Companhia Energetica De Minas Gerais Sa · BMFBOVESPA:CMIG3
Companhia Energetica De Minas Gerais Sa — Q4 2025 Earnings Presentation
24 slides from Companhia Energetica De Minas Gerais Sa's earnings presentation, Mar 19, 2026
Slide 1: Results 2025
CEMIG Results 2025
Slide 2: Disclaimer
Disclaimer 4Q25 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: 2025 Highlights
2025 Highlights 4Q25 Recurring R$ 7.3 billion - Operational resilience despite the market challenges EBITDA Successful execution of Cemig’s investment program, totaling R$ 6.6 billion in the CAPEX year Credit Rating Moody’s raised Cemig’s rating to AAA in September 2025 2T25 Post-employment liabilit
Slide 4: Investment program execution
Investment program execution 4Q25 R$ 6.6 billion of Investments made in the year of 2025 CAPEX D/QRR1 DISTRIBUTUION + 12,756 km in low and medium-voltage networks R$ 5,076 million 3.91 4.18 23 new substations +16.0% 6,628 GENERATION R$ 195 million in expansion and maintenance 2024 2025 5,714 R$ 411
Slide 5: Consolidated 2025
Consolidated 2025 4Q25 Recurring EBITDA Recurring Net Profit -4.0% • Higher energy purchases in the short-term 8,284 -9.3% market, driven by a lower average GSF and higher 7,605 7,297 Remeasurement PLDs. 1,266 of post-employee liabilities 4,572 4,900 • Price differences between energy submarkets, 4,
Slide 6: Post-employment - Health and dental plan
Post-employment - Health and dental plan 4Q25 Collective agreement signed with trade unions, ratified by the Regional Labor Court Expense recognized in results ▪ An important initiative for the Company's 487 515 financial balance, allowing the transition of PSI retirees and pensioners to a New Healt
Slide 7: OPEX - Cemig D
OPEX - Cemig D 4Q25 Efficient management leads Cemig D to perform within the regulatory limits of OPEX and EBITDA +4.6% 129 3 2 3,699 In 2025, the key operating 29 7 indicators increase below inflation 3,535 2T25 R$ 2024 2025 Var % OPEX/KM Network 6,365 6,511 2.29% OPEX/customer 376 385 2.39% OPEX/S
Slide 8: Operational efficiency – Cemig D
Operational efficiency – Cemig D 4Q25 The commitment to operational efficiency is one of the pillars of Cemig's strategy -4.2% 2025 PCE value Total Losses¹ - TWh Credit Losses represents 0.63% 6.92 of revenue from 6.31 Expected – PCE² 165 energy supply 158 11.46 Total Losses % Real Losses 10.51 11.4
Slide 9: DEC and FEC in compliance with regulatory limits
DEC and FEC in compliance with regulatory limits 4Q25 Best DEC in History DEC1 FEC2 9.64 9.48 9.46 5.98 5.83 2T25 8.97 5.06 5.14 2024 2025 2024 2025 ANEEL Limit FEC ANEEL Limit DEC We closed 2025 with a 29 - minute reduction in the regulatory DEC and 1 hour and 50 minutes in the perceived DEC, reinf
Slide 10: Debt profile
Debt profile 4Q25 Financial management efficiency aligned with a balanced capital structure Maturities timetable – R$ million Distributed Leverage by 2041 5 Average tenure: 6.9 years 2.30 Net debt 1.30 76% of debt matures after tariff review ( 2028 ) Recurring 90 11,306 EBITDA 0 16.80 9.89 40 Net de
Slide 11: Shareholder Return
11 Shareholder Return 4Q25 Dividend Yield* Solid remuneration in recent years keeps 14.9% Cemig in a prominent position in the sector TSR - CMIG41 17.5% in 2025 Dividend Yield 15.1% 14.9% Market value (R$ billion) 2T25 5,154 Cemig ended the year valued at R$ 35.4 billion Dividends 3,513 R$ 37.5 bill
Slide 12: Analysis of 4Q25 Results
Analysis of 4Q25 Results Transf rming lives with our energy
Slide 13: 4Q25 Highlights
4Q25 Highlights 4Q25 Recurring R$ 1.8 billion, reflecting sustainable results in the period EBITDA Debentures Issuance of R$ 4.3 billion in debentures 2T25 Healthcare Single standard agreement approved to mitigate retirees to new health plan Plan Cemig SIM Consolidation of 100% of the equity interes
Slide 14: Cemig Consolidated – 4Q25
Cemig Consolidated – 4Q25 4Q25 (R$ million) Recurring EBITDA Recurring NET PROFIT Key Quarterly Highlights -6.5% • Generation: R$ 81 million EBITDA reduction 2,947 Remeasurement -12.3% (hydrological risk management and higher 1,937 1,811 1,194 of post-employee PLDs) liabilities 1,876 1,166 Remeasure
Slide 15: GSF and PLD Exposure
GSF and PLD Exposure 4Q25 Lower GSFs and higher PLDs in 4Q25/4Q24 GSF in 4Q: 2025 vs. 2024 PLD SE/CO in 4Q: 2025 vs. 2024 0.861 480.78 0.801 0.735 0.736 278.18 265.89 2T25 0.631 0.658 250.19 64.80 103.51 Out Nov Dez Out Nov Dez GSF 2025 GSF 2024 PLD 2025 PLD 2024 R$/MWh ❑ Lower GSFs and higher PLDs
Slide 16: Consolidated operating costs and expenses
Consolidated operating costs and expenses 4Q25 (R$ million) +13.7% Financial 5 1,385 Compensation 87 47 28 1,218 -22.2% 45 35 2T25 4Q24 Personnel Material Outsourced Other 4Q25 4Q24 4Q25 + Profit services Sharing * Excludes PLR 2022 contingency Key Highlights • Personnel: Cemig Agro, hiring of 228 n
Slide 17: 2025 Cash Flow
4Q25 2025 Cash Flow Cash Availability Cash Generation for the Period +270 (+11%) 2.391 2.661 8,284 1,040 7,244 683 269 1,095 5,736 736 924 6,396 6,558 4,238 3,968 2024 2025 2T25 270 Non- cash CVA EBITDA Investment EBITDA’ Operating cash flow FC financings Working Capital Dividends Received Interest
Slide 18: Cemig D – 4Q25
Cemig D – 4Q25 4Q25 (R$ million) Recurring EBITDA Recurring NET PROFIT Key Quarterly Highlights +1.7% • 1.4% decline in market, including DG -12.8% 958 974 • Improvement in margin contribution of R$ 138 million (readjustment of parcel in May 25) 452 394 • Higher financial expenses related to capital
Slide 19: Energy market – Cemig D
Energy market – Cemig D 4Q25 Billed market + Transported energy for customers (GWh) -3.5% Distributed Generation market- DG 88 (GWh) 82 Distributors 12,317 -6.8% +16.4 % 11,881 843 804 1,708 705 767 1,635 Other -4.6% 1,467 2 1,605 6,505 -2.9% 1 240 6,319 Rural 8.8% 123 5,777 5,332 Commercial 2T25 -1
Slide 20: Cemig GT
Cemig GT 4Q25 (R$ million) Recurring EBITDA Recurring NET PROFIT -13.2% -18.6% Key Quarterly Highlights 551 478 409 • R$ 81 million reduction in EBITDA 333 (hydrological risk management and higher PLDs) 2T25 4Q24 4Q25 4Q24 4Q25 EBITDA NET PROFIT R$ million 4Q24 4Q25 4Q24 4Q25 IFRS 528 803 241 547 Re
Slide 21: Gasmig
Gasmig 4Q25 (R$ million) EBITDA NET PROFIT +2.8% +24.1% Key Quarterly Highlights 179 184 • Lower effective tax rate 139 • Higher declared IOC resulting 112 from greater limit of TJLP over PL 2T25 (R$ 92 million) 4Q24 4Q25 4Q24 4Q25 The inauguration of the Midwest Gas Pipeline marks the arrival of pi
Slide 22: Sustainability awards in 2025
Sustainability awards in 2025 4Q25 Included in the Dow Jones Sustainability Index (DJSI) for the 25th consecutive year Included in “The Sustainability Yearbook 2025” of S&P Global 2T25 Included in the "A-list" of CDP Climate 2025 5.4 million renewable energy certificates issued in 2025 Part of B3's
Slide 23: Excellence recognized by the market
Excellence recognized by the market 4Q25 Elite InfoMoney 2025 – Cemig´s CEO and CFO among the leading Brazilian publicly traded companies 5th most innovative company in the electricity sector and one of the 50 most innovative brands in Brazil, according to Valor Inovação Brasil 2025 Award FILASA Awa
Slide 24: 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 Tranf rming lives with our energy
Companhia Energética de Minas Gerais — Q4 2025 Earnings Presentation on 6ix