In an era of shifting global economic alliances, few countries find themselves more strategically positioned than Colombia. Caught between the massive state-backed investment initiatives of China and the established political and economic influence of the United States, Bogotá’s policy decisions have never held higher stakes for investors, the region, or especially, the country’s own citizens.

At the 2025 Colombia Gold Summit, Finance Colombia Executive Editor Loren Moss spoke with Daniel Giraldo, a Managing Director at FTI Consulting (NYSE: FCN), a global business advisory firm specializing in cross-border investment and corporate finance. Giraldo offered his perspective on the geopolitical chessboard, examining what Colombia’s recent decision to join the Belt and Road Initiative means for its future relationship with its largest long-standing ally, the United States.

Finance Colombia: I’m here with Daniel Giraldo of FTI Consulting. So we’re here at the 2025 CGS, Colombia Gold Summit, where we also talk about other precious metals, we talk about silver, we also talk about metals like copper, molybdenum, things like that. You gave an interesting talk yesterday, I don’t want to steal your thunder. Why don’t you summarize your discussion?

Daniel Giraldo: Well, if I could summarize my lecture yesterday, I think there’s a chessboard, a giant global chessboard right now. And there are two main players: US and China. And Colombia is one key figure, a key part of this chessboard. Right now, Colombia is in a key position with lots of opportunities between Chinese investment and the US investment. However, which decisions Colombia takes right now will shift the entire game for the coming years.

Finance Colombia: So we are in the last few months of a government that has been relatively friendly or biased towards China. And hostile might be too strong of a word, but relatively cold towards the United States, talking about the Petro government. Colombia, under Petro, just signed up for the Belt and Road Initiative. What is the significance of that for Colombia, not just in its relationship with the United States, but what does that do or change for Colombia?

Daniel Giraldo: Well, what we are seeing right now is that Colombia signed formally the Belt and Road Initiative earlier this year. And there’s been a lot of tensions with the Trump government. At the same time, the US is the main investor in Colombia. And what we’re seeing is how China, through different initiatives, wants to have a bigger long-term influence in the region. And Colombia is, in a soft way, saying, “We want that for us.” However, that’s not a shift that can be made automatically. That’s not made in a single signature by one president. It takes years and years to forge a relationship. And although the government of Petro, President Petro is showing how they’re very interested in the Chinese investment, and to have a strong relationship with the Chinese government, it’s not the way, to just step out of their major alliances throughout years with the US

Finance Colombia: The way that investment is done in China is fundamentally different than the way investment is done from places like the US or Canada or many European countries. In the US, if you’re going to attract investment in Colombia, it’s going to be with some company. And that company is going to do what it wants to do within the law but not really giving a damn about what Washington says or what Washington wants or what Ottawa says or wants. Whereas in China, it’s very much a government-to-government thing. You have state-owned enterprises, and Xi Jinping or the Communist Party says, “we’re going to invest in this,” whether it’s profitable or not, for whatever kind of geopolitical reasons that they want to do things. So it’s a fundamentally different thing.

If you do a deal with a company in the US, you’re doing a deal with that company. Now, yes, you have to make sure that regulatory things go through. Trump is a little bit more of a patronage type of president where he wants to get involved with things so he can find benefit for himself or his administration. But generally speaking, even still, if we look at investors, if you’re going to bring in someone to invest in one of these mining companies here or exploration, it’s a company. In China, it’s going to be a state-backed company. Now, what does that imply, then, for the way business would be done going forward, number one? And number two, Petro’s on his way out, and maybe there will be another left-wing government to continue his project, it doesn’t look like it at this point. But do you see continuity in that affinity or that participation in the Belt and Road Initiative? Like you mentioned, it’s not a treaty, it’s more of like a memorandum of understanding, like the diplomats like to call it. But what do you foresee over the next two or three years?

Daniel Giraldo: Yeah, I believe every tactic has been launched in a very moderate way somehow. So, of course, Belt and Road is just a framework, and every project that could be contemplated by Chinese government, depending on the feasibility of each one of these projects. So they’re not basically getting married yet, they’re just dating.

They’re just on their first dates. However, we’re married to the US We’ve had a long-standing marriage, and what we are seeing right now is that how investment works for both countries is different. However, for both countries, there are more and more, basically, things they require to be approved.

So in order to achieve this, the US is not being indirect about it. They require trusted partners. They require trusted allies, which get what’s at stake right now. So, Petro’s government has one year left. We are expecting a shift. However, even if Colombia gets a left-wing government or a right-wing government, it doesn’t change the fact that investment in the latest years has been in a rough place.

So Colombia requires this investment, and the country requires a very stable policy framework, regulatory framework, legal framework, in order to get investors feeling safer, with more appeal. And, yes, of course, it’s not the same as an SOE (State Owned Enterprise) Chinese company that wants to invest, that needs the approval of Beijing and all this. In contrast, we have the US. Of course, Washington can say whatever they want. They can say Petro is now on the Clinton list, and they can sanction him personally. But a company, a US company, can still invest here; it changes how they see Colombia in the long run.

Finance Colombia: I think one of the things that is very notable is that the Trump government sanctioned Petro, his son, his wife, and his interior minister personally, rather than imposing sanctions on the country or doing, like, I don’t know, tariff things. Actually, by the time we publish the video, we might know what happens, but right before the Supreme Court right now, actually as we speak, there is a challenge to Trump’s ability to circumvent congressional law. And so if we have a trade pact, like free trade agreement or something like that, a lot of businesses in the US have challenged Trump’s ability to just… you can’t just cancel a law. Congress passed a law, and it’s in effect, and you can’t just cancel it. Well, that’s what they’re arguing. And all of these kind of unilateral, discretionary tariff moves that affect entire economies and entire industries, there’s some uncertainty that is going to be settled there.

“However, we’re married to the US We’ve had a long-standing marriage, and what we are seeing right now is that how investment works for both countries is different.” – Daniel Giraldo

But it’s interesting because it seems that with them sanctioning Petro and Benedetti directly as individuals, they’re saying that they want to maintain some predictability and constancy in the bilateral economic relationship with Colombia. And I think that there have been a lot of missions. Fico, the mayor here in Medellin, some of the other mayors and Colombian congressional people have visited Washington and met with senators and met with people in the State Department and said, “Look, you know, we disagree with what the president’s doing. Wait a few months.” And it seems like Washington has heard that and is not acting too rashly towards Colombia as a country but rather decided to take their ire out directly on the president and his consigliere Armando Benedetti.

Daniel Giraldo: What I believe of this is that Trump’s government can say like, “We’re not afraid. We are not afraid of imposing sanctions. We’re not afraid of not conducting business in the way we used to do it anymore.” And it’s been shown, for example, in the relationship with China, for example, with the Chinese government, with Xi Jinping. And there’s been like an escalation of tariffs, for example, I think up to 130%. I can’t remember the exact number. And then last week they say, “let’s stop this. Let’s trade the sequels.” And it’s also their way of showing the carrot and then showing the mace or bat, this metaphor.

Finance Colombia: Yeah, the stick.

Daniel Giraldo: And with Colombia, I believe it is the same. It’s like we could, if we wanted, to give some sanctions and they will have great consequences in terms of our bilateral trade. However, they’re aware of their position. They’re our main investor. We have a very good relationship in bilateral trade. There’s been years and there’s been decades of both countries benefiting from each other. We have a great position in one of the closest countries to enter South America. And they know this government is just ending. So why would they give us, like give the left-wing parties an opportunity to just bash them and say, “Oh, Trump’s government can’t be trusted.” Whereas if you take another position and say, “Look, this is personal, this is just these individuals, not the whole country.” You still have ground to negotiate, to renegotiate, to benefit. So I believe it is quite tactical.

Finance Colombia: Another thing that you mentioned is the difference on the ground. When you look at, for example, if we talk about the mining sector, not just on the ground, but literally in the ground, the US right now, the Trump administration, and really just the US more broadly, is very concerned about rare earths. And Colombia, even though there’s not yet a lot of mining activity, Colombia does have rare earth potential. There’s already been illegal coltan, cobalt ore mining taking place down in the Amazon, things like that. But it would seem that further damaging relationships with Colombia right now would contravene the political strategy in the US to strengthen its rare earth mineral supply chain.

Daniel Giraldo: Yes, it is completely true. The US has shown how important it is for them to be less dependent on the supply chains of the Chinese government, specifically in terms of their rare earths and critical minerals refining processes. So the US has been in recent weeks signing lots of memorandums of understanding and bilateral agreements with Australia, with Japan, with Malaysia, with Thailand. And they already have very good deals with Argentina, with the Mineral Security Partnership, for example, Mexico, Peru, Argentina. And the Dominican Republic. And Colombia could be in the radar as well. And what Colombia requires to be here and to benefit with the US as well is just to be patient, to get the best and the highest standards of ESG, and to reassure the different governments that it is safe to trade minerals with Colombia. That if they purchase Colombian minerals, they explore the region and they trade with us, they will find quality, they will find high standards of minerals, without assuming lots of risks that these markets don’t want to assess anymore.

Finance Colombia: So longer term, looking out three to five years, are you optimistic or pessimistic about the bilateral relationship between the US and Colombia?

Daniel Giraldo: I feel optimistic, not only because it’s the most comfortable answer, but I do feel optimistic because I believe there is a lot of potential. And right now, the sector is not in its best place. But I believe that sometimes you just have to grit your teeth, take the punch, and then stand up again and do everything that’s in your power to just become better. And Colombia has a history of learning, and the sector will learn as well how to be more competent, how to attract investors, and how to get to the highest standard and quality of their bilateral trade with different countries.

Finance Colombia: Great. Well, Daniel Giraldo from FTI Consulting, you guys are one of the leading strategic consulting firms globally, especially when you look at things like cross-border investment. That seems to be your strong suit, even though you guys are a large firm and you guys do a lot of different things. Always great to see your presence here at CGS, at Colombia Gold Summit. And thanks for your insights.

Daniel Giraldo: It’s a pleasure, thanks for having me.

The Board of Directors of Empresas Públicas de Medellín (EPM) approved a budget of $29.8 trillion COP for the 2026 fiscal year during its session on December 2, 2025. The budget is intended to guarantee the continued provision of public utility services—including energy, water, and natural gas—while addressing challenges related to regulatory demands, climate variability, the energy transition, and increasing consumer demand.

The budget allocates resources across all of EPM’s business segments, which include Power Generation, Transmission and Distribution, Gas, Water Provision, and Wastewater. The overall spending plan prioritizes projects focused on modernizing infrastructure, expanding service coverage, and optimizing operational efficiency.

Budget Distribution and Key Investments

The 29.8 trillion COP total budget is divided across four main areas, with investments receiving the largest allocation:

• Investment Expenses (48%): 14.1 trillion COP
  • Infrastructure investments: 4 trillion COP.
  • Long-term contracts for commercial operation and maintenance (registered as investment under current budgetary rules): 6 trillion COP.
  • Assets and inventory related to service provision and investments, provisions, and others: 3.2 trillion COP.
  • Capitalizations and other items: 907 billion COP.
• Functioning Expenses (28%): 8.5 trillion COP
  • This includes transfers to the District of Medellín totaling 2.4 trillion COP, taxes and contributions to the national and territorial governments totaling 1.2 trillion COP, and personnel expenses amounting to 1.6 trillion COP.
• Commercial Operation Expenses (10%): 3.1 trillion COP
  • This covers the purchase of energy, natural gas, and other inputs required to guarantee public service delivery.
• Debt Service (11%): 3.3 trillion COP
• Final Cash Availability (3%): 800 billion COP

Of the 4 trillion COP earmarked for infrastructure investments, 1.3 trillion COP is designated for the second phase of the Hidroituango Hydroelectric Project, a significant infrastructure development for the nation’s energy stability.

Financing and Operational Focus

The 2026 budget is projected to be financed primarily through 18.3 trillion COP (62%) in current revenues from services provided (energy, gas, water, and wastewater). This will be supplemented by 3.5 trillion COP (12%) from loans, with the remaining 26% sourced from dividends received from subsidiaries, accounts receivable recovery, and the initial cash balance.

The budget focuses on specific initiatives across EPM’s segments:

• Power Generation: Includes the expansion of generation infrastructure and the implementation of a master plan for fire protection at generation plants. Resources are also allocated for the modernization of the Guadalupe-Troneras power stations.
• Energy Transmission and Distribution: Focuses on infrastructure expansion and maintenance, replacement of cables and transformers across all voltage levels, and the control of non-technical energy losses.
• Water and Wastewater: Key projects include the Orfelinato – Villa Hermosa Pumping System, the expansion of the Yulimar circuit, and the modernization of the Ayurá water treatment plant. The budget also funds the construction, intervention, and repair of water and sewer networks.
• Gas: Initiatives include optimizing operations through the utilization of biogas from the La Pradera facility.

John Maya Salazar, General Manager of EPM, stated that the budget is aimed at enhancing operational efficiency, strengthening resource management, and ensuring service quality within a context of regulatory, climatic, and market challenges.

Headline photo courtesy EPM

Sika AG (SIX: SIKA), the Swiss specialty chemical company, has officially opened its sixth manufacturing facility in Colombia, located in Palmira, Valle del Cauca, about 20 minutes outside of Cali. The new plant represents a significant industrial investment for the company in the country.

The Palmira facility is designed to increase Sika’s national production capacity by up to 80%, adding approximately 90,000 annual tons across product lines including mortars, adhesives, stuccos, and acrylic mastics. This expansion is positioned to optimize delivery times, enhance logistical competitiveness, and support the company’s supply chain in the western and southern regions of Colombia.

Sika General Manager Andrés Vanegas

The strategic location in Palmira is intended to decrease the average transport distance for products to customers from over 800 kilometers to a maximum of 100 kilometers. This reduction in truck travel is projected to lower transportation routes by 85%, resulting in an estimated reduction of 700 tons of carbon dioxide ($CO_2$) emissions annually, contributing to Sika’s global sustainability objectives.

The new plant incorporates fully automated technology, integrating advanced systems for process control, industrial safety, and energy efficiency. The infrastructure utilizes synthetic Sika fibers in concrete slabs to reduce steel consumption and carbon footprint, and incorporates sandwich panels to lower interior temperature and energy consumption.

The industrial development generates over 60 direct and indirect jobs in its current operational phase, with potential for growth dependent on demand. The plant is expected to strengthen key value chains in the Valle del Cauca region, including logistics, mining, technical services, and material sourcing. The improved supply capacity aims to provide faster service to distributors, hardware stores, contractors, and builders in the Colombian southwest, a region identified as key for national economic development.

Andrés Vanegas, General Manager of Sika in Colombia, described the opening as a commitment to the country’s capacity for development, stating that the plant strengthens the national operation and supports the growth of the construction, infrastructure, and automotive sectors.

The new location in Palmira consolidates a robust industrial network for Sika in Colombia, supplementing existing plants in Tocancipá, Duitama, Rionegro, and Barranquilla.

Figure 2: Plan View of the Apollo System Highlighting Drill Holes Announced in this Release (CNW Group/Collective Mining Ltd.)

On December 3, 2025, Collective Mining Ltd. (NYSE: CNL, TSX: CNL) announced assay results from three orthogonal diamond drill holes designed to continue expanding the high-grade Ramp Zone (“Ramp”), a component of the company’s flagship Apollo system within the Guayabales Project in Caldas, Colombia.

The results confirm broad and continuous intervals of reduced intrusion-related gold mineralization, extending the Ramp Zone to 300 meters of strike by 270 meters vertical. The company stated that the zone remains open in all directions.

The Ramp Zone, situated at approximately 1,000 meters above sea level at the bottom of the Apollo system, is part of a large, partially Reduced Intrusion Related System (RIRS) mineralized with gold, silver, copper, and tungsten. Drilling at Apollo has outlined continuous mineralization from the surface to more than 1,370 vertical meters.

Drill Hole Results Detail

Figure 3: Apollo System: High-Grade Over 1,370 Metres from Surface (CNW Group/Collective Mining Ltd.)

The deepest and northeastern-most hole reported to date, APC143-D1, intercepted 23.35 meters grading 8.24 g/t gold and 8 g/t silver. This intercept was contained within a broader interval of 76.10 meters grading 3.26 g/t gold and 4 g/t silver, starting from 409.60 meters downhole. This result expanded the Ramp Zone’s dimensions from the previously stated 275 meters of strike by 200 meters vertical.

A second hole, APC140-D2, locally extended the Ramp Zone by 50 meters to the northwest. This hole cut 16.40 meters grading 8.44 g/t gold and 19 g/t silver within a 55.10-meter interval grading 3.06 g/t gold and 7 g/t silver, beginning at 243.10 meters downhole.

A related wedge hole, APC140-D1, intersected two mineralized segments: 47.70 meters grading 1.98 g/t gold and 5 g/t silver from 527.40 meters downhole, including 15.15 meters grading 3.00 g/t gold and 8 g/t silver; and 14.15 meters grading 2.13 g/t gold and 4 g/t silver from 598.55 meters downhole.

Operational and Financial Status

Figure 4: Cross Section Outlining the Ramp Zone Extension to the Northwest (CNW Group/Collective Mining Ltd.)

The company has contracted a third deep-capacity diamond rig to operate at the Ramp Zone, with two additional deep-capacity rigs scheduled to arrive in mid-Q1 2026. Two additional drill holes into the Ramp Zone (APC143-D2 and APC143-D3) are pending assay results; these holes were reported to have intersected 18 sightings of visible gold, compared to none observed in the results detailed in this announcement.

To date, Collective Mining has completed 150,000 meters of diamond drilling across the Guayabales and San Antonio projects, with 105,000 meters dedicated to the Apollo system. Ten rigs are currently operating on site.

The company stated that it is fully funded for its aggressive 2026 program, which targets up to 100,000 meters of additional drilling, based on a cash position of $135 million USD as of December 1, 2025.

Figure 5: Side-by-Side Comparison of the Apollo System and the Neighboring Marmato Mine, Highlighting How the Ramp Zone and Marmato Deeps Systems Begin at the Same Elevation and the Potential for the Ramp Zone to Continue Expanding Along Strike and to Depth (CNW Group/Collective Mining Ltd.)

Executive Chairman Ari Sussman commented on the results, noting that hole APC143-D1 extended the zone along strike and at depth and demonstrated consistent mineralization over substantial widths.

The continued presence of Ramp Zone mineralization at least 270 meters beneath the initial discovery at 1,000 meters above sea level supports the view that the drilling may have only tested the top of a large intrusion-related gold system that shares mineralogical similarities with the multi-million ounce Marmato Deeps Zone.

Collective Mining was established by the team that developed and sold Continental Gold Inc. to Zijin Mining Group Co., Ltd. (SSE: 601899, HKEX: 2899)

Figure 6: Plan View of the Guayabales Project Highlighting the Apollo System (CNW Group/Collective Mining Ltd.)

Headline image – Figure 1: Cross Section Outlining the Ramp Zone Extension to the North (CNW Group/Collective Mining Ltd.)

The Medellín Secretariat of Tourism and Entertainment participated in the annual United States Tour Operators Association (USTOA) Conference and Marketplace, held through Friday at the Gaylord National Resort & Convention Center in Maryland. The Colombian city’s objective was to market its tourism offerings to US visitors and operators who prioritize sustainable practices and respect for local communities.

The USTOA Annual Conference is considered a significant platform within the US travel industry. The organization, founded in 1972, promotes responsible tourism and the development of experiences that contribute to cultural and environmental preservation. Medellín, operating as an associate member, utilized the event to engage with leading tour operators, international destinations, and specialized suppliers, aiming to secure high-value business agreements and build strategic alliances.

Medellín is seeking to encourage conscious and family-oriented tourism, and discourage those with more lascivious motives.

According to a statement from the Secretariat, the city’s delegation secured 10 business-to-business (B2B) meetings with US operators focused on expanding their travel portfolios into emerging Latin American markets. Medellín also contributed to the conference’s academic section, presenting its tourism assets. The city’s presentation emphasized its focus on the entertainment and social tourism segments, positioning itself for travelers seeking cultural and leisure activities with a defined responsible approach.

The Medellín Mayor’s Office, through its tourism agency and the Greater Medellín Convention & Visitors Bureau, highlighted several elements intended to appeal to international operators. These assets include the city’s calendar of international events, its gastronomic and musical offerings, and its active nightlife. Furthermore, city officials pointed to the modern hotel infrastructure, venues suitable for large-scale events, increased flight connectivity, and the range of cultural programs as factors allowing international operators to design programs that meet traveler expectations.

The city’s participation in the conference represents a push to cultivate long-term partnerships with operators who are committed to what the local administration defines as a more conscious form of travel, aligning with shifting industry trends.

A new analysis released by the Observatorio Fiscal de la Pontificia Universidad Javeriana reveals that Colombian municipalities remain heavily dependent on the central government for funding, with 50% of their total income derived from national transfers. The report highlights a significant lack of fiscal autonomy, particularly among smaller municipalities, and points to structural disparities in local revenue generation for the year 2024.

According to the data presented by the university, total territorial income in Colombia reached $197.5 trillion COP in 2024. Of this aggregate figure, municipalities accounted for $146.5 trillion COP, while departments received $51 trillion COP.

Readers may download the report (in Spanish) by clicking here.

The breakdown of these municipal funds indicates that transfers from the nation were the primary source of liquidity, totaling $72.8 trillion COP. Own-source revenue (resources generated locally) amounted to $49.6 trillion COP (34%), while capital resources contributed $24.1 trillion COP (16%). The observatory notes that this structure demonstrates a high dependence on conditioned resources, which limits the ability of local governments to make independent fiscal decisions.

Disparities in Local Revenue Generation

The report emphasizes that fiscal autonomy is directly linked to the generation of own resources, which totaled $49.6 trillion COP for the period. Of this amount, 86% corresponded to tax revenues and 14% to non-tax revenues. However, the distribution of these funds is highly uneven across the country’s 1,103 municipalities.

Only municipalities classified as “Special Category”—typically major urban centers—finance more than half of their budgets through own resources. In contrast, municipalities in categories four through six, which often represent smaller or rural towns, generate only 15% to 20% of their funding locally. The Pontificia Universidad Javeriana researchers attribute this gap to differences in economic and administrative capacities between regions.

Taxation and Structural Challenges

In terms of tax revenue, municipalities collected $42.7 trillion COP in 2024. The Industry and Commerce Tax (ICA) was the largest contributor, generating $17.2 trillion COP (40% of tax revenue), followed by the Property Tax (Predial) at $12.4 trillion COP (29%).

While these two taxes are the primary revenue drivers for larger cities, their weight diminishes significantly in smaller municipalities. In these areas, local governments rely more heavily on gasoline surcharges and “estampillas” (fiscal stamps), which can sometimes constitute the primary source of tax income. The observatory warns that outdated cadastral (property) valuations and the heterogeneity of the ICA tax structure continue to limit the efficiency of the territorial tax system.

Non-tax revenues, such as fines, fees, contributions, and the sale of goods and services, totaled $6.9 trillion COP. These sources are particularly critical for category four through six municipalities, helping to offset weaker tax collection capabilities.

Dependence on the General System of Participations (SGP)

The report provides detailed statistics on the extent of reliance on the General System of Participations (SGP), the main mechanism for national transfers. In 2024, the SGP contributed $46.1 trillion COP, representing 63% of all national transfers.

The level of dependence is widespread:

• In 695 municipalities, the SGP represents at least 40% of total income.
• In 332 municipalities, it represents 50% of total income.
• In 95 municipalities, it accounts for more than 60% of total income.

While recent reforms to the SGP are expected to increase these resource flows, the observatory states that the positive impact will depend on improved management capacity and the avoidance of budget under-execution in smaller jurisdictions.

Capital Resources and Budget Execution

A key concern raised in the report is the composition of capital resources, which reached $24.1 trillion COP. These funds are dominated by “recursos del balance”—unexecuted balances from previous fiscal years—which represent 55% of the total capital resources. The high prevalence of these rollover funds suggests a low capacity for budget execution in a large portion of Colombian municipalities.

The Observatorio Fiscal concludes that the combination of high transfer dependence, weak local revenue generation, limited credit access, and low budget execution restricts local autonomy and deepens economic gaps between municipalities. The organization suggests that strengthening tax collection and administrative capabilities are essential steps toward effective fiscal decentralization.

Above photo: Bucaramanga skyline (Photo © Loren Moss)

Avianca Group International Limited (AGIL) yesterday reported its consolidated financial results for the third quarter of 2025. The company achieved $411 million USD in Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent (EBITDAR), resulting in a 27.2% margin for the period.

The third-quarter EBITDAR represents a 15.5% year-over-year increase from the $356 million USD reported in Q3 2024. Total operating revenues reached $1,509 million USD, marking a 12.8% increase compared to the $1,338 million USD recorded in the same period of the prior year. Total operating costs increased by 13.3% year-over-year, settling at $1,290 million USD. Net income for the quarter was $101 million USD, an improvement from $72 million USD in Q3 2024.

Operational and Capacity Metrics

Capacity, measured in Available Seat Kilometers (ASKs), reached 18,284 million, denoting a 6.8% increase compared to Q3 2024. This growth was attributed primarily to a 6.2% year-over-year increase in Stage Length. Passenger departures increased 1.0% year-over-year. The company transported 9.7 million passengers, consistent with the volume in the comparable period of 2024. The network encompassed 169 routes serving 83 destinations across 28 countries. Subsequent to the quarter’s close, Avianca introduced three new international routes, which included Belém (Brazil) and Monterrey (Mexico).

Cost performance for the quarter indicated a reduction in overall per-unit costs. Total Passenger CASK (Cost per Available Seat Kilometer) was 5.7 cents, a 1.9% decrease relative to Q3 2024. This decline was largely driven by Passenger Fuel CASK, which decreased 9.9% to 1.7 cents, resulting from lower fuel prices and increased fuel efficiency. Passenger CASK excluding fuel increased 2.1% year-over-year to 3.9 cents.

Balance Sheet and Credit Rating Actions

As of September 30, 2025, Avianca reported liquidity totaling $1,361 million USD, which represented 24.2% of last-twelve-month revenue. This total includes a cash balance of $1,161 million USD and $200 million USD available through an undrawn Revolving Credit Facility. The Net Debt to last-twelve-month EBITDAR ratio improved sequentially to 2.8x from 2.9x reported on June 30, 2025.

Rating agencies Moody’s and Fitch  upgraded Avianca’s credit ratings to B1 and B+ respectively. Both rating actions were assigned a stable outlook.

Business Unit Performance and Network Development

The cargo division, Avianca Cargo, recorded $157 million USD in revenue during Q3 2025, representing a 14.1% year-over-year increase. The operating freighter fleet currently consists of nine Airbus A330s, following the integration of two additional P2F aircraft during the quarter.

The loyalty program, LifeMiles, reported a 72% year-over-year increase in Q3 2025 Third-Party Cash EBITDA, reaching $77 million USD.

In network strategy, AGIL expanded its Business Class service to 54 additional routes from key operational centers including Bogotá (Colombia), Medellín (Colombia), San Salvador (El Salvador), Quito, and Guayaquil (Ecuador). The company’s passenger operating fleet totaled 161 aircraft as of September 2025, including 134 Airbus A320 family aircraft, 15 Boeing 787s, and 12 Airbus A330s.

Avianca is a member of Star Alliance  and is part of the Abra Group. The Abra Group also controls Gol Linhas Aéreas Inteligentes S.A.   and holds a strategic investment in Wamos Air .

Above photo: Avianca A330F cargo jet (photo courtesy Avianca)

The Latin American culinary sector convened in Antigua, Guatemala, for the 13th edition of Latin America’s 50 Best Restaurants 2025, an event sponsored by S.Pellegrino & Acqua Panna (SIX: NESN, OTC: NSRGY). The ceremony, held at Santo Domingo del Cerro, highlighted establishments from 21 cities across the region, with Bogotá’s El Chato securing the No. 1 position.

Led by Chef Álvaro Clavijo, El Chato ascended from the No. 3 spot in 2024 to be named “The Best Restaurant in Latin America” and “The Best Restaurant in Colombia.” The contemporary bistro is noted for its engagement with local producers and its interpretation of Colombian ingredients. Clavijo founded the restaurant with the objective of positioning Colombian gastronomy globally by utilizing regional products.

“We are truly delighted to celebrate El Chato as The Best Restaurant in Latin America 2025,” stated Craig Hawtin-Butcher, Managing Director for 50 Best. “This achievement reflects the energy, talent and authenticity that make Latin American gastronomy unique in the world.”

Colombia’s Culinary Footprint

Beyond the top spot, Colombian restaurants maintained a significant presence on the list. Celele in Cartagena, known for its research into Caribbean biodiversity, ranked No. 5. In Bogotá, Chef Leonor Espinosa’s Leo placed at No. 23.

Several new entries and recognitions for Colombia were announced. Afluente, located in Bogotá, debuted on the list at No. 34. Humo Negro, also in the capital, appeared at No. 41. Manuel, a restaurant in Barranquilla, was ranked No. 46.

Specific accolades were awarded to Colombian venues. Oda, a Bogotá-based restaurant situated within the G Lounge, received the Sustainable Restaurant Award. The establishment focuses on ingredients sourced from urban gardens and local producers.

Regional Rankings and Awards

Buenos Aires led the city rankings with eight restaurants in the top 50, followed by Lima with seven and Santiago with five. Kjolle (No. 2) in Lima was named “The Best Restaurant in Peru,” while Don Julio (No. 3) in Buenos Aires took the title of “The Best Restaurant in Argentina.”

Other notable awards included:

• Highest New Entry: Casa Las Cujas (No. 14) in Santiago.

• Highest Climber: Cosme (No. 9) in Lima, sponsored by Lee Kum Kee.

• Icon Award: Rodolfo Guzmán of Boragó (No. 6) in Santiago.

• Best Pastry Chef: Bianca Mirabili of Evvai (No. 20), sponsored by República del Cacao.

• Chefs’ Choice Award: Alejandro Chamorro of Nuema (No. 10), sponsored by Estrella Damm (BME: DAMM).

• Best Sommelier: Maximiliano Pérez, sponsored by Vik.

• Best Female Chef: Tássia Magalhães.

The voting process is audited by professional services consultancy Deloitte, utilizing a panel of 300 regional experts including journalists, food critics, and chefs to determine the rankings.

Tourism and Partnerships

The event was hosted in partnership with the Guatemalan Institute of Tourism (INGUAT), which aims to position Guatemala as a competitive destination. Other partners included American Express (NYSE: AXP), Buchanan’s (LSE: DGE, NYSE: DEO), and Ron Zacapa (LSE: DGE, NYSE: DEO).

Above photo: El Chato in Bogotá takes the No.1 spot in Latin America’s 50 Best Restaurants 2025, sponsored by S.Pellegrino & Acqua Panna (PRNewsfoto/50 Best)

Colombian propane gas distributor Colgas was recognized at the 2025 edition of Xposible Colsubsidio with the “Companies that Transform Society” award, a distinction granted to organizations with business models that integrate sustainability and social development. The recognition specifically highlighted the company’s corporate purpose and the execution of its “Empowering the Entrepreneurial Spirit” (Potenciar el Espíritu Emprendedor) project, an initiative designed to strengthen entrepreneurs and strategic allies within its value chain.

The 2025 iteration of Xposible Colsubsidio, a program led by Colsubsidio, received a total of over 500 submissions from business initiatives nationwide. The Colgas initiative was selected for its demonstrated capacity to generate value, promote business practices that meet social responsibility criteria, and contribute to the nation’s productivity.

Unusual for companies in Latin America, Colgas pledges to pay small business suppliers within 7 days of invoicing.

Didier Builes, General Manager of Colgas, indicated that the recognition validates the company’s corporate strategy. “At Colgas, we work to boost the entrepreneurs in our country, offering them concrete tools to grow and transform their businesses. This award motivates us to continue building opportunities that positively impact thousands of Colombian families,” Builes stated.

The “Empowering the Entrepreneurial Spirit” project by Colgas incorporates several strategic actions aimed at the formalization and growth of Small and Medium Enterprises (SMEs). Measures implemented include a program that guarantees payment to SME suppliers within 7 days, as well as financial inclusion initiatives designed to facilitate the sustainability of the small businesses associated with the company.

Furthermore, the program includes the Colgas Corporate University for Entrepreneurs (Universidad Corporativa de Emprendedores Colgas), a training platform that has provided instruction to collaborators and allies in areas such as sales, digital marketing, financial management, safety, and the secure use of Liquefied Petroleum Gas (LPG).

Colgas noted that this award reinforces its strategic positioning as an entity that supports productivity and entrepreneurship in Colombia. The company reaffirmed its focus on developing an ecosystem aimed at generating opportunities for the growth of small and medium businesses in the territories where it operates.

The US Animal and Plant Health Inspection Service (APHIS) has authorized the entry of Colombian shell eggs destined for industrial processing, according to an announcement made by Diana Marcela Morales Rojas, Minister of Commerce, Industry and Tourism (MinCIT). This decision expands the export capacity for Colombia’s poultry sector by allowing the product to enter the US market without requiring additional import permits or sanitary certificates from the Colombian Government.

The authorization by APHIS follows technical and commercial discussions between US and Colombian regulatory bodies. Minister Morales Rojas stated that the outcome enables the poultry industry to expand its presence in international markets and integrate into higher-standard value chains.

The regulatory modification is the result of collaboration between the Government of Colombia, the Instituto Colombiano Agropecuario (ICA), the Ministry of Commerce, Industry and Tourism, the Embassy of Colombia in the United States, and the Federación Nacional de Avicultores (Fenavi), the trade association representing the poultry sector.

Six US facilities have been designated to receive the Colombian shell eggs for processing. These plants are situated in the states of New York, Pennsylvania, New Jersey, Arkansas, and Georgia. The direct entry authorization for industrial use simplifies the logistics and required sanitary compliance for the export of the product.

Above photo: Colombia’s Minister of Commerce, Industry and Trade, Diana Marcela Morales (courtesy MinCIT)