Auren reverses loss and posts R$150.4 million profit in Q3 26, driven by sales and curtailment compensation.
The Auren Energia (AURE3) delivered a strong financial performance in the third quarter of 2026, turning a prior loss into a net profit of R$150.4 million. This positive result was mainly driven by a rebound in revenue from its energy trading business and the receipt of financial compensations related to operational restrictions on its assets.
The consolidated adjusted EBITDA of the generator and trader, controlled by Votorantim and CPP Investments, reached R$1.19 billion for the July‑September period, representing a remarkable 53.4% increase compared with the same quarter last year. This expansion reflects effective strategic management in a constantly evolving energy market environment.
Strategic Trading Drives Margins
A key pillar of Auren’s turnaround was the performance of its trading division. This business unit recorded a positive EBITDA of R$107.7 million, surpassing the negative R$23.9 million result from the same period in 2025.
The recovery stemmed from a position‑management strategy in the energy market. The company adopted a “short” strategy at the beginning of the year, gradually reducing its exposure as it anticipated a decline in settlement price differences (PLD). With the confirmation of this downward price trend in Q3, Auren was able to unwind its positions, capturing significant operating margins.
Curtailement Compensation Strengthens Cash Flow
Additionally, Auren Energia’s results were boosted by the recognition of R$357.1 million in financial compensations. These amounts relate to “curtailment” events, which are interruptions or reductions in generation imposed by the system operator on renewable plants.
This reimbursement not only contributed to the quarter’s net profit but also helped offset the accumulated losses the sector has suffered due to operational constraints in the National Interconnected System (NIS). Receiving these compensations provides greater predictability to the cash flow of the company’s wind and solar plants.
The restoration of operational profitability in Q3 2026 reinforces Auren‘s financial solidity heading into the fiscal year’s close. The company sustains its performance through the synergy of energy trading efficiency, portfolio risk management, and the recovery of regulatory revenue from its generation portfolio.