AXIA Energia (AXIA)

AXIA Energia reported second-quarter 2026 IFRS net revenue of R$ 11,188 million and adjusted net income of R$ 1,608 million in an August 2026 report 1.

The Brazilian power producer and grid operator was formerly known as Eletrobras 2. Adjusted EBITDA, profit before interest, taxes, depreciation and amortization, reached R$ 6,683 million, up 21.5 percent from a year earlier 1.

The company credits a 17.5 percent rise in the margin from generation and a 64.0 percent drop in provisions, money set aside for expected losses 1.

The company also left the New York Stock Exchange 4. It filed a notice on 27 July 2026 to withdraw its American depositary shares 4, and on 7 August 2026 a certification ending its duty to file reports with the SEC 3.

Its shares keep trading in Brazil, where the filing names the Novo Mercado listing segment as the primary trading market 3.

The latest annual report said the settlement with the federal government over the privatization still awaited ratification by Brazil's Supreme Federal Court 2.

The company was established in 1962 as a mixed capital company, with private and state shareholders, and went public in Brazil in 1971 2. It listed American depositary shares on the New York Stock Exchange in 2008 2.

Until its privatization in June 2022 the federal government owned the majority of its voting common shares 2. The privatization offering cut the government's direct and indirect interest in common shares from 72.3 percent to 41.39 percent as of 31 December 2025, the filing says 2.

New 30-year concession agreements were awarded on 17 June 2022 and replaced the quota regime, in which the regulator set the price of the power, with prices freely negotiated in the market 2. The company now bears the hydrology risk itself 2.

The share of those plants' output sold under quotas falls from 100 percent in 2022 to 20 percent in 2026 and zero from 2027 2.

In May 2023 the President of Brazil filed a constitutional challenge to the privatization's structure 2. The mediation ended in March 2025 with the government agreeing to keep the 10 percent cap on any shareholder's votes 2.

Ivan de Souza Monteiro became chief executive on 14 August 2023, and Furnas, a former generation and transmission subsidiary, merged into the company in 2024 2.

Net operating revenue rose from R$ 37,158,908 thousand in 2023 to R$ 40,181,552 thousand in 2024 and R$ 41,281,595 thousand in 2025 2. Net profit was R$ 4,394,861 thousand, R$ 10,380,754 thousand and R$ 6,559,657 thousand in those years 2.

The 2025 profit fell because a regulator-approved remeasurement of the RBSE transmission assets turned a R$6.1 billion gain in 2024 into a R$4.1 billion expense 2. Profit before taxes was a loss of R$ 6,979,950 thousand, offset by an income tax gain of R$ 13,539,607 thousand 2.

In April 2025 the company took control of Eletronet S.A. by acquiring 51 percent, and it sold its thermal power plants in 2025 2.

On 22 October 2025 it announced the new brand name AXIA Energia, and in June 2026 it completed the move to the Novo Mercado listing segment of the Brazilian exchange 21.

Generation

As of 31 December 2025 the company had 43,872.3 MW of installed capacity, 17 percent of Brazil's total, and says all of it comes from low-emission sources 2. Generation made 60.4 percent of net operating revenue before eliminations in 2025 2.

Hydroelectric plants made up 43,072.7 MW and wind farms 798.7 MW 2. In the free market, where buyers and sellers agree prices directly, it served 780 of 875 clients 2.

In the second quarter of 2026 net generation was 41.1 TWh, and the average price in free-market contracts was R$ 191.11 per MWh 1.

Transmission

The company operates 74,769.43 km of transmission lines, and its lines of 230 kV or more equal 37 percent of the national system, making it the largest transmission company, according to the national system operator 2.

Its approved annual allowable revenue (RAP) was R$ 16,839 million in the second quarter of 2026 1. Transmission made 42.4 percent of net operating revenue before eliminations in 2025 2.

It has 288 large projects under construction, with estimated spending of R$ 15.5 billion, and won Lots 8, 9 and 10 of Transmission Auction No. 01/2026 1.

Other activities and money

Since the Eletronet purchase the company reports a third segment, Other Activities, made up of that subsidiary and work outside the concessions 2.

Net debt was R$ 45,461 million at the end of the second quarter of 2026 1. The provision for lawsuits over the old compulsory loan on electricity bills fell to R$ 10.8 billion 1.

People

Ivan de Souza Monteiro is chief executive, with ten vice presidents on the executive board 2. He previously served as CEO and CFO of Petrobras 2.

The umbrella, in words

The company works through three regional subsidiaries and 65 special purpose entities, 27 controlled and 38 under joint control 2. Eletronuclear, the nuclear operator, is an affiliate and is classified as held for sale 21.

In the Belo Monte Transmissora power line, AXIA Energia and AXIA Energia Norte each own 24.5 percent 2.

In 2026 it sold a 49 percent minority stake in transmission entities to GEBBRAS Participações and acquired all shares in Juno Participações, which holds 50.1 percent of Tijoá Energia and the Três Irmãos plant 1.

The federal government held 30.31 percent of all shares on 31 December 2025, and its group of related holders 41.39 percent 2. A bylaw caps any shareholder's votes at 10 percent, and one golden share gives the government a veto over changing that cap 2.

The board approved up to R$ 3.7 billion for allocation from second-quarter 2026 results, after up to R$ 4.0 billion from the first quarter, a total of up to R$ 7.7 billion for the half 1.

A shareholder meeting set for 28 August 2026 was to vote on merging four subsidiaries, which the company says would simplify its structure and cut costs 1.

The company expects the projects it won in Auction No. 01/2026 to add R$ 50.8 million of annual revenue, with investments of R$ 668 million set by the auction notice, once they begin commercial operation 1.

Under the bylaws, Class C preferred shares must be converted or redeemed by the end of fiscal year 2031, with at least 4 percent converted each year from 2026 2.

Under the settlement, the government committed to help the company find a new shareholder for Eletronuclear, and a new mediation is to seek a model for finishing the Angra 3 plant 2.