CELSIA (CELSIA) Q1 2025 earnings summary

Executive summary

• Q1 2025 ordinary income was COP 1.451tn, up 5.5% YoY; EBITDA rose 44.8% to COP 472.023bn as stronger hydro generation and lower sales costs supported results.

• Net income was COP 29.688bn, versus COP 108.064bn in Q1 2024; income attributable to controlling owners was COP 21.479bn.

• Priorities included deleveraging, cost savings, investment-platform growth, attracting capital and share repurchases.

Financial highlights

• Consolidated gross profit was COP 463.231bn, up 46.2%; EBITDA margin rose to 32.5% from 23.7%.

• Consolidated sales costs fell 6.7% to COP 987.305bn; administrative expenses increased 7.3% to COP 94.256bn.

• Net financial expenses were COP 157.931bn, down 3.6% YoY; income tax expense was COP 86.142bn, versus tax income of COP 108.064bn in Q1 2024.

• Separate ordinary income rose 36.1% to COP 95.830bn, including COP 86.459bn of equity-method income; separate net income increased 124.4% to COP 51.241bn.

Outlook and guidance

• Net-debt target was near COP 3.85tn, with deleveraging expected to accelerate in H2 2025; 538 cost initiatives target COP 165bn in savings for 2026.

• Construction of the acquired 675 MW renewable portfolio was scheduled to begin in late 2025; projects have environmental licenses and are ready to build.

• An expansion auction was expected by year-end, with projects slated to begin operating from December 2029.

• A dedicated Peru project-development platform was being structured; solar portfolio capacity exceeded 1 GW across operating, construction and development projects.

• Carreto’s 9.6 MW wind farm was expected to enter commercial operation after testing and generate ~30 GWh annually.