Equatorial Energia (EQTL3) investor relations material

Executive summary

• Adjusted consolidated EBITDA rose 32.4% to R$3.2 billion in 2Q25, driven by strong distribution and renewables performance, and improved operational quality across all DisCos.

• Adjusted net income reached R$614 million, more than double the prior year, aided by margin expansion and equity pickup from SABESP.

• Investments totaled R$2.7 billion, up 32.4% year-over-year, mainly allocated to distribution and electrical assets.

• All distribution companies are now within regulatory FEC limits, with significant improvements in DEC and operational quality.

• Billed and compensated volume increased 4% year-over-year, with net generated energy up 37%.

Financial highlights

• Net operating revenues grew 22% year-over-year to R$12,795 million.

• Adjusted EBITDA margin improved to 25.1% from 23.1% in 2Q24.

• Net debt/EBITDA ratio at 3.1x, with net debt at R$45.2 billion.

• Sabesp's equity pickup contributed R$312 million.

• Cash/short-term obligation coverage at 1.3x.

Outlook and guidance

• Ongoing focus on disciplined capital allocation, operational quality, and regulatory compliance, especially in sanitation.

• Concession renewal processes for Maranhão and Pará progressing, with approvals at Aneel and contract amendments expected between October and November.

• Continued efforts to address curtailment in renewables through industry collaboration and regulatory adaptation.

• Expectation to maintain improved collection and delinquency levels, particularly in regions showing recent progress.

• Sale closing for certain assets expected in 4Q25.