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Eneva (ENEV3) investor relations material
Eneva Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
3Q26 EBITDA was R$1,407.0 million, down 22.8% YoY; 9M26 EBITDA was R$4,336.3 million.
Lower thermal dispatch, expired Espírito Santo contracts and coal-asset divestments weighed on results; new regulated contracts, gas trading and the Vale settlement partly offset the decline.
Operating cash flow reached R$1,728 million, the second-highest quarterly result on record; quarter-end cash was R$6,795.7 million.
Financial highlights
Net operating revenue was R$3,235.6 million in 3Q26, down 26.9% YoY; 9M26 revenue was R$11,893.7 million, down 3.8%.
Attributable net income was R$322.9 million in 3Q26, down 8.2% YoY; 9M26 net income was R$876.8 million, down 20.3%.
EBITDA margin was 43.5% in 3Q26 versus 41.2% a year earlier; 9M26 margin was 36.5% versus 40.6%.
Net financial expense was R$420.7 million versus R$373.0 million in 3Q25; adjusted expense was R$384.6 million versus R$406.7 million.
Outlook and guidance
Azulão II is scheduled for commercial operation in 2Q27, with its PPA starting July 2027; Parnaíba’s third liquefaction train is scheduled for July 2027.
Sergipe Hub expansion PPAs are scheduled to start in October 2028; Ceará TPP PPAs in August 2029. Ceará Hub COD is scheduled for August 2029 and Espírito Santo Hub COD for August 2031.
Azulão I has 295 MW contracted for 15 years; it resumed dispatch in Q4 and generated ~85 GWh through November 10.
Installed generation capacity is 6.5 GW; capacity is expected to reach 10.15 GW by 2031, including LRCAP 2026 projects.
- Integrated energy leader delivers reliable gas and power, driving growth and energy transition.ENEV3
Corporate presentation - Adjusted EBITDA up 14% YoY, but consolidated EBITDA fell 25.8% on contract and asset changes.ENEV3
Q2 2026 - EBITDA and net income surged on strong gas, LNG, and oil-fired operations and new contracts.ENEV3
Q1 2026 - Record EBITDA, cash flow, and net revenue growth, with improved leverage and major investments.ENEV3
Q3 2025 - Record EBITDA and revenue growth in Q2 2025, with new contracts and financing fueling expansion.ENEV3
Q2 2025 - Record EBITDA, cash flow, and leverage reduction marked a robust 3Q24 performance.ENEV3
Q3 2024 - Net income soared 186.5% on strong EBITDA, cost cuts, and a one-off tax gain from the CELSE merger.ENEV3
Q2 2024 - Record EBITDA and net income growth in Q1 2025, driven by asset ramp-ups and gas trading.ENEV3
Q1 2025 - Record EBITDA and revenue growth, improved leverage, and new gas business drive positive outlook.ENEV3
Q4 2024
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