Ladies and gentlemen, welcome to the Engie Brazil Energia 3Q26 earnings result video conference. My name is Adriana Wagner, Investors Relations Analyst of Engie Brazil Energia. I would like to make a few announcements before we start the video conference. At this moment, people connected are in the listener mode. Later, when we open the QA session, participants will be able to send them It's worth remembering that this video conference is being recorded. We made available on our website ng.com.br slash investadores the results presentation and the earnings release, besides the complete interim financial statements and other documents filed at CVM yesterday, where analysis of financial statements, operational results, ESG indicators, and progress in the implementation of new projects, are disclosed in detail, among other highlights of the period. Before proceeding, I would like to clarify that all statements that may be made during this video conference regarding e-business outlooks of the companies should be treated as forecasts, depending on the country macroeconomic conditions, of the performance and regulation of the electric sector, besides other variables. Therefore, they are due to changes. We remind that journalists who wish to ask questions can do so by e-mail sending them to the company's press office. To present Engie Brasil Energia's performance in the third quarter of 2026, we have here Mr. Pierre Leblanc, our Chief Financial Investor Relations Officer, Thais Flárez, Chief Sustainability Officer, and Leonardo de Piné, Investor Relations Manager of the company. It's now my pleasure to send a call over to Mr. Pierre to start the presentation.

You may go ahead.

Thank you very much, Adriana. Good morning, everyone. It's a pleasure and an honor to introduce to you the main ENGIE Brasil Energia highlights of the third quarter of 26. Well, among the main highlights of the period, we completed in July the transference of the participation of 40% of Giral Energia, which belonged before to our controller company. Since this date, the results of this investment were recognized and acknowledged as equity equivalents. Also in July, we completed the repactuation of Canabrava and Pontapena Public Asset Use, or UBP, already recognized and acknowledged in the second semester. In the third quarter, we see the effects of the improvement of these businesses. Besides that, We also had other highlights. Fitch elevated our ratings in changing the BBB- to BBB, reaffirming all the other ratings of our company. The board of directors approved the incorporation, the merger of Energi Brasil Comercial Edola, our subsidiary. Later, we also called an extraordinary shareholders meeting to debate the topic.

And I would like to highlight our ESG agenda.

We have reached for the 16th time The transparency award, which is an award recognizing and acknowledging the quality and transparency of our information, the financial data we share, and also it's a source of great pride to the whole team. In terms of financial data, our adjusted EBITDA reached 1.9 billion reais in the third quarter of 26, a growth of 4.1% in comparison to the third quarter of 25. The main factor was the good performance of the generation segment in the accumulated Of the nine months of 2006, the adjusted EBITDA totalled 6.4 billion reais, a 10.3% increase in comparison to the previous nine months period. This shows the consistency of our strategies in growth, and many more, supported by the new assets, the new renewable assets, the new long-term contracts and agreements, and discipline in terms of asset allocation. In this quarter, we also had the first contribution from Giral Energia in the amount of 35 million Reais. The adjusted net income was 716 million in this quarter, 2.1% growth in comparison to the third quarter of 25. In the ninth first month of the year, by excluding the non-recurring factor of the re-contracted of EBP, acknowledging the second quarter of the year, The adjusted net income reached 2.2 billion reais, a growth of 3.8% in comparison to the same period of 25. Net income was impacted mainly by the financial expenses such as the debt, and the increased expenses in terms of depreciation and amortization due to the new assets that entered into operation in the past few months. This effect was partially offset by the reduction of concession expenses, expenses, payable expenses after the UBP balance was renegotiated. In sum, the results of the third quarter for 26 show a solid growth and the resilience of our business model. We continue growing with financial discipline, excellence, operating excellence, as well as a focus on the sustainable growth belief, even during challenging scenarios and times. I now turn over to Our sustainability officer, Thais Soares, our chief sustainability officer, she will present the main ESG KPIs for the period.

Thank you very much.

Thank you, Pierre. Now, moving on to our main ESG KPIs, I would like to highlight some points of this quarter. Starting with the climatic agenda, we have a very low A small increase in this quarter has to do with our chain of providers associated to projects. In terms of safety, the frequency rate was a little above our reference, our benchmark and the level registered for the same period last year. And this indicator was also impacted by the reduction in the number of hours of risk exposure, which compounds the calculation of this indicator. Regardless of that, safety is a key value for NGO and a key point in reinforcing our prevention activities and discipline to prevent risks for our clients. In terms of diversity, we move on with the participation with women in leadership positions 30.9 to 32.1, a gradual increase that has to do with our commitment to increase the number of women in our chief positions. We also advance in innovation. Thank you very much. Thank you. In the first nine months of the years, we were a bit more cautious in terms of using these assets because we were discussing rules and ordinances regarding We also followed or kept up with our program, Engaged People, the Connection Community Relationship Program reaching over 73,000 people in the first nine months of this year, which shows the engagement of our stakeholders in the company. In general, these KPIs show how we have advanced in the ESG agenda with topics that contribute to sustainability and value generation in the long run. Thank you very much. Thank you, Thais. Now moving on to our operating highlights. The main highlight of this quarter was certainly our photovoltaic plants, which recovered very well and now are among our main assets, among all the technologies we have. Hydro and wind also advanced almost close to 100%, showing the great discipline. and the highlight of solar generation. In terms of energy generation, we have two effects. In terms of complementary, we see an increase in solar and decrease in wind, which was a little bit affected by curtailment and wind. We'll see more about curtailment in the next detail. And also, we also, the generating and scaling factor usually is the lowest quarter of the year, but it had a marked growth in comparison to the previous quarter of the previous year, growing almost by 10% in this, this is very important for the HPVs, and it's shown in the GSF. Now, talking more about curtainment, we have added This bar of the 2025 comparison to 2026 for this third quarter. We see that in solar and wind containment was 23% last year and went to 26% this year. And total generation is around 7% and is still around 7%. ENGIE in this quarter had the same This is normal due to our asset diversification. In the past semester, 23 versus 23 solar was basically, as you can see, was 37 against 36, and went to 19 to 22 percent, increased a little bit. On your right, we have updated this containment. In August, we had this agreement. We are still waiting for the amount and the reimbursement, which is expected to be determined for next year, when we will make the accounting records. In Anja, we are still discussing this amount. Now, moving on to our... We have a very high level of contract of contracted business 23 to 27 percent and on your right in the chart we see that year by year we have reduced this unavailable energy so this The uncontracted energy compared to the availability in the period showed a good sales, always showing the gradual increase. This year and next year, our exposure to prices is relatively low. Our major exposure continues to be volumes due to GSF per se. Ene Sa Sattamini, Gabriel Mann dos Santos, Guilherme Slovinski Ferrari, Gabriel Mann dos Santos, Guilherme Slovinski This is for the construction revenue for Jaguara HPP, which is expected to last to 2030. It's accounted for in the strict 12, so all the capex go through this revenue. We put it here not to confuse this with increase in revenue due to energy sale. The more organic price and volume is in the second bar. An increase of almost 50 million and also positive variation in trading and transmission also had a similar effect in the accounting effect, almost 10% increase in revenue in this period. Here, this is a very special slide for Giral Energia. This is the quarter where we show Giral. We break down the general EBITDA for the third quarter in line with the third quarter of last year. This is an organic growth. And when you look at the nine-month period, there is a 5% growth, more or less, year on year. 1,642. These are the numbers of Geral Energia. This recurring level of 443 million was related to a little over 600 days, and this was before the transference, when we checked the profits. This non-recurring effect will not affect our equity result. This brings no practical effect to us because dividends and capital reductions made by GERAL by the end of the year will be always done for ENGIE Brasil Energia, will maintain the same transference. In terms of profits, it was a little before if compared to the third quarter of the last year. Due to income tax results. 23 million, there is an income variation, positive last year, and this year there was a regular variation, so the positive effect we saw last year was offset this year. And we have 180 millions in recurrent, in that income, two months and a half from July on. So our contribution to the EPTA was 35 million from 3-4, 40% of the profit without so many adjustments. This is the stake of 40% in geral energia, resulting in the contribution of 35 million. TAG is in line with previous quarters. There is a revision in the northeast grid. which accounts for 23% of TAG's income. TAG has been reducing 50% in the revenue. Everything that comes outside of that will be adjusted when the tax adjustment is over. So, last year was 166 and this year 144 contributing with the contributions of Q1 and Q2, resulting in Q3 26. When you check the EBITDA change, let me highlight the central part, which is the regulatory EBITDA. We grow 7.7% versus the previous year, and the generation system has a growth of 90 million, accounting for this growth in the segment transmission through 30 through 32 millions, or 19%. We see here the effects of inflation and the entry of Asa Branca last year, which is reflected in this year, and then Girão and Tagui, which I previously showed to you. So regulatory EBITDA is 7.7, and adjusted EBITDA shows a growth of 4%, around 4%. Now, moving on to net income, coming to the adjusted income, there is a positive contribution of adjusted EBITDA and a negative impact of the depreciation due to the new businesses. In financial results, we have two parts. The first is the financial results of debt, of course, more Thank you very much. Thank you. Soares, Romary dos Anjos Silva, Guilherme Slovinski Regarding the balance debt, we keep on marginally reducing it. 2.3 last year and now 2.1. These figures are similar to what we had in Q2. Contributions made by Giral to our EBITDA in capital reduction and TAG will enter our results. Little by little, we will decrease this debt. Obviously, depending on the set of capex we acquire in the long run. This year we had an auction in transmission, maybe by the end of the year there will be an auction in batteries, but the trend is a gradual decrease in that. So, we closed in terms of the net That's 25B, similar to the previous quarters. In terms of debt profile and composition, no change, 40% in CDI, 53 IPCA, and 6.3 TGLP. So, this is spread through time, low if you compare it to the market. Duration is close to where we had, around seven years. No major changes, no major highlights in terms of debt profile and composition. In terms of our dividend policy, we have 55%. This is the same slide we showed in Q2. No changes for Q3. We follow, we keep on the same pace. Moving on to our expansion, we also see here a talk about Jaguará. which will start operations in 2030. The project moves on. We had the beginning of operations. Everything is doing fine in Jaguara. We're just following this procedure. In terms of transmission projects and their implementations, they move on. We had some news about licenses, installation licenses and permits. All of them have available permits now, so that is less risk in terms of their operations and construction, and we expect to see an accelerated growth in 26 and throughout 27 as well. Back to this slide, Asa Branca Engraúna. So we'll keep on moving on the same pace. We expect them to start operating by the end of 27 and 28. In Colibri, it's well underway. These projects are expected to be faster. We're talking about four condensers in the northeast, in this line in the south of Brazil, close to our assets in the complex sul in the south area. With no major occurrences, no major changes, everything as expected. So that's where we had for the moment, and now I'll give the floor over to Adriana.

Thank you, Depiné.

We will now start our Q&A session. Please use the Q&A option in this video conference and use it to submit your question. Let's start with the first question coming from Daniel Travisky from CELSAFA and has two questions. First, can you talk about the target tax revision process and the expectation the company has about the conclusion of this process and final review? And the second question is about future projects, considering interest rates and the maintenance of higher interest rates, how the company sees opportunities for growth. Where should we or should you allocate capital in this scenario? Thank you, Daniel. Let me start with the second question. It's easier to answer it. We have took part in this transmission auction which took place Last Friday, one week after the elections, so we showed, in spite we haven't taken any lot, we showed some positive aspects, we are competitive, we're close to succeeding to acquire two lots, so it also showed we have discipline in terms of capital, so we are competitive to the point in which we see a good return. So we understand that there's more challenging aspects in terms of interest rates must be reflected in the price of assets, and we'll be looking into the new battery and transmission options. The battery options is expected to take place in the beginning of December. In case it does, we expect to take part, as we have mentioned for a while now, by considering the macroeconomic conditions. Regarding TAG, well, this tax revision process has been going on for a while now, since the end of last year, almost a year now. ANP has postponed this for 15 days, as requested by NTS and Petrobras, and we're still waiting. We are okay with this project. This accounts for 23% of our revenue, but in terms of details, last week, We also had other media information on the media, people talking about lawsuits, so we'll be, we are not controlling TAG, so we have a participation of 50% as ENGIE and ENERGY 27%, so TAG is in charge of that, and we'll be following the final discussions, so for the moment TAG will be in charge of that.

Perfect.

Thank you, Depine. Next question is also an addition to Daniel's question. He asks, just a second. Well, I saw the news about indenization, reimbursement of 3.3 regarding to TAG. Well, let me tell you, let me be honest, Daniel. The TAG purchase and sales agreement has some clauses, so I don't know how this will be done with Petrobras. I don't have any information on that. Next question is from Mr. Andrade from Itaú BBA. He asks, Will Engin grow in the brownfield scenario through renewables, in renewables? Yes, I guess we do have appetite in this direction. We have looked for some assets. We believe renewables, I mean, it's hard to grow in greenfields in renewables except in batteries. We believe batteries are in our, Renewable segments, so it can grow in batteries in the green field. But apart from that, we also look at brownfield assets. Nothing concrete for the moment, but we do look. Perfect. Second question from Felipe. Could you update us about South Santiago increasing power? Well, South Santiago discussion is advancing at ANEL. For the next few weeks, we expect this process to be finalized. If I'm not mistaken, in August they asked for 120 days for that analysis, so a new board of directors must discuss this in the next few weeks, maybe this year, maybe in the beginning of next year. We hope this public hearing, public consultation, There will be a deadline so the Board of Directors can decide whether we accept this proposal or not. But no concrete news up until now, Felipe. Thank you, Adepine. Next question comes from Rodrigo Pinto, a personal individual investment. Yes. Can we expect new JCPs or dividends for this year? Rodrigo, I believe by the end of the year we will announce, as usual, we have maintained recently this policy of 55% in dividends, in payout, and we announce them twice a year, so we must have some information regarding the finalization of the completion of

Quarter No. 4.

Thank you very much. If you have any questions, please submit them by using the Q&A Zoom option. Our next question comes from João Pimentel, Southside. Analyst from CITI and he asked about the TAG tax review. Do you understand that the RCM methodology should be applied for the new contracts or future contracts as well? Well, we understand that no, we shouldn't. ANP said that this methodology would be applied this time for this procedure and each review should have their own methodology. We believe we shouldn't have been applied now, and we don't agree with its application in the future. And that's the basis of the whole discussion that is being held at ANP at the moment. Perfect.

Thank you, Aditina.

So, if you have any other questions, please use the Q&A option at the Zoom screen to submit your questions. Our next question is from Liniane Young, our site analyst at HSBC, and she asks, how growth perspectives at Engie Brazil compare to growth perspectives in other geographies in Latin America, in your view, and given interactions at Engie regarding capital allocation?

So maybe for this one I will answer in English. So Brazil for NG is a major country. It's the third country for NG in terms of elite contribution. And the Latin region, meaning Brazil, Chile, Peru, and Mexico is the greatest region for energy to grow today. So, of course, the size of Brazil is super huge compared to the others. So, the capital allocation for Brazil and the support of the group for Brazil is super huge. And the proof of the demonstration of that is For the Capital Europe, for the IHAO topics, we do as the full support of the group in order to do the operation. And the group we support, EDE and Engie Brazil as a world, to continue to grow in Brazil, definitely. So the growth of Brazil compared to Chile, Peru, and Mexico, it's a little bit difficult to compare due to the size of the different topics. So Mexico for us is gas. So it's more transportation of gas. So it's something fully different than Brazil. Compared to Chile and Peru, we are growing to both countries in renewables and transition line. But the size of the country makes, of course, it's at a lower level than Brazil, definitely. So, for me, and for the group, Brazil remains the greatest country in LATAM, ONG, and we continue to grow, and we want to grow either through acquisition for renewable assets or for greenfields, Thank you, Pierre. Now, Rafael Oliveira asks about a perspective of investment level for 2027 made by the company and in the next few years and this level of 55% payout

Will is expected to continue in the next few years in terms of leverage, and when would be possible and feasible to return to 100%? Well, Rafael, we already have a series of contracted investments, especially in transmission lines in Jaguara. I showed to you in the previous slide. But we do have participation in other projects like transmission auction and batteries and other processes, so we may have other investments that we still don't know about. As long as we see a leverage above 3, it doesn't make sense to us to accelerate dividends, otherwise we have low flexibility. So we hope to evaluate this year on year, or semester on semester, evaluating how much we have in terms of capex moving forward and where we are in terms of leverage. For the time being, we will keep on with this 55% payout.

We also have the Concession of the Year Awards coming. For between 2030 and 2032 or so and we and definitely we want to keep our AAA rating at local in order to keep our competitive advantage regarding the interest rate so for the time being 55% of dividend distribution seems to be for us the right level Thank you Pierre and Depiné.

We are approaching the end of our Q&A session. I would like to now call Pierre and the other speakers for their final remarks. Thank you.

Thank you very much for your presence, for your attendance.

The results for ENGIE Brazil globally in 26 are quite solid and strong in the full continuity of the past year. We want to continue to grow, definitely in Brazil. Again, we do have the full support of the group, and ENGIE is in Brazil for a while again, so don't worry about that. Lapine?

I'd like to thank Pierre and Thais for your participation. Thais, if you have your final remarks. Well, just let me thank you all for your participation. We remain available if you have any further questions regarding our ESG agenda. Thank you very much. We thank you all for your participation. Engie Brazil video conference is hereby closed. Thank you all for your participation.