Companhia Energetica de Minas Gerais CEMIG : 3Q24 Earnings Releases

Transf rming lives with our energy

3Q

Conference call | Webcast

November 18 (Monday),

10 am (Brasília time)

Link: CEMIG WEBCAST

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Cemig Results Center

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3Q24 HIGHLIGHTS

RATINGS

(R$ mn)

Consolidated Ebitda

+146.5%		-10.3%
	4,958
2,011		1,965	1,762
3Q23	3Q24	3Q23	3Q24
IFRS	Recurring

Ebitda by segment (Recurring)

	227	11		Generation
	495
			Transmission
				Trading
773		155		Distribution
		Gas

101		Other

Consolidated net profit

+165.2%
	3,280		-9.3%
1,237			1,233	1,118
3Q23	3Q24		3Q23	3Q24
IFRS		Recurring
Leverage ( Total net debt / Adjusted Ebitda )
2.70
	1.28	1.22	0.96	0.89
		0.88
2019	2020	2021	2022	2023	sep-24

Leader in valuation in the  Brazilian electricity sector

CEMIG: IN THIS INDEX FOR

THE ONLY ELECTRICITY COMPANY IN THE AMERICAS IN THIS INDEX

Energy sources:RENEWABLE

Cemig' 100%

3Q24 HIGHLIGHTS

Robust cash generation: Ebitda: R$ 4.96 billion

Net profit: R$ 3.28 billion;

Cemig D (Distribution):

Adjusted Ebitda:	R$ 1.76 billion	in 3Q24
vs.	R$ 1.96 billion	in 3Q23

Adjusted net profit: R$ 1.12 billion

Average outage duration (DEC): 9.43 hours - within regulatory limit (9.64 hrs)

Volume of energy distributed:

up 4.5%

• Highlights: Residential up 6.2% YoY; industrial up 5.6%

Sale of stake in Aliança Energia completed - in line with strategic plan (divest minority stakes)

o R$ 2.7 billion received in August 2024
o Effects: R$ 1.67 billion in Ebitda,	R$ 1.12 billion in Net profit
5-year Transmission Tariff Review
▪ Positive effects: R$ 1.5 billion in Ebitda;	R$ 1.0 billion in net profit

• From: (i) recognition of investments made; (ii) efficiency in construction of assets

Invested in 9M24: R$ 4.04 billion -	21.4% more than in 9M23
o R$ 1.60 billion invested in 3Q24	Cemig D capex in 3Q: R$ 1.18 billion

1. Boa Esperança photovoltaic plant: 100% in commercial operation in 3Q24, adding 100 MWp

Best ratings in Cemig's history Fitch Ratings: AAA

Upgrade recognizes: ● consistent results, ● strong cash generation,

• diverse asset base, ● capital allocation discipline.

Attractive remuneration for shareholders

• Corporate action in 3Q34: R$ 1.89 bn
  o R$ 472.6 million - Interest on Equity declared in September

1. R$ 1.42 billion - additional dividends declared and paid in August

Cemig D: 11th debenture issue - oversubscribed

Offering: R$ 2.5 billion Demand: 1.53x

Average tenor of debt: extended by 1 year

Leverage: 0.88x (Net debt / Ebitda, consolidated)

3Q24 Results
CONTENTS
3Q24 HIGHLIGHTS	Erro! Indicador não definido.
CONSOLIDATED RESULTS	5
PROFIT AND LOSS ACCOUNTS	6
RESULTS BY BUSINESS SEGMENT	7
THE MARKET	8
PERFORMANCE BY COMPANY	9
Cemig D	9
Billed electricity market	9
Sources and uses of electricity - MWh	10
Client base	10
Performance by sector	10
The Annual Tariff Adjustment	11
Five-yearTariff Reviews compared	12
Supply quality indicators - DEC and FEC	13
Combating default	13
Energy losses	14
Cemig GT and Cemig Holding Company	15
Electricity market	15
Sources and uses of electricity	16
Gasmig	17
Consolidated results	18
Net profit	18
Operational revenue	19
Operational costs, expenses and other revenues	22
Finance income and expenses	25
Equity income (gain/loss in non-consolidatedinvestees)	26
Consolidated Ebitda (IFRS, and Adjusted)	27
Ebitda of Cemig D	28
Cemig GT - Ebitda	29
Investments	30
Debt	31
Covenants - Eurobonds	33
Cemig's long-termratings	34
ESG - Report on performance	34
Performance of Cemig's shares	37
Cemig generation plants	38
RAP: July 2024-June2025 cycle	39
Regulatory Transmission revenue	40
Complementary information	40
Cemig D	40
Cemig GT	42
Cemig, Consolidated	43
Disclaimer	49
	4
COMPANHIA ENERGÉTICA DE MINAS GERAIS S.A.

3Q24 Results

CONSOLIDATED RESULTS

Ebitda - 3Q24

				3Q24	3Q23		Change, %
	Ebitda, by company (IFRS)
	(R$ '000)
	Cemig D (IFRS)	773,388		835,588				-7.4%
	Cemig GT (IFRS)	3,797,877		790,747			380.3%
	Gasmig (IFRS)	227,194		231,173				-1.7%
	Consolidated (IFRS)		4,957,907		2,011,189				146.5%
				3Q24	3Q23		Change, %
	Adjusted Ebitda, by company
	(R$ '000)
	Cemig D		773,388		835,588				-7.4%
	Cemig GT	602,500		744,956				-19.1%
	Consolidated		1,761,967		1,964,799				-10.3%

Financial discipline, and execution of strategic planning

• ensured robust results.

Adjusted profit in line with expectations -

• even with the challenges of:
• 1. hydrology, and
  2. higher costs, on improving service quality for the state's consumers.

COMPANHIA ENERGÉTICA DE MINAS GERAIS S.A.	5

3Q24 Results

PROFIT AND LOSS ACCOUNTS

	3Q24	3Q23	Change, %
R$ '000
NET REVENUE	10,148,885	9,426,629	7.7%
COSTS	-7,252,186	-6,268,746	15.7%
Cost of electricity	-4,567,101	-3,778,480	20.9%
Gas purchased for resale	-543,988	-527,146	3.2%
Charges for use of national grid	-804,946	-769,491	4.6%
Infrastructure construction costs	-1,336,151	-1,193,629	11.9%
OTHER COSTS, EXPENSES AND OTHER REVENUES	1,653,809	-1,534,303	-207.8%
People	-326,125	-302,927	7.7%
Employees' and managers' profit shares	-40,965	-43,603	-6.1%
Post-employment liabilities	-122,028	-168,786	-27.7%
Materials	-34,676	-28,478	21.8%
Outsourced services	-497,493	-466,584	6.6%
Depreciation and amortization	-345,742	-316,693	9.2%
Provisions	-92,837	-99,522	-6.7%
Impairment	-1,491	45,791	-103.3%
Provisions (reversals) for client default	50,556	-43,160	-217.1%
Reversal of provision with related party	57,835	-	-
Other operating costs and expenses, net	-144,903	-110,341	31.3%
Total other costs and expenses	-1,497,869	-1,534,303	-2.4%
Gain on disposal of investments	1,616,911	-	-
Revenue - Periodic Tariff Review, net	14,136	-
Gain on asset purchase	1,520,631	-	-
Total other revenues	3,151,678	-	-
Share of profit (loss) in non-consolidated investees	61,657	70,916	-13.1%
Net finance income (expense)			-71.4%
	-61,545	-214,852
Profit before income and Social Contribution taxes	4,550,620	1,479,644	207.5%
Income tax and Social Contribution tax	-1,270,423	-242,337	424.2%
NET PROFIT FOR THE PERIOD	3,280,197	1,237,307	165.1%

COMPANHIA ENERGÉTICA DE MINAS GERAIS S.A.	6

3Q24 Results

RESULTS BY BUSINESS SEGMENT

INFORMATION BY SEGMENT, 3Q24

Electricity

Gas

Generation TransmissionTrading Distribution

Equity

interests

Elimin- TOTAL ations

	NET REVENUE	721,825
	COST OF	-114,660
	ELECTRICITY AND GAS
	OTHER COSTS,
	EXPENSES AND OTHER
	REVENUES
	People	-35,037
	Employees' and managers'	-3,885
	profit shares
	Post-employment liabilities	-12,932
	Materials, Outsourced services	-99,500
	and Other expenses
	Depreciation and	-78,654
	amortization
	Provisions	-4,035
	Infrastructure construction costs	-
	Other revenues	42,989
	TOTAL	-191,054
	TOTAL COSTS,
	EXPENSES AND OTHER	-305,714
	REVENUES
	Share of profit (loss) in
	non-consolidated investees	-
	Net finance income (expenses)	3,220
	PROFIT (LOSS) BEFORE	419,331
	TAXES ON PROFIT
	Income tax and	-152,570
	Social Contribution tax
	NET PROFIT FOR THE
	PERIOD	266,761

318,668	1,876,418	6,758,463	920,426	26,726		-473,641	10,148,885
	-96		-1,761,871		-3,947,320	-543,988	-12,809	464,709	-5,916,035
	-34,623	2,462		-222,612	-17,599	-18,716		-	-326,125
	-4,134		-221		-24,336	-	-8,389		-	-40,965
	-7,992		-1,831		-81,391	-	-17,882		-	-122,028
	-41,965		-6,605		-535,850	-21,737	-23,336	8,932	-720,061
	-6,357		-2		-230,097	-24,744	-5,888		-	-345,742
	-926		-7,276		-22,484	1,151	47,633		-	14,063
(74,005)		-	(1,151,083)	(111,063)	-		-	(1,336,151)
1.520.631		-		-	-	1,631,047		-	3,194,667
1.350.629		-13,473		-2,267,853	-173,992	1,604,469	8,932	317,658
1,350,533		-1,775,344		-6,215,173	-717,980	1,591,660	473,641	-5,598,377
	-		-		-	-	61,657		-	61,657
18,255	3,098		-75,596	-8,167	-2,355		-	-61,545
1,687,456	104,172	467,694	194,279	1,677,688		-	4,550,620
	-487,206		-9,103		-95,973	-63,304	-462,267		-	-1,270,423
	1,200,250		95,069		371,721	130,975	1,215,421		-	3,280,197

COMPANHIA ENERGÉTICA DE MINAS GERAIS S.A.	7

3Q24 Results

THE MARKET

Cemig's consolidated electricity market

In September 2024 the Cemig Group invoiced 9.35 million clients - an addition of approximately 179,000 clients, or a 1.95% increase in its consumer base since the end of September 2023.

Of this total number of consumers, 9,344,674 are final consumers (and/or Cemig's own consumption); and 723 are other agents in the Brazilian power sector.

These charts break down the Group's sales to final consumers:

Energy sales by segment, %

3Q24		3Q23
					Residential
6%		6%			Industrial
27%	8%	26%
9%
22%		22%			Commerce and services
				Rural
	36%		38%		Other

3Q24 Results

PERFORMANCE BY COMPANY

Cemig D

Billed electricity market
	3Q24	3Q23	Change %
Captive clients + Transported energy (MWh)*
Residential	3,051,336	2,874,159	6.2%
Industrial	5,967,158	5,652,811	5.6%
Captive market	270,836	320,470	-15.5%
Transport	5,696,321	5,332,341	6.8%
Commercial, services and Others	1,511,590	1,500,991	0.7%
Captive market	930,862	1,008,973	-7.7%
Transport	580,728	492,018	18.0%
Rural	935,395	879,384	6.4%
Captive market	914,360	867,641	5.4%
Transport	21,035	11,743	79.1%
Public services	814,299	844,521	-3.6%
Captive market	646,371	733,652	-11.9%
Transport	167,928	110,869	51.5%
Concession holders	91,045	88,198	3.2%
Transport	91,045	88,198	3.2%
Own consumption	6,763	6,783	-0.3%
Total	12,377,586	11,846,846	4.5%
Total, captive market	5,820,529	5,811,677	0.2%
Total, energy transported for Free Clients	6,557,057	6,035,169	8.6%

*Excluding compensated energy from DG

Energy supplied to captive clients plus energy transported for Free Clients and distributors in 3Q24 totaled 12,378 GWh, or 4.5% more than in 3Q23 (excluding compensated energy from DG), mainly reflecting higher consumption by: residential clients ( - up 177.2 GWh or +6.2%); industrial clients ( - up 314.3 GWh or +5.6%); and rural clients ( - up 56.0 GWh or +6.4%). These increases were mainly due to: higher temperatures; higher economic activity; and higher demand for irrigation, in the period.

The growth of 4.5% in total energy distributed comprises: an increase of 8.6% ( +521.9 GWh) in use of the network by Free Clients, and an increase of 0.2% (+8.9 GWh) in consumption by the captive market.

Energy distributed, by segment (%)

3Q24		3Q23
7%			8%	Residential
8%	25%	7%	24%	Industrial
12%		13%		Commerce and services
				Rural
48%			48%	Other

COMPANHIA ENERGÉTICA DE MINAS GERAIS S.A.	9

3Q24 Results

Sources and uses of electricity - MWh
	3Q24	3Q23	Change %
Metered market - MWh
Transported for distributors	91,045	87,590	3.9%
Transported for Free Clients	6,537,504	5,956,175	9.8%
Own load + Distributed generation	8,790,421	8,427,677	4.3%
Consumption by captive market	5,836,505	5,806,773	0.5%
Distributed Generation market	1,269,813	960,662	32.2%
Losses in distribution network	1,684,103	1,660,242	1.4%
Total volume carried	15,418,971	14,471,442	6.5%

Client base

In September 2024 Cemig billed 9.34 million consumers, or 1.9% more than in September 2023. Of these, 3,903 were Free Clients using the distribution network of Cemig D.

	Sep. 2024	Sep. 2023	Change %
NUMBER OF CAPTIVE CLIENTS
Residential	7,897,895	7,673,463	2.9%
Industrial	28,734	28,653	0.3%
Commercial, services and others	918,607	940,938	-2.4%
Rural	399,211	428,177	-6.8%
Public authorities	72,545	69,458	4.4%
Public lighting	6,995	6,554	6.7%
Public services	13,710	13,679	0.2%
Own consumption	757	759	-0.3%
Total, captive clients	9,338,454	9,161,681	1.9%
NUMBER OF FREE CLIENTS
Industrial	1,639	1,179	39.0%
Commercial	2,146	1,656	29.6%
Rural	46	18	155.6%
Concession holders	8	8	0.0%
Others	64	23	178.3%
Total, Free Clients	3,903	2,884	35.3%
Total, Captive market + Free Clients	9,342,357	9,164,565	1.9%

Performance by sector

Industrial: Energy distributed to Industrial clients was 5.6% higher YoY in 3Q24, on higher physical production by industry, and was 48.2% of Cemig D's total distribution. The greater part was energy transported for industrial Free Clients (46.0%), which was 6.8% higher by volume than in 3Q23. Energy billed to captive industrial clients was 2.2% of the total distributed, and 15.5% less by volume than in 3Q23 - mainly due to migration of clients to the Free Market. Highlights in industry by sector were: Increased consumption in Metallic production (+9.7), Ferroalloys (+13.4%), Foods and beverages (+4.8%) and Chemicals (+7.1%). The only sector with significantly lower power consumption, YoY, was Non-ferrous metals (-7.0%).

Residential: Residential consumption was 24.7% of total energy distributed by Cemig D, and 6.2% higher than in 3Q23. Average monthly consumption per consumer in the quarter, at 128.8 kWh/month, was 3.1% higher than in 3Q23, reflecting temperatures higher than the historic averages, and higher family consumption. Also contributing to higher consumption was the +2.9% growth - an increase of 224,400 - in the number of clients in this category.

COMPANHIA ENERGÉTICA DE MINAS GERAIS S.A.	10