Augusto Miranda

Augusto Miranda serves as CEO of Equatorial Energia, one of Brazil's most successful utility companies and a model of value creation through operational turnarounds. Equatorial's business model is distinctive: the company acquires electricity distribution concessions that are underperforming — often in Brazil's lower-income northern and northeastern states where technical and commercial losses are highest — and applies rigorous operational management to reduce energy theft, improve billing and collection, and drive regulatory efficiency gains. This "fix-it" strategy has delivered remarkable returns. Equatorial expanded from a single concession in Maranhão to become one of Brazil's largest electricity distributors, serving millions of customers across multiple states. The company has also diversified into electricity transmission (winning multiple auction lots for new transmission lines) and renewable energy generation, including solar projects. Miranda's key challenges include integrating newly acquired concessions (each with its own operational legacy issues), managing the capital intensity of grid improvement investments, navigating Brazil's electricity regulatory framework (ANEEL tariff reviews can significantly impact returns), and managing bad debt in lower-income service territories. His decisions on M&A targets, turnaround execution pace, capital allocation between distribution improvement and transmission growth, and dividend policy are the primary stock drivers on B3 (Brazilian stock exchange).