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N o v e m b e r 2 0 2 5 3Q25 EARNINGS REPORT
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AGENDA HIGHLIGHTS OF THE QUARTER1 LIQUIDITY AND DEBT POSITION2 3Q25 CONSOLIDATED RESULTS 3
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AGENDA HIGHLIGHTS OF THE QUARTER1 LIQUIDITY AND DEBT POSITION2 3Q25 CONSOLIDATED RESULTS 3
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1| HIGHLIGHTS OF THE QUARTER Commercial Strategy During 2025 PPAs have been signed in Chile with 68 clients for an annual volume of 693 GWh. In Peru, supply contracts have been awarded with 22 clients for a total of 55.4 MW per year Operations of our Plants • Santa María: The unit was out of service from March 23rd due to turbine damage; repairs were completed as planned, and operations resumed on October 23rd. • Rucúe: Incident at U1 during maintenance on July 9th ; repair works reached 33% progress, with return to service expected by the end of January • Nehuenco U2: forced disconnection on August 29th due to an expansion joint failure; operations resumed on October 10th Pipeline of Projects • Horizonte W.F: reached full COD (816 MW) • BESS Celda Solar: 46% progress achieved • BESS Diego de Almagro Sur: Construction phase started during the quarter, reaching 3% progress 4 1 2 3
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1| HIGHLIGHTS OF THE QUARTER International Bond Issuance US$500 million issuance at 5.375% in Sep-25, achieving the lowest spread for a Chilean corporate in two decades; US$266 million used to redeem 2027 notes 5 4 Mergers And Acquisitions Colbún acquired the remaining 41.379% of the ownership of Fenix Power Perú S.A, reaching full ownership 5
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1| SUBSEQUENT EVENTS OF THE QUARTER CNE Billing Differences Adjustment • In Oct-25, the CNE approved the Technical Report for determining the Average Node Prices of the National Electric System for October 2025 • The report corrected an inflation-related error in the valuation methodology • Colbún submitted comments during the 10-day consultation period. • No material financial impact expected, as regulated sales account for a small share of total revenues • Colbún remains available to implement any mechanism defined by the authority, in line with applicable regulations, to address the identified error 1 6
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AGENDA HIGHLIGHTS OF THE QUARTER1 LIQUIDITY AND DEBT POSITION2 3Q25 CONSOLIDATED RESULTS 3
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2| LIQUIDITY AND DEBT POSITION Note: All figures as of Sept25. BALANCE SHEET Gross Debt RATIOSDEBT PROFILE 8 AMORTIZATION STRUCTURE (US$ million) US$2.6 bn US$0.9 bn Gross Debt/ EBITDA 4.1x 2.6xAverage interest rate Financial Investments Net Debt/ EBITDA 4.7% 5.9 years Average life 38 168 234 360 500 600 500 0 100 200 300 400 500 600 700 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Fenix Bond Colbun S.A. Debt
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AGENDA HIGHLIGHTS OF THE YEAR1 LIQUIDITY AND DEBT POSITION2 3Q25 CONSOLIDATED RESULTS 3
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3| 3Q25 CONSOLIDATED RESULTS MARGINAL COST DEMAND GROWTH HYDRO CONDITIONS 40 US$/MWh Alto Jahuel MARGINAL COST DEMAND GROWTH HYDRO CONDITIONS 29 US$/MWh Santa Rosa 1.4% 3Q25/3Q24 5% Exceedance probability Oct24 – Sept25 94% Exceedance probability Apr25 – Mar26 -0.6% 3Q25/3Q24 MARKETS UPDATE 10
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3| 3Q25 CONSOLIDATED RESULTS PHYSICAL SALES AND OPERATING INCOME CONSOLIDATED OPERATING INCOME US$388 million +1% Q/Q 11 Operating Income (US$ mm) 3Q25 3Q24 QoQ Regulated Customers Sales 80 51 56% Unregulated Customers Sales 263 251 5% Energy and Capacity Sales 33 70 (52%) Other Operating Income 12 13 (4%) Total Operating Income 388 384 1% Sales Volume (GWh) 3Q25 3Q24 QoQ Regulated Clients 418 257 62% Unregulated Clients 2,304 2,276 1% Sales to the Spot Market 0 307 - Total Energy Sales 2,721 2,840 (4%) Sales Volume (GWh) 3Q25 3Q24 QoQ Regulated Clients 385 275 40% Unregulated Clients 419 371 13% Sales to the Spot Market 323 509 (37%) Total Energy Sales 1,126 1,155 (2%)
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TOTAL GENERATION & RAW MATERIALS AND CONSUMABLES USED COSTS CONSOLIDATED RAW MATERIALS AND CONSUMABLES USED COSTS US$219 million +27% Q/Q 12 3| 3Q25 CONSOLIDATED RESULTS * Variable Renewable Energy Generation (GWh) 3Q25 3Q24 QoQ Hydraulic 1,174 1,915 (39%) Thermal 520 677 (23%) VRE* 619 236 - Total Generation 2,313 2,828 (18%) Generation (GWh) 3Q25 3Q24 QoQ Thermal - Gas 1,153 1,181 (2%) Total Generation 1,153 1,181 (2%) Raw Materials and Consumables used 3Q25 3Q24 QoQ Transmission Tolls (45) (49) (9%) Energy and Cap. Purchases (64) (22) - Gas Consumption (81) (60) 34% Diesel Consumption (2) (1) 41% Coal Consumption (1) (19) (93%) Other Operating Expenses (27) (22) 22% Total (219) (173) 27%
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3| 3Q25 CONSOLIDATED RESULTS EBITDA COMPARISON CONSOLIDATED EBITDA US$127 million -25% Q/Q US$ million US$ million 13 147 104 22 17 9 69 21 2 0 50 100 150 3Q24 Spot Market Balance Gas Consumption Others Regulated Customers Sales Coal Consumption Unregulated Customers Sales 3Q25 23 23 7 3 9 1 1 0 10 20 30 40 3Q24 Regulated Customers Sales Unregulated Customers Sales Spot Market Balance Transmission Tolls Others 3Q25
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3| 3Q25 CONSOLIDATED RESULTS CONSOLIDATED NET INCOME CONSOLIDATED NET INCOME US$25 million -69% Q/Q 14 Non-Operating Income (Loss) 3Q25 3Q24 QoQ (US$ million) Financial Income 10 13 (20%) Financial Expenses (27) (17) 57% Exchange Rate Differences 1 3 (59%) Profit (Loss) of Companies 3 3 (4%) Other Profits (Losses) (19) (10) 92% Non-Operating Income (Loss) (32) (8) - Net Income (US$ million) 3Q25 3Q24 QoQ Profit (Loss) Before Taxes 30 108 (73%) Income Tax Expense (4) (25) (83%) Net Income 25 83 (69%)
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3| 3Q25 CONSOLIDATED RESULTS CONSOLIDA TED CASH FLOW OPERATING ACTIVITIES US$93 million FINANCING ACTIVITIES US$163 million INVESTMENT ACTIVITIES (US$94 million) US$788 million Beg. of 3Q25 US$949 million End of 3Q25 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