Grupo Energía Bogotá S.A. (GEB) Q1 2025 earnings summary

Executive summary

• Achieved COP 2 trillion in revenue, COP 2.3 trillion in adjusted EBITDA, and COP 0.9 trillion in controlled net income for Q1 2025, reflecting strong operational performance and year-over-year growth in most segments except TGI due to regulatory delays.

• Consolidated net income rose 25.7% year-over-year to COP 991B, with controlling participation up 26.6%.

• Declared dividends from affiliates rose 14.3% year-over-year, driven by Enel Colombia and ISA Peru. Shareholders approved COP 2.2 trillion in dividends, yielding 9.8%.

• Significant progress in major infrastructure projects, including 56% completion of the Colectora project and key advances in solar and transmission initiatives.

• Organic CAPEX executed in Q1 2025 was USD 110M, up 21.2% year-over-year, mainly in transmission projects.

Financial highlights

• Operational revenues grew 4.4% year-over-year, led by 9.1% growth in natural gas distribution and 9.8% in energy transmission; natural gas transportation revenues declined 5.6%.

• Operational costs increased 8% year-over-year, mainly due to higher costs in the natural gas business and increased maintenance and professional services.

• Operating profit decreased by 4% compared to Q1 2024; controlled net profit reached COP 945 billion.

• Financial expenses fell 16% year-over-year due to debt prepayments and lower interest rates; income tax rose 42% due to exchange rate effects.

• Adjusted EBITDA grew 7.7% year-over-year to COP 2,312B, with segment contributions led by transmission, generation, and gas distribution.

Outlook and guidance

• Maintains adjusted EBITDA guidance of COP 5.4–5.5 trillion for 2025, with potential for upward revision after Q2 based on continued performance.

• Five-year CAPEX projection is USD 1.3B, with ~50% allocated to transmission, followed by TGI and Cálidda.

• Expects significant growth opportunities in natural gas infrastructure in Colombia and expansion in Peru and Brazil.

• Major investments planned in Colectora, North Sogamoso, Chivor II-North, and Southwest Reinforcement projects.

• Regulatory and market risks are being actively managed, with hedging strategies in place for currency exposures.