Alupar Investimento (ALUP11) Q3 2026 earnings summary

Executive summary

• 3Q26 IFRS revenue rose 22.1% YoY to R$1,176.6m, while EBITDA fell 46.4% to R$527.3m and attributable net income fell 72.7% to R$133.5m.

• Regulatory revenue increased 9.2% to R$980.3m and EBITDA rose 4.0% to R$773.2m; attributable net income declined 2.6% to R$214.2m.

• Transmission expansion advanced in Chile, Peru and Brazil; R$69.2m in interim dividends was approved.

Financial highlights

• IFRS 9M26 revenue reached R$4,059.5m, up 25.5%; EBITDA was R$2,396.4m, down 4.8%.

• 3Q26 IFRS consolidated net income was R$210.8m, including R$77.3m attributable to non-controlling interests; attributable income was R$133.5m.

• Regulatory 3Q26 consolidated net income was R$375.4m, up 3.8%; attributable income was R$214.2m, down 2.6%.

• Regulatory 9M26 revenue was R$2,923.2m, up 11.9%; EBITDA was R$2,292.7m, up 8.7%, while attributable net income fell 4.4% to R$522.0m.

• 9M26 operating cash flow was R$1,185.3m, versus R$1,645.3m in 9M25.

Outlook and guidance

• Pelarco–El Trueno in Chile includes two substations and 21 km of 66 kV line; estimated CAPEX is US$85m, annual permitted revenue US$11.9m and planned COD 2031.

• Puno Sur in Peru includes a 25 MVA substation and 9.5 km of 138 kV line; estimated CAPEX is US$11.5m, RAP US$1.9m and planned COD 2027.

• The transmission portfolio comprises 46 concessions and 10,133 km of lines; 31 concessions are operational and 15 under implementation, with start-ups expected from 2026 to 2031.