Alupar (ALUP11) reported net income of R$ 133.5 million in 3Q26 (corporate criteria, IFRS), down 72.7% from R$ 489.4 million in 3Q25. The decline in EBITDA (earnings before interest, taxes, depreciation and amortization) occurred because 3Q25 included a non-recurring effect of R$ 1,009.1 million in TNE's results, related to the arbitration and the rebalancing of the concession. In 3Q26, TNE posted net income of R$ 9.6 million.
Consolidated net revenue totaled R$ 1,176.6 million, up 22.1% from R$ 963.4 million in 3Q25. EBITDA was R$ 527.3 million, compared with R$ 984.6 million a year earlier, and the adjusted EBITDA margin was 71.6%. Net debt reached R$ 9,701.2 million, up 5.3% from 3Q25, with a net debt/EBITDA ratio of 3.1x.
Under regulatory criteria (BRGAAP), Alupar's net income was R$ 214.2 million, down 2.6% from R$ 219.8 million in 3Q25. Regulatory net revenue rose 9.2% to R$ 980.3 million, and EBITDA increased 4.0% to R$ 773.2 million. In regulatory transmission, net revenue grew 12.2% to R$ 775.0 million.
On November 5, 2026, the Board of Directors approved interim dividends of R$ 69.2 million, equivalent to R$ 0.07 per common and preferred share and R$ 0.21 per Unit. Shareholders of record through November 12 are entitled, and the shares will trade ex-dividend starting November 13. Payment will occur within 60 days of approval.
The company also won the Pelarco – El Trueno project in Chile, with an investment of US$ 85 million, annual revenue of US$ 11.9 million and operations expected for 2031. On September 28, it obtained the environmental license for the Puno Sur project in Peru.
