Eduardo Capelastegui, CEO Neoenergia
Solid quarter, precise execution and total focus on efficiency. Neoenergia ended 3Q25 with Cash EBITDA of R$2.8 billion, up 13%, and net income of R$924 million, up 10%. The distributors' total CAPEX amounted to R$4.8 billion in 9M25, of which R$3.2 billion was focused on network expansion. In the quarter, injected energy rose 2.3% and net RAB reached R$43 billion, reflecting the size and robustness of the business.
The company's CEO, Eduardo Capelastegui, talks about the results, regulatory developments and how the company has been delivering value with a focus on efficiency, customers and sustainability.
Neoenergia maintained growth and profitability in the third quarter. What explains this result?
Discipline and execution. Net profit was R$924 million and Cash EBITDA reached R$2.8 billion, 13% up on 3Q24. This is the result of a solid operating base and efficient management.
We controlled expenses, with growth in line with inflation, and remained absolutely focused on productivity. Efficiency generates value, and value guarantees sustainable growth.
The distribution segment is at the heart of Neoenergia's business. What drove the good performance?
The total CAPEX of our distributors was R$4.8 billion in 9M25, of which R$3.2 billion was focused on network expansion. In the quarter, the energy injected grew by 2.3%, in line with the increase in economic activity in the concession areas.
Our goal is simple: to work tirelessly to deliver a quality service that is close to the customer. We were recognized at the ABRADEE Awards as the two best distributors in the country and we also won eight of the 12 trophies awarded.
The renewal of the Pernambuco concession was the highlight of the quarter. What impact did the signing of the amendment have?
Without a doubt, the extension of Neoenergia Pernambuco's concession for 30 years (from 2030 to 2060) is a milestone for the Brazilian electricity sector and for the people of Pernambuco. In Pernambuco, we serve 4.1 million customers in 184 municipalities in the state, with a solid base built up over 25 years of presence in the territory. Over these years, we have invested around R$15 billion and today contribute to the generation of 9,400 direct and indirect jobs, always focusing on quality, safety and sustainability in energy supply.
We are now moving forward with the extension processes for Neoenergia Coelba, Neoenergia Cosern and Neoenergia Elektro. And that means continuing to invest in efficiency and the customer experience.
And in transmission, what stage are the projects at?
We're going to finish the transmission expansion cycle in 2025. The final four lots are on schedule and by December we will have a portfolio of R$2 billion of RAP in operation. We also concluded the sale of 50% of Itabapoana for R$127.5 million.
Our partnership with GIC, which currently holds 50% of nine transmission assets with Neoenergia, is a long-term relationship that reinforces the quality of our assets and is in line with our asset rotation policy.
The company increased its stake in the Corumbá HPP. What prompted this decision?
We have just acquired 37.5% of Energética Corumbá III from CELGPAR in an auction on B3. This increased our total stake to 85%, with an investment of R$92 million.
It's an asset we know well, with renewable and predictable generation. This decision reflects our focus on an optimized portfolio, value creation and corporate simplification.
Neoenergia had strong recognition in the quarter. What do these awards represent?
They show that we are evolving in various dimensions. In addition to ABRADEE, we were elected by Great Place to Work as the best company in the electricity sector to work for in the country and rose to 14th place in the national ranking.
We also came 13th in the national ranking in Valor Inovação, a jump of 37 positions compared to the previous year, and we are the largest company in the Brazilian electricity sector in terms of turnover, according to the Valor 1000 Ranking. These achievements reflect our focus on efficiency, innovation and quality, supported by a great working environment.
Neoenergia talks a lot about financial discipline. How does this translate into practice?
With clear priorities. Growing means investing better and maintaining good and constant cost control, allocating capital to assets that bring consistent returns.
We are continuing our asset rotation process, as in the recent cases of Itabapoana and Corumbá, operations that allow us to strengthen our cash flow, deleverage the company and reallocate capital in a disciplined manner, in addition to maintaining a portfolio that is more in line with our long-term vision.
In ESG, what progress would you highlight this quarter?
We made progress with concrete deliveries. We were recognized with the ANEFAC Award for Good ESG Practices 2025 and we remain among the main global sustainability indices, with 2030 targets in full execution and some already delivered.
We have already completed structuring goals ahead of schedule, such as adopting a 100% sustainable light fleet and increasing the share of purchases from local suppliers, both originally planned for 2030. In total, there are 30 targets monitored quarterly and approved by the Board of Directors, aligned with the material issues identified by our strategic stakeholders.
We renewed our partnership with the BOC and supported the Youth Games in Brasilia, expanding inclusion initiatives through sport. We also joined the Forum of Companies and LGBTI+ Rights, strengthening the governance of the diversity agenda.
We signed self-production contracts with Nexus Ligas and Ambev, guaranteeing long-term supply from our wind farms. Through ANEEL's Energy Efficiency Program, we inaugurated solar power plants in the Brazilian Air Force, replaced more than 13,000 lighting fixtures and made annual savings of more than R$1 million possible for public coffers.
In addition, we joined the CDP's A List on Climate Change and advanced to 42nd place in the global Carbon Clean 200 ranking, among the companies with the best performance in clean energy.
Looking ahead, what is Neoenergia's focus?
We will continue to focus on efficient management and investing where there is high profitability, increasing financial health with deleveraging in the coming years and maintaining the strategy focused on capital discipline, operational excellence and sustainable value generation. Since the IPO, Neoenergia's Cash EBITDA has grown by 122%, a reflection of the continuous creation of value and the ability to generate predictable results.
And we remain confident about the next stages in the extension of the concessions for Neoenergia Coelba, Neoenergia Cosern and Neoenergia Elektro, so that we can continue to invest even more in serving our customers with quality, safety, proximity and efficiency.