Agenda | Opening Ceremony | Marcel Malczewski - Chairman of the Board of Directors | | --- | --- | | Designing the Future | Daniel Slaviero - President | | Copel Journey 2035: Expansion and Innovation | Diogo Mac Cord - VP of Strategy, New Business and Digital Transformation | | The Compound Factor of Value Creation | Felipe Gutterres - VP of Finance and IR | | Culture as a competitive advantage | Márcia Baena - VP of People and Management | | Legal Intelligence: Lever for Efficiency and Growth | Yuri Ledra ...

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Paranaense de Energia (ELP) - Paranaense de Energia currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating strong potential for performance [3][4] - The company has shown significant price increases, with shares up 3.48% over the past week and 16.99% over the past month, outperforming the Zacks Utility - Electric Power industry, which saw increases of 0.97% and 0.29% respectively [6] - Over the past quarter, ELP shares have risen 23.12%, and over the last year, they have increased by 67.34%, compared to the S&P 500's gains of 6.64% and 15.78% [7] Trading Volume - ELP's average 20-day trading volume is 197,279 shares, which serves as a baseline for price-to-volume analysis; a rising stock with above-average volume is generally seen as bullish [8] Earnings Outlook - Recent earnings estimate revisions for ELP show positive trends, with one estimate moving higher for the full year, increasing the consensus estimate from $0.13 to $0.17 over the past 60 days [10] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [10] Conclusion - Given the positive momentum indicators and earnings outlook, Paranaense de Energia is positioned as a strong momentum pick for investors [12]

Financial Data and Key Metrics Changes - The company reported a recurring EBITDA of 1.3 billion BRL, an increase of almost 8% compared to the same period last year [6] - Recurring net income was 375 million BRL, reflecting a decrease of 36.5% year-on-year due to rising financial costs despite the EBITDA increase [18] - Capital expenditures (CapEx) for Q3 totaled 981 million BRL, with a year-to-date total of 2.6 billion BRL, indicating a strong commitment to service quality and asset modernization [6][19] Business Line Data and Key Metrics Changes - Copel Generation and Transmission (GenCo) contributed 53% to the recurring EBITDA, with GenCo's EBITDA growing 11% year-on-year due to better asset performance and strategic consolidations [14] - The distribution segment (Copel Discom) saw a recurring EBITDA increase of 7.2%, driven by a 1.7% growth in the billed energy market and efficient cost management [15] - Copel Trading (Copel Com) experienced a decline in EBITDA by 7.3% due to legacy contracts and increased expenses, although sales volume for 2026 to 2030 grew significantly by 96.2% [16] Market Data and Key Metrics Changes - The sales volume reached almost 5 gigawatt-hours, with a market growth of 1.7% in the distribution segment [8] - The spot market price (PLD) increased by nearly 50% compared to Q3 2024, reaching about 250 BRL per megawatt-hour [8] - The generation segment faced challenges with a Generation Scaling Factor (GSF) of approximately 65% and curtailment of nearly 35% [8] Company Strategy and Development Direction - The company is focused on simplifying its portfolio, as evidenced by the divestment of four photovoltaic solar plants and the Baixo Iguaçu HPP [7] - A strategic shift towards a more transparent shareholder structure is underway, with plans to unify share classes to enhance liquidity and attract new investors [11] - The company is preparing for a historical tariff review in 2026, emphasizing the importance of operational efficiency and capital allocation [18][50] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business despite challenging market conditions and expressed confidence in achieving favorable outcomes in the upcoming tariff review [50][52] - The company is committed to maintaining a healthy capital structure to support ongoing investments and value creation for shareholders [21] - Management acknowledged the impact of external factors such as rising interest rates and regulatory changes on financial performance but remains optimistic about long-term growth [18][54] Other Important Information - The company is actively preparing for the Copel Day event, where it will present its strategic vision and investment plans for the future [12][47] - The migration to the Novo Mercado is expected to be completed by the end of December 2025, which will facilitate dividend announcements [24][25] - The company is exploring opportunities in battery storage and renewable energy projects, assessing their competitiveness in future auctions [38][39] Q&A Session Summary Question: What is the expected timeline for the migration to Novo Mercado and dividend announcements? - Management confirmed that the migration is expected to be completed by the end of December 2025, with dividends anticipated to be announced thereafter [24][25] Question: How does the company plan to continue reducing costs in the future? - Management indicated ongoing efforts to capture efficiencies, with a focus on specific business units and shared services to achieve cost reductions by 2026 [26] Question: What is the strategy for the Generation and Trading segments moving forward? - Management discussed the development of an internal expertise for trading strategies and emphasized the importance of hedging and market intelligence to maximize portfolio value [28][30] Question: What are the expectations for the upcoming tariff review process? - Management highlighted the significance of the tariff review, expressing confidence in exceeding market consensus and ensuring a favorable outcome based on past performance [50][52] Question: How does the company view the impact of MP 1304 on its operations? - Management acknowledged potential impacts from compulsory contracting but remains optimistic about the long-term benefits of hydroelectric products and competitive bidding processes [54][56]

Financial Data and Key Metrics Changes - The company reported a recurring EBITDA of BRL 1.3 billion, an increase of almost 8% compared to the same period last year [6] - Recurring net income was BRL 375 million, reflecting a decrease of 36.5% year-on-year [20] - Total CapEx for Q3 2025 was BRL 981 million, with a year-to-date total of BRL 2.6 billion [6][21] - The net debt over EBITDA ratio was 3.0x, improving to 2.8x after the sale of Baixo Iguaçu HPP [22] Business Line Data and Key Metrics Changes - Copel GenCo's recurring EBITDA grew by 11% year-on-year, contributing 53% to the overall EBITDA [15] - The distribution segment (Copel DisCo) saw a recurring EBITDA increase of 7.2%, driven by a 1.7% growth in the billed energy market [17] - Copel Com's EBITDA dropped by BRL 7.3 million due to legacy contracts and a 39.1% increase in PMSO expenses [18] Market Data and Key Metrics Changes - The sales volume reached almost 5 GWh, with a 1.7% growth in the distribution market [9] - The PLD spot market increased by approximately 50% compared to Q3 2024, reaching about BRL 250/MWh [9] Company Strategy and Development Direction - The company is focused on optimizing its portfolio and simplifying operations, as evidenced by the divestment of four photovoltaic solar plants [7] - A strategic shift towards a simpler and more transparent shareholder structure is underway, with plans to unify share classes [12] - The company is preparing for a historical tariff review in 2026, emphasizing the importance of operational efficiency and capital allocation [20][50] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business despite challenging conditions, including a GSF of approximately 65% and a curtailment of almost 35% [9] - The management expressed confidence in achieving a successful tariff review, aiming to exceed market consensus [50][52] - The company is actively monitoring regulatory changes, particularly regarding MP 1304, which could impact future operations [53][70] Other Important Information - The company is committed to maintaining a healthy capital structure to support ongoing investments and operational efficiency [23] - A significant focus is placed on cost management, with a 4.1% reduction in recurring PMSO expenses year-on-year [19] Q&A Session Summary Question: Confirmation on the completion of migration to Novo Mercado and dividend payout expectations - Management expects to complete the migration by the end of December and plans to announce dividends linked to this process [26][27] Question: Insights on cost efficiency and potential for further reductions - The company aims to capture more efficiencies and anticipates cost reductions through various initiatives by 2026 [28] Question: Strategy for the Generation and Transmission segment and trading company - The company has developed a competitive trading strategy, successfully capitalizing on low energy prices [30][31] Question: Expectations for the tariff review process and its significance - Management views the upcoming tariff review as a historical milestone and is actively preparing for it [50][52] Question: Discussion on MP 1304 and its implications for the company - The management believes that while MP 1304 may affect LRCAP dynamics, it will not significantly impact the company's operations [53] Question: Potential for inorganic growth and exploration of new segments - Currently, the company is focused on organic growth and digital transformation, with no active pursuit of acquisitions [46] Question: Clarification on curtailment definitions and their potential impact - Management is closely monitoring discussions around curtailment and its implications for renewable energy sources [70]

Financial Data and Key Metrics Changes - The company reported a recurring EBITDA of 1.3 billion BRL, an increase of almost 8% compared to the same period last year [4] - Recurring net income was 375 million BRL, reflecting a decrease of 36.5% year-on-year due to increased negative financial results despite the EBITDA growth [18] - Total CapEx for Q3 was 981 million BRL, with year-to-date investments totaling 2.6 billion BRL, indicating a strong commitment to service quality and infrastructure modernization [4][19] Business Line Data and Key Metrics Changes - Copel Gen's recurring EBITDA grew by 11% over Q3 2024, driven by better asset performance and strategic asset consolidation [12][13] - The distribution segment (Copel Discom) saw a recurring EBITDA increase of 7.2%, supported by a 1.7% growth in the billed energy market and effective cost management [14] - Copel Com's recurring EBITDA dropped by 7.3% due to legacy contracts and increased expenses, although sales volume for 2026 to 2030 grew by 96.2% compared to Q2 2025 [15] Market Data and Key Metrics Changes - The sales volume reached almost 5 gigawatt-hours, with a market growth of 1.7% [6] - The PLD spot market increased by approximately 50% compared to Q3 2024, reaching about 250 BRL per megawatt-hour [6] Company Strategy and Development Direction - The company is focused on simplifying its portfolio, as evidenced by the divestment of four photovoltaic solar plants and the Baixo Iguaçu HPP [5] - A strategic shift towards a more integrated company with a solid presence across all four operational segments is emphasized [7] - The company is preparing for a historical tariff review in 2026, which is expected to be a significant milestone [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business despite challenging conditions, including a GSF of approximately 65% and a curtailment of almost 35% [6] - The management expressed confidence in achieving a recurring net income target of around 18 billion BRL during the upcoming tariff review [47] - The company is committed to maintaining a healthy capital structure to support ongoing investments and value creation for shareholders [21] Other Important Information - The company is migrating to a simpler and more transparent shareholder structure, which is expected to enhance liquidity and attract new investors [10] - A new cultural framework was introduced, emphasizing the importance of culture in achieving long-term strategic goals [11] Q&A Session Summary Question: Confirmation on the completion of migration to Novo Mercado and dividend payout expectations - Management confirmed the expectation to complete the migration by year-end and indicated that dividends would be announced following the completion of the migration process [22][23] Question: Insights on cost efficiency and potential for further reductions - Management stated that they continue to seek efficiencies and anticipate further cost reductions in 2026, with specific initiatives planned [24][25] Question: Strategy for the Generation and Transmission segment and energy pricing - Management discussed the successful portfolio strategy and the importance of market intelligence in energy purchasing, indicating a focus on maximizing value [27][28] Question: Expectations for the upcoming tariff review process - Management emphasized the significance of the tariff review and the proactive measures being taken to ensure a favorable outcome [46][47] Question: Implications of MP 1304 on energy contracting and hydroelectric power plant renewals - Management addressed the potential impacts of MP 1304, indicating that while it may affect LR Cap dynamics, the overall impact would be manageable [49][51] Question: Discussion on extraordinary dividends and taxation implications - Management is studying the implications of potential taxation on dividends and is preparing a strategy to address this in light of the current shareholder base [55][56]

Investor Relations Highlights 3Q25 Financial Indicators | | | | | | | R$ million | | --- | --- | --- | --- | --- | --- | --- | | Indicators Highlights | 3Q25 | 3Q24 | ∆% | 9M25 | 9M24 | ∆% | | Ebitda (R$ million) | 1,358.7 1,526.7 | | | -11.0 4,678.0 4,230.8 | | 10.6 | | Recurring Ebitda | 1,337.4 1,240.3 | | | 7.8 4,175.6 3,852.1 | | 8.4 | | Net Profit (R$ million) | 383.1 1,217.1 | | | -68.5 1,621.3 2,224.2 | | -27.1 | | Recuring Net Profit (R$ million) | 369.0 1,021.2 | | | -36.5 1,404.1 1,346.1 | | 4.3 ...

Core Insights - Investors are evaluating the attractiveness of Portland General Electric (POR) and Paranaense de Energia (ELP) for value investment opportunities [1] Valuation Metrics - Both POR and ELP currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions for both companies [3] - POR has a forward P/E ratio of 14.76, while ELP has a significantly higher forward P/E of 63.53 [5] - The PEG ratio for POR is 4.35, compared to ELP's PEG ratio of 4.39, suggesting that both companies have similar growth expectations relative to their earnings [5] - POR's P/B ratio stands at 1.35, while ELP's P/B ratio is 1.43, indicating that POR is relatively more attractive based on this metric [6] - Based on the valuation figures, POR is rated with a Value grade of A, while ELP has a Value grade of C, suggesting that POR is the superior value option at this time [6]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Paranaense de Energia (ELP) - Paranaense de Energia currently holds a Momentum Style Score of B, indicating potential for solid momentum [3] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for outperformance in the market [4] Performance Metrics - ELP shares have increased by 6.63% over the past week, outperforming the Zacks Utility - Electric Power industry, which rose by 1.88% [6] - Over the last quarter, ELP shares have gained 18.58%, and over the past year, they have increased by 41.08%, while the S&P 500 has only moved 7.28% and 16.15%, respectively [7] - The average 20-day trading volume for ELP is 190,568 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, one earnings estimate for ELP has increased, raising the consensus estimate from $0.13 to $0.17 for the full year [10] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [10] Conclusion - Given the positive performance metrics and earnings outlook, ELP is identified as a promising stock for near-term investment opportunities [12]

[FORM 6-K Filing Information](index=1&type=section&id=FORM%206-K) Details the regulatory filing specifics for Copel as a foreign private issuer [Registrant Information](index=1&type=section&id=Registrant%20Information) Provides basic filing details for Copel as a foreign private issuer, including Form 20-F filing status - Registrant: **COMPANHIA PARANAENSE DE ENERGIA (Energy Company of Paraná)**[1](index=1&type=chunk) - Filing Form: **Form 20-F**[2](index=2&type=chunk) - Rule 12g3-2(b): **No**[2](index=2&type=chunk) [Key Financial Indicator Highlights](index=3&type=section&id=Indicator%20Highlights) Presents a summary of Copel's key financial performance indicators for recent quarters and half-years [2Q25 and 1H25 Performance Overview](index=3&type=section&id=2Q25%20and%201H25%20Performance%20Overview) Highlights Copel's strong EBITDA and Net Profit growth in 2Q25 and 1H25, alongside increased leverage and decreased liquidity | Indicator Highlights | 2Q25 (R$ million) | 2Q24 (R$ million) | Δ% (2Q25 vs 2Q24) | 1H25 (R$ million) | 1H24 (R$ million) | Δ% (1H25 vs 1H24) | | :------------------- | :---------------- | :---------------- | :----------------- | :---------------- | :---------------- | :----------------- | | Ebitda | 1,582.8 | 1,304.4 | 21.3% | 3,319.3 | 2,704.1 | 22.8% | | Recurring Ebitda | 1,335.0 | 1,281.0 | 4.2% | 2,838.2 | 2,611.8 | 8.7% | | Net Profit | 573.6 | 473.6 | 21.1% | 1,238.2 | 1,007.1 | 22.9% | | Recurring Net Profit | 452.4 | 499.9 | -9.5% | 1,029.4 | 1,027.9 | 0.1% | | EPS | 0.19 | 0.16 | 18.8% | 0.42 | 0.34 | 23.5% | | Return on Equity | 2.2% | 2.0% | 10.0% | 4.8% | 4.2% | 14.3% | | Ebitda Margin | 25.4% | 23.8% | 6.7% | 27.4% | 24.8% | 10.5% | | Recurring Ebitda Margin | 21.4% | 23.4% | -8.5% | 23.4% | 24.0% | -2.5% | | Operating Margin | 13.2% | 12.0% | 10.0% | 14.5% | 13.1% | 10.7% | | Book Value per Share | 8.57% | 8.59% | -0.2% | 8.57% | 8.59% | -0.2% | | Net Worth Indebtedness | 64.6% | 36.7% | 76.0% | 64.6% | 36.7% | 76.0% | | Current Liquidity | 1.1 | 1.6 | -31.3% | 1.1 | 1.6 | -31.3% | [Consolidated Results](index=5&type=section&id=1.%20Consolidated%20Results) Analyzes Copel's overall financial performance, including Ebitda, revenue, costs, financial results, and debt [Ebitda](index=5&type=section&id=1.1%20Ebitda) Copel's Recurring Ebitda rose 4.2% in 2Q25, fueled by GenCo and TradeCo, despite TradeCo's sales margin decline | Recurring Ebitda (R$ million) | 2Q25 | 2Q24 | Δ% | | :---------------------------- | :--- | :--- | :--- | | Ebitda | 1,582.8 | 1,304.4 | 21.3 | | Recurring Ebitda | 1,335.0 | 1,281.0 | 4.2 | - GenCo's Ebitda grew by **12.6% (+R$ 85.1 million)** to **R$ 761.4 million** in 2Q25, primarily due to better short-term market transactions, a **17.2% increase** in wind power generation, and increased revenue from electricity grid availability[18](index=18&type=chunk) - TradeCo's Ebitda decreased by **R$ 16.6 million (-47.5%)** due to a lower sales margin and the absence of Ebitda from discontinued operations recorded in 2Q24[16](index=16&type=chunk) - DisCo's Ebitda increased by **0.6% (+R$ 3.1 million)** due to the June 2024 tariff readjustment, partially offset by a **2.6% drop** in the billed grid market and a **33.1% increase** in energy purchase costs[18](index=18&type=chunk) - Manageable costs (PMSO) reduced by **3.7% (-R$ 27.6 million)**, mainly influenced by the dismissal of **1,436 employees** through the Voluntary Dismissal Program (PDV) in 2024[18](index=18&type=chunk) [Operating Revenue](index=6&type=section&id=1.2%20Operating%20Revenue) Net Operating Revenue rose 13.6% to R$ 6,225.2 million in 2Q25, driven by electricity supply and sectoral financial assets | Net Operating Revenue (R$ million) | 2Q25 | 2Q24 | Δ% | | :--------------------------------- | :-------- | :-------- | :--- | | Total | 6,225.2 | 5,479.3 | 13.6 | | Electricity supply revenue | 414.1 | - | 57.0 | | Sectorial financial assets/liabilities | 377.3 | - | 188.7| | Construction revenue | 168.4 | - | 25.0 | | Other revenues | 91.3 | - | 77.6 | | Electricity supply revenue (decrease) | -167.5 | - | -8.1 | | Grid availability revenue (decrease) | -136.3 | - | -8.2 | - Electricity supply revenue increased by **R$ 414.1 million (+57.0%)**, primarily due to a **36.0% growth** in energy sales to bilateral contracts at TradeCo and better short-term market results at GenCo[21](index=21&type=chunk) - Revenue from sectoral financial assets and liabilities (CVA) increased by **R$ 377.3 million (+188.7%)** due to tariff coverage adherence and PIS/COFINS return to DisCo consumers[21](index=21&type=chunk) - Decreases in electricity supply revenue (**-R$ 167.5 million, -8.1%**) were mainly due to a **10.2% drop** in DisCo's captive market billed and a **5.5% reduction** in energy sold to free consumers by TradeCo[21](index=21&type=chunk) [Operating Costs and Expenses](index=6&type=section&id=1.3%20Operating%20Costs%20and%20Expenses) Operating costs and expenses increased 9.9% to R$ 5,067.9 million in 2Q25, driven by electricity purchases and construction costs | Operating Costs and Expenses (R$ million) | 2Q25 | 2Q24 | Δ% | | :---------------------------------------- | :-------- | :-------- | :--- | | Total | 5,067.9 | 4,611.6 | 9.9 | | Electricity purchased for resale | 550.5 | - | 27.3 | | Construction costs | 168.4 | - | 25.0 | | Electricity network usage charges (reduction) | -42.5 | - | -6.5 | | Manageable costs (PMSO) (reduction) | -27.6 | - | -3.7 | - Electricity purchased for resale increased by **R$ 550.5 million (+27.3%)**, driven by higher purchases at DisCo (including distributed generation) and TradeCo (bilateral contracts)[22](index=22&type=chunk) - Manageable costs (PMSO) decreased by **R$ 27.6 million (-3.7%)** due to a reduction in employee numbers, partially offset by a **9.7% increase** in third-party services, mainly for electrical system maintenance at DisCo[22](index=22&type=chunk)[23](index=23&type=chunk) Manageable Costs (R$ million) | Manageable Costs (R$ million) | 2Q25 | 2Q24 | Δ% | | :---------------------------- | :---- | :---- | :---- | | Staff and administrators | 242.4 | 284.8 | (14.9)| | Social security and assistance plans | 58.0 | 66.7 | (13.0)| | Material | 21.9 | 21.7 | 1.0 | | Third-party services | 278.7 | 254.0 | 9.7 | | Other operating costs and expenses* | 107.4 | 108.7 | (1.3) | | TOTAL | 708.3 | 735.9 | (3.7) | [Equity Income Results](index=7&type=section&id=1.4%20Equity%20Income%20Results) Equity income from affiliates decreased 20.2% to R$ 64.3 million in 2Q25, impacted by MSG consolidation and lower inflation | Equity Income (R$ million) | 2Q25 | 2Q24 | Δ% | | :------------------------- | :--- | :--- | :---- | | Total | 64.3 | 80.5 | (20.2)| - The decrease was mainly due to the consolidation of **100% of Mata de Santa Genebra S.A. (MSG)** as of June 1, 2025, reducing this item by approximately **R$ 5.5 million**[26](index=26&type=chunk) - Lower inflation (IPCA of **0.93% vs. 1.05%** in 2Q24) also contributed to the decrease in the restatement of contract assets in the transmission segment[26](index=26&type=chunk) [Financial Results](index=7&type=section&id=1.5%20Financial%20Results) Copel's financial result worsened to negative R$ 401.9 million in 2Q25, driven by higher debt expenses and CDI rates | Financial Results (R$ million) | 2Q25 | 2Q24 | Δ% | | :----------------------------- | :------ | :------ | :--- | | Total Financial Result | (401.9) | (289.7) | 38.7 | | Financial Income | 375.3 | 274.4 | 36.8 | | Financial Expenses | (777.2) | (564.1) | 37.8 | - The negative variation was mainly due to an increase of **R$ 213.3 million (+48.9%)** in expenses with charges and monetary variation, attributed to increased debt and higher CDI rates[28](index=28&type=chunk) - Partially offsetting factors included a **R$ 31.6 million increase** in interest on taxes to be offset (due to PIS/COFINS updating) and a **R$ 52.2 million increase** in other financial income (due to UBP adjustment)[28](index=28&type=chunk) [Consolidated Net Income](index=7&type=section&id=1.6%20Consolidated%20Net%20Income) Copel's reported net income rose 21.1% to R$ 573.6 million in 2Q25, while recurring net income declined 9.5% | Net Income (R$ million) | 2Q25 | 2Q24 | Δ% | | :---------------------- | :---- | :---- | :--- | | Reported Net Income | 573.6 | 473.6 | 21.1 | | Recurring Net Income | - | - | -9.5 | - Improved operating performance, including increased results from hydroelectric and wind power portfolios, and a reduction in personnel costs contributed positively[30](index=30&type=chunk) - Net gains of **R$ 132.3 million** from the disposal and swap of assets also boosted reported net income[30](index=30&type=chunk) - The increase was partially offset by a lower financial result and a **25.9% increase** in income tax/social contribution (IR/CSLL)[30](index=30&type=chunk) - Excluding non-recurring effects, Recurring Net Income decreased by **9.5%** compared to 2Q24, primarily influenced by the **R$ 112.2 million decline** in financial results[34](index=34&type=chunk) [Debt](index=8&type=section&id=1.7%20Debt) Copel's total consolidated debt grew 12.9% to R$ 20,037.4 million, increasing leverage to 3.1x due to acquisitions | Debt (R$ million) | Jun 30, 2025 | Dec 31, 2024 | Δ% | | :---------------- | :----------- | :----------- | :--- | | Total Debt | 20,037.4 | 17,753.8 | 12.9 | | Adjusted Net Debt | 16,554.2 | - | - | - Consolidated leverage reached **3.1x (Net Debt/Adjusted Ebitda)** on June 30, 2025, an increase of **0.5x** from the end of 2024, primarily due to the **R$ 1.0 billion cash outflow** for the acquisition of **70% of the Baixo Iguaçu HPP**[40](index=40&type=chunk) - The nominal cost of debt increased to **13.54% per annum (90.88% of CDI)** in June 2025, up from **11.96% per annum (98.46% of CDI)** on December 31, 2024[43](index=43&type=chunk) Debt by Subsidiary (R$ million) | Debt by Subsidiary (R$ million) | GenCo | DisCo | Others | Total Debt | | :------------------------------ | :------- | :------- | :------- | :--------- | | Total Debt | 12,485.7 | 7,330.9 | 220.8 | 20,037.4 | | Availability | 2,477.5 | 425.6 | 580.2 | 3,483.2 | | Adjusted Net Debt | 10,008.2 | 6,905.3 | (359.3) | 16,554.2 | | Leverage | 1.0x | 2.0x | 1.9x | 2.9x | | Duration (years) | 2.9 | 2.8 | 3.5 | 3.1 | [Investments](index=10&type=section&id=2.%20Investments) Outlines Copel's investment program, with a focus on distribution network modernization and generation assets [Investment Program Overview](index=10&type=section&id=2.1%20Investment%20Program%20Overview) Copel's 2Q25 investment program totaled R$ 975.3 million, primarily for DisCo's network modernization projects | Investment Program (R$ million) | 2Q25 | 1H25 | 2Q24 | 1H24 | Forecast 2025 | | :------------------------------ | :---- | :------ | :---- | :------ | :------------ | | Total | 975.3 | 1,653.5 | 667.4 | 1,259.4 | 3,029.1 | | DisCo | 881.1 | 1,477.7 | 609.6 | 1,144.2 | 2,501.9 | | Copel Generation and Transmission | 92.5 | 173.3 | 39.3 | 73.2 | 464.1 | - **82.0% of DisCo's investments** in 2Q25 were allocated to electrical assets, primarily for the Paraná Trifásico and Rede Elétrica Inteligente projects, aimed at modernizing and automating the distribution network[49](index=49&type=chunk) - The Paraná Trifásico project completed **22,996 km of new networks** by late June 2025, improving rural distribution[50](index=50&type=chunk) - The Rede Elétrica Inteligente project installed **1,519,502 smart meters** by late June 2025, leading to reduced man-hours, non-technical losses, and improved quality[50](index=50&type=chunk) - GenCo's investments primarily focused on reinforcements and improvements to transmission lines (**70.0%**) and operation and maintenance of generation assets (**27.8%**)[50](index=50&type=chunk) [Copel Geração e Transmissão (GenCo) (Consolidated Result)](index=11&type=section&id=3.%20Copel%20Gera%C3%A7%C3%A3o%20e%20Transmiss%C3%A3o%20(GenCo)%20(Consolidated%20Result)) Analyzes the economic, financial, and operational performance of Copel's Generation and Transmission segment [Economic and Financial Performance](index=11&type=section&id=3.1%20Economic%20and%20Financial%20Performance) GenCo's recurring Ebitda grew 12.6% to R$ 761.4 million in 2Q25, but recurring net income fell 19.7% due to financial results | GenCo Recurring Ebitda (R$ million) | 2Q25 | 2Q24 | Δ% | | :---------------------------------- | :---- | :---- | :--- | | Ebitda | 936.9 | 748.0 | 25.2 | | Recurring Ebitda | 761.4 | 676.3 | 12.6 | - Key drivers for Ebitda growth include **R$ 45.4 million** from short-term market transactions, a **17.2% increase** in wind power generation, and **R$ 16.9 million** higher revenue from grid availability due to the incorporation of MSG[53](index=53&type=chunk) - Manageable costs (PMSO) decreased by **R$ 10.3 million (-4.5%)**, mainly due to a **R$ 22.4 million reduction** in personnel costs from the Voluntary Termination Program (PDV)[56](index=56&type=chunk) GenCo Main Indicators (R$ million) | GenCo Main Indicators (R$ million) | 2Q25 | 2Q24 | Δ% | | :--------------------------------- | :---- | :---- | :---- | | Net Operating Revenue | 1,161.4 | 1,085.4 | 7.0 | | Operating Costs and Expenses | (467.3) | (624.0) | (25.1)| | Net Profit | 365.5 | 365.1 | 0.1 | | Recurring Net Profit | 292.5 | 364.1 | (19.7)| - Recurring Net Income decreased by **19.7%** to **R$ 292.5 million** in 2Q25, primarily due to a negative financial result (**-R$ 236.5 million**) and higher Income Tax and Social Contribution expenses[59](index=59&type=chunk) [IFRS effect in the Transmission segment](index=12&type=section&id=3.1.1%20IFRS%20effect%20in%20the%20Transmission%20segment) Explains the IFRS adjustment for the transmission segment, highlighting the difference between corporate and regulatory revenue | IFRS effect in the Transmission segment (R$ million) | 2Q25 | 2Q24 | Δ% | | :------------------------------------------------- | :----- | :----- | :---- | | Corporate revenue | 196.3 | 244.8 | (19.8)| | Regulatory revenue | 286.2 | 266.9 | 7.2 | | Regulatory/Societal Tra Revenue Difference | 90.0 | 22.1 | 306.4 | - The difference between corporate and regulatory transfer revenue was **R$ 90.0 million** in 2Q25, significantly higher than **R$ 22.1 million** in 2Q24[64](index=64&type=chunk) [Operational Performance](index=12&type=section&id=3.2%20Operational%20Performance) GenCo operates 6,227.0 MW of renewable capacity and 9,684 km of transmission, with decreased hydro and increased wind generation in 2Q25 - GenCo's generation park consists of **100% renewable operating sources**, with a total installed power of **6,227.0 MW** and **2,696.2 MW** of average physical guarantee[66](index=66&type=chunk)[68](index=68&type=chunk) - The transmission segment includes **9,684 km of transmission lines** and **53 basic network substations**[66](index=66&type=chunk) [Generation](index=13&type=section&id=3.2.1%20Generation) Hydroelectric generation dropped 49.4% in 2Q25 due to hydrology and divestments, while wind generation rose 17.2% - Hydroelectric generation was **49.4% lower** in 2Q25 (**2,726 GWh**) compared to 2Q24 (**5,389 GWh**), primarily due to a less favorable hydrological scenario and divestment in Small Hydroelectric Plants and Colíder HPP[70](index=70&type=chunk) - Wind farm generation was **17.2% higher** in 2Q25 (**799 GWh**) compared to 2Q24 (**682 GWh**), despite an increase in curtailment from **7.6% to 12.1%**[70](index=70&type=chunk) [Energy sold](index=13&type=section&id=3.2.2%20Energy%20sold) Hydroelectric energy sold fell 8.2% in 2Q25 due to divestments, while wind farm sales increased 11.7% from contracts - Hydroelectric electricity sold was **3,708 GWh** in 2Q25, an **8.2% reduction**, mainly due to divestments in SHPs and HPP Colíder, leading to increased energy purchases on the short-term market (MCP)[71](index=71&type=chunk) - Wind farms sold **1,177 GWh**, an **11.7% increase**, driven by higher sales under bilateral contracts and Energy Purchase Contracts in the Regulated Environment (CCEARs), particularly from the Jandaíra Complex[72](index=72&type=chunk) [Transmission](index=14&type=section&id=3.2.3%20Transmission) Copel operates over 9,600 km of transmission lines, with RBSE revenue negatively impacted by Aneel's recalculation - Copel's transmission network spans over **9,600 km** in eight Brazilian states, including its own assets and those in partnership[79](index=79&type=chunk) - The flow of Revenue relating to the Basic Network of the Existing System (RBSE) was negatively impacted by **R$ 115.1 million** due to Aneel's recalculation of the financial component[77](index=77&type=chunk) [Copel Distribuição - DisCo](index=15&type=section&id=4.%20Copel%20Distribui%C3%A7%C3%A3o%20-%20DisCo) Examines the economic, financial, and operational performance of Copel's Distribution segment [Economic and Financial Performance](index=15&type=section&id=4.1%20Economic%20and%20Financial%20Performance) DisCo's recurring Ebitda rose 0.6% to R$ 569.3 million in 2Q25, while recurring net income fell 27.7% | DisCo Recurring Ebitda (R$ million) | 2Q25 | 2Q24 | Δ% | | :---------------------------------- | :---- | :---- | :--- | | Ebitda | 581.0 | 579.4 | 0.3 | | Recurring Ebitda | 569.3 | 566.1 | 0.6 | - The **0.6% increase** in recurring Ebitda was mainly due to the June 2024 tariff adjustment (average **2.7% increase** in TUSD), partially offset by a **2.6% decline** in the billed wire market[81](index=81&type=chunk) - Manageable costs (PMSO) fell by **R$ 18.6 million (-4.0%)** due to a reduction of **1,026 employees (PDV)**, partially offset by a **R$ 31.2 million (+18.4%) increase** in third-party service costs[83](index=83&type=chunk)[86](index=86&type=chunk) DisCo Main Indicators (R$ million) | DisCo Main Indicators (R$ million) | 2Q25 | 2Q24 | Δ% | | :--------------------------------- | :------ | :------ | :---- | | Net Operating Revenue | 4,556.2 | 4,152.7 | 9.7 | | Operating Costs and Expenses | (4,147.9) | (3,713.2) | 11.7 | | Net Profit | 153.0 | 207.9 | (26.4)| | Recurring net profit | 149.0 | 203.4 | (26.7)| - Recurring Net Income was **R$ 145.2 million** in 2Q25, a **27.7% decrease** compared to 2Q24, impacted by the drop in the billed wire market and the New Replacement Value (NRV)[87](index=87&type=chunk) [Regulatory Efficiency](index=16&type=section&id=4.1.1%20Regulatory%20Efficiency) DisCo achieved strong regulatory efficiency, with LTM Recurring Ebitda of R$ 2,670.5 million, 42.8% above regulatory targets - DisCo's Recurring Ebitda in the last 12 months (LTM) was **R$ 2,670.5 million**, achieving an efficiency of **R$ 800.8 million**, **42.8% above** the Regulatory Ebitda[91](index=91&type=chunk) [Operational Performance](index=16&type=section&id=4.2%20Operational%20Performance) DisCo's grid market consumption fell 0.7% in 2Q25, with captive market down 10.2%, while quality and loss indicators remained within limits - Electricity consumption in DisCo's grid market fell by **0.7%** in 2Q25, primarily due to milder temperatures impacting residential and commercial demand[94](index=94&type=chunk) - The captive market recorded a **10.2% drop** in electricity consumption in 2Q25, also influenced by milder temperatures and increased MMGD compensation[95](index=95&type=chunk) - DEC (Equivalent Duration of Interruption per Consumer Unit) for the last 12 months was **7.49 hours**, and FEC (Equivalent Frequency of Interruption per Consumer Unit) was **4.94 interruptions**, both within regulatory limits[97](index=97&type=chunk) - Total distribution losses over the last 12 months amounted to **3,007 GWh**, with technical losses at **2,291 GWh** and non-technical losses at **716 GWh**[98](index=98&type=chunk)[99](index=99&type=chunk) - Total losses in June 2025 were **0.55% below** the regulatory limit, supported by a Program to Combat Non-Technical Losses[100](index=100&type=chunk)[101](index=101&type=chunk) [Grid Market (TUSD)](index=16&type=section&id=4.2.1%20Grid%20Market%20(TUSD)) DisCo's grid market consumption decreased 0.7% in 2Q25 due to milder temperatures, with the billed wire market falling 2.6% - Electricity consumption in DisCo's grid market fell by **0.7%** in 2Q25 compared to 2Q24, mainly due to milder temperatures reducing demand in residential and commercial sectors[94](index=94&type=chunk) - The billed wire market, which includes MMGD compensated energy, fell by **2.6%** in 2Q25 and **0.9%** year-to-date[94](index=94&type=chunk) [Captive Market](index=16&type=section&id=4.2.2%20Captive%20Market) Captive market electricity consumption dropped 10.2% in 2Q25 due to milder temperatures and MMGD compensation, with billed market down 14.9% - The captive market recorded a **10.2% drop** in electricity consumption in 2Q25 compared to 2Q24, mainly influenced by milder temperatures and greater MMGD compensation[95](index=95&type=chunk) - The billed captive market, including MMGD compensated energy, fell by **14.9%** in 2Q25 and by **10.9%** in the year to date[95](index=95&type=chunk) [Operational data](index=17&type=section&id=4.2.3%20Operational%20data) DisCo maintained service quality within regulatory limits (DEC 7.49 hours, FEC 4.94 interruptions) and kept total losses 0.55% below the limit - DEC for the last 12 months as of June 2025 was **7.49 hours**, and FEC was **4.94 interruptions**, both within regulatory limits[97](index=97&type=chunk) Distribution Losses (GWh - 12 Months) | Distribution Losses (GWh - 12 Months) | Jun-24 | Jun-25 | | :------------------------------------ | :----- | :----- | | Injected Energy | 38,545 | 39,591 | | Distribution losses | 3,104 | 3,007 | | Technical losses | 2,230 | 2,291 | | Non-technical losses | 874 | 716 | - Total losses in June 2025 were **0.55% below** the regulatory limit, influenced by the revision of targets from CP 09/24[100](index=100&type=chunk) - Copel maintains a Program to Combat Non-Technical Losses through smart meter alarms, targeted inspections, investment in equipment, training, and joint operations with authorities[101](index=101&type=chunk) [Copel Comercialização - TradeCo](index=18&type=section&id=5.%20Copel%20Comercializa%C3%A7%C3%A3o) Reviews the economic, financial, and operational performance of Copel's Commercialization segment [Economic and Financial Performance](index=18&type=section&id=5.1%20Economic%20and%20Financial%20Performance) TradeCo's recurring Ebitda dropped 47.5% to R$ 18.3 million in 2Q25, with recurring net income falling 41.1% due to sales margin reduction | TradeCo Recurring Ebitda (R$ million) | 2Q25 | 2Q24 | Δ% | | :------------------------------------ | :--- | :--- | :---- | | Ebitda | 79.5 | 3.8 | 1,977.1 | | Recurring Ebitda | 18.3 | 34.9 | (47.5)| - The decrease in recurring Ebitda was mainly due to a **R$ 15.3 million reduction** in sales margin[103](index=103&type=chunk) - The fair value of energy purchase and sale contracts (mark-to-market) was positive by **R$ 61.2 million** in 2Q25, compared to a negative **R$ 31 million** in 2Q24[104](index=104&type=chunk) TradeCo Main Indicators (R$ million) | TradeCo Main Indicators (R$ million) | 2Q25 | 2Q24 | Δ% | | :----------------------------------- | :------ | :------ | :---- | | Net Operating Revenue | 1,131.2 | 829.3 | 36.4 | | Operating Costs and Expenses | (1,052.2) | (825.9) | 27.4 | | Net Profit | 57.9 | 9.2 | 528.5 | | Recurring Net Profit | 17.5 | 29.7 | (41.1)| - Manageable costs increased by **40.2%** in 2Q25, influenced by higher 'Other Operating Costs and Expenses' (software rental, association contributions) and personnel costs, partially offset by reduced third-party services[107](index=107&type=chunk)[108](index=108&type=chunk) [Operational Performance](index=18&type=section&id=5.2%20Operational%20Performance) TradeCo's five-year energy sold decreased 7.6% in 2Q25, while total energy sold grew 21.0% due to increased trader sales - MWm sold for the five-year horizon (2025-2029) fell by **7.6%** in 2Q25 compared to 2Q24, primarily due to a **5.5% reduction** in energy sold to free consumers[110](index=110&type=chunk) - Total energy sold grew by **21.0%** in 2Q25 compared to 2Q24, mainly driven by a **36.0% increase** in sales to traders under bilateral contracts[112](index=112&type=chunk) [ESG performance](index=20&type=section&id=6.%20ESG%20performance) Highlights Copel's commitment to environmental, social, and governance principles and its recent achievements [ESG in Copel's strategy](index=20&type=section&id=6.1%20ESG%20in%20Copel's%20strategy) Copel integrates ESG into its strategy, focusing on environmental decarbonization, social well-being, and transparent governance - Copel incorporates ESG principles into its strategy, guided by material issues and its Sustainability Policy, with integrity as a core value[114](index=114&type=chunk) - Environmental focus includes decarbonization, climate adaptation, biodiversity, and eco-efficiency, with a Carbon Neutrality Plan to neutralize direct carbon emissions by **2030**[116](index=116&type=chunk) - Socially, the company focuses on employee health and safety, human rights, diversity, and community engagement, aiming for zero fatal accidents[117](index=117&type=chunk) - Governance is structured and transparent, based on an Integrity Program aligned with Global Compact Principles, emphasizing risk prevention and ethical culture[118](index=118&type=chunk) [Recent highlights](index=20&type=section&id=6.2%20Recent%20highlights) Copel received multiple ESG recognitions and proposed migration to B3's Novo Mercado for enhanced corporate governance - Included in the Corporate Sustainability Index (ISE [B]³) and Sustainability Yearbook 2025 by S&P Global[120](index=120&type=chunk) - Recognized in [B]³'s Carbon Efficient Index (ICO2) and ranked **96th globally** in the Carbon Clean 200 for revenue from clean sources[120](index=120&type=chunk) - Received the Best of ESG Award in the Energy category from Exame magazine and the Solidarity Seal from the Government of Paraná for social impact actions[120](index=120&type=chunk) - Proposed migration to B3's Novo Mercado, the highest level of corporate governance, and published its 2024 Integrated Report detailing ESG actions[120](index=120&type=chunk) [Indicators](index=21&type=section&id=6.3%20Indicators) Copel maintains 100% renewable energy, reduced Scope 1 GHG emissions, improved social metrics, and stable governance indicators Environmental Indicator | Environmental Indicator | 2023 | 2024 | Δ% (2024 vs 2023) | 1Q25 | 2Q25 | Δ% (2Q25 vs 1Q25) | | :---------------------- | :-------- | :-------- | :---------------- | :-------- | :-------- | :---------------- | | Renewable sources (% Installed Capacity) | 94.06 | 94.07 | - | 100.00 | 100.00 | - | | Renewable sources (% of energy generated) | 99.86 | 99.97 | 0.1 | 100.00 | 100.00 | - | | Scope 1 GHG emissions (tCO2) | 81,690.3 | 17,318.0 | (78.8) | - | - | - | | Scope 2 GHG emissions (tCO2) | 148,798.7 | 229,169.5 | - | - | - | - | Social Indicator | Social Indicator | 2023 | 2024 | Δ% (2024 vs 2023) | 1Q25 | 2Q25 | Δ% (2Q25 vs 1Q25) | | :--------------- | :--- | :--- | :---------------- | :--- | :--- | :---------------- | | Women at Copel (% Own Employees) | 21.7 | 21.9 | 1.1 | 22.3 | 22.1 | (0.9) | | Women at Copel (% of third-party employees) | 11.7 | 14.0 | 19.4 | 16.0 | 16.6 | 3.8 | | Accident Frequency Rate - TFIFR (% Own Employees) | 1.4 | 2.0 | 40.7 | 1.6 | 1.3 | (22.1) | | Accident Frequency Rate - TFIFR (% Third Party Employees) | 4.9 | 3.9 | (20.4) | 4.2 | 3.0 | (28.0) | Governance Indicator | Governance Indicator | 2023 | 2024 | Δ% (2024 vs 2023) | 1Q25 | 2Q25 | Δ% (2Q25 vs 1Q25) | | :------------------- | :--- | :--- | :---------------- | :--- | :--- | :---------------- | | Women in leadership positions (%) | 21.8 | 22.1 | 1.4 | 22.6 | 20.3 | (10.2) | | Women on the Board of Directors (%) | 11.1 | 11.1 | - | 11.1 | 11.1 | - | | Independent directors (%) | 88.8 | 88.8 | - | 88.8 | 88.8 | - | | Complaints Resolved by the Complaints Channel (%)* | 82.7 | 82.0 | (0.8) | 51.0 | 66.0 | 29.4 | [Evaluations, Ratings and Indexes](index=21&type=section&id=6.4%20Evaluations,%20Ratings%20and%20Indexes) Copel's ESG performance is recognized by external evaluations, including a CSA Score of 70 and a B rating from CDP Index Ratings | Index | Ranking | CSA Score | CDP | Sustainalytics | | :---- | :------ | :-------- | :-- | :------------- | | 2025 | 82.47% 19th position | - | - | - | | 2024 | - | 70 | B | Yes | | 2023 | - | - | - | Medium | [Other highlights](index=22&type=section&id=7.%20Other%20highlights) Covers key corporate governance, strategic initiatives, asset management, and regulatory adjustments [Corporate Governance and Financial Policy](index=22&type=section&id=7.1%20Corporate%20Governance%20and%20Financial%20Policy) Copel approved new capital structure and dividend policies, targeting 2.8x leverage and 75% payout, with Fitch reaffirming its 'AAA(bra)' rating - Approved Optimal Capital Structure with a target financial leverage of **2.8x (net debt/Ebitda)**, with a tolerance range of **0.3x**[126](index=126&type=chunk)[127](index=127&type=chunk) - New Dividend Policy establishes a minimum annual dividend of **75% of Net Income**, paid at least twice a year, for increased transparency and predictability[128](index=128&type=chunk) - Fitch Ratings reaffirmed Copel's **'AAA(bra)' Long-Term rating** for Copel and its subsidiaries, citing the company's solid business profile and diversified assets[129](index=129&type=chunk) [Strategic Initiatives and Asset Management](index=22&type=section&id=7.2%20Strategic%20Initiatives%20and%20Asset%20Management) Copel advanced strategic initiatives including Innovation Week, cybersecurity, asset swaps, divestments, and Novo Mercado migration - Copel Innovation Week promoted a culture of innovation, focusing on digitalization, artificial intelligence, and process automation, including the Copel Innovation Challenge[130](index=130&type=chunk) - Concluded an asset swap with Eletrobras, consolidating Mauá HPP and MSG transmission company, while transferring Colíder HPP, reinforcing asset optimization[131](index=131&type=chunk) - Closed divestments of Cavernoso I and II SHPs, receiving **R$ 124.5 million**, completing **83.0%** of the total divestment of Blocks 1 and 2[137](index=137&type=chunk) - The Board of Directors approved the proposal for migration to B3's Novo Mercado, subject to EGM approval and creditor consent[139](index=139&type=chunk) - Awarded for innovation in Operational Cybersecurity for modernizing its operational network in substations, with an estimated investment of **R$ 120 million** and annual savings of **R$ 24 million**[141](index=141&type=chunk)[142](index=142&type=chunk) [Regulatory and Operational Adjustments](index=22&type=section&id=7.3%20Regulatory%20and%20Operational%20Adjustments) DisCo's tariff adjustment had a 2.02% consumer effect, GenCo's APRs increased 13.6%, and DisCo issued R$ 3 million in debentures - DisCo's new tariff composition, approved by Aneel on June 24, 2025, resulted in an average effect of **2.02%** for consumers[134](index=134&type=chunk) - Aneel established Annual Permitted Revenues (APRs) for GenCo and its stakes at **R$ 1,811.2 million** for the 2025-2026 cycle, a **13.6% increase**, effective July 1, 2025[135](index=135&type=chunk) - DisCo issued **R$ 3,000,000** in simple debentures across three series on July 15, 2025, to finance investments in electricity distribution assets[144](index=144&type=chunk) - Copel won first place in the Aneel Ombudsman Award for the third consecutive year, recognizing its excellence in complaint resolution and customer service[143](index=143&type=chunk) [Disclaimer](index=23&type=section&id=Disclaimer) Provides a disclaimer regarding forward-looking statements and potential risks affecting actual results [Forward-Looking Statements](index=23&type=section&id=Forward-Looking%20Statements) Clarifies that the document contains forward-looking statements subject to risks and uncertainties, where actual results may differ - The document contains forward-looking statements based on management's current views and estimates of future economic circumstances, industry conditions, company performance, and financial results[145](index=145&type=chunk)[216](index=216&type=chunk) - These statements are not historical facts and involve risks and uncertainties, with no guarantee that expected events, trends, or results will actually occur[145](index=145&type=chunk)[216](index=216&type=chunk) - Actual results could differ materially from current expectations due to changes in assumptions or factors such as general economic and market conditions, industry competitiveness, and operational factors[145](index=145&type=chunk)[216](index=216&type=chunk) [Exhibit I - CONSOLIDATED RESULTS](index=25&type=section&id=Exhibit%20I%20-%20CONSOLIDATED%20RESULTS) Presents detailed consolidated financial statements, including income statement, balance sheet, and cash flow [Income Statement](index=25&type=section&id=Income%20Statement) Consolidated operating revenues rose 13.6% to R$ 6,225.2 million in 2Q25, with net income for continuing operations up 23.9% | Income Statement (R$ thousand) | 2Q25 | 2Q24 | Δ% | 1H25 | 1H24 | Δ% | | :-------------------------- | :---------- | :---------- | :--- | :----------- | :----------- | :--- | | OPERATING REVENUES | 6,225,154 | 5,479,266 | 13.6 | 12,117,240 | 10,896,264 | 11.2 | | OPERATING COSTS AND EXPENSES | (5,067,863) | (4,611,582) | 9.9 | (9,678,833) | (9,075,134) | 6.7 | | NET INCOME continuing operations | 573,564 | 463,065 | 23.9 | 1,238,231 | 995,255 | 24.4 | | NET INCOME | 573,564 | 473,574 | 21.1 | 1,238,231 | 1,007,117 | 22.9 | | EBITDA continued operations | 1,582,758 | 1,304,384 | 21.3 | 3,319,310 | 2,704,101 | 22.8 | - Electricity sales to distributors increased by **57.0%** in 2Q25, while electricity sales to final customers decreased by **8.1%**[148](index=148&type=chunk) - Electricity purchased for resale increased by **27.3%** in 2Q25, and personnel and management costs decreased by **14.9%**[148](index=148&type=chunk) [Balance Sheet](index=26&type=section&id=Balance%20Sheet) Copel's total assets grew 5.9% to R$ 60,742.0 million by June 2025, driven by non-current assets, while current assets decreased | Balance Sheet (R$ thousand) | Jun-25 | Dec-24 | Δ% | | :---------------------- | :----------- | :----------- | :--- | | TOTAL ASSETS | 60,742,037 | 57,384,156 | 5.9 | | CURRENT ASSETS | 12,093,928 | 13,041,808 | (7.3)| | NON-CURRENT ASSETS | 48,648,109 | 44,342,348 | 9.7 | | TOTAL LIABILITIES | 35,183,182 | 31,747,221 | 10.8 | | CURRENT LIABILITIES | 10,659,414 | 10,342,380 | 3.1 | | NON-CURRENT LIABILITIES | 24,523,768 | 21,404,841 | 14.6 | | EQUITY | 25,558,855 | 25,636,935 | (0.3)| - Cash and cash equivalents decreased by **31.9%** to **R$ 2,835.6 million**[149](index=149&type=chunk) - Contract Assets in current assets increased by **125.3%**, while those in non-current assets decreased by **5.4%**[149](index=149&type=chunk) - Debentures in current liabilities increased by **44.7%**, and in non-current liabilities by **22.5%**[149](index=149&type=chunk) - Provisions for litigation in non-current liabilities increased by **112.4%** to **R$ 2,032.0 million**[149](index=149&type=chunk) [Cash Flow](index=27&type=section&id=Cash%20Flow) Net cash from operations decreased 9.7% to R$ 1,738.5 million in 1H25, with significant cash used in investing and financing activities | Cash Flow (R$ thousand) | 1H25 | 1H24 | | :------------------ | :----------- | :----------- | | NET CASH GENERATED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | 1,738,546 | 1,924,424 | | NET CASH USED BY INVESTMENT ACTIVITIES FROM CONTINUING OPERATIONS | (2,268,251) | (1,162,302) | | NET CASH GENERATED (USED) BY FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | (787,074) | 936,105 | | CHANGE IN CASH AND CASH EQUIVALENTS | (1,316,779) | 1,594,461 | - Acquisitions in investments (**R$ 1,060.8 million**) and additions to contract assets (**R$ 1,374.3 million**) were major uses of cash in investing activities[151](index=151&type=chunk) - The issue of debentures generated **R$ 2,000.0 million**, but payments of principal for loans and debentures, along with dividends paid, resulted in net cash used in financing activities[154](index=154&type=chunk) [Adjusted EBITDA and Financial Result](index=29&type=section&id=Adjusted%20EBITDA%20and%20Financial%20Result) Recurring EBITDA rose 4.2% to R$ 1,335.0 million in 2Q25, but the financial result worsened to negative R$ 401.9 million | RECURRING EBITDA (R$ thousand) | 2Q25 | 2Q24 | Δ% | 1H25 | 1H24 | Δ% | | :------------------------- | :-------- | :-------- | :--- | :-------- | :-------- | :--- | | EBITDA | 1,582.8 | 1,304.4 | 21.3 | 3,319.3 | 2,704.1 | 22.8 | | RECURRING EBITDA | 1,335.0 | 1,281.0 | 4.2 | 2,838.2 | 2,611.8 | 8.7 | | Financial income (expenses) | (401,861) | (289,685) | 38.7 | (848,386) | (557,859) | 52.1 | - Monetary variation, foreign exchange, and debt service charges increased by **50.2%** in 2Q25, contributing to the negative financial result[155](index=155&type=chunk) - Interest on taxes to be compensated increased by **378.7%** in 2Q25, partially offsetting financial expenses[155](index=155&type=chunk) [Equity in Earnings of Subsidiaries and Indicators](index=30&type=section&id=Equity%20in%20Earnings%20of%20Subsidiaries%20and%20Indicators) Equity in earnings of subsidiaries decreased 75.9% to R$ 19.4 million in 2Q25, mainly due to lower joint venture contributions | Variation in Equity in earnings of subsidiaries (R$ thousand) | 2Q25 | 2Q24 | Δ% | | :----------------------------------------------------- | :----- | :----- | :---- | | Joint Ventures | 58,212 | 76,554 | (24.0)| | Associates | (38,828) | 3,991 | (1,072.9)| | TOTAL | 19,384 | 80,545 | (75.9)| - Mata de Santa Genebra Transmissão S.A. saw a **55.6% decrease** in contribution, and Matrinchã Transmissora de Energia S.A. decreased by **29.0%**[156](index=156&type=chunk) - Dona Francisca Energética S.A. (Associates) showed a significant negative variation of **(3,128.3%)**[156](index=156&type=chunk) [Share Capital](index=31&type=section&id=Share%20Capital) Copel's share capital totaled 2,982,811 thousand shares by June 2025, with Free Floating holding 61.4% Shareholders | Shareholders | Common (thousand shares) | % | Preferred "A" (thousand shares) | % | Preferred "B" (thousand shares) | % | Special * (thousand shares) | TOTAL (thousand shares) | % | | :---------------- | :----------------------- | :---- | :------------------------------ | :---- | :------------------------------ | :---- | :-------------------------- | :---------------------- | :---- | | State of Paraná | 358,563 | 27.6% | - | - | 116,081 | 6.9% | <1 | 474,644 | 15.9% | | BNDESPAR | 131,162 | 10.1% | - | - | 524,646 | 31.2% | - | 655,808 | 22.0% | | Free Floating | 801,341 | 61.6% | 713 | 22.8% | 1,030,305 | 61.4% | - | 1,832,359 | 61.4% | | Treasury shares | 6,169 | 0.5% | - | 0.0% | 7,353 | 0.4% | - | 13,522 | 0.5% | | TOTAL | 1,300,348 | 100% | 3,128 | 100% | 1,679,335 | 100% | <1 | 2,982,811 | 100% | - The State of Paraná holds a special class preferred share with veto power[158](index=158&type=chunk) [Exhibit II - RESULT BY SUBSIDIARY](index=32&type=section&id=Exhibit%20II%20-%20RESULT%20BY%20SUBSIDIARY) Provides detailed financial results for each Copel subsidiary, including income statements by company and accumulated [COPEL GET (CONSOLIDATED)](index=32&type=section&id=COPEL%20GET%20(CONSOLIDATED)) Copel GenCo's operating revenues rose 7.0% to R$ 1,161.4 million in 2Q25, with stable net income and decreased operating costs | GenCo Income Statement (R$ thousand) | 2Q25 | 2Q24 | Δ% | 1H25 | 1H24 | Δ% | | :------------------------------- | :---------- | :---------- | :---- | :----------- | :----------- | :---- | | OPERATING REVENUES | 1,161,383 | 1,085,417 | 7.0 | 2,400,930 | 2,214,417 | 8.4 | | OPERATING COSTS AND EXPENSES | (467,248) | (624,035) | (25.1)| (985,937) | (1,263,084) | (21.9)| | NET INCOME continuing operations | 365,514 | 365,085 | 0.1 | 781,558 | 671,652 | 16.4 | | EBITDA continuing operations | 936,863 | 748,021 | 25.2 | 1,935,031 | 1,535,821 | 26.0 | - Electricity sales to distributors increased by **10.3%** in 2Q25, while use of the main transmission grid decreased by **21.0%**[162](index=162&type=chunk) - Electricity purchased for resale increased significantly, while personnel and management costs decreased by **23.6%**[162](index=162&type=chunk) [COPEL DIS](index=33&type=section&id=COPEL%20DIS) Copel Dis operating revenues increased 9.7% to R$ 4,556.2 million in 2Q25, but net income decreased 26.4% | DisCo Income Statement (R$ thousand) | 2Q25 | 2Q24 | Δ% | 1H25 | 1H24 | Δ% | | :------------------------------- | :---------- | :---------- | :--- | :----------- | :----------- | :--- | | OPERATING REVENUES | 4,556,167 | 4,152,740 | 9.7 | 8,860,934 | 8,203,702 | 8.0 | | OPERATING COSTS AND EXPENSES | (4,147,935) | (3,713,156) | 11.7 | (7,915,621) | (7,269,861) | 8.9 | | NET INCOME (LOSS) | 152,963 | 207,907 | (26.4)| 385,387 | 449,785 | (14.3)| | EBITDA | 580,992 | 579,437 | 0.3 | 1,285,731 | 1,215,184 | 5.8 | - Electricity sales to distributors increased by **306.5%** in 2Q25, while sales to final customers decreased by **5.7%**[163](index=163&type=chunk) - Electricity purchased for resale increased by **18.3%** in 2Q25, and personnel and management costs decreased by **15.8%**[163](index=163&type=chunk) - Gross operating revenue increased by **9.0%** to **R$ 6,699.6 million** in 2Q25[164](index=164&type=chunk) [COPEL COM (MERCADO LIVRE)](index=35&type=section&id=COPEL%20COM%20(MERCADO%20LIVRE)) Copel TradeCo's operating revenues surged 36.4% to R$ 1,131.2 million in 2Q25, with net income increasing 528.5% | TradeCo Income Statement (R$ thousand) | 2Q25 | 2Q24 | Δ% | 1H25 | 1H24 | Δ% | | :--------------------------------- | :---------- | :---------- | :---- | :----------- | :----------- | :---- | | OPERATING REVENUES | 1,131,213 | 829,344 | 36.4 | 2,087,455 | 1,688,995 | 23.6 | | OPERATING COSTS AND EXPENSES | (1,052,153) | (825,943) | 27.4 | (1,980,962) | (1,668,213) | 18.7 | | NET INCOME (LOSS) | 57,876 | 9,208 | 528.5 | 83,012 | 26,767 | 210.1 | | EBITDA | 79,518 | 3,831 | 1,975.6| 107,380 | 21,652 | 395.9 | - Electricity sales to distributors increased by **87.0%** in 2Q25, while sales to final customers decreased by **16.3%**[165](index=165&type=chunk) - Electricity purchased for resale increased by **27.5%** in 2Q25, and personnel and management costs increased by **33.1%**[165](index=165&type=chunk) [INCOME STATEMENT FOR THE QUARTER BY COMPANY](index=36&type=section&id=INCOME%20STATEMENT%20FOR%20THE%20QUARTER%20BY%20COMPANY) Details 2Q25 and 2Q24 income statements by Copel subsidiary, showing individual contributions to consolidated results Income Statement 2Q25 (R$ thousand) | Income Statement 2Q25 (R$ thousand) | Distribuição | Geração | Transmissão | Wind Farms | Mercado Livre | Holding | Consolidated | | :------------------------------ | :----------- | :------ | :---------- | :--------- | :------------ | :------ | :----------- | | NET OPERATING INCOME | 4,556,167 | 525,776 | 208,397 | 217,334 | 1,131,213 | - | 6,225,154 | | OPERATING COSTS AND EXPENSES | (4,147,935) | 17,685 | (246,883) | (151,637) | (1,052,153) | (30,639)| (5,067,863) | | NET INCOME | 152,963 | 375,647 | (10,046) | 45,579 | 57,877 | 572,140 | 573,564 | | EBITDA continuing operations | 580,992 | 706,894 | 43,696 | 158,133 | 79,518 | 545,679 | 1,582,758 | Income Statement 2Q24 (R$ thousand) | Income Statement 2Q24 (R$ thousand) | Distribuição | Geração | Transmissão | Wind Farms | Mercado Livre | Holding | Consolidated | | :------------------------------ | :----------- | :------ | :---------- | :--------- | :------------ | :------ | :----------- | | NET OPERATING INCOME | 4,152,740 | 517,832 | 251,096 | 181,255 | 829,345 | - | 5,479,266 | | OPERATING COSTS AND EXPENSES | (3,713,155) | (299,576)| (90,278) | (145,944) | (825,946) | (52,059)| (4,611,582) | | NET INCOME | 207,907 | 146,925 | 210,322 | (11,309) | 9,205 | 472,079 | 473,574 | | EBITDA continuing operations | 579,438 | 327,396 | 264,713 | 103,024 | 3,829 | 534,931 | 1,304,384 | [INCOME STATEMENT BY COMPANY ACCUMULATED](index=38&type=section&id=INCOME%20STATEMENT%20BY%20COMPANY%20ACCUMULATED) Presents accumulated income statements for 1H25 and 1H24 by company, detailing each subsidiary's half-year performance Income Statement 1H25 (R$ thousand) | Income Statement 1H25 (R$ thousand) | Distribuição | Geração | Transmissão | Wind Farms | Mercado Livre | Holding | Consolidated | | :------------------------------ | :----------- | :------ | :---------- | :--------- | :------------ | :------ | :----------- | | NET OPERATING INCOME | 8,860,934 | 1,088,935| 517,029 | 417,444 | 2,087,455 | - | 12,117,240 | | OPERATING COSTS AND EXPENSES | (7,915,621) | (359,360)| (179,196) | (282,415) | (1,980,962) | (58,573)| (9,678,833) | | NET INCOME | 385,387 | 599,534 | 182,022 | 68,430 | 83,012 | 1,237,648| 1,238,231 | | EBITDA continuing operations | 1,285,731 | 1,214,766| 362,751 | 307,466 | 107,380 | 1,191,068| 3,319,310 | Income Statement 1H24 (R$ thousand) | Income Statement 1H24 (R$ thousand) | Distribuição | Geração | Transmissão | Wind Farms | Mercado Livre | Holding | Consolidated | | :------------------------------ | :----------- | :------ | :---------- | :--------- | :------------ | :------ | :----------- | | NET OPERATING INCOME | 8,203,702 | 1,059,410| 513,325 | 360,444 | 1,688,996 | - | 10,896,264 | | OPERATING COSTS AND EXPENSES | (7,269,861) | (618,713)| (166,737) | (294,690) | (1,668,216) | (104,283)| (9,075,134) | | NET INCOME | 449,785 | 253,486 | 402,933 | (48,563) | 26,765 | 1,003,462| 1,007,117 | | EBITDA continuing operations | 1,215,183 | 660,289 | 553,609 | 187,853 | 21,650 | 1,049,869| 2,704,101 | [ASSETS BY COMPANY](index=40&type=section&id=ASSETS%20BY%20COMPANY) Details asset breakdown for each Copel subsidiary as of June 2025 and December 2024, by current and non-current assets Assets - June-2025 (R$ thousand) | Assets - June-2025 (R$ thousand) | Geração e Transmissão | Distribuição | Mercado Livre | Holding | Consolidated | | :--------------------------- | :-------------------- | :----------- | :------------ | :------ | :----------- | | CURRENT | 3,722,207 | 5,150,609 | 946,910 | 2,345,438| 12,093,928 | | NON-CURRENT | 24,240,128 | 17,912,924 | 634,280 | 23,640,632| 48,648,109 | | TOTAL | 27,962,335 | 23,063,533 | 1,581,190 | 25,986,070| 60,742,037 | Assets - December-2024 (R$ thousand) | Assets - December-2024 (R$ thousand) | Geração e Transmissão | Distribuição | Mercado Livre | Holding | Consolidated | | :------------------------------- | :-------------------- | :----------- | :------------ | :------ | :----------- | | CURRENT | 3,478,566 | 6,769,769 | 916,049 | 3,264,843| 13,041,808 | | NON-CURRENT | 22,800,216 | 16,797,534 | 531,035 | 23,164,333| 44,342,348 | | TOTAL | 26,278,782 | 23,567,303 | 1,447,083 | 26,429,176| 57,384,156 | [LIABILITIES BY COMPANY](index=42&type=section&id=LIABILITIES%20BY%20COMPANY) Provides detailed liabilities and equity breakdown for each Copel subsidiary as of June 2025 and December 2024 Liabilities - June-25 (R$ thousand) | Liabilities - June-25 (R$ thousand) | Geração e Transmissão | Distribuição | Mercado Livre | Holding | Consolidated | | :------------------------------ | :-------------------- | :----------- | :------------ | :------ | :----------- | | CURRENT | 3,937,880 | 6,805,190 | 877,174 | 45,660 | 10,659,414 | | NON-CURRENT | 9,595,328 | 8,330,433 | 353,599 | 344,260 | 24,523,768 | | EQUITY | 14,429,127 | 7,927,911 | 520,286 | 25,596,150| 25,558,855 | | TOTAL | 27,962,335 | 23,063,534 | 1,581,190 | 25,986,070| 60,742,037 | Liabilities - December-24 (R$ thousand) | Liabilities - December-24 (R$ thousand) | Geração e Transmissão | Distribuição | Mercado Livre | Holding | Consolidated | | :---------------------------------- | :-------------------- | :----------- | :------------ | :------ | :----------- | | CURRENT | 5,107,929 | 5,979,105 | 404,699 | 878,302 | 10,342,381 | | NON-CURRENT | 6,931,439 | 9,922,614 | 349,758 | 349,758 | 21,404,840 | | EQUITY | 14,239,413 | 7,665,584 | 288,629 | 25,674,718| 25,636,934 | | TOTAL | 26,278,782 | 23,567,303 | 1,447,083 | 26,429,176| 57,384,156 | [Exhibit III - ENERGY MARKET](index=44&type=section&id=Exhibit%20III%20-%20ENERGY%20MARKET) Presents detailed energy market data, including distribution, total market, tariffs, and energy flow [DISTRIBUTION AND TOTAL MARKET](index=44&type=section&id=DISTRIBUTION%20AND%20TOTAL%20MARKET) Copel's consolidated energy sold rose 8.9% to 13,650 GWh in 2Q25, with varied performance across DisCo and TradeCo Copel's Total Market (GWh) | Copel's Total Market (GWh) | 2Q25 | 2Q24 | Δ% | 1H25 | 1H24 | Δ% | | :------------------------- | :----- | :----- | :--- | :----- | :----- | :--- | | Total Consolidated Copel | 13,650 | 12,530 | 8.9 | 27,972 | 25,931 | 7.9 | | Copel DIS | 5,817 | 5,469 | 6.4 | 12,015 | 11,145 | 7.8 | | Copel GeT | 3,708 | 4,039 | (8.2)| 8,428 | 8,696 | (3.1)| | Wind Farms Complexes | 1,177 | 1,054 | 11.7 | 2,428 | 2,175 | 11.6 | | Copel Comercialização | 6,686 | 5,527 | 21.0 | 13,258 | 11,569 | 14.6 | Copel's Dis Market (GWh) | Copel's Dis Market (GWh) | 2Q25 | 2Q24 | Δ% | 1H25 | 1H24 | Δ% | | :----------------------- | :---- | :---- | :---- | :----- | :----- | :---- | | Total Grid Market | 9,050 | 9,113 | (0.7) | 18,637 | 18,396 | 1.3 | | Total Billed Market | 8,278 | 8,500 | (2.6) | 16,969 | 17,118 | (0.9) | - DisCo's captive market consumption decreased by **10.2%** in 2Q25, while the free market consumption increased by **13.7%**[178](index=178&type=chunk) [TARIFFS](index=45&type=section&id=TARIFFS) GenCo's average supply tariff was R$ 315.44/MWh in 2025, while DisCo's purchase tariff rose 2.6% and retail tariffs decreased Supply Tariff (R$/MWh) | Supply Tariff (R$/MWh) | Amount (MW average/year) | Price (R$) | | :--------------------- | :----------------------- | :--------- | | Copel Geração e Transmissão | 176 | 315.44 | Purchase Tariff - Copel Distribuição (R$/MWh) | Purchase Tariff - Copel Distribuição (R$/MWh) | Jun/25 | Jun/24 | Δ% | | :-------------------------------------------- | :----- | :----- | :--- | | Total / Average Purchuse Tariff | 232.83 | 226.86 | 2.6% | Retail Tariff - Copel Distribuição (R$/MWh) | Retail Tariff - Copel Distribuição (R$/MWh) | Jun/25 | Jun/24 | Δ% | | :------------------------------------------ | :----- | :----- | :---- | | Industrial | 543.51 | 555.88 | -2.2% | | Residential | 513.29 | 546.46 | -6.1% | | Commercial | 558.85 | 609.36 | -8.3% | | Rural | 540.79 | 596.42 | -9.3% | | Other | 588.74 | 597.68 | -1.5% | | Retail Tariff supply average tariff | 592.40 | 615.21 | -3.7% | [ELECTRICITY PURCHASED AND CHARGES](index=46&type=section&id=ELECTRICITY%20PURCHASED%20AND%20CHARGES) Electricity purchased for resale rose 27.3% to R$ 2,563.4 million in 2Q25, while grid charges decreased 6.5% to R$ 710.6 million Electricity Purchased for Resale (R$ thousand) | Electricity Purchased for Resale (R$ thousand) | 2Q25 | 2Q24 | Δ% | 1H25 | 1H24 | Δ% | | :---------------------------------------- | :---------- | :---------- | :--- | :----------- | :----------- | :--- | | TOTAL | 2,563,409 | 2,012,934 | 27.3 | 4,815,762 | 3,986,401 | 20.8 | | Câmara de Comercialização de Energia - CCEE | 308,216 | 106,772 | 188.7| 385,632 | 172,606 | 123.4| | Bilateral Agreements | 677,505 | 385,594 | 75.7 | 1,174,818 | 789,163 | 48.9 | Charges of the main distribution and transmission grid (R$ thousand) | Charges of the main distribution and transmission grid (R$ thousand) | 2Q25 | 2Q24 | Δ% | 1H25 | 1H24 | Δ% | | :-------------------------------------------------------------- | :-------- | :-------- | :---- | :----------- | :----------- | :---- | | TOTAL | 710,578 | 760,284 | (6.5) | 1,393,101 | 1,508,358 | (7.6) | | Itaipu transportation charges | 43,445 | 56,470 | (23.1)| 84,231 | 109,586 | (23.1)| | System Service Charges - ESS | 669 | 9,375 | (92.9)| 6,566 | 22,458 | (70.8)| [ENERGY BALANCE](index=47&type=section&id=ENERGY%20BALANCE) Copel GenCo's total available power is projected to increase from 340 MW in 2025 to 1,563 MW by 2030 Energy Balance - Copel GET - Jun-25 (average MW) | Energy Balance - Copel GET - Jun-25 (average MW) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | | :----------------------------------------------- | :---- | :---- | :---- | :---- | :---- | :---- | | Own Resources GeT | 1,956 | 1,890 | 1,901 | 1,920 | 1,928 | 1,928 | | Purchases | 189 | 35 | - | - | - | - | | TOTAL OWN RESOURCES + SOLD | 2,689 | 2,469 | 2,445 | 2,464 | 2,472 | 2,472 | | TOTAL SOLD | 2,348 | 2,058 | 1,781 | 1,492 | 1,159 | 908 | | Total Available | 340 | 410 | 663 | 971 | 1,312 | 1,563 | | Total Available (%) | 13% | 16% | 27% | 39% | 53% | 63% | - The average price of energy sold is projected to increase from **R$ 176.80** in 2025 to **R$ 230.83** in 2030[184](index=184&type=chunk) [WIND POWER PRICES](index=50&type=section&id=WIND%20POWER%20PRICES) Lists supply prices and assured power for various wind farms, with prices updated by IPCA until June 2025 Wind Farms - Sold São Bento Energia, Invest. e Part. S.A. | Wind Farms - Sold São Bento Energia, Invest. e Part. S.A. | Auction ¹ | Certification | Amount MW average/year | Price (R$)² | | :-------------------------------------------------------- | :-------- | :------------ | :--------------------- | :---------- | | UEE Guajiru S.A. | - | P90 | 8.30 | 263.84 | | GE Boa Vista S.A. | - | P50 | 5.70 | 324.37 | | Nova Asa Branca I Energias Renováveis S.A. | 2º LFA | P50 | 13.20 | 318.28 | | Santa Maria Energias Renováveis S.A. | 4º LER | P50 | 15.70 | 224.30 | | UEE Cutia S.A. | - | P90 | 9.60 | 263.84 | | CGE São Bento do Norte I S.A. | 20ª LEN | P90 | 9.70 | 249.91 | | Vila Ceará I (Antiga Vila Paraíba IV) | - | P90 | 8.20 | 134.38 | | Carnaúbas | - | - | 13.10 | 217.57 | | Jandaira I | 30ª LEN | P90 | 1.60 | 137.09 | | Aventura II | 26º LEN | P90 | 11.70 | 144.92 | | Santa Rosa & Mundo Novo I | - | P90 | 16.50 | 147.91 | - Prices are updated by IPCA until June 2025, with reference July 2025[196](index=196&type=chunk) - Values presented refer to **100% of the Complex**, with Copel holding a **49% stake** in the Voltalia project[196](index=196&type=chunk) [ENERGY FLOW](index=51&type=section&id=ENERGY%20FLOW) Copel's own generation was 3,525 GWh in 2Q25 and 10,580 GWh in 1H25, with total available energy of 13,370 GWh and 29,081 GWh respectively Energy Flow (GWh) - 2Q25 | Energy Flow (GWh) | COPEL DIS (2Q25) | COPEL GET + FDA + BELA VISTA (2Q25) | EÓLICAS (2Q25) | COPEL COM (2Q25) | CONSOLIDADO (2Q25) | | :---------------- | :--------------- | :---------------------------------- | :------------- | :--------------- | :----------------- | | Own Generation | - | 2,726 | 799 | - | 3,525 | | Purchased energy | 5,588 | 1,202 | 107 | 6,686 | 9,847 | | Avaiable | 5,588 | 3,928 | 906 | 6,686 | 13,370 | | Captive Market | 4,814 | - | - | - | 4,814 | | Free Customers | - | - | - | 2,477 | 2,477 | Energy Flow (GWh) - 1H25 | Energy Flow (GWh) | COPEL DIS (1H25) | COPEL GET + FDA + BELA VISTA (1H25) | EÓLICAS (1H25) | COPEL COM (1H25) | CONSOLIDADO (1H25) | | :---------------- | :--------------- | :---------------------------------- | :------------- | :--------------- | :----------------- | | Own Generation | - | 9,029 | 1,551 | - | 10,580 | | Purchased energy | 11,638 | 1,454 | 298 | 13,269 | 18,504 | | Avaiable | 11,638 | 10,483 | 1,849 | 13,269 | 29,081 | | Captive Market | 10,425 | - | - | - | 10,425 | | Free Customers | - | - | - | 4,745 | 4,745 | - Purchased energy in 1H25 was primarily from CCEAR (**6,574 GWh**) and Itaipu (**2,203 GWh**)[201](index=201&type=chunk) [Exhibit IV - OPERATIONAL DATA](index=53&type=section&id=Exhibit%20IV%20-%20OPERATIONAL%20DATA) Presents key operational data, including staff, generation capacity, transmission network, and distribution metrics [INDICATORS SUMMARY](index=53&type=section&id=INDICATORS%20SUMMARY) Copel's staff decreased to 4,148 by June 2025, operating 6,227.2 MW of renewable capacity and serving 5.2 million customers Copel Staff List | Copel Staff List | 2020 | 2021 | 2022 | 2023 | 2024 | Jun-25 | | :--------------- | :---- | :---- | :---- | :---- | :---- | :----- | | Geração e Transmissão | 1,533 | 1,523 | 1,487 | 1,477 | 1,091 | 1,019 | | Distribuição | 4,641 | 4,430 | 4,257 | 4,203 | 3,199 | 3,032 | | Comercialização | 42 | 44 | 47 | 41 | 39 | 44 | | TOTAL | 6,6

Financial Data and Key Metrics Changes - EBITDA for Q2 2025 was BRL 1.3 billion, representing a growth of 4.2% compared to the same quarter last year [3] - Recurring net income was above BRL 450 million, reflecting a decrease of 9.5% compared to the previous year [17] - Total net debt stood at BRL 16.6 billion, with leverage at 2.9 times net debt over recurring EBITDA, excluding the effects of the acquisition of Baixo Iguacu [19] Business Line Data and Key Metrics Changes - Copel G and T reported recurring EBITDA of BRL 761.4 million, up 12.6% year-over-year, driven by better results in the short-term market and lower generation deviation in wind complexes [12] - Copel Distribution posted recurring EBITDA of BRL 569.3 million, a slight increase of 0.6% compared to the previous year, primarily due to tariff adjustments [13] - Copel Trading saw a 21% increase in sales compared to the previous year, although margins were impacted by market factors [14] Market Data and Key Metrics Changes - The average tariff adjustment in June 2024 was 2.7%, but the impact was neutralized by a 2.6% drop in the build grid market [13] - The company experienced a 38.7% increase in financial expenses due to rising debt levels and higher CDI rates [17] Company Strategy and Development Direction - The company is migrating to Novo Mercado to unify share classes and increase liquidity, which is expected to attract new investors, particularly foreign ones [6][8] - The divestment of small hydro assets and the completion of asset swap operations with Eletrobras are part of the strategy to optimize the portfolio [4] - Future focus includes digital transformation, restructuring, and maintaining an optimal capital structure while delivering on commitments made to shareholders [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining the timeline for the migration to Novo Mercado despite a recent delay due to regulatory issues [23] - The company is committed to improving operational efficiency and customer service while navigating the challenges posed by tariff pressures and market dynamics [43][44] - Management emphasized the importance of disciplined capital allocation and the potential for future growth opportunities without immediate M&A plans [35] Other Important Information - The company received recognition for excellence in ESG practices and ranked first in Annelle's Ombudsman award for the third consecutive year [5] - Total CapEx for the quarter was approximately BRL 975 million, in line with the annual projection of over BRL 3 billion [3][18] Q&A Session Summary Question: Can you provide more details about the trading strategy for the quarter? - Management indicated that the trading strategy focused on selling longer-term contracts, with significant price improvements compared to previous sales [25] Question: Is the migration to Novo Mercado still feasible by the end of the year? - Management believes that if the regulatory issues are resolved promptly, the timeline for migration can still be maintained [23] Question: What is the strategic view looking forward, particularly regarding M&A? - Management stated that there are no immediate plans for M&A, focusing instead on internal growth and efficiency improvements [35] Question: Can you elaborate on the measures being taken for cost efficiency? - Management highlighted ongoing efforts in procurement, digital transformation, and operational efficiency to achieve a 20% cost reduction commitment [42] Question: How are tariff pressures affecting the company's trading policy? - Management acknowledged the concern over tariffs but emphasized the importance of maintaining customer service quality while managing costs [44]