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, 2025

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- ☐

ARAUCO AND CONSTITUTION PULP INC

TABLE OF CONTENTS

Item		Page

1.	Ratio analysis of the interim consolidated financial statements	2
2.	Interim consolidated statements of financial position	7
3.	Interim consolidated statements of profit or loss	9
4.	Interim consolidated statements of comprehensive income	10
5.	Interim consolidated statements of changes in equity	11
6.	Interim consolidated statements of cash flow	12
7.	Notes to the interim consolidated financial statements	13
	Annex: Press Release

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

RATIO ANALYSIS OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

1. ANALYSIS OF FINANCIAL POSITION

Statement of financial position

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

	03-31-2025		12-31-2024		Variation
Assets	ThU.S.$		ThU.S.$		ThU.S.$
Current assets		4,226,342		4,274,618		(48,276	)
Non-current assets		14,208,657		13,884,694		323,963
Total assets		18,434,999		18,159,312		1.52	%

	03-31-2025		12-31-2024		Variation
Liabilities	ThU.S.$		ThU.S.$		ThU.S.$
Current liabilities		1,466,692		1,362,950		103,742
Non-current liabilities		8,110,995		8,072,647		38,348
Non–controlling interests		6,392		6,460		(68	)
Equity attributable to owners of parent company		8,850,920		8,717,255		133,665
Total net equity and liabilities		18,434,999		18,159,312		1.52	%

As of March 31, 2025, total assets increased by MU.S.$ 276 compared to December 31, 2024, equivalent to a 1.52% variation increase. This variation was driven mainly by an increase in Other financial assets, due to a higher balance of derivatives to cover the exposure to exchange rate risk in Brazilian real currency (BRL); and an increase in Property, plant and equipment, mainly explained by the progress of the Sucuriú project. These increases were partially offset by a decrease in Cash and cash equivalents, primarily related to the financing and development of the same project.

In turn, total liabilities increased by MU.S.$ 142 mainly driven by an increase in Other financial liabilities.

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	03-31-2025		12-31-2024
Current liquidity (current assets / current liabilities)		2.88		3.14
Acid ratio ((current assets-inventories, biological assets) / current liabilities)		1.65		1.84

Debt indicators	03-31-2025		12-31-2024
Debt to equity ratio (total liabilities / equity)		1.08		1.08
Short-term debt to total debt (current liabilities / total liabilities)		0.15		0.14
Long-term debt to total debt (non-current liabilities / total liabilities)		0.85		0.86

		03-31-2025		03-31-2024
Financial expenses coverage ratio (earnings before taxes + interest expense / interest expense)		0.66		1.85

Activity ratio	03-31-2025		12-31-2024
Inventory turnover-time (cost of sales / inventories¹ + current biological asset s¹)		2.47		2.62
Inventory turnover-time (excluding biological assets) (Cost of sales /inventories¹)		3.00		3.25
Inventory permanence-days (inventories¹ + biological assets¹) /cost of sales)		145.68		137.60
Inventory permanence-days (excluding biological assets) (inventories¹ / cost of sales)		119.96		110.94

⁽¹⁾: Annual average.

As of March 31, 2025, the short-term debt to total debt ratio represented 15% of total liabilities (14% as of December 31, 2024).

Our financial expenses coverage ratio decreased from 1.85 to 0.66, mainly due to the losses before taxes generated for the year ended as of March 31, 2025, compared to the profit before taxes generated in the same period of 2024.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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.$ (34) compared to a profit of approximately MU.S.$ 85 in the same period of 2024. The variation of MU.S.$ (119) is explained by the factors described in the following table:

Item	MU.S.$
Gross profit (loss)		(82	)
Distribution and administrative expenses		(5	)
Other income and expenses		(2	)
Others		(30	)
Net change in profit (loss) before income tax		(119	)

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	03-31-2025 ThU.S.$		03-31-2024 ThU.S.$
Pulp		801,004		890,058
Wood		730,167		764,662
Other		290		135
Total revenues		1,531,461		1,654,855

Sales costs	03-31-2025 ThU.S.$		03-31-2024 ThU.S.$
Wood		249,529		270,651
Forestry work and other services		153,691		156,259
Depreciation and amortization		154,316		151,070
Other operating costs		547,253		568,476
Total sales costs		1,104,789		1,146,456

Profitability index	03-31-2025			12-31-2024
Profitability on equity (profit/average net equity)		(1.21	)		5.69
Profitability on assets (profit/average assets)		(0.58	)		2.64
Return on operating assets (operating result/average operating assets)		2.65			3.78

Profitability ratios	03-31-2025			03-31-2024
Earnings (loss) per share (U.S.$)⁽¹⁾		(0.2178	)		0.8325
Net profit (loss) (ThU.S.$)⁽²⁾		(26,504	)		100,333
Gross profit (loss) (ThU.S.$)		426,672			508,399
Finance costs (ThU.S.$)		(98,333	)		(101,108	)

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

⁽²⁾: Includes non-controlling interest.

EBITDA	03-31-2025 ThU.S.$			03-31-2024 ThU.S.$
Net profit (loss)		(26,504	)		100,333
Finance costs		98,333			101,108
Finance income		(14,883	)		(22,051	)
Income tax expense		(7,216	)		(14,710	)
EBIT		49,730			164,680
Depreciation and amortization		170,317			167,266
EBITDA		220,047			331,946
Cost at fair value of the harvest		83,114			104,520
Gain from changes in fair value of biological assets		(15,770	)		(4,911	)
Gains (losses) on exchange difference on translation		38,836			12,483
Others (*)		22,116			1,059
Adjusted EBITDA		348,342			445,096

(*) This amount corresponds mainly to forest fires net of insurance compensations and impairments.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

Revenues for the first quarter of 2025 decreased by 10% compared to the same period of the previous year. This drop was due to a decline in turnover, along with a decrease in the average sales price. On a cumulative basis for the quarter, 2025 sales were 1.6% lower than in 2024. Although prices improved in January and February compared to the fourth quarter of 2024, they remained slightly below the levels observed in the first quarter of 2024.

January and February showed promising market conditions, with solid price increases and generally positive prospects. Additionally, during this period, shipping activity was weaker, but recovered almost completely by March. However, in March, the overall market environment began to deteriorate against all forecasts, primarily due to the sudden announcement of tariff increases that effectively signaled the onset of a trade war. Although some tariffs were later postponed or reduced, the resulting uncertainty continues to negatively impact the industry.

In China, the first quarter began on an optimistic note and demand went from normal to positive, particularly driven by strong local consumption. However, a persistent oversupply of pulp prevented further increases. Towards the end of the quarter, the onset of the trade war between China and the United States began to impact market conditions. The uncertainty surrounding tariff policies and their rapid implementation affected demand, prompting customers to shift toward local purchases to avoid future commitments involving pulp shipments expected to arrive in two to three months. as a result, March negotiations became more complex in terms of both volume and pricing, though they ultimately concluded successfully.

In Europe, during the first quarter, the market dynamics were similar to China’s, because price increases were announced throughout the quarter and largely materialized. However, by the end of the period, resistance to higher prices intensified, accompanied by an uptick in spot volume availability. This reflected growing market uncertainty, leading paper manufacturers to adopt a more cautious purchasing strategy-limiting buys to essential volumes only. Consequently, paper production began to decline, order volumes dropped, and prices fell across nearly all paper grades.

The textile pulp market has entered its typical low season, a period usually market by demand decreases and downward pressure on prices. This effect was accentuated towards the end of the quarter by the escalating trade war.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

Production in the first quarter of 2025 was very similar to the same period in 2024. Additionally, in January 2025, there was a scheduled shutdown of Line 2 (L2) at the Arauco plant, due to its annual maintenance.

Wood Products Business

Sawn timber

For sawn timber, sales in the first quarter of 2025 were lower than during the same period of 2024, mainly affected by the closure of the El Colorado sawmill, which was closed in the second quarter of 2024 due to supply issues. This sawmill accounted for approximately 15% of total production. In the first quarter of 2025, markets exhibited weak demand, showing the effects of low economic activity, high interest rates, slowdown in construction and a highly relevant geopolitical uncertainty.

For Remanufacturing, during the first quarter of 2025, demand remained weak, driven by high inventories in the chain (carryover of logistical problems from 2024), weather factors in the northern hemisphere, and a sluggish construction sector in general.

Plywood

During the first quarter of 2025, sales were lower when compared to the same period of 2024, mainly affected by a decline in the supply of higher value products (appearance grades). Markets in general have remained stable, especially the higher value markets. In the short term, a similar trend is projected.

Panels (MDF, PB, Melamine)

Sales in the first quarter of 2025 were lower than in the same period of 2024, mainly affected by lower sales in Brazil. This market has recently faced an oversupply of products and a devaluation of its local currency. In North America and the rest of the region, there has also been lower demand, especially in the construction and home improvement sectors.

4. ANALYSIS OF CASH FLOW

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

	03-31-2025 ThU.S.$			03-31-2024 ThU.S.$
Positive (negative) Cash flow
Net cash flows from (used in) operating activities		270,570			492,399

Cash flows from (used in) financing activities:		(24,252	)		(64,574	)
Share issue		-			519
Obtaining and paying borrowings and bonds		(8,925	)		(48,683	)
Payments of lease liabilities		(15,327	)		(16,410	)

Cash flows from (used in) investment activities:		(398,807	)		(379,024	)
Purchase and sale of property, plant and equipment		(290,665	)		(198,197	)
Purchase and sale of biological assets		(108,828	)		(116,572	)
Purchase and sale of intangible assets		(2,364	)		(1,167	)
Additions (disposals), investments in subsidiaries, joint ventures and associates		503			(75,870	)
Others		2,547			12,782
Positive (negative) net cash flow		(152,489	)		48,801

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

Our cash flow from operating activities decreased to MU.S.$ 270 for the current period, presenting a negative variation of MU.S.$ 222 compared to the previous period (positive balance of MU.S.$ 492 for the same period in 2024), resulting mainly from higher payments to suppliers and lower collections of accounts receivable.

The cash flow from financing activities showed a negative balance of MU.S.$ 24 for the current period, presenting a positive variation of MU.S.$ 40 compared to the previous period (negative balance of MU.S.$ 64 for the same period in 2024). This was mainly due to an increase in payments of borrowings and a decrease in borrowings received.

The cash flow from investing activities for the current period reflected a negative balance of MU.S.$ 399, representing a negative variation of MU.S.$ 20 compared to the same period in 2024 (which reported a negative balance of MU.S.$ 379). This variation was primarily driven by higher capital expenditures related to property, plants and equipment purchases, mainly associated with the Sucuriú project. This increase was partially offset by lower disbursements in 2025, compared to the prior year, due to the one-time acquisition in 2024 of 100% of the shares and social rights of four Uruguayan companies structured as 50% joint operations.

5. MARKET RISK ANALYSIS

In respect of the economic risks resulting from interest rate variations, the Company maintained, as of March 31, 2025, a ratio of fixed rate debt to total consolidated debt of approximately 90.0%, 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, which allows it to maintain one of the lowest cost structures in the industry and have these risks 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 interim consolidated financial statements as of March 31, 2025 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, 2025

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

INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

		03-31-2025		12-31-2024
	Note	ThU.S.$		ThU.S.$

Assets
Current assets
Cash and cash equivalents	5-23		933,147		1,071,560
Other current financial assets	23		77,737		25,960
Other current non-financial assets	25		290,308		261,092
Trade and other current receivables	23		1,039,797		1,054,707
Accounts receivable from related companies	13-23		400		10,159
Current inventories	4		1,488,910		1,456,260
Current biological assets	20		315,795		315,500
Current tax assets	6		75,066		75,613
Total current assets other than assets or disposal groups classified as held for sale			4,221,160		4,270,851
Non-current assets or disposal groups classified as held for sale	22		5,182		3,767
Total current assets			4,226,342		4,274,618
Non-current assets
Other non-current financial assets	23		123,580		16,747
Other non-current non-financial assets	25		116,395		85,036
Non-current receivables	23		85,473		65,735
Investments accounted for using equity method	15-16		412,159		406,611
Intangible assets other than goodwill	19		55,485		55,980
Goodwill	17		52,113		51,325
Property, plant and equipment	7		9,745,876		9,610,071
Right of use assets	8		767,355		771,886
Non-current biological assets	20		2,774,854		2,747,894
Deferred tax assets	6		75,367		73,409
Total non-current assets			14,208,657		13,884,694
Total assets			18,434,999		18,159,312

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, 2025

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

INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued)

		03-31-2025			12-31-2024
	Note	ThU.S.$			ThU.S.$

Equity and liabilities
Liabilities
Current liabilities
Other current financial liabilities	5-23		449,434			348,905
Current lease liabilities	5-23		61,612			55,851
Trade and other current payables	23		730,017			745,971
Accounts payable to related companies	13-23		7,222			10,563
Other short-term provisions	18		1,979			1,837
Current tax liabilities	6		24,109			27,565
Current provisions for employee benefits	10		7,030			6,669
Other current non-financial liabilities	25		185,289			165,589
Total current liabilities other than liabilities included in disposal groups classified as held for sale			1,466,692			1,362,950
Liabilities included in disposal groups classified as held for sale	22		-			-
Total current liabilities			1,466,692			1,362,950
Non-current liabilities
Other non-current financial liabilities	5-23		5,703,194			5,721,712
Non-current lease liabilities	5-23		712,891			672,139
Non-current payables			34,640			35,310
Non-current accounts payable to related companies	13-23		26,162			26,207
Other long-term provisions	18		33,099			33,121
Deferred tax liabilities	6		1,482,613			1,469,512
Non-current provisions for employee benefits	10		81,251			77,634
Other non-current non-financial liabilities	25		37,145			37,012
Total non-current liabilities			8,110,995			8,072,647
Total liabilities			9,577,687			9,435,597
Equity
Issued capital	3		1,103,618			1,103,618
Retained earnings			8,287,764			8,312,384
Other reserves			(540,462	)		(698,747	)
Equity attributable to owners of parent company			8,850,920			8,717,255
Non-controlling interests			6,392			6,460
Total equity			8,857,312			8,723,715
Total equity and liabilities			18,434,999			18,159,312

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, 2025

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

INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

		January – March
		2025			2024
	Note	ThU.S.$			ThU.S.$
Statements of profit or loss

Revenue	9		1,531,461			1,654,855
Cost of sales	3		(1,104,789	)		(1,146,456	)
Gross profit (loss)			426,672			508,399
Other income	3		29,814			17,902
Distribution costs	3		(173,075	)		(167,173	)
Administrative expenses	3		(138,116	)		(138,581	)
Other expense by function	3		(49,018	)		(35,577	)
Profit (loss) from operating activities			96,277			184,970
Finance income	3		14,883			22,051
Finance costs	3		(98,333	)		(101,108	)
Share of profit (loss) of associates and joint ventures accounted for using equity method	3-15		(7,711	)		(7,807	)
Gains (losses) on exchange differences on translation			(38,836	)		(12,483	)
Profit (loss) before income tax			(33,720	)		85,623
Income tax (expense) benefit	6		7,216			14,710
Net profit (loss)			(26,504	)		100,333
Net profit (loss) attributable to
Net profit (loss) attributable to owners of parent company			(26,450	)		100,300
Net profit (loss) attributable to non-controlling interests			(54	)		33
Net profit (loss)			(26,504	)		100,333

Basic and diluted earnings (loss) per share (in U.S.$ per share)
Basic and diluted earnings (loss) per share from continuing operations	26		(0.2178338	)		0.8325424
Basic and diluted earnings (loss) per share			(0.2178338	)		0.8325424
Diluted earnings (loss) per share (in U.S.$ per share)
Diluted earnings (loss) per share from continuing operations			(0.2178338	)		0.8325424
Diluted earnings (loss) per share			(0.2178338	)		0.8325424

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, 2025

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

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

		January – March
		2025			2024
	Note	ThU.S.$			ThU.S.$

Net profit (loss)			(26,504	)		100,333
Components of other comprehensive income that will not be reclassified to profit or loss before tax:
Remeasurements of defined benefit plans
Other comprehensive income before tax gains losses on remeasurements of defined benefit plans	10		1,678			2,270
Other comprehensive income that will not be reclassified to profit or loss before tax			1,678			2,270
Components of other comprehensive income that will be reclassified to profit or loss before tax:
Exchange differences on translation
Gains (losses) on exchange differences on translation, before tax	11		38,658			(26,984	)
Other comprehensive income before tax exchange differences on translation			38,658			(26,984	)
Cash flow hedges
Gains (losses) on cash flow hedges, before tax	23		158,131			26,700
Other comprehensive income before tax cash flow hedges			158,131			26,700
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss before tax
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss before tax			(1,514	)		(1,779	)
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss before tax			(1,514	)		(1,779	)
Other Comprehensive income that will be reclassified to profit or loss before tax			195,275			(2,063	)
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss before tax
Income tax relating to remeasurements of defined benefit plans of other comprehensive income	6		(453	)		(613	)
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss before tax			(453	)		(613	)
Income tax relating to components of other comprehensive income that will be reclassified to profit or loss before tax
Income tax relating to exchange differences on translation of other comprehensive income	6		-			2,053
Income tax relating to cash flow hedges of other comprehensive income	6-23		(38,614	)		(3,455	)
Income tax relating to share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss			404			48
Income tax relating to components of other comprehensive income that will be reclassified to profit or loss			(38,210	)		(1,354	)
Other comprehensive income (loss)			158,290			(1,760	)
Total comprehensive income (loss)			131,786			98,573

Comprehensive income (loss) attributable to
Comprehensive income (loss), attributable to owners of parent company			131,835			98,869
Comprehensive income (loss), attributable to non-controlling interests			(49	)		(296	)
Total comprehensive income (loss)			131,786			98,573

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, 2025

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

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

03-31-2025	Issued capital ThU.S.$		Reserve of exchange differences on 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 interests ThU.S.$			Total equity ThU.S.$
Opening balance at 01-01-2025		1,103,618		(715,780	)		(50,012	)		(37,923	)		104,968			(698,747	)		8,312,384			8,717,255			6,460			8,723,715
Changes in Equity:
Comprehensive income
Net profit		-		-			-			-			-			-			(26,450	)		(26,450	)		(54	)		(26,504	)
Other comprehensive income, net of tax		-		38,653			119,517			1,225			(1,110	)		158,285			-			158,285			5			158,290
Comprehensive income		-		38,653			119,517			1,225			(1,110	)		158,285			(26,450	)		131,835			(49	)		131,786
Dividends		-		-			-			-			-			-			-			-			(19	)		(19	)
Increase (decrease) due to changes in the participation of subsidiaries that do not involve loss of control		-		-			-			-			-			-			1,830			1,830			-			1,830
Changes in equity		-		38,653			119,517			1,225			(1,110	)		158,285			(24,620	)		133,665			(68	)		133,597
Closing balance at 03-31-2025		1,103,618		(677,127	)		69,505			(36,698	)		103,858			(540,462	)		8,287,764			8,850,920			6,392			8,857,312

03-31-2024	Issued capital ThU.S.$		Reserve of exchange differences on 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 ThU.S.$			Non- controlling interests ThU.S.$			Total equity ThU.S.$
Opening balance at 01-01-2024		803,618		(840,877	)		(64,952	)		(37,364	)		107,058			(836,135	)		8,034,963			8,002,446			6,583			8,009,029
Changes in Equity:
Comprehensive income
Net profit		-		-			-			-			-			-			100,300			100,300			33			100,333
Other comprehensive income, net of tax		-		(24,602	)		23,245			1,657			(1,731	)		(1,431	)		-			(1,431	)		(329	)		(1,760	)
Comprehensive income		-		(24,602	)		23,245			1,657			(1,731	)		(1,431	)		100,300			98,869			(296	)		98,573
Equity issue		-		-			-			-			-			-			-			-			631			631
Dividends		-		-			-			-			-			-			(59,351	)		(59,351	)		(73	)		(59,424	)
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control		-		-			-			-			-			-			(3,521	)		(3,521	)		-			(3,521	)
Changes in equity		-		(24,602	)		23,245			1,657			(1,731	)		(1,431	)		37,428			35,997			262			36,259
Closing balance at 03-31-2024		803,618		(865,479	)		(41,707	)		(35,707	)		105,327			(837,566	)		8,072,391			8,038,443			6,845			8,045,288

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, 2025

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

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

	January – March
	2025			2024
	ThU.S.$			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		1,619,807			1,579,348
Receipts from rents and subsequent sales of such assets		7,590			5,121
Other cash receipts from operating activities		178,572			292,092
Classes of cash payments
Payments to suppliers for goods and services		(1,253,180	)		(1,133,646	)
Payments to and on behalf of employees		(192,625	)		(161,145	)
Payments to manufacture or acquire assets held for rental to others and subsequently held for sale		-			(1,088	)
Other cash payments from operating activities		(34,677	)		(60,143	)
Interest paid		(51,751	)		(53,636	)
Interest received		13,895			22,517
Income taxes (paid) refunded		(17,252	)		2,588
Other inflows (outflows) of cash, net		191			391
Net cash flow from (used in) operating activities		270,570			492,399

Cash flows from (used in) investing activities

Cash flow used in obtaining control of subsidiaries or other businesses		-			(72,270	)
Cash flow used in the purchase of non-controlling interests		-			(3,600	)
Other cash receipts from sale equity or debt instruments from other entities		503			-
Proceeds from sales of property, plant and equipment		2,998			17,461
Purchase of property, plant and equipment		(293,663	)		(215,658	)
Purchase of intangible assets		(2,364	)		(1,167	)
Proceeds from other long-term assets		832			1,256
Purchase of other long-term assets		(109,660	)		(117,828	)
Other inflows (outflows) of cash, net		2,547			12,782
Cash flows from (used in) investing activities		(398,807	)		(379,024	)

Cash flows from (used in) financing activities

Proceeds from issuing shares		-			519
Total proceeds from borrowings		13,613			542,806
Proceeds from short-term borrowings		13,613			542,806
Repayments of borrowings		(22,538	)		(591,489	)
Payments of lease liabilities		(15,327	)		(16,410	)
Cash flows from (used in) financing activities		(24,252	)		(64,574	)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes		(152,489	)		48,801
Effect of exchange rate changes on cash and cash equivalents		14,076			(13,511	)
Net increase (decrease) of cash and cash equivalents		(138,413	)		35,290
Cash and cash equivalents, at the beginning of the period		1,071,560			570,008
Cash and cash equivalents, at the end of the period		933,147			605,298

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, 2025

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

NOTES TO the INTERIM consolidated financial statements as of MARCH 31, 2025 and 2024

NOTE 1. PRESENTATION OF INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Entity Information

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^thfloor, 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, 2025, 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, 2025 and December 31, 2024.

Interim consolidated statements of profit or loss for the periods ended March 31, 2025 and 2024, and for the periods of three months between January and March 2025 and 2024.

Interim consolidated statements of comprehensive income for the three months period ended March 31, 2025 and 2024, and for the periods of three months between January and March 2025 and 2024.

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

Interim consolidated statements of cash flows for the three months period ended March 31, 2025 and 2024.

Explanatory disclosures (notes).

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

Period covered by the interim consolidated financial statements

As of March 31, 2025 and December 31, 2024.

Date of approval of the interim consolidated financial statements

These interim consolidated financial statements were approved by the Board of Directors of the Company (the “Board”) at the Extraordinary Meeting No. 735 on May 6, 2025.

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, 2025

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

Summary of significant accounting policies

Basis for preparation of the consolidated financial statements

These 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 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.

Critical accounting estimates and judgments

The preparation of these 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, 2025

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

Consolidation

The 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

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 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 consolidated financial statements for transactions and other events in similar circumstances, appropriate adjustments are made to the 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 consolidated financial statements and non-controlling interest is presented in the consolidated statement of financial position within equity.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

The 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.

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 are the Executive Vice-president and the Chief Executive Officer who are the highest authorities for making decisions and are 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:

Pulp

Wood products

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

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 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 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, 2025

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

(ii)

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.

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.

Financial instruments

Financial assets

Initial classification

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

Arauco does not have financial assets at fair value through other comprehensive income.

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, 2025

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).

Financial liabilities

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.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

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.

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 there are no instruments 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.

(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.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

-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.

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 slow moving inventories and technical obsolescence.

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.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

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.

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.

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.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

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.

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, 2025

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

Investments in associates and joint ventures are presented in the 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.

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.

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.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

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.

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.

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.

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

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

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.

IFRS 16 maintains substantially the accounting requirements of the lessor from IAS 17. Therefore, Arauco has continued to classify 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, 2025

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.

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 new forestry plantations made during the current year is made at cost, which corresponds to the fair value at that date. After twelve months, the valuation methodology used is that explained in the preceding paragraph.

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.

Income taxes

The tax liabilities are recognized in the 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, 2025

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

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.

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.

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 arrives 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.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

“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 have 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 consolidated financial statements.

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.

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.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

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.

Impairment

Non-financial assets

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.

Goodwill

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.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

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.

Financial assets

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.

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.

Employee vacations

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

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

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

Recent accounting pronouncements

a) Standards, interpretations and amendments that are mandatory for the first time for annual periods beginning on January 1, 2025:

Amendments and

improvements

Content

Mandatory application

for annual periods

beginning on or after

IAS 21

Lack of Exchangeability

An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose.

January 1, 2025

The adoption of the standards, amendments and interpretations described in the table above have not had a significant impact on Arauco’s consolidated financial statements during its initial application period.

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

Amendments and improvements	Content	Mandatory application for annual periods beginning on or after
IFRS 9 and IFRS 7	Classification and Measurement of Financial Instruments Clarify the requirements, give the guidance, add new disclosures for certain instruments.	January 1, 2026

	Contracts Referencing Nature Dependent Electricity Clarify the application and disclosure requirements; permitting hedge accounting if these contracts are used as hedging instruments.

IFRS 18	Presentation and Disclosure in Financial Statements 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

IFRS 19	Subsidiaries without Public Accountability: Disclosures 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

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 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.

NOTE 2. ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES

Changes to accounting policies

As of March 31, 2025, there had not been significant changes in the accounting policies with respect to the 2024 financial year.

Changes to accounting estimates

As of March 31, 2025, there had been no changes in the methodologies for calculating the accounting estimates with respect to the 2024 financial year.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

NOTE 3. DISCLOSURE OF OTHER INFORMATION

Disclosure of information on issued capital

As of March 31, 2025 and December 31, 2024, the shareholders composition according to the amount of shares owned was as follows:

	03-31-2025					12-31-2024
Shareholders	Shares		%			Shares		%
Empresas Copec S.A.		125,042,019		99.99991603	%		125,042,019		99.99991603	%
AntarChile S.A.		105		0.00008397	%		105		0.00008397	%
		125,042,124		100.00000000	%		125,042,124		100.00000000	%

At the date of these interim consolidated financial statements the share capital of Arauco was ThU.S.$ 1,103,618.

	03-31-2025		12-31-2024
Description of shares by type of capital in ordinary shares	100% of Capital corresponds to ordinary shares
Number of authorized shares by type of capital in ordinary Shares		125,042,124		125,042,124
Nominal value of shares by type of capital in ordinary shares		U.S.$ 8.8260 per share		U.S.$ 8.8260 per share
Amount of capital in shares by type of ordinary shares that constitute capital		ThU.S.$ 1,103,618		ThU.S.$ 1,103,618
Number of shares issued and fully paid by type of capital in ordinary shares		125,042,124		125,042,124

Dividends paid

On December 10, 2024, a provisional dividend of ThU.S.$ 94,397 was paid with a charge to the retained earnings from the profits of the year 2024, which represented 15% of the distributable net profit at the end of September 2024.

As of March 31, 2025, there is no minimum dividend provision for the 2025 period, due to the loss. The ThU.S.$ 59,351 showed in the consolidated statement of changes in equity corresponds to the minimum dividend provision for the 2024 period.

See Note 26 for details.

Dividends paid detail, ordinary shares
Dividends paid	Provisional dividend
Classes of shares for which there are dividends paid	Ordinary shares without series
Date of dividends paid	12-10-2024
Amount of dividends	ThU.S.$ 94,397
Number of shares on which pay dividends	120,474,350
Dividend per shares	U.S.$ 0.783542

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.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

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, 2025

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

Other items in the 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, 2025 and 2024 are as follows:

	January – March
	2025			2024
	ThU.S.$			ThU.S.$
Classes of Other Income
Total Other Income		29,814			17,902
Gain from changes in fair value of biological assets (Note 20) (1)		15,770			4,911
Net income from insurance compensation		1,535			3,732
Revenue from export promotion		310			275
Lease income		1,012			954
Gain on sales of assets		1,464			1,132
Rights of way		3,530			-
Reversal of impairment of property, plants and equipment		1,711			289
Reimbursement provisions (legal and others)		332			907
Other operating income		4,150			5,702

Classes of Other Expenses by function
Total Other Expenses by function		(49,018	)		(35,577	)
Depreciation for leased assets		(633	)		(604	)
Provision legal expenses		(1,244	)		(2,572	)
Impairment provision for property, plant and equipment, provision for inventory obsolescence, withdrawals and others		(5,004	)		(2,776	)
Operating expenses related to restructuring or from plants stoppage or closed		(9,467	)		(7,792	)
Expenses related to projects		(541	)		(5,065	)
Loss by leasses		(702	)		(609	)
Loss of asset sales		(643	)		(2,756	)
Loss and repair of assets		(3,952	)		(12	)
Loss of forest due to fires		(17,845	)		(1,327	)
Other Taxes		(6,441	)		(5,661	)
Research and development expenses		(353	)		(2,183	)
Fines, readjustments and interest		(117	)		(212	)
Loss on sale of associates		-			(20	)
Loss of tax credits		(98	)		(760	)
Other expenses		(1,978	)		(3,228	)

Classes of Finance Income
Total Finance Income		14,883			22,051
Finance income by mutual funds - term deposits		9,206			17,423
Finance income resulting from derivatives		-			2
Other finance income		5,677			4,626

Classes of Finance Costs
Total Finance Costs		(98,333	)		(101,108	)
Interest expense, Bank borrowings		(17,370	)		(24,424	)
Interest expense, Bonds		(51,200	)		(52,446	)
Interest expense resulting from derivatives		(12,210	)		(8,779	)
Interest expense for right-of-use (1)		(9,929	)		(6,900	)
Other finance costs		(7,624	)		(8,559	)

Share of profit (loss) of associates and joint ventures accounted for using equity method
Total		(7,711	)		(7,807	)
Investments in associates (2)		(1,793	)		(3,224	)
Investments in joint ventures		(5,918	)		(4,583	)

(1)

In 2024, includes the effect of changes in fair value of plantations and interest expense for the Brazilian companies right-of-use assets that were previously classified as held for sale and sold during the period, through the sale date.

(2)

In 2024, includes the share of the profit of the associate Forestal Vale do Corisco S.A. that were previously classified as held for sale and sold during the period, through the sale date.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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
	2025		2024
Cost of sales	ThU.S.$		ThU.S.$
Timber		249,529		270,651
Forestry labor costs and other services		153,691		156,259
Depreciation and amortization		145,304		145,629
Depreciation for right of use		9,012		5,441
Maintenance costs		80,769		80,229
Chemical costs		162,379		154,953
Sawmill costs		29,237		30,826
Other raw materials		56,947		69,130
Other indirect costs		47,590		51,040
Energy and fuel		57,673		66,615
Cost of electricity		13,242		9,313
Staff expenses		99,416		106,370
Total		1,104,789		1,146,456

Total amount is comprised of the cost of inventory sales for ThU.S.$1,075,944 as of March 31, 2025 (ThU.S.$1,116,889 as of March 31, 2024) and the cost of rendering services for ThU.S.$28,845 as of March 31, 2025 (ThU.S.$29,567 as of March 31, 2024).

	January – March
	2025		2024
Distribution costs	ThU.S.$		ThU.S.$
Selling costs		7,945		8,484
Commissions		4,116		4,505
Insurance		1,384		1,241
Provision for doubtful accounts		123		(4	)
Other selling costs		2,322		2,742
Shipping and freight costs		165,130		158,689
Port services		16,502		13,866
Freights		132,138		129,490
Depreciation for right of use		230		334
Shipping internment, warehousing, stowage, customs and other costs		16,260		14,999
Total		173,075		167,173

	January – March
	2025		2024
Administrative expenses	ThU.S.$		ThU.S.$
Wages and salaries		54,708		53,912
Marketing, advertising, promotion and publications expenses		3,318		3,021
Insurances		10,716		13,577
Depreciation and amortization		10,341		10,802
Depreciation for right of use		1,955		1,722
Computer services		8,725		8,519
Lease of offices, other property and vehicles		1,344		1,577
Donations, contributions, scholarships		689		1,641
Fees (legal and technical advisors)		8,409		8,108
Property taxes, city permits and rights		5,985		5,401
Cleaning services, security services and transportation		5,752		5,691
Third-party variable services (manoeuvres, logistics)		9,820		9,956
Basic services (electricity, telephone, water)		1,832		1,821
Maintenance and repair		1,265		1,658
Seminars, courses, training materials		701		1,018
Travels, clothing and safety equipment, environmental expenses, audits and others		12,556		10,157
Total		138,116		138,581

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

NOTE 4. INVENTORIES

	03-31-2025		12-31-2024
Components of inventory	ThU.S.$		ThU.S.$
Raw materials		185,656		166,695
Production supplies		202,414		209,201
Work in progress		77,024		82,565
Finished godos		760,154		762,086
Spare parts		263,662		235,713
Total inventories		1,488,910		1,456,260

In order to have inventories recorded at net realizable value, inventories are subject to evaluations and obsolescence provision recognition as of March 31, 2025, a net decrease of inventories was recognized associated with a higher provision of ThU.S.$ 2,349 (ThU.S.$ 10,579 as of March 31, 2024). As of March 31, 2025, the amount of provision arises to the sum of ThU.S.$ 109,352 (ThU.S.$ 107,003 as of December 31, 2024).

As of March 31, 2025, there were inventory write-offs of ThU.S.$ 1,225 (ThU.S.$ 480 as of March 31, 2024) which are presented in the consolidated statements of profit or loss within cost of sales.

The inventory obsolescence provision is calculated based on the sales conditions of products and age of inventory (inventory turnover).

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

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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 interim consolidated financial statements, there are no amounts of cash and cash equivalents with restrictions on use.

	03-31-2025		12-31-2024
Components of Cash and Cash Equivalents	ThU.S.$		ThU.S.$
Cash on hand		66		47
Balances with Banks		518,730		642,064
Short-term deposits		329,547		359,150
Mutual funds		82,641		70,299
Repurchase agreement		2,163		-
Total		933,147		1,071,560

The risk classification of the Company’s mutual funds as of March 31, 2025 and December 31, 2024 is shown below.

	03-31-2025		12-31-2024
	ThU.S.$		ThU.S.$
AAAfm		72,933		62,524
No classification		9,708		7,775
Total Mutual Funds		82,641		70,299

Changes in financial liabilities

		03-31-2025
		Bank borrowings			Hedging liabilities			Bonds and promissory notes			Other financial liabilities		Other financial liabilities, Total
		ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$		ThU.S.$
Opening balance January 1			1,151,023			201,918			4,717,676			-		6,070,617
	(+) Borrowings obtained		13,613			-			-			-		13,613
	(-) Borrowings paid		(22,538	)		-			-			-		(22,538	)
Cash flows	(-) Interest paid		(18,446	)		-			(23,375	)		-		(41,821	)
	(-) Payment of collateral		-			-			-			8,220		8,220
(+) Accrued interest			17,267			-			50,007			-		67,274
(+/-) Exchange rate difference			22,511			-			106,609			-		129,120
(+/-) Changes in fair value			-			(81,060	)		-			-		(81,060	)
(+/-) Other movements			7,490			-			1,713			-		9,203
Closing balance			1,170,920			120,858			4,852,630			8,220		6,152,628

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

		12-31-2024
		Bank borrowings			Hedging liabilities			Bonds and promissory notes			Other financial liabilities, Total
		ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$
Opening balance January 1			1,499,051			108,004			4,997,038			6,604,093
	(+) Borrowings obtained		1,303,663			-			391,862			1,695,525
	(-) Borrowings paid		(1,582,810	)		(6,748	)		(543,340	)		(2,132,898	)
Cash flows	(+/-) Commissions (discounts) of issue		-			-			11,163			11,163
	(-) Interest paid		(87,699	)		(38,969	)		(206,200	)		(332,868	)
(+) Accrued interest			83,075			40,414			197,941			321,430
(+/-) Exchange rate difference			(24,083	)		-			(135,388	)		(159,471	)
(+/-) Changes in fair value			-			99,217			-			99,217
(+/-) Other movements (*)			(40,174	)		-			4,600			(35,574	)
Closing balance			1,151,023			201,918			4,717,676			6,070,617

(*): In 2024, this line includes mainly the exchange difference on translation mainly from Brazilian companies.

		Lease liabilities
		03-31-2025			12-31-2024
		ThU.S.$			ThU.S.$
Opening balance January 1			727,990			559,382
Cash flows	(-) Borrowings paid		(15,327	)		(82,059	)
	(-) Interest paid		(9,930	)		(29,366	)
(+) Accrued interest			9,929			29,490
(+/-) Inflation adjustment			-			(51	)
(+/-) Exchange rate difference			41,911			(5,071	)
(+) Increase due to new leases liabilities			29,657			361,421
(+/-) Other movements (*)			(9,727	)		(105,756	)
Closing balance			774,503			727,990

(*): This line includes mainly the exchange difference on translation mainly from Brazilian companies.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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:

	03-31-2025			12-31-2024
Deferred tax assets	ThU.S.$			ThU.S.$
Deferred tax assets relating to liabilities provisions		10,099			11,125
Deferred tax assets relating to post-employment benefits		23,744			23,063
Deferred tax assets relating to property, plant and equipment		78,863			89,655
Deferred tax assets relating to impairment provision		5,660			5,672
Deferred tax assets relating to financial instruments		54,756			87,134
Deferred tax assets relating to tax loss carry forward		285,457			235,828
Deferred tax assets relating to biological assets		4,690			4,806
Deferred tax assets relating to inventories		27,049			27,374
Deferred tax assets relating to provisions for income		23,376			35,889
Deferred tax assets relating to allowance for doubtful accounts		3,100			3,160
Deferred tax assets relating to intangible revaluation		215			215
Deferred tax assets relating to other deductible temporary differences		64,558			73,791
Total deferred tax assets		581,567			597,712
Offsetting presentation		(506,200	)		(524,303	)
Net effect		75,367			73,409

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.$ 973,197 (ThU.S.$ 928,974 as of December 31, 2024).

In addition, as of the closing date of these interim consolidated financial statements, there are ThU.S.$ 119,600 (ThU.S.$ 129,300 as of December 31, 2024) 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:

	03-31-2025			12-31-2024
Deferred tax liabilities	ThU.S.$			ThU.S.$
Deferred tax liabilities relating to property, plant and equipment		1,363,978			1,374,164
Deferred tax liabilities relating to financial instruments		18,499			18,887
Deferred tax liabilities relating to biological assets		466,049			469,770
Deferred tax liabilities relating to inventory		55,768			56,101
Deferred tax liabilities relating to prepaid expenses		39,366			34,889
Deferred tax liabilities relating to intangible		6,129			6,089
Deferred tax liabilities relating to other taxable temporary differences		39,024			33,915
Total deferred tax liabilities		1,988,813			1,993,815
Offsetting presentation		(506,200	)		(524,303	)
Net effect		1,482,613			1,469,512

The effect of this period in current and deferred tax liabilities related to financial hedging instruments corresponds to a debit of ThU.S.$ 38,614 as of March 31, 2025 (debit of ThU.S.$ 3,455 as of March 31, 2024), which is presented 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, 2025

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

Reconciliation of deferred tax assets and liabilities

Deferred tax assets	Opening balance 01-01-2025 ThU.S.$		Deferred tax income (expenses) ThU.S.$			Deferred tax of item charged to equity ThU.S.$			Increase (decrease) net exchange differences ThU.S.$			Closing balance 03-31-2025 ThU.S.$
Deferred tax assets relating to liabilities provisions		11,125		(1,177	)		-			151			10,099
Deferred tax assets relating to post-employment benefits		23,063		1,137			(453	)		(3	)		23,744
Deferred tax assets relating to property, plant and equipment		89,655		(10,826	)		-			34			78,863
Deferred tax assets relating to impairment provision		5,672		(232	)		-			220			5,660
Deferred tax assets relating to financial instruments		87,134		5,914			(38,614	)		322			54,756
Deferred tax assets relating to tax loss carry forward		235,828		48,493			-			1,136			285,457
Deferred tax assets relating to biological assets		4,806		(116	)		-			-			4,690
Deferred tax assets relating to inventories		27,374		(383	)		-			58			27,049
Deferred tax assets relating to provisions for income		35,889		(12,510	)		-			(3	)		23,376
Deferred tax assets relating to allowance for doubtful accounts		3,160		(61	)		-			1			3,100
Deferred tax assets relating to intangible revaluation		215		-			-			-			215
Deferred tax assets relating to other deductible temporary differences		73,791		(9,512	)		-			279			64,558
Total deferred tax assets		597,712		20,727			(39,067	)		2,195			581,567

Deferred tax liabilities	Opening balance 01-01-2025 ThU.S.$		Deferred tax (income) expenses ThU.S.$			Deferred tax of item charged to equity ThU.S.$		Increase (decrease) net exchange differences ThU.S.$		Closing balance 03-31-2025 ThU.S.$
Deferred tax liabilities relating to property, plant and equipment		1,374,164		(12,690	)		-		2,504		1,363,978
Deferred tax liabilities relating to financial instruments		18,887		(388	)		-		-		18,499
Deferred tax liabilities relating to biological assets		469,770		(3,721	)		-		-		466,049
Deferred tax liabilities relating to inventory		56,101		(333	)		-		-		55,768
Deferred tax liabilities relating to prepaid expenses		34,889		4,476			-		1		39,366
Deferred tax liabilities relating to intangible		6,089		(274	)		-		314		6,129
Deferred tax liabilities relating to other taxable temporary differences		33,915		4,470			-		639		39,024
Total deferred tax liabilities		1,993,815		(8,460	)		-		3,458		1,988,813

Deferred tax assets	Opening balance 01-01-2024 ThU.S.$		Deferred tax income (expenses) ThU.S.$			Deferred tax of item charged to equity ThU.S.$			Increase (decrease) business combination ThU.S.$		Increase (decrease) net exchange differences ThU.S.$			Closing balance 12-31-2024 ThU.S.$
Deferred tax assets relating to liabilities provisions		14,008		(1,857	)		-			-		(1,026	)		11,125
Deferred tax assets relating to investments		78,061		57,110			(135,171	)		-		-			-
Deferred tax assets relating to post-employment benefits		25,726		(2,866	)		207			-		(4	)		23,063
Deferred tax assets relating to property, plant and equipment		80,410		10,928			-			644		(2,327	)		89,655
Deferred tax assets relating to impairment provision		12,319		(4,408	)		-			-		(2,239	)		5,672
Deferred tax assets relating to financial instruments		82,535		14,618			(7,337	)		-		(2,682	)		87,134
Deferred tax assets relating to tax loss carry forward		233,468		7,183			-			-		(4,823	)		235,828
Deferred tax assets relating to biological assets		-		4,806			-					-			4,806
Deferred tax assets relating to inventories		25,011		2,634			-			-		(271	)		27,374
Deferred tax assets relating to provisions for income		16,807		19,076			-			-		6			35,889
Deferred tax assets relating to allowance for doubtful accounts		2,384		791			-			-		(15	)		3,160
Deferred tax assets relating to intangible revaluation		35		180			-			-		-			215
Deferred tax assets relating to other deductible temporary differences		39,065		37,220			-			-		(2,494	)		73,791
Total deferred tax assets		609,829		145,415			(142,301	)		644		(15,875	)		597,712

Deferred tax liabilities	Opening balance 01-01-2024 ThU.S.$		Deferred tax (income) Expenses ThU.S.$			Deferred tax of item charged to equity ThU.S.$			Increase (decrease) business combination ThU.S.$		Increase (decrease) net exchange differences ThU.S.$			Closing balance 12-31-2024 ThU.S.$
Deferred tax liabilities relating to property, plant and equipment		1,415,101		(29,618	)		-			-		(11,319	)		1,374,164
Deferred tax liabilities relating to financial instruments		26,766		(6,617	)		(1,262	)		-		-			18,887
Deferred tax liabilities relating to biological assets		475,592		(8,089	)		-			2,649		(382	)		469,770
Deferred tax liabilities relating to inventory		57,619		(1,411	)		-			-		(107	)		56,101
Deferred tax liabilities relating to prepaid expenses		36,837		(1,947	)		-			-		(1	)		34,889
Deferred tax liabilities relating to intangible		10,420		(2,632	)		-			-		(1,699	)		6,089
Deferred tax liabilities relating to other taxable temporary differences		42,551		(5,471	)		-			-		(3,165	)		33,915
Total deferred tax liabilities		2,064,886		(55,785	)		(1,262	)		2,649		(16,673	)		1,993,815

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

Temporary differences

The following tables summarize the deductible and taxable temporary differences:

	03-31-2025				12-31-2024
	Deductible difference		Taxable difference		Deductible difference		Taxable difference
Detail of classes of deferred tax temporary differences	ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$
Deferred tax assets		296,110		-		361,884		-
Deferred tax assets - tax loss carry forward		285,457		-		235,828		-
Deferred tax liabilities		-		1,988,813		-		1,993,815
Total		581,567		1,988,813		597,712		1,993,815

	January – March
	2025			2024
Detail of temporary difference income and loss amounts	ThU.S.$			ThU.S.$
Deferred tax assets (*)		(27,766	)		8,275
Deferred tax assets - tax loss carryforward (*)		48,493			121,522
Deferred tax liabilities (*)		8,460			(25,783	)
Total		29,187			104,014

(*) Includes deferred tax expenses related to temporary differences (ThU.S.$ 2,922 as of December 31, 2024), and tax losses (ThU.S.$ 3,008 as of December 31, 2024) generated by Brazilian companies previously classified as held for sale, through the sale date, see Note 14.

Income tax expense

Income tax expense consists of the following:

	January – March
	2025			2024
Income tax composition	ThU.S.$			ThU.S.$
Current income tax expense		(21,222	)		(62,794	)
Tax benefit arising from tax credit used to reduce current tax expense		-			(1,721	)
Prior period current income tax adjustments		(97	)		(33	)
Other current benefit tax (expenses)		(652	)		7,138
Current tax expense, net		(21,971	)		(57,410	)

Deferred tax expense relating to origination and reversal of temporary differences		(19,306	)		69,956
Tax benefit arising from tax credits used to reduce deferred tax expense		48,493			2,154
Total deferred tax benefit (expense), net		29,187			72,120
Total income tax benefit (expense)		7,216			14,710

The following table presents the current income tax expense detailed by foreign and domestic (Chile) companies as of March 31, 2025 and 2024:

	January – March
	2025			2024
	ThU.S.$			ThU.S.$
Foreign current income tax expense		(15,364	)		(44,606	)
Domestic current income tax expense		(6,607	)		(12,804	)
Total current income tax expense		(21,971	)		(57,410	)

Foreign deferred tax benefit (expense)		11,925			62,880
Domestic deferred tax benefit (expense)		17,262			9,240
Total deferred tax benefit (expense)		29,187			72,120

Total income tax benefit (expense)		7,216			14,710

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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
	2025			2024
Reconciliation of income tax from statutory rate to effective tax rate	ThU.S.$			ThU.S.$
Statutory domestic (Chile) income tax rate		27	%		27	%
Tax expense at statutory tax rate		9,104			(23,118	)
Tax effect of foreign tax rates		2,705			1,377
Tax effect of income exempt from taxation		9,332			13,326
Tax effect of not deductible expenses		(4,787	)		(11,121	)
Tax effect of previously unrecognized tax benefit in the income statement		-			(1,721	)
Tax effect of a new evaluation of deferred tax assets (*)		3,483			31,604
Tax effect of tax provided in excess in prior periods		(97	)		(33	)
Other tax rate effects (**)		(12,524	)		4,396
Total adjustments to tax expense at applicable tax rate		(1,888	)		37,828
Tax benefit (expense) at effective tax rate		7,216			14,710

(*) 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.

Current tax assets and liabilities

The current tax assets and liabilities balances are as follow:

	03-31-2025			12-31-2024
Current tax assets	ThU.S.$			ThU.S.$
Monthly Provisional Payments		63,143			45,691
Income tax receivable		25,765			30,058
Provision tax income		(60,458	)		(45,129	)
Other tax receivables		46,616			44,993
Total		75,066			75,613

	03-31-2025			12-31-2024
Current tax liabilities	ThU.S.$			ThU.S.$
Provision tax income (First category)		218,118			230,727
Monthly Provisional Payments and other tax receivables		(194,464	)		(203,450	)
Other tax payables		455			288
Total		24,109			27,565

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

NOTE 7. PROPERTY, PLANT AND EQUIPMENT

	03-31-2025			12-31-2024
	ThU.S.$			ThU.S.$

Property, plant and equipment, net
Construction work in progress		965,192			725,744
Land		940,221			931,333
Buildings		3,626,332			3,663,306
Plant and equipment		3,903,111			3,984,319
Information technology equipment		42,512			41,250
Fixtures and fittings		13,098			12,288
Motor vehicles		60,199			54,744
Other property, plant and equipment		195,211			197,087
Total net		9,745,876			9,610,071

Property, plant and equipment, gross
Construction work in progress		965,192			725,744
Land		940,221			931,333
Buildings		6,479,138			6,505,187
Plant and equipment		8,889,713			8,988,084
Information technology equipment		143,017			141,492
Fixtures and fittings		56,098			55,785
Motor vehicles		126,330			119,251
Other property, plant and equipment		212,651			215,056
Total gross		17,812,360			17,681,932

Accumulated depreciation and impairment
Buildings		(2,852,806	)		(2,841,881	)
Plant and equipment		(4,986,602	)		(5,003,765	)
Information technology equipment		(100,505	)		(100,242	)
Fixtures and fittings		(43,000	)		(43,497	)
Motor vehicles		(66,131	)		(64,507	)
Other property, plant and equipment		(17,440	)		(17,969	)
Total		(8,066,484	)		(8,071,861	)

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

As of March 31, 2025, there are no significant assets pledged as collateral to be disclosed in these interim consolidated financial statements.

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

	03-31-2025		12-31-2024
	ThU.S.$		ThU.S.$
Amount committed for the acquisition of property, plant and equipment		2,892,734		1,918,997

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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, 2025 and December 31, 2024:

	Construction work in progress			Land			Buildings			Plant and equipment			IT equipment			Fixtures and fittings			Motor vehicles			Other property, plant and equipment			Total
Reconciliation of property, plant and equipment	ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$
Opening balance 01-01-2025		725,744			931,333			3,663,306			3,984,319			41,250			12,288			54,744			197,087			9,610,071
Changes
Additions		295,109			4,939			1,710			2,879			35			127			260			2,130			307,189
Disposals		-			(619	)		(169	)		(2,290	)		(6	)		(2	)		(48	)		(277	)		(3,411	)
Withdrawals		(396	)		-			(308	)		(1,770	)		(173	)		(16	)		(154	)		(3,470	)		(6,287	)
Depreciation		-			-			(55,699	)		(98,329	)		(2,097	)		(746	)		(2,773	)		(336	)		(159,980	)
Impairment loss recognized in profit or loss		-			-			(133	)		(952	)		-			-			-			-			(1,085	)
Increase (decrease) through net exchange differences		2,524			4,568			6,119			13,294			190			53			6			1,322			28,076
Reclassification of assets held for sale		-			-			-			(1,414	)		-			-			-			-			(1,414	)
Transfers from construction in progress closed and reclassifications		(57,789	)		-			11,506			34,657			3,313			1,394			8,164			(1,245	)		-
Decrease through transfers of leasing assets		-			-			-			(27,283	)		-			-			-			-			(27,283	)
Total changes		239,448			8,888			(36,974	)		(81,208	)		1,262			810			5,455			(1,876	)		135,805
Closing balance 03-31-2025		965,192			940,221			3,626,332			3,903,111			42,512			13,098			60,199			195,211			9,745,876

	Construction work in progress			Land			Buildings			Plant and equipment			IT equipment			Fixtures and fittings			Motor vehicles			Other property, plant and equipment			Total
Reconciliation of property, plant and equipment	ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$
Opening balance 01-01-2024		611,424			882,222			3,774,756			4,074,957			42,659			12,795			50,678			157,625			9,607,116
Changes
Additions		627,882			34,531			10,667			59,509			687			778			4,107			33,279			771,440
Business combination		-			29,972			274			14			-			12			-			4			30,276
Disposals		(560	)		(524	)		(5,091	)		(1,681	)		(43	)		(99	)		(914	)		-			(8,912	)
Withdrawals		(3,864	)		(139	)		(3,416	)		(14,129	)		(158	)		(30	)		(251	)		(741	)		(22,728	)
Depreciation		-			-			(222,523	)		(393,772	)		(8,504	)		(3,073	)		(9,476	)		(1,297	)		(638,645	)
Impairment loss recognized in profit or loss		-			-			(1,082	)		(7,799	)		(35	)		(567	)		-			-			(9,483	)
Increase (decrease) through net exchange differences		(23,171	)		(22,583	)		(16,113	)		(42,634	)		(394	)		(96	)		(2,624	)		(4,402	)		(112,017	)
Reclassification of assets held for sale		-			(3,601	)		-			-			-			-			-			12,000			8,399
Transfers from construction in progress closed and reclassifications		(485,967	)		11,455			125,834			322,902			7,038			2,568			15,551			619			-
Reclassification from lease to property, plant and equipment		-			-			-			292			-			-			-			-			292
Decrease through transfers of leasing assets		-			-			-			(13,340	)		-			-			(2,327	)		-			(15,667	)
Total changes		114,320			49,111			(111,450	)		(90,638	)		(1,409	)		(507	)		4,066			39,462			2,955
Closing balance 12-31-2024		725,744			931,333			3,663,306			3,984,319			41,250			12,288			54,744			197,087			9,610,071

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

The depreciation expense for the period ended March 31, 2025 and 2024 was as follows:

	January – March
	2025		2024
Depreciation for the year	ThU.S.$		ThU.S.$
Cost of sales		145,304		145,629
Administrative expenses		7,308		7,308
Other expenses		3,475		3,338
Total		156,087		156,275

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)
Buildings		58
Plant and equipment		30
Information technology equipment		8
Fixtures and fittings		28
Motor vehicles		7
Other property, plant and equipment		14

As of March 31, 2025 and 2024 there are not significant costs for capitalized borrowing (see Note 12).

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

NOTE 8. Leases

Arauco acting as lessee

Right of use assets

	03-31-2025			12-31-2024
	ThU.S.$			ThU.S.$
Property, plant and equipment by right of use, net

Land		590,956			599,101
Buildings		25,927			15,992
Plant and equipment		61,569			63,102
Information technology equipment		335			392
Motor vehicles		76,407			80,464
Other property, plant and equipment		12,161			12,835
Total net		767,355			771,886

Property, plant and equipment by right of use, gross

Land		660,895			660,753
Buildings		39,824			32,265
Plant and equipment		89,303			93,922
Information technology equipment		812			784
Motor vehicles		127,986			269,228
Other property, plant and equipment		15,845			15,845
Total gross		934,665			1,072,797

Accumulated depreciation and impairment by right of use

Land		(69,939	)		(61,652	)
Buildings		(13,897	)		(16,273	)
Plant and equipment		(27,734	)		(30,820	)
Information technology equipment		(477	)		(392	)
Motor vehicles		(51,579	)		(188,764	)
Other property, plant and equipment		(3,684	)		(3,010	)
Total		(167,310	)		(300,911	)

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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, 2025 and December 31, 2024:

	Land			Buildings			Plant and equipment			IT equipment			Motor vehicles			Other property, plant and equipment			Total
Reconciliation of property, plant and equipment by right of use	ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$
Opening balance 01-01-2025		599,101			15,992			63,102			392			80,464			12,835			771,886
Changes
Additions		14,846			11,442			-			-			3,369			-			29,657
Disposals		(3,728	)		-			-			-			-			-			(3,728	)
Depreciation (*)		(8,222	)		(1,531	)		(1,569	)		(81	)		(7,461	)		(674	)		(19,538	)
Increase (decrease) through net exchange differences		867			24			36			24			35			-			986
Increase (decrease) through others		(11,908	)		-			-			-			-			-			(11,908	)
Total changes		(8,145	)		9,935			(1,533	)		(57	)		(4,057	)		(674	)		(4,531	)
Closing balance 03-31-2025		590,956			25,927			61,569			335			76,407			12,161			767,355

	Land			Buildings			Plant and equipment			IT equipment			Motor vehicles			Other property, plant and equipment			Total
Reconciliation of property, plant and equipment by right of use	ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$			ThU.S.$
Opening balance 01-01-2024		460,386			16,412			60,993			186			50,869			11,515			600,361
Changes
Additions		280,671			8,385			9,103			511			58,954			3,797			361,421
Disposals		-			(2,474	)		-			-			(130	)		-			(2,604	)
Withdrawals		-			(539	)		-			-			(178	)		-			(717	)
Depreciation (*)		(31,792	)		(5,604	)		(6,641	)		(204	)		(28,977	)		(2,200	)		(75,418	)
Increase (decrease) through net exchange differences		(110,574	)		(131	)		(353	)		(101	)		(74	)		15			(111,218	)
Reclassification from lease to Property, plant and equipment		-			-			-			-			-			(292	)		(292	)
Increase (decrease) through others		410			(57	)		-			-			-			-			353
Total changes		138,715			(420	)		2,109			206			29,595			1,320			171,525
Closing balance 12-31-2024		599,101			15,992			63,102			392			80,464			12,835			771,886

(*) 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 period ending March 31, 2025 and 2024 recognized in property, plant and equipment by right of use is as follows:

	January – March
	2025		2024
Depreciation for the period	ThU.S.$		ThU.S.$
Cost of sales		9,012		5,441
Distribution costs		230		334
Administrative expenses		1,955		1,722
Total		11,197		7,497

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 interim consolidated statement of profit or loss, as follows:

	January – March
	2025			2024
	ThU.S.$			ThU.S.$
Expenses from payments of variable leases		(36,672	)		(47,214	)
Expenses from low value leases		(792	)		(359	)
Expenses from short-term leases		(19,154	)		(22,159	)
Income from sublease of right of use assets		164			157

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

Arauco acting as lessor

Reconciliation of financial lease minimum payments:

	03-31-2025
	Gross		Interest		Present value
Periods	ThU.S.$		ThU.S.$		ThU.S.$
Less than one year		26,886		3,424		23,462
Between one and two years		27,022		2,649		24,373
Between two and three years		24,350		1,598		22,752
Between three and four years		14,823		751		14,072
Between four and five years		5,463		337		5,126
More than five years		4,889		273		4,616
Total		103,433		9,032		94,401

	31-12-2024
	Gross		Interest		Present value
Periods	ThU.S.$		ThU.S.$		ThU.S.$
Less than one year		19,532		2,285		17,247
Between one and two years		20,042		1,804		18,238
Between two and three years		18,397		1,005		17,392
Between three and four years		12,284		360		11,924
Between four and five years		2,731		54		2,677
More than five years		210		1		209
Total		73,196		5,509		67,687

Financial lease receivables are presented in the interim 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
	2025		2024
Classes of revenue	ThU.S.$		ThU.S.$
Revenue from sales of goods		1,499,088		1,620,732
Revenue from rendering of services		32,373		34,123
Total		1,531,461		1,654,855

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, 2025

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

NOTE 10. EMPLOYEE BENEFITS

Classes of benefits and expenses by employee

	January – March
	2025		2024
	ThU.S.$		ThU.S.$
Employee expenses		174,677		174,220
Wages and salaries		169,894		166,827
Severance indemnities		4,783		7,393

	03-31-2025			12-31-2024
Discount rate		3.23	%		3.23	%
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.$

Discount rate
Increase in 100 bps		(5,934	)
Decrease in 100 bps		6,802

Wage growth rates
Increase in 100 bps		5,980
Decrease in 100 bps		(5,291	)

The following tables set forth the balances and the reconciliation of the present value of severance indemnities obligations as of March 31, 2025 and December 31, 2024:

	03-31-2025		12-31-2024
	ThU.S.$		ThU.S.$
Current		7,030		6,669
Non-current		81,251		77,634
Total		88,281		84,303

	03-31-2025			12-31-2024
Reconciliation of the present value of severance indemnities obligations	ThU.S.$			ThU.S.$
Opening balance		84,303			94,325
Current service cost		1,550			5,979
Interest cost		1,157			4,367
(Gains) losses from changes in actuarial assumptions		-			22
Actuarial gains and losses arising from experience		(1,678	)		743
Benefits paid		(933	)		(7,152	)
Increase (decrease) for foreign currency exchange rates changes		3,882			(13,981	)
Closing balance		88,281			84,303

The average staffing as of March 31, 2025 was 18,928 people.

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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.

	U.S Dollar		Euros		Brazilian Real		Argentine Pesos		Mexican Pesos		Other currencies		Chilean Pesos		U.F.		Total
March 31, 2025	ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$
Assets
Current assets
Cash and cash equivalents		491,578		7,375		163,404		10,562		26,196		112,563		121,469		-		933,147
Other current financial assets		77,714		-		-		-		-		-		23		-		77,737
Other current non-financial assets		128,296		567		14,940		27,770		31,983		6,113		80,639		-		290,308
Trade and other current receivables		746,052		32,420		47,768		26,194		37,782		9,636		114,323		25,622		1,039,797
Accounts receivable due from related companies		-		-		-		-		-		-		400		-		400
Current inventories		1,357,203		-		91,852		-		38,764		-		1,091		-		1,488,910
Current biological assets		314,391		-		1,404		-		-		-		-		-		315,795
Current tax assets		68,330		-		2,947		-		787		534		2,468		-		75,066
Non-current assets or disposal groups classified as held for sale		3,183,564		40,362		322,315		64,526		135,512		128,846		320,413		25,622		4,221,160
Non-current assets or disposal groups classified as held for sale		5,122		-		14		-		46		-		-		-		5,182
Total current assets		3,188,686		40,362		322,329		64,526		135,558		128,846		320,413		25,622		4,226,342

Non-current assets
Other non-current financial assets		123,580		-		-		-		-		-		-		-		123,580
Other non-current non-financial assets		78,717		-		34,291		-		756		1,233		1,313		85		116,395
Trade and other non-current receivables		1,423		-		10,467		477		-		-		1,576		71,530		85,473
Investments accounted for using equity method		114,825		213,088		36,642		-		-		-		47,604		-		412,159
Intangible assets other than goodwill		49,741		-		1,150		-		55		3,243		1,296		-		55,485
Goodwill		39,335		-		10,826		-		-		1,952		-		-		52,113
Property, plant and equipment		9,181,326		-		286,596		-		245,703		30,889		1,362		-		9,745,876
Right of use assets		712,471		-		51,296		-		2,851		574		163		-		767,355
Non-current biological assets		2,771,793		-		3,061		-		-		-		-		-		2,774,854
Deferred tax assets		17,409		-		54,338		-		732		-		2,888		-		75,367
Total non-current assets		13,090,620		213,088		488,667		477		250,097		37,891		56,202		71,615		14,208,657

Total assets		16,279,306		253,450		810,996		65,003		385,655		166,737		376,615		97,237		18,434,999

	U.S Dollar		Euros		Brazilian Real		Argentine Pesos		Mexican Pesos		Other currencies		Chilean Pesos		U.F.		Total
March 31, 2025	ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$
Liabilities
Current liabilities
Other current financial liabilities		211,463		71,698		95,691		-		-		-		-		70,582		449,434
Current lease liabilities		13,246		109		16,707		-		1,607		430		23,825		5,688		61,612
Trade and other current payables		141,922		17,369		86,976		41,366		25,027		26,901		348,585		41,871		730,017
Accounts payable to related companies		464		-		-		-		-		-		6,758		-		7,222
Other short-term provisions		671		-		-		-		-		-		-		1,308		1,979
Current tax liabilities		2,863		10,803		1,051		8,399		802		191		-		-		24,109
Current provisions for employee benefits		59		-		-		-		-		-		6,971		-		7,030
Other current non-financial liabilities		124,237		76		26,379		6,362		11,563		3		16,644		25		185,289
Total current liabilities other than liabilities included in disposal groups classified as held for sale		494,925		100,055		226,804		56,127		38,999		27,525		402,783		119,474		1,466,692
Liabilities included in disposal groups classified as held for sale		-		-		-		-		-		-		-		-		-
Total current liabilities		494,925		100,055		226,804		56,127		38,999		27,525		402,783		119,474		1,466,692

Non-current liabilities
Other non-current financial liabilities		3,466,767		267,305		97,214		-		-		-		-		1,871,908		5,703,194
Non-current lease liabilities		105,373		285		541,093		-		8,435		431		41,531		15,743		712,891
Other non current payables		24,214		-		1,850		-		-		-		8,576		-		34,640
Non-current accounts payable to related companies		26,162		-		-		-		-		-		-		-		26,162
Other long-term provisions		-		-		6,749		26,350		-		-		-		-		33,099
Deferred tax liabilities		1,449,905		-		23,139		-		4,312		5,257		-		-		1,482,613
Non-current provisions for employee benefits		-		-		-		-		1,260		-		79,991		-		81,251
Other non-current non-financial liabilities		-		-		36,202		64		-		-		879		-		37,145
Total non-current liabilities		5,072,421		267,590		706,247		26,414		14,007		5,688		130,977		1,887,651		8,110,995

Total liabilities		5,567,346		367,645		933,051		82,541		53,006		33,213		533,760		2,007,125		9,577,687

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

	U.S dollar		Euros		Brazilian real		Argentine pesos		Mexican pesos		Other currencies		Chilean pesos		U.F.		Total
December 31, 2024	ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$
Assets
Current assets
Cash and cash equivalents		668,888		8,754		117,848		12,642		40,128		11,794		211,506		-		1,071,560
Other current financial assets		25,949		-		-		-		-		-		11		-		25,960
Other current non-financial assets		104,366		562		17,153		31,100		20,539		9,551		77,821		-		261,092
Trade and other current receivables		815,884		28,149		38,327		26,569		33,704		1,077		92,401		18,596		1,054,707
Accounts receivable due from related companies		5,646		-		-		1,812		-		-		2,701		-		10,159
Current Inventories		1,335,410		-		81,043		-		37,954		-		1,853		-		1,456,260
Current biological assets		304,302		-		11,198		-		-		-		-		-		315,500
Current tax assets		70,105		-		2,636		-		515		-		2,357		-		75,613
Non-current assets or disposal groups classified as held for sale		3,330,550		37,465		268,205		72,123		132,840		22,422		388,650		18,596		4,270,851
Non-current assets or disposal groups classified as held for sale		3,708		-		13		-		46		-		-		-		3,767
Total current assets		3,334,258		37,465		268,218		72,123		132,886		22,422		388,650		18,596		4,274,618

Non-current assets
Other non-current financial assets		16,747		-		-		-		-		-		-		-		16,747
Other non-current non-financial assets		58,937		-		24,043		-		629		8		1,419		-		85,036
Trade and other non-current receivables		2,784		-		9,891		458		-		-		1,505		51,097		65,735
Investments accounted for using equity method		106,784		211,345		41,352		-		-		-		47,130		-		406,611
Intangible assets other than goodwill		52,318		-		2,368		-		63		-		1,231		-		55,980
Goodwill		41,286		-		10,039		-		-		-		-		-		51,325
Property, plant and equipment		8,917,848		-		462,845		-		228,153		-		1,225		-		9,610,071
Right of use assets		225,551		-		544,198		-		1,932		-		205		-		771,886
Non-current biological assets		2,554,897		-		192,997		-		-		-		-		-		2,747,894
Deferred tax assets		21,407		-		48,554		-		714		-		2,734		-		73,409
Total non-current assets		11,998,559		211,345		1,336,287		458		231,491		8		55,449		51,097		13,884,694

Total assets		15,332,817		248,810		1,604,505		72,581		364,377		22,430		444,099		69,693		18,159,312

	U.S dollar		Euros		Brazilian real		Argentine pesos		Mexican pesos		Other currencies		Chilean pesos		U.F.		Total
December 31, 2024	ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$
Liabilities
Current liabilities
Other current financial liabilities		191,900		67,987		36,538		-		-		-		-		52,480		348,905
Current lease liabilities		13,273		113		13,435		-		584		965		22,582		4,899		55,851
Trade and other current payables		188,747		21,414		78,396		47,373		24,199		16,411		331,286		38,145		745,971
Accounts payable to related companies		426		-		3,007		-		-		-		7,130		-		10,563
Other short-term provisions		490		-		-		-		-		-		111		1,236		1,837
Current tax liabilities		3,086		12,092		1,184		8,252		2,951		-		-		-		27,565
Current provisions for employee benefits		-		-		-		-		-		-		6,669		-		6,669
Other current non-financial liabilities		125,483		94		21,938		6,714		2,999		9		8,328		24		165,589
Current liabilities other than liabilities included in disposal groups classified as held for sale		523,405		101,700		154,498		62,339		30,733		17,385		376,106		96,784		1,362,950
Liabilities included in disposal groups classified as held for sale		-		-		-		-		-		-		-		-		-
Total liabilities, current		523,405		101,700		154,498		62,339		30,733		17,385		376,106		96,784		1,362,950

Non-current liabilities
Other non-current financial liabilities		3,534,436		255,430		164,899		-		-		-		-		1,766,947		5,721,712
Non-current lease liabilities		120,661		295		490,778		-		523		49		43,238		16,595		672,139
Other non-current payables		23,942		-		3,266		-		-		-		8,102		-		35,310
Non-current accounts payable to related companies		26,207		-		-		-		-		-		-		-		26,207
Other long-term provisions		-		-		6,785		26,294		-		-		42		-		33,121
Deferred tax liabilities		1,443,086		-		21,645		-		4,781		-		-		-		1,469,512
Non-current provisions for employee benefits		-		-		-		-		1,211		-		76,423		-		77,634
Other non-current non-financial liabilities		-		-		36,075		64		-		-		873		-		37,012
Total non-current liabilities		5,148,332		255,725		723,448		26,358		6,515		49		128,678		1,783,542		8,072,647

Total liabilities		5,671,737		357,425		877,946		88,697		37,248		17,434		504,784		1,880,326		9,435,597

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

	03-31-2025						12-31-2024
	Up to 90 days		From 91 days to 1 year		Total		Up to 90 days		From 91 days to 1 year		Total
	ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$
Total current liabilities		1,226,412		240,255		1,466,667		1,021,171		341,779		1,362,950

Other current financial liabilities		268,021		181,413		449,434		60,710		288,195		348,905
U.S. dollar		180,449		31,014		211,463		36,401		155,499		191,900
Euros		36,392		35,306		71,698		-		67,987		67,987
Brazilian real		6,498		89,193		95,691		24,309		12,229		36,538
Argentine pesos		-		-		-		-		-		-
U.F.		44,682		25,900		70,582		-		52,480		52,480

Bank borrowings		184,904		139,240		324,144		28,154		220,673		248,827
U.S. dollar		142,014		14,741		156,755		3,845		140,457		144,302
Euros		36,392		35,306		71,698		-		67,987		67,987
Brazilian real		6,498		89,193		95,691		24,309		12,229		36,538


Other borrowings		83,117		42,173		125,290		32,556		67,522		100,078
U.S. dollar		38,435		16,273		54,708		32,556		15,042		47,598
U.F.		44,682		25,900		70,582		-		52,480		52,480

Current lease liabilities		12,762		48,850		61,612		15,116		40,735		55,851
U.S. dollar		3,528		9,718		13,246		3,612		9,661		13,273
Euros		27		82		109		30		83		113
Brazilian real		1,394		15,313		16,707		3,729		9,706		13,435
Mexican pesos		531		1,076		1,607		147		437		584
Other currencies		105		325		430		107		858		965
Chilean pesos		6,078		17,747		23,825		5,698		16,884		22,582
U.F.		1,099		4,589		5,688		1,793		3,106		4,899

Trade and other current payables		720,025		9,992		730,017		741,847		4,124		745,971
U.S. dollar		141,922		-		141,922		188,747		-		188,747
Euros		17,369		-		17,369		21,414		-		21,414
Brazilian real		82,290		4,686		86,976		74,610		3,786		78,396
Argentine pesos		41,366		-		41,366		47,373		-		47,373
Mexican pesos		19,721		5,306		25,027		23,861		338		24,199
Other currencies		26,901		-		26,901		16,411		-		16,411
Chilean pesos		348,585		-		348,585		331,286		-		331,286
U.F.		41,871		-		41,871		38,145		-		38,145

Accounts payable to related companies		7,222		-		7,222		10,563		-		10,563
U.S. dollar		464		-		464		426		-		426
Brazilian real		-		-		-		3,007		-		3,007
Chilean pesos		6,758		-		6,758		7,130		-		7,130

Other short-term provisions		1,979		-		1,979		1,837		-		1,837
U.S. dollar		671		-		671		490		-		490
Chilean pesos		-		-		-		111		-		111
U.F.		1,308		-		1,308		1,236		-		1,236

Current tax liabilities		24,109		-		24,109		18,840		8,725		27,565
U.S. dollar		2,863		-		2,863		2,613		473		3,086
Euros		10,803		-		10,803		12,092		-		12,092
Brazilian real		1,051		-		1,051		1,184		-		1,184
Argentine pesos		8,399		-		8,399		-		8,252		8,252
Mexican pesos		802		-		802		2,951		-		2,951
Other currencies		191		-		191		-		-		-

Current provisions for employee benefits		7,030		-		7,030		6,669		-		6,669
U.S. dollar		59		-		59		-		-		-
Chilean pesos		6,971		-		6,971		6,669		-		6,669

Other current non-financial liabilities		185,264		-		185,264		165,589		-		165,589
U.S. dollar		124,237		-		124,237		125,483		-		125,483
Euros		76		-		76		94		-		94
Brazilian real		26,379		-		26,379		21,938		-		21,938
Argentine pesos		6,362		-		6,362		6,714		-		6,714
Mexican pesos		11,563		-		11,563		2,999		-		2,999
Other currencies		3		-		3		9		-		9
Chilean pesos		16,644		-		16,644		8,328		-		8,328
U.F.		-		-		-		24		-		24

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

	03-31-2025								12-31-2024
	From 13 months to 3 years		From 3 years to 5 years		More than 5 years		Total		From 13 months to 3 years		From 3 years to 5 years		More than 5 years		Total
		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$		ThU.S.$
Total non-current liabilities		2,692,580		1,619,037		3,785,371		8,110,995		2,905,653		1,040,941		4,126,053		8,072,647

Other non-current financial liabilities		1,462,790		1,430,066		2,810,338		5,703,194		1,686,157		885,612		3,149,943		5,721,712
U.S. dollar		978,763		1,030,217		1,457,787		3,466,767		1,166,799		495,482		1,872,155		3,534,436
Euros		131,728		135,577		-		267,305		126,200		129,230		-		255,430
Brazilian real		62,190		35,024		-		97,214		120,222		44,677		-		164,899
U.F.		290,109		229,248		1,352,551		1,871,908		272,936		216,223		1,277,788		1,766,947

Bank borrowings		676,175		170,601		-		846,776		728,289		173,907		-		902,196
U.S. dollar		482,257		-		-		482,257		481,867		-		-		481,867
Euros		131,728		135,577		-		267,305		126,200		129,230		-		255,430
Brazilian real		62,190		35,024		-		97,214		120,222		44,677		-		164,899

Other borrowings		786,615		1,259,465		2,810,338		4,856,418		957,868		711,705		3,149,943		4,819,516
U.S. dollar		496,506		1,030,217		1,457,787		2,984,510		684,932		495,482		1,872,155		3,052,569
U.F.		290,109		229,248		1,352,551		1,871,908		272,936		216,223		1,277,788		1,766,947

Non-current lease liabilities		103,104		83,694		526,093		712,891		104,578		70,490		497,071		672,139
U.S. dollar		24,015		17,012		64,346		105,373		26,402		19,943		74,316		120,661
Euros		172		113		-		285		174		121		-		295
Brazilian real		42,003		40,104		458,986		541,093		36,290		34,477		420,011		490,778
Mexican pesos		4,161		4,094		180		8,435		494		29		-		523
Other currencies		431		-		-		431		49		-		-		49
Chilean pesos		24,032		17,499		-		41,531		32,934		10,304		-		43,238
U.F.		8,290		4,872		2,581		15,743		8,235		5,616		2,744		16,595

Non-current payable		34,640		-		-		34,640		35,310		-		-		35,310
U.S. dollar		24,214		-		-		24,214		23,942		-		-		23,942
Brazilian real		1,850		-		-		1,850		3,266		-		-		3,266
Chilean pesos		8,576		-		-		8,576		8,102		-		-		8,102

Non- current accounts payable to related companies		14,007		7,934		4,221		26,162		13,655		7,581		4,971		26,207
U.S. dollar		14,007		7,934		4,221		26,162		13,655		7,581		4,971		26,207

Other long-term provisions		29,064		4,035		-		33,099		29,155		3,966		-		33,121
Brazilian real		2,714		4,035		-		6,749		2,819		3,966		-		6,785
Argentine pesos		26,350		-		-		26,350		26,294		-		-		26,294
Chilean pesos		-		-		-		-		42		-		-		42

Deferred tax liabilities		944,958		92,936		444,719		1,482,613		922,585		72,859		474,068		1,469,512
U.S. dollar		934,254		71,591		444,060		1,449,905		916,756		72,859		453,471		1,443,086
Brazilian real		1,135		21,345		659		23,139		1,048		-		20,597		21,645
Mexican pesos		4,312		-		-		4,312		4,781		-		-		4,781
Other currencies		5,257		-		-		5,257		-		-		-		-

Non-current provisions for employee benefits		81,251		-		-		81,251		77,634		-		-		77,634
Mexican pesos		1,260		-		-		1,260		1,211		-		-		1,211
Chilean pesos		79,991		-		-		79,991		76,423		-		-		76,423

Other non-current non-financial liabilities		36,773		372		-		37,145		36,579		433		-		37,012
Brazilian real		35,830		372		-		36,202		35,642		433		-		36,075
Argentine pesos		64		-		-		64		64		-		-		64
Chilean pesos		879		-		-		879		873		-		-		873

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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
Arauco Canada Ltd.	Canada	Canadian dollar
Arauco do Brasil S.A.	Brazil	Brazilian real
Arauco Industria de Mexico, S.A. de C.V.	Mexico	Mexican pesos
Arauco Industria de Paineis 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
Inversiones Los Ángeles SpA	Chile	Chilean pesos
Leasing Forestal S.A.	Argentina	Argentine pesos
Lemu Earth SpA.	Chile	Chilean pesos
Mahal Empreendimentos e Participações S.A.	Brazil	Brazilian real
Novo Oeste Gestao de Ativos Florestais S.A.	Brazil	Brazilian real
Tecverde Engenharia S.A.	Brazil	Brazilian real

On January 1, 2025, Arauco Celulose do Brasil S.A. and Arauco MS Participações S.A. changed their functional currency from the Brazilian real to the U.S. dollar, in accordance with IAS 21. This change is based on the U.S. dollar becoming the currency that primarily reflects the economic environment in which the entity operates, particularly with respect to revenue, expenses, investments, and financing. The change has been applied prospectively from the aforementioned date.

The table below shows a detail per company of the effect in the period of the reserve of exchange differences on translation:

	January – March
	2025			2024
	ThU.S.$			ThU.S.$
Arauco Canada Limited.		233			(6,573	)
Arauco Do Brasil S.A.		20,437			(3,573	)
Arauco Florestal Arapoti S.A. (*)		-			(2,089	)
Arauco Forest Brasil S.A. (*)		-			52,353
Arauco Industria de Mexico, S.A de C.V		2,960			4,091
Arauco MS Participações S.A.		-			(62,700	)
Arauco Participações Florestais Ltda.		3,282			-
Mahal Empreendimentos e Participações S.A.		7,109			-
Sonae Arauco S.A.		8,414			(5,082	)
Others		(3,782	)		(1,029	)
Total reserve of exchange differences on translation		38,653			(24,602	)

(*) In July 2024, these companies were sold.

Effect of foreign exchange rates changes

	January – March
	2025			2024
	ThU.S.$			ThU.S.$
Exchange differences recognized in profit or loss, except for those arising on financial instruments measured at fair value through profit or loss		(38,366	)		(8,477	)
Reserve of exchange differences on translation (with non-controlling interests)		38,658			(26,984	)

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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. To date, Arauco only capitalized financial interest related to minor projects.

	January – March
	2025			2024
	ThU.S.$			ThU.S.$
Interest cost capitalized, property, plant and equipment
Capitalization rate of interest cost capitalized, property, plant and equipment		4.88	%		4.99	%
Amount of the interest cost capitalized, property, plant and equipment		1,878			284

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 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, consist 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, 2025

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
			Functional	03-31-2025						12-31-2024
ID N°	Company Name	Country	Currency	Direct		Indirect		Total		Direct		Indirect		Total
77.630.621-5	Agrícola Ranquillón SpA	Chile	U.S. Dollar		-		98.64380		98.64380		-		98.64273		98.64273
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
77.630.625-8	Agrícola Santa Isabel SpA	Chile	U.S. Dollar		-		99.94839		99.94839		-		99.94839		99.94839
77.630.626-6	Agrícola Siberia SpA	Chile	U.S. Dollar		-		98.64380		98.64380		-		98.64273		98.64273
-	Arauco Argentina S.A.	Argentina	U.S. Dollar		9.97070		90.00940		99.98010		9.97070		90.00940		99.98010
-	Arauco Australia Pty Ltd.	Australia	U.S. Dollar		-		99.99898		99.99898		-		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		-		99.99902		99.99902
-	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.	Brazil	Brazilian Real		1.06807		98.93105		99.99912		1.06807		98.93105		99.99912
-	Arauco Europe Cooperatief U.A.	The Netherlands	U.S. Dollar		0.25001		99.74897		99.99898		0.25003		99.74895		99.99898
-	Arauco Participações Florestais Ltda.	Brazil	Brazilian Real		-		99.99907		99.99907		-		99.99907		99.99907
-	Arauco Industria de México, S.A.de C.V.	Mexico	Mexican pesos		-		99.99910		99.99910		-		99.99910		99.99910
-	Arauco Industria de Paineis S.A.	Brazil	Brazilian Real		-		99.99912		99.99912		-		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 Perú S.A.	Peru	U.S. Dollar		0.00126		99.99772		99.99898		0.00126		99.99772		99.99898
-	Arauco Pulp Limited.	United Kingdom	U.S. Dollar		-		99.99898		99.99898		-		99.99898		99.99898
-	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		-		56.83121		56.83121		-		56.83115		56.83115
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		-		98.64380		98.64380		-		98.64273		98.64273
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
78.013.822-K	Inversiones Los Ángeles SpA (1)	Chile	Chilean Pesos		100.00000		-		100.00000		-		-		-
-	Leasing Forestal S.A.	Argentina	Argentine pesos		-		99.98010		99.98010		-		99.98010		99.98010
76.860.724-9	Lemu Earth SpA	Chile	Chilean Pesos		-		96.36917		96.36917		-		96.36917		96.36917
-	Lemu Global Limited	United Kingdom	U.S. Dollar		-		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
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 Engenharia S.A.	Brazil	Brazilian Real		-		89.39060		89.39060		-		89.39060		89.39060
-	Woodaffix, LLC.	United States	U.S. Dollar		-		99.99911		99.99911		-		99.99911		99.99911

(1) Company acquired in January 2025.

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

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:

CELULOSA ARAUCO Y CONSTITUCION S.A. AND SUBSIDIARIES

Unaudited consolidated financial statements

March 31, 2025

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

Long-term debt with related entities - mutual agreement with Arauco Argentina S.A.

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
	2025		2024
	ThU.S.$		ThU.S.$
Salaries and bonuses		17,492		16,412
Per diem compensation to members of the Board of Directors		731		604
Termination benefits		641		891
Total		18,864		17,901

Related party receivables, current

		Nature of				03-31-2025		12-31-2024
Name of related party	Tax ID No.	relationship	Country	Currency	Maturity	ThU.S.$		ThU.S.$
Forestal Mininco S.A.	91.440.000-7	Common shareholder of the parent company	Chile	Chilean pesos	30 days		2		2
Eka Chile S.A.	99.500.140-3	Joint venture	Chile	Chilean pesos	-		-		2,574
Colbún S.A.	96.505.760-9	Common stockholder	Chile	Chilean pesos	-		-		67
					30 days		182		-
Alxar Internacional SpA.	76.879.169-4	Common controlling parent	Chile	Chilean pesos	-		-		42
Bioenergías Forestales SpA.	76.188.197-3	Common stockholder	Chile	Chilean pesos	-		-		1
Parque Eólico Ovejera Sur SpA.	76.839.949-2	Joint venture	Chile	Chilean pesos	30 days		100		-
Compañía Puerto de Coronel S.A.	79.895.330-3	Subsidiary of an associate	Chile	U.S. dollar	-		-		5,646
EMOAC SpA.	76.208.888-6	Common controlling parent	Chile	Chilean pesos	30 days		116		15
Softys Argentina S.A.	-	Common shareholder of the parent company	Argentina	Argentine pesos	30 days		-		1,812
TOTAL							400		10,159

Related party payables, current

Nature of

03-31-2025

12-31-2024

Name of related party

Tax ID No.

relationship

Country

Currency

Maturity

ThU.S.$

ARAUCO & CONSTITUTION PULP INC 6-K