AXIA Energia (AXIA6) Q3 2025 earnings summary

Executive summary

• Distributed R$4.3 billion in dividends in 3Q25, totaling R$8.3 billion for 2025, enabled by asset sales, operational efficiency, and a de-risked, fully renewable portfolio.

• Completed sale of Eletronuclear and EMAE stakes, acquired remaining 50.1% of Tijoá Energia, and exited thermal generation, aligning with Net Zero 2030 target.

• Won four lots in Transmission Auction No. 04/2025, securing R$138.74 million RAP and R$1.63 billion in projected CAPEX.

• Investments reached R$2.7 billion in 3Q25, up 57% year-over-year, focused on transmission expansion.

• Reported a consolidated net loss of R$7.1 billion for 9M25, reversing a profit of R$9.3 billion in the same period last year, mainly due to a R$7.3 billion impairment on Eletronuclear.

Financial highlights

• Adjusted regulatory net revenue was R$9,969 million in 3Q25, down 4.6% YoY, while consolidated revenue for 9M25 reached R$30.6 billion, up 8.7% YoY.

• Adjusted regulatory EBITDA (ex-Amazonas TPP) rose 3.4% YoY to R$6,419 million, but adjusted net income dropped 68% YoY due to non-recurring regulatory remeasurement.

• Equity income rose to R$1,265 million from R$749 million YoY, driven by RAP increase and TNE concession.

• PMSO costs reduced to R$1,509 million from R$1,692 million, reflecting operational efficiency.

• Net debt reached R$43.1 billion at 9M25, with leverage at 28% and average debt cost rising to CDI +0.64% p.a.

Outlook and guidance

• Price resilience expected in 2026, with advances in energy trading, robust investment agenda, and a fully renewable portfolio supporting long-term growth.

• 230 large-scale transmission projects underway, with R$1.7 billion additional RAP expected between 2025-2030 and R$12.5 billion in total CAPEX.

• Focus on acquiring end clients, selling uncontracted energy, and participating in capacity and battery auctions.