Slides
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November 2026 3Q26 Earnings Presentation
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Earnings Presentation 3Q26 Disclaimer 2 This presentation may contain estimates and projections that are not statements of historical fact but reflect the beliefs and expectations of our management and may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. The words "believes," "may," "can," "estimates," "continues," "anticipates," "intends," "expects," and similar expressions are intended to identify estimates that necessarily involve risks and uncertainties, known or unknown. Known risks and uncertainties include, but are not limited to: general economic, regulatory, political, and commercial conditions in Brazil and abroad; changes in interest rates, inflation, and the value of the Brazilian real; changes in consumerelectricity usage volumes and patterns; competitive conditions; our level of indebtedness, the possibility of receiving payments related to our receivables, changes in rainfall and water levels in the reservoirs used to operate our hydroelectric plants, our financing and capital investment plans, existing and future government regulations, and other risks described in our annual report and other documents filed with the CVM and SEC. Estimates and projections refer only to the date on which they were made, and we assume no obligation to update any of these estimates or projections due to new information or future events. The future results of the Companies' operations and initiatives may differ from current expectations, and investors should not rely solely on the information contained herein. This material contains calculations that may not reflect accurate results due to rounding.
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Earnings Presentation 3Q26 Agenda 3 1. 3Q26 Financial performance 2. Energy trading 3. ESG
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1. 3Q26 Financial performance
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Earnings Presentation 3Q26 Financial performance Funding: R$ 14.3 billion raised from July through October 2026 3Q26 Highlights 5 Adjusted Regulatory EBITDA: R$ 6,915 million in 3Q26, up 8.4% YoY Investments: R$ 2,855 million, up 5.7% YoY Adjusted IFRS PMSO: down 10.4% YoY Generation Contribution Margin (ACL + MCP): up 10.6% YoY
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Earnings Presentation 3Q26 Financial performance 11.7 6 Up to R$ 11.7 billion in capital allocated to shareholders in 2026 Evolution of shareholder remuneration R$ billion Capital to be allocated to shareholders Main Indicators Capital to be allocated to shareholders (R$ million) 11,700 Number of PNC Shares redeemed and converted (million) 346.3 Redeemed (million) 197.4 Converted (million) 148.9 Remaining PNC Shares Outstanding (million) 260.5 Capital already allocated to shareholders (R$ million) 11,185 Remaining capital to be allocated to shareholders (R$ million) 515 2023 2024 2025 2026 Shareholder distributions Capital allocated 1Q26 Capital allocated 2Q26 Capital allocated 2H26 8.3 11.7 4.0 1.3 4.0 3.7 4.0
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Earnings Presentation 3Q26 -601 7,1056,382 6,915 3Q25 3Q26 Regulatory Adjusted Regulatory R$ million Financial performance +1% +1% +R$ 0,5 bn +R$ 7,7 bn -R$ 0,4 bn +R$ 6,6 bn Financial performance Revenue growth despite lower PLD, which was offset by: • higher average prices in ACL • higher volume of energy available • higher contribution from hourly allocation of contracted volumes Increased contribution margin from both generation and transmission 10.8% drop in PMSO costs and expenses 48.8% increase in equity income Improved financial result which partly offset the Adjusted IFRS EBITDA decrease 7 11,751 11,81711,691 11,810 3Q25 3Q26 IFRS Regulatory -5,448 1,113 2,176 1,759 3Q25 3Q26 IFRS Adjusted Adjusted Gross Revenue Regulatory EBITDA IFRS Net Income
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Earnings Presentation 3Q26 Financial performance 8 Signing of mandate letter with IDB ▪ Potential financing of up to R$ 680 million for transmission projects Funding of ~R$ 14.3 billion from July through October 2026 ▪ R$ 6.6 billion in debentures ▪ R$ 4.0 billion in bilateral funding ▪ R$ 1.9 billion in BNDES financing ▪ R$ 1.8 billion in renewed bank loans in September Fitch upgrades AXIAEnergia’s ratings: ▪ Foreign currency and local currency: from BB- to BB ▪ Long-term national: AAA (bra) Financial strength Revolving Credit Facilities with three Brazilian financial institutions since June 2026 ▪ Up to R$ 3.0 billion, for a 3-year term
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Earnings Presentation 3Q26 +6% +28% Financial performance 9 1,061 1,272 2,765 3,0361,101 957 1,635 2,836 540 626 1,338 1,454 2,701 2,855 5,739 7,327 12,000 to 14,000 3Q25 3Q26 9M25 9M26 2026 and 2027 Generation and Others Transmission: Auction + HVDC + TNE Contribution + Eletronet ² Transmission: reinforcements and improvements Investments¹ R$ million Acceleration of investments (1) The figures presented do not include investments made through acquisitions (2) Includes investment in transmission maintenance Large-scale reinforcement and improvement projects are authorized by ANEEL, which also approves the auctions
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2. Energy trading
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Earnings Presentation 3Q26 11 3Q26 Portfolio (in aMW) (+) Own resources 13,978 (+) Purchases 1,352 (-) Quotas 1,337 (-) ACR sales 3,405 (=) Available 10,589 1Q26 2Q26 3Q26 (+) Own resources1 193 198 207 (+) Purchases 67 63 58 (-) Quotas2 0 0 0 (-) ACR sales 85 82 81 (=) Available 175 179 184 AXIA Energia has generation capacity available in various submarkets, mitigating risk Includes only plants under AXIA Energia direct management Notes North Submarket Northeast Submarket South Submarket Southeast/Central West Submarket Energy trading 1Q26 2Q26 3Q26 (+) Own resources1 3,760 3,281 3,260 (+) Purchases 0 0 0 (-) Quotas2 12 11 11 (-) ACR sales 130 130 130 (=) Available 3,618 3,140 3,119 1Q26 2Q26 3Q26 (+) Own resources1 4,596 4,007 3,697 (+) Purchases 206 192 219 (-) Quotas2 796 709 723 (-) ACR sales 490 458 463 (=) Available 3,516 3,032 2,730 1Q26 2Q26 3Q26 (+) Own resources1 7,733 7,031 6,814 (+) Purchases 982 1,030 1,075 (-) Quotas2 460 472 603 (-) ACR sales 3,014 2,771 2,731 (=) Available 5,241 4,818 4,555 Portfolio overview (1) Resources: assured capacity minus losses and GSF adjustments (2) In 2026
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Earnings Presentation 3Q26 Energy market dynamics: 3Q25 vs. 3Q26 Energy trading 69.7 66.4 61.9 55.5 71.0 69.6 64.2 61.3 June July August September 2025 2026 ENA (aGW) EARm¹ (%) 38 29 27 58 42 64 July August September 2025 2026 12 108% 96% 65% 67% 92% 100% 77% 83% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 11.8 9.5 8.0 9.0 12.6 11.2 10.6 12.2 18.2 15.3 13.8 15.1 17.5 15.8 15.3 17.2 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 ACL Resource³ Total Resource² Hydrological Conditions GSF MRE¹ % AXIA Energia Resources aGW (1) Status at the end of the month (1) Seasonally adjusted GSF as projected in InfoPLD 08/10/2026 (2) Simulation of AXIA Energia’s total resources, seasonally adjusted according to MRE and applying the GSF MRE. (3) Simulated total resources, net of obligations under ACR and Quota contracts.
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Earnings Presentation 3Q26 Contribution margin Energy trading 11,7 9,5 8,2 9,5 PLDs Southeast (R$/MWh) 210 287 260 253 135 128 126 130 July August September 3Q 2025 2026 206 269 246 240 135 125 125 128 July August September 3Q PLDs Northeast (R$/MWh) Market Prices¹, on 09/30 (R$/MWh) (1) Average BBCE prices for Southeast conventional energy futures contracts. (2) Actual Southeast PLD for the period. Q1 Q2 Q3 4Q Actual² Actual² Actual² Estimated Actual² 2025 160 216 252 - 265 2026 311 207 130 158 - Prices 13 1,739 2,511 2,025 96 103 87 252 207 130 -150 -100 -50 0 50 100 150 200 250 300 0 1.000 2.000 3.000 4.000 5.000 6.000 3Q25 2Q26 3Q26 Contribution Margin ACL+MCP (R$ mm), accounting Unit Margin ACL+MCP (R$/MWh), accounting Average PLD, SE/CO Submarket (R$/MWh) Contribution Margin from Generation (ACL+MCP) Regulatory result, excluding TPPs The ACL+MCP contribution margin takes into account the cost of power generation, including the accounting eliminations of amounts paid by the Company's generation companies to transmission companies within the Group. These eliminations do not affect EBITDA. The unit margin for 3Q25 shown above differs from that reported in the respective earnings release, due to the reclassification of energy volumes in the energy resources allocated between contracting environments.
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3. ESG
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Earnings Presentation 3Q26 ESG ESG agenda – 3Q26 15 VALOR INOVAÇÃO BRAZIL AWARD 2026 ▪ AXIA Energia recognized as the most innovative company in the energy sector INCLUSION IN THE ICLN INDEX– ISHARES GLOBAL CLEAN ENERGY ▪ AXIA Energia was added to the index with the highest weighting among Brazilian companies BNDES FINANCING ▪ R$1.9 billion allocated to the Coxilha Negra Wind Farm, including R$ 0.5 billion through the Climate Fund MANDATE LETTER WITH IDB ▪ Potential financing of up to R$ 680 million for transmission investments ▪ IDB support underscores the project’s relevance and validates AXIA Energia’s social and environmental standards
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Earnings Presentation 3Q26 ESG 16 ATMOS – METEOROLOGY CENTER ▪ Extensive use of artificial intelligence in meteorological models to forecast extreme weather events ▪ 100% of assets monitored ▪ Ongoing analysis of climate variables and future trends ▪ Strengthening operational adaptation and resilience to climate risks Resilience to climate risks AXIA Energia invests in technologies to enhance the safety, reliability, and efficiency of its operations
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Earnings Presentation 3Q26 ESG 17 ESG RESPONDING TO EVENTS IN RIO GRANDE DO SUL ▪ Aug/26: Cyclone passage ▪ Sep/26: Squall line causing strong wind gusts Highest number of tower collapses recorded in a single event UNPRECEDENTED CHALLENGES IN RIO GRANDE DO SUL ▪ Over 10 years, 92 transmission towers affected ▪ In just 2 months of 2026, 83 towers were affected ▪ August: 24 towers on 1 transmission line ▪ September: 59 towers across 3 transmission lines AXIA Energia invests in technologies to enhance the safety, reliability, and efficiency of its operations Resilience to climate risks
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Earnings Presentation 3Q26 Appendix
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Earnings Presentation 3Q26 3Q26 (aMW) 2026 2027 2028 Resources (A) 18,045 18,528 18,170 Own Resources 15,479 16,720 16,710 Hydro 15,203 16,442 16,432 Wind 276 278 278 Energy Purchase 2,566 1,808 1,460 Limit => Lower Higher Lower Higher Lower Higher Sales (B) 12,291 15,291 8,149 12,149 5,298 11,298 ACR – Except quotas 3,541 3,149 3,048 ACL – Bilateral Contracts + STM implemented (range) 8,750 11,750 5,000 9,000 2,250 8,250 Average prices Contracts signed Limit => Lower Higher Lower Higher Lower Higher Average Price of Sales Contracts (ACR and ACL - R$/MWh) 190 210 200 230 200 240 Balance (A - B) 5,754 2,754 10,379 6,379 12,872 6,872 Balance considering estimated hedge 3,179 179 7,594 3,594 10,089 4,089 Uncontracted energy considering estimated hedge 18% 1% 41% 19% 56% 23% 20 Energy balance Energy balance 1,078 customers in 3Q26, 983 of which in the free market +33% vs. Q325 Over 1 TWh in sales enabled by the new product portfolio¹ For additional information, see the 3Q26 Earnings Release. (1) YTD through October 2026
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Earnings Presentation 3Q26 0 200 400 600 800 1000 1200 1400 1600 1800 jan/10 jan/11 jan/12 jan/13 jan/14 jan/15 jan/16 jan/17 jan/18 jan/19 jan/20 jan/21 jan/22 jan/23 jan/24 jan/25 jan/26 Avg Median PLD ? 344 Average 341 Standard Deviation 247 Median Jan 2010 – Dec 2021 Average 423 Standard Deviation 370 Median 325 Evolution of intermittent renewable energy sources’ share in Brazil’s power generation mix and system demand (GW) In GW 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026² Renewables (%) 0.9 1.2 1.6 1.8 3.9 5.8 7.2 9.0 10.7 11.9 14.6 19.2 24.6 30.2 36.2 39.5 41.0 EAR1 Max/ Gross Demand (x) 5.2 5.1 4.9 4.9 4.7 4.8 4.8 4.7 4.6 4.5 4.6 4.3 4.3 4.0 3.7 3.7 3.5 21 New energy market dynamics Adjusted Historical PLD, R$/MWh ¹ Energy stored in reservoirs. ² Renewables until August 2026, EAR Max/Gross Demand until September 2026. Source: Prepared by the Company using data from CCEE, IBGE, and ONS
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Earnings Presentation 3Q26 PLD and hourly allocation in 3Q26 -57 7 20 -56 9 20 -59 9 20 -56 2 20 Solar Wind Hydro N NE S SE/CO 19 18 2319 18 2319 17 2319 17 23 Jul-26 Aug-26 Sep-26 135 127 126 135 125 125 135 128 124 135 128 126 Jul-26 Aug-26 Sep-26 22 3Q26 hourly allocation effect by source and submarket (R$/MWh) Monthly benefit from hourly allocation – hydropower flexibility by submarket (R$/MWh) PLD by submarket per month – R$/MWh
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Earnings Presentation 3Q26 Cash flow 3Q26 23 6.2 -0.5 -0.1 1.0 0.0 -0.4 -0.3 -2.6 3.4 -0.9 0.5 7.8 1.7 -1.5 -3.8 --2.1 5.0 R$ billion * Excludes contributions to generation ** Net funds raised: debt, net of issuance expenses *** Includes dividends received from investees, payments of legal settlements, payments of pension obligations, and receipt of loans and financing
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Earnings Presentation 3Q26 10.64 11.72 0.60 -0.88 -0.53 -0.28 Other effects in 3Q26 (legal agreements) Compulsory loan inventory down by R$ 122 million vs 2Q26 Balance 3Q25 Balance 3Q26 De-risking initiatives (e.g. discount agreements) Conviction payments Reclassification of settlements to liabilities (awaiting approval)* Monetary restatement (Selic) 24 Compulsory loan Total inventory of compulsory loan provision (R$ billion) -R$ 1.1 billion -9.2% R$ 39.1 million elimination off-balance R$ 1.8 million possible R$ 37.3 million remote R$ 2.7 billion in amounts released from judicial deposits and other collateral, such as shares of affiliates, since 3Q22 * Considering that AXIA Energia has already entered into court-approved settlements with creditors, which are pending court approval solely for the purpose of payment, the amounts have been reclassified as liabilities.
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Earnings Presentation 3Q26 25 Operating provisions Operating provisions Key HighlightsIFRS Overview (R$ million) 3Q26 3Q25 Provision for Litigation -254 -419 165 Provision for Share Conversion Process - Compulsory Loan -31 -15 -15 Onerous Contracts 28 29 -1 ECL -11 315 -326 Others -173 -146 -27 Total -440 -236 -204 ECL 3Q25 includes a R$ 310 million reversal related to the following items, with no corresponding reversal in 3Q26: Provision for litigation Reclassification of tax-related legal proceedings from probable to possible risk in 3Q26 Guarantees provided by the Company on loans assumed by Amazonas Energia Release of judicial deposits related to amounts owed by Amazonas Energia
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Earnings Presentation 3Q26 26 Operating performance of assets (1) FID represents an availability target to be met by generation operators. FID is primarily influenced by forced and scheduled outages occurring at the generating units. Operating Performance of Assets 1.011 set/26 AXIA Energia’s Generation Availability Factor (FID)¹ 99.83% Transmission Line Availability 99.84% Transformer Availability
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