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Eneva (ENEV3) investor relations material
Eneva Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Achieved record quarterly EBITDA of R$1,823 million in 3Q25, up 61% year-over-year, marking the fourth consecutive record quarter, driven by asset acquisitions, ramp-up in gas trading, and operational efficiency.
Operating cash flow reached a record R$1,965 million, up 54% from 3Q24, exceeding EBITDA and reflecting strong operations and positive working capital variation.
Net income for 3Q25 was R$351.7 million, a 243% increase over 3Q24, supported by higher EBITDA and improved financial results.
Growth was driven by expansion of asset base, new business lines in gas, acquired thermal assets, and efficiency initiatives.
Both organic and inorganic growth contributed, with new contracts and acquisitions strengthening results.
Financial highlights
Net operating revenues rose 71.5% year-over-year to R$4,428.0 million in 3Q25.
EBITDA for the first nine months exceeded R$12 billion, with over R$300 million generated from new operations.
Net debt at quarter-end was R$15.5 billion, with net debt/EBITDA LTM at 2.7x (2.4x excluding non-cash and impairment effects), improved from 3.5x in 3Q24.
Cash position increased to R$3,937 million as of September 2025, up R$1,814.2 million year-over-year.
Investments totaled R$1,566.6 million in 3Q25, up 62% year-over-year, mainly allocated to major projects and upstream development.
Outlook and guidance
Early start of regulated contracts will add over R$360 million in annual fixed revenue, with Viana, Parnaíba IV, and Jara Maranhão plants commencing contracts in 2025.
Positioned to benefit from the 2026 Capacity Reserve Auction, with a robust project pipeline and balance sheet.
New liquefaction train in Parnaíba expected to start operations by mid-2027, expanding capacity by 50%.
Reserve certifications for Paraná Basin expected in early 2026, and for Amazonas Basin in early 2027.
Impact of equipment costs on new projects?
Off-grid gas expansion market outlook?
Sergipe Hub's FSRU surplus utilization?
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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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