Colbún (COLBUN) investor relations material

Executive summary

• Signed PPAs in Chile with 40 clients for 284 GWh/year and in Peru with 8 clients for 15.5 MW, including key contracts with Grupo Errazuriz, Cerro Negro, Entel, ETERNIT, and Chavimochic renewal.

• Prepaid US$21 million loan in Peru and US$162.2 million bank loan in April 2026, consolidating 100% ownership of Fenix Power.

• Maintenance completed at Nehuenco U2 and Fenix; Rucue U1 (90 MW) returned to operation in March 2026 with insurance coverage.

• Revenue for Q1 2026 was $408.5M, down 1% year-over-year, with net income of $24.2M, a 71% decrease from Q1 2025, mainly due to higher fuel costs and lower hydrological contributions.

• Cash and equivalents rose to $357M, up from $182M at year-end 2025, supporting a strong liquidity position.

Financial highlights

• Consolidated operating revenue was US$409 million, down 1% quarter-over-quarter.

• EBITDA reached US$133 million, a 26% decrease quarter-over-quarter.

• Net income was US$24 million, down 71% quarter-over-quarter.

• Raw materials and consumables costs rose 21% quarter-over-quarter to US$232 million.

• Cash position increased to US$925 million at the end of 1Q26 from US$883 million at the end of 4Q25.

Outlook and guidance

• Demand growth was 0.6% year-over-year at Alto Jahuel and 2.8% at Santa Rosa.

• Hydro conditions showed 94% exceedance probability (Apr25-Mar26) and 33% (Oct25-Sept26), indicating variable water availability.

• Results for the coming quarters will depend on achieving a balance between cost-efficient generation and contract levels, with a focus on reliable operations and hydrological conditions.

• The company expects to cover upcoming debt service of $103M over the next 12 months with internal cash generation.