Equatorial (EQTL3) posted net income of R$ 934 mn in 3Q26. Adjusted net income, which excludes non-recurring and non-cash effects, was R$ 535 mn, down 37.1% from R$ 851 mn in 3Q25. On a same-assets basis, adjusted net income was R$ 473 mn, versus R$ 674 mn, a decline of 29.9%.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 3,206 mn, up 4.1% (R$ 127 mn) from 3Q25, with a margin of 23.5% of net revenue. Statutory (reported) EBITDA reached R$ 3,536 mn, up 26.6%. The increase in adjusted EBITDA is mainly explained by R$ 230 mn growth in Distribution, driven by higher gross margin, and by equity income from Copasa. In the opposite direction, equity income from Sabesp fell R$ 131 mn.
Net operating revenue was R$ 13,644 mn, down 1.2% from R$ 13,806 mn in 3Q25. Adjusted gross margin rose 11.8% to R$ 4,719 mn. Equity income totaled R$ 247 mn, of which R$ 184 mn from Sabesp and R$ 63 mn from Copasa. The adjusted financial result was negative R$ 1,620 mn, 7.5% worse, due to growth in the debt balance and lower financial income.
Adjustments for the quarter totaled R$ 329 mn in EBITDA and R$ 399 mn in net income. These include the recognition of R$ 283.9 mn in compensation for generation curtailments (constrained-off) in Renewables and the R$ 83 mn discount on the purchase of court-ordered payments (precatórios) under the Acordo Gaúcho. Net generation in Renewables was 14.3% higher than in 3Q25.
Net debt reached R$ 52,824 mn, up 14.5%, with a net debt/EBITDA ratio of 3.1x (3.6x excluding the capital gain from the sale of Transmission). Cash and investments totaled R$ 10.2 bn, equivalent to 2.1x short-term debt. Investments totaled R$ 2,620 mn, down 13.2%.
Is EQTL3 worth investing in?
- Price
- R$ 33.85
- as of 11/10/2026
- Dividend yield
- 0.39 %
- P/L
- 44.48
- P/VPA
- 1.63
