Alupar Investimento (ALUP11) Q4 2024 earnings summary

Executive summary

• Net revenues rose 27.9% year-over-year to BRL 1,123.3 million in 4Q24, with EBITDA up 28.2% and net profit up 63.2%, driven by transmission growth and new projects.

• Dividend payout for 2024 was 51.5% of net income, totaling BRL 275.7 million, and a 4% stock bonus was proposed.

• Fitch reaffirmed AAA (national) and BB+/BBB- (international) ratings with a stable outlook, supporting financial strength.

• Acquisition of Rialma IV Transmission Company completed, adding 162 km of lines and RAP of BRL 20.6 million.

• Generation segment margins declined due to higher energy purchases and exchange rate impacts.

Financial highlights

• IFRS net profit reached BRL 230.3 million in 4Q24, up 63.2% year-over-year; full-year IFRS net profit was BRL 1,086.1 million, up 56.5%.

• EBITDA margin improved to 80.7% in 4Q24; adjusted EBITDA margin reached 94.7% in transmission.

• Net debt stood at BRL 9,138.8 million, with net debt/EBITDA at 3.0x.

• Dividend payout was 51.5% of 2024 net income.

• Market cap was BRL 8.99 billion as of Feb 26, 2025.

Outlook and guidance

• Ongoing implementation of major transmission projects in Brazil and Latin America, with BRL 429.4 million invested in transmission in 2024.

• Strategic focus on expanding regulated asset base and maintaining high operational availability in transmission.

• Dividend and bonus share policies are expected to continue, supporting shareholder returns.

• Generation segment to manage curtailment and market exposure through energy purchases and contract management.

• Management notes that forward-looking statements depend on market and sector conditions.