Companhia Energética de Minas Gerais (NYSE:CIG) Q2 2022 Earnings Conference Call August 16, 2022 2:00 PM ET Company Participants Carolina Sena – Investor Relations, Superintendent Leonardo George de Magalhães – Chief Financial Officer and Investor Relations Officer Marco Da Camino Ancona Lopez Soligo – Chief Participation Officer Thadeu Carneiro da Silva – Chief Generation and Transmission Officer Dimas Costa – Chief Commercial Officer Conference Call Participants Operator Good afternoon everyone. Welcome t ...

Companhia Energetica de Minas Gerais (NYSE:CIG) Q1 2022 Earnings Conference Call May 16, 2022 9:00 AM ET Company Participants Carolina Senna - Superintendent of Investor Relations Reynaldo Passanezi Filho - CEO Leonardo Magalhaes - CFO Dimas Costa - Commercialization Director Marco da Camino Ancona Soligo - Participations Director Marney Tadeu Antunes - Distribution Director Thadeu Carneiro da Silva - Generation and Transmission Director Conference Call Participants Francisco Navarrete - BBI Andre Sampaio - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

Financial Data and Key Metrics Changes - EBITDA for the first nine months reached R$6.3 billion, up 53% year-over-year, while net profit was R$2.8 billion, a 75% increase compared to the same period in 2020 [2][26] - Adjusted EBITDA growth was over 19%, reaching R$4.441 billion for the last nine months [26] - In Q3, EBITDA was R$1.910 billion, up 29%, while recurring EBITDA was R$1.469 billion, an increase of 6.4% [27] Business Line Data and Key Metrics Changes - CEMIG Distribution saw a 4.3% growth in distributed energy, with transport for clients growing by 7.9% [24][30] - CEMIG GT reported an EBITDA of R$799 million, down 37% when adjusted for the transfer of trading margin to the Holding company [28] - CEMIG Distribution's accounting EBITDA was down 10% to R$722 million, but recurring growth was 24% [32] Market Data and Key Metrics Changes - The volume of energy injected for distributed generation grew by 87% year-over-year, representing 4.2% of the total energy market in the concession area [31] - The collection index reached 98.55%, indicating improved collection efforts [19] Company Strategy and Development Direction - The company is focusing on its core business in Minas Gerais, with an investment plan of R$22.5 billion over the next five years [7][8] - The divestment of stakes in Renova was completed, aligning with the strategic plan to eliminate risks associated with non-core assets [6][8] - The company aims to enhance operational efficiency and maintain regulatory compliance in terms of OpEx and EBITDA [3][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving the highest EBITDA in the company's history despite challenges [3] - The company is committed to reducing losses to below regulatory levels and improving operational indicators [21][22] - Future expectations include a stabilization of energy prices and a focus on renewable energy investments [50][52] Other Important Information - The company achieved its best credit ratings in history, with improvements from Fitch and Standard & Poor's [4][16] - The company is actively working on a digital transformation strategy and enhancing customer relationships [44] Q&A Session Summary Question: Can you talk about the potential of tax credit and Renova transaction? - Management indicated that the tax credit from the Renova transaction could be around R$500 million, positively impacting financial statements [48] Question: What is the expectation for GSF for 2022 and impacts on tariffs? - Management expects GSF to be low, around 0.7, with a conservative approach already provisioned in the balance sheet [52][53] Question: Can you comment on the contract signed with developers to improve CEMIG's available energy? - Most projects are expected to start in 2022, with some delays due to logistics issues [56] Question: What are the plans for investments in wind energy? - The company has a pipeline of over two gigawatts for renewable sources, with significant investments planned [63] Question: Can you comment on the divestment plan perspectives? - The divestment plan is ongoing, with opportunities being studied for assets like Santo Antônio and Belo Monte [66]

Indicators (GWh) 2Q21 2Q20 Change, % Electricity sold (excluding CCEE) 13,352 12,809 4.2% Total energy carried 5,539 4,564 21.4% Indicators – R$ million 2Q21 2Q20 Change, % Sales on CCEE 1.0 7.1 -85.9% Net revenue 7,354.0 5,500.1 33.7% Ebitda (IFRS) 2,590.2 1,866.0 38.8% Adjusted Ebitda* 1,320.3 948.4 39.2% Net profit 1,946.6 1,081.7 80.0% Adjusted Ebitda margin 17.95% 17.24% 0,71 p.p. Ebitda of companies (R$ mn) 2Q21 2Q20 Change, % Cemig D Ebitda (IFRS) 590.6 530.7 11.3% Cemig D Adjusted Ebitda 590.6 530.7 ...

Companhia Energética de Minas Gerais (NYSE:CIG) Q2 2021 Results Conference Call August 18, 2021 2:00 PM ET Company Participants Antônio Carlos Vélez Braga - Investor Relations Superintendent Reynaldo Passanezi Filho - CEO Dimas Cost - Chief Commercial Officer Eduardo Soares - Chief Lead and Regulatory Officer Leonardo George de Magalhães - CFO and IR Officer Marney Tadeu Antunes - Chief Distribution Officer Mauricio Dall'Agnese - Chief CemigPar Participation Strategy, Environment and Innovation Thadeu Carne ...

Financial Data and Key Metrics Changes - The company reported an EBITDA of R$1.8 billion, with an adjusted EBITDA of R$1.6 billion for the quarter, indicating consistent positive results [3][4] - The net profit adjusted for non-recurring events increased by 36.5% year-on-year, from R$589 million to R$804 million [38] - The company achieved a significant EBITDA of R$1.845 billion, which is 22% higher than the previous year [18] Business Line Data and Key Metrics Changes - Cemig Distribution's EBITDA increased by 34.5%, from R$495 million to R$666 million, while net profit rose by 72.6%, from R$197 million to R$340 million [44] - The volume of electricity distributed saw a 3.3% growth, with transported energy for free clients up by 9.7% [41] - The captive market experienced a drop of 1.7%, but the overall performance remained strong due to the growth in distributed generation, which increased by 120% [42] Market Data and Key Metrics Changes - The company maintained a solid cash position of R$6.181 billion at the end of Q1 2021, up from R$5.8 billion at the end of 2020 [51] - The collection rate in the first quarter was 97.37%, higher than in 2019, indicating effective measures taken to manage collections [25] - The company reported a decrease in delinquency rates, with a significant increase in disconnections, but low-income clients were not affected [26] Company Strategy and Development Direction - The company is focusing on core businesses in distribution, generation, and trading within Minas Gerais, with a divestment plan of R$9 billion [2][3] - A bold investment program of R$22.5 billion is planned up to 2025, emphasizing efficiency and customer service improvements [3][4] - The company is transitioning towards wind and solar projects, moving away from a water matrix, which is a significant strategic shift [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving operational efficiency and reducing non-technical losses, with guidance for EBITDA between R$2.544 billion and R$2.581 billion for the year [58][59] - The company is optimistic about future cash generation from extended concessions, which will enhance liquidity [29] - Management highlighted ongoing negotiations regarding healthcare and pension plans to reduce actuarial risks and expenses [52][53] Other Important Information - The company is implementing a voluntary redundancy program to improve operational efficiency [27] - There is a focus on digitization and customer service improvements through integrated systems and machine learning initiatives [6][7] - The company is managing its debt effectively, with a comfortable leverage ratio of 1.1 times net debt over EBITDA [50] Q&A Session Summary Question: Impact of PIS and Cofins credits reimbursement on EBITDA - Management clarified that the R$178 million reimbursement does not affect EBITDA as it was accounted for in tariff adjustments, maintaining regulatory revenue [56] Question: Future expectations for distribution results - Management provided guidance for continued operational efficiency and a projected EBITDA range for distribution, indicating confidence in meeting expectations [58][59]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE AC ...

| --- | --- | |-------|-------| | | | | | | | | | Disclaimer 2 Certain statements and estimates in this material may represent expectations about future events or results, which are subject to risks and uncertainties that may be known or unknown. There is no guarantee that the events or results will take place as referred to in these expectations. These expectations are based on the present assumptions and analyses from the point of view of our management, in accordance with their experience and other facto ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of R$ 30.6 billion, significantly higher than in 2019, with a net income adjusted and consolidated showing an increase of almost 12% to R$ 1.7 billion [5][29] - Gross debt is controlled, with a net debt to EBITDA ratio of 1.55, indicating a better credit rating and a comfortable cash position of over R$ 5 billion [5][44] - The adjusted EBITDA for the third quarter grew by 24% to R$ 1.3 billion, while net profit surged by 77% to R$ 644 million [32] Business Line Data and Key Metrics Changes - Cemig distribution experienced a slight reduction in adjusted EBITDA of 7.6%, reaching R$ 572 million, but net profit increased by 22.4% to R$ 306 million [34] - Cemig GT showed a strong performance with adjusted EBITDA up 61% to R$ 539 million and adjusted net profit increasing over 200% to R$ 164 million [33] Market Data and Key Metrics Changes - The total energy distributed by Cemig increased by 1.4% year-on-year, with a 3.6% drop in the captive market but a 7.8% increase in transmission for free clients [26][31] - Load recovery was evident, with a 3% increase in September compared to the previous year, and a significant recovery in October, particularly among incentive-bearing clients [23][24] Company Strategy and Development Direction - The company is focused on digital transformation and modernization of customer relations, with plans for new investments in generation and renewable energy projects totaling over 2 gigawatts [46][47] - Cemig is committed to maintaining a 50% dividend payout policy while ensuring liquidity for upcoming investments and concession maintenance [50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery process and highlighted the importance of operational efficiency, with operating expenses lower than regulatory limits for the first time [14][39] - The company anticipates favorable outcomes from ongoing regulatory discussions and expects to extend concessions, which will add value [45] Other Important Information - Cemig was included in the Dow Jones Sustainability Index for the 21st consecutive year, reflecting its commitment to sustainability practices [16] - The company has successfully reduced manageable costs by 4.7% compared to the previous year, indicating strong operational efficiency [36] Q&A Session Summary Question: When will dividends be paid and what is the dividend policy? - The company aims to maintain a 50% dividend payout policy, balancing shareholder remuneration with liquidity needs for upcoming investments and concession maintenance [50]