Equatorial Energia (EQTL3) Q4 2025 earnings summary

Executive summary

• Adjusted EBITDA reached R$12.2 billion in 2025, up 11.6% year-over-year, with same assets EBITDA up 14.3%.

• Investments totaled R$11 billion, a 23.5% increase compared to 2024.

• Dividend payout declared at R$1.987 billion, representing a 185% payout ratio.

• Gross Injected Energy rose 5.7% year-over-year, driven by higher consumption in rural, residential, and industrial segments, and below-average precipitation in most concessions.

• Recognized for operational excellence and workplace quality, including Prêmio Abradee 2025 and Great Place to Work certification.

Financial highlights

• 4Q25 Adjusted EBITDA (same assets) was R$3.5 billion, up 20% versus 4Q24.

• Cash position at R$11.2 billion, 2.5x short-term debt.

• Net Debt/EBITDA at 2.6x; excluding transmission capital gain, 3.0x.

• Adjusted net income for 4Q25 was R$802 million, up from R$1,011 million in 4Q24.

• Fundraising of R$19.5 billion, with average term extended to 6 years and 40 bps reduction in CDI spreads.

Outlook and guidance

• Regulatory compliance achieved for energy losses and DEC in key regions.

• Continued focus on operational improvements and value creation, including SUDAM and Equatorial PA 2034 initiatives.