Auren Energia (AURE3) Investor presentation summary

Portfolio overview

• Total installed capacity is 8,723 MW, with 54% hydro, 36% wind, and 10% solar assets.

• Firm energy totals 4,077 MWm, with 3,776 MWm from owned assets and 301 MWm from minority stakes.

• Minority stakes in hydro plants and Tucano Holding III are recognized via equity income and dividends.

Adjusted EBITDA financial modeling

• Adjusted EBITDA is calculated as generation EBITDA plus trading EBITDA, minus dividends from equity interests and holding PMSO.

• Generation EBITDA includes contracted and uncontracted energy, modulation gains, and deducts energy purchases, regulatory charges, and PMSO.

• Trading EBITDA is based on trading margin minus PMSO.

Generation and trading energy balance

• Net firm energy is projected to rise from 3,545 MW in 2025 to 3,776 MW by 2027, with energy purchases declining over time.

• Modulation gains reached R$124 million in 9M25, with optimized volumes and average gains detailed by quarter.

• Curtailment impacts are valued at PPA or spot prices, with estimated reimbursement of R$250 million for curtailment.

• Trading volumes and margins are projected based on historical turnover and contracted margins, with turnover margin between BRL 2 and BRL 5/MWh.