Research analysts who have asked questions during ENERGY CO OF MINAS GERAIS earnings calls.
CC
Carolina Carneiro
Banco Safra
3 questions for CIG
LY
Liliani Yang
HSBC
3 questions for CIG
Also covers: PBR
VC
Victor Coia
Banco BTG Pactual S.A.
3 questions for CIG
AS
Andre Sampaio
Banco Santander S.A.
2 questions for CIG
Also covers: EBR, ELP, SBS
DT
Daniel Travitzky
Banco Safra S.A.
2 questions for CIG
Also covers: EBR, ELP, SBS
EL
Eduardo Lazare
GTI Administração de Recursos
2 questions for CIG
GA
Giuliano Ajeje
UBS Group AG
2 questions for CIG
Also covers: ELP, SBS
Vitor Sousa
Genial Investimentos
2 questions for CIG
Also covers: EBR
Guilherme Lima
Santander
1 question for CIG
Also covers: ELP, SBS
LC
Luisa Candiota
Itau BBA
1 question for CIG
Also covers: ELP
LC
Luiza Candiota
Itau
1 question for CIG
Also covers: SBS
Recent press releases and 8-K filings for CIG.
CEMIG Reports Q3 2025 Earnings with Significant Investment Program and Profit Decline
CIG
Earnings
New Projects/Investments
Demand Weakening
- CEMIG reported a 16.3% drop in EBITDA and a 30.2% decrease in recurring net profit for Q3 2025, attributed to large client migrations from the distribution network, adverse trading sub-market prices, and GSF impacts on generation.
- The company is executing its largest investment program, with BRL 4.7 billion invested in the first nine months of 2025, including BRL 3.6 billion in distribution, projected to yield over BRL 500 million in additional revenue.
- CEMIG maintained a strong financial position with a net debt over recurring EBITDA of 1.76 and achieved a triple-A rating from Moody's, now holding this rating from two agencies.
- The year-over-year decline in results was also influenced by the absence of significant non-recurring gains from 2024, such as the BRL 1.6 billion disposal of an alliance and a BRL 1.5 billion transmission tariff review.
Nov 14, 2025, 5:00 PM
CEMIG Announces Q3 2025 Results Amidst Significant Investments
CIG
Earnings
New Projects/Investments
Demand Weakening
- CEMIG reported a 16.3% drop in EBITDA to BRL 1.5 billion and a 30.2% decrease in net profit for Q3 2025, primarily due to the impact of lower GSF, reduced trading margins, and client migration from the distribution network, compounded by the absence of significant non-recurring gains present in 2024.
- The company is executing its largest investment program, with BRL 4.7 billion invested in the first nine months of 2025, including BRL 3.6 billion in distribution infrastructure, which is expected to generate over BRL 500 million in additional revenue upon tariff recognition.
- Despite the financial performance decline, CEMIG maintains a strong financial position, evidenced by its triple-A rating from Moody's and a healthy leverage ratio of 1.76x Net Debt over Recurring EBITDA.
- Operational challenges included a 4.4% drop in the energy market for CEMIG D and a 6% market drop for GASMIG, both affected by client migration to the basic/free market and broader economic activity.
Nov 14, 2025, 5:00 PM
CEMIG Reports Q3 2025 Earnings Decline Amidst Significant Investment Program
CIG
Earnings
New Projects/Investments
Demand Weakening
- CEMIG reported a 16.3% drop in EBITDA and approximately a 30.2% drop in net profit for Q3 2025, primarily attributed to a BRL 54 million impact from lower GSF in generation, a BRL 136 million impact from trading activities, and client migration in the distribution segment.
- The company is executing its largest investment program to date, having invested BRL 4.7 billion in the first nine months of 2025, with BRL 3.6 billion specifically allocated to distribution infrastructure.
- CEMIG's financial resilience is highlighted by a net debt over recurring EBITDA of 1.76 and the confirmation of a triple-A rating by Moody's.
- The decline in Q3 2025 earnings was also influenced by the absence of significant non-recurring positive effects from 2024, which included a BRL 1.6 billion disposal of an alliance and a BRL 1.5 billion tariff review for the transmission business.
Nov 14, 2025, 5:00 PM
Cemig Reports Q2 2025 Financial Results and Strategic Developments
CIG
Earnings
Debt Issuance
New Projects/Investments
- Consolidated net revenue for the second quarter of 2025 (Apr-Jun 2025) increased by 14.31% to R$10,786,295 thousand compared to the same period in 2024, while net income for the period decreased by 29.63% to R$1,188,281 thousand.
- Cemig GT's net revenues for Q2 2025 reached R$1,752 million, a 23.6% increase from Q2 2024, but operating expenses rose significantly by 65.6% to R$1,398 million in the same period.
- The company completed debenture issuances totaling R$4,965,036 thousand in the first half of 2025, while investing R$2,332,673 thousand in electricity and gas distribution infrastructure and paying R$1,775,716 thousand in dividends and interest on equity.
- Post-quarter, Cemig GT won an auction for Generation Scaling Factor (GSF) credits, extending concession terms for hydropower plants with a R$199,378 thousand disbursement, and authorized the acquisition of Cemig SIM for R$947,857 thousand.
Oct 27, 2025, 3:48 PM
Quarterly earnings call transcripts for ENERGY CO OF MINAS GERAIS.
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