This article first appeared on GuruFocus .
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Net Income:BRL932.3 million, an increase of 6.9% compared to the same period in 2024.
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Transmission Segment Income:BRL96.1 million contribution, impacted by RAP adjustments and new operations in Colombia.
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Generation Segment Income:Decrease of 20% due to the end of PPAs with Queluz and Lavrinhas plants.
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EBITDA:BRL709.4 million, showing growth from the previous year.
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Profit:BRL191.6 million, a growth of 95.5% from BRL98 million in the previous year.
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Net Income Growth:3.6%, closing the trimester at BRL1.164 billion.
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Adjusted EBITDA Margin:78.8%, representing a growth of 22.7% from the previous year.
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Gross Debt:BRL884.8 billion, with a net debt of BRL383.8 billion for the trimester.
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Consolidated Debt:BRL12.587 billion, with a net debt of BRL9.359 billion.
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Dividends Distributed for 2025:Total of BRL356 million, equivalent to BRL1.08 per unit, with a payout of 50.8%.
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Share Value Increase:29.07% at the close of 2025.
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Average Daily Financial Volume:BRL27.6 million in 2025.
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Release Date: March 06, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Fitch Ratings reaffirmed Alupar Investimento SA ( BSP:ALUP3 )'s ratings at AAA for the national scale and BB-plus in the international scale, both with a stable perspective.
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Successful long-term funding through the issuance of debentures, capturing about BRL2.4 billion with a 12-year term.
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Dividend payments totaling BRL207.7 million were made, reflecting a strong commitment to shareholder returns.
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Net income increased by 6.9% to BRL932.3 million compared to the same period in 2024.
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EBITDA grew to BRL709.4 million, showing a positive trend compared to the previous year.
Negative Points
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Generation segment income decreased by 20% due to the end of PPAs with the Queluz and Lavrinhas plants.
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Increased administrative and general expenses by BRL9.9 million due to the beginning of operations of TCE and consulting and tax provisions.
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The company faced a reduction in financial results by BRL88.3 million due to an increase in the CDI.
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The company experienced a devaluation of the Peruvian currency, impacting financial expenses.
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No significant wins in recent auctions due to high competition and aggressive bidding.
Q & A Highlights
Q: Can you please give more details on the annual fall in energy purchase in the quarter? A: Luiz Coimbra, Investor Relations Officer, explained that the decrease was due to factors such as curtailment, seasonalization of hydraulic power plants, and a lower GSF compared to the previous year. These elements contributed to a lower cost.
Q: Do you have a strategy to highlight the value of assets outside Brazil, possibly through a spin-off or IPO? A: Luiz Coimbra stated that currently, the focus is on the deployment and environmental licensing of new projects, which affects asset perception. While spin-offs are not being considered at the moment due to synergy concerns, it could be a possibility in the future.
Q: Is there a plan to mitigate the impact of curtailment on the balance sheet? A: Luiz Coimbra mentioned that the company employs hedge policies and manages its portfolio year-to-year to mitigate curtailment impacts. He expressed optimism that legislative efforts and transaction reinforcements will address curtailment issues over time.
Q: What is your view on the attractiveness of recent auctions in Brazil? A: Luiz Coimbra noted that auction attractiveness varies case by case, depending on the level of competition and player aggressiveness. The company conducts thorough project studies to assess potential synergies and tailor its approach accordingly.
Q: What are the estimates for the year and the investment cycle of the company? A: Luiz Coimbra indicated that by the end of 2029, all current assets should be operational, with a total CapEx of approximately BRL10 billion. The investment cycle is expected to conclude by 2029.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
