CEO Rui Chammas said the result was within management's plan, noting that the intense capex program — averaging 38% annual growth over the past five years — increases debt and therefore financial cost pressure before the associated assets fully generate revenue. In the last 12 months, the company energized four large projects adding R$ 488 million in annual permitted revenue, including the Piraquê and Jacarandá projects contributing R$ 376 million combined.
Gross debt reached R$ 17.7 billion at the end of June, up 10.7% from December 2025, while net debt rose to R$ 16.3 billion from R$ 14.1 billion. Leverage, measured as net debt to EBITDA, increased to 3.78 times from 3.63 times at year-end 2025. The company has secured strategic funding to ensure credit availability through 2027.
Capital expenditure in the quarter totaled R$ 1.053 billion, with R$ 608 million directed to new projects, a 16% year-on-year decrease reflecting project maturation. PMSO costs rose 13% to R$ 210.8 million, partly due to non-recurring legal fees and property taxes. For the first half, the fixed-cost-to-revenue ratio improved to 25% from 30% a year earlier.
Under IFRS accounting, which includes construction revenue and other adjustments, net income was R$ 688.9 million, up 220% year on year, while IFRS EBITDA reached R$ 1.3 billion, a 375% increase.
The central question for investors is whether the accelerating revenue contribution from newly energized assets will outpace the rising financial burden of inflation-linked debt before leverage peaks?