Q1 (1q25 earnings release)

EARNINGS RELEASE

SONDA S.A.

1Q25

January 01, 2025 - March 31, 2025

SONDA S.A. and subsidiaries report their consolidated financial results for the period from January 01 to March 31,E2A0R2N5I.NAGlSl fRigEuLrEeAsSaEre|3eMxp2r5e|ssed in Chilean pesos and have been prepared under International Financial Reporting Standards (IFRS). Translations to US dollars stated in this report are based on the month-end exchange rate as of March 31, 2025 (1 US$ = 953.07 Chilean Pesos).

Highlights

Revenues reached US$375.8 million, in line with the first quarter of 2024, and grew by 4.9% in constant currency. Operating Income totaled US$14.1 million, decreasing by 37.5% in reporting currency and 34.1% in constant currency, compared to the same period of 2024. EBITDA reached US$28.1 million, lower by 21.3% in reporting currency and 16.9% in constant currency, with an EBITDA Margin of 7.5%. The decreases in Operating Income and EBITDA are primarily due to higher provisions for bad debts, non-recurring results from the first quarter of 2024, and increased commercial efforts for the new strategic plan.

In the Southern Cone Region, revenues increased by 8.5%, in reporting currency, and 9.4% in constant currency. Operating income decreased by 32.0% (-28.7% in constant currency), and EBITDA by 18.9% (-16.3% in constant currency), with an EBITDA margin of 7.7%.

In the Andean region, revenues in reporting and constant currency were in line with the first quarter of 2024. Operating income increased by 10.4% in reporting currency and similar in constant currency. EBITDA was 1.4% higher in reporting currency and increased by 2.9% in constant currency, with an EBITDA Margin of 11.5%.

In North America, revenues decrease by 12.5% in reporting currency, and -5.3% in constant currency. Operating Income increased by 40.2% in reporting currency and increase 18.0% in constant currency. EBITDA was higher by 31.2% in reporting currency, and 36.9% in constant currency, with an EBITDA Margin of 11.8%.

In Brazil, revenues decreased by 14.2% in reporting currency and were in line in constant currency. Operating Income was lower by 89.9% in reporting currency, and 88.3% in constant currency. EBITDA was 54.4% lower (-47.2% in constant currency). EBITDA margin reached 4.0%.

Net Profit attributable to the Controller was

US$5.4 million, grew by 17.6% compared to the first quarter of 2024. This occurs mainly due to lower Income Taxes, the positive effect of Foreign Currency Exchange Gains, and lower Other Expenses, partially compensated by a lower Operating Income in the quarter compared to the same period last year.

The volume of deals closed reached US$392.4

million. The potential business pipeline reached US$6,401.8 million. Of these, US$2,274.8 million correspond to Brazil and US$2,064.3 million to the Southern Cone.

Of the businesses of the quarter, in Chile, it highlights new projects with transportation solutions and banking BPO services. In Brazil, it was carried out important outsourcing services with Vale, Sodexo, and Banco do Brasil, among others; and was developed applications for the Central Bank. In Argentina, the collection services for the maintenance of 9,000 buses and outsourcing support for Banco de la Nación.

Current Liquidity (1.7x), Financial Leverage

(0.5x), and Financial Expense Coverage (2.9x) indicators reflect a healthy financial position.

In April 2025, Fitch Ratings affirmed the long-term ratings at AA- assigning a Negative outlook. ICR, in August 2024, reaffirmed the AA rating with a Stable outlook for the bond and solvency ratings.

Southern Cone Region: Chile (includes Transactional Business = Quintec Distribucion + Tecnoglobal + Microgeo + Multicaja), Argentina and Uruguay. Andean Region: Colombia, Ecuador and Peru.

North America: Mexico, Panama, Costa Rica, Guatemala and United States.

Constant currency, corresponds to the results for the year 2023, adjusted to the 2024 exchange rate. y/y: Interannual, current year compared to the previous year.

EARNINGS RELEASE | 3M25 |

Figure 1 - Consolidated Financial Statements

Millions of Ch$ (Ch$M)

Income Statement

mar-24

mar-25

∆$

∆ %

Revenues

Cost of Sales GROSS PROFIT

Administration Expenses OPERATING INCOME (1)

Depreciation and Amortization EBITDA (2)

359.479 (307.338)

52.141

358.205 (310.116)

48.088

(4.052)

(1.274) (2.778)

-0,4% 0,9% -7,8%

(30.581) 21.560

(34.612) 13.476

(4.031) 13,2%

(8.084) -37,5%

12.523 34.083

13.341 26.818

818 6,5%

(7.265) -21,3%

Other Income Other Expenses

456 (2.560) 19.457

757 (1.487) 12.746

301 65,9%

1.073 -41,9%

PROFIT (LOSS) FROM OPERATING ACTIVITIES

Financial Income

Financial Expenses

Share of Profit (Loss) of Associates Foreign Exchange Differences

(6.710)

-34,5%

3.605

4.640

1.035 28,7%

(9.861)

(10.992)

(1.131) 11,5%

21

183

162 758,3%

(1.322)

(184)

1.138 -86,1%

Income (Loss) for Indexed Assets and Liabilities NET INCOME BEFORE TAXES

(257) 11.642

226 6.620

483 -187,9%

(5.023) -43,1%

Income Tax Expense

NET INCOME FROM CONTINUING OPERATIONS Net Income Attributable to Minority Interest

(7.121)

(1.514)

5.608 -78,7%

4.521 141

5.106 (47)

585 (188)

12,9% -133,1%

Balance Sheet

Cash and Cash Equivalents Other Current Financial Assets

Trade Accounts Receivable and Other Receivables, Net Accounts Receivable from Related Companies Inventories

dec-24

mar-25

∆$

∆ %

143.982

172.004 4.440

28.021 19,5%

4.371

68 1,6%

515.099

396.558 (118.541) -23,0%

Other Current Assets CURRENT ASSETS

1.067

1.041 90.374 81.962

(27) -2,5%

84.994

5.379 6,3%

78.566 828.080

3.397 4,3%

746.378 (81.702)

Intangibles Assets and Goodwill Property, Plant and Equipment, Net Other Non-currents Assets NON-CURRENT ASSETS

-9,9%

264.345 129.957 285.903 680.204

267.273 130.225

2.929 1,1%

268 0,2%

272.721 (13.181) -4,6%

670.219

(9.985) -1,5%

Other Current Financial Liabilities Other Liabilities

80.429 450.038 530.468

77.343 367.312

(3.086) -3,8%

(82.726) -18,4%

CURRENT LIABILITIES

444.656 (85.812) -16,2%

Other Non-current Financial Liabilities Other Liabilities, Non-Current NON-CURRENT LIABILITIES

253.873 125.671 379.544

252.987 118.031 371.018

(886) -0,3%

(7.641) -6,1%

(8.526) -2,2%

Minority Interest

TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY

17.504

17.228

(277) -1,6%

580.768

583.695

2.928

0,5%

• (1) Operating Income = Gross Profit - Administration Expenses

• (2) EBITDA = Operating Income + Depreciation and Amortization

MANAGEMENT DISCUSSION AND ANALYSIS ON 1Q25 CONSOLIDATED RESULTS

I.

Consolidated results of 2025 (1Q25)

Revenues

Consolidated revenues totaled $358,205 million (US$375.8 million) as of March 31, 2025, -0.4% lower (-$1,274 million / -US$1.3 million) than in the same period of 2024. In constant currency, revenues increased 4.9%. Variations by business line are the following:

Decrease of 3.9% ($5,072 million / US$5.3 million) (YoY) in revenues from Digital Business, totaling $123,675 million (US$129.8 million) in mar-25 mainly due to Southern Cone Region and North America, associated with specific project milestones developed in the first quarter of 2024, which are not repeated in the current period, and lower sales in the Software Solutions business. In constant currency, the increase was 3.4% ($4,106 million / US$4.3 million).

Decrease of 12.4% ($12,417 million / US$13.0 million) (YoY) in Digital Services, reaching $88,115 million (US$92.5 million). This decrease comes mainly from Brazil, associated with lower hardware sales and lower demand for some variable service contracts. In constant currency, the decrease was 2.8% ($2,582 million / US$2.7 million).

Increase of 12.5% ($16,215 million / US$17.0 million) (YoY) in the Transactional Business, reaching $146,415 million (US$153.6 million). In constant currency, the increase was 11.6% ($15,248 million / US$16.0 million)

Revenue distribution by business line in the first quarter of 2025 was Digital Business contributing with 34.5%, 24.6% Digital Services and Transactional Business with the remaining 40,9% (of which Multicaja represents 10.1% of total revenue).

Figure 2 - Consolidated Revenues by Business Line 3M24 - 3M25

CONSOLIDATED REVENUES

BY BUSINESS LINE

mar-24 Ch$M mar-25 Ch$M

∆$

Digital Business Digital Services Transactional Business

Product Distribution

Multicaja

128.747 100.532 130.200 97.324 32.876

123.675 88.115 146.415 110.345 36.070

• (5.072) -3,9%

• (12.417) -12,4%

  • 16.215 12,5%

  • 13.021 13,4%

  • 3.194 9,7%

Total 359.479 358.205

(1.274) -0,4%

Breakdown

Digital Business Digital Services Transactional Business

35,8% 34,5%

28,0% 24,6%

36,2% 40,9%

Product Distribution

21,1% 30,8%

Multicaja

9,1% 10,1%

Total

100,0%

100,0%

Note: mar-24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates.

Cost of Sales and Selling, General and Administrative Expenses

Cost of sales amounted $310,116 million (US$325.4 million) in 31 of march of 2025, increasing slightly compared to the same period in 2024, mainly due to Southern Cone, associated with the indexation of cost to new revenues. In constant currency, the increase was 6.3% (y/y).

Administrative Expenses reached $34,612 million (US$36.3 million) as of March 25, up 13.2% (yoy) in the reporting currency and 18.0% (yoy) in comparable currency. This variation is primarily associated with an increase in the provision for doubtful accounts, increased commercial activity in general and especially in the Transactional Business, as well as an increase in the commercial structure and effort in accordance with the 2025-2027 Strategic Plan, and, finally, with natural indexation for inflation during the period.

Figure 3 - Income Statement

3M24 - 3M25

• (1) Operating Income: Gross Profit - Administration Expenses

• (2) EBITDA: Operating Income + Depreciation and Amortization

Note: mar-24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates.

Operating Income and EBITDA

Operating Income reached $13,476 million (US$14.1 million), decreasing by 37.5% compared to mar-24, and in constant currency, it increased by 34.1%. The EBITDA reach $26,818 million (US$ 28.1 million) in mar-25, decreasing by 21.3%. In constant currency, EBITDA decreases 16.9%.

Operating Margin was 3.8% and EBITDA Margin was 7.5%, lower by 220 bp and 200 bp, respectively.

Other Comprehensive Income / Losses (Excluding Administration Expenses)

Other Comprehensive Income/Losses1,Excluding Administration Expenses registered a loss of $6,857 million (US$7.2 million) by mar-25, compared to a loss of $9,918 million (US$10.4 million) in mar-24. The main variations are due to:

Lower Foreign Currency Exchange Losses ($1,138 million / US$1.2 million) from Brazil, the

Southern Cone, and North America, partially offset by the Andean Region. Foreign Currency Exchange Losses by mar-25 were $184 million (US$0.2 million).

Increased Financial Costs ($1,131 million / US$1.2 million), primarily due to higher leasing expenses associated with the Managed Device Services business, primarily in Brazil, Argentina, and Peru; higher interest rates on bank debt in most of the region and on bonds in Chile (considering the new UF to CLP swap); as well as, to a lesser extent, a higher average debt stock, especially in Brazil; and, finally, an increase in bank promotion fees in the Transactional Business (installment sales). Financial Costs by mar-25 totaled $10.992 billion (US$11.5 million).

Decrease in Other Expenses, by Function ($1,073 million / US$1.1 million), primarily due to lower contingency expenses, especially in Brazil. Other Expenses by mar-25 were $1,487 million (US$1.6 million).

Increase in Financial Income ($1,035 million / US$1.1 million), This was mainly associated with greater availability of invested cash, the performance of which was partially offset by lower investment interest rates, as well as an increase in the Managed Device Services business, primarily in Brazil, Colombia, and Peru. Financial Income by mar-25 was $4,640 million (US$4.9 million).

Favorable effect of results from Indexation Units ($483 million / US$0.5 million), primarily originated in the Southern Cone. This variation is primarily associated with the effects of inflation in Argentina, and indexes service contracts. Results from Indexation Units by mar-25 were $226 million (US$0.2 million).

Increase in Other Income ($301 million / US$0.3 million), primarily due to a positive ruling in

Colombia in favor of the company and net asset value and inventory adjustments at the subsidiary Multicaja. Other Income by mar-25 was $757 million (US$0.8 million).

1 Other Comprehensive Income/Losses = Financial Income + Financial Expenses + Share of Profit (Loss) of Associates + Foreign Exchange Differences + Income (Loss) for Indexed Assets and Liabilities + Other Income + Other Expenses.

Net Income

Net Income attributable to the owners of the company amounted $ 5,152 million (US$5.4 million), by mar-25, higher by 17.6% ($773 / $0.8 million) compared to mar-24. This variation is mainly explained by i) a decrease in Income Tax Expense of $5,608 million (US$5.9 million), associated with lower earnings and higher recognition of net differed taxes assets, mainly in Brazil; ii) a lower loss from Other Operating Items of $3,061 million (US$3.2 million); and a lower Operating Income of $8,084 million (US$8.5 million).

II.

Regional Results for the first quarter of 2025 (1Q25)

Southern Cone Region

Main changes between 1Q25 and 1Q24 are described below:

Revenues reached $222,102 million (US$233.0 million), growing by 8.5% (YoY), associated mainly with Transactional Business and Digital Services. In constant currency, revenues increase by 9.4%

Administrative Expenses reached $20,799 million (US$21.8 million), up 22.0% (YoY) in reporting currency and 22.6% in constant currency, primarily due to an increase in commercial activity in the Transactional Business, increased commercial expenses, in line with the growth plan, and a higher provision for doubtful accounts, as well as indexation with inflation, especially in Argentina.

Operating Income was $9,725 million (US$10.2 million / -32.0% compared to mar-24) and EBITDA was $17,037 million (US$17.9 million / -18.9% compared to mar-24). In constant currency, Operating Income and EBITDA were lower by 28.7% and 16.3% respectively. The main effects were a deterioration in margins in the Core and Transactional Businesses, positive effects in Argentina in the first quarter of 2024 associated with operational protections for exchange rate effects that will not be repeated in the first quarter of 2025, especially in the Software Solutions business, higher sales expenses, and an increase in provisions for doubtful accounts associated with some specific clients.

Operating Margin reached 4.4%, and EBITDA Margin reached 7.7%.

Figure 4 - Southern Cone Region Results 3M24 - 3M25

• (1) Operating Income: Gross Profit - Administration Expenses

• (2) EBITDA: Operating Income + Depreciation and Amortization

Note: mar-24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates.

Andean Region

Main changes between 1Q25 and 1Q24 are described below:

Revenues in reporting currency reached $29,657 million (US$31.1 million), in line with the first quarter of 2024. Revenues in constant currency grew by 1.6% mainly from Digital Business line.Operating Income was $2,359 million (US$2.5 million / +10.4% compared to mar-24) and EBITDA was $3,399 million (US$3.6 million / +1.4% compared to mar-24). In constant currency, the results increase in similar variation. The best results in Colombia and Peru stand out, associated with new projects.

Operating Margin reached 8.0%, up 80 bps (y/y), and EBITDA Margin reached 11.5%, higher by 20 bps (y/y).

Figure 5 - Andean Region Results 3M24 - 3M25

SUMMARY OF RESULTS Andean Region

mar-24 Ch$M mar-25 Ch$M

∆$

∆ %

REVENUES

Digital Business Digital Services Transactional Business

Cost of Sales

29.642 10.434 19.208 0 (24.207)

29.657 11.945 17.713 0 (24.082)

16

1.511

(1.495)

0

0,1% 14,5% -7,8% -

GROSS PROFIT

5.435

5.575

Administration Expenses (3.297) (3.215)

OPERATING INCOME (1)

EBITDA (2)

2.138 2.359 3.351 3.399

125 140 82 222 48

-0,5% (23.814)

2,6%

-2,5% (3.233) 10,4% 2.141 1,4% 3.305

Operating Margin EBITDA Margin

7,2% 8,0% 7,3% 11,3% 11,5% 11,3%

• (1) Operating Income: Gross Profit - Administration Expenses

• (2) EBITDA: Operating Income + Depreciation and Amortization

  Note: mar-24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates..

North America

Below are the main variations as of March 2025 in the results for North America, which includes Mexico, Panama, Costa Rica, Guatemala, and the United States.

Revenues in reporting currency are 12.5% lower compared to mar-24, totaling $25,290 million

(US$26.5 million). In constant currency, they decreased by 5.3%. The growth comes mainly from Panama, which in the first quarter of 2024 had specific project milestones that will not be repeated in the first quarter of 2025, was partially offset by higher revenues from Costa Rica.

Operating Profit in reporting currency reached $940 million (US$1.0 million / +40.2% compared to mar-24) and EBITDA $2,988 million (US$3.1 million / +31.2% c/t Mar-24). The Operating Profit in constant currency is higher by 18.0%, and EBITDA growth by 36.9% (y/y). The main effects are improved results in Mexico, and to a lesser extent in Costa Rica, which offsets the lower results in Panama, associated with the already commented extraordinary projects in the first quarter of 2024.

Operating Margin was 3.7%, 140bp higher (y/y), and EBITDA Margin was 11.8%, 390bp higher (y/y).

Figure 6 - North America Results 3M24 - 3M25

SUMMARY OF RESULTS North America Region

mar-24 Ch$M mar-25 Ch$M

∆$

∆%

REVENUES

Digital Business Digital Services Transactional Business

Cost of Sales

28.894 18.970 9.924 0 (24.187)

25.290 16.517 8.773 0 (20.408)

(3.604)

(2.453)

(1.151)

0

-12,5% -12,9% -11,6% -

GROSS PROFIT Administration Expenses

4.708 (4.038)

4.882 (3.942)

OPERATING INCOME (1)

EBITDA (2)

670 940 2.278 2.988

3.779 174 95 270 710

-15,6% (22.113)

3,7%

-2,4% (3.795)

40,2% 797

31,2% 2.182

Operating Margin EBITDA Margin

2,3% 3,7% 3,0%

7,9% 11,8% 8,2%

• (1) Operating Income: Gross Profit - Administration Expenses

• (2) EBITDA: Operating Income + Depreciation and Amortization

Note: mar-24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates.

Brazil

Main changes between 1Q25 and 1Q24 are described below:

Revenues in reporting currency reached $85,041 million (US$89.2 million), 14.2% lower compared to the first quarter of 2024, This was primarily due to the Digital Services line, associated with a decrease in hardware sales and lower demand for some variable service contracts. Revenues in constant currency are in line compared to mar-24.

Administrative Expenses reached $6,655 million (US$7.0 million), up 7.5% (YoY) in reporting currency and 24.8% in constant currency, primarily due to a higher provision for doubtful accounts, primarily associated with specific situations in the Software Solutions business, and, to a lesser extent, increased commercial expenses in marketing and advertising. This was partially offset by decreases in other items.

Operating income in reporting currency reached $453 million (US$0.5 million / -89.9% year-on-year Mar-24) and EBITDA reached $3,393 million (US$3.6 million / -54.4% year-on-year Mar-24). In constant currencies, the variation is similar. During the first quarter of 2025, there was a lower margin and a higher provision for doubtful accounts in the Software Solutions business, extraordinary costs in some service contracts, and unsold capacity in the Data Center business, and extraordinary results associated with the Infovia Digital business that were recorded in the first quarter of 2024.

Operating Margin was 0.5% and EBITDA Margin was 4.0%.

Figure 7 - Brazil Results

3M24 - 3M25

SUMMARY OF RESULTS Brazil

mar-24 Ch$M mar-25 Ch$M

∆$

∆%

REVENUES

Digital Business Digital Services Transactional Business

Cost of Sales

GROSS PROFIT Administration Expenses

99.093 47.681 51.412 0 (88.440) 10.653

85.041 47.276 37.765 0 (77.933)

(14.053)

(405)

(13.647)

0

-14,2% -0,9% -26,5% -

7.108

10.508 (3.545)

-11,9% (76.168)

-33,3%

OPERATING INCOME (1)

EBITDA (2)

(6.193) (6.655) 4.460 453 7.437 3.393

(463) 7,5% (5.331)

(4.007) -89,9% 3.865 (3.412) -88,3% (4.044) -54,4% 6.429 (3.036) -47,2%

Operating Margin EBITDA Margin

4,5% 0,5% 4,5% 7,5% 4,0% 7,5%

• (1) Operating Income: Gross Profit - Administration Expenses

• (2) EBITDA: Operating Income + Depreciation and Amortization

Note: mar-24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates.

10