Interconexión Eléctrica (ISA) Q2 2025 earnings summary

Executive summary

• Revenue and operational growth were driven by new project commissioning and contractual escalators, despite regulatory changes in Brazil and increased reserves in Colombia for Air-e impacting results.

• Investments reached COP 2.7 trillion in 1H25, up 29% year-over-year, with major infrastructure projects advancing in Brazil, Colombia, Chile, Peru, and Panama.

• Net zero commitment by 2050, targeting a 90% emissions reduction, with an intermediate 60% goal by 2040.

• Excluding extraordinary events (RBSE adjustment and Air-e provision), EBITDA and net profit grew 8% and 4% year-over-year, respectively.

• Including these events, EBITDA fell 9% and net profit dropped 14% year-over-year.

Financial highlights

• EBITDA for the first half of 2025 reached COP 4.1 trillion, down 9% year-over-year due to non-recurring events; operational EBITDA grew 8% excluding these effects.

• Net profit for the period was COP 1.15 trillion, down 14% year-over-year; would have increased 4% year-over-year on an adjusted basis.

• Assets totaled COP 77.1 trillion as of June 30, 2025, stable versus December 2024; liabilities decreased 1% due to scheduled amortizations.

• Dividend payment of COP 841 billion (COP 759/share), representing 60% of total annual payment, made on May 27, 2025.

• 1H25 operating revenues: COP 7.35 trillion, up 3% year-over-year; excluding construction, COP 5.31 trillion, up 1%.

Outlook and guidance

• Investment commitments for 2025–2030 increased to COP 28.4 trillion, with COP 2.7 trillion invested in the first half of 2025.

• Annual CapEx for 2025 projected at COP 6.6 trillion.

• Operational results expected to maintain a positive trend, driven by project commissioning and contractual escalators.

• Leverage expected to remain stable at current levels, supported by new EBITDA from upcoming projects.

• ISA2040 strategy continues to prioritize resilient, clean, and just energy transition.