Empresa Nacional de Telecomunicaciones (ENTEL) Q4 2025 earnings summary

Executive summary

• Achieved 9.7% revenue growth and 5.9% increase in consolidated EBITDA for 2025, driven by mobile, fiber, and handset expansion in Chile and Peru, despite highly competitive markets.

• Maintained leadership in Chile across all major mobile metrics and solidified position as Peru's second largest mobile operator by revenue share.

• Launched Starlink direct-to-cell service in Chile and Peru, expanding coverage and differentiation, and became the first in Latin America to offer this technology.

• Moody's and Fitch affirmed investment grade ratings, with Moody's outlook upgraded to stable.

• Strengthened financial position through debt repayments, new financing, and reduced average debt duration.

Financial highlights

• Consolidated revenues reached CLP 3,032 billion (+9.7% YoY), EBITDA at CLP 835.5 billion (+5.9%), and net income at CLP 191.2 billion (+182.5%), mainly due to a non-recurring capital increase; recurring net profit was CLP 108 billion.

• EBITDA margin was 27.6%, with free cash flow from operations at CLP 214 billion.

• CapEx intensity at 15.1% of revenues in 2025, with CapEx totaling CLP 457 billion, focused on mobile (5G/4G) and fiber expansion.

• Net debt stood at CLP 1,369 billion, net debt/EBITDA ratio of 2.47x, and gross debt decreased to CLP 1,579 billion.

• Dividend yield for 2025 was 6.8%.

Outlook and guidance

• Expect two years of elevated CapEx and EBITDA margin drag from fiber and digital expansion, with normalization by mid-2028.

• Strategic focus on expanding FTTH, 5G, and digital services, with continued disciplined financial management.

• Dividend policy remains up to 80% of net income, but distribution will be based on recurring profits.