Aug 14, 2026 earnings call — Investment plans and tariff review
Company reported operating performance of BRL 2.5 billion in the quarter.
Revenue $2.1B (est $1.8B) · EPS $0.08 (est $0.05)
Key quotes
"On this slide, we have the planned investment for the year, which is BRL 6.7 billion, and up to the first six months, we were able to invest BRL 3.3 billion, 49% of the total amount."
"Also, we have funding of BRL 4.6 billion also in this quarter. This was very relevant, and this was to support our investment program."
"The Cemig trading results were BRL 180 million negative recurring EBITDA compared to the prior year."
Analyst Q&A 2
El Niño effects and auctions interest
Q (Ernando Antunes Braga): The analyst asked how El Niño will affect different parts of the business and whether the company will do extra CapEx or prepayments for distribution and transmission. He also asked if the company is interested in transmission auctions and opportunities like data centers and batteries.
A: Management said they have robust planning and contingency plans and are executing the largest investment and maintenance plans in history. For generation and transmission they said large plants do not need extra contingency beyond existing plans, small plants are reviewing plans to control flooding, and transmission has preventive maintenance, vegetation control and weather alerts. They said the company is considering transmission auctions but will only participate if returns are attractive, and they are cautiously studying data center opportunities to extract value.
Concession maturities and trading losses
Q (Sérgio Lopes Cabral): The analyst asked about data centers and profitability, how the concession renewal process is going for Sá Carvalho and others, and how the trading company will overcome recent losses and the outlook.
A: For data centers management said they are studying the market cautiously to bring profit and value to shareholders. On concessions they said the process is moving forward: there are three concessions maturing (Sá Carvalho in 2026 and two in 2027), they already have a favorable note from ANEEL and the matter is now with the Ministry of Mines and Energy, and they are optimistic but must wait for granting power approval. On trading they said the unit is settling positions after price-model and scenario changes, negative results this year were exchanged within the group so final impact was zero, they reduced positions for 2027–2028 and expect significant results for 2028 around BRL 1 billion, BRL 1.8 billion.