Energisa (ENGI3) Q3 2025 earnings summary

Executive summary

• Consolidated recurring adjusted EBITDA rose 16.9%–17% year-over-year to R$2,071.0–R$2.2 billion in 3Q25, driven by strong performance in power distribution, gas, and distributed generation segments, and cost efficiency initiatives.

• Recurring adjusted net income was R$427.6–R$428 million, down 13.6%–14% year-over-year, mainly due to higher financial expenses and non-recurring effects.

• Net operating revenue (excluding construction) increased 8.5% to R$7,507.8 million in 3Q25; net revenue reached R$9,182.0 million, up 7.0% year-over-year.

• Investments totaled R$1,819.5–R$1,820 million in 3Q25, stable year-over-year, with focus on power distribution, gas, and biogas.

• Distribution EBITDA grew 13.7%–14% to R$1,776.6–R$1.8 billion, with energy sales volume up 2.0% and improved operational efficiency.

Financial highlights

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

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

• Distributed generation EBITDA up 24.3% to R$43.2–R$43 million, with installed capacity reaching 467 MWp and 125 solar plants in operation.

• Transmission EBITDA margin reached 83.2%, up 7.1 p.p., with regulatory EBITDA at R$168.6 million.

• Adjusted recurring net income was R$427.6 million in 3Q25, down 13.6% year-over-year.

Outlook and guidance

• 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.

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

• 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.