Eneva (ENEV3) investor relations material

Transformational impact of the 2026 capacity auction

• Secured 3.65 GW of new capacity and recontracted 1.70 GW, capturing 31% of auction demand and 39% of new capacity available, resulting in a 56% increase in thermal capacity.

• Achieved over R$161 billion in fixed revenues contracted, with R$30.1 billion from recontracted assets and R$131.1 billion from new assets, and average contract terms of 13.7 years.

• Geographic diversification with new gas hubs and expansion of the Sergipe Hub, providing a natural hedge and on-grid opportunities.

• Total investment program of R$18.2 billion, with R$1.4 billion already invested by 2025.

Value creation and operational track record

• Thermal capacity grew by 470% since 2017, reaching 10.1 GW, making it the largest thermal power generator in Brazil.

• Proven ability to deliver complex projects and strategic assets essential for grid reliability.

• Secured 5.4 GW of contracted capacity as the largest winner in the auction.

Cash flow predictability and revenue profile

• Long-term contracted base ensures stable, inflation-indexed fixed revenues and upside from variable generation margins.

• Projected 145% revenue growth from 2026 to 2032, with R$287 billion in future fixed PPA revenues.

• Average PPA duration of 15.4 years, supporting strong cash flow visibility.