Axia Energia (AXIA3, AXIA7) reported IFRS net income (international accounting standard) of R$ 1.1 billion in 3Q26 (R$ 1,113 million). Adjusted IFRS net income, which excludes non-recurring items, was R$ 1.8 billion (R$ 1,759 million), down 19.1% from R$ 2.2 billion (R$ 2,176 million) in 3Q25, when the company had recorded an IFRS loss of R$ 5.4 billion. According to the company, the decline in adjusted IFRS EBITDA (earnings before interest, taxes, depreciation and amortization) was partially offset by improvements in the financial result and in tax expenses.
Adjusted Regulatory EBITDA rose 8.4%, from R$ 6,382 million in 3Q25 to R$ 6,915 million in 3Q26, even after the sale of the thermal plants in May and October 2025. The increase reflected the generation contribution margin, which rose 9.1% to R$ 3,071 million, and the transmission margin, which grew 8.3% to R$ 4,533 million. PMSO costs (Personnel, Material, Services and Others) fell 10.8%, and equity income rose 48.8% to R$ 709 million. Adjusted IFRS EBITDA was R$ 4,533 million, down 23%.
IFRS net revenue was R$ 10.0 billion (R$ 10,037 million), up 0.3% from 3Q25. In the first nine months of 2026, adjusted IFRS net income totaled R$ 7.1 billion (R$ 7,071 million), up 98.3% from R$ 3.6 billion in the same period of 2025.
Net debt reached R$ 47.6 billion (R$ 47,568 million) on September 30, up R$ 2,107 million from 2Q26 and R$ 4,991 million from 3Q25. The ratio of net debt to adjusted regulatory EBITDA for the last 12 months was 1.7 times. The average cost fell from CDI + 0.64% per year to CDI + 0.19% per year, and the average term was 56.3 months. From July to October, the company raised R$ 14.3 billion, including R$ 6.6 billion in debentures (debt securities).
Investments totaled R$ 2,855 million in the quarter, up 5.7%. In September, the Board approved up to R$ 4 billion in capital to be allocated to shareholders, bringing the 2026 total to up to R$ 11.7 billion. The balance of the compulsory loan provision stood at R$ 10.6 billion, R$ 1.1 billion lower than in 3Q25.
