Grupo Energía Bogotá S.A. (GEB) Q1 2026 earnings summary

Executive summary

• Q1 2026 faced significant challenges, including non-recurring events and FX impacts across four countries, with operational revenues falling 11.8% year-over-year to COP 1,758B, mainly due to FX effects and a non-recurring event at TGP impacting natural gas and electricity distribution.

• Adjusted EBITDA rose 4% year-over-year to COP 2,405B, driven by higher dividends from non-controlled companies, offsetting a decline in controlled EBITDA.

• Net income dropped 43% year-over-year to COP 568B, impacted by lower gross income, higher administrative expenses (notably Air-e provision and wealth tax), and reduced equity method income.

• Dividend yield reached 8.5%, with a 5.4% increase in dividends per share compared to 2025.

• Strategic moves included launching a market maker program, acquiring full ownership of four transmission concessions in Brazil, and the award of Colombia's first synchronous condensers.

Financial highlights

• Consolidated operating revenues decreased by 12% year-over-year, mainly due to FX conversion effects and the TGP pipeline incident.

• Adjusted EBITDA over the last 12 months increased by 14%.

• Net income for Q1 was COP 568 billion, down 43% year-over-year, driven by FX, non-recurring events, and higher expenses.

• Operating margin decreased by 25% compared to Q1 2025.

• Administrative expenses rose 37.5% year-over-year, driven by Air-e provision, wealth tax, and salary adjustments.

Outlook and guidance

• Five-year CAPEX plan totals USD 1.7B, with 69% allocated to transmission and gas transportation.

• Continued focus on value generation, growth in core markets, and sustainability initiatives, including the Evolve 2030 program and first TNFD report.

• Regulatory clarity and structural solutions are being pursued for gas supply and tariff issues.