Neoenergia (NEOE3) Q3 2026 earnings summary

Executive summary

• Adjusted EBITDA rose 12% YoY to R$3.150bn in 3Q26 and 9% to R$8.902bn in 9M26; reported EBITDA grew 6% to R$3.576bn and 9% to R$11.227bn, respectively.

• Attributable net income rose 27% to R$1.177bn in 3Q26 but fell 5% to R$3.361bn in 9M26.

• 9M26 EBITDA growth reflected stronger Networks performance and corporate transaction gains, partly offset by lower wind generation and hydropower margins.

Financial highlights

• Net operating revenue was R$12.022bn in 3Q26 (-7% YoY) and R$36.392bn in 9M26 (-1%); consolidated revenue was R$12.270bn and R$38.150bn, respectively.

• Gross margin was R$4.525bn in 3Q26 (-1%) and R$14.168bn in 9M26 (+2%); excluding concession financial assets, it rose 6% to R$4.518bn and 5% to R$13.146bn, respectively.

• Operating expenses increased 6% to R$1.151bn in 3Q26 and 5% to R$3.405bn in 9M26; doubtful-account provisions rose 22% to R$143mn and 8% to R$449mn, respectively.

• Net financial expense was R$1.413bn in 3Q26 versus R$1.512bn in 3Q25, and R$4.870bn in 9M26 versus R$4.448bn; higher average debt weighed on year-to-date results.

Segment performance

• Networks EBITDA increased 9% to R$3.347bn in 3Q26 and 7% to R$10.203bn in 9M26; adjusted EBITDA grew 19% and 14%, respectively.

• Transmission EBITDA rose 54% to R$754mn in 3Q26 and 41% to R$1.658bn in 9M26; net income increased 147% to R$541mn and 118% to R$834mn, including transaction effects.

• Generation and Customers EBITDA was R$328mn in 3Q26 (-17%) and R$1.294bn in 9M26 (+31%); adjusted 9M EBITDA fell 17% to R$725mn as lower wind generation and hydro margins weighed on results.

• Wind generation declined 15% to 1,467 GWh in 3Q26 and 17% to 3,344 GWh in 9M26; solar output rose 14% to 57 GWh in the quarter and fell 1% to 161 GWh year to date.

• Distribution results benefited from volume and customer growth; 9M26 adjusted EBITDA rose 31% at Pernambuco and 7% at Coelba, while Elektro's fell 3%; 3Q26 distributor EBITDA varied across regions.