Auren Energia (AURE3) Q3 2026 earnings summary

Executive summary

• 3Q26 Adjusted EBITDA was R$1,185.6 million, including R$357.1 million of past-curtailment compensation; excluding it, EBITDA was R$828.5 million, up 7.2% YoY.

• Net debt declined R$245.6 million QoQ and leverage improved to 4.7x; Cajuína 3 construction was completed at 112.1 MW, with regulatory validations underway.

Financial highlights

• Net revenue was R$3,302.6 million, down 6.6% YoY; net income was R$150.4 million versus a R$403.7 million loss in 3Q25.

• Net margin rose 40.3% to R$1,393.8 million; excluding curtailment compensation, it was R$1,036.7 million, up 4.3% YoY.

• Trading Adjusted EBITDA was R$107.7 million versus a R$23.9 million loss in 3Q25, benefiting as falling prices supported progressive closure of the short position.

• PMSO declined 5.6% to R$316.8 million, reflecting cost discipline and lower insurance costs and AES Brasil integration expenses.

• 9M26 net loss narrowed to R$830.3 million from R$912.6 million; operating cash flow was R$997.0 million.

Outlook and guidance

• Target leverage is close to 3.5x over the coming years; lower capex and higher EBITDA from Cajuína 3 and higher average contracted prices are expected to support deleveraging.

• More than 30% of the consolidated long-term portfolio remains uncontracted; higher energy prices are expected to benefit results, particularly from 2029 onward.

• 2027 short energy exposure was reduced toward neutral amid uncertainty over El Niño, wet-season inflows and prices; the Commitment Agreement for past curtailment compensation is expected to be signed in 2Q27.

• Phase 2 of the corporate reorganization is expected to complete in January 2027, subject to conditions including regulatory approvals.