TAESA consolidated robust operational performance in the first half of 2026, driven by the commissioning of new transmission assets and rigorous cost management.
TAESA reported an EBITDA of R$1.14 billion in the first six months of 2026, a 10.5% growth compared to the same period last year. The result was largely sustained by the expansion of the Regulatory Net Revenue, which saw a 9.5% increase during the period.
The revenue increase reflects the commissioning of strategic projects, including the start of operations for the Pitiguari, Saíra, and Ananaí concessions, as well as partial deliveries in Tangará and significant reinforcements in the TSN, São Pedro, and ATE facilities.
Operational Efficiency in Focus
The transmission company maintained an asset availability rate of 99.91%, demonstrating high system reliability. Operational losses, measured by the Variable Portion (PV), remained low, accounting for only 0.73% of the Permitted Annual Revenue (RAP).
“The ability to integrate additional assets without proportionally increasing costs is one of the main drivers for preserving the margins of the transmission business,” the company points out. Indeed, control over operating expenses—such as personnel, materials, and services—outpaced inflation, ensuring that portfolio expansion did not pressure the cost structure.
Investments and Inorganic Growth
The company’s CAPEX decreased by 40.5%, totaling R$445.3 million for the semester. This reduction is a direct reflection of the maturity of several projects that, now in their operational phase, require less capital investment.
In addition to greenfield projects, TAESA‘s growth strategy includes acquisitions. In May, the company signed a contract to incorporate five new transmission concessions, with completion expected in the third quarter. The transaction is projected to increase installed transformation capacity by 33% and add R$305.1 million to the annual RAP.
Challenges in the Bottom Line
Despite operational success, the regulatory net profit for the semester closed at R$399.4 million, a 16.4% drop compared to 2025. The decline is attributed to the macroeconomic scenario and an increase in financial expenses, which impacted the balance sheet’s bottom line.
Even with the financial challenge, the company maintains an impressive EBITDA margin of 85.4%. For the remainder of 2026, TAESA‘s focus is on capturing synergies from new acquisitions and maintaining the operational efficiency that characterizes its assets within the National Interconnected System (SIN).