CPFL Energia (CPFE3) Posts R$ 1.3 Billion Net Income in 3Q26

Net income falls 6.4% and EBITDA declines 3.1% to R$ 3.1 billion; net debt totals R$ 33.6 billion

Editorial Team Visno InvestPublished 11/12/2026 19:23

CPFE3CPFL EnergiaR$ 44.42as of 11/11/2026Price, ratios and dividends

CPFL Energia (CPFE3) reported net income of R$ 1,289 million in 3Q26 (R$ 1.3 billion), down 6.4% from 3Q25, when it was R$ 1,376 million. EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 3,066 million (R$ 3.1 billion), a decline of 3.1%. The company attributes the drop to an accounting effect with no cash impact: with the renewal of the CPFL Paulista, CPFL Piratininga and CPFL RGE concessions, the concession's financial asset was reclassified to intangible assets and its inflation adjustment stopped going through the income statement.

Net operating revenue was R$ 10.9 billion (R$ 10,868 million), down 4.1% from 3Q25. Gross revenue totaled R$ 16.3 billion, a decline of 3.4%. In the nine-month cumulative period, net income rose 11.0% to R$ 4.6 billion, and EBITDA increased 4.4% to R$ 10.5 billion.

By segment, Distribution EBITDA was R$ 1,704 million (-7.3%), Generation and Energy Management was R$ 999 million (+0.1%), Transmission was R$ 291 million (+17.4%), and Services and Other was R$ 72 million (-9.2%). Energy consumption in the concession area grew 3.6%, with a 41.7% increase in data centers, which reached 329 GWh. In wind generation, volume fell 23.8% due to weaker winds, and ONS transmission restrictions (curtailment) affected 47.7% of potential generation.

Investments totaled R$ 1.7 billion (R$ 1,749 million) in the quarter, up 1.0%, with R$ 1.4 billion in Distribution and R$ 281 million in Transmission. Net debt under the covenant criteria (clauses in debt contracts) was R$ 33.6 billion, with leverage of 2.46x Net Debt/EBITDA, versus a limit of 3.75x. The company raised about R$ 4.9 billion at an average cost below the CDI, including intercompany loans from its parent company State Grid.

Planned Capex for 2026 is R$ 6.5 billion, within the 2026-2030 plan, which totals R$ 31.1 billion. The earnings video conference takes place on November 16, 2026, at 2 p.m. (BRT).