EBR Company Report

Analyst Coverage

Research analysts who have asked questions during EBR earnings calls.

Maria Carolina Carneiro

Banco Safra S.A.

5 questions for EBR

Also covers: ELP, SBS

Andre Sampaio

Banco Santander S.A.

4 questions for EBR

Also covers: CIG, ELP, SBS

Bruno Amorim

The Goldman Sachs Group, Inc.

4 questions for EBR

Also covers: CSAN, ELP, PBR +3 more

Antonio Junqueira

BTG Pactual

3 questions for EBR

Also covers: SBS

Daniel Travitzky

Banco Safra S.A.

2 questions for EBR

Also covers: CIG, ELP, SBS

Debora Borges

Banco Safra S.A.

2 questions for EBR

Also covers: CSAN

Gustavo Faria

Bank of America

2 questions for EBR

Also covers: PAM

Gustavo Pimenta

BTG Pactual

2 questions for EBR

Isabella Pacheco

Bank of America

2 questions for EBR

Also covers: GPRK, GTE

Marcelo Sá

Itaú BBA

2 questions for EBR

Also covers: ELP

Raul Cavendish

2 questions for EBR

Also covers: ELP

Andres Ampayo

Santander

1 question for EBR

Arthur Pereira

J.P. Morgan

1 question for EBR

Also covers: SBS

Bruno Amarin

Goldman Sachs Group Inc.

1 question for EBR

Also covers: UGP

Daniel Trevitsky

Safra

1 question for EBR

Felipe Andrade

Itau BBA

1 question for EBR

Filipe Andrade

Itaú BBA

1 question for EBR

Also covers: ELP

Florent Pimentel

Citi

1 question for EBR

Gilmar Alves Lima

Bradesco BBI

1 question for EBR

Henrique Peretti

JPMorgan Chase & Co.

1 question for EBR

Rafael Dias

Banco do Brasil

1 question for EBR

Roberto Lira

Plural

1 question for EBR

Vitor Sousa

Genial Investimentos

1 question for EBR

Also covers: CIG

Latest news

Recent press releases and 8-K filings for EBR.

AXIA Energia Approves R$3 Billion in Debenture Issues

EBR

Debt Issuance

AXIA Energia's Board of Directors approved the 7th issue of debentures by the company, totaling R$1,000,000,000.00 (one billion reals), with an issue date of November 15, 2025, and a maturity date of November 15, 2035.
The company also approved an issue of debentures by AXIA Energia Norte for R$2,000,000,000.00 (two billion reals), with a seven-year validity from the issue date, for which AXIA Energia will provide a personal guarantee.
Both debenture issues are not convertible into shares, will be publicly distributed, and are intended exclusively for professional investors.
The funds raised from both issues are designated for general business purposes, including liability management.

Nov 14, 2025, 9:05 PM

6-K

Eletrobrás Approves Q3 2025 Financials and Interim Dividends

EBR

Earnings

Dividends

The Board of Directors of AXIA Energia (Centrais Elétricas Brasileiras S.A. – Eletrobrás) approved the interim financial statements for the period ended September 30, 2025.
The Board also approved the distribution of interim dividends totaling R$ 4,300,000,000.00 (four billion and three hundred million reals).
Per share, the interim dividends are R$ 1.581534687 for Class A preferred stock (PNA), R$ 2.078419036 for Class B preferred stock (GNP), and R$ 1.889535942 for common stock (ON) and golden share.

Nov 14, 2025, 9:04 PM

6-K

AXIA Energia Reports Q3 2025 Financial and Operational Highlights

EBR

Earnings

M&A

New Projects/Investments

AXIA Energia reported Adjusted IFRS Net Income of R$ 2,176 million in 3Q25, a 68.0% decrease year-over-year, and Adjusted Regulatory Net Revenue of R$ 9,969 million, down 4.6% year-over-year. However, Adjusted Regulatory EBITDA (excluding thermal plants) increased 3.4% year-over-year to R$ 6,419 million.
The company distributed R$ 4.3 billion in dividends in 3Q25, bringing the fiscal year 2025 total to R$ 8.3 billion. Investments in 3Q25 significantly increased by 57% year-over-year to R$ 2,701 million.
Strategic portfolio actions in October 2025 included the sale of Eletronuclear for R$ 535 million and the sale of EMAE for R$ 476.5 million, while also acquiring the remaining 50.1% stake in Tijoá Energia for R$ 247 million. These moves contributed to AXIA Energia achieving a 100% renewable portfolio.
Net debt increased to R$ 42,577 million in 3Q25, up R$ 3,680 million from 3Q24.

Nov 12, 2025, 11:02 AM

6-K

Eletrobrás Announces Q3 2025 Results, Additional Dividends, and Strategic Portfolio Adjustments

EBR

Dividends

M&A

New Projects/Investments

Eletrobrás announced an additional dividend payout of BRL 4.3 billion for the fiscal year 2025, bringing the total to BRL 8.3 billion.
The company completed the sale of its stake in Eletronuclear for BRL 535 million and its last thermal power plant in Santa Cruz, transitioning to 100% clean and renewable energy generation.
Eletrobrás achieved record high investments between BRL 2.5 billion and BRL 3 billion for the quarter, reaching BRL 10 billion for the year, and was awarded four lots in the latest transmission auction with an investment of BRL 1.6 billion.
The company acquired a 51% stake in Três Irmãos (Tijuana Energia) for BRL 247 million.
Management expects price resilience for 2026 with prices around BRL 240 and anticipates substantial deleveraging from 2027 after an investment peak in 2026.

Nov 6, 2025, 2:00 PM

Transcript

AXIA Energia Announces Q3 2025 Results, Record Shareholder Compensation, and Strategic Divestments

EBR

Dividends

M&A

New Projects/Investments

AXIA Energia announced record compensation for shareholders, with an additional BRL 4.3 billion approved for payout in December, bringing the total for fiscal year 2025 to BRL 8.3 billion.
The company continued its de-risking process by divesting its stakes in Eletronuclear (for BRL 535 million) and EMAE, and completed the sale of its last thermal power plant in October, making the company 100% generating clean and renewable energy.
Strategic investments include the acquisition of a 51% stake in Tr\u00eas Irm\u00e3os (Tijuana Energia) for BRL 247 million and being awarded four lots in a recent transmission auction with an investment of BRL 1.6 billion.
For Q3 2025, the company reported a decrease in revenue and a smaller net income compared to Q3 of the previous year, with an adjusted net income decrease of 68% due to the effect of asset sales.

Nov 6, 2025, 2:00 PM

Transcript

AXIA Energia (Eletrobrás) Reports Q3 2025 Results, Announces Significant Dividends, and Details Strategic Portfolio Changes

EBR

Dividends

M&A

New Projects/Investments

AXIA Energia reported a decrease in revenue and a significantly smaller net income for Q3 2025 compared to the prior year, primarily due to a provision for a nuclear contract and the impact of asset sales.
The company approved an additional dividend payout of BRL 4.3 billion for December, bringing the total for fiscal year 2025 to BRL 8.3 billion, with dividends reaching BRL 4.01 for P&A and P&B shares and BRL 3.65 for ordinary/common stock.
Strategic moves include the sale of its stake in Eletronuclear for BRL 535 million and EMAE, and the completion of the sale of its last thermal power plant, making the company 100% clean and renewable energy.
AXIA Energia also acquired a 51% stake in Três Irmãos and Tijuana Energia for BRL 247 million, and reached a record BRL 10 billion in investments for the year, including being awarded four lots in the latest transmission auction with an investment of BRL 1.6 billion.

Nov 6, 2025, 2:00 PM

Transcript

Eletrobrás Board Approves Interim Dividend Payment

EBR

Dividends

Eletrobrás's Board of Directors approved the payment of BRL 4.3 billion in interim dividends on November 5, 2025, which, combined with previous payments, brings the total dividends for fiscal year 2025 to BRL 8.3 billion.
The interim dividends will be paid on December 19, 2025, with the record date for B3 shares being November 14, 2025, and for NYSE ADRs being November 17, 2025.
The per-share interim dividend amounts are BRL 1.581534687 for Class A preferred shares, BRL 2.078419036 for Class B preferred shares, and BRL 1.889535942 for common and golden shares.
Including the amount already paid in August, the total proposed dividends for fiscal year 2025 are BRL 4.011898059 per Class A and B preferred share, and BRL 3.647180054 per common and golden share.

Nov 5, 2025, 11:28 PM

6-K

Eletrobrás Board Approves Acquisition of Juno Participações e Investimentos

EBR

M&A

New Projects/Investments

The Board of Directors of Centrais Elétricas Brasileiras S.A. (Axia Energia) held its 1078th meeting on October 23, 2025, to discuss and approve resolutions.
The Board authorized the acquisition of the full share capital of Juno Participações e Investimentos S.A., which is the parent company of Tijoá Energia S.A., Concessionaire of Três Irmãos HPP.
The payment for this acquisition is R$ 247 million, to be made in a lump sum upon completion of the transaction, discounted from future dividends between signing and completion.

Nov 4, 2025, 12:47 PM

6-K

Eletrobrás Reports AXIA Energia's Acquisition of Transmission Lots

EBR

New Projects/Investments

On October 31, 2025, AXIA Energia successfully acquired Lots 6A, 6B, 7A, and 7B in Transmission Auction No. 04/2025, held by the Brazilian Electricity Regulatory Agency – ANEEL.
The acquisitions include Lot 6A (MG) with a Purchase RAP of BRL 43.10 million and ANEEL Capex of BRL 542.27 million, Lot 6B (MG) with a Purchase RAP of BRL 23.74 million and ANEEL Capex of BRL 282.81 million, Lot 7A (RN) with a Purchase RAP of BRL 48.20 million and ANEEL Capex of BRL 536.45 million, and Lot 7B (RN) with a Purchase RAP of BRL 23.70 million and ANEEL Capex of BRL 268.54 million.
These acquisitions are expected to strengthen AXIA Energia's leadership position in the transmission market.

Oct 31, 2025, 8:59 PM

6-K

Eletrobrás Reports AXIA Energia Consolidates Três Irmãos Hydroelectric Plant Ownership

EBR

M&A

New Projects/Investments

Legal Proceedings

AXIA Energia has entered into a Share Purchase Agreement to acquire 100% of Juno Participações e Investimentos S.A. (Juno), the controlling shareholder of Tijoá Energia, for a total of R$247 million.
This acquisition consolidates 100% ownership of the Três Irmãos Hydroelectric Plant for AXIA Energia, which previously held a 49.9% equity interest in Tijoá Energia.
The Três Irmãos Hydroelectric Plant recorded annual revenue of R$320 million and EBITDA of R$136 million in 2024, with a concession term extending until 2044.
The transaction resolves arbitral and judicial disputes dating back to 2021, enabling the release of approximately R$390 million in court deposits.