Grupo Energía Bogotá S.A. (GEB) Q2 2026 earnings summary

Executive summary

• Celebrated 130th anniversary, highlighting transformation into a multinational leader in electricity transmission and natural gas across Colombia, Peru, Brazil, and Guatemala.

• Net income rose 15% year-over-year, supported by strong equity method income, especially from Enel Colombia, and disciplined financial management, despite FX volatility and lower gas volumes.

• Maintained a solid financial profile, with Net Debt-to-EBITDA at 2.96x and quarterly CAPEX execution of USD 140 million.

• Strengthened growth platform through strategic assets and expansion in Colombia and Brazil, advancing key projects.

• ESG management remains a strategic differentiator, with progress in environmental and social initiatives.

Financial highlights

• Adjusted LTM EBITDA reached COP 5.8 trillion, up 5% year-over-year; Q2 Adjusted EBITDA was COP 813 billion, down 24% year-over-year due to FX and gas business headwinds.

• Operating revenue decreased 13% year-over-year, mainly due to a COP 166 billion negative FX translation effect.

• Operating costs fell 15% year-over-year, largely from FX translation and lower maintenance and emergency costs.

• Administrative expenses dropped 24% year-over-year, aided by FX effects and changes in credit loss methodology.

• Net debt to EBITDA improved to 3.0x from 3.3x year-over-year; EBITDA to interest coverage rose to 5.8x.

Outlook and guidance

• Five-year organic CapEx plan totals $1.7 billion, focused on electricity transmission and ongoing projects, with strategic emphasis on the Transmission segment and TGI.

• Brazilian platform consolidation and Colombian transmission projects are key growth drivers.

• Regulatory changes and new government policies in Peru and Colombia expected to support long-term growth in natural gas and electricity sectors.

• Expansion plans target incremental revenue through new contracts and bidirectional projects.

• Efficiency initiatives are expected to accelerate in the second half of 2026, with additional Opex and Capex projects in development.