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Neoenergia (NEOE3) investor relations material
Neoenergia Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record net income of R$5.03 billion in 2025, up 38% year-over-year, and record CapEx of R$10.1 billion, with strong operational and financial discipline.
Completed a major investment cycle in transmission, delivering over 8,000 km of lines and moving to 5th largest operator in Brazil.
Won 8 out of 12 ABRADEE Awards, including best distributor in Brazil and best in several regions, reflecting operational excellence.
Major asset rotation included divestments in Dardanelos and Baixo Iguaçu, increased stake in Corumbá HPP, and partnership with GIC on transmission assets.
Customer base grew to 17 million, with all five distributors within regulatory quality limits for DEC and FEC.
Financial highlights
Net income reached R$1.5 billion in 4Q25 (+73% vs. 4Q24) and R$5.03 billion in 2025 (+38% vs. 2024).
Cash EBITDA was R$3.2 billion in 4Q25 (+14% vs. 4Q24) and R$11.4 billion in 2025 (+8% vs. 2024).
Gross margin in Q4 grew 7% year-over-year to R$6,066 million, with operating expenses down 7% to R$1,051 million.
CapEx for 2025 was R$10.1 billion, with R$2.5 billion invested in 4Q25, mainly in distribution and transmission.
Net operating revenue was R$50.1 billion (+7% YoY); financial result was -R$5.81 billion, reflecting higher debt and CDI rates.
Outlook and guidance
Focus on operational efficiency, customer-centric investments, and disciplined capital allocation.
Continued asset rotation, expansion in renewables and transmission, and ongoing concession renewals.
Ongoing pursuit of opportunities in new segments and technologies, with strengthened ESG commitments.
Next Neoenergia earnings date
Next Neoenergia earnings date
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