Light (LIGT3) investor relations material

Executive summary

• Distribution concession renewed for 30 years, ending uncertainty and supporting long-term stability, with recognition of operational challenges and company-specific characteristics.

• Net income surged to R$2.8 billion in 1Q26, mainly due to a one-off recognition of R$2.9 billion in deferred tax assets following concession renewal.

• Adjusted consolidated EBITDA was R$423 million (-27.0% YoY), with Generation & Trading up 45.3% and Distribution down 47.5%.

• Capex increased 18.0% YoY to R$349 million, focused on network modernization, maintenance, and digitalization.

• Board approved a private capital increase of up to R$1.5 billion, aligned with the judicial reorganization plan.

Financial highlights

• Net revenue reached R$4,046 million (+8.1% YoY); adjusted net revenue was R$3,711 million (+13.5% YoY).

• Adjusted EBITDA: R$423 million (-27.0% YoY); Distribution: R$247 million (-47.5% YoY), Generation & Trading: R$164 million (+45.3% YoY).

• Net income: R$2.8 billion, driven by one-off tax credits; adjusted net income (excluding non-recurring items) was a loss of R$80 million.

• Investments totaled R$349 million, up 18% YoY, focused on grid maintenance and expansion.

• Cash and equivalents dropped 60.6% YoY to R$1.4 billion; proforma net debt increased 43.2% YoY to R$6.7 billion.

Outlook and guidance

• Five-year CapEx plan of R$10 billion to modernize and digitize the network, about twice recent years' levels.

• Private capital increase of up to R$1.5 billion planned within 90 days of concession renewal, with minimum R$1.0 billion subscription.

• Upon completion, consolidated net debt is expected to fall to approximately R$5.2 billion.

• Company expects to regain access to credit markets and re-leverage to support investment plan as judicial reorganization concludes.

• Next regulatory milestone is the 2027 periodic tariff review, expected to confirm the turnaround.