ISA Energia (ISAE3, ISAE4) reported net income of R$ 1,904.8 million (R$ 1.9 billion) in 3Q26, up 246.3% from R$ 550 million in 3Q25. The result was influenced by a one-time, non-cash accounting gain of R$ 1,938.3 million, tied to the swap of equity interests in the transmission companies IE Madeira and IE Garanhuns with AXIA Energia. The figures follow regulatory accounting, which is not reviewed quarterly.
Excluding this effect, and after income tax and CSLL (social contribution on net income), net income for the quarter was R$ 625.5 million, R$ 75.5 million above 3Q25. In the first nine months of 2026 (9M26), net income was R$ 2,436.4 million, compared with R$ 1,143 million in 9M25. Excluding the one-time effect, it was R$ 1,157.1 million, up 1.2%. This figure excluding the effect will be the basis for 2026 dividends.
Net revenue totaled R$ 1,510.7 million in 3Q26, up 40.9%. EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 3,190.1 million, versus R$ 888.5 million in 3Q25. Excluding the one-time effect, EBITDA was R$ 1,251.7 million, up 40.9%. PMSO (personnel, materials, services and other costs) was R$ 235.3 million, up 25.5%. Net financial expense was R$ 348.1 million, up 18.7%. Gross revenue of R$ 1,721.7 million (+37.7%) reflects the 4.72% IPCA inflation adjustment, energized projects and the full consolidation of IE Madeira starting in August.
Net debt reached R$ 17,018.3 million on September 30, 2026, up 20.5% from December 2025. Investments totaled R$ 1,103.3 million in the quarter, down 8.5%. In July, the company completed its 23rd debenture issuance (R$ 1.5 billion, CDI + 0.42% per year, 4-year term) and issued 44.4 million preferred shares at R$ 27.00 each. It also closed its 24th issuance (R$ 1 billion, 4.5-year term), whose settlement may occur through February 2027.
On September 29, the Board approved JCP (interest on equity) of R$ 398.7 million, or R$ 0.566877 per common and preferred share, in three installments of R$ 0.188959. The record dates are October 8, November 9 and November 25, 2026, and payment will be on December 7, 2026. The earnings conference call takes place on November 4, at 10 a.m. (Brasília time).
