NYSE$CIG
Companhia Energetica de Minas Gerais-ADR · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
Cemig reported solid results in Q2 2025, with higher adjusted EBITDA and net income driven by tariff adjustments and operational resilience despite market headwinds.
Cemig delivered strong adjusted earnings in Q2 2025, supported by improved tariff revenue and effective cost control. Despite a drop in IFRS net income due to one-off effects, the company showed solid operational performance and maintained a robust investment pace.
- Adjusted EBITDA rose to R$2.21 billion from R$1.92 billion in Q2 2024.
- Adjusted net income increased 16.6% to R$1.32 billion.
- Revenue grew 14.3% YoY, reaching R$10.79 billion.
- Submarket price differences and RBSE revision negatively impacted IFRS results.
Headline financials
Revenue & EPS history
Cemig · Revenue · Quarterly
$1.96B
Forward guidance
Cemig expects continued growth driven by infrastructure investments and operational efficiencies, but remains cautious about regulatory and market volatility.
Tailwinds
- Strong investment momentum with over R$6.35B planned for FY25
- Tariff adjustments to support margin expansion
- Debt profile improved with longer maturities and AAA rating
- Operational efficiencies below inflation rate
- Growth in distributed generation and smart grid rollouts
Headwinds
- Exposure to submarket price variations remains a risk
- R$199M non-cash RBSE revision affected reported EBITDA
- Industrial energy consumption declined due to migration
- Elevated capex may pressure short-term cash flows
- Negative contribution from trading segment due to spot price gaps
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2025
-0.4%
Avg return
Earnings day
-0.4%
Avg return
5 days after
+2.4%
Avg return
30 days after
51%
31 / 61 earnings
Positive
+7.3%
Q1 2022
Best reaction
-24.3%
Q1 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | -1.3% | -6.1% | -15.7% | |
| Q4 2026 | +4.0% | -1.9% | -15.0% | |
| Q2 2025 | -2.6% | +1.5% | +7.2% | |
| Q4 2024 | -7.1% | -7.6% | -11.6% | |
| Q3 2024 | +7.3% | -1.5% | -12.9% | |
| Q1 2024 | -1.5% | +1.6% | -4.5% | |
| Q4 2023 | -1.7% | +0.0% | -1.7% | |
| Q3 2023 | -0.5% | +1.2% | -13.3% | |
| Q2 2023 | -5.1% | -6.6% | -4.3% | |
| Q1 2023 | -1.6% | -1.2% | -2.5% | |
| Q4 2022 | -5.1% | -1.5% | +4.9% | |
| Q3 2022 | +2.0% | -1.0% | +6.6% | |
| Q1 2022 | +7.3% | +13.4% | -12.6% | |
| Q4 2021 | -2.1% | -7.1% | +2.9% | |
| Q3 2021 | +2.8% | +0.8% | +1.6% | |
| Q2 2021 | +0.0% | +2.4% | +18.0% | |
| Q1 2021 | +5.3% | +7.1% | +15.6% | |
| Q4 2020 | -2.6% | -1.0% | -11.5% | |
| Q3 2020 | +1.9% | +4.9% | -1.1% | |
| Q2 2020 | +6.9% | +3.5% | +21.4% | |
| Q1 2020 | -9.3% | -14.0% | +0.0% | |
| Q4 2019 | +0.6% | -2.3% | +2.6% | |
| Q3 2019 | +2.3% | +1.5% | -0.3% | |
| Q2 2019 | +0.5% | +1.8% | -3.4% | |
| Q1 2019 | -0.5% | +1.7% | +3.6% | |
| Q4 2018 | +5.6% | +5.1% | +6.0% | |
| Q3 2018 | +0.0% | +27.5% | +75.4% | |
| Q2 2018 | +0.5% | +3.3% | +16.8% | |
| Q1 2018 | -3.8% | -5.0% | -7.4% | |
| Q4 2017 | +3.8% | +1.5% | +14.1% | |
| Q3 2017 | -1.8% | +1.4% | -7.5% | |
| Q2 2017 | +0.8% | +0.8% | +10.3% | |
| Q1 2017 | -24.3% | -24.5% | -18.4% | |
| Q4 2016 | -1.4% | -25.8% | -22.6% | |
| Q3 2016 | +2.2% | +2.3% | +12.8% | |
| Q2 2016 | +4.6% | +10.0% | +31.3% | |
| Q1 2016 | -5.9% | — | — | |
| Q4 2015 | -5.9% | — | — | |
| Q3 2015 | +5.4% | — | — | |
| Q2 2015 | -2.6% | — | — | |
| Q1 2015 | +3.9% | — | — | |
| Q4 2014 | -1.6% | — | — | |
| Q3 2014 | -14.9% | — | — | |
| Q1 2025 | — | — | — | |
| Q2 2014 | -3.1% | — | — | |
| Q1 2014 | -1.7% | — | — | |
| Q4 2013 | -1.7% | — | — | |
| Q3 2013 | +2.1% | — | — | |
| Q2 2013 | +0.3% | — | — | |
| Q1 2013 | +0.2% | — | — | |
| Q4 2012 | +4.3% | — | — | |
| Q3 2012 | +0.2% | — | — | |
| Q2 2012 | +3.5% | — | — | |
| Q1 2001 | +3.8% | — | — | |
| Q4 2011 | -1.2% | — | — | |
| Q3 2011 | -6.1% | — | — | |
| Q2 2011 | +1.1% | — | — | |
| Q1 2011 | +5.1% | — | — | |
| Q4 2010 | +2.0% | — | — | |
| Q3 2010 | +3.1% | — | — | |
| Q2 2010 | +1.2% | — | — | |
| Q1 2010 | -0.2% | — | — |
Discussion
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