Energisa (ENGI3) Q3 2025 earnings summary

Executive summary

• Recurring adjusted consolidated EBITDA rose 16.9%–17% year-over-year to R$2.07–2.2 billion in 3Q25, driven by strong performance in power distribution, gas, and distributed generation segments.

• Recurring adjusted net income was R$427.6–428 million, down 13.6%–14% year-over-year, impacted by higher finance costs and nonrecurring effects.

• Investments totaled R$1.82 billion in 3Q25, stable year-over-year, with increases in power distribution and biogas.

• Net operating revenue (excluding construction) increased 8.5% to R$7,507.8 million in 3Q25.

• The quarter saw the highest energy consumption in 11 years, with strong growth in commercial and industrial segments.

Financial highlights

• Power distribution recurring adjusted EBITDA rose 13.7%–14% to R$1.77–1.8 billion; transmission EBITDA margin improved to 83.2%, up 7.1 p.p.

• Gas distribution (ESgás) EBITDA increased 26% to R$63 million; NORgas EBITDA up 28% to R$85.4 million; ES Gás gross margin up 17.3% to R$80.4 million.

• Distributed generation EBITDA up 24.3% to R$43.2 million, with installed capacity at 467 MWp and 125 solar plants in operation.

• Adjusted net revenue grew 7.9% year-over-year to R$12,640.9 million in 3Q25.

• Electricity marketing net revenue up 50.3% year-over-year; 462 retail migrations, up 79.1%.

Outlook and guidance

• Exchange offer strengthened debt profile, extending average maturity to 6.5 years and reducing refinancing risk.

• The company is on track to meet 2026 ESG and investment targets, with 53,600 new remote consumer units and R$23.9 billion invested as of 3Q25.

• Commissioning of a second biomethane plant in Paraná expected in 1Q28, with estimated CAPEX of R$100 million.

• ANEEL set Red Tariff Flag Level 1 for October and November 2025 due to hydrological conditions.

• Ongoing investments in biomethane and renewable natural gas, with plans to expand regional clusters.