Energisa (ENGI3) Q2 2026 earnings summary

Executive summary

• Adjusted recurring EBITDA reached R$1.95 billion in 2Q26, up 1% year-over-year, with net debt/EBITDA improving from 3.5x to 3.1x, reflecting deleveraging and portfolio management.

• The quarter was marked by non-recurring effects, including a R$596 million non-cash accounting loss from transmission asset sales and a positive R$489 million impact from a fiscal agreement in Rondônia.

• Four major electricity distribution concessions were renewed for 30 years, enhancing long-term growth visibility.

• Achieved growth in distributed energy volume, outperforming national market trends year-over-year.

• Significant operational improvements in electricity and gas distribution, with investments supporting regulatory compliance and service quality.

Financial highlights

• Gross operating revenue grew 10% year-over-year to R$12.78 billion in 2Q26; net revenue rose 8% to R$9.24 billion.

• Recurring adjusted EBITDA rose 1.4% year-over-year to R$1,966 million in 2Q26.

• Recurring adjusted net income declined 80% year-over-year to R$88 million, impacted by higher financial expenses.

• Consolidated net income was negative R$40 million in 2Q26, compared to a profit of R$490 million in 2Q25, impacted by non-recurring items.

• Investments totaled R$1.71 billion in 2Q26, up 7% year-over-year, focused on expanding electricity and gas infrastructure.

Outlook and guidance

• Continued focus on portfolio optimization, value creation, and deleveraging through asset divestments and capital injections.

• Regulatory tariff adjustments and new concession contracts are expected to support stable cash flows and long-term growth.

• Ongoing investments in quality, efficiency, and market expansion across all business segments.