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Eletrobrás (ELET3) investor relations material
Eletrobrás Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
R$4 billion in dividends declared, supported by improved performance, risk reduction, and a simplified shareholder structure.
Generation contribution margin rose 21% sequentially and 16% year-over-year, offsetting lower transmission revenue.
Investments surged 116% year-over-year, focused on reinforcements, improvements, and completion of the first post-privatization transmission auction.
Compulsory loan inventory reduced by R$1.2 billion to R$11.97 billion, with continued liability management.
Major portfolio moves included the sale of Amazonas thermal plants, acquisition of Eletronet, and increased stake in Transnorte Energia.
Financial highlights
Adjusted net income reached R$1,469 million, up 43% year-over-year, while IFRS net income was -R$1,325 million due to a R$3,433 million regulatory remeasurement of transmission contracts.
Adjusted gross revenue grew 19% year-over-year to R$12,191 million in 2Q25; net operating revenue (IFRS) rose 22.8% to R$10,308 million.
Generation margins increased, with unit margin up to R$98/MWh and contribution margin at R$3,345 million.
Free cash flow reached R$2.5 billion and operating cash flow totaled R$4.1 billion.
PMSO expenses and personnel costs declined year-over-year, reflecting ongoing efficiency gains.
Outlook and guidance
249 large-scale transmission projects underway, with R$1.8 billion in additional RAP expected between 2025-2030 and total CAPEX of R$13.3 billion.
2025 CapEx projected at approximately EUR 4.5 billion, with continued focus on cost reduction, asset improvements, and liability management.
Dividend policy based on a five-year capital structure outlook, with more frequent and predictable payments anticipated.
Conservative long-term energy price assumptions maintained, with short-term price revisions for 2025 and 2026 reflecting improved market conditions.
Positive medium- and long-term outlook, with growth opportunities in auctions, M&A, and a growing energy trading client base.
Future dividend payout frequency and predictability?
Expected returns on R&I investments
Liquidity for 2026/2027 energy contracts
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Next Eletrobrás earnings date
Q3 20256 Nov, 2025
Next Eletrobrás earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Centrais Elétricas Brasileiras S.A., more commonly known as Eletrobrás, is Brazil's largest electric utility company, primarily involved in the generation, transmission, and distribution of electricity. As a government-controlled corporation, Eletrobrás plays a crucial role in Brazil's energy sector, focusing on the development of renewable energy sources alongside its traditional hydroelectric power operations. The company oversees a significant portfolio of power plants, including hydroelectric, wind, thermal, and nuclear facilities, contributing to a substantial part of Brazil's electrical capacity. Eletrobrás is also instrumental in large-scale infrastructure projects aimed at enhancing Brazil's electricity grid, ensuring energy security and accessibility across the nation. Its operations extend beyond domestic borders through investments in Latin America. The company is headquartered in Rio de Janeiro, Brazil, and its shares are listed on the B3.
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