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Energisa (ENGI3) investor relations material
Energisa Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Recurring adjusted EBITDA rose 21.6% year-over-year to between R$1.7 and R$2.2 billion in 2Q25, with recurring net income up 32.5% to R$440–490 million, driven by strong distribution results and cost control.
Power distribution achieved record-low losses and improved collection rates, with total losses at historical lows and collection at 96.98%.
Energy sales grew 2.1% year-over-year to 10,490 GWh, despite weather anomalies and a shorter billing calendar.
Gas and renewables segments saw EBITDA and margin declines due to market migration and sector seasonality.
(re) energisa's distributed generation portfolio expanded to 118 solar farms, with improved churn and delinquency rates.
Financial highlights
Adjusted net revenue grew 8.1% year-over-year to R$11,577.4 million in 2Q25; consolidated net revenue (ex-construction) up 14.9% to R$6,939.9 million.
Net financial expense rose 141% year-over-year to BRL 1 billion, mainly due to higher net debt and increased average cost of debt (14.4% vs. 11.3%).
Investments totaled R$1,604.3 million in 2Q25, up 0.8% year-over-year, focused on urban expansion, network construction, and new user connections.
EBITDA margin improved to 25.4% in 2Q25 from 23.3% in 2Q24.
Net income margin at 5.7% in 2Q25, down from 8.6% in 2Q24.
Outlook and guidance
Dividend policy remains unchanged, with a payout ratio expected around 44% for the semester, to be adjusted at year-end between 35% and 50%.
Transmission segment to benefit from a 5.32% RAP adjustment effective 3Q25, raising annual permitted revenue to R$975.1 million for 2025/2026.
No plans to participate in the upcoming transmission auction due to high interest rates and current market conditions.
Gas distribution investment cycle from August 2025 to July 2030 totals BRL 930 million, with focus on market expansion, new cities, and digitalization.
Social Electricity Rate expansion and Itaipu Bonus to benefit low-income and rural customers in 2H25.
How did ES Gás's rate review impact consumers?
Explain the drop in transmission segment PMSO.
Detail Alsol's commercial policy changes.
What drove ESGas's gross margin decrease?
Energisa's plan for ESGas investments?
GD capital recycling plans?
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Next Energisa earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Energisa SA is a Brazil-based holding company predominantly involved in the energy sector. It is primarily engaged in the distribution and marketing of electric energy across various Brazilian states including Rio de Janeiro, Sao Paulo, Parana, and Minas Gerais, among others. The company's activities extend to residential, industrial, commercial, and rural energy supply. Energisa's subsidiaries offer a range of services beyond basic electricity distribution. These include Energisa Solucoes SA, which focuses on electric power generation and distribution; Energisa Servicos Aereos SA, providing thermographic inspection services; and Energisa Planejamento e Corretagem Seguros Ltda, which operates in insurance brokerage. The company is headquartered in Cataguases, Minas Gerais, Brazil, and its shares are listed on the Sao Paulo Stock Exchange.
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