Energisa (ENGI3) Q2 2026 earnings summary

Executive summary

• Recurring adjusted EBITDA reached R$1.95 billion in 2Q26, up 1% year-over-year, with net debt/EBITDA improving from 3.5x to 3.1x, reflecting deleveraging and portfolio management.

• The quarter was marked by non-recurring effects, including a R$596 million non-cash loss from transmission asset divestment and a positive R$489 million EBITDA impact from the ERO tax settlement.

• Four major electricity distribution concessions were renewed for 30 years, enhancing long-term growth visibility.

Financial highlights

• Adjusted recurring EBITDA rose 1.4% year-over-year to R$1,966 million in 2Q26; net income declined 80% to R$88 million, mainly due to higher financial expenses.

• Consolidated net income was a loss of R$40 million in 2Q26, compared to a profit of R$490 million in 2Q25, impacted by non-recurring items.

• Gross operating revenue grew 10% year-over-year to R$12.78 billion; net revenue rose 8% to R$9.24 billion.

• Investments totaled R$1.71 billion in 2Q26, up 7% year-over-year, focused on expanding electricity and gas infrastructure.

Outlook and guidance

• Continued focus on portfolio optimization, value creation, and deleveraging through asset divestments and capital injections.

• Regulatory tariff adjustments and new concession contracts are expected to support stable cash flows and long-term growth.