On Thursday, August 6, 2026, Energisa (ENGI11) reported EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 2.266 bn in the second quarter of 2026 (2Q26), up 4% versus 2Q25. Consolidated net income was a loss of R$ 40 mn, compared with profit of R$ 490 mn a year earlier, while recurring adjusted consolidated net income totaled R$ 88 mn, down 80%, mainly impacted by higher debt costs.
In the quarter, gross operating revenue reached R$ 12.780 bn, an increase of 10% over 2Q25, and adjusted net revenue came to R$ 7.250 bn, up 4%. Recurring adjusted EBITDA was R$ 1.954 bn, slightly above the R$ 1.943 bn in 2Q25, driven by the transmission, (re)energisa and natural gas distribution businesses, and partially offset by a 1% decline in electricity distribution and lower results in the holding and others.
Net financial result was an expense of R$ 1.824 bn in 2Q26, a 72% increase versus 2Q25, reflecting a 15% rise in net debt compared to June 2025 and a higher average cost of indebtedness, partially offset by effects of the Energisa Rondônia agreement (ERO Agreement), which had a positive impact of R$ 594 mn on the financial result. Without this non-recurring effect, recurring financial expense would have been R$ 1.242 bn, up 46% year over year.
The company ended June 2026 with net debt adjusted for sectoral credits of R$ 32.530 bn, down from R$ 33.258 bn in March 2026. The net debt/EBITDA adjusted for covenants ratio for the last 12 months fell from 3.5x at the end of 1Q26 to 3.1x, influenced by the completion of the sale of preferred shares in Denerge, in the estimated amount of R$ 1.4 bn, and by the effects of the ERO Agreement on covenant EBITDA.
On the operating front, the group invested R$ 1.713 bn in 2Q26, an increase of 7% over 2Q25, focusing mainly on electricity distribution, which received R$ 1.567 bn, and on the expansion of natural gas infrastructure, which totaled R$ 30 mn. The concessions of four major distributors (EMT, EMS, EPB and ESE) were renewed for another 30 years, until 2061, and the gas businesses posted stronger performance, with ES Gás EBITDA growing 90% and Norgás up 35% in the quarter.
Among subsequent financial events, the board of directors approved the distribution of interim dividends of R$ 251.5 mn, equivalent to R$ 0.10 per common and preferred share or R$ 0.50 per unit, to be paid on August 24, 2026. Over the same period, subsidiaries issued debentures and took out new loans to finance infrastructure projects in electricity distribution and transmission.
