On Thursday, August 13, 2026, Light (LIGT3) reported a net loss of R$ 252 million in the second quarter of 2026 (2Q26), compared with a loss of R$ 51 million in 2Q25. In the same period, consolidated adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 599 million, up 82.3% year over year, driven by a 42.0% increase in adjusted gross margin, which reached R$ 1.1 billion, and by a 1.0% reduction in consolidated PMSO expenses, which came to R$ 321 million.
According to the company, the operational improvement was offset by non-recurring effects under Other Operating Income and Expenses, mainly related to joining the special tax credit installment program (Refis) and to asset write-offs due to the renewal of the concession, which weighed on the quarter’s bottom line. Consolidated adjusted net revenue reached R$ 3.521 billion in 2Q26, up 15.8% from 2Q25, while total net revenue was R$ 3.796 billion, an increase of 9.8% on the same basis of comparison.
At the end of June 2026, Light’s adjusted gross debt stood at R$ 7.425 billion, down 6.7% versus 2Q25, and adjusted net debt totaled R$ 5.570 billion, 16.5% higher than a year earlier but 16.9% lower than in 1Q26. The adjusted net debt/adjusted EBITDA ratio for the last 12 months, used for covenant purposes, closed 2Q26 at 2.85 times, compared with 3.69 times in the previous quarter and 2.56 times in 2Q25.
The consolidated cash position ended 2Q26 at R$ 1.855 billion, down 41.6% versus 2Q25, reflecting the use of liquidity for the full settlement of Light Energia’s foreign-currency Notes and the associated swaps, completed in June 2026. In the quarter, the company also received R$ 1.241 billion from the first subscription round of preemptive rights in the R$ 1.5 billion private capital increase, completed in July.
In 2Q26, Light invested R$ 449 million in capex, up 7.1% from 2Q25, of which R$ 428 million was allocated to the distribution utility, mainly in electric assets, maintenance, expansion of grid capacity, the loss-reduction plan and information technology projects. The company also highlighted the 30-year renewal of the distribution concession, the mandatory debt conversion that took place in July, and the petition to close the judicial reorganization proceedings, after fulfilling the obligations set out in the plan.
