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

Executive summary

• Achieved COP 1,992B in revenue, COP 2,312B in adjusted EBITDA, and COP 991B in controlled net income for Q1 2025, with year-over-year growth in most segments except TGI due to regulatory delays.

• Dividend yield reached 9.8%, with COP 238B approved for distribution, supported by strong results from Enel Colombia and ISA Perú.

• Executed $110M in organic CapEx, mainly for Colombian transmission projects, up 21.2% year-over-year.

• Fitch Ratings affirmed long-term credit ratings but revised outlook from stable to negative due to Colombia's macro conditions.

Financial highlights

• Operational revenues grew 4.4% year-over-year, driven by distribution and transmission segments.

• Natural gas distribution revenues rose 9.1%, led by Cálidda (+9.9%).

• Natural gas transportation revenues declined 5.6% due to lower contracted capacity.

• Electricity transmission revenues increased 9.8% year-over-year, supported by new projects and indexation.

• Operational costs increased 8% year-over-year, mainly from higher gas business costs and maintenance.

• Financial expenses fell 15.5% due to debt prepayments and lower interest rates.

• Net profit for the quarter was COP 991B.

Outlook and guidance

• Maintains adjusted EBITDA guidance of COP 5.4–5.5T for 2025, with potential for upward revision after Q2.

• Five-year CapEx projection is USD 1.3B, focused on transmission, TGI, and Cálidda.

• Comfortable financial flexibility for potential M&A in Brazil, with leverage expected to remain manageable.