Engie Energia Chile (ECL) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial results in Q1 2026, with EBITDA up 35% year-over-year and net income up 52%, driven by higher electricity margins, increased renewable generation, and resilient portfolio performance amid volatile markets.

• Increased renewable and battery capacity, with BESS Tocopilla reaching COD in February 2026 and additional BESS and hybrid projects energized in March 2026.

• Continued transformation of generation mix, reducing coal reliance and expanding renewables to 50% of capacity as of March 2026.

• Dividend equivalent to 30% of 2025 net income approved for payment in May 2026.

• Operating revenues rose 6% year-over-year to $548.3 million, mainly due to higher sales to regulated clients.

Financial highlights

• EBITDA reached $216 million (CLP 216 million), up 35% year-over-year, with a margin of 39.3%.

• Net income was $118.3 million, a 52% increase versus Q1 2025, supported by EBITDA growth and lower net interest expense.

• Net financial debt stood at $2.4 billion, with net debt-to-EBITDA ratio at 3.2x as of March 2026.

• Strong cash generation covered high CapEx, resulting in a $97 million net debt reduction during the quarter.

• CAPEX for the quarter was $196 million, up 16% year-over-year, focused on renewables and storage.

Outlook and guidance

• 2026 EBITDA guidance confirmed at $690–760 million; CapEx expected between $640–710 million.

• Net debt-to-EBITDA expected to remain below 3.5x, excluding IFRS 16 leases.

• Confident in meeting 2026 targets after strong Q1 performance, with assumptions of stable fuel costs and increased renewable generation.