Light (LIGT3) Q2 2025 earnings summary

Executive summary

• Net income reached BRL 368 million in H1 2025, reversing a prior year loss, driven by debt restructuring and improved financial results.

• Cash position increased to BRL 3.2 billion by Q2 2025, up from December 2024.

• Achieved best-ever FEC and near-record DEC, both outperforming regulatory limits despite a 30% rise in emergencies.

• Judicial reorganization milestones completed, including debt restructuring and capital increase; next steps include concession renewal and private capital raise.

• Focused on energy supply, customer service, and infrastructure modernization, with significant investments in grid expansion and IT digitization.

Financial highlights

• Consolidated net revenues were BRL 3,456 million in Q2 2025 (-7.1% YoY); H1 2025 revenues grew 2.2% YoY to BRL 7,199 million.

• Adjusted EBITDA for H1 2025 was BRL 908 million (-16.3% YoY); Q2 2025 Adjusted EBITDA was BRL 329 million (-58.2% YoY).

• Net profit of BRL 368 million in H1 2025, reversing a loss from the same period last year.

• Net debt reduced to BRL 4.4 billion, a 54% decrease year-over-year.

• CAPEX in H1 2025 reached BRL 686 million, up 106% YoY, focused on expansion and maintenance.

Outlook and guidance

• Ongoing focus on operational efficiency, loss reduction, and quality improvements, with continued investments in modernization and grid automation.

• Anticipates signing a new distribution concession contract, enabling a private capital increase of up to BRL 1.5 billion and conversion of BRL 2.2 million in convertible debt.