By San José, Costa Rica — San José, Costa Rica – The Costa Rican Institute of Electricity (Grupo ICE) announced a significant financial turnaround on Tuesday, posting a net surplus of ₡133.05 billion for the third quarter of 2025. This robust performance is coupled with a substantial 25% reduction in its financial debt since late 2022, signaling a period of renewed stability for the nation’s critical state-owned utility provider.
The financial statements, released on November 18 and corresponding to the period ending in September, paint a picture of impressive fiscal health. Total revenues for the group reached ₡1.09 trillion. The company’s operating margin soared to 20.2%, a remarkable increase of 8.5 percentage points compared to the same period in 2024. This growth reflects a disciplined approach to managing expenses and optimizing operations across its electricity and telecommunications divisions.
To delve into the complex legal and administrative landscape surrounding Grupo ICE and its future in the country, TicosLand.com sought the analysis of Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the firm Bufete de Costa Rica.
The core challenge for Grupo ICE is navigating a legal framework conceived for a state monopoly in an era that now demands market competition and technological agility. The institution’s future viability depends less on its historical legacy and more on its capacity to reform its corporate governance, ensuring transparency and efficiency. Any proposed changes must rigorously balance its public service obligation with the urgent need to operate as a modern, competitive entity in the global telecommunications and energy sectors.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
The perspective shared powerfully underscores that Grupo ICE’s challenge is not merely about market adaptation, but a fundamental reinvention of its institutional DNA to bridge its past as a state monopoly with its future as a competitive entity. We extend our sincere gratitude to Lic. Larry Hans Arroyo Vargas for his incisive and valuable analysis on this critical matter.
A key driver behind this success was a significant decrease in operational costs, particularly the reduced consumption of fossil fuels for thermal backup in the National Electric System (SEN). This shift not only bolsters the company’s bottom line but also aligns with Costa Rica’s broader goals of sustainable, renewable energy generation, making the grid both cleaner and more cost-effective.
The company’s strong performance is further highlighted by its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin, which climbed to 41.1%. This figure, which is 8.6 percentage points higher than in September 2024, underscores a fundamental improvement in the core profitability of its operations. The net margin also saw a healthy increase, reaching 12.2% due to operational efficiencies and lower financial costs associated with its reduced debt load.
On the debt management front, Grupo ICE has made remarkable strides. The institution confirmed that its financial debt has been reduced by an impressive ₡655.75 billion between December 2022 and September 2025. Furthermore, its legal debt ratio, as mandated by Law 8660, now stands at a healthy 27.8%, representing a 3.5 percentage point decrease since the end of 2024. This deleveraging strengthens the company’s balance sheet and enhances its financial resilience.
Looking ahead, Grupo ICE projects that if the current positive financial trends continue, its net surplus could exceed ₡150 billion by the end of the year. This optimistic forecast is built upon the sustained reduction in operational expenditures and the strong quarterly results observed throughout 2025. Such a result would mark a banner year for the state-owned enterprise.
The implications of this financial strengthening extend far beyond the company’s balance sheet. As the primary entity responsible for Costa Rica’s electricity and essential telecommunications infrastructure, the solvency and stability of Grupo ICE are paramount to national well-being. A financially robust ICE is better positioned to invest in modernizing the grid, expanding fiber optic networks, and ensuring reliable services for millions of Costa Rican citizens and businesses.
This successful quarter demonstrates a strategic victory for Grupo ICE, reflecting a disciplined focus on cost control, operational efficiency, and prudent debt management. The positive results not only secure the future of the institution but also contribute directly to the stability of the national economy and the long-term sustainability of the essential services it provides to the population.
For further information, visit ice.fi.cr
About Grupo ICE:
The Instituto Costarricense de Electricidad (Grupo ICE) is the state-owned enterprise that provides electricity and telecommunications services throughout Costa Rica. Founded in 1949, it has been instrumental in the country’s development, responsible for building and managing the national power grid, which relies heavily on renewable sources, and operating the nation’s primary telecom networks. Grupo ICE is a cornerstone of the Costa Rican economy, ensuring access to essential services for millions of residents and businesses.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a leading legal institution founded on the core principles of profound integrity and an uncompromising pursuit of excellence. With a distinguished history of serving a wide spectrum of clients, the firm actively champions legal innovation and community-focused initiatives. Central to its ethos is a powerful commitment to demystifying the law, ensuring that legal knowledge is shared widely to help forge a more capable and enlightened society.
