Engie Brasil Energia (EGIE3) investor relations material

Executive summary

• Major renewable projects, including Serra do Assuruá Wind Complex (846 MW) and Assú Sol Photovoltaic Complex (753 MWac), reached full commercial operation ahead of schedule and under budget in late 2025 and early 2026.

• Asa Branca Transmission System's first section began operation in Nov 2025, representing 33% of total RAP, with further expansion underway.

• Net operating revenue for 2025 reached R$12,860 million, up 14.6% year-over-year, driven by renewables and transmission assets.

• Special committees established for related party transactions and potential Jirau Energia stake transfer, enhancing transparency.

• Recognized for sustainability leadership by S&P and CDP, and approved R$1,377 million in dividends (55% payout, 4.2% yield).

Financial highlights

• Net operating revenue increased 14.6% year-over-year to R$12,860 million, driven by new assets and trading activity.

• Adjusted EBITDA rose 3.7% to R$7,640 million, with margin at 59.4%; adjusted net income fell 15.6% to R$2,845 million.

• Net debt increased 26.8% to R$25,514 million; leverage at 3.3x adjusted EBITDA.

• Dividend payout for 2025 was R$1,377 million, representing 55% of adjusted net income, with a yield of 4.2%.

• Reported net income fell 33.6% to R$2,858 million due to lower non-recurring gains.

Outlook and guidance

• Expansion projects underway in transmission and renewables, including Asa Branca, Graúna, and Santo Agostinho, totaling over 1.3 GW new capacity.

• Ongoing investments in new projects, with over R$6 billion in capex in 2025.

• Portfolio management for 2026 is robust, with adequate reserve energy to cover GSF and curtailment risks; curtailment levels expected between 20%-25%.

• Dividend payout to remain at 55% due to leverage and investment needs; no increase foreseen for 2026.

• Positive long-term outlook supported by Brazil’s energy transition and regulatory stability.