Colbún (COLBUN) Q2 2026 earnings summary

Executive summary

• Consolidated revenues for 2Q26 reached US$449.2M, up 12% year-over-year, driven by higher energy and capacity sales in Chile and new regulated contracts in Peru, partially offset by lower regulated and free client sales in both countries.

• Consolidated EBITDA for 2Q26 was US$156.9M, up 12% year-over-year, mainly due to higher gross margins in both Chile and Peru.

• Net income for 2Q26 was US$36.6M, down from US$48.2M in 2Q25, mainly due to higher non-operational losses, despite improved operational results and lower income tax expense.

• In the first half of 2026, net income totaled US$60.9M, a significant decrease from US$130.6M in the same period of 2025, reflecting lower operational and non-operational results.

Financial highlights

• 2Q26 revenues increased 12% year-over-year to US$449.2M; 1H26 revenues rose 5% to US$857.7M.

• 2Q26 EBITDA grew 12% to US$156.9M; 1H26 EBITDA fell 9% to US$289.5M due to a gas transport interruption in Peru in 1Q26.

• 2Q26 operating income rose 8% to US$89.5M; 1H26 operating income dropped 23% to US$156.9M.

• 2Q26 non-operational loss was US$42.2M (vs. US$22.6M loss in 2Q25), mainly from extraordinary costs related to early coal contract cancellations and higher financial expenses.

• 2Q26 income tax expense was US$10.7M, down from US$11.9M in 2Q25.

Outlook and guidance

• The company is advancing a robust pipeline of renewable and storage projects in Chile and Peru, with several projects in construction or advanced development.

• Regulatory changes in both countries are being closely monitored, with no direct new economic obligations for generators from recent Chilean tariff protection law.

• The company expects future results to depend on efficient generation, hydrological conditions, and contract management.