Transmissora Aliança de Energia Elétrica (TAEE11) Q3 2026 earnings summary

Executive summary

• 9M26 regulatory revenue rose 14.1% to R$2,133.1m and EBITDA rose 15.6% to R$1,826.5m; regulatory net income fell 4.7% to R$763.2m.

• Project energizations, acquired assets and 2026–2027 tariff adjustments expanded the regulated revenue base; the five acquisitions were completed in August.

• Q3 IFRS net income rose 5.9% to R$360.7m despite a 38.7% revenue decline, mainly reflecting lower infrastructure implementation revenue.

Financial highlights

• Q3 regulatory revenue was R$798.4m (+22.7% YoY), EBITDA R$687.2m (+25.2%) and net income R$363.8m (+12.5%).

• 9M26 IFRS net income increased 6.3% to R$1,281.5m; IFRS revenue declined 17.4% to R$2,829.1m.

• 9M26 investment totaled R$2.9bn, including R$2.4bn for acquisitions and R$511.9m in project construction; construction investment fell 60.5% YoY.

• Operating cash flow reached R$1,583.9m in 9M26, versus R$1,286.0m in 9M25.

Outlook and guidance

• 2026–2027 operating RAP was R$4.8bn; total RAP including projects under construction was R$4.9bn, with 51% recognized at the holding level.

• Contracted-project CapEx guidance is R$0.6–0.7bn for 2026 and R$0.2–0.3bn for 2027; the project pipeline includes a R$6.7bn investment cycle.

• Juruá was 24.7% complete at September 30, with R$244m authorized investment and R$20.5m RAP; its ANEEL deadline is June 2028.

• Management expects stronger operating cash flow and leverage below 4x in 2027; dividend policy remains unchanged.

• ANEEL's concession-renewal process was expected to conclude in H1 2027; renewal or rebidding terms remain subject to regulatory deliberations.