Light : Demonstrações Financeiras em Padrões Internacionais - Demonstrações Financeiras em BR GAAP (versão em inglês)

HIGHLIGHTS

Results Webcast

November 10, 20239M23 11h00 (BRT)

Zoom ID: 895 3429 2360

Password: 210577

Following 8 months after the release of the 4Q22 results and 7 months after

the implementation of the safeguard measures, management's main

objectives have been achieved: to guarantee the normality of the Distribution's operations, maintaining the quality, continuity and expansion of the electricity system in Rio de Janeiro, to guarantee the Distribution's compliance with regulatory targets and intra-sectoral obligations and the readjustment of the

capital structure and the renewal of the Distribution's concession on a

sustainable basis.

In 2023, consolidated net income reached R$205.6 million, an increase of R$383.8 million compared to the same period in 2022 (a loss of R$178.2 million).

In line with the strategic guideline set out in 4Q22, consolidated cash generation measured by EBITDA - CAPEX rose 125.6% year-on-year to R$878.9 million (compared to R$389.7 million in 9M22).

In relation to the Distribution business, cash generation, also measured by

EBITDA - CAPEX, reached R$354.1 million, compared to R$34.9 million in the same period of the previous year. The Distribution business' Adjusted EBITDA(1) in 9M23 totaled R$943.6 million.

Focus on managing the Distribution business' costs and expenses, with a

reduction of R$373.4 million (-24.4%) in TOTEX (PMSO + CAPEX), totaling

R$1,155.8 million in 9M23.

The grid load presented annual growth of 8.4% in 3Q23, influenced by the increase in average temperature when compared to the same period last year (+1.3ºC), especially in September/23 (+4.6ºC), which recorded the highest

temperature for the month in the historical series.

In the combined operations of the Generation and Trading Business, Adjusted EBITDA was R$604.4 million in the year to date, up 9.0% on 9M22 (R$554.5 million).

The Distribution Business refunded R$1,312.2 million to consumers via tariffs

in 9M23, while offsetting only R$628.2 million in PIS/COFINS credits, which represented a cash consumption of R$684.0 million in the period.

1.Adjusted EBITDA is calculated based on CVM EBITDA, excluding Indemnifiable Concession Assets, Other Operating Revenue/Expense, Equity Income and Non-recurring Events, as reconciled in Annex I. Earnings Release | 3Q23	2

Distribution

Light Serviços de Eletricidade S.A.

Operational Performance

| Billed Sales [GWh] |

		3Q23			3Q22		Total
Segment		Grid			Grid		Change
	Captive	Total	Captive	Total	(%)
	Usage*	Usage*
Residential**	1,778	-	1,778	1,719	-	1,719	3.4%
Commercial	875	791	1,666	889	690	1,579	5.5%
Industrial	73	1,219	1,292	88	1,223	1,311	-1.5%
Others	656	253	910	649	204	853	6.7%
Utilities	-	331	331	-	359	359	-7.8%
Total	3,382	2,594	5,976	3,345	2,476	5,820	2.7%

• Includes free customers, distributor generation and utility companies.
• Adjusted by the cancellations of TOI/REN in 3Q23.

The billed sales market in 3Q23, compared to 3Q22, increased by 155 GWh, mostly driven by growth in the Commercial (+87 GWh) and Residential (+58 GWh) classes, both in the captive and free markets.

The higher consumption in the Commercial class compared to 3Q22 can be attributed mainly to companies in the supermarket and transportation segments, while the increase in DG is associated with the significant growth in installed generation capacity in the Company's concession area.

| Electricity Sales |					I O N
3Q23
	| Average Temperature|		U T
Utilities
				B
5%					I
Others					T R
Residential				I S
15%	23.7°C X	22.4°C
	30%		D
Industrial		average in 3Q23	average in 3Q22
	22.9°C (average in the last 4 years)
22%

Commercial

28%

Distributed generation contributed 99 GWh of offset electricity in 3Q23 compared to 60 GWh in 3Q22. The share of DG in distributed energy reached 1.7% in 3Q23 (vs.

1.0% in 3Q22).

The average temperature in 3Q23 was 23.7ºC, 1.3ºC higher than in the same period last year. In addition, the quarter was marked by record high temperatures in September, the highest in the historical series for the month, with an average

temperature 4.6ºC higher than in September/22, and with 15 days of temperatures

above 35ºC, impacting on the Company's billed sales and grid load.

Earnings Release | 3Q23

3

Loss Reduction

The loss reduction strategy continues to prioritize actions with greater return, especially in the short term, in line with the main focus of the Company's current management on the financial stabilization of the Distribution business. Accordingly, in order to ensure a greater cash-generation capacity based on analyses considering the entire value chain, chance of default and judicialization, we reduced and/or discontinued actions with expected medium and long-term return, as well as activities with limited results that were intensified in the past and required

a significant cash burn for the Company.

In September/23, the total losses (12 months), excluding REN, was 430 GWh compared to June/23, in line with the 637 GWh increase in grid load over the same period. As a result, the indicator of total losses on grid load (12 months), excluding REN, reached 28.11% - an increase of 0.7 p.p. compared to June/23.

In the same period, the non-technical losses, excluding REN, indicator over the reference market(1) 12 months (NTL/RM) reached 62.29% - 2.4 p.p. higher than in June/23. Non-technical losses ex-REN increased by 362 GWh in the period. Almost all of this variation was due to the higher temperature recorded in September 2023, which was 4.6ºC higher than in the same period of the previous year, impacting the increase in losses for the period by 306 GWh.

In addition, the increase in Distributed Generation(2), which over the last 12 months has reduced the Company's sales of low voltage electricity by approximately 390 GWh, continues to contribute to the contraction of the reference market and consequently has a negative impact on the (NTL/RM) indicator.

In September/23, the non-technical losses indicator on the reference market (12 months) was 22.4 p.p. above the 40.04% passed on the tariff, according to the parameters defined by ANEEL in the March/22 Tariff Review (RTP). The difference

between the actual loss and the regulatory loss over the last 12 months represents

a negative impact of approximately R$760 million on EBITDA.

In line with the strategic review of the Company's loss reduction plan mentioned above, there were 267,000 normalizations in the first nine months of the year, 43% less than in the same period last year (467,000). As a result, gross REN totaled 71

GWh in the 9 months of 2023, compared to 249 GWh in the same period of 2022.

The Incorporated Power (IEN) carried out throughout 3Q23 contributed to a total increase of 32 GWh in billing, reflecting the actions of the loss reduction plan.

D I S T R I B U T I O N

1. As of the RTP of March 2022, the reference market includes not only the low-voltage market (LV), but also the market served by the underground systems (US).
2. Data relating to Distributed Generation (DG) considers only the amount of energy compensated for in the Company's billing.

Earnings Release | 3Q23

4

| Grid Load [GWh] |

12 months

34,026	34,327	34,425	34,404	35,041
85.64%	85.79%	86.09%	86.24%	85.83%
29,190	29,450	29,638	29,669	30,074
14.36%	14.21%	13.91%	13.76%	14.17%
4,836	4,877	4,787	4,734	4,967
Sep/22	Dec/22	Mar/23	Jun/23	Sep/23
			SROA				CAA

| Total Losses, excluding REN1 / Grid Load |

12 months

26.6%	27.1%	27.0%	27.4%	28.1%
9,066	9,272	9,284	9,420	9,850
5,263	5,428	5,485	5,619	5,839
3,804	3,845	3,799	3,801	4,011
Sep/22		Dec/22	Mar/23		Jun/23	Sep/23
		SROA			CAA

1. REN - Recovered Power
2. SROA - Severely-Restricted Operation Areas | CAA - Conventional-Approach Areas

| Reference Market [GWh] |

12 months

12,154	12,109	11,652	11,440	11,462	U T I O N
						R I B
	206			225
							D I S T
11,948	11,884	11,906	11,832	11,948

			-254	-392	-487
Sep/22	Dec/22	Mar/23		Jun/23	Sep/23
		Ex-REN			REN

| Non-technical losses, excluding REN1 / Reference Market |

12 months

	58.34%	58.36%	59.85%	62.29%
56.53%
				60.00%
								7,442
6,755	6,933	6,949	7,081	55.00%
									50.00%
3,382	3,527	3,579	3,703	3,875	45.00%
40.00%
									35.00%
3,372	3,406	3,370	3,378	3,568	30.00%
25.00%
									20.00%
Sep/22	Dec/22	Mar/23	Jun/23	Sep/23
			SROA				CAA

Earnings Release | 3Q23

5

Collection

Total collection (12 months), excluding REN, reached 98.0% in September/23, up

1.2 p.p. compared to September/22 (96.8%), driven mainly by the Retail segment, which accounts for more than 60% of the Company's collection.

| Collection rate by segment |

(Amounts excluding REN / 12 months)

94.4%

95.8%

95.9%

99.9%

99.6%

101.1%

102.0%

103.6%

103.1%

96.8%

97.8%

98.0%

96.2%

96.9%

97.2%

Retail		Large	Government /	Total Collections		Total Collections
		Customers	Other	(Ex-REN)		w/ REN¹
		Sep/22			Jun/23		Sep/23

The improvement in the indicator for retail and large private clients in recent periods is associated with the reformulation of collection initiatives, which are based on the client's profile, especially their financial history (default). Regarding the Government and Public Service, we can highlight the improvement in the payment flow of the Rio de Janeiro Municipality and Federal segments, as well as the regularization of the State's payment for the first quarter of 2023.

1. Excludes the effect of TOI/REN cancelled booked in 4Q22.

D I S T R I B U T I O N

Earnings Release | 3Q23

6

Operational Quality

The quality of the services provided by the Distribution business continues to be one of the Company's strategic priorities. Despite all the efforts to recover margins and greater financial sustainability, the Company remains focused on operational improvement, evolving initiatives to modernize networks and substations, as well as maintenance actions, field team management solutions, among other initiatives aimed at delivering a good level of quality.

In September/23, the EOD and EOF indicators remained within the limits set by

ANEEL in the concession contract. In the moving average of the last 12 months ended September/23, the EOD indicator remained 0.31 hours below the limit of

7.19 hours (-4.3%), while the EOF was 1.80 points below the limit of 4.86x (- 37.0%).

In the quarter, the indicators' results reflect the adverse weather conditions,

especially in July and August, affected by the occurrence of extratropical cyclones in the concession area, and the high temperatures recorded in September, which contributed to an increase in the incidence of rainfall in the month.

| EOD [hours] |

12 months

11	8.70	8.70
10				7.19	7.19	7.19
9
8
7						6.92
6	6.24	6.32	6.81	6.88
5
4
3
2
Sep/22	Dec/22		Mar/23	Jun/23	Sep/23
			EOD		Aneel Regulatory Limit (EOD)

| EOF [times] |

12 months

5.40	5.40	4.86	4.86
	4.86

3.21	3.07	3.06	3.07	3.06
Sep/22	Dec/22		Mar/23	Jun/23	Sep/23
		EOF		Aneel Regulatory Limit (EOF)

10

9

8

7

6

5

4

3

2

1

0

D I S T R I B U T I O N

Earnings Release | 3Q23

7

Financial Performance

In 3Q23, the Distribution business's Adjusted EBITDA(1) totaled R$334.1 million, contracting R$98.5 million (-22.8%) compared to 3Q22. On the other hand, Distribution business's operating cash flow (EBITDA - CAPEX) totaled R$123.9 million in the quarter, up 32.0% on 3Q22.

The adjusted net margin fell by R$69.1 million compared to 3Q22, mainly due to the increase in losses and the reduction in gross REN. With the new strategy to combat losses, REN was drastically reduced, which initially had produced a positive impact on the margin. However, historically, in the long term this impact tends to be negative for EBITDA due to the subsequent effects of PECLD and massive litigation.

In the quarter, PMSO expenses increased by R$12.4 million compared to 3Q22, mainly due to: (i) a lower volume of investment, culminating in lower manpower capitalization, as well as higher costs for the Loss Reduction strategy; and (ii) an increase in expenses for materials, mainly PPE / CPE.

The negative variation of R$40.5 million in PECLD mainly reflects the methodological change implemented in 4Q22, an effect which should show a positive result in 4Q23, when the series will be normalized. The change in methodology was aimed at reflecting the effects of delinquency and collection in a timelier manner and was partially offset by the positive variation of R$23.6 million in the contingencies line.

In the year to date, the Distribution business's Adjusted EBITDA (1) reached R$943.6 million, 9.0% lower than in 9M22 due to the increase in PECLD caused by the change in methodology, which more than offset the R$61.0 million increase in net margin in the period.

| Adjusted EBITDA1 - Distribution |

3Q23 / 3Q22 - R$MM

| Adjusted EBITDA1 - Distribution |

9M23 / 9M22 - R$MM

D I S T R I B U T I O N

1.Adjusted EBITDA is calculated based on CVM EBITDA, excluding Indemnifiable Concession Assets, Other Operating Revenue/Expense, Equity Income and Non-recurring Events, as reconciled in Annex I. Earnings Release | 3Q23	8

| Financial Result |

Financial Result (R$MM)	3Q23	3Q22	Change Change%
Cost of Debt	(292.6)	(273.4)	(19.2)	7.0%
Exchange rate / Swap variation	(83.6)	(79.7)	(3.8)	4.8%
Debt charges	(216.3)	(224.2)	7.9	-3.5%
Financial investments	7.3	86.4	(79.1)	-91.6%
MTM adjustment	-	(55.8)	55.8	-
Financial Revenue/Expense	33.2	33.5	(0.3)	-0.9%
Balance accounts adjustment	18.6	14.8	3.8	25.8%
Capitalization	10.1	1.8	8.3	457.4%
Debt interest installments	12.6	18.0	(5.3)	-29.7%
CVA adjustment	(14.8)	13.0	(27.8)	-
Others	6.7	(14.1)	20.7	-
Total	(259.4)	(239.8)	(19.5)	8.1%

In the period, the financial cost of the debt was impacted by the variation in the IPCA in 3Q23 of +0.61%, when compared to 3Q22 of -1.32%, as well as a reduction in the total gross value of the debt.

It is important to highlight that the enforceability of the debts of the Distribution business has been suspended since the filing of the Antecedent Provisional Remedy on April 10, 2023.

The Company is conservatively booking the provisions of the interest that would have accrued since the date of the filing for Judicial Reorganization, pursuant to the terms and conditions originally set forth in the debt agreements currently subject to the reorganization proceeding and recorded them as current liabilities. After the maturity date of the debt swap transactions, the amount assessed was recorded in the result and allocated to liabilities, with no further variations.

Among the debt not included in this measure are the senior quotas of the Credit	N
Rights Investment Funds (FIDC), which kept their amortization in progress and	T I O
were fully repaid in 3Q23.	B U
	D I S T R I

| Leverage |

(Net Debt/ Adj. EBITDA 12 months)

10.8

9.1

9.6

9.3

5.5

Sep/22

Dec/22

Mar/23

Jun/23

Sep/23

| Net Income |

Distribution business posted a net loss of R$108.1 million for the quarter. In the year to date, the net result was negative by R$124.2 million, an improvement of 65.4% when compared to the same period last year.

Earnings Release | 3Q23

9

| Capital Expenditures |

CAPEX Distribution (R$MM)	3Q23	3Q22	Change Change%
Electrical Assets	161.9	301.9	(139.9)	-46.4%
Loss reduction plan	61.0	183.6	(122.5)	-66.7%
Receivables	10.8	15.6	(4.8)	-30.6%
Expansion	41.3	57.8	(16.5)	-28.5%
Maintenance	48.8	44.9	3.8	8.6%
Non-electrical Assets	48.3	36.9	11.4	30.8%
Commercial	1.8	1.4	0.4	31.8%
IT	44.8	30.8	14.0	45.4%
Others	1.7	4.7	(3.1)	-64.5%
Total	210.3	338.8	(128.5)	-37.9%

In 3Q23, the capital expenditures by the Distribution business fell by R$128.5 million compared to the same period last year, most of this reduction being focused on the Loss Reduction Plan, in line with the strategy of the Company's current management with the aim of prioritizing investments that result in a financial return and sustainability, as well as discontinuing activities with uncertain and long-term returns.

For non-electrical assets, the increase in IT Capex is due to a time mismatch when compared to the same period in 2022. In the year to date, the amounts invested in Capex, Non-Electric Assets (IT), are in line with the same period last year.

D I S T R I B U T I O N

Earnings Release | 3Q23

10