Alupar Investimento (ALUP11) Q2 2026 earnings summary

Executive summary

• Net revenue reached R$1,627.3 million in 2Q26, up 55.4% year-over-year, driven by strong transmission segment performance, positive macroeconomic indexation, and higher monetary correction of contractual assets.

• Consolidated EBITDA rose 76.0% to R$1,057.0 million, with an adjusted EBITDA margin of 84.7%.

• Net income attributable to shareholders was R$416.6 million, a 187.6% increase year-over-year.

• Interim dividends of R$69.2 million (R$0.21 per unit) were approved, to be paid within 60 days.

• Advanced major transmission projects, securing key licenses and progressing construction milestones in Brazil and Latin America.

Financial highlights

• Transmission segment net revenue grew 70.8% year-over-year to R$1,414.7 million in 2Q26, mainly due to new projects and indexation.

• Generation segment net revenue was R$212.6 million, down 3.5% year-over-year, impacted by lower energy prices and higher energy purchases.

• Net debt stood at R$9,499.5 million, with a net debt/EBITDA ratio of 2.6x.

• Financial result was negative R$238.0 million, mainly due to higher financial expenses from increased IPCA and new debt issuances.

• Regulatory net revenue grew 10.3% to R$946.1 million; regulatory net income fell 14.6% to R$159.0 million.

Outlook and guidance

• Winner of Lot 07 in ANEEL Auction 01/2026, securing a 30-year concession with RAP of R$96.7 million and expected CAPEX of R$1,089 million.

• Several transmission projects under implementation in Brazil and Latin America, with start-ups expected between 2026 and 2030.

• Management expects continued growth driven by new project deliveries and operational improvements.

• Dividend policy remains in place, with R$69.2 million in interim dividends approved for 2Q26.

• Future results are subject to market, economic, and regulatory changes.