EMPRESAS COPEC'S CORPORATE MAGAZINE SEPTEMBER 2026
NO.122
A MORE HUMAN FUTURE A COUNTRY THAT DARES TO DREAM
THE HUMAN CHALLENGE OF THE UNIVERSITY
DISRUPTIONS BORN FROM THE FOREST
HUMAN RIGHTS: FROM PRINCIPLES TO MANAGEMENT
BUILDING BRAND: EXPERIENCE AND CONSISTENCY
NO.122 The future we want to build is not measured in algorithms, but in the impact we generate on the world. Technology helps people do things faster and more efficiently, but only people can decide what the purpose of doing them is and, above all, for whom. An extraordinary quality of the human being is the ability to build something they will not see completed: to plant a tree whose shade others will enjoy. And that means making decisions today thinking about those who come after. That means building a more human future.
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General interest: The human challenge of the university
EC Roundtable: Building brand: experience and consistency
Turning innovation into new businesses
In his editorial “A country that dares to dream,” Eduardo Navarro, CEO of Empresas Copec, sets out the need to build lasting agreements that allow Chile to regain its horizon, return to growth, and project itself with ambition.
Juan Carlos de la Llera, rector at Pontificia Universidad Católica de Chile, reflects on the role of universities in the face of artificial intelligence and the value of preserving essentially human capabilities.
Six Marketing leaders from Empresas Copec and its subsidiaries reflect on the evolution of customers, the impact of artificial intelligence, and the importance of building consistent brands focused on delivering the best experience.
Through technology, data, and energy intelligence, AbastibleTec develops solutions to solve concrete challenges for its customers and, at the same time, open up new business opportunities for Abastible.
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Worldwide: Wood that connects
Fuels of the future, Chile faces a historic opportunity
Human rights, from principles to management
Disruptions born from the forest
The logistics behind building the world's largest pulp mill
The new Copec station in Peñalolén and two McDonald's restaurants, among other works, show how the construction solutions of Hilam, by ARAUCO, bring this sustainable material to a growing range of everyday and diverse settings.
In a new edition of Fundación Copec-UC International Seminar, national and international experts analyzed the opportunities the country has to develop sustainable fuels and consolidate itself as a relevant player in the energy transition.
Empresas Copec and its subsidiaries are making progress in increasingly embedding this perspective into their processes, integrating it into the management of risks, people, suppliers, and other areas of the business.
From more resistant fibers to new fuels and biodegradable materials, Bioforest, ARAUCO's R&D center, explores developments that could open up unprecedented uses for pulp and its byproducts.
Carlos Altimiras, Chairman of ARAUCO Brasil, explains how the Sucuriú project was designed, an operation that integrates mill, territory, people, and transport, and that today is running ahead of plan.
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The impact of an urban megaproject in Viña del Mar
A bond that goes beyond the gas station
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With remediation already well advanced, Las Salinas project is beginning to show its potential to generate jobs, economic activity, public spaces, and new services for the city.
Copec Pay already brings together 1.4 million registered customers and an increasingly broad offering, reflecting how Copec extends its relationship with people into new moments of everyday life.
Rodrigo Huidobro, CFO of Empresas Copec, analyzes the Company's results accumulated through June 2026, which recorded an adjusted EBITDA of US$1.917 billion and net income of US$712 million.
Empresas Copec and its subsidiaries experienced important milestones in business, sustainability, innovation, and recognitions.
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A COUNTRY THAT DARES TO DREAM After several years of low economic activity, many are eager to see signs that make it possible to look to the future with a bit more optimism. At a point, attention was drawn to the Imacec (the monthly index of economic activity) for a particular month; the improvement in investment prospects for 2027, which, among other things, led the Central Bank to raise its estimated growth range for next year; the approval in Congress of the National Reconstruction and Economic and Social Development bill; and the recent presentation of the Capital Markets Reform. These are
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Eduardo Navarro CEO of Empresas Copec.
all developments to be valued, because they once again place at the center of the agenda matters that for too long seemed to lose prominence: growth, promotion of savings, investment, employment, and productivity. The fact that Chile is talking about growth again is already good news. But signs, while necessary, are not enough. The challenge is to transform them into a sustained trajectory of progress, among other things, to confront what has been called a labor “emergency,” with an
unemployment rate that reached 9.5% in the MayJuly quarter. It may be said that behind this high figure lie the effects of poor public policies. But also that behind this figure there are families and postponed life projects. For this reason, reducing the discussion about growth to tenths of a percentage point of GDP would be a serious mistake. To grow means, among other things, to create jobs, raise incomes, autonomy, freedom, social mobility, and to sustainably expand the resources the State has to respond to the needs of society. 4
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For years we have focused part of the public discussion on urgent matters. It is a necessary task. But a country does not build its development solely from a list of problems to solve. It also needs to set objectives, define priorities, and project itself 10, 20, or 30 years ahead. And to do so with ambition. The OECD has warned that the convergence of Chile's per capita GDP toward higher-income economies stalled over the last decade. Returning to growth requires removing constraints, but also building capabilities. And it must be done with fiscal responsibility. To sustain social policies and to invest, the country needs to safeguard its balances and expand its capacity to generate resources. But beyond so many disappointing figures, there are also some promising signs. In recent days we have seen public interventions that, from very different spheres, contribute a reflection on this need to regain the horizon. In his recent Letter to Business Leaders, Monsignor Fernando Chomali poses a particularly challenging question: “What kind of generation are we going to leave to future society?” His message acknowledges the necessary role of the private sector in development and employment, and it also invites those of us with business responsibilities to look beyond the immediate result and to consider how our decisions affect people and the society we help to build. A message that has the virtue of giving meaning to what those of us who work in companies do and that, at the same time, dignifies the
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“A country does not build its development solely from a list of problems to solve. It also needs to set objectives, define priorities, and project itself 10, 20, or 30 years ahead. And to do so with ambition.”
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valuable work and role of a sector of society that, for so long, has suffered disparagement. The beauty of doing business, of undertaking, should be a consensus, and not part of a cultural or ideological battle. Also from politics, and almost simultaneously, another valuable sign emerged. Mayors from across the political spectrum and with explicit differences on numerous issues called for building State agreements for the next 30 years. More than the detail of their proposals, what matters is the principle that inspires them: to acknowledge that there are challenges that no sector can solve on its own and that some transformations require continuity and collaboration beyond a single government term. This is not about ignoring disagreements or forcing consensus. A democracy needs different ideas and intense debates, but also spaces where those differences coexist with shared objectives. Growth, productivity, modernization of the State, governability, security, infrastructure, technology, and human capital are matters whose solution demands perseverance. Recovering the ability to dialogue and build lasting agreements is also a way of recovering trust. May these be times neither of some nor of others, but of all of us. There are spaces for meeting, there are common objectives. To abandon corner-solution proposals, to converge on common denominators. It can be done, it must be done, it is expected. We need a different way of living together.
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It is a task to which everyone is called, from their different roles. The private sector must respond with investment, innovation, productivity, talent development, and employment. Now, it is clear that companies are not moved by appeals or by well-meaning gestures. To engage them, we must create the environment that allows to deploy all the entrepreneurial capacity available in Chile. To provide greater certainty, stability of the rules. A public sector that wants things to happen, where permit times are shorter. A true transformation is required at the desks of that sector. We also need competitiveness, among other things, in tax and labor matters. And also another way of living together, a reform of politics, and strengthening education, essential for that better future we dream of, among so many things to be done. And to do it now. At Empresas Copec we understand that responsibility from a long-term perspective. That is why we continue to announce important initiatives, in Chile and abroad. Decisions made looking beyond the immediate setting and that reflect a conviction that has historically accompanied the Company: significant projects are built with patience, discipline, confidence in the future, and even optimism, because it is impossible to understand this task of undertaking without a positive attitude toward the future. And it is that same logic that lies behind our deepest sense of doing business, that purpose of shaping the world for future generations.
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much noise. We need to go from expectation to execution, from urgent matters to fundamental priorities, and from temporary agreements to a vision capable of surviving political and economic cycles. Perhaps that is the most important task of this stage. Not only to grow again, but to project ourselves again. To recover the ability to imagine the country we want to be, to agree on some essential goals, and to work with perseverance to achieve them. We need ambition and boldness to break out of stagnation. If we manage to do so, they will no longer be just signs and wishes, but the beginning of a new trajectory toward that country we so long for. Some say we have to be realistic. Yes, but also optimistic, an indispensable condition for dreaming, for mobilizing; energy so as not to lose the hope of reaching that longed-for development. And probably not all of us will get to see that country we dream of, but those who come after us will. That is what it means to project ourselves over the long term and to think, generously and genuinely, about the well-being of future generations.
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“We need to go from expectation to execution, from urgent matters to fundamental priorities, and from temporary agreements to a vision capable of surviving political and economic cycles.”
Today, Chile has an opportunity to take a decisive step toward development. It will be necessary to move past so
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The author proposes questioning the idea that today we must choose between educating in the humanities or in technology, as if they were opposing paths.
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THE HUMAN CHALLENGE OF THE UNIVERSITY By Juan Carlos de la Llera. Civil engineer from UC and PhD in Structural Engineering from the University of California, Berkeley, he is internationally recognized for his research on seismic isolation. He served as dean of UC's School of Engineering, a period in which he drove a profound curricular renewal and doubled the presence of female students in the school. Today, as Rector at the Pontificia Universidad Católica de Chile, he leads the institution with a focus on discovery, creation, reflection, and service to help transform Chile. 7
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reconsider. I am referring to our freedom, our sense of meaning, our judgment, our capability to build a life in common. Seen this way, the encyclical speaks in a special way to universities, promoters of knowledge in the broadest sense.
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Juan Carlos de la Llera. Rector, Pontificia Universidad Católica de Chile.
The human and the technological have always walked intertwined. We learned to think differently when we created the axe, mastered fire, invented writing, and multiplied the written word with the printing press. Each technology changed what it meant to know, to remember, and to transmit. The history of humanity is also the history of the techniques we have created. That is why it is worth questioning the idea that today we must choose between educating in the humanities or in technology, as if they were opposing paths. They never have been, and never will be. What does change with each technological leap is the question we must ask ourselves as a species, and artificial intelligence poses that question to us in an uncomfortable way. It forces us to ask which of our capabilities remain irreducibly human: to create, to reason, to decide, to judge, to feel, to have consciousness.
Chile has spent decades celebrating a fundamental achievement in its higher education system. More and more people have access to it. But just as we managed to open its doors, artificial intelligence forces us to ask what way of thinking are we teaching. Which capabilities are we growing? What kind of human beings do we need to educate in order to inhabit a world flooded by data, artificial intelligence, and robotics, and to help that world grow in humanity and empathy?
The question, then, is how far we ourselves want to go with artificial intelligence. Which capabilities are we willing to delegate to this new technology, and which do we need to preserve and nurture because we are its creators? It is in that territory that Magnifica Humanitas takes its place, the recent encyclical of Pope Leo XIV. Faced with a technological revolution, it shifts the gaze from the capacity of the machine toward the person. Artificial intelligence matters, of course, but what matters even more is what its progress forces us to
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Technology moves forward at a speed that overwhelms our collective capability to deliberate on its consequences. Every week, tools emerge promising to simplify tasks, speed up processes, and offer answers in seconds. There is, no doubt, something seductive in that promise, but also something that should unsettle us. When the result arrives without the human effort of searching for it, what is essential can be lost along the way. It is the enjoyment of the process, the experience of facing an intellectual difficulty and working through it, of tolerating uncertainty and building one's own understanding of the world.
“Educating people capable of giving direction to artificial intelligence requires defending unhurried reflection over the immediate response, sustaining the value of intellectual effort in a world that seeks shortcuts, and strengthening discernment.”
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Pope Leo XIV locates a fundamental difference there. However sophisticated these systems may be, processing information, reproducing forms of reasoning, or simulating sensitivity is not the same as living a human experience. Human learning leaves marks, transforms the intellect, and reshapes our understanding of ourselves and of the world.
A little over a year ago, a team from the MIT Media Lab put numbers to this intuition. They asked a group of students to write essays with the help of a language model while monitoring their brain activity with electroencephalography. Those who relied on artificial intelligence showed lower neural connectivity in the areas associated with memory and attention, and more than eight out of 10 were unable to recall a single sentence from the text they had just produced. Their professors, without knowing which group each essay belonged to, described them as correct but soulless. The researchers called this phenomenon “cognitive debt” and warned that when we stop exercising critical thinking, that capacity weakens.
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These questions have consequences for the way we design our educational programs, assess students, and conceive of the role of the teacher and of learning. They demand answers that go beyond adding ethics courses on the use of artificial intelligence, even though such courses are necessary. Today the university mission is, once again, to cultivate a humanist, reflective, and profound culture, capable of guiding technological progress and placing it at the service of humanity.
Creating what does not exist As universities, we work with data and information, but our true task begins when what is available ceases to be enough and the need to create new knowledge arises. That is where unprecedented questions emerge, the exploration of unknown margins, the questioning of certainties, and the possibility of expanding the frontiers of the possible. Artificial intelligence forces us to ask how much of that task remains human and how the university should nurture it. The most difficult question is what happens to the research vocation when the answer can arrive even before the task of correctly formulating the question. What happens to creativity when artificial forms of creation challenge the outcome of creating? What happens to critical thinking when we delegate deliberation to automated systems that lack humanity and consciousness?
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remain irreplaceable when machines take on more and more technical tasks? The answer forces us to ask what kind of well-rounded education prepares a person for an uncertain world that holds so many surprises. The scale of the change also has a pace that our educational processes are not used to following. A recent PwC analysis of more than one billion job postings across 27 countries shows that the skills required in the jobs most exposed to artificial intelligence are changing at more than twice the speed of the rest of the market, and that this gap grew by 75% compared with the previous year. The same study found that entry-level positions most exposed
Something similar is already happening in the very choice of what to study. In the United States, enrollment in computer science degrees fell by more than eight percent this year, just as artificial intelligence became capable of writing much of the code that previously required specialized knowledge. Students are responding quickly to a question that we, as universities, are only beginning to formulate with the depth it deserves. Which disciplines, and above all which capabilities, will
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to artificial intelligence are now seven times more likely to require skills that were once asked only of those who already had professional experience, such as leadership or judgment. The traditional structure, in which a person learned a profession or craft by climbing one rug at a time, is being compressed. This means that educating today requires preparing graduates to deploy, from their very first job, capabilities that until recently distinguished a senior professional. Among those who research these technologies, a fundamental debate remains open. Can large language models expand the frontiers of knowledge, or does their power lie in combining, relating, and reformulating what has already been produced? As universities, we exist to nurture that human creative capacity. We educate people with the imagination needed to see what others have not seen. Professionals capable of adapting, with judgment, to new situations. Citizens who question information and translate it at the service of the community. That requires time and experience. It requires having faced difficult problems without immediate solutions. It requires, paradoxically, learning to do without the tool at certain moments, so that the tool does not end up clouding the process that gave it its value.
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“The reflection proposed by Magnifica Humanitas is very valuable, because it returns the debate to its core, that is, to the dignity of the person as the non-negotiable horizon of all genuine progress. That is the paradigm from which we, as universities, must think about our role today.” Defending what a university is Educating people capable of giving direction to artificial intelligence requires defending the unhurried reflection over the immediate answer, sustaining the value of intellectual effort in a world that seeks shortcuts, and strengthening discernment. Pope Leo XIV turns to Nehemiah to propose a suggestive image. That of looking straight at the cracks of our time and gathering around the task of repairing them collectively. That is also a university task. Reading the present in all its complexity, intervening in it, and opening paths in the face of the challenges it poses.
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This means engaging in the public debate on the evolution and regulation of artificial intelligence. It means producing research that illuminates the social, ethical, and cultural consequences of this extraordinarily powerful technology. It means educating those who will design the systems of the future, with the awareness that every design decision is also a moral decision. Technological evolution takes us back, surprisingly, to the very heart of education, to the question of what kind of people we want to be and what kind of society we want to build.
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As universities, we bear a key responsibility in that answer. We are one of the few spaces in society capable of formulating these questions with the depth and honesty they require. Places where knowledge is built with rigor and humility, from a neutral standpoint and independent of all illegitimate coercion. The reflection proposed by Magnifica Humanitas is highly valuable, because it returns the debate to its core, that is, to the dignity of the person as the nonnegotiable horizon of all genuine progress. That is the paradigm from which we, as universities, must think about our role today. With the conviction that the most powerful and irreplaceable technology within our reach is the human capacity to create, to reason, to decide, to judge, to feel, and, above all, to consciously build, together, the fairer world we long for.
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Chief Marketing Officers discuss how to build close, consistent brands that deliver an extraordinary experience to their customers.
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empresas copec roundtable:
BUILDING BRAND: EXPERIENCE AND CONSISTENCY A new gathering brought together six Chief Marketing Officers from the group of companies, who shared their views on how this unit has evolved and what has remained intact, how they are using AI in their teams, and the importance of customer experience and of the consistency between what such well-known and valued brands say and do. 13
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Obsession for the customer
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You can watch a summary of the roundtable.
This hybrid-format roundtable brought together those who lead Marketing in the Group's subsidiaries: Diego Peñafiel, Chief Marketing Officer at Copec; Carmen Munita, Chief Marketing Officer at Abastible; Florencia Barúa, Chief Marketing and Communications Officer at Nutrisco; Joaquín Rojas, Chief Marketing Officer at ARAUCO; Kenneth Siefken, VP of Marketing at Terpel; and Rowina Fuller, Chief Marketing Officer at Solgas. The last three joined online from their respective countries: the United States, Colombia, and Peru.
In a world undergoing profound, rapid, and constant changes -technological, social, and demographic, among others-, customers have also evolved. In this context, those who manage marketing at companies have had to adapt and transform the way they connect with their consumers.
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Perhaps the customer always held the power, but in the past, the channels and platforms that could make that power effective simply did not exist. So today the ordinary citizen has enormous power compared with what they had in the past. And they use it. So I think we have to be obsessive and in love with our customers, and not think about brand without thinking about delivering the best experience to them.” Kenneth Siefken, VP of Marketing at Terpel, agrees and adds: “Indeed, I think today the customer has more power than ever. First, they have a voice. When a customer wants to know something about a product or service, the first thing they do is go to Google and look at the reviews about a brand, a restaurant, whatever you want. They also use their own social media as a broadcasting channel, which can even become more
For Diego Peñafiel, Chief Marketing Officer at Copec, today the power lies not with the brands, but with the customer. “If we go back in time, brands used to be the ones that set the tone, the message, what was said. Today there are so many channels, so much information, that in the end brands have to manage to reach the customer with relevant content. And then it is the customer who chooses.
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powerful than any traditional media. And second, today they have many more options to choose from. These days we live in global markets, where you can buy, through different platforms, anywhere in the world, and you receive it in 24 or 48 hours. So a customer with a voice and with many options to choose from becomes increasingly demanding. They also compare among many alternatives; for example, they compare the Terpel app with all kinds of apps they interact with. When they walk into one of our convenience stores, they no longer compare us only with a competitor, but with the different experiences they live, whether at a movie theater, a supermarket, and so on.” Meanwhile, Carmen Munita, Chief Marketing Officer at Abastible, states: “I completely agree with both of them. I think that today the customer or consumer is much more empowered. They have multiple platforms to voice
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On this point, Rowina Fuller, Chief Marketing Officer at Solgas, comments: “Today we no longer talk about audiences, but about communities, which can build a great reputation just as they can destroy it in real time. Because today a single person can amplify his or her voice and go viral. So how important it is to listen to customers, to understand them. And another very important thing, besides the customer, is our role as marketing. It used to be focused on communicating, but today, a marketer who wants to stand out has to know the company quite well, from the inside: Finance, Procurement, the entire supply chain.”
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The roundtable was held in a hybrid format, with in-person participants in Chile and online participants in Peru, Colombia, and the United States.
their opinion. And that poses a challenge for us, because a brand is built, but it is also destroyed in the experience. And in the case of Abastible, I always say the brand is present in the homes of many Chileans, sometimes in the kitchen, the dining room, or the living room of their homes. So, beyond campaigns we may run, if we do not deliver on our promises, if we are not able to provide that experience in the service we promise, a brand can be destroyed. Today customers can also communicate, and word of mouth, I think, is increasingly powerful, and it can be positive or negative; so we have to build brand not only through campaigns or traditional marketing, which used to be quite one-directional but no longer is.”
Florencia Barúa, Chief Marketing and Communications Officer at Nutrisco, adds: “I think it is increasingly demanding and challenging to understand how we add value across the full 360°, in the different instances, whether online or offline, because everything is part of the same experience and it does not matter at what point in that chain I fail. If I am not meeting expectations, the entire experience falls apart. That is why it is more relevant than ever how we are connecting with our customers' needs, with what they expect from us beyond the product, because it is not just the functionality of that specific product, but what it represents in the daily lives of those people. That connection and the ability to be relevant at every moment is the most important thing today.”
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A different perspective brings ARAUCO's Chief Marketing Officer, Joaquín Rojas: “We manage B2B marketing, which we divide into the following areas: Revenue Management, Product Development, Customer Digital Experience, Business Development, and Communications. And I think one of the major changes I have seen in this type of marketing is that today initiatives are evaluated with profitability indicators, having to provide better visibility of the return on the investment. And that has allowed us to better distribute and manage resources in terms of time, money, and energy. In this way, we have better control that what we are executing has a direct impact on business revenue and profitability. Here in the United States, the Marketing group plays an important role in the revenue side of our profitability, which we work on together with the Sales team. Today, beyond communication, connection with the customer, and lead generation, as a business unit, we have a measurable responsibility for how we contribute to the profitability of the business, based on improving customer experience, revenue management, and value-added product development.”
Marketing is no longer limited to telling what a company does; it must also explain why it does it, ensuring that this purpose is real and not just a tagline.
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More than a nice line Just as the way of communicating and connecting with customers has changed, the topics now addressed from marketing have also evolved. In the case of Abastible, Carmen Munita explains that “communicating the purpose has become very important today for businesses, but not only from a nice line; you have to walk the talk. At Abastible, the purpose is to drive the entrepreneurial spirit, and we live that day to day and have managed to convey it in our campaigns, but also in the experience. Because those who ultimately bring our service, our brand, the gas cylinders to homes, are SMEs, the more than a thousand distributors across Chile. And I think that today the consumer also cares a lot about sustainability, purpose, what value you are leaving as a brand beyond selling a product or service: how you contribute to communities, to society, to the country. So I think that communicating purpose,
integrating it into campaigns that do not speak about your product as such, generates connections, that closeness with customers who today value it much more when making a decision.” Kenneth Siefken agrees: “I think Simon Sinek's Golden Circle is increasingly relevant, as he says that today companies have to start communicating from the why, from the purpose. And we have seen the evolution over the years: we used to communicate what we did, today we are communicating the why. But always being careful not to fall into the trap of brandwashing; that is, we have to guarantee that what is being communicated is really what is being delivered.” 16
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impact, for example, on recruitment. In the United States we have identified that in the past, when you wanted to join a company, you talked with people who worked there or who knew it. Today, lots of people go to social media to see what the brand communicates, what it says, how it says it, what its values are, and that consistency has been very important for us when it comes to attracting talent. As an anecdote: someone contacted me on LinkedIn and told me he was interested in a role. I shared the Sustainability Report with him and said: ‘read it, if you like the company, we'll talk.’ He read the report and said: I loved it. I want to work at ARAUCO, and today he is part of the Marketing team, doing a very good job.”
On this point, Diego Peñafiel adds: “Today you cannot communicate what you cannot measure or back up. Because today we are in one of the worst moments of pessimism in Chile and in a crisis of credibility. So people do not want to see just a nice purpose, but what you are actually doing. And I think that along these lines, commitments have to be long-term, because otherwise it turns into activism. And that, in my view, does not build brand equity. So, when the customer is the owner, it is no longer only about communicating what I want to communicate, because the customer may not be interested. Therefore, we have to ask ourselves how connected we are with what the customer wants or needs to hear.” Along these lines, Rowina Fuller adds: “Considering the power and the amount of information the customer has access to today, to walk the talk is key. Because they can check and
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verify whether or not what the brand is saying is true. So consistency between what is said and what is done is key. And, in addition, it is always important to listen to the customer in order to understand them.” Joaquín Rojas states that “today at ARAUCO, especially on social media, we are giving the brand the identity of a person. So it interacts on social media according to the company's values and culture. In what the brand shares, comments on, and reacts to, it does so more from a natural behavior, which makes it more human. And that has an
According to the 2026 CMO Survey, the use of AI in Marketing has more than tripled since 2022, with especially rapid growth in generative AI standing out. 17
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The executives agree that the human factor in the use of AI is key.
AI: spa or gym? According to McKinsey's study The State of AI 2026, Marketing and Sales are the areas that most report an increase in revenue derived from the use of AI. In addition, according to the 2026 CMO Survey, conducted by Deloitte, the American Marketing Association, and Duke University's Fuqua School of Business, the use of AI in marketing has more than tripled since 2022, with especially rapid growth in generative AI standing out. Likewise, companies anticipate that AI will account for more than half of all marketing activities within three years. Quantifiable year-over-year improvements have also been recorded in sales productivity, customer satisfaction, and marketing operating costs.
On how AI has impacted his unit, Joaquín Rojas highlights three components. “The first is customer experience, where we have managed to develop a self-service portal with artificial intelligence, in which the customer can talk with an agent and get information on order statuses, documents, payments, etc. This has allowed the sales management team to have more time to devote to other things of greater value for the business. The second component is revenue management, mainly the analysis and
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management of prices: creation, distribution, control, and management, where AI has helped us find opportunities for better prices, margins, offers, or initiatives in certain markets. And, finally, we have accelerated product development, with better market studies and validation of technical and commercial concepts in a much more agile way. In the past, we invested a lot of time and money in this, and today with Claude we have not only been able to be more efficient with resources, but also, by being able to do things faster, you generate a positive momentum in the organization, which makes initiatives gain better inhouse traction.”
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with a campaign that is hopefully as human as possible and in which they feel reflected. We can leave AI for the back-office.”
Diego Peñafiel says that at Copec there is a strong decision to introduce AI on several fronts. In Marketing, particularly in data analytics processes, B2B pricing, and experience, among others. “And there is also a whole strong conviction around experience, not only regarding the voice of the customer or the handling of complaints, but also how AI is available so that when the customer comes to Copec a personalized experience takes place. In addition, there is an opportunity to improve productivity and efficiency in content and campaign generation.” On this point, Carmen Munita notes: “AI can help us co-create, to see different scenarios, but when it comes to bringing it to reality, if we want to be more human brands, why would we do campaigns with AI? Sometimes I look at something and say: is this real or is it fake? It's like I no longer know, and that makes me lose that connection and that closeness with the brand. So I think we have to use AI, but without falling into excessive use, into cooling down or losing that quality or that closeness with the end customer, because indeed something that has not changed in marketing is that we have to know what need we have to go and solve for a customer. And that must be done
Rowina Fuller comments: “Although AI is a tool that allows us to accelerate processes, gain efficiency, and optimize costs, I think its greatest value lies in allowing us to spend less time producing and more time thinking. At Solgas we have already developed campaigns
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using AI, achieving significant savings in time and cost. However, behind the technology, judgment, strategic perspective, and decisionmaking remain and will remain human.” Florencia Barúa adds: “I think strong brands are built by understanding people in depth, and that is something 100% human. AI can give us many tools, ease the process, and contribute ideas, but it does not have the empathy or the context to understand, for instance, what can touch a person or generate that connection that goes beyond the product. With AI, we have indeed gained information, agility, and efficiency in many processes, but the human touch, critical thinking, and strategy, the ability to decide where we want to go and what we want to build, remains 100% human. That is also an important part of differentiation, especially when we all have greater access to information. The challenge lies in maintaining openness and
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proactivity to learn, but also to unlearn and understand how we are going to have to organize ourselves, structure ourselves, and work in order to take the leap in productivity that AI can offer us.” On AI, Kenneth Siefken shares an analogy: “You can use AI like a spa or like a gym. The difference is remarkable. A spa makes life easy for you, relaxes you, makes you feel good, but it doesn't make you better or give you long-term results. The gym, on the other hand, challenges you, demands effort, makes you suffer, and that does make you better. If you use AI correctly to complement and enhance
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your assets, it is indeed a very powerful tool. In that sense, at Terpel we are using AI with two different approaches. The first is productivity, for example: responding more quickly to certain documentation requested by regulatory bodies, or resolving customer queries more nimbly. And the second is to deepen customer knowledge in order to generate differentiated and personalized experiences. So, for example, AI allows us to segment the database really well to generate missions based on the loyalty program. That is, the same campaign does not reach two people. Another example is that, through a churn model with an adequate statistical probability,
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Today, you cannot think about the brand without thinking about the customer experience, a bond built over the long term. we generate campaigns so that a customer does not leave the Terpel ecosystem. So that, at the end of the day, gives you added value. The question, then, is: how do I want to use AI? As a spa that simply makes my life easier, or as a gym that makes me better?” he concludes.
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Which marketing principle from 20 years ago is still valid today?
CARMEN MUNITA CHIEF MARKETING OFFICER AT ABASTIBLE
DIEGO PEÑAFIEL CHIEF MARKETING OFFICER AT COPEC
“The brand is built in the customer experience. I am convinced that everything is decided in that moment of contact we have with them. I can have an incredible campaign, but if I fail in those three minutes when the customer comes to our gas station to fill up on fuel, or to buy a hot dog or a coffee at Pronto, everything you built in terms of awareness is lost. So that is the moment when you build brand, and that has not changed.”
“There is a saying I like a lot, which says that customers will forget what you did, what you said, but never how you made them feel. And I think that speaks deeply about experience, which is everything. Experience in the end is the brand, the connection, the company, the service, the purpose. It is everything. So we have to work to deliver the best experience to our customers, a task that must be cross-cutting across all areas within a company.”
JOAQUÍN ROJAS CHIEF MARKETING OFFICER AT ARAUCO
“I like a formula, which I learned at university about a thousand years ago, that said satisfaction equals experience minus expectations (Satisfaction = Experience – Expectations). And if you always ensure that the experience is better than the expectation, you will have a high level of customer satisfaction. And I think that has not changed.”
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FLORENCIA BARÚA CHIEF MARKETING AND COMMUNICATIONS OFFICER AT NUTRISCO
“There is a saying from Kotler that I like a lot, which says that the goal of selling is to satisfy a customer's need, but the goal of marketing is to understand that need. So the context may change, but if we are not connected with really knowing our consumer or customer in depth and their functional and emotional needs, we are failing. I think that remains vital and will continue to be.”
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KENNETH SIEFKEN VP OF MARKETING AT TERPEL
“We understood a long time ago that we serve people, not vehicles. And those people have their own qualities, characteristics, and needs. And to each of them we have to give the best product, the best service, and the best experience. I think that does not change and must always be the goal of marketing.”
ROWINA FULLER CHIEF MARKETING OFFICER AT SOLGAS
“Something that does not change is that we must understand people deeply and connect with them. I think that is the foundation of marketing. Because technology and everything will change, but we have to understand people, the new generations. Reach the human truth.”
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In less than two years, AbastibleTec has already been awarded 215 projects, benefited more than 260 customers, and analyzed around 200 technologybased startups.
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abastibletec:
TRANSFORMING INNOVATION INTO NEW BUSINESSES In a scenario where the energy transition is redefining companies' competitiveness, AbastibleTec is expanding Abastible's value proposition with energy intelligence solutions, generating new growth opportunities. 23
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from energy transition,” recalls Ignacio Mackenna, CEO of AbastibleTec, who took on the leadership of this initiative. With that challenge, AbastibleTec was born in October 2024, a subsidiary created to expand Abastible's value proposition and complement its traditional liquefied gas offering with energy intelligence solutions.
In nearly two years, AbastibleTec has gone from being a promise to becoming a growth and innovation platform for Abastible and its subsidiaries. In a scenario where the energy transition is changing the way companies produce, consume, and manage their energy, and where sustainability and ESG criteria have a decisive influence on competitiveness and corporate reputation, organizations are looking for solutions that allow them to move toward more efficient and intelligent operations. “It all began when we were entrusted with the mission of creating a development and innovation vehicle that would allow the company to capture the opportunities arising
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a clear strategy and to develop the capabilities needed to turn this project into a reality. “Our main mission is to transform technical knowledge, technological capabilities, artificial intelligence, data, digitalization, and engineering into new business opportunities that complement and strengthen the value proposition of Abastible and its subsidiaries,” says the executive. The progress achieved in these years reflects the speed with which this strategy has consolidated. To date, it has been awarded 215 projects, has benefited more than 260 clients, has analyzed more than 200 startups, and has closed more than 10 commercial agreements.
The vision was clear: to evolve from the role of supplier toward that of strategic partner, capable of understanding its clients' processes, supporting them in their continuous improvement, and offering specialized solutions that help optimize their economic, operational, and environmental performance. “This also allows us to build greater customer loyalty and long-term commercial relationships,” explains Ignacio Mackenna, highlighting how this technology subsidiary integrates into Abastible's growth strategy. From this purpose, a roadmap began to take shape and required to defined
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Ignacio Mackenna CEO of AbastibleTec. 24
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Turning data into better decisions The development of energy intelligence solutions has allowed AbastibleTec to turn its clients' energy and operational data into knowledge and useful data for decision-making, with the aim of improving their productivity, energy efficiency, and business competitiveness, integrating expertise in engineering, digitalization, monitoring, and artificial intelligence. This approach involves ongoing support for clients throughout the entire process, from identifying a need or opportunity to the design, development, implementation, operation, and monitoring of the solution. In this way, the relationship has also changed, moving away from being transactional to evolving toward a longterm strategic alliance focused on the continuous generation of value.
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“Technology alone does not solve problems. The real value appears when we combine it with deep knowledge of engineering and industrial processes,” states Ignacio Mackenna.
Ignacio Mackenna, CEO of AbastibleTec, and Joaquín Cruz, CEO of Abastible.
“It is not just about selling isolated technologies, but about designing and implementing comprehensive solutions that adapt to the needs and reality of each client, generating a tangible and measurable impact on their productivity, competitiveness, and sustainability,” explains Ignacio Mackenna. “Technology alone does not solve problems. The real value appears when we combine it with deep knowledge of engineering and industrial processes to solve specific problems and generate relevant impacts on productivity, energy efficiency, and emissions reduction,” adds the executive.
Every piece of equipment and industrial process continuously generates information on consumption, performance, and operation that, when analyzed correctly, makes it possible to detect inefficiencies, anticipate failures, identify behavior patterns, and discover opportunities to optimize productivity, reduce costs, and improve operational performance. “Our work consists of capturing that data, interpreting it, and transforming it into tangible actions through engineering, digitalization, advanced analytics, and artificial intelligence,” says Mackenna. 25
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The capabilities behind the growth Turning the energy transition into a new growth platform involves much more than adopting new technologies. A first challenge was building the capabilities needed to develop high-value solutions, integrating talent, technology, innovation, and a long-term vision. The first major step was forming a multidisciplinary team of specialists in the fields of engineering, business development, digitalization, artificial intelligence, innovation, and investment in technology-based startups. This adds to the development of a proprietary energy intelligence platform, capable of
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integrating real-time operational information, visualizing assets and processes, analyzing their performance, and enabling new value-added services for clients. Another key component was the incorporation of startups, where AbastibleTec has chosen to build an ecosystem that combines its own capabilities with external innovation in order to respond more nimbly to the industry's challenges. Today, that strategy reflects in projects implemented across different productive sectors, among them salmon farming, agribusiness, manufacturing, mining, and materials production. The solutions developed span thermal, electrical, and renewable energy systems, real-time monitoring systems, digital and artificial intelligence platforms, and the optimization of processes and energy management services tailored to each client. The impact of these projects is measured in tangible results. The solutions seek to improve five key metrics for clients: optimizing energy efficiency and reducing energy consumption; increasing productivity; improving the operational availability of equipment or processes; raising product quality; and lowering emissions.
Among the most representative projects are the smart monitoring and control systems for poultry and salmon farming, where the capture and analysis of data makes it possible to optimize strategic operational decisions. Also notable is the implementation of heat pumps and a photovoltaic system being deployed at a Chilean university, an initiative that will deliver energy consumption savings of close to 35% associated with that operation.
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A model for scaling new businesses One of AbastibleTec's main challenges is to become an engine of innovation and growth. To this end, it has been essential to identify and incorporate startups and technology entrepreneurs that are developing high-standard solutions and that contribute speed, specialization, technology, and new ways of solving problems. The focus is on identifying, validating, developing, packaging, and scaling technology-based solutions that generate value for clients. This model is grounded in one of the company's main assets, which relates to Abastible's 70-year track record, the commercial relationship and trust it has built with its thousands of clients, and its consolidated presence in Chile, Peru, Colombia, Ecuador, Spain, and Portugal. “The idea is that a solution successfully validated in Chile, Peru, or any other market does not have to start from scratch in each country. We can package it, adapt it to the local scenario, and deploy it over a commercial base that already exists,” states Ignacio Mackenna.
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This ability to scale solutions across different markets allows the subsidiaries to add new services, strengthen their value proposition, and accelerate the development of new business opportunities. In the executive's words, “we seek to use the commercial strength of the traditional liquefied gas business to accelerate the growth of the businesses of the future.” And what has been the lesson learned over these years? The answer is clear, concrete, and closely aligned with Abastible's DNA: it requires a long-term vision, a bold and inspiring purpose, and a deep connection with clients' needs. “Innovation is not just about having good ideas. It also demands building teams of excellence, committed and equipped with the capabilities needed to turn ideas into tangible results,” Mackenna concludes.
One of AbastibleTec's main challenges is to become an engine of innovation and growth. To this end, it has been essential to identify and incorporate startups and technology entrepreneurs. 27
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abastibletec:
2024
AbastibleTec is born: A subsidiary created to broaden Abastible's value proposition and complement its traditional liquefied gas offering with energy intelligence solutions.
The goal was to evolve from the role of supplier to that of strategic partner, capable of understanding its customers' processes, supporting them in their continuous improvement, and offering specialized solutions that help optimize their economic, operational, and environmental performance.
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Startups assessed
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what turns a startup into a strategic partner?
To date, the AbastibleTec team has thoroughly analyzed more than 220 startups from the innovation ecosystem. This rigorous evaluation process has made it possible to close more than 12 commercial partnerships and three strategic investment agreements in startups Bluetek, Zensi, and Ideal Control. The company's focus is directed toward energy intelligence startups with highimpact B2B solutions, capable of adding value, digitalizing operations, optimizing production processes, and contributing to the energy transition.
“We look for companies with a mature profile, that meet solid financial metrics -such as a defined ARR (annual recurring revenue) and EBITDA-, and that have proven experience in their field,” explains Martín Klempau, Development Director at AbastibleTec. For startups, the alliance offers much more than capital: they gain the backing of a consolidated corporate group, as well as the financial capabilities and access to a commercial platform that can accelerate their arrival to the market. Added to this is a strategic advantage: the possibility of projecting their solutions toward other countries where Abastible has a presence, opening new opportunities for growth and regional expansion.
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from investment to implementation
ZENSI Software, developed to monitor and optimize the consumption of water, gas, and electricity in production facilities. Its technology has already been implemented in the poultry industry and has begun its regional expansion into Colombia.
BLUETEK Technology, specialized in analyzing and optimizing the energy consumption of climate control, lighting, critical equipment, and industrial process systems. Its solutions already operate in the facilities of a major client in the sports sector, achieving savings of close to 30%.
Ideal Control Solutions, specialized in industrial automation, software, and real-time monitoring for the aquaculture industry. Its technology makes it possible to manage critical variables in farming centers and fish hatcheries, such as oxygen, temperature, salinity, CO₂, and flow rates, helping to improve operational efficiency, productivity, sustainability, and strategic decision-making.
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hilam by arauco:
WOOD THAT CONNECTS Copec opened in Peñalolén the first service station built 100% from wood, while McDonald's already has two restaurants raised with this same sustainable material. Behind both projects is Hilam, ARAUCO's wood construction solutions division. The Copec station replaced concrete and steel with a material chosen to deliver a better everyday experience for people. It used ARAUCO's laminated timber and cross-laminated timber (CLT), achieving a positive environmental balance equivalent to taking 24 vehicles off the road for a year. In parallel, ARAUCO took part in the design and manufacture of the McDonald's restaurants in Temuco and San Bernardo. “It creates a far greater sense of warmth than a building of concrete, steel, or other traditional materials, and that ultimately increases people's well-being and comfort,” explained Sebastián Parada, Director of Wood Construction at ARAUCO. Both cases add to a portfolio that already includes schools, mountain shelters, and international pavilions, and confirm that wood now accompanies the routine of thousands of people, with a more human and sustainable seal. 31
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Casa Ladera in Malalcahuello. Architect: RDZ Arquitectos Ltda., Manuel Rodríguez.
Colegio Humboldt facilities, located in Navidad. Architect: Gonzalo Mardones.
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Copec gas station in Peñalolén. Architect: Vial AG-Carlos Vial.
McDonald's built in timber, located in Temuco. Architect: Vial AG-Carlos Vial.
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Refugio Tupungato located in Valle Colorado, Cajón del Maipo. Architect: Pedro Anguita and Nicolás Muñoz.
Casa Matanzas. Architect: Felipe Assadi.
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Sustainable fuels have ceased to be a long-term promise and have become a tangible necessity.
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fundación copec-uc:
FUELS OF THE FUTURE: CHILE FACES A HISTORIC OPPORTUNITY At Fundación Copec-UC’s 22nd International Seminar, national and international experts examined the future of sustainable fuels and the challenges Chile faces in becoming a relevant player in the energy transition. In this field, electromobility, renewable energy, storage, and synthetic fuels are part of the roadmap with which the subsidiary Copec is transforming its business to meet the challenges ahead and lead the new trends. 34
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The way the world produces and consumes energy is changing. Growing energy demand, the need to reduce greenhouse gas emissions, and the commitment to more sustainable economies are accelerating the development of new fuels capable of complementing and even replacing traditional sources.
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During the opening, the Chairman of the Board of Empresas Copec and of Fundación Copec-UC, Roberto Angelini, stressed that “energy has become one of the most relevant strategic issues globally, because of its direct relationship with climate change, the energy security of countries, the competitiveness of industries, and people's quality of life.” He also noted that the transition will require multiple solutions, “with a technologically neutral perspective and a practical sense.”
Although electrification is moving forward quickly, there are sectors such as aviation, maritime transport, mining, and part of heavy industry where electric solutions are not enough or are difficult to implement. It is there that alternatives such as green hydrogen, biofuels, and synthetic fuels emerge as key tools for reducing emissions without completely replacing existing infrastructure.
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This was the central theme of the 22nd International Seminar organized by Fundación Copec-UC, which this year was devoted to the Fuels of the Future. The gathering in Viña del Mar brought together national and international specialists to examine the evolution of the energy mix and the role the country can play in this new scenario.
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Roberto Angelini, Chairman of Fundación Copec-UC, during his opening speech at the International Seminar “Fuels of the Future.”
You can watch a summary of the Fundación CopecUC International Seminar, which this year was held in Viña del Mar. 35
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The seminar's speakers agreed that sustainable fuels have ceased to be a long-term promise and have become a tangible necessity. Global energy consumption will continue to grow, driven by economic development, the expansion of data centers, electrification, and greater climate control needs. The challenge, then, is to meet that demand and overcome the technological, regulatory, and economic barriers that still limit the expansion of the new options.
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Chile's opportunity Another of the meeting's points of consensus was that Chile has exceptional conditions for developing a sustainable fuels industry. Its renewable resources, the availability of biogenic carbon, and its industrial experience and logistics infrastructure offer a solid foundation for this. “The fuels of the future, whether synthetic, biofuels, or those produced from renewable electricity, are based on resources where we have clear advantages,” Roberto Angelini stated at the opening ceremony. He added that the country has the opportunity to become a producer and eventually an exporter of new forms of energy, “as long as there is a long-term vision accompanied by investment, applied science, and appropriate public policies.” For Alan Farcas, Executive Director at Fundación Copec-UC, collaboration is key to achieving those goals. “Academia has the capacity to generate new knowledge,
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Directors and executives of Fundación Copec-UC, together with speakers during the International Seminar. 36
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Although electrification is moving forward quickly, sectors such as aviation, maritime transport, and mining will need sustainable fuels to complete their transition.
explore long-term solutions, and train the people who will lead the next generation of innovations; companies, for their part, know the real needs of the market, can validate technologies under operational conditions, and have the capacity to scale them. Innovation happens precisely at that meeting point.” He emphasizes that the Foundation's purpose for more than two decades has been, precisely, to connect knowledge with the country's needs, promoting collaboration among different players.
ability to maintain a shared long-term vision, drive innovation, modernize its regulation, and create conditions that attract investment. “We are still in a preparation process, facing real gaps that must be closed. The energy transition is not simple, immediate, or linear. For Chile to move from potential to real implementation, it must overcome concrete challenges,” he warns.
Leonardo Ljubetic, Chief Development Officer at Copec, adds that the success of the energy transition will also depend on Chile's 37
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Copec: accelerating change In 2018, Copec began a deep transformation process, expanding its offering toward electromobility, renewable energy, storage, and low-emission fuels. Leonardo Ljubetic explains that when the company decided to venture into renewable energy and explore the new low- or zero- CO2 emission fuels, “we decided to do so by assessing everything available and studying at which point in the chain we could add value for and from customers. We sought to enter the markets in a different way, using Copec's main strengths, such as its passion for its customers and providing them with the solutions they need today, while working with them to solve tomorrow's.” The strategy of complementing the traditional business with new energies took shape in the creation of a structure such as Copec Wind, which, through its Corporate Venture Capital (CVC) in San Francisco (USA) and its business creation garage in Santiago, Chile, connects the company with innovation worldwide in the development of clean-technology business models. The focus is on “leveraging the country's competitive advantages and seeking opportunities that are good for Chile, that have impact, and that allow us to make better use of our natural resources,” he notes.
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Leonardo Ljubetic, Chief Development Officer of Copec, together with part of the Copec Wind team.
To complement the traditional business with new energies, Copec Wind was created, which through its Corporate Venture Capital connects the company with innovation worldwide in the development of clean technologies business models. 38
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fuels of the future:
Green Hydrogen
The advantages Chile already has:
3 Possible paths:
Renewable Resources
Investment
What is still needed to make it happen:
Biofuels
Industrial Experience
Applied Science
Synthetic Fuels
Logistics Infrastructure
Public Policies
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the future is here On its path of energy transformation, Copec has taken important steps, creating solutions aimed at different segments.
Electromobility: More than 3,200 electric public transport buses will operate with charging infrastructure developed by Copec Voltex. The company, which already has fast chargers in every region of the country and a network exceeding 2,200 kilometers of coverage along Route 5, will total more than 110 equipped service stations, with 6,000 chargers installed. The company also developed the infrastructure for Latin America's first electric marine tugboat, among other initiatives.
Innovation and circular economy: It has installed solar systems and batteries in more than 2,000 homes and is preparing the country's first pilot with secondlife lithium batteries. In parallel, through Copec Wind Ventures, it invests in startups dedicated to green hydrogen, e-fuels, energy storage, artificial intelligence, and electromobility.
Renewable energy and storage: Copec exceeds 350 MWp of installed solar capacity and is incorporating storage systems (BESS) totaling 900 MWh, in addition to off-grid energy solutions for the salmon industry and Tesla Megapack batteries at its solar plants. Low-emission fuels: The company carried out the first import of renewable diesel (HVO) and is developing, together with ARAUCO and Abastible, a project to implement Chile's first synthetic diesel pilot plant. It also operates the only green hydrogen dispenser for high-tonnage trucks in Chile.
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arauco, copec, and abastible drive synthetic fuels project
The three Empresas Copec subsidiaries signed a collaboration agreement to launch SynFuels Biobío, a pilot project led by Bioforest, ARAUCO's research and innovation center, which has the support of Corfo and will be developed at the Arauco Mill in the Biobío Region. The initiative will leverage the availability of biogenic CO₂ generated during pulp production, renewable energy, and existing industrial infrastructure.
In a first stage, it will make it possible to validate technologies, generate knowledge, develop local capabilities, and reduce risks for future projects aimed at sectors where electrification presents greater challenges, such as heavy, maritime, and air transport. The project brings together the forestry, energy, industrial, and technological capabilities of ARAUCO, Copec, and Abastible to make progress in new energy transition solutions and position the Biobío Region as a space for the development of technologies related to low-carbon-footprint fuels. 41
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In just three years, the average compliance of Chilean companies in human rights matters rose 14 points, placing Chile as a regional leader.
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empresas copec:
HUMAN RIGHTS: FROM PRINCIPLES TO MANAGEMENT The attention of investors, regulators, and other stakeholders is leading companies to view human rights as a tangible dimension of their management. Along these lines, Empresas Copec and its subsidiaries are making progress in integrating this perspective into their risk systems, labor relations, supply chains, and strategic decisions. 42
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Its latest edition, published at the beginning of this year, shows the magnitude of how this matter has progressed in Chile. Since 2022, the average compliance of the Chilean companies assessed rose 14 points, to 52%. In due diligence -the component that puts commitments into practice- it increased from 27% to 49%, figures that place the country as a regional leader.
Despite the perception that human rights are country-level issues or political matters that concern only global institutions, the truth is that today this is a relevant matter when doing business and a requirement for the private sector. For a company, identifying how it relates to its workers, suppliers, customers, and communities is key to its management, but it is also information watched by investors, regulators, and the market. In Chile, Universidad Católica has run the Corporate Sustainability Program since 2022, which assesses companies' progress on this matter. This measurement adapts to the local context a methodology by the World Benchmarking Alliance, used to evaluate companies worldwide and, with the support of the International Labour Organization, ILO, and the Organisation for Economic Co-operation and Development, OECD, its reports have created a comparable baseline and a roadmap for strengthening policies, due diligence processes, and reporting in the country.
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forced labor, third-party working conditions, relations with communities, and environmental effects. They may also cover emerging issues, such as data protection and the use of artificial intelligence.
In this way, more and more companies have begun to implement a human rights policy in their management, which declares commitments and sets expectations and also, depending on each company's context, makes it possible to identify impacts on people, assess their severity, prevent or mitigate them, monitor actions, and provide grievance and remediation mechanisms. These impacts may include occupational health and safety, non-discrimination, freedom of association, prevention of child and
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A shared outlook for Empresas Copec Empresas Copec has taken important steps on this matter. Since 2019 it has had a Human Rights Policy approved by its Board of Directors, which was recently updated to align it with the United Nations Guiding Principles on Business and Human Rights, the main international reference framework for corporate management on this matter.
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In this regard, the Company already has a solid foundation. “Many of these matters are already managed through risk systems, people, compliance, suppliers, and other business units. The challenge is to connect them under the human rights framework, make that management more traceable, and progressively incorporate this perspective into existing processes.” In fact, this progress was recognized by an assessment by Universidad Católica, in which the Company obtained 67% compliance in 2025, above the average of IPSA firms. In three of the four editions of the assessment, Empresas Copec has led the holdings category. “Managing human rights has a tangible relationship with the business: it can help anticipate risks and strengthen operational continuity, legitimacy, and resilience. It is also part of a long-term outlook: the way we do business today matters for people and for future generations,” explains Haramoto.
“From our role as parent company, we can help build capacities, share lessons and methodologies, and promote a common outlook that each business can bring to its own management,” says Marianne Haramoto, Sustainability and Corporate Affairs Chief Officer at Empresas Copec.
Marianne Haramoto Sustainability and Corporate Affairs Chief Officer at Empresas Copec.
The progress on human rights was recognized by the Universidad Católica assessment, in which the Company obtained 67% compliance in 2025, above the average of IPSA companies. 44
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Copec: the challenge of reaching the entire network At the subsidiary Copec, the Human Rights Policy was approved by the Board of Directors and has been in force since August 28, 2024. Based on the United Nations Guiding Principles, it establishes guidelines on dignity and nondiscrimination; freedom of association; rejection of child and forced labor; safe working environments; and environmental protection.
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“The challenge here is significant. We are talking about a network of more than 700 gas stations in Chile, with many dealers and thousands of attendants, carriers, and suppliers involved. That is why, in addition to having a formal policy document, we have mechanisms to deploy it and promote its compliance,” says Juan Pablo Doñas, Corporate Affairs Chief Officer at Copec. Among the tools deployed to reach the extended team are safety coordinators who visit the gas stations and industrial sites; a benefits program for gas station (EDS) attendants that improves their quality of life (PITS); ACCIONA, aimed at improving dealer management; the Copec Academy, which offers training and development courses for EDS attendants and their families; and a deep relationship and the promotion of union dialogue with its carriers and suppliers. In 2025, the company implemented a Supplier Code of Ethics. It also has a corporate risk model, an Ethics and Compliance Officer, and a confidential and anonymous Ethics Reporting Channel. After formalizing its policy and joining the United Nations Global Compact, it began
_ in the photo:
Juan Pablo Doñas Corporate Affairs Chief Officer at Copec.
a due diligence process to identify risks, engage with stakeholders, and define prevention measures. “The challenge we have set for ourselves as a company is to consolidate a human rights management system. That is, to move from having principles and reporting channels to having a comprehensive system, with due diligence, monitoring indicators, and the capacity to respond systematically, not just reactively,” he states.
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Abastible: progress with measurable goals At Abastible, human rights are a cross-cutting principle of its sustainability strategy and are part of the Corporate Governance and Integrity pillar, applying, since 2020, a human rights policy aligned with international standards. This commitment has translated into continuous work. In 2022, Abastible carried out a human rights survey of 520 employees. It also has a public and confidential Whistleblowing Channel to report matters related to these issues.
_ in the photo:
Paula Jervis Legal, Corporate Affairs and Sustainability Chief Officer at Abastible.
In 2025, it took a further step with its first formal due diligence process, developed with the advice of the Corporate Sustainability Program of Universidad Católica Law School. The work focused on the Central Office and the Maipú Plant -where most of Abastible's employees concentrate-, and included interviews, surveys of in-house workers and contractors, an on-site visit, and a documentary review.
Paula Jervis, Legal, Corporate Affairs and Sustainability Chief Officer at Abastible, states that, within the company's sustainability pillar called Corporate Governance and Integrity, there is a strategic action deployed with the explicit purpose of ensuring respect for human rights across the entire organization. “Progress on this objective is measured through a KPI that determines the percentage of compliance, which covers the follow-up of the action plan from the study carried out during 2025, in order to then raise that target to 90% in the medium term (three years) and reach 100% over the long-term (five years), reflecting the progressive and measurable way in which Abastible addresses this important matter,” she states. For the subsidiary, the challenge will be to gradually extend due diligence to all its facilities in Chile, incorporate it into risk management, and deepen it in the relationship with contractors and suppliers.
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Human rights challenges today also cover emerging issues, such as data protection and the use of artificial intelligence.
Terpel: learning from operations
_ in the photo:
Andrea Cheer Director of Corporate Affairs at Terpel.
In Colombia, Terpel was one of the first subsidiaries to take tangible steps on this matter and to have a human rights policy. In order to measure its progress in this area, the company decided to evaluate its human rights management and compared its practices against international standards, confirming that it had a solid foundation in safety, community engagement, environmental management, ethics, well-being, and suppliers. Its analysis made it possible to connect those efforts into an improvement roadmap.
“Our assessment showed that many of the practices that are now part of our sustainability strategy already responded to the elements required by a due diligence process. That is, we were not starting from scratch; we had already developed important capabilities that we can now integrate under a single management framework,” explains Andrea Cheer, director of Corporate Affairs at Terpel in Colombia. “The challenge now is to keep maturing this process and integrate it more and more into the management of the business,” she adds. Taken together, these experiences reflect a shared conviction at Empresas Copec: respect for human rights is part of management, which means anticipating, listening, acting, and evaluating on an ongoing basis. This, moreover, strengthens the purpose that unites the group of companies: “To shape the world for future generations.” 47
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human rights:
2025
2024
100%
90%
Supplier Code of Ethics + start of due diligence.
Its Human Rights Policy comes into force.
In 5 years.
In 3 years
Action Plan target
2025 Assessment of corporate management and human rights conducted by Universidad Católica for Empresas Copec.
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It has a solid foundation in safety, community engagement, environmental management, ethics, well-being, and suppliers.
It benchmarked its practices against international standards.
A common framework, three paths of progress The assessment guides a rollout adjusted to the reality of each subsidiary.
Copec
Abastible
Terpel
Its analysis made it possible to connect those efforts into an improvement roadmap.
67%
+700
520
Compliance in 2025, above the average of IPSA companies.
Gas stations in Chile, with numerous dealers and thousands of attendants, carriers, and suppliers involved.
Employees surveyed in 2022.
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Bioforest's repository brings together around 120 ideas at different stages of development.
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new research at bioforest:
DISRUPTIONS BORN FROM THE FOREST Bioforest, ARAUCO's Research and Development center, is pushing beyond the boundaries of the forestry industry, seeking to turn pulp and its by-products into materials, fuels, and solutions capable of replacing inputs of fossil origin. Ideas that until recently seemed impossible are now moving forward towards tangible applications, with the potential to transform industries and accelerate the transition toward an economy based on renewable resources. 49
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Since its was born in 1990, Bioforest has sought to improve the growth and yield of ARAUCO's forest plantations. Later, it deepened its applied research into the industrial processes of pulp and panels. Then, with the construction of its own industrial laboratory, it expanded its capacities to develop new products. And in 2023 it took a new leap by betting on disruptive innovation, seeking to generate knowledge where no one has yet thought of it.
Can there be a filament that is stronger than steel, yet made from pulp? Is it possible to produce fuel for cars using CO₂? And what if disposable diapers no longer depended on oil and were made from fibers coming from the forest? A few years ago, any of these questions would have seemed absurd. Yet today these topics are part of Bioforest's agenda. There, scientists, engineers, and specialists work to answer a deeper question: how to transform the forest into a source of materials, fuels, and technologies capable of replacing some fossilbased products used all over the world.
“We love being told that our ideas are crazy; it means they go beyond the frontier. If it is something ordinary, we are not achieving our purpose,” sums up Sebastián Mandiola, CEO of Bioforest. Thus, while much of innovation seeks to optimize existing processes, ARAUCO's research center tries to open novel and surprising paths.
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Sebastián Mandiola CEO of Bioforest.
“We love being told that our ideas are crazy; it means they go beyond the frontier,” states Mandiola. 50
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From waste to resources Among the most emblematic developments is Biosteel, a filament conceived from pulp whose strength would be two to three times that of steel; its goal is to compete even with highperformance materials such as Kevlar®. The difference is that it comes from a renewable source and its environmental footprint is considerably smaller. Its potential applications range from components for batteries and 3D printing to automotive parts and technical textiles.
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Something similar happens with lignin, the second most abundant natural polymer on the planet. Traditionally used as fuel within the industrial process, it could become a high-value-added input in lithium extraction processes, materials for batteries, and solutions for mineral separation. Although these are very different initiatives, they all respond to the same purpose. “Our role is to make the forestry industry a leading player in the process of replacing fossilbased materials with renewable materials coming from our forests,” states Mandiola. Behind each project lies a long and rigorous process, involving more than 50 researchers, engineers, and specialists, supported by commercial, planning,
Another project seeks to produce a biodegradable superabsorbent polymer, capable of replacing the oil-derived component that today is used by practically all diapers and sanitary products in the world. If it manages to scale industrially, it could open a sustainable alternative for a market that until now depends almost exclusively on fossil raw materials. Meanwhile, the creation of Waste Recovery Centers aims to significantly broaden the uses of by-products from pulp manufacturing. Thus, 50,000 tons of materials could be transformed into waterproof seals for landfills, replace lime layers in mining tailings, or be incorporated into road construction.
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engineering, and project management teams. They join universities, research centers, companies, and public institutions that collaborate at different stages of the process. Step by step, each idea must demonstrate that it has scientific foundations and real possibilities of becoming a solution for the business. Bioforest's CEO explains that “the
Bioforest's role is to make the forestry industry a leading player in the process of replacing fossil-based materials with renewable materials from the forests.
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Bioforest team.
process begins with proof of concept, then moves on to laboratory pilots, industrial trials, further validations, and only then the potential scaling-up.” Bioforest currently maintains a repository of around 120 ideas, of which 53 are in development or show potential to move forward. Twelve of them are part of the group of most advanced projects, which are already moving forward towards applied research or industrial implementation. Some of these disruptions will still need time, new technologies, or market conditions to become industrial-scale solutions. Others may not come to fruition, and there will be scientifically grounded reasons for this. But they all share the conviction that the forest will never stop surprising us or offering us multiple possibilities to build a more sustainable world. 52
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bioforest:
A research ecosystem that transforms science into renewable solutions.
120
53
12
Ideas in its repository
In development or with potential to move forward
Projects advanced toward industrial application or implementation
Biosteel, a filament made from pulp, could reach:
2-3
50
50
TIMES
THOUSAND
the strength of steel Researchers Engineers and experts
Tons of materials could be recovered for new uses 53
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creativity without limits Many of the projects now beginning to scale up have more than a decade of research behind them, while new ideas continually enter the portfolio. The horizon is 20 or 30 years, “a long time for the industry, but a short one for research,” notes Sebastián Mandiola. These are some of the “crazy ideas” moving forward at different stages of development that are shaping up as a major contribution to the country in terms of sustainability:
Mycoprotein: Through the action of selected fungi, some low-value forest residues could be turned into feed for cattle and salmon.
Alternative fiber: Discarded textiles that today go unused are turned into highvalue raw material, thanks to a technology that separates cotton from polyester.
Ethylene-mitigating packaging: This is a smart packaging capable of detecting ethylene and monitoring the ripening of fruit and other produce during transport.
Boilers for arsenic reduction: It uses a technology that modifies the chemical process of recovery boilers to reduce arsenic in processes associated with the copper industry.
Non-woven pulp and chitosan: Bioforest's researchers are also working on the production of non-woven materials made from pulp and chitosan that, in addition to being biodegradable, incorporate antimicrobial properties.
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Thirty months of basic engineering preceded the decision to invest in the world's largest pulp mill.
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inside sucuriú
THE LOGISTICS BEHIND BUILDING THE WORLD'S LARGEST PULP MILL Before the first earthworks, there were many years of preparation and studies. Carlos Altimiras, Chairman of ARAUCO Brasil, recalls the design of an operation that goes from the forest to the Port of Santos and that today is running seven percentage points ahead of plan. 56
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Four fronts in parallel
_ in the video:
Learn about the latest progress of the Sucuriú project.
This past June 24, Carlos Altimiras marked 24 years at ARAUCO. An industrial civil engineer from Universidad Católica, he joined the company in 2002 and grew from there. He started out planning pulp shipments, sold this product in the Asian and Middle Eastern markets, led the pulp management division for seven years, and in 2016 took over global procurement. In late 2019 he was offered the position heading the Brazil office, and by March 2020 he was already settled there with his family. Since 2023 he has devoted his time to the Sucuriú project, mainly the pulp mill (an investment of approximately US$4.6 billion) that ARAUCO is building in the municipality of Inocência, in Mato Grosso do Sul, Brazil.
The starting point is older than the construction schedule suggests. “ARAUCO assessed, around 2010, where it was actually going to carry out its project in Brazil,” Altimiras recounts. That study analyzed the different angles: soil, investments, tree growth, distance to the port, proximity to rivers, and the legal frameworks of a federal country. At that time, it invested in around 60,000 hectares.
The design encompassed much more than the mill. The location in Inocência proved decisive because of a combination of different factors, among them the availability of forest mass, a river with a robust flow confirmed over 10 years of records, and a solid legal framework. But one of those variables outweighed the rest: proximity to the rail network. “We are 1,050 kilometers from the port, but we were 50 kilometers from connecting with the main network that brings cargo down from northern Brazil,” Altimiras explains. That is why, from the outset, the plan favored transporting by rail to the ports.
In December 2022, the company finished the conceptual design, while basic engineering ran from March 2023 to September 2024, when ARAUCO's Board approved the investment. That was 30 months of work before the first decision to invest in the mill.
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Carlos Altimiras Chairman of ARAUCO Brasil. 57
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Receiving a floating population of workers that more than doubled Inocência's 7,000 inhabitants was one of the project's major challenges, according to Carlos Altimiras.
The rail solution avoids hundreds of truck trips per day, which makes it possible to significantly reduce emissions compared with road transport. The second front is contractual. With a project of this scale, the key was to divide the risk. ARAUCO opted for the EPC model, split the mill into process islands and utilities, and packaged the engineering, procurement, civil construction, and assembly for each of the process islands. Behind this there is also a deliberate rule that separates the processes but keeps responsibility with a single counterpart. Then came the follow-up on equipment manufacturing, the technical quality visits, and, today, the daily management of the works.
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The third front was the territory. “There was a challenge of receiving a floating population that more than doubled the population of the nearest city,” he admits. Inocência has some 7,000 residents. In view of this, in the agreement signed with the state of Mato Grosso do Sul in June 2022 to build Sucuriú, the government committed to carrying out some infrastructure works, such as access to the mill, the repair and widening of the MS-377 highway, a landing strip -already operational in Inocência-, and a new paved route between Sucuriú and Três Lagoas, the largest city near the operation and a significant forestry and industrial hub in Brazil. Once in service, that highway will cut the journey
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from two and a half hours to about one and a half. Meanwhile, ARAUCO worked together with the municipality on the urban plan, which made it possible to properly site the accommodations and separate the flows of the works from the urban area. With this, the company was able to build around 6,000 accommodation spaces for the construction stage and is also establishing a village of 620 houses for the future mill operators.
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The logistics of people at Sucuriú is of an unprecedented scale: today there are 14,000 workers on site, and the future operation will add around 6,000 jobs.
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The fourth front is people, and it is of an unprecedented scale. Today there are 14,000 workers on the site, and ARAUCO is working on the logistics of housing them, feeding them, providing 24/7 private health services, and managing transport. The future operation will add around 6,000 jobs; today it already has more than 2,200 people hired.
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From the forest to the port, with no blind spots Sucuriú's logistics are not only physical but also technological. The mill has the latest generation of sensors and control systems available, capable of collecting data and information to manage the operation's variables in real time, thus laying the foundations to move, in the future, toward a fully autonomous operation. “In the Três Lagoas office and in the future mill, we will have control rooms with full visibility of the chain, which will allow to monitor where the harvesting and forestry operations are; how many trucks are being loaded and approaching the mill; where are the trains toward the port; and how the vessels are loaded. All of that is designed to happen that way,” Altimiras notes.
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coming to an end, and mechanical and electrical assembly is what remains before firing up the mill. When Sucuriú starts up, ARAUCO will have built the world's largest pulp mill in a single stage, adding 3.5 million tons per year, which will raise the company's total capacity by 70%. Thus, Sucuriú represents much more than a new mill; it is a signal of the new scale the company seeks to reach in the global pulp industry.
The result, he says, is a new logistics standard for the industry in Brazil. Pulp generally leaves by train; timber comes in on high-capacity road trains, allowed in Brazil, over an average distance of close to 100 kilometers. And all of it within a technological framework that provides end-to-end traceability. “The logistics solution put forward is of a very high level,” he explains. In July 2026, a little over a year before the start-up scheduled for the end of 2027, the works show 74.5% overall progress against a plan of 68.1%. Engineering is practically closed, procurement and civil construction are 60
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sucuriú:
BRAZIL The location in Inocência brought together territory, railway, and port from the origin of the project.
-
60
50
THOUSAND HA
KM
Invested in during the project's initial development.
To connect with the main rail network.
Inocência Mato Grosso do Sul.
Of pulp planned to leave by rail to the ports.
1.050 KM
To the Port of Santos.
Sucuriú combines unprecedented production capacity, far-reaching forestry logistics, and construction progress ahead of plan:
3,5 MILLION
Hundreds of truck trips avoided per day.
100%
Significant reduction In emissions compared with road transport.
Tons per year of capacity.
+70% In ARAUCO's total capacity.
100 KM APPROX.
Average distance traveled by the timber.
74,5% Progress as of July 2026 61
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The development of Las Salinas could mobilize more than $900 billion in economic activity and generate more than 11,000 job-years.
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THE IMPACT OF AN URBAN MEGAPROJECT IN VIÑA DEL MAR After more than a decade focused on the environmental recovery of a historically industrial plot, the Las Salinas project is beginning to bring to life a new stage of urban development for Viña del Mar. A study by Pontificia Universidad Católica de Chile’s Cities Observatory (OCUC) provides an independent view of the economic impact this transformation could generate, reinforcing a vision that seeks to go beyond the works, to build a new piece of city. 62
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different sectors of Viña del Mar. Among the planned services, a convention center is also being considered, which would expand the city's capacity to host events and activities that today lack adequate infrastructure.
For years, to speak of Las Salinas was to speak of environmental remediation. The challenge was to recover a 16-hectare plot with an industrial past, in the heart of Viña del Mar, and to demonstrate that it was possible to do so with high technical standards, protecting the surroundings and preparing the conditions for a new urban use. Today, as that process moves forward, the conversation is beginning to broaden. It is no longer only about recovering soil, but about imagining what city can be built on it. The proposal envisions a mixed-use neighborhood: with housing, retail, offices, hotels, services, two urban parks -Central and Hillside-, and amenities, along with a broad network of open spaces. More than 40% of the plot will be destined to public uses, with areas thought to encourage gathering, mobility, and connection between
It is precisely the scale and diversity of that development that make it possible to gauge its contribution beyond the initial investment. In this context, the UC Cities Observatory updated a study that measured the economic impact the development of Las Salinas could generate for Viña del Mar and the Valparaíso Region over a 13-year horizon. The analysis projects, among other effects, municipal revenues of close to $39 billion from building permits, commercial licenses, and property taxes, in addition to the creation of more than 11,000 jobs during construction and its different stages. But its main conclusion goes beyond the figures. “An urban project of this scale does not generate economic effects only during construction. The works mean a significant temporary boost, but the greatest
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According to the UC study, the construction of Las Salinas will generate a temporary economic boost, but its greatest contribution will come when the neighborhood begins operations. potential contribution appears when the neighborhood begins operations and its residential, commercial, hospitality, and service uses start to work along with the associated spaces. Las Salinas can constitute a new base of economic activity for Viña del Mar and the Valparaíso Region, provided that its implementation takes place in accordance with the planned stages and that the environmental mitigations are effective and enable the sustainable development of the city as a whole,” the UC Cities Observatory notes. For Las Salinas, that analysis provides a complementary view of a process that today is beginning a new stage.
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city. We are also moving toward the completion of the first remediation stage in one section of the plot, so today we can look with greater precision at the impact this transformation could have for the city and the region,” explains Ricardo Labarca, CEO of Las Salinas. To carry out the estimate, OCUC approached Las Salinas as a complete urban process and not merely as a real estate investment. The methodology considered variables such as construction investment, built areas, projected uses, execution schedule, employment, output, added value, labor income, productive linkages, and municipal revenues. It also distinguished direct, indirect, and induced effects, that is, not only what happens within the project, but also in relation with suppliers, workers, and consumption.
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Ricardo Labarca CEO of Las Salinas.
An independent view The update of the analysis reflects the moment Las Salinas is experiencing. The urban proposal and the development model have evolved since the first version of the study, while the cleanup of the South Plot has already completed more than half of its execution. “We felt it was a good time to carry out this technical calculation again, because our urban project has changed, evolved, and improved, thanks to the dialogue we have kept with the community and the lessons learned during all these years of work in the
The figures behind the impact Ernesto Hevia, Chief of Real Estate at Las Salinas, stresses that the study makes it possible to gauge not only the activity directly associated with the works, but also its capability to mobilize other industries of the regional economy. “When adding the effects on suppliers and the rest of the economy, the scope of the project increases significantly,” he notes. According to the study, during the construction phase Las Salinas could mobilize total economic activity of more than $900 billion. Within that amount, more than $200 billion would correspond to regional added value and more than $200 billion to labor income. In terms of employment, the analysis estimates more than 11,000 job-years. The productive linkages would also reach sectors that do not participate directly in the works. Among the main beneficiaries are manufacturing, retail, hotels and restaurants, business services, and other suppliers related to construction activity.
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“In 2040, I would like to look back and confirm that it was possible to carry out a good environmental remediation, develop a project that contributed to the city and the region, and move toward a new way of developing cities for Chile,” states Labarca. 64
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At the municipal level, the impact would take place at different moments. Building permits would provide resources during the execution of the works; property taxes would increase progressively with the project's occupancy, and commercial licenses would take on growing relevance as the future neighborhood's permanent activities establish. “The main source of growth over time would be commercial licenses. The combination of retail, services, and amenities can generate a virtuous circle: it brings activity and services to the community, but also revenues that stay in the city,” states Hevia.
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Building a piece of city Although the study provides a quantitative dimension, for Ricardo Labarca its main value lies in the fact that “it once again demonstrates that it is possible to reconcile environmental recovery with urban development and with the economic contribution that a project like this can generate for the city and the region.”
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commitment made with Mayor Kaplán in the early 2000s, to create a multi-use neighborhood that does not work as an island, but as a continuation of the city, with activity at different times of the day and services capable of attracting residents and visitors. In that sense, Labarca states that building a city entails a responsibility different from that of developing a conventional project. “When you build a city, you build something that endures. Investment and employment are very important, but so are green areas, public spaces, and the places where people are going to meet. That impact goes far beyond the construction phase.”
In his view, the greatest transformation lies not only in recovering a historically industrial plot, but in reincorporating it into the life of Viña del Mar. “What is being built here is not an object, but a piece of city. And that space keeps generating social and economic benefits far beyond the time of construction itself.” That idea runs through the Las Salinas project. Its strategic location, close to the coastline and to the hills that structure much of the city, also opens up the possibility of improving urban integration. The aim is to respond to the ongoing dialogue with the community and to uphold the
_ in the photo:
Ernesto Hevia Chief of Real Estate at Las Salinas. 65
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The first remediation stage is expected to conclude by the end of 2027. At the same time, the project is making progress in preparing the future urban stages so that
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Las Salinas envisions a mixed-use neighborhood with housing, retail, offices, hospitality, and two urban parks, devoting more than 40% of the plot to public spaces.
Looking at the city ahead While the study helps gauge the project's economic potential, on the ground Las Salinas is moving forward simultaneously on two processes: the environmental recovery of the South Plot and the preparation of the future urban development. “As we move forward in bioremediation, we are also carrying out activities related to the subdivision of the plot, the urbanization, the preliminary designs, and all the processes needed to apply for the first building permits during 2028,” explains Ernesto Hevia.
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of bioremediation and the preparation of the future urban development make it possible to begin projecting that vision with greater clarity. the development of the new neighborhood can begin once that phase is finished. According to Hevia, this simultaneous work represents a turning point for the initiative, since environmental recovery and urban planning move forward in a coordinated way, preparing the transition between the two stages.
“In 2040, I would like to look back and confirm that it was possible to carry out a good environmental remediation, develop a project that contributed to the city and the region, and move toward a new way of developing cities for Chile,” states Labarca.
The story of Las Salinas began more than two decades ago, when the commitment was made to recover these lands and reintegrate them into Viña del Mar. Today, the progress
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las salinas:
16
1
HA
+40%
Recover the land
The transformation connects three stages: recovering the plot, opening it to public use, and activating benefits that extend to Viña del Mar and the Valparaíso Region.
2 Reintegrate it into the city
3 Multiply its impact
Plot with an industrial past in the process of recovery.
Of the plot destined to public uses.
+50%
2
Of the South Plot cleanup already carried out.
Urban parks.
2027
+900
Expected completion of the first stage.
In total economic activity during construction.
BILLION
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In little over two years, Copec Pay brought together 1.4 million registered customers and today processes around 3.6 million transactions each month.
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copec pay:
A BOND THAT GOES BEYOND THE GAS STATION Copec has broadened the way it accompanies people. The digital account is an expression of that transformation, incorporating payments, transfers, and other financial operations that extend its presence into new moments and needs of daily life. 68
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Today, that relationship has taken on a new dimension. It is no longer limited to visiting a station but extends to other moments of daily life. A transfer, the payment of a bill, or a purchase at any store are some of the instances in which the subsidiary has begun to be present through Copec Pay. Launched to the public in April 2023 and integrated into the Copec App, the digital account represents a new stage in the firm’s trajectory. “The company has evolved from being a fuel supplier into an ecosystem that integrates energy, mobility, and
_ in the photo:
Enrique Valdés CEO of Copec Pay.
convenience,” sums up Enrique Valdés, CEO of Copec Pay. “Financial services are one of the most recent chapters of that trajectory,” he adds. In little more than three years, the proposal already brings together 1.4 million registered customers, a reflection of the rapid adoption the app has achieved since its launch.
For decades, the bond between Copec and people had a setting recognized by all Chileans: the gas station. There, between filling up with fuel, a break at Pronto, and continuing the journey, the company built a closeness backed by trust and a deep-rooted service vocation.
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for service points, giving new impetus to the digitalization of the experience and the integration of different solutions. Beyond simplifying the visit to gas stations, the development of a new contact channel responded to a long-term vision. With the progress of the energy transition and the changes in the way people move and consume energy, the bond with gas stations also began to transform. For a company whose purpose is to drive the development and mobility of people, companies, and the country, the challenge was to find new ways to remain present, even outside the spaces where that encounter traditionally took place.
Keeping the bond in a changing world
That same year, the pandemic accelerated habits that were already beginning to take hold. Digital channels, contactless payments, and the search for simpler and safer alternatives took on unprecedented relevance. In that scenario, the application continued to evolve until it became today's Copec App and gradually broadened its reach beyond the visit to the gas station.
The road to Copec Pay combines years of evolution: from PagoClick and Muevo to an app that today integrates payments, transfers, and benefits.
The road to Copec Pay began several years before its launch. In February 2020, the press announced the end of PagoClick, an application that allowed people to pay for fuel and products at the gas stations directly from their cell phones, and the arrival of Muevo, a new payment and benefits platform developed by Copec. It brought together, in a single environment, features such as earning benefits and the search
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In 2023, that journey took a new step with the launch of the digital account. In a first stage, “the solution was focused on paying for fuel through the Copec App,” Valdés recalls. However, behind that feature there was a greater ambition: to develop innovative payment solutions, simpler and capable of addressing new needs. “The initiative was born with the purpose of contributing to financial inclusion, offering a simple, reliable, and accessible alternative for those who were not being fully served by the traditional financial system. At the same time, it sought to extend the relationship of trust that Copec maintains with its customers, accompanying them in more moments of their daily lives and generating a more integrated and frictionless payment experience,” explains the executive.
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From a transaction to an everyday relationship Since 2023, its development has been shaped by different milestones that progressively broadened its reach. Today, through Copec Pay, it is possible to pay for fuel and make purchases at different stores, make transfers, pay bills, deposit and withdraw money at Pronto, send remittances abroad, and top up the Bip! card, among others. This adds to benefits such as earning Full points and discounts at partner brands. One of the milestones that made it possible to broaden that reach was the launch of the Copec Pay Mastercard digital card, which expanded Copec's presence beyond the gas stations and convenience stores. For the first time, the balance available in the account could be
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used at national and international stores. Months later came the physical card. “Behind this milestone there was significant work to comply with international standards, always with the focus on offering a secure, high-quality experience. In that context, we were also the first to launch an 'unclonable' card, with no printed data or magnetic stripe, incorporating higher levels of security for our users,” he notes. Another turning point was the launch of “Mis Ganancias,” a program that rewards, on a daily basis, those who keep a balance above $40,000. Until then, benefits were mainly linked to payment and earning Full points. With this, Copec Pay began to deliver value also on the money available in the account. “The decision to opt for a simple and transparent model, which rewards on a daily basis those who keep a certain balance, represented a strategic shift. It not only drove significant growth in the platform's usage and balances, but also reaffirmed Copec Pay's purpose: to offer a financial solution useful for daily life, strengthening the long-term relationship with its customers,” explains Valdés.
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Increasingly present
The development of a financial solution posed demands different from those Copec had traditionally faced. It was not enough to create a simple and attractive application; it was also necessary to integrate technology, product, operations, risk management, compliance, and customer service under a single vision.
In June 2025, the account reached its first million registered customers and, a little over a year later, it already brings together 1.4 million. However, for the team behind the platform, the most telling indicator lies not only in how many people have joined, but in how frequently they use it.
“We believe this growth responds to several factors. On the one hand, to a relevant value proposition, which combines tangible benefits, a simple user experience, and an increasingly broad range of services. Also, to the trust inspired by a brand like Copec, which for decades has accompanied people and today extends that relationship to the digital world,” states Valdés.
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Growing with trust
The use of digital payment methods in Chile is growing rapidly. According to the 2026 Payment Systems Report, prepared by Chile’s Central Bank, between April 2025 and March 2026, this type of transaction reached an average of 435 operations per year for each person over 15 years old, 15% more than reported in the previous year's report. In this scenario, Copec Pay has also shown sustained expansion.
Today, more than 300,000 users carry out operations each month, and around 3.6 million transactions are processed monthly. Between June 2025 and the same month in 2026, the amount transacted through the platform grew 270%, considering operations such as deposits, withdrawals, and purchases. A sign of the growing incorporation of Copec Pay into the routines of those who use it.
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Between June 2025 and the same month in 2026, the transaction volume through the platform grew 270%, considering operations such as deposits, withdrawals, and purchases. A sign of the growing incorporation of Copec Pay into the routines of those who use it.
“The main lesson has been understanding that developing a financial solution goes far beyond creating a good application,” comments Enrique Valdés. That process has required a long-term outlook and rigorous validations, to ensure that each new feature effectively responds to usage needs and maintains high standards of security and quality.
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The joint work between the Copec Pay and Copec teams has been key to bringing together capabilities, leveraging the ecosystem's strengths, and sustaining the growth achieved. That experience is also the starting point for the next stage.
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Continuing to evolve The experience earned during these first years is the foundation for what is to come. The Copec App and Copec Pay will continue to deepen their integration with the company's different solutions and with the Full Copec loyalty program. The goal is to move toward an increasingly connected offering, capable of bringing together benefits and features aligned with its users' habits.
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The goal is to move toward an increasingly connected offering, capable of bringing together Copec Pay benefits and features aligned with each user's habits.
That integration also opens up new possibilities for the relationship with users. If for decades the main meeting point was the gas station, today it is possible to maintain that contact, accompanying the changes in their habits and ways of relating to the brand. “We are entering a new stage, in which we will incorporate new features that will make the account even more useful for our customers' daily lives,” Valdés foresees. This initiative is one of the expressions of Copec's evolution, a company historically linked to fuels that, faced with new ways of moving around, consuming, and relating, is also finding other ways to maintain that closeness.
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copec pay:
2023
2020
NEW USES
EVERYDAY VALUE
The digital account broadened Copec's bond: from paying for fuel to a solution integrated into daily life. Muevo Brings together payments, benefits, and service points, giving new impetus to digitalization.
2025
Copec Pay is born The digital account launches within the Copec App, initially to pay for fuel.
2026 1
1,4
MILLION
MILLION
Registered customers.
Registered customers.
Beyond the station The digital and physical cards allow purchases at national and international retailers.
A more useful account Transfers, payments, and Mis Ganancias extend the relationship to more moments of daily life.
+300
3,6
THOUSAND
MILLION
Users carry out operations each month.
Monthly transactions.
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copec pay leads in satisfaction in chile
The Copec App, through its Copec Pay fintech proposal, obtained first place in Chile in the Fintech category of the User Satisfaction Survey of Banking and Fintech Applications in Latin America, prepared by RankingsLatAm. The study analyzed 314 applications based on more than 36,000 validated opinions from users in 18 countries. In addition, the application ranked ninth in the overall Latin American ranking and reached 94.7% in the FANs indicator, corresponding to the percentage of highly satisfied users, the highest result among all the solutions evaluated in the region.
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ENERGY SECTOR EBITDA: US$ 1,175 billion
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FORESTRY SECTOR EBITDA: US$677 million
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OTHER EBITDA US$38 million
TOTAL NET INCOME: US$712 million EBITDA: US$ 1.889 billion ADJUSTED EBITDA: US$1.917 billion
RESULTS AS OF JUNE 2026 The latest results, as of June 2026, show an adjusted EBITDA of US$1.917 billion and net income of US$712 million, figures 20.7% and 63.0% higher, respectively, than those recorded in the same period of the previous year. 77
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The energy sector once again stood out as the main driver of results. Its EBITDA grew 68.2% compared with the corresponding quarter of the previous year, backed by a consistent contribution from liquid fuels operations in the different countries where the Company participates, in addition to strong performance in the lubricants and industrial channel businesses, together with inventory revaluation effects. In liquefied gas, Abastible continued to consolidate its regional presence, achieving 22.3% growth in EBITDA thanks to the positive performance of its operations in Latin America. These results reflect the strength of the consolidated brands and the operational scale achieved.
_ in the photo:
Rodrigo Huidobro Alvarado CFO of Empresas Copec.
In an international scenario shaped by volatility, geopolitical tensions, and significant challenges for some productive sectors, the Company recorded one of the highest levels of EBITDA and adjusted EBITDA in its history, surpassing US$1 billion. Quarterly net income reached US$440 million, an increase of 92.6% over the same period of the previous year. These results were driven mainly by the solid performance of the energy and mining businesses, which offset the difficulties still faced by the forestry sector, particularly in pulp. We thus confirm the value of strategic diversification as one of the main attributes of Empresas Copec.
“The Company recorded one of the highest levels of EBITDA and adjusted EBITDA in its history, surpassing US$1 billion.”
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In mining, Mina Justa kept a robust generation of income, supported by an efficient operation and a favorable environment for the copper price. Although the mining plan contemplates lower production levels during 2026, market conditions and operational discipline have made it possible to sustain a significant contribution to the Company's consolidated performance. The strategic importance of this business continues to grow in a global context where copper is positioned as an essential input for electrification, energy transition, and technological development. The forestry business, meanwhile, continued to face challenging conditions. Although EBITDA improved compared with the previous quarter, pulp continues to operate in a context of pressured prices and higher associated costs, in part, due to the complex international geopolitical situation. In this environment, management continues to drive initiatives aimed at raising productivity, strengthening competitiveness, and capturing new value-creation opportunities at ARAUCO. In this context, the Sucuriú project continues to consolidate as the Company's main investment initiative and one of the most significant industrial projects in ARAUCO's history. As of the end of July, it had reached overall progress of 74.4%,
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standing 6.3% ahead of the original schedule. More than 13,000 people are taking part in its construction during this phase, while several milestones confirmed the good pace of execution, among them the early completion of critical works, such as the installation of the recovery boiler's steam dome and progress toward the commissioning of the 230 kV electrical transmission line. Added to this are the developments in logistics infrastructure, including the rail facilities associated with the project. With a projected capacity of 3.5 million tons per year, this mill will transform ARAUCO's productive scale and significantly strengthen its competitive positioning globally. Designed as a world-class facility, it combines high efficiency standards with solid economic fundamentals, projecting the start of operations for the fourth quarter of 2027. The execution of an investment plan of this magnitude naturally demands rigorous financial management. Empresas Copec has historically maintained a policy aimed at preserving indicators compatible with an Investment Grade risk rating, thus safeguarding the strength of the balance sheet and competitive access to financing. At the close of the quarter, the ratio of net financial debt to adjusted EBITDA stood at 3.1 times, a level consistent with those considered in the Company's financial policy and that makes it possible to face the final stage of Sucuriú's construction in good shape.
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Along these same lines, tangible progress in financial strengthening was also recorded during the period. Among this, ARAUCO's monetization of forestry assets stood out, through the sale of the standing eucalyptus timber corresponding to around 29,500 hectares located in the Valdivia area. The transaction reached approximately US$217 million and covered exclusively the sale of the standing forests, keeping ownership of the land in the hands of the subsidiary. Beyond the direct liquidity contribution, this transaction reflects active portfolio management and disciplined capital allocation, aimed at strengthening financial flexibility without compromising the strategic fundamentals of the forestry business. Added to these initiatives is progress toward establishing a financial support mechanism from Empresas Copec to ARAUCO, designed to facilitate possible additional capital contributions should conditions require it. All of these are signs of the Company's financial prudence, the foundation for the confidence that the financial market again expressed, this time supporting a successful bond placement in the local market for US$260 million, with demand far exceeding supply and favorable conditions in terms of rates and spreads. In this demanding context, Empresas Copec has the basis to remain focused on executing its strategic projects with excellence, safeguarding its financial strength, and contributing to the sustainable development of the countries where it operates, maintaining a long-term vision and an ongoing generation of value for future generations.
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“Empresas Copec has historically maintained a policy aimed at preserving indicators compatible with an Investment Grade risk rating, thus safeguarding the strength of the balance sheet and competitive access to financing.”
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Investors and analysts recognize Empresas Copec and its executives
Copec adds two large-scale photovoltaic parks
ARAUCO agrees to sell forests in Chile for US$216.5 million read
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Empresas Copec completes successful US$260 million bond issuance
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Copec is recognized by EY and El Mercurio for its sustainability performance
Copec and Colun to build the largest industrial rooftop solar project in southern Chile
Empresas Copec moves forward with financial support mechanism for ARAUCO read
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Copec Voltex to power Latin America's first 100% electric tugboat read
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Empresas Copec joins Dow Jones Best-inClass 2026 rankings
Abastible is recognized for promoting the presence of women in the industry
Empresas Copec and its subsidiaries stand out for their social impact in IISE 2026
Fundación Belén Educa launches podcast “Educación Es” with support from Empresas Copec
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Investors and analysts recognize Empresas Copec and its executives the survey gathered the opinions of 967 investment professionals on companies in the pulp and paper sector of latin america.
The Company obtained outstanding results in several categories, based on the assessment of representatives from 488 financial services firms. Eduardo Navarro, CEO of Empresas Copec, ranked third among the best CEOs in the industry, according to the votes of the sell-side segment. Rodrigo Huidobro, CFO, led the category of best CFOs in that segment and obtained second place in the combined vote, which also includes the buy-side. Meanwhile, Cristian Palacios, Director of Finance and Investor Relations, reached second place as the best professional in the area. The Company was also recognized in the categories of board of directors, investor relations team, and analyst event.
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Copec adds two large-scale photovoltaic parks la huella and tamarico ii join the subsidiary's portfolio, which will reach a total of 550 mwp of solar generation. Copec acquired the La Huella park from Clean Capital Energy, located in La Higuera, Coquimbo Region. The plant has been operating since 2021, has a capacity of 87 MWp, and generates around 200 GWh per year, equivalent to the consumption of 90,000 homes. Added to this transaction is the agreement signed between Copec Flux and METLEN Energy & Metals to acquire Tamarico II, in the Atacama Region. The project will combine a 165 MWp photovoltaic plant with a battery energy storage system (BESS) of 725 MWh, expandable to 925 MWh. Copec Flux will acquire 100% of the company that owns the project once Tamarico II starts commercial operation. With this, Copec will have three large-scale solar parks: La Huella, Granja Solar, at 123 MWp, and Tamarico II. Added to these are the distributed generation plants and the ESCO projects developed by Copec Flux.
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ARAUCO agrees to sell forests in Chile for US$216.5 million the forestry assets are located in the valdivia area and cover 561 plots and around 29,500 hectares. The forestry subsidiary signed the contract with a Chilean company controlled by a local forestry investment fund whose contributors are institutional investors. The transaction corresponds to eucalyptus forests owned by ARAUCO. According to the subsidiary, the transaction covers exclusively the forests and not the land where they are planted.
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Empresas Copec completes successful US$260 million bond issuance the funds obtained will be allocated to the refinancing of liabilities of the company and its subsidiaries. The instruments, corresponding to series AO and AP, and maturing in 10 and 20 years, respectively, were placed in the Chilean market at interest rates of 3.34% and 3.46%, with spreads of 79 and 81 basis points. In the case of series AO, it was the lowest of the year for corporate bonds at that maturity in the local market. Both issuances sparked high interest among investors, with demand equivalent to 1.9 and 1.8 times the amount offered, respectively. “We are placing bonds with 10- and 20-year tenors under very favorable conditions, a reflection of the market's confidence in our long-term vision and in the financial strength that has historically characterized the Company,” noted Rodrigo Huidobro, CFO.
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Copec is recognized by EY and El Mercurio for its sustainability performance the subsidiary was recognized in the outstanding company in esg criteria category during the 19th edition of the “business awards.”
Arturo Natho, CEO of Copec, received the award during the ceremony organized by EY and El Mercurio, which highlighted the subsidiary's contribution to the country's economic and social development. “We do not receive it as an award for the past, but as a demand for the future. Chile is a country where distances are enormous, conditions are harsh, and people need someone to always be there,” noted the executive. During his remarks, Natho also highlighted Copec's presence across different territories and its long-term commitment to people, communities, and the country's development.
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Copec and Colun to build the largest industrial rooftop solar project in southern Chile the complex will have 4,860 bifacial panels, spread across more than 21,000 square meters of industrial roofing.
Through its subsidiary Copec Flux, Copec closed an agreement with Colun to build the largest rooftop photovoltaic self-generation system in the south of the country. The initiative will supply clean, renewable energy to the new cheese plant that Colun is building in the municipality of La Unión, Los Ríos Region, with the aim of raising efficiency and optimizing the energy costs of the agro-industrial operation. It will have a capacity of 3,159 kWp and a nominal power of 2,475 kWac, which will generate around 3,357 MWh of energy in its first year of operation. Copec Flux's CEO, Juan Cristóbal González, noted that “this project reflects how, through tangible solutions such as those developed by Copec Flux, it is possible to incorporate renewable energy into large-scale industrial processes, contributing to the competitiveness of our customers and to the development of Chile.”
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Empresas Copec moves forward with financial support mechanism for ARAUCO the commitment will allow the forestry subsidiary to request the funds between 2027 and 2028 upon certain activation events.
Through a material fact notice sent to the Financial Market Commission (CMF for its Spanish acronym), the Company reported the approval of an Equity Support Agreement (ESA) with its subsidiary ARAUCO. Through the agreement, Empresas Copec will commit, irrevocably and unconditionally, to keep up to US$450 million available for ARAUCO. The funds may be requested in a single sum or in several, between January 1, 2027, and December 31, 2028, upon the occurrence of certain activation events. In that case, Empresas Copec would take part in the respective ARAUCO shareholders' meeting to be called in the future for that purpose and would make the capital contribution for the corresponding amount. Meanwhile, ARAUCO's Board agreed to call an extraordinary shareholders' meeting in order to submit the ESA for approval.
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Copec Voltex to power Latin America's first 100% electric tugboat copec's subsidiary designed and implemented the charging infrastructure for trapananda, a vessel that will operate in puerto chacabuco. Developed as part of an ENAP and SAAM Towage initiative, the project involves a solution that delivers up to 300 kW to Trapananda through two connectors integrated into the batteries and incorporates a third connector, Shore Power, to supply auxiliary services while the vessel remains docked. Trapananda has a storage capacity of 3,616 kWh, equivalent to the energy contained in more than 70 conventional electric vehicles. The infrastructure was developed together with SAAM Towage teams to meet the demands specific to port maneuvers. In addition to eliminating direct CO₂ emissions during its operation, the tugboat will significantly reduce underwater noise, contributing to a more sustainable port activity that is compatible with the natural environment of Patagonia.
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Empresas Copec joins Dow Jones Best-in-Class 2026 rankings the s&p global measurement recognizes the companies with the best corporate sustainability performance globally.
After ranking within the top 2% of its industry in S&P Global's annual assessment, the Company was included in the Dow Jones Best-in-Class Chile Index and the Dow Jones Best-in-Class MILA Pacific Alliance Index 2026, previously known as the Dow Jones Sustainability Index. Meanwhile, Copec was recognized as Industry Mover in the Consumer Discretionary Distribution & Retail category, by posting one of the largest score improvements within its industry.
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Abastible is recognized for promoting the presence of women in the industry the subsidiary was recognized by sofofa as a pioneer company of the +mujeres +futuro 2026 program. The initiative seeks to broaden female participation in industrial sectors where their presence remains a minority, and supports more than 1,200 female students from technical-vocational high schools in three regions of the country. In this way, the students connect with areas such as energy, metalworking, mining, and programming through mentorships, company visits, and internships. Abastible takes part with mentorships carried out by its collaborators, visits to offices and plants, and internship opportunities. Paula Jervis, Chief Legal, Corporate Affairs and Sustainability Officer, received the recognition on behalf of the subsidiary.
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Empresas Copec and its subsidiaries stand out for their social impact in IISE 2026 the measurement assesses, based on public evidence, the social actions developed by companies and their impact in different areas.
The Business Social Impact Index (IISE) Chile 2026 recognized Empresas Copec as Gold Leader in the Holding category, while ARAUCO, Copec, and Abastible reached the same category in their respective industries. Nutrisco, meanwhile, obtained Bronze Band. Driven by BSponsor in partnership with PwC Chile and Universidad del Desarrollo Center for Corporate Sustainability, the index assesses the impact of companies' social actions in areas such as territory, theme, and strategy, with the aim of identifying good practices and raising management standards in this field.
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Fundación Belén Educa launches podcast “Educación Es” with support from Empresas Copec the series will bring together different guests across eight biweekly episodes, hosted by soledad onetto and broadcast on emol tv. The new space, which also has the support of Banco Santander and Fundación Irarrázaval, will bring together representatives from the public, private, and academic spheres to address the main challenges and opportunities of education in Chile. Its first episode, devoted to the continuity of studies, brought together Carmen Cisternas, vice-president of the board of Fundación Belén Educa; Juan Carlos de la Llera, rector at Pontificia Universidad Católica de Chile; and Eduardo Navarro, CEO of Empresas Copec. The conversation addressed the opportunities for young people after their last year of high school, the alliances between schools and higher education institutions, and support throughout their educational path. The upcoming episodes will cover topics such as reading skills, financial education, technology, and technical-vocational training.
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journalistic magazine published by: empresas copec s.a. 150 el golf avenue, 17th floor, las condes. phone number: 22461 7000 legal representative: eduardo navarro director: rodrigo huidobro editing and writing: m. francisca riveros journalists: natalia labbé isidora riesco daniela araneda francisca zúñiga comsulting team proofreading: norinna carapelle photography: cristián hamed image bank from empresas coepc and subsidiaries image banks design and graphic production: porta4, design studio translation: cristina molina if you have any suggestions and opinions, please send us an email at comunicaciones@empresascopec.cl follow us:
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