Equatorial Energia (EQTL3) investor relations material

Executive summary

• Adjusted EBITDA reached BRL 12.2 billion in 2025, up 11.6% year-over-year, with same-assets EBITDA up 14.3%.

• Total investments reached BRL 11 billion, a 23.5% increase year-over-year, mainly for distribution network expansion.

• Dividend payout declared at BRL 1.98 billion, representing a 185% payout ratio.

• Raised BRL 19.5 billion in funding, extending average debt maturity from 5.4 to 6.0 years and reducing CDI spreads by 40 bps.

• Recognized for operational excellence and workplace quality, including top industry awards and high engagement survey scores.

Financial highlights

• Q4 2025 adjusted EBITDA (same assets) was BRL 3.5 billion, up 20% versus Q4 2024.

• Ended Q4 with BRL 11.2 billion in cash, covering 2.5x short-term debt.

• Net leverage (net debt/EBITDA) at 2.6x post-transmission sale; would be 3.0x excluding the gain.

• Adjusted net income for Q4 2025 was BRL 802 million, down 20% due to higher depreciation, financial expenses, and non-recurring provisions.

• Fundraising of BRL 19.5 billion, with average term extended to 6 years and 40 bps reduction in CDI spreads.

Outlook and guidance

• Focus remains on infrastructure expansion, service quality improvement, and loss reduction to meet growing demand.

• Regulatory compliance achieved for energy losses and DEC in key regions.

• Ongoing regulatory reviews expected in Rio Grande do Sul, Amapá, and Pará, with updates to price banks anticipated by ANEEL.

• Asset recycling and balance sheet flexibility prioritized to capture future market opportunities.

• Continued focus on operational improvements and value creation, including SUDAM and Equatorial PA 2034 initiatives.