In 1Q26, the Company’s Gross Debt totaled R$ 11,848.9 million, 6.3% higher than the previous quarter. TheCompany’s cash position totaled R$ 1,644.7 million, an increase of 24.1% in the quarter and resulting in a netdebt of R$ 10,204.2 million, 3.9% higher than in 4Q25.
The 24.1% increase in Cash and Cash Equivalents in the quarter is mainly explained by TAESA’s 21st debenture issuance in the amount of R$ 800 million, cash generation, and the receipt of dividends from investees. These effects were partially offset by payments of approximately (i) R$ 448.8 million in interest and amortization related to TAESA’s 7th, 11th, 14th, 15th, and 16th debenture issuances, as well as Janaúba’s 1st debenture issuance, (ii) R$ 312.2 millionin Capex during the quarter, and (iii) R$ 323.3 million in shareholder remuneration paid in January 2026.
Consolidating proportionally the jointly controlled companies and affiliates, total gross debt would amount to R$ 14,716.7 million and cash and cash equivalents would total R$ 1,955.9 million, considering the following amounts: (i) TBE debt in the amount of R$ 1,332.1 million and cash/cash equivalents of R$ 221.6 million; (ii) ETAU cash/cash equivalents of R$ 13.0 million; and (iii) AIE debt (Aimorés, Paraguaçu, and Ivaí) of R$ 1,535.7 million and cash/cash equivalents of R$76.6 million.
Considering the proportional net debt of jointly controlled companies and affiliates, the net debt-to-EBITDA ratio stood at 4.2x in 1Q26, slightly higher than the value recorded in 4Q25 (4.1x)
