Earnings release
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TABLE OF CONTENTS 1. AXIA ENERGIA RELEASES THIRD QUARTER 2026 RESULTS ................................................... 4 1.1. 3Q26 Main Events .............................................................................................................. 4 1.2. 3Q26 Financial Highlights ................................................................................................... 6 2. MAIN OPERATIONAL AND FINANCIAL INDICATORS ............................................................. 8 3. HIGHLIGHTS OF CONSOLIDATED RESULTS ............................................................................ 9 3.1. CONSOLIDATED RESULT | IFRS AND REGULATORY ............................................................ 9 3.2. ADJUSTED CONSOLIDATED RESULT | IFRS AND REGULATORY .......................................... 11 3.2.1. Adjusted Regulatory Income Statement ........................................................................ 11 3.2.2. Non-recurring Adjustments | Regulatory Income Statement ....................................... 12 3.2.3. Regulatory Result: Adjusted EBITDA .............................................................................. 12 4. ENERGY TRADING .................................................................................................................. 14 5. INVESTMENTS AND EXPANSION PROJECTS .......................................................................... 15 6. INDEBTEDNESS ....................................................................................................................... 19 7. COMPULSORY LOAN .............................................................................................................. 21 8. CASH FLOW ............................................................................................................................ 23 9. FINANCIAL PERFORMANCE ................................................................................................... 24 9.1. Operational and Financial Results ...................................................................................... 24 9.2. Generation Segment .......................................................................................................... 26 9.3. Transmission Segment ....................................................................................................... 30 9.4. Operating Costs and Expenses - IFRS ................................................................................. 32 9.5. Equity Holdings - IFRS ......................................................................................................... 35 9.6. Financial Result - IFRS ......................................................................................................... 36 9.7. Current and Deferred Taxes - IFRS ..................................................................................... 37 10. OPERATING PERFORMANCE .................................................................................................. 38 10.1. Generation Segment .......................................................................................................... 38 10.2. Transmission Segment ....................................................................................................... 41 10.3. ESG ...................................................................................................................................... 41 11. APPENDIX ............................................................................................................................... 42 11.1. Appendix 1 - Generation and Transmission Revenue IFRS ................................................ 42 11.2. Appendix 2 - PMSO Breakdown ......................................................................................... 43 11.3. Appendix 3 - Loans and Financing Granted (Receivables) ................................................. 44 11.4. Appendix 4 - Accounting Statements ................................................................................. 45 11.5. Appendix 5 - IFRS vs. Regulatory Reconciliation ................................................................ 50 3
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1. AXIA ENERGIA RELEASES THIRD QUARTER 2026 RESULTS 1.1. 3Q26 Main Events 3Q26 results: The performance reflected higher contribution margins in both of the Company’s operating segments—generation and transmission—lower Personnel, Materials, Services and Other (PMSO) expenses, as well as improved equity income and financial results. It is worth noting that Adjusted Regulatory EBITDA increased from R$ 6,382 million in 3Q25 to R$ 6,915 million in 3Q26 despite the sale of the thermal power plants in May and October 2025. In addition, investments reached R$ 2,855 million in 3Q26, up 6% YoY. These improvements underscore Management’s ongoing commitment to value creation and operational efficiency. Adjusted Net Income, IFRS: reached R$ 1,759 million in 3Q26, down 19% YoY. In 9M26, adjusted net income, IFRS totaled R$ 7,071 million, up 98.3% from the R$ 3,565 million recorded in 9M25, driven by the higher EBITDA in the period, which offset the lower contribution from equity income. Financial management: net debt totaled R$ 47,568 million in 3Q26, up by R$ 2,107 million sequentially and by R$ 4,991 million YoY. The average debt maturity was extended by 0.8 month, reaching 56.30 months, while the average cost went down to CDI + 0.19% p.a. in 3Q26 from CDI + 0.64% p.a. in 3Q25. Funding: The Company maintained its proactive approach to financial management, raising R$ 14.3 billion between July and October 2026. During this period, the Company issued R$ 6.6 billion in debentures, secured R$ 4.0 billion through bilateral bank financing agreements, and renewed BRL 1.8 billion in bank debt. In addition, in September, AXIA Energia secured two financing agreements with the Brazilian Development Bank (BNDES). The first, totaling R$ 1.4 billion, will finance the Coxilha Negra Wind Farm, while the second, totaling R$ 0.5 billion, was secured through the Climate Fund. Both have 20-year maturities. AXIA Energia remains focused on liability management and diversifying its funding sources. In October, the Company signed a mandate letter with IDB Invest, a member of the Inter-American Development Bank (IDB) Group responsible for private sector operations. The mandate provides for the structuring of potential financing of up to R$ 680 million to support the development and implementation of transmission projects. Of note, in June, the Company secured three revolving credit facilities totaling R$3 billion, each with a three- year term. Investments: R$ 2,855 million in 3Q26, up 6% YoY, while in 9M26 investments went up by 28% YoY to R$ 7,327 million. Notably, investments in transmission expansion increased significantly, reaching R$ 681 million this quarter as compared to R$ 135 million in 3Q25. Investments in reinforcements and improvements totaled R$ 1,272 million in 3Q26, up 20% YoY. Also in the transmission segment, the Company is implementing 269 large-scale projects, which are expected to add R$ 2.0 billion in Allowed Annual Revenue (RAP) between 2026 and 2030, with total estimated CAPEX of R$ 15.2 billion . An additional 7,042 small-scale projects are under implementation or planned, according to data from the National Electric System Operator’s (ONS) Improvement and Reinforcement Plan Management System (SGPMR). 4
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Chart 1 - Investments (R$ mm) Capital Allocated to Shareholders: In September, the Board of Directors approved up to R$ 4.0 billion in capital to be allocated to shareholders based on the partial results for 2H26. Combined with the up to R$ 7.7 billion already approved for 1H26, the total amount for 2026 reached up to R$ 11.7 billion, reinforcing the Company's commitment to financial discipline and shareholder value creation while maintaining its investment capacity. As of November, R$ 515 million in capital remains available for allocation to shareholders. Redemption and conversion of PNC shares: On October 20, 2026, the Company announced the sixth redemption or conversion of Class C preferred shares (PNC), totaling R$ 3.48 billion, with redemption payments scheduled for November 6, 2026. During the year, 32.54% of PNC shares were redeemed and 24.53% were converted into common shares, with 260.5 million PNC shares remaining. Compulsory Loan: the provision inventory was reduced by R$ 1.1 billion YoY and R$ 122 million sequentially, totaling R$ 10.6 billion in 3Q26, even after considering the monetary restatement for the period. In addition, agreements reached and favorable decisions led to a net reversal of R$ 193 thousand in the quarter. 5 2,701 2,855 5,739 7,327 1,061 1,272 2,765 3,036135 681 274 1,580 Transmission: reinforcements and improvements, small and large scale Transmission: auction Generation and Others 3Q25 3Q26 9M25 9M26 +6% +28%
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1.2. 3Q26 Financial Highlights Contribution margin from generation, ACL + MCP: The unit margin for energy traded in the Free Contracting Market (ACL) and settled in the Short-term Market (MCP) was R$ 75/MWh in 3Q26, down from R$ 88/MWh in 3Q25, considering the resources available for allocation in both segments. This resulted in a contribution margin of R$ 1,754 million in the period, 10.6% higher compared to R$ 1,586 million in 3Q25. The YoY improvement was explained by: ▪ Higher average price in the ACL ▪ Higher volume of energy available, reflecting the additional energy released for sale following the end of the quota regime and the higher GSF (76.9% in 3Q26 vs 64.9% in 3Q25) ▪ Higher contribution from hourly allocation of contracted volumes (modulação) ▪ Lower average short-term price (PLD) across all 4 submarkets in the MCP Contribution margin from transmission: R$ 4,533 million in 3Q26, 8.3% higher than the R$ 4,187 million recorded in 3Q25. The increase mainly reflected the growth in approved RAP, which went up from R$ 4,134 million in 3Q25 to R$ 4,451 million in 3Q26, reflecting the completion of investments in transmission assets in the previous tariff cycle. It is also worth highlighting the lower discount via Adjustment Portion (PA) in this tariff cycle, which went from R$ 117 million in 3Q25 to R$ 44 million in 3Q26. In 3Q26, the Company recognized a reversal of provision of R$ 109 million related to regulatory restitution assets and liabilities arising from pass-through items. These provisions are recognized when the corresponding amounts are recorded as revenue and reversed in the tariff cycle in which they are offset through the Adjustment Portion (PA). This accounting practice, adopted in 1Q26 solely for regulatory reporting purposes, has no cash impact and is intended to smooth the effects of collecting and returning pass-through items on revenue across different tariff cycles, bringing the revenue trend more closely in line with RAP receipts. Adjusted PMSO: ▪ IFRS: R$ 1,381 million in 3Q26, down 10.4% from the R$ 1,542 million recorded in 3Q25. ▪ Regulatory: R$ 1,385 million in 3Q26, down 9.9% from the R$ 1,538 million recorded in 3Q25. ◦ Excluding generation costs allocated to the segment's contribution margin on a managerial basis, PMSO was R$ 1,315 million in 3Q26, 10.8% lower when compared to R$ 1,474 million in 3Q25. Adjusted Provision: ▪ IFRS: R$ 235 million provision in 3Q26, compared to a provision of R$ 18 million in 3Q25. ▪ Regulatory: R$ 190 million provision in 3Q26, compared to a R$ 206 million reversal in 3Q25. Adjusted Regulatory Equity Income: totaled positive R$ 709 million in 3Q26, compared to positive R$ 476 million in 3Q25. This variation was mainly explained by: ▪ ISA Energia's results, even after accounting for the follow-on offering and the resulting dilution of AXIA Energia's stake ▪ The recovery in equity income from the Jirau HPP in 3Q26, impacted by the extension of the concession term ▪ The completion of the sale of the minority stake in IE Madeira in 3Q26. ▪ Adjusted Regulatory EBITDA: EBITDA reached R$ 6,915 million in 3Q26, up 8.4% YoY, driven by: ▪ A 9.1% increase in contribution margin from generation ▪ An 8.3% increase in the transmission contribution margin ▪ A 10.8% drop in PMSO costs and expenses ▪ A 48.8% increase in equity income 6
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Table 1 - Adjusted Regulatory EBITDA 3Q26 3Q25 ∆% 2Q26 ∆% Transmission - excluding non adjusted items 4,310 3,864 11.5 3,819 12.9 Non-adjusted revenue, transmission: pass-through items and mismatches between RAP and revenue, compensated through the Adjustment Portion (PA) in the following cycle 114 323 -64.6 246 -53.5 Non-adjusted revenue, transmission: liability refund provision 109 0 n.m. -40 -369.7 Transmission Contribution Margin 4,533 4,187 8.3 4,025 12.6 Energy sold in regulated market (ACR) and through quota regime 1,318 1,261 4.5 1,324 -0.5 Energy sold in free market (ACL) and liquidated in short- term market (MCP) 1,754 1,586 10.6 2,330 -24.7 Thermal power plants 0 -32 -99.9 0 475.0 Generation Contribution Margin 3,071 2,815 9.1 3,653 -15.9 Other Revenues 107 171 -37.9 143 -25.2 Personnel, Materials, Services and Others (1) -1,315 -1,474 -10.8 -1,398 -6.0 Costs and expenses -1,315 -1,468 -10.4 -1,398 -6.0 Costs and expenses: thermal power plants 0 -6 n.m. 0 0.0 Results before Provisions and Equity Interests 6,396 5,699 12.2 6,422 -0.4 Operating Provisions -190 206 -191.8 -35 437.2 Results before Equity Interests 6,206 5,906 5.1 6,387 -2.8 Equity holdings 709 476 48.8 296 139.6 EBITDA 6,915 6,382 8.4 6,683 3.5 (1) PMSO, excluding other non-manageable generation costs. The "RHR Hedge Cost" and "Other Operating Costs" lines, related to the generation segment costs, make up the "Other PMSO Costs" line under the accounting view. For a better understanding of the contribution margin by segment, from a management perspective, both lines are allocated in the composition of the contribution margin from generation. In 3Q26, the adjusted regulatory PMSO under the accounting view totaled R$ 1,385 million, comprised of R$ 55 million in RHR hedge costs and R$ 16 million in other generation operating costs, both allocated in the generation margin , and R$ 1,315 million in other manageable costs and expenses components for personnel, materials, services and other. At the same time, in 3Q26, the adjusted IFRS PMSO from an accounting perspective totaled R$ 1,381 million , comprised of R$ 55 million in RHR hedge costs and R$ 16 million in other generation operating costs, both allocated to the generation margin, and R$ 1,310 million in other manageable costs and expenses components related to personnel, materials, services, and other. Adjusted Income and Social Contribution Taxes on Net Income, IFRS: reached an income of R$ 125 million in 3Q26, compared to an expense of R$ 173 million in 3Q25. This change reflected lower deferred tax recognition, which was more than offset by lower current income tax payments, which in turn was primarily driven by a reduction in the taxable income of AXIA Energia Nordeste. Adjusted Net Income, IFRS: reached R$ 1,759 million in 3Q26, compared to R$ 2,176 million in 3Q25, primarily reflecting improvements in net financial results and income tax expense, which more than offset the decline in adjusted IFRS EBITDA. In 9M26 this line reached R$ 7,071 million , compared with R$ 3,565 million in 9M25, driven by improved EBITDA in the period. 7
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2. MAIN OPERATIONAL AND FINANCIAL INDICATORS Table 2 - Operating highlights 3Q26 3Q25 ∆% 2Q26 ∆% 9M26 9M25 ∆% Generation and Trading Installed Generation Capacity (MW) 44,430 44,368 0.1 44,430 0.0 44,430 44,368 0.1 Assured Capacity (aMW) (1) 21,548 21,655 -0.5 21,548 0.0 21,548 21,655 -0.5 Net Generation (TWh) 27.8 24.5 13.5 41.1 -32.2 113.2 108.7 4.2 Energy Sold ACR (TWh) (2) 7.5 8.0 -5.8 7.5 -0.1 23.1 26.7 -13.7 Energy Sold ACL (TWh) (3) 15.7 16.4 -4.5 15.0 4.3 45.3 52.6 -13.9 Energy Sold Quotas (TWh) (4) 3.0 5.0 -41.3 2.6 13.4 8.3 15.4 -46.1 Average ACR Price (R$/MWh) (5) 228.78 220.75 3.6 225.74 1.3 228.8 220.4 3.8 Average ACL Price (R$/MWh) 195.60 164.89 18.6 191.11 2.3 195.6 155.2 26.1 Transmission Transmission lines (km) 72,090 74,769 -3.6 74,829 -3.7 72,090 74,769 -3.6 RAP (R$ mm) (6) 17,867 16,644 7.3 16,839 6.1 51,530 51,016 1.0 (1) Assured Capacity (AC) reflects: (a) Ordinance GM/MME 544/21, which defined the revision of AC values of the plants that had their concession renewed due to capitalization (plants under the Quotas regime, Tucuruí, Itumbiara, Sobradinho, Mascarenhas de Moraes and Curuá-Una), with a significant reduction in AC as from 2023; (b) Ordinance GM/MME 709/22, with an Ordinary Review of the AC of hydroelectric plants as from 2023, affecting several AXIA Energia plants; (c) exit of Candiota III TPP as of Jan/24 and of Mauá III, Aparecida, Anamã, Anori, Codajás e Caapiranga TPPs as of May/25; (d) inclusion of HPP Colíder and exit of HPP Mauá as of Jun/25, after closing the uncrossing of interests/assets agreed with Copel; (e) inclusion of SPEs that started being consolidated: HPPs Teles Pires (Oct/23), Baguari (Oct/23), Retiro Baixo (Nov/23) and Santo Antonio (Nov/23); (f) exit of Santa Cruz TPP, after the closing and conclusion of its sale in Oct/25; (g) includes the Três Irmãos HPP, which has been consolidated since the completion of the acquisition of a 50.1% interest in Tijoá Energia on June 2, 2026, as disclosed in the Material Fact published on the same date. (2) Does not include quotas. (3) Includes contracts under Law 13,182/2015. (4) The figures shown are the Assured Capacity of quotas. (5) Excludes thermal plants and reimbursement of ACR-d and CER contracts. (6) Approved RAP for the current regulatory cycle, associated with active modules at the end of each period, including those that were active at the beginning of the cycle plus those that went into commercial operation. Includes transmission contracts of the companies AXIA Energia Holding, AXIA Energia Nordeste, AXIA Energia Sul, AXIA Energia Norte, TMT and VSB. Table 3 - Financial highlights 3Q26 3Q25 ∆% 2Q26 ∆% 9M26 9M25 ∆% Financial Indicators Gross Revenue, IFRS (R$ mn) 11,817 11,725 0.8 12,910 -8.5 39,313 36,029 9.1 Adjusted Gross Revenue, IFRS (R$ mn) 11,817 11,751 0.6 12,910 -8.5 39,313 36,164 8.7 Net Operating Revenue, IFRS (R$ mn) 10,037 10,003 0.3 11,188 -10.3 33,937 30,616 10.8 Adjusted Net Operating Revenue, IFRS (R$ mn) 10,037 10,029 0.1 11,188 -10.3 33,937 30,751 10.4 Regulatory Net Operating Revenue, IFRS (R$ mn) 10,028 9,943 0.9 10,007 0.2 31,653 29,243 8.2 EBITDA, IFRS (R$ mn) 3,793 -1,495 -353.7 5,925 -36.0 17,167 4,081 320.6 Adjusted EBITDA, IFRS (R$ mn) 4,533 5,890 -23.0 6,304 -28.1 19,376 15,457 25.4 Regulatory EBITDA (R$ mn) 7,105 -601 n.m. 6,870 3.4 22,588 10,704 111.0 Adjusted Regulatory EBITDA (R$ mn) 6,915 6,382 8.4 6,683 3.5 22,198 17,260 28.6 EBITDA Margin, IFRS (%) 37.8 -14.9 52.7pp 53.0 -15.2pp 50.6 13.3 37.3pp Adjusted EBITDA Margin, IFRS (%) 45.2 58.7 -13.6pp 56.3 -11.2pp 57.1 50.3 6.8pp Net Income, IFRS (R$ mn) 1,113 -5,448 -120.4 1,191 -6.5 4,934 -7,127 -169.2 Adjusted Net Income, IFRS (R$ mn) 1,759 2,176 -19.1 1,605 9.7 7,071 3,565 98.3 Adjusted Gross Debt (R$ mn) 80,291 72,005 11.5 72,829 10.2 80,291 72,005 11.5 Adjusted Net Debt (Adj Net Debt) (R$ mn) 47,568 42,577 11.7 45,461 4.6 47,568 42,577 11.7 Adj Net Debt/Adjusted LTM EBITDA, IFRS 2.0 2.1 -4.6 1.8 10.7 2.0 2.1 -4.6 Investments (R$ mn) 2,855 2,701 5.7 3,117 -8.4 7,327 5,739 27.7 8
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3. HIGHLIGHTS OF CONSOLIDATED RESULTS 3.1. CONSOLIDATED RESULT | IFRS AND REGULATORY Table 4 - Income statement IFRS (R$ mn) 3Q26 3Q25 2Q26 9M26 9M25 IFRS Adjustment Adjusted Adjusted % Y/Y Adjusted % Q/Q Adjusted Adjusted % Y/Y Generation 6,758 0 6,758 6,934 -2.5 7,106 -4.9 23,291 20,862 11.6 Transmission 4,903 0 4,903 4,646 5.5 5,657 -13.3 15,574 14,910 4.5 Others 157 0 157 171 -8.5 147 6.4 447 392 14.1 Gross Revenue 11,817 0 11,817 11,751 0.6 12,910 -8.5 39,313 36,164 8.7 (-) Deductions from Revenue -1,781 0 -1,781 -1,723 3.4 -1,721 3.4 -5,376 -5,413 -0.7 Net Revenue 10,037 0 10,037 10,029 0.1 11,188 -10.3 33,937 30,751 10.4 Energy resale, grid, fuel and construction (1) -4,269 0 -4,269 -4,147 2.9 -3,705 15.2 -11,301 -11,528 -2.0 Personnel, Material, Services and Others -1,525 145 -1,381 -1,542 -10.4 -1,471 -6.1 -4,293 -4,460 -3.7 Operating provisions -440 205 -235 -18 n.m. -81 n.m. -384 -281 36.9 Results from asset sale -98 98 0 0 0.0 0 0.0 0 0 0 Regulatory remeasurements - Transmission contracts -22 0 -22 303 n.m. 0 0.0 -22 -648 -97 Other income and expenses -292 292 0 0 0.0 0 0.0 0 0 0.0 Results, before Equity holdings 3,391 739 4,130 4,625 -10.7 5,931 -30.4 17,936 13,834 29.7 Equity holdings 403 0 403 1,265 -68.2 373 8.0 1,440 1,623 -11.3 EBITDA 3,793 739 4,533 5,890 -23.0 6,304 -28.1 19,376 15,457 25.4 D&A -1,309 0 -1,309 -1,156 13.3 -1,233 6.2 -3,794 -3,399 11.6 EBIT 2,484 739 3,224 4,734 -31.9 5,071 -36.4 15,582 12,058 29.2 Financial Result -1,734 145 -1,589 -2,385 -33.4 -3,373 -52.9 -8,041 -8,081 -0.5 EBT 750 884 1,634 2,349 -30.4 1,698 -3.8 7,540 3,976 89.6 Income Tax and Social Contribution 363 -238 125 -173 n.m. -94 n.m. -470 -411 14.2 Net Income 1,113 647 1,759 2,176 -19.1 1,605 9.7 7,071 3,565 98.3 (1) Energy purchased for resale includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are excluded, as they are eliminated upon consolidation. 9
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Table 5 - Regulatory IS (R$ mn) 3Q26 3Q25 2Q26 9M26 9M25 Regulatory Adjustment Adjusted Adjusted % Y/Y Adjusted % Q/Q Adjusted Adjusted % Y/Y Generation 6,758 0 6,758 6,775 -0.3 7,106 -4.9 23,291 20,744 12.3 Transmission 4,895 0 4,895 4,745 3.2 4,475 9.4 13,292 13,656 -2.7 Others 157 0 157 171 -8.5 147 6.4 447 392 14.1 Gross Revenue 11,810 0 11,810 11,691 1.0 11,728 0.7 37,030 34,791 6.4 (-) Deductions from Revenue -1,782 0 -1,782 -1,723 3.4 -1,721 3.5 -5,377 -5,413 -0.7 Net Revenue 10,028 0 10,028 9,969 0.6 10,007 0.2 31,653 29,378 7.7 Energy resale, grid, fuel and construction (1) -2,247 0 -2,247 -2,732 -17.7 -2,110 6.5 -6,359 -8,314 -23.5 Personnel, Material, Services and Others -1,530 145 -1,385 -1,538 -9.9 -1,475 -6.1 -4,306 -4,478 -3.9 Operating provisions -261 71 -190 206 n.m. -35 n.m. -247 31 n.m. Results from asset sale 698 -698 0 0 0.0 0 0.0 0 0 0 Regulatory remeasurements - Transmission contracts 0 0 0 0 0.0 0 0.0 0 0 0 Other income and expenses -292 292 0 0 0.0 0 0.0 0 0 0.0 Results, before Equity holdings 6,396 -190 6,206 5,906 5.1 6,387 -2.8 20,742 16,617 24.8 Equity holdings 709 0 709 476 48.8 296 n.m. 1,456 643 n.m. EBITDA 7,105 -190 6,915 6,382 8.4 6,683 3.5 22,198 17,260 28.6 D&A -1,742 0 -1,742 -1,589 9.6 -1,698 2.6 -5,135 -4,795 7.1 EBIT 5,364 -190 5,174 4,793 7.9 4,985 3.8 17,063 12,465 36.9 Financial Result -1,880 278 -1,601 -2,475 -35.3 -3,398 -52.9 -8,111 -8,148 -0.5 EBT 3,484 88 3,573 2,318 54.1 1,587 n.m. 8,953 4,317 n.m. Income Tax and Social Contribution -150 -54 -204 -409 -50.3 92 n.m. -692 -754 -8.3 Net Income 3,335 35 3,369 1,909 76.5 1,679 n.m. 8,261 3,563 n.m. (1) Energy purchased for resale includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are excluded, as they are eliminated upon consolidation. 10
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3.2. ADJUSTED CONSOLIDATED RESULT | IFRS AND REGULATORY 3.2.1.Adjusted Regulatory Income Statement This section presents the reconciliation between Regulatory and IFRS Income Statements, along with the adjustments related to non-recurring events in the Regulatory Income Statement. A detailed reconciliation is also available in the “Regulatory and IFRS Income Statement Reconciliation” spreadsheet, available on the Company’s Investor Relations website, under Market Information > Historical Financial Information. Table 6 - Regulatory IS x IFRS IS (R$ mn) 3Q26 IFRS Difference 3Q26 Regulatory Non- recurring Adjustment 3Q26 Regulatory Adjusted 3Q25 Regulatory Adjusted % Y/Y Generation 6,758 0 6,758 0 6,758 6,775 -0.3 Transmission 4,903 -7 4,895 0 4,895 4,745 3.2 Others 157 0 157 0 157 171 -8.5 Gross Revenue 11,817 -7 11,810 0 11,810 11,691 1.0 (-) Deductions from Revenue -1,781 -1 -1,782 0 -1,782 -1,723 3.4 Net Revenue 10,037 -9 10,028 0 10,028 9,969 0.6 Construction -1,871 1,871 0 0 0 0 0.0 Energy resale -1,354 0 -1,354 0 -1,354 -1,681 -19.5 Grid -1,044 151 -893 0 -893 -857 4.2 Fuel 0 0 0 0 0 -193 -100.0 Energy resale, grid, fuel and construction (1) -4,269 2,022 -2,247 0 -2,247 -2,732 -17.7 Personnel -717 -2 -718 65 -654 -754 -13.3 Material -56 0 -56 0 -56 -63 -10.9 Services -571 0 -571 80 -491 -533 -7.8 Others -181 -3 -184 0 -184 -188 -2.2 Personnel, Material, Services and Others -1,525 -5 -1,530 145 -1,385 -1,538 -9.9 Operating provisions -440 179 -261 71 -190 206 n.m. Results from asset sale -98 795 698 -698 0 0 0.0 Regulatory remeasurements - Transmission contracts -22 22 0 0 0 0 0.0 Other income and expenses -292 1 -292 292 0 0 0.0 Results, before Equity holdings 3,391 3,006 6,396 -190 6,206 5,906 5.1 Equity holdings 403 306 709 0 709 476 48.8 EBITDA 3,793 3,312 7,105 -190 6,915 6,382 8.4 D&A -1,309 -432 -1,742 0 -1,742 -1,589 9.6 EBIT 2,484 2,880 5,364 -190 5,174 4,793 7.9 Financial Result -1,734 -145 -1,880 278 -1,601 -2,475 -35.3 EBT 750 2,734 3,484 88 3,573 2,318 54.1 Income Tax and Social Contribution 363 -513 -150 -54 -204 -409 -50.3 Net Income, continued 1,113 2,222 3,335 35 3,369 1,909 76.5 (1) Energy purchased for resale includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are excluded, as they are eliminated upon consolidation. 11
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3.2.2.Non-recurring Adjustments | Regulatory Income Statement The following adjustments refer to events considered non-recurring: ▪ PMSO (Personnel): R$ 65 million, of which: ▪ (+) R$ 59 million from severance costs ▪ (+) R$ 6 million from Voluntary Dismissal Plans (VDPs) ▪ PMSO (Services): R$ 80 million related to success fees paid for legal defense efforts supporting the Company's contingency reduction strategy ▪ Operating Provisions: R$ 71 million, including: ◦ (+) R$ 120 million in reversal of provisions for litigation ◦ (-) R$ 51 million in estimated losses on investments and impairment ◦ (+) R$ 31 million relating to the compulsory loan liability, reflecting the conversion of Class B preferred shares into common shares upon the migration to B3's Novo Mercado, together with the mark-to- market effect based on the LTM average price of those shares ◦ (-) R$ 28 million due to the reversal of provisions for onerous contracts ▪ Asset Disposal: -R$ 698 million reflecting the results of M&A processes carried out in the period. Each quarter, amounts recognized under this line item are treated as non-recurring and primarily comprise fair value adjustments arising from asset remeasurement, adjustments to amounts paid or received between contract signing and transaction closing, and transaction costs ▪ Other Revenues and Expenses: R$ 292 million fully adjusted as non-recurring due to the atypical nature of the underlying items ▪ Financial Result: R$ 278 million, mainly comprising: ◦ (+) R$ 145 million from the monetary restatement of compulsory loan proceedings ◦ (+) R$ 134 million from the monetary restatement of litigation-related amounts, excluding compulsory loan proceedings ▪ Income Tax and Social Contribution: -R$ 54 million on non-recurring items adjusted at the EBT level. ▪ 3.2.3.Regulatory Result: Adjusted EBITDA In 3Q26, adjusted regulatory EBITDA totaled R$ 6,915 million, up R$ 533 million YoY, driven by: ▪ R$ 183 million increase in generation revenue, excluding the results from thermal power plant operations, and lower costs for both energy purchased for resale and electricity grid usage charges; ▪ R$ 151 million increase in transmission revenue ▪ R$ 146 million reduction in PMSO costs and expenses ▪ R$ 233 million increase in equity income These effects more than offset the impact of contingencies on earnings, with a provision of R$ 190 million recorded in 3Q26, compared with a reversal of R$ 206 million in 3Q25, representing a change of R$ 396 million. Equity income was R$ 709 million in 3Q26, up by R$ 233 million YoY, mainly reflecting: ▪ ISA Energia's results, even after accounting for the follow-on offering and the resulting dilution of AXIA Energia's stake ▪ The recovery in equity income from the Jirau HPP in 3Q26, driven by the extension of the concession term ▪ The completion of the sale of the minority stake in IE Madeira in 3Q26 12
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It is also wo rth highlighting that if one excludes the results from the thermal power plants sold in May and October 2025, EBITDA went up R$ 497 million, to R$ 6,915 million in 3Q26 from R$ 6,419 million in 3Q25. Table 7 - Adjusted regulatory EBITDA, excluding thermal power plants (R$ mn) 3Q26 Thermal Power Plants (TPP) 3Q26 Excluding TPP 3Q25 Thermal Power Plants (TPP) 3Q25 Excluding TPP Generation 6,758 0 6,758 6,775 200 6,575 Transmission 4,895 0 4,895 4,745 0 4,745 Others 157 0 157 171 0 171 Gross Revenue 11,810 0 11,810 11,691 200 11,491 (-) Deductions from Revenue -1,782 0 -1,782 -1,723 -21 -1,702 Net Revenue 10,028 0 10,028 9,969 179 9,790 Energy resale, grid, fuel and construction (1) -2,247 0 -2,247 -2,732 -210 -2,522 Personnel, Material, Services and Others -1,385 0 -1,385 -1,538 -6 -1,532 Operating provisions -190 0 -190 206 0 206 Results, before Equity holdings 6,206 0 6,206 5,906 -37 5,942 Equity holdings 709 0 709 476 0 476 EBITDA 6,915 0 6,915 6,382 -37 6,419 (1) Energy purchased for resale includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are excluded, as they are eliminated upon consolidation. 13
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4. ENERGY TRADING AXIA Energia companies sold 26.1 TWh of energy in 3Q26, down 11.2% compared to the 29.4 TWh traded in 3Q25. The volumes sold include energy from plants under the quota regime, renewed under Law 12,783/2013, as well as from plants operating under the ACL and ACR exploration regimes and consolidated Special Purpose Entities (SPEs): Teles Pires, Baguari, Retiro Baixo and Santo Antônio HPPs. Table 8 - Energy balance 3Q26 (aMW) 2026 2027 2028 Resources (A) 18,045 18,528 18,170 Own resources (1) (2) (3) (4) 15,479 16,720 16,710 Hydraulic 15,203 16,442 16,432 Wind 276 278 278 Energy Purchase (5) 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 (range) + STM implemented (5) 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) (6) 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 (7) 3,179 179 7,594 3,594 10,089 4,089 Uncontracted energy considering estimated hedge (7) 18% 1% 41% 19% 56% 23% Contracts signed until 9/30/2026. The energy balance reflects the SPEs consolidated into AXIA Energia: Santo Antônio HPP (as of 3Q22) and Baguari and Retiro Baixo HPPs (as of 4Q23) in terms of resources, sales, and average prices. Similarly, Teles Pires HPP, an SPE consolidated into AXIA Energia Norte (as of 4Q23), is also included. 1. Own Resources include the decotization plants (new Independent Power Producers - IPPs) and the New Grants—Sobradinho, Itumbiara, Tucuruí, Curuá-Una, and Mascarenhas de Moraes. For hydroelectric projects, an estimated GFIS2 was considered, that is, the Assured Capacity adjusted for Internal Loss Factors, Basic Network Loss Factors, and Availability Factors, as well as adjustments for portfolio-specific characteristics. 2. The revised Assured Capacity values, as outlined in Ordinance No. 709/GM/MME, of November 30, 2022, have been taken into account. 3. With the gradual phasing out of quota-based generation legacy contracts (decotization), plants currently operating under the quota regime are gradually granted new concessions under the IPP regime over a five-year period beginning in 2023. The Assured Capacity values were established in Ordinance GM/MME No. 544/21. 4. Considers the new concession grants from 2023 onward for the Sobradinho, Itumbiara, Tucuruí, Curuá-Una, and Mascarenhas de Moraes plants, whose Assured Capacity values were established in Ordinance GM/MME No. 544/21. 5. Purchase balances include all energy purchased for resale: (a) short-term purchases under contracts with terms of less than 12 months and (b) structural purchases under contracts with terms of 12 months or more; Additionally, the balances include intercompany transactions, impacting both energy purchase and sales in the free market (ACL), in the following amounts: approximately 590 aMW in 2026, 500 aMW in 2027 and 150 aMW in 2028. 6. Average prices are gross of PIS/COFINS taxes (at 9.25%) and are not directly comparable to BBCE prices, which are net of taxes. 7. The figures represent an estimate of uncontracted energy. The estimated value for 2026, 2027 and 2028 is 83.1%, in line with average historical GSF from 2020 to 2025. Source: CCEE, obtained from the CCEE website at the following link: https://www.ccee.org.br/dados-e-analises/dados-geracao (in Portuguese only, select the MRE option in the panel). It is important to note that this is only an estimate, based on past events. Table 9 - Assured capacity quotas of hydroelectric power plants (aMW) 2025 2026 2027 Assured Capacity Quotas (8) (9) 2,626 1,313 0 8. Includes only the Assured Capacity of generation assets undergoing removal from the quota regime following the privatization of Eletrobras, now AXIA Energia. The figures exclude the Assured Capacity of the Jaguari HPP (12.7 aMW), whose concession remains under AXIA Energia’s interim management, and the Três Irmãos HPP (206.7 aMW), which has been consolidated since the completion of the acquisition of a 50.1% interest in Tijoá Energia on June 2, 2026, as disclosed in the Material Fact published on the same date. 9. Decotization occurs gradually over a five-year period beginning in 2023. The Assured Capacity values applied from 2023 onward are those established in Ordinance GM/MME No. 544/21. 14
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5. INVESTMENTS AND EXPANSION PROJECTS Investments totaled R$ 2,855 million in 3Q26 and R$ 7,327 million in 9M26, representing increases of 5.7% and 27.7% compared to 3Q25 and 9M25, respectively. In the generation segment, investments in 3Q26 totaled R$ 331 million , of which R$ 315 million was allocated to the modernization of assets, particularly the following: ▪ R$ 58 million in Tucuruí HPP ▪ R$ 49 million in Santo Antônio HPP ▪ R$ 48 million in Luiz Gonzaga HPP ▪ R$ 33 million in Paulo Afonso IV HPP Of total transmission investments, 34% was allocated to expansion projects, 39% to large-scale reinforcement and improvement projects, 25% to small-scale R&I projects, and the remaining 3% to maintenance. In terms of reinforcements and improvements, investment highlights included the following: ▪ R$ 110 million in Ivaiporã substation ▪ R$ 63 million in Campinas substation ▪ R$ 43 million in Presidente Dutra substation ▪ R$ 38 million in Tucuruí substation The amount invested in infrastructure was allocated as follows: ▪ 64% for IT ▪ 15% for equipment and machinery ▪ 21% for real estate In the environmental and social area, investment highlights included R$ 57 million related to maintaining operating licenses for power generation plants, as well as investments in substation operations and land compensation payments. A breakdown of investments by the holding company and its main subsidiaries is available in the operating data spreadsheet in the Results Center section of the Company’s Investor Relations website. 15
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Table 10 - Investments (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Generation Corporate 331 289 14.3 297 11.3 812 813 -0.1 Implementation / Expansion 16 27 -39.1 9 88.2 36 109 -66.7 Maintenance 315 263 19.7 289 9.0 776 705 10.2 Transmission Corporate 2,006 1,203 66.8 1,721 16.6 4,704 3,057 53.9 Expansion 681 135 n.m. 636 7.1 1,580 274 n.m. Reinforcements and improvements 1,272 1,061 19.9 1,073 18.5 3,036 2,765 9.8 Large-scale 775 664 16.7 622 24.5 1,784 1,805 -1.1 Small-scale 497 396 25.4 451 10.2 1,253 960 30.5 Maintenance 53 8 n.m. 11 n.m. 88 19 n.m. Infrastructure 216 181 19.4 112 93.1 395 341 15.6 Environmental 79 69 14.4 82 -3.4 247 184 34.7 SPEs 6 282 -97.9 733 -99.2 739 507 45.9 Generation - Contributions 0 0 0.0 0 0.0 0 0 0.0 Generation - Acquisition 0 0 0.0 0 0.0 0 0 0.0 Transmission - Contributions 6 282 -97.9 733 -99.2 739 507 45.9 Transmission - Acquisition 0 0 0.0 0 0.0 0 0 0.0 Investment for Special Obligation – Itaipu HVDC 100 677 -85.3 172 -41.8 312 836 -62.6 Eletronet 117 0 0.0 0 0.0 117 0 0.0 Total 2,855 2,701 5.7 3,117 -8.4 7,327 5,739 27.7 16
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Expansion Projects - Transmission Large-Scale Projects ▪ Projects: 2691, including the Itaipu HVDC System Revitalization project. The reduction in the sample of projects from 288 to 269 during the quarter reflected changes in the reinforcement and improvement portfolio: ◦ 5 new authorizations issued by the regulator, 22 projects energized, and 1 project canceled ◦ 1 energization of the Nova Era Catarina project ▪ Estimated investment: R$ 6.72 billion ◦ This amount excludes the Itaipu HVDC System Revitalization project, as AXIA Energia is responsible solely for its execution, and therefore does not benefit from associated revenue while being fully reimbursed for the amount disbursed. ◦ The HVDC system converts electricity received from the Itaipu Power Plant from alternating current to direct current for transmission, then converts it back to alternating current at its destination, allowing its integration into the Brazilian power grid. ◦ Approximately R$ 2.00 billion is being invested in the revitalization of Bipoles 1 and 2 of the HVDC system's substations to enhance operational safety, improve monitoring capabilities, and increase operational efficiency. ▪ Auctions: Investments of R$ 8.49 billion, with highlights including: ◦ Nova Era Janapu, which is part of the sample since 2Q24 ◦ Nova Era Ceará, Nova Era Integração and Nova Era Teresina, added in 3Q242 ◦ AXIA Energia Transmissora Nova Ponte, AXIA Energia Transmissora Paracatu, AXIA Energia Transmissora Carnaúba and AXIA Energia Transmissora Seridó, included in 1Q262 ◦ AXIA Energia Naviraí Transmissora, AXIA Energia Vale do Paraíba Transmissora and AXIA Energia Jauru Transmissora, included in 2Q262 ◦ Nova Era Catarina, which was added to the project portfolio in 3Q24, was excluded this quarter following its completion and the start of commercial operations ▪ Additional associated RAP: R$ 2 billion between 2026-2030. Small-Scale Projects ▪ Developments: 7,042 small-scale events under implementation or to be implemented, of which 6,692 were improvements and 350 were reinforcements. Data from ONS, Improvement and Reinforcement Plan Management System (SGPMR). 17 1 Referring to reinforcements, improvements and auction-related projects. Considers projects registered in ANEEL's Transmission Management System (SIGET). Projects are included when added to the system and excluded when they are either canceled or enter commercial operation. The 269 projects will add 2,317 km of transmission lines and 20,459 MVA in substations. 2 Each of the 12 SPEs established holds a concession contract signed following transmission auctions held in recent years. Nova Era Janapu holds Contract No. 09/2023-ANEEL, corresponding to Lot 4 of Auction 01/2023; Nova Era Teresina holds Contract No. 04/2024-ANEEL, corresponding to Lot 1 of Auction 01/2024; Nova Era Ceará holds Contract No. 06/2024-ANEEL, corresponding to Lot 3 of Auction 01/2024; Nova Era Integração holds Contract No. 08/2024-ANEEL, corresponding to Lot 5 of Auction 01/2024; Nova Era Catarina holds Contract No. 12/2024-ANEEL, corresponding to Lot 9 of Auction 01/2024; AXIA Energia Transmissora Nova Ponte holds Contract No. 006/2026-ANEEL, corresponding to Lot 6A of Auction 04/2025; AXIA Energia Paracatu holds Contract No. 007/2026-ANEEL, corresponding to Lot 6B of Auction 04/2025; AXIA Energia Carnaúba holds Contract No. 008/2026-ANEEL, corresponding to Lot 7A of Auction 04/2025; AXIA Energia Seridó holds Contract No. 009/2026-ANEEL, corresponding to Lot 7B of Auction 04/2025; AXIA Energia Naviraí Transmissora S.A. holds Contract No. 019/2026-ANEEL, corresponding to Lot 8 of Auction 01/2026; AXIA Energia Vale do Paraíba Transmissora S.A. holds Contract No. 020/2026-ANEEL, corresponding to Lot 9 of Auction 01/2026; and AXIA Energia Jauru Transmissora S.A. holds Contract No. 021/2026-ANEEL, corresponding to Lot 10 of Auction 01/2026.
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Table 11 - Portfolio of ongoing transmission projects 3Q26 3Q25 % 2Q26 % Large Scale: Reinforcement and Improvement Estimated Portfolio Investment (R$ bi) 6.7 6.2 8.1 6.9 -2.1 Additional RAP associated (R$ bi) 1.1 1.0 8.0 1.1 0.7 # of projects in the beginning of the period 276 244 13.1 277 -0.4 (-) energized -22 -20 10.0 -10 n.m. (-) cancelled -1 0 0.0 0 0.0 (+) new authorizations 5 1 n.m. 9 -44.4 # of projects in the end of the period 258 225 14.7 276 -6.5 Large Scale: Expansion (Auctions in implementation) Estimated Portfolio Investment (R$ bi) 8.5 6.2 35.9 8.7 -2.2 Additional RAP associated (R$ bi) 0.9 0.7 30.9 0.9 3.5 # of projects in the beginning of the period 12 6 n.m. 9 33.3 (-) energized -1 -1 0.0 0 0.0 (-) cancelled 0 0 0.0 0 0.0 (+) new authorizations 0 0 0.0 3 n.m. # of projects in the end of the period 11 5 n.m. 12 -8.3 Small Scale # of projects in the end of the period 7,042 8,575 -17.9 7,418 -5.1 Improvement 6,692 8,088 -17.3 7,049 -5.1 Reinforcement 350 487 -28.1 369 -5.1 18
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6. INDEBTEDNESS Net debt totaled R$ 47,568 million in 3Q26, up by R$ 2,107 million sequentially and by R$ 4,991 million YoY. The Company's total average cost decreased to CDI + 0.19% p.a. in 3Q26 from CDI + 0.64% p.a. in 3Q25 while the average maturity of AXIA Energia's consolidated debt was extended by 0.8 months in the same period. The Company was particularly active in the debt capital markets this quarter, completing several debenture issuances, as detailed below: Table 12 - Debenture Issuances (R$ mn) Issuance Amount (R$ mn) Month 9th issuance 1,000 july 10th issuance 1,340 july 10th issuance 661 july 11th issuance 500 july 12th issuance 1,500 september 13th issuance 1,557 september Total 6,557 — In addition, in September, the Company raised BRL 1.9 billion through three-year bank facilities and renewed three bank loans from 2028 to 2030, contributing to a longer debt maturity profile. AXIA Energia Sul, in turn, completed the following transactions: ▪ bank financing transactions totaling R$ 515 million in July and R$ 680 million in August, both with two-year maturities ▪ R$ 1.9 billion raised from BNDES in September, with 20-year maturities, comprising R$ 1.4 billion in debentures to finance the Coxilha Negra Wind Farm and R$ 0.5 billion through the Climate Fund. Table 13 - Net debt (R$ mn) 09/30/2026 06/30/2026 09/30/2025 (+) Gross Debt, including derivatives 80,291 72,829 72,005 (+) Gross Debt 78,710 70,973 70,836 (+) Derivatives (currency hedge) Net 1,581 1,857 1,169 (-) Cash and Cash Equivalents + Current Securities 31,655 26,229 28,256 (-) Restricted Cash for Loans and Financing 863 941 987 (-) Loans receivable 205 199 187 Net Debt 47,568 45,461 42,577 Adjusted Net Debt / Adjusted Regulatory EBITDA LTM 1.7x 1.7x 1.9x Net Debt's Average Term (months) 56.3 53.8 55.5 Below are the gross debt amortization schedule and debt breakdown by index, including the spread over each benchmark rate. The figures include derivatives and reflect the debt profile AXIA Energia has built over the past several years: diversified funding sources, long maturities, low borrowing costs, and hedged foreign exchange exposure. A more detailed breakdown is available in the modeling guide spreadsheet in the Results Center on the Company’s Investor Relations website. 19
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Chart 2 - Debt maturity schedule after hedge (R$ billion) 4.6 7.2 7.0 9.6 9.2 39.3 2.5 0.7 0.0 Fixed rate EUR CDI + CDI (%) IPCA TJLP TR 2026 2027 2028 2029 2030 From 2031 to 2035 From 2036 to 2040 From 2041 to 2045 From 2046 to 2050 Table 14 - Debt breakdown, including hedge Index Average Cost Total Balance (R$ million) Share of Total (%) CDI + CDI + 0.71% 49,316 61.42 IPCA IPCA + 5.91% 21,569 26.86 % of CDI 122% of CDI 4,756 5.92 TJLP TJLP + 1.97% 2,592 3.23 Fixed Rate 6.03% per year 1,870 2.33 EUR 2.63% per year 169 0.21 TR TR + 2.70% 18 0.02 Total 80,291 100.00 20
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7. COMPULSORY LOAN AXIA Energia has implemented measures to mitigate risks associated with legal proceedings related to compulsory loans on electricity 1. To address this, the Company has strengthened its legal defense strategy and pursued settlements with discounts and full resolution of lawsuits. As a result of the negotiations: ▪ The inventory of provisions was reduced by R$ 1.1 billion YoY and R$ 122 million sequentially, totaling R$ 10.6 billion in 3Q26 ▪ This reduction primarily reflected agreements reached during the period, despite the impact of monetary adjustments, which totaled R$ 145 million in 3Q26 and were recorded under financial expenses ▪ The release of funds tied to guarantees and judicial deposits has totaled R$2.7 billion since 3Q22, including R$124.1 thousand related to settlements reached in 3Q26, following court approval Since 3Q22, when negotiations began, the provision inventory related to compulsory loan fell by R$ 15.2 billion, reaching R$ 10.6 billion in 3Q26, even considering the accumulated R$ 3.5 billion monetary restatement in the same period. The agreements also enabled the e limination of R$ 11.2 billion in legal risks considered "off balance", of which R$ 1.2 billion was classified as possible and R$ 10.1 billion as remote. The significant reduction in provisions between 2022 and 2026 reflects the successful strategy of prioritizing the highest-value and most critical legal proceedings, thereby changing the risk profile of the compulsory loan portfolio. The remaining portfolio is spread across a larger number of lower-value cases and presents less concentration risk, as most cases involving significant individual exposure have been resolved, primarily through settlements. Following the resolution of the cases with the greatest financial impact in previous cycles, the current strategy focuses on reducing the remaining caseload. While this may result in a lower perceived impact on the provision balance, the Company continues to maintain a disciplined approach to negotiations to sustain the downward trend in provisions, mitigate risks and offset the effects of monetary restatement. Chart 3 - Total inventory of compulsory loan provisions 3Q26 x 3Q25 (R$ bn) 11.72 -0.28 -0.53 -0.88 0.60 10.64 Balance 3Q25 De-risking initiatives (e.g., discount agreements) Conviction payments Reclassification of settlements to liabilities Monetary restatement (Selic) Balance 3Q26 21 1 Starting in 3Q25, the figures presented in this section fully encompass all procedural matters related to the topic, rather than only the book-entry credits, which represented approximately 99% of the total balance and had been the focus of this section in previous quarters. As a result, the figures disclosed herein may show slight variations compared to those reported in prior periods.
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Chart 4 - Total inventory of compulsory loan provisions 3Q26 x 2Q26 (R$ bn) 10.76 0.00 -0.23 -0.03 0.14 10.64 Balance 2Q26 De-risking initiatives (e.g., discount agreements) Conviction payments Reclassification of settlements to liabilities Monetary restatement (Selic) Balance 3Q26 22
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8. CASH FLOW In 3Q26, the main positive cash flow drivers were: ▪ Net funding of R$ 7.8 billion ▪ Regulatory result of R$ 6.2 billion ▪ Net proceeds of R$ 1.7 billion from asset disposals, including R$ 1.2 billion from the sale of the Company’s stake in IE Madeira ▪ R$ 1.0 billion working capital release, mainly reflecting the collection of energy revenues settled in the short- term market in 2Q26 These flows were partially offset by: ▪ Higher debt-servicing expenses ▪ Higher investments ▪ Higher litigation-related payments ▪ Subscription and payment of share-convertible debentures issued by Eletronuclear S.A., in the amount of R$ 1.5 billion , in line with the Material Fact disclosed on August 13, 2026, with the corresponding amount recognized as assets held for sale on the balance sheet. Table 15 - Cash flow (R$ mn) 3Q26 3Q25 ∆% Adjusted Regulatory Result, before Equity Holdings 6,206 5,906 5.1 EBITDA Adjustment * -508 -161 n.m. Income Tax and Social Contribution -77 -154 -50.2 Working Capital 952 890 7.0 Privatization Charges 0 0 0.0 Dividends Received 97 350 -72.2 Operating Cash Flow 6,671 6,830 -2.3 Investments ** -1,607 -1,743 -7.8 Free Cash Flow 5,065 5,087 -0.4 Debt Service -2,559 -1,281 99.7 Litigation -2,068 -1,244 66.3 Guarantees and Restricted Deposits 451 23 n.m. Supplementary social security -84 -116 -27.5 Net Funding *** 7,783 -92 n.m. Receipt of Loans and Financial Charges 0 653 n.m. Disposal and investments of equity holdings 1,694 18 n.m. Purchase of Debentures -1,500 0 - Dividends, Share Buyback and PNC's Redemption -3,773 -4,022 -6.2 Free Net Cash 5,008 -975 n.m. Change in Restricted Cash (short and long term) -94 -205 -54.3 Change in Financial Investments (long-term) -36 -117 -69.5 Net Cash 4,878 -1,297 n.m. * Excludes the adjustment to the gain or loss on asset disposals line item. ** Excludes capital contributions to generation and transmission companies. *** Net proceeds: debt raised, net of issuance costs. 23
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FINANCIAL AND OPERATING RESULTS ANALYSIS 9. FINANCIAL PERFORMANCE 9.1. Operational and Financial Results The table below presents the contribution of the AXIA Energia Group’s two main business segments— generation and transmission—based on their respective revenue and direct costs. Other costs and expenses, equity income, net financial result and taxes are analyzed on a consolidated basis. Table 16 - Income statement 3Q26 (R$ mn) Income Statement IFRS (a) Adjustment (b) Regulatory (c)=(a)+(b) Non Recurring (d) Adjusted Regulatory (e)=(c)+(d) Generation (e.1) Transmission (e.2) Others (e.3) Eliminations (e.4) (1) Gross Revenue 11,817 -7 11,810 0 11,810 6,758 5,306 157 -410 (-) Deductions -1,781 -1 -1,782 0 -1,782 -959 -773 -50 0 Net Revenue 10,037 -9 10,028 0 10,028 5,799 4,533 107 -410 Energy purchased for resale (2) -1,354 0 -1,354 0 -1,354 -1,354 0 0 0 Charges on use of the electricity grid -1,044 151 -893 0 -893 -1,303 0 0 410 Fuel for electricity production (net of CCC) 0 0 0 0 0 0 0 0 0 Other Non-manageable Generation Costs (3) -70 0 -70 0 -70 -70 0 0 0 Construction costs -1,871 1,871 0 0 0 0 0 0 0 Regulatory remeasurements -22 22 0 0 0 0 0 0 0 Contribution Margin 5,675 2,035 7,711 0 7,711 3,071 4,533 107 0 PMSO, excluded Other Generation Costs (3) -1,455 -5 -1,459 145 -1,315 Provisions -440 179 -261 71 -190 Results from asset sale -98 795 698 -698 0 Other income and expenses -292 1 -292 292 0 Results, before Equity holdings 3,391 3,006 6,396 -190 6,206 Equity holdings 403 306 709 0 709 EBITDA 3,793 3,312 7,105 -190 6,915 D&A -1,309 -432 -1,742 0 -1,742 EBIT 2,484 2,880 5,364 -190 5,174 Financial Result -1,734 -145 -1,880 278 -1,601 EBT 750 2,734 3,484 88 3,573 Income Tax and Social Contribution 363 -513 -150 -54 -204 Net Income 1,113 2,222 3,335 35 3,369 (1) Eliminations: These refer to the portion of transmission system usage charges paid by AXIA Energia's generators to the Company's own transmission companies, which receive them as RAP. For accounting consolidation purposes (Tables 5 and 6), these amounts are eliminated from both transmission revenue and generation usage charges. For management purposes, gross transmission revenue in 3Q26 is R$ 5,306 million, and including the accounting elimination of R$ 410 million, this translates into accounting revenue of R$ 4,895 million. In the case of generation connection charges costs, for management purposes, the amount in 3Q26 is R$ 1,303 million, and including the accounting elimination of R$ 410 million, this translates into an accounting cost of R$ 893 million. (2) Energy purchased for resale includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are excluded, as they are eliminated upon consolidation. (3) The "RHR Hedge Cost" and "Other Operating Costs" lines, related to the generation segment costs, make up the "Other PMSO Costs" line under the accounting view. For a better understanding of the contribution margin by segment, from a management perspective, both lines are allocated in the composition of the contribution margin from generation. In 3Q26, the adjusted regulatory PMSO under the accounting view totaled R$ 1,385 million , composed of R$ 55 million in RHR hedge costs and R$ 16 million in other generation operating costs, both allocated in the margin from generation, and R$ 1,315 million in other manageable costs and expenses components for personnel, materials, services and other. At the same time, in 3Q26, the adjusted IFRS PMSO from an accounting perspective totaled R$ 1,381 million , comprised of R$ 55 million in RHR hedge costs and R$ 16 million in other generation operating costs, both allocated to the margin from generation, and R$ 1,310 million in other manageable costs and expenses components related to personnel, materials, services, and other. 24
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Table 17 - Income statement 3Q25 (R$ mn) Income Statement IFRS (a) Adjustment (b) Regulatory (c)=(a)+(b) Non Recurring (d) Adjusted Regulatory (e)=(c)+(d) Generation (e.1) Transmission (e.2) Others (e.3) Eliminations (e.4) (1) Gross Revenue 11,725 -60 11,665 26 11,691 6,775 5,020 171 -276 (-) Deductions -1,723 0 -1,723 0 -1,723 -889 -834 0 0 Net Revenue 10,003 -60 9,943 26 9,969 5,886 4,187 171 -276 Energy purchased for resale (2) -1,681 0 -1,681 0 -1,681 -1,681 0 0 0 Charges on use of the electricity grid -1,010 153 -857 0 -857 -1,132 0 0 276 Fuel for electricity production (net of CCC) -193 0 -193 0 -193 -193 0 0 0 Other Non-manageable Generation Costs (3) -64 0 -64 0 -64 -64 0 0 0 Construction costs -1,262 1,262 0 0 0 0 0 0 0 Regulatory remeasurements 303 -303 0 0 0 0 0 0 0 Contribution Margin 6,095 1,052 7,147 26 7,173 2,815 4,187 171 0 PMSO, excluded Other Generation Costs (3) -1,592 4 -1,588 114 -1,474 Provisions -236 378 142 65 206 Results from asset sale -7,071 249 -6,821 6,821 0 Other income and expenses 43 0 43 -43 0 Results, before Equity holdings -2,760 1,683 -1,077 6,983 5,906 Equity holdings 1,265 -788 476 0 476 EBITDA -1,495 894 -601 6,983 6,382 D&A -1,156 -433 -1,589 0 -1,589 EBIT -2,651 461 -2,190 6,983 4,793 Financial Result -2,571 -242 -2,814 339 -2,475 EBT -5,222 219 -5,003 7,322 2,318 Income Tax and Social Contribution -226 -236 -462 53 -409 Net Income -5,448 -17 -5,465 7,375 1,909 (1) Eliminations: These refer to the portion of transmission system usage charges paid by AXIA Energia's generators to the Company's own transmission companies, which receive them in the form of RAP. For accounting consolidation purposes (Tables 5 and 6), these amounts are eliminated from both transmission revenue and generation usage charges. For management purposes, gross transmission revenue in 3Q25 is R$ 5,020 million , and including the accounting elimination of R$ 276 million , this translates into accounting revenue of R$ 4,745 million . In the case of generation connection charges costs, for management purposes, the value in 3Q25 is R$ 1,132 million, and including the accounting elimination of R$ 276 million, this translates into an accounting cost of R$ 857 million. (2) Energy purchased for resale includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are excluded, as they are eliminated upon consolidation. (3) The "RHR Hedge Cost" and "Other Operating Costs" lines, related to generation segment costs, make up the "Other PMSO Costs" line under the accounting view. For a better understanding of the contribution margin by segment, from a management perspective, both lines are allocated in the composition of the contribution margin from generation. In 3Q25, the adjusted regulatory PMSO under the accounting view totaled R$ 1,538 million, composed of R$ 51 million in RHR hedge costs and R$ 13 million in other generation operating costs, both allocated in the margin from generation, and R$ 1,474 million in other manageable costs and expenses components for personnel, materials, services and others. At the same time, in 3Q25, the adjusted IFRS PMSO from an accounting perspective totaled R$ 1,542 million, comprised of R$ 51 million in RHR hedging costs and R$ 13 million in other generation operating costs, both allocated to the margin from generation, and R$ 1,478 million in other manageable costs and expenses components related to personnel, materials, services, and others. 25
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9.2. Generation Segment Revenue by Contracting Environment Recurring regulatory generation revenue was R$ 6,758 million in 3Q26, in line with the adjusted IFRS generation revenue. In 3Q25, recurring regulatory revenue was R$ 6,775 million , R$ 159 million less than the adjusted IFRS generation revenue. This difference between IFRS and regulatory accounting reflected the accounting treatment of a portion of revenue from Amazonas Energia related to previously unpaid amounts, following a reassessment of their collectibility. Under IFRS, these amounts were recognized as revenue, while under regulatory accounting, where the revenue had already been recognized, the corresponding provision was reversed. Differences of the same nature were also recorded in the other comparative periods. Regulatory revenue in the regulated market totaled R$ 1,662 million in 3Q26, down 10% from the R$ 1,840 million recorded in 3Q25, primarily reflecting two factors: ▪ A R$ 200 million reduction reflecting the absence in 3Q26 of revenue from thermal power plant energy sales, following the divestment completed on October 9, 2025 ▪ A R$ 55 million 1 provision recognized in 3Q26 for reimbursements to counterparties under availability contracts in the regulated market (ACR) and reserve energy contracts, resulting from a shortfall in contracted wind energy deliveries due to insufficient generation Table 18 - Generation revenue by contracting environment (R$ mn) Revenue Generation Volume (aMW) (a) Price (R$/MWh) (b) Regulatory Revenue (c) = (a) x (b) 3Q26 % Y/Y % Q/Q 3Q26 % Y/Y % Q/Q 3Q26 % Y/Y % Q/Q (+) Regulated Market 3,400 -5.8 -1.2 221 -4.1 0.5 1,662 -9.6 0.4 Existing 3,400 1.1 -1.2 229 3.6 1.3 1,718 4.8 1.2 Reimbursement from ACR- d and CER (1) 0 0.0 0.0 0 0.0 0.0 -55 0.0 37.2 M&As (2) 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 Thermal 0 -100.0 0.0 0 0.0 0.0 0 -100.0 0.0 (+) Free Market 7,099 -4.5 3.1 196 18.6 2.3 3,066 13.3 6.7 Existing 7,099 -4.5 3.1 196 18.6 2.3 3,066 13.3 6.7 M&As (2) 0 0.0 0.0 0 0.0 0.0 0 0.0 0.0 (+) O&M (Quotas) 1,337 -41.3 12.1 121 29.0 11.9 359 -24.3 26.8 Existing 1,151 -49.5 1.6 107 13.9 4.0 273 -42.5 6.8 M&As (2) 186 0.0 213.8 210 0.0 -1.5 86 0.0 212.4 (+) ST Market (CCEE) (3) 4,524 40.0 -11.5 167 -32.0 -18.6 1,671 -4.8 -27.2 (=) Revenue with energy sold 16,360 -1.2 -1.6 187 0.9 -4.4 6,758 -0.3 -4.9 26 1 Amount related to impact on gross revenue. The impact on net revenue was R$ 48 million.
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Revenue Generation Regulatory Revenue (c) Accounting Adjustment (d) (4) Accounting Revenue (e) = (c) + (d) 3Q26 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 3Q25 % Y/Y 2Q26 % Q/Q Regulated Market 1,662 1,840 1,657 0 159 0 1,662 1,998 -16.8% 1,657 0.4 Free Market 3,066 2,707 2,873 0 0 0 3,066 2,707 13.3% 2,873 6.7 O&M (Quotas) 359 474 283 0 0 0 359 474 -24.3% 283 26.8 Short-term market (3) 1,671 1,755 2,294 0 0 0 1,671 1,755 -4.8% 2,294 -27.2 Energy Sales 6,758 6,775 7,106 0 159 0 6,758 6,934 -2.5% 7,106 -4.9 Others 0 -26 0 0 0 0 0 -26 -100.0% 0 -141.8 Total Revenue 6,758 6,749 7,106 0 159 0 6,758 6,908 -2.2% 7,106 -4.9 Recurring 6,758 6,775 7,106 0 159 0 6,758 6,934 -2.5% 7,106 -4.9 Non-recurring 0 -26 0 0 0 0 0 -26 n.m. 0 0.0 (1) Provision due to energy committed under ACR-d and CER contracts, but neither generated nor supplied. (2) M&A: includes revenue from assets in which AXIA Energia’s stake changed during the previous 12 months. In 3Q26, the R$ 86 million M&A contribution to revenue from energy sold under the quota regime reflects the consolidation of the Três Irmãos HPP following the acquisition, completed on June 2, 2026, of all shares in Juno Participações e Investimentos S.A. held by its former shareholders. Juno held a 50.1% controlling stake in Tijoá Energia, while AXIA Energia already held the remaining 49.9%. Tijoá Energia holds the concession for the Três Irmãos HPP. (3) Short-term market: the Brazilian electric energy trading chamber (CCEE). (4) The difference between IFRS and regulatory revenues in 3Q25 relates to energy sold but unpaid for by Amazonas Energia, which had not been recognized as revenue under IFRS accounting but had been recognized under regulatory accounting, where it was fully provisioned. Following a reassessment of the collectibility of these receivables, the amounts were recognized as revenue under IFRS. Under regulatory accounting, where the revenue had already been recognized, the corresponding provision was reversed. Regulatory Margin from Generation The contribution margin from generation captures the value added by this segment’s results, considering energy trading and directly related costs, thus excluding Personnel, Materials, Services, and Other expenses. The contribution of generation to the results increased to R$ 3,071 million in 3Q26 from R$ 2,815 million in 3Q25. This result was primarily driven by a higher contribution from energy sales in the free market (ACL), lower volumes of energy purchased for resale, and improved results from hourly allocation of contracted volumes (modulação). The main driver of the ACL result was an 18.6% increase in the average price, from R$ 165/MWh in 3Q25 to R$ 196/MWh in 3Q26. These effects more than offset: ▪ Lower revenue following the divestment of thermal power plants ▪ A lower contribution from energy remunerated under the quota regime, reflecting the removal from this regime of plants whose concessions were renewed following privatization ▪ A lower contribution from energy settled in the short-term market (MCP), due to a decrease in the average price ▪ Higher transmission system connection charges In unit terms, the margin on available energy (energy resource) remained stable at R$91/MWh in both 3Q25 and 3Q26. It is important to highlight that, excluding the results from thermal power plants ( Table 19), the unit contribution margin decreased from R$ 93/MWh in 3Q25 to R$ 91/MWh in 3Q26, while available energy resources increased from 13,818 aMW to 15,331 aMW. Considering only the contribution margin from energy traded in the ACL and settled in the MCP, the unit margin decreased from R$ 88/MWh in 3Q25 to R$ 75/MWh in 3Q26, primarily reflecting lower Settlement Prices for Differences (PLD) in the short-term market. Meanwhile, available energy resources increased from 8,199 aMW to 10,589 aMW, driven by a higher GSF and a reduction in the volume of energy committed under the quota regime. As a result, the contribution margin increased from R$ 1,586 million in 3Q25 to R$ 1,754 million in 3Q26. 27
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Table 19 - Generation - adjusted contribution margin, regulatory (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Gross Revenue 6,758 6,775 -0.3 7,106 -4.9 23,291 20,744 12.3 Taxes -654 -616 6.3 -636 2.9 -1,996 -2,007 -0.5 Sector charges -305 -274 11.2 -364 -16.4 -1,067 -960 11.1 Net Revenue 5,799 5,886 -1.5 6,106 -5.0 20,228 17,777 13.8 Energy purchased for resale (1) -1,354 -1,681 -19.5 -1,300 4.2 -3,880 -4,824 -19.6 Charges on use of the electricity grid (2) -1,303 -1,132 15.1 -1,077 21.1 -3,418 -3,337 2.4 Fuel for electricity production (net of CCC (3)) 0 -193 -100.0 0 n.m. -2 -975 -99.8 Other Non-manageable Generation Costs -70 -64 10.1 -76 -7.5 -222 -187 18.7 GSF Insurance (4) -55 -51 6.6 -52 5.3 -160 -133 20.4 Others (5) -16 -13 24.3 -24 -35.0 -62 -54 14.3 Contribution Margin 3,071 2,815 9.1 3,653 -15.9 12,707 8,454 50.3 Resources (aMW) (6) 15,331 14,063 9.0 15,801 -3.0 16,215 16,228 -0.1 Unit Margin (R$/MWh) 91 91 0.1 106 -14.3 119.60 79.51 50.4 (1) Energy purchased for resale includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are excluded, as they are eliminated upon consolidation. (2) Does not consider the accounting elimination effect of charges paid to the Company's own transmission segment. (3) CCC: Conta de Consumo de Combustíveis, or Fuel Consumption Account, is responsible for management of payments made by distribution and transmission companies to subsidize the costs of generators serving Isolated Systems. (4) RHR: Renegotiation of Hydrological Risk (5) Others: association contributions (CCEE and ONS) and other costs. (6) Includes own resources and structural purchases, taking into account contracts with a supply duration longer than 12 months. Table 20 - Generation, ex thermal power plants - adjusted contribution margin, regulatory (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Gross Revenue 6,758 6,575 2.8 7,106 -4.9 23,291 18,511 25.8 Taxes -654 -594 10.1 -636 2.9 -1,996 -1,868 6.9 Sector charges -305 -274 11.2 -364 -16.4 -1,067 -960 11.1 Net Revenue 5,799 5,707 1.6 6,106 -5.0 20,228 15,683 29.0 Energy purchased for resale (1) -1,354 -1,671 -19.0 -1,300 4.2 -3,880 -4,350 -10.8 Charges on use of the electricity grid (2) -1,303 -1,125 15.8 -1,077 21.1 -3,418 -3,112 9.8 Fuel for electricity production (net of CCC (3)) 0 0 0.0 0 0.0 0 0 0.0 Other Non-manageable Generation Costs -70 -64 10.1 -76 -7.5 -222 -187 18.7 GSF Insurance (4) -55 -51 6.6 -52 5.3 -160 -133 20.4 Others (5) -16 -13 24.3 -24 -35.0 -62 -54 14.3 Contribution Margin 3,071 2,847 7.9 3,653 -15.9 12,708 8,034 58.2 Resources (aMW) (6) 15,331 13,818 10.9 15,801 -3.0 16,215 15,755 2.9 Unit Margin (R$/MWh) 91 93 -2.8 106 -14.3 120 78 53.7 (1) Energy purchased for resale includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are excluded, as they are eliminated upon consolidation. (2) Does not consider the accounting elimination effect of charges paid to the Company's own transmission segment. (3) CCC: Conta de Consumo de Combustíveis, or Fuel Consumption Account, is responsible for management of payments made by distribution and transmission companies to subsidize the costs of generators serving Isolated Systems. (4) RHR: Repactuação do Risco Hidrológico, or Renegotiation of the Hydrological Risk (5) Others: association contributions (CCEE and ONS) and other costs. (6) Includes own resources and structural purchases, taking into account contracts with a supply duration longer than 12 months. 28
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Table 21 - Generation - adjusted contribution margin, regulatory - by contracting environment (R$ mn) 3Q26 3Q25 2Q26 Total (a)=(b)+(c) +(d)+(e) Thermal (b) Quota (c) ACR (d) ACL + MCP (e) ACL + MCP % Y/Y ACL + MCP % Q/Q Gross Revenue 6,758 0 359 1,767 4,632 4,462 3.8 5,086 -8.9 (-) Adjustment 0 0 0 0 0 0 0.0 0 0.0 Adjusted Gross Revenue 6,758 0 359 1,767 4,632 4,462 3.8 5,086 -8.9 (-) Taxes -654 0 -35 -171 -448 -403 11.2 -455 -1.4 (-) Sector Charges -305 0 -25 -76 -204 -163 25.0 -252 -19.1 (-) Energy purchased for resale (1) -1,354 0 0 0 -1,354 -1,671 -19.0 -1,300 4.2 (-) Charges on use of the electricity grid (2) -1,303 0 -125 -317 -861 -630 36.7 -733 17.5 (-) Fuel for electricity production (3) 0 0 0 0 0 0 0.0 0 0.0 (-) Other Non-manageable Generation Costs -70 0 -1 -59 -11 -9 25.6 -17 -37.7 GSF Insurance (4) -55 0 0 -55 0 0 0.0 0 0.0 Others (5) -16 0 -1 -4 -11 -9 25.6 -17 -37.7 Contribution Margin (f) 3,071 0 174 1,144 1,754 1,586 10.6 2,330 -24.7 Own Resources (MWm) 13,978 13,011 7.4 14,517 -3.7 (-) Quotas -1,337 -2,280 -41.4 -1,195 11.9 (-) ACR (includes thermal plants) -3,405 -3,584 -5.0 -3,441 -1.0 (+) Structural Purchases 1,352 1,052 28.5 1,284 5.3 Resources (aMW) (6) 10,589 8,199 29.1 11,166 -5.2 Resources (MWh thousand) (6) (g) 23,380 18,103 29.1 24,386 -4.1 R$/MWh (f)/(g) 75 88 -14.4 96 -21.5 (1) Energy purchased for resale includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are excluded, as they are eliminated upon consolidation. (2) Does not consider the accounting elimination effect of charges paid to the Company's own transmission segment. (3) Net of CCC: Conta de Consumo de Combustíveis, or Fuel Consumption Account, is responsible for management of payments made by distribution and transmission companies to subsidize the costs of generators serving Isolated Systems. (4) RHR: Renegotiation of Hydrological Risk (5) Others: association contributions (CCEE and ONS) and other costs. (6) Includes own resources and structural purchases, considering contracts with a supply term longer than 12 months. 29
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9.3. Transmission Segment Regulatory Margin from Transmission Net transmission revenue consists of gross revenue less the corresponding deductions and, for management purposes, represents the segment’s contribution margin. Gross transmission revenue is based on the Allowed Annual Revenue (RAP) and the Adjustment Portion (PA) approved by ANEEL for the current tariff cycle, 2026/2027 (from July 1, 2026, to June 30, 2027). The PA for the current tariff cycle is a contractual mechanism established by the regulator to compensate for any shortfall or surplus between revenue billed and the RAP approved in the previous cycle. In addition, gross revenue includes: ▪ taxes and charges that are not part of the RAP (gross up) ▪ discounts for unavailability ▪ additional RAP related to new facilities that began operations after approval. ▪ pass-through items, for which transmission companies act solely as collection agents, and mismatches between approved RAP and billed revenue, both of which are offset through the PA Measurement ( PA Apuração) in the following tariff cycle Net revenue does not include accounting eliminations relating to the intercompany portion of Transmission System Usage Charges paid by AXIA Energia's generation companies to transmission companies within the Group. Deductions include taxes (PIS/COFINS, ICMS and ISS) and sector charges (CDE, PROINFA, TFSEE, R&D and RGR). Starting in 3Q26, the consolidated results of the transmission segment fully reflect IE Garanhuns’ contribution, following the completion of the equity stake swap with ISA Energia, announced on July 31, 2026. Provision related to regulatory restitution assets and liabilities: accounting practice Starting in 1Q26, the Company began recognizing a provision in the transmission contribution margin related to regulatory restitution assets and liabilities arising from pass-through items or tariff differences collected through revenue. These amounts do not belong to the Company, which acts solely as a collection agent and returns them through the PA Measurement (PA Apuração) in the following tariff cycle, as is already the case. The provision will be reversed when the corresponding amounts are effectively offset through revenue in the subsequent tariff cycle, either through PA Measurement ( PA Apuração) or PA Other Adjustments ( PA Outros Ajustes). This accounting practice has no cash impact. Its purpose is to smooth revenue recognition across different tariff cycles, bringing it more closely in line with the RAP collection profile. This practice applies only to regulatory accounting, as under IFRS accounting, the collection and subsequent return of pass-through items are already reflected in the amount recognized as contract assets on the balance sheet. Provision related to regulatory restitution assets and liabilities: recognition in 3Q26 The amount recognized in 3Q26 was R$ 109 million, consisting of: ▪ R$ 335 million in provision ▪ R$ 444 million in reversal Net Regulatory Revenue Net regulatory transmission revenue totaled R$ 4,533 million in 3Q26, 8.3% higher YoY, primarily reflecting an increase in approved RAP and a reduction in the negative PA in the current tariff cycle. The increase in approved RAP, in turn, was mainly driven by: ▪ R$ 191 million from the 12-month inflation adjustment 30
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▪ R$ 106 million in additional RAP from reinforcement and improvement projects authorized by the regulator and projects awarded in auctions in recent years, all of which began commercial operations during the previous tariff cycle, as a result of increased investments in the transmission segment ▪ R$ 41 million from the consolidation of IE Garanhuns’ RAP starting in 3Q26 Additional details and explanations of transmission revenue are available in the “Modeling Support – Transmission” spreadsheet under the Modeling Guide section of the Company’s Investor Relations website, including an analysis of transmission revenue and a breakdown of the PA. The change in approved RAP from the 2025/2026 to the 2026/2027 tariff cycle is presented in Chart 13 of Appendix 5 (Annual RAP Adjustment, 2026/2027 Cycle) of the 2Q26 Earnings Release. Table 22 - Transmission - adjusted contribution margin, regulatory (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % RAP (1) 4,451 4,134 7.7 4,134 7.7 12,720 12,626 0.7 PA (1) -44 -117 -62.1 -117 -62.1 -278 -881 -68.5 Approved RAP and Adjustment Portion 4,407 4,018 9.7 4,018 9.7 12,442 11,745 5.9 Taxes and Sector Charges (2) 683 685 -0.3 561 21.8 1,817 1,858 -2.2 Unavailability Discount (3) -37 -51 -26.5 -65 -42.8 -168 -181 -7.3 RAP Addition: new facilities 12 9 27.6 68 -82.6 136 80 70.0 Pass-through items and mismatches between RAP and billed revenue (4) 114 323 -64.6 246 -53.5 680 800 -15.0 Reimbursement asset and liability provision (5) 109 0 0.0 -40 n.m. -657 0 0.0 Other mismatches (6) 18 36 -49.6 -46 n.m. -18 176 n.m. Gross Revenue (7) 5,306 5,020 5.7 4,741 11.9 14,233 14,477 -1.7 Tributes -483 -479 0.9 -454 6.4 -1,411 -1,341 5.2 Sector Charges (8) -290 -355 -18.4 -263 10.3 -838 -1,025 -18.2 Net Revenue 4,533 4,187 8.3 4,025 12.6 11,984 12,111 -1.0 (1) RAP and PA: Considers 1/4 of the amounts approved for the tariff cycle in effect during the quarter, as well as proportional amounts accrued throughout the year. (2) Includes (a) PIS/COFINS and (b) CDE/Proinfa. Both are pass-through costs, collected by AXIA Energia from consumers. (3) Discount associated with Variable Portion (PV), suspension of Base Payment (PB) due to unavailability, and pending items in Release Terms (TL). (4) Items to be deducted in Adjustment Portion (PA) in the following tariff cycle, divided into two groups: (4.a) Pass-through items, for which transmission companies act solely as collection agents: (i) apportionment of prepayment and deferrals; (ii) transfers to the CDE Fund related to uncollected grid usage charges; and (iii) complementary credit notices (AVCs) associated with the termination of Transmission System Use Contracts (CUST) by generators. (4.b) Mismatches between the approved RAP and billing carried out by the ONS through AVCs, associated with: (i) Basic Border Network and other Shared Transmission Facilities (DIT); and (ii) (DIT) exclusively used by Itaipu. (5) Provision related exclusively to pass-through items for which transmission companies act solely as collection agents (item 4), to be deducted through the PA in the following tariff cycle. The reversal of such provisions occurs when the corresponding PA deduction is effectively recognized in the income statement in the subsequent cycle. (6) Other mismatches relative to the approved RAP for the current tariff cycle, including: (a) mismatches between Transmission and Distribution Annual Adjustments; (b) bilateral Transmission Connection Contracts (CCT), and (c) other diverse effects, each with limited individual impact. (7) Does not consider the accounting elimination effect of charges paid to the Company's own transmission segment. Eliminations refer to transactions between companies within the same group, i.e., AXIA Energia companies. These include transmission system usage charges paid by the Company’s generation companies to its transmission companies, which are received as RAP. For consolidation purposes, such amounts are eliminated from transmission revenue and generation usage costs. (8) Sector Charges includes: RGR, R&D, TFSEE, CDE, and Proinfa. 31
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9.4. Operating Costs and Expenses - IFRS Table 23 - Operating costs and expenses (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Energy purchased for resale (1) 1,354 1,681 -19.5 1,300 4.2 3,880 4,549 -14.7 Charges on use of the electricity grid 1,044 1,010 3.4 964 8.3 2,936 2,961 -0.8 Fuel for electricity production 0 193 -100.0 0 n.m. 2 975 -99.8 Construction 1,871 1,262 48.2 1,441 29.8 4,484 3,043 47.3 Personnel, Material, Services and Others 1,525 1,656 -7.9 1,578 -3.4 4,568 4,993 -8.5 Depreciation and Amortization 1,309 1,156 13.3 1,233 6.2 3,794 3,399 11.6 Operating provisions 440 236 86.6 281 56.4 1,242 495 n.m. Result from asset sale 98 7,071 -98.6 83 17.4 984 7,176 -86.3 Regulatory remeasurements 22 -303 n.m. 0 0.0 22 4,082 -99.5 Costs and expenses 7,663 13,961 -45.1 6,881 11.4 21,912 31,674 -30.8 Non-recurring events (-) Non-recurring PMSO events -145 -114 26.8 -107 35.0 -275 -534 -48.4 (-) Non-recurring provisions -205 -218 -5.9 -200 2.2 -858 -215 n.m. (-) Result from asset sale -98 -7,071 -98.6 -83 17.4 -984 -7,176 -86.3 (-) Regulatory remeasurements 0 0 0.0 0 0.0 0 -3,433 n.m. Adjusted Costs and Expenses 7,216 6,559 10.0 6,490 11.2 19,795 20,316 -2.6 (1) Energy purchased for resale includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are excluded, as they are eliminated upon consolidation. Energy purchased for resale, charges on the use of electricity grid, fuel for electricity production, and construction costs comprise the generation and transmission margins. The explanation of the remaining lines, including PMSO (Personnel, Materials, Services, and Other), is provided below. Personnel, Material, Services and Others ▪ Personnel: adjusted balance of R$ 652 million in 3Q26, down R$ 98 million when compared to the R$ 750 million recorded in 3Q25, with the main effects being: ◦ R$ 42 million decrease due to the higher capitalization of personnel costs, reflecting increased investment activity during the period ◦ R$ 35 million drop in variable compensation, including profit-sharing (PLR) and long-term incentive (ILP) due to the recognition of provisions in 3Q25 for amounts related to previous quarters of 2025, reflecting the Company’s strong performance during the period ◦ Non-recurring effects: R$ 65 million, being: ◦ R$ 59 million from severance costs ◦ R$ 6 million from Voluntary Dismissal Programs (VDPs) ▪ Materials: adjusted balance of R$ 56 million in 3Q26, down R$ 7 million when compared to the R$ 63 million recorded in 3Q25, primarily driven by difference in the tax rate applied to materials expenses. There were no non-recurring effects in the quarter. ▪ Services: adjusted balance of R$ 491 million in 3Q26, down R$ 42 million when compared to the R$ 533 million in 3Q25, driven by: ◦ R$ 22 million in savings on consulting and legal services contracts ◦ R$ 6 million in lower maintenance expenses ◦ R$ 6 million in lower facilities services expenses due to contract optimizations ◦ Non-recurring effects: R$ 80 million related to success fees paid to legal defense as part of the contingency reduction strategy. 32
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▪ Other: adjusted balance of R$ 181 million in 3Q26, down R$ 15 million when compared to the R$ 195 million in 3Q25, notably from a R$ 12 million reduction in expenses related to fines and legal judgments There were no non-recurring effects in the quarter. For additional details on PMSO, including a breakdown by company and by nature of other costs and expenses, please refer to Appendix 2 - PMSO Breakdown. Table 24 - Detailed IFRS PMSO (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Personnel 711 800 -11.1 811 -12.3 2,268 2,555 -11.2 VDP 6 32 -82.6 8 -34.3 22 226 -90.2 Material 56 63 -11.0 55 3.0 161 157 2.4 Services 571 548 4.3 556 2.7 1,562 1,442 8.3 Others 181 213 -15.1 148 22.5 555 614 -9.6 other non-manageable generation costs 70 64 10.1 76 -7.5 222 187 18.7 other manageable expenses 110 149 -25.9 71 54.5 333 427 -22.0 PMSO (a) 1,525 1,656 -7.9 1,578 -3.4 4,568 4,993 -8.5 Personnel -59 -50 18.4 -57 3.4 -123 -218 -43.9 VDP -6 -32 -82.6 -8 -34.3 -22 -226 -90.2 Material 0 0 0.0 0 0.0 0 0 0.0 Services -80 -15 n.m. -42 92.2 -127 -72 77.1 Others 0 -18 n.m. 0 0.0 -3 -18 -82.4 other non-manageable generation costs 0 0 0.0 0 0.0 0 0 0.0 other manageable expenses 0 -18 n.m. 0 0.0 -3 -18 -82.4 Non recurring (b) -145 -114 26.8 -107 35.0 -275 -534 -48.4 Personnel 652 750 -13.1 754 -13.5 2,146 2,336 -8.2 VDP 0 0 0.0 0 0.0 0 0 0.0 Material 56 63 -11.0 55 3.0 161 157 2.4 Services 491 533 -7.8 515 -4.5 1,435 1,370 4.7 Others 181 195 -7.5 148 22.5 552 596 -7.5 other non-manageable generation costs 70 64 10.1 76 -7.5 222 187 18.7 other manageable expenses 110 131 -16.1 71 54.5 330 410 -19.4 PMSO adjusted (c) = (a) + (b) 1,381 1,542 -10.4 1,471 -6.1 4,293 4,460 -3.7 PMSO excluding TPP * (c.1) 1,381 1,535 -10.1 1,471 -6.1 4,293 4,387 -2.1 manageable expenses 1,310 1,471 -11.0 1,395 -6.1 4,072 4,201 -3.1 non-manageable costs: generation segment ** 70 64 10.1 76 -7.5 222 187 18.7 Thermal Power Plants (c.2) 0 6 n.m. 0 0.0 0 72 n.m. * TPP: Thermal Power Plants. PMSO of thermal plants sold to Âmbar. ** Other operating costs, related to generation operations: GSF insurance, association contributions, and other items. 33
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Regulatory Remeasurement, Asset Disposal Result, and Other Operating Income and Expenses ▪ Regulatory Remeasurement - Transmission Contracts: Recognition of a R$ 22 million in 3Q26, reflecting changes in the cash flow from Allowed Annual Revenue (RAP) under transmission concession contracts following the annual adjustment for the 2026/2027 cycle, which took effect in July 2026. ▪ Asset disposal result: R$ 98 million expense in 3Q26, primarily related to: ◦ R$ 182 million expense related to the fair value adjustment of the Company’s stake in IE Garanhuns, following the acquisition of ISA Energia’s stake on July 31, 2026 ◦ R$ 137 million gain related to the fair value adjustment of the Company’s stake in IE Madeira, which was sold to ISA Energia on July 31, 2026 ◦ R$ 31 million in other M&A-related expenses incurred during the period ▪ Other Revenues and Expenses: R$ 292 million expense in 3Q26. Operating Provisions Table 25 - Operating provisions - IFRS (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Operating Provisions / Reversals Provision/Reversal for Litigation -254 -419 -39.4 -192 32.6 -795 -505 57.5 Estimated losses on investments 51 12 n.m. 41 24.5 102 45 n.m. Measurement at fair value of assets held for sale 0 0 0.0 0 0.0 0 0 0.0 Provision for Share Conversion - Compulsory Loan -31 -15 n.m. -78 -60.8 -251 -10 n.m. ECL - Loans and financing 0 176 -99.9 0 n.m. 0 166 n.m. ECL - Consumers and resellers -89 -35 n.m. 12 n.m. -84 -133 -36.7 ECL - Other credits 78 175 -55.5 -18 n.m. 70 142 -50.6 Onerous contracts 28 29 -2.8 28 0.0 85 88 -2.8 Results of actuarial reports -82 -95 -13.7 -82 0.0 -245 -279 -12.3 Other (1) -143 -63 n.m. 7 n.m. -125 -10 n.m. Operating Provisions / Reversals -440 -236 86.6 -281 56.4 -1,242 -495 n.m. Non-recurring items / Adjustments 205 218 -5.9 200 2.2 858 215 n.m. Provision for Litigation 254 419 -39.4 192 32.6 795 505 57.5 Estimated losses on investments -51 -12 n.m. -41 24.5 -102 -45 n.m. Provision for Share Conversion - Compulsory Loan 31 15 n.m. 78 -60.8 251 10 n.m. ECL - Loans and financing 0 -176 -99.9 0 n.m. 0 -166 n.m. Onerous contracts -28 -29 -2.8 -28 0.0 -85 -88 -2.8 Impairment 0 0 0.0 0 0.0 0 0 0.0 Adjusted Provisions/Reversals -235 -18 n.m. -81 n.m. -384 -281 36.9 Positive values in the table above indicate reversal of provision. (1) Primarily includes impairment and RGR refunds. ▪ Provision for litigation: provision of R$ 254 million in 3Q26 compared to a provision of R$ 419 million in 3Q25. The R$ 165 million variation was explained by: ◦ Compulsory Loan: Contributed a net reversal of R$193 thousand in 3Q26, compared to the net reversal of R$ 300 million in 3Q25, reflecting the lower average ticket of cases settled through legal agreements. Unlike other provisions, the monetary restatement related to the compulsory loan provision is recognized under financial results. ◦ Other events, unrelated to compulsory loan proceedings, contributing to results as follows: • Changes in provision balances: provision of R$ 121 million in 3Q26, compared with a provision of R$ 566 million in 3Q25, primarily reflecting the reclassification of risks associated with tax proceedings • Monetary restatement: R$ 134 million expense in 3Q26 compared to R$ 153 million in 3Q25, primarily due to adjustments based on inflation indices, which are recorded under provisions for litigation and do not affect financial results, unlike adjustments related to compulsory loan proceedings 34
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▪ Share conversion process – Compulsory Loan: R$ 31 million provision in 3Q26, compared to a R$ 15 million provision in 3Q25. The result reflected the impact of the conversion of Class B preferred shares into common shares following the Company’s migration to B3’s Novo Mercado listing segment, as well as the mark-to-market adjustment based on the average share price over the past 12 months. The balance recognized on the balance sheet at the end of 3Q26 also reflects the effects of the measure to replenish the share inventory, as disclosed to the market on August 20, 2026. ▪ Expected Credit Losses (ECL) - Loans and Financing: reversal of R$ 160 thousand in 3Q26, compared with R$ 176 million in reversals in 3Q25, which included a R$140 million reversal of provisions for guarantees provided by AXIA Energia on loans assumed by Amazonas Energia, with no corresponding reversal in 3Q26. ▪ Expected Credit Losses (ECL) - Other credits: reversal of R$ 78 million in 3Q26, compared to a reversal of R$ 175 million in 3Q25 due to the recognition in 3Q25 of a R$170 million reversal related to amounts owed by Amazonas Energia to AXIA Energia, following the Company’s successful release of judicial deposits made by the counterparty, with no corresponding reversal in 3Q26. 9.5. Equity Holdings - IFRS The main highlights of equity income were as follows: ▪ Transnorte Energia (TNE) : change driven by the positive impact of regulatory remeasurement and an increase in the value of contract assets in 3Q25, with no corresponding impact in 3Q26 ▪ Jirau: improvement in earnings driven by the extension of the plant’s concession term ▪ ISA Energia: change primarily driven by the dilution of AXIA Energia’s stake ▪ Equatorial Maranhão: change resulting from the recognition of equity income related to 2Q25 in 3Q25 ▪ IE Madeira: no earnings recognized for 3Q26 following the sale of the Company’s stake Table 26 - Equity holdings (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Highlights Affiliates (a) 131 395 -66.9 284 -53.9 734 626 17.2 Equatorial Maranhão 87 149 -41.4 90 -2.5 316 197 60.4 ISA Energia 39 191 -79.4 141 -72.1 312 350 -10.8 Eletronuclear (1) 0 0 0.0 0 0.0 0 -84 n.m. Other Affiliates 4 55 -92.5 53 -92.2 106 163 -35.1 Highlights SPEs (b) (2) 138 751 -81.7 64 116.3 438 651 -32.6 Central Eólica 0 0 0.0 0 0.0 67 0 0.0 IE Madeira 0 55 n.m. 0 0.0 66 170 -61.4 Belo Monte Transmissora de Energia S.A. - BMTE 54 95 -43.4 55 -2.3 175 178 -1.6 Chapecoense 62 59 4.6 47 33.0 163 157 3.5 ESBR Jirau 159 57 177.2 43 265.2 255 118 115.2 Transnorte Energia (TNE) 6 649 -99.0 55 -88.6 106 572 -81.4 IE Garanhuns 4 15 -74.1 22 -83.1 45 53 -15.1 Norte Energia -147 -179 -18.1 -158 -7.3 -438 -598 -26.8 Other Holdings (c) (3) 134 119 13.0 25 429.2 268 230 16.7 Total Equity Holdings (a) + (b) + (c) 403 1,265 -68.2 373 8.0 1,440 1,507 -4.4 Non-recurring events (-) Regulatory remeasurements, ISA Energia 0 0 0.0 0 0.0 0 116 n.m. Adjusted Equity Holding 403 1,265 -68.2 373 8.0 1,440 1,623 -11.3 (1) Income was not recognized following the signing of the agreement for the sale of the company’s stake. (2) SPE: special purpose entities. (3) Includes movements in the balance sheet value of affiliates measured at fair value/cost. 35
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9.6. Financial Result - IFRS Table 27 - Financial result (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Financial Income 1,190 1,272 -6.4 961 23.8 3,321 3,414 -2.7 Interest income, fines, commissions and fees 19 38 -50.2 -2 n.m. 17 61 -72.9 Income from financial investments 1,177 1,228 -4.2 995 18.3 3,228 3,387 -4.7 Late payment surcharge on electricity 37 16 n.m. 69 -47.3 133 85 57.2 Other financial income 49 68 -27.8 -36 n.m. 172 121 41.9 (-) Taxes on financial income -91 -79 15.8 -64 41.8 -228 -240 -5.2 Financial Expenses -2,146 -2,269 -5.4 -2,298 -6.6 -6,720 -7,112 -5.5 Debt Charges (1) -1,278 -1,444 -11.5 -1,452 -12.0 -4,133 -4,613 -10.4 Loans, financing and suppliers -1,269 -1,439 -11.8 -1,441 -11.9 -4,106 -4,402 -6.7 Leasing -9 -5 79.2 -11 -22.5 -27 -211 -87.1 CDE obligation charges (2) -694 -665 4.3 -694 0.0 -2,089 -1,988 5.1 River basin revitalization charges (2) -74 -80 -8.1 -72 2.1 -220 -237 -7.3 Financial discount for early payment - ENBpar 0 0 0.0 0 0.0 0 0 0.0 Other financial expenses -100 -79 27.5 -80 26.3 -277 -274 1.1 Net Financial Items -778 -1,575 -50.6 -2,188 -64.4 -4,987 -4,921 1.3 Monetary changes 355 -196 n.m. -343 n.m. -299 -744 -59.8 Compulsory Loan -145 -186 -22.2 -151 -4.2 -444 -539 -17.7 Others 500 -9 n.m. -192 n.m. 145 -205 n.m. Exchange rate variations 1 6 -79.1 2 -52.0 20 -1 n.m. Change in fair value of hedged debt net of derivative (1) -959 -1,056 -9.2 -1,105 -13.2 -3,038 -2,609 16.4 Monetary updates - CDE (2) -154 -270 -43.0 -650 -76.3 -1,470 -1,318 11.5 Monetary updates - river basins (2) -22 -42 -48.4 -91 -76.4 -201 -207 -3.2 Change in derivative financial instrument not linked to debt protection 0 -17 n.m. 0 0.0 0 -41 n.m. Financial Results -1,734 -2,571 -32.6 -3,524 -50.8 -8,385 -8,620 -2.7 Adjustments Monetary restatement - Compulsory Loan 145 186 -22.2 151 -4.2 444 539 -17.7 Adjusted Financial Result -1,589 -2,385 -33.4 -3,373 -52.9 -8,041 -8,081 -0.5 (1) To properly assess interest expense on total debt, including hedge results contracted to protect part of the debt, the analysis must consider both line items: "debt charges" and "change in fair value of hedged debt, net of derivative." The first reflects interest on the unhedged portion of debt, while the second reflects not only interest on the hedged portion of debt but also fair value changes of the associated hedging instruments. (2) These obligations were established by Law 14,182/21 (Privatization of Eletrobras, now AXIA Energia) as a condition for obtaining new concession grants for power generation for an additional 30 years. The charges were calculated based on data published in CNPE Resolution 015/2021, considering (a) the present value of the obligation; (b) the future payment flow; and (c) the payment term. The main variations this quarter were: ▪ Financial Income: R$ 1,190 million in 3Q26 compared to R$ 1,272 million in 3Q25, down 6%, due to decreases in average cash balances and the CDI rate during the period ▪ Interest expense on debt and change in fair value of hedge: resulting from the following expenses: ◦ R$ 1,278 million from debt charges ◦ R$ 959 million from the change in fair value of hedged debt, net of derivatives These lines totaled R$ 2,237 million in 3Q26 compared to R$ 2,500 million in 3Q25. This 11% decrease was mainly driven by: • Reduction in the outstanding balance of unhedged debt • Lower impact from CDI adjustments 36
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• Adjustments to the carrying value of the Bonds, partially offset by the net addition of new hedging contracts ▪ Monetary restatement: R$ 355 million income in 3Q26 compared to R$ 196 million expense in 3Q25. This line comprises two main components: ◦ Monetary restatement excluding amounts related to compulsory loan proceedings: R$ 500 million income in 3Q26 compared to the R$ 9 million expense in 3Q25, mainly explained by: • R$ 323 million increase in monetary adjustment income, primarily driven by a R$ 150 million increase in inflation adjustments on tax overpayments and a R$ 173 million increase in judicial deposits • R$ 111 million decrease in monetary adjustments on debt, driven by a decline in accumulated IPCA inflation from 0.63% in 3Q25 to 0.57% in 3Q26 ◦ Monetary restatement related to compulsory loans proceedings: R$ 145 million expense in 3Q26, down from R$ 186 million in 3Q25, reflecting the reduction in provision inventory 9.7. Current and Deferred Taxes - IFRS Recurring expenses for income tax and social contribution improved R$ 298 million, down from R$ 173 million in 3Q25 to a positive amount of R$ 125 million in 3Q26. This change was driven by a decrease in deferred tax recognition, more than offset by an increase in current tax expense, primarily reflecting a lower taxable income base at AXIA Energia Nordeste. Non-recurring effects: -R$ 238 million, related to the tax on non-recurring items adjusted on EBT. Table 28 - Income tax and social contribution (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Current income tax and social contribution 99 -425 n.m. 104 -4.4 -358 -757 -52.7 Deferred income tax and social contribution 264 198 32.9 -82 n.m. 305 1,569 -80.5 Income tax and social contribution total 363 -226 n.m. 22 n.m. -53 811 n.m. Adjustments Deferred Tax Adjustment on Regulatory Remeasurement (1) 0 0 0.0 0 0 0 -882 n.m. Deferred Tax Adjustment on AXIA Energia Norte's tax rate (2) 0 0 0.00 0 0.00 0 -393 n.m. Current income tax on assets sold 0 53 n.m. 0 0.00 0 53 n.m. Tax on non-recurrent items adjusted on EBT -238 0 0.00 -116 n.m. -417 0 0.00 Adjusted income tax and social contribution 125 -173 n.m. -94 n.m. -470 -411 14.2 Adjusted Current income tax and social contribution 99 -372 n.m. -12 n.m. -775 -705 10.00 Adjusted Deferred income tax and social contribution 26 198 -86.9 -82 n.m. 305 293 4.1 (1) In 2Q25, the amount of R$ 882 million was recognized in connection with the Regulatory Remeasurement, due to changes in the payment schedule of the RBSE financial component for contracts extended under Law 12,783/2013, for the 2025-26, 2026-27 and 2027-28 cycles, as approved by ANEEL's Board at its 20th Ordinary Public Meeting on June 10, 2025. In 4Q24, the amount of R$ 758 million refers to the regulatory remeasurement of AXIA Energia's contractual assets carried out in 3Q24. Although the remeasurement was recognized in that period, the corresponding deferred tax expense was recorded in 4Q24. On that occasion, the expense was reallocated to 3Q24, in line with its recurring nature in fiscal year 2024, consistent with the treatment given to the taxable event and the expenses of the other subsidiaries recognized in 3Q24 . (2) The R$396 million recorded in 2Q25 stems from the revision of AXIA Energia Norte's deferred tax assets and liabilities, following the adoption of a new corporate income tax (IRPJ) rate of 6.25%. This lower rate applied following the divestment of its thermal power plants in May 2025, after which the company began operating exclusively with incentivized assets. 37
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10. OPERATING PERFORMANCE 10.1. Generation Segment Generation Assets The Company had 81 power plants, including 47 hydroelectric, 33 wind, and 1 solar at the end of 3Q26, considering corporate ventures, shared ownership and stakes via SPEs. Portfolio installed capacity reached 44,430 MW in 3Q26, with 100% generated from clean sources with low greenhouse gas emissions, representing 16% of Brazil's total installed capacity. Table 29 - Generation assets Source Installed Capacity (MW) Assured Capacity (aMW) Accumulated Generated Energy (GWh) Hydro (47 plants) 43,537 21,208 111,905 Wind Power (33 plants) 892 340 1,340 Solar (1 plant) 0.93 0.13 0.76 Total (81 plants) 44,430 21,548 113,246 Total energy generated by AXIA Energia increased by 13.5% YoY in 3Q26. Chart 5 - AXIA Energia - net energy generation (GWh) 0 603 23,901 24,504 0 543 27,279 27,822 3Q25 (GWh) 3Q26 (GWh) Thermal Wind & Solar Hydro Total System Data – Installed Capacity and Generation Brazil's installed capacity was 274,672.96 MW in 3Q26. Chart 6 - Brazil’s installed capacity - by source 40% 18% 13% 9% 1% 20% Hydro Thermal Wind Solar Nuclear Distributed Generation Source: ANEEL's Generation Information System (SIGA) 38
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Chart 7 - Generated energy SIN - National Interconnected System (GWh) Wind Hydraulics Nuclear Solar Thermal 01/26 02/26 03/26 04/26 05/26 06/26 07/26 08/26 09/26 0 100 200 300 400 500 600 700 0 500 1,000 1,500 2,000 Source: Operating Results 01/01 to 09/30/2026 from the National Operator of the Electric System (ONS) System Data – Energy Market Table 30 - PLD 3Q26 3Q25 ∆% 2Q26 ∆% Market GSF (%) 76.87 64.92 11.9 p.p. 99.70 -22.8 p.p. PLD SE (R$/MWh) 129.80 252.43 -48.6 206.57 -37.2 PLD S (R$/MWh) 129.11 252.98 -49.0 230.82 -44.1 PLD NE (R$/MWh) 128.52 239.96 -46.4 163.50 -21.4 PLD N (R$/MWh) 129.21 250.98 -48.5 165.18 -21.8 Chart 8 - GSF (%) Month 2021 2022 2023 2024 2025 2026 September 52% 71% 83% 73% 63% 75% 75% 2021 2022 2023 2024 2025 2026 jan feb mar apr may jun jul aug sep oct nov dec 25% 50% 75% 100% 125% 39
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Chart 9 - Historical average of natural inflow energy (ENA) - SIN (%) Natural Inflow Energy (ENA) improved during the quarter, exceeding the highest levels recorded over the past five years and reaching 176% of the long-term average across the National Interconnected System (SIN) at the end of 3Q26. 100 67 72 98 75 83 63 82 128 176 Min and Max (2021-2025) Actual 07/2309/2311/2301/2403/2405/2407/2409/2411/2401/2503/2505/2507/2509/2511/2501/2603/2605/2607/2609/26 0 20 40 60 80 100 120 140 160 180 Chart 10 - Energy stored in reservoirs (EAR) - SIN (%) The National Interconnected System (SIN) ended 3Q26 with Stored Energy (EAR) at 61%, slightly below the level recorded at the end of 2Q26. 84 64 71 45 70 50 51 69 70 61 Min and Max (2021-2025) Actual 07/2309/2311/2301/2403/2405/2407/2409/2411/2401/2503/2505/2507/2509/2511/2501/2603/2605/2607/2609/26 0 20 40 60 80 100 40
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10.2. Transmission Segment The Company ended 3Q26 with 72.1 thousand km of transmission lines, compared to 74.8 thousand km in 3Q25, as well as 422 substations, of which 303 were Company-owned and 119 were operated by third parties. Table 31 - Transmission lines (km) Company Own(1) In Partnership (2) Total AXIA Energia Nordeste 22,884 331 23,215 AXIA Energia Norte 10,988 2,013 13,001 AXIA Energia Sul 12,215 5 12,220 AXIA Energia Holding 22,129 1,525 23,654 Total 68,217 3,874 72,090 (1) Includes TMT (100%), VSB (100%) and IE Garanhuns (100%). (2) Partnerships consider extensions proportional to the capital invested by AXIA Energia Companies in the venture. 10.3. ESG Table 32 - ESG KPIs 3Q26 Pillar KPI 3Q26 3Q25 Change Planet Accumulated GHG Emissions for the year (1) 487,925 1,252,389 -61% (Scopes 1, 2 and 3) (tCO2e) People Accident Frequency Rate - own Employees (with time off) 0.75 0.49 53% Women in the Workforce (%) 21% 20% 1 p.p. Leadership positions held by women (%) 25% 25% 0 p.p. Governance Complaints answered on time (%) 76% 98% -22 p.p. The values presented are preliminary and unaudited, and may be adjusted based on data collection, verification and updating processes. (1) The reduction in emissions is primarily due to the removal of coal-fired thermoelectric generation from the Company’s energy matrix. 41
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11. APPENDIX 11.1. Appendix 1 - Generation and Transmission Revenue IFRS Generation revenue comprises: ▪ Revenue from supply to non-end consumers — distributors, traders, and generators — under contracts in the Regulated Contracting Environment (ACR) and the Free Contracting Environment (ACL) ▪ Revenue from supply to end consumers — industrial and commercial clients under contracts exclusively in the ACL ▪ Revenue from the CCEE, through settlements in the Short Term Market (MCP) ▪ Revenue from operation and maintenance (O&M), representing remuneration for energy sold under the quota regime Table 33 - Generation operating revenue (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Power supply to non-end consumers 3,811 4,235 -10.0 3,609 5.6 11,208 13,951 -19.7 Power supply to end consumers 903 422 n.m. 904 0.0 2,562 1,349 89.8 CCEE 1,685 1,777 -5.2 2,311 -27.1 8,607 3,923 n.m. O&M revenue 359 474 -24.4 283 26.8 915 1,503 -39.1 Generation Revenues 6,758 6,908 -2.2 7,106 -4.9 23,291 20,727 12.4 Non-recurring items - Adjustments 0 26 n.m. 0 0.0 0 135 n.m. Adjusted Generation Revenue 6,758 6,934 -2.5 7,106 -4.9 23,291 20,862 11.6 Transmission revenue comprises: ▪ Operation and maintenance (O&M) revenue, related to asset operation and maintenance ▪ Construction revenue, linked to investments made (appropriated and allocated) in ongoing projects ▪ Contractual (financial) revenue, associated with the application of inflation indices to the asset balances of each concession contract Table 34 - Transmission operating revenue (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % Revenue from Operation & Maintenance (O&M) 1,984 2,096 -5.4 1,876 5.8 5,855 6,177 -5.2 Construction Revenue 1,791 1,182 51.5 1,377 30.0 4,303 2,991 43.9 Contractual Revenue - Transmission 1,128 1,367 -17.5 2,403 -53.0 5,416 5,742 -5.7 Transmission Revenues 4,903 4,646 5.5 5,657 -13.3 15,574 14,910 4.5 Non-recurring items - Adjustments 0 0 0.0 0 0.0 0 0 0.0 Adjusted Transmission Revenue 4,903 4,646 5.5 5,657 -13.3 15,574 14,910 4.5 42
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11.2. Appendix 2 - PMSO Breakdown Table 35 - PMSO 3Q26 (R$ mn) PMSO 3Q26 (R$ million) AXIA Energia Holding AXIA Energia Nordeste AXIA Energia Norte Total Elimination Consolidated IFRS Personnel 311 182 153 711 0 711 Voluntary Dismissal Plan (PDV) - Provision 4 0 1 6 0 6 Material 19 13 18 56 0 56 Services 215 178 124 571 0 571 Other 74 29 34 138 43 181 PMSO 624 402 330 1,482 43 1,525 Non-recurring events Personnel: VDP -4 0 -1 -6 0 -6 Personnel: Termination Costs -30 -9 -16 -59 0 -59 Services: Success fee related to legal consulting -40 -36 -4 -80 0 -80 Adjusted PMSO 550 358 308 1,338 43 1,381 Table 36 - PMSO 3Q25 (R$ mn) PMSO 3Q25 (R$ million) AXIA Energia Holding AXIA Energia Nordeste AXIA Energia Norte Total Elimination Consolidated IFRS Personnel 308 199 165 750 50 800 Voluntary Dismissal Plan (PDV) - Provision 18 5 7 32 0 32 Material 18 17 13 56 8 63 Services 249 101 100 482 66 548 Other 77 11 57 171 41 213 PMSO 669 333 343 1,491 165 1,656 Non-recurring events Personnel: PDV, PDC -18 -5 -7 -32 0 -32 Personnel: Termination Costs -20 -8 -17 -50 0 -50 Services: Success fee related to legal consulting -13 -1 0 -14 0 -14 Services: Other expenses -1 0 0 -1 0 -1 Other: Expenses related to healthcare -7 -4 -5 -18 0 -18 Adjusted PMSO 610 314 314 1,377 165 1,542 43
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Table 37 - Other costs and expenses (R$ mn) 3Q26 3Q25 % 2Q26 % 9M26 9M25 % GSF 55 51 6.5 52 5.5 160 134 19.4 Convictions, losses and legal costs 43 60 -28.3 -3 n.m. 88 149 -40.8 Taxes 7 23 -68.7 37 -80.2 82 90 -8.9 Insurance 30 24 25.3 28 6.9 91 86 5.7 Rent 17 23 -26.6 2 n.m. 45 70 -35.8 Donations and contributions 15 16 -5.8 7 n.m. 31 67 -53.2 Equity Holding 0 0 0.0 0 0.0 0 0 0.0 Recovery of expenses -15 -61 -75.1 -15 3.6 -37 -86 -56.3 Others 28 75 -62.6 39 -27.4 95 104 -8.3 Total 181 213 -15.1 148 22.5 555 614 -9.6 11.3. Appendix 3 - Loans and Financing Granted (Receivables) Chart 11 - Receivables (R$ billion) 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 1.7 1.7 Parent Company Consolidated 2026 2027 2028 2029 After 2029 TOTAL Does not include ECL of R$ 14.5 million and current charges. 44
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11.4. Appendix 4 - Accounting Statements Table 38 - Balance sheet (R$ thousand) PARENT COMPANY CONSOLIDATED 09/30/2026 09/30/2025 09/30/2026 09/30/2025 CURRENT ASSETS 26,108,490 21,135,398 58,481,519 52,090,586 Cash and cash equivalents 4,876,820 4,660,994 9,666,300 16,417,860 Restricted cash 722,967 622,383 923,879 660,259 Securities 8,100,803 3,894,302 21,988,526 11,133,842 Clients 1,752,775 1,530,268 5,645,539 5,575,589 Transmission contract assets 5,112,687 4,765,705 11,775,927 10,693,181 Financing, loans and debentures 6,717 10,625 6,717 10,625 Remuneration for equity holdings 507,113 1,533,871 285,052 470,142 Taxes and Contributions 1,599,019 1,486,283 3,357,303 2,766,765 Income tax and social contribution 0 0 0 0 Right to compensation 182,155 723,294 201,511 752,496 Warehouse 0 0 0 0 Derivative financial instruments 591 0 9,010 64,334 Assets held for sale 2,053,640 1,011,461 2,054,273 1,072,431 Others 1,193,203 896,212 2,567,482 2,473,062 NON-CURRENT ASSETS 38,584,231 41,365,923 86,501,806 86,792,940 Restricted cash 1,750,183 1,605,632 3,527,030 3,436,804 Equity Holdings Income 395,514 425,002 0 0 Right to compensation 0 2,176 0 2,176 Financing, loans and debentures 198,714 180,568 198,714 180,568 Clients 100,146 132,067 423,868 522,859 Securities 476,162 440,401 476,845 722,673 Taxes and Contributions 1,695,660 2,582,258 2,306,140 3,178,769 Deferred income tax and social contribution 12,590,950 11,836,824 18,145,524 17,499,833 Bonds and deposits linked 3,173,174 4,216,310 5,110,198 5,762,270 Transmission contractual assets 17,513,824 18,746,924 54,592,968 53,567,662 Derivative financial instruments 270,567 516,782 985,035 1,072,386 Others 419,337 680,979 735,484 846,940 INVESTMENTS 108,919,145 108,202,833 22,636,366 24,517,185 Equity Income 107,575,774 107,026,094 21,267,893 23,322,816 Held at fair value 1,341,771 1,175,539 1,349,991 1,175,539 Other Investments 1,600 1,200 18,482 18,830 FIXED ASSETS 7,964,850 7,897,759 39,168,751 39,659,177 INTANGIBLE 20,178,365 20,477,493 75,126,192 76,625,705 TOTAL ASSETS 201,755,081 199,079,406 281,914,634 279,685,593
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PARENT COMPANY CONSOLIDATED 9/30/2026 9/30/2025 9/30/2026 9/30/2025 CURRENT LIABILITIES 15,884,047 16,468,877 27,498,544 30,978,400 Loans, financing and debentures 6,397,125 7,172,085 10,080,677 13,204,167 Compulsory loans - Agreements 1,040,116 1,071,291 1,116,418 1,073,452 Compulsory loans 403,675 1,406,460 403,675 1,406,460 Suppliers 956,980 1,878,308 2,118,374 3,916,279 Taxes and Contributions 375,238 454,920 1,033,556 1,021,353 Income tax and social contribution 0 0 0 0 Onerous contracts 3,113 0 98,270 113,944 Shareholder remuneration 42,839 135,863 42,839 136,124 Personnel obligations 436,456 506,348 918,223 1,060,856 Reimbursement Obligations 0 0 0 0 Post-employment benefits 497 77 306,909 303,832 Provision for litigation 648,956 648,956 669,645 666,092 Sector charges 110,789 115,097 639,758 886,565 Obligations under Law 14,182/2021 1,263,825 1,044,757 4,477,520 3,738,498 RGR Returns 512,228 695,705 512,228 695,705 Leasing 61,265 36,483 108,852 72,981 Derivative financial instruments 1,006,808 1,100,992 1,531,044 1,651,632 Redemption of Preferred Shares (PNCs) 2,537,597 0 2,537,597 0 Others 86,540 201,535 902,959 1,030,460 NON-CURRENT LIABILITIES 67,581,103 64,180,392 136,077,447 130,205,536 Loans, financing and debentures 40,908,584 36,918,552 68,629,343 61,091,597 Shareholder remuneration 0 0 0 0 Suppliers 0 0 13,236 0 Provision for litigation 12,766,388 14,086,402 16,931,260 19,242,041 Post-employment benefits 384,152 383,875 3,264,837 3,276,459 Obligations under Law 14,182/2021 11,228,144 11,393,664 39,424,656 40,028,165 RGR Returns 0 0 0 0 Onerous contracts 1,038 4,151 212,588 282,371 Reimbursement Obligations 0 0 0 0 Leasing 252,947 104,478 567,346 415,625 Concessions payable - Use of public assets 69,212 70,486 584,873 589,412 Advances for future capital increases 137,628 124,543 137,628 124,543 Derivative financial instruments 962,354 151,487 1,055,488 151,487 Sector charges 208,983 478,305 406,759 688,574 Taxes and Contributions 84,439 88,511 133,719 198,782 Deferred income tax and social contribution 0 0 2,893,815 2,421,481 Others 577,234 375,938 1,835,135 1,694,999 SHAREHOLDERS' EQUITY 118,289,931 118,430,137 118,338,643 118,501,657 Share capital 100,135,201 100,135,201 100,135,201 100,135,201 Share issue costs -116,519 -108,186 -116,519 -108,186 Capital Reserves and Granted Equity Instruments 8,637,003 14,689,872 8,637,003 14,689,872 Treasury shares -2,113,510 -3,034,806 -2,113,510 -3,034,806 Profit reserves 11,818,426 11,818,426 11,818,426 11,818,426 Proposed additional dividend 0 0 0 0 Accumulated profit 4,932,154 0 4,932,154 0 Accumulated other comprehensive income -5,002,824 -5,070,370 -5,002,824 -5,070,370 Other comprehensive income classified as held for sale 0 0 0 0 Controlling shareholders 118,289,931 118,430,137 118,289,931 118,430,137 Non-controlling shareholders 0 0 48,712 71,520 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 201,755,081 199,079,406 281,914,634 279,685,593
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Table 39 - Income statement (R$ thousand) PARENT COMPANY CONSOLIDATED 30/09/2026 30/09/2025 30/09/2026 30/09/2025 CONTINUING OPERATIONS Net operating revenue 10,401,054 10,419,618 33,936,708 30,615,636 Operating costs -5,500,380 -6,704,223 -16,975,007 -16,843,658 GROSS PROFIT 4,900,674 3,715,395 16,961,701 13,771,978 Operating expenses -2,343,589 -8,198,186 -4,914,361 -10,748,491 Other income and expenses -293,205 90,485 -92,735 233,615 Regulatory Remeasurements - Transmission Contracts -5,994 -1,762,645 -22,140 -4,081,630 OPERATING RESULT BEFORE FINANCIAL RESULT 2,257,886 -6,154,951 11,932,465 -824,528 FINANCIAL RESULT -4,847,508 -4,585,068 -8,385,284 -8,620,094 Income from interest, fines, commissions and fees 16,609 217,517 16,609 61,324 Income from financial investments 1,403,863 1,697,593 3,227,708 3,386,869 Late payment surcharge on electricity 13,026 5,256 133,010 84,594 Other financial income 61,809 111,254 171,749 121,026 (–) Taxes on financial income -114,703 -129,056 -227,609 -240,038 Financial Income 1,380,604 1,902,564 3,321,467 3,413,775 Debt charges -2,587,886 -2,825,256 -4,133,388 -4,612,608 CDE obligation charges -600,704 -571,797 -2,088,748 -1,988,233 River basin revitalization charges -57,861 -62,878 -220,122 -237,431 Other financial expenses -170,028 -166,494 -277,313 -274,208 Financial expenses -3,416,479 -3,626,425 -6,719,571 -7,112,480 Monetary updates – CDE -422,758 -379,124 -1,470,003 -1,318,278 Monetary updates – river basins -52,746 -54,010 -200,663 -207,268 Monetary updates -419,643 -478,224 -298,913 -744,231 Exchange rate variations 19,998 -9,580 20,290 -1,352 Change in fair value of hedged debt net of derivative -1,936,484 -1,940,269 -3,037,891 -2,609,482 Change in derivative financial instrument not linked to debt protection 0 0 0 -40,778 Financial items, net -2,811,633 -2,861,207 -4,987,180 -4,921,389 PROFIT BEFORE EQUITY HOLDINGS -2,589,622 -10,740,019 3,547,181 -9,444,622 Equity income 6,708,247 2,775,475 1,440,096 1,506,539 OPERATING PROFIT BEFORE TAX 4,118,625 -7,964,544 4,987,277 -7,938,083 Current income tax and social contribution 0 0 -358,352 -757,481 Deferred income tax and social contribution 813,037 837,428 305,330 1,568,725 NET INCOME FOR CONTINUING OPERATIONS 4,931,662 -7,127,116 4,934,255 -7,126,839 Portion attributable to controlling 4,931,662 -7,127,116 4,931,662 -7,127,116 Portion attributable to non-controlling 0 0 2,593 277 NET INCOME (LOSS) FOR DISCONTINUED OPERATIONS 0 0 0 0 Portion attributable to controlling 0 0 0 0 Portion attributable to non-controlling 0 0 0 0 NET INCOME FOR THE YEAR 4,931,662 -7,127,116 4,934,255 -7,126,839 Portion attributable to controlling 4,931,662 -7,127,116 4,931,662 -7,127,116 Portion attributable to non-controlling 0 0 2,593 277 EARNINGS PER SHARE Earnings per share - basic (ON/PNC) 1.30 -2.49 1.30 -2.49 Earnings per share - diluted (ON/PNC) 1.38 -2.49 1.38 -2.49
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Table 40 - Cash flow statement (R$ thousand) OPERATING ACTIVITIES Profit for the year before income tax and social contribution 4,118,625 -7,964,544 4,987,277 -7,938,083 Adjustments to reconcile profit with cash generated by operations: Depreciation and amortization 821,893 691,116 3,794,423 3,399,225 Net exchange and monetary variations 875,149 920,938 1,949,289 2,271,129 Result of acquisitions and divestments 359,566 7,250,655 983,540 7,176,177 Financial charges 2,523,815 3,037,738 4,983,088 5,985,230 Equity income -6,708,247 -2,775,475 -1,440,096 -1,506,539 Other income and expenses 293,205 -90,485 172,575 -233,615 Transmission revenues -5,089,321 -5,556,575 -15,574,143 -14,910,112 Construction cost - transmission 1,031,827 1,145,205 4,483,684 3,043,066 Regulatory Remeasurements - Transmission Contracts 5,994 1,762,645 22,140 4,081,630 Operating provisions (reversals) 792,674 -490,624 1,242,024 495,482 Write-offs of PP&E and Intangible Assets 43,514 7,959 657,961 -99,395 Result of hedged debt and derivatives 1,936,484 1,940,269 3,037,891 2,650,260 Other 209,896 179,040 177,355 284,995 -2,903,551 8,022,406 4,489,731 12,637,533 (Additions)/decreases in operating assets Clients -214,464 26,843 -55,837 447,900 Right to compensation 565,157 766,112 575,003 783,438 Others 67,137 154,262 372,975 -570,057 417,830 947,217 892,141 661,281 Additions/(decreases) in operating liabilities Suppliers -803,348 158,799 -1,610,286 -69,778 Advances 0 0 0 0 Personnel obligations -44,561 -41,380 -118,527 -135,585 Sector charges -287,095 -282,132 -574,546 -217,924 Others 736,691 -597,981 -62,925 -402,794 -398,313 -762,694 -2,366,284 -826,081 Payment of financial charges -3,735,157 -2,889,934 -6,140,533 -4,534,868 Reversion global reserve Payment 0 0 0 0 Receipt of RAP revenue 5,969,445 6,131,390 14,483,431 14,536,591 Receipt of Financial Charges from Subsidiaries 0 0 0 0 Receipt of remuneration from investments in equity holdings 5,923,247 2,211,921 672,783 877,130 Payment of litigation -2,466,390 -2,738,570 -3,547,571 -3,118,773 Bonds and linked deposits 511,105 -418,444 485,087 -389,759 Payment of income tax and social contribution 0 -21,156 -615,554 -328,098 Supplementary pension payments -19,459 -17,140 -257,235 -282,610 Net cash provided by operating activities of discontinued operations 0 0 0 0 Net cash provided by (used in) operating activities 7,229,280 2,500,452 12,895,171 11,294,263 FINANCING ACTIVITIES Loans and financing obtained and debentures obtained 9,750,495 0 14,048,151 3,330,000 Payment of loans and financing and debentures - principal -5,711,239 -6,622,713 -9,265,189 -9,254,732 Payment of remuneration to shareholders -93,024 -7,981,613 -93,024 -7,982,004 Payment for PNC Share Redemptions -3,770,852 0 -3,770,852 0 Payment to dissenting shareholders - incorporation of shares 0 0 0 0 Share buybacks 0 -36,728 0 -36,728 Payment of CDE obligations and revitalization of basins - principal -891,031 -725,774 -3,173,512 -2,575,565 Lease payments - principal 0 0 0 0 Derivatives Payment -1,109,490 -462,570 -1,608,320 -545,999 PARENT COMPANY CONSOLIDATED 09/30/2026 09/30/2025 09/30/2026 09/30/2025
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Others -30,994 -229,218 -108,570 -243,137 Net cash (used in) financing activities -1,856,135 -16,058,616 -3,971,316 -17,308,165 INVESTMENT ACTIVITIES Grant of advance for future capital increase 0 0 0 0 Receipt of loans and financing 2,016 795,946 2,016 445,644 Receipt of financial charges 221 359,454 221 209,590 Acquisition of fixed assets -238,919 -335,909 -1,165,698 -1,281,112 Acquisition of intangible assets -225,124 -117,042 -381,502 -274,879 Restricted cash -148,929 17,035 -236,182 -108,228 Financial (withdrawals)/contributions (securities) -4,233,507 3,919,935 -10,484,543 -429,693 Receipt of charges (securities) 739,392 301,813 1,359,952 413,724 Debentures Acquisition -1,500,494 0 -1,500,494 0 Transmission infrastructure - contractual asset -1,167,090 -1,145,205 -4,849,065 -3,043,066 Capital acquisition/contribution of equity holdings -196,718 -720,752 -694,269 -873,311 Disposal of equity holdings 2,068,708 189,823 2,421,088 2,884,072 Net cash in the incorporation of subsidiaries 0 0 0 0 Net cash in the acquisition of control of investees -256,875 0 -146,939 0 Others 0 0 0 0 Net cash provided by investment activities of discontinued operations 0 0 0 0 Net cash provided by (used in) investing activities -5,157,319 3,265,098 -15,675,415 -2,057,259 Increase (decrease) in cash and cash equivalents 215,826 -10,293,066 -6,751,560 -8,071,161 Cash and cash equivalents at the beginning of the period 4,660,994 16,387,945 16,417,860 26,572,522 Cash and cash equivalents at the end of the period 4,876,820 6,094,879 9,666,300 18,501,361 PARENT COMPANY CONSOLIDATED 09/30/2026 09/30/2025 09/30/2026 09/30/2025
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11.5. Appendix 5 - IFRS vs. Regulatory Reconciliation Table 41 - Reconciliation IFRS vs. regulatory (R$ thousand) OPERATING REVENUES Generation Power supply for distribution companies 11,207,527 11,207,527 0 13,951,211 13,833,218 117,993 Power supply for end consumers 2,561,653 2,561,653 0 1,349,467 1,349,467 0 CCEE revenue (short term market) 8,606,965 8,606,965 0 3,923,394 3,923,394 0 Operation and maintenance (O&M) revenue 915,170 915,170 0 1,502,653 1,502,653 0 Transmission Operation and maintenance revenue 5,855,256 0 5,855,256 6,177,346 0 6,177,346 Construction revenue 4,303,148 0 4,303,148 2,990,824 0 2,990,824 Contract revenue – Transmission 5,415,739 0 5,415,739 5,741,942 0 5,741,942 Transmission System Availability (Rap) 0 13,291,550 -13,291,550 0 13,655,618 -13,655,618 Other income 447,196 447,195 1 391,871 391,872 -1 Deductions (-) Sector charges -1,913,398 -1,913,398 0 -1,994,085 -1,994,084 -1 (-) ICMS -302,520 -302,520 0 -224,986 -224,986 0 (-) PASEP e COFINS -3,157,338 -3,158,412 1,074 -3,190,461 -3,190,461 0 (-) Other Deductions -2,690 -2,690 0 -3,540 -3,540 0 Net Operating Revenue 33,936,708 31,653,040 2,283,668 30,615,636 29,243,151 1,372,485 OPERATING COSTS Personnel, Material and Services -2,034,394 -2,034,476 82 -1,954,915 -1,954,837 -78 Energy purchased for resale -3,879,935 -3,879,935 0 -4,629,606 -4,904,602 274,996 Charges for use of the electricity grid -2,935,968 -2,476,968 -459,000 -2,960,926 -2,514,835 -446,091 Fuel for electricity production -1,600 -1,600 0 -975,346 -975,346 0 Construction -4,483,684 0 -4,483,684 -3,043,066 0 -3,043,066 Depreciation -1,442,254 -2,736,038 1,293,784 -1,443,360 -2,836,739 1,393,379 Amortization -1,950,227 -1,953,797 3,570 -1,695,641 -1,701,363 5,722 Operating provisions/reversals 0 0 0 0 0 0 Other costs -246,945 -246,945 0 -140,798 -126,124 -14,674 Operating costs -16,975,007 -13,329,759 -3,645,248 -16,843,658 -15,013,846 -1,829,812 GROSS PROFIT 16,961,701 18,323,281 -1,361,580 13,771,978 14,229,305 -457,327 OPERATING EXPENSES CVM IFRS Regulatory Differences CVM IFRS Regulatory Differences 09/30/2026 09/30/2025
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Personnel, Material and Services -1,956,978 -1,962,263 5,285 -2,198,635 -2,209,709 11,074 Voluntary Dismissal Program -22,003 -22,003 0 -225,624 -225,624 0 Remuneration and compensation 0 0 0 0 0 0 Depreciation -232,780 -240,364 7,584 -155,718 -150,481 -5,237 Amortization -169,162 -204,904 35,742 -104,506 -106,589 2,083 Donations and contributions -16,279 -16,279 0 -51,729 -51,729 0 Operating provisions/reversals -1,242,024 -528,389 -713,635 -495,482 227,776 -723,258 Result from asset sales -983,540 1,038,705 -2,022,245 -7,176,177 -6,317,107 -859,070 Other expenses -291,595 -298,812 7,217 -340,620 -363,256 22,636 OPERATING EXPENSES -4,914,361 -2,234,308 -2,680,053 -10,748,491 -9,196,719 -1,551,772 Regulatory Remeasurements - Transmission Contracts -22,140 0 -22,140 -4,081,630 0 -4,081,630 OPERATING RESULT BEFORE FINANCIAL RESULT 12,025,200 16,088,973 -4,063,773 -1,058,143 5,032,586 -6,090,729 FINANCIAL RESULT -8,385,284 -9,030,919 645,635 -8,620,094 -9,097,414 477,320 PROFIT BEFORE EQUITY HOLDINGS 3,639,916 7,058,054 -3,418,138 -9,678,237 -4,064,828 -5,613,409 Equity income 1,440,096 1,456,430 -16,334 1,506,539 642,891 863,648 Other income and expenses -92,735 -92,095 -640 233,615 233,615 0 OPERATING PROFIT BEFORE TAX 4,987,277 8,422,388 -3,435,111 -7,938,083 -3,188,322 -4,749,761 Current income tax and social contribution -358,352 -358,352 0 -757,481 -757,481 0 Deferred income tax and social contribution 305,330 -304,110 609,440 1,568,725 -135,889 1,704,614 NET INCOME FOR CONTINUING OPERATIONS 4,934,255 7,759,926 -2,825,671 -7,126,839 -4,081,692 -3,045,147 Portion attributable to controlling 4,931,662 7,757,333 -2,825,671 -7,127,116 -4,081,969 -3,045,147 Portion attributable to non-controlling 2,593 2,593 0 277 277 0 NET INCOME (LOSS) FOR DISCONTINUED OPERATIONS 0 0 0 0 0 0 Portion attributable to controlling 0 0 0 0 0 0 Portion attributable to non-controlling 0 0 0 0 0 0 NET INCOME FOR THE YEAR 4,934,255 7,759,926 -2,825,671 -7,126,839 -4,081,692 -3,045,147 Portion attributable to controlling 4,931,662 7,757,333 -2,825,671 -7,127,116 -4,081,969 -3,045,147 Portion attributable to non-controlling 2,593 2,593 0 277 277 0 CVM IFRS Regulatory Differences CVM IFRS Regulatory Differences 09/30/2026 09/30/2025
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