Light (LIGT3) investor relations material

Executive summary

• Renewed 30-year distribution concession, completed R$1.5 billion capital increase, mandatory debt conversion, and filed to exit judicial reorganization, marking the completion of the restructuring plan.

• Adjusted consolidated EBITDA reached R$599 million in 2Q26, up 82.3% year-over-year, driven by a 49.2% increase in the distributor's adjusted gross margin and cost discipline.

• Net loss for 2Q26 was R$252 million, mainly due to non-recurring effects from tax settlements (Refis) and asset write-offs related to concession renewal.

• Entering a new phase with a less leveraged balance sheet, improved operational indicators, and a focus on sustainable investment.

Financial highlights

• Adjusted consolidated EBITDA rose 82.3% year-over-year to R$599 million; adjusted EBITDA for the distribution segment more than doubled to R$461 million.

• Net revenue grew 9.8% year-over-year to R$3.8 billion in 2Q26; adjusted net revenue rose 15.8% to R$3.52 billion.

• Capex reached R$449 million in 2Q26, up 7.1% year-over-year, focused on grid modernization and IT.

• Net debt/EBITDA ratio at 2.85x at quarter-end, improved from 3.69x in 1Q26; pro forma net debt post-capital increase would be ~R$5.0 billion.

• Cash position at R$1.86 billion, down 41.6% year-over-year, reflecting debt settlement and investments.

Outlook and guidance

• Regulatory agenda advancing toward the 2027 periodic tariff review, with expectations for methodologies on X-factor, risk areas, and non-technical losses to be finalized by year-end.

• Ongoing investment in grid modernization, digitalization, and operational resilience, with anticipated productivity gains from system upgrades and AI.

• Expectation of improved market access and credit conditions post-judicial reorganization and favorable Supreme Court outcome on ICMS tax issue.