Interconexión Eléctrica S.A. E.S.P.

ISA said 2025 EBITDA was COP 8.7 trillion, down 11% year over year, and net profit was COP 2.4 trillion, down 14% year over year. Gabriel Melguizo also cited COP 6.3 trillion of investment execution in 2025, up 31% versus 2024, ROE close to 14%, and dividends of COP 1.4 trillion, equal to COP 1,265 per share. Jaime Falquez said the EBITDA decline reflected special items: a negative COP 592 billion impact from Brazil regulatory changes and a COP 314 billion reserve update for Air-e, partly offset by a 2024 positive tariff revision impact and reserve adjustment. Excluding special events, management said EBITDA would have grown 8% and net profit 5%. For guidance, the company said the 2026-2030 investment plan rose to COP 25.5 trillion, with 29 projects under construction; it also proposed a dividend of COP 1,090 per share, or 50% of net profit.

Gabriel Melguizo emphasized that ISA’s new ISA 2040 strategy is focused on consolidating transmission, accelerating new energy businesses, growing selectively in roads, and actively managing the portfolio. He repeatedly framed 2025 as a year of disciplined execution, noting strategic restructuring such as centralizing services in a digital hub and using Transelca as the vehicle for energy solutions in Colombia. His tone was confident and steady, with an emphasis on continuity after the leadership change and on ISA’s operational and strategic stability.

Jaime Falquez focused on adjusted performance and the balance sheet. He said 2025 EBITDA was COP 8.7 trillion and net profit COP 2.4 trillion, but underlying results would have improved absent special items; he quantified the main headwinds as COP 592 billion from Brazil regulation and COP 314 billion from the Air-e reserve update. He also highlighted leverage at 3.7x gross debt/EBITDA, consolidated financial debt of COP 34 billion, debt average life close to 9 years, disbursements of COP 4.4 trillion, and amortizations of COP 2.8 trillion. On capital allocation, he said the board will propose distributing 50% of net profit as dividends, equal to COP 1,090 per share, while preserving liquidity and investment-grade metrics.

Analysts pressed on three main issues: the Peru TOCE/CEPI project, the Chile fine tied to the January 2025 blackout, and recovery of receivables from Air-e. Management said TOCE/CEPI is a co-controlled consortium with Grupo Energía Bogotá and therefore will be accounted for by equity method, not line-by-line consolidation; they also said the project is large, about 800 kilometers and approximately $800 million, with environmental and licensing work still progressing. On Chile, management said it received notice of a $14.5 million fine, has already filed a reconsideration with the SEC, and is not required to pay immediately while the process runs. For Air-e, management said there is a reserve of COP 467 billion and described legal and regulatory actions already underway, including a suit filed in July 2025 and renewed action after a partial payment agreement expired.