Construcciones El Condor Full-Year 2025 Net Loss Worsens Year-on-Year
Medellin-based highway construction giant Construcciones El Condor on February 27 posted a full-year 2025 net loss of COP$267 billion (US$70.8 million) — 56% worse than the full-year 2024 net loss of COP$171 billion (US$41 million).
El Condor blamed the growing losses mainly upon “recognition of the onerous contract for the San Agustín [highway] project . . . and the results obtained using the equity method, influenced by the loss on the sale of the Pacífico 3 [highway project].”
Revenues from ordinary activities also fell 41% year-on-year, to COP$828 billion (US$219 million) for full-year 2025, versus COP$1.17 trillion (US$310 million) in full-year 2024.
“This decrease is mainly due to the reduced execution of projects following the completion of the Magdalena 2 and Antioquia-Bolívar Works,” according to El Condor.
“Operating costs [for 2025] totaled COP$913 billion [US$242 million], a 20% decrease compared to the previous year. As a result, a gross loss of COP$85 billion [US$22 million] was recorded, equivalent to a negative gross margin of 10%. This performance was largely influenced by the recognition of the Ruta al Sur project as an onerous contract.”
As for earnings before interest, taxes, depreciation and amortization (EBITDA), El Condor posted COP$99.99 billion (US$26 million) EBITDA for fulll-year 2025 — a 31% year-on-year drop, when 2024 EBITDA was COP$144 billion (US$38 million).
“Overall, 2025 was a year marked by the timely recognition of risks, a significant reduction in debt, and progress in organizational transformation, which laid a solid foundation for strengthening liquidity and operational performance in 2026,” according to the company.
“Looking ahead to 2026, the company projects a year of stability and consolidation, with an emphasis on financial discipline, cash management, operational efficiency, and the orderly execution of projects.
“The backlog to be executed amounts to COP$889 billion [US$235 million]. This is complemented by strategic milestones such as the Ruta al Mar arbitration award and the contribution of the Vinus project,” the company added.
