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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.
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.
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