Just to remind you once again that at the end of the presentation, we will open for the Q&A session, and all questions will be done live. In order to pose your question, use the raise your hands feature at the bottom of the screen. I would like to remind you that this session is being recorded, and now I give the floor to Gustavo Estrella to begin with the presentation.
Good morning, everybody. Welcome to our 3Q 2025 Earnings Release. We are calling here from COP30, Belém. I will first go to the third page for our highlights: EBITDA BRL 3,175 million, practically stable growth 0.3%, and in the accumulated BRL 10 million, we have a growth of 1.9%. Our profit BRL 1,376 million, 3.3%, accumulated BRL 4,178 million, a slight drop of 0.2% with regards to relative to last year.
Our net debt, the leverage, 2.19 times in keeping with the past quarters, two and a half times the net debt over the EBITDA. CapEx, important expansion, 19%, reaching BRL 1.7 million. The BRL BRL 4.4 million. The initiative for the year is to close our investment more than BRL 6 million. The delinquency, an expressive reduction compared to last year. It's the third consecutive semester that we've maintained below the ADA. So it's an expressive drop compared to 2024. In the accumulated, we see a drop of 31% considered the nine months of the year. Yeah, with regards to the transmission expansion, this is important information. We're very happy to say that last week we won the lot three in auction.
It was the largest lot in this auction with a small asset in the state of Paraná and most of it in Rio Grande do Sul, and a total wrap of BRL 81 million. This is an important investment for the group. We had been participating very competitively in the last auctions. We were in second place in the last two lots, and now we won this important lot with a very well-located asset in Rio Grande do Sul, next to our existent assets. The expectation, you know, the expansion of transmission certainly will be very positive with this lot we acquired. With regards to our rating, after Moody's, Fitch has assigned us a global scale above the sovereign rating, a triple B rating.
This is another important indication for CPFL which allows us to access the foreign market, the bonus market in a very competitive way. This is our perspective for the 26th Extel Award. Once again, CPFL was much acknowledged because of its practice, the way we relate to investors. This is an important acknowledgment. Everything we do with regards to investors' relations, Valor 1,000 awards. Once again, we were acknowledged as the best company in the sector, the third consecutive year because of our efficiency in our operations. Other awards, for example, the Abradee Award, we had several, and also a new innovation award too, acknowledging the CPFL transmission and the Santa Cruz. It is an important acknowledgment coming from the regulating agencies. Now going back to the next slide. Here we are in slide four.
As I said, I'm here in Belém, and yesterday I participated in excellent debates and excellent discussions, not only Brazil, but also CPFL. Here we have the duty to try to have this agenda. We have a lot of story to tell. There's a lot of things that we have been doing. One thing we always say is that these themes, ESG, sustainability, and decarbonization are increasingly incorporated in our business. This way we see that we can create a sustainable long-term agenda and with very tangible results. I think this is the most important aspect here that we have a series of projects and initiatives, all of them linked to our business, expansion of fleet, transformers, hospitals, CPFL in hospitals, which is a series of projects that gives us impacts that have very positive environmental impacts.
COP, the forum is the forum for this discussion, to sign, to enter into agreements, to make commitments so that we can all follow with this decarbonization journey. This is a very important week for CPFL and the importance of participating in COP30 in Belém. Next slide. Here, slide number five, we have the distribution energy sales. Sales practically flat relative to 2024, a drop of 0.3%. This is an important data here. Here to the left, below here in the slide, we have the residential and commercial class. Things are very similar. We have a very important effect of temperature. Temperature has been lighter compared to last year. This reflects in the reduction of energy consumption, specifically in the low voltage classes, 1.6% in the commercial class. Also here, the LGD effect, 3.9%.
I think that it's more than compensate, you know, the increase of consumption per capita. This is a moment we have been observing in the previous quarters. We maintain our consumption in spite of the temperature impacts and the DG impact. We have a growth of 3.9% and a drop of 1.9% in commercial. It's slightly different. Last year we had a growth of almost 2%, and this year the expectation is to have the industry, some segments that have been increasing the consumption of the industrial class. Food continues being very positive, almost 2%. Some other sectors here in this semester, chemicals and vehicles, important drops of 5.5%. Here, average temperature in São Paulo and Rio Grande do Sul, inferior. The average temperature is inferior and brings impact in the reduction of energy consumption. Next slide.
Here in slide number six, it's a very similar vision in the first nine months of the year, practically flat compared to the nine months in 2024. Same effect occurs in the commercial and residential classes, temperature and DG compensated by per capita consumption. In the segments to the right, food continues in a recurrent way with growth above 2%, and the chemical industry with a negative performance of almost 4%. Temperature continues in both states very below the average of the 2024 averages. Here, delinquency, as I had said, we have a positive highlight here. Since the fourth quarter last year, we have maintained the delinquency rates below 1%, 0.9%, an important reduction. I had mentioned we can here we reached 716,000 power cuts this quarter compared to last year, 549,000. It's a growth of 30%. There was still an impact in the quarter.
I will continue here because Estrella's screen froze. With regards to the power cuts, we still have the same level as the previous quarter, 30% more than the 3Q 2024. I would like to remind you that in 2024, we still had the effect of floods in Rio Grande do Sul. Gustavo, okay? Yes, we can hear you.
Next slide. With regards to losses, we continue with important challenges here in the reduction of losses. If you look at the regulatory limits, we are still above the regulatory limits. We continue with a huge challenge, but it is more of a positive journey. It is one more quarter where we present a reduction of our total losses from BRL 981 going to BRL 943. We continue with a very intensive program of inspections, almost 280,000 inspections during the nine months.
Obviously, we try not only to increase the number of inspections, but assertiveness with regards to our inspections. We had an important increase with regards to the fraud report hit rates, 30%. This is an important data. We continue with a positive journey, not only inspections, but our project. There is an expectation of better monitoring of the grid, and there is an expected grid with regards to the loss levels in the company. Next slide. With regards to our hydro performance, we see an increase in the average PLD, 47%. Hydrology has been more disfavorable since the beginning of this year, and its reflex here is on the PLD, BRL 253. GSF, in spite of the drop in the 3Q in the nine months, it is in keeping with 2024. We had 90% GSF and 88% this year. Next slide.
Now wind farms performance. We continue with the curtailment, which is one of the great offenders of the results this year. We had a net generation with a drop of 14.4% in spite of the performance where we had better winds than 2024. Here in the left bottom part in the slides, the left, you have an increase of curtailment compared to 2024. It goes from 27%-37%. that is impacting not only generation, but the results of the company. Availability continues in a resumption journey now, close to 95%, still below 2024, but it is the perspective of recovery during the next months. Next slide. I would like to give the floor to Cyrino to continue with the results.
Gustavo, thank you very much.
To talk about the numbers here, when we look at the consolidated results, we reached an EBITDA of almost BRL 3.2 million in this 3Q, a growth of 0.3%, BRL 9 million above the same Q last year. Going to distribution, we reached BRL 1.8 million in this quarter, a variation of BRL 180 million, firstly explained by the tariff market, BRL 239 million, basically tariffs. Here we had a mix with the residential being very positive and also because of inflation contracts with the IGP-M, Paulista, Piratininga, and I think also a positive feed of BRL 24 million in ADA. We had a better ADA than the 1Q last year. The results are very important here. BRL 7 million positive as a reflex of the impacts with the floods last year.
In the PMSO, the result here was BRL -77 million, but in line with inflation, slightly above when we look at only the distribution sector, BRL 33 million. The concession financial asset, you have a correction of the IPCA, which was lower than last year. That is why we have this BRL 31 million negative and BRL 26 million plus here, right? Other revenues, right? This is important here. Going now to generation, the generation segments reached an EBITDA of BRL 1,770 million, a variation BRL -37 million compared to the 3Q 2024. When we talk about the effects, we have a negative effect of BRL 62 million because of the contract termination of biomass and EPASA. Here we have a loss of EBITDA when compared to last year. Also, we have BRL 38 million in the GSF, as Gustavo mentioned. We had worse GSF than last year.
We have an exposure of around 15% in this year. This has this negative effect. Wind generation, BRL 1 million, BRL -1 million. We had the curtailment effect BRL -70 million, and the wind mix was plus, specifically because of the mix here, right? There was better wind in Ceará, where we have Proinfa with a higher price, and the wind was better than in Rio Grande do Norte and Rio Grande do Sul. We had a BRL +69 million. In the table to the right, we can see the nominal of the curtailment. This quarter here with an effect of BRL 219 million compared to BRL 149 million in the period of 2024.
We had a positive result of BRL 82 million in energy contract readjustments, many of them by the IGP-M, and also BRL 8 million with regards to the flood impact in last year, which affected generation. Others here, BRL 26 BRL -26 million. Now looking at the next segment and to talk about transmission, when we look at the IFRS results, EBITDA of BRL 248 million, BRL -125 million, BRL -89 million margin effect, and also BRL -35 million. Now going to the regulatory, which is the most important thing for you, we have an EBITDA of BRL 209 million, variation BRL 28 million, basically BRL 36 million positive coming from the readjustments and BRL 9 million here PMSO, negative PMSO, but in keeping with inflation. Next slide to talk about the commercialization services and others.
EBITDA, BRL 8 million, variation BRL -15 million, impacted by the commercialization BRL -28 million, but the result was very good with CPFL BRL +21 million, and also BRL 7 million others, which was negative. Now going to profit in the quarter, we have a profit 3.3% higher than the profit in the same quarter in 2024. BRL 45 million delta positive, we reached almost BRL 1.4 billion in this quarter. We had a variation of BRL 4 million, a positive effect of mark to market, BRL 142 million, plus adjustments to the regulatory asset and liability, BRL 63 million. Expenses with net BRL -184 million and others BRL -17 million. Now going to the results accumulated in the last nine months, right? With the first, here we have BRL 10 billion in the last nine months, variation of BRL 177 million.
Distribution we reached almost BRL 6.9 million, and here we can see in these nine months low up ADA, CASOB gain and concession financial asset. Generation, even having reached BRL 2.7 million in EBITDA, we have a negative effect of BRL 165 million, basically impacted by the curtailment that has been affecting us this year in 2025. Transmission, BRL 779 million EBITDA in the nine months, a delta of BRL -34 million, but still within the last tariff readjustments that we had last year. Commercialization services and others, BRL 37 million, impacted by the lower commercialization margins, but gains with the CPFL services EBITDA that has had positive results. Going to the results that we had a drop of 0.2%, the net income, only BRL 10 million below. Basically, we have the mark to market effect of BRL 401 million, which was positive.
Very good rates compared to the current market and also expenses with net debt of minus BRL 493 million. These are the main effects here. Now going to the next slide, I once again give the floor back to Gustavo to continue with the presentation.
Thank you very much, Cyrino. Now we go to the leverage. As we had said, we closed in BRL 28.7 million, our total debt with 2.19 times the net debt over the EBITDA. In the last 12 months, EBITDA BRL 13,128 million. This is a very positive data here, which puts us in the condition of being able to access the bonus market, the foreign market, more as a subsidiary, right? Not so much a Brazilian subsidiary. This gives us very good perspective with regards to accessing this market. We have the expectation to do this starting from next year.
In the last fundings, an important data here. First, we had the possibility, right, of being able to deal with State Grid with very competitive prices, -0.37%. Also, we access the market not only with competitive costs, but with average terms that were higher. We are getting to an average term of these last fundings, average term of nine years. We know it is always a challenge to stretch our average term, right? We had good access to the market using debentures so that we can stretch, elongate this average term, nine years. Next slide. Here we have our average cost continues linked to the CDI. Almost 80% of our stock is linked to CDI, followed by inflation, but these costs converge themselves, right? At a Selic rate, which is stable that we have today, today the costs are relatively stable too.
We closed with 14.2% nominal cost and the real cost 8.6%. Our cash position is very comfortable, almost BRL 6 billion in cash, which is the result of the recent fundings we did. As part of our strategy, always to anticipate the due dates to avoid liquidity risks or access to the market. 2025 and 2026, 100% funded. For us, gives us time for us to plan for new fundings. Now not 2026, but 2027, specifically 2028. Our CapEx, we closed here with BRL 1.7 million in the third quarter. In the year to date, 4.9, in the accumulated BRL 4.4 million. We continue BRL 1.4 million in distribution, but with important volumes in transmission, BRL 557 million in investments in the nine months, a growth of 21% relative to 2024, compared to 2024.
Lastly, as I had mentioned, a very important auction for us, which was no doubt the lot that we were most interested in. We obviously tried to bid for other lots, but because of the strategic fit of this asset with CPFL Energia, and we had a CapEx of BRL 4,069 million, and the expectation of going to operations in February 2030, and with some drivers so that we can maximize return here in these investments. We have it starting, we're going to try to anticipate operations here. We're going to work for this. In this specific case, we have a potential of synergy and cost reductions because of the assets of our RGE and also CPFL transmission in the same region. The expectation is very positive here. We can maximize the returns on this investment. This is important data.
It prepares the company for everything that is going to happen in 2026. The more scale and the more expertise and the greater information we have with regards to these auctions and new projects, the more competitive we can be without ever foregoing our financial situation. It is always important to participate in a very competitive way. We plan to do this in the next session, the next, the following auctions.
Thank you very much, Gustavo, for the presentation. Now we open for questions and answers. I just want to remind you that questions will be done live. In order to ask a question, use your raise the hand feature here. We have a first question. The first question comes from Danielle, Safra Bank. Danielle, thank you very much for your participation. Feel free to ask your question.
Good morning. Thank you for the opportunity.
I have a question considering the strategy of the company for 2026. Try to understand considering your participation in the last auctions and you won this last auction. For 2026, will we have the opportunity of new auctions, battery or transmission? With regards to the leverage position of the company, how is your mindset with regards to capital allocation and growth strategy for 2026? Is it oriented for greater growth activities or do you remain with the same vision versus the last years? I want to understand your mindset, your minds here with regards to this. Thank you. Can you hear me?
Danielle, thank you very much for your question. We will continue with the same strategy from some years to now.
We participated in three auctions and we redesigned our internal process in terms of participating in these auctions, revisiting assumptions and the way, you know, the financial modeling way so that we could increase our competitiveness in these auctions. We won this auction and we almost won the last ones. This makes us more prepared for the following auctions. I think there is an increase in the increase of transmission auctions, right? All the way from the storage of battery auctions. I do believe that we will have a clear rule in terms of compensation and thus we can become potential investors here. With a 2.2 time leverage and a growth and a perspective to grow EBITDA, our balance will allow us to continue participating, always considering these assets where we understand make sense for the group. This is the example of lot three.
Certainly is an asset that has a strategic fit for CPFL batteries too. So we will continue in line with this in keeping with this very disciplined in the way we model the business plan and always considering those assets as that make sense to us. I do not see leverage as a restriction. The idea is to maintain this strategy and with the perspective, a clear perspective of compensation for our shareholders.
Thank you very much.
Thank you, Danielle. Now going to our second question, Goldman Sachs, Guilherme. Thank you, Guilherme, for your participation here. Please ask your question.
Good morning, Cyrino Estrella. Thank you for the opportunity. Two questions here. First, with regards to the distributor line, we saw a growth of 7% year after year, slightly above the IPCA in the period. So I want to understand the factors that explain this increase. Also, the generations result, okay?
We saw several generators impacted here with regards to higher prices too. I want to know the impacts that mitigated the effects of curtailment in this quarter.
Guilherme, to answer the first question, when we look at the nine months, it is in keeping with inflation. In the quarter, we have wage readjustments that happen slightly above inflation that brings us this impact. Obviously, a quarter with higher investments. We have an OpEx linked to CapEx in the revenue of this last quarter, but nothing that will bring us any concern here. It is in keeping with our expectation and the idea is to close 2025 within or below the inflation. Your second question, the mitigating effects, curtailment in the results. If I understood your question, in fact, we had an impact of BRL 70 million delta in this quarter when I consider curtailment.
When we look at wind, we had BRL 69 million plus. Although wind remained stable like last year in my consolidated, I had better wind in Ceará where we had PROINFA and I have a higher price. In the price mix versus wind, we can have positive results because the price is lower in Rio Grande do Sul and Rio Grande do Norte where the wind was lower than in Ceará. Feel free to do it again. You'll ask your question again if I did not answer your question.
I think this is it. We have no other question here. I would like to once again thank you for your participation. Before I give the final words to Gustavo, on the 25th of November, we are going to have another investor education. We are going to talk about regulation with the participation of our executives here.
We are going to talk about CP09, new loss methodologies, and CP62 operational cross. Those that did not register here, you have the QR code. It is going to be a really great event so that we can better understand these two items. Thank you very much. I will give the floor back to Gustavo to wrap up this session.
Thank you, Cyrino. I would like to thank you for your participation, investors and analysts. We close one more quarter with very robust results and positive perspectives. Now we are going to the end of the renovation of our distribution constructions. We have positive effects here with regards to curtailment through the M3 1,304. These are two big topics where we will begin 2026 with different perspectives, more stability, more long-term vision, and contributing for us to be able to maintain our investment levels.
As I said, this year, it is going to be more than BRL 6 billion in investments. We will continue investing in all our business. The perspective is much more foreseeable when we look at 2026, thinking not only of the existing assets, but new acquisitions, new auctions that will take place. Once again, we are working the way, you know, the agenda is as it should be. It is clear, well-defined, and with long-term perspectives. It also matches our visit here. It is completely in keeping with our visit here in COP30. I think this COP has to represent the protagonism of people and company so that, in fact, we can continue with the decarbonization sustainability agenda with business logic. This is the way we can continue in a sustainable and long-term vision. Thank you, all of you.
We will continue with CPFL going after increasingly better results with new ideas, always aiming for growth in balance with the payment of dividends. Thank you very much and have a good afternoon, all of you.