ISA Energía Brasil (ISAE4) investor relations material

Business Overview and Portfolio

• Operates 34 energy transmission concessions across 12 states, with 132 substations and a market cap of BRL 16 billion as of September.

• Transmits 95% of Sao Paulo's energy and 30% of Brazil's total, with 23,000 km of lines.

• Unique in holding both renewable and traditional concessions, with a 20-year average concession maturity and 44% of revenue from new concessions.

• RAP for coming years is JPY 6.4 billion, with 56% from historical Paulista contracts and significant new investments.

• Five major projects under construction will add over JPY 1 billion in annual revenue, each with 30-year cash flow potential.

Strategic Direction and Growth Initiatives

• Focus on portfolio diversification and strong organic growth through modernization and retrofitting of assets.

• R$ 5.7 billion in authorized investments through 2029, exceeding asset base depreciation and ensuring long-term sustainability.

• Expansion of greenfield projects, with R$ 7.3 billion in CapEx under execution and a pipeline scheduled through 2029.

• Strengthening of the Paulista Concession with R$ 2 billion in R&I projects energized and another R$ 2 billion under execution by 2028.

• Pipeline includes major transmission corridors to support renewable energy integration.

Financial Performance and Capital Discipline

• Achieved average annual revenue growth of 12.7% from 2013 to 2024, consistently above inflation.

• Operational RAP increased by 28% from 2023 to 2028, with revenue diversification across contract types and new concessions.

• Maintains AAA local credit rating, with average real cost of 7.5% and net debt/EBITDA at 3x, and average debt maturity of 7.6 years.

• Operational efficiency improved, with costs dropping from 47% to 34% of net revenue between 2018 and 2024.

• Dividend policy targets at least 75% of regulatory net profit, with BRL 18 per share paid since 2013 and 17% total shareholder return, outperforming benchmarks.