Cemig (CMIG4) posts net income of R$ 1.7 billion in 3Q26

EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 2,686.2 million (R$ 2.7 billion), up 74.0% from 3Q25, when it was R$ 1,544 million. Adjusted EBITDA was R$ 1,992.8 million (R$ 2.0 billion), an increase of 31.1%, compared with R$ 1,521 million in 3Q25. The EBITDA margin was 24.1%. Net operating revenue reached R$ 11,163.4 million, up 5.1%.

The reversal of provisions totaled R$ 1,071.2 million, of which R$ 663.4 million in operating results and R$ 407.8 million in financial results. In financial results, the company had net income of R$ 51.8 million, versus a net expense of R$ 319.1 million in 3Q25. At Cemig D, adjusted EBITDA rose 50.0%, to R$ 1,167 million, helped by the 6.5% tariff adjustment in effect since May 28, 2026, lower post-employment expenses and a revision of the expected credit loss calculation. Energy distributed, excluding distributed generation (DG1), grew 1.0%. At Cemig GT, adjusted EBITDA rose 12.2%, to R$ 570 million, and at Gasmig it fell 3.8%, to R$ 201 million.

Net debt reached R$ 19,706.3 million, and leverage (net debt to adjusted EBITDA) was 2.43 times, versus 2.30 times in 2025. In September 2026, Cemig D completed its 16th debenture issuance, of R$ 2 billion, and Cemig GT its 13th issuance, of R$ 1 billion. Of total debt, 83% matures from 2029 onward. Cash and securities totaled R$ 5.4 billion. In September, the company declared JCP (Interest on Equity) of R$ 200.0 million.

Investment in the first nine months of 2026 was R$ 5.1 billion, up 7.8% from the same period of 2025, representing 75.8% of the R$ 6.73 billion planned for 2026. The concession for the Sá Carvalho Hydroelectric Plant was renewed for 30 years, starting August 31, 2026. S&P upgraded Cemig's rating to AAA.