AXIA Energia (AXIA6) Q2 2026 earnings summary

Executive summary

• Investments surged 53% year-over-year in H1 2026, focusing on equipment modernization, operational resilience, and value creation, with accelerated disbursements in transmission and successful auction participation.

• Adjusted regulatory EBITDA reached R$6,683 million in 2Q26, up 21.5% year-over-year, driven by higher generation margins and lower provisions.

• Major events included migration to B3's Novo Mercado, enhancing governance, and portfolio management actions such as minority stake sales and full consolidation of Três Irmãos HPP.

• Year-to-date R$7.7 billion allocated for shareholder returns, including Class C preferred share redemptions.

• Proposed merger of subsidiaries aims to capture synergies and reduce costs.

Financial highlights

• EBITDA for the six-month period was R$13,099.0 million, up from R$9,689.8 million year-over-year.

• Investments totaled R$3,117 million in 2Q26, a 52.6% increase year-over-year.

• Adjusted IFRS net income was R$1,608 million in 2Q26, with six-month net income at R$5,315 million, up from R$1,389 million in 6M25.

• Free market (ACL plus MCP) unit margin rose to R$96/MWh from R$73/MWh year-over-year.

• Adjusted EBITDA margin rose to 56.4% in 2Q26 from 50.0% YoY.

Outlook and guidance

• Up to R$3.7 billion in capital available for allocation in 2Q26, totaling R$7.7 billion for 2026.

• Transmission auction wins (Lots 8, 9, 10) to generate R$50.8 million additional RAP and R$668 million in investments.

• 288 large-scale transmission projects under implementation, expected to add R$2.0 billion RAP by 2030 with R$15.5 billion CAPEX.

• Ongoing adaptation and resilience plans for climate risk, with 60% implementation expected by 2026 and full completion by 2028.

• Expectation of more resources in Q3 2026 compared to 2025, but with lower prices.