Equatorial (EQTL3.SA) 2Q26 Operating Preview

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Equatorial (EQTL3.SA) 2Q26 Operating Preview

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29 Jul 2026 20:03:09 ET │ 11 pages

Equatorial (EQTL3.SA)

2Q26 Operating Preview

CITI'S TAKE

Buy Equatorial released its 2Q26 operating preview, showing solid underlying

demand growth across distribution despite a one-off accounting impact Price (29 Jul 26 18:00) R$37.82

in Alagoas. We also saw continued improvement in energy losses but still Target price R$50.00

weaker renewable output driven by lower wind resource availability and Expected share price return 32.2%

still-elevated constrained-off effects. In sanitation, the company Expected dividend yield 1.4%

continued to expand water and sewage coverage, despite lower billed Expected total return 33.6%

water volumes reflecting the ongoing hydro metering process.

Market Cap R$47,630M

US$9,308M

Distribution – On a consolidated basis, gross injected energy increased 4.7% y/y,

supported by higher consumption from residential, public administration,

commercial and rural classes. Reported Wire B market volumes rose 4.2% y/y, with

strongest performance in Pará (+6.2%), Amapá (+6.1%), Goiás (+5.6%), Maranhão Joao PimentelAC

(+5.3%) and Rio Grande do Sul (+4.3%). Reported Wire B growth was negatively +55-11-4009-2178

impacted by a billing methodology change for free-market customers in Alagoas. joao.pimentel@citi.com

Excluding this accounting effect, consolidated Wire B growth would have reached Felipe Lenza

5.0% y/y. Regional performance was supported by stronger residential consumption +55-11-4009-5231

across most concessions, continued mining demand in Pará and earlier irrigation felipe.lenza@citi.com

activity in Goiás. Distributed generation penetration continued to increase, reaching

17.1% of gross injected energy in Goiás, 18.3% in Piauí and 13.5% in Alagoas.