AXIA Energia S.A. Q3 FY2025 earnings call

• CEO Ivan de Souza Monteiro emphasized building an efficient, transparent company with predictable results, noting record shareholder compensation with additional BRL 4.3 billion, derisking process since capitalization, greater generation margin, and divestments in thermal and nuclear assets. • CFO Eduardo Haiama discussed financial highlights including revenue changes in transmission and generation, EBITDA impacts, net income adjustments, energy trading portfolio, energy balance with increased customer focus, capital allocation details, and ESG initiatives like partnership with Google Cloud for weather forecasting, water resource protection, and becoming 100% clean and renewable energy generating company.

Revenue had decreases in regulatory and capital, but transmission revenue increased post tariff review. Generation revenue impacted by divestment of thermal plants and one-off effect from Tucurui contract extension. EBITDA had small regulatory decrease offset by PMSO reduction and transmission revenue increase. Net income was smaller than Q3 last year due to nuclear contract provision, but adjusted for effects, there was a 68% decrease from asset sales. Energy trading portfolio operates in all regions. Commercialization had good results for second quarter in a row. Capital allocation included sale of Eletronuclear and EMEA stakes, acquisition of Tijoa, and participation in transmission auction with BRL 1.6 billion investment and BRL 140 million RAP.

• Approved additional dividend payout of BRL 4.3 billion to be paid in December 2025, adding to BRL 8.3 billion in fiscal year 2025. • Active participation in upcoming auctions, including transmission auction and capacity auction in March 2026, and battery auction in second half of 2026. • Focus on transmission and hydroelectric projects, with 2031 product as an additional opportunity for hydroelectric power plants.

• Market volatility affecting energy prices. • Regulatory changes and uncertainties in auction outcomes. • Uncertainties in asset sales and their impact on financials. • Challenges in energy price dynamics and liquidity in modulation markets.

Q: About price resilience for 2026 and next steps in derisking process A: Rodrigo Limp discussed price resilience due to price model and flexible matrix, while Ivan de Souza Monteiro talked about derisking process starting from capitalization, focus on growing business and active participation in auctions Q: About capital allocation focus and dividend payout methodology A: Elio Wolff talked about focus on transmission and auction participation, Eduardo Haiama explained dividend payout methodology considering conservative simulations of cash flow and not including unfinalized M&A operations Q: About auction strategy and capacity auction ordinance impact A: Ivan de Souza Monteiro and Elio Wolff discussed auction strategy including participation in upcoming auctions and positive outlook on provisional measure, addressing industry distortions and expansion needs Q: About operational aspects of modulation gain and dividend recurrence A: Italo Freitas and Eduardo Haiama talked about modulation gain and liquidity in trading, and dividend recurrence based on methodology updating and financial health considerations Q: About leverage ratio, cash position, and Tijoa acquisition A: Ivan de Souza Monteiro and Elio Wolff discussed leverage ratio and cash position considering investment cycles, and Tijoa acquisition details and battery pipeline Q: About EBITDA margin, CapEx for auction lots, and Eletronuclear investments A: Elio Wolff talked about EBITDA margins and CapEx efficiency for auction lots, and Ivan de Souza Monteiro mentioned monitoring Eletronuclear investments Q: About TPI stake in Tijoa and transaction conclusion A: Elio Wolff discussed TPI stake in Tijoa and pending regulatory approvals for transaction conclusion