Empresa de Telecomunicaciones de Bogotá S.A. E.S.P.

What it is

ETB is a telecommunications network company founded in 1884, providing fixed-line, broadband internet, long-distance, mobile, satellite, television, and related services, based in Bogotá, Colombia.

By the end of 2024, ETB had pushed fibre-optic coverage to 80% of Bogotá, completing the full replacement of its old copper network, and had grown its fibre customer base to 562,000 users. The group also controls three subsidiaries: Colvatel (88.16%), Skynet de Colombia (99.99%), and the data-analytics agency Ágata (51%).

Who owns it

The total public-sector stake in ETB is 88.4%, with the Bogotá District Capital as the dominant shareholder at 86.36% of all shares. The remaining public stake belongs to the Universidad Distrital Francisco José de Caldas (2%), while private shareholders Kreisman SAS (2%) and Erfost SAS (1.76%) round out the register; 21 smaller investors each hold less than 0.75%.

Because the city of Bogotá controls the company, its board and strategy are directly shaped by the sitting mayor — currently Carlos Fernando Galán — making ETB as much a political institution as a commercial one.

Who runs it

The board appointed Diego Molano Vega as president (CEO), with the appointment formally confirmed by the Alcaldía de Bogotá in late 2024; he took office in January 2025. Molano previously served as Colombia’s Minister of Information and Communications Technologies from 2010 to 2015, and held executive roles at multinationals including BellSouth, Telefónica, and Ascom across more than 20 countries.

The board covering the period 2024–2027 was elected in late September 2024; District representatives include Ana María Cadena Ruiz, Fernando Quintero Arturo, Felipe Núñez Forero, and Ángel Custodio Cabrera. Institutional investors are represented by Mónica Cheng Arango and Gabriel Martínez Nieto, while minority shareholders are represented by Sylvia Escobar Gómez.

A CFO is not individually named in available public disclosures; the corporate function is listed as the Vicepresidencia Financiera.

The money, in plain words

In 2024, ETB’s operational revenue reached COP 1,467,607 million (~USD 425.3M), yet the net loss came in at COP 88,982 million (~USD 25.8M) — meaning for every peso it earned in sales, it lost about 6 cents at the bottom line (net margin: –6.1%, our calculation).

Critically, those revenues included a one-time COP 207 billion (US$60 mn) windfall from selling its retired copper-cable infrastructure; that is not recurring income. Strip it out, and the underlying loss would have exceeded COP 283 billion (US$82 mn) — roughly three times the headline figure.

2024 was ETB’s ninth consecutive year of losses, and the shares have collapsed with it. Accumulated losses now exceed COP 400 billion (US$116 mn), debt tops COP 800 billion (US$232 mn), and the monthly cash shortfall runs to about COP 57 billion (US$17 mn).

The market value of the entire company — around USD 56 million — is smaller than a single mid-sized Bogotá infrastructure contract.

On the more encouraging side, the operating profit margin before depreciation (EBITDA) improved sharply: from COP 240 billion (US$70 mn) in 2023 to COP 327 billion (US$95 mn) in 2024, a 36% jump — meaning the core network business is generating cash before accounting charges. The losses are driven in part by accelerated write-downs of old assets, not pure operating failure.

What it is doing now

ETB has formally announced a pivot from being a telecoms operator (Telco) to a digital-technology company (Techco), which its CEO describes as the only viable path to preserve the company and protect Bogotá’s investment. The three new revenue pillars are government digital services (GovTech), education platforms (EdTech), and health-technology solutions (HealthTech).

By the end of 2025, ETB recorded its best quarter in more than a decade: operating revenues grew 13%, operating costs fell 9%, and the operating EBITDA jumped 122% versus the same period of 2024. As part of the transformation, the company invested over COP 300 billion (US$87 mn) and signed a deal with ZTE for an additional USD 70 million investment over three years to expand its fibre network.

What to watch

• Cash runway: With a monthly cash shortfall of around COP 57 billion (US$17 mn) and banks reluctant to extend new credit, the company’s ability to stay solvent without fresh public capital is the most immediate risk.
• Copper windfall is spent: The one-time COP 207 billion (US$60 mn) from scrapping copper lines will not recur; 2025 and 2026 revenues must stand on their own.
• Techco pivot: In 2025 ETB posted a net loss of COP 117,852 million (US$34 mn), largely due to debt-interest payments and a non-cash deferred-tax reversal — so while the operating trend improved, the financial structure remains fragile.
• Privatisation or rescue: Mayor Galán controls the agenda; any decision to sell a stake, raise capital, or seek a strategic partner would move the share price dramatically from its current multi-decade lows.
• ZTE partnership execution: The USD 70 million ZTE deal for fibre expansion over three years is the single biggest capital commitment on the table — watch for delivery milestones.

This is news, not investment advice.