Eneva (ENEV3) Corporate presentation summary

Market context and value proposition

• Brazil's energy system is increasingly reliant on intermittent renewables, driving demand for thermal sources to ensure grid stability and meet growing consumption.

• Seasonality and intra-day intermittence in hydro and renewables create operational challenges, highlighting the need for dispatchable thermal capacity.

• Provides reliable, competitive energy solutions with a robust thermal portfolio, supporting renewables growth and grid flexibility.

Integrated business model and capabilities

• Operates across the value chain: E&P, midstream (LNG, pipelines), and power generation, with Brazil's largest onshore 2P gas reserves and LNG production.

• Unique business models include Reservoir-to-Wire (R2W) and Gas-to-Power (G2P), integrating proprietary gas fields with power plants for cost and reliability advantages.

• Offers both on-grid and off-grid gas solutions, including SSLNG for remote clients and flexible supply via regas terminals.

• Trading desk among Brazil's top 10, optimizing commercial gains in power, gas, condensate, and oil.

Growth, capital allocation, and financial performance

• Achieved 986% market cap growth since 2017, with significant increases in reserves, capacity, and EBITDA.

• Highly predictable, inflation-indexed contracted cash flows, with over R$287bn in future fixed PPA revenues and an average PPA life of 15.4 years.

• Capital allocation focused on high-return projects, with leveraged IRRs well above government bonds and disciplined project-level leverage.

• Consistent financial evolution: net revenue, EBITDA, and capex have grown, while leverage has decreased post-acquisitions.

• Debt profile is healthy, with 65% maturing after 2030 and 83% naturally hedged to contracted revenues.