Earnings Results Call 3Q21

3Q21

Earnings

November 5, 2021

Disclaimer

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Significant growth in EBITDA and net income in 3Q21

Strong operational performance associated with better financial results and solid capital structure

Financial highlights

573 million

ADJUSTED EBITDA

+99% vs. 3Q20

Progress in our pipeline

START-UP

• Azulão-Jaguatirica:4Q21
• Parnaíba V TPP: 1H22

363 million	2 billion	244 million
NET INCOME	CASH BALANCE	BASA & BNB
+553% vs. 3Q20		DISBURSEMENTS

EXPLORATION & DEVELOPMENT

• Volume of 2P gas reserves in the Parnaíba Basin: +1.0 bcm vs. 3Q20
• Total 2P reserves* (including the Amazonas Basin): 30.8 bcm in 3Q21

*Due to the incorporation of new reserves in the Amazonas Basin, according to the report prepared by independent consulting firm Gaffney, Cline & Associates as of June 30, 2021.	3

Reservoirs in Brazil's Southeast and Midwest subsystem hit all-time low affluent natural energy in 20 years, leading to a new peak in thermal generation and soaring prices

Historical Gross Affluent Natural Energy - Southeast/Midwest¹ Subsystem (Average GW/month)

80

70

60

50				45
40				45
				39
30				30
20
10			11
2017	2018	2019	2020	2021

Quarter with the worst trailing sequence for the past 90 years in the Southeast/Midwest subsystem

Thermal Power Generation1(Average GW/month)

											18.519.020.7
						9.2 9.3 9.2
Jan-20	Feb-20	Mar-20	Apr-20	May-20	June-20	July-20Aug-20Sep-20	Oct-20	Nov-20Dec-20Jan-21Feb-21Mar-21	Apr-21	May-21	June-21July-21Aug-21Sep-21
					+110.6% 3Q21 vs. 3Q20

Average Quarterly PLD (Difference Settlement Price) (R$/MWh)2 - Southeast/Midwest Subsystem

																582
		351
		229				+535%
							173
																3Q21 vs. 3Q20
		92

3Q20 4Q20 1Q21 2Q21 3Q21

Notes: 1 - Source: ONS website; 2 - Source: CCEE.

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Prominent market projections indicate that dispatch at the Parnaíba Complex should be around 70% in the next 12 months

With October rainfall, reservoirs reversed the downtrend and started to rebound. However, reservoir levels remain low

Reservoir Levels in the Southeast/Midwest (stored energy %)1

(%)
60
55
50
45
40	-10
35
30
25		-7
20		-6
15		18%²
10
Jan	Feb Mar Apr May June July	Aug Sep Oct Nov Dec
	Actual 2017-2020	2021

Projected PLDm for the North	Projected dispatch in the
Parnaíba Complex in
Oct/21-Sept/22 (R$)
Oct/21-Sept/22(%)³

600
500	70%
400
300
200
100
0
July-21Oct-21Jan-22Apr-22July-22Oct-22	CCEE¹
CCEE²
Wet CCEE²
Dry CCEE²

Notes: 1 - Source: ONS website; 2 - CCEE - Info PLD October 2021; 3 - Internal projection considering the PLD calculated by the CCEE.

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