On Wednesday, August 12, 2026, Equatorial Energia (EQTL3) reported consolidated net income of R$ 653 million in the second quarter of 2026 (2Q26), while adjusted net income came in at R$ 110 million. In the same period, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 2.925 billion, an increase of 0.8% compared with 2Q25, in line with the expansion of the distribution segment.
Consolidated net operating revenue totaled R$ 13.739 billion in 2Q26, up 10.2% from R$ 12.466 billion in 2Q25. The adjusted EBITDA margin over net operating revenue fell from 23.3% to 21.3%, while adjusted net income dropped 83.5%, from R$ 668 million to R$ 110 million. Excluding the transmission result in 2Q25, net income – same assets went from R$ 553 million to R$ 110 million, a decrease of 80.1%.
Consolidated adjusted gross margin reached R$ 4.419 billion in 2Q26, an increase of 7.7% compared with 2Q25, driven mainly by distribution, with a R$ 393 million increase in the segment’s margin. This performance reflected a positive variation of R$ 224 million in the fio-B tariff, market growth of R$ 124 million and an improvement of R$ 115 million in the loss delta. The equity income from SABESP totaled R$ 230 million in the quarter, R$ 82 million below 2Q25.
On the cost side, consolidated adjusted PMSO rose 7.0%, from R$ 1.147 billion to R$ 1.227 billion, while provisions jumped 303%, influenced by the lower base of reversals in Goiás in 2Q25 and by the evolution of the allowance for doubtful accounts and contingencies, including R$ 70 million related to FUNAC. Adjusted financial result was a negative R$ 1.749 billion, a deterioration of 31.4% compared with 2Q25, impacted by a 26.1% increase in the debt balance and by the rise in the IPCA (from 0.93% in 2Q25 to 1.42% in 2Q26). Among non-recurring effects, there was a gain of R$ 355 million from the Gaúcho Agreement, with a 75% discount on ICMS interest and fines, and the recognition of R$ 78.5 million in the reversal of ICMS interest and fines at CEEE-D.
Consolidated gross debt reached R$ 63.7 billion in 2Q26, up 12% compared with 1Q26, driven mainly by R$ 5.1 billion in financing for the acquisition of a 30% stake in Copasa for R$ 5.6 billion. Net debt calculated for covenant purposes totaled R$ 51.8 billion, with a net debt/EBITDA ratio of 3.1x; excluding the capital gain from the sale of the transmission business, this ratio would be 3.6x. The company also reported that it raised R$ 7.6 billion in 2Q26, of which R$ 5.1 billion was allocated to Copasa and R$ 2.5 billion to the distributors Equatorial GO, CEA and CEEE-D, at a weighted average cost of CDI + 0.80% per year, and that cash and investments of R$ 10 billion correspond to 2.5 times short-term debt.
In the quarter, the group’s consolidated investments totaled around R$ 2.6 billion, down 3.8% from R$ 2.704 billion in 2Q25, with a 5% decline in distribution capex, especially in power assets, partially offset by a 341% increase in renewables, to R$ 48 million. The company also highlighted the achievement of the Gold Seal of the Brazilian GHG Protocol Program for its emissions inventory and first place in Exame magazine’s Best ESG awards, in addition to the acquisition of the 30% stake in Copasa and the continued investments in programs such as Luz para Todos and social initiatives via Instituto Equatorial.
