Compass Gas e Energia (PASS3) Q2 2026 earnings summary

Executive summary

• Completed first quarter as a listed company post-IPO, raising approximately R$ 3.0 billion and enhancing visibility and investor base.

• Achieved consistent execution of strategic growth, expanding regulated distribution assets and Marketing & Services, with a focus on B2B, LNG, and biomethane.

• Expanded customer base with 179,000 new connections over the last twelve months and significant network growth.

• Distributed R$ 406 million in mandatory minimum dividends for FY2025, yielding 5.2%.

• Advanced low-carbon solutions and signed a 10-year off-grid LNG mobility contract.

Financial highlights

• EBITDA for 2Q26 reached R$ 1.275 billion, up 5% year-over-year; normalized EBITDA was R$ 1.316 billion, up 3%.

• Net income for 2Q26 was R$ 287 million, a 19% decrease year-over-year, mainly due to higher depreciation and financial expenses.

• Operating cash flow was R$ 981 million; dividend yield stood at 5.2%.

• Investments in 2Q26 totaled R$ 532 million, mainly in gas distribution, up 31% year-over-year.

• Gross profit for 2Q26 was R$ 1.02 billion, down 3% year-over-year.

Outlook and guidance

• Expect continued volume growth for Edge as market migration from captive to free market progresses.

• Focus on expanding regulated assets, growing Marketing & Services, and developing new low-carbon vectors.

• Anticipate maintaining 20%-25% market share in free market segment.

• Regulatory changes (ANP, New Gas Law) expected to increase market liquidity and competition.

• ESG commitments include carbon neutrality in distribution by 2030 and leading renewable gas distribution.