Auren Energia Swings to Q4 Profit on Integration Gains and Market Repricing

Overview

• Auren posted a net profit of R$354.7 million in Q4 2025, reversing a year-earlier loss of R$363.6 million, with adjusted EBITDA near R$1.0 billion, up 13.5%.
• For 2025, adjusted EBITDA rose 19.9% to R$3.97 billion, but the company still reported a net loss of R$557.9 million.
• Quarterly results were boosted by R$239.4 million in mark-to-market gains on future energy contracts and by recognition tied to Cesp’s prudent investments, which added R$142.8 million to EBITDA within a broader R$498.8 million accounting effect.
• The AES Brasil integration was completed in about 10 months, delivering R$66 million in recurring PMSO savings in Q4 and R$278.7 million in 2025, with acquired wind assets reaching 95% availability a year ahead of plan.
• Net debt ended 2025 at about R$19.23–19.24 billion with leverage at 4.8x, which executives expect to hold steady in 2026 before declining from 2027, as the company emphasizes trading and prepares for future battery capacity bids; curtailment cost R$529.5 million in 2025, partly offset by R$195.9 million in modulation gains as regulation on compensation is awaited.