Companhia Energetica de Minas Gerais Q2 2026 Earnings Recap

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.