Grupo Argos (GRUPOARGOS) Q3 2025 earnings summary

Executive summary

• July spin-off ended cross-holdings with Grupo Sura and shifted the portfolio focus to construction materials and infrastructure.

• 2025 shareholder investment appreciation reached 49.5% for ordinary shares and 53.4% for preferred shares, including post-spin-off Grupo Sura shares.

• 9M recurring pro forma EBITDA rose 13% to COP 2.404tn; net income increased 197% to COP 939bn, while reported results included major divestment and spin-off effects.

Financial highlights

• Reported 9M revenue was COP 8.935tn (-1.8% YoY), EBITDA COP 2.310tn (+10.7%) and net income COP 4.110tn (-44.0%), including COP 3.613tn from discontinued operations.

• Pro forma recurring 9M revenue was COP 8.481tn (-7.8%), EBITDA COP 2.404tn (+13.0%) and net income COP 939bn (+197%); controlling-interest income was COP 402bn (+363%).

• Pro forma recurring Q3 EBITDA was COP 884bn (+13.6%), with a 30.6% margin versus 26.4%; net income was COP 415bn (+117.8%).

• Separated pro forma 9M revenue was COP 806bn (+90.1%), EBITDA COP 604bn (+189.1%) and net income COP 428bn (+303.7%).

Outlook and guidance

• Cementos Argos expects its U.S. aggregates export platform to add more than USD 150mn in EBITDA; the platform is expected to lift EBITDA 50% once stabilized.

• Atera plans investment exceeding USD 500mn through 2030 and launched with more than 500 clients alongside Brookfield.

• Caravelí wind farm was 50% complete, with commercial operations scheduled for 2026.

• Celsia expects accelerated deleveraging in coming quarters.

• Urban development expects 2025 results to exceed 2024; revenue from signed land-sale agreements depends on deed execution.