Aguas Andinas S A : Consolidated Earnings Release for Aguas Andinas as of June 30 2023

Aguas Andinas Earning Realease

Period ended June 30, 2023

1. Summary of the first semester

Aguas Andinas continues to strengthen its resilience, management and investment plans to face the effects of climate change, such as profound water scarcity

The Company continues to face the challenge of climate change. During the last days of June, the central zone of Chile was impacted by an atmospheric river that caused heavy rains in the mountain range. The El Yeso reservoir recorded 266 mm of precipitation during that weekend alone, when the annual precipitation in recent years has been around 230 mm. Additionally, and very unusual for the dates, the 0 isotherm was around 3,000 Marseille, which meant rainfall in the form of rain in areas where snowfall is expected at this time of year. This meant extreme increases in turbidity and flow rates in the Maipo and Mapocho rivers, to levels not seen in the last 30 years, for which the normal production of drinking water had to be paralyzed, forcing the use of the emergency infrastructure consisting, among others, of the Mega Ponds of Pirque and the Cerro Negro - Lo Mena wells.

On Friday, June 23, it was announced to the Metropolitan Region that during the following day the service would be cut off since the reserves for the autonomy of the service had been reduced by 50% and continued to decrease. Even so, and thanks to the water resilience plan in the face of drought and turbidity events on which we have been working for more than 10 years, within 24 hours we were able to communicate to the citizens that the service cut-off would not take place.

The Company managed the event at all times within the framework of the emergency protocols agreed with the SISS and SENAPRED, and in constant communication with the authorities and the general public. On Friday, June 23, a power outage was announced for Saturday afternoon (announcement defined by the protocol when there is no guarantee of supply for the following 24 hours), but finally, thanks to the extraordinary efforts made during the night of Friday and Saturday, the announced outage was first postponed and finally cancelled.

It should be noted that the Company has a service autonomy of 37 hours, but thanks to the extraordinary management efforts that were applied, it was possible to provide operational continuity in the face of an event that totaled 78 hours with turbidity exceeding the design capacity of the plants.

Finally, it is worth mentioning that the floods caused significant damage to the surface water intakes, several of which are in a contingency operation while they are being repaired.

In addition to the above, during last summer there were several episodes of turbidity in the Maipo and Mapocho rivers, generated by convective rains and high temperatures, altering the normal operation of the drinking water production plants. However, the supply in the city operated without major impacts, thanks to the activation of the operational continuity plan and resorting to the operational backup infrastructure deployed in the framework of its resilience plan.

Likewise, the deep drought and water shortage situation that the country is going through, which has been going on for more than 14 years despite the last rains recorded during June, continues. In this context, water scarcity has continued to be managed by prioritizing water transfer agreements with the different actors in the Maipo river basin, which has allowed covering a third of the demand of Greater Santiago and maintaining an adequate level of security reserves in the El Yeso reservoir, which as of June 2023 reached a level of 176.8 hm3, in line with the Company's objective.

At the same time, we have continued to invest in new sanitation infrastructure to expand and diversify the availability of supply sources, which at the end of the second quarter of 2023 totaled Ch$60, 596 million.

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Aguas Andina's consolidated results at the end of the first semester of 2023 are in line with the Company's forecasts, and consolidate the beginning of the recovery to pre-pandemic levels.

Aguas Andinas maintains a sustained growth in EBITDA, reaching $167,855 million as of June 30, 2023, which represents an increase of 12.6% compared to the same period of the previous year, in line with the process of recovery of pre-pandemic levels.

Likewise, it continues with a solid cash flow generation in the period, which has allowed keeping indebtedness aligned with the Company's objectives.

The moderation in inflation growth in the first semester of 2023 has positively impacted the Company's financial results

The accumulated inflation in Chile as of June 30, 2023 was 2.1% versus 7.1% as of the same date in 2022, which has a positive impact on the readjustment of the financial debt in Unidad de Fomento (UF), resulting in a lower expense of $32,473 million.

The Company has continued to drive its efficiency program based on the Transformation plan and commercial actions to improve uncollectibility and debt recovery

The Company is implementing a Transformation plan, with a vision of a new sustainable business model focused on mitigating risks, capturing efficiencies, prioritizing investments and incorporating technology, supported by a new organizational culture. In line with the above, initiatives have been developed to improve processes and digital transformation that have generated Efficiencies about $2,234 million at the end of the first semester of 2023.

In addition, commercial actions to recover the debt have allowed to reduce bad debt expense from a ratio of 2.6% as of June 2022 to 2.5% at the end of the first semester of 2023.

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EBITDA as of June 30, 2023 amounted to $167,855 million, an increase of 12.6% compared to the same period of the previous year. The main variations are shown in the following chart:

1. Higher sanitation revenues of $44,218 million, mainly associated with higher average tariffs of $38,570 million due to the latest tariff indexations by polynomial and the entry into operation of new investment projects as Trebal-Mapocho Nitrogens removal Biofactory and Cerro Negro - Lo Mena Wells. Also, higher sales volumes were recorded for $4,576 million (+1.8%), mainly explained by higher consumption of non-Residential customers by +4.8%, which is partially offset by lower sales to Residential customers by +0.3%.

1. In addition, there was an increase in other income of $7,685 million, mainly associated with higher sales of materials and non-sanitation subsidiaries of $2,930 million, modifications to sanitation infrastructure of $2,563 million and home services to customers of $2,001 million.

1. The Company's costs have been increased by the inflation effect of $9,627 million, mainly due to higher labor costs, construction materials, service contracts in UF and compensation adjustments. As of June 2023, the index accumulated an increase of 7.6% in twelve moving months. Additionally, operating costs for the entry into operation of new facilities and assets are considered, as well as the cost of sales associated with the growth of non-sanitation revenues.

1. Increase in operating costs of $9,897 million, mainly associated with electricity (due to higher average tariff and consumption associated with subway water sources), maintenance and repair of networks and increased detection of drinking water leaks, chemical inputs due to turbidity events, increased maintenance of operating equipment and higher real estate tax payment rate.

1. During the first semester of 2023, there were 3 extraordinary operating contingencies (situation of the independent intake, breakage of the Recoleta matrix and heavy rains during June), whose corrective costs amounted to $3,832 million approximately.
   It should be considered that the event in the independent intake is due to an external cause associated with the weather conditions, which during the summer season 2023, it manifested by an

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unusual combination of high amount of sediments and low flow of the Maipo River, a situation that has prevented the normal evacuation of sediments.

1. Within the framework of the Transformation plan that the Company is implementing, initiatives have been developed to improve processes and digital transformation that have allowed us to generate Efficiencies for $2,234 million as of June 30, 2023.
   In this regard, initiatives aimed at improving metering management, detecting leaks in networks, purchasing efficiencies, and commercial actions for debt recovery have been deployed, which have allowed to reduce bad debt expenses, from a ratio of 2.6% of revenues as of June 2022 to 2.5% at the end of the first semester of 2023.

Net income as of June 30, 2023 amounted to Ch$74, 423 million, progressively recovering the levels presented prior to the pandemic, also driven by the moderation in inflation during the period. The main variations are shown in the following chart:

1. At the non-operating level, there is a higher financial result of $33,931 million regarding the same semester of the previous year, mainly associated with a lower revaluation of the financial debt due to the variation of the Unidad de Fomento (2.8% in 2023 versus 6.8% in 2022). It should be noted that the price-level restatement of the UF is an accounting impact with no significant effect on the Company's cash flow.

1. As of June 30, 2023, income tax was higher than the previous year of $20,498 million, mainly due to a higher result in income before taxes added to the inflationary effect of deductible permanent differences, the main difference being the price-level restatement of tax equity.

Cash Generation and Position. At the end of the first semester of 2023, the balance of cash and cash equivalents was $165,166 million, decreasing by $27,984 million with respect to March 2023. The

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