Colbún (COLBUN) Q2 2026 earnings summary

Executive summary

• Signed power purchase agreements in Chile with 68 clients for 481 GWh/year and in Peru with 8 clients for 15.5 MW contract capacity; major commercial contracts also included 70 GWh/year in Peru.

• Advanced key projects: BESS Celda Solar at 94% completion, BESS Diego de Almagro Sur at 68%, and Don Eduardo Substation at 70%.

• Fully prepaid a US$162.2 million bank loan and distributed US$93.1 million in dividends, representing 50% of 2025's distributable net income.

• Severe storms in July impacted Chile, highlighting system reliance on weather and the need for backup capacity.

Financial highlights

• Consolidated operating revenue for Q2 2026 was US$449.2 million, up 12% year-over-year; EBITDA reached US$156.9 million, also up 12% year-over-year.

• Net income was US$36.6 million, down from US$48.2 million in Q2 2025, mainly due to higher non-operating losses.

• Raw materials and consumables costs rose to US$248 million, driven by higher coal consumption.

• Total energy sales volume increased 10% quarter-over-quarter to 3,197 GWh.

Outlook and guidance

• Expected CapEx for H2 2026 is US$200 million, with US$100 million allocated to BESS projects and the remainder to maintenance and smaller investments.

• Growth strategy focuses on expanding renewable capacity (wind, solar, battery) and maintaining a strong hydro share, with several projects under construction or in advanced development in Chile and Peru.

• Reservoir levels have improved significantly due to recent rainfall, supporting hydro generation.