# EDGAR Filing Document

**Accession Number:** 0001004156
**File Stem:** 0001575872-26-000366
**Filing Date:** 2026-5
**Character Count:** 386503
**Document Hash:** 6d9b3e46b48f06c22ce9c3e9447b7624
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001575872-26-000366.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001575872-26-000366

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260526

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARAUCO & CONSTITUTION PULP INC
- **CENTRAL INDEX KEY:** 0001004156
- **STANDARD INDUSTRIAL CLASSIFICATION:** PULP MILLS [2611]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-99720
- **FILM NUMBER:** 261020818

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** EL GOLF NO 150
- **STREET 2:** 14TH FL.
- **CITY:** SANTIAGO
- **PROVINCE COUNTRY:** F3
- **BUSINESS PHONE:** 5626981961

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** EL GOLF NO 150
- **STREET 2:** 14TH FL
- **CITY:** SANTIAGO
- **PROVINCE COUNTRY:** F3
- **ZIP:** 00000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13a-16 or 15d-16** 

**of the Securities Exchange Act of 1934**

 ****

**For the month of May, 2026.**

**Commission File Number 33-99720**

**ARAUCO AND CONSTITUTION PULP INC.**

**(Translation of registrant's name into English)**

**El Golf 150**

**Fourteenth Floor**

**Santiago, Chile**

**(Address of principal executive offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-☐

<u>ARAUCO AND CONSTITUTION PULP INC</u>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Item |  | Page |
| [1.](#a_009) | [Ratio analysis of the consolidated financial statements](#a_009) | [2](#a_009) |
| [2.](#a_010) | [Consolidated statements of financial position](#a_010) | [7](#a_010) |
| [3.](#a_011) | [Consolidated statements of profit or loss](#a_011) | [9](#a_011) |
| [4.](#a_012) | [Consolidated statements of comprehensive income](#a_012) | [10](#a_012) |
| [5.](#a_013) | [Consolidated statements of changes in equity](#a_013) | [11](#a_013) |
| [6.](#a_014) | [Consolidated statements of cash flow](#a_014) | [12](#a_014) |
| [7.](#a_015) | [Notes to the consolidated financial statements](#a_015) | [13](#a_015) |
|  | Annex: Press Release |  |

---

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**RATIO ANALYSIS OF THE CONSOLIDATED FINANCIAL STATEMENTS**

**1. ANALYSIS OF FINANCIAL POSITION**

**a)** **Statement of financial position** 

The principal components of assets and liabilities at the end of each period are as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Assets** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** | **Variation**<br>**ThU.S.$** |
| Current assets | 4771188 | 4393731 | 377457 |
| Non-current assets | 17157463 | 16911032 | 246431 |
| **Total assets** | **21928651** | **21304763** | 2.93% |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Liabilities** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** | **Variation**<br>**ThU.S.$** |
| Current liabilities | 1969110 | 1931575 | 37535 |
| Non-current liabilities | 10182721 | 9689710 | 493011 |
| Non–controlling interests | 5465 | 5891 | (426) |
| Equity attributable to owners of parent company | 9771355 | 9677587 | 93768 |
| **Total net equity and liabilities** | **21928651** | **21304763** | 2.93% |

---

As of March 31, 2026, total assets increased by MU.S.$624 compared to December 31, 2025, equivalent to a 2.93% increase. This variation was driven mainly by an increase in Cash and cash equivalents, Other financial assets, and Property, plant and equipment, due to the obtaining of new borrowings, and the valuation of derivative instruments entered into by Arauco to hedge exposure to foreign exchange risk in Brazilian real (BRL), all associated with the progress of the Sucuriú project.

In turn, total liabilities increased by MU.S.$531 mainly driven by an increase in financial liabilities, due to borrowings from financial institutions and an increase in lease liabilities, which was partially offset by lower accounts payable balances.

The main financial and operational indicators related to the statement of financial position as of the dates and for the periods indicated below are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liquidity ratios** | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| Current liquidity (current assets / current liabilities) |  | 2.42 |  | 2.27 |
| Acid ratio ((current assets-inventories, biological assets) / current liabilities) |  | 1.52 |  | 1.37 |

---

---

| | | |
|:---|:---|:---|
| **Debt indicators** | **03-31-2026** | **12-31-2025** |
| Debt to equity ratio (total liabilities / equity) | 1.24 | 1.20 |
| Short-term debt to total debt (current liabilities / total liabilities) | 0.16 | 0.17 |
| Long-term debt to total debt (non-current liabilities / total liabilities) | 0.84 | 0.83 |
|  | **03-31-2026** | **03-31-2025** |
| Financial expenses coverage ratio (earnings before | 0.36 | 0.66 |
| taxes + interest expense / interest expense) |  |  |

---

---

| | | |
|:---|:---|:---|
| **Activity ratio** | **03-31-2026** | **12-31-2025** |
| Inventory turnover-time (cost of sales / inventories<sup>1</sup> + current biological asset s<sup>1</sup>) | 2.62 | 2.58 |
| Inventory turnover-time (excluding biological assets) (Cost of sales /inventories<sup>1</sup>) | 3.04 | 3.06 |
| Inventory permanence-days (inventories<sup>1</sup> + biological assets<sup>1</sup>) /cost of sales) | 137.24 | 139.54 |
| Inventory permanence-days (excluding biological assets) (inventories<sup>1</sup> / cost of sales) | 118.26 | 117.69 |

---

 

<sup>(1)</sup> : Annual average.

As of March 31, 2026, the short-term debt to total debt ratio represented 16% of total liabilities (17% as of December 31, 2025).

Our financial expenses coverage ratio decreased from 0.66 to 0.36, mainly due to increase in the loss before income tax for the period ended March 31, 2026, compared to the loss before income tax for the same period of 2025.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**b) Statement of profit or loss**

**Profit before income tax**

We recorded a loss before income tax of approximately MU.S.$(70) compared to a loss of approximately MU.S.$(34) in the same period of 2025. The variation of MU.S.$(36) is explained by the factors described in the following table:

---

| | |
|:---|:---|
| **Item** | **MU.S.$** |
| Gross profit (loss) | (104) |
| Distribution and administrative expenses | (1) |
| Other income and expenses | 11 |
| Others | 58 |
| **Net change in profit (loss) before income tax** | **(36)** |

---

The main indicators related to the accounts in our statements of profit or loss and the details of revenues and operation costs are as follows:

---

| | | |
|:---|:---|:---|
| **Revenues** | **03-31-2026**<br> **ThU.S.$** | **03-31-2025**<br> **ThU.S.$** |
| Pulp | 773880 | 801004 |
| Wood | 708707 | 730167 |
| Other | 132 | 290 |
| **Total revenues** | **1482719** | **1531461** |

---

---

| | | |
|:---|:---|:---|
| **Sales costs** | **03-31-2026<br> ThU.S.$** | **03-31-2025**<br> **ThU.S.$** |
| Wood | 240441 | 249529 |
| Forestry work and other services | 150793 | 153691 |
| Depreciation and amortization | 166875 | 154316 |
| Other operating costs | 601824 | 547253 |
| **Total sales costs** | **1159933** | **1104789** |

---

---

| | | |
|:---|:---|:---|
| **Profitability index** | **03-31-2026** | **12-31-2025** |
| Profitability on equity (profit/average net equity) | (2.03) | 0.44 |
| Profitability on assets (profit/average assets) | (0.91) | 0.21 |
| Return on operating assets (operating result/average operating assets) | 0.22 | 1.61 |

---

---

| | | |
|:---|:---|:---|
| **Profitability ratios** | **03-31-2026** | **03-31-2025** |
| Earnings (loss) per share (U.S.$)<sup>(1)</sup> | (0.3750) | (0.2178) |
| Net profit (loss) (ThU.S.$)<sup>(2)</sup> | (49442) | (26504) |
| Gross profit (loss) (ThU.S.$) | 322786 | 426672 |
| Finance costs (ThU.S.$) | (109243) | (98333) |

---

 

<sup>(1)</sup> : Average earnings per share refer to the profit to net equity to owners of the parent company.

<sup>(2)</sup> : Includes non-controlling interest.

---

| | | |
|:---|:---|:---|
| **EBITDA** | **03-31-2026**<br> **ThU.S.$** | **03-31-2025**<br> **ThU.S.$** |
| **Net profit (loss)** | **(49442)** | **(26504)** |
| Finance costs | 109243 | 98333 |
| Finance income | (20562) | (14883) |
| Income tax expense | (20212) | (7216) |
| **EBIT** | **19027** | **49730** |
| Depreciation and amortization | 181500 | 170317 |
| **EBITDA** | **200527** | **220047** |
| Cost at fair value of the harvest | 70855 | 83114 |
| Gain from changes in fair value of biological assets | (26946) | (15770) |
| Gains (losses) on exchange difference on translation | (19724) | 38836 |
| Others (\*) | 22284 | 22116 |
| **Adjusted EBITDA** | **246996** | **348342** |

---

(\*) Reflects other non-cash expenses, such as loss of forest due to fires, theft and impairment provisions of industrial property, plant and equipment.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**2. MAIN SOURCES OF FINANCING**

Arauco's financing needs are mainly covered through the capital markets, with bond issuances and credits obtained from banks and financial institutions serving as the main sources of financing.

For short-term borrowing, Arauco follows a liquidity policy which indicates the amounts and institutions from which it can borrow according to several conditions defined in the policy.

In the case of long-term debt, corporate bond issuances in the local market and also in the international markets are used as sources of new resources.

Another source of long-term financing corresponds to borrowings from banks and financial institutions around the world.

**3. MARKET SITUATION**

Turnover for the first quarter of 2026 decreased by 3.4% compared to the same quarter of 2025, primarily due to lower average pulp prices.

Global pulp inventories have been trending downward since the last quarter of 2025, driven by a decline in short-fiber inventories, partially offset by an increase in long-fiber inventories. However, during the first months of 2026, the above trend has reversed and total inventories have begun to rise, driven by an increase in short-fiber inventories, partially offset by a decline in long-fiber inventories.

In China, during the first quarter of 2026, the pulp market was complex. The printing and writing paper industry saw a decline in demand, compounded by pressures on production costs. The tissue industry faced a challenging environment, characterized by oversupply and lower demand. Regarding pulp prices, long-fiber pulp prices declined mid-quarter, driven by increased supply from Europe and higher local production of long-fiber pulp. On the other hand, short-fiber prices rose throughout the quarter.

In Europe, we observed active demand for pulp during the first quarter of 2026, as a result of reduced pulp supply from other producers. The conflict in the Middle East has impacted the region through higher logistic costs and pressure on energy costs in the Tissue and printing and writing paper industries. Moreover, logistical disruptions have led to a reconfiguration of paper and pulp trade flows, disrupting the two-way exchange between Europe and the Middle East. In terms of prices, short-fiber pulp has shown increases throughout the quarter. This has resulted in rising costs for both the pulp and paper industries.

The textile pulp market saw strong demand and an upward trend in prices during the quarter. The conflict in the Middle East caused an increase in petrochemical product prices, which led to a rise in the price of polyester. In turn, this increase drove the prices of viscose and Lyocell upwards.

Production in the first quarter of 2026 decreased compared to the same period in 2025. During the first quarter of 2026, the scheduled annual maintenance of the Puerto Esperanza mill was carried out.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**Wood Products Business**

<u>Sawn timber</u>

In sawn timber, sales for the first quarter of 2026 were lower than in the prior period. Markets in general have experienced weak demand due to low economic growth and low construction activity. Sales were also affected by the war in the Middle East, making sales to that market impossible during March.

In the Remanufacturing segment, the market continues to face sluggish demand, driven by a decline in construction and renovation activity, a trend that has been persistent over the last quarter.

<u>Plywood</u>

Sales for the first quarter of 2026 were lower than in 2025, primarily affected by a decline in production during the summer due to reduced availability of pruned logs, and some markets have shown weaker demand compared to 2025.

<u>Panels (MDF, PB, Melamine)</u>

Sales during the first quarter of 2026, were higher compared to the same period in 2025, driven primarily by a recovery in demand from South American markets.

**4. ANALYSIS OF CASH FLOW**

The main components of cash flow in each period are as follows:

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br> **ThU.S.$** | **03-31-2025**<br> **ThU.S.$** |
| Positive (negative) Cash flow |  |  |
| Net cash flows from (used in) operating activities | **301047** | **270570** |
| Cash flows from (used in) financing activities: | **586009** | **(24252)** |
| &nbsp;&nbsp;&nbsp; Obtaining and paying borrowings and bonds | 594513 | (8925) |
| &nbsp;&nbsp;&nbsp; Payments of lease liabilities | (8504) | (15327) |
| Cash flows from (used in) investment activities: | **(610199)** | **(398807)** |
| &nbsp;&nbsp;&nbsp;Purchase and sale of property, plant and equipment | (464731) | (290665) |
| &nbsp;&nbsp;&nbsp;Purchase and sale of biological assets | (147759) | (108828) |
| &nbsp;&nbsp;&nbsp;Purchase and sale of intangible assets | (625) | (2364) |
| &nbsp;&nbsp;&nbsp;Additions (disposals), investments in subsidiaries, joint ventures and associates | 1219 | 503 |
| &nbsp;&nbsp;&nbsp;Dividends received | 1404 |  |
| &nbsp;&nbsp;&nbsp;Others | 293 | 2547 |
| **Positive (negative) net cash flow** | **276857** | **(152489)** |

---

Our cash flows from operating activities showed a positive balance of MU.S.$301 for the current period, an increase of MU.S.$30 compared to the previous period (positive balance of MU.S.$271 for the same period in 2025), resulting mainly from lower disbursements for payments to suppliers.

The cash flows from financing activities showed a positive balance of MU.S.$586 for the current period, an increase of MU.S.$610 compared to the previous period (negative balance of MU.S.$24 for the same period in 2025). This was mainly due to higher funds from borrowings obtained, partially offset by lower cash outflows for loan repayments.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

The cash flows from investing activities for the current period reflected a negative balance of MU.S.$610, representing a negative variation of MU.S.$211 compared to the same period in 2025 (which reported a negative balance of MU.S.$399 for the same period in 2025). This variation was primarily driven by higher payments for the purchase of property, plant and equipment, and other non-current assets, driven by the Sucuriú project.

**5. MARKET RISK ANALYSIS**

In respect of the economic risks resulting from interest rate variations, the Company maintained, as of March 31, 2026, a ratio of fixed rate debt to total consolidated debt of approximately 93.1%, which we believe is consistent with industry standards.

Regarding variations in prices of pulp and forestry products, the Company does not participate in futures trading because of its low-cost structure for the industry keeps the risks from price fluctuations bounded.

The Company and most of its subsidiaries maintain their accounting records and prepare their financial statements in U.S. dollars. Most of their revenues (and accordingly accounts receivable) are denominated in U.S. dollars, and most financial liabilities are either denominated in U.S. dollars or are covered by exchange rate swaps. As a result, exposure to exchange rate fluctuations has decreased significantly.

The consolidated financial statements as of March 31, 2026 include a detailed analysis of the risks associated with the business of Arauco (see Note 23).

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Note** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;**Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5-23 | 1555542 | 1284053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current financial assets | 23 | 378509 | 231024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current non-financial assets | 25 | 210737 | 212816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other current receivables | 23 | 762962 | 832166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related companies | 13-23 | 747 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current inventories | 4 | 1531664 | 1516639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current biological assets | 20 | 253017 | 236333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax assets | 6 | 74235 | 76309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets other than assets or disposal groups classified as held for sale** |  | **4767413** | **4389830** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current assets or disposal groups classified as held for sale | 22 | 3775 | 3901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** |  | **4771188** | **4393731** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current financial assets | 23 | 296282 | 257498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current non-financial assets | 25 | 707351 | 655854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current receivables | 23 | 80103 | 79325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments accounted for using equity method | 15-16 | 479435 | 483542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets other than goodwill | 19 | 48730 | 50493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 17 | 53259 | 52681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 7 | 11199723 | 11124813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use assets | 8 | 1040450 | 1003718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current biological assets | 20 | 3157457 | 3101604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 6 | 94673 | 101504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-current assets** |  | **17157463** | **16911032** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** |  | **21928651** | **21304763** |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Note** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| &nbsp;&nbsp;**Equity and liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current financial liabilities | 5-23 | 928834 | 708470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current lease liabilities | 8-23 | 59970 | 55823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other current payables | 23 | 824095 | 1043241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related companies | 13-23 | 13096 | 9437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other short-term provisions | 18 | 2897 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities | 6 | 43330 | 30405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current provisions for employee benefits | 10 | 7447 | 7501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current non-financial liabilities | 25 | 89441 | 73643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** |  | **1969110** | **1931575** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current financial liabilities | 5-23 | 7358397 | 6939288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current lease liabilities | 8-23 | 1042110 | 959237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current payables | 23 | 53880 | 53713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current accounts payable to related companies | 13-23 | 23848 | 23924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term provisions | 18 | 38675 | 38588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 6 | 1542548 | 1550057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax liabilities, non-current | 6 | 6931 | 7256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current provisions for employee benefits | 10 | 86823 | 87359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current non-financial liabilities | 25 | 29509 | 30288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-current liabilities** |  | **10182721** | **9689710** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** |  | **12151831** | **11621285** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued capital | 3 | 1553618 | 1553618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings |  | 8279096 | 8328561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other reserves |  | (61359) | (204592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity attributable to owners of parent company** |  | **9771355** | **9677587** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests |  | 5465 | 5891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** |  | **9776820** | **9683478** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity and liabilities** |  | **21928651** | **21304763** |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the periods ended**<br> **March 31,** | **For the periods ended**<br> **March 31,** |
|  |<br>**Note** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| **Statements of profit or loss** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue | 9 | 1482719 | 1531461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 3 | (1159933) | (1104789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross profit (loss)** |  | **322786** | **426672** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 3 | 37039 | 29814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution costs | 3 | (169601) | (173075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 3 | (142134) | (138116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense by function | 3 | (45145) | (49018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) from operating activities** |  | **2945** | **96277** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance income | 3 | 20562 | 14883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance costs | 3 | (109243) | (98333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share of profit (loss) of associates and joint ventures accounted for using equity method | 3-15 | (3642) | (7711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains (losses) on exchange differences on translation |  | 19724 | (38836) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Profit (loss) before income tax** |  | **(69654)** | **(33720)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 6 | 20212 | 7216 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net profit (loss)** |  | **(49442)** | **(26504)** |
| &nbsp;&nbsp;&nbsp;**Net profit (loss) attributable to** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net profit (loss) attributable to owners of parent company |  | (49465) | (26450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net profit (loss) attributable to non-controlling interests |  | 23 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net profit (loss)** |  | **(49442)** | **(26504)** |
| **Earnings (loss) per share** |  |  |  |
| **Basic earnings (loss) per share (in U.S.$ per share)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings (loss) per share from continuing operations | 26 | (0.3750366) | (0.2178338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings (loss) per share from discontinued operations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic earnings (loss) per share** |  | **(0.3750366)** | **(0.2178338)** |
| **Diluted earnings (loss) per share (in U.S.$ per share)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings (loss) per share from continuing operations |  | (0.3750366) | (0.2178338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings (loss) per share from discontinued operations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diluted earnings (loss) per share** |  | **(0.3750366)** | **(0.2178338)** |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the periods ended**<br> **March 31,** | **For the periods ended**<br> **March 31,** |
|  | <br>**Note** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| **Net profit (loss)** |  | **(49442)** | **(26504)** |
| **Components of other comprehensive income (loss) that will not be reclassified to profit or loss before tax:** |  |  |  |
| **Remeasurements of defined benefit plans** |  |  |  |
| &nbsp;&nbsp;Other comprehensive income (loss) before tax gains losses on remeasurements of defined benefit plans | 10 | 674 | 1678 |
| &nbsp;&nbsp;**Other comprehensive income (loss) that will not be reclassified to profit or loss before tax** |  | **674** | **1678** |
| **Components of other comprehensive income (loss) that will be reclassified to profit or loss before tax:** |  |  |  |
| &nbsp;&nbsp;**Exchange differences on translation** |  |  |  |
| &nbsp;&nbsp;Gains (losses) on exchange differences on translation, before tax | 11 | 13178 | 38658 |
| &nbsp;&nbsp;**Other comprehensive income (loss) before tax exchange differences on translation** |  | **13178** | **38658** |
| &nbsp;&nbsp;**Cash flow hedges** |  |  |  |
| &nbsp;&nbsp;Gains (losses) on cash flow hedges, before tax | 23 | 170122 | 158131 |
| &nbsp;&nbsp;**Other comprehensive income (loss) before tax cash flow hedges** |  | **170122** | **158131** |
| **Share of other comprehensive income (loss) of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss before tax** |  |  |  |
| &nbsp;&nbsp;Share of other comprehensive income (loss) of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss before tax |  | 454 | (1514) |
| &nbsp;&nbsp;**Share of other comprehensive income (loss) of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss before tax** |  | **454** | **(1514)** |
| &nbsp;&nbsp;**Other Comprehensive income (loss) that will be reclassified to profit or loss before tax** |  | **183754** | **195275** |
| **Income tax relating to components of other comprehensive income (loss) that will not be reclassified to profit or loss before tax** |  |  |  |
| &nbsp;&nbsp;Income tax relating to remeasurements of defined benefit plans of other comprehensive income (loss) | 6 | (182) | (453) |
| &nbsp;&nbsp;**Income tax relating to components of other comprehensive income (loss) that will not be reclassified to profit or loss before tax** |  | **(182)** | **(453)** |
| **Income tax relating to components of other comprehensive income (loss) that will be reclassified to profit or loss before tax** |  |  |  |
| &nbsp;&nbsp;Income tax relating to cash flow hedges of other comprehensive income (loss) | 6-23 | (41300) | (38614) |
| &nbsp;&nbsp;Income tax relating to share of other comprehensive income (loss) of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss |  | (140) | 404 |
| &nbsp;&nbsp;**Income tax relating to components of other comprehensive income that will be reclassified to profit or loss** |  | **(41440)** | **(38210)** |
| **Other comprehensive income (loss)** |  | **142806** | **158290** |
| **Total comprehensive income (loss)** |  | **93364** | **131786** |
| **Comprehensive Income (loss) attributable to** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income (loss), attributable to owners of parent company |  | 93768 | 131835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income (loss), attributable to non-controlling interests |  | (404) | (49) |
| **Total comprehensive income (loss)** |  | **93364** | **131786** |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **03-31-2026** | Issued capital ThU.S.$ | Reserve of<br> exchange<br> differences on<br> translation<br> ThU.S.$ | Reserve of cash flow<br> hedges ThU.S.$ | Reserve of<br> actuarial losses<br> on defined | Other reserves ThU.S.$ | **Total other<br> reserves<br> ThU.S.$** | Retained<br> earnings<br> ThU.S.$ | **Equity<br> attributable to<br> owners of parent** | Non- controlling<br> interests<br> ThU.S.$ | **Total equity ThU.S.$** |
| **Opening balance at 01-01-2026** | **1553618** | **(582215)** | **287494** | **(34533)** | **124662** | **(204592)** | **8328561** | **9677587** | **5891** | **9683478** |
| Changes in Equity: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Comprehensive income |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net profit (loss) |  |  |  |  |  | **-** | (49465) | (49465) | 23 | (49442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax |  | 13605 | 128822 | 492 | 314 | **143233** |  | 143233 | (427) | 142806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Comprehensive income (loss)** | **-** | **13605** | **128822** | **492** | **314** | **143233** | **(49465)** | **93768** | **(404)** | **93364** |
| &nbsp;&nbsp;&nbsp;Dividends |  |  |  |  |  |  |  |  | (22) | (22) |
| &nbsp;&nbsp;&nbsp;**Changes in equity** | **-** | **13605** | **128822** | **492** | **314** | **143233** | **(49465)** | **93768** | **(426)** | **93342** |
| **Closing balance at 03-31-2026** | **1553618** | **(568610)** | **416316** | **(34041)** | **124976** | **(61359)** | **8279096** | **9771355** | **5465** | **9776820** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **03-31-2025** | Issued<br> capital<br> ThU.S.$ | Reserve of<br> exchange<br> differences on<br> translation ThU.S.$ | Reserve of cash flow hedges ThU.S.$ | Reserve of actuarial losses on defined benefit plans ThU.S.$ | Other reserves ThU.S.$ | **Total other reserves ThU.S.$** | Retained earnings ThU.S.$ | **Equity attributable to owners of parent** | Non- controlling<br> interests ThU.S.$ | **Total equity<br> ThU.S.$** |
| Opening balance at 01-01-2025 | **1103618** | **(715780)** | **(50012)** | **(37923)** | **104968** | **(698747)** | **8312384** | **8717255** | **6460** | **8723715** |
| Changes in Equity: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Comprehensive income |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net profit |  |  |  |  |  | **-** | (26450) | (26450) | (54) | (26504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, net of tax |  | 38653 | 119517 | 1225 | (1110) | 158285 |  | 158285 | 5 | 158290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Comprehensive income** | **-** | **38653** | **119517** | **1225** | **(1110)** | **158285** | **(26450)** | **131835** | **(49)** | **131786** |
| &nbsp;&nbsp;&nbsp;Dividends |  |  |  |  |  |  |  |  | (19) | (19) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) due to changes in the participation of subsidiaries that do not involve loss of control |  |  |  |  |  |  | 1830 | 1830 |  | 1830 |
| &nbsp;&nbsp;&nbsp;**Changes in equity** | **-** | **38653** | **119517** | **1225** | **(1110)** | **158285** | **(24620)** | **133665** | **(68)** | **133597** |
| **Closing balance at 03-31-2025** | **1103618** | **(677127)** | **69505** | **(36698)** | **103858** | **(540462)** | **8287764** | **8850920** | **6392** | **8857312** |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **January - March** | **January - March** |
|  | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| **STATEMENTS OF CASH FLOWS** |  |  |
| **Cash flows from (used in) operating activities** |  |  |
| **Classes of cash receipts from operating activities** |  |  |
| Receipts from sales of goods and rendering of services | 1599156 | 1619807 |
| Receipts from rents and subsequent sales of such assets | 9786 | 7590 |
| Other cash receipts from operating activities | 202246 | 178572 |
| **Classes of cash payments** |  |  |
| Payments to suppliers for goods and services | (1191028) | (1253180) |
| Payments to and on behalf of employees | (197263) | (192625) |
| Other cash payments from operating activities | (55332) | (34677) |
| Interest paid | (78468) | (51751) |
| Interest received | 18786 | 13895 |
| Income taxes (paid) refunded | (7109) | (17252) |
| Other inflows (outflows) of cash, net | 273 | 191 |
| **Net cash flow from (used in) operating activities** | **301047** | **270570** |
| **Cash flows from (used in) investing activities** |  |  |
| Other cash receipts from sales of equity or debt instruments from other entities | 872 | 503 |
| Other cash receipts from sales of interests in joint ventures | 347 |  |
| Proceeds from sales of property, plant and equipment | 5448 | 2998 |
| Purchase of property, plant and equipment | (470179) | (293663) |
| Purchase of intangible assets | (625) | (2364) |
| Proceeds from other long-term assets | 203 | 832 |
| Purchase of other long-term assets | (147962) | (109660) |
| Dividends received | 1404 |  |
| Other inflows (outflows) of cash, net | 293 | 2547 |
| **Cash flows from (used in) investing activities** | **(610199)** | **(398807)** |
| **Cash flows from (used in) financing activities** |  |  |
| Total proceeds from borrowings | 681955 | 13613 |
| &nbsp;&nbsp;&nbsp; Proceeds from long-term borrowings | 678422 |  |
| &nbsp;&nbsp;&nbsp; Proceeds from short-term borrowings | 3533 | 13613 |
| Repayments of borrowings | (87442) | (22538) |
| Payments of lease liabilities | (8504) | (15327) |
| **Cash flows from (used in) financing activities** | **586009** | **(24252)** |
| **Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes** | **276857** | **(152489)** |
| Effect of exchange rate changes on cash and cash equivalents | (5368) | 14076 |
| **Net increase (decrease) of cash and cash equivalents** | **271489** | **(138413)** |
| Cash and cash equivalents, at the beginning of the period | 1284053 | 1071560 |
| **Cash and cash equivalents, at the end of the period** | **1555542** | **933147** |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**NOTES TO the INTERIM consolidated financial statements as of March 31, 2026 and December 31, 2025**

**NOTE 1. PRESENTATION OF INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

**<u>Entity Information</u>**

Celulosa Arauco y Constitución S.A. and subsidiaries, (hereafter "Arauco" or the "Company"), tax identification number 93.458.000-1, is a closely held corporation. As it is an issuer of publicly offered securities (bonds), these are registered in the Securities Registry (the "Registry") of the Chilean Commission for the Financial Market ("CMF"), and the Company is therefore subject to the supervision of said Commission. Additionally, the Company is registered as a non-accelerated filer in the Securities and Exchange Commission (SEC) of the United States of America.

The Company's head office address is El Golf Avenue 150, 14<sup>th</sup> floor, Las Condes, Santiago, Chile.

Arauco is principally engaged in the production and sale of products related to the forestry and timber industries. Its main operations are focused on business areas of pulp and wood products.

As of March 31, 2026, Arauco is controlled by Empresas Copec S.A., tax identification number 90.690.000-9, which owns 99.999916% of Arauco, and is registered in the Securities Registry as No. 0028. Each of the above mentioned companies is subject to the oversight of the CMF.

Moreover, Empresas Copec S.A. is controlled by the public corporation AntarChile S.A., tax identification number 96.556.310-5, which owns 60.8208% of Empresas Copec S.A. Furthermore, the ultimate shareholders of AntarChile S.A. and, consequently, of Empresas Copec S.A., are Mr. Roberto Angelini Rossi, tax identification number 5.625.652-0, and Mrs. Patricia Angelini Rossi, tax identification number 5.765.170-9.

Arauco's interim consolidated financial statements were prepared on a going concern basis.

**Presentation of interim consolidated financial statements**

The interim consolidated financial statements presented by Arauco are comprised by the following:

- Interim consolidated statements of financial position as of March 31, 2026 and December 31, 2025.

- Interim consolidated statements of profit or loss for the periods ended March 31, 2026 and 2025, and for the periods of three months between January and March 2026 and 2025.

- Interim consolidated statements of comprehensive income for the periods ended March 31, 2026 and 2025, and for the periods of three months between January and March 2026 and 2025.

- Interim consolidated statements of changes in equity for the periods ended March 31, 2026 and 2025.

- Interim consolidated statements of cash flows for the periods ended March 31, 2026 and 2025.

- Explanatory disclosures (notes).

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**Period covered by the interim consolidated financial statements**

As of March 31, 2026 and December 31, 2025.

**Date of approval of the consolidated financial statements**

These consolidated financial statements were approved by the Board of Directors of the Company (the "Board") at the Extraordinary Meeting No. 758 on May 4, 2026.

**Abbreviations used in this report:**

IFRS - International Financial Reporting Standards

IASB - International Accounting Standards Board

IAS - International Accounting Standards

MU.S.$- Millions of U.S. dollars

ThU.S.$- Thousands of U.S. dollars

U.F. – Inflation index-linked units of account

ICMS – Tax movement of inventories and services (Brazil)

ThCLP$ - Thousands of Chilean pesos

ThR$ - Thousands of Brazilian real

Th€ - Thousands of Euros

**Functional and Presentation Currency**

Arauco and most of its subsidiaries determined the United States ("U.S.") dollar as its functional currency since the majority of its revenues from sales of its products are derived from exports denominated in U.S. dollars, while their costs of sales are to a large extent related or indexed to the U.S. dollar.

For the pulp reportable segment, most of the sales are exports denominated in U.S. dollars and costs are mainly related to plantation costs which are settled in U.S. dollars.

For the wood reportable segment, although total sales include a mix of domestic and exports sales, prices of the products are established in U.S. dollars, which is also the case for the cost structure of the related raw materials.

In relation to the cost of sales, although labor and services costs are generally billed and paid in local currency, these costs are not as significant as the costs of raw materials, which are driven mainly by global markets and therefore, influenced mostly by the U.S. dollar.

The currency used to finance operations is mainly the U.S. dollar.

The presentation currency of the consolidated financial statements is the U.S. dollar. Figures on these consolidated financial statements are presented in thousands of rounded U.S. dollar (ThU.S.$).

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**Summary of significant accounting policies**

**a)** **Basis** **for preparation of the interim consolidated financial statements** 

These interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and they represent the explicit and unreserved adoption of IFRS.

The interim consolidated financial statements have been prepared on a historical cost basis, except for biological assets and certain derivative financial instruments which are measured at revalued amounts or fair value at the end of each period as explained in the following significant accounting policies.

The interim consolidated statements of cash flows are presented using the direct method.

**b)** **Critical accounting estimates and judgments** 

The preparation of these interim consolidated financial statements, in accordance with IFRS, requires management to make estimates and assumptions that affect the carrying amounts reported. These estimates are based on historical experience and various other assumptions that are considered to be reasonable. Actual results may differ from these estimates. Management believes that the accounting policies below are the critical judgments that have the most significant effect on the amounts recognized in the consolidated financial statements.

- **Biological assets**

The recovery of forest plantations is based on discounted cash flow models which means that the fair value of biological assets is calculated using cash flows from continuing operations on a discounted basis, based on our sustainable forest management plans and the estimated growth of forests.

The measurement of the fair value of the biological assets is determined using a discounted cash flow model. Our cash flow projections include significant judgments and assumptions relating to discount rates, estimated growth of the forests and sales margins. This valuation is performed on the basis of each identifiable farm block and for each type of tree. The main considerations used to calculate the valuation of forest plantations and a sensitivity analysis are presented in Note 20.

**- Litigation and contingencies**

Arauco and its subsidiaries are subject to certain litigation proceedings. Future impact on Arauco's financial condition derived from such litigations is estimated by management, in collaboration with its legal advisors. Arauco applies judgment when interpreting the reports of its legal advisors who provide updated estimates of the legal contingencies at each reporting period and/or at each time a modification is determined to be necessary. For a description of current litigations see Note 18.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**c)** **Consolidation** 

The interim consolidated financial statements include all entities over which Arauco has the power to direct the relevant financial and operating activities. Subsidiaries are consolidated from the date on which control is obtained and up to the date that control ceases.

Specifically, a company controls an investee or subsidiary if, and only if, they have all of the following:

(a) power over the investee, i.e. the investor has existing rights which give it the ability to direct the relevant activities (the activities that significantly affect the investee's returns);

(b) exposure or rights to variable returns from involvement with the investee; and

(c) the ability to use power over the investee to affect the amount of the investor's returns.

When Arauco holds less than the majority of the voting rights in a company in which it participates, it nonetheless has the power over said company - when these voting rights are enough - to grant it in practice the ability to unilaterally direct said company's relevant activities. Arauco takes into account all facts and circumstances in order to assess if the voting rights in a company in which it participates are enough for granting it the power, including:

a) the size of the investor's holding of voting rights relative to the size and dispersion of holdings of the other vote holders;

b) potential voting rights held by the investor, other vote holders or other parties;

c) rights arising from other contractual arrangements; and

d) any additional facts and circumstances that indicate the investor has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders' meetings.

The Company will reevaluate whether or not it holds control of a company in which participates if the facts and circumstances indicate that changes have occurred in one or more of the three elements of control mentioned above.

Consolidation of an investee shall begin from the date the investor obtains control of the investee and cease when the investor loses control of the investee. An entity includes the income and expenses of an acquired or sold subsidiary in the interim consolidated financial statements from the date it gains control until the date when the entity ceases to control the subsidiary.

The profit or loss of each component of other comprehensive income is attributed to owners of the parent company and the non-controlling interest, as appropriate. Total comprehensive income is attributed to the owners of the parent company and non-controlling interests even if the results of the non-controlling interest have a deficit balance.

If a subsidiary uses accounting policies other than those adopted in the interimconsolidated financial statements for transactions and other events in similar circumstances, appropriate adjustments are made to the interim consolidated financial statements of subsidiaries in order to ensure compliance with Arauco's accounting policies.

All intercompany transactions and unrealized gains and losses from subsidiaries have been fully eliminated from these interim consolidated financial statements and non-controlling interest is presented in the interim consolidated statement of financial position within equity.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

The interim consolidated financial statements at the end of this period include the assets, liabilities, income and expenses of the subsidiaries shown in Note 13.

Certain consolidated subsidiaries have Brazilian real, Mexican pesos, Canadian dollars, Chilean pesos and Argentine pesos as their functional currencies. For consolidation purposes, the financial statements of those subsidiaries have been prepared in accordance with IFRS and translated as indicated in Note 1 (e) (ii).

The subsidiaries non-controlling interests in profits or losses and in the equity are presented separately in the consolidated statement of comprehensive income, in the consolidated statement of changes in equity and in the consolidated statement of financial position respectively.

**d)** **Segments** 

Arauco has defined its reportable segments according to its business areas, based on the products and services sold to its customers. This definition is consistent with the management, resource allocation and performance assessment made by key personnel responsible for making relevant decisions related to the Company's operation. The personnel responsible for making such decisions is the Chief Executive Officer who is the highest authority for making decisions and is supported by the Vice-presidents of each segment.

Based on the aforementioned process, the Company has established reportable segments according to the following business units:

&nbsp;&nbsp;&nbsp;&nbsp;· Pulp

&nbsp;&nbsp;&nbsp;&nbsp;· Wood products

Refer to Note 24 for detailed financial information by reportable segment.

**e)** **Functional currency** 

(i) Functional currency

All items in the financial statements of Arauco and each of its subsidiaries, associates and jointly controlled entities are measured using the currency of the primary economic environment in which each entity operates (the functional currency). The interim consolidated financial statements are presented in U.S. dollars, which is Arauco's functional and presentation currency.

(ii) Translation to the presentation currency of Arauco

For the purposes of presenting interim consolidated financial statements, assets and liabilities of Arauco's operations in a functional currency different from Arauco's are translated into U.S. dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange rate differences are recognized in other comprehensive income and accumulated in "Other reserves" within equity.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

(iii) Foreign currency transactions

Transactions in currencies other than the functional currency are recognized at the exchange rates prevailing at the dates of the transactions. Profit or loss on transactions in currencies other than the functional currency resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statements of profit or loss, except those which are recorded in other comprehensive income and accumulated in equity such as cash flows hedging derivatives.

**f)** **Cash and cash equivalents** 

Cash and cash equivalents include cash-on-hand, deposits held on demand at financial entities and other short-term highly liquid investments with an original maturity of three months or less and which are subject to an insignificant risk of changes in value.

**g)** **Financial instruments** 

<u>Financial assets</u>

Initial classification

Arauco classifies its financial assets into the following categories: fair value through profit or loss and amortized cost.

The classification is based on the business model used to manage the assets and the characteristics of their contractual cash flows.

Management determines the classification of its financial assets at the time of their initial recognition.

(a) Financial assets at fair value through profit or loss: these instruments are initially measured at fair value. Net income and losses, including any income from interest or dividends, are registered in the profit or loss of the period. Financial assets are classified in the category of financial assets at fair value through profit or loss when they are maintained for negotiation or designated in their initial registration as assets at fair value through profit or loss. A financial asset can be classified in this category if it is acquired mainly for the purposes of being sold in the short-term. Gain or losses of assets held for negotiations are registered in the consolidated statements of profit or loss, and the related interest is registered independently as financial income. Derivatives are classified as acquired for negotiation also unless they are designated as hedging instruments.

(b) Assets measured at amortized cost: they are initially registered at the fair value of the transaction, adding or subtracting the transaction costs that are directly attributable to the issuance of the financial asset or financial liability. The financial asset is maintained within a business model, the objective of which is to maintain financial assets to obtain contractual cash flows and the contractual conditions of the asset give rise, on specified dates, to cash flows that are solely payments of principal and interest ("SPPI") over the amount of the outstanding principal.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

Subsequent measurement

Financial instruments are subsequently measured at fair value through profit or loss or amortized cost.

The classification is based on two criteria: i) the Company's business model for the management of financial instruments, and ii) whether the contractual cash flows related to the financial instruments represent "Solely Payments of Principal and Interest".

a) Financial assets at fair value through profit or loss: these instruments are subsequently measured at fair value. Net earnings and losses, including income from interest and dividends, are registered as profits or losses for the period. These instruments are held for negotiation, and they are mainly acquired to be sold in the short-term. Derivatives are also classified as held for negotiation, unless they are registered as hedging instruments. Financial instruments of this type are classified as other current and non-current financial assets. They are subsequently valuated by determining their fair value, registering changes in value in the consolidated statements of profit or loss, in the items of financial income or financial costs.

b) Financial assets measured at amortized cost: These instruments are subsequently measured at amortized cost minus accumulated amortizations, using the effective interest method and adjusted by loss allowance and volume discounts, in the case of financial assets. Financial income and expenses, foreign exchange income and losses, and impairment are registered in results. Any earnings or losses due to initial or subsequent reductions of the value of the asset are registered in the statement of profit or loss of the period. Borrowings and receivables are non-derivative financial instruments with fixed or determinable payments not traded in any active market. They are registered at amortized cost, registering accrued conditions directly in profit or loss.

Arauco measures accumulated losses in a quantity equivalent to expected credit losses during the lifelong commitment. Expected credit losses are based on contractual cash flow differences based on the allowance of each contract and the cash flows that Arauco expects. The difference is then discounted based on an approximation of the asset's original effective interest rate. The asset's carrying value is reduced as the allowance is used, and the loss is recognized in sales expenses in the consolidated statements of profit or loss. When an account receivable cannot be collected, it is regularized against the allowance account for receivables. Subsequent recoveries of previously impaired amounts are recognized as a debit in distribution cost.

Derivative financial instruments are explained in Note 1 h).

Additionally, Arauco manages portfolio sales programs, which are accounted for in accordance with IFRS 9 on Financial Instruments. The assigned accounts receivable are derecognized only when Arauco has substantially transferred all the related risks and benefits incidental to their ownership.

To assess whether substantially all the risks and benefits of ownership have been transferred, Arauco considers, among other factors, credit risk, late payment risk, and foreign exchange risk. Collections related to the assigned portfolio of accounts receivable are presented in the consolidated statement of cash flows as part of operating activities.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

<u>Financial liabilities</u>

Arauco classifies its financial liabilities as follows: fair value through profit or loss, derivatives designated as effective hedging instruments and amortized costs.

Management determines the classification of its financial liabilities upon initial recognition. Financial liabilities are derecognized when the obligation is cancelled, settled or expired. When an existing financial liability is replaced with another of the same provider under substantially different terms, or where the terms of an existing liability are substantially amended, such exchange or modification is treated as a write-off of the original liability, with a new liability being recognized, and the difference between the respective carrying amounts is recognized in the consolidated statement of profit or loss.

Financial liabilities are initially recognized at fair value, and in the case of borrowings, they include the costs directly attributable to the transaction. The subsequent measurement of the financial liabilities depends on their classification:

Financial liabilities at fair value through profit or loss

Financial liabilities are included in the category of financial liabilities at fair value through profit or loss when they are held for trading or originally designated at fair value through profit or loss. Income and losses from liabilities held for trading are recognized in profit or loss. This category includes non-designated derivatives for hedging accounting.

Financial liabilities at amortized cost

Other financial liabilities are subsequently valued at their amortized cost based on the effective interest rate method. The amortized cost is calculated taking into account any premium or acquisition discount and includes the costs of transactions that are an integral part of the effective interest rate. This category includes commercial accounts payable and other accounts payable, lease liabilities, as well as the borrowings included in other current and non-current financial liabilities.

**h)** **Derivative financial instruments** 

(i) Derivative financial instruments - The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including foreign exchange forward contracts, interest rate swaps, currency swaps and zero cost collar contracts. The Company's policy is to enter into derivatives contracts only for economic hedging purposes and not with speculation objectives.

Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently re-measured at fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss unless the derivative is designated as a hedging instrument and complies with hedge accounting requirements, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

(ii) Embedded derivatives

The Company assesses the existence of embedded derivatives in financial instrument contracts. Derivatives embedded in non-derivative host contracts are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the contracts are not measured at FVTPL as a whole. Arauco has determined that no embedded derivatives currently exist.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

(iii) Hedge accounting

The Company designates certain hedging instruments as either fair value hedges or cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, Arauco documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk.

**-Fair value hedges**

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

**-Cash flow hedges**

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the Finance costs line item in the consolidated statement of profit or loss. Amounts previously recognized in other comprehensive income are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized when the forecasted transaction is ultimately recognized in profit or loss. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.

**i)** **Inventories** 

Inventories are measured at the lower of cost or net realizable value. Cost is determined using the weighted average cost method.

The cost of finished and in process products includes the cost of raw materials, direct labor, other direct costs and manufacturing overhead expenses.

Initial costs of harvested wood are determined at fair value less cost of sale at the point of harvest.

Biological assets are transferred to inventories when forests are harvested.

Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

When market conditions result in the production costs of a product exceeding its net realizable value, the inventories are written-down to their net realizable value. This write-down also includes obsolescence amounts resulting from the terms and conditions of sale of the products, slow moving inventories and technical obsolescence.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

Spare parts that will be consumed in a period of less than twelve months are presented in inventories and recognized as an expense when they are consumed.

**j)** **Non-current assets held for sale** 

Arauco classifies certain property, plant and equipment, intangible assets, investments in associates and disposal groups (groups of assets to be sold together with their directly associated liabilities) as non-current assets held for sale which as of the date of the consolidated statements of financial position are the subject of active sale efforts which are estimated to be highly probable.

These assets or disposal groups are measured at the lower of the carrying amount or the fair value less the costs to sell, and are no longer depreciated or amortized from the time they are classified as non-current assets held for sale.

**k)** **Business combinations** 

Arauco applies the acquisition method to account for a business combination. This method requires the identification of the acquirer, determination of the acquisition date, recognition and measurement of the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree, and recognition and measurement of goodwill or a gain from a bargain purchase. Identifiable assets acquired and liabilities assumed and any contingent liabilities in a business combination are initially measured at fair value at the acquisition date, except:

-deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income taxes and IAS 19 respectively;

-liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 3 at the acquisition date; and

-assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations are measured in accordance with such standard.

Acquisition-related costs are accounted for as expenses when they are incurred, except for costs to issue debt or equity securities which are recognized in accordance with IAS 32 and IFRS 9.

A parent will present non-controlling interests in the consolidated statement of financial position within equity, separately from the equity of the owners of the parent company.

Changes in the ownership interest of a parent in its subsidiary that do not result in a loss of control are treated as equity transactions. Any difference between the amount by which non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the parent company. No adjustment is made to the carrying amount of goodwill, neither gains nor losses are recognized in the statement of profit or loss.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may initially be measured either at fair value or at the present ownership instruments' proportionate share of non-controlling interests, in the recognized amounts of the acquirer's identifiable net assets. The choice is made on a transaction-by-transaction basis.

Arauco measures the fair value of the acquired company in the business combination achieved in each stage ("step acquisition"), recognizing the effects of remeasurement of previously held equity in the acquiree in the consolidated statements of profit or loss.

If the initial accounting for a business combination is not completed by the end of the reporting period in which the combination occurs, Arauco reports preliminary amounts for the items for which the accounting is incomplete. During the measurement period (no more than one year), these preliminary amounts are retrospectively adjusted, or additional assets or liabilities are recognized to reflect new information about facts and circumstances that existed at the acquisition date, if known, would have affected the amounts recognized at that date.

Business combinations that are under common control transactions are accounted using as a reference the pooling of interest. Under this method, assets and liabilities related to the transaction carry over the previous carrying values. Any difference between assets and liabilities included in the consolidation and the consideration transferred, is accounted in equity.

**l)** **Investments in associates and joint arrangements** 

Associates are entities over which Arauco exercises significant influence, but not control. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

Joint arrangement is defined as an entity over which there is joint control, which exists only when the decisions about strategic of activities, both financial and operational, require the unanimous consent of the parties sharing control.

Investments in joint arrangements are classified as a joint venture or as a joint operation. A joint operation is a joint arrangement in which the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement in which the parties that have joint control of the arrangement (i.e., participants in a joint venture) have rights to the net assets of the arrangement.

Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost. Their carrying amount is increased or decreased to recognize the portion corresponding to the statement of profit or loss or to the statement of comprehensive income. Dividends received are recognized by deducting the amount received from the carrying amount of the investment. Arauco's investment in associates includes goodwill (both net of any accumulated impairment loss).

 ****

The investments in joint operations are recognized through consolidation of assets, liabilities and results of operations in relation to Arauco's ownership percentage.

If the acquisition cost is lower than the fair value of the net assets of the associate acquired, the difference is recognized directly in statement of profit or loss in line other gains (losses).

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

Investments in associates and joint ventures are presented in the interim consolidated statement of financial position in the line item "Investments accounted for using equity method".

If Arauco's share of losses of an associate or joint venture equals or exceeds its interest in the associate or joint venture, Arauco discontinues recognizing its share of further losses. After Arauco's carrying value in the investee is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that Arauco has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. If the associate or joint venture subsequently reports profits, Arauco resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized.

**m)** **Intangible assets other than goodwill** 

After initial recognition, intangible assets with finite useful lives are carried at cost less any accumulated amortization and impairment losses.

Amortization of an intangible asset with a finite useful life is allocated over the asset's useful life. Amortization begins when the asset is available for use, i.e., when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.

(i) Computer software

Computer software licenses are capitalized in terms of the costs incurred to acquire and make them compatible with existing software. These costs are amortized over the estimated useful lives of the software.

(ii) Water rights, rights of way and other rights

This item includes water rights, rights of way and other acquired rights recognized at historical cost which have indefinite useful lives as there is no foreseeable limit to the period over which these assets are expected to generate future cash flows. These rights are not amortized, but are tested for impairment at least annually, or when there is any indication that the assets might be impaired.

(iii) Customers relationships

Correspond to the valuation over the time of the established relationship with customers, from the sale of products and services through its sales team. These relations will materialize in sales orders, which generate revenue and cost of sales. The useful life has been determined to be 15 years.

**n)** **Goodwill** 

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquired company, and the fair value of the acquirer's previously held equity interest in the acquired company (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the statements of profit or loss.

Goodwill is not amortized but tested for impairment on annual basis.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For purposes of impairment testing, goodwill in a business combination is allocated as of the acquisition date to the cash generating unit or a group of cash generating units expected to benefit from the synergies of the combination irrespective of whether other assets or liabilities of the acquired company are allocated to those units or group of units.

The goodwill generated on acquisitions of foreign companies, is expressed in the functional currency of such foreign company.

Goodwill recognized in subsidiaries Arauco Canada Ltd. and Arauco do Brasil S.A., generated on subsidiaries acquisitions whose functional currency is different from the functional currency of the parent company and presentation of these consolidated financial statements, are translated into U.S. dollars at the closing exchange rate.

**o)** **Property, plant and equipment** 

Property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment. The cost includes expenditures that are directly attributable to the acquisition of the assets.

Subsequent costs, such as improvements and replacement of components, are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to Arauco and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized from property, plant and equipment. All other repairs and maintenance costs are expensed in the period in which they are incurred.

Arauco capitalizes borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets as part of the cost of those assets, until the assets are ready for their intended use (See Note 12).

Depreciation is calculated by components using the straight-line method.

The useful lives of the items of property, plant and equipment is estimated according to the expected use of the assets. The residual values and useful lives of assets are reviewed and adjusted, if appropriate, annually.

**p)** **Leases** 

Arauco applies IFRS 16 for recognizing leases in a manner consistent with contracts with similar features and akin circumstances.

At the beginning of a contract, Arauco assesses whether the contract is, or if it contains, a lease. A contract is, or contains, a lease if it transfers the right to control the use of a given asset for a certain period of time, in exchange for consideration.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

As of the initial date for recording a lease, Arauco, as lessee, recognizes an asset by the right of use at cost.

The cost of the asset for right of use comprises:

The amount of the initial measurement of the lease liability. This measurement is at present value of the payments for leases that have not been disbursed as of that date. Payments for leases are discounted using the incremental interest rate for financial borrowings;

- Payments for leases performed prior to or as of the initiation date, minus the lease incentives that have been received;

- The initial direct costs incurred by the lessee; and

An estimation of the costs to be incurred by the lessee when dismantling and eliminating the underlying asset, restoring the location where the same is located, or restoring the underlying asset to the condition required under the terms and conditions of the lease, unless such costs are incurred in order to produce inventories. The lessee assumes obligations stemming from such costs either at the commencement date, or as a result of having used the underlying asset during a specific period.

After the initial recognition date, Arauco, as lessee, recognizes its asset for right of use by applying the cost model, minus the accumulated depreciation and impairment losses, and adjusted for remeasurement of the liability for lease.

At the beginning, Arauco in the capacity of lessee, recognizes the lease liability at present value of the lease payments that have not been disbursed as of that date. Lease payments are discounted using the incremental interest rate for financial borrowings.

After the initial recognition date, Arauco, as lessee, recognizes a liability for leases by increasing the book value, so as to reflect the interest over the liability for lease, reducing the amount in order to reflect the payments for leases that have been performed and once again recognizing the book value, so as to reflect the remeasurement and also to reflect the essential fixed payments for leases that have been revised.

Arauco presents the assets by right of use in the consolidated statement of financial position and are further disclosed in Note 8. Likewise, lease liabilities are presented in the consolidated statement of financial position and further disclosed in Note 23.

Arauco as lessor classify, according to IFRS 16, its leases as operational or financial, as the case may be.

Income from operating leases in which Arauco is the lessor are recognized on a straight-line basis during the term of the lease. Initial direct costs are added to the book value of the underlying asset and are recognized as expenses during the term of the lease on the same basis as the lease income. Leased assets are included within the statement of financial position, in property, plant and equipment. Arauco did not make adjustments with respect to assets that maintains as a lessor, as a result of IFRS 16 adoption.

When assets are leased under a financial lease, the present value of lease payments are recognized as financial accounts receivable. The difference between the gross receivable and the present value of such amount, is recognized as financial return on capital.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

Arauco evaluates the economic nature of the contracts that grant the right to use certain assets, for the purposes of determining the existence of implied leases. In these cases, the Company separates, at the beginning of the contract and based on its relative reasonable values, payments and considerations associated with the lease, from the rest of the elements incorporated into the contract.

**q)** **Biological assets** 

IAS 41 requires that biological assets, such as standing trees, are measured at fair value less cost to sell in the statement of financial position. Forestry plantations are accounted for at fair value less costs to sell, based on the presumption that fair values of these assets can be measured reliably.

The measurement of the fair value of the biological assets is determined using a discounted cash flow model. Our cash flow projections include significant judgments and assumptions relating to discount rates, estimated growth of the forests and sales margins. This valuation is performed on the basis of each identifiable farm block and for each type of tree.

Biological assets shown as current assets correspond to those forestry plantations that will be harvested in the short-term.

Biological growth and changes in fair value of forestry plantations are recognized in the line item "Other income" in the consolidated statements of profit or loss.

**r)** **Income taxes** 

The tax liabilities are recognized in the interim consolidated financial statements based on the determination of taxable income for the year and calculated using the tax rates in force in the countries where Arauco operates.

Deferred income tax is recognized using liability method, on the temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated annual accounts. Deferred income tax is determined using tax rates contained in laws adopted as of the date of the financial statements and that are expected to be applicable when the related deferred tax asset is realized, or the deferred income tax liability is settled.

Deferred taxes are recognized in accordance with the standards established in IAS 12 - Income Tax.

The goodwill arising on business combinations does not give rise to deferred tax.

The deferred tax assets and tax credits are generally recognized for all deductible temporary differences to the extent that it is probable that future taxable profit will be available against which those deductible temporary differences can be utilized.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**s)** **Provisions** 

Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of past events, under which, it is probable that an outflow of resources will be required to settle the obligation; and when a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period.

**t)** **Other non-financial assets and liabilities** 

Non-financial assets are recognized when it is probable that the related economic benefits will flow to the entity and their cost can be measured reliably.

Non-financial liabilities are recognized when a legal or constructive obligation exists as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation, and the amount of the obligation can be measured reliably.

**u)** **Revenue recognition** 

Revenues are valued at fair value of the consideration received or to be received, derived from them. Arauco analyses and takes under consideration all relevant facts and circumstances to apply the five-step model established under IFRS 15 to customer contracts: (i) identify the contract, (ii) identify the performance obligations, (iii) determine the transaction price, (iv) allocate the transaction price, and (v) recognize revenue. Additionally, Arauco evaluates the incremental costs of obtaining a contract and the costs incurred to comply with a contract. Arauco recognizes revenues when the steps established in IFRS have been satisfactorily complied with.

Accounts receivable are recognized when control over goods or services has been transferred to the customer, because at this point of the time collection is unconditional and the passage of time is only needed to receive payment.

(i) Revenue recognition from the sale of goods

Revenue from the sale of goods is recognized when Arauco has transferred to the buyer the significant risks and rewards of ownership of the committed goods, when the amount of revenue can be reliably measured, when Arauco does not retain any managerial involvement over the goods sold and when it is probable that the economic benefits associated with the transaction will flow to Arauco and the costs incurred in respect of the transaction can be measured reliably. Revenue from the sale of goods are recognized when there is no obligation unsatisfied that could affect the customer's acceptance of the product. The delivery is effective when the products are sent to the specific location, the risks of obsolescence and loss have been transferred to the customer and when Arauco has objective evidence that all acceptance criteria have been satisfied.

Sales are recognized in terms of the price agreed to in the sales contract, less any volume discounts and estimated product returns at the date of the sale. There is no significant financing component given that receivables from sales are collected within a short period, which is in line with market practices.

The structure for recognizing revenue from export sales is based on the 2010 Incoterms, which are the official rules for the interpretation of commercial terms issued by the International Chamber of Commerce.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

The main Incoterms used by Arauco are the following:

"CFR (Cost and freight)", where the company bears all costs including main transportation, until the products arrive at its port of destination. The risk is transferred to the purchaser once the products have been loaded onto the vessel, in the country of origin.

"CIF (Cost Insurance & Freight)", where the Company organizes and pays for external freight services and some other expenses. Arauco is no longer responsible for the products once they have been delivered to the ocean carrier company.

(ii) Revenue recognition from rendering of services

Revenue from the rendering of services is recognized as long as the performance obligation has been satisfied.

Revenue is recognized considering the stage of completion of the transaction at the date of the reporting period, when Arauco has the enforceable right of payment from the rendering of the services.

There is no significant financing component, given that sales are made with a reduced average collection period, which is in line with market practice.

Arauco mainly provides power supply services which are transacted principally in the spot market of the Sistema Eléctrico Nacional (SEN) ("National Electrical System"). According to current regulations, the prices on that market called "Marginal Costs" are calculated by the Coordinador Eléctrico Nacional (CEN) ("National Electrical Coordinator") and are generally recognized in the period in which the services are rendered.

Electrical power is generated as a by-product of the pulp and wood process and is a complementary business to it, which is initially supplied to the group's subsidiaries and any surplus is sold to the SEN.

Arauco provides other non-core services such as port services and pest control whose revenues are derived from fixed price service contracts are recognized considering the stage of completion of the services rendered at the date of reporting, generally during the period of the service contract on a straight-line basis over the term of the contract.

Revenues from reportable segments mentioned in Note 24 are measured in accordance with the policies indicated in the preceding paragraphs.

Revenues from inter-segment sales (which are made at market prices) are eliminated in the interim consolidated financial statements.

**v)** **Minimum dividend** 

The statutes of the Company provide that for the purposes of the annual distribution of the net income of each year, it will be up to the Ordinary Shareholders' Meeting annually to determine the part of said profits that will be distributed as a dividend to the shareholders. Such determination will be made by the Board without being subject to the minimum of 30% established in article No. 79 of the Chilean Corporations Law No. 18,046, on Public Limited Companies, and may agree to the distribution of a lower percentage.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

In a board meeting on September 24, 2024, it was agreed to modify the dividend policy, establishing that an amount equivalent to 30% of the distributable net profit for the fiscal years 2024, 2025 and 2026, will be distributed annually. For subsequent years, an amount equivalent to 40% of the distributable net income for each fiscal year will be distributed as dividends. Nevertheless, the Board of Directors may decide to distribute and pay dividends to the shareholders, to the extent that it expects the year to finalize with positive results and that the Company's liquidity allows such distribution and payment.

At the board meeting held on October 24, 2025, an amendment to the dividend policy was approved, establishing that if the Company exercises its option to defer the payment of interest on the Series "AG" Bonds, issued and placed in the local market on the same date, the Company may not declare or pay dividends while any deferred interest remains outstanding.

**w)** **Earning per share** 

Basic earnings per share are calculated by dividing the net profit for the period attributable to owners of the parent company by the weighted average number of ordinary shares outstanding during the period, excluding the average number of shares in the Company held by a subsidiary, if such circumstance exists. Arauco has not performed any type of transaction with a potential dilutive effect that would cause diluted earnings per share to be different from basic earnings per share.

**x)** **Impairment** 

<u>Non-financial assets</u>

The recoverable amount of property, plant and equipment and other long-term assets with finite useful lives are measured whenever there are any circumstances indicating that the assets have to recognize an impairment loss. Among the circumstances to consider as evidence of impairment are significant declines in the assets' market value, significant adverse changes in the technological environment, obsolescence or physical damages of assets and changes in the manner in which the asset is used or expected to be used). Arauco evaluates at the end of each reporting period whether there is any evidence of the indications above mentioned.

A previously recognized impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount however a reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

For the purposes of assessing impairment losses, assets are grouped at the lowest level for which there is identifiable cash flows separately for each cash-generating unit. Non-financial assets, other than goodwill, which had recognized an impairment loss, are reviewed at the end of each reporting period whether there are any circumstances indicating that an impairment loss previously recognized may no longer exist or has decreased.

"Cash-generating units" are the smallest identifiable groups of those cash inflows that are largely independent of the cash inflow from other assets or groups of assets.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

<u>Goodwill</u>

Goodwill and intangible assets with indefinite useful life are tested annually for impairment or whenever circumstances indicate it. The recoverable amount of an intangible asset is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognized whenever the carrying amount exceeds the recoverable amount.

A cash-generating unit, for which goodwill has been allocated, is tested for impairment annually or more frequently when there are circumstances indicating that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to other assets pro rata based on the carrying amount of each asset in the unit. Any impairment loss of goodwill is recognized directly in the consolidated statement of profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods.

Goodwill is allocated to cash-generating units for impairment testing purposes. The allocation is made between cash-generating units or groups of cash generating units expected to benefit from the synergies of the combination.

<u>Financial assets</u> 

At the end of each reporting period, an assessment is performed in order to identify whether there is any objective evidence that a financial asset or a group of financial assets may have been impaired.

An allowance for doubtful accounts is established based on a measurement of expected losses using a simplified approach.

The allowance for doubtful accounts is measured as the difference between the carrying amount of receivables and the present value of estimated future cash flows. The carrying amount of the receivable is reduced through the use of the allowance. If the impairment loss decreases in later periods, it is reversed either directly or by adjusting the provision for doubtful accounts, with effect in profit or loss.

**y)** **Employee benefits** 

Arauco constitutes labor obligations for severance payable in all circumstances for certain of its employees with at least 5 years of work in the Company, based on the terms of the staff's collective and individual bargaining agreements.

The related provision is an estimate of the years of service to be recognized as a future labor obligation liability, in accordance with contracts between Arauco and its employees and pursuant to actuarial valuation criteria for this type of liability. This post-employment benefit is considered a defined benefit plan.

The main factors considered for calculating the actuarial value of severance obligation for years of service are employee turnover, salary increases and life expectancy of the workers included in this benefit.

Actuarial gains and losses are recognized in other comprehensive income in the year they are incurred.

These obligations are related to post-employee benefits in accordance with current standards.

**z)** **Employee vacations** 

Arauco recognizes the expense for employee vacation according to labor legislation in each country on an accrual basis.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

This obligation is presented in line item "Trade and other current payables" in the consolidated statements of financial position.

---

| | |
|:---|:---|
| **aa)** | **Recent accounting pronouncements** |

---

a) Standards, interpretations and amendments that are mandatory for the first time for annual periods beginning on January 1, 2026:

---

| | | |
|:---|:---|:---|
| **Amendments and**<br> **improvements** | **Content** | **Mandatory application**<br> **for annual periods**<br> **beginning on or after** |
| IFRS 9 and IFRS 7<br>| Classification and Measurement of Financial Instruments<br> Clarify the requirements, give the guidance, add new disclosures for certain instruments, and update the disclosures for equity instruments designated at fair value through other comprehensive income.<br>Contracts Referencing Nature Dependent Electricity<br> Clarify the application and disclosure requirements; permitting hedge accounting if these contracts are used as hedging instruments. | January 1, 2026 |

---

The adoption of the amendments described in the table above have not had a significant impact on Arauco's interim consolidated financial statements.

b) Standards, interpretations and amendments, the application of which is not yet mandatory, which have not been adopted in advance:

---

| | | |
|:---|:---|:---|
| **Standards,<br> amendments and**<br> **improvements** | **Content** | **Mandatory application<br> for annual periods<br> beginning on or after** |
| IFRS 18<br>| Presentation and Disclosure in Financial Statements<br> This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. | January 1, 2027<br>|
| IFRS 19<br>| Subsidiaries without Public Accountability: Disclosures<br> An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. | January 1, 2027<br>|
| IAS 21 | Translation to a Hyperinflationary Presentation Currency<br> These narrow-scope specify the translation procedures for an entity whose presentation currency is that of a hyperinflationary economy. | January 1, 2027 |

---

Arauco estimates that the adoption of the standards, amendments and interpretations described in the table above will not have a significant impact on Arauco's interim consolidated financial statements during its initial application period, except for the new IFRS 18 standard that will modify the actual presentation of the Income Statement, and we are currently evaluating any significant impacts.

 **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**NOTE 2. ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES** 

**<u>Changes to accounting policies</u>**

As of March 31, 2026, there had not been significant changes in the accounting policies with respect to the 2025 financial year.

**<u>Changes to accounting estimates</u>**

As of March 31, 2026, there had been no changes in the methodologies for calculating the accounting estimates with respect to the 2025 financial year.

**NOTE 3. DISCLOSURE OF OTHER INFORMATION**

**a)** **Disclosure of information on issued capital** 

As of March 31, 2026 and December 31, 2025, the shareholders composition according to the amount of shares owned was as follows:

---

| | | |
|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** |
| <br>**Shareholders** | **Shares** | **%** |
| Empresas Copec S.A. | 131893675 | 99.99991584% |
| AntarChile S.A. | 111 | 0.00008416% |
|  | **131893786** | **100.00000000%** |

---

At the date of these interim consolidated financial statements, the share capital of Arauco was ThU.S.$1,553,618.

---

| | | |
|:---|:---|:---|
| | **03-31-2026** | **12-31-2025** |
| <br>Description of shares by type of capital in ordinary shares | **100% of Capital corresponds to<br> ordinary shares** | **100% of Capital corresponds to<br> ordinary shares** |
| Number of authorized shares by type of capital in ordinary Shares | 131893786 | 131893786 |
| Nominal value of shares by type of capital in ordinary shares | U.S.$11.7793 per share | U.S.$11.7793 per share |
| Amount of capital in shares by type of ordinary shares that constitute capital | ThU.S.$1,553,618 | ThU.S.$1,553,618 |
| Number of shares issued and fully paid by type of capital in ordinary shares | 131893786 | 131893786 |

---

**b)** **Dividends paid** 

On May 7, 2025, a definitive dividend of ThU.S.$112,287 was paid in accordance with the dividend policy for the distribution of 30% of the distributable net profit, after deducting the payment made in December 2024 of ThU.S.$94,397.

As of March 31, 2026 and 2025, no provision for minimum dividends has been recognized, as distributable net income resulted in a loss in both periods.

See Note 26 for details.

---

| | |
|:---|:---|
| **Dividends paid detail, ordinary shares** |  |
| Dividends paid | **Definitive dividend** |
| Classes of shares for which there are dividends paid | Ordinary shares without series |
| Date of dividends paid | 05-07-2025 |
| Amount of dividends | ThU.S.$112,287 |
| Number of shares on which pay dividends | 125042124 |
| Dividend per shares | U.S.$0.897997 |

---

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**c)** **Disclosure of information on reserves** 

Other reserves comprise reserves of exchange differences on translation, reserves of cash flow hedges and other reserves. Arauco does not have any restrictions associated with these reserves.

**Reserves of exchange differences on translation**

Reserves of exchange differences on translation correspond to exchange differences of Arauco's subsidiaries whose functional currency is other than Arauco's presentation currency.

**Reserves of cash flow hedges**

The hedging reserve corresponds to the part of the net gains or losses of derivatives financial instruments that qualify as cash flow hedges, in force in Arauco at the end of each period/fiscal year.

**Reserve of actuarial losses in defined benefit plans**

This corresponds to changes in the present value of the obligation for defined benefits resulting from experience adjustments (the effect of the differences between the previous actuarial assumptions and the events that occurred within the context of the plan) and the effects of the changes in the actuarial assumptions.

**Other reserves**

This mainly corresponds to the share of legal reserves and other comprehensive income of investments in associates and joint agreements.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**d)** **Other items in the interim consolidated statements of profit or loss** 

The table below sets forth other income, other expenses, finance income, finance costs and share of profit (loss) of associates and joint ventures for the year ended March 31, 2026 and 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **January – March** | **January – March** |
|  | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| **Classes of Other Income** |  |  |
| **Total Other Income** | **37039** | **29814** |
| Gain from changes in fair value of biological assets (Note 20) (1) | 26946 | 15770 |
| Net income from insurance compensation | 197 | 1535 |
| Revenue from export promotion | 305 | 310 |
| Lease income | 1195 | 1012 |
| Gain on sales of assets | 4309 | 1464 |
| Rights of way | 10 | 3530 |
| Reversal of impairment of property, plants and equipment | 232 | 1711 |
| Reimbursement provisions (legal and others) | 1657 | 332 |
| Other operating income | 2188 | 4150 |
| **Classes of Other Expenses by function** |  |  |
| **Total Other Expenses by function** | **(45145)** | **(49018)** |
| Depreciation for leased assets | (688) | (633) |
| Provision legal expenses | (2013) | (1244) |
| Impairment provision for property, plant and equipment, provision for inventory obsolescence, withdrawals and others | (4245) | (5004) |
| Operating expenses related to restructuring or from plants stoppage or closed | (4683) | (9467) |
| Expenses related to projects | (600) | (541) |
| Loss by leasses |  | (702) |
| Loss of asset sales | (1439) | (643) |
| Loss and repair of assets | (519) | (3952) |
| Loss of forest due to fires | (18089) | (17845) |
| Other taxes | (10610) | (6441) |
| Research and development expenses | (417) | (353) |
| Fines, readjustments and interest | (99) | (117) |
| Loss of tax credits |  | (98) |
| Other expenses | (1743) | (1978) |
| **Classes of Finance Income** |  |  |
| **Total Finance Income** | **20562** | **14883** |
| Finance income by mutual funds - term deposits | 14349 | 9206 |
| Other finance income | 6213 | 5677 |
| **Classes of Finance Costs** |  |  |
| **Total Finance Costs** | **(109243)** | **(98333)** |
| Interest expense, Bank borrowings | (10804) | (17370) |
| Interest expense, Bonds | (51953) | (51200) |
| Interest expense resulting from derivatives | (17066) | (12210) |
| Interest expense for right-of-use | (15760) | (9929) |
| Other finance costs | (13660) | (7624) |
| **Share of profit (loss) of associates and joint ventures accounted for using equity method** |  |  |
| **Total** | **(3642)** | **(7711)** |
| Investments in associates | 630 | (1793) |
| Investments in joint ventures | (4272) | (5918) |

---

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

The analysis of expenses by nature contained in these consolidated financial statements is presented below:

---

| | | |
|:---|:---|:---|
| | **January – March** | **January – March** |
| <br>**Cost of sales** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Timber | 240441 | 249529 |
| Forestry labor costs and other services | 150793 | 153691 |
| Depreciation and amortization | 158085 | 145304 |
| Depreciation for right of use | 8790 | 9012 |
| Maintenance costs | 96296 | 80769 |
| Chemical costs | 164228 | 162379 |
| Sawmill costs | 25722 | 29237 |
| Other raw materials | 60762 | 56947 |
| Other indirect costs | 61259 | 47590 |
| Energy and fuel | 66904 | 57673 |
| Cost of electricity | 12376 | 13242 |
| Staff expenses | 114277 | 99416 |
| **Total** | **1159933** | **1104789** |

---

Total amount is comprised of the cost of inventory sales for ThU.S.$1,134,186 for the period ended March 31, 2026 (ThU.S.$1,075,944 for the period ended March 31, 2025) and the cost of rendering services for ThU.S.$25,747 for the period ended March 31, 2026 (ThU.S.$28,845 for the period ended March 31, 2025).

---

| | | |
|:---|:---|:---|
| | **January – March** | **January – March** |
| <br>**Distribution costs** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| **Selling costs** | **7803** | **7945** |
| Commissions | 4314 | 4116 |
| Insurance | 1312 | 1384 |
| Provision for doubtful accounts | 55 | 123 |
| Other selling costs | 2122 | 2322 |
| **Shipping and freight costs** | **161798** | **165130** |
| Port services | 15678 | 16502 |
| Freights | 122095 | 132138 |
| Depreciation for right of use | 393 | 230 |
| Depreciation | 123 |  |
| Shipping internment, warehousing, stowage, customs and other costs | 23509 | 16260 |
| **Total** | **169601** | **173075** |

---

---

| | | |
|:---|:---|:---|
| | **January – March** | **January – March** |
| <br>**Administrative expenses** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Wages and salaries | 58905 | 54708 |
| Marketing, advertising, promotion and publications expenses | 3751 | 3318 |
| Insurances | 10122 | 10716 |
| Depreciation and amortization | 9763 | 10341 |
| Depreciation for right of use | 2304 | 1955 |
| Computer services | 9576 | 8725 |
| Lease of offices, other property and vehicles | 1772 | 1344 |
| Donations, contributions, scholarships | 1012 | 689 |
| Fees (legal and technical advisors) | 8272 | 8409 |
| Property taxes, city permits and rights | 8464 | 5985 |
| Cleaning services, security services and transportation | 5754 | 5752 |
| Third-party variable services (manoeuvres, logistics) | 7262 | 9820 |
| Basic services (electricity, telephone, water) | 1420 | 1832 |
| Maintenance and repair | 992 | 1265 |
| Seminars, courses, training materials | 611 | 701 |
| Travels, clothing and safety equipment, environmental expenses, audits and others | 12154 | 12556 |
| **Total** | **142134** | **138116** |

---

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**NOTE 4. INVENTORIES**

---

| | | |
|:---|:---|:---|
| <br>**Components of inventory** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Raw materials | 171033 | 169449 |
| Production supplies | 220219 | 226114 |
| Work in progress | 84072 | 75497 |
| Finished goods | 768473 | 764939 |
| Spare parts | 287867 | 280640 |
| **Total inventories** | **1531664** | **1516639** |

---

Inventories are subject to adjustments for obsolescence and are evaluated to ensure they are recorded at the lower between cost and net realizable value. As of March 31, 2026, inventories increased by ThU.S.$4,086 (reduced by ThU.S.$5,457 as of December 31, 2025) as a result of write-downs to net realizable value. Such write-downs were recognized in cost of sales in both periods.

As of March 31, 2026, the amount of obsolescence provision and net realizable value is ThU.S.$76,647 (ThU.S.$84,217 as of December 31, 2025), as a consequence of the foregoing, a net increase of inventories was recognized of ThU.S.$7,570 (higher provision of ThU.S.$2,349 as of March 31, 2025).

For the period ended March 31, 2026, there were inventory write-offs of ThU.S.$234 (ThU.S.$1,225 for the period ended March 31, 2025), which are presented in the consolidated statements of profit or loss within cost of sales.

As of the date of these consolidated financial statements, no inventories were pledged as security.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**NOTE 5. CASH AND CASH EQUIVALENTS**

Cash and cash equivalents include cash on hand, bank checking account balances, time deposits and mutual funds. These are short-term highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.

The investment objective of time deposits is to maximize the amounts of cash surpluses in the short-term. These instruments are permitted under Arauco's Investment Policy which allows investing in fixed income securities. These instruments have a maturity of less than three months from the date of acquisition.

Arauco invests in local and international mutual funds in order to maximize the returns of cash surpluses denominated in Chilean pesos or in foreign currencies such as U.S. dollars or Euros. These instruments are permitted under Arauco's Investment Policy.

As of the date of these consolidated financial statements, there are no amounts of cash and cash equivalents with restrictions on use.

---

| | | |
|:---|:---|:---|
| <br>**Components of Cash and Cash Equivalents** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Cash on hand | 70 | 57 |
| Balances with Banks | 700334 | 805428 |
| Short-term deposits | 675841 | 426269 |
| Mutual funds | 179297 | 52299 |
| **Total** | **1555542** | **1284053** |

---

The risk classification of the Company's mutual funds as of March 31, 2026 and December 31, 2025 is shown below.

 ****

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br> **ThU.S.$** | **12-31-2025**<br> **ThU.S.$** |
| AAAfm | 9030 | 620 |
| AAfm | 128126 | 10317 |
| No classification (\*) | 42141 | 41362 |
| **Total Mutual Funds** | **179297** | **52299** |

---

(\*) Correspond to mutual funds whose local classification applies a methodology different from that used for the other mutual funds in which the Company invests. Nevertheless, these funds meet the definition of cash equivalents, as they are subject to an insignificant risk of changes in value.

**Changes in financial liabilities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** |
| | | **Bank borrowings**<br>**ThU.S.$** | **Hedging liabilities**<br>**ThU.S.$** | **Bonds and promissory notes**<br>**ThU.S.$** | **Other financial liabilities**<br>**ThU.S.$** | **Other financial<br> liabilities, Total**<br>**ThU.S.$** |
| **Opening balance January 1** | **Opening balance January 1** | **1256166** | **19878** | **6302554** | **69160** | **7647758** |
|  | (+) Borrowings obtained (\*) | 687090 |  |  |  | **687090** |
|  | (-) Borrowings paid | (87442) |  |  |  | **(87442)** |
| **Cash flows** | (-) Interest paid | (28052) | (1615) | (32063) | (869) | **(62599)** |
|  | (-) Obtention (payment) of collateral |  |  |  | 45280 | **45280** |
| (+) Accrued interest | (+) Accrued interest | 19469 | 1615 | 65570 | 869 | **87523** |
| (+/-) Exchange rate difference | (+/-) Exchange rate difference | (134) |  | (55389) |  | **(55523)** |
| (+/-) Changes in fair value | (+/-) Changes in fair value |  | 18258 |  |  | **18258** |
| (+/-) Other movements | (+/-) Other movements | 4878 |  | 2008 |  | **6886** |
| **Closing balance** | **Closing balance** | **1851975** | **38136** | **6282680** | **114440** | **8287231** |

---

(\*) Includes interest capitalized to the debt during the period amounting to ThU.S.$5,135.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** |
|  |  | **Bank borrowings**<br>**ThU.S.$** | **Hedging liabilities**<br>**ThU.S.$** | **Bonds and promissory notes**<br>**ThU.S.$** | **Other financial liabilities**<br>**ThU.S.$** | **Other financial<br> liabilities, Total**<br>**ThU.S.$** |
| **Opening balance January 1** | **Opening balance January 1** | **1151023** | **201918** | **4717676** | **-** | **6070617** |
|  | (+) Borrowings obtained | 961136 |  | 1343803 |  | **2304939** |
|  | (-) Borrowings paid | (850800) | 1784 | (45750) |  | **(894766)** |
| **Cash flows** | (-) Commissions paid | (87202) |  | (64) |  | **(87266)** |
|  | (-) Interest paid | (70078) | (48782) | (210690) | (1429) | **(330979)** |
|  | (-) Obtention (payment) of collateral |  |  |  | 69160 | **69160** |
| (+) Accrued interest |  | 77363 | 48782 | 224724 | 1429 | **352298** |
| (+/-) Exchange rate difference |  | 56988 |  | 278252 |  | **335240** |
| (+/-) Changes in fair value |  |  | (183824) |  |  | **(183824)** |
| (+/-) Other movements |  | 17736 |  | (5397) |  | **12339** |
| **Closing balance** |  | **1256166** | **19878** | **6302554** | **69160** | **7647758** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Lease liabilities** | **Lease liabilities** |
| | | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Opening balance January 1** | **Opening balance January 1** | **1015060** | **727990** |
| **Cash flows** | (-) Borrowings paid | (16467) | (101832) |
|  | (-) Interest paid | (15869) | (48687) |
| (+) Accrued interest | (+) Accrued interest | 15761 | 48687 |
| (+/-) Exchange rate difference | (+/-) Exchange rate difference | 40521 | 72527 |
| (+) Increase due to new leases liabilities | (+) Increase due to new leases liabilities | 61994 | 340622 |
| (+/-) Other movements | (+/-) Other movements | 1080 | (24247) |
| **Closing balance** | **Closing balance** | **1102080** | **1015060** |

---

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**NOTE 6. INCOME TAXES** 

The tax rates applicable in the countries in which Arauco operates are 27% in Chile, 35% in Argentina, 30% in Mexico, 34% in Brazil, 25% in Uruguay and 21% in the United States (federal tax rate).

**Deferred tax assets** 

The following table sets forth the deferred tax assets as of the dates indicated:

---

| | | |
|:---|:---|:---|
| <br>**Deferred tax assets** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Deferred tax assets relating to liabilities provisions | 10846 | 11973 |
| Deferred tax assets relating to post-employment benefits | 25325 | 26018 |
| Deferred tax assets relating to property, plant and equipment | 143683 | 122533 |
| Deferred tax assets relating to impairment provision | 8820 | 7260 |
| Deferred tax assets relating to financial instruments | 87718 | 84304 |
| Deferred tax assets relating to tax loss carry forward | 217807 | 240892 |
| Deferred tax assets relating to inventories | 18357 | 20252 |
| Deferred tax assets relating to provisions for income | 22145 | 41364 |
| Deferred tax assets relating to allowance for doubtful accounts | 2419 | 2709 |
| Deferred tax assets relating to intangible revaluation | 398 | 397 |
| Deferred tax assets relating to other deductible temporary differences | 68757 | 65147 |
| **Total deferred tax assets** | **606275** | **622849** |
| Offsetting presentation | (511602) | (521345) |
| **Net effect** | **94673** | **101504** |

---

Certain subsidiaries of Arauco mainly in Chile and Brazil, as of the date of these interim consolidated financial statements, present tax losses for which we estimate that, given the projection of future profits, will allow the recovery of the deferred tax assets recorded. The total amount of these tax losses is ThU.S.$785,351 (ThU.S.$874,360 as of December 31, 2025).

In addition, as of the closing date of these interim consolidated financial statements, there are ThU.S.$113,799 (ThU.S.$118,725 as of December 31, 2025) of non-recoverable tax losses mainly from subsidiaries in the United States. The estimated recovery period exceeds the expiry date of such tax losses.

**Deferred tax liabilities**

The following table sets forth the deferred tax liabilities as of the dates indicated:

---

| | | |
|:---|:---|:---|
| <br>**Deferred tax liabilities** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Deferred tax liabilities relating to property, plant and equipment | 1370965 | 1397529 |
| Deferred tax liabilities relating to financial instruments | 41510 | 42384 |
| Deferred tax liabilities relating to biological assets | 492919 | 481293 |
| Deferred tax liabilities relating to inventory | 55861 | 60729 |
| Deferred tax liabilities relating to prepaid expenses | 41877 | 37378 |
| Deferred tax liabilities relating to intangible | 5523 | 5419 |
| Deferred tax liabilities relating to other taxable temporary differences | 45495 | 46670 |
| **Total deferred tax liabilities** | **2054150** | **2071402** |
| Offsetting presentation | (511602) | (521345) |
| **Net effect** | **1542548** | **1550057** |

---

The effect of this year in deferred tax liabilities related to financial hedging instruments corresponds to a debit of ThU.S.$41,300 for the period ended March 31, 2026 (debit of ThU.S.$38,614 for the period ended March 31, 2025), which is presented in the consolidated statement of comprehensive income and net in reserves for cash flow hedges in the consolidated statement of changes in equity.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**Reconciliation of deferred tax assets and liabilities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deferred tax assets** | **Opening balance**<br> **01-01-2026**<br> **ThU.S.$** | **Deferred tax**<br> **income**<br> **(expenses)**<br> **ThU.S.$** | **Deferred tax of<br> ítems**<br> **charged<br> to equity**<br> **ThU.S.$** | **Increase (decrease)**<br>**net exchange differences**<br> **ThU.S.$** | **Closing balance**<br> **03-31-2026**<br> **ThU.S.$** |
| Deferred tax assets relating to liabilities provisions | 11973 | (1198) |  | 71 | 10846 |
| Deferred tax assets relating to post-employment benefits | 26018 | (504) | (182) | (7) | 25325 |
| Deferred tax assets relating to property, plant and equipment | 122533 | 21148 |  | 2 | 143683 |
| Deferred tax assets relating to impairment provision | 7260 | 1419 |  | 141 | 8820 |
| Deferred tax assets relating to financial instruments | 84304 | 3182 |  | 232 | 87718 |
| Deferred tax assets relating to tax loss carry forward | 240892 | 16974 | (41280) | 1221 | 217807 |
| Deferred tax assets relating to inventories | 20252 | (1902) |  | 7 | 18357 |
| Deferred tax assets relating to provisions for income | 41364 | (19124) |  | (95) | 22145 |
| Deferred tax assets relating to allowance for doubtful accounts | 2709 | (290) |  |  | 2419 |
| Deferred tax assets relating to intangible revaluation | 397 |  |  | 1 | 398 |
| Deferred tax assets relating to other deductible temporary differences | 65147 | 3195 |  | 415 | 68757 |
| **Total deferred tax assets** | **622849** | **22900** | **(41462)** | **1988** | **606275** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deferred tax liabilities** | **Opening balance**<br> **01-01-2026**<br> **ThU.S.$** | **Deferred tax**<br> **(income)**<br> **expenses**<br> **ThU.S.$** | **Deferred tax of items**<br> **charged<br> to equity**<br> **ThU.S.$** | **Increase**<br> **(decrease)**<br> **net exchange differences**<br> **ThU.S.$** | **Closing balance**<br> **03-31-2026**<br> **ThU.S.$** |
| Deferred tax liabilities relating to property, plant and equipment | 1397529 | (28602) |  | 2038 | 1370965 |
| Deferred tax liabilities relating to financial instruments | 42384 | (894) | 20 |  | 41510 |
| Deferred tax liabilities relating to biological assets | 481293 | 11625 |  | 1 | 492919 |
| Deferred tax liabilities relating to inventory | 60729 | (4843) |  | (25) | 55861 |
| Deferred tax liabilities relating to prepaid expenses | 37378 | 4504 |  | (5) | 41877 |
| Deferred tax liabilities relating to intangible | 5419 | (188) |  | 292 | 5523 |
| Deferred tax liabilities relating to other taxable temporary differences | 46670 | (1625) |  | 450 | 45495 |
| **Total deferred tax liabilities** | **2071402** | **(20023)** | **20** | **2751** | **2054150** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deferred tax assets** | **Opening balance**<br> **01-01-2025**<br> **ThU.S.$** | **Deferred tax**<br> **income**<br> **(expenses)**<br> **ThU.S.$** | **Deferred tax of<br> ítems<br> charged<br> to equity**<br> **ThU.S.$** | **Increase (decrease)**<br> **net exchange differences**<br> **ThU.S.$** | **Closing balance**<br> **12-31-2025**<br> **ThU.S.$** |
| Deferred tax assets relating to liabilities provisions | 11125 | 541 |  | 307 | 11973 |
| Deferred tax assets relating to post-employment benefits | 23063 | 4118 | (1254) | 91 | 26018 |
| Deferred tax assets relating to property, plant and equipment | 89655 | 32815 |  | 63 | 122533 |
| Deferred tax assets relating to impairment provision | 5672 | 1240 |  | 348 | 7260 |
| Deferred tax assets relating to financial instruments | 70760 | 13066 | (244) | 722 | 84304 |
| Deferred tax assets relating to tax loss carry forward | 252202 | 109896 | (123207) | 2001 | 240892 |
| Deferred tax assets relating to biological assets | 4806 | (4806) |  |  |  |
| Deferred tax assets relating to inventories | 27374 | (7272) |  | 150 | 20252 |
| Deferred tax assets relating to provisions for income | 35889 | 5304 |  | 171 | 41364 |
| Deferred tax assets relating to allowance for doubtful accounts | 3160 | (474) |  | 23 | 2709 |
| Deferred tax assets relating to intangible revaluation | 215 | 182 |  |  | 397 |
| Deferred tax assets relating to other deductible temporary differences | 73791 | (9019) |  | 375 | 65147 |
| **Total deferred tax assets** | **597712** | **145591** | **(124705)** | **4251** | **622849** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deferred tax liabilities** | **Opening balance**<br> **01-01-2025**<br> **ThU.S.$** | **Deferred tax**<br> **(income)**<br> **expenses**<br> **ThU.S.$** | **Deferred tax of items**<br> **charged<br> to equity**<br> **ThU.S.$** | **Increase**<br> **(decrease)**<br> **net exchange differences**<br> **ThU.S.$** | **Closing balance**<br> **12-31-2025**<br> **ThU.S.$** |
| Deferred tax liabilities relating to property, plant and equipment | 1374164 | 18239 |  | 5126 | 1397529 |
| Deferred tax liabilities relating to financial instruments | 18887 | 23216 | 281 |  | 42384 |
| Deferred tax liabilities relating to biological assets | 469770 | 11523 |  |  | 481293 |
| Deferred tax liabilities relating to inventory | 56101 | 4561 |  | 67 | 60729 |
| Deferred tax liabilities relating to prepaid expenses | 34889 | 2454 |  | 35 | 37378 |
| Deferred tax liabilities relating to intangible | 6089 | (1224) |  | 554 | 5419 |
| Deferred tax liabilities relating to other taxable temporary differences | 33915 | 11896 |  | 859 | 46670 |
| **Total deferred tax liabilities** | **1993815** | **70665** | **281** | **6641** | **2071402** |

---

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**Temporary differences**

The following tables summarize the deductible and taxable temporary differences:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| <br>**Detail of classes of deferred tax temporary differences** | **Deductible** <br> **difference**<br>**ThU.S.$** | **Taxable** <br> **difference**<br>**ThU.S.$** | **Deductible** <br> **difference**<br>**ThU.S.$** | **Taxable** <br> **difference**<br>**ThU.S.$** |
| Deferred tax assets | 388468 |  | 381957 |  |
| Deferred tax assets - tax loss carry forward | 217807 |  | 240892 |  |
| Deferred tax liabilities |  | 2054150 |  | 2071402 |
| **Total** | **606275** | **2054150** | **622849** | **2071402** |

---

---

| | | |
|:---|:---|:---|
| | **January – March** | **January – March** |
| <br>**Detail of temporary difference income and loss amounts** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Deferred tax assets | 5926 | (27766) |
| Deferred tax assets - tax loss carryforward | 16974 | 48493 |
| Deferred tax liabilities | 20023 | 8460 |
| **Total** | **42923** | **29187** |

---

**Income tax expense**

Income tax expense consists of the following:

---

| | | |
|:---|:---|:---|
| | **January – March** | **January – March** |
| <br>**Income tax composition** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Current income tax expense | (21901) | (21222) |
| Prior period current income tax adjustments |  | (97) |
| Other current benefit tax (expenses) | (810) | (652) |
| **Current tax expense, net** | **(22711)** | **(21971)** |
| Deferred tax expense relating to origination and reversal of temporary differences | 25949 | (19306) |
| Tax benefit arising from tax credits used to reduce deferred tax expense | 16974 | 48493 |
| **Total deferred tax benefit (expense), net** | **42923** | **29187** |
| **Total income tax benefit (expense)** | **20212** | **7216** |

---

The following table presents the current income tax expense detailed by foreign and domestic (Chile) companies for the year ended March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **January – March** | **January – March** |
|  | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Foreign current income tax expense | (21914) | (15364) |
| Domestic current income tax expense | (797) | (6607) |
| **Total current income tax expense** | **(22711)** | **(21971)** |
| Foreign deferred tax benefit (expense) | 28614 | 11925 |
| Domestic deferred tax benefit (expense) | 14309 | 17262 |
| **Total deferred tax benefit (expense)** | **42923** | **29187** |
| **Total income tax benefit (expense)** | **20212** | **7216** |

---

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**Reconciliation of income tax expense from statutory tax rate to the effective tax rate.**

The reconciliation of income tax expense is as follows:

---

| | | |
|:---|:---|:---|
| | **January – March** | **January – March** |
| <br>**Reconciliation of income tax from statutory rate to effective tax rate** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| **Statutory domestic (Chile) income tax rate** | **27%** | **27%** |
| **Tax expense at statutory tax rate** | **18807** | **9104** |
| Tax effect of foreign tax rates | 5277 | 2705 |
| Tax effect of income exempt from taxation | 7914 | 9332 |
| Tax effect of not deductible expenses | (8786) | (4787) |
| Tax effect of a new evaluation of deferred tax assets (\*) | 26698 | 3483 |
| Tax effect of tax provided in excess in prior periods |  | (97) |
| Other tax rate effects (\*\*) | (29698) | (12524) |
| **Total adjustments to tax expense at applicable tax rate** | **1405** | **(1888)** |
| **Tax benefit (expense) at effective tax rate** | **20212** | **7216** |

---

(\*) It corresponds mainly to the tax effect associated with the inflation adjustment on Argentine tax bases.

(\*\*) It mainly includes the tax effect generated by the exchange difference in the conversion of tax bases with local currency other than the functional currency.

Arauco has assessed the potential impact derived from the implementation of the so-called "GloBE or Pillar 2 rules," which seek to ensure that multinational groups pay a minimum effective tax rate of 15%.

To date, this regulation has not been adopted in Chile (the jurisdiction where Arauco's headquarters are located), but it has been adopted in other jurisdictions where Arauco operates, making it necessary to estimate the potential impact of its application as of its effective date for the fiscal years ended March 31, 2026 and December 31, 2025.

Therefore, based on its best understanding, Arauco has evaluated the impact that these regulations could have in all jurisdictions where it operates and has determined that, to date, they would only have an impact on some of its operations in Uruguay. The balance of the provision for this item as of March 31, 2026 amounts to ThU.S.$19,900 (ThU.S.$20,234 as of December 31, 2025).

**Current tax assets and liabilities**

The current tax assets and liabilities balances are as follow:

---

| | | |
|:---|:---|:---|
| <br>**Current tax assets** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Monthly Provisional Payments | 58067 | 46156 |
| Income tax receivable | 18591 | 27071 |
| Provision tax income | (50984) | (46384) |
| Recoverable credits | 47797 | 47698 |
| Other tax receivables | 764 | 1768 |
| **Total** | **74235** | **76309** |

---

---

| | | |
|:---|:---|:---|
| <br>**Current tax liabilities** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Provision tax income (First category) | 38168 | 24445 |
| Monthly Provisional Payments and other tax receivables | (20075) | (15531) |
| Other tax payables | 25237 | 21491 |
| **Total** | **43330** | **30405** |

---

---

| | | |
|:---|:---|:---|
| <br>**Non-current current tax liabilities** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Provision tax income (First category), non-current | 2676 | 3001 |
| Other tax payables, non-current | 4255 | 4255 |
| **Total** | **6931** | **7256** |

---

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**NOTE 7. PROPERTY, PLANT AND EQUIPMENT**

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Property, plant and equipment, net** |  |  |
| Construction work in progress | 2443540 | 2316654 |
| Land | 981360 | 978088 |
| Buildings | 3580178 | 3565602 |
| Plant and equipment | 3877582 | 3941918 |
| Information technology equipment | 38060 | 39479 |
| Fixtures and fittings | 13072 | 12822 |
| Motor vehicles | 59039 | 64695 |
| Bearer plants | 969 | 1045 |
| Other property, plant and equipment | 205923 | 204510 |
| **Total net** | **11199723** | **11124813** |
| **Property, plant and equipment, gross** |  |  |
| Construction work in progress | 2443540 | 2316654 |
| Land | 981360 | 978088 |
| Buildings | 6653191 | 6578709 |
| Plant and equipment | 9230720 | 9188739 |
| Information technology equipment | 147762 | 147033 |
| Fixtures and fittings | 58272 | 57908 |
| Motor vehicles | 133950 | 136536 |
| Bearer plants | 1351 | 1350 |
| Other property, plant and equipment | 223560 | 221678 |
| **Total gross** | **19873706** | **19626695** |
| **Accumulated depreciation and impairment** |  |  |
| Buildings | (3073013) | (3013107) |
| Plant and equipment | (5353138) | (5246821) |
| Information technology equipment | (109702) | (107554) |
| Fixtures and fittings | (45200) | (45086) |
| Motor vehicles | (74911) | (71841) |
| Bearer plants | (382) | (305) |
| Other property, plant and equipment | (17637) | (17168) |
| **Total** | **(8673983)** | **(8501882)** |

---

**Description of property, plant and equipment pledged as security for liabilities**

As of March 31, 2026, there are no significant assets pledged as collateral to be disclosed in these consolidated financial statements.

**Disbursements commitments for the acquisition of property, plant and equipment and disbursements for property, plant and equipment under construction.**

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Amount committed for the acquisition of property, plant and equipment | 3236719 | 3561992 |

---

The disbursements commitments are mainly related to Sucuriú project.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**Reconciliation of property, plant and equipment**

The following tables set forth the reconciliation of the carrying amount of property, plant and equipment as of March 31, 2026 and December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of property, plant and** <br>**equipment** | **Construction<br> work in<br> progress**<br>**ThU.S.$** | **Land**<br>**ThU.S.$** | **Buildings**<br>**ThU.S.$** | **Plant and<br> equipment**<br>**ThU.S.$** | **IT<br> equipment**<br>**ThU.S.$** | **Fixtures<br> and<br> fittings**<br>**ThU.S.$** | **Motor<br> vehicles**<br>**ThU.S.$** | **Bearer<br> plants**<br>**ThU.S.$** | **Other<br> property,<br> plant and<br> equipment**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Opening balance 01-01-2026** | **2316654** | **978088** | **3565602** | **3941918** | **39479** | **12822** | **64695** | **1045** | **204510** | **11124813** |
| **Changes** |  |  |  |  |  |  |  |  |  |  |
| Additions | 219826 | 702 | 5479 | 2719 | 63 | 53 | 145 |  | 3787 | **232774** |
| Disposals |  | (705) |  | (266) | (24) |  | (5) |  | (59) | **(1059)** |
| Withdrawals | (27) |  | (638) | (1925) |  | (140) | (2) |  | (4562) | **(7294)** |
| Depreciation |  |  | (56665) | (102460) | (2034) | (756) | (3225) | (76) | (497) | **(165713)** |
| Impairment loss recognized in profit or loss |  |  | (278) | (179) |  |  |  |  |  | **(457)** |
| Increase (decrease) through net exchange differences | (5403) | 3275 | 7588 | 8697 | 97 | 41 | 11 |  | 2974 | **17280** |
| Transfers from construction in progress closed and reclassifications | (87510) |  | 59090 | 29699 | 479 | 1052 | (2580) |  | (230) | **-** |
| Decrease through transfers of leasing assets |  |  |  | (621) |  |  |  |  |  | **(621)** |
| **Total changes** | **126886** | **3272** | **14576** | **(64336)** | **(1419)** | **250** | **(5656)** | **(76)** | **1413** | **74910** |
| **Closing balance 03-31-2026** | **2443540** | **981360** | **3580178** | **3877582** | **38060** | **13072** | **59039** | **969** | **205923** | **11199723** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of property, plant and** <br>**equipment** | **Construction**<br> **work in**<br> **progress**<br>**ThU.S.$** | **Land**<br>**ThU.S.$** | **Buildings**<br>**ThU.S.$** | **Plant and**<br> **equipment**<br>**ThU.S.$** | **IT**<br> **equipment**<br>**ThU.S.$** | **Fixtures**<br> **and**<br> **fittings**<br>**ThU.S.$** | **Motor**<br> **vehicles**<br>**ThU.S.$** | **Bearer**<br> **plants**<br>**ThU.S.$** | **Other**<br> **property,**<br> **plant and**<br> **equipment**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Opening balance 01-01-2025** | **725744** | **931333** | **3663306** | **3984319** | **41250** | **12288** | **54744** | **-** | **197087** | **9610071** |
| **Changes** |  |  |  |  |  |  |  |  |  |  |
| Additions | 1999149 | 40891 | 19529 | 61975 | 1237 | 653 | 4379 |  | 7918 | **2135731** |
| Disposals |  | (2726) | (554) | (7840) | (9) | (7) | (196) |  | (585) | **(11917)** |
| Withdrawals | (6865) | (571) | (3306) | (8980) | (173) | (33) | (384) |  | (103) | **(20415)** |
| Depreciation |  |  | (225723) | (403903) | (8727) | (2956) | (11709) | (305) | (1447) | **(654770)** |
| Impairment loss recognized in profit or loss |  |  | 3362 | 3015 |  |  | 38 |  |  | **6415** |
| Increase (decrease) through net exchange differences | 27600 | 8888 | 15881 | 41740 | 352 | 133 | 34 |  | 2518 | **97146** |
| Reclassification of assets held for sale |  | (1528) | (100) | (3347) |  |  | (26) |  |  | **(5001)** |
| Transfers from construction in progress closed and reclassifications | (428974) | 1801 | 93207 | 304758 | 5549 | 2744 | 20443 | 1350 | (878) | **-** |
| Decrease through transfers of leasing assets |  |  |  | (29819) |  |  | (2628) |  |  | **(32447)** |
| **Total changes** | **1590910** | **46755** | **(97704)** | **(42401)** | **(1771)** | **534** | **9951** | **1045** | **7423** | **1514742** |
| **Closing balance 12-31-2025** | **2316654** | **978088** | **3565602** | **3941918** | **39479** | **12822** | **64695** | **1045** | **204510** | **11124813** |

---

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

The depreciation expense for the years ended March 31, 2026 and December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **January – March** | **January – March** |
| <br>**Depreciation for the year** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Cost of sales | 158085 | 145304 |
| Distribution costs | 123 |  |
| Administrative expenses | 7171 | 7308 |
| Other expenses | 2042 | 3475 |
| **Total** | **167421** | **156087** |

---

The useful lives of property, plant and equipment are estimated based on the expected use of the assets. The average useful lives by asset class are as follow:

---

| | | |
|:---|:---|:---|
|  | **Years of Useful Life (Average)** | **Years of Useful Life (Average)** |
| Buildings |  | 58 |
| Plant and equipment |  | 30 |
| Information technology equipment |  | 8 |
| Fixtures and fittings |  | 28 |
| Motor vehicles |  | 7 |
| Bearer plants |  | 5 |
| Other property, plant and equipment |  | 14 |

---

The capitalized borrowing costs are detailed in Note 12.

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**NOTE 8. Leases**

**<u>Arauco acting as lessee</u>**

**<u>Right of use assets</u>**

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Property, plant and equipment by right of use, net** |  |  |
| Land | 874609 | 846850 |
| Buildings | 24801 | 23338 |
| Plant and equipment | 63451 | 64704 |
| Information technology equipment | 252 | 304 |
| Motor vehicles | 67907 | 58219 |
| Other property, plant and equipment | 9430 | 10303 |
| **Total net** | **1040450** | **1003718** |
| **Property, plant and equipment by right of use, gross** |  |  |
| Land | 978331 | 942871 |
| Buildings | 44097 | 42205 |
| Plant and equipment | 94935 | 96808 |
| Information technology equipment | 721 | 737 |
| Motor vehicles | 146520 | 129820 |
| Other property, plant and equipment | 15743 | 16044 |
| **Total gross** | **1280347** | **1228485** |
| **Accumulated depreciation and impairment by right of use** |  |  |
| Land | (103722) | (96021) |
| Buildings | (19296) | (18867) |
| Plant and equipment | (31484) | (32104) |
| Information technology equipment | (469) | (433) |
| Motor vehicles | (78613) | (71601) |
| Other property, plant and equipment | (6313) | (5741) |
| **Total** | **(239897)** | **(224767)** |

---

**CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES**

**Unaudited consolidated financial statements**

**March 31, 2026**

*Amounts in thousands of U.S. dollars, except as indicated*

**Reconciliation of property, plant and equipment by right of use**

The following tables set forth the reconciliation of the carrying amount of property, plant and equipment by right of use as of March 31, 2026 and December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of property, plant** <br>**and equipment by right of use** | **Land**<br>**ThU.S.$** | **Buildings**<br>**ThU.S.$** | **Plant and <br>equipment**<br>**ThU.S.$** | **IT <br>equipment**<br>**ThU.S.$** | **Motor <br>vehicles**<br>**ThU.S.$** | **Other <br>property, <br>plant and <br>equipment**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Opening balance 01-01-2026** | **846850** | **23338** | **64704** | **304** | **58219** | **10303** | **1003718** |
| **Changes** |  |  |  |  |  |  |  |
| Additions | 40838 | 3671 | 92 |  | 17393 |  | **61994** |
| Withdrawals |  | (494) | (16) |  | (71) |  | **(581)** |
| Depreciation (\*) | (13085) | (1766) | (1533) | (54) | (7631) | (669) | **(24738)** |
| Increase (decrease) through net exchange differences | 14 | 52 | (1) | 2 | (3) |  | **64** |
| Increase (decrease) through others | (8) |  | 205 |  |  | (204) | **(7)** |
| **Total changes** | **27759** | **1463** | **(1253)** | **(52)** | **9688** | **(873)** | **36732** |
| **Closing balance 03-31-2026** | **874609** | **24801** | **63451** | **252** | **67907** | **9430** | **1040450** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of property, plant**<br> **and equipment by right of use** | **Land**<br>**ThU.S.$** | **Buildings**<br>**ThU.S.$** | **Plant and<br> equipment**<br>**ThU.S.$** | **IT<br> equipment**<br>**ThU.S.$** | **Motor<br> vehicles**<br>**ThU.S.$** | **Other<br> property,<br> plant and<br> equipment**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Opening balance 01-01-2025** | **599101** | **15992** | **63102** | **392** | **80464** | **12835** | **771886** |
| **Changes** |  |  |  |  |  |  |  |
| Additions | 300063 | 13869 | 7215 | 222 | 19054 | 199 | **340622** |
| Disposals |  |  |  |  | (574) |  | **(574)** |
| Withdrawals | (3659) |  |  |  | (9879) |  | **(13538)** |
| Depreciation (\*) | (37407) | (6471) | (5891) | (350) | (30200) | (2731) | **(83050)** |
| Increase (decrease) through net exchange differences | 868 | 51 | 278 | 40 | (183) |  | **1054** |
| Increase (decrease) through others | (12116) | (103) |  |  | (463) |  | **(12682)** |
| **Total changes** | **247749** | **7346** | **1602** | **(88)** | **(22245)** | **(2532)** | **231832** |
| **Closing balance 12-31-2025** | **846850** | **23338** | **64704** | **304** | **58219** | **10303** | **1003718** |

---

(\*) The amount of depreciation related to land leased for plantations is reclassified to biological assets to form part of the formation costs.

Lease liabilities and their maturity are presented in Notes 11 and 23.

The depreciation expense for the years ended March 31, 2026 and December 31, 2025 recognized in property, plant and equipment by right of use is as follows:

---

| | | |
|:---|:---|:---|
| | **January – March** | **January – March** |
| <br>**Depreciation for the period** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Cost of sales | 8790 | 9012 |
| Distribution costs | 393 | 230 |
| Administrative expenses | 2304 | 1955 |
| **Total** | **11487** | **11197** |

---

In the application of IFRS 16, Arauco chose not to apply the requirements to recognize a liability and an asset for right of use for leases which term ends within 12 months and for leases in which the underlying asset is of low value ThU.S.$5. As a result, Arauco has recognized directly in the consolidated statement of profit or loss, as follows:

---

| | | |
|:---|:---|:---|
|  | **January – March** | **January – March** |
|  | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Expenses from payments of variable leases | (26894) | (36672) |
| Expenses from low value leases | (461) | (792) |
| Expenses from short-term leases | (19282) | (19154) |
| Income from sublease of right of use assets | 170 | 164 |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**<u>Arauco acting as lessor</u>**

Reconciliation of financial lease minimum payments:

---

| | | | |
|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **03-31-2026** |
| <br>**Periods** | **Gross**<br>**ThU.S.$** | **Interest**<br>**ThU.S.$** | **Present value**<br>**ThU.S.$** |
| Less than one year | 20184 | 2252 | 17932 |
| Between one and two years | 17387 | 1478 | 15909 |
| Between two and three years | 14469 | 905 | 13564 |
| Between three and four years | 7467 | 423 | 7044 |
| Between four and five years | 3654 | 178 | 3476 |
| More than five years | 14250 | 979 | 13271 |
| **Total** | **77411** | **6215** | **71196** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **12-31-2025** | **12-31-2025** | **12-31-2025** |
| <br>**Periods** | **Gross**<br>**ThU.S.$** | **Interest**<br>**ThU.S.$** | **Present value**<br>**ThU.S.$** |
| Less than one year | 26758 | 2725 | 24033 |
| Between one and two years | 24433 | 1749 | 22684 |
| Between two and three years | 16626 | 831 | 15795 |
| Between three and four years | 7860 | 408 | 7452 |
| Between four and five years | 2618 | 159 | 2459 |
| More than five years | 5242 | 346 | 4896 |
| **Total** | **83537** | **6218** | **77319** |

---

Financial lease receivables are presented in the consolidated statements of financial position in line items "Trade and other current receivable" and "Trade and other non-current receivable" depending on their maturities stated above.

Arauco accounts for its lease contracts as financial leases. These lease contracts are for a term of less than six years at market interest rates and leased assets are forestry machinery and equipment. They also include an early termination option, under general and special conditions stipulated in each contract.

Arauco holds leases as lessee and lessor, described in the previous tables, for which there are no impairment contingent payments or restrictions to report.

**NOTE 9. REVENUE**

---

| | | |
|:---|:---|:---|
| | **January – March** | **January – March** |
| <br>**Classes of revenue** | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Revenue from sales of goods | 1452608 | 1499088 |
| Revenue from rendering of services | 30111 | 32373 |
| **Total** | **1482719** | **1531461** |

---

The reportable segments revenues by business area and by geographical area are presented in Note 24.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 10. EMPLOYEE BENEFITS**

**Classes of benefits and expenses by employee** 

---

| | | |
|:---|:---|:---|
|  | **January – March** | **January – March** |
|  | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| **Employee expenses** | **201328** | **174677** |
| Wages and salaries | 196121 | 169894 |
| Severance indemnities | 5207 | 4783 |

---

---

| | | |
|:---|:---|:---|
|  | **03-31-2026** | **12-31-2025** |
| Inflation | 3.20% | 3.20% |
| Annual rate of wage growth | 5.22% | 5.22% |
| Mortality rate | RV-2020 | RV-2020 |

---

---

| | |
|:---|:---|
| **Sensitivities to assumptions** | **ThU.S.$** |
| <u>Discount rate</u> |  |
| Increase in 100 bps | (6075) |
| Decrease in 100 bps | 6959 |
| <u>Wage growth rates</u> |  |
| Increase in 100 bps | 6125 |
| Decrease in 100 bps | 8226 |

---

The following tables set forth the balances and the reconciliation of the present value of severance indemnities obligations as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Current | 7447 | 7501 |
| Non-current | 86823 | 87359 |
| **Total** | **94270** | **94860** |

---

---

| | | |
|:---|:---|:---|
| <br>**Reconciliation of the present value of severance indemnities obligations** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Opening balance** | 94860 | 84303 |
| Current service cost | 1687 | 6840 |
| Interest cost | 1215 | 4863 |
| Actuarial gains and losses arising from experience | (674) | (4643) |
| Benefits paid | (806) | (5064) |
| Increase (decrease) for foreign currency exchange rates changes | (2012) | 8561 |
| **Closing balance** | **94270** | **94860** |

---

The average staffing as of March 31, 2026 was 19,100 people.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 11. BALANCES IN FOREIGN CURRENCY AND FOREIGN CURRENCY EXCHANGE RATE IMPACT IN PROFIT OR LOSS.** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**March 31, 2026** | **U.S dollar**<br>**ThU.S.$** | **Euros**<br>**ThU.S.$** | **Brazilian Real**<br>**ThU.S.$** | **Argentine Pesos**<br>**ThU.S.$** | **Mexican Pesos**<br>**ThU.S.$** | **Other currencies**<br>**ThU.S.$** | **Chilean Pesos**<br>**ThU.S.$** | **U.F.**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| **Current assets** |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | 1037505 | 8305 | 119562 | 42630 | 47436 | 9573 | 290531 |  | 1555542 |
| Other current financial assets | 378450 |  |  | 35 |  |  | 24 |  | 378509 |
| Other current non-financial assets | 91720 | 607 | 9621 | 13420 | 24588 | 5280 | 65501 |  | 210737 |
| Trade and other current receivables | 457573 | 23647 | 68607 | 24897 | 37015 | 12576 | 117551 | 21096 | 762962 |
| Accounts receivable due from related companies | 48 |  |  |  |  |  | 699 |  | 747 |
| Current inventories | 1381823 |  | 95492 |  | 52792 |  | 1557 |  | 1531664 |
| Current biological assets | 252723 |  | 294 |  |  |  |  |  | 253017 |
| Current tax assets | 65741 |  | 3782 |  | 693 | 2931 | 1088 |  | 74235 |
| **Non-current assets or disposal groups classified as held for sale** | **3665583** | **32559** | **297358** | **80982** | **162524** | **30360** | **476951** | **21096** | **4767413** |
| Non-current assets or disposal groups classified as held for sale | 3708 | - | 15 | - | 52 | - | - | - | 3775 |
| **Total current assets** | **3669291** | **32559** | **297373** | **80982** | **162576** | **30360** | **476951** | **21096** | **4771188** |
| **Non-current assets** |  |  |  |  |  |  |  |  |  |
| Other non-current financial assets | 296178 |  |  | 104 |  |  |  |  | 296282 |
| Other non-current non-financial assets | 576370 | 35 | 128083 |  | 810 | 706 | 1258 | 89 | 707351 |
| Trade and other non-current receivables | 1355 |  | 19530 | 382 |  |  | 5160 | 53676 | 80103 |
| Investments accounted for using equity method | 115491 | 222151 | 77227 |  |  |  | 64566 |  | 479435 |
| Intangible assets other than goodwill | 45038 |  | 1243 |  | 270 | 2052 | 127 |  | 48730 |
| Goodwill | 39335 |  | 11910 |  |  | 2014 |  |  | 53259 |
| Property, plant and equipment | 10441095 |  | 321006 |  | 403889 | 32177 | 1556 |  | 11199723 |
| Right of use assets | 1034955 |  | 1031 |  | 3623 | 309 | 532 |  | 1040450 |
| Non-current biological assets | 3157457 |  |  |  |  |  |  |  | 3157457 |
| Deferred tax assets | 60296 | - | 34377 | - | - | - | - | - | 94673 |
| **Total non-current assets** | **15767570** | **222186** | **594407** | **486** | **408592** | **37258** | **73199** | **53765** | **17157463** |
| **Total assets** | **19436861** | **254745** | **891780** | **81468** | **571168** | **67618** | **550150** | **74861** | **21928651** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**March 31, 2026** | **U.S dollar**<br>**ThU.S.$** | **Euros**<br>**ThU.S.$** | **Brazilian Real**<br>**ThU.S.$** | **Argentine Pesos**<br>**ThU.S.$** | **Mexican Pesos**<br>**ThU.S.$** | **Other currencies**<br>**ThU.S.$** | **Chilean Pesos**<br>**ThU.S.$** | **U.F.**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Liabilities** |  |  |  |  |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |  |  |  |  |
| Other current financial liabilities | 507276 | 76343 | 49423 |  |  |  |  | 295792 | 928834 |
| Current lease liabilities | 15993 | 102 | 21850 |  | 397 | 245 | 16392 | 4991 | 59970 |
| Trade and other current payables | 165235 | 37813 | 198657 | 40107 | 23238 | 28878 | 291432 | 38735 | 824095 |
| Accounts payable to related companies | 438 |  |  |  |  |  | 12658 |  | 13096 |
| Other short-term provisions | 114 |  | 1365 |  |  |  | 41 | 1377 | 2897 |
| Current tax liabilities | 11176 | 17035 | 3110 | 10771 | 1238 |  |  |  | 43330 |
| Current provisions for employee benefits | 25 |  |  |  |  |  | 7422 |  | 7447 |
| Other current non-financial liabilities | 21431 | 96 | 36275 | 8295 | 11295 | 40 | 11982 | 27 | 89441 |
| **Total current liabilities** | **721688** | **131389** | **310680** | **59173** | **36168** | **29163** | **339927** | **340922** | **1969110** |
| **Non-current liabilities** |  |  |  |  |  |  |  |  |  |
| Other non-current financial liabilities | 4508296 | 214228 | 69876 |  |  |  |  | 2565997 | 7358397 |
| Non-current lease liabilities | 127840 | 184 | 852597 |  | 1459 | 82 | 43539 | 16409 | 1042110 |
| Other non current payables | 25201 |  | 19652 |  |  |  | 9027 |  | 53880 |
| Non-current accounts payable to related companies | 23848 |  |  |  |  |  |  |  | 23848 |
| Other long-term provisions | 23482 |  | 6318 | 3496 | 5379 |  |  |  | 38675 |
| Deferred tax liabilities | 1510270 |  | 20228 |  | 6748 | 5302 |  |  | 1542548 |
| Non-current, current tax liabilities | 4255 |  |  | 2676 |  |  |  |  | 6931 |
| Non-current provisions for employee benefits |  |  |  |  | 1612 |  | 85211 |  | 86823 |
| Other non-current non-financial liabilities | - | - | 28893 | 64 | - | - | 552 | - | 29509 |
| **Total non-current liabilities** | **6223192** | **214412** | **997564** | **6236** | **15198** | **5384** | **138329** | **2582406** | **10182721** |
| **Total liabilities** | **6944880** | **345801** | **1308244** | **65409** | **51366** | **34547** | **478256** | **2923328** | **12151831** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**December 31, 2025** | **U.S dollar**<br>**ThU.S.$** | **Euros**<br>**ThU.S.$** | **Brazilian Real**<br>**ThU.S.$** | **Argentine Pesos**<br>**ThU.S.$** | **Mexican Pesos**<br>**ThU.S.$** | **Other currencies**<br>**ThU.S.$** | **Chilean Pesos**<br>**ThU.S.$** | **U.F.**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Assets** |  |  |  |  |  |  |  |  |  |
| **Current assets** |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | 777505 | 15723 | 107494 | 43063 | 32564 | 69274 | 238430 |  | 1284053 |
| Other current financial assets | 230988 |  |  |  |  |  | 36 |  | 231024 |
| Other current non-financial assets | 84335 | 663 | 12620 | 14116 | 25684 | 6047 | 69351 |  | 212816 |
| Trade and other current receivables | 537861 | 16967 | 52973 | 22408 | 36149 | 7910 | 130689 | 27209 | 832166 |
| Accounts receivable due from related companies | 48 |  |  |  |  |  | 442 |  | 490 |
| Current inventories | 1372990 |  | 93292 |  | 48503 |  | 1854 |  | 1516639 |
| Current biological assets | 235512 |  | 821 |  |  |  |  |  | 236333 |
| Current tax assets | 63063 |  | 4446 |  | 1388 | 4695 | 2717 |  | 76309 |
| **Non-current assets or disposal groups classified as held for sale** | **3302302** | **33353** | **271646** | **79587** | **144288** | **87926** | **443519** | **27209** | **4389830** |
| Non-current assets or disposal groups classified as held for sale | 3807 | - | 15 | - | 53 | - | 26 | - | 3901 |
| **Total current assets** | **3306109** | **33353** | **271661** | **79587** | **144341** | **87926** | **443545** | **27209** | **4393731** |
| **Non-current assets** |  |  |  |  |  |  |  |  |  |
| Other non-current financial assets | 257498 |  |  |  |  |  |  |  | 257498 |
| Other non-current non-financial assets | 546939 | 36 | 106045 |  | 810 | 671 | 1262 | 91 | 655854 |
| Trade and other non-current receivables | 1394 |  | 18623 | 344 |  |  | 5264 | 53700 | 79325 |
| Investments accounted for using equity method | 113857 | 232236 | 73998 |  |  |  | 63451 |  | 483542 |
| Intangible assets other than goodwill | 46367 |  | 1276 |  | 308 | 2414 | 128 |  | 50493 |
| Goodwill | 39335 |  | 11298 |  |  | 2048 |  |  | 52681 |
| Property, plant and equipment | 10401426 |  | 303204 |  | 385773 | 33032 | 1378 |  | 11124813 |
| Right of use assets | 1000254 |  | 414 |  | 2657 | 388 | 5 |  | 1003718 |
| Non-current biological assets | 3101604 |  |  |  |  |  |  |  | 3101604 |
| Deferred tax assets | 59779 | - | 41725 | - | - | - | - | - | 101504 |
| **Total non-current assets** | **15568453** | **232272** | **556583** | **344** | **389548** | **38553** | **71488** | **53791** | **16911032** |
| **Total assets** | **18874562** | **265625** | **828244** | **79931** | **533889** | **126479** | **515033** | **81000** | **21304763** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**December 31, 2025** | **U.S dollar**<br>**ThU.S.$** | **Euros**<br>**ThU.S.$** | **Brazilian Real**<br>**ThU.S.$** | **Argentine Pesos**<br>**ThU.S.$** | **Mexican Pesos**<br>**ThU.S.$** | **Other currencies**<br>**ThU.S.$** | **Chilean Pesos**<br>**ThU.S.$** | **U.F.**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Liabilities** |  |  |  |  |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |  |  |  |  |
| Other current financial liabilities | 236724 | 76916 | 109184 |  |  |  |  | 285646 | 708470 |
| Current lease liabilities | 16279 | 110 | 16052 |  | 428 | 341 | 16430 | 6183 | 55823 |
| Trade and other current payables | 156792 | 37180 | 428735 | 41240 | 23199 | 30083 | 285349 | 40663 | 1043241 |
| Accounts payable to related companies | 559 |  |  |  |  |  | 8878 |  | 9437 |
| Other short-term provisions | 116 |  | 1514 |  |  |  | 21 | 1404 | 3055 |
| Current tax liabilities | 8691 | 17598 | 72 | 2791 | 974 | 279 |  |  | 30405 |
| Current provisions for employee benefits | 13 |  |  |  |  |  | 7488 |  | 7501 |
| Other current non-financial liabilities | 17890 | 150 | 30553 | 6380 | 7156 | 49 | 11465 | - | 73643 |
| **Total current liabilities** | **437064** | **131954** | **586110** | **50411** | **31757** | **30752** | **329631** | **333896** | **1931575** |
| Non-current liabilities |  |  |  |  |  |  |  |  |  |
| Other non-current financial liabilities | 4022076 | 217535 | 83803 |  |  |  |  | 2615874 | 6939288 |
| Non-current lease liabilities | 129212 | 213 | 778083 |  | 549 | 257 | 33567 | 17356 | 959237 |
| Other non current payables | 24952 |  | 19558 |  |  |  | 9203 |  | 53713 |
| Non-current accounts payable to related companies | 23924 |  |  |  |  |  |  |  | 23924 |
| Other long-term provisions | 23482 |  | 6879 | 2803 | 5424 |  |  |  | 38588 |
| Deferred tax liabilities | 1507901 |  | 29700 |  | 7297 | 5159 |  |  | 1550057 |
| Non-current, current tax liabilities | 4255 |  |  | 3001 |  |  |  |  | 7256 |
| Non-current provisions for employee benefits |  |  |  |  | 1574 |  | 85785 |  | 87359 |
| Other non-current non-financial liabilities | - | - | 29506 | 65 | - | - | 717 | - | 30288 |
| **Total non-current liabilities** | **5735802** | **217748** | **947529** | **5869** | **14844** | **5416** | **129272** | **2633230** | **9689710** |
| **Total liabilities** | **6172866** | **349702** | **1533639** | **56280** | **46601** | **36168** | **458903** | **2967126** | **11621285** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **03-31-2026** | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** | **12-31-2025** |
|  | **Up to <br> 90 days**<br>**ThU.S.$** | **From 91 <br> days to <br> 1 year**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** | **Up to <br> 90 days**<br>**ThU.S.$** | **From 91 <br> days to <br> 1 year**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Total current liabilities** | **1321086** | **648024** | **1969110** | **1306967** | **624608** | **1931575** |
| Other current financial liabilities | 375521 | 553313 | 928834 | 163130 | 545340 | 708470 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 282194 | 225082 | 507276 | 71285 | 165439 | 236724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euros | 38640 | 37703 | 76343 |  | 76916 | 76916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 6533 | 42890 | 49423 | 91845 | 17339 | 109184 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.F. | 48154 | 247638 | 295792 |  | 285646 | 285646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank borrowings | 162686 | 297623 | 460309 | 91845 | 219854 | 311699 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 117513 | 217030 | 334543 |  | 125599 | 125599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euros | 38640 | 37703 | 76343 |  | 76916 | 76916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 6533 | 42890 | 49423 | 91845 | 17339 | 109184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 212835 | 255690 | 468525 | 71285 | 325486 | 396771 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 164681 | 8052 | 172733 | 71285 | 39840 | 111125 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.F. | 48154 | 247638 | 295792 |  | 285646 | 285646 |
| Current lease liabilities | 13741 | 46229 | 59970 | 18605 | 37218 | 55823 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 4465 | 11528 | 15993 | 4160 | 12119 | 16279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euros | 27 | 75 | 102 | 32 | 78 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 2120 | 19730 | 21850 | 6176 | 9876 | 16052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos | 158 | 239 | 397 | 177 | 251 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other currencies | 73 | 172 | 245 | 103 | 238 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 5890 | 10502 | 16392 | 5557 | 10873 | 16430 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.F. | 1008 | 3983 | 4991 | 2400 | 3783 | 6183 |
| Trade and other current payables | 803270 | 20825 | 824095 | 1002999 | 40242 | 1043241 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 165217 | 18 | 165235 | 156408 | 384 | 156792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euros | 37813 |  | 37813 | 37180 |  | 37180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 180483 | 18174 | 198657 | 392040 | 36695 | 428735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentine pesos | 40107 |  | 40107 | 41240 |  | 41240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos | 20605 | 2633 | 23238 | 20036 | 3163 | 23199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other currencies | 28878 |  | 28878 | 30083 |  | 30083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 291432 |  | 291432 | 285349 |  | 285349 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.F. | 38735 |  | 38735 | 40663 |  | 40663 |
| Accounts payable to related companies | 13096 |  | 13096 | 9437 |  | 9437 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 438 |  | 438 | 559 |  | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 12658 |  | 12658 | 8878 |  | 8878 |
| Other short-term provisions | 2897 |  | 2897 | 3055 |  | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 114 |  | 114 | 116 |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 1365 |  | 1365 | 1514 |  | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 41 |  | 41 | 21 |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.F. | 1377 |  | 1377 | 1404 |  | 1404 |
| Current tax liabilities | 15673 | 27657 | 43330 | 28597 | 1808 | 30405 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 11176 |  | 11176 | 6883 | 1808 | 8691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euros |  | 17035 | 17035 | 17598 |  | 17598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 2596 | 514 | 3110 | 72 |  | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentine pesos | 663 | 10108 | 10771 | 2791 |  | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos | 1238 |  | 1238 | 974 |  | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other currencies |  |  |  | 279 |  | 279 |
| Current provisions for employee benefits | 7447 |  | 7447 | 7501 |  | 7501 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 25 |  | 25 | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 7422 |  | 7422 | 7488 |  | 7488 |
| Other current non-financial liabilities | 89441 |  | 89441 | 73643 |  | 73643 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 21431 |  | 21431 | 17890 |  | 17890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euros | 96 |  | 96 | 150 |  | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 36275 |  | 36275 | 30553 |  | 30553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentine pesos | 8295 |  | 8295 | 6380 |  | 6380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos | 11295 |  | 11295 | 7156 |  | 7156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other currencies | 40 |  | 40 | 49 |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 11982 |  | 11982 | 11465 |  | 11465 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.F. | 27 | - | 27 | - | - | - |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** |
|  | **From <br> 13 months <br> to 3 years**<br>**ThU.S.$** | **From <br> 3 years <br> to 5 years**<br>**ThU.S.$** | **More <br> than 5 years**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** | **From <br> 13 months <br> to 3 years**<br>**ThU.S.$** | **From <br> 3 years <br> to 5 years**<br>**ThU.S.$** | **More than <br> 5 years**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Total non-current liabilities** | **2463763** | **1837826** | **5881132** | **10182721** | **2483597** | **1561743** | **5644370** | **9689710** |
| Other non-current financial liabilities | 1118640 | 1678712 | 4561045 | 7358397 | 1156587 | 1405814 | 4376887 | 6939288 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 686905 | 1508639 | 2312752 | 4508296 | 716962 | 1220427 | 2084687 | 4022076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euros | 141255 | 72973 |  | 214228 | 144005 | 73530 |  | 217535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 60297 | 9579 |  | 69876 | 60984 | 22819 |  | 83803 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.F. | 230183 | 87521 | 2248293 | 2565997 | 234636 | 89038 | 2292200 | 2615874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank borrowings | 352789 | 596950 | 441927 | 1391666 | 414511 | 322845 | 207111 | 944467 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 151237 | 514398 | 441927 | 1107562 | 209522 | 226496 | 207111 | 643129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euros | 141255 | 72973 |  | 214228 | 144005 | 73530 |  | 217535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 60297 | 9579 |  | 69876 | 60984 | 22819 |  | 83803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | 765851 | 1081762 | 4119118 | 5966731 | 742076 | 1082969 | 4169776 | 5994821 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 535668 | 994241 | 1870825 | 3400734 | 507440 | 993931 | 1877576 | 3378947 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.F. | 230183 | 87521 | 2248293 | 2565997 | 234636 | 89038 | 2292200 | 2615874 |
| Non-current lease liabilities | 107286 | 90793 | 844031 | 1042110 | 98028 | 83634 | 777575 | 959237 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 32741 | 21720 | 73379 | 127840 | 34671 | 22517 | 72024 | 129212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euros | 148 | 36 |  | 184 | 159 | 54 |  | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 37972 | 49429 | 765196 | 852597 | 32098 | 43376 | 702609 | 778083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos | 859 | 600 |  | 1459 | 504 | 45 |  | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other currencies | 82 |  |  | 82 | 257 |  |  | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 25309 | 15574 | 2656 | 43539 | 20396 | 13171 |  | 33567 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.F. | 10175 | 3434 | 2800 | 16409 | 9943 | 4471 | 2942 | 17356 |
| Non-current payable | 53880 |  |  | 53880 | 53713 |  |  | 53713 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 25201 |  |  | 25201 | 24952 |  |  | 24952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 19652 |  |  | 19652 | 19558 |  |  | 19558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 9027 |  |  | 9027 | 9203 |  |  | 9203 |
| Non- current accounts payable to related companies | 15821 | 612 | 7415 | 23848 | 15821 | 612 | 7491 | 23924 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 15821 | 612 | 7415 | 23848 | 15821 | 612 | 7491 | 23924 |
| Other long-term provisions | 34535 | 284 | 3856 | 38675 | 34618 | 114 | 3856 | 38588 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 23482 |  |  | 23482 | 23482 |  |  | 23482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 2178 | 284 | 3856 | 6318 | 2909 | 114 | 3856 | 6879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentine pesos | 3496 |  |  | 3496 | 2803 |  |  | 2803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos | 5379 |  |  | 5379 | 5424 |  |  | 5424 |
| Deferred tax liabilities | 1010427 | 67336 | 464785 | 1542548 | 999927 | 71569 | 478561 | 1550057 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 997128 | 64952 | 448190 | 1510270 | 986295 | 67719 | 453887 | 1507901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 1249 | 2384 | 16595 | 20228 | 1176 | 3850 | 24674 | 29700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos | 6748 |  |  | 6748 | 7297 |  |  | 7297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other currencies | 5302 |  |  | 5302 | 5159 |  |  | 5159 |
| Non-current current tax liabilities | 6931 |  |  | 6931 | 7256 |  |  | 7256 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollar | 4255 |  |  | 4255 | 4255 |  |  | 4255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentine pesos | 2676 |  |  | 2676 | 3001 |  |  | 3001 |
| Non-current provisions for employee benefits | 86823 |  |  | 86823 | 87359 |  |  | 87359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos | 1612 |  |  | 1612 | 1574 |  |  | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 85211 |  |  | 85211 | 85785 |  |  | 85785 |
| Other non-current non-financial liabilities | 29420 | 89 |  | 29509 | 30288 |  |  | 30288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 28804 | 89 |  | 28893 | 29506 |  |  | 29506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentine pesos | 64 |  |  | 64 | 65 |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 552 | - | - | 552 | 717 | - | - | 717 |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

The table below sets forth the subsidiaries that have determined a functional currency other than the U.S. dollar as follows:

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Country** | **Functional currency** |
| Altovento SpA. | Chile | Chilean pesos |
| Arauco Canada Ltd. | Canada | Canadian dollar |
| Arauco Empreendimentos Florestais MS Ltda. | Brazil | Brazilian Real |
| Arauco Industria de Mexico, S.A. de C.V. | Mexico | Mexican pesos |
| Arauco Indústria de Painéis S.A. | Brazil | Brazilian real |
| Arauco Participações Florestais Ltda. | Brazil | Brazilian real |
| Araucomex Servicios, S.A. de C.V. | Mexico | Mexican pesos |
| Consorcio Protección Fitosanitaria Forestal S.A. | Chile | Chilean pesos |
| E2E SpA. | Chile | Chilean pesos |
| Leasing Forestal S.A. | Argentina | Argentine pesos |
| Mahal Empreendimentos e Participações S.A. | Brazil | Brazilian real |
| Novo Oeste Gestao de Ativos Florestais S.A. | Brazil | Brazilian real |
| Parque Eólico Girasol SpA. | Chile | Chilean pesos |
| Parque Eólico El Jazmín SpA. | Chile | Chilean pesos |
| Parque Eólico El Trébol SpA. | Chile | Chilean pesos |
| Parque Eólico Hortensias SpA. | Chile | Chilean pesos |
| Parque Eólico Las Calas SpA. | Chile | Chilean pesos |
| Parque Eólico Las Dalias SpA. | Chile | Chilean pesos |
| Parque Eólico Las Fresias SpA. | Chile | Chilean pesos |
| Parque Eólico Lavanda SpA. | Chile | Chilean pesos |
| Parque Eólico Los Cardos SpA. | Chile | Chilean pesos |
| Parque Eólico Tulipanes SpA. | Chile | Chilean pesos |
| Tecverde S.A. | Brazil | Brazilian real |

---

The table below shows a detail per company of the effect in the period of the reserve of exchange differences on translation of the parent's ownership interest:

---

| | | |
|:---|:---|:---|
|  | **January – March** | **January – March** |
|  | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Arauco Canada Limited. | (4073) | 233 |
| Arauco Do Brasil S.A.(\*) |  | 20437 |
| Arauco Industria de Mexico, S.A de C.V. | (3085) | 2960 |
| Arauco Indústria de Painéis S.A. (\*) | 16321 |  |
| Arauco Participações Florestais Ltda. | 4777 | 3282 |
| Mahal Empreendimentos e Participações S.A. | 3267 | 7109 |
| Sonae Arauco S.A. | (3998) | 8414 |
| Others (\*\*) | 396 | (3782) |
| **Total reserve of exchange differences on translation** | **13605** | **38653** |

---

(\*) On January 1, 2026, Arauco de Indústria de Painéis S.A. carried out the reverse merger of Arauco do Brasil S.A.

**<u>Effect of foreign exchange rates changes</u>**

---

| | | |
|:---|:---|:---|
|  | **January – March** | **January – March** |
|  | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Exchange differences recognized in profit or loss, except for those arising on financial instruments measured at fair value through profit or loss | 17550 | (38366) |
| Reserve of exchange differences on translation (with non-controlling interests) | 13178 | 38658 |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 12. Borrowing COSTS**

Arauco capitalizes interest at effective rate on current investment projects, that are carried out with debts.

The interest cost that have been capitalized mainly associated with the construction project of the pulp mill known as the Sucuriú Project.

---

| | | |
|:---|:---|:---|
|  | **January – March** | **January – March** |
|  | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| **Interest cost capitalized, property, plant and equipment** |  |  |
| Capitalization rate of interest cost capitalized, property, plant and equipment | 4.96% | 4.88% |
| Amount of the interest cost capitalized, property, plant and equipment | 29527 | 1878 |

---

**NOTE 13. RELATED PARTIES**

**Related party disclosures** 

Related parties are those entities defined in IAS 24 and under the rules of the Chilean Commission for the Financial Market and the Chilean Corporations Law.

The receivable and payable amounts among related parties at the end of each period correspond to commercial and financing transactions denominated in Chilean pesos, U.S. dollars and Brazilian real, where collection or payment deadlines are shown in the following tables and in general do not bear interest, except for financing transactions.

As of the date of these interim consolidated financial statements, the main transactions with related parties are related to fuel purchases with Copec S.A. and sodium chlorate purchases at EKA Chile S.A.

As of the date of these interim consolidated financial statements, there were neither provisions for accounts of doubtful collection nor any guarantees granted or received related to the balances with related parties.

**Name of group's main shareholders**

The ultimate shareholders of Arauco, directly and indirectly, are Mr. Roberto Angelini Rossi and Mrs. Patricia Angelini Rossi.

**Name of the intermediate controlling entity that produces interim consolidated financial statements for public use** 

Empresas Copec S.A.

**Key management personnel compensation**

Compensation to key management personnel, including directors, managers and deputy managers, consists of a fixed monthly salary, and managers and deputy managers also receive an annual bonus subject to the results of the Company and the fulfillment of goals of the business as well as individual performance.

**Pricing strategy terms and conditions corresponding to transactions with related parties** 

Transactions carried out with related parties are intended to contribute to the corporate interest, are adjusted in price, terms and conditions to those prevailing in the market at the time of approval, and meet the requirements and procedures set forth in the law.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**The table below sets forth information about the relationship between the parent company and its subsidiaries** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **% Ownership interest** | **% Ownership interest** | **% Ownership interest** | **% Ownership interest** | **% Ownership interest** | **% Ownership interest** |
| <br>**ID N°** | <br>**Company Name** | <br>**Country** | **Functional**<br>**Currency** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** | **12-31-2025** |
|  |  |  |  | **Direct** | **Indirect** | **Total** | **Direct** | **ndirect** | **Total** |
| 77.630.621-5 | Agrícola Ranquillón SpA | Chile | U.S. Dollar |  | 98.64429 | 98.64429 |  | 98.64296 | 98.64296 |
| 77.630.618-5 | Agrícola San Carlos SpA | Chile | U.S. Dollar |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 77.630.623-1 | Agrícola Santa Emilia SpA | Chile | U.S. Dollar |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 77.630.626-6 | Agrícola Siberia SpA | Chile | U.S. Dollar |  | 98.64429 | 98.64429 |  | 98.64296 | 98.64296 |
| 78.115.725-2 | Altovento SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
|  | Arauco Argentina S.A. | Argentina | U.S. Dollar | 9.97070 | 90.00940 | 99.98010 | 9.97070 | 90.00940 | 99.98010 |
|  | Arauco Australia Pty Ltd. (2) | Australia | U.S. Dollar |  |  |  |  | 99.99898 | 99.99898 |
| 96.547.510-9 | Arauco Bioenergía SpA | Chile | U.S. Dollar | 98.00000 | 1.99897 | 99.99897 | 98.00000 | 1.99897 | 99.99897 |
|  | Arauco Canada Ltd. | Canada | Canadian Dollar |  | 99.99911 | 99.99911 |  | 99.99911 | 99.99911 |
|  | Arauco Celulose do Brasil S.A. | Brazil | Brazilian Real |  | 99.99899 | 99.99899 |  | 99.99899 | 99.99899 |
|  | Arauco Colombia S.A. | Colombia | U.S. Dollar | 1.47783 | 98.52042 | 99.99825 | 1.47783 | 98.52042 | 99.99825 |
|  | Arauco do Brasil S.A. (1) | Brazil | Brazilian Real |  |  |  | 1.06807 | 98.93105 | 99.99912 |
|  | Arauco Empreendimentos Florestais MS Ltda. | Brazil | Brazilian Real |  | 99.99907 | 99.99907 |  | 99.99907 | 99.99907 |
|  | Arauco Europe Cooperatief U.A. | The Netherlands | U.S. Dollar | 0.25001 | 99.74897 | 99.99898 | 0.25001 | 99.74897 | 99.99898 |
|  | Arauco Industria de México, S.A.de C.V. | Mexico | Mexican pesos |  | 99.99910 | 99.99910 |  | 99.99910 | 99.99910 |
|  | Arauco Indústria de Painéis S.A. | Brazil | Brazilian Real |  | 1.06807 | 1.06807 |  | 99.99912 | 99.99912 |
|  | Arauco Middle East DMCC. | United Arab Emirates | U.S. Dollar |  | 99.99898 | 99.99898 |  | 99.99898 | 99.99898 |
|  | Arauco North America, Inc. | United States | U.S. Dollar | 0.00010 | 99.99901 | 99.99911 | 0.00010 | 99.99901 | 99.99911 |
|  | Arauco MS Participações S.A. | Brazil | Brazilian Real | 8.52667 | 91.47240 | 99.99907 | 8.52667 | 91.47240 | 99.99907 |
|  | Arauco Participações Florestais Ltda. | Brazil | Brazilian Real |  | 99.99907 | 99.99907 |  | 99.99907 | 99.99907 |
|  | Arauco Perú S.A. | Peru | U.S. Dollar | 0.00126 | 99.99772 | 99.99898 | 0.00126 | 99.99772 | 99.99898 |
|  | Arauco Porto Brasil S.A. | Brazil | U.S. Dollar |  | 99.99807 | 99.99807 |  | 99.99807 | 99.99807 |
|  | Arauco Ventures Limited. | United Kingdom | U.S. Dollar |  | 99.99898 | 99.99898 |  | 99.99898 | 99.99898 |
|  | Arauco Wood (China) Company Limited. | China | U.S. Dollar |  | 99.99898 | 99.99898 |  | 99.99898 | 99.99898 |
|  | Arauco Wood Limited. | United Kingdom | U.S. Dollar | 12.63126 | 87.36785 | 99.99911 | 12.63126 | 87.36785 | 99.99911 |
|  | Araucomex S.A. de C.V. | Mexico | U.S. Dollar | 0.00050 | 99.99861 | 99.99911 | 0.00050 | 99.99861 | 99.99911 |
|  | Araucomex Servicios, S.A. de C.V. | Mexico | Mexican pesos | 0.33333 | 99.66578 | 99.99911 | 0.33333 | 99.66578 | 99.99911 |
| 96.657.900-5 | Consorcio Protección Fitosanitaria Forestal S.A. | Chile | Chilean Pesos |  | 56.83124 | 56.83124 |  | 56.83117 | 56.83117 |
| 76.869.577-0 | E2E SpA | Chile | Chilean Pesos | 1.00000 | 98.99861 | 99.99861 | 1.00000 | 98.99861 | 99.99861 |
| 85.805.200-9 | Forestal Arauco S.A. | Chile | U.S. Dollar | 99.94839 |  | 99.94839 | 99.94839 |  | 99.94839 |
| 93.838.000-7 | Forestal Cholguán S.A. | Chile | U.S. Dollar |  | 98.64429 | 98.64429 |  | 98.64296 | 98.64296 |
| 96.563.550-5 | Inversiones Arauco Internacional Ltda. | Chile | U.S. Dollar | 98.01862 | 1.98036 | 99.99898 | 98.01862 | 1.98036 | 99.99898 |
| 79.990.550-7 | Investigaciones Forestales Bioforest SpA | Chile | U.S. Dollar | 1.00000 | 98.94891 | 99.94891 | 1.00000 | 98.94891 | 99.94891 |
|  | Leasing Forestal S.A. | Argentina | Argentine pesos |  | 99.98010 | 99.98010 |  | 99.98010 | 99.98010 |
| 76.860.724-9 | Lemu Earth SpA | Chile | U.S. Dollar |  | 96.36917 | 96.36917 |  | 96.36917 | 96.36917 |
|  | Lemu Global Limited. | United Kingdom | Pound Sterlin |  | 96.36917 | 96.36917 |  | 96.36917 | 96.36917 |
|  | Lemu Inc. | United States | U.S. Dollar |  | 96.36917 | 96.36917 |  | 96.36917 | 96.36917 |
|  | Maderas Arauco Costa Rica S.A. | Costa Rica | U.S. Dollar |  | 99.99898 | 99.99898 |  | 99.99898 | 99.99898 |
| 96.510.970-6 | Maderas Arauco S.A. | Chile | U.S. Dollar |  | 99.99860 | 99.99860 |  | 99.99860 | 99.99860 |
|  | Mahal Empreendimentos e Participações S.A. | Brazil | Brazilian Real |  | 99.99907 | 99.99907 |  | 99.99907 | 99.99907 |
|  | Novo Oeste Gestão de Ativos Florestais S.A. | Brazil | Brazilian Real |  | 99.99907 | 99.99907 |  | 99.99907 | 99.99907 |
| 77.744.968-0 | Parque Eólico Girasol SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 77.985.297-0 | Parque Eólico El Jazmín SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 78.075.458-3 | Parque Eólico El Trébol SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 77.945.814-8 | Parque Eólico Hortensias SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 77.869.168-K | Parque Eólico Las Calas SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 77.744.909-5 | Parque Eólico Las Dalias SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 77.744.915-K | Parque Eólico Las Fresias SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 77.945.827-K | Parque Eólico Lavanda SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 77.173.565-7 | Parque Eólico Los Cardos SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 77.869.171-K | Parque Eólico Tulipanes SpA. | Chile | Chilean Pesos |  | 99.94839 | 99.94839 |  | 99.94839 | 99.94839 |
| 76.375.371-9 | Servicios Aéreos Forestales Ltda. | Chile | U.S. Dollar | 14.47369 | 85.52544 | 99.99913 | 14.47369 | 85.52544 | 99.99913 |
| 96.637.330-K | Servicios Logísticos Arauco SpA | Chile | U.S. Dollar | 45.00000 | 54.99923 | 99.99923 | 45.00000 | 54.99923 | 99.99923 |
|  | Tecverde S.A. | Brazil | Brazilian Real |  | 91.38230 | 91.38230 |  | 91.11312 | 91.11312 |
|  | Woodaffix, LLC. | United States | U.S. Dollar | - | 99.99911 | 99.99911 | - | 99.99911 | 99.99911 |

---

(1) Company merged in January 2026, in Arauco Indústria de Painéis S.A.

(2) Company dissolved in February 2026.

The companies in the table below are classified as joint operations in accordance with IFRS 11. The assets, liabilities, income and expenses are recorded in relation to the Company's ownership percentage as specified in the contractual arrangement.

---

| | | |
|:---|:---|:---|
| **Company Name** | **Country** | **Functional currency** |
| Celulosa y Energía Punta Pereira S.A. | Uruguay | U.S. dollar |
| El Esparragal Asociación Agraria de R.L. | Uruguay | U.S. dollar |
| Eufores S.A. | Uruguay | U.S. dollar |
| Forestal Cono Sur S.A. | Uruguay | U.S. dollar |
| Ongar S.A. | Uruguay | U.S. dollar |
| Stora Enso Uruguay S.A. | Uruguay | U.S. dollar |
| Terminal Logística e Industrial M'Bopicuá S.A. | Uruguay | U.S. dollar |
| Zona Franca Punta Pereira S.A. | Uruguay | U.S. dollar |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

According to significant restrictions on the ability of subsidiaries to transfer funds to Arauco, in the form of cash dividends or repayment of borrowings and/or advances, we state the following:

**<u>Long-term debt with related entities - mutual agreement with Arauco Argentina S.A.</u>**

On June 5, 2017, Arauco signed a mutual agreement with its subsidiary Arauco Argentina S.A., pursuant to which this subsidiary received an amount of U.S.$250,000,000, which accrues an interest at the SOFR interest rate for 180 days plus a fixed spread of 5.20% and an adjustment of 0.42826% resulting from the replacement of LIBOR rates in dollars with SOFR rates (this according to the "Selections and Recommendations" of the "Alternative Reference Rates Committee" or ARRC), with payments every six months on June 1 and December 1 of each year.

Since 2020, the Central Bank of the Argentine Republic (BCRA) established certain foreign exchange controls, preventing Arauco Argentina S.A. from repaying the amount of ThU.S.$160,000 owed under the mutual agreement described above which matured on June 1, 2022.

On July 14, 2022, Arauco Argentina S.A. paid ThU.S.$6,000 of the amount owed under the mutual agreement described above, remaining to pay ThU.S.$154,000 of capital as of the date of these interim consolidated financial statements.

**Key management personnel compensation and redundancy benefits**

---

| | | |
|:---|:---|:---|
|  | **January – March** | **January – March** |
|  | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Salaries and bonuses | 18985 | 17492 |
| Per diem compensation to members of the Board of Directors | 828 | 731 |
| Termination benefits | 753 | 641 |
| **Total** | **20566** | **18864** |

---

**Related party receivables, current**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name of related party** | <br> **Tax ID No.** | **Nature of**<br>**relationship** | <br>**Country** | <br>**Currency** |<br>**Maturity** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Fundación Educacional Arauco | 71.625.000-8 | Parent company is founder and contributor | Chile | Chilean pesos | 30 days | 698 |  |
| Alxar Internacional SpA. | 76.879.169-4 | Subsidiary of the controlling parent | Chile | Chilean pesos |  |  | 42 |
| EMOAC SpA. | 76.208.888-6 | Subsidiary of the controlling parent | Chile | Chilean pesos | 30 days | 1 | 69 |
| Agrícola San Gerardo SpA | 77.017.167-9 | Joint venture | Chile | Chilean pesos |  |  | 331 |
| TreeCo, Inc. |  | Joint venture | United States | U.S. dollar | 30 days | 48 | 48 |
| **TOTAL** |  |  |  |  |  | **747** | **490** |

---

**Related party payables, current**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name of related party** | <br>**Tax ID No.** | **Nature of**<br>**relationship** |<br>**Country** | <br>**Currency** |<br>**Maturity** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Copec S.A. | 99.520.000-7 | Subsidiary of the controlling parent | Chile | Chilean pesos | 30 days | 9825 | 6405 |
| Abastible S.A. | 91.806.000-6 | Subsidiary of the controlling parent | Chile | Chilean pesos | 30 days | 573 | 170 |
| Eka Chile S.A. | 99.500.140-3 | Joint venture | Chile | Chilean pesos | 30 days | 2077 | 2209 |
| Fundación Educacional Arauco | 71.625.000-8 | Parent company is founder and contributor | Chile | Chilean pesos |  |  | 53 |
| Compañía Puerto de Coronel S.A. | 79.895.330-3 | Subsidiary of an associate | Chile | U.S. dollar | 30 days | 132 | 253 |
| Vía Limpia SpA. | 79.874.200-0 | Subsidiary of the controlling parent | Chile | Chilean pesos |  |  | 39 |
| Megacentro San Pedro S.A. | 76.390.430-K | Common stockholder | Chile | Chilean pesos |  |  | 2 |
| Agrícola Fresno SpA | 77.470.229-6 | Joint venture | Chile | U.S. dollar | 30 days | 306 | 306 |
| Parque Eólico Ovejera Sur SpA. | 76.839.949-2 | Joint venture | Chile | Chilean pesos | 30 days | 183 | - |
| **TOTAL** |  |  |  |  |  | **13096** | **9437** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**Related party payables, non-current**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name of related party** | <br>**Tax ID No.** | **Nature of**<br>**relationship** | <br>**Country** | <br>**Currency** |<br>**Maturity** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Agrícola Fresno SpA. | 77.470.229-6 | Joint venture | Chile | U.S. dollar | 12-31-2054 | 8640 | 8716 |
| Agrícola Fresno SpA. | 77.470.229-6 | Joint venture | Chile | U.S. dollar | 12-31-2027 | 3875 | 3875 |
| TreeCo, Inc. |  | Joint venture | United States | U.S. dollar | Annual | 11333 | 11333 |
| **TOTAL** |  |  |  |  |  | **23848** | **23924** |

---

**Related party transactions**

**Purchases and other transactions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name of related party** | <br>**Tax ID No.** | **Nature of**<br>**relationship** | <br>**Currency** | **Transaction**<br>**descriptions** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Abastible S.A. | 91.806.000-6 | Subsidiary of the controlling parent Chile | Chilean pesos | Fuel | 1285 | 4741 |
| Copec S.A. | 99.520.000-7 | Subsidiary of the controlling parent Chile | Chilean pesos | Fuel and other | 25594 | 103241 |
| Compañía Puerto de Coronel S.A. | 79.895.330-3 | Subsidiary of an associate Chile | Chilean pesos | Transport, stowage and port services | 1115 | 4163 |
| EKA Chile S.A. | 99.500.140-3 | Joint venture Chile | Chilean pesos | Sodium chlorate | 12096 | 51145 |
| Megacentro San Pedro S.A. | 76.390.430-K | Common stockholder Chile | Chilean pesos | Lease of warehouses and parking spaces | 131 | 350 |
| Woodtech S.A. | 76.724.000-7 | Associate of controlling parent Chile | Chilean pesos | Wood volumen measurement services | 50 | 820 |
| Servicios Corporativos Sercor S.A. | 96.925.430-1 | Associate Chile | Chilean pesos | Other purchases | 51 | 207 |
| Vía Limpia SPA | 79.874.200-0 | Subsidiary of the controlling parent Chile | Chilean pesos | Waste management service and other purchases | 85 | 481 |

---

**Sales and other transactions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name of related party** | <br>**Tax ID No.** | **Nature of**<br>**relationship** | <br>**Currency** | **Transaction**<br>**Descriptions** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Abastible S.A. | 91.806.000-6 | Subsidiary of the controlling parent Chile | Chilean pesos | Electrical power and others | 52 | 269 |
| Copec S.A. | 99.520.000-7 | Subsidiary of the controlling parent Chile | Chilean pesos | Wood |  | 219 |
| EKA Chile S.A. | 99.500.140-3 | Joint venture Chile | Chilean pesos | Electrical power | 6256 | 27225 |
| Fundación Educacional Arauco | 71.625.000-8 | Parent company is founder and contributor Chile | Chilean pesos | IT and administrative services | 56 | 238 |
| Compañía Puerto de Coronel S.A. | 79.895.330-3 | Subsidiary of an associate Chile | Chilean pesos | Other sales | 5 | 130 |
| EMOAC SpA | 76.208.888-6 | Subsidiary of the controlling parent Chile | Chilean pesos | Electrical Power | 247 | 1790 |

---

**Other transactions (loans granted and capital contributions)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name of related party** | <br>**Tax ID No.** | **Nature of**<br>**relationship** | <br>**Country** | <br>**Currency** | **Transaction**<br>**descriptions** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Falcão MS SPE S.A. |  | Associate | Brazil | Brazilian real | Capital contribution |  | 42113 |
| Agrícola Fresno SpA | 77.470.229-6 | Joint venture | Chile | U.S. dollar | Capital contribution |  | 18812 |
| Parque Eólico Ovejera Sur SpA.(\*) | 76.839.949-2 | Joint venture | Chile | Chilean pesos | Capital contribution | 183 | 234 |
| Compañía Puerto de Coronel S.A. | 79.895.330-3 | Subsidiary of an associate | Chile | U.S. dollar | Capital contribution |  | 5745 |
| Compañía Puerto de Coronel S.A. | 79.895.330-3 | Subsidiary of an associate | Chile | U.S. dollar | Borrowing capitalization | - | 101 |

---

(\*) Subscribed but unpaid capital contribution as of the reporting date.

**NOTE 14. INVESTMENTS IN SUBSIDIARIES**

The main operations carried out as of March 31, 2026 and December 31, 2025 are reported below:

On January 1, 2026, the reverse merger (absorption) by Industria de Painéis S.A. ("AIPA") of its direct parent company, Arauco do Brasil S.A. ("ADBR") was consummated, as part of a restructuring project for AIPA's operations, aimed at achieving a greater efficiency and the improved organization of ADBR's assets and liabilities.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 15. INVESTMENTS IN ASSOCIATES**

As of March 31, 2026 and December 31, 2025, these are the main movements of investments in associates to report:

During 2025, Arauco made capital contributions to Falcão MS SPE S.A. in the amount of ThR$63,488 (equivalent to ThU.S.$11,395) through its Brazilian subsidiary, Arauco Participações Florestais Ltda. No new contributions were made during the period ended March 31, 2026.

In March 2025, Arauco made a capital contribution to Inversiones Puerto Coronel S.A. through the capitalization of loans receivable from Compañía Puerto de Coronel S.A., in the amount of ThU.S.$5,745.

The following tables set forth information about investments in associates.

---

| | | |
|:---|:---|:---|
| Name | Inversiones Puerto Coronel S.A. | Inversiones Puerto Coronel S.A. |
| Country | Chile | Chile |
| Functional currency | U.S. dollar | U.S. dollar |
| Corporate purpose | Investments in movables and real estate, acquisition of companies, securities and investment instruments, investment management and development and/or participation in all kinds of businesses and companies related to industrial, shipping, forestry and commercial activities. | Investments in movables and real estate, acquisition of companies, securities and investment instruments, investment management and development and/or participation in all kinds of businesses and companies related to industrial, shipping, forestry and commercial activities. |
| Ownership interest (%) | 50.0000% | 50.0000% |
|  | **03-31-2026** | **12-31-2025** |
| Carrying amount accounted for using equity method | ThU.S.$44,838 | ThU.S.$43,723 |

---

---

| | | |
|:---|:---|:---|
| Name | Servicios Corporativos Sercor S.A. | Servicios Corporativos Sercor S.A. |
| Country | Chile | Chile |
| Functional currency | Chilean pesos | Chilean pesos |
| Corporate purpose | Consulting services related to business management to Boards of Directors and Senior Management of all Arauco's entities. | Consulting services related to business management to Boards of Directors and Senior Management of all Arauco's entities. |
| Ownership interest (%) | 20.0000% | 20.0000% |
|  | **03-31-2026** | **12-31-2025** |
| Carrying amount accounted for using equity method | ThU.S.$391 | ThU.S.$393 |

---

---

| | | |
|:---|:---|:---|
| Name | Genómica Forestal S.A. | Genómica Forestal S.A. |
| Country | Chile | Chile |
| Functional currency | Chilean pesos | Chilean pesos |
| Corporate purpose | Developing forestry genomics, through the use of biotechnological, molecular and bioinformatics tools with the purpose of strengthening genetic programs so as to improve the competitive position of the Chilean forestry industry for priority tree species. | Developing forestry genomics, through the use of biotechnological, molecular and bioinformatics tools with the purpose of strengthening genetic programs so as to improve the competitive position of the Chilean forestry industry for priority tree species. |
| Ownership interest (%) | 25.0000% | 25.0000% |
|  | **03-31-2026** | **12-31-2025** |
| Carrying amount accounted for using equity method | ThU.S.$9 | ThU.S.$9 |

---

---

| | | |
|:---|:---|:---|
| Name | Falcão MS SPE S.A. | Falcão MS SPE S.A. |
| Country | Brazil | Brazil |
| Functional currency | Brazilian real | Brazilian real |
| Corporate purpose | Management of land for leases to related parties. | Management of land for leases to related parties. |
| Ownership interest (%) | 49.0000% | 49.0000% |
|  | **03-31-2026** | **12-31-2025** |
| Carrying amount accounted for using equity method | ThU.S.$77,228 | ThU.S.$73,999 |

---

---

| | | |
|:---|:---|:---|
|  | **03-31-2026** | **12-31-2025** |
| Total investments in associates accounted for using equity method | ThU.S.$122,466 | ThU.S.$118,124 |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**Summarized financial information of associates**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**03-31-2026** | **Inversiones** <br> **Puerto**<br> **Coronel S.A.** <br>**ThU.S.$** | **Serv.Corporativos**<br> **Sercor S.A.**<br>**ThU.S.$** | **Falcão**<br> **MS SPE S.A.**<br>**ThU.S.$** | **Genómica**<br> **Forestal S.A.**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| Current assets of associates | 11485 | 7331 | 13324 | 10 | 32150 |
| Non-current assets of associates | 91495 | 4841 | 260953 | 62 | 357351 |
| **Total of associates** | **102980** | **12172** | **274277** | **72** | **389501** |
| Current liabilities of associates | 11540 | 5987 | 19607 |  | 37134 |
| Non-current liabilities of associates |  | 4232 | 72021 | 35 | 76288 |
| Equity | 91440 | 1953 | 182649 | 37 | 276079 |
| **Total of associates** | **102980** | **12172** | **274277** | **72** | **389501** |
| **03-31-2026** |  |  |  |  |  |
| Income |  | 1321 | 4082 |  | 5403 |
| Other income / expenses | 1140 | (1288) | (411) | - | (559) |
| **Net profit or loss (continuing operations) of associates** | **1140** | **33** | **3671** | - | **4844** |
| Other comprehensive income |  |  |  |  |  |
| Comprehensive income | 1140 | 33 | 3671 |  | 4844 |
| Dividends received | - | - | 1404 | - | 1404 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**12-31-2025** | **Inversiones**<br> **Puerto**<br> **Coronel S.A.** <br>**ThU.S.$** | **Serv.Corporativos**<br> **Sercor S.A.**<br>**ThU.S.$** | **Falcão**<br> **MS SPE S.A.**<br>**ThU.S.$** | **Genómica**<br> **Forestal S.A.** <br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| Current assets of associates | 11485 | 7907 | 7368 | 10 | 26770 |
| Non-current assets of associates | 89264 | 5068 | 258600 | 62 | 352994 |
| **Total of associates** | **100749** | **12975** | **265968** | **72** | **379764** |
| Current liabilities of associates | 11539 | 6770 | 40293 |  | 58602 |
| Non-current liabilities of associates |  | 4241 | 53176 | 35 | 57452 |
| Equity | 89210 | 1964 | 172499 | 37 | 263710 |
| **Total of associates** | **100749** | **12975** | **265968** | **72** | **379764** |
| **03-31-2025** |  |  |  |  |  |
| Income |  | 841 | 3399 |  | 4240 |
| Other income / expenses | 5868 | (740) | (347) | - | 4781 |
| **Net profit or loss (continuing operations) of associates** | **5868** | **101** | **3052** | - | **9021** |
| Other comprehensive income | (970) |  |  |  | (970) |
| Comprehensive income | 4898 | 101 | 3052 |  | 8051 |
| Dividends received | - | - | 3111 | - | 3111 |

---

**Reconciliation of investment in associates and joint ventures** 

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Opening balance as of January 1** | **483542** | **406611** |
| **Changes** |  |  |
| Investment in associates, additions (1) |  | 47858 |
| Investment in joint ventures, additions (2) | 183 | 19046 |
| Disposals, investment in associates and joint ventures (4) |  | (326) |
| Share of profit (loss) in investment in associates | 630 | (245) |
| Share of profit (loss) in investment in joint ventures | (4272) | (3620) |
| Dividends received | (1404) | (12418) |
| Increase (decrease) in foreign exchange currency on translation of associates and joint ventures | 989 | 33654 |
| Acquisitions through business combinations (3) |  | (5) |
| Other increase (decrease) in investment in associates and joint ventures | (233) | (7013) |
| **Total changes** | **(4107)** | **76931** |
| **Closing balance** | **479435** | **483542** |

---

<u>Year 2026:</u>

(2) Contributions made in joint ventures:

-Arauco Bioenergía SpA., made capital contributions to Parque Eólico Ovejera Sur SpA. amounting to ThCLP$167,000 equivalents to ThU.S.$183.

<u>Year 2025:</u>

(1) Contributions made in investments in associates:

-In March, Celulosa Arauco y Constitución S.A. made capital contributions to the company Inversiones Puerto Coronel S.A. through the capitalization of loans receivable with Compañía Puerto de Coronel S.A. for ThU.S.$5,745.

-Arauco Participações Florestais Ltda. made capital contributions to the company Falcão MS SPE S.A. for ThR$230,039 that is equivalent to ThU.S.$42,113 for 230,039,467 shares.

(2) Contributions made in joint ventures:

-Forestal Arauco S.A., made contributions of non-monetary assets to Agrícola Fresno SpA amounting to ThU.S.$18,812.

-Arauco Bioenergía SpA., made capital contributions to Parque Eólico Ovejera Sur SpA. amounting to ThCLP$220,000 equivalents to ThU.S.$234.

(3) Forestal Arauco S.A., acquired the remaining 50% of the shares in the following companies: Parque Eólico Girasol Spa., Parque Eólico Las Dalias SpA., Parque Eólico Las Fresias SpA., Parque Eólico El Trébol SpA., Parque Eólico Los Cardos SpA., Parque Eólico Las Calas SpA., Parque Eólico Tulipanes SpA., Parque Eólico Hortensias SpA., Parque Eólico Lavanda SpA., y Parque Eólico Jazmin SpA., the payment was for Th$500 equivalent to ThU.S.$0.5 for 500 shares in each entity. Subsequently, Forestal Arauco S.A. sold 100% of these shares to Altovento SpA.

(4) Forestal Arauco S.A., during December 2025, decreased its capital investment in Agrícola San Gerardo SpA by ThCLP$300,000 in cash, equivalent toThU.S.$326.

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Carrying amount of investments in associates accounted for using equity method | 122466 | 118124 |
| Carrying amount of investments in joint ventures accounted for using equity method | 356969 | 365418 |
| **Total investment accounted for using equity method** | **479435** | **483542** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 16. INTERESTS IN JOINT ARRANGEMENTS**

<u>Investments and contributions made</u>

The main operations carried out as of March 31, 2026 and December 31, 2025 are reported below:

On January 1, 2025, a corporate reorganization was carried out through the merger by absorption by Eufores S.A. of the companies Taurion S.A., Taurion Asociación Agraria de Responsabilidad Limitada, Monte Fresnos S.A. and Monte Fresnos Asociación Agraria de Responsabilidad Limitada, prior to the sale by Forestal Cono Sur S.A. to Eufores S.A. of all of its shares in Taurion Asociación Agraria de Responsabilidad Limitada and Monte Fresnos Asociación Agraria de Responsabilidad Limitada.

During 2025, Arauco made contributions of non-monetary assets to Agrícola Fresno SpA for a total amount of ThU.S.$18,812 through its subsidiary Forestal Arauco S.A.

The investments in Uruguay qualify as a joint operation, and Arauco holds a 50% interest in these investments. In relation to "other rights and contractual conditions", the joint operation has the primary objective of providing the parties an output. As established in the "Pulp Supply Agreement", both Arauco and its partner have the obligation to acquire 100% of the yearly pulp produced by the joint operation. Arauco has recognized the assets, liabilities, income and expenses associated with its interest ownership, pursuant to IFRS 11.

Arauco holds a 50% interest in Sonae Arauco S.A., which subsidiary produces and commercializes wood panels, of the type of MDF, PB and OSB, and sawn timber, through the operation of two panel plants and one sawmill in Spain; two panel plants and one resin plant in Portugal; three panel plants in Germany and two panel plants in South Africa.

Furthermore, Arauco holds a 50% ownership in Eka Chile S.A. ("Eka"), a company that sells sodium chlorate to pulp plants in Chile. There is a contractual agreement with this company whereby Arauco has engaged in an economic activity subject to common control, which is classified as a joint venture.

The following tables set forth summarized financial information of the more significant interests in joint arrangements, which qualify as joint operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| <br>**Celulosa y Energía Punta Pereira S.A.**<br>**(Uruguay)** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** |
| Current | 405828 | 68284 | 319146 | 67054 |
| Non-current | 1891997 | 122955 | 1912140 | 117581 |
| Equity | - | 2106586 | - | 2046651 |
| **Total joint arrangement** | **2297825** | **2297825** | **2231286** | **2231286** |
| **Investment** | **1053293** |  | **1023326** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income | 231157 |  | 200977 |  |
| Expenses | (178513) |  | (149698) |  |
| **Joint arrangement net income (loss)** | **52644** |  | **51279** |  |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| <br>**Forestal Cono Sur S.A. (consolidated)** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** |
| Current | 113861 | 8360 | 96509 | 5198 |
| Non-current | 108425 | 777 | 124956 | 1788 |
| Equity |  | 213149 |  | 214479 |
| **Total joint arrangement** | **222286** | **222286** | **221465** | **221465** |
| **Investment** | **106575** |  | **107240** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income | 16669 |  | 183 |  |
| Expenses | (17999) |  | 4128 |  |
| **Joint arrangement net income (loss)** | **(1330)** |  | **4311** |  |
|  | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
|  | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| **Eufores S.A. (consolidated)** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** |
| Current | 219810 | 313692 | 172013 | 249547 |
| Non-current | 1278622 | 127795 | 1257527 | 122337 |
| Equity |  | 1056945 |  | 1057656 |
| **Total joint arrangement** | **1498432** | **1498432** | **1429540** | **1429540** |
| **Investment** | **528472** |  | **528828** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income | 79476 |  | 77381 |  |
| Expenses | (78480) |  | (56907) |  |
| **Joint arrangement net income (loss)** | **996** |  | **20474** |  |
|  | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| **Zona Franca Punta Pereira S.A.** | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| **(Uruguay)** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** |
| Current | 12661 | 80268 | 10387 | 80396 |
| Non-current | 407451 |  | 410048 |  |
| Equity |  | 339844 |  | 340039 |
| **Total joint arrangement** | **420112** | **420112** | **420435** | **420435** |
| **Investment** | **169922** |  | **170020** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income | 6546 |  | 5535 |  |
| Expenses | (6742) |  | (6034) |  |
| **Joint arrangement net income (loss)** | **(196)** |  | **(499)** |  |

---

The following tables set forth summarized financial information of the more significant interests in joint ventures accounted in for equity method and its movements are presented in Note 15:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| <br>**Eka Chile S.A.** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** |
| Current | 15292 | 3722 | 14008 | 4371 |
| Non-current | 40532 | 5103 | 41044 | 5105 |
| Equity | - | 46998 | - | 45576 |
| **Total joint arrangement** | **55824** | **55823** | **55052** | **55052** |
| **Investment** | **23499** |  | **22788** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income | 12368 |  | 11378 |  |
| Expenses | (10944) |  | (9553) |  |
| **Joint arrangement net income (loss)** | **1424** |  | **1825** |  |
| Other comprehensive income |  |  |  |  |
| Comprehensive income | 1424 |  | 1825 |  |
| Dividends |  |  |  |  |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| <br>**Sonae Arauco S.A.** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** |
| Current | 276784 | 257576 | 267087 | 245801 |
| Non-current | 818282 | 393188 | 829842 | 386656 |
| Equity | - | 444302 | - | 464472 |
| **Total joint arrangement** | **1095066** | **1095066** | **1096929** | **1096929** |
| **Net assets** | **205113** |  | **215198** |  |
| Net asset adjustment (goodwill) | 17038 |  | 17038 |  |
| **Investment** | **222151** |  | **232236** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income | 262956 |  | 237550 |  |
| Expenses | (274666) |  | (250768) |  |
| **Joint arrangement net income (loss)** | **(11710)** |  | **(13218)** |  |
| Other comprehensive income |  |  |  |  |
| Comprehensive income | (11710) |  | (13218) |  |
| Dividends |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| <br>**Agrícola El Paque SpA.** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** |
| Current | 263 | 77 | 804 | 194 |
| Non-current | 4955 | 863 | 5076 | 882 |
| Equity |  | 4278 |  | 4804 |
| **Total joint arrangement** | **5218** | **5218** | **5880** | **5880** |
| **Investment** | **2139** |  | **2402** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income |  |  |  |  |
| Expenses | (422) |  | (89) |  |
| **Joint arrangement net income (loss)** | **(422)** |  | **(89)** |  |
| Other comprehensive income |  |  |  |  |
| Comprehensive income | (422) |  | (89) |  |
| Dividends |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| <br>**Parque Eólico Ovejera del Sur SpA.** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** |
| Current | 575 | 319 | 249 | 489 |
| Non-current | 3237 | 540 | 3369 | 211 |
| Equity | - | 2953 | - | 2918 |
| **Total joint arrangement** | **3812** | **3812** | **3618** | **3618** |
| **Investment** | **1477** |  | **1459** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income |  |  |  |  |
| Expenses | (262) |  | (19) |  |
| **Joint arrangement net income (loss)** | **(262)** |  | **(19)** |  |
| Other comprehensive income |  |  |  |  |
| Comprehensive income | (262) |  | (19) |  |
| Dividends |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| <br>**Agrícola San Gerardo SpA.** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** |
| Current | 973 | 483 | 2193 | 1058 |
| Non-current | 4266 | 1617 | 4395 | 1654 |
| Equity | - | 3138 | - | 3876 |
| **Total joint arrangement** | **5239** | **5238** | **6588** | **6588** |
| **Investment** | **1569** |  | **1938** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income |  |  |  |  |
| Expenses | (652) |  | (439) |  |
| **Joint arrangement net income (loss)** | **(652)** |  | **(439)** |  |
| Other comprehensive income |  |  |  |  |
| Comprehensive income | (652) |  | (439) |  |
| Dividends |  |  |  |  |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| <br>**Agrícola Fresno SpA** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** |
| Current | 17857 | 34014 | 11342 | 26712 |
| Non-current | 186579 | 4383 | 182775 | 4828 |
| Equity | - | 166039 | - | 162577 |
| **Total joint arrangement** | **204436** | **204436** | **194117** | **194117** |
| **Investment** | **83020** |  | **81289** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income | 6158 |  |  |  |
| Expenses | (2696) |  | 487 |  |
| **Joint arrangement net income (loss)** | **3462** |  | **487** |  |
| Other comprehensive income |  |  |  |  |
| Comprehensive income | 3462 |  | 487 |  |
| Dividends |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| <br>**TreeCo Inc.** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** | **Assets**<br>**ThU.S.$** | **Liabilities**<br>**ThU.S.$** |
| Current | 3726 | 1273 | 3837 | 1016 |
| Non-current | 12362 |  | 12372 |  |
| Equity | - | 14816 | - | 15193 |
| **Total joint arrangement** | **16088** | **16089** | **16209** | **16209** |
| **Investment on equity** | **7575** |  | **7768** |  |
| **Goodwill** | **39577** |  | **39577** |  |
|  | **47152** |  | **47345** |  |
|  | **03-31-2026** |  | **03-31-2025** |  |
|  | **ThU.S.$** |  | **ThU.S.$** |  |
| Income |  |  |  |  |
| Expenses | (377) |  | (376) |  |
| **Joint arrangement net income (loss)** | **(377)** |  | **(376)** |  |
| Other comprehensive income |  |  |  |  |
| Comprehensive income | (377) |  | (376) |  |
| Dividends |  |  |  |  |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 17. IMPAIRMENT OF ASSETS**

In the fiscal year 2022, an impairment loss provision of ThU.S.$10,500 was recognized with respect to the dryer asset casualty event at the Valdivia mill in Chile, presented within provisions for impairment of individual assets. During 2025, the remaining provision balance of ThU.S.$3,639 was reversed, leaving the provision at zero as of December 31, 2025.

At the end of fiscal year 2022, the subsidiary Arauco Argentina recognized an impairment provision on its cellulose pulp manufacturing cash-generating unit following an assessment of prevailing market conditions, including projected future margin trends, foreign exchange fluctuations, and the heightened risk environment in the Argentine Republic. The provision was determined by applying standard IFRS impairment testing procedures and amounted to ThU.S. $127,605. As of March 31, 2026, no changes in the key assumptions underlying the impairment assessment have been identified and, accordingly, no impairment reversals have been recognized, leaving a provision balance of ThU.S.$126,481 (ThU.S.$126,921 as of December 31, 2025).

On September 12, 2023, the decision to indefinitely suspend the pulp manufacturing operations at the Licancel mill (Chile) was announced, upon which an impairment provision of ThU.S.$61,039 was recognized. The provision included impairment charges against property, plant and equipment and spare parts inventory. During 2025, assets write-offs of ThU.S.$57,955 were recorded, and impairment provision reversals of ThU.S.$1,506 were recognized, leaving a provision balance of ThU.S.$1,578 as of March 31, 2026 (Thu.S.$1,578 as of December 31, 2025).

In the second half of 2023, an impairment provision of ThU.S.$6,037 was recognized in connection with the closure of the Aserradero Horcones II in Chile, which is part of the wood products segment, due to supply issues, rising costs and decreased availability of raw materials. During 2025, reversals of ThU.S.$88 were recognized, leaving a provision balance of ThU.S.$5,949 as of March 31, 2026.

During 2024, an impairment provision amounting to ThU.S.$7,272 was recognized in relation to the indefinite suspension of operations of the Aserradero El Colorado in Chile, which is part of the wood product segment. The provision balance amounted to ThU.S.$7,266 as of March 31, 2026. As of March 31, 2026, no changes in the key assumptions underlying the impairment assessment have been identified and, consequently, no impairment reversals have been recognized.

In the second half of 2024, an impairment provision of ThU.S.$2,027 was recognized corresponding to Properties, plant and equipment associated with Line MDF1 of the Trupán-Cholguán complex, which is part of the wood product segment. The project involves the modernization and renovation parts of portions of the existing MDF1 Line, as well as the incorporation of new processes and equipment for the manufacture of OSB (Oriented Strand Board) products. As of March 31, 2026, no changes in the key assumptions underlying the impairment assessment have been identified and, consequently, no impairment reversals have been recognized.

In 2024, an impairment provision was recognized for the MDP line at the Pien mill in Brazil for ThU.S.$7,226, an amount that includes ThU.S.$1,359 for impairment of the associated goodwill mentioned later in this note. During 2025, the provision was subject to reversals, leaving the provision at zero as of December 31, 2025.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

As of March 31, 2026, an impairment provision balance of ThU.S.$7,976 (ThU.S.$8,016 as of December 31, 2025) is maintained, related to property, plant and equipment in the United States.

As of March 31, 2026, an impairment provision of Thu.S.$689 has been recognized, corresponding to property, plant and equipment associated with the PB sanding line at the Durango industrial complex in Mexico, within the wood product segment.

In 2025, an impairment provision of ThU.S.$2,183 was recognized for property, plant and equipment related to the production line PB L2 of the Durango industrial complex in Mexico, belonging to the wood products segment. As of March 31, 2026, no changes have been identified in the assumptions that led to the recognition of the impairment; therefore, no reversal of impairment has been recognized.

In 2025, an impairment provision of ThU.S.$2,645 was recognized for property, plant and equipment related to the production line PB L1 of the Zitácuaro industrial complex in Mexico, which is currently developing a new MDF production line, belonging to the wood products segment. As of March 31, 2026, no changes have been identified in the assumptions that led to the recognition of the impairment; therefore, no reversal of impairment has been recognized.

All impairment provision charges are presented in the consolidated statement of profit or loss under other expenses by function, whose movements are shown below:

---

| | | |
|:---|:---|:---|
| <br>**Changes in CGUs impairment provision** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Opening balance** | 308640 | 367507 |
| Impairment loss recognized in profit or loss | 689 | 4828 |
| Reversal of impairment loss recognized in profit or loss | (440) | (69004) |
| Increase (decrease) in foreign exchange | 2479 | 5309 |
| **Closing balance** | **311368** | **308640** |

---

Changes in provisions for impairment of property, plant and equipment and spare parts due to technical obsolescence or loss to forest due to fires, are shown below:

---

| | | |
|:---|:---|:---|
| **Changes in impairment provision from impaired assets** | **03-31-2026**<br> **ThU.S.$** | **12-31-2025**<br> **ThU.S.$** |
| **Opening balance** | 22831 | 31578 |
| Impairment loss recognized in profit or loss | 31 | 1305 |
| Reverse of impairment recognized loss in profit or loss | (783) | (11690) |
| Increase (decrease) in foreign exchange | (32) | 1638 |
| **Closing balance** | **22047** | **22831** |

---

**Goodwill**

Goodwill is allocated to the groups of cash-generating units that are expected to benefit from the synergies of the combination.

At the date of these consolidated financial statements, the balance of goodwill is ThU.S.$53,259 (ThU.S.$52,681 as of December 31, 2025), as shown below:

---

| | | |
|:---|:---|:---|
| <br>**Goodwill** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Arauco Canada Ltd. (Flakeboard Company Ltd) | 40617 | 40651 |
| Arauco do Brasil S.A. (Pien mill) | 11910 | 11298 |
| Arauco North America, Inc. (Prime-Line, Inc.) | 732 | 732 |
| **Closing balance** | **53259** | **52681** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | |
|:---|:---|:---|
| <br>**Goodwill movement** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Opening balance at January 1** | **52681** | **51325** |
| Impairment |  |  |
| Increase (decrease) in foreign exchange | 578 | 1356 |
| **Closing balance** | **53259** | **52681** |

---

Of the total of goodwill, ThU.S.$40,617 (ThU.S.$40,651 as of December 31, 2025) were generated by the acquisition of "Flakeboard" (currently Arauco Canada Ltd.), a company that, directly and/or through its subsidiaries, possesses and operates 7 panel plants, for which Arauco acquired and paid, on September 24, 2012, the price of ThU.S.$242,502 for the 100% interest ownership. The remaining balance of ThU.S.$732 corresponds to the acquisition of Prime-Line Inc., on September 1, 2019, for which Arauco North America Inc, a subsidiary of Arauco Canada Ltd. paid ThU.S.$18,880 for all the shares of said company.

The recoverable amount for Flakeboard's cash generating unit was determined in the annual closing based on the calculations of its value in use, and this calculation was made using cash flow projections covering a 7-year term, a period time, which is considered to represent the cyclicality of the business performance, applying a nominal discount rate of 8%, which reflects current market assessments for the wood products segment in North America.

As of March 31, 2026, Arauco remains a goodwill balance of ThU.S.$11,910 (ThU.S.$11,298 as of December 31, 2025), associated with the cash-generating unit of the MDF line, in connection with its investment in the panel plant in Pien, Brazil.

The recoverable amount for the group of cash-generating units of the Pien mill was determined in the annual closing based on the calculations of its value in use, and this calculation was made using cash flow projections covering a 5-year term based on the operational plan approved by the Administration, applying a 7.4% nominal discount rate that reflects current evaluations for the panel segment in Brazil.

As of March 31, 2026, and December 31, 2025, the carrying value recognized in the financial statements of Arauco Canada Ltd. and Arauco Indústria de Painéis S.A. for the group of cash-generating units did not exceed their recoverable value. As of March 31, 2026, no impairment indicators were identified.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 18. PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES**

The following is a summary of the contingent liabilities' cases considered relevant to disclose:

Subsidiaries of the Arauco group, **Forestal Arauco S.A., Celulosa Arauco y Constitución S.A. and Maderas Arauco S.A.**, are facing a contractual lawsuit filed by the Asociación Gremial de Dueños de Camiones de Construcción (ASODUCAM), related to alleged breaches of cargo allocation and freight transportation agreements. The claim was filed in 2018, has been subject to amendments and defenses, and the proceedings are currently suspended by court order. The plaintiff seeks specific performance of the contract and payment of CLP$575,000,000 (ThU.S.$620 as of March 31, 2026) as compensation for damages. Alternatively, the plaintiff requests payment of: (a) CLP$11,189,270,050 (ThU.S.$12,064 as of March 31, 2026) for consequential damages; (b) $11,189,270,050 per month (ThU.S.$12,064 as of March 31, 2026) throughout the duration of the proceedings, until termination of the contract is declared in the final judgment, for lost profits, and (c) CLP$5,000,000,000. (ThU.S.$5,391 as of March 31, 2026) for non-monetary damages. As of the reporting date, the evidentiary stage of the proceedings has commenced.

**Forestal Arauco S.A.** initiated a contractual arbitration procedure against RWE Renewables, arising from breaches of representation and warranties contained in a framework agreement. The arbitration was initiated in 2025, both parties submitted their respective claims. In March 2026, the basis of the procedure was agreed, establishing that the deadline to file the claim expires on 16 June 2026. Forestal Arauco S.A. will seek payment of approximately ThU.S.$26,926, while RWE Renewables has filed counterclaims for approximately ThU.S.$23,000.

**Forestal Cholguán S.A.** is facing civil damages claim filed by Luis Cabezas Roa, in connection with the alleged inability to exercise his rights on a property as a result of injunctions decreed in a previous proceeding. The lawsuit was served during 2025, and the case is currently in its initial stages. The claimed sum is approximately CLP$9,723,900,000 (ThU.S.$10,484 as of March 31, 2026). At the end of the period, the court summoned the parties for the issuance of judgment.

**Arauco Argentina S.A.** continued pursuing tax and regulatory proceedings with the National Government related to the application of the benefits provided for in Law No. 25,080 on forestry promotion, particularly with respect to the suspension of the export duty exemption. The disputes gave rise to administrative and judicial proceedings initiated in 2005, during which the Company was granted a precautionary measure that allowed it to continue benefiting from the exemption from export duties. In 2024, the judgment became final and binding. In addition, Arauco Argentina S.A. is currently involved in administrative proceedings before the National Secretariat of Agriculture, Livestock, and Fisheries related to the recognition of its compliance with the committed forestry projects and guarantees in favor of the authority. The Company's legal advisors are of the opinion that, since it has not been established that Arauco was not entitled to the exemption, and to the extent that the committed forestry projects are declared to have been completed, the amounts paid as a precautionary measure in respect of export duties should be refunded. During 2026, the Company was required by customs to pay ThUS$7,522 in export duties related to transactions carried out during the period in which the injunction granted in the judicial process concluded in 2024 was in force. The Company has decided to challenge these customs charges.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**Arauco Industria de México, S.A. de C.V**. is subject to a tax assessment procedure initiated by the Mexican Tax Administration Service (SAT) for the 2014 fiscal year, for an amount of approximately $511,626,593 Mexican Pesos (ThU.S.$28,262 as of March 31, 2026) related to tax deductions, tax losses, and the application of treaties to prevent double taxation. The final decision, notified to Arauco in December 2022, was subject to administrative appeals and, as of the closing date, the process remains pending before the administrative courts. The Company maintains a provision of $97,384,407 Mexican Pesos (ThU.S.$5,379 as of March 31, 2026), reported under the Other Long-Term Provisions line item.

**Arauco Indústria de Painéis S.A. (formerly, Arauco do Brasil S.A.) v. the Brazilian Federal Revenue Service.** Arauco is currently involved in a tax dispute with the Brazilian Federal Revenue Service – i.e., the Brazilian federal tax collection agency – regarding the recognition of PIS and COFINS tax credits. The dispute stems from a ruling handed down by the Brazilian Supreme Court that ordered the exclusion of ICMS (a sales tax) from the tax base for PIS and COFINS, generating significant tax credits for companies that had overpaid these taxes. Although Arauco obtained a final court ruling recognizing its right to recover these amounts, the Brazilian tax authority has only partially accepted the claimed credits, rejecting a significant portion on technical grounds.

The case is currently being litigated at the final administrative level, and once this avenue is exhausted and if the decision is unfavorable to the company, the matter will be brought before the courts. The disputed sum amounts to approximately R$40,641,435 (ThU.S.$7,786 as of March 31, 2026), plus interest and penalties, totaling, as of March 2026, approximately R$67,810,525 (ThU.S.$12,992 as of March 31, 2026).

At the closing date, there are no other contingencies in which the Companies act as obligor, that could significantly affect their financial, economic or operational conditions.

In cases where an outflow of resources has been deemed probable, the corresponding provisions have been recognized. The rest of the proceedings remain classified as contingent liabilities. The Company has not disclosed the likelihood of success for each individual contingency, so as not to negatively affect their resolution.

Provisions recorded as of March 31, 2026 and December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| <br>**Classes of Provisions** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Short-term provisions** | **2897** | **3055** |
| Provisions for litigations | 712 | 677 |
| Other short-term provisions | 2185 | 2378 |
| **Long-term provisions, non-Current** | **38675** | **38588** |
| Provisions for litigations | 34819 | 34732 |
| Other long-term provisions | 3856 | 3856 |
| **Total provisions** | **41572** | **41643** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **03-31-2026** |
| <br>**Movements in provisions** | **Litigations (\*)**<br>**ThU.S.$** | **Other <br> Provisions (\*\*)**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Opening balance** | **35409** | **6234** | **41643** |
| **Changes in provisions** |  |  |  |
| Additional provisions | 725 | 85 | 810 |
| Used provisions | (1010) | (278) | (1288) |
| Increase (decrease) in foreign exchange | 270 |  | 270 |
| Other increases (decreases) | 137 | - | 137 |
| **Total changes** | **122** | **(193)** | **(71)** |
| **Closing balance** | **35531** | **6041** | **41572** |

---

(\*) The increase in litigations mainly relates to subsidiaries in Argentina and Brazil, in connection with civil and labor lawsuits amounting to ThU.S.$705. Likewise, the utilization of the provision primarily corresponds to the settlement of court rulings by subsidiaries in Brazil amounting to ThU.S.$1,006.

(\*\*) The decrease in other provisions corresponds to the utilization of the provision for the decommissioning of Line 1 at the Arauco plant.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | |
|:---|:---|:---|:---|
| | **12-31-2025** | **12-31-2025** | **12-31-2025** |
| <br>**Movements in provisions** | **Litigations (\*)**<br>**ThU.S.$** | **Other Provisions**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Opening balance** | **29764** | **5194** | **34958** |
| **Changes in provisions** |  |  |  |
| Additional provisions | 7425 | 575 | 8000 |
| Used provisions | (1557) | (293) | (1850) |
| Increase (decrease) in foreign exchange | (223) | 758 | 535 |
| **Total changes** | **5645** | **1040** | **6685** |
| **Closing balance** | **35409** | **6234** | **41643** |

---

(\*) The increase in litigations mainly relates to subsidiaries in Mexico and Brazil, in connection with civil and labor lawsuits amounting to ThU.S.$6,702. Likewise, the utilization of the provision primarily corresponds to the settlement of court rulings by subsidiaries in Brazil amounting to ThU.S.$937.

Provisions for litigations are related to labor and tax claims whose payment period is uncertain. Other provisions mainly include constitution of provision for the lawsuit of export duties (see contingent liability of Arauco Argentina and Arauco Industria de México set forth in this note).

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 19. INTANGIBLE ASSETS**

---

| | | |
|:---|:---|:---|
| <br>**Classes of intangible assets, net** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Intangible assets, net** | **48730** | **50493** |
| Intangible assets under development (IT programs) | 1030 | 1249 |
| Computer software | 13720 | 14609 |
| Water rights | 3715 | 3715 |
| Customer relationship | 8440 | 9703 |
| Other identifiable intangible assets | 21825 | 21217 |
| **Classes of intangible assets, gross** | **191193** | **190456** |
| Intangible assets under development (IT programs) | 1030 | 1249 |
| Computer software | 81067 | 83548 |
| Water rights | 3715 | 3715 |
| Customer relationship | 77629 | 74921 |
| Other identifiable intangible assets | 27752 | 27023 |
| **Classes of accumulated amortization and impairment** |  |  |
| **Accumulated amortization and impairment, intangible assets** | **(142463)** | **(139963)** |
| Computer software | (67347) | (68939) |
| Customer relationship | (69189) | (65218) |
| Other identifiable intangible assets | (5927) | (5806) |

---

**Reconciliation of the carrying amount of intangible assets at the beginning and end of each reporting period balances**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** |
| <br>**Reconciliation of intangible assets** | **Intangible<br> assets under<br> development**<br>**ThU.S.$** | **Computer<br> software**<br>**ThU.S.$** | **Water<br> rights**<br>**ThU.S.$** | **Customer<br> relationship**<br>**ThU.S.$** | **Others**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Opening balance** | **1249** | **14609** | **3715** | **9703** | **21217** | **50493** |
| **Changes** |  |  |  |  |  |  |
| Additions | 12 | 198 |  |  | 623 | 833 |
| Disposals or withdrawals |  | (1) |  |  |  | (1) |
| Amortization |  | (1344) |  | (1230) | (18) | (2592) |
| Increase (decrease) in foreign exchange |  | 28 |  | (33) |  | (5) |
| Increase (decrease) though transfers |  | 226 |  |  |  | 226 |
| Other increases (decreases) | (231) | 4 | - | - | 3 | (224) |
| **Changes total** | **(219)** | **(889)** | **-** | **(1263)** | **608** | **(1763)** |
| **Closing balance** | **1030** | **13720** | **3715** | **8440** | **21825** | **48730** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** |
| <br>**Reconciliation of intangible assets** | **Intangible<br> assets under<br> development**<br>**ThU.S.$** | **Computer<br> software**<br>**ThU.S.$** | **Water<br> rights**<br>**ThU.S.$** | **Customer<br> relationship**<br>**ThU.S.$** | **Others**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Opening balance** | **1025** | **17866** | **4338** | **14367** | **18384** | **55980** |
| **Changes** |  |  |  |  |  |  |
| Additions | 821 | 3703 |  |  | 4139 | 8663 |
| Disposals or withdrawals | (117) | (1530) | (623) |  |  | (2270) |
| Amortization |  | (6340) |  | (4899) | (951) | (12190) |
| Increase (decrease) in foreign exchange | 1 | 255 |  | 235 | (355) | 136 |
| Increase (decrease) though transfers |  | 109 |  |  |  | 109 |
| Other increases (decreases) | (481) | 546 | - | - | - | 65 |
| **Changes total** | **224** | **(3257)** | **(623)** | **(4664)** | **2833** | **(5487)** |
| **Closing balance** | **1249** | **14609** | **3715** | **9703** | **21217** | **50493** |

---

---

| | |
|:---|:---|
|  | **Years of useful life** <br> **(average)** |
| Computer software | 5 |
| Customer relationship | 15 |
| Brands | 7 |

---

The amortization of customer relationship and computer software is presented in the consolidated statements of profit or loss under the administrative expenses line item.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 20. BIOLOGICAL ASSETS**

Biological assets comprise forestry plantations, mainly eucalyptus, radiata and taeda pine. The plantations are located in Chile, Argentina, Brazil and Uruguay.

As of March 31, 2026, Arauco had a total surface of 1.8 million hectares of which 1,066 thousand hectares are used for forestry planting, 497.4 thousand hectares are native forest, 120.8 thousand hectares are used for other purposes and 119.7 thousand hectares not yet planted. Lands corresponding to native forest, lands used for other purposes and lands not yet planted are presented in property, plant and equipment, Forest plantations are presented in Biological Assets.

For the period ended March 31, 2026, the production volume of logs totaled 4.0 million m3 (4.4 million m3 for the year ended December 31, 2025).

Measurements of fair value of Arauco's biological assets are classified as Level 3, due to the fact that inputs are not observable. However, this information reflects the assumptions that market participants would use in pricing the asset, including assumptions about risk.

These unobservable inputs were developed using the best information available and includes internal data from Arauco. These unobservable inputs can be adjusted if the available information indicates that other market participants would use different information or there is something specific in Arauco that is not available to other market participants.

The main considerations in determining the fair value of biological assets include the following:

- Arauco uses discounted expected future cash flows of its forest plantations, which are based on a harvest projection date for all existing plantations.

- Current forestry plantations are projected based on a net volume that will not decrease, with a minimum growth equivalent to the current supply demand.

- Future plantations are not considered.

- The harvest of forestry plantations supplies raw materials for all other products that Arauco produces and trades. By directly controlling the development of forests that will be processed, Arauco ensures high quality timber for each of its products.

<br> - Expected cash flows are determined in terms of harvest and expected sale of forestry products, associated with the demand from the Company's own industrial centers and sales to third parties at market prices. Sales margin of the different products that are harvested in the forest is also considered in the valuation. The changes in the value of the plantations pursuant to the criteria defined above are accounted for in the results for the period, as established in IAS 41. These changes are presented in the consolidated statements of profit or loss under the line item other income per function, for the period ended March 31, 2026 amounted to ThU.S.$26,946 (ThU.S.$15,770 for the period ended March 31, 2025). The appraisal of biological assets resulted in a greater cost of the lumber sold in comparison to the real incurred cost, which is presented included in the cost of sales which for the period ended March 31, 2026 amounted to ThU.S.$35,071 (ThU.S.$38,907 for the period ended March 31, 2025).

- Forestry plantations are harvested according to the needs of Arauco's production plants.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

- The discount rates used are 6.6% in Chile, 20.6% in Argentina, 8.3% Brazil and 8% in Uruguay.

- It is expected that prices of harvested timber are constant in real terms based on market prices.

- Cost expectations with respect to the lifetime of the forests are constant based on estimated costs included in the projections made by Arauco.

- The average crop age by species and country is:

<u>Chile</u> <u>Argentina</u> <u>Brazil</u> <u>Uruguay</u> <br> Pine 24 15 15 - <br> Eucalyptus 12 10 7 10

The following table sets forth the sensitivity to changes in fair value of biological assets considering variations in significant assumptions considered in calculating the fair value of the assets:

---

| | | |
|:---|:---|:---|
|  | | **ThU.S.$** |
| Discount rate | 0.5 | (110817) |
|  | -0.5 | 118522 |
| Margins (%) | 10 | 402744 |
|  | -10 | (402744) |

---

The significant unobservable input data used in the measurement of the fair value of biological assets are discount rates and sales margins of the different products that are harvested from the forest. Increases (decreases) in any of these input data considered in isolation would result in a smaller or greater fair value measurement.

The adjustment to fair value of biological assets minus sale costs is recorded in the consolidated statements of profit or loss, under the line item other income or other expenses, depending on whether it corresponds to profits or losses.

Forestry plantations classified as current biological assets are those to be harvested and sold within twelve months after the reporting period.

The Company has contracted fire insurance policies for its forestry plantations, which in conjunction with the Company's resources, allow risks to be minimized.

As of the date of these consolidated financial statements, there are no committed disbursements for the acquisition of biological assets.

**Commitments for the development or acquisition of biological assets**

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Amount of capital commitments for the development or acquisition of biological assets | 497547 | 516344 |

---

**Detail of biological assets pledged as security** 

As of March 31, 2026, there were no forestry plantations pledged as security.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**Detail of biological assets with restricted ownership**

As of the date of these consolidated financial statements, there are no biological assets with restricted ownership.

No significant government grants have been received.

**Current and non-current biological assets**

As of the date of these consolidated financial statements, the current and non-current biological assets were as follows:

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Current | 253017 | 236333 |
| Non-current | 3157457 | 3101604 |
| **Total** | **3410474** | **3337937** |

---

**Reconciliation of carrying amount of biological assets**

---

| | | | |
|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **03-31-2026** |
| <br>**Movement** | **Current**<br>**ThU.S.$** | **Non-current**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Opening balance** | **236333** | **3101604** | **3337937** |
| **Changes in real incurred cost** | **4285** | **78696** | **82981** |
| Additions through acquisition | 551 | 134138 | 134689 |
| Sales | (74) | (1152) | (1226) |
| Harvest | (33023) |  | (33023) |
| Increases (decreases) in foreign exchange | 10 |  | 10 |
| Loss of forest due to fires |  | (17469) | (17469) |
| Transfers from non-current to current | 36821 | (36821) |  |
| **Changes in fair value** | **12399** | **(22843)** | **(10444)** |
| Gain (losses) arising from changes in fair value minus sale costs |  | 26946 | 26946 |
| Sales |  | (3267) | (3267) |
| Harvest | (33518) |  | (33518) |
| Increases (decreases) in foreign exchange | 15 |  | 15 |
| Loss of forest due to fires |  | (620) | (620) |
| Transfers from non-current to current | 45902 | (45902) |  |
| **Total changes** | **16684** | **55853** | **72537** |
| **Closing balance** | **253017** | **3157457** | **3410474** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **12-31-2025** | **12-31-2025** | **12-31-2025** |
| <br>**Movement** | **Current**<br>**ThU.S.$** | **Non-current**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Opening balance** | **315500** | **2747894** | **3063394** |
| **Changes in real incurred cost** | **4575** | **255639** | **260214** |
| Additions through acquisition | 1952 | 411761 | 413713 |
| Sales | (13) | (5247) | (5260) |
| Harvest | (139247) |  | (139247) |
| Increases (decreases) in foreign exchange | 163 |  | 163 |
| Loss of forest due to fires |  | (9484) | (9484) |
| Transfers from non-current to current | 141720 | (141720) |  |
| Other increases (decreases) |  | 329 | 329 |
| **Changes in fair value** | **(83742)** | **98071** | **14329** |
| Gain (losses) arising from changes in fair value minus sale costs | 418 | 204228 | 204646 |
| Sales | 12 | (11432) | (11420) |
| Harvest | (175947) |  | (175947) |
| Increases (decreases) in foreign exchange | 60 |  | 60 |
| Loss of forest due to fires |  | (2650) | (2650) |
| Transfers from non-current to current | 91715 | (91715) |  |
| Other increases (decreases) |  | (360) | (360) |
| **Total changes** | **(79167)** | **353710** | **274543** |
| **Closing balance** | **236333** | **3101604** | **3337937** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 21. ENVIRONMENTAL MATTERS**

**Environment management** 

For Arauco, sustainability means management strategy. This strategy incorporates values, commitments and standards, that together with the adoption of best practices as well as the use of the latest available technologies, seek to continuously improve the Company's environmental management. It is the environmental department and each of its specialists that ensure these guidelines are met and are put into practice in everyday company operations.

All Arauco's production units have certified environmental management systems, which reinforce the Company's commitment to environmental performance and ensure the traceability of all raw materials used.

Arauco uses several supplies in its productive processes such as wood, chemical products, and water, etc., which in turn produce liquid and gas emissions. As a way to make the Company's environmental management more efficient, significant progress has been made to reduce consumption and emissions.

Environmental investments have been made related to the control of atmospheric emissions, process improvements, water and waste management, as well as effluent treatment, in order to improve the environmental performance of all Arauco's business units.

These investments are reflected in the interim consolidated financial statements as property, plant and equipment when they refer to disbursements in major works executed and are reflected in Expenses when they refer to improvements or management not directly associated with investment projects.

**Detail information of disbursements related to the environment**

As of March 31, 2026, and December 31, 2025, Arauco had made and / or had committed the following disbursements in major environmental projects:

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **03-31-2026** | **03-31-2026** | **Disbursements undertaken 2026** | **Disbursements undertaken 2026** | **Disbursements undertaken 2026** | **Disbursements undertaken 2026** | **Committed Disbursements** | **Committed Disbursements** |
| **Company** | **Name of Project** | **State**<br>**of project** | **Amount**<br>**ThU.S.$** | **Asset**<br>**Expense** | **Asset/expense**<br>**destination item** | **Amount**<br>**ThU.S.$** | **Estimated**<br>**date** |
| Celulosa Arauco y Constitucion S.A. | Emissions, environmental monitoring, and control | In process |  | Assets | Properties, plants and equipments | 511 | 2026 |
| Celulosa Arauco y Constitucion S.A. | Emissions, environmental monitoring, and control | In process | 869 | Expense | Operating costs | 5046 | 2026 |
| Celulosa Arauco y Constitucion S.A. | Waste management and circular economy | In process | 7136 | Expense | Operating costs | 18467 | 2026 |
| Arauco Argentina S.A. | Water management and effluent treatment | In process | 11 | Assets | Properties, plants and equipments | 323 | 2026 |
| Arauco Celulose do Brasil S.A. | Biodiversity and ecosystem conservation | In process |  | Expense | Operating costs | 842 | 2026 |
| Arauco Celulose do Brasil S.A. | Environmental emergencies and safety | In process |  | Expense | Operating costs | 298 | 2026 |
| Arauco Celulose do Brasil S.A. | Biodiversity and ecosystem conservation | In process | 69 | Assets | Properties, plants and equipments | 756 | 2026 |
| Arauco Celulose do Brasil S.A. | Environmental emergencies and safety | In process | 10 | Assets | Properties, plants and equipments | 496 | 2026 |
| Forestal Arauco S.A. | Biodiversity and ecosystem conservation | In process | 290 | Expense | Operating costs | 775 | 2026 |
| Forestal Arauco S.A. | Education, Certification and ESG Governance | In process | 54 | Expense | Administrative expenses | 395 | 2026 |
| Forestal Arauco S.A. | Water management and effluent treatment | In process | 106 | Expense | Operating costs | 177 | 2026 |
| Maderas Arauco S.A. | Water management and effluent treatment | In process | 102 | Expense | Operating costs | 409 | 2026 |
| Celulosa y Energía Punta Pereira S.A. | Waste management and circular economy | In process | 2250 | Assets | Properties, plants and equipments | 2010 | 2026 |
| Arauco Industria de México, S.A. de C.V. | Emissions, environmental monitoring, and control | In process | 467 | Expense | Operating costs | 1664 | 2026 |
| Arauco Industria de México, S.A. de C.V. | Waste management and circular economy | In process | 1507 | Expense | Operating costs | 5960 | 2026 |
| Arauco Industria de México, S.A. de C.V. | Water management and effluent treatment | In process | 36 | Assets | Properties, plants and equipments | 456 | 2026 |
| Arauco North America, Inc | Environmental emergencies and safety | In process | 171 | Assets | Properties, plants and equipments | 377 | 2026 |
|  |  | **TOTAL** | **13078** |  |  | **38962** |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **12-31-2025** | **12-31-2025** | **Disbursements undertaken 2025** | **Disbursements undertaken 2025** | **Disbursements undertaken 2025** | **Disbursements undertaken 2025** | **Committed Disbursements** | **Committed Disbursements** |
| **Company** | **Name of Project** | **State**<br>**of project** | **Amount**<br>**ThU.S.$** | **Asset**<br>**Expense** | **Asset/expense**<br>**destination item** | **Amount**<br>**ThU.S.$** | **Estimated**<br>**date** |
| Celulosa Arauco y Constitución S.A. | Waste management and circular economy | Finished | 3241 | Assets | Properties, plants and equipments |  | 2025 |
| Celulosa Arauco y Constitución S.A. | Water management and wastewater treatment | Finished | 1692 | Assets | Properties, plants and equipments |  | 2025 |
| Celulosa Arauco y Constitución S.A. | Emissions, environmental monitoring, and control | In process |  | Assets | Properties, plants and equipments | 511 | 2026 |
| Celulosa Arauco y Constitución S.A. | Emissions, environmental monitoring, and control | In process | 17743 | Expense | Operating costs |  | 2026 |
| Celulosa Arauco y Constitución S.A. | Waste management and circular economy | In process | 13811 | Expense | Operating costs |  | 2026 |
| Arauco Argentina S.A. | Water management and wastewater treatment | In process | 636 | Assets | Properties, plants and equipments | 455 | 2026 |
| Arauco Celulose do Brasil S.A. | Biodiversity and ecosystem conservation | In process | 441 | Expense | Operating costs | 826 | 2026 |
| Arauco Celulose do Brasil S.A. | Environmental emergencies and safety | In process | 97 | Expense | Operating costs | 510 | 2026 |
| Arauco do Brasil S.A. | Environmental emergencies and safety | Finished | 228 | Assets | Properties, plants and equipments |  | 2025 |
| Forestal Arauco S.A. | Biodiversity and ecosystem conservation | In process | 1326 | Expense | Operating costs | 1031 | 2026 |
| Forestal Arauco S.A. | Education, Certification and ESG Governance | In process | 470 | Expense | Administrative expenses | 449 | 2026 |
| Forestal Arauco S.A. | Water management and wastewater treatment | In process | 315 | Expense | Operating costs | 283 | 2026 |
| Maderas Arauco S.A. | Water management and wastewater treatment | In process | 434 | Expense | Operating costs | 36 | 2026 |
| Celulosa y Energía Punta Pereira S.A. | Waste management and circular economy | In process | 3750 | Assets | Properties, plants and equipments |  | 2026 |
| Celulosa y Energía Punta Pereira S.A. | Renewable energy and energy efficiency | Finished | 300 | Assets | Properties, plants and equipments |  | 2025 |
| Arauco Industria de México, S.A. de C.V. | Emissions, environmental monitoring, and control | In process | 97 | Expense | Operating costs | 372 | 2026 |
| Arauco Industria de México, S.A. de C.V. | Waste management and circular economy | In process | 256 | Expense | Operating costs | 500 | 2026 |
| Arauco Industria de México, S.A. de C.V. | Water management and wastewater treatment | In process | 1907 | Assets | Properties, plants and equipments | 78 | 2026 |
| Arauco North America, Inc | Emissions, environmental monitoring, and control | In process | 93 | Assets | Properties, plants and equipments | 211 | 2026 |
|  |  | **TOTAL** | **46837** |  |  | **5262** |  |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 22. NON-CURRENT ASSETS HELD FOR SALE**

The following table sets forth information on the main types of non-current assets and liabilities held for sale:

---

| | | |
|:---|:---|:---|
| <br>**Assets classified as held for sale** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Property, plant and equiment | 3775 | 3901 |
| **Assets classified as held for sale** | **3775** | **3901** |

---

**NOTE 23. FINANCIAL INSTRUMENTS**

**23.1 Classification**

Arauco's financial instruments as of March 31, 2026 and December 31, 2025, are displayed in the table below. Regarding those instruments valued at an amortized cost, an estimation of their fair value is displayed for informational purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **12-31-2025** | **12-31-2025** |
| **Financial instruments**<br>***Thousands of dollars*** | **Carrying<br> amount** | **Fair value** | **Carrying<br> amount** | **Fair value** |
| **Financial assets at fair value through profit or loss** | **243433** | **243433** | **62161** | **62161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative | 64136 | 64136 | 9862 | 9862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds (1) | 179297 | 179297 | 52299 | 52299 |
| **Financial assets at amortized cost** | **2227858** | **2227858** | **2152427** | **2152427** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **1376245** | **1376245** | **1231754** | **1231754** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 700404 | 700404 | 805485 | 805485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 675841 | 675841 | 426269 | 426269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable (net) | **843065** | **843065** | **911491** | **911491** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 605603 | 605603 | 679166 | 679166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease receivable | 71196 | 71196 | 77319 | 77319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sundry debtors | 35459 | 35459 | 34104 | 34104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 55158 | 55158 | 57498 | 57498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | 75649 | 75649 | 63404 | 63404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related parties | **747** | **747** | **490** | **490** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets (4) | **7801** | **7801** | **8692** | **8692** |
| **Hedging assets at fair value through other comprehensive income** | **602854** | **602854** | **469968** | **469968** |
| **Financial liabilities at amortized cost (2)** | **10151654** | **10111443** | **9704095** | **9590600** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds issued denominated in U.S. dollars | 3420891 | 3210190 | 3401034 | 3210190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds issued denominated in U.F. (3) | 2861789 | 2791889 | 2901520 | 2791889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank borrowings in U.S. dollars | 1442105 | 1675737 | 768728 | 945060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank borrowings in other currencies | 409870 | 416628 | 487438 | 498086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 1102080 | 1102080 | 1015060 | 1015060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | 877975 | 877975 | 1096954 | 1096954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related parties | 36944 | 36944 | 33361 | 33361 |
| **Financial liabilities at fair value through profit or loss** | **-** | **-** | **134** | **134** |
| **Hedging liabilities at fair value through other comprehensive income** | **38136** | **38136** | **19744** | **19744** |
| **Other financial liabilities at amortized cost (4)** | **114440** | **114440** | **69160** | **69160** |

---

(1) Although mutual funds are measured at fair value through profit or loss for purposes of the consolidated statements of financial position mutual funds are classified as "Cash and cash equivalents" due to the are highly liquid short-term investment.

(2) Financial liabilities measured at amortized cost, other than "Trade and other payables", "Accounts payable to related parties" and derivatives are presented in the consolidated statements of financial position in the line item "Other financial liabilities" as current and non-current based on their maturity.

(3) The Unidad de Fomento ("U.F.") is a unit of account that is linked to, and is adjusted daily to reflect changes in the Chilean consumer price index.

"Other financial assets" and "Other financial liabilities" corresponds mainly to the balance due for margin calls associated with transactions with derivative financial instruments.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**23.2 Fair value hierarchy of financial assets and liabilities**

The assets and liabilities measured at fair value in the consolidated statements of financial position as of March 31, 2026, and December 31, 2025, have been measured based on the valuation methodologies provided in IFRS 13. The methodologies applied for each financial instrument are classified according to their hierarchy as follows:

- Level 1: Securities or quoted prices in active markets for identical assets and liabilities

- Level 2: Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

- Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs),

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fair value** | **03-31-2026**<br>**ThU.S.$** | **Level 1**<br>**ThU.S.$** | **Level 2**<br>**ThU.S.$** | **Level 3**<br>**ThU.S.$** |
| **Financial assets through profit or loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 64136 |  | 64136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | 179297 | 179297 |  |  |
| **Hedging assets through other comprehensive income** | 602854 |  | 602854 |  |
| **Financial liabilities through profit or loss** |  |  |  |  |
| **Hedging liabilities through other comprehensive income** | 38136 |  | 38136 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fair value** | **12-31-2025**<br>**ThU.S.$** | **Level 1**<br>**ThU.S.$** | **Level 2**<br>**ThU.S.$** | **Level 3**<br>**ThU.S.$** |
| **Financial assets through profit or loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 9862 |  | 9862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | 52299 | 52299 |  |  |
| **Hedging assets through other comprehensive income** | 469968 |  | 469968 |  |
| **Financial liabilities through profit or loss** | 134 |  | 134 |  |
| **Hedging liabilities through other comprehensive income** | 19744 |  | 19744 |  |

---

At the closing date of these interim consolidated financial statements, there have been no transfers between the different hierarchy levels.

**23.3 Explanation of the valuation of financial instruments.**

**Cash and cash equivalent and accounts receivable**

The carrying amount of accounts receivable, cash and cash equivalents (including mutual funds), and other financial assets and liabilities approximate their fair value due to the short-term nature of such instruments.

**Derivative financial instruments**

Arauco's current derivatives are valued under the cash flow discount method. These flows are discounted at the rate applicable according to the transaction's and counterparties' risk, using an internal methodology based on the information obtained from Bloomberg.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

Given that our cross-currency swaps correspond to future flows in U.F., U.S. dollars and Euros, Arauco calculates the current value of such flows by using the U.F. zero coupon curve, dollar zero coupon and the Euro zero coupon.

The fair value of the interest rate swap contracts is calculated by reference to the rate differential between the agreed upon rate and the market rate as of the end date of these consolidated financial statements.

The fair value of the currency forward contracts is calculated by reference to the current forward exchange rates of contracts with similar maturity profiles.

The counterparty risk uses the *Z-Spread* obtained from the curve of the bonds issued by counterparties, and they are deducted from each flow as appropriate.

**Financial liabilities**

The fair value of bonds issued was determined with reference to quoted market prices as they have standard terms and conditions.

The fair value of bank borrowings was determined based on discounted cash flow analysis applying the corresponding discount yield curves to the remaining term to maturity.

Disclosures of the fair value of financial liabilities at amortized cost are determined via the use of discounted cash flows, calculated over variables of the observable markets as of the date of informing the interim consolidated financial statements, and correspond to Level 2 of the fair value hierarchy.

The following table sets forth a reconciliation between the financial liabilities and the consolidated statements of financial position as of March 31, 2026, and December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** |
| <br>Thousands of dollars | **Up to 90<br> days** | **From<br> 91 days<br> to 1 year** | **Other<br> current<br> financial<br> liabilities,<br> Total** | **From 1<br> year to 3<br> years** | **From 3<br> years to 5<br> years** | **More<br> than<br> 5 years** | **Other<br> non-current<br> financial<br>liabilities,<br>Total** | **Total** |
| Bonds obligations | 98259 | 255690 | 353949 | 727851 | 1081762 | 4119118 | 5928731 | 6282680 |
| Bank borrowings | 162686 | 297623 | 460309 | 352789 | 596950 | 441927 | 1391666 | 1851975 |
| Swap and Forward | 136 |  | 136 | 38000 |  |  | 38000 | 38136 |
| Other financial liabilities | 114440 | - | 114440 | - | - | - | - | 114440 |
| **Total other financial liabilities (a)** | **375521** | **553313** | **928834** | **1118640** | **1678712** | **4561045** | **7358397** | **8287231** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** |
| <br>Thousands of dollars | **Up to 90<br> days** | **From<br> 91 days<br> to 1 year** | **Total<br> Current** | **From 1<br> year to<br> 3 years** | **From 3<br> years to 5<br> years** | **More<br> than<br> 5 years** | **Total<br> non-current** | **Total** |
| Lease liabilities | 13741 | 46229 | 59970 | 107286 | 90793 | 844031 | 1042110 | 1102080 |
| **Total lease liabilities (b)** | **13741** | **46229** | **59970** | **107286** | **90793** | **844031** | **1042110** | **1102080** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** | **03-31-2026** |
| <br>Thousands of dollars | **Up to 90<br> days** | **From<br> 91 days<br> to 1 year** | **Total<br> Current** | **From 1<br> year to 3<br> years** | **From 3<br> years to 5<br> years** | **More<br> than<br> 5 years** | **Total<br> non-current** | **Total** |
| Trade and other payables | 803270 | 20825 | 824095 | 53880 |  |  | 53880 | 877975 |
| Accounts payable to related companies | 13096 | - | 13096 | 15821 | 612 | 7415 | 23848 | 36944 |
| **Total accounts payable (c)** | **816366** | **20825** | **837191** | **69701** | **612** | **7415** | **77728** | **914919** |
| **Total financial liabilities (a) + (b) + (c)** | **1205628** | **620367** | **1825995** | **1295627** | **1770117** | **5412491** | **8478235** | **10304230** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** |
| <br>Thousands of dollars | **Up to 90<br> days** | **From 91<br> days to 1<br> year** | **Other<br> current<br> financial<br> liabilities,<br> Total** | **From 1<br> year to 3<br> years** | **From 3<br> years to<br> 5 years** | **More<br> than 5<br> years** | **Other<br> non-current<br> financial<br> liabilities,<br> Total** | **Total** |
| Bonds obligations |  | 325234 | 325234 | 731936 | 1082853 | 4162531 | 5977320 | 6302554 |
| Bank borrowings | 91845 | 219854 | 311699 | 414511 | 322845 | 207111 | 944467 | 1256166 |
| Swap and Forward | 2125 | 252 | 2377 | 10140 | 116 | 7245 | 17501 | 19878 |
| Other financial liabilities | 69160 | - | 69160 | - | - | - | - | 69160 |
| **Total other financial liabilities (a)** | **163130** | **545340** | **708470** | **1156587** | **1405814** | **4376887** | **6939288** | **7647758** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** |
| <br>Thousands of dollars | **Up to 90<br> days** | **From 91<br> days to 1<br> year** | **Total<br> Current** | **From 1<br> year to 3<br> years** | **From 3<br> years to<br> 5 years** | **More<br> than 5<br> years** | **Total<br> non-current** | **Total** |
| Lease liabilities | 18605 | 37218 | 55823 | 98028 | 83634 | 777575 | 959237 | 1015060 |
| **Total lease liabilities (b)** | **18605** | **37218** | **55823** | **98028** | **83634** | **777575** | **959237** | **1015060** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** | **12-31-2025** |
| <br>Thousands of dollars | **Up to 90<br> days** | **From 91<br> days to 1<br> year** | **Total<br> Current** | **From 1<br> year to 3<br> years** | **From 3<br> years to<br> 5 years** | **More<br> than 5<br> years** | **Total<br> non-current** | **Total** |
| Trade and other payables | 1002999 | 40242 | 1043241 | 53713 |  |  | 53713 | 1096954 |
| Accounts payable to related companies | 9437 | - | 9437 | 15821 | 612 | 7491 | 23924 | 33361 |
| **Total accounts payable (c)** | **1012436** | **40242** | **1052678** | **69534** | **612** | **7491** | **77637** | **1130315** |
| **Total financial liabilities (a) + (b) + (c)** | **1194171** | **622800** | **1816971** | **1324149** | **1490060** | **5161953** | **7976162** | **9793133** |

---

**23.4 Derivative instruments**

Derivative instruments recorded as of March 31, 2026, are cash flow hedges. Arauco uses financial derivatives for hedging purposes, such as cross currency swaps (CCS), currency and commodities forwards and interest rate swaps (IRS). Depending on the fair value of each instrument, the position could be either an asset or a liability, and they are listed in the consolidated statements of financial position under other non-current financial assets or other non-current financial liabilities, respectively. The effects for the period are presented in consolidated statement of changes in equity as other comprehensive income or the consolidated statements of comprehensive income as finance income or finance costs, net of differences in exchange rate of the hedged items and the deferred tax.

---

| | | |
|:---|:---|:---|
| **Financial instruments** | **03-31-2026**<br> **Fair value**<br> **ThU.S.$** | **12-31-2025**<br> **Fair value**<br> **ThU.S.$** |
| Financial assets through profit or loss | 64136 | 9862 |
| Hedging assets through other comprehensive income | 602854 | 469968 |
| Financial liabilities through profit or loss |  | (134) |
| Hedging liabilities through other comprehensive income | (38136) | (19744) |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**23.4.1. Chile**

In order to cover the exposure to variation in cash flows associated with fluctuations in exchange rates, interest rates or commodity prices, Arauco Chile has the following derivatives as of March 31, 2026, and December 31, 2025:

**Cross currency swaps**

Cross currency swaps to cover the exposure to the exchange rate risk generated from bonds denominated in U.F.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bond** | **Institution** | **Amount U.S.$** | **Amount U.F.** | **Starting date** | **Ending date** | **03-31-2026**<br> **fair value**<br> **ThU.S.$** | **12-31-2025**<br> **fair value**<br> **ThU.S.$** |
| F | BCI | 14000009 | 363636 | 08-03-2021 | 10-30-2029 | 2311 | 2436 |
| F | Scotiabank | 14016821 | 363636 | 09-07-2021 | 10-30-2029 | 2335 | 2585 |
| F | Banco de Chile | 13809842 | 363636 | 05-18-2018 | 10-30-2029 | 2173 | 2307 |
| F | BCI | 55419446 | 1454544 | 04-28-2023 | 10-30-2029 | 8751 | 9283 |
| P | BCI | 48997966 | 1272728 | 08-03-2021 | 11-15-2032 | 9786 | 10030 |
| P | Itau | 26987645 | 636363 | 11-07-2023 | 11-15-2032 | 1213 | 1346 |
| P | Santander | 53139786 | 1272726 | 11-13-2023 | 11-15-2032 | 2886 | 3272 |
| R | Deutsche | 128926012 | 3000000 | 03-19-2024 | 04-01-2035 | 4071 | 5565 |
| R | JP Morgan | 86147464 | 2000000 | 03-25-2024 | 04-01-2035 | 2799 | 3371 |
| S | Santander | 201340031 | 5000000 | 10-27-2016 | 11-15-2026 | 16635 | 19539 |
| W | Goldman Sachs | 40521750 | 1000000 | 12-06-2018 | 10-10-2028 | 2841 | 3183 |
| W | Goldman Sachs | 40066555 | 1000000 | 12-14-2018 | 10-10-2028 | 3358 | 3698 |
| W | Scotiabank | 40537926 | 1000000 | 12-11-2018 | 10-10-2028 | 2347 | 3008 |
| X | Santander | 216372290 | 5500000 | 10-30-2018 | 10-10-2038 | 18517 | 19011 |
| Y | JP Morgan | 89387460 | 2000000 | 06-12-2023 | 04-10-2032 | (2261) | (2064) |
| Z | Santander | 90274363 | 2000000 | 06-14-2023 | 04-10-2032 | (3676) | (3329) |
| Z | Banco de Chile | 44572044 | 1000000 | 06-26-2023 | 04-10-2032 | (851) | (808) |
| Z | JP Morgan | 44572044 | 1000000 | 06-23-2023 | 04-10-2032 | (820) | (653) |
| Z | JP Morgan | 44559642 | 1000000 | 07-12-2023 | 04-10-2032 | (556) | (390) |
| AB | BCI | 131196937 | 3000000 | 06-26-2023 | 05-15-2033 | 1732 | 1705 |
| AB | Banco de Chile | 43601403 | 1000000 | 07-27-2023 | 05-15-2033 | 807 | 869 |
| AB | Itau | 43654189 | 1000000 | 07-27-2023 | 05-15-2033 | 703 | 764 |
| AC | Scotiabank | 40788609 | 1000000 | 03-04-2025 | 04-01-2034 | 3124 | 3569 |
| AE | BCI | 39046019 | 1000000 | 01-24-2025 | 04-01-2034 | 4822 | 5162 |
| AE | BCI | 40934100 | 1000000 | 02-15-2025 | 04-01-2034 | 2770 | 3020 |
| AE | BCI | 41039054 | 1000000 | 02-26-2025 | 04-01-2034 | 2753 | 3003 |
| AE | BCI | 41924946 | 1000000 | 03-06-2025 | 04-01-2034 | 1743 | 1992 |
| AE | Bank of America | 40890553 | 1000000 | 02-15-2025 | 04-01-2034 | 2803 | 3111 |
| AE | Scotiabank | 38659980 | 1000000 | 01-29-2025 | 04-01-2034 | 4951 | 5694 |
| AE | Santander | 41198154 | 1000000 | 02-25-2025 | 04-01-2034 | 2235 | 2684 |
| AE | JP Morgan | 40538132 | 1000000 | 02-27-2025 | 04-01-2034 | 3486 | 3929 |
| AE | Banco de Chile | 41760550 | 1000000 | 03-07-2025 | 04-01-2034 | 2161 | 2311 |
| AG | Santander | 86088143 | 2000000 | 12-03-2025 | 10-05-2032 | 1010 | 1100 |
| AG | Santander | 129791326 | 3000000 | 12-11-2025 | 10-05-2032 | 1458 | 1348 |
| AG | JP Morgan | 86369477 | 2000000 | 12-04-2025 | 10-05-2032 | 1794 | 1713 |
| AG | BCI | 43263775 | 1000000 | 12-11-2025 | 10-05-2032 | 673 | 519 |
| AG | Banco de Chile | 43577011 | 1000000 | 12-12-2025 | 10-05-2032 | 465 | 300 |
| AG | Banco de Chile | 91975237 | 2000000 | 02-26-2026 | 10-05-2032 | (4083) |  |
| AG | Bank of America | 45572692 | 1000000 | 02-27-2026 | 10-05-2032 | (1897) |  |
| AG | BBVA | 45075855 | 1000000 | 03-02-2026 | 10-05-2032 | (1273) |  |
| AG | Deutsche | 43600931 | 1000000 | 03-03-2026 | 10-05-2032 | 122 |  |
| AG | JP Morgan | 43744670 | 1000000 | 03-03-2026 | 10-05-2032 | (361) |  |
| AG | BCI | 44583796 | 1000000 | 03-04-2026 | 10-05-2032 | (1182) |  |
| AG | Itau | 43763385 | 1000000 | 03-06-2026 | 10-05-2032 | (780) |  |
| AG | Bank of America | 44765978 | 1000000 | 03-10-2026 | 10-05-2032 | (1793) |  |
| AG | BCI | 44515888 | 1000000 | 03-11-2026 | 10-05-2032 | (1454) |  |
| AG | Citibank | 43686096 | 1000000 | 03-12-2026 | 10-05-2032 | 40 | - |
|  |  |  |  |  |  | **98688** | **124183** |

---

Cross currency swaps contracts to cover the exposure to the risk of the exchange rate for bank contracts in Euro.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institution** | **Amount U.S.$** | **Amount EUR** | **Starting date** | **Ending date** | **03-31-2026**<br> **fair value**<br> **ThU.S.$** | **12-31-2025**<br> **fair value**<br> **ThU.S.$** |
| Santander | 55844706 | 47058824 | 06-15-2021 | 12-15-2029 | (3451) | (2123) |
| Banco de Chile | 27922353 | 23529412 | 06-15-2021 | 12-15-2029 | (1548) | (948) |
| MUFG | 55844706 | 47058824 | 06-15-2021 | 12-15-2029 | (3314) | (1941) |
| JP Morgan | 111689412 | 94117647 | 06-15-2021 | 12-15-2029 | (6246) | (3604) |
| HSBC bank | 27922353 | 23529412 | 06-15-2021 | 12-15-2029 | (1759) | (1015) |
|  |  |  |  |  | **(16318)** | **(9631)** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**Interest Rate Swap**

Interest rate swap, a financial instrument intended to hedge the variability of cash flows by fixing the interest rate on variable rate debt denominated in the same currency (USD).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institution** | **Amount U.S.$** | **Starting date** | **Ending date** | **03-31-2026**<br> **fair value**<br> **ThU.S.$** | **12-31-2025**<br> **fair value**<br> **ThU.S.$** |
| Banco de Chile | 122448980 | 11-12-2025 | 8-15-2032 | 563 | 282 |
| Santander | 177551020 | 11-13-2025 | 8-15-2030 | (695) | (42) |
|  |  |  |  | **(132)** | **240** |

---

**Forward**

Non-Delivery Forward (NDF) to cover the exposure to exchange rate risk in Brazilian real currency (BRL), in relation to payments associated with the Sucuriú project.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exchange rate** | **Institution** | **Amount** <br> **ThU.S.$** | **Starting date** | **Ending date** | **03-31-2026** <br> **fair value**<br> **ThU.S.$** | **12-31-2025**<br> **fair value**<br> **ThU.S.$** |
| BRLUSD | Bank of America | 51000000 | 02-12-2025 | 02-19-2026 |  | 6391 |
| BRLUSD | Mizuho | 69000000 | 12-20-2024 | 02-19-2026 |  | 13630 |
| BRLUSD | Itau | 50000000 | 10-09-2025 | 02-19-2026 |  | (204) |
| BRLUSD | BNP Paribas | 49000000 | 02-12-2025 | 03-25-2026 |  | 6025 |
| BRLUSD | HSBC Bank | 15000000 | 02-12-2025 | 03-25-2026 |  | 1196 |
| BRLUSD | Itau | 50000000 | 10-07-2025 | 03-25-2026 |  | (415) |
| BRLUSD | Mizuho | 50000000 | 12-23-2024 | 03-25-2026 |  | 10526 |
| BRLUSD | SMBC | 28000000 | 12-23-2024 | 03-25-2026 |  | 5861 |
| BRLUSD | BNP Paribas | 86000000 | 12-26-2024 | 05-15-2026 | 27209 | 18564 |
| BRLUSD | Santander Chile | 50000000 | 12-26-2024 | 05-15-2026 | 15983 | 10918 |
| BRLUSD | Goldman Sachs | 27000000 | 05-29-2025 | 05-15-2026 | 4596 | 2219 |
| BRLUSD | Deutsche | 50000000 | 10-08-2025 | 05-15-2026 | 3726 | (252) |
| BRLUSD | MUFG | 50000000 | 12-27-2024 | 06-24-2026 | 16084 | 11079 |
| BRLUSD | BNP Paribas | 50000000 | 12-27-2024 | 06-24-2026 | 16275 | 11229 |
| BRLUSD | Mizuho | 32000000 | 12-27-2024 | 06-24-2026 | 10352 | 7153 |
| BRLUSD | BBVA | 31000000 | 05-28-2025 | 06-24-2026 | 5634 | 2833 |
| BRLUSD | Goldman Sachs | 50000000 | 10-10-2025 | 06-24-2026 | 4774 | 715 |
| BRLUSD | Bank of America | 50000000 | 01-17-2025 | 08-17-2026 | 13787 | 8929 |
| BRLUSD | HSBC Bank | 27000000 | 05-28-2025 | 08-17-2026 | 4557 | 2283 |
| BRLUSD | Goldman Sachs | 50000000 | 10-14-2025 | 08-17-2026 | 5182 | 1124 |
| BRLUSD | Bank of America | 62500000 | 01-21-2025 | 09-25-2026 | 17343 | 11317 |
| BRLUSD | MUFG | 62500000 | 01-21-2025 | 09-25-2026 | 17323 | 11429 |
| BRLUSD | Mizuho | 94000000 | 02-07-2025 | 09-25-2026 | 20060 | 11721 |
| BRLUSD | Goldman Sachs | 50000000 | 10-16-2025 | 09-25-2026 | 4312 | 358 |
| BRLUSD | Mizuho | 60000000 | 01-22-2025 | 11-16-2026 | 15741 | 10241 |
| BRLUSD | HSBC Bank | 60000000 | 12-18-2024 | 11-16-2026 | 14888 | 9549 |
| BRLUSD | MUFG | 40000000 | 02-06-2025 | 11-16-2026 | 8875 | 5332 |
| BRLUSD | BBVA | 30000000 | 10-16-2025 | 11-16-2026 | 2716 | 315 |
| BRLUSD | Mizuho | 60000000 | 01-23-2025 | 12-21-2026 | 15244 | 9834 |
| BRLUSD | Bank of America | 66000000 | 02-05-2025 | 12-21-2026 | 14850 | 8902 |
| BRLUSD | SMBC | 20000000 | 10-16-2025 | 12-21-2026 | 1515 | 1 |
| BRLUSD | Bank of America | 55000000 | 01-23-2025 | 02-18-2027 | 13549 | 8586 |
| BRLUSD | HSBC Bank | 6000000 | 05-28-2025 | 02-18-2027 | 960 | 483 |
| BRLUSD | Itau | 30000000 | 10-14-2025 | 02-18-2027 | 2847 | 564 |
| BRLUSD | BNP Paribas | 54000000 | 01-24-2025 | 03-22-2027 | 13012 | 8299 |
| BRLUSD | MUFG | 54000000 | 01-24-2025 | 03-22-2027 | 13022 | 8335 |
| BRLUSD | Citibank | 20000000 | 10-07-2025 | 03-22-2027 | 1468 | (74) |
| BRLUSD | BNP Paribas | 52000000 | 01-27-2025 | 05-17-2027 | 13266 | 8743 |
| BRLUSD | SMBC | 52000000 | 12-19-2024 | 05-17-2027 | 12706 | 8250 |
| BRLUSD | BNP Paribas | 106000000 | 02-04-2025 | 05-17-2027 | 21852 | 15155 |
| BRLUSD | BNP Paribas | 47000000 | 01-28-2025 | 06-23-2027 | 11435 | 7433 |
| BRLUSD | MUFG | 63000000 | 02-04-2025 | 06-23-2027 | 13859 | 8640 |
| BRLUSD | MUFG | 42000000 | 01-28-2025 | 08-16-2027 | 10140 | 6651 |
| BRLUSD | BNP Paribas | 42000000 | 01-29-2025 | 08-16-2027 | 10282 | 6761 |
| BRLUSD | Bank of America | 104000000 | 02-03-2025 | 08-16-2027 | 22955 | 14259 |
| BRLUSD | BNP Paribas | 56000000 | 01-29-2025 | 09-22-2027 | 13535 | 8910 |
| BRLUSD | Mizuho | 44000000 | 02-03-2025 | 09-22-2027 | 10293 | 6719 |
| BRLUSD | Goldman Sachs | 26000000 | 05-27-2025 | 09-22-2027 | 3925 | 1944 |
| BRLUSD | Itau | 50000000 | 09-12-2025 | 09-22-2027 | 3844 | 335 |
| BRLUSD | Mizuho | 26000000 | 01-29-2025 | 11-17-2027 | 6316 | 4219 |
| BRLUSD | Mizuho | 36000000 | 01-31-2025 | 11-17-2027 | 8116 | 5257 |
| BRLUSD | BBVA | 21000000 | 05-27-2025 | 11-17-2027 | 3149 | 1537 |
| BRLUSD | Mizuho | 31000000 | 01-29-2025 | 12-15-2027 | 7565 | 5079 |
|  |  |  |  |  | **479122** | **334888** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

Non-Delivery Forward (NDF) to cover the exposure to exchange rate risk in Brazilian real currency (BRL), generated by lease liabilities associated with the Sucuriú project.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exchange rate** | **Institution** | **Amount** <br> **ThU.S.$** | **Starting date** | **Ending date** | **03-31-2026** <br> **fair value**<br> **ThU.S.$** | **12-31-2025**<br> **fair value**<br> **ThU.S.$** |
| BRLUSD | MUFG | 50000000 | 12-20-2024 | 02-19-2026 |  | 577 |
| BRLUSD | MUFG | 50000000 | 12-23-2024 | 03-25-2026 |  | 574 |
| BRLUSD | MUFG | 60000000 | 12-24-2025 | 05-15-2026 | 5530 | 1565 |
| BRLUSD | JP Morgan | 77000000 | 12-23-2025 | 06-24-2026 | 7856 | 1565 |
| BRLUSD | Santander Chile | 152000000 | 12-22-2025 | 08-17-2026 | 12280 | 192 |
| BRLUSD | Santander Chile | 40000000 | 12-22-2025 | 11-16-2026 | 3164 | 56 |
| BRLUSD | Santander Chile | 60000000 | 12-22-2025 | 12-21-2026 | 4714 | 102 |
| BRLUSD | JP Morgan | 105000000 | 12-23-2025 | 02-18-2027 | 10143 | 2085 |
| BRLUSD | JP Morgan | 53000000 | 12-23-2025 | 03-22-2027 | 5097 | 1068 |
| BRLUSD | JP Morgan | 47000000 | 12-23-2025 | 06-23-2027 | 4438 | 972 |
| BRLUSD | Santander Chile | 63000000 | 12-22-2025 | 06-23-2027 | 4644 | 80 |
| BRLUSD | JP Morgan | 44000000 | 12-23-2025 | 09-22-2027 | 4122 | 956 |
| BRLUSD | Santander Chile | 25000000 | 12-22-2025 | 12-15-2027 | 1799 | 69 |
|  |  |  |  |  | **63787** | **9861** |

---

**23.4.2. Uruguay**

**Forward**

As of March 31, 2026, and December 31, 2025, Arauco through its subsidiaries as a joint operation (50%) in Uruguay, maintained the following forward contracts in force and effect for the purposes of ensuring an exchange rate for sale of dollars:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange rate** | **Institution** | **03-31-2026**<br>**notional**<br> **ThU.S.$** | **03-31-2026**<br> **fair value**<br> **ThU.S.$** | **12-31-2025**<br> **notional**<br> **ThU.S.$** | **12-31-2025**<br> **fair value**<br> **ThU.S.$** |
| UYUUSD | HSBC - Uruguay | 7400 | 222 | 12000 | 1054 |
| UYUUSD | Citibank U.K. | 4050 | 134 | 4050 | 230 |
| UYUUSD | Itaú - Uruguay | 9600 | 376 | 9600 | 616 |
| UYUUSD | Banco de la República Oriental de Uruguay | 1000 | 82 | 3450 | 527 |
| UYUUSD | HSBC - Uruguay | 4350 | (64) |  |  |
| UYUUSD | Citibank U.K. | 1500 | (2) |  |  |
| UYUUSD | Itaú - Uruguay | 1350 | (32) |  |  |
| UYUUSD | Banco de la República Oriental de Uruguay | 1600 | (37) |  |  |
| UYUUSD | JPMorgan Chase Bank U.K. | 7400 | 222 |  | - |
|  |  |  | **679** |  | **2427** |

---

**Commodity swap**

Arauco Uruguay's profits and through its subsidiaries as a joint operation (50%), also face exposure to the price variation of certain fuels, as occurs with Fuel Oil N°6, which is used during the pulp manufacturing process. In order to minimize this risk, the volatility of future flows associated to the purchase of Fuel Oil No. 6 through forwards of this commodity. The agreements that are in force and effect as of March 31, 2026, and December 31, 2025, are detailed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Commodity** | **Institution** | **03-31-2026**<br> **notional** <br> **ThU.S.$** | **03-31-2026**<br> **fair value**<br> **ThU.S.$** | **12-31-2025**<br> **notional** <br> **ThU.S.$** | **12-31-2025**<br> **fair value**<br> **ThU.S.$** |
| Fuel Oil N°6 | JP Morgan - N.A. | 1838 | 443 | - | - |
| Fuel Oil N°6 | DNB Bank ASA | 4855 | 1199 |  |  |
| Fuel Oil N°6 | BNP Paribas | 7161 | 1387 |  |  |
| Fuel Oil N°6 | JP Morgan - N.A. | 344 | (1) | 3163 | (497) |
| Fuel Oil N°6 | DNB Bank ASA |  |  | 4520 | (623) |
| Fuel Oil N°6 | BNP Paribas |  | - | 6737 | (896) |
|  |  |  | **3028** |  | **(2016)** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**23.5 Cash equivalent, loans, receivables and other financial assets**

The financial assets measured at amortized cost using the effective interest method and tested for impairment are: cash and cash equivalent, time deposits, repurchase agreements, trade and other current/non-current receivables (with third parties and from related parties).

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. In the consolidated statements of financial position, they are included in line items "Cash and cash equivalents" (certain components of cash and cash equivalents), "Trade and other current/non-current receivables" and "Accounts receivable from related parties".

As of March 31, 2026, and December 31, 2025, there are provisions for impairment for ThU.S.$14,519 and ThU.S.$14,511, respectively.

During 2026, Arauco executed contracts relating to the sale of a portfolio of customer receivables. Upon execution of such agreements, the Company performed an assessment to determine whether substantially all the risks and benefits inherent in the transferred receivables had been transferred to the buyer. Based on this evaluation, the Company concluded that the criteria for derecognition of accounts receivables were satisfied.

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Financial assets at amortized cost** | **2227858** | **2152427** |
| &nbsp;&nbsp;**Cash and cash equivalents (Mutual Funds not included)** | **1376245** | **1231754** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 700404 | 805485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 675841 | 426269 |
| &nbsp;&nbsp;**Accounts receivables (net)** | **843812** | **911981** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 605603 | 679166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease receivable | 71196 | 77319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sundry debtors | 35459 | 34104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 55158 | 57498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | 75649 | 63404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from related parties | 747 | 490 |
| &nbsp;&nbsp;**Other financial assets** | **7801** | **8692** |

---

**23.5.1. Cash and cash equivalents**

Includes cash on hand, bank checking account balances and time deposits and other short-term highly liquid investments with an original maturity of three months or less. They are short-term, highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value.

The composition of cash and cash equivalents (including the balance of mutual funds displayed in this note as valuation, instruments at fair value with profit or loss) at March 31, 2026, and December 31, 2025, classified by currency is as follows:

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Cash and cash equivalents** | **1555542** | **1284053** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. dollars | 1037505 | 777505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euro | 8305 | 15723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian real | 119562 | 107494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentine pesos | 42630 | 43063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos | 47436 | 32564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other currencies | 9573 | 69274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos | 290531 | 238430 |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**23.5.2 Time deposits and repurchase agreements:** The investment objective of time deposits and repurchase agreements is to maximize in the short-term the amounts of cash surpluses. These instruments are authorized by Arauco's Investment Policy, which allows investing in fixed income securities. These instruments have a maturity of less than three months from the date of acquisition.

**23.5.3 Trade and other receivables:** These represent enforceable rights for Arauco resulting from the normal course of the business.

**23.5.4 Sundry debtors**: These correspond to receivables from sales, services or loans that are not considered within the normal course of the business.

The allowance for doubtful accounts is presented as a deduction of trade and other receivables. The provision for doubtful accounts is established based on an analysis of the age of the portfolio and considering the insurance coverage on accounts receivable. Other conditions are assessed for example when there is objective evidence that Arauco will not receive payments under the original sale terms and when the customer is a party to a bankruptcy court agreement or cessation of payments, and is written-off when Arauco has exhausted all levels of recovery of the receivable in a reasonable time.

**23.5.5 Accounts receivable from related parties**: Represent enforceable rights for Arauco resulting from the normal course of business, calling normal to the line of business, activity or purpose of exploitation and financing, and which Arauco owns a non-controlling ownership of the counterparty.

The following table sets forth trade and other current/non-current receivables classified by currencies as of March 31, 2026, and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Trade and other current receivables** | **762962** | **832166** |
| U.S. dollars | 457573 | 537861 |
| Euros | 23647 | 16967 |
| Brazilian real | 68607 | 52973 |
| Argentine pesos | 24897 | 22408 |
| Mexican pesos | 37015 | 36149 |
| Other currencies | 12576 | 7910 |
| Chilean pesos | 117551 | 130689 |
| U.F. | 21096 | 27209 |
| **Accounts receivable from related parties, current** | **747** | **490** |
| U.S. dollars | 48 | 48 |
| Chilean pesos | 699 | 442 |
| **Trade and other non-current receivables** | **80103** | **79325** |
| U.S. dollars | 1355 | 1394 |
| Brazilian real | 19530 | 18623 |
| Argentine pesos | 382 | 344 |
| Chilean pesos | 5160 | 5264 |
| U.F. | 53676 | 53700 |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**23.6 Financial liabilities**

Arauco's financial liabilities to the date of these consolidated financial statements are as follows:

---

| | | |
|:---|:---|:---|
| **Financial liabilities** | **03-31-2026<br> ThU.S.$** | **12-31-2025<br> ThU.S.$** |
| **Total financial liabilities** | **10304230** | **9793133** |
| Financial liabilities at fair value through profit or loss |  | 134 |
| Hedging liabilities | 38136 | 19744 |
| Financial liabilities at amortized cost | 10266094 | 9773255 |

---

The following table sets forth the current portion of the non-current bank borrowings and debt issued as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **03-31-2026<br> ThU.S.$** | **12-31-2025<br> ThU.S.$** |
| Bank borrowings - current portion | 336767 | 192719 |
| Bonds issued - current portion | 353949 | 325234 |
| **Total** | **690716** | **517953** |

---

**23.7 Financial liabilities measured at amortized cost** 

Financial liabilities correspond to non-derivative financial instruments with contractual cash-flow payments that can be either fixed or variable.

Also, this category includes those non-derivative financial liabilities for services or goods delivered to Arauco at the end of each reporting period that have not yet been paid. These amounts are not insured and are generally paid within thirty days after being recognized.

At the end of these interim consolidated financial statements, Arauco includes in this category bank borrowings, bonds issued denominated in U.S. dollars and in U.F., lease liabilities, and trade and other payables.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
|  | <br>**Currency** | **Amortized cost** | **Amortized cost** | **Fair value** | **Fair value** |
| **Total financial liabilities** |  | **10266094** | **9773255** | **10225883** | **9659760** |
| Bonds issued | U.S. dollar | 3420891 | 3401034 | 3210190 | 3210190 |
| Bonds issued | U.F. | 2861789 | 2901520 | 2791889 | 2791889 |
| Bank borrowings | U.S. dollar | 1442105 | 768728 | 1675737 | 945060 |
| Bank borrowings | Euro | 290571 | 294451 | 297329 | 305099 |
| Bank borrowings | Brazilian real | 119299 | 192987 | 119299 | 192987 |
| Other financial liabilities | U.S. dollar | 114440 | 69160 | 114440 | 69160 |
| Lease liabilities | U.F. | 21400 | 23539 | 21400 | 23539 |
| Lease liabilities | Chilean pesos | 59931 | 49997 | 59931 | 49997 |
| Lease liabilities | Brazilian real | 874447 | 794135 | 874447 | 794135 |
| Lease liabilities | Mexican pesos | 1856 | 977 | 1856 | 977 |
| Lease liabilities | U.S. dollar | 143833 | 145491 | 143833 | 145491 |
| Lease liabilities | Euro | 286 | 323 | 286 | 323 |
| Lease liabilities | Other currencies | 327 | 598 | 327 | 598 |
| Trade and other payables | U.S. dollar | 190436 | 181744 | 190436 | 181744 |
| Trade and other payables | Euro | 37813 | 37180 | 37813 | 37180 |
| Trade and other payables | Brazilian real | 218309 | 448293 | 218309 | 448293 |
| Trade and other payables | Argentine pesos | 40107 | 41240 | 40107 | 41240 |
| Trade and other payables | Mexican pesos | 23238 | 23199 | 23238 | 23199 |
| Trade and other payables | Other currencies | 28878 | 30083 | 28878 | 30083 |
| Trade and other payables | Chilean pesos | 300459 | 294552 | 300459 | 294552 |
| Trade and other payables | U.F. | 38735 | 40663 | 38735 | 40663 |
| Accounts payable to related parties | U.S. dollar | 24286 | 24483 | 24286 | 24483 |
| Accounts payable to related parties | Chilean pesos | 12658 | 8878 | 12658 | 8878 |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

The financial liabilities at amortized cost presented in the consolidated statements of financial position as of March 31, 2026, and December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **03-31-2026** | **03-31-2026** | **03-31-2026** |
|  | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** |
|  | **Current** | **Non-current** | **Total** |
| Other financial liabilities | 928698 | 7320397 | **8249095** |
| Lease liabilities | 59970 | 1042110 | **1102080** |
| Trade and other payables | 824095 | 53880 | **877975** |
| Accounts payable to related parties | 13096 | 23848 | **36944** |
| **Total financial liabilities at amortized cost** | **1825859** | **8440235** | **10266094** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **12-31-2025** | **12-31-2025** | **12-31-2025** |
|  | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** |
|  | **Current** | **Non-current** | **Total** |
| Other financial liabilities | 706093 | 6921787 | **7627880** |
| Lease liabilities | 55823 | 959237 | **1015060** |
| Trade and other payables | 1043241 | 53713 | **1096954** |
| Accounts payable to related parties | 9437 | 23924 | **33361** |
| **Total financial liabilities at amortized cost** | **1814594** | **7958661** | **9773255** |

---

**23.8 Cash flow hedges reserve reconciliation**

The following table sets forth the reconciliation balances of cash flow hedges presented in the consolidated statements of comprehensive income:

---

| | | |
|:---|:---|:---|
|  | **January – March** | **January – March** |
|  | **2026** | **2025** |
|  | **ThU.S.$** | **ThU.S.$** |
| **Opening balance** | **287494** | **(50012)** |
| Gains (losses) on cash flow hedges, before tax | 170122 | 158131 |
| Income tax relating to cash flow hedges of other comprehensive income | (41300) | (38614) |
| **Closing balance** | **416316** | **69505** |

---

**23.9 Capital disclosures**

**23.9.1 Information on objectives, policies and processes applied by the company regarding capital management** 

Arauco's policies on capital management have the objective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Ensuring business continuity and normal operations in the long-term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Ensuring funding for new investments to achieve sustainable growth over time;

&nbsp;&nbsp;&nbsp;&nbsp;c) Keeping adequate capital structure considering all economic cycles that impact the business and the nature
of the industry; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Maximizing the Company's value and providing an adequate return to shareholders,

**23.9.2 Qualitative information on objectives, policies and processes applied by the company regarding capital management** 

Arauco determines and manages its capital structure based on its carrying amount of equity plus its financial debt (bank borrowings, bonds and lease liabilities).

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**23.9.3 Quantitative information on capital management** 

The financial safeguards to which Arauco is subject are shown in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>Instrument | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** | **Interest**<br>**coverage >= 2,0x** | **Debt level**<br>**(1) <= 1,2x** |
| Domestic bonds | 2861789 | 2901520 | N/R |  |
| Term loan facility | 209664 | 212487 |  |  |
| ECA loan (Sucuriú) | 322444 | 150266 |  |  |
| Loan A y B facilities | 791633 | 290622 |  |  |
| ECA loan (MAPA) | 290571 | 294451 |  |  |

---

N/R: Not required for the financial obligation.

(1) Debt to equity ratio (financial debt divided by equity plus non-controlling interests).

As of March 31, 2026, and December 31, 2025, Arauco has complied with all of its financial covenants.

The following table sets forth the credit ratings of our debt instruments as of March 31, 2026, are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Instrument** | **Standard & Poor's** | **Standard & Poor's** | **Fitch Ratings** | **Fitch Ratings** | **Moody's** | **Moody's** | **Feller Rate** | **Feller Rate** |
| Local bonds |  |  |  | AA |  |  |  | AA |
| Foreign bonds | | BBB- | | BBB | | Baa3 | | - |

---

Capitalization requirements are established based on the Company's financial needs and on maintaining an adequate liquidity level and complying with financial covenants established in current debt arrangements. The Company manages its capital structure and makes adjustments based on the prevailing economic conditions in order to mitigate the risks associated with adverse market conditions and based on opportunities that may arise to improve the Company's level of liquidity.

The capitalization of Arauco as of March 31, 2026, and December 31, 2025, is as follows:

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Equity | 9776820 | 9683478 |
| Bank borrowings | 1851975 | 1256166 |
| Lease liabilities | 1102080 | 1015060 |
| Bonds issued | 6282680 | 6302554 |
| **Capitalization** | **19013555** | **18257258** |

---

**23.10 Risk management** 

Arauco's financial instruments are exposed to various financial risks: credit risk, liquidity risk and market risk (including exchange rate risks, interest rate risks and price risks). Arauco's overall risk management program focuses on uncertainty in financial markets and aims to minimize potential adverse effects on Arauco's financial profitability.

Arauco's financial risk management is overseen by the Corporate Finance Department. This department identifies, assesses and hedges financial risks in close collaboration with Arauco's operational units. The company is not actively involved in trading its financial assets for speculative purposes.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**23.10.1 Type of risk: Credit risk** 

**Description** 

Credit risk refers to financial uncertainty at different periods of time relating to the fulfillment of obligations with counterparties, at the time of exercising the contract rights to receive cash or other financial assets on behalf of Arauco.

**Explanation of credit risk exposure and how this risk arises**

Arauco's exposure to credit risk is directly related to each of its customer's individual abilities to fulfill their contractual commitments, reflected in trade receivables.

Accounts exposed to credit risk are trade receivables, financial lease debtors and other debtors.

Arauco does not have a securitized portfolio.

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Current receivables** |  |  |
| &nbsp;&nbsp;&nbsp;Trade receivables | 605567 | 679130 |
| &nbsp;&nbsp;&nbsp;Lease receivable | 17932 | 24033 |
| &nbsp;&nbsp;&nbsp;Sundry debtors | 12549 | 12017 |
| &nbsp;&nbsp;&nbsp;Other receivables | 53014 | 55372 |
| &nbsp;&nbsp;&nbsp;Prepayments | 73900 | 61614 |
| &nbsp;&nbsp;&nbsp;**Net subtotal** | **762962** | **832166** |
| &nbsp;&nbsp;&nbsp;Trade receivables | 615625 | 689215 |
| &nbsp;&nbsp;&nbsp;Lease receivable | 17932 | 24033 |
| &nbsp;&nbsp;&nbsp;Sundry debtors | 14594 | 14098 |
| &nbsp;&nbsp;&nbsp;Other receivables | 54009 | 56366 |
| &nbsp;&nbsp;&nbsp;Prepayments | 73900 | 61614 |
| &nbsp;&nbsp;&nbsp;**Gross subtotal** | **776060** | **845326** |
| &nbsp;&nbsp;&nbsp;Provision for doubtful trade receivables | 10058 | 10085 |
| &nbsp;&nbsp;&nbsp;Provision for doubtful lease receivable |  |  |
| &nbsp;&nbsp;&nbsp;Provision for doubtful sundry debtors | 2045 | 2081 |
| &nbsp;&nbsp;&nbsp;Provision for doubtful other receivables | 995 | 994 |
| &nbsp;&nbsp;&nbsp;**Subtotal bad debt** | **13098** | **13160** |
| **Non-current receivables** |  |  |
| &nbsp;&nbsp;&nbsp;Trade receivables | 36 | 36 |
| &nbsp;&nbsp;&nbsp;Lease receivable | 53264 | 53286 |
| &nbsp;&nbsp;&nbsp;Sundry debtors | 22910 | 22087 |
| &nbsp;&nbsp;&nbsp;Other receivables | 2144 | 2126 |
| &nbsp;&nbsp;&nbsp;Prepayments | 1749 | 1790 |
| &nbsp;&nbsp;&nbsp;**Net subtotal** | **80103** | **79325** |
| &nbsp;&nbsp;&nbsp;Trade receivables | 1457 | 1387 |
| &nbsp;&nbsp;&nbsp;Lease receivable | 53264 | 53286 |
| &nbsp;&nbsp;&nbsp;Sundry debtors | 22910 | 22087 |
| &nbsp;&nbsp;&nbsp;Other receivables | 2144 | 2126 |
| &nbsp;&nbsp;&nbsp;Prepayments | 1749 | 1790 |
| &nbsp;&nbsp;&nbsp;**Gross subtotal** | **81524** | **80676** |
| &nbsp;&nbsp;&nbsp;Provision for doubtful trade receivables | 1421 | 1351 |
| &nbsp;&nbsp;&nbsp;Provision for doubtful lease receivable |  |  |
| &nbsp;&nbsp;&nbsp;Provision for doubtful sundry debtors |  |  |
| &nbsp;&nbsp;&nbsp;Provision for doubtful other receivables |  |  |
| &nbsp;&nbsp;&nbsp;**Subtotal bad debt** | **1421** | **1351** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**Explanation of risk management objectives, policies and processes, and measurement methods** 

The Credit and Collections Sub-management, dependent from the Treasury Department, is the area entrusted with minimizing the credit risk of the accounts receivable, supervising the delinquency of the accounts. The regulations and procedures applicable for the control and administration of the Arauco Group can be found in the Corporate Credit Policy.

As of March 31, 2026, Arauco's balance for commercial debtors was ThU.S.$617,082 of which, according to the agreed sales conditions, 51.83% corresponded to sales on credit (open account), 38.52% to sales with letters of credit and 9.65% to other types of sales. The client with the highest outstanding balance, corresponding to sales through a credit line represented 3.35% of the total accounts receivable as of that date.

Below we provide detail regarding accounts receivable, classified in tranches:

**March 31, 2026**

**Age of trade receivables**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Days** | **Non-<br> past due** | **1 to 30** | **31 to 60** | **61 to 90** | **91 to 120** | **121 to 150** | **151 to 180** | **181 to 210** | **211 to 250** | **More<br> than<br> 250** | **Total** |
| N° debtor | 1562 | 826 | 37 | 20 | 13 | 4 | 7 | 4 | 2 | 130 | **2605** |
| ThU.S.$| 577620 | 30450 | 486 | 710 | 116 | 69 | 105 | 17 | 28 | 7481 | **617082** |
| % | 93.61% | 4.93% | 0.08% | 0.12% | 0.02% | 0.01% | 0.02% | 0.00% | 0.00% | 1.21% | **100%** |

---

**December 31, 2025**

**Age of trade receivables**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Days** | **Non-<br> past due** | **1 to 30** | **31 to 60** | **61 to 90** | **91 to 120** | **121 to 150** | **151 to 180** | **181 to 210** | **211 to 250** | **More<br> than<br> 250** | **Total** |
| N° debtor | 1435 | 617 | 41 | 24 | 13 | 5 | 3 | 5 | 7 | 120 | **2270** |
| ThU.S.$| 646992 | 33902 | 1356 | 544 | 50 | 84 | 86 | 92 | 207 | 7289 | **690602** |
| % | 93.68% | 4.91% | 0.20% | 0.08% | 0.01% | 0.01% | 0.01% | 0.01% | 0.03% | 1.06% | **100%** |

---

Arauco applies IFRS 9 using the simplified method to determine the provision for expected credit losses of its commercial debtors, corresponding to accounts receivable from customers with credit line. The applied model is based on a scoring system that provides a score to each customer, which considers different variables such as country risk, payment behavior and financial condition of the debtor, among others, thus assigning a probability of default to each customer for the next 12 months. This factor is applied to the balance receivable of each debtor, determining the provision for expected credit losses.

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br> **ThU.S.$** | **12-31-2025**<br> **ThU.S.$** |
| Letters of credit | 237729 | 293100 |
| Credit line | 319822 | 345061 |
| Others | 59531 | 52441 |
| **Total trade receivables** | **617082** | **690602** |
| **Total allowance for doubtful accounts** | **(11479)** | **(11436)** |
| **Total net trade receivables** | **605603** | **679166** |

---

Arauco does not conduct rescheduling or renegotiations with its clients that imply an amendment to the maturity of the invoices and, should it be necessary, any debt renegotiation with a customer shall be analyzed on a case-by-case basis and subjected to the approval of the Corporate Finance Management.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

Regarding the loss allowance for trade receivables and others, below we provide detail for the movements as of March 31, 2026, and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| **Opening loss allowance as at January 1** | **14511** | **13297** |
| Increase due to impairment loss | 555 | 1687 |
| Used impairment | (1) | (61) |
| Unused impairment reversed | (549) | (791) |
| Increase (decrease) due to exchange differences | 3 | 379 |
| **Closing balance** | **14519** | **14511** |

---

Currently there is a policy for provisions for doubtful accounts receivable under IFRS for all the Arauco group companies.

**Explanation regarding the sales risk with letters of credit**

Sales with letters of credit mainly occur in markets in Asia and the Middle East. Periodically, a credit assessment is conducted regarding the banks that issue the letters of credit with the purpose of obtaining their score over the basis of risk-qualification ratings, country-specific risk and financial statements. The decision of approving the issuing bank or asking for confirmation of the letter of credit is made in consideration to this assessment.

**Explanation of the sales risk with credit line**

Sales on credit are subject to the credit limit given to each customer. The approval or rejection of a credit limit for all term sales is carried out by different credit committees, which report to the Corporate Finance Management. The regulations and procedures applicable for the correct control and risk management over the sales on credit are ruled by the Credit Policy defined for the Arauco group.

Arauco's policy is to take out insurance to cover the sales of companies Celulosa Arauco y Constitución S.A., Maderas Arauco S.A., Forestal Arauco S.A., Arauco Argentina S.A., Arauco Indústria de Painéis S.A., Arauco Europe Coöperatief U.A., Araucomex S.A. de C.V., Arauco Industria de México, S.A. de C.V., Arauco Perú S.A., Arauco North America, Inc y Arauco Canada Ltd.

As another way of minimizing risk and supporting a line of credit approved by the Credit Committee through guarantees, Arauco holds guarantees such as mortgages, pledges, Standby letters of credit, bank performance bonds, promissory notes, borrowings or any other that could be required under the laws of each country, The total amount held in guarantees amounts to ThU.S.$120,872, effective as of March 31, 2026, The procedure for guarantees is regulated by Arauco's Policy on Guarantees, whose purpose is to control their accounting, due date and custody.

The maximum exposure to credit risk is limited to the value at amortized cost of the Debtors' account for sales registered as of the date of this report, minus the percentage of sales insured by the aforementioned credit insurance companies and the guarantees granted in favor of Arauco.

In summary, debt with term sale with credit line covered by the various insurance policies and guarantees amounts to 93.17% and, therefore, Arauco's portfolio exposure amounts to 6.83%.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | |
|:---|:---|:---|
| **Secured open accounts receivable** | **ThU.S.$** | **%** |
| **Total open accounts receivable** | **319822** | **100.00%** |
| Secured receivables (\*) | 297966 | 93.17% |
| Unsecured receivables | 21856 | 6.83% |

---

(\*) Insured debt is deemed to be the portion of accounts receivable that is covered by a credit company or by guarantees such as standby letters of credit, mortgages, performance bonds, among others.

**Investment policy:**

Arauco has an Investment Policy which identifies and limits the financial instruments and the entities into which Arauco, is authorized to invest. The Company's Treasury Department is centralized. For the subsidiary in Argentina, the Corporate Finance Department monitors and controls compliance with Arauco financial policies, but its daily treasury activity is managed independently. The Head Office is responsible for carrying out investments, cash flow surplus investments, and short and long-term debt subscriptions. Exceptions to this rule apply to short and long-term debt, and will be for specific investments made through other companies where authorization is required from the Chief Financial Officer.

For financial instruments, the only permitted investments are fixed income investments with adequate liquidity. Each instrument has defined classifications and limits, depending on duration and type of issuer.

Regarding intermediaries (such as banks, securities brokers and dealers of mutual funds that are bank affiliates), a scoring methodology is used to determine the relative degree of risk of each intermediary based on their financial position and assign score points that result in a credit risk rating to each intermediary. Arauco uses this scoring system to determine its investment limits for each intermediary.

The required information to evaluate the various criteria are obtained from published financial statements from the banks under evaluation and from the credit risk ratings of short and long-term debt securities, defined by the regulatory body (Commission for the Financial Market) and carried out by rating agencies authorized by said organization.

Any necessary exceptions regarding investment limits in each particular instrument or entity must have the authorization from Arauco's Chief Financial Officer.

**23.10.2 Type of risk: Liquidity risk** 

**Description**

This risk corresponds to Arauco's ability to fulfill its financial obligations upon maturity.

**Explanation of liquidity risk exposure and how this risk arises** 

Arauco's exposure to liquidity risk is mainly from its obligations to bondholders, banks and financial institutions, creditors and other payables. Liquidity risk may arise if Arauco is unable to meet the net cash flow requirements, which sustain its operations under both normal and exceptional circumstances.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**Explanation of objectives, policies and processes for risk management, and measurement methods**

The Corporate Financial Management Division monitors on an ongoing basis the Company's cash flow forecasts based on short and long-term forecasts and available financing alternatives. In order to manage the risk level of financial assets, Arauco follows its investment policy.

The following tables detail Arauco's liquidity analysis for its financial liabilities as of March 31, 2026, and December 31, 2025.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **Maturity** | **Maturity** | **Total** | **Total** | | |
| <br>**Tax ID** | <br>**Name** | <br>**Currency** | <br>**Bank borrowings** | **1 to 2**<br>**Years**<br>**ThU.S.$** | **More than**<br>**5 years**<br>**ThU.S.$** |<br>**Current**<br>**ThU.S.$** | **Non**<br>**current**<br>**ThU.S.$** |<br> **Effective**<br>**rate** | <br>**Nominal** <br>**rate** |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | International Finance Corporation (A Loan) | 2893 | 31760 | 2942 | 72283 | 4.95% | SOFR 6m + 1.30% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | International Finance Corporation (A Loan) | 4821 | 52933 | 4904 | 120470 | 4.90% | SOFR 6m + 1.30% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | International Finance Corporation (B Loan) | 3920 |  | 4011 | 96611 | 4.84% | SOFR 6m + 1.15% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | International Finance Corporation (B Loan) | 6533 |  | 6685 | 161018 | 4.75% | SOFR 6m + 1.15% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Inter-American Investment Corporation (A Loan) | 2893 | 31747 | 2958 | 72280 | 4.96% | SOFR 6m + 1.30% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Inter-American Investment Corporation (A Loan) | 4821 | 52933 | 4904 | 120470 | 4.90% | SOFR 6m + 1.30% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Inter-American Investment Corporation (B Loan) | 4200 |  | 4275 | 103517 | 4.83% | SOFR 6m + 1.15% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Inter-American Investment Corporation (B Loan) | 7000 |  | 7125 | 172529 | 4.75% | SOFR 6m + 1.15% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | JP Morgan SE / ECA |  | 211229 |  | 251443 | 4.58% | SOFR 6m + 0.80% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | JP Morgan SE / ECA |  | 284818 |  | 337378 | 4.40% | SOFR 6m + 0.80% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | Euros | BNP paribas / ECA | 78950 |  | 79770 | 234395 | 1.06% | Fixed 1.06% |
|  | Arauco Argentina S.A. | U.S. dollar | Banco Industrial y Comercial de China |  |  | 719 |  | 12.27% | Fixed 12.27% |
|  | Arauco Argentina S.A. | U.S. dollar | Banco Industrial y Comercial de China |  |  | 516 |  | 12.50% | Fixed 12.5% |
|  | Arauco Argentina S.A. | U.S. dollar | Banco Industrial y Comercial de China |  |  | 383 |  | 12.50% | Fixed 12.5% |
|  | Arauco Argentina S.A. | U.S. dollar | Banco Industrial y Comercial de China |  |  | 385 |  | 12.50% | Fixed 12.5% |
|  | Tecverde S.A. | Brazilian real | Banco Regional de Desenvolvimento do Extremo Sul |  |  | 68 |  | 5.22% | Fixed 5.10% |
|  | Tecverde S.A. | Brazilian real | Banco Santander |  |  | 3476 |  | 17.66% | CDI + 2.66% |
|  | Tecverde S.A. | Brazilian real | Banco Itaú |  |  | 1634 |  | 16.09% | CDI + 1.26% |
|  | Arauco Indústria de Painéis S.A. | Brazilian real | Banco Safra S.A. | 2409 |  | 7811 | 2409 | 7.15% | Fixed 7.15% |
|  | Arauco Indústria de Painéis S.A. | Brazilian real | Banco Safra S.A. | 1625 |  | 1823 | 3050 | 16.30% | CDI + 1.40% |
|  | Arauco Indústria de Painéis S.A. | Brazilian real | Banco Safra S.A. | 10802 |  | 12106 | 20294 | 16.30% | CDI + 1.40% |
|  | Arauco Indústria de Painéis S.A. | Brazilian real | Itaú Unibanco S.A. | 25711 |  | 7186 | 58767 | 15.85% | CDI + 0.95% |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | Banco BTG Pactual S.A. |  |  | 18460 |  | 16.46% | CDI + 1.56% |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | Banco Safra S.A. |  |  | 10693 |  | 16.45% | CDI + 1.55% |
|  | Arauco North America, Inc. | U.S. dollar | Banco Itau Corpbanca - NY Branch |  |  | 221250 |  | 5.39% | SOFR 6m + 1.55% |
|  | Eufores S.A. | U.S. dollar | Banco BBVA |  |  | 5094 |  | 3.80% | Fixed 3.80% |
|  | Eufores S.A. | U.S. dollar | Banco República Oriental del Uruguay |  |  | 39192 |  | 3.75% | Fixed 3.75% |
|  | Eufores S.A. | U.S. dollar | Banco República Oriental del Uruguay |  |  | 10178 |  | 3.62% | Fixed 3.62% |
|  | Eufores S.A. | U.S. dollar | Banco Itaú |  |  | 9166 |  | 3.75% | Fixed 3.75% |
|  | Eufores S.A. | U.S. dollar | Banco Santander |  |  | 22931 |  | 3.88% | Fixed 3.88% |
|  | Eufores S.A. | U.S. dollar | Banco Scotiabank |  |  | 7639 |  | 3.85% | Fixed 3.85% |
|  | Stora Enso Uruguay S.A. | U.S. dollar | Banco República Oriental del Uruguay |  |  | 2545 |  | 3.75% | Fixed 3.75% |
|  | Zona Franca Punta Pereira S.A. | U.S. dollar | Banco República Oriental del Uruguay |  |  | 15270 |  | 3.75% | Fixed 3.75% |
|  | Zona Franca Punta Pereira S.A. | U.S. dollar | Banco República Oriental del Uruguay | - | - | 5089 | - | 3.62% | Fixed 3.62% |
|  |  |  | **Total** | **156578** | **665420** | **521188** | **1826914** |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **Total** | **Total** | | |
| <br>**Tax ID** | <br>**Name** | <br>**Currency** | <br>**Bonds** |<br>**Current**<br>**ThU.S.$** | **Non**<br>**Current**<br>**ThU.S.$** |<br> **Effective**<br> **rate** |<br> **Nominal**<br> **rate** |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-F | 22606 | 62890 | 4.25% | 4.21% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-F | 9042 | 25156 | 4.24% | 4.21% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-P | 24747 | 132239 | 3.96% | 3.96% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-R | 7664 | 279934 | 3.57% | 3.57% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-S | 219914 |  | 2.43% | 2.39% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-W | 2692 | 134258 | 2.12% | 2.09% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-X | 6336 | 343994 | 2.70% | 2.68% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-Y | 2644 | 99131 | 3.10% | 3.08% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-Z | 6820 | 323895 | 3.18% | 3.17% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-AB | 6820 | 344352 | 3.19% | 3.17% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-AC | 1364 | 47390 | 3.18% | 3.17% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-AE | 11894 | 600713 | 3.07% | 3.08% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-AG | 33700 | 1044507 | 3.94% | 3.94% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2027 | 19376 | 519375 | 3.90% | 3.88% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2047 | 22000 | 862000 | 5.50% | 5.50% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2029 | 21250 | 553125 | 4.27% | 4.25% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2049 | 27500 | 1118750 | 5.51% | 5.50% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2030 | 21000 | 563000 | 4.21% | 4.20% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2032 | 30900 | 669950 | 6.20% | 6.18% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2050 | 25750 | 1092250 | 5.16% | 5.15% |
|  |  |  | **Total** | **524019** | **8816909** |  |  |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **Total** | **Total** |
| <br>**Tax ID** | <br>**Name** | <br>**Currency** | <br>**Underlying asset class** |<br>**Current**<br>**ThU.S.$** | **Non**<br>**current**<br>**ThU.S.$** |
| 85.805.200-9 | Forestal Arauco S.A. | U.F. | Motor vehicles | 2927 | 6330 |
| 85.805.200-9 | Forestal Arauco S.A. | Chilean pesos | Motor vehicles | 276 | 38 |
| 85.805.200-9 | Forestal Arauco S.A. | U.F. | Lands | 24 | 6163 |
| 85.805.200-9 | Forestal Arauco S.A. | Chilean pesos | Lands | 8 | 772 |
| 85.805.200-9 | Forestal Arauco S.A. | U.S. dollar | Lands | 240 | 420 |
| 85.805.200-9 | Forestal Arauco S.A. | U.F. | Plants and equipments | 306 | 2219 |
| 85.805.200-9 | Forestal Arauco S.A. | Chilean pesos | Plants and equipments | 609 |  |
| 85.805.200-9 | Forestal Arauco S.A. | U.F. | Buildings and constructions | 492 | 1435 |
|  | Arauco Argentina S.A. | U.S. dollar | Buildings and constructions | 681 | 489 |
|  | Arauco Argentina S.A. | U.S. dollar | Plants and equipments | 587 | 6068 |
|  | Arauco Argentina S.A. | U.S. dollar | Motor vehicles | 1385 | 3773 |
|  | Novo Oeste Gestão de Ativos Florestais S.A. | Brazilian real | Buildings and constructions | 3 |  |
|  | Arauco Indústria de Painéis S.A. | Brazilian real | IT equipment | 36 | 21 |
|  | Arauco do Brasil S.A. | Brazilian real | Buildings and constructions | 132 | 262 |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | Lands | 69678 | 1569062 |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | Buildings and constructions | 634 | 2216 |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | IT equipment | 183 | 73 |
|  | Mahal Empreendimentos e Participações S.A. | Brazilian real | Lands | 2646 | 28075 |
|  | Mahal Empreendimentos e Participações S.A. | Brazilian real | Buildings and constructions | 3 |  |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Buildings and constructions | 1777 | 3110 |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Motor vehicles | 19 |  |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Plants and equipments | 110 |  |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Plants and equipments | 4573 | 69751 |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | Chilean pesos | Motor vehicles | 5851 | 21142 |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Motor vehicles | 1732 | 3541 |
|  | Arauco North America, Inc. | U.S. dollar | Buildings and constructions | 373 | 6934 |
|  | Arauco North America, Inc. | U.S. dollar | Motor vehicles | 1496 | 2334 |
|  | Arauco Canada Limited | Canadian dollar | Motor vehicles | 257 | 90 |
|  | Celulosa y Energía Punta Pereira S.A. | U.S. dollar | Plants and equipments | 640 | 7814 |
|  | Eufores S.A. | U.S. dollar | Lands | 7680 | 54591 |
|  | Eufores S.A. | U.S. dollar | Plants and equipments | 1223 | 917 |
|  | Eufores S.A. | U.S. dollar | Buildings and constructions | 151 | 780 |
| 96.510.970-6 | Maderas Arauco S.A. | Chilean pesos | Motor vehicles | 12935 | 26344 |
| 96.510.970-6 | Maderas Arauco S.A. | U.F. | Motor vehicles | 2 |  |
| 76.879.577-0 | E2E SpA. | Chilean pesos | Lands | 209 | 402 |
|  | Tecverde S.A. | Brazilian real | Motor vehicles | 102 |  |
|  | Tecverde S.A. | Brazilian real | Buildings and constructions | 633 |  |
|  | Arauco Europe Cooperatief U.A. | Euros | Motor vehicles | 26 | 6 |
|  | Arauco Europe Cooperatief U.A. | Euros | Buildings and constructions | 92 | 230 |
|  | Araucomex S.A. de C.V. | Mexican pesos | Buildings and constructions | 165 | 237 |
|  | Araucomex S.A. de C.V. | U.S. dollar | Buildings and constructions | 1507 | 7164 |
|  | Arauco Industria de México, S.A. de C.V. | Mexican pesos | Motor vehicles | 101 | 245 |
|  | Arauco Industria de México, S.A. de C.V. | U.S. dollar | Plants and equipments | 529 | 936 |
|  | Arauco Industria de México, S.A. de C.V. | Mexican pesos | Buildings and constructions | 164 | 1101 |
| **Total** | **Total** | **Total** | **Total** | **123197** | **1835085** |

---

As part of the policy of Arauco, it considers compliance with all accounts payable, whether with related (see Note 13) or third parties, within a period not exceeding 30 days.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **Maturity** | **Total** | **Total** | | |
| <br>**Tax ID** | <br>**Name** | <br>**Currency** | <br>**Bank borrowings** | **More than 5**<br>**Years**<br>**ThU.S.$** |<br>**Current**<br>**ThU.S.$** | **Non**<br>**Current**<br>**ThU.S.$** |<br>**Effective**<br>**rate** | <br>**Nominal**<br>**rate** |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | International Finance Corporation (A loan) | 50405 | 1576 | 85432 | 5.09% | Sofr 6m + 1.3% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | International Finance Corporation (B loan) | 26713 | 2296 | 113911 | 5.20% | Sofr 6m + 1.15% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Inter-American Investment Corporation (A loan) | 50405 | 1576 | 85432 | 5.08% | Sofr 6m + 1.3% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Inter-American Investment Corporation (B loan) | 24932 | 2142 | 106317 | 5.21% | Sofr 6m + 1.15% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | JP Morgan SE / ECA | 267275 | 5446 | 326029 | 4.85% | Sofr 6m + 0.8% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | Euros | BNP paribas / ECA |  | 79770 | 234395 | 1.06% | Fixed 1.06% |
|  | Tecverde S.A. | Brazilian real | Banco Regional de Desenvolvimento do Extremo Sul |  | 92 |  | 5.22% | Fixed 5.10% |
|  | Tecverde S.A. | Brazilian real | Santander |  | 3535 |  | 17.66% | CDI + 2.66% |
|  | Arauco do Brasil S.A. | Brazilian real | Banco Safra S.A. |  | 1839 | 3747 | 16.30% | CDI + 1.40% |
|  | Arauco do Brasil S.A. | Brazilian real | Banco Safra S.A. |  | 12186 | 24901 | 16.30% | CDI + 1.40% |
|  | Arauco do Brasil S.A. | Brazilian real | Itaú Unibanco S.A. |  | 6979 | 59293 | 15.85% | CDI + 0.95% |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | Itaú Unibanco S.A. |  | 68660 |  | 16.52% | CDI + 1.62% |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | Banco BTG Pactual S.A. |  | 18770 | 16330 | 16.46% | CDI + 1.56% |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | Banco Safra S.A. |  | 10139 |  | 16.45% | CDI + 1.55% |
|  | Arauco North America, Inc. | U.S. dollar | Banco Itau Corpbanca - NY Branch |  | 11506 | 215721 | 5.39% | Sofr 6m + 1.55% |
|  | Eufores S.A. | U.S. dollar | BBVA |  | 5094 |  | 3.80% | Fixed 3.80% |
|  | Eufores S.A. | U.S. dollar | Banco República Oriental del Uruguay |  | 39192 |  | 3.75% | Fixed 3.75% |
|  | Eufores S.A. | U.S. dollar | Banco República Oriental del Uruguay |  | 10178 |  | 3.62% | Fixed 3.62% |
|  | Eufores S.A. | U.S. dollar | Itaú |  | 9166 |  | 3.75% | Fixed 3.75% |
|  | Eufores S.A. | U.S. dollar | Santander |  | 22931 |  | 3.88% | Fixed 3.88% |
|  | Eufores S.A. | U.S. dollar | Scotiabank |  | 7639 |  | 3.85% | Fixed 3.85% |
|  | Stora Enso Uruguay S.A. | U.S. dollar | Banco República Oriental del Uruguay |  | 2545 |  | 3.75% | Fixed 3.75% |
|  | Zona Franca Punta Pereira S.A. | U.S. dollar | Banco República Oriental del Uruguay |  | 15270 |  | 3.75% | Fixed 3.75% |
|  | Zona Franca Punta Pereira S.A. | U.S. dollar | Banco República Oriental del Uruguay | - | 5089 | - | 3.62% | Fixed 3.62% |
|  |  |  | **Total bank borrowings** | **419730** | **343616** | **1271508** |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **Total** | **Total** | | |
| <br>**Tax ID** | <br>**Name** | <br>**Currency** | <br>**Bonds** |<br>**Current**<br>**ThU.S.$** | **Non**<br>**Current**<br>**ThU.S.$** |<br>**Effective**<br>**rate** |<br>**Nominal**<br>**rate** |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-F | 22940 | 63819 | 4.25% | 4.21% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-F | 9176 | 25528 | 4.24% | 4.21% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-P | 25112 | 134191 | 3.96% | 3.96% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-R | 7777 | 284066 | 3.57% | 3.57% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-S | 223161 |  | 2.43% | 2.39% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-W | 2732 | 136240 | 2.12% | 2.09% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-X | 6430 | 349070 | 2.70% | 2.68% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-Y | 2682 | 100594 | 3.10% | 3.08% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-Z | 6920 | 328679 | 3.18% | 3.17% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-AB | 6920 | 349438 | 3.19% | 3.17% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-AC | 1384 | 48092 | 3.18% | 3.17% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-AE | 12070 | 609584 | 3.07% | 3.08% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Barau-AG | 25606 | 1077025 | 3.94% | 3.94% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2027 | 19375 | 519375 | 3.90% | 3.88% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2047 | 22000 | 862000 | 5.50% | 5.50% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2029 | 21250 | 553125 | 4.27% | 4.25% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2049 | 27500 | 1118750 | 5.51% | 5.50% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2030 | 21000 | 573500 | 4.21% | 4.20% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2032 | 30900 | 669950 | 6.20% | 6.18% |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Yankee 2050 | 25750 | 1105125 | 5.16% | 5.15% |
|  |  |  | **Total** | **520685** | **8908151** |  |  |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **Total** | **Total** |
| <br>**Tax ID** | <br>**Name** | <br>**Currency** | <br>**Underlying asset class** |<br>**Current**<br>**ThU.S.$** | **Non**<br>**current**<br>**ThU.S.$** |
| 85.805.200-9 | Forestal Arauco S.A. | U.F. | Motor vehicles | 2988 | 7068 |
| 85.805.200-9 | Forestal Arauco S.A. | Chilean pesos | Motor vehicles | 284 | 117 |
| 85.805.200-9 | Forestal Arauco S.A. | U.F. | Lands | 709 | 4154 |
| 85.805.200-9 | Forestal Arauco S.A. | U.S. dollar | Lands | 231 | 479 |
| 85.805.200-9 | Forestal Arauco S.A. | U.F. | Plants and equipments | 546 | 2018 |
| 85.805.200-9 | Forestal Arauco S.A. | Chilean pesos | Plants and equipments | 352 |  |
| 85.805.200-9 | Forestal Arauco S.A. | U.F. | Buildings and constructions | 415 | 2343 |
|  | Arauco Argentina S.A. | U.S. dollar | Buildings and constructions | 717 | 636 |
|  | Arauco Argentina S.A. | U.S. dollar | Plants and equipments | 587 | 6215 |
|  | Arauco Argentina S.A. | U.S. dollar | Motor vehicles | 1086 | 2794 |
|  | Novo Oeste Gestão de Ativos Florestais S.A. | Brazilian real | Buildings and constructions | 3 |  |
|  | Arauco Indústria de Painéis S.A. | Brazilian real | IT equipment | 33 | 28 |
|  | Arauco do Brasil S.A. | Brazilian real | Buildings and constructions | 124 | 281 |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | Lands | 62145 | 1431349 |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | Buildings and constructions | 270 | 628 |
|  | Arauco Celulose do Brasil S.A. | Brazilian real | IT equipment | 182 | 106 |
|  | Mahal Empreendimentos e Participações S.A. | Brazilian real | Lands | 2471 | 27160 |
|  | Mahal Empreendimentos e Participações S.A. | Brazilian real | Buildings and constructions | 3 |  |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Buildings and constructions | 1812 | 3624 |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Motor vehicles | 34 |  |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.F. | Plants and equipments | 150 |  |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Plants and equipments | 4565 | 70771 |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | Chilean pesos | Motor vehicles | 4029 | 7105 |
| 93.458.000-1 | Celulosa Arauco y Constitución S.A. | U.S. dollar | Motor vehicles | 1732 | 3974 |
|  | Arauco North America, Inc. | U.S. dollar | Buildings and constructions | 786 | 5020 |
|  | Arauco North America, Inc. | U.S. dollar | Motor vehicles | 2301 | 3592 |
|  | Arauco Canada Limited | Canadian dollar | Motor vehicles | 360 | 283 |
|  | Celulosa y Energía Punta Pereira S.A. | U.S. dollar | Plants and equipments | 640 | 7973 |
|  | Eufores S.A. | U.S. dollar | Lands | 4708 | 54838 |
|  | Eufores S.A. | U.S. dollar | Plants and equipments | 1223 | 1222 |
|  | Eufores S.A. | U.S. dollar | Buildings and constructions | 206 | 817 |
| 96.510.970-6 | Maderas Arauco S.A. | Chilean pesos | Motor vehicles | 13068 | 28973 |
| 96.510.970-6 | Maderas Arauco S.A. | U.F. | Motor vehicles | 4 |  |
| 76.879.577-0 | E2E SpA. | Chilean pesos | Lands | 36 |  |
|  | Arauco Europe Cooperatief U.A. | Euros | Motor vehicles | 34 | 12 |
|  | Arauco Europe Cooperatief U.A. | Euros | Buildings and constructions | 93 | 259 |
|  | Araucomex S.A. de C.V. | Mexican pesos | Buildings and constructions | 323 | 349 |
|  | Araucomex S.A. de C.V. | U.S. dollar | Buildings and constructions | 2047 | 7027 |
|  | Arauco Industria de México, S.A. de C.V. | Mexican pesos | Motor vehicles | 140 | 247 |
|  | Arauco Industria de México, S.A. de C.V. | U.S. dollar | Plants and equipments | 700 | 936 |
| **Total** | **Total** | **Total** | **Total** | **112137** | **1682398** |

---

As part of the policy of Arauco, it considers compliance with all accounts payable, whether with related (see Note 13) or third parties, within a period not exceeding 30 days.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**Guarantees** 

<br> As of the date of these consolidated financial statements, Arauco has financial assets of approximately MU.S.$23 that have been pledged to third parties (beneficiaries), as direct guarantee. If Arauco does not fulfill its obligations, the guarantors could execute the guarantees.

<br> As of March 31, 2026, the total assets pledged as an indirect guarantee were MU.S.$239. In contrast to direct guarantees, indirect guarantees are given to secure obligations assumed by a third party.

Direct and indirect guarantees granted by Arauco:

**DIRECT**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Primary obligor** | **Type of guarantee** | **Assets pledged** | **Currency** | **ThU.S.$** | **Beneficiary of the guarantee** |
| Celulosa Arauco y Constitución S.A. | Guarantee policy | Cash | U.F. | 361 | Directorate General of Maritime Territory and Merchant Marine |
| Celulosa Arauco y Constitución S.A. | Guarantee letter | Cash | U.F. | 697 | Directorate General of Maritime Territory and Merchant Marine |
| Celulosa Arauco y Constitución S.A. | Guarantee letter | Cash | U.F. | 12760 | Sociedad Concesionaria Autopista Costa Arauco S.A. |
| Celulosa Arauco y Constitución S.A. | Guarantee letter | Cash | U.S. dollar | 5135 | Innergy Soluciones Energéticas S.A. |
| Maderas Arauco S.A. | Guarantee policy | Cash | U.F. | 1534 | Universidad de los Andes |
| Maderas Arauco S.A. | Guarantee policy | Cash | U.F. | 397 | Cermaq Chile S.A. |
| Investigaciones Forestales Bioforest SpA. | Guarantee letter | Cash | Chilean pesos | 1811 | Corporación Nacional Forestal |
|  |  | **Total** |  | **22695** |  |

---

**INDIRECT**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guarantor** | **Primary obligor** | **Type of guarantee** | **Assets pledged** | **Currency** | **ThU.S.$** | **Beneficiary of the guarantee** |
| Celulosa Arauco y Constitución S.A. | Arauco North America. Inc. | Endorsement | Cash | U.S. dollar | 210000 | Banco Itau Corpbanca - NY Branch |
| Arauco Indústria de Painéis S.A. | Arauco Celulose do Brasil S.A. | Endorsement | Cash | Brazilian real | 210000 | Banco Safra S.A. |
| Arauco Indústria de Painéis S.A. | Arauco Celulose do Brasil S.A. | Endorsement | Cash | Brazilian real | 10179 | Banco BTG pactual S.A. |
| Arauco Indústria de Painéis S.A. | Tecverde S.A. | Endorsement | Cash | Brazilian real | 15966 | Itaú Unibanco S.A. |
|  |  |  | **Total** |  | **239019** |  |

---

**23.10.3 Type of risk: Market risk – exchange rate** 

**Description**

Market risk arises from the probability of being affected by losses from fluctuations in currencies exchange rates in which assets and liabilities are denominated, in a functional currency other than the functional currency of Arauco.

**Explanation of currency risk exposure and how this risk arises**

Arauco is exposed to the foreign currency risk from currency fluctuations arising from sales, purchases and obligations undertaken in foreign currencies, such as the Chilean peso, Euro, Brazilian real or other foreign currencies. In the case of significant exchange rate variations, the Chilean peso is the currency that represents the main currency risk. See Note 11 for details assets and liabilities classified by currency.

**Explanation of risk management objectives, policies and processes, and measurement methods** 

Arauco performs sensitivity analyses to measure the effect of this variable on equity and net result.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

Sensitivity analysis considers a variation of +/- 10% of the exchange rate over the Chilean peso. This fluctuation range is considered possible given current market conditions as of the date of these consolidated financial statements. With all other variables at a constant rate, a U.S. dollar exchange rate variation of +/- 10% in relation to the Chilean peso would mean a change in the net income year after tax +/- 9.6% (equivalent to ThU.S.$-/+ 5,771), and +/- 0.03% of equity (equivalent to ThU.S.$-/+ 3,340).

Additionally, a sensitivity analysis is carried out assuming a variation of +/- 10% in the closing exchange rate on the Brazilian real, which is considered a possible range of fluctuation given the market conditions as of the date of these consolidated financial statements. With all the other variables constant, a variation of +/- 10% in the exchange rate of the dollar on the Brazilian real would mean a variation on the net income after tax +/- 48.1% (equivalent to ThU.S.$-/+$23,806) and a change on the equity of +/- 0.6% (equivalent to ThU.S.$-/+$62,659).

**23.10.4 Type of risk: Market risk – interest rate risk**

**Description**

Interest rate risk refers to the sensitivity of the value of financial assets and liabilities in terms of interest rate fluctuations.

**Explanation of interest rate risk exposure and how this risk arises**

Arauco is exposed to risks due to interest rate fluctuations for bonds issued, bank borrowings and financial instruments that bear interest at a variable rate.

**Explanation of risk management objectives, policies and processes, and measurement methods** 

Arauco completes its risk analysis by reviewing its exposure to changes in interest rates. As of March 31, 2026, 6.9% our financial debt accrues interest at variable rates. A change of +/- 10% in the interest rate is considered a possible range of fluctuation. Such market conditions would affect the income after tax at rate of +/- 3.5% (equivalent to ThU.S.$-/+ 1,733) and +/- 0.01% (equivalent to ThU.S.$-/+ 1,213) on equity. This analysis considers those borrowings with banks at variable rates for which Arauco mitigates the risk by contracting derivative instruments.

---

| | | |
|:---|:---|:---|
|  | **March 2026**<br> **ThU.S.$** | **Total** |
| **Fixed rate** | **8595002** | **93.1%** |
| &nbsp;&nbsp;&nbsp;Bonds issued | 6282680 |  |
| &nbsp;&nbsp;&nbsp;Bank borrowings and others (\*) | 1210242 |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 1102080 |  |
| **Variable rate** | **641733** | **6.9%** |
| &nbsp;&nbsp;&nbsp;Bonds issued |  |  |
| &nbsp;&nbsp;&nbsp;Bank borrowings | 641733 |  |
| **Total** | **9236735** | **100.0%** |

---

---

| | | |
|:---|:---|:---|
|  | **December 2025**<br> **ThU.S.$** | **Total** |
| **Fixed rate** | **8018132** | **93.5%** |
| &nbsp;&nbsp;&nbsp;Bonds issued | 6302554 |  |
| &nbsp;&nbsp;&nbsp;Bank borrowings and others (\*) | 700518 |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 1015060 |  |
| **Variable rate** | **555648** | **6.5%** |
| &nbsp;&nbsp;&nbsp;Bonds issued |  |  |
| &nbsp;&nbsp;&nbsp;Bank borrowings | 555648 |  |
| **Total** | **8573780** | **100.0%** |

---

(\*) Includes variable rate bank borrowings changed by fixed rate swaps.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**23.10.5 Type of risk: Market risk – price of pulp risks**

**Description**

Pulp prices are determined by world and regional market conditions. Prices fluctuate based on demand, production capacity, commercial strategies adopted by large-scale forestry companies, pulp and paper producers and by the availability of substitutes.

**Explanation of price risk exposure and how this risk arises**

Pulp prices are reflected in revenue from sales and directly affect the net income for the period.

As of March 31, 2026, revenue due to pulp sales accounted for 52.2% of total sales. Pulp prices are fixed on a monthly basis in accordance with the market. Forward contracts or other financial instruments are not used for pulp sales.

**Explanation of risk management objectives, policies and processes, and measurement methods**

This risk is approached in different ways. Arauco has a team of specialists who perform periodic market and competition analyses, providing tools to analyze and evaluate trends and adjust forecasts. Similarly, Arauco performs price financial sensitivity analysis in order to take the necessary safeguards to confront different scenarios in the best possible manner. Additionally, Arauco mitigates the risk of pulp prices by maintaining a low-cost production strategy, which allows it to better cope with price fluctuations during different economic cycles.

Sensitivity analysis considers a variation of +/- 10% in the average pulp price, a possible fluctuation range given current market conditions at the date of the closing balance. With all other variables constant, a variation of +/- 10% in the average pulp price would mean a variation of +/- 115.3% (equivalent to ThU.S.$-/+ 56,991) on the income for the year 2026 after tax and +/- 0.4% (equivalent to ThU.S.$-/+ 39,893) on equity.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 24. REPORTABLE SEGMENTS**

The main products that generate revenue for each reportable segment are described as follows:

**Pulp segment**

The main products sold by this reportable segment are long fiber bleached pulp (BSKP), short fiber bleached pulp (BHKP), long fiber raw pulp (UKP), pulp fluff and dissolving pulp (DP). Additionally, it manages a forest plantations in order to supply its production plants and, at the same time, to sell to the wood products segment or to third parties what it does not use (pruning, sawing, poles and chips). Finally, depending on its needs, it buys logs and chips from third parties which are consumed or sold to the wood products segment.

The Pulp reportable segment uses wood exclusively from pine and eucalyptus plantations for the production of different classes of wood cellulose or pulp. Bleached pulp is mainly used as raw material for producing printing and writing paper, as well as toilet paper and high-quality wrapping paper. Unbleached pulp is used to produce packing paper, filters, fiber cement products, dielectric paper and others. Fluff pulp is mainly used in the production of diapers and female hygiene products. On the other hand, dissolving pulp is used as raw material for the manufacture of different fabrics.

Arauco has six plants: four in Chile, one in Argentina and one in Uruguay (50% property of Arauco), and they have a total production capacity of approximately 5.1 million tons per year. Pulp is sold in more than 45 countries, mainly in Asia and Europe.

**Wood products segment**

The main products sold by this segment correspond to plywood, MDF (Medium Density Fiberboard), PB (chipboard), sawn wood of different dimensions and remanufactured products such as moldings, pre-cut pieces, finger joints, among others.

The Panels area produces a wide range of panel products and several kinds of moldings aimed at the furniture, decoration and construction industries, It consists of 20 industrial plants: 4 in Chile, 2 in Argentina, 4 in Brazil, 2 in Mexico, and 8 plants in the U.S. and Canada, The Company has a total annual production capacity of 7.1 million cubic meters of PBO, MDF, plywood and moldings.

Through the joint venture Sonae Arauco, Arauco produces and sells wood panels, of the type of MDF, PB and OSB, and sawn timber, through the operation of 2 panel plants and 1 sawmill in Spain; 2 panel plants and one resin plant in Portugal; 3 panel plants in Germany and 2 panel plants in South Africa. In total, Sonae Arauco's production capacity is approximately 1.2 million m3 of MDF, 2.4 million m3 of PB, 460,000 m3 of OSB and 70,000 m3 of sawn timber.

Including Sonae Arauco at 50%, Arauco in its mills totalize a capacity of 4.1 million m3 of MDF, 4.1 million m3 of PB and 230,000 m3 of OSB, 700,000 m3 of Plywood and 2,400,000 m3 of sawn timber.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

The Sawn Timber area produces a wide range of wood and remanufactured products with different kinds of uses and appearances, which include a wide variety of uses in furniture, packing, construction and refurbishing industries.

With 6 sawmills in operation (5 in Chile and 1 in Argentina), the Company has a production capacity of 2.4 million m3 of sawn wood.

Furthermore, the Company has 5 remanufacturing plants: 4 in Chile and 1 in Argentina, These mills reprocess sawn wood and produce high quality remanufactured products, such as finger joint and solid moldings as well as precut pieces.

Arauco has no customers representing 10% or more of its revenues.

Below is summarized information concerning the assets, liabilities and profits and losses at the end of each period, by segments. The profit (loss) of each segment informed takes into consideration that taxes and income and financial costs have not been allocated to the various segments, and are shown as part of the Corporate's segment:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**For the period ended March 31, 2026** | **Pulp**<br>**ThU.S.$** | **Wood<br> products**<br>**ThU.S.$** | **Subtotal**<br> **Segments**<br>**ThU.S.$** | **Others**<br>**ThU.S.$** | **Corporate**<br>**ThU.S.$** | **Elimination**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| Revenues from sales of goods | 746714 | 705894 | **1452608** |  |  |  | **1452608** |
| Revenues from rendering of services | 27166 | 2813 | **29979** | 132 |  |  | **30111** |
| **Revenues from ordinary activities** | **773880** | **708707** | **1482587** | **132** |  |  | **1482719** |
| Revenues from transactions with reportable segments | 108680 | 2771 | **111451** | 12911 | - | (124362) | **-** |
| Finance income |  |  | **-** |  | 20562 |  | **20562** |
| Finance costs |  |  | **-** |  | (109243) |  | **(109243)** |
| **Net finance costs** | - | - | **-** | - | **(88681)** |  | **(88681)** |
| Depreciation and amortizations | 131957 | 47905 | **179862** | 505 | 1133 |  | **181500** |
| Other income | 31943 | 4569 | **36512** |  | 527 |  | **37039** |
| Other expenses | 23869 | 12961 | **36830** | 88 | 8227 |  | **45145** |
| Share of profit (loss) of associates and joint ventures accounted for using equity method |  |  |  |  |  |  |  |
| Associates | 53 |  | **53** |  | 577 |  | **630** |
| Joint ventures | - | (5855) | **(5855)** | - | 1583 |  | **(4272)** |
| Income tax expense | - | - | **-** | - | 20212 |  | **20212** |
| **Profit (loss) of each reportable segment** | **(2350)** | **34614** | **32264** | **(2721)** | **(78985)** |  | **(49442)** |
| **Geographical information on revenues** |  |  |  |  |  |  |  |
| Revenue – Chilean entities | 608917 | 227193 | **836110** | 132 |  |  | **836242** |
| Revenue – Foreign entities | 164963 | 481514 | **646477** |  |  |  | **646477** |
| **Total revenues from ordinary activities** | **773880** | **708707** | **1482587** | **132** | - |  | **1482719** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**For the period ended March 31, 2026** | **Pulp**<br>**ThU.S.$** | **Wood<br> products**<br>**ThU.S.$** | **Subtotal**<br> **Segments**<br>**ThU.S.$** | **Others**<br>**ThU.S.$** | **Corporate**<br>**ThU.S.$** | **Elimination**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| Amounts of additions to non-current assets |  |  |  |  |  |  |  |
| Acquisition of property, plant and equipment and biological assets | 559407 | 57867 | **617274** | 794 | 698 |  | **618766** |
| Acquisition in subsidiaries, joint operations and contribution of investments in associates and joint venture | - | - | - | - | - |  | **-** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**As of March 31, 2026** | **Pulp**<br>**ThU.S.$** | **Wood<br> products**<br>**ThU.S.$** | **Subtotal**<br> **Segments**<br>**ThU.S.$** | **Others**<br>**ThU.S.$** | **Corporate**<br>**ThU.S.$** | **Elimination**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| Segment assets | 16082278 | 3242638 | **19324916** | 13730 | 2606019 | **(16014)** | **21928651** |
| Segment assets (excluding deferred tax assets) | 16082278 | 3242638 | **19324916** | 13730 | 2511346 | (16014) | **21833978** |
| Deferred tax assets |  |  |  |  | 94673 |  | **94673** |
| Investments accounted through equity method |  |  |  |  |  |  |  |
| Associates | 77227 |  | **77227** |  | 45239 |  | **122466** |
| Joint Ventures |  | 222151 | **222151** |  | 134818 |  | **356969** |
| Segment liabilities | 1748613 | 406326 | **2154939** | 34245 | 9962647 |  | **12151831** |
| Segment liabilities (excluding deferred tax liabilities) | 1748613 | 406326 | **2154939** | 34245 | 8420099 |  | **10609283** |
| Deferred tax liabilities |  |  |  |  | 1542548 |  | **1542548** |
| Geographical information on non-current assets |  |  |  |  |  |  |  |
| Chile | 7972421 | 500759 | **8473180** | 12356 | 698198 | **(4527)** | **9179207** |
| Foreign countries | 6334122 | 1437884 | **7772006** | - | 206250 |  | **7978256** |
| **Total non-current assets** | **14306543** | **1938643** | **16245186** | **12356** | **904448** | **(4527)** | **17157463** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended as of March 31, 2025** | **Pulp**<br>**ThU.S.$** | **Wood<br> products**<br>**ThU.S.$** | **Subtotal**<br> **Segments**<br>**ThU.S.$** | **Others**<br>**ThU.S.$** | **Corporate**<br>**ThU.S.$** | **Elimination**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| Revenues from sales of goods | 768921 | 730167 | **1499088** |  |  |  | **1499088** |
| Revenues from rendering of services | 32083 |  | **32083** | 290 |  |  | **32373** |
| **Revenues from ordinary activities** | **801004** | **730167** | **1531171** | **290** |  |  | **1531461** |
| Revenues from transactions with reportable segments | 112894 | 3356 | **116250** | 14268 | - | (130518) | **-** |
| Finance income |  |  | **-** |  | 14883 |  | **14883** |
| Finance costs |  |  | **-** |  | (98333) |  | **(98333)** |
| **Net finance costs** | - | - | **-** | - | **(83450)** |  | **(83450)** |
| Depreciation and amortizations | 120324 | 46977 | **167301** | 509 | 2507 |  | **170317** |
| Other income | 24149 | 3686 | **27835** |  | 1979 |  | **29814** |
| Other expenses | 30450 | 14539 | **44989** | 1 | 4028 |  | **49018** |
| Share of profit (loss) of associates and joint ventures accounted for using equity method |  |  |  |  |  |  |  |
| Associates | (4746) |  | **(4746)** |  | 2954 |  | **(1792)** |
| Joint ventures | - | (6609) | **(6609)** | - | 690 |  | **(5919)** |
| Income tax expense | - | - | **-** | - | 7216 |  | **7216** |
| **Profit (loss) of each reportable segment** | **45232** | **67680** | **112912** | **(871)** | **(138545)** |  | **(26504)** |
| **Geographical information on revenues** |  |  |  |  |  |  |  |
| Revenue – Chilean entities | 604538 | 268983 | **873521** | 290 |  |  | **873811** |
| Revenue – Foreign entities | 196466 | 461184 | **657650** | - | - |  | **657650** |
| **Total revenues from ordinary activities** | **801004** | **730167** | **1531171** | **290** | - |  | **1531461** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**For the period as of March 31, 2025** | **Pulp**<br>**ThU.S.$** | **Wood products**<br>**ThU.S.$** | **Subtotal**<br> **Segments**<br>**ThU.S.$** | **Others**<br>**ThU.S.$** | **Corporate**<br>**ThU.S.$** | **Elimination**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| Amounts of additions to non-current assets |  |  |  |  |  |  |  |
| Acquisition of property, plant and equipment and biological assets | 357193 | 47089 | 404282 | 237 | 1168 |  | **405687** |
| Acquisition in subsidiaries, joint operations and contribution of investments in associates and joint venture | - | - | - | - | - |  | **-** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**As of December 31, 2025** | **Pulp**<br>**ThU.S.$** | **Wood products**<br>**ThU.S.$** | **Subtotal**<br> **Segments**<br>**ThU.S.$** | **Others**<br>**ThU.S.$** | **Corporate**<br>**ThU.S.$** | **Elimination**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| Segment assets | 15941649 | 3208196 | **19149845** | 15167 | 2156937 | **(17186)** | **21304763** |
| Segment assets (excluding deferred tax assets) | 15941649 | 3208196 | **19149845** | 15167 | 2055433 | (17186) | **21203259** |
| Deferred tax assets |  |  |  |  | 101504 |  | **101504** |
| Investments accounted through equity method |  |  |  |  |  |  |  |
| Associates | 73998 |  | **73998** |  | 44126 |  | **118124** |
| Joint Ventures |  | 232236 | **232236** |  | 133182 |  | **365418** |
| Segment liabilities | 1879724 | 397459 | **2277183** | 36709 | 9307393 |  | **11621285** |
| Segment liabilities (excluding deferred tax liabilities) | 1879724 | 397459 | **2277183** | 36709 | 7757336 |  | **10071228** |
| Deferred tax liabilities |  |  |  |  | 1550057 |  | **1550057** |
| Geographical information on non-current assets |  |  |  |  |  |  |  |
| Chile | 8093366 | 488925 | **8582291** | 12665 | 670662 | **(4523)** | **9261095** |
| Foreign countries | 6010308 | 1432786 | **7443094** | - | 206843 |  | **7649937** |
| **Total non-current assets** | **14103674** | **1921711** | **16025385** | **12665** | **877505** | **(4523)** | **16911032** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

The following table shows information related to cash flows by segments which is presented as complementary information as required by our regulatory entities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**For the period ended March 31, 2026** | **Pulp**<br>**ThU.S.$** | **Wood<br> products**<br>**ThU.S.$** | **Subtotal**<br> **Segments**<br>**ThU.S.$** | **Others**<br>**ThU.S.$** | **Corporate**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Segment cash flows** |  |  |  |  |  |  |
| Cash flows from (used in) operating activities | 227238 | 144304 | **371542** | (2677) | (67818) | **301047** |
| Cash flows (used in) investing activities | (554844) | (36965) | **(591809)** | 1299 | (19689) | **(610199)** |
| Cash flows from (used in) financing activities | 583939 | 835 | **584774** | 3 | 1232 | **586009** |
| **Net increase (decrease) in cash and cash equivalents** | **256333** | **108174** | **364507** | **(1375)** | **(86275)** | **276857** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**For the period ended March 31, 2025** | **Pulp**<br>**ThU.S.$** | **Wood<br> products**<br>**ThU.S.$** | **Subtotal**<br> **Segments**<br>**ThU.S.$** | **Others**<br>**ThU.S.$** | **Corporate**<br>**ThU.S.$** | **Total**<br>**ThU.S.$** |
| **Segment cash flows** |  |  |  |  |  |  |
| Cash flows from (used in) operating activities | 232932 | 96842 | **329774** | 639 | (59843) | **270570** |
| Cash flows (used in) investing activities | (353751) | (46735) | **(400486)** | 2339 | (660) | **(398807)** |
| Cash flows from (used in) financing activities | (25072) | (8381) | **(33453)** | (148) | 9349 | **(24252)** |
| **Net increase (decrease) in cash and cash equivalents** | **(145891)** | **41726** | **(104165)** | **2830** | **(51154)** | **(152489)** |

---

**Information required by geographic area:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Geographical area** | **Geographical area** | **Geographical area** | **Geographical area** | **Geographical area** | **Geographical area** | **Geographical area** |
| **2026** | **Local** <br> **country** | **Foreign country** | **Foreign country** | **Foreign country** | **Foreign country** | **Foreign country** | **Foreign country** |
|  | **Chile** | **Argentina** | **Brazil** | **USA/Canada** | **Uruguay** | **Mexico** | **Total** |
| **Disclosure of geographical areas** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** |
| Revenues from sale of goods | 816042 | 128677 | 123105 | 238968 | 100499 | 45317 | 1452608 |
| Revenues from rendering of services | 20200 | - | - | - | 9911 | - | 30111 |
| **Revenues for the period ended March 31, 2026** | **836242** | **128677** | **123105** | **238968** | **110410** | **45317** | **1482719** |
| Non-current Assets at 12-31-2025 other than deferred tax | 9167317 | 688478 | 4368682 | 628708 | 1787867 | 421738 | **17062790** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Geographical area** | **Geographical area** | **Geographical area** | **Geographical area** | **Geographical area** | **Geographical area** | **Geographical area** |
| **2025** | **Local** <br> **country** | **Foreign country** | **Foreign country** | **Foreign country** | **Foreign country** | **Foreign country** | **Foreign country** |
|  | **Chile** | **Argentina** | **Brazil** | **USA/Canada** | **Uruguay** | **Mexico** | **Total** |
| **Disclosure of geographical areas** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** | **ThU.S.$** |
| Revenues from sale of goods | 850719 | 124821 | 108787 | 244905 | 125370 | 44486 | 1499088 |
| Revenues from rendering of services | 23092 | - | - | - | 9281 | - | 32373 |
| **Revenues for the period ended March 31, 2025** | **873811** | **124821** | **108787** | **244905** | **134651** | **44486** | **1531461** |
| Non-current Assets at 12-31-2025 other than deferred tax | 9247531 | 692438 | 4029604 | 639416 | 1797681 | 402858 | **16809528** |

---

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 25. OTHER NON-FINANCIAL ASSETS AND NON-FINANCIAL LIABILITIES**

---

| | | |
|:---|:---|:---|
| <br>**Current non-financial assets** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Roads to amortize, current | 45327 | 45730 |
| Prepayment to amortize (insurance and others) | 42955 | 33025 |
| Recoverable taxes (related to purchases) | 119847 | 129761 |
| Other current non-financial assets | 2608 | 4300 |
| **Total** | **210737** | **212816** |

---

---

| | | |
|:---|:---|:---|
| <br>**Non-current non-financial assets** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Roads to amortize, non-current | 116257 | 95450 |
| Guarantee values | 20017 | 19431 |
| Recoverable taxes | 82467 | 61041 |
| Non-current contractual rights | 451746 | 443114 |
| Other non-current non-financial assets | 36864 | 36818 |
| **Total** | **707351** | **655854** |

---

---

| | | |
|:---|:---|:---|
| <br>**Current non-financial liabilities** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| Provision of minimum dividend (1) | 10478 | 10496 |
| ICMS, PIS-COFINS and other tax payables - Brazil | 36277 | 30553 |
| Other tax payable | 39034 | 25267 |
| Other Current non-financial liabilities | 3652 | 7327 |
| **<u>Total</u>** | **89441** | **73643** |

---

(1) This mainly corresponds to the non-controlling interest portion of the minimum dividend provision.

---

| | | |
|:---|:---|:---|
| <br>**Non-current non-financial liabilities** | **03-31-2026**<br>**ThU.S.$** | **12-31-2025**<br>**ThU.S.$** |
| ICMS and other tax payable - Brazil | 28893 | 29507 |
| Other non-current non-financial liabilities | 616 | 781 |
| **<u>Total</u>** | **29509** | **30288** |

---

Arauco enters into agreements with independent producers for the establishment and management of forest plantations intended to supply timber. Pursuant to these agreements, Arauco provides cash advances, land and seedlings, which are settled through the delivery of a proportion of the plantations at the end of each growth cycle.

These agreements do not provide the Company with joint control over the relevant activities of the forest plantations. The Company does not control the biological transformation process, does not have legal title to the standing trees during the growth cycle, and does not bear the significant biological risks associated with the plantations. Accordingly, the Company does not recognize biological assets.

Furthermore, Arauco enters into right-of-first-refusal arrangements to acquire a portion of the plantations or timber at market value. Such arrangements qualify as own-use contracts under IFRS 9 and, accordingly, do not give rise to a financial liability nor contain an embedded derivative. As of March 31, 2026, the balances related to these agreements are included under "Non-current contractual rights".

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

**NOTE 26. DISTRIBUTABLE NET Profit AND EARNINGS PER SHARE**

<u>Distributable net profit</u>

As a general policy, the Board of Directors of Arauco agreed that the net profit to be distributed as dividend is determined based on realized net gains/(losses) of any relevant variations in the value of unrealized assets and liabilities, which are excluded from the calculation of net profit during the period such changes are made.

As a result of the foregoing, for purposes of determining the distributable net profit of the Company, which is the same considered for calculating the minimum dividend required and additional dividend, the following unrealized gains/losses are excluded from the net profit for the year:

1) Unrealized gains/losses relating to the fair value recorded for forestry assets under IAS 41, adding them back to distributable net profit when they are realized through sale or disposed of by other means.

2) Those generated through the acquisition of entities. These results will be added back to net profit when they are realized. For these purposes, earnings shall be considered realized insofar as the acquired entities generate profits after their acquisition, or upon their disposal.

The deferred taxes associated with the amounts described in 1) and 2) above are also excluded.

At the board meeting held on September 24, 2024, it was agreed to modify the dividend policy, establishing that, charged to the profits obtained in the years 2024, 2025 and 2026, an amount equivalent to 30% of the net profits of each year, eligible to be distributed as dividends, will be distributed annually. For subsequent years, an amount equivalent to 40% of the distributable net profit of each year would be distributed. Nevertheless, the Board of Directors may decide to distribute and pay dividends to the shareholders, to the extent that it expects the year to finalize with positive results and that the Company's liquidity allows such distribution and payment.

At the board meeting held on October 24, 2025, an amendment to the dividend policy was approved, establishing that if the Company exercises its option to defer the payment of interest on the Series "AG" Bonds, issued and placed in the local market on the same date, the Company may not declare or pay dividends while any deferred interest remains outstanding.

Based on the dividend policy described above, as of December 31, 2025, a minimum dividend provision for year 2025 of ThU.S.$8,449 was recognized in Arauco's consolidated financial statements, representing 30% of the distributable net profit for year 2025.

As of March 31, 2026 and 2025, no minimum dividend provision has been recognized, as the distributable net income resulted in a loss for both periods.

---

| |
|:---|
| **CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES** |
| **Unaudited consolidated financial statements** |
| **March 31, 2026** |
| *Amounts in thousands of U.S. dollars, except as indicated* |

---

The following table details the adjustments made for the determination of distributable net profit for the year ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Distributable net profit** | **Distributable net profit** |
|  | **03-31-2026**<br> **ThU.S.$** | **03-31-2025**<br> **ThU.S.$** |
| **Net profit attributable to owners of parent company** | **(49465)** | **(26450)** |
| **Adjustments:** |  |  |
| &nbsp;&nbsp;&nbsp;**Biological assets** |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gains (losses) | (26946) | (15770) |
| &nbsp;&nbsp;&nbsp;Realized gains (losses) | 38958 | 42181 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | (1935) | (9620) |
| **Biological assets (net)** | **10077** | **16791** |
| **Distributable net profit** | **(39388)** | **(9659)** |
| **30%** | **-** | **-** |

---

<u>Basic and diluted earnings per share</u>

Basic and diluted earnings per share are calculated by dividing the profit or loss attributable to ordinary equity holders of parent by the weighted average number of ordinary shares outstanding. Arauco does not have any shares with potential dilutive effect.

---

| | | |
|:---|:---|:---|
|  | **January – March** | **January – March** |
|  | **2026**<br>**ThU.S.$** | **2025**<br>**ThU.S.$** |
| Profit or loss attributable to ordinary equity holder of parent | (49465) | (26450) |
| Weighted average of number of shares | 131893786 | 121422850 |
| Basic and diluted earnings (loss) per share (in U.S.$ per share) | (0.3750366) | (0.2178338) |

---

**NOTE 27. EVENTS AFTER THE END OF THE REPORTING PERIOD**

1) The authorization for the issuance and publication of these consolidated financial statements for the period ended March 31, 2026, was approved by Arauco's Board of Directors at the Extraordinary Meeting No, 758 held on May 4, 2026.

Subsequent to March 31, 2026, and as of the date of issuance of these consolidated financial statements, there have been no additional events that could materially affect the presentation of these consolidated financial statements.

**EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](ara028_ex99-1.pdf) | [Press Release of Celulosa Arauco y Constitución S.A.](ara028_ex99-1.pdf) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | Celulosa Arauco y Constitución S.A.<br> (Registrant) |
| Date: May 26, 2026 | By: | /s/ Cristián Infante Bilbao |
|  | Name: | Cristián Infante Bilbao |
|  | Title: | Chief Executive Officer |

---

### Attached PDF Documents

**Attachment 1:** `ara028_ex99-1.pdf`

_No text found in this document._