CELSIA (CELSIA) Q2 2024 earnings summary

Executive summary

• Q2 revenue reached COP 1,925,127m, up 21.5% YoY; EBITDA was COP 464,059m, down 3.5%, and net earnings rose 77.3% to COP 139,395m.

• YTD revenue was COP 3,300,522m, up 6.8%; EBITDA was COP 790,040m, down 20.6%, and net earnings were COP 169,083m, down 15.8%.

• Q2 EBITDA including investment platforms was COP 573,552m; EBITDA margin recovered to 29% by June as El Niño conditions eased.

• Growth initiatives span solar generation, transmission and asset management; 2H CAPEX is projected at COP 1.23tn.

Financial highlights

• Q2 revenue rose 21.5% to COP 1,925,127m; YTD revenue increased 6.8% to COP 3,300,522m.

• Q2 cost of sales rose 32.2% to COP 1.46tn, driven by higher goods, services, operating and maintenance costs during El Niño.

• Net financial expenses including exchange differences fell 34.6% to COP 153,500m in Q2; structural debt cost declined to 13.3% from 17.2% YoY.

• Q2 income tax expense fell 32.3% to COP 44,327m, supported by the Law 1715 benefit from solar farms entering operation in 2023.

• Q2 net income attributable to controlling shareholders was COP 97,733m, versus COP 45,400m a year earlier; separate net profit was COP 100,239m, up 69.5%.

Outlook and guidance

• 2H 2024 CAPEX is projected at COP 1.23tn, following COP 500bn invested in 1H.

• The second Toluviejo transmission phase was expected by year-end; the Cerromatoso–Sahagún–Chinú circuit was targeted for service by mid-2026.

• Climate models indicated potential La Niña development in July–September, with above-average reservoir inflows; planning scenarios aimed to manage conditions and limit or avoid spillage.

• C2 Energía had 308 MWp under construction and 522 MWp ready to build; Central America had 19 MW of customer solar projects under construction.