Alupar Investimento (ALUP11) Q2 2026 earnings summary

Executive summary

• Net revenue reached R$1,627.3 million in 2Q26, up 55.4% year-over-year, driven by strong transmission segment performance, new projects, and positive macroeconomic indexation effects.

• Consolidated EBITDA rose 76% to R$1,057.0 million, with an adjusted margin of 84.7%.

• Net income attributable to shareholders was R$416.6 million, a 187.6% increase year-over-year.

• Interim dividends of R$69.2 million (R$0.21 per unit) were approved for 2Q26, with a payout ratio of 48.9%.

• Major transmission projects advanced, including securing Lot 07 in ANEEL Auction 01/2026 and full licensing for TAP, with significant progress in Brazil and Latin America.

Financial highlights

• Transmission segment net revenue grew 70.8% year-over-year to R$1,414.7 million, mainly due to new projects and indexation.

• Generation segment net revenue was R$212.6 million, down 3.5% year-over-year, impacted by lower energy prices and higher energy purchases.

• Net debt stood at R$9,499.5 million, with a net debt/EBITDA ratio of 2.6x.

• Regulatory net revenue grew to R$946.1 million; regulatory net income fell to R$159.0 million.

• Financial result was negative R$238.0 million, mainly due to higher financial expenses from increased IPCA and new debt issuances.

Outlook and guidance

• New transmission projects and indexation to inflation indices (IGP-M, IPCA) are expected to continue driving revenue growth.

• Several transmission projects under implementation in Brazil and Latin America, with start-ups expected between 2026 and 2031.

• Management expects continued growth driven by new project deliveries and operational improvements.

• Monitoring Latin American and battery auctions for potential disciplined participation.