Sanepar (SAPR4) posted a net loss of R$ 505.156 million in the second quarter of 2026 (2Q26), compared with net income of R$ 263.848 million in 2Q25. In the period, net revenue totaled R$ 1.901.160 billion, an increase of 11.5% versus the same quarter of 2025, while EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 540 million, up 0.8%.
The quarter’s bottom line was mainly impacted by higher legal and regulatory provisions, which rose from R$ 160.939 million to R$ 269.909 million, and by the increase in financial expenses and income, from R$ 180.684 million to R$ 649.360 million. The quarterly EBITDA margin was 28.4%, down 3.0 percentage points compared with 2Q25, and the net margin was a negative 26.6%.
In the year to June 2026, Sanepar recorded a net loss of R$ 152.476 million, versus net income of R$ 1.471.841 billion in June 2025. Net revenue for the period came to R$ 3.847.514 billion, up 9.6% year over year, and EBITDA reached R$ 1.384 billion, a decrease of 16.2% versus June 2025.
Excluding the effects of the court-ordered payment (pro forma), the company reported that it would have posted net income of R$ 447 million in 2Q26 and EBITDA of R$ 800 million, with net and EBITDA margins of 23.5% and 42.1%, respectively. In the year to June 2026, pro forma net income would be R$ 950 million and EBITDA R$ 1.643 billion, with margins of 24.7% and 42.7%.
In terms of capital structure in June 2026, net debt totaled R$ 2.589.312 billion, a 56.9% decrease versus 2025, and leverage, measured by net debt to EBITDA, was 1.0x, compared with 1.7x in June 2025. The cost of debt was 12.0% per year, 0.6 percentage point above the level of June 2025.
