Empresas Copec (COPEC) investor relations material

Executive summary

• EBITDA for Q2 2025 was $712M, down 7.5% year-over-year and 8.2% sequentially, mainly due to weaker forestry performance, partially offset by strong energy and wood products results.

• Net income for the quarter was $228M, up 9.6% sequentially but down 20.6% year-over-year, with accumulated H1 2025 EBITDA at $1.5B.

• Consolidated sales reached $7.18B, nearly flat year-over-year and down 3.1% sequentially.

• All geographies saw volume growth except Chile, with the Gasim acquisition in Europe contributing positively.

• Energy segment EBITDA increased YoY, while forestry EBITDA declined due to lower pulp prices.

Financial highlights

• EBITDA margin was 9.3–10% for 2Q25, and return on capital employed was 9.5–10.5%.

• Net debt to EBITDA was 2.9x–2.92x, reflecting ongoing investments but improved from 3.0x in 2Q24.

• CapEx reached $591M in Q2, primarily allocated to forestry projects, with 16% to energy.

• Cash holdings stood at $2.8B, with total financial debt at $11.2B and net debt at $8.4B.

• Gross profit for 2Q25 was $1.07B, down 6.9% YoY; operating income was $376M, down 9.9% YoY.

Outlook and guidance

• Pulp prices are expected to remain weak, with some signs of bottoming, but oversupply and global tariff uncertainties persist.

• Seasonality may bring some positive effects, but demand in Europe and China remains subdued.

• North American wood products markets remain challenging, while South America shows potential for price increases.