Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR): Business Model Canvas [Dec-2025 Updated]

You're looking at a utility giant in the middle of a massive pivot, and honestly, understanding the new blueprint for Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) post-privatization is key to seeing where Brazil's energy future is headed. As your analyst, I've mapped out the nine blocks of their Business Model Canvas as of late 2025, showing how they're funding a R$12 billion annual capital expenditure plan while pushing toward a 100% renewable portfolio, all while securing a Ba1 credit rating. This isn't just maintenance; it's a strategic overhaul built on regulated transmission fees (RAP making up over 41.1% of revenue) and aggressive asset management. Dive below to see exactly how Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) is structuring its value capture now.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) relies on to execute its strategy as of late 2025. These alliances are key to regulatory compliance, technological advancement, and capital raising.

Brazilian regulatory bodies (ANEEL) for concession contracts are central to Eletrobrás Furnas and other subsidiaries' operations. The electric power watchdog, ANEEL, has approved an addendum to distribution concession contracts, formalizing a 30-year extension for those expiring between 2025 and 2031. Furthermore, ANEEL authorizes new transmission projects, as seen in the inclusion of 18 new authorizations in the large-scale transmission pipeline during the second quarter of 2025. The regulatory environment directly impacts financial results, with ANEEL's revision to the regulatory asset base of subsidiary Chesf causing a negative impact of R$ 952 million in the first quarter of 2025.

Agreements with State governments for green hydrogen and infrastructure MoUs show a clear push into the energy transition space. Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) signed a Memorandum of Understanding (MoU) with the government of Maranhão state to collaborate on green hydrogen production. Separately, an MoU with the government of Ceará state focuses on developing projects at the Pecem Industrial and Port Complex (CIPP) to promote a low-carbon hydrogen hub. This green hydrogen focus is also evident in the partnership with Green Energy Park (GEP), which will combine over 10 Gigawatts of Eletrobrás's hydropower resources for renewable hydrogen production.

For grid modernization, the partnership with C3 AI for power grid digitization and modernization is a major technological pillar under the Eletro.ia program. Following a successful initial deployment across 10 substations in 2024, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) is scaling the C3 AI Grid Intelligence tool across all its transmission assets for real-time fault monitoring and resolution. The utility is also leveraging C3 Generative AI to streamline operational reporting.

In terms of financing, the company engages with financial institutions for tax-incentivized debenture issuance. In September 2025, the Board approved the 8th issuance of simple debentures for the subsidiary Eletronorte, amounting to R$ 700 million, which benefits from tax incentives under Law No. 12,431/2011. This aligns with a broader market trend where, from January to September 2025, the volume of tax-exempt debenture issuances reached a record R$ 114 billion, with electricity projects financing 36% of that total.

Centrals Elétricas Brasileiras S.A. - Eletrobrás (EBR) maintains numerous joint venture partners in generation and transmission projects, often through Special Purpose Companies (SPEs). The company is executing 249 large-scale transmission projects. One example of a generation partnership is the Joint Venture Acelen - Perfin - Illian, conceived for the construction of phase 1 of the Irecê Solar Complex. The company is also working on the Manaus-Boa Vista line, which is 87% complete, representing an investment of R$ 3.3 billion.

Here's a snapshot of some of these key operational and financial relationships:

The reliance on these external entities is quantified by the ongoing capital deployment in these areas:

• Infrastructure investments allocated 28% to digitization and information technologies in Q2 2025.
• Total estimated capex for the large-scale transmission pipeline between 2025 and 2030 is R$ 13.3 billion.
• The Manaus-Boa Vista line project investment reaches R$ 3.3 billion.
• Centrals Elétricas Brasileiras S.A. - Eletrobrás (EBR) plans to invest up to R$ 4.5 billion in the transmission network and reinforcements in 2025.

Finance: draft 13-week cash view by Friday.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Key Activities

The core operations of Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) revolve around managing and expanding its dominant position in Brazil's energy sector, split between transmission and generation.

Operating and maintaining the transmission network is a primary activity, providing a highly predictable revenue base. Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) is responsible for operating and maintaining 66,539.17 km of transmission lines. This segment is crucial, as over half of the company's EBITDA is derived from this stable, regulated power transmission business. The transmission segment's forecast revenue after taxes for 2025 is about R$17.5 billion.

In electricity generation, the key activity is managing a portfolio that is now entirely clean. Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) is generating electricity from 81 renewable plants, which include 47 hydroelectric, 33 wind, and one solar facility. This transition was cemented by the completion of thermal asset divestments, meaning the company now generates 100% of its energy from clean and renewable sources.

A major ongoing activity is the execution of a significant capital expenditure program, heavily weighted toward the transmission segment for growth and stability. Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) is executing an R$12 billion annual CAPEX plan through 2026, primarily focused on transmission network enhancements. This investment is targeted to generate a clear, regulated return stream.

Managing long-term energy concession contracts under a stable regulatory regime is fundamental to cash flow predictability. These contracts, especially for hydroelectric plants, secure revenue streams for Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR).

Strategic portfolio optimization and asset divestment actively shape the company's risk profile. This activity has recently involved eliminating thermal exposure. For instance, the company completed the sale of six thermal assets to Eletronorte for R$2.6 billion in May 2025. This follows the 2024 divestment of the Candiota Thermoelectric Complex and the natural gas thermoelectric portfolio, aligning the company with its net-zero by 2030 commitment.

The execution of these key activities is supported by several operational focuses:

• Managing a total debt of R$75.32 billion as of the third quarter of 2025.
• Prioritizing investments in transmission networks, focusing on reinforcements and upgrades.
• Actively participating in upcoming transmission auctions for long-term growth.
• Managing compulsory loan payments, forecasted at R$3.8 billion annually in 2025-2026.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Key Resources

You're looking at the core assets Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) relies on to operate its massive energy platform. These aren't just assets; they are the physical and intangible foundations that allow EBR to maintain its dominant position in the Brazilian energy sector following its privatization.

• - 40% of Brazil's total hydroelectric generation capacity.
• - Extensive transmission network covering 37% of the national system.
• - Strong credit rating (Moody's upgraded to Ba1 in May 2025).
• - Long-term, stable concession contracts for major assets.
• - Highly specialized engineering and operational workforce.

The scale of these resources is best understood through the hard numbers, especially as the company focuses on post-privatization efficiency and growth. Here's a quick look at the quantifiable strength of these key resources as of late 2025.

The transmission segment is underpinned by long-term agreements; for instance, new lots won between 2022 and 2024 carry a concession term of 30 years. These new projects are expected to add 2,300 km of transmission lines and translate to an additional Permitted Annual Revenue (RAP) of R$672 million upon energization. Furthermore, EBR is executing 249 large-scale transmission projects, targeting an additional RAP of R$1.8 billion between 2025 and 2030, with a total estimated capital expenditure (Capex) of R$13.3 billion for that period.

The workforce, while smaller than in previous years-standing at 7,710 employees at the end of 2024-retains deep institutional knowledge. This specialization is critical for managing assets like the hydroelectric fleet, where approximately 94.6% of EBR's total installed capacity comes from hydroelectric sources. The company's ability to maintain its strong credit profile, evidenced by the Ba1 rating from Moody's in May 2025, is directly linked to the stability and long-term nature of its asset base and concession rights.

You can see the breakdown of the company's transmission assets across its main subsidiaries:

• Chesf: 23,569 km total transmission lines.
• Furnas: 25,954 km total transmission lines.
• Eletronorte: 12,143 km total transmission lines.
• CGTEletrosul: 12,421 km total transmission lines.

The total transmission line length across these entities, including partnerships, was approximately 74,088 km as of the data available.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Value Propositions

You're looking at Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) right now, post-privatization, and the value proposition is clearly centered on a streamlined, clean, and regulated infrastructure play. The core offering is built on providing power reliably at scale.

• - Reliable, large-scale power generation and transmission across Brazil, managing a broad network of transmission lines.
• - Commitment to a 100% renewable energy portfolio, achieved by completing the sale of the last thermal power asset in October 2025.
• - Stable, regulated transmission revenue for investors, underpinned by concession agreements.
• - Modernizing the grid through a planned R$4.5 billion transmission CAPEX for 2025.
• - Strategic focus on cost efficiency post-privatization, demonstrated by operational improvements.

The shift to a fully clean portfolio is a major value driver, aligning with the Net Zero 2030 goal. This transition involved significant asset shuffling, including the sale of Eletronuclear and EMAE, and the acquisition of the remaining 50.1% stake in Tijoá Energia for R$247 million, which added 808 MW of capacity. The company is executing 230 large-scale transmission projects as of late 2025. This focus on core infrastructure is where the predictable returns live.

The transmission segment is key to investor stability. The wins in Transmission Auction No. 04/2025 alone secured an associated Annual Permitted Revenue (RAP) of between R$138.74 million and R$140 million, with a projected CAPEX of R$1.6-1.63 billion for those specific lots. Overall, new transmission awards are expected to add R$2.4 billion in RAP to the revenue stream. Here's the quick math on the investment focus:

Cost discipline is showing through in the operational metrics, even as the company manages the transition. For instance, in Q3 2025, Centrais Elétricas Brasileiras S.A. - Eletrobrás saw a R$ 168 million reduction in personnel, materials, services, and other expenses (PMSO) when comparing results excluding the divested thermal plants year-over-year. This operational streamlining helps support the bottom line, which is important because the company is also returning significant capital to shareholders. They approved an additional dividend payout of R$4.3 billion in December 2025, bringing the total for the year to R$8.3 billion. This is a clear signal of capital allocation discipline following the derisking process.

The value proposition also includes a commitment to resilience and modernization beyond just the grid itself. The company is actively investing in technology to manage its hydro-heavy portfolio better, including a partnership with Google Cloud to develop an AI-driven weather forecasting system to predict extreme events. Furthermore, they are investing in water resource protection, such as the R$51 million investment to protect the source of the Sao Francisco River in the Canastra Mountain chain. This shows a commitment to the environmental and operational safety of their core assets.

• - R$8.3 billion in total dividends for fiscal year 2025.
• - 100% of the energy portfolio is now clean and renewable.
• - 230 large-scale transmission projects are currently underway.
• - R$51 million investment in Sao Francisco River source protection.
• - Adjusted regulatory EBITDA (ex-thermal plants) showed a 3.4% year-over-year increase in Q3 2025.

Finance: draft 13-week cash view by Friday.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Customer Relationships

You're looking at how Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) manages its customer base as of late 2025, a period marked by significant post-privatization portfolio shifts.

Long-term, regulated contracts with distribution utilities.

The core relationship for Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) remains anchored in the regulated sector, serving distribution utilities through long-term agreements. While specific contract volumes aren't detailed here, the financial context shows the impact of these structures. For instance, in the regulated market, residential electricity saw a 10.31% rise in September due to the end of the Itaipu Bonus credit. Furthermore, the regulatory environment dictated tariff flag charges, with the red flag level 2 adding R$7.87 per 100 kWh consumed in September, and the red flag level 1 adding R$4.46 per 100 kWh in October.

Direct sales and negotiation with large industrial consumers.

Industrial consumers are increasingly found within the free market segment, where Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) engages in direct sales and negotiation. The company's strategy focuses on acquiring end clients and selling uncontracted energy. As of the third quarter of 2025, the company reported that between 2% and 18% of its generation capacity remained uncontracted for the year 2025, presenting a direct sales opportunity.

Dedicated commercial teams for the growing free market.

The push into the free market is supported by dedicated commercial efforts. To strengthen operations in this area, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) structured a sales team in São Paulo. This strategy has resulted in the customer base growing to 660 contracts as of early 2025, representing a 65% growth in customer contracts compared to the end of 2023. The company, which has 7,710 employees as of December 04, 2025, serves industrial users and wholesale market participants directly through its commercial operations.

Investor relations focused on post-privatization transparency.

Post-privatization, investor relations centers on demonstrating financial discipline and strategic portfolio alignment. For the full year 2025, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) paid or distributed R$8.3 billion in dividends, with R$4.3 billion distributed in the third quarter alone. The company's net debt stood at R$42,577 million as of 3Q25. Investor communications highlight strategic achievements, such as winning four lots in Transmission Auction No. 04/2025, which secured between R$138.74-140 million RAP (Regulated Annual Revenue) and projected CAPEX between R$1.6-1.63 billion.

The relationship structure can be summarized by the following operational and financial metrics:

The company's commitment to the transmission segment is further evidenced by 230 large-scale transmission projects underway, with an expected R$1.7 billion in additional RAP between 2025-2030.

The customer base is segmented across these channels, which are managed by a workforce of 7,710 employees as of December 04, 2025.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Channels

You're looking at how Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) gets its power to market as of late 2025. It's a mix of massive infrastructure and market trading.

National Interconnected System (SIN) for power flow.

The backbone of delivery is the SIN. Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) operates a significant portion of this network. As of the last reported figures, the company managed 73,789 Km of transmission lines, which is 38% of the total in Brazil. This infrastructure is key to flowing power from its generation assets, where its hydro dominance still accounts for about 60% of national supply. A major channel enhancement expected to be finalized in the second half of 2025 is the Manaus-Boa Vista transmission line, a project representing a total investment of R$3.3 billion, which will achieve the goal of connecting every Brazilian state to the SIN.

The company is pushing capital into this area, planning to execute investments around R$4.5 billion throughout 2025, partly focused on this transmission expansion.

Bilateral power purchase agreements (PPAs) with large users.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) uses the free market channel via bilateral contracts. In one reporting period context, sales through ACL-Bilateral Contracts + STM implemented reached R$8,276 (unit not explicitly stated, but context implies large monetary value). The trend in the free market is strong, with over 13,000 migrations to this environment recorded in the first half of 2025. For perspective on the scale of these private deals, other market participants are signing contracts for volumes like 60MWm continuous or smaller deals around 5.43MWa/y.

Regulated energy auctions for new capacity.

Auctions remain a critical channel for securing long-term capacity. Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) is a confirmed participant in the 2025 tenders, which are projected to attract between R$47 billion and R$57 billion in total investments. Specifically for capacity additions, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) has expansion projects approved for the June 27, 2025, backup capacity tender:

Also, the October 2025 transmission auction is expected to bring in R$4.6 billion in investments, where Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) is a key player.

Wholesale energy market (CCEE) for trading volumes.

Trading on the CCEE (Wholesale Energy Market) is intertwined with the growth of the free market. The sector saw significant growth in free contracting membership, exceeding 13,000 members by mid-2025. While specific Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) trading volumes on the CCEE for 2025 aren't directly quantified here, the company is actively restructuring its trading operations with a customer focus, a key strategic move from 2024.

The company's financial structure supports these activities; its gross debt was reduced to R$38.1 billion as of May 2025, and it paid out BRL 4 billion in dividends during the second quarter of 2025 alone.

• Transmission Line Investment for 2025: R$4.5 billion planned execution.
• Q1 2025 Investments: R$912 million disbursed.
• Q2 2025 Adjusted Net Income: BRL 1.4 billion.
• Total Approved Hydro Expansion Capacity in Auctions: 1,206 MW from two Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) projects.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Customer Segments

You're looking at Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) post-privatization, where the customer base is clearly segmented by the regulatory environment of energy sales, which directly impacts revenue stability and margin potential.

The company's commercial approach, as of late 2025, centers on managing its foundational regulated contracts while aggressively pursuing growth in the higher-margin free market, a strategic pivot that saw its portfolio transform significantly since the 2022 privatization.

Centrais Elétricas Brasileiras S.A. - Eletrobrás serves distinct customer groups through two primary channels: the Regulated Contracting Environment (ACR) and the Free Contracting Environment (ACL).

For the regulated side, the customer base is primarily composed of regulated distribution companies (utilities). This segment provides a baseline of stable, long-term revenue, although the volume has seen some pressure recently. For instance, in August 2025, the regulated market of distributors accounted for 24,298 GWh of consumption, representing 53.2% of the national total, while experiencing a 5.3% drop in consumption compared to the prior year.

The growth engine is the large industrial and commercial free market consumers, reached via the ACL. This segment involves direct bilateral negotiations. As of Q1 2025, the ACL represented 40% of Centrais Elétricas Brasileiras S.A. - Eletrobrás's sales volume. The company has been successful in expanding this base, reporting that the number of ACL customers jumped to 660 contracts by early 2025, which is a 65% growth rate from the end of 2023. The strategic target is to increase the ACL share to 50% of total sales volume by 2026.

The remaining energy, which includes volumes sold to wholesale energy traders and brokers, is tied to the uncontracted capacity. For 2025, between 2% and 18% of Centrais Elétricas Brasileiras S.A. - Eletrobrás's total installed capacity remains uncontracted, available for spot market or short-term trading, which involves these wholesale participants.

The overall revenue context for late 2025 reflects these segments. For the last twelve months ending September 2025, total revenue was approximately R$42.64 billion.

Here is a comparison of the two main market segments based on August 2025 national consumption data and Centrais Elétricas Brasileiras S.A. - Eletrobrás's Q1 2025 sales volume split:

The focus on the free market means Centrais Elétricas Brasileiras S.A. - Eletrobrás is increasingly dealing directly with large consumers, but the regulated segment remains the largest by volume share for the broader market.

The company's customer base is also defined by its operational scale, as it holds a substantial 38.49% of the National Interconnected System's transmission lines, which generates secure, regulated tariff revenue independent of energy sales volume.

You should track the migration of captive consumers to the free market, as this trend directly feeds Centrais Elétricas Brasileiras S.A. - Eletrobrás's ACL growth strategy.

• ACL Customer Count (Early 2025): 660 contracts.
• ACL Customer Growth (vs. end of 2023): 65%.
• Uncontracted Generation Capacity (2025 Estimate): Between 2% and 18%.
• Total Revenue (Last Twelve Months ending Sept 2025): Approx. R$42.64 billion.
• Q3 2025 Revenue: 10.00B BRL.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Cost Structure

When you look at the cost side of Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR), you see the heavy lift required to run a massive, essential utility in Brazil. The costs are dominated by necessary, long-term investments and the ongoing burden of past financing and regulatory obligations. It's not just about keeping the lights on; it's about modernizing the grid for the next few decades.

The capital expenditure (CAPEX) is a major drain, though the actual execution for 2025 seems lower than the R$12 billion figure you mentioned in your outline. For instance, in the second quarter of 2025, investments were reported at R$1.966 billion, and management guided for an execution around R$4.5 billion for the full year 2025, focusing heavily on transmission projects. Still, this level of investment is significant, especially when you consider the need to maintain and expand a vast network across the country.

Operational and maintenance costs are baked into the structure, often reflected in the Personnel, Material, Services, and Others (PMSO) line item. Following corporate restructuring, you saw PMSO decrease by 8% compared to the same period in 2024 for the first quarter of 2025. This efficiency drive is critical because, despite strong operational performance, the bottom line has been squeezed. For example, in Q2 2025, the EBITDA margin proxy was strong at approximately 53.37%, yet the reported Net Profit Margin was approximately -14.11% for the full estimated fiscal year 2025.

The debt load, even with active management, still generates substantial interest expense. As of the quarter ending June 30, 2025, Centrais Elétricas Brasileiras S.A. - Eletrobrás reported its long-term debt at approximately $10.544 billion. Management has been actively working on liability management, reducing compulsory debts from R$20 billion to now under R$12 billion. However, the total debt was still reported at R$75.32 billion as of the third quarter of 2025.

Regulatory charges and concession fees are another layer you can't ignore. These are the costs of doing business under concession agreements. For example, a review by Aneel in Q1 2025 alone impacted the accounting result by R$952 million. Furthermore, the company has significant liabilities related to regulatory fees, with a balance of R$993,434 thousand (or about R$0.993 billion) recorded as of June 30, 2025.

Here's a quick look at how some of these key cost and liability components stacked up in mid-2025:

You should also keep an eye on the specific costs tied to major infrastructure pushes, like the Roraima interconnection, which carried a CapEx of BRL 3.3 billion and is expected to be completed within forecasted costs. The cost structure is definitely dynamic, shifting between necessary debt servicing and massive, long-term asset investment.

The major cost drivers that you need to track closely are:

• - Capital expenditure, currently guided around R$4.5 billion for 2025 execution.
• - Interest expense embedded in servicing the total debt of R$75.32 billion as of Q3 2025.
• - Regulatory adjustments, like the R$952 million impact in Q1 2025 from a Chesf review.
• - Personnel and administrative costs (PMSO), which are being actively managed down post-privatization.
• - Concession fees and regulatory liabilities, such as the R$993,434 thousand in regulatory fees liability as of June 30, 2025.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Centrais Elétricas Brasileiras S.A. - Eletrobrás generates cash flow following its privatization and strategic pivot. Honestly, the revenue mix is dominated by regulated contracts, but the shift to 100% renewable generation changes the risk profile.

For the last twelve months ending September 2025, the total revenue for Centrais Elétricas Brasileiras S.A. - Eletrobrás was roughly R$42.64 billion, with segment revenue reported around R$44.24 billion.

The primary revenue streams are clearly delineated between the power generated and the fees collected for using the transmission grid. Here's how the major components break down based on the latest model structure:

The company has completed its strategic move, meaning the generation revenue is now entirely from clean and renewable sources, having sold off its last thermal power asset in Q3 2025.

Beyond the core regulated businesses, Centrais Elétricas Brasileiras S.A. - Eletrobrás captures revenue through other activities:

• Energy trading and commercialization activities across regulated (ACR) and free (ACL) markets.
• Income derived from dividends and equity stakes in joint ventures, supporting capital allocation strategy.

To give you a sense of the recent quarterly fluctuations, the Q3 2025 adjusted gross revenue was R$12.4 billion on an IFRS basis, while the regulatory gross revenue fell by 9.3% to R$11.7 billion for that quarter. Still, the company announced a total dividend payout of R$8.3 billion for the fiscal year 2025, showing a commitment to shareholder returns despite the accounting impacts of the transition.

Also, note that investments in the transmission segment, such as those from the latest auction, are expected to increase the transmission revenue stream by another BRL 2.4 billion over time, reinforcing that regulated income base. The Q2 2025 net operating revenue was reported at R$10.2 billion, which was up 21% year-on-year, illustrating the top-line strength even when costs and non-cash items pressure the bottom line.