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Eletrobrás (ELET3) investor relations material
Eletrobrás Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Paid or distributed R$4.3 billion in dividends in 3Q25, totaling R$8.3 billion for 2025, enabled by asset sales, de-risking, and operational efficiency post-capitalization.
Completed significant divestments, including Eletronuclear, EMAE, and the last thermal power plant, making the portfolio 100% renewable and aligned with Net Zero 2030.
Acquired remaining 50.1% of Tijoá Energia for R$247 million, adding 808 MW capacity.
Investments reached R$2.7 billion in 3Q25, up 57% year-over-year, with a focus on transmission expansion.
Won four lots in Transmission Auction No. 04/2025, securing R$138.74–140 million RAP and R$1.6–1.63 billion in projected CAPEX.
Financial highlights
Adjusted regulatory net revenue declined 4.6–5.5% YoY to R$9,969–11,691 million, mainly due to regulatory changes and divestments.
Adjusted regulatory EBITDA (ex-Amazonas TPP) was R$6,382–6,419 million, down 5.8% or up 3.4% YoY depending on inclusion of one-offs, with lower PMSO costs.
Adjusted net income dropped 68% YoY, mainly due to non-recurring regulatory remeasurement and asset sales.
Equity income rose to R$1,265 million from R$749 million YoY, driven by RAP increase and TNE concession.
Net debt increased to R$42,577 million, with average debt cost rising to CDI +0.64% p.a.
Outlook and guidance
Projecting price resilience for 2026, with average prices expected around BRL 240 and advances in energy trading.
230 large-scale transmission projects underway, with R$1.7 billion additional RAP expected between 2025-2030 and R$12.5 billion in total CAPEX.
Focus on acquiring end clients, selling uncontracted energy, and maintaining operational efficiency.
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