Aeris Indústria e Comércio de Equipamentos para Geração de Energia S.A
Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
Aeris Energy built the wind-blade factory that helped put Brazil on the renewable-energy map — then watched its order book collapse. Today the company is fighting for survival with negative equity, a debt pile worth more than its entire annual sales, and a market value barely above $24 million.
| Full name | Aeris Indústria e Comércio de Equipamentos para Geração de Energia S.A. |
| Ticker / exchange | AERI3 — B3 (São Paulo) |
| Headquarters | Caucaia, Ceará, Brazil |
| Sector | Industrials — Specialty Industrial Machinery |
| Employees | 1,852 |
| Market value (market cap) | BRL 124.8 m (~$24.0 m USD) |
| Yearly sales, TTM (revenue) | BRL 641.2 m (~$123.2 m USD) |
| Net profit, TTM | Loss: approx. BRL –9.5 m (~–$1.8 m USD) |
| Net margin, TTM | –1.5% (losing roughly BRL 1.50 (US$0.29)per BRL 100 (US$19)of sales) |
| Return on equity (ROE) | –3.0% (equity itself is negative; see balance sheet) |
| Price-to-earnings (P/E) | N/A — company is loss-making |
| Dividend yield | None |
| Net debt (our calculation) | BRL 1.81 bn (~$347.7 m USD) — debt far exceeds cash |
| Website | aerisenergy.com.br |
What it is
Aeris manufactures wind blades in Brazil and also repairs, paints, inspects, and maintains all models of blades and other wind components. It is the largest wind-blade maker in Latin America, and its factory sits inside the Pecém Industrial and Port Complex on the coast of Ceará — giving it direct sea access to ship blades to wind farms across Brazil and abroad.
The company was incorporated in 2010 and listed on B3 in November 2020, raising BRL 1.13 billion (US$217 mn) to expand production capacity. Alexandre Negrão also holds the vice-presidency of ABIMAQ’s wind energy council and a board seat at the Global Wind Energy Council (GWEC).
Who owns it
Alexandre Sarnes Negrão is a Brazilian businessman with diversified investments in energy, real estate, and agriculture — and the company’s controlling shareholder and chairman. The EODHD data shows institutional investors hold roughly 1.75% of shares and insiders report 0% in the formal disclosure category, meaning the bulk of the float sits with Negrão’s holding structure; the precise percentage of his stake was not disclosed in available exchange filings at the time of writing.
Aeris has been listed on B3 since 11 November 2020, when it raised BRL 1.13 billion (US$217 mn) to expand its wind-blade production capacity. Since then the share price has fallen sharply from its IPO level, reflecting the operational deterioration described below.
Live Company IntelligenceIndústria e Comércio de Equipamentos para Geração de Energia S.A — the full investor dossier
Who runs it
Alexandre Negrão serves as CEO. In February 2026, the company announced a CFO change: José Simão, formerly of AES Brasil, took over as Chief Financial Officer and head of investor relations.
His predecessor José Azevedo had been in the role since August 2023; Simão’s mandate is to integrate strategic planning and push for operational efficiency and long-term value creation.
The money, in plain words
Revenue has fallen off a cliff over two fiscal years — from BRL 2.83 billion (US$544 mn) (~$543 m) in 2023 to BRL 1.52 billion (US$292 mn) (~$291 m) in 2024, then to BRL 746 million (US$143 mn) (~$143 m) in 2025, a cumulative drop of 74% (our calculation). The gross profit line — what is left after the direct cost of making blades — turned negative in 2025 at –BRL 38.7 million (US$7 mn) (~–$7.4 m), meaning Aeris is spending more to make each blade than it earns selling it (our calculation from EODHD income data).
The balance sheet is technically insolvent: total liabilities of BRL 2.31 billion (US$444 mn) (~$443 m) exceed total assets of BRL 1.61 billion (US$309 mn) (~$310 m), leaving shareholders’ equity at minus BRL 696 million (US$134 mn) (~–$134 m) (our calculation). Total debt stands at BRL 1.83 billion (US$352 mn) (~$352 m) against only BRL 28.7 million (US$6 mn) (~$5.5 m) in cash — a net debt of BRL 1.81 billion (US$348 mn) (~$347.7 m), which is nearly three times the company’s current annual revenue (our calculation).
What it is doing now
In the third quarter of 2025, Aeris posted a net loss of BRL 144.4 million (US$28 mn) and a cumulative nine-month loss of BRL 412.9 million (US$79 mn). The company cited power-grid curtailments in Brazil — forced production stoppages to prevent blackouts — as a key drag hitting the wind sector.
Export revenue and a growing blade-services division were identified as the main positive levers for operational recovery. In mid-2024, Aeris created a specialised services subsidiary — Aeris Services LATAM and USA — covering repairs, painting, inspections, and maintenance for the wind market across Latin America and the United States.
What to watch
- Debt restructuring. With net debt nearly three times annual revenue and negative equity, refinancing terms will define whether the company survives or enters a formal restructuring process.
- Order book recovery. Brazilian wind-energy investment has been disrupted by grid curtailments; a return of long-term blade supply contracts would be the clearest sign of a turning point.
- Services and exports. The new Aeris Services unit and overseas blade sales are the two growth engines management is betting on; watch their revenue share in each quarterly result.
- CFO execution. New CFO José Simão arrived in February 2026 with a mandate to cut costs and stabilise finances — his first full-year results will be the real test.
- Grid policy. Brazilian government decisions on how to manage renewable-energy curtailments directly affect the profitability of Aeris’s customers and, in turn, demand for new blades.
Sources
This is news, not investment advice.
Read More from The Rio Times