Auren Energia (AURE3) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA reached R$ 858.9 million in 2Q26, down 12.4% year-over-year, mainly due to lower wind resources, increased curtailment, and weaker trading results, but supported by modulation gains and the start of run-test activities at Cajuína 3.

• Net loss narrowed to R$ 379.1 million from R$ 562.9 million in 2Q25, reflecting improved operating results and mark-to-market gains, despite higher financial expenses.

• Net debt decreased by R$ 194 million in the quarter, with leverage at 5.3x Net Debt/Adjusted EBITDA.

• Corporate reorganization advanced, with Phase 1 completed and Phase 2 approved, aiming to consolidate hydro assets and streamline the structure.

• Pró-Ética Seal awarded for integrity and anti-corruption programs, reinforcing ESG agenda.

Financial highlights

• Net revenue grew 5.9% year-over-year to R$ 3,055.5 million in 2Q26.

• Adjusted EBITDA margin declined to 28.1% from 34.0% year-over-year.

• PMSO expenses increased 9% year-over-year, mainly due to inflation and subsidiary consolidation.

• Financial revenues grew 21.9% year-over-year, but financial expenses rose 15.8%, leading to a net financial loss of R$ 732.1 million.

• Dividends from minority hydro interests rose 45% to R$ 110 million.

Outlook and guidance

• Deleveraging trajectory remains on track, with leverage expected to stabilize in 2026 and decline from 2027.

• Corporate reorganization aims to simplify structure, improve cash management, and reduce listed entities.

• The company is evaluating participation in the curtailment compensation mechanism, with potential compensation of R$ 300 million.

• Strategic focus on cost optimization, process improvement, and AI integration.

• Monitoring battery auction in December 2026 for selective growth opportunities.