Eneva (ENEV3) Q1 2025 earnings summary

Executive summary

• Achieved record consolidated EBITDA of BRL 1.528 billion in Q1 2025, up 40% year-over-year, driven by asset ramp-ups, M&A integration, and strong gas trading performance.

• Cash balance rose to BRL 4.766 billion, up BRL 900 million from 4Q24, supported by robust operating cash flow and new funding.

• Completed integration and merger of acquired subsidiaries, streamlining structure and generating financial synergies.

• Approved and executed share buyback program for 20.6 million shares at BRL 10.74 average price.

• Net income surged to BRL 384.4 million, a 731.2% increase from a net loss in Q1 2024, reflecting improved operational results and financial management.

Financial highlights

• Net operating revenues reached BRL 4.4236 billion, up 120.7% year-over-year.

• EBITDA margin was 34.5%, down 19.8 p.p. due to one-off effects and higher costs.

• Net debt-EBITDA ratio improved to 2.6x, or 2.3x excluding one-off impacts, down 1.6x from Q1 2024.

• Cash flow from operations was BRL 1.018 billion, with free cash flow at BRL 798 million.

• Investments totaled BRL 861 million, mainly in Azulão 950, upstream development, and liquefaction plants.

Outlook and guidance

• Projects with contracted revenues under implementation, including Azulão 950 and expansion of Parnaíba LNG plant to 900,000 m³/day.

• Expectation of continued strong results, with risk mitigation from portfolio diversification and ramp-up of new assets.

• Company well positioned to benefit from upcoming capacity reserve auctions and structural needs in the energy system.

• ANEEL approved extension of CCEARS for key Parnaíba assets, securing long-term revenue streams.