Earnings release
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EARNINGS RELEASE SONDA S.A. and Sub- sidiaries 12M25 - 4Q25 January 01, 2025 – December 31, 2025 SONDA S.A. and subsidiaries report their consolidated financial results for the period from Jan- uary 01 to December 31, 2025. All figures are expressed in Chilean pesos and have been pre- pared under International Financial Reporting Standards (IFRS). Translations to US dollars stated in this report are based on the month -end exchange rate as of December 31, 2025 (1 US$ = 907.13 Chilean Pesos).
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Highlights Revenues reached US$1,592.2 million, increasing by 2.6% in reporting currency, with respect to Dec-24 and 4.5% in- crease in constant currency. Operating Income reached US$72.6 million, decreasing by 27.1% in reporting currency and 25.0% in constant currency. EBITDA reached US$127.0 million, lower by 16.6% in reporting currency and 14.7% in constant currency, with an EBITDA Margin of 8.0%. The decreases in Operating Income and EBITDA are mainly due to: i) the stabilization and restructur- ing of some projects, especially in Brazil; ii) higher provisions for uncollectible accounts, particularly in Brazil and the Southern Cone, framed within a complex economic context in the region during the year 2025; iii) an increase in the sales structure associ- ated with the new Strategic Plan 2025-2027 which has had a posi- tive impact on pipeline generation and business awarded.; iv) a significant reduction in 2025 of positive accounting effects on Op- erating Income, associated with hyperinflation in Argentina and foreign currency sales in Argentina, which were subsequently off- set in Non-Operating Profit; and v) a consolidated negative ex- change rate impact on the reporting currency conversion, mainly generated by Argentina. In the Southern Cone Region, revenues grew by 5.5% in reporting currency and grew by 8.0% in constant currency. Operat- ing income was 21.5% lower (constant currency -16.2%), and EBITDA was 11.5% lower (constant currency -7.4%), with an EBITDA margin of 8.3%. In the Andean Region, revenues increased 9.9% in re- porting currency and grew 6.8% in constant currency. Operating in- come in reporting currency was 5.3% lower (constant currency - 9.4%), and EBITDA by -6.0% (constant currency -9.3%), with an EBITDA margin of 10.4%. In North America, revenues decreased 16.2% in report- ing currency and 15.2% in constant currency. Operating income in reporting currency was 14.1% lower (constant currency -16.9%). EBITDA in reporting currency was 8.9% lower (constant currency - 9.5%), with an EBITDA margin of 15.2%. In Brazil, revenues increased 1.6% in reporting currency and increased 4.1% in constant currency. Operating income was 62.7% lower in reporting currency and 62.4% lower in constant cur- rency. EBITDA was 39.4% lower (constant currency -38.4%). EBITDA margin was 4.4%. These results are mainly explained by the above: it was necessary to stabilize and restructure some pro- jects, a greater provision for uncollectible accounts, regulatory changes in the labor market, and an increase in the commercial structure based on the 2025-2027 Strategic Plan. Net Income attributable to Controllers reached $16,969 million (US$18.7 million), lower by $14,932 (US$ 16.5 million) compared to 2024. This occurs mainly due to a lower Operating Result and increased Financial Costs, which was partially offset by a lower Income Tax Expense, resulting from a greater recogni- tion of deferred tax assets in Brazil, and a lower Profit Before Tax. Closed deals volume reached US$1,746.4 million, represent- ing an 8.4% increase compared to the same period of 2024. The pipe- line of potential business opportunities reached US$6,026.2 million, with notable participation from Brazil with US$1,776.2 million and the Southern Cone with US$2,178.8 million. The pipeline represents a 13.6% increase compared to dec-24. Among the businesses awarded in the fourth quarter, the fol- lowing stand out: - In Chile, three Software Factory projects with the Chilean Investigative Police (PDI), the Internal Revenue Service (SII), and the Chilean National Police (Carabineros de Chile), where application development is being implemented to modernize technological systems and optimize their internal processes. Also noteworthy is the comprehensive moderniza- tion project of the Ministry of Health's (MINSAL) network infrastructure and the managed operation of connectivity at a macro-regional level. Finally, a project with a major mining company for the support and maintenance of communications networks. - In Brazil, a new Field Services, Asset Management, and Service Desk project with an important network of service stations aims to reduce the client's equipment management burden. Additionally, a five-year contract with Cemig provides professional services to support and en- hance IT environments. - In Colombia, a major implementation of Beyond Health, SONDA's proprietary health insurance policy software, for a major insurance company. - In Uruguay, the provision and comprehensive management of IT in- frastructure under the cloud model (private and hybrid), accompanied by IT consulting services aimed at modernization, cloud migration and optimization of services for República AFAP. - In Peru, the Software Factory contract focused on the development and quality assurance of SUNAT's critical tax and customs collection systems. Also included was the project to provide equipment, commu- nications, and operational support for polling stations with ONPE. Addi- tionally, the project to upgrade and host the Central Platform, Networks, and Data Center Hosting for the Superintendency of Banking, Insur- ance, and Pension Funds. - In Panama, the expansion and modernization, including the ac- ceptance of QR and credit card payments on buses and metro lines of the Land Transit and Transportation Authority's fare collection system within a two-year horizon, expandable to a total of four years. The Current Liquidity (1.7x), Financial Leverage (0.6x) and Financial Ex- pense Coverage (2.3x) indicators reflect a healthy financial position. In April 2025, Fitch Ratings affirmed the long-term ratings at AA-, as- signing a Negative outlook. ICR, in September 2025, reaffirmed the rat- ing assigned to bonds and solvency in the AA- category, with a Stable outlook. Notes: - The 2025 Income Statement and its comparison with 2024 include the deconsolidation of the subsidiary Multicaja, which is now recorded as a Discontinued Operation on a single line. The Balance Sheet (Assets and Liabilities) is also deconsolidated line by li ne as of December 2025, but there are no changes as of December 2024. - Southern Cone Region: Chile (includes Transactional Business: Quintec Distribución + Tecnoglobal + Microgeo), Argentina, Urug uay. - 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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EARNINGS RELEASE | 12M25 - 4Q25 | 3 Figure 1 – Consolidated Financial Statements Millions of Ch$ (Ch$M) Income Statement dec-24 dec-25 ∆ $ ∆ % Revenues 1.407.122 1.444.305 37.182 2,6% Cost of Sales (1.194.436) (1.245.142) (50.706) 4,2% Gross Profit 212.686 199.163 (13.524) -6,4% Administration Expenses (122.437) (133.333) (10.896) 8,9% Operating Income (1) 90.250 65.830 (24.419) -27,1% Depreciation and Amortization 47.896 49.394 1.497 3,1% EBITDA (2) 138.146 115.224 (22.922) -16,6% Other Income 2.428 4.269 1.842 75,9% Other Expenses (9.434) (11.454) (2.021) 21,4% Profit (Loss) From Operating Activities 83.244 58.645 (24.599) -29,6% Financial Income 16.712 15.317 (1.395) -8,3% Financial Expenses (45.346) (49.134) (3.787) 8,4% Share of Profit (Loss) of Associates 63 237 174 276,8% Foreign Exchange Differences (2.602) (2.570) 32 -1,2% Income (Loss) for Indexed Assets and Liabilities 421 1.920 1.499 356,4% Net Income Before Taxes 52.491 24.414 (28.076) -53,5% Income Tax Expense (20.154) (6.489) 13.665 -67,8% Profit (Loss) from Discontinued Operations 390 (167) (557) -142,9% Net Income from Continuing Operations 32.727 17.758 (14.969) -45,7% Net Income Attributable to Minority Interest 826 789 (37) -4,5% Net Income Attributable to Owners of the Company 31.901 16.969 (14.932) -46,8% Balance Sheet dec-24 dec-25 ∆ $ ∆ % Cash and Cash Equivalents 143.982 101.140 (42.842) -29,8% Other Current Financial Assets 4.371 4.399 28 0,6% Trade Accounts Receivable and Other Receivables, Net 515.099 446.427 (68.672) -13,3% Accounts Receivable from Related Companies 1.067 2.679 1.612 151,0% Inventories 84.994 93.171 8.176 9,6% Assets Available for Sale 7.998 141.160 133.161 - Other Current Assets 70.567 72.435 1.868 2,6% Current Assets 828.080 861.411 33.331 4,0% Intangibles Assets and Goodwill 264.345 231.869 (32.475) -12,3% Property, Plant and Equipment, Net 129.957 119.043 (10.914) -8,4% Other Non-currents Assets 285.903 256.540 (29.362) -10,3% Non-current Assets 680.204 607.453 (72.752) -10,7% Assets 1.508.284 1.468.864 (39.420) -2,6% Other Current Financial Liabilities 80.429 81.993 1.564 1,9% Current Liabilities of Assets Available for Sale 0 92.681 92.681 - Other Liabilities 450.038 334.103 (115.935) -25,8% Current Liabilities 530.468 508.778 (21.690) -4,1% Other Non-current Financial Liabilities 253.873 260.025 6.152 2,4% Other Liabilities, Non-Current 125.671 105.216 (20.456) -16,3% Non-current Liabilities 379.544 365.241 (14.303) -3,8% Liabilities 910.012 874.019 (35.993) -4,0% Minority Interest 17.504 16.543 (961) -5,5% Total Shareholders' Equity Attributable to Owners of the Company 580.768 578.302 (2.466) -0,4% Total Liabilities and Shareholders' Equity 1.508.284 1.468.864 (39.420) -2,6% (1) Operating Income = Gross Profit – Administration Expenses (2) EBITDA = Operating Income + Depreciation and Amortization
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EARNINGS RELEASE | 12M25 - 4Q25 | 4 MANAGEMENT DISCUSSION AND ANALYSIS ON 12M25 AND 4Q25 CONSOLIDATED RESULTS I. Consolidated Results for the twelve months of 2025 (12M25) Income Statement Analysis Consolidated revenues reached $1,444,305 million (US$1,592.2 million) as of December 31, 2025, up 2.6% ($37,182 million / US$41.0 million) compared to the same period in 2024. In constant currency, revenues grew by 4.5%. Variations by business line are as follows: Digital Business revenues decreased 1.5% ($7,419 million / US$8.2 million) to 493,800 million (US$544.4 million) as of December 25 (due to conversion effects ). In constant currency, there was a growth of 0.8% ($3,754 million / US$4.1 million). This variation (constant currency) is mainly due to the growth in Andina Region and North America. Digital Services revenues increased 0.8% ($4,113 million / US$4.5 million) totaling $517,081 million (US$570.0 mil- lion) as of December 25. In a constant currency basis, it was higher by 3.8% ($18,740 million / US$20.7 million). This variation (constant currency) is mainly explained by growth in the Southern Cone Region, Brazil, and Andina Region, which was partially offset by a decrease in North America. Transactional Business 1revenues increased by 1 0.3% ($ 40,488 million / US$ 44.6 million) to $ 433,424 million (US$477.8 million) as of December 25 . On a constant currency basis, it increased by 1 0.3% ($ 39,336 million / US$43.4 million), mainly associated to Quintec Distribución. Regarding revenue distribution by business line as of December 31, 2025. Digital Business contributes with 34.2%, Digital Services with 35.8%, and Transactional Business with the remaining 30.0%. CONSOLIDATED REVENUES BY BUSINESS LINE dec-24 dec-25 ∆ $ ∆ % dec-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M Digital Business 501.219 493.800 (7.419) -1,5% 490.046 3.754 0,8% Digital Services 512.968 517.081 4.113 0,8% 498.341 18.740 3,8% Transactional Business 392.936 433.424 40.488 10,3% 394.087 39.336 10,0% Total 1.407.122 1.444.305 37.182 2,6% 1.382.475 61.830 4,5% Breakdown Digital Business 35,6% 34,2% 35,5% Digital Services 36,5% 35,8% 36,1% Transactional Business 27,9% 30,0% 28,4% Total 100,0% 100,0% 100,0% Note: Dec-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 $ 1,245,142 million (US$1,372.6 million) as of December 31, 2025, growing by 4.2% compared to the same period in 2024 , mainly associated with revenues growth . In constant currency, they increased by 6.0% (y/y). Administrative Expenses reached $133,333 million (US$147.0 million) as of December-25, 8.9% higher (YoY) in re- porting currency and 10.8% higher (yoy) in constant currency. This change reflects i) a strengthening of the commer- cial structure and the promotion of new initiatives, in line with the objectives of the 2025 -2027 Strategic Plan, ii) an increase in sales expenses, resulting from increased commercial activity, primarily in the Transactional Business 1 Transactional Business = Quintec Distribución + Tecnoglobal + Microgeo. Figure 2 – Consolidated Revenues by Business Line 12M24 – 12M25
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EARNINGS RELEASE | 12M25 - 4Q25 | 5 segment; iii) increase in the provision for doubtful accounts, primarily in Brazil and Southern Cone; and iv) natural indexation due to inflation during the period. dec-24 dec-25 ∆ $ ∆ % dec-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M Revenues 1.407.122 1.444.305 37.182 2,6% 1.382.475 61.830 4,5% Cost of Sales (1.194.436) (1.245.142) (50.706) 4,2% (1.174.367) (70.775) 6,0% GROSS PROFIT 212.686 199.163 (13.524) -6,4% 208.108 (8.945) -4,3% Administration Expenses (122.437) (133.333) (10.896) 8,9% (120.312) (13.021) 10,8% OPERATING INCOME (1) 90.250 65.830 (24.419) -27,1% 87.796 (21.966) -25,0% EBITDA (2) 138.146 115.224 (22.922) -16,6% 135.116 (19.892) -14,7% NET INCOME ATTRIBUTABLE TO OWNERS 31.901 16.969 (14.932) -46,8% - - - Gross Margin 15,1% 13,8% 15,1% Operating Margin 6,4% 4,6% 6,4% EBITDA Margin 9,8% 8,0% 9,8% Net Margin 2,3% 1,2% - (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF CONSOLIDATED INCOME STATEMENT Note: Dec-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Operating Income and EBITDA Operating Income reached $65,830 million (US$72.6 million), decreasing 27.1% compared to 2024. In constant currency, it was 25.0% lower (yoy). EBITDA totaled $115,224 million (US$127.0 million) in 2025, decreasing 16.6% compared to 2024. In constant currency, the EBITDA was 14.7% lower. Operating Margin reached 4.6% and EBITDA Margin was 8.0%, both lower by 180 bps, respectively (yoy). Other Items of the Operation (*) Total Other Operating Items (*) show a loss of $41,616 million (US$45.7 million) in 2025 and compares to a loss of $37,759 billion (US$41.6 million) in 2024. The main variations are due to: Increased Financial Costs ($ 3,787 million / US$4.2 million), mainly due to (i) an increase in the tax rate applied to financial operations, as well as a higher tax cost associated with financial transactions between related companies, and a higher volume of invoice advances from customers in Brazil; ; ii) increased bank fees in the Transactional Business segment, associated with revenue growth and increased commercial activity; iii) an increase in interest rates and the average stock of bank debt in Brazil ( associated with the increase in the Central Bank's benchmark interest rates). These variations were partially offset by lower financial expenses in the Southern Cone (mainly as- sociated with a lower stock of financial debt and lower interest rates in Argent ina), along with decreased leasing costs, which helped mitigate the net impact. Financial Costs as of Dec-25 totaled Ch$49,134 million (US$54.2 mil- lion). The increase in Other Expenses, by Function ($2.021 billion / US$2.2 million), was mainly due to higher restructuring expenses in Brazil and the Southern Cone. Other Expenses as of Dec-25 totaled $11.454 billion (US$12.6 million). Decrease in Financial Income (1,395 million / US$1.5 million), primarily associated with i) a positive and non-recur- ring effect in 2024, resulting from the indexation of a receivable refunded by the Brazilian tax authority; ii) a decrease in the rates of return on cash investment instruments, which was partially offset by a higher average bala nce in- vested, and, to a lesser extent, by iii) an increase in interest on financed services in Colombia, Uruguay, Chile and Argentina. Financial Income as of December 25 was $15,317 million (US$16.9 million). (*) Other Operating Items = Financial Income + Financial Costs + Share in Profits (Losses) of Associates + Foreign Currency Excha nge Gains (Losses) + Result by Adjust- ment Units + Other Income + Other Expenses, by Function. Figure 3 – Income Statement 12M24– 12M25
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EARNINGS RELEASE | 12M25 - 4Q25 | 6 Foreign Exchange Losses ($32 million / US$35 thousand), in line with the previous year. Foreign Exchange Losses as of Dec-25 were $2,570 million (US$2.8 million). Positive effect of Results from Adjustment Units ($1,499 million / US$1.7 million), mainly explained by Brazil, associated with the indexation of financial assets through contracts with clients. As of the close of Dec -25, the Result from Adjustment Units totaled $1,920 million (US$2.1 million). Increase in Other Income ($1,842 million / US$2.0 million), mainly due to the profit generated from the sale of real estate assets in the Southern Cone, which is partially offset by the absence, in the current fiscal year, of one-off effects from the recovery of expenses in Brazil that occurred in 2024. Other Income as of Dec -25 was $4,269 million (US$4.7 million). Net Income Net income attributable to the Parent Company was $ 16,969 million (US$18.7 million) as of Dec-25, 46.8% lower ($14,932 million / US$16.5 million) than in Dec-24. This is primarily due to i) a lower Operating Result of $ 24,419 million (US$26.9 million); ii) an increase in Financial Cost of $ 3,787 million (US$4.2 million); and iii) a decrease in Income Tax Expense of $ 13,665 million (US$15.1 million), due to a greater recognition of deferred tax assets in Brazil, and the lower Profit Before Tax, due to the decrease in Operating Profit. II. Consolidated Results for the Fourth Quarter of 2025 (4Q25) Revenues Consolidated revenues totaled $440,764 million (US$485.9 million) in 4Q25, 2.9% higher ($12,260 million / US$13.5 million) than in 4Q24. In constant currency, revenues increased 3.6% (YoY). The main differences are the following: Decrease of 2.1% ($2,936 million / US$3.2 million) (YoY) in Digital Business, reaching $139,923 million (US$154.2 million). In constant currency, the decrease was 1.1% (-$1,488 million / -US$1.6 million). Increase of 8.1% ($ 12,645 million / US$13.9 million) (YoY) in revenues fro m Digital Services, totaling $ 169,120 million (US$186.4 million). In constant currency, the increase was 8.0% ($12,591 million / US$13.9 million). Increase of 2.0% ($ 2,551 million / US$2.8 million) (YoY) in Transactional Business , reaching $ 131,722 million (US$145.2 million). In constant currency, the increase was 3.2% ($4,069 million / US$4.5 million). The revenue breakdown by business line was 3 1.7% Digital Business, 3 8.4% Digital Services and 29.9% Transac- tional Business. 4Q24 4Q25 ∆ $ ∆ % 4Q24A ∆ $ (t/t) ∆ % (t/t) Ch$M Ch$M Ch$M Digital Business 142.858 139.923 (2.936) -2,1% 141.411 (1.488) -1,1% Digital Services 156.475 169.120 12.645 8,1% 156.529 12.591 8,0% Transactional Business 129.171 131.722 2.551 2,0% 127.653 4.069 3,2% Total 428.504 440.764 12.260 2,9% 425.593 15.172 3,6% Breakdown Digital Business 33,3% 31,7% 33,2% Digital Services 36,5% 38,4% 36,8% Transactional Business 30,2% 29,9% 30,0% Total 100,0% 100,0% 100,0% CONSOLIDATED REVENUES BY BUSINESS LINE Note: 4Q24A corresponds to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Figure 4 – Consolidated Revenues by Business Line 4Q24 – 4Q25
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EARNINGS RELEASE | 12M25 - 4Q25 | 7 Cost of Sales and Selling, General and Administration Expenses Cost of sales amounted to $381,183 million (US$ 420.2 million) in the fourth quarter of 2025, increasing by 6.5% (YoY). Administration Expenses were $35,935 million (US$39.6 million) in the fourth quarter of 2025, 4.4% higher (YoY). In constant currency the increase was 6.0%. 4Q24 4Q25 ∆ $ ∆ % 4Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M Revenues 428.504 440.764 12.260 2,9% 425.593 15.172 3,6% Cost of Sales (357.762) (381.183) (23.421) 6,5% (356.462) (24.721) 6,9% GROSS PROFIT 70.742 59.581 (11.161) -15,8% 69.130 (9.549) -13,8% Administration Expenses (34.404) (35.935) (1.530) 4,4% (33.889) (2.046) 6,0% OPERATING INCOME (1) 36.338 23.646 (12.691) -34,9% 35.241 (11.595) -32,9% EBITDA (2) 48.661 36.247 (12.414) -25,5% 47.799 (11.551) -24,2% NET INCOME ATTRIBUTABLE TO OWNERS 16.903 11.342 (5.561) -32,9% Gross Margin 16,5% 13,5% 16,2% Operating Margin 8,5% 5,4% 8,3% EBITDA Margin 11,4% 8,2% 11,2% Net Margin 3,9% 2,6% - (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF CONSOLIDATED INCOME STATEMENT Note: 4Q24A corresponds to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Operating Income and EBITDA Operating Income reached $23,646 million (US$26.1 million), lower by 34.9% (YoY). Gross Margin was 13.5%, lower by 300 bp, while Operating Margin was 5.4%, decreasing by 310 bp (YoY). EBITDA totaled $ 36,247 million (US$40.0 million), decreasing 25.5% (YoY). In constant currency, it decreased by 24.2%. EBITDA margin in the fourth quarter of 2025 reached 8.2%, lower by 320 bp (YoY). Other Comprehensive Income / Losses (Excluding Administration Expenses) Other comprehensive income/losses 2, excluding Administration expenses registered a loss of $ 11,894 million (US13.1 million) in the fourth quarter of 2025, higher by $ 2,524 million (US$ 2.8 million) compared to the same period of 2024. The main variations were higher Other Expenses ($3,738 million / US$4.1 million), lower Financial Income ($2,349 million / US$ 2.6 million) and higher loss from for Indexed Assets and Liabilities ($461 million / US$0.5 million), partially offset by higher Other Income ($3,201 million / US$3.5 million) and lower Financial Ex- penses ($1,072 million / US$1.2 million). Net Income Net Income/Loss attributable to the owners of the company amounted to $11,342 million (US$12.5 million) in the fourth quarter of 2025, lower by $5,561 million (US$6.1 million). The variation is mainly explained by a lower Oper- ating Income ($12,691 million / US$14 million), higher Other comprehensive losses, excluding Administration ex- penses as described above, net of a decrease in Income Tax Expense of $10,422 million (US$11.5 million) 2. Other Comprehensive Income/Losses = Financial Income + Financial Expenses + Share of Profit (Loss) of Associates + Foreign Ex change Differences + Income (Loss) for Indexed Assets and Liabilities + Other Income + Other Expenses. Figure 5 – Income Statement 4Q24 – 4Q25
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EARNINGS RELEASE | 12M25 - 4Q25 | 8 Regional Results for the Twelve Months and Fourth Quarter of 2025 (12M25 - 4Q25) Southern Cone Region Main changes between 12M25 and 12M24 in Southern Cone Region, which includes Chile3, Argentina and Uruguay, are described below: Revenues reached $778,301 million (US$858.0 million), representing a 5.5% YoY increase, primarily due to the Digital Services and Transactional Business. In constant currency, revenues grew by 8.0%. Administrative Expenses totaled $74,312 million (US$81.9 million), up 10.9% YoY in reported currency and 13.6% in constant currency, primarily due i) to an increase in commercial activity and, to a lesser extent, strengthening the logistics infrastructure in the Transactional Business , ii) an increase in commercial expenses, in line with the stra- tegic plan 2025-2027, iii) a higher level of provisions for bad debts; and iv) inflation indexation, especially in Argen- tina. Operating Income was $ 38,907 million (US$ 42.9 million / -21.5% year -on-year as of Dec-24) and EBITDA was $64,262 million (US$70.8 million / -11.5% year-on -year as of Dec-24), in reporting currency. In constant currency, Operating Income and EBITDA were 16.2% and 7.4% lower, respectively. The main effects are i) a lower contribution margin in the Core business, due to projects carried out during 2024, which are not repeated in the current period;; ii) positive effects in Argentina during 2024, due to accounting impacts related to hyperinflationary adjustments (which were offset in Non -Operating Income), as well as other effects associated with operational exchange rate protections, especially in the Software Solutions business, which are not repeated this period; iii) higher provisions for bad debts and iv) higher selling expenses, in line with our 2025-2027 Strategic Plan. Operating Margin reached 5.0%, lower by 170 bp, and EBITDA Margin reached 8.3%, lower by 150 bp. dec-24 dec-25 ∆ $ ∆ % dec-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 737.996 778.301 40.306 5,5% 720.934 57.367 8,0% Digital Business 206.856 194.949 (11.907) -5,8% 198.131 (3.182) -1,6% Digital Services 138.204 149.929 11.725 8,5% 128.716 21.213 16,5% Transactional Business 392.936 433.424 40.488 10,3% 394.087 39.336 10,0% Cost of Sales (621.426) (665.083) (43.657) 7,0% (609.098) (55.984) 9,2% GROSS PROFIT 116.570 113.219 (3.351) -2,9% 111.836 1.383 1,2% Administration Expenses (67.004) (74.312) (7.307) 10,9% (65.426) (8.885) 13,6% OPERATING INCOME (1) 49.566 38.907 (10.658) -21,5% 46.410 (7.503) -16,2% EBITDA (2) 72.625 64.264 (8.362) -11,5% 69.401 (5.137) -7,4% Operating Margin 6,7% 5,0% 6,4% EBITDA Margin 9,8% 8,3% 9,6% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Southern Cone Region Note: Dec-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Main changes between 4Q25 and 4Q24 are described below 3 Contains the Transactional Business = Quintec Distribution + Tecnoglobal + Microgeo Figure 6 – Southern Cone Region Results 12M24 – 12M25
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EARNINGS RELEASE | 12M25 - 4Q25 | 9 Revenues totaled $226,732 million (US$249.9 million), showing a decrease of 1.7% (YoY). In constant currency, they increased by 4.1%. Administration Expenses reached $20,197 million (US$22.3 million), showing a decrease of 0.7% (YoY). In constant currency, they increased by 5.4%. Operating Income totaled $12,497 million (US$13.8 million) lower by 26.4% YoY, while EBITDA totaled $18,851 mil- lion (US$20.8 million), 16.7% lower YoY. In constant currency, Operating Income and EBITDA were lower by 17.0% and 8.7% respectively (YoY). Operating Margin reached 5.5% and EBITDA Margin was 8.3%, lower by 180 bp and 150 bp, respectively (YoY). 4Q24 4Q25 ∆ $ ∆ % 4Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 230.741 226.732 (4.009) -1,7% 217.705 9.027 4,1% Digital Business 58.698 51.927 (6.771) -11,5% 53.409 (1.482) -2,8% Digital Services 42.872 43.083 211 0,5% 36.643 6.440 17,6% Transactional Business 129.171 131.722 2.551 2,0% 127.653 4.069 3,2% Cost of Sales (193.424) (194.038) (613) 0,3% (183.493) (10.545) 5,7% GROSS PROFIT 37.317 32.694 (4.623) -12,4% 34.212 (1.518) -4,4% Administration Expenses (20.347) (20.197) 150 -0,7% (19.160) (1.038) 5,4% OPERATING INCOME (1) 16.970 12.497 (4.473) -26,4% 15.053 (2.556) -17,0% EBITDA (2) 22.642 18.851 (3.791) -16,7% 20.654 (1.803) -8,7% Operating Margin 7,4% 5,5% 6,9% EBITDA Margin 9,8% 8,3% 9,5% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Southern Cone Region Note: 4Q24A corresponds to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Andean Region Below are the main changes between 12M25 and 12M24 in the Andean Region, which includes Colombia, Ecuador and Peru. Revenue in reporting currency reached $148,204 million (US$163.4 million), 9.9% higher than in 2024. Revenues in constant currency grew by 6.8%, associated with an increase in the Software Solutions business and the develop- ment of new projects. Administrative expenses totaled $15,449 million (US$17.0 million), higher than the previous year (13.2% year-over- year) in reporting currency and 10.6% in constant currency; primarily due to i) increased commercial expenses, in line with the 2025-2027 Strategic Plan, as well as higher sales; and ii) a higher balance for doubtful accounts. Operating Income was $10,493 million (US$11.6 million / -5.3% year-on-year compared to 2024) and EBITDA was $15,441 million (US$17.0 million / -6.0% year-on-year as of Dec-24). In constant currency, Operating Income and EBITDA, were 9.4% and 9.3% lower than in 2024. The improved results in Peru highlights, associated to new service contracts and growth in Software Solutions. Operating Margin reached 7.1%, down 110 bps (YoY), and EBITDA Margin reached 10.4%, down 180 bps (YoY). Figure 7 – Southern Cone Region Results 4Q24 – 4Q25
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EARNINGS RELEASE | 12M25 - 4Q25 | 10 dec-24 dec-25 ∆ $ ∆ % dec-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 134.861 148.204 13.342 9,9% 138.708 9.496 6,8% Digital Business 38.533 42.812 4.279 11,1% 40.160 2.652 6,6% Digital Services 96.328 105.392 9.064 9,4% 98.547 6.845 6,9% Transactional Business 0 0 0 - 0 0 - Cost of Sales (110.137) (122.262) (12.125) 11,0% (113.160) (9.102) 8,0% GROSS PROFIT 24.725 25.942 1.217 4,9% 25.547 395 1,5% Administration Expenses (13.644) (15.449) (1.805) 13,2% (13.971) (1.478) 10,6% OPERATING INCOME (1) 11.081 10.493 (588) -5,3% 11.576 (1.083) -9,4% EBITDA (2) 16.431 15.441 (990) -6,0% 17.026 (1.585) -9,3% Operating Margin 8,2% 7,1% 8,3% EBITDA Margin 12,2% 10,4% 12,3% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Andean Region Note: Dec-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Main changes between 4Q24 and 4Q25 are described below: Revenues reached $49,976 million (US$55.1 million / + 17.6% YoY). Revenues in constant currency increased by 9.9%. Administrative expenses totaled $ 4,770 million (US$5.3 million), higher than the previous year ( 30.6% year-over- year) in reporting currency and 21.4% in constant currency. Operating Income reached $4,004 million (US$4.4 million / -13.8% YoY) and EBITDA totaled 5,430 million (US$6.0 million / -13.8% YoY). In constant currency, Operating Income and EBITDA decreased by 19.7% and 20.0% YoY re- spectively. Operating Margin was 8.0%, lower by 290 bp and EBITDA Margin reached 10.9%, lower by 400 bp YoY. 4Q24 4Q25 ∆ $ ∆ % 4Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 42.492 49.976 7.484 17,6% 45.492 4.484 9,9% Digital Business 10.779 12.096 1.316 12,2% 11.599 496 4,3% Digital Services 31.713 37.880 6.167 19,4% 33.893 3.987 11,8% Transactional Business 0 0 0 - 0 0 - Cost of Sales (34.196) (41.202) (7.005) 20,5% (36.577) (4.624) 12,6% GROSS PROFIT 8.296 8.774 478 5,8% 8.915 (141) -1,6% Administration Expenses (3.653) (4.770) (1.117) 30,6% (3.928) (842) 21,4% OPERATING INCOME (1) 4.643 4.004 (639) -13,8% 4.986 (982) -19,7% EBITDA (2) 6.303 5.430 (873) -13,8% 6.785 (1.354) -20,0% Operating Margin 10,9% 8,0% 11,0% EBITDA Margin 14,8% 10,9% 14,9% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Andean Region Note: 4Q24A corresponds to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Figure 8 – Andean Region Results 12M24 – 12M25 Figure 9 – Andean Region Results 4Q24 – 4Q25
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EARNINGS RELEASE | 12M25 - 4Q25 | 11 North America Below are the main variations between 12M25 and 12M24 in North America, which includes the countries of Mex- ico, Panama, Costa Rica, Guatemala and the United States: Revenues in reported currency are 1 6.2% lower than those in 2024, totaling $113,838 million (US$125.5 mil- lion). In constant currency, they are 15.2% lower. The main variations come from Mexico associated with lower hard- ware sales, partially offset by new projects and additional service contracts; and to a lesser extent, Panama, due to specific projects developed during 2024, which were not repeated in the current period. Operating income in reporting currency reached $ 9,526 million (US$10.5 million / -14.1% year-on-year com- pared to 20 24) and EBITDA $ 17,260 million (US$19.0 million / -8.9% year-on-year compared to 20 24). Operating income and EBITDA in constant currency were lower by 16.9% and 9.5%(YoY), respectively. The main effects are the better results in Mexico, associated with an increase in Smart Cities & Mobility services, and the termination of low- margin contracts during 2024; and to a lesser extent in the United States, which allows for compensation of the decrease in results in Panama and Costa Rica, associated with extraordinary projects during 2024. Operating Margin was 8.4%, up 20 bps (YoY), and EBITDA Margin was 15.2%, growing 130 bps (y/y). dec-24 dec-25 ∆ $ ∆ % dec-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 135.917 113.838 (22.079) -16,2% 134.255 (20.417) -15,2% Digital Business 62.609 63.594 985 1,6% 61.865 1.729 2,8% Digital Services 73.308 50.244 (23.064) -31,5% 72.391 (22.147) -30,6% Transactional Business 0 0 0 - 0 0 - Cost of Sales (109.276) (88.537) 20.739 -19,0% (107.441) 18.904 -17,6% GROSS PROFIT 26.641 25.301 (1.340) -5,0% 26.815 (1.513) -5,6% Administration Expenses (15.554) (15.775) (221) 1,4% (15.352) (423) 2,8% OPERATING INCOME (1) 11.087 9.526 (1.561) -14,1% 11.462 (1.936) -16,9% EBITDA (2) 18.944 17.260 (1.683) -8,9% 19.063 (1.803) -9,5% Operating Margin 8,2% 8,4% 8,5% EBITDA Margin 13,9% 15,2% 14,2% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS North America Region Note: Dec-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Main changes between 4Q25 and 4Q24 are described below: Revenues in reporting currency decreased by 23.8% YoY, totaling $31,853 million (US$35.1 million). In constant cur- rency, revenues decreased by 26.2% YoY. In reporting currency, Operating Income reached $3,771 million (US$4.2 million / -33.6% YoY) and EBITDA totaled $5,693 million (US$6.3 million / -29.5% YoY). In constant currency, Operating Income decreased by 34.4%, while EBITDA decreased by 30.4%. Operating Margin was 11.8%, lower by 170 bp, while EBITDA Margin was 17.9%, lower by 140bp YoY. Figure 10 – North America Results 12M24 – 12M25
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EARNINGS RELEASE | 12M25 - 4Q25 | 12 4Q24 4Q25 ∆ $ ∆ % 4Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 41.806 31.853 (9.953) -23,8% 43.153 (11.300) -26,2% Digital Business 17.808 18.489 681 3,8% 17.991 498 2,8% Digital Services 23.998 13.364 (10.634) -44,3% 25.162 (11.798) -46,9% Transactional Business 0 0 0 - 0 0 - Cost of Sales (32.316) (24.139) 8.177 -25,3% (33.542) 9.403 -28,0% GROSS PROFIT 9.491 7.714 (1.777) -18,7% 9.611 (1.897) -19,7% Administration Expenses (3.812) (3.944) (132) 3,5% (3.866) (78) 2,0% OPERATING INCOME (1) 5.679 3.771 (1.908) -33,6% 5.745 (1.975) -34,4% EBITDA (2) 8.077 5.693 (2.383) -29,5% 8.175 (2.482) -30,4% Operating Margin 13,6% 11,8% 13,3% EBITDA Margin 19,3% 17,9% 18,9% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS North America Region Note: 4Q24A corresponds to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Brazil Main changes between 12M25 and 12M24 are described below: Revenue in reporting currency reached $ 418,485 million (US$461.3 million), 1.6% higher than 2024. Reve- nues in constant currency grew 4.1% compared to 2024. This variation (constant currency) is mainly explained by Digital Services, associated with new projects. Administrative Expenses reached $27,797 million (US$30.6 million), 6.0% higher (y/y) in reporting currency, and 8.7% higher in constant currency, mainly due to a higher provision for doubtful accounts, mostly associ- ated with specific situations in the Software Solutions business. Operating Income in reporting currency reached $ 6,904 million (US$7.6 million / -62.7% YoY Dec-24) and EBITDA reached $18,259 million (US$20.1 million / -39.4% YoY Dec-24). In constant currency, Operating In- come decreased by 62.4% and EBITDA by 38.4%, compared to Dec-24, respectively. In 2025, there are ex- traordinary costs in some contracts for their stabilization, a greater provision for uncollectible accounts, regulatory changes in the labor market, and an increase in the commercial structure based on the Strategic Plan 2025-2027. Operating margin reached 1.6% and EBITDA margin was 4.4%. dec-24 dec-25 ∆ $ ∆ % dec-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 411.823 418.485 6.661 1,6% 402.053 16.432 4,1% Digital Business 199.788 198.481 (1.307) -0,7% 196.458 2.023 1,0% Digital Services 212.035 220.004 7.969 3,8% 205.595 14.409 7,0% Transactional Business 0 0 0 - 0 0 - Cost of Sales (367.073) (383.784) (16.711) 4,6% (358.143) (25.641) 7,2% GROSS PROFIT 44.751 34.701 (10.050) -22,5% 43.910 (9.209) -21,0% Administration Expenses (26.235) (27.797) (1.563) 6,0% (25.563) (2.235) 8,7% OPERATING INCOME (1) 18.516 6.904 (11.612) -62,7% 18.348 (11.444) -62,4% EBITDA (2) 30.146 18.259 (11.887) -39,4% 29.626 (11.367) -38,4% Operating Margin 4,5% 1,6% 4,6% EBITDA Margin 7,3% 4,4% 7,4% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Brazil Note: Dec-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate. Figure 12 – Brazil Results 12M24 – 12M25 Figure 11 – North America Results 4Q24 – 4Q25
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EARNINGS RELEASE | 12M25 - 4Q25 | 13 Main changes between 4Q25 and 4Q24 are described below: In reporting currency, revenues increased by 16.2% YoY, totaling $136,232 million (US$150.2 million). Revenues in constant currency increased 10.8% YoY. In reporting currency, Operating Income totaled $3,375 million (US$3.7 million), lower by 62.7% YoY, while EBITDA totaled $6,273 million (US$6.9 million), lower by 46.1% YoY. In constant currency, Operating Income and EBITDA decreased by 64.3% and 48.5%, respectively, YoY. Operating Margin reached 2.5% and EBITDA Margin was 4.6%, lower by 520 bp and 530 bp, respectively, YoY. 4Q24 4Q25 ∆ $ ∆ % 4Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M REVENUES 117.199 136.232 19.032 16,2% 122.977 13.254 10,8% Digital Business 57.199 59.158 1.959 3,4% 60.037 (879) -1,5% Digital Services 60.000 77.074 17.073 28,5% 62.940 14.134 22,5% Transactional Business 0 0 0 - 0 0 - Cost of Sales (101.561) (125.833) (24.273) 23,9% (106.585) (19.248) 18,1% GROSS PROFIT 15.639 10.398 (5.240) -33,5% 16.392 (5.994) -36,6% Administration Expenses (6.592) (7.023) (431) 6,5% (6.935) (88) 1,3% OPERATING INCOME (1) 9.046 3.375 (5.671) -62,7% 9.457 (6.082) -64,3% EBITDA (2) 11.640 6.273 (5.367) -46,1% 12.185 (5.912) -48,5% Operating Margin 7,7% 2,5% 7,7% EBITDA Margin 9,9% 4,6% 9,9% (1) Operating Income: Gross Profit – Administration Expenses (2) EBITDA: Operating Income + Depreciation and Amortization SUMMARY OF RESULTS Brazil Note: 4Q24A corresponds to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates. Figure 13 – Brazil Results 4Q24 – 4Q25
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EARNINGS RELEASE | 12M25 - 4Q25 | 14 Figure 14 – Regional Summary 12M24 – 12M25 Regional Summary dec-24 dec-25 ∆ $ ∆ % dec-24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M Southern Cone Region REVENUES 737.996 778.301 40.306 5,5% 720.934 57.367 8,0% Digital Business 206.856 194.949 (11.907) -5,8% 198.131 (3.182) -1,6% Digital Services 138.204 149.929 11.725 8,5% 128.716 21.213 16,5% Transactional Business 392.936 433.424 40.488 10,3% 394.087 39.336 10,0% Cost of Sales (621.426) (665.083) (43.657) 7,0% (609.098) (55.984) 9,2% GROSS PROFIT 116.570 113.219 (3.351) -2,9% 111.836 1.383 1,2% Administration Expenses (67.004) (74.312) (7.307) 10,9% (65.426) (8.885) 13,6% OPERATING INCOME (1) 49.566 38.907 (10.658) -21,5% 46.410 (7.503) -16,2% EBITDA (2) 72.625 64.264 (8.362) -11,5% 69.401 (5.137) -7,4% Operating Margin 6,7% 5,0% 6,4% EBITDA Margin 9,8% 8,3% 9,6% Andean Region REVENUES 134.861 148.204 13.342 9,9% 138.708 9.496 6,8% Digital Business 38.533 42.812 4.279 11,1% 40.160 2.652 6,6% Digital Services 96.328 105.392 9.064 9,4% 98.547 6.845 6,9% Transactional Business 0 0 0 - 0 0 - Cost of Sales (110.137) (122.262) (12.125) 11,0% (113.160) (9.102) 8,0% GROSS PROFIT 24.725 25.942 1.217 4,9% 25.547 395 1,5% Administration Expenses (13.644) (15.449) (1.805) 13,2% (13.971) (1.478) 10,6% OPERATING INCOME (1) 11.081 10.493 (588) -5,3% 11.576 (1.083) -9,4% EBITDA (2) 16.431 15.441 (990) -6,0% 17.026 (1.585) -9,3% Operating Margin 8,2% 7,1% 8,3% EBITDA Margin 12,2% 10,4% 12,3% North America REVENUES 135.917 113.838 (22.079) -16,2% 134.255 (20.417) -15,2% Digital Business 62.609 63.594 985 1,6% 61.865 1.729 2,8% Digital Services 73.308 50.244 (23.064) -31,5% 72.391 (22.147) -30,6% Transactional Business 0 0 0 - 0 0 - Cost of Sales (109.276) (88.537) 20.739 -19,0% (107.441) 18.904 -17,6% GROSS PROFIT 26.641 25.301 (1.340) -5,0% 26.815 (1.513) -5,6% Administration Expenses (15.554) (15.775) (221) 1,4% (15.352) (423) 2,8% OPERATING INCOME (1) 11.087 9.526 (1.561) -14,1% 11.462 (1.936) -16,9% EBITDA (2) 18.944 17.260 (1.683) -8,9% 19.063 (1.803) -9,5% Operating Margin 8,2% 8,4% 8,5% EBITDA Margin 13,9% 15,2% 14,2% Brazil REVENUES 411.823 418.485 6.661 1,6% 402.053 16.432 4,1% Digital Business 199.788 198.481 (1.307) -0,7% 196.458 2.023 1,0% Digital Services 212.035 220.004 7.969 3,8% 205.595 14.409 7,0% Transactional Business 0 0 0 - 0 0 - Cost of Sales (367.073) (383.784) (16.711) 4,6% (358.143) (25.641) 7,2% GROSS PROFIT 44.751 34.701 (10.050) -22,5% 43.910 (9.209) -21,0% Administration Expenses (26.235) (27.797) (1.563) 6,0% (25.563) (2.235) 8,7% OPERATING INCOME (1) 18.516 6.904 (11.612) -62,7% 18.348 (11.444) -62,4% EBITDA (2) 30.146 18.259 (11.887) -39,4% 29.626 (11.367) -38,4% Operating Margin 4,5% 1,6% 4,6% EBITDA Margin 7,3% 4,4% 7,4% Elimination Adjustment (*) Revenues (13.476) (14.523) (1.048) 7,8% (13.476) (1.048) 7,8% Digital Business (6.567) (6.036) 532 -8,1% (6.567) 532 -8,1% Digital Services (6.908) (8.488) (1.579) 22,9% (6.908) (1.579) 22,9% Transactional Business 0 0 0 - 0 0 - Cost of Sales 13.476 14.523 1.048 7,8% 13.476 1.048 7,8% 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: Dec-24A corresponds to results for the year 2024 in constant currency, adjusted to 2025 exchange rate.
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EARNINGS RELEASE | 12M25 - 4Q25 | 15 Figure 15 – Regional Summary 4Q24 – 4Q25 Regional Summary 4Q24 4Q25 ∆ $ ∆ % 4Q24A ∆ $ (a/a) ∆ % (a/a) Ch$M Ch$M Ch$M Southern Cone Region REVENUES 230.741 226.732 (4.009) -1,7% 217.705 9.027 4,1% Digital Business 58.698 51.927 (6.771) -11,5% 53.409 (1.482) -2,8% Digital Services 42.872 43.083 211 0,5% 36.643 6.440 17,6% Transactional Business 129.171 131.722 2.551 2,0% 127.653 4.069 3,2% Cost of Sales (193.424) (194.038) (613) 0,3% (183.493) (10.545) 5,7% GROSS PROFIT 37.317 32.694 (4.623) -12,4% 34.212 (1.518) -4,4% Administration Expenses (20.347) (20.197) 150 -0,7% (19.160) (1.038) 5,4% OPERATING INCOME (1) 16.970 12.497 (4.473) -26,4% 15.053 (2.556) -17,0% EBITDA (2) 22.642 18.851 (3.791) -16,7% 20.654 (1.803) -8,7% Operating Margin 7,4% 5,5% 6,9% EBITDA Margin 9,8% 8,3% 9,5% Andean Region REVENUES 42.492 49.976 7.484 17,6% 45.492 4.484 9,9% Digital Business 10.779 12.096 1.316 12,2% 11.599 496 4,3% Digital Services 31.713 37.880 6.167 19,4% 33.893 3.987 11,8% Transactional Business 0 0 0 - 0 0 - Cost of Sales (34.196) (41.202) (7.005) 20,5% (36.577) (4.624) 12,6% GROSS PROFIT 8.296 8.774 478 5,8% 8.915 (141) -1,6% Administration Expenses (3.653) (4.770) (1.117) 30,6% (3.928) (842) 21,4% OPERATING INCOME (1) 4.643 4.004 (639) -13,8% 4.986 (982) -19,7% EBITDA (2) 6.303 5.430 (873) -13,8% 6.785 (1.354) -20,0% Operating Margin 10,9% 8,0% 11,0% EBITDA Margin 14,8% 10,9% 14,9% North America REVENUES 41.806 31.853 (9.953) -23,8% 43.153 (11.300) -26,2% Digital Business 17.808 18.489 681 3,8% 17.991 498 2,8% Digital Services 23.998 13.364 (10.634) -44,3% 25.162 (11.798) -46,9% Transactional Business 0 0 0 - 0 0 - Cost of Sales (32.316) (24.139) 8.177 -25,3% (33.542) 9.403 -28,0% GROSS PROFIT 9.491 7.714 (1.777) -18,7% 9.611 (1.897) -19,7% Administration Expenses (3.812) (3.944) (132) 3,5% (3.866) (78) 2,0% OPERATING INCOME (1) 5.679 3.771 (1.908) -33,6% 5.745 (1.975) -34,4% EBITDA (2) 8.077 5.693 (2.383) -29,5% 8.175 (2.482) -30,4% Operating Margin 13,6% 11,8% 13,3% EBITDA Margin 19,3% 17,9% 18,9% Brazil REVENUES 117.199 136.232 19.032 16,2% 122.977 13.254 10,8% Digital Business 57.199 59.158 1.959 3,4% 60.037 (879) -1,5% Digital Services 60.000 77.074 17.073 28,5% 62.940 14.134 22,5% Transactional Business 0 0 0 - 0 0 - Cost of Sales (101.561) (125.833) (24.273) 23,9% (106.585) (19.248) 18,1% GROSS PROFIT 15.639 10.398 (5.240) -33,5% 16.392 (5.994) -36,6% Administration Expenses (6.592) (7.023) (431) 6,5% (6.935) (88) 1,3% OPERATING INCOME (1) 9.046 3.375 (5.671) -62,7% 9.457 (6.082) -64,3% EBITDA (2) 11.640 6.273 (5.367) -46,1% 12.185 (5.912) -48,5% Operating Margin 7,7% 2,5% 7,7% EBITDA Margin 9,9% 4,6% 9,9% Elimination Adjustment (*) Revenues (3.735) (4.029) (294) 7,9% (3.735) (294) 7,9% Digital Business (1.626) (1.747) (121) 7,4% (1.626) (121) 7,4% Digital Services (2.109) (2.281) (172) 8,2% (2.109) (172) 8,2% Transactional Business 0 0 0 - 0 0 - Cost of Sales 3.735 4.029 294 7,9% 3.735 294 7,9% 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: 4Q24A corresponds to revenues for the period 2024 in constant currency, adjusted to 2025 exchange rates.
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EARNINGS RELEASE | 12M25 - 4Q25 | 16 III. Analysis of Consolidated Balance Sheet Assets As of December 31, 2025, Total Assets amounted to $1,468,864 million (US$1,619.2 million), decreasing by 2.6% compared to December 2024 ($39,420 million / US$43.5 million). Main variations are: Decrease in: Trade and other current receivables by $68,672 million (US$75.7 million), with a balance of $4 46,427 million (US$492.1 million) as of December 31, 2025. Mainly originated in the Southern Cone Region, and in Chile, due to the deconsolidation of the subsidiary Multicaja in Dec-25. Cash and Cash Equivalents $ 42,842 million (US$47.2 million), whose balance as of December 31, 2025, was $101,140 million (US$111.5 million), originated mainly in the Southern Cone Region, and in Chile, due primarily to the deconsolidation of the subsidiary Multicaja in Dec-25, and to a lesser extent, due to decreases in Brazil, associated with the use of working capital for the financing of new projects. Intangible Assets other than Goodwill $32,140 million (US$35.4 million), whose balance as of December 31, 2025 was $19,714 million (US$21.7 million), originating mainly in the Southern Cone Region, and in Chile, due to the deconsolidation of the subsidiary Multicaja in Dec-25. Non-current accounts receivable $18,263 million (US$20.1 million), whose balance as of December 31, 2025 was $156,675 million (US$172.7 million), originat ed mainly in Brazil, and to a lesser extent in the Andean Re- gion and Southern Cone, associated with regular long-term projects. Right of Use Assets $13,078 million (US$14.4 million), whose balance as of December 31, 2025 was $27,662 million (US$30.5 million), originated mainly in the Southern Cone, generated primarily by the regular amortiza- tions of the lease agreements. Increase in: Assets Available for Sale $133,161 million (US$146.8 million), whose balance as of December 31, 2025 was $141,160 million (US$155.6 million), originated in the Southern Cone Region, and in Chile, associated with the change in the classification of the assets of Multicaja Subsidiary. Liabilities Liabilities totaled $874,019 million (US$963.5 million) as of December 31, 2025, decreasing by 4.0% compared to December 2024 ($35,993 million / US$39.7 million). Main variations are: Decrease in: Trade Accounts Payable and Other Accounts Payable for $111,244 million (US$122.6 million), whose balance as of December 31, 2025 was $197,777 million (US$218.0 million), originat ed mainly in the Southern Cone Region, and in Chile, associated with the deconsolidation of the subsidiary Multicaja in Dec-25, and to a lesser extent to the natural cycle of the Transactional Business and Core business. Deferred tax liabilities of $8,106 million (US$8.9 million), whose balance as of December 31, 2025, was $28,497 million (US$31.4 million), originated mainly in the Southern Cone region, associated with the deconsolidation of the subsidiary Multicaja in Dec-25.
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EARNINGS RELEASE | 12M25 - 4Q25 | 17 (*) The formulas considered for the calculation of the financial indicators are the following: - Current Liquidity: (Current Assets / Current Liabilities) - Quick Ratio: ((Current Assets - Inventories) / Current Liabilities) - Working Capital: (Current Assets - Current Liabilities) - Leverage: ((Current Liabilities + Non-Current Liabilities) / Total Equity) - Financial Leverage: ((Other Current Financial Liabilities + Other Non-Current Financial Liabilities / Total Equity) - Short-Term Debt: (Current Liabilities / Total Liabilities) - Long-Term Debt: (Non-Current Liabilities / Total Liabilities) - Financial Expense Coverage: ((Gross Profit - Admin. Exp. + Dep. and Amortization) / Financial Exp.)2 - Return on Equity: (Profit attributable to the Parent Company2 / Equity attributable to the Parent Company) - Return on Assets: (Profit attributable to the Parent Company2 / Total Assets) - Earnings per Share: (Profit attributable to the Parent Company2 / Number of Shares3) - Dividend Return: (Dividends Paid2 / Closing Market Price x Share) - Debt Ratio Financial debt to EBITDA: ((Other current financial liabilities + Other non-current financial liabilities + Current lease liabilities + Non-current lease liabilities). / EBITDA1, 2) - Net financial debt to EBITDA ratio incorporating inflation hedge: ((Other current financial liabilities + Other non-current financial liabilities + Current lease liabilities + Non-current lease liabilities - Cash and cash equivalents - Other current and Increase in: Other Current and Non -Current Financial Liabilities by $7,716 million (US$8.5 millions), whose balance as of December 31, 2025 was $81,993 million (US$90.4 million) of Current and $260,025 million (US$286.6 million) of Non-Current, associated for project financing and working capital. Shareholder’s Equity Equity attributable to Owners reached $578,302 million (US$637.5 million) as of December 25, lower by 0.4% compared to December 24 (US$2,466 million / US$2.7 million). The main variations are due to Dividends ($11,471 million / US$12.6 million) and a negative effect on the equity account of Exchange Difference Reserve in Conversions ($7,833 million / US$8.6 million), which was parti ally offset by the results of the 2025 fiscal year ($16,969 million / US$18.7 million). Financial Ratios Unit dec-25 dec-24 Var dec-24 dec-24 Var dec-25 Liquidity Current Ratio Times 1,7 1,7 0,0x 1,7 0,0x Quick Ratio Times 1,5 1,5 0,0x 1,5 0,0x Working Capital (MM$) 303.336 352.633 16,3% 303.336 16,3% Indebtedness Leverage Times 1,4 1,5 0,1x 1,4 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 0,5 0,1x Long-Term Debt Times 0,5 0,4 -0,1x 0,5 -0,1x Financial-Expenses-Coverage Ratio Times 3,0 2,3 -0,7x 3,0 -0,7x Net Financial Debt to EBITDA Ratio Times 1,8 2,3 0,5x 1,8 0,5x Profitability ROE % 5,8% 2,9% -290 pb 5,8% -290 pb ROA % 2,4% 1,2% -120 pb 2,4% -120 pb Earnings per Share ($) 36,6 19,5 -46,8% 36,6 -46,8% Dividend Yield % 4,0% 5,0% 100 pb 4,0% 100 pb Figure 16 – Financial Ratios Summary
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EARNINGS RELEASE | 12M25 - 4Q25 | 18 Statements of Cash Flow The ending balance of Cash and Cash Equivalents reached $1 01,140 million (US$111.5 million) as of December 25, compared to $143,982 million (US$158.7 million) as of December 24. Net cash flow from operating activities reached $ 87,031 million (US$95.9 million) as of December 25, compared to $47,560 million (US$52.4 million) as of December 24. The main variation is associated with the collection of outstand- ing balances from government contracts and recurring clients. Net cash flow used in investing activities as of Dec -25 was $43,749 million (US$48.2 million), compared to $1,822 million (US$2.0 million) as of Dec -24. The main variations are originated from i) a decrease in Other Investing Inflows (Outflows) of $55,283 million (US$60.9 million), mainly due to the deconsolidation of the subsidiary Multicaja in 2025, an effect of $54,005 million (US$59.5 million); ii) a decrease in net purchases of property, plant and equipment of $9,002 million (US$9.9 million); and iii) a decrease in cash flows used to obtain control of subsidiaries of $2,523 million (US$2.8 million). Net cash flow used in financing activities as of Dec -25 was $80,865 million (US$89.1 million), compared to $41,336 million (US$45.6 million) as of Dec-24. The main variations originate from i) other outflows of $45,440 million (US$50.1 million), due to the monetization of a financial asset in 2024, from the termination of the H and J series bond hedging contract, which is not repeated in 2025; ii) a higher net payment of financial debt and lease liabilities of $9,900 million (US$10.9 million); and iii) a higher dividend payment of $2,137 million (US$2.4 million). dec-24 dec-25 ∆ $ ∆ % Ch$M Ch$M Statements of Cash Flow Net Cash Flows from (used in) Operating Activities 47.560 87.031 39.471 83,0% Net Cash Flows from (used in) Investing Activities (1.822) (43.749) (41.927) - Net Cash Flows from (used in) Financing Activities (41.336) (80.865) (39.529) -95,6% NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS BEFORE EFFECT OF EXCHANGE RATES 4.401 (37.584) (41.985) -953,9% Effect of Exchange Rate changes on Cash and Cash Equivalents 5.445 (5.258) (10.704) -196,6% NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 9.847 (42.842) (52.689) -535,1% Cash and Cash Equivalents at beginning of period 134.135 143.982 9.847 7,3% CASH AND CASH EQUIVALENTS AT END OF PERIOD 143.982 101.140 (42.842) -29,8% Figure 17 – Statements of Cash Flow