Eneva (ENEV3) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly EBITDA of R$1,823 million in 3Q25, up 61% year-over-year, marking the fourth consecutive record quarter, driven by asset acquisitions, ramp-up in gas trading, and operational efficiency.

• Operating cash flow reached a record R$1,965 million, up 54% from 3Q24, exceeding EBITDA and reflecting strong operations and positive working capital variation.

• Net income for 3Q25 was R$351.7 million, a 243% increase over 3Q24, supported by higher EBITDA and improved financial results.

• Growth was driven by expansion of asset base, new business lines in gas, acquired thermal assets, and efficiency initiatives.

• Both organic and inorganic growth contributed, with new contracts and acquisitions strengthening results.

Financial highlights

• Net operating revenues rose 71.5% year-over-year to R$4,428.0 million in 3Q25.

• EBITDA for the first nine months exceeded R$12 billion, with over R$300 million generated from new operations.

• Net debt at quarter-end was R$15.5 billion, with net debt/EBITDA LTM at 2.7x (2.4x excluding non-cash and impairment effects), improved from 3.5x in 3Q24.

• Cash position increased to R$3,937 million as of September 2025, up R$1,814.2 million year-over-year.

• Investments totaled R$1,566.6 million in 3Q25, up 62% year-over-year, mainly allocated to major projects and upstream development.

Outlook and guidance

• Early start of regulated contracts will add over R$360 million in annual fixed revenue, with Viana, Parnaíba IV, and Jara Maranhão plants commencing contracts in 2025.

• Positioned to benefit from the 2026 Capacity Reserve Auction, with a robust project pipeline and balance sheet.

• New liquefaction train in Parnaíba expected to start operations by mid-2027, expanding capacity by 50%.

• Reserve certifications for Paraná Basin expected in early 2026, and for Amazonas Basin in early 2027.