[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]

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]

Financial Performance - Recurring EBITDA reached R$1.3 billion, a 4.2% increase[11] - Recurring Net Income was R$452.4 million[11] - Capex totaled R$975.3 million in 2Q25 and R$1.6 billion in 1H25[11] Business Operations - Generation Company (GenCo) EBITDA increased by 12.6% compared to 2Q24[19] - Distribution Company (DisCo) EBITDA increased by 0.6% compared to 2Q24, outperforming regulatory reference by 42.8%[23] - TradeCo sales increased by 21.0% in 2Q25 compared to 2Q24, while recurring EBITDA decreased by 47.5%[27] Indebtedness and Capital Structure - The company's leverage ratio is 2.9x, excluding the acquisition of Baixo Iguaçu HPP[11] - Nominal debt cost for 2Q25 was 13.54% per year, equivalent to 90.88% of the CDI[42] Operational Efficiency - PMSO (Personnel, Materials, Third-party Services, and Others) reduced by 3.7%[30, 31]

[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]