Colbún (COLBUN) Q4 2024 earnings summary

Executive summary

• Secured new supply contracts and PPAs with major clients, adding 2.1 TWh/year and 256 MW of new capacity, including Codelco and Antofagasta Minerals.

• Advanced renewable energy projects in Peru and Chile, with over 2 GW in feasibility or construction, and major progress in Horizonte wind farm and BESS Celda Solar storage project.

• Completed significant M&A activity, acquiring San Juan (193 MW) and Totoral (46 MW) wind farms for $403 million.

• Recognized for sustainability, ESG, safety, and gender equity, ranking among top workplaces and business sustainability leaders.

• Launched green hydrogen plant at Fenix thermal plant in Peru, reducing CO2 emissions.

Financial highlights

• Consolidated operating income for 4Q24 was $385 million, down 6% quarter-over-quarter and year-over-year.

• EBITDA reached $173 million, up 7% quarter-over-quarter and year-over-year.

• Net income for 4Q24 was $54 million, a 4% decrease quarter-over-quarter and year-over-year.

• Total energy sales volume decreased by 5% compared to 4Q23.

• Raw materials and consumables costs fell by 18% quarter-over-quarter.

Outlook and guidance

• Ongoing expansion of renewable and storage capacity in Chile and Peru, with multiple projects in advanced stages.

• Medium-term outlook in Chile is challenged by hydrological deficits; Peru benefits from improved hydrology and rising demand.

• Continued focus on sustainability and operational excellence, supported by industry recognitions.