Energisa (ENGI11) posted consolidated net income of R$ 951 million in 3Q26, up 47% from R$ 648 million in 3Q25. Recurring adjusted net income was R$ 792 million (+85%), and net income attributable to the controlling shareholder totaled R$ 733 million (+67%). According to the company, the result reflects the operational progress of its businesses, higher energy consumption amid above-average temperatures, and an improved financial result.
Recurring adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 2.4 billion (R$ 2,432 million), up 17% from 3Q25. Accounting EBITDA was R$ 2,333 million (+6%). Over the last 12 months, EBITDA reached R$ 8.8 billion, compared with R$ 8.3 billion in 2025. Gross operating revenue totaled R$ 13.1 billion (+4%) and adjusted net revenue was R$ 7.8 billion (+2%). The EBITDA margin was 25%.
The Net Debt/covenant-adjusted EBITDA ratio fell to 2.95x in September 2026, from 3.1x in June and 3.15x in September 2025. Adjusted net debt was R$ 32.0 billion (R$ 32,047 million), versus R$ 32,530 million in June. The average cost of debt was 98.28% of the CDI (13.84% per year). The company attributes the reduction in leverage to the sale of transmission assets and to 7% growth in covenant EBITDA.
On August 12, 2026, Energisa completed the sale of five transmission concessions for R$ 1.545 billion in equity value, plus R$ 748 million in debt. Consolidated PMSO (personnel, materials, services and others) grew 5% over 3Q25 and fell 6% compared with 2Q26. Investments totaled R$ 1.9 billion (R$ 1,941 million, +7%), of which R$ 1.8 billion went to power distribution.
On November 10, 2026, the subsidiaries EPB, EAC, EAP, ES Gás, EDG and Rede Energia approved interim dividends totaling R$ 402.7 million. Payments begin on November 11, 2026, except for Rede Energia's, scheduled for December 10. The distributors' total market grew 8.6% in the quarter, to 11,420 GWh, versus 5.5% for Energisa over the nine months and 2.1% for Brazil.
