Equatorial Energia S/Adr

Boa tarde a todos. Sejam bem-vindos à conferência de resultados do Grupo Equatorial referente ao segundo trimestre de 2026. Estão presentes o CEO da companhia, Sr. Augusto Miranda, o vice-presidente, Sr. Leonardo Lucas, o diretor de regulação, Sr. Cristiano Logrado, Diretora de Estratégia IRI Tatiana Vazquez e o Sr. Lio Aquino, Presidente da Ecoenergia que ao final estarão à disposição para responder a eventuais perguntas. Destacamos que a ferramenta de tradução simultânea está disponível na plataforma. Para acessar, basta clicar no botão Interpretation na parte inferior da tela e escolher o idioma de preferência. Esta conferência está sendo gravada e ficará disponível no site de relações com investidores da companhia. www.ri.equatorialenergia.com.br asim como a apresentação aqui exposta Informamos que todos os participantes estarão apenas ouvindo a conferência durante a apresentação e em seguida iniciaremos a sessão de perguntas e respostas quando mais instruções serão fornecidas Before proceeding, we would like to emphasize that the prospective statements are based on the beliefs and assumptions of the Equatorial Group administration and the current information available to the company. These statements can involve risks and uncertainties, given that they relate to future events and therefore depend on circumstances that may or may not occur. Investidores, analistas e jornalistas devem levar em conta que eventos relacionados ao ambiente macroeconômico, ao segmento e a outros fatores que podem fazer com que estes resultados sejam materialmente diferentes daqueles expressados nas respectivas declarações prospectivas. Daremos início à apresentação passando a palavra ao Sr. Augusto Miranda. Por favor, Sr. Augusto, pode prosseguir.

Boa tarde a todos e obrigado pela presença no nosso call de resultados. Antes de iniciarmos os destaques do trimestre, gostaria de ressaltar que, para melhor comparação dos números aqui apresentados, com o segundo TRI de 25, realizamos ajustes excluindo o resultado do segmento de transmissão, o qual desinvestimos em dezembro de 2025. Entendemos que essa abordagem oferece uma visão mais clara e comparável da nossa performance contínua. We ended the period with approximately R$ 10 billion in cash, which represents 2.5 times the short-term debt, reinforcing an important liquidity position to deal with the year 2026. In relation to the liquid debt indicator for EBITDA, we observed an increase of 0.4 times compared to the first 3 of 26, mainly influenced by the payment of R$ 5.6 billion for the acquisition of participation in COPAT. You will remember that the EBITDA of 12 months still accounts for the capital gain during the sale of transition assets, which will remain until the third trade of 26. In the QETAN of the compensations, we follow a positive trajectory of a reduction of R$ 16 million, or 18.3%, reflecting our focus on the continuous improvement of service quality. On the operational side, we had a second TRI marked by progress. The FIU-B market grew 4.2%, driven by our concessions in Pará, Amapá, Goiás, Maranhão, Rio Grande do Sul and Piauí. In this TRI, we had a change in the turnover of Group A in Alagoas, which caused a decline of one month of turnover for the third quarter. To adjust this effect, the market that B would have grown 5%. The loss indicator remained below the regulatory level in a consolidated view, with a difference of 1 percentage point, with a highlight for Maranhão, which began to appear again within the regulatory level. Regarding the quality indicators, we observed a reduction of the DEC in all group distributors, in comparison with the first TRI of 26, and with a highlight for Amapá, which reduced 2.5 hours, and for Piauí, which was within the regulatory limit. This performance reinforces the commitment of the Equatorial Group to quality, efficiency and continuous improvement of services sustained by discipline in execution. Still in this trio, we would add approximately R$ 911 million of a total passive of R$ 2.8 billion to the Gaúcho agreement in the SED, guaranteeing a relevant improvement in the conditions of the company's passives. O desconto de 75% sobre os juros e multas, equivalente a R$ 355 milhões, já está refletido no resultado sobre o saldo remanescente, até 60% do pagamento poderá ser realizado por meio de precatórios adquiridos com deságio, cuja liquidação está prevista para o segundo semestre. Finally, I would like to highlight the relevance of the acquisition of participation in COPASA, which represents an important milestone in the growth trajectory of Equatorial. This achievement reinforces our ability to identify and capture value-generating opportunities, reflecting more than two decades of operational excellence, discipline in capital allocation and consistent execution capacity. We are very proud of this strategic movement that expands our presence in the sector in which we accumulate experiences and proven results. We continue to focus on the conclusion of the remaining regulatory stages and we are prepared to implement our value creation plan, always committed to generating sustainable returns for our shareholders and other stakeholders. Now I pass the floor to Leo on slide 5, where we will start with a consolidated view of the group's economic and financial performance. With you, Leo, please.

Thank you, Augusto, and good afternoon to everyone. I'm going to talk here quickly about the group's economic and financial performance, in a consolidated and adjusted view. Our consolidated gross margin grew by 7.7%, driven mainly by the performance of the distribution segment, reflecting the market progress and the increase in the FIB rate. EBITDA consolidated an advance of 0.8%. Disconsidering the equivalence of ASSA-DESP in our EBITDA, the growth would have been 4.1%. Evidenciando a evolução do segmento de distribuição que iremos detalhar mais adiante. O lucro líquido societário antes das participações minoritárias reportada no trimestre totalizou R$ 653 milhões impulsionado pelo reconhecimento do ganho com adesão do Acordo Gaúcho. In the adjusted version, which disregards this effect and the withdrawal of the transmission result for comparative purposes, the adjusted liquid profit suffered a reduction of 80%, reflecting mainly the increase in the financial expenditure during the period, both due to the increase in interest rates and the balance of the debt associated with the current cycle of investments before the tariff revisions that are approaching. The liquid debt relationship for EBITDA was at a level of 3.1 times, with an increase of 0.4 times in relation to the previous quarter, mainly, as already mentioned by Augusto, by the acquisition of participation in COPASA. It is worth noting that, for Covenants ends, And according to the contractual writing, EBITDA considers, in addition to the result of Equatorial and the equivalence of Sabesp, a pro-form calculation of what would have been the patrimonial equivalence of the participation of Copasa in the last 12 months. In this way, there is a better understanding of the true impact of this new acquisition in the leverage. This quarter, we continue with a strong performance in the capital market. Focando na melhoria do perfil da dívida Através do aumento do prazo médio E da redução dos spreads das dívidas em CDI Que hoje está em CDI mais 0,57% ao ano Para este trimestre, captamos 7,6 bilhões Sendo 5,1 bi destinados para aquisição da Copasa Com custo médio de CDI mais 0,8% ao ano The average debt period excluding the debt for the acquisition of participation of COPASA would be 5.9 years and with COPASA 5.6 years. Faced with a traditionally more volatile scenario due to the elections, we work to anticipate our captions, preserving financial flexibility and seeking competitive funding conditions. Finally, we bring the amount of investments made in the quarter, which is about 2.6 billion, a reduction of about 4% in relation to the same quarter of the previous year. Let's now go to slide 7. Here, in slide 7, we bring a general view of the operational and commercial performance consolidated by our distributors. In addition to the financial highlights of the TRI, on the left side we can observe a strong market growth, with 4.7% of energy injected and 4.2% of the B-wire market. It is worth noting that even with the scenario of expansion of the market base, the company maintained a trajectory of loss reduction with a drop of 0.2% when compared to the second tri of 2025. This quarter, we had a collection of 97.32% and the PSLD of 1.26%, influenced, on the one hand, by the increase in unemployment and, on the other, by the strong growth of turnover during the period. In relation to quality indicators, we present better in all distributors of the group. with five of the seven square in the regulatory limit of the DEC. Among the companies still outside this limit, it is worth noting that Rio Grande do Sul has a specific contractual DEC for this year, while Goiás continues with the waiver for the DEC indicator being only 0.06 hours above the regulatory limit. In the FEC, all distributors remain within the regulatory limits and, as a reflection of this operational evolution and the improvement of service quality, we registered a reduction of 18.3% in the level of compensation in comparison between the semesters. On the right side of the slide, we can observe a growth in gross margin of distributors of 10.4% in the quarter, reflecting mainly the largest fee rate and the largest market of the period. Já o PMSO ajustado por consumidor das distribuidoras nos últimos 12 meses apresentou um crescimento de 4% em relação ao segundo trimestre de 2025, abaixo da inflação do período. Em uma visão ajustada pelas compensações, o crescimento It was only 1.2%, reflecting the advances in operational quality combined with the efficient use of resources discipline. In the last 12 months alone, we have seen a reduction of 102 million in compensations paid to consumers. The growth of the adjusted distribution EBITDA was about 8%, mainly influenced by the increase in gross margin. It is worth remembering that the removal cost is being considered for comparison purposes impacting the adjusted EBITDA in both quarters. Now, let's go to slide 9. Let's take a look at the other segments of the group. In the sanitation segment, we have an EBITDA of R$ 6.6 million, a 10.4% reduction in relation to the second TRI of 2025. However, it is worth noting that the comparison is impacted by an effect recorded in the second TRI of 2025 related to a revision of the provision as a result of the conclusion of an inventory. Disconsidering this effect, EBITDA would have a growth of 24% compared to the same quarter of the previous year, as a result of the growth of the gross margin. In addition, we continue to advance with water and sewage coverage and present a level of PSLD on ROE lower than last quarter. In the Renewable segment, we have an EBITDA adjusted to ECOENERGY of 135.3 million, 22.6% lower among periods, a reflection mainly of the lowest generation in the period. Here we also bring a view of the curtailment, opened by the criteria of reliability, energy and external availability, and its financial impact since 2023. Regarding the reshaping of the curtailment, we have had an important advance in the last few weeks. The Ministry of Minas and Energy has published the Regulation No. 140, which regulates the procedures to operationalize the compensation provided in Law 15.269. The events of trustworthiness and external availability occurred between September 2023 and November 2025. We understand that this regulation represents a relevant step to give effectiveness to the resettlement process and we continue to follow its implementation and actively contribute to the next stages. Now I pass the floor to Augusto.

Thank you, Leo. And to finish, I would like to share our main priorities for the next few months. At COPASA, our focus in the short term is to complete the definition of the management team, follow the 100-day plan and fulfill the rites to assume the company, which includes the realization of the AGE, which should be called in the next few days. In the distribution segment, we have a regulatory agenda that is very relevant and positive for the distributors, where we are actively contributing, in addition to the tariff revisions of the SED and CEA for this year. We will also conclude the liquidation of the Galuxo Agreement. Inglaterra, Marcos Antônio Souza de Lima Logrado, Geovane Ximenes de Lima Logrado, Geovane Ximenes de Lima Logrado, Geovane Ximenes de Lima Logrado, Geovane Ximenes de Lima de Capital Característica da Equatorial. Now I pass the floor to the operator to conduct the Q&A session. Thank you.

Obrigado. Iniciaremos agora a sessão de perguntas e respostas. Caso deseje fazer uma pergunta, por favor clique no ícone de Q&A que aparece na parte inferior de sua tela e digite a sua pergunta. Para fazer perguntas através do microfone, clique em levantar a mão. A nossa primeira pergunta vem do senhor Lucas Guimarães do Itaú BBA. Por favor, senhor Lucas, pode prosseguir.

Hello everyone, good afternoon. Two quick questions here. First, can you give a color about how we will see the dynamics of PMSO and CAPEX focused on quality, which in recent weeks we have seen a slightly greater concern with the increase in expenses to meet the quality goals, especially the joint goal. And the second question is a little more about the capital structure. You have announced a 3.1 Covenant, but it still has the on-off of the sale of the transmission. Com o número ajustado em 3,6 vezes, vocês já comentaram algumas vezes que a estrutura de capital ideal ficaria entre algo de 3 a 3,5 vezes, mas que em um cenário de juros um pouco mais pressionados ficaria mais próxima de 3. Então, vocês consideram alguma coisa para otimizar a estrutura de capital, alguma reciclagem de ativos ou algum outro tipo de ação? Obrigado. Lucas, right?

Hi Lucas, thank you for the answer. Leo and I are going to answer this and play a game. Actually, about quality, you see that we see indicators over time. We have companies in various stages of life, more mature companies and less mature companies. E a gente vem, se você olhar, pilotando esse processo de uma forma assim muito, eu diria aqui, muito feliz. Se você olhar, a gente vem com os indicadores enquadrando as empresas. O FEC, né? Se você olhar, já vem há muito tempo bem enquadrado. O DEC, você vê que a empresa também, cinco das sete empresas, elas vêm enquadradas. Lembrando que Goiás, como o Léo bem citou, nós estamos apenas de 0,06 já para atingir o regulatório que a exigência é para 2028, né? A gente já está... And also in Rio Grande do Sul, which is a bit of a typical situation, you see that we have a curve adjusted by the contract and that we are very much on top of that curve. And another thing is the sets. We have always portrayed here that the set curve, we negotiated this very well with Anel, we have a trajectory and we come We have been doing this with praise, that is, we have been having quality, you also have the question of loss itself, even in a more... As vezes com alguns desafios, você tem o que? Então o DEC, o FEC, os conjuntos, né? E você vê que o curso sob o controle. Então eu diria que a gente tem feito isso com louvor e continuaremos assim, tá certo? Continuaremos justamente conduzindo dessa maneira aí com prudência na qualidade, conciliando o PMSO e também conciliando a questão da qualidade.

Thank you, Lucas, for the question. Regarding the leverage, in fact, we are in a slightly more deteriorated environment, whose improvement Let's say so, moving in a slower way, things have started to evolve a little in terms of interest rates, but many times it is in this type of environment that interesting opportunities arise. So, it is always worth saying that we have an important balance of works that were made and that, in this photograph of the moment, are hitting our liquid debt, but they are not affecting our habitability. So, this year we will have the tariff review of Rio Grande do Sul and Amapá, which should have their closure this year. Next year, at the beginning of the year, we should have the tariff review of Pará. In the following year, we will move on to the tariff revision of Goiás, which is one of the largest, if I'm not mistaken, Piauí. So, from these tariff revision processes, this portion that is only hitting the liquid debt side will move on from then on. to be part of EBITDA once these bases are recognized. So, we have an interesting flexibility and all of this is taken into account when we make an inorganic movement aiming to generate value, but always with a lot of responsibility, observing the speed of when things start to stay balanced.

Our next question comes from Mr. Daniel Travitsky from Safra. Please, Mr. Daniel, you can continue.

Hello, good afternoon, thank you for the opportunity. I have two questions. The first one is related to inadimplency, but to understand how you are seeing the dynamics of the evolution of this indicator, both over the last year and the last few quarters, and forward, given the situation a little more deteriorated in the economy, and if you can also comment Como vocês esperam que evolua esse tema, o tema da atualização do banco de preços ali da inadimplência na ANEEL E como isso pode contribuir para esse indicador aí na empresa, tá? Essa é a primeira pergunta E a segunda pergunta é mais para pegar um pouco de vocês aqui, o cronograma, o calendário aqui For the next steps of COPASA, what would be the first movements? You already commented a little, but just take a little more detail here on this topic, okay? Thank you.

Daniel, thank you. Just to confirm your question, the first one is about inadimplency and the other one is about the price bank. Well, regarding inadimplency, Con relação à inadimplência que é identificada no TRI, a gente tem visto um ambiente com a inadimplência realmente um pouco piorada, é um reflexo, parte disso é um reflexo do que a gente tem visto. A gente segue com um número muito interessante de arrecadação nas categorias de poder público e de alta tensão e a gente observa esse movimento mais no mercado de baixa tensão onde também, por outro lado, Daniel, a gente tem visto um faturamento mais robusto especialmente em função do volume e em alguns outros lugares em função de tarifa. Recently, every two or three years, we have been conducting a work here in Augusto to always bring some different consultancy to do an analysis of all the tools that we have been doing, of payment rules, of distribution of teams, and this year is one of those years that we do every now and then. So, recently we also completed the diagnosis and preparation phase, And we are also waiting for the second semester to be able to launch, in addition to the initiatives that we are looking to do to make the actions in this sense more efficient, to count on new contributions. And we are still looking. Thank you very much. And this deterioration is very much related to your other question, which I will pass here to Cristiano, our regulatory director, who will answer this second part.

I think you must have followed that ANEEL recently opened a public consultation on the PD component of Factor X, an interesting approach, and the agency's schedule foresees the opening now in September of another public consultation to address three issues, irrecoverable receipts, non-technical losses, and the areas of severe operational restriction. The three themes are interconnected and the expectation is the conclusion to be applied in Light's tariff review next year, in March of the next year. So the idea is to open now in September, make the discussion and conclude in the first TRI of 2027. This is the program that is posted today by the agency. The expectation is that there will be Renato Ferreira, Renato Ferreira, Renato Ferreira, Renato Ferreira

Perfeito. Daí se puderem só comentar um pouquinho sobre o cronograma para Copasa. Vocês comentaram um pouco dos primeiros movimentos, aí se puderem só para a gente entender aqui como que isso caminha aqui ao longo dos próximos meses. Agradeço.

A Copasa além daquele rito, você viu aí aquele processo todo com a With Cade, after Cade released and published the act of the meeting So, on top of that now, we have to walk the procedures For what? For you to do the GE, where we will naturally send the providences of election of the council, in possession of the council And the other providences that will come from there So, soon there will be this call And just follow that normal ritual that is already in practice, ok? Perfect, thank you very much.

Our next question comes from Mr. Arthur Pereira from JP Morgan.

Please, Mr. Arthur, go ahead. Good afternoon, everyone. Two questions about the regulatory agenda. One that Cristiano even commented on the productivity factor.

I would like to know if you could elaborate a little more about your vision of the proposal already published and what contributions you expect to deliver to this public consultation. And besides, what is the timeline for discussion and possible application of the new methodology. And taking advantage, we ended up going through several other issues of the regulatory agenda, not only in the distribution sector, but also in generation. Queria ouvir de vocês, além do que já foi colocado aqui do fator PD, das receitas recuperáveis e ali do próprio Cartelment também Quais outras agendas no setor de distribuição que vocês acreditam que podem avançar nesses próximos 12 meses? Sei que tem uma discussão sobre a regulação, o acto regulatório, até o banco de preço Quais temas vocês acreditam que há tempo hábil para avançar nos próximos 12 meses? Obrigado

Boa tarde, obrigado pelo questionamento. De fato, a ANEEL abriu a consulta pública do PD, da componente PD do Fator X, o prazo de contribuição é até 30 de agosto e está todo mundo empenhado nesse trabalho, até para garantir que a ANEEL conclua essa consulta ainda em 2026. A nossa visão geral é que a abordagem veio positiva, principalmente a opção número 3 da ANEL, que ele calcula a produtividade média do setor com a média da companhia tem ganhos interessantes ali para todas as companhias e principalmente para a gente que tem um mercado um pouco mais forte do que a média do setor In terms of contributions, we do visualize some key points there. I think one of the main ones is the formula of extrapolation of the remuneration base after the last tariff review of the companies. The approach of ANEL is very conservative. We have a vision that it is possible to do a more realistic work in this aspect. This has an important impact for us, especially when you have an acceleration of the growth rate of investments in relation to the previous cycle. Also, the possibility of segregating large and small companies is evaluated. This makes it clearer and specifies in a clearer way the productivity of large and small companies. Also, the temporary window update, advancing to 2025. This is already an important step. Of course, the agency has already pointed out that it intends to make periodic updates every year. This set of contributions should generate a very interesting benefit in relation to what is posted there. For the 12-month window, there are two important themes that we are working on. One of them is the regulatory price bank for the remuneration base. There is also an interrogation debate, and LUIS intends to look for a work in two stages, a simple update of the database, keeping the current methodology, and then a methodological discussion. These two works, the methodological discussion would start in the first quarter of next year, and the update of the database may be at the end of this year, at the beginning of next year, but it is an important stage. And we are working to raise awareness about the importance of revisiting the WOC methodology. There have been some works that were published at the end of last year on this subject. We have worked internally with Abraad on this subject with ANEL to raise awareness about the need to make a methodological update of the WOC framework also due to the structural change in the market as a whole since the methodology was defined in 2020. Also an important element of work that should advance in the next 12 months.

Super clear, thank you.

Our next question comes from Mr. Guilherme Lima from Santander, who says, Can you comment on your current expectation for the behavior of removal costs in the coming semesters?

Good afternoon. Thank you, Guilherme, for the question. Well, the cost of removal has a direct relationship with the investment rate. So, as you get closer to the tariff review processes, it's normal that you speed up the investments, especially those substitution investments, where you make a substitution of equipment or networks that are more degraded by new networks. So, in these types of substitution investments, there is the presence of the removal course. In addition to this relationship with the level of investment, which tends to be greater in the second half of the tariff cycles, there is also another relationship with, let's call it this way, the campaign, the actions you make to promote the closure of these works. The closure that comes along with capitalization, for example. In the moments when you intensify this process of capitalization, naturally, the record of this rate of removal appears. So, it tends to have a behavior linked to the level of investment and the level of capitalization, that is, near the tariff processes, which is a little where we are, it tends to be higher. After that, it tends to retreat a little. In this particular quarter, We can see that a good part of the growth of the removal cost occurred in the companies that are in the process of revision, notably Rio Grande do Sul, where of the 70 million growth of this cost, 50 occurred in the company of Rio Grande do Sul. We invested a little more than 3 billion and a half, more or less, of investments made in the cycle, but in this last quarter we capitalized 900 million reais. A great concentration that brings together, in the middle of this closing, the record not only of the works that you completed and added to the base, but also of the removal costs associated with the substitutions.

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Thank you. And to close, I would like to reinforce our commitment to the continuous generation of value for our investors, supported by the consistent delivery of results in the different segments in which we act, and by a solid and disciplined financial management. I also take this opportunity to remind you that our investment relations team Stay available to clarify any questions and support them after this call. Again, I thank the interest of the audience for being part of our call for results. Have a good afternoon.

The conference is closed. We thank everyone for their participation and have a good afternoon.