Grupo Argos 1Q 2026 Net Income Falls 21% Year-on-Year

Medellin-based Grupo Argos – parent company of cement/concrete giant Cement Argos, electric power producer Celsia and highways-airports concessionare Odinsa – on May 14 reported a 21% year-on-year first quarter (1Q) 2026 decline in net income, at COP$194 billion (US$53 million), versus COP$245 billion (US$67 million) in 1Q 2025.

Revenues likewise dipped 7% year-on-year, to COP$2.7 trillion (US$739 million), versus COP$2.9 trillion (US$794 million) in 1Q 2025.

Earnings before interest, taxes, depreciation and amortization (EBITDA) also dipped 12% year-on-year, to COP$712 billion (US$194 million), from COP$809 billion (US$221 million) in 1Q 2025, according to the company.

“The construction materials, concessions, and real estate businesses delivered solid operational performance during the first quarter: Cementos Argos increased its EBITDA by 5%, Odinsa reported traffic growth of 5% on toll roads and 9% in airports, and the Urban Development Business increased its cash flow revenues by 49%,” according to Argos.

Those gains “partially offset the impact of elevated energy spot prices during the first two months of 2026. This affected the results of Celsia and weighed on the group’s consolidated financial results for the quarter. This trend began to improve in March and has continued to show better momentum throughout April and May,” according to Grupo Agos.

“Cementos Argos increased its EBITDA, Odinsa maintained growth in road and airport traffic, and the Urban Development Business strengthened its cash generation,” the company added.

“Celsia reported revenues of COP$1.3 trillion [US$356 million] during the latest quarter and EBITDA of COP $363 billion [US$99 million], representing year-over-year declines of 12% and 21%, respectively. These results were primarily explained by lower energy commercialization prices in a context of high hydrology during the first two months of the year.

“Odinsa reported revenues of COP$117 billion [US$32 million] during the first quarter, down 10% year over year, EBITDA of COP$94 billion [US$25 million], declining 14%, and net income of COP$84 billion [US$23 million], 15% lower than the previous year.

“This decrease was mainly due to the fact that 2026 did not include the exceptional valuation gain recorded in 2025 from the incorporation of the second phase of the Oriente Tunnel [connecting Medellin to its international airport],” the company added.

“From an operational standpoint, the cement and real estate businesses contributed an increase of COP$18 billion [US$4.9 million] in EBITDA for Grupo Argos, partially offsetting the COP$95 billion [US$26 million] contraction recorded in the energy business,” Argos concluded.