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Colbún (COLBUN) investor relations material

Colbún Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary1 Aug, 2025

Executive summary

  • Signed new power purchase agreements in Chile (357 GWh/year, 39 clients) and Peru (30.6 MW/year, 11 clients) for 2025, supporting commercial strategy.

  • Advanced renewable and storage projects: Horizonte wind expansion received environmental approval; Horizonte Norte began commercial operation; BESS Celda Solar reached 30% progress; 15-year agreement with Atlas Renewable Energy for 230 MW BESS.

  • Santa Maria plant out of service since March due to turbine failure from wildfire-related transmission line disconnection; expected to resume in Q3 2025, covered by insurance.

  • Distributed final dividend of $27M in May, totaling $127M for 2024 (50% of distributable net income).

  • Completed acquisition of remaining 41.379% of Fenix Power Peru, reaching 100% ownership, financed with cash and a $50M bank loan.

Financial highlights

  • Consolidated operating income for 2Q25 was $403M, down 5% year-over-year, mainly due to lower energy and capacity sales in Chile's spot market.

  • EBITDA for 2Q25 was $141M, down 8% year-over-year; Chile EBITDA $120M (-9%), Peru $21M (flat).

  • Net income for 2Q25 was $48M, down 22% year-over-year, reflecting lower operating and non-operating results, partially offset by lower tax expense.

  • Cash flow from operations was $165M, up from $5M in 2Q24, mainly due to lower tax payments and billing timing; cash and equivalents at period end were $788M.

  • Raw materials and consumables cost $215M–$250M, down 8% year-over-year, mainly from lower coal and gas consumption.

Outlook and guidance

  • CapEx for 2025 expected at $500M, with $70M for maintenance and the remainder for investments, mainly in storage and wind projects.

  • Storage projects: BESS Celda Solar (COD 2026, CapEx $260M), BESS Diego Almagro Sur (COD 2027, CapEx $205M).

  • Monitoring market for potential liability management and refinancing of 2027 notes; may issue new debt if market conditions are favorable.

  • Growth strategy focuses on expanding renewable and storage capacity in Chile and Peru, with several projects in advanced stages.

  • Regulatory changes and market conditions are being closely monitored, with active risk management and hedging strategies in place.

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Frequently asked questions

Colbún S.A. is a utility company based in Chile, specializing in the generation and transmission of electricity. Colbún operates a diverse portfolio of power generation facilities, including hydroelectric, thermal (using coal, natural gas, and diesel), and renewable energy sources like wind and biomass. The company's extensive infrastructure includes a variety of power plants and a network of transmission lines that are integral to Chile's central interconnected grid. Colbún serves a mix of regulated and non-regulated clients and also engages in electricity trading. The company is headquartered in Las Condes, Santiago, Chile, and its shares are listed on the Santiago Stock Exchange.

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