Brazil · Delayed Price · Currency is BRL Equatorial Earnings Call Transcripts
Fiscal Year 2026
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Adjusted EBITDA and gross margin grew, driven by distribution and tariff increases, while net income was impacted by higher financial expenses and the Copasa acquisition. Operational quality improved, and regulatory and capital allocation initiatives remain key priorities.
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Acquisition of a significant stake in Copasa supports long-term growth, with a focus on capital structure optimization, operational efficiency, and regulatory incentives. Governance ensures state involvement, and funding is secured through multiple channels.
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Adjusted EBITDA rose 11.3% year-over-year to BRL 2.9 billion, with strong investment growth and improved leverage. Distribution and sanitation segments drove performance, while early fundraising and liability resolution strengthened financial stability.
Fiscal Year 2025
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Adjusted EBITDA rose 11.6% to BRL 12.2 billion in 2025, with strong investment and operational gains. Transmission asset sale, impairment charges, and regulatory adjustments shaped results, while leverage and liquidity improved.
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Q3 2025 saw strong financial and operational results, highlighted by margin and EBITDA growth, successful transmission asset divestment, and robust capital allocation. Distribution and sanitation segments outperformed, while regulatory and market changes present new opportunities and risks.
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Q2 2025 saw record generation and strong growth in adjusted EBITDA (up 32.4%) and net income, with all distribution companies now within regulatory limits. Renewables and sanitation segments posted solid results, while disciplined capital allocation remains a priority.
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Adjusted EBITDA rose 14.5% to BRL 2.9 billion, driven by cost reductions, higher tariffs, and Sabesp equity consolidation. Investments surged 34% year-over-year, and the net debt-to-EBITDA ratio improved to 3.2x. Transmission asset sale and ongoing tariff reviews are set to further support deleveraging.
Fiscal Year 2024
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Record adjusted EBITDA and net income growth in 2024, with strong performance in distribution, increased dividends, and major investments in network and renewables. Liquidity and leverage remain robust, while regulatory and operational improvements support future growth.
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Q3 2024 saw strong financial and operational results, with adjusted EBITDA up 16% and net profit up 25.4% year-over-year. The company optimized its capital structure following the Sabesp acquisition, maintained cost discipline, and advanced in all segments, while addressing regulatory and market challenges.
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Adjusted EBITDA rose 11% year-over-year to BRL 2.4 billion, driven by strong distribution performance and disciplined cost control. Major investments included a 15% stake in Sabesp and new solar projects, while net debt to EBITDA improved to 3.2x.