Aguas Andinas S A : Consolidated Earnings Release for Aguas Andinas as of December 31 2022

Aguas Andinas Earnings Release

1. Summary of the exercise

Aguas Andinas consolidated results at the end of 2022 show EBITDA growth of 10.6% and solid cash flow generation is maintained

Aguas Andinas maintains a sustained growth of EBITDA reaching ThCh$290,761 million as of December 31, 2022, which represents an increase of 10.6% compared to the previous year. Likewise, it continues with a solid cash flow generation in the period, 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$85,249 million, 15.3% 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 December 2022 compared to the previous year of approximately ThCh$(23,310) million.

Operating costs of ThCh$5,963 million, associated with increases in electric power prices (regulated customers and in free clients by polynomial indexed to U.S. inflation) 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 and balance sheet

Inflation in Chile as of December 31, 2022 amounted to 12.8%.

Increase in financial costs related to the price-level restatement of debt in UF: the significant increase in the CPI of 12.8% negatively impacted our financial costs by ThCh$118,191 million associated with the readjustment of the financial debt in UF (ThCh$60,592 million higher than in the previous year). 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.

Income Taxes: Inflation has had a positive impact in accounting income tax expense, associated with the effect of the permanent differences derived from the monetary correction of the Tax Equity. It should be noted, however, that in terms of actual income tax payments, the Company disbursed ThCh$30,088 million during 2022.

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.

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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.

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 175.4 hm3 (December 2022), in line with the Company's objective. The cost incurred in raw water transfers amounted to $16,657 million, representing an increase of 17.5% over the previous year.

Additionally, we have continued executing our action plan to address water scarcity and the effects of climate change, which has materialized in an investment effort at the end of 2022 by ThCh$ $141,938 million. In this regard, it should be noted the completion of the works of the new Lo Mena - Cerro Negro well system, which 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 December 2022, consumption decreased 2.1% compared to the previous year, mainly due to lower residential demand.

The latest investment projects have come into operation to improve the Company's performance and add greater water resilience for Santiago

During 2022, Aguas Andinas has put into operation the Trebal-Mapocho Nitrogen Biofactory project. Together with La Farfana Biofactory, this project will expand wastewater treatment, making a positive contribution to the environment and society in general.

Cerro Negro-Lo Mena Wells: which began in 2020, contemplates the construction of 14 wells for the extraction of groundwater and allows reinforcing the supply of potable water to the population by adding 1,500 liters per second to almost 400,000 customers. This means increasing the autonomy of the service from 34 to 37 hours to be able to face extreme turbidity scenarios.

Near the end of the year, the expansion and modernization project of Padre Hurtado Potable Water Treatment Plant came into operation, which adds 1,000 liters per second of water production, ensuring the supply of potable water during peak demand periods in the communes of La Reina, Ñuñoa, Providencia, Las Condes, Vitacura and Lo Barnechea. This will also help improve supply pressure.

The Company has continued to drive its efficiency program based on the Transformation plan and, additionally, commercial actions to improve uncollectibility and debt recovery have yielded positive results

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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 $5,572 million at the end of 2022.

In addition, commercial actions to recover debt have allowed to reduce bad debt expense from a ratio of 3.1% of revenues in 2021 to 2.4% at the end of the current period.

Successful bond issuance in the international market

In order to finance part of its investment plan, mainly projects eligible under the Green and Social Framework, Aguas Andinas successfully completed the issuance and placement of two private bonds without financial covenants in the Asian market, all for a total equivalent amount of approximately USD 50 million, thus becoming the first corporate company in the country to carry out an operation of this type.

For this purpose, the Company made 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+. 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 December 31, 2022 amounted to $290,762 million, an increase of 10.6% regarding the previous year. Excluding non-recurringrevenue effects of year 2021 of ThCh$5,698 million, the increase in EBITDA with respect to year 2021 would be 13.1%. The main variations are shown in the following chart:

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1. Higher revenues of $69,006 million, mainly associated with higher average tariffs of $71,707 million due to the latest tariff indexations by polynomial and the entry into operation of new investment projects as La Farfana/Trebal-Mapocho Nitrogens and Aguas Cordillera safety ponds and Cerro Negro - Lo Mena Wells. However, lower sales volumes were recorded for $9,145 million, mainly explained by a decrease in sales to Residential customers by -4.0%, which is partially offset by higher sales to non- Residential customers by +1.4%.

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 December 2022, the index accumulated an increase of 12.8%. 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. Operating costs of ThCh$5,963 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 transfer costs of $2,481 million necessary to continue facing the extreme drought situation that the region has been experiencing for the last 13 years. Aguas Andinas currently needs to transfer approximately 1/3 of the water produced to supply the city, equivalent to 260 Hm3.
   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 December 2022 was 175.4 Hm3 vs. 158.2 Hm3 as of December 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 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. These prices for water transfers are fixed in UF.

1. Higher network maintenance and repair costs of $3,655 million were generated due to a significant increase in customer requirements and workload.

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