Axia Energia Posts R$13.68 Billion Q4 Profit on Tax Gain as Leverage Rises

A one-off deferred tax gain drove the jump, obscuring weaker operating trends.

Overview

Reported Q4 net income reached R$13.68 billion, primarily due to R$11.19 billion from deferred tax recognition and related non-recurring effects.
Adjusted net income in Q4 was R$1.25 billion, up 141.4% year over year, while adjusted EBITDA fell 9.9% to R$4.2 billion and revenue declined 11.3% to about R$10.66 billion.
For 2025, adjusted net income dropped 45.8% to R$4.76 billion and adjusted EBITDA fell 22.8% to R$19.67 billion, as full-year revenue edged up 2.7% to R$41.28 billion.
Adjusted net debt climbed to R$46.48 billion at year-end, lifting adjusted leverage to 2.4x versus 1.5x a year earlier and 2.1x in September.
Management cited R$9.6 billion of 2025 investments and a record R$8.3 billion in dividends, closed a R$2 billion debenture issue, and set an April 1 shareholder vote on migrating to B3’s Novo Mercado.