Interconexión Eléctrica (ISA) Q2 2025 earnings summary

Executive summary

• Revenue and EBITDA growth were driven by new project commissioning and contractual escalators, despite extraordinary impacts from regulatory changes in Brazil and increased reserves in Colombia for Air-e.

• Investments reached COP 2.7 trillion in 1H25, up 29% year-over-year, with a focus on energy transmission, roads, and telecommunications across Brazil, Colombia, Peru, Chile, and Panama.

• Commitment to net zero emissions by 2050, with intermediate targets including a 90% emissions reduction by 2040 and ongoing projects in renewable energy and the circular economy.

• Operational strength maintained in 1H25, with 37 projects advancing, mainly in energy transmission and roads.

• Excluding extraordinary events (RBSE adjustment and Air-e provision), EBITDA and net profit grew 8% and 4% year-over-year, respectively.

Financial highlights

• EBITDA for 1H25 was COP 4.1 trillion, down 9% year-over-year due to extraordinary items; margin at 55%. Excluding these, EBITDA would be COP 4.8 trillion (+8%), margin 61%.

• Net profit for 1H25 was COP 1.15 trillion, down 14% year-over-year; excluding extraordinary events, net profit would be COP 1.4 trillion (+4%).

• Assets at June 30, 2025, were COP 77.1 trillion, stable versus December 2024; equity was COP 17.8 trillion, down 1% due to dividend payments.

• Dividend payment of COP 841 billion (COP 759/share) made in May, representing 60% of the total for the year.

• 1H25 operating revenues were COP 7.35 trillion, up 3% year-over-year; excluding construction, COP 5.31 trillion, up 1%.

Outlook and guidance

• Investment commitments for 2025-2030 total COP 28.4 trillion, with COP 6.6 trillion projected for 2025 and COP 2.7 trillion executed in 1H25.

• 37 projects under construction (35 power transmission, 2 roads), expected to add 5,432 km of lines and 296 km of roads.

• Strategic focus on energy transition, road infrastructure, and telecommunications expansion, with operational trends expected to remain positive.

• Leverage expected to remain stable at current levels, supported by new EBITDA from upcoming projects.

• ISA2040 strategy continues to prioritize resilient, clean, and just energy transition.