Empresa Nacional de Telecomunicaciones SA

What it is

Entel is Chile’s largest telecommunications company, providing mobile telephony from 2G through 5G, fixed-line telephony, fiber-optic broadband, cybersecurity, and IoT services to over 20.77 million subscribers across Chile and Peru.

Its business runs in five segments: consumers (mobile, fixed, and internet), small and medium enterprises, large corporates, mobile services in Peru, and a network infrastructure and wholesale traffic unit.

Who owns it

Almendral S.A. controls Entel with a 54.86% stake as of 31 December 2024, making it the dominant shareholder among 1,728 registered investors. Almendral is a Chilean holding company established in 1981; Entel represents 98% of its investment activity, held through subsidiary Altel Inversiones Ltda.

The next largest shareholders are pension fund AFP Habitat (5.74%), Banco de Chile acting for State Street (4.48%), and AFP Provida (4.38%). The structured data shows insiders at 55.9% and institutions at 35.5%, leaving a free float of roughly 9%.

Who runs it

CEO is Antonio Büchi Buc and CFO is Marcelo Bermúdez; Büchi holds a degree in industrial civil engineering from the Pontificia Universidad Católica and a Master of Arts in Economics from the University of Chicago, and has been CEO since March 2011.

Board chairman is Juan José Hurtado Vicuña, with Luis Felipe Gazitúa Achondo serving as vice-chairman. In Chile’s 2025 Extel Institutional Investor rankings, Entel won awards for Best Company Board, Best CEO, Best CFO, Best IR Program, and Best Investor Day.

The money, in plain words

Sales have grown about 9% a year for two straight years — from CLP 2.47 trillion (US$2.73 bn) in 2023 to CLP 2.95 trillion (US$3.26 bn) in 2025 — a compounded revenue growth rate of roughly 9.3% per year (our calculation). Entel keeps about 6.5 cents of profit from every peso of sales, a net profit margin of 6.5% that is thin by global standards but solid for a carrier investing heavily in network upgrades.

For every peso owners put in, the company earns about 10 back per year — a return on equity of 10.3%, respectable in a capital-intensive industry. At 5.6 times earnings (price-to-earnings of 5.6×), the market prices the stock cheaply by most benchmarks, while the 7.2% dividend yield means income-seekers collect CLP 252 (US$0.28)in dividends for every CLP 3,500 (US$4)share roughly held (our calculation).

The company held CLP 234 bn (US$258 mn) in cash on its balance sheet at year-end 2025 (our calculation).

What it is doing now

Entel has achieved a fourfold increase in fiber-to-home subscribers over the three years to 2024, reaching approximately 3.4 million fiber connections by mid-2025, which account for 74.7% of its fixed accesses. The company raised its 2025 investment plan to US$640 million across Chile and Peru, prioritizing 4G and 5G network expansion.

Entel signed a non-binding joint agreement with América Móvil in July 2025 to bid for Telefónica’s Chilean unit, then terminated that agreement — with both companies confirming they may now explore separate bids. Telefónica’s Chilean fiber assets would give Entel a significantly larger broadband presence and the ability to offer combined mobile-and-home services to more of its customers.

What to watch

• Telefónica Chile: whether Entel pursues a solo bid, and at what price — this is the single biggest swing factor for the stock in the near term.
• Peru margin: management has made accelerated growth in Peru a stated priority, but the market is lower-margin than Chile and execution risk is real.
• Capital spending cycle: the company plans to raise investment spending to 18–18.5% of revenue in 2026–2027 to push converged services, with management targeting normalised margins only by mid-2028.
• Credit rating: Moody’s upgraded Entel’s outlook to stable in 2025, reaffirming its investment-grade status — a floor that matters when funding a heavy build-out.

This is news, not investment advice.