Companhia Energética de Minas Gerais - CEMIG (CMIG4) Q2 2026 earnings summary

Executive summary

• Recurring EBITDA reached BRL 2.47 billion in 2Q26, up 9.3% year-over-year, reflecting operational strength and supporting investments and shareholder returns.

• Net income declined 15.6% year-over-year to BRL 1.12 billion, mainly due to non-recurring items, higher financial expenses, and lower trading results.

• BRL 4.6 billion in new debt was raised to support investments, maintaining a strong cash position and favorable debt ratings.

• CAPEX for 2Q26 was BRL 1.8 billion, with a focus on customer experience, grid resilience, and modernization.

• Shareholder remuneration included BRL 631 million in interest on capital (BRL 0.22 per share).

Financial highlights

• Recurring EBITDA increased 9.3% year-over-year to BRL 2.47 billion; net income fell 15.6% to BRL 1.12 billion.

• Net debt/recurring EBITDA ratio reached 2.58x, with net debt at BRL 13.5 billion.

• OPEX was BRL 416 million below regulatory limits in 1H26.

• Tariff adjustment for distribution averaged 6.5%.

• Interest on capital distributed totaled BRL 631 million.

Outlook and guidance

• Planned investment of BRL 6.73 billion for 2026, with 49% executed in 1H26.

• Positive outlook for 2H26, especially for trading and Gasmig segments.

• Tariff review in 2028 expected to reduce leverage and positively impact results.

• Dividend yield expected to remain attractive, with a minimum payout of 50% of net income.

• Strategic focus on regulated businesses, grid modernization, and ESG commitments.