<p>巴西电力公司 – Eletrobras ((AXIA)) 已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>Eletrobras 最近的财报电话会议预计从恢复模式自信转向增长模式。高管们宣称转型已完成，得益于创纪录的股息、调整后收入和 EBITDA 的大幅增长，以及投资的显著增加，同时强调大多数负面影响要么是一次性的，要么是过渡性的。</p>
<h2>转型完成与更强的控制</h2>
<p>管理层表示，传统的转型阶段已经结束，2026 年的预算已经反映了这一新现实。更快的财务报告，包括首次在二月份发布年度业绩，被视为内部控制更严格和流程更健全的证据。</p>
<h2>创纪录的股息凸显资本纪律</h2>
<p>公司宣布与 2025 年业绩相关的创纪录股息支付为 83 亿巴西雷亚尔，将这一支付视为其资本配置故事的里程碑。管理层将这一水平的股东回报框定为与扩大的投资计划相兼容，显示出对持续现金生成的信心。</p>
<h2>资本支出激增标志投资超级周期</h2>
<p>2025 年的投资达到 96 亿巴西雷亚尔，季度资本支出接近 40 亿巴西雷亚尔，同比大约增长 30%。展望未来，Eletrobras 计划在 2026-27 年将年度投资提升至 120-140 亿巴西雷亚尔，指向发电和输电的持续增长周期。</p>
<h2>调整后收入和 EBITDA 显示强劲势头</h2>
<p>调整后收入达到 12 亿巴西雷亚尔，比 2024 年第四季度增长 141%，得益于运营收益和遗留问题的拖累减少。报告的 EBITDA 为 57 亿巴西雷亚尔，管理层估计在剔除一次性和过渡性影响后，监管 EBITDA 约为 64 亿巴西雷亚尔。</p>
<h2>税收资产确认提升报告收益</h2>
<p>该期间受益于确认约 20 亿巴西雷亚尔的递延税收资产，以及本季度额外的 1200 万巴西雷亚尔激活。虽然这些税收效应大部分是非现金的，但支持了更高的报告收入，并表明未来应税利润的可见性增强。</p>
<h2>资产出售降低风险并简化投资组合</h2>
<p>Eletrobras 完成了对一座火电厂及其在 Eletronuclear 的股份的出售，继续战略性退出高风险、复杂资产。管理层认为，这些剥离以及相关的负债减少，降低了投资者的感知风险，并为核心增长领域释放了资本。</p>
<h2>输电拍卖胜利扩大受监管基础</h2>
<p>公司报告了约 16 亿巴西雷亚尔的新输电投资，与最近的拍卖胜利相关，预计年均 RAP 约为 1.4 亿巴西雷亚尔。自 2023 年以来，Eletrobras 竞标了 34 个标段并赢得了 9 个，突显了竞争执行力，并强化了可见的受监管收入管道。</p>
<h2>员工持股和治理升级</h2>
<p>Eletrobras 启动了首个员工股票购买计划，使 1644 名员工（占员工总数的 22%）成为股东，许多人是首次成为股东。管理层还宣布了一项提案，计划将公司迁移至 Novo Mercado 板块，股东大会将于近期召开以正式化治理升级。</p>
<h2>ESG 荣誉强化可持续发展资质</h2>
<p>该集团在 CDP A 级名单中获得一席之地，并进入 2026 年 S&amp;P 全球可持续发展年鉴，增强了其在全球投资者中的 ESG 形象。它还推出了温室气体排放计算器，并重申其 2030 年净零排放的轨迹，将增长计划与脱碳目标联系起来。</p>
<h2>风电补偿暂时影响收入</h2>
<p>第四季度业绩受到约 2.5 亿巴西雷亚尔的风电场收入补偿的影响，反映出与合同生产相比的表现不佳。管理层强调，这些补偿扭曲了同比比较，但并不表明基础需求或结构性定价疲软。</p>
<h2>短期输电收入波动</h2>
<p>输电收入在 2025 年第三季度和第四季度之间出现约 2.25 亿巴西雷亚尔的季度波动，为收入带来了噪音。高管们将这些波动描述为临时的 “进出” 效应，而不是输电部门结构性盈利能力的变化。</p>
<h2>更高的激励和品牌重塑推高成本</h2>
<p>由于约 1.08 亿巴西雷亚尔的额外利润分享和长期激励成本，运营费用上升，反映出业绩改善。另有 6000 万巴西雷亚尔用于品牌重塑，管理层将这些支出框定为一次性或战略性支出，而非对利润率的持续压力。</p>
<h2>水文和价格波动仍然是关键风险</h2>
<p>年初水文条件紧张导致价格波动和系统风险增加，2 月 4 日 PLD 一度飙升至约 1600 巴西雷亚尔每兆瓦时。第一季度平均调节为每兆瓦时 15-20 巴西雷亚尔，如果干旱条件持续，可能会进一步上升，使现货价格风险牢牢吸引投资者的关注。</p>
<h2>发电收入因战略性火电退出受损</h2>
<p>同比发电收入下降部分是由于火电厂的出售和关闭，导致 2025 年运营的火电资产减少。管理层将此视为一种有意的投资组合调整，虽然削减了短期收入，但降低了风险并支持更清洁的发电组合。</p>
<h2>人工智能节省仍然适度但潜在可扩展</h2>
<p>高管指出，人工智能迄今对 PMSO 的减少影响有限，近期的成本节约仍然较小。然而，他们仍然看到随着系统的成熟，未来潜力巨大，表明生产力的提升可能会逐渐积累，而不是立即减轻运营支出。</p>
<h2>电池和储能战略仍在形成中</h2>
<p>公司已识别出大约 4 GW 的电池和储能项目管道，但对近期的承诺持谨慎态度。管理层强调了拍卖规则、资本支出水平和报酬模型的不确定性，表示现在锁定参与或大规模经济条件为时尚早。</p>
<h2>复杂的能源分配影响预测</h2>
<p>分析师指出，由于保密的保证能源水平、GSF 处理和合同结构，披露的能源分配与销售量之间存在调和困难。Eletrobras 承认建模的复杂性，并表示透明度应有所改善，波动性预计到 2027 年左右将下降。</p>
<h2>指导和增长展望</h2>
<p>展望未来，管理层预计近期资本支出将超过 100 亿巴西雷亚尔，并在 2026-27 年稳定在 120-140 亿巴西雷亚尔，得益于一个为期 5 年的资本配置框架，平衡股息和增长。增长管道涵盖超过 6 GW 的水电和约 4 GW 的电池，计划参与即将到来的容量和输电拍卖，并推进 Novo Mercado 的迁移。</p>
<p>Eletrobras 的财报电话会议描绘了一家公用事业公司从重组向扩张果断转变的图景，配合创纪录的分红和日益丰富的项目管道。尽管水文波动、短期收入波动和新兴储能经济值得关注，但整体信息是运营风险降低、治理更强和投资势头加速。</p>

巴西电力

AXIA

<p>Eletrobras 第四季度的财报电话会议表明公司成功实现了扭转，创下了 83 亿巴西雷亚尔的分红纪录，并且调整后的收入和 EBITDA 显著增长。公司计划到 2026-27 年将年度投资提升至 120 亿至 140 亿巴西雷亚尔，反映出对增长的信心。战略性资产出售降低了风险，而新的输电投资和员工持股计划增强了治理。尽管由于风能补偿和运营成本导致一些收入波动，Eletrobras 仍然专注于可持续发展和脱碳目标，力争在 2030 年前实现净零排放</p>

<p>Centrais Eletricas Brasileiras S.A. – Eletrobras ((AXIA)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>巴西电力公司 – Eletrobras ((AXIA)) 已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
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</div><p>Eletrobras’ latest earnings call projected a confident shift from recovery to growth mode. Executives declared the turnaround complete, underpinned by record dividends, a sharp jump in adjusted income and EBITDA, and a sizable ramp‑up in investments, while stressing that most negative impacts were either non‑recurring or transitional in nature.</p>
<div class="lb-trans"><p>Eletrobras 最近的财报电话会议预计从恢复模式自信转向增长模式。高管们宣称转型已完成，得益于创纪录的股息、调整后收入和 EBITDA 的大幅增长，以及投资的显著增加，同时强调大多数负面影响要么是一次性的，要么是过渡性的。</p>
</div><h2>Turnaround Completion and Stronger Controls</h2>
<div class="lb-trans"><h2>转型完成与更强的控制</h2>
</div><p>Management said the traditional turnaround phase is now over and that the 2026 budget already reflects this new reality. Faster financial reporting, including publishing annual results in February for the first time, was highlighted as evidence of tighter internal controls and more robust processes.</p>
<div class="lb-trans"><p>管理层表示，传统的转型阶段已经结束，2026 年的预算已经反映了这一新现实。更快的财务报告，包括首次在二月份发布年度业绩，被视为内部控制更严格和流程更健全的证据。</p>
</div><h2>Record Dividend Underscores Capital Discipline</h2>
<div class="lb-trans"><h2>创纪录的股息凸显资本纪律</h2>
</div><p>The company announced record dividend payments of BRL 8.3 billion tied to 2025 results, positioning the payout as a landmark in its capital allocation story. Management framed this level of shareholder return as compatible with an expanding investment plan, signaling confidence in recurring cash generation.</p>
<div class="lb-trans"><p>公司宣布与 2025 年业绩相关的创纪录股息支付为 83 亿巴西雷亚尔，将这一支付视为其资本配置故事的里程碑。管理层将这一水平的股东回报框定为与扩大的投资计划相兼容，显示出对持续现金生成的信心。</p>
</div><h2>Capex Surge Marks Investment Super‑Cycle</h2>
<div class="lb-trans"><h2>资本支出激增标志投资超级周期</h2>
</div><p>Investments reached BRL 9.6 billion in 2025, with quarterly capex nearing BRL 4 billion, roughly 30% higher year on year. Looking ahead, Eletrobras plans to lift annual investments toward BRL 12–14 billion in 2026–27, pointing to a sustained growth cycle in both generation and transmission.</p>
<div class="lb-trans"><p>2025 年的投资达到 96 亿巴西雷亚尔，季度资本支出接近 40 亿巴西雷亚尔，同比大约增长 30%。展望未来，Eletrobras 计划在 2026-27 年将年度投资提升至 120-140 亿巴西雷亚尔，指向发电和输电的持续增长周期。</p>
</div><h2>Adjusted Income and EBITDA Show Robust Momentum</h2>
<div class="lb-trans"><h2>调整后收入和 EBITDA 显示强劲势头</h2>
</div><p>Adjusted income hit BRL 1.2 billion, a 141% jump versus Q4 2024, driven by operational gains and fewer drags from legacy issues. Reported EBITDA came in at BRL 5.70 billion, and management estimated regulatory EBITDA around BRL 6.4 billion after stripping out one‑off and transient effects.</p>
<div class="lb-trans"><p>调整后收入达到 12 亿巴西雷亚尔，比 2024 年第四季度增长 141%，得益于运营收益和遗留问题的拖累减少。报告的 EBITDA 为 57 亿巴西雷亚尔，管理层估计在剔除一次性和过渡性影响后，监管 EBITDA 约为 64 亿巴西雷亚尔。</p>
</div><h2>Tax Asset Recognition Lifts Reported Earnings</h2>
<div class="lb-trans"><h2>税收资产确认提升报告收益</h2>
</div><p>The period benefited from recognition of a roughly BRL 2.0 billion deferred tax asset, plus an additional BRL 12 million activation in the quarter. While largely non‑cash, these tax effects supported higher reported income and signal greater visibility on future taxable profits.</p>
<div class="lb-trans"><p>该期间受益于确认约 20 亿巴西雷亚尔的递延税收资产，以及本季度额外的 1200 万巴西雷亚尔激活。虽然这些税收效应大部分是非现金的，但支持了更高的报告收入，并表明未来应税利润的可见性增强。</p>
</div><h2>Asset Sales Reduce Risk and Simplify Portfolio</h2>
<div class="lb-trans"><h2>资产出售降低风险并简化投资组合</h2>
</div><p>Eletrobras completed the sale of a thermal power plant and its stake in Eletronuclear, continuing a strategic exit from higher‑risk, complex assets. Management argued that these divestments, along with associated liability reductions, have lowered perceived risk for investors and freed capital for core growth areas.</p>
<div class="lb-trans"><p>Eletrobras 完成了对一座火电厂及其在 Eletronuclear 的股份的出售，继续战略性退出高风险、复杂资产。管理层认为，这些剥离以及相关的负债减少，降低了投资者的感知风险，并为核心增长领域释放了资本。</p>
</div><h2>Transmission Auction Wins Expand Regulated Base</h2>
<div class="lb-trans"><h2>输电拍卖胜利扩大受监管基础</h2>
</div><p>The company reported new transmission investments of about BRL 1.6 billion linked to recent auction wins, with expected annual RAP of roughly BRL 140 million. Since 2023, Eletrobras has bid on 34 lots and won 9, highlighting competitive execution and reinforcing a visible, regulated revenue pipeline.</p>
<div class="lb-trans"><p>公司报告了约 16 亿巴西雷亚尔的新输电投资，与最近的拍卖胜利相关，预计年均 RAP 约为 1.4 亿巴西雷亚尔。自 2023 年以来，Eletrobras 竞标了 34 个标段并赢得了 9 个，突显了竞争执行力，并强化了可见的受监管收入管道。</p>
</div><h2>Employee Ownership and Governance Upgrades</h2>
<div class="lb-trans"><h2>员工持股和治理升级</h2>
</div><p>Eletrobras launched its first employee share purchase plan, bringing 1,644 employees, or 22% of staff, into the shareholder base, many for the first time. Management also announced a proposal to migrate the company to the Novo Mercado segment, with a shareholder meeting scheduled to formalize the governance upgrade.</p>
<div class="lb-trans"><p>Eletrobras 启动了首个员工股票购买计划，使 1644 名员工（占员工总数的 22%）成为股东，许多人是首次成为股东。管理层还宣布了一项提案，计划将公司迁移至 Novo Mercado 板块，股东大会将于近期召开以正式化治理升级。</p>
</div><h2>ESG Accolades Reinforce Sustainability Credentials</h2>
<div class="lb-trans"><h2>ESG 荣誉强化可持续发展资质</h2>
</div><p>The group earned a place on the CDP A‑List and entered the S&amp;P Global Sustainability Yearbook 2026, bolstering its ESG profile with global investors. It also launched a greenhouse‑gas emissions calculator and reiterated its net‑zero 2030 trajectory, linking growth plans with decarbonization goals.</p>
<div class="lb-trans"><p>该集团在 CDP A 级名单中获得一席之地，并进入 2026 年 S&amp;P 全球可持续发展年鉴，增强了其在全球投资者中的 ESG 形象。它还推出了温室气体排放计算器，并重申其 2030 年净零排放的轨迹，将增长计划与脱碳目标联系起来。</p>
</div><h2>Wind Reimbursements Temporarily Weigh on Revenue</h2>
<div class="lb-trans"><h2>风电补偿暂时影响收入</h2>
</div><p>Fourth‑quarter results were affected by approximately BRL 250 million in wind farm revenue reimbursements, reflecting underperformance versus contracted production. Management stressed that these reimbursements distort year‑over‑year comparisons but are not indicative of underlying demand or structural pricing weakness.</p>
<div class="lb-trans"><p>第四季度业绩受到约 2.5 亿巴西雷亚尔的风电场收入补偿的影响，反映出与合同生产相比的表现不佳。管理层强调，这些补偿扭曲了同比比较，但并不表明基础需求或结构性定价疲软。</p>
</div><h2>Short‑Term Transmission Revenue Volatility</h2>
<div class="lb-trans"><h2>短期输电收入波动</h2>
</div><p>Transmission revenue showed a quarter‑to‑quarter swing of about BRL 225 million between Q3 and Q4 2025, adding noise to the topline. Executives described these movements as temporary “in and out” effects rather than a change in the structural profitability of the transmission segment.</p>
<div class="lb-trans"><p>输电收入在 2025 年第三季度和第四季度之间出现约 2.25 亿巴西雷亚尔的季度波动，为收入带来了噪音。高管们将这些波动描述为临时的 “进出” 效应，而不是输电部门结构性盈利能力的变化。</p>
</div><h2>Higher Incentives and Rebranding Inflate Costs</h2>
<div class="lb-trans"><h2>更高的激励和品牌重塑推高成本</h2>
</div><p>Operating expenses rose due to about BRL 108 million in additional profit‑sharing and long‑term incentive costs, reflecting improved performance. A further BRL 60 million was booked for rebranding, with management framing these outlays as one‑off or strategic rather than recurring pressure on margins.</p>
<div class="lb-trans"><p>由于约 1.08 亿巴西雷亚尔的额外利润分享和长期激励成本，运营费用上升，反映出业绩改善。另有 6000 万巴西雷亚尔用于品牌重塑，管理层将这些支出框定为一次性或战略性支出，而非对利润率的持续压力。</p>
</div><h2>Hydrology and Price Volatility Remain Key Risks</h2>
<div class="lb-trans"><h2>水文和价格波动仍然是关键风险</h2>
</div><p>Tighter hydrology early in the year fueled price volatility and higher system risk, with one cited PLD spike to around BRL 1,600 per MWh on February 4. Average modulation of BRL 15–20 per MWh in the first quarter could move higher if dry conditions persist, keeping spot price risk firmly on investors’ radar.</p>
<div class="lb-trans"><p>年初水文条件紧张导致价格波动和系统风险增加，2 月 4 日 PLD 一度飙升至约 1600 巴西雷亚尔每兆瓦时。第一季度平均调节为每兆瓦时 15-20 巴西雷亚尔，如果干旱条件持续，可能会进一步上升，使现货价格风险牢牢吸引投资者的关注。</p>
</div><h2>Generation Revenue Hit by Strategic Thermal Exit</h2>
<div class="lb-trans"><h2>发电收入因战略性火电退出受损</h2>
</div><p>Year‑over‑year generation revenue declined partly because of the sale and closure of thermal plants, leaving fewer thermal assets in operation in 2025. Management framed this as a deliberate portfolio shift that trims near‑term revenue but lowers risk and supports a cleaner generation mix.</p>
<div class="lb-trans"><p>同比发电收入下降部分是由于火电厂的出售和关闭，导致 2025 年运营的火电资产减少。管理层将此视为一种有意的投资组合调整，虽然削减了短期收入，但降低了风险并支持更清洁的发电组合。</p>
</div><h2>AI Savings Still Modest but Potentially Scaleable</h2>
<div class="lb-trans"><h2>人工智能节省仍然适度但潜在可扩展</h2>
</div><p>Executives noted that artificial intelligence has so far had only a limited impact on PMSO reductions, with cost savings still small in the near term. They nonetheless see large future potential as systems mature, suggesting productivity benefits could build gradually rather than drive immediate Opex relief.</p>
<div class="lb-trans"><p>高管指出，人工智能迄今对 PMSO 的减少影响有限，近期的成本节约仍然较小。然而，他们仍然看到随着系统的成熟，未来潜力巨大，表明生产力的提升可能会逐渐积累，而不是立即减轻运营支出。</p>
</div><h2>Battery and Storage Strategy Still in Formation</h2>
<div class="lb-trans"><h2>电池和储能战略仍在形成中</h2>
</div><p>The company has identified a roughly 4 GW pipeline in batteries and storage but is cautious on near‑term commitments. Management highlighted uncertainties around auction rules, capex levels and remuneration models, saying it is too early to lock in participation or economics at scale.</p>
<div class="lb-trans"><p>公司已识别出大约 4 GW 的电池和储能项目管道，但对近期的承诺持谨慎态度。管理层强调了拍卖规则、资本支出水平和报酬模型的不确定性，表示现在锁定参与或大规模经济条件为时尚早。</p>
</div><h2>Complex Energy Allocation Clouding Forecasts</h2>
<div class="lb-trans"><h2>复杂的能源分配影响预测</h2>
</div><p>Analysts flagged difficulties reconciling disclosed energy allocations with sold volumes, given confidential assured energy levels, GSF treatment and contract structures. Eletrobras acknowledged the modeling complexity and indicated that transparency should improve, and volatility should fall, by around 2027.</p>
<div class="lb-trans"><p>分析师指出，由于保密的保证能源水平、GSF 处理和合同结构，披露的能源分配与销售量之间存在调和困难。Eletrobras 承认建模的复杂性，并表示透明度应有所改善，波动性预计到 2027 年左右将下降。</p>
</div><h2>Guidance and Growth Outlook</h2>
<div class="lb-trans"><h2>指导和增长展望</h2>
</div><p>Looking ahead, management expects capex to rise above BRL 10 billion in the near term and stabilize at BRL 12–14 billion annually in 2026–27, backed by a 5‑year capital allocation framework balancing dividends and growth. The growth pipeline spans more than 6 GW of hydro and about 4 GW of batteries, with plans to compete in upcoming capacity and transmission auctions and to advance the Novo Mercado migration.</p>
<div class="lb-trans"><p>展望未来，管理层预计近期资本支出将超过 100 亿巴西雷亚尔，并在 2026-27 年稳定在 120-140 亿巴西雷亚尔，得益于一个为期 5 年的资本配置框架，平衡股息和增长。增长管道涵盖超过 6 GW 的水电和约 4 GW 的电池，计划参与即将到来的容量和输电拍卖，并推进 Novo Mercado 的迁移。</p>
</div><p>Eletrobras’ earnings call painted a picture of a utility moving decisively from restructuring to expansion, pairing record payouts with a deepening project pipeline. While hydrological volatility, short‑term revenue swings and emerging storage economics warrant attention, the overall message was one of de‑risked operations, stronger governance and accelerating investment momentum.</p>
<div class="lb-trans"><p>Eletrobras 的财报电话会议描绘了一家公用事业公司从重组向扩张果断转变的图景，配合创纪录的分红和日益丰富的项目管道。尽管水文波动、短期收入波动和新兴储能经济值得关注，但整体信息是运营风险降低、治理更强和投资势头加速。</p>
</div>

Eletrobras 的财报电话会议显示出转机和增长的迹象