Equatorial Energia (EQTL3) investor relations material

Executive summary

• Adjusted EBITDA reached BRL 12.2 billion in 2025, up 11.6% year-over-year, with same-assets EBITDA up 14.3%.

• Investments totaled BRL 11 billion, a 23.5% increase year-over-year, mainly for distribution network expansion.

• Raised BRL 19.5 billion in funding, extending average debt maturity to 6 years and reducing CDI spreads by 40 bps.

• Dividend payout declared at BRL 1.98 billion, representing a 185% payout ratio.

• Recognized for operational excellence and workplace quality, including top industry awards and high engagement survey scores.

Financial highlights

• Q4 2025 adjusted EBITDA was BRL 3.5 billion, up 10.5% year-over-year; annual same-assets EBITDA grew 20%.

• Ended Q4 with BRL 11.2 billion in cash, covering 2.5x short-term debt.

• Net leverage (net debt/EBITDA) improved to 2.6x; excluding transmission capital gain, 3.0x.

• Q4 investments totaled BRL 2.9 billion, up 8.6% year-over-year.

• Adjusted net income for Q4 was BRL 802 million, down 20% year-over-year due to higher depreciation, financial expenses, and non-recurring provisions.

Outlook and guidance

• Focus remains on infrastructure expansion, service quality improvement, and loss reduction to meet growing demand.

• Regulatory compliance achieved for energy losses and DEC in key regions, with ongoing reviews in Rio Grande do Sul, Amapá, and Pará.

• SUDAM tax benefits for Equatorial Pará extended through 2034.

• Asset recycling and balance sheet flexibility prioritized to capture future market opportunities.

• Continued focus on operational improvements and leveraging tax incentives.