Capex reached R$2.8 billion in 2Q25, of which R$1.7 billion was concentrated in distribution, reinforcing commitment to quality services

Company continues to focus on cost discipline, ensuring control of operating expenses with a 4% increase compared to 2Q24 and 6M24, absorbing inflation and market growth

On Tuesday (22), Neoenergia released its financial and operating results for the second quarter and first half of 2025. Profits amounted to R$1.6 billion in the second quarter and R$2.6 billion in the first half, up 100% and 36%, respectively, compared to the same periods in 2024. This performance is due to the positive impact of R$869 million in non-recurring tax effects.

Cash EBITDA reached R$2.6 billion in the second quarter and R$5.4 billion in the first half, up 7% and 2% on the same periods in 2024, respectively. The positive variation was mainly due to the annual readjustments of the manageable costs (portion B) of the distributors Neoenergia Coelba (BA), Neoenergia Cosern (RN) and the periodic tariff review of Neoenergia Pernambuco (PE).

The results seen in the second quarter and first half of the year reinforce the company's strategy of maintaining cost discipline, ensuring controlled operating expenses, with an increase of 4% compared to the same periods in 2024, absorbing inflation and market growth.

With a focus on the continuous improvement of services at the five distribution companies - Neoenergia Brasília (DF), Neoenergia Coelba (BA), Neoenergia Cosern (RN), Neoenergia Elektro (SP/MS) and Neoenergia Pernambuco (PE) - the company closed the second quarter with Capex of R$2.8 billion, of which R$1.7 billion was concentrated in distribution, which represents 35% more investment in this business compared to the same period last year. Considering the first half of the year, Capex reached R$5 billion, of which R$3 billion was allocated to distribution, an increase of 28% in this business compared to the first half of 2024. The funds were invested mainly in expanding, maintaining and modernizing the network.

"We maintained our business model with a sustainable growth strategy based on operational efficiency, cost discipline and asset rotation. In addition, we continue with a robust investment plan in distribution with a continuous focus on greater network resilience to increasingly improve our services and customer service, always committed to the development of the regions where we operate," said Eduardo Capelastegui, CEO of Neoenergia.

Energy performance

Total injected energy, including distributed generation, was up 2.3% at 21,887 GWh in the second quarter; and up 3% at 44,841 GWh in the first half. These results were influenced by the increase in the customer base which compensated for the lower temperatures in the periods.

Asset rotation

In June 2025, Neoenergia announced that it had closed the sale of its stake in the Baixo Iguaçu hydroelectric plant in Paraná for R$1.1 billion. The buyers received 100% of Geração Céu Azul S.A., which in turn holds a 70% stake in the consortium responsible for operating the plant. The operation reinforces the company's asset rotation strategy with a focus on portfolio optimization and value generation, in line with capital discipline.

Transmission

In the first half of the year, Neoenergia invested around R$1.9 billion, entirely dedicated to the final construction of the lines and substations of the lots acquired in auctions. In the second quarter, sections of Morro do Chapéu and Vale do Itajaí were delivered, adding around R$132 million in Annual Permitted Revenue (RAP). The company will complete its transmission investment cycle by the end of 2025.

Customers

The five distributors ended the second quarter of this year with 16.8 million customers. Compared to the second quarter of 2024, there was an increase of 313,000 consumers, around 2%.

Losses

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

Quality

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