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Financial Modeling Guide JANUARY 2026 2026 UHE Água Vermelha
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This material contains summarized information of actual and already disclosed data, with the purpose of assisting the market in reading and modeling the Company. It should be noted that the information presented in this guide, although based on actual data, carries a certain degree of uncertainty regarding business, financial, strategic, economic, and other trends, as it is based on assumptions, data, and/or methods that, although considered cohesive by the Company, may be inaccurate or may not materialize. Given these factors, the Company’s actual results may differ significantly from those implied in this material and, therefore, we do not recommend that they be considered as a performance guarantee by current and/or potential investors, nor as a basis for any investment decision. It is clarified that the estimates and statements about future operations refer only to the base date disclosed in this document and do not imply any obligation of the Company to update or revise any estimate disclosed herein. The Company also does not guarantee, in any way and to any extent, that the trends disclosed in this document will be confirmed in the future. In this regard, it is emphasized that the Company’s representatives and legal advisors, as well as its related parties, bear no responsibility for the results of the use of this information, including any losses arising from the use of this material or its content.. Legal Notice 2
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3 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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Total Installed Capacity: 8.723 MW Firm Energy: 4.077 MWm 4 ..:: Simplified Organizational Chart Auren Energia Caetés VA I Guaimbê Holding Alto Sertão II Ventus VA III VdP I, II e III Minority Stakes3 Tucano Holding 1 Cajuína Tucano Guaimbê AGV Solar Auren trading arm Notes: (1) HPP Porto Primavera (2) HPPs Água Vermelha, Nova Avanhandava, Promissão, Bariri, Barra Bonita, Ibitinga, Euclides da Cunha, Caconde and Limoeiro (3) HPPs Campos Novos, Barra Grande, Amador Aguiar I and II, Machadinho, Igarapava e Picada Auren Operações2 CESP1 Auren Participações Sol de Jaíba Sol do Piauí Mandacaru Boa Hora Salinas Cassino AGV VII Tucano Holding III The minority stakes in the hydroelectric plants and in Tucano Holding III are not consolidated by Auren. They are recognized through Equity Income and through the dividends received (Adjusted EBITDA). Owned Assets: Installed Capacity: 8.098 MW Firm Energy: 3.776 MWm SPEs Tradiing arm Non-Operational Holdings Auren Energia Operational Holdings Minority Stakes Minority Stakes Installed Capacity: 625 MW Firm Energy: 301 MWm Overview Auren Energia 54% 36% 10%
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5 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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6 ..:: Adjusted EBITDA Financial Modeling Auren Adjusted EBITDA (+) Adjusted Generation EBITDA (+) Adjusted Trading EBITDA (-) Dividends from Equity Interests (-) Holding PMSO
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7 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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8 ..:: Generation Adjusted EBITDA Financial Modeling Generation Adjusted EBITDA (+) Generation Revenue: Contracted Energy (ACR – Regulated Market) + Contracted Energy (ACL – Free Market) + Uncontracted Energy + Modulation Gains + Paraibuna RAG (-) Energy purchase: energy purchase + short exposure (curtailment + GSF) (-) Regulatory Charges: TUST/TUSD; TFSEE; CFURH (Only for HPP) P&D (Only for HPP) (-) Generation PMSO
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▪ Gross Physical Guarantee of Auren’s own assets and of Auren’s stake in Tucano Holding III (JV with Unipar Carbocloro) ▪ Deduction of the GSF realized up to Sept/2025 ▪ Deduction of losses from assets connected to the Basic Grid, at a rate of 3.0% Assumptions to be defined by the investor for projecting Net Resources: GSF assumption for hydroelectric assets: ▪ Until 2028, hydrological risk must be applied to the Physical Guarantee (GF), excluding 230 MWm covered by GSF insurance (cost of R$ 16.6 / MWh) ▪ Degradation assumption for solar assets ▪ Curtailment assumption for wind and solar assets ▪ Based on the projection of Net Resources, the Generation Balance is obtained, which must be settled at market prices: o Energy Balance > 0: Additional revenue o Energy Balance < 0: Energy purchase 9 ..:: Generation Energy Balance: 3T25 Volume (MW médios) 2025 2026 2027 2028 2029 2030 Gross Firm Energy 3.776 3.776 3.839 3.839 3.839 3.839 Hydro Firm Energy 2.075 2.075 2.075 2.075 2.075 2.075 Wind Firm Energy 1.463 1.463 1.5261 1.526 1.526 1.526 Solar Firm Energy 238 238 238 238 238 238 GF Tucano Holding III (50%) 36 36 36 36 36 36 (-) Deductions (267) (97) (99) (99) (99) (99) (-) GSF (170) - - - - - (-) Losses in the transmission grid (97) (97) (99) (99) (99) (99) (-) Hydro Losses (47) (47) (47) (47) (47) (47) (-) Wind Losses (44) (44) (46) (46) (46) (46) (-) Solar Losses (5) (5) (5) (5) (5) (5) Net Firm Energy (A) 3.545 3.715 3.776 3.776 3.776 3.776 Net Hydro Firm Energy 1.857 2.027 2.027 2.027 2.027 2.027 Net Wind Firm Energy 1.455 1.455 1.516 1.516 1.516 1.516 Net Solar Firm Energy 233 233 233 233 233 233 Energy purchases (B) 1.028 595 498 470 386 386 Conventional 401 137 119 91 6 6 Incentivized 628 459 379 379 380 380 Recursos Totais (C = A+B) 4.573 4.311 4.274 4.246 4.162 4.162 ACR - Regulated Sales (D) 1.084 1.084 1.084 1.190 1.084 1.084 Hydro 230 230 230 3362 230 230 Wind 788 788 788 788 788 788 Solar 65 65 65 65 65 65 ACL – Free Market Sales (E) 3.241 2.746 2.522 2.304 1.732 1.471 Hydro 2.377 2.008 1.745 1.528 956 695 Wind 691 587 642 642 642 642 Solar 173 152 134 134 134 134 Total Sales (F = D+E) 4.325 3.830 3.605 3.493 2.816 2.555 Energy Balance (C - F) 248 480 669 753 1.346 1.607 Conventional 147 262 470 466 1.035 1.284 Incentivized 101 218 199 286 311 324 1 2 3 Energy Balance Analysis Notes: (1) Start-up of Cajuína 3 in 2027 (63 MWm); (2) Increase in the ACR volume for hydropower plants due to the GSF renegotiation. 1 2 3 The ACR (regulated market PPAs), ACL (Free market PPAs), and purchase-for-resale prices are presented net of PIS/Cofins in the financial modeling guide Excel file
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10 ..:: Curtailment Regulated Contracts (ACR) ▪ The curtailment impact must be valued at the price of the PPA ▪ Auren’s Liability related to generating below the PPA requirements o Payments are now suspended. The Liability is adjusted by IPCA Free Market Contracts (ACL) ▪ The curtailment impact must be valued at the spot price of the submarket in which the energy was supposed to be generated. ▪ It is Worth noting that the curtailments are concentrated in hours When the spot price is lower than the day’s average spot price Reimbursement Set/23 a Nov/25 ▪ Estimated reimbursement to Auren for curtailment (CONF+REL): R$ 250 million Wind Source: SIN 2% 4% 8% 11% 14% 16% 9% 8% 8% 9% 25% 9% 7% 14% 14% 18% 22% 24% 30% 23% 11% 0% 5% 10% 15% 20% 25% 30% 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 Abr/24 Mai/24 Jun/24 Jul/24 Ago/24 Set/24 Out/24 Nov/24 Dez/24 Jan/25 Fev/25 Mar/25 Abr/25 Mai/25 Jun/25 Jul/25 Ago/25 Set/25 Out/25 Nov/25 Dez/25¹ Curtailment (% da Geração Total) Curtailment (GWm) Confiabilidade Razão Elétrica Razão Energética Curtailment (% da Geração) 3% 8% 12% 16% 16% 21% 13% 11% 16% 12% 24% 18% 15% 27% 28% 31% 36% 35% 32% 26% 11% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0,0 0,5 1,0 1,5 2,0 2,5 3,0 Abr/24 Mai/24 Jun/24 Jul/24 Ago/24 Set/24 Out/24 Nov/24 Dez/24 Jan/25 Fev/25 Mar/25 Abr/25 Mai/25 Jun/25 Jul/25 Ago/25 Set/25 Out/25 Nov/25 Dez/25¹ Curtailment (% da Geração Total) Curtailment (GWm) Confiabilidade Razão Elétrica Razão Energética Curtailment (% da Geração) Solar Source: SIN Auren Contracts Ressarcimento R$ milhões Passivo 1.590,6 Circulante 967,3 Não Circulante 623,3 Source: ONS. Data as of December 16 2025 Simplification suggestion: to estimate penalties, apply an average penalty of 6.0% over the Contract Price
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11 ..:: Modulation gains (1/2) SIN modulation spread (R$/MWh) Hydroelectric and wind assets accounting for 93% of Auren’s Physical Guarantee, enabling modulation gains. Such gains should increase further as intraday price volatility rises Quarterly spread (R$/MWh) Wind Hydro Solar 2024 2025 2026 Total2024 2025 2026 Total2024 2025 2026 TotalAnual Anual Anual Fonte: ONS e CCEE
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12 ..:: Modulation gains (2/2) Simplification suggestion: estimate the modulation gain (R$/MWh) based on the historical data from recent quarters. Auren Consolidated impact 3T24 4T24 1T25 2T25 3T25 Modulation Revenues (R$ million) 17,0 40,0 18,0 40,0 65,6 Total Optimized volume (GWh) 4.541 5.726 5.801 5.038 4.670 Average modulation gain (R$/MWh) 3,7 7,0 3,1 7,9 14,0 Cálculo Modulation revenue (R$) = Optimized volume (MWh) * average modulation gain (R$/MWh) Optmized volume (MWh) = Free market volumes ACL (MWh) + Uncontracted volumes (MWh) Auren’s modulation gains In modulation gains (9M25) R$ 124 million Curtailment impact 9M25 -321 Modulation gain 124 9M25 Net impact -197
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13 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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14 ..:: Trading Adjusted EBITDA financial modeling Trading Adjusted EBITDA (+) trading margin (-) Trading PMSO
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15 ..:: Trading Energy Balance Volume (MW médios) 2024 2025 2026 2027 2028 2029 2030 Purchase (A) 6.209 6.189 3.439 2.363 1.905 1.117 776 Sales (B) 6.209 6.207 3.589 2.382 1.885 1.066 818 Contracted Margin (R$/MWh) 5,5 5 10 - - - - Trading Energy Balance (C = A - B) 0 (18) (150) (19) 20 51 (42) Firm Energy 3.776 Turnover 1,6x Simplification suggestion: projection of volume based on the turnover over the Physical Guarantee and on the historical Contracted Margin (R$/MWh) Energy balance Calculation Turnover volume (MW avg) = Firm energy of owned assets (MW avg) * turnover – sales (Mw avg) Trading Margin = Sales volumes (MWm) * contracted margin (R$/MWh) * 8760 + Trading Energy Volume * Market price * 8.760 + Turnover volume x turnover margin turnover margin: Between BRL 2 and BRL 5/MWh
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16 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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17 ..:: Minority Interest and Tucano Holding III Simplification suggestion: projection based of the dividends paid in previous quarters Auren Energia Pinheiro Machado MachadinhoPicada Igarapava Amador Aguiar ENERCAN ENERCAN BAESA CBA Energia 79,43% 60,00% 68,75% 100,00% 12,63% 22,44% 23,93% 5,97% 25,44% 15,00% Hydro power plants minority interest Pollarix Tucano Holding III Asset Auren’s stake in the asset Installed Capacity Auren (MW) Firm Energy Auren (MWavg) End of the partnership1 Tucano Holding III 50,0% 77,5 35,8 2042 Total 77,5 35,8 Simplification suggestion: model Tucano Holding III through the Energy Generation Balance, which includes 50% of the asset’s Physical Guarantee. By doing so, the resulting Annual Adjusted Generation EBITDA is higher than the reported figure, with the difference corresponding to the EBITDA of Tucano Holding III Declared Dividends R$ million 2023 229,6 2024 230,9 9M25 233,3 1Q25 58,3 2Q25 98,9 3Q25 97,0 ▪ Change in the dividend recognition regime, with quarterly calculation and payment, and greater linearity throughout the year EBITDA R$ million 2024 35,8 9M25 32,3 1Q25 9,6 2Q25 12,7 3Q25 10,0 Notas: (1) Tucano Holding III authorization expires in May 2055.
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18 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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19 ..:: Non-Controling Shareholders Simplification suggestion: the equity value can be adjusted based on the percentages above or by deducting the balance reported in the financial statements ▪ The dividends calculated for the Potengi and Veleiros sub-holdings must be adjusted for the stakes held by BRF and Unipar Indupa, which have a balance of R$ 54.3 million and together represent an economic interest of 6.6%² in the Cajuína Complex: Potengi e Veleiros Asset Indirect Economic Interest of the Third Party in the Asset Installed Capacity of the Third Party (MW) Firm Energy of the Third Party (MW avg) End of the Partnership Partner Potengi Holdings 22,0% 36,4 18,2 2038 BRF Veleiros Holdings 10,0% 9,1 4,4 2043 Unipar Indupa Guaimbê Holding ▪ The dividends calculated for Guaimbê Holding must be adjusted for the economic stake and profit-distribution preference equivalent to 75.0% of net income, held by Itaú through Preferred Shares. ▪ Auren Operações has a Call Option in the amount of R$ 1.033 billion for the acquisition of the Preferred Shares held by Itaú, maturing in 2031. ▪ The value of the Call Option is adjusted by the CDI and reduced by the amounts received by Itaú through dividends and/or capital reductions, becoming exercisable at 50% from 2026 and 100% from 2027. Auren’s Equity Value must be adjusted for the share of non-controlling interests in its assets. The balance of such interests as of September 30, 2025 was R$ 1,087.3 million1 Notes: (1) Balance reported in Explanatory Note 21.2 of Auren Energia’s Financial Statements, disregarding the fair-value adjustment.(2) Percentage calculated by dividing the installed capacity of third parties (45.5 MW) by the total installed capacity of the Cajuína Complex (685.8 MW)
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20 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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▪ Auren implemented an immunization strategy consisting of replacing most of the plan PSAP/CESP B1’s guarantee assets with government bonds indexed to the IPCA, which are now marked at curve value. o As a result of this strategy, an increase in the actuarial interest rate was observed in the technical study, as unanimously approved by the Management Committee of the PSAP/CESP B1 plan on July 30, 2025. The increase of the actuarial interest rate to 6.28% was approved by PREVIC on November 19, 2025. ▪ Accordingly, and as previously communicated in the 2Q25 Release, we present below an analysis of the effects of the new actuarial interest rate: ▪ The Actuarial Deficit under the CPC methodology as of September 30, 2025 was R$ 826.0 million 21 ..:: VIVEST Simplification Suggestion: use the Previc Balance as a reference Estimated scenario (R$ million) Actuarial Deficit 31/12/2024 Estimated Actuarial 31/12/2025 Reduction related to the current estimated scenario Annual Disbursement of Extraordinary Contributions by CESP Reduction related to the current estimated scenario Actual 1.808,0 1.700,0 - % 168,0 - % Taxa atuarial @ 6,28% - 1.007,0 (693,0) -40,1% 132,0 (36,0) -21,4 Auren Operações ▪ Auren Operações had an actuarial deficit of R$ 186 million on December 31, 2024, with an annual disbursement of Extraordinary Contributions of approximately R$ 10 million per year. CESP o Similarly to what was done at CESP, Auren is carrying out the immunization of the guaranteed assets of the Auren Operações plan and is awaiting PREVIC’s approval for changing the index from IGPM to IPCA.
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22 ..:: Provisions for Contingencies ▪ Auren had a Probable Contingency of R$ 846.8 million as of September 30, 2025, which is fully provisioned: Simplification Suggestion: assume that 100% of the probable contingencies will be paid by the company Probable Contingency: 3Q25 Probable Contingency R$ mil Total 846.831 Current 63.613 Non-current 783.218 Probable Contingency Breakdown: 2Q25 ▪ Predominance of the civil litigation portfolio, covering mostly indemnification lawsuits, as well as regulatory and real-estate-related claims (excluding expropriation cases) 66%3% 8% 7% 16% Cível Tributário Ambiental Trabalhista Desapropriação Civil Tax Environmental Labor Expropriation
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23 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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24 ..:: Capex Simplification Suggestion: Project Sustaining Capex based on historical values Expansion Capex Sustaining Capex ▪ The Cajuína 3 project is currently under development by Auren, with COD expected for December 2026. The projected Capex is estimated at R$ 750 million, with R$ 191.4 million disbursed as of September 30, 2025:: o In 2025, we had investments related to the completion of the Cajuína, Sol de Jaíba, Sol do Piauí, and Água Vermelha VII projects, totaling approximately R$ 150 million Cajuína 3 (%) Total 2025 2026 Implementation Schedule 100% 60-70% 30-40% ▪ Recurring maintenance capex for Auren’s own assets ranges from R$ 150–250 million per year. ▪ In 2025, we had an extraordinary disbursement of R$ 200 million related to the turnaround of the wind assets incorporated through the acquisition from AES Brasil, aimed at increasing availability
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25 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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26 ..:: Debt (USD 3.4 bi) Simplification Suggestion: model the debt on a consolidated basis, taking into account the sub-groups of indexers (IPCA, CDI, TJLP, fixed rate) 67% 20% 12% IPCA CDI TJLP Pre IPCA+5,7% CDI-0,0% TJLP+2,3% CDI-2,2% Average Net Debt Spread Type Gross Debt Index. Average Spread Net Debt Cluster IPCA Debentures, BNDES, BNB, FDNE 12.558,3 IPCA 5,7% Cluster CDI Debentures 9.893,4 CDI 0,0% Cluster TJLP BNDES 2.272,8 TJLP 2,3% PRÉ BNB 104,4 PRÉ 2,5% Total / Average 24.828,9 CDI -2,2% 6,3 0,5 1,5 1,8 1,8 2,7 16,6 Caixa 2025 2026 2027 2028 2029 2030+ Amortization Schedule (R$ billion) Average term: 7 years Simplification Suggestion: apply the amortization curve to each of the clusters
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27 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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28 ..:: Income Tax and Social Contibution Simplification Suggestion: proportionally allocate the Consolidated EBT based on the Physical Guarantee of the assets: (i) EBT associated with hydroelectric plants: Real Profit (Lucro Real) (ii) EBT associated with solar and wind plants: Presumed Profit (Lucro Presumido) Taxes Calculation Base Tax rate (%) Income tax and social contribution EBT (+/-) Equity income 34,0% Hydro Assets: CESP e Auren Operações Auren trading e Holdings Wind and Solar Assets Accumulated Losses (R$ milhões) Tax Credit 3Q25 Accumulated Losses 3Q25 CESP 805,3 2.368,5 Auren Operações 535,3 1.574,4 Total 1.340,6 3.942,9 • Considering the use of the Accumulated Loss balance, which can be utilized up to 30.0% of the Net Income for the period, we obtain an effective tax rate of approx. 24%. Taxes Calculation Base1 Tax rate (%) Income tax 8,8% * Gross Revenue 25,0% Social contribution 13,2% * Gross Revenue 9,0% Taxes Calculation Base Tax rate (%) IR e CSLL LAIR (+/-) MtM 34,0% • The presumption percentages above already reflect the 10% increase established by Complementary Law No. 224/2025, published on December 26, 2025. • If the SPVs present financial income, such income is taxed at 34.0%
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29 Agenda 1. Auren Portfolio 2. Adjusted EBITDA Financial Modeling a. Adjusted Generation EBITDA b. Adjusted Trading EBITDA c. Dividends from Equity Interests d. Non-controlling Shareholders 3. Cash Flow Financial Modeling a. Operating Cash flow b. Investment Cash flow c. Financing Cash flow 4. Income tax and Social Contribution 5. Hydropower Concession Indemnities
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▪ In October 2025, ANEEL’s board approved the recognition of R$ 498.8 million as the Net Regulatory Remuneration Base related to the indemnification of prudent investments made in the Jupiá, Ilha Solteira, Jaguari, and Paraibuna hydropower plants at the base dates of each concession, as shown in the table below: 30 ..:: Indemnification of CESP’s Prudent Investments Simplification suggestion: model according to the recommendation of CP 190 (adjustment by IPCA plus WACC until the start date of payment). Usinas CESP Indemnification (R$ million) Base Data UHE Jupiá 230,8 31/07/2015 UHE Ilha Solteira 213,3 31/07/2015 UHE Jaguari 24,1 31/05/2020 UHE Paraibuna 30,6 30/06/2022 Total 498,8 Next Steps ▪ It is now up to the Ministry of Mines and Energy (MME) to define: (i) the funding source for the indemnification payment, (ii) the payment schedule, and (iii) the monetary adjustment index to be applied.. o These points are addressed in MME Public Consultation No. 190/2025, which seeks to establish a standard applicable to all hydroelectric plants entitled to indemnification. Although the consultation has closed, the results of CP 190 have not yet been released o In its recommendation, the amounts would be adjusted by the IPCA and remunerated by the generation WACC from the end of the concession onward, with two alternatives for enabling payment: (i) tariff recognition through the Annual Generation Revenue (RAG) received by hydroelectric plants under the quota regime, or (ii) use of funds from the Global Reversion Reserve (RGR). o In Auren’s case, the full payment of the indemnification may be made through Paraibuna’s RAG Approved by ANEEL
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31 Em R$ milhões 1º Investment cycle (data base: 2014) 2º Investment cycle (data base: 2018) R$ million 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Água Vermelha 61,0 59,6 55,5 43,6 43,3 42,3 0,2 2,2 0,1 0,0 0,0 Bariri 12,4 29,4 12,8 0,2 0,1 0,3 0,5 7,6 2,5 0,0 0,0 Barra Bonita 20,7 43,2 26,4 14,1 24,5 2,4 17,7 31,0 54,0 40,0 10,0 Caconde 12,7 0,9 2,1 0,3 0,5 0,1 0,6 0,0 0,0 0,3 0,0 Euclides da Cunha 6,0 3,7 2,3 0,2 0,3 0,4 0,4 0,4 0,7 2,6 0,0 Ibitinga 20,4 3,0 4,1 0,6 2,4 0,1 16,0 0,5 0,0 1,9 1,1 Limoeiro 6,9 4,9 3,4 0,2 0,2 0,1 0,1 3,3 0,0 0,0 0,0 Mogi Guaçu 3,4 2,2 1,0 0,1 0,2 1,3 0,1 1,0 0,8 0,0 0,0 Nova Avanhandava 10,7 3,1 4,3 0,3 1,8 0,2 0,2 1,2 1,4 0,3 0,0 Promissão 15,3 6,6 2,3 0,3 0,5 0,3 2,5 4,4 4,5 25,0 65,3 Total 169,5 156,5 114,2 59,8 73,8 47,6 38,4 51,5 63,9 70,0 76,4 Accumulated Depreciation Non-depreciated assets Monetary adjustment ▪ Equivalent to Undepreciated Fixed Assets + Monetary Adjustment ▪ Accumulated Depreciation from the asset’s acquisition date through 2032 ▪ Investment made in the 1st and 2nd cycles, net of Accumulated Depreciation through 2032 (end of the concessions) ▪ Adjustment of the Undepreciated Fixed Assets through 2032 ..:: Indemnification of the Hydroelectric Concessions Originally Owned by AES Simplification suggestion: for modeling purposes, consider the investment cycles starting from 2013 and the VOC Methodology – Original Accounting Value Calculation 1 2 3 In addition to the investments presented above, Auren makes annual Sustaining Capex investments in the hydropower plants (HPPs).In 2024 and 2025, we had an average Sustaining Capex of R$ 60 million Fonte: https://www2.aneel.gov.br/cedoc/adsp2015108_1.pdf e https://www2.aneel.gov.br/cedoc/adsp2019748_1.pdf
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Investor Relations ri.aurenenergia.com.br ri@aurenenergia.com.br