Colbún (COLBUN) Q3 2025 earnings summary

Executive summary

• Signed power purchase agreements in Chile for 693 GWh/year with 68 clients and in Peru for 55.4 MW/year with 22 clients for 2025.

• Horizonte Wind Farm in Chile reached full commercial operation, adding 816 MW capacity; BESS Celda Solar at 46% progress and Diego de Almagro Sur BESS construction started.

• Major incidents affected Santa María, Rucúe, and Nahuenco plants; Santa María and Nehuenco U2 resumed operations, Rucúe U1 repairs at 33% progress.

• Acquired remaining 41.379% of Fenix Power Perú S.A., achieving full ownership.

• Issued US$500 million international green bond at 5.375%, lowest spread for a Chilean corporate in 20 years; US$266 million used to redeem 2027 notes.

Financial highlights

• Consolidated operating income for Q3 2025 was US$388 million, up 1% year-over-year.

• EBITDA for Q3 2025 was US$126.6 million, down 25% year-over-year.

• Net income for Q3 2025 was US$25.3 million, down 69% year-over-year.

• Raw materials and consumables cost up 27% year-over-year to US$219 million.

• Cash balance increased from US$788 million to US$949 million during the quarter.

Outlook and guidance

• Celda Solar BESS expected online by Q3 2026; Diego de Almagro Sur BESS by Q1 2027, each adding 300 GWh/year.

• No material financial impact expected from CNE's correction of billing error.

• Rucúe U1 expected to return to service by end of January.

• Growth strategy focuses on expanding renewable capacity and securing long-term contracts to reduce earnings volatility.