- Products and Solutions
Eduardo Capelastegui, CEO of Neoenergia
Neoenergia closed the first quarter of 2025 with solid operational performance, in line with its strategy of financial discipline and efficiency. Injected energy grew 3.6% compared to the first quarter of 2024, EBITDA totaled R$ 3.7 billion, an increase of 6% over the same period of the previous year, and operating expenses were below inflation. In an interview, our CEO Eduardo Capelastegui comments on the main results and prospects for the coming quarters
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How do you evaluate Neoenergia's performance in the first quarter of 2025?
We closed the quarter with consistent progress. Injected energy rose 3.6% compared to the first quarter of 2024, driven by the expansion of the customer base and favorable weather conditions in the Northeast. EBITDA increased 6% compared to 1Q24, reflecting operational developments and rigor in cost management. This performance consolidates a solid foundation for the coming quarters.
Neoenergia remains focused on financial management. What points illustrate this strategy?
We prioritize discipline on all fronts. In the period, we controlled operating expenses compared to the first quarter of 2024, despite the expansion of the market and the inflationary scenario. In addition, we advanced asset rotation, such as the sale of 50% of Itabapoana, creating value for our shareholders. These actions preserve our ability to invest with security and a long-term vision
.How is the company positioned in terms of capital structure and indebtedness?
We continue to prioritize responsible resource management. In the quarter, we contracted new long-term loans, which reinforces our liquidity position in a high-interest environment. Asset rotation, such as the sale of 50% of Itabapoana to GIC, complements this strategy, strengthening cash flow and reducing leverage, guaranteeing our investment capacity. We maintain active balance sheet management to reduce risks and ensure long-term financial strength.
In networks, what movements most reinforce the quarter's performance?
The segment maintained a positive trajectory. EBITDA increased 12% compared to the first quarter of 2024, driven by the expansion of the customer base, volume of distributors, and the entry of new transmission assets. We reinforced operational efficiency and expanded the robustness of our
asset mix.It is worth noting the excellent result of the tariff processes carried out in April 2025, which brought positive advances both in the annual adjustments of Neoenergia Coelba and Cosern and in the periodic tariff review of Neoenergia Pernambuco, strengthening the economic and financial balance of the distributors.
What is the observed evolution in the loss rates?
The actions implemented, combined with future tariff coverage, which contemplate the impacts of distributed generation, reinforce a trend of continuous improvement, increasing efficiency and strengthening the economic-financial balance of concessions.
What were the highlights in the power generation business?
Wind and solar generation grew 23% compared to the first quarter of 2024, reflecting better asset performance and favorable weather conditions. In thermal generation, Termopernambuco continues to operate under the new capacity contract. Thus, we consolidated a diversified and competitive portfolio.
How have transmission projects evolved?
We are finalizing the construction phase of the last 4 lots, with significant deliveries this year and completing the transmission investment cycle that began in 2017, whose expansion focused on the generation of long-term value. Deliveries strengthen our position in the sector and will progressively contribute to cash generation, increasing the stability and profitability of the company's network portfolio.
What is the strategic importance of the sale of Itabapoana?
Asset rotation is a strategic move initiated in 2022 to strengthen cash flow, deleverage the Company, and reallocate capital into assets more in line with our long-term vision. The sale of 50% of Itabapoana, together with the sale of our stake in Baixo Iguaçu, announced in the fourth quarter of last year, reinforces our strategy of optimizing capital allocation, generating value for shareholders and focusing on deleveraging
.How does Neoenergia evaluate the strategy for renewing distribution concessions?
The distribution segment is central to our long-term strategy and it is in our total interest to renew eligible concessions.
What are the company's prospects for the rest of 2025?
We will continue to be guided by operational efficiency, financial discipline, and focus on sustainable results. The consolidation of the advances made in the network business, the capture of the tariff effects, and the maturation of new transmission assets will strengthen our cash generation. Since the IPO in 2019, we have more than doubled the company's EBITDA, a growth of 120%, which reinforces our ability to execute and expand with discipline. We act consistently to position Neoenergia as a protagonist in the transformation of the electricity sector in the coming years
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