Alupar Investimento (ALUP11) Q4 2024 earnings summary

Executive summary

• Net revenues rose 27.9% year-over-year to R$1,123.3 million in 4Q24, with EBITDA up 28.2% and net income up 63.2% to R$230.3 million, driven by robust transmission growth and project expansion.

• Full-year 2024 net revenue reached R$4,002.1 million, up 20.9%, and net income was R$1,086.1 million, up 56.5% from 2023.

• Dividend payout for 2024 was 51.5% of net income, totaling R$275.7 million, and a 4% stock bonus was proposed.

• Acquisition of Rialma IV Transmission Company completed, adding 162 km of lines and RAP of BRL 20.6 million; expansion to 42 transmission concessions and 798.5 MW of renewable capacity across LATAM.

• Fitch reaffirmed AAA (national) and BB+ (international) ratings; KPMG issued an unqualified audit opinion.

Financial highlights

• Consolidated net revenues rose 27.9% year-over-year to R$1,123.3 million in 4Q24; full-year revenues up 20.9% to R$4,002.1 million.

• EBITDA margin improved to 80.7% in 4Q24; adjusted EBITDA margin reached 94.7% in transmission.

• Net income per unit was R$0.73 in 4Q24, up 56.9% year-over-year; full-year net income per unit was R$3.43, up 50.5%.

• Net debt totaled R$9,138.8 million; gross debt R$12,683.1 million; net debt/EBITDA at 2.98x.

• Cash and equivalents at R$3,544.3 million.

Outlook and guidance

• Ongoing implementation of major transmission projects in Brazil, Chile, Colombia, and Peru, with R$429.4 million invested in transmission in 2024.

• New assets expected to enter commercial operation between 2024 and 2029, with continued focus on ESG, digitalization, and operational efficiency.

• Dividend and bonus share policies are expected to continue, supporting shareholder returns.