Earnings release
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Earnings Repo rt Second Quarter 2025 1 Earnings Report on the Consolidated Financial Statements For the period ended June 30, 2025 In thousands of US dollars Information about conference call: On August 6, 2025 3:00 PM Chile – 3:00 PM EDT the Company will present its 2Q2025 results. Please use the following link to join the call: SMSAAM2Q2025INVESTORCONFERENCECALL The financial information to be presented will be available at www.saam.com in the Investors section. A Q&A feature will be available during the presentation to submit questions, which w ill be answered at the end. Sociedad Matriz SAAM S.A. EARNINGS REPORT FOR Sociedad Matriz SAAM S.A.
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Earnings Repo rt Second Quarter 2025 2 Santiago, August 1, 2025 For the second quarter of 2025, the company reported net income of US$40.1 million, compared to net income of US$31.0 million for the same period in 2024. Net operating income showed significant improvement, growing 26% to US$47.9 million. “The first half of the year showed good progress in revenue, operating results and EBITDA, thanks to contract renewals and increased special services, together with improvements in operational indicators,” summarized CEO Macario Valdés. He added, “We have performed well, even in a volatile environment, which demonstrates our company’s stability.” Consolidated sales for the quarter reached US$154.1 million, a 7% rise over the same period last year, while EBITDA was US$50.9 million, or 7% higher. Milestones during the quarter include: Towage Division: • Receipt and start -up of the tug , Trapananda, the first 100% electric tugboat in Latin America. • New contracts in Brazil and Peru. Air Logistics Division: • Improved operating results despite lower activity in our markets. Ticker: SMSAAM Santiago Exchange Price (06/30/2025) CLP 119.50 Price (01/01/2025) CLP 105.68 Market Cap (06/30/2025) MUS$1,243 LTM Share Trends (07/01/2024 – 06/30/2025) Investor Relations Contact ir@saam.cl Base 100. Indexes consider reinvestment of dividends. 90 100 110 120 130 140 IPSA Index SM SAAM - Dividend Adjusted Price
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EARNINGS REPORT Second Quarter 2025 3 Summary of Consolidated Results 2Q25 2Q24 Δ% Δ 1H25 1H24 Δ% Δ Revenue (Th US$) 154,050 143,322 7% 10,728 302,108 283,565 7% 18,543 Towage 129,076 119,623 8% 9,453 252,177 236,440 7% 15,737 Air logistics 24,819 23,429 6% 1,390 49,570 46,603 6% 2,967 Other and eliminations 155 270 -43% -115 361 522 -31% -161 EBIT (Th US$) 24,114 20,840 16% 3,274 47,893 37,988 26% 9,905 Towage 23,459 20,131 17% 3,328 44,856 36,123 24% 8,733 Air logistics 4,576 3,975 15% 601 9,769 7,448 31% 2,321 Other and eliminations -3,921 -3,266 0% -655 -6,732 -5,583 0% -1,149 EBITDA (Th US$) 50,857 47,574 7% 3,283 100,295 90,178 11% 10,117 Towage 45,629 42,203 8% 3,426 88,239 79,020 12% 9,219 Air logistics 8,953 8,412 6% 541 18,406 16,283 13% 2,123 Other and eliminations -3,725 -3,041 0% -684 -6,350 -5,125 0% -1,225 Net income attributable to owners of the parent company (Th US$) 21,789 9,013 142% 12,776 40,074 31,033 29% 9,041 Towage 22,706 8,630 163% 14,076 40,733 19,844 105% 20,889 Air logistics 1,912 1,221 57% 691 3,923 5,878 -33% -1,955 Other and eliminations -2,829 -838 -238% -1,991 -4,582 5,311 0% -9,893
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EARNINGS REPORT Second Quarter 2025 4 Contents CONSOLIDATED FINANCIAL SUMMARY...…….……………………………………………………………………………………………………. 6 CONSOLIDATED BALANCE SHEET..…….…………………………………………………………………………………………………………….. 8 CASH FLOWS..…….…………………………………………………………………………………………………………… ………………………. .. 9 FINANCIAL POSITION..…….…………………………………………………………………………………………………………… ………………. 10 CONSOLIDATED RESULTS..…….……………………………………………………………………………………………………… ………..…….. 1 0 MARKET ANALYSIS…………...…………………………………………………………………………………………………………………… ……. 1 4 RISK FACTORS…………………………………………………………………………………................................................................... ......... 1 4 FINANCIAL INDICATORS ........................................................................................................ ............................................................ 1 6
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EARNINGS REPORT Second Quarter 2025 5 Earnings Analysis Towage Air Logistics
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EARNINGS REPORT Second Quarter 2025 6 Summary of Consolidated Financial Results Second Quarter Results Second quarter revenue reached US$154.1 million, an increase of US$10.7 million (+7%) compared to the same period last year, explained mainly by sales growth in the Towage (+8%) and Air Logistics (+6%) segments. Cost of sales increased by US$6.8 million (+7%) compared to the second quarter of 2024, reaching US$107.9 million, because of increases in the Towage (+8%) and Air Logistics (+1%) segments. Meanwhile, administrative expenses for the quarter rose US$699 thousand (+3%) versus the same period in 2024, reaching US$22.1 million. The variation , attributable to an increase in the Air Logistics and Other and eliminations segments, was partially offset by a slight reduction in Towage. EBITDA increased by US $3.3 million (+7%) compared to the second quarter of 2024, reaching US $50.9 million, as a result of the improved performance in the Towage (+US $3.4 million) and Air Logistics (+US $541 thousand) segments, which were partially offset by a decrease in the Other and eliminations segment ( -US$684 thousand). Thus, the EBITDA margin fell to 33.0%, a slight drop from the previous year (33.2%). The company’s share of net income from associates was US$551 thousand for the period, compared to US $328 thousand for the same quarter last year. This variation is entirely explained by stronger results from the associate Transbordadora Austral Broom. The company reported non-operating income of US $1.0 million for the quarter, compared to US $1.6 million for the same quarter last year. This lower result is mainly explained by lower net financial income recorded in the second quarter of 2025 compared to the same period in 2024, though a gain in foreign exchange differences partially offset the figure. Meanwhile, the income tax expense of US$2.7 million compared positively to the expense of US $13.6 million for the same period last year. This lower expense is mainly explained by a gain in deferred taxes associated with the appreciation of local currencies against the US dollar that was recorded during the quarter. (Losses were recorded as a result of currency depreciation in the same quarter last year.) With all of the above, net income attributable to the owners of the parent company was US $21.8 million, up US $12.8 million from the second quarter of 2024. Results for 1H2 5 For the six months ended in June, revenue reached US $302.1 million, an increase of US $18.5 million (+7%) compared to the same period last year, primarily reflecting sales growth in the Towage (+7%) and Air Logistics (+6%) segments. Cost of sales increased by US $8.7 million (+4%) compared to the first half of 2024, reaching US $209.5 million, because of increases in the Towage (+5%) and Air Logistics (+1%) segments. Administrative expenses for the first half of the year remained stable at US $44.7 million (+0%). Increases in the Air Logistics and Other and eliminations segments offset the Towage segment reduction. Consolidated Income Statement (Th US$) 2Q25 2Q24 Δ% Δ 1H25 1H24 Δ% Δ Revenue 154,050 143,322 7% 10,728 302,108 283,565 7% 18,543 Cost of sales -107,883 -101,128 7% -6,755 -209,512 -200,818 4% -8,694 Administrative expenses -22,053 -21,354 3% -699 -44,703 -44,759 0% 56 Net operating income 24,114 20,840 16% 3,274 47,893 37,988 26% 9,905 Depreciation & amortization 26,743 26,734 0% 9 52,402 52,190 0% 212 EBITDA 50,857 47,574 7% 3,283 100,295 90,178 11% 10,117 EBITDA Mg 33.0% 33.2% -0.2% 33.2% 31.8% 1.4% Share of net income (loss) of associates 551 328 68% 223 1,911 1,482 29% 429 Non-operating results 1,039 1,582 -34% -543 -991 14,766 -15,757 Taxes -2,737 -13,588 10,851 -6,943 -22,681 15,738 Net income from Continuing Operations 22,967 9,162 151% 13,805 41,870 31,555 33% 10,315 Minority interest 1,178 149 691% 1,029 1,796 522 244% 1,274 Net income attributable to owner of the parent company21,789 9,013 142% 12,776 40,074 31,033 29% 9,041
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EARNINGS REPORT Second Quarter 2025 7 EBITDA was up US $10.1 million (+11%) compared to the first half of 2024, reaching US $100.3 million, thanks to improved performance in the Towage (+US $9.2 million) and Air Logistics (+US $2.1 million) segments, which were partially offset by a decrease in the Other and eliminations segment ( -US$1.2 million). Thus, the EBITDA margin reached 33.2%, 140 basis points higher than in the same period of 2024. The company’s share of net income from associates was US $1.9 million for the period, signifying an increase (+29%) from the US $429 thousand recorded in the first half of 2024. This variation is explained by stronger results from the associate Transbordadora Austral Broom. The company reported a non-operating loss and taxes of US$991 thousand as of June, compared to the gain of US $14.8 million for the same period last year. This lower result reflects an extraordinary gain from the sale of real estate in the first quarter of 2024 and low er net financial income due to reduced cash availability, after dividend and income tax payments made during 2024, which were al so impacted by a lower interest rate. The tax expense is lower than the previous year’s due to the gain in deferred taxes associated with the appreciation of local currencies against the US dollar. As a result, net income attributable to owners of the parent company was US $40.1 million, an Increase of US $9.0 million with respect to the first half of 2024.
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EARNINGS REPORT Second Quarter 2025 8 Consolidated Balance Sheet SM SAAM’s total assets amounted to US $1,828.1 million, up US $43.4 million with respect to December 2024 (+2%). Current assets reached US$695.1 million, up US$15.9 million (+2%) compared to year -end 2024, thanks primarily to the increase in trade and other receivables of US$14.1 million, which was partially offset by the reduction in cash and cash equivalents ( -US$3.7 million). Th e reduction reflects the payment of dividends and income taxes, which was partially offset by the revenue generated during the period and bank loans to refinance certain obligations paid in late 2024. Total liabilities were up US$49.4 million compared to December 2024 (+7%), while current liabilities climbed US$24.1 million to US$193.7 million (+14%), reflecting dividend payments and debt prepayments . Non-current liabilities increased by US $25.3 million (+5%) to US $527.7 million, mainly due to the bank loans mentioned above, partially offset by deferred tax effects associated with local currencies appreciating against the US dollar (presentation currency). As of June 30, 2025, equity totaled US $1,106.8 million. The decrease of US $6.0 million ( -1%) compared to December 31, 2024 is primarily attributable to lower retained earnings. Balance (Th US$) 06-30-2025 12-31-2024 Δ% Δ Cash and cash equivalents 483,275 486,968 -1% -3,693 Other current assets 201,897 182,553 11% 19,344 Disposable assets classified as held for sale and discontinued operations 9,924 9,684 2% 240 Current assets 695,096 679,205 2% 15,891 Property, plant & equipment (net) 856,763 842,365 2% 14,398 Other non-current assets 276,248 263,130 5% 13,118 Non-curent assets 1,133,011 1,105,495 2% 27,516 Total Assets 1,828,107 1,784,700 2% 43,407 Other current financial liabilities 88,418 69,793 27% 18,625 Other current liabilities 105,233 99,784 5% 5,449 Current liabilities 193,651 169,577 14% 24,074 Other non-current financial liabilities 402,054 367,171 10% 34,883 Other non-current liabilities 125,619 135,201 -7% -9,582 Non-current liabilities 527,673 502,372 5% 25,301 Total liabilities 721,324 671,949 7% 49,375 Equity attributable to equity holders of parent 1,083,462 1,090,758 -1% -7,296 Minority interest 23,321 21,993 6% 1,328 Total equity 1,106,783 1,112,751 -1% -5,968 Total equity and liabilities 1,828,107 1,784,700 2% 43,407
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EARNINGS REPORT Second Quarter 2025 9 Cash Flows The net change in cash and cash equivalents for the period ended June 30, 2025, was a negative net cash flow of US $3.7 million, compared to a negative net cash flow of US $362.4 million for the same period in 2024. Operating cash flows were a positive US $64.1 million, compared to a negative US $55.7 million in 2024, reflecting the improved result for 2025 and greater income tax payments made in 2024. Investing cash flows for the first half of 2025 were a negative US $46.4 million, primarily explained by purchases and down payments on the construction of new tugs during the period. This is in comparison to the negative cash flows of US$19.0 milli on recorded last year, wh ich included the disposal of assets held for sale in the amount of US$8.2 million and the payment of the balance due on the transaction with Hapag Lloyd for US $4.4 million. Financing cash flows were negative US$22.4 million, mainly due to the US$39.0 million in dividends paid in period , which were partially offset by net borrowings of US$31.8 million. In the same period in 2024, financing cash flows were a negative US $285.3 million, primarily explained by the dividend of US $248.5 million paid against 2023 earnings. Cash Flows (Th US$) 06-30-2025 12-31-2024 Δ Operating cash flows 64,147 -55,736 119,883 Investing cash flows -46,389 -19,021 -27,368 Financing cash flows -22,358 -285,311 262,953 Other 907 -2,300 3,207 Cash Flow -3,693 -362,368 358,675 Cash and cash equivalent at beggining of period 486,968 865,113 Cash and cash equivalent at end of period 483,275 502,745
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EARNINGS REPORT Second Quarter 2025 10 Financial Position As of the end of the first half of 2025, the company maintains healthy indebtedness levels with leverage (financial liabilities over LTM EBITDA) of 2.4 (vs. 2.3x as of year -end 2024). Meanwhile, the ratio of financial liabilities to total assets reached 0.3x (vs. 0.2x as of year - end 2024). The company maintains a cash and cash equivalent position of US $483 million as of the end of the first half of 2025. The leverage ratio of net financial liabilities to LTM EBITDA remains negative, at -0.1x (vs. -0.3x as of year -end 2024). *Financial liabilities net of hedging instruments specified in Note 10.2 to the financial statements. Consolidated Results Beginning with the 2024 consolidated financial statements, SM SAAM reports on three operating segments: Towage, Air Logistics and Other and eliminations. Thus, the presentation of these segments (balance sheet, income statement and cash flow) incorporates the necessary changes and reclassifications to reflect this new operating str ucture and enhance comparability. • The Towage segment (“SAAM Towage”) includes harbour towage operations and towage services for specialized terminals. This segment remains largely similar to prior -year financial statements. • The Air Logistics segment presents the logistics services currently provided by the subsidiary Aerosan (loading, unloading, warehousing and ground services) at airports in Chile, Colombia and Ecuador. • The Other and eliminations segment includes the remaining real estate assets, corporate expenses and activity, corporate financial positions (cash and financial liabilities) and intersegment eliminations. (Th US$) 06-30-2025 12-31-2024 Δ Financial liabilities (FL)* 469,935 430,875 39,060 Cash and cash equivalent 483,275 486,968 -3,693 Net financial liabilities (NFL) -13,340 -56,093 42,753 Total assets 1,828,107 1,784,700 43,407 LTM EBITDA 198,324 188,207 10,117 KPI's 06-30-2025 12-31-2024 Δ FL / Total assets 0.3x 0.2x +0.1x FL / EBITDA 2.4x 2.3x +0.1x NFL / EBITDA -0.1x -0.3x +0.2x
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EARNINGS REPORT Second Quarter 2025 11 Towage Segment Second Quarter Results Revenue from the Towage division rose US $9.5 million with respect to the same period of the previous year, reaching US $129.1 million (+8%). The increase is mainly explained by a better mix of services in harbour towage, primarily in Canada, Mexico and Peru, as well as by increased special services, offsetting a drop in towage activity at specialized terminals and the termin ation of contracts in Honduras. The operating fleet decreased by six tugboats with respect to June 2024 (up one from the first quarter of 2025). Th e decrease aligns with the fleet planning, which accounted for the closure of barge businesses in Uruguay and the sale of assets that have reached the end of their useful life at the company. Cost of sales was up US $6.4 million to US $90.8 million (+8%), due to a higher operating cost mix, associated with inflationary effects and the appreciation of local currencies against the US dollar, as well as rising maintenance and subcontracting costs, which were partially offset by a drop in fuel costs. Administrative expenses fell 2% to US$14.8 million, reflecting efficiencies during the period, which offset inflationary pressures and the effects of the appreciation of some currencies against the US dollar compared to the same quarter of 2024. Thus, the Towage Division reported a US$3.4 million increase in EBITDA to US$45.6 million (+8%), while the EBITDA margin grew 7 bps to 35.4%, thus maintaining the upturn from the last few quarters, thanks to a better service mix and cost control. The division ’s share of net income from associates was US $549 thousand , up US $218 thousand from the same quarter of the previous year, thanks to improved results from associate Transbordadora Austral Broom. In non-operating income , comprised mainly of net financial expenses and exchange rate differences, the division recorded a gain of US $304 thousand, US$1.0 million more than in the same period of 2024. Meanwhile, income tax expense for the second quarter was US $428 thousand, compared to an expense of US $11.0 million in 2024 . This lower expense is mainly explained by the effects on deferred taxes of appreciating local currencies against the US dollar. As a result, net income attributable to owners of the parent company was US $22.7 million, an increase of US $14.1 million (+163%) with respect to the second quarter of 2024. Results for 1H2 5 Revenue from the Towage division rose US $15.7 million with respect to the first half of last year, reaching US $252.2 million (+7%). The increase is mainly explained by a better mix of services in several markets and by increased special services, thanks to an improved contract mix, which offset the drops in harbour towage activity ( -1%) and time charter days (-2%), partly explained by the termination of contracts in Honduras. EBITDA for the first half of 2025 reached US$88.2 million, reflecting a 12% increase compared to the previous year, while improving the EBITDA margin by 157 basis points to 35%. The segment ’s net income reached US $40.7 million (+105%), reflecting lower tax expenses, primarily associated with the effects of deferred taxes related to the appreciation of local currencies against the US dollar . Consolidated Income Statement (Th US$) 2Q25 2Q24 Δ% Δ 1H25 1H24 Δ% Δ Tug maneuvers # 38,066 38,138 0% -72 75,469 76,415 -1% -946 Time charter days # 2,592 2,707 -4% -115 5,213 5,333 -2% -120 Tugboats # 202 208 -3% -6 202 208 -3% -6 Revenue 129,076 119,623 8% 9,453 252,177 236,440 7% 15,737 Cost of sales -90,808 -84,397 8% -6,411 -176,612 -168,444 5% -8,168 Administrative expenses -14,809 -15,095 -2% 286 -30,709 -31,873 -4% 1,164 Net operating income 23,459 20,131 17% 3,328 44,856 36,123 24% 8,733 Depreciation & amortization 22,170 22,072 0% 98 43,383 42,897 1% 486 EBITDA 45,629 42,203 8% 3,426 88,239 79,020 12% 9,219 EBITDA Mg 35.4% 35.3% 0.1% 35.0% 33.4% 1.6% Share of net income (loss) of associates 549 331 66% 218 1,913 1,487 29% 426 Non-operating results 304 -699 1,003 -1,341 -2,335 994 Taxes -428 -10,984 10,556 -2,899 -14,909 12,010 Minority interest 1,178 149 691% 1,029 1,796 522 244% 1,274 Net income attributable to owner of the parent company 22,706 8,630 163% 14,076 40,733 19,844 105% 20,889
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EARNINGS REPORT Second Quarter 2025 12 Air Logistics Segment Second Quarter Results Revenue for the second quarter reached US$24.8 million, up 6% versus the same period in 2024 . A better rate mix and customer contracts offset the lower volumes handled in Chile and Colombia due to a decline in refrigerated cargo exports and lower import volumes in Colombia, as well as the planned reduction in ground handling business in Chile. Cost of sales increased by US $237 thousand (+1 %) this quarter, reaching US $16.8 million, while administrative expenses rose US $552 thousand (+19%), to US $3.4 million. EBITDA for the Air Logistics segment increased by US $541 thousand (+6%) to US $9.0 million. As a result, the EBITDA margin rose 17 bps to 36%. The division reported a non-operating loss of US$1.5 million, compared to a loss of US $2.0 million in the same period in 2024. The effect of the depreciation of the UF against the US dollar on exchange differences from operating lease liabilities in Chile primari ly explains the loss . The division reported tax expense of US$1.1 million compared to US $714 thousand for the same period in 2024. Finally, net income attributable to the owners of the parent company for the second quarter was US $1.9 million, up US $691 thousand from the same quarter in 2024. Results for 1H2 5 Revenue from the Air Logistics segment rose US $3.0 million with respect to the previous year, reaching US $49.6 million (+6%). The increase is primarily attributable to a better rate and customer mix, which, together with the slight increase in import acti vity, offset the drop in exports and the planned reduction in the number of flights handled. EBITDA for the first half of 2025 reached US$18.4 million, reflecting an increase of US$2.1 million (+13%), while the EBITDA margin rose 219 basis points to 37%. Meanwhile, the segment’s net income increased by US $2.0 million to US $3.9 million. Consolidated Income Statement (Th US$) 2Q25 2Q24 Δ% Δ 1H25 1H24 Δ% Δ Export tonnes handled Aerosan 89,838 99,534 -10% -9,696 181,280 203,494 -11% -22,214 Import tonnes handled Aerosan 19,356 21,805 -11% -2,449 39,645 39,327 1% 318 Total tonnes handled Aerosan 109,194 121,339 -10% -12,145 220,925 242,821 -9% -21,896 Flights served 865 1,432 -40% -567 2,047 3,265 -37% -1,218 Revenue 24,819 23,429 6% 1,390 49,570 46,603 6% 2,967 Cost of sales -16,825 -16,588 1% -237 -32,445 -32,086 1% -359 Administrative expenses -3,418 -2,866 19% -552 -7,356 -7,069 4% -287 Net operating income 4,576 3,975 15% 601 9,769 7,448 31% 2,321 Depreciation & amortization 4,377 4,437 -1% -60 8,637 8,835 -2% -198 EBITDA 8,953 8,412 6% 541 18,406 16,283 13% 2,123 EBITDA Mg 36.1% 35.9% 0.2% 37.1% 34.9% 2.2% Non-operating results -1,546 -2,040 -24% 494 -3,756 816 -560% -4,572 Taxes -1,118 -714 57% -404 -2,090 -2,386 -12% 296 Net income attributable to owner of the parent company 1,912 1,221 57% 691 3,923 5,878 -33% -1,955
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EARNINGS REPORT Second Quarter 2025 13 Other and Eliminations Segment The Other and eliminations segment includes the assets and results associated with real estate assets, corporate expenses, th e corporate financial position (cash and financial liabilities) and intersegment eliminations. Revenue is mainly associated with leases of real estate properties, which decreased at the quarterly and cumulative levels following the sale of some assets in the first quarter of 2024. Cost of sales increased as a result of higher real estate tax rates, and administrative expenses rose 13%, mainly due to a lower proportion of collections from other business segments. Non-operating income for the quarter was US $2.3 million, compared to US $4.3 million in the same period of 2024 . For the first half of the year, it was US $4.1 million, compared to US $16.3 million in the same period of the previous year. Th e decrease is explained by a drop in net financial income associated with a reduction in corporate cash available compared to 2024, following the payment of income taxes and dividends in the first half of the previous year. The segment recorded tax expense for the first half of 2025 of US$1.9 million, compared to US$5.4 million in the same period of the previous year, mainly explained by the segment ’s lower pre -tax income. Consolidated Income Statement (Th US$) 2Q25 2Q24 Δ% Δ 1H25 1H24 Δ% Δ Revenue 155 270 -43% -115 361 522 -31% -161 Cost of sales -250 -143 75% -107 -455 -288 58% -167 Administrative expenses -3,826 -3,393 13% -433 -6,638 -5,817 14% -821 Net operating income -3,921 -3,266 -655 -6,732 -5,583 -1,149 Depreciation & amortization 196 225 -13% -29 382 458 -17% -76 EBITDA -3,725 -3,041 -684 -6,350 -5,125 -1,225 Share of net income (loss) of associates 2 -3 5 -2 -5 3 Non-operating results 2,281 4,321 -47% -2,040 4,106 16,285 -75% -12,179 Taxes -1,191 -1,890 699 -1,954 -5,386 3,432 Net income attributable to owner of the parent company-2,829 -838 -1,991 -4,582 5,311 -9,893
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EARNINGS REPORT Second Quarter 2025 14 Market Analysis Comments SM SAAM operates in competitive markets, where both domestic and international players participate. Like its competitors, SM SAAM is subject to fluctuations in demand for its services because of changes in international trade flows or the entry or exit of new competitors in the markets where it operates. Towage There is a variety of regulations for tugboat operations, from open markets to markets with medium to long -term exclusive concessions granted by the State. The main operators worldwide include Svitzer, Boluda, SMIT and PSA Marine. In the Americas, we compe te with these same companies, as well as other regional players like Wilson Sons, Ultratug, CPT Remolcadores, Seaspan, Groupe Ocean a nd Kotug. In the Americas, SAAM Towage is the largest towage operator with operations in 12 countries. Air Logistics Operated through Aerosan, this business is engaged in air cargo operations in the main import and export airports in Chile, C olombia and Ecuador. In the airport services area, Aerosan ’s main competitors are: in Chile, Fast Air, Depocargo, Teisa, Andesur, Agunsa - Menzies, Swissport and Acciona; in Colombia, Taescol, Menzies, Swissport, Girag, Talma (Ground Handling), REG and Marcapasos, SAI; and in Ecuado r: Novacargo and Servipallet. Risk Factors The main risks to which the company is exposed include: Market Risk Market risk is the risk of changes in market rates and prices (e.g. , exchange rates, interest rates or stock prices) that affect the revenue and costs of SM SAAM and its subsidiaries or the value of their financial instruments. The company periodically evaluates its foreign currency and variable rate exposures; when maintaining a natural balance is impossible, derivative instruments (such as forwa rd contracts) are used to mitigate volatility. SM SAAM seeks to balance its net financial positions in its subsidiaries to reduce exposure to exchange rate risks. When th at is impossible, it analyzes hedging alternatives through financial derivatives. It also applies h edge accounting to mitigate the volatility in results generated by net unhedged positions in foreign currency. The company invests its liquidity in accordance with a conservative policy, favoring fixed -income, high credit quality instruments with short-term maturities, which it typicall y holds to maturity to minimize volatility in their value. In certain countries , the company is exposed to the effects of exchange rate variations when converting the functional currency to the respective statutory currencies. These effects impact deferred income taxes and the effective tax rates. When the functio nal and statutory currency coincide but they differ from the presentation currency, the effec t is reflected in Translation Reserves. The company does not hedge this risk. Finally, SM SAAM regularly evaluates the profitability of its businesses in the face of market changes that could significant ly impact financial performance.
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EARNINGS REPORT Second Quarter 2025 15 Credit Risk Credit risk is the loss arising from a customer or counterparty not fulfilling its contractual obligations. This is especially applicable to SM SAAM and its subsidiaries’ trade receivables. To mitigate this exposure, the company applies established credit policies . It performs periodic follow -ups through specialized committees, evaluating customer payment behavior and adjusting conditions when appropriate. The company’s credit risk assessments consider historical, current and prospective factors, including the customer ’s financial position , industry and macroeconomic environment. SM SAAM ’s customers are well diversified, which in turn diversifies credit risk. The loans granted are simple and under market conditions. Maintaining and Retaining Human Talent The ability to compete successfully depends on the capacity to attract and retain human talent. An inability to recruit and r etain key staff could adversely impact SM SAAM’s financial performance. Furthermore, the ability to operate tugs and provide logistics services depends on the ability to attract and retain qualified and experienced staff. The company monitors and mitigates this risk th rough its development management s ystem, complemented by an occupational health and safety model that maintains and im proves safety conditions to care for our employees. Nonetheless, while we maintain good relations with our employees, the risk of strikes, work stoppages or other conflicts with unions cannot be ruled out. Accidents, Natural Disasters and Pandemics The fleet and equipment used by SAAM Towage and Aerosan are exposed to the risk of damage or loss due to events such as mechanical failure, poor installation, fire, explosion, collision, maritime accident or human error. These assets may also be affected by natural disasters, human -induced risks or pandemics, which could affect operational continuity. However, SM SAAM, its subsidiaries and associates have extensive insurance coverage, operational continuity plans and risk analyses to mitigate and improve its processes, thereby managing any potential damage or business impacts. Environmental Standards Towage and airport operations must comply with a variety of environmental laws. Likewise, any amendments or newly approved environmental laws and regulations could require additional investments. Failure to comply may result in economic and adminis trative sanctions that may include, among others, closing facilities or canceling operating licenses. SM SAAM and its subsidiaries ha ve a model for monitoring and managing regulatory compliance, as well as civil liability insurance in favor of third parties to mi tigate the risk of damage and/or contamination fines associated with its fleet of tugs. Political, Economic and Social Risks Business results depend in part on the economic, political and social conditions in each of the markets where SM SAAM operate s. Thus, political uncertainty and instability, as well as changes in environmental, tax, customs and labor regulations, among o thers, may positively or negatively affect the company ’s results and operations. In recent years, some countries have experienced increased levels of political, economic and social instability. There is no guarantee that these situations will not occur again in the future and adversely affect the company ’s performance in those markets. Information Security and Cybersecurity Any impact on the confidentiality, completeness, availability and performance of the company ’s tangible and intangible technology assets because of inherent weaknesses and/or internal or external threats could negatively impact the operational continuity of some or all of SM SAAM ’s business areas. The leaking or undesired disclosure of personal data of third parties, whether employees, customers, suppliers and/or business partners, may negatively affect the company’s reputation and expose it to business los ses, regulatory sanctions and/or lawsuits. Through its Risk Management Model, the company monitors and mitigates the operational risk of thes e weaknesses and/or threats, which is complemented with policies, manuals, processes, controls, audits and specific evaluations of information security and cybersecurity.
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EARNINGS REPORT Second Quarter 2025 16 Financial Indicators For comparison purposes, the following table summarizes the company’s financial indicators based on the balance sheet and income statement , excluding the effects of IFRS 5, for the first quarter of 2025 and the year 2024. (*) SM SAAM does not own any treasury shares, following the reduction of 449,921 shares in 2024. Unit 06-30-2025 12-31-2024 Ownership Shares outstanding(*) N° 9,736,342,062 9,736,342,062 Controlling Group - Luksic Group % 62.6% 62.6% Stock price CLP 119.50 106.27 Liquidity performance Liquidity ratio (1) times 3.59 4.01 Acid test (2) times 3.36 3.78 Leverage Leverage ratio times 0.65 0.60 Short-term debt % 27% 25% Long-term debt % 73% 75% Net interest coverage (3) times 3,251.21 -19.47 Return Earnings per share (4) US$ 0.0070 0.0061 ROE (5) % 6.2% 3.6% ROA (6) % 3.7% 2.1% Other ratios Revenue / Total Assets (7) times 0.33 0.32 Revenue / Fixed Assets (8) times 0.70 0.69 Working capital turnover (9) times 1.19 1.13 (1) Current assets / current liabilities (3) LTM EBITDA / LTM Net financial costs (4) LTM Profit / shares outstanding (5) LTM Profit / average equity (6) LTM Profit / average total assets (7) LTM Revenue / total assets (8) LTM Revenue / fixed assets (9) LTM Revenue /(current assets minus current liabilities) (2) (Current assets minus non-current assets held for sale , inventory and anticipated payments) / current liabilities