Compass Gas e Energia (PASS3) Q3 2025 earnings summary

Executive summary

• Achieved 3.0 million clients in distribution, with 181,000 net client additions over the last twelve months.

• Net sales for the nine months ended September 30, 2025, were R$12.8 billion, a decrease from R$13.5 billion year-over-year, mainly due to lower gas distribution volumes and prices.

• Consolidated EBITDA for 3Q25 was R$1.346 billion, up 6% year-over-year, and R$3.86 billion for 9M25, up from R$3.54 billion, driven by improved margins and operational efficiency.

• Net profit for 3Q25 was R$432 million, down 19% compared to 3Q24, and consolidated net income for 9M25 was R$1.21 billion, down from R$1.38 billion, reflecting higher finance expenses.

• Investments in 3Q25 totaled R$642 million, focused on expanding gas distribution and biomethane/LNG projects.

Financial highlights

• Gross profit for 9M25 was R$3.04 billion, up from R$2.70 billion in 9M24, despite lower sales, due to cost reductions.

• Finance results net were negative R$1.16 billion in 9M25, a deterioration from negative R$778 million in 9M24, mainly due to higher interest and monetary variation.

• Earnings per share from continuing operations were R$1.50 (ordinary) and R$1.72 (preference) for 9M25.

• Total assets as of September 30, 2025, were R$32.9 billion, with shareholders' equity of R$7.87 billion.

• Gross margin for 3Q25 was 28%, up from 21% in 3Q24.

Outlook and guidance

• Management confirmed confidence in ongoing operational stability and ability to continue as a going concern, with no material uncertainties identified.

• Continued focus on expanding the distribution network, increasing market share in the free gas market, and investing in biomethane and LNG infrastructure.

• Statements regarding future operations are subject to risks including economic conditions, inflation, regulatory changes, and ability to implement capital plans.