ISA Energia's profit rises 246% in the 3rd quarter, but part of the jump comes from accounting effects
Without the extraordinary effect, the company says that pro-forma profit grows 14% and pro-forma Ebitda rises 41%.
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM MONEY TIMES · 3 MIN
ISA Energia (ISAE4) reported net profit of R$1.9 billion in the third quarter of 2026, more than three times what was recorded a year earlier. According to Money Times, the 246% increase has an accounting cause: the accounting for the uncrossing of holdings with Axia Energia (AXIA3). Exame presents the same data as a regulatory profit of R$1.905 billion, compared to R$550 million in 3Q2025. InfoMoney cites the paper as ISAE3.
An important point for those who follow dividends: the accounting gain does not go through the transmitter's cash flow. According to Exame, the company decided to leave this amount out of the dividend distribution account. The separation is sensible for the investor who associates remuneration with the money that actually enters the company, since profit on the balance sheet and available cash are not the same thing.
When the extraordinary effect is removed, the result loses the shine of the main number, but remains positive. Pro-forma profit grew 14%, to R$625 million, according to Money Times. Ebitda for the quarter totaled R$3.19 billion, an increase of 259% in the annual comparison, and pro-forma Ebitda rose 41%, to R$1.25 billion. Revenue increased 41% in the quarter, according to Exame.
Executives attribute the recurring numbers to four factors, according to Money Times: the entry into operation of lines and substations, the consolidation of a large asset, the tariff adjustment and cost control. Executives interviewed by Reuters say that the result without the accounting effect is also advancing, reports InfoMoney. The company's view, therefore, is that growth does not depend solely on accounting.
The point at stake is the quality of profit. In power transmission, revenue depends on contracts, regulatory rules and the ability to bring new assets into operation. Therefore, the operational factors cited by the company weigh more than just a one-off gain. For the reader who values fiscal discipline and clear rules, the rule is simple: recurring results deserve different weight than extraordinary effects, and the border between the two needs to be clear.
What changes for the investor
The third quarter balance sheet shows two portraits. The first, with the accounting effect, brings a 246% jump in profit which, as it is classified as extraordinary, does not serve as a basis for comparing the following quarters. The second, without it, shows growth of 14% in pro-forma profit and 41% in pro-forma EBITDA, attributed by the company to operations and cost control. What should weigh on the next readings is whether this operational advance continues quarter after quarter and whether the dividend policy continues to separate accounting gains from cash. This article does not provide a purchase or sale recommendation or price projection.
Automatically translated from Portuguese.
