Equatorial Energia (EQTL3) Q3 2026 earnings summary

Executive summary

• Adjusted EBITDA was R$3.206bn, up 4.1% YoY; excluding equity income, it rose 7.1% to R$2.960bn.

• Same-assets adjusted net income fell 29.9% to R$473m; the comparison excludes Transmission in 3Q25 and Copasa equity income in 3Q26.

• Reported net income was R$934m versus R$610m in 3Q25.

Financial highlights

• Adjusted gross margin rose 11.8% to R$4.719bn; distribution adjusted gross margin increased 11.3% to R$4.361bn.

• Net operating revenue was R$13.644bn, down 1.2% YoY; adjusted net income was R$535m, down 37.1%.

• Net financial result was negative R$1.598bn; adjusted net financial result was negative R$1.620bn, worsening 7.5% YoY.

• Investments totaled R$2.620bn, down 13.2% YoY; distribution received R$2.556bn, including R$1.956bn for electrical assets.

Outlook and guidance

• Deleveraging is expected over coming years, supported by tariff reviews and productivity gains, with EBITDA effects building through 2027–2029.

• Tariff reviews at CEEE-D and CEA are priorities; planned investments are R$3.47bn and R$992m, respectively.

• No CapEx guidance was provided; budgets are being reassessed, discretionary investment reduced, and regulatory spending maintained.

• Copasa’s transformation plan targets operational efficiency, loss reduction, CapEx allocation, universalization and municipal relationships.