AXIA Energia (AXIA6) Q2 2026 earnings summary

Executive summary

• Strong operational and financial performance in 2Q26, with investments up 53% year-over-year to R$3,117 million and a focus on value creation, efficiency, and risk mitigation.

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

• Migration to B3's Novo Mercado was completed, enhancing governance and simplifying capital structure; capital allocation for 1H26 reached R$7.7 billion.

• Portfolio management included divestment of minority stakes, full consolidation of Três Irmãos HPP, and a proposed merger of subsidiaries to capture synergies and reduce costs.

• Year-to-date BRL 7.7 billion allocated for Class C preferred share redemptions and shareholder returns.

Financial highlights

• Adjusted regulatory EBITDA rose 21.5% YoY to R$6,683 million, with adjusted EBITDA margin improving to 56.4% in 2Q26 from 50.0% YoY.

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

• Consolidated net income for 2Q26 was R$1.19 billion, reversing a net loss of R$1.33 billion in Q2 2025.

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

• Net debt stood at R$45,461 million at June 30, 2026, with net debt/EBITDA LTM at 1.7x.

Outlook and guidance

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

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

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

• Medium- to long-term climate adaptation plans underway, with 60% implementation expected by 2026 and full completion by 2028.

• Expectation of lower energy prices in Q3 2026 compared to last year, but with higher available resources and controlled contracted positions.