Grupo Energía Bogotá S.A. (GEB) Q1 2026 earnings summary

Executive summary

• Operational revenues declined 11.8%–12% year-over-year, mainly due to FX effects and a non-recurring pipeline event in Peru, while adjusted EBITDA rose 4% year-over-year, supported by higher dividends from associates and non-controlled companies.

• Net income dropped 43% year-over-year to COP 568B, impacted by FX, higher taxes, non-recurring events, and increased administrative expenses, including Air-e provision and wealth tax.

• Strategic progress included the acquisition agreement for the remaining 49% stake in four Brazilian transmission concessions and the award of Colombia's first synchronous condensers.

• Organic CAPEX increased 33% year-over-year to USD 156M, with major investments in transmission and gas transportation.

• Diversification strategy advanced, with adjusted contributions: 27% power generation, 24% power distribution, 19% gas transportation, 16% electricity transmission, 14% gas distribution.

Financial highlights

• Adjusted EBITDA reached COP 2.4T, up 4% year-over-year, supported by dividends from associates, while consolidated operating revenues decreased by 11.8%–12% year-over-year due to FX and non-recurring events.

• Net income for Q1 2026 was COP 568B, down 43% year-over-year, impacted by FX, higher taxes, and provisions.

• Return on equity reached 15.7%, and ROIC over the last 12 months was 12.5%.

• Dividend yield set at 8.5%, with a 5.4% increase in dividend per share compared to 2025.

• CAPEX for Q1 2026 was USD 156M, up 33% year-over-year, mainly in transmission and gas transportation.

Outlook and guidance

• Five-year CAPEX plan totals USD 1.7B, with 69% allocated to transmission and gas transportation projects.

• Continued focus on value generation in core markets, growth in Brazil's transmission sector, and energy transition initiatives.

• Regulatory clarity and structural solutions are being pursued for gas supply reliability and tariff reviews.