Transmissora Aliança de Energia Elétrica (TAEE11) Q1 2026 earnings summary

Executive summary

• Achieved strong financial and operational results in Q1 2026, with regulatory net revenues up 9.6% year-over-year to R$655.5 million, driven by new project energizations, reinforcements, and inflation adjustments.

• Regulatory EBITDA rose 10.3% to R$562.1 million, with a margin of 85.8%, and regulatory net income reached R$192.6 million, up 2.3% from Q1 2025.

• IFRS net income declined 3.2% to R$353.6 million, mainly due to lower inflation adjustment revenue and equity method results.

• High operational availability was maintained at 99.95%, with a significant reduction in outages.

• Distributed 100% of regulatory net income as dividends, reinforcing commitment to shareholder value.

Financial highlights

• Regulatory net revenues: R$655.5 million (+9.6% year-over-year); regulatory EBITDA: R$562.1 million (+10.3%), margin 85.8%.

• IFRS net income: R$353.6 million (-3.2% year-over-year); IFRS EBITDA margin: 60.7%.

• Investments totaled R$312.2 million (+16.6% year-over-year), reflecting project progress.

• Operating cash generation increased 24% year-over-year, supporting investment and financial balance.

• Net debt at R$12.8 billion, leverage at 4.2x net debt to regulatory EBITDA.

Outlook and guidance

• Focus on energizing ongoing projects and reinforcements, with continued investment in critical assets and four greenfield projects under development totaling ANEEL investment of R$4.3 billion.

• Early project completions and CAPEX efficiency expected, with EBITDA margins above 90% for new projects.

• Leverage expected to decline below 4x as major projects complete in the first half of the year.

• Continued focus on disciplined capital allocation and participation in future auctions aligned with return criteria.

• Ongoing monitoring of market conditions, especially interest rates, to guide dividend and leverage strategy.