Aguas Andinas (AGUAS) investor relations material

Executive summary

• Revenue for the first half of 2026 rose 6.6% year-over-year to CLP 386,383 million, driven by higher tariffs, regulated rate increases, and increased consumption.

• EBITDA increased 7.5% year-over-year to CLP 200,885 million, maintaining a margin above 52%, supported by regulated rate hikes, cost efficiencies, and higher non-regulated income.

• Net income reached CLP 77,526 million, up 2.3% from the first half of 2025, supported by EBITDA growth but partially offset by higher depreciation, financial costs, and tax expenses.

• Cash flow generation remained solid, with free cash flow at CLP 79,295 million, aided by lower dividend payouts and strong collections, despite higher Capex.

• Major investments focused on water security, operational resilience, and sustainability, totaling CLP 91,614 million.

Financial highlights

• Revenue: CLP 386,383 million (+6.6% YoY); EBITDA: CLP 200,885 million (+7.5% YoY); Net income: CLP 77,526 million (+2.3% YoY).

• EBITDA margin improved to 52.0% from 51.6% a year earlier.

• Operating income grew 7.9% year-over-year to CLP 155,957 million.

• Free cash flow improved due to lower dividends, but Capex execution was higher and seasonal.

• Cash and cash equivalents at June 30, 2026, were CLP 147,118 million, down CLP 25,049 million from December 2025 due to debt repayment and dividends.

Outlook and guidance

• Tariff increases approved for 2025–2030, with further adjustments linked to inflation and new projects.

• The National Reconstruction Bill proposes a gradual reduction in the corporate income tax rate from 27% to 23%, with a one-off deferred tax impact expected upon enactment.

• Hydrological improvements from recent rainfall are expected to support water supply, though overall levels remain below historical averages.

• Continued monitoring of geopolitical and climate risks, with contingency plans for drought and adverse weather.

• No significant cost increases are anticipated in the coming months, barring unforeseen macroeconomic or geopolitical developments.