Interconexión Eléctrica (ISA) Q3 2025 earnings summary

Executive summary

• Commissioned the Cuestecitas-Copey-Fundación Interconnection in Colombia, a $147M project with 270 km of transmission lines and expanded substations, enabling major solar farm connections and supporting energy transition.

• Advanced 34 projects in construction, including 31 for energy transition and 3 for roads, totaling over 5,153 km of lines and 296 km of roads, with significant progress in Colombia and Brazil.

• Recognized for sustainability leadership, winning CIER 2025 awards and being listed among Forbes' top 50 sustainable companies in Colombia.

• Accumulated investments reached COP 4.4 trillion by September 2025, up 38% year-over-year, with COP 1.7 trillion executed in 3Q25.

• Achieved solid operational performance in 9M25, excluding extraordinary events in 2024 and 2025.

Financial highlights

• EBITDA for 9M25 was COP 6.6 trillion, down 13% YoY due to special events; excluding these, EBITDA grew 13% to COP 7.4 trillion.

• Net profit for 9M25 was COP 1.85 trillion, down 17% YoY; adjusted for special events, net profit would have increased 7–15% to COP 2.1–2.23 trillion.

• Investments totaled COP 4.4 trillion YTD, up 38% from the same period in 2024.

• Assets at COP 77.7 trillion, equity stable at COP 17.8 trillion, and liabilities decreased 0.5% from December 2024.

• Gross debt/EBITDA ratio at 4.1x; FFO/Net debt at 24.2%; average debt maturity is 9 years.

Outlook and guidance

• Investment commitments through 2030 total COP 31.1 trillion, with expected additional annual revenue of COP 1.8 trillion from new projects.

• Anticipates regulatory approval for consolidating Colombian energy transmission under Intercolombia by January 2026.

• Continued focus on energy solutions, storage, and renewable projects, especially in Colombia and Brazil, with Transelca projected to represent up to 23% of total investments.

• Construction of major highway and energy projects continues on schedule in Panama, Chile, and across Latin America.

• Strategy aligned with increased investment rate and energy transition leadership.