Grupo Energía Bogotá S.A. (GEB) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered revenues of COP 2.049 trillion, with adjusted EBITDA up 27.4% year-over-year to COP 1.1 trillion, driven by strong segment performance and dividends from associates.

• Net income declined 3.8% to COP 609 billion, mainly due to provisions and litigation impacts, including Air-e and Enel-UAESP.

• Dividend yield reached 9.8%, with COP 1.1 trillion paid to over 18,000 shareholders in July and COP 238 billion approved for Q2.

• Moody’s rating is Baa3 (Stable), supported by strong cash flow and investment track record.

• Strategic portfolio diversification and proactive debt management underpin regional growth and expansion.

Financial highlights

• Operating revenues increased by 6.4% year-over-year to COP 2.049 trillion, with gross profit at COP 910 billion (+5.8%).

• Adjusted EBITDA for Q2 was COP 1.1 trillion (+27% y/y), mainly from Argo Energia dividends and strong segment contributions.

• Net income for the quarter was COP 609 billion, a 3.8%–4.7% year-over-year decrease due to provisions and litigation.

• Operating profit decreased by 10.8%–11% compared to Q2 2024, affected by extraordinary provisions.

• Organic CAPEX for H1 2025 was USD 230 million (+8.9% y/y), mainly in transmission projects.

Outlook and guidance

• Awaiting CREG’s decision on tariff framework and new rates, expected in the coming months.

• Five-year CAPEX projection is USD 1.512 billion, focused on energy transmission, TGI, and Cálidda.

• Exploring M&A opportunities in Brazil and Peru, with a potential $500 million transaction in Brazil under evaluation.

• Major transmission projects (Colectora, Sogamoso Norte, Chivor II, Refuerzo Suroccidental) are progressing, with key commissioning dates in 2025–2026.

• New natural gas supply plan and regasification projects underway to secure future supply.