Serena Energia (SRNA3) Q4 2025 earnings summary

Executive summary

• Financial statements for the year ended December 31, 2025, were audited with an unqualified opinion, confirming compliance with Brazilian GAAP and IFRS standards.

• The company operates as a holding for renewable energy assets, with a total installed capacity of 2,803.7 MW across Brazil and Texas, USA.

• In November 2025, a public tender offer resulted in a change of control, with 96.1% of shares acquired and delisting from B3's Novo Mercado.

• Net revenues rose 28% year-over-year in 4Q25 and 62% for the full year, driven by higher energy sales despite lower production volumes.

• Adjusted EBITDA declined 36% year-over-year in 4Q25 and 13% for the year, mainly due to lower energy production, higher curtailment, and increased allocation to tax equity partners.

Financial highlights

• Consolidated revenue reached R$ 6.39 billion in 2025, up from R$ 3.99 billion in 2024, driven by higher trading and market exposure.

• Consolidated net income was R$ 20.8 million, a sharp decline from R$ 297.4 million in 2024.

• EBITDA totaled R$ 2.01 billion in 2025, compared to R$ 2.30 billion in 2024.

• Adjusted Energy Gross Profit fell 33% year-over-year in 4Q25 and 9% for the year.

• Net financial expenses increased to R$ 1.05 billion from R$ 1.01 billion year-over-year.

Outlook and guidance

• Management confirmed the company’s ability to continue as a going concern, with no material uncertainties identified for the next 12 months.

• The company is monitoring the implementation of Brazil’s tax reform and regulatory changes in the energy sector, with potential impacts under evaluation.

• Energy production is expected to remain challenged by curtailment and variable wind conditions, particularly in key clusters.

• Portfolio availability remains high, but resource volatility may continue to impact results.