Eletrobras(US:EBR)2025-11-12 11:02Financial Performance - Shareholder remuneration totaled R$ 8.3 billion for fiscal year 2025, with R$ 4.3 billion in dividends distributed, reaching approximately R$ 4.01 per Class A and Class B preferred share, and R$ 3.65 per common share[6]. - Adjusted Regulatory Net Revenue for 3Q25 was R$ 9,969 million, down 4.6% YoY, with higher transmission revenues partially offsetting lower generation revenue due to the sale of Amazonas thermal power plants[8]. - Adjusted Net Income totaled R$ 2,176 million in 3Q25, down 68.0% YoY, primarily due to a R$ 303 million regulatory remeasurement recognized in the quarter[11]. - In Q3 2025, the company's net revenue was R$ 10,003 million, a decrease of 9.2% year-over-year compared to R$ 11,043 million in Q3 2024[21]. - The net income for Q3 2025 was reported at R$ -5,448 million, down 68.0% from R$ 6,805 million in Q3 2024[21]. - The company's gross revenue for Q3 2025 was R$ 11,725 million, a 9.3% decrease from R$ 12,960 million in Q3 2024[21]. - The adjusted EBITDA for Q3 2025 was R$ 5,890 million, reflecting a 50.8% decline from R$ 11,964 million in Q3 2024[21]. - The financial result for Q3 2025 showed a loss of R$ 2,571 million, which is a 7.2% increase in loss compared to R$ -2,225 million in Q3 2024[22]. - The adjusted net income for Q3 2025 was R$ 2,176 million, down 68.0% from R$ 6,805 million in Q3 2024[21]. - The company reported a year-to-date net revenue of R$ 30,751 million for the first nine months of 2025, a 9.2% increase from R$ 28,156 million in the same period of 2024[21]. Revenue and Costs - Adjusted regulatory EBITDA reached R$ 6,419 million in 3Q25, up 3.4% YoY, driven by a 9.8% increase in transmission revenues and a 10.1% reduction in PMSO expenses[10]. - In Q3 2025, generation revenue was R$ 6,775 million, down 15.3% year-over-year, attributed to a 12.3% decrease in volume and a 3.4% decrease in average price[29]. - Total revenue decreased by 15.6% year-over-year to R$ 6,749 million, with recurring revenue at R$ 6,775 million, down 15.3%[74]. - The contribution margin from generation fell to R$ 2,815 million in 3Q25, down 18.5% from R$ 3,454 million in 3Q24, primarily due to the sale of Amazonas thermal power plants[78]. - The company recorded a negative impact of R$ 26 million due to adjustments related to thermal power plant sale transactions[72]. - Energy purchased for resale increased by 5.3% year-over-year to R$ 1,714 million[80]. - Total adjusted costs and expenses reached R$ 6,559 million in 3Q25, a significant increase from R$ 817 million in 3Q24[99]. - Personnel costs adjusted to R$ 750 million in 3Q25, down 17% year-over-year due to efficiency gains[100]. - Operating costs for energy purchased for resale rose to R$ 1,714 million in 3Q25, an 18.0% increase from R$ 1,452 million in 3Q24[99]. Investments and Acquisitions - Investments in 3Q25 amounted to R$ 2,701 million, representing a 32% increase compared to 2Q25 and a 57% increase compared to 3Q24[12]. - The acquisition of Tijoá Energia for R$ 247 million was completed, with the plant having an installed capacity of 808 MW and generating R$ 320 million in annual revenue in 2024[15]. - Total investments reached R$ 2,701 million in 3Q25, with R$ 1,203 million allocated to transmission projects and R$ 677 million to the Itaipu HVDC project[45]. - The estimated investment for large-scale transmission projects is R$ 6.21 billion, excluding the Itaipu HVDC System Revitalization project[52]. Debt and Financial Position - Net debt increased to R$ 42,577 million in 3Q25, up R$ 2,451 million from 2Q25, influenced by a R$ 4 billion dividend payment[16]. - The average cost of debt rose to CDI + 0.64% p.a. from CDI + 0.59% p.a. in 3Q24, while the average debt maturity decreased by 3.9 months[16]. - The company has reduced the provision inventory related to compulsory loans by R$ 14.2 billion since 3Q22, reaching R$ 11.7 billion in 3Q25[57]. - The inventory of provisions decreased by R$ 2.7 billion year-over-year and R$ 362 million sequentially, totaling R$ 11.7 billion in 3Q25[61]. - The company reported a provision for litigation of R$ 419 million in 3Q25, compared to a reversal of R$ 418 million in 3Q24, indicating a significant increase in legal provisions[107]. Operational Efficiency and Strategy - The company plans to continue focusing on regulatory revenue and optimizing operational efficiency in response to market challenges[78]. - The company is exploring strategic partnerships to expand its market presence and improve service delivery[152]. - The company plans to invest in new technologies to enhance efficiency and reduce operational costs in the upcoming fiscal year[152]. - The company achieved a significant reduction in regulatory remeasurements, reporting -R$ 303 million in 3Q25 compared to -R$ 6,130 million in 3Q24[99]. Environmental and Social Responsibility - The company completed the sale of its last thermal power asset, achieving a 100% renewable portfolio, aligning with its Net Zero 2030 commitment[13]. - Accumulated GHG emissions for the year decreased by 52% to 1,252,389 tCO2e in Q3 2025 compared to 2,605,049 tCO2e in Q3 2024[133]. - The accident frequency rate for own employees improved by 9% to 0.49 in Q3 2025 from 0.54 in Q3 2024[133]. - The percentage of women in the workforce increased by 4 percentage points to 25% in Q3 2025, while leadership positions held by women slightly decreased by 1 percentage point to 25%[133].