On Wednesday, August 5, 2026, Auren Energia (AURE3) reported a net loss of R$ 379.1 million in the second quarter of 2026, 32.7% lower than the loss of R$ 562.9 million recorded in 2Q25. In the same period, Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 858.9 million, a drop of 12.4% year over year, mainly impacted by a weaker result in the trading segment and lower wind resource combined with higher curtailment.
Auren’s net revenue in 2Q26 reached R$ 3.055 billion, up 5.9% from R$ 2.885 billion in 2Q25, while the Adjusted EBITDA margin fell from 34.0% to 28.1%. The net margin, which considers net revenue minus power purchase costs and grid charges, declined 7.5% to R$ 1.079 billion. Net financial result was an expense of R$ 732.1 million, 13.6% higher than in the same quarter of 2025.
On the operating side, the generation segment accounted for Adjusted EBITDA of R$ 902.1 million in 2Q26, a 4.7% year-over-year decrease, with lower margins in hydro and wind and higher margins in solar. The trading segment, in turn, posted negative Adjusted EBITDA of R$ 17.2 million, compared with a positive R$ 53 million in 2Q25, reflecting lower trading margins and the effect of transferring a long-term contract of 150 average MW from generation to trading.
The company also reported a financial impact from curtailment of R$ 97.8 million in 2Q26, partially offset by modulation gains of R$ 70.5 million, resulting in a net negative effect of R$ 27.3 million in the quarter. In the first half of 2026, curtailment totaled R$ 184 million, almost offset by R$ 167.7 million in modulation gains, with a net negative impact of R$ 16.3 million.
Regarding its capital structure, Auren closed June 2026 with net debt of R$ 18.9 billion, a slight increase of 0.8% in 12 months, and leverage of 5.3x net debt/Adjusted EBITDA, versus 4.8x in June 2025. Consolidated gross debt totaled R$ 23.5 billion, down 4.1% on the same comparison basis, while liquidity, including cash, equivalents and financial investments, stood at R$ 4.7 billion.
