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Light (LIGT3) investor relations material
Light Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Received favorable recommendation for 30-year renewal of distribution concession, pending final government approval, validating compliance with technical, economic, and operational criteria.
Transformation and judicial reorganization plans advanced, with debt reprofiled, capital structure improved, and liquidity maintained at R$2.64 billion.
Non-technical losses improved to 22.8% from 23.1% year-over-year.
Investments totaled R$472 million in the quarter, up 60% year-over-year, focused on modernization and preventive actions.
Adjusted EBITDA fell 15% year-over-year to R$508 million, impacted by lower temperatures, higher PMSO expenses, and adverse hydrological conditions.
Financial highlights
Ended Q3 2025 with R$2.64 billion in cash, after investing R$472 million in the quarter, a 60% increase year-over-year.
Net debt to EBITDA ratio at 2.89x as of September, with further improvement expected post-debt conversion and capital increase.
Adjusted EBITDA for the distributor was R$402 million in the quarter, down 8.3% year-over-year.
Generation and Trading segment reported adjusted EBITDA of R$103 million, down 36.1% year-over-year, and net income of R$21 million.
Net income for the quarter was R$33 million, down 79.3% year-over-year, mainly due to non-recurring financial expenses.
Outlook and guidance
Broad investment plan expected post-concession renewal, focusing on asset modernization, reliability, and loss reduction.
Anticipates increased productivity and significant reduction in PMSO expenses in coming years due to structural projects.
Next steps include private capital increase of up to R$1.5 billion and conversion of debts into shares, pending new concession agreement.
Detail new concession terms for risk areas?
Expected net debt-to-EBITDA post-reorg?
Target for non-technical loss reduction?
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