Eneva (ENEV3) Corporate presentation summary

Strategic positioning and business model

• Leading integrated energy platform in Brazil, focused on natural gas and power value chains, with vertical integration from E&P to power generation and trading.

• Operates 9.4 GW of natural gas capacity, representing 33% of Brazil's gas thermal capacity, and is the largest onshore gas producer and LNG terminal operator in the country.

• Provides reliable, dispatchable power to support grid stability amid growing renewables and hydro seasonality, leveraging proprietary gas supply and flexible infrastructure.

• Unique business models include Reservoir-to-Wire (R2W), Gas-to-Power (G2P), on-grid and off-grid gas supply, and a top-10 national energy trading desk.

• Expanding gas hubs and green corridors for LNG-fueled heavy transport, supporting energy transition and decarbonization.

Financial performance and capital allocation

• Achieved strong financial growth: market cap rose from R$4.4bn in 2017 to R$51bn in 2026, with EBITDA up 343% and net revenue reaching R$18.4bn in 2025.

• Maintains highly predictable, inflation-indexed contracted cash flows, with R$282bn in total contracted annual fixed revenues from 2026 onwards and average PPA life of 15.3 years.

• Peak leverage in 2022 due to acquisitions, with net debt/EBITDA declining to 2.4x by 2025; 86% of debt indexed to contracted revenues for natural hedge.

• Capital allocation focused on high-return projects, with leveraged IRRs well above government bonds and disciplined investment in greenfield and brownfield assets.

Asset portfolio and growth avenues

• Holds 1.6 tcf of 2P gas reserves and 0.8 tcf of 2C contingent resources, with the largest onshore concession area in Brazil and a robust exploration track record.

• Asset base includes 10.1 GW of contracted/constructed capacity, +10 GW project pipeline, and major clusters in Amazonas, Maranhão, Ceará, Sergipe, Southeast, and renewables.

• Actively developing new gas hubs (Ceará, Southeast) and expanding off-grid LNG supply for industrial and transport sectors.

• Pursuing greenfield and brownfield power projects, with 3.6 GW contracted in the 2026 capacity auction and over 10 GW licensed for future auctions.

• Monetizing gas resources in Solimões and Paraná basins, with infrastructure projects to unlock new supply and regional opportunities.