Interim report
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Earnings Release Third Quarter 2025
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2 EARNINGS CALL Date: Nov 7th, 2025 Time: 10:00 A.M. Santiago Webcast: Link Id (Zoom): 858 1870 9303 INVESTOR RELATIONS CONTACT Claudia Cavada claudia.cavada@cmpc.com Daniela Figueroa daniela.figueroa@cmpc.com ir.cmpc.com ABOUT CMPC CONTENT QUARTER SUMMARY () ........................................................ 3 RELEVANT EVENTS .............................................................. 4 CONSOLIDATED RESULTS REVIEW .................................... 5 SALES .................................................................................... 5 OPERATING COSTS ............................................................. 7 OTHER OPERATING COSTS AND EXPENSES ..................... 7 ADJUSTED EBITDA............................................................... 8 FINANCIAL RESULT ............................................................. 9 NET INCOME (LOSS) .......................................................... 10 CASH FLOW ANALYSIS...................................................... 11 INVESTMENTS ................................................................... 12 BALANCE SHEET ANALYSIS ............................................. 12 FINANCIAL DEBT ................................................................ 13 FINANCIAL RATIOS ............................................................ 14 PROFITABILITY AND DEBT RATIOS ................................. 15 RESULTS BY BUSINESS ..................................................... 16 PULP AND FORESTRY ........................................................ 16 SOFTYS ............................................................................... 20 BIOPACKAGING .................................................................. 21 SUSTAINABILITY ................................................................ 22 RISK MANAGEMENT .......................................................... 23 FORWARD LOOKING STATEMENTS ................................. 23 FINANCIAL TABLES ............................................................ 24 GLOSSARY .......................................................................... 29 CMPC is a multinational company that manufactures wood, pulp, tissue, personal care products, packaging, and paper, with 105 years of history. The company’s core, the forest, its natural fiber, and its derived products are essential to contribute to a sustainable society. CMPC´s corporate purpose - TOGETHER WE MAKE NATURAL FIBER FOR A BETTER FUTURE - motivates and guides more than 27,000 direct employees who work in industrial , forestry, and consumer goods operations in nine countries of America: Chile, Brazil, Argentina, Mexico, United States, Peru, Colombia, Uruguay, and Ecuador as well as in commercial offices in Germany, United States, and China.
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3 QUARTER SUMMARY (1) Consolidated Sales reached USD$1,865 million in 3Q25, a decrease of 2% from the USD$1,907 million recorded in 2Q25 and a decrease of 6% from the USD$1,984 million recorded in 3Q24. The quarter -over-quarter (QoQ) decline is explained by the sale of non -essential assets in 2Q2 5. Excluding this effect, sales showed a QoQ increase of 2%. In the year -over-year (YoY) comparison, the decrease is largely related to lower price of pulp, which was only partly offset by an increase in Softys' sales during the period. Adjusted EBITDA reached USD$260 million in 3Q25, a QoQ decrease of 22%, which is explained by a fall in the price of pulp and the gain from the sale of non-essential assets in 2Q25. This was accompanied by an increase in Softys, while Biopackaging showed no variation. YoY, Adjusted EBITDA decreased by 40%, which relates to the fall in the price of pulp and lower figures in the Softys business. The consolidated Adjusted EBITDA margin was 14.0% in 3Q25, compared to 17.4% obtained in 2Q25 and 21.8% obtained in 3Q24. Net Income was USD$34 million in 3Q25, compared to USD$81 million recorded in 2Q25 and USD$147 million in 3Q24. The differences in Net Income compared to the prior periods are primarily caused by the above mentioned reasons, and negative foreign exchange effects on the Softys businesses. In Pulp, sales for the quarter decreased by 5% QoQ, resulting from the lower international pulp prices. YoY, sales fell by 16%, reflecting a lower average selling price for pulp and forestry products. In Softys, sales increased by 7% QoQ, driven by higher volumes and average price. YoY, a 3% increase was recorded, associated with higher volume and higher average prices in local currencies of sales, in a context of high competitiveness and oversupply of tissue paper in Brazil, consumption stagnation in Mexico, and uncertainty and weakening consumption in Argentina. In Biopackaging, sales increased by 4% QoQ and fell 4% YoY. The quarterly variation is explained by hig her volumes, while the year-over-year variation reflects a lower average price. The Net Debt/Adjusted EBITDA ratio closed 3Q25 at 3.79x, compared to 3.65x recorded in 2Q25 and 3.30x recorded in 3Q24. USD Millions 3Q24 2Q25 3Q25 QoQ YoY 9M24 9M25 YoY Sales 1,984 1,907 1,865 -2% -6% 5,823 5,585 -4% Adj. EBITDA 433 332 260 -22% -40% 1,209 870 -28% Adj. EBITDA Margin 21.8% 17.4% 14.0% -350bp -790bp 20.8% 15.6% -520bp Net Income (Loss) 147 81 34 -58% -77% 481 164 -66% Investments 194 327 176 -46% -9% 492 653 33% Free Cash Flow 61 (158) (18) -88% - (135) (91) -32% Total Assets 17,181 17,319 17,564 1% 2% 17,181 17,564 2% Net Debt 4,752 5,018 5,056 1% 6% 4,752 5,056 6% Market Capitalization 4,356 3,814 3,682 -3% -15% 4,356 3,682 -15% Closing Exchange Rate (CLP/USD) 898 933 962 3% 7% 898 962 7% Average Exchange Rate (CLP/USD) 932 947 960 1% 3% 938 957 2% Closing Exchange Rate (BRL/USD) 5.45 5.46 5.32 -3% -2% 5.45 5.32 -2% Average Exchange Rate (BRL/USD) 5.55 5.67 5.45 -4% -2% 5.24 5.65 8% (1) To facilitate analysis, the figures presented in this document are subject to rounding. Therefore, some numerical calculations may not coincide exactly.
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4 RELEVANT EVENTS Issuance of hybrid bonds in Chile and the United States – On August 29, 2025, CMPC marked a milestone in the Chilean capital market by issuing the first Sustainable Hybrid Corporate Bond (Green and Social). The issuance amount was UF10 million (USD405 million) with maturity in 2057 and an effective placement rat e of 4.19%. Following this, on September 4, CMPC issued a Sustainable Hybrid Bond in the United States for USD600 million, also with a 32.25-year term, and an effective placement rate of 6.7%. Both instruments share typical characteristics of hybrid bon ds: being subordinated to CMPC's senior debt, allowing the company the discretion to defer interest payments, and being non -callable before year 7. These conditions mean that, for the purposes of local and international risk rating agencies, 50% of their notional value is considered as equity (capital) until the first prepayment date. The funds obtained from both issuances, approximately USD1 billion, will be allocated to the refinancing of liabilities, investments, and other corporate purposes of CMPC and its subsidiaries, in line with the company's sustainable financing framework. .
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5 CONSOLIDATED RESULTS REVIEW SALES The Company recorded Consolidated Sales of USD1,865 million in the third quarter, a decrease of 2% QoQ and 6% YoY. The following comparison at the business level excludes insurance compensations for USD35 million in 9M24 (USD14 million in Pulp and USD21 million in Biopackaging) and the sale of the company Transmisora de Energía Nacimiento S.A. in 2Q25, for USD71.4 million. In terms of business segments, in the third quarter, a QoQ decrease of 5% was recorded in Pulp sales ( -USD41 million), which is explained by a lower average price, partially offset by a higher volume. In Biopackaging, sales increased by 4% (+USD9 million) due to a higher sales volume, partially offset by lower prices. In Softys, sales increased by 7% (+ USD57 million), driven by both higher volumes and a higher average price. YoY, a 16% drop was recorded in Pulp sales (-USD138 million), explained by a lower average price, which was partially offset by a higher volume. In Biopackaging, a 4% drop ( -USD11 million) was recorded as a result of a lower average price. In the c ase of Softys, a 3% increase (+ USD25 million) was observed, explained by a higher sales volume, accompanied by a lower average price in US dollar terms, due in part to negative f/x effects, and increased competitiveness. YTD sales through September decreased by 4%. In Pulp, a drop was recorded ( -USD105 million) due to a lower average price, partially offset by higher volumes. Biopackaging (-USD16 million) decreased due to lower volumes in boxboard and paper sacks . In Softys, the drop ( -USD158 million) was due to a lower average price in US dollar terms, which was partly offset by an increase in volume. Sales to Third Parties USD millions (*) The aggregate effect of volume and price variations across segments may not fully align with consolidated sales figures, as certain revenues are recognized at the holding level.
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6 In terms of the relative weight of sales by business in 3Q25, the Pulp business contributed 39%, while Softys reached 47% and Biopackaging 14%. Compared to the previous quarter, Pulp’s contribution decreased, while Biopackaging’s remained stable and Softys’ contribution increased. Compared to 3Q24, Pulp decreased its share from 43% to 39%, Softys increased its weight from 43% to 47%, and Biopackaging remained at 14%. During 3Q25, the proportion of domestic sales from foreign subsidiaries represented 43% of consolidated sales, up from 40% in 3Q24 and 39% in 2Q25. Meanwhile, exports reduced their contribution to 41%, down from 45% in 3Q24 and 42% in 2Q25. Conversely, domestic sales in Chile increased to 16%, up from 15% recorded in the same prior -year period and down from 19% in 2Q25. Sales by Destination Sales by Business
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7 OPERATING COSTS The Operating Costs , which exclude depreciation and amortization, wood formation cost and wood funds, reached USD1,269 million, increasing 1% QoQ and increasing 3% YoY. The increase in Operating Costs, both QoQ and YoY, is related to higher sales volumes in Pulp and Softys. Additionally, in the YoY comparison, Softys’ operating costs increased, reflecting the acquisition and consolidation of the Brazilian personal care operation, Falcon, starting in April 2025. Consolidated Operating Costs in 3Q25 represented 68% of total sales, compared to 66% recorded in 2Q25 and 62% recorded in 3Q24. This mainly reflects the fall in the price of pulp. OTHER OPERATING COSTS AND EXPENSES Other Operating Costs and Expenses are defined as the total of the line items Distribution Costs, Administration Expenses, and Other Expenses by Function. In 3Q25, Other Operating Costs and Expenses reached USD3 35 million, with increases of 3% QoQ and 5% YoY. Compared to 2Q25, the increase is mainly due to higher costs and expenses in Softys and to a lesser extent in Biopackaging. This was partially offset by reductions in Pulp. Compared to 3Q24, the increase reflects the consolidation of the personal care operation, Falcon, acquired by Softys in Brazil. In 3Q25, Other Operating Costs and Expenses represented 18.0% of sales, higher than the 17.0% recorded in 2Q25 and higher than the 16.1% recorded in 3Q24. This mainly reflects the fall in the price of Pulp.
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8 ADJUSTED EBITDA In 3Q25, the Adjusted EBITDA was USD260 million, with a decrease of 22% QoQ and 40% YoY. The Adjusted EBITDA margin was 14.0% in 3Q25, lower than the 17.4% of 2Q25 and the 21.8% recorded in 3Q34. The following analysis excludes the effect of non- recurring items, such as the sale of the company Transmisora de Energía Nacimiento S.A., which generated USD46.1 million at the EBITDA level in 2Q25 and 9M25 periods. Likewise, insurance compensation for USD46 million received in 1Q24 is isolated (USD35 million at the sales level, mentioned previously, and USD11 million at the cost of sales level). When comparing QoQ, the decrease in Adjusted EBITDA mainly reflects a lower result in Pulp (-USD43 million), derived from a lower selling price, while Biopackaging showed no variation. Softys increased by USD13 million due to higher sales volumes, and a greater result was recorded in Holding and Others. When comparing YoY, the consolidated Adjusted EBITDA decreased by USD173 million, reflecting drops in Pulp (-USD155 million) due to lower selling prices. In Biopackaging, Adjusted EBITDA was reduced by USD8 million, as a result of lower volumes sold and higher costs of sales. In the case of Softys, a USD14 million reduction recorded was mainly related to unfavorable exchange rate fluctuations , inflation and higher expenses. The result of Holding and Others increased by USD4 million in the period. In cumulative terms, a lower result was recorded, which is explained by Pulp (-USD188 million), due to lower selling prices, and Softys (-USD148 million), reflecting f/x impact together with higher costs and expenses . This was accompanied by a decrease in Biopackaging (-USD16 million) and a greater result in Holding and Others (USD13 million). Adj. EBITDA USD millions
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9 In the quarter, Pulp's contribution to the consolidated Adjusted EBITDA reached 59%, decreasing from 67% in 2Q25 and from 69% in 3Q24. This was accompanied by an increase in the contribution from Softys, which rose to 34% in 3Q25 from 27% in 2Q25 and from 25% in 3Q24. The Biopackaging business registered a contribution of 7% in 3Q25, increasing compared to the 6% recorded in 2Q25 and 3Q24. FINANCIAL RESULT Financial Costs for the quarter reached USD84 million, representing an increase of 5% compared to 2Q25 and 12% compared to 3Q24. Financial Income of USD10 million in 3Q25 compares to USD10 million recorded in 2Q25 and USD12 million recorded in 3Q24. The Income Tax account recorded a gain of USD15 million in 3Q25, which compares to an expense of USD10 million in 2Q25 and an expense of USD56 million in 3Q24. The income tax gain for 3Q25 is primarily attributable to the appreciation of the Brazilian Real impacting deferred tax liabilities and to lower pre-tax profit. Exchange Rate Differences impacting results totaled a loss of USD10 million during 3Q25, explained by the depreciation of the closing US dollar in the period against the currencies of the main markets where the company operates. This compares to a gain of USD6 million in 2Q25 and a gain of USD4 million in 3Q24, reflecting the currency fluctuations in those periods. Results from Adjustment Units recorded a gain of USD13 million in 3Q25, which compares to gains o f USD25 million in 2Q25 and USD23 million in 3Q24. The lower figure this quarter compared to the comparison periods is consistent with the lower inflation recorded in Argentina. Other Gains (Losses) resulted in a loss of USD9 million. This compares to a loss of USD28 million in 2Q25 and a loss of USD14 million in 3Q24. This category encompasses various items, including the effect of forest damage claims, donations, restructuring expenses, operational expenses of new subsidiaries, and consultancies, among others. Income from Biological Assets resulted in USD81 million during 3Q25, higher when compared to the USD70 million of the previous quarter and the USD70 million of the same period last year. Income from Biological Assets is determined by macroeconomic variables that establish the fair val ue of the company's forest base, along with the physical changes in the forest mass. Adj. EBITDA by Business *
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10 NET INCOME (LOSS) CMPC reported Net Income of USD34 million in the quarter, a figure lower than the USD81 million profit in 2Q25 and the USD147 million profit in 3Q24. The QoQ variation is explained by a lower Adjusted EBITDA ( -USD72 million), lower exchange rate differences ( -USD15 million), a lower result from adjustment units ( -USD12 million), and higher net financial expenses (-USD3 million). This was accompanied by lower income tax expenses (USD 25 million) and a higher figure in Others(1) (USD 30 million). The YoY variation reflects the combination of lower Adjusted EBITDA ( -USD173 million), lower exchange rate differences ( -USD14 million), higher net financial expenses ( -USD10 million), and lower results from adjustment units (-USD10 million). In turn, lower income tax expenses were observed (USD71 million) and a higher figure in Others(1) (USD23 million). The cumulative variation is explained by a lower Adjusted EBITDA (-USD339 million), lower results from adjustment units (-USD111 million), a lower figure in Others(1) (-USD73 million), and higher net financial expenses ( -USD31 million). This was accompanied by lower income tax expenses (USD213 million) and higher exchange rate differences (USD24 million). (1) ‘Others’ includes: Depreciation and Amortization, Income from biological assets (net), Wood funds, Equity in associates, and Other gains (losses). Net Income USD millions
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11 CASH FLOW ANALYSIS Cash Flows from Operation were USD225 million in 3Q25, lower when compared to the USD276 million recorded in 2Q25 and the USD355 million recorded in 3Q24. QoQ, the decrease is related to lower collections from operating activities and lower collections from the sale of goods and provision of services. Cash Flows from Investing activities recorded net outflows of USD168 million in 3Q25, lower than the USD303 million outflow in 2Q25 and in line with the USD169 million outflow in 3Q24. The quarterly decrease is due to the 2Q25 disbursement of funds for the acquisition of the Falcon personal care operation (formerly Ontex) in Brazil for USD124 million. Cash Flows from Financing activities were net inflows of USD112 million in 3Q25, which compares to net inflows of USD59 mil lion in 2Q25 and net outflows of USD51 million in 3Q24. In both the QoQ and YoY comparisons, the higher inflow of funds reflects larger amounts from bond issuances. USD Milllion 3Q24 2Q25 3Q25 QoQ YoY 9M24 9M25 YTD Net cash flows from operating activities 355 276 225 -18% -37% 788 767 -3% Net cash flows from investing activities (169) (303) (168) -44% 0% (498) (594) 19% Net cash flows from financing activities (51) 59 112 91% - (415) 14 - Effects of changes in the exchange rate 2 16 1 -91% -14% (31) 26 - Net increase (decrease) in cash and cash equivalents 137 47 170 261% 25% (156) 213 - Cash and cash equivalents at beginning of period 553 627 674 8% 22% 846 632 -25% Cash and cash equivalents at the end of the period 690 674 844 25% 22% 690 844 22%
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12 INVESTMENTS Investments during 3Q25 reached USD176 million, a decrease compared to the USD327 million recorded in 2Q25 and the USD194 million from 3Q24. In the period, investments in organic growth totaled USD103 million, which compares to USD22 million invested in 2Q25 and USD92 million in 3Q24. Maintenance investment in 3Q25 reached USD74 million, compared to USD80 million in 2Q25 and USD67 million in 3Q24. Part of the maintenance for the Pulp pl ants is considered within this maintenance investment. The schedule for this maintenance can be found on page 17. BALANCE SHEET ANALYSIS USD Thousands dec-24 sept-25 YTD Current Assets 4,255,310 4,494,758 6% Non-Current Assets Held for Sale 3,059 3,059 0% Non-Current Assets 12,677,302 13,066,413 3% Total Assets 16,935,671 17,564,230 4% Current Liabilities 2,044,709 2,001,662 -2% Non-Current Liabilities Held for Sale - - - Non-Current Liabilities 7,091,798 7,495,155 6% Total Liabilities 9,136,507 9,496,817 4% Non-Controlling Participations 425 459 8% Equity Attributable to the Owners of the Controller 7,798,739 8,066,954 3% 17,564,230 Total Equity 7,799,164 8,067,413 3% Total Liabilities and Equity 16,935,671 17,564,230 4% Total Assets at the close of 3Q25 reached USD17,564 million, exceeding the USD16,936 million recorded at the close of 2024. This reflects increases in both current and non -current assets. The largest increases were in Cash and cash equivalents, biological assets, goodwill, and right-of-use assets. Total Liabilities amounted to USD9,497 million, above the USD9,137 million recorded at the close of 2024. This increase is explained by a rise in Non -Current Liabilities. The main increase occurred in Other Non -Current Financial Liabilities (USD457 million), associated with recent bond issuances, while the largest reduction was seen in Deferred Tax Liabilities (-USD70 million). Equity Attributable to the Owners of the Controller stood at USD8,067 million at the close of September 2025, 3% higher than the USD7,799 million recorded in December 2024. Investments USD millions 4 1 4 1 1
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13 FINANCIAL DEBT USD Millions 3Q24 2Q25 3Q25 QoQ YoY Current Interest-Bearing Liabilities 521 1.361 562 -59% 8% Non-Current Interest-Bearing Liabilities 5,063 4,437 5,443 23% 8% Net Hedging Current Liabilities related to Debt Instruments 5 (21) (14) -33% - Net Hedging Non-Current Liabilities related to Debt Instruments (60) (37) (21) -43% -65% Gross Financial Debt 5,528 5,739 5,970 4% 8% Cash, Cash Equivalents and Short-term financial instruments 776 721 914 27% 18% Net Financial Debt 4,752 5,018 5,056 1% 6% The Gross Financial Debt stood at USD5,970 million at the end of 3Q25, 4% higher than that recorded at the end of 2Q25 and 8% higher than that recorded at the end of 3Q24. Net Financial Debt reached USD5,056 million at the end of 3Q25, 1% higher than that recorded at the end of 2Q25 and 6% higher than that at the end of 3Q24. Financial Debt Debt Maturity Profile USD millions
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14 FINANCIAL RATIOS The Net Debt/Adj. EBITDA ratio(1) was 3.79x in 3Q25, higher than the 3.65x recorded in 2Q25 and the 3.30x recorded in 3Q24. (1) Net Debt = Gross Financial Debt – Cash and Cash Equivalents - Investment instruments up to 365 days – equity content in hybrid debt instruments. The Net Debt /Equity* (2) ratio was 0.64x in 3Q25, compared to 0.63x in 2Q25 and 0.60x in 3Q24. (2) The Net Debt/Equity* ratio is determined according to the following definitions: Net Debt = Gross Financial Debt – Cash and Cash Equivalents. Equity = Equity Attributable to Controlling Company + Non-Controlling Interests. The Liquidity (3) ratio was 1.91x in 3Q25, higher than 0.73x recorded in 2Q25 and 1.73x recorded in 3Q24. (3) Liquidity = (Cash + Undisbursed committed lines) / (Amortization 12m + Net Financial Expenses 12m). Net Debt / Adj. EBITDA Net Debt / Equity* Liquidity Ratio Note: Net Debt/Equity* ratio is defined according to the covenant that protects bond lines 570, 733 and 928 issued in Chile. At the Bondholders' Meetings on December 20, 2024, this covenant was modified in its value (1.0x) and in its calculation, which are presented in this report.
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15 PROFITABILITY AND DEBT RATIOS Annual Return on Equity (1) was 2.20% in 3Q25, which compares to 3.61% in 2Q25 and 6.34% in 3Q24. Annual Return on Assets (2) was 1.01% in 3Q25, which compares to 1.68% in 2Q25 and 3.00% in 3Q24. Annual Earnings per Share (3) was USD 0. 07 in 3Q25, which compares to USD 0. 12 in 2Q25 and USD 0.21 in 3Q24. Debt Ratio (4) was 1.18x in 3Q25, which compares to 1.15x in 2Q25 and 1.13x in 3Q24. Current Debt Ratio (5) was 21.16% in 3Q25, which compares to 30.02% in 2Q25 and 21.58% in 3Q24. Non-Current Debt Ratio (6) was 78.84% in 3Q25, which compares to 69.98% in 2Q25 and 78.42% in 3Q24. (1) Annual Return on Equity = Net Income (Loss) U12M / Average Equity (2) Annual Return on Assets: = Net Income (Loss) U12M / Average Assets (3) Earnings per share (USD) = U12M Net Income (Loss) / Number of Shares (4) Debt Ratio = Total Liabilities / Total Equity (5) Current Debt Ratio = Current Liabilities / Total Debt (6) Non-current debt ratio = Non-current liabilities / Total debt Debt Indicators Performance Indicators
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16 RESULTS BY BUSINESS PULP AND FORESTRY During the 3Q25, t he global pulp and paper market has continued to navigate under complex conditions, with minor signs of recovery at the end of the period, particularly in short fiber grades. After hitting historic real-term lows in August amid overcapacity in China, prices have evolved positively. In the case of long fiber, we have evidenced throughout most of this year a weak demand, largely driven by substitution effect with short fiber , and the increase in production in China, as a result of accelerated pine harvesting after a pine beetle pest, which in turn has put pressure on prices, which have fallen below cash cost of a large number of producers. In the quarter, sales for the Pulp and Forestry segment totaled USD721 million, lower by 5% QoQ and 16% YoY, reflecting lower pulp sales, driven by a drop in its average price in international markets. Forestry products, however, showed an increase in sales QoQ and a drop YoY. Both Pulp and forestry products showed increases in their volumes QoQ and YoY. Adjusted EBITDA in 3Q25 was USD162 million, with a decline of 21% QoQ and 49% YoY. In both cases, the variations are related to a lower average selling price for pulp. Sales & Adj. EBITDA USD Millions 3Q24 2Q25 3Q25 QoQ YoY 9M24(1) 9M25 YoY - Pulp Sales 691 603 561 -7% -19% 1,923 1,783 -7% - Forestry Sales 166 158 160 1% -4% 448 483 8% Sales Pulp Segment 857 761 721 -5% -16% 2,371 2,266 -4% Adj. EBITDA 317 205 162 -21% -49% 747 559 -25% Adj. EBITDA Margin 37.0% 26.9% 22.5% -440bp -1450bp 31.5% 24.7% -680bp (1) 9M24 figures exclude income from insurance compensation, with an impact of USD 14 million on sales and Adjusted EBITDA. Forestry Sales Volume to Third Parties – Forestry Thousand m3 3Q24 2Q25 3Q25 QoQ YoY 9M24 9M25 YoY - Pulpwood 77 71 110 54% 43% 163 242 49% - Sawlogs 363 414 434 5% 19% 1,147 1,234 8% - Sawn Timber 206 147 158 8% -23% 485 458 -6% - Millwork 57 58 55 -4% -3% 159 173 9% - Plywood 98 97 98 1% 0% 298 300 1% - Other 116 104 143 37% 23% 408 395 -3% Total Forestry 917 891 997 12% 9% 2,659 2,802 5% Third-party sales volumes for the Forestry business increased 12% QoQ, mainly due to higher sales of pulpable wood, sawlogs, sawn timber, and others. Compared to the same period of the previous year (YoY), sales volumes increased 9% in 3Q25, which is explained by higher sales of sawlogs, pulpable wood, and others. The average selling price for Forestry products was lower by 10% QoQ and 11% YoY.
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17 Pulp Pulp Production Thousand Tons 3Q24 2Q25 3Q25 QoQ YoY 9M24 9M25 YoY BSKP(1) 211 186 210 13% -1% 600 581 -3% BHKP 839 873 883 1% 5% 2,517 2,652 5% Total Pulp 1,050 1,059 1,093 3% 4% 3,117 3,233 4% Paper(2) 31 31 32 2% 1% 85 89 5% (1) Includes UKP (2) Includes Sackraft produced in Laja mill and P&W paper produced in Guaíba mill. Total pulp production during 3Q25 was 1,093,000 tons, an increase of 3% QoQ and 4% YoY. Hardwood production during the quarter was 883,000 tons, registering an increase of 1% QoQ and 5% YoY. The quarterly variation is mainly explained by a lower impact from plant maintenance downtime in 3Q25. Softwood production was 210,000 tons, representing an increase of 13% QoQ and a drop of 1% YoY. Sales Volume Thousand Tons 3Q24 2Q25 3Q25 QoQ YoY 9M24 9M25 YoY To Third Parties BSKP 198 189 185 -2% -6% 540 563 4% BHKP 761 779 804 3% 6% 2,107 2,400 14% BSKP + BHKP to Third Parties 959 968 989 2% 3% 2,647 2,963 12% P&W Guaíba 13 13 12 -8% -8% 36 35 -2% Intercompany BSKP 12 9 9 3% -25% 35 26 -25% BHKP 96 85 93 9% -4% 280 273 -3% BSKP + BHKP Intercompany 108 94 102 9% -6% 316 299 -5% Total Sales Volume 1,067 1,062 1,091 3% 2% 2,962 3,262 10% QoQ, third-party pulp sales volumes increased 2% with a 3% increase in hardwood (BHKP) and a 2% drop in softwood (BSKP). In the case of hardwood, the growth came mainly from exports to China and Latin America. For softwood, the main decreases were registered in Asia ex-China. YoY, third-party pulp sales volumes increased 3%, mainly due to hardwood (6%) which offset the 6% drop in softwood. The YoY increase in hardwood is explained by higher exports to Europe, the rest of Asia, and Latin America. In the case of softwood, the drop is the result of lower exports to China. Pulp Mills Maintenance Plan 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Laja (360 Mton) Pacífico (528 Mton) Santa Fe I (370 Mton) Santa Fe II (1,126 Mton) Guaíba I (430 Mton) Guaíba II (1,950 Mton) *Annual mill capacity. The maintenance schedule can be modified during the year without affecting mill performance. Planned Executed
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18 The BSKP cash cost (1) was USD38 1/ton in 3Q25, showing a 1% QoQ decrease and a 7% YoY increase. Compared to the previous quarter, the cash cost showed decreased from the cost of energy. This was partly offset by higher costs of wood, chemicals and labor. When comparing with the same quarter of the previous year, increases were observed in wood , energy and materials, and in a lesser extent, in chemicals and labor. The BHKP cash cost (1) was USD2 19/ton in 3Q25, a figure 2% lower QoQ and 10% lower YoY. Compared to the previous quarter, the decrease was mainly due to lower chemical costs, which was partly offset by higher costs of energy, wood, and materials, while labor costs were stable . When compared to the same quarter of the previous year, decreases were observed in all cost lines, where the most relevant reductions were in chemicals and labor. To a lesser extent, decreases were observed in energy, materials, and wood. (1) The cash cost is calculated as cost of: wood + chemicals+ energy + materials + labor. 4 1 BSKP Cash Cost USD/ton BHKP Cash Cost USD/ton
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19 The average effective net export price (1) was USD689/ton CIF for BSKP ( -5.1% QoQ and -9.8% YoY) and USD507/ton CIF for BHKP (-7.8% QoQ and -26.4% YoY). During 3Q25, the differential between the two fibers was USD182/ton CIF. The gap decreased compared to the previous quarter's level (USD176/ton) and increased compared to the USD76/ton recorded in 3Q24. (1) Price is calculated by dividing the total sum of CMPC Pulp sales in nominal dollars by the total sales volume. CMPC Average Net Export Price - Pulp
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20 SOFTYS Through its subsidiary Softys, CMPC has industrial operations in the Tissue Paper and Personal Care markets across eight countries: Chile, Brazil, Mexico, Peru, Argentina, Colombia, Uruguay, and Ecuador. Throughout 2025, the company has operated in a highly challenging environment in some of its most important markets in the region. This is the case in Brazil, where increased production capacity in the tissue paper industry, integrated with the pulp production of some competitors, continues to pressure our sales prices. In Mexico, the growth of our businesses has been affected by a weaker economy and consumption stagnation. And in Argentina, the fall in real income has contributed to a drop in demand and hindered price increases, negatively affecting our margins. In this context, the company has responded by focusing it s efforts on brand building, cost optimization, and positioning of its tissue and personal care products with emphasis on markets with greater growth potential. In 3Q25, Softys' sales totaled USD873 million, an increase of 7% QoQ, mainly due to higher sal es volume. Compared to 3Q24, sales increased by 3%, which is explained by higher volumes and average prices in local currencies, partially offset by unfavorable foreign exchange fluctuations. In 3Q25, Adjusted EBITDA totaled USD95 million, rep resenting a 16% QoQ increase. This is explained by the higher sales of the period and the containment of production costs. Compared to 3Q24 (YoY), Adjusted EBITDA registered a 13% drop, which is mainly explained by the exchange rate variations in various m arkets, together with higher sales expenses. As a consequence of the above, the Adjusted EBITDA margin was 10.9% in 3Q25, which compares to 10.0% in 2Q25 and 12.8% in 3Q24. During 3Q25, the Tissue Paper business registered a 7% increase in its volumes QoQ and 5% YoY. The average selling price in dollars remained flat QoQ and decreased by 9% YoY, reflecting, in the latter case, the depreciation of sales currencies in the region against the dollar. In Personal Care products, diaper volumes registered a 5% QoQ increase, while feminine protection saw a 2% QoQ rise. YoY, volumes increased 21% in diapers and 6% in feminine protection products. In the Others category, which mainly comprises wet wipes, volume grew 45% YoY. Average selling prices in dollars increased 1% QoQ and decreased 8% YoY, reflecting a highly competitive environment, coupled in the latter case with the depreciation of the local currencies. Sales Volume to Third Parties – Softys 3Q24 2Q25 3Q25 QoQ YoY 9M24 9M25 YoY Tissue Paper (Th. tons) 208 204 217 7% 5% 406 409 1% Personal Care - Diapers 1,827 2,117 2,217 5% 21% 3,808 3,959 4% - Feminine Care 509 528 539 2% 6% 1,011 1,044 3% - Other (1) 542 691 788 14% 45% 1,121 1,303 16% Total Personal Care (Million units) 2,878 3,335 3,543 6% 23% 5,939 6,306 6% (1) Other category mainly relates to wet wipes. Sales & Adjusted EBITDA – Softys USD Millions 3Q24 2Q25 3Q25 QoQ YoY 9M24 9M25 YoY - Tissue Paper 480 426 456 7% -5% 1,480 1,311 -11% - Personal Care 369 391 418 7% 13% 1,124 1,135 1% Total Sales Softys 849 817 873 7% 3% 2,604 2,446 -6% Adj. EBITDA 109 82 95 16% -13% 406 258 -36% Adj. EBITDA Margin 12.8% 10.0% 10.9% 90bp -190bp 15.6% 10.5% -510bp
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21 BIOPACKAGING In 3Q25, Biopackaging sales reached USD266 million, representing a 4% QoQ increase and a 4% YoY drop. The QoQ rise is explained by higher sales volumes, which were partially offset by a lower average price. The YoY decrease reflects lower volume and a stable average price. Adjusted EBITDA for 3Q25 totaled USD18 million, remaining flat compared to the previous quarter and decreasing 31% YoY. In the YoY case, lower sales volume was accompanied by higher administrative expenses. Consequently, the Adjusted EBITDA margin stood at 6.8% in 3Q25, lower than the 7.0% from 2Q25 and the 9.4% registered in 3Q24. Sales & Adjusted EBITDA – Biopackaging USD Millions 3Q24 2Q25 3Q25 QoQ YoY 9M24(1) 9M25 YoY Sales 277 257 266 4% -4% 810 794 -2% Adj. EBITDA 26 18 18 0% -31% 83 67 -19% Adj. EBITDA Margin 9.4% 7.0% 6.8% -20bp -260bp 10.2% 8.4% -180bp (1) 9M24 figures exclude income from insurance compensation, with an impact of USD21 million on sales and of USD32 million on Adjusted EBITDA. Sales volumes increased 7% QoQ, mainly due to increases in boxboard, other papers, paper bags, corrugated paper, and corrugated boxes. YoY, sales volumes fell by 4%. In comparison, lower boxboard sales were observed. This was accompanied by a recovery in paper bags, corrugated paper, molded pulp trays, and other papers. Sales Volume to Third Parties Thousand Tons 3Q24 2Q25 3Q25 QoQ YoY 9M24 9M25 YoY - Boxboard 109 91 97 7% -11% 311 286 -8% - Paper Sacks 33 32 34 6% 2% 99 96 -4% - Corrugated Paper 22 21 23 8% 2% 68 67 -2% - Corrugated Boxes 36 34 36 4% 0% 110 114 3% - Molded Pulp Trays 4 5 5 -15% 10% 14 15 12% - Other Paper (1) 20 17 21 23% 3% 59 61 3% Total 225 201 215 7% -4% 660 638 -3% (1) Other Paper includes graphic, sack kraft, and specialty papers. The average sales price in USD decreased by 3% QoQ and was stable YoY.
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22 SUSTAINABILITY CMPC has set four corporate sustainability goals to be achieved between 2025 and 2030. These goals are aligned with the UN Sustainable Development Goals (SDGs) and its 2030 Agenda. In particular, SDG 13 Climate Action, SDG 6 Clean Water and Sanitation, SDG 12 Responsible Production and Consumption, and SDG 15 Life of Terrestrial Ecosystems. Although the progress of these goals is not necessarily linear, bu t staggered, associated with the projects with the greatest impact, CMPC is committed to meeting these goals and is implementing projects to achieve them, and is also committed to their monitoring, management, and reporting. Sustainability Targets * Reduce our absolute greenhouse gas emissions by 50% (Scope 1 and 2) by 2030. Baseline 1 2023 2024 3Q24 4Q24 1Q25 2Q25 2030 Target Scope 1 & 2 emissions (ktCO2e)2 2,457 1,882 1,598 410 376 360 378 1,228 To become a zero-waste-to-landfill company by 2025. Baseline 1 2023 2024 3Q24 4Q24 1Q25 2Q25 2025 Target Waste for final disposal (t) 3 718,119 280,778 143,469 28,311 17,667 15,240 14,082 0 Reduce industrial water use per ton of product by 25% by 2025. Baseline 1 2023 2024 3Q24 4Q24 1Q25 2Q25 2025 Target Use of Industrial Water (m3/t) 4 30.8 27.6 26.0 25.7 25.5 25.4 24.9 23.1 Add 100,000 hectares of conservation and/or protection by 2030, to the more than 320,000 hectares that the company owns in Argentina, Brazil and Chile for these purposes. Baseline 1 2023 2024 3Q24 4Q24 1Q25 2Q25 2030 Target Conservation and protection (ha) 5 321,529 409,827 415,441 414,038 415,441 416,487 425,155 421,529 *Figures are reported with a one-quarter lag. *Values updated after the inclusion of new plants acquired (SK Iguazú, Softys Río, Powell Valley, Softys Puebla and Niuform). The 2018 baselines and the values of the water, emissions and waste goals were also updated, maintaining the reduction percentages. (1) 2018. (2) Absolute GHG emissions Scope 1 and 2 during the reporting period. (3) Non-hazardous solid waste sent to final disposal during the reporting period. In accordance with international guidelines, the concept of “zero waste to landfill” refers to a reduction of at least % in the amount of solid waste sent to any of these facilities w ith respect to the established base year. (4) Cumulative water intensity for the reporting period. (5) Total hectares for conservation and protection.
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23 RISK MANAGEMENT Empresas CMPC and its subsidiaries are exposed to a combination of risks inherent to their business. The CMPC Risk Management Program seeks to identify and manage the main risks which could affect the Company’s business strategy and goals, including for example, those caused or aggravated by climate change, in the most adequate manner to minimize potential adverse effects. CMPC’s Board of Directors establishes the general framework for the Company’s risk management, which is then implemented across the different levels of the Company, The Risk Committee, Audit and Compliance monitors the proper implementation of the program, together with monitoring of the critical aspects of the management of the most critical risks. Additionally, several management departments coordinate and control the proper performance of the prevention and mitigation policies for the main risks identified. These include the Risk and Compliance, Finance, Sustainability, Environment, Healthcare and Occupational Safety and Internal Audit Management Departments More information is provided in Note 3 on Risk Management in the Company's Financial Statements. FORWARD LOOKING STATEMENTS This financial report may contain forward -looking statements. These projections are subject to risks and uncertainties that could cause actual results to differ materially from those previously projected. These risks include financial, operational, compliance and strategic risks. All of them are described in Note 3 to the Consolidated Financial Statements of Empresas CMPC (Note 3, Risk Management). In accordance with applicable Chilean law, Empresas CMPC publish es this report on its website (www.cmpc.com) and submits the Company’s Financial Statements and corresponding notes to the Financial Market Commission (CMF) for review and consultation (www.cmfchile.cl).
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24 FINANCIAL TABLES FINANCIAL STATEMENTS USD Thousands sep-24 dec-24 sep-25 %Chg Vs dec-24 YoY Current Assets 4,539,253 4,255,310 4,494,758 6% -1% Cash and Cash Equivalents 690,013 631,632 844,409 34% 22% Accounts Receivable 1,249,562 1,222,420 1,130,015 -8% -10% Inventory 1,689,657 1,537,175 1,608,430 5% -5% Biological Assets 338,918 350,258 358,195 2% 6% Tax Assets 143,251 112,343 158,705 41% 11% Other Current Assets 427,852 401,482 395,004 -2% -8% Non-Current Assets Held for Sale 808 3,059 3,059 0% 279% Non-Current Assets 12,640,879 12,677,302 13,066,413 3% 3% Intangible Assets, Different from Goodwill 302,384 280,800 321,484 14% 6% Goodwill 348,253 322,522 408,446 27% 17% Property, Mills and Equipment, Net 8,017,641 8,035,162 8,116,397 1% 1% Right of Use Assets 258,221 280,765 309,678 10% 20% Biological Assets 3,201,753 3,251,415 3,362,035 3% 5% Deferred Tax Assets 102,602 122,096 149,471 22% 46% Other Non-Current Assets 410,025 384,542 398,902 4% -3% - - - 0% TOTAL ASSETS 17,180,940 16,935,671 17,564,230 4% 2% Current Liabilities 1,970,267 2,044,709 2,009,317 -2% 2% Other Financial Liabilities 537,865 605,181 572,638 -5% 6% Operating Liabilities 1,116,614 1,087,760 1,104,092 2% -1% Other Current Liabilities 315,788 351,768 332,587 -5% 5% - - - Non-Current Liabilities 7,157,851 7,091,798 7,487,500 6% 5% Other Financial Liabilities 5,074,995 5,009,151 5,466,340 9% 8% Deferred Tax Liabilities 1,706,957 1,722,376 1,652,709 -4% -3% Other Non-Current Liabilities 375,899 360,271 368,451 2% -2% Non-Controlling Participations 465 425 459 8% -1% Equity Attributable to the Owners of the Controller 8,052,357 7,798,739 8,066,954 3% 0% TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 17,180,940 16,935,671 17,564,230 4% 2% Note: Balance sheet numbers are based on the quarterly Consolidated Financial Statements of Empresas CMPC S.A. and its subsidiaries .
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25 INCOME STATEMENT USD Thousands 3Q24 2Q25 3Q25 QoQ YoY 9M24 9M25 YoY Sales 1,983,677 1,906,917 1,864,589 -2% -6% 5,823,436 5,584,512 -4% Operating Costs (1) (1,230,754) (1,250,885) (1,269,269) 1% 3% (3,661,854) (3,744,188) 2% Operating Margin 752,923 656,032 595,320 -9% -21% 2,161,582 1,840,324 -15% Other Operating Expenses (2) (319,843) (324,133) (335,149) 3% 4.8% (952,226) (970,355) 1.9% Adj. EBITDA (3) 433,080 331,899 260,171 -22% -40% 1,209,356 869,969 -28% Adj. EBITDA Margin (%) 21.8% 17.4% 14.0% -350bp -790bp 62.3% 46.7% -1560bp Depreciation, Amortizations and Stumpage (183,822) (192,910) (188,688) -2% 3% (510,031) (576,960) 13% Increase in Biological Assets due to Forests Growth and Price Effects 69,501 70,008 81,432 16% 17% 207,164 216,589 5% Decrease in Biological Assets due to Harvest (66,197) (51,348) (58,794) 15% -11% (154,528) (169,933) 10% Operating Income 252,562 157,649 94,121 -40% -63% 751,961 339,665 -55% Financial Expenses (75,487) (83,804) (84,187) 0% 12% (234,823) (246,691) 5% Financial Income 11,931 9,810 9,720 -1% -19% 44,318 28,306 -36% Share Results in Associated Companies 601 749 4,771 537% 694% 1,842 9,882 436% Foreign Exchange Difference 4,152 5,842 (9,503) - - (14,044) 9,544 - Indexation Unit Results 23,139 24,781 12,959 -48% -44% 176,603 65,667 -63% Other Gains (Losses) (14,042) (24,525) (9,378) -62% -33% (44,356) (54,626) 23% Income Taxes (55,688) (9,601) 15,305 - - (200,708) 12,260 - Net Income (Loss) Continuing Operations 147,168 80,901 33,808 -58% -77% 480,793 164,007 -66% Net Income (Loss) Discontinued Operations - - - - - 491 - Net Income (Loss) 147,168 80,901 33,808 -58% -77% 480,793 164,498 -66% Net Income (Loss), attributable to owners of the parent 147,157 80,895 33,802 -58% -77% 480,753 164,479 -66% Net Income (Loss), attributable to non-controlling interest 11 6 6 0% -45% 40 19 -53% 3Q24 (1) Operating Costs are calculated as: Costs of Sales minus Stumpage minus Decrease in Biological Assets due to Harvest minus Depreciation. (2) Other Operating Expenses are calculated as: Distribution Costs plus Administration Expenses plus Other Functiona l Expenses. (3) Adj. EBITDA is calculated as: Sales minus Operating Costs minus Other Operating Expenses .
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26 CASH FLOW STATEMENT USD Thousands 3Q24 2Q25 3Q25 QoQ YoY 9M24 9M25 YoY Cash flows provided by (used in) operating activities Cash flows provided by operating activities Proceeds from goods sold and services rendered 2,047,763 2,104,382 2,097,957 0% 2% 4,043,037 4,202,339 4% Other proceeds from operating activities 47,010 76,743 183,361 139% 290% 181,422 260,104 49% Cash flows used in operating activities Payments to suppliers for goods and services (1,573,804) (1,636,176) (1,610,691) -2% 2% (4,780,802) (4,824,155) 1% Payments to and on account of employees (167,151) (179,720) (193,815) 8% 16% (555,718) (579,603) 4% Payments of premiums and services, annuities and other obligations on policies subscribed (10,558) (42,127) (6,190) -85% -41% (62,239) (54,958) -12% Other operating activity payments (105,857) (106,998) (102,140) -5% -4% (320,962) (301,671) -6% Net cash flows provided by (used in) the operation 370,534 316,297 230,473 -27% -38% 732,642 845,365 15% Income taxes paid (reimbursed) (15,600) (40,533) (5,145) -87% -67% 54,893 (78,142) - Net cash flows provided by (used in) operating activities 354,934 275,764 225,328 -18% -37% 787,535 767,223 -3% Cash flows provided by (used in) investing activities Cash flows used for acquiring subsidiaries (2) (124,437) - - - (8,991) (124,437) 1284% Cash flows used for acquiring non-controlling interest (34,123) (1,022) - - - (39,611) (3,391) -91% Loans to related entities 623 - - - - (77) - - Proceeds from disposal of property, plant and equipment 16 5,262 2,265 -57% >9999% 570 7,527 1221% Additions to property, plant and equipment (102,530) (135,780) (104,066) -23% 1% (301,651) (343,512) 14% Additions to other non-current assets (56,863) (65,999) (72,240) 9% 27% (151,570) (182,235) 20% Dividends received 918 - - - - 918 - - Interest received 10,175 8,670 7,194 -17% -29% 38,506 23,509 -39% Other cash inflows (outflows) 12,957 10,192 (1,537) - - (36,313) 28,137 - Net cash flows provided by (used in) investing activities (168,829) (303,114) (168,384) -44% 0% (498,219) (594,402) 19% Cash flows provided by (used in) financing activities Proceeds raised through loans 214,850 381,087 1,064,391 179% 395% 767,896 1,467,537 91% Proceeds raised through short-term loans 200,087 52,420 54,246 3% -73% 200,087 128,725 -36% Proceeds raised through long-term loans 14,763 328,667 1,010,145 207% 6742% 567,809 1,338,812 136% Loan reimbursements (116,560) (176,011) (848,286) 382% 628% (691,906) (1,121,467) 62% Financial lease payments (24,889) (16,023) (28,812) 80% 16% (64,337) (67,618) 5% Dividends paid (40,848) (42,437) (240) -99% -99% (214,163) (42,730) -80% Interests paid (68,988) (91,452) (68,114) -26% -1% (204,309) (216,453) 6% Other cash inflows (outflows) (14,826) 3,337 (7,061) - -52% (8,208) (5,015) -39% Net cash flows provided by (used in) financing activities (51,261) 58,501 111,878 91% - (415,027) 14,254 - Net increase (decrease) in cash and cash equivalents before effect of exchanges rate change 134,844 31,151 168,822 442% 25% (125,711) 187,075 - Effects of changes in the exchange rate on cash and cash equivalents 1,713 16,026 1,481 -91% -14% (30,534) 25,702 - Net increase (decrease) in cash and cash equivalents 136,557 47,177 170,303 261% 25% (156,245) 212,777 - Cash and cash equivalents at beginning of period 553,456 626,929 674,106 8% 22% 846,258 631,632 -25% Cash and cash equivalents at the end of the period 690,013 674,106 844,409 25% 22% 690,013 844,409 22%
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27 FINANCIAL DATA BY BUSINESS UNIT September 2025 Income Statement Data (USD Thousands) Business Unit (operating Segments) Adj. and Elimin. Total CMPC Pulp Biopackaging Softys Total Other (1) (1) Revenue from external customers 2,264,963 793,631 2,445,505 5,504,099 80,413 - 5,584,512 Revenue between operating segments of the same entity 203,420 8,020 233 211,673 35,005 (246,678) - Revenue from external and related customers 2,468,383 801,651 2,445,738 5,715,772 115,418 (246,678) 5,584,512 Cost of sales (2,230,880) (703,124) (1,728,298) (4,662,302) (36,520) 207,741 (4,491,081) Gross profit 237,503 98,527 717,440 1,053,470 78,898 (38,937) 1,093,431 Other income, by function 216,589 - - 216,589 - - 216,589 Distribution costs (57,807) (24,087) (222,906) (304,800) - 8,171 (296,629) Administration expenses (156,896) (58,670) (141,103) (356,669) (94,878) 35,486 (416,061) Other expenses, by function (18,679) (14,800) (220,565) (254,044) (4,798) 1,177 (257,665) Other income (expense) (38,464) (4,404) (31,468) (74,336) 15,386 4,324 (54,626) Profit (loss) of operational activities 182,246 (3,434) 101,398 280,210 (5,392) 10,221 285,039 Financial income 45,883 3,116 10,049 59,048 160,831 (191,573) 28,306 Financial costs (115,582) (26,040) (89,583) (231,205) (208,367) 192,881 (246,691) Participation in profit (loss) of associates and joint ventures that are accounted for using the equity method 4,708 - - 4,708 187,799 (182,625) 9,882 Exchange differences 9,495 676 (23,389) (13,218) 26,061 (3,299) 9,544 Result for readjustment units 2,628 98 62,976 65,702 (35) - 65,667 Profit (loss), before taxes 129,378 (25,584) 61,451 165,245 160,897 (174,395) 151,747 Income tax expense 16,796 7,963 (15,932) 8,827 3,434 (1) 12,260 Profit (loss) from discontinued operations (2) - - - - - 491 491 Profit (loss) 146,174 (17,621) 45,519 174,072 164,331 (173,905) 164,498 Profit (loss) from continuing operations (3) 220,710 970 132,867 354,547 (20,778) 5,896 339,665 Adj. EBITDA determined by segment (4) 558,910 67,243 258,349 884,502 (18,096) 3,563 869,969 Information Data (USD Thousands) Business Unit (operating Segments) Adj. and Elimin. Total CMPC Pulp Biopackaging Softys Total Other (1) Assets 11,787,480 1,799,500 3,979,275 17,566,255 4,230,181 (4,232,206) 17,564,230 Investments accounted for using the equity method - - - - - 48,109 48,109 Increases in non-current assets (2) 425,624 38,588 240,483 704,695 3,384 - 708,079 Liabilities 4,399,921 949,165 2,798,804 8,147,890 5,311,819 (3,962,892) 9,496,817 Raw material and supplies (1,483,984) (587,532) (1,593,895) (3,665,411) (33,841) 195,680 (3,503,572) Employee benefits expenses (204,760) (102,073) (362,588) (669,421) (44,433) - (713,854) Depreciation and amortization expense (293,806) (66,273) (125,482) (485,561) (2,682) 2,334 (485,909) Other significant non-cash items 46,656 - - 46,656 - - 46,656 Impairment losses of assets recognized in profit or loss (3) (19,540) (895) (4,826) (25,261) - - (25,261) Reversal of impairment losses of assets recognized in profit or loss (3) 833 613 4,930 6,376 - - 6,376 Cash flows from operating activities 635,109 118,058 28,495 781,662 (18,803) 4,364 767,223 Cash flows from investment activities (589,775) (74,547) (132,175) (796,497) (137,070) 339,165 (594,402) Cash flows from financing activities (36,474) (35,861) 137,082 64,747 293,038 (343,531) 14,254 (1) Corresponds to the operations of Empresas CMPC S.A. e Inversiones CMPC S.A. not included in the main segments. (2) The increase in non-current assets does not include financial instruments, deferred tax assets or rights derived from insurance contracts. (3) Losses and reversal of impairment losses include the effects of provision in trade debtors, Inventories, Biological Assets and Property, plant and e quipment. (1) Corresponds to the operations of Empresas CMPC S.A., Inversiones CMPC S.A. and other subsidiaries of the holding company that have not been included in the main segments. (2) Corresponds to the profit recognized during the period from the transactions of Transmisora de Energía Nacimiento S.A., a sub sidiary reclassified as a Non -current asset held for sale in the current Financial Statements. (3) Corresponds to income (loss) bef ore income tax expense, financial income and costs, exchange differences, income (loss) per unit of adjustment, other income (loss) and equity in income (loss) of associates and joint ventures accounted for using the equity method. (4) Corresponds to Gross profit plus Depreciation and amortization, plus Cost of formation of harvested plantations, plus higher cost of the exploited and sold part of the plantations derived from the revaluation due to natural growth (see note 13: Biological assets), minus Distribution costs, minus Administrative expenses and minus Other expenses, by function .
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28 September 2024 Income Statement Data (USD Thousands) Business Unit (operating Segments) Adj. and Elimin. Total CMPC Pulp Biopackaging Softys Total Other(1) (1) Revenue from external customers 2,385,031 831,035 2,603,200 5,819,266 4,170 - 5,823,436 Revenue between operating segments of the same entity 241,106 16,228 372 257,706 36,973 (294,679) - Revenue from external and related customers 2,626,137 847,263 2,603,572 6,076,972 41,143 (294,679) 5,823,436 Cost of sales (2,126,051) (714,054) (1,717,651) (4,557,756) (3,817) 235,160 (4,326,413) Gross profit 500,086 133,209 885,921 1,519,216 37,326 (59,519) 1,497,023 Other income, by function 207,164 - - 207,164 - - 207,164 Distribution costs (55,689) (26,829) (249,963) (332,481) - 7,850 (324,631) Administration expenses (146,340) (44,574) (141,613) (332,527) (96,914) 40,784 (388,657) Other expenses, by function (3,252) (15,389) (217,533) (236,174) (4,160) 1,396 (238,938) Other income (expense) (17,987) (237) (23,737) (41,961) 6,445 (8,840) (44,356) Profit (loss) of operational activities 483,982 46,180 253,075 783,237 (57,303) (18,329) 707,605 Financial income 37,900 5,909 22,804 66,613 177,537 (199,832) 44,318 Financial costs (113,273) (29,495) (86,794) (229,562) (203,997) 198,736 (234,823) Participation in profit (loss) of associates and joint ventures that are accounted for using the equity method 1,793 - (274) 1,519 509,267 (508,944) 1,842 Exchange differences 3,412 (5,062) (43,818) (45,468) 29,079 2,345 (14,044) Result for readjustment units 2,311 356 173,708 176,375 228 - 176,603 Profit (loss), before taxes 416,125 17,888 318,701 752,714 454,811 (526,024) 681,501 Income tax expense (170,349) (5,006) (51,294) (226,649) 25,941 - (200,708) Profit (loss) 245,776 12,882 267,407 526,065 480,752 (526,024) 480,793 Profit (loss) from continuing operations (2) 501,970 45,941 285,415 833,326 (63,747) (17,618) 751,961 Adj. EBITDA determined by segment (3) 760,815 115,150 405,964 1,281,929 (62,090) (10,483) 1,209,356 Information Data (USD Thousands) Business Unit (operating Segments) Adj. and Elimin. Total CMPC Pulp Biopackaging Softys Total Other (1) Assets 11,678,303 1,948,683 3,730,134 17,357,120 4,128,532 (4,304,712) 17,180,940 Investments accounted for using the equity method 43,811 - - 43,811 - 998 44,809 Increases in non-current assets (2) 405,306 23,019 181,638 609,963 11,176 - 621,139 Liabilities 4,689,553 1,089,764 2,574,180 8,353,497 5,133,997 (4,359,376) 9,128,118 Raw material and supplies (1,480,762) (598,969) (1,587,075) (3,666,806) (3,816) 227,833 (3,442,789) Employee benefits expenses (203,795) (97,102) (349,782) (650,679) (41,796) - (692,475) Depreciation and amortization expense (227,014) (68,735) (129,152) (424,901) (1,659) 995 (425,565) Other significant non-cash items 52,636 - - 52,636 - - 52,636 Impairment losses of assets recognized in profit or loss (3) (3,620) (1,563) (3,833) (9,016) - - (9,016) Reversal of impairment losses of assets recognized in profit or loss (3) 16,246 4,412 2,542 23,200 - - 23,200 Cash flows from operating activities 522,778 148,524 182,293 853,595 (67,676) 1,616 787,535 Cash flows from investment activities (375,850) 68,347 (96,597) (404,100) 468,048 (562,167) (498,219) Cash flows from financing activities (156,130) (207,470) (85,700) (449,300) (526,277) 560,550 (415,027) (1) Corresponds to the operations of Empresas CMPC S.A. e Inversiones CMPC S.A. not included in the main segments. (2) The increase in non-current assets does not include financial instruments, deferred tax assets or rights derived from insurance contracts. (3) Losses and reversal of impairment losses include the effects of provision in trade debtors, Inventories, Biological Assets and Property, plant and equipment. (1) Corresponds to the operations of Empresas CMPC S.A., Inversiones CMPC S.A. and other subsidiaries of the holding company that have not been included in the main segments. (2) Corresponds to income (loss) before income tax expense, financial income and costs, exchange differences, income (loss) p er unit of adjustment, other i ncome (loss) and equity in income (loss) of associates and joint ventures accounted for using the equity method. (3) Corresponds to Gross profit plus Depreciation and amortization, plus Cost of formation of harvested plantations, plus higher cost of the exploited and sold part of the plantations derived from the revaluation due to natural growth (see note 13: Biological assets), minus Distribution costs, minus Administrative expens es and minus Other expenses, by function.
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29 GLOSSARY • Biological assets: Forestry plantations which are supposed to be used as raw materials for pulp production, sawing logs and other solid wood products. • YoY: Year over year, compares current quarter with the same quarter in the previous year. • CAPEX (capital expenditures): The amount spent on acquiring or improving productive assets such as buildings, machinery and equipment, or vehicles, with the purpose of increasing the capacity or efficiency of a company. • Cash Cost: All direct and indirect costs associated with the production of a ton of pulp. It is calculated as: wood + chemicals + energy + materials + remunerations. • Bleached Hardwood Kraft Pulp (BHKP): Pulp from eucalyptus wood used as a raw material for a wide range of papers, denominated as well as short fiber. • Bleached Softwood Kraft Pulp (BSKP): Pulp from pine wood used as a raw material for a wide range of papers, denominated as well as long fiber. • CIF price: Export price which includes the cost of transport to the destination port (CIF=Cost Insurance and Freight). • Stumpage: An expense recognized at the time of harvesting and selling a forest associated with the formation of the harvested property. • Gross debt: Bank debt and debt securities, long and short term, issued by the Company. • Net debt: Financial debt that cannot be settled with cash. In other words, short -term financial debt + long- term financial debt - cash - cash equivalents. • Adjusted EBITDA (Earnings before interest, Taxes, Depreciation and Amortization): Valuation of the operational cash flow. Corresponds to Gross profit plus Depreciation and amortization, plus Cost of formation of harvested plantations, plus higher cost of the exploited and sold part of the plantations derived from the revaluation due to natural growth (see note 13: Biological assets), minus Distribution costs, minus Administrative expenses and minus Other expenses, by function. • Functional currency: Currency used by the Company for accounting purposes according to IAS 21. • Lease liability: Debt related to long-term lease agreements according to the IFRS 16 norm which came into effect starting January 2019. • Post collateral: The payment that the company is obliged to make in the event that the market value of its financial instruments (derivatives) exceeds certain thresholds previously agreed with the counterparties to these coverages. • P&W: For its acronym in English, Printing & Writing, are all printing and writing papers. • Debt ratio: Ratio of the company’s total debt to the Company’s equity. • Quick ratio: Measure of a company’s ability to meet its short -term obligations defined as its abili ty to convert assets into cash. • QoQ: Quarter over quarter, compares current with previous quarter results.