On Friday, July 31, 2026, ISA Energia Brasil (ISAE3, ISAE4) announced it had completed the unwinding of cross-holdings in Interligação Elétrica do Madeira (IE Madeira) and Interligação Elétrica Garanhuns (IE Garanhuns), after meeting the agreed conditions and paying AXIA Energia an additional amount of R$ 1,167,482,350.00.
With the transaction, ISA Energia Brasil will start consolidating 100% of its interest in IE Madeira as of August 2026. IE Madeira has Annual Permitted Revenue (RAP), net of PIS and COFINS, of R$ 796.7 million in the 2026/2027 cycle and closed 2025 with regulatory EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 660.1 million and net debt of R$ 588.2 million.
Also as of August 2026, the company will no longer record IE Garanhuns’ results under the equity method. This concessionaire has RAP, net of PIS and COFINS, of R$ 165.3 million in the 2026/2027 cycle, regulatory EBITDA of R$ 134.2 million in 2025 and net debt of R$ 42.6 million at the end of 2025.
