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 statements for the year ended December 31, 2025, were audited with an unqualified opinion, confirming compliance with Brazilian GAAP and IFRS standards.

• In November 2025, a public tender offer resulted in a change of control, with 96.1% of shares acquired and delisting from B3's Novo Mercado.

Financial highlights

• Consolidated revenue reached R$ 6.39 billion in 2025, up from R$ 3.99 billion in 2024, driven by higher trading and market exposure.

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

• Net Income fell 11% year-over-year in 4Q25 and 90% for the year, with consolidated net income at R$ 20.8 million, down from R$ 297.4 million in 2024.

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

• Total assets grew to R$ 21.67 billion at year-end 2025, up from R$ 20.16 billion in 2024.

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.

• Management confirmed the company’s ability to continue as a going concern, with no material uncertainties identified for the next 12 months.

• The company is monitoring the implementation of Brazil’s tax reform and regulatory changes in the energy sector, with potential impacts under evaluation.