Slides
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A u g u s t 2 0 2 5 2Q25 EARNINGS REPORT
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AGENDA HIGHLIGHTS OF THE QUARTER1 LIQUIDITY AND DEBT POSITION2 2Q25 CONSOLIDATED RESULTS 3
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AGENDA HIGHLIGHTS OF THE QUARTER1 LIQUIDITY AND DEBT POSITION2 2Q25 CONSOLIDATED RESULTS 3
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1| HIGHLIGHTS OF THE QUARTER Commercial Strategy PPAs were signed in Chile with 39 clients for an annual volume of 357 GWh In Peru, supply contracts were awarded to 11 clients for a total of 30.6 MW per year Power Purchase Agreements 15-year agreement with Atlas Renewable Energy, to buy the energy from a BESS project with an installed capacity of 230 MW and a daily storage capacity of 920 MWh Pipeline of Projects Horizonte W.F Expansion: the project received environmental approval Horizonte Norte W.F: National Electricity Coordinator approved the COD BESS Celda Solar: the project reached 30% progress BESS Diego de Almagro Sur: progress in securing construction permits 4 1 2 3
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1| HIGHLIGHTS OF THE QUARTER Santa Maria Thermal Plant Out of service since March 23 due to damage in its turbine Repair work is ongoing, and the plant is expected to resume operations during 3Q25 5 4 Dividend distribution Final dividend of US$27 mm was distributed, which added to the US$100 mm paid, correspond to 50% of Colbun’s net income for 2024 5 PEC III Law Second and final sale of sell payment documents was completed for a total amount of US$41 mm 6
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1| SUBSEQUENT EVENTS OF THE QUARTER Operations of our Plants An incident occurred in Unit No.1 of Rucúe Hydroelectric Plant (178 MW) due to a gas leak that caused a fire during metallization work on the turbine’s wear plates and upper cover Mergers and Acquisitions INDECOPI* approved the transaction through which Colbún S.A. will acquire 41.379% of the ownership of Fenix Power Perú S.A, thereby reaching 100% ownership Acquisition will be financed with Colbún Peru's cash and a US$50M term loan 1 2 6* National Institute for the Defense of Competition and Protection of Intellectual Property of Peru
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AGENDA HIGHLIGHTS OF THE QUARTER1 LIQUIDITY AND DEBT POSITION2 2Q25 CONSOLIDATED RESULTS 3
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2| LIQUIDITY AND DEBT POSITION Note: All figures as of Jun25. BALANCE SHEET Gross Debt RATIOS DEBT PROFILE 8 AMORTIZATION STRUCTURE (US$ million) US$2.3 bn US$0.8 bn Gross Debt/ EBITDA 3.5x 2.3x Average interest rate Financial Investments Net Debt/ EBITDA 4.5% 4.4 years Average life 8 18 168 500 360 500 600 0 100 200 300 400 500 600 700 2025 2026 2027 2028 2029 2030 2031 2032 Fenix Bond Colbun S.A. Debt
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AGENDA HIGHLIGHTS OF THE YEAR1 LIQUIDITY AND DEBT POSITION2 2Q25 CONSOLIDATED RESULTS 3
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3| 2Q25 CONSOLIDATED RESULTS MARGINAL COST DEMAND GROWTH HYDRO CONDITIONS 82 US$/MWh Alto Jahuel MARGINAL COST DEMAND GROWTH HYDRO CONDITIONS 24 US$/MWh Santa Rosa 3.0% 2Q25/2Q24 0% Exceedance probability Sep24 – Jun25 92% Exceedance probability Apr25 – Mar26 -1.0% 2Q25/2Q24 MARKETS UPDATE 10
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3| 2Q25 CONSOLIDATED RESULTS PHYSICAL SALES AND OPERATING INCOME CONSOLIDATED OPERATING INCOME US$403 million -5% Q/Q 11 Operating Income (US$ mm) 2Q25 2Q24 QoQ Regulated Customers Sales 80 59 36% Unregulated Customers Sales 298 257 16% Energy and Capacity Sales 9 94 (90%) Other Operating Income 15 16 (4%) Total Operating Income 403 426 (5%) Sales Volume (GWh) 2Q25 2Q24 QoQ Regulated Clients 404 268 51% Unregulated Clients 2,513 2,248 12% Sales to the Spot Market 0 674 - Total Energy Sales 2,916 3,191 (9%) Sales Volume (GWh) 2Q25 2Q24 QoQ Regulated Clients 377 276 36% Unregulated Clients 415 353 18% Sales to the Spot Market 85 220 (61%) Total Energy Sales 876 850 3%
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TOTAL GENERATION & RAW MATERIALS AND CONSUMABLES USED COSTS CONSOLIDATED RAW MATERIALS AND CONSUMABLES USED COSTS US$215 million -8% Q/Q 12 3| 2Q25 CONSOLIDATED RESULTS * Variable Renewable Energy Raw Materials and Consumables used 2Q25 2Q24 QoQ Transmission Tolls (49) (36) 37% Energy and Cap. Purchases (33) (21) 60% Gas Consumption (97) (124) (22%) Diesel Consumption (9) (3) - Coal Consumption (0) (28) (98%) Other Operating Expenses (27) (23) 20% Total (215) (233) (8%) Generation (GWh) 2Q25 2Q24 QoQ Hydraulic 1,374 1,639 (16%) Thermal 865 1,440 (40%) VRE* 518 176 - Total Generation 2,756 3,255 (15%) Generation (GWh) 2Q25 2Q24 QoQ Thermal - Gas 669 865 (23%) Total Generation 669 865 (23%)
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3| 2Q25 CONSOLIDATED RESULTS EBITDA COMPARISON CONSOLIDATED EBITDA US$141 million -8% Q/Q US$ million US$ million 13 132 120 37 27 25 14 85 13 6 10 0 50 100 150 2Q24 Spot Market Balance Transmission Tolls Diesel Consumption Others Unregulated Customers Sales Coal Consumption Gas Consumption Regulated Customers Sales 2Q25 21 21 7 4 2 12 2 0 5 10 15 20 25 2Q24 Spot Market Balance Others Regulated Customers Sales Unregulated Customers Sales Gas Consumption 2Q25
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3| 2Q25 CONSOLIDATED RESULTS CONSOLIDATED NET INCOME CONSOLIDATED NET INCOME US$48 million -22% Q/Q 14 Non-Operating Income (Loss) 2Q25 2Q24 QoQ (US$ million) Financial Income 10 14 (30%) Financial Expenses (19) (18) 9% Exchange Rate Differences 0 (0) - Profit (Loss) of Companies 3 3 (1%) Other Profits (Losses) (17) (12) 45% Non-Operating Income (Loss) (23) (12) 85% Net Income (US$ million) 2Q25 2Q24 QoQ Profit (Loss) Before Taxes 60 89 (32%) Income Tax Expense (12) (27) (56%) Net Income 48 61 (22%)
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3| 2Q25 CONSOLIDATED RESULTS CONSOLIDA TED CASH FLOW OPERATING ACTIVITIES US$165 million FINANCING ACTIVITIES (US$47 million) INVESTMENT ACTIVITIES (US$101 million) US$768 million Beg. of 2Q25 US$788 million End of 2Q25 15
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DISCLAIMER & CONTACT INFORMATION 16 ✓ This document provides information about Colbun S.A. In no case this document constitutes a comprehensive analysis of the financial, production and sales situation of the company ✓ To evaluate whether to purchase or sell securities of the company, the investor must conduct its own independent analysis ✓ This presentation may contain forward-looking statements concerning Colbun's future performance and should be considered as good faith estimates by Colbun S.A ✓ In compliance with the applicable rules, Colbun S.A. publishes on its Web Site (www.colbun.cl) and sends the financial statements of the Company and its corresponding notes to the Comisión para el Mercado Financiero, those documents should be read as a complement to this presentation INVESTOR RELATIONS TEAM CONTACT Soledad Errázuriz serrazuriz@colbun.cl + (56) 2 24604450 Isidora Zaldívar izaldivar@colbun.cl + (56) 2 24604380 Carolina Plasser cplasser@colbun.cl + (56) 2 24604380