Equatorial Energia (EQTL3) Corporate presentation summary

Strategic positioning and governance

• Operates in 13 states, covering 40% of Brazil's municipalities, with a diversified presence in utilities and sanitation.

• Achieved R$14.5bn adjusted EBITDA (2Q26 LTM, pro forma), with 74% from distribution, 22% from sanitation, and 4% from other segments.

• No controlling shareholder since 2015, 87.5% independent board, and listed on B3's Novo Mercado with over 75,000 shareholders, 65% foreign-held.

• Major institutional investors include Blackrock, CPPIB, and Squadra.

• Statutory committees and high trading liquidity support robust governance.

Financial performance and capital allocation

• CAGR TSR of 20.7% from 2010–2026, outperforming peers like Iberdrola and NextEra.

• Disciplined capital allocation with a focus on maximizing NPV per share through organic growth, buybacks, asset recycling, deleveraging, and dividends.

• Divested transmission assets in 4Q25, reducing net debt/EBITDA to 3.1x (2Q26), well below the 4.5x covenant limit.

• R$6.9bn invested in Sabesp stake since 3Q24, now valued at R$14.5bn.

• Multiple deleveraging opportunities identified, supporting future growth.

Distribution and operational efficiency

• R$20.5bn capex deployed, with a current RAB of R$34.9bn.

• Concessions grow at 1.5x Brazil's GDP, with sector-leading operational efficiency.

• Achieved 12.7% ROIC in 2026, 460bps above regulatory WACC.

• Outperformance in OPEX, losses, and market growth drives EBITDA improvement.

• Tariff EBITDA for 2Q26 LTM reached R$10.5bn, with 32.8% growth in adj. EBITDA.