Empresas CMPC (CMPC) investor relations material

Executive summary

• Consolidated sales reached $1.9 billion in 2Q25, up 5% quarter over quarter and 1% year over year, with EBITDA at $332 million (17.4% margin) and net income at $81 million, up sequentially but down year over year.

• EBITDA increased 19% quarter over quarter but declined 12% year over year, mainly due to lower average prices.

• Major events included the acquisition of Falcon in Brazil by Softys and the divestment of TENSA, generating $74 million in non-recurring income.

• Net income rose 62% quarter over quarter but fell 35% year over year.

Financial highlights

• Operating costs rose 2% quarter over quarter and 5% year over year, mainly due to TENSA cost recognition and higher pulp business costs.

• Other operating expenses increased 4% sequentially and 3% year over year, driven by higher Softys costs from Falcon integration.

• Free cash flow was a net outflow of $158 million, compared to an inflow of $85 million in the prior year.

• Investments reached $327 million, mainly for the Falcon acquisition and organic growth.

• Net debt stood at $5 billion, with a net debt to EBITDA ratio of 3.65x, and gross debt at $5.7 billion.

Outlook and guidance

• Management expects pulp prices to recover starting in September, supported by low inventories and seasonal demand increases.

• Cost improvement programs are ongoing, with expectations for further cost reductions and margin recovery by year-end.

• No plans to delay the Naturaiza project, with a robust financial plan and deleveraging initiatives underway.

• New operational model with 10 vice presidencies launched to enhance agility and value chain focus.

• Dividend policy for 2025 set at 30% of distributable net income, with two interim and one final dividend.