AXIA Energia (AXIA6) Q3 2026 earnings summary

Executive summary

• Adjusted Regulatory EBITDA reached R$6,915 million in 3Q26, up 8.4% YoY; Generation Contribution Margin (ACL + MCP) rose 10.6%.

• Investments totaled R$2,855 million in 3Q26, up 5.7%, and R$7,327 million in 9M26, up 27.7%.

• Consolidated net income was R$1.113 billion in Q3, versus a R$5.448 billion loss in Q3 2025; 9M net income was R$4.934 billion, versus a R$7.127 billion loss.

• Adjusted IFRS net income was R$1,759 million in 3Q26, down 19.1%; 9M adjusted net income rose 98.3% to R$7,071 million.

• Shareholder capital allocated in 2026 reached R$11.7 billion; energy trading sales enabled by the new product portfolio exceeded 1 TWh.

Financial highlights

• IFRS net operating revenue was R$10,037 million in 3Q26, up 0.1% YoY; adjusted gross revenue rose 1%, supported by higher ACL prices and available energy.

• Adjusted Regulatory EBITDA was R$6,915 million, up 8.4%; adjusted IFRS EBITDA was R$4,533 million.

• Adjusted IFRS net income was R$1,759 million versus R$2,176 million in 3Q25; adjusted Regulatory net income rose 76.5% to R$3,369 million.

• Adjusted IFRS PMSO costs and expenses fell 10.4% YoY; equity income increased 48%.

• 9M revenue was R$33.937 billion versus R$30.616 billion; operating result before financial items and taxes rose to R$13.373 billion from R$682 million.

Outlook and guidance

• Investment guidance remains R$12 billion–R$14 billion annually for 2026 and 2027; 9M26 investment was R$7,327 million, up 27.7% YoY.

• Transmission projects under implementation are expected to add R$2.0 billion in Allowed Annual Revenue from 2026 to 2030, with estimated CAPEX of R$15.2 billion.

• Estimated uncontracted energy after hedging is 1%–18% for 2026, 19%–41% for 2027 and 23%–56% for 2028, based on assumed GSF of 83.1%.

• 2027 energy sales were made in the Southeast and North, particularly for Q1; Q4 positioning was established, with more availability in the North and Northeast.

• Forward-looking estimates are exposed to economic, regulatory, political, interest-rate, inflation, currency, hydrology, demand, debt and financing uncertainties.