In 2Q25, the Company’s Gross Debt totaled R$ 10,408.6 million, 0.9% higher than the previous quarter. The Company’s cash position totaled R$ 902.3 million, an increase of 11.7% in the quarter and resulting in a net debt of R$ 9,506.3 million, in line with 1Q25.
The 11.7% increase in Cash and Investments in the quarter is mainly explained by the first issuance of debentures by Aimorés and Paraguaçu in the amount of R$ 700 million, by cash generation and receipt of dividends from subsidiaries. These effects were partially offset by the payment of approximately (i) R$ 193 million in interest and amortization related to TAESA’s 6th, 8th, 10th, and 12th debenture issuances and Janaúba’s 2nd debenture issuance, (ii) R$ 480 million in Capex in the quarter, and (iii) R$ 191 million in proceeds paid in May 2025.
Consolidating jointly controlled and affiliated companies proportionally, total gross debt would be R$ 13,304.0 million and cash would be R$ 1,622.9 million, considering the following amounts: (i) TBE debts in the amount of R$ 1,391.4 million and cash/investments of R$ 166.2 million; (ii) ETAU cash/investments of R$ 8.1 million; and (iii) AIE (Aimorés, Paraguaçu, and Ivaí) debts of R$ 1,504.0 million and cash/investments of R$ 546.3 million.
Considering the proportional net debt of joint ventures and associates, the net debt to EBITDA ratio stood at 4.1x in 2Q25, in line with the figure recorded in 1Q25 (4.1x).
