Colbún (COLBUN) investor relations material

Executive summary

• Signed purchase agreements in Chile with 92 clients for 846 GWh/year and in Peru with 26 clients for 63 MW contracted capacity in 2025.

• Entered a 15-year PPA with Atlas Renewable Energy for a 230 MW BESS project, with energy supply starting in 2027.

• Distributed $27M final dividend in May and $78M interim dividend in December 2025, totaling 50% of 2024 distributable net income.

• Issued $500M green bond at 5.4% coupon, lowest spread for a Chilean corporate bond in 20 years; refinanced $266M of 2027 bonds.

• Acquired remaining 41.379% of Fenix Power Perú S.A., achieving 100% ownership.

Financial highlights

• Consolidated operating income for Q4 2025 was $393M, up 2% year-over-year; EBITDA was $165M, down 5% year-over-year.

• Net profit for Q4 2025 was $31M, down from $54M in Q4 2024, mainly due to higher depreciation, amortization, and lower EBITDA.

• Raw materials and consumables cost rose 7% to $182M, driven by higher gas and transmission costs.

• Cash balance ended at $883M, down from $949M at the start of the quarter.

• Non-operating loss for Q4 2025 was $55.5M, up 22% year-over-year, mainly due to higher financial expenses and asset impairment provisions.

Outlook and guidance

• 2026 CapEx guidance: $50M for BESS Chaca, $130M for BESS Diego de Almagro Sur, $24M for Don Eduardo Substation, plus $70M maintenance CapEx.

• Bayóvar and Algarrobal projects in Peru will proceed after securing new PPAs.

• Ongoing evaluation of further energy storage projects, dependent on PPA opportunities and technology costs.

• Junquillos Wind Farm (473 MW) and Algarrobal Photovoltaic Plant (400 MW) received EIA approval in 4Q25.

• Rucúe (U1) repair works at 87% progress, with return to service expected by mid-February 2026.