Interconexión Eléctrica (ISA) Q3 2026 earnings summary

Executive summary

• 9M26 operating revenues reached COP 12,412B and EBITDA COP 7,097B, both up 8% YoY; net profit was COP 1,792B, down 3% reported and up 5% excluding FX translation.

• Cumulative capex rose 19% to COP 5.2T, supported by new projects, contract escalators, construction activity and IE Madeira consolidation.

• 9M26 awards and transactions totaled USD 2,708M; investment commitments through 2030 were COP 28.1T, with 37 projects under development.

• IE Madeira consolidation brought ownership to 100%; the transaction generated a COP 222B business-combination gain.

Financial highlights

• 9M26 EBITDA margin was 57%, stable YoY; excluding construction, it was 78% vs. 74%. Net margin was 14% vs. 16%.

• 3Q26 EBITDA was COP 2,208B, down 11% reported and stable excluding FX translation; net profit was COP 538B, down 23% reported and 9% lower excluding FX and the prior-year Paulista tariff-review appeal effect.

• 9M26 EBIT was COP 6,023B, up 8%; net financial expenses rose to COP 2,123B from COP 1,737B.

• Assets were COP 81.7T at September-end, up 7% vs. year-end 2025; liabilities rose 11%, while equity fell 4% to COP 17.2T.

• Net income was down 1% excluding FX translation and special items.

Outlook and guidance

• Growth plans span energy transmission, roads and telecommunications, with investment discipline and a long-term infrastructure focus.

• Construction continued on 34 energy transmission projects, 9 renewals in Colombia and Chile, 172 Brazil grid projects and 3 road concessions; completed projects are expected to add 4,562 km of lines, 13,830 MVA and 296 km of roads.

• The Caribbean pipeline includes more than USD 1.8B of projects, including Colectora 2 and key substation upgrades; Colectora 2 could transmit 3,000 MW of renewable energy, with technical definitions and tenders pending.

• Colombia-Panama interconnection development is expected by end-2029; Kimal Lagunas is expected in 2027 and Kimal-Lo Aguirre in 2029.

• Management expects the FX translation effect to be positive next year; investment decisions remain subject to returns exceeding the cost of capital and prudent debt management.