Empresas Copec S A : Conference Call 1T24

Results Webcast

1Q24

May 14th, 2024

DISCLAIMER

This presentation may include market outlooks and forward- looking statements, which are based on the beliefs and assumptions of Empresas Copec's management and on information currently available to the Company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Empresas Copec and could cause results to differ materially from those expressed in such forward-looking statements.

This presentation contains certain performance measures that have been adjusted with respect to IFRS definitions, such as

"EBITDA".

1. CONSOLIDATED RESULTS

1. REVIEW BY BUSINESS DIVISION III. HIGHLIGHTS OF THE QUARTER IV. Q&A

FORESTRY EBITDA INCREASES

YOY and QoQ

YoY

Increased volumes and lower costs in Pulp

QoQ

Better prices, volumes and lower costs in Pulp

FUEL EBITDA GROWTH

YoY and QoQ

YoY

Copec: favorable inventory

revaluation effect and industrial margin

Abastible: higher volumes

QoQ

Copec: lower SG&A expenses

Abastible: better margins

Highlights

Improved EBITDA YoY and QoQ explained by better performances of forestry and energy businesses.

PROJECTS AND OTHER DEVELOPMENTS

• Empresas Copec announced purpose, new corporate image and investment plan.

• ND/EBITDA decreased YoY from 3.9x to 3.3x.

ESG MILESTONES

• Empresas Copec published its 2023 Integrated Report
• Copec continues to make progress in energy transition through Turntide, Optibus and the purchase of Granja Solar
• Arauco committed to reduce its greenhouse gas emissions by 2030

I. CONSOLIDATED RESULTS - Quarterly Performance

Highlights 1Q24

Sales

MMUS$ 7,267

(-3% YoY / -1% QoQ)

EBITDA

MMUS$846

(+37% YoY / +33% QoQ)

DFN / EBITDA

3.3X

(+18% YoY / -14% QoQ)

CAPEX 2024

US$ 1.713 billion

(70% forestry / 25% energy)

Pulp EBITDA

MMUS$360

(+ 362% Yoy / +32% QoQ)

• 10,0% on average pulp prices QoQ
• • 2,4% on sales volume QoQ

Wood Products EBITDA

MMUS$115

(-15% YoY / -17% QoQ)

Copec EBITDA

MM$294,022

(+42% YoY / +20% QoQ)

Abastible EBITDA

MM$41,582

(+44% YoY / +18% QoQ)

Mina Justa EBITDA

MMUS$144

(-36% YoY / -32% QoQ)

I. CONSOLIDATED RESULTS - Quarterly Performance
			EMPRESAS COPEC RESULTS
EBITDA
Net Income		975			1004
			940		937
	883		902
											846
693		734
						668
				619			616			636
								609
			478			474			442
	340				382
229												228
								155			166
									59
							-9			-31
1Q 21	2Q 21	3Q 21	4Q 21	1Q 22	2Q 22	3Q 22	4Q 22	1Q 23	2Q 23	3Q 23	4Q 23	1Q 24

846

EBITDA up 33% QoQ 37% YoY

228

Higher Net Income

YoY and QoQ

I. CONSOLIDATED RESULTS - Quarterly Performance

FINANCIAL REVIEW

FINANCIAL DEBT MATURITIES Figures in US$ million

NET FINANCIAL DEBT / EBITDA

3.6	3.6	4.0	3.9

2,089

1,550

2,712

1,079	956	1,080		896
	698
		437		379
			101	241	69	294

				3.3
2.8				2.8
2.2	2.1			2.4
1.9	1.9	2.0

2024 MATURITIES					FINANCIAL RATIOS
EC Holding			Bank Debt		EBITDA margin
			ROCE
Arauco			Bonds	2%
		7%		11.6%
Copec	17%	Others				11.3%
Abastible
Igemar							8.7%	8.2%
10%						7.6%
		47%		51%		7.1%

8%

58%

1Q 24

4Q 23

1Q 23

1. CONSOLIDATED RESULTS

1. REVIEW BY BUSINESS DIVISION III. HIGHLIGHTS OF THE QUARTER IV. Q&A

FORESTRY

II. REVIEW BY BUSINESS DIVISION - Forestry

ARAUCO

Higher net income due to better operating and non operating results

INCREASED OPERATING INCOME

• Improved margins in pulp, associated to higher volumes and lower costs.

FAVORABLE NON-OPERATING INCOME

• Lower Other Expenses on decreased damages from forestry fires compared to 1Q23.

ARAUCO - INCOME STATEMENT
Million US$	1Q 24	1Q 23	Change
Net income	100	(54)	154
Operating income	203	95	108
Non-operating income	(117)	(207)	90
Taxes	15	58	(43)
EBITDA	471	298	173

EBITDA

(million US$)

471

2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24