Engie Energia Chile (ECL) Q4 2025 earnings summary

Executive summary

• FY2025 EBITDA reached a record $651.2 million, up 26% YoY; net income was $222.8 million, down 2% amid higher financial expenses and non-recurring items.

• Q4 2025 EBITDA was $130.6 million, up 42% YoY, while net income was $14.4 million, down 47%.

• FY2025 revenue rose 13% to $2,076.6 million; operating profit increased to $456.4 million from $365.9 million.

• Record CapEx reached $1,052.9 million, supporting renewable, storage and transmission investment and continued transition away from coal.

Financial highlights

• Electricity margin rose $104 million to $766 million; EBITDA increased $136 million to $651.2 million, supported by higher own generation and gas sales despite higher energy purchase prices.

• EBITDA margin increased to 31.4% from 28.1%; net income fell to $222.8 million from $228.3 million, mainly reflecting financial expenses and deferred-tax effects.

• Gross earnings rose to $517.2 million from $403.3 million as revenue growth outpaced higher cost of sales.

• CapEx was $1,052.9 million, up 61% YoY; 40% was financed with new debt.

• Operating cash flow was $689.8 million; investing cash outflow was $1,038.1 million and year-end cash was $87.1 million.

Outlook and guidance

• FY2026 EBITDA guidance is $690–$760 million, CapEx $640–$710 million, and net debt/EBITDA below 3.5x, excluding IFRS 16 leases.

• Guidance assumes stable fuel costs and average spot prices, LNG and Argentine gas sourcing, higher renewable generation, new storage, available generation assets, year-end hydro conditions, unchanged regulation and strong regulated demand.

• Most renewable and BESS projects under construction are expected to reach COD in H2 2026; wind projects are expected to reach COD in H1 2027.

• By 2027, targets include 3.6 GW of capacity, 71% renewables and batteries, 2.6 GW of installed renewables and BESS, and full coal exit.

• 2030 targets include 4.5 GW of renewable and storage capacity and 10–13 TWh/year of contracted PPAs; OpEx reduction target is 12%–15% by 2027 vs. 2025.