ISA Energía Brasil (ISAE4) investor relations material

Executive summary

• Net revenue in Q1 2026 grew 8.3% year-over-year to R$1,226.3 million, with EBITDA up 10.6% to R$1,021.2 million and net income rising 6.0% to R$357.7 million; EBITDA margin improved to 83.3%.

• Operational expenses remained below inflation, supporting margin expansion and efficiency.

• Investments totaled R$1,222.4 million (+10.3%), with 70% allocated to greenfield projects and 30% to retrofitting and improvements.

• Major operational milestones included early energization of Piraquê Block 2 and asset swaps to optimize the concession portfolio.

• Portfolio management included asset swap with AXIA Energia, consolidation of IE Madeira, and divestment from IE Garanhuns.

Financial highlights

• Net operating revenue excluding RPSC/RBSE grew 24% year-over-year, driven by new project connections and RAP/AAR adjustments.

• Gross revenue reached R$1,393.5 million (+7.7% YoY), with net revenue at R$1,226.3 million (+8.3%).

• Gross debt at quarter-end was R$16.3 billion, with net debt at R$15,377.1 million (+8.8% vs. Dec 2025), and leverage ratio (net debt/EBITDA) at 3.72x.

• Dividend distribution for 2025 fiscal year totaled R$1.2 billion, maintaining a 75% payout of regulatory net income.

• Dividend yield for 2025 was 10.3%.

Outlook and guidance

• Pipeline of R$12 billion in investments starting April 2026, focused on greenfield projects and network reinforcements.

• Remaining CAPEX for greenfield projects through 2028 is estimated at R$5.0 billion.

• Expectation of increased market opportunities in energy transition, batteries, and transmission auctions.

• AAR for the 2025/2026 cycle set at R$6.4 billion, with 56% from renewed contracts.