Transmissora Aliança de Energia Elétrica (TAEE11) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial results in 2025, with Regulatory EBITDA of R$2.1 billion (up 12.5% YoY) and Regulatory Net Income of R$1.1 billion (up 13.4% YoY), and an EBITDA margin up to 84%.

• Launched Taesa Ventures and Strategy 2035, focusing on innovation, efficiency, and profitable growth.

• Maintained high operational availability at 99.94% and reduced regulatory variable portion by 70.2% versus 2024.

• Advanced sustainability, including expanded GHG inventory (Scope 3), early publication of the 2025 sustainability report, and multiple ESG awards.

• Largest annual CAPEX in history at R$1.8 billion, focused on new projects and infrastructure upgrades.

Financial highlights

• Regulatory Net Revenues for 2025 reached R$2,513.3 million, up 7.9% YoY; IFRS Net Revenues totaled R$4,624.1 million, up 24.4% YoY.

• Regulatory EBITDA margin improved to 84% in 2025; IFRS EBITDA margin was 50.7%.

• Regulatory OPEX growth remained below inflation, rising 2.9% over 24 months versus 9.3% IPCA inflation.

• IFRS Net Income for 2025 was R$1,579.9 million, down 6.7% YoY, mainly due to lower inflation adjustment revenues and equity income.

• Dividend payout for 2025 proposed at 100% of Regulatory Net Income (R$1,124.1 million).

Outlook and guidance

• Most major projects, including Tangará and Ananaí, are expected to be completed in the first half of 2026.

• R$6.3 billion in investments planned over five years, with ANEEL authorizing over R$230 million for the next 36 months.

• Leverage is projected to fall below 4x in 2026 as the investment cycle concludes.

• Continued focus on innovation, operational efficiency, and new growth avenues such as storage systems and transmission auctions.

• Optimistic outlook for 2026 with anticipated revenue growth from project completions.