Copel (NYSE American: ELP) reported recurring Ebitda of R$ 1,754.6 million in 1Q26, a 16.7% increase versus R$ 1,503.2 million in 1Q25. GenCo and TradeCo contributed ~57.2% of recurring Ebitda; GenCo Ebitda rose 30.7% to R$ 1,023.7 million. Key drivers included higher CCEE supply revenue, greater bilateral contract volumes and prices, acquisition-related grid availability increases, and an Annual Tariff Adjustment affecting DisCo.
Operational headwinds included a fall in GSF to 92.0% and higher curtailment, increasing electricity purchased for resale.
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Positive
Recurring Ebitda +16.7% to R$ 1,754.6 million in 1Q26
GenCo Ebitda +30.7% to R$ 1,023.7 million, driven by higher CCEE and bilateral revenues
Negative
Generation GSF fell from 107.7% to 92.0%, increasing purchase needs
Curtailment rose from 8.8% to 20.7%, raising electricity purchased for resale
Market Context
This announcement reports recurring Ebitda of R$ 1,754.6 million in 1Q26, up 16.7% versus 1Q25, with...
Analysis
This announcement reports recurring Ebitda of R$ 1,754.6 million in 1Q26, up 16.7% versus 1Q25, with GenCo Ebitda growing 30.7% and DisCo up 10.0%. The growth was driven by higher bilateral volumes and prices, stronger CCEE revenues, and tariff adjustments, partly offset by lower GSF and higher curtailment at 20.7%. Investors may track how these operational drivers evolve alongside the company’s ongoing governance and capital-structure changes disclosed in prior filings.
"Copel's ... recurring Ebitda amounted to R$ 1,754.6 million in 1Q26..."
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.
"in light of the behavior of the Settlement Price of Differences (PLD) in the Southern submarket..."
The settlement price of differences (PLD) is the official wholesale price used to balance the difference between contracted and actual electricity supply in a market; it is the rate charged or paid when producers or buyers deliver more or less power than they committed. Investors care because this price directly affects the revenues and costs of power generators, utilities and large consumers, driving profit swings and shaping risk for contracts and hedges much like a final bill that settles who owes what after a shared expense.
grid availabilitytechnical
"na increase in revenue from grid availability, explained primarily by the acquisition..."
Grid availability is a measure of how often the electrical network can deliver requested power without interruption or capacity limits, typically expressed as a percentage of time or usable capacity. For investors, it signals operational reliability and revenue risk—like a store’s open hours, lower availability can mean lost sales, higher maintenance or regulatory costs, and may affect valuations for utilities, power projects and energy-dependent businesses.
annual tariff adjustment (rta)regulatory
"and ii. the Annual Tariff Adjustment (RTA) of June 2025, with an average effect..."
An annual tariff adjustment (RTA) is a scheduled yearly change to the regulated prices a company charges for services such as electricity, water, transport or tolls, set by law, a regulator or contract to reflect costs like inflation or fuel prices. It matters to investors because it directly affects a regulated business’s revenue and profit predictability—like an annual rent increase that keeps income aligned with rising costs—so it influences cash flow forecasts and the company’s risk profile.
Parana, Brazil--(Newsfile Corp. - May 5, 2026) - Copel's (NYSE American: ELP) (BVMF: CPLE3) recurring Ebitda amounted to R$ 1,754.6 million in 1Q26, a 16.7% increase compared to the R$ 1,503.2 million recorded in 1Q25. 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 commercial strategy. Roughly speaking, GenCo and TradeCo together accounted for 57.2% of this result, while Copel DIS accounted for the remainder.
Highlights in 1Q26 include:
(i) GenCo's Ebitda growth of 30.7% (+R$ 240.6 million) compared to 1Q25, totaling R$ 1,023.7 million, resulting from the following factors: i. an increase in CCEE supply revenue, mainly due to the positive effects of transactions carried out in the Short-Term Market (MCP), particularly the adjustment of the hydroelectric generation portfolio in light of the behavior of the Settlement Price of Differences (PLD) in the Southern submarket during the period; ii. the increase in supply revenue from Bilateral Contracts, due to higher volumes and prices of energy sold, up 11.7% and 7.5%, respectively, between the periods; and iii. na increase in revenue from grid availability, explained primarily by the acquisition of Transmissora Mata de Santa Genebra S.A. (MSG) and an average 2.2% increase in the RAP of transmission companies wholly owned by our GenCo for the 2025/2026 cycle, excluding MSG. This result was partially offset by the increase in electricity purchased for resale, resulting from the combination of a lower GSF - which fell from 107.7% in 1Q25 to 92.0% in 1Q26 - and a higher level of curtailment, which rose from 8.8% to 20.7% in the same period, also impacting the increase in generation deviation at wind farms.
(ii) the 10.0% increase in DisCo's Ebitda (+R$ 69.4 million) compared to 1Q25, resulting primarily from: i. 2.1% growth in the billed electricity market, reflecting increased economic activity in the concession area and growth in the customer base over the period; and ii. the Annual Tariff Adjustment (RTA) of June 2025, with an average effect of 1.3% on parcel B.
(iii) the R$ 8.0 million increase in Elejor's Ebitda compared to 1Q25, driven by higher volumes of energy sold under bilateral contracts during the period and an increase in the average selling price;
The complete release is available at the Company's website: ri.copel.com/en/
Conference Call: May 6th, 2026 - Wednesday
English: 09:00 a.m. - EDT Broadcast through Internet
What was Copel's recurring Ebitda in 1Q26 and how did it compare to 1Q25 (ELP)?
Copel reported recurring Ebitda of R$ 1,754.6 million in 1Q26, a 16.7% increase versus 1Q25. According to the company, GenCo and TradeCo together accounted for about 57.2% of this total, supporting the year-over-year rise.
Why did GenCo Ebitda increase 30.7% in 1Q26 for Copel (ELP)?
GenCo Ebitda rose to R$ 1,023.7 million, up 30.7%. According to the company, drivers were higher CCEE short-term market revenue, increased bilateral contract volumes and prices, and greater grid availability after the MSG acquisition.
How did changes in GSF and curtailment affect Copel's results in 1Q26 (ELP)?
Lower GSF and higher curtailment increased bought energy costs. According to the company, GSF dropped to 92.0% and curtailment rose to 20.7%, which raised electricity purchased for resale and pressured margins.
What caused DisCo's Ebitda change in 1Q26 for Copel (ELP)?
DisCo Ebitda increased, partly due to a 2.1% rise in billed market and the June 2025 Annual Tariff Adjustment. According to the company, the RTA had an average effect of about 1.3% on parcel B during the period.
When is Copel's conference call to discuss 1Q26 results and how can investors join (ELP)?
The conference call is scheduled for May 6, 2026. According to the company, investors can join via a live webcast on the investor relations website at ri.copel.com/en at the announced local times.
