Alupar Investimento (ALUP11) investor relations material

Executive summary

• Fitch Ratings reaffirmed AAA (national) and BB+ (international) ratings, all with stable outlooks, supporting aggressive investment plans and reflecting strong capital structure and cash generation.

• Net revenue (IFRS) increased 3.6% year-over-year to R$1,163.7 million in 4Q25, with regulatory net revenue up 6.9% to R$932.3 million.

• Net profit under IFRS rose 22.7% year-over-year to R$282.5 million, while regulatory net profit surged 95.5% to R$191.6 million, driven by higher EBITDA and improved financial results.

• Major debenture issuance of R$2.45 billion to fund TAP and TECP projects, supporting long-term funding needs.

• Dividends paid and recommended for 2025 total R$356.0 million, with a payout ratio of 50.8%.

Financial highlights

• EBITDA (IFRS) for 4Q25 was R$782.6 million, stable year-over-year; regulatory EBITDA rose 8.5% to R$709.4 million.

• Adjusted EBITDA margin reached 78.8% for the quarter.

• Net debt stood at R$9,358.7 million, with net debt/EBITDA (IFRS) at 2.8x and regulatory at 3.3x.

• Dividend payout for 2025 reached R$356.0 million, representing 50.8% of regulatory net income.

• IFRS net margin for 4Q25 was 24.3%; regulatory net margin was 20.6%.

Outlook and guidance

• Investment cycle for current projects expected to conclude by 2029, with total Capex estimated at $2 billion.

• Ongoing investments in transmission projects, with several new assets scheduled for commercial operation between 2026 and 2029.

• Management maintains focus on expanding the asset base, operational efficiency, and disciplined capital allocation.

• No current plans for a spin-off or IPO of international assets, but may be considered in the future.

• Projections depend on market, economic, and sector conditions.