Companhia Energética de Minas Gerais - CEMIG (CMIG4) Q3 2025 earnings summary

Executive summary

• Recurring EBITDA reached R$1.5 billion in 3Q25, down 16.3% year-over-year, reflecting operational resilience amid market and hydrological challenges.

• Net profit for 3Q25 was R$797 million, down 75.7% year-over-year; adjusted net profit was R$780 million, down 30.2% from 3Q24.

• Moody’s upgraded the credit rating to AAA in September 2025; two agencies now rate at the top Brazilian scale.

• Investments in 9M25 totaled R$4.7 billion, a 17% increase over 9M24, marking the highest investment in company history.

• Recognized as the best energy company in Brazil and awarded for transparency and ESG practices.

Financial highlights

• Net revenue reached R$10.62 billion (+4.6% YoY); gross profit was R$1.6 billion (-3.5% YoY).

• Recurring EBITDA fell 16.3% year-over-year to R$1.48 billion in 3Q25.

• Recurring net profit dropped 30.2% to R$780 million in 3Q25 compared to 3Q24.

• IFRS EBITDA was R$1.5 billion and IFRS net profit was R$797 million in 3Q25.

• Capex in 9M25 reached R$4.73 billion (+17% YoY), with R$1.98 billion invested in 3Q25.

Outlook and guidance

• Planned investment of R$39.2 billion for 2025-2029, with R$6.35 billion in 2025, focusing on modernization, reliability, and expansion of renewable generation and smart grid infrastructure.

• Strategic focus on client satisfaction, value creation, innovation, ESG, and safety.

• Continued strong liquidity and prudent financial management, with low leverage (net debt/adj. EBITDA at 1.76x).