This report does not constitute a rating action. SAO PAULO (S&P Global Ratings) Oct. 29, 2026--S&P Global Ratings today said that Colbun S.A.'s (BBB/Stable/--) strong third-quarter results provide some upside to our expectations for 2026. The strong performance of the Chilean electric power generation firm reflected higher sales and average prices to unregulated customers in its home market. Improved hydrological conditions and higher wind generation also increased output and supported greater spot-market sales. The improvement helped offset weaker conditions earlier in the year, including a one-off disruption at Fenix in Peru (relating to a temporary interruption in gas supply). Consolidated last-12-month EBITDA (ending Sept. 30, 2026) reached roughly $650 million in the third quarter. The company reported net debt to
