Aguas Andinas S A : Consolidated Earnings Release for Aguas Andinas as of September 30 2022

Aguas Andinas Reasoned Analysis

Period ended as of September 30, 2022

1. Summary of the exercise

Aguas Andinas maintains a sustained growth of EBITDA reaching ThCh$208,387 million as of September 30, 2022, which represents an increase of 8.7% over the same period of the previous year. Likewise, it continues with a solid cash flow generation, increasing by ThCh$16,468 million regarding the end of June 2022, which has allowed keeping indebtedness aligned with the Company's objectives. This positive financial situation has been ratified with a local AA+ risk rating and an international rating of A-, being the highest rating for a private corporate company in Chile.

In terms of non-operating income, high inflation continues to impact financial costs due to the revaluation of financial debt in Unidad de Fomento (UF), so net income amounted to ThCh$54,431 million, 31.7% lower than in the same period of the previous year.

Aguas Andinas has continued to be impacted by the global macroeconomic effects that have mainly translated into higher operating costs.

Upward pressure on operating costs linked to inflation: an important part of Aguas Andinas' cost structure is linked to the evolution of inflation (labor costs, construction materials, service contracts in UF and salary adjustments), with an impact at the end of September 2022 compared to the same period of previous year of approximately ThCh$(16,627) million.

Operating costs of ThCh$4,055 million, associated with increases in electric power prices (mainly for regulated customers) and chemical inputs, as well as the effects of fluctuations in the U.S. dollar exchange rate.

Increased inflation has various impacts on the Company's income statement

Inflation in Chile as of September 30, 2022 amounted to 10.8% and 13.7% accumulated over 12 months.

Increase in financial costs related to the price-level restatement of debt in UF: the significant increase in the CPI of 10.8% negatively impacted our financial costs by ThCh$94,369 million associated with the readjustment of the financial debt in UF (ThCh$63,567 million higher than in the previous year). It should be noted that the price-levelrestatement of the UF is an accounting impact with no significant effect on the Company's cash flow.

Income Taxes: Inflation has had a positive impact on income tax expenses, associated with the effect of the permanent differences derived from the monetary correction of the Tax Equity.

Rate indexations based on the polynomial: On the other hand, during the period Aguas Andinas has registered tariff indexations that allow mitigating the increase in costs due to CPI.

Aguas Andinas is focused on the management and mitigation of climate change impacts.

The Company continues to face the challenge of climate change. Despite this winter's rains, the deep drought and water scarcity situation in the country continues, which has been going on for more than 13 years and has deepened in the last 3 years.

2

In this context, water scarcity has continued to be managed by prioritizing water transfer agreements with other users, which has allowed securing supply during 2022 and maintaining the security level of the El Yeso reservoir at 150.0 hm3 (September 2022), in line with the Company's objective. It should be noted that precipitation at the El Yeso reservoir level has been better than the previous hydrological period by +40%.

Additionally, we have continued to deploy our action plan to address water scarcity and the effects of climate change, which has materialized in an investment effort as of third quarter of 2022 in the amount of ThCh$86,952 million. In this regard, it should be noted the completion of the works of the new Lo Mena - Cerro Negro well system, which will provide a flow of 1,500 l/s to supply 400,000 customers.

Finally, actions have been deployed to raise public awareness of the importance of caring for water, such as "Every Drop Counts" campaign. At the end of September 2022, consumption decreased 2.3% compared to the same period of the previous year, mainly due to lower residential demand.

The Company is accelerating its efficiency program based on our Transformation plan

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 of $2,923 million as of September 30, 2022.

Standard & Poor's assigned Aguas Andinas its highest rating of 'A-'.

Aguas Andinas completed its international rating process with Standard & Poor's, obtaining an 'A-' rating, becoming the first non-state corporate company in Chile to receive the highest international rating, in addition to the local ratings issued by Fitch and ICR with AA+. This occurs in the context of seeking new financing opportunities internationally, where Aguas Andinas has focused on achieving this rating and which translates into a great milestone because it demonstrates the strength of the Company.

In its analysis, S&P highlights Aguas Andinas' stable and predictable cash flow generation for the next years due to its regulated nature and even considering the Company's investment plan to face the direct impacts of climate change.

EBITDA as of September 30, 2022 amounted to $208,387 million, an increase of 8.7% regarding the same period of previous year. Without the one-offeffect of year 2021 revenues of ThCh$5,698 million, the increase in EBITDA with respect to year 2021 would be 12.1%. The main variations are shown in the following chart:

3

1. Higher sanitation revenues of $42,953 million, mainly associated with higher average tariffs of $48,609 million due to the latest tariff indexations by polynomial and the entry into operation of new investment projects (La Farfana/Trebal-Mapocho Nitrogens and Aguas Cordillera safety ponds). However, lower sales volumes were recorded for $7,314 million, mainly explained by a decrease in sales to Residential customers by -4.4%, which is partially offset by higher sales to non-Residential customers by +1.7%.

1. The Company's costs have been increased by the CPI, mainly due to higher labor costs, construction materials, service contracts in UF and compensation adjustments. As of September 2022, the index accumulated an increase of 10.8% and 13.7% in 12 months. Additionally, operating costs for the entry into operation of new facilities and assets are considered.

1. Operating costs of ThCh$4,055 million, associated with increases in the price of electric power and chemical inputs, as well as the increase in the U.S. dollar exchange rate.

1. Higher raw water of $3,578 million necessary to continue facing the extreme drought situation that the region has been experiencing for the last 13 years.
   Since lower hydrological conditions were recorded this summer, the lower flow available in the Maipo river basin resulted in a higher price per cubic meter of water purchased. Likewise, the volume stored in the El Yeso reservoir as of September 2022 was 150.0 Hm3 vs. 169.5 Hm3 as of September 2021, also due to a greater need to supply the demand for the period.
   It is important to note that in August 2021 a historic collaboration agreement was signed with the Irrigation Associations of the First Section of the Maipo River, which includes commitments to develop a Master Plan for the Management of the Maipo River Basin, and will allow promoting new investments to provide additional resources to the system, such as the reuse of treated water from the Biofactories for exchange with raw water.
   The collaboration agreement with the Irrigation Associations is in operation, and thus, the Board of Directors of the Junta de Vigilancia de la Primera Sección del Río Maipo (Maipo River First

4

Section Oversight Board) has coordinated water transfers, ensuring sufficient reserves in the El Yeso Reservoir to ensure the supply to the customers.

The agreement has also established an update in the price of transfers, making it consistent with the value of raw water from the Maipo River used in the tariff processes. In addition, it includes thresholds that define high and low demand prices based on the river's water scarcity.

1. Higher network maintenance and repair costs of $1,870 million were generated due to a significant increase in customer requirements and workload.

1. 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 allowed us to generate Efficiencies for $2,923 million as of September 30, 2022.

Net income as of September 30, 2022 amounted to $54,431 million, representing a decrease of 31.7% regarding the same period of previous year. The main variations are presented in the following chart:

At the non-operating level, there is a lower financial result of $59,537 million regarding the same period of previous year, mainly associated with a higher revaluation of the financial debt due to the variation of the Unidad de Fomento (10.5% in 2022 versus 3.5% in 2021). 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.

As of September 30, 2022, income tax had a positive effect in relation to the same period of the previous year of ThCh$28,900 million, as a result of a lower 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. On the other hand, the high inflationary effects also generated a significant increase in taxable temporary differences, the most important being the tax price-level restatement of property, plant and equipment, which has led to a significant increase in deferred tax assets.

5