By Brazil Stock Guide – Taesa (B3: TAEE3, TAEE4, TAEE11), one of Brazil’s largest electricity transmission groups, posted a net profit of R$340.6 million in the third quarter of 2025, down 16.8% from a year earlier under IFRS, as lower inflation and higher financial expenses weighed on results. On a regulatory basis, however, profit rose 5.2% to R$323.3 million, with EBITDA up 12.6% and an 84.4% margin, supported by new revenue from the start-up of the Novatrans and Pitiguari lines and by the positive tariff review granted by ANEEL for the 2025–2026 cycle.
Revenue growth and portfolio expansion
Regulatory net revenue reached R$650.5 million, up 9.8% year on year. The company’s consolidated annual allowed revenue (RAP) rose 8.7% to R$4.4 billion, reflecting inflation adjustments of +7.03% (IGP-M) and +5.32% (IPCA) across its concessions. Taesa currently operates 44 transmission concessions and four large-scale projects under construction — Ananaí, Tangará, Saíra (phase 2) and Juruá — in addition to six major system reinforcements. Total investment reached R$1.3 billion in the first nine months of 2025, nearly double the same period last year, as the company accelerates project execution to expand capacity and secure future cash generation.
Debt and shareholder returns
Gross debt totaled R$10.46 billion, while cash rose to R$1.1 billion, reducing net debt 1.7% to R$9.3 billion after the issuance of R$800 million in debentures. Leverage remained stable at 4.1 times EBITDA. The board approved the full distribution of quarterly profit — R$323.3 million (R$0.94 per unit) in interest on equity and interim dividends — to be paid on January 28, 2026, maintaining Taesa’s reputation for high and predictable payouts.
Operational resilience and efficiency
The company’s grid availability stayed above 99.7%, underscoring its strong operational reliability. Regulatory OPEX fell 3.1% despite temporary expenses with consulting services and personnel adjustments. Construction of the Tangará and Saíra projects surpassed 85% physical progress and remains on track to start operations ahead of ANEEL’s official deadlines, further supporting earnings growth in coming cycles.
Outlook
With R$4.7 billion in ongoing investments and EBITDA margins above 80%, Taesa continues to reinforce its position as a top-tier player in Brazil’s transmission sector. Management expects stable cash flows, high dividend distribution — close to 90% payout — and growing returns from new assets entering operation in 2026.
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