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 August, 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 pri ...

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]

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 [4] - Recurring net income was above BRL 450 million, reflecting a decrease of 9.5% compared to the previous year [18] - CapEx for the quarter was approximately BRL 975 million, aligning with the projection of over BRL 3 billion for 2025 [4] - Leverage ratio closed at 3.1 times, but would be 2.9 times when excluding the effects of the Baixo Iguacu acquisition [5][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 short-term market results [12] - Distribution segment posted recurring EBITDA of BRL 569.3 million, a slight increase of 0.6% compared to the previous year, primarily due to tariff adjustments [14] - Copel Trading saw a 21% increase in sales compared to the previous year, although margins were impacted by market factors [15] 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 [14] - The company experienced a 40.2% increase in expenses related to preparing units for a new growth cycle [16] 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 [7][9] - The divestment of small hydro assets and the asset swap with Eletrobras are part of the strategy to optimize the portfolio [5][6] - Future focus includes digital transformation, restructuring, and enhancing operational efficiency [35][36] 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 [24] - The company is committed to delivering on its promises, including cost reductions and operational efficiency improvements [31][35] - The political and institutional environment in Brazil is seen as uncertain, impacting various operational aspects [55] Other Important Information - The company received recognition for excellence in ESG practices and ranked first in Annelle's Ombudsman award for three consecutive years [6] - Total net debt was reported at BRL 16.6 billion, with a diversified composition of financial instruments [20] Q&A Session Summary Question: Can you provide more details about the trading strategy for the quarter? - Management indicated that they focused on selling longer-term contracts and saw opportunities for better pricing in the market [26] Question: Is it feasible to conclude the migration to Novo Mercado by the end of the year? - Management believes it is still feasible to maintain the timeline for the migration, pending a favorable decision from CVM [24] Question: What is the strategic view looking forward, particularly regarding M&A? - Management stated there are no immediate plans for M&A, focusing instead on internal growth and efficiency improvements [36] Question: Can you elaborate on the measures being taken for cost efficiency? - Management highlighted ongoing efforts in procurement, digital transformation, and operational efficiency as key areas for cost management [43] Question: How is the company addressing tariff pressures and public opinion? - Management acknowledged the concern over tariffs and emphasized the importance of maintaining service quality while managing costs [45]

2Q25 RESULTS DISCLAIMER Any statements that may be made during this conference call regarding Copel's business prospects, projections and operating and financial goals are based on beliefs and assumptions of the Company's management, as well as information currently available. 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 condit ...

[Financial Highlights](index=3&type=section&id=Highlight%20of%20Indicators) This section presents key financial indicators for 1Q25 versus 1Q24, highlighting growth in EBITDA, net income, and improved leverage Key Financial Indicators 1Q25 vs 1Q24 | Highlight of Indicators | 1Q25 | 1Q24 | Δ% | | :--- | :--- | :--- | :--- | | **EBITDA (R$ million)** | 1,736.5 | 1,399.7 | 24.1 | | **Recurring EBITDA (R$ million)** | 1,503.2 | 1,330.8 | 13.0 | | **Net Income (R$ million)** | 664.7 | 533.5 | 24.6 | | **Recurring Net Income (R$ million)** | 576.9 | 542.0 | 6.4 | | **Earnings per share (R$)** | 0.22 | 0.18 | 24.6 | | **Return on Shareholders' Equity** | 2.6% | 2.2% | 17.6 | | **EBITDA Margin** | 29.5% | 25.8% | 14.1 | | **Adjusted EBITDA margin** | 25.5% | 24.6% | 3.8 | | **Leverage** | 2.3 | 2.0 | 18.0 | [Consolidated Results](index=5&type=section&id=1.%20Consolidated%20Results) Copel's 1Q25 consolidated results show significant growth in recurring EBITDA and net operating revenue, driven by improved segment performance and cost management [EBITDA](index=5&type=section&id=1.1%20EBITDA) Recurring EBITDA increased by 13.0% in 1Q25, primarily due to growth in Distribution and Generation segments, alongside reduced personnel costs - Recurring EBITDA grew **13.0% YoY** to **R$1,503.2 million**, with GenCo and TradeCo contributing **53.5%** and DisCo contributing **46.1%**[11](index=11&type=chunk) EBITDA Reconciliation (R$ million) | | 1Q25 | 1Q24 | | :--- | :--- | :--- | | **EBITDA** | **1,736.5** | **1,399.7** | | (-/+) Fair value in energy | (6.7) | 12.8 | | (-/+) Incentive Dismissal Program | 21.0 | - | | (-/+) Partial disposal of assets | (109.8) | - | | (-/+) Discontinued operations | - | 21.1 | | (-/+) Equity in earnings | (100.4) | (81.6) | | (-/+) NRV | (24.0) | (19.0) | | (-/+) Revenue Adjustment TRA IFRS/Regulatory | (13.4) | (2.2) | | **Recurring EBITDA** | **1,503.2** | **1,330.8** | - Key drivers for EBITDA growth include: DisCo's billed wire market growth (**0.9%**) and tariff readjustment; GenCo's higher volume of energy sold and higher average prices; and a **22.3%** decrease in personnel costs due to a reduction of **1,382 employees**, largely from the Voluntary Dismissal Program[17](index=17&type=chunk) [Operating Revenue](index=6&type=section&id=1.2%20Operating%20Revenue) Net operating revenue increased by 8.8% in 1Q25, driven by higher electricity supply, grid availability, and construction revenues - Net operating revenue totaled **R$5,892.1 million** in 1Q25, an **8.8%** increase compared to **R$5,417.0 million** in 1Q24[18](index=18&type=chunk) - Key revenue drivers included: - **Electricity Supply Revenue:** **+R$234.7 million** (**+31.7%**) due to higher prices and sales volume - **Grid Availability Revenue:** **+R$122.7 million** (**+6.8%**) from market growth and tariff readjustments - **Construction Revenue:** **+R$66.0 million** (**+11.5%**) from an increased volume of works[20](index=20&type=chunk) [Operating Costs and Expenses](index=6&type=section&id=1.3%20Operating%20costs%20and%20expenses) Operating costs and expenses rose by 3.3% in 1Q25, primarily due to increased electricity purchased for resale, partially offset by reduced personnel costs - The cost of 'electricity purchased for resale' increased by **R$278.9 million** (**+14.1%**), mainly due to higher volume from distributed generation (**+R$164.2 million**) and higher costs from Itaipu (**+R$29.9 million**)[20](index=20&type=chunk) - Manageable costs (PMSO) remained relatively stable, increasing by only **0.8%**, with a **15.2%** reduction in personnel costs, driven by a workforce reduction of **1,382 employees**, offset by higher costs for third-party services[21](index=21&type=chunk) Manageable Costs (R$ million) | Manageable Costs | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Personnel and management | 249.2 | 293.9 | | Private pension and healthcare plans | 60.9 | 69.0 | | Material | 23.0 | 18.5 | | Third-party services | 282.3 | 244.1 | | Other costs and expenses operating | 109.7 | 94.1 | | **TOTAL** | **725.2** | **719.5** | [Equity Income Result](index=7&type=section&id=1.4%20Equity%20Income%20Result) Equity income from jointly controlled ventures and affiliates increased by 23.0% in 1Q25, driven by monetary updating of contract assets due to higher inflation - Equity income increased by **23.0%** to **R$100.4 million** in 1Q25, up from **R$81.6 million** in 1Q24, mainly due to inflation update (IPCA of **2.04%** vs **1.41%** in 1Q24) on contract assets of jointly owned transmission subsidiaries[26](index=26&type=chunk) [Financial Results](index=8&type=section&id=1.5%20Financial%20Results) The company reported a significantly deteriorated negative financial result in 1Q25, primarily due to a 41.6% increase in debt-related expenses from higher debt levels and CDI rates Financial Results (R$ million) | Financial Results | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Financial Revenues | 297.6 | 251.7 | | Financial Expenses | (744.2) | (519.8) | | **Total Financial Result** | **(446.5)** | **(268.2)** | - The negative financial result worsened primarily due to a **R$177.5 million** (**+41.6%**) increase in expenses with monetary variations and debt charges, resulting from higher debt and CDI rates[35](index=35&type=chunk) [Consolidated Net Profit](index=8&type=section&id=1.6%20Consolidated%20Net%20Profit) Consolidated net income for 1Q25 increased by 24.6%, with recurring net income growing 6.4% year-over-year after adjusting for non-recurring items - Net income for 1Q25 was **R$664.7 million**, **24.6%** higher than the **R$533.5 million** in 1Q24[30](index=30&type=chunk) - Recurring net income increased by **6.4%**, from **R$542.0 million** in 1Q24 to **R$576.9 million** in 1Q25[32](index=32&type=chunk) [Debt and Leverage](index=9&type=section&id=1.7%20Debt%20and%20Leverage) Consolidated debt increased by 9.4% in 1Q25 due to a debenture issuance, but leverage improved to 2.3x from 2.6x, reflecting strong EBITDA growth - Total consolidated debt reached **R$19,417.4 million**, up **9.4%** from Dec 31, 2024, mainly due to the issuance of **R$2,000.0 million** in debentures at GenCo[36](index=36&type=chunk) Net Debt per Subsidiary (R$ million) | R$ million | GenCo | DisCo | Others | | :--- | :--- | :--- | :--- | | **Total Debt** | 8,620.8 | 8,115.6 | 2,681.0 | | **Availability** | 2,296.3 | 2,121.5 | 2,089.0 | | **Net Debt** | **6,324.5** | **5,994.2** | **592.0** | - Leverage, measured by the net debt/recurring EBITDA ratio, improved to **2.3x** in 1Q25 from **2.6x** in 4Q24, due to lower net debt and growth in recurring EBITDA[40](index=40&type=chunk) [Investment](index=10&type=section&id=2.%20Investment) Copel invested R$679.2 million in 1Q25, with 88.0% allocated to Copel Distribuição for grid modernization and 11.9% to Generation & Transmission for asset improvements Investment by Subsidiary (R$ million) | Subsidiary / SPC | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Copel Distribuição | 596.6 | 534.6 | | Copel Geração e Transmissão | 80.8 | 33.9 | | Holding | 0.2 | 0.7 | | Copel Comercialização | 0.3 | 0.2 | | Copel Servicos and other | 0.3 | 22.6 | | **Total** | **678.2** | **592.0** | - DisCo's investments were primarily directed towards two major projects: - **Paraná Three-Phase:** A rural grid modernization program, with **21,784 km** of grid completed by March 2025 - **Smart Grid:** An initiative to implement a private communication grid and advanced metering, with **1,228,082 smart meters** installed by March 2025[45](index=45&type=chunk)[47](index=47&type=chunk) - GenCo's investments were mainly aimed at reinforcements and improvements to transmission assets (**56.7%**) and the maintenance and modernization of generation assets (**25.5%**)[46](index=46&type=chunk) [Copel Generation and Transmission (GenCo)](index=11&type=section&id=3.%20Copel%20Generation%20and%20Transmission%20(GenCo)) GenCo's recurring EBITDA increased by 13.9% in 1Q25, driven by higher energy sales, better prices, and reduced personnel costs, with strong operational performance in hydro and wind generation [Economic and Financial Performance](index=11&type=section&id=3.1%20Economic%20and%20Financial%20Performance) GenCo's recurring EBITDA rose 13.9% in 1Q25 due to increased energy sales and prices, alongside lower personnel expenses, leading to a 17.2% increase in recurring net income - Recurring EBITDA grew **13.9%** to **R$783.1 million**, driven by a **3.3%** increase in energy sold (**5,971 GWh**) and a **0.9%** increase in the average portfolio price (**R$173.16/MWh**)[48](index=48&type=chunk) GenCo Key Financial Indicators (R$ million) | Main Indicators | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Net Operating Revenue | 1,239.5 | 1,129.0 | | Net Income | 416.0 | 291.8 | | Recurring Net Income | 340.4 | 290.3 | | EBITDA | 998.2 | 787.8 | | Recurring EBITDA | 783.1 | 687.7 | | Investment Program | 80.8 | 33.9 | - Recurring net income reached **R$340.4 million**, a **17.2%** increase from 1Q24, reflecting higher EBITDA and a **R$36.6 million** reduction in depreciation[53](index=53&type=chunk) [IFRS effect on the Transmission segment](index=12&type=section&id=3.1.1%20IFRS%20effect%20on%20the%20Transmission%20segment) This section reconciles the IFRS accounting effects on the transmission segment's revenue, detailing adjustments to align corporate and regulatory statements IFRS Effect in Transmission Segment (R$ million) | IFRS effect in the Transmission segment | 1Q25 | 1Q24 | | :--- | :--- | :--- | | (A) IFRS revenue | 280.3 | 263.4 | | (B) Regulatory revenue | 266.9 | 261.2 | | (B-A) Revenue Adjustment TRA IFRS/Regulatory | (13.4) | (2.2) | | (+/-) Effects on Equity in Earnings | (59.1) | (48.4) | | **IFRS effect in Transmission business** | **(72.5)** | **(50.6)** | [Operational Performance](index=13&type=section&id=3.2%20Operational%20Performance) GenCo operates a 100% renewable generation park, with hydro and wind generation increasing significantly in 1Q25 due to favorable conditions and higher energy sales [Generation](index=13&type=section&id=3.2.1%20Generation) In 1Q25, GenCo's hydro generation rose by 5.1% and wind generation increased by 17.3% due to favorable hydrological conditions, despite some curtailment - Hydro generation was **5.1%** higher in 1Q25 (**6,303 GWh** vs. **5,998 GWh** in 1Q24) due to a more favorable hydrological scenario[58](index=58&type=chunk)[60](index=60&type=chunk) - Wind farm generation was **17.3%** higher in 1Q25 (**752 GWh** vs. **641 GWh** in 1Q24), despite an increase in curtailment from **1.9%** to **6.1%**[60](index=60&type=chunk) [Energy Sold](index=14&type=section&id=3.2.2%20Energy%20sold) The volume of energy sold from hydroelectric sources increased by 1.4% and from wind farms by 11.6% in 1Q25, primarily driven by higher bilateral contract sales - GenCo sold **4,720 GWh** of electricity from hydroelectric sources, an increase of **1.4% YoY**, mainly due to higher sales under bilateral contracts[61](index=61&type=chunk) - Total electricity sold from wind farms was **1,251 GWh**, an increase of **11.6%**, driven by more bilateral contracts and new supply from the Jandaíra Complex[62](index=62&type=chunk) [Transmission](index=15&type=section&id=3.2.3%20Transmission) Copel operates over 9,600 km of transmission lines across eight Brazilian states, with future revenue from the Basic Grid of the Existing System subject to regulatory tariff reviews - Copel's transmission grid spans over **9,600 km** of lines and includes **53 basic grid substations**, considering its holdings[57](index=57&type=chunk)[67](index=67&type=chunk) - The company outlines the expected revenue flow from the Basic Grid of the Existing System (RBSE), which was recently updated by ANEEL's tariff review resolutions[68](index=68&type=chunk) [Copel Distribution (DisCo)](index=16&type=section&id=4.%20Copel%20Distribution%20(DisCo)) DisCo's recurring EBITDA grew 12.4% in 1Q25 due to market growth and tariff adjustments, though recurring net income remained flat due to higher depreciation and financial expenses [Economic and Financial Performance](index=16&type=section&id=4.1%20Economic%20and%20Financial%20Performance) DisCo's recurring EBITDA increased by 12.4% in 1Q25, driven by market growth and tariff adjustments, but recurring net income remained flat due to increased depreciation and financial expenses DisCo Recurring EBITDA (R$ million) | Recurring EBITDA | 1Q25 | 1Q24 | Δ% | | :--- | :--- | :--- | :--- | | EBITDA | 704.7 | 635.7 | 10.9 | | (-/+) Reversal/Provision for PDV | 12.2 | - | - | | (-/+) NRV | (24.0) | (19.0) | 26.3 | | **RECURRING EBITDA ex NRV** | **692.9** | **616.7** | **12.4** | - Recurring net income was **R$216.5 million**, flat compared to 1Q24, as better operating results were offset by a **R$26.2 million** (**+18.5%**) increase in depreciation and a **R$117.5 million** increase in financial expenses[74](index=74&type=chunk) DisCo Key Financial Indicators (R$ million) | Main Indicators | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Net Operating Revenue | 4,304.8 | 4,051.0 | | Net Income | 232.4 | 241.9 | | Recurring Net Income | 216.5 | 216.5 | | EBITDA | 704.7 | 635.7 | | recurring EBITDA without NRV | 692.9 | 616.7 | | Investment Program | 596.6 | 534.6 | [Regulatory Efficiency](index=17&type=section&id=4.1.1%20Regulatory%20Efficiency) DisCo achieved a significant regulatory efficiency gain of R$846.0 million, with its recurring EBITDA for the last 12 months being 46.4% above the regulatory target - DisCo's recurring EBITDA for the last 12 months was **46.4%** above the regulatory EBITDA, representing an efficiency gain of **R$846.0 million**[77](index=77&type=chunk) [Operational Performance](index=17&type=section&id=4.2%20Operational%20Performance) DisCo's wire market consumption grew 3.3% in 1Q25, but the billed market only increased by 0.9% due to distributed generation, while the captive market declined [Market-Wire (TUSD)](index=17&type=section&id=4.2.1%20Market-Wire%20(TUSD)) Electricity consumption in the wire market increased by 3.3% in 1Q25, but the billed wire market grew only 0.9% due to the impact of distributed generation - Electricity consumption in the wire market increased by **3.3%**, while the billed wire market grew by **0.9%** due to the impact of MMGD[80](index=80&type=chunk) [Captive Market](index=17&type=section&id=4.2.2%20Captive%20Market) The captive market experienced a 2.5% decrease in electricity consumption in 1Q25, with the billed captive market falling 7.3% when factoring in distributed generation - Captive market electricity consumption decreased by **2.5% YoY**, with the billed captive market, factoring in MMGD, falling by **7.3%**[81](index=81&type=chunk) [Operational Data](index=17&type=section&id=4.2.3%20Operational%20data) DisCo maintained quality-of-service indicators within regulatory limits in 1Q25, though total distribution losses were slightly above the regulatory threshold due to increased injected energy - Quality of service indicators DEC (**7.52 hours**) and FEC (**5.02 interruptions**) for the last 12 months were within regulatory limits[84](index=84&type=chunk) Total Distribution Losses (GWh - 12 Months) | GWh - 12 Months | mar/23 | mar/24 | mar/25 | | :--- | :--- | :--- | :--- | | Injected Energy | 35,285 | 37,519 | 39,729 | | Distribution Losses | 2,794 | 2,706 | 3,068 | | Technical Losses | 2,042 | 2,171 | 2,299 | | Non-Technical Losses | 752 | 773 | 769 | - In March 2025, total losses were **0.2 percentage points** above the regulatory limit, influenced by a significant increase in injected energy[89](index=89&type=chunk) [Copel Commercialization (TradeCo)](index=19&type=section&id=5.%20Copel%20Commercialization%20(TradeCo)) TradeCo's recurring EBITDA decreased in 1Q25 due to a lower commercialization margin from higher energy purchase prices, despite an 8.8% increase in energy sold volume [Economic and Financial Performance](index=19&type=section&id=5.1%20Economic%20and%20Financial%20Performance) TradeCo's recurring EBITDA and net income declined in 1Q25, primarily due to a lower commercialization margin caused by a 4.2% increase in the average energy purchase price - Recurring EBITDA was **R$21.2 million** in 1Q25, down from **R$30.6 million** in 1Q24, mainly due to a lower commercialization margin from a **4.2%** increase in the average energy purchase price[91](index=91&type=chunk) TradeCo Key Financial Indicators (R$ million) | Main Indicators | 1Q25 | 1Q24 | | :--- | :--- | :--- | | Net Operating Revenue | 956.2 | 859.7 | | Net Income | 25.1 | 17.6 | | Recurring Net Income | 20.7 | 26.0 | | EBITDA | 27.9 | 17.8 | | Recurring EBITDA | 21.2 | 30.6 | [Operational Performance](index=20&type=section&id=5.2%20Operational%20Performance) TradeCo increased its total energy sold volume by 8.8% in 1Q25, driven by a 23.2% rise in bilateral contract sales and a 69.0% increase in forward sales for a 5-year horizon - The volume of energy sold for a 5-year horizon increased by **69.0%** compared to 1Q24, as the company capitalized on market opportunities[98](index=98&type=chunk) - The total volume of energy sold increased by **8.8%** in 1Q25, driven by a **23.2%** increase in sales via bilateral contracts, which offset a **13.0%** decrease in sales to free consumers[100](index=100&type=chunk) [ESG Performance](index=21&type=section&id=6.%20ESG%20performance) Copel demonstrates strong ESG commitment through its Net Zero Ambition, social programs, and fully independent Board, earning multiple sustainability recognitions and high ratings [Copel, a Pioneer in the ESG Sector](index=21&type=section&id=6.1%20Copel,%20a%20pioneer%20in%20the%20ESG%20sector) Copel leads in ESG, being the first in its sector to sign the UN Global Compact, with a Net Zero Ambition by 2030, and a governance structure featuring a fully independent Board - **Environmental:** Copel participates in the Net Zero Ambition Movement and has a plan to neutralize Scope 1 GHG emissions by **2030**[108](index=108&type=chunk) - **Social:** The company runs numerous social programs, such as 'Cultivar Energia' (community gardens) and 'Iluminando Gerações'[105](index=105&type=chunk)[109](index=109&type=chunk) - **Governance:** Copel is a company with dispersed capital and no controlling shareholder, with its Board of Directors composed entirely of independent members[109](index=109&type=chunk) [Recent Highlights](index=22&type=section&id=6.2%20Recent%20highlights) Copel achieved significant ESG recognitions, including inclusion in the S&P Global Sustainability Yearbook 2025 and the Carbon Clean 200 ranking, while maintaining ISO 37.301 certification - Copel was included for the first time in the prestigious Sustainability Yearbook 2025 by S&P Global[115](index=115&type=chunk) - The company is listed in the Carbon Clean 200, an international ranking of the **200** publicly traded companies most prominent in the global energy transition[115](index=115&type=chunk) - For the second consecutive year, the independent audit of the 20-F report identified no significant deficiencies in internal controls[115](index=115&type=chunk) [Indicators](index=22&type=section&id=6.3%20Indicators) Key ESG metrics show 94.07% of Copel's installed capacity and 99.97% of generated energy are from renewable sources, with women comprising 21.9% of employees Key ESG Indicators | Indicator | 2022 | 2023 | 2024 | | :--- | :--- | :--- | :--- | | **Environmental** | | | | | Renewable sources (% Installed capacity) | 93.8 | 94.1 | 94.07 | | Renewable sources (% Energy generated) | 99.2 | 99.9 | 99.97 | | GHG Emission scope 1 (tCO2) | 50,834.4 | 81,690.3 | 17,242.0 | | **Social** | | | | | Women at Copel (% Copel employees) | 21.7 | 21.6 | 21.9 | | Frequency of occupational accidents - TF (% Contractors) | 4.9 | 6.6 | 3.9 | [Ratings, Rankings and Indexes](index=23&type=section&id=6.4%20Ratings,%20Rankings%20and%20Indexes) Copel's ESG performance is reflected in strong ratings from major agencies, including a CSA Score of 70 from S&P Global and an 'A' rating from MSCI ESG Ratings Summary | Index/Agency | Ranking/Score | Reference Year | | :--- | :--- | :--- | | S&P Global | CSA Score 70 | 2024 | | CDP | B | 2024 | | Sustainalytics | Medium Risk | 2023 | | MSCI | A | 2024 | [Other Highlights from the Period](index=24&type=section&id=7.%20Other%20highlights%20from%20the%20period) Significant events include the approval of R$1,250.0 million in supplementary dividends, election of a fully independent Board, inclusion in the B3 Dividend Index, and partial closure of asset divestment - The Annual General Meeting approved the payment of **R$1,250.0 million** in supplementary dividends for the 2024 financial year[118](index=118&type=chunk) - A new Board of Directors was elected for a two-year term, with all elected members being independent[119](index=119&type=chunk) - As of May 2025, Copel's common (CPLE3) and preferred (CPLE6) shares were included in the B3 Dividend Index (IDIV B3), reflecting the company's strong dividend returns[121](index=121&type=chunk) - On March 31, 2025, the company partially closed the divestment of small assets, receiving **R$219.5 million**, which represents **49.0%** of the total transaction value[123](index=123&type=chunk) [Exhibits](index=27&type=section&id=Exhibits) This section provides comprehensive financial statements, detailed subsidiary results, energy market data, and operational statistics to support the report's findings [Exhibit I - Consolidated Financial Statements](index=27&type=section&id=Exhibit%20I%20-%20CONSOLIDATED%20RESULTS) This exhibit details the consolidated financial statements for 1Q25, including the Income Statement, Balance Sheet, Cash Flow Statement, Adjusted EBITDA reconciliation, and equity income details [Exhibit II - Results by Subsidiary](index=34&type=section&id=Exhibit%20II-%20RESULT%20BY%20SUBSIDIARY) This section provides granular financial performance data by individual company and subsidiary, including detailed income statements for Copel GeT, Copel Dis, Copel Com, and a comprehensive income statement matrix [Exhibit III - Energy Market](index=44&type=section&id=Exhibit%20III%20-%20ENERGY%20MARKET) This exhibit offers a detailed overview of Copel's energy market operations, including total and distribution markets, tariffs, purchase costs, energy balance forecasts, and a consolidated energy flow diagram [Exhibit IV - Operational Data](index=53&type=section&id=Exhibit%20IV%20-%20OPERATIONAL%20DATA) This exhibit presents key operational data across Copel's business segments, including staffing, generation assets, transmission lines, substations, and distribution network statistics

Core Viewpoint - The sustainability of a stock trend is crucial for successful short-term investing, and ensuring this sustainability requires careful analysis of various factors [1][2]. Group 1: Stock Performance - Paranaense de Energia (ELP) has shown a solid price increase of 18.7% over the past 12 weeks, indicating strong investor interest [4]. - ELP has also maintained a price increase of 8.6% over the last four weeks, suggesting that the upward trend is still intact [5]. - Currently, ELP is trading at 90.4% of its 52-week high-low range, indicating a potential breakout [5]. Group 2: Fundamental Strength - ELP holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7]. Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks with sufficient fundamental strength to maintain their upward trends [3]. - In addition to ELP, there are several other stocks that meet the criteria of the "Recent Price Strength" screen, providing additional investment opportunities [8].

As filed with the Securities and Exchange Commission on April 16, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 Commission file number: 001-14668 COMPANHIA PARANAENSE DE ENERGIA – COPEL (Exact Name of Registrant as Specified in its Charter) Energy Company of Paraná The Federative Republic of Brazil (Translation of Registrant's Name into Engli ...

[Introduction](index=2&type=section&id=INTRODUCTION) This section outlines the policy's scope, purpose, and general guidelines for information disclosure and securities trading [Scope](index=2&type=section&id=1.1%20-%20SCOPE) This policy establishes guidelines for Companhia Paranaense de Energia - Copel regarding the disclosure of information, preservation of confidentiality, and the trading of securities issued by the company - The policy's scope defines guidelines for three key areas: Disclosure of Information, Preservation of Confidentiality, and Trading in Securities Issued by Copel[6](index=6&type=chunk) [Purpose](index=2&type=section&id=1.3%20-%20PURPOSE) The policy's purpose is to establish the rules, procedures, and guidelines for information disclosure, confidentiality, and securities trading applicable to Copel (Holding), its wholly-owned subsidiaries, controlled companies, and all Related Persons - The policy aims to set rules for information disclosure, confidentiality, and securities trading for Copel, its subsidiaries, and Related Persons[8](index=8&type=chunk) - The guidelines are also recommended for jointly-controlled subsidiaries and associated companies[9](index=9&type=chunk) [General Guidelines](index=2&type=section&id=1.4%20-%20GENERAL%20GUIDELINES) This section outlines the procedural requirements for policy adherence, requiring all 'Related Persons' to sign an Adhesion Agreement and the company to maintain an updated list for the CVM - Related Persons are required to formally adhere to this policy by signing the Adhesion Agreement provided in Annex I[10](index=10&type=chunk) - The company must maintain an updated list of all Related Persons who have signed the Adhesion Agreement, available for the CVM, and keep the signed agreements on file for at least 5 years after their relationship with the company ends[10](index=10&type=chunk)[11](index=11&type=chunk) [Chapter 1: Disclosure of Information and Preservation of Confidentiality](index=2&type=section&id=CHAPTER%201%3A%20DISCLOSURE%20OF%20INFORMATION%20AND%20PRESERVATION%20OF%20CONFIDENTIALITY) This chapter details the responsibilities and procedures for disclosing material information and maintaining confidentiality [Duties of the Vice President of Finance and Investor Relations (VPFI)](index=3&type=section&id=1.2%20DUTIES%20OF%20THE%20VICE%20PRESIDENT%20OF%20FINANCE%20AND%20INVESTOR%20RELATIONS%20-%20VPFI) The VPFI is primarily responsible for disclosing Material Information to the CVM and stock exchanges, ensuring its wide dissemination, and investigating atypical market fluctuations - The VPFI must disclose and communicate any Material Information to the CVM and Stock Exchanges immediately after it is acknowledged[17](index=17&type=chunk) - The VPFI is responsible for ensuring the wide and immediate dissemination of Relevant Information simultaneously across all markets where Copel's securities are traded[17](index=17&type=chunk) - In case of atypical fluctuations in trading, the VPFI must inquire with persons who have access to inside information to determine if a disclosure is needed[17](index=17&type=chunk) [Duties of Related Persons](index=3&type=section&id=1.3.%20DUTIES%20OF%20RELATED%20PERSONS) Related Persons must immediately report material information to the VPFI, maintain strict confidentiality, and are prohibited from using inside information for personal gain or making public statements - Related Persons must immediately and formally communicate any Material Information they are aware of to the VPFI[18](index=18&type=chunk) - It is prohibited to use Inside Information to obtain any advantage, directly or indirectly, for oneself or for third parties[18](index=18&type=chunk) - Affected Persons are prohibited from commenting on any Inside Information in the media, including social networks, until it has been publicly disclosed[18](index=18&type=chunk)[19](index=19&type=chunk) [Procedures for Disclosing Relevant Information](index=4&type=section&id=1.4.%20PROCEDURES%20FOR%20DISCLOSING%20RELEVANT%20INFORMATION) Material Information must be disclosed immediately to the CVM and stock exchanges, preferably outside trading hours, with the VPFI able to request trading suspension if necessary - Disclosure of Material Information should be made, whenever possible, before the start or after the close of trading on the Stock Exchanges[23](index=23&type=chunk) - Official disclosure channels include the CVM's electronic system, the company's investor relations website, and the "Portal MZ" news portal[30](index=30&type=chunk) - If information is shared with select audiences (e.g., analysts, investors), it must be disclosed simultaneously to the CVM, Stock Exchanges, and the general public[27](index=27&type=chunk) [Exception to the Immediate Disclosure of a Relevant Act or Fact](index=4&type=section&id=1.5.%20EXCEPTION%20TO%20THE%20IMMEDIATE%20DISCLOSURE%20OF%20A%20RELEVANT%20ACT%20OR%20FACT) The company may delay Material Information disclosure if it harms legitimate interests, but immediate disclosure is mandatory if information leaks or atypical trading occurs - Material Information may be temporarily withheld if its disclosure is deemed to jeopardize the Company's legitimate interests[28](index=28&type=chunk) - Immediate disclosure is required if the confidential information is no longer under the company's control or if there is an atypical fluctuation in the price or volume of traded securities[29](index=29&type=chunk) [Notice to the Market](index=5&type=section&id=1.6.%20NOTICE%20TO%20THE%20MARKET) Copel may issue a 'Notice to the Market' for useful information not classified as a mandatory 'Material Fact', distributed through official channels - A 'Notice to the Market' is used to disclose information that is useful but not legally classified as a Material Act or Fact[31](index=31&type=chunk) - If a 'Notice to the Market' contains information that could significantly influence share prices, it must be handled with the same procedures as Relevant Information[32](index=32&type=chunk) [Chapter 2: Trading in Own-Issue Securities](index=5&type=section&id=CHAPTER%202%3A%20TRADING%20IN%20OWN-ISSUE%20SECURITIES) This chapter outlines regulations and prohibitions concerning trading in the company's own securities, including blackout periods [Prohibiting the Misuse of Privileged Information](index=5&type=section&id=2.3.%20PROHIBITING%20THE%20MISUSE%20OF%20PRIVILEGED%20INFORMATION) This section strictly prohibits Related Persons with Insider Information from trading Copel's securities for undue advantage, establishing legal presumptions regarding access and use of such information - Related Persons are prohibited from trading Copel Securities while aware of Insider Information for the purpose of gaining an undue advantage[36](index=36&type=chunk) - It is presumed that Managers and members of the Audit Board have access to all Inside Information[38](index=38&type=chunk) - Information regarding corporate reorganizations (mergers, spin-offs), changes in control, or delisting decisions is considered relevant from the moment studies or analyses on the matter begin[38](index=38&type=chunk) [Prohibited Period](index=6&type=section&id=2.4.%20PROHIBITED%20PERIOD) A mandatory 15-day blackout period is established, prohibiting all policy-bound individuals from trading Copel's securities before the public disclosure of quarterly and annual financial statements - Trading in Copel's securities is prohibited for all policy-bound individuals for a period of 15 days prior to the disclosure of the company's Quarterly Information (ITRs) and annual Financial Statements (DFs)[40](index=40&type=chunk) - This prohibition is absolute and does not depend on whether the individual has knowledge of the financial results or if there is any material information pending disclosure[40](index=40&type=chunk) [Lockout Periods](index=6&type=section&id=2.5.%20LOCKOUT%20PERIODS) The VPFI can institute additional, discretionary 'Lockout Periods' for trading prohibitions, applicable to all or select Related Persons, without requiring justification or undisclosed material information - The VPFI can establish discretionary 'Blocking Periods' (Lockout Periods) during which Related Persons are prohibited from trading securities[41](index=41&type=chunk) - Recipients of a Lock-Up Period notification must maintain confidentiality regarding the existence of the trading restriction[45](index=45&type=chunk) [Disclosure of Information on Securities Ownership and Trading](index=7&type=section&id=2.7.%20DISCLOSURE%20OF%20INFORMATION%20ON%20SECURITIES%20OWNERSHIP%20AND%20TRADING) Directors, Audit Board members, and statutory body members must report their holdings and transactions in Copel securities to the VPFI upon taking office and within five days of each subsequent transaction - Directors, members of the Audit Board, and members of statutory bodies must inform the VPFI of their ownership and trades in securities issued by Copel, its parent companies, or controlled companies[48](index=48&type=chunk) - This reporting requirement extends to securities held by persons linked to them (e.g., spouse, dependents)[49](index=49&type=chunk) - The communication must be made on the first working day after taking office and within 5 days of each trade[49](index=49&type=chunk) [Disclosure on Relevant Trading](index=7&type=section&id=2.8.%20DISCLOSURE%20ON%20RELEVANT%20TRADING) Any individual or group crossing 5%, 10%, 15% (and so on) thresholds of any class of the company's shares must immediately notify the VPFI with transaction details and purpose - Any person or group whose direct or indirect participation reaches, exceeds, or falls below the thresholds of 5%, 10%, 15% (and so on in 5% increments) of a class of shares must immediately notify the VPFI[51](index=51&type=chunk) - The notification must include the purpose of the participation and state whether the transaction is intended to alter the company's control or administrative structure[53](index=53&type=chunk) [Penalties](index=8&type=section&id=3.%20PENALTIES) Failure to comply with the policy may subject Related Persons to civil, criminal, or administrative liability, in addition to internal disciplinary actions as per Copel's Code of Conduct - Non-compliance with the policy's obligations can result in liability in the civil, criminal, or administrative spheres, as well as internal disciplinary sanctions[56](index=56&type=chunk) [Final Provisions](index=8&type=section&id=4.%20FINAL%20PROVISIONS) This section clarifies that any doubts about the policy should be directed to the VPFI, and that applicable regulations and the company's Bylaws shall prevail in case of conflict, with the policy approved on April 16, 2025 - Any questions regarding the policy should be clarified with the VPFI[57](index=57&type=chunk) - In the event of a conflict between this policy and regulations, the regulations shall prevail; in case of a conflict with the company's Bylaws, the Bylaws shall prevail[58](index=58&type=chunk) - This policy was approved at the 261st Ordinary Meeting of the Board of Directors on April 16, 2025[61](index=61&type=chunk) [Annex I: Term of Adhesion](index=9&type=section&id=ANNEX%20I%3A%20TERM%20OF%20ADHESION) This annex provides the official template for the 'Term of Adhesion' that all Related Persons must sign, acknowledging their understanding and agreement to comply with the policy, and requiring declaration of current securities holdings - Provides the template for the Adhesion Agreement that Related Persons must sign to confirm their awareness of and agreement with the policy[63](index=63&type=chunk) - The form requires the signatory to declare whether they or any connected persons hold securities issued by Copel and, if so, to provide details[64](index=64&type=chunk)[65](index=65&type=chunk)

Financial Data and Key Metrics Changes - In Q4 2024, the company reported an adjusted EBITDA of BRL 1.3 billion and a net income of almost BRL 600 million, with a full-year adjusted EBITDA of BRL 5.1 billion and net income of BRL 2.8 billion, nearly BRL 3 billion [7][10][34] - The adjusted EBITDA for Q4 2024 was 12% lower than the BRL 1.4 billion reported in Q4 2023, primarily due to a smaller sales mix at Copel GeT and increased curtailment [23][24] Business Line Data and Key Metrics Changes - Copel Distribuicao generated an EBITDA of BRL 715 million in Q4 2024, marking a 23.6% increase compared to the same period last year, driven by a 2.5% growth in the billed grid market and a 2.7% adjustment in TUSD [24][25] - Copel GeT reported an adjusted EBITDA of BRL 613 million, impacted by a BRL 93 million loss due to lower performance of wind complexes and curtailment [26][27] Market Data and Key Metrics Changes - The company experienced a curtailment of 13.1% in Q4 2024 compared to 8.3% in Q4 2023, affecting the performance of wind assets [23][26][88] - The trading segment closed the quarter with an adjusted EBITDA of negative BRL 15 million, reflecting lower trading margins due to price variations in submarkets [27] Company Strategy and Development Direction - The company aims to optimize its asset portfolio and simplify its operating structure through strategic asset swaps and divestments, including the sale of minority stakes [12][16][74] - Future focus includes completing the investment program for Copel Distribuicao, enhancing operational excellence, and pursuing opportunities in energy trading [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate value through disciplined capital allocation and a focus on operational excellence, despite challenges from curtailment and market volatility [11][17][78] - The company anticipates a positive outlook for 2025, with expectations of improved EBITDA driven by tariff cycle renewals and operational efficiencies [17][34][110] Other Important Information - The company proposed a total of BRL 2.3 billion in dividends for 2024, resulting in a payout ratio of 86% and a dividend yield of approximately 8.4% [10][34] - The company executed a historical CapEx focused on regulatory remuneration and service quality, with 88% of total investments directed towards Copel Distribuicao [34] Q&A Session Summary Question: Capital allocation and optimum capital structure - Management discussed the ongoing study to determine the optimum capital structure, emphasizing the importance of maintaining flexibility for future investments while optimizing short-term capital allocation [40][44][49] Question: Energy price scenario and liquidity - Management highlighted the ability to capitalize on higher energy prices, with trading volumes exceeding BRL 180 in Q4 2024, and noted no significant liquidity issues [53][54][56] Question: Timing for optimum capital structure study and capacity auction - Management plans to present the findings of the optimum capital structure study and new dividend policy in May, alongside the first quarter earnings call [61][62] Question: Regulatory discussions on curtailment - Management acknowledged ongoing discussions regarding curtailment and emphasized the need for regulatory adjustments to mitigate its impact [69][78] Question: Performance of wind assets - Management explained that the performance of wind assets was affected by curtailment and maintenance issues, but measures are being taken to address these challenges [85][88]

Financial Data and Key Metrics Changes - Year-to-date adjusted EBITDA exceeded BRL1.2 billion, with reported net income also surpassing BRL1.2 billion, influenced by extraordinary events totaling approximately BRL645 million [5][24] - Adjusted EBITDA for Q3 2024 was BRL1.2 billion, a decrease of 10.9% from BRL1.4 billion in Q3 2023, primarily due to a reduction in average energy prices [17][24] - Net income for the quarter was BRL1.2 billion, with year-to-date profit reaching BRL2.2 billion, a 61% increase compared to the previous year [25][26] Business Line Data and Key Metrics Changes - Copel Distribution generated an EBITDA of BRL607 million in Q3 2024, an increase of 8.7% year-over-year, driven by a 4.4% growth in billed consumption [18] - Copel G&T reported an adjusted EBITDA of BRL649 million, impacted by a lower P mix and generation deviations, resulting in a double-digit reduction compared to the previous year [19] - Trading segment's adjusted EBITDA fell to BRL3.2 million from nearly BRL20 million in the previous year, reflecting market price differences [20] Market Data and Key Metrics Changes - The average energy price for Copel G&T's portfolio decreased to BRL176.31 from BRL204 year-over-year, influenced by the termination of a high-priced contract [17] - The company reported a 23% curtailment in wind generation, leading to a BRL67 million impact on results [17][19] Company Strategy and Development Direction - The company is focusing on organic growth opportunities and has announced a CapEx of BRL3.29 billion for 2025, emphasizing improvements in network efficiency and customer service [30][41] - Copel is committed to maintaining a leverage ratio of around 1.5 times net debt over EBITDA, with a minimum dividend payout of 50% [36][41] - The company is restructuring its trading operations to enhance sales capacity and efficiency, aiming for organic growth rather than external investments [31][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by curtailment and price volatility but emphasized the strength of their integrated business model to mitigate risks [16][52] - The company expects curtailment levels to stabilize, with improvements anticipated from new transmission lines [54] - Management expressed confidence in Copel's long-term strategy and its potential to become a major reference in the electricity sector [90] Other Important Information - The company declared dividends of BRL485 million to be paid on November 29, representing 50% of the payout based on first-half results [6] - Copel Day is scheduled for November 26, where the company will present its new C-level executives and discuss its value generation strategy [12][13] Q&A Session Summary Question: Will Copel invest in the free market after divestments? - Management indicated no expected investments in transmission auctions for 2025, focusing instead on organic growth opportunities [29][30] Question: What is the company's leverage strategy post-grant bonus payment? - Management confirmed that leverage will remain comfortable post-payment, with a focus on disciplined capital allocation and potential for increased dividends [34][36] Question: How does Copel plan to manage energy trading amid price volatility? - The strategy involves locking in energy sales during favorable market conditions and maintaining a diversified portfolio to mitigate risks [44][70] Question: What are the expectations for curtailment levels in the upcoming quarters? - Management expects curtailment levels to decrease, with improvements from new transmission lines already in effect [52][54] Question: Can you elaborate on the cost dynamics and personnel reductions? - Management noted significant reductions in personnel costs due to a voluntary severance program, while also addressing increases in third-party service costs related to quality maintenance [57][59]