Aeris Indústria e Comércio de Equipamentos para Geração de Energia (AERI3) Q4 2025 earnings summary

Executive summary

• 2025 was the most challenging year in a decade for the Brazilian wind sector, with operational efficiency and demand at historic lows, only two mature production lines active, and delivery of 108 blade sets, but signs of recovery emerged late in the year.

• Net revenue fell 50.8% year-over-year to R$746.0 million, with adjusted EBITDA at -R$115.7 million and a net loss of R$901.2 million, impacted by a R$233.9 million impairment mainly due to contract cancellations and inventory write-downs.

• Export activity surpassed domestic sales, with export sales growing to 37% of revenue and new contracts providing production visibility through 2028.

• Despite the downturn, new contracts and a strategic agreement with Vestas, as well as a 1.3 GW supply contract and a 1 GW pipeline under negotiation, support future demand.

Financial highlights

• Q4 2025 net revenue was R$114.5 million, down 36% sequentially; full-year revenue was R$746.0 million, a 50.8% drop year-over-year.

• Adjusted EBITDA for Q4 was -R$60.6 million (margin -52.9%); full-year adjusted EBITDA was -R$115.7 million (margin -15.5%).

• Net loss for Q4 was R$477.5 million, with full-year net loss at R$901.2 million, impacted by impairments in receivables and inventory.

• Operating expenses for 2025 totaled R$506 million, down from R$886 million in 2024, mainly due to lower impairments.

• Gross margin for 2025 was -1.0%, down 8.6 percentage points year-over-year.

Outlook and guidance

• Production lines will gradually reactivate through 2026, with revenue from new contracts stabilizing by Q4 2026 and a multi-year supply agreement supporting future demand.

• Export volumes are expected to remain strong, with 60% of blade production likely destined for international markets.

• Expansion of transmission lines and a battery auction in 2026 are expected to drive future demand.

• No EBITDA guidance provided for new contracts.

• Cash generation and operational stability anticipated to improve in the second half of 2026.