Brazil · Delayed Price · Currency is BRL ISA Energía Brasil Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue rose 41% YoY, while adjusted pro forma EBITDA grew 41% and pro forma net income 14%, excluding a major non-cash asset-unwinding gain. Investment and leverage are rising as projects advance, with ~BRL 4.1 billion of remaining project CapEx through 2028.
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Revenue and EBITDA grew over 20% year-over-year, driven by new project energizations and retrofitting investments, while net income declined due to higher leverage and financial expenses. Capital structure was strengthened through a BRL 1.2 billion share offering, and major asset transactions optimized the portfolio.
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Q1 2026 delivered strong revenue, EBITDA, and net income growth, driven by new project connections and disciplined investments. The company maintained a 75% payout ratio, managed leverage through waivers, and advanced major asset and financing transactions.
Fiscal Year 2025
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Record investments and disciplined execution drove growth in 2025, with net revenue up 3% and major projects completed ahead of schedule. Despite a 22% drop in net profit due to higher costs and new taxes, the company maintained strong shareholder returns and a robust investment pipeline.
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Q3 2025 saw a 27% net income increase despite a 9% revenue drop, with strong investment in new projects and a focus on sustainability. Leverage rose as planned, and the company maintained its disciplined capital allocation and dividend policy.
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A robust portfolio of 34 concessions underpins strong financials, with investments in modernization and new projects driving growth. Strategy 2040 targets expansion, innovation, and decarbonization, while legacy legal issues are being actively mediated.
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Q2 2025 saw regulatory clarity on RBSE, a 1.3% RAP increase, and strong investment in new projects. Net revenue declined due to non-recurring RBSE effects, but EBITDA margin remained robust at 76.8%. Leverage rose as planned, with dividend policy and growth strategy unchanged.
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Q1 2025 saw strong revenue and EBITDA growth, driven by investments in greenfield and reinforcement projects, though net income declined due to higher financial expenses. Leverage is expected to rise temporarily as major projects progress, but the dividend payout practice remains unchanged.
Fiscal Year 2024
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Net revenue grew 14.3% to BRL 4.6 billion in 2024, with EBITDA up 13.2% and net income rising 7% year-over-year. Investments reached a record BRL 2.3 billion, and the company maintained a 10.3% dividend yield while increasing leverage to 2.72x.
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Net revenue and EBITDA saw strong growth in Q3 2024, driven by tariff review effects, new project startups, and asset improvements. CapEX surged 64% year-over-year, and leverage remains disciplined. Outlook is positive, with new projects expected to offset future RBSE revenue declines.
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Q2 2024 saw strong revenue, EBITDA, and net income growth, driven by investment in greenfield and retrofit projects, lower financing costs, and robust performance from joint ventures. The company maintains a disciplined CapEx approach, stable leverage, and a 75% dividend payout policy.