Compass Gas e Energia (PASS3) Q4 2024 earnings summary

Executive summary

• Served 2.9 million clients and operated a 27,000 km network in 4Q24, with distributed volume up 9% year-over-year.

• Achieved consolidated net sales of R$18.38 billion for 2024, up 3.5% year-over-year, with gross profit of R$3.68 billion and net income of R$2.12 billion.

• Major milestones included the start of operations at the São Paulo LNG regasification terminal and the acquisition of a 51% stake in Compagas, expanding the gas distribution footprint.

• Completed the sale of a 51% interest in Norgás S.A. for R$629 million, streamlining the asset portfolio.

• Strategic portfolio optimization included the acquisition of Compagas and sale of Norgás.

Financial highlights

• 4Q24 EBITDA reached R$1.5 billion, a 37% increase compared to 4Q23; full-year EBITDA was R$5.03 billion, up 17% year-over-year.

• Recurring net profit for 4Q24 was R$741 million, up 42% year-over-year; full-year recurring net profit was R$2.12 billion, up 9% year-over-year.

• Net revenue for 4Q24 was R$4.9 billion, up 16% year-over-year; full-year revenue reached R$18.4 billion, up 3%.

• Investments totaled R$739 million in 4Q24 (+34% YoY) and R$2.19 billion for the year.

• Net income attributable to owners reached R$1.97 billion, up from R$1.60 billion in 2023.

Outlook and guidance

• 2025 EBITDA guidance is R$4.7–5.1 billion, based on recurring operations.

• 2025 CAPEX guidance is R$2.0–2.3 billion, reflecting regulatory and EDGE investments.

• 2024 results met revised guidance, with recurring EBITDA and CAPEX within disclosed ranges.

• Management remains confident in the company’s ability to continue as a going concern, with no material uncertainties identified.

• Ongoing focus on expanding infrastructure and optimizing the gas and energy portfolio in Brazil.