- ISA executed 10% higher investments compared to the first quarter of 2025, reflecting the strong execution of its growth plan.
- The Company strengthened its regional leadership with the energization of projects totaling USD 92 million, mainly in Brazil and Colombia.
- During the period, ISA signed a share purchase agreement aimed at consolidating 100% ownership of IE Madeira in Brazil, incorporating into its portfolio one of the largest high-voltage direct current transmission systems in the world.
The first quarter of 2026 was a highly significant period for ISA’s businesses, marked by a high level of investment. The Company executed investments totaling COP 1.5 trillion, representing a 10% increase compared to the same period of the previous year and one of the highest levels in its history.
A total of 93% of these investments was concentrated in the energy transmission business, reflecting ISA’s commitment to strengthening the reliability and availability of regional systems to advance the energy transition.
ISA achieved relevant operational milestones in Brazil with the completion of the Jacarandá project, which enhanced electrical infrastructure in the São Paulo Metropolitan Region, one of the most economically active areas in the country. Additionally, ISA Energía Brasil energized Block 2 of the Piraquê project, one of the most significant energy infrastructure projects in Brazil, essential for transporting renewable energy to the main consumption centers.
Furthermore, ISA Energía Brasil signed a share purchase agreement with Axia Energía to restructure its holdings in IE Madeira and IE Garanhuns (a transaction subject to regulatory approvals in Brazil). Through this transaction, ISA will consolidate 100% ownership of IE Madeira, incorporating into its portfolio one of the largest direct current transmission systems in the world—a 2,385-kilometer line that integrates renewable energy generated in the Amazon region with the country’s largest demand centers, and which is expected to contribute approximately COP 360 billion in annual EBITDA.
In Colombia, ISA expressed its interest in developing a package of urgent and essential projects to enable the integration of renewable energy into the National Transmission System, strengthening system reliability and advancing the energy transition. These projects are expected to be executed between 2027 and 2031, with estimated investments ranging from USD 800 million to USD 1 billion.
In the roads business, ISA Vías in Chile submitted the best bid in the second tender for the Río Bueno – Puerto Montt concession, which includes the modernization of 129 kilometers. Additionally, this subsidiary became the first company in the road sector in Chile to issue sustainability-linked bonds, successfully placing approximately USD 630 million in two bond series with strong market demand, reaching 1.7 times the offered amount.
From a financial perspective, during the first quarter ISA recorded operating revenues of COP 3.9 trillion, EBITDA of COP 2.2 trillion, and net income of COP 558 billion. Compared to the first quarter of 2025, these results reflect decreases of 4%, 9%, and 20%, respectively. These variations are mainly explained by the strengthening of the Colombian peso against the Brazilian real, the US dollar, and the Chilean peso, which reduced consolidated figures when converted into Colombian pesos, as well as by lower growth in macroeconomic variables impacting contractual assets in Brazil and Chile. In addition, net income was affected by the wealth tax in Colombia and higher financial expenses associated with project development.
The Company maintains a solid and efficient capital structure, reflected in its cash generation, its international investment-grade credit rating, and financial indicators that support stable and consistent performance.
“ISA begins 2026 with relevant progress in project execution, financial discipline, and a clear growth strategy. While results reflect the impact of macroeconomic variables, operations remain solid. The opportunities in Chile and Colombia, along with the IE Madeira transaction in Brazil, demonstrate ISA’s ability to continue consolidating a regional infrastructure platform with long-term assets,” said Olga Patricia Castaño, Interim CEO of ISA.