Serena Energia (SRNA3) Q4 2025 earnings summary

Executive summary

• Net revenues rose 28% year-over-year in 4Q25 and 62% for the full year, driven by higher energy sales and increased trading operations, despite lower production volumes.

• Achieved consolidated net income of R$20.8 million in 2025, down from R$297.4 million in 2024, reflecting lower profitability year-over-year.

• Adjusted EBITDA declined 36% year-over-year in 4Q25 and 13% for the year, mainly due to lower energy production, higher curtailment, and increased allocation to tax equity partners.

• Completed a public tender offer, resulting in delisting from B3 and a change in shareholder structure.

Financial highlights

• Consolidated EBITDA reached R$2.01 billion in 2025, compared to R$2.30 billion in 2024.

• Adjusted Energy Gross Profit fell 33% year-over-year in 4Q25 and 9% for the year.

• Net income declined 11% year-over-year in 4Q25 and 90% for the year.

• Cash and cash equivalents rose to R$1.91 billion at year-end 2025 (2024: R$1.43 billion).

• Net debt/equity ratio was 1.68 at year-end 2025 (2024: 1.72).

Outlook and guidance

• Energy production is expected to remain challenged by curtailment and variable wind conditions, particularly in key clusters.

• Management confirmed confidence in the company’s ability to continue as a going concern, with no material uncertainties identified.

• Ongoing assessment of Brazil’s tax reform and regulatory changes, with no immediate material impact but continued monitoring.

• Subsequent to year-end, a R$1.5 billion debenture issuance extended debt maturity and improved liquidity.