Eneva: 1Q26a: great quarter on gas trading results

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Eneva: 1Q26a: great quarter on gas trading results

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Eneva

1Q26a: great quarter on gas trading results

Reiterate Rating: BUY | PO: 31.00 BRL | Price: 25.80 BRL

Good quarter meets BofAe and +12% beat to consensus. 14 May 2026

Eneva (ENEV) reported solid 1Q26 results with adj. EBITDA of ~R$1.5bn, in-line with our Equity

estimates (+3% vs. BofAe) and +12% vs. Bloomberg consensus of R$1.3bn. The main

Gustavo Faria >>

positive highlight was a R$201mn EBITDA (13% of 1Q26 consolidated EBITDA) related Research Analyst

to the gas trading initiatives at the Hub Sergipe asset - which was not fully reflected in Merrill Lynch (Brazil) gustavo.faria@bofa.com

our estimates (nor likely in consensus). Eneva also posted good ssLNG results with

Andre Silveira >>

EBITDA at R$83mn, up +49% YoY and in-line with BofAe of R$81mn. Good results from Research Analyst

Hub Sergipe + ssLNG were partially offset by 1) weaker-than-expected results in Eneva’s Merrillandre.silveira@bofa.comLynch (Brazil)

own gas generation and upstream operations (Parnaiba + Roraima), coming -15% below

BofAe (adjusted for exploration expenses) mainly on slightly lower variable revenues, 2)

higher holding costs with a negative -R$100mn EBITDA (vs. -R$80mn BofAe) and 3)

solar negative EBITDA of -R$5mn (vs. BofAe of +R$29mn) that was impacted by Stock Data

R$89mn from curtailment and solar prices discount due to hourly modulation and Price 25.80 BRL

submarkets. Other business (Coal & Fuel) came in line with our estimates. Overall, we Price Objective 31.00 BRL

welcome Eneva’s 1Q26 results and see the beat to consensus as a good indicative of the Date Established 24-Apr-2026

upsides from the LNG gas monetization opportunities. In our view, the LNG business’ Investment Opinion C-1-7