Eduardo Capelastegui, CEO Neoenergia
The Financial and Operating Results for 2025 highlight a profit of R$5 billion, an increase of 38% compared to 2024. Marked by expressive figures, the company recorded CAPEX of R$10.1 billion in 2025, of which R$6.5 billion in distribution, further reinforcing the strategy focused on the customer and the continuous improvement of services.
The CEO, Eduardo Capelastegui, talks about the latest achievements and the new challenges ahead, as well as how the company is working to further strengthen its leading role in the Brazilian electricity sector.
In your analysis, what actions or strategies can be attributed to the record figures achieved in 2025?
The year 2025 represented a period of great achievement for Neoenergia, marked by solid results and strategic advances that reinforce our role as a leading player in the sector. Even in the face of a challenging scenario, we ended the year with record profits and EBITDA Caixa with positive growth. We maintained our focus on operational efficiency and spending discipline, with our expenses growing by just 1%, below inflation for the period, and also absorbing the increase in our customer base and the start-up of new businesses.
How do you assess the early extension of Neoenergia Pernambuco's contract?
We signed Neoenergia Pernambuco's new concession contract with the Ministry of Mines and Energy (MME) until 2060. Last year, the concessionaire was the first and only distributor in the country to obtain an early extension of its concession for another 30 years. This result is the fruit of our work at the distributors and we strive to offer our customers an increasingly high-quality service.
In addition to the renewal, what other highlights in Distribution would you mention?
All the results we've achieved in this segment are directly linked to the company's commitment to maintaining a customer focus for the continuous improvement of services, making the networks more resilient to weather events and guaranteeing more quality and safety for the 17 million customers in our five distribution companies.
As a result of these investments, Neoenergia set a record by winning eight trophies at the Abradee 2025 Awards. Neoenergia Cosern (RN) was elected, for the second time, the best distributor in Brazil and, for the seventh time, the best in the Northeast. Neoenergia Elektro (SP/MS) was recognized as the best utility in the Southeast. In an unprecedented achievement for the Federal District's electricity sector, Neoenergia Brasília won first place in the Performance Evolution category.
In broadcasting, how did the company stand out in the segment throughout 2025? Are there any new developments?
Capex in the segment was around R$3.3 billion, ending the current cycle of investments in the business with the delivery of the last four lots scheduled for 2025, which added more than R$1 billion in Annual Permitted Revenue (RAP) to the portfolio. Today, Neoenergia is the country's fifth largest company in the segment, with more than 8,000 km of lines in 15 states and more than R$2 billion in RAP.
Asset rotation is part of the company's strategy. In 2025, what highlights would you mention?
We maintained our strategy of valuing and rotating assets, concluding several significant transactions throughout the year. We completed the sale of the Baixo Iguaçu hydroelectric plant, the sale of 50% of the Itabapoana transmission line, increased our stake in the Corumbá III hydroelectric plant and the sale of 75% of the Dardanelos hydroelectric plant.
What other progress was made in 2025?
In the Commercialization business, we achieved record energy sales with a focus on the retail market and delivered our first two industrial electrification projects, in addition to having started the development of another five projects.
Innovation is one of Neoenergia's pillars. How does the company position itself in this area?
We are proud to be one of the most innovative companies in the Brazilian electricity sector: in 2025 alone we invested more than R$ 468 million in projects aimed at Research, Development and Innovation and we have consolidated our pioneering position in the energy transition, with two landmark projects: the launch of the Green Noronha Project, which will decarbonize energy generation in the archipelago; and the completion in Brasilia of work on our first Green Hydrogen (H2V) plant, a milestone for the production of clean energy and for the advancement of sustainable solutions in the country.
To reinforce the ESG targets, how does Neoenergia maintain its purpose in this area?
We have maintained our historic commitment to social development in the areas where we operate and to equity in our company, graduating more than 125 women from our Electrician Schools by 2025, representing almost 35% of the total number of students trained. Since its creation, more than 1,300 students have graduated and more than a thousand have been hired. Our women-only school was recognized in 2025 as a global example of "Diversity, Equity and Inclusion" by the World Economic Forum.
And through the Neoenergia Institute, we invested R$32.5 million, including our own and incentivized resources, in initiatives aimed at developing and supporting social impact projects, directly and indirectly benefiting more than 3 million people in the territories where we operate. These actions reinforce our commitment to society and to the ESG targets.
With 2025 completed in a significant way, what are your expectations for 2026?
We end 2025 proud of our achievements and confident about the future. This consistency and our commitment to deliveries, to spending discipline, to the correct allocation of capital and the quality operation of our assets was reflected in the appreciation of our shares by more than 75% in the year, above the IBOVESPA and other market benchmarks.
It also reflects the confidence of our controlling shareholder in both Neoenergia and Brazil: Iberdrola finalized the acquisition of Previ's stake in October, and now holds 83.8% of Neoenergia's share capital
