Axia Energia (AXIA3) recorded consolidated gross transmission revenue of R$ 4,895 mn (R$ 4.9 bn) in 3Q26, versus R$ 4,745 mn in 3Q25, according to the Modeling Guide released by the company. Before accounting eliminations (revenue between companies within the same group), gross revenue totaled R$ 5,306 mn in the quarter, versus R$ 5,020 mn in 3Q25. Eliminations were R$ 410 mn.
The approved RAP (Annual Permitted Revenue, the amount the transmission company is entitled to receive for its service) and PA (Adjustment Portion) totaled R$ 4,407 mn in 3Q26, versus R$ 4,018 mn in the previous quarters of the 2025-26 cycle. Taxes and charges (PIS/COFINS, CDE and Proinfa) were R$ 683 mn, and the discount for grid unavailability was R$ 37 mn.
In generation, revenue from energy sold to third parties from the assets not renewed under Law 12,783/13 was R$ 4,698 mn in 3Q26. Including sales within the group, the total was R$ 5,016 mn, versus R$ 4,864 mn in 3Q25. In the assets renewed under the O&M (operation and maintenance) regime, revenue was R$ 358 mn, versus R$ 471 mn in 3Q25. The total volume sold from the non-renewed assets was 24,739,427 MWh in the quarter.
The energy balance shows resources of 18,045 MWavg for 2026, with sales between 12,291 and 15,291 MWavg. Uncontracted energy, considering the hedge estimate (protection against hydrological risk), is between 1% and 18% in 2026, between 19% and 41% in 2027 and between 23% and 56% in 2028. The company states that the document does not constitute projections.
The guide also presents the total contribution margin projected under the analyst's assumptions: R$ 44,458 mn in 2026 and R$ 51,625 mn in 2027, of which R$ 26,806 mn and R$ 32,842 mn come from generation, and R$ 17,651 mn and R$ 18,782 mn from transmission. Axia states that total Physical Guarantee (the energy each plant can sell) is 21,548 average MW and installed capacity is 44,430 MW.
