On Thursday, August 13, 2026, Cemig (CMIG4, CMIG3) released its results for the second quarter of 2026 (2Q26), reporting net income of R$ 945.4 million, a 20.4% decline compared to 2Q25, and adjusted net income of R$ 1.12 billion. EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 2.24 billion, while adjusted EBITDA came to R$ 2.47 billion, up 9.3% from the same period of the previous year.
Net operating revenue reached R$ 11.16 billion in 2Q26, an increase of 3.4% compared to 2Q25, supported by the tariff adjustment at Cemig Distribuição and higher power volumes sold to residential customers. Operating costs and expenses came to R$ 9.42 billion, 2.7% higher than in 2Q25, driven mainly by a R$ 238 million increase in the cost of purchased energy and a R$ 289.7 million rise in construction costs, partially offset by a R$ 286.6 million reduction in gas expenses for resale.
Adjusted EBITDA at Cemig Distribuição reached R$ 1.51 billion, up 21.1% versus 2Q25, driven by the average tariff increase of 6.5%, by the revision of the expected credit loss (ECL) calculation methodology, which generated a positive impact of R$ 232.2 million in the quarter, and by lower adjusted post-employment obligation expenses after the end of the obligation related to the healthcare plan ratified at the end of 2025. Adjusted EBITDA at Cemig GT was R$ 678.6 million, 10.7% higher than in 2Q25, even after a R$ 190.6 million provision resulting from a ruling in an arbitration proceeding initiated by a free customer.
On a consolidated basis, net financial result was an expense of R$ 795.9 million in 2Q26, an increase of 154.6% compared to 2Q25. This movement reflected higher expenses with interest charges and monetary variation on debentures, impacted by growth in gross debt and by a higher IPCA in the period, as well as the update of distributed generation (DG) credits of customers, which totaled R$ 168.3 million in the quarter, versus R$ 75.3 million a year earlier.
Consolidated net debt reached R$ 19.36 billion in June 2026, an increase of 58.3% over 2Q25, with a net debt/adjusted EBITDA ratio of 2.58 times, compared to 1.59 times in the previous year. In the first half of 2026 (1H26), investments totaled R$ 3.28 billion, up 19.2% compared to 1H25, with emphasis on R$ 2.64 billion allocated to distribution, R$ 275.2 million to transmission and the acquisition of 11 photovoltaic plants by Cemig Sim, totaling 26.2 MWp of installed capacity, for R$ 155 million.
