Grupo Energía Bogotá S.A. (GEB) Q4 2025 earnings summary

Executive summary

• Achieved COP 8.016 trillion in total revenue and record adjusted EBITDA of COP 5.925 trillion in 2025, reflecting resilience amid challenging macroeconomic and regulatory conditions.

• Net income reached COP 3.4 trillion for the year, supported by managed non-operational events, strong dividend flows from Brazilian investments, and equity-method gains.

• Distributed COP 2.2 trillion in dividends, delivering a 31% total shareholder return, and maintained investment grade status despite a sovereign downgrade.

• Advanced major infrastructure projects in Colombia and expanded renewable energy capacity, with strategic investments across Colombia, Peru, Brazil, and Guatemala.

• Strengthened ESG leadership, with top regional and global sustainability rankings, updated climate commitments, and significant social investment.

Financial highlights

• Operating revenues decreased 5.9% year-over-year in Q4 2025, mainly due to FX conversion effects, but full-year revenues rose 0.6%.

• Adjusted EBITDA for Q4 was COP 1.644 trillion, up 82.7% year-over-year, driven by extraordinary dividends from Argo and Gebbras.

• Quarterly operating income reached COP 1.1 trillion, a 67% increase versus Q4 2024, due to asset sales and provision reversals.

• Net income for Q4 was COP 929 billion, up 153% year-over-year, with equity method contribution led by Enel Colombia.

• Executed investments totaled USD 515 million in 2025, a 9.3% increase year-over-year, with 53% allocated to Colombia Transmission.

Outlook and guidance

• Five-year organic CapEx projection updated to USD 1.4 billion, focused on energy transmission and gas transportation projects.

• Dividend payout from Argo expected to normalize to 50–70% of net income, with 2026 dividends estimated at COP 100,000 million.

• Anticipates COP 2.4 trillion in dividends from main investments in 2026.

• Exploring M&A opportunities in Brazil, with potential transactions expected in the next 3–4 months.

• Medium-term structural solution for regasification project targeted by 2028.