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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.
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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