Engie Energia Chile (ECL) Q2 2025 earnings summary

Executive summary

• H1 2025 EBITDA was $361.6m, up 23% year-over-year, and net income was $185.5m, up 23%, supported by stronger margins and the LNG arbitration award.

• Three renewable projects added 468 MW; renewable generation reached 1,094 GWh in H1.

• Renewables and batteries represented 44% of capacity, versus 3% in 2019, as the generation portfolio continued to transition.

• Q2 revenue rose 19% year-over-year to $582.2m; EBITDA reached $202m, up 29%.

Financial highlights

• H1 revenue was $1,097.6m versus $933.5m; gross earnings were $305.7m versus $238.2m, and operating profit was $284.8m versus $220.3m.

• H1 EBITDA margin rose to 32.9%; Q2 margin was 34.7%, versus 31.8% in Q2 2024.

• Q2 net income was $107.7m, up 3% year-over-year and 38% sequentially from Q1.

• Operating cash flow increased to $381.7m from $71.1m; cash and equivalents were $329.9m at June 30, down from $498.6m at year-end 2024.

• Net financial debt decreased $41m to $1.9bn as of June 30, 2025.

Outlook and guidance

• FY2025 EBITDA guidance was upgraded to $650–700m; CAPEX guidance was raised to $900–975m.

• Net debt/EBITDA was projected at 3.3x for year-end 2025.

• $1.4bn of renewables and BESS investment planned for 2025–2027, adding 1.2 GW of capacity.