In 1Q25, the Company’s Gross Debt totaled R$ 10,316.3 MM, 5.1% higher than the previous quarter. The Company’s cash position totaled R$ 807.9 MM, an increase of 6.8% in the quarter and resulting in a net debt of R$ 9,508.4 MM, 5.0% higher than in 4Q24.
The 6.8% increase in Cash and Investments in the quarter is mainly explained by the raising of R$ 650 MM through TAESA’s 17th debenture issuance and by cash generation. These effects were offset, in part, by the payment of approximately (i) R$ 468 MM in interest and amortization related to TAESA’s 11th, 14th, 15th and 16th debenture issuances and Janaúba’s 1st debenture issuance, (ii) R$ 268 MM in Capex in the quarter, and (iii) R$ 230 MM in dividends paid in January 2025.
Proportionally consolidating the jointly-controlled and associated companies, the total gross debt would be R$ 12,774.7 million and the cash of R$ 1,232.2 million, considering the following amounts: (i) TBE’s debts of R$1,277.1 MM and cash/investments of R$ 278.7 MM; (ii) ETAU’s cash/investments of R$ 19.0 MM; and (iii) AIE’s debts (Aimorés, Paraguaçu and Ivaí) of R$ 1,181.2 MM and cash/investments of R$ 126.6 MM.
Considering the proportional net debt of joint ventures and associates, the net debt to EBITDA ratio stood at 4.1x in 1Q25, slightly higher than the figure recorded in 4Q24 (4.0x).
