On Wednesday, August 5, 2026, Axia Energia (AXIA3, AXIA7) reported that it posted adjusted IFRS net income of R$ 1.608 bn in the second quarter of 2026 (2Q26), in line with 2Q25. In the first half of 2026, adjusted IFRS net income totaled R$ 5.315 bn, compared to R$ 1.389 bn in the first six months of 2025, driven by higher EBITDA (earnings before interest, taxes, depreciation and amortization), which offset the deterioration in financial results.
In 2Q26, adjusted net operating revenue reached R$ 11.188 bn, an increase of 8.5% year over year, while adjusted regulatory EBITDA came to R$ 6.683 bn, up 21.5% in the same comparison. The EBITDA margin adjusted from the corporate perspective was 56.4% in the quarter, versus 50.0% in 2Q25.
Operating performance reflected a generation contribution margin of R$ 3.653 bn in 2Q26, up 17.5% from the previous year, with the unit margin of energy sold in the free market (ACL) and settled in the short-term market (MCP) rising from R$ 73/MWh to R$ 96/MWh. The transmission contribution margin was R$ 4.025 bn, practically stable compared to R$ 3.972 bn in 2Q25, supported by a smaller negative effect from the Adjustment Portion (PA) in the tariff cycle.
The company reported investments of R$ 3.117 bn in 2Q26, up 52.6% from 2Q25, and R$ 4.472 bn in the six-month period, an increase of 47.2% from the same period in 2025, highlighted by R$ 636 mn in transmission expansions and R$ 1.073 bn in reinforcements and improvements in the quarter. Adjusted net debt closed June 2026 at R$ 45.461 bn, up 13.3% in 12 months, with the net debt to adjusted EBITDA ratio for the last 12 months at 1.8x.
Among corporate and financial events, the Board of Directors approved up to R$ 3.7 bn in allocable capital based on the 2Q26 results, increasing to up to R$ 7.7 bn the total approved in the first half. Axia Energia completed its migration to the Novo Mercado segment of B3, starting to trade common shares under the ticker AXIA3 and Class C preferred shares (AXIA7), carried out a pilot transaction for the redemption or conversion of PNCs totaling R$ 30 mn and, in July, completed its 9th, 10th and 11th issues of simple debentures, totaling R$ 3.5 bn. The company also highlighted the continuation of its strategy to reduce compulsory loan risks, with total provisions of R$ 10.8 bn in 2Q26, a decrease of R$ 1.3 bn in 12 months and a net reversal of R$ 98 mn in the quarter.
