Serena Energia SA (BSP:SRNA3) Q2 2025 Earnings Call Highlights: Strong Financial Performance ...

Financial Performance: Serena Energia SA reported a 2% growth in energy production and significant increases in adjusted gross energy profit (16%), adjusted EBITDA (26%), and operating cash flow (34%) for Q2 2025 compared to the previous year. The net debt/EBITDA ratio improved to 4.4 times, indicating better capital management.

Challenges and Regulatory Issues: The company faces challenges with curtailment leading to financial losses, while regulatory uncertainties regarding reimbursement for energy cuts remain a concern. Despite these issues, Serena Energia is optimistic about potential reimbursements and ongoing discussions for mitigation strategies.