Slides
Page 2
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 complies with international accounting standards (IFRS) issued by the International Accounting Standard Board (IASB). The Regulatory Results 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. DISCLAIMER
Page 3
ASSETS’ UNWINDING: IE MADEIRA & IE GARANHUNS 3 1 Regulatory Accounting | 2 Interest on Equity | 3 Construction Cost (IFRS), nominal terms | 4 Amount in real terms, base date Sept/26 | 5Pro forma excludes “One-Off Accounting Effect (Assets’ Unwinding)”: Non-recurring, non-cash accounting impact of the assets’ unwinding (fair value adjustment of assets, bargain purchase of IE Madeira and gain on disposal of IE Garanhuns) | 6 Adjusted for the non-controlling shareholder's interest in exclusive investment funds | 7 Non-recurring, non-cash accounting impact of the assets’ unwinding (fair value adjustment of assets, bargain purchase of IE Madeira and gain on disposal of IE Garanhuns). PRIMARY FOLLOW-ON 3Q26 HIGHLIGHTS INVESTMENTS TOTAL INVESTMENT3: R$1.1 bn -9% vs. 3Q25 ISAE4 RESULTS¹ Progress in strategy execution and materialization of operational growth R&I AUTHORIZED PIPELINE: R$7.6 bn4 +5% vs. 2Q26 Retrofitting and Improvements (R&I): R$578.5 mm +32% vs. 2Q25 Greenfield: R$524.9 mm -32% vs. 2Q25 ONE-OFF ACCOUNTING EFFECT7 SHAREHOLDER DISTRIBUTIONS: R$398.7 mm IN IOE2 2026/2027 CYCLE READJUSTMENT: +R$708.9 mm IN AAR 48% out of total 52% out of total EBITDA: R$3.2 bn +259% vs. 3Q25 Pro forma EBITDA5 +41% vs. 3Q25 NET INCOME6: R$1.9 bn +246% vs. 3Q25 Pro forma Net Income5 +14% vs. 3Q25 EBITDA +R$1.9 bn NET INCOME +R$1.3 bn NET REVENUE: R$1.5 bn +41% vs. 3Q25 3Q26 | Highlights Closing on Jul/31/26 ASSETS’ UNWINDING
Page 4
4 PRIMARY FOLLOW-ONISAE4 ASSETS’ UNWINDING PN SHARES ISSUED 44.4 mm Base offering + hot issue CASH PAYMENT R$1.2 bn INCREMENTAL AAR² +R$306.1 mm + 49% x R$796.7 mm (IE Madeira) - 51% x R$165.3 mm (IE Garanhuns) +R$1.9 bn EBITDA PRE-TRANSACTION POST-TRANSACTION IE Madeira 51% IE Garanhuns 51% IE Madeira 100% Sale of 100% of IE Garanhuns CAPITAL INCREASE R$1.2 bn Total amount AVERAGE DAILY TRADING VOLUME ( ADTV) R$51 mm 9M25 +68% R$85 mm 9M26 SHAREHOLDER BASE 43% ON+PN in Sept25 +4 p.p. 47% ON+PN in Sept/26 (EXCLUDING ISA AND AXIA’S STAKES)6 TRANSACTION RESULTS Diversification of the shareholder base, increased liquidity and Madeira integration ONE-OFF ACCOUNTING EFFECT³ +R$1.3 bn Net Income • 100% transfer to the COT4 in Cabreúva • ONS Award for Operational Quality: Direct Current category (HVDC5) 3Q26 | Highlights 1 Base offering of 22.2 million shares + 22.2 million hot-issue shares | ² As of August 2026 | ³ Non-recurring, non-cash accounting impact of the assets’ unwinding (fair value adjustment of assets, bargain purchase of IE Madeira and gain on disposal of IE Garanhuns) | ⁴ Transmission Operations Center (COT) | ⁵ High Voltage Direct Current (HVDC) | ⁶ Shareholders with more than 5% of the Share Capital that did not participate in the follow on COMPLETION OF OPERATIONAL INTEGRATION IE MADEIRA From Aug/26
Page 5
5 1 Construction Cost (IFRS), value in nominal terms | 2 Evolution of all activities related to the project until its energization | ³ ANEEL CAPEX in real terms, base date Sep/26. New concessions under construction on time and on budget with CAPEX reduction following energizations 3Q26 | Investments - Greenfield 64% 35% 64% 35% 64% 35% 64% 35% AAR Cycle 26/27 CAPEX ANEEL3 COD ANEELPROJECTS PHYSICAL PROGRESS52 3,753 2,735 337 260 Mar/29 Mar/29 768 525 3Q25 3Q26 -32% (-243) 768 525 768 525 768 525 2023 2024 2025 9M25 9M26 847 2,263 3,424 2,292 1,985 +101% -13% (-307) GREENFIELD PROJECTS IN PROGRESSGREENFIELD INVESTMENTS1 R$ million R$ million Serra Dourada Itatiaia ~R$4.1 bnREMAINING CAPEX (Oct/26 – 2028)3 +15 p.p. vs. 2Q26 +2 p.p. vs. 2Q26
Page 6
6 3Q26 | Investments – R&I Investments in R&I grow 32% and authorized portfolio reaches R$7.6 billion +946 Jun/26 pipeline -578 3Q26 investments New authorizations and updates Sep/26 pipeline 7,246 7,614 +5% (+368) R$ million AUTHORIZED PIPELINE 4 52% 48% 2023 49% 51% 2024 47% 53% 2025 48% 52% 9M25 54% 46% 9M26 1,220 1,371 1,690 1,123 1,394 +18% +24% (+271) 45% 55% 3Q25 57% 43% 3Q26 438 578 +32% (+141) Reinforcements Improvements 2.8x 3.1x 3.8x CAPEX/QRR² ENERGIZED PROJECTS3 | 9M26 1 Construction Cost (IFRS), value in nominal terms | 2 Regulatory depreciation | ³ CAPEX in nominal terms | 4 Value in real terms, base date Sep/26. 16% 84% 16% 84% 16% 84% 16% 84%Large-scale Small-scale ~R$950 mm R&I INVESTMENTS1 R$ million 3.4x 4.2x
Page 7
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031... 1.4 1.9 2.1 3.6 5.1 +38% EVOLUTION OF TOTAL INVESTMENT R$ billion Greenfield Investment R&I Investment Authorized Investment 7 1 Includes greenfield projects and Retrofitting and Improvements, in real terms, base date Sept/26. 3Q26 | Investments Authorized investment 1 (Oct/26 – 2033) ~R$12 bn Greenfield: ~R$4.1 bn R&I: ~R$7.6 bn Capital allocation discipline and long-term growth supported by recurring R&I investments
Page 8
608 1,400 9M26 464 3Q25 471 3Q26 1,496 9M25 1,072 1,511 3,233 3,981 1,039 1,737 2,581+71% (+431) +49% (+844) +41% (+438) +23% (+748) RBSE Net Operating Revenue (ex-RBSE) HIGHLIGHTS Net Operating Revenue (ex-RBSE) ▲ IE Madeira consolidation; PAULISTA CONCESSION ▲ Energized large-scale R&I projects (LTM5); NEW CONCESSIONS ▲ AAR of R$479 mm from energized projects (LTM5): Riacho Grande (4Q25), Jacarandá (2Q26) and Piraquê (2Q26); PA AND ANTICIPATIONS ▲ PA of the tariff cycle adjustment (25/26 vs. 26/27); ▼ Lower volume of anticipations related to the surplus or deficit of collection in the sector. ▲ Adjustment of the AAR for the 2026/2027 cycle by the IPCA (4.72%). NET REVENUE R$ million 8 +51 +139 +7 +136 Paulista Concession² New concessions² RBSE Net Revenue 3Q26 IE MadeiraPro forma Net Revenue 3Q264 Other³PA, PV and Anticipation -27 +132 1,072 1,379 1,511 Net Revenue 3Q25 +29% (+306) +41% (+438) 1 Regulatory Accounting | ² Considers IPCA inflation adjustment and energization of projects | ³ Charges and taxes on revenue |⁴ Excludes net revenue of IE Madeira for August and September 2026 | ⁵ LTM: last twelve months. Revenue grows 41% with energizations, tariff adjustment and consolidation of IE Madeira 3Q26 | Results¹
Page 9
888 3Q25 1,938 3Q26 9M25 1,938 9M26 3,190 5,178 1,252 2,601 3,240 +259% (+2,302) +99% (+2,577) 187 235 3Q25 3Q26 +26% (+48) EBITDA ▲ Effects from the consolidation of IE Madeira and the assets unwinding of R$27.8 million; ▲ Higher personnel expenses following the signing of the collective bargaining agreement; ▲ Expenses on cleaning and mowing services. R$ million 36% 34% 32% PMSO/Net Operating Revenue (ex-RBSE) 749 804 771 552 625 2023 2024 2025 9M25 9M26 PMSO² 32% 24% 1 Regulatory Accounting | ² Personnel, Material, Services and Others | ³ Aimorés, Paraguaçu and Ivaí| ⁴ Non-recurring, non-cash accounting impact of the assets’ unwinding (fair value adjustment of assets, bargain purchase of IE Madeira and gain on disposal of IE Garanhuns) | ⁵ LTM: Last twelve months. R$ million OPERATING COSTS AND EXPENSES (PMSO²) One-off accounting effect (assets unwinding)4 Consolidated Pro forma +41% (+363) +25% (+639) 9 Pro forma EBITDA ▲ Recognition of the fair value adjustment of assets, bargain purchase gain of IE Madeira and gain on disposal of Garanhuns. ▲ Energizations of greenfield and large-scale R&I projects LTM5; ▲ Operating efficiency gain with revenue growth outpacing expense growth; ▲ Consolidation of IE Madeira (assets unwinding); ▲ Tariff cycle adjustment (25/26 vs. 26/27). One-Off Accounting Effect(assets’ unwinding) 4 223 217 303 232 9M25 9M26 527 449 -3% (-7) -15% (-78) IE Madeira & IE Garanhuns AIE’s³ HIGHLIGHTS Operating Costs and Expenses (PMSO²) Pro forma EBITDA grows 41% vs 3Q25 3Q26 | Results¹ EBITDA jointly controlled R$ million
Page 10
625 3Q25 1,279 3Q26 9M25 1,279 9M26 550 1,905 1,143 2,436 1,157 +246% (+1,355) +113% (+1,293) ▲ Assets’ unwinding (IE Madeira & IE Garanhuns); ▲ Increase in net revenue: ▲ Consolidation of IE Madeira; ▲ Project energizations; ▲ Tariff cycle adjustment (25/26 vs. 26/27); ▼ Depreciation from asset energization; ▼ Increase in financial expenses. 10 1 Regulatory Accounting | ² Adjusted for the non-controlling shareholder's interest in exclusive investment funds | ³ Personnel, Material, Services and Others | ⁴ Non-recurring, non-cash accounting impact of the assets’ unwinding (fair value adjustment of assets, bargain purchase of IE Madeira and gain on disposal of IE Garanhuns), net of income tax and social contribution (IRPJ/CSLL). 550 625 438 24 10 Net Revenue One-off Accounting Effect4 Net Income 3Q26 -48 PMSO³ Contingencies -83 Depreciation -51 Other revenue/costs -55 Financial Result -66 Equity Income Other -93 Income TaxesNet Income 3Q25 Pro forma Net Income 3Q26 1,905+1,279 +14% (+75) +246% (+1,355) Asset unwinding (IE Madeira & IE Garanhuns) Pro forma Net Income +14% (+75) +1% (+14) Net Income² HIGHLIGHTS R$ million R$ million NET INCOME² Pro forma net income grows 14%, reflecting energizations, tariff adjustment, and the consolidation of IE Madeira 3Q26 | Results¹ NET INCOME²
Page 11
Dec/25 Sept/26 14.1 17.0 +20% (+2.9) 3.63x 3.50x Leverage4: Net Debt/ EBITDA LTM R$ billion NET DEBT 2,3 R$19.8 bn (+24% vs. Dec/25) AMORTIZATION SCHEDULE R$ billion 61% 33% 5% 1% I n s t i t u t i o n a l 24 th DEBENTURE ISSUANCES OF THE PERIOD 23 rd Volume (R$ bn) 1.5 1 Maturity (years) 4 ~4.56 Cost CDI+0.42% p.a. CDI+0.42% p.a. Differential Lower spread among institutional debentures in the sector7 11 1 Regulatory Accounting | ² ISA ENERGIA BRASIL and its subsidiaries | ³ Net Debt does not consider cash and cash equivalents of non-consolidated companies | ⁴ Calculated in accordance with the BNDES financing methodology, measured annually. Considers LTM EBITDA | ⁵ Average real cost as of Sep 30, 2026considers the last twelve months' IPCA of 4.22% and of 4.46% in Dec/25 | ⁶ No disbursement to date. Payment to be made by Feb/27, as provided for in the offering deed | ⁷ Source: ANBIMA (Considers 2026 issuances in the electric sector with a term equal to or greater than 4 years). GROSS DEBT² IPCA CDI TJLP / TLP Other Balanced leverage to support the Company's growth 3Q26 | Results¹ 90% OF DEBT FROM 2030 ONWARDS Average Term 8.0 years (vs. 8.2 in Dec/25) Average Real Cost5 7.27% (vs. 7.56% in Dec/25) 3.0 Cash & Equivalents 0.2 2026 0.8 2027 0.5 2028 0.5 2029 2.5 2030 1.7 2031 1.3 2032 1.7 0.6 2034 2.8 2035 7.1 2036 a 2044 1% 4% 2% 2% 13% 9% 7% 9% 3% 14% 36% 2033
Page 12
12 SHAREHOLDER DISTRIBUTIONS¹ Payment Ex-Rights Date Payment Date Amount (R$ mm) Gross amount/ Share (R$) 1st Oct/09/26 Dec/07/26 132.9 0.1889 2nd Nov/10/26 132.9 0.1889 3rd Nov/26/26 132.9 0.1889 Announcement of Interest on Equity ("IOE"): R$398.7 mm R$0.566877 per share (ON and PN) Regarding the results of the 1st half of 2026 1 The calculation basis for 2026 dividends will be the Pro forma Regulatory Net Income, which excludes the One-Off Accounting Effect (Assets’ Unwinding) | Practice of distributing at least 75% of regulatory net income. 2023 2024 2025 8.3% 10.3% 6.7% 75% 75% 75% Regulatory PayoutDividend Yield Payout & Dividend Yield Delivery of value to shareholders with interim distribution of dividends 3Q26 | Shareholder distributions
Page 13
OPPORTUNITIES DRIVEN BY THE ENERGY TRANSITION AND REINFORCEMENTS OF EXISTING NETWORKS RESILIENT BUSINESS MODEL PREDICTABLE REVENUES AND PROTECTED AGAINST INFLATION FINANCIAL DISCIPLINE SUPPORTING GROWTH WITH DIVIDEND DISTRIBUTION COMPETITIVE ADVANTAGES PROVEN TRACK RECORD 1. 2. 3. 4. WHY INVEST IN ISAE4? LONG-TERM VISION CREATING POSITIVE SOCIAL AND ENVIRONMENTAL IMPACTS 5. 13
Page 14
14 Q&A SUBMIT YOUR QUESTIONS VIA THE Q&A BUTTON LOCATED AT THE BOTTOM BAR
Page 15
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