Good morning. Thank you for participating of the web conference of earnings of Q3 2025 of ISA Energia Brasil.

I'm Rui Chammas, President and Director of the company, and I'm here with our directors to present the results and bring updates on the main topics of ISA Energia Brasil. Next slide, please.

2025, in 2025 ISA Energia Brasil made several achievements and a consistent advancement in the strategy of the company with regard to investments to ensure the confidability of the company and be sustainable for shareholders. Doing that, we drove the energy transition, connecting energy generated by renewable sources to consumers.

In the slides, we're going to go deeper a little bit into that. I start reminding you the main decision that was made by ANEEL about the methodology of calculation of the payment of RBSE that was finished at the end of the year and that closed administrative discussions about that.

This decision made the remaining value of 3.8 billion that are three tariff cycles that will finish in the end of 2028. I also remember that the annual revenue, RAP, for 2026 were enough to compensate this decision and resulted in a growth of 1.3% in our potential RAP that now achieved 6.4 billion reais.

It's important to mention that 2025 was a record of investments in the company, more than 5 billion reais, with a lot of discipline and 40% more in relation to 2024. This is part of the consistent strategic plan of the company.

Out of this total, 1.7 billion reais were directed to reinforcements and improvements, with 3.4 billions directed to greenfield projects. They were three projects that allowed revenues of 205 million in RAP, all anticipated in relation to the regulatory deadline.

In addition, the greenfield projects were renewed and was a record, with reinforcements and improvements, with a highlight for the first project FACTS of the kind MS-SC, an innovative technology in the country that allows redirecting the flow of energy already existing to new lines. These investments were connected to the Integrated National System.

In 2025, we invested three debentures in the amount of close to 4 billion reais and the inferior costs to NTN-B. Also would like to highlight the remuneration of shareholders.

We're considering a payout of 75% in the net profit, and we announced 1.2 billion to our shareholders, which is equal to 1.85 reais per share divided in seven payments beginning in November of 2025. Next slide, please.

On this slide, I bring more information about the execution of our growth projects, including our greenfield projects. In October, we had the project Riacho Grande that includes the implementation of 44.6 lines to supply the loads of the municipality of São Paulo and the ABC region.

In addition to making available the expansion of new loads and the industrial growth in the region, this project is 294 million reais and was initiated before the deadline established by ANEEL. In November, we had the PB-K project, and the beginning of this project strengthened the Integrated National System with renewable energy coming from photovoltaic energy, solar energy, that are connected to the region of São Paulo.

R1 has a RAP of 30% of the total amount of the venture, totaling 343 million reais, and it was concluded 22 months in advance in relation to the deadline established by ANEEL. The project Água Vermelha energized in June received 205 million reais in RAP during the second semester of 2025.

Next slide, please. Investments on greenfield projects, in addition to increasing the longevity of the company, grew 29%, achieving 1,132 million reais in Q4 '25, driving the advancement of the construction projects, Piraquê and Saíra, which received 475 million reais each.

In addition to that, besides Piraquê, our portfolio still counts on three projects in execution, and they will enable more than 507 million reais in revenues. I would like to highlight that execution is going as planned, with investment to be made in between 2026 and 2028 that will be energized and will be around 6 billion reais.

In the projects of reinforcements and improvements, we invested 567 million in Q3 '25, 38% more than the same period in the previous year. With that, we invested 1 billion and 690 million reais, it's a volume that surpasses the total invested between 2018 and 2022.

In 2025, we also were authorized to execute new projects that add up to 2.3 billion reais added to the values already approved. These investments bring our investment portfolio authorized in this category to 6.3 billion reais in amount of December of 2025.

Also, it increases the security and the confidability of the network and minimize the risks and failures in the equipment, they diminish maintenance costs, and they update the asset bases, which is fundamental to ensure good quality services for the society. It's important to reinforce that the investments in reinforcements and improvements are concentrated in renewed contracts, which is the case of Concessão Paulista.

Projects that will receive based on the tariff revision. The next RTP for Concessão Paulista will happen in 2028, and in it, we will reevaluate energized projects between 2023 and June 2027, which is the cutting date for this RTP.

Next slide, please. Finally, it's important to mention that the consistent investment over the past years that meant an investment of 5.1 billion reais in 2025 and a record investment annually for our company, which is a reflect of a direct commitment with a sustainable expansion and asset modernization.

In between 2026 and 2028, we bring greenfield projects and reinforcements and improvements. This plans reaffirms our commitment with the modernization of the infrastructure and the creation of sustainable value in the long range.

In the coming years, the company will continue with these projects, working with new cash flows to facilitate the capture of new opportunities that are aligned with our growth and financial discipline. Now I'm going to give the floor to our CFO, Silvia Wada, that will explain the financial results for Q3.

Thank you, Rui. I'm going to present the financial results on slide 8, where we can observe that considering the RBSE, the net revenue of the company grew 3% in Q4 '25 compared to the previous year, totaling 655 million reais.

This advancement is due to the readjustment of RAP and the cycle of IPCA and the green projects energized in this period. With a reduction of 52 millions observed in the financial component of RBSE, the net revenue of the company, which totaled 1 billion 120 million in Q4 '25, diminished 3% in relation to Q4 '24.

We continued the trajectory of discipline and cost control, closing the year with a total PMSO of 771 million and with a efficiency indicator reaching 32%, the best score that has ever been achieved. In Q4 2025, PMSO diminished 5%, mainly to the less standard of pension plans reevaluated in the annual assets of December 2024 and the advancement of the investments.

EBITDA in Q4 2025 grew 8% to 854 million reais. In addition to the reduction of PMSO, we also had registered a contingency of 70 millions related to judicial suits of the Empresa Paulista de Transmissão or EPT.

The net profit of Q3 was 483 million reais. However, the evaluation of Q3 is distorted due to the difference between interest and capital that were evaluated between 2024 and 2025 that were declared as in six months in 2025 and only once in 2024.

In addition to the smaller revenue impacted mainly by the RBSE, financial RBSE, and the reduction of the costs already explained, the net profit of the company was impacted mainly by three other factors: the depreciation that diminished 83 millions, mainly due to the depreciation of RBSE between 2013 and 2017, and was conducted for eight years until June of 2025; the financial result that was worse in 389 millions, which is the mainly due to the biggest gross debt; and also the problems of social contribution that was implemented in the law of 2024 that became in force in 2025 and totaled 65 millions to the company. This is related to Pillar Two of OECD, which establishes a minimum taxation of 15% on the profits of multinational groups.

You can see more information about that on the financial statements that we published. With that, our net profit diminished 22% to a million and 626 million reais in 2025.

In the last quarter of 2025, we concluded the 20th emission of debentures, and we had two series with timelines of 12 and 15 years and the costs of IPCA + 6.62% and IPCA of 6.64%, and they represented negative spreads of 88 to 90 bps in relation to the public bonds of NTN-B that were going to mature in 2040. In addition to funding the projects ongoing, our financial management tries to identify cost opportunities and bigger deadlines.

In this sense, in December, we anticipated our 12th emission in the amount of 726 million reais. This was one of the biggest debts of the company with the cost of CDI + 1.55% per year.

We closed the year with the gross debt of 16 billion reais, of which 2/3 were indexed to IPCA and 29% to CDI, resulting in an average cost of 7.56%. The net profit of the company grew 38% and closed '25 with a total of 4 billion reais.

The leverage index of the company measured by the EBITDA closed the period in 3.63. This was already forecast according to our long-term planning, reflecting the rhythm of the investments associated to a very close management of the costs and advancement of the projects to have a very good management of risks and opportunities.

This is what we call responsible and profitable growth with financial discipline to coexist in practice and distribute at least 75% of the regulatory profit. It's important to mention that the profile of amortization is long, with 82% of mature in 2030 and the average mature time of 8.2 years.

Currently, only BNDES, they add up 682 million based on the financial information of December 31st. In November of 2025, BNDES formalized the abstention of the declaration of anticipated contracts of the company with regard to the indicators of the exercise of 2025.

With this event and the initiatives of liability management, we concluded the first emission of debentures totaling 3.9 billions in three series of 4, 5, and 9 years and costs of CDI of 0.55%, 0.60%, and 0.84%, respectively. The resources was integrally used for the optional acquisition of emissions that are longer and more expensive, we made this debts over three years, and we diminished the average spread in 79 bps.

In 2025, we made two announcements of JCP that added up to 940 million with payments between November '25 and March '26. In addition, yesterday we announced the complementary dividends referring to the results of 2025, reaffirming our practice to distribute at least 75% of the regulatory net profit in benefits.

The dividends announced yesterday total 279 million and correspond to 42 cents per share. These dividends have two three different ex-dates, it's important to stay tuned to the schedule.

I also highlight that today is the date of the second payment and tomorrow is the so-called Data Com for the last payment. That means that if you finish the day of tomorrow with shares of ISA Energia Brasil, will receive its profits in March 31st.

With that, I close my presentation. I give the floor to Rui.

Here we wrap up our earning results presentation, and before we start the Q&A session, I would like to make a summary of what we have been conducting as a company over the years and especially over the past year. ISA Energia Brasil manages concessions in Brazil, and the Paulista concession had a historical amount to receive and has its main payments due in June 2028.

Knowing that, the company designed a strategy that has been implemented with a lot of discipline, rigor, and efficiency. We are doing that both with Concessão Paulista and other concessions, and also with efficient delivery of projects to improve our service capacity, and at the same time bring additional value to the bases of the Paulista concession, added up with the financial discipline and the practice of sharing with shareholders 75% of the regulatory profit in a consistent way over the past years has been showing the performance of the company, and you have been appreciating the results.

I believe that this strategy manifests itself very clearly with the adjustment in the definition of ANEEL of the amounts to be received and the maturity of the investments that bring value over the long range to this company with the portfolio of concessions. It is a pleasure to have presented these results to you.

I hope you have eliminated most of your potential rows, but now we will follow with a Q&A session for you to ask about anything you want to learn about the performance of the company.

Good morning, Assis. Here Dayron Urrego, Director of ISA Energia.

Thank you for your question. I'm going to respond the first question.

The Jacarandá process is in the commissioning step, and it should be ready in March as expected. It's important here to highlight that this venture did not have an anticipated date to be in service.

According the way it was planned and using resources, we are using all the time that we have to energize the process. It's going as expected.

Thank you,

Carlos Lopes, Legal Director of the company, speaking. With regard to this suits, we have been having several hearings, and both parts are engaged in the mediation.

We put a request to postpone the deadline in 180 days, and the Secretary of São Paulo has already accepted this additional time. We will have this additional time to be treating this issue.

Thank you.

Hi, Bruno. In fact, 2025 we estimate it was the peak in terms of total CAPEX.

We have of the hired pipeline, we have 6 billion and around 3 billion in reinforcements and improvement distributed in the coming years. In relation to the leverage peak, it does not coincide with the CAPEX peak because it has to do with the net EBITDA debt.

We believe that in 2024 we'll have a higher standard than 2025, close to around four times, that will be reduced as the projects start operating. Out of the 6 billion of CAPEX, we still have in the RAP operation to start around 800 million.

This is a prevailing component for this leverage.

Thank you, João. The battery auction that you're referring to, I think it's with regard to capacity reserve that is going to happen is forecast to happen in the end of the first semester.

There are some topics that are not described yet in the technical specification of this auction, it's hard to talk about something definite about it. It's going to be a fundamental thing for the Integrated National System so that the capacities can play the role of power reserve, and this will be an investment made by both generators and transmission.

We just need to wait the final documentation and the bidding so that we can get the answer. Continuing,

Ricardo, this year was the first year of the 15,079 law to be enforced that was instituted. This implements the tax changes to regulate the OECD Pillar Two rules in Brazil.

Companies that have total revenue that are superior to 754 would be submitted to this taxation. In the case of ISA Energia Brasil, we were in this group of Ecopetrol that addresses this systems.

What are the main aspects of this calculation? First, we put a lot of detail in our material, both in our financial statements and the releases that you can consult.

In general, the calculation of social contribution and income taxes is done with the same way with the deductibility of interest on capital. It has an additional line in which you're going to do a side calculation to see how much would be this additional of social contribution.

In addition to that, it has a layer separated that we put here in a special chart. It goes from the net profit accountable with income to achieve what would be a number before the globe income, and it's going to include several exclusions before it constitutes the basis to apply this additional of 15%.

Why is this important for us? Because investments in infrastructure are considered exclusions.

For example, in the exercise of 2025, we had this global group. Initially, it was 2 billion 226 million, and we had a total of exclusion of a billion 450 million, which reduced the exceeding basis to 777 million.

Then on this basis, we compared the taxes that were included, that is the income tax of the year calculated conventionally, and the differed was recalculated for the aliquot of 15%, which is simply the calculation to make it neutral in terms of effective aliquot. In our case, the income retained on our capital paid and received between ISA Energia Brasil and the subsidiaries are also contemplated in the taxes included.

With that, we have the two elements to calculate the effective aliquot that in our case in 2025 was 6.97, and the additional for 15%, 8.39, applies to the exceeding profit of 777 million, resulting in this additional of 65 millions. Will this be recurring for the coming years?

Every year we will need to make this calculation, but it does not mean that it's going to be the same amount, because it's going to depend a lot on the calculation of what is taxable and the recurring profit and the amount of exclusions that we're going to have that tends to increase because it's linked to what's immovable and we are linked to this growth. In general, I think this would be it.

I'm going to talk about the internal rate of the process. I believe that is fundamental that the strategy of ISA Energia Brasil can be we're going to try to reduce the...

Sorry, I lost connection here. I apologize, we lost connection here.

The payment of profit with the regulatory profit. This three elements will always be present.

We are in a long-range plan that allows payout to be paid dividends on our capital, and this is our design. I would like to ask Silvia to make her comment with relation...

In relation to the projects, we have a very good tracking to search for the profitability that was searched in the moment of the auction. Our portfolio and our profit is above two digits.

According to what was planned, it is tied to this tripod that Rui mentioned: the profitability, the leverage that is necessary to have this profitability, the financial system, and the distribution of profits according to our payout practice. This all follows according to what was planned.

Continuing,

We follow focused to maximize the availability of our assets to ensure confidability with a structure planning. We just disclosed records in investments and in reinforcements and improvements, and also directing a part of that for our resilience and infrastructure.

We're not expecting huge impacts on our operations. What we expect really is that it is a public consultation by ANEEL, and here in ISA Energia Brasil, we have contributed frequently in this debate.

We understand...

Hi, Bruno. With regard to the appetite for auctions, we continue very careful in terms of appetite to having new commitments since 2023 when we conquered the biggest lot that we have in the pipeline.

Although we have already gone through this CAPEX pipeline, we still have a very good volume. We are very much focus on the execution, with 6 million of RAP to go in, and it is a very robust pipeline.

Always when we identify opportunities, we look at the disbursement profile, considering the slot profile, the time of licensing to see how this will fit, because respecting the adequation of profitability and appropriate leverage and profit, when this equation fits the profile of new opportunities, we evaluate a good return. It's always something very careful to be done, considering this equation.

I would like to thank everybody for the interest to be here in this call. I would like to thank you for the questions because they allow us to put more light in the work that has been conducted by the company.

Our Investor Relations team is available to you anytime when you need so that you can make your investment decisions in the safest way possible. Once again, I would like to thank you for being here to follow the evolving of our strategy.

I wish you all a great day and we're going to continue working to deliver everything that we want to deliver to you in 2026. Thank you.