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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.
Logotype for Centrais Elétricas Brasileiras S.A. - Eletrobrás
Q3 2025 earnings summary6 Nov, 2025

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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Q4 202513 Mar, 2026
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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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