Light Balance Sheet

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
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
Cash & Equivalents	110.77	185.8	292.07	43.89	396.78
Short-Term Investments	1,636	2,904	1,805	2,040	3,208
Accounts Receivable	1,712	1,744	1,337	1,040	2,442
Other Receivables	1,074	1,690	1,584	1,178	862.56
Inventory	91.74	80.16	56.86	75.63	65.66
Prepaid Expenses	20.75	25.89	28.46	-	28.84
Other Current Assets	667.31	305.31	218.81	395.84	2,293
Total Current Assets	5,313	6,934	5,334	4,773	9,324
Property, Plant & Equipment	2,459	2,286	2,225	2,233	1,870
Regulatory Assets	-	-	-	41.54	308.39
Other Intangible Assets	11,895	11,202	10,797	10,165	9,656
Long-Term Investments	203.44	228.58	3.99	43.62	357.76
Long-Term Deferred Tax Assets	247.23	555.01	535.51	859.46	895.72
Long-Term Accounts Receivable	1,821	1,513	1,818	2,081	1,779
Other Long-Term Assets	3,796	2,625	3,003	3,909	4,088
Total Assets	25,733	25,344	23,717	24,106	28,278
Accounts Payable	2,405	1,952	1,402	1,235	1,930
Accrued Expenses	1,135	797.82	813.65	630.55	1,049
Current Portion of Long-Term Debt	1,205	724.99	11,338	1,005	1,934
Current Unearned Revenue	-	-	-	-	169.22
Current Portion of Leases	78.42	42.84	28.9	24.07	25.11
Current Income Taxes Payable	0.65	4.79	222.8	95.15	94.37
Other Current Liabilities	1,672	1,512	1,699	2,654	1,487
Total Current Liabilities	6,506	5,034	15,504	5,644	6,689
Long-Term Debt	8,491	8,802	-	10,124	9,215
Long-Term Leases	297.39	232.87	199.95	215.8	38.16
Pension & Post-Retirement Benefits	181.93	168.67	283.55	277.2	-
Long-Term Deferred Tax Liabilities	318.48	291.01	119	190.06	275.26
Other Long-Term Liabilities	4,490	5,597	4,514	4,810	3,328
Total Liabilities	20,285	20,125	20,621	21,261	19,545
Common Stock	5,392	5,392	5,392	5,392	5,392
Retained Earnings	-366.72	-593.68	-2,253	-2,523	3,135
Comprehensive Income & Other	423.22	419.94	-43.72	-24.93	206.05
Shareholders' Equity	5,449	5,218	3,096	2,845	8,733
Total Liabilities & Equity	25,733	25,344	23,717	24,106	28,278
Total Debt	10,072	9,803	11,567	11,369	11,212
Net Cash (Debt)	-8,325	-6,713	-9,470	-9,286	-7,607
Net Cash Per Share	-5.98	-4.83	-25.82	-25.31	-20.74
Filing Date Shares Outstanding	372.56	372.56	372.56	372.56	372.56
Total Common Shares Outstanding	372.56	372.56	372.56	372.56	372.56
Working Capital	-1,193	1,900	-10,171	-871.57	2,635
Book Value Per Share	14.63	14.01	8.31	7.64	23.44
Tangible Book Value	-6,446	-5,984	-7,702	-7,320	-922.44
Tangible Book Value Per Share	-17.30	-16.06	-20.67	-19.65	-2.48
Machinery	3,433	-	-	-	-
Construction In Progress	602.38	449.89	399.31	650	-

Source: S&P Global Market Intelligence. Utility template. Financial Sources.