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DISCLAIMER The statements contained in this report regarding the business outlook of ISA ENERGIA BRASIL (B3: ISAE3, ISAE4) ("ISA ENERGIA BRASIL", "Company"), projections and its growth potential are mere forecasts and were based on management's expectations regarding the Company's future. These expectations are highly dependent on changes in the market, in the general economic performance of the country, the sector and international markets, and are subject to change. Future considerations are not guarantees of performance. They involve risks, uncertainties, and assumptions, as they refer to future events and, therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions and other operating factors may affect the future performance of ISA ENERGIA BRASIL and lead to results that differ materially from those expressed in such forward-looking considerations. The financial information has been prepared in accordance with CVM standards and CPCs, and is in accordance with international accounting standards (IFRS) issued by the International Accounting Standard Board (IASB). The Regulatory Result is presented, in accordance with the accounting practices adopted in Brazil. The purpose of disclosing the Regulatory Result is merely to contribute to the understanding of ISA ENERGIA BRASIL's business. Sums may differ due to rounding. The Regulatory result is audited only at the end of each fiscal year by the independent auditors.
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RAP¹: + R$ 84 mm 2Q25 HIGHLIGHTS REGULATORY DECISION REDUCES UNCERTAINTIES AND ENSURE PROGRESS IN PROJECTS EXECUTION ¹ RAP ex-PA | ² RAP cycle 25/26 | ³ Per tariff cycle for 25/26, 26/27 and 27/28 cycles RAP cycle 25/26¹ evolution (vs 24/25) Paulista Concession +10.2% RBSE -9.8% New concessions +5.1% FINANCIAL RBSE 16 months in advance ENERGIZING Água Vermelha Project RAP² +R$ 8.5 mm Final settlement at administrative level ✓ Calculation methodology: Postponed ✓ Two separate payment flows: Controversial & Incontrovertial ✓ WACC: Frequent update INVESTMENTSREVENUES (“RAP”) CYCLE UPDATE Reduction of the annual payment R$ 1.1 bn +72% vs. 2Q24 +1.3% ex-RBSE R$1,588 mm³ R$1,271 mm³ From: to:
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372 372 372 372 372 586 586 586 2013~2025 1,271 25/26 1,271 26/27 1,271 27/28 28/29 29/30 30/31 31/32 32/33 16,288 1,857 1,857 1,857 4 RBSE(3) RBSE(3) – Economic Component RBSE(3) – Financial Component (1) Values in real terms, base date Jun/25, considers Adjustment Portion (PA) (3) RBSE non-depreciated assets existing as of May 31, 2000 * The forecasted cash flow between 28/29 and 32/33 was estimated based on the report and the assumptions established in the 2023 tariff review. The final values will be defined in the 2028 tariff review (4) RBSE DECISION REDUCES UNCERTAINTIES AND ENSURES THE PAYMENT OF R$ 3.8 bn OF THE FINANCIAL COMPONENT R$ million i. . Maintenance of the postponed methodology for calculating and paying the amounts; ii. New payment profile: (two separate payment flows); iii. WACC update (RTP). Total amount (economic + financial) to be received between Jun/2025 and 2033: R$ 7.4 billion(1) 838 1,588 1,271 -47.2% -20.0% In force until Jun/25 Rapporteur vote ANEEL final decision Financial component annual payment
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5 REVENUES (“RAP”) CYCLE UPDATE GROWING REVENUE DESPITE REDUCTION OF FINANCIAL RBSE (R$ million) Paulista Concession (059)R$ 6,373 million R$ 3,546 million 3 3,546 (56%)1,804 (28%) 1,022 (16%) Paulista Concession (059/2001) New concessions in operation New concession under construction 54% 26% 20% RBSE O&M Retrofitting & Improvements +971 +334 +106 +26 RAP Cycle 24/25 RBSE IPCA Retrofitting & Improvements Evrecy end of concession term -19 PA RAP Cycle 25/26 +5,376 +1,022 RAP Cycle 25/26 (ex-PA) +5,351 6,289 6,373 6,398 -20 +5,319 +1,022 Others -317 +83 (+1%) RAP under construction Operational RAP POTENTIAL RAP¹² - CYCLE 2025/2026 ¹ Potential RAP considers values established at the time of publication of the respective RAP Approval Resolutions of the tariff cycles | ² disregards the Adjustment Plot (PA) of the 24/25 cycle
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GREENFIELD PROJECTS 6 PROJECTS’ PROGRESSION RAP² CapEx³ R$ 93 R$ 16R$ 8 R$ 322R$ 248R$ 343 R$ million Deadline4 Mar/26 Mar/26Sep/26 Mar/29Mar/29Sep/27 89% 67% 61% 23% 21% Água Vermelha Riacho Grande Piraquê Jacarandá Itatiaia Serra Dourada 100% 100% 100% 100% 100% 100% R$ million 5 projects under construction: • RAP²: R$ 1,022 million • Remaining CAPEX: ~R$ 7.3 billion5 INVESTMENTS¹ ADVANCING IN PROFITABLE INVESTMENTS WHILE INCREASING CORPORATE LONGEVITY R$ million R$ 1,141 R$ 232R$ 94 R$ 3,157R$ 2,342R$ 3,654 ¹ Construction Cost (IFRS), nominal value | ² RAP cycle 25/26 | ³ ANEEL Investment, real auction base date| 4 ANEEL Deadline | 5 Actual value, base date Jun/25 ~R$ 7.3 billion5 Remaining investment R$ million 2025 2026 2027 20282Q24 2Q25 299.8 722.8 +423.0 (+141%)
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7 Portfolio Mar/25 to 2029 -0.4 Investment 2Q25 +0.3 New Authorizations 2Q25 IPCA Readjustment (cycle) Portfolio Jun/25 to 2029² 5.5 +0.3 5.7 ¹ Construction Cost (IFRS), nominal value | ² Actual value, base date Jun/25 R$ million REINFORCEMENTS & IMPROVEMENTS 7 INVESTMENTS¹ AUTHORIZED PROJECTS² R$ billion RENOVATION AND EXPANSION INCREASING SAFETY AND RELIABILITY OF THE ASSET PARK R$ 379 million invested in 2Q25 and energization of 7 projects with CAPEX of R$ 321 million - Contracted organic growth - Synthetic competition - RAP/CAPEX: 12% - 17% 2025 2026 2027 2028 20292Q24 2Q25 340.4 379.3 +38.9 (+11%)
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¹ Regulatory Accounting | ² Net of PIS/Cofins | ³ Considers updating by IPCA and Energization of projects RESULTS¹ 8 NET REVENUE R$ million INCREASE IN OPERATIONAL NET REVENUE EX-RBSE +60 +174 +3 Net Revenue 2Q24 Remunaration of Assets’ Park³ -320 RBSE PA and Antecipations Charges, Taxes, PV and Others Net Revenue 2Q25 1,112 1,029 -84 (-7.5%) 526 762 2Q24 266 2Q25 1,173 1,048 1S24 782 1S25 1,112 1,029 2,221 2,160 1,378586+236 (+44.9%) +330 (+31.5%) -84 (-7.5%) -60 (-2.7%) RBSE Operational Net Revenue (ex-RBSE) Operational Net Revenue ex-RBSE ▲ RAP corrected by IPCA for the 24/25 cycle (+3.93%) ▲ RAP's incorporation of large-scale R&I projects ▲ Energization of: Minuano in 4Q24 (RAP: R$50 million); Água Vermelha in 2Q25 (RAP: R$ 8 million) RBSE ▲ Correction by IPCA for the 24/25 cycle (+3.93%) ▼ Reduction of the Economic Component (movement of the asset base) ▼ Reversal of the surplus balance of PA of Ke's recognized in the financial component of RBSE: R$ 249.7 mm² ▲ Effects of Paulista Concession Periodic Tariff Review as of July 2024 ▲ RAP's incorporation of small-scale R&I projects ▼ Movement of RBNI asset bases ▲ Company’s claim on Paulista Concession Tariff Review accepted by ANEEL: R$ 147.4 mm² ▲ Annuity Improvements: Resumption of receipt after the RTP of the Paulista Concession: R$ 10.2 mm & retroactive receipt of the previous tariff cycle (23/24): R$ 10.2 mm.
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RESULTS¹ 99 182 171 344 336 891 790 2Q24 2Q25 1H24 1H25 1,788 1,713 -11 (-6.1%) -101 (-11.4%) -8 (-2.4%) -75 (-4.2%) Jointly-controlled subsidiaries Consolidated NET INCOME³ ¹ Regulatory Accounting | ² Personnel, Material, Services and Others | ³ Adjusted for the non-controlling shareholder's interest in exclusive investment funds EBITDA R$ million NET INCOME IMPACTED BY ANEEL DECISION ON RBSE ANWORSE FINANCIAL EXPENSES R$ million 201 187 382 364 2Q24 2Q25 1H24 1H25 -15 (-7.2%) -18 (-4.6%) Total PMSO / Net Revenue (ex-RBSE) 38% 30% PMSO 36% 30% OPERATING COSTS AND EXPENSES (PMSO)² R$ million ▼ Non-recurring and non-cash PA effect (Ke RBSE) ▲ Successful claim on the results of Paulista Concession Tariff Review ▲ Active cost management for continuous operational efficiency trend ▼ Higher level of depreciation due to a bigger assets’ base and energization of projects ▼ Expesnses with decommissioning and disposal of assets due to higher R&I investments ▼ Higher financial expenses due to higher indebtedness for projects’ execution and worsening of macroeconomic indexes ▲ Smaller pre-tax results and extemporaneous IR/CSLL credits +15 +90-8 PMSO Equity Income -112 Financial Result -35 426 256 Others Net Income 2Q25 Income taxes Net Income 2Q24 -84 Net Revenue -36 Depreciation -170 (-39.9%)
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¹ ISA ENERGIA BRASIL and subsidiaries | ² Net Debt does not consider the cash equivalents of non-consolidated companies | ³ Calculation according to the BNDES financing methodology, annual measurement | 4 IPCA in the last 12 months (5.32%) Dec-24 Jun-25 10,230 12,831 +2,601 (+25.4%) 2.72x 3.43x INDEBTEDNESS Net Debt 56% 38% 5% 1% IPCA CDI TJLP / TLP Others 254 465 848 850 163 668 Cash and Equivalents 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036-2044 1,830 1,255 1,441 1,692 1,270 1,268 3,888 Amortization profile 10 Average Term 7.6 years Average Cost4 13.3% a.a. IPCA + 7.6% a.a. Investment Grade (Fitch) AAA (br) Net debt¹ ² R$ million R$ million Leverage: Net Debt / EBITDA R$ 14.1 Billion FINANCIAL DISCIPLINE FOR BALANCE BETWEEN GROWTH AND EARNINGS’ DISTRIBUTION ³ Gross debt
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11 Energy Consumption¹ (MWh) SF6 Gas Loss (Kg) Water Consumption² (Thousand M³) ECO INDICATORS ¹ Considers energy consumption coming exclusively from the utility | ² Considers the consumption of water from the distributor and tubular well 95 33 220 92 2Q24 2Q25 1S24 1S25 -65% -58% 13 14 25 29 2Q24 2Q25 1S24 1S25 +10% +16% 2Q24 2Q25 1S24 1S25 1,008 1,044 2,037 2,112 +4% +4% SUSTAINABILITY COMMITMENT TO GENERATING POSITIVE SOCIAL AND ENVIRONMENTAL IMPACT 3rd consecutive year in the ISE B3 portfolio Advance 17 positions vs 2024 to 24th place among 82 selected companies
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12 OPPORTUNITIES DRIVEN BY ENERGY TRANSITION AND REINFORCEMENTS OF EXISTING NETWORKS RESILIENT BUSINESS MODEL PREDICTABLE AND INFLATION-PROOF REVENUES FINANCIAL DISCIPLINE SUPPORTING GROWTH WITH EARNINGS’ DISTRIBUTION COMPETITIVE ADVANTAGES PROVEN BY TRACK RECORD 1. 2. 3. 4. WHY INVEST IN ISAE4? LONG-TERM VISION CREATING POSITIVE SOCIAL AND ENVIRONMENTAL IMPACTS5.
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ENERGY THAT GIVES LIFE TO THE TRANSITION Send your questions through the Q&A button Q&A 13
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I N V E S T O R R E L A T I O N S @isaenergiabr ri.isaenergiabrasil.com.br ri@brasil.isaenergia.com