CAP (CAP) LarrainVial 19th Andean Conference presentation summary

4Q24 overview and key developments

• Consolidated net loss of US $426.9 million in 2024, mainly due to a one-off restructuring provision for Huachipato's steel production suspension (US $349.6 million).

• Suspension of Huachipato's steel production progressed as planned, halting losses and minimizing cash requirements.

• Steel solutions segment impacted by weak construction sector, but outlook for 2025 is more optimistic, especially in modular construction.

• Iron ore prices averaged US $109.5/ton in 2024, down from US $119.8/ton in 2023.

• Mining segment EBITDA decreased 41.6% YoY due to lower shipments, prices, and negative MtM effects.

Strategic highlights and sustainability initiatives

• Acquired 10.2% stake in Aclara Resources for US $10.8 million, supporting rare earths projects in Brazil and increasing indirect stake in Modulo Penco to 28.1%.

• Purchased remaining 49% of Aguas CAP from Mitsubishi, securing full ownership and expected annual contribution of US $11–15 million from 2025.

• CMP and Aguas CAP to operate on 100% renewable energy from 2026, with supply agreements in place.

Market context and outlook

• Iron ore prices declined in 4Q24 compared to 4Q23; market consensus projects 62% Fe iron ore at US $95–99/t for 2025.

• Construction and mining investments in Chile are projected to recover in 2025, driven by favorable copper price expectations.

• Chile's construction sector remains weak but investment outlook is positive for coming years.