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Serena Energia (SRNA3) investor relations material
Serena Energia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Completed a R$5.4 billion take-private transaction, with 96.1% shareholder participation, making the company fully private and backed by Actis, GIC, and managing partners.
Energy production in 3Q25 was 2,891 GWh, down 5% year-over-year due to curtailment, especially in the Bahia cluster.
EBITDA for 9M25 reached R$1.2 billion, up 2% year-over-year, driven by new long-term contracts with better margins.
Net income for 3Q25 was R$16.8 million, a decrease of R$28 million year-over-year.
Financial highlights
Net revenues for 3Q25 were R$2,001.4 million, up 89% year-over-year.
Adjusted energy gross profit was R$690.0 million, up 2% year-over-year; unit gross profit rose 7% to R$238.9/MWh.
Adjusted EBITDA for 3Q25 was R$483.5 million, down 2% year-over-year; EBITDA margin was 70.1%.
Adjusted net income for 3Q25 was R$16.8 million, down 63% year-over-year.
Recurring free cash flow for 3Q25 was R$341.6 million, down 8% year-over-year.
Outlook and guidance
Management expects compensation for past curtailments, which could boost 2025 results above the business plan.
New energy offtake transactions are expected to increase EBITDA over the next decade.
Explain 89% net revenue growth with 5% production drop
Update on curtailment compensation efforts
Strategy for upcoming debt maturities and optimization
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Next Serena Energia earnings date
Q4 202518 Feb, 2026
Next Serena Energia earnings date
Q4 202518 Feb, 2026
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