Serena Energia (SRNA3) investor relations material

Executive summary

• Quarterly energy production reached 2,365 GWh in 2Q25, up 2% year-over-year, with the Delta Cluster output surging 66.4% YoY due to strong wind resources and operational improvements.

• Adjusted gross energy profit rose 16% YoY to R$588.5 million, driven by new contracts and record platform performance.

• Adjusted EBITDA increased 26% YoY to R$421.6 million, reflecting higher gross profit and cost controls.

• Operational cash generation totaled R$375.5 million, up 34% YoY.

• Take-private transaction advanced, with 99.4% shareholder approval for poison pill waiver; closing pending regulatory and creditor approvals.

Financial highlights

• Net revenues for 2Q25 were R$1,461.7 million, up 92% YoY; energy gross profit increased 23% YoY to R$635.9 million.

• Adjusted EBITDA margin reached 71.6% in 2Q25, up 5 p.p. YoY; adjusted net income loss narrowed to -R$60.6 million from -R$97.6 million YoY.

• Net debt/EBITDA (operational arm) improved to 3.3x, well below the 4.5x covenant.

• Recurring free cash flow for 2Q25 was R$375.5 million, up 34% YoY, with EBITDA to FCF conversion at 89%.

• Cash balance at quarter-end was R$1.52 billion, down 17% QoQ and 10% YoY, mainly due to debt service and capex.

Outlook and guidance

• 60% of annual performance is expected in the second half of the year, consistent with historical seasonality.

• Curtailment risk remains, with budgeted losses of approximately R$30 million for 2H25 and ongoing regulatory and legal actions for reimbursement.

• Management anticipates possible regulatory or judicial solutions to reduce curtailment and provide compensation.

• Distributed Generation projects are expected to deliver R$75–85 million in full-year EBITDA by 2026.