Light (LIGT3) investor relations material

Executive summary

• Completed a major transformation in 2025, emerging from Judicial Reorganization with stronger fundamentals, improved debt structure, and best service quality in recent history.

• Achieved record operational efficiency and quality indicators, including a 60% reduction in Average Emergency Service Time over four years and a 42% year-over-year improvement in 2025.

• Disco segment fundamentals improved, with lowest legal contingencies in seven years and delinquency declining due to assertive management.

• Achieved targets in business sustainability, customer service, and supply reliability despite challenges.

• Generation and Trading segment faced adverse hydrological conditions in 2H25 but ended with a solid contractual position for 2026.

Financial highlights

• Consolidated Adjusted EBITDA in 4Q25 was R$418 million (+7.2% YoY); full-year Adjusted EBITDA was R$1.83 billion (-11.5% YoY).

• Net income for 4Q25 was R$24 million, a 58.9% decrease year-over-year; net loss for 4Q25 was R$187 million, mainly due to negative net financial result and deferred tax pressure.

• Total investments rose to R$489 million in 4Q25, a 38% increase year-over-year; full-year capex was R$1.68 billion (+57.8% YoY).

• Cash and equivalents at year-end were R$1.75 billion (-43.5% YoY); liquidity at year-end was BRL 1.7 billion, reflecting higher investments and cash mismatch from CVA.

• Proforma net debt was R$6.25 billion (+21.9% YoY); Net Debt/EBITDA (LTM) at year-end was 3.13x.

Outlook and guidance

• 2026 outlook centers on signing the new SESA Concession Agreement, enabling a capital increase and new investment cycle.

• Entered 2026 with a solid contract base and flexibility to capture short-term price upsides in Generation and Trading.

• Upcoming capital increase and debt conversion expected after new concession contract signing, aiming for a healthier capital structure.

• Focus remains on modernizing the power grid and improving service quality for 12 million people.

• Investments focused on quality improvement and expansion, with R$1.6 billion invested in 2025, up 65.6% from 2024.