Eneva S A : 1Q21 Conference Call Presentation

1Q21 Earnings

May 13, 2021

Disclaimer

This presentation may contain certain forward-looking statements and information relating to ENEVA that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "may", "plan", "believe", "anticipate", "expect", "envisages", "will likely result", or any other words or phrases of similar meaning.

Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation.

In no event, neither the Company, any of its affiliates, directors, officers, agents or employees nor any of the placement agents shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without ENEVA's prior written consent.

Solid performance in the first months of 2021

Growth in operational and financial indicators, robust capital structure, declaration of commerciality of an additional gas field, and completion of new ESG materiality matrix

ADJUSTED EBITDA	+2.8%
R$446 million	vs. 1Q20
NET INCOME	+13%
R$203 million
vs. 1Q20

CASH & EQUIVALENTS

R$2.1 billion

BNB & BASA DISBURSEMENTS

R$160 million

LEVERAGE

3.3x

(net debt/ 12M EBITDA)

GAVIÃO BELO FIELD

VGIP

4.49 Bn m3 (P90) - 9.45 Bn m3 (P10)

Pmean

6.78 Bn m3

NEXT STEP: submit the Development Plan to ANP by August 2021

COVID-19: continuity of initiatives to prevent and fight the pandemic

• Highlighting the donation of an oxygen plant in partnership with
  BNDES

ESG: completion of the new materiality matrix and creation of working groups focusing on priority themes to fine-tune long-term commitments and goals

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Reduced hydrological environment and higher thermal power generation in 1Q21 and expected going forward

Higher energy consumption, driven by the gradual economic recovery, and the low levels of reservoirs have triggered high thermal power dispatch and stronger price dynamics

| ENERGY CONSUMPTION (average MW)1:	| Eneva Dispatch Forecast for 2021
(%)3			68%
+3.7% 1Q21 vs. 1Q20	61%
+1.9% 1Q21 vs. 1Q19		49%	56%
		12%	12%
| THERMAL POWER GENERATION (SIN)2:		CCEE	MEGAWATT
+21.2% 1Q21 vs. 1Q20			Forecast May-Dec/21
		Realized Jan-Apr/21

| Average PLD Forecast for the North of Brazil in 2021

| Reservoir Levels in the Southeast of Brazil1

(R$/MWh)3

60												584 576
50								-21% vs 2020					400
40										399
30													241145
20									77
10
Jan	Feb Mar	Apr May	Jun	Jul	Aug Sep	Oct	Nov	Dec
	2017		2019		2021			Jan-21	Mar-21	May-21	Jul-21	Sep-21	Nov-21	Dec-21
	2018		2020							Realized	MEGAWATT2
										4
1 - Source: ONS website / 2 - Source: ONS website (all subsystems)/ 3 - Source: CCEE and Megawatt		CCEE¹		MEGAWATT2

Net revenue driven by higher CVUs, despite lower energy generation

| Gross Energy Generation

(GWh)

Gas and Coal Breakdown

2,480

	794	2,114
	603
	1,686	1,511				Coal
				Gas
	1Q20		1Q21
	56%		58%

TPP 1 Average Dispatch

| Gas Production	| Consolidated Net Revenue
(Bn m3)	(R$ million)
		+1.3%

0.41

0.39

939

951

1Q20

1Q21

1Q20

1Q21

54% 51%

GTP² Dispatch

CVU (R$/Mwh)	1Q20	1Q21
Parnaíba I	102	168
Parnaíba II	82	86
Parnaíba III	224	232
Parnaíba IV	152	152
Itaqui	140	217
Pecém II	135	210

• Higher indication of dispatch vs. 1Q20 due to the increase in energy consumption and the unfavorable hydrological environment
• Part of the dispatch was not met with energy generation in 1Q21, due to the corrective and preventive maintenance at Parnaíba II
• Energy generation in 1Q21 was also impacted by the preventive maintenance at Itaqui

5

1- Weighted average dispatch by unit installed capacity. 2- GTP: Gas Treatment Plant