Auren Energia (AURE3) posted net income of R$ 150.4 mn in 3Q26, compared with a net loss of R$ 403.7 mn in 3Q25. The result reflects the recognition of R$ 357.1 mn in financial compensation for generation curtailments that occurred between September 2023 and November 2025, and the performance of the Trading unit, which gradually closed its short position and captured the drop in energy prices.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) was R$ 1,185.6 mn, up 53.4% from 3Q25. Excluding the compensation, it came in at R$ 828.5 mn, an increase of 7.2%. The Trading unit posted Adjusted EBITDA of R$ 107.7 mn, versus a negative R$ 23.9 mn a year earlier. The Adjusted EBITDA margin was 35.9%.
Net revenue totaled R$ 3.3 bn, down 6.6% year over year (R$ 3,302.6 mn versus R$ 3,537.4 mn). Net margin was R$ 1,393.8 mn, up 40.3%. Costs and expenses (PMSO) fell 5.6%, to R$ 316.8 mn. Net financial result was an expense of R$ 433.7 mn, versus R$ 625.3 mn in 3Q25.
Net debt stood at R$ 18.7 bn (R$ 18,661.8 mn), a reduction of R$ 245.6 mn in the quarter. Leverage, measured by the Net Debt/Adjusted EBITDA ratio, fell from 5.3x to 4.7x.
Wind generation totaled 1,306.1 average MW, down 13.5%, and solar totaled 156.1 average MW, down 4.7%. Hydroelectric generation rose 10.0%, to 1,748.2 average MW. Curtailment cost R$ 173.5 mn in the quarter, partially offset by R$ 58.8 mn in modulation gains. The signing of the compensation Commitment Agreement is expected for the second quarter of 2027. The company also completed the Cajuína 3 wind complex, with 112.1 MW, which is in test operation.
