BRAZIL · ENERGY
Key Facts
- The company Eneva is a Brazilian power and natural gas company that sells electricity from gas-fired plants.
- The result Net profit fell 8.2% to R$322.9 million (about US$57 million); EBITDA, operating earnings, fell 22.8%.
- The drop Net revenue fell 26.9% to R$3.235 billion (about US$574 million) from a year earlier.
- The new plant Azulão I, a gas-fired plant in Amazonas state, began commercial operation in August.
- The debt Net debt fell to R$17.3 billion (about US$3.1 billion) since June; leverage eased to 2.97 times EBITDA.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
Eneva, a Brazilian power and natural gas company, reported on Wednesday 11 November 2026 that its third-quarter net profit fell 8.2% to R$322.9 million (about US$57 million). Net revenue dropped 26.9% to R$3.235 billion (about US$574 million, at about R$5.64 per US$ on 13 November), yet the share of revenue that became operating earnings improved.
For US readers, the quarter shows how Brazil’s power market is changing as some older supply contracts end and new plants start. Our guide to Brazil’s power sector gives the background, and the Eneva company profile holds the company’s full record.
What Happened
Eneva’s net profit was R$322.9 million (about US$57 million), down 8.2% from R$351.7 million (about US$62 million) in the third quarter of 2025. Earnings before interest, taxes, depreciation and amortisation, known as EBITDA and used as a measure of operating cash earnings, fell 22.8% to R$1.407 billion (about US$249 million).
The EBITDA margin, which shows how much of each real of sales becomes operating earnings, rose 2.3 percentage points to 43.5%. A year earlier the margin was 41.2%.
Why Revenue and EBITDA Fell
The company cited the end of contracts at its thermal plants in Espírito Santo state, the sale process of its coal-fired plants and non-cash accounting provisions. Coal-fired plants burn coal to make electricity and are called on when other sources fall short.
Eneva also received a payment from Vale, the Brazilian mining company, for the early end of a liquefied natural gas supply contract. The contract with Vale is now closed.
Live Company IntelligenceEneva S.A — the full investor dossier
New Plants and Gas Trading
Azulão I began commercial operation in August and added R$50 million (about US$9 million) of EBITDA in the quarter. New contracts for thermal plants in Espírito Santo, won in government capacity auctions that pay plants to stand ready, added R$66 million (about US$12 million).
Eneva’s natural gas trading business earned R$163 million (about US$29 million) of EBITDA, R$135 million (about US$24 million) more than a year earlier. The company said the gain came from trades in the natural gas and liquefied natural gas markets.
Debt Eased From June
Net debt was R$17.3 billion (about US$3.1 billion) at the end of September, down from R$19.8 billion (about US$3.5 billion) at the end of June. A year earlier it stood at R$15.5 billion (about US$2.7 billion).
Leverage, which is net debt divided by EBITDA, eased to 2.97 times from 3.2 times in June. A higher figure means the company needs more years of operating earnings to repay what it owes.
What It Means for You
If you hold Brazilian shares through a US fund, the quarter shows a company moving from older contracts to new plants and trading income. A lower profit with a higher margin means Eneva earned more from each real of sales but had fewer sales to count.
Travelers and expats feel the sector only indirectly, through power bills and how often thermal plants run. Gas-fired plants work harder when rainfall is low and hydropower dams, like the one pictured, run short.
What Is Not Known
It is not known whether revenue has reached its low point, because the contracts ended on different dates. The next quarter will show how much profit remains without the Vale payment.
The first full quarter of Azulão I and the Espírito Santo plants has not yet happened. Their contribution to EBITDA in the fourth quarter is therefore still open.
More: Brazil news in English, every day from The Rio Times.
Frequently Asked Questions
What Was Eneva’s Profit in the Third Quarter of 2026?
Eneva reported net profit of R$322.9 million (about US$57 million), down 8.2% from a year earlier. Net revenue was R$3.235 billion (about US$574 million), down 26.9%.
Why Did Eneva’s Revenue Fall 26.9%?
The company cited the end of contracts at its Espírito Santo plants, the sale process of its coal-fired plants and non-cash accounting provisions. A payment from Vale for ending a gas contract early also fed into the quarter.
How Much Debt Does Eneva Have?
Net debt was R$17.3 billion (about US$3.1 billion) at the end of September, down from R$19.8 billion (about US$3.5 billion) in June. Leverage eased to 2.97 times EBITDA.
Sources: Eneva, investor relations, results for the third quarter of 2026 (company statement), 11 November 2026; exchange rate of about R$5.64 per US$, 13 November 2026.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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