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ISA Energía Brasil (ISAE4) investor relations material
ISA Energía Brasil Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record investments in 2025, exceeding BRL 5 billion (up 40% YoY), focused on energy transition, grid modernization, and connecting renewables to consumers, with significant capital deployed in both greenfield and retrofitting projects.
Advanced and energized major greenfield projects (including Piraquê, Serra Dourada, Jacarandá, Riacho Grande, and Tiago Guedes) ahead of schedule, adding over BRL 205 million in RAP/AAR and supporting grid reliability.
ANEEL finalized RBSE payment methodology, securing BRL 3.8 billion in receivables through 2028 and increasing potential RAP by 1.3% to BRL 6.4 billion.
Maintained strong shareholder returns, distributing over BRL 1.2 billion (75% payout ratio), with dividends and JCP scheduled through March 2026.
Launched ISA 2040 Strategy and formalized Net Zero 2050 commitment, advancing sustainability, innovation, and ESG leadership.
Financial highlights
Regulatory net revenue for 2025 was BRL 4,353.6 million (-4.5% YoY); Q4 2025 net revenue was BRL 1.12 billion (-3% YoY), impacted by lower RBSE and sector charges, partially offset by RAP/AAR adjustments and new projects.
EBITDA for 2025 was BRL 3,455.3 million (-2.4% YoY); Q4 2025 EBITDA rose 8% to BRL 854 million, with margins above 76%.
Net income for 2025 was BRL 1,625.8 million (-21.7% YoY), impacted by higher depreciation, financial costs, and new tax rules (OECD Pillar Two).
IFRS net revenue for 2025 was BRL 9,411.2 million (+18.1% YoY); IFRS net income was BRL 2,447.9 million (-30% YoY).
Net debt at year-end was BRL 14,127.9 million (+38.1% YoY), with gross debt of BRL 16 billion and leverage at 3.63x Net Debt/EBITDA.
Outlook and guidance
Ongoing investment plan for 2026–2030 targets greenfield and retrofitting projects, with remaining CapEx of ~BRL 6 billion and AAR for 2025/2026 cycle set at BRL 6,372.74 million.
CapEx peaked in 2025; leverage expected to decline as projects become operational.
Dividend policy remains to distribute at least 75% of regulatory net profit.
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