AES Brasil Energia S A : 1Q24 Results Presentation

1Q24 RESULTS PRESENTATION

May 03rd, 2024

Tucano Wind Complex

2

1Q24 Highlights

• Progress in the construction works of Cajuína 2 and AGV VII
• Significant improvement in wind assets turnaround, with +2 p.p. in availability
• Increase in the contracting level, capturing price increases
• Net Margin of BRL 533 million and Adjusted EBITDA¹ of BRL 368 million
• Effective debt management, optimizing average term and indexation strategies

1 - 1Q24 adjusted for non-recurring events: (i) reversal of Alto Sertão II purchase price; (ii) biennial maintenance of locks; and (iii) indemnification for material damages in Ventos do Araripe.

3

Construction

Operational

Results

Final Remarks

Tucano Wind Complex

Final construction phase of 107 MW, part of over 1 GW built in recent years

4

Cajuína 1 314 MW

100% operational since 4Q23

RN

Cajuína

Cajuína 2 370 MW

Final construction phase of the Castanha Substation, connecting the remaining 13 WTGs

BA

Tucano

52/65	Expected completion in 1H24
Operational

Tucano 322 MW

	100% WTGs with COD			40/52
	FSA contract stipulates a minimum availability of 98%¹	Substantial
	Expected completion in 1H24			Completion
SP	AGV VII 33 MW
AGV VII
	Construction on time, on budget		With the commercial operation start of
	85%	AGV VII, AES Brasil completes its
	Trackers and modules fully assembled	expansion obligations with the state of
		São Paulo
	construction works completed
	Expected completion in 3Q24

1 - 97% during the first year and 98% in subsequent years.

5

Construction

Operational

Results

Final Remarks

Tucano Wind Complex

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Challenging wind performance in the first quarter

Wind Generation Average Capacity Factor - NE

ONS Data (%) - Generation (MWavg) divided by Installed Capacity (MW)

1Q24 Wind Pattern Anomalies

Data: Consultoria Tempo

Wind Pattern Anomalies at 100 m

(% deviation from the 1991-2020 average)

-15	-11	-7	-2	0	2	7	11	15

37 39

34

28

44

39 40

63

60

52

47 46 45

January

February

March

1Q

2Q

3Q

4Q

2021 2022 2023 2024

Lower average wind speeds result in a decrease

in the energy generated in the country

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Progress in the turnaround of wind assets during low wind speed periods

Availability

(%, average of the period)

	Ventus		Mandacaru & Salinas		Araripe	Caetés			Cassino
			87	89	88	95²		97	97
		87		89	89		94
83	83		83			85
	82		80			52¹

2021

2022

2023

1Q24

2022

2023

1Q24

2022

2023

1Q24

2022

2023

1Q24

2022

2023

1Q24

• Optimal stock level, enabling efficient equipment replacement
• Anticipation of preventive maintenance
• Start of the maintenance internalization process at Ventus

1 - Availability of only 1 out of the 2 transformers in the complex, limiting the maximum availability to ~55%; 2 - In March, the reserve transformer was replaced and energized to begin the repair of the damaged one. Following the energization, Ventos do Araripe's availability remained above 95%.

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Generation influenced by the low performance of the resource

Availability¹

(%)

+2 p.p.

8789²

1Q231Q24

Generation

(GWh)

965

103

862

Wind

(average speed, m/s)

-10%

7.36.6

1Q23¹1Q24

+10%

1,058

416

643

1Q231Q24

New Assets - Tucano and Cajuína

Wind Portfolio in the Regulated Market

	Note: availability and wind data weighted by the installed capacity of the wind complexes; 1 - Excludes Tucano and Cajuína; 2 - Excludes
Salinas Wind Complex	the unavailability of 1 out of 2 transformers at Ventos do Araripe, which limits the maximum availability of the complex to ~55%

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100% availability in the quarter reflects operational excellence

Availability

(%)

+2 p.p.

98	100
1Q23	1Q24

Generation
(GWh)
	+5%
145	153
1Q23	1Q24

Irradiance

(average, W/m²)

	+10%
235	259
1Q23	1Q24

Ouroeste Solar Complex

10

ONS reduces hydro dispatch due to disappointing rainy season

Hydrological Scenario

Reservoirs

Inflow

GSF

Average PLD

Load

(%, SIN, average for the period)

(% LTA, SIN)

(%)

(BRL, SE/CO)

(GWavg, average)

80

101

69

78

105

91

61

74

66

66

1Q23

1Q24

1Q23

1Q24

1Q23

1Q24

1Q23

1Q24

1Q23

1Q24

AES Brasil Hydro Plants

Generation
(GWh)	-25%
3,456	2,590
1Q23	1Q24

Availability

(%)

+1 p.p.

91	92
1Q23	1Q24

Barra Bonita HPP