CELSIA (CELSIA) Q4 2025 earnings summary

Executive summary

• FY2025 revenue fell 20.7% to COP 5.395 trillion, while EBITDA rose 11.8% to COP 1.665 trillion and net income increased 6.6% to COP 359.634 billion as costs fell and margins expanded.

• The strategy advanced through operating efficiencies, asset-management growth, deleveraging and renewable project development.

Financial highlights

• FY2025 revenue was COP 5.395 trillion, down 20.7%; cost of sales fell 29% to COP 3.78 trillion, and EBITDA rose 11.8% to COP 1.665 trillion.

• FY EBITDA margin expanded to 30.9% from 21.9%; gross profit rose 9.3% to COP 1.611 trillion.

• FY net income increased 6.6% to COP 359.634 billion; profit attributable to parent shareholders declined 7.0% to COP 206.406 billion.

• Q4 revenue fell 36.5% to COP 1.331 trillion, while EBITDA rose 4.2% to COP 369.999 billion, with a 27.8% margin.

• Consolidated FY income taxes rose 50.4% to COP 178.678 billion; Q4 tax expense was COP 38.865 billion versus COP 12.585 billion a year earlier.

Outlook and guidance

• 2026 Energy Services EBITDA guidance is COP 1.56–1.64 trillion, with a 32.5%–34% margin; the 2030 margin target is 38%.

• 2026 net debt target is COP 3.8 trillion and net debt/EBITDA target is 2.3x; ROIC vs. WACC spread target is 85–120 bps.

• 2026 capex guidance is COP 260–320 billion for Energy Services and COP 800 billion–1 trillion for Asset Management; target more than USD 500 million in new AUM.

• Energy Services Opex fell 4.3% in 2025; a cumulative 15.6% reduction, or COP 174 billion in savings, is projected for 2026, with 58% of measures implemented.

• Priorities include efficiency, debt reduction, asset rotation and liquidity; asset rotation is intended to improve ROIC.