Business
Light : Notice to the Market - 4Q25 Earnings Release
Light : Notice to the Market - 4Q25 Earnings
About this update from Light S.a.
Earnings Presentation 4Q25 MESSAGE FROM THE Highlights of the Period CONSOLIDATED ADJUSTED EBITDA TOTAL INVESTMENT R$418 million in 4Q25 (+7.2% YoY) R$489 million in 4Q25 (+38.0% YoY) CONTINGENCIES OPERATION Lowest position in the last 7 years and lowest intake volume in the last 9 years Best TMA in 10 years in 2025 (-42.0% YoY) CONSOLIDATED DEBT Net Debt / EBITDA LTM at 3.13x QUALITY DEC and FEC within regulatory limits and with improved YoY Note: TMA = portuguese for "emergency service time". 4 Cash and cash equivalents | Cash position allocated to a portfolio concentrated on high-quality instruments Cash and Cash Equivalents Position (R$ million) Rating A to AA 2% 98% (R$ million) Dec-25 Δ% Cash 23 1.3% CDBs 436 25.0% Financial Notes 539 30.9% LFT 459 26.3% Foreign Currency 29 1.7% Repurchase Agreement 260 14.9% Total 1,747 100.0% 3,090 Consolidated position of cash and equivalents by instrument and rating (R$ million) 2,642 1,747 1,513 1,385 626 Dec-24 Sep-25 Dec-25 Consolidated Light SESA Increased constitution of CVA and increased investments determining cash dynamics in the period Government bonds or AAA or AA+ rating Note: The Company has a cash application policy approved by the Board of Directors, which takes into account criteria such as: (i) rating and net equity of the financial institution; (ii) maximum percentage exposure per institution; and (iii) maximum proportionality according to the institution's net equity. The securities portfolio of the Company and its subsidiaries consists of CDBs, financial bills, and Exclusive Investment Funds with daily liquidity. 5 DisCo Quality | Consistently advancing quality operation - best emergency service time in 10 years DEC (LTM) FEC (LTM) -3.1% 0.23x 7.06h 6.80h 6.80h 6.80h 6.80h 4.75x 4.50x 4.50x 4.50x 4.50x 6.10h 6.23h 6.09h 3.04x 2.85x 2.95x 2.97x 3.27x 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 DEC ANEEL Regulatory Limit FEC ANEEL Regulatory Limit 6.53h 6.74h Average Emergency Service Time (minutes) -60% 1,424 1,251 978 2022 2023 2024 2025 567 Incidents >24h (%) -13.9 pp 18.1% 15.1% 12.0% 4.2% 2022 2023 2024 2025 Best emergency service time (TMA) in the last 10 years Note: DEC = Equivalent duration of interruptions in the supply of energy per consumer unit; FEC = Equivalent frequency of interruptions in the energy supply per consumer unit; (1) DEC/FEC values may undergo minor revisions within the calculation and closing period with ANEEL. 6 DisCo Market | Consumption contraction in the quarter is a consequence of lower average temperatures Energy Market (GWh) (1) (2) 2024 Residential Commercial Industrial Other 2025 2024 2025 Note: (1) The energy market excludes non-recurring items; (2) Compensated Distributed Generation (DG I) and simultaneous (DG I and II); (3) The other group considers utilities and other classes. 7 Energy Market + DG -157 GWh | -2.4% YoY (GWh) -295 GWh | -4.7% YoY 6,337 (114) (-6% YoY) (39) (-2% YoY) (113) (-9% YoY) (30) (-3% YoY) 6,041 6,665 6,508 Energy Market Energy Market + DG (GWh) (GWh) 4Q24 Residential Commercial Industrial Other (3) 4Q25 4Q24 4Q25 -691 GWh | -2.6% -1,123 GWh | -4.4% 25,586 (-4% YoY) (221) (-3% YoY) (216) (-4% YoY) (361) (-20% YoY) 24,464 (325) 26,703 26,011 DisCo Energy Loss Combat | Non-Technical Losses remain stable Non-technical Losses (NTL) (1) (GWh; LTM) 22.6% 23.1% 23.0% 22.9% 23.3% 1,236 7,556 8,447 8,792 8,532 8,365 8,488 1,188 7,260 1,222 7,309 1,198 7,167 1,204 7,283 4Q24 1Q25 2Q25 3Q25 4Q25 CTA Risk Areas Note: (1) Non-technical losses ex-REN, adjusted for non-recurring items. 8 DisCo CAPEX | Investments were concentrated on improving quality and expanding Investments (R$ million) +93% Investments in maintenance YoY in 4Q25 (+133% in 2025) 39k Meters replaced and/or relocated outdoors in the quarter (150 thousand in the year) R$1.6 billion Invested in 2025 vs R$967 million for the full year 2024 Investments (R$ million) Non-electrical Assets Loss reduction plan and Other Expansion Maintenance 458 1.602 325 112 319 316 84 99 967 185 56 98 208 403 102 336 150 558 78 239 4Q24 4Q25 2024 2025 +R$634 mn | +65.6% YoY +R$139 mn | +43.7% YoY Non-electrical Assets Loss reduction plan and Other Expansion Maintenance 9 DisCo EBITDA | Highlights include improvement in expected bad debt (PECLD) and contingencies, and continued workforce internalization Adjusted EBITDA (1) (R$ mn, quarter, ∆ QoQ) R$96 mn | 42.5% YoY (-28.1% YoY) 26 323 Contingencies : improvement in massive litigation, by reviewing processes, and adjusting the balance of provisions related to civil contingencies 226 (+8.0% YoY) (30) 59 (+10.6% YoY) 41 (-30.6% YoY) Special Court Civil Court Adjusted EBITDA 4Q24 Δ Gross Margin Δ PMSO Δ PECLD (delinquency) Adjusted EBITDA 4Q25 -11% Reduction in the stock of lawsuits (2025 vs 2024) -10% Reduction in the stock of lawsuits (2025 vs 2024) (R$ mn, year, ∆ YoY) -R$21 mn | -1.5% YoY -22% -39% Δ Provision for contingencies 1,420 7 (+0.2% YoY) (+19.4% YoY) 55 (196) (-14.0% YoY) 113 (-33.8% YoY) 1,399 Reduction of new claims (2025 vs 2024) Reduction of new claims (2025 vs 2024) Adjusted EBITDA 2024 Δ Gross Margin Δ PMSO Δ PECLD (delinquency) Adjusted EBITDA 2025 Lowest position in the last 7 years and lowest intake volume in the last 9 years Δ Provision for contingencies Increase in own headcount (+41%A/A) Note: 1) Adjusted EBITDA = CVM EBITDA, excluding VNR, other operating income/expenses, equity and non-recurring items. 10 Generation and Trading EBITDA | Reduced sales volume combined with low GSF and high short-term prices Adjusted EBITDA (1) (R$ mn, quarter, ∆ YoY) -R$92 mn | -48.2% YoY 191 (-36.8% YoY) (16) (+78.2% YoY) 99 2 n/a (78) Adjusted EBITDA 4Q24 Δ Gross Margin Δ PMSO Δ Provision for contingencies Adjusted EBITDA 4Q25 Adjusted EBITDA (R$ mn, year, ∆ YoY) -R$251 mn | -36.1% YoY 695 (-28.8% YoY) (36) (56.0% YoY) 444 4 n/a (219) Adjusted EBITDA 2024 Δ Gross Main reduction driven by contract exits and deterioration in the GSF of the generation unit Net income of R$ 24 million in the quarter (-58.9% YoY) and R$ 317 million in the year (+36.9% YoY) Margin Δ PMSO Δ Provision for contingencies Adjusted EBITDA 2025 Note: (1) Generation and Trading EBITDA excluding other operating revenues/expenses and mark-to-market effect of Light Com. contracts. 11 Q&A ri.light.com.br [email protected] Attention : This is an excerpt of the original content. 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