Eneva (ENEV3) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly EBITDA of R$1,823 million in 3Q25, up 61% year-over-year, marking the fourth consecutive record quarter, driven by asset acquisitions, ramp-up of new gas trading segments, and operational efficiency.

• Operating cash flow reached a record R$1,965 million, up 54% from 3Q24, reflecting strong operational performance and positive working capital variation.

• Net operating revenue for the nine months ended September 30, 2025 reached R$12.37 billion, up from R$6.53 billion year-over-year.

• Net income for 3Q25 was R$351.7 million, a 243% increase over 3Q24, with consolidated net profit for the nine-month period stable at R$1.50 billion.

• Growth was driven by expansion of asset base, new business lines in gas, and efficiency initiatives.

Financial highlights

• EBITDA for the first nine months exceeded R$12 billion, with over R$300 million generated from new operations and significant contributions from insurance compensation and regulatory decisions.

• Net operating revenues rose 71.5% year-over-year to R$4,428 million in 3Q25.

• Net debt at quarter-end was R$12.15 billion to R$15.5 billion, with leverage at 2.7x net debt/EBITDA (2.4x adjusted), improved from 3.5x in 3Q24.

• Cash position increased to R$3,937 million as of September 2025, up R$81 million from the previous quarter.

• Investments totaled R$1,567 million in 3Q25, up 62% year-over-year, mainly allocated to major projects and upstream development.

Outlook and guidance

• Early start of regulated contracts and LRCAP 2021 will add over R$360 million in annual fixed revenue, with R$66 million recognized in 2025.

• Positioned to benefit from the 2026 Capacity Reserve Auction, with a robust project pipeline and balance sheet.

• New liquefaction train in Parnaíba expected to start operations by mid-2027, expanding capacity by 50%.

• Reserve certifications for Paraná Basin expected in early 2026, and for Amazonas Basin in early 2027.

• Parnaíba II Geração de Energia S.A. secured a 75% reduction in corporate income tax through 2034.