CAP (CAP) CMD presentation summary

Strategic platform and priorities

• Integrated mining, infrastructure and industrial portfolio; long-term strategy targets decarbonization materials and sustainable solutions.

• 2026 priorities: stabilize mining and advance growth, reposition industrial assets, and expand infrastructure use and third-party business.

• Capital allocation prioritizes liquidity, asset monetization, selective investment and profitability recovery; discretionary projects follow liquidity and core operating needs.

Market and mining outlook

• 3Q26 iron ore benchmarks averaged $97.0/t for 61% Fe and $112.9/t for 65% Fe, versus $102.1/t and $117.5/t, respectively, in 3Q25.

• C3 freight rose to $36.7/t in 3Q26 from $23.4/t in 3Q25; CMP's net realized price fell 13.0% YoY to $73.6/t.

• Mining shipments fell 9.2% YoY to 3.2 Mt and production declined 4.2%, with July weather disruptions affecting Elqui and Huasco operations.

• 2026 production guidance was revised to 14.6–15.1 Mt; the 2030 ambition is ~18 Mt, subject to normal business conditions, with recovery dependent on MLC and Elqui progress.

• 2030 mining ambition includes C1 cash cost of ~ $45/wmt, supported by ~18 Mt production, improved fixed-cost absorption and efficiency initiatives.

Third-quarter performance

• Consolidated 3Q26 EBITDA fell 82.8% YoY to $22m; net loss widened to $71m from $16m in 3Q25.

• Mining EBITDA declined 88.8% YoY to $12m, pressured by a $65.9m negative MtM impact, lower shipments and realized prices, and higher C1 cash costs.

• Industrial EBITDA fell $3.8m YoY: Cintac's modular project overruns and delays outweighed improved steel processing; Huachipato narrowed its EBITDA loss to $1.7m.

• Infrastructure EBITDA decreased 12.3% YoY to $14m, reflecting lower tariffs at Aguas CAP and TecnoCap and reduced cargo volumes at CAP Puertos.

• 9M26 free cash flow was $143m, supported by $1,503m collections and $74m of tax inflows, including mainly CMP prior-year tax refunds.