Eneva (ENEV3) Reports R$ 323 Million Profit in 3Q26

Net operating revenue was R$ 3.2 billion (R$ 3,235.6 million), down 26.9% from R$ 4.4 billion in 3Q25. EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 1,407 million, down 22.8% from R$ 1,823 million in 3Q25, with a margin of 43.5%, versus 41.2% a year earlier. Over the nine-month period, EBITDA totaled R$ 4,336 million and net income was R$ 876.8 million, a decline of 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. The period's ending cash balance was R$ 6.8 billion, versus R$ 2,537 million in June.

Net debt reached R$ 17.3 billion, with leverage (net debt over EBITDA for the last 12 months) of 3.0x, versus 3.2x in 2Q26 and 2.68x in 3Q25. The debt is 92.8% indexed to the IPCA and 7.2% to the CDI, with an average term of 6.1 years. In the quarter, Eneva reissued R$ 2.4 billion in debentures held in treasury and early redeemed about R$ 1.4 billion in debentures. It also carried out a new advance of receivables from the Porto de Sergipe I thermal 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 recorded 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.

The sale of Pecém II was completed in August, with up to R$ 149 million in contingent payments in addition to the firm portion. Itaqui was closed in October, with R$ 365 million in swap balancing payment (torna) and up to R$ 467 million in contingent payments.