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Investor Relations14 Oct 2025
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Eneva (ENEV3) investor relations material
Eneva Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Achieved record consolidated EBITDA of R$1.668 billion in 2Q25, up 56% year-over-year, marking the third consecutive quarter of all-time highs, driven by strong operating performance, asset acquisitions, and both On-grid and Off-grid gas sales.
Parnaíba Complex dispatch averaged 32% in 2Q25 versus 7% in 2Q24, generating 1,304 GWh.
Net operating revenues rose 80.9% year-over-year to R$3,514 million, with significant contributions from new and acquired assets.
Operating cash flow hit a record R$1.3 billion, up 36% year-over-year, supporting investments and debt payments.
Net income for 2Q25 was R$364.5 million, down 65.8% year-over-year, mainly due to one-off tax effects in 2Q24 and higher depreciation/amortization from new assets.
Financial highlights
EBITDA reached R$1.668 billion in 2Q25, a 56% increase over 2Q24 and a 43% CAGR over five years.
EBITDA margin was 47.5% in 2Q25, down 7.6 p.p. year-over-year due to higher operating costs.
Net financial result improved by R$667 million year-over-year, mainly due to positive FX and swap mark-to-market effects.
Operating cash flow reached R$1.3 billion, while investments nearly doubled to R$1.6 billion, mainly for growth projects.
Ended the quarter with a robust cash position of R$3.9 billion.
Outlook and guidance
Confident in positive future prospects, supported by ongoing project execution and market demand for flexible, dispatchable energy.
High thermal dispatch expected to continue in 2H25, enhanced by early start of capacity reserve contracts for Viana, Geramar, and Parnaíba IV.
Anticipated incremental fixed revenues: R$197 million (Geramar), R$136 million (Viana), R$29 million (Parnaíba IV) from new CRCAP contracts.
New regulatory CVUs for Porto de Sergipe and Linhares TPPs provide additional generation options and revenue streams from September to December 2025.
Construction of Azulão 950 project supported by new R$500 million financing, with over R$2.5 billion now contracted.
Detail the plan for Parnaíba exploration activities.
Assess flexible dispatch chances for Sergipe/Linhares.
Quantify SSLNG plant's EBITDA at full capacity.
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Next Eneva earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
Eneva S.A. is an energy company engaged in power generation, natural gas exploration, and integrated energy solutions. The company operates thermal power plants and gas fields, focusing on providing reliable electricity supply through its vertically integrated business model. Eneva specializes in the development and commercialization of natural gas reserves to support its power generation operations. The company is headquartered in Rio de Janeiro, Brazil, and its shares are listed on the B3 stock exchange.
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