Results Presentation – 3Q25

ENGIE Brasil Energia S.A.

November 5, 2025

6

1 3 5















2 4 1

Trairi Wind Complex / CE

• Serra do Assuruá Wind Complex: 100% physical progress, being 88% commercially operating and 12% under test.

• Assu Sol Photovoltaic Complex: 99% physical progress, 25% of the plants are under commercial operation and 75% under test.

  
  
  
  
  
  

• Anefac Transparency Trophy (15th time): which recognizes the best governance practices, transparency and quality of financial statements.

• The Company was once again certified as one of the best place to work according to the GPTW -Great Place to Work Brasil ranking.

• The acquisition of the Santo Antônio do Jari and Cachoeira Caldeirão hydropower plants has been completed, with a total installed capacity of 612 MW and 334 avg. MW of commercial capacity, with effects as from August 13, 2025.

  
  
  
  
  
  

  * The recording of the event will be made available the week following the event.

• Approved a capital increase through the issuance of new shares, distributed to shareholders as a bonus share, at the ratio of 1 new share for every 2,5 common shares.

Adjusted Ebitda1 (R$ million)

6,780

R$ 179 million

R$ 43 million

R$ 16 million

Generation Segment Transmission Segment

Result of equity income (TAG)

R$ 83 million

R$ 79 million

R$ 21 million

Depreciation and amortization

Financial Result

Income Taxes

19

+6.4%

1,654

1,882

11

+12.4%

5,797

3Q24 3Q25 9M24 9M25

Adjusted Ebitda Non-recurring

Adjusted Net Income (R$ million)

658

738

+9.8%

3,213

2,132

13 -8.4%

Note: 1Adjusted Ebitda: net income + income tax and social contribution + financial result + depreciation and amortization + non-recurring.

7

3Q24 3Q25 9M24 9M25

Adjusted Net Income Non-recurring

EMISSIONS INTENSITY1 (tCO2e/MWh)

HEALTH AND SAFETY - FREQUENCY RATE (OWN

EMPLOYEES + SERVICE PROVIDERS)*

% OF WOMEN IN THE WORKFORCE AND LEADERSHIP POSITIONS

1.400

1.400

0.900

0.460

0.900

0.520

0.210

0.217

0.0635

0.0461

0.0378

0.0016

0.0018

0.0018

0.0022

0.0742

31.4%

31.5%

30.5%

30.9%

3Q24 3Q25 9M24 9M25

3Q24 3Q25 9M24 9M25

3Q24

9M24

3Q25

9M25

3Q24

9M24

3Q25

9M25

ENGIE NIS*

*Source: Ministry of Science, Technology and Innovation

INVESTIMENTS IN INNOVATION (R$ million)

33.5

11.7

12.5

39.7

Frequency rate Reference (≤)

* Nº of accidents / millions of hours of exposure to the risk

SOCIAL RESPONSABILITY INVESTIMENTS

17.6

11.5

8.9

3.9

4.6

4.3

1.4 1.6

(R$ million)

% of women % of women in

leadership positions

ENGAGED PEOPLE - "CONEXÃO" COMMUNITY RELATIONSHIP PROGRAM

63,828

41,452

31,141

95,771

3Q24 3Q25 9M24 9M25

3Q24 3Q25 9M24 9M25

Incentivized Resources Own Resources

3Q24 3Q25 9M24 9M25

Note:

1Emissions data subject to review after annual consolidation into the emissions inventory.

Results Presentation 3Q25

ENGIE Brasil Energia S.A.

2

Umburanas Wind Complex / BA

0.03 p.p.

5.8 p.p.

4.2 p.p.

8.5 p.p.

96.6%

88.1%

93.9%

88.1%

89.1% 93.3%

99.97%100.00%

Hydro

Wind

Photovoltaic

Transmission

3Q24 3Q25

Note: Considering programmed and forced stoppages.

% of Curtailment over Generation - 3Q25 (avg MW)

1,975

6,167

Wind + solar generation

Total generation 6,597

Generation Curtailment

• Curtailment in 3Q25 in line with National Integrated System (SIN).

• Organic growth in wind and solar generation with entry into commercial operation of the Serra do Assuruá Wind and Assú Sol Photovoltaic Complexes.

  • Increased proprietary installed capacity by 689 MW between 3Q24 and 3Q25.

• Acquisition of the Cachoeira Caldeirão and Santo Antônio do Jari Hydroelectric Power

Plants, adding 612 MW of installed capacity.

% of Curtailment* per source - ENGIE

*ENGIE Brasil Energia internal study based on premises disclosed by ONS and subject to updates.

53

1,292

Gross Power Generation (avg MW) Generation by Complementary Source (avg MW)

-2.7%

60

6

6,338 6,167

6,194

-15.8%

+33.1%

1,606

253

43 13

121

5,218

241

1,207

33

118

135

53 8

+50.8%

96

145

1,327

34 15

1,037

118

350

6

41 80

880

34

15

210

43

13 107

325

596

Wind SHP Biomass Solar

3Q24 3Q25 9M24 9M25

Hydro

3Q24 3Q25 9M24 9M25

Wind New wind SHP Biomass Solar New solar

3

Gralha Azul Transmission System/ PR

13

Energy Balance (% of total; in aMW) | as of September 30, 2025

5,574 5,693

5,583 5,559

Uncontracted energy compared to the availability of a given period

44%

46%45%

572 (3%)

(10%)

2,144

(40%)

2,144

(39%)

2,144

(39%)

2,154

(39%)

2,180

(38%)

572 (1%)

(10%)

52

175

5,433 5,370

35%

35%

40%38%37%

33%

25%

21%

25%24%24%

19%

14%

12%

15%14%14%

10%

7%

4% 3% 2% 1%

7% 6% 6%

3%

2025 2026 2027 2028 2029

12.31.2022 12.31.2023 12.31.2024 03.31.2025 06.30.2025 09.30.2025

Evolution of the number of free customers and consumer units

2025 2026 2027 2028 2029 2030

Regulated Market Free Market

Structural GSF Hedge (0.80) Available

2,056

(+17.6% compared to 3Q24)

Number of free consumers in 3Q252

4,590

(+23.7% compared to 3Q24) Consumer Units served in 3Q251

Note:

¹ Considers all consumer units with active contracts.

Results Presentation 3Q25

ENGIE Brasil Energia S.A.

4

Serra do Assuruá Wind Complex / BA

15

Wind turbines commissioning evolution

Overall physical progress: 100%

188

188

188

Assembly and commissioning completed for all wind turbines.

Waiting for Aneel's approval for

commercial operation.

06.30.2025

09.30.2025

11.05.2025

test operation

commercial operation

165

(88%)

165

(88%)

165

(88%)

Gentio do Ouro (BA)

Total Installed Capacity:

~846 MW

Start of Construction: 2023

Commercial Capacity:

410.2 aMW

Investment (R$ mm)1:

~R$ 6,000

24 wind parks

Note:

Operation: Gradual 3Q24-4Q25

Nº of turbines: 188

(4.5 MW each)

in a single phase.

1 Value as of May 2022.

RReessuullttssPPrreesseennttaattiioonn 3QQ25 ENGIE Brasil Energia S.A.

16

Plants commissioning evolution

16

16

16

Progress of installation activities: 99%

Completed: supply of components, earthworks, foundations and assembly of trackers, installation of solar panels, inverters and medium voltage substations, commissioning and energization of the entire park.

06.30.2025 09.30.2025 11.05.2025

under construction test operation

commercial operation

4

(25%)

4

(25%)

4

(25%)

Assú (RN)

Total Installed Capacity:

~752 MWac (~895 MWp)

Commercial

Capacity:

229.6 aMW

Investment (R$ mm)1:

~R$ 3,300

Start of Construction: 3Q23

Operation: Gradual 4Q24-1Q26

2.3k - inverters

13.6k - trackers

1.5M - modules

Note:

1 Value as of January 2023.

RReessuullttssPPrreesseennttaattiioonn 3QQ25 ENGIE Brasil Energia S.A.

17

Works on the LT 500kV Morro do Chapéu II - Poções III section

Strategic location for seamless flow of renewable energy from Northeast to the Southeast and Midwest regions.

BA

Asa Branca (BA, MG, ES)

Contracted RAP1:

R$ 282.7

million

Capex Aneel2: R$ 2,667

million

Technical features:

Concession period:

30 years

Deadline to start

operation: March 2029

(66 months)

(BA), with equipment assembly and commissioning at substations

and assembly of metal structures, cable laying and commissioning MG

on the transmission line. Expected start of operations in 4Q25

(33% of RAP). ES

Installation License request filed for the sections LT 500kV

Notes:

• Estimated length of 1,000 Km;

• 4 transmission lines of 500 kV single-circuit, crossing 60 municipalities in the states of Bahia, Minas Gerais and Espírito Santo.

Poções III - Medeiros Neto II - João Neiva 2 - Viana 2 and associated substations.

Location of Asa Branca

project

1 Value as of June/25.

2 Value as of December/22.

RReessuullttssPPrreesseennttaattiioonn 3QQ25

ENGIE Brasil Energia S.A.

18

Operational synergies with assets located in Paraná, Santa Catarina, Minas Gerais and Espírito Santo.

Negotiation of Main Supply Contracts and completion of applications for preliminary licenses.

BA

GGRRAAÚÚNNAA

MG

ES

SP

PR

GRAÚNA

SC

Graúna (SC, PR, SP, MG, ES)

Contracted RAP1:

R$ 268.3

million

Capex Aneel2: R$ 2,933.6

million

Technical features :

Concession period:

30 years

Deadline to start

operation: Dec/2029 (60 months)

Commercial operation of the brownfield section -corresponding to 5% of the total RAP - on July 18, 2025.

Transmission Assets (Gralha Azul and Asa Branca) Graúna Greenfield lot - Auction 02/2024

Graúna Brownfield lot - Auction 02/2004 Power plants under operation

• construction of ~732 km length (6 new

  transmission lines) and 2 new substations;

• Brownfield: operation of 4 existing lines (162 km) and 2 own substations;

• 47 municipalities.

Note:

1 Value as of June/25.

RReessuullttssPPrreesseennttaattiioonn 3QQ25 ENGIE Brasil Energia S.A.

19

Production (average MW) PPAs Portfolio (average MW)

Jirau HPP

+113.1%

826

387

811

15

Uptime operating factor 3Q25:

100%1

2,152 2,182 2,257 2,257 2,257 2,257 2,257

Installed Capacity: 3,750 MW

50 Generating

Units

Physical Guarantee2:

2,182 aMW - 90m extended 2,257 aMW - 90m constant

75 MW

each GU

Shareholding Structure

93

538

14

94

538

14

42

98 98

98 98 98

538

14

558

14 22

580

14

2,159

1,565 1,565

1,565 1565

1565

209

3Q24 3Q25

(58)

2025

(29)

2026-27 2028-34

2035

2036-42

2043

2044-45

40%

Jirau part

Bolivia part

Regulated Bilateral Partners

Uncontracted

Commercial capacity exposure

Losses

20%

Notes:

1 Subject to final CCEE booking.

2 Order 2.946 - The Ministry of Mines and Energy established new physical guarantee amounts for the Jirau HPP of 2,222.6 aMW for operation at the 90-meter extended level and 2,335.1 aMW for operation at the 90-meter constant level. Of the total increase, one-third belongs to the Bolivian government. Therefore, the share allocated to Brazil corresponds to 2,182.2 aMW (extended level) and 2,257.2 aMW (constant level).

40%

RReessuullttssPPrreesseennttaattiioonn 3QQ25

ENGIE Brasil Energia S.A.

1

B 2 20

4

6 5 3

A

Generation

Serra do Assuruá

1. Wind Complex - BA

   Installed capacity: 846.0 MW

   Commercial capacity: 410.2 aMW

   C

   D Santo Agostinho Wind

   1Complex (Fase II) - RN

   D Santo Agostinho

   Installed capacity:

   Installed

   279 MW

   Assú Sol Photovoltaic

2. Complex - RN

   Installed capacity: 752.0 MW

   Commercial capacity: 229.6 aMW

   2 Photovoltaic Complex -

   RN

   capacity: ~509 MW

   Transmission

   Umburanas Wind Complex

   3(Fase II) - BA

   Campo Largo Wind

   Installed capacity:

   Installed

   250 MW

   Asa Branca Transmission

3. System - BA/MG/ES

   Length: ~1,000 Km

   4Complex (Fase III) - BA

   capacity: 250 MW

   Graúna Transmission

4. System - SC/PR/SP/MG/ES

Length: ~732 Km

Campo Largo Photovoltaic

5Complex - BA

Installed capacity:

~308 MW

6 Alvorada Photovoltaic Complex - BA

Installed capacity:

~100 MW

~779 MW + ~917 MW = ~1,696 MW

Results Presentation 3Q25 ENGIE Brasil Energia S.A.

20

Results Presentation 3Q25 ENGIE Brasil Energia S.A.

5

Estreito Hydro Power Plant / TO/MA

From 2016 - 20243 22

Good portfolio management and diversification into other regulated segments, such as transmission, natural gas transportation and energy contracts in the ACR, result in stability and predictability of results. These areas combined represent about 65% of the Company's Ebitda.

Recent Capex cycle linked to renewables and transmission expansion still not fully contributing to Ebitda.

ROE1 - Adjusted return on equity (%) ROIC2 - Adjusted return on invested capital (%)

Investments:

Amounted to R$ 38.2 billion, with 78% leverage

Entry into transmission: 2,871 km under operation

and 6 own substations

Adjusted Ebitda breakdown:

Proprietary installed capacity:

Total: Renewable:

+36% +60%

Value creation in the gas

segment, through TAG

32.7

34.9

27.4

26.5

23.6

20.3

20.3

17.2

16.7

14.9

10%

13%

9%

16%

Generation/Trading

2022 2023 2024 3Q24 3Q25

2022 2023 2024 3Q24 3Q25

2016 2024 9M25

Transmission

TAG

100%

77%

75%

Notes: ENGIE Brasil Energia internal study based on the Company's Financial Statements.

1 ROE: net income of the past 4 quarters / shareholders' equity. Adjusted ROE net of non-recurring.

2 ROIC: effective tax rate x EBIT / invested capital (invested capital: debt - cash and cash equivalents -

deposits earmarked for debt servicing + SE). Adjusted ROIC net of non-recurring.

3 Nominal amount.

Adjusted Ebitda:

+132%

Dividends and Interest on Equity: R$ 17.5 billion

Adjusted Net Income : +106%

RReessuullttssPPrreesseennttaattiioonn 3QQ25 ENGIE Brasil Energia S.A.

3,343

(3%)

2,168

(85%)

+31.8%

128

4

73

2,549

(76%)

2,537

Generation and portfolio sale Trading Transmission

TAG Income Statement (R$ million)

Stake of 17.5%

in TAG, resulting in the

contribution of

R$ 166 million through equity income to the Company's Ebitda in 3Q25.

2,305

(41)

948

166

Contribution

to Ebitda

NOR 3Q25

Cost of services

General and administrative expenses

Financial result

Income taxes

Net income TAG 3Q25

96

12

(13) (56)

1,453

(77%)

10

1,253

(76%)

1,250

(78%)

(36)

1,442

(77%)

+13.8%

+12.4%

+10.5%

1,596

11

11

1,763

1,871

1

(32)

(29)

1,654

3

1,882

108

(16)

1,665

1,263

(76%)

1,430

(81%)

(69)

Ebitda 3Q24

Non-recurring

Adjusted Ebitda 3Q24

IFRS*

adjustment

Ebitda adjusted by trans./quota 3Q24

Operating and commercial performance

Charges for power grid and connection

Material and third-party services

Other costs and operating expenses

Transmission Equity income

(TAG)

Ebitda adjusted by trans./quota 3Q25

IFRS*

adjustment

Adjusted Ebitda 3Q25

Non-recurring

Ebitda 3Q25

Generation and trading1

Equity income (TAG) Transmission

Notes:

1 Considering the result from generation and trading segments.

*IFRS: International Financial Reporting Standards

Adjusted Ebitda: net income + income tax and social contribution + financial result + depreciation and amortization + non-recurring.

Results Presentation 3Q25

ENGIE Brasil Energia S.A.

21

+12.2%

+9.8%

(79)

206

(83)

731

738

658

8

666

7

Net income

3Q24

Non-recurring Adjusted net

income 3Q24

Adjusted Ebitda

Income Taxes

Financial

result

Depreciation and amortization

Adjusted net Non-recurring

income 3Q25

Net income

3Q25

Debt control, active management of debt costs and successful investment decisions ensure balanced levels of the Net Debt/Ebitda ratio.

DEBT OVERVIEW (R$ MILLION)

24,442

508

24,534

20,905

18,150

3.3x

2.9x

2.6x

2.3x

29,668 4,626

Total Debt / Ebitda3

(R$ million)

2022 2023 2024 3Q25 Cash and

equivalents

Escrow deposits

Net Debt 3Q25

Notes:

1 Gross debt, net of hedge operations.

2 Adjusted Ebitda in the past 12 months.

Local Currency Debt1

Total Debt / LTM Adjusted Ebitda2

Net Debt/ LTM Adjusted Ebitda2

BREAKDOWN OF DEBT

58%

IPCA

36%

CDI

6%

TJLP

3Q25: Nominal cost of debt: 12.0% p.a. (equivalent to IPCA + 6.4%)

3Q24: 10.3% p.a. - equiv. to IPCA + 5.6%

MATURITY DEBT SCHEDULE (R$ MILLION)

AAA rating and robust cash generation translate into competitive costs of debt for financing growth.

9,840

4,775

2,673

2,153 2,134

2,168

2,525

2,238

945

217

Average debt term: 7.2 years

Oct to Dec 2025

2026 2027 2028 2029 2030

2031 to

2035

2036 to

2040

2041 to

2045

2046 to

2048

IPCA TJLP CDI

Indexation of energy sales contracts mitigates exposure of debt to IPCA and cash position mitigates part of CDI exposure.

ALLOCATED/EXPECTED CAPEX AND CORRESPONDING FINANCING RESOURCES (R$ MILLION)

The expansion plan and maintenance CAPEX are supported by a strong cash flow generation and prudent funding strategy.

9,664

7,217

6,941

7,270

6,324

2,854

3,407

3,150

2,748

2,168

2021

2022

2023

2024

2025E

2026E

2027E

Adjusted Ebitda

Shareholders' equity funded

Debt funded1

7,367

5,747

Note:

1 Does not consider interests incurred during the construction.

Results Presentation 3Q25

ENGIE Brasil Energia S.A.

DIVIDENDS (BASED ON DISTRIBUTABLE NET INCOME)

• By-law minimum payout: 30% of distributable net income

• Management Commitment: minimum payout of 55% of distributable net income

• Frequency: biannual

3.32

2.79

2.45

2.47

2.50

2.34

2.33

1.82

3.7%

1.02

%

%

%

1.53

8.1%

%

%

100%1

%

5.6%

5.6%

2.3%

100%

100%

100%

100%

100%

0.88

55%

57%

55%

55 5

%

55%

3.5

6.1

6.2

5.7

8.6

9.2

1

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1S25

Dividend per Share2(R$) Payout3 Dividend Yield4

Notes:

1 Payout equivalent to 100% of the distributable adjusted net income (ex-hydrological risk negotiation).

2 For the purposes of comparability between fiscal years, an adjustment in dividend per share was made in the light of the share bonus approved on December 07, 2018.

3 Considers the annual adjusted net income.

4 Based on volume-weighted closing price of ON shares in the period.

5 Payout equivalent to 55% of the distributable net income (excluding gains on partial disposal of investments in TAG).

Results Presentation 3Q25

ENGIE Brasil Energia S.A.