The 130-year-old utility reported 2025 revenues of $8 trillion pesos with adjusted EBITDA of $5.9 trillion pesos, equivalent to approximately $1.7 billion and representing 16% growth year-over-year. The company executed $1.3 trillion pesos in organic investments, the highest amount in its history, with roughly two-thirds allocated to electrical transmission projects in Colombia. GEB distributed approximately $2.2 trillion pesos in dividends, maintaining its policy of returning around 70% of profits to shareholders while financing acquisitions and projects with multi-year return horizons.
Financial Vice President Jorge Andrés Tabares noted free cash flow grew 59% between 2020 and 2025, exceeding $1 billion annually, while maintaining moderate leverage of 3.3 times at mid-year. Foreign investors currently represent less than 1% of shareholders despite the company’s market capitalization approaching $8 billion. The ADR listing targets expanded investor base and improved liquidity, addressing low daily trading volumes on Colombia’s domestic exchange. Tabares indicated GEB holds approximately 5% weighting in the MSCI Colcap index but remains absent from broader regional indices, a gap enhanced liquidity could address by meeting inclusion requirements for international benchmark portfolios.
The Bogotá District controls approximately 66% of GEB, with remaining shares held by pension funds, institutional investors and public market participants. The company operates transmission assets across Colombia, Peru, Brazil and Guatemala, having entered Brazil in 2015 through acquisition of 51% stakes in four transmission concessions. At 2025 year-end, consolidated debt reached $5.5 billion. Colombia’s previous Wall Street entrants include Grupo Cibest (1995), Ecopetrol (2008), Grupo Aval (2014) and Tecnoglass (2022).
This article was curated and published as part of our South American energy market coverage.
