6-K 1 ebrpr3q25_6k.htm 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of November, 2025

Commission File Number 1-34129

CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS

(Exact name of registrant as specified in its charter)

BRAZILIAN ELECTRIC POWER COMPANY

(Translation of Registrant's name into English)

Rua da Quitanda, 196 – 24th floor,
Centro, CEP 20091-005,
Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

TABLE OF CONTENTS
1. CONSOLIDATED RESULT \| IFRS AND REGULATORY	7
2. ADJUSTED CONSOLIDATED RESULT \| IFRS AND REGULATORY	9
3. ENERGY TRADING	13
4. INVESTMENTS AND EXPANSION PROJECTS	14
5. INDEBTEDNESS	16
6. COMPULSORY LOAN	17
7. CASH FLOW	18
8. FINANCIAL PERFORMANCE	19
8.1. Operational and Financial Results	19
8.2. Generation Segment	21
8.3. Transmission Segment	24
8.4. Operating Costs and Expenses - IFRS	25
8.5. Equity Holdings - IFRS	29
8.6. Financial Result - IFRS	30
8.7. Current and Deferred Taxes - IFRS	31
9. OPERATIONAL PERFORMANCE	32
9.1. Generation Segment	32
9.2. Transmission Segment	34
9.3. ESG	35
10. APPENDIX	36
10.1. Appendix 1 - Generation and Transmission Revenue IFRS	36
10.2. Appendix 2 - PMSO Breakdown	37
10.3. Appendix 3 - Financing and Loans Granted (Receivables)	38
10.4. Appendix 4 - Accounting Statements	39
10.5. Appendix 5 - IFRS vs. Regulatory Reconciliation	43

AXIA ENERGIA RELEASES 3^rd QUARTER 2025 RESULTS

Highlights:

Shareholder remuneration: R$ 4.3 billion in dividends, totaling R$ 8.3 billion distributed in fiscal year 2025, reaching approximately R$ 4.01 per Class A and Class B preferred share, and R$ 3.65 per common share and golden share.

In September and October, Management delivered significant and consistent results, notably with the signing of the sale of Eletronuclear, the divestment of the stake in EMAE, and the acquisition of Tijoá Energia, accelerating the Company’s streamlining process and reducing its risk profile. These developments, together with the strong results achieved in 3Q25, resilient 2026 prices, advances in energy trading, and improvements to our long-term energy model, generated allocable capital under our capital allocation methodology. This, in turn, enabled both the dividend proposal and participation in the transmission auction No. 4/2025. The capital allocation methodology underscores our commitment to financial discipline, shareholder value creation, and sustained investment capacity.

Transmission auction No. 4/2025: winning bid of lots 6A, 6B, 7A and 7B, with RAP of R$ 138.74 million and CAPEX projected by ANEEL of R$ 1.63 billion, attesting to AXIA Energia's competitiveness and efficiency.

Adjusted Regulatory Net Revenue: R$ 9,969 million in 3Q25, down 4.6% YoY, with higher transmission revenues partially offsetting the lower generation revenue related to the sale of the Amazonas thermal power plants and the additional sale of energy from the Tucuruí HPP, which occurred only in 3Q24.

Contribution margin from generation, ACL + MCP: The contribution margin from energy traded in the Free Contracting Environment (ACL) and settled in the Short Term Market (MCP) increased to R$ 86/MWh in 3Q25 from R$ 48/MWh in 3Q24, considering the resources available for allocation in both segments.

Energy trading: 813 clients served in 3Q25, up 16% YoY, with 723 in the ACL compared to 614 in 3Q24.

Adjusted Regulatory EBITDA excluding the variation in results from the Amazonas thermal plants sold in 2025: EBITDA reached R$ 6,419 million in 3Q25, up 3.4% YoY, driven by the 9.8% increase in transmission revenues along with the 10.1% drop in PMSO expenses, reflecting the Company's focus on continuously enhancing operational efficiency. These advances more than offset the 2.1% decrease in generation revenue and the 21.9% reduction in equity income, ensuring resilient EBITDA growth.

Adjusted IFRS Net Income: Totaled R$ 2,176 million, down 68.0% YoY, due to the recognition of a R$ 303 million regulatory remeasurement in 3Q25, compared to R$ 6,130 million in 3Q24, when the impact of the 2023 Periodic Tariff Review was recognized, with no equivalent effect in 2025.

Investments: R$ 2,701 million in 3Q25, up by 32% and 57% compared to 2Q25 and 3Q24, respectively. It is worth noting the 28% YoY increase in investments in reinforcements and improvements in the transmission segment, which reached R$ 1,061 million in 3Q25.

Still within the transmission segment, 230 large-scale projects are under implementation, representing an additional RAP of R$ 1.7 billion between 2025 and 2030 and a total estimated CAPEX of R$ 12.5 billion.

100% Renewable Portfolio: In October, we completed the sale of our last thermal power asset, the Santa Cruz TPP. With this transaction, AXIA Energia now holds a 100% renewable portfolio, in line with its Net Zero 2030 commitment.

Portfolio Management Oct/25: Agreement for the sale of stake in Eletronuclear to J&F for R$ 535 million, providing for the release of guarantees granted by AXIA Energia and the transfer of the “ADI debentures.” The buyer will assume full responsibility for the payment of these debentures, totaling R$ 2.4 billion, as established in the Settlement Agreement with the Federal Government.

Execution of the contract for the sale of AXIA Energia’s stake in Empresa Metropolitana de Águas e Energia S.A. (EMAE) to Companhia de Saneamento Básico do Estado de São Paulo (SABESP) for R$ 476.5 million, including the possibility of future earn-out payments.

Acquisition of the remaining 50.1% stake in Tijoá Energia, in October 2025, for R$ 247 million. The plant has an installed capacity of 808 MW and, in 2024, achieved annual revenue of R$ 320 million and EBITDA of R$ 136 million.

Financial management: net debt totaled R$ 42,577 million in 3Q25, up by R$ 2,451 million and R$ 3,680 million compared to 2Q25 and 3Q24, respectively. This increase was due to the higher gross debt and lower available cash, resulting from the R$ 4 billion dividend payment in August 2025, which consumed a portion of the R$ 5 billion in free cash generated during the period. The average debt maturity decreased by 3.9 months while the average cost rose to CDI + 0.64% p.a. from CDI + 0.59% p.a. in 3Q24.

Notably, Eletronorte raised R$ 2 billion through a debenture issuance in July 2025, with a final cost equivalent to CDI -0.56% p.a. after a swap transaction.

Compulsory Loan: the provision inventory was reduced by R$ 2.7 billion YoY and R$ 362 million sequentially, totaling R$ 11.7 billion in 3Q25. Agreements reached and favorable decisions led to a net reversal of R$ 300 million in the quarter.

MAIN OPERATIONAL AND FINANCIAL INDICATORS

Table 1 - Operating highlights

	3Q25	3Q24	∆%	2Q25	∆%
Generation and Trading
Installed Generation Capacity (MW)	44,368	44,191	0.4	44,368	0.0
Assured Capacity (aMW) (1)	21,655	21,912	-1.2	21,655	0.0
Net Generation (TWh)	24.5	26.5	-7.6	38.7	-36.6
Energy Sold ACR (TWh) (2)	26.7	31.3	-14.7	18.8	42.5
Energy Sold ACL (TWh) (3)	52.5	45.4	15.8	36.1	45.4
Energy Sold Quotas (TWh) (4)	15.4	25.9	-40.7	10.4	48.6
Average ACR Price (R$/MWh) (5)	268.70	298.96	-10.1	284.80	-5.7
Average ACL Price (R$/MWh)	156.07	156.13	0.0	152.07	2.6
Transmission
Transmission lines (km)	74,769	73,958	1.1	73,774	1.3
RAP (R$ mm) (6)	16,644	17,015	-2.2	17,209	-3.3

(1) Assured Capacity (AC) reflects: (a) Ordinance GM/MME 544/21, which established the revision of AC values for plants that had their concessions renewed due to the capitalization (Quota regime plants: Tucuruí, Itumbiara, Sobradinho, Mascarenhas de Moraes, and Curuá-Una), leading to a significant AC reduction, effective from 2023; (b) Ordinance GM/MME 709/22, which introduced an Ordinary Review of the AC for hydroelectric power plants effective from 2023, impacting several AXIA Energia plants; (c) exit of TPP Candiota III as of Jan/24 and of TPPs Mauá III, Aparecida, Anamã, Anori, Codajás, and Caapiranga as of May/25; (d) inclusion of Colíder HPP and exclusion of Mauá HPP as of June/25, following the uncrossing of asset holdings with Copel; (e) inclusion of newly consolidated SPEs: Teles Pires HPP (Oct/23), Baguari HPP (Oct/23), Retiro Baixo HPP (Nov/23), and Santo Antônio HPP (Nov/23); (f) inclusion of the expanding wind farms Casa Nova B and Coxilha Negra, with full AC in 2024; (g) figures do not yet reflect the completion of the sale of the Santa Cruz TPP, concluded in Oct/25, nor the consolidation of the Três Irmãos HPP, whose signing occurred in Oct/25 and is still pending completion.

(2) Does not include quotas.

(3) Includes contracts under Law 13.182/2015.

(4) The figures presented refer to the Assured Capacity of quotas in GWh.

(5) Excludes thermoelectric power plants.

(6) Approved RAP for the current regulatory cycle, considering the modules in operation at the end of each period—including those in operation at the start of the cycle, as well as new modules that entered commercial operation. Includes transmission contracts from AXIA Energia Holding, Chesf, CGT Eletrosul, Eletronorte, TMT, and VSB.

Table 2 - Financial highlights

	3Q25	3Q24	∆%	2Q25	∆%
Financial Indicators
Gross Revenue	11,725	12,960	-9.5	12,082	-3.0
Adjusted Gross Revenue	11,751	12,960	-9.3	12,191	-3.6
Net Operating Revenue	10,003	11,043	-9.4	10,199	-1.9
Adjusted Net Operating Revenue	10,029	11,043	-9.2	10,308	-2.7
Regulatory Net Operating Revenue	9,943	10,449	-4.8	9,701	2.5
EBITDA	-1,495	12,159	-112.3	1,259	-218.8
Adjusted EBITDA	5,890	11,964	-50.8	5,151	14.4
Regulatory EBITDA	-601	6,970	-108.6	5,820	-110.3
Adjusted Regulatory EBITDA	6,382	6,775	-5.8	5,501	16.0
EBITDA Margin (%)	-14.9	110.1	-125.1pp	12.3	-27.3pp
Adjusted EBITDA Margin (%)	58.7	108.3	-49.6pp	50.0	8.8pp
Net Income	-5,448	7,195	-175.7	-1,325	311.1
Adjusted Net Income	2,176	6,805	-68.0	1,469	48.1
Adjusted Gross Debt	72,005	68,774	4.7	71,042	1.4
Adjusted Net Debt (Adj Net Debt)	42,577	38,897	9.5	40,125	6.1
Adj Net Debt/Adjusted LTM EBITDA	2.1	1.6	33.9	1.5	38.1
Investments	2,701	1,720	57.0	2,043	32.2

HIGHLIGHTS OF CONSOLIDATED RESULTS

1. CONSOLIDATED RESULT | IFRS AND REGULATORY

Table 3 - Income statement IFRS (R$ mm)

	3Q25			3Q24		2Q25		9M25	9M24
	IFRS	Adjustment	Adjusted	Adjusted	% Y/Y	Adjusted	% Q/Q	Adjusted	Adjusted	% Y/Y
Generation	6,908	26	6,934	8,348	-16.9	6,960	-0.4	20,862	20,109	3.7
Transmission	4,646	0	4,646	4,566	1.7	5,079	-8.5	14,910	13,520	10.3
Others	171	0	171	46	n.m.	152	12.6	392	182	n.m.
Gross Revenue	11,725	26	11,751	12,960	-9.3	12,191	-3.6	36,164	33,811	7.0
(-) Deductions from Revenue	-1,723	0	-1,723	-1,918	-10.2	-1,883	-8.5	-5,413	-5,655	-4.3
Net Revenue	10,003	26	10,029	11,043	-9.2	10,308	-2.7	30,751	28,156	9.2
Energy resale, grid, fuel and construction	-4,179	0	-4,179	-4,014	4.1	-3,568	17.1	-11,609	-9,917	17.1
Personnel, Material, Services and Others	-1,623	114	-1,509	-1,692	-10.8	-1,403	7.6	-4,379	-4,744	-7.7
Operating provisions	-236	218	-18	-251	-92.7	-177	-89.7	-281	-834	-66.4
Results from asset sale	-7,071	7,071	0	0	0.0	0	0.0	0	0	0
Regulatory remeasurements - Transmission contracts	303	0	303	6,130	-95.1	0	0.0	-648	6,130	n.m.
Other income and expenses	43	-43	0	0	0.0	0	0.0	0	0	0.0
Results, before Equity holdings	-2,760	7,385	4,625	11,216	-58.8	5,160	-10.4	13,834	18,791	-26.4
Equity holdings	1,265	0	1,265	749	69.0	-10	n.m.	1,623	2,025	-19.8
EBITDA	-1,495	7,385	5,890	11,964	-50.8	5,151	14.4	15,457	20,816	-25.7
D&A	-1,156	0	-1,156	-990	16.7	-1,131	2.1	-3,399	-2,955	15.0
EBIT	-2,651	7,385	4,734	10,974	-56.9	4,019	17.8	12,058	17,861	-32.5
Financial Result	-2,571	186	-2,385	-2,225	7.2	-2,377	0.3	-8,081	-7,756	4.2
EBT	-5,222	7,571	2,349	8,749	-73.1	1,642	43.1	3,976	10,105	-60.6
Income Tax and Social Contribution (1)	-226	53	-173	-1,944	-91.1	-173	0.1	-411	-1,828	-77.5
Net Income	-5,448	7,624	2,176	6,805	-68.0	1,469	48.1	3,565	8,277	-56.9

(1) The adjusted value originally disclosed for the Income Tax and Social Contribution line in 3Q24, published on November 6, 2024, was -R$ 1,186 million. Subsequently, part of the deferred tax recognized in 4Q24, amounting to R$ 758 million, was identified as having its triggering event in 3Q24. Accordingly, a non-recurring adjustment was made between the two quarters, reallocating this amount from 4Q24 to 3Q24, with no impact on full-year 2024 results. As a result, in the 4Q24 disclosure, the adjusted value for 3Q24 was revised from -R$ 1,186 million to -R$ 1,944 million. The value presented for 3Q24 in this earnings release reflects the revised amount, as disclosed in the 4Q24 results on March 13, 2025.

Table 4 - Regulatory IS (R$ mm)

	3Q25			3Q24		2Q25		9M25	9M24
	Regulatory	Adjustment	Adjusted	Adjusted	% Y/Y	Adjusted	% Q/Q	Adjusted	Adjusted	% Y/Y
Generation	6,749	26	6,775	8,001	-15.3	6,945	-2.4	20,744	20,676	0.3
Transmission (1)	4,745	0	4,745	4,320	9.8	4,488	5.7	13,656	14,450	-5.5
Others	171	0	171	45	n.m.	152	12.6	392	179	n.m.
Gross Revenue	11,665	26	11,691	12,366	-5.5	11,585	0.9	34,791	35,305	-1.5
(-) Deductions from Revenue	-1,723	0	-1,723	-1,918	-10.2	-1,883	-8.5	-5,413	-5,655	-4.3
Net Revenue	9,943	26	9,969	10,449	-4.6	9,701	2.8	29,378	29,650	-0.9
Energy resale, grid, fuel and construction (1)	-2,764	0	-2,764	-2,988	-7.5	-2,478	11.5	-8,395	-7,579	10.8
Personnel, Material, Services and Others	-1,620	114	-1,505	-1,702	-11.5	-1,419	6.1	-4,398	-4,784	-8.1
Operating provisions	142	65	207	405	-49.0	-98	n.m.	31	-575	n.m.
Results from asset sale	-6,821	6,821	0	0	0.0	0	0.0	0	0	0
Regulatory remeasurements - Transmission contracts	0	0	0	0	0.0	0	0.0	0	0	0
Other income and expenses	43	-43	0	0	0.0	0	0.0	0	0	0.0
Results, before Equity holdings	-1,077	6,983	5,906	6,165	-4.2	5,706	3.5	16,617	16,712	-0.6
Equity holdings	476	0	476	610	-21.9	-205	n.m.	643	1,686	-61.9
EBITDA	-601	6,983	6,382	6,775	-5.8	5,501	16.0	17,260	18,398	-6.2
D&A	-1,589	0	-1,589	-1,490	6.6	-1,615	-1.6	-4,795	-4,419	8.5
EBIT	-2,190	6,983	4,793	5,285	-9.3	3,886	23.3	12,465	13,979	-10.8
Financial Result	-2,814	339	-2,475	-2,352	5.2	-2,398	3.2	-8,148	-8,167	-0.2
EBT	-5,003	7,322	2,318	2,934	-21.0	1,488	55.8	4,317	5,812	-25.7
Income Tax and Social Contribution (2)	-462	53	-409	-1,168	-65.0	-244	67.9	-754	-1,454	-48.1
Net Income	-5,465	7,375	1,909	1,766	8.1	1,244	53.4	3,563	4,358	-18.2

(1) The figures for 3Q24 presented in this disclosure differ in two lines from those originally published on November 6, 2024. Gross transmission revenue decreased by R$ 147 million, from R$ 4,467 to R$ 4,320 million, while the cost of network usage charges—recorded under “Energy resale, grid, fuel and construction”—also decreased by R$ 147 million, from R$ 3,135 million to R$ 2,988 million. As a result, the net effect on EBITDA and net income is nil. The change in both lines results from the review of accounting practices in 2025 related to the elimination of intercompany transactions between the Company’s generation and transmission segments, This adjustment reflects that network usage charges paid by certain generation plants are offset by revenues received by the transmission companies within the group. To ensure comparability between 2024 and 2025, the corresponding elimination values for 2024 were also revised.

(2) The adjusted value originally disclosed for the Income Tax and Social Contribution line in 3Q24, published on November 6, 2024, was -R$ 410 million. Subsequently, part of the deferred tax recognized in 4Q24, amounting to R$ 758 million, was identified as having its triggering event in 3Q24. Accordingly, a non-recurring adjustment was made between the two quarters, reallocating this amount from 4Q24 to 3Q24, with no impact on full-year 2024 results. As a result, in the 4Q24 disclosure, the adjusted value for 3Q24 was revised from -R$ 410 million to -R$ 1,168 million. The value presented for 3Q24 in this earnings release reflects the revised amount, as disclosed in the 4Q24 results on March 13, 2025.

2. ADJUSTED CONSOLIDATED RESULT | IFRS AND REGULATORY

Adjusted Regulatory Income Statement

This section presents the reconciliation between Regulatory and IFRS Income Statements, along with the adjustments related to non-recurring events in the Regulatory Income Statement.

A detailed reconciliation is also available in the “Regulatory and IFRS Income Statement Reconciliation” spreadsheet, accessible on the Company’s Investor Relations website, under Market Information > Historical Financial Information.

Table 5 - Regulatory IS x IFRS IS (R$ mm)

	3Q25 IFRS	Difference	3Q25 Regulatory	Non-recurring Adjustment	3Q25 Regulatory Adjusted	3Q24 Regulatory Adjusted	% Y/Y
Generation	6,908	-159	6,749	26	6,775	8,001	-15.3
Transmission	4,646	99	4,745	0	4,745	4,320	9.8
Others	171	0	171	0	171	45	n.m.
Gross Revenue	11,725	-60	11,665	26

SEC Form 6-K filed by Centrais Electricas Brasileiras S A