Colbún S.A. reported 2Q26 EBITDA of US$156.9 million, up 12% from US$140.6 million a year earlier, despite rainfall deficits of up to 89% versus an average hydrological year. Generation rose 19% on the return of the Santa María plant, higher output from the Horizonte wind farm and greater dispatch at the Nehuenco gas complex, shifting the company from a net buyer to a net seller in the spot market. Revenue climbed 12% to US$449.2 million. Profit for the quarter, however, fell 24% to US$36.6 million, hit by non-recurring items — chiefly the early cancellation of coal contracts signed in 2022 — and higher financial expenses. For the first half, EBITDA was US$289.5 million (−9%) and net profit US$60.9 million, down from US$130.6 million, largely due to the TGP gas pipeline outage in March that forced Fenix onto diesel. Highlights: 68 new energy contracts in Chile (481 GWh/year), 8 in Peru (15.5 MW), and BESS Celda Solar at 94% progress with BESS Diego de Almagro Sur at 58%.
The quarterly results showed a 12% increase compared to the same period last year, in a quarter marked by the driest hydrological conditions on record in the National Electric System
Santiago, July 28, 2026.– Colbún S.A. reported its results for the second quarter of 2026 (2Q26), a period in which it recorded EBITDA (earnings before interest, taxes, depreciation and amortization) of US$156.9 million, a figure representing a 12% increase compared to the US$140.6 million obtained during the same period of the previous year.
The quarter was marked by a particularly challenging hydrological scenario for the National Electric System (SEN), with rainfall deficits of up to 89% compared to an average hydrological year in the country's main basins. In this context, the system's hydroelectric generation decreased significantly, offset by higher renewable and thermal generation.
Despite this scenario, Colbún's generation increased 19% compared to the second quarter of 2025, driven mainly by the return to operation of the Santa María Power Plant, the greater contribution of the Horizonte Wind Farm and higher dispatch from the gas-fired plants of the Nehuenco Complex. This allowed the Company to shift from a net buyer position to a net seller position in the spot market during the quarter.
As a result, Colbún's revenue from ordinary activities during the second quarter increased 12%, reaching US$449.2 million, driven by higher energy and capacity sales in Chile, associated with the higher volume traded in the spot market as a consequence of the aforementioned increase in generation and by a rise in spot prices. In addition, in the case of Peru, the subsidiary Fenix recorded higher revenue from regulated customers, as a result of new contracts with distribution companies.
Meanwhile, the Company posted a profit for the period of US$36.6 million, 24% lower than the US$48.2 million of the second quarter of 2025. This decline is due to the deterioration of the non-operating result, associated mainly with extraordinary non-recurring effects, among which is the cost of the early cancellation of coal contracts signed in 2022; and to higher financial expenses.
In cumulative terms, during the first half of the year EBITDA reached US$289.5 million, a 9% decrease compared to the same period last year, a variation explained mainly by the impact of the interruption of TGP's natural gas transport system last March, which forced Fenix to operate temporarily with diesel and to make greater energy purchases to supply its contractual commitments. Cumulative net profit for the half-year reached US$60.9 million, which compares with a profit of US$130.6 million in the first half of 2025.
Highlights
Regarding commercial management, during the year energy sales contracts have been signed in Chile with 68 customers, for a total of 481 GWh per year. In Peru, meanwhile, supply contracts have been awarded with 8 customers, for a total of 15.5 MW.
In storage, the BESS Celda Solar project (912 MWh) reached 94% progress and began its charge and discharge testing, while the BESS Diego de Almagro Sur project reached 58% progress.
