This improvement was driven by strong results in the main biological indicators of our farming operations, particularly

lower mortality rates and better feed conversion, thanks to the implementation- more two years ago-of an excellence plan for salmon farming. This initiative has generated annual savings equivalent to US$ 11.7 million across the entire production chain. Additionally, we observed a reduction in feed costs, the main component of production cost.

Also noteworthy was the progress in our Atlantic salmon growth plan, which allowed us to increase our harvests by 8% during the year. This plan, still in progress, projects further growth over the next two years, in line with our current capabilities. As for Coho salmon, we have taken a defensive stance while awaiting better market conditions, maintaining production at around 4,000 tons per year.

In 2024, we also launched a risk mitigation and farming diversification plan, which included the development of farming sites in high-energy offshore areas in the Aysén Region. These sites, exposed to stronger currents, waves, and wind, pose significant operational challenges but also offer environmental and animal welfare benefits that are already reflected in our results. Furthermore, we completed the implementation of environmental risk mitigation systems at five sites through innovative upwelling systems designed to prevent the harmful effects of microalgae and improve farming conditions.

Our relationship with local communities has also strengthened. In partnership with San Sebastián University, we continued developing the largest free dental care program in the Biobío region, under a nationwide social collaboration model. Additionally, we completed the construction of the necessary infrastructure to enable high school education at the Epson School in Ensenada, allowing young

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