Light (LIGT3) Q3 2026 earnings summary

Executive summary

• 3Q26 recurring cash EBITDA rose 10.5% YoY to R$432m; reported net loss was R$56m. 9M26 recurring cash EBITDA rose 25.7% to R$1,452m, while net income was R$2,513m.

• Judicial reorganization ended September 9, 2026; a R$1.5bn capital increase and conversion of R$2.2bn face-value debt strengthened the balance sheet and reduced covenant leverage to 2.24x.

Financial highlights

• Cash gross margin was R$1,014m in 3Q26, up 7.4% YoY; reported EBITDA was R$276m, down 44.2%, versus recurring cash EBITDA of R$432m.

• 9M26 reported EBITDA was R$880m, down 48.0% YoY; recurring cash EBITDA was R$1,452m, up 25.7%.

• 9M26 net income included R$2,955m in deferred-tax asset recognition following the distribution concession renewal.

• Net financial result was negative R$76m in 3Q26 and R$556m in 9M26; the 9M deterioration reflected debt costs, REFIS enrollment and hedge-swap settlement effects.

Outlook and guidance

• The 2026 Summer Plan adds field teams, contingency drills, transformer replacement, reclosers, underground-network work and tree pruning ahead of El Niño.

• First material debt principal amortization is scheduled for 2028 at R$1.7bn, aligned with the next distribution tariff review.

• Trading ended the quarter with a solid contracted position and controlled exposure; ongoing hydrological and price-risk monitoring supports predictable cash generation.