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Summary of Companhia Paranaense de Energia (Copel) Conference Call Company Overview - **Company**: Companhia Paranaense de Energia (Copel) - **Ticker**: NYSE: ELP - **Date of Call**: March 18, 2026 Key Points Industry Context - The conference focused on the results of the 2026 reserve capacity auction, emphasizing the importance of hydroelectric power in Brazil's energy sector, which is characterized by low costs and renewable energy sources [3][4]. Auction Results and Capacity Expansion - Copel's auction results indicate a significant increase in installed capacity: - Foz do Areia's capacity will increase from 1.7 gigawatts to 2.5 gigawatts, making it the eighth largest hydroelectric power plant in Brazil [4]. - Segredo's capacity will increase from 1.3 gigawatts to 2.5 gigawatts, positioning it as the ninth largest [5]. - The auction results are expected to enhance Copel's relevance in the national energy system and support its Strategy 2035 [4]. Financial Metrics and Investments - The estimated investment for the projects is as follows: - Foz do Areia: BRL 1.3 billion - Segredo: BRL 3.6 billion - Total for both assets: BRL 4.9 billion [6]. - The gross contracted price for the auction is BRL 1,395, with TUST (Transmission Use of System) costs ranging from BRL 575-610 for Foz do Areia and BRL 673-719 for Segredo [6]. Capital Allocation Strategy - Copel aims for a minimum payout of 75% of its dividend policy, indicating a commitment to returning value to shareholders despite the significant capital expenditures [9]. - The company plans to allocate approximately 15% of its capital expenditures (CapEx) in 2026, with a higher concentration of 40% in 2027 and 2028 for Foz do Areia [8][13]. Operational Efficiency and Future Outlook - The management emphasized the importance of operational efficiency, optimum leverage, and consistent returns as key pillars for value generation [7]. - The company is optimistic about the potential for early project completion, particularly for Foz do Areia, which may be operational by 2029 instead of the planned 2030 [14]. Debt and Funding Structure - The funding structure for the projects is expected to be 70% debt and 30% equity, leveraging Copel's strong market position as a Triple-A rated company [16]. Conclusion - The conference concluded with a positive outlook on Copel's future, highlighting the sustainable value generation from the recent auction and the strategic capital allocation moving forward [17]. This summary encapsulates the critical insights from the conference call, focusing on Copel's strategic initiatives, financial metrics, and industry positioning.

DISCLAIMER Any statements made during this conference regarding Copel's business prospects, projections, and operational and financial goals are based on the beliefs and assumptions of the Company's management, as well as on currently available information. Forward-looking statements are not guarantees of performance; they involve risks, uncertainties, and assumptions, as they refer to future events and therefore depend on circumstances that may or may not occur. General economic conditions, industry condit ...

Companhia Paranaense de Energia (NYSE:ELP) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Company ParticipantsDaniel Slaviero - CEOFelipe Gutterres - CFORodolfo Lima - General DirectorConference Call ParticipantsBruno Amorim - Equity Research AnalystMaria Carolina Carneiro - Equity Research AnalystOperatorGood morning, ladies and gentlemen. Welcome to the Companhia Paranaense de Energia Copel video conference call to discuss the results for the fourth quarter and full year 2025. This video conference i ...

Financial Data and Key Metrics Changes - The company reported a recurring EBITDA of nearly BRL 1.4 billion for Q4 2025, representing a 16% year-on-year increase, and a recurring net income of close to BRL 700 million, up 30% year-on-year [4][13][22] - Total CapEx for Q4 2025 was BRL 768 million, totaling BRL 3.4 billion for the full year, with a leverage ratio of 2.7x, consistent with the optimal capital structure [5][24] Business Line Data and Key Metrics Changes - The GenCo segment achieved a recurring EBITDA of BRL 654 million in Q4 2025, a 24% increase compared to Q4 2024, driven by operational efficiency and increased availability revenue [16] - The DisCo segment recorded a recurring EBITDA of BRL 728.4 million, up 1.8% year-on-year, with a gross distribution margin growth of 8.4% [18] - The TradeCo segment reversed a loss from Q4 2024, achieving a recurring EBITDA of BRL 3.5 million, supported by a 70% increase in the volume of bilateral contracts [20] Market Data and Key Metrics Changes - The company noted a GSF of 67% and curtailment of 34% in Q4 2025, impacting operational performance [4][17] - The average energy availability for 2026 is projected to be approximately 20%-22%, positioning the company favorably against potential GSF impacts [20][55] Company Strategy and Development Direction - The company announced a multi-year investment plan totaling BRL 18 billion over the next five years, focusing on network modernization and operational safety [6] - The migration to Novo Mercado is expected to enhance stock liquidity and attract new investors, reinforcing the company's commitment to transparency and sustainable value creation [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming DisCo tariff review scheduled for June 2026, anticipating a new net remuneration base slightly exceeding BRL 18.5 billion [7][8] - The company aims to leverage the upcoming LRCAP auction as a significant opportunity for value creation, emphasizing the advantages of hydroelectric power [9][10] Other Important Information - The company achieved a record of BRL 3.8 billion in shareholder remuneration throughout 2025, with an aggregate payout of 144% and a dividend yield of 14% [5][6] - The average nominal cost of debt improved to 87.74% of the CDI, reflecting effective debt management strategies [24] Q&A Session Summary Question: Could you elaborate on LRCAP and its impact on strategy? - Management indicated that the cap price for hydro projects is tight but believes hydro will be the lowest cost source, advocating for maximum contracting of hydro products [28][30][31] Question: How is the market behaving regarding energy contracts? - Management clarified that the decision to contract at a slower pace is strategic rather than due to liquidity issues, aiming to capitalize on price volatility [33][36] Question: Is Copel considering paying dividends in installments? - Management confirmed that while the current policy is to pay dividends at least twice a year, they are open to considering more frequent payments depending on cash flow [42][44] Question: What are the company's views on capital allocation and M&A opportunities? - Management stated they are agnostic regarding segments as long as they pertain to hydroelectric energy and will consider opportunities as they arise, emphasizing disciplined capital allocation [49][50] Question: How does Copel view energy prices for 2026? - Management expects energy prices in 2026 to be above historical averages, with a strategy to maintain a long position to benefit from favorable pricing [54][55][56]

Financial Data and Key Metrics Changes - The company recorded recurring EBITDA of nearly BRL 1.4 billion in Q4 2025, up 16% year-on-year, and recurring net income of close to BRL 700 million, an increase of 30% year-on-year [3][12][21] - Total CapEx for the full year reached BRL 3.4 billion, with BRL 768 million spent in Q4 2025 [4][22] - The company ended the year with a leverage ratio of 2.7 times, in line with its optimal capital structure [4][23] Business Line Data and Key Metrics Changes - Copel DisCo accounted for approximately 54% of total EBITDA, while Genco and TradeCo contributed the remaining 46% [12] - Genco posted a recurring EBITDA of BRL 654 million, a significant increase of 24% compared to Q4 2024, driven by operational efficiency and increased availability revenue [14] - Copel DisCo recorded recurring EBITDA of BRL 728.4 million in Q4 2025, up 1.8% year-on-year, with a gross distribution margin growth of 8.4% [17] - TradeCo reversed a loss from Q4 2024, achieving a recurring EBITDA of BRL 3.5 million, supported by a 70% growth in the volume of bilateral contracts [19] Market Data and Key Metrics Changes - The company faced a GSF of 67% and curtailment of 34% in Q4 2025, impacting operational performance [3][16] - Energy purchased for resale increased significantly, up BRL 338.5 million, influenced by the expansion of MMGD and increased purchases via auctions [18] Company Strategy and Development Direction - The company presented its strategic plan, Vision 2035, with a multi-year investment plan totaling BRL 18 billion over the next five years [5] - The migration to Novo Mercado is expected to enhance stock liquidity and attract new investors, reinforcing the company's commitment to transparency and sustainable value creation [5][6] - The upcoming DisCo Tariff Review in June 2026 is viewed as an opportunity to capture value and recognition for the company's technical work [6][7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the company in challenging conditions and expressed confidence in the ability to sustain growth and deliver value [3][4] - The company anticipates a favorable environment for hydroelectric products, advocating for maximum contracting to benefit consumers with lower tariffs [28] - Management acknowledged the volatility in energy prices and emphasized a strategy to balance short-term trading opportunities with long-term stability [30][41] Other Important Information - The company achieved a record of BRL 3.8 billion in shareholder remuneration throughout 2025, with an aggregate payout of 144% and a dividend yield of 14% [4] - The average nominal cost of debt improved to 87.74% of the CDI, reflecting effective debt management [23] Q&A Session Summary Question: Could you elaborate on LRCAP and the cap price's influence on strategy? - Management indicated that the cap price for hydro projects is tight but believes hydro will be the lowest cost source, advocating for maximum contracting [26][28] Question: How is the market behaving regarding energy contracts? - Management noted that the decision to contract at a slower pace is strategic rather than due to liquidity issues, aiming to take advantage of price volatility [30] Question: Is Copel considering paying dividends in installments? - Management confirmed that while the policy is to pay dividends at least twice a year, they are open to considering different intervals based on cash flow [34][35] Question: What are the priority areas for capital allocation? - Management stated they are agnostic regarding segments but will consider opportunities in hydroelectric generation, transmission, distribution, and trading as they arise [36][38] Question: How does Copel view energy prices for 2026? - Management expects prices to remain above historical averages and aims to maintain a long position in energy to capitalize on favorable market conditions [42][43]

Core Insights - Copel reported a recurring Ebitda of R$ 1,358.1 million in 4Q25, marking a 16.1% increase from R$ 1,169.6 million in 4Q24, demonstrating the company's strong asset base and effective operational strategy [1] Group 1: Financial Performance - Genco's Ebitda increased by 24.3% (+R$ 127.8 million) to R$ 654.2 million in 4Q25, driven by higher revenue from electricity grid availability, reduced manageable costs, and positive effects from short-term market transactions [2] - Elejor's Ebitda rose by R$ 23.6 million compared to 4Q24, attributed to increased energy trading volumes in bilateral contracts and higher average sale prices [3] - TradeCo's Ebitda grew by R$ 18.8 million compared to 4Q24, primarily due to a 69.7% increase in energy sales in bilateral contracts, totaling 3,824 GWh [3] Group 2: Cost and Pricing Factors - The increase in Genco's Ebitda was partially offset by higher costs of electricity purchased for resale, with GSF decreasing to 67.4% in 4Q25 from 79.9% in 4Q24, and PLD rising to R$ 264.70/MWh from R$ 216.36/MWh [3] - DisCo's Ebitda saw a 1.8% increase (+R$ 13.1 million) compared to 4Q24, mainly due to the Annual Tariff Adjustment (RTA) in June 2025, which had an average effect of 1.3% on portion B [3]

RESULTS DISCLAIMER Any statements that may be made during this conference call regarding Copel's business prospects, projections, and operational and financial goals are based on the beliefs and assumptions of the Company's management, as well as on currently available information. Forward-looking statements are not guarantees of performance; they involve risks, uncertainties, and assumptions, as they refer to future events and therefore depend on circumstances that may or may not General economic condition ...

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of November, 2025 Commission File Number 1-14668 COMPANHIA PARANAENSE DE ENERGIA (Exact name of registrant as specified in its charter) Energy Company of Paraná (Translation of Registrant's name into English) José Izidoro Biazetto, 158 81200-240 Curitiba, Paraná Federative Republic of Brazil +55 (41) 3331-4011 (Address of p ...

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 ...