Engie Energia Chile (ECL) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong results with EBITDA up 15% to $159.5 million and net income up 69% to $77.8 million, supported by higher electricity margins, increased gas sales, and lower fuel costs.

• Revenue for Q1 2025 was $515.4 million, up 16% year-over-year, with gross margin improving to 27%.

• Dividend payments resumed after three years, with a 30% payout of 2024 net profits approved for May 2025.

• Securitization and sale of receivables improved liquidity, enabling new investments and ending the receivables build-up.

• Continued energy transition with significant investments in renewables and storage, and advanced coal exit preparations.

Financial highlights

• EBITDA reached $159.5 million in Q1 2025, up 15% year-over-year, with a margin of 31%.

• Net income rose to $77.8 million, a 69% increase from Q1 2024.

• CapEx investment of $169 million in Q1 2025, focused on renewables and storage.

• Net financial debt was $1.93 billion as of March 31, 2025, with net debt/EBITDA at 3.6x.

• Energy sales reached 3.3 TWh, with energy margin at $53/MWh.

Outlook and guidance

• 2025 guidance reaffirmed: EBITDA expected at $525–575 million and CapEx at $850–900 million.

• $1.4 billion investment planned in renewables and BESS through 2027.

• By 2027, portfolio to include 2.5 GW renewables and batteries, 1.2 GW coal exit, and 0.4 GW new gas capacity.

• ND/EBITDA expected at or below 4x for 2025.

• Guidance excludes potential legal settlement outcomes.