Eduardo Capelastegui, CEO Neoenergia
With a focus on capital discipline and consistent delivery, Neoenergia advances in the execution of its strategy and generates value with responsibility. The second quarter of the year consolidates a growth cycle anchored in operational efficiency, customer experience evolution and decisions that prepare the company for a more sustainable future. In this interview, our CEO Eduardo Capelastegui gives his view of 2Q25.
What were the main financial highlights of the quarter?
We consolidated another quarter of consistent results, with net income of R$1.6 billion, double that recorded in 2Q24, and EBITDA of R$3.2 billion. These results show the effectiveness of our business model: efficient operating base, cost control, sound portfolio decisions and responsibly allocated capital. The good performance of the distributors and positive tariff processes were fundamental to this progress.
The distributors presented relevant milestones in the quarter. What do you think?
Today we have 17 million customers, which represents a population of around 40 million people. In the second quarter, we earmarked R$1.7 billion in investments for the distributors to modernize, expand and make our networks more resilient, thus delivering quality service and a better experience for our customers. Energy injected grew by 2.3% in the period, totaling more than 19,000 GWh, a reflection of the economic activity in our concession areas and Neoenergia's ability to operate with capillarity and reliability.
Robust cash EBITDA reinforces the good performance of our distributors. In the quarter, it reached R$2.6 billion, an increase of 7% compared to the same period in 2024. The positive variation was mainly due to the annual readjustments of the manageable costs (portion B) of the distributors Neoenergia Coelba, Neoenergia Cosern and the periodic tariff review of Neoenergia Pernambuco.
And on the transmission front, how has the company progressed?
We delivered two more stretches in important projects, such as Morro do Chapéu and Vale do Itajaí, responsible for another R$132 million in released RAP. We continue with technical availability of over 98% and progress on the Guanabara and Alto Paranaíba lots. The deliveries strengthen our partnership with GIC and our position in the sector, progressively contributing to cash generation.
I would also highlight the inauguration of CMAT, which marks a new stage: real-time digital monitoring of critical assets, anticipating risks and increasing our efficiency.
Is asset rotation still a strategy?
Yes. We concluded the sale of the Baixo Iguaçu HPP, with a cash inflow of R$1 billion, on June 30. This move is in line with our strategy of focusing on assets with high synergies, recurring value generation and lower volatility. Asset rotation is a lever that allows us to strengthen cash, deleverage the company and reallocate capital in a disciplined manner, in addition to maintaining a portfolio that is increasingly adherent to our long-term vision.
Neoenergia, through its joint venture with Caborn2Nature Brasil, announced its entry into the Muçununga Project. What does it represent?
It's a robust ecological restoration project: 1,200 hectares of Atlantic Forest with almost 2 million seedlings planted. It will be carried out by Carbon2Nature Brasil, our joint venture with Iberdrola, which will invest R$13.7 million in the initiative.
This action combines concrete environmental impact, the generation of quality carbon credits and consolidates our position in nature-based solutions.
What other ESG advances would you highlight?
Our ESG model is very structured, monitored and reported on periodically - we have 30 board-approved targets to be met by 2030. One recent initiative worth mentioning is the solar panel recycling project. At the Luzia II and III plants in Paraíba alone, we recycled 898 photovoltaic modules.
In addition, we have various Neoenergia Institute training and employability actions, with a direct impact on vulnerable communities, which have already promoted social inclusion for 312,000 people in 12 states and the Federal District.
These are just a few examples of the wide range of ESG initiatives carried out in the quarter, which have positioned us as leaders in the sector on B3's ISE.
The company's reputation was reinforced in the quarter. How important are these recognitions?
We were recognized by Brand Finance as the most valuable brand in the Brazilian electricity sector and, for the second year running, we were included in GPTW's national ranking of the best companies to work for. Reputation is a consequence and these recognitions show that we deliver, with consistency and direction.
Customers remain at the heart of our strategy. What progress have you made?
We inaugurated the Tactical Relationship Center, which monitors all channels - digital, physical and telephone - in real time. We expanded customer communication via WhatsApp with new automated services, such as receiving messages about the power supply, scheduled disconnections and reconnection deadlines in the event of interruptions. It is also possible to request a duplicate electricity bill by voice command.
We were recognized with the Latam Award for the Voice of the Customer 360º project and also with the Consumidor Moderno 2025 Award. All this is a reflection of one principle: listening to the customer is not a channel, it's a management criterion.
How do the campaigns launched in the quarter reinforce the relationship with customers and the company's brand proposition?
The institutional campaign with the motto "More for you" reinforces the emotional bond with our greatest asset: our customers. And it shows how we are present at every moment of a person's life. The new safety campaign for São João, inspired by the success of Carnival with Carlinhos Brown, brought practical information and empathy. And the educational campaign focusing on rights, safe use and scheduled shutdowns highlights our role as an agent of trust. Energy is an essential service and communication must reflect this.
What is Neoenergia's strategic agenda for the second half of the year?
Our strategy remains focused on capital discipline, operational excellence and sustainable value generation, with asset rotation as an important lever in this process. The appreciation of Neoenergia's share price reinforces the market's confidence in this journey.
We remain confident about the next stages of concession renewals, which have already been approved by Aneel in Pernambuco, reinforcing our long-term commitment to the country. Our focus remains on investing rationally, operating with excellence and delivering consistently. This is Neoenergia's path.