J P M O R G A N Latin America Equity Research 04 August 2026 Isa Energia 2Q26a: in-line results Adj. EBITDA at R$967mn (in-line with JPMe and -2% vs consensus) Isa Energia reported in-line 2Q26 results, with adj. EBITDA at R$967mn (+23% YoY ad matching JPMe). The EBITDA growth was driven by the operational start of greenfield and brownfield projects in recent quarters, which increased regulated revenues by 21% yoy. Into Opex, higher expenses were mostly related to assets write-offs (cash and non-cash), whic ...