AES Brasil Energia S A : 1Q24 Earnings Release

Alto Sertão II Wind Complex - Bahia

Release 1Q24

1Q24 EARNINGS CONFERENCE	Transmission via Zoom
CALL	Click hereto access
05.03.2024	The presentation slides and audio will be
10 a.m. (BRT) / 9 a.m. (EST)	available at:ri.aesbrasil.com.br

São Paulo, May 2, 2024 - AES Brasil Energia S.A. (AES Brasil Energia and Company) (B3: AESB3) announces today its results for the first quarter of 2024 ("1Q24") compared to the results of the first quarter of 2023 ("1Q23"). Except where stated otherwise, the operational and financial information of the Company is presented on a consolidated basis in accordance with Brazilian Corporation Law.

1Q24 HIGHLIGHTS

• Construction of Cajuína 2 and AGV VII: Cajuína 2 Wind Complex (370 MW) has completed 96%, with 52 of the 65 wind turbines operating commercially. The 13 remaining machines will be connected to the Castanha Substation, which should be concluded by the end of 1H24. Construction work on the AGV VII Solar Farm (33 MW) is on time and on budget, with more than 85% completed. The complex is expected to be 100% operational in 3Q24.
• • Acceleration of the turnaround of wind assets: Scheduled maintenance and repairs of wind turbines at the wind complexes acquired through M&A, with availability increasing 2 p.p. between the periods.
  • Contracted Level: In line with the Company's commercial strategy, we increased the contracted level of the portfolio with an average price of over BRL 190/MWh.
  • Debt management: The Company's strategy of obtaining long-term financing to replace short-term financing raised for the construction of Cajuína, extending the average term and increasing its exposure to IPCA - a natural hedge, since PPAs are adjusted by this indicator.

CONSOLIDATED FINANCIAL HIGHLIGHTS

Financial Indicators (BRL million)	1Q23	1Q24	Var
Net Revenue	786.3	828.6	5.4%
Energy Costs¹	(226.4)	(295.4)	30.5%
Net Margin	559.8	533.2	-4.8%
EBITDA	398.3	340.2	-14.6%
EBITDA Margin (%)	50.7%	41.1%	-9.5 p.p.
Adjusted EBITDA2	409.3	367.6	-10.2%
Adjusted EBITDA Margin (%)	52.1%	44.4%	-7.7 p.p.
Net Income	60.4	(102.4)	-269.6%
Adjusted Net Income3	67.7	(84.3)	-224.5%

1 - Includes industry and transmission charges; 2 - EBITDA adjusted for non-recurring effects in general and administrative expenses in the quarters (1Q23: reversal of contingent assets, and provision of assets related to the sale of AES Inova; 1Q24: (i) reversal of purchased price of Alto Sertão II; (ii) biannual maintenance of locks; and (iii) indemnity for damages to property at Ventos do Araripe); 3 - Considers EBITDA adjustments, net of Income Tax and Social Contribution.

To help investors and analysts with their modeling, the Company provides an Excel file with its historical Financial and Operational Data, and Modeling Guide.

2

Contents
1Q24 HIGHLIGHTS	2
CONSOLIDATED FINANCIAL HIGHLIGHTS	2
AES BRASIL	4
COMPANY PROFILE	4
OWNERSHIP STRUCTURE (MARCH 31, 2024)	4
PORTFOLIO	5
OPERATING PERFORMANCE	7
CONSOLIDATED GENERATION	7
HYDROPOWER GENERATION	7
WIND POWER GENERATION	9
SOLAR POWER GENERATION	9
COMMERCIAL PERFORMANCE	10
PORTFOLIO CONTRACTING LEVEL	10
HYDROPOWER ENERGY BALANCE	11
CONSOLIDATED FINANCIAL PERFORMANCE	11
NET REVENUE AND MARGIN	11
OPERATING COSTS AND GENERAL AND ADMINISTRATIVE EXPENSES	12
EBITDA	13
FINANCIAL INCOME (EXPENSE)	13
NET INCOME	14
DEBT	15
INVESTMENTS	18
MANAGERIAL CASH FLOW	18
ESG PERFORMANCE	19
GUIDELINES AND COMMITMENTS	19
REGULATORY SCENARIO	20
CAPACITY AUCTION	20
CONSTRAINED-OFF OF WIND AND SOLAR POWER PLANTS	21
PROVISIONAL MEASURE 1,212/2024	22
ANNEXES	23
OPERATING INDICATORS AND GENERATION BY SOURCE	23
BALANCE SHEET AND INCOME STATEMENT	27
RESULTS BY SOURCE	28
DEBT	29
ESG INDICATORS	30
	3

AES BRASIL

COMPANY PROFILE

AES Brasil, an electricity generator with a diversified and 100% renewable portfolio, has been investing in Brazil for 25 years. Its installed capacity of 5.2 GW is fully contracted, with 5.1 GW in operation and around 0.1 GW in the final phase of construction (Cajuína 2 and AGV VII).

5.2 GW

Installed capacity

São Paulo

Hydro - 2,658 MW

Guaimbê - 150 MW

Ouroeste - 145 MW

AGV VII - 33 MW (under construction)

Rio Grande do Sul

Cassino - 64 MW

Piauí

Ventos do Araripe - 210 MW

Ceará

Mandacaru - 108 MW

Rio Grande do Norte

Cajuína 1 - 314 MW

Cajuína 2 - 370 MW (74 MW under construction)

Ventus - 187 MW

Salinas - 50 MW

Pernambuco

Caetés - 182 MW

Bahia

Tucano - 322 MW

Alto Sertão II - 386 MW

Backed by vast experience in operating renewable assets, the Company sees excellent potential for growth in the wind and solar segments, with a pipeline of projects in different phases of development, which could add installed capacity of up to 3.3 GW to its portfolio.

OWNERSHIP STRUCTURE (March 31, 2024)

AES Corp¹	BNDESPar	Luiz Barsi Filho	Others
47.32%	6.98%	5.04%	40.66%

B3: AESB3

601,927,311 common shares

AES	Tucano & Cajuína	Ventos do Araripe	AES
Operações	(Greenfield Wind)	& Caetés (Wind)	Comercializadora

1 - Indirect interest held by The AES Corp through AES Holdings Brasil and AES Holdings Brasil II.

4

PORTFOLIO

WIND POWER

	O&M	End of	%	Operation	Installed	Physical	Contracted	Start of	End of	PPA Price	1	End of
Wind Portfolio	O&M	Capacity	Guar. (Gross
Contract	AES Brasil	Startup	MWavg	PPA	PPA	(BRL/MWh)	Author.
	Contract	(MW)	MWavg)
OPERATIONAL					1,823.5	852.2	812.3
Alto Sertão II - BA					386.1	184.4	177.1
LER 2010	OSA GE	2024 - 2026	100%	2014	167.7	83.2	73.5	Sep-13	Aug-33	260.72		2046
LEN 2011	OSA GE	2024 - 2026	100%	2015	218.4	101.2	103.6	Jan-16	Dec-35	204.25		2047
Ventus - RN					187.1	65.8	58.3
LER 2009	Intern	2024	100%	2014	187.1	65.8	58.3	Jul-12	Jun-32	336.82		2045
Mandacaru & Salinas - CE/RN					158.5	66.7	68.4
LER 2009	Intern	-	100%	2014	94.5	39.1	37.0	Jul-12	Jun-32	335.26		2045
LEN 2011	Intern	-	100%	2014	64.0	27.6	31.4	Nov-14	Aug-34	218.40		2047
Wind Assets Acquired in 2022 - PI/PE/RS					455.9	228.9	229.4
Ventos do Araripe - LER 13	Intern	-	100%	2015	210.0	110.0	108.3	Sep-15	Aug-35	197.29		2049
Caetés - LER 13	OSA GE	2025	100%	2016	181.9	94.7	94.7	Sep-15	Aug-35	208.07		2049
Cassino - LFA 10	FSA SGRE	2025	100%	2015	64.0	24.2	26.4	Jan-15	Dec-34	296.19		2046
Cajuína 1 - RN					313.5	159.3	149.1
PPA Minasligas	FSA Nordex	-	100%	2023	45.6	22.9	21.0	Jan-23	Dec-42	-		2055
PPA Ferbasa	FSA Nordex	-	100%	2023	165.3	83.7	80.0	Jan-24	Dec-43	-		2055
PPA Copel	FSA Nordex	-	100%	2023	11.4	6.1	4.0	Jan-23	Dec-35	-		2055
PPA BRF (self production) - Cajuína 1	FSA Nordex	-	76%	2023	91.2	46.6	44.1	Jan-24	Dec-38	-		2055
Tucano - BA					322.4	147.1	130.0
PPA Unipar I (self production)	FSA SGRE	2028	50%	2023	155.0	71.5	60.0	Jan-23	Dec-42	-		2055
PPA Anglo American	FSA SGRE	2028	100%	2023	167.4	75.6	70.0	Jan-22	Dec-36	-		2055
UNDER CONSTRUCTION					370.5	191.0	152.9
Cajuína 2 - RN					370.5	191.0	152.9
PPA BRF (self production) - Cajuína 2	FSA Nordex	-	76%	2023	74.1	37.9	35.9	Jan/24	Dec/38	-		2055
PPA Unipar III (self production)	FSA Nordex	-	90%	2023	91.2	44.2	40.0	Jan/24	Dec/43	-		2055
PPA Microsoft	FSA Nordex	-	100%	2024e	153.9	79.7	77.0	Jan/24	Jul/39	-		2055
Additional Capacity	-	-	100%	-	51.3	29.2	-	-	-	-		-

1 -Base date: March 2024. Price, including taxes.

SOLAR POWER

		%	Operation	Installed	Physical	Contracted	Start of	End of	PPA Price1	End of
Solar Portfolio	O&M	Capacity	Guar. (Gross
AES Brasil	Startup	MWavg	PPA	PPA	(BRL/MWh)	Author.
		(MW)	MWavg)
OPERATIONAL				295.1	64.9	65.3
Guaimbê - SP				150.0	29.5	29.5
LER 2014	Intern	100%	2018	150.0	29.5	29.5	Oct-17	Sep-37	365.90	2050
Ouroeste - SP				145.1	35.4	35.8
Boa Hora - LER 2015	Intern	100%	2019	69.1	15.9	15.9	Nov-18	Oct-38	440.32	2051
Água Vermelha - LEN 2017	Intern	100%	2019	76.0	19.5	19.9	Jan-21	Dec-40	200.53	2053
UNDER CONSTRUCTION				33.2
AGV VII - SP	Intern	100%	2024	33.2	-	-	-	-	-	2056

1 - Base date: March 2024. Price, including taxes.

5

HYDROPOWER

	Location	Hydrologic	Installed	Physical	Concession
Hydropower Plants	Capacity	Guarantee
(State)	Basin	Expiration
	(MW)	(MWavg)
Água Vermelha	SP	Rio Grande	1,396.2	694.5	Aug-32
Bariri	SP	Tietê	143.1	59.6	Jul-32
Barra Bonita	SP	Tietê	140.8	46.7	May-32
Caconde	SP	Rio Grande	80.4	32.5	May-32
Euclides da Cunha	SP	Rio Grande	108.8	47.1	Jun-32
Ibitinga	SP	Tietê	131.5	66.8	Aug-32
Limoeiro	SP	Rio Grande	32.0	14.3	Jul-32
Nova Avanhandava	SP	Tietê	347.4	125.5	May-32
Promissão	SP	Tietê	264.0	93.9	Sep-32
SHPP Mogi	SP	Mogi Guaçu	7.2	4.0	Jul-32
SHPP S. Joaquim	SP	Mogi Guaçu	3.0	1.3	Jun-36
SHPP S. José	SP	Mogi Guaçu	4.0	1.6	Jun-36
Total Hydro Portfolio			2,658.4	1,187.8

PROJECTS UNDER CONSTRUCTION

Cajuína 2 Wind Complex (370 MW) - Rio Grande do Norte

The Cajuína 2 Wind Complex has completed 96% construction, with 52 of the 65 wind turbines operating commercially. These operational wind turbines (296 MW capacity) are connected to the Caju Substation, which also connects all the machines at Cajuína 1 (314 MW of capacity already operational). The remaining 13 machines (74 MW) will be connected to the Castanha Substation, which should be concluded by the end of 1H24.

Cajuína 2 has long-term contracts with BRF, Unipar and Microsoft (average term: 16.4 years).

Tucano Wind Complex (322 MW) - Bahia

All the 52 wind turbines at Tucano are authorized to operate commercially, supplying energy to Unipar and Anglo American through long-term agreements (average term: 17.4 years).

Currently, all the issues identified during the construction and commissioning of wind turbines are in the final phase of correction, with the team focused on ensuring that the supplier makes all the necessary adaptations. Of the 23 machines that needed component retrofits, 17 had been concluded by April 2024, with only 6 machines pending completion of retrofit. The complex is expected to be 100% operational during the end of 1H24.

AGV VII Solar Complex (33 MW) - São Paulo

The AGV VII Solar Farm is being constructed on an area adjacent to the Boa Hora and Água Vermelha solar complexes. Construction work is on budget and schedule, with more than 85% of construction completed. All modules and trackers were assembled and the complex should be fully operational in 3Q24. With the commercial startup of AGV VII, AES Brasil concludes its expansion obligations with the state of São Paulo.

To return to the Table of Contents, click here.

6

OPERATING PERFORMANCE

CONSOLIDATED GENERATION

Total Portfolio Generation	1Q23	1Q24	Var
(GWh)
TOTAL	4,566.3	3,800.7	-16.8%
Hydro	3,456.5	2,589.8	-25.1%
Wind	964.9	1,058.2	9.7%
Solar	144.9	152.7	5.4%

HYDROPOWER GENERATION

System Structure

Revenue from hydropower generation is related to the energy allocation strategy adopted by the Company and not directly to its generation volume, since hydroelectric plants are part of the Energy Reallocation Mechanism (ERM), an instrument for sharing hydrological risk. AES Brasil's power plants represent approximately 2% of total hydropower physical guarantee making up the ERM.

In 2024, the Company decided not to adhere to the allocation of ERM to HPP Água Vermelha (694.5 MWavg of physical guarantee), which represents 58% of the total hydropower physical guarantee of AES Brasil's portfolio, while other hydroelectric plants followed the seasonality of the system. As a result, both the physical guarantee allocated by the Company and the volume allocated by the ERM plants as a whole were higher in 1Q24 than in 1Q23.

Dispatch by hydroelectric plants pertaining to the ERM is determined by the National Electrical System Operator (ONS) and was lower in 1Q24 than in the same period in 2023, in order to preserve the reservoir levels at comfortable levels amid a scenario of inflows below expectations for the wet period from November 2023 to March 2024.

Average inflow of the National Interconnected System (SIN) was 65.8% of LTA1 in 1Q24 (vs. 104.9% in 1Q23). The wet period with rain below the LTA resulted in the reduction of the useful volumes of Brazil's reservoirs in the period (average of 66.0% in 1Q24 vs. 79.5% in 1Q23). However, volume remained above the historical average of the last 10 years.

According to ONS, average energy load2 of the SIN reached 77.6 GWavg in 1Q24, increasing 5.0% from 1Q23 due to the gradual resumption of economic activity, combined with high temperatures caused by the El Niño meteorological/ocean phenomenon.

1. Long-termaverage.
2. Load does not consider Distributed Generation in Micro and Mini Distributed Generation (MMDG).

7

Reservoirs Level
(% volume, SIN)		85	88		87	87	84
		80						78
	73			74		75	74
		71		68		73	68
		66
							63		64
	61	70
60									60
							58
	63	54	53		54	53			55
58	50		50				58
							44			51
		47
		45	44		42				38
34	40			40			33		34
39							31
33							35			25	33
31								24
25								29
								26
Dec	Jan	Feb	Mar	Apr		May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
			2021		2022		2023	2024	Last 10 Years
	Wet Period							Dry Period					Wet Period
											167
Inflow												154
(% LTA, SIN)
	125
		114									117
	117		98				103	99		101			95
95		101	94						94	92
			86			90
95			87		99				95
	81	85 93	85			82		89
84					89
					86	84	84
82		82	82		84	85
	72				80
				77	77
64	70		71
66					69					64
63		64		63	63	53
59				60
			58
Dec	Jan	Feb	Mar	Apr		May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
			2021		2022		2023	2024	Last 10 Years

As a result of the above factors, GSF was 90.7% in 1Q24, lower than in the same period last year (101.3%). In the quarter, the average Differences Settlement Price (PLD) for the SE/MW submarket was BRL 61.14/MWh, practically in line with the lower limit established by ANEEL for the period (BRL 61.07/MWh).

		GSF (%)
101.3	94.0
90.7		89.7
		80.6	83.8

PLD History SE/MW (BRL/MWh)

	84
80
75	74

	69	69	69	69	69	69	69
69
61	61	61

1Q	2Q	3Q	4Q	Full Year
		2023	2024

Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
					2023	2024

AES Brasil Performance

Reflecting the hydrological scenario during the period, total volume of gross energy generated by AES Brasil's hydroelectric power plants reached 2,589.8 GWh in 1Q24, 25.1% below that recorded in 1Q23 (3,456.5 GWh).

In case of plants participating in the ERM, one of the main indicators of operational performance is the availability index3. The hydroelectric plants of AES Brasil registered average availability of 92.3% in 1Q24 (+1.4 p.p. vs. 1Q23).

For a table with more details on hydropower generation by plant in said periods, click here.

3 Indicator considers the availability of the Generating Units (GU) connected to the system or available when stopped. It evaluates the time, in hours, that GU is available and the quality of this availability.

8

WIND POWER GENERATION

Gross wind power generation was 1,058.2 GWh in 1Q24, up 9.7% from 1Q23 (964.9 GWh), mainly due to the phased startup of Tucano and Cajuína, which jointly generated 415.6 GWh in the quarter (vs. 102.9 GWh in 1Q23), partially offset by a scenario of weaker winds, especially in the Northeast region, with a greater impact on the states of Bahia, Rio Grande do Norte and Ceará - where some of our wind complexes are located. Average wind speed, weighted by the capacity of the complexes, reached 6.6 m/s in 1Q24, down 10.3% from 1Q23 (7.3 m/s).

In 1Q24, consolidated average availability of the portfolio was influenced by the lack of availability of one of the two transformers at Ventos do Araripe (complex that represents nearly 18% of installed capacity), which restricted the maximum availability of the complex to around 55%.

In March, the backup transformer was energized for replacement and start of repairs on the damaged original transformer. After energization of the backup transformer, the availability of Ventos do Araripe reached 95%.

Disregarding the effect of restriction at Ventos do Araripe, consolidated average availability of the portfolio grew

1.6 p.p. in the period (89.0% in 1Q24 vs. 87.4% in 1Q23). The highlights were registered in Ventus (+5.3 p.p.) and Caetés (+5.0 p.p.), reflecting the operational improvement after the acceleration of maintenance according to our turnaround plan for these assets. Furthermore, note that the end of the O&M contract of two out of three complexes making up Ventus (Miassaba and Rei dos Ventos 3), with the implementation of the internalization plan expected for 2Q24.

Consolidated Average Availability4 (%)

+1.6 p.p.

89.0 87.4

Average Wind Speed5 (m/s)

7.3

6.6

1Q23

1Q24

1Q23

1Q24

Finally, note that curtailment recorded in the Company's wind portfolio, mainly located in the Northeast region, totaled 28.8 GWh in 1Q24 (vs. 7.4 GWh in 1Q23).

For a table with more details on wind power generation by complex in the periods, click here.

SOLAR POWER GENERATION

The solar complexes registered gross generation of 152.7 GWh in 1Q24, up 5.4% from 1Q23 (144.9 GWh).

In general, operating indicators of solar power plants improved during 1Q24 compared to the same period last year. Consolidated average availability reached 99.8%, up 1.9 p.p. from 1Q23, underscoring the performance of Água Vermelha (+5.2 p.p.) and Boa Hora, which registered 100.0% of availability in the quarter.

1. Average availability weighted by the installed capacity of each asset and the internalization of the indicator of power limits (parameter used to protect an equipment when it is damaged). Does not consider Tucano and Cajuína because they are partially in operation, as well as Ventos do Araripe, since the limited availability did not affect the generation in the registered wind scenario.
2. Average wind speed weighted by the installed capacity of the complexes. Does not consider Tucano and Cajuína because they are operating partially.

9

Irradiance increased 10.0% in 1Q24 compared to 1Q23, with Guaimbê showing a positive highlight (+22.2%), reflecting the fact that the region where the complex is located was less affected by rainy and/or cloudy days, factors that affect this indicator.

Consolidated Average Availability (%)

Average Irradiance6 (W/ m²)

	1.9 p.p.
97.9	99.8

259.0

235.5

1Q23

1Q24

1Q23

1Q24

For a table with more details on solar power generation per complex in these periods, click here.

COMMERCIAL PERFORMANCE

PORTFOLIO CONTRACTING LEVEL

Data in MWavg	2024	2025	2026	2027	2028	2029	2030
Total Resources (A)	2,161	2,184	2,184	2,186	2,192	2,191	2,191
Hydro Phisical Guarantee	1,151	1,148	1,148	1,150	1,156	1,155	1,155
Wind and Solar Phisical Guarantee	1,010	1,036	1,036	1,036	1,036	1,036	1,036
Regulated Market Sales (B)	596	596	596	596	596	596	596
Free Market Sales (C)	1,382	1,336	1,150	965	809	629	619
Hydro Portfolio	1,909	1,462	1,198	1,009	814	603	593
Purchases for Resale	(885)	(529)	(451)	(446)	(407)	(377)	(377)
Wind Portfolio (Tucano and Cajuína)	357	402	402	402	402	402	402
Total Sales (D = B + C)	1,978	1,932	1,746	1,561	1,406	1,225	1,215
GSF Hedge (E)	122	172	172	172	173	173	173
Uncontracted Energy (A - D - E)	61	79	266	452	613	792	802
Conventional	0	1	159	314	394	554	554
Incentivized	61	78	107	139	218	238	248
Total Portfolio Contracting Level	97%	96%	87%	78%	70%	61%	60%
Hydro Contracting Level	100%	96%	77%	58%	41%	23%	22%
1	2024	2025	2026	2027	2028	2029	2030
Data in BRL/MWh , as of March/24
Average Sales Price	185	195	192	197	199	206	206
Regulated Market Environment	250	250	250	250	250	250	250
Free Market Environment - Hydro Source	162	170	159	161	158	161	159
Free Market Environment - Wind Portfolio (Tucano and Cajuína)	199	205	205	207	207	208	209

1 - Prices including PIS/COFINS: 9.25% for Free Contracted Environment (ACL) Hydropower Portfolio and 3.65% for Regulated Contracted Environment (ACR) and ACL - Wind Portfolio (Tucano and Cajuína). Not including ICMS and sector charges (R&D and CFURH), which are the seller's responsibility, in force and regulated on said date. For more information, consult our Modeling Guide.

Note that AES Brasil's strategy is to contract the maximum of its hydropower portfolio up to its expected GFS for the year, leaving some volume for hedging against the GSF. In this regard, the Company already has this strategy

6 Average irradiance weighted by the installed capacity of complexes.

10