Serena Energia (SRNA3) Q1 2026 earnings summary

Executive summary

• Net revenues rose 47% year-over-year to R$1.702 billion in Q1 2026, driven by higher trading, free market sales, and favorable wind conditions.

• Consolidated net loss was R$216.0 million, compared to R$155.5 million in Q1 2025, while adjusted net losses widened 44% year-over-year to R$254.2 million.

• EBITDA reached R$274.0 million, a decrease from R$354.4 million in Q1 2025; adjusted EBITDA fell 29% year-over-year to R$219.2 million.

• Sale of 51% stake in Hidrelétrica Pipoca S.A. joint venture for R$38.87 million in March 2026.

• Issued R$1.5 billion in debentures, using proceeds for early redemption of existing debt and extending average maturity.

Financial highlights

• Gross profit was R$78.5 million, down from R$166.2 million year-over-year; adjusted energy gross profit declined 18% to R$418.3 million.

• EBITDA margin dropped to 46.7% from 61.2% in Q1 2025.

• Net financial expenses totaled R$277.6 million, slightly lower than R$289.3 million in Q1 2025; net financial result remained negative at -R$262.1 million.

• Net debt at R$9.56 billion as of March 31, 2026; net debt increased 2% year-over-year to R$8.749 billion.

• Cash and equivalents at period end were R$1.99 billion, up from R$1.91 billion at year-end 2025; adjusted cash balance grew 38% year-over-year to R$2.538 billion.

Outlook and guidance

• Management confirmed sufficient resources and no material uncertainties regarding going concern for the next 12 months.

• Energy production is expected to benefit from continued favorable wind conditions, though curtailment and weather variability remain key factors.

• Subsequent to quarter-end, secured USD 340 million in funding for Goodnight II wind project in Texas.