Light (LIGT3) posts R$ 56 million net loss in 3Q26

Recurring Cash EBITDA rises 10.5% to R$ 432 million; net debt/EBITDA falls to 2.24x

Editorial Team Visno InvestPublished 11/12/2026 18:57

LIGT3LightR$ 2.77as of 11/11/2026Price, ratios and dividends

Light (LIGT3) posted a net loss of R$ 56 million in 3Q26, compared to a profit of R$ 33 million in 3Q25. The result was affected by non-recurring expenses of R$ 271 million in the quarter, tied to costs with Judicial Reorganization advisors and asset write-offs. Recurring Cash EBITDA (earnings before interest, taxes, depreciation and amortization, excluding non-recurring items) was R$ 432 million, up 10.5% from 3Q25. Total EBITDA came in at R$ 276 million, down 44.2%.

In the first nine months of 2026 (9M26), net income was R$ 2.5 billion, versus R$ 400 million in the same period of 2025. The result reflects the recognition of R$ 2.9 billion in tax credits in 1Q26, due to the renewal of the distribution concession. Recurring Cash EBITDA for 9M26 reached R$ 1,452 million (+25.7%), and EBITDA was R$ 880 million (-48.0%).

Consolidated cash gross margin totaled R$ 1.0 billion in 3Q26, up 7.4%. In Distribution, cash margin grew 5.6%, with a market 4.2% larger due to higher temperatures, the 1.28% Parcel B adjustment in March 2026, and higher contracted demand from Group A customers, such as data centers. Distributed energy was 5,811 GWh. In Generation and Trading, cash margin rose 14%. Net revenue was R$ 3.4 billion (+2.4%), and Capex was R$ 425 million (-9.9%).

The capital structure was strengthened by the completion of the R$ 1.5 billion private capital increase and the mandatory conversion of R$ 2.2 billion of debt into shares, at face value. The net debt/EBITDA ratio fell to 2.24x, from 3.04x in 3Q25 (-26.3%). Adjusted net debt was R$ 5.9 billion, and cash was R$ 2.2 billion. The distributor raised R$ 1.0 billion in Commercial Notes, at CDI + 2% per year, with a three-year term.

The Judicial Reorganization was closed by a decision on September 9, 2026, upon completion of the Plan's obligations. Fitch upgraded Light S.A.'s rating to B- (global scale) and BB (bra) (national scale), and S&P upgraded Light Distribuição's to brBB+ in the long term, both with a stable outlook. The first significant debt amortization occurs in 2028, in the amount of R$ 1.7 billion.