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Companhia Energética de Minas Gerais (CMIG4) investor relations material

Companhia Energética de Minas Gerais Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary18 Aug, 2025

Executive summary

  • Adjusted EBITDA reached R$2.2 billion in 2Q25, up 15.4% year-over-year, reflecting resilient operational performance.

  • Adjusted net profit rose 16.6% to R$1.3 billion compared to 2Q24.

  • Investments in 1H25 totaled R$2.8 billion, up 12.6% year-over-year, focused on distribution, grid expansion, and modernization.

  • Inaugurated nine new substations and launched a major solar plant (85 MW) as part of the energy transition strategy.

  • Tariff adjustment effective May 28, 2025, resulted in an average increase of 7.78% for consumers.

Financial highlights

  • Adjusted EBITDA: R$2.2 billion (+15.4% YoY); Adjusted net profit: R$1.3 billion (+16.6% YoY).

  • Reimbursement of tariff subsidies contributed R$375 million to results.

  • Net debt/adjusted EBITDA at 1.6x as of June 2025; cash and equivalents at R$3.04 billion.

  • Dividend yield for preferred shares reached 17.72% at the end of 2Q25.

  • Operational costs rose 2.49%, below inflation (5.35%), with personnel costs down and outsourced services up.

Outlook and guidance

  • Planned investment of R$6.35 billion for 2025, the largest in company history.

  • Strategic plan targets R$59 billion in investments from 2019 to 2029, mainly in Minas Gerais and distribution.

  • Focus on modernization, digitalization, and ESG leadership in the Brazilian electricity sector.

  • Ongoing regulatory discussions may impact future concession renewals and capital structure.

  • Interest on equity of R$596.7 million declared, to be paid in 2026.

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Frequently asked questions

Companhia Energética de Minas Gerais, also known as CEMIG, is a Brazilian utility company engaged in the generation, transmission, and distribution of electricity. It serves residential, commercial, and industrial customers across various states in Brazil and operates a large portfolio of hydroelectric and thermoelectric plants. The company is also involved in energy trading and infrastructure services. Companhia Energética de Minas Gerais is headquartered in Belo Horizonte, Brazil, and its shares are listed on the B3.

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