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Jun 30, 2025
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Cemig Q2 2025 Earnings Report
Cemig reported solid results in Q2 2025, with higher adjusted EBITDA and net income driven by tariff adjustments and operational resilience despite market headwinds.
Key Takeaways
Cemig delivered strong adjusted earnings in Q2 2025, supported by improved tariff revenue and effective cost control. Despite a drop in IFRS net income due to one-off effects, the company showed solid operational performance and maintained a robust investment pace.
Adjusted EBITDA rose to R$2.21 billion from R$1.92 billion in Q2 2024.
Adjusted net income increased 16.6% to R$1.32 billion.
Revenue grew 14.3% YoY, reaching R$10.79 billion.
Submarket price differences and RBSE revision negatively impacted IFRS results.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cemig expects continued growth driven by infrastructure investments and operational efficiencies, but remains cautious about regulatory and market volatility.
Positive Outlook
- Strong investment momentum with over R$6.35B planned for FY25
- Tariff adjustments to support margin expansion
- Debt profile improved with longer maturities and AAA rating
- Operational efficiencies below inflation rate
- Growth in distributed generation and smart grid rollouts
Challenges Ahead
- Exposure to submarket price variations remains a risk
- R$199M non-cash RBSE revision affected reported EBITDA
- Industrial energy consumption declined due to migration
- Elevated capex may pressure short-term cash flows
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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