Q2 2026 Transmissora Alianca de Energia Eletrica S/A Earnings Call (English, Portuguese) Transcript
Key Points
- Delivered major projects ahead of schedule, adding over BRL500 million in RAP for the 2026-2027 cycle.
- Acquired five transmission assets, increasing transmission capacity by 33% and adding BRL305 million in RAP.
- Maintained high asset availability at 99.91%, above the 10-year average.
- Regulatory EBITDA grew 10.5% year-over-year, with margin expansion to 85.4% (consolidated) and 87.2% (proportionate).
- Continued disciplined cost management, with PMSO growth below inflation.
- Announced shareholder returns equivalent to 100% of Q2 regulatory net income, totaling BRL206.8 million.
- Regulatory net income declined to BRL399.4 million in H1 2026 from BRL477 million in H1 2025, due to higher financial expenses and depreciation.
- Net financial expenses increased by BRL88 million, driven by higher macroeconomic indices (IPCA, IGPM) and higher average debt.
- Variable compensation portion as a percentage of RAP rose to 0.73% in H1 2026 from 0.51% in H1 2025, due to a one-off planned outage at TAESA.
- Leverage remained stable at 4.2x net debt/EBITDA, but is expected to increase in Q3 2026 following the acquisition closing.
- Equity in earnings dropped due to higher financial expenses at investees and new debt rates at IMR and Paraguasu.
Good morning, everyone, and thank you for joining TESEA's Q2 2026 earnings release video conference. (Operator Instructions) We would like to inform you that this video conference is being recorded and will be made available on the company's IR website where you will also find the earnings release available. It is possible to download the presentation in English using the chat icon.
(Operator Instructions) By the IR Officer, Christiana Granger; and the IR Specialist, Juliana Castelli; and then answered by the Board Executive Board during our Q&A session. We emphasize that the information contained in this presentation and any statements that may be made during the video conference regarding TAESA's business prospects, projections, and operational and financial targets are the beliefs and assumptions of the company's management and on information currently available.
Forward-looking statements are not guarantees of performance since they involve risks, uncertainties, and assumptions as they refer to future events and therefore depend on circumstances that may or may not occur.
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