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

Executive summary

• Achieved record consolidated/Regulatory EBITDA of R$2.1 billion in 2025, up 12.5% year-over-year, with EBITDA margin rising to 84%.

• Regulatory net income grew 13.4% year-over-year to R$1.1 billion, with Q4 net income up 56% quarter-over-quarter.

• Maintained high operational availability at 99.94% and reduced unplanned outages/variable portion by over 68% versus 2024.

• Achieved record CAPEX of R$1.8 billion in 2025, with major projects delivered ahead of schedule, including Pitiguari and reinforcements at Novatrans, TSN, and São Pedro.

• Distributed 100% of regulatory net income as dividends, totaling R$1.1 billion for 2025.

Financial highlights

• Regulatory net revenue rose 7.9% year-over-year to R$2.5 billion; IFRS net income for 2025 was R$1.58 billion, down 6.7% year-over-year.

• Adjusted regulatory EBITDA margin improved to 84% in 2025; OPEX growth remained below inflation for the second consecutive year.

• Net debt at year-end was R$9.83 billion, with leverage stable at 4.1x.

• Six debenture issuances, including Green Bonds, extended average debt maturity to 5.5 years.

• Dividend payout maintained at 100% of regulatory net income, with R$313 million proposed as mandatory minimum for 2025.

Outlook and guidance

• Most major projects (Tangará, Ananindeua, Saíra) to be completed in H1 2026, supporting revenue growth and expected deleveraging below 4x.

• R$6.3 billion in investments planned over five years, with new ANEEL authorizations for reinforcements and improvements.

• Continued focus on innovation, operational efficiency, and maintaining 100% dividend payout of regulatory net income.

• Monitoring regulatory developments for new growth avenues, including energy storage and upcoming transmission auctions.

• Strategy 2035 launched to guide efficiency, innovation, and sustainable growth.