Engie Energia Chile (ECL) Q4 2024 earnings summary

Executive summary

• FY2024 EBITDA rose 28% to US$515.8m; net income rebounded to US$228.3m from a 2023 loss.

• Revenue declined 16% to US$1,836.5m, mainly reflecting lower realized energy prices.

• Advanced decarbonization through renewable and battery investments, receivables monetization and plans to exit coal-fired generation by 2026.

• Improved liquidity and leverage supported continued investment; dividends planned to resume in 2025.

Financial highlights

• EBITDA margin improved to 28.1% from 18.4%; operating income rose 67% to US$370.1m.

• Operating cash flow was US$575.5m; property, plant and equipment purchases totaled US$655.2m.

• Cash and equivalents increased to US$498.6m from US$301.3m.

• Gross earnings increased to US$403.3m from US$246.0m, while cost of sales declined to US$1.433bn from US$1.942bn.

• Fuel costs fell 47% year over year, and spot-market energy purchases declined 19%.

Outlook and guidance

• 2025 guidance: EBITDA of US$525–575m and CAPEX of US$850–900m.

• US$1.4bn CAPEX planned for 2025–2027, focused on renewables and battery storage.

• Portfolio target by 2027: 2.5 GW of renewables and batteries, 1.2 GW coal exit and 0.4 GW gas conversion.

• Remaining US$108.7m of regulated-price stabilization receivables expected to be sold in 2025.