CELSIA (CELSIA) Q3 2024 earnings summary

Executive summary

• Q3 revenue was COP 1,408,393 million, down 4.9% YoY; EBITDA fell 16.7% to COP 345,005 million, while net income rose 35% to COP 110,288 million.

• Low water availability pressured hydro generation and increased thermal-generation needs; energy purchase options and climate derivatives helped manage exposure, with USD 14.8 million in climate-hedge receipts.

• Excluding Central American generation assets divested in 2023, Q3 revenue increased 0.2%, EBITDA declined 4.8%, and net income increased 113.8% YoY.

Financial highlights

• Q3 cost of sales decreased 0.9% YoY to COP 1.076 trillion; gross income declined 16.0% to COP 332.056 billion.

• 9M revenue was COP 4.709 trillion, up 3.0%; EBITDA was COP 1,135,045 million, down 19.4%, and net income was COP 279,370 million, down 1.1%.

• Q3 net financial expenses including FX fell 38.3% to COP 134.225 billion; 9M expenses declined 34.2% to COP 451.568 billion.

• 9M revenue mix: Energy Services COP 3.82 trillion, or 81%; Asset Management COP 871 billion, or 19%.

Outlook and guidance

• C2 Energía’s portfolio totaled 1,241 MW, including 270 MW under construction; Laurel’s portfolio was planned to reach 108.6 MWp by 2026.

• The 9.6 MW Carreto wind project was expected to begin operations in Q1 2025; 80-meter turbine blades arrived after specialized transport.

• Forecasts pointed to a weak, short-duration La Niña starting in Q4 2024; weather and river-basin monitoring informed resource planning and thermal generation needs.

• Central American operations focused on customer solar PV, with 58 MW operating and 15.4 MW under construction.