管理層發言
Good morning, everyone. I am Carolina Senna, Cemig's Investor Relations Superintendent. Welcome to Cemig's second quarter 2026 earnings video conference call. Please note that this video conference is being recorded, and it will be available on the company's IR website at ri.cemig.com.br, where you will also find the company's presentation. Should you need simultaneous interpretation, the feature is available by clicking on the globe icon located on the bottom of the screen. Upon choosing interpretation, select the language of your choice, Portuguese or English. Should you choose to follow the call in English, you may also select mute original audio. During the company's presentation, all participants will have their microphones disabled. After that, we will start the Q&A session. We now start Cemig's video conference with Alexandre Ramos Peixoto, CEO. Leonardo George de Magalhães, CFO and IR Officer. Luis Cláudio Correa Villani, Chief Information Technology Officer. Demétrio Alexandre Ferreira, Chief Generation and Transmission Officer. Ernando Antunes Braga, Chief Distribution Officer. Sergio Lopes Cabral, Chief Trading Officer. Sérgio Pessoa de Paula Castro, Chief Legal Officer. Yuri Araujo de Mendonca, Cemig's CEO (representative), and Ronaldo Xavier Moreira Jr., Cemig CFO and IR Officer (representative). For the initial remarks, I now turn the floor to Alexandre Ramos Peixoto, our CEO, who will start the presentation. Please, Alexandre, the floor is yours.
Thank you, Carol. Good morning, everyone. It is a real pleasure to be here with you on my first earnings call as CEO of our dear Cemig Group. I take on this role with great confidence — confidence in the company we have built, confidence in the quality of our people, the excellence of our professionals, and above all, in the great potential that lies ahead. I would like to start with a very clear message. We have a sound company. We deliver consistent results, and we know how to execute, and that consistency comes from a well-defined strategy, disciplined management, and a real ability to turn plans into tangible outcomes. It is important to make very clear right now that the quality of the service provided to our clients will always be at the core of our priorities. We want to be recognized not only by our financial results, but also by the excellence of our operation and the quality of the experience we deliver to the millions of clients we serve — over 9.5 million consuming units. That is why we will continue executing a relevant cycle of investments, especially in distribution. We have over BRL 22 billion in our tariff review cycle for May 2028, and we are investing to make these networks more robust, modern, resilient, and prepared for the new demands of our clients and also for the transformations in the electric sector, highlighting the full opening of the electric power market in Brazil, which should happen on November 25, 2028. As all of you know, the electric sector is undergoing a deep transformation, and I can tell you that we are very well positioned to be part of this future. We have quality assets, knowledge, investment capacity, and an experienced, very well-prepared team to execute our strategy. We have an important advantage: we are an integrated company. The combination of our businesses gives us scale, complementarity, and also a privileged view of the sector's changes. That integration strengthens our ability to navigate different cycles, seize opportunities, and create value in a sustainable fashion. The message I would like to convey to all of you in this first earnings call is one of confidence and continuity in the implementation and success of our long-term strategy: management with financial discipline, consistent results, and responsibility in our businesses, therefore meeting our commitments and generating value for our shareholders. Today, we have a strong company, and we are working, and we will keep on working hard so that it can be even stronger. With that long-term vision, customer focus, discipline in execution, and commitment to results as I start this new cycle of management ahead of this company, I will continue working on this new cycle of management. Having said that, I thank you very much for the opportunity to be addressing you, and I turn the floor to our Chief Finance Officer, Leonardo George de Magalhães, to start the presentation of the results of the second quarter.
Thank you very much, Alexandre. Thank you very much. Good morning, everyone. Thank you for being here with us in this video conference call for the second quarter's results. We will start with the highlights of 2Q. We have had very consistent, sound results with an operating performance of BRL 2.5 billion in the quarter, a recurring EBITDA that reflects our soundness in terms of results for the company. Our company, as Alexandre has mentioned, is integrated across a number of businesses that support our cash generation as well as our results every quarter, bringing you consistent results. Also, we had funding of BRL 4.6 billion in this quarter. This was very relevant, and it supports our investment program. In the next slide, we will talk more about that. This is an investment program that is very relevant, especially our distribution company that will be generating value for the next years. For shareholder remuneration, historically this is a company that has a great remuneration to its shareholders, and we had interest on capital of BRL 631 million that represents BRL 0.22 per share. Growth strategy: our CapEx is BRL 1.8 billion. We will go over that figure. Also, we had a tariff adjustment for Cemig Distribution with 6.5% average tariff impact to Cemig consumers. On this slide, we have the planned investment for the year, which is BRL 6.7 billion, and up to the first six months we were able to invest BRL 3.3 billion, 49% of the total amount. The message is that we are in line with the investments forecasted for the year. As we had estimated and communicated to the market, we have a large investment in our distribution branch — BRL 2.6 billion in these first six months — investment in generation of BRL 275 million in Cemig GT. Also, a significant highlight of BRL 227 million in Gasmig, making BRL 92 million in investments, especially here in the Midwest project with 33.5 kilometers of network built in the quarter. Now, going over the investments of our distribution branch: with these investments, the company is adding a lot of value, not only thinking about the remuneration base that we expect to be included in the next tariff review in 2028, but also in the quality of service that we provide our clients, which surely will be positively affected by all of these investments. In transmission also, we have relevant investments, and these are investments that are bringing additional revenue. Just for additional RAP in this quarter, we have BRL 36 million thanks to investments that have been concluded, and they are already bringing revenue to the company. In summary, the company is frequently being transparent, bringing to the market its investment program, and we are in line with the investments that we have forecasted for the next years. In this quarter it has been no different. Now we have the consolidated results for the company. These are good results: 9.3% year-over-year recurring EBITDA compared to the prior year. Net income 15.6% higher. It was impacted by financial expenses because of the fundings that the company had to provide support to its investment programs. This was already in our strategic plan. Here we highlight some non-recurring effects. The voluntary dismissal program had an initial impact, but in the long term it will bring benefits to the company because it is a process where we're naturally renewing our workforce; employees who have been with us longer get incentives to leave and new employees come in to help in our culture and performance. Also, we have a free market customer arbitration; there were some questions about certain contract clauses, and this is being concluded now. Because of the maturity and current stage of this process, the company considered it necessary to recognize a provision of BRL 191 million for the outcome regarding this topic. This does not have a cash effect as of now, but we had to book a provision. In the prior year we had a few adjustments, non-recurring as well, because of RBSE remeasurement and also remeasurement of post-employment liabilities. We should highlight as well that the provision for losses for the company because of delinquency was adjusted and the company updated its criteria according to ANEEL and the market benchmark, and so that generated an expected credit losses reversal of BRL 232 million with a positive effect in this quarter. Moving on: we have consolidated costs and expenses, which increased 15.5% in this quarter. This was relevant, but it is important to highlight that we have seasonal effects. This is because of the investments that we had in this period in improving the quality of the network. All of this is very important so that we can improve our service to clients and also to tackle possible contingencies. Now we are talking about El Niño that we'll be seeing in the second half of 2026. In any case, we believe that we had seasonal effects, and we do not expect to see a reduction in this variation when we complete 12 months and compare 2026 to 2025. But in this quarter we did have a specific one-time impact. Therefore, this variation was 15.5%, but the company's costs are being controlled because we have financial discipline, and we are balancing the improvement of the network, investment in processes that help the company serve clients better. We are keeping costs at a disciplined level. Moving on: we have the debt profile. The company still has a high credit quality. We are AAA in two rating agencies and AA+ at S&P Global. Here we have our maturity schedule. The debt has a very adequate profile for the upcoming years, and leverage reached 2.58 in the second quarter of 2026. We understand that, considering our current investment plan, this leverage is appropriate, and it corresponds to our expectation when we think about the tariff review in 2028. Therefore, our leverage will grow up to 2027, but in 2028 it will come down because of the tariff review in our distribution company. The company is still accessing the capital market frequently and has great access at competitive costs. On the next slide, we have our cash generation. We have strong cash generation. Even with adjusted EBITDA, you see that the EBITDA is reflected in cash — operating cash in this half of the year close to BRL 4 billion. If you annualize it, we are generating operating cash of almost BRL 8 billion for the year, which is very strong to support this investment program. We also have third-party capital that helps the company in the distribution segment. This is within the five-year cycle from 2023 to 2028. Now turning to Cemig D and Cemig DG results: Cemig D has positive results, 21% up in EBITDA compared to 2Q25. Recurring net income is down 8.9%, but as mentioned, there was an impact from higher financial expenses because of interest rates and the natural need for debt to fund our investment programs. I also discussed the tariff adjustments: average impact of 6.5% and the 4.9% correction in portion B. There is an increase of 2.7% in the residential market. We also saw an ECL reversal related to delinquency of our consumers; this is very much controlled by Cemig D. Regarding the energy market, it is down 1.6% when comparing 2Q26 to 2Q25. The total power carried increased a little, and we have a 3.8% drop in the captive market because large clients left Cemig's distribution network this year, which impacted the comparison to 2Q25. When comparing different consumer classes, residential grew 2.7%. We also highlight the rural class with an 11% reduction because of a wetter season; thus, there's lower consumption by the rural segment. Cemig DG now represents 25.8% of the captive market of Cemig Distribution. Moving on: the company remains disciplined in costs. As I mentioned, our OPEX today is BRL 416 million lower than the regulatory limit in this first half of 2026. Operating efficiency is important; we see consistent results for Cemig D aligned with operating efficiency. All the investments the company is making have provided improvements in our quality indicators. Our FEC is 8.43, lower than the regulatory limit and showing a downward trend. FEC also 4.86 compared to 5.37 (the regulatory indicator), so we have good room here. This is thanks to investments made in recent years, which are improving service quality for our clients. Regulatory losses are still low and lower than real losses. We have already talked about the ECL reversals in this half of the year. So quality indicators for the company are on a positive trajectory. Now talking about Cemig GT: we have great results — 10.6% up versus the prior year in EBITDA and recurring net income, with a reduction of 11.4% in net income because of increased financial expenses. We had increased revenue from sales to end customers, 124 MW average, and also inflation adjustment on RBO revenue for plants that receive by quota. There was an adjustment of BRL 29 million due to accumulated IPCA inflation related to these grants. For generation: positive results in EBITDA and recurring net income. EBITDA up 13.3%, recurring net income up 3.6%. Average GSF was better than in 2025 and that reflected in higher revenue in 2026 compared to the prior year. For transmission: very positive results with added RAP and regulatory assets of transmission that allowed our transmission results to be 50% higher by EBITDA compared to 2025, and recurring net income up 50% — BRL 190 million compared to BRL 120 million in the prior year. Moving on, Cemig trading results were a negative recurring EBITDA of BRL 180 million compared to the prior year. We talked about the provision of BRL 191 million — a one-time result stemming from a specific action related to a major industrial client, which generated that provision in the second quarter. This is not a cash effect currently; it is a provision and is still being discussed. This negative effect in 2Q stems from positions that have been settled and higher prices of energy purchased. This was already expected by the company, and also there were effects related to sub-markets, especially the South. We understand that the trading company effects concentrated in the first half of the year; we expect trading results in the second half to be more favorable relative to the first half, which we had planned. For the second half we anticipate a more favorable environment, both in hydrology and because we have already settled positions required for 2026. On the next slide, we have Gasmig results — still sound. The reduction in EBITDA and recurring net income for Gasmig was expected because we had migration of clients to the free market, reducing margin and affecting EBITDA and net income. There was a 17% reduction in volume distributed. Gasmig has a tariff review expected by year end. We are optimistic about the project, and Gasmig should bring sound and consistent results to the group in upcoming quarters. Basically, these were the main highlights of our presentation. We understand these were consistent and sound results across Cemig businesses. The trading company had a more difficult half, but we have a positive outlook for the next six months, and we will continue executing our investment program that will generate value for Cemig in the coming years, considering the tariff review ahead. I turn the floor now to Carolina so that we can start our Q&A session.
Right now, we will start our Q&A session. You may click on the Q&A icon on the bottom of your screen, and then you can write your name, and you can send your question by writing. Please send all the questions at once and wait for the company's answer. During the session, we will be announcing the names of participants, and we will be reading the questions so that the company can answer them.
分析師問答
Considering that there was an increase in tariffs only in 2028 and with the increase of the indebtedness and the debt cost, what will be the direct impact on the profits or the net income reduction for 2027, and what will be the impact on shareholders' remuneration?
It is important to mention that Cemig has always been a great dividend payer in the electric sector. This is a company that has been one of the best in paying dividends. In our bylaws we have mandatory minimum dividends of 50% of net income. This is a relevant payout. We understand that right now, in 2026, the company's results, despite higher financial expenses, will be relevant and positive, both for EBITDA and net income. We believe we will keep bringing positive dividend yields, whether now or in the next few years. We are going to have a tariff review in 2028 which will have a positive impact on results. Even in the next years, 2026 and 2027, considering the current payout of 50% of net income established by the bylaws, that is a very attractive remuneration to our shareholders, even in an adverse scenario. We expect this dividend yield to continue being relevant and positive for our shareholders this year and in 2027.
How is your perspective for El Niño effects in the different areas of businesses? Are you going to have CapEx, a prepayment in the distribution and transmission companies to avoid possible incidents?
Good morning, everyone. Thank you very much for your question. El Niño requires robust planning, which we have. We have a maintenance plan and contingency plans. Considering that we have the largest investment plan in history, we are executing our maintenance plan — also the largest — and our OPEX. We have AMI meters, automation, and investments in the electric system. For the second half of 2026, we are fully prepared for El Niño impacts. In addition to these investments, we have a broad presence of our field structure across the state to face this diversity. In summary, we will have no impact on our budget because of El Niño.
Good morning, everybody. For generation and transmission, starting with generation, we have a permanent routine to manage these assets based on risk. We need to guarantee availability of different pieces of equipment during higher demand. We run periodic tests for all plants to make sure that when they are demanded, they will be working. We do not expect above-average rainfall due to El Niño in the Southeast region; El Niño typically produces more rainfall in the South, not the Southeast. From our point of view, we do not need contingency plans that are more elaborate than the ones we already have for our large plants and reservoirs. For storms affecting small plants with smaller reservoirs, we are reviewing contingency plans to guarantee access to them and to control flooding. That is what we have for generation: we are in good shape. For transmission, we have assets with high resilience thanks to preventive maintenance, modernization, and risk-based management. The contingency plan we have for transmission is robust. We maintain vegetation at low levels in rights of way. We also have weather forecasts that issue alerts when needed so we can tackle contingencies. We have devices and equipment placed across the state of Minas Gerais to restore lines quickly if needed. Prevention is the key word here, and we are prepared for contingencies in both generation and transmission.
We have another question. Now, regarding auctions, I will ask our CFO and IR Officer to answer. The question is if we are interested in taking part in transmission auctions. Then Sergio Lopes is going to talk about the auctions for batteries and data centers. Leonardo, please.
Regarding auctions: yes, the company is considering transmission auctions and we have been following the recent auctions in the country. It's important to highlight the company's discipline in allocating capital. We study and consider all these auctions. If we understand that the return is interesting, we participate. But if the return is not attractive, the company rather allocates capital where we expect more value for shareholders. So the answer is yes, we are watching them, but we maintain discipline in capital allocation and will only be winners where we are sure we will generate value for shareholders, considering we have several businesses and can diversify capital allocation. Right now, as I mentioned, we understand regulated businesses and investment in reinforcements — including transmission — have been bringing more value and are important to generating shareholder value. About data centers and battery opportunities, I will turn the floor to Sergio to talk more about it.
Good morning, everyone. I will talk about data centers. We are talking to some market players to understand the segment and to see how we can make the sale of energy or participation of Cemig in this process profitable. We understand there is an opportunity in the market, but it must be analyzed cautiously. We want to extract the best and greatest value from this opportunity, understanding the assets and what benefits they bring to the company. So data centers are assets we are considering, but cautiously, and we are analyzing how they can bring profit to Cemig and value to shareholders in this investment.
The next question is about the maturity of the concessions. He's asking how the process is going because the next maturity is Sá Carvalho. Leonardo, please answer.
The market knows that we have three concessions that will reach maturity: Sá Carvalho in 2026 and two others in 2027. We can say the process is moving forward. We already received a favorable note from ANEEL. Now this is being discussed at the Ministry of Mines and Energy. We are optimistic about the process. Of course, we must wait for the granting authority's approval, but we believe this will have a positive result for the company in the concession renewal process.
Our next question is about the trading area. I will turn the floor to Sergio Lopes to answer. The question refers to the losses that we had and the negative impact in the trading company's results. How is the company prepared to overcome this loss, and what is its future outlook?
Thank you for your question. I think it's useful to go back to last year and this year and then talk about the future. The trading company is undergoing a moment when it has to settle positions. There was a change in price models and scenario shifts, and we have been working cautiously. Last year we did have net income; we were one of the few companies in the market to have that result. This year we expected a possible negative EBITDA. Also, we experienced a detachment of the South sub-market, an unprecedented case. We were able to purchase energy, albeit at higher prices, and we are settling positions. We exchanged positions with generation within the group, so although we posted negative results in the trading company, the group-level effect was neutral because it became positive in the generation company. We have been reducing our market exposure: for 2027 and 2028 we have already brought down our position. We must be patient and cautious to settle positions at the best time possible. We are applying best practices and strategies to serve the market. The whole market is under pressure due to structural issues, and we are performing better than many competitors thanks to our strategies. For 2028, we expect significant results for the trading companies; we have targets in mind of around BRL 1 billion to BRL 1.8 billion. We understand we are prepared to undergo this moment. Right now, we are taking actions expected to reduce losses and capture gains when conditions allow.
Again, this was expected, and we are looking for the best time to settle positions, reduce losses, and also to capture gains as we had last year. Thank you, Sergio.
For the final remarks, once again I would like to thank you all very much for being here on this call for the second quarter of 2026. I returned to the company in June, but when I was with the company from 2020 to 2024 we have always been very transparent in our strategies: to divest complex and non-core assets and prioritize investments in regulated sectors, especially our distribution company, always investing in operating efficiency. This strategy is already bringing results to the company and is a winning strategy. This is delivering value to shareholders and to our clients, and we have the best quality indicators. We thank our investors for their trust, and we are very optimistic about the continued implementation of this strategy: greater operating efficiency and discipline in capital allocation. Thank you very much.
Thank you very much for your participation in this video conference call. The Investor Relations team is available to take any further questions you might have. Therefore, we conclude Cemig's second quarter 2026 earnings conference call. Have a nice day. Thank you.