By Brazil Stock Guide – Energisa (B3: ENGI11) reported an adjusted recurring net profit of R$ 427.6 million in the third quarter of 2025, a 13.6% drop from a year earlier, even as operating performance improved across nearly all business segments. Adjusted EBITDA rose 16.9% to R$ 2.07 billion, driven mainly by the distribution arm, which accounted for more than 80% of total earnings.
Consolidated net revenue advanced 7% to R$ 9.18 billion, supported by tariff adjustments and higher energy demand. The transmission unit posted a record 83.2% EBITDA margin, reflecting efficiency gains from internalized O&M activities. The natural gas segment (ES Gás) also improved profitability, despite lower revenue due to client migration to the free market.
The financial result pressured the bottom line, with a net expense of R$ 784 million, up 57% year-on-year, following higher average debt costs at 14.65% p.a. and derivative mark-to-market effects. Still, net leverage remained stable at 3.2x EBITDA, comfortably within covenant limits.
Investments totaled R$ 1.82 billion in the quarter, focused on distribution modernization, solar generation, and biomethane projects. With R$ 11.8 billion in cash at the end of September, Energisa reaffirmed its focus on gradual deleveraging and expanding its portfolio of renewable and value-added energy solutions under the (re)energisa brand.
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