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.

• 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.

• Strategic initiatives included a $500 million bond issuance, oversubscribed 4.4 times, and progress on energy transition projects in Colombia, Peru, Brazil, and Guatemala.

• Recognitions for sustainability and leadership reinforce competitiveness, with highest S&P CSA score and Forbes Colombia ranking.

Financial highlights

• Q3-25 revenues: COP 1,983 billion (-1.9% YoY); operating income: COP 576 billion (-23% YoY); net income: COP 825 billion (-2.8% YoY).

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

• Year-to-date adjusted EBITDA reached COP 4.32 trillion, up 2% year-over-year; LTM Adjusted EBITDA at COP 5.18 trillion, up 3%.

• Dividend yield at 9.8% based on year-end 2024 share price.

• Organic CAPEX for 9M25: USD 383 million (+16.7% YoY), led by transmission and gas transportation investments.

Outlook and guidance

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

• Expectation of resolving regulatory and receivables issues, including Air-e accounts, before year-end, which could reverse provisions.

• Strategic focus on energy transmission and natural gas projects in Colombia and Peru, with ongoing network expansion and regulatory compliance.

• Anticipated positive impact from the extension of Cálidda’s concession in Peru and the launch of a new regasification facility in Colombia by 2027.

• Continued progress on strategic projects such as Colectora, South-western reinforcement, North Sogamoso, and Chivor II-North.