Cemig (CMIG3, CMIG4) reported net income of R$ 1,717.0 million (R$ 1.7 billion) in 3Q26, compared with R$ 796.7 million in 3Q25, an increase of 115.5%. The result was positively impacted by R$ 774.6 million from the reversal of provisions for contingencies, following the reassessment of the risk of loss in lawsuits over social security contributions levied on Profit and Results Sharing (PLR) from 1999 to 2016. Adjusted net income was R$ 922.8 million, up 18.0% from 3Q25.
EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 2,686.2 million (R$ 2.7 billion), up 74.0% from 3Q25. Adjusted EBITDA was R$ 1,992.8 million (R$ 2.0 billion), an increase of 31.1%. 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 income and R$ 407.8 million in financial income. 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%, with 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%.
Net debt reached R$ 19,706.3 million, and leverage (net debt to adjusted EBITDA) was 2.43 times. 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 the total debt, 83% matures from 2029 onward. In September, the company declared interest on equity (JCP) 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. The concession of the Sá Carvalho Hydroelectric Plant was renewed for 30 years, starting August 31, 2026.
Is CMIG4 worth investing in?
- Price
- R$ 10.72
- as of 11/11/2026
- Dividend yield
- 10.63 %
- P/L
- 6.67
- P/VPA
- 1.05
