Companhia Paranaense de Energia (Copel) reported strong 2Q26 performance, with recurring Ebitda of R$ 1,612.6 million, up 20.8% year-on-year, and recurring net income of R$ 645.1 million, up 42.6%. Recurring net operating revenue grew 10.4% to R$ 5,960.7 million, improving profitability.
DisCo recurring Ebitda rose 34.5% to R$ 765.6 million on 7.2% billed grid-market growth and the June 2025 tariff adjustment, while GenCo recurring Ebitda increased 10.1% to R$ 838.2 million, driven by higher transmission revenue and better bilateral pricing despite higher wind curtailment. Net income reached R$ 1,047.5 million, up 82.6%, supported by tax benefits from Interest on Equity. As of June 30, 2026, leverage was 2.9x net debt/Ebitda and 81.4% net debt-to-equity, consistent with the updated optimal capital structure, and capex totaled R$ 957.2 million. The 6th distribution tariff review set Net Regulatory Asset Base at R$ 19.9 billion, applied a R$ 1.3 billion tariff deferral and a 0.95% X Factor. Shareholder returns included a R$ 1.35 billion dividend paid on June 30 and R$ 706 million in Interest on Equity approved for September 30, alongside continued 100% renewable generation and recognition in major ESG indices.
Companhia Paranaense de Energia – Copel reports that its distribution business saw billed grid market volumes grow 7.2% in 2Q26. Electricity consumption in Copel Distribuição’s grid market increased 7.3% versus the same quarter of the prior year, with year-to-date billed growth at 4.6%.
The billed grid market figure deducts part of the energy offset by Mini and Micro Distributed Generation (MMGD). Management attributes the higher consumption mainly to stronger economic activity in the concession area, an expanding customer base, and higher temperatures at the beginning of 2Q26 compared to 2Q25.
Companhia Paranaense de Energia – Copel reports that its Board of Directors met on July 15, 2026 and approved an updated Dividend Policy. The revision changes parameters for dividend distribution to align with the optimal capital structure adopted by the company, following favorable recommendations from the Joint Executive Board and the Investment and Innovation Committee.
The Board also approved amendments to the Rules of Procedure for the Executive Boards of Copel (Holding) and its wholly-owned subsidiaries. The changes seek better alignment of regulatory and strategic responsibilities among the Vice Presidency of Regulation and Market, the Vice Presidency of Strategy, New Business and Digital Transformation, and Copel Comercialização S.A., based on recommendations from the Executive Board and the Sustainable Development Committee.
Companhia Paranaense de Energia – Copel approved an updated Dividend Policy (NPC 0107) on July 15, 2026. The policy defines how dividends and interest on equity (IOE) are distributed, seeking to balance shareholder compensation, financial stability, and long-term growth under Brazilian corporate law and the company bylaws.
The policy targets annual distribution of at least 75% of adjusted Net Profit as Proceeds, guided by a Net Debt/EBITDA target of 2.9x within a 2.6x–3.2x band over 48 months. It guarantees a Mandatory Dividend of at least 25% of adjusted net profit and Priority Dividends for preferred shares, with proceeds paid in at least two events per year, generally within 60 days of approval. The Board may propose lower payouts or Extraordinary Proceeds depending on investment plans, leverage, financial covenants, and profit reserves.
Companhia Paranaense de Energia – Copel reports that its Board of Directors, at its 276th ordinary meeting on July 15, 2026, unanimously approved an updated Dividend Policy. The change adjusts parameters for dividend distribution in line with the optimal capital structure adopted by the company.
The proposal was presented by the Vice President of Finance and Investor Relations and had prior favorable recommendations from the Joint Executive Board and the Investment and Innovation Committee. Copel also emphasizes that statements about dividends, strategies and operations are forward-looking and subject to risks and uncertainties.
Companhia Paranaense de Energia – Copel updated the parameters that guide its optimal capital structure and Dividend Policy. The Board of Directors approved a new target financial leverage of 2.9x net debt/EBITDA, with a 0.3x tolerance band, creating a range from 2.6x to 3.2x.
The previous target was 2.8x with a 2.5x–3.1x range and convergence to the midpoint within 24 months. Under the new framework, convergence to the 2.9x midpoint is targeted within 48 months. The Policy is intended to balance sustainable capital allocation, financial strength, shareholder returns, investment opportunities and customer service quality.
Energy Co of Parana director Marco Antonio Villela de Abreu reported an open-market sale of common shares. On June 16, 2026, he sold 32,490 Common Shares at an average price of $2.9381 per share. After this transaction, he directly holds 63,546 common shares of the company. A footnote explains that the sale price corresponds to BRL14.92 per share, converted using a selling exchange rate of USD1.00 to BRL5.0780 reported by the Central Bank of Brazil as of June 17, 2026.
Companhia Paranaense de Energia – Copel is reshaping its portfolio by approving the divestment of its equity stake in Dona Francisca Energética S.A. (DFESA) to Gerdau S.A. under the same terms negotiated between Gerdau and Celesc.
The board decided not to use preemptive rights to acquire DFESA shares offered by Centrais Elétricas de Santa Catarina (Celesc), after management concluded the opportunity did not meet Copel’s minimum profitability criteria or capital allocation guidelines. Gerdau’s binding proposal is framed around a favorable market window with high energy prices and the benefit of self-generation.
The decision was unanimous and supported by prior recommendations from Copel’s Executive Board and its Investment and Innovation Committee. Management is authorized to negotiate and sign a share purchase agreement and to take all necessary measures to implement the divestment.
Companhia Paranaense de Energia (Copel) reports that Brazilian regulator Aneel approved the 6th Periodic Tariff Review for its distribution subsidiary, setting a net Regulatory Asset Base of R$ 19,936.2 million, which reflects recognition of investments in its electric network over the last five years.
The review implies an average tariff increase of 20.51% for consumers from June 24, 2026, with 21.87% for high-voltage and 19.85% for low-voltage customers. Parcel B, covering return on capital, operating costs, depreciation and related items, totals R$ 5,720.9 million, while Parcel A, which includes sector charges, transmission, power purchases and unrecoverable revenues, totals R$ 12,224.4 million. The decision will still be submitted to a subsequent Aneel public meeting for ratification.
Companhia Paranaense de Energia (Copel) is selling its entire 23.03% equity stake in Dona Francisca Energética S.A. (DFESA), which participates in operating the Dona Francisca Hydroelectric Plant. The sale is based on an enterprise value of R$ 150.0 million, with the price to be paid in a single installment at closing.
The closing will occur only after customary conditions precedent are met, including required corporate and regulatory approvals. Copel explains that this divestment supports its strategy of simplifying its corporate structure, focusing on larger assets where it has control or significant influence, and aiming to generate value for shareholders.