Companhia Energética de Minas Gerais (CEMIG), through its various subsidiaries, plays a comprehensive role in Brazil's energy landscape, covering the production, transmission, ...
Companhia Energética de Minas Gerais (CEMIG), traded in the U.S. under ticker CIG-C, is one of Brazil’s major integrated electric utilities. Headquartered in Belo Horizonte, the group’s core business centers on producing electricity (with a large hydro base and additional wind and solar generation), transmitting power through high-voltage networks, distributing ...Companhia Energética de Minas Gerais (CEMIG), traded in the U.S. under ticker CIG-C, is one of Brazil’s major integrated electric utilities. Headquartered in Belo Horizonte, the group’s core business centers on producing electricity (with a large hydro base and additional wind and solar generation), transmitting power through high-voltage networks, distributing electricity to end customers, and commercializing energy—functions that together support reliable supply at scale in its concession areas.
From an infrastructure and operating perspective, CEMIG’s footprint reflects the typical requirements of a regulated utility: extensive distribution and transmission assets, backed by long-lived generation and grid investments. The company’s profile highlights a diversified generation fleet and major line networks, which are critical both for meeting demand and for maintaining regulatory service levels. In addition to traditional power operations, CEMIG expands into adjacent areas of the energy ecosystem. These include natural gas procurement, transportation, and supply (along with related by-products/derivatives), as well as energy trading activities.
CEMIG also provides technology and services that support utilities and public services. Its IT offerings (including cloud and infrastructure management and cybersecurity) and solutions for operational oversight of public service concessions indicate a capability beyond purely owning and operating energy assets—positioning the group to serve internal operations as well as external concession-related needs. Other activities referenced in its company description include telecommunications services, distributed generation, customer account handling, and initiatives for energy efficiency and supply/storage management.
Financially, CIG-C is associated with CEMIG’s ongoing capital-intensive model. Metrics provided for the listing (market capitalization, enterprise value, valuation multiples, and cash-flow related ratios) are consistent with a large utility where earnings and cash flows are influenced by regulation, network investment plans, and operating efficiency. As a regulated electric utility (industry: Regulated Electric), CEMIG’s business outcomes are also shaped by grid maintenance capex, generation expansion, and the economics of energy procurement and retail tariffs.
Key people and governance for the listing reflect Reynaldo Passanezi Filho as CEO in the provided data. Founded in 1952, CEMIG has built a multi-decade operating history and a group structure designed to strengthen the energy sector in Brazil. Overall, CEMIG’s strategy combines regulated electricity operations with selected energy-market and technology capabilities, aiming to sustain service reliability, manage large-scale infrastructure investment, and adapt to energy transition trends such as renewable generation and energy efficiency.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$42.8B
+7.4%
+6.6%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$4.9B
-31.2%
-3.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+16.9%
-13.9%
+10.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+14.8%
-21.3%
+33.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+11.5%
-35.9%
-9.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$3.3B
-27.7%
-49.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+7.7%
-32.6%
-52.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
69.6%
+49.9%
+12.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.00x
+15.8%
+25.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Carolina Senna: Good morning, everyone. I am Carolina Sena, Cemig's Investor Relations Superintendent. Welcome to Cemig's second quarter 2026 earnings video conference call. Please note that this video conference is being recorded, and it will be available on the company's IR website at ri.cemig.com.br, where you will also find the company's presentation. Should you need simultaneous interpretation, the feature is available by clicking on the globe icon located on the bottom of the screen. Upon choosing interpretation, select the language of your choice, Portuguese or English. Should you choose to follow the call in English, you may also select mute original audio. During the company's presentation, all participants will have their microphones disabled. After that, we will start the Q&A session. We now start Cemig's video conference with Alexandre Ramos Peixoto, CEO. Leonardo George de Magalhães, CFO, and IR Officer. Luis Cláudio Correa Villani, Chief Information Technology Officer. Demétrio Alexandre Ferreira, Chief Generation and Transmission Officer. Ernando Antunes Braga, Chief Distribution Officer. Sergio Lopes Cabral, Chief Trading Officer. Sérgio Pessoa de Paula Castro, Chief Legal Officer. Yuri Araujo de Mendonca, Cemig's CEO, and Ronaldo Xavier Moreira Jr., Cemig CFO and IR Officer. For the initial remarks, I now turn the floor to Alexandre Ramos Peixoto, our CEO, who will start the presentation. Please, Alexandre, the floor is yours. Thank you, Carol. Good morning, everyone. It is a real pleasure to be here with you on my first earnings call as a CEO ahead of our dear Cemig Group. I take on this role with great confidence. Confidence in the company we have built, also confidence in the quality of our people, the excellence of our professionals, and above all, in the great potential that lies ahead. I would like to start with a very clear message.
Alexandre Ramos Peixoto: We have a sound company. We deliver consistent results, and we know how to execute, and that consistency comes from a well-defined strategy, disciplined management, and a real ability to turn plans into tangible outcomes. It is important to make it very clear right now, the quality of the service provided to our clients, that will always be at the core of our priorities. We want to be recognized not only by our financial results, but also by the excellence of our operation and the quality of the experience we deliver to the millions of clients we serve. Over 9.5 million consuming units. That is why we will continue executing a relevant cycle of investments, especially in distribution. We have over 22 billion BRL in our tariff review cycle for May of 2028, and we are investing to turn these networks more robust, modern, resilient, and prepared for the new demands of our clients and also for the transformations in the electric sector, highlighting the full opening of the electric power market in Brazil, which should happen in November 25th, 2028. As all of you know, the …