Alupar Investimento (ALUP11) Q3 2025 earnings summary

Executive summary

• Achieved key project milestones, including energization of TNE connecting Roraima to the National Interconnected System, completion of TECP Phase 1 modernization 11 months ahead of schedule, and new commercial operations in Peru and Colombia, contributing to annual revenue of US$60 million.

• Secured a major transmission project in Peru, winning a 30-year concession with US$31.8 million/year RAP and consolidating a BRL 950 million investment cycle through 2029.

• Net profit (IFRS) for 3Q25 reached R$489.4 million, up 34.5% year-over-year, driven by a 42.1% increase in consolidated EBITDA to R$984.6 million and higher financial income.

• Paid BRL 290.6 million in dividends for the first and second quarters of 2025, with a total dividend distribution of BRL 900 million approved, the highest since 2022.

• Continued international expansion, now operating two generation and one transmission asset abroad, and maintained focus on shareholder returns.

Financial highlights

• Consolidated net revenue (IFRS) for 3Q25 was R$963.4 million, up 3.7% year-over-year; 9M25 revenue grew 12.3% to R$3,234.2 million.

• Revenue for the semester reached BRL 1,897 million, up 90.4% year-over-year, driven by regulatory adjustments and new project operations.

• EBITDA (IFRS) increased 42.1% year-over-year to R$984.6 million in 3Q25; EBITDA margin reached 102.2%.

• Net profit (IFRS) attributable to shareholders grew 34.5% year-over-year to R$489.4 million in 3Q25.

• Regulatory net profit up 20.2% to R$219.8 million, with a payout of 47.4% as dividends.

Outlook and guidance

• Ongoing investments in transmission and modernization projects in Brazil and Peru, with significant energization dates scheduled between 2026 and 2029, are expected to drive future revenue and EBITDA growth.

• Dividend distribution of BRL 900 million approved, matching last year's record, with payment scheduled within 60 days.

• Continued internationalization and expansion of transmission and generation assets expected to support future growth.