Alupar Investimento (ALUP11) investor relations material

Executive summary

• Approved additional dividends of BRL 0.03 per unit at the AGM, with total 2025 dividends at BRL 1.08 per unit, a 29% increase over 2024, reflecting a payout ratio of 50.8%.

• Achieved solid financial results in 1Q26, with growth in regulatory revenue, EBITDA, and net income year-over-year, despite IFRS net income and EBITDA declining due to higher costs.

• Continued portfolio expansion with new projects in Brazil and Latin America, and delivery of strategic transmission assets.

• Published the sixth sustainability report, with external auditing and input from over 250 stakeholders, highlighting asset deliveries, portfolio expansion, and ESG advancements.

• Maintained focus on governance, risk management, and ESG practices.

Financial highlights

• IFRS net revenue rose 2.6% year-over-year to BRL 1,255.6 million; regulatory net revenue increased 16.3% to BRL 996.8 million.

• Regulatory EBITDA reached BRL 794.7 million (+15.9% YoY); IFRS EBITDA was BRL 812.1 million (-12.9% YoY).

• Regulatory net income increased 6.3% year-over-year to BRL 148.9 million; IFRS net income was BRL 198.1 million, down 33.7% YoY.

• Share price appreciated 9.26% YTD, with average daily trading volume up to BRL 32.9 million.

• Interim dividends of BRL 69.2 million (BRL 0.21 per unit) approved for Q1 2026.

Outlook and guidance

• Management expects higher energy prices due to structural system factors and potential El Niño impacts in the second half of the year.

• Largest investment cycle in company history underway, with BRL 9.1 billion to be invested by 2029, focusing on portfolio expansion and new projects in Brazil and Latin America.

• Cautious approach to new auctions outside Brazil, balancing project execution and leverage.

• Business prospects and financial projections are subject to changes in market and economic conditions.