Neoenergia (NEOE3) Q1 2026 earnings summary

Executive summary

• Net income rose 28% year-over-year to R$1,284 million, driven by tariff adjustments, new transmission assets, and increased customer base.

• EBITDA increased 10% to R$4,097 million, with adjusted cash EBITDA up 8% to R$3,009 million.

• Total injected energy grew 1.9% and distributed energy rose 2.1% year-over-year.

• Iberdrola acquired 14.21% of shares in a tender offer, triggering a move to delist from B3's Novo Mercado.

Financial highlights

• Net operating revenue reached R$12,526 million, up 10% year-over-year.

• Gross margin was R$5,008 million, stable year-over-year, with a 4% increase excluding concession financial assets.

• Operating expenses rose 7% to R$1,142 million, mainly due to collection actions and legal provisions.

• Financial result was a loss of R$1,640 million, reflecting higher debt charges from increased Capex funding.

• CAPEX totaled R$1.8 billion, with R$1.7 billion allocated to distribution, raising the regulatory asset base to R$45.6 billion.

Outlook and guidance

• Distributors Coelba, Cosern, and Elektro have been called to renew concessions for another 30 years.

• Tariff adjustments approved in April 2026 for Coelba, Cosern, and Pernambuco, with average effects for consumers between 4.25% and 5.85%.