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Neoenergia (NEOE3) investor relations material
Neoenergia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Achieved strong operational and financial performance in Q3 2025, with cash EBITDA up 13% to R$2.8 billion and net income up 10% to R$924 million, alongside industry recognition for distribution excellence and management quality.
Net operating revenue rose 10% year-over-year in 3Q25 to R$12,972 million, driven by customer base expansion and positive tariff adjustments.
Advanced transmission projects are nearing completion, with all remaining lots expected to be operational by January 2026.
Maintained a robust partnership with GIC, with ongoing asset evaluations, project completions, and divestments including the sale of a 50% stake in the Itabapoana transmission line.
Asset rotation and investment in distribution companies remain strategic priorities, with a focus on operational excellence and organic growth.
Financial highlights
Injected energy in concession areas grew 2.3% year-over-year, with 342,000 new clients added.
Cash EBITDA reached R$2.8 billion in 3Q25, up 13% year-over-year; net income was R$924 million, a 10% increase.
CapEx for the quarter was R$2.6 billion, with year-to-date CapEx at R$7.6 billion, mostly allocated to networks.
Gross margin increased 10% year-over-year in 3Q25, driven by tariff adjustments and cost control.
Operating expenses rose 5.6% in 3Q25, below inflation.
Outlook and guidance
Investment cycle in transmission is concluding, with future CapEx focused mainly on distribution.
Deleveraging process to begin in 2026, with potential for dividend policy review as debt declines and cash flow grows.
No participation planned in the upcoming transmission auction due to return requirements.
Upcoming concession amendments and extensions for Coelba, Cosern, Elektro, and Pernambuco support long-term investment.
Tariff adjustments for Neoenergia Elektro (+1.3% Parcel B) and Neoenergia Brasília (+8.3% Parcel B) implemented in 2H25.
Future capital allocation post-transmission cycle
Expected GIC proceeds for 7 transmission lots
Sustaining OpEx control post-Q3 one-offs
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Next Neoenergia earnings date
Q4 202518 Feb, 2026
Next Neoenergia earnings date
Q4 202518 Feb, 2026
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Frequently asked questions
Neoenergia S.A. is a Brazilian utility company primarily engaged in the electric utilities sector. As a subsidiary of the Spanish group Iberdrola, Neoenergia operates extensively in the generation, transmission, distribution, and commercialization of electricity. The company utilizes a variety of energy sources including hydroelectric, thermal, and wind power. It manages several subsidiaries, including Companhia de Eletricidade do Estado da Bahia (COELBA), Companhia Energética de Pernambuco (CELPE), and Companhia Energética do Rio Grande do Norte (COSERN), among others. These subsidiaries are involved in both the generation of energy through hydroelectric plants and the distribution of electric energy across various Brazilian states such as Bahia, Pernambuco, and Rio Grande do Norte. The company also engages in trading electricity in the wholesale energy market and serves a diverse range of residential, commercial, industrial, rural, and public utility customers across several Brazilian states. Neoenergia is headquartered in Rio de Janeiro, Brazil, and its shares are listed on the São Paulo Stock Exchange.
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