Sanepar (SAPR11) Posts Net Income of R$ 302.6 Million in 3Q26, Up 23%

EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 732.4 million, versus R$ 555.6 million in 3Q25, up 31.8%. The EBITDA margin rose from 30.8% to 37.7%. Excluding the effects of the court-ordered payment (precatório) (pro forma), EBITDA was R$ 732 million, down 6.6%, with a margin of 37.8%, and net income was R$ 398 million, up 52.1%. Operating income totaled R$ 552.5 million, 37.9% above 3Q25. Operating costs and expenses rose 10.4% to R$ 1,388.0 million, and the financial result was negative R$ 50.6 million, compared with a positive R$ 48.8 million a year earlier.

Net debt reached R$ 2,422.1 million, and the net debt/EBITDA ratio was 0.8x (0.5x in 3Q25). Gross debt totaled R$ 7,306.1 million. The cost of debt was 11.9%, and the company said it complies with 100% of its covenants (contractual debt conditions). Investments totaled R$ 576.7 million, down 24.6% from R$ 765.1 million in 3Q25. Operating cash generation was R$ 977.9 million, down 80.4%, due to the comparative effect of the precatórios (court-ordered government payments) received in 3Q25.

In the first nine months of 2026, net revenue rose 8.9% to R$ 5,788.0 million, while net income was R$ 150.1 million, down 91.3%. EBITDA for the period was R$ 2.12 billion, down 4.1%, with a margin of 36.6%. The company attributes the variation to extraordinary accounting entries related to the corporate income tax (IRPJ) lawsuit and the Regulatory Liability provision in the compared periods. Without these effects, EBITDA would be R$ 2.38 billion (up 3.3%) and net income R$ 1.35 billion (up 32.5%).

Regarding dividends, the Board of Directors decided in June 2026 not to distribute JCP (Interest on Equity) for the first half. The decision, prudential in nature, was based on Agepar's determination to allocate 100% of the precatório proceeds to tariff affordability and on a possible additional entry in the Regulatory Liability. The earnings call will be held on November 13, 2026, at 8:30 a.m.