Alupar Investimento (ALUP11) investor relations material

Executive summary

• Regulatory net income rose 43.9% year-over-year in 2Q25, driven by strong transmission and generation performance and tax benefits.

• IFRS net profit was R$144.9 million, down 38.9% year-over-year, mainly due to lower EBITDA and financial results.

• Dividend payments for the quarter totaled R$145.3 million, with an additional R$69.2 million approved.

• Major investments in transmission projects, including ELTE, TCE, TECP, and the acquisition of Rialma IV.

• Maintained a focus on shareholder returns and project pipeline expansion across Brazil and Latin America.

Financial highlights

• IFRS net revenues reached R$1,047.1 million in 2Q25, up 9.8% year-over-year; regulatory net revenues were R$858.0 million, up 8.4%.

• IFRS EBITDA was R$600.5 million, down 23.6% year-over-year; regulatory EBITDA rose 5.5% to R$680.5 million.

• Net debt stood at R$9,036.1 million, with a net debt/EBITDA ratio of 3.0x (IFRS) and 3.4x (regulatory).

• Dividend payout ratio remained above 50% for the period.

• Regulatory net profit was R$186.1 million, up 43.9% year-over-year; IFRS net profit per unit was R$0.44, down 41.2%.

Outlook and guidance

• RAP for the 2025/26 cycle increased 11.4% to R$4,782 million, driven by indexation and new assets.

• Ongoing expansion in transmission with several projects under construction in Brazil and Latin America, including TECP, TAP, and TPC.

• Management expects continued positive performance in generation, supported by new assets and improved operational availability.

• Some pressure on energy acquisition costs is anticipated, but industry-wide issues are expected to be equalized over time.

• Management highlights continued focus on value creation through asset expansion and operational efficiency.