Transmissora Aliança de Energia Elétrica (TAEE11) Q3 2025 earnings summary

Executive summary

• Achieved strong financial and operational results in Q3 2025, with regulatory net revenues up 9.8% and disciplined cost control amid macroeconomic pressures.

• Regulatory EBITDA increased 12.6% year-over-year in Q3 2025, with recurring OPEX growth below inflation and high operational availability of 99.93%.

• Regulatory net income for Q3 2025 was R$323.3 million, up 5.2% year-over-year; 9M25 net income reached R$811.0 million, a 2.5% increase.

• IFRS net income for 9M25 was R$1,215.8 million, up 2.4%; Q3 IFRS net income was R$340.6 million, down 16.8% year-over-year.

• Significant progress in innovation, sustainability, and social initiatives, including the launch of TAESA Ventures and major awards for transparency and innovation.

Financial highlights

• Regulatory net revenues reached R$650.5 million in Q3 2025, up 9.8% year-over-year; 9M25 revenues up 7% to R$1,869.7 million.

• Regulatory EBITDA for Q3 2025 was R$548.8 million (+12.6% YoY); 9M25 EBITDA was R$1,580.1 million (+9.0% YoY), with an 84.5% margin.

• Regulatory net income for Q3 2025 grew 5.2% to R$323.3 million; 9M25 net income up 2.5% to R$811.0 million.

• CAPEX accelerated to R$1.3 billion for the year, up 89.8% versus the same period in 2024, mainly due to investments in Tangará, Ananaí, Saíra, and reinforcements.

• Net debt at 3Q25 was R$11,976 million, with a net debt/EBITDA ratio stable.

Outlook and guidance

• CAPEX for 2025 expected to reach R$1.6-1.8 billion, covering four greenfield projects and large-scale reinforcements.

• Four large projects and six major reinforcements underway, with total ANEEL investment of R$4.7 billion.

• Early completion and CAPEX efficiency expected for key projects, with EBITDA margins above 90% for new developments.

• Two transmission auctions anticipated in 2026, with continued focus on disciplined growth and financial stability.

• Deleveraging strategy expected to take effect from 2026, with leverage ratio projected to decline.