CPFL Energia S A : Financial Statements * 1Q24

1Q24 Results

Energy for a more sustainable future

VIDEOCONFERENCE

May 10th, 2024

Videoconference in Portuguese with simultaneous translation into English

Time 11:00 (BRT) | 10:00 (EST)

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Message from the CEO

There is no way to begin this message without mentioning the heavy rains that hit Rio Grande do Sul in the last few days. CPFL's businesses operating in the state - Distribution, Generation and Transmission - were affected in some way. According to the state government, 336 municipalities were affected, of which 276 are in RGE's concession area. During the worst moment, 72 municipalities were completely without electricity, but power has since been restored in 68 municipalities. Six municipalities are still completely without power, while ten are partially without electricity at the request of authorities, for safety reasons. Despite so many difficulties (roadblocks, flooded and inaccessible areas), the Company remains fully mobilized to restore power supply while respecting the technical and safety conditions.

It is still very difficult to estimate the potential impacts on revenue and costs, as well as the need for fresh investments, among others, in our businesses. Our focus still remains on helping our colleagues and the people of Rio Grande do Sul to stay safe and get their lives back on track.

In this regard, we know the importance of power supply in returning to normality and are employing all efforts, which include sending teams from São Paulo and mobilizing all our employees, including electricians, technicians, engineers, IT and other support staff from the company, in order to overcome this challenge as quickly as possible.

Regarding 1Q24, it is worth highlighting that we registered solid results, driven by higher temperatures and costs under control. In the Distribution segment, I wish to highlight the continued high load, which increased 5.1% this quarter, especially in the residential and commercial segments, which increased 11.4% and 10%, respectively, year on year. Moreover, the industrial segment, after a negative 2023, started delivering positive results, with growth of 2.2%.

In the Generation segment, we were affected by much lower wind generation than in 1Q23, which was partially offset by the positive effect of contractual adjustments linked to inflation.

The Transmission segment brought gains of R$ 76 million in regulatory EBITDA this quarter. I wish to highlight the significant reduction of R$ 22 million in costs and the improvement in revenue due to tariff adjustments at CPFL Transmissão in the amount of R$52 million.

Capex in the quarter totaled R$ 1.1 billion, of which approximately 84% went to the Distribution segment. Our estimated capex for the year continues to be R$ 5.9 billion.

Reflecting our disciplined allocation of capital, we ended the quarter with cash balance of R$ 5.4 billion and net debt of 1.93 times EBITDA based on the criteria of our financial covenants.

On April 26, 2024, the Shareholders Meeting approved the distribution of net income from 2023, which includes the payment of dividends of R$ 3.2 billion, equivalent to R$ 2.75 per share.

As for the ESG agenda, we wish to highlight the portfolio rebalancing and CPFL Energia's consequent improvement in B3's Sustainability Index (ISE) ranking, registering its best performance - second among all stocks in the portfolio and the best company in the Utilities sector.

Finally, I wish to state that CPFL Energia remains committed to continue investing and deploying new technologies, with the focus always on customer service backed by quality and efficiency, and on operating in the electricity sector with reliability, transparency and security for the entire society, while also respecting the environment, pursuing growth and creating value for all our stakeholders.

Thank you very much!

Gustavo Estrella

CEO, CPFL Energia

Key Indicators

R$ Million	1Q24	1Q23	Δ R$	Δ %
Load in the Concession Area - GWh	19,419	18,480	939	5.1%
Sales within the Concession Area - GWh	18,625	17,690	935	5.3%
Captive Market	11,054	10,604	450	4.2%
Free Client	7,571	7,086	485	6.8%
Gross Operating Revenue	14,987	13,410	1,576	11.8%
Net Operating Revenue	10,166	9,839	327	3.3%
EBITDA(1)	3,865	3,530	335	9.5%
Distribution	2,536	2,327	209	9.0%
Generation	955	937	18	1.9%
Transmission	256	229	27	11.8%
Commercialization, Services & Others	118	38	81	214.0%
Net Income	1,755	1,651	104	6.3%
Distribution	1,158	1,118	40	3.6%
Generation	475	453	22	4.8%
Transmission	125	123	2	1.7%
Commercialization, Services & Others	(2)	(43)	41	-95.7%
Net Debt (2)	25,563	22,790	2,772	12.2%
Net Debt / EBITDA(2)	1.93	1.70	0.23	13.5%
Investments(3)	1,094	1,082	12	1.1%
Stock Performance	34.81	31.65	3.16	10.0%
Daily Average Volume	72	63	9	14.0%

Notes:

1. EBITDA is calculated from the sum of net income, taxes, financial result, depreciation/amortization, as CVM Resolution no. 156/22. See the calculation in item 2.1 of this report;
2. In financial covenants criteria, which considers CPFL Energia's stake in each generation projects and in CPFL Transmissão;
3. Does not include special obligations.

The data disclosed in this release, as well as further details, are available in Excel, and can be consulted in the Historical Information Base, available in the IR website. To access, click here.

In case of doubts, Talk to IR.

1Q24 Results

Highlights

Load in the concession area1

+5.1%

Net Income

R$ 1,755

million (+6,3%)

CPFL Santa Cruz was

recognized, for the 3rd

consecutive year, as

the best disco in the

Southeast region and RGE

won 1st place in South

region

CPFL Energia reaches the

2nd place in the ISE

Sustainability Index General

Ranking and Best in the

Utilities Sector

1) Load net of losses; 2) In the financial covenants criteria.

EBITDA

R$ 3,865

million (+9,5%)

Net Debt

R$ 25.6

billion with a leverage of 1.93x (Net Debt/ EBITDA2)

CPFL Piratininga, Santa

Cruz, Paulista and RGE,

Highlights in Best in

Management award by

Fundação Nacional de

Qualidade

Election of Ms. Claudia

Elisa de Pinho Soares

as an Independent

Member, in the Board of

Directors

Uso Público CPFL

1Q24 Results

Contents
1) CPFL ENERGIA ECONOMIC-FINANCIAL PERFORMANCE	........................................... 6
1.1) Economic-Financial Performance	6
1.2) Indebtedness	10
1.2.1) Financial Debt in IFRS Criteria	10
1.2.2) Debt in Financial Covenants Criteria	12
1.3) Investments	12
1.3.1) Actual Investments by Segment	12
1.3.2) Investment Forecast	12
2.1) ESG Plan 2030	14
2.2) Key ESG Indicators aligned to the Plan	15
3.1) DISTRIBUTION SEGMENT	17
3.1.1) Operational Performance	17
3.1.1.1) Load Net of Losses | Concession Area	17
3.1.1.3) Delinquency	18
3.1.1.4) Losses	19
3.1.1.5) SAIDI and SAIFI	19
3.1.2) Tariff Events	20
3.1.3) Economic-Financial Performance	21
3.2.1) Operational Performance	27
3.3) TRANSMISSION SEGMENT	31
3.3.1) Portfolio	31
3.3.2) Operational Performance	31
3.3.3) Regulatory Themes	32
3.3.4) Economic-Financial Performance | Regulatory	34
3.3.5) Economic-Financial Performance | IFRS	36
3.4) COMMERCIALIZATION AND SERVICES SEGMENTS	37
3.4.1) Economic-Financial Performance	37
4) ATTACHMENTS	38

Uso Público CPFL

1. CPFL ENERGIA ECONOMIC-FINANCIAL PERFORMANCE
   1.1) Economic-Financial Performance

R$ Million	1Q24	1Q23	Δ R$	Δ %
Gross Operating Revenue	14,987	13,410	1,576	11.8%
Net Operating Revenue	10,166	9,839	327	3.3%
Net Operating Revenue (ex-rev. from infrastructure)	9,143	8,914	229	2.6%
Cost of Electric Power	(4,329)	(4,376)	47	-1.1%
PMSO, Private Pension Fund and ADA	(1,091)	(1,098)	8	-0.7%
Costs of Building the Infrastructure	(973)	(914)	(58)	6.4%
Equity Income	92	80	12	15.1%
EBITDA	1	3,865	3,530	335	9.5%
Depreciation and Amortization	(566)	(540)	(26)	4.9%
Financial Income (Expense)	(816)	(551)	(265)	48.1%
Financial Revenues	417	529	(113)	-21.3%
Financial Expenses	(1,233)	(1,081)	(152)	14.1%
Income Before Taxes	2,483	2,440	44	1.8%
Income Tax / Social Contribution	(728)	(789)	61	-7.7%
Net Income	1,755	1,651	104	6.3%

Note: (1) EBITDA is calculated from the sum of net income, taxes, financial results and depreciation/amortization.

Non-cash effects, extraordinary items and others

We highlight below the non-cash effects, extraordinary items and others of greater relevance observed in the periods analyzed, as a way to facilitate the understanding of the variations in Company's results.

EBITDA effects | R$ million	1Q24		1Q23	Δ R$	Δ %
Non-cash effects (recurrent)
Adjustments in the concession financial assets (VNR)	384	361	23	6.5%
Legal and judicial expenses	(53)	(59)	6	-10.7%
Assets write-off	(27)	(29)	2	-6.5%
Extraordinary items
Investment Fair Value Adjustments (non-cash effect)	56	-	56	-
Tariff review (RAB report)	-	136	(136)	-

Extraordinary items explanation

• Investment Fair Value Adjustments (non-casheffect): Positive effect of R$ 56 million in 1Q24, due to the remeasurement at fair value in the investment recorded in Paulista Lajeado;
• Regulatory Asset Base ("RAB") Appraisal Reports: Adjustment related to the final version of the appraisal report of CPFL Paulista's PTR, in 1Q23 (R$ 136 million).

6

Earnings Release | 1Q24

Other relevant numbers for result analysis:

EBITDA effects| Transmission Segment	1Q24	1Q23	Δ R$	Δ %
EBITDA	IFRS	256	229	27	11.8%
EBITDA	Regulatory	253	177	76	42.8%
Diference IFRS (-) Regulatory	3	52	(49)	-94.1%
Financial results effect | R$ million	1Q24	1Q23	Δ R$	Δ %
Late payment interest and fines	119	83	35	42.5%
Mark-to-market (MTM)	(136)	88	(224)	-

The financial result was influenced by an extraordinary item:

• Mark-to-market(MTM):financial expense related to the reduction of credit spread practiced by the market in 1Q24, versus the increase in the risk spread practiced by the market in 1Q23.

Net Operating Revenue by Segment

R$ Million	1Q24	1Q23	Δ R$	Δ %
Distribution	8,611	8,215	396	4.8%
Generation	1,076	1,127	(51)	-4.5%
Transmission	422	399	23	5.7%
Commercialization	463	520	(57)	-11.0%
Services	296	224	72	32.1%
Elimination and Others	(702)	(647)	(56)	8.6%
Net Operating Revenue	10,166	9,839	327	3.3%

In distribution segment, the growth of revenue with energy sales (Captive + TUSD), favored by the high temperatures, was offset by the lower updating of the concession's financial assets.

For further details about the variation in net operating revenue by segment, see Chapter 3 -

Performance of Business Segments.

Cost of Electric Energy

R$ Million	1Q24	1Q23	Δ R$	Δ %
Itaipu	494	462	32	7.0%
PROINFA	92	101	(9)	-9.1%
Auction, Bilateral Contracts and Spot Market	2,688	2,879	(191)	-6.6%
PIS and COFINS Tax Credit	(284)	(304)	20	-6.4%
Cost of Electric Power Purchased for Resale	2,990	3,137	(148)	-4.7%
National Grid Charges	1,068	923	145	15.7%
Itaipu Transmission Charges	103	73	30	41.3%
Connection Charges	28	28	(1)	-2.5%
Charges for the Use of the Distribution System	11	21	(10)	-48.8%
ESS / EER	276	328	(52)	-16.0%
PIS and COFINS Tax Credit	(145)	(134)	(11)	8.4%
Charges	1,339	1,239	101	8.1%
Cost of Electric Energy	4,329	4,376	(47)	-1.1%

7

Earnings Release | 1Q24

The reduction in Costs with Energy Purchased for Resale, is mainly due to the reduction in Auction, Bilateral Contracts and Spot Market (reduction in the amount of energy and the average tariff between periods).

Regarding the Charges for the Use of the Transmission and Distribution System (National Grid, Itaipu transport, connection and use of the transmission and distribution system), the increase is mainly due to the variation in National Grid Charges, due to the adjustment in the Tariff for the Use of the Transmission System (TUST), as of July 2023, in accordance with ANEEL Resolution No. 3,217/23. This effect is partially offset by the sector charges (ESS/EER), the perceived reduction is due to the EER - Reserve Energy Charges, mainly as a result of the increase in the generation of the plants committed to the Reserve Energy Contracts, since in this case, the energy sold is settled in the CCEE at the value of PLD, requiring less need for resources via charges.

For further details about the variation in the cost of electric energy, see Chapter 3 -

Performance of Business Segments.

PMSO

R$ Million	1Q24	1Q23	Δ R$	Δ %
Personnel	527	492	35	7.2%
Material	120	125	(5)	-4.2%
Outsourced Services	221	215	5	2.5%
Other Operating Costs/Expenses	189	222	(33)	-15.0%
ADA	115	69	46	66.7%
Assets Write-Off	27	29	(2)	-7.3%
Legal and judicial expenses	53	59	(6)	-10.7%
Investment Fair Value Adjustments (non-cash effect)	(56)	-	(56)	-
Others	51	65	(15)	-22.4%
PMSO	1,056	1,054	2	0.2%

The PMSO was impacted by an extraordinary item (for more details, see explanation at the beginning of the chapter) which generated an effect of R$ 56 million in 1Q24.

Excluding this item, the PMSO would have an increase of 5.5% (R$ 58 million), due to the following factors:

⎩ MSO not linked to inflation (+R$ 31 million | +15.3%): increase in the allowance for doubtful accounts (ADA), partially offset by reductions in legal and judicial expenses and Capex related to Opex;

⎩ Personnel (+R$ 35 million | +7.2%): reflect the salary adjustments resulting from the collective bargaining agreements applied in 2023, in addition to a headcount increase of 2.7%1 in the Distribution segment (which represents 60% of the CPFL group's workforce) and 13.5%1 in the Services segment (which represents 31% of the CPFL group's workforce);

⎩ MSO linked to inflation (-R$ 8 million | -2.2%) - main impacts: lower expenses with auditing and consulting (R$ 3 million), collection rate (R$ 2 million), maintenance and conservation of buildings (R$ 1 million), and tools and equipment (R$ 1 million).

1 Average from January to March.

8

Earnings Release | 1Q24

Other operating costs and expenses

R$ Million	1Q24	1Q23	Δ R$	Δ %
Costs of Building the Infrastructure	973	914	58	6.4%
Private Pension Fund	34	44	(10)	-22.3%
Depreciation and Amortization	566	540	26	4.9%
Other operating costs and expenses	1,573	1,498	75	5.0%

EBITDA

Related to EBITDA, the good performance of the Distribution segment stands out, due to the gains in parcel B resulting from the increase in consumption in the main segments.

EBITDA is calculated according to CVM Resolution No. 156/22 and showed in the table below:

R$ Million	1Q24	1Q23	Δ R$	Δ %
Net Income	1,755	1,651	104	6.3%
Depreciation and Amortization	566	540	26	4.9%
Financial Result	816	551	265	48.1%
Income Tax / Social Contribution	728	789	(61)	-7.7%
EBITDA	3,865	3,530	335	9.5%

Financial Result

R$ Million	1Q24	1Q23	Δ R$	Δ %
Revenues	417	529	(113)	-21.3%
Expenses	(1,233)	(1,081)	(152)	14.1%
Financial Result	(816)	(551)	(265)	48.1%

Managerial Analysis

R$ Million	1Q24	1Q23	Δ R$	Δ %
Expenses with the net debt	(734)	(807)	73	-9.1%
Late payment interest and fines	119	83	35	42.5%
Mark-to-market	(136)	88	(224)	-
Adjustment to the sectorial financial asset/liability	(66)	81	(148)	-
Others financial revenues/expenses	1	3	(2)	-68.0%
Financial Result	(816)	(551)	(265)	48.1%

The increase in net financial expenses was mainly a reflection of the Mark-to-market, due to the reduction in the risk spread curve practiced by the market in 1Q24, in contrast to the increase in the risk spread in 1Q23. The Adjustment to the sectorial financial asset/liability, mainly justified by the recording of the upgradable balance of assets in 1Q23 and liabilities in 1Q24, also contributed to the increase in expenses.

9

Earnings Release | 1Q24

These effects were partially offset by the reduction in net debt expenses, mainly due to the drop in the CDI in the period.

Net Income

The 6.3% increase reflects the increase in EBITDA, mainly due to the performance of the Distribution segment, partially offset by higher net financial expenses.

1.2) Indebtedness

1.2.1) Financial Debt in IFRS Criteria

R$ Million	1Q24	1Q23	Δ R$	Δ %
Financial Debt (including hedge)	30,687	27,618	(3,069)	11.1%
Available Funds	(5,400)	(5,071)	329	6.5%
Net Debt	25,287	22,547	2,741	12.2%
Debt Cost	11.1%	13.4%	-	-17.1%

Breakdown by Profile and Indexation | After Hedge

To mitigate any risk of market fluctuations, around R$ 6.0 billion in debt is protected by hedge operations.

In order to protect the exchange rate and the rate linked to the contract, swap operations were contracted for foreign currency debts (18.9% of total IFRS debts).

10