Empresas Copec S A : Press Release 1Q24

First Quarter 2024 Earnings Release

1Q24 Results Webcast

Tuesday May 14th

May 9ᵗʰ, 2024

EBITDA

1Q24 / 1Q23

10:00 Hrs. EST

12:00 Hrs. Santiago Time

Register at investor.empresascopec.cl

EBITDA in 1Q24 was US$ 846 million, representing increases of 32.9% and 37.3% compared to 4Q23 and 1Q24, respectively, due to better performance in the forestry and energy sectors.

In the quarter, profit reached US$ 228 million, which positively compares with the US$ 155 million reported in 1Q23, explained by an increase in the operating income of the forestry sector, associated with higher pulp volumes and a drop in the cash costs on most of the fibers, along with better results in the energy sector, mainly due to an increase in the industrial margin and a favorable inventory revaluation effect.

1Q24 / 4Q23	Profit was higher by US$ 62 million, reflecting higher operating income in the forestry and energy sectors. The forestry
	sector recorded higher prices and volumes, along with lower cash costs in pulp, associated in part to a higher
	production at MAPA. Meanwhile, the energy sector recorded lower administration and distribution expenses in the
	Copec affiliate.
Highlights	In its annual shareholders meeting, Empresas Copec announced its purpose, "To shape the world for future
generations", its new corporate image, and its 2024 investment plan. The Company also carried out a successful bond
	placement worth UF 1.5 million (US$ 59 million). Copec and Abastible stood out in the customer experience ranking. In
	ESG, Empresas Copec published its Integrated Report. Meanwhile, Arauco committed to reduce its greenhouse gas
	emissions by 2030. Copec continues to make progress in energy transition with the purchase of Granja Solar.
Net Debt/	Leverage reached 3.3x at the end of 1Q24, lower than the 3.9x reported in 4Q23, associated with a drop in net
EBITDA	financial debt and higher EBITDA. This represents an increase compared to the 2.8x reported in 1Q23.

	1Q 24	4Q 23	1Q 23	1Q24 / 1Q23	1Q24 / 4Q23	Accum 24	Accum 23	Chg. 24 / 23
Revenues	7,267	7,323	7,487	(2.9%)	(0.8%)	7,267	7,487	(2.9%)
EBIT	497	265	338	47.0%	87.7%	497	338	47.0%
EBITDA*	846	636	616	37.3%	32.9%	846	616	37.3%
Adjusted EBITDA**	826	795	515	60.5%	3.8%	826	515	60.5%
Non operating income	(189)	(24)	(189)	0.4%	(700.9%)	(189)	(189)	0.4%
Total profit	248	171	165	50.6%	44.9%	248	165	50.6%
Profit attributable to controllers	228	166	155	47.0%	37.0%	228	155	47.0%
Profit attributable to minority	20	5	10	107.9%	315.8%	20	10	107.9%
EBITDA Margin	11.6%	8.7%	8.2%	41.4%	33.9%	11.6%	8.2%	41.4%
Net Debt / EBITDA	3.3	3.9	2.8	18.2%	(13.9%)	3.3	2.8	18.2%
				* EBITDA = Operating Income + Depreciation + Amortization + Fair value cost of timber harvested.
**Adj. EBITDA = Net Income + fin. costs - fin. income + tax + dep & amort + fair value cost of timber harvested - gain from changes in biological assets + exchange rate differences (For details see exhibit in page 24).
								Figures in US$ million

Contact information:

Cristián Palacios	Olivia Tafra	Isidora Nario	Nicolás Carvallo
Director of Finance and IR	Senior Finance & IR Analyst	Finance & IR Analyst	Finance & IR Analyst
[phone]	[phone]	[phone]	[phone]
[e-mail]	[e-mail]	[e-mail]	[e-mail]

1

SIMPLIFIED OWNERSHIP STRUCTURE

HIGHLIGHTS

Empresas Copec announces its Purpose

In the Ordinary Shareholders' Meeting, its purpose was announced, "To shape the world for future generations", promoting sustainable investments and a long-term vision, in order to bring hope to future generation. Along this, the Company's new corporate image was presented.

Empresas Copec announced its 2024 Investment Plan and changes in the Board of Directors

Also, in its Ordinary Shareholders' Meeting, Empresas Copec announced its Investment Plan for the year 2024, committing resources for US$ 1.713 billion, destined to the maintenance and growth of the Company's productive activities. Of these investments, 70% will be allocated to the forestry sector, 25% to the energy sector and the rest to the fishing sector and other investments.

In addition, a new board of directors for the 2024-2026 period was elected. Marcela Achurra, Jorge Andueza, Roberto Angelini, Maurizio Angelini, Juan Edgardo Goldenberg, Karin Jürgensen, Andrés Lehuedé and Francisco León were ratified in their positions. After years of valuable contribution, Manuel Bezanilla leaves the Board of Directors. In his place, José Tomás Guzmán, an outstanding professional in the legal sphere and former secretary of the Board, joins as a new member.

Empresas Copec successfully placed bonds

On April 25th, 2024, the Company issued Series AC bonds worth UF 1.500.000 (US$ 59.000.000) for 7 years term, and reached a rate of 3,86%, representing the lowest corporate spread in the Chilean market so far this year.

This series of bonds has a local risk rating of AA/Stable, according to the risk rating agencies Fitch Chile and Feller Rate.

The proceeds of the placements will be used for debt refinancing.

Copec and Abastible stand out in customer experience ranking

Empresas Copec subsidiaries were acknowledged by the Praxis Xperience Index 2024, an indicator that evaluates the experience that consumers have with the main service companies in the country.

Copec obtained first place in the gas stations category, leading its sector at a national level, due to the good experience it provides to its customers.

Additionally, Copec and Abastible ranked third and fifth, respectively, in the overall ranking of brands that deliver the best service to people, qualifying within the A group of Excellent Experiences, composed of only 6 companies.

The PXI ranking is Chile's reference benchmark for customer experience evaluation and considers 3 dimensions: effectiveness, ease and pleasantness. This ranking compiles the opinions of more than 49 thousand people who interact with the 139 most influential service brands in the country.

2

ESG HIGHLIGHTS

Empresas Copec published its Integrated Annual Report

In April 2024, Empresas Copec published its Integrated Report for the year 2023, following the guidelines of the Financial Market Commission (CMF), the Sustainability Accounting Standards Board (SASB) and the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) for climate change risks.

It should be noted that 40 strategic indicators in this document were verified by KPMG.

This document includes the Sustainable Management Model, based on four pillars: governance and integrity, climate action and natural capital management, sustainability and innovation at the core, and social value creation.

This report is available on Empresas Copec's corporate website (www.empresascopec.cl) and investor website (https://investor.empresascopec.cl).

Empresas Copec leads Merco ESG ranking as Chile's most responsible holding company

Empresas Copec was acknowledged in the 2023 version of the Merco ESG ranking among the 100 leading companies in Chile in sustainability, heading the Holding Company category.

Meanwhile, Empresas Copec subsidiaries were also highlighted in the Merco responsibility monitor. Copec led the energy and distribution category, and was ranked 11th in the overall ranking.

Copec inaugurates the southernmost fast charger for electric vehicles in the world

Copec inaugurated the first fast charger for electric vehicles in the city of Punta Arenas, making it the southernmost electric recharging station on the planet. This charger has a capacity of 120 kW.

The charging process takes 15 minutes, which is expected to boost the growing use of electromobility in the region.

In 2023, the company expanded its electric charging network from 1,400 to 1,800 km, making it the largest in South America. Today, it has over 400 public charging points, including 116 fast charging points between the cities of Coquimbo and Puerto Montt.

Copec continues to make progress in sustainable energy

Copec partnered with Walmart Chile to implement Turntide Technologies' smart motors, which will reduce by up to 75% the electricity consumption of its air conditioning equipment and reduce greenhouse gas emissions.

In 2023, Copec's Wind Ventures invested in Turntide, a U.S. company that has developed smart motors with high efficiency, comparable cost to traditional motors and longer lifespan. These motors are digitally monitored, and its main application is air conditioning, ventilation and climate control systems.

In addition, Copec announced its investment in Optibus, a platform that helps improve bus services and the efficiency of the public transportation network through artificial intelligence and optimization algorithms. This software is in 5.000 points globally, with the Metropolitan Region being one of the first locations in Latin America to implement it.

Arauco committed to reducing 1,5 million tons of CO2

Arauco committed to reduce its greenhouse gas emissions by 2030, which was approved by the global initiative "Science Based Targets", whose purpose is to commit companies to reduce the release of CO2.

Arauco's goal is equivalent to taking 330 thousand cars off the road or the annual emissions of 400 thousand inhabitants.

Science Based Targets is a partnership between the Carbon Disclosure Project, the United Nations Global Compact, the World Resources Institute and the World Wildlife Fund.

Copec agreed to acquire Granja Solar photovoltaic farm

Copec signed an agreement for the purchase of Granja Solar Photovoltaic Park, located in the Tarapacá Region, Chile. It has an installed generation capacity of 123 MWp and will support the energy distribution operations of its subsidiary EMOAC. The assets are awarded to Copec S.A within the framework of the Liquidation Bankruptcy Procedure of the Maria Elena Solar S.A Economic Unit.

The agreed price amounts to US$ 91.05 million.

The transaction shall be executed once the draft of the asset purchase agreement is approved by the 23rd Tribunal of Santiago, in accordance with the procedure stated by the aplicable law.

3

CONSOLIDATED RESULTS

1Q24 / 1Q23. Income attributable to owners of the controlling interest, net of minority interests, reached US$ 228 million, a figure higher by US$ 73 million compared to the income recorded as of March 2023. This is mainly explained by an increase of US$ 159 million in the operating income.

In the forestry sector, Arauco reported an increase in operating and non-operating income. Higher volumes were recorded in both the pulp and wood products businesses, partly offset by lower prices in these. In addition, there was a drop in other expenses, associated with plant shutdowns and damages caused by forest fires during the same period of the previous year.

The higher operating income in the energy sector is explained by improvements in Copec Chile and Terpel, as a result of an increase volumes in the gas station channel in Chile, and a favorable inventory revaluation effect in Colombia and Chile. Meanwhile, Abastible reported higher operating income compared to the previous year, reflecting an improvement in the performance of its operations in Chile, Colombia, Peru and Ecuador.

The Company's gross profit grew 22.2%, reaching US$ 1.162 billion. This was mainly contributed by the affiliates Copec, with US$ 519 million; Arauco, with US$ 508 million; Abastible, with US$ 96 million; Igemar, with US$ 28 million; and Sonacol, with US$ 9 million.

Non-operatingincome remained in line with the same period of the previous year, as a result of lower expenses associated with plant closures recognized in the first quarter of 2023, partially offset by a drop in other income and unfavorable exchange differences.

Income Statement	1Q 24	4Q 23	1Q 23	1Q24 / 1Q23	1Q24 / 4Q23	Accum 24	Accum 23	Chg. 24 / 23
Revenues	7,267	7,323	7,487	(2.9%)	(0.8%)	7,267	7,487	(2.9%)
Cost of sales	(6,104)	(6,251)	(6,536)	6.6%	2.4%	(6,104)	(6,536)	6.6%
Administration & distribution expenses	(665)	(806)	(613)	(8.6%)	17.5%	(665)	(613)	(8.6%)
Operating Income	497	265	338	47.0%	87.7%	497	338	47.0%
Other income	24	272	85	(71.5%)	(91.1%)	24	85	(71.5%)
Other expenses	(48)	(118)	(220)	78.3%	59.5%	(48)	(220)	78.3%
Other gains (losses)	(1)	(6)	(6)	77.0%	77.3%	(1)	(6)	77.0%
Financial cost	(161)	(176)	(155)	(3.6%)	8.6%	(161)	(155)	(3.6%)
Financial revenues	45	67	36	26.0%	(33.1%)	45	36	26.0%
Share of profits of associates	13	59	69	(81.0%)	(77.6%)	13	69	(81.0%)
Foreign exchange differences	(54)	(110)	18	(396.3%)	51.4%	(54)	18	(396.3%)
Other results	(7)	(12)	(17)	55.0%	36.1%	(7)	(17)	55.0%
Non Operational income	(189)	(24)	(189)	0.4%	(700.9%)	(189)	(189)	0.4%
Income tax expense	(60)	(142)	15	(492.9%)	57.5%	(60)	15	(492.9%)
Profit from discontinued operations	0	72	1	(100.0%)	(100.0%)	0	1	(100.0%)
Total profit	248	171	165	50.6%	44.9%	248	165	50.6%
Profit attributable to controllers	228	166	155	47.0%	37.0%	228	155	47.0%
Profit attributable to minority	20	5	10	107.9%	315.8%	20	10	107.9%
EBIT	497	265	338	47.0%	87.7%	497	338	47.0%
Depreciation & Amortization, and adjustments	244	246	193	26.7%	(0.9%)	244	193	26.7%
Fair value cost of timber harvested	105	125	85	22.8%	(16.5%)	105	85	22.8%
EBITDA	846	636	616	37.3%	32.9%	846	616	37.3%
							Figures in US$ million

4

1Q24 / 4Q23. Profit showed an increase of US$ 62 million compared to the previous quarter, explained by a higher operating income, partially offset by a lower non-operating income.

The forestry sector increased its EBITDA by 52.4%, as a consequence of lower unit selling costs for all fibers, together with higher pulp prices, and pulp and panel volumes.

The energy sector increased its EBITDA by 12.8% measured in dollars, explained by an increase in Copec of 13.6%, associated with a drop in administrative and distribution expenses, and a favorable inventory revaluation effect in Terpel.

Non-operatingincome was unfavorable due to a drop in other income, associated with lower income from the revaluation of biological assets and the insurance compensation for losses in Arauco recognized in the previous quarter.

Earnings from discontinued operations fell, associated with the sale of Mapco in the previous quarter.

Quarterly EBITDA

Quarterly Net Income

	975			1,004			734
		940	937
883		902
						619
					846
693				668			478	474
					636
				616	609
								382
					442		340
						229			228
								155	166
									59

-9-31

Figures in US$ million

5

	1Q 24	4Q 23	1Q 23	1Q24 / 1Q23	1Q24 / 4Q23	Accum 24	Accum 23	Var 24 / 23
EBITDA
Forestry	471	309	298	58.1%	52.4%	471	298	58.1%
Energy	365	323	304	20.2%	12.8%	365	304	20.2%
Copec	309	272	255	21.5%	13.6%	309	255	21.5%
Abastible	44	39	35	24.1%	11.8%	44	35	24.1%
Sonacol	12	12	14	(14.4%)	(1.8%)	12	14	(14.4%)
Fishing	15	6	20	(27.8%)	158.1%	15	20	(27.8%)
Others	(5)	(2)	(6)	15.2%	(165.1%)	(5)	(6)	(15.2%)
TOTAL	846	636	616	37.3%	32.9%	846	616	37.3%
CAPEX
Forestry	411	274	335	22.7%	49.9%	411	335	22.7%
Energy	73	126	115	(36.4%)	(42.2%)	73	115	(36.4%)
Fishing	6	45	2	153.2%	12.5%	6	2	153.2%
Others	1	0	0	-	-	1	0	-
TOTAL	490	445	452	8.4%	10.0%	490	452	8.4%
							Figures in US$ million
				Figures corresponding to 1Q23 are presented net of Mapco's EBITDA, which is US$ 13 million

	EBITDA change by business (1Q 24 v/s 1Q 23)
		(MMUS$)
		61	1
	173			-6
					846
616
1Q 23	Forestry	Energy	Others	Fishing	1Q 24

	EBITDA change by business (1Q 24 v/s 4Q 23)
		(MMUS$)
		41	9
	162			-3
					846
636
4Q 23	Forestry	Energy	Fishing	Others	1Q 24

6

ARAUCO

1Q24 / 1Q23. Arauco recorded a profit of US$ 100 million, which favorably compares with the loss of US$ 54 million in the first quarter of 2023. This is explained by an improvement in operating and non-operating income of US$ 108 million and US$ 90 million, respectively.

Consolidated revenues increased 15.0%, due to higher sales in the pulp segment, offset by a decrease in the wood products segment. Sales in the pulp business increased 37.3%, as a result of increases of 67.9% in volumes sold, partially offset by a decrease of 17.1% in prices. Meanwhile, revenues from the wood products business fell 3.3%, because of lower prices by 10.2% and 8.5%, partially offset by higher volumes of 2.8% and 16.1% in the panel and sawn timber segments, respectively. On the other hand, decreases in unit selling costs for unbleached softwood, bleached softwood and dissolving pulp of 24.1%, 11.7% and 10.7%, respectively, were recorded, offset by an increase in bleached hardwood costs of 4.8%.

Higher non-operatingincome was observed, resulting from lower other expenses due to plant closure, recognized in the first quarter of 2023, partially offset by a drop in other income, associated with lower revaluation of biological assets.

Changes	1Q24 / 1Q23	1Q24 / 4Q23	Accum 24 / 23
Volume
Pulp	67.9%	2.4%	67.9%
Panels	2.8%	3.4%	2.8%
Sawn timber*	16.1%	(1.3%)	16.1%
Prices
Pulp	(17.1%)	10.0%	(17.1%)
Panels	(10.2%)	(4.7%)	(10.5%)
Sawn timber*	(8.5%)	1.0%	(5.8%)

*Includes Plywood

Market situation

Pulp

Revenues for the first quarter increased compared to the same period of the previous year. Sales volumes also went up, partially offset by lower prices across all fibers. Revenues were higher by 42% compared to the year-ago period, associated with higher sales volumes, offset by a decrease in prices.

During the quarter, the pulp market showed increased activity in Europe, with higher demand, while other markets remained flat. This allowed to raise prices for both softwood and hardwood in most geographies. Global inventories of hardwood grew during the quarter, while those of softwood remained flat.

In China, demand started weak, however, after the Chinese New Year it started to pick up again as paper and packaging mills increased their operating rates. Prices of different types of paper have remained stable. At the same time, pulp inventories in the main ports increased after New Year. Regarding prices, softwood decreased while hardwood remained unchanged.

In Europe, prices improved for several reasons. One of them is the drop in paper supply from Asia, as a result of logistical problems in the Suez Canal and also due to the closure of paper mills. Tissue, on the other hand, is in robust demand. Regarding pulp supply, there has been a decrease in softwood, mainly due to the strike of transporters in Finland and some operational problems in plants. This has implied a greater demand for hardwood, as paper mills are trying to substitute more softwood for hardwood. With this, hardwood prices increased by 23% over the quarter.

Dissolving pulp recorded higher average prices compared to the fourth quarter of 2023, mainly associated with an improvement in demand, resulting from an increase in the operating rates of its mills and slight rises in end-product prices. In addition, inventories of end-products were below average.

ARAUCO	1Q 24	4Q 23	1Q 23	1Q24 / 1Q23	1Q24 / 4Q23	Accum 24	Accum 23	Chg. 24 / 23
Sales	1,655	1,569	1,439	15.0%	5.5%	1,655	1,439	15.0%
Pulp**	890	786	648	37.3%	13.2%	890	648	37.3%
Wood Products**	765	782	791	(3.3%)	(2.2%)	765	791	(3.3%)
EBITDA*	471	309	298	58.1%	52.4%	471	298	58.1%
EBIT	203	18	95	114.0%	1034.5%	203	95	114.0%
Non operating income	(117)	7	(207)	43.4%	(1789.1%)	(117)	(207)	43.4%
Net income	100	(84)	(54)	285.2%	219.1%	100	(54)	285.2%

Figures in US$ million .

*Adj. EBITDA informed by Arauco was US$ 445 million for 1Q24, US$ 369 million for 4Q23 and US$ 188 million for 1Q23. Adj. EBITDA = Net Income + fin. costs - fin. income + tax + dep & amort + fair value cost of timber harvested - gain from changes in biological assets + exchange rate differences **Includes energy sales.

7

Wood products

Sawn timber and remanufacturing

In sawn timber, there was an increase in sales compared to the same period of the previous year. Markets continue to show the effects of weaker economic activity; however, given the lower supply, there has been a slight increase in prices. China continues to be affected by a sluggish local economy, with lagging demand in the construction sector. However, inventories in some geographies are starting to show positive signs. In the coming months, demand could remain tight, but with lower supply, which could continue to have a positive impact on prices.

In U.S. remanufacturing, the trend of increased demand continues, however, this has not meant higher prices, which remain below the levels of the first quarter of 2023. Interest rates in the United States remain high and, consequently, the construction sector has been impacted. In addition, there continues to be high pressure from competition. For the next quarter, business could improve, given seasonality.

Plywood

During the quarter there was a higher level of sales compared to the year-ago period. While demand continues to be hit by inflation and higher interest rates, there is less supply from competitors in Chile, Brazil, Finland and New Zealand, thus improving prices. In addition, inventories have been returning to normal during 2024. In the case of the United States, demand and prices remain stable. A slight improvement in the market could occur for the second quarter of this year.

Panels (MDF, PB, Melamines)

Downward pressure on prices and volumes continues, especially in MDF, due to excess supply in Latin America. Added to this is the complex scenario in the construction industry, due to inflation, high interest rates and low economic growth, which has affected demand. For the second quarter of the year, this oversupply scenario could continue.

1Q24 / 4Q23. Arauco recorded a profit of US$ 100 million, which means an increase on the previous quarter, as a result of a higher operating income, partially offset by a lower non-operating income.

Operating income increased US$ 185 million, explained by lower unit selling costs of bleached hardwood and softwood, unbleached softwood and dissolving pulp by 9.8%, 10.6%, 5.7% and 7.6%, respectively, together with increases in pulp sales, associated with higher prices and volumes by 10.0% and 2.4%. The above was partially offset by a decline in wood products sales, resulting from a drop in panel prices and sawn timber volumes.

Non-operatingincome decreased by US$ 124 million, due to lower other income associated with lower revaluation of biological assets and income from insurance compensation. This was offset by a favorable foreign exchange effect, mainly due to the negative impact that the devaluation of the Argentine peso had on Arauco in the previous quarter.

Production by Business

Sales Volumes by Business

1,295 1,2801,310

1,192

1,138

1,1431,171 1,202 1,196 1,236

781

697

475 522 475

415 483 470

57

121

120

108 132 138

Pulp

Panels

Sawn Timber

Plywood

Pulp

Panels

Sawn Timber

Plywood

(th ton)

(th m3)

(th m3)

(th m3)

(th ton)

(th m3)

(th m3)

(th m3)

1Q 23

4Q 23

1Q 24

1Q 23

4Q 23

1Q 24

8

COPEC

1Q24 / 1Q23. Copec recorded a profit of Ch$ 108.094 billion, higher than the Ch$ 88.675 billion reported at the end of the same period of 2023, explained by an increase in the operating result. The above was partially offset by a lower non-operating income.

Consolidated EBITDA reached Ch$ 294.022 billion, which represents an increase of 41.6%, explained by a higher operating income in both Copec Chile and Terpel.

EBITDA in Chile increased by Ch$ 32.272 billion, reflecting higher volumes in the gas station channel, offset, in part, by a drop in volumes in the industrial channel. This is coupled with a favorable effect of inventory revaluation and a higher industrial margin.

COPEC CONSOLIDATED (Including Terpel & Mapco)	1Q 24	4Q 23
Revenues*	4,911,751	4,791,437
EBITDA*	294,022	244,399
EBIT*	241,268	196,993
Non operating income*	(64,706)	(43,565)
Profit from discontinued operations	0	162,200
Net income	108,094	289,080
COPEC CHILE	1Q 24	4Q 23
Revenues	2,777,628	2,779,894
EBITDA	182,673	161,049
EBIT	153,560	133,407
Non operating income	(32,937)	(7,468)
Net income	72,812	273,338
Copec Chile physical sales (thousand of m3)	2,733	2,759
Gas stations channel	1,638	1,589
Industrial channel	1,095	1,171
Copec Chile market share	59.5%	58.2%
EBITDA Blue Express*	7,235	7,425
TERPEL	1Q 24	4Q 23
Revenues	8,838,168	9,140,205
EBITDA	461,504	378,758
EBIT	363,445	289,008
Non operating income	(131,502)	(164,035)
Net income
Profit attributable to controllers	146,501	71,558
Profit attributable to minority interest	5.4	4.6
Terpel physical sales (thousand of m3)	2,778	2,907
Colombia	2,103	2,200
Panama	252	235
Ecuador	291	325
Dominican Republic	67	*64
Peru	66	83
Gazel VNG physical sales (thousand of m3)	55	59
Colombia	43	45
Peru	11	14

Terpel's EBITDA in local currency increased 38.5%, mainly due to a positive inventory revaluation effect. Meanwhile, volumes decreased 3.8% on a consolidated basis, explained by declines of 3.4% in Colombia, 6.2% in Ecuador, 8.1% in Panama and 3.7% in Peru, partially offset by an increase of 14.6% in the Dominican Republic. In the VNG business, there was an increase in volumes of 9.7% in Colombia, while in Peru they fell 11.3%.

Meanwhile, the consolidated non-operatingincome was unfavorable, as a result of negative exchange rate differences.

1Q 23	1Q24 / 1Q23	1Q24 / 4Q23	Accum 24	Accum 23	Chg. 24 / 23
4,572,610	7.4%	2.5%	4,911,751	4,572,610	7.4%
207,630	41.6%	20.3%	294,022	207,630	41.6%
164,215	46.9%	22.5%	241,268	164,215	46.9%
(49,094)	(31.8%)	(48.5%)	(64,706)	(49,094)	(31.8%)
559	(100.0%)	(100.0%)	0	559	(100.0%)
88,675	21.9%	(62.6%)	108,094	88,675	21.9%
				Figures in millions of Chilean pesos
		* The figures for 2023 do not include the consolidation of Mapco.
1Q 23	1Q24 / 1Q23	1Q24 / 4Q23	Accum 24	Accum 23	Chg. 24 / 23
3,011,459	(7.8%)	(0.1%)	2,777,628	3,011,459	(7.8%)
150,401	21.5%	13.4%	182,673	150,401	21.5%
123,536	24.3%	15.1%	153,560	123,536	24.3%
(21,400)	(53.9%)	(341.0%)	(32,937)	(21,400)	(53.9%)
80,853	(9.9%)	(73.4%)	72,812	80,853	(9.9%)
2,877	(5.0%)	(1.0%)	2,733	2,877	(5.0%)
1,616	1.4%	3.1%	1,638	1,616	1.4%
1,262	(13.2%)	(6.5%)	1,095	1,262	(13.2%)
59.2%	0.6%	2.3%	59.5%	59.2%	0.6%
2,920	147.8%	(2.6%)	7,235	2,920	147.8%
				Figures in millions of Chilean pesos
			*This Ebitda is included in the EBITDA of Copec Chile
1Q 23	1Q24 / 1Q23	1Q24 / 4Q23	Accum 24	Accum 23	Chg. 24 / 23
9,148,909	(3.4%)	(3.3%)	8,838,168	9,148,909	(3.4%)
333,260	38.5%	21.8%	461,504	333,260	38.5%
236,171	53.9%	25.8%	363,445	236,171	53.9%
(162,466)	19.1%	19.8%	(131,502)	(162,466)	19.1%
44,210	231.4%	104.7%	146,501	44,210	231.4%
2.9	86.5%	16.2%	5.4	2.9	86.5%
2,887	(3.8%)	(4.4%)	2,778	2,887	(3.8%)
2,176	(3.4%)	(4.4%)	2,103	2,176	(3.4%)
274	(8.1%)	7.2%	252	274	(8.1%)
310	(6.2%)	(10.6%)	291	310	(6.2%)
58	14.6%	4.9%	67	58	14.6%
68	(3.7%)	(20.6%)	66	68	(3.7%)
52	4.6%	(7.2%)	55	52	4.6%
40	9.7%	(4.3%)	43	40	9.7%
13	(11.3%)	(16.9%)	11	13	(11.3%)
				Figures in millions of Colombian pesos

9

1Q24 / 4Q23. Results declined by Ch$ 180.986 billion, as a result of a decrease in income from discontinued operations and a more negative non-operating income, partially offset by an increase in the operating income.

EBITDA recorded a rise of Ch$ 49.622 billion, explained by lower administrative and distribution expenses, along with a favorable inventory revaluation effect at Terpel. In addition, higher volumes and margins were reached in lubricants.

Volumes decreased 1.0% in Chile, due to a 6.5% drop in the industrial channel, offset by a 3.1% rise in the gas station channel. At Terpel, volumes decreased 4.4%, due to declines of 20.6%, 10.6% and 4.4% in Peru, Ecuador and Colombia, respectively, offset by increases of 7.2% and 4.9% in Panama and the Dominican Republic.

Non-operatingincome was unfavorable by Ch$ 21.141 billion, reflecting an unfavorable foreign exchange effect.

Earnings from discontinued operations fell Ch$ 162.200 billion, associated with the sale of Mapco completed in the previous quarter. It should be noted that according to accounting regulations, part of this effect from foreign currency translation reserves was not recorded in the parent company Empresas Copec S.A, as its functional currency is the US dollar.

*

10