In 4Q25, the Company’s Gross Debt totaled R$ 11,149.2 million, 6.9% higher than the previous quarter. The Company’s cash position totaled R$ 1,325.5 million, an increase of 19.0% in the quarter and resulting in a net debt of R$ 9,823.6 million, 5.5% higher than in 3Q25.
The 1 % increase in Cash and Investments in the quarter is mainly explained by TAESA’s 20th debenture issuance in the amount of R$ 600 million, cash generation, and dividends received from subsidiaries. These effects were partially offset by payments of approximately (i) R$ 215 million in interest and amortization related to TAESA’s 2nd, th, 8th, 10th, and 12th debenture issuances, (ii) R$ 423.1 million in Capex during the quarter, and (iii) R$ 378.9 million in distributions paid in November 2025.
Consolidating jointly controlled and affiliated companies proportionally, total gross debt would be R$ 13,954.9 million and cash would be R$ 1,568.3 million, considering the following amounts: (i) TBE debts in the amount of R$ 1,313.3 million and cash/investments of R$ 153.7 million; (ii) ETAU cash/investments of R$ 7.3 million; and (iii) AIE (Aimorés, Paraguaçu, and Ivaí) debts of R$ 1,492.5 million and cash/investments of R$ 81.8 million.
Considering the proportional net debt of joint ventures and associates, the net debt to EBITDA ratio stood at 4.1x in 4Q25, in line with the amount recorded throughout 2025.
