CELSIA (CELSIA) Q4 2024 earnings summary

Executive summary

• FY2024 consolidated revenue rose 9.3% to COP 6.807 trillion; EBITDA fell 19.4% to COP 1.490 trillion and consolidated net income declined 3.3% to COP 337.387 billion.

• Parent-attributable net income increased 14.7% to COP 221.968 billion.

• Higher generation and energy-purchase costs, lower hydro contributions, and regulatory changes pressured results; lower financial expenses provided relief.

• Proposed distribution of COP 326/share, up 5.2% YoY, implies an 8.9% yield; total distribution is COP 342 billion in five installments.

Financial highlights

• Q4 revenue increased 26.6% YoY to COP 2.098 trillion; EBITDA fell 19.3% to COP 355.121 billion and net income declined 12.6% to COP 58.017 billion.

• FY cost of sales rose 20.7% to COP 5.33 trillion; administrative expenses increased 13.3% to COP 390.4 billion, including AIR-E receivables impairment.

• FY gross earnings were COP 1.474 trillion versus COP 1.811 trillion; earnings before financial costs fell to COP 1.073 trillion from COP 1.410 trillion.

• Consolidated net financial expenses fell 29.3% to COP 616.896 billion; income tax expense declined 37.0% to COP 118.778 billion.

• Separate FY revenue was COP 788.343 billion and net earnings COP 630.322 billion, up 176% YoY, including non-recurring restructuring revenue.

Outlook and guidance

• Financial strengthening plan targets consolidated net debt below COP 4 trillion and annual financial-expense savings above COP 100 billion; a separate plan targets COP 1 trillion of debt reduction.

• ReimaginarC targets COP 165 billion in cost and expense reductions, fully reflected in 2026 costs; estimated enterprise-value impact is COP 730/share.

• Asset-management growth plan seeks USD 300 million in investor capital to enable projects exceeding USD 1 billion.

• Solar photovoltaic assets are positioned to exceed 1 GW in operation within three years; a Peru fund is planned to develop over 1 GW of renewable projects.

• Growth avenues include energy storage, green fertilizers and digitalization; Laurel targets 100 MW after reaching 51.5 MW installed and 56 MW under development.