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Energisa (ENGI3) investor relations material
Energisa Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Recurring adjusted consolidated EBITDA rose 16.9%–17% year-over-year to R$2.07–2.2 billion in 3Q25, driven by strong performance in power distribution, gas, and distributed generation segments.
Recurring adjusted net income was R$427.6–428 million, down 13.6%–14% year-over-year, impacted by higher finance costs and nonrecurring effects.
Investments totaled R$1.82 billion in 3Q25, stable year-over-year, with increases in power distribution and biogas.
Net operating revenue (excluding construction) increased 8.5% to R$7,507.8 million in 3Q25.
The quarter saw the highest energy consumption in 11 years, with strong growth in commercial and industrial segments.
Financial highlights
Power distribution recurring adjusted EBITDA rose 13.7%–14% to R$1.77–1.8 billion; transmission EBITDA margin improved to 83.2%, up 7.1 p.p.
Gas distribution (ESgás) EBITDA increased 26% to R$63 million; NORgas EBITDA up 28% to R$85.4 million; ES Gás gross margin up 17.3% to R$80.4 million.
Distributed generation EBITDA up 24.3% to R$43.2 million, with installed capacity at 467 MWp and 125 solar plants in operation.
Adjusted net revenue grew 7.9% year-over-year to R$12,640.9 million in 3Q25.
Electricity marketing net revenue up 50.3% year-over-year; 462 retail migrations, up 79.1%.
Outlook and guidance
Exchange offer strengthened debt profile, extending average maturity to 6.5 years and reducing refinancing risk.
The company is on track to meet 2026 ESG and investment targets, with 53,600 new remote consumer units and R$23.9 billion invested as of 3Q25.
Commissioning of a second biomethane plant in Paraná expected in 1Q28, with estimated CAPEX of R$100 million.
ANEEL set Red Tariff Flag Level 1 for October and November 2025 due to hydrological conditions.
Ongoing investments in biomethane and renewable natural gas, with plans to expand regional clusters.
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