Serena Energia (SRNA3) investor relations material

Executive summary

• Operates as a holding company focused on renewable energy, with 2,803.7 MW installed capacity across Brazil and Texas, US, through subsidiaries and joint ventures.

• Completed a R$5.4 billion take-private transaction, with 96.1% shareholder participation, making the company fully private and backed by Actis, GIC, and managing partners.

• Activities regulated by ANEEL (Brazil) and ERCOT (Texas), with energy sold via long-term, inflation-indexed contracts and spot market agreements.

• Three main business segments: power generation, energy sales/trading, and project development.

• Energy production in 3Q25 was 2,891 GWh, down 5% year-over-year due to curtailment, especially in the Bahia cluster.

Financial highlights

• Consolidated revenue for the nine months ended September 30, 2025, was R$4,619 million, up from R$2,509 million year-over-year.

• Net revenues for 3Q25 were R$2,001.4 million, up 89% year-over-year.

• Gross profit reached R$902 million, compared to R$769 million in the prior year period.

• Net loss for the period was R$173 million, versus net income of R$70 million in the same period last year.

• Adjusted EBITDA for 3Q25 was R$483.5 million, down 2% year-over-year; EBITDA margin was 70.1%.

Outlook and guidance

• Management expects continued strong cash generation from operating assets and has secured refinancing and extended debt maturities to support future obligations.

• Management expects compensation for past curtailments, which could boost 2025 results above the business plan.

• No material uncertainties identified regarding going concern; access to additional credit lines is available.

• New energy offtake transactions are expected to increase EBITDA over the next decade.

• Monitoring regulatory changes, including Provisional Measure No. 1,304/2025, which may impact the sector.