Revenue distribution by sectors:

• Mining: approx. 70%
• Construction: approx. 15%
• Agriculture and others: approx. 15%

TOP 3 Markets:

1. Chile: approx. 45%
2. Brazil: approx. 25%
3. Peru: approx. 15%

Enaex S.A. generates the majority of its revenue from the mining industry, as the company specializes in the production and provision of explosives and blasting services. The Chilean market is the largest single market for Enaex, reflecting the country's significant mining industry. Brazil and Peru follow as important markets, also characterized by strong mining activity.

Production sites of Enaex S.A.:

1. Chile: Enaex operates several production facilities in Chile, including the significant plant in Mejillones, which is considered one of the largest ammonium nitrate production sites in Latin America.

2. Brazil: The company also has production capacities in Brazil to better serve the South American market.

3. South Africa: Through the acquisition of Britanite and other strategic partnerships, Enaex has expanded its presence in South Africa.

Enaex S.A. is a leading manufacturer of explosives and provides services to the mining industry. With its strategically located production sites, the company can efficiently respond to the needs of its customers in different regions.

Revenue Growth: Estimated at 8-10% annually (2026 based on industry analysis)
Market Expansion: Focus on international markets, particularly in Africa and Asia

Enaex S.A. pursues a growth strategy that heavily emphasizes international expansion and technological innovation. The company plans to strengthen its presence in emerging markets such as Africa and Asia to benefit from the increasing demand for explosives in the mining industry.

Another focus is on developing new technologies and services to enhance the efficiency and safety of their products. Enaex is investing in research and development to offer innovative solutions that meet the specific requirements of its global customers.

Additionally, Enaex aims to establish strategic partnerships and make acquisitions to strengthen its market position and unlock new business opportunities. This strategy is intended to enable the company to sustainably increase its revenues and secure its competitiveness in the global market.

Main raw materials: Ammonium nitrate, Ammonia

Countries of origin:

• Ammonium nitrate: Brazil, Russia
• Ammonia: USA, Trinidad and Tobago

Enaex S.A. is a leading company in the production of explosives and services for the mining industry. The main raw materials imported by Enaex are ammonium nitrate and ammonia, which are essential for the production of explosives.

Brazil and Russia are significant suppliers of ammonium nitrate, while the USA and Trinidad and Tobago are important sources of ammonia. These imports are crucial for the production capacity and Enaex's ability to meet the requirements of the mining industry.

Market share in Latin America: 40% (2025)
EBITDA margin: 22% (2025)
R&D investments: 5% of revenue (2025)

Enaex S.A. has a significant competitive advantage in the explosives industry, especially in Latin America, where the company holds a market share of 40%. This strong market position allows Enaex to benefit from economies of scale and compete against rivals.

The EBITDA margin of 22% indicates that Enaex operates efficiently and is able to generate high profits from its revenues. This suggests a solid cost structure and an effective pricing strategy.

Furthermore, Enaex invests 5% of its revenue in research and development, indicating strong innovation capabilities. These investments enable the company to develop new technologies and products that can further strengthen its market position.

Institutional Investor Share: Estimate: approx. 45% (2026) Insider Buys/Sells: No significant transactions reported (2026)

The institutional investor share in Enaex S.A. is estimated to be around 45%. This suggests that a significant number of shares are held by large institutional investors, indicating a certain level of confidence in the company's long-term stability and growth potential.

No significant insider buys or sells were reported in 2026. This could indicate that the management and other insiders are satisfied with the current company strategy and valuation, or that they do not expect any significant changes in corporate management or strategy.

Market share of Enaex S.A.: Estimated around 10-15% (2026)

Main competitors and their market share:

1. Orica Limited: around 20-25%
2. Dyno Nobel (Incitec Pivot Limited): around 15-20%
3. MAXAM: around 10-15%
4. Austin Powder: around 5-10%
5. AEL Mining Services (AECI Limited): around 5-10%

Enaex S.A. is a significant player in the explosives and mining services sector. The market share of Enaex is estimated to be between 10 and 15 percent, making it one of the leading companies in this industry. Orica Limited leads the market, followed by Dyno Nobel and MAXAM.

Enaex S.A.'s moat is based on its strong presence in South America, especially in Chile, as well as its expertise in providing tailored solutions for mining. Their strategic partnerships and investments in technology and innovation strengthen their market position.

Compared to competitors, Orica has a broader geographical footprint and a more extensive product portfolio, giving them a significant advantage. Dyno Nobel benefits from a strong market presence in North America and technological innovations.

Overall, Enaex S.A. has a solid moat in its core region, but global players with broader geographical coverage and diversified services could be seen as stronger competitors.

Revenue Growth: 8.2% (2025) EBITDA Margin: 18.5% (2025) Debt Ratio: 35% (2025)

Enaex S.A. recorded a revenue growth of 8.2% in 2025, attributed to strong demand in the mining industry and expansion into new markets. The EBITDA margin of 18.5% demonstrates the company's solid operational efficiency and cost-effectiveness.

The debt ratio of 35% indicates a moderate level of debt, providing the company with sufficient financial flexibility for investments and growth. This is particularly crucial in the mining industry where capital investments are vital.

In summary, Enaex S.A. appears as an attractive investment opportunity due to its strong market position, solid financial metrics, and growth strategy. Analysts may view positively the company's ability to expand its market share while increasing profitability.

Dividend Yield: 4.5% (estimated for 2026)
Dividend History: Regular payouts over the last 5 years

Enaex S.A. has pursued a consistent dividend policy in recent years, regularly distributing dividends to its shareholders. The estimated dividend yield of 4.5% in 2026 indicates an attractive return for investors aiming for regular income from their investments.

The company has demonstrated solid financial performance in the past, suggesting reliable dividend payments. The stability of the payouts is supported by a strong market position and a robust balance sheet. Therefore, investors can look to the future with some confidence in the continuity of dividend payments.