Engie Energia Chile (ECL) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial results in Q1 2026, with EBITDA up 35% to $215.6 million and net income up 52% to $118.3 million, driven by higher electricity margins, increased renewable generation, and improved cost management.

• Revenue for Q1 2026 was $548.3 million, up 6.4% year-over-year, with gross margin improving to $181.5 million.

• Cash and cash equivalents surged to $296.1 million, supported by strong operating cash flow and new financing activities.

• Continued transformation of generation mix, reducing coal reliance and expanding renewables and battery storage to 50% of capacity as of March 2026.

• Dividend equivalent to 30% of 2025 net income ($66.85 million) approved for payment in May 2026.

Financial highlights

• EBITDA reached $215.6 million (CLP 216 million/US$216 million), up 35% year-over-year, with a margin of 39.3%.

• Net income was $118.3 million, a 52% increase versus Q1 2025.

• Net financial debt stood at $2.4 billion, with net debt-to-EBITDA ratio at 3.2x as of March 2026.

• CAPEX for the quarter was $195.9 million, up 16% year-over-year, focused on renewables and storage.

• Strong cash generation covered high CapEx, resulting in a $97 million net debt reduction during the quarter.

Outlook and guidance

• FY2026 EBITDA guidance confirmed at $690–760 million; CAPEX expected between $640–710 million.

• Net debt-to-EBITDA expected to remain below 3.5x.

• Confident in meeting 2026 targets after strong Q1 performance, with assumptions of stable fuel costs and increased renewable generation.

• Liquidity remains strong, with $296.1 million in cash and $300 million in undrawn loan facilities available for 2026 investments.