In the release of its second-quarter 2026 (2Q26) results, Eneva (ENEV3) reported net income of R$ 31.2 million attributable to the company, compared to R$ 364.5 million in 2Q25. In the same period, net operating revenue totaled R$ 3,975.8 million, an increase of 13.1% compared to 2Q25, while consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 1,238.7 million, a 25.8% drop year over year.
According to the earnings release, the EBITDA decrease mainly reflected the end of the regulated contracts from the 2021 Simplified Competitive Procedure and the deconsolidation of the results of UTE Pecém II, partially offset by higher dispatch at the Parnaíba Complex, better Upstream performance, and higher margins in energy trading. EBITDA from the Upstream and Gas-Fired Generation segments at the Parnaíba Complex increased R$ 123.6 million, Energy Trading EBITDA grew R$ 124.6 million, and oil-fired plant EBITDA advanced R$ 89.8 million versus 2Q25.
Net financial result was a negative R$ 636.9 million in 2Q26, a deterioration of R$ 385.1 million compared to 2Q25, influenced by non-cash accounting effects related to exchange rate variation on the FSRU lease and the mark-to-market of debt swaps. Current and deferred taxes totaled R$ 48.0 million, an improvement of R$ 316.8 million year over year, mainly due to higher recognition of deferred tax credits. As a result, consolidated net income for the period came to R$ 163.0 million, of which R$ 131.8 million was attributable to non-controlling interests.
Operating cash generation reached R$ 1,679.6 million in 2Q26, up 32.4% compared to 2Q25, supported by operating performance, a positive change in working capital, and accounting effects related to the fair value update of the asset held for sale UTE Pecém II. Accrual-basis investments totaled R$ 1,590.2 million in the quarter, focused on LRCAP 2026 projects, the Azulão 950 project, the development of gas fields, and the third train of the gas liquefaction plants in Maranhão.
In terms of capital structure, consolidated net debt closed 2Q26 at R$ 19.8 billion, compared to R$ 15.3 billion a year earlier, with leverage of 3.18 times Net Debt/EBITDA for the last 12 months. In the quarter, the company secured R$ 500.9 million in financing from Banco do Nordeste for the 3rd SSLNG Train project, at a rate of IPCA + 3.4907%, with a grace period until July 2031 and amortization through July 2041.
Among events subsequent to 2Q26, Eneva highlighted the start of Capacity Reserve Contracts for gas-fired plants in Espírito Santo as of July and August 2026, the start of commercial operations at UTE Azulão I, with 295 MW contracted for 15 years, and the approval of a capital increase of 7,341,755 shares related to earn-outs from plants acquired in 4Q24, in addition to the payment of around R$ 77.9 million in cash related to the Linhares earn-out.
