Grupo Energía Bogotá S.A. (GEB) Q3 2024 earnings summary

Executive summary

• Achieved stable financial results in 3Q24 despite sector, regulatory, and climate challenges, supported by diversification across energy and gas chains and geographies.

• Revenue and net income grew year-over-year, with consolidated net income rising 5.4% to COP 849B and recognition for sustainability and investment-grade ratings.

• Strategic focus on sustainability and energy transition, with inclusion in Forbes' top 25 and reaffirmed Fitch Ratings.

• Dividend yield reached 13.2%, with COP 251B approved for distribution.

Financial highlights

• 3Q24 operating revenues increased 8.1% year-over-year to COP 2,022B; adjusted EBITDA up 33.4% to COP 1,208B.

• Operating income grew 11.3% year-over-year; net financial expense decreased by 8.8%; income taxes fell 38.4%.

• Adjusted EBITDA for the last 12 months reached COP 5T (~$1.2B).

• Dividend yield at 13.2% and LTM ROE at 12.9%.

• Organic CAPEX for the quarter was USD 117M, up 14% year-over-year, mainly in transmission projects.

Outlook and guidance

• Five-year CAPEX projection increased by 14% to USD 1.6B, reflecting expanded investment plans in Colombia, Peru, and major investments in transmission and gas distribution.

• Growth opportunities in Brazil remain strong, though no major transactions are expected to close in the near term.

• Cálidda is negotiating a major concession extension in Peru, targeting 7 regions and USD 400–500M investment.