AXIA Energia : 05/07/2026 - Videoconference 1Q26

1Q26 Earnings Presentation

May 2026

Agenda

1. Consistent Deliveries in 2026

   
   
   

2. Financial Performance in 1Q26

   
   
   

3. Energy Trading

   
   
   

4. ESG

3

Earnings Presentation 1Q26

1. Consistent Deliveries in 2026

   
   
   

   Consistent Deliveries

   
   
   

   Consistent deliveries in 2026

   
   
   Jan/26 Portfolio Management: Completion of EMAE sale and receipt of R$ 476.5 million
   
   Feb/26 Safety: Colíder HPP exits "alert" status
   
   Mar/26 Investments: Capacity Auction - 190 MW of power secured
   
   Portfolio management: Uncrossing of transmission stakes with ISA Energia
   
   Apr/26 Governance: Shareholders' Meeting approves Migration to Novo Mercado
   
   
   
   Rebranding: Shareholders' Meeting approves change of corporate name to AXIA EnergiaPortfolio Management: Signing of agreement to sell minority stakes in transmission, with proceeds of R$ 451.5 million
   
   May/26
   
   Governance: Beginning of Succession Process 5

   Earnings Presentation 1Q26

2. Financial Performance in 1Q26

   
   
   

   Financial Performance

   
   
   

   Highlights 1Q26 Results

   
   
   Adjusted Regulatory EBITDA: R$ 8.6 billion in 1Q26,

   up 60% YoY

   
   
   Adjusted IFRS Net Income: Reached R$ 3.707 billion in 1Q26, compared to a net loss of R$ 80 million in 1Q25Adjusted IFRS PMSO: down 3.0% YoY
   
   
   
   Governance: Approval of proposal to migrate to B3's

   Novo Mercado and delist the ADR from the NYSE

   Transmission Investments: R$ 977 million,
   
   

   +49.1% vs. 1Q25

   
   
   Capacity Reserve Auction: winning bid securing 190 MW of power
   
   Capital Allocation Methodology in 1Q26: Approval of R$ 4 billion in allocable capital, reinforcing the commitment to financial discipline, shareholder value creation, and investment capacity
   
   

   Financial Performance

   
   
   
   
   
   
   Adjusted Gross Revenue Regulatory EBITDA IFRS Net Income

   +57.0%

   +60.0%

   8,613 8,600

   5,485 5,377

   
   
   

   +19.3%

   +17.2%

   14,586

   13,492

   12,222 11,515

   
   
   

   +R$ 3.8 bn

   +R$ 3.0 bn

   3,707

   2,631

   R$ million

   -354

   -80

   1Q25 1Q26

   IFRS Regulatory
   
   

   1Q25 1Q26

   Regulatory Adjusted Regulatory
   
   

   1Q25 1Q26

   IFRS Adjusted
   
   
   
   

   Resuming Investment Capacity

   Investments¹ in the First Quarter

   TYPE	ANEEL CAPEX (R$ million)	RAP (R$ million)
   Auction 01/2023	787	78
   Auction 01/2024	5,593	645
   Auction 04/2025	1,630	140
   Large-scale improvements	3,882	620
   Large-scale reinforcements	3,068	489
   Total	14,960	1,972

   R$ million

   1,355 1,252 995

   4

   599

   596

   54

   691

263

• Contracted transmission investments

amount to approximately R$ 15 billion

1Q24 1Q25 1Q26

Generation and Others

Transmission: auction

Transmission: reinforcements and improvements, small and large scale

9

(1) Figures presented do not include investments through acquisitions.

Contract secured in LRCAP 2026

~R$ 1.0 billion investment to construct a new generating unit at Luiz Gonzaga HPP, adding 247 MW of installed capacity

AXIA Energia reinforces its leadership in renewable energy generation with a disciplined approach to capital allocation

Power Plant	Price (R$/MW per year)	Traded capacity (MW)	Start of supply	Term
Luiz Gonzaga HPP Expansion (Itaparica, BA)	1,400,000	190	08/01/2031	15 years

10

Portfolio Management

Uncrossing of stakes - ISA Energia

• Sale of stake in IE Madeira

• Acquisition of stake in IE Garanhuns

• Proceeds of R$ 1.174 billion

  Disposal of minority interests in transmission

• 4 SPEs, totaling approximately 1,086 km of transmission lines

• Proceeds of R$ 451.5 million

• Optimization of minority interests

• Capital discipline

• Streamlining of corporate structure

11

1. Energy Trading

   
   
   

   Portfolio Overview

   16,225

   1,252

   1,268

   3,721

   1Q26 Portfolio (in aMW)

   Own resources Purchases Quotas

   ACR sales

   AXIA Energia has generation capacity available in several submarkets, mitigating risk

   
   
   
   
   

   North Submarket

   1Q26

   Own 3,744

   resources1

   Purchases 0

   Quotas2 12

   ACR sales 130

   1Q26

   Northeast Submarket

   Own resources1	4,568
   Purchases	205
   Quotas2	796
   ACR sales	492

   Notes

   Includes only power plants under AXIA Energia direct management

   South Submarket

   1Q26

   Own

   resources1

   Purchases

   Quotas2 ACR sales

   185

   65

   0

   85

   
   
   

   1. Resources: assured capacity minus losses and GSF adjustments.

   2. In 2026

   Southeast/Central-West Submarket
   
   

   Own resources1	7,728
   Purchases	982
   Quotas2	460
   ACR sales	3,014

   1Q26

   13

   GSF MRE¹

   %

   108%

   96%

   92%

   93%

   65%

   67%

   70%

   63%

   1Q25

   2Q25

   3Q25

   4Q25

   1Q26

   2Q26

   3Q26

   4Q26

   
   
   

   Contribution Margin from Generation (ACL+MCP)

   Regulatory, excluding thermal plants

   308

   265

   4,786

   162

   108

   42

   2,153

   1,050

   1Q25

   4Q25

   1Q26

   Contribution Margin ACL+MCP (R$ mm), accounting

   Unit Margin ACL+MCP (R$/MWh), accounting

   PLD (R$/MWh)

   177

   Contribution Margin

   12.0

12.5

10.3

10.4

9.7

9.1

8.2

8.0

AXIA Energia Resources

GWm 18.2

17.5

15.3 15.5

13.8

15.1

15.1

12.7

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26 3Q26

4Q26

ACL Resource³

Total Resource²

The ACL+MCP Contribution Margin includes generation connection costs, including accounting eliminations related to payments made by the Company's generators to the group's own transmission companies. These eliminations do not affect EBITDA. The unit margins for 1Q25 and 4Q25 shown above differ from those previously disclosed due to the reclassification of energy resource volumes among contracting environments.

1. Seasonally adjusted GSF as projected in InfoPLD April 14, 2026

2. AXIA Energia Total Resource Simulation, seasonally adjusted according to MRE and with MRE GSF applied.

3. Total Resource simulated, net of obligations under ACR and Quota contracts.

14

Energy market overview: 1Q25 vs. 1Q26

Hydrological Environment

ENA (aGW)

101

105

95

106

65

77

January

February

March

EARm¹ (%)

2025

2026

64.3

71.0

69.5

53.5 68.7

59.3

45.6 49.9

December

January

February

March

dec/24 - mar/25

dec/25 - mar/26

	Q1	Q2		2H
	Actual	Estimated	Actual	Estimated	Actual
2025	160³	270	216³	369	259³
2026	311	233	-	299	-

Prices

PLDs Southeast (R$/MWh)

2025 2026

382

247

327 302

311

59

94

160

January

February

March

Q1

PLDs North/Northeast (R$/MWh)

380

240

250

290

59

59

59

59

January

February

March

Q1

Market Prices², as of 03/31 (R$/MWh)

¹ Situation at the end of the month

ENA: Affluent natural energy | EAR: Energy stored in reservoirs | PLD: Short-term energy price

² Average BBCE prices for Southeast Conventional energy futures contracts.

³ Actual Southeast spot price (PLD) for the period

15

Earnings Presentation 1Q26

1. ESG

   
   
   

   ESG Agenda - 1Q26

   IMPROVEMENT IN SAFETY LEVELS AT COLÍDER HPP

   • Safety interventions enabled improvements in the plant's

     security level

   • Successful completion of reservoir refilling

     LAGOS DE SÃO FRANCISCO PROJECT

   • Actions across municipalities surrounding the São Francisco River

   • Support for family farming, livestock, and environmental

     preservation

   • R$ 20.5 million in estimated social return

     17

     
     
     
     
     

     Regulation, Institutional and Market

Engineering and Projects

Learning, People and Services

Legal

Finance and Investor Relations

Governance and

Sustainability

Technology and Innovation

Trading and Energy Solutions

Operations and Safety

Executive Vice Presidency

CEO

Beginning of Succession Process

CREATION OF EXECUTIVE VICE-PRESIDENCY

Linked directly to the CEO

Dissolution of the Strategy and Business Development Vice Presidency

Effective as of June 1, 2026

On a temporary basis until April 30, 2027

All Vice Presidencies will revert to directly reporting to the CEO on May 1, 2027, when the Executive Vice Presidency is dissolved

Reaffirming the commitment to continuity of AXIA Energia's

long-term strategy

Streamlining of Corporate Structure

Approval of Migration to B3's Novo Mercado

• Shareholders' meeting approved listing in B3's segment with the highest corporate governance standards

• Equal and full voting rights

• Balanced economic rights

  Delisting of ADRs

• Approved by the Board of Directors

• Consolidation of liquidity in the Brazilian market

  
  
  

  Redemption/Conversion of PNC Shares

  Board of Directors (BoD)

  • Redemption and/or conversion is decided exclusively by the Board

    Redemption Price

  • AXIA3 (ON shares) closing price on the trading session immediately preceding the Board resolution

    Schedule for automatic PNC shares conversion

  • Automatic 1:1 conversion into ON shares: minimum 4% annually (2026-2030), with the remaining balance converted by 2031

    Discretion of the Board of Directors to approve redemptions

  • BoD may approve the volume of redemptions at any moment

  • Volume of redeemed shares will reduce the minimum number of shares required to be converted under the conversion schedule

  • Holders of PNC shares may express their intention, in lieu of redemption, to opt for the conversion into ON shares,

in whole or in part, of the PNC shares that would otherwise be subject to redemption