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4h ago

Isa Energia's Regulatory Profit Climbs as Intelbras Refocuses Energy Unit in Mixed Q3

Regulatory timing lifted Isa's profit, with Intelbras responding to a weak energy market by prioritizing margins.

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Overview

  • Isa Energia reported R$550 million in regulatory net income for Q3 2025, up 27.4% year over year, while regulatory net revenue fell 9.1% to R$1.072 billion and EBITDA declined 7% to R$888.5 million.
  • The company cited a tough comparison tied to 2024 tariff-review and RBSE effects; IFRS net income dropped 28.4% to R$802.7 million as operational gains from higher RAP, a 2.5% cost reduction and a R$32 million substation remuneration partly offset those factors.
  • Isa invested R$1.2 billion in the quarter, advanced five projects in construction with three due within a year that are expected to add about R$450 million in revenue, secured installation licensing for 60% of Serra Dourada, and issued R$2 billion in debentures rated AAA (br) by Fitch with leverage at 3.44x.
  • The transmission group announced three interest-on-equity installments totaling R$445 million for payment in November and December 2025, reaffirming its policy to distribute at least 75% of regulatory net income.
  • Intelbras’ Energy segment generated R$173.5 million, down 39.4% and equal to 15% of gross revenue, as the company reviews large incoming projects, avoids price fights, signals a smaller solar share in Q4, and emphasizes profitability with Q3 net income of R$148 million, revenue of R$1.12 billion and cash of R$1.24 billion.