Companhia Energetica De Minas Gerais Sa · BMFBOVESPA:CMIG3
Companhia Energetica De Minas Gerais Sa — Cemig — Investor Presentation (January 2026)
49 slides from Companhia Energetica De Minas Gerais Sa's investor presentation, Jan 19, 2026
Slide 1: Investor Deck 2026
CZMIG Investor Deck 2026
Slide 2: Disclaimer
2 Disclaimer Some statements and estimates in this material may represent expectations about future events or results that involve risks and uncertainties known and unknown. There is no guarantee that the events or results referred to in these expectations will occur. These expectations are based on
Slide 3: Cemig Overview
CEMIG OVERVIEW 6
Slide 4: Key Credit Highlights
4 Key Credit Highlights 100% CLEAN ENERGY SOURCES 1 one of Brazil's largest x utility companies, serving RN over 9 million customers PB PE AL SE ES Largest integrated Verticalized platform with Solid cash flow Operating with low electric power a balanced portfolio generation. leverage and risk. RJ c
Slide 5: Cemig at a Glance
5 CEMIG at a Glance Integrated portfolio allowing to capture synergies and reduce risks Generation Trading • 3.4 GW* • Leader power trading to • 34 Power plants* final clients • 14% of market share • > 10,000 customer units 29 2 3 Transmission Distribution • 5,060 km Natural Gas • 47 substations • 5
Slide 6: Ownership Structure
6 Ownership Structure FIA Dinâmica Energia S/A FREE FLOAT SOE¹ 17.04% 16.67% 3.73% 62.56% Other 99.57% 21.68% 11.7% CEMIG operates in all segments of the OTHER electric power sector, with assets and businesses in 25 Brazilian states and in the Federal District. ¹ SOE: 50.97% of Common Shares 6
Slide 7: Debt and Leverage Remain at Historically Low Levels
7 Debt and Leverage Remain at Historically Low Levels LOW LEVERAGE RATIO AND DEBT-CAPITAL RATIO RATINGS Covenants (Net Debt / Adjusted EBITDA): 3.0x up to jun-26; 3.5x up to jun-29; 4.0x onwards Local Rating Global Rating 2,70 2025 2018 2025 2018 Net Debt 1,77 Adjusted EBITDA 1,28 1,22 1,30 AAA BBB
Slide 8: Financial Highlights
8 Financial Highlights Twelve month (3Q25) EBITDA & EBITDA Margin (R$ million) Net Profit & Net Margin (R$ million) 23,8% 23,1% 28,3% 22,6% 19,9% 15,0% 16,0% 17,1% 12,3% 15,6% 17,9% 12.000 7,8% 11,4% 11,2% 11,9% 9,5% 11.254 10.000 10.000 7.500 7.119 3.093 8.504 6.500 8.000 5.767 8.000 7.251 2.072 1.
Slide 9: R$ 70 Billion Largest-Ever Investment Plan
6 9 Focus on Minas Gerais state 2019 to 2030 CEMIG’S LARGEST-EVER INVESTMENT PLAN R$ 47.5 BILLION DISTRIBUTION INVESTMENTS R$ 5.3 BILLION TOTALING TRANSMISSION R$ 70 R$ 6.9 BILLION GENERATION BILLION R$ 2.8 BILLION NATURAL GAS IN 2019–2030 R$ 2.5 BILLION DISTRIBUTED GENERATION R$ 5.0 BILLION INNOVAT
Slide 10: Growth Profile
6 10 Growth Profile Strong Fundamentals EXECUTING STRATEGIC INVESTMENTS IN POWER INFRASTRUCTURE TO DRIVE GROWTH Total planned investments expected between 2026 and 2030 exceed R$44 billion, focusing on Minas Gerais state. R$ Billion 29.00 4,95 5,00 4,40 3,50 3,50 1,90 0,80 0,25 0,39 0,31 0,36 0,28 0
Slide 11: Investment program execution
11 Investment program execution Investments made grew 17.0% in 9M25/9M24, totaling R$ 4.7 billion 2025 Plan - R$ 6,352 million Distribution +17.0% 5 4.956 5.714 402 Generation 4.829 4.730 284 3.568 4.044 Transmission 425 1.640 2.123 Gas 954 1.235 280 Distributed Generation 2018 2019 2020 2021 2022 2
Slide 12: Distribution
DISTRIBUTION 6
Slide 13: Distribution – Cemig D
6 13 KEY METRICS Distribution – Cemig D 774 3Q25 (R$mn) Municipalities 7.287 >9.5 Million Customers Served 574,606 km Grid 1.446 737 268 Largest Concession Largest single distribution Revenue Adj. EBITDA Adj. Net CapEx concession in number of Income customers, km of network and energy distributed ST
Slide 14: Cemig D CAPEX Evolution
14 Cemig D CAPEX Evolution LARGEST CAPEX EVER IN CEMIG´S HISTORY Highlights of the investment plan for the cycle (R$ million) 2023–2027 cycle 127 new substations & Digitalization of 52 21,904 Construction of 3,519 km of HV lines (138kV) > 3x 4,699 Conversion of 30,000 km of single-phase networks to
Slide 15: Tariff Review and Readjustment
15 Tariff Review and Readjustment Cemig D Tariff Review Net Regulatory Asset Base (Net RAB) Regulatory asset base (RAB) 2013 2018 2023 Remuneration Base – gross R$ 15,724 20,490 25,587 Remuneration Base – net R$ 5,849 8,906 15,200 Average depreciation rate 3.84 % 3.84% 3.95% 15.200 8.906 WACC 7.51%
Slide 16: Operational Efficiency- Cemig D
16 Operational Efficiency- Cemig D Regulatory OPEX and EBITDA Combating Default (R$ million) Regulatory OPEX Collection | Digital channels (%) 4,154 4,468 PIX, credit card, app, automatic debit, terminal, 3,850 3.502 other 3.100 3,163 2.696 2.810 2,941 4.127 R$ 208 67,02 68,09 4.312 61,35 3.651 -5.9
Slide 17: Generation
GENERATION 6
Slide 18: Generation
6 18 Generation KEY METRICS 3Q25 (R$mn) 3.4 Gigawatts 721 34 Power Plants 526 385 29 250 Hydro Plants 2 Wind Plants Revenue Adj. EBITDA Adj. Net CapEx Income 3 Solar Plants STRATEGY Reduce OPEX Investing Renew the Achieve a Modernize generation by 8% R$5.0 billion concessions of minimum installed pl
Slide 19: Generation – Operational Numbers
19 Generation – Operational Numbers HYDRO PLANTS – AVAILABILITY SOLAR PLANTS – AVAILABILITY 96,3% 96,1% 96,9% 96,3% 96,1% 98,8% 99,4% 98,9% 87,7% 94,7% 94,4% 86,7% 88,0% 87,5% 89,5% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Availability Sector reference WIND PLANTS – AVAILABILITY IMPACT ON R
Slide 20: Generation – Renewal of Concessions
20 Generation – Renewal of Concessions Sá Carvalho (SC) Emborcação (EMB) Nova Ponte (NP) Cemig GT’s applications for renewal of Quota Concessions under Federal Law 12,783/2013 are in progress: Aneel Decision of Decision of Mining and Technical Aneel Energy Ministry • Installed capacity: • Installed
Slide 21: Transmission
TRANSMISSION 6
Slide 22: Transmission
6 22 Transmission KEY METRICS 3Q25 (R$mn) 5,060 333 Kilometers 184 47 Substations 111 97 R$1.24 bn RAP1 Revenue Adj. EBITDA Adj. Net Income CapEx 21.68% Stake in TAESA’s RAP STRATEGY Investing R$3.5 billion Assess expansion avenues Reduce the Variable Reach 85% (2026–2030) : focus on offering CEMIG
Slide 23: Transmission – Operational numbers
23 Transmission – Operational numbers RAP (Permitted Annual Revenue) R$ million 6.2% 26.2% 1.242 –7.1% 17.5% 1.169 1.400 1.200 19.4% 848 926 788 1.000 800 710 600 400 200 Ciclo 19-20 20-21 21-22 22-23 23-24 24-25 Contracted investment: 2019 to 2025 Operational Efficiency (%) 1.204 CEMIG Regulatory C
Slide 24: Other
OTHER 6
Slide 25: Trading
6 25 Trading Proper trading strategy to maintain good results in terms of purchase and sale 3Q25 (R$mn) prices, and margins 2.218 Margin– R$/MWh* 59 43 41 38 37 29 -34 -12 9 9 Revenue Adj. EBITDA Adj. Net 2 Income 2022 2023 2024 2025 2026 2027 2028 2029 2030 STRATEGY Develop digital Expand presence
Slide 26: Cemig Group: Supply And Demand
26 6 26 CEMIG Group: Supply And Demand Regulated market Sales price At December 2025 MWaverage Power plant 5.500 End Concession R$/MWh 80 5.000 Strategy with greater risk aversion, closing positions Queimado* 3 from 2025 to 2028 Dec/38 354.87 4.500 2.302 4.000 Irapé* 354.87 2.141 68 Dec/38 3.500 122
Slide 27: Cemig group: Supply and demand
Cemig group: Supply and demand 6 27 MW average 1.927 Own generation Incentivezed Conventional December/2025 Supply 1.478 1.099 276 75 40 40 40 40 40 2.186 1.943 1.586 1.564 1.550 1.550 1.527 1.502 1.463 1.394 Includes total availability of energy from companies of the Cemig Group 1.325 1.367 1.080 (
Slide 28: Distributed Generation
28 INVESTMENTS Distributed Generation • Over R$300 million invested in the acquisition of photovoltaic plants since 2019 NUMBER OF GENERATIONAL PLANTS • Capex: R$ 0.8 billion for the construction of solar plants (2026-2030) • In Operation – 2 7 • In Construction – 3 7 • Asset restructuring (Dec.25):
Slide 29: Natural Gas
6 29 Natural Gas ( ) KEY METRICS Concession term: January 2053 3Q25 (R$mn) Gas distribution concession for the entire state of Minas Gerais 568 Net RAB*: R$ 3.48 billion Remuneration Asset Base 412 * Tariff cycle 2022 to 2026 Centro-Oeste Project WACC*: 8.71% ▪ Estimated CAPEX: R$ 800 million real a
Slide 30: Appendix
CZMIG APPE-NDIX Ff TRANSFORMINGLIVES WITH OUR ENERGY. INVESTOR DEECK 2026
Slide 31: Cemig D
31 Cemig D 1st in Electricity Distribution Minas Gerais Cemig’s lines and networks, together, circle the Earth 14 times ❑ Brazil’s 3rd-largest GDP History: 73 years (after SP and RJ) Founded 1952 by Pres. Kubitschek ❑ Brazil’s 2nd most populous state (10% of Brazil’s population) More than 9 million
Slide 32: Cemig D's Figures – 2018 to 2028
32 Cemig D’s Figures – 2018 to 2028 2018 2024 2028 SUBSTATIONS 405 substations 479 substations 615 substations HIGH VOLTAGE LINES 17,620 km of lines 19,248 km of lines 21,950 km of lines DISTRIBUTION NETWORK¹ 519,062 km (Network:) 547,150 km (Network:) 577,582 km (Network) TRANSFORMER CAPACITY 10,69
Slide 33: Cemig D's Market And Distributed Generation
33 Cemig D’s Market And Distributed Generation Cemig D – Market* Distributed Generation Market GWh +8.9% DISTRIBUTED GENERATION – GWH INJECTED -2.7% 46.714 46.562 47.696 48.947 44.951 44.499 36.630 35.656 25.461 +21.5 % 19.351 20.259 22.340 22.784 23.836 6.116 18.956 4.720 19.099 3.041 4.557 25.600
Slide 34: Energy losses and quality indicators
34 Energy losses and quality indicators Total Losses 12-month moving window Supply quality indicators – DEC and FEC 6,98 6,61 6,55 10,51 6,14 6,17 6,24 6,31 10,31 13,1 10,08 9,98 12,71 12,57 9,59 9,64 12,6 9,48 12,1 10,61 11,28 11,47 9,71 9,48 9,71 11,23 11,6 9,46 9,46 9,34 11,51 11,43 10,84 11,1 11
Slide 35: Cemig D Rural Clients | Three-phase program
35 Cemig D Rural Clients | Three-phase program OBJECTIVES TARGET PUBLIC • Agriculture and irrigation: more energy and • Rural clients and municipal districts previously development served by single-phase networks • Networks: better operational flexibility and reliability MAIN NUMBERS (Forecast) km:
Slide 36: Cemig D AGRO Program
36 Cemig D AGRO Program PREVENTIVE MAINTENANCE 100% inspection of the network; cleaning of power line pathways; CLIENT RELATIONSHIP mobilization of additional Exclusive client service channels; teams with new bases in “Cliente Mais” 76 municipalities and “Aproximação”. NETWORK THE ENERGY TRANSITION
Slide 37: Substations – Mais Energia program
37 Cemig D – Mais Energia program OBJECTIVES MAIN NUMBERS (Forecast) • More quality and reliability of supply 138 Substations delivered • Develop the economy: Serve the suppressed market and future loads Substations per year 18 – previous average: 5 TARGET PUBLIC Substations in distribution by 2028
Slide 38: Cemig D CAPEX- Historical Trend
6 38 Cemig D CAPEX- Historical Trend Focus on Minas Gerais Focused Investments in Minas Gerais 4,5 4,0 3,2 2,7 1,5 1,6 1,0 1,1 CAPEX/QRR 4.956 4.176 2.777 3.175 1.315 1.553 774 932 CAPEX* 2018 2019 2020 2021 2022 2023 2024 2025e REMUNERATION BASE – NET R$ 2018 2019* 2020* 2021* 2022* 2023 2024* 2018
Slide 39: Sustainability in Operations
39 Sustainability in Operations Prime 3.5 Score Rating Rating A Presence in All Major Sustainability Indices Member of the NET Zero Top 10% UN Global Pact Ranks 37th VISIONARY MANAGEMENT TEAM 6
Slide 40: Long-Term Sustainability for a Growing Population
GREEN POWER PLAYER 40 Long-Term Sustainability for IN EMERGING MARKETS a Growing Population 100% clean and renewable energy sources Serving approximately 18 million people (over 9.4 million customers) across 774 municipalities, primarily in the state of Minas Gerais, Brazil. Operates the largest ele
Slide 41: Stakeholder Focus
GREEN POWER PLAYER IN EMERGING MARKETS 41 Stakeholder Focus CEMIG is Committed to SUSTAINABILITY 20.6% 41.2% Percentage of women Percentage of black and Culture That Values in leadership positions brown people at Cemig Customers 4,413.56 684.06 Social Wellbeing Hectares of Hectares of protected area
Slide 42: ESG Trading Strategy
42 ESG TRADING STRATEGY ISSUE OF CERTIFICATES – GROWTH CEMIG REC I-REC CEMIG REC 2.690 I-REC 2.282 THOUSANDS 1.518 3.953 1.094 43 2.651 2.596 2.141 2.226 22 1.212 CEMIG REC SEAL 2020 2021 2022 2023 2024 jun/25 22,427 MILLION 7,648 MILLION CEMIG REC I-REC TOTALLY IN LINE WITH SUSTAINABLE DEVELOPMENT
Slide 43: Green Power Player in Emerging Markets
6 43 Green Power Player in Emerging Markets Significant investments were made in reliable, efficient, and affordable green energy solutions across Brazil 100% clean and renewable energy ensuring long-term sustainability for a growing population Stakeholder engagement 6
Slide 44: High Dividend
44 6 44 HighDividend 15,1% 13,5% Dividend Yield 10,7% 11,6% 9,40% 5,2% 2,4% Strong, recurring cash flows 5.154 sustain high dividend returns Dividend (R$ million) 3.125 1.967 2.232 1.482 Dividends protected by 867 764 corporate bylaws 2018 2019 2020 2021 2022 2023 2024 Delivers strong total return o
Slide 45: Driving Investment Returns
VISIONARY MANAGEMENT TEAM 45 Driving Investment Returns STOCK EVOLUTION1 100-Base 1.400 TOTAL RETURN¹: 17.5% In 2025 1.200 14.9% 1.038 1.000 800 IN 2025 744 600 HIGH DIVIDEND YIELD 506 400 Dividend policy guarantees attractive remuneration to 235 shareholders – minimum 50% 200 net income payout - CM
Slide 46: Recognition
RECOGNITION 46 INNOVATION FINANCE PROJECT MANAGEMENT Valor 100 Open Startups National Finance PMI International ANEFAC 2025 Brazil ranking: top 10 Management Competencies Transparency Innovation Award most innovative and Law Summit Development – Top 5 companies awards Trophy Award ESG S&P power sect
Slide 47: Why Invest In CEMIG?
47 Why Invest In CEMIG? Payout - 50% Strong Strategic outlook Focus on operating High Governance performance and sustainably standards driving investment long-term vision returns 6
Slide 48: Concession - Highlights
49 Concession - Highlights 49 Distribution – Concession extended for 30 years Transmission – Concession extended until 2043 (006/97) Concession contracts renewed for a further 30 years, from The old transmission concessions, granted before the year Jan/2016, until dec/2045 2000, were renewed as of J
Slide 49: Lives with our energy
lives with our energy +55 (31) 3506-5024 ri@cemig.com.br www.ri.cemig.com.br IBRX100 B3 IBRX100 B3 IE/E B3 ISE B3 ICO2 B3 6