Compass Gas e Energia (PASS3) Q4 2025 earnings summary

Executive summary

• Recurring EBITDA for 2025 was R$5.0 billion, up 11% year-over-year, with net profit of R$1,460 million, down 31% due to higher debt service and non-recurring effects in 2024.

• Investments totaled R$2.2 billion, aligned with guidance and focused on distribution and Marketing & Services expansion.

• 4Q25 EBITDA was R$1.1 billion, with net profit of R$255 million, both declining year-over-year.

• Customer base reached 3.1 million and network extension 28,000 km by year-end.

• Sale of Norgás subsidiary in November 2024 impacted EBITDA and net profit comparisons.

Financial highlights

• Net sales revenue for 2025 was R$16.6 billion, down 10% year-over-year.

• EBITDA margin for 2025 was 30%; gross margin was 24%.

• Net profit for 2025 was R$1,460 million, down 31% year-over-year.

• Investments for 2025 totaled R$2.23 billion, in line with the previous year.

• Leverage at 2.2x Net Debt/EBITDA at year-end.

Outlook and guidance

• 2025 EBITDA and CAPEX were within previously disclosed guidance ranges.

• Focus on expanding the gas market, energy transition, and disciplined capital allocation.

• Entering 2026 with emphasis on operational efficiency and regulatory compliance.