Revenue by Segment

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
Thermal by Gas	6.23B	3.91B	4.01B	3.29B	2.70B
Thermal by Gas Growth	59.50%	-2.48%	21.58%	22.05%	48.33%
Sergipe's HUB	3.78B	2.54B	2.04B	-	-
Sergipe's HUB Growth	49.03%	24.38%	-	-	-
Coal Generation	1.26B	1.19B	972.42M	891.07M	2.06B
Coal Generation Growth	5.93%	22.70%	9.13%	-56.77%	75.60%
Solar Generation	400.34M	278.29M	222.33M	195.00K	700.00K
Solar Generation Growth	43.86%	25.17%	113917.44%	-72.14%	-
Oil Generation	119.31M	48.24M	-	-	-
Oil Generation Growth	147.31%	-	-	-	-
Natural Gas Generation - Upstream	1.14B	994.48M	719.79M	719.42M	1.45B
Natural Gas Generation - Upstream Growth	14.15%	38.16%	0.05%	-50.38%	83.13%
Small Scale Liquid Natural Gas & Liquefied Natural Gas	575.90M	60.30M	-	-	-
Small Scale Liquid Natural Gas & Liquefied Natural Gas Growth	855.10%	-	-	-	-
Energy Trading	8.06B	4.25B	3.07B	2.16B	550.19M
Energy Trading Growth	89.61%	38.39%	42.31%	292.27%	12.36%
Elimination Adjustments	-3.15B	-1.88B	-942.53M	-934.64M	-1.64B
Holding and Others	-	-	3.15M	-	-
Total	18.42B	11.39B	10.09B	6.13B	5.12B
Total Growth	61.72%	12.85%	64.65%	19.60%	58.00%

Source: S&P Global Market Intelligence.