BRAZIL · ENERGY AND EARNINGS
Key Facts
- Nine months: Adjusted net profit rose 98.3% to R$7.07 billion (about US$1.29 billion) in January to September 2026.
- Reported profit: R$4.93 billion (about US$901 million), against a loss of R$7.13 billion (about US$1.30 billion) a year earlier.
- Third quarter: Adjusted profit fell 19.1% to R$1.76 billion (about US$321 million) as last year’s strong base faded.
- Debt: Net debt was R$47.57 billion (about US$8.7 billion) at the end of September.
- Rate used: R$5.48 per US$1, the central bank rate of Wednesday 4 November 2026.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
Axia Energia, the Brazilian power company formerly known as Eletrobras, nearly doubled its adjusted profit over the first nine months of 2026. The figure rose 98.3% to R$7.07 billion (about US$1.29 billion), up from R$3.57 billion (about US$651 million) a year earlier.
The company published the results on Wednesday 4 November 2026, after the São Paulo market closed. For US readers the numbers show how much a rebuilt Latin American utility earns now that the shock of 2025 has passed.
What Axia Energia Reported
Adjusted net profit strips out one-off accounting items, and on that basis the company earned R$7.07 billion (about US$1.29 billion) from January to September. The same months of 2025 gave R$3.57 billion (about US$651 million).
Reported profit under international accounting rules was R$4.93 billion (about US$901 million). A year earlier the same nine months showed a loss of R$7.13 billion (about US$1.30 billion), so the swing in headline profit is even larger.
Why the Third Quarter Looked Weaker
Profit did not rise in every period. In the third quarter alone, adjusted profit fell 19.1% to R$1.76 billion (about US$321 million), and reported profit was R$1.11 billion (about US$203 million).
A year earlier it booked a reported loss of R$5.45 billion (about US$994 million), so the reported number swung to a gain. Our report on the third quarter shows that the result also fell short of analyst forecasts.
In Plain English, Who Is Who
Axia Energia is Brazil’s largest electricity group, which owned hydroelectric dams, power lines and other plants across the country. It was called Eletrobras until 2025 and was state-controlled until a 2022 sale of shares reduced the government’s stake, as our first-quarter report recalls.
Regulatory EBITDA is an operating profit measure that counts income the way Brazil’s power regulator does. The Brazilian central bank rate of R$5.48 per US$1 on 4 November is used for every conversion in this article.
What It Means for You
Axia left the New York Stock Exchange in August 2026, as our report on the exit shows, so US investors no longer buy it there. Its ordinary shares trade in São Paulo on the B3 exchange under the ticker AXIA3.
The company has approved payouts of up to R$11.7 billion (about US$2.1 billion) for 2026, including up to R$4 billion (about US$730 million) in September. A share redemption of R$3.48 billion (about US$635 million) is paid on Friday 6 November, as our report on the redemption explains.
What Is Not Known
The company’s full list of one-off items behind the adjusted figures is not yet available to us. It is also not known how much of the profit will reach shareholders through dividends beyond the amounts already approved.
Net debt rose to R$47.57 billion (about US$8.7 billion), and the cost of that debt in a higher-rate Brazil remains a concern. It is not known how the market will price the results when the exchange reopens on Thursday 5 November.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
Did Axia Energia’s profit nearly double in nine months?
Yes, on the adjusted measure. Adjusted net profit rose 98.3% to R$7.07 billion (about US$1.29 billion) from January to September 2026.
Is Axia Energia the same company as Eletrobras?
Yes, Eletrobras was renamed Axia Energia. It is Brazil’s largest electricity group, and its ordinary shares trade in São Paulo as AXIA3.
Can US investors still buy Axia Energia in New York?
The company’s New York Stock Exchange listing ended in August 2026. US investors can buy the ordinary shares through brokers with access to the São Paulo B3 exchange.
Sources: Axia Energia, third-quarter 2026 earnings announcement, Wednesday 4 November 2026; Banco Central do Brasil, PTAX dollar rate, Wednesday 4 November 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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