Earnings release
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1 Contact Information: 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Chg. 25 / 24 Revenues 7,348 7,181 7,278 0.9% 2.3% 21,937 21,797 0.6% EBIT 290 376 385 (24.6%) (22.8%) 1,099 1,299 (15.4%) EBITDA* 642 712 764 (15.9%) (9.8%) 2,131 2,378 (10.4%) Non operating income 28 (52) 199 (85.7%) 154.2% (158) (13) (1103.7%) Total profit 217 245 414 (47.5%) (11.4%) 692 971 (28.7%) Profit attributable to controllers 198 228 404 (51.0%) (13.2%) 635 920 (31.0%) Profit attributable to minority 19 17 10 91.4% 13.5% 57 51 11.6% EBITDA Margin 8.7% 9.9% 10.5% (16.7%) (11.9%) 9.7% 10.9% (11.0%) Net Debt / EBITDA 3.26 2.92 2.47 32.1% 11.6% 3.26 2.47 32.1% * EBITDA = Operating Income + Depreciation + Amortization + Fair value cost of timber harvested. Figures in US$ million Cristián Palacios Director of Finance and IR +562 24617042 cristian.palacios@empresascopec.cl Olivia Tafra Head of Finance & IR +562 24617015 olivia.tafra@empresascopec.cl Isidora Nario Senior Finance & IR Analyst +562 24617013 isidora.nario@empresascopec.cl Nicolás Carvallo Senior Finance & IR Analyst +562 24617046 nicolas.carvallo@empresascopec.cl EBITDA 3Q25 / 2Q25 3Q25 / 3Q24 2025 / 2024 Highlights Net Debt/ EBITDA Third Quarter 2025 Earnings Release November 6th, 2024 3Q25 Results Webcast Wednesday, November 12th, 2025 10:00 Hrs. EST (NY Time) 12:00 Hrs. Santiago Time Please register at investor.empresascopec.cl EBITDA in the 3Q25 was US$ 642 million, representing a decrease of 15.9% compared to the 3Q24, as a result of a drop in the income in the forestry sector, and of 9.8% compared to 2Q25, associated with the energy and forestry businesses. Profit reached US$ 198 million, representing a decline compared to the second quarter, explained by lower operating performance in the forestry sectors due to a decrease in pulp and panel prices, offset by an increase in the energy sector. Profit was lower by US$ 206 million, due to a decline in the results from the forestry sector, mainly caused by a decrease in pulp prices and the sale of forestry assets in Brasil. This was offset by improved performance at Copec, explained by an increase in volumes and higher industrial margins, and at Abastible, associated with Gasib’s incorporation. Profit was US$ 635 million, lower than that recorded in 2024, due to a drop in pulp prices and the sale of forestry assets in Brasil, which was partially offset by an improvement in energy, explained by growth in both sales volumes and industrial margin, and the consolidation of Gasib in Abastible. Arauco reports 25.7% progress on Sucuriú Project, issues the largest corporate bond in Chile's history and completed a US$2,200 million financing for the Sucuriú Project. Finally, initial work on the expansion of the Mina Justa mine begun in October. Leverage was 3.26x at the end of 3Q25, higher than the 2.47x and 2.92x reported in 3Q24 and 2Q25, respectively, reflecting a decrease in EBITDA for 12 months and an increase in the level of net financial debt. Investor Day Wednesday, November 19th, 2025 Time: 8:30 am – 12:30 pm Location: Club 50, El Golf 50, Las Condes, Santiago Please register at empresascopecinvestorday.cl
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SIMPLIFIED OWNERSHIP STRUCTURE HIGHLIGHTS 2 Arauco completes US$2,200 million financing for the Sucuriú Project On August 21, 2025, Arauco announced the successful closing of US$2.2 billion financing destined to the Sucuriú project. The allocation is divided into (i) a US$1.25 billion A/B loan co-led by IDB Invest and IFC, with the participation of eight commercial banks, and (ii) a US$970 million Export Credit Facility (ECA) guaranteed by Finnvera. The participation of multilaterals and an export credit agency enhances engagement on technical advisory on climate, social and value-chain matters. Sucuriú integrates biodiversity monitoring, clean energy generation, water stewardship, and responsible forest management. Channeling resources through a Socio- Environmental Strategic Plan that contributes to health, education, housing, conservation, all while aligning economic growth with environmental responsibility and social inclusion. Works on Mina Justa Subterránea begun in October Together with Breca Group and four years after starting operations, Alxar, Empresas Copec's mining branch, is preparing to begin construction on the expansion of Mina Justa. The copper project, located in the province of Nazca, Ica Region, Peru, will begin its transformation from an open-pit operation to an underground phase. “We are starting a new copper project for a large underground mine with an initial investment of over US$ 500 million,” said Juan Luis Kruger, CEO of Minsur, a company that belongs to Breca Group and owns 60 % of Marcobre. Progress in Sucuriu Project During the third quarter of 2025, the project reached a major milestone with the start of the mechanical erection phase. Overall progress closed September at 25.7%. Currently, around 6,000 workers are active on site, and more than 9 million work hours have been accumulated since the project’s start. Construction has advanced on the water and effluent treatment plan as well as the balance of plant (BoP). Mechanical erection works began in September, which includes pipe racks and boiler steel structures. Four main mechanical erection contractors have now been mobilized at the site. Additionally, construction also started on the turbogenerators building, cooling tower, and administrative facilities, marking the transition toward the installation phase of key industrial assets. On the logistic side, the major procurement inquiry for railway constriction is ongoing, and the first shipment of imported boiler parts successfully docked in Brazil. In addition, the chemical plant construction started during this quarter. Arauco issues the largest corporate bond in Chile's history Empresas Copec's forestry subsidiary, through a material fact sent to the Financial Market Commission (CMF for its Spanish acronym), reported the placement of a corporate bond for an amount of UF 20 million (Chile's inflation-indexed unit). This became the largest in Chile's history, reaching a demand of UF 35 million, equivalent to 1.75 times the offer. The AG Series bond was issued with an annual interest rate of 3.97%, equivalent to a spread of 168 basis points above the reference rate, maturing on January 5, 2058. This issue corresponds to the company's first sustainable hybrid bond, an instrument that, due to its structure, rating agencies will consider up to 50 % of the amount as “equity credit.” It should be noted that the bonds are subordinated to other financial obligations, allow for the deferral of interest payments at the company's discretion (in which case, it may not distribute dividends while deferred interest remains outstanding), and cannot be prepaid before October 5, 2032. The proceeds will be used for general corporate purposes, and Arauco will allocate an equivalent amount to green and/or social projects, in accordance with its Sustainable Financing Framework.
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3 ESG HIGHLIGHTS Las Salinas remediation process moves forward with the beginning of excavations The urban regeneration project in Viña del Mar took a new step forward with the official start of the operational phase in the South Section. This stage involves the necessary excavations of the land to collect the soil and form biopiles, a key technique in the bioremediation process that will allow the land to be decontaminated in a controlled and environmentally safe manner. During this phase, samples will be taken and the soil will be classified, separating clean material from that which requires treatment. Then, biopiles -mounds designed to harbor microorganisms present in the soil- will be installed to naturally degrade contaminants, allowing for progressive progress in the site's recovery. The South Section is expected to be completely remediated by the end of 2027, giving way to the treatment of the North Section in 2028. The real estate project involves an investment of US$1,300 million, the generation of nearly 70 thousand direct and indirect jobs, and the creation of a sustainable waterfront neighborhood with green areas, public spaces, stores, and mid-rise buildings. Copec Flux promotes the largest photovoltaic parking lot in the country Copec's subsidiary specializing in energy generation, storage, and management solutions led the implementation of Chile's largest solar parking lot together with Carozzi. It was recently inaugurated at the food company's industrial center in Nos and represents a tangible step forward in the integration of clean energy in this sector. With an area of almost 13 thousand square meters and 5,000 bifacial panels, the infrastructure allows direct and reflected solar radiation to be captured, increasing the efficiency of the system. It is expected to generate 3.94 GWh annually, equivalent to 5% of Carozzi's current energy consumption, which translates into a reduction of 1,555 tons of CO2 per year. The project, executed in three phases since April 2025, already has two operational stages and is expected to be completed in February 2026. In addition to the energy and environmental impact, the initiative improves working conditions by providing covered parking and bus stops for plant employees. Sustainable Fitch Confirms Allocation and Impact of Empresas Copec’s First Green Bond The review was conducted by Sustainable Fitch, which in its “Allocation and Impact Report” concluded that the first green bond issued by the Company is aligned with its Sustainable Financing Framework. The analysis covered two bond series issued in October 2024, totaling CLF 4,000,000 (USD 163 million). The report confirmed that 100% of the proceeds were allocated to eligible green projects. The financed categories include renewable energy, energy efficiency, and clean transportation, with impact metrics such as avoided emissions, energy savings, energy generation and storage capacity, and the number of charging stations installed. Furthermore, the assessment highlighted that the funded initiatives contribute to the United Nations Sustainable Development Goals (SDGs) 7, 9, 11, and 13, reinforcing Empresas Copec’s commitment to sustainability and responsible investment practices.
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CONSOLIDATED RESULTS 4 Income Statement 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Chg. 25 / 24 Revenues 7,348 7,181 7,278 0.9% 2.3% 21,937 21,797 0.6% Cost of sales (6,312) (6,115) (6,138) (2.8%) (3.2%) (18,663) (18,350) (1.7%) Administration & distribution expenses (746) (690) (755) 1.3% (8.1%) (2,175) (2,148) (1.3%) Operating Income 290 376 385 (24.6%) (22.8%) 1,099 1,299 (15.4%) Other income 133 64 345 (61.3%) 107.3% 236 426 (44.7%) Other expenses (52) (43) (89) 41.8% (20.4%) (162) (226) 28.2% Other gains (losses) (1) 1 1 (271.0%) (168.8%) (4) (5) 25.7% Financial cost (157) (154) (166) 5.2% (2.0%) (461) (489) 5.7% Financial revenues 32 33 43 (25.7%) (2.8%) 97 125 (22.9%) Share of profits of associates 90 78 65 38.1% 14.8% 224 197 13.3% Foreign exchange differences (9) (20) 7 (235.4%) 54.5% (51) (15) (244.9%) Other results (8) (12) (6) (25.8%) 36.9% (36) (27) (33.8%) Non Operational income 28 (52) 199 (85.7%) 154.2% (158) (13) (1103.7%) Income tax expense (101) (78) (169) 40.2% (29.0%) (249) (315) 21.1% Total profit 217 245 414 (47.5%) (11.4%) 692 971 (28.7%) Profit attributable to controllers 198 228 404 (51.0%) (13.2%) 635 920 (31.0%) Profit attributable to minority 19 17 10 91.4% 13.5% 57 51 11.6% EBIT 290 376 385 (24.6%) (22.8%) 1,099 1,299 (15.4%) Depreciation & Amortization, and adjustments 265 255 256 3.6% 4.2% 780 739 5.6% Fair value cost of timber harvested 87 82 123 (29.5%) 6.0% 252 340 (26.0%) EBITDA 642 712 764 (15.9%) (9.8%) 2,131 2,378 (10.4%) Figures in US$ million 3Q25 / 3Q24. Net income attributable to owners of the controlling interest, net of minority interests, reached US$ 198 million, which is US$ 206 million lower than the result recorded in the second quarter of 2024. This is explained by a decrease of US$ 95 million and US$ 171 million in operating income and non operating income, respectively. In the forestry sector, Arauco recorded a decline in its operating income, mainly due to a decrease in pulp prices. This was partially offset by an increase in volumes and lower unit sales costs for pulp, coupled with higher prices for panels and sawn timber. The increase in operating income in energy is explained by an improvement in Copec Chile and Terpel, as a result of higher sales volumes, a higher industrial margin and a less unfavorable inventory revaluation effect. Meanwhile, Abastible reported higher operating income due to the consolidation of its new subsidiary Gasib, which operates in Spain and Portugal. Gross profit fell by 9.2%, reaching US$ 1.034 billion. This was mainly contributed by the subsidiaries Copec, with US$ 510 million; Arauco, with US$ 350 million; Abastible, with US$ 154 million; Igemar, with US$ 11 million; and Sonacol, with US$ 14 million. Non-operating income fell compared to the previous year, due to a decline in other income due to the sale of forestry assets in Brasil, together with unfavorable exchange rate differences.
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474 -9 155 59 -31 166 228 288 404 191 208 228 198 Quarterly Net Income 5 *Figures in US$ millions 937 668 616 432 598 655 844 770 764 638 776 712 642 Quarterly EBITDA 3Q25 / 2Q25. Profit fell by US$ 30 million compared to the previous quarter, mainly due to lower operating income, which was partially offset by an increase in non-operating income. The forestry sector recorded a decrease in EBITDA of 16.6%, as a result of lower pulp prices and lower volumes of panels and sawn timber. This was partially offset by higher pulp volumes and higher prices for panels and sawn timber. The energy sector decreased its EBITDA by 1.5% measured in dollars, explained by Copec Chile, associated with an increase in distribution costs, partially offset by a higher industrial margin and a less unfavorable inventory revaluation. Non-operating income was favorable, due to an increase in other income and gains from related companies and joint ventures, mainly from an expansion in the results of Mina Justa and Metrogas. 2025 / 2024. Income attributable to owners of the controlling company, net of minority interests, reached US$ 635 million, down US$ 285 million compared to the result recorded in September 2024. This is explained by a US$ 200 million decrease in operating income and a more unfavorable non-operating income of US$ 145 million. In the forestry sector, Arauco recorded a decline in its operating income, mainly due to a drop in pulp prices. This was partially offset by higher volumes and lower unit costs of pulp, coupled with an increase in panel and sawn timber prices. The higher operating income in energy is explained by an improvement at Copec Chile, as a result of higher sales volumes, together with a favorable industrial margin, partially offset by a negative inventory revaluation effect. Meanwhile, Abastible reported higher operating income compared to the previous year, mainly due to the consolidation of its new subsidiary Gasib. In addition, there was improved performance in its operations in Colombia and Ecuador. Gross profit lowered 5.0%, reaching US$ 3.274 billion. This was mainly contributed by the subsidiaries Copec, with US$ 1.527 billion; Arauco, with US$ 1.210 billion; Abastible, with US$ 446 million; Igemar, with US$ 53 million; and Sonacol, with US$ 39 million. Non-operating income dropped compared to the previous year, due to lower other income by function, associated with the sale of Arauco's forestry assets in Brazil during the third quarter of 2024, partially offset by a decrease in other expenses by function.
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6 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Var 25 / 24 EBITDA Forestry 296 355 463 (36.1%) (16.6%) 1,016 1,355 (25.0%) Energy 353 358 311 13.5% (1.5%) 1,114 993 12.2% Copec 263 274 231 14.0% (4.0%) 861 795 8.3% Abastible 73 68 65 12.6% 8.3% 206 158 30.7% Sonacol 17 17 15 9.9% (0.7%) 48 41 16.6% Fishing (1) 4 (4) 73.7% (121.6%) 16 47 (66.6%) Others (5) (5) (6) 14.7% (10.4%) (15) (16) (7.3%) TOTAL 642 712 764 (15.9%) (9.8%) 2,131 2,378 (10.4%) CAPEX Forestry 907 482 258 251.4% 88.4% 1,795 887 102.4% Energy 135 93 87 54.9% 44.6% 305 338 (9.7%) Fishing 30 11 3 1,075.9% 281.5% 34 21 64.7% Others 2 6 (0) 4,642.9% (60.7%) 10 1 - TOTAL 1,074 591 348 208.9% 81.7% 2,144 1,246 72.1% Figures in US$ million 764 642 42 3 1 167 3Q 24 Energy Fishing Others Forestry 3Q 25 EBITDA change by business (3Q 25 v/s 3Q 24) (MMUS$) 712 642 59 5 5 1 2Q 25 Forestry Energy Fishing Others 3Q 25 EBITDA change by business (3Q 25 v/s 2Q 25) (MMUS$) 2,378 2,131 121 1 31 338 Accum 24 Energy Others Fishing Forestry Accum 25 EBITDA change by business (Accum 25 v/s Accum 24) (MMUS$)
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7 ARAUCO *Includes Plywood Changes 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 / 24 Volume Pulp 8.5% 9.8% 5.5% Panels (6.0%) 1.0% (2.8%) Sawn timber* (10.1%) (3.4%) (6.0%) Prices Pulp (24.1%) (8.5%) (16.0%) Panels 2.9% (1.4%) 2.9% Sawn timber* 6.0% 0.2% 6.0% ARAUCO 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Chg. 25 / 24 Sales 1,510 1,525 1,695 (10.9%) (0.9%) 4,567 4,885 (6.5%) Pulp** 739 742 891 (17.1%) (0.5%) 2,282 2,558 (10.8%) Wood Products** 771 782 804 (4.1%) (1.4%) 2,284 2,326 (1.8%) EBITDA* 296 355 463 (36.1%) (16.6%) 1,016 1,355 (25.0%) EBIT 43 117 177 (75.6%) (63.1%) 276 534 (48.3%) Non operating income (11) (85) 190 (105.9%) 86.8% (245) (19) (1208.8%) Net income (0) 16 231 (100.0%) (100.0%) (10) 372 (102.7%) Figures in US$ million . *Adj. EBITDA informed by Arauco was US$ 281 million for 3Q25, US$ 383 million for 2Q25 and US$ 748 million for 3Q24. Adj. EBITDA = Net Income + fin. costs - fin. income + tax + dep & amort + fair value cost of timber harvested - gain from changes in biological assets + exchange rate differences **Includes energy sales. 3Q25 / 3Q24. Arauco reported a loss of US$ 0 million as of September 2025, which compares unfavorably with the US$ 231 million gain for the same period in 2024. This is explained by a drop in operating and non-operating income of US$ 134 million and US$ 201 million, respectively. Consolidated revenues were down by 10.9%, reflecting lower sales of pulp. These dropped 17.1%, as a result of a decrease in pulp prices of 24.1%, partially offset by an increase in volumes sold of 8.5%. Meanwhile, revenues from the wood products business fell by 4.1%, as a result of a drop in volumes for panels and sawn timber of 6.0% and 10.1%, respectively. On the other hand, there were drops in unit sales costs for bleached hardwood and softwood, unbleached softwood and dissolving pulp of 7.6%, 13.4%, 4.8%, and 14.9%, respectively. There was a decline in non-operating income as a result of lower other income due to the sale of forestry assets in the same period of last year, and unfavorable exchange rate differences. Market situation Pulp Consolidated revenues decreased compared to the same period last year, due to lower prices, although this was offset by an increase in volumes. Overall, hardwood prices rebounded at the end of the third quarter of 2025, despite the fact that oversupply persists in all markets. In addition, global inventory levels increased between June and August, due to seasonal summer demand in the northern hemisphere. In China, demand has remained stable amid oversupply of pulp and paper capacity. A local producer resumed operations after several months of plant shutdowns, adding pressure to the market. The printing and writing paper industry continues to experience significant oversupply, which has prevented an increase in prices for these products, while the tissue industry has remained stable. In terms of prices, softwood recorded a slight decrease throughout the third quarter of 2025, while hardwood showed growth towards the end of the period. In Europe, the third quarter of 2025 showed a slight recovery in demand for pulp and an increase in hardwood prices towards the end of the period. Customers showed greater interest in securing volumes in response to signs of a price rebound. The printing and writing paper industry continues to face difficulties, and producers have reduced their production in order to sustain prices. In addition, there has been an increase in tissue imports from Brazil, especially to the United Kingdom, along with higher imports of printing and writing papers, specialty papers, and packaging from China. The tissue industry showed a slight improvement towards the end of the quarter, following a period of low demand associated with seasonal factors. The dissolving pulp market remained stable for most of the third quarter of 2025, despite the oversupply of viscose and lyocell. There was an increase in the price gap between pulp for paper and pulp for textiles, which encouraged greater use of the former in production processes.
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8 1,169 1,378 492 146 1,185 1,298 503 130 1,075 1,306 486 124 Pulp (th ton) Panels (th m3) Sawn Timber (th m3) Plywood (th m3) Production by Business 3Q 24 2Q 25 3Q 25 1,058 1,370 463 139 1,046 1,274 420 140 1,148 1,287 413 128 Pulp (th ton) Panels (th m3) Sawn Timber (th m3) Plywood (th m3) Sales Volumes by Business 3Q 24 2Q 25 3Q 25 3Q25 / 2Q25. Arauco recorded a loss of US$ 0 million, representing a decrease compared to the previous quarter, as a result of lower operating income. EBITDA decreased, explained by a drop of 8.5% and 1.4% in pulp and panels prices, and volumes of sawn timber of 3.4%. This was offset by an increase in pulp and panels volumes of 9.8% and 1.0%. Meanwhile, unit sales costs for bleached softwood and unbleached softwood decreased by 4.4% and 7.6%, respectively, while bleached hardwood and dissolving pulp increased by 1.1% and 13.3%, respectively. Non-operating income improved by US$ 74 million due to an increase in other income and a less unfavorable exchange rate difference. 2025 / 2024. Arauco recorded a loss of US$ 10 million as of September 30, 2025, which compares unfavorably with the profit of US$ 372 million for the same period of 2024. This is explained by a decline in operating and non-operating income of US$ 258 million and US$ 227 million, respectively. Consolidated revenues as of September 30, 2025, went down 6.5%, reflecting lower sales in pulp and timber products. Sales in the pulp business decreased 10.8%, due to a 16.0% drop in prices, partially offset by a 5.5% increase in sales volumes. Meanwhile, revenues from the timber business fell by 1.8%, as a result of a decline in panel and sawn timber volumes of 2.8% and 6.0%, respectively. On the other hand, there were decreases in unit sales costs for bleached softwood and hardwood, unbleached softwood and dissolving pulp of 8.1%, 2.2%, 6.0% and 5.5%. Non-operating income was lower than in the previous year, due to lower other income associated with the sale of forestry assets in Brazil during the third quarter of 2024, and an unfavorable exchange rate effect. Wood products Sawn timber and remanufacturing During the third quarter of 2025, sales volumes were lower than in the previous year. Production also declined due to the closure of a sawmill in Chile, which accounted for approximately 15% of Arauco's production. In addition, markets have shown weak demand, affected by slower economic growth, reduced construction activity, instability arising from geopolitical factors, and uncertainty associated with changes in tariffs imposed by the United States. In remanufacturing, the market remains weak in terms of demand, with high inventory levels at destination and oversupply, coupled by uncertainty generated by US tariffs. Plywood Volumes remained at similar levels to those recorded in the same period last year. However, during the third quarter, there were declines in sales, mainly due to lower production caused by supply problems and reduced activity in some markets. Panels (MDF, PB, Melamines) In panels, sales volumes were lower than in the same period of 2024, mainly affected by lower demand in some markets linked to construction and home improvement. On the other hand, other markets in the region showed a recovery in sales compared to the previous year.
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* 9 COPEC COPEC CONSOLIDATED (Including Terpel & Mapco) 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Chg. 25 / 24 Revenues* 5,033,793 4,752,240 4,749,001 6.0% 5.9% 14,862,691 14,532,776 2.3% EBITDA* 254,784 255,961 214,806 18.6% (0.5%) 822,608 745,340 10.4% EBIT* 195,915 199,781 153,735 27.4% (1.9%) 651,206 577,644 12.7% Non operating income* (23,713) (29,447) (37,002) 35.9% 19.5% (85,397) (132,261) 35.4% Net income 99,045 115,940 73,170 35.4% (14.6%) 362,394 281,496 28.7% COPEC CHILE 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Chg. 25 / 24 Revenues 2,720,257 2,643,241 2,685,125 1.3% 2.9% 8,260,121 8,208,602 0.6% EBITDA 140,131 158,178 110,897 26.4% (11.4%) 510,125 419,656 21.6% EBIT 102,940 122,514 72,593 41.8% (16.0%) 402,303 320,517 25.5% Non operating income 849 (6,070) (10,161) 108.4% 114.0% (18,136) (35,397) 48.8% Net income 57,630 79,933 38,070 51.4% (27.9%) 246,565 181,907 35.5% Copec Chile physical sales (thousand of m3) 2,840 2,816 2,692 5.5% 0.8% 8,553 8,031 6.5% Gas stations channel 1,603 1,622 1,603 (0.0%) (1.2%) 4,920 4,797 2.6% Industrial channel 1,237 1,194 1,089 13.6% 3.6% 3,633 3,234 12.3% Copec Chile market share 58.0% 59.0% 58.7% (1.1%) (1.6%) 58.8% 58.3% 0.7% EBITDA Blue Express* 5,681 6,343 2,575 120.6% (10.4%) 16,409 15,327 7.1% *This Ebitda is included in the EBITDA of Copec Chile TERPEL 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Chg. 25 / 24 Revenues 9,664,300 9,348,350 9,075,108 6.5% 3.4% 28,493,786 26,838,030 6.2% EBITDA 479,428 433,391 455,615 5.2% 10.6% 1,347,628 1,380,959 (2.4%) EBIT 388,911 342,459 355,297 9.5% 13.6% 1,073,170 1,089,616 (1.5%) Non operating income (102,869) (103,620) (117,888) 12.7% 0.7% (290,380) (411,476) 29.4% Net income Profit attributable to controllers 173,391 159,572 153,354 13.1% 8.7% 499,842 421,036 18.7% Profit attributable to minority interest 8.4 12.0 8.5 (1.9%) (30.2%) 30.6 24.5 24.9% Terpel physical sales (thousand of m3) 2,937 2,842 2,791 5.2% 3.3% 8,610 8,363 3.0% Colombia 2,252 2,158 2,127 5.8% 4.3% 6,584 6,326 4.1% Panama 238 235 229 4.2% 1.3% 706 750 (5.8%) Ecuador 303 308 294 3.0% (1.7%) 904 889 1.7% Dominican Republic 53 50 62 (14.2%) 5.0% 159 187 (14.8%) Peru 91 90 80 14.4% 1.5% 257 211 21.6% Gazel VNG physical sales (thousand of m3) 54 55 58 (7.5%) (2.1%) 162 171 (5.3%) Colombia 46 44 47 (2.0%) 3.1% 132 137 (3.8%) Peru 8 11 11 (29.7%) (23.9%) 30 34 (11.5%) Figures in millions of Colombian pesos Figures in millions of Chilean pesos Figures in millions of Chilean pesos 3Q25 / 3Q24. Copec recorded a profit of Ch$ 99.045 billion, higher than the Ch$ 73.170 billion reported in September of 2024, explained by higher operating and non-operating income Consolidated EBITDA reached Ch$ 254.784 billion, representing an increase of 18.6% over the previous year, as a result of growth at Copec Chile and Terpel. EBITDA in Chile increased by 26.4%, totaling Ch$ 140.131 billion, due to a growth in volumes sold of 5.5%, explained by an increase of 13.6% for the industrial channel, in addition to a positive inventory revaluation effect and a higher industrial margin. Terpel's EBITDA in local currency increased by 5.2% compared to the previous year, mainly due to strong performance in lubricants and higher sales volumes, which grew by 5.2% in consolidated terms, explained by increases of 14.4% in Peru, 5.8% in Colombia, 4.2% in Panama, and 3.0% in Ecuador, offset by a decrease of 14.2% in the Dominican Republic. In the VNG business, there were declines of 2.0% and 29.7% in volumes in Colombia and Peru, respectively. Meanwhile, consolidated non-operating income for Copec was favorable by 35.9%, as a result of higher other expenses and lower financial costs.
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* 10 3Q25 / 2Q25. Income was lower by Ch$ 16.896 billion, as a result of a drop in operating income. EBITDA fell by Ch$ 1.177 billion, explained by an increase in distribution costs, partially offset by a higher industrial margin and a less unfavorable inventory revaluation effect in Chile and Colombia. Volumes increased 0.8% in Chile, due to a 3.6% growth in the industrial channel, offset by a decrease of 1.2% in the gas station channel. Meanwhile, Terpel saw a 3.3% hike, due to increases of 1.5%, 4.3%, 5.0%, and 1.3% in Peru, Colombia, the Dominican Republic, and Panama, respectively, offset by a decrease of 1.7% in Ecuador. Non-operating income expanded by Ch$ 5.734 billion, reflecting a decrease in financial costs and higher income from adjustment units, partially offset by lower financial income. 2025 / 2024. Copec recorded a profit of Ch$ 362.394 billion, higher than the Ch$ 281.496 billion reported at the end of September 2024, explained by higher operating and non-operating income. Consolidated EBITDA reached Ch$ 822.608 billion, representing an increase of 10.4% over the previous year, due to a rise in Copec Chile, partially offset by lower income in Terpel. In Chile, EBITDA expanded by 21.6%, totaling Ch$ 510.125 billion, mainly due to a favorable industrial margin and a 6.5% growth in volumes sold, explained by an increase of 12.3% in the industrial channel and 2.6% in gas stations. These effects were partially offset by a negative inventory revaluation effect. Terpel's EBITDA in local currency decreased by 2.4% compared to the previous year, mainly due to a negative inventory revaluation effect, offset by higher performance on lubricants. Meanwhile, volumes grew by 3.0% in consolidated terms, explained by increases of 4.1% in Colombia, 1.7% in Ecuador, and 21.6% in Peru, offset by a decrease of 5.8% in Panama and 14.8% in the Dominican Republic. In the VNG business, there was a 3.8% and 11.5% drop in volumes in Colombia and Peru, respectively. Meanwhile, consolidated non-operating income at Copec was favorable by 35.4%, due to better exchange rate differences and lower financial costs.
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11 ABASTIBLE ABASTIBLE CONS. (Includes Chile, Colombia, Perú, Ecuador, Spain and Portugal) 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Chg. 25 / 24 Sales 484,942 501,096 393,345 23.3% (3.2%) 1,473,215 1,096,087 34.4% EBITDA 69,045 64,095 60,584 14.0% 7.7% 196,853 147,462 33.5% EBIT 43,290 39,693 40,201 7.7% 9.1% 121,736 98,515 23.6% Non operating income (8,942) (6,727) (5,521) (62.0%) (32.9%) (25,348) (13,563) (86.9%) Net income 18,897 15,613 27,128 (30.3%) 21.0% 52,694 51,627 2.1% ABASTIBLE CHILE 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Chg. 25 / 24 Sales 177,588 184,655 175,976 0.9% (3.8%) 504,092 476,781 5.7% EBITDA 26,920 23,528 30,758 (12.5%) 14.4% 65,794 68,938 (4.6%) Abastible Chile LPG physical sales (thousand of tons) 152 157 159 (4.7%) (3.3%) 434 442 (1.9%) COLGAS (Colombia) Sales 316,428 312,569 255,088 24.0% 1.2% 945,728 716,617 32.0% EBITDA 53,953 47,269 54,332 (0.7%) 14.1% 154,284 120,596 27.9% Colgas Colombia LPG physical sales (thousand of tons) 70 67 64 8.7% 4.4% 201 184 9.0% SOLGAS (Perú) 3T 25 2T 25 3T 24 3T25 / 3T24 3T25 / 2T25 Acum 25 Acum 24 Var 25 / 24 Sales 430,458 464,791 487,225 (11.7%) (7.4%) 1,371,422 1,347,471 1.8% EBITDA 41,180 50,957 62,325 (33.9%) (19.2%) 138,849 155,002 (10.4%) Solgas Perú LPG physical sales (thousand of tons) 148 143 137 8.4% 3.7% 419 373 12.4% DURAGAS (Ecuador) 3T 25 2T 25 3T 24 3T25 / 3T24 3T25 / 2T25 Acum 25 Acum 24 Var 25 / 24 Sales 53.6 52.4 41.3 29.7% 2.3% 152.5 121.6 25.4% EBITDA 6.3 4.9 3.9 60.4% 28.4% 16.0 11.8 35.0% Duragas Ecuador LPG physical sales (thousand of tons) 176 164 154 14.2% 7.4% 491 444 10.7% GASIB (Spain and Portugal) 3T 25 2T 25 3T 24 3T25 / 3T24 3T25 / 2T25 Acum 25 Acum 24 Var 25 / 24 Sales 56.5 70.9 - - (20.3%) 229.5 - - EBITDA 10.0 11.9 - - (15.9%) 41.0 - - Gasib Spain and Portugal LPG physical sales (thousand of tons) 45 54 45 (0.5%) (16.7%) 179 - - * Figures in EUR million. * Figures in million colombian pesos. * Figures in thousand peruvian soles. * Figures in US$ million. * Figures in million chilean pesos. * Figures in million chilean pesos. 3Q25 / 3Q24. Abastible reported a profit of Ch$ 18.897 billion, which represents a decrease compared to the Ch$ 27.128 billion recorded the previous year. This is due to higher tax expenses and a more negative non-operating income, partially offset by a higher operating income. On a consolidated basis, EBITDA increased by 14.0%, reaching Ch$ 69.045 billion. There were hikes in EBITDA from operations in Ecuador of 60.4%, offset by decreases in Colombia, Chile, and Peru of 0.7%, 12.5%, and 33.9%, respectively. Also noteworthy is the contribution of the new subsidiary, Gasib, which operates in Spain and Portugal. Liquefied gas volumes in Colombia, Peru, and Ecuador increased by 8.7%, 8.4%, and 14.2% compared to the previous year, totaling 70 thousand, 148 thousand, and 176 thousand tons, respectively, compensated by a drop in Chile of 3,3%, totaling 159 thousand. Meanwhile Gasib's sales volume reached 45 thousand tons. Non-operating income fell by Ch$ 3.421 billion on a consolidated basis, due to higher net financial costs. 3Q25 / 2Q25. Abastible recorded higher profit of Ch$ 3.284 billion, due to higher operating income and lower tax expenses, partially offset by a decline in non-operating income. Operating income increased by Ch$ 3.597 billion, as a result of growth in volumes sold in Peru, Ecuador, and Colombia of 3.7%, 7.4%, and 4.4%, offset by a decline in volumes in Iberia and Chile of 16.7% and 3.3%, respectively. Non-operating income decreased by Ch$ 2.215 billion, due to higher financial expenses and other losses. 2025 / 2024. Abastible recorded a profit of Ch$ 52.694 billion, representing an increase compared to the Ch$ 51.627 billion recorded in the previous year. This is due to higher operating income, mainly associated with the consolidation of Gasib, partially offset by a more unfavorable non-operating income. EBITDA increased 33.5%, reaching Ch$ 195.853 billion. There were increases in EBITDA from operations in Colombia and Ecuador, of 27.9% and 35.0%, respectively, offset by decreases in Chile and Peru, of 4.6% and 10.4%. In addition, the contribution of the new subsidiary operating in Spain and Portugal is noteworthy. As of September 2025, liquefied gas volumes in Colombia, Peru, and Ecuador increased by 9.0%, 12.4% and 10.7% compared to the previous year, totaling 201 thosuand, 419 thousand y 491 thousand tons, respectively. Meanwhile, Chile recorded a decrease of 1.9%, totaling 434 thousand tons. Gasib's sales volume reached 179 thousand tons.
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PESQUERA IQUIQUE-GUANAYE (IGEMAR) 12 IGEMAR CONSOLIDATED 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Chg. 25 / 24 Sales 108.3 134.4 68.9 57.2% (19.4%) 360.7 314.1 14.8% EBITDA (0.9) 4.4 (3.6) 73.7% (121.6%) 15.5 46.5 (66.6%) EBIT (10.6) (2.9) (6.4) (64.5%) (267.8%) (9.4) 29.7 (131.7%) Non operating income (10.8) (9.9) (30.7) 64.7% (9.9%) (28.3) (47.9) 40.9% Net income (11.0) (7.0) (24.1) 54.3% (57.5%) (19.7) (14.6) (35.1%) Physical sales Fishmeal (tons) 10,798 23,505 13,043 (17.2%) (54.1%) 50,388 45,966 9.6% Fish Oil (tons) 5,596 3,387 1,432 290.6% 65.2% 12,141 9,121 33.1% Canned Fish (cases) 643,180 535,802 376,180 71.0% 20.0% 1,886,436 1,666,899 13.2% Frozen Fish (tons) 16,260 18,628 4,632 251.0% (12.7%) 53,514 22,227 140.8% Total fish processed (tons) 20,511 99,868 14,752 39.0% (79.5%) 270,433 233,240 15.9% *Ebitda = Operating Income + Depreciation + Amortization Figures in US$ million 3Q25 / 3Q24. Igemar recorded a loss attributable to owners of the controlling interest of US$ 11.0 million, which compares favorably with the loss of US$ 24.1 million reported during the previous year. There was a decline in operating income, partially offset by less unfavorable non-operating income. A total of 5.6 thousand tons of fish oil, 643 thousand cases of canned fish and 16.2 thousand tons of frozen fish were sold, representing increases of 290.6%, 71.0% and 251.0% compared to September 2024. On the other hand, 10.8 thousand tons of fishmeal were sold, representing a decrease of 17.2%. During the period, drops in the prices of fishmeal, fish oil, canned fish, and frozen fish were observed of 5.2%, 46.5%, 13.6% and 10.7%, respectively. Total processed fish reached 20 thousand tons, 39.0% more than at the end of the third quarter of 2024. Regarding related companies, Corpesca posted a profit of US$ 4.9 million, which compares positively with the loss of US$ 4.4 million reported in the same period last year. Meanwhile, Caleta Vitor recorded a profit of US$ 10.5 million, which compares favorably with the profit of US$ 0.3 million at the end of September 2024. 3Q25 / 2Q25. Income was lower by US$ 4.0 million, as a result of lower operating and non-operating income. The decrease in operating income is explained by a drop in sales volumes of fishmeal and frozen fish by 54.1% and 12.7%, offset by higher sales volumes of fish oil and canned products of 65.2% and 20.0%. In addition, there were increases of 5.3%, 6.8%, and 20.0% in the prices of fishmeal, fish oil, and frozen fish, respectively, while the price of canned products decreased by 1.3%. 2025 / 2024. Igemar recorded a loss attributable to owners of controlling interest of US$ 19.7 million, which compares unfavorably with the loss of US$ 14.6 million, reported during the previous year. This is due to lower operating income, partially offset by higher non-operating income. During the period, there were decreases in the prices of fishmeal, fish oil, canned fish, and frozen fish of 16.4%, 52.6%, 2.2% y 3.1%, respectively. A total of 12.1 thousand tons of fish oil, 50.4 thousand tons of fishmeal, 1.886 million cases of canned goods, and 53.5 thousand tons of frozen products were sold, representing increases of 33.1%, 9.6%, 13.2% and 140.8% compared to September 2024, respectively. Total processed fisheries reached 270 thousand tons, 15.9% more tan at the end of the third quarter of 2024. Regarding related companies, Corpesca recorded a profit of US$ 3.2 million, which positively compares with the loss of US$ 2.8 million reported in the same period of the previous year. Meanwhile, Caleta Vitor recorded a profit of US$ 13.3 million, which positively compares with the loss of US$ 5.9 million at the end of September 2024.
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13 Net income from other affiliates and associates 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Accum 25 Accum 24 Chg. 25 / 24 Sonacol* 9,342 7,866 7,699 21.3% 18.8% 23,641 19,340 22.2% Metrogas* 38,811 32,235 39,454 (1.6%) 20.4% 91,959 220,075 (58.2%) Agesa 33.5 17.1 61.5 (45.5%) 96.3% 71.0 91.1 (22.1%) Corpesca 4.9 (0.4) (4.4) 210.7% 1448.4% 3.2 (2.8) 217.3% Caleta Vitor 10.5 1.4 0.3 2920.7% 626.0% 13.3 (5.9) 324.5% * Figures in million Chilean pesos. Figures in US$ million CUMBRES ANDINAS 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 3Q25 / 2Q25 Acum 25 Acum 24 Var 25 / 24 Sales 338 345 242 39.3% (2.2%) 1,015 738 37.5% EBITDA 236 225 175 35.2% 5.0% 678 478 41.9% Net income 137 139 83 65.5% (0.9%) 391 218 79.8% Physical sales 31 33 26 21.7% (5.0%) 96 78 23.2% Cathodes (kT) 11 9 8 40.2% 20.6% 29 24 17.5% Concentrates (kT) 20 24 18 13.7% (14.8%) 67 54 25.8% Treated Ore (kT) 4,863 4,504 4,077 19.3% 8.0% 13,664 12,176 12.2% Cash-cost (C1) (US$/lb) 1.3 1.3 1.6 (18.1%) 1.6% 1.3 1.6 (19.6%) Figures in US$ million *Ebitda = Operating Income + Depreciation + Amortization OTHER AFFILIATES Sonacol 3Q25 / 3Q24. Profit increased by Ch$ 1.643 billion, due to an increase in operating income. 2025 / 2024. Profit reached Ch$ 23.641 billion, higher than the Ch$ 19.340 billion recorded at the end of September 2024. This is explained by an increase in operating income, resulting from higher volumes transported, offset by a decline in non-operating income. It should be noted that Sonacol is currently classified as "assets held for sale" in Empresas Copec's balance sheet. RELATED COMPANIES Metrogas and AGESA 3Q25 / 3Q24. Metrogas reported a profit of Ch$ 38.811 billion, lower than the Ch$ 39.454 billion recorded at the end of the third quarter of 2024, due to lower non-operating income. Agesa recorded a drop in profit of US$ 28 million, associated with a decline in operating income. 2025 / 2024. Metrogas reported a profit of Ch$ 91.959 billion, which compares negatively with the profit of Ch$ 220.075 billion recorded at the end of the third quarter of 2024, which is explained by lower operating and non-operating income, associated with a decline in volumes and higher financial costs, together with favorable effects recorded in 2024 due to the update of the provision for lawsuits. Agesa, meanwhile, achieved a profit of US$ 71.0 million, down from US$ 91.1 million in the previous year. Cumbres Andinas (Mina Justa) Marcobre is the owner of Mina Justa. The company that owns Marcobre is Cumbres Andinas, which has Minsur as shareholder with a 60% interest and Alxar Internacional, a subsidiary 100% owned by Empresas Copec, with the remaining 40%. 3Q25 / 3Q24. Cumbres Andinas posted a profit of US$ 137 million, which compares favorably with the US$ 83 million reported in the same period last year, explained by a 21.7% increase in sales volumes, reaching 31 thousand tons of copper, with 20 thousand tons of concentrates and 11 thousand tons of cathodes. In turn, the material processed was 4.8 million tons, higher than the 4.0 million tons reported the previous year. The average cash cost for the period reached 1.3 US$/lb, which represents an improvement over the 1.6 US$/lb of the previous year. 2025 / 2024. Cumbres Andinas recorded an increase in its profit and EBITDA of 79.8% and 41.9%, respectively, mainly due to a 23.2% growth in sales volumes and a 19.6% drop in cash costs.
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14 CASH FLOW STATEMENT sept-25 sept-24 Chg. 25 / 24 Cash flow s from (used in) operating activities 1,387 1,733 (20.0%) Cash flow s from (used in) investing activities (2,157) (170) (1,168.2%) Cash flow s from (used in) financing activities 683 (1,233) 155.4% Net increase (decrease) in cash and cash equivalents (87) 330 (126.3%) Figures in million US$ Simplified Balance Sheet Statement Sep-25 Dec-24 Chg. 25 / 24 Current assets 8,827 8,466 4.3% Non-current assets 22,539 20,015 12.6% TOTAL ASSETS 31,367 28,482 10.1% Short term financial debt 1,342 1,326 1.2% Other current liabilities 2,749 2,662 3.3% Total current liabilities 4,091 3,988 2.6% Long term financial debt 10,369 8,845 17.2% Other non-current liabilities 2,288 2,159 6.0% Total non-current liabilities 12,657 11,004 15.0% TOTAL LIABILITIES 16,748 14,992 11.7% Non-controlling interests 577 529 9.0% Shareholder's Equity 14,042 12,960 8.3% TOTAL EQUITY 14,619 13,489 8.4% Leverage* 0.62 0.58 6.4% Net financial debt 9,021 7,825 15.3% ROCE** 9.0% 9.9% (0.9%) * Leverage = Net financial debt / Total equity ** ROCE = (Anualized EBIT + Gain from changes in fair value of biological assets + Financial income) / (Total current assets - Total current liabilities + Non-current biological assets + Property, Plant and Equipment - Net non-current assets classified as held for sale) Figures in US$ million CONSOLIDATED BALANCE SHEET ANALYSIS As of September 30, 2025, consolidated current assets increased 4,3% compared to those existing as of December 31, 2024. This is mainly explained by higher current financial assets at the Parent Company and Arauco, and an increase in inventories at Arauco and Copec. This was partially offset by lower accounts receivable and other current receivables at Arauco. Non-current assets grew by 12.6% compared to the end of 2024, mainly due to an increase in property, plant, and equipment at Copec and Arauco, the latter associated with the Sucuriú project in Brazil. There was also an increase in other non-current financial and non-financial assets at Arauco. Meanwhile, total current liabilities were higher compared to the end of 2024. There was an increase in trade payables and other payables at Copec, offset by lower non-financial liabilities at Arauco and the Parent Company. Also, non-current liabilities increased by 15.0%, reflecting a growth in other non-current financial liabilities at Arauco related to the progress of the Sucuriú project, along with an increase in non- current lease liabilities at Copec and Arauco. All in all, the Company's equity expanded 8.4% compared to December 31, 2023, mainly due to higher retained earnings, coupled with an increase in other reserves. CASH FLOW STATEMENT ANALYSIS Operating cash flow at the end of September 2025 decreased compared to the same period last year, due to lower collections from sales of goods and services at Arauco and Copec, higher dividends paid by the Parent Company, and an increase in payments to employees at Arauco, Copec, and Abastible. On the other hand, investment cash flow showed higher net cash outflows compared to the third quarter of 2024. This is mainly explained by higher purchases of property, plant, and equipment associated with the Sucuriú project, together with lower cash flows from the loss of control of subsidiaries in Arauco. Cash flow from financing activities shows lower net cash outflows, mainly due to a decrease in loan payments by Arauco and the Parent Company, and higher amounts from long-term loans in Arauco.
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15 3.44 4.01 4.60 4.57 4.16 3.62 2.79 2.16 2.09 1.95 1.92 1.99 2.37 2.81 3.58 4.03 3.86 3.33 3.03 2.47 2.59 2.78 2.92 3.26 Net Debt / EBITDA Bank Debt 23.9% Bonds 61.4% Others 14.7% Debt by Type US Dollar 48.6% Chilean Pesos 1.6% Chilean UF 30.7% Colombian Pesos 6.9% Others 12.3% Debt by Currency EC Holding 11,4% Arauco 68,9% Copec 13,6% Abastible 2,6% Igemar 3,5% Debt by Company 2,690 615 1,530 1,224 632 890 1,115 163 943 232 136 338 85 3,796 290 253 308 262 223 268 387 267 55 765 528 424 302 220 1.6% 1.4% 2.1% 2.3% 1.8% 1.3% 2.5% 2.3% 0.4% 7.2% 5.7% 4.3% 3.7%2.5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividend distribution and Dividend Yield* Figures in US$ million Dividends (MM USD) Dividend Yield Financial Debt Maturities Figures in US$ million BREAKDOWN AND DEBT INDICATORS Total financial debt: US$ 11,710 million Cash and cash equivalents: US$ 2,690 million Net debt : US$ 9,020 million *Dividend Yield is calculated based on dividends paid per calendar year, market value and exchange rate at the end of each period **The dividends indicated correspond to those paid by Empresas Copec during the calendar year *** As of September 2025 International risk rating Fitch Ratings BBB / negative outlook Standard and Poor’s BBB / negative outlook Local risk rating Feller-Rate AA / stable outlook / 1ª Class Level 1 Fitch Ratings AA / negative outlook / 1ª Class Level 1
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Breakdown by country 16 Chile Colombia USA/Canada Panama Argentina Brazil Uruguay Ecuador Dominican Republic Peru México Spain Others Total Revenues 11,958,054 5,495,460 781,171 587,380 405,510 383,716 346,123 667,324 135,056 780,349 135,336 232,789 28,391 21,936,659 Non current assets 13,811,543 989,856 781,761 291,847 693,358 2,961,160 1,764,270 94,010 3,364 464,936 339,501 340,292 3,455 22,539,353 Others include Portugal. Figures in thousand US$ Figures as of September 2025 Arauco Copec Abastible Sonacol Igemar Others* Subtotal Elimin. Total Revenues from external clients 4,565,591 15,447,545 1,529,390 33,351 360,425 357 21,936,659 - 21,936,659 Revenues between segments - 94,000 11,340 31,554 287 885 138,066 (138,066) - - - - - - - - - - Interest Income 45,354 24,540 5,753 277 420 53,935 130,279 (33,509) 96,770 Interest Expense (298,266) (112,606) (28,109) (2,227) (19,633) (33,938) (494,779) 33,509 (461,270) Interest expense, net (252,912) (88,066) (22,356) (1,950) (19,213) 19,997 (364,500) - (364,500) Income (loss) from the reporting segment (10,274) 424,794 64,769 24,713 (27,090) 214,938 691,850 - 691,850 EBIT 275,869 681,820 127,201 39,354 (9,404) (16,107) 1,098,733 - 1,098,733 Depreciation 480,352 142,077 62,166 - 22,879 377 707,851 - 707,851 Amortization 8,583 36,816 16,449 - 2,066 464 64,378 - 64,378 Fair value cost of timber harvested 251,568 - - - - - 251,568 - 251,568 EBITDA 1,016,372 860,713 205,816 39,354 15,541 (15,266) 2,122,530 8,194 2,130,724 Share in income (loss) of associates (6,082) 2,355 1,301 - 2,644 774,118 774,336 (550,676) 223,660 Income (expense) from income taxes (40,829) (166,672) (35,920) (9,369) 10,656 (6,371) (248,505) - (248,505) Investments by segment Payments for acq. prop., plant and equip. 1,119,207 171,265 76,785 15,040 16,193 9,665 1,408,155 - 1,408,155 Acquisition other long term assets 656,647 - - - - - 656,647 - 656,647 Payments for acq. affiliates and associates 12,394 25,526 - - 18,000 - 55,920 - 55,920 Purchase of intangible assets 6,574 12,750 3,552 - - - 22,876 - 22,876 Other Payments for Investments Total investments 1,794,822 209,541 80,337 15,040 34,193 9,665 2,143,598 - 2,143,598 Country of origin of operating revenue Operating revenues - local (chile) 2,541,436 8,632,581 527,961 64,905 327,995 1,242 12,096,120 (138,066) 11,958,054 Operating revenues - foreign (foreign companies) 2,024,155 6,908,964 1,012,769 - 32,717 - 9,978,605 - 9,978,605 Total operating revenues 4,565,591 15,541,545 1,540,730 64,905 360,712 1,242 22,074,725 (138,066) 21,936,659 Assets by segment 19,931,480 6,750,529 1,719,291 241,692 940,536 1,783,050 31,366,578 - 31,366,578 Equity method investments 448,794 10,414 10,804 - 238,549 14,258,901 14,967,462 (13,283,629) 1,683,833 Liabilities by segments 10,729,403 4,213,634 1,165,217 157,445 504,293 1,580,101 18,350,093 (1,602,202) 16,747,891 Country of origin of non-current assets Chile 9,226,327 2,194,797 493,345 - 668,953 1,228,121 13,811,543 - 13,811,543 Foreign 6,400,237 1,432,443 894,896 - 234 - 8,727,810 - 8,727,810 Total non current assets 15,626,564 3,627,240 1,388,241 - 669,187 1,228,121 22,539,353 - 22,539,353 *Includes Alxar, Empresas Copec parent company and others Figures in thousand US$ BREAKDOWN BY OPERATING SEGMENTS (Accumulated as of September 2025)
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Breakdown by country 17 Figures as of September 2024 Arauco Copec Abastible Sonacol Igemar Others* Subtotal Elimin. Total Revenues from external clients 4,883,814 15,410,218 1,160,893 28,808 313,344 - 21,797,077 - 21,797,077 Revenues between segments 701 101,059 9,167 27,445 756 1,055 140,183 (140,183) - Interest Income 52,835 28,338 2,781 288 331 59,224 143,797 (18,359) 125,438 Interest Expense (305,974) (134,920) (13,259) (3,837) (16,484) (32,954) (507,428) 18,359 (489,069) Interest expense, net (253,139) (106,582) (10,478) (3,549) (16,153) 26,270 (363,631) - (363,631) - - - - - - - - - Income (loss) from the reporting segment 371,491 337,224 63,496 20,660 (17,531) 195,345 970,685 - 970,685 EBIT 533,726 613,881 105,292 33,504 29,712 (17,178) 1,298,937 - 1,298,937 Depreciation 471,110 138,640 41,840 - 14,845 315 666,750 - 666,750 Amortization 10,167 42,048 10,389 - 1,954 403 64,961 - 64,961 Fair value cost of timber harvested 339,861 - - - - - 339,861 - 339,861 EBITDA 1,354,864 794,569 157,521 33,504 46,511 (16,460) 2,370,509 7,276 2,377,785 - - - - - - - - - Share in income (loss) of associates (15,913) 2,210 1,302 - (8,191) 995,289 974,697 (777,268) 197,429 Income (expense) from income taxes (143,491) (135,617) (27,273) (7,716) 693 (1,637) (315,041) (53) (315,094) Investments by segment Payments for acq. prop., plant and equip. 497,779 243,704 42,694 10,051 20,761 42 815,031 - 815,031 Acquisition other long term assets 281,426 - - - - - 281,426 - 281,426 Payments for acq. affiliates and associates 104,131 31,591 - - - 519 136,241 - 136,241 Purchase of intangible assets 3,295 9,005 766 - - - 13,066 - 13,066 Total investments 886,631 284,300 43,460 10,051 20,761 561 1,245,764 - 1,245,764 Country of origin of operating revenue Operating revenues - local (chile) 2,753,760 8,758,740 509,184 56,253 314,100 1,055 12,393,092 (140,183) 12,252,909 Operating revenues - foreign (foreign companies) 2,130,755 6,752,537 660,876 - - - 9,544,168 - 9,544,168 Total operating revenues 4,884,515 15,511,277 1,170,060 56,253 314,100 1,055 21,937,260 (140,183) 21,797,077 Assets by segment 17,627,882 6,354,361 1,347,968 248,566 932,682 1,735,685 28,247,144 - 28,247,144 Equity method investments 429,711 10,202 8,719 - 246,612 13,175,714 13,870,958 (12,235,238) 1,635,720 Liabilities by segments 9,134,693 3,890,710 843,971 168,653 441,793 1,816,673 16,296,493 (1,789,275) 14,507,218 Country of origin of non-current assets Chile 9,122,492 2,115,128 515,430 - 631,937 1,167,788 13,552,775 - 13,552,775 Foreign 4,343,662 1,345,575 491,976 - - - 6,181,213 - 6,181,213 Total non current assets 13,466,154 3,460,703 1,007,406 - 631,937 1,167,788 19,733,988 - 19,733,988 Figures in thousand US$ *Includes Alxar, Empresas Copec parent company and others Chile Colombia USA/Canada Panama Argentina Brazil Uruguay Ecuador Dominican Republic Peru Mexico Spain Others Total Revenues 12,252,909 5,182,642 786,587 673,841 364,114 469,479 380,515 613,773 172,883 762,737 137,597 - - 21,797,077 Non current assets 13,552,775 878,524 673,622 293,721 619,614 1,105,514 1,748,033 66,098 4,426 475,338 199,601 29,974 86,748 19,733,988 Others include Germany, Australia and Israel. Figures in thousand US$ BREAKDOWN BY OPERATING SEGMENTS (Accumulated as of September 2024)
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FINANCIAL STATEMENTS 18 STATEMENT OF COMPREHENSIVE INCOME BY FUNCTION Sep-25 Sep-24 Chg. 25 / 24 Revenue 21,936,659 21,797,077 0.6% Cost of sales (18,662,654) (18,349,882) 1.7% Gross profit 3,274,005 3,447,195 (5.0%) Other income 235,652 426,209 (44.7%) Distribution costs (1,237,454) (1,201,147) 3.0% Administrative expenses (937,818) (947,111) (1.0%) Other expense (162,329) (226,116) (28.2%) Other gains (losses) (4,057) (5,457) (25.7%) Finance income 96,770 125,438 (22.9%) Financial costs (461,270) (489,069) (5.7%) Share of profit (loss) of associates and joint ventures accounted for using equity method 223,660 197,429 13.3% Foreign exchange differences (50,898) (14,756) 244.9% Gains (losses) on net monetary position (35,906) (26,836) 33.8% Profit (loss) before tax 940,355 1,285,779 (26.9%) Income tax expense (248,505) (315,094) (21.1%) Profit (loss) from continuing operations 691,850 970,685 (28.7%) Profit (loss) from discontinued operations 0 0 Profit (loss) 691,850 970,685 (28.7%) Profit (loss), attributable to Profit (loss), attributable to owners of parent 635,057 919,815 (31.0%) Profit (loss), attributable to non-controlling interests 56,793 50,870 11.6% Total profit (loss) 691,850 970,685 (28.7%) Figures in thousand US$
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FINANCIAL STATEMENTS 19 STATEMENT OF COMPREHENSIVE INCOME Sep-25 Sep-24 Chg. 25 / 24 Profit (loss) 691,850 970,685 (28.7%) Other comprehensive income, before tax, gains (losses) on revaluation (1,188) (1,320) 10.0% Other comprehensive income, before tax, actuarial gain (losses) to defined benefit plans 0 0 Other Comprehensive Income, before tax, gains (losses) from remeasurements of defined benefit plans 0 0 - Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profile, before tax 5,329 (211) 2625.6% Other comprehensive income that will not be reclassified to profile 4,141 (1,531) 370.5% Components of other comprehensive income, before tax 0 0 - Exchange differences on translation 0 0 - Gains (losses) on exchange differences on translation, before tax 283,833 312,838 (9.3%) Reclassification adjustments on exchange differences on translation, before tax 0 0 - Other comprehensive income, before tax, exchange differences on translation 283,833 312,838 (9.3%) Gains (losses) from remeasurements of assets at fair value through other comprehensive income, before tax. 0 0 - Other comprehensive income, before tax, available-for-sale financial assets 0 0 - Cash flow hedges 0 0 - Gains (losses) on cash flow hedges, before tax 487,555 13,369 3,546.9% Reclassification adjustments on cash flow hedges, before tax 0 (2,916) 100.0% Adjustments for amounts transferred to initial carrying amount of hedged items 0 0 - Other comprehensive income, before tax, cash flow hedges 487,555 10,453 4,564.3% Other comprehensive income, before tax, gains (losses) from investments in equity instruments (1,645) (10,904) 84.9% Other comprehensive income, before tax, gains (losses) on revaluation (1,188) (1,320) 10.0% Other comprehensive income, before tax, actuarial gains (losses) on defined benefit plans (1,911) (629) (203.8%) Share of other comprehensive income of associates and joint ventures accounted for using equity method (21) 0 - Other comprehensive income, before tax 766,623 310,438 146.9% Income tax relating to defined benefit plans of other comprehensive income 0 0 - Income tax relating to components of other comprehensive income 0 (135,171) 100.0% Income tax relating to exchange differences on translation of other comprehensive income 652 (1,857) 135.1% Income tax relating to investments in equity instruments of other comprehensive income 0 0 - Income tax relating to available-for-sale financial assets of other comprehensive income 0 0 - Income tax relating to cash flow hedges of other comprehensive income (127,738) (652) (19,491.7%) Income tax relating to changes in revaluation surplus of other comprehensive income 0 0 - Income tax relating to defined benefit plans of other comprehensive income (992) 329 (401.5%) Reclassification adjustments on income tax relating to components of other comprehensive income 0 0 - Aggregated income tax relating to components of other comprehensive income (128,078) (137,351) 6.8% Other comprehensive income 642,686 171,556 274.6% Total comprehensive income 1,334,536 1,142,241 16.8% Comprehensive income, attributable to owners of parent 1,264,739 1,118,417 13.1% Comprehensive income, attributable to non-controlling interests 70,906 25,012 183.5% Figures in thousand US$
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20 FINANCIAL STATEMENTS BALANCE SHEET - ASSETS Sep-25 Dec-24 Chg. 25 / 24 Assets Current assets Cash and cash equivalents 2,051,627 2,070,930 (0.9%) Other current financial assets 638,011 275,710 131.4% Other current non-financial assets 312,548 319,172 (2.1%) Trade and other receivables, current 2,326,460 2,463,674 (5.6%) Trade and other current receivables 6,451 16,481 (60.9%) Inventories 2,722,222 2,443,187 11.4% Current biological assets 314,460 315,500 (0.3%) Current tax assets 155,986 184,645 (15.5%) Total current assets other than assets or disposal groups classified as held for sale or as held for distribution to owners 8,527,765 8,089,299 5.4% Non-current assets or disposal groups classified as held for sale 299,460 377,176 (20.6%) Total current assets 8,827,225 8,466,475 4.3% Non-current assets Other non-current financial assets 379,399 121,301 212.8% Other non-current non-financial assets 706,161 191,436 268.9% Non-current rights receivables 157,342 117,109 34.4% Non-current receivables to related parties 3,778 3,684 2.6% Investments accounted for using equity method 1,683,833 1,498,859 12.3% Intangible assets other than goodwill 634,202 616,440 2.9% Goodwill 463,930 420,212 10.4% Property, plant and equipment 13,933,858 12,851,035 8.4% Assets by right of use 1,434,211 1,235,687 16.1% Non-current biological assets 2,906,984 2,747,894 5.8% Investment property 22,195 22,686 (2.2%) Deferred tax assets 213,460 188,722 13.1% Total non-current assets 22,539,353 20,015,065 12.6% Total assets 31,366,578 28,481,540 10.1% Figures in thousand US$
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21 FINANCIAL STATEMENTS BALANCE SHEET - LIABILITIES AND EQUITY Sep-25 Dec-24 Chg. 25 / 24 Current liabilities Other current financial libilities 1,198,387 1,202,884 (0.4%) Liabilities on current leasings 143,302 122,967 16.5% Trade and other current payables 2,160,796 1,961,446 10.2% Other current payables to related parties 13,615 8,917 52.7% Other short-term provisions 14,378 13,889 3.5% Current tax liabilities 121,384 146,145 (16.9%) Current provisions for employee benefits 13,624 17,016 (19.9%) Other current financial liabilities 268,195 291,454 (8.0%) Total current liabilities other than liabilities included in disposal groups classified as held for sale 3,933,681 3,764,718 4.5% Liabilities included in disposal groups classified as held for sale 157,445 223,225 (29.5%) Total current liabilities 4,091,126 3,987,943 2.6% Non-current liabilities Other non-current financial liabilities 9,014,830 7,759,801 16.2% Liabilities on non current leasings 1,353,887 1,085,573 24.7% Other non-current accounts payable 56,386 38,061 48.1% Non-current liabilities 50,537 56,099 (9.9%) Other long-term provisions 51,956 54,792 (5.2%) Current tax liabilities, non current 3,765 0 0.0% Deferred tax liabilities 1,913,835 1,805,942 6.0% Non-current provisions for employee benefits 140,021 134,843 3.8% Other non-current non-financial liabilities 71,548 69,210 3.4% Total non-current liabilities 12,656,765 11,004,321 15.0% Total liabilities 16,747,891 14,992,264 11.7% Issued capital 686,114 686,114 0.0% Retained earnings 14,346,871 13,898,831 3.2% Other reserves (991,465) (1,625,017) (39.0%) Equity attributable to owners of parent 14,041,520 12,959,928 8.3% Non-controlling interests 577,167 529,348 9.0% Total equity 14,618,687 13,489,276 8.4% Total equity and liabilities 31,366,578 28,481,540 10.1% Figures in thousand US$
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22 FINANCIAL STATEMENTS STATEMENT OF CASH FLOWS Sep-25 Sep-24 Chg. 25 / 24 Cash flows from (used in) operating activities Classes of cash receipts from operating activities Receipts from sales of goods and rendering of services 24,270,102 24,346,809 (0.3%) Receipts from royalties, fees, commissions and other revenue 0 0 Receipts from premiums and claims, annuities and other policy benefits 0 0 Receipts from leasing and subsequent sale of those assets 27,078 16,900 60.2% Other cash receipts from operating activities 710,945 789,181 (9.9%) Payments to suppliers for goods and services (21,530,233) (21,499,513) (0.1%) Payments to and on behalf of employees (1,023,807) (915,071) (11.9%) Payments for premiums and claims, annuities and other policy benefits 0 0 Payments from manufacturing or acquiring assets to lease to others and subsequently sale 0 (2,158) 100.0% Other cash payments from operating activities (339,490) (370,121) 8.3% Dividends paid (259,769) (164,465) (57.9%) Dividends received 98,807 90,168 9.6% Interest paid (379,981) (410,306) 7.4% Interest received 79,069 103,650 (23.7%) Income taxes refund (paid) (273,942) (262,151) (4.5%) Other inflow s (outflow s) of cash 7,881 9,741 (19.1%) Net cash flows from (used in) operating activities 1,386,660 1,732,664 (20.0%) Figures in thousand US$
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23 FINANCIAL STATEMENTS STATEMENT OF CASH FLOWS (continuation) Sep-25 Sep-24 Chg. 25 / 24 Cash flows from (used in) investing activities Cash flow s from losing control of subsidiaries or other businesses 1,249 956,201 (99.9%) Cash flow s used in obtaining control of subsidiaries or other businesses (30,157) (81,564) 63.0% Cash flow s used in the purchase of non-controlling interests (13,369) (26,184) 48.9% Other cash receipts from sales of equity or debt instruments of other entities 1,052 6,108 (82.8%) Other cash payments to acquire equity or debt instruments of other entities (9,902) (26,526) 62.7% Other cash receipts from sales of interests in joint ventures 0 0 Other cash payments to acquire interests in joint ventures (2,492) (1,967) (26.7%) Loans to related parties 0 (5,500) 100.0% Proceeds from sales of property, plant and equipment 58,170 25,530 127.8% Purchase of property, plant and equipment (1,408,155) (815,031) (72.8%) Proceeds from sales of intangible assets 2,514 13 19,238.5% Purchase of intangible assets (22,876) (13,066) (75.1%) Proceeds from other long-term assets 565 6,879 (91.8%) Purchase of other long-term assets (656,647) (281,426) (133.3%) Cash advances and loans made to other parties 0 44 (100.0%) Cash receipts from repayment of advances and loans made to other parties 271 17 1,494.1% Cash payments for future contracts, forw ard contracts, option contracts and sw ap contracts 0 0 Cash receipts from future contracts, forw ard contracts, option contracts and sw ap contracts 1,913 26,021 (92.6%) Cash receipts from related parties 1,391 1,259 10.5% Income taxes refund (paid) 0 127 (100.0%) Other inflow s (outflow s) of cash (80,401) 58,985 (236.3%) Net cash flows from (used in) investing activities (2,156,874) (170,080) (1,168.2%) Figures in thousand US$
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24 FINANCIAL STATEMENTS STATEMENT OF CASH FLOWS (continuation) Sep-25 Sep-24 Chg. 25 / 24 Cash flow s from (used in) financing activities Payments for changes in ow nership interests in subsidiaries that do not result in a loss of control 0 0 Proceeds from issuing shares 0 996 (100.0%) Proceeds from issuing other equity instruments 0 553 (100.0%) Payments to acquire or redeem entity's shares 0 0 Payments of other equity instruments (769) 0 Proceeds from long term borrow ings 1,277,331 191,752 566.1% Proceeds from short term borrow ings 649,804 1,369,819 (52.6%) Proceeds from borrowings 1,927,135 1,561,571 23.4% Loans from related parties 0 3,747 (100.0%) Payments of borrow ings (1,040,429) (2,654,530) 60.8% Payments of finance lease liabilities 0 0 Payments of lease liabilities (117,211) (145,615) 19.5% Loan payments to related parties 0 0 Proceeds from government grants 0 0 Dividends paid 0 0 Interest paid 0 0 Income taxes refund (paid) 0 0 Other inflow s (outflow s) of cash (86,034) 231 (37,344.2%) Net cash flows from (used in) financing activities 683,461 (1,233,047) 155.4% Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (86,753) 329,537 (126.3%) Effect of exchange rate changes on cash and cash equivalents 68,219 (29,622) 330.3% Net increase (decrease) in cash and cash equivalents (18,534) 299,915 (106.2%) Cash and cash equivalents at beginning of period 2,070,930 1,580,187 31.1% Cash and cash equivalents at end of period 2,052,396 1,880,102 9.2% Figures in thousand US$
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Figures in millions of dollars 25 925 711 514 532 610 800 824 835 1,090 650 792 796 698 Adjusted EBITDA 3Q 25 2Q 25 3Q 24 3Q25 / 3Q24 Accum 25 Accum 24 Chg. 25 / 24 Net Income 217 245 414 (47.5%) 692 971 (28.7%) (-)Financial Costs (157) (154) (166) (5.2%) (461) (489) (5.7%) (-) Financial Income 32 33 43 (25.7%) 97 125 (22.9%) (-) Income Tax (101) (78) (169) (40.2%) (249) (315) (21.1%) (+) Depr & Amort 268 258 258 3.6% 786 745 5.6% (+) Fair value cost of timber harvested 87 82 123 (29.5%) 252 340 (26.0%) (-) Gain from changes in fair value of biological assets 116 16 5 2453.7% 147 30 386.7% (-) Exchange rate differences (9) (20) 7 (235.4%) (51) (15) 244.9% (-) Others* (5) (9) (8) (42.3%) (36) (23) 53.6% Adjusted EBITDA** 698 797 1,084 (35.6%) 2,282 2,741 (16.8%) The main difference betw een the Adjusted EBITDA and the EBITDA 3Q24 is the sale of forestry assets in Brasil of US$ 313,6 millions. *3Q25 includes provision from forestry fires and provision from property, plants and equipment, and others. 2Q25 includes impairment of goodw ill and property, plant, and equipment. 3Q24 includes impairment of goodw ill and property, plant and equipment, and obsolescence of materials and supplies. Figures in US$ million ANNEX Adjusted EBITDA Calculation As of the first quarter of 2013, Empresas Copec presents an alternative Ebitda calculation, which has been called "Adjusted Ebitda". This methodology, adopted by the subsidiary Arauco in 2012 has the advantage of including profits from related companies. These may be especially relevant for Empresas Copec, given the importance that some of these may acquire. The calculation of adjusted EBITDA is as follows: Compared to traditional calculated EBITDA (EBITDA = Operating Income + Depreciation + Amortization + Fair value cost of timber harvested), differences may arise given the calculation methodologies.