Earnings release
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EARNINGS RELEASE SONDA S.A. and Subsidiaries 1H25 - 2Q25 January 01, 2025 – June 30, 2025 SONDA S.A. and subsidiaries report their consolidated financial results for the period from January 01 to June 30, 2025. All figures are expressed in Chilean pesos and have been prepared under International Financial Reporting Standards (IFRS). Translations to US dollars stated in this report are based on the month -end exchange rate as of June 30, 202 5 (1 US$ = 933.42 Chilean Pesos).
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EARNINGS RELEASE | 1H25 - 2Q25 | 2 Highlights Revenues reached US$781.4 million, in line with the same period in 2024 in reporting currency, and a 4.6% increase in constant currency. Operating Income reached US$26.0 million, decreasing by 31.4% in reporting currency and 28.3% in constant currency. EBITDA reached US$54.5 million, lower by 17.1% in reporting currency and 13.4% in constant currency, with an EBITDA Margin of 7.0%. The decreases in Operating Income and EBITDA are mainly due to higher provisions for bad debts, non-recurring results recorded in the first half of 2024, and an increase in commercial efforts (framed within the new Strategic Plan ), and a significant reduction in 2025 of the positive accounting effect associated with hyperinflation in Argentina, as well as a negative consolidated exchange rate impact on the translation of the reporting currency. In the Southern Cone Region, revenue s grew by 7.1% in reporting currency and 8.2% in constant currency. Operating income was 25.8% lower (constant currency -22.4%), and EBITDA was 12.6% lower ( constant currency -10.2%), with an EBITDA margin of 7.1%. In the Andean Region, revenue s increased 1.7% in reporting currency and grew 3.5% in constant currency. Operating income was higher by 2.7% in reporting currency and 3.2% in constant currency. EBITDA decreased slightly by 1.5% in reporting currency and was in line with constant currency, with an EBITDA margin of 10.5%. In North America, revenue s decreased 18.4% in reporting currency and 12.5% in constant currency. Operating income increased 28.5% in reporting currency and 19.0% in constant currency. EBITDA increased 15.3% in reporting currency and 18.8% in constant currency, with an EBITDA margin of 13.4%. In Brazil, revenue s decreased 7.6% in reporting currency and increased 3.0% in constant currency. Operating income was 88.8% lower in reporting currency and 87.5% lower in constant currency. EBITDA was 51.8% lower ( constant currency 46.3%). EBITDA margin reached 3.5%. Net Income attributable to Controllers reached US$3.6 million, lower by US$ 3.7 million than in the first half of 2024. This is mainly due to a lower Operating Income, higher financial costs and exchange rate differences, effects that are partially offset by a lower Income Tax charge. Closed deal s volume reached US$899.6 million, representing a 5.8% increase compared to the first half of 2024. The pipeline of potential business opportunities reached US$7, 257.1 million, with notable participation from Brazil with US$2, 381.3 million and the Southern Cone with US$2,1 78.6 million. The pipeline represents a 36.8% increase compared to December 24. Among the business es awarded in the second quarter, highlights include a new fiber optic implementation project in Brazil with the General Secretariat of the Government of Goiás, Additionally, a new operational continuity service with the Casas Bahía Group, and the development of internal systems solutions and Utilities solutions with Neoenergia . In Chile , the implementation of centralized control at Sotero del Rio and Cordillera Hospitals, through a concession with Sacyr, and a RIS (Radiology Information System) and PACS (Picture Archiving and Communication System) telemedicine project on a Hybrid Cloud platform for the South Metropolitan Health Service . In Argentina, the installation of 4,000 validators on public transport trains in Buenos Aires, incorporating open payments (credit cards), stands out. In Panama, a technological platform project to manage the flow of people and cargo at border crossings between Panama and Costa Rica, with the National Customs Authority. In Colombia , administration and operation of information security platforms for physical, virtual, and cloud environments for a major financial conglomerate, over the next three years. The Current Liquidity (1.7x), Financial Leverage (0.6x) and Financial Expense Coverage (2.8x) indicators reflect a healthy financial position. In April 2025, Fitch Ratings affirmed the long-term ratings at AA-, assigning a Negative outlook. ICR, in August 2024, reaffirmed the rating assigned to bonds and solvency in the AA - category, with a Stable outlook. Notes: - Southern Cone Region: Chile (includes Transactional Business: Quintec Distribución + Tecnoglobal + Microgeo + Multicaja), Arg entina, Uruguay. - Andean Region: Colombia, Ecuador, Peru. - North America: Mexico, Panama, Costa Rica, Guatemala, United States. - Constant currency: corresponds to 2024 results, adjusted for 2025 exchange rates. - YoY: Year-over-year, current year compared to previous year.
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Figure 1 – Consolidated Financial Statements Millions of Ch$ (Ch$M) Income Statement jun-24 jun-25 ∆ $ ∆ % Revenues 726,965 729,389 2,424 0.3% Cost of Sales (627,509) (634,710) (7,201) 1.1% GROSS PROFIT 99,456 94,680 (4,776) -4.8% Administration Expenses (64,116) (70,444) (6,328) 9.9% OPERATING INCOME (1) 35,340 24,236 (11,105) -31.4% Depreciation and Amortization 26,080 26,662 582 2.2% EBITDA (2) 61,420 50,897 (10,523) -17.1% Other Income 1,867 1,041 (826) -44.3% Other Expenses (5,829) (4,716) 1,114 -19.1% PROFIT (LOSS) FROM OPERATING ACTIVITIES 31,378 20,561 (10,817) -34.5% Financial Income 7,271 8,435 1,164 16.0% Financial Expenses (20,921) (22,721) (1,801) 8.6% Share of Profit (Loss) of Associates 40 197 157 394.5% Foreign Exchange Differences (547) (1,169) (622) 113.8% Income (Loss) for Indexed Assets and Liabilities 186 764 578 310.4% NET INCOME BEFORE TAXES 17,407 6,066 (11,341) -65.1% Income Tax Expense (10,215) (2,849) 7,366 -72.1% NET INCOME FROM CONTINUING OPERATIONS 7,192 3,217 (3,975) -55.3% Net Income Attributable to Minority Interest 345 (103) (448) -129.8% NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY 6,847 3,320 (3,527) -51.5% Balance Sheet dec-24 jun-25 ∆ $ ∆ % Cash and Cash Equivalents 143,982 132,182 (11,800) -8.2% Other Current Financial Assets 4,371 4,449 78 1.8% Trade Accounts Receivable and Other Receivables, Net 515,099 428,676 (86,422) -16.8% Accounts Receivable from Related Companies 1,067 1,120 53 4.9% Inventories 84,994 90,034 5,039 5.9% Other Current Assets 78,566 90,162 11,596 14.8% CURRENT ASSETS 828,080 746,624 (81,456) -9.8% Intangibles Assets and Goodwill 264,345 273,702 9,357 3.5% Property, Plant and Equipment, Net 129,957 126,777 (3,180) -2.4% Other Non-currents Assets 285,903 277,817 (8,086) -2.8% NON-CURRENT ASSETS 680,204 678,296 (1,908) -0.3% ASSETS 1,508,284 1,424,920 (83,365) -5.5% Other Current Financial Liabilities 80,429 63,689 (16,740) -20.8% Other Liabilities 450,038 369,368 (80,670) -17.9% CURRENT LIABILITIES 530,468 433,057 (97,411) -18.4% Other Non-current Financial Liabilities 253,873 270,253 16,380 6.5% Other Liabilities, Non-Current 125,671 120,418 (5,253) -4.2% NON-CURRENT LIABILITIES 379,544 390,671 11,127 2.9% LIABILITIES 910,012 823,728 (86,284) -9.5% Minority Interest 17,504 17,177 (327) -1.9% TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 580,768 584,015 3,247 0.6% TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,508,284 1,424,920 (83,365) -5.5%
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EARNINGS RELEASE | 1H25 - 2Q25 | 4 MANAGEMENT DISCUSSION AND ANALYSIS ON 1H25 AND 2Q25 CONSOLIDATED RESULTS I. Consolidated Results for the first half of 2025 (1H25) Income Statement Analysis Consolidated revenues reached $729,389 million (US$781.4 million) as of June 30, 2025, up 0.3% ($2,424 million / US$2.6 million) compared to the same period in 2024. In constant currency, revenues grew by 4.6%. Variations by business line are as follows: Digital Business revenues decreased 0.6% ($1,329 billion / US$1.4 million) to $231.766 billion (US$248.3 million) as of June 25. In constant currency, revenue grew 5.4% ($11,821 billion / US$12.7 million). This variation (constant currency) is due to growth in most countries, partially offset by the Southern Cone. Digital Services revenues decreased 9.8% ($23,913 billion / US$25.6 million) to $219.272 billion (US$234.9 million) as of June 25. On a constant currency basis, it decreased 2.6% ($5,857 billion / US$6.3 million). Transactional Business revenues increased by 11.0% ($27,666 million / US$29.6 million) to $278,351 million (US$298.2 million) as of June 25. On a constant currency basis, it increased by 10.4% ($26,227 million / US$28.1 million). Regarding revenue distribution by business line in the first half of 2025, Digital Business contributes 31.8%, Digital Services 30.1%, and Transactional Business the remaining 38.2% (of which Multicaja represents 9.8% of total revenue). CONSOLIDATED REVENUES BY BUSINESS LINE jun-24 jun-25 ∆ $ ∆ % jun-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M Digital Business 233.095 231.766 (1.329) -0,6% 219.944 11.821 5,4% Digital Services 243.186 219.272 (23.913) -9,8% 225.129 (5.857) -2,6% Transactional Business 250.685 278.351 27.666 11,0% 252.124 26.227 10,4% Product Distribution 184.921 207.174 22.253 12,0% 186.361 20.814 11,2% Multicaja 65.763 71.177 5.413 8,2% 65.763 5.413 8,2% Total 726.965 729.389 2.424 0,3% 697.198 32.192 4,6% Breakdown Digital Business 32,1% 31,8% 31,6% Digital Services 33,5% 30,1% 32,3% Transactional Business 34,4% 38,1% 36,1% Product Distribution 73,8% 74,4% 73,9% Multicaja 26,2% 25,6% 26,1% Total 100,0% 100,0% 100,0% Note: Jun-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Cost of Sales and Selling, General and Administration Expenses Consolidated Cost of Sales totaled $634, 710 million (US$680.0 million) as of June 30, 2025, in line with the same period in 2024. In constant currency , they increased by 5.5% (y/y). Administrative Expenses reached $70,4 44 million (US$75.5 million) as of June -25, 9.9% higher (yoy) in reporting currency and 1 3.9% higher (yoy) in constant currency. This variation is primarily associated with i) increased commercial activity, especially in the Transactional Business segment, as well as an increase in the commercial structure and effort, in line with the 2025 -2027 Strategic Plan; ii) an increase in the provision for bad debts accounts; and iii) natural indexation for inflation during the period. Figure 2 – Consolidated Revenues by Business Line 1H24 – 1H25 Figure 3 – Income Statement 1H24– 1H25
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EARNINGS RELEASE | 1H25 - 2Q25 | 5 jun-24 jun-25 ∆ $ ∆ % jun-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M Revenues 726,965 729,389 2,424 0.3% 697,198 32,192 4.6% Cost of Sales (627,509) (634,710) (7,201) 1.1% (601,547) (33,162) 5.5% GROSS PROFIT 99,456 94,680 (4,776) -4.8% 95,650 (971) -1.0% Administration Expenses (64,116) (70,444) (6,328) 9.9% (61,826) (8,618) 13.9% OPERATING INCOME (1) 35,340 24,236 (11,105) -31.4% 33,825 (9,589) -28.3% EBITDA (2) 61,420 50,897 (10,523) -17.1% 58,805 (7,907) -13.4% NET INCOME ATTRIBUTABLE TO OWNERS 6,847 3,320 (3,527) -51.5% - - - Gross Margin 13.7% 13.0% 13.7% Operating Margin 4.9% 3.3% 4.9% EBITDA Margin 8.4% 7.0% 8.4% Net Margin 0.9% 0.5% - (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF CONSOLIDATED INCOME STATEMENT Note: Jun-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Operating Income and EBITDA Operating Income reached $24,236 million (US$26.0 million), decreasing 31.4% compared to June 24. In constant currency, it was 28.3% lower (yoy). EBITDA totaled $50,897 million (US$54.5 million) as of June 25, decreasing 17.1% compared to June 24. In constant currency, EBITDA was 13.4% lower. Operating Margin reached 3.3% and EBITDA Margin was 7.0%, both lower by 160 bps and 140 bps, respectively (yoy). Other Items of the Operation (*) Total Other Operating Items (*) show a loss of $18,169 million (US$19.5 million) as of Jun -25, compared to a loss of $17,933 million (US$19.2 million) as of Jun-24. The main variations are due to: Increased Financial Costs ($1,801 million / US$1.9 million), mainly due to i) an increase in the interest rate on financial debt (banks and bonds), mainly in Brazil (increased CDI reference rates) and Chile; ii) higher implicit inflation in the new UF to CLP SWAP and the replacement of Series J bonds with bank debt; iii) increased commissions on bank promotions in the Transactional Business (installment sales); and iv) higher leasing expenses associated with the Managed Device Services business, primarily in Brazil and North America. These variations are partially offset by a lower stock of financial debt and its associated rate in Argentina. Financial Costs as of June 25 totaled C$22,721 million (US$24.3 million). Increase in Financial Income ($1,164 million / US$1.2 million), primarily due to i) an increase in interest on financed services in Colombia, Peru, and Uruguay; ii) higher interest charged to customers in Brazil and Mexico; and i ii) an increase in the availability of invested cash, the return on which is partially offset by lower investment interest rates. Financial Income a s of June 25 was $8,435 million (US$9.0 million). Decrease in Other Expenses, by Function ($1,114 million / US$1.2 million), mainly due to lower legal and contingency expenses, especially in Brazil, Argentina, and Chile; partially offset by higher restructuring expenses in Chile, Mexico, and the United States. Other Expenses as of June 25 were $4,716 million (US$5.1 million). Decrease in Other Income ($826 million / US$0.9 million), primarily due to the recovery of extraordinary expenses in Brazil in the first half of 2024. Other Income as of June 25 was $1,041 million (US$1.1 million). (*) Other Operating Items = Financial Income + Financial Costs + Share in Profits (Losses) of Associates + Foreign Currency Exchange Gains (Losses) + Result by Adjustment Units + Other Income + Other Expenses, by Function.
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EARNINGS RELEASE | 1H25 - 2Q25 | 6 Higher Foreign Currency Exchange Losses ($622 million / US$0.7 million) from the Andean Region and North America, partially offset by the Southern Cone and Brazil. Foreign Currency Exchange Losses as of June 25 were $1,169 million (US$1.3 million). Favorable effect from Adjustment Units ($578 million / US$0.6 million), primarily originated in Brazil, associated with the indexation of tax assets and liabilities. Income from Adjustment Units as of June 25 was $764 million (US$0.8 million). Net Income Net Income attributable to the owners of the company was $3,320 million (US$3.6 million) as of June 2025, 51.5% lower ($3.527 million / US$3.7 million) compared to June 2024. This variation is mainly explained by i) a lower Operating Income of $11,105 million (US$11.9 million); and ii) a decrease in Income Tax Expense of $7,366 million (US$7.9 million), associated with lower results and a higher net recognition of deferred tax assets, mainly in Brazil. II. Consolidated Results for the second quarter of 2025 (2Q25) Revenues Consolidated revenues totaled $371,185 million (US$397.7 million) in 2Q25, 1.0% higher ($3,699 million / US$4.0 million) than in 2Q24. In constant currency, revenues increased 4.3% (YoY). The main differences are the following: Increase of 6.9% ($7,566 million / US$8.1 million) (YoY) in Digital Business, reaching $1 16,443 million (US$124.7 million). In constant currency, the increase was 11.8% ($12,332 million / US$13.2 million). Decrease of 11.9% (-$16,151 million / -US$17.3 million) (YoY) in revenues from Digital Services, totaling $119,060 million (US$127.6 million). In constant currency, the decrease was 6.8% (-$8,623 million / -US$6.8 million). Increase of 10.0% ($12,284 million / US$13.2 million) (YoY) in Transactional Business, reaching $135,681 million (US$145.4 million). In constant currency, the increase was 9.4% ($11,710 million / US$12.5 million). The revenue breakdown by business line was 3 1.4% Digital Business, 3 2.1% Digital Services and 36.5% Transactional Business. 2Q24 2Q25 ∆ $ ∆ % 2Q24A ∆ $ (t/t) ∆ % (t/t) Ch$M Ch$M Ch$M Digital Business 108,878 116,443 7,566 6.9% 104,111 12,332 11.8% Digital Services 135,211 119,060 (16,151) -11.9% 127,684 (8,623) -6.8% Transactional Business 123,397 135,681 12,284 10.0% 123,971 11,710 9.4% Product Distribution 90,510 100,574 10,065 11.1% 91,084 9,491 10.4% Multicaja 32,888 35,107 2,219 6.7% 32,888 2,219 6.7% Total 367,486 371,185 3,699 1.0% 355,766 15,418 4.3% Breakdown Digital Business 29.6% 31.4% 29.3% Digital Services 36.8% 32.1% 35.9% Transactional Business 33.5% 36.5% 34.8% Product Distribution 73.3% 74.1% 73.5% Multicaja 26.7% 25.9% 26.5% Total 100.0% 100.0% 100.0% CONSOLIDATED REVENUES BY BUSINESS LINE Note: 2Q24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Figure 4 – Consolidated Revenues by Business Line 2Q24 – 2Q25
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EARNINGS RELEASE | 1H25 - 2Q25 | 7 Cost of Sales and Selling, General and Administration Expenses Cost of sales amounted $324,593 million (US$347.7 million) in the second quarter of 2025, increasing by 1.4% (YoY). Administration Expenses were $35,832 million (US$38.4 million) in the second quarter of 2025, 6.8% higher (YoY). In constant currency the increase was 10.3%. 2Q24 2Q25 ∆ $ ∆ % 2Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M Revenues 367,486 371,185 3,699 1.0% 355,766 15,418 4.3% Cost of Sales (320,171) (324,593) (4,423) 1.4% (309,885) (14,709) 4.7% GROSS PROFIT 47,315 46,591 (724) -1.5% 45,881 710 1.5% Administration Expenses (33,535) (35,832) (2,297) 6.8% (32,497) (3,335) 10.3% OPERATING INCOME (1) 13,780 10,759 (3,021) -21.9% 13,384 (2,625) -19.6% EBITDA (2) 27,337 24,080 (3,258) -11.9% 26,522 (2,442) -9.2% NET INCOME ATTRIBUTABLE TO OWNERS 2,467 (1,832) (4,299) -174.3% Gross Margin 12.9% 12.6% 12.9% Operating Margin 3.7% 2.9% 3.8% EBITDA Margin 7.4% 6.5% 7.5% Net Margin 0.7% -0.5% - (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF CONSOLIDATED INCOME STATEMENT Note: 2Q24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Operating Income and EBITDA Operating Income reached $10,759 million (US$11.5 million), lower by 21.9% (YoY). Gross Margin was 12.6%, lower by 30 bp, while Operating Margin was 2.9%, decreasing by 80 bp (YoY). In constant currency, Operating Income was 19.6% lower (YoY). EBITDA totaled $24,080 million (US$25.8 million), decreasing 11.9% (YoY). In constant currency, it decreased by 9.2%. EBITDA margin in the second quarter of 2025 reached 6.5%, lower by 90 bp (YoY). Other Comprehensive Income / Losses (Excluding Administration Expenses) Other comprehensive income/losses1, excluding Administration expenses registered a loss of $11,312 million (US12.1 million) in the second quarter of 2025, higher by $3,297 million (US$3.5 million) compared the same period of 2024. The main variations were Foreign Exchange Differences ($1,760 million / US$1.9 million) , Other Income ($1,127 million / US$1.2 million) and higher Financial Expenses ($0,670 million / US$0.7 million). Net Income Net Income/Loss attributable to the owners of the company amounted -$1,832 million (-US$2.0 million) in the second quarter of 2025, lower by $4,299 million (US$4.6 million). The variation is mainly explained by a lower Operating Income (-$3,021 million / -US$3.2 million) and a negative effect in Foreign Exchange Differences ($1,760 million / US$1.9 million), partially offset by a lower Income Tax Expense ($1,758 million / US$1.9 million). 1. Other Comprehensive Income/Losses = Financial Income + Financial Expenses + Share of Profit (Loss) of Associates + Foreign Exchange Differences + Income (Loss) for Indexed Assets and Liabilities + Other Income + Other Expenses. Figure 5 – Income Statement 2Q24 – 2Q25
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EARNINGS RELEASE | 1H25 - 2Q25 | 8 III. Regional Results for the first half and second quarter of 2025 (1H25 - 2Q25) Southern Cone Region Main changes between 1H25 and 1H24 in Southern Cone Region, which includes Chile, Argentina and Uruguay, are described below: Revenues reached $437,481 million (US$468.7 million), representing a 7.1% YoY increase, primarily due to the Digital Services and Transactional Business. In constant currency, revenue grew 8.2%. Administrative Expenses totaled $41,563 million (US$44.5 million), up 13.9% YoY in reported currency and 15.2% in constant currency, primarily due to an increase in commercial activity and, to a lesser extent to the Transactional Business, an increase in commercial expenses, in line with the growth plan, and inflation indexation, especially in Argentina. Operating Income was $16,025 million (US$17.2 million / -25.8% year -on-year as of Jun -24) and EBITDA was $30,957 million (US$33.2 million / -12.6% year-on-year as of Jun -24), in reporting currency. In constant currency, Operating Income and EBITDA were 22.4% and 10.2% lower, respectively. The main effects are i) a deterioration in Core business margins, caused by specific project developed in the first half of 2024, which are not repeated in the current period, as well as some delays in the delivery of some projects during this semester; ii) Positive effects in Argentina in the first half of 2024, due to accounting impacts related to hyperinflationary adjustments (which were offset by Non -Operating Income), as well as other impacts associated with operational exchange rate hedges, especially in the Software Solutions business, which will not be repeated in the first half of 2025; and iii) higher commercial expenses, in line with our 2025-2027 Strategic Plan. Operating Margin reached 3.7%, and EBITDA Margin reached 7.1%. jun-24 jun-25 ∆ $ ∆ % jun-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 408,299 437,481 29,182 7.1% 404,365 33,116 8.2% Digital Business 98,977 92,552 (6,425) -6.5% 96,286 (3,734) -3.9% Digital Services 58,637 66,578 7,940 13.5% 55,955 10,623 19.0% Transactional Business 250,685 278,351 27,666 11.0% 252,124 26,227 10.4% Cost of Sales (350,215) (379,893) (29,678) 8.5% (347,646) (32,246) 9.3% GROSS PROFIT 58,084 57,588 (496) -0.9% 56,719 869 1.5% Administration Expenses (36,481) (41,563) (5,083) 13.9% (36,074) (5,489) 15.2% OPERATING INCOME (1) 21,603 16,025 (5,579) -25.8% 20,644 (4,620) -22.4% EBITDA (2) 35,426 30,957 (4,469) -12.6% 34,469 (3,512) -10.2% Operating Margin 5.3% 3.7% 5.1% EBITDA Margin 8.7% 7.1% 8.5% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Southern Cone Region Note: Jun-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Figure 6 – Southern Cone Region Results 1H24 – 1H25
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EARNINGS RELEASE | 1H25 - 2Q25 | 9 Main changes between 2Q25 and 2Q24 are described below: Revenues totaled $215,379 million (US$230.7 million), showing an increase of 5.8% (YoY). In constant currency the increase was 6.9%. Administration Expenses reached $20,764 million (US$22.2 million), higher by 6.9% (YoY). In constant currency, increased by 8.7%. Operating Income totaled $ 6,300 million (US$ 6.7 million) lower by 13.8% YoY, while EBITDA totaled $ 13,919 million (US$14.9 million), 3.4% lower YoY. In constant currency, Operating Income and EBITDA were lower by 10.1% and 1.3% respectively (YoY). Operating Margin reached 2.9% and EBITDA Margin was 6.5%, lower by 70 bp and 60 bp, respectively (YoY). 2Q24 2Q25 ∆ $ ∆ % 2Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 203,667 215,379 11,712 5.8% 201,409 13,971 6.9% Digital Business 48,560 46,856 (1,704) -3.5% 47,244 (388) -0.8% Digital Services 31,710 32,843 1,132 3.6% 30,193 2,650 8.8% Transactional Business 123,397 135,681 12,284 10.0% 123,971 11,710 9.4% Cost of Sales (176,929) (188,315) (11,386) 6.4% (175,297) (13,018) 7.4% GROSS PROFIT 26,738 27,064 326 1.2% 26,112 953 3.6% Administration Expenses (19,427) (20,764) (1,337) 6.9% (19,106) (1,659) 8.7% OPERATING INCOME (1) 7,311 6,300 (1,011) -13.8% 7,006 (706) -10.1% EBITDA (2) 14,408 13,919 (489) -3.4% 14,103 (183) -1.3% Operating Margin 3.6% 2.9% 3.5% EBITDA Margin 7.1% 6.5% 7.0% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Southern Cone Region Note: 2Q24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Andean Region Below are the m ain changes between 1H25 and 1H24 in the Andean Region, which includes countries of Colombia, Ecuador and Peru. Revenue in reporting currency reached $64,135 million (US$68.7 million), in line with the first half of 2024. Revenue in constant currency grew by 3.5%, mainly from the Digital Business line. Operating Income was $4,425 million (US$4.7 million / +2.7% year -on-year as of June 24) and EBITDA was $6,708 million (US$7.2 million / -1.5% year-on-year as of June 24). In constant currency, Operating Income increased by 3.2% compared to June 24, and EBITDA was in line. The improved results in Peru highlights, associated to new service contracts and growth in Software Solutions. Operating Margin reached 6.9%, up 10 bps (yoy), and the EBITDA Margin reached 10.5%, down 30 bps (yoy). Figure 7 – Southern Cone Region Results 2Q24 – 2Q25
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EARNINGS RELEASE | 1H25 - 2Q25 | 10 jun-24 jun-25 ∆ $ ∆ % jun-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 63,083 64,135 1,052 1.7% 61,959 2,175 3.5% Digital Business 18,790 20,797 2,007 10.7% 18,916 1,881 9.9% Digital Services 44,293 43,337 (955) -2.2% 43,043 294 0.7% Transactional Business 0 0 0 - 0 0 - Cost of Sales (52,028) (52,819) (791) 1.5% (51,071) (1,748) 3.4% GROSS PROFIT 11,055 11,315 261 2.4% 10,888 427 3.9% Administration Expenses (6,745) (6,890) (145) 2.1% (6,598) (292) 4.4% OPERATING INCOME (1) 4,310 4,425 116 2.7% 4,290 136 3.2% EBITDA (2) 6,813 6,708 (105) -1.5% 6,686 23 0.3% Operating Margin 6.8% 6.9% 6.9% EBITDA Margin 10.8% 10.5% 10.8% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Andean Region Note: Jun-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Main changes between 2Q24 and 2Q25 are described below: Revenues reached $34,477 million (US$36.9 million / + 3.1% YoY). Revenues in constant currency increased by 5.2%. Operating Income reached $2,066 million (US$2.2 million / -4.9% YoY) and EBITDA totaled 3,309 million (US$3.5 million / -4.4% YoY). In constant currency, Operating Income decreased by 3.8% and EBITDA by 2.1% YoY. Operating Margin was 6.0%, lower by 50 bp and EBITDA Margin reached 9.6%, lower by 80 bp YoY. 2Q24 2Q25 ∆ $ ∆ % 2Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 33,441 34,477 1,036 3.1% 32,771 1,707 5.2% Digital Business 8,302 10,175 1,873 22.6% 8,311 1,864 22.4% Digital Services 25,140 24,302 (837) -3.3% 24,460 (157) -0.6% Transactional Business 0 0 0 - 0 0 - Cost of Sales (27,821) (28,737) (915) 3.3% (27,257) (1,480) 5.4% GROSS PROFIT 5,620 5,740 121 2.1% 5,514 227 4.1% Administration Expenses (3,448) (3,675) (227) 6.6% (3,365) (309) 9.2% OPERATING INCOME (1) 2,172 2,066 (106) -4.9% 2,148 (82) -3.8% EBITDA (2) 3,462 3,309 (153) -4.4% 3,381 (71) -2.1% Operating Margin 6.5% 6.0% 6.6% EBITDA Margin 10.4% 9.6% 10.3% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Andean Region Note: 2Q24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. North America Below are the main variations between 1H25 and 1H24 in North America, which includes the countries of Mexico, Panama, Costa Rica, Guatemala and the United States: Revenues in reported currency are 18.4% lower than those in June 2024, totaling $51,211 million (US$54.9 million). In constant currency, they are 12.5% lower. The main variations come from Mexico, due to the termination of low- margin contracts during the first half of the previous year, and from Panama, due to milestones in specific projects developed in the first half of 2024, which are not repeated in the current period. Figure 8 – Andean Region Results 1H24 – 1H25 Figure 9 – Andean Region Results 2Q24 – 2Q25
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EARNINGS RELEASE | 1H25 - 2Q25 | 11 Operating income in reporting currency reached $2,991 million (US$3.2 million / +28.5% year -on-year Jun-24) and EBITDA $6,850 million (US$7.3 million / +15.3% year -on-year Jun-24). Operating income in constant currency is 19.0% higher, and EBITDA grows 18.8% (yoy). The main effects are improved results in Mexico, due to the restructuring of the operation in the first half of 2024, and the termination of low-margin contracts; and to a lesser extent in the United States, which offsets the lower results in Panama associated with the aforementioned extraordinary projects in the first half of 2024. Operating Margin was 5.8%, up 210 bps (y/y), and the EBITDA Margin was 13.4%, growing 390 bps (y/y). jun-24 jun-25 ∆ $ ∆ % jun-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 62,728 51,211 (11,517) -18.4% 58,549 (7,338) -12.5% Digital Business 29,818 30,454 636 2.1% 28,327 2,127 7.5% Digital Services 32,910 20,757 (12,153) -36.9% 30,222 (9,465) -31.3% Transactional Business 0 0 0 - 0 0 - Cost of Sales (52,588) (40,403) 12,184 -23.2% (48,619) 8,216 -16.9% GROSS PROFIT 10,140 10,808 668 6.6% 9,930 878 8.8% Administration Expenses (7,813) (7,817) (4) 0.0% (7,416) (401) 5.4% OPERATING INCOME (1) 2,327 2,991 664 28.5% 2,514 477 19.0% EBITDA (2) 5,940 6,850 911 15.3% 5,765 1,085 18.8% Operating Margin 3.7% 5.8% 4.3% EBITDA Margin 9.5% 13.4% 9.8% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS North America Region Note: Jun-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Main changes between 2Q24 and 2Q23 are described below: Revenues in reporting currency decrease 23.4% YoY , totaling $ 25,921 million (US$ 27.8 million). In constant currency, revenue decreased by 18.6% YoY. In reporting currency, Operating Income reached $2,051 million ( US$2.2 million / +23.8% YoY ) and EBITDA totaled $3,862 million ( US$4.1 million / +5.5% YoY ). In constant currency , Operating Income increased by 19.4%, while EBITDA increased by 7.8%. Operating Margin was 7.9%, higher by 300 bp, while EBITDA Margin was 14.9%, higher by 410bp YoY. Figure 10 – North America Results 1H24 – 1H25
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EARNINGS RELEASE | 1H25 - 2Q25 | 12 2Q24 2Q25 ∆ $ ∆ % 2Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 33,833 25,921 (7,912) -23.4% 31,844 (5,923) -18.6% Digital Business 11,271 16,320 5,048 44.8% 10,742 5,578 51.9% Digital Services 22,562 9,601 (12,961) -57.4% 21,102 (11,501) -54.5% Transactional Business 0 0 0 - 0 0 - Cost of Sales (28,401) (19,995) 8,406 -29.6% (26,506) 6,511 -24.6% GROSS PROFIT 5,432 5,926 494 9.1% 5,338 588 11.0% Administration Expenses (3,776) (3,875) (99) 2.6% (3,621) (254) 7.0% OPERATING INCOME (1) 1,656 2,051 394 23.8% 1,717 334 19.4% EBITDA (2) 3,662 3,862 200 5.5% 3,583 280 7.8% Operating Margin 4.9% 7.9% 5.4% EBITDA Margin 10.8% 14.9% 11.3% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS North America Region Note: 2Q24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Brazil Main changes between 1H25 and 1H24 are described below: Revenue in reporting currency reached $183,846 million (US$197.0 million), 7.6% lower than the first half of 2024. Revenue in constant currency grew 3.0% compared to June 2024. This variation (constant currency) is due to growth in Digital Business, offset by Digital Services, associated with a decrease in hardware sales, and lower demand for some services. Administrative Expenses reached $14,173 million (US$15.2 million), 8.4% higher (y/y) in reporting currency, and 20.8% higher in constant currency, mainly due to a higher provision for doubtful accounts, mainly associated with specific situations in the SW Solutions business, and an increase in commercial expenses in personnel, marketing and advertising in line with Strategic Plan 25-27. Operating Income in reporting currency reached $795 million (US$0.9 million / -88.8% YoY Jun-24) and EBITDA reached $6,382 million (US$6.8 million / -51.8% YoY Jun-24). In constant currency, Operating Income decreased by 8 7.5% and EBITDA by 46.3%, compared to Jun-24, respectively. During the first half of 2025, there was a higher provision for bad debts, extraordinary costs in some service contracts, and additionally, during the first half of 2024, there were significant results in some non -recurring projects, such as those associat ed with the Infovía Digital business, among others. Operating margin reach 0.4% and EBITDA margin was 3.5%. jun-24 jun-25 ∆ $ ∆ % jun-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 198,940 183,846 (15,094) -7.6% 178,409 5,436 3.0% Digital Business 88,708 90,956 2,248 2.5% 79,614 11,342 14.2% Digital Services 110,232 92,890 (17,342) -15.7% 98,795 (5,905) -6.0% Transactional Business 0 0 0 - 0 0 - Cost of Sales (178,762) (168,877) 9,885 -5.5% (160,296) (8,582) 5.4% GROSS PROFIT 20,178 14,968 (5,209) -25.8% 18,114 (3,145) -17.4% Administration Expenses (13,077) (14,173) (1,097) 8.4% (11,737) (2,437) 20.8% OPERATING INCOME (1) 7,101 795 (6,306) -88.8% 6,377 (5,582) -87.5% EBITDA (2) 13,242 6,382 (6,860) -51.8% 11,885 (5,503) -46.3% Operating Margin 3.6% 0.4% 3.6% EBITDA Margin 6.7% 3.5% 6.7% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Brazil Note: Jun-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Figure 12 – Brazil Results 1H24 – 1H25 Figure 11 – North America Results 2Q24 – 2Q25
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EARNINGS RELEASE | 1H25 - 2Q25 | 13 Main changes between 2Q25 and 2Q24 are described below: • In reporting currency, revenues decreased by 1.0% YoY, totaling $ 98,805 million (US$ 105.9 million). R evenues in constant currency increased 6.2% YoY. • In reporting currency, Operating Income totaled $ 342 million (US$0.4 million), lower by 87.0% YoY, while EBITDA totaled $ 2,988 million (US$ 3.2 million), lower by 48.5% YoY. In constant currency, Operating Income and EBITDA decreased by 86.4% and 45.2%, respectively, YoY. • Operating Margin reached 0.3% and EBITDA Margin was 3.0%, lower by 230 bp and 280 bp, respectively, YoY. 2Q24 2Q25 ∆ $ ∆ % 2Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 99,847 98,805 (1,042) -1.0% 93,046 5,759 6.2% Digital Business 43,059 44,637 1,578 3.7% 40,129 4,508 11.2% Digital Services 56,788 54,168 (2,620) -4.6% 52,917 1,251 2.4% Transactional Business 0 0 0 - 0 0 - Cost of Sales (90,322) (90,945) (623) 0.7% (84,128) (6,817) 8.1% GROSS PROFIT 9,525 7,860 (1,664) -17.5% 8,918 (1,057) -11.9% Administration Expenses (6,884) (7,518) (634) 9.2% (6,405) (1,113) 17.4% OPERATING INCOME (1) 2,641 342 (2,298) -87.0% 2,513 (2,170) -86.4% EBITDA (2) 5,805 2,988 (2,816) -48.5% 5,455 (2,467) -45.2% Operating Margin 2.6% 0.3% 2.7% EBITDA Margin 5.8% 3.0% 5.9% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Brazil Note: 2Q24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Figure 13 – Brazil Results 2Q24 – 2Q25
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EARNINGS RELEASE | 1H25 - 2Q25 | 14 Figure 14 – Regional Summary 1H24 – 1H25 Regional Summary jun-24 jun-25 ∆ $ ∆ % jun-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M Southern Cone Region REVENUES 408,299 437,481 29,182 7.1% 404,365 33,116 8.2% Digital Business 98,977 92,552 (6,425) -6.5% 96,286 (3,734) -3.9% Digital Services 58,637 66,578 7,940 13.5% 55,955 10,623 19.0% Transactional Business 250,685 278,351 27,666 11.0% 252,124 26,227 10.4% Cost of Sales (350,215) (379,893) (29,678) 8.5% (347,646) (32,246) 9.3% GROSS PROFIT 58,084 57,588 (496) -0.9% 56,719 869 1.5% Administration Expenses (36,481) (41,563) (5,083) 13.9% (36,074) (5,489) 15.2% OPERATING INCOME (1) 21,603 16,025 (5,579) -25.8% 20,644 (4,620) -22.4% EBITDA (2) 35,426 30,957 (4,469) -12.6% 34,469 (3,512) -10.2% Operating Margin 5.3% 3.7% 5.1% EBITDA Margin 8.7% 7.1% 8.5% Andean Region REVENUES 63,083 64,135 1,052 1.7% 61,959 2,175 3.5% Digital Business 18,790 20,797 2,007 10.7% 18,916 1,881 9.9% Digital Services 44,293 43,337 (955) -2.2% 43,043 294 0.7% Transactional Business 0 0 0 - 0 0 - Cost of Sales (52,028) (52,819) (791) 1.5% (51,071) (1,748) 3.4% GROSS PROFIT 11,055 11,315 261 2.4% 10,888 427 3.9% Administration Expenses (6,745) (6,890) (145) 2.1% (6,598) (292) 4.4% OPERATING INCOME (1) 4,310 4,425 116 2.7% 4,290 136 3.2% EBITDA (2) 6,813 6,708 (105) -1.5% 6,686 23 0.3% Operating Margin 6.8% 6.9% 6.9% EBITDA Margin 10.8% 10.5% 10.8% North America REVENUES 62,728 51,211 (11,517) -18.4% 58,549 (7,338) -12.5% Digital Business 29,818 30,454 636 2.1% 28,327 2,127 7.5% Digital Services 32,910 20,757 (12,153) -36.9% 30,222 (9,465) -31.3% Transactional Business 0 0 0 - 0 0 - Cost of Sales (52,588) (40,403) 12,184 -23.2% (48,619) 8,216 -16.9% GROSS PROFIT 10,140 10,808 668 6.6% 9,930 878 8.8% Administration Expenses (7,813) (7,817) (4) 0.0% (7,416) (401) 5.4% OPERATING INCOME (1) 2,327 2,991 664 28.5% 2,514 477 19.0% EBITDA (2) 5,940 6,850 911 15.3% 5,765 1,085 18.8% Operating Margin 3.7% 5.8% 4.3% EBITDA Margin 9.5% 13.4% 9.8% Brazil REVENUES 198,940 183,846 (15,094) -7.6% 178,409 5,436 3.0% Digital Business 88,708 90,956 2,248 2.5% 79,614 11,342 14.2% Digital Services 110,232 92,890 (17,342) -15.7% 98,795 (5,905) -6.0% Transactional Business 0 0 0 - 0 0 - Cost of Sales (178,762) (168,877) 9,885 -5.5% (160,296) (8,582) 5.4% GROSS PROFIT 20,178 14,968 (5,209) -25.8% 18,114 (3,145) -17.4% Administration Expenses (13,077) (14,173) (1,097) 8.4% (11,737) (2,437) 20.8% OPERATING INCOME (1) 7,101 795 (6,306) -88.8% 6,377 (5,582) -87.5% EBITDA (2) 13,242 6,382 (6,860) -51.8% 11,885 (5,503) -46.3% Operating Margin 3.6% 0.4% 3.6% EBITDA Margin 6.7% 3.5% 6.7% Elimination Adjustment (*) Revenues (6,085) (7,283) (1,198) 19.7% (6,085) (1,198) 19.7% Digital Business (3,199) (2,993) 205 -6.4% (3,199) 205 -6.4% Digital Services (2,886) (4,290) (1,404) 48.6% (2,886) (1,404) 48.6% Transactional Business 0 0 0 - 0 0 - Cost of Sales 6,085 7,283 1,198 19.7% 6,085 1,198 19.7% Gross Profit 0 0 0 0 0 - Administration Expenses 0 0 0 0 0 - Operating Income (1) 0 0 0 0 0 - EBITDA (2) 0 0 0 0 0 - (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization Notes: Jun-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate.
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EARNINGS RELEASE | 1H25 - 2Q25 | 15 Figure 15 – Regional Summary 2Q24 – 2Q25 Regional Summary 2Q24 2Q25 ∆ $ ∆ % 2Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M Southern Cone Region REVENUES 203,667 215,379 11,712 5.8% 201,409 13,971 6.9% Digital Business 48,560 46,856 (1,704) -3.5% 47,244 (388) -0.8% Digital Services 31,710 32,843 1,132 3.6% 30,193 2,650 8.8% Transactional Business 123,397 135,681 12,284 10.0% 123,971 11,710 9.4% Cost of Sales (176,929) (188,315) (11,386) 6.4% (175,297) (13,018) 7.4% GROSS PROFIT 26,738 27,064 326 1.2% 26,112 953 3.6% Administration Expenses (19,427) (20,764) (1,337) 6.9% (19,106) (1,659) 8.7% OPERATING INCOME (1) 7,311 6,300 (1,011) -13.8% 7,006 (706) -10.1% EBITDA (2) 14,408 13,919 (489) -3.4% 14,103 (183) -1.3% Operating Margin 3.6% 2.9% 3.5% EBITDA Margin 7.1% 6.5% 7.0% Andean Region REVENUES 33,441 34,477 1,036 3.1% 32,771 1,707 5.2% Digital Business 8,302 10,175 1,873 22.6% 8,311 1,864 22.4% Digital Services 25,140 24,302 (837) -3.3% 24,460 (157) -0.6% Transactional Business 0 0 0 - 0 0 - Cost of Sales (27,821) (28,737) (915) 3.3% (27,257) (1,480) 5.4% GROSS PROFIT 5,620 5,740 121 2.1% 5,514 227 4.1% Administration Expenses (3,448) (3,675) (227) 6.6% (3,365) (309) 9.2% OPERATING INCOME (1) 2,172 2,066 (106) -4.9% 2,148 (82) -3.8% EBITDA (2) 3,462 3,309 (153) -4.4% 3,381 (71) -2.1% Operating Margin 6.5% 6.0% 6.6% EBITDA Margin 10.4% 9.6% 10.3% North America REVENUES 33,833 25,921 (7,912) -23.4% 31,844 (5,923) -18.6% Digital Business 11,271 16,320 5,048 44.8% 10,742 5,578 51.9% Digital Services 22,562 9,601 (12,961) -57.4% 21,102 (11,501) -54.5% Transactional Business 0 0 0 - 0 0 - Cost of Sales (28,401) (19,995) 8,406 -29.6% (26,506) 6,511 -24.6% GROSS PROFIT 5,432 5,926 494 9.1% 5,338 588 11.0% Administration Expenses (3,776) (3,875) (99) 2.6% (3,621) (254) 7.0% OPERATING INCOME (1) 1,656 2,051 394 23.8% 1,717 334 19.4% EBITDA (2) 3,662 3,862 200 5.5% 3,583 280 7.8% Operating Margin 4.9% 7.9% 5.4% EBITDA Margin 10.8% 14.9% 11.3% Brazil REVENUES 99,847 98,805 (1,042) -1.0% 93,046 5,759 6.2% Digital Business 43,059 44,637 1,578 3.7% 40,129 4,508 11.2% Digital Services 56,788 54,168 (2,620) -4.6% 52,917 1,251 2.4% Transactional Business 0 0 0 - 0 0 - Cost of Sales (90,322) (90,945) (623) 0.7% (84,128) (6,817) 8.1% GROSS PROFIT 9,525 7,860 (1,664) -17.5% 8,918 (1,057) -11.9% Administration Expenses (6,884) (7,518) (634) 9.2% (6,405) (1,113) 17.4% OPERATING INCOME (1) 2,641 342 (2,298) -87.0% 2,513 (2,170) -86.4% EBITDA (2) 5,805 2,988 (2,816) -48.5% 5,455 (2,467) -45.2% Operating Margin 2.6% 0.3% 2.7% EBITDA Margin 5.8% 3.0% 5.9% Elimination Adjustment (*) Revenues (3,303) (3,398) (95) 2.9% (3,303) (95) 2.9% Digital Business (2,314) (1,544) 770 -33.3% (2,314) 770 -33.3% Digital Services (989) (1,854) (865) 87.5% (989) (865) 87.5% Transactional Business 0 0 0 - 0 0 - Cost of Sales 3,303 3,398 95 2.9% 3,303 95 2.9% Gross Profit 0 0 0 0 0 - Administration Expenses 0 0 0 0 0 - Operating Income (1) 0 0 0 0 0 - EBITDA (2) 0 0 0 0 0 - (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization Notes: 2Q24A correspond to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates.
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EARNINGS RELEASE | 1H25 - 2Q25 | 16 IV. Analysis of Consolidated Balance Sheet Assets As of June 30, 2025, Total Assets amounted $1,424,920 million (US$1,526.6 million), decreasing by 5.5% compared to December 2024 ($83,365 million / US$89.3 million). Main variations are: Decrease in: Trade and other current receivables amounted to $86,422 million (US$92.6 million), with a balance of $428,676 million (US$459.3 million) as of June 30, 2025. This balance was primarily generated in the Southern Cone Region, particularly Chile, and was asso ciated with the payment of outstanding government contract invoices; and a decrease in the subsidiary Multicaja (**), which contributed to the variation by -$25,809 million / US$27.6 million. Cash and Cash Equivalents: $11.8 billion (US$12.6 million), the balance of which as of June 30, 2025, was $132,182 million (US$141.6 million), primarily due to the use of funds for working capital and projects in Brazil, Colombia, and Mexico, dividend paym ents, as well as the amortization of bank debt in Chile and Costa Rica. These variations are partially offset by Chile, as a result of the collection of amounts owed. Increase in: Goodwill of $8,877 million (US$9.5 million), the balance of which as of June 30, 2025, was $221,367 million (US$237.2 million), primarily originating in Brazil and associated with exchange rate effects. Current inventories of $5,039 million (US$5.4 million), the balance of which as of June 30, 2025, was $90,034 million (US$96.5 million), primarily due to the Southern Cone Region, associated with the Transactional Business (Product Distribution, related to the normal business cycle). Liabilities Liabilities totaled $823,728 million (US$882.5 million) as of June 30, 2025, decreasing by 9.5% compared to December 2024 ($86,284 million / US$92.4 million). Main variations are: Decrease in: Trade and Other Payables amounted to $72,754 million (US$77.9 million), with a balance of $236,268 million (US$253.1 million) as of June 30, 2025. This balance was generated primarily in the Southern Cone Region, particularly Chile, due to the decrease in the subsidiary Multicaja (**), which contributed to the variation of - $31,278 million / US$33.5 million, and also to other accounts payable due to the natural cycle of the Transactional Business. Non-current Accounts Payable amounted to $5,929 million (US$6.4 million), with a balance of $22,327 million (US$23.9 million) as of June 30, 2025. This balance was generated in Brazil and associated with long -term regular projects. Accounts Payable to Related Entities for $3,387 million (US$3.6 million), the balance of which as of June 30, 2025, was $2,444 million (US$2.6 million), associated with dividends payable. Other Current and Non -Current Financial Liabilities for $361 million (US$386 thousand), the balance of which as of June 30, 2025, was $63,689 million (US$68.2 million) in Current Liabilities and $270,253 million (US$290 million) in Non-Current Liabilities, due to a decrease in the Southern Cone and North America regions, resulting from the repayment of loans and bonds.
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EARNINGS RELEASE | 1H25 - 2Q25 | 17 (**)The balances of Trade Debtors and Trade Accounts Payable of Multicaja's acquiring business, at the close of any period, a re influenced by the day of the week on which the month ends, since, when this is a Saturday, Sunday or holiday, a greater accumula tion of balances is generated which are then settled on the first business days of the following month. Shareholder’s Equity Equity attributable to Owners reached $584,015 million (US$625.7 million) as of June 25, up 0.6% compared to December 24 (US$3,247 million / US$3.5 million). The main variations originate from a positive effect on the equity account of the Reserve for Exchange Differences on Conversions (US$6,420 million / US$6.9 million), the results of the period (US$3,320 million / US$3.6 million), and Other Sundry Reserves (US$953 million / US$1.0 million), which was partially offset by Dividends (US$7,376 million / US$7.9 million). Financial Ratios Unit jun-25 jun-24 Var. jun-24 dic-24 Var. dic-24 LIQUIDITY Current Ratio (times) 1.7 1.5 0.2x 1.6 0.1x Quick Ratio (times) 1.5 1.4 0.1x 1.4 0.1x Working Capital (MM$) 313,567 259,309 20.9% 297,612 5.4% INDEBTEDNESS Leverage (times) 1.4 1.4 0.0x 1.5 -0.1x Financial Leverage (times) 0.6 0.6 0.0x 0.6 0.0x Short-Term Debt (times) 0.5 0.6 -0.1x 0.6 -0.1x Long-Term Debt (times) 0.5 0.4 0.1x 0.4 0.1x Financial-Expenses-Coverage Ratio (times) 2.8 3.7 -0.9x 3.1 -0.3x Net Financial Debt to EBITDA Ratio (times) 1.8 1.8 0.0x 1.6 0.2x PROFITABILITY ROE % 4.9% 5.0% -10 pb 5.5% -60 pb ROA % 2.0% 2.0% 0 pb 2.1% -10 pb Earnings per Share ($) 32.6 32.8 -0.8% 36.6 -11.1% Dividend Yield % 5.1% 5.0% 10 pb 4.0% 110 pb Figure 16 – Financial Ratios Summary
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EARNINGS RELEASE | 1H25 - 2Q25 | 18 Statements of Cash Flow The ending balance of Cash and Cash Equivalents reached $132,182 million (US$141.6 million) as of June 25, compared to $114,758 million (US$122.8 million) as of June 24. Net cash flow from operating activities reached $51,894 million (US$55.6 million) as of June 25, compared to $6,924 million (US$7.4 million) as of June 24. The largest change was in the Southern Cone Region, due to the collection of outstanding balances on government contracts. Net cash flow used in investing activities as of June 25 was $6,908 million (US$7.4 million), compared to $12,766 million (US$13.7 million) as of June 24. The main variations are due to (i) a decrease in purchases of property, plant, and equipment of $4,061 million (US$4.4 million); (ii) collections from loans to related parties of $857 million (US$0.9 million); and (iii) interest received of $530 million (US$0.6 million). Net cash flow used in financing activities as of June 25 was $53,431 million (US$57.2 million), compared to $17,901 million (US$19.2 million) as of June 24. The main variations are due to (i) other outflows of $26,206 million (US$28.1 million), due to the monetization of a financial asset resulting from the termination of a Series H bond hedging contract on June 24, which is not repeated in the current period; (ii) a higher net payment of financial debt and lease liabilities of $6,946 million (US$7.4 million); and (iii) a higher dividend payment of $2,869 million (US$3.1 million). jun-24 jun-25 ∆ $ ∆ % Ch$M Ch$M Statements of Cash Flow Net Cash Flows from (used in) Operating Activities 6,924 51,894 44,970 649.5% Net Cash Flows from (used in) Investing Activities (12,766) (6,908) 5,858 45.9% Net Cash Flows from (used in) Financing Activities (17,901) (53,431) (35,530) -198.5% NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE EFFECT OF EXCHANGE RATES (23,743) (8,446) 15,298 64.4% Effect of Exchange Rate changes on Cash and Cash Equivalents 4,366 (3,354) (7,720) -176.8% NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (19,377) (11,800) 7,578 39.1% Cash and Cash Equivalents at beginning of period 134,135 143,982 9,847 7.3% CASH AND CASH EQUIVALENTS AT END OF PERIOD 114,758 132,182 17,424 15.2% Figure 17 – Statements of Cash Flow