Cemig (ADR)
Operating Minas Gerais electricity networks alongside gas distribution and investments.
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Profile
Electricity generation, transmission, trading and distribution sit alongside gas distribution and investee holdings. The Minas Gerais-centered group operates through distinct generation-transmission and distribution subsidiaries under state control.
Generation, transmission, trading and distribution form the core of a Minas Gerais electricity group, complemented by natural-gas distribution and investee holdings. Operations sit within a holding-and-subsidiary structure in which Cemig GT handles generation and transmission and Cemig D handles distribution.
Built around a historic regional grid, the business extends beyond its home state through investments, while its operating model remains centered on Minas Gerais. Asset sales and acquisitions document a continuing portfolio-recycling cycle.
The State of Minas Gerais controls the voting share base and can elect most senior management and influence strategic orientation. Legal and regulatory requirements shaped the separation of generation and transmission from distribution.
Company facts
Key statistics
Year to date −3.6% · Average volume (30d) 4.6M
Analysts
Ratings
Target range
Latest analyst notes
No analyst notes in the last 24 months.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | $0.05 | $0.08 | +68.8% | $1.81B | $2.14B | +17.8% | −0.51% |
| May 7, 2026Q1 FY26 | $0.05 | $0.05 | 0.0% | $1.87B | $2.14B | +14.1% | +0.84% |
| Mar 23, 2026Q4 FY25 | $0.05 | $0.13 | +146.3% | $1.86B | $2.19B | +18.1% | −0.85% |
| Nov 14, 2025Q3 FY25 | $0.07 | $0.05 | −24.8% | $1.62B | $1.99B | +23.1% | +1.90% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.86B | $2.07B | $2.04B | $409.5M | $2.01B | $2.14B | |
| Gross profit | $327.0M | $324.7M | $208.7M | $58.1M | $235.9M | $375.0M | |
| Operating income | $260.4M | $287.9M | $157.6M | $46.1M | $181.0M | $364.9M | |
| Net income | $199.6M | $228.2M | $153.0M | $66.8M | $188.0M | $181.5M | |
| Diluted EPS | $0.07 | $0.08 | $0.05 | $0.13 | $0.07 | $0.06 | |
| Gross margin | 17.5% | 15.7% | 10.2% | 14.2% | 11.7% | 17.5% | |
| Operating margin | 14.0% | 13.9% | 7.7% | 11.3% | 9.0% | 17.0% |
Fiscal years (4-quarter sums)FY21 $6.46B · FY22 $6.62B · FY23 $7.08B · FY24 $7.71B · FY25 $6.39B
Balance sheet, Jun 30, 2026Cash & short-term investments $592.1M · Total debt $4.37B · Total assets $13.61B · Shareholders' equity $5.61B
Dividends
Raised for 2 straight years.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 2, 2026 | Jul 2 | $0.0429 | cut from $0.0477 | |
| May 14, 2026 | May 14 | $0.0477 | raised from $0.0432 | |
| Mar 30, 2026 | Mar 30 | $0.0432 | cut from $0.0443 | |
| Dec 30, 2025 | Dec 30 | Jul 8 | $0.0443 | raised from $0.0267 |
| Dec 29, 2025 | Dec 29 | Jan 7 | $0.0267 | cut from $0.0403 |
| Oct 6, 2025 | Oct 6 | Jul 8 | $0.0403 | raised from $0.0391 |
| Jun 30, 2025 | Jun 30 | $0.0391 | cut from $0.1207 | |
| May 12, 2025 | May 12 | Jan 7 | $0.1207 | raised from $0.0348 |
Ownership
Shares outstanding 2.86B · Float 2.37B
This issuer lists more than one class and the share count spans them all, so a stake here reads as a share of the whole company, not of this class.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % of company | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 22.81M | 0.80% | 13F | Aug 7, 2026 |
| State Street Corp | 16.65M | 0.58% | 13F | Aug 7, 2026 |
| Goldman Sachs Group Inc | 12.00M | 0.42% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 10.52M | 0.37% | 13F | Aug 13, 2026 |
| TSP Capital Management Group, LLC | 9.12M | 0.32% | 13F | Jul 31, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- AXIA Energia (ADR)
Brazil-scale generation and transmission competitor
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cemig (ADR) | $1.99 | +0.25% | $5.69B | 6.4 | — | 1.0 | +7.5% |
| AXIA Energia (ADR) | $10.22 | −2.39% | $23.29B | 10.1 | 13.9 | 2.7 | +12.6% |
| Median | 10.1 | 13.9 | 2.7 | +12.6% |