Equatorial Energia (EQTL3) Q2 2026 earnings summary

Executive summary

• Adjusted consolidated EBITDA grew 0.8% year-over-year to R$2.92 billion in 2Q26, reflecting operational discipline, robust market growth, and improved gross margin, despite challenges in renewables and higher financial expenses.

• Cash and equivalents reached R$10 billion, covering 2.5x short-term debt, supporting strong liquidity.

• Net income attributable to controlling shareholders was R$485 million, with adjusted net income at R$110 million, reflecting non-recurring items and higher financial costs.

• Acquisition of 30% of Copasa for R$5.6 billion marked a strategic milestone, expanding presence in water and sanitation.

• R$355 million gain from the Acordo Gaúcho tax settlement, classified as non-recurring.

Financial highlights

• Net operating revenue rose 10.2% year-over-year to R$13.7 billion in 2Q26.

• Adjusted EBITDA margin was 21.3%, down 2.0 p.p. from 2Q25 due to higher operational costs and provisions.

• Adjusted net income dropped 83.5% year-over-year to R$110 million, mainly due to higher financial expenses and non-recurring effects.

• Investments totaled R$2.6 billion in 2Q26, a 3.8% decrease from 2Q25, mainly in distribution and special obligations.

• Gross margin rose 10.4% year-over-year, driven by distribution segment growth and higher tariffs.

Outlook and guidance

• Focus on Copasa integration, operational cost discipline, and acquisition refinancing.

• Planned tariff reviews for CEEE-D and CEA, and ongoing regulatory agenda for distribution companies.

• Continued evaluation of new business opportunities and disciplined capital allocation.

• Ongoing investments in distribution and ESG initiatives to support long-term value creation.