Companhia Energética de Minas Gerais - CEMIG (CMIG4) Q3 2026 earnings summary

Executive summary

• 3Q26 net revenue was R$11.16bn, up 5.1% YoY; IFRS EBITDA rose 74.0% to R$2.69bn and adjusted EBITDA increased 31.1% to R$1.99bn.

• Net income reached R$1.72bn, up 115.5% YoY; adjusted net income was R$922.8m, up 18.0%, with the reported result boosted by contingency-provision reversals.

• 9M26 capex was R$5.1bn, up 7.8% YoY, focused on distribution and other regulated infrastructure; net debt was R$19.71bn and leverage 2.43x.

Financial highlights

• Net operating revenue rose 5.1% YoY to R$11,163.4m; gross profit increased 45.0% to R$2,384m.

• IFRS EBITDA was R$2,686.2m, up 74.0% YoY; adjusted EBITDA was R$1,992.8m, up 31.1%. EBITDA margin was 24.1%, versus 14.5%.

• Net income was R$1,717.0m, up 115.5% YoY; adjusted net income was R$922.8m, up 18.0%.

• Net financial result was income of R$51.8m versus expense of R$319.1m in 3Q25; financial expenses fell 54.2% YoY to R$264.0m.

Outlook and guidance

• Planned 2026–2030 investment totals R$43.70bn, including R$6.725bn in 2026; about 70% of the projected R$6.7–6.8bn annual spend in 2026 and 2027 is allocated to distribution.

• Next distribution tariff review is scheduled for May 28, 2028; the 2026 adjustment averaged 6.50%, effective May 28, 2026 through May 27, 2027.

• Energy balance projections show current shortfalls of 152 MW average in 2027 and 126 MW average in 2028, followed by surpluses from 2029 onward.

• 2026 loss-reduction plan targets 358,000 inspections, 400,000 smart-meter installations, replacement of 150,000 obsolete meters, and regularization of 25,000 households.