CIG-C 6-K
Energy Co Of Minas Gerais (CIG-C)
United States
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 September 2026
Commission File Number 1-15224
Energy Company of Minas Gerais
(Translation of Registrant’s Name into English)
Avenida Barbacena, 1200
30190-131 Belo Horizonte, Minas Gerais, Brazil
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F a Form 40-F ___
Index
Item Description of Items
| 1. | Noticer to Shareholders – First payout installment, dated June 10, 2026 |
| 2. | Notice to the Market – UN Global Compact's 100% Transparency Movement, dated June 12, 2026 |
| 3. | Material Fact — Executive Board’s New Composition, dated June 12, 2026 |
| 4. | Notice to Shareholders – Declaration of Interest on Equity, dated June 18, 2026 |
| 5. | 2Q2026 Earnings Release |
| 6. | Notice to the Market – Standard & Poor’s upgrades Cemig’s Ratings to “brAAA”, dated August 18, 2026 |
| 7. | Market Fact – Nominations by the Controlling Shareholder for CEMIG’s Board of Directors and Executive Board, dated August 28, 2026 |
| 8. | Material Fact – Extension of the Concession for the Sá Carvalho Hydroelectric Power Plant, dated August 28, 2026 |
Forward-Looking Statements
This report contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include those risk factors set forth in our most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission. CEMIG undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SIGNATURES
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.
COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG
By: /s/ Andrea Marques de Almeida . Name: Andrea Marques de Almeida
Title: Vice President of Finance and Investor Relations
Date: September 9, 2026
| 1. | Noticer to Shareholders – First payout installment, dated June 10, 2026 |
COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG
PUBLICLY HELD COMPANY
Corporate Taxpayer’s ID (CNPJ): 17.155.730/0001-64
Company Registry (NIRE): 31300040127
NOTICE TO SHAREHOLDERS
First payout installment
We hereby inform our shareholders that CEMIG will pay the first payout installment related to fiscal year 2025 on June 30, 2026, as follows:
| Payout | Approval Date | Date “with rights” | Date “ex-rights” | Per common/preferred share (R$) | Amount Total (R$ thousand) |
|
| Dividends | 04/30/2026 | 04/30/2026 | 05/04/2026 | 0.118177943 | 338,069 | |
| IoE | 12/18/2025 | 12/23/2025 | 12/26/2025 | 0.118401316 | 338,709 | |
| IoE | 09/23/2025 | 09/29/2025 | 09/30/2025 | 0.105698051 | 302,368 | |
| IoE | 06/17/2025 | 06/23/2025 | 06/24/2025 | 0.104303454 | 298,379 | |
| IoE | 03/20/2025 | 03/25/2025 | 03/26/2025 | 0.094558924 | 270,503 | |
| TOTAL | 0.541139687 | 1,548,028 | ||||
Regarding the payment of Interest on Equity (IoE), a 15% income tax will be withheld, except for shareholders exempt from said withholding, as provided for in the legislation in force.
Pursuant to Law 15,270/2025, individual shareholders residing in Brazil who receive dividends exceeding R$50,000.00 (fifty thousand reais) in the same calendar month, paid by the same legal entity, will be subject to withholding income tax at a rate of 10% on the total amount received, considering, for purposes of this threshold, the aggregate amount of all dividends paid during the respective month.
Under the same Law, profits and dividends paid, credited, or remitted to beneficiaries residing outside Brazil will be subject to withholding income tax at a rate of 10%, regardless of the amount received.
Shareholders whose bank details are updated with Banco Itaú Unibanco S.A., the custodian institution of CEMIG's registered shares, will have their credits automatically made on the payment day.
If the shareholder does not receive the aforementioned credit, they should go to a branch of Banco Itaú Unibanco S.A. to update their registration data.
The payout related to the shares held in custody with Companhia Brasileira de Liquidação e Custódia (CBLC) will be directly credited to such entity, and the Depository Brokers will be responsible for transferring them to the respective shareholders.
Belo Horizonte, June 10, 2026.
Andrea Marques de Almeida
Vice President of Finance and Investor Relations
| 2. | Notice to the Market – UN Global Compact's 100% Transparency Movement, dated June 12, 2026 |
COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG
PUBLICLY HELD COMPANY
CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64
COMPANY REGISTRY (NIRE): 31300040127
NOTICE TO THE MARKET
UN Global Compact's 100% Transparency Movement
COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG ("CEMIG" or "Company"), a publicly held company with shares traded on the stock exchanges of São Paulo and New York, hereby informs its shareholders and the market in general that it has achieved, ahead of schedule, all targets established by the 100% Transparency Movement ("Movement"), an initiative of the United Nations ("UN") Global Compact aimed at strengthening transparency, corporate ethics, and business integrity.
CEMIG joined the Movement in November 2023 and fully completed, in 2026, all commitments scheduled for implementation by 2030, demonstrating the Company's alignment with national and international best practices in corporate governance and compliance.
The Movement's targets cover matters related to transparency in relations with public authorities, disclosure and strengthening of whistleblowing channels, integrity in senior management compensation, ethics and anti-corruption training for strategic stakeholders, and transparency regarding governance and compliance structures.
In recognition of this achievement, CEMIG was honored during the Ambition 2030 Forum, held on June 02, 2026, in São Paulo. Among the 68 companies participating in the 100% Transparency Movement, only CEMIG and one other company fully met all targets established for 2030.
This achievement reinforces the Company's commitment to ethics, transparency, and integrity — pillars that contribute to sustainable value creation and strengthen the trust of investors, customers, partners, employees, and society as a whole.
Belo Horizonte, June 12, 2026.
Leonardo George de Magalhães
Vice President of Finance and Investor Relations
| 3. | Material Fact — Executive Board’s New Composition, dated June 12, 2026 |
COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG
PUBLICLY HELD COMPANY
CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64
COMPANY REGISTRY (NIRE): 31300040127
MATERIAL FACT
Executive Board’s New Composition
COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG” or “Company”), a publicly held company with shares traded on the stock exchanges of São Paulo and New York, pursuant to CVM Resolution 44/2021, hereby informs its shareholders and the market in general that, on June 11, 2026, the Company’s Board of Directors approved the appointment of new Vice Presidents:
VICE PRESIDENT OF FINANCE AND INVESTOR RELATIONS
Leonardo George Magalhães
Leonardo holds a bachelor’s degree in Accounting and has completed specialization courses in finance, management, strategy, and leadership from Brazilian and international institutions. He served as Cemig’s Vice President of Finance and Investor Relations from 2020 to 2024 and as President of Forluz from 2024 to 2026. He has more than 20 years of experience in leadership positions in the financial sector and has also served on Boards of Directors.
VICE PRESIDENT OF GENERATION AND TRANSMISSION
Demétrio Alexandre Ferreira
Demétrio holds a bachelor’s degree in Mechanical Engineering, an MBA in Business Management from FGV, and executive leadership training. He has 38 years of experience in the Brazilian electricity sector, including 31 years dedicated to the operation and maintenance of renewable generation assets. He built his professional career at Cemig, where he held several technical and managerial positions, including Superintendent of Generation Assets from 2019 to 2023.
VICE PRESIDENT OF DISTRIBUTION
Ernando Antunes Braga
Ernando holds degrees in Electrical Engineering and Occupational Safety Engineering, as well as a postgraduate degree in Electrical Power Systems from UFMG. He has 37 years of experience in the electric power sector and has built a solid career at Cemig, where he served primarily as Superintendent in the Distribution area. He stands out for his strategic expertise in planning, customer relations, performance management, operational efficiency, team leadership, and crisis management.
The Company also announces the new composition of its Executive Board as of June 11, 2026:
| Executive Board | |
| Position | Name |
| CEO | Alexandre Ramos Peixoto |
| Vice President of Finance and Investor Relations | Leonardo George de Magalhães |
| Vice President of Legal Affairs | Sérgio Pessoa de Paula Castro |
| Vice President of Distribution | Ernando Antunes Braga |
| Vice President of Generation and Transmission | Demétrio Alexandre Ferreira |
| Vice President of Trade | Sérgio Lopes Cabral |
| Vice President of Information Technology | Luis Cláudio Correa Villani |
| Vice President of Institutional Relations | Marcos Montes Cordeiro |
Belo Horizonte, June 12, 2026.
Leonardo George de Magalhães
Vice President of Finance and Investor Relations
| 4. | Notice to Shareholders – Declaration of Interest on Equity, dated June 18, 2026 |
COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG
PUBLICLY HELD COMPANY
CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64
COMPANY REGISTRY (NIRE): 31300040127
B3 (CMIG3, CMIG4)
NYSE (CIG, CIGC)
NOTICE TO SHAREHOLDERS
Declaration of Interest on Equity
We hereby inform our shareholders that the Executive Board approved today the declaration of Interest on Equity (IoE) of R$630,509,000 (six hundred and thirty million, five hundred and nine thousand reais). Detailed information about the payment is as follows:
| IoE | |
| Gross amount per share | R$0.22040514318 |
| Date “with rights” (1) | 06/23/2026 |
| Date “ex-rights” | 06/24/2026 |
| Payment date |
2 (two) equal installments: · the first by 06/30/2027 and · the second by 12/30/2027 |
| (1) | Common and preferred shareholders of record will be entitled to the payment. |
Shareholders whose shares are not held in custody at CBLC and whose registration data is outdated are advised to go to a branch of Banco Itaú Unibanco S.A. (the institution managing CEMIG’s Registered Share System) bearing their personal documents for the update of their registration data.
Belo Horizonte, June 18, 2026.
Leonardo George de Magalhães
Vice President of Finance and Investor Relations
| 5. | 2Q2026 Earnings Release |
 |
Quarter Highlights
2Q26 RESULTS
| • | Robust cash generation |
| o | EBITDA: R$2.24 billion and Adjusted EBITDA: R$2.47 billion |
| • | Net income: R$945 million and Adjusted net income: R$1.12 billion |
DISTRIBUTION
| • | 19.0% growth in EBITDA, driven by the positive impact of the tariff adjustment effective as of May 28, 2026, lower post-employment expenses, and strong performance in energy losses, offset by a decline in the billed market volume |
| o | Energy distributed excluding DG: -1.6% (Captive: -3.9% / Free Market: +0.4%) |
| o | Energy distributed, including DG: +1.2% |
| • | Revision of the methodology for calculating expected credit losses (ECL) with a positive impact of R$232.2 million in 2Q26 |
| • | OPEX and EBITDA exceeded regulatory targets in 1H26 by R$416 million and R$666 million, respectively |
| • | Energy losses: 11.40%, below the regulatory limit of 11.48% |
| • | DEC showing continuous improvement: 8.43 in Jun/26 vs. 8.75 in Mar/26 |
POST-EMPLOYMENT
| • | R$80.3 million reduction in adjusted post-employment expenses, due to the end of the obligation related to the healthcare plan, effective as of the agreement ratified by the Regional Labor Court (TRT) at the end of 2025 |
TRADING
| • | A decrease of R$383.4 million in EBITDA and R$192.1 million in adjusted EBITDA from the trading business |
| o | Exposure to higher prices when purchasing energy to close out positions in 2Q26 |
| o | Provision of $190.6 million arising from an arbitral award in proceedings brought by a customer, plus an additional R$26.2 million impact from the financial update impact related to this provision |
CAPITAL ALLOCATION
| • | Capex of R$3.28 billion in 1H26 (up 19.2% from 1H25), with a focus on regulated businesses |
| o | Distribution: R$2.64 billion; 11 new substations and 3 expanded ones, addition of 1,886 km of low- and medium-voltage networks |
| o | Transmission: R$275.2 million; with R$36.2 million in RAP added |
• Cemig Sim: acquisition of 11 solar PV plants in 2Q26, totaling 26.2 MWp of installed capacity, for R$155 million
DEBT MANAGEMENT
| • | Total funds of R$4.61 billion were raised in the quarter |
| o | Cemig D: 15th debenture issue – R$1.15 billion and Loan – US$280 million (both in April 2026) |
| o | Cemig GT: 12th debenture issue – R$2.0 billion in June 2026 |
| • | Leverage of 2.58x (net debt / adjusted EBITDA) |
| • | Extension of maturities: 81% of debt maturing in 2029 or later, following the disco’s tariff review |
SHAREHOLDER REMUNERATION
| · | Interest on Capital declared in June: R$630.5 million |
DOW JONES BEST IN CLASS INDEX
| · | Cemig was selected to be included
in the index portfolio for the 26th consecutive time since the index’s inception. |
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Financial and Operating Indicators
| Operating Highlights | 2Q26 | 2Q25 | YoY % Change | Q1 2026 | QoQ % Change |
| Distributed Energy (MWh) | 13,487,648 | 13,331,108 | 1.2% | 13,454,458 | 0.2% |
| Total captive market | 5,328,565 | 5,542,849 | -3.9% | 5,324,493 | 0.1% |
| Total transport free-market clients | 6,310,760 | 6,283,041 | 0.4% | 6,284,468 | 0.4% |
| DG2 and DG3 offset | 296,170 | 164,808 | 79.7% | 280,999 | 5.4% |
| DG1 offset | 1,552,154 | 1,340,410 | 15.8% | 1,564,498 | -0.8% |
| Energy sold GT + Holding (MWh)* | 10,916,837 | 11,243,037 | -2.9% | 10,653,535 | 2.5% |
| Total distributed gas volume (thousand m³) | 229,845 | 276,986 | -17.0% | 244,498 | -6.0% |
| Financial Highlights (R$ million) | 2Q26 | 2Q25 | YoY % Change | Q1 2026 | QoQ % Change |
| Net operating revenue | 11,156.2 | 10,786.3 | 3.4% | 10,462.5 | 6.6% |
| PMSO** | 1,352.5 | 1,236.0 | 9.4% | 1,221.1 | 10.8% |
| EBITDA | 2,239.3 | 2,059.1 | 8.8% | 1,788.7 | 25.2% |
| Adjusted EBITDA | 2,472.4 | 2,261.5 | 9.3% | 1,788.2 | 38.3% |
| EBITDA Margin | 20.1% | 19.1% | 1.0 p.p. | 17.1% | 3.0 p.p. |
| Financial result | (795.9) | (312.6) | 154.6% | (338.4) | 135.2% |
| Net Income | 945.4 | 1,188.3 | -20.4% | 979.0 | -3.4% |
| Adjusted Net Income | 1,116.5 | 1,321.9 | -15.5% | 979.0 | 14.0% |
| Investments | 1,805.3 | 1,544.0 | 16.9% | 1,476.7 | 22.3% |
| Net Debt | 2Q26 | 2Q25 | YoY % Change | Q1 2026 | QoQ % Change |
| Net debt | 19,358.1 | 12,228.6 | 58.3% | 17,844.0 | 8.5% |
| Net debt/adjusted EBITDA | 2.58x | 1.59x | 0.99x | 2.45x | 0.13x |
*Excluding energy settled at the Brazilian Electric Energy Trading Chamber (CCEE)
** Including post-employment expenses
Financial statements and spreadsheets are available at the following link:
Results Center | Cemig IR
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Table of Contents
| Quarter Highlights | 2 |
| Financial and Operating Indicators | 3 |
| EBITDA and Net Income per Company for the Quarter | 5 |
| Income Statement | 6 |
| Income Statement by Segment | 7 |
| Consolidated Energy Market | 8 |
| Performance by Company | 9 |
| Cemig D | 9 |
| Cemig GT/Holding | 16 |
| Gasmig | 18 |
| Consolidated Financial Performance | 19 |
| Operating Revenue | 19 |
| Operating Costs and Expenses | 21 |
| Equity Income | 24 |
| Consolidated EBITDA | 25 |
| Cemig D EBITDA | 27 |
| Cemig GT EBITDA | 28 |
| Financial Income and Expenses | 29 |
| Net Income | 29 |
| Investments | 30 |
| Capex | 30 |
| Consolidated Debt | 31 |
| Evolution of Cemig’s Credit Ratings | 32 |
| ESG – Performance Report | 33 |
| Corporate Highlights | 34 |
| Share Performance | 37 |
| Power Plants | 38 |
| Expansion in Photovoltaic Generation | 39 |
| RAP – July 2026 to June 2027 Cycle | 39 |
| Revenue and Regulatory EBITDA from Transmission | 40 |
| Supplementary Information | 40 |
| Disclaimer | 41 |
| 4 |
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EBITDA and Net Income per Company for the Quarter
| EBITDA (IFRS) | Adjusted EBITDA | ||||||||||
| EBITDA (IFRS) - (R$ mn) | 2Q26 | 2Q25 | YoY % Change | Q1 2026 | QoQ % Change | 2Q26 | 2Q25 | YoY % Change | Q1 2026 | QoQ % Change | |
| Cemig D | 1,476.8 | 1,241.0 | 19.0% | 1,010.4 | 46.2% | 1,508.3 | 1,245.6 | 21.1% | 1,010.4 | 49.3% | |
| Cemig GT | 479.7 | 415.1 | 15.6% | 575.6 | -16.7% | 678.6 | 613.2 | 10.7% | 575.6 | 17.9% | |
| Gasmig | 205.9 | 243.5 | -15.4% | 192.7 | 6.8% | 205.9 | 243.5 | -15.4% | 192.7 | 6.8% | |
| Other | 76.9 | 159.5 | -51.8% | 9.9 | 677.7% | 79.6 | 159.2 | -50.0% | 9.5 | 741.6% | |
| Consolidated | 2,239.3 | 2,059.1 | 8.8% | 1,788.7 | 25.2% | 2,472.4 | 2,261.5 | 9.3% | 1,788.2 | 38.3% | |
| VNR | 79.7 | 26.6 | 199.4% | 65.3 | 22.1% | 79.7 | 26.6 | 199.4% | 65.3 | 22.1% | |
| Equity Income | 91.4 | 77.4 | 18.0% | 52.3 | 74.6% | 91.4 | 77.4 | 18.0% | 52.3 | 74.6% | |
| Regulatory/IFRS difference from Transco | (23.8) | 295.3 | - | 93.7 | - | (26.4) | (96.7) | -72.7% | 93.7 | - | |
| Consolidated (-) VNR and equity income (+) regulatory/IFRS difference from Transco | 2,044.4 | 2,250.3 | -9.1% | 1,765.7 | 15.8% | 2,274.9 | 2,060.8 | 10.4% | 1,764.7 | 28.9% | |
| Net Income (IFRS) | Adjusted Net Income | ||||||||||
| R$ million | 2Q26 | 2Q25 | YoY % Change | Q1 2026 | QoQ % Change | 2Q26 | 2Q25 | YoY % Change | Q1 2026 | QoQ % Change | |
| Cemig D | 483.1 | 550.6 | -12.2% | 397.7 | 21.5% | 504.0 | 553.6 | -9.0% | 397.7 | 26.7% | |
| Cemig GT | 269.6 | 342.1 | -21.2% | 392.7 | -31.4% | 418.1 | 472.9 | -11.6% | 392.7 | 6.5% | |
| Gasmig | 95.9 | 150.8 | -36.4% | 100.6 | -4.7% | 95.9 | 150.8 | -36.4% | 100.6 | -4.7% | |
| Other | 96.8 | 144.8 | -33.1% | 88.0 | 10.0% | 98.9 | 145.0 | -31.8% | 88.0 | 12.3% | |
| Consolidated | 945.4 | 1,188.3 | -20.4% | 979.0 | -3.4% | 1,116.8 | 1,322.3 | -15.5% | 979.0 | 14.1% | |
* Additional details on regulatory transmission results are provided in the section “Revenue and Regulatory EBITDA from Transmission”
| 5 |
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Income Statement
| R$ million | 2Q26 | 2Q25 | YoY % Change | Q1 2026 | QoQ % Change |
| NET REVENUE | 11,156 | 10,786 | 3.4% | 10,463 | 6.6% |
| COSTS | (9,204) | (8,587) | 7.2% | (8,750) | 5.2% |
| Electricity and gas costs | (5,814) | (5,809) | 0.1% | (5,847) | -0.6% |
| Infrastructure construction costs | (1,753) | (1,463) | 19.8% | (1,482) | 18.3% |
| Operating costs | (1,637) | (1,314) | 24.6% | (1,421) | 15.2% |
| GROSS PROFIT | 1,952 | 2,200 | -11.3% | 1,712 | 14.0% |
| OTHER REVENUES AND EXPENSES | (123) | (509) | -75.9% | (325) | -62.2% |
| Expected credit losses | 177 | (3) | - | (83) | - |
| General and administrative expenses | (230) | (178) | 29.4% | (202) | 13.8% |
| Other expenses | (161) | (406) | -60.2% | (118) | 36.9% |
| Other revenue | - | - | - | 26 | - |
| Equity income | 91 | 77 | 18.0% | 52 | 75.7% |
| Income before financial results and income taxes | 1,829 | 1,691 | 8.2% | 1,387 | 31.9% |
| Financial income | 290 | 302 | -4.1% | 258 | 12.5% |
| Financial expenses | (1,086) | (615) | 76.6% | (596) | 82.2% |
| Net financial results | (796) | (313) | 154.6% | (338) | 135.5% |
| Income before income tax and social contribution | 1,033 | 1,378 | -25.0% | 1,049 | -1.5% |
| Current income tax and social contribution | (84) | (250) | -66.5% | (130) | -35.6% |
| Deferred income tax and social contribution | (4) | 60 | - | 60 | - |
| NET INCOME FOR THE PERIOD | 945 | 1,188 | -20.4% | 979 | -3.4% |
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Income Statement by Segment
| Electricity | Gas | Equity Income | Eliminations | Consolidated | ||||
| (R$ million) | Generation | Transmission | Trading | Distribution | ||||
| NET REVENUE | 923 | 492 | 2,111 | 7,716 | 500 | 37 | (623) | 11,156 |
| Intersegment | 502 | 94 | - | 26 | 0 | - | (623) | - |
| Third-party | 421 | 398 | 2,111 | 7,689 | 500 | 37 | - | 11,156 |
| ELECTRICITY AND GAS COSTS | (179) | (0) | (2,252) | (3,799) | (198) | (0) | 615 | (5,814) |
| Intersegment | (26) | (0) | (475) | (114) | - | 0 | 615 | - |
| Third-party | (152) | (0) | (1,777) | (3,686) | (198) | (1) | - | (5,814) |
| COSTS, EXPENSES, AND OTHER REVENUES | (213) | (246) | (229) | (2,722) | (125) | (78) | 8 | (3,604) |
| Personnel | (42) | (43) | (16) | (286) | (17) | (17) | - | (421) |
| Employee and management profit sharing | (5) | (5) | (4) | (27) | (3) | (10) | - | (53) |
| Post-employment obligations | (6) | (2) | (1) | (29) | - | (13) | - | (50) |
| Materials, third-party services, and other expenses, net | (75) | (23) | (10) | (659) | (20) | (49) | 8 | (828) |
| Intersegment | (6) | (1) | - | (1) | (0) | (0) | 8 | - |
| Third-party | (69) | (22) | (10) | (658) | (20) | (49) | - | (828) |
| Depreciation and amortization | (85) | (5) | (0) | (282) | (29) | (10) | - | (410) |
| Provisions and adjustments for operating losses | (0) | (3) | (198) | 96 | (3) | 20 | - | (88) |
| Infrastructure construction costs | - | (166) | - | (1,534) | (53) | - | - | (1,753) |
| COSTS, EXPENSES, AND OTHER REVENUES | (391) | (246) | (2,482) | (6,521) | (323) | (78) | 623 | (9,418) |
| Equity income | - | - | - | - | - | 91 | - | 91 |
| INCOME BEFORE FINANCIAL RESULT AND INCOME TAXES | 532 | 246 | (371) | 1,195 | 177 | 50 | - | 1,829 |
| Financial result | (42) | (33) | (0) | (608) | (32) | (80) | - | (796) |
| INCOME BEFORE INCOME TAXES | 490 | 213 | (371) | 587 | 145 | (30) | - | 1,033 |
| Income tax and social contribution | (25) | (24) | 63 | (104) | (49) | 50 | - | (88) |
| NET INCOME FOR THE PERIOD | 466 | 189 | (308) | 483 | 96 | 20 | - | 945 |
| 7 |
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Consolidated Energy Market
The Cemig Group billed approximately 9.6 million customers in June 2026, an increase of 131,000 customers compared to June 2025, which represents a 1.7% increase in the customer base. Of this total, 9,637,286 are end-users and self-consumers, and 623 are other players in the Brazilian electricity sector.
The chart below shows the Cemig Group’s share of sales to end-users:
Share of Energy Sales by Segment
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Performance by Company
Cemig D
Billed Energy Market
| Captive + Transport - MWh | 2Q26 | 2Q25 | YoY % Change | Q1 2026 | QoQ % Change |
| Residential | 3,256,834 | 3,170,399 | 2.7% | 3,410,560 | -4.5% |
| Industrial | 5,315,913 | 5,483,215 | -3.1% | 5,281,913 | 0.6% |
| Captive market | 131,038 | 179,077 | -26.8% | 123,347 | 6.2% |
| Transport | 5,184,875 | 5,304,139 | -2.2% | 5,158,566 | 0.5% |
| Commercial, Services, and Other | 1,506,841 | 1,521,024 | -0.9% | 1,544,105 | -2.4% |
| Captive market | 776,963 | 855,645 | -9.2% | 784,115 | -0.9% |
| Transport | 729,878 | 665,380 | 9.7% | 759,990 | -4.0% |
| Rural | 692,531 | 778,749 | -11.1% | 519,590 | 33.3% |
| Captive market | 653,346 | 745,410 | -12.4% | 481,742 | 35.6% |
| Transport | 39,185 | 33,339 | 17.5% | 37,848 | 3.5% |
| Public Services | 781,396 | 792,114 | -1.4% | 773,784 | 1.0% |
| Captive market | 502,687 | 585,327 | -14.1% | 516,867 | -2.7% |
| Transport | 278,709 | 206,788 | 34.8% | 256,917 | 8.5% |
| Utilities | 78,113 | 73,395 | 6.4% | 71,147 | 9.8% |
| Transport | 78,113 | 73,395 | 6.4% | 71,147 | 9.8% |
| Own Consumption | 7,696 | 6,992 | 10.1% | 7,862 | -2.1% |
| Total captive market | 5,328,565 | 5,542,849 | -3.9% | 5,324,493 | 0.1% |
| Total energy transported for free-market clients | 6,310,760 | 6,283,041 | 0.4% | 6,284,468 | 0.4% |
| Total excluding DG | 11,639,325 | 11,825,890 | -1.6% | 11,608,961 | 0.3% |
| DG1 Offset | 1,552,154 | 1,340,410 | 15.8% | 1,564,498 | -0.8% |
| DG2 Offset | 294,463 | 163,221 | 80.4% | 280,206 | 5.1% |
| DG3 Offset | 1,707 | 1,587 | 7.6% | 793 | 115.2% |
| Total DG | 1,848,324 | 1,505,218 | 22.8% | 1,845,497 | 0.2% |
| Total Market including DG | 13,487,648 | 13,331,108 | 1.2% | 13,454,458 | 0.2% |
Energy supply to captive customers, combined with energy transported to free-market customers and discos—excluding DG-offset energy —totaled 11,639 GWh in 2Q26, a 1.6% decrease compared to the same period in 2025. This result was mainly due to lower consumption in the industrial (-167.3 GWh or -3.1%), rural (-86.2 GWh or -11.1%), and commercial (-14.2 GWh or -0.9%) sectors, mainly due to the migration of customers to DG and the basic grid, as well as higher rainfall during the period, which reduced the need for irrigation. In contrast, the residential sector recorded an increase in consumption of 86.4 GWh (+2.7%), reflecting growth in the number of customers.
The 1.6% decrease in distributed energy, excluding DG, resulted from a 3.9% decrease (-214.3 GWh) in consumption by the captive market and a 0.4% increase (+27.7 GWh) in grid usage by the free-market customers.
Considering DG’s offset energy, total distributed energy grew by 1.2% compared to the same period last year.
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Energy Distributed
By Segment (%)
Performance by Sector
Industrial: Energy distributed to industrial customers decreased by 3.1%* YoY and accounted for 45.7%* of Cemig D’s total, with the majority relating to energy supplied to industrial free-market customers (44.5%), which decreased by 2.2% YoY. Meanwhile, billed energy for captive customers—which accounted for 1.1% of total distribution—saw a 26.8% decrease in consumption YoY, primarily due to customers migrating to the free market.
The decline in industrial-sector consumption was impacted by the migration of two large customers to the basic grid. Excluding this effect, the reduction in distributed energy would have been 0.9%. The lower consumption in 2Q26 is related, in particular, to the Steel (-30.1%), Chemicals (-10.7%), and Ferroalloys (-5.9%) sectors, while the Non-Ferrous Metals (+9.4%), Food and Beverages (+3.3%), and Extractive Industry (+1.6%) sectors showed growth in energy consumption.
Residential: Residential consumption, which accounted for 28.0%* of the energy distributed by Cemig D, increased by 2.7% YoY, mainly due to a 2.6% growth in the number of customers in this segment (+208,100), as well as a 0.1% increase in average consumption per customer, which reached 131.1 kWh/month.
Commercial and Services: The commercial segment accounted for 12.9% of the total volume of energy distributed by Cemig D in 2Q26* and showed a 0.9% YoY decrease in consumption. The change in this segment’s volume reflects a 9.2% decrease in the billed volume for captive customers and a 9.7% increase in the volume transported to free-market customers, a trend directly linked to the migration of customers to the deregulated market. The decrease in the segment’s total consumption, in turn, is related to the decline in the number of customers.
Rural: This sector accounted for 5.9%* of total distributed energy and showed an 11.1% YoY decrease in consumption, mainly due to higher rainfall in 2Q26 compared to the same period in 2025, which reduced the need for irrigation.
Public Services: accounted for 6.7%* of distributed energy in 2Q26, with a 1.4% YoY decrease in consumption.
*Excluding DG offset energy
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Physical Energy Balance – MWh
| Metered Market – MWh | 2Q26 | 2Q25 | YoY % Change | Q1 2026 | QoQ % Change |
| Energy transported to discos | 78,113 | 73,395 | 6.4% | 71,147 | 9.8% |
| Energy transported to free-market customers | 6,427,521 | 6,207,535 | 3.5% | 6,189,900 | 3.8% |
| Own Cargo + DG | 8,867,873 | 8,792,162 | 0.9% | 8,532,690 | 3.9% |
| Captive Market Consumption | 5,272,543 | 5,550,333 | -5.0% | 5,438,282 | -3.0% |
| DG Market | 1,848,324 | 1,505,218 | 22.8% | 1,845,136 | 0.2% |
| Losses in Distribution Network | 1,747,006 | 1,736,611 | 0.6% | 1,249,272 | 39.8% |
| Total Grid Load | 15,373,507 | 15,073,092 | 2.0% | 14,793,736 | 3.9% |
Customer Base
In June 2026, 9.64 million consumers were billed, up 1.6% when compared to June 2025. Of this total, 6,488 are free-market customers who use Cemig D’s distribution network.
| Number of captive customers | Jun/26 | Jun/25 | YoY % Change | Mar/26 | QoQ % Change |
| Residential | 8,281,118 | 8,072,997 | 2.6% | 8,247,521 | 0.4% |
| Industrial | 22,098 | 23,754 | -7.0% | 22,455 | -1.6% |
| Commercial, Services, and Other | 866,601 | 900,319 | -3.7% | 875,867 | -1.1% |
| Rural | 360,400 | 388,636 | -7.3% | 373,448 | -3.5% |
| Public Sector | 76,110 | 74,503 | 2.2% | 75,148 | 1.3% |
| Street Lighting | 8,553 | 7,354 | 16.3% | 8,186 | 4.5% |
| Public Services | 13,001 | 13,268 | -2.0% | 13,163 | -1.2% |
| Own Consumption | 878 | 830 | 5.8% | 872 | 0.7% |
| Total captive customers | 9,628,759 | 9,481,661 | 1.6% | 9,616,660 | 0.1% |
| Number of free-market customers | Jun/26 | Jun/25 | YoY % Change | Mar/26 | QoQ % Change |
| Industrial | 2,499 | 2,290 | 9.1% | 2,520 | -0.8% |
| Commercial | 3,288 | 2,914 | 12.8% | 3,322 | -1.0% |
| Rural | 158 | 134 | 17.9% | 168 | -6.0% |
| Public Sector | 85 | 51 | 66.7% | 81 | 4.9% |
| Public Service | 451 | 146 | 208.9% | 339 | 33.0% |
| Utilities | 7 | 8 | -12.5% | 8 | -12.5% |
| Total free-market customers | 6,488 | 5,543 | 17.0% | 6,438 | 0.8% |
| Total captive + free market | 9,635,247 | 9,487,204 | 1.6% | 9,623,098 | 0.1% |
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2026 Tariff Adjustment
Cemig D's tariffs are adjusted annually in May, with a tariff review process conducted every five years in the same month. The annual adjustment is designed to fully pass through non-manageable costs and to apply an inflation adjustment to manageable costs, as defined in the tariff review. The adjustment index for manageable costs is IPCA, from which the X Factor is deducted to capture productivity gains, in line with the price-cap regulatory model.
On May 26, 2026, ANEEL approved the Company’s Tariff Adjustment, effective from May 28, 2026, through May 27, 2027, with an average increase of 6.50% for consumers. The average impact on low-voltage customers was 5.21%, the same percentage applied to residential consumers. Of the total 6.50% adjustment, 1.40 percentage points correspond to costs manageable by the Company (Portion B). Non-manageable costs (Portion A)—which include energy purchases, transmission, sector-specific charges, and unrecoverable revenues—contributed 0.68 percentage points, while financial items incorporated into the rate accounted for the remaining 4.42 percentage points.
| Average Effect of the Tariff adjustment | |
| High-Voltage Average | 9.4% |
| Low-Voltage Average | 5.2% |
| Average Effect | 6.5% |
More details at the following link (in
Portuguese):
Approval Resolution No. 3589/2026 - Leis.org
Tariff Review
Highlights of the 2023 Tariff Review and the previous cycle:
| Tariff Review | 2018 | 2023 |
| Gross remuneration base - R$ million | 20,490 | 25,587 |
| Net remuneration base - R$ million | 8,906 | 15,200 |
| Average depreciation rate | 3.84% | 3.95% |
| WACC (after taxes) | 8.09% | 7.43% |
| Interest on Special Bonds - R$ million | 149 | 272 |
| CAIMI - R$ million | 333 | 484 |
| QRR R$ - Depreciation (Gross base × depreciation rate) | 787 | 1,007 |
* CAIMI (Custo Anual das Instalações Móveis e Imóveis) – annual cost of movable and immovable facilities (IT, vehicles and administrative buildings)
* QRR: Regulatory Depreciation Quota: Gross base x annual depreciation rate
More details at the following link:
https://www2.aneel.gov.br/aplicacoes/tarifa/arquivo/NT%2012%202023%20RTP%20Cemig.pdf
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OPEX and EBITDA | Actual vs. Regulatory
OPEX and EBITDA outperformed regulatory benchmarks in 1H26, reaching R$416 million and R$666 million, respectively.
Notes:
Regulatory EBITDA comprises return on capital, the regulatory depreciation quota (QRR) and a percentage of the Annual Cost of Movable and Immovable Facilities (CAIMI), as published in ANEEL's Technical Notes at each Tariff Review or Tariff Adjustment.
Regulatory coverage considered: Regulatory PMSO + non-recoverable revenues + 78.45% of CAIMI.
Quality Indicators – DEC/FEC
The DEC (Equivalent Duration of Interruptions per Consumer) indicator stood at 8.43 hours at the end of 2Q26, its lowest level on record and below the regulatory limit of 9.26 hours. This represents a reduction of more than 1 hour compared with the 12-month period ended June 2025. The FEC (Equivalent Frequency of Interruptions per Consumer Unit) indicator also remained below the regulatory limit of 5.37, reaching 4.86 for the 12-month period ended in June 2026.
Delinquency Management
The collection rate has remained above 99% since 2022, reaching 99.14% in June 2026. This performance reflects the effectiveness of the Company’s collection tools and the successful conclusion of significant negotiations that resulted in customer payments.
Digital channels—including PIX,
direct debit, credit cards, and the mobile app—accounted for 74.08% of total collections, compared with 67.50% in June 2025. PIX
was particularly noteworthy, consolidating its position as customers’ primary payment method due to its convenience and the effectiveness
of the Company’s promotional campaigns. Representing approximately 40% of total collections, PIX delivers significant efficiency
gains by reducing operating expenses and improving the Company’s cash flow.
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Account Collection Rate - ARFA (%)
(Collections/Billing) – 12-Month Moving Average
Losses
Energy losses remained below the regulatory target in the 12-month period ended June 2026, reaching 11.40%, compared with the regulatory target of 11.48%. Since the previous tariff adjustment, effective May 28, 2025, the Company has applied an enhanced methodology for calculating regulatory coverage of non-technical losses, as established by ANEEL Technical Note No. 53/2025. The methodology now uses metered energy rather than billed energy as the basis for calculation, resulting in increased tariff coverage for energy losses.
Among the key loss-reduction measures implemented in the first half of the year were 169,000 inspections, the replacement of more than 145,000 obsolete meters, and the replacement of 157,000 conventional meters with smart meters. The latter brought the total number of smart meters installed since the project began in September 2021 to 760,000. The Company also continued regularizing unauthorized connections for households in informal settlements and high-complexity areas using shielded wiring, reaching 28,500 regularizations since the initiative began in February 2023.
For 2026, the Company plans to conduct 358,000 inspections, install 400,000 smart meters, replace 150,000 obsolete meters, and regularize connections for 25,000 households in low-income communities using BT Zero and Shielded Meter Panel technologies. It also plans to expand the use of capacitor banks to improve the control of technical losses, alongside other structural initiatives.
Total Losses
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Actual Losses
Regulatory Losses
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Cemig GT/Holding
Energy Market
Energy sales by Cemig GT and Cemig Holding, excluding CCEE, decreased 2.9% YoY, while energy billed by Cemig GT totaled 7,069 GWh, up 11.3% (+716.9 GWh) YoY. Cemig Holding recorded sales of 3,848 GWh, a 21.3% decrease compared to the same period last year. Of the total sold by the Holding and Cemig GT in 2Q26, 509.0 GWh were sold in the retail market.
| Cemig GT - MWh | 2Q26 | 2Q25 | YoY % Change | 1Q26 | QoQ % Change |
| Free-Market Customers | 3,916,242 | 3,625,816 | 8.0% | 3,629,097 | 7.9% |
| Industrial | 2,648,039 | 2,441,227 | 8.5% | 2,342,687 | 13.0% |
| Commercial | 1,167,139 | 1,152,685 | 1.3% | 1,207,399 | -3.3% |
| Rural | 47,369 | 27,707 | 71.0% | 39,352 | 20.4% |
| Public Sector | 53,695 | 4,197 | 1,179.3% | 39,659 | 35.4% |
| Free Market (ACL) – Traders and Cooperatives | 1,998,179 | 1,574,194 | 26.9% | 1,737,699 | 15.0% |
| Quota Supply | 565,793 | 565,513 | 0.0% | 567,622 | -0.3% |
| Regulated Market (ACR) | 555,750 | 554,118 | 0.3% | 571,697 | -2.8% |
| Regulated Market (ACR) – Cemig D | 33,132 | 32,580 | 1.7% | 33,437 | -0.9% |
| Total GT | 7,069,095 | 6,352,221 | 11.3% | 6,539,552 | 8.1% |
| Cemig H - MWh | 2Q26 | 2Q25 | YoY % Change | 1Q26 | QoQ % Change |
| Free-Market Customers | 2,103,383 | 2,481,986 | -15.3% | 2,050,436 | 2.6% |
| Industrial | 1,654,713 | 1,978,731 | -16.4% | 1,580,159 | 4.7% |
| Commercial | 398,634 | 476,561 | -16.4% | 405,428 | -1.7% |
| Rural | 26,800 | 26,694 | 0.4% | 41,859 | -36.0% |
| Public Service | 23,236 | - | 22,991 | 1.1% | |
| Free Market (ACL) – Traders and Cooperatives | 1,744,359 | 2,408,829 | -27.6% | 2,063,547 | -15.5% |
| Total H | 3,847,741 | 4,890,815 | -21.3% | 4,113,984 | -6.5% |
| Cemig GT + H | 10,916,837 | 11,243,037 | -2.9% | 10,653,535 | 2.5% |
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Energy Balance – Sales Breakdown
https://ri.cemig.com.br/en/financial-information/electric-energy-balances
Energy Supply and Demand Balance – Cemig Group* – Position in July 2026
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Gasmig
Gasmig is the exclusive distributor of piped natural gas in the state of Minas Gerais, serving the industrial, commercial, residential, compressed natural gas, automotive, and thermoelectric power generation segments. Its concession runs through January 2053, and Cemig holds a 99.57% interest in the company.
| EBITDA - R$ thousand | 2Q26 | 2Q25 | YoY % Change | 1Q26 | QoQ % Change |
| Net Income | 95,899 | 150,821 | -36.4% | 100,598 | -4.7% |
| Income tax and social contribution expense | 50,765 | 73,467 | -30.9% | 47,083 | 7.8% |
| Financial result | 32,048 | (4,533) | - | 21,138 | 51.6% |
| Depreciation and amortization | 27,193 | 23,735 | 14.6% | 23,922 | 13.7% |
| EBITDA as defined in “CVM Resolution 156” | 205,905 | 243,490 | -15.4% | 192,741 | 6.8% |
The decline in Gasmig’s EBITDA (-15.4%) was driven by a 17.0% drop in total gas distribution volume and by the migration of customers to the free market, which offers a lower margin.
The YoY decrease in total gas volume distributed resulted from a 55.7% reduction in volume sold to the captive market (-108,800 m³), partially offset by a 75.6% increase in volume distributed to free-market customers (+61,700 m³). Lower sales volumes reflected industrial customers’ migration to the free market, which in turn increased distributed volumes in that segment. Considering the total volume distributed, the industrial sector was primarily responsible for the reduction, with a decrease of 31,400 m³ YoY, while the thermal segment saw a decrease of 15,300 m³.
Gasmig saw a 5.9% increase in the number of customers compared to June 2025, reaching 113,057 consumers in 2Q26, mainly due to the increase of 6,300 customers in the residential sector.
| MARKET (Volume in thousand m³) |
2024 | 2025 | 2Q26 | 2Q25 | YoY % Change | 1Q26 | QoQ % Change |
| Automotive | 22,511 | 19,216 | 4,768 | 3,939 | -17.4% | 3,923 | 0.4% |
| Compressed Natural Gas - Automotive | 630 | 417 | 110 | 56 | -49.1% | 97 | -42.3% |
| Industrial | 786,363 | 513,509 | 174,789 | 69,896 | -60.0% | 76,892 | -9.1% |
| Compressed Natural Gas - Industrial | 10,275 | 8,938 | 2,643 | 2,444 | -7.5% | 1,487 | 64.4% |
| Residential | 12,095 | 13,194 | 3,550 | 3,366 | -5.2% | 3,028 | 11.2% |
| Cogeneration | 12,164 | 10,108 | 3,371 | 100 | -97.0% | 123 | -18.7% |
| Commercial | 23,203 | 24,598 | 6,161 | 6,790 | 10.2% | 6,281 | 8.1% |
| Subtotal - captive market | 867,241 | 589,980 | 195,392 | 86,591 | -55.7% | 91,831 | -5.7% |
| Industrial - free market | 107,723 | 364,178 | 58,901 | 132,849 | 125.5% | 134,841 | -1.5% |
| Compressed Natural Gas - Industrial - free market |
7,699 | 10,145 | 2,581 | 2,288 | -11.4% | 2,255 | 1.5% |
| Cogeneration - free market | 0 | 3,763 | 3,272 | - | 3,786 | -13.6% | |
| Thermal - free market | 58,046 | 66,919 | 20,112 | 4,846 | -75.9% | 11,785 | -58.9% |
| Subtotal - free market | 173,468 | 445,005 | 81,594 | 143,255 | 75.6% | 152,667 | -6.2% |
| Total (captive + free market) | 1,040,709 | 1,034,985 | 276,986 | 229,845 | -17.0% | 244,498 | -6.0% |
It is worth noting that the most recent tariff review process for Gasmig took place in April 2022, with the following highlights:
| • | Decrease in WACC rate (actual, after taxes) from 10.02% p.a. to 8.71% p.a. |
| • | Significant increase in Net Remuneration Base, which reached R$3.48 billion |
| • | Full recognition of PMSO costs by the regulator |
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Consolidated Financial Performance
Operating Revenue
| R$ thousand | 2Q26 | 2Q25 | YoY % Change | 1Q26 | QoQ % Change |
| Gross electricity supply | 9,055,911 | 8,686,379 | 4.3% | 8,995,136 | 0.7% |
| Revenue from use of the distribution system – TUSD | 1,633,700 | 1,414,496 | 15.5% | 1,510,020 | 8.2% |
| CVA and other financial components | 213,753 | 70,394 | 203.7% | 369,582 | -42.2% |
| Revenue from transmission operation and maintenance | 103,282 | 114,197 | -9.6% | 49,336 | 109.3% |
| Revenue from construction and transmission improvements | 223,329 | 179,130 | 24.7% | 151,789 | 47.1% |
| Financial return on transmission contract assets | 180,024 | 30,416 | 491.9% | 38,341 | 369.5% |
| Revenue from generation compensation | 35,805 | 31,201 | 14.8% | 35,146 | 1.9% |
| Revenue from distribution construction | 1,587,229 | 1,324,446 | 19.8% | 1,376,970 | 15.3% |
| Remeasurement of the distribution concession's indemnifiable financial asset (VNR) | 79,686 | 26,618 | 199.4% | 65,278 | 22.1% |
| Revenue from indexation of the concession grant bonus | 147,979 | 118,859 | 24.5% | 120,632 | 22.7% |
| Settlement at CCEE | 65,442 | 39,585 | 65.3% | 19,832 | 230.0% |
| Gas supply | 563,336 | 965,491 | -41.7% | 556,413 | 1.2% |
| Customer compensation for continuity breaches | (39,694) | (39,949) | -0.6% | (48,017) | -17.3% |
| Other revenue | 1,109,677 | 1,315,539 | -15.6% | 1,030,792 | 7.7% |
| Taxes and charges levied on revenue | (3,803,221) | (3,490,507) | 9.0% | (3,808,707) | -0.1% |
| Net revenue | 11,156,238 | 10,786,295 | 3.4% | 10,462,543 | 6.6% |
Gross Energy Supply
(1) The average price does not include revenue from unbilled supply
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Consolidated Energy Sales*: -1.0%
GWh
*Including DG-offset energy
Revenue from Energy Supply
Gross revenue from energy supply went up by 4.3%, to R$9,055.9 million in 2Q26 from R$8,686.4 million in 2Q25. The change was primarily driven by the annual tariff adjustment for Cemig D and the higher volume of energy sold to residential customers.
Transmission
The Company’s transmission revenue consists of operating and maintenance revenue, construction revenue, and financial remuneration of the contract asset. In 2Q26, transmission revenue totaled R$506.6 million, up 56.5% YoY. This change is explained by the increase in revenue from financial remuneration of the contract asset, which grew by R$149.6 million due to the higher IPCA during the period (the inflation index used to adjust most of the revenue), and by the R$44.2 million increase in construction revenue, resulting from higher investments.
Gas
Gross revenue from gas supply totaled R$563.4 million in 2Q26, down 41.7%, mainly due to the migration of industrial customers to the free market, the main factor behind the 55.7% decline in sales volume.
TUSD (Tariff for Use of the Distribution System)
TUSD’s revenue—derived from charges levied on free-market consumers for distributed energy—increased by R$219.2 million (+15.5%) YoY in 2Q26. This change stems from the disco’s annual tariff adjustments, implemented on May 28, 2025—with full effect in 2Q26—and on May 28, 2026—with impact effective as of that date—as well as from the increase in charges paid by free-market consumers.
CVA (regulatory deferral account for variances in Portion A costs) and Other Financial Components
Revenue of $213.7 million was recognized in 2Q26, up 203.7% YoY, mainly because energy purchase and CDE costs exceeded the amounts incorporated into the tariff adjustment.
Cemig D recognizes in its financial statements the positive or negative variances between actual non-manageable costs and the estimated costs used as the basis for setting tariffs. These balances represent the amounts that will be reimbursed to consumers or passed on to Cemig D in future tariff adjustments.
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Operating Costs and Expenses
| CONSOLIDATED - R$ thousand | 2Q26 | 2Q25 | YoY % Change | 1Q26 | QoQ % Change |
| Energy purchased for resale | 4,785,257 | 4,547,303 | 5.2% | 4,915,028 | -2.6% |
| Basic grid usage charges | 830,506 | 776,715 | 6.9% | 718,658 | 15.6% |
| Gas purchased for resale | 198,475 | 485,097 | -59.1% | 213,270 | -6.9% |
| Construction cost | 1,753,090 | 1,463,371 | 19.8% | 1,482,436 | 18.3% |
| Personnel | 420,807 | 388,389 | 8.3% | 365,592 | 15.1% |
| Employee and management profit sharing | 53,380 | 46,024 | 16.0% | 45,054 | 18.5% |
| Post-employment obligations | 50,233 | 109,324 | -54.1% | 50,233 | 0.0% |
| Materials | 24,341 | 26,654 | -8.7% | 32,348 | -24.8% |
| Third-party services | 640,052 | 527,007 | 21.5% | 596,063 | 7.4% |
| Depreciation and amortization | 410,069 | 368,393 | 11.3% | 401,321 | 2.2% |
| Provisions (reversals) | 215,149 | 63,999 | 236.2% | 84,000 | 156.1% |
| Expected credit losses | (177,013) | 3,098 | - | 83,363 | - |
| Expected loss on other receivables | 50,312 | 30,126 | 67.0% | 34,534 | 45.7% |
| RBSE Remeasurement | - | 198,895 | - | - | - |
| Other costs and expenses | 163,717 | 138,641 | 18.1% | 131,804 | 24.2% |
| Total Costs and Expenses | 9,418,375 | 9,173,036 | 2.7% | 9,153,704 | 2.9% |
| Gain on disposal of intangible assets | - | - | - | (26,191) | - |
| Total Other Revenue (expense reduction) | - | - | - | (26,191) | - |
| GRAND TOTAL | 9,418,375 | 9,173,036 | 2.7% | 9,127,513 | 3.2% |
Operating costs and expenses totaled R$9.42 billion in 2Q26, an YoY increase of R$245.3 million (+2.7%). This change is primarily due to a R$238.0 million increase in the cost of energy purchased for resale and a R$289.7 million increase in construction costs (higher investments), offset by a decrease of R$286.7 million in the cost of gas purchased for resale.
Further details on costs and expenses are provided below.
Energy Purchased for Resale
| CONSOLIDATED - R$ thousand | 2Q26 | 2Q25 | YoY % Change | 1Q26 | QoQ % Change |
| Energy purchased in the free market | 1,968,106 | 1,656,838 | 18.8% | 1,781,732 | 10.5 |
| Energy purchased through auctions in regulated market | 1,064,799 | 1,046,488 | 1.7% | 1,260,776 | -15.5% |
| Distributed generation | 901,198 | 846,075 | 6.5% | 1,018,078 | -11.5% |
| Short-term energy | 585,257 | 489,394 | 19.6% | 593,620 | -1.4% |
| Itaipu Binacional energy | 277,364 | 322,822 | -14.1% | 271,131 | 2.3% |
| Firm energy quota contracts | 176,360 | 200,845 | -12.2% | 187,244 | -5.8% |
| Bilateral contracts | 26,620 | 132,433 | -79.9% | 26,328 | 1.1% |
| PROINFA | 108,404 | 134,838 | -19.6% | 108,403 | 0.0% |
| Quotas for Angra I and II power plants | 62,643 | 83,446 | -24.9% | 54,984 | 13.9% |
| PIS/PASEP and COFINS credits | (385,494) | (365,876) | 5.4% | (387,268) | -0.5% |
| TOTAL | 4,785,257 | 4,547,303 | 5.2% | 4,915,028 | -2.6% |
Consolidated costs for electricity purchased for resale totaled R$4.79 billion in 2Q26, an increase of R$238.0 million YoY. This change is primarily due to the following factors:
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| • | Costs of energy purchased in the free market, which represent the largest component of energy purchase costs (R$1,968.1 million), increased by R$311.3 million (+18.8%) YoY, mainly reflecting the need to buy energy to close open positions at the higher prices prevailing through 2026. |
| • | A R$96.9 million (19.6%) increase in short-term energy costs, primarily explained by an energy deficit at Cemig D, resulting in exposure to the short-term market. |
| • | A R$105.8 million decrease in the cost of energy from bilateral contracts. |
| Cemig D R$ thousand | 2Q26 | 2Q25 | YoY % Change | 1Q26 | QoQ % Change |
| Energy purchased through auctions in regulated market | 1,072,517 | 1,057,434 | 1.4% | 1,276,628 | -16.0% |
| Distributed generation | 901,198 | 846,075 | 6.5% | 1,018,078 | -11.5% |
| Short-term energy | 499,636 | 333,854 | 49.7% | 328,894 | 51.9% |
| Itaipu Binacional energy | 277,364 | 322,822 | -14.1% | 271,131 | 2.3% |
| Firm energy quota contracts | 188,658 | 205,235 | -8.1% | 191,504 | -1.5% |
| Bilateral contracts | 26,620 | 132,433 | -79.9% | 26,328 | 1.1% |
| PROINFA | 108,404 | 134,838 | -19.6% | 108,403 | 0.0% |
| Quotas for Angra I and II power plants | 56,840 | 83,446 | -31.9% | 49,970 | 13.7% |
| PIS/PASEP and COFINS credits | (195,527) | (198,698) | -1.6% | (197,993) | -1.2% |
| TOTAL | 2,935,710 | 2,917,439 | 0.6% | 3,072,943 | -4.5% |
Gas Purchased for Resale
In 2Q26, the cost of gas purchases was R$198.5 million, representing an YoY decrease of R$286.6 million. This change is primarily due to the reduction in the volume of gas purchased to meet demand in the regulated market, given the migration of major industrial customers to the free gas market.
Third-party Services
Expenses for third-party services rose 21.5% (+R$113.0 million) YoY, driven primarily by the following increases: R$54.8 million (+30.1%) for maintenance and upkeep of electrical equipment, largely due to an increase in preventive maintenance; R$13.5 million (+38.8%) for information technology, R$11.1 million (+42.9%) for tree trimming, and R$9.2 million (22.4%) for right-of-way cleaning. The increase in expenses is directly related to the higher volume of work performed during the period, with a focus on strengthening the grid’s resilience and improving the quality and reliability of the energy supply.
Expected Credit Losses (ECL)
Expenses related to expected credit losses represented a reversal of R$177.0 million in 2Q26, compared to losses of R$3.1 million in 2Q25. The reversal in 2Q26 resulted from a revision to the methodology for calculating Expected Credit Losses (ECL) aimed at improving the alignment of estimates with the actual recoverability of receivables, with an impact of R$232.2 million. The main changes implemented were:
| • | extending the default recognition horizon to 60 months (previously: performing/36 months and non-performing/18 months); |
| • | improvement of the methodology applied to performing and non-performing loan portfolios through a revision of the provisioning matrix, allowing for a more accurate measurement that better reflects the historical recovery behavior of loans. |
The revision was based on three main pillars: (i) the effectiveness of collection tools, as evidenced by improvements in the aging profile of outstanding receivables; (ii) benchmarking against other companies in the electric power sector; and (iii) consistency with the concepts applied by ANEEL in calculating Irrecoverable Revenues, bringing regulatory and IFRS methodologies into closer alignment.
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Provisions for Contingencies
Provisions for contingencies totaled R$215.1 million in 2Q26, up R$151.2 million YoY. The change is primarily explained by the recognition of a provision resulting from an award in an arbitration proceeding initiated by a free-market customer.
Post-employment obligations
Expenses related to post-employment obligations decreased by R$59.1 million YoY. Excluding the non-recurring effect of the remeasurement of the obligation in 2Q25, the expense would have been R$80.2 million lower. The reduction in this expense is a direct result of the termination of the obligation related to the healthcare plan, pursuant to an agreement with unions and retirees that was ratified by the Regional Labor Court (TRT) at the end of 2025.
Personnel
Personnel expenses totaled R$420.8 million in 2Q26, up R$32.4 million YoY. The main factors driving this growth were the annual collective wage adjustment and the voluntary dismissal programs (VDPs) implemented in 2Q26 and 2Q25, with expenses of R$42.8 million and R$25.4 million, respectively.
Personnel Costs Evolution
R$ million excluding VDPs
Number of Employees by Company
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Equity Income
| R$ thousand | 2Q26 | 2Q25 | YoY % Change | 1Q26 | QoQ % Change |
| TAESA | 120,634 | 106,958 | 13,676 | 74,184 | 46,450 |
| Paracambi | 4,935 | 4,527 | 408 | 4,098 | 837 |
| Guanhães Energia | 2,387 | 2,182 | 205 | 2,517 | (130) |
| Cachoeirão HPP | 548 | 1,677 | (1,129) | 2,277 | (1,729) |
| Cemig Sim (Holdings) | 0 | 3,920 | (3,920) | 0 | 0 |
| Pipoca HPP | 0 | 180 | (180) | 404 | (404) |
| Belo Monte (Aliança Norte and Amazônia Energia) | (37,121) | (42,026) | 4,905 | (31,155) | (5,966) |
| Total | 91,383 | 77,418 | 13,965 | 52,325 | 39,058 |
Equity income increased by R$14.0 million in 2Q26 compared to the same period last year. This performance was primarily driven by improved results at TAESA, reflecting the energization of new transmission assets and the resulting incremental RAP, as well as higher inflation indices (IGP-M and IPCA), which positively impacted the financial remuneration of contract assets. Worth noting that Cemig Sim no longer recognizes results under the equity method, as it divested its interests in other companies at the end of 2025 and now owns all of its assets directly.
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Consolidated EBITDA
(1) EBITDA is a non-GAAP measure prepared by the Company and reconciled to its consolidated financial statements in accordance with Circular Letter CVM/SNC/SEP No. 01/2007 and CVM Resolution No. 156, dated June 23, 2022. It consists of net income adjusted for net financial result, depreciation and amortization, and income tax and social contribution. EBITDA is not a measure recognized under Brazilian GAAP or IFRS, has no standardized definition, and may not be comparable to similarly titled measures reported by other companies. The Company discloses EBITDA because it uses the measure to assess its performance. EBITDA should not be considered in isolation or as a substitute for net income or operating income, as an indicator of operating performance or cash flow, or as a measure of liquidity or of the ability to service debt. The Company adjusts EBITDA in accordance with CVM Resolution No. 156/2022 to exclude non-recurring items that do not reflect its underlying cash generation.
|
Consolidated EBITDA 2Q26 R$ thousand |
Generation | Transmission | Trading | Distribution | Gas | Holding / Equity Interests | Total |
| Net Income for the period | 465,514 | 189,072 | (308,139) | 483,134 | 95,897 | 19,966 | 945,444 |
| Income and social contribution taxes | 24,737 | 23,769 | (63,283) | 103,627 | 49,062 | (50,015) | 87,897 |
| Financial result | 42,030 | 33,322 | 269 | 608,194 | 32,050 | 80,040 | 795,905 |
| Depreciation and amortization | 84,847 | 4,941 | 3 | 281,795 | 28,896 | 9,587 | 410,069 |
| EBITDA as defined in “CVM Resolution 156” | 617,128 | 251,104 | (371,150) | 1,476,750 | 205,905 | 59,578 | 2,239,315 |
| Non-recurring and non-cash items | |||||||
| Net income attributable to non-controlling shareholders | - | - | - | - | (412) | - | (412) |
| Voluntary Dismissal Program | 4,188 | 2,588 | 593 | 31,546 | - | 3,882 | 42,797 |
| Provisions - Consumer Relations | - | - | 190,653 | - | - | - | 190,653 |
| Adjusted EBITDA | 621,316 | 253,692 | (179,904) | 1,508,296 | 205,493 | 63,460 | 2,472,353 |
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Consolidated EBITDA 2Q25 R$ thousand (Restated) |
Generation | Transmission | Trading | Distribution | Gas | Holding / Equity Interests | Total |
| Net Income for the period | 449,724 | (2,841) | 6,481 | 550,550 | 150,820 | 33,547 | 1,188,281 |
| Income and social contribution taxes | 31,781 | (36,693) | (3,961) | 147,391 | 71,765 | (20,474) | 189,809 |
| Financial result | (11,424) | 5,137 | 9,711 | 288,644 | (6,058) | 26,577 | 312,587 |
| Depreciation and amortization | 78,044 | 4,652 | 3 | 254,372 | 25,438 | 5,884 | 368,393 |
| EBITDA as defined in “CVM Resolution 156” | 548,125 | (29,745) | 12,234 | 1,240,957 | 241,965 | 45,534 | 2,059,070 |
| Non-recurring and non-cash items | |||||||
| Net income attributable to non-controlling shareholders | - | - | - | - | (648) | - | (648) |
| Remeasurement of post-employment liabilities | (2,302) | (1,422) | (326) | (16,163) | - | (948) | (21,161) |
| RBSE Remeasurement | - | 198,895 | - | - | - | - | 198,895 |
| Voluntary Dismissal Program | 1,920 | 1,187 | 272 | 20,812 | - | 1,200 | 25,391 |
| Adjusted EBITDA | 547,743 | 168,915 | 12,180 | 1,245,606 | 241,317 | 45,786 | 2,261,547 |
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Consolidated EBITDA 1Q26 R$ thousand |
Generation | Transmission | Trading | Distribution | Gas | Holding / Equity Interests | Total |
| Net Income for the period | 396,428 | 138,987 | (125,152) | 397,653 | 100,598 | 70,465 | 978,979 |
| Income and social contribution taxes | 33,065 | 20,581 | (28,658) | 54,435 | 38,568 | (48,039) | 69,952 |
| Financial result | 23,619 | 14,414 | (7,243) | 283,611 | 21,138 | 2,885 | 338,424 |
| Depreciation and amortization | 79,143 | 4,610 | 3 | 274,697 | 32,437 | 10,431 | 401,321 |
| EBITDA as defined in “CVM Resolution 156” | 532,255 | 178,592 | (161,050) | 1,010,396 | 192,741 | 35,742 | 1,788,676 |
| Non-recurring and non-cash items | |||||||
| Net income attributable to non-controlling shareholders | - | - | - | - | (434) | - | (434) |
| Adjusted EBITDA | 532,255 | 178,592 | (161,050) | 1,010,396 | 192,307 | 35,742 | 1,788,242 |
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Consolidated EBITDA grew 8.8% YoY in 2Q26 and totaled R$2.24 billion, while Adjusted EBITDA was R$2.47 billion, up 9.3% from 2Q25. The main factors affecting the comparison are as follows:
| • | A 19.0% increase in Cemig D’s EBITDA, driven primarily by the positive impact of the tariff adjustment, the reduction in post-employment expenses, the revision of the methodology for calculating expected credit losses (ECL)—which had a positive effect of R$232.2 million in 2Q26—and strong performance in energy losses |
| • | An R$80.3 million reduction in adjusted post-employment benefit expense, excluding the positive effect of R$21.1 million from the remeasurement that occurred in 2Q25. The reduction is a result of the termination of the obligation related to the healthcare plan, pursuant to an agreement ratified by the Regional Labor Court (TRT) at the end of 2025. |
| • | A decrease of R$383.4 million in EBITDA and R$192.1 million in adjusted EBITDA from the trading business YoY, driven primarily by: |
| o | higher costs to close out open positions at higher prices |
| o | the negative impact of a R$190.6 million provision resulting from an award in an arbitration proceeding initiated by a free-market customer |
| • | Gasmig’s adjusted EBITDA decreased by R$35.8 million YoY, reflecting a 17.0% decline in distributed volume due to customer migration to the free market, where regulatory margins are lower. |
| • | Change in the accounting treatment of monetary restatement of provisions, which is now recognized as a financial expense, while provisions and reversals remain in operating income. In 2Q25 (restated for comparison purposes), the monetary adjustment of provisions resulted in a financial expense of R$49.6 million, compared with R$123.4 million in 2Q26, including R$26.2 million in financial updates related to a provision arising from the arbitration award mentioned above. |
| • | Recognition of net revenue from subsidies in the amount of R$374.9 million in 2Q25, relating to both the quarter and the other periods of the June 2024–May 2025 tariff cycle, resulting from an adjustment related to the difference between the projected and actual amounts in the 2024–2025 tariff cycle |
| • | Remeasurement of RBSE’s contract asset with a negative impact of R$198.9 million on 2Q25 EBITDA |
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Cemig D EBITDA
| R$ thousand | 2Q26 |
2Q25 Restated |
YoY % Change | 1Q26 | QoQ % Change |
| Net income for the period | 483,134 | 550,554 | -12.2% | 397,653 | 21.5% |
| Income tax and social contributions | 103,627 | 147,390 | -29.7% | 54,436 | 90.4% |
| Net financial income | 608,194 | 288,643 | 110.7% | 283,611 | 114.4% |
| Amortization | 281,795 | 254,373 | 10.8% | 274,697 | 2.6% |
| EBITDA as defined in “CVM Resolution 156” | 1,476,750 | 1,240,960 | 19.0% | 1,010,396 | 46.2% |
| Scheduled Voluntary Dismissal Program | 31,546 | 20,812 | 51.6% | - | - |
| Remeasurement of post-employment liabilities | - | (16,163) | - | - | - |
| Adjusted EBITDA | 1,508,296 | 1,245,609 | 21.1% | 1,010,396 | 49.3% |
| VNR | 79,686 | 26,618 | 199.4% | 65,278 | 22.1% |
| Adjusted EBITDA (-) VNR | 1,428,610 | 1,218,991 | 17.2% | 945,118 | 51.2% |
Cemig D reported EBITDA of R$1,476.7 million, up 19.0% YoY. Adjusted EBITDA, in turn, grew 21.1% compared to the same period last year. The main factors affecting YoY EBITDA are as follows:
| · | A tariff adjustment with an average effect of 6.5% and a 4.9% adjustment to Portion B effective May 28, 2026, offset by a reduction in billed market volume YoY |
| o | Distributed energy excluding DG: -1.6% (comprising -3.9% in the captive market and +0.4% in the free market). This change mainly reflects the shift to DG, lower industrial consumption (-3.1%)—still influenced by the migration of two large customers to the basic grid during 2Q25—and the decline in rural consumption (-11.1%) due to higher rainfall. In contrast, residential consumption increased by 2.7% compared to the same period in 2025 |
| o | Total distributed energy, including DG-offset energy, grew 1.2% YoY |
| • | A R$58.2 million reduction in adjusted post-employment benefit expenses, excluding the positive effect of R$16.2 million from the remeasurement that occurred in 2Q25. The reduction is explained by the termination of the post-employment benefit related to the health plan, effective as of the agreement ratified by the Regional Labor Court (TRT) at the end of 2025 |
| • | A R$232.2 million positive effect resulting from the revision of the methodology for calculating expected credit losses (ECL). As a result, ECL in 2Q26 represented a reversal of R$175.2 million, compared to an expense of R$2.2 million in 2Q25 |
| • | Improved performance in energy losses, which closed the 12-month rolling window at 11.40%, outperforming the regulatory target of 11.48% |
| • | Expenses related to the voluntary dismissal program, carried out in 2Q26 and 2Q25, were R$31.5 million and R$20.8 million, respectively |
| • | VNR of R$79.7 million in 2Q26 and R$26.6 million in 2Q25 |
| • | Change in the accounting treatment of monetary restatement of provisions, which is now recognized as a financial expense, while provisions and reversals remain in operating income. In 2Q26, the monetary restatement of provisions represented a financial expense of R$69.6 million, compared to R$31.2 million in 2Q25 (reclassified for comparison purposes) |
| • | Recognition of net revenue from subsidies in the amount of R$374.9 million in 2Q25, relating to both the quarter and the other periods of the June 2024–May 2025 tariff cycle, resulting from an adjustment related to the difference between the projected and actual amounts in the 2024–2025 tariff cycle, particularly regarding discounts applied to incentivized sources and to DG |
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Cemig GT EBITDA
| 2Q26 R$ thousand |
Generation | Transmission | Trading | Equity Interests | Total |
| Net income for the period | 468,395 | 177,113 | (297,631) | (78,287) | 269,590 |
| Income tax and social contribution expense | 24,736 | 22,227 | (57,828) | 3,254 | (7,611) |
| Financial result | 42,030 | 33,907 | 9,792 | 34,131 | 119,860 |
| Depreciation and amortization | 86,249 | 5,001 | 3 | 6,649 | 97,902 |
| EBITDA as defined in “CVM Resolution 156” | 621,410 | 238,248 | (345,664) | (34,253) | 479,741 |
| Provision - arbitration proceedings from free-market client | - | - | 190,653 | - | 190,653 |
| Voluntary Dismissal Program | 4,188 | 2,588 | 593 | 797 | 8,166 |
| Adjusted EBITDA | 625,598 | 240,836 | (154,418) | (33,456) | 678,560 |
| 2Q25 Restated R$ thousand |
Generation | Transmission | Trading | Equity Interests | Total |
| Net income for the period | 460,115 | (6,031) | (55,415) | (56,549) | 342,120 |
| Income tax and social contribution expense | 32,081 | (37,895) | (16,295) | 3,971 | (18,138) |
| Financial result | (11,506) | 5,549 | 587 | 14,204 | 8,834 |
| Depreciation and amortization | 76,419 | 5,852 | 3 | - | 82,274 |
| EBITDA as defined in “CVM Resolution 156” | 557,109 | (32,525) | (71,120) | (38,374) | 415,090 |
| Voluntary Dismissal Program | 1,920 | 1,187 | 272 | 366 | 3,745 |
| RBSE Remeasurement | - | 198,895 | - | - | 198,895 |
| Remeasurement of post-employment liabilities | (2,302) | (1,422) | (326) | (438) | (4,488) |
| Adjusted EBITDA | 556,727 | 166,135 | (71,174) | (38,446) | 613,242 |
| Q1 2026 R$ thousand |
Generation | Transmission | Trading | Equity Interests | Total |
| Net income for the period | 395,359 | 136,979 | (104,746) | (34,872) | 392,720 |
| Income tax and social contribution expense | 33,066 | 19,478 | (18,147) | 2,504 | 36,901 |
| Financial result | 23,619 | 14,971 | (7,243) | 20,175 | 51,522 |
| Depreciation and amortization | 82,749 | 4,670 | 3 | 7,083 | 94,505 |
| EBITDA as defined in “CVM Resolution 156” | 534,793 | 176,098 | (130,133) | (5,110) | 575,648 |
| Adjusted EBITDA | 534,793 | 176,098 | (130,133) | (5,110) | 575,648 |
Cemig GT’s EBITDA totaled R$479.7 million in 2Q26, up 15.6% from 2Q25, while adjusted EBITDA grew by 10.7%. The main factors affecting EBITDA in 2Q26 and 2Q25 and the year-over-year change are as follows:
| • | Higher revenue from energy supply of R$307.8 million (+21.3%) YoY, due to growth in the volume of energy sold (+11.3%) as well as in the average price (+6.0%) |
| • | A 28.4% increase in transmission revenue, driven by the implementation of reinforcements and improvements (RAP addition), an increase in financial remuneration of the contract asset due to the higher IPCA in 2Q26 (1.42% in 2Q26 and 0.93% in 2Q25), and by higher construction revenue, reflecting increased investments during the period |
| • | Positive impact of the higher GSF on generation activity (0.996 in 2Q26 vs. 0.955 in 2Q25) |
| • | Negative effect of the R$190.6 million provision on 2Q26 EBITDA, resulting from an award in an arbitration proceeding initiated by a customer |
| • | Negative impact on the trading segment due to exposure to the PLD difference between submarkets, amounting to R$66.8 million in 2Q26 and R$76.1 million in 2Q25 |
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| • | A R$17.0 million reduction in adjusted post-employment benefit expense, excluding the R$4.5 million positive effect from the remeasurement that occurred in 2Q25. The reduction is explained by the termination of the post-employment benefit related to the healthcare plan, effective as of the agreement ratified by the Regional Labor Court (TRT) at the end of 2025 |
| • | Recognition in 2Q25 of a reduction in contract assets in the amount of R$198.9 million, net of PIS/Pasep and Cofins taxes, resulting from the remeasurement of the financial component of the RBSE, due to the changes introduced by Aneel Resolution No. 3,469/2025 |
Financial Income and Expenses
| FINANCIAL RESULT - R$ thousand | 2Q26 | 2Q25 | YoY % Change | 1Q26 | QoQ % Change |
| Financial income | 290,189 | 302,444 | -4.1% | 257,960 | 12.5% |
| Financial expenses | (1,086,094) | (615,031) | 76.6% | (596,384) | 82.1% |
| Financial result | (795,905) | (312,587) | 154.6% | (338,424) | 135.2% |
The consolidated financial results for 2Q26 was a net expense of R$795.9 million, up R$483.3 million YoY, primarily due to the following factors:
| • | A R$96.8 million increase in financial expenses related to debenture charges, due to higher gross debt, which also contributed to a R$175.4 million increase in monetary variation expenses linked to the debentures. The latter was also impacted by the higher IPCA during the period (1.42% in 2Q26 vs. 0.93% in 2Q25) |
| • | A R$168.3 million financial expense which was recognized in 2Q26 for the restatement of consumer DG credits, reflecting the new tariffs approved in the May tariff adjustment, compared with R$75.3 million in 2Q25. |
| • | R$70.6 million YoY decrease in income from financial investments in 2Q26, reflecting a lower average cash balance during the period. |
Net Income
Cemig reported net income of R$945.4 million in 2Q26, compared to R$1,188.3 million in 2Q25. Adjusted earnings were 15.5% lower than those recorded in 2Q25, totaling R$1.17 billion.
As discussed in the previous sections, net income was primarily impacted by lower EBITDA from the Trading business, partially offset by stronger EBITDA from the Distribution, Generation and Transmission businesses. Net income was also affected by higher financial expenses (+ R$483.3), mainly reflecting the increase in net debt, higher inflation as measured by IPCA in 2Q26, higher monetary adjustment expenses on provisions, and the restatement of DG customers’ credits.
| RECONCILIATION OF CONSOLIDATED RECURRING NET INCOME R$ thousand |
2Q26 | 2Q25 | 1Q26 |
| Net income for the period (IFRS) | 945,444 | 1,188,281 | 978,979 |
| Remeasurement of post-employment liabilities | - | (13,966) | - |
| RBSE remeasurement | - | 131,271 | - |
| Provision - arbitration proceedings from free-market client | 143,130 | - | |
| Voluntary dismissal program | 28,246 | 16,758 | - |
| RECURRING NET INCOME | 1,116,820 | 1,322,344 | 978,979 |
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Investments
Total investments amounted to R$3.28 billion in 1H26, representing a 19.2% increase compared to 1H25. Of this amount, R$1.80 billion was invested in 2Q26.
The main highlights this quarter were: a R$1.36 billion investment by Cemig Distribuição, comprising a 91 MVA expansion in transformer capacity, 5 new substations and 2 expanded ones, the construction of 1,121 km of low- and medium-voltage networks, and the installation of 66,000 smart meters. In addition, there was an investment of R$165.9 million in transmission reinforcements and improvements, the addition of 26 MWp of installed capacity in distributed photovoltaic generation, and the construction of 23.8 km of gas pipelines by Gasmig.
The investment program supports the modernization and reliability of CEMIG’s electric system, in line with the Company’s strategic focus on Minas Gerais, its core businesses, and continuously improving customer service. Investments totaling BRL 43.70 billion are planned for 2026–2030, of which BRL 6.72 billion is earmarked for 2026.
Execution of the company’s investment program ensures the MODERNIZATION and RELIABILITY of CEMIG’s electric system
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Consolidated Debt
| CONSOLIDATED - R$ thousand | jun/26 | 2025 | % Change |
| Gross Debt | 22,352,709 | 19,465,331 | 14.8% |
| Cash and cash equivalents + marketable securities | 3,082,109 | 2,661,338 | 15.8% |
| Hedge | 87,526 | 8,508 | 928.7% |
| Net Debt | 19,358,126 | 16,812,501 | 15.1% |
| CEMIG GT (R$ thousand) | jun/26 | 2025 | % Change |
| Gross Debt | 5,224,301 | 3,155,368 | 65.6% |
| Cash and cash equivalents + marketable securities | 1,712,398 | 463,891 | 269.1% |
| Hedge | 32,312 | 8,508 | 279.8% |
| Net Debt | 3,544,215 | 2,699,985 | 31.3% |
| CEMIG D (R$ thousand) | jun/26 | 2025 | % Change |
| Gross Debt | 15,665,471 | 14,892,088 | 5.2% |
| Cash and cash equivalents + marketable securities | 942,049 | 1,268,007 | -25.7% |
| Hedge | 55,212 | 0 | - |
| Net Debt | 14,778,634 | 13,624,081 | 8.5% |
Consolidated Debt Amortization Profile
R$ million
The Company remains disciplined in executing its financial strategy, prioritizing cash flow optimization, a lower cost of capital, and an extended debt maturity profile.
At the end of 2Q26, the average debt maturity was 6.7 years, with 81% of total debt maturing in 2029 or later. This positions most repayments after the tariff review processes for the Disco and Transco, providing greater predictability and financial security.
Resilience and Financial Flexibility
Amid potentially more selective capital markets, the Company remains well positioned, supported by its strong credit ratings and the defensive nature of the electric power sector. Its capital structure is further supported by pre-approved credit facilities that can be quickly accessed during periods of volatility. Management continuously monitors funding alternatives—including multilateral agencies, development banks, receivables financing, and Law 4,131 loans—allowing the Company to access the market under the most favorable conditions. Even if spreads widen, the impact on the total cost of debt would be marginal, as the existing debt portfolio is not directly affected by secondary-market fluctuations or changes in NTN-B yields.
Covenant Structure
The Company reiterates that its current covenant terms are appropriate for its projects’ maturity profiles and aligned with industry peers, supporting both investor security and the long-term sustainability of its operations.
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Evolution of Cemig’s Credit Ratings
Cemig’s credit ratings have improved consistently in recent years and are now at their highest levels in the Company’s history.
In 2025, the Company received an AAA rating from an additional credit rating agency following an upgrade by Moody’s. This rating remains unchanged and reflects recognition of Cemig’s financial strength, consistent performance, and disciplined capital allocation.
The evolution of the Company’s credit ratings is shown in the figure below:
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ESG – Performance Report
Cemig has established public sustainability commitments supported by strategic initiatives and monitored through corporate indicators and targets. These commitments are structured around five pillars: (i) Energy Transition, (ii) Environment, (iii) Local Development, (iv) Our People, and (v) Strong Governance.
| ENERGY TRANSITION |
• Offset 100% of Scope 1 emissions by 2026 • Achieve Net Zero by 2040 and reduce total greenhouse gas emissions by 60% by 2030 • Achieve 100% renewable power generation • Sell 37.4 million renewable energy certificates by 2030 • 100% of municipal administrative centers with dual power sources • Connect 7 GW of distributed generation by 2028 • Install 1,250,000 smart meters by 2027 |
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| ENVIRONMENT |
• Recycle and/or reuse at least 98% of the industrial waste generated by 2027 • Conduct an assessment of Cemig’s impacts on and dependence on ecosystem services. |
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| LOCAL DEVELOPMENT |
• Digitize at least 85% of customer service interactions by 2026 • Convert the single-phase grid to three-phase through the Minas Trifásico Project by 2027 • Benefit 120,000 families by regularizing their energy supply • Benefit at least 60,000 people through projects focused on children, seniors, and sports by 2027 |
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| OUR PEOPLE |
• Embed a culture of health and safe behavior within the company and across the value chain by 2030 • Establish a culture that values diversity, equity, and inclusion by 2030 |
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| STRONG GOVERNANCE |
• Comply with 100% of the requirements of the Global Compact Transparency Initiative by 2026 •
Maintain, through 2030, zero individuals affected by • Implement the Sustainable Value Chain Management Program by 2027 |
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Corporate Highlights
Energy Transition
Cemig offset 100% of its Scope 1 emissions for the monitored cycle, achieved approximately 90% of its target for providing municipal administrative centers with dual power supply, and connected 5.3 GW of distributed generation—equivalent to 76% of its 2028 target. The Company also sold more than 13 million renewable energy certificates, representing 36% of its 2030 target. These results underscore Cemig’s ability to advance decarbonization, energy security, and renewable energy solutions simultaneously.
The Company was once again included on the CDP A List, receiving the highest score in 10 of the 16 criteria assessed. Highlights included:
| • | A public commitment to achieve net-zero emissions by 2040 |
| • | The development of low-carbon products |
| • | Strong emissions-reduction and grid-modernization initiatives |
Environment Highlight
Cemig completed a report aligned with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), further integrating nature-related risks and opportunities into its business management practices.
The Company maintained strong progress toward its operational environmental commitments. The recycling and reuse rate for industrial waste reached 95%, reinforcing its commitment to circular economy principles.
Since the beginning of the monitoring cycle, the Company’s environmental restoration program has planted more than 600,000 native seedlings, achieving 60% of its target of one million seedlings by 2028. Cemig also continued to advance EcoCiente, its corporate environmental education program, which promotes social and environmental awareness among employees and local communities while fostering a culture of sustainability and ecosystem conservation across the regions where it operates.
International Recognition for Sustainability
The company was selected for inclusion in the Dow Jones Best in Class Index for the 26th consecutive time and has been part of the index since its inception.
Corporate Governance and Risk Management
Cemig consolidated its leadership in corporate governance by achieving all targets established under the Transparency 100% Movement—a UN Global Compact initiative aligned with SDG 16—four years ahead of schedule. Cemig was among the few participating companies to fulfill all commitments set for 2030, reaffirming its commitment to ethics, integrity, transparency, and accountability.
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Inclusion in leading sustainability indices
The sustainability indicators were reorganized to better reflect Cemig’s new Materiality Matrix (pages 6–7 of the Cemig Sustainability Report), which comprises eight material topics: three classified as double materiality, four as financially material, and one as impact material. This reorganization strengthens the alignment between the reported indicators and the priority topics identified by the Company and its stakeholders.
Climate Change
| Indicators | 1Q26 | 2Q26 |
| Renewable fuel consumption (GJ) – cumulative | 1,410.8 | 4,875.4 |
| Non-renewable fuel consumption (GJ) – cumulative | 30,811.5 | 30,840.4 |
| Basic transmission grid loss rate (%) | 1.9 | 3.0 |
| Total distribution losses rate* | 11.4 | 11.4 |
| % of generation from renewable sources | 100.0 | 100.0 |
* ANEEL revised the methodology starting in 2Q25. Public Consultation No. 09/2024 requires the use of metered market data rather than billed data. The figure was calculated as the average of the months in each quarter.
Renewable Energy
| Indicators | 1Q26 | 2Q26 |
| I-RECs (renewable energy certificates) sold from renewable sources | 1,016,573 | 125,120 |
| Cemig RECs sold from renewable sources | 7,936,934 | 331,916 |
| Number of smart meters installed | 86,575 | 86,206 |
Water Resources
| Indicators | 1Q26 | 2Q26 |
| Surface Water Monitoring Management Indicator (IGMAS) (%) | 100 | 100 |
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People’s Health
| Indicators | 1Q26 | 2Q26 |
| Accident frequency rate (employees and contractors) - cumulative | 3.31 | 3.26 |
| Number of fatal and non-fatal accidents involving the public - cumulative | 15 | 30 |
Local Communities
| Indicators | 1Q26 | 2Q26 |
| Contributions to the Fund for Children and Adolescents (FIA) (R$) | 334,121 | 45,818 |
| Contributions to the Fund for Older Persons (R$) | 334,121 | 45,818 |
| Contributions under the Sports Incentive Act (R$) | 668,242 | 2,957,779 |
| Contributions to Cultural Initiatives (R$) | 94,675,653 | 46,017,207 |
Customer Satisfaction and Transparency
| Indicators | 1Q26 | 2Q26 |
| DEC - Equivalent Duration of Interruption per Customer (hours) | 2.46 | 1.97 |
| FEC – Equivalent Frequency of Interruption per Consumer (unit) | 2.46 | 1.16 |
Ethical Conduct and Integrity
| Indicators | 1Q26 | 2Q26 |
| Total reports received | 450 | 394 |
| Total substantiated or partially substantiated reports concluded | 40 | 38 |
| Number of clients, consumers, and employees materially affected by privacy and personal data protection violations | 0 | 133,581 |
| Number of independent board members | 8 | 8 |
| Percentage of shares held by members of the boards and executive officers | 0 | 0 |
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Share Performance
| Jun/26 | 2025 | % Change | |
| Share Price (2) | |||
| CMIG4 (PN) closing price (R$/share) | 10.87 | 10.57 | 2.86% |
| CMIG3 (ON) closing price (R$/share) | 15.60 | 14.09 | 10.72% |
| CIG (ADR PN) closing price (US$/share) | 2.06 | 1.90 | 8.29% |
| CIG.C (ADR ON) closing price (US$/share) | 3.05 | 2.61 | 16.86% |
| Average daily volume | |||
| CMIG4 (PN) (R$ million) | 177.06 | 127.52 | 38.85% |
| CMIG3 (ON) (R$ million) | 2.06 | 3.24 | -36.53% |
| CIG (ADR PN) (US$ million) | 14.17 | 5.49 | 157.97% |
| CIG.C (ADR ON) (US$ million) | 0.01 | 0.01 | 30.68% |
| Indices | |||
| IEE | 128,089 | 123,056 | 4.09% |
| IBOV | 172,024 | 161,125 | 6.76% |
| CDI | 10,966 | 10,258 | 6.90% |
| Indicators | |||
| Market value at period-end (R$ million) | 35,620 | 35,388 | 0.66% |
| Enterprise value (EV - R$ million) (1) | 53,444 | 48,488 | 10.22% |
| CMIG4 (PN) Dividend Yield (%) (3) | 11.78 | 14.74 | -2.95 p.p. |
| CMIG3 (ON) Dividend Yield (%) (3) | 8.21 | 11.23 | -3.02 p.p |
(1) EV = Market Capitalization (R$/share × number of shares) + consolidated net debt
(2) Share prices adjusted for distributions, including dividends
(3) Dividends paid over the last four quarters / closing share price
Based on the trading volume of its common (ON) and preferred (PN) shares, Cemig ranked as the fifth most actively traded company in Brazil’s electric power sector and among the most actively traded companies in the Brazilian capital market as a whole. On the New York Stock Exchange, trading volume in the Company’s preferred ADRs (CIG) totaled USD 1.74 billion in 1H26, reflecting strong investor interest and reinforcing Cemig’s position as an attractive global investment opportunity. During the period, the Ibovespa—Brazil’s main equity market benchmark—rose 6.76%, while Cemig’s preferred and common shares appreciated by 2.86% and 10.72%, respectively. The Company’s preferred and common ADRs ended the period up 8.29% and 16.86%, respectively.
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Power Plants
| Power Plants | Company | Cemig Capacity (MW) | Cemig Assured Capacity (MW) | End of Concession | Type | Cemig's Stake |
| Emborcação | CEMIG GT | 1,192.00 | 474.80 | 46,534.00 | HPP | 100.00% |
| Nova Ponte | CEMIG GT | 510.00 | 256.60 | 46,613.00 | HPP | 100.00% |
| Três Marias | CEMIG GT | 396.00 | 227.10 | 55,890.00 | HPP | 100.00% |
| Irapé | CEMIG GT | 399.00 | 197.90 | 51,437.00 | HPP | 100.00% |
| Salto Grande | CEMIG GT | 102.00 | 73.80 | 55,890.00 | HPP | 100.00% |
| Sá Carvalho | Sá Carvalho | 78.00 | 54.40 | 46,264.00 | HPP | 100.00% |
| Rosal | Rosal Energia | 55.00 | 27.70 | 49,659.00 | HPP | 100.00% |
| Itutinga | CEMIG G. ITUTINGA | 52.00 | 26.60 | 55,890.00 | HPP | 100.00% |
| Boa Esperança | CEMIG GT | 85.00 | 25.00 | 57,573.00 | UPV | 100.00% |
| Camargos | CEMIG G. CAMARGOS | 46.00 | 21.60 | 55,890.00 | HPP | 100.00% |
| Três Marias Jusante | CEMIG GT | 70.00 | 20.00 | 57,755.00 | UPV | 100.00% |
| Volta do Rio | CEMIG GT | 42.00 | 18.41 | 48,208.00 | WIND | 100.00% |
| Poço Fundo | CEMIG GT | 30.00 | 16.81 | 55,671.00 | SHPP | 100.00% |
| Pai Joaquim | CEMIG PCH | 23.00 | 13.91 | 51,761.00 | SHPP | 100.00% |
| Piau | CEMIG G. SUL | 18.01 | 13.53 | 55,890.00 | HPP | 100.00% |
| Praias de Parajuru | CEMIG GT | 28.80 | 8.39 | 48,481.00 | WIND | 100.00% |
| Gafanhoto | CEMIG G. OESTE | 14.00 | 6.68 | 55,890.00 | HPP | 100.00% |
| Peti | CEMIG G. LESTE | 9.40 | 6.18 | 55,890.00 | HPP | 100.00% |
| Joasal | CEMIG G. SUL | 8.40 | 5.20 | 55,890.00 | HPP | 100.00% |
| Tronqueiras | CEMIG G. LESTE | 8.50 | 3.39 | 53,671.00 | HPP | 100.00% |
| Pipoca | Hidrelétrica Pipoca | 20.00 | 11.90 | 49,288.00 | SHPP | 100.00% |
| Queimado | CEMIG GT | 86.63 | 53.30 | 51,678.00 | HPP | 82.50% |
| Belo Monte | Norte | 1,313.00 | 534.29 | 53,521.00 | HPP | 11.69% |
| Paracambi | Lightger | 12.25 | 9.57 | 48,954.00 | SHPP | 49.00% |
| Cachoeirão | Hidrelétrica Cachoeirão | 13.23 | 8.02 | 53,329.00 | SHPP | 49.00% |
| Outras | 59.43 | 30.69 | ||||
| Subtotal | 4,672 | 2,146 | ||||
| Geração Distribuída | ||||||
| Cemig GT | Cemig GT | 14.5 | 3.6 | UPV | 100.00% | |
| Cemig Sim | Cemig Sim | 132.9 | 34.7 | UPV | 100.00% | |
| Subtotal | 147.4 | 38.3 | ||||
| Total | 4,819 | 2,184 |
Note: The firm energy figures for the Boa Esperança and Jusante solar PV plants are based on values certified by an independent certification firm but not yet approved by ANEEL. For Cemig Sim’s plants, installed capacity is stated in MWac, while estimated generation is presented as firm energy in the table.
Cemig Sim also sells energy generated
by leased plants with a combined capacity of 266 MWp. Further details on Cemig Sim’s and Cemig GT’s expansion projects are
provided on the following page.
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Expansion in Photovoltaic Generation
| Project | Company | Installed Capacity (MWac) | Capacity (MWp) |
Expected Generation (MWm) | Expected Commissioning Date |
| Ouro Solar | Cemig Sim | 11.50 | 16.33 | 3.33 | Nov/26–Dec/26 |
| Bloco Azul | Cemig Sim | 15.00 | 21.30 | 3.77 | Aug/26–Dec/26 |
| Solar do Cerrado | Cemig Sim | 30.00 | 42.00 | 8.57 | Jul/26–Jan/27 |
| Cemig GT - Sol Central | Cemig GT | 17.03 | 22.10 | 4.02 | Jul/26–Nov/27 |
| Total | 73.5 | 101.7 | 19.7 |
RAP – July 2026 to June 2027 Cycle
The RAP for the 2026/2027 cycle took effect in July, as determined by ANEEL.
ADMINISTRATIVE ORDER 2,268/2026 (2026/2027 cycle)
| R$ thousand | RAP | Adjustment Portion | Total | Concession Agreement | Maturity | Inflation Adjustment Index |
| Cemig GT | 1,264,353 | 92,311 | 1,356,664 | 006/97 | Dec-42 | IPCA |
| Cemig Itajubá | 51,494 | (874) | 50,620 | 079/00 | Oct-30 | IGPM |
| Centroeste | 15,775 | (453) | 15,322 | 004/05 | Mar-35 | IGPM |
| ETTM | 6,316 | (829) | 5,486 | 002/12 | Jan-42 | IPCA |
| Sete Lagoas (Holding*) | 12,478 | (101) | 12,376 | 006/11 | Jun-41 | IPCA |
| Cemig | 1,350,415 | 90,053 | 1,440,468 | |||
| TAESA (21.68% stake held by Cemig) | 987,707 | (38,270) | 949,437 | |||
| TOTAL RAP | 2,338,122 | 51,783 | 2,389,905 |
RBSE COMPENSATION* at June 2026 prices. Amounts exclude charges
| R$ thousand per Cycle | 2025–2026 | 2026–2027 | 2027–2028 | 2028–2029 | 2029 through 2033 |
| Economy | 117,746 | 117,191 | 117,191 | 36,918 | 36,918 |
| Financial | 312,781 | 312,781 | 312,781 | - | - |
| TOTAL | 430,527 | 429,972 | 429,972 | 36,918 | 36,918 |
**RBSE compensation amounts are included in Cemig’s RAP (first table)
Cemig has already received approval through ANEEL Authorizing Resolution (REA) for large-scale reinforcements and Improvements with CAPEX totaling R$924.6 million, in addition to investments of R$242.2 million related to Lot 1 of Auction 02/2022 (with completion of the works scheduled for 2028).
| Expected date of commissioning | CAPEX R$ thousand |
RAP R$ thousand |
| 2026 | 263,610 | 42,880 |
| 2027 | 491,349 | 81,093 |
| 2028 | 403,429 | 46,876 |
| 2029 | 8,399 | 1,416 |
| Total | 1,166,787 | 172,265 |
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Revenue and Regulatory EBITDA from Transmission
| Regulatory Transmission Results - 2Q26 - R$ thousand | Cemig GT | Centroeste | Sete Lagoas | Total |
| Revenue from electricity transmission operations | 450,066 | 3,918 | 3,582 | 457,566 |
| Taxes on revenue | (39,404) | (143) | (333) | (39,880) |
| Charges | (76,711) | (69) | (207) | (76,987) |
| Net revenue | 333,951 | 3,706 | 3,042 | 340,699 |
| Regulatory net income | 79,567 | 2,791 | 1,936 | 84,294 |
| Income tax and social contribution | 31,829 | 229 | 840 | 32,898 |
| Financial results | 67,672 | (305) | (586) | 66,781 |
| Depreciation and amortization | 42,354 | 367 | 608 | 43,329 |
| Regulatory EBITDA | 221,422 | 3,082 | 2,798 | 227,302 |
| Regulatory Transmission Income - 2Q25 - R$ thousand | Cemig GT | Centroeste | Sete Lagoas | Total |
| Revenue from electricity transmission operations | 429,656 | 6,500 | 2,947 | 439,103 |
| Taxes on revenue | (37,962) | (237) | (273) | (38,472) |
| Charges | (60,542) | (271) | (115) | (60,928) |
| Net revenue | 331,152 | 5,992 | 2,559 | 339,703 |
| Regulatory net income | 266,338 | 4,744 | 1,312 | 272,394 |
| Income tax and social contribution | (62,794) | 301 | 490 | (62,003) |
| Financial results | (876) | (306) | (370) | (1,552) |
| Depreciation and amortization | 55,769 | 373 | 609 | 56,751 |
| Regulatory EBITDA | 258,437 | 5,112 | 2,041 | 265,590 |
Supplementary Information
Additional details, financial statements, and spreadsheets can be found at the following link:
Earnings Center | Cemig IR
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Disclaimer
Certain statements and estimates contained in this material may constitute forward-looking statements regarding future events or results, which are subject to known and unknown risks and uncertainties. There can be no assurance that such expectations will materialize.
These statements are based on the assumptions and analyses of our management, considering its experience and other factors, including the macroeconomic environment, electricity market conditions, and expected future performance, many of which are beyond our control.
Factors that may cause actual results to differ materially from those expressed or implied in these forward-looking statements include, among others, our business strategy, Brazilian and global economic conditions, technological developments, our financial strategy, changes in the electricity sector, hydrological conditions, conditions in the financial and energy markets, and uncertainties related to our future operating results, plans, and objectives. Accordingly, actual results may differ materially from those indicated or implied herein.
The information and opinions contained herein should not be construed as a recommendation to potential investors, and no investment decision should be based on the accuracy, timeliness, or completeness of such information or opinions. Neither the Company, its officers, employees, affiliates, nor their representatives shall be liable for any losses arising from the use of the content of this presentation.
For a discussion of risks and uncertainties related to Cemig, as well as additional information on factors that could cause actual results to differ materially from those estimated by the Company, please refer to the Risk Factors section of the Reference Form filed with the Brazilian Securities and Exchange Commission (CVM) and the Form 20-F filed with the U.S. Securities and Exchange Commission (SEC).
Financial figures are presented in millions of Brazilian reais (R$), unless otherwise indicated. The financial information has been prepared in accordance with IFRS.
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| 6. | Notice to the Market – Standard & Poor’s upgrades Cemig’s Ratings to “brAAA”, dated August 18, 2026 |
COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG
PUBLICLY-HELD COMPANY
CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64
COMPANY REGISTRY (NIRE): 31300040127
NOTICE TO THE MARKET
Standard & Poor’s upgrades Cemig’s Ratings to “brAAA”
COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“Cemig” or “Company”), a publicly held company whose shares are traded on the São Paulo and New York stock exchanges, hereby informs its shareholders and the market in general that Standard & Poor’s Ratings do Brasil (“S&P”) has upgraded the national scale corporate rating of the Company and its wholly owned subsidiaries, Cemig Distribuição S.A. and Cemig Geração e Transmissão S.A., from “AA+” to “AAA”, with a stable outlook.
Accordingly, the Company is now rated “AAA” by the three major rating agencies: Moody’s, Fitch, and S&P.
The upgrade reflects S&P’s assessment that Cemig maintains a strong operating profile and controlled leverage. This rating action also reflects the expectation that Cemig will successfully execute its investment plans, sustaining solid operational performance and stronger cash generation over the coming years, which should lead to a gradual reduction in free operating cash flow deficits.
The Company reaffirms its commitment to maintaining optimized liquidity and capital structure through the extension of its average debt maturity profile, strategic liability management, and efficient cost of capital management.
Belo Horizonte, August 18, 2026.
Leonardo George de Magalhães
Vice President of Finance and Investor Relations
| 7. | Market Fact – Nominations by the Controlling Shareholder for CEMIG’s Board of Directors and Executive Board, dated August 28, 2026 |
COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG
PUBLICLY HELD COMPANY
CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64
COMPANY REGISTRY (NIRE): 31300040127
MATERIAL FACT
Nominations by the Controlling Shareholder for
CEMIG’s Board of Directors and Executive Board
COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG” or “Company”), a publicly held company with shares traded on the stock exchanges of São Paulo and New York, pursuant to CVM Resolution 44/2021, hereby informs its shareholders and the market in general that it has received from the State of Minas Gerais, the Company’s controlling shareholder, the nominations of Mr. Márcio Augusto Vasconcelos Nunes for the position of Chief Executive Officer of CEMIG, Mr. Alexandre Ramos Peixoto for the positions of Board Member and Chair of the Board of Directors of CEMIG, and Mr. Sérgio Pessoa de Paula Castro for the position of Board Member of CEMIG.
The nominations are subject to the applicable governance procedures pursuant to the applicable legislation and CEMIG’s Bylaws.
CEMIG reiterates its commitment to keeping its shareholders and the market in general informed about this matter.
Belo Horizonte, August 28, 2026.
Leonardo George de Magalhães
Vice President of Finance and Investor Relations
| 8. | Material Fact – Extension of the Concession for the Sá Carvalho Hydroelectric Power Plant, dated August 28, 2026 |
COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG
PUBLICLY HELD COMPANY
CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64
COMPANY REGISTRY (NIRE): 31300040127
CEMIG GERAÇÃO E TRANSMISSÃO S.A.
PUBLICLY HELD COMPANY
CORPORATE TAXPAYER’S ID (CNPJ): 06.981.176/0001-58
Company Registry (NIRE): 31300020550
MATERIAL FACT
Extension of the Concession for the Sá Carvalho Hydroelectric Power Plant
COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG” or “Company”), a publicly held company with shares traded on the stock exchanges of São Paulo and New York, and CEMIG GERAÇÃO E TRANSMISSÃO S.A. (“CEMIG GT”), a publicly held company and wholly-owned subsidiary of CEMIG, pursuant to CVM Resolution 44/2021, hereby inform the Brazilian Securities and Exchange Commission – CVM, B3 S.A. – Brasil, Bolsa, Balcão (“B3”), and the market in general that, as of this date, further to the Material Fact disclosed on July 20, 2023, the Ministry of Mines and Energy (“MME”) has decided to extend the concession for the Sá Carvalho Hydroelectric Power Plant.
The aforementioned extension, pursuant to Article 1 of Federal Law 12,783, of January 11, 2013, will be for a term of 30 (thirty) years, as of August 31, 2026. Following the notice to execute the agreement, CEMIG will have 210 days to execute the new amendment agreement.
CEMIG reaffirms its commitment to keeping its shareholders, the market in general, and other stakeholders duly and timely informed, in accordance with CVM regulations and applicable legislation.
Belo Horizonte, August 28, 2026.
Leonardo George de Magalhães
Vice President of Finance and Investor Relations