On Monday, August 3, 2026, ISA Energia Brasil (ISAE3, ISAE4) reported that it posted regulatory net income of R$ 173.9 million in the second quarter of 2026 (2Q26), a 32.0% drop compared to 2Q25. Net revenue totaled R$ 1,243.4 million in the period, up 20.9% year over year.
In 2Q26, EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 966.9 million, an increase of 22.5% over 2Q25, with an EBITDA margin of 77.8%, 1.0 percentage point higher than the previous year. The company attributes the performance mainly to the start-up of greenfield projects and reinforcement and improvement projects over the last 12 months and to gains in operating efficiency, despite the reduction in the financial component of RBSE.
ISA Energia Brasil reported that PMSO (Personnel, Materials, Services and Others) totaled R$ 210.8 million in the quarter, up 13.0% versus 2Q25, while operating costs and expenses came to R$ 436.7 million, an increase of 3.7%. The company also recorded other net operating expenses of R$ 61.9 million, driven by decommissioning and dismantling costs of assets in reinforcement and improvement projects.
Consolidated net financial expense reached R$ 638.9 million in 2Q26, growth of 81.7% compared to the same quarter of 2025, impacted mainly by higher IPCA-indexed debt and by the increase in the inflation index considered. Equity income contributed R$ 79.3 million in the quarter, a 13.4% decline compared to 2Q25.
At the end of June 2026, ISA Energia Brasil’s net debt was R$ 16,289.9 million, an increase of 15.3% compared to December 2025, while investments (CapEx, excluding M&A) reached R$ 1,053.5 million in 2Q26, down 4.4% year over year, focused on greenfield projects and on reinforcement and improvement works in the São Paulo concession.
