Celsia stock faces profit pressure after difficult third quarter
Published on 11/12/2026 at 01:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSQuarterly results under pressure
- Celsia's third-quarter revenue rose as energy sales increased, but higher power and gas costs pressured profitability.
- The company lowered its 2026 outlook and continued efforts to reduce operating expenses and debt.
- El Nino conditions and Colombia's temporary shortage regulation remain key risks for margins.
Celsia reported stronger revenue but weaker profitability for the third quarter of 2026, as drought conditions linked to El Nino and Colombia's temporary shortage regulation raised operating pressure. The energy company released the figures on November 10, according to its official results statement.
Revenue growth did not lift earnings
Revenue increased 24.8% year over year to COP 1.62 trillion, helped by higher wholesale energy sales and a 22.1% increase in retail activity. EBITDA fell 23% to COP 293.361 billion, while the EBITDA margin declined to 18.1% in the quarter.
Net income reached COP 28.850 billion, down 64.1% from the prior-year period. Celsia said higher electricity and gas procurement costs absorbed much of the revenue growth, while the temporary shortage statute reduced remuneration for thermal generation used to support the power system.
Outlook remains tied to weather
Celsia expects consolidated 2026 EBITDA of about COP 1.4 trillion, with a margin near 23%, and net income of about COP 250 billion. The company said margins would remain under pressure while El Nino conditions and the current regulatory framework persist.
Management also said the company was conserving water in its reservoirs ahead of the dry season and relying on thermal plants, including El Tesorito and Merilectrica, to support system reliability. Celsia is seeking additional gas volumes for those plants while engaging with Colombia's energy regulator over changes to the temporary rules.
Efficiency and debt reduction continue
Operating expenses fell 9% from a year earlier. Celsia said structural savings since 2025 had reached COP 153 billion and that this year's efficiency initiatives could add about COP 88 billion to EBITDA. The company continues to target a 40% recurring EBITDA margin by 2028, excluding temporary El Nino effects.
Gross debt stood at COP 5.29 trillion at the end of September, 11% below the prior-year level. The short-term portion fell to 21% of total debt from 46%, although working-capital needs related to higher energy costs increased debt from December 2025.
Celsia's Energy Business
Celsia generates, sells and distributes electricity, with hydroelectric and thermal assets supporting Colombia's power system. Its business combines wholesale and retail energy sales with generation assets used to manage demand and reliability.
The company is part of Grupo Argos and is focused on balancing renewable generation, thermal backup, efficiency measures and debt reduction. Its operating position is shaped by Colombia's hydrology, energy-market rules and the cost of fuel required for thermal generation.
Colombia's electricity market and regulatory decisions remain important context for utility investors; see Current market reports.
