That this call is being recorded and will be made available on the company's IR website, ri.neoenergia.com, where the complete earnings release material is available. It is possible to download the presentation using the link sent via chat, including in English. During the company's presentation, all participants will have their microphones muted. We will then begin the question-and-answer session. To ask a question, click on the Q&A icon at the bottom of your screen to join the queue. When announced, a request to turn on your microphone will appear on your screen. You will then open your microphone to ask your question. We recommend you all ask all of your questions together.
The information contained in this presentation and statements that may be made during the call relating to Neoenergia's business prospects, projections, and operating and financial goals constitute beliefs and assumptions of the company's management, as well as information currently available. Future considerations are not guarantees of performance. They involve risks, uncertainties, and assumptions, as they refer to future events and therefore depend on circumstances that may or may not occur. Investors should understand general economic conditions, market conditions, and other operating factors that may affect Neoenergia's future performance and lead to results that differ materially from those expressed in such forward-looking statements. The presentation will be led by Mr. Eduardo Capelastegui, CEO of the company, and Leonardo Gadelha, CFO of the company. I will now give the floor to Mr. Eduardo Capelastegui .
Thank you very much, Operator. Good morning. I would like to thank everyone for joining us today to present our fourth quarter and full year 2024 result. I'm Eduardo Capelastegui, CEO of Neoenergia. Once again, I'm very proud of what we will be sharing today. With me today are Solange Ribeiro, Regulatory Institutional Innovation VP, Leonardo Gadelha, CFO, Ricardo Vaz , COO, Giuliano Pantanato, Control and Planning Officer, Renato Rocha, IR Officer. I will make a brief presentation covering the highlights of the period, and then Leonardo will present the results in more detail.
We will then move on to the Q&A session, and I will conclude with my closing remarks. So, beginning on slide 3, we have the highlights of the fourth quarter and 2024 results. Injected energy, considering distributed generation, performed very well in concession areas, mainly due to higher temperatures and the economic activity, with a 2% growth in the quarter and 6.1% over 2024.
Once again, we closed the year delivering excellent efficiency in our operational area. The quality of the service provided in our concession areas was a highlight without a doubt, with excellent performance in tackling losses, controlling default, and having all the distributors of Neoenergia meeting the regulator and ANEEL's targets aligned with the DEC and FEC parameters, and all of this without extraordinary OPEX pressure, since we closed 2024 with controlled expenses, with a 2% growth in the quarter and 4% over the year 2024, which shows, once again, the success of our primary operating model. Our EBITDA reached BRL 3.1 billion in the quarter, in the fourth quarter, with an 8% growth and an amount of BRL 12.5 billion over the year, 1% growth.
For the operation of transmission lines, market growth, and OpEx efficiency made it possible to offset the impact of a negative IGP-M and tariff adjustments of distributors and the change in the Termopernambuco contract. In the growth front, I should point out the execution capacity reflected in our CapEx of BRL 9.8 billion, which gives us a significant net asset base and distribution above BRL 40 billion. Advances in transmission projects were another important hallmark in 2024. We released an additional BRL 300 million in RAP with entering operation of several lots, several batches, concluding the year with one million RAP released to the operation. Another important achievement in 2024 was the Termopernambuco capacity reserve contract, which was brought forward, as you're aware, the plant on a contract in December 2021, a reserve auction, which would start in June 2026.
We were able to bring it forward under the same conditions to October 1, 2024, adding 21 months to the contract and thus preventing the plant from being discontracted until then. Finally, regarding the asset rotation initiatives, we were very pleased with the successful sale operation of our stake in the Baixo Iguaçu plant for an enterprise value of BRL 1.4 billion. I will go into more detail about this transaction later on. Now, turning to slide 4, we have a brief retrospective of our performance on the asset rotation front over the last three years, with Neoenergia Pernambuco OPA and the asset swap with Eletrobras in 2022, going through the operation with GIC in 2023, Neoenergia Cosern OPA 2024, and now more recently the sale of the Baixo Iguaçu plant.
With all of these activities, we have sought to leverage the company, creating value for our shareholders through efficient capital allocation. Capital allocation discipline that we have carried out in the latest transmission auctions is another important example of our value creation. As mentioned, we were very pleased with the Baixo Iguaçu transaction, in which we sold our stake of 70% for an enterprise value of BRL 1.4 billion, of which BRL 1 billion equity value, which corresponds to a multiple of 11.2 times enterprise value EBITDA. It's well above the market multiple's values and previous operation. The Neoenergia's leverage does not have a material impact, BRL 1.4 billion, and the covenant is of around 0.06 times. It's small. However, what's important here is the message, which is very robust and shows how Neoenergia will continue to constantly look to optimizing our asset portfolio and accelerating the deleveraging process.
Let's now look at slide 5, looking at the status of the transmission lot. Beginning with the December 2018 lots, we continued to advance in Guanabara with 94% physical progress, with a total release of its wrap of around BRL 165 million in the first half of 2025. We have already concluded one section, which is energized, and the other, the remainder section is being implemented. In Vale do Itajaí, we have 82% of our works concluded with BRL 60 million wraps released, corresponding to 22% of the total wrap. We will conclude the project in the second half of 2025, when we will release another BRL 220 million, amounting to a total wrap of Vale do Itajaí of BRL 270 million by the end of this year.
The third lot is Morro do Chapéu, with construction work reaching 97%, BRL 105 million wrap released already, representing 47% of the total wrap, and still to release another BRL 120 million in the wrap in the first half this year. Regarding the lots we won in June 2022 auction, we still are to deliver lot two Alto Parnaíba, the largest of all, with almost BRL 4 billion invested. All of these construction works are progressing steadily, reaching almost 60% of the project. We have BRL 8 million of wrap already released, and remaining BRL 400 million will be released throughout the second half of 2025. Therefore, and as I've mentioned, throughout 2024, we released BRL 300 million in wrap, reaching a total wrap of BRL 1 billion.
And with the scheduled releases throughout 2025, we will finalize our investment cycle and transmission, reaching the relevant mark of BRL 1.9 billion in wrap, released wrap in December 2025, presuming that in 2026, we will have 100% revenue of our wrap, amounting to BRL 2 billion roughly. I will now hand the floor over to our CFO, Leonardo, who will provide more details on our results for the fourth quarter and the year of 2024. Leo, please.
Thank you, Eduardo. Good morning to all. We will now turn to slide 7, where we see the consolidated result in the fourth quarter and the annual result of Neoenergia, the gross margin 15% over the fourth quarter in 2023. And this is explained by the market growth and the distributors.
We continue to invest in a cost discipline that is very strong, with a 2% growth only in the second quarter, positive results that are not recurring from 2023 over the year. It was a 4% growth. EBITDA had an 8% growth in the quarter, and the cash EBITDA reduction of 6%, reaching BRL 2.8 billion and BRL 3.8 billion. The negative result by the IGP-M, as Eduardo mentioned, from the distributors and the new contract of Termopernambuco. The network EBITDA represented 90% of the consolidated EBITDA 2024 and the generation 10%. Net income Neoenergia was BRL 852 million, adjusting this profit with non-recurring events in 2023 and 2024. We see a 5% drop in the quarter, which remains stable in the year-on-year comparison. Now moving on to the CapEx on the next slide.
In the quarter, as Eduardo mentioned, we reached a total of BRL 3 billion, amounting to BRL 9.8 billion in 2024, therefore fulfilling our investment plan. As in recent quarters, CAPEX was mostly in networks, representing 98%. Over the year, BRL 5.4 billion in distribution, expansion, and improvement of network, and BRL 4.1 billion in the investment of the transmission works. Now, on slide 10, operating performance and network segment, we see the injected energy in our five distributors, as already disclosed to the market, also had solid growth, mainly driven by higher temperatures, even when compared to 4Q23, which had already been a strong quarter. Consolidated figures, 12.1% growth compared to over 4Q23 and 5.8% over the year, including DG. Total number of consumers reached 16.6 million, an increase of 292,000 new customers over the past 12 months.
Now, on loss performance, slide 11, we had a good evolution in the quarter in the loss index since all distributors had a loss reduction over the previous quarter. We also had well-controlled losses in all distributors in relation to the regulatory limit. On slide 12, we can see that in the fourth quarter and 2024, the [inaudible] was controlled, remained under control compared to the previous quarters in loan loss provision. And also, the collection rates had a good trajectory in all of our discos compared to previous quarters. On slide 13, we are looking at the quality indicators of DEC, FEC, and our distributors, which maintain a downward trajectory and all in line with the regulatory levels. Furthermore, a new indicator, a new piece of information, all five distributors presented a percentage that is within the DEC and FEC, complying with the regulatory agency ANEEL.
Now, moving on to the results and the network business, and we had a 21% increase in the gross margin in the fourth quarter. As a result of the higher VNR in the market, operating expenses of the quarter grew by just 1%. Therefore, very good solid performance. Network EBITDA grew 32%, and cash EBITDA reached BRL 2.513 billion, 2% below the third Q 2023, reflecting the negative adjustment of Parcel B by the IGP-M, as mentioned, and EBITDA cash grew 3% over the year. We also have the transmission and distribution broken down. EBITDA cash held 3%, and transmission EBITDA grew 15%. The transmission, the pro forma transmission EBITDA without the sale of the GIC lots would have grown 29% in the quarter and 40% over the year. I will now turn on to slide 16. We have the generation and customer segment.
These are the results consolidating the renewables and liberalized segments. In this fourth quarter, our EBITDA in the segment was BRL 36 million, the negative impact by the sale of Baixo Iguaçu plant. In the fourth quarter in 2023, the hydro EBITDA was positively impacted by the exchange of the asset swap with Eletrobras. Therefore, excluding these one-offs, the variation was negative by 22% due to Termopernambuco, which in 2023 was under the previous contract and had a much higher margin. On the right-hand side, we have the breakdown by business line. The hydro EBITDA in the fourth quarter was -BRL 226 million, the variation explained by the one-offs that I mentioned earlier. Wind EBITDA in the fourth Q was BRL 263 million, representing a 17% growth over 4Q23 due to the success of a claim of around BRL 80 million with an equipment supplier.
Solar EBITDA in the fourth quarter was BRL 6 million, a BRL 5 million reduction due to higher energy purchase costs in the quarter by the Luzia Complex. And Termopernambuco's EBITDA was slightly negative in BRL 8 million, resulting from the test the plant had to carry out as required by the regulator in order to comply with a new contract. And finally, the customer business presented an EBITDA of BRL 7 million real EBITDA in the quarter, 71% growth over the previous quarter. And now on slide 17, or rather 18, I will talk about our capital structure. We closed the fourth quarter 2024 with a net debt of BRL 43.2 billion. Therefore, approximately BRL 1 billion above the previous quarter, justified by the accelerated pace of CapEx. Our net debt EBITDA closed at 3.45 times. Therefore, slightly above the previous quarter.
It's worth mentioning that if it were not for the sale of Baixo Iguaçu, we would have ended the year at 3.38 times instead of 3.45. Our debt structure remains very comfortable with an average term of 6.3 years and is quite diversified in terms of sources and indexes with competitive spreads. Another highlight is the profile of our debt, with 52% now linked to the IPCA, which gives us a good position with a high SELIC period, which should continue throughout 2025. I will now turn the floor back to the operator for the Q&A.
We will now open the Q&A session. [Operator's Instructions] Our first question is from Mario Wobeto Pinto from Banco Safra. Mario, you may open your microphone.
Hello everyone, good morning. I have two questions. One, in regards to capital allocation, considering the divestment in Baixo Iguaçu, the sale of Baixo Iguaçu, are there new opportunities or divestments? Any other sales considered? And second question relates to the distribution concession renewal status. Could you bring us up to speed in regards to this topic? Thank you.
Thank you, Mario, for your questions. Well, in regards to divestments, as we know, we have a partnership with GIC, which is quite successful in terms of the operations of the first lots that were sold and also the new lots that are going into operation. And now, throughout 2025, we'll have new lots, large lots that will go into operation.
Guanabara, Morro do Chapéu with the first half and almost BRL 3.5 billion, and the Vale do Itajaí more in the second half, almost BRL 7 billion in investments. Considering, therefore, these investments we have in our partnership with GIC, we also have the assets. You're familiar with Belo Monte, and we had simple sale operation, but we haven't given up. We are still searching for opportunities, considering opportunities. Termopernambuco, we wish to sell it, but we're not going to rush it now with the anticipation of the contract. It's an asset that is generating between BRL 50-100 million cash flow annually.
We have 17 years going forward, and therefore, if an interesting offer comes up, we will consider it, but we're not really going to rush things. We are continuously, of course, considering our portfolio in Baixo Iguaçu , I believe I was clear on an asset that was sold for BRL 1.4 billion, price value BRL 1 billion in equities with BRL 40 million in net income, 44%.
Therefore, we are allocating these funds in other areas of the company to pay our debts, and we're looking at the current interest rates and, or maybe we can invest in distribution, which has more adequate returns. These are the things we are focusing on: GIC transmission to conclude it and move forward with GIC and keeping the lookout for new opportunities. This is what I can say in regards to divestment. As for the concession, if you're well keeping up with what we're doing, we are moving quite steadily a nd ANEEL said that, well, has already approved the final text that was published last year, at the end of l ast year, which is very much in line with the executive order.
We have all made a contribution to that, and this final text, the final draft should be actually ready in two or three weeks from now, by the end of February. In this text, as I mentioned in the previous call, there's, well, we're not renouncing to the judicial lawsuit. We all made our contributions in this regard, and we expect for ANEEL to, of course, also move forward appropriately. And we have deadlines that are also set in the executive order. We have one month to express interest, and therefore, till the end of March, by late March. And from then, ANEEL gives us one more month to receive the requests.
And if all goes as planned, we may consider that by the end of the first half this year, we could have the process finalized. But we are, yes, moving, progressing as expected by the executive order that was approved last year.
Thank you very much.
Our next question is from João Pedro Herrero from Santander. You may open your microphone, João, and ask your question.
Good morning, everyone. How are you? Thank you for this call, and I commend you on the results. Could you please give us more details on the revenue this quarter, which drove the EBITDA? And secondly, could you give us more details on the initiatives to tackle losses and results in 2024 and give us an overview for this year, this current year? Thank you.
Okay, João, thank you very much. So to your first question, this is an automated question, right? The non-billed revenue, it's quite objective. We look at the consumption levels that were built quarter over quarter, and we look at the market behavior. So what I can tell you is that nothing has changed this quarter in regards to how we calculate the non-billed revenue. If results were above expected, it was driven by the market behavior, I would say.
So nothing else to add here in regards to our common practice that we've shared in the previous quarters as to how we're tackling losses. We had good results, positive results this quarter. Now, Neoenergia has, in our five distributors, we have 3.5 within, well, the regulatory limit. And because they are Elektro and Brasília, they are doing very well. The others fluctuate a little. Coelba is within the limit at times on, at times off, and Termopernambuco is complex.
We have in Neoenergia Pernambuco the tariff review this year. We're having the review in April this year, which takes place every four years. And we are making adjustments to the tariff review with ANEEL for losses. So yes, this is going well. ANEEL is aware of our situation that is complex in Termopernambuco. And so on one hand, we have a higher coverage. On the other hand, the effectiveness of our campaigns, our loss campaigns, how we can fight our losses through our teams, our activities, our protected networks. I could mention a wide range of activities in this regard.
So with Termopernambuco, with a higher, long-lasting tariff coverage, and with this curve, if we continue reviewing our losses, we expect for this wrap, which is high today, we expect it to begin to go down and to have our five distributors, distribution companies within the regulatory limits, with our quality, with our collections. We're doing fine as well. And our operation is, well, we're constantly looking at these aspects quarter- over- quarter. As for the losses, João, well, this is what I can tell you in a nutshell.
Thank you very much. The Q&A session is now closed. I would like to give the floor to Mr. Eduardo Capelastegui for his closing remarks.
Thank you very much once again. Operator, I would like to once again reaffirm our commitment to all of the stakeholders of Neoenergia. One more year, delivering robust results for Neoenergia. You're all aware, w e're committed to operating efficiency, to creating value through our assets, and delivering sustainable, growing results, and one of the best possible ways to do that is through the expressive growth of our EBITDA cash. Since our IPO, it has grown over 120%, reaching BRL 2.8 billion in the last quarter of 2024.
We continue investing in our five distribution companies with an expressive organic growth, providing quality service to our almost 17 million customers, and the proof of that is that we've closed 2024 with all of our distribution companies within the NL regulatory framework in DEC and FEC. 2024 will also mark the deliveries and improvements in the transmission lots, and we'll close our investment cycle this year. I should point out that we have anticipated the Termopernambuco capacity contract generating value to Neoenergia and all of its shareholders.
Finally, I am convinced that throughout 2025, we will reaffirm our commitment to discipline and capital allocation focused on deleveraging and, of course, improving our revenues in the transmission auctions, in the OPA Neoenergia, and Baixo Iguaçu transaction for 2025. We will continue investing in organic growth in our distribution companies. We will focus on the transmission lots that we will deliver and the partial sale to our partner, GIC, in the future, and we will maintain the same discipline and capital allocation that we have had in place since 2022 to accelerate the deleveraging of Neoenergia, to have a solid balance sheet, and to create more value to all of our shareholders.
I would like to finally thank our shareholders for trusting in us and all of Neoenergia's employees who have been playing a key role year after year in overcoming challenges and delivering quality energy and excellent results. Thank you very much, and have an excellent day.