Colbún's results for the third quarter of 2026 show the effect of a rainy winter. The Chilean generator posted a profit of US$72.5 million between July and September, compared with US$25.3 million in the same quarter of 2025, almost three times as much, according to the management discussion and analysis of its financial statements at 30 September, approved by the board on 27 October 2026 and reported that night by Diario Financiero.
The jump is mostly about water. Colbún's generation in Chile reached 3,170 GWh in the quarter, 37% more than a year earlier, and hydropower rose by 735 GWh thanks to the rains of July to September. With more of its own energy, the company stopped buying on the spot market and instead sold 491 GWh there, after selling nothing in the third quarter of 2025.
The year-to-date picture is less favorable: between January and September profit totals US$133.3 million, 14.5% less than the US$155.9 million of 2025. The company attributes this to the cost of early cancellation of coal purchase contracts signed in 2022 and to higher income tax expense.
Colbún's results in figures
Quarterly revenue reached US$468.4 million, 21% more than the US$388.0 million of the third quarter of 2025. EBITDA, which measures the cash generated by operations, rose 55% to US$196.6 million. According to the company, the drivers were a higher average sale price to unregulated customers (due to higher transmission tolls and the indexation of some contracts to fuel prices), spot market sales and the new contract with Pluz Energía in Peru.
| Indicator (US$ million) | 3Q25 | 3Q26 | Jan-Sep 2025 | Jan-Sep 2026 |
|---|---|---|---|---|
| Revenue | 388.0 | 468.4 | 1,203.0 | 1,326.1 |
| EBITDA | 126.6 | 196.6 | 445.8 | 486.1 |
| Operating income | 61.1 | 129.0 | 265.6 | 286.0 |
| Non-operating result | -31.6 | -29.7 | -70.3 | -100.2 |
| Income tax | -4.3 | -26.8 | -39.5 | -52.5 |
| Profit | 25.3 | 72.5 | 155.9 | 133.3 |
Source: Colbún's management discussion and analysis at 30 September 2026. Figures are consolidated and include its Peruvian subsidiary Fenix, which according to Diario Financiero contributed US$75.8 million of revenue in the quarter, 25% more.
The non-operating result remained negative. In the quarter it showed a loss of US$29.7 million, slightly smaller than last year thanks to lower financial expense, but it included the extraordinary cost of ending the coal contracts early. Diario Financiero notes that, year to date, coal consumption rose from US$13 million to US$52.7 million and oil consumption from US$12.5 million to US$40.4 million, due to heavier use of the Santa María plant in Coronel during the dry first half. The rise in Chile's diesel prices over recent weeks is covered in our story on fuel price hikes.
More water, less coal and lower prices across the grid
The increase in generation was not only hydro. Colbún reports 154 GWh more wind energy, mainly from the Horizonte wind farm in Taltal, because of less curtailment thanks to greater local transmission capacity, and 102 GWh more from coal with the return of the Santa María plant, which was out of service in the third quarter of 2025. Gas-fired generation, by contrast, fell 118 GWh due to lower economic dispatch.
| Generation and sales in Chile (GWh) | 3Q25 | 3Q26 | Change |
|---|---|---|---|
| Total generation | 2,313 | 3,170 | +37% |
| Hydro generation (change) | — | +735 | — |
| Total physical sales | 2,758 | 3,168 | +15% |
| Sales to unregulated customers | 2,342 | 2,459 | +5% |
| Spot market sales | 0 | 491 | — |
| Sales to regulated customers (change) | — | -198 | -48% |
Sales to regulated customers fell 198 GWh because the contract with Enel Distribución awarded in the 2006 tender expired in December 2025. Sales to unregulated customers grew 117 GWh on new contracts. In 2026 the company has signed contracts in Chile with 108 customers for 1,591 GWh a year, including the renewal with CMPC for 850 GWh a year from January 2028 for ten years.
Across Chile's National Electric System, quarterly generation was 21,511 GWh, 1% more. Hydro grew 2,535 GWh, wind 377 GWh and solar 319 GWh, while coal fell 1,941 GWh and gas 1,310 GWh. With that mix, the average marginal cost at the main nodes fell about 18% to US$44.1 per MWh, from US$54.1 a year earlier; Colbún attributes it to higher hydro, solar and wind output and to a larger contribution from batteries. In some hours the price hit zero, as we reported in our story on the lowest marginal cost since 2002.
Batteries, a 360 MW wind farm and less debt
Colbún also reported progress on its storage projects. The Celda Solar BESS, with 228 MW and 912 MWh, was 96% complete and has finished its performance tests; the Diego de Almagro Sur BESS, also 228 MW and 912 MWh, was at 79% and began cold commissioning. The new Don Eduardo switching substation (2x500 kV) is 84% complete, and the 360 MW Cuatro Vientos wind farm received its environmental approval during the quarter.
| Project | Capacity | Status at 30 September 2026 |
|---|---|---|
| Celda Solar BESS | 228 MW / 912 MWh | 96% complete |
| Diego de Almagro Sur BESS | 228 MW / 912 MWh | 79% complete |
| Don Eduardo substation | 2x500 kV | 84% complete |
| Cuatro Vientos wind farm | 360 MW | Environmental approval in 3Q26 |
On the financial side, on 2 September the company signed a five-year syndicated loan for US$400 million with BBVA, BofA, JPMorgan, Itaú and Santander, which it used to prepay the remaining US$233 million of its 2027 bond. Net debt fell from US$1,672.0 million at the end of 2025 to US$1,540.3 million, and the ratio of net debt to last-twelve-months EBITDA went from 2.7 to 2.4 times.
There is also an effect not yet in these figures. On 17 October 2026 Chile enacted Law 21,850 on National Reconstruction and Economic and Social Development, which gradually lowers the corporate income tax rate. Colbún estimates this will cut its deferred tax liabilities by about US$140 million, to be booked as an accounting gain for the year. It is an accounting effect, not cash income.
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See advertising optionsWhat comes next: an underlying drought and a strong El Niño
Despite the winter rains, at the end of September the system's main river basins still had rainfall deficits compared with a normal year: -11% in the Aconcagua, -9% in the Maule, -8% in the Biobío and about -10% in the Chapo. Only the Laja basin had a surplus, of 21%. The reason is that April-June was extremely dry and the later rains did not make up for it.
For the coming months, the company cites the US National Oceanic and Atmospheric Administration (NOAA), which projects with more than 83% probability a strong to very strong El Niño through the first quarter of 2027, with above-normal rainfall in south-central Chile until December. With the Colbún reservoir close to full and a snowpack more than 60% above normal, the generator said it is carrying out preventive spills to operate safely.
The sector is also changing hands: Chile's antitrust prosecutor approved the purchase of AES, owner of AES Andes, by funds of BlackRock and EQT, as we reported in this story on the deal. Colbún will present its results to investors on Friday 30 October at 12:00 Chilean time.
Frequently asked questions about Colbún's results
How much did Colbún earn in the third quarter of 2026?
It earned US$72.5 million between July and September 2026, compared with US$25.3 million in the same quarter of 2025.
Why did Colbún's profit rise so much?
Because of higher hydro generation after the winter rains (+735 GWh), which let it sell energy on the spot market, and higher prices to unregulated customers. EBITDA rose 55%.
Why is the year-to-date profit lower than in 2025?
Because the company took on the cost of cancelling coal contracts signed in 2022 early and paid more taxes. By September it had earned US$133.3 million, 14.5% less.
What battery projects does Colbún have?
Two systems of 228 MW and 912 MWh each: Celda Solar, 96% complete, and Diego de Almagro Sur, 79% complete, according to its report at 30 September 2026.
