Serena Energia (SRNA3) Q1 2026 earnings summary

Executive summary

• Net revenues rose 47% year-over-year to R$1,702.0 million in Q1 2026, driven by increased trading activity, higher energy production, and favorable wind conditions.

• Despite revenue growth, adjusted EBITDA fell 29% year-over-year to R$219.2 million, reflecting lower energy trading results and increased costs.

• Adjusted net losses widened 44% year-over-year to R$254.2 million, impacted by lower gross profit and higher tax equity partner allocations.

• The company completed the sale of its 51% stake in Hidrelétrica Pipoca S.A. and issued R$1.5 billion in new debentures, extending average debt maturities.

• Installed renewable energy capacity reached 2,793.5 MW, with operations in Brazil and Texas, USA.

Financial highlights

• Consolidated revenue for Q1 2026 was R$1.65 billion, up from R$1.12 billion year-over-year.

• Adjusted energy gross profit declined 18% year-over-year to R$418.3 million.

• EBITDA for Q1 2026 was R$274 million, down from R$354 million in Q1 2025; adjusted EBITDA was R$219.2 million, down 29% year-over-year.

• Net financial expenses totaled R$277.6 million, similar to the prior year; net financial result remained negative at -R$262.1 million.

• Basic and diluted loss per share was R$0.3510, compared to R$0.2570 in Q1 2025.

Outlook and guidance

• Management confirmed sufficient resources to meet obligations and no material uncertainties regarding going concern.

• Positive consolidated working capital of R$1.4 billion as of March 31, 2026.

• Subsequent to the quarter, financing for the Goodnight II wind project in Texas was secured, totaling approximately USD 340 million.

• Energy production is expected to benefit from continued favorable wind conditions, though curtailment and weather variability remain key factors.