Companhia Energética de Minas Gerais Q3 FY2025 earnings call

• Distribution results affected by large clients leaving the network and submarket prices, but net position favorable for pricing. - Generation affected by GSF difference and spot price offset. - Recurring EBITDA proved resilience, and confirmed AAA rating by Moody's with 2 agencies now guaranteeing AAA. - Awarded best energy company in Brazil by Veja Negócios. - Health care plan for retired employees finalized with union. - Largest investment program in the company with BRL 4.7 billion in 9 months, including BRL 3.6 billion in distribution, BRL 199 million in GSF credit auction for generation, BRL 149 million in generation expansion/maintenance, BRL 30 million in Verona project for transmission, BRL 180 million in Gasmig centralized project, and 31 MW installed capacity in Cemig SIM photovoltaic plants. - Recognitions include best financial team in infrastructure and energy sector by FILASA, transparency award from ANEFAC, and ESG award.

For the third quarter of 2025, Cemig's segment performance includes: Distribution: Invested BRL 3.6 billion, with highlights on new substations like Andrelândia, Coronel Xavier Chaves, etc. Generation: Participated in GSF credit auction with BRL 199 million, invested BRL 149 million in expansion and maintenance. Transmission: Verona project around BRL 30 million, with investments in reinforcements and improvements, and added BRL 32 million of allowed annual revenue. Gasmig: BRL 180 million invested in centralized project. Cemig SIM: Delivered new photovoltaic plants with 31 megawatts of installed capacity.

• Maintaining the investment plan, which is expected to have positive results for the tariff review situation. - Confidence in moving forward with the investment plan to keep on investing and generating value as regulations and tariff regulations mature.

• Distribution affected by large clients migrating to basic network and submarket prices. - Generation impacted by difference in GSF and need to offset with spot price. - Interest rate impacts affecting the company's cost performance.

Q: About Technical Note 53 changing loss posting in distribution, possibility of republishing losses, accounting retroactive effect, and impact on losses if the note didn't exist A: The method for calculating losses isn't applied to past calculations, still within regulatory losses with no accounting effects, and has a positive effect on tariff with recognition of DG impacts in loss calculation Q: About trading strategy changes in energy balance, rationale for short exposure in '25, '26, '28 A: Effort to close positions, with marginal sales to strategic clients, not opening new positions but closing existing ones, and impact of gold leading to buying energy but focusing on closing positions