Copel (NYSE American: ELP) reported recurring EBITDA of R$ 1,358.1 million in 4Q25, up 16.1% year-over-year from R$ 1,169.6 million in 4Q24. Genco EBITDA rose 24.3% to R$ 654.2 million, supported by higher transmission availability revenue and lower manageable costs.
Other highlights: Elejor EBITDA increased R$ 23.6 million, TradeCo EBITDA rose R$ 18.8 million on higher bilateral sales (3,824 GWh), and DisCo EBITDA improved 1.8% largely due to the June 2025 tariff adjustment.
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Positive
Recurring EBITDA +16.1% to R$1,358.1 million in 4Q25
Genco EBITDA +24.3% to R$654.2 million in 4Q25
TradeCo energy sales +69.7% to 3,824 GWh in 4Q25
Elejor EBITDA increased by R$23.6 million versus 4Q24
DisCo EBITDA +1.8% after June 2025 tariff adjustment
Negative
Lower GSF 67.4% in 4Q25 versus 79.9% in 4Q24
Higher PLD R$264.70/MWh in 4Q25 versus R$216.36/MWh
Curtailment increased to 34.2% from 15.7% in 4Q24
Higher cost of electricity purchased for resale in 4Q25
Ebitda growth16.1%4Q25 recurring Ebitda vs R$ 1,169.6 million in 4Q24
GenCo Ebitda 4Q25R$ 654.2 millionGeneration company Ebitda in 4Q25; +24.3% and +R$ 127.8 million vs 4Q24
DisCo Ebitda growth1.8% (+R$ 13.1 million)Distribution Ebitda increase vs 4Q24, aided by Annual Tariff Adjustment
TradeCo bilateral sales3,824 GWh vs 2,253 GWh69.7% increase in bilateral contract energy sales vs 4Q24
GSF levels67.4% vs 79.9%GSF in 4Q25 vs 4Q24 impacting cost of electricity purchased
PLD pricesR$ 264.70/MWh vs R$ 216.36/MWhSettlement Price of Differences in 4Q25 vs 4Q24
Curtailment34.2% vs 15.7%Increase in curtailment from 4Q24 to 4Q25
Market Reality Check
Price:$9.27Vol:Volume 755,876 is about 1...
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VolumeVolume 755,876 is about 1.6x the 20-day average of 471,921, indicating elevated trading activity ahead of/around the release.high
TechnicalShares at $9.27 are trading above the 200-day MA of $9.03 but sit 17.45% below the 52-week high of $11.23 and above the $5.72 52-week low.
Peers on Argus
ELP fell 6.27% while key utilities peers showed modest, mixed moves (e.g., IDA u...
ELP fell 6.27% while key utilities peers showed modest, mixed moves (e.g., IDA up 0.61%, ENIC up 0.23%, TXNM down 0.5%, OGE down 0.12%, POR down 0.35%). No peers appeared in the momentum scanner, pointing to a stock-specific move rather than a broad sector shift.
Market Pulse Summary
This announcement highlights stronger recurring Ebitda, up 16.1% to R$ 1,358.1 million, with notable...
Analysis
This announcement highlights stronger recurring Ebitda, up 16.1% to R$ 1,358.1 million, with notable contributions from GenCo, TradeCo and a tariff-driven lift at DisCo. At the same time, lower GSF, higher PLD and increased curtailment introduce operational risk. Recent regulatory filings about Copel’s migration to B3’s Novo Mercado and interest-on-equity distributions of R$ 1.1 billion frame a broader governance and capital-returns backdrop that investors may monitor alongside future earnings and cash-flow metrics.
Key Terms
ebitda
1 terms
ebitdafinancial
"recorded recurring Ebitda of R$ 1,358.1 million in 4Q25"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
AI-generated analysis. Not financial advice.
Curitiba, Parana, Brazil--(Newsfile Corp. - February 27, 2026) - Copel (NYSE American: ELP) (BVMF: CPLE3) recorded recurring Ebitda of R$ 1,358.1 million in 4Q25, an increase of 16.1% compared to R$ 1,169.6 million recorded in 4Q24. This result reflects the Company's ability to consistently generate value, supported by the strength of its assets and the efficient execution of its operational and comercial strategy. DisCo accounted for approximately 53.6% of this result, while GenCo and TradeCo accounted for approximately 48.4%.
Highlights in 4Q25 include:
(i) Genco's Ebitda grew 24.3% (+R$ 127.8 million) compared to 4Q24, totaling R$ 654.2 million, as a result of the following factors: i. an increase in revenue from electricity grid availability in the amount of R$ 102.7 million, mainly explained by the incorporation of the transmission company Mata de Santa Genebra S.A. (MSG) and an average increase of 2.2% in the RAP of transmission companies wholly owned by Copel GeT for the 2025/2026 cycle, excluding MSG; ii. a decrease of R$ 86.1 million in recurring manageable costs (PMSO) (more details below, in the section on manageable costs); iii. an increase of R$ 34.9 million, resulting from the positive effects on transactions carried out in the Short-Term Market (MCP), in particular the modulation of the hydroelectric generation portfolio, given the behavior of the Settlement Price of Differences (PLD) in the South submarket during the period; and iv. a reduction of R$ 10.8 million in electricity grid usage charges, resulting from the increase in the share of the locational signal in the calculation of the TUST.
This result was partially offset by the increase in the cost of electricity purchased for resale, as a result of the combination of lower GSF (67.4% in 4Q25 versus 79.9% in 4Q24) and higher PLD (R$ 264.70/MWh in 4Q25, versus R$ 216.36/MWh in 4Q24), as well as a greater deviation in generation and the result of the increase in curtailment, which rose from 15.7% in 4Q24 to 34.2% in 4Q25.;
(ii) Elejor's Ebitda increased by R$ 23.6 million when compared to 4Q24, driven by the higher volume of energy traded in bilateral contracts in the period and the increase in the average sale price;
(iii) TradeCo's Ebitda increased by R$ 18.8 million compared to 4Q24, mainly reflecting the 69.7% increase in energy sales in bilateral contracts (3,824 GWh compared to 2,253 GWh in 4Q24), and the commercialization strategy to mitigate the effects of contracts with generation from intermittent sources, with an impact of approximately R$ 18.0 million in 4Q24;
(i) the 1.8% increase in DisCo's Ebitda (+R$ 13.1 million) compared to 4Q24 resulted mainly from the Annual Tariff Adjustment (RTA) in June 2025, with an average effect of 1.3% on portion B, slightly offset by a 0.1% reduction in the Billed Wire Market.
The complete release is available at the Company's website: ir.copel.com
Conference Call: February 27th, 2026 - Friday
English: 08:00 a.m. - EST Broadcast through Internet
What recurring EBITDA did Copel (ELP) report for 4Q25?
Copel reported recurring EBITDA of R$1,358.1 million in 4Q25, a 16.1% increase year-over-year. According to the company, the rise reflects stronger asset performance and operational execution across its business segments.
What drove Genco's EBITDA increase for Copel (ELP) in 4Q25?
Genco EBITDA rose 24.3% to R$654.2 million, mainly from higher transmission availability revenue and lower manageable costs. According to the company, incorporation of MSG and a RAP increase also contributed to the gain.
How did TradeCo performance affect Copel (ELP) results in 4Q25?
TradeCo EBITDA rose by R$18.8 million, supported by a 69.7% increase in bilateral energy sales to 3,824 GWh. According to the company, commercialization actions mitigated intermittent generation contract effects.
What were the main headwinds for Copel (ELP) EBITDA in 4Q25?
Main headwinds included a lower GSF (67.4% vs 79.9%), higher PLD (R$264.70/MWh), and curtailment rising to 34.2%. According to the company, these factors increased the cost of electricity purchased for resale.
Did DisCo contribute to Copel's (ELP) EBITDA growth in 4Q25?
Yes. DisCo EBITDA increased 1.8% (R$13.1 million), mainly due to the Annual Tariff Adjustment in June 2025 with an average effect of 1.3% on portion B. According to the company, billed market volume slightly declined.
Where can investors access Copel (ELP) 4Q25 conference call details on February 27, 2026?
The company hosted a conference call on February 27, 2026, with an English webcast at 08:00 a.m. EST. According to the company, the live webcast was available via its investor relations website.
