Copel(ELP) - 2025 Q2 - Quarterly Report

FORM 6-K Filing Information Details the regulatory filing specifics for Copel as a foreign private issuer Registrant Information 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] - Filing Form: Form 20-F[2] - Rule 12g3-2(b): No[2] Key Financial Indicator Highlights Presents a summary of Copel's key financial performance indicators for recent quarters and half-years 2Q25 and 1H25 Performance Overview 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 Analyzes Copel's overall financial performance, including Ebitda, revenue, costs, financial results, and debt Ebitda 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] - 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] - 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] - 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] Operating Revenue 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] - 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] - 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] Operating Costs and Expenses 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] - 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][23] 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 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] - 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] Financial Results 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] - 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] Consolidated Net Income 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] - Net gains of R$ 132.3 million from the disposal and swap of assets also boosted reported net income[30] - The increase was partially offset by a lower financial result and a 25.9% increase in income tax/social contribution (IR/CSLL)[30] - 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] Debt 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] - 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] 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 Outlines Copel's investment program, with a focus on distribution network modernization and generation assets Investment Program Overview 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] - The Paraná Trifásico project completed 22,996 km of new networks by late June 2025, improving rural distribution[50] - 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] - GenCo's investments primarily focused on reinforcements and improvements to transmission lines (70.0%) and operation and maintenance of generation assets (27.8%)[50] Copel Geração e Transmissão (GenCo) (Consolidated Result) Analyzes the economic, financial, and operational performance of Copel's Generation and Transmission segment Economic and Financial Performance 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] - 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] 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] IFRS effect in the Transmission segment 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] Operational Performance 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][68] - The transmission segment includes 9,684 km of transmission lines and 53 basic network substations[66] Generation 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] - 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] Energy sold 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] - 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] Transmission 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] - 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] Copel Distribuição - DisCo Examines the economic, financial, and operational performance of Copel's Distribution segment Economic and Financial Performance 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] - 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][86] 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] Regulatory Efficiency 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] Operational Performance 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] - The captive market recorded a 10.2% drop in electricity consumption in 2Q25, also influenced by milder temperatures and increased MMGD compensation[95] - 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] - 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][99] - Total losses in June 2025 were 0.55% below the regulatory limit, supported by a Program to Combat Non-Technical Losses[100][101] Grid Market (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] - The billed wire market, which includes MMGD compensated energy, fell by 2.6% in 2Q25 and 0.9% year-to-date[94] Captive Market 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] - The billed captive market, including MMGD compensated energy, fell by 14.9% in 2Q25 and by 10.9% in the year to date[95] Operational data 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] 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] - 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] Copel Comercialização - TradeCo Reviews the economic, financial, and operational performance of Copel's Commercialization segment Economic and Financial Performance 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] - 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] 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][108] Operational Performance 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] - 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] ESG performance Highlights Copel's commitment to environmental, social, and governance principles and its recent achievements ESG in Copel's strategy 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] - Environmental focus includes decarbonization, climate adaptation, biodiversity, and eco-efficiency, with a Carbon Neutrality Plan to neutralize direct carbon emissions by 2030[116] - Socially, the company focuses on employee health and safety, human rights, diversity, and community engagement, aiming for zero fatal accidents[117] - Governance is structured and transparent, based on an Integrity Program aligned with Global Compact Principles, emphasizing risk prevention and ethical culture[118] Recent highlights 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] - Recognized in [B]³'s Carbon Efficient Index (ICO2) and ranked 96th globally in the Carbon Clean 200 for revenue from clean sources[120] - 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] - Proposed migration to B3's Novo Mercado, the highest level of corporate governance, and published its 2024 Integrated Report detailing ESG actions[120] Indicators 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 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 Covers key corporate governance, strategic initiatives, asset management, and regulatory adjustments Corporate Governance and Financial Policy 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][127] - 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] - 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] Strategic Initiatives and Asset Management 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] - Concluded an asset swap with Eletrobras, consolidating Mauá HPP and MSG transmission company, while transferring Colíder HPP, reinforcing asset optimization[131] - 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] - The Board of Directors approved the proposal for migration to B3's Novo Mercado, subject to EGM approval and creditor consent[139] - 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][142] Regulatory and Operational Adjustments 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] - 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] - DisCo issued R$ 3,000,000 in simple debentures across three series on July 15, 2025, to finance investments in electricity distribution assets[144] - Copel won first place in the Aneel Ombudsman Award for the third consecutive year, recognizing its excellence in complaint resolution and customer service[143] Disclaimer Provides a disclaimer regarding forward-looking statements and potential risks affecting actual results Forward-Looking Statements 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][216] - These statements are not historical facts and involve risks and uncertainties, with no guarantee that expected events, trends, or results will actually occur[145][216] - 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][216] Exhibit I - CONSOLIDATED RESULTS Presents detailed consolidated financial statements, including income statement, balance sheet, and cash flow Income Statement 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] - Electricity purchased for resale increased by 27.3% in 2Q25, and personnel and management costs decreased by 14.9%[148] Balance Sheet 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] - Contract Assets in current assets increased by 125.3%, while those in non-current assets decreased by 5.4%[149] - Debentures in current liabilities increased by 44.7%, and in non-current liabilities by 22.5%[149] - Provisions for litigation in non-current liabilities increased by 112.4% to R$ 2,032.0 million[149] Cash Flow 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] - 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] Adjusted EBITDA and Financial Result 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] - Interest on taxes to be compensated increased by 378.7% in 2Q25, partially offsetting financial expenses[155] Equity in Earnings of Subsidiaries and Indicators 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] - Dona Francisca Energética S.A. (Associates) showed a significant negative variation of (3,128.3%)[156] Share Capital 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] Exhibit II - RESULT BY SUBSIDIARY Provides detailed financial results for each Copel subsidiary, including income statements by company and accumulated COPEL GET (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] - Electricity purchased for resale increased significantly, while personnel and management costs decreased by 23.6%[162] COPEL DIS 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] - Electricity purchased for resale increased by 18.3% in 2Q25, and personnel and management costs decreased by 15.8%[163] - Gross operating revenue increased by 9.0% to R$ 6,699.6 million in 2Q25[164] COPEL COM (MERCADO LIVRE) 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] - Electricity purchased for resale increased by 27.5% in 2Q25, and personnel and management costs increased by 33.1%[165] INCOME STATEMENT FOR THE QUARTER BY COMPANY 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 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 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 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 Presents detailed energy market data, including distribution, total market, tariffs, and energy flow DISTRIBUTION AND TOTAL MARKET 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] 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$/MWh) | Jun/25 | Jun/24 | Δ% | | :------------------------------------------ | :----- | :----- | :---- | | Industrial | 543.51 | 555.88 | -2.2% | | Residential | 513.29 | 546.46 | -6.1% | | Commercial | 558.85 | 609.36 | -8.3% | | Rural | 540.79 | 596.42 | -9.3% | | Other | 588.74 | 597.68 | -1.5% | | Retail Tariff supply average tariff | 592.40 | 615.21 | -3.7% | ELECTRICITY PURCHASED AND CHARGES Electricity purchased for resale rose 27.3% to R$ 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 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] WIND POWER PRICES 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] - Values presented refer to 100% of the Complex, with Copel holding a 49% stake in the Voltalia project[196] ENERGY FLOW 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] Exhibit IV - OPERATIONAL DATA Presents key operational data, including staff, generation capacity, transmission network, and distribution metrics INDICATORS SUMMARY 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