Eneva (ENEV3) investor relations material

Executive summary

• Q1 2026 delivered record-high consolidated EBITDA of R$1.7 billion, up 11% year-over-year, driven by strong thermal dispatch, new gas business contributions, and one-off settlement proceeds, despite contract terminations.

• Major EBITDA contributions came from increased dispatch at Parnaíba Complex, Porto de Sergipe/Sergipe Hub, and the gas trading desk, with notable one-time receipts from arbitration settlements.

• Secured 5.4 GW in new contracts and 1.7 GW of renewals in the 2026 auction, consolidating the position as Brazil's largest thermal power generator and LNG terminal operator.

• Recent M&A activity includes the sale of Pecém II plant and acquisition of Ceará LNG Terminal, expanding portfolio and monetization opportunities.

Financial highlights

• Adjusted Q1 2026 EBITDA reached R$1,691 million, up 11% year-over-year; normalized EBITDA grew 23% to R$1,381 million, excluding contract changes and one-off effects.

• Net income rose 36% to R$522.7 million, with net operating revenues up 5.9% to R$4,682.3 million.

• Operating cash flow was R$1,512 million, investing cash flow consumed nearly R$2,054.5 million, and financing cash flow saw a net inflow of R$2.4 billion, ending with R$3.5 billion in cash.

• Net financial expense increased to R$432 million, mainly due to lower dollar depreciation impacting lease liabilities and non-cash FX variation.

Outlook and guidance

• Ongoing projects and contracted growth supported by a robust pipeline of over 10 GW, with future auctions expected to require over 40 GW of firm capacity by 2035.

• Continued focus on expanding LNG and thermal power infrastructure, with new units and terminals scheduled for operation through 2029.

• Execution of regulated capacity contracts from the 2026 Auction expected in June 2026.