Empresas Copec S A : Conference Call 3T23

4Q23 Earnings Presentation

March 7th, 2024

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DISCLAIMER

This presentation may include market outlooks and forward-looking statements, which are based on the beliefs and assumptions of Empresas Copec's management and on information currently available to the Company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Empresas Copec and could cause results to differ materially from those expressed in such forward-looking statements. This presentation contains certain performance measures that have

been adjusted with respect to IFRS definitions, such as "EBITDA".

1. CONSOLIDATED RESULTS

1. REVIEW BY BUSINESS DIVISION

1. HIGHLIGHTS OF THE QUARTER IV. Q&A

Highlights	and panel prices, and lower unit sale costs for all fibers.
	Higher EBITDA QoQ explained by Arauco, due to higher pulp

FORESTRY	ENERGY	PROJECTS AND OTHER
EBITDA increased QoQ and	Higher EBITDA QoQ and YoY	DEVELOPMENTS
decreased YoY
Lower unit selling cost for all fibers,	Favorable inventory revaluation,	Agreement for the sale of forestry
along with higher pulp and panel	volumes and industrial margin QoQ.	assets in Brazil for US$1.16 billion
prices QoQ.	Higher net financial costs and an	announced.
Drop in prices in all segments and	unfavorable effect of the result per	MAPA reached 802 thousand tons of
higher costs on BEKP YoY.	unit of adjustment.	production in 2023.
Positive revaluation of biological
assets and insurance compensation.

ESG MILESTONES

Empresas Copec featured in S&P Sustainability Yearbook and ratified in the Dow Jones Sustainability Index

Copec obtains US$ 200 million green

loan to boost new energies.

Copec announced its investments in

sustainable fuels and battery

exchange stations.

I. CONSOLIDATED RESULTS - Quarterly Performance

						975			1.004
						902	940	937
					883
	810
675	718		397		315				668					636
				693				616			636
											609
		591			573
	564
	542
			489	446	468						441

EBITDA up 4.5% QoQ and down 4.8% YoY

734

619

				478	474
					382
	335			340
280	308
		221		229
	148	135				155	166
	98	118
						59
		22	6
			-32		-9		-31
			-206

166

Higher Net Income

QoQ and YoY

*Figures of 1Q22, 2Q22, 3Q22, 4Q22 1Q23, 2Q23, 3Q23 and 4Q23 are presented net of Mapco's EBITDAs, which amounts to US$ 16 million, US$ 24 million, US$ 30 million, US$ 11 million, US$ 13 million, US$ 21 million, US$

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30 million and US$ (6) million respectively.

** Figure of 1Q23 includes adjustment for non-operating depreciation.

I. CONSOLIDATED RESULTS - Quarterly Performance

EBITDA

4Q23 vs 4Q22 (US$ million)

53

6

5

4

-1

	6	12	39
-99	-2
	272

668	636	309

In the forestry sector EBITDA decreased due to lower prices in all divisions and increased costs in pulp, offset by higher volumes.

The energy sector EBITDA went up explained by higher margins.

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I. CONSOLIDATED RESULTS - Quarterly Performance

NET INCOME 4Q23 vs 4Q22

				(US$ million)	•	Higher net income in Arauco.
					7
						10
					-8	13
					14	•	Increase in non operating income, explained by
						47
							a favorable revaluation of biological assets and
21	1							insurance compensation.
93	-1	-3	-5			169	•	Lower operating income and higher taxes.
		-8	-84
						•	Increased results at Copec.
							•	Higher operating income.
77					166		•	Increase in income from discontinued
							operations due to the sale of Mapco.

(9)

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I. CONSOLIDATED RESULTS - Quarterly Performance

INCOME STATEMENT

Drop in net income explained by decreased operating income, partly offset by higher

LOWER OPERATING INCOME

non-operating income

• Arauco:
• • Drop in prices in all divisions
  • Higher unit costs for bleached hardwood, partly due to the ramp-up of MAPA
• Copec:
• • Favorable inventory revaluation effect and higher commercial margins in Copec Chile.
  • Higher volumes and margins of lubricants in Terpel.

HIGHER NON-OPERATING INCOME

• Revaluation of biological assets and insurance compensation in Arauco.
• Lower other expenses for write-offs and provisions of fixed assets occurred during the last quarter of 2022.
• Partly offset by unfavorable exchange differences.

CONSOLIDATED INCOME STATEMENT
Million USD	4Q 23	4Q 22	Change
Net income	166	(9)	175
Operating income	265	362	(97)
Non-operating income	(24)	(409)	386
Other Income	272	(154)	426
Other expenses	(118)	(231)	113
Other profit (loss)	(6)	6	(12)
Financial Income	67	40	27
Financial expense	(176)	(128)	(48)
Profit in associates and JV's	59	70	(12)
Exchange Differences	(110)	(28)	(82)
Gains (losses) on net monetary position	(12)	15	(27)
Taxes	(142)	47	(189)
Gains (losses) from discontinued operations	72	(4)	76
EBITDA	636	668	(32)

OTHER

• Higher profit from discontinued operations due to the sale of Mapco.
• Higher income tax, due to the effect of deffered

taxes from the sale of forestry assets in Brazil.

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I. CONSOLIDATED RESULTS - Quarterly Performance

FINANCIAL RATIOS

Profitability	4Q 23	3Q 23	4Q 22
FINANCIAL RATIOS	3,6%	2,9%	5,1%
Operating margin
EBITDA margin	8,7%	8,4%	9,4%
ROCE	7,1%	6,0%	13,2%

Leverage	4Q 23	3Q 23	4Q 22
EBITDA / net interest expense	4,7	5,0	12,3
Net debt / EBITDA	3.9x	4.0x	2.4x

COMMENTS

• Net debt / EBITDA decreased QoQ, due to lower net debt.
• EBITDA margin increased QoQ.
• Well-balanceddebt schedule for the coming years.

FINANCIAL DEBT MATURITIES						NET FINANCIAL DEBT / EBITDA
Figures in US$ million
											4,6	4,6
											4,0	4,2						4,0	3,9
						2.786					3,6
										3,4					3,6
										3,2
1.943 2.093									2,9			2,8				2,8
					2,4
							2,4				2,2				2,4
						2,1	2,0	2,0				2,1	1,9	1,9	2,0
1.071	890	966
824		670
	454	351	191		317
		102	116

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1. CONSOLIDATED RESULTS

1. REVIEW BY BUSINESS DIVISION III. HIGHLIGHTS OF THE QUARTER IV. Q&A