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

Executive summary

• Achieved COP 8.016 trillion in revenue and record adjusted EBITDA of COP 5.925 trillion in 2025, reflecting resilience amid challenging macroeconomic and regulatory conditions, with strong contributions from Enel, Argo, and non-recurring income.

• Net income reached COP 3.4 trillion for the year, up 27% year-over-year, supported by managed non-operational events, equity-method gains, and strong dividend flows from Brazilian investments.

• 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, including Southwestern Reinforcement and Río Córdoba–Bonda lines, and expanded renewable energy capacity.

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

Financial highlights

• Full-year operating revenues rose 0.6% to COP 8.016 trillion, while Q4 2025 revenues decreased 5.9% year-over-year due to FX effects.

• Adjusted EBITDA for the year was COP 5.925 trillion, up 16.3% year-over-year; Q4 2025 adjusted EBITDA surged 82.7% year-over-year, driven by extraordinary dividends from Argo and Gebbras.

• Net income for Q4 2025 totaled COP 929 billion, up 153% year-over-year, with equity method contribution rising 61% year-over-year, led by Enel Colombia.

• Operating income for Q4 2025 reached COP 1.1 trillion, a 67% increase versus Q4 2024, boosted by a COP 231 billion gain from a non-operating asset sale.

• 12-month CAPEX execution increased 9% year-over-year, led by Transmission Colombia.

Outlook and guidance

• Five-year organic CapEx projection updated to $1.4 billion, mainly for energy transmission and gas transportation investments.

• Dividend payout from Argo expected to normalize to 50–70% of net income, with 2026 dividends estimated at COP 100,000 million; total dividends to be received in 2026 projected at COP 2.4 trillion.

• M&A activity in Brazil transmission remains a key focus, with potential deals expected in the next 3–4 months.

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

• Continued emphasis on prudent financial management, risk mitigation, and sustainability leadership.