Empresa Nacional de Telecomunicaciones (ENTEL) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 5.7% YoY to Ch$790.3bn, EBITDA increased 7.4% to Ch$229.5bn, and net income grew 5.3% to Ch$32.3bn.

• Q3 EBITDA margin expanded 0.5 p.p. to 29.0%; 9M revenue was Ch$2,346.4bn, EBITDA Ch$662.6bn, and net income Ch$86.0bn, up 19.0%.

• Growth came from mobile services and equipment across Chile and Peru; fiber and postpaid customer bases expanded, with Peru leading EBITDA growth.

Financial highlights

• Q3 operating income was Ch$72.3bn, up 2.3%; income before taxes fell 23.7% to Ch$42.5bn as non-operating costs increased.

• Q3 EBITDAAL was Ch$181.4bn, up 8.2%, with a 22.9% margin; 9M EBITDA margin rose 0.5 p.p. to 28.2%.

• 9M operating income increased 14.2% to Ch$204.6bn; EPS was Ch$285, up 19.0%.

• 9M EBITDAAL was Ch$521bn and CapEx Ch$336.8bn; operating cash flow was Ch$90.6bn versus Ch$123.6bn in 9M 2025.

Outlook and guidance

• 2026 CapEx/revenue guidance is 15.0%-15.5%; 2027-28 investment is expected to rise to ~16% for spectrum, FTTH, network, IT and digital projects.

• Peru commercial fiber rollout began in October 2026, with initial contribution expected in Q4 and operations expected to be up and running in Q1 2027.

• Fiber EBITDA is expected to improve by CLP 10bn annually in 2027 and 2028, with marginal fiber EBITDA approaching break-even by Dec 2027 or Jan 2028.

• Positive FY 2026 net cash flow is expected after dividends, supported by Q4 cash generation and inventory normalization.