ISA Energía Brasil (ISAE4) Q3 2026 earnings summary

Executive summary

• 3Q26 regulatory net revenue grew 40.9%; reported EBITDA and net income included a material non-cash asset-unwinding gain.

• Excluding the R$1,938.3 million gain and related tax effects, quarterly net income was R$625.5 million, up 14%; pro forma EBITDA was R$1,251.7 million, up 40.9%.

• AXIA asset unwinding closed July 31; IE Madeira became fully consolidated from August and IE Garanhuns was divested.

Financial highlights

• 3Q26 regulatory net revenue was R$1,510.7 million, up 40.9% YoY; 9M26 reached R$3,980.3 million, up 23.1%.

• Reported 3Q26 EBITDA was R$3,190.1 million and net income R$1,904.8 million, including the non-recurring asset-unwinding gain.

• 3Q26 IFRS net operating revenue was R$2,333.7 million, down 8.8%; IFRS net income was R$913.8 million, up 16.4%.

• 9M26 reported regulatory EBITDA rose 99.1% to R$5,178.2 million; net income excluding the unwinding effect was R$1,157.1 million, up 1.2%.

Outlook and guidance

• Serra Dourada and Itatiaia had combined remaining CAPEX of ~R$4.1 billion and cycle AAR of R$596.9 million; physical progress was 64% and 35%, respectively.

• Authorized R&I pipeline reached R$7.6 billion at 3Q26, up 5.1% QoQ; ~R$947 million of investments entered operation in 9M26.

• Authorized investment through 2033 totaled ~R$12 billion in real terms, including ~R$4.1 billion for greenfield projects and ~R$7.6 billion for R&I.

• 2026/2027 cycle AAR was R$7,082.3 million, up R$708.9 million, or 11.1%, from the prior cycle after asset unwinding.