Good morning, and welcome to the ENGIE Brasil Energia fourth quarter 2025 and year 2025 earnings results video conference. I am Adriana Wagner, Investor Relations Analyst at ENGIE Brasil, and I would like to make some announcements.

At this moment, the people connected are in listener mode. Later, when we open for the Q&A session, participants will be able to send their questions through the Zoom Q&A option.

It is worth remembering that this video conference is being recorded. We have made available at our website, www.engie.com.br/investors, the results presentation and earnings release, besides the complete financial statements and other documents filed at the CVM where analysis of financial statements, operational results, ESG indicators, and other relevant information is included.

Before proceeding, I would like to clarify that all statements that may be made during this video conference regarding the business outlook of the company should be treated as forecasts depending on the country's macroeconomic conditions, the performance and regulation of the electric sector; they are therefore due to changes. We remind journalists who wish to pose questions that they can send them to the company's press office.

To present the performance of ENGIE Brasil Energia for the fourth quarter, we have with us today Pierre Leblanc, the IR; Guilherme Ferrari, Director of Renewable Energy; and Leonardo Depine, the Investor Relations for the company. I turn the floor over to Mr.

Pierre Leblanc.

Thank you very much, Adriana. I am going to speak to you, address you, in Portuguese and, well, of course, please excuse my accent.

Thank you so much for your participation. We're going to present to you the results for the fourth quarter 2025.

For the last quarter, well, we had a very intense quarter with several achievements that extend to the coming year. We concluded Assuruá, Sol, and photovoltaic Sol, Assuruá that are fully operational.

In Asa Branca Sol photovoltaic complex, we are 100% in commercial operation since February 26. We have been growing with financial discipline, operational excellence, always seeking to face the regulatory challenges and, of course, working with the opportunities the market offers.

We have a document of related parties that has just been implemented to a document full transparency in our processes for the market in general and for all analysts. We have significant regulatory advances when it comes to UBP, and these will bring significant results for 2026.

I would now like to turn the floor over to Mr. Depine.

Thank you very much, Pierre. Yes, I would like to go on to the financial highlights, our EBITDA for the fourth quarter with a slight drop vis-à-vis last year, impacted by several effects, mainly a delay in the IBAMA licensing.

When we look at 2024 compared to 2025, an increase of 4% in adjusted EBITDA. Last year we had the capital coming from the sale of TAG, not repeated this year.

Adjusted net income with a drop that was expected because of our leverage, 15% year-on-year, also in adjusted EBITDA once again due to the sale of TAG and events specific for 2024. Let's go on to the ESG KPIs.

Emission intensity, we continue with levels way below the references, and, of course, always seeking reductions. In health and safety, we are within the ranges set forth, which already are quite challenging.

We continue to increase our percentage of women in the workforce, especially in the fourth quarter. There was a slight reduction.

We had new assets where the population is mainly men in Assuruá and Sol. Now, in terms of investments in innovation, we were able to increase this vis-à-vis last year where our level was quite high.

In social responsibility, as most of the investments are incentivized, the incentivized resources this year were much lower. Last year we had an extraordinary revenue due to the sale of TAG, but we reached 100% of our target, a reason of pride.

Engaged people, somewhat lower figure, once again due to that drop in investments. We continue.

I will give the floor to Guilherme Ferrari to speak about operating highlights.

Thank you, Depine. Good morning to all of you.

We would like to speak a bit about our assets here. In the year 2025, you see a significant improvement in the uptime of our hydropower plants.

We have 96.2% standing as a reference for the year. In wind and photovoltaic assets, a recovery in photovoltaic, a significant recovery.

We worked with an enhancement plan in some of the assets we had acquired, as well as in wind assets. In wind assets, we enhanced the performance of the Santo Agostinho project that faced some technological problems.

The situation is still not ideal, but we're seeking to enhance the performance. As Pierre mentioned, what was important was the coming into operation of Serra do Assuruá with very good performance in their equipment.

In uptime, we have complied with our target. Of course, there's the impact of curtailment that hampers some of our plans, and we're attempting to minimize this as best we can.

Now let's speak about curtailment. In fact, the curtailment is that great offenser of renewable and intermittent energy.

We are working on our results for the fourth quarter. Now, vis-à-vis last year, there has been a significant growth compared with 2024.

Now what we are harping on significantly is the massive entrance of distributed generation. Now this displaces non-conventional renewable energy, and so far we have not found a solution for this.

We're seeking a regulatory solution to decrease distributed generation, to reduce the impact on intermittent sources. A very relevant point I would like to mention here is the solidity of our portfolio.

When we compare our total generation with the impact of curtailment, it drops to 6% thanks to our hydric resources. This means that we have greater resiliency compared to the impact of curtailment.

A few remarks regarding generation per se. We see generation with an increase in the last quarter.

Now compared to the last year, there was a reduction of practically 11%, once again because of the hydrology. A worse hydrology, this means a worse generation.

I do highlight that with the entrance of Assu Sol and Assuruá in renewable energy, non-conventional renewable energy, we had an increase in the year 2025 vis-à-vis 2024. Now these are the highlights when it comes to generation throughout the year 2025.

Now in energy sales, we continue on with our gradual sale of energy, our commercial capacity. Of course, we have hedge preservation for fluctuations, but at the same time we also have room to be able to capture higher prices through time.

Evidently, we have a profile that is reduced through our contracting. If we analyze this beginning in 2031, we have a significant drop of 900 MW in our commercial capacity.

We're not considering this in the management of our portfolio. The concession of Salto Santiago that matures in 2031 will, of course, have an impact, and it's important that we are able to renew this concession.

As mentioned, we have a drop in profile of de-contracted energy. Throughout the years 2027, 2028, 2029, we have more contracted energy, and along those lines, we're seeking opportunities for better energy prices.

Another highlight, of course, refers to expansion. As Pierre has already mentioned, in the two projects, Serra do Assuruá and Assu Sol, Serra do Assuruá wind complex, this complex is in full operation with 132—88 turbines working very well.

The uptime of the machine is doing very well. This was an investment where our indices of health and security were extremely good.

We had the delivery before anticipated in our forecast, as well as the investments. We were able to see a reduction in our investment vis-à-vis our original business plan.

Let's go on to the photovoltaic project, Assu Sol. Now the message once again is very similar, 100% in commercial operation beginning in February 13, 2026.

The plan had been set forth last year. This is a project that we delivered before the official term, with a reduction of the budget that had been foreseen.

The performance has been very good compared to the tracker system, inverters. Everything is highly adherent to what we had foreseen.

In the next slide, a point that was mentioned by Pierre at the beginning, Jirau. Last year, Jirau had an improvement in performance.

Some investments were carried out to improve the uptime of the turbines, and, of course, this means a greater generation for the year 2025. This is a well-contracted asset until the year 2034, 100% contracted and a part in the free-contracting market that is with BNDES.

It's a highly interesting asset, and this has been mentioned in other meetings or calls that we have had and announced at the end of last year. We are now in a process of analyzing the transfer of the stake to ENGIE Brasil Energia from ENGIE Brasil Participações.

We created that committee of related parties. I represent this.

We also have Manoel Lopes and Karen that are independent advisors, and we're working on this process once again to offer enormous transparency to everything that we will be presenting, our negotiations, ensuring that we maintain that transparency since the beginning, and that the minority shareholders can participate in this process. This should take place during the coming months, and we believe that very soon we will inform the market about future steps and recommendations that we expect from this committee of related parties.

I return the floor to Depine.

The transmission project under implementation, Asa Branca, with 1/3 of the operation; the other 2/3 are in the final stage of installation. Now for 2026 and until the first half of 2027, we will have all of the other segments coming into operation.

In the case of Gralha Azul that began one year later, we have 5% in commercial operation. It's a brownfield segment between Minas Gerais and Espírito Santo, and speeding up the pace this year and the coming years, those segments in red in Santa Catarina and Paraná, and a part between São Paulo and Minas Gerais, all proceeding as expected for Gralha Azul.

This will represent the great capex for 2026, 2027. Here we have a summary of our expansion.

In the pipeline, our usual projects, the wind and solar projects that are awaiting the proper market situations to be developed, no commitment so far. We'll now go on to the financial performance.

Beginning to the right, we show you our diversification in the pies at the bottom. We have 1/3 or 1/4—he says 25%—from transmission of energy and gas transportation, the other 4 coming from generation, mainly hydroelectric, but also wind and solar.

To the left, because of accounting reasons, our ROE and ROIC with a slight drop through time, the capex has been updated, and the revenues are not fully performant at Charrúa and Assu Sol. These figures should be more stable beginning in 2026, perhaps with additional growth.

Now if we look at net operating revenue change, we had a significant moment in our revenue last year, 15%. R$50 million coming from price and sales volume because of the new assets, a drop of R$200 million due to a specific event in 2024, indemnities in Santo Agostinho, an increase in our trading activity, and, of course, an increase in our transmission activity.

Now we're speaking of what is reported in IFRS, almost R$1 billion refers to the construction of Asa Branca, well, 14.6% increase as you were aware. We'll go to TAG that had profit of almost R$4 billion BRL last year, and R$687 million which is our stake, 17%.

Vis-à-vis 2024, it is somewhat lower. It was R$714 million in 2024 because of specific financial events and accounting restatement.

Now the performance of this asset continues to be very good, generating an excellent contribution for the company. EBITDA change, the reported EBITDA, the graphs at the end, a drop of 12.5% because of the non-recurrent entrance of the sale of TAG.

When we look at adjusted EBITDA, an increase of 3.7% in adjusted EBITDA, excluding the IFRS effects, a cash EBITDA, which is what the market looks at. Once again, we can show the growth because of a combination of price and volume, our operational performance.

Indemnization of Santo Agostinho has been removed, R$250 million, new costs and expenses because of the commercial entry of new assets, transmission with an increase year after year of R$65 million and a slight decrease in equity income. Now the result is 2.9% increase year-on-year.

Let's look at our net income change. An adjustment for the sale of TAG.

We look at the center, a drop of 15%. Here you can see more clearly that that drop is due to financial results.

At present it is better leveraged. The assets are already operational.

All of this goes through results. Depreciation also goes through results, R$320 million for depreciation and amortization, a new expense of almost R$1 billion because of these new assets that once again are not generating their full EBITDA potential that they will do through time.

This led to that drop of 15%. Our leverage or balance debt, we ended 2025 very close to what we had in September of net debt, R$29.3 billion.

We then went to R$29.6 billion with a slight reduction in cash. Our net debt went to 3.3, a marginal increase, 2.3 to 3.3 because of the investment cycles that we have carried out.

We should now reach that new level, a new plateau with something closer to 3, 3.5%. This is the debt profile.

We have a good debt lengthening through time with no pressure on cash. We are readjusting and contracting the debt.

The maturity is 2048, a great deal of tranquility because of this: 58% IPCA, 36% CDI, and 6% TJLP. Now the next slide showing you all the efforts we have made since 2022, especially in 2024, 2025 where between the two years we had R$16 billion in capex.

Now presently we are concentrating on Gralha Azul and Asa Branca. This is where efforts are committed.

We have a marginal capex for expansion and modernization of Jaguara and the normal maintenance capex, which means that our capex levels will be somewhat calmer going forward. We still have a leverage above 3; therefore, we maintain our dividend payout at 55% and dividend yield on close standing at 4.2%, somewhat below last year, but maintaining our policy of 55% payout.

This is the presentation. I would like to return the floor to Adriana, and we will go on to question-and-answer session.

We will now begin the question-and-answer session. Should you wish to pose a question, please send it through the Q&A icon of this conference.

Our first question is from Daniel Travitzky, Safra analyst. He says, "Good morning.

I would like to know your outlook on the ANEEL resolution on the anticipation of concessions of public good. What did you think of this proposal?

Does it make sense to adhere to the terms? If you do this, when do you think the process will be concluded?

How is this part of your capital allocation and leverage processes in the company?"

I will begin to answer, if Pierre and Guilherme wish to add. Some events are made public, others are well-known, others we cannot comment on.

They depend on internal approvals. We have been following up on this process.

It's MP 1304, 1303. This week, finally, it was approved by ANEEL.

We have to wait 120 days for the process to be concluded. In the first 60 days, the companies will have a period to adhere, 30 days for signature, and another 30 days for payment.

This process will be concluded at the end of June of this year. We have four plants with a higher volume of UBP: Cana Brava, Ponte de Pedra, São Salvador, and Estreito.

We're carrying out this work in-house for assessment, and in the coming weeks you will have news on whether we will adhere or not. This will depend on statutory approval, of course.

Any comments, Guilherme or Pierre?

No, I have no comments. Thank you.

We would like to remind you that should you wish to pose a question, please send your questions to the Q&A. Our next question is from Victor, a sell-side analyst from Itaú.

"Can you give us more details on the energy balance of the company for 2026? Does the company believe that it has sufficient power to comply with the contracts signed because of the high curtailment and GSF expected for the year?"

I can get this one. As we showed you in the graph, there is reserve energy that we always preserve once again to cover GSF as well as curtailment.

Presently we are in a very adequate position with very limited, almost nil exposure. In 2026, our portfolio management is quite adequate.

When we analyze the budget for the coming year, of course, we see which will be the GSF and curtailment that are foreseen, and we include this in our portfolio management, evidently.

Simply to add, Guilherme, last year during Investor Day, we showed our projection of curtailment for 2026 going forward. We are ready for higher levels of curtailment vis-à-vis the market consensus.

We do have a very good energy balance to get through this year.

Thank you. We continue with the questions, one from Mr.

Oliveira, sell-side analyst from BBI. He would like to understand the conditions to return to 100% payout.

For three consecutive years, the payout has been 55%. Is one of the conditions the leverage level, and at which level would you return to this?

Adriana,

I can give some color on that. Right, we see today is around the 50, 55%.

For the time being, the point is that we foresee in '26, '27, '28, '29 potential great investment in Brazil. We need to keep our flexibility in our balance sheet to realize this kind of investment.

We prefer to keep some room in our balance sheet and in order to meet of course our covenants and to have the possibility and the ability to invest for growth for the next decade. We are here for a long time.

Engie is in Brazil for a long time again and we will focus more on investment growth today. That's why we keep today that 55% dividend distribution, which is good already.

We don't foresee to increase at least for '26. It's a board decision.

It's not my decision, of course. The percentage of dividend distribution.

Let's see. It's always an open discussion.

Thank you, Pierre. We have a compliment from Victor from Itaú BBA, a new question.

"Which is the curtailment and GSF level that you consider in the energy balance?"

This is not guidance that we offer openly. We don't believe in levels that are very different vis-à-vis 2024.

In Investor Day last year, we posted this: the curtailment levels between 20%, 25%, depending on the source, the thermal levels and variations impacting this. We don't imagine low levels of curtailment for this year.

For GSF, there shouldn't be great variations compared to last year.

Thank you, Depine. Once again, should you have a question, you can send it through the Q&A icon in Zoom.

Adri, I have received a question from Juliano Gerges. We have diversified the matrix, we have made great investments in the last few years.

He deems that this was a good strategy. He's asking where we would like to invest in coming years with growth in mind.

Guilherme, if you could refer to this?

I think this is a very valid point. It's not my area at present, but speaking of transmission, we have been quite active in the transmission market.

There's another one at the end of the year. This is what we're looking at because of diversification of our portfolio.

Now when it comes to renewable energy, in the last few years, we have made some M&A movements. We have acquired solar plants last year, two plants, hydropower and others.

We're very attentive to growth. Our growth is limited with intermittent renewable energy because of the supply and because of curtailment.

In the short and middle term, we don't foresee opportunities for new projects for wind and solar projects. Of course, we can grow in the field of batteries.

We have done this already. The capacity that will happen last year in our Jaguara plant, we can also participate.

Our growth at present is in transmission. These are the two opportunities that we have to participate in these auctions, M&As if the opportunity comes about, of course, and finally greenfields.

Once again, this is not something we foresee for the coming year, no opportunities that will come about for development and construction of new parks. Very well.

Thank you very much, Guilherme. We would like to conclude our Q&A session, and I will return the floor to the speakers for final remarks.

Thank you all very much. Thank you, Guilherme and Pierre, for your participation, and we hope to see you in the first quarter 2026.

Thank you. We would like to thank all of you for your attendance.

We thank our directors, Leonardo Depine. Have a very good afternoon.

Thank you,

have a good afternoon.