Alupar, a holding company that operates in the electrical energy transmission and generation segments, informed a regulatory net profit that totaled R$148.9 million in the first quarter of 2026an increase of 6.3% compared to the R$ 140.1 million recorded in the same period of the previous year. The more timid result reflects the exchange rate effect with no impact on cash.
Consolidated regulatory Ebitda (Earnings before Interest, Taxes, Depreciation and Amortization) reached R$794.7 million in the quartergrowth of 15.9%, compared to the first three months of 2025. While the Ebitda margin closed at 0.3 pp
Net revenue ended the period at R$ 996.8 million. HAS CNNLuiz Coimbra, director of investor relations at Alupar, explains that both revenue and Ebitda reflect the entry into operation of assets, with emphasis on Transmissora Colombiana de Energia (TCE), operational since October 2025, from Elte, completed in July 2025, in addition to the effects of IPCA and IGP-M.
“Within the financial result, because we have companies outside of Brazil, there is exchange rate variation, that is, every time there is an appreciation or devaluation of the country’s currency against the dollar, this is accounted for. This brought the profit down by R$37 million”, he explains.
Generation cuts imposed by the ONS (National Electric System Operator), due to problems with transmission lines or lack of demand, continue to punish the results of the generation arm, but less so compared to the last quarter. The impact is R$15 million on revenue, an amount considered marginal by Cuiabá. On the other hand, the PLD (Difference Settlement Price) was higher and ended up offsetting part of the impact.
The next energy transmission auction should take place in October. The company has already confirmed that it will participate. “We’re going to participate (…). We’re looking at all the lots and we generally bid on almost all of them,” he says.
The company’s board of directors approved the distribution of interim dividends in the total amount of R$69.2 million, equivalent to R$0.07 per ON and PN share and R$0.21 per Unit.
The company’s regulatory leverage, measured by the net debt/Ebitda ratio, was 3.2 timesa drop compared to the first quarter of 2025. On the other hand, the projection is to cover investments in lots sold at auctions.
“The composition of the debt is 30% in CDI (which is the most expensive interest rate in Brazil), 55% in IPCA and the remainder diluted in other things. With the transmission company TECP raising R$ 2.45 billion in infrastructure debentures, what we had in IPCA increased to 64% and CDI fell to 21%”, he explains.
