Engie Energia Chile (ECL) Q1 2025 earnings summary

Executive summary

• Q1 2025 EBITDA rose 15% year-over-year to US$159.5 million; net income increased 69% to US$77.8 million.

• Operating revenue increased 16% to US$515.4 million, mainly from higher physical sales to regulated customers.

• 2025 guidance was reaffirmed, with EBITDA of US$525–575 million and CAPEX of US$850–900 million.

• Dividend payments resumed after three years, with a US$54.4 million final dividend for FY2024 approved for May 2025.

• Portfolio transformation continued through renewable and battery storage investment and preparations for coal exit.

Financial highlights

• EBITDA reached US$159.5 million, with a 31% margin; net income was US$77.8 million versus US$46.1 million in Q1 2024.

• Revenue was US$515.4 million versus US$442.7 million; gross earnings were US$138.9 million versus US$109.6 million.

• Cash from operations was US$167.0 million versus US$49.3 million in Q1 2024.

• Energy sales totaled 3,353 GWh, up 7% year-over-year.

• Q1 CAPEX totaled US$168.5 million, focused on renewables and storage.

Outlook and guidance

• 2025 guidance reaffirmed: EBITDA of US$525–575 million, CAPEX of US$850–900 million, and net debt/EBITDA expected at 3.9x.

• US$1.4 billion of investment planned in renewables and BESS during 2025–2027.

• 2027 portfolio plan includes 2.5 GW of renewables and batteries, 1.2 GW coal exit, and 0.4 GW of new gas capacity.

• Guidance excludes potential legal settlement outcomes.