Eneva (ENEV3) reported net income of R$ 322.9 million (R$ 323 million) in 3Q26, down 8.2% from R$ 351.7 million in 3Q25. The result reflects the end of the PCS (Simplified Competitive Procedure) contracts at the Espírito Santo plants, lower need for thermoelectric dispatch and the deconsolidation of the Pecém II and Itaqui coal-fired plants, partially offset by the receipt of R$ 340 million from the agreement for the early termination of the LNG contract with Vale.
Net operating revenue was R$ 3.2 billion (R$ 3,235.6 million), a 26.9% decline from R$ 4.4 billion in 3Q25. EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 1,407 million, down 22.8%, with a margin of 43.5%, versus 41.2% a year earlier. In the nine-month period, net income was R$ 876.8 million, down 20.3%.
Operating cash flow reached R$ 1,728 million, the second highest in the company's historical series. Total cash generation was R$ 4,259 million, supported by fundraising and by the sale of Pecém II, which brought in R$ 748 million. Ending cash for the period was R$ 6.8 billion.
Net debt reached R$ 17.3 billion, with leverage (net debt over EBITDA for the last 12 months) of 3.0x, versus 2.68x in 3Q25. During the quarter, Eneva reissued R$ 2.4 billion in debentures held in treasury and prepaid about R$ 1.4 billion in debentures. It also carried out a new advance of receivables from the Porto de Sergipe I power plant (UTE), with net proceeds of R$ 3 billion. Investments totaled R$ 1,773.7 million in 3Q26, up 14.2%.
The Azulão I plant began commercial operation in August 2026, with 295 MW contracted for 15 years, and posted EBITDA of R$ 50 million in the quarter. After the end of the period, Eneva closed an agreement with Itaú for a R$ 1.8 billion investment in Eneva III, through preferred shares, with a buyback option for Eneva starting in 2031.
Is ENEV3 worth investing in?
- Price
- R$ 27.05
- as of 11/10/2026
- Dividend yield
- 0.00 %
- P/L
- 54.43
- P/VPA
- 2.57
