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Neoenergia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Achieved strong operational and financial performance in Q3 2025, with cash EBITDA up 13% to R$2.8 billion and net income up 10% to R$924 million, alongside significant industry recognition and leadership in distribution concessions serving over 40 million people.
Net operating revenue rose 10% year-over-year in Q3 2025 to R$12,972 million, driven by customer base expansion and positive tariff adjustments.
Major milestones in transmission projects were completed, with most lots nearing completion and full operation expected by January 2026.
Regulatory achievements included the early extension of the Pernambuco concession to 2060 and ongoing negotiations for other key concessions.
Asset rotation and investment in distribution companies remain strategic priorities, with a focus on operational excellence and organic growth.
Financial highlights
Injected energy in concession areas grew 2.3% year-over-year, with 342,000 new clients added in Q3 2025.
Operating expenses increased 5.6% year-over-year in Q3 2025, in line with or below inflation.
Cash EBITDA reached R$2.8 billion, up 13% year-over-year; net income was R$924 million, up 10% from Q3 2023.
Gross margin rose 10% to R$4,556 million in Q3 2025.
Capex totaled R$2.6 billion in the quarter and R$7.6 billion year-to-date, with most allocated to networks.
Outlook and guidance
Investment cycle in transmission concluding by end of 2025, shifting focus to distribution investments in 2026.
Deleveraging process to begin in 2026, with potential for dividend policy review in late 2026 as debt declines and cash flow increases.
No participation planned in upcoming transmission auction, maintaining disciplined capital allocation.
Upcoming concession amendments for Coelba, Cosern, and Elektro are expected.
Tariff adjustments for Neoenergia Elektro (+1.3% Parcel B) and Neoenergia Brasília (+8.3% Parcel B) were implemented in 2H25.
Future capital allocation post-transmission cycle
Expected GIC proceeds for 7 transmission lots
Sustaining OpEx control post-Q3 one-offs
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Next Neoenergia earnings date
Q4 202518 Feb, 2026
Next Neoenergia earnings date
Q4 202518 Feb, 2026
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Frequently asked questions
Neoenergia S.A. is a Brazilian utility company primarily engaged in the electric utilities sector. As a subsidiary of the Spanish group Iberdrola, Neoenergia operates extensively in the generation, transmission, distribution, and commercialization of electricity. The company utilizes a variety of energy sources including hydroelectric, thermal, and wind power. It manages several subsidiaries, including Companhia de Eletricidade do Estado da Bahia (COELBA), Companhia Energética de Pernambuco (CELPE), and Companhia Energética do Rio Grande do Norte (COSERN), among others. These subsidiaries are involved in both the generation of energy through hydroelectric plants and the distribution of electric energy across various Brazilian states such as Bahia, Pernambuco, and Rio Grande do Norte. The company also engages in trading electricity in the wholesale energy market and serves a diverse range of residential, commercial, industrial, rural, and public utility customers across several Brazilian states. Neoenergia is headquartered in Rio de Janeiro, Brazil, and its shares are listed on the São Paulo Stock Exchange.
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