ISA Energia Brasil reported regulatory net income of R$ 173.9 million for the second quarter of 2026, a 32% decline from R$ 255.6 million a year earlier, even as revenue and EBITDA expanded at double-digit rates. The divergence reflects a sharp increase in financial expenses tied to the company's ongoing investment cycle.
Net revenue under the regulatory framework rose 20.9% to R$ 1.243 billion, driven by the annual permitted revenue (RAP) adjustment for inflation and the energization of new projects. EBITDA climbed 22.5% to R$ 966.9 million, lifting the margin to 77.8% from 76.8% a year ago.
Operating revenue excluding the RBSE component surged 52% to R$ 779.2 million, while the RBSE portion fell to R$ 464 million from R$ 516 million.
The profit decline was primarily attributed to an 81.7% jump in net financial expenses to R$ 638.9 million. Monetary variation on inflation-linked debt more than doubled to R$ 281.9 million, reflecting an increase in the share of IPCA-indexed debt from 56% to 67% of the total. Interest and loan charges rose 21.9% to R$ 397.2 million as the average debt balance grew to fund recent capex.
A year-ago comparison was also affected by roughly R$ 50 million in one-time financial income from tax credit updates that did not repeat.