Engie Energia Chile (ECL) Q3 2025 earnings summary

Executive summary

• 9M25 EBITDA reached $521M, up 23% year-over-year, and net income was $208.5M, up from $201.0M; Q3 net income fell to $23.0M from $50.5M.

• Q3 EBITDA rose 23% to $159M and revenue increased 12% to $500.6M, while net income declined 55%, mainly due to higher deferred tax expenses.

• The generation portfolio continued shifting toward renewables and storage, which reached 44% of total capacity as of September 2025.

• Results included a $101.2M LNG arbitration compensation award, with payment to be offset against LNG cargoes or paid in cash.

Financial highlights

• 9M25 revenue was $1.598bn versus $1.381bn year-over-year; operating profit was $397.8M versus $311.0M.

• 9M25 EBITDA was $521M, up $98M year-over-year, and net income was $208.5M versus $201.0M.

• Q3 revenue was $500.6M versus $447.6M, and net income was $23.0M versus $50.5M.

• Q3 gross electricity generation rose 61% year-over-year; fuel costs increased 42%, while spot-market energy purchases fell 79%.

• 9M income tax expense rose to $129.5M from $78.6M; the reported effective tax rate was 38.32% versus 28.11%.

Outlook and guidance

• FY2025 guidance reaffirmed: EBITDA of $650–700M, CapEx of $900–975M and net debt/EBITDA of 3.3x, excluding IFRS-16 leases.

• Guidance assumes stable fuel costs, increased renewable generation, new storage projects and proceeds from the LNG arbitration award.

• No formal 2026 guidance; performance expected to remain strong as new assets ramp up.