Companhia Energética de Minas Gerais - CEMIG (CMIG4) Q3 2025 earnings summary

Executive summary

• Recurring and adjusted EBITDA for 3Q25 was R$1.47–1.5 billion, down 16.3% year-over-year, reflecting operational resilience amid challenging market conditions, including client migration and adverse sub-market prices.

• Net profit for 3Q25 was R$780–797 million, down 30.2% year-over-year, mainly due to lower captive market volumes, migration of large customers, and absence of prior year one-offs.

• Revenue for 3Q25 grew 4.6–7.8% year-over-year, driven by tariff adjustments and increased residential consumption, despite a sharp drop in industrial demand.

• Major investments reached R$4.7–4.73 billion in the first nine months of 2025, marking the highest in company history, with a focus on distribution, substations, and modernization.

• Credit ratings were upgraded to AAA by two agencies, and the company received multiple awards for financial transparency and ESG initiatives.

Financial highlights

• Recurring EBITDA for 3Q25 was R$1.47–1.5 billion, down 16.3% year-over-year; recurring net profit dropped 30.2% to R$780 million.

• IFRS net profit for 3Q25 was R$797 million; net revenue for the quarter was R$10.62 billion (+4.6% YoY).

• Cash from operations reached R$3.4 billion over nine months; final cash position stable at R$2.3 billion.

• Debenture issuances in 2025 raised over R$5.1 billion, supporting investments and liquidity.

• Capex in 9M25 reached R$4.73 billion (+17% YoY), with R$1.98 billion invested in 3Q25.

Outlook and guidance

• Investment plan for 2025 set at R$6.35 billion, with a long-term plan of R$39.2 billion through 2029, focusing on regulated areas, modernization, and ESG.

• Management expects sufficient cash balances and access to credit for working capital, investments, and debt service.

• Strategic focus remains on client satisfaction, value creation, innovation, and operational efficiency.