By Brazil Stock Guide – ISA Energia Brasil S.A. (B3: ISAE3, ISAE4) reported a net profit of R$550 million in the third quarter of 2025, up 27.4% year-on-year, supported by higher operational efficiency and continued expansion of its transmission portfolio. The company increased capital expenditures by 38.9%, to R$1.21 billion, driven by ongoing projects such as Piraquê and Serra Dourada, along with reinforcements and modernization of existing assets.
Revenue and margins
Net revenue reached R$1.07 billion, down 9.1% from 3Q24, mainly due to lower regulatory adjustments, but the company maintained strong profitability. EBITDA totaled R$888.5 million, down 7.3%, with the EBITDA margin expanding to 82.9%, reflecting efficiency gains and disciplined cost control.
Operational backbone
ISA Energia operates 23,000 km of transmission lines, 134 substations, and 84.9 GVA of transformation capacity across 18 states. Its Energy Not Supplied Index (IENS) stood at 0.000316%, among the lowest in Brazil, highlighting the system’s reliability. During the quarter, ISA obtained the installation license for the 500 kV Serra Dourada line — connecting Barra II, Correntina, and Arinos 2 — and began construction in August. The R$3.16 billion project, with an ANEEL-approved annual revenue of R$322 million, will increase renewable-energy flow from western Bahia to the national grid.
Financial position and leverage
Gross debt totaled R$14.82 billion, up 11.6% from December 2024, after two debenture issuances worth R$2 billion and new BNDES financing. Net debt closed the quarter at R$12.89 billion, with an average maturity of 7.4 years and a real cost of 7.61%. Leverage rose to 3.44x net debt-to-EBITDA, with a temporary BNDES waiver under negotiation.
Shareholder returns and sustainability
The board approved R$444.7 million in interest on equity (JCP), equivalent to R$0.67 per share, to be paid in three installments during 4Q25. ISA Energia reaffirmed its Net Zero 2050 commitment, targeting a 90% reduction in greenhouse-gas emissions across Scopes 1, 2, and 3, offsetting residual emissions through certified carbon credits.
Market and outlook
ISA’s preferred shares (ISAE4) ended 3Q25 at R$24.67, up 6.4% from the previous quarter, valuing the company at about R$18 billion. Traded on the Ibovespa, IEE, and ISE indices, the stock remains a benchmark for investors seeking stable, sustainable returns in regulated infrastructure.
Under its “Energy that brings life to transition” strategy, ISA Energia continues to focus on profitable, low-risk growth, expanding its transmission footprint through five greenfield projects and over R$7 billion in planned investments. The company reinforces its position as a key player in Brazil’s decarbonization and power-grid expansion agenda.
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