Engie Energia Chile (ECL) Q4 2025 earnings summary

Executive summary

• EBITDA for 2025 reached US$651 million, up 26% year-over-year, marking a record high, driven by strong plant availability, lower marginal costs, and increased renewable generation share.

• Net income for 2025 was US$222.8 million, down 2% from 2024, despite improved operating results, due to higher financial expenses and non-recurring items.

• Fourth quarter 2025 EBITDA was US$130.6 million (+42% YoY), while net income was US$14.4 million (-47% YoY), impacted by increased financial expenses and plant dismantling costs.

• Operating revenues for 2025 totaled US$2,076.6 million, a 13% increase year-over-year, mainly from higher regulated client sales and gas sales.

• Record capital expenditures of US$1,052.9 million in 2025 supported ongoing decarbonization and expansion projects.

Financial highlights

• Operating revenues in Q4 2025 were US$478.3 million, up 5% YoY; full-year revenues rose 13% to US$2,076.6 million.

• EBITDA margin improved to 31.4% in 2025 from 28.1% in 2024.

• Net financial debt at year-end was US$2,519.4 million; gross financial debt/EBITDA was 4.0x, net financial debt/EBITDA 3.87x.

• Interest coverage ratio improved to 4.58x in 2025 from 3.94x in 2024.

• Return on equity was 12.9% and return on assets 4.3% for 2025.

Outlook and guidance

• Guidance for 2026 will be provided in March, with expectations of continued strong performance supported by ongoing investments.