Alupar Investimento (ALUP11) Q3 2025 earnings summary

Executive summary

• Net profit (IFRS) for 3Q25 reached R$489.4 million, up 34.5% year-over-year, driven by a 42.1% increase in consolidated EBITDA to R$984.6 million and higher financial income, despite a significant rise in taxes and minority interest adjustments.

• Energization and completion of key transmission projects (TNE, TCE, TECP) in Brazil and Colombia, and a major win in Peru with a 30-year concession and US$31.8 million/year RAP.

• Dividend distributions reached R$98.9 million for 3Q25, with a 47.4% payout ratio, and total dividends in 2025 at R$290.6 million.

• International expansion advanced with new assets in Colombia and Peru, and acquisition of Rialma IV (TBO) added R$20.6 million in annual RAP.

• TECP Phase 1 modernization completed 11 months ahead of schedule, adding R$15.5 million in additional revenue.

Financial highlights

• Consolidated net revenue (IFRS) for 3Q25 was R$963.4 million, up 3.7% year-over-year; 9M25 revenue grew 12.3% to R$3,234.2 million.

• EBITDA margin (IFRS) reached 102.2% in 3Q25, up from 74.6% in 3Q24; adjusted EBITDA margin was 114.9%.

• Regulatory net revenue increased 9.4% to R$897.7 million in 3Q25; regulatory net profit up 20.2% to R$219.8 million.

• Net debt stood at R$9,211.1 million, with a net debt/EBITDA ratio of 2.8x.

• Net profit per unit (IFRS) increased 29.4% year-over-year to R$1.48.

Outlook and guidance

• New transmission projects in Peru awarded, with expected investments of R$1.2 billion and energization by November 2029.

• Ongoing internationalization and expansion of transmission and generation assets expected to drive future revenue.

• The company maintains a strong pipeline of projects under implementation, supporting future revenue growth.