Eneva (ENEV3) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA reached R$1,366 million in 2Q26, up 14% year-over-year, but consolidated EBITDA was R$1,239 million, down 25.8% year-over-year due to contract expirations and asset sales, with net revenue rising 13.1% to R$3,976 million.

• Net income attributable to shareholders dropped 91.4% year-over-year to R$31.2 million, impacted by higher financial expenses and non-recurring items.

• Record operating cash flow for a second quarter at R$1,680 million, supporting investments and reflecting strong operational performance.

• Major new contracts and plant start-ups in Espírito Santo and Azulão TPP to add R$762.6 million in annual fixed revenue from 3Q26.

• Significant progress in major projects, including Azulão 950, Parnaíba SSLNG expansion, and new PPAs, reinforcing contracted growth.

Financial highlights

• Net revenue: R$3,975.8 million (+13.1% YoY); Adjusted EBITDA: R$1,366 million (+14% YoY); Consolidated EBITDA: R$1,239 million (-25.8% YoY); Net income: R$31.2 million (-91.4% YoY).

• EBITDA margin declined to 31.2% from 47.5% year-over-year.

• Operating cash flow reached a record R$1,680 million in Q2, with investments totaling R$1,590 million.

• Net debt rose to R$19.8 billion, with leverage at 3.2x net debt/LTM EBITDA.

• Cash position at R$2,537 million at end-2Q26.

Outlook and guidance

• New capacity contracts for Espírito Santo and Azulão I TPPs add R$762.6 million in annual fixed revenue from 3Q26, with additional R$3 billion/year expected by July 2027.

• Commercial operation of Azulão II TPP in July 2027 will add R$2.2 billion in annual fixed revenue.

• Ongoing expansion of LNG capacity and focus on developing LNG-powered logistics corridors for future growth.

• Capital structure strengthened by new R$501 million financing for SSLNG Train 3, with long-term amortization.

• Growth in contracted capacity through long-term PPAs, with 1.3 GW under 10- to 15-year contracts.