Investment Thesis - COPEL (NYSE:ELP) is recommended for purchase following its neutral 2Q24 results, characterized by stable revenues and margins, with strong profit growth driven by a nonrecurring effect [2][20] - The company has shown positive trends in cost and expense control, alongside a reduction in leverage, indicating a pragmatic approach to management [2][20] Financial Performance - COPEL reported 2.2% annual revenue growth to BRL 5.4 billion ($980 million), with lower energy prices (-5.9%) and reduced wind power generation (-23%) contributing to the slowdown [6][4] - Adjusted EBITDA increased by 6% year-on-year to BRL 1.3 billion ($228 million), driven by a 32% increase in distribution performance, despite weaker generation and transmission results [9][11] - Net income surged by 53.9% year-on-year to BRL 474 million ($84 million), significantly boosted by a non-recurring item from the sale of the Araucária Power and Gas Plant for BRL 152 million ($27 million) [14][15] Cost Management - The company achieved a 9% year-on-year decrease in manageable generation and transmission costs, aided by gains from property sales and lower insurance costs [8] - The EBITDA margin remained stable, reflecting effective cost control despite modest revenue growth [11][10] Leverage and Debt - COPEL's leverage improved slightly to 1.9x net debt/EBITDA in 2Q24, demonstrating strong control over debt levels [12][13] - The company is expected to maintain low leverage while focusing on reducing expenses and ensuring resilient cash generation [13] Valuation - COPEL is viewed as attractively valued using the comparative evaluation method with P/E GAAP (FWD), suggesting potential for future growth [16][20] - The company is anticipated to adopt a cautious approach to dividends, with expectations for increased payouts only in 2025 [19]

Companhia Paranaense de Energia – COPEL (NYSE:ELP) Q2 2024 Earnings Conference Call August 8, 2024 9:00 AM ET Company Participants Daniel Slaviero - Chief Executive Officer Felipe Gutterres - Chief Financial Officer Rodolfo Lima - Director, Commercialization Marcelo Monteiro - Independent Director Conference Call Participants Bruno Amorim - Goldman Sachs Luiza Candiota - Itau BBA Guilherme Lima - Santander Operator Good morning, ladies and gentlemen. Welcome to Companhia Paranaense de Energia COPEL Video Co ...

RESULT 設 COPEL Pura Energia~ DISCLAIMER R E S U L T S 2Q24 Any statements that may be made during this conference call regarding Copel's business prospects, projections and operating and financial goals are based on beliefs and assumptions of the Company's management, as well as information currently available. Forward-looking statements are not guarantees of performance; they involve risks, uncertainties and assumptions, as they refer to future events and, therefore, depend on circumstances that may or may ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of BRL 1.4 billion and a net income of over BRL 500 million for Q1 2024, marking a significant achievement for the distribution segment with a 34.4% efficiency over the last 12 months [6][16][18] - The adjusted EBITDA for Copel Dis reached a record BRL 636 million, a 25% increase compared to Q1 2023, while GET's EBITDA decreased to BRL 129 million, a 23% reduction [16][18] - The net financial result improved by over BRL 60 million due to maintained resources in a primary offering of BRL 2 billion and a reduction in interest and inflation [16][18] Business Line Data and Key Metrics Changes - Copel Dis achieved a 25% growth in EBITDA, while GET experienced a decline due to lower energy prices and wind farm generation issues [16][18] - The regulatory efficiency for Copel Dis was over 34%, with a grid market growth of over 10% [18] - The average price of energy sales in the free market decreased by over 20%, impacting GET's performance [20] Market Data and Key Metrics Changes - The company noted significant price volatility in the energy market, which is expected to continue, particularly with a focus on price recovery starting in 2026 [9][48] - The company is actively monitoring climatic conditions and their impact on energy supply and pricing [39][48] Company Strategy and Development Direction - The company is focusing on operational efficiency, capital allocation, and talent retention through a long-term incentive plan [6][8] - A strategic partnership with Google Cloud was established to enhance competitiveness through data analysis and AI [10] - The divestment of small-sized generation assets is part of the strategy to optimize capital allocation and improve operational efficiency [11][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating challenges posed by climatic events and energy price volatility, emphasizing a proactive approach to maintenance and grid resilience [39][42] - The company remains optimistic about future energy prices and is preparing for upcoming capacity auctions [66][70] Other Important Information - The company approved a dividend distribution of BRL 632 million, aligning with its policies [28] - The investment program for 2024 is forecasted at BRL 2.4 billion, with a focus on enhancing operational capabilities [26] Q&A Session Summary Question: Concerns about DEC and FEC performance and plans for climatic events - Management acknowledged the impact of recent storms on performance metrics and outlined plans for preventive maintenance and grid improvements [32][39] Question: Future dividend policy changes - The company plans to maintain a 50% payout under normal conditions, with potential for extraordinary payments based on divestments [36][37] Question: Energy trading dynamics and pricing - Management highlighted the volatility in energy prices and the company's strategy to maintain a balanced portfolio while seizing market opportunities [44][48] Question: Update on capacity auction and CapEx - The capacity auction is expected in the second half of the year, with all necessary preparations in place [66][71] Question: Expansion into solar and wind energy - The company does not plan to expand into solar and wind energy in the short term due to current energy prices [74] Question: Forecast for concession payments and tax implications - The company is studying the tax impacts related to concession renewals and will provide updates in the next quarter [76][78]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of April, 2024 Commission File Number 1-14668 COMPANHIA PARANAENSE DE ENERGIA (Exact name of registrant as specified in its charter) Energy Company of Paraná Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuan ...

As filed with the Securities and Exchange Commission on April 10, 2024 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, 2023 Commission file number: 001-14668 COMPANHIA PARANAENSE DE ENERGIA – COPEL (Exact Name of Registrant as Specified in its Charter) Energy Company of Paraná (Translation of Registrant's Name into English) The Federative Republic of Bra ...

Wirestock/iStock via Getty Images In this quarterly update on Companhia Paranaense de Energia - COPEL (NYSE:ELP), I'm upgrading the company's shares from a neutral position to a buy." As highlighted in my previous article, my initial investment thesis centered on COPEL's privatization, which transitioned from a state-controlled entity in Paraná, Brazil, to a private company. Although uncertainties surrounded this process, including a follow-on offering to dilute state ownership, COPEL allocated a significan ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of BRL5.8 billion for the year, marking a nearly 6% increase compared to 2022, and BRL1.5 billion for Q4 2023, reflecting almost 5% growth [22][18][41] - Net income doubled year-on-year, reaching BRL2.3 billion in Q4 2023 and BRL943 million for the year, a 51% increase [41][22] - Cash generation totaled BRL5.2 billion for the year, up approximately 3% from the previous year [41] Business Line Data and Key Metrics Changes - The Generation and Transmission (G&T) segment contributed BRL900 million to adjusted EBITDA in Q4 2023, with a total of BRL3.5 billion for the year, consistent with 2022 [24] - The distribution segment saw an adjusted EBITDA of BRL600 million in Q4 2023, a 36% increase compared to Q4 2022, and surpassed BRL2 billion for the year, up 24% from 2022 [24] Market Data and Key Metrics Changes - The company noted a 28% regulatory efficiency in distribution, with significant investments in modernizing and expanding the electricity infrastructure in Paraná [37] - The company is positioned to take advantage of energy market volatility, with expectations of price increases due to hydrology status and higher demand [67] Company Strategy and Development Direction - The company plans to invest BRL6.5 billion in 2024, with BRL4 billion allocated for grant bonuses and BRL2.1 billion for distribution [38] - The strategic focus includes maximizing the value of assets like Compagas, with a potential sale in the first half of 2024 if an adequate price is reached [20][3] - The company aims to migrate to Novo Mercado, enhancing governance and liquidity for shareholders [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the company's strong market position and commitment to sustainable growth [18][15] - The company is preparing for potential climate impacts and is focused on operational efficiency, with a zero-based budgeting initiative underway [6][25] Other Important Information - The company has expanded its shareholder base significantly, from approximately 85,000 in 2019 to nearly 400,000 currently, indicating strong investor interest [11] - The company achieved recognition for its capital raise, being named Deal of the Year by LatinFinance [18] Q&A Session Summary Question: Dividend payout expectations for 2024 and Compagas sale timeline - Management indicated a base case of a 50% dividend payout, with potential for extraordinary dividends depending on investment opportunities and the Compagas sale process [3][62] Question: Recurring expenses and PMSO levels - Management discussed ongoing efforts to reduce PMSO by BRL500 million over three years, with a voluntary severance program planned for August [65][64] Question: Energy market dynamics and pricing sustainability - Management acknowledged the current volatility in energy prices and the company's strategy to capitalize on market opportunities while monitoring demand [67][66] Question: M&A strategy and focus on renewable sources - Management clarified that while they are not currently pursuing certain assets, they remain open to opportunities that align with their renewable energy strategy [10][69] Question: Updates on migrating to Novo Mercado - Management confirmed ongoing discussions with stakeholders and a commitment to achieving the highest governance standards [14][72]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of BRL1.4 billion, representing a 27% increase compared to the same period last year [5] - Net debt-to-EBITDA improved from 2.5x in the previous quarter to 2.3x, primarily due to a primary share offering that raised over BRL2 billion [16] - Adjusted net income nearly doubled compared to Q3 2022, increasing by over BRL400 million, with a reported adjusted net income of BRL829 million [26] Business Line Data and Key Metrics Changes - The Generation and Transmission (GeT) segment contributed significantly to EBITDA, with an improvement of almost 50% year-over-year, reaching BRL850 million in Q3 2023 [25] - The company recognized a reduction in EBITDA of BRL160 million from Compagas due to divestment, impacting overall performance [23] Market Data and Key Metrics Changes - Regulatory efficiency for COPEL's distribution reached nearly 20% over the last 12 months, with a significant improvement in EBITDA of more than 11% compared to the previous quarter [24] - The average contract price for energy sales was reported at BRL175 per megawatt hour, with expectations for price increases post-wet season [78] Company Strategy and Development Direction - The company is focusing on increasing the regulatory remuneration base for its distribution segment and plans to approve a 2024 investment plan soon [10] - A long-term incentive plan is being developed, with a presentation scheduled for the general assembly in April 2024 [9] - The company aims to enhance operational efficiency through a zero-based budgeting approach and ongoing innovation initiatives [12][11] Management's Comments on Operating Environment and Future Outlook - Management expressed a critical view on recent regulatory changes, emphasizing the need for legal security before making significant payments related to grant bonuses [42][46] - The company is optimistic about its future, believing it can become a major reference in the power sector [21] Other Important Information - The voluntary redundancy program is expected to yield annual savings of BRL428 million, with a total severance cost of BRL610 million [6] - The company is undergoing a transformation into a leaner holding structure to maximize operational efficiency [19] Q&A Session Summary Question: Opinion on vocational debate and its impact on concessions - Management expressed a critical view on the proposed changes, highlighting legal insecurities and potential tariff increases for consumers [42][43] Question: Details on the voluntary redundancy program savings - The company clarified that while there will be some offset from hiring third parties, the majority of savings will be retained due to the departure of higher-salaried employees [50] Question: Leverage limits and dividend policy - Management indicated that a leverage of 2.5x is currently deemed adequate, with flexibility to adjust based on future scenarios [56][65] Question: Internal restructuring and compensation adjustments - The company is reviewing its internal structure and compensation plans, with results expected to be presented during COPEL Day [72][75]

Companhia Paranaense de Energia - Copel (NYSE:ELP) Q2 2023 Results Conference Call August 15, 2023 1:00 PM ET Company Participants Daniel Slaviero - CEO Adriano Rudek de Moura - CFO Conference Call Participants Daniel Travitzky - Banco Safra Marcelo Sá - Itau BBA Francisco Navarrete - Bradesco BBI Operator Good day, ladies and gentlemen. Welcome to Companhia Paranaense de Energia, Copel Video Conference to Discuss Second Quarter 2023 Results. This video conference is being recorded, and the replay can be ac ...