Good morning, everyone, and thank you for waiting. Welcome to the video conference to discuss the Results of the Second Quarter of 2025 of Aeris Energy. I would like to point out that those who need simultaneous translations, we have the tool available on the platform. To access it, click on the interpretation button in the globe icon at the bottom of the screen and choose your preferred language: Portuguese or English. For those listening to the video conference in English, there is the option to mute the original Portuguese audio by clicking on "Mute Original Audio." We inform that this video conference is being recorded and will be made available on the company's IR website, www.ri.aerisenergy.com.br, where the complete material of the video conference is available. You can also download the presentation from the chat icon, including slides in English.
During the company's presentation, all participants will have their microphones muted. After that, we'll start the Q&A session. To ask questions, click the Q&A icon at the bottom of the screen and write your question to join the queue. When you are announced, a prompt to enable your microphone will appear on the screen, and you must then unmute your microphone to ask questions. We kindly request that all questions be asked at once. We emphasize that information contained in this presentation and any statements that may be made during this conference relating to business prospects, projections, and operational and financial goals of Aeris are based on the beliefs and assumptions of the company's management, as well as on currently available information. Forward-looking statements are not a guarantee of performance.
They involve risks, uncertainties, and assumptions as they refer to future events and therefore depend on the circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions, and other operating factors may affect Aeris ' future performance and lead to results that differ significantly from those expressed in such forward-looking statements. Today, we are joined by the company's executives, Mr. Alexandre Negrão, CEO, and Mr. José Azevedo, CFO. Before we begin the presentation, I would like to invite you to follow today's agenda, which is on slide three of the presentation. We'll start with Mr. Negrão. We'll address topics one and two, bringing the highlights of the period, and then commenting on operational performance. After that, I'll pass the floor to Mr. Azevedo, who will address topic three, presenting the company's results.
Once this part is finished, we'll start the Q&A session. Finally, Mr. Negrão will return to make his final remarks. You may proceed, Mr. Negrão.
Thank you very much. Good morning, everyone. Thank you for attending one more call on the end of the quarter. Starting the presentation on slide four, talking about the highlights of the second quarter, we completed the renegotiation of debts, an increase in revenue for exports, and also some global instability, which is a topic that was widely discussed, about the tariffs on the second quarter. Talking about renegotiation of debt, we renegotiated 90% of the company's debt, and that has given us the necessary strength to go through this period of low demand that we are going through.
As for exports, we've increased our exports in line with what we expected, and there is a continuous upward trend in the second half of the year, as well as in 2026, which, despite the overall low demand, it's been widely driven by exports. The third topic about this world instability, I think the second quarter, as I said, has been marked by war on tariffs, and the worst part of it is uncertainty about the future. Because when we know what will happen, whether it's positive or negative, it's easier because you know which way to follow. When we don't know what will happen, that generates a lot of uncertainty and insecurity. What we can say up until now is that the company was not affected. From our point of view, we are not likely to be affected by the tariffs.
Moving on to slide five, talking about the operational performance of the company, we adjusted the format of the slides because we used to show LTM for megawatts and sets of blades per year. We can see that we have delivered around 300 MW against 1.6 delivered during 2024. In sets of blades, 71 sets delivered in the first half of the year compared to 343 MW delivered in the year of 2024. It's a steep decrease, but as I said, expected. Now, slide six, the main highlight is that the two lines that were on ramp-up in the first quarter are now stabilized, and they will then become mature. This is the main highlight. There was a learning curve for these two new lines, which highlights our operational efficiency despite the low demand. Now, moving on to slide number seven, I'll talk about the results.
I'll now turn the floor over to our CFO, Mr. Azevedo.
Thank you, Alexandre. Good morning, everyone. Starting on slide seven, revenue was BRL 242 million in the second quarter of 2025 and BRL 452 million in the first half of 2025. EBITDA was negative by BRL 18 million in the quarter and by BRL 6 million in the first half of 2025. We closed the quarter with BRL 6 million in investments and BRL 15 million in the first half of 2025. Finally, we had a loss of BRL 174 million in the second quarter of 2025 and BRL 268 million year to date. Moving on to slide eight, the company's revenue grew 15%, and part of this growth was driven by blade exports, which accounted for 39% of the total revenue. This result is in line with the company's strategy of expanding the diversification of its revenue sources.
I'd like to take this opportunity to reinforce that blade exports to the U.S., with Trump's extra taxation, were not affected by or were exempt from it, which brings us good prospects for the future. Service revenue accounted for 18%, reinforcing our commitment to this segment, and a growth of 29% when compared to the same period of last year, which reinforces our commitment to this segment. The energy trading company accounted for 8%. Moving on to slide nine, we have the EBITDA for the second quarter and the accumulated EBITDA for the last 12 months. This quarter, we faced some specific operational challenges which directly impacted our performance. One of the factors was the increase in the unit cost for blade in a certain model that was in work-in-progress.
When invoicing this, and it's important to highlight it, we reduced the work-in-progress inventory by BRL 31 million compared to the first quarter of 2025, improving our working capital needs. On slide 10, we show investments representing BRL 6.6 million in the quarter, and these funds were allocated for the maintenance of existing projects and are in line with the company's budget. On slide 11, we demonstrate the indirect cash flow with operating cash negative by BRL 766,000, despite having made extra operational payments related to consulting services for that renegotiation. Additionally, in this quarter, the amount of BRL 41.4 million was recorded in investment cash flow, referring to the [Proprietary credit price investment funds] FIDC. In the first half of 2025, we also adjusted the retroactive interest related to the fund's operation in the amount of $5.7 million since its creation, increasing financial expenses in the period with no impact on cash.
In addition to that, we made adjustments in the adjustment sale of $27.9 million in revenue from the fund since its creation that will be recognized as financial revenue. From now on, we'll recognize revenue monthly, adjusting it through the MTM, market-to-market, as well as actual monthly interest. I would like to emphasize that the company created the proprietary FIDC with the aim of advancing receivables and increasing the company's liquidity in the short-term. To finish on slide 12, it's important to note that in May of 2025, the company signed new contracts with Banco do Brasil, Banco Votorantim, and Banco Santander to refinance its debts. With this, and together with the renegotiation of the bench that was finished in March, we completed the reprofiling of 90% of the total debt, ensuring the necessary liquidity of the company's operations in the coming years.
The interest on the renegotiated debt will accrue in the current year, but there will be no cash outflow until March 31, 2027. In this slide, at the lower part in the repayment flow, we see there are investments of BRL 115.6 million to mature in the third quarter, of which BRL 93 million referred to a debt with BNDES that had its original maturity in August 2026. Due to the breach of covenants, which is net debt over EBITDA higher than 3.5x , the debt was reclassified to short-term. I reinforce that we are in advanced renegotiations with BNDES and expect it to be completed in the coming months. With this, we have reached the end of the presentation and will begin the Q&A.
We'll now start the Q&A session. I would like to remind you that in order to ask a question, please click on the Q&A icon at the bottom of the screen and ask your question so that you can get into the queue when you'll be announced. A microphone will appear on the screen and you are unmuted to ask the question. We ask all questions to be asked at once. We now need a few minutes to check with the questions that were received, so we'll be muted for a few seconds and we'll be back soon. First question is from [Ramon from Axo Capital].
Good morning, Aeris. Thank you. Congratulations on the results from [Resilience 20]. These are prospects of the new long-term PPAs for wind projects for the second half.
Good morning, Ramon. Thank you for the question. As I said, we know that 2025 and 2026 will be complex years, but we expect to resume growth as of 2027, 2026- 2027. There are quotes and conversations going on. The market is working. Looking on the short-term, we used to talk about long-term contracts in the past. Now there is a new dynamic in the renegotiation format that didn't exist before. We believe that this is the new reality. This may be the new reality for the industry. We've seen more conversations, more quotes being asked for, but so far, nothing has been closed. We continue to believe that we'll resume an upward trend in 2026, but it is likely to be slow.
I remind you that to ask questions, please click on the Q&A icon at the bottom of the screen to join the queue. The Q&A session has been ended, and now I would like to turn the floor to Mr. Negrão for his final remarks.
Thank you once more for attending the call. I would like to highlight that despite these weak results, we are in line with budget. The company continues to work just more and more to this period of low demand. Despite the low figures, we can see a small growth when compared from the last quarter of 2024 until this past quarter. In the last three quarters, we could see some growth in revenue quarter on quarter. That shows that we have reached the bottom of the low demand period. We continue to expect 2025 to be low, but there are good prospects for a slow resumption of an upward trend in 2026 and 2027. Thank you again, and I wish you a good weekend.
Thank you, Negrão. The conference call for Aeris for the second quarter of 2025 has ended. The IR team is available to answer any further questions you may have. Thank you very much and have a good day.