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• Cash Flow: COP75.5 million pesos, better than expected.

• Net Debt: COP5.7 billion with a net debt to EBITDA leverage ratio of 3.49 times.

• Revenue: COP1.45 trillion, up 5.5% versus the same quarter of the previous year.

• Cost of Sales: COP907.3 billion, a reduction of 6.7% versus the same quarter of the previous year.

• Administrative Expenses: COP94.2 billion, an increase of 7.3%.

• EBITDA: MXN472 million pesos, a growth of almost 45% with a margin of 32.5%.

• Net Income: COP108 billion, up 264% versus the same period of the previous year.

• Power Generation Revenue: COP397.5 billion, a growth of 11.9%.

• Energy Efficiency Revenue: $6.1 million.

• Celsia Internet Revenue: COP18.3 billion, a 54% growth compared to the same quarter of the previous year.

• Share Buyback: Executed 30% of the total amount approved, representing more than COP90,000 million pesos.

• Teooritto Thermal Plant Revenue: COP48 billion pesos with EBITDA close to COP19 billion pesos.

• C2A Revenue: COP49 billion pesos, a growth of 12% with EBITDA of COP40 billion pesos.

• Photovoltaic Systems Revenue: COP5.6 billion, a growth of 44% compared to the same period of the previous year.

• Warning! GuruFocus has detected 11 Warning Signs with BOG:CELSIA.

Release Date: May 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Celsia SA Esp (BOG:CELSIA) achieved a better-than-expected cash flow of COP75.5 million pesos in the first quarter, driven by strong operational performance.

• The company successfully reduced its structural debt cost from 11.61% in December to 11.32% in March.

• Celsia SA Esp (BOG:CELSIA) reported a significant net income increase of 264% compared to the same period last year, attributed to solid EBITDA growth and lower sales costs.

• The company is making progress in its renewable energy projects, including the signing of a long-term credit agreement for solar farms and the acquisition of a 675-megawatt renewable project portfolio from Mainstream Renewable Power.

• Celsia SA Esp (BOG:CELSIA) has executed 30% of its share buyback program, resulting in a 2.5-fold increase in average daily trading volume and an 11% increase in share price since the program's launch.

Negative Points

• The company faces regulatory uncertainty as the government considers measures to limit energy prices and quantities in the market, which could impact investor confidence.

• There is a risk of energy rationing in Colombia by 2026 due to a projected deficit in firm energy supply, exacerbated by potential El Nino conditions.

• Celsia SA Esp (BOG:CELSIA) experienced a 7.3% increase in administrative expenses, mainly due to structural adjustments in Central America.

• The company is dealing with a backlog of subsidies owed by the government, which affects cash flow and requires ongoing negotiations for timely payments.

• There are concerns about the availability and cost of natural gas, which is crucial for the financial viability of thermal projects in Colombia.