CELSIA (CELSIA) Q3 2025 earnings summary

Executive summary

• Q3 consolidated revenue fell 7.9% YoY to COP 1,297,344 million, while EBITDA rose 10.4% to COP 380,998 million and margin expanded to 29.4%; 9M EBITDA increased 14.1%.

• Q3 consolidated net income declined 27.2% to COP 80,276 million; 9M net income rose 7.4% to COP 300,045 million.

• EnergizarC advanced financial strengthening, cost reduction, capital attraction, intrapreneurship and share repurchases; year-to-date total shareholder return reached 39%.

Financial highlights

• Q3 gross profit rose 10.4% to COP 366,612 million; 9M revenue fell 13.7% to COP 4,063,922 million.

• 9M EBITDA rose 14.1% to COP 1,295,458 million, with margin at 31.9% versus 24.1%; EnergizarC efficiencies supported the improvement.

• Q3 net income attributable to owners fell 20.7% to COP 58,963 million; 9M attributable income was COP 182,578 million, down 5.7%.

• Q3 consolidated net financial expenses increased 24.6% to COP 167,237 million; 9M expenses rose 6.4% to COP 480,581 million.

• Separate Q3 revenue fell 29.9% to COP 83,121 million; 9M net income declined 12.4% to COP 172,986 million.

Outlook and guidance

• ReimaginarC reached 49% progress, with COP 82 billion in guaranteed 2026 savings against a COP 165 billion target.

• Asset Management targets USD 4.5 billion AUM by 2030; September AUM was USD 1.54 billion.

• COP 720 billion was planned for Q4 2025 debt reduction, supported by Atera cash, Central America asset-sale receivables and Peru investment-vehicle distributions.

• Oct–Dec 2025 forecasts called for neutral to slightly cold ENSO conditions and water inflows 10%–20% above average, peaking in November.

• Applying available cash to early debt repayment is expected to reduce financial expenses over coming quarters; value initiatives target COP 412/share from optimization and COP 1,000/share from debt reduction.