Caixa EBITDA reaches R$11.4 billion in 2025 and R$3.3 billion in 4Q25, with growth of 8% and 14%, respectively

With a focus on customers and continuous improvement in services, the company recorded CAPEX of R$10.1 billion in 2025 - R$6.5 billion of which in distribution

On Wednesday (11), Neoenergia released its financial and operating results for the fourth quarter and accumulated for 2025, with profits of R$5 billion in 2025, and R$1.5 billion in the fourth quarter, an increase of 38% and 73%, respectively, compared to the same periods in 2024.

Cash EBITDA

In 2025, Cash EBITDA reached R$11.4 billion, and R$3.3 billion in the fourth quarter of the year, up 8% and 14% respectively on the same periods last year. The positive variation was mainly due to the annual readjustments of the distributors and controlled expenses.

"The year 2025 was one of great achievements for Neoenergia, marked by solid results and strategic advances that reinforce our role as a leading player in the Brazilian electricity sector. Even in the face of a challenging scenario, we ended the year 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," says Eduardo Capelastegui, CEO of Neoenergia.

Controlled operating expenses totaled around R$1 billion in the fourth quarter and around R$4.3 billion in 2025, below inflation, confirming the cost discipline that allows us to absorb market growth.

CAPEX

Neoenergia also maintained its sustainable growth strategy, based on a robust plan and disciplined capital allocation. As a result, the company recorded Capex in 2025 of around R$10.1 billion. Of this total, R$6.5 billion was allocated to the distribution business. The funds were invested mainly in the expansion, maintenance, digitalization and modernization of the network. Considering the fourth quarter of 2025, Neoenergia's Capex reached around R$2.5 billion.

This result is directly linked to the company's commitment to remaining customer-focused in order to continuously improve services, making networks more resilient to weather events and ensuring greater quality and safety for the 17 million customers of its five distributors - Neoenergia Brasília (DF), Neoenergia Coelba (BA), Neoenergia Cosern (RN), Neoenergia Elektro (SP/MS) and Neoenergia Pernambuco (PE).

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.

Neoenergia Pernambuco: early contract extension until 2060

Another important milestone in 2025 in the distribution business was the signing of a new concession contract with the Ministry of Mines and Energy (MME) for Neoenergia Pernambuco 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.

Transmission

In transmission, Capex 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. Neoenergia is currently 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

Neoenergia maintained its strategy of valuing and rotating assets, concluding several relevant transactions throughout the year: finalizing the sale of the Baixo Iguaçu hydroelectric plant; strengthening the partnership with GIC with the sale of 50% of the Itabapoana transmission line; expanding its stake in the Corumbá III hydroelectric plant; and selling 75% of the Dardanelos hydroelectric plant.

Energy performance

Total injected energy, including distributed generation, rose by 2.6% to 89,453 GWh in 2025, and grew by 2.2% to 23,128 GWh in the fourth quarter. These results were influenced by the increase in the customer base which compensated for the lower temperatures in the periods.

Losses

In terms of total losses, three of the five distributors are within the regulatory limit.

Quality

In terms of quality, the five distributors closed within the regulatory limits for DEC (Equivalent Interruption Duration per Consumer) and FEC (Equivalent Interruption Frequency per Consumer).

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