ISA Energía Brasil (ISAE4) Q2 2026 earnings summary

Executive summary

• Q2 operating net revenue reached R$1,243.4 million (+20.9% YoY) and EBITDA was R$966.9 million (+22.5%); net income fell 32.0% to R$173.9 million.

• Separately, consolidated net operating revenue rose 81.3% to R$2,597,525 thousand and consolidated net profit increased 202.8% to R$703,370 thousand, largely reflecting concession-asset remuneration.

• July transactions strengthened capital and simplified the portfolio: a R$1.2 billion share offering and completion of the AXIA asset swap.

Financial highlights

• Q2 operating net revenue was R$1,243.4 million (+20.9%) and EBITDA R$966.9 million (+22.5%), with a 77.8% margin, up 1.0 p.p. YoY.

• Net income was R$173.9 million (-32.0%); higher financial expenses and the absence of prior-year non-recurring tax credits weighed on results.

• H1 operating net revenue reached R$2,469.6 million (+14.3%), EBITDA R$1,988.1 million (+16.1%) and net income R$531.6 million (-10.4%).

• Q2 consolidated financial statements reported gross profit of R$1,388,005 thousand and operating profit before finance and tax of R$1,479,978 thousand.

Outlook and guidance

• 2026/27 AAR was set at R$7,082 million, up 11.1% (+R$709 million) from the previous cycle after the asset swap.

• Authorized R&I project pipeline stood at R$7.2 billion; remaining CAPEX for projects under construction was estimated at R$4.6 billion through 2028.

• H1 investment totaled R$2,272,650 thousand, including R$1,379,182 thousand across three greenfield projects.