ENEV3 after 2Q26: Revenue rises 13% while EBITDA falls 26% — Pecém II, contract roll-offs, and a record operating cash quarter

In early August 2026, Eneva S.A. (B3: ENEV3) published 2Q26 results (reference 30 June 2026). Net operating revenue reached R$ 3.98 billion, up 13.1% year on year — yet consolidated EBITDA fell 25.8% to R$ 1.24 billion, and the margin compressed 16.3 percentage points to 31.2%. Attributable net income collapsed to R$ 31.2 million (−91.4% versus R$ 364.5 million in 2Q25).

The quarter is a textbook case of Brazilian independent power accounting: top-line growth from a wider asset base coexists with contract expirations, plant deconsolidation, incentive accruals, and a much heavier financial line — while operating cash generation hit a company-record R$ 1.68 billion for a second quarter. Readers who only watch revenue or only watch net income will draw opposite conclusions; the release bridges both.

What the earnings package shows

Figures below follow Eneva's 2Q26 earnings release and the company's consolidated presentation (Brazilian reais):

Management attributed the EBITDA decline to three overlapping forces: expired thermal contracts in Espírito Santo, Pecém II leaving consolidated accounts, and higher long-term incentive (LTIP) expense tied to vesting schedules and share appreciation.

Pecém II — deconsolidation and non-cash charge

The pending sale of Pecém II produced a R$ 127.7 million non-cash charge — the gap between book value and the agreed transaction price. Eneva also stopped consolidating the plant at the end of 1Q26, which reduced the year-over-year EBITDA comparison by about R$ 75 million on top of the write-down.

On an illustrative basis, EBITDA would have been R$ 1.37 billion excluding the Pecém II carrying-value adjustment. That number is not a substitute for statutory EBITDA; it shows how much one asset exit moved the headline margin.

Generation mix — where EBITDA moved

Energy Trading was the standout operational story: commercial margin rose R$ 152.1 million to R$ 200.3 million as the company monetized portfolio positions. A −R$ 59.1 million mark-to-market on forward electricity contracts partly offset that gain — a reminder that trading EBITDA can mix realized margin with fair-value noise quarter to quarter.

Below EBITDA — financial result and tax stack

The net financial result worsened to −R$ 636.9 million from −R$ 251.8 million a year earlier. Eneva cited foreign-exchange effects on the lease of its floating storage and regasification unit (FSRU) and a smaller mark-to-market gain from debt swaps versus 2Q25.

After taxes and non-controlling interests, attributable profit fell 91.4% even though revenue grew double digits. For equity holders, the quarter is therefore dominated by financing and FX mechanics, not by a proportional drop in physical sales.

LTIP expense rose R$ 68.7 million, reflecting existing plan vesting, 2026 grant provisions, and Eneva's share price appreciation — a recurring theme for Brazilian companies that tie compensation to stock performance.

Cash flow and capex — growth absorbs liquidity

Operating cash reached R$ 1.68 billion — the release highlighted it as the best second-quarter operating cash result on record. That strength sits alongside heavy investment:

Eneva closed June with R$ 2.54 billion in cash and securities while net debt climbed to R$ 19.83 billion (3.18× LTM EBITDA). The company secured R$ 500.9 million from Banco do Nordeste for a third small-scale LNG train — 15-year funding at IPCA + 3.49%, with principal amortization starting after July 2031.

Readers building a credit view should pair the 3.18× leverage ratio with the forward contracted revenue additions below — leverage is rising while the contracted portfolio is also lengthening.

Forward portfolio — Azulão I and 2026 auction plants

Azulão I entered commercial operation on 4 August 2026 — a 295 MW plant with a 15-year capacity contract carrying about R$ 278.3 million in annual fixed revenue. Additional agreements for LORM, LORM 1, Viana 1, and Povoação 1 started in July and August. Together with Azulão I, the new arrangements add roughly R$ 762.6 million per year of fixed revenue from 3Q26 onward.

That timing matters: 2Q26 EBITDA still carries the full drag from legacy Espírito Santo roll-offs and Pecém II accounting, while much of the replacement contracted cash flow lands in subsequent quarters.

Limits of this reading

• Consolidated EBITDA mixes regulated generation, trading, and one-off fair-value lines — segment tables in the CVM filing are authoritative for attribution.
• Ex-Pecém II EBITDA is illustrative; it does not replace audited consolidated figures.
• Trading mark-to-market can reverse quickly if forward curves move.
• LTIP and FX on the FSRU lease are not purely operational; compare quarters using the release reconciliation tables.
• Contracted revenue additions from 3Q26 are forward-looking relative to the 30 June balance sheet date.

Where to view in the explorer

• ENEV3 — Eneva S.A.
• Company list
• Blog

Sources

• Eneva S.A., early August 2026 — 2Q26 earnings release (revenue, EBITDA, Pecém II, segments, cash flow, capex, debt, Azulão I and auction contracts)
• Brazil Stock Guide, 12/08/2026 — summary of the same release (operating cash record, financial result, leverage)
• ENEV3 on the explorer — CVM filings and company page

Disclaimer

This article is for informational and educational purposes only. It is not investment advice. Consolidated versus adjusted bridges, trading fair-value items, and deconsolidation effects are distinct layers; when in doubt, official CVM filings prevail. Refer to those documents and, if needed, a licensed professional.