Slides
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Alupar Conference Call 2Q26 August 7.2026 IBRA B3 IEE B3 IGC B3 IGCT B3 ITAG B3 UTIL B3 ALUP B3 LISTED N2
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1. Highlights of 2Q26 2. Project Status 3. 2Q26 Results 4. Results Allocation 5. Capital Markets
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2Q26 High lights Quarterly Results2Q26 3 Lot 07 of Aneel Auction 01/2026 (Stage 2) 1) In the Material Fact published on July 3, 2026. the Company announced an expected 30% saving on the Aneel CAPEX. R$ 1,089 mm Aneel Capex1 in Revenues R $ 96.7 mm RAP/CAPEX Ratio: 12.4% 1 COD: 2031 SP São Paulo - SP TAP (DESCRIPTION) LOCATION: SP CHARACTERISTICS: 17.4 km of TL (345 kV) SE 345/88 kV kV São Miguel
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2Q26 High lights Quarterly Results2Q26 4 TECP (TAP) | Issuance of the Installation License Full License for the Project obtained in July/2026 Notice to the Market July 10, 2026 TAP (LOT 02) (GO – MG – SP) RAP: R$ 276.8 millions (26/27 cycle) CAPEX: R$ 2.051.8 millions1 RAP/CAPEX: 11.67%² CHARACTERISTICS: 551 km of TL (500 kV) 1) Capex estimated by the Company 2) RAP/CAPEX ratio calculated based on values at the auction reference date. GO MG SP Silvânia SS Nova Ponte III SS Ribeirão Preto SS
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Change in ANEEL Criteria and Increase in Contracted RAP Contracted RAP 2026/2027 Cycle Quarterly Results2Q26 5 2025/26 Cycle (Previous Criterion) R$ 2,770 R$ 1,268 R$ 919 Variation of Indexers for Dispatch 2,268/26 +4.72% IPCA (58.9%) IGP-M (24.1%) PPI (17.0%) % RAP +1.95% (USD 134) Information in R$ MM 2025/26 Cycle (Current Criterion - Proforma)1 R$ 2,770 R$ 1,205 R$ 919 (USD 134) 2026/27 Cycle (Current Criterion ) R$ 2,996 R$ 1,228 R$ 865 (USD 166) Change in the presentation methodology of RAP for IGP-M indexed contracts. moving from gross amount to amount net of PIS/Cofins 1) The presented amount reflects the amount from the Ratification Resolution for the 2025/2026 cycle. deducting PIS/COFINS from the IGP-M-indexed RAP
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2Q26 High lights Quarterly Results2Q26 6 Dividends Paid in the Period (In R$ million)Return to Shareholders among our pillars Record Date May 14, 2026 Payment Date July 6, 2026 Notice to Shareholders June 16, 2026 R$ 69.2 MM R$ 0.21 per Unit R$ 0.07 per share ON R$ 0.07 per share PN 48.9% Payout
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Land – negotiated áreas (%) 100% 85% 95% 100% (SS) 85% (TL) 47% (SS) 34% (TL) 100% (SS) 1% (TL) 100% (SS) 100% (SS) 60% (SS) - - Licensing Licenses already issued Environmental license issued in Jul/26 Under Review by Environmental Agency Environmental license issued in Mar/25 Under Review by Environmental Agency Under Review by Environmental Agency Under Review by Environmental Agency Maravilla: Environmental license issued in Mai/26 Puno: under Review by Environmental Agency Licenses issued for the Bicentenário in May/26 and Chavaría in Jun/26) substations; other licenses are under review by the environmental agency Completion of preliminary stages - Contracting Completed 100% of equipment contracted - Engineering - Metal structures and cables - Subst. Equip. - Construction and Assembly (TL and SE) - Engineering 100% of equipment contracted - Engineering - Metal structures and cables - Subst. Equip. - Engineering - Engineering - Compensators and Transformers - Subst. Equip. - Metal structures - Overhead crane - Insulators and conductors - Engineering - Transformers - Subst. Equip. - Medium-voltage switchgear panels - Engineering - FACTS and Reactors - Engineering - Engineering Construction progress (%) 45% - - 79% - - - - - - - Implementation Projects Quarterly Results2Q26 7 Status of projects under construction TECP – Phase Breakdown: Phase 2 90% concluded Phase 3 Non initiated Phase 4 Non initiated Phase 1 100% concluded 21.24% 22.53% 27.40% 16.99% Initial Phase 11.84%% RAP Lot 7 (1/2026 Stage 2) and Group 3 (Palca) are in the preliminary phase (auctions in July 2026 and September 2025. Maravilla +Puno Sur
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Financial HighlightsQ 2 6 2 Main “CORPORATE” Indicators (IFRS) Main “REGULATORY” Indicators R$ MM 2Q26 2Q25 Var.% 6M26 6M25 Var.% Net Revenue 1,627.3 1,047.1 55.4% 2,882.9 2,270.9 27.0% EBITDA (Res. 156/22) 1,057.0 600.5 76.0% 1,869.1 1.533.1 21.9% EBITDA Margin 65.0% 57.3% 7.7 p.p. 64.8% 67.5% (2.7 p.p.) Adjusted EBITDA Margin 84.7% 67.8% 16.9 p.p. 83.7% 78.8% 4.9 p.p. Financial Result (238.0) (206.0) 15.6% (540.1) (480.7) 12.4% Consolidated Net Income 712.5 283.8 151.0% 1,050.3 769.1 36.6% (-) Subsidiaries' Minority Interest 295.8 139.0 112.9% 435.6 325.5 33.8% Net Income Alupar 416.6 144.9 187.6% 614.7 443.6 38.6% Net Income/Unit (R$) 1.26 0.44 187.6% 1.86 1.35 38.6% Net Debt 9,499.5 9,036.1 5.1% 9,499.5 9,036.1 5.1% Net Debt/EBITDA 2.6x 3.0x - 2.6x 3.0x R$ MM 2Q26 2Q25 Var.% 6M26 6M25 Var.% Net Revenue 946.1 858.0 10.3% 1,942.9 1,715.5 13.3% EBITDA (Res. 156) 724.7 680.5 6.5% 1,519.4 1,366.1 11.2% EBITDA Margin 76.6% 79.3% (2.7 p.p.) 78.2% 79.6% (1.4 p.p.) Financial Result (238.0) (205.5) 15.8% (540.0) (479.5) 12.6% Consolidated Net Income 294.7 316.0 (6.7%) 581.4 577.0 0.8% (-) Subsidiaries' Minority Interest 135.7 129.9 4.5% 273.5 250.8 9.0% Net Income Alupar 159.0 186.1 (14.6%) 307.9 326.2 (5.6%) Net Income/Unit (R$) 0.48 0.56 (14.6%) 0.93 0.99 (5.6%) Net Debt 9,499.5 9,036.1 5.1% 9,499.5 9,036.1 5.1% Net Debt/EBITDA 3.2x 3.4x 3.2x 3.4x Quarterly Results2Q26 8
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858.0 946.1 2Q25 2Q26 186.1 159.0 44.2 (12.6) (32.5) (20.4) (5.8) Net Income 2Q25 EBITDA Depreciation /Amortization Financial Result IR & CSLL Taxes Minority Interest Net Income 2Q26 680.5 724.7 101.4 (1.8) (11.5) (6.2) (12.9) (7.0) (10.5) (5.7) (1.6) EBITDA 2Q25 O&M Revenue Energy Supply Deductions Operating Costs Energy Purchase General & Administrative Personnel & Management Equity Pickup Others Revenues / Expenses EBITDA 2Q26 Net Revenue 10.3% Net Income EBITDA Quarterly Results2Q26 9 Regulatory Results (in R$ million) 2Q26 Financial Highlights
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144.9 563.2 416.6 456.5 10.4(6.2) (32.0) (156.9) Net Income 2Q25 EBITDA Depreciation / Amortization Financial Result IR & CSLL Taxes Minority Interest Net Income 2Q26 1,047.1 1,627.3 2Q25 2Q26 Net Revenue 55.4% Net Income EBITDA1 (1) 1OMR – Operation and Maintenance Revenue / RAP – Revenue (TCE) / RCA – (TCE) Concession Asset Remuneration Revenue / RIF – Infrastructure Revenue 600.5 1,234.1 1,180.7 1,057.0 8.3 43.4 340.7 243.0 26.0 109.7(1.8) (53.4) (11.0) (217.6) (12.9) (7.3) (10.5) EBITDA 2Q25 OMR AAR RCA IR Energy Supply Deductions Operating Costs Infrastructure Cost Energy Purchase General & Adm. Personnel & Mmgt. Other Revenues / Expenses Equity Pickup EBITDA 2Q26 10Quarterly Results2Q26 10 Corporate Results (IFRS. in R$ million) 2Q26 Financial Highlights
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Total Debt R$ 919.6 MM (-) Cash and cash Equivalents R$ 1,142.5 MM (=) Net Debt R$ (223.0) MM 9.6910.0 IPCA + 6.5%1 100% 8th Debenture Issuance (R$ 919.6 million) Short-T erm Long-T erm DebtProfile (R$ MM) DebtComposition (Index %) DebtComposition (R$ MM) Quarterly Results2Q26 11 Debt Profile 2Q26 | Holding Company Indebtedness (1) SWAP to 96.35% CDI
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DebtProfile (R$ MM) DebtComposition (Index %) DebtComposition (R$ MM) Total Debt R$ 14,871.4 MM (-) Cash and cash equivalents R$ 5,371.9 MM (=) Net Debt R$ 9,499.5 MM 20.5% 2.0%13.7% 63.8% 9,976.5 1,853.7 376.7 380.4 IPCA CDI Currency BasketTJLP Debentures Other Development Banks Foreign Currency BNDES (TJLP/IGPM) Short-T erm Long-T erm 1,610.1 13,261.3 Debt Profile 2Q26 | Consolidated Indebtedness Quarterly Results2Q26 12
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Quarterly Results2Q26 13 Record Date August 13, 2026 Payment Date Within 60 days of Approval Board of Directors Meeting Minutes August 6, 2026 Click here: Dividend Policy Recommended Dividends in Board Meeting 2Q26 Results Allocation Interim Dividends for 2Q26 (In R$ MM) R$ 69.2 MM R$ 0.21 per Unit R$ 0.07 per share ON R$ 0.07 per share PN
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90 100 110 120 130 2026-01-02 2026-01-06 2026-01-10 2026-01-14 2026-01-18 2026-01-22 2026-01-26 2026-01-30 2026-02-03 2026-02-07 2026-02-11 2026-02-15 2026-02-19 2026-02-23 2026-02-27 2026-03-03 2026-03-07 2026-03-11 2026-03-15 2026-03-19 2026-03-23 2026-03-27 2026-03-31 2026-04-04 2026-04-08 2026-04-12 2026-04-16 2026-04-20 2026-04-24 2026-04-28 2026-05-02 2026-05-06 2026-05-10 2026-05-14 2026-05-18 2026-05-22 2026-05-26 2026-05-30 2026-06-03 2026-06-07 2026-06-11 2026-06-15 2026-06-19 2026-06-23 2026-06-27 2026-07-01 2026-07-05 2026-07-09 2026-07-13 2026-07-17 2026-07-21 2026-07-25 2026-07-29 2026-08-02 2026-08-06 ALUP11 IBOV IEE ALUP11: 3.1% ALUP11 X IBOV X IEE (2Q26) 2026 Average Daily Volume (YTD) 2026 YTD Performance 142Q26 Quarterly Results Comparative Performance Against Key Market Indices Capital Markets 2026: R$ 30.8 MM
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Disclaimer The individual and consolidated financial statements were prepared in accordance with accounting practices adopted in Brazil. encompassing corporate law. the Pronouncements. Guidelines and Interpretations issued by the Accounting Pronouncements Committee and the standards issued by the Securities and Exchange Commission of Brazil (CVM). together with the specific regulations issued by the National Electric Energy Agency (ANEEL). ANEEL. as the regulatory authority. has the power to regulate concessions. Results will be presented in both formats: the IFRS format and the “Regulatory” format. to allow comparisons with prior periods. It is worth noting that results in the “Regulatory” format are not audited. ALUPAR’s dividend declaration is based on audited results (IFRS). The statements contained in this document regarding business prospects. projections of operating and financial results. and those related to ALUPAR’s growth prospects are merely projections and. as such. are based exclusively on management’s expectations regarding the future of the business. These expectations depend substantially on changes in market conditions. the performance of the Brazilian economy. the sector and international markets. and are therefore subject to change without notice. Quarterly Results2Q26 15
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IR Contact Tel.: +55 (11) 4571-2400 r.: 2481 | 2494 | 2363 ri@alupar.com.br