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, but profitability declined due to increased energy purchase costs and curtailment impacts.

• Adjusted EBITDA fell 36% year-over-year in 4Q25 and 13% for the year, reflecting lower energy production, reduced energy balance surpluses, and higher tax equity allocations.

• Adjusted Net Income dropped 78% year-over-year in 4Q25 and turned negative for the full year, mainly due to lower EBIT and increased tax equity partner allocations.

Financial highlights

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

• Energy Gross Profit declined 16% year-over-year in 4Q25 but increased 3% for the year.

• Adjusted EBITDA margin dropped 3 percentage points year-over-year in both 4Q25 and the full year.

• Net Income fell 11% year-over-year in 4Q25 and 90% for the year.

• Adjusted Net Debt stood at R$8.55 billion at year-end, with Net Debt/EBITDA LTM at 4.0x, up from 2.4x a year earlier.

Outlook and guidance

• Energy production is expected to remain challenged by curtailment and variable wind conditions, with ongoing focus on operational efficiency and asset management.