Eneva (ENEV3) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated EBITDA of R$6.5 billion in 2025, up 67% year-over-year, with net operating revenue of R$18.4 billion and net profit of up to R$1.7 billion, driven by asset acquisitions, operational stability, and expansion in gas trading and new business lines.

• Operating cash flow reached R$5.7 billion, supporting a new cycle of contracted growth and major project execution.

• Major events included subsidiary incorporations, early start of capacity contracts, and significant tax benefits renewal, supporting operational and financial synergies.

• Exploration campaigns in Parnaíba, Amazonas, and Paraná basins led to a reserve replacement rate of 111% for Parnaíba.

• Net income rebounded to R$1.16 billion for the year, up 2,655% year-over-year, reflecting strong operational performance and asset ramp-up.

Financial highlights

• Net operating revenue rose to R$18.4 billion from R$11.4 billion year-over-year; EBITDA increased to R$6.5 billion from R$4.5 billion; net profit surged to R$1.7 billion from R$549 million.

• Consolidated EBITDA for Q4 2025 reached R$1,488 million, up R$880 million year-over-year.

• Operating cash flow for Q4 2025 was R$1,318 million; investment cash flow consumed R$1,087 million.

• Ended 2025 with a cash position of R$2,651 million and net debt of R$17 billion; net debt/EBITDA at 2.6x.

• Earnings per share reached R$0.60, up from R$0.03 in 2024.

Outlook and guidance

• 2026 expected to see strong thermoelectric dispatch due to high energy prices and lower rainfall, favoring assets with own gas supply.

• Major projects like Azulão II TPP, SSLNG 3rd train, and Parnaíba liquefaction plant scheduled for completion between 2026 and 2027.

• New contracts for Linhares UTE and Azulão Capacity Reserve to start in July and August 2026, respectively, guaranteeing fixed annual revenues.

• Targeting emissions intensity of 0.39 tCO2e/MWh by 2030 and 95% availability for dispatchable plants.

• Ongoing investments in SSLNG, Azulão 950, and solar projects, with new debenture issuance in early 2026 to fund growth.