Grupo Energía Bogotá S.A. (GEB) Q3 2025 earnings summary

Executive summary

• Consolidated revenues for Q3 2025 were COP 2 trillion, down 1.9% year-over-year, with adjusted EBITDA at COP 900 billion and net income at COP 825 billion, reflecting operational stability amid currency appreciation, regulatory delays, and provisions for Air-e.

• Year-to-date adjusted EBITDA reached COP 4.32 trillion, up 2% year-over-year, demonstrating resilience across geographies and segments.

• Strong results from Enel Colombia and business/geographic diversification mitigated seasonal and FX effects, maintaining a positive structural trajectory.

• Organic investment plan prioritized strategic transmission projects and natural gas segments in Colombia and Peru.

• The company maintained strong ESG performance, achieving its highest S&P CSA score and recognition from Forbes Colombia.

Financial highlights

• Operating revenues decreased by 1.9% year-over-year, mainly due to currency effects and lower volumes in Natural Gas Distribution.

• Operating income for the quarter was COP 576-577 billion, down 22.7%-23% from Q3 2024.

• Adjusted EBITDA for Q3 was COP 900 billion, down 25.5%-26% year-over-year, mainly due to non-recurring items in 2024 and currency appreciation.

• Net income for the quarter was COP 825 billion; controlled net income was COP 778 billion.

• Organic CAPEX for 9M25 was USD 383 million, up 16.7% year-over-year, led by transmission and gas transportation investments.

Outlook and guidance

• Five-year CAPEX projection at USD 1.6 billion, with 81% allocated to Colombia transmission and gas transportation.

• Expectation of a positive resolution for Air-e receivables before year-end, allowing reversal of provisions.

• Anticipated finalization of Cálidda's concession extension in Peru before year-end, supporting growth.

• Regasification project in La Guajira expected to begin operations in 2027, addressing Colombia's projected gas import needs.

• Ongoing focus on network expansion, maintenance, and regulatory compliance across all segments.