Companhia Energetica De Minas Gerais Sa · BMFBOVESPA:CMIG3
Companhia Energetica De Minas Gerais Sa — Q3 2025 Earnings Presentation
22 slides from Companhia Energetica De Minas Gerais Sa's earnings presentation, Nov 14, 2025
Slide 1: Results 3Q25
CEMIG Results 3Q25
Slide 2: Disclaimer
Disclaimer 3Q25 Certain statements and estimates in this material may represent The information and opinions herein should not be understood as a expectations about future events or results which are subject to recommendation to potential investors, and no investment decision risks and uncertainties
Slide 3: Strategic Drivers
Strategic Drivers 3Q25 To be a reference for client- satisfaction, transforming their experience along Client satisfaction with Cemig Capital allocation discipline. Capturing efficiency in our processes, through Value creation modernization, digitalization and simplification Reinforcing a culture of
Slide 4: Quarterly highlights
Quarterly highlights 3Q25 Recurring EBITDA Operational resilience despite the market challenges R$ 1.5 billion Credit Rating Moody’s raised Cemig’s rating to AAA in September 2025 Healthcare Plan Collective agreement approved by TRT in September 2025¹ 2T25 Reduction in captive+ transportation, impac
Slide 5: Investment program execution
Investment program execution 3Q25 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 2T25 Transmission 425 1,640 2,123 Gas 954 1,235 280 Distributed Generation 2018 2019 2020 2021
Slide 6: Investment program execution
Investment program execution 3Q25 R$ 4,730 million invested in 9M25 DISTRIBUTION + 5,349 km in low and medium-voltage networks R$ 3,602 million 14 new substations (+205 MVA of power¹) GENERATION R$ 149 million in expansion and maintenance R$ 359 million R$ 199 million – GSF Credit Auction ² 2T25 TRA
Slide 7: More Energy Program (Mais Energia)
More Energy Program (Mais Energia) 3Q25 Delivery of 5 new substations in 3Q25 14 new substations in 9M25 CORONEL XAVIER CHAVES 1 JOÃO PINHEIRO 4 SÃO TIAGO 1 2T25 ANDRELÂNDIA 1 FRONTEIRA 2 Transf rming lives with our energy 7
Slide 8: Transmission
Transmission 3Q25 Additional RAP (R$ million) 45 Substations in 32.3 4.7 construction 5.1 Additional Allowed Annual Revenue (RAP) of R$ 32.3 +1,000 4.2 million in 9M25, 12.5% Direct employees above the additional RAP in 5.3 12M24, equivalent to a total 1.6 of R$ 28.7 million. 1.0 2T25 2.5 7.2 0.7 Ja
Slide 9: Analysis of Results
Analysis of Results Transf rming lives with our energy
Slide 10: Cemig Consolidated
Cemig Consolidated 3Q25 Recurring EBITDA Recurring Net Profit Main effects in the quarter • Generation: -R$ 54 million in EBITDA – lower GSF and -16.3% (R$ million) higher PLD -30.2% • Trading: -R$ 136 million in EBITDA –exposure to higher 1,762 1,475 prices to purchase energy to close our positions
Slide 11: GSF and PLD Exposure
3Q25 GSF and PLD Exposure Lower GSFs and higher PLDs in 3Q25/3Q24 PLD SE/CO in 3Q: 2025 vs. 2024 GSF in 3Q: 2025 vs. 2024 287.17 307.59 0.850 0.796 0.736 210.02 260.35 2T25 0.693 0.630 118.79 0.626 87.07 July Aug. Sept. July Aug. Sept. R$/MWh PLD 2025 PLD 2024 GSF 2025 GSF 2024 Financial impact: ❑ L
Slide 12: Consolidated operating costs and expenses
Consolidated operating costs and expenses 3Q25 The increase in manageable expenses was below the period’s inflation (5.17%), even with the increase in the asset base R$ million 3Q24 3Q25 Var % +3.00% Personnel + profit sharing 367 385 4.90% 87 67 Material 35 32 -8.57% 1,201 497 584 17.51% 1,166 18 3
Slide 13: Consolidated Debt Profile
Consolidated Debt Profile 3Q25 Efficient financial management aligned with balanced capital structure Maturities– R$ million Cost of Debt % Average term: 5.7 years 15.3 14.1 13.9 Net debt (Debt – Cash and securities): R$ 13.1 billion 8,587 12.6 12,0 7.3 5.3 2,317 9.0 8.2 2,617 1,869 7.7 711 919 3.2
Slide 14: Consolidated Cash Flow 9M25
Consolidated Cash Flow 9M25 3Q25 Issuing debentures strengthens cash flow and enables investment program 2,464 5,184 1,775 2T25 3,375 4,558 2,391 2,317 187 23 Cash Cash from Debenture Debenture Dividends Investment Restricted Other Cash + + operations issuance payments and activities cash and Securi
Slide 15: Cemig D
Cemig D 3Q25 Recurring EBITDA Recurring Net Profit -4.7% Main effects in the quarter (R$ million) • Captive MWh + transport: -4.4% (3Q25/3Q24), -28.0% 773 excluding distributed energy (DG) 737 • Expected credit losses: constitution of R$ 60 372 million in 3Q25, compared to a reversal of R$ 55 268 mi
Slide 16: Cemig D – Energy market
Cemig D – Energy market 3Q25 Billed Market + Transported energy for customers (GWh) Distributed Generation Market - DG -4.4% (GWh) 91 +21.5 % 12,378 88 Distributors 11,835 821 -3.3% 1,545 793 1 935 864 1,512 Other 200 1,464 -3.4% 1,272 6,557 -2.9% 6,368 92 Rural -7.6% 5,967 5,491 Commercial 1,344 2T
Slide 17: Operational Efficiency- Cemig D
Operational Efficiency- Cemig D 3Q25 Combating Default Regulatory OPEX and EBITDA (R$ million) Collection | Digital channels (%) OPEX 9M25 R$ 208 PIX, credit card, app, automatic debit, terminal, other -6.0% 67.02 68.09 3,502 976 202 3,260 34 3,294 61.35 271 56.50 70 21 169 50.28 34.96 2T25 2020 202
Slide 18: Cemig D – Regulatory losses
Cemig D – Regulatory losses 3Q25 Total Losses 12-month moving window Main actions in 9M25 6.98 ✓ 284 thousand inspections carried out in consumer units 6.61 6.55 6.14 6.17 6.24 6.31 (340 thousand planned for 2025) 13.1 12.71 12.57 12.6 ✓ 287 thousand obsolete meters replaced (425 thousand 12.1 plann
Slide 19: Cemig GT
Cemig GT 3Q25 Recurring EBITDA Recurring Net Profit (R$ million) -12.6% Main effect in the quarter -17.6% 602 Impact of R$ 96 million in energy 526 purchases, resulting from the lower 467 average GSF (0.65 x 0.79 – 3Q25/3Q24) 385 and higher PLDs 2T25 3Q24 3Q25 3Q24 3Q25 EBITDA NET PROFIT R$ million
Slide 20: Gasmig
Gasmig 3Q25 EBITDA Net Profit (R$ million) -7.9% -16.0% 227 209 131 2T25 110 3Q24 3Q25 3Q24 3Q25 EBITDA and Net Profit Central-West Project decreased, mainly as a result ▪ Estimated CAPEX: R$ 800 million of the 6% market decline in 3Q25/3Q24 ▪ R$ 675 million realized until September 25 (84%) + 238 +
Slide 21: Cemig's Recognitions in 3Q25
Cemig’s Recognitions in 3Q25 3Q25 Cemig is recognized as the best Cemig wins the FILASA Award in energy company in Brazil in Veja the category of the best financial Negócios’ Top 30 Award. team in infrastructure and energy sector in Brazil. 2T25 Cemig was awarded the ANEFAC Transparency Trophy Cemig
Slide 22: ri@cemig.com.br www.ri.cemig.com.br
+55 31 3506 5024 ri@cemig.com.br www.ri.cemig.com.br ISE B3 ISE B3 ICO2 B3 IBRX100 B3 Transf rming lives with our energy
Companhia Energética de Minas Gerais — Q3 2025 Earnings Presentation on 6ix