Taesa (Transmissora Aliança de Energia Elétrica), a Brazilian company that owns high-voltage power lines, said on Wednesday 11 November that its regulatory net income for the third quarter rose 12.5% to R$363.8 million (about US$65 million). New lines entering service and five assets bought from Energisa, a Brazilian utility group, lifted earnings, the company said in its results release dated 11 November 2026.
Key Facts
•Profit. Regulatory net income was R$363.8 million (about US$65 million), up 12.5% on a year earlier.
•Operating earnings. Regulatory EBITDA, earnings before interest, tax and depreciation, rose 25.2% to R$687.2 million (about US$124 million).
•Payout. The board declared R$1.06 a unit (a bundle of shares; about US$0.19) as an advance dividend, due 27 January 2027.
•Debt. Net debt stood at R$12.5 billion (about US$2.2 billion), 19.7% above the previous quarter.
•Leverage. Net debt reached 4.7 times EBITDA including its share of joint ventures, up from 4.2 in the second quarter.
What Happened
Taesa reported regulatory net income of R$363.8 million (about US$65 million) for July to September, against R$323.3 million (about US$58 million) in the same quarter of 2025. Regulatory accounts are the basis for Taesa’s payouts and differ from its international (IFRS) accounts.
Net regulatory revenue grew 22.7% to R$798.4 million (about US$144 million), and regulatory EBITDA rose 25.2% to R$687.2 million (about US$124 million). The EBITDA margin widened to 86.1%, up 1.7 points, and all conversions here use the Central Bank of Brazil’s official PTAX dollar rate of R$5.5606 per US dollar on 11 November.
The company credits three new transmission projects, Ananaí, Tangará and the second phase of Saíra, plus many grid upgrades and the five Energisa assets. It closed that purchase on 12 August, after signing the contract on 21 May 2026.
On IFRS accounts, net income was R$360.7 million (about US$65 million), up 5.9%. Over nine months, regulatory net income fell 4.7% to R$763.2 million (about US$137 million), while net financial expense rose 13.5% to R$923.9 million (about US$166 million).
The board approved interim dividends equal to 100% of the quarter’s regulatory profit, R$363.8 million (about US$65 million) or R$1.06 a unit (about US$0.19). A unit is a share bundle traded as TAEE11, and shareholders on record on Monday 16 November receive payment on Wednesday 27 January 2027.
Why It Matters
Taesa earns a regulated annual permitted revenue, known as RAP, for each power line it operates, so new lines add income that does not depend on how much power flows. The five Energisa assets alone bring R$305 million (about US$55 million) of authorised annual revenue for the 2026-27 cycle, the release states.
That growth came with borrowing: gross debt reached R$13.6 billion (about US$2.45 billion), 23.8% higher than in the second quarter, and cash was R$1.2 billion (about US$208 million). Counting debt in jointly owned companies, net debt to EBITDA would be 4.4 times if the acquired assets had contributed for a full year, the company says.
What to Watch Next
Taesa scheduled a results webcast for Thursday 12 November at 11:00 Brasília time. The R$206.8 million (about US$37 million) payout for the second quarter is due on Thursday 26 November, and the new interim dividend on Wednesday 27 January 2027.
What Is Not Known
The release does not say whether Taesa will keep paying out all of its regulatory profit if debt stays near current levels. It also gives no guidance for fourth-quarter earnings.
Frequently Asked Questions
How much did Taesa earn in the third quarter of 2026?
Regulatory net income was R$363.8 million (about US$65 million), up 12.5% from R$323.3 million a year earlier. IFRS net income was R$360.7 million (about US$65 million).
When does Taesa pay the new dividend?
The R$1.06 a unit (about US$0.19) interim dividend is payable on 27 January 2027 to holders on record on 16 November 2026. It equals 100% of third-quarter regulatory profit.
Sources: Taesa 3Q26 results release, 11 November 2026; Taesa investor relations, results calendar; Central Bank of Brazil PTAX rate, 11 November 2026.
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