Business
Light : Notice to the Market - 3Q25 Earnings Release
Light : Notice to the Market - 3Q25 Earnings
About this update from Light S.a.
Earnings Presentation 3Q25 MESSAGE FROM THE Highlights CASH POSITION R$ 2.64 billion LOSSES Non-technical losses over grid load at 22.8% (vs. 23.1% in 3Q24) TOTAL INVESTMENTS R$ 472 million in 3Q25 (+60% YoY) QUALITY DEC and FEC within Aneel regulatory limits and improving DEBT Net Debt / EBITDA 12 months at 2.89x 4 LIGHT CONSOLIDATED Cash & Equivalents | Solid cash position despite higher investments and the impact of regulatory asset constitution (CVA) 3Q25 Cash and cash equivalents (R$ million) Cash and cash equivalents by product and rating (R$ million) 2,642 2,399 1,513 1,385 959 3,090 R$ million Set/25 % Cash 16 1% CDBs 1,032 39% Financial Notes 830 31% LFT 454 17% Foreign Currency 270 10% Repurchase Agreement 41 2% Total 2,642 100% Rating A or higher 15% set/24 dez/24 set/25 Sep/24 Dec/24 Sep/25 Consolidated Light SESA 85% Govn. debt + Rating AAA or AA+ Note : The Company has a cash application policy approved by the Board of Directors, which takes into account criteria such as: (i) rating and net equity of the financial institution; (ii) maximum percentage exposure per institution; and (iii) maximum proportionality according to the institution's net equity. The securities portfolio of the Company and its subsidiaries consists of CDBs, financial bills, and Exclusive Investment Funds with daily liquidity.. LIGHT DISCO DisCo Quality| Focus on the quality of the operation driving consistent improvements 3Q25 DEC (1) (hours) FEC (1) (x) -16.2% -0.22x 7.06h 7.06h 6.80h 6.80h 6.80h 4.75x 4.75x 4.50x 4.50x 4.50x 7.27h 6.74h 6.10h 6.23h 6.09h 3.19x 3.04x 2.85x 2.95x 2.97x 3Q24 4Q24 DEC 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 ANEEL Regulatory Limit FEC ANEEL Regulatory Limit Average Emergency Service Time -54% 1,424 1,364 1,251 1,206 978 936 648 641 -12 p.p. 18% 15% 15% 12% 12% 10% 6% 3% (minutos) Incidents lasting over 24 hours (% sobre o total) 2022 2023 2024 Sep/25 2022 2023 2024 Sep/25 Ex-ASRO (12m) Ex-ASRO (12m) Set/25 (12m) Set/25 (12m) Nota : (1) DEC/FEC values may undergo minor revisions within the calculation and closing period with ANEEL. DEC = Equivalent duration of interruptions in the supply of energy per consumer unit; FEC = Equivalent frequency of interruptions in the energy supply per consumer unit. ASRO = Areas of Severe Operational Restriction LIGHT DISCO 3Q25 DisCo Energy Market | Consumption contraction in the quarter reflecting the coldest winter in the last 19 years in the concession area Energy Market (1) (GWh) Energy Market + DG (2) (GWh) -307 GWh | -5.3% YoY 5,787 (111) (82) -6.2% YoY (90) -4.9% YoY (24) -2.3% YoY 5,480 -6.7% YoY 3Q24 Residential Commercial Industrial Other* 3Q25 -251 GWh -4.1% YoY 6,062 5,810 3Q24 3Q25 3T24 3T25 3T24 3T25 Residencial Comercial Demais* Notas (1) The energy market excludes non-recurring items; (2) Compensated Distributed Generation (DG I) and simultaneous (DG I and II). (*) The other group considers dealerships and other classes. LIGHT DISCO DisCo Energy Loss Combat | Reduction of 366 GWh in Non-Technical Loss in the last 12 months ended Sep/25 3Q25 Non-Technical Losses - NTL (1) and percentage over grid load (GWh; %) -0.23 p.p. 23.1% 22.6% 23.1% 22.9% 22.8% Pillars of the strategy to combat losses Investments in infrastructure modernization Intensification of cut/reconnect actions and recurrent sustaining Registration update and mass re-registration Externalize meters Frontier measurement with greater granularity PNT / grid load at CTA 6.4% 8,727 8,447 8,792 8,526 8,361 7,556 7,260 7,565 7,320 7,165 1,172 1,188 1,203 1,202 1,194 3T24 4T24 1T25 2T25 3T25 CTA - Conventional Treatment Areas Risk Areas 300k Actions to externalize meters by 2030 4k Frontier meters (regional, risk areas, substations, feeders) by 2026 Nota : (1) Non-technical losses ex-REN, adjusted for non-recurring items. LIGHT DISTRIBUIDORA 3Q25 DisCo CAPEX | Investments in the quarter concentrated on quality improvement and preventive actions, mainly in low voltage (LV) infrastructure Investments 79 100 26 128 54 126 59 150 265 457 +R$ 192M | +73% YoY (R$ million) 3T24 3T25 3Q24 3Q25 +150% Investments in Ativos Não Elétricos Non-electric assets Loss combat plan & other maintenance YoY Plano de Perdas e outros 78k Expansão Expansion Meters replaced and/or externalized in the quarter Manutenção Maintenance R$1.2 billion Invested in 9M25 vs R$967 million for the full year 2024 LIGHT DISCO 3Q25 DisCo EBITDA | Improvement in PECLD and contingencies in the quarter, while the PMSO remains pressured by quality focused efforts PECLD on Gross Revenue (12 months) at 2.1% (vs 2.5% in Sep/24) PMSO mainly impacted by the increase in field-focused teams (own and third-party teams focused on improving quality Contingencies positively impacted by process review and adjustment in the balance of provisions related to lawyer's success fees Adjusted EBITDA (1) (R$ million) -R$ 37M | -8.3% YoY 439 402 12 Adjusted EBITDA 3Q24 Δ Gross Margin Δ PMSO Δ PECLD (delinquency) Adjusted EBITDA 3Q25 Δ Provision for contingencies (92) (32) 75 Special Court Civil Court -8% Reduction in the stock of lawsuits (Sep/25 vs Sep/24) -21% Reduction of new demands (9M25 vs 9M24) -8% Reduction in the stock of lawsuits (sep/25 vs Sep/24) -40% Reduction of new demands (9M25 vs 9M24) Note: 1) Adjusted EBITDA = CVM EBITDA, excluding VNR, other operating income/expenses, equity and non-recurring items LIGHT GENERATION AND TRADING 3Q25 Generation and Trading EBITDA | Sales growth and increase in the average resale price at the Trading bussiness offset by the impact of the GSF on the Generator's costs Traded volume grew 42% YoY, reaching 1,138 MWmed in the quarter GSF approximately 10 p.p. below last year over 3Q25 Adjusted EBITDA (1) (R$ million) -R$ 58 M | -36.1% YoY Net income of R$ 21 million in the quarter Contracting, in July/25, of a hedge for the remaining balance of Light Energia's foreign currency debt maturing in June/2026 (bonds) in the amount of USD 159 million. 161 (8) 2 103 (52) Adjusted EBITDA 3Q24 Δ Gross Margin Δ PMSO Δ Provisions for Contingencies Adjusted EBITDA 3Q25 Note: (1) Generating and Trading EBITDA excluding other operating revenues/expenses and mark-to-market effect of Light Com. contracts. Next Steps | Private capital increase and conversion of convertible debt LIGHT CONSOLIDATED 3Q25 Signing of Light SESA's New Concession Agreement Private Capital Increase of up to R$ 1.5 billion Conversion of convertible debt (Local and international) 90 days from the date of signing of the new concession agreement with the Distributor for the execution of the last two stages of the Judicial Reorganization Plan, in accordance with the terms and conditions described in clauses 4 and 5. Q&A ri.light.com.br [email protected] Attention : This is an excerpt of the original content. To continue reading it, access the original document here .