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AES Brasil Energia (AESB3) investor relations material
AES Brasil Energia Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Cajuína 2 wind complex (370 MW) and AGV VII solar plant reached full commercial operation, completing all expansion obligations in São Paulo state.
Wind portfolio availability improved by 5 percentage points year-over-year, driven by asset turnaround and operational recovery.
Business combination with Auren completed, with share exchange and transaction closing in late October/early November 2024.
Disciplined cost management reduced recurring expenses.
Net revenue rose 21.3% in 3Q24 year-over-year, but adjusted net income swung to a loss of R$72 million from a R$119 million profit in 3Q23, mainly due to higher energy costs and financial expenses.
Financial highlights
Adjusted EBITDA for 3Q24 was R$378 million, down from R$422 million in 3Q23; 9M24 EBITDA was R$1,119 million.
Net margin for 3Q24 was R$566 million, a 4% decrease year-over-year.
Adjusted net income was -R$72 million in 3Q24, compared to R$119 million in 3Q23; 9M24 net income was -R$260 million.
Financial expenses rose due to lower interest capitalization post-project completion and higher depreciation from a larger asset base.
Investments totaled R$125.7 million in 3Q24, down 82.2% year-over-year, reflecting project completion.
Outlook and guidance
Portfolio is 99% contracted for 2024 and 97% for 2025, with only a small volume of incentivized energy uncontracted.
Hydropower contracts intentionally left 15% open annually to hedge against GSF risk.
Average sales price for contracts ranges from R$183 to R$206/MWh (September base).
Debt strategy focuses on extending average maturity and reducing CDI exposure, with new long-term financings replacing bridge loans.
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