Good morning. Thank you, operator.

Good morning, everyone. First, I'd like to thank everyone for attending this results presentation for the fourth quarter of the 2025.

Joining me today are our CFO and Investor Relations Officer, Maurício Botelho; our vice presidents and the Investor Relations team. I ask that you review the legal disclaimers at the beginning of the presentation before making any investment decisions.

Passing then to the start of presentation. In the year that we celebrate 120 years of history, Energisa has shown that experience and relentlessness can and should go hand-in-hand.

We know how to navigate turbulent waters. More than just weathering them, we advance with financial discipline, focus on execution, and courage to innovate.

We turn challenges into growth and value for those who trust in our journey. We operate in a dynamic energy landscape that demands long-term vision, execution capability, and a keen eye on both the customer and the drivers of transformation.

At Energisa, we have a strategy built around the concept of energy multipotentiality, where electrons, molecules, and bytes coexist to deliver complete, integrated

solutions to the market and drive the transformation of energy into sustainable value over the long term. Now I hand the floor to Maurício Botelho, CFO and Investor Relations Officer, to continue our presentation.

Thank you, Ricardo. Good morning.

Thank you for joining us for another annual results from Grupo Energisa. I will begin by highlighting some results for a period, starting with the factors that most impacted EBITDA and net income in the fourth quarter.

Consolidated PMSO decreased 6.1% in the quarter. For the full year, the PMSO reached R$4 billion, a reduction of 1.7% compared to the prior year, below the 4.3% inflation rate, indicating a real efficiency gain.

In energy distribution, which accounts for the largest share of our PMSO, the decline was 1.6% in the quarter. In the transmission segment, the reduction was 26%, and (re)energisa posted a 20% decline.

ES Gás, on the other hand, saw a 12% increase due to the growth of its operations. This consistent cost control reinforces our operational efficiency and reflects a management approach guided by cost discipline and value creation across all business lines.

Recurring adjusted EBITDA for the fourth quarter 2025 was 2.3 billion, up 21.7% compared to the same quarter of the prior year. For the full year, recurring adjusted EBITDA was 8.2 billion, representing 9.5% growth.

Consolidated recurring adjusted net income also reflected our operations, even in a challenging interest-bearing environment. We delivered significant growth of 151% in the quarter, reaching 806 million.

For the full year, net income was 2.1 billion, up 9.5%. Next slide, please.

In 2025, we raised 16 billion through strategic funding transactions, including 3.6 billion from exchange offer on our debenture maturity profile, which helped us to work with our debt 6.6 years. Only in the fourth quarter 2025, we carried 3.5 billion in early issuances of funding originally planned for this year, thereby reducing our financing needs for the typically more volatile year.

We did this in a planned manner, taking advantage of market windows while maintaining financial flexibility. I would also like to highlight that in December 2025, we carried a corporate reorganization of the companies related to Rio Grande, which resulted in the consolidation of equity interests under that holding company.

Additionally, we exercised the purchase option on a minority stake in [unclear], resolving the cash entrapment of 720 million, sorry, with disbursement of 1.2 billion for the acquisition of minority interests. We closed the period with net debt of 32.8 billion and leverage of 3.6 times, excluding effects of 1 in DPN quasi-equity instruments which occurred on the fourth quarter, leverage would stand at 3.3 times.

Regarding the amortization schedule, our cash position stands at 12.6 billion as the end of 2025, comfortably covering short-term maturities for the next 2 years. The amortization profile is well-balanced with greater concentration in the long term, particularly after 2030.

Moving now to investments. For the full year, investments came in 2% below the level recorded in the period of 2024.

It was largely driven by the commissioning of transmission projects that had been under construction as well the proximity of the end of the planned investment cycle for the distributed generation segment. Looking at the gas segment, we see a different dynamic.

ES Gás accelerated its investments and closed the year of 29% growth, the highest CapEx volume in the company's history. This reflects network expansion, new customer connections, and the capture of growing opportunities in the Espírito Santo market.

This trajectory for ES Gás continues into 2026. We expect to invest approximately 16% more than the amount deployed in 2025, maintaining focus on those two key drivers: infrastructure expansion and customer base growth.

Last month, we announced to the market our consolidated investment plan for 2026 of approximately 7 billion, a 7% increase compared to last year. One important contributing factor to this increase is anticipated early signing of concession renewals for four of our group's key distribution companies: Mato Grosso, Mato Grosso do Sul, Sergipe, and Paraíba.

Of the total planned for 2026, approximately 6.5 billion, about 92% of the investment plan, will be directed to electricity distribution companies. These investments follow new regulatory guidelines and are focused primarily on grid modernization with direct impacts on the quality and reliability of supply.

Our investment plan remains disciplined. We prioritize projects with adequate and consistent returns, aligned with market growth in our concession areas and with the continuous improvement of our energy infrastructure.

Next slide, please. Turning now to share performances, 2025 was marked by important developments in our relationship with investors.

In November, we approved a bonus share issuance in the proportion of 1 each 10. The transaction was designed to reward shareholders without cash outflow, incorporating retained earnings into share capital to simultaneously enhance unit liquidity, also anticipating potential changes in the tax environment.

Additionally, a payment of 70 cents per unit was approved as anticipation dividend, advancing the amount originally scheduled for March 2026. In this context, ENGI11 units recorded appreciation of approximately 49% throughout 2025, outperforming Ibovespa over the same period.

In terms of shareholder remuneration, the dividend yield in 2025 was approximately 7.6%, maintaining our practice of recurring dividend distributions. Looking at the longer horizon, the total shareholder return since the re-IPO in 2016 exceeds 260%, the result of the combination of share price appreciation and dividend payments over the period.

We now turn to highlights from energy distribution. In the quarter, we recorded the lowest historical loss levels for a fourth quarter, with 7 of our 9 distributors operating below their regulatory limits.

This result reflects the consistency of the structural actions we have been implementing over recent years, despite the socioeconomic realities of certain areas where we still face restrictions of greater operational challenges. We also observed progress in collections.

The consolidated 12-month collection rate reached 97.25%, the best result for a fourth quarter. On the PDD indicator, we recorded improvement of 7 basis points compared to the third quarter of 2025, primarily reflecting the consistent collection performance during the period.

We continue to expand the use of advanced analytical methods and artificial intelligence, which have enabled us to identify the new revenue recovery opportunities and make our receivables management increasingly efficient. Tariff exemptions for low-income consumers, introduced in July 2025, contributed approximately 2 basis points to the reduction of the PDD indicator.

Quality indicators, DEC and FEC, remained within regulatory limits throughout the period. One important thing worth highlighting: in 2025, all of our distributors met their regulatory DEC and FEC targets by grid segments.

Furthermore, 7 of our 9 concession areas already have more than 80% of their grid segments operating within the limits established by ANEEL for this year. Moving now to the energy market and electricity sales, in 2025, we recorded consolidated growth of 1.4% compared to 2024.

At first glance, this may appear to be a moderate expansion. However, it is essential to properly contextualize this comparison basis.

In 2024, we saw growth of 7.6%, the highest in the past 12 years, heavily influenced by atypical and adverse weather conditions. It was a year marked by significant heatwaves and effects associated with the El Niño phenomenon.

In 2025, we observed a normalization of weather conditions. The Cooling Degree Days fell 3% compared to 2024 and came in 2.6% below the historical average.

Additionally, the percentage of days with temperatures above the maximum was 54% compared to 78% in the prior year. 6 of 9 distributors posted consumption growth, with particular highlights to Paraíba, Tocantins, Sergipe, and Mato Grosso.

Growth was geographically diversified, reflecting a consistent regional economic dynamism in our operating areas. In transmission, the regulatory EBITDA margin reached 88% in 2025, an increase of 6 percentage points compared to the prior year, primarily driven by a 27% reduction in PMSO.

We also highlight a significant advance in our project implementation portfolio. We obtained the operating license for the Energisa Amazonas 2 project, which is in its final implementation phase.

Upon entering operation, we reinforce the electrical system of the Greater Manaus metropolitan area. This project has approximately 12 km of transmission line with 9 km underground, a solution that increases operational safety and reduces infrastructure exposure to external interferences and weather events as well.

Upon entry operation, the project is expected to add approximately 20 million to the company's annual permitted revenue, the RAP. I'd like to take this opportunity to highlight the strong results achieved by Voltz throughout 2025.

We concluded an important reorganization of our fintech with changes in management, a review of the organizational structure, cost reductions, and adjustments to the product portfolio. The focus was on strengthening governance, improving credit discipline, and operational efficiency.

This work is beginning to be reflected. Voltz closed the year with a net income of 43 million and a positive cash generation, reversing the negative results of prior years.

On the front of overdue invoice financing for distributors, we expanded the offering across all channels and revised credit, granting, and pricing models. In 2025, more than 100 million in overdue invoice debt was renegotiated, providing payment alternatives for customers and contributing to delinquency management at distributors.

We also advanced on aggregated service fronts, expanding integration with partners and with the group customer base. In 2025, as well, we launched Fatura Protegida, an insurance product designed to offer customers financial security in the event of unforeseen circumstance, guaranteeing the settlement of energy bills.

It covers events such as unemployment, disability, or death. The model operates in a fully digital format integrated with Energisa's customer service journeys and sold through proprietary channels such as the app, website, and self-service kiosks.

For suppliers, we advanced in receivables anticipation and business credit solutions with progress in digital journey and automation of credit analysis. Throughout the year, Voltz processed more than 2 billion in receivables anticipation and approximately 85 million in business credit.

The direction remains to consolidate Voltz as a financial services platform integrated with the Energisa ecosystem, contributing to revenue diversification and value generation for the group. Now speaking about (re)energisa, I want to reinforce a very clear message: we are executing a results recovery and strategic repositioning plan for the platform, with a focus on profitability and discipline.

In distributed generation, we structured a turnaround plan based on 3 main pillars. The first was the restructuring of the sales force.

We reorganized the teams, improved commercial management, and increased sales by 28%, focused on productivity, greater efficiency, and better regional targeting. The second pillar was customer base quality.

We intensified relationship management and preventive actions, which reflected in a 1.3 percentage points reduction in monthly churn and a 0.95 percentage points reduction in delinquency, equivalent of 30% and 25%, respectively. Finally, we also advanced in operational efficiency with portfolio adjustments and greater asset management discipline, seeking to maximize the use of installed capacity and reducing PMSO by 13.2% in the quarter.

In the value-added service segment, the consistent reduction in PMSO delivered greater efficiency gain and contributed to the recovery of EBITDA and net income. We moved from a more pressured base to results that now show traction, with EBITDA of 32 million and net income of 15 million, a meaningful advance for the year.

We continue to progress with new expansion progress for industrial and commercial clients, seeking more comprehensive, customized solutions with a higher level of specialization. That is precisely where (re)energisa differentiates itself, delivering high value-added technical services with quality and reliability.

In the free market, sales grew 19%, driven by new customer prospecting and base expansion. Even in a more challenging environment in the energy trading market, we chose to reposition the operating strategy, reducing exposure to directional trading and prioritizing a more balanced portfolio-managed approach.

As a result, we reduced the trading book exposure for subsequent years by [unclear]. This move helped reduce earnings volatility in a scenario of rising prices and already reflected in performance of the trading company, with a recovery of 71 million, 42% in EBITDA between 2025 and 2024.

This repositioning adjusted the risk profile of the operation and establishes a more consistent foundation for the results in the coming cycles for the next few years. Next slide.

Talking about ES Gás, delivered consistent progress in both its financial and operational indicators, reflecting management discipline and structural advancement of the business. EBITDA reached 219 million, 38% growth compared to 2024.

Gross margin also showed a positive performance with a 25% expansion over the same period. This result was driven primarily by a 15% increase in distributed volume as well the effects of the ordinary tariff revision approved in August 2025.

Even with revision of distribution margins for industrial customers, who today represent 85% of distributed volume, one of the highest shares in Brazil, according to publicly available data published by third parties, the average reduction in natural gas costs was up to 40% last year. With a vibrant second half marked by a strong acceleration of investments, network construction, and new customer connections, ES Gás recorded its highest CapEx volume in its history.

Total investments amounted to 120 million, 29% compared to last year. Since privatization in July 2023, Grupo Energisa has already laid the equivalent of 50% of total network within the concession area.

At the Norgás distributors, we observed an equally positive dynamic. Gross margin grew 7% for the year, totaling 560 million.

EBITDA reached 371 million, a 15% increase compared to the prior fiscal year. For Energisa, the equity income results with 96 million for the year, reinforcing the consistent contribution of the investment to the consolidated results.

Norgás made net payments of dividends and interest on equity of 218 million, of which 48 million was paid in 2024 and 170 million in 2025, a significant year-on-year increase of 256%. We are already beginning to see the first concrete effects of implementing the best management, regulatory, and operational practices brought by Energisa.

The evolution of the indicators demonstrates greater efficiency, better margin capture, and discipline execution. This performance validates the strategic soundness of our capital allocation to the segment, reinforcing our conviction that natural gas is a significant avenue for growth and sustainable value generation for the group.

Let's talk a bit here of Agric. It is with great satisfaction that this month of March, our commercial biomethane plant, Agric, begins operations.

This represents an important milestone for the group and reinforces our positioning as a provider of comprehensive low-emission energy solutions. Total investment in the project was 138 million, with the majority concentrated in 2025.

The plant will have the capacity to process 120,000 tonnes of organic waste per year, producing 25,000 cubic meters of biomethane per day and 15,000 tonnes of organic fertilizer annually. In February this year, we launched Ebiosolo, our new organic-based fertilizer.

Produced at both of the group's plants, this product embodies the integration between energy and agribusiness, reinforcing Energisa's presence in sustainable solutions for the sector, particularly relevant at a time where fertilizer supplies are becoming increasingly important for the country. More than a standalone asset, our biosolutions platform represents a growth avenue aligned with decarbonization trends and clean energy matrix.

Diversification expands our portfolio, strengthens our presence in the gas segment, agroindustrial waste disposal services, and biofertilizers, and consolidates our position as a company capable of integrating infrastructure and innovation with a sustainable circular economy model. This concludes our main highlights for the quarter.

I'd like to open the Q&A session. Operator, please go ahead.

Hello, guys. Thank you for the opportunity to ask some question.

I have two questions. First one is to talk about the opportunities through the auctions, including the capacity reserve and transmission.

We'd like to understand Energisa's angle on these auctions, how you guys check on these opportunities. That's the first question.

I saw a growth on the company's indebtedness this quarter. How do we talk about this leverage on the debt amount, max, or something that you guys aim to be comfortable to be operating, seeing the opportunities that we have here on the market and obviously talk about the distribution of the dividends?

Daniel, I'm going to be splitting your answers. I'm going to be starting with the second one, okay, about the indebtedness, okay?

This growth, it's a temporary show on the leverage because we did a lot of investments in 2025 to adapt our better quality patterns on the concessions. As you can see that we already reached the level of 25% of the subgroups in all the concessions.

Obviously, here we have an environment of the tariffs high, and we check about this. On the decrease of this, we're going to be working this on the short term.

It's going to be less, but we're going to be working on decreasing these expenses. That's a natural cycle that we're going to be working on the readjustment and revisions on the tariffs for the next few years.

They're going to be incorporating our assets or recovering on items on parcel A. Just to remember that we had the option of to take out some actions and when we got the cash options and again went through a holding with greater efficiency on operational, reductions on declaring.

This helps on the company. We are close to the level of our risk company at 3.5 times, we are coming in line in our levels.

It's below our cap. We believe that in time we're going to be able to have a reduction on this level.

Now on the first question, would you like to talk about this? The question about the auction transmission, right?

Yes, we always see the options on capital allocation. On this environment of tariffs, returns less attractive that we see on transmission, that is not worthwhile for the company to be considering these additional investments in the transmission.

This doesn't mean that we're not going to be looking at this, but right now we believe that it's not our priority to allocate the monies on this situation of interest that we have on the market at this moment.

Perfect.

Just a complement if it's possible: on the auction of the reserve auctions on capacity, anything that we think that is going to be good for us, check different from the transmission one? We don't work in generation today that allows us to look this part.

What we have interest in is that this auction that we have winners that are going to be connected with our gas distributors. Consequently, this is going to be generating revenue, incrementing to this distributors on the tariff.

Isn't on the transmission situation. Our biggest interest is that they connect, they win the auctions.

We also, of course, as a company that is situated on energy, we also expect that those assets are going to be allocated on the system, to increase our availability of energy.

Given that we have an ideologically really volatile environment, and in a certain way, it shows and it creates more volatility and the great introduction on renewable energy uninterrupted, like solar energy. We wait that this capacity is going to be acquired and increase.

It helps the system for the next auctions. We're examining on the batteries.

That is something that we are studying with to evaluate the possibilities on the markets on an emerging situation of application.

Great, Ricardo. Maurício, thank you for your answers.

Hi, guys. Good morning.

Thanks for the results, especially on the distribution situation. My doubt comes from talking about leverage.

When you look at your covenants that had a growth of 3.6% and it was adjusted indicator just by VNR, and the covenant comes to 3.8. We're going to be seeing this reduction of EBITDA within the time comes by with the renewals of the concessions.

My question is, on the capital situation, do you believe on anything to un-level this on the transmission? If you have any offer to those possibilities that you consider, I'm talking about the linear on the offers.

Are you guys considering this? The other point that I would like to ask about the leverage level: can it press the CapEx for the next few years?

Lucas,

similar to the same line that we talk with Daniel, we see the structure of capital adequate, still adequate within the patterns and what we expect. We are always analyzing, and we say this a lot of times, always analyzing the opportunities on the market, recirculate capital.

This can be a front. At the same time, all the investments that we've made the last few years, they're going to be turning on cash generation from here on.

We have something turning waiting that on this indicator. Because you're looking only a photograph, like a pro forma, with numbers without VNR.

We have VNR, we have some concessions that yes, VNR are going to be zeroed or in other concessions they're going to be circulating with VNR. Still going to be carrying something.

We have the temporary increase after the signing of the contracts, concession contracts, but all within numbers for us to work with the operations. We don't see anything impacting our program of CapEx that is being told.

Remembering that

Guilherme, thanks for the question. The company, we're going to be talking about this.

The tributary reform is a priority, we are talking the mapping, the process, the impacts on all the verticals that we are going to be working with. On the specific case of GD, we have opportunities and impact that's going to be showing up on the expenses and some about revenue.

The final result on the impact that they're going to be having on this, we still don't have anything definitive. We're finalizing this analysis.