Earnings release
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EARNINGS RELEASE 2Q26 TSM SP RJ Extension : 330km Operational Since 2021 Alupar Closing Price on 08/06/2026 ALUP11 : R $ 32.51 Total UNITS : 329,626,867 Market Cap : R $ 10,716.2 mm Earnings Conference Call Portuguese ( with simultaneous English translation ) Friday , August 7 , 2026 2 pm ( EDT ) | 3 pm ( BRT ) Additional information Click here for Excel spreadsheets Click here and join our mailing list
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Earnings Release 2Q26 2 ri.alupar.com.br São Paulo, August 06, 2026 – Alupar Investimento S.A. (B3: ALUP11) today announced its results for 2Q26. The quarterly information (ITR) and the standardized financial statements (DFP) are presented in accordance with practices adopted in Brazil, in compliance with the provisions contained in the Brazilian Corporation Law, IFRS standards, and the standards of the Accounting Pronouncements Committee (CPC). 14.7% INCREASE IN REGULATORY TRANSMISSION REVENUE ◼ 2Q26 HIGHLIGHTS AND SUBSEQUENT EVENTS WINNER OF LOT 07 OF ANEEL AUCTION 01/2026 (STAGE 2) ▪ Annual Permitted Revenue (RAP): R$ 96.7 mm (RAP/CAPEX ratio of 12.4%); ▪ ANEEL Investment: R$ 1,089 mm*; ▪ Project Description: SE 345/88 kV São Miguel - (9+1R) x 133.33 MVA (new); LT 345 kV Norte - São Miguel, C1 and C2, 8.2 km each (underground); LT 345 kV São Miguel – Ramon Reberte Filho, C1 and C2, 9.2 km each (underground); ▪ COD: 2031; ▪ Concession Term: 30 years. * In the Material Fact published on July 3, 2026, the Company announced an expected reduction of 30% in the ANEEL CAPEX TECP (TAP) | ISSUANCE OF THE INSTALLATION LICENSE Issuance of the Installation License for the 500 kV Silvânia – Nova Ponte 3 – Ribeirão Preto Transmission Line, Circuits 1 and 2 (C1 and C2), in double circuit (CD), and Associated Substations on July 10, 2026. With the issuance of this license, the Compan y completed the licensing stage required to begin the project works and is authorized to start the implementation of the transmission line and the expansion of the substations associated with the project. DIVIDEND DISTRIBUTION ▪ Payment of interim dividends related to 1Q26 in amount of R$ 69,221,642.07 (R$ 0.07 per ON and PN share and R$ 0.21 per Unit) on July 6, 2026; ▪ In accordance with the Dividend Policy, on August 6, 2026, we approved at a Board of Directors' Meeting (BDM) the distribution of interim dividends related to the 2Q26 results in the amount of R$ 69,221,642.07 (R$ 0.07 per ON and PN share and R$ 0.21 per Unit), with payment to be made within 60 days of approval.
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Earnings Release 2Q26 3 ri.alupar.com.br ◼ MAIN CONSOLIDATED INDICATORS CONSOLIDATED CORPORATE INDICATORS (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Net Revenue 1,255.6 1,627.3 1,047.1 55.4% 2,882.9 2,270.9 27.0% EBITDA (Res. 156/22) 812.1 1,057.0 600.5 76.0% 1,869.1 1,533.1 21.9% EBITDA Margin 64.7% 65.0% 57.3% 7.7 p.p. 64.8% 67.5% (2.7 p.p.) Adjusted EBITDA Margin1 82.4% 84.7% 67.8% 16.9 p.p. 83.7% 78.8% 4.9 p.p. Financial Result (302.1) (238.0) (206.0) 15.6% (540.1) (480.7) 12.4% Net Income 337.8 712.5 283.8 151.0% 1,050.3 769.1 36.6% (-) Subsidiaries' Minority Interest 139.8 295.8 139.0 112.9% 435.6 325.5 33.8% Net Income Alupar 198.1 416.6 144.9 187.6% 614.7 443.6 38.6% Net Income/Unit (R$)2 0.60 1.26 0.44 187.6% 1.86 1.35 38.6% Net Debt 9,303.8 9,499.5 9,036.1 5.1% 9,499.5 9,036.1 5.1% Net Debt/EBITDA3 2.9x 2.6x 3.0x 2.6x 3.0x CONSOLIDATED REGULATORY INDICATORS (BRGAAP) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Net Revenue 996.8 946.1 858.0 10.3% 1,942.9 1,715.5 13.3% EBITDA (Res. 156/22) 794.7 724.7 680.5 6.5% 1,519.4 1,366.1 11.2% EBITDA Margin 79.7% 76.6% 79.3% (2.7 p.p.) 78.2% 79.6% (1.4 p.p.) Financial Result (302.1) (238.0) (205.5) 15.8% (540.0) (479.5) 12.6% Net Income 286.7 294.7 316.0 (6.7%) 581.4 577.0 0.8% (-) Subsidiaries' Minority Interest 137.8 135.7 129.9 4.5% 273.5 250.8 9.0% Net Income Alupar 148.9 159.0 186.1 (14.6%) 307.9 326.2 (5.6%) Net Income/Unit (R$)2 0.45 0.48 0.56 (14.6%) 0.93 0.99 (5.6%) Net Debt 9,303.8 9,499.5 9,036.1 5.1% 9,499.5 9,036.1 5.1% Net Debt/EBITDA3 3.2x 3.2x 3.4x 3.2x 3.4x 1) CAPEX (Infrastructure Cost) subtracted from Net Revenue; 2) Net Income / Equivalent Units (2Q25: 329,626,867 / 2Q26: 329,6 26,867); 3) EBITDA of the last 12 months.
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Earnings Release 2Q26 4 ri.alupar.com.br ◼ OPERATIONAL INFORMATION TRANSMISSION: PHYSICAL AVAILABILITY OF TRANSMISSION ASSETS The physical availability of the line is an operational indicator that shows the percentage of hours the line was available o ver a given period. Transmission assets maintained solid performance in 2Q26, with average availability of approximately 100.0%. VARIABLE PORTION The VP is the indicator that reflects the impact of the unavailability on the Company's results. 99.4% 99.9% 99.6% 99.7% 99.6% 2Q25 3Q25 4Q25 1Q26 2Q26 0.24% 0.35% 0.68% 0.14% 0.57% 0.00% 0.30% 0.60% 0.90% 2Q25 3Q25 4Q25 1Q26 2Q26
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Earnings Release 2Q26 5 ri.alupar.com.br GENERATION AND COMMERCIALIZATION: PHYSICAL AVAILABILITY OF GENERATION ASSETS Availability of less than 100% is the result of shutdowns for annual preventive maintenance of equipment and contractual maintenance scheduled with the supplier. 2Q26 COMMERCIALIZATION INDICATORS 2Q26 ENERGY BALANCE (GWh) 6M26 ENERGY BALANCE (GWh) 93.5% 86.5% 95.9% 92.1% 94.7% 2Q25 3Q25 4Q25 1Q26 2Q26 20.1 33.3 33.3 81.7 122.2 183.5 183.5 162.0 162.0 162.0 162.0 623.9 496.8 489.5 0.6 490.0 ENERGY GENERATED SALES CONTRACTS SEASONAL. ASSURED ENERGY GSF/SECONDARY NET SEASONAL. ASSURED ENERGY 41.7 66.3 66.3 175.9 243.2 364.9 364.9 347.9 347.9 347.9 347.9 1,113.2 1,018.5 1,117.5 (53.8) 1,063.7 ENERGY GENERATED SALES CONTRACTS SEASONAL. ASSURED ENERGY GSF/SECONDARY NET SEASONAL. ASSURED ENERGY HYDRO MRE HYDRO LATAM WIND SOLAR GSF/SECONDARY
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Earnings Release 2Q26 6 ri.alupar.com.br 2Q26 CONTRACTING OVERVIEW: LARGEST CONTRACTS (% OF TOTAL) AND CONTRACTED VOLUME DISTRIBUTION BY YEAR RANGES: 16% 6% 9% 12%12% 45% OTHERSVERDE 08IJUÍFOZ DO RIO CLARO ENERGIA DOS VENTOS F. GOMES 12% 25% 58% 6% <= 5 Years 6 - 10 Years 11 - 20 Years > 20 Years 96% 4% IPCA PPI 78% 22% ACR ACL Avg. Price: Avg. Price: 325.6 MW Avg. R$ 296.8 R$ 284.3 72.7% of Total Physical Guarantee contracted through Long-Term PPAs in local currency and foreign currency (USD)
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Earnings Release 2Q26 7 ri.alupar.com.br CURTAILMENT Curtailment, which used to be sporadic, has become more frequent in Brazil, especially in the Northeast, and consists of the ONS limiting wind and solar power generation. The main causes are failures in the transmission system (external unavailability), ex cess supply relative to demand (energy ratio), and more conservative operation by the ONS. Under current regulatory rules, ONS compensates only generators affected by external failures, in accordance with ANEEL rules. Below is the quarterly history of restrictions: To manage the impact on results, the Company records monthly negative provisions against Revenue related to the Reimbursement for restriction effects at the Energia dos Ventos Complex regarding energy delivery under availability-based CCEARs. At the Agreste Potiguar Wind Complex and UFV Pitombeira, which operate in the free market, the effects of reduced generation due to curtailment are managed through energy purchases related to short-term market exposures. PRICE GAP BETWEEN SUBSYSTEMS In line with the trend observed at the end of 1Q26, the price gap between the Southeast and South submarkets remained high in April, reflecting the storage level of reservoirs in the South region, which remained close to the operating minimum of 30% of Maximum Stored Energy (EARmax). Throughout May, the gradual recovery of the reservoirs reduced this differential. Between the Southeast and Northeast/North submarkets, the gap was approximately R$ 70/MWh in April, mainly due to higher hydro generation availability in the North region and transmission constraints. In the first half of May, the start -up of a new transmission line in the Northeast –Southeast flow, combined with the end of the wet season in the North and below -average inflows in the Northeast and N orth, contributed to the gradual reduction of this differential. IN R$/MWh 34% 23% 38% 0% 10% 20% 30% 40% 50% 60% 70% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 R$ 0 R$ 50 R$ 100 R$ 150 R$ 200 R$ 250 R$ 300 R$ 350 R$ 400 R$ 450 R$ 500 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 SE/CO S NE N PRICE GAP EAPs (RN) UFV PITOMBEIRA (CE) EDVs (RN)
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Earnings Release 2Q26 8 ri.alupar.com.br ◼ CONSOLIDATED PERFORMANCE | TRANSMISSION The data below includes the consolidated figures of the Transmission subsidiaries and TNE's results, via equity method. The analysis focuses on the Regulatory performance , except in the commentary on revenue, EBITDA and INCOME of the Corporate result, due to the differences between the Regulatory and Corporate criteria (see note below): CONSOLIDATED CORPORATE INDICATORS (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Net Revenue 997.8 1,414.7 828.5 70.8% 2,412.4 1,829.5 31.9% Cost of Services Rendered (43.1) (49.9) (40.6) 22.9% (93.0) (82.7) 12.5% Infrastructure Cost (270.0) (379.2) (161.6) 134.6% (649.2) (325.9) 99.2% Depreciation / Amortization (10.2) (7.3) (1.8) 315.9% (17.5) (3.7) 371.1% Operating Expenses 1.0 (4.2) (130.6) (96.8%) (3.2) (98.5) (96.7%) EBITDA (Res. 156/22) 685.7 981.3 495.7 98.0% 1,666.9 1,322.4 26.1% EBITDA Margin 68.7% 69.4% 59.8% 9.6 p.p. 69.1% 72.3% (3.2 p.p.) Adjusted EBITDA Margin1 94.2% 94.8% 74.3% 20.5 p.p. 94.5% 88.0% 6.5 p.p. Financial Result (228.1) (210.7) (186.6) 12.9% (438.8) (416.7) 5.3% Consolidated Net Income 342.9 714.0 251.6 183.8% 1,056.9 726.5 45.5% Net Debt 7,443.9 7,654.3 7,454.2 2.7% 7,654.3 7,454.2 2.7% Net Debt/EBITDA2 2.7x 2.3x 2.8x 2.3x 2.8x CONSOLIDATED REGULATORY INDICATORS In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Net Revenue 739.0 733.5 639.4 14.7% 1,472.4 1,274.1 15.6% Cost of Services Rendered (41.4) (45.5) (41.1) 10.8% (86.9) (79.3) 9.7% Depreciation / Amortization (88.9) (86.9) (74.9) 16.0% (175.8) (150.7) 16.7% Operating Expenses (29.3) (39.0) (22.7) 71.8% (68.2) (39.4) 73.0% EBITDA (Res. 156/22) 668.3 649.0 575.6 12.7% 1,317.3 1,155.4 14.0% EBITDA Margin 90.4% 88.5% 90.0% (1.5 p.p.) 89.5% 90.7% (1.2 p.p.) Financial Result (228.0) (210.7) (186.2) 13.2% (438.7) (415.5) 5.6% Consolidated Net Income 291.8 296.2 283.8 4.4% 588.0 534.4 10.0% Net Debt 7,443.9 7,654.3 7,454.2 2.7% 7,654.3 7,454.2 2.7% Net Debt/EBITDA2 2.9x 2.9x 3.2x 2.9x 3.2x 1) Incurred Capex (Infrastructure Cost) subtracted from Net Revenue; 2) EBITDA of the last 12 months. Notes: 1) “Adjusted” concept in corporate law numbers: In accordance to the Corporate Law - IFRS (ICPC 01 and CPC 47) the investments (Capex) of the transmitters should be accounted like a revenue and like a cost. Then, for Adjusted EBITDA Margin calculation, EBITDA should be divided by the Net Revenue subtracted from the Infrastru cture Cost (Capex). 2) “Regulatory” concept: Refers to th e figures in the regulatory financial statements of our subsidiaries, whose main difference is the non-application of ICPC 01 (IFRIC 12), CPC 47 (IFRS 15) and CPC 06 – R2 (IFRS 16). ICPC 01 and 47 have a material impact on our transmission companies with the creation of the “Contractual Assets” account and the elimination of the “Fixed Assets” account in the balance sheet and several changes in the presentation of “Revenue” in the Statement of Income. CPC 06 - R2 introduced a single model for accounting for leases in the financial statements of lessees. As a result, the Company, as a lessee, started to recognize the rights assets (its rights to use the underlying assets) and the lease liabilities (obligations to make payments for the leases).
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Earnings Release 2Q26 9 ri.alupar.com.br TRANSMISSION | REGULATORY RESULTS: TRANSMISSION NET REVENUE (REGULATORY) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Energy Transmission Revenue (RAP) 814.8 812.6 708.2 14.7% 1,627.4 1,412.4 15.2% Variable Portion (PV) (1.2) (4.6) (1.7) 174.4% (5.8) (4.7) 23.3% Gross Transmission Revenue 813.7 807.9 706.5 14.4% 1,621.6 1,407.7 15.2% Taxes and Contributions (PIS/COFINS) (54.7) (54.6) (50.6) 7.9% (109.3) (100.4) 8.8% Regulatory Charges (20.0) (19.9) (16.6) 20.1% (39.9) (33.1) 20.5% Net Transmission Revenue 739.0 733.5 639.4 14.7% 1,472.4 1,274.1 15.6% In 2Q26, Net Revenue totaled R$ 733.5 mm, 14.7% higher than the R$ 639.4 mm recorded in 2Q25, with the main variations described below: Increase of R$ 101.4 mm in Gross Revenue, composed of: ✓ TCE: +R$ 43.4 mm, due to the commercial start-up of the asset in October/2025; ✓ ELTE: +R$ 7.2 mm , due to the commercial start -up of the RBNI on the southern section (Manoel da Nóbrega Substation) in May/2025 and the commercial start-up of the northern section (Domênico Rangoni Substation) in July/2025; ✓ TBO: +R$ 5.4 mm, due to the consolidation of results, starting in 3Q25, following the acquisition of the asset in July/2025; ✓ TECP: +R$ 3.6 mm, mainly due to the start of RAP collection following the completion of phase I of the project in July/2025; ✓ Other transmission companies: +R$ 41.7 mm , due to RAPs adjustment for the 2025/2026 cycle, pursuant to Homologation Resolution No. 3,481/2025, with increases of 5.32% for IPCA-indexed contracts and 7.02% for IGP-M indexed contracts. Increase of R$ 7.3 mm in Deductions, due to higher revenues from the transmission companies as described above. TRANSMISSION COSTS OF SERVICES (REGULATORY) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Costs of Services Rendered (41.4) (45.5) (41.1) 10.8% (86.9) (79.3) 9.7% Depreciation / Amortization (83.1) (83.9) (71.6) 17.2% (167.1) (144.2) 15.9% Total Transmission Costs (124.5) (129.5) (112.7) 14.9% (254.0) (223.4) 13.7% Totaled R$ 129.5 mm in 2Q26, compared to R$ 112.7 mm recorded in 2Q25, as follows: ✓ Increase of R$ 4.4 mm in Cost of Services Rendered, mainly explained by an increase of R$ 5.6 mm in the transmission companies TCE (asset commercial start-up in October/2025) and TBO (asset acquisition in July/2025); Increase of R$ 12.3 mm in Depreciation/Amortization, due to the following variations: ✓ TCE: +R$ 5.9 mm, due to the commercial start-up of the asset in October/2025; ✓ ELTE: +R$ 4.4 mm , due to the commercial start -up of the RBNI on the southern section (Manoel da Nóbrega Substation) in May/2025 and the northern section (Domênico Rangoni Substation) in July/2025; ✓ TBO: +R$ 1.0 mm, due to the consolidation of results, starting in 3Q25, following the acquisition of the asset in July/2025;
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Earnings Release 2Q26 10 ri.alupar.com.br TRANSMISSION OPERATING EXPENSES (REGULATORY) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % General and Administrative (12.1) (13.9) (6.4) 117.9% (26.0) (13.0) 100.3% Personnel and Management (13.1) (21.0) (18.9) 11.3% (34.1) (30.5) 11.9% Equity Pickup (5.1) (4.9) 0.7 - (10.0) 1.4 - Other Revenues/Other Expenses 1.0 0.9 1.8 (51.6%) 1.9 2.6 (28.2%) Depreciation / Amortization (5.8) (3.0) (3.3) (9.1%) (8.8) (6.5) 34.6% Total Transmission Expenses2 (35.1) (41.9) (25.9) 61.6% (77.0) (45.9) 67.6% Totaled R$ 41.9 mm in 2Q26, compared to the R$ 25.9 mm recorded in 2Q25, mainly: Increase of R$ 7.5 mm in General and Administrative Expenses: ✓ TCE: +R$ 5.6 mm, due to the commercial start-up of the asset in October/2025; ✓ SED: +R$ 1.6 mm, due to engineering, supply and financial expenses. These expenses are recorded in Colombia and apportioned among all companies abroad; Reduction of R$ 5.7 mm in Equity Pickup, explained exclusively by the reduction in TNE's result, which totaled a loss of R$ 13.9 mm in the quarter compared to a INCOME of R$ 2.0 mm in 2Q25. This reduction is mainly due to the increase of R$ 83.8 mm in Financial Expenses, which began flowing through the result following the commercial start-up of the asset in September 2025. Increase of R$ 2.1 mm in Personnel and Management, mainly due to the increases of: R$ 1.2 mm in TCE, due to the commercial start- up of the asset in October/2025; R$ 0.7 mm in ELTE due to the commercial start -up of the RBNI on the southern section (Manoel da Nóbrega Substation) in May/2025 and the northern section (Domênico Rangoni Substation) in July/2025; and R$ 0.2 mm in TBO due to the acquisition of the asset in July/2025.
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Earnings Release 2Q26 11 ri.alupar.com.br TRANSMISSION EBITDA AND EBITDA MARGIN (REGULATORY) Totaled R$ 649.0 mm in 2Q26, 12.7% higher than the R$ 575.6 mm recorded in 2Q25. The EBITDA margin was 88.5% in the quarter, compared to the 90.0% recorded in 2Q25. In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Net Operating Revenue 739.0 733.5 639.4 14.7% 1,472.4 1,274.1 15.6% (-) Operating Costs (124.5) (129.5) (112.7) 14.9% (254.0) (223.4) 13.7% (-) Operating Expenses (29.9) (37.0) (26.7) 38.7% (67.0) (47.3) 41.5% (-) Equity Pickup (5.1) (4.9) 0.7 - (10.0) 1.4 - (+) Depreciation/Amortization (88.9) (86.9) (74.9) 16.0% (175.8) (150.7) 16.7% EBITDA (ICVM 156/22) 668.3 649.0 575.6 12.7% 1,317.3 1,155.4 14.0% 2Q26 AND 6M26 EBITDA BREAKDOWN (R$ MM) 575.6 649.0 101.4 (7.3) (4.4) (7.5) (2.1) (5.7) (1.0) EBITDA 2Q25 Revenues Deductions Costs of Services Provided General & Administrative Personnel & Management Equity Pickup Other Revenues / Expenses EBITDA 2Q26 1,155.4 1,317.3 213.9 (15.6) (7.7) (13.0) (3.6) (11.4) (0.7) EBITDA 6M25 Revenues Deductions Costs of Services Provided General & Administrative Personnel & Management Equity Pickup Other Revenues / Expenses EBITDA 6M26
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Earnings Release 2Q26 12 ri.alupar.com.br TRANSMISSION NET INCOME (REGULATORY) Totaled R$ 296.2 mm in 2Q26, an increase of 4.4% compared to the R$ 283.8 mm recorded in 2Q25, mainly impacted by: Increase of R$ 73.4 mm in EBITDA, as described in the sections “TRANSMISSION EBITDA AND EBITDA MARGIN (REGULATORY)”; Increase of R$ 24.5 mm in Financial Result, as follows: ▪ Financial Expenses: +R$ 27.8 mm, mainly due to: ✓ELTE: +R$ 16.5 mm, given that, until the end of 2Q25, part of the financial expenses was capitalized due to the project implementation phase. With the commercial start -up of the RBNI on the southern section (Manoel da Nóbrega Substation) in May 2025 and the northern section (Domênico Rangoni Substation) in July 2025, financial expenses began to be fully recognized in the income statement. ✓TECP: +R$ 3.9 mm, due to the third debenture issuance carried out in January/2026. The amount of financial expenses that flowed through the income statement in the quarter is proportional to the operational portion of the project. ✓TBO: +R$ 1.9 mm, due to the consolidation of results as from 3Q25, resulting from the asset acquisition in July/2025; ✓+R$ 21.7 mm, mainly due to the increase in the IPCA, which reached 1.42% in the quarter compared to 0.93% in 2Q25; ✓TCE: -R$ 16.2 mm, due to the exchange rate variation between the periods (non-cash effect); ▪ Financial Revenues: + R$ 3.3 mm, mainly at the transmission company STN due to the increase in the Cash balance, which went from R$ 171.5 mm in 2Q25 to R$ 281.8 mm in 2Q26. Increase of R$ 12.0 mm in Depreciation/Amortization, as described in the section “ TRANSMISSION COSTS OF SERVICES AND OPERATING EXPENSES (REGULATORY)” and; Increase of R$ 24.4 mm in Taxes (IR/CSLL), mainly: ✓ TCE: +R$ 17.3 mm, due to the commercial start-up of the asset in October/2025; ✓ STN: +R$ 5.9 mm due to the end of the SUDENE tax benefit in December/2025. ✓ ETEP: +R$ 3.0 mm due to the end of the SUDAM tax benefit in December/2025 and; ✓ ENTE: -R$ 5.3 mm due to obtaining a new SUDAM tax benefit in May/2026. 2Q26 AND 6M26 NET INCOME BREAKDOWN (R$ MM) 283.8 296.2 73.4 (12.0) (24.5) (24.4) Net Income 2Q25 EBITDA Depreciation / Amortization Financial Result IR & CSLL Taxes Net Income 2Q26 534.4 588.0 161.8 (25.1) (23.2) (59.9) Net Income 6M25 EBITDA Depreciation / Amortization Financial Result IR & CSLL Taxes Net Income 6M26
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Earnings Release 2Q26 13 ri.alupar.com.br CONSOLIDATION OF RESULTS | TRANSMISSION REGULATORY QUARTER ENDED ON JUNE 30, 2026 JOINT CONTROL TRANSMISSION COMBINED (-) TNE (+) EQUITY PICKUP ELIMINATIONS TRANSMISSION CONSOLIDATED GROSS OPERATING REVENUE 931,348 123,412 807,936 ENERGY TRANSMISSION REVENUE 951,799 139,214 812,585 (-) VARIABLE PORTION (20,451) (15,802) (4,649) DEDUCTIONS FROM GROSS OPERATING REVENUE (90,659) (16,190) (74,469) PIS (11,766) (2,036) (9,730) COFINS (54,203) (9,379) (44,824) QUOTA FOR GLOBAL REVERSAL RESERVE - RGR (13,194) (3,209) (9,985) RESEARCH AND DEVELOPMENT - R&D (3,186) (429) (2,757) NATIONAL SCIENTIFIC AND TECHNOLOGICAL DEVELOPMENT – FNDCT (3,186) (429) (2,757) MINISTRY OF MINES AND ENERGY - MME (1,598) (214) (1,384) ANEEL INSPECTION TAX - TFSEE (3,526) (494) (3,032) NET OPERATING REVENUE 840,689 107,222 733,467 COST OF SERVICE (166,418) (36,967) (129,451) COST OF SERVICES RENDERED (51,681) (6,156) (45,525) DEPRECIATION / AMORTIZATION (114,737) (30,811) (83,926) GROSS PROFIT 674,271 70,255 604,016 OPERATING EXPENSES AND REVENUES (37,973) (3,572) (4,919) (2,613) (41,933) GENERAL AND ADMINISTRATIVE (15,910) (1,966) (13,944) PERSONNEL (22,605) (1,606) (20,999) EQUITY PICKUP - - (4,919) - (4,919) DEPRECIATION / AMORTIZATION (351) - (2,613) (2,964) OTHER REVENUES 1,130 - 1,130 OTHER EXPENSES (237) - (237) EBIT 636,298 66,683 (4,919) (2,613) 562,083 (-) DEPRECIATION / AMORTIZATION (115,088) (30,811) (2,613) (86,890) EBITDA 751,386 97,494 (4,919) - 648,973 FINANCIAL EXPENSES (335,739) (83,910) - - (251,829) DEBT CHARGES (363,197) (80,867) - (282,330) EXCHANGE RATE VARIATIONS 37,597 - - 37,597 OTHERS (10,139) (3,043) - (7,096) FINANCIAL REVENUES 47,390 6,217 41,173 REVENUE FROM INVESTMENTS 45,778 5,966 39,812 OTHERS 1,612 251 1,361 EBT 347,949 (11,010) (4,919) (2,613) 351,427 IR / CSLL (58,089) (2,888) - - (55,201) INCOME TAX (24,369) (2,122) (22,247) SOCIAL CONTRIBUTION (21,825) (766) (21,059) DEFERRED INCOME TAX (11,895) - (11,895) DEFERRED SOCIAL CONTRIBUTION TAX - - - CONSOLIDATED NET INCOME 289,860 (13,898) (4,919) (2,613) 296,226 (-) NON-CONTROLLING PARTICIPATION (124,787) NET INCOME ALUPAR 171,439
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Earnings Release 2Q26 14 ri.alupar.com.br TRANSMISSION | CORPORATE RESULTS (IFRS): RECOGNITION OF CORPORATE TRANSMISSION REVENUE (IFRS) In accordance with IFRS standards, Revenue from Provision (RAP – PV) was replaced by three new categories: Infrastructure Revenue, Energy Transmission Revenue (O&M) and Concession Asset Remuneration Revenue . Subsequently, with the adoption of CPC 47 – Revenue from Contracts with Customers (equivalent to IFRS 15), a new model for recognizing revenue from contracts with customers was implemented, effective as from January 1, 2018, as exemplified below: More information can be found in the explanatory note “3. Material accounting policies – 3.5. Electricity Transmission Concession Agreements” in the Company's 2025 Financial Statements. Contractual Asset on 03/31/2026 (Operating assets) Financial Asset on 03/31/2026 (Assets under implementation) + + Infrastructure Revenue from 04/01/2026 to 06/30/2026 Infrastructure Revenue from 04/01/2026 to 06/30/2026 + = Monetary Adjustment of the Contractual Asset from 04/01/2026 to 06/30/2026 Contractual Asset on June 30, 2026 + Remuneration of Contractual Assets from 04/01/2026 to 06/30/2026 + O&M Revenue from 04/01/2026 to 06/30/2026 - RAP from 04/01/2026 to 06/30/2026 - Residual Value received from 04/01/2026 to 06/30/2026 = Contractual Asset on June 30, 2026
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Earnings Release 2Q26 15 ri.alupar.com.br TRANSMISSION NET REVENUE (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Operation and Maintenance Revenue 176.9 174.3 163.1 6.9% 351.2 325.8 7.8% Energy Transmission Revenue (RAP) 45.4 43.4 - - 88.9 - - Variable Portion (PV) (1.2) (4.6) (1.7) 174.4% (5.8) (4.7) 23.3% Remuneration of Contractual Assets 426.7 436.6 418.8 4.2% 863.3 836.1 3.2% Monetary Correction of Contractual Assets 187.4 483.0 160.0 201.8% 670.3 519.8 29.0% Infrastructure Revenue 267.0 419.2 176.2 137.9% 686.1 344.3 99.3% Gross Transmission Revenue 1,102.2 1,551.8 916.4 69.3% 2,654.0 2,021.3 31.3% Taxes and Contributions (PIS/COFINS) (84.3) (110.5) (74.2) 48.9% (194.8) (160.3) 21.5% Regulatory Charges (20.1) (26.6) (13.7) 94.1% (46.8) (31.5) 48.5% Net Transmission Revenue 997.8 1,414.7 828.5 70.8% 2,412.4 1,829.5 31.9% In 2Q26 Net Revenue totaled R$ 1,414.7 mm, 70.8% higher than the R$ 828.5 mm recorded in 2Q25, with the main variations described below: ▪ Infrastructure Revenue: +R$ 243.0 mm, mainly due to: ✓New projects: +R$ 171.7 mm o Brazil: +R$ 65.3 mm, mainly explained by the performance of transmission companies TECP which recorded an increase of R$ 90.2 mm, and TPC, with an increase of R$ 8.2 mm, partially offset by a R$ 33.1 mm reduction at ELTE, due to the start-up of commercial operations of the northern section (Domênico Rangoni Substation) in July 2025; o International: +R$106.4 mm, exclusively in projects located in Peru; ✓Reinforcements and Improvements: +R$ 73.6 mm, mainly explained by the performance of transmission company EATE, which recorded an increase of R$ 102.0 mm, and ENTE, with an increase of R$ 33.9 m, partially offset by a R$ 62.5 mm reduction at ELTE, due to the start-up of commercial operations of the RBNI on the southern section in May 2025; ▪ Contractual Asset Remuneration Revenue: +R$ 340.7 mm , basically due to the increase of R$ 322.9 mm in the Monetary Correction of Contractual Assets, resulting from variations in the General Market Price Index (“IGP-M”) and the Broad Consumer Price Index (“IPCA”), as follows: ✓General Market Price Index (“IGP-M”): 2Q26: 4.13% | 2Q25: -0.59% ✓Broad Consumer Price Index (“IPCA”): 2Q26: 2.14% | 2Q25: 1.25% Note: Calculation period from March to May of each year The impacts are as follows in Monetary Correction of Contractual Assets in 2Q26 due to variations in the macroeconomic indices: ▪ Energy Transmission Revenue (RAP): +R$ 43.4 mm, exclusively due to the commercial start-up of the transmission company TCE, in October/2025, the only asset with this line item. ▪ Operation and Maintenance Revenue: +R$ 8.3 mm mainly due to the consolidation of TBO as from July/2025 (+R$ 1 mm). IGP-M EATE ENTE STN ETEP ECTE OTHERS TOTAL 2Q25 (8,2) (3,8) (3,6) (1,8) (1,6) (5,2) (24,3) 2Q26 55,2 23,7 29,4 9,7 9,5 32,4 159,9 TOTAL 63,4 27,5 33,0 11,5 11,2 37,6 184,1 IPCA TPE TCC ETB ESTE TSM OTHERS TOTAL 2Q25 38,1 25,9 20,6 17,9 17,7 64,0 184,3 2Q26 66,5 45,1 36,0 31,2 30,8 113,4 323,1 TOTAL 28,3 19,2 15,4 13,3 13,2 49,4 138,8
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Earnings Release 2Q26 16 ri.alupar.com.br TRANSMISSION EBITDA AND EBITDA MARGIN (IFRS) Totaled R$ 981.3 mm in 2Q26, compared to the R$ 495.7 mm recorded in 2Q25. In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Net Operating Revenue 997.8 1,414.7 828.5 70.8% 2,412.4 1,829.5 31.9% (-) Operating Costs (319.5) (435.4) (203.1) 114.4% (754.9) (410.5) 83.9% (-) Operating Expenses (27.9) (35.1) (51.7) (32.0%) (63.0) (70.0) (10.0%) (-) Equity Pickup 25.0 29.9 (79.9) - 54.8 (30.3) - (+) Depreciation/Amortization (10.2) (7.3) (1.8) 315.9% (17.5) (3.7) 371.1% EBITDA (ICVM 156/22) 685.7 981.3 495.7 98.0% 1,666.9 1,322.4 26.1% Increase of R$ 586.2 mm in Net Revenue as already detailed in the section “TRANSMISSION NET REVENUE (IFRS)”; Increase of R$ 217.6 mm in Infrastructure Cost, which totaled R$ 379.2 mm this quarter, compared to the R$ 161.6 mm recorded in 2Q25. The main variations are described below: ✓New projects: +R$ 121.1 mm o Brazil: +R$ 14.7 mm, mainly explained by the performance of transmission companies TECP , which recorded an increase of R$ 102.6 mm, and TPC, with an increase of R$ 7.6 mm, partially offset by a R$ 95.4 m reduction at ELTE, due to the start-up of commercial operations of the northern section (Domênico Rangoni Substation) in July 2025; and; o International: +R$106.4 mm, exclusively in the projects located in Peru; ✓Reinforcements and Improvements: +R$ 99.2 mm, mainly in the transmission companies EATE which, in 2Q26, recorded a variation of R$ 75.6 mm and ENTE which recorded a variation of R$ 26.1 mm; Increase of R$ 9.3 mm in Cost of Services Rendered, mainly due to the increase of R$ 5.2 mm in TCE, due to the commercial start-up of the asset in October/2025; Increase of R$ 7.8 mm in General and Administrative Expenses , mainly due to the increase of R$ 5.6 mm in TCE , due to the commercial start-up of the asset in October/2025; Increase of R$ 2.1 mm in Personnel and Management, mainly due to the increase of R$ 1.2 mm in TCE, due to the commercial start- up of the asset in October/2025 and of R$ 0.2 mm in TBO which began to be consolidated in July/2025; Increase of R$ 109.7 mm in Equity Pickup , exclusively due to the increase in TNE's result, which went from a loss of R$ 245.5 mm in 2Q25 to a net income of R$ 84.4 mm in 2Q26, mainly due to the reduction of R$ 544.4 mm in Infrastructure Cost. Reduction of R$ 26.6 mm in Other Revenues/Other Expenses , mainly due to the decrease of R$ 27.4 mm in Other Expenses . This variation is mainly explained by the transmission companies ELTE and TME, which did not record amounts under this line item in the current quarter, whereas, in the same period of the previous year, they recognized expenses of R$ 12.7 mm and R$ 14.9 mm, respectively, due to the recognition of the 2Q25 tariff review*. *As per CVM Official Letter 04/2020, the flow of future revenues changed by the Tariff Review must be brought to present valu e, discounted at the remuneration rate adopted for the asset, and, consequently, the differences (gain/loss) must be recorded under Other Revenues / Expenses immediately after the publication of ANEEL's Homologation Resolution.
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Earnings Release 2Q26 17 ri.alupar.com.br EVOLUTION AND 2Q26 AND 6M26 EBITDA BREAKDOWN (R$ MM) 495.7 847.1 981.3 635.4 109.7 26.6 (49.2) (9.3) (217.6) (7.8) (2.1) EBITDA 2Q25 Revenues Deductions Costs of Services Provided Infrastructure Cost General & Administrative Personnel & Management Equity Pickup Other Revenues / Expenses EBITDA 2Q26 1,322.4 1,666.9 85.2 27.3 632.7 (49.8) (10.3) (323.3) (13.6) (3.6) EBITDA 6M25 Revenues Deductions Costs of Services Provided Infrastructure Cost General & Administrative Personnel & Management Equity Pickup Other Revenues / Expenses EBITDA 6M26
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Earnings Release 2Q26 18 ri.alupar.com.br TRANSMISSION NET INCOME(IFRS) Totaled R$ 714.0 mm in 2Q26, compared to the R$ 251.6 mm recorded in 2Q25, mainly impacted by: Increase of R$ 485.6 mm in EBITDA, as described in the sections “TRANSMISSION EBITDA AND EBITDA MARGIN (IFRS)”; Increase of R$ 24.1 mm in Financial Result, as described in the sections “TRANSMISSION NET INCOME(REGULATORY)” Reduction of R$ 6.4 mm in Taxes (IR/CSLL), mainly due to: ✓ENTE: -R$ 111.4 mm, due to obtaining the SUDAM tax benefit in May/2026; ✓STN: +R$ 19.8 mm due to the end of the SUDENE tax benefit in December/2025; ✓ETEP: +R$ 6.7 mm due to the end of the SUDAM tax benefit in December/2025 and; ✓TCE: +R$ 17.3 mm, due to the commercial start-up of the asset in October/2025; ✓ETEM: +R$ 12.7 mm, mainly due to the renewal of the SUDAM tax benefit, obtained in June/2025. As a consequence, a positive effect of approximately R$ 11.7 mm was recognized in the 2Q25 result, arising from the reduction of the Deferred IRPJ Liability balance recorded in the corporate balance sheet, from around R$ 25 mm to R$ 13 mm, with a positive offset in the income statement. This effect also reflects the reversal of Income Tax provisions recorded between January and April 2025; ✓ELTE: +R$ 4.2 mm, due to the full commercial start -up of the asset (RBNI on the southern section in May/2025 and the northern section in July/2025); ✓+R$ 50.7 mm, due to the increase in the results of the other transmission companies. 2Q26 AND 6M26 NET INCOME BREAKDOWN (R$ MM) 251.6 714.0 485.6 (5.6) (24.1) 6.4 Net Income 2Q25 EBITDA Depreciation / Amortization Financial Result IR & CSLL Taxes Net Income 2Q26 726.5 1,056.9 344.5 (13.8) (22.1) 21.8 Net Income 6M25 EBITDA Depreciation / Amortization Financial Result IR & CSLL Taxes Net Income 6M26
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Earnings Release 2Q26 19 ri.alupar.com.br CONSOLIDATION OF RESULTS | TRANSMISSION (IFRS) QUARTER ENDED ON JUNE 30, 2026 JOINT CONTROL TRANSMISSION COMBINED (-) TNE (+) EQUITY PICKUP ELIMINATIONS TRANSMISSION CONSOLIDATED GROSS OPERATING REVENUE 1,799,054 247,257 1,551,797 OPERATION AND MAINTENANCE REVENUE 180,664 6,350 174,314 ENERGY TRANSMISSION REVENUES (AAR) 43,448 - 43,448 INFRASTRUCTURE REVENUE 419,162 - 419,162 REMUNERATION OF CONTRACTUAL ASSETS 1,176,231 256,709 919,522 (-) VARIABLE PORTION (20,451) (15,802) (4,649) DEDUCTIONS FROM GROSS OPERATING REVENUE (168,492) (31,360) (137,132) PIS (23,794) (4,079) (19,715) COFINS (109,588) (18,791) (90,797) QUOTA FOR GLOBAL REVERSAL RESERVE - RGR (22,096) (6,429) (15,667) RESEARCH AND DEVELOPMENT - R&D (3,186) (429) (2,757) NATIONAL SCIENTIFIC AND TECHNOLOGICAL DEVELOPMENT – FNDCT (3,186) (429) (2,757) MINISTRY OF MINES AND ENERGY - MME (1,598) (214) (1,384) ANEEL INSPECTION FEE - TFSEE (5,044) (989) (4,055) NET OPERATING REVENUE 1,630,562 215,897 1,414,665 COST OF SERVICE (442,391) (6,944) (435,447) INFRASTRUCTURE COST (379,246) - (379,246) COST OF SERVICES RENDERED (56,080) (6,156) (49,924) DEPRECIATION / AMORTIZATION (7,065) (788) (6,277) GROSS PROFIT 1,188,171 208,953 979,218 OPERATING EXPENSES AND REVENUES (38,004) (3,572) 29,861 (688) (5,259) GENERAL AND ADMINISTRATIVE (15,714) (1,966) (13,748) PERSONNEL (22,605) (1,606) (20,999) EQUITY PICKUP - - 29,861 - 29,861 DEPRECIATION / AMORTIZATION (351) - (688) (1,039) OTHER REVENUES 903 - 903 OTHER EXPENSES (237) - (237) EBIT 1,150,167 205,381 29,861 (688) 973,959 (-) DEPRECIATION / AMORTIZATION (7,416) (788) (688) (7,316) EBITDA 1,157,583 206,169 29,861 - 981,275 FINANCIAL EXPENSES (335,785) (83,910) - - (251,875) DEBT CHARGES (363,243) (80,867) (282,376) EXCHANGE RATE VARIATIONS 37,597 - - 37,597 OTHERS (10,139) (3,043) - (7,096) FINANCIAL REVENUES 47,390 6,217 41,173 REVENUE FROM INVESTMENTS 45,778 5,966 39,812 OTHERS 1,612 251 1,361 EBT 861,772 127,688 29,861 (688) 763,257 IR / CSLL (92,572) (43,317) - - (49,255) INCOME TAX (24,369) (2,122) (22,247) SOCIAL CONTRIBUTION (21,825) (766) (21,059) DEFERRED INCOME TAX (2,396) (29,725) 27,329 DEFERRED SOCIAL CONTRIBUTION TAX (43,982) (10,704) (33,278) CONSOLIDATED NET INCOME 769,200 84,371 29,861 (688) 714,002 (-) NON-CONTROLLING PARTICIPATION (281,514) NET INCOME ALUPAR 432,488
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Earnings Release 2Q26 20 ri.alupar.com.br TRANSMISSION PROJECTS UNDER IMPLEMENTATION Below is an overview of the projects in progress with the main milestones achieved: PROJECT TAP TPC TCN TES TEL SED TEP TSA TER General Country BRA BRA BRA PER CHL COL CHL PER PER PER Characteristics 1 SE LT: 551 km LT: 509 km 1 SE LT: 9 km 2 SEs LT: 15.7 km 3 SEs LT: 100 km 2 SEs Synchronou s Compensat ors LT: 9.5 km 3 SEs LT: 176.5 km 6 SEs LT: 76.0 km 2 SEs RAP (MM)1 R$ 83.2 R$ 276.8 R$ 176.5 US$ 4.9 US$ 5.2 US$ 6.2 US$ 19.4 US$ 3.2 US$ 59.9 US$ 6.2 Expected CAPEX (MM) R$ 498.52 R$ 2,597.23 R$ 1,390.64 US$ 38.9 US$ 40.0 US$ 45.2 US$ 145.9 US$ 19.6 US$ 400.2 US$ 42.8 Actual CAPEX (MM) R$ 226.1 R$ 305.8 R$ 35.1 US$ 25.03 US$ 4.3 US$ 3.6 US$ 13.5 US$ 0.4 US$ 6.4 US$ 1.2 Start-up (Regulator) 2028 2029 2029 2026 2029 2027 2027 2027 2029 2029 Start-up (Management) 2028 2027 2029 2026 2029 2027 2027 2026 2029 2029 Contracts Engineering (Basic/Executive Design) Contracted Contracted Contracted Contracted Contracted Contracted Contracted Contracted Contracted Contracted Civil Works Contracted LT: Contracted SS: In progress Contracted In progress - - In progress - - - Assembly Contracted SS: In progress Contracted In progress - - - - - - Supply (Transmission Line) Contracted Contracted Contracted Contracted In progress - - In progress - - Supply (Substation) Contracted Contracted Contracted Contracted In progress - Contracted In progress In progress - Environment – Consulting Contracted Contracted Contracted Contracted Contracted Contracted Contracted Contracted Contracted Contracted Construction Land Rights - Negotiated Areas (%) 100% 85% 95% 100% (SE) 85% (LT) 47% (SE) 34% (LT) 100% (SE) 100% (SE) 1% (LT) 100% (SE) 60% (SE) 0% (LT) - Licensing Licenses already issued License already issued Process under Review by the Environment al Agency5 License already issued Process under Review by the Environment al Agency Process under Review by the Environment al Agency Process under Review by the Environment al Agency Maravilla: License Issued in May/2026 Puno Sur: under Review by the Environment al Agency Licenses issued for the Bicentenário Substation in May/26 and Chavaría Substation in June/26; other licenses under review by the Environment al Agency Completion of preliminary stages Construction progress (%) 45% - - 79% - - - - - - 1) RAP Brazil: As per ANEEL Order 2,268/2026 2) ANEEL Capex 3) ANEEL Capex. The Company estimates a reduction of between 20% - 25% compared to the Regulator's CAPEX 4) ANEEL Capex. The Company estimates a 5% reduction compared to the Regulator's CAPEX 5) TPC's Business Plan provides for Concurrent Environmental Licensing (LP + LI + LO)
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Earnings Release 2Q26 21 ri.alupar.com.br ➔ TECP (LOT 6, ANEEL AUCTION 02/2022): TECP is a project aimed at modernizing the Centro Substation, located in São Paulo. The project consists of replacing the 230 kV GIS Busbar with a 345 kV one. The asset is already in operation and the RAP will be recognized gradually in 4 phases corresponding to each stage of the project implementation. ➔ PROJECTS AWARDED BETWEEN 3Q25 AND 2Q26: The projects below remain in preliminary stages: The TEP project (Palca): located in Peru, was awarded in the auction held in September 2025 and comprises the construction of 5 substations and 248 km of transmission lines. Expected investment for the project is US$ 220 million, with a winning RAP of U S$ 31.8 million; The TESP project (Lot 7 of Auction 01/2026, Stage 2): located in São Paulo, was awarded in the auction held in July 2026 and comprises the construction of 1 substation and 17.4 km of underground transmission lines. Expected investment by the regulator is R$ 1,089 million, with a winning RAP of R$ 96.7 million. TRACK RECORD OF INVESTMENTS IN ONGOING PROJECTS Below is the information on investments made per project (cash view), in line with the information in the previous table, under “Actual CAPEX MM”: 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 PROJECT 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 R$ 55.56 R$ 29.38 R$ 15.74 R$ 30.24 R$ 130.91 R$ 45.59 R$ 41.55 R$ 20.97 R$ 21.27 R$ 50.17 R$ 49.59 R$ 141.99 R$ 50.79 R$ 113.01 R$ 3.02 R$ 2.93 R$ 3.77 R$ 4.01 R$ 13.73 R$ 9.17 R$ 9.61 TOTAL (R$) R$ 79.55 R$ 53.58 R$ 69.67 R$ 83.84 R$ 286.64 R$ 105.55 R$ 164.16 US$ 0.23 US$ 0.61 US$ 1.27 US$ 2.89 US$ 4.99 US$ 2.79 US$ 19.43 - - US$ 0.02 US$ 0.44 US$ 0.46 US$ 0.05 US$ 1.50 US$ 0.19 US$ 0.33 US$ 0.53 US$ 0.93 US$ 1.98 US$ 0.46 US$ 0.52 US$ 0.41 US$ 0.01 US$ 0.23 US$ 3.35 US$ 4.00 US$ 0.17 US$ 8.35 US$ 0.01 US$ 0.04 US$ 0.03 US$ 0.02 US$ 0.10 US$ 0.06 US$ 0.24 US$ 0.18 US$ 0.18 US$ 6.08 US$ 3.05 US$ 9.49 US$ 1.98 US$ 0.55 US$ 0.06 US$ 0.01 US$ 0.09 US$ 0.28 US$ 0.44 US$ 0.19 US$ 0.45 - - - - - - US$ 5.51 TOTAL (US$) US$ 1.08 US$ 1.18 US$ 8.25 US$ 10.96 US$ 21.46 US$ 5.70 US$ 36.55
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Earnings Release 2Q26 22 ri.alupar.com.br ◼ CONSOLIDATED PERFORMANCE | GENERATION The consolidated figures for Alupar's Generation segment include the results of the Generation Companies, the Trading Company and Eliminations Intercompany. In the Generation segment, unlike the Transmission segment, the effects of adopting ICPC 01 and CPC 47 on the corporate figures have no impact compared to the regulatory figures, and CPC 06 – R2 has no material impact compared to the regulatory figures. To verify the differences related to CPC 06 – R2, see “Annex 03 – IFRS x Regulatory”. Therefore, the Regulatory analysis is basically the same as the performance shown by the Corporate figures. CONSOLIDATED CORPORATE INDICATORS (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Net Revenue 258.8 212.6 220.4 (3.5%) 471.4 444.7 6.0% Operating Costs (51.4) (56.8) (55.1) 3.2% (108.2) (112.5) (3.8%) Depreciation / Amortization (45.5) (43.8) (43.7) 0.3% (89.3) (82.8) 7.9% Energy Purchase (44.6) (38.2) (25.3) 51.0% (82.8) (56.6) 46.2% Operating Expenses (10.7) (13.0) (13.0) - (23.6) (31.2) (24.2%) EBITDA (Res. 156/22) 152.1 104.6 127.1 (17.6%) 256.7 244.4 5.1% EBITDA Margin 58.8% 49.2% 57.6% (8.4 p.p.) 54.5% 54.9% (0.4 p.p.) Financial Result (62.7) (41.1) (32.4) 26.8% (103.8) (84.5) 22.7% Consolidated Net Income 31.8 13.4 42.3 (68.3%) 45.2 58.1 (22.2%) Net Debt 1,520.4 1,475.9 1,624.6 (9.2%) 1,475.9 1,624.6 (9.2%) Net Debt/EBITDA1 3.3x 3.3x 3.7x 3.3x 3.7x (1) Last 12 months EBITDA GENERATION NET REVENUE (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Energy Supply 283.6 240.2 242.0 (0.8%) 523.8 473.9 10.5% Other Operating Revenues 4.2 0.1 0.1 - 4.3 12.3 (64.9%) Generation Gross Revenue 287.8 240.3 242.2 (0.8%) 528.1 486.2 8.6% Taxes and Contrib. (PIS/COFINS/ICMS/ISS) (27.2) (25.9) (20.0) 29.1% (53.1) (38.0) 39.9% Regulatory Charges (1.8) (1.8) (1.7) 6.9% (3.6) (3.5) 3.7% Generation Net Revenue 258.8 212.6 220.4 (3.5%) 471.4 444.7 6.0% 2Q26 GENERATION GROSS REVENUE BREAKDOWN ENERGIA PREÇO FATURAMENTO (MWh) (R$/MWh) (R$ mm) 1. LONGO PRAZO - FATURAMENTO DE CONTRATOS BILATERAIS 804.223 313,2 251,9 1.1 ACR 496.823 238,5 118,5 1.2 ACL 197.017 262,1 51,6 1.3 ACL - COMERCIALIZAÇÃO 110.383 740,8 81,8 1.4 OUTRAS RECEITAS OPERACIONAIS 0,0 2. SPOT / CCEE – SAZONALIZAÇÃO (1,3) 3. TOTAL GERAÇÃO BRUTO 250,6 4. COMERCIALIZAÇÃO ALUPAR/ACE 89,8 5. TOTAL GERAÇÃO / COMERCIALIZAÇÃO 340,4 6. ELIMINAÇÕES (100,1) 7. GERAÇÃO CONSOLIDADO 240,3 FATURAMENTO GERADORAS / COMERCIALIZAÇÃO (2T26)
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Earnings Release 2Q26 23 ri.alupar.com.br VARIATION IN CONSOLIDATED GENERATION REVENUE 2Q26 MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount Bilateral Contracts (ACR) 496.823 238,5 118.482 496.823 238,5 118.482 Bilateral Contracts (ACL) 197.017 262,1 51.639 197.017 262,1 51.639 Trading 110.383 226,0 24.944 205.758 217,1 44.674 316.141 220,2 69.618 Related Parties 234.520 242,3 56.832 259.114 166,9 43.239 493.634 202,7 (100.071) CCEE/Adjust. / Reimbursements (1.288) 1.871 583 Total 250.609 89.784 (100.071) 240.322 2Q25 MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount Bilateral Contracts (ACR) 491.054 227,6 111.783 105.109 83,4 8.768 596.164 202,2 120.551 Bilateral Contracts (ACL) 247.877 309,1 76.614 247.877 309,1 76.614 Trading 100.594 207,0 20.819 110.375 183,3 20.233 210.969 194,6 41.052 Related Parties 142.442 241,2 34.358 117.141 154,3 18.074 259.582 202,0 (52.433) CCEE/Adjust. / Reimbursements 2.284 1.526 3.810 Other Operating Revenues 135 135 Total 245.994 48.600 (52.433) 242.162 Variations 4.615 41.184 (47.638) (1.840) Revenues Revenues Generation Combined Alupar Trading Eliminations Generation Consolidated Generation Combined Alupar Trading Eliminations Generation Consolidated Revenues 2Q26 MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount MWh Amount Bilateral Contracts (ACR) 224,007 166.1 37,208 87,142 239.0 20,827 185,675 60,447 496,823 118,482 Bilateral Contracts (ACL) 35,032 235.2 8,241 22,418 443.6 9,945 139,567 33,453 197,017 51,639 Trading 34,908 262.8 9,173 33,840 158.5 5,364 6,727 197.6 1,329 34,908 9,078 110,383 24,944 Related Parties 10,956 250.1 2,740 101,278 262.7 26,606 39,980 206.4 8,253 46,561 228.7 10,649 35,746 8,584 234,520 56,832 CCEE/Adj./Reimbursements 1,683 5,410 (13,205) 106 5 4,713 (1,288) Other Operating Revenues Total 13,596 74,588 8,951 16,600 10,654 9,945 116,275 1,038,743 250,609 Revenues 2Q25 MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount MWh Amount Bilateral Contracts (ACR) 221,390 158.4 35,072 87,142 229.6 20,006 182,523 56,705 491,054 111,783 Bilateral Contracts (ACL) 22,932 509.8 11,846 34,186 226.7 7,751 36,306 417.9 15,171 154,453 41,847 247,877 76,614 Trading 22,932 236.5 5,424 21,840 187.7 4,100 12,127 186.7 2,264 12,122 172.0 2,086 31,572 6,946 100,594 20,819 Related Parties 87,142 263.5 22,958 7,197 226.7 1,632 23,313 208.0 4,850 24,790 4,918 142,442 34,358 CCEE/Adj./Reimbursements 292 2,635 (5,180) 256 471 3,810 2,284 Other Operating Revenues 135 135 Total 17,561 64,766 17,090 9,639 7,407 15,171 114,361 981,967 245,994 Variations (3,965) 9,822 (8,139) 6,961 3,247 (5,226) 1,914 56,777 4,615 Other Generators Generation Combined (Assets)Lavrinhas SHPP Ferreira Gomes HPP EDVs Wind Farms EAP II Pitombeira PPP Morro Azul SHPP Other Generators Generation Combined (Assets)Lavrinhas SHPP Ferreira Gomes HPP EDVs Wind Farms EAP II Pitombeira PPP Morro Azul SHPP
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Earnings Release 2Q26 24 ri.alupar.com.br GENERATION COST OF SERVICES (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Costs of Services Rendered (26.3) (27.9) (37.0) (24.6%) (54.2) (77.7) (30.2%) Energy Purchase (44.6) (38.2) (25.3) 51.0% (82.8) (56.6) 46.2% Grid Usage Charges – CUST (20.7) (23.5) (13.4) 75.6% (44.3) (26.5) 67.2% Water Resources – CFURH (4.4) (5.4) (4.6) 15.3% (9.8) (8.4) 16.3% Depreciation / Amortization (44.9) (43.2) (43.1) 0.3% (88.1) (81.6) 7.9% Total Generation Costs (140.9) (138.2) (123.5) 12.0% (279.1) (250.8) 11.3% Totaled R$ 138.2 mm in 2Q26, compared to the R$ 123.5 mm recorded in 2Q25, as follows: Increase of R$ 12.9 mm in Energy Purchase, mainly explained by: Increase of R$ 10.1 mm in Grid Usage Charges – CUST, mainly driven by the variation of R$ 8.4 mm at UHE La Virgen, due to the change in the accounting criterion implemented starting in 4Q25. The charge, previously recorded as Costs of Services Rendered (until 3Q25), was reclassified to Grid Usage Charges – CUST. Reduction of R$ 9.1 mm in Costs of Services Provided mainly explained by: (i) reduction of R$ 6.0 mm in UHE La Virgen, due to the change in the accounting criterion implemented starting in 4Q25 as described above and; (ii) reduction of R$ 1.0 mm in UHE Ferreira Gomes, due to costs incurred with preventive maintenance in 2Q25; 2Q26 MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount Trading (25,929) 21 0.5 (5,458) (1 83,288) 251 .9 (46,1 67) (209,21 7) 246.8 (51 ,625) CCEE/ Adjustments (791 ) (57) (848) Related Parties (201 ,230) 1 56.2 (31 ,440) (292,242) 234.8 (68,629) (493,481 ) 202.8 (1 00,071 ) - - Taxes 2,994 1 1 ,277 1 4,271 Total (34,695) (1 03,576) (1 00,071 ) (38,202) 2Q25 MWh Price Amount MWh Price Amount MWh Price Amount MWh Price Amount Trading (29,688) 21 8.4 (6,483) (1 93,080) 1 26.3 (24,392) (222,768) 1 38.6 (30,875) CCEE/ Adjustments (1 ,825) (5) (1 ,830) Related Parties (1 1 0,589) 1 56.1 (1 7,268) (1 48,994) 236.0 (35,1 61 ) (259,582) 202.0 (52,429) Taxes 1 ,683 5,729 7,41 2 Total (23,893) (53,829) (52,429) (25,293) Variations (1 0,802) (49,747) (47,642) (1 2,909) Generation Combined Alupar Trading Eliminations Generation Consolidated Energy Purchase Generation Combined Alupar Trading Eliminations Generation Consolidated Energy Purchase Energy Purchase 2Q26 MWh PPA Amount MWh PPA Amount MWh PPA Amount MWh PPA Amount MWh PPA Amount Trading (25,929) 210.5 (5,458) (25,929) 210.5 (5,458) Related Parties (98,284) 100.0 (9,829) (51,838) 217.0 (11,251) (32,760) 209.9 (6,877) (18,348) 189.8 (3,483) (201,230) 156.2 (31,440) CCEE/ Adjust. (213) (578) (791) Taxes 850 1,032 831 281 2,994 Total (9,192) (10,219) (6,046) (9,238) (34,695) Energy Purchase 2Q25 MWh PPA Amount MWh PPA Amount MWh PPA Amount MWh PPA Amount MWh PPA Amount Trading (9,360) 200.7 (1,879) (20,328) 226.5 (4,604) (29,688) 218.4 (6,483) Related Parties (63,480) 127.3 (8,079) (12,876) 219.7 (2,829) (19,137) 193.6 (3,704) (15,096) 175.9 (2,655) (110,589) 156.1 (17,268) CCEE/ Adjust. (291) (1,534) (1,825) Taxes 666 408 410 199 1,683 Total (7,414) (4,300) (3,585) (8,594) (23,893) Variations (1,778) (5,919) (2,461) (644) (10,802) Other Generators Generation Combined (Assets)Ferreira Gomes HPP EAP II Pitombeira PPP Other Generators Generation Combined (Assets)Ferreira Gomes HPP EAP II Pitombeira PPP
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Earnings Release 2Q26 25 ri.alupar.com.br GENERATION OPERATING EXPENSES (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % General and Administrative (4.8) (5.5) (6.1) (10.1%) (10.2) (10.3) (0.5%) Personnel and Management (6.3) (7.8) (7.7) 1.2% (14.1) (13.5) 4.1% Other Revenues/Expenses 0.4 0.3 0.8 (65.4%) 0.7 (7.4) - Depreciation / Amortization (0.6) (0.6) (0.6) - (1.2) (1.1) 6.6% Total Generation Expenses (11.3) (13.6) (13.6) - (24.9) (32.3) (23.1%) Totaled R$ 13.6 mm in 2Q26, in line with the amount recorded in 2Q25, mainly: Reduction of R$ 0.6 mm in General and Administrative Expenses, mainly in ACE (-R$ 0.4 mm), due to marketing campaign expenses incurred in 2Q25 that did not recur in the quarter and; Increase of R$ 0.5 mm in Other Revenues/ Expenses, mainly due to the reduction of R$ 0.5 mm in Other Revenues of UHE La Virgen due to the reversal, in 2Q25, of provisions for doubtful accounts (PDD); GENERATION EBITDA AND EBITDA MARGIN (IFRS) Totaled R$ 104.6 mm in 2Q26 compared to the R$ 127.1 mm recorded in 2Q25. The EBITDA margin was 49.2% in the quarter , compared to the 57.6% recorded in 2Q25. In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Net Operating Revenue 258.8 212.6 220.4 (3.5%) 471.4 444.7 6.0% (-) Operating Costs (140.9) (138.2) (123.5) 12.0% (279.1) (250.8) 11.3% (-) Operating Expenses (11.3) (13.6) (13.6) - (24.9) (32.3) (23.1%) (+) Depreciation/Amortization (45.5) (43.8) (43.7) 0.3% (89.3) (82.8) 7.9% EBITDA (ICVM 156/22) 152.1 104.6 127.1 (17.6%) 256.7 244.4 5.1% EVOLUTION AND 2Q26 AND 6M26 EBITDA BREAKDOWN (R$ MM) 127.1 104.6 (1.8) (6.0) (1.7) (12.9) 0.6 (0.1) (0.5) EBITDA 2Q25 Revenues Deductions Operating Costs Energy Purchase General & Administrative Personnel & Management Other Revenues / Expenses EBITDA 2Q26 244.4 256.7 41.9 (15.3) 4.3 (26.2) 0.1 (0.6) 8.1 EBITDA 6M25 Revenues Deductions Operating Costs Energy Purchase General & Administrative Personnel & Management Other Revenues / Expenses EBITDA 6M26
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Earnings Release 2Q26 26 ri.alupar.com.br GENERATION NET INCOME (IFRS) Totaled R$ 13.4 mm in 2Q26, compared to the R$ 42.3 mm recorded in 2Q25, mainly impacted by: Reduction of R$ 22.4 mm in EBITDA, as described in the sections “GENERATION EBITDA AND EBITDA MARGIN (IFRS)”; Increase of R$ 8.7 mm in Financial Result, as follows: ✓Financial Expenses: +R$ 4.4 mm, mainly at UHE La Virgen, which recorded an increase R$ 3.5 mm, due to the exchange rate variation (non-cash effect) between the periods (appreciation of 2.3% of the Peruvian currency (PEN) against the USD); ✓Financial Revenues: -R$ 4.3 mm, due to the reduction in the Cash and Cash Equiv alents balance, which went from R$ 636.2 mm in 2Q25 to R$ 584.7 mm in 2Q26; Reduction of R$ 2.3 mm in Taxes (IR/CSLL), with the main impacts being: ✓UHE Ferreira Gomes: -R$ 3.1 mm due to the payment of Interest on Net Equity (JCP) in the quarter; ✓PCH Risaralda: - R$ 2.2 mm due to the lower result driven by the lower volume of energy sold (10.3 MWm in 2Q26 compared to 16.8 MWm in 2Q25) and; ✓UHE Foz do Rio Claro: +R$ 2.3 mm given that in 2Q25 a positive tax of R$ 2.0 mm was recorded due to the recognition of tax credits from accumulated tax losses; 2Q26 AND 6M26 NET INCOME BREAKDOWN (R$ MM) 42.3 (22.4) (0.1) (8.7) 2.3 13.4 Net Income 2Q25 EBITDA Depreciation / Amortization Financial Result IR & CSLL Taxes Net Income 2Q26 58.1 45.2 12.3 (6.5) (19.2) 0.5 Net Income 6M25 EBITDA Depreciation / Amortization Financial Result IR & CSLL Taxes Net Income 6M26
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Earnings Release 2Q26 27 ri.alupar.com.br ENERGY COMMERCIALIZATION BY ACE: PURCHASE OF ENERGY BY ALUPAR COMERCIALIZADORA Energy purchases by Alupar Comercializadora totaled R$ 86.2 mm in 2Q26, compared to R$ 47.1 mm in 2Q25, as follows: (i) 58.9 MW from UHE Ferreira Gomes in the northern submarket: R$ 26.6 mm; (ii) 81.9 MW in the market: totaling R$ 45.1 mm; (iii) 29.7 MW from the wind farms AW São João (EAP I) and AW Santa Régia (EAP II): R$ 14.1 mm; (iv) 6.3 MW from UFV Pitombeira: R$ 2.9 mm; (v) 10 MW from PCHs Queluz and Lavrinhas: R$ 5.5 mm; (vi) 2.8 MW from ACE: R$ 1.3 mm and; (vii) Adjustments at CCEE and PIS/Cofins tax credits: R$ 9.1 mm. ENERGY SALES BY ALUPAR COMERCIALIZADORA Alupar Comercializadora recorded revenue of R$ 68.3 mm in 2Q26, compared to the R$ 39.0 mm recorded in 2Q25, as follows: (i) 72.8 MW to the market totaling R$ 32.6 mm, in accordance with items (i) and (ii) of the purchases section; (ii) 100.8 MW to Alupar's plants and to ACE, totaling R$ 35.0 mm, as per items (ii), (iii) and (iv) of the purchases section; (iii) settlement at CCEE: totaling R$ 0.7 mm. INTERCOMPANY ELIMINATIONS: In 2Q26, eliminations between intercompany operations totaled R$ 100.1 mm, as detailed below: OVERVIEW OF ENERGY SUPPLY ELIMINATIONS IN 2Q26 (R$ MM) AMOUNT (R$ MM) FERREIRA GOMES ALUPAR 36.4 UFV PITOMBEIRA ACE 14.6 UFV PITOMBEIRA ALUPAR 2.9 EAPs ALUPAR 26.7 ALUPAR ACE 12.0 ALUPAR QUELUZ 2.7 ALUPAR LAVRINHAS 2.7 VERDE 8 ALUPAR 0.8 FOZ DO RIO CLARO ALUPAR 1.3 Total Eliminations 100.1
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Earnings Release 2Q26 28 ri.alupar.com.br CONSOLIDATION OF RESULTS | GENERATION (IFRS) QUARTER ENDED ON JUNE 30, 2026 GENERATION COMBINED (+) TRADING (+) AF ENERGIA ELIMINATIONS GENERATION CONSOLIDATED GROSS OPERATING REVENUE 250,608 89,784 2,296 (102,367) 240,321 ENERGY SUPPLY 250,485 89,784 (100,071) 240,198 OPERATION AND MAINTENANCE SERVICES - - 2,296 (2,296) - OTHER OPERATING REVENUE 123 123 DEDUCTIONS FROM GROSS OPERATING REVENUE (18,418) (9,009) (275) - (27,702) PIS (2,959) (1,430) (33) (4,422) COFINS (13,636) (6,585) (157) (20,378) ICMS - (994) (994) ISS - - (85) (85) RESEARCH AND DEVELOPMENT - R&D (429) - (429) NATIONAL SCIENTIFIC AND TECHNOLOGICAL DEVELOPMENT – FNDCT (429) - (429) MINISTRY OF MINES AND ENERGY - MME (216) - (216) ANEEL INSPECTION FEE - TFSEE (749) - (749) NET OPERATING REVENUE 232,190 80,775 2,021 (102,367) 212,619 COST OF SERVICE (134,302) (104,579) (1,959) 102,631 (138,209) ENERGY PURCHASE FOR RESALE (34,695) (103,579) 100,071 (38,203) COST OF SERVICES RENDERED (28,359) - (1,854) 2,296 (27,917) GRID USAGE CHARGES - CUST (22,535) (1,000) (23,535) INANCIAL COMP. FOR WATER RESOURCES - CFURH (5,351) - (5,351) DEPRECIATION / AMORTIZATION (43,244) - (105) 264 (43,085) USE OF PUBLIC PROPERTY - UBP (118) - (118) GROSS PROFIT 97,888 (23,804) 62 264 74,410 EXPENSES AND OPERATING REVENUES (12,442) (1,035) - (111) (13,588) GENERAL AND ADMINISTRATIVE (5,051) (400) (5,451) PERSONNEL (7,197) (600) (7,797) EQUITY PICKUP - - - DEPRECIATION / AMORTIZATION (458) (35) (111) (604) OTHER REVENUES 264 - 264 OTHER EXPENSES - - - EBIT 85,446 (24,839) 62 153 60,822 (-) DEPRECIATION / AMORTIZATION (43,820) (35) (105) 153 (43,807) EBITDA 129,266 (24,804) 167 - 104,629 FINANCIAL EXPENSES (58,197) (19) (6) 2,511 (55,711) DEBT CHARGES (61,474) - (5) (61,479) EXCHANGE RATE VARIATIONS 8,302 - - 8,302 OTHER FINANCIAL EXPENSES (5,025) (19) (1) 2,511 (2,534) FINANCIAL REVENUES 16,922 222 160 (2,650) 14,654 REVENUE FROM INVESTMENTS 16,464 214 153 (2,650) 14,181 OTHER FINANCIAL REVENUES 458 8 7 - 473 FINANCIAL RESULT (41,275) 203 154 (139) (41,057) EBT 44,171 (24,636) 216 14 19,765 IR / CSLL (6,291) - (66) - (6,357) INCOME TAX (1,554) - 14 (1,540) SOCIAL CONTRIBUTION (1,804) - 3 (1,801) DEFERRED INCOME TAX (2,738) - (61) (2,799) DEFERRED SOCIAL CONTRIBUTION (195) - (22) (217) NET INCOME | GENERATION + TRADING + SERVICES 37,880 (24,636) 150 14 13,408 CONSOLIDATED NET INCOME | GENERATION 37,880 (-) NON-CONTROLLING PARTICIPATION (5,762) NET INCOME | GENERATION ALUPAR 32,118 NET INCOME ALUPAR 7,646
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Earnings Release 2Q26 29 ri.alupar.com.br ◼ CONSOLIDATED PERFORMANCE (IFRS) The information below reflects, in addition to the consolidated results of the Transmission and Generation segments detailed throughout the sections above, the consolidated result of the Holdings Alupar, Windepar, Transminas, Alupar Chile, Alupar Peru, Alu par Colombia and Apaete. CONSOLIDATED NET REVENUE (IFRS) NET REVENUE BY SEGMENT (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % (A) Gross Revenue 1,390.0 1,792.1 1,158.6 54.7% 3,182.2 2,507.5 26.9% Transmission 1,102.2 1,551.8 916.4 69.3% 2,654.0 2,021.3 31.3% Generation 287.8 240.3 242.2 (0.8%) 528.1 486.2 8.6% (B) Deductions (134.4) (164.8) (111.4) 47.9% (299.2) (236.7) 26.4% Net Revenue (A-B) 1,255.6 1,627.3 1,047.1 55.4% 2,882.9 2,270.9 27.0% CONSOLIDATED COST OF SERVICES (IFRS) COSTS OF SERVICES BY SEGMENT (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Transmission (319.5) (435.4) (203.1) 114.4% (754.9) (410.5) 83.9% Generation (140.9) (138.2) (123.5) 12.0% (279.1) (250.8) 11.3% Total Costs (460.4) (573.7) (326.5) 75.7% (1,034.0) (661.3) 56.4% COSTS OF SERVICES BREAKDOWN In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Costs of Services Rendered (69.4) (77.8) (77.6) 0.3% (147.2) (160.4) (8.2%) Energy Purchase (44.6) (38.2) (25.3) 51.0% (82.8) (56.6) 46.2% Grid Usage Charges (CUST) (20.7) (23.5) (13.4) 75.6% (44.3) (26.5) 67.2% Water Resources (CFURH) (4.4) (5.4) (4.6) 15.3% (9.8) (8.4) 16.3% Infrastructure Cost (270.0) (379.2) (161.6) 134.6% (649.2) (325.9) 99.2% Depreciation / Amortization (51.2) (49.5) (43.9) 12.7% (100.7) (83.5) 20.6% Total Costs (460.4) (573.7) (326.5) 75.7% (1,034.0) (661.3) 56.4%
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Earnings Release 2Q26 30 ri.alupar.com.br OPERATING EXPENSES (IFRS) OPERATING EXPENSES BY SEGMENT (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Transmission (2.9) (5.3) (131.5) (96.0%) (8.1) (100.3) (91.9%) Generation (11.3) (13.6) (13.6) - (24.9) (32.3) (23.1%) Holding (25.1) (29.4) (20.4) 43.8% (54.5) (30.5) 78.5% Total Expenses (39.3) (48.2) (165.5) (70.9%) (87.5) (163.2) (46.4%) OPERATING EXPENSES BREAKDOWN In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % General and Administrative (27.7) (26.1) (18.8) 38.7% (53.8) (29.1) 85.0% Personnel and Management (32.6) (50.3) (39.8) 26.3% (82.9) (66.7) 24.4% Equity Pickup 25.0 29.9 (79.9) - 54.8 (30.3) - Other Revenues / Other Expenses 0.9 0.5 (25.5) - 1.4 (33.9) - Depreciation / Amortization (4.9) (2.1) (1.5) 41.0% (7.0) (3.2) 119.4% Total Expenses (39.3) (48.2) (165.5) (70.9%) (87.5) (163.2) (46.4%)
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Earnings Release 2Q26 31 ri.alupar.com.br CONSOLIDATED EBITDA AND EBITDA MARGIN (IFRS) Totaled R$ 1,057.0 mm in 2Q26 compared to the R$ 600.5 mm recorded in 2Q25. The adjusted EBITDA margin was 84.7% in the quarter, compared to the 67.8% recorded in 2Q25. EBITDA BY SEGMENT (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Transmission 685.7 981.3 495.7 98.0% 1,666.9 1,322.4 26.1% Generation 152.1 104.6 127.1 (17.6%) 256.7 244.4 5.1% Holding (25.7) (28.9) (22.2) 30.2% (54.6) (33.7) 61.7% EBITDA (ICVM 156/22) 812.1 1,057.0 600.5 76.0% 1,869.1 1,533.1 21.9% EBITDA BREAKDOWN (IFRS) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Net Operating Revenue 1,255.6 1,627.3 1,047.1 55.4% 2,882.9 2,270.9 27.0% (-) Operating Costs (460.4) (573.7) (326.5) 75.7% (1,034.0) (661.3) 56.4% (-) Operating Expenses (64.3) (78.1) (85.7) (8.9%) (142.3) (132.9) 7.1% (-) Equity Pickup 25.0 29.9 (79.9) - 54.8 (30.3) - (+) Depreciation/Amortization (56.1) (51.6) (45.4) 13.6% (107.7) (86.7) 24.3% EBITDA (ICVM 156/22) 812.1 1,057.0 600.5 76.0% 1,869.1 1,533.1 21.9% 2Q26 AND 6M26 CONSOLIDATED EBITDA BREAKDOWN (IFRS, R$ MM) Notes: ROM – Operation and Maintenance Revenue / RAC – Revenue from Remuneration of Concession Assets / RIF – Infrastructure Revenue / RAP – Annual Permitted Revenue 600.5 1,057.0 8.3 43.4 340.7 243.0 (1.8) (53.4) (11.0) (217.6) (12.9) (7.3) (10.5) 26.0 109.7 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 1,533.1 1,869.1 24.3 88.9 177.6 341.8 41.9 35.3 85.2 (62.6) (6.0) (323.3) (26.2) (24.7) (16.2) EBITDA 6M25 OMR AAR RCA IR Energy Supply Deductions Operating Costs Infrastructure Cost Energy Purchase General & Adm. Personnel & Mmgt. Other Revenues/ Expenses Equity Pickup EBITDA 6M26
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Earnings Release 2Q26 32 ri.alupar.com.br CONSOLIDATED FINANCIAL RESULT (IFRS) Totaled R$ 238.0 mm in 2Q26, compared to the R$ 206.0 mm recorded in 2Q25, mainly impacted by: ▪ Financial Expenses: +R$ 47.0 mm, mainly due to: ✓TRANSMISSION: +R$ 27.3 mm, as described in the section “TRANSMISSION NET INCOME (IFRS)”; ✓GENERATION: +R$ 4.4 mm, as described in the section “GENERATION NET INCOME (IFRS)” and; ✓HOLDINGS: +R$ 15.3 mm, mainly due to the increase of R$ 16.9 mm in the financial expenses of Alupar Holding, due to: o Increase in financial charges due to of the increase in the IPCA, which reached 2.14% in the quarter compared to 1.25% in 2Q25 and; o Adjustment of the swap contract related to the VIII Debenture Issuance. ▪ Financial Revenues: +R$ 15.0 mm , mainly due to the increase of R$ 17.1 mm in the Financial Revenues of Alupar Holding. This variation is mainly explained by the increase of R$ 20.8 mm in Other Financial Revenues, which totaled R$ 39.0 mm this quarter, compared to R$ 18.2 mm recorded in 2Q25, primarily due to the positive impact of the fair value adjustment on swap contracts. FINANCIAL RESULT (R$ MM) 114.4 129.4 3.3 (4.3) 16.0 2Q25 Transmission Generation Holding 2Q26 218.8 225.6 3.4 (8.5) 11.9 6M25 Transmission Generation Holding 6M26 320.4 367.4 27.3 4.4 15.3 2Q25 Transmission Generation Holding 2Q26 699.5 765.7 25.5 10.7 30.0 6M25 Transmission Generation Holding 6M26 FINANCIAL REVENUE FINANCIAL EXPENSES
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Earnings Release 2Q26 33 ri.alupar.com.br CONSOLIDATED NET INCOME (IFRS) Totaled R$ 416.6 mm in 2Q26, compared to the R$ 144.9 mm recorded in 2Q25, mainly impacted by: Increase of R$ 456.5 mm in EBITDA, as described in the sections “CONSOLIDATED EBITDA AND EBITDA MARGIN (IFRS)”; Increase of R$ 32.0 mm in Financial Result, as described in the sections “CONSOLIDATED FINANCIAL RESULT (IFRS)”; Reduction of R$ 10.4 mm in Taxes (IR/CSLL), mainly: ✓TRANSMISSION: -R$ 6.4 mm, as described in the section “TRANSMISSION NET INCOME (IFRS)”; ✓GENERATION: -R$ 2.3 mm, as described in the section “GENERATION NET INCOME (IFRS)”; Increase of R$ 156.9 mm in % Non-Controlling Interests, mainly due to the increase of R$ 152.2 mm in the Transmission segment, driven by the improvement in the segment's result boosted by the growth in Remuneration of Contractual Assets revenue as described in the section “TRANSMISSION NET REVENUE (IFRS)”. 2Q26 AND 6M26 NET INCOME BREAKDOWN (R$ MM) SEGMENTS IMPACT ON 2Q26 AND 6M26 NET INCOME (R$ MM) 144.9 416.6 456.5 (6.2) (32.0) 10.4 (156.9) Net Income 2Q25 EBITDA Depreciation / Amortization Financial Result IR & CSLL Taxes Minority Interest Net Income 2Q26 443.6 614.7 336.1 25.6 (21.0) (59.4) (110.1) Net Income 6M25 EBITDA Depreciation / Amortization Financial Result IR & CSLL Taxes Minority Interest Net Income 6M26 144.9 416.6 310.2 (26.9) (11.5) Net Income 2Q25 Transmission Generation Holding Net Income 2Q26 443.6 614.7 224.6 (13.2) (40.4) Net Income 6M25 Transmission Generation Holding Net Income 6M26
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Earnings Release 2Q26 34 ri.alupar.com.br CONSOLIDATION OF CORPORATE RESULT (IFRS) QUARTER ENDED ON JUNE 30, 2026 TRANSMISSION CONSOLIDATED GENERATION CONSOLIDATED HOLDINGS1 ELIMINATIONS CONSOLIDATED GROSS OPERATING REVENUE 1,551,797 240,321 2,511 (2,511) 1,792,119 OPERATION AND MAINTENANCE REVENUE 174,314 174,314 TRANSMISSION REVENUE 43,448 43,448 INFRASTRUCTURE REVENUE 419,162 419,162 REMUNERATION OF CONTRACTUAL ASSETS 919,522 919,522 ENERGY SUPPLY - 240,198 240,198 SERVICES RENDERING - 2,511 (2,511) - (-) VARIABLE PORTION (4,649) - (4,649) OTHER OPERATING REVENUE - 123 123 DEDUCTIONS FROM GROSS OPERATING REVENUE (137,132) (27,702) - - (164,834) PIS (19,715) (4,422) - (24,137) COFINS (90,797) (20,378) - (111,175) ICMS - (994) (994) ISS - (85) - (85) IVA - - - Q. FOR GLOBAL REVERSAL RESERVE - RGR (15,667) (15,667) RESEARCH AND DEVELOPMENT - R&D (2,757) (429) (3,186) NAT. SCIENTIFIC AND TECH. DEV. FUND - FNDCT (2,757) (429) (3,186) MINISTRY OF MINES AND ENERGY - MME (1,384) (216) (1,600) ANEEL INSPECTION FEE - TFSEE (4,055) (749) (4,804) NET OPERATING REVENUE 1,414,665 212,619 2,511 (2,511) 1,627,285 COST OF SERVICE (435,447) (138,209) - - (573,656) ENERGY PURCHASE FOR RESALE - (38,203) - (38,203) INFRASTRUCTURE COST (379,246) (379,246) COST OF SERVICES RENDERED (49,924) (27,917) - (77,841) GRID USAGE CHARGES - CUST - (23,535) - (23,535) FINANCIAL COMPENSATION FOR WATER RESOURCES - CFURH - (5,351) - (5,351) DEPRECIATION/AMORTIZATION (6,277) (43,085) - (49,362) PUBLIC ASSET USAGE - UBP - (118) - (118) GROSS PROFIT 979,218 74,410 2,511 (2,511) 1,053,629 OPERATING EXPENSES AND REVENUES (5,259) (13,588) 548,626 (577,990) (48,211) GENERAL AND ADMINISTRATIVE (13,748) (5,451) (6,924) (26,123) PERSONNEL (20,999) (7,797) (21,518) (50,314) EQUITY PICKUP 29,861 - 577,990 (577,990) 29,861 DEPRECIATION / AMORTIZATION (1,039) (604) (466) (2,109) OTHER REVENUES 903 264 1,167 OTHER EXPENSES (237) - (456) (693) EBIT 973,959 60,822 551,137 (580,501) 1,005,418 (-) DEPRECIATION / AMORTIZATION (7,316) (43,807) (466) - (51,589) EBITDA 981,275 104,629 551,603 (580,501) 1,057,007 FINANCIAL EXPENSES (251,875) (55,711) (64,601) 4,742 (367,445) DEBT CHARGES (282,376) (61,479) (45,340) (389,195) EXCHANGE RATE VARIATIONS 37,597 8,302 12,115 58,014 OTHERS (7,096) (2,534) (31,376) 4,742 (36,264) FINANCIAL REVENUES 41,173 14,654 75,685 (2,092) 129,420 REVENUE FROM INVESTMENTS 39,812 14,181 31,374 85,367 OTHERS 1,361 473 44,311 (2,092) 44,053 EBT 763,257 19,765 562,221 (577,851) 767,393 IR / CSLL (49,255) (6,357) (920) 1,611 (54,921) INCOME TAX (22,247) (1,540) (373) (24,160) SOCIAL CONTRIBUTION (21,059) (1,801) (136) (22,996) INCOME TAX DEFERRED 27,329 (2,799) (411) 1,184 25,303 SOCIAL CONTRIBUTION DEFERRED (33,278) (217) - 427 (33,068) CONSOLIDATED NET INCOME 714,002 13,408 561,301 (576,240) 712,472 (-) NON-CONTROLLING PARTICIPATION (281,514) (5,762) (8,570) (295,846) NET INCOME ALUPAR 432,488 7,646 552,731 (576,240) 416,626 1) ALUPAR, WINDEPAR, TRANSMINAS, ALUPAR CHILE, ALUPAR PERU, ALUPAR COLOMBIA, APAETE
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Earnings Release 2Q26 35 ri.alupar.com.br ◼ CONSOLIDATED PERFORMANCE (REGULATORY) CONSOLIDATED EBITDA AND EBITDA MARGIN (REGULATORY) EBITDA BY SEGMENT (REGULATORY) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Transmission 668.3 649.0 575.6 12.7% 1,317.3 1,155.4 14.0% Generation 152.1 104.6 127.1 (17.6%) 256.7 244.4 5.1% Holding (25.7) (28.9) (22.2) 30.2% (54.6) (33.7) 61.7% EBITDA (ICVM 156/22) 794.7 724.7 680.5 6.5% 1,519.4 1,366.1 11.2% EBITDA BREAKDOWN (REGULATORY) In R$ MM 1Q26 2Q26 2Q25 VAR % 6M26 6M25 VAR % Net Operating Revenue 996.8 946.1 858.0 10.3% 1,942.9 1,715.5 13.3% (-) Operating Costs (265.4) (267.7) (236.2) 13.3% (533.1) (474.2) 12.4% (-) Operating Expenses (66.4) (80.0) (60.7) 31.8% (146.3) (110.2) 32.8% (-) Equity Pickup (5.1) (4.9) 0.7 - (10.0) 1.4 - (+) Depreciation/Amortization (134.8) (131.2) (118.5) 10.6% (266.0) (233.6) 13.8% EBITDA (ICVM 156/22) 794.7 724.7 680.5 6.5% 1,519.4 1,366.1 11.2% EBITDA totaled R$ 724.7 mm in 2Q26, 6.5% higher than the R$ 680.5 mm recorded in 2Q25. The EBITDA margin was 76.6% this quarter, compared to the 79.3% recorded in 2Q25, with the main variations being: ✓TRANSMISSION: +R$ 73.4 mm, as described in the section “TRANSMISSION EBITDA AND EBITDA MARGIN (REGULATORY)”; ✓GENERATION: -R$ 22.4 mm, as described in the section “GENERATION EBITDA AND EBITDA MARGIN (IFRS)”; ✓HOLDINGS: -R$ 6.7 mm, mainly due to the increase of R$ 8.3 mm in Personnel and Management , mainly due to headcount increases both in Brazil and in the holdings abroad, and to the INCOME-sharing (PLR) payment made in May/2026. 2Q26 AND 6M26 CONSOLIDATED EBITDA BREAKDOWN (REGULATORY, R$ MM) 680.5 724.7 101.4 (1.8) (11.5) (6.2) (12.9) (7.0) (10.5) (5.7) (1.6) EBITDA 2Q25 Operation & Maintenance Revenue Energy Supply Deductions Operating Costs Energy Purchase General & Administrative Personnel & Management Equity Pickup Others EBITDA 2Q26 1,366.1 1,519.4 213.9 41.9 (28.4) (3.4) (26.2) (24.2) (16.2) (11.4) 7.3 EBITDA 6M25 Operation & Maintenance Revenue Energy Supply Deductions Operating Costs Energy Purchase General & Administrative Personnel & Management Equity Pickup Others EBITDA 6M26
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Earnings Release 2Q26 36 ri.alupar.com.br CONSOLIDATED NET INCOME (REGULATORY) Totaled R$ 159.0 mm in 2Q26 compared to the R$ 186.1 mm recorded in 2Q25, mainly impacted by: Increase of R$ 44.2 mm in EBITDA, as described in the sections “CONSOLIDATED EBITDA AND EBITDA MARGIN (REGULATORY)”; Increase of R$ 32.5 mm in Financial Result, as described in the section “CONSOLIDATED FINANCIAL RESULT (IFRS)“; Increase of R$ 20.4 mm in Taxes (IR/CSLL), mainly due to the increase of R$ 24.4 mm in the Transmission segment, as described in the section “TRANSMISSION NET INCOME (REGULATORY)”; Increase of R$ 12.6 mm in Depreciation/Amortization, mainly due to the increase of R$ 12.0 mm in the Transmission segment, as described in the section “TRANSMISSION COST OF SERVICES (REGULATORY)”; Increase of R$ 5.8 mm in % Non-Controlling Interests, mainly due to the increase of R$ 6.0 mm in the Transmission segment due to the improvement in ENTE's result driven by obtaining the SUDAM tax benefit in May/2026. 2Q26 AND 6M26 NET INCOME BREAKDOWN (R$ MM) 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 326.2 307.9 153.4 (32.3) (60.5) (56.2) (22.7) Net Income 6M25 EBITDA Depreciation / Amortization Financial Result IR & CSLL Taxes Minority Interest Net Income 6M26
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Earnings Release 2Q26 37 ri.alupar.com.br CONSOLIDATION OF REGULATORY RESULT QUARTER ENDED ON JUNE 30, 2026 TRANSMISSION CONSOLIDATED GENERATION CONSOLIDATED HOLDINGS1 ELIMINATIONS CONSOLIDATED GROSS OPERATING REVENUE 807,936 240,321 2,511 (2,511) 1,048,258 ENERGY TRANSMISSION REVENUE 812,585 812,585 (-) VARIABLE PORTION (4,649) - (4,649) ENERGY SUPPLY - 240,198 240,198 SERVICES - 2,511 (2,511) - OTHER OPERATING REVENUE - 123 123 DEDUCTIONS (74,469) (27,702) - - (102,171) PIS (9,730) (4,422) - (14,152) COFINS (44,824) (20,378) - (65,202) ICMS - (994) (994) ISS - (85) - (85) IVA - - - Q. FOR GLOBAL REVERSAL RESERVE - RGR (9,985) (9,985) RESEARCH AND DEVELOPMENT - R&D (2,757) (429) (3,186) NAT. SCIENTIFIC AND TECH. DEV FUND - FNDCT (2,757) (429) (3,186) MINISTRY OF MINES AND ENERGY - MME (1,384) (216) (1,600) ANEEL INSPECTION FEE - TFSEE (3,032) (749) (3,781) NET OPERATING REVENUE 733,467 212,619 2,511 (2,511) 946,087 COST OF SERVICE (129,451) (138,209) - - (267,660) ENERGY PURCHASE FOR RESALE - (38,203) - (38,203) COST OF SERVICES RENDERED (45,525) (27,917) - (73,442) GRID USAGE CHARGES – CUST - (23,535) - (23,535) FINANCIAL COMPENSATION FOR WATER RESOURCES (CFURH - (5,351) - (5,351) DEPRECIATION/AMORTIZATION (83,926) (43,085) - (127,011) PUBLIC ASSET USAG - UBP - (118) - (118) GROSS PROFIT 604,016 74,410 2,511 (2,511) 678,427 EXPENSES AND OPERATING REVENUES (41,933) (13,588) 234,338 (263,703) (84,886) GENERAL AND ADMINISTRATIVE (13,944) (5,451) (6,924) (26,319) PERSONNEL (20,999) (7,797) (21,518) (50,314) EQUITY PICKUP (4,919) - 263,703 (263,703) (4,919) DEPRECIATION / AMORTIZATION (2,964) (604) (467) (4,035) OTHER REVENUES 1,130 264 1,394 OTHER EXPENSES (237) - (456) (693) EBIT 562,083 60,822 236,849 (266,214) 593,541 (-) DEPRECIATION / AMORTIZATION (86,890) (43,807) (467) - (131,164) EBITDA 648,973 104,629 237,316 (266,214) 724,705 FINANCIAL EXPENSES (251,829) (55,711) (64,601) 4,742 (367,399) DEBT CHARGES (282,330) (61,479) (45,340) (389,149) EXCHANGE RATE VARIATIONS 37,597 8,302 12,115 58,014 OTHER FINANCIAL EXPENSES (7,096) (2,534) (31,376) 4,742 (36,264) FINANCIAL REVENUES 41,173 14,654 75,685 (2,092) 129,420 REVENUE FROM INVESTMENTS 39,812 14,181 31,374 85,367 OTHER FINANCIAL REVENUES 1,361 473 44,311 (2,092) 44,053 EBT 351,427 19,765 247,933 (263,564) 355,562 IR / CSLL (55,201) (6,357) (920) 1,611 (60,867) INCOME TAX (22,247) (1,540) (373) (24,160) SOCIAL CONTRIBUTION (21,059) (1,801) (136) (22,996) INCOME TAX DEFERRED (11,895) (2,799) (411) 1,184 (13,921) SOCIAL CONTRIBUTION DEFERRED - (217) - 427 210 CONSOLIDATED NET INCOME 296,226 13,408 247,013 (261,953) 294,695 (-) NON-CONTROLLING PARTICIPATION (124,787) (5,766) (5,179) (135,732) ALUPAR NET INCOME 171,439 7,642 241,834 (261,953) 158,962 1) ALUPAR, WINDEPAR, TRANSMINAS, ALUPAR CHILE, ALUPAR PERU, ALUPAR COLOMBIA, APAETE
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Earnings Release 2Q26 38 ri.alupar.com.br ALLOCATION OF 2Q26 RESULTS 2Q26 INTERIM DIVIDENDS: On August 6, 2026, the Company's Board of Directors approved the distribution of dividends in the amount of R$ 69.2 mm, corresponding to R$ 0.07 per common and preferred share issued by the Company, equivalent to R$ 0.21 per Unit. In accordance with the Dividend Policy approved in 2022, the payment of the interim dividends will be made to shareholders within 60 days of the approval date, which occurred at the Board of Directors' Meeting mentioned above. Shareholders registered in the Company's records as of the end of the business day on August 13, 2026 will be entitled to receive the dividends hereby declared. As from August 14, 2026, the Company's shares will be traded “ex-dividend”. The interim dividends will be imputed to the mandatory minimum dividends provided for in Article 202 of the Brazilian Corporation Law.
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Earnings Release 2Q26 39 ri.alupar.com.br 2Q26 INDEBTEDNESS ALUPAR HOLDING DEBT In Jun/26, Alupar Holding's gross debt totaled R$ 919.6 mm, compared to the R$ 884.8 mm recorded in Dec/25. The VIII debenture issuance of Alupar Holding is indexed to IPCA (with a swap to 96.35% of CDI), with a long maturity profile, with maturities between 2032 and 2034. Alupar Holding's cash and short-term investments totaled R$ 1,142.5 mm, compared to the R$ 1,268.6 mm recorded in Dec/25. This variation is mainly explained by: ✓Payment of dividends in the amount of R$ 217.6 mm; ✓Payment of interest on the VIII debenture issuance, in the amount of R$ 28.8 mm; ✓Capital contributions of R$ 19.5 mm made to the projects, mainly: (i) R$ 3.9 mm to Alupar Colombia; (ii) 8.1 mm to Alupar Chile and; (iii) 6.6 mm to Alupar Peru; ✓Expenses incurred by Alupar Holding in the total amount of R$ 18.5 mm and; ✓Receipt of dividends from subsidiaries in the total amount of R$ 162.3 mm. CONSOLIDATED DEBT CONSOLIDATED DEBT PROFILE 2Q26 Alupar's consolidated debt profile has long maturities, compatible with the Company's low -risk business nature, revenue predictability and strong operating cash generation from the electricity transmission and generation se gments. Net debt in the quarter totaled R$ 9,499.5 mm, an increase of 1.5% compared to the R$ 9,358.7 mm recorded in Dec/25. Of the short-term debt, 24.9% or R$ 400.2 mm refers to bridge loans. 1% 99% (100% IPCA) R$ 919.6 MM VIII Issuance of Debentures 884.8 63.5 (28.8) 919.6 (1,142.5) (223.0) GROSS DEBT (DEC/25) DEBT CHARGES PAYMENT OF INTEREST GROSS DEBT (JUN/26) CASH & EQUIVALENTS NET DEBT (JUN/26) SHORT TERM LONG TERM DEBENTURES FOREIGN CURRENCY BNDES (TJLP/IGP-M) OTHER DEVEL. BANKS IPCA CDI FOREIGN CURRENCY TJLP DEBT PROFILE (R$ MM) DEBT BREAKDOWN (R$ MM) DEBT BY INDEX (% of GROSS DEBT) 63.8% 20.5% 2.0% 13.7% 12,074.6 414.9 704.0 1,677.9 1,610.1 13,261.3 Short Term Long Term
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Earnings Release 2Q26 40 ri.alupar.com.br 2Q26 CONSOLIDATED NET DEBT BREAKDOWN (R$ MM) Of the consolidated gross debt: (i) R$ 919.6 mm refers to Alupar Holding; (ii) R$ 10,371.0 mm is allocated to operating companies an d; (iii) R$ 3,580.8 mm refers to projects under implementation (TSA: R$ 196.6 mm; SED: R$ 138.3 mm; TEL / Alupar Colombia / Alupar Peru: R$ 675.0 mm; TECP: R$ 2,511.4 mm and; TPC: R$ 59.8 mm); In 2Q26, debenture issuances corresponded to 81.2% of total debt, as follows: ✓Alupar – Holding: R$ 919.6 mm; ✓Operating subsidiaries R$ 8,583.8 mm and; ✓Transmission companies under implementation: R$ 2,571.2 mm, as follows: ✓ TECP: R$ 2,511.4 mm e; ✓ TPC: R$ 59.8 mm. 2Q26 DEBT AMORTIZATION SCHEDULE (R$ MM) For more information on Alupar Holding's indebtedness, please refer to Explanatory Notes 17 “'Loans, Financing, and Debentures” in the 2Q26 financial statements. 12,587.4 63.5 2,682.7 862.8 (81.0) (672.3) (571.7) 14,871.4 (5,371.9) 9,499.5 GROSS DEBT (DEC/25) ALUPAR HOLDING DEBT VARIATION FUNDING AT SPCs DEBT CHARGES EXCG. RATE VARIATION AMORTIZATION (PRINCIPAL) AMORTIZATION (DEBT CHARGES) GROSS DEBT (JUN/26) CASH & EQUIVALENTS NET DEBT (JUN/26) 4,205.7 664.1 1,568.4 2,500.8 2,035.6 1,445.2 217.8 4,513.5 400.2 203.1 182.5 1,142.5 10.9 (2.5) (2.5) (2.5) (2.5) (2.5) 921.4 23.7 39.5 181.0 Cash & Equivalents 2026 2027 2028 2029 2030 2031 >2031 BRIDGES 2026 2027 2028 ALUPAR COLÔMBIA R$ 165.4 - - ALUPAR PERU R$ 106.5 - R$ 129.2 TEL R$ 31.4 - - TPC (R$ 0.1) R$ 6.5 R$ 53.3 SED R$ 72.8 - - TES R$ 21.8 - - TSA R$ 2.5 R$ 196.6 - TOTAL R$ 400.2 R$ 203.1 R$ 182.5 SUBISIDIARIES BRIDGESHOLDING HOLDINGS LATAM ✓ Corporate (National Scale) AAA ✓ International Scale BB+
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Earnings Release 2Q26 41 ri.alupar.com.br ◼ CAPITAL MARKETS Alupar was listed on the São Paulo Stock Exchange - BM&FBOVESPA on April 23, 2013. Its UNITS are traded under the ALUP11 ticker and are composed of 1 common share and 2 preferred shares (1 UNIT = 1 ON + 2 PN). In all trading sessions since our listing, Alupar's Units were traded, with an average daily volume of R$ 16.7 until 08/06/2026. We highlight that the average daily volume recorded from 01/01/2026 – 08/06/2026 was of R$ 30.8 mm. On August 6, 2026, Alupar's market capitalization was R$ 10,716.2 mm. 50 100 150 200 250 300 350 400 450 500 550 04-24-2013 08-12-2013 11-30-2013 03-20-2014 07-08-2014 10-26-2014 02-13-2015 06-03-2015 09-21-2015 01-09-2016 04-28-2016 08-16-2016 12-04-2016 03-24-2017 07-12-2017 10-30-2017 02-17-2018 06-07-2018 09-25-2018 01-13-2019 05-03-2019 08-21-2019 12-09-2019 03-28-2020 07-16-2020 11-03-2020 02-21-2021 06-11-2021 09-29-2021 01-17-2022 05-07-2022 08-25-2022 12-13-2022 04-02-2023 07-21-2023 11-08-2023 02-26-2024 06-15-2024 10-03-2024 01-21-2025 05-11-2025 08-29-2025 12-17-2025 04-06-2026 07-25-2026 Performance ALUP11 x IBOV x IEE - Base 100 ALUP11 IBOV IEE
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Earnings Release 2Q26 ri.alupar.com.br 42 ◼ ANNEXES ANNEX I. CORPORATE BALANCE SHEET (IFRS) (IN R$ Thousand) HOLDING CONSOLIDATED HOLDING CONSOLIDATED ASSETS JUN/26 DEC/25 JUN/26 DEC/25 LIABILITIES JUN/26 DEC/25 JUN/26 DEC/25 CURRENT ASSETS 1,335,414 1,415,588 8,807,300 6,225,759 CURRENT LIABILITIES 126,312 263,765 2,774,564 2,544,363 CASH AND CASH EQUIVALENTS 11,946 53,730 759,240 685,881 LOANS AND FINANCING - - 581,375 428,606 SHORT-TERM INVESTMENTS 1,130,583 1,214,898 4,456,479 2,387,700 DEBENTURES 9,588 9,612 1,028,765 1,016,041 SECURITIES AND MARKETABLE SECURITIES - - 156,202 155,040 SUPPLIERS 34,625 31,976 306,514 190,734 ACCOUNTS RECEIVABLE FROM CUSTOMERS 21,961 27,031 349,127 186,798 SALARIES, VAC. PAY, AND SOCIAL CHARGES 6,827 7,110 47,161 47,332 COMPENS. INCOME TAX/CSLL 94,096 81,995 230,495 161,544 INCOME TAX/CSLL PAYABLE - - 95,749 49,329 OTHER OFFSETTABLE TAXES 1 41 115,103 89,802 REGULATORY CHARGES - - 54,915 44,798 INVENTORIES - - 11,141 10,472 OTHER TAXES PAYABLE 2,419 3,896 112,654 111,078 PREPAID EXPENSES 23 50 12,761 10,900 LEASE LIABILITIES 130 121 6,263 5,995 JUDICIAL DEPOSITS - - - - DEFERRED SOCIAL CONTRIBUTIONS AND REGULATORY CHARGES - - 205,273 195,594 CONCESSION CONTRACTUAL ASSETS - - 2,359,837 2,254,400 DIVIDENDS PAYABLE 69,236 207,678 141,938 286,810 DERIVATIVE FINANCIAL INSTRUMENTS 71,767 32,529 99,615 64,631 ADVANCES FROM CUSTOMERS - - 4,540 6,619 OTHER CURRENT ASSETS 5,037 5,314 257,300 218,591 CONTRACTUAL LIABILITIES TO CUSTOMERS - - 29,141 28,156 NON-CURRENT ASSETS 9,344,264 8,888,868 26,641,791 25,888,557 DERIVATIVE FINANCIAL INSTRUMENTS - - 44,454 4,516 LONG-TERM RECEIVABLES 92,536 76,646 19,334,750 18,700,173 STOCK OPTIONS GRANTED 3,487 3,372 12,220 11,817 ACCOUNTS RECEIVABLE FROM CUSTOMERS - - 29,156 188,110 PROVISIONS - - 81,942 93,940 COMPENS. INCOME TAX/CSLL - - 15,697 16,880 OTHER CURRENT LIABILITIES - - 21,660 22,998 OTHER OFFSETTABLE TAXES - - 2,130 6,140 NON-CURRENT LIABILITIES 912,817 876,797 19,295,645 16,993,439 DEF. INCOME TAX/SOCIAL CONTRIBUTION - - 173,589 173,786 LOANS AND FINANCING - - 2,215,470 2,182,247 DERIVATIVE FINANCIAL INSTRUMENTS - - 12,060 7,302 DEBENTURES 909,979 875,212 11,045,819 8,960,457 PREPAID EXPENSES - - 3,520 5,661 LEASE LIABILITIES 303 368 16,910 18,089 JUDICIAL DEPOSITS 611 645 40,290 39,846 ADVANCES FROM CUSTOMERS - - 34,474 37,263 CONCESSION CONTRACTUAL ASSETS - - 18,976,628 18,185,775 ADVANCE FOR FUTURE CAPITAL INCREASE - - 17,142 1,991 OTHER NON-CURRENT ASSETS 91,925 76,001 81,680 76,673 REGULATORY CHARGES - - 36,851 31,290 INVESTMENTS IN J. VENTURES 9,212,722 8,766,170 909,208 854,363 DEF. INCOME TAX/SOCIAL CONTRIBUTION 1,412 16 3,390,710 3,333,016 INVESTMENT PROPERTIES 8,959 8,960 8,959 8,960 SOCIAL CONTRIBUTIONS AND REGULATORY CHARGES DEFERRED - - 1,723,987 1,641,233 FIXED ASSETS 1,245 1,467 5,795,449 5,878,065 CONTRACTUAL LIABILITIES TO CUSTOMERS - - 565,828 560,782 INTANGIBLE ASSETS 28,802 35,625 593,425 446,996 PROVISIONS 1,123 1,201 234,317 212,315 TOTAL ASSETS 10,679,678 10,304,456 35,449,091 32,114,316 OTHER NON-CURRENT LIABILITIES - - 14,137 14,756 TOTAL LIABILITIES 1,039,129 1,140,562 22,070,209 19,537,802 NET EQUITY 9,640,549 9,163,894 13,378,882 12,576,514 CAPITAL SUBSCRIBED AND PAID 4,023,099 4,023,099 4,023,099 4,023,099 (-) EXPENSES WITH SHARE ISSUES (65,225) (65,225) (65,225) (65,225) CAPITAL RESERVE 67,360 67,360 67,360 67,360 INCOME RESERVE 4,954,277 4,954,277 4,954,277 4,954,277 ADDITIONAL DIVIDEND PROPOSED - 9,889 - 9,889 RETAINED EARNINGS 545,471 - 545,471 - EQUITY VALUATION ADJUSTMENT 115,567 174,494 115,567 174,494 NON-CONTROLLING INTEREST - - 3,738,333 3,412,620 TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY 10,679,678 10,304,456 35,449,091 32,114,316
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Earnings Release 2Q26 ri.alupar.com.br 43 ANNEX II. CORPORATE INCOME STATEMENT (IFRS) (IN R$ Thousand) HOLDING CONSOLIDATED QUARTER ENDED ON PERIOD ENDED ON QUARTER ENDED ON PERIOD ENDED ON JUN/26 JUN/25 JUN/26 JUN/25 JUN/26 JUN/25 JUN/26 JUN/25 REVENUE FROM O&M, INFRA., ENERGY SUPPLY AND SERVICES 64,528 47,050 137,956 80,293 791,502 523,884 1,493,752 1,043,575 FINANCIAL REMUNERATION OF CONCESSION ASSETS - - - - 835,783 523,256 1,389,168 1,227,296 NET OPERATING REVENUE 64,528 47,050 137,956 80,293 1,627,285 1,047,140 2,882,920 2,270,871 COSTS OF SERVICES PROVIDED (86,196) (47,053) (171,140) (88,280) (194,410) (164,894) (384,784) (335,377) INFRASTRUCTURE COST - - - - (379,246) (161,634) (649,234) (325,927) COST OF SERVICE (86,196) (47,053) (171,140) (88,280) (573,656) (326,528) (1,034,018) (661,304) GROSS PROFIT (21,668) (3) (33,184) (7,987) 1,053,629 720,612 1,848,902 1,609,567 DESPESAS OPERACIONAIS (17,963) (15,640) (33,267) (21,169) (78,546) (60,159) (143,742) (98,965) OTHER REVENUES - - - - 1,167 2,453 2,724 3,615 OTHER EXPENSES - - - - (693) (27,948) (1,325) (37,532) EQUITY PICKUP RESULT 445,786 150,326 663,284 454,317 29,860 (79,856) 54,845 (30,309) INCOME BEFORE FINANCIAL RESULT AND TAXES 406,155 134,683 596,833 425,161 1,005,417 555,102 1,761,404 1,446,376 FINANCIAL EXPENSES (60,768) (43,918) (94,179) (78,914) (367,445) (320,431) (765,706) (699,489) FINANCIAL REVENUES 71,239 54,102 112,039 97,397 129,420 114,439 225,567 218,760 INCOME BEFORE INCOME TAXES 416,626 144,867 614,693 443,644 767,392 349,110 1,221,265 965,647 CURRENT INCOME TAX/SOCIAL CONTRIBUTION - - - - (47,156) (39,190) (114,502) (77,353) DEFERRED INCOME TAX/SOCIAL CONTRIBUTION - - - - (7,765) (26,087) (56,446) (119,161) NET INCOME FOR THE PERIOD 416,626 144,867 614,693 443,644 712,471 283,833 1,050,317 769,133 ATTRIBUTED TO CONTROLLING SHAREHOLDERS - - - - 416,626 144,867 614,693 443,644 ATTRIBUTED TO NON-CONTROLLING SHAREHOLDERS - - - - 295,845 138,966 435,624 325,489
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Earnings Release 2Q26 ri.alupar.com.br 44 ANNEX III. REGULATORY BALANCE SHEET (IN R$ Thousand) HOLDING CONSOLIDATED HOLDING CONSOLIDATED ASSETS JUN/26 DEC/25 JUN/26 DEC/25 LIABILITIES JUN/26 DEC/25 JUN/26 DEC/25 CURRENT ASSETS 1,335,414 1,415,588 6,445,457 3,969,354 CURRENT LIABILITIES 126,312 263,644 2,566,200 2,345,660 CASH AND CASH EQUIVALENTS 11,946 53,730 759,240 685,881 LOANS AND FINANCING - - 581,376 428,606 SHORT-TERM INVESTMENTS 1,130,583 1,214,898 4,456,479 2,387,700 DEBENTURES 9,588 9,612 1,028,765 1,016,041 SECURITIES AND MARKETABLE SECURITIES - - 156,202 155,040 SUPPLIERS 34,625 31,976 306,514 190,734 ACCOUNTS RECEIVABLE FROM CUSTOMERS 21,961 27,031 349,127 186,798 SALARIES, VAC. PAY, AND SOCIAL CHARGES 6,827 7,110 47,161 47,332 COMPENS. INCOME TAX/CSLL 94,096 81,995 228,489 159,539 INCOME TAX/CSLL PAYABLE - - 95,749 49,329 OTHER OFFSETTABLE TAXES 1 41 115,103 89,802 REGULATORY CHARGES - - 54,915 44,798 DERIVATIVE FINANCIAL INSTRUMENTS 71,767 32,529 99,615 64,631 OTHER TAXES PAYABLE 2,419 3,896 112,654 111,078 INVENTORIES - - 11,141 10,472 LEASE LIABILITIES 130 - 3,346 2,870 PREPAID EXPENSES 23 50 12,761 10,900 DIVIDENDS PAYABLE 69,236 207,678 141,938 286,810 JUDICIAL DEPOSITS - - - - ADVANCES FROM CUSTOMERS - - 4,540 6,619 OTHER CURRENT ASSETS 5,037 5,314 257,300 218,591 CONTRACTUAL LIABILITIES TO CUSTOMERS - - 29,141 28,156 NON-CURRENT ASSETS 4,404,917 4,256,348 16,247,718 15,992,915 STOCK OPTIONS GRANTED 3,487 3,372 12,033 11,817 ACCOUNTS RECEIVABLE FROM CUSTOMERS - - 29,156 188,110 DERIVATIVE FINANCIAL INSTRUMENTS - - 44,454 4,516 COMPENS. INCOME TAX/CSLL - - 2,306 2,487 PROVISIONS - - 81,942 93,940 OTHER OFFSETTABLE TAXES - - 2,130 6,140 OTHER CURRENT LIABILITIES - - 21,672 23,014 DEF. INCOME TAX/SOCIAL CONTRIBUTION - - 96,530 95,414 NON-CURRENT LIABILITIES 912,815 876,429 14,660,802 12,483,458 DERIVATIVE FINANCIAL INSTRUMENTS - - 12,060 7,302 LOANS AND FINANCING - - 2,215,470 2,182,247 PREPAID EXPENSES - - 3,520 5,661 DEBENTURES 909,979 875,212 11,045,819 8,960,457 JUDICIAL DEPOSITS 611 645 39,970 39,526 LEASE LIABILITIES 301 - 16,740 16,696 OTHER NON-CURRENT ASSETS 91,925 76,001 54,112 54,552 ADVANCES FROM CUSTOMERS - - 34,474 37,263 INVESTMENTS IN J. VENTURES 4,273,374 4,133,650 405,687 415,722 ADVANCE FOR FUTURE CAPITAL INCREASE - - 17,142 1,991 INVESTMENT PROPERTIES 8,960 8,960 8,960 8,960 REGULATORY CHARGES - - 36,851 31,290 FIXED ASSETS 1,245 1,467 14,880,096 14,544,635 DEF. INCOME TAX/SOCIAL CONTRIBUTION 1,412 16 147,344 126,247 INTANGIBLE ASSETS 28,802 35,625 713,191 624,406 CONTRACTUAL LIABILITIES TO CUSTOMERS - - 565,828 560,782 TOTAL ASSETS 5,740,331 5,671,936 22,693,175 19,962,269 PROVISIONS 1,123 1,201 234,317 212,315 OTHER NON-CURRENT LIABILITIES - - 346,817 354,170 TOTAL LIABILITIES 1,039,127 1,140,073 17,227,002 14,829,118 NET EQUITY 4,701,204 4,531,863 5,466,173 5,133,151 CAPITAL SUBSCRIBED AND PAID 4,023,099 4,023,099 4,023,099 4,023,099 (-) EXPENSES WITH SHARE ISSUES (65,225) (65,225) (65,225) (65,225) CAPITAL RESERVE (215,933) (215,933) (215,933) (215,933) INCOME RESERVE 533,293 533,779 533,293 533,779 ADDITIONAL DIVIDEND PROPOSED - 9,889 - 9,889 RETAINED EARNINGS 238,643 238,643 EQUITY VALUATION ADJUSTMENT 187,327 246,254 187,327 246,254 NON-CONTROLLING INTEREST - - 764,969 601,288 TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY 5,740,331 5,671,936 22,693,175 19,962,269
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Earnings Release 2Q26 ri.alupar.com.br 45 ANNEX IV. REGULATORY INCOME STATEMENT (IN R$ Thousand) HOLDING CONSOLIDATED QUARTER ENDED ON PERIOD ENDED ON QUARTER ENDED ON PERIOD ENDED ON JUN/26 JUN/25 JUN/26 JUN/25 JUN/26 JUN/25 JUN/26 JUN/25 NET OPERATING REVENUE 64,528 47,050 137,956 80,293 946,087 858,024 1,942,921 1,715,476 COST OF SERVICE (86,196) (47,053) (171,140) (88,280) (267,660) (236,155) (533,099) (474,222) GROSS PROFIT (21,668) (3) (33,184) (7,987) 678,427 621,869 1,409,822 1,241,254 DESPESAS OPERACIONAIS (17,963) (15,640) (33,267) (21,169) (80,667) (62,971) (147,987) (104,592) OTHER REVENUES - - 1,394 2,630 2,951 3,848 OTHER EXPENSES - - - - (693) (344) (1,298) (9,446) EQUITY PICKUP RESULT 188,123 191,565 356,456 336,858 (4,919) 741 (10,035) 1,370 INCOME BEFORE FINANCIAL RESULT AND TAXES 148,492 175,922 290,005 307,702 593,542 561,925 1,253,453 1,132,434 FINANCIAL EXPENSES (60,768) (43,918) (94,179) (78,914) (367,399) (319,940) (765,600) (698,165) FINANCIAL REVENUES 71,239 54,102 112,039 97,397 129,420 114,433 225,567 218,621 INCOME BEFORE INCOME TAXES 158,963 186,106 307,865 326,185 355,563 356,418 713,420 652,890 CURRENT INCOME TAX/SOCIAL CONTRIBUTION - - - - (47,156) (39,190) (114,502) (77,353) DEFERRED INCOME TAX/SOCIAL CONTRIBUTION - - - - (13,711) (1,233) (17,531) 1,487 NET INCOME FOR THE PERIOD 158,963 186,106 307,865 326,185 294,696 315,995 581,387 577,024 ATTRIBUTED TO CONTROLLING SHAREHOLDERS - - 158,963 186,106 307,865 326,185 ATTRIBUTED TO NON-CONTROLLING SHAREHOLDERS - - 135,733 129,889 273,522 250,839
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Earnings Release 2Q26 46 ANNEX V. IFRS X REGULATORY (2Q26) (IN R$ Thousand) CONSOLIDATED IFRS CONSOLIDATED REGULATORY VARIATION GROSS OPERATING REVENUE 1,792,119 1,048,258 743,861 OPERATION AND MAINTENANCE REVENUE / REVENUE OF TRANSMISSION ENERGY 217,762 812,585 (594,823) INFRASTRUCTURE REVENUE 419,162 419,162 CONCESSION ASSET REMUNERATION 919,522 919,522 (-) VARIABLE PORTION (4,649) (4,649) - ENERGY SUPPLY 240,198 240,198 0 SERVICES - - - OTHER OPERATING REVENUE 123 123 - DEDUCTIONS (164,834) (102,171) (62,663) PIS (24,137) (14,152) (9,985) COFINS (111,175) (65,202) (45,973) ICMS (994) (994) - ISS (85) (85) - IVA - - - QUOTA FOR GLOBAL REVERSAL RESERVE (RGR) (15,667) (9,985) (5,682) RESEARCH AND DEVELOPMENT (R&D) (3,186) (3,186) - FUND FOR NATIONAL SCIENTIFIC AND TECHNOLOGICAL DEVELOPMENT – FNDCT (3,186) (3,186) - MINISTRY OF MINES AND ENERGY (MME) (1,600) (1,600) - ANEEL TAX - TFSEE (4,804) (3,781) (1,023) NET OPERATING REVENUE 1,627,285 946,087 681,198 COST OF SERVICE (573,656) (267,660) (305,996) ENERGY PURCHASE FOR RESALE (38,203) (38,203) - COST OF SERVICES RENDERED (77,841) (73,442) (4,399) INFRASTRUCTURE COST (379,246) - (379,246) GRID USAGE CHARGES - CUST (23,535) (23,535) - HYDRO RESOURCES COMPENSATION (CFURH) (5,351) (5,351) - DEPRECIATION/AMORTIZATION (49,362) (127,011) 77,649 USE OF PUBLIC PROPERTY - UBP (118) (118) - GROSS PROFIT 1,053,629 678,427 375,202 EXPENSES AND OPERATING REVENUES (48,211) (84,886) 36,675 GENERAL AND ADMINISTRATIVE (26,123) (26,319) 196 PERSONNEL (50,314) (50,314) - EQUITY PICKUP RESULT 29,861 (4,919) 34,780 DEPRECIATION AND AMORTIZATION (2,109) (4,035) 1,926 OTHER REVENUES 1,167 1,394 (227) OTHER EXPENSES (693) (693) - INCOME BEFORE FINANCIAL RESULT AND TAXES (EBIT) 1,005,418 593,541 411,877 (-) DEPRECIATION/AMORTIZATION (51,589) (131,164) 79,575 EBITDA 1,057,007 724,705 332,302 FINANCIAL EXPENSES (367,445) (367,399) (46) DEBT CHARGES (389,195) (389,149) (46) EXCHANGE RATE VARIATIONS 58,014 58,014 - OTHERS (36,264) (36,264) - FINANCIAL REVENUES 129,420 129,420 - REVENUE FROM INVESTMENTS 85,367 85,367 - OTHERS 44,053 44,053 - INCOME BEFORE INCOME TAXES (EBT) 767,393 355,562 411,831 IR/CSLL (54,921) (60,867) 5,946 INCOME TAX (24,160) (24,160) - SOCIAL CONTRIBUTION (22,996) (22,996) - INCOME TAX DEFERRED 25,303 (13,921) 39,224 DEFERRED SOCIAL CONTRIBUTION TAX (33,068) 210 (33,278) NET INCOME FOR THE PERIOD 712,472 294,695 417,777 NON-CONTROLLING INTERESTS (295,846) (135,732) (160,114) ALUPAR NET INCOME 416,626 158,963 257,663
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Earnings Release 2Q26 47 ◼ OVERVIEW Alupar Investimento S.A. is privately held Brazilian holding company operating in the electricity transmission and generation segments, whose corporate purpose is to construct and operate infrastructure projects related to the energy sector in Brazil and other selected Latin American countries with economic, institutional and regulatory stability. Alupar is one of the largest companies in the Brazilian transmission segment in terms of Annual Permitted Revenue (RAP) and the largest one under private national control. The Company's ownership structure is detailed below: The Company seeks to maximize shareholder returns through moderate financial leverage and a debt profile compatible with the lowrisk nature of the company's business, high revenue predictability and strong operat ing cash generation in the electricity transmission and generation segments. As a result, Alupar's corporate credit ratings reflect this solid capital structure and the predictability of strong cash generation: AAA (bra) on the national scale and BB+ on the international scale, by Fitch Ratings. Committed to generating value for shareholders and society, Alupar has great technical competence, strong financial discipline and social responsibility to continue its sustainable growth through the development of generation projects and transmission systems. ETES STN TME ECTE ETEP ETEM ETVG ELTE ETAP ETC TPE TCC TAP TECP ETSE ESDE TSM EDTE ENTE APAETE TNE ETB TCE TCN TES TEL EATE TRANSMINAS TRANSLESTE TRANSUDESTE TRANSIRAPÉ LUMITRANS ERTE STC AETE QUELUZ LAVRINHAS VERDE 8 ENERGIA DOS VENTOS FERREIRA GOMES RISARALDA (MORRO AZUL) FOZ DO RIO CLARO IJUÍ LA VIRGEN UFV PITOMBEIRA TBE: consists of 15 transmission assets: EATE. EBTE. ECTE. ENTE. ERTE. ESDE. ETEP. ETSE. LUMITRANS. STC. ESTE . EDTE. TRANSLESTE. TRANSUDESTE and TRANSIRAPÉ Transmission GenerationTBE Construction 100.0% 99.90% 50.02% 50.99% 62.79% 60.00% 100.0% 100.0% 100.0% 65.70% 65.70% 51.00% 51.00% 65.70% 65.0% 35.39% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 70.02% 41.0% 41.0% 41.0% 10.0% 10.0% 10.0% 100.0% ESTE EBTE 51.0% EAP 1: 79.08% EAP 2: 44.54% EAP 1: 20.90% EAP 2: 17.74% 68.83% 100% 61.00% 99.97% 100% 85.00% 91.67% 100% 100% 51.0% 49.0% 15.0% 80.0% 50.02% 50.1% 50.01% 20.0% 61.55% 18.45% 38.02% 18.08% 50.02% 21.96% 36.96% 86.75% AGRESTE POTIGUAR TPC50.00% A. Maria Illapa Maravilla 100.0% 100.0% 100.0% Puno Sur100.0% TSA Runatullo 100.0% 100.0% TBO100.0% Palca100.0%
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Earnings Release 2Q26 48 ri.alupar.com.br ASSET PORTFOLIO | TRANSMISSION SEGMENT Alupar holds a stake in 45 concessions for electricity transmission systems, totaling 10,112 km of lines , distributed across Brazil, Colombia, Chile and Peru. Of the total, 31 concessions are in operation and 14 under implementation, with start -up expected between 2026 and 2030. As shown in the following table, ANEEL determined, as from July 2026, the exclus ion of PIS/Pasep and Cofins from the RAP calculation basis for contracts indexed to the IGP -M, with the homologated RAP now presented net of these taxes, in line with the transition to the new tax model. The main characteristics of Alupar's transmission systems are presented below: Note: for RAPs in foreign currency: 2025/2026 Cycle: USD 1.0 – BRL 5.56 (07/15/2025, date of RH 3,481/25) / 2) 2026/2027 Cycle: USD 1.0 – BRL 5.14 (06/22/2026, publication date of ANEEL Order 2,268/26) (Source: BACEN) SPE INDEX START END COD KM OF TL AND SUBSTATIONS OPERATIONAL RAP CONSTRUCTION RAP TOTAL RAP OPERATIONAL RAP CONSTRUCTION RAP TOTAL RAP OPERATIONAL RAP CONSTRUCTION RAP TOTAL RAP EATE IGP-M Jun 12, 2001 Jun 12, 2031 Mar 10, 2003 931.1 km 404.6 48.0 452.6 388.5 43.4 432.0 396.1 44.3 440.4 ETEP IGP-M Jun 12, 2001 Jun 12, 2031 Aug 25, 2002 328.5 km 90.9 0.0 90.9 87.5 0.0 87.5 89.2 0.0 89.2 ENTE IGP-M Dec 11, 2002 Dec 11, 2032 Feb 12, 2005 459.3 km 208.1 20.8 228.9 200.3 18.8 219.1 204.2 19.2 223.4 ECTE IGP-M Nov 1, 2000 Nov 1, 2030 Mar 26, 2002 252.4 km 87.9 0.0 87.9 84.6 0.0 84.6 86.2 0.0 86.2 ERTE IGP-M Dec 11, 2002 Dec 11, 2032 Sep 15, 2004 154.9 km 47.6 0.0 47.6 45.8 0.0 45.8 46.7 0.0 46.7 STC IPCA Apr 27, 2006 Apr 27, 2036 Nov 8, 2007 230 km 39.0 0.0 39.0 39.0 0.0 39.0 40.8 0.0 40.8 LUMITRANS IGP-M Feb 18, 2004 Feb 18, 2034 Oct 3, 2007 39.9 km 24.6 0.0 24.6 23.7 0.0 23.7 24.2 0.0 24.2 TRANSUDESTE IGP-M Mar 4, 2005 Mar 4, 2035 Feb 23, 2007 143.6 km 23.4 0.0 23.4 22.5 0.0 22.5 22.9 0.0 22.9 TRANSLESTE IGP-M Feb 18, 2004 Feb 18, 2034 Dec 18, 2005 138.5 km 37.7 0.0 37.7 36.3 0.0 36.3 37.0 0.0 37.0 TRANSIRAPÉ IGP-M Mar 15, 2005 Mar 15, 2035 May 23, 2007 61 km 46.3 0.0 46.3 44.6 0.0 44.6 45.5 0.0 45.5 ETES IPCA Apr 20, 2007 Apr 20, 2037 Dec 12, 2008 107 km 20.6 0.0 20.6 20.6 0.0 20.6 21.6 0.0 21.6 STN IGP-M Feb 18, 2004 Feb 18, 2034 Jan 1, 2006 635 km 184.3 0.0 184.3 166.7 0.0 166.7 170.0 0.0 170.0 EBTE IPCA Oct 16, 2008 Oct 16, 2038 Jul 11, 2011 949.5 km 77.6 0.0 77.6 77.6 0.0 77.6 81.3 0.0 81.3 ETEM IPCA Jul 12, 2010 Jul 12, 2040 Dec 16, 2011 235 km 20.5 0.0 20.5 20.5 0.0 20.5 20.6 0.0 20.6 TME IPCA Nov 19, 2009 Nov 19, 2039 Nov 22, 2011 348 km 72.5 0.0 72.5 72.5 0.0 72.5 75.9 0.0 75.9 ESDE IPCA Nov 19, 2009 Nov 19, 2039 Jan 22, 2014 Substation 19.3 0.0 19.3 19.3 0.0 19.3 20.2 0.0 20.2 TNE IPCA Jan 25, 2012 Jan 25, 2052 Sep 16, 2025 724 km 17.7 544.0 561.7 17.7 544.0 561.7 588.2 0.0 588.2 ETSE IPCA May 10, 2012 May 10, 2042 Dec 1, 2014 Substation 37.7 0.0 37.7 37.7 0.0 37.7 39.5 0.0 39.5 ETVG IPCA Dec 23, 2010 Dec 23, 2040 Dec 23, 2012 Substation 20.3 10.4 30.7 20.3 10.4 30.7 22.3 10.9 33.2 ELTE IPCA Sep 5, 2014 Sep 5, 2044 Jul 14, 2025 Substation + 40 km 53.1 37.8 90.9 53.1 37.8 90.9 94.5 0.0 94.5 ETAP IPCA Sep 2, 2016 Sep 2, 2046 Apr 6, 2019 Substation + 20 km 77.4 0.0 77.4 77.4 0.0 77.4 81.1 0.0 81.1 ETC IPCA Sep 2, 2016 Sep 2, 2046 Sep 23, 2019 Substation 45.0 0.0 45.0 45.0 0.0 45.0 47.1 0.0 47.1 TPE IPCA Feb 10, 2017 Feb 10, 2047 Oct 25, 2020 541 km 327.5 0.0 327.5 327.5 0.0 327.5 342.9 0.0 342.9 TCC IPCA Feb 10, 2017 Feb 10, 2047 Mar 19, 2021 288 km 222.3 0.0 222.3 222.3 0.0 222.3 232.8 0.0 232.8 ESTE IPCA Feb 10, 2017 Feb 10, 2047 Feb 9, 2022 239.9 km 153.8 0.0 153.8 153.8 0.0 153.8 161.1 0.0 161.1 TSM IPCA Aug 11, 2017 Aug 11, 2047 Dec 23, 2021 330 km 149.1 0.0 149.1 149.1 0.0 149.1 156.1 0.0 156.1 ETB IPCA Sep 27, 2016 Sep 27, 2046 Oct 16, 2020 446 km 195.1 0.0 195.1 195.1 0.0 195.1 204.3 0.0 204.3 EDTE IPCA Dec 1, 2016 Dec 1, 2046 Jan 20, 2020 164.3 km 95.2 0.0 95.2 95.2 0.0 95.2 99.7 0.0 99.7 TECP IPCA Dec 22, 2023 Dec 22, 2053 Pre-Op. Substation 9.4 70.0 79.4 9.4 70.0 79.4 27.8 55.4 83.2 TAP IPCA Apr 3, 2024 Apr 3, 2054 Pre-Op. 551 km 0.0 264.3 264.3 0.0 264.3 264.3 0.0 276.8 276.8 TPC IPCA Jun 28, 2024 Jun 28, 2054 Pre-Op. 1 Substation + 509 km 0.0 168.5 168.5 0.0 168.5 168.5 0.0 176.5 176.5 AETE IGP-M Feb 18, 2004 Feb 18, 2034 Aug 19, 2005 193 km 43.8 0.0 43.8 42.2 0.0 42.2 43.0 0.0 43.0 TBO IPCA Mar 31, 2022 Mar 31, 2052 Jun 14, 2023 162 km 21.7 0.0 21.7 21.7 0.0 21.7 22.0 0.0 22.0 LOTE 7 (1/2026 E2) IPCA TBD 30 Years Pre-Op. 1 Substation + 17.4 km 0.0 0.0 0.0 0.0 0.0 0.0 96.7 0.0 96.7 TOTAL BRASIL 2,874.1 1,164.0 4,038.1 2,817.5 1,157.4 3,974.9 3,641.5 583.1 4,224.6 TCE (COL) PPI Nov 22, 2016 Perpetual Oct 23, 2025 237 km 158.6 0.0 158.6 158.6 0.0 158.6 150.6 0.0 150.6 TEL (COL) PPI Jun 14, 2024 Perpetual Pre-Op. 2 Substations + 100 km 34.3 0.0 34.3 34.3 0.0 34.3 31.8 0.0 31.8 TES (CHL) PPI Jan 17, 2025 Perpetual Pre-Op. 3 Substations + 15.7 km 28.9 0.0 28.9 28.9 0.0 28.9 26.7 0.0 26.7 SED (ANA MARIA, CHL) PPI Jun 6, 2024 25 Years post-COD Pre-Op. Synchronous Condenser 58.4 0.0 58.4 58.4 0.0 58.4 54.0 0.0 54.0 SED (ILLAPA, CHL) PPI Jun 6, 2024 25 Years post-COD Pre-Op. Synchronous Condenser 49.5 0.0 49.5 49.5 0.0 49.5 45.7 0.0 45.7 TCN (PE) PPI Nov 29, 2023 30 Years post-COD Pre-Op. 2 Substations + 9 km 27.2 0.0 27.2 27.2 0.0 27.2 25.2 0.0 25.2 MARAVILLA (PE) PPI Jun 11, 2024 30 Years post-COD Pre-Op. 1 Substation 7.2 0.0 7.2 7.2 0.0 7.2 6.7 0.0 6.7 PUNO SUR (PE) PPI Jun 11, 2024 30 Years post-COD Pre-Op. 1 Substation + 9.5 km 10.6 0.0 10.6 10.6 0.0 10.6 9.8 0.0 9.8 TSA (PE) PPI Nov 19, 2024 30 Years post-COD Pre-Op. 6 Substations + 176.5 km 332.9 0.0 332.9 332.9 0.0 332.9 307.9 0.0 307.9 TER (PE) PPI Nov 26, 2024 30 Years post-COD Pre-Op. 2 Substations + 77 km 34.5 0.0 34.5 34.5 0.0 34.5 31.9 0.0 31.9 PALCA (PE) PPI Sep 22, 2025 30 Years post-COD Pre-Op. 5 Substations + 248 km 176.7 0.0 176.7 176.7 0.0 176.7 163.4 0.0 163.4 TOTAL LATAM PPI 918.7 0.0 918.7 918.7 0.0 918.7 853.5 0.0 853.5 45 PROJECTS 3,792.8 1,164.0 4,956.8 3,736.2 1,157.4 4,893.6 4,495.1 583.1 5,078.1 CONCESSION TERM 2025/2026 CYCLE (PREVIOUS CRITERION) 2025/2026 CYCLE (CURRENT CRITERION) 2026/2027 CYCLE (CURRENT CRITERION)
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Earnings Release 2Q26 49 ASSETS PORTFOLIO | GENERATION SEGMENT Alupar currently operates in the electricity generation segment through UHEs, PCHs, wind farms and solar plants located in Br azil, Colombia and Peru. The asset portfolio totals an operating installed capacity of 798.5 MW. Below are the main characteristics of Alupar's generation assets: CONCESSION TERM COMPANY START END COMMERCIAL STARTUP CAPITAL TOTAL(1) INSTALLED CAPACITY (MW) ASSURED ENERGY (MW) QUELUZ Apr/04 Aug/48 Aug/11 68.83% 30.0 21.4 LAVRINHAS Apr/04 Sep/48 Sep/11 61.00% 30.0 21.4 FOZ DO RIO CLARO Aug/06 Dec/46 Aug/10 100.00% 68.4 37.1 SÃO JOSÉ - IJUÍ Aug/06 Feb/46 Mar/11 100.00% 51.0 28.9 FERREIRA GOMES Nov/10 Jun/47 Nov/14 100.00% 252.0 145.5 ENERGIA DOS VENTOS Jul/12 Jul/47 Mar/16 100.00% 98.7 50.9 MORRO AZUL (RISARALDA) Jan/09 Perpetual Sep/16 99.97% 19.9 13.2 VERDE 08 Oct/12 Nov/44 May/18 85.00% 30.0 18.7 LA VIRGEN Oct/05 Perpetual Jul/21 91.67% 93.8 59.2 EOL AGRESTE POTIGUAR AW SANTA RÉGIA Jan/20 Jan/55 Sep/23 100.00% 37.8 21.7 AW SÃO JOÃO Jan/20 Jan/55 Jul/23 100.00% 25.2 14.1 UFV PITOMBEIRA Nov/20 Nov/55 Feb/24 100.00% 61.7(2) 15.9 12 PROJECTS 798.5 448.0 (1) Direct and Indirect Stake | (2) MWp
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