AXIA Energia S.A 6-K, filed Feb 27, 2026
AXIA Energia S.A. (AXIAY)
About this 6-K
AXIA Energia S.A filed this 6-K on February 27, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of February, 2026
Commission File Number 1-34129
CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS
(Exact name of registrant as specified in its charter)
BRAZILIAN ELECTRIC POWER COMPANY
(Translation of Registrant's name into English)
Rua da Quitanda, 196 – 24th floor,
Centro, CEP 20091-005,
Rio de Janeiro, RJ, Brazil
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F _______
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No___X____
| TABLE OF CONTENTS | |
| 1. CONSOLIDATED RESULT | IFRS AND REGULATORY | 8 |
| 2. ADJUSTED CONSOLIDATED RESULT | IFRS AND REGULATORY | 9 |
| 3. ENERGY TRADING | 12 |
| 4. INVESTMENTS AND EXPANSION PROJECTS | 12 |
| 5. INDEBTEDNESS | 15 |
| 6. COMPULSORY LOAN | 16 |
| 7. CASH FLOW | 17 |
| 8. FINANCIAL PERFORMANCE | 18 |
| 8.1. Operational and Financial Results | 18 |
| 8.2. Generation Segment | 20 |
| 8.3. Transmission Segment | 24 |
| 8.4. Operating Costs and Expenses - IFRS | 26 |
| 8.5. Equity Holdings - IFRS | 30 |
| 8.6. Financial Result - IFRS | 32 |
| 8.7. Current and Deferred Taxes - IFRS | 33 |
| 9. OPERATIONAL PERFORMANCE | 34 |
| 9.1. Generation Segment | 34 |
| 9.2. Transmission Segment | 37 |
| 9.3. ESG | 38 |
| 10. APPENDIX | 39 |
| 10.1. Appendix 1 - Generation and Transmission Revenue IFRS | 39 |
| 10.2. Appendix 2 - PMSO Breakdown | 40 |
| 10.3. Appendix 3 - Financing and Loans Granted (Receivables) | 40 |
| 10.4. Appendix 4 - Accounting Statements | 41 |
| 10.5. Appendix 5 - IFRS vs. Regulatory Reconciliation | 46 |
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AXIA ENERGIA RELEASES FOURTH QUARTER 2025 RESULTS
4Q25 Main Events
4Q25 results: The quarter reflected positive effects from energy sales, resulting in improved generation contribution margins, lower Personnel, Materials, Services, and Other (PMSO) expenses, expanded transmission margins, and reduced provision volumes. These advances evidenced the strategy of optimizing the energy portfolio, the continuous pursuit of operational efficiency, and consistent action in mitigating contingencies.
Rebranding: In October 2025, the Company announced a new chapter in its trajectory as the largest clean energy company in the Southern Hemisphere with the launch of the AXIA Energia brand, representing a future vision of a company guided by financial discipline, operational excellence, and consistent value creation.
Extinction of the Direct Action of Unconstitutionality (ADI) 7,385: On December 11, 2025, the Supreme Federal Court (STF) ratified the Settlement Agreement between the Company and the Federal Government within the Federal Administration's Mediation and Conciliation Chamber (CCAF), thereby extinguishing the ADI.
Stock bonus: In December 2025, the Company approved the capitalization of R$ 30 billion from profit reserves through the issuance of Class C preferred shares (PNC) as a stock bonus. Additionally, the Company created immediately and compulsorily redeemable preferred shares (PNR) for holders of Class A and B preferred shares to enable payment of the premium to which preferred shareholders are entitled.
Portfolio management: Management delivered significant and consistent milestones in October, accelerating the Company's streamlining and de-risking efforts. Key transactions include:
| ▪ | Completion of the sale of the Santa Cruz TPP, the last thermal asset. With this transaction, AXIA Energia now holds a 100% renewable portfolio, aligned with its Net Zero 2030 commitment |
| ▪ | Execution of the sale agreement for Eletronuclear |
| ▪ | Execution of the acquisition agreement for Tijoá Energia |
In addition, we completed the sale of EMAE stake in January 2026.
Investments: R$ 3,869 million in 4Q25, up by 43% and 28% compared to 3Q25 and 4Q24, respectively. It is worth noting the 57% YoY increase in transmission segment investments in reinforcements and improvements, which reached R$ 1,992 million in the quarter and the annual record of R$ 4,757 million in 2025.
Still within the transmission segment, 224 large-scale projects are under implementation, representing an additional RAP of R$ 1.8 billion between 2025 and 2030 with a total estimated CAPEX of R$ 14.0 billion.
Financial management: net debt totaled R$ 46,484 million in 4Q25, up by R$ 3,908 million and R$ 8,814 million compared to 3Q25 and 4Q24, respectively. This increase was due to the higher gross debt and lower available cash, resulting from the R$ 4.3 billion dividend payment in December 2025, which consumed a portion of the R$ 4.1 billion in free cash generated during the period. The average debt maturity decreased by 3.6 months while the average cost rose to CDI + 0.63% p.a. in 4Q25 from CDI + 0.07% p.a. in 4Q24, reflecting a 275 bps increase in the benchmark interest rate (Selic).
Capital raising transactions worth highlighting:
| ▪ | Axia Norte raised R$ 2 billion and Axia Energia raised R$ 1 billion through debenture issuances in December 2025 |
| ▪ | Axia Energia raised R$ 2 billion through debenture issuance in February 2026 |
Compulsory loan: the provision inventory was reduced by R$ 2.6 billion YoY and R$ 663 million sequentially, totaling R$ 11.1 billion in 4Q25. Agreements reached and favorable decisions led to a net reversal of R$ 138 million in the quarter.
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4Q25 Financial Highlights
Adjusted regulatory net revenue: R$ 9,915 million in 4Q25, down 5.5% YoY, reflecting lower generation revenue due to the sale of thermal power plants and the R$ 250 million negative impact from wind farm reimbursements, partially offset by the higher transmission revenue. On a sequential basis, the increase in generation revenue partially offset the decline in transmission revenue, which was explained by lower collection of items that will be compensated through PA in the following cycle, amounting to R$ 225 million.
Contribution margin from generation, ACL + MCP: The contribution margin from energy traded in the Free Contracting Environment (ACL) and settled in the Short Term Market (MCP) increased to R$ 101/MWh in 4Q25 from R$ 78/MWh in 4Q24, considering the resources available for allocation in both segments.
Contribution margin from transmission: R$ 3,924 million in 4Q25, up 3.1% vs. R$ 3,805 million in 4Q24, mainly reflecting the lower PA in the current tariff cycle. Sequentially, when compared to the R$ 4,187 million recorded in 3Q25, the R$ 263 million decrease in the contribution margin was mainly explained by the R$ 225 million mentioned above (additional information on page 25).
Adjusted PMSO:
| ▪ | IFRS: R$ 1,763 million in 4Q25, down 14.4% compared to R$ 2,060 million in 4Q24. |
| ▪ | Regulatory: R$ 1,761 million in 4Q25, down 15.9% compared to R$ 2,093 million in 4Q24. |
| ▪ | Two key events in the quarter impacted both IFRS and regulatory frameworks: |
| ▪ | R$ 108 million related to changes applied to the Profit Sharing (PLR) and Long-Term Incentive programs (ILP) at the end of 4Q25 to reinforce the alignment between performance, value generation and the Company's strategic priorities |
| ◦ | R$ 60 million in rebranding expenses related to the AXIA Energia brand launch announced in October |
Adjusted Provision:
| ▪ | IFRS: R$ 129 million provision in 4Q25, compared to a R$ 406 million provision in 4Q24. |
| ▪ | Regulatory: R$ 147 million provision in 4Q25, compared to a R$ 150 million provision in 4Q24. |
Adjusted Regulatory EBITDA: EBITDA reached R$ 5,745 million in 4Q25, up 12.9% YoY, delivering consistent evolution, driven by:
| ▪ | A 5.8% increase in transmission revenues |
| ▪ | A 15.9% drop in PMSO expenses, reflecting the continuous pursuit of operational efficiency |
| ▪ | A 28.9% increase in equity income, even excluding Eletronuclear and EMAE |
These advances more than offset the 12.4% decrease in generation revenue.
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Table 1 - Adjusted Regulatory EBITDA
| 4Q25 | 3Q25 | 4Q24 | |
| Generation, transmission and others | 10,067 | 9,646 | 10,356 |
| Non-adjusted revenue, generation: wind plant reimbursement | -250 | 0 | 0 |
| Non-adjusted revenue, transmission: pass-through items, compensated through the Adjustment Portion (PA) in the following cycle | 98 | 323 | 139 |
| Net Revenue | 9,915 | 9,969 | 10,495 |
| Energy for resale, grid charges and fuel | -2,733 | -2,732 | -3,528 |
| Personnel, Materials, Services and Others | -1,761 | -1,538 | -2,093 |
| Costs and expenses | -1,593 | -1,537 | -2,093 |
| Non-adjusted expense: improvements of the PLR and ILP programs | -108 | 0 | 0 |
| Non-adjusted expense: rebranding | -60 | -1 | 0 |
| Results before Provisions and Equity Interests | 5,421 | 5,699 | 4,874 |
| Operating Provisions | -147 | 207 | -150 |
| Results before Equity Interests | 5,274 | 5,906 | 4,724 |
| Equity holdings | 470 | 476 | 365 |
| EBITDA | 5,745 | 6,382 | 5,089 |
Chart 1 - Results before Provisions and Equity Interests: non-adjusted events
(1) Pass-through items that will be compensated through the Adjustment Portion (PA) in the following cycle.
(2) Rebranding expense was R$ 60 million in 4Q25 and R$ 1 million in 3Q25, summing up to R$ 61 million in 2025.
Income and Social Contribution Taxes on Net Income, IFRS: The highlight in 4Q25 was the recognition of R$ 12,362 million in deferred tax assets, explained by changes in estimates of future taxable income. It is worth noting that the amount of R$ 2,493 million, relating to non-operating results, remains unrecognized.
Adjusted IFRS Net Income: Reached R$ 1,251 million, up 141% YoY, driven by lower PMSO expenses, reduced provisions, and decreased income tax and social contribution expenses, which more than offset the decline in generation contribution following thermal plant divestments.
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MAIN OPERATIONAL AND FINANCIAL INDICATORS
Table 2 - Operating highlights
| 4Q25 | 4Q24 | ∆% | 3Q25 | ∆% | 12M25 | 12M24 | ∆% | |
| Generation and Trading | ||||||||
| Installed Generation Capacity (MW) | 43,872 | 44,246 | -0.8 | 44,368 | -1.1 | 43,872.3 | 44,245.7 | -0.8 |
| Assured Capacity (aMW) (1) | 21,376 | 21,915 | -2.5 | 21,655 | -1.3 | 21,376.2 | 21,914.8 | -2.5 |
| Net Generation (TWh) | 29.2 | 30.3 | -3.8 | 24.5 | 19.0 | 137.9 | 143.6 | -4.0 |
| Energy Sold ACR (TWh) (2) | 7.8 | 9.0 | -12.8 | 8.0 | -1.6 | 34.6 | 40.3 | -14.3 |
| Energy Sold ACL (TWh) (3) | 18.1 | 18.0 | 0.7 | 16.4 | 10.2 | 70.6 | 63.3 | 11.5 |
| Energy Sold Quotas (TWh) (4) | 5.4 | 8.6 | -37.0 | 5.0 | 7.9 | 20.8 | 34.5 | -39.7 |
| Average ACR Price (R$/MWh) (5) | 217.25 | 236.21 | -8.0 | 220.75 | -1.6 | 217.8 | 227.9 | -4.4 |
| Average ACL Price (R$/MWh) | 174.78 | 165.25 | 5.8 | 164.89 | 6.0 | 160.8 | 158.7 | 1.3 |
| Transmission | ||||||||
| Transmission lines (km) | 74,769 | 74,013 | 1.0 | 74,769 | 0.0 | 74,769.4 | 74,013.1 | 1.0 |
| RAP (R$ mm) (6) | 16,733 | 17,095 | -2.1 | 16,644 | 0.5 | 67,750 | 69,668 | -2.8 |
(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 (Sep/23), Baguari (Oct/23), Retiro Baixo (Nov/23) and Santo Antonio (Nov/23); (f) it does not yet reflect the closing of the sale of the Santa Cruz TPP, concluded in Oct/25, or the consolidation of the Três Irmãos HPP, a transaction signed in Oct/25 that is still pending closing.
(2) Does not include quotas.
(3) Includes contracts under Law 13,182/2015.
(4) The figures shown are the Assured Capacity of quotas in GWh.
(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
| 4Q25 | 4Q24 | ∆% | 3Q25 | ∆% | 12M25 | 12M24 | ∆% | |
| Financial Indicators | ||||||||
| Gross Revenue (R$ mn) | 12,376 | 13,914 | -11.1 | 11,725 | 5.6 | 48,405 | 47,725 | 1.4 |
| Adjusted Gross Revenue (R$ mn) | 12,376 | 13,914 | -11.1 | 11,751 | 5.3 | 48,540 | 47,725 | 1.7 |
| Net Operating Revenue (R$ mn) | 10,666 | 12,025 | -11.3 | 10,003 | 6.6 | 41,282 | 40,182 | 2.7 |
| Adjusted Net Operating Revenue (R$ mn) | 10,666 | 12,025 | -11.3 | 10,029 | 6.4 | 41,417 | 40,182 | 3.1 |
| Regulatory Net Operating Revenue (R$ mn) | 9,915 | 10,495 | -5.5 | 9,969 | -0.5 | 39,158 | 40,145 | -2.5 |
| EBITDA (R$ mn) | 4,442 | 5,027 | -11.6 | -1,495 | -397.1 | 8,524 | 26,237 | -67.5 |
| Adjusted EBITDA (R$ mn) | 4,209 | 4,672 | -9.9 | 5,890 | -28.5 | 19,666 | 25,488 | -22.8 |
| Regulatory EBITDA (R$ mn) | 6,373 | 5,444 | 17.1 | -601 | n.m. | 17,077 | 24,235 | -29.5 |
| Adjusted Regulatory EBITDA (R$ mn) | 5,745 | 5,089 | 12.9 | 6,382 | -10.0 | 23,004 | 23,487 | -2.1 |
| EBITDA Margin (%) | 41.6 | 41.8 | -0.2pp | -14.9 | 56.6pp | 20.6 | 65.3 | -44.6pp |
| Adjusted EBITDA Margin (%) | 39.5 | 38.9 | 0.6pp | 58.7 | -19.3pp | 47.5 | 63.4 | -15.9pp |
| Net Income (R$ mn) | 13,686 | 1,112 | n.m. | -5,448 | -351.2 | 6,560 | 10,381 | -36.8 |
| Adjusted Net Income (R$ mn) | 1,251 | 518 | 141.4 | 2,123 | -41.1 | 4,764 | 8,796 | -45.8 |
| Adjusted Gross Debt (R$ mn) | 75,024 | 74,646 | 0.5 | 72,005 | 4.2 | 75,024 | 74,646 | 0.5 |
| Adjusted Net Debt (Adj Net Debt) (R$ mn) | 46,484 | 37,671 | 23.4 | 42,577 | 9.2 | 46,484 | 37,671 | 23.4 |
| Adj Net Debt/Adjusted LTM EBITDA | 2.4 | 1.5 | 59.9 | 2.1 | 11.8 | 2.4 | 1.5 | 59.9 |
| Investments (R$ mn) | 3,869 | 3,025 | 27.9 | 2,701 | 43.2 | 9,608 | 8,157 | 17.8 |
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HIGHLIGHTS OF CONSOLIDATED RESULTS
1. CONSOLIDATED RESULT | IFRS AND REGULATORY
Table 4 - Income statement IFRS (R$ mm)
| 4Q25 | 4Q24 | 3Q25 | 12M25 | 12M24 | ||||||
| IFRS | Adjustment | Adjusted | Adjusted | % Y/Y | Adjusted | % Q/Q | Adjusted | Adjusted | % Y/Y | |
| Generation | 7,021 | 0 | 7,021 | 7,986 | -12.1 | 6,934 | 1.3 | 27,883 | 28,096 | -0.8 |
| Transmission | 5,206 | 0 | 5,206 | 5,773 | -9.8 | 4,646 | 12.1 | 20,116 | 19,293 | 4.3 |
| Others | 149 | 0 | 149 | 155 | -3.6 | 171 | -12.7 | 541 | 337 | 60.6 |
| Gross Revenue | 12,376 | 0 | 12,376 | 13,914 | -11.1 | 11,751 | 5.3 | 48,540 | 47,725 | 1.7 |
| (-) Deductions from Revenue | -1,710 | 0 | -1,710 | -1,889 | -9.5 | -1,723 | -0.7 | -7,123 | -7,544 | -5.6 |
| Net Revenue | 10,666 | 0 | 10,666 | 12,025 | -11.3 | 10,029 | 6.4 | 41,417 | 40,182 | 3.1 |
| Energy resale, grid, fuel and construction (1) | -4,912 | 0 | -4,912 | -5,366 | -8.5 | -4,147 | 18.5 | -16,440 | -15,226 | 8.0 |
| Personnel, Material, Services and Others | -1,691 | -73 | -1,763 | -2,060 | -14.4 | -1,542 | 14.4 | -6,223 | -6,860 | -9.3 |
| Operating provisions | -140 | 11 | -129 | -406 | -68.3 | -18 | n.m. | -410 | -1,241 | -67.0 |
| Results from asset sale | -53 | 53 | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0 |
| Regulatory remeasurements - Transmission contracts | 0 | 0 | 0 | 0 | 0.0 | 303 | n.m. | -648 | 6,130 | n.m. |
| Other income and expenses | 225 | -225 | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| Results, before Equity holdings | 4,095 | -233 | 3,861 | 4,194 | -7.9 | 4,625 | -16.5 | 17,695 | 22,985 | -23.0 |
| Equity holdings | 347 | 0 | 347 | 478 | -27.4 | 1,265 | -72.5 | 1,970 | 2,503 | -21.3 |
| EBITDA | 4,442 | -233 | 4,209 | 4,672 | -9.9 | 5,890 | -28.5 | 19,666 | 25,488 | -22.8 |
| D&A | -1,178 | 0 | -1,178 | -1,033 | 14.0 | -1,156 | 1.9 | -4,577 | -3,988 | 14.8 |
| EBIT | 3,265 | -233 | 3,031 | 3,639 | -16.7 | 4,734 | -36.0 | 15,089 | 21,500 | -29.8 |
| Financial Result | -2,306 | 161 | -2,146 | -2,754 | -22.1 | -2,385 | -10.0 | -10,227 | -10,510 | -2.7 |
| EBT | 958 | -73 | 885 | 885 | 0.0 | 2,349 | -62.3 | 4,862 | 10,990 | -55.8 |
| Income Tax and Social Contribution | 12,728 | -12,362 | 366 | -367 | n.m. | -226 | n.m. | -98 | -2,195 | -95.5 |
| Net Income | 13,686 | -12,435 | 1,251 | 518 | 141.4 | 2,123 | -41.1 | 4,764 | 8,796 | -45.8 |
(1) Energy purchased for resale includes: (a) short-term purchases (contracts with a duration of less than 12 months), (b) structural purchases (contracts with a duration of at least 12 months), and (c) results from agents (portions of power plants) that recorded negative settlement at the CCEE during the period. In addition, the effect of intercompany purchases is disregarded, as they are eliminated in accounting consolidation.
Table 5 - Regulatory IS (R$ mm)
| 4Q25 | 4Q24 | 3Q25 | 12M25 | 12M24 | ||||||
| Regulatory | Adjustment | Adjusted | Adjusted | % Y/Y | Adjusted | % Q/Q | Adjusted | Adjusted | % Y/Y | |
| Generation | 7,021 | 0 | 7,021 | 8,018 | -12.4 | 6,775 | 3.6 | 27,765 | 28,694 | -3.2 |
| Transmission (1) | 4,455 | 0 | 4,455 | 4,210 | 5.8 | 4,745 | -6.1 | 18,110 | 18,660 | -2.9 |
| Others | 149 | 0 | 149 | 156 | -4.2 | 171 | -12.7 | 541 | 335 | 61.4 |
| Gross Revenue | 11,625 | 0 | 11,625 | 12,384 | -6.1 | 11,691 | -0.6 | 46,416 | 47,689 | -2.7 |
| (-) Deductions from Revenue | -1,710 | 0 | -1,710 | -1,889 | -9.5 | -1,723 | -0.7 | -7,123 | -7,544 | -5.6 |
| Net Revenue | 9,915 | 0 | 9,915 | 10,495 | -5.5 | 9,969 | -0.5 | 39,293 | 40,145 | -2.1 |
| Energy resale, grid, fuel and construction (2) | -2,733 | 0 | -2,733 | -3,528 | -22.5 | -2,732 | 0.0 | -11,047 | -11,051 | 0.0 |
| Personnel, Material, Services and Others | -1,688 | -73 | -1,761 | -2,093 | -15.9 | -1,538 | 14.5 | -6,239 | -6,933 | -10.0 |
| Operating provisions | 237 | -384 | -147 | -150 | -1.9 | 207 | n.m. | -116 | -725 | -84.1 |
| Results from asset sale | -53 | 53 | 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 | 225 | -225 | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| Results, before Equity holdings | 5,903 | -628 | 5,274 | 4,724 | 11.7 | 5,906 | -10.7 | 21,891 | 21,436 | 2.1 |
| Equity holdings | 470 | 0 | 470 | 365 | 28.9 | 476 | -1.3 | 1,113 | 2,051 | -45.7 |
| EBITDA | 6,373 | -628 | 5,745 | 5,089 | 12.9 | 6,382 | -10.0 | 23,004 | 23,487 | -2.1 |
| D&A | -1,615 | 0 | -1,615 | -1,620 | -0.3 | -1,589 | 1.6 | -6,410 | -6,038 | 6.2 |
| EBIT | 4,758 | -628 | 4,129 | 3,469 | 19.0 | 4,793 | -13.8 | 16,594 | 17,448 | -4.9 |
| Financial Result | -2,233 | 455 | -1,778 | -3,034 | -41.4 | -2,475 | -28.1 | -9,926 | -11,201 | -11.4 |
| EBT | 2,525 | -174 | 2,351 | 435 | n.m. | 2,318 | 1.4 | 6,668 | 6,247 | 6.7 |
| Income Tax and Social Contribution | 11,444 | -11,196 | 248 | 663 | -62.5 | -462 | n.m. | -559 | -791 | -29.3 |
| Net Income | 13,969 | -11,369 | 2,599 | 1,098 | 136.7 | 1,856 | 40.0 | 6,110 | 5,456 | 12.0 |
(1) The figures in both lines relating to 4Q24 presented in this report show two differences compared to those originally disclosed on March 13, 2025. While gross transmission revenue decreased by R$ 209 million, from R$ 4,419 million to R$ 4,210 million, the cost of network usage charges, recorded under Energy Resale, Grid, Fuel and Construction, also decreased by R$ 209 million, from R$ 3,757 million to R$ 3,528 million. Therefore, the net effect on EBITDA and net income is nil. The change in both line items stems from a 2025 revision of accounting practices for eliminations of transactions between the Company's generation and transmission segments, given that the network usage charges paid by certain power plants in the generation segment have a corresponding revenue receipt by transmission companies within the group. To ensure comparability between 2024 and 2025, the 2024 elimination amounts were revised.
(2) Energy purchased for resale includes: (a) short-term purchases (contracts with a duration of less than 12 months), (b) structural purchases (contracts with a duration of at least 12 months), and (c) results from agents (portions of power plants) that recorded negative settlement at the CCEE during the period. In addition, the effect of intercompany purchases is disregarded, as they are eliminated in accounting consolidation.
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2. ADJUSTED CONSOLIDATED RESULT | IFRS AND REGULATORY
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$ mm)
| 4Q25 IFRS | Difference | 4Q25 Regulatory | Non-recurring Adjustment | 4Q25 Regulatory Adjusted | 4Q24 Regulatory Adjusted | % Y/Y | |
| Generation | 7,021 | 0 | 7,021 | 0 | 7,021 | 8,018 | -12.4 |
| Transmission | 5,206 | -751 | 4,455 | 0 | 4,455 | 4,210 | 5.8 |
| Others | 149 | 0 | 149 | 0 | 149 | 156 | -4.2 |
| Gross Revenue | 12,376 | -751 | 11,625 | 0 | 11,625 | 12,384 | -6.1 |
| (-) Deductions from Revenue | -1,710 | 0 | -1,710 | 0 | -1,710 | -1,889 | -9.5 |
| Net Revenue | 10,666 | -751 | 9,915 | 0 | 9,915 | 10,495 | -5.5 |
| Construction | -2,022 | 2,022 | 0 | 0 | 0 | 0 | 0.0 |
| Energy resale | -1,791 | 0 | -1,791 | 0 | -1,791 | -2,238 | -20.0 |
| Grid | -1,062 | 157 | -905 | 0 | -905 | -759 | 19.1 |
| Fuel | -37 | 0 | -37 | 0 | -37 | -531 | -92.9 |
| Energy resale, grid, fuel and construction (1) | -4,912 | 2,179 | -2,733 | 0 | -2,733 | -3,528 | -22.5 |
| Personnel | -910 | 23 | -887 | 77 | -810 | -942 | -14.0 |
| Material | -57 | 0 | -57 | 0 | -57 | -73 | -21.4 |
| Services | -760 | 0 | -760 | 92 | -668 | -731 | -8.6 |
| Others | 37 | -21 | 16 | -242 | -226 | -347 | -35.0 |
| Personnel, Material, Services and Others | -1,691 | 3 | -1,688 | -73 | -1,761 | -2,093 | -15.9 |
| Operating provisions | -140 | 377 | 237 | -384 | -147 | -150 | -1.9 |
| Results from asset sale | -53 | 0 | -53 | 53 | 0 | 0 | 0.0 |
| Regulatory remeasurements - Transmission contracts | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 |
| Other income and expenses | 225 | 0 | 225 | -225 | 0 | 0 | 0.0 |
| Results, before Equity holdings | 4,095 | 1,808 | 5,903 | -628 | 5,274 | 4,724 | 11.7 |
| Equity holdings | 347 | 123 | 470 | 0 | 470 | 365 | 28.9 |
| EBITDA | 4,442 | 1,931 | 6,373 | -628 | 5,745 | 5,089 | 12.9 |
| D&A | -1,178 | -437 | -1,615 | 0 | -1,615 | -1,620 | -0.3 |
| EBIT | 3,265 | 1,493 | 4,758 | -628 | 4,129 | 3,469 | 19.0 |
| Financial Result | -2,306 | 73 | -2,233 | 455 | -1,778 | -3,034 | -41.4 |
| EBT | 958 | 1,567 | 2,525 | -174 | 2,351 | 435 | n.m. |
| Income Tax and Social Contribution | 12,728 | -1,284 | 11,444 | -11,196 | 248 | 663 | -62.5 |
| Net Income, continued | 13,686 | 282 | 13,969 | -11,369 | 2,599 | 1,098 | n.m. |
(1) Energy purchased for resale includes: (a) short-term purchases (contracts with a duration of less than 12 months), (b) structural purchases (contracts with a duration of at least 12 months), and (c) results from agents (portions of power plants) that recorded negative settlement at the CCEE during the period. In addition, the effect of intercompany purchases is disregarded, as they are eliminated in accounting consolidation.
Non-recurring Adjustments
The following adjustments refer to events considered non-recurring:
| ▪ | PMSO (Personnel): R$ 77 million, of which: |
| ▪ | (+) R$ 56 million was severance |
| ▪ | (+) R$ 21 million was VDPs |
| ▪ | PMSO (Services): R$ 92 million from legal consulting services related to contingency reduction. |
| ▪ | PMSO (Other): -R$ 242 million, comprised of: |
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| ◦ | (-) R$ 221 million associated with the reversal of supplier-related provisions |
| ◦ | (-) R$ 45 million due to the receipt of an insurance claim |
| ◦ | (+) R$ 24 million in payment of fees in an agreement to settle a lawsuit |
| ◦ | (+) R$ 1 million related to commitments under the self-managed health plan, which was replaced by a plan managed by a specialized market operator in 3Q25 |
| ▪ | Operating Provisions: -R$ 384 million, resulting from: |
| ◦ | (-) R$ 462 million in estimated losses on investments and impairment |
| ◦ | (-) R$ 200 million due to the reversal of provisions for onerous contracts, primarily explained by the reassessment of the contract with the Jirau HPP |
| ◦ | (+) R$ 192 million in adjustments related to the compulsory loan share conversion process |
| ◦ | (+) R$ 86 million in provisions for litigation |
| ▪ | Asset Disposal: R$ 53 million reflecting the costs of M&A processes carried out throughout 2025. |
| ▪ | Other Revenues and Expenses: -R$ 225 million fully adjusted as non-recurring, given the atypical nature of the items that make up this item. |
| ▪ | Financial Result: R$ 455 million linked to the monetary restatement of litigation, comprising R$ 161 million from compulsory loan. |
| ▪ | Income Tax and Social Contribution: -R$ 11,196 million, including: |
| ◦ | -R$ 11,398 million related to deferred tax asset recognition from revised estimates |
| ◦ | R$ 203 million related to deferred tax effects from provision reversals |
Regulatory Result: Adjusted EBITDA
In 4Q25, adjusted regulatory EBITDA totaled R$ 5,745 million, up R$ 656 million YoY, reflecting:
| ▪ | Increase in generation revenue along with reduction in energy purchase expenses, excluding the operating results of thermal power plants |
| ▪ | Reduction in PMSO costs and expenses |
| ▪ | Increase in transmission revenue |
These effects more than exceeded:
| ▪ | The R$ 263 million decline in results from thermal power plants, with the completion of their divestment |
| ▪ | The increase in connectivity costs |
| ▪ | The lower contribution from equity income |
Equity income was R$ 470 million in 4Q25, up R$ 105 million YoY, primarily driven by the higher contribution from the Belo Monte stake. Worth noting that 4Q25 results do not include income from the stakes in Eletronuclear, as the company was classified as asset held for sale, and in Equatorial Maranhão.
It is worth noting that if one excludes the results from the thermal power plants sold in May and October 2025, EBITDA went up R$ 919 million, to R$ 5,724 million in 4Q25 from R$ 4,805 million in 4Q24.
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Table 7 - Adjusted regulatory EBITDA, without thermal power plants (R$ mm)
| 4Q25 |
Thermal Power Plants (TPP) |
4Q25 Excluding TPP |
4Q24 |
Thermal Power Plants (TPP) |
4Q24 Excluding TPP | |
| Generation | 7,021 | 68 | 6,953 | 8,018 | 1,369 | 6,649 |
| Transmission | 4,455 | 0 | 4,455 | 4,210 | 0 | 4,210 |
| Others | 149 | 0 | 149 | 156 | 0 | 156 |
| Gross Revenue | 11,625 | 68 | 11,557 | 12,384 | 1,369 | 11,015 |
| (-) Deductions from Revenue | -1,710 | -7 | -1,704 | -1,889 | -78 | -1,811 |
| Net Revenue | 9,915 | 62 | 9,853 | 10,495 | 1,290 | 9,204 |
| Energy resale, grid, fuel and construction (1) | -2,733 | -39 | -2,693 | -3,528 | -943 | -2,585 |
| Personnel, Material, Services and Others | -1,761 | -2 | -1,759 | -2,093 | -63 | -2,030 |
| Operating provisions | -147 | 0 | -147 | -150 | 0 | -150 |
| Results, before Equity holdings | 5,274 | 21 | 5,254 | 4,724 | 284 | 4,440 |
| Equity holdings | 470 | 0 | 470 | 365 | 0 | 365 |
| EBITDA | 5,745 | 21 | 5,724 | 5,089 | 284 | 4,805 |
(1) Energy purchased for resale includes: (a) short-term purchases (contracts with a duration of less than 12 months), (b) structural purchases (contracts with a duration of at least 12 months), and (c) results from agents (portions of power plants) that recorded negative settlement at the CCEE during the period. In addition, the effect of intercompany purchases is disregarded, as they are eliminated in the accounting consolidation.
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3. ENERGY TRADING
AXIA Energia companies sold 31.4 TWh of energy in 4Q25, down 11.8% compared to the 35.6 TWh traded in 4Q24.
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 and Baguari HPPs (as of Oct/23), and Retiro Baixo and Santo Antônio HPPs (as of Nov/23).
Table 8 - Energy balance 4Q25 (aMW)
| 2025 | 2026 | 2027 | |||
| Resources (A) | 16,996 | 16,984 | 17,833 | ||
| Own resources (1) (2) (3) (4) (5) | 14,211 | 15,533 | 16,702 | ||
| Hydraulic | 13,940 | 15,251 | 16,420 | ||
| Wind | 270 | 282 | 282 | ||
| Energy Purchase (6) | 2,785 | 1,452 | 1,130 | ||
| Limit => | Lower | Higher | Lower | Higher | |
| Sales (B) | 14,959 | 9,847 | 12,847 | 7,398 | 10,398 |
| ACR - Except quotas | 3,483 | 3,597 | 3,148 | ||
| ACL - Bilateral Contracts + STM implemented (range) (6) | 11,476 | 6,250 | 9,250 | 4,250 | 7,250 |
| Average prices Contracts signed | |||||
| Limit => | Lower | Higher | Lower | Higher | |
| Average Price of Sales Contracts (ACR and ACL - R$/MWh) (7) | 175 | 185 | 205 | 195 | 225 |
| Balance (A - B) | 2,037 | 7,137 | 4,137 | 10,434 | 7,434 |
| Balance considering estimated hedge (8) | 0 | 4,362 | 1,362 | 7,446 | 4,446 |
| Uncontracted energy considering estimated hedge (8) | —% | 26% | 8% | 42% | 25% |
Contracts signed until 12/31/2025.
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. | The energy balance does not include Independent Power Producers (IPPs) contracts resulting from the Amazonas Distribuidora de-verticalization process, thermal plant availability contracts, or Assured Capacity Quotas, whether in terms of resources, requirements (sales), or average prices. |
| 2. | Own Resources include the decotization plants (new 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. |
| 3. | The revised Assured Capacity values, as outlined in Ordinance No. 709/GM/MME, of November 30, 2022, have been taken into account. |
| 4. | 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. |
| 5. | Considering 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. |
| 6. | The balances include all energy purchased for resale: (a) short-term purchases (contracts with a duration of less than 12 months) and (b) structural purchases (contracts with a duration of at least 12 months). Additionally, the balances include intercompany transactions, impacting both energy purchase and sales lines in the ACL, in the following amounts: approximately 900 aMW in 2025 and 550 aMW in 2026 and 500 aMW in 2027. |
| 7. | Average prices consider taxes in effect as of the date of this report (February 26, 2026). |
| 8. | The figures represent an estimate of uncontracted energy. The estimated values for 2025, 2026 and 2027 is 81.8%. Worth noting that the average historical GSF from 2019 to 2024 was 82.7%. 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 (9) (10) | 2,626 | 1,313 | 0 |
| 9. | This excludes the Assured Capacity of Jaguari HPP (12.7 aMW), whose concession remains under AXIA Energia's interim management. |
| 10. | 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. |
4. INVESTMENTS AND EXPANSION PROJECTS
Investments totaled R$ 3,869 million in 4Q25, with allocation as follows:
| ▪ | R$ 2,441 million to transmission |
| ▪ | R$ 611 million to generation |
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| ▪ | R$ 412 million to infrastructure |
| ▪ | R$ 195 million to Itaipu's HVDC project |
| ▪ | R$ 127 million to the environmental area |
| ▪ | R$ 83 million via investment in Transnorte Energia (TNE) |
Among transmission-related investments, reinforcements and improvements stand out, with 54% concentrated on large-scale projects and 27% on small-scale projects.
The amount invested in infrastructure was allocated as follows:
| ▪ | 58% for IT |
| ▪ | 25% for equipment and machinery |
| ▪ | 17% for real estate |
In the socio-environmental area, key highlights included investments related to the maintenance of operating licenses for power plants and substations, as well as land compensation.
The breakdown of investments by the holding company and its main subsidiaries is available in the operational spreadsheet in the Results Center section of the Company’s Investor Relations website.
Table 10 - Investments (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Generation Corporate | 611 | 827 | -26.1 | 289 | n.m. | 1,424 | 2,595 | -45.1 |
| Implementation / Expansion | 57 | 283 | -80.1 | 27 | n.m. | 165 | 1,210 | -86.3 |
| Maintenance | 554 | 543 | 2.0 | 263 | n.m. | 1,259 | 1,385 | -9.1 |
| Transmission Corporate | 2,441 | 1,442 | 69.3 | 1,203 | n.m. | 5,498 | 3,706 | 48.3 |
| Expansion | 422 | 136 | n.m. | 135 | n.m. | 696 | 255 | n.m. |
| Reinforcements and improvements | 1,992 | 1,266 | 57.4 | 1,061 | 87.9 | 4,757 | 3,304 | 44.0 |
| Maintenance | 26 | 40 | -35.1 | 8 | n.m. | 44 | 147 | -69.8 |
| Infrastructure | 412 | 381 | 8.3 | 181 | n.m. | 754 | 554 | 36.2 |
| Environmental | 127 | 126 | 0.8 | 69 | 82.8 | 311 | 368 | -15.6 |
| SPEs | 83 | 0 | 0.0 | 282 | -70.5 | 590 | 486 | 21.3 |
| Generation - Contributions | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 478 | n.m. |
| Generation - Acquisition | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| Transmission - Contributions | 83 | 0 | 0.0 | 282 | -70.5 | 590 | 8 | n.m. |
| Transmission - Acquisition | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| Investment for Special Obligation – Itaipu HVDC | 195 | 250 | -21.8 | 677 | -71.2 | 1,031 | 448 | n.m. |
| Total | 3,869 | 3,025 | 27.9 | 2,701 | 43.2 | 9,608 | 8,157 | 17.8 |
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Expansion Projects - Transmission
Large Scale Projects
| ▪ | Projects: 224[1], including the Itaipu HVDC System Revitalization project. Throughout 4Q25, the sample was reduced from 230 to 224 projects, due to 38 projects that were energized and the inclusion of 32 new authorizations issued by the regulator. |
| ▪ | Estimated investment: R$ 6.09 billion, excluding 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. |
| ▪ | Auctions: Investments of R$ 7.87 billion, mainly driven by the following SPEs: Nova Era Janapu, which was part of the sample since 2Q24, while Nova Era Catarina, Nova Era Ceará, Nova Era Integração and Nova Era Teresina were added in 3Q24[2]. The lot acquired in Auction 01/2022, awarded to AXIA Energia Norte, was concluded in August 2025 — 13 months ahead of schedule. |
| ▪ | Additional associated RAP: R$ 1.8 billion between 2025-2030. |
Small Scale Projects
| ▪ | Works: 8,009 small-scale events under implementation or to be implemented, of which 7,577 were improvements and 432 were reinforcements. Data from ONS Improvement and Reinforcement Plan Management System (SGPMR). |
Table 11 - Portfolio of ongoing transmission projects
| 4Q25 | 4Q24 | % | 3Q25 | % | |
| Large Scale: Reinforcement and Improvement | |||||
| Estimated Portfolio Investment (R$ bi) | 6.1 | 6.8 | -10.5 | 6.2 | -1.9 |
| Additional RAP associated (R$ bi) | 1.0 | 1.1 | -10.6 | 1.0 | -3.5 |
| # of projects in the beginning of the period | 225 | 241 | -6.6 | 244 | -7.8 |
| (-) energized | -38 | -20 | 90.0 | -20 | 90.0 |
| (+) new authorizations | 28 | 17 | 64.7 | 1 | n.m. |
| # of projects in the end of the period | 215 | 236 | -8.9 | 225 | -4.4 |
| Large Scale: Expansion (Auctions in implementation) | |||||
| Estimated Portfolio Investment (R$ bi) | 7.9 | 6.4 | 23.8 | 6.2 | 26.1 |
| Additional RAP associated (R$ bi) | 0.9 | 0.7 | 27.2 | 0.7 | 19.4 |
| # of projects in the beginning of the period | 5 | 6 | -16.7 | 6 | -16.7 |
| (-) energized | 0 | 0 | 0.0 | -1 | n.m. |
| (+) new authorizations | 4 | 0 | 0.0 | 0 | 0.0 |
| # of projects in the end of the period | 9 | 6 | 50.0 | 5 | 80.0 |
| Small Scale | |||||
| # of projects in the end of the period | 8,009 | 10,030 | -20.1 | 8,575 | -6.6 |
| Improvement | 7,577 | 9,446 | -19.8 | 8,088 | -6.3 |
| Reinforcement | 432 | 584 | -26.0 | 487 | -11.3 |
[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 224 projects will add 2,306 km of transmission lines and 13,139 MVA in substations.
[2] Each of the 5 SPEs created holds the contracts signed in last years' transmission auctions. SPE Nova Era Janapu holds contract no. 09/2023-ANEEL for the 4th lot of Auction 01-2023; SPE Nova Era Teresina holds contract no. 04/2024-ANEEL for the 1st lot of Auction 01-2024; SPE Nova Era Ceará holds contract no. 06/2024-ANEEL for the 3rd lot of Auction 01-2024; SPE Nova Era Integração holds contract no. 08/2024-ANEEL for the 5th lot of Auction 01-2024; and SPE Nova Era Catarina holds contract no. 12/2024-ANEEL for the 9th lot of Auction 01-2024.
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5. INDEBTEDNESS
Net debt totaled R$ 46,484 million in 4Q25, up R$ 3,908 million sequentially and R$ 8,814 million YoY.
As a result of a 275 bps increase in the Brazilian basic interest rate (Selic), the Company's total average cost increased to CDI + 0.63% p.a. in 4Q25 from CDI + 0.07% p.a. in 4Q24 while average debt maturity was reduced by 3.6 months in 4Q25 when compared to 4Q24.
Table 12 - Net debt (R$ mm)
| 12/31/2025 | 09/30/2025 | 12/31/2024 | |
| (+) Gross Debt, including derivatives | 75,024 | 72,005 | 74,646 |
| (+) Gross Debt | 74,296 | 70,836 | 75,621 |
| (+) Derivatives (currency hedge) Net | 729 | 1,169 | -974 |
| (-) Cash and Cash Equivalents + Current Securities | 27,552 | 28,256 | 35,524 |
| (-) Restricted Cash for Loans and Financing | 797 | 987 | 813 |
| (-) Loans receivable | 191 | 187 | 639 |
| Net Debt | 46,484 | 42,577 | 37,671 |
| Adjusted Net Debt / Adjusted Regulatory EBITDA LTM | 2.0x | 1.9x | 1.6x |
| Net Debt's Average Term (months) | 54.5 | 55.5 | 58.1 |
Below are the gross debt maturity schedule and its breakdown by index, according to the index profile, as well as the respective spreads over each index, considering gross debt including derivatives. A more detailed breakdown is available in the operational spreadsheet in the Results Center on the Company’s Investor Relations website.
Chart 2 - Debt maturity schedule after hedge (R$ billion)
Table 13 - Debt breakdown, including hedge
| Index | Average Cost | Total Balance (R$ million) |
Share of Total (%) |
| CDI + | CDI + 1.04% | 41,233 | 55.0 |
| IPCA | IPCA + 5.94% | 24,587 | 32.8 |
| % of CDI | 122% of CDI | 4,920 | 6.6 |
| TJLP | TJLP + 2.07% | 2,521 | 3.4 |
| Fixed Rate | 5.75% per year | 1,565 | 2.1 |
| EUR | 2.64% per year | 197 | 0.3 |
| Total | 75,024 | 100.0 |
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6. COMPULSORY LOAN
AXIA Energia has implemented measures to mitigate risks associated with legal proceedings related to compulsory loans on electricity[3]. 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$ 2.6 billion YoY and R$ 663 million sequentially, totaling R$ 11.1 billion in 4Q25, mainly due to the agreements |
| ▪ | Net reversal of R$ 138 million due to executed agreements and favorable decisions in the quarter |
| ▪ | R$ 161 million was the amount recorded in 4Q25 under financial expenses related to monetary restatements |
| ▪ | With the execution of new agreements in 4Q25, R$ 78 million in guarantees previously deposited in court will be released upon approval, bringing the total released since 3Q22 to R$ 2.7 billion |
Since 3Q22, when negotiations began, the provision inventory related to compulsory loan fell by R$ 14.8 billion, reaching R$ 11.1 billion in 4Q25, even considering the accumulated R$ 3.0 billion monetary restatement in the period. The agreements also enabled the elimination of R$ 10.9 billion in legal risks considered "off balance", of which R$ 1.1 billion was classified as possible and R$ 9.7 billion as remote.
Chart 3 - Total inventory of compulsory loan provisions 4Q25 x 4Q24 (R$ bn)
Chart 4 - Total inventory of compulsory loan provisions 4Q25 x 3Q25 (R$ bn)
[3] 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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7. CASH FLOW
It is worth highlighting for 4Q25 the R$ 4 billion dividend payment in August 2025.
Table 14 - Cash flow (R$ mm)
| 4Q25 | 4Q24 | ∆% | |
| Adjusted Regulatory Result, before Equity Holdings | 5,274 | 4,724 | 11.7 |
| EBITDA Adjustment * | 682 | 276 | n.m. |
| Income Tax and Social Contribution | -381 | -145 | n.m. |
| Working Capital | -169 | 801 | n.m. |
| Privatization Charges | 0 | 0 | n.m. |
| Dividends Received | 672 | 447 | 50.3 |
| Operating Cash Flow | 6,079 | 6,104 | -0.4 |
| Investments ** | -1,983 | -2,000 | -0.8 |
| Free Cash Flow | 4,095 | 4,103 | -0.2 |
| Debt Service | -1,297 | -1,581 | -18.0 |
| Litigation | -2,153 | -1,231 | 74.9 |
| Guarantees and Restricted Deposits | -21 | 379 | n.m. |
| Supplementary social security | -125 | -117 | 6.6 |
| Net Funding *** | 2,645 | 5,655 | -53.2 |
| Receipt of Loans and Financial Charges | 2 | 5 | -67.0 |
| Disposal of equity holdings | 723 | 0 | n.m. |
| Dividends | -4,204 | -178 | n.m. |
| Free Net Cash | -335 | 7,035 | n.m. |
| Change in Restricted Cash (short and long term) | -309 | 17 | n.m. |
| Change in Financial Investments (long-term) | -166 | -7 | n.m. |
| Net Cash | -811 | 7,044 | n.m. |
*Does not consider the adjustment to the asset disposal result line.
**Excludes generation contributions.
***Net funding: debt raised, net of issuance costs.
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FINANCIAL AND OPERATIONAL RESULTS ANALYSIS
8. FINANCIAL PERFORMANCE
8.1. Operational and Financial Results
The table below presents the results by segment for the AXIA Energia Group’s two main businesses—generation and transmission—considering revenue and direct costs. Other costs and expenses, equity income, financial results, and taxes are analyzed on a consolidated basis.
Table 15 - Income statement 4Q25 (R$ mm)
| 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 | 12,376 | -751 | 11,625 | 0 | 11,625 | 7,021 | 4,719 | 149 | -264 |
| (-) Deductions | -1,710 | 0 | -1,710 | 0 | -1,710 | -900 | -795 | -16 | 0 |
| Net Revenue | 10,666 | -751 | 9,915 | 0 | 9,915 | 6,121 | 3,924 | 133 | -264 |
| Energy purchased for resale (2) | -1,791 | 0 | -1,791 | 0 | -1,791 | -1,791 | 0 | 0 | 0 |
| Charges on use of the electricity grid | -1,062 | 157 | -905 | 0 | -905 | -1,169 | 0 | 0 | 264 |
|
Fuel for electricity production (net of CCC) |
-37 | 0 | -37 | 0 | -37 | -37 | 0 | 0 | 0 |
| Other Generation Costs (3) | -65 | 0 | -65 | 0 | -65 | -65 | 0 | 0 | 0 |
| Construction costs | -2,022 | 2,022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Regulatory remeasurements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contribution Margin | 5,688 | 1,428 | 7,117 | 0 | 7,117 | 3,059 | 3,924 | 133 | 0 |
| PMSO, excluded Other Generation Costs (3) | -1,626 | 3 | -1,623 | -73 | -1,696 | ||||
| Provisions | -140 | 377 | 237 | -384 | -147 | ||||
| Results from asset sale | -53 | 0 | -53 | 53 | 0 | ||||
| Other income and expenses | 225 | 0 | 225 | -225 | 0 | ||||
|
Results, before Equity holdings |
4,095 | 1,808 | 5,903 | -628 | 5,274 | ||||
| Equity holdings | 347 | 123 | 470 | 0 | 470 | ||||
| EBITDA | 4,442 | 1,931 | 6,373 | -628 | 5,745 | ||||
| D&A | -1,178 | -437 | -1,615 | 0 | -1,615 | ||||
| EBIT | 3,265 | 1,493 | 4,758 | -628 | 4,129 | ||||
| Financial Result | -2,306 | 73 | -2,233 | 455 | -1,778 | ||||
| EBT | 958 | 1,567 | 2,525 | -174 | 2,351 | ||||
|
Income Tax and Social Contribution |
12,728 | -1,284 | 11,444 | -11,196 | 248 | ||||
| Net Income | 13,686 | 282 | 13,969 | -11,369 | 2,599 |
(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 4Q25 is R$ 4,719 million, and including the accounting elimination of -R$ 264 million, this translates into accounting revenue of R$ 4,455 million. In the case of generation connection charges costs, for management purposes, the value in 4Q25 is R$ 1,169 million, and including the accounting elimination of R$ 264 million, this translates into an accounting cost of R$ 905 million.
(2) Energy purchased for resale includes: (a) short-term purchases (contracts with a duration of less than 12 months), (b) structural purchases (contracts with a duration of at least 12 months), and (c) results from agents (portions of power plants) that recorded negative settlement at the CCEE during the period. In addition, the effect of intercompany purchases is disregarded, as they are eliminated in accounting 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 4Q25, the adjusted regulatory PMSO under the accounting view totaled R$ 1,761 million, composed of R$ 52 million in RHR hedge costs and R$ 13 million in other generation operating costs, both allocated in the margin from generation, and R$ 1,696 million in other cost and expense components for personnel, materials, services and other. At the same time, in 4Q25, the adjusted IFRS PMSO from an accounting perspective totaled R$ 1,763 million, comprised of R$ 52 million in RHR hedge costs and R$ 13 million in other generation operating costs, both allocated to the margin from generation, and R$ 1,698 million in other cost and expense components related to personnel, materials, services, and other.
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Table 16 - Income statement 4Q24 (R$ mm)
| 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 | 13,914 | -1,530 | 12,384 | 0 | 12,384 | 8,018 | 4,574 | 156 | -364 |
| (-) Deductions | -1,889 | 0 | -1,889 | 0 | -1,889 | -1,114 | -769 | -6 | 0 |
| Net Revenue | 12,025 | -1,530 | 10,495 | 0 | 10,495 | 6,904 | 3,805 | 150 | -364 |
| Energy purchased for resale (2) | -2,062 | -176 | -2,238 | 0 | -2,238 | -2,238 | 0 | 0 | 0 |
| Charges on use of the electricity grid | -968 | 209 | -759 | 0 | -759 | -1,123 | 0 | 0 | 364 |
|
Fuel for electricity production (net of CCC) |
-531 | 0 | -531 | 0 | -531 | -531 | 0 | 0 | 0 |
| Other Generation Costs (3) | -50 | 0 | -50 | 0 | -50 | -50 | 0 | 0 | 0 |
| Construction costs | -1,804 | 1,804 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Regulatory remeasurements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contribution Margin | 6,610 | 307 | 6,917 | 0 | 6,917 | 2,962 | 3,805 | 150 | 0 |
| PMSO, excluded Other Generation Costs (3) | -2,302 | -34 | -2,336 | 292 | -2,043 | ||||
| Provisions | 67 | 256 | 323 | -473 | -150 | ||||
| Results from asset sale | 79 | 0 | 79 | -79 | 0 | ||||
| Other income and expenses | 95 | 0 | 95 | -95 | 0 | ||||
|
Results, before Equity holdings |
4,549 | 530 | 5,079 | -355 | 4,724 | ||||
| Equity holdings | 478 | -114 | 365 | 0 | 365 | ||||
| EBITDA | 5,027 | 416 | 5,444 | -355 | 5,089 | ||||
| D&A | -1,033 | -587 | -1,620 | 0 | -1,620 | ||||
| EBIT | 3,995 | -170 | 3,824 | -355 | 3,469 | ||||
| Financial Result | -2,930 | -280 | -3,210 | 176 | -3,034 | ||||
| EBT | 1,064 | -450 | 614 | -179 | 435 | ||||
|
Income Tax and Social Contribution |
48 | 1,030 | 1,078 | -415 | 663 | ||||
| Net Income | 1,112 | 580 | 1,692 | -594 | 1,098 |
(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 4Q24 is R$ 4,574 million, and including the accounting elimination of -R$ 364 million, this translates into accounting revenue of R$ 4,210 million. In the case of generation connection charges costs, for management purposes, the value in 4Q24 is -R$ 1,123 million, and including the accounting elimination of R$ 364 million, this translates into an accounting cost of -R$ 759 million.
(2) Energy purchased for resale includes: (a) short-term purchases (contracts with a duration of less than 12 months), (b) structural purchases (contracts with a duration of at least 12 months), and (c) results from agents (portions of power plants) that recorded negative settlement at the CCEE during the period. In addition, the effect of intercompany purchases is disregarded, as they are eliminated in the accounting 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 4Q24, the adjusted regulatory PMSO under the accounting view totaled R$ 2,093 million, composed of R$ 39 million in RHR hedge costs and R$ 10 million in other generation operating costs, both allocated in the margin from generation, and R$ 2,043 million in other cost and expense components for personnel, materials, services and others. At the same time, in 4Q24, the adjusted IFRS PMSO from an accounting perspective totaled R$ 2,060 million, comprised of R$ 39 million in RRH hedging costs and R$ 10 million in other generation operating costs, both allocated to the margin from generation, and R$ 2,010 million in other cost and expense components related to personnel, materials, services, and others.
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8.2. Generation Segment
Revenue by Contracting Environment
Recurring regulatory revenue was R$ 7,021 million in 4Q25, in line with adjusted IFRS generation revenue. In both 4Q24 and 3Q25, this difference reflected the accounting treatment of the portion of revenue from Amazonas Energia related to previously unpaid amounts, following a change in the assessment of receivables. Under IFRS, these amounts were recognized as revenue, while under regulatory accounting—where such recognition had already occurred—there was also a reversal of the provision recorded at that time. The difference, which had been recognized in previous comparison periods, had the same nature at that time.
Two effects on energy sales in the regulated market deserve highlight:
| ▪ | R$ 276 million[4] provision recorded in 4Q25 related to reimbursement to counterparties of availability contracts in the regulated market (ACR) and reserve energy contracts for wind farm generation shortfalls considering both annual and quadrennial assessments for the period from 2021 to 2025 |
| ▪ | 95% revenue reduction from thermal plant energy sales, as 4Q25 reflected only Santa Cruz TPP revenue through October 9, 2025, when the sale closed |
Table 17 - Generation revenue by contracting environment (R$ mm)
| Revenue Generation |
Volume (aMW) (a) |
Price (R$/MWh) (b) |
Regulatory Revenue (c) = (a) x (b) | ||||||
| 4Q25 | % Y/Y | % Q/Q | 4Q25 | % Y/Y | % Q/Q | 4Q25 | % Y/Y | % Q/Q | |
| (+) Regulated Market | 3,552 | -12.8 | -1.6 | 186 | -43.1 | -19.6 | 1,457 | -50.4 | -20.8 |
| Existing | 3,343 | 14.8 | 3.1 | 211 | -10.0 | -4.3 | 1,555 | 3.4 | -1.3 |
| Reimbursement from ACR-d and CER (1) | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0 | -276 | 0.0 | 0.0 |
| M&As (2) | 126 | 29.6 | 5.5 | 391 | 29.9 | 63.4 | 109 | 68.3 | 72.4 |
| HPP Tucuruí Extension (3) | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0 |
| Thermal | 83 | -92.2 | -66.3 | 372 | -36.0 | 0.9 | 68 | -95.0 | -66.0 |
| (+) Free Market | 8,191 | 0.7 | 10.2 | 175 | 5.8 | 6.0 | 3,161 | 6.6 | 16.8 |
| Existing | 8,098 | -0.4 | 10.3 | 173 | 4.8 | 5.2 | 3,098 | 4.4 | 16.1 |
| M&As (2) | 93 | 0.0 | 0.3 | 307 | 0.0 | 66.1 | 63 | 0.0 | 66.6 |
| (+) O&M (Quotas) | 2,459 | -37.0 | 7.9 | 88 | 1.3 | -7.0 | 476 | -36.1 | 0.4 |
| (+) ST Market (CCEE) (4) | 2,918 | 2.7 | -9.8 | 299 | 37.1 | 21.7 | 1,928 | 40.9 | 9.9 |
| (=) Revenue with energy sold | 17,120 | -9.6 | 3.4 | 186 | -3.1 | 0.2 | 7,021 | -12.4 | 3.6 |
| (+) Other (5) | — | — | — | — | — | — | 0 | n.m. | n.m. |
| (=) Total Revenue | — | — | — | — | — | — | 7,021 | -12.4 | 4.0 |
| Recurring | — | — | — | — | — | — | 7,021 | -12.4 | 3.6 |
| Non-recurring | — | — | — | — | — | — | 0 | 0.0 | n.m. |
| Revenue Generation |
Regulatory Revenue (c) |
Accounting Adjustment (d) (6) |
Accounting Revenue (e) = (c) + (d) | ||||||||
| 4Q25 | 4Q24 | 3Q25 | 4Q25 | 4Q24 | 3Q25 | 4Q25 | 4Q24 | 4Q25x4Q24 | 3Q25 | 4Q25x3Q25 | |
| Regulated Market | 1,457 | 2,938 | 1,840 | 0 | -32 | 159 | 1,457 | 2,907 | -49.9% | 1,998 | -27.1 |
| Free Market | 3,161 | 2,967 | 2,707 | 0 | 0 | 0 | 3,161 | 2,967 | 6.6% | 2,707 | 16.8 |
| O&M (Quotas) | 476 | 745 | 474 | 0 | 0 | 0 | 476 | 745 | -36.1% | 474 | 0.4 |
| Short-term market (4) | 1,928 | 1,369 | 1,755 | 0 | 0 | 0 | 1,928 | 1,369 | 40.9% | 1,755 | 9.9 |
| Energy Sales | 7,021 | 8,018 | 6,775 | 0 | -32 | 159 | 7,021 | 7,986 | -12.1% | 6,934 | 1.3 |
| Others (5) | 0 | 0 | -26 | 0 | 0 | 0 | 0 | 0 | n.m. | -26 | n.m. |
| Total Revenue | 7,021 | 8,018 | 6,749 | 0 | -32 | 159 | 7,021 | 7,986 | -12.1% | 6,908 | 1.6 |
| Recurring | 7,021 | 8,018 | 6,775 | 0 | -32 | 159 | 7,021 | 7,986 | -12.1% | 6,934 | 1.3 |
| Non-recurring | 0 | 0 | -26 | 0 | 0 | 0 | 0 | 0 | 0.0% | -26 | n.m. |
(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 has changed over the past 12 months.
(3) Energy sales related to the 12th and 13th Existing Energy Auctions (LEN) of the Tucuruí HPP, resulting from the extension of the concession term through the signing of a contract in the Regulated Contracting Environment (ACR), following the renegotiation of hydrological risk for electricity generation, as per ANEEL Ruling No. 1,395, dated May 20, 2019. The revenues refer to the period from July 12, 2024, to August 30, 2024. This event, which affected only 3Q24—with no equivalent effect in the following periods—generated a sold volume of 1,872 MWm, recognized revenue of R$ 1,327 million, and an average price of R$ 321/MWh.
(4) Short-term market: the Brazilian electric energy trading chamber (CCEE).
(5) Main effect: recognition of a negative amount of R$ 26 million in 3Q25, related to adjustments in the value of thermal power plant sale transactions. This effect refers to obligations and rights with maturities extending beyond the completion of the transactions and is treated as a non-recurring adjustment to gross revenue in the period.
(6) The differences between IFRS and regulatory revenues in 3Q25, and 4Q24 refer to energy sold and unpaid for by Amazonas Energia, which was not recognized as revenue under IFRS accounting, but recorded under regulatory accounting, where it was fully provisioned.
[4] Amount related to impact on gross revenue. The impact on net revenue was R$ 250 million.
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Regulatory Margin from Generation
The contribution margin from generation reflects the value added by this segment’s results, considering energy trading and directly related costs, and excluding Personnel, Materials, Services, and Other expenses.
The contribution of generation to the results increased to R$ 3,059 million in 4Q25 from R$ 2,962 million in 4Q24, despite the sale of thermal power plants and the lower volume of available energy due to the GSF (Generation Scaling Factor), which fell to 67.4% in 4Q25 from 79.9% in 4Q24.
In unit terms, the margin by volume of available energy (energy resource) increased to R$ 92.05/MWh in 4Q25 from R$ 84.96/MWh in 4Q24.
It is worth noting that, when excluding the thermal power plant results (Table 19), the unit contribution margin rose to R$ 91.55/MWh in 4Q25 from R$ 80/MWh in 4Q24, while energy resources remained practically stable, up to 15,026 aMW from 14,903 aMW, even with a lower GSF, attributable to the 2025 portfolio allocation strategy and protection via hydrological risk renegotiation.
Table 18 - Generation - adjusted contribution margin, regulatory (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Gross Revenue | 7,021 | 8,018 | -12.4 | 6,775 | 3.6 | 27,765 | 28,694 | -3.2 |
| Taxes | -588 | -822 | -28.4 | -616 | -4.5 | -2,655 | -3,228 | -17.8 |
| Sector charges | -311 | -292 | 6.6 | -274 | 13.8 | -1,279 | -1,250 | 2.3 |
| Net Revenue | 6,121 | 6,904 | -11.3 | 5,886 | 4.0 | 23,830 | 24,215 | -1.6 |
| Energy purchased for resale (1) | -1,791 | -2,238 | -20.0 | -1,681 | 6.5 | -6,615 | -5,695 | 16.2 |
| Charges on use of the electricity grid (2) | -1,169 | -1,123 | 4.0 | -1,132 | 3.2 | -4,505 | -4,381 | 2.8 |
| Fuel for electricity production (net of CCC (3)) | -37 | -531 | -92.9 | -193 | -80.6 | -1,013 | -1,992 | -49.2 |
| Other Generation Costs | -65 | -50 | 31.6 | -69 | -5.9 | -258 | -239 | 7.8 |
| GSF Insurance (4) | -52 | -39 | 32.9 | -57 | -8.1 | -190 | -207 | -8.1 |
| Others (5) | -13 | -10 | 26.8 | -13 | 3.9 | -67 | -32 | n.m. |
| Contribution Margin | 3,059 | 2,962 | 3.3 | 2,809 | 8.9 | 11,440 | 11,909 | -3.9 |
| Resources (MWm) (6) | 15,053 | 15,791 | -4.7 | 14,062 | 7.0 | 15,931 | 16,979 | -6.2 |
| Unit Margin (R$/MWh) | 92 | 85 | 8.3 | 90 | 1.7 | 82 | 80 | 2.7 |
(1) Energy purchased for resale includes: (a) short-term purchases (contracts with a duration of less than 12 months), (b) structural purchases (contracts with a duration of at least 12 months), and (c) results from agents (portions of power plants) that recorded negative settlement at the CCEE during the period. In addition, the effect of intercompany purchases is disregarded, as they are eliminated in the accounting consolidation.
(2) Does not consider the accounting elimination effect of charges paid to the Company's own transmission segment.
(3) CCC: Conta de Consumo de Combustíveis, or Fuel Consumption Account, is responsible for management of payments
made by distribution and transmission companies to subsidize the costs of generators serving Isolated Systems.
(4) RHR: Renegotiation of Hydrological Risk
(5) Others: association contributions (CCEE and ONS) and other costs.
(6) Includes own resources and structural purchases, taking into account contracts with a supply duration longer than 12 months.
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Table 19 - Generation, ex thermal power plants - adjusted contribution margin, regulatory (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Gross Revenue | 6,953 | 6,649 | 4.6 | 6,575 | 5.7 | 25,465 | 23,593 | 7.9 |
| Taxes | -582 | -744 | -21.8 | -594 | -2.2 | -2,509 | -2,551 | -1.6 |
| Sector charges | -311 | -292 | 6.6 | -274 | 13.8 | -1,279 | -1,225 | 4.4 |
| Net Revenue | 6,060 | 5,614 | 8.0 | 5,707 | 6.2 | 21,676 | 19,816 | 9.4 |
| Energy purchased for resale (1) | -1,791 | -1,862 | -3.8 | -1,671 | 7.2 | -6,140 | -4,669 | 31.5 |
| Charges on use of the electricity grid (2) | -1,166 | -1,070 | 9.0 | -1,125 | 3.6 | -4,280 | -4,228 | 1.2 |
| Fuel for electricity production (net of CCC (3)) | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| Other Generation Costs | -65 | -50 | 31.6 | -69 | -5.9 | -258 | -239 | 7.8 |
| GSF Insurance (4) | -52 | -39 | 32.9 | -57 | -8.1 | -190 | -207 | -8.1 |
| Others (5) | -13 | -10 | 26.8 | -13 | 3.9 | -67 | -32 | 111.9 |
| Contribution Margin | 3,038 | 2,632 | 15.4 | 2,841 | 6.9 | 10,998 | 10,680 | 3.0 |
| Resources (MWm) (6) | 15,026 | 14,903 | 0.8 | 13,816 | 8.8 | 15,570 | 16,241 | -4.1 |
| Unit Margin (R$/MWh) | 92 | 80 | 14.4 | 93 | -1.7 | 81 | 75 | 7.7 |
(1) Energy purchased for resale includes: (a) short-term purchases (contracts with a duration of less than 12 months), (b) structural purchases (contracts with a duration of at least 12 months), and (c) results from agents (portions of power plants) that recorded negative settlement at the CCEE during the period. In addition, the effect of intercompany purchases is disregarded, as they are eliminated in the accounting consolidation.
(2) Does not consider the accounting elimination effect of charges paid to the Company's own transmission segment.
(3) CCC: Conta de Consumo de Combustíveis, or Fuel Consumption Account, is responsible for management of payments
made by distribution and transmission companies to subsidize the costs of generators serving Isolated Systems.
(4) RHR: Repactuação do Risco Hidrológico, or Renegotiation of the Hydrological Risk
(5) Others: association contributions (CCEE and ONS) and other costs.
(6) Includes own resources and structural purchases, taking into account contracts with a supply duration longer than 12 months.
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Table 20 - Generation - ajusted contribution margin, regulatory - by contracting environment (R$ mm)
| 4Q25 | 4Q24 | 3Q25 | |||||||
|
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 | 7,021 | 68 | 475 | 1,388 | 5,089 | 4,335 | 17.4 | 4,462 | 14.1 |
| (-) Adjustment | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0 | 0.0 |
| Adjusted Gross Revenue | 7,021 | 68 | 475 | 1,388 | 5,089 | 4,335 | 17.4 | 4,462 | 14.1 |
| (-) Taxes | -588 | -7 | -40 | -116 | -426 | -485 | -12.2 | -403 | 5.5 |
| (-) Sector Charges | -311 | 0 | -43 | -73 | -195 | -160 | 22.0 | -163 | 19.7 |
| (-) Energy purchased for resale (1) | -1,791 | 0 | 0 | 0 | -1,791 | -1,862 | -3.8 | -1,671 | 7.2 |
| (-) Charges on use of the electricity grid (2) | -1,169 | -2 | -206 | -299 | -662 | -510 | 29.8 | -630 | 5.0 |
| (-) Fuel for electricity production (3) | -37 | -37 | 0 | 0 | 0 | 0 | 0.0 | 0 | 0.0 |
| (-) Other Generation Costs | -65 | 0 | -1 | -55 | -10 | -7 | 42.3 | -9 | 12.1 |
| GSF Insurance (4) | -52 | 0 | 0 | -52 | 0 | 0 | 0.0 | 0 | 0.0 |
| Others (5) | -13 | 0 | -1 | -3 | -10 | -7 | 42.3 | -9 | 12.1 |
| Contribution Margin (f) | 3,059 | 22 | 186 | 845 | 2,006 | 1,312 | 52.9 | 1,586 | 26.5 |
| Own Resources (MWm) | 13,953 | 14,722 | -5.2 | 13,010 | 7.3 | ||||
| (-) Quotas | -2,459 | -3,655 | -32.7 | -2,279 | 7.9 | ||||
| (-) ACR (includes thermal plants) | -3,593 | -4,475 | -19.7 | -3,584 | 0.3 | ||||
| (+) Structural Purchases | 1,100 | 1,069 | 2.8 | 1,052 | 4.5 | ||||
| Resources (MWm) (6) | 9,001 | 7,661 | 17.5 | 8,199 | 9.8 | ||||
| Resources (MWh thousand) (6) (g) | 19,874 | 16,916 | 17.5 | 18,103 | 9.8 | ||||
| R$/MWh (f)/(g) | 101 | 78 | 30.1 | 88 | 15.3 | ||||
(1) Energy purchased for resale includes: (a) short-term purchases (contracts with a duration of less than 12 months), (b) structural purchases (contracts with a duration of at least 12 months), and (c) results from agents (portions of power plants) that recorded negative settlement at the CCEE during the period. In addition, the effect of intercompany purchases is disregarded, as they are eliminated in the accounting consolidation.
(2) Does not consider the accounting elimination effect of charges paid to the Company's own transmission segment.
(3) Net of CCC: Conta de Consumo de Combustíveis, or Fuel Consumption Account, is responsible for management of payments
made by distribution and transmission companies to subsidize the costs of generators serving Isolated Systems.
(4) RHR: Renegotiation of Hydrological Risk
(5) Others: association contributions (CCEE and ONS) and other costs.
(6) Includes own resources and structural purchases, considering contracts with a supply term longer than 12 months.
The contribution margin of energy traded in the Free Contracting Market (ACL) and settled in the Short Term Market (MCP) increased to R$ 101/MWh in 4Q25 from R$ 78/MWh in 4Q24, considering the resources available for allocation in both environments.
The increase in resources available for allocation in the ACL and MCP reflected, from the energy balance requirements side, the release of volumes resulting from the decotization and committed to fulfilling the sales contracts of thermal power plants. This effect more than offset the reduction in total resources for trading, explained by the sale of thermal power plants. From the hydroelectric side, the strategy of allocating own energy throughout 2025 helped to neutralize the reduction in GSF (Generation Scaling Factor) in 4Q25.
The contribution margin increased to R$ 2,006 million in 4Q25 from R$ 1,312 million in 4Q24. This increase was explained by energy trading strategy results, with revenue growth despite flat energy purchase spending, more than offsetting the R$ 152 million increase in connection charges (TUST) during the period.
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8.3. Transmission Segment
Regulatory Margin from Transmission
Net transmission revenue comprises gross revenue and its respective deductions and, for management purposes, represents the contribution margin of this segment.
Gross transmission revenue is based on the Allowed Annual Revenue (RAP) and the Adjustment Portion (PA) approved by ANEEL for the current tariff cycle, 2025/2026 (from July 1, 2025, to June 30, 2026). It is worth noting that the PA of the current tariff cycle is a contractual mechanism established by the regulator to compensate for any deficit or surplus between the 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 entered into operations after the approval |
| ▪ | pass-through items, which are offset in the following cycle through the PA |
Accounting eliminations related to transmission system usage charges paid by AXIA Energia’s generation companies to the Group’s own transmission subsidiaries are not considered. Deductions include taxes (PIS/COFINS, ICMS, and ISS) and sector charges (CDE, PROINFA, TFSEE, R&D, and RGR).
Net regulatory transmission revenue was R$ 3,924 million in 4Q25, up 3.1% YoY, mainly reflecting the lower PA in the current tariff cycle.
It is worth noting that the RAP variation was primarily explained by:
| ▪ | the repositioning of RBSE's financial component |
| ▪ | the review of resources linked to the 2023 Periodic Tariff Review (RTP) |
| ▪ | the addition of RAP from reinforcement and improvement projects authorized by the regulator |
The variation in PA was primarily explained by the occurrence in 4Q24, without a corresponding impact in 4Q25, of a negative Postponement portion related to the 2023 RTP, according to ANEEL Resolution 3,344/2024, applicable only to the 2024/2025 tariff cycle.
Sequentially, when compared to the R$ 4,187 million recorded in 3Q25, the R$ 263 million decrease in the contribution margin was mainly explained by lower collection of items that will be compensated through PA in the following cycle, including:
| ▪ | R$ 113 million related to deficit between ONS-calculated collection and approved RAP for the tariff cycle |
| ▪ | R$ 82 million associated with uncollected fines on connection contracts terminated but unpaid by generators in the quarter |
| ▪ | R$ 44 million related to the reduction in deficit between ONS-calculated collection and approved RAP for the tariff cycle for a connection dedicated to Itaipu's exclusive use |
Further details and explanations are available in the "Modeling Support - Transmission" spreadsheet, located in the Results Center on the Company's Investor Relations website, including an analysis of the transmission revenue and a breakdown of the Adjustment Portion (PA).
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Table 21 - Transmission - adjusted contribution margin, regulatory (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| RAP (1) | 4,134 | 4,246 | -2.6 | 4,134 | 0.0 | 16,760 | 17,279 | -3.0 |
| PA (1) | -117 | -382 | -69.5 | -117 | 0.0 | -998 | -906 | 10.1 |
| Approved RAP and Adjustment Portion | 4,018 | 3,864 | 4.0 | 4,018 | 0.0 | 15,763 | 16,373 | -3.7 |
| Taxes and Sector Charges (2) | 602 | 545 | 10.5 | 685 | -12.1 | 2,460 | 2,284 | 7.7 |
| Unavailability Discount (3) | -63 | -60 | 5.2 | -51 | 24.2 | -244 | -244 | 0.2 |
| RAP Addition: new facilities | 35 | 12 | n.m. | 9 | n.m. | 115 | 68 | 68.0 |
| Pass through (4) | 98 | 139 | -29.6 | 323 | -69.7 | 898 | 777 | 15.6 |
| Other mismatches (5) | 29 | 74 | -61.2 | 36 | -20.8 | 205 | 417 | -50.9 |
| Gross Revenue (6) | 4,719 | 4,574 | 3.2 | 5,020 | -6.0 | 19,196 | 19,676 | -2.4 |
| Tributes | -438 | -458 | -4.4 | -479 | -8.6 | -1,779 | -1,831 | -2.8 |
| Sector Charges (7) | -357 | -312 | 14.5 | -355 | 0.6 | -1,383 | -1,230 | 12.4 |
| Net Revenue | 3,924 | 3,805 | 3.1 | 4,187 | -6.3 | 16,035 | 16,615 | -3.5 |
(1) RAP and PA: considers 1/4 of the amounts approved for the tariff cycle in effect during the quarter, and proportional amounts accumulated throughout the year.
(2) Considers (a) PIS/COFINS and (b) CDE/Proinfa. Both are pass-through costs, and AXIA Energia collects these amounts 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 for which transmission companies act only as collection agents, and which will be deducted in PA in the following tariff cycle.
This involves differences between approved RAP and ONS billing related to prepayment apportionment,
as the receipt of CDE Fund resources (via CCEE) for amounts not collected due to discounts applied on tariffs.
(5) Other mismatches in relation to the approved RAP for the current tariff cycle, such as (a) mismatch
between Transmission and Distribution Annual Adjustments, (b) complementary AVCs associated with the termination of
Transmission System Usage Agreements (CUST) by generators, etc.
(6) Does not consider the accounting elimination effect of charges paid to the Company's own transmission segment.
Eliminations: transactions that occur between companies of the same group, i.e., AXIA Energia companies.
These refer to transmission system usage charges paid by AXIA Energia generation companies to AXIA Energia transmission companies,
which receive them in the form of RAP. For consolidation purposes, these amounts are eliminated from
transmission revenue and generation usage cost.
(7) Sector Charges includes: RGR, R&D, TFSEE, CDE, and Proinfa.
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8.4. Operating Costs and Expenses - IFRS
Table 22 - Operating costs and expenses (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Energy purchased for resale (1) | 1,791 | 2,062 | -13.2 | 1,681 | 6.5 | 6,340 | 4,992 | 27.0 |
| Charges on use of the electricity grid | 1,062 | 968 | 9.7 | 1,010 | 5.1 | 4,023 | 3,955 | 1.7 |
| Fuel for electricity production | 37 | 531 | -92.9 | 193 | -80.6 | 1,013 | 1,992 | -49.2 |
| Construction | 2,022 | 1,804 | 12.1 | 1,262 | 60.2 | 5,065 | 4,287 | 18.2 |
| Personnel, Material, Services and Others | 1,691 | 2,352 | -28.1 | 1,656 | 2.1 | 6,684 | 7,668 | -12.8 |
| Depreciation and Amortization | 1,178 | 1,033 | 14.0 | 1,156 | 1.9 | 4,577 | 3,988 | 14.8 |
| Operating provisions | 140 | -67 | n.m. | 236 | -40.5 | 636 | -227 | n.m. |
| Result from asset sale | 53 | -79 | n.m. | 7,071 | -99.2 | 7,229 | 36 | n.m. |
| Regulatory remeasurements | 0 | 0 | 0.0 | -303 | n.m. | 4,082 | -6,130 | n.m. |
| Costs and expenses | 7,974 | 8,604 | -7.3 | 13,961 | -42.9 | 39,648 | 20,562 | 92.8 |
| Non-recurring events | ||||||||
| (-) Non-recurring PMSO events | 73 | -292 | n.m. | -114 | n.m. | -461 | -809 | -43.0 |
| (-) Non-recurring provisions | -11 | 473 | n.m. | -218 | -94.8 | -226 | 1,467 | n.m. |
| (-) Result from asset sale | -53 | 79 | n.m. | -7,071 | -99.2 | -7,229 | -36 | n.m. |
| (-) Regulatory remeasurements | 0 | 0 | 0.0 | 0 | 0.0 | -3,433 | 0 | 0.0 |
| Adjusted Costs and Expenses | 7,982 | 8,864 | -9.9 | 6,559 | 21.7 | 28,298 | 21,184 | 33.6 |
(1) Energy purchased for resale includes: (a) short-term purchases (contracts with a duration of less than 12 months), (b) structural purchases (contracts with a duration of at least 12 months), and (c) results from agents (portions of power plants) that recorded negative settlement at the CCEE during the period. In addition, the effect of intercompany purchases is disregarded, as they are eliminated in the accounting 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$ 833 million in 4Q25, down R$ 82 million when compared to the R$ 915 million in 4Q24, with the main effects being: |
| ◦ | R$ 178 million increase in Profit Sharing (PLR) and Short-Term Incentive (ICP) program expenses; |
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| ◦ | R$ 110 million decrease in expenses related to compensation and changes: |
| ◦ | R$ 142 million savings from the Voluntary Dismissal Plans (PDVs) |
| ◦ | R$ 32 million increase with new hires |
| ◦ | R$ 92 million drop reflecting the capitalization of personnel costs, as a result of the increased level of investments in the period |
| ◦ | R$ 32 million decrease associated with benefits |
| ◦ | R$15 million reduction due to the sale of thermal power plants |
Non-recurring effects: R$ 77 million, being:
| ◦ | R$ 35 million with severance costs |
| ◦ | R$ 21 million with VDPs |
| ◦ | R$ 21 million related to Severance Indemnity Fund (FGTS) fine linked to terminations |
| ▪ | Material: adjusted balance of R$ 57 million in 4Q25, down R$ 16 million when compared to the R$ 73 million recorded in 4Q24, as a result of lower operational maintenance costs driven in part by the sale of thermal power plants. |
There were no non-recurring effects in the quarter.
| ▪ | Services: adjusted balance of R$ 668 million in 4Q25, down R$ 63 million when compared to the R$ 731 million in 4Q24, driven by: |
| • | R$ 101 million in savings on consulting and legal services contracts |
| • | R$ 60 million in increased expenses related to the company's rebranding |
| • | R$ 30 million reduction due to lower year-end payment concentration in 2025 |
Non-recurring effects: R$ 92 million related to success fee paid to legal defense as part of the contingency reduction strategy.
| ▪ | Other: adjusted balance of R$ 205 million in 4Q25, down R$ 136 million when compared to the R$ 341 million in 4Q24, notably: |
| • | R$ 103 million reduction from the reclassification in 2025 of prior convictions as provisions |
| • | R$ 47 million increase in rental expenses from property return costs |
| • | R$ 33 million decrease in materials and product expenses |
| • | R$ 32 million decrease in taxes and charges, reflecting the sale of thermal power plants |
Non-recurring effects: net positive effect of R$ 242 million in the quarter, highlighting:
| ◦ | R$ 221 million associated with the reversal of supplier-related provisions |
| ◦ | R$ 45 million associated with insurance proceeds received from claims recovery |
| ◦ | R$ 24 million for settlement fees paid to terminate legal proceedings |
| ◦ | R$ 1 million associated with commitments under the self-managed health plan, which was replaced by a plan managed by a specialized market operator in 3Q25 |
For more details on PMSO, including a breakdown by company and by nature of other costs and expenses, please refer to Appendix 2 - PMSO Breakdown.
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Table 23 - Detailed IFRS PMSO (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Personnel | 889 | 984 | -9.6 | 800 | 11.2 | 3,444 | 3,754 | -8.3 |
| VDP | 21 | 182 | -88.4 | 32 | -33.5 | 247 | 227 | 8.8 |
| Material | 57 | 73 | -21 | 63.4 | -10 | 214.2 | 220 | -3 |
| Services | 760 | 773 | -1.7 | 548 | 38.8 | 2,202 | 2,238 | -1.6 |
| Others | -37 | 341 | n.m. | 213 | n.m. | 577 | 1,230 | -53.1 |
| other generation costs | 65 | 50 | 31.6 | 69 | -5.9 | 258 | 239 | 7.8 |
| other expenses | -102 | 291 | n.m. | 143 | n.m. | 320 | 991 | -67.8 |
| PMSO (a) | 1,691 | 2,352 | -28.1 | 1,656 | 2.1 | 6,684 | 7,668 | -12.8 |
| Personnel | -56 | -69 | -18.4 | -50 | 12.4 | -274 | -69 | n.m. |
| VDP | -21 | -182 | -88.4 | -32 | -33.5 | -247 | -227 | 8.8 |
| Material | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| Services | -92 | -42 | n.m. | -15 | n.m. | -164 | -84.2 | 95 |
| Others | 242 | 0 | 0.0 | -18 | n.m. | 224 | -429 | n.m. |
| other generation costs | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| other expenses | 242 | 0 | 0.0 | -18 | n.m. | 224 | -429 | n.m. |
| Non recurring (b) | 73 | -292 | n.m. | -114 | n.m. | -461 | -809 | -43.0 |
| Personnel | 833 | 915 | -8.9 | 750 | 11.1 | 3,169 | 3,685 | -14.0 |
| VDP | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| Material | 57 | 73 | -21.4 | 63 | -10.0 | 214 | 220 | -2.6 |
| Services | 668 | 731 | -8.6 | 533 | 25.4 | 2,038 | 2,153 | -5.4 |
| Others | 205 | 341 | -39.8 | 195 | 5.0 | 801 | 801 | 0.1 |
| other generation costs | 65 | 50 | 31.6 | 69 | -5.9 | 258 | 239 | 7.8 |
| other expenses | 140 | 291 | -52.0 | 126 | 10.9 | 544 | 562 | -3.2 |
| PMSO adjusted (c) = (a) + (b) | 1,763 | 2,060 | -14.4 | 1,542 | 14.4 | 6,223 | 6,860 | -9.3 |
| PMSO excluding TPP * (c.1) | 1,762 | 1,997 | -11.8 | 1,535 | 14.7 | 6,149 | 6,684 | -8.0 |
| expenses | 1,696 | 1,947 | -12.9 | 1,466 | 15.7 | 5,892 | 6,445 | -8.6 |
| costs: generation segment ** | 65 | 50 | 31.6 | 69 | -5.9 | 258 | 239 | 7.8 |
| Thermal Power Plants (c.2) | 2 | 63 | -97.5 | 6 | -74.9 | 74 | 176 | -58.0 |
* 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.
Regulatory Remeasurement and Asset Disposal Result
| ▪ | Regulatory Remeasurement - Transmission Contracts: There were no recognitions in this line in 4Q25. |
| ▪ | Asset disposal result: R$ 53 million expense in 4Q25, primarily due to costs related to M&A transactions executed throughout 2025. |
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Operating Provisions
Table 24 - Operating provisions - IFRS (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Operating Provisions / Reversals | ||||||||
| Provision/Reversal for Litigation | -380 | -486 | -21.8 | -419 | -9.3 | -885 | 160 | n.m. |
| Estimated losses on investments | 133 | 217 | -38.6 | 12 | n.m. | 179 | 199 | -10.2 |
| Measurement at fair value of assets held for sale | 0 | -137 | n.m. | 0 | 0.0 | 0 | 0 | 0.0 |
| Provision for the Implementation of Lawsuits - Compulsory Loan | -192 | -23 | n.m. | -15 | n.m. | -201 | -70 | n.m. |
| ECL - Loans and financing | 0 | -4 | n.m. | 176 | n.m. | 166 | -15 | n.m. |
| ECL - Consumers and resellers | -84 | -157 | -46.4 | -35 | n.m. | -217 | -391 | -44.5 |
| ECL - Other credits | -9 | -44 | -80.2 | 175 | n.m. | 133 | -169 | n.m. |
| Onerous contracts | 200 | 251 | -20.2 | 29 | n.m. | 288 | 387 | -25.5 |
| Results of actuarial reports | -67 | -106 | -37.3 | -95 | -29.7 | -346 | -490 | -29.4 |
| Other * | 257 | 556 | -53.8 | -63 | n.m. | 247 | 616 | -59.9 |
| Operating Provisions / Reversals | -140 | 67 | n.m. | -236 | -40.5 | -636 | 227 | n.m. |
| Non-recurring items / Adjustments | 11 | -473 | n.m. | 218 | -94.8 | 226 | -1,467 | n.m. |
| Provision for Litigation | 380 | 427 | -11.1 | 419 | -9.3 | 885 | -219 | n.m. |
| Measurement at fair value of assets held for sale | 0 | 79 | n.m. | 0 | 0.0 | 0 | -214 | n.m. |
| Estimated losses on investments | -133 | -217 | -38.6 | -12 | n.m. | -179 | -199 | -10.2 |
| Provision for the Implementation of Lawsuits - Compulsory Loan | 192 | 23 | n.m. | 15 | n.m. | 201 | 70 | n.m. |
| ECL - Loans and financing | 0 | 4 | n.m. | -176 | n.m. | -166 | 15 | n.m. |
| Onerous contracts | -200 | -251 | -20.2 | -29 | n.m. | -288 | -387 | -25.5 |
| Impairment | -227 | -540 | -58.0 | 0 | 0.0 | -227 | -534 | -57.5 |
| Restitution RGR | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| Adjusted Provisions/Reversals | -129 | -406 | -68.3 | -18 | n.m. | -410 | -1,241 | -67.0 |
Positive values in the table above indicate reversal of provision.
* Primarily Includes impairment and RGR refunds.
| ▪ | Provision for litigation: provision of R$ 380 million in 4Q25 compared to a provision of R$ 486 million in 4Q24. The R$ 106 million variation was explained by the recording of provisions in civil, tax, labor, regulatory, environmental, land, and other proceedings, partially offset by the reversal of provisions in compulsory loan proceedings. |
| ◦ | Compulsory Loan: Contributed a net reversal of R$ 138 million in 4Q25, compared to the net reversal of R$ 359 million in 4Q24, reflecting agreements signed and favorable decisions. It is worth noting that, unlike other provisions, the monetary restatement related to the compulsory loan provision was recognized under financial results. |
| ◦ | Other events, contributing to results as follows: |
| • | Changes in provision balances: provision of R$ 349 million in 4Q25 vs. R$ 634 million in 4Q24, a positive variation of R$ 285 million |
| • | Monetary update: R$ 168 million expense in 4Q25 compared to R$ 210 million in 4Q24 |
| ▪ | Share conversion process – Compulsory Loan: R$ 192 million provision in 4Q25, compared to a R$ 23 million provision in 4Q24. This result reflects the mark-to-market effect on the average price of the Company’s class B preferred shares over the past 12 months, related to amounts recorded in the balance sheet and linked to those shares. In addition, there is an impact from the increased provision due to the dividends of the period. |
| ▪ | Fair value measurement of asset held for sale: no recognitions in 4Q25, after a R$ 137 million provision was recorded in 4Q24, primarily relating to the devaluation of the equity stake in the SPE Mata de Santa Genebra. |
| ▪ | Estimated losses on investments: reversal of R$ 133 million in 4Q25 vs. reversal of R$ 217 million in 4Q24, an R$ 84 million variation mainly explained by: |
| ◦ | R$ 153 million: reversal of impairment in Norte Energia in 4Q24 |
| ◦ | R$ 122 million: reversal of equity holdings in SPEs MESA, Sinop and São Manoel |
| ◦ | R$ 88 million: reversal of impairment in AXIA Energia Nordeste in 4Q24 |
| ◦ | R$ 68 million: provisions for equity holdings in ISA Energia Brasil in 4Q24 |
| ▪ | Expected Credit Losses (ECL) - Consumers and Resellers: provision of R$ 84 million in 4Q25, due to: |
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| ◦ | R$ 69 million related to uncollected Transmission System Usage Charges (EUST) |
| ◦ | R$ 41 million from monetary update |
| ▪ | Onerous Contracts: R$ 200 million reversal in 4Q25 compared to a R$ 251 million reversal in 4Q24. The recognition is predominantly explained by the reassessment of the contract with the Jirau HPP. |
| ▪ | Impairment: The R$ 227 million amount recognized in 4Q25 resulted from impairment testing of the Casa Nova (R$ 141 million), Coxilha Negra (-R$ 340 million), and Ibirapuitã (R$ 28 million) wind farms, as detailed in the table below: |
Table 25 - Impairment test result (R$ mm)
| Balance on 12/31/2024 | Changes | Balance on 12/31/2025 | |
| Hydro Division - AXIA Energia | 0 | 0 | 0.0 |
| Hydro Division - AXIA Energia Norte | 0 | 0 | 0.0 |
| Hydro Division - AXIA Energia Nordeste | 0 | 0 | 0.0 |
| Hydro Division - AXIA Energia Sul | 0 | 0 | 0.0 |
| Casa Nova | 407 | 141 | 548.7 |
| Casa Nova B to G | 0 | 0 | 0.0 |
| Coxilha Negra | 476 | -340 | 135.6 |
| Ibirapuitã | 31 | -28 | 3.3 |
| Others | 262 | -182 | 79.5 |
| Total | 1,176 | -409 | 767.1 |
8.5. Equity Holdings - IFRS
The main highlights of equity income were as follows:
| ▪ | Eletronuclear: No income was recognized in 4Q25 as the asset was classified as held-for-sale |
| ▪ | ISA Energia: reduction due to higher financial expenses from new debt raised for investment execution |
| ▪ | Equatorial Maranhão: variation resulting from the non-recognition of equity accounting in 4Q25 |
| ▪ | Belo Monte Transmissora de Energia S.A.: reduction from contractual asset adjustment for lower IPCA in 4Q25 versus 4Q24 |
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| ▪ | Norte Energia: increase due to deferred tax asset write-offs in 4Q24 with no counterpart in 4Q25 |
Table 26 - Equity holdings (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Highlights Affiliates (a) | 173 | 406 | -57.3 | 395 | -56.1 | 800 | 1,951 | -59.0 |
| Eletronuclear (1) | 0 | 22 | n.m. | 0 | 0.0 | -84 | 562 | -114.9 |
| ISA Energia | 148 | 251 | -41.2 | 191 | -22.7 | 498 | 900 | -44.7 |
| Equatorial Maranhão | 0 | 75 | n.m. | 149 | n.m. | 149 | 149 | 0.0 |
| Other Affiliates | 26 | 58 | -55.2 | 55 | -52.7 | 237 | 340 | -30.3 |
| Highlights SPEs (b) (2) | 59 | -59 | -200.6 | 751 | -92.2 | 709 | 146 | 387.3 |
| IE Madeira | 49 | 68 | -28.3 | 55 | -10.5 | 219 | 196 | 11.6 |
| Belo Monte Transmissora de Energia S.A. - BMTE | 54 | 135 | -59.6 | 95 | -42.8 | 232 | 292 | -20.3 |
| Transnorte Energia (TNE) | 19 | 51 | -63.4 | 649 | -97.1 | 591 | 148 | 299.7 |
| Chapecoense | 54 | 65 | -17.0 | 59 | -8.9 | 211 | 194 | 9.0 |
| ESBR Jirau | 37 | 32 | 16.9 | 57 | -34.6 | 156 | 87 | 79.2 |
| IE Garanhuns | 14 | 19 | -24.1 | 15 | -0.9 | 67 | 64 | 4.9 |
| Norte Energia | -169 | -429 | -60.6 | -179 | -5.7 | -767 | -835 | -8.1 |
| Other Holdings (c) (3) | 115 | 131 | -11.8 | 119 | -3.1 | 345 | 409 | -15.7 |
| Total Equity Holdings (a) + (b) + (c) | 347 | 478 | -27.3 | 1,265 | -72.5 | 1,854 | 2,506 | -26.0 |
| Non-recurring events | ||||||||
| (-) Regulatory remeasurements, ISA Energia | 0 | 0 | 0.0 | 0 | 0.0 | 116 | 0 | 0.0 |
| Adjusted Equity Holding | 347 | 478 | -27.3 | 1,265 | -72.5 | 1,970 | 2,506 | -21.4 |
(1) 4Q25 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.
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8.6. Financial Result - IFRS
Table 27 - Financial result (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Financial Income | 1,173 | 971 | 20.8 | 1,272 | -7.8 | 4,586 | 3,152 | 45.5 |
| Interest income, fines, commissions and fees | 0 | 22 | n.m. | 38 | n.m. | 61 | 139 | -56.0 |
| Income from financial investments | 1,198 | 982 | 21.9 | 1,228 | -2.5 | 4,585 | 2,938 | 56.1 |
| Late payment surcharge on electricity | 25 | 23 | 7.4 | 16 | 50.8 | 109 | 120 | -8.5 |
| Other financial income | 23 | 46 | -50.1 | 68 | -66.2 | 144 | 224 | -35.7 |
| (-) Taxes on financial income | -72 | -103 | -29.6 | -79 | -7.8 | -312 | -268 | 16.7 |
| Financial Expenses | -2,427 | -2,589 | -6.3 | -2,269 | 7.0 | -9,539 | -10,140 | -5.9 |
| Debt Charges (1) | -1,403 | -1,556 | -9.8 | -1,444 | -2.8 | -6,016 | -6,117 | -1.7 |
| Loans, financing and suppliers | -1,399 | -1,426 | -1.9 | -1,439 | -2.8 | -5,801 | -5,589 | 3.8 |
| Leasing | -4 | -130 | -96.6 | -5 | -8.7 | -215 | -529 | -59.3 |
| CDE obligation charges (2) | -682 | -640 | 6.6 | -665 | 2.5 | -2,670 | -2,484 | 7.5 |
| River basin revitalization charges (2) | -82 | -87 | -5.9 | -80 | 2.0 | -319 | -340 | -6.1 |
| Financial discount for early payment - ENBpar | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| Other financial expenses | -260 | -306 | -15.0 | -79 | n.m. | -534 | -1,199 | -55.4 |
| Net Financial Items | -1,052 | -1,312 | -19.8 | -1,575 | -33.2 | -5,974 | -4,640 | 28.7 |
| Monetary changes | -121 | -242 | -50.0 | -196 | -38.2 | -865 | -778 | 11.2 |
| Compulsory Loan | -161 | -176 | -8.7 | -186 | -13.8 | -700 | -769 | -9.0 |
| Others | 40 | -66 | n.m. | -9 | n.m. | -166 | -9 | n.m. |
| Exchange rate variations | -7 | -56 | -87.4 | 6 | n.m. | -8 | -29 | -70.8 |
| Change in fair value of hedged debt net of derivative (1) | -685 | -274 | n.m. | -1,056 | -35.1 | -3,294 | -1,566 | n.m. |
| Monetary updates - CDE (2) | -207 | -508 | -59.4 | -270 | -23.5 | -1,525 | -1,605 | -5.0 |
| Monetary updates - river basins (2) | -33 | -92 | -64.2 | -42 | -21.5 | -240 | -288 | -16.7 |
| Change in derivative financial instrument not linked to debt protection | 0 | -140 | n.m. | -17 | n.m. | -41 | -374 | -89.1 |
| Financial Results | -2,306 | -2,930 | -21.3 | -2,571 | -10.3 | -10,927 | -11,628 | -6.0 |
| Adjustments | ||||||||
| Monetary restatement - Compulsory Loan | 161 | 176 | -8.7 | 186 | -13.8 | 700 | 769 | -9.0 |
| Write-off of judicial deposits due to the conciliation project | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 100 | n.m. |
| Adjustment of the correction rate for judicial deposits | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 249 | n.m. |
| Adjusted Financial Result | -2,146 | -2,754 | -22.1 | -2,385 | -10.0 | -10,227 | -10,510 | -2.7 |
(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: went up 21% YoY, to R$ 1,173 million in 4Q25 from R$ 971 million in 4Q24, primarily explained by the increase in the average CDI rate during the period, which exceeded the 13% reduction in average cash balance |
| ▪ | Interest expense on debt and change in fair value of hedge: resulting, respectively, from the expenses related to: |
| • | R$ 1,403 million from debt charges |
| • | R$ 685 million from the change in the fair value of hedged debt, net of derivatives |
| • | In 4Q25, these lines totaled R$ 2,088 million compared to R$ 1,830 million in 4Q24. This 14% increase stemmed primarily from higher Selic rate and new hedge contracts, partially offset by lower leasing charges after thermal plant sales |
| ▪ | Monetary variations: R$ 121 million expense in 4Q25, down 50% from R$ 242 million in 4Q24. This line is comprised by two main components: |
| ◦ | Lawsuit update for compulsory loans: R$ 161 million expense in 4Q25 from R$ 176 million in 4Q24, reflecting the reduction in the provision inventory, which offset the higher Selic rate |
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| ◦ | Other lines: R$ 40 million income in 4Q25 compared to a R$ 66 million expense in 4Q24, mainly explained by a R$ 52 million decrease in debt monetary restatement resulting from lower inflation-adjusted debt balances during the period |
| ▪ | Other financial expenses: R$ 260 million in 4Q25, down 15% from the R$ 306 million in 4Q24. The reduction was mainly explained by the R$ 34 million judicial deposits write-off in 4Q24, with no corresponding entry in 4Q25. |
8.7. Current and Deferred Taxes - IFRS
In 4Q25, the highlight was the recognition of R$ 12,362 million in deferred tax assets, comprising:
| ▪ | R$ 3,512 million related to deferred tax on tax loss carryforwards and negative tax base |
| ▪ | R$ 9,053 million related to deferred tax on temporary differences |
This event is explained by changes in estimates of future taxable profits. It is important to note that R$ 2,493 million related to non-operating results remains unrecognized.
Non-recurring effects: -R$ 12,362 million, including:
| ▪ | -R$ 12,565 million related to the deferred tax assets recognized as described above |
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| ▪ | R$ 203 million related to deferred tax on provision reversals |
Table 28 - Income tax and social contribution (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Current income tax and social contribution | 424 | 5 | n.m. | -425 | n.m. | -333 | -718 | -53.6 |
| Deferred income tax and social contribution | 12,304 | 43 | n.m. | 198 | n.m. | 13,873 | 478 | n.m. |
| Income tax and social contribution total | 12,728 | 48 | n.m. | -226 | n.m. | 13,540 | -240 | n.m. |
| Adjustments | ||||||||
| Constitution/Reversal of Deferred Tax on Tax Loss (1) | -12,565 | -1,425 | n.m. | 0 | 0 | -12,565 | -2,207 | n.m. |
| Deferred Tax Adjustment on Regulatory Remeasurement (2) | 0 | 758 | n.m. | 0 | 0 | -882 | 0 | 0.0 |
| Deferred Tax Adjustment on AXIA Energia Norte's tax rate | 0 | 0 | 0.00 | 0 | 0.00 | -393 | 0 | 0.0 |
| Deferred Tax on Provisions: onerous contracts and impairment | 0 | 252 | n.m. | 0.0 | 0 | 0 | 252 | n.m. |
| Deferred Tax Adjustment on Provision Reversal | 203 | 0 | 0.00 | 0 | 0.00 | 203 | 0 | 0.0 |
| Adjusted income tax and social contribution | 366 | -367 | n.m. | -226 | n.m. | -98 | -2,195 | -95.5 |
(1) The amount of R$ 12,565 million in 4Q25 refers to the recognition of deferred tax assets on tax loss carryforwards, negative basis and temporary differences, following the revision of future taxable income. In 4Q24, the net constitution of R$ 1,425 million reflects the constitution of R$ 1,594 million at AXIA Energia, after studies of the recoverability of negative tax bases and temporary differences, combined with the reversal of R$ 169 million at AXIA Energia Sul, following the analysis of the recoverability of deferred tax resulting from the sale of TPP Candiota. In 2Q24, two amounts were recognized: R$ 1,074 million at AXIA Energia, related to tax credits, stemming from accumulated tax loss carryforwards, following a reassessment of taxable income due to the merger with Furnas; and a reversal of R$ 292.4 million at AXIA Energia Sul, based on a revised expectation regarding the completion of the operations required to utilize the tax credit generated by the sale of TPP Candiota.
(2) 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 2025-26, 2026-27 and 2027-28 cycle, 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 .
9. OPERATIONAL PERFORMANCE
9.1. Generation Segment
Generation Assets
The Company had 81 plants, including 47 hydroelectric, 33 wind, and 1 solar at the end of 4Q25, considering corporate ventures, shared ownership and stakes via SPEs. Compared to 3Q25, the decrease of one assets was primarily due to the sale of Santa Cruz TPP.
Portfolio installed capacity reached 43,872 MW in 4Q25, with 100% generated from clean sources with low greenhouse gas emissions, representing 17% of Brazil's total installed capacity.
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Table 29 - Generation assets
| Source | Installed Capacity (MW) | Assured Capacity (aMW) | Accumulated Generated Energy (GWh) |
| Hydro (47 plants) | 43,073 | 21,028 | 136,698 |
| Thermal (0 plants) | 0 | 0 | 2,196 |
| Wind Power (33 plants) | 799 | 348 | 1,909 |
| Solar (1 plant) | 0.93 | 0.13 | 1.03 |
| Total (81 plants) | 43,872 | 21,376 | 140,803 |
Total energy generated by AXIA Energia fell by 3.2% YoY in 4Q25.
Chart 5 - AXIA Energia - net energy generation (GWh)
System Data – Installed Capacity and Generation
Brazil's installed capacity was 259,839.02 MW in 4Q25.
Chart 6 - Brazil’s installed capacity - by source
Source: ANEEL's Generation Information System (SIGA)
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Chart 7 - Generated energy SIN - national interconnected system (GWh)
Source: Operating Results 01/01 to 12/31/2025 from the National Operator of the Electric System (ONS)
System Data – Energy Market
Table 30 - PLD
| 4Q25 | 4Q24 | ∆% | 3Q25 | ∆% | ||
| Market | GSF (%) | 67.45 | 79.91 | -12.5 p.p. | 64.92 | 2.5 p.p. |
| PLD SE (R$/MWh) | 264.61 | 217.59 | 21.6 | 252.43 | 4.8 | |
| PLD S (R$/MWh) | 264.55 | 217.58 | 21.6 | 252.98 | 4.6 | |
| PLD NE (R$/MWh) | 252.85 | 206.71 | 22.3 | 239.96 | 5.4 | |
| PLD N (R$/MWh) | 263.83 | 218.23 | 20.9 | 250.98 | 5.1 |
Chart 8 - GSF (%)
| Month | 2021 | 2022 | 2023 | 2024 | 2025 |
| December | 87% | 85% | 86% | 86% | 73% |
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Chart 9 - Historical average of affluent natural energy (ENA) - SIN (%)
During 4Q25's transition from dry to wet season, energy inflows remained at approximately 70% of the SIN's long-term average due to below-average rainfall.
Chart 10 - Energy stored in reservoirs (EAR) - SIN (%)
The Brazilian Interconnected System (SIN) ended 4Q25 with stored energy at 45%, showing sequential depletion from 3Q25.
9.2. Transmission Segment
The Company ended 4Q25 with 74.8 thousand km of transmission lines, compared to 74.0 thousand km in 4Q24. There were also 415 substations, being 299 owned and 116 operated by third parties.
Table 31 - Transmission lines (km)
| Company | Own(1) | In Partnership (2) | Total |
| AXIA Energia Nordeste | 22,191 | 1,832 | 24,023 |
| AXIA Energia Norte | 10,988 | 2,013 | 13,001 |
| AXIA Energia Sul | 12,182 | 5 | 12,187 |
| AXIA Energia Holding | 22,129 | 3,429 | 25,558 |
| Total | 67,491 | 7,279 | 74,769 |
(1) Includes TMT (100%) and VSB (100%).
(2) Partnerships consider extensions proportional to the capital invested by AXIA Energia Companies in the venture.
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9.3. ESG
Table 32 - ESG KPIs 4Q25
| Pillar | KPI | 4Q24 | 4Q25 | Change | |
| Planet | Accumulated GHG Emissions for the year (1) | 4,456,065 | 1,843,909 | -59% | |
| (Scopes 1, 2 and 3) (tCO2e) | |||||
| People | Accident Frequency Rate - own Employees (with time off) | 0.75 | 0.43 | -43% | |
| Women in the Workforce (%) | 20% | 21% | 1 p.p. | ||
| Leadership positions held by women (%) (2) | 26% | 25% | -1 p.p. | ||
| Governance | Complaints answered on time (%) | 100% | 100% | 0 p.p. | |
The values presented are preliminary and not assured, 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.
(2) Reduction was due to departures connected to the VDPs.
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10. APPENDIX
10.1. 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, representing remuneration for energy sold under the quota regime |
Table 33 - Generation operating revenue (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Power supply to non-end consumers | 4,360 | 5,180 | -15.8 | 4,235 | 3.0 | 18,311 | 18,812 | -2.7 |
| Power supply to end consumers | 411 | 693 | -40.8 | 422 | -2.7 | 1,760 | 2,941 | -40.2 |
| CCEE | 1,775 | 1,368 | 29.8 | 1,777 | -0.1 | 5,699 | 3,278 | 73.8 |
| O&M revenue | 475 | 745 | -36.2 | 474 | 0.2 | 1,978 | 3,064 | -35.4 |
| Generation Revenues | 7,021 | 7,986 | -12.1 | 6,908 | 1.6 | 27,748 | 28,096 | -1.2 |
| Non-recurring items - Adjustments | 0 | 0 | 0.0 | 26 | n.m. | 135 | 0 | 0.0 |
| Adjusted Generation Revenue | 7,021 | 7,986 | -12.1 | 6,934 | 1.3 | 27,883 | 28,096 | -0.8 |
Transmission revenue comprises:
| ▪ | operation and maintenance (O&M) revenue, related to the operation and maintenance of assets |
| ▪ | 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$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Revenue from Operation & Maintenance (O&M) | 1,829 | 1,863 | -1.8 | 2,096 | -12.8 | 8,006 | 7,725 | 3.6 |
| Construction Revenue | 1,810 | 1,811 | -0.1 | 1,182 | 53.1 | 4,800 | 4,162 | 15.3 |
| Contractual Revenue - Transmission | 1,567 | 2,099 | -25.3 | 1,367 | 14.6 | 7,309 | 7,405 | -1.3 |
| Transmission Revenues | 5,206 | 5,773 | -9.8 | 4,646 | 12.1 | 20,116 | 19,293 | 4.3 |
| Non-recurring items - Adjustments | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 |
| Adjusted Transmission Revenue | 5,206 | 5,773 | -9.8 | 4,646 | 12.1 | 20,116 | 19,293 | 4.3 |
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10.2. Appendix 2 - PMSO Breakdown
Table 35 - Other costs and expenses (R$ mm)
| 4Q25 | 4Q24 | % | 3Q25 | % | 12M25 | 12M24 | % | |
| Convictions, losses and legal costs | 35 | 86 | -59.0 | 60 | -40.9 | 171 | 304 | -43.8 |
| GSF | 19 | 20 | -5.3 | 19 | 0.0 | 71 | 136 | -47.9 |
| Insurance | 18 | 27 | -33.2 | 24 | -25.5 | 89 | 113 | -20.8 |
| Equity Holding | 44 | 40 | 11.0 | 28 | 60.4 | 100 | 83 | 20.3 |
| Donations and contributions | 66 | 66 | 0.9 | 16 | n.m. | 133 | 147 | -9.5 |
| Rent | 70 | 35 | n.m. | 23 | n.m. | 135 | 78 | 72.7 |
| Recovery of expenses | -59 | -3 | n.m. | -61 | -2.6 | -145 | -74 | 95.7 |
| Taxes | 24 | 29 | -17.5 | 23 | 1.2 | 109 | 65 | 68.1 |
| Others | -254 | 42 | n.m. | 81 | n.m. | -86 | 378 | n.m. |
| Total | -37 | 341 | n.m. | 213 | n.m. | 577 | 1,230 | -53.1 |
The breakdown of PMSO by subsidiary for 4Q24 and 4Q25 will be made available following the publication of their financial statements.
10.3. Appendix 3 - Financing and Loans Granted (Receivables)
Chart 11 - Receivables (R$ billion)
Does not include ECL of R$ 3,989 million and current liabilities.
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10.4. Appendix 4 - Accounting Statements
Table 36 - Balance sheet (R$ thousand)
| PARENT COMPANY | CONSOLIDATED | |||
| 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | |
| ASSETS | ||||
| CURRENT | ||||
| Cash and cash equivalents | 4,660,994 | 16,387,945 | 16,417,860 | 26,572,522 |
| Restricted cash | 622,383 | 449,865 | 660,259 | 508,734 |
| Securities | 3,894,302 | 6,421,621 | 11,133,842 | 8,951,838 |
| Clients | 1,530,268 | 1,686,293 | 5,575,589 | 5,911,477 |
| Transmission contract assets | 4,765,705 | 4,634,940 | 10,693,181 | 10,539,570 |
| Financing, loans and debentures | 10,625 | 971,555 | 10,625 | 475,459 |
| Remuneration for equity holdings | 1,533,871 | 2,286,078 | 470,142 | 721,683 |
| Taxes and Contributions | 1,486,283 | 1,734,020 | 2,766,765 | 2,831,414 |
| Income tax and social contribution | 0 | 0 | 0 | 0 |
| Right to compensation | 723,294 | 865,299 | 752,496 | 893,254 |
| Warehouse | 53,048 | 50,576 | 422,546 | 441,471 |
| Derivative financial instruments | 0 | 500,998 | 64,334 | 692,660 |
| Others | 843,164 | 729,718 | 2,050,516 | 1,408,919 |
| 20,123,937 | 36,718,908 | 51,018,155 | 59,949,001 | |
| Assets held for sale | 1,011,461 | 1,353,723 | 1,072,431 | 4,502,102 |
| 21,135,398 | 38,072,631 | 52,090,586 | 64,451,103 | |
| NON-CURRENT | ||||
| LONG-TERM ASSETS | ||||
| Restricted cash | 1,605,632 | 1,430,650 | 3,436,804 | 3,170,749 |
| Equity Holdings Income | 425,002 | 181,049 | 0 | 0 |
| Right to compensation | 2,176 | 692,126 | 2,176 | 720,081 |
| Financing, loans and debentures | 180,568 | 1,894,322 | 180,568 | 163,140 |
| Clients | 132,067 | 171,017 | 522,859 | 602,411 |
| Securities | 440,401 | 421,933 | 722,673 | 433,341 |
| Taxes and Contributions | 2,582,258 | 2,356,369 | 3,178,769 | 2,715,445 |
| Deferred income tax and social contribution | 11,836,824 | 0 | 17,499,833 | 5,673,011 |
| Bonds and deposits linked | 4,216,310 | 3,693,298 | 5,762,270 | 5,190,344 |
| Transmission contractual assets | 18,746,924 | 21,223,812 | 53,567,662 | 56,848,086 |
| Derivative financial instruments | 516,782 | 1,269,677 | 1,072,386 | 1,544,095 |
| Others | 680,979 | 2,000,734 | 846,940 | 1,645,570 |
| 41,365,923 | 35,334,987 | 86,792,940 | 78,706,273 | |
| INVESTMENTS | ||||
| Equity Income | 107,026,094 | 112,300,525 | 23,322,816 | 30,727,405 |
| Held at fair value | 1,175,539 | 839,546 | 1,175,539 | 861,234 |
| Other Investments | 1,200 | 19,387 | 18,830 | 97,987 |
| 108,202,833 | 113,159,458 | 24,517,185 | 31,686,626 | |
| FIXED ASSETS | 7,897,759 | 6,137,175 | 39,659,177 | 36,854,055 |
| INTANGIBLE | 20,477,493 | 20,779,526 | 76,625,705 | 78,173,273 |
| TOTAL ASSETS | 199,079,406 | 213,483,777 | 279,685,593 | 289,871,330 |
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| PARENT COMPANY | CONSOLIDATED | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 |
| CURRENT LIABILITIES | ||||
| Loans, financing and debentures | 7,172,085 | 8,329,966 | 13,204,167 | 12,809,872 |
| Compulsory loans - Agreements | 1,071,291 | 1,105,534 | 1,073,452 | 1,105,534 |
| Compulsory loans | 1,406,460 | 1,326,925 | 1,406,460 | 1,326,925 |
| Suppliers | 1,878,308 | 1,145,660 | 3,916,279 | 2,756,329 |
| Taxes and Contributions | 454,920 | 378,569 | 1,021,353 | 1,146,169 |
| Income tax and social contribution | 0 | 0 | 0 | 0 |
| Onerous contracts | 0 | 0 | 113,944 | 62,711 |
| Shareholder remuneration | 135,863 | 2,486,778 | 136,124 | 2,490,668 |
| Personnel obligations | 506,348 | 483,779 | 1,060,856 | 1,065,114 |
| Reimbursement Obligations | 0 | 0 | 300,694 | 55,517 |
| Post-employment benefits | 77 | 993 | 303,832 | 289,840 |
| Provision for litigation | 648,956 | 1,719,453 | 666,092 | 1,791,088 |
| Sector charges | 115,097 | 105,352 | 886,565 | 820,067 |
| Obligations under Law 14,182/2021 | 1,044,757 | 814,819 | 3,738,498 | 2,916,199 |
| RGR Returns | 695,705 | 492,276 | 695,705 | 492,276 |
| Leasing | 36,483 | 8,429 | 72,981 | 26,861 |
| Derivative financial instruments | 1,100,992 | 824,125 | 1,651,632 | 1,175,652 |
| Others | 201,535 | 458,746 | 729,766 | 1,105,094 |
| 16,468,877 | 19,681,404 | 30,978,400 | 31,435,916 | |
| Liabilities associated with assets held for sale | 0 | 0 | 0 | 194,454 |
| 16,468,877 | 19,681,404 | 30,978,400 | 31,630,370 | |
| NON-CURRENT | ||||
| Loans, financing and debentures | 36,918,552 | 40,926,187 | 61,091,597 | 62,810,702 |
| Shareholder remuneration | 0 | 0 | 0 | 0 |
| Suppliers | 0 | 0 | 11,646 | 7,959 |
| Provision for litigation | 14,086,402 | 15,658,437 | 19,242,041 | 21,583,395 |
| Post-employment benefits | 383,875 | 418,586 | 3,276,459 | 3,416,381 |
| Obligations under Law 14,182/2021 | 11,393,664 | 11,111,765 | 40,028,165 | 39,105,924 |
| RGR Returns | 0 | 439,974 | 0 | 439,974 |
| Onerous contracts | 4,151 | 0 | 282,371 | 621,725 |
| Reimbursement Obligations | 0 | 0 | 56,766 | 15,286 |
| Leasing | 104,478 | 79,994 | 415,625 | 155,722 |
| Concessions payable - Use of public assets | 70,486 | 38,175 | 589,412 | 543,867 |
| Advances for future capital increases | 124,543 | 108,938 | 124,543 | 108,938 |
| Derivative financial instruments | 151,487 | 2,283 | 151,487 | 2,283 |
| Sector charges | 478,305 | 744,833 | 688,574 | 942,348 |
| Taxes and Contributions | 88,511 | 103,682 | 198,782 | 372,488 |
| Deferred income tax and social contribution | 0 | 1,566,835 | 2,421,481 | 4,287,021 |
| Others | 375,938 | 739,459 | 1,626,587 | 1,827,171 |
| 64,180,392 | 71,939,148 | 130,205,536 | 136,241,184 | |
| SHAREHOLDERS' EQUITY | ||||
| Share capital | 100,135,201 | 70,099,826 | 100,135,201 | 70,099,826 |
| Share issue costs | -108,186 | -108,186 | -108,186 | -108,186 |
| Capital Reserves and Granted Equity Instruments | 14,689,872 | 13,910,768 | 14,689,872 | 13,910,768 |
| Treasury shares | -3,034,806 | -2,223,011 | -3,034,806 | -2,223,011 |
| Profit reserves | 11,818,426 | 43,905,041 | 11,818,426 | 43,905,041 |
| Proposed additional dividend | 0 | 1,535,196 | 0 | 1,535,196 |
| Accumulated profit | 0 | 0 | 0 | 0 |
| Accumulated other comprehensive income | -5,070,370 | -5,256,409 | -5,070,370 | -5,256,409 |
| Amounts recognized in other comprehensive income classified as held for sale | 0 | 0 | 0 | 0 |
| Controlling shareholders | 118,430,137 | 121,863,225 | 118,430,137 | 121,863,225 |
| Non-controlling shareholders | 0 | 0 | 71,520 | 136,551 |
| TOTAL SHAREHOLDERS' EQUITY | 118,430,137 | 121,863,225 | 118,501,657 | 121,999,776 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 199,079,406 | 213,483,777 | 279,685,593 | 289,871,330 |
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Table 37 - Income statement (R$ thousand)
| PARENT COMPANY | CONSOLIDATED | |||
| 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | |
| CONTINUING OPERATIONS | ||||
| Net operating revenue | 13,762,621 | 6,328,755 | 41,281,596 | 40,181,552 |
| Operating costs | -9,367,759 | -4,574,870 | -23,564,406 | -22,100,082 |
| GROSS PROFIT | 4,394,862 | 1,753,885 | 17,717,189 | 18,081,470 |
| Operating expenses | -9,303,992 | -1,820,525 | -12,001,962 | -4,591,744 |
| Other income and expenses | 346,274 | 128,351 | 459,000 | 126,201 |
| Regulatory Remeasurements - Transmission Contracts | -1,762,645 | 2,229,490 | -4,081,630 | 6,129,771 |
| OPERATING RESULT BEFORE FINANCIAL RESULT | -6,325,501 | 2,291,201 | 2,092,597 | 19,745,698 |
| FINANCIAL RESULT | -6,041,928 | -4,386,422 | -10,926,530 | -11,628,120 |
| Income from interest, fines, commissions and fees | 247,839 | 832,164 | 60,991 | 138,666 |
| Income from financial investments | 2,086,955 | 1,438,836 | 4,584,506 | 2,937,517 |
| Late payment surcharge on electricity | 7,157 | 2,532 | 109,288 | 119,500 |
| Other financial income | 130,966 | 151,194 | 143,945 | 223,898 |
| (–) Taxes on financial income | -159,470 | -152,820 | -312,379 | -267,782 |
| Financial Income | 2,313,447 | 2,271,906 | 4,586,351 | 3,151,799 |
| Debt charges | -3,705,756 | -3,342,854 | -6,015,871 | -6,117,463 |
| CDE obligation charges | -767,886 | -362,827 | -2,670,067 | -2,484,198 |
| River basin revitalization charges | -84,379 | -45,170 | -319,226 | -339,854 |
| Other financial expenses | -378,928 | -903,474 | -534,044 | -1,198,578 |
| Financial expenses | -4,936,949 | -4,654,325 | -9,539,208 | -10,140,093 |
| Monetary updates – CDE | -438,524 | -213,976 | -1,524,821 | -1,604,680 |
| Monetary updates – river basins | -62,643 | -35,306 | -240,111 | -288,081 |
| Monetary reliefs | -606,546 | -662,794 | -865,216 | -778,157 |
| Exchange rate variations | -17,019 | 28,022 | -8,408 | -28,821 |
| Change in fair value of hedged debt net of derivative | -2,293,694 | -1,119,949 | -3,335,117 | -1,566,482 |
| Change in derivative financial instrument not linked to debt protection | 0 | 0 | 0 | -373,605 |
| Financial items, net | -3,418,426 | -2,004,003 | -5,973,673 | -4,639,826 |
| PROFIT BEFORE EQUITY HOLDINGS | -12,367,429 | -2,095,221 | -8,833,933 | 8,117,578 |
| Equity income | 5,415,367 | 10,762,871 | 1,853,984 | 2,503,205 |
| OPERATING PROFIT BEFORE TAX | -6,952,062 | 8,667,650 | -6,979,949 | 10,620,783 |
| Current income tax and social contribution | 0 | 0 | -333,039 | -717,909 |
| Deferred income tax and social contribution | 13,510,537 | 1,710,472 | 13,872,646 | 477,879 |
| NET INCOME FOR CONTINUING OPERATIONS | 6,558,475 | 10,378,122 | 6,559,658 | 10,380,753 |
| Portion attributable to controlling | 6,558,475 | 10,378,122 | 6,558,475 | 10,378,122 |
| Portion attributable to non-controlling | 0 | 0 | 1,183 | 2,632 |
| 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 | 6,558,475 | 10,378,122 | 6,559,658 | 10,380,753 |
| Portion attributable to controlling | 6,558,475 | 10,378,122 | 6,558,475 | 10,378,122 |
| Portion attributable to non-controlling | 0 | 0 | 1,183 | 2,631 |
| EARNINGS PER SHARE | ||||
| Earnings per share - basic (ON/PNC) | 2.29 | 3.62 | 0.00 | 0.00 |
| Earnings per share - basic (PNA/PNB) | 2.52 | 3.98 | 0.00 | 0.00 |
| Earnings per share - diluted (ON/PNC) | 2.27 | 3.58 | 0.00 | 0.00 |
| Earnings per share - diluted (PNA/PNB) | 2.50 | 3.94 | 0.00 | 0.00 |
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Table 38 - Cash flow statement (R$ thousand)
| PARENT COMPANY | CONSOLIDATED | |||
| 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | |
| OPERATING ACTIVITIES | ||||
| Profit for the year before income tax and social contribution | -6,952,062 | 8,667,650 | -6,979,949 | 10,620,783 |
| Adjustments to reconcile profit with cash generated by operations: | ||||
| Depreciation and amortization | 960,184 | 365,691 | 4,576,919 | 3,987,775 |
| Net exchange and monetary variations | 1,124,732 | 884,054 | 2,638,556 | 2,699,739 |
| Result of acquisitions and divestments | 7,303,947 | 0 | 7,229,469 | 0 |
| Financial charges | 4,008,003 | 1,479,851 | 7,712,001 | 5,865,332 |
| Equity income | -5,415,367 | -10,762,871 | -1,913,039 | -2,503,207 |
| Other income and expenses | -346,274 | -138,690 | -459,000 | -136,540 |
| Transmission revenues | -7,469,600 | -3,927,138 | -20,115,786 | -19,292,579 |
| Construction cost - transmission | 1,872,110 | 1,145,373 | 5,065,204 | 4,286,914 |
| Regulatory Remeasurements - Transmission Contracts | 1,762,645 | -2,229,490 | 4,081,630 | -6,129,771 |
| Operating provisions (reversals) | -102,711 | -15,097 | 635,737 | -180,019 |
| Write-offs of PP&E and Intangible Assets | 7,959 | 95,193 | -491,011 | 157,248 |
| Result of hedged debt and derivatives | 2,293,694 | 1,119,949 | 3,335,117 | 1,940,087 |
| Other | 369,893 | 1,356,943 | 469,521 | 1,557,887 |
| 6,369,215 | -10,626,232 | 12,765,318 | -7,747,134 | |
| (Additions)/decreases in operating assets | ||||
| Clients | 57,498 | -91,676 | 223,722 | 1,111,674 |
| Right to compensation | 892,154 | 715,010 | 918,862 | 752,350 |
| Others | 1,403,610 | -656,660 | 455,268 | 673,834 |
| 2,353,262 | -33,326 | 1,597,852 | 2,537,858 | |
| Additions/(decreases) in operating liabilities | ||||
| Suppliers | 630,216 | 575,010 | 856,268 | -614,240 |
| Advances | 0 | 0 | 0 | 0 |
| Personnel obligations | -331,783 | 63,932 | -358,610 | -775,899 |
| Sector charges | -278,311 | 651,238 | -235,979 | 365,508 |
| Others | 107,313 | 423,719 | -517,719 | -605,675 |
| 127,435 | 1,713,899 | -256,040 | -1,630,306 | |
| Payment of financial charges | -3,679,193 | -4,113,742 | -5,831,609 | -6,650,869 |
| Reversion global reserve Payment | -250,803 | 0 | -250,803 | 0 |
| Receipt of RAP revenue | 7,606,911 | 3,531,148 | 18,714,804 | 19,248,186 |
| Receipt of Financial Charges from Subsidiaries | 179,995 | 784,913 | 0 | 0 |
| Receipt of remuneration from investments in equity holdings | 3,980,994 | 4,412,838 | 1,549,021 | 1,506,336 |
| Payment of litigation | -3,609,370 | -2,932,649 | -5,272,014 | -3,776,063 |
| Bonds and linked deposits | -389,401 | 164,738 | -410,453 | 195,871 |
| Payment of income tax and social contribution | 0 | -73,214 | -708,608 | -1,488,382 |
| Supplementary pension payments | -25,614 | -49,120 | -407,690 | -430,698 |
| Net cash provided by operating activities of discontinued operations | 0 | 0 | 0 | 0 |
| Net cash provided by (used in) operating activities | 5,711,369 | 1,446,903 | 14,509,829 | 12,385,582 |
| FINANCING ACTIVITIES | ||||
| Loans and financing obtained and debentures obtained | 1,000,000 | 17,246,220 | 8,032,447 | 29,965,839 |
| Payment of loans and financing and debentures - principal | -7,149,789 | -12,412,729 | -11,312,024 | -16,009,832 |
| Payment of remuneration to shareholders | -12,186,149 | -1,296,222 | -12,186,149 | -1,307,858 |
| Payment to dissenting shareholders - incorporation of shares | 0 | 0 | 0 | 0 |
| Share buybacks | -36,728 | -115,099 | -36,728 | -115,099 |
| Payment of CDE obligations and revitalization of basins - principal | -725,773 | 0 | -2,575,565 | -1,974,965 |
| Lease payments - principal | -30,113 | -31,101 | -50,980 | -757,196 |
| Derivatives Payment | -581,645 | 0 | -962,193 | 0 |
| Others | 0 | 0 | 0 | 0 |
| Net cash (used in) financing activities | -19,710,197 | 3,391,069 | -19,091,192 | 9,800,889 |
| INVESTMENT ACTIVITIES | ||||
| Grant of advance for future capital increase | 0 | 0 | 0 | 0 |
| Receipt of loans and financing | 1,811,564 | 5,128,284 | 447,231 | 12,675 |
| Receipt of financial charges | 209,698 | 57,665 | 209,698 | 57,665 |
| 44 |
| |
| PARENT COMPANY | CONSOLIDATED | |||
| Acquisition of fixed assets | -648,463 | -461,441 | -2,065,524 | -3,099,474 |
| Acquisition of intangible assets | -266,793 | -230,905 | -443,199 | -425,891 |
| Restricted cash | -347,500 | 129,707 | -417,580 | -691,526 |
| Financial (withdrawals)/contributions (securities) | 2,701,455 | -1,162,785 | -1,863,470 | -3,064,434 |
| Receipt of charges (securities) | 413,102 | 245,654 | 740,985 | 529,802 |
| Debentures Acquisition | 0 | 0 | 0 | 0 |
| Transmission infrastructure - contractual asset | -1,847,958 | -1,145,373 | -4,914,868 | -4,286,913 |
| Capital acquisition/contribution of equity holdings | -340,092 | -176,643 | -247,695 | -176,643 |
| Disposal of equity holdings | 907,500 | 2,449,160 | 3,301,759 | 2,449,160 |
| Net cash in the incorporation of subsidiaries | 0 | 1,018,193 | 0 | 0 |
| Net cash in the acquisition of control of investees | -320,636 | 0 | -320,636 | 0 |
| Others | 0 | 0 | 0 | 35,259 |
| Net cash provided by investment activities of discontinued operations | 0 | 0 | 0 | 0 |
| Net cash provided by (used in) investing activities | 2,271,877 | 5,851,516 | -5,573,299 | -8,660,320 |
| Increase (decrease) in cash and cash equivalents | -11,726,951 | 10,689,488 | -10,154,662 | 13,526,151 |
| Cash and cash equivalents at the beginning of the period | 16,387,945 | 5,698,457 | 26,572,522 | 13,046,371 |
| Cash and cash equivalents at the end of the period | 4,660,994 | 16,387,945 | 16,417,860 | 26,572,522 |
| -11,726,951 | 10,689,488 | -10,154,662 | 13,526,151 | |
| 45 |
| |
10.5. Appendix 5 - IFRS vs. Regulatory Reconciliation
Table 39 - Reconciliation IFRS vs. regulatory (R$ thousand)
| CVM Result IFRS | Regulatory Result | Differences | CVM Result IFRS | Regulatory Result | Differences | |
| 12/31/2025 | 12/31/2024 | |||||
| OPERATING REVENUES | ||||||
| Generation | ||||||
| Power supply for distribution companies | 18,311,190 | 18,193,198 | 117,992 | 18,811,949 | 19,410,072 | -598,123 |
| Power supply for end consumers | 1,760,056 | 1,760,056 | 0 | 2,941,312 | 2,941,312 | 0 |
| CCEE revenue (short term market) | 5,698,648 | 5,698,648 | 0 | 3,278,465 | 3,278,465 | 0 |
| Operation and maintenance (O&M) revenue | 1,977,831 | 1,977,831 | 0 | 3,063,896 | 3,063,896 | 0 |
| Transmission | ||||||
| Operation and maintenance revenue | 8,006,246 | 0 | 8,006,246 | 7,725,358 | 0 | 7,725,358 |
| Construction revenue | 4,800,378 | 0 | 4,800,378 | 4,161,735 | 0 | 4,161,735 |
| Contract revenue – Transmission | 7,309,163 | 0 | 7,309,163 | 7,405,486 | 0 | 7,405,486 |
| Transmission System Availability (Rap) | 0 | 18,110,274 | -18,110,274 | 0 | 18,659,732 | -18,659,732 |
| Other income | 541,348 | 541,349 | 0 | 337,166 | 335,343 | 1,823 |
| Deductions | ||||||
| (-) Sector charges | -2,667,004 | -2,667,003 | -1 | -2,484,234 | -2,484,234 | 0 |
| (-) ICMS | -305,303 | -305,303 | 0 | -761,342 | -761,342 | 0 |
| (-) PASEP e COFINS | -4,149,684 | -4,149,684 | 0 | -4,295,000 | -4,295,000 | 0 |
| (-) Other Deductions | -1,274 | -1,274 | 0 | -3,239 | -3,239 | 0 |
| Net Operating Revenue | 41,281,596 | 39,158,092 | 2,123,504 | 40,181,552 | 40,145,005 | 36,547 |
| OPERATING COSTS | ||||||
| Personnel, Material and Services | -2,633,091 | -2,633,012 | -79 | -2,879,221 | -2,878,195 | -1,026 |
| Energy purchased for resale | -6,339,557 | -6,614,553 | 274,996 | -4,992,480 | -5,694,622 | 702,142 |
| Charges for use of the electricity grid | -4,022,746 | -3,419,338 | -603,408 | -3,954,730 | -3,364,445 | -590,285 |
| Fuel for electricity production | -1,012,806 | -1,012,806 | 0 | -1,991,855 | -1,991,855 | 0 |
| Construction | -5,065,204 | 0 | -5,065,204 | -4,286,914 | 0 | -4,286,914 |
| Depreciation | -1,954,549 | -3,783,988 | 1,829,439 | -1,770,624 | -3,211,221 | 1,440,597 |
| Amortization | -2,273,425 | -2,281,633 | 8,208 | -1,946,844 | -1,961,457 | 14,613 |
| Operating provisions/reversals | 0 | 0 | 0 | 0 | 0 | 0 |
| Other costs | -263,028 | -263,028 | 0 | -277,414 | -277,413 | -1 |
| Operating costs | -23,564,406 | -20,008,358 | -3,556,048 | -22,100,082 | -19,379,208 | -2,720,874 |
| GROSS PROFIT | 17,717,189 | 19,149,733 | -1,432,544 | 18,081,470 | 20,765,797 | -2,684,327 |
| OPERATING EXPENSES | ||||||
| Personnel, Material and Services | -3,227,060 | -3,214,996 | -12,064 | -3,332,559 | -3,397,250 | 64,691 |
| Voluntary Dismissal Program | -246,700 | -246,700 | 0 | -226,815 | -226,815 | 0 |
| Remuneration and compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | -203,749 | -196,761 | -6,988 | -189,801 | -557,024 | 367,223 |
| Amortization | -145,196 | -147,973 | 2,777 | -80,506 | -308,793 | 228,287 |
| Donations and contributions | -68,467 | -68,467 | 0 | -145,085 | -145,085 | 0 |
| Operating provisions/reversals | -635,737 | 464,324 | -1,100,061 | 226,600 | 741,999 | -515,399 |
| Result from asset sales | -7,229,469 | -6,370,400 | -859,069 | -36,242 | -36,243 | 1 |
| Other expenses | -245,584 | -274,150 | 28,566 | -807,336 | -816,868 | 9,532 |
| OPERATING EXPENSES | -12,001,962 | -10,055,123 | -1,946,840 | -4,591,744 | -4,746,079 | 154,335 |
| Regulatory Remeasurements - Transmission Contracts | -4,081,630 | 0 | -4,081,630 | 6,129,771 | 0 | 6,129,771 |
| OPERATING RESULT BEFORE FINANCIAL RESULT | 1,633,597 | 9,094,611 | -7,461,014 | 19,619,497 | 16,019,718 | 3,599,779 |
| FINANCIAL RESULT | -10,926,530 | -11,330,366 | 403,836 | -11,628,120 | -12,318,590 | 690,470 |
| PROFIT BEFORE EQUITY HOLDINGS | -9,292,933 | -2,235,756 | -7,057,177 | 7,991,377 | 3,701,128 | 4,290,249 |
| Equity income | 1,853,984 | 1,113,130 | 740,854 | 2,503,205 | 2,050,730 | 452,475 |
| Other income and expenses | 459,000 | 459,000 | 0 | 126,201 | 126,201 | 0 |
| OPERATING PROFIT BEFORE TAX | -6,979,949 | -663,626 | -6,316,323 | 10,620,783 | 5,878,059 | 4,742,724 |
| Current income tax and social contribution | -333,039 | -333,039 | 0 | -717,909 | -717,909 | 0 |
| Deferred income tax and social contribution | 13,872,646 | 10,883,594 | 2,989,052 | 477,879 | 1,881,521 | -1,403,642 |
| NET INCOME FOR CONTINUING OPERATIONS | 6,559,658 | 9,886,928 | -3,327,270 | 10,380,753 | 7,041,671 | 3,339,082 |
| Portion attributable to controlling | 6,558,475 | 9,885,688 | -3,327,213 | 10,378,122 | 7,040,474 | 3,337,648 |
| Portion attributable to controlling | 1,183 | 1,240 | -57 | 2,632 | 1,197 | 1,435 |
| 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 controlling | 0 | 0 | 0 | 0 | 0 | 0 |
| NET INCOME FOR THE YEAR | 6,559,658 | 9,886,928 | -3,327,270 | 10,380,753 | 7,041,671 | 3,339,082 |
| Portion attributable to controlling | 6,558,475 | 9,885,688 | -3,327,213 | 10,378,122 | 7,040,474 | 3,337,648 |
| Portion attributable to controlling | 1,183 | 1,240 | -57 | 2,631 | 1,197 | 1,434 |
| 46 |
| |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 26, 2026
| CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS | ||
| By: |
/S/ Eduardo Haiama |
|
|
Eduardo Haiama Vice-President of Finance and Investor Relations |
||
FORWARD-LOOKING STATEMENTS
This document may contain estimates and projections that are not statements of past events but reflect our management’s beliefs and expectations and may constitute forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. The words “believes”, “may”, “can”, “estimates”, “continues”, “anticipates”, “intends”, “expects”, and similar expressions are intended to identify estimates that necessarily involve known and unknown risks and uncertainties. Known risks and uncertainties include, but are not limited to: general economic, regulatory, political, and business conditions in Brazil and abroad; fluctuations in interest rates, inflation, and the value of the Brazilian Real; changes in consumer electricity usage patterns and volumes; competitive conditions; our level of indebtedness; the possibility of receiving payments related to our receivables; changes in rainfall and water levels in reservoirs used to operate our hydroelectric plants; our financing and capital investment plans; existing and future government regulations; and other risks described in our annual report and other documents filed with the CVM and SEC. Estimates and projections refer only to the date they were expressed, and we do not assume any obligation to update any of these estimates or projections due to new information or future events. Future results of the Company’s operations and initiatives may differ from current expectations, and investors should not rely solely on the information contained herein. This material contains calculations that may not reflect precise results due to rounding.