Eneva (ENEV3) Q3 2026 earnings summary

Executive summary

• 3Q26 EBITDA was R$1,407.0 million, down 22.8% YoY; 9M26 EBITDA was R$4,336.3 million.

• Lower thermal dispatch, expired Espírito Santo contracts and coal-asset divestments weighed on results; new regulated contracts, gas trading and the Vale settlement partly offset the decline.

• Operating cash flow reached R$1,728 million, the second-highest quarterly result on record; quarter-end cash was R$6,795.7 million.

Financial highlights

• Net operating revenue was R$3,235.6 million in 3Q26, down 26.9% YoY; 9M26 revenue was R$11,893.7 million, down 3.8%.

• Attributable net income was R$322.9 million in 3Q26, down 8.2% YoY; 9M26 net income was R$876.8 million, down 20.3%.

• EBITDA margin was 43.5% in 3Q26 versus 41.2% a year earlier; 9M26 margin was 36.5% versus 40.6%.

• Net financial expense was R$420.7 million versus R$373.0 million in 3Q25; adjusted expense was R$384.6 million versus R$406.7 million.

Outlook and guidance

• Azulão II is scheduled for commercial operation in 2Q27, with its PPA starting July 2027; Parnaíba’s third liquefaction train is scheduled for July 2027.

• Sergipe Hub expansion PPAs are scheduled to start in October 2028; Ceará TPP PPAs in August 2029. Ceará Hub COD is scheduled for August 2029 and Espírito Santo Hub COD for August 2031.

• Azulão I has 295 MW contracted for 15 years; it resumed dispatch in Q4 and generated ~85 GWh through November 10.

• Installed generation capacity is 6.5 GW; capacity is expected to reach 10.15 GW by 2031, including LRCAP 2026 projects.