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Companhia Energética de Minas Gerais - CEMIG (CMIG4) investor relations material
Companhia Energética de Minas Gerais - CEMIG Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Strategic positioning and business model
Operates as one of Brazil's largest integrated utilities, serving over 9.6 million customers across 774 municipalities, with a balanced portfolio in distribution, generation, trading, transmission, and natural gas.
Maintains a verticalized platform with strong presence in Minas Gerais and assets in 26 Brazilian states and the Federal District.
Holds a local AAA credit rating, with low leverage and disciplined financial management.
Distribution concession extended to 2045, transmission to 2043, and gas to 2053, ensuring long-term operational stability.
Focuses on clean energy, with 100% of its portfolio from renewable sources.
Financial performance and investment
EBITDA reached R$ 7,496 million in 1H26, with strong cash flow and recurring high dividend yields (up to 15.1%).
Net leverage remains low, with net debt/EBITDA at 1.58 for generation/transmission and 2.89 for distribution.
Investment plan for 2026–2030 exceeds R$ 44 billion, prioritizing distribution (R$ 29 billion), generation, transmission, distributed generation, and gas.
R$ 3.3 billion invested in 1H26, up 19.2% YoY; total R$ 25.7 billion invested from 2019 to 2025.
Dividend policy guarantees a minimum 50% net income payout, supporting attractive shareholder returns.
Operational highlights and efficiency
Largest electricity distribution network in South America, with over 590,000 km of grid and 508 substations as of 1H26.
Regulatory OPEX and energy losses remain below regulatory limits, with continuous improvements in quality indicators (DEC/FEC).
Major digitalization and modernization initiatives, including installation of 1.25 million smart meters and expansion of remote telecontrol.
Rural and urban programs target network resilience, automation, and improved service quality.
Distributed generation leadership in Minas Gerais, with over 390,000 DG units connected and 5.12 GW installed power.
- EBITDA up 9.3% to BRL 2.47bn, net income down 15.6%, with BRL 4.6bn in new debt raised.CMIG4
Q2 2026 - EBITDA was R$1.79 billion, net income R$979 million, and capex rose 22.1% in Q1 2026.CMIG4
Q1 2026 - 2025 EBITDA R$ 7.3B, net income R$ 4.9B, investments R$ 6.6B, dividend yield 14.9%.CMIG4
Q4 2025 - Net profit and EBITDA fell sharply YoY, but revenue and investments increased; financial health remains robust.CMIG4
Q3 2025 - Adjusted EBITDA up 15.4% to R$2.21B; adjusted net profit rose 16.6% year-over-year.CMIG4
Q2 2025 - Net profit surged 165% to R$3.28bn, with strong cash flow and record credit ratings.CMIG4
Q3 2024 - Net profit surged 35.7% to R$1.69 billion, with strong EBITDA and major non-recurring gains.CMIG4
Q2 2024 - Net profit dropped 9.9% YoY as EBITDA fell and investments hit record levels.CMIG4
Q1 2025 - Record net income, strong cash flow, and robust investments drove value and shareholder returns.CMIG4
Q4 2024
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