Transmissora Aliança de Energia Elétrica (TAEE11) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated EBITDA of R$2.1 billion in 2025, up 12.5% year-over-year, with adjusted EBITDA margin rising to 84%.

• Regulatory net income grew 13.4% year-over-year to R$1.1 billion, with Q4 net income up 56% quarter-over-quarter.

• Maintained high operational availability at 99.94% and reduced unplanned outages by 33% versus 2024.

• Distributed 100% of regulatory net income as dividends, totaling R$1.1 billion for 2025.

• Advanced ESG agenda, including expanded GHG inventory (Scope 3), early sustainability report release, and new certifications.

Financial highlights

• Regulatory net revenue rose 7.9% year-over-year to R$2,513.3 million; Q4 revenue up 10.8% to R$643.7 million.

• IFRS net income for 2025 was R$1,579.9 million, down 6.7% year-over-year, mainly due to lower inflation adjustment revenues and equity income.

• CapEx reached a record R$1.8 billion, the largest annual investment in company history.

• Net debt at year-end was R$11,976 million, with leverage stable at 4.1x.

• OPEX growth remained below inflation for the second consecutive year (2.9% vs. 9.3% IPCA over 24 months).

Outlook and guidance

• Most major projects (Tangará, Ananindeua, Saíra) to be completed in H1 2026, supporting revenue growth and expected deleveraging below 4x.

• R$6.3 billion in investments planned over five years, with new ANEEL authorizations for reinforcements and improvements.

• Continued focus on innovation, operational efficiency, and maintaining 100% dividend payout of regulatory net income.

• Monitoring regulatory developments for new growth avenues, including energy storage and upcoming transmission auctions.