Companhia Energetica de Minas Gerais Earnings Recaps
Q2 2026
Aug 18, 2026
Cemig's shares declined 1.5% following its Q2 report, reflecting investor caution despite solid investment execution and recurring EBITDA growth. The market reaction suggests muted confidence amid elevated financial expenses and a cautious outlook on near-term profitability.
Key takeaways
- Recurring EBITDA increased by 9.3% year-over-year, demonstrating underlying operational stability.
- Net income rose 15.6% year-over-year but was weighed down by higher financial expenses related to substantial funding to support CapEx.
- Capital expenditures totaled BRL 3.3 billion in H1, representing 49% of the full-year BRL 6.7 billion target, focused mainly on distribution (BRL 2.6 billion).
- Tariff adjustment for Cemig Distribution averaged +6.5%, supporting revenue growth in regulated segments.
- Additional revenue from transmission investments contributed BRL 36 million in RAP this quarter, highlighting progress on infrastructure projects.
Q3 2025
Nov 15, 2025
Cemig reported a challenging Q3 2025, with a recurring EBITDA decrease of 16.3% and a net profit drop of 30.2%, primarily due to a reduced client base and increased depreciation from investments.
Key takeaways
- Strong investment program with BRL 4.7 billion deployed in the first nine months, including BRL 3.6 billion in distribution and significant expansions in substations and networks.
- Maintained AAA ratings from Moody's, reflecting the company's financial resilience amid market fluctuations.
- Distribution sector impacted by large clients migrating to the basic network and a reduction in trading margins, leading to a BRL 136 million adverse effect on results.
- EBITDA for the quarter totaled BRL 1.5 billion, with recurring net profit negatively influenced by increased depreciation and higher interest rates.
- Acknowledged as Brazil's top energy company by Veja Negócios, underlining Cemig's commitment to excellence in the sector.