Auren Energia (AURE3) investor relations material

Executive summary

• Achieved record adjusted EBITDA of R$981 million in Q2 2025, up 18% year-over-year, and R$2.2 billion for the semester, a 40% increase, with leverage reduced to 4.8x Net Debt/Adjusted EBITDA.

• Integration of AES Brasil assets neared completion, with unified SAP and operations centers, and R$154 million in cumulative synergies since 4Q24.

• Proprietary generation rose 15% year-over-year to 3.2 GWavg in 2Q25, with wind asset availability improving to 93% and wind output up 12.5%.

• Liability management completed, with R$3.25 billion in new debt issuances, prepayment of acquisition financing, and average debt maturity extended to 7.0 years.

• Pension plan immunization strategy implemented, potentially reducing actuarial deficit by up to R$693 million and annual contributions by R$36 million.

Financial highlights

• Net revenue rose 25% to R$2,886 million in 2Q25; adjusted EBITDA margin was 34.0%.

• Net loss of R$562.9 million in 2Q25, mainly due to higher finance costs and depreciation.

• PMSO expenses reduced to R$282 million in Q2 2025, with annualized savings exceeding R$150 million.

• Operating cash flow after debt service was R$373.7 million in 2Q25, down 41.8% year-over-year.

• Free cash flow was negative at R$1.2 billion in 2Q25, reflecting higher debt service and project capex.

Outlook and guidance

• Integration of AES Brasil assets expected to complete by December 2025, with focus on synergy capture and asset availability, targeting 95% wind asset availability by year-end.

• Targeting annual PMSO synergies of R$250 million, with similar quarterly reductions expected in 2H25.

• Contracting levels for generation portfolio at 94% for 2025, 95% for 2026, and 86% for 2027.

• Expectation for lower commercialization results in the second half of 2025 after a strong first semester.

• Portfolio's long position increased by 50 MWavg for 2027–2029, with new sales and additions.