Serena Energia (SRNA3) Q3 2025 earnings summary

Executive summary

• Interim financials for the nine months ended September 30, 2025, reviewed with no material misstatements identified by independent auditors.

• Completed a R$5.4 billion take-private transaction with 96.1% shareholder participation, making the company fully private and backed by Actis, GIC, and managing partners.

• The company operates as a holding for renewable energy assets in Brazil and Texas, totaling 2,803.7 MW installed capacity.

• Three main business segments: power generation, energy trading, and project development.

• Energy production in 3Q25 was 2,891 GWh, down 5% year-over-year due to curtailment, especially in the Bahia cluster.

Financial highlights

• Consolidated revenue for Jan–Sep 2025 was R$4,619 million, up from R$2,509 million year-over-year.

• Net revenues for 3Q25 were R$2,001.4 million, up 89% year-over-year.

• Gross profit rose to R$902 million from R$769 million year-over-year.

• Net loss for Jan–Sep 2025 was R$173 million, compared to net income of R$70 million in the same period last year.

• Adjusted EBITDA for 3Q25 was R$483.5 million, down 2% year-over-year; EBITDA margin was 70.1%.

Outlook and guidance

• Management expects compensation for past curtailments, which could boost 2025 results above the business plan.

• No issues anticipated with financing or operational continuity; access to additional credit lines remains available.

• New energy offtake transactions are expected to increase EBITDA over the next decade.