Taesa, officially known as Transmissora Aliança de Energia Elétrica (TAEE11), has reported its financial results for the first quarter of 2025, revealing a regulatory net profit of R$ 188.3 million. This figure reflects a slight decline of 0.7% compared to the same period last year, according to a statement released on May 8, 2025.
In terms of earnings before interest, taxes, depreciation, and amortization (EBITDA), the company achieved a total of R$ 509.6 million. This marks a growth of 6.9% compared to the first quarter of 2024. The adjusted EBITDA margin also saw an increase, reaching 85.2%, which is up 2.4 percentage points from the previous year.
Taesa's net revenue for the first quarter of 2025 totaled R$ 597.9 million, showcasing a growth of 3.8% when compared to the same stage in 2024. However, the company’s net debt has risen to R$ 11.542 billion, a 7.1% increase from the previous year.
The company's financial leverage indicator, calculated as net debt divided by adjusted EBITDA, was reported at 4.1 times as of March 31, 2025, which is an increase of 0.3 percentage points from the same period in 2024. Despite these challenges, the company’s Board of Directors approved a distribution of earnings, amounting to R$ 188.3 million, equivalent to R$ 0.55 per Unit, based on the results from March 31, 2025.
This payout represents 100% of the regulatory net profit recorded in the first quarter. The payment is scheduled for August 27, 2025, with a base date set for May 12, 2025.
In an interview, Taesa's Chief Financial Officer, Catia Pereira, emphasized the positive impact of new projects on the company's revenue, particularly highlighting the operational commencement of the Pitiguari project and enhancements in Novatrans. Pereira noted that these developments, alongside cost-cutting measures, have contributed to the improved EBITDA margin.
Despite the overall positive trends in operational performance, financial results were adversely affected by higher debt costs and inflationary pressures. The company experienced a significant increase in financial expenses, which rose by 11.6% year-on-year due to the rising costs associated with the IPCA, the primary indexer of Taesa’s debts.
The net financial result for the first quarter was negative at R$ 344 million, representing a 14% increase compared to the previous year. This deterioration was partly offset by a reduction of R$ 20.5 million in income tax and social contributions, which benefited from the decrease in deferred tax liabilities.
Looking ahead, Taesa is focused on several ongoing projects aimed at enhancing its operational capacity. The company currently has five projects in progress, with some expected to start operations between 2025 and 2026. Pereira indicated that these initiatives would lead to a gradual reduction in leverage, projecting a return to more sustainable levels by 2026.
Overall, Taesa's results for the first quarter of 2025 illustrate a company navigating the complexities of financial pressures while simultaneously working to bolster its operational efficiency and project portfolio. The management remains optimistic about future performance, citing ongoing efforts to optimize costs and improve operational efficiency.
As the company moves forward, it aims to maintain its focus on efficiency and profitability, ensuring that it can adapt to the evolving market conditions while delivering value to its shareholders.
