AXIA Energia 2Q26調整後EBITDA增21.5% 批准37億雷亞爾資本配置

6-K
1
axiapr2q26_6k.htm
6-K

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 August, 2026

 

Commission File Number 1-34129

 

 

AXIA Energia S.A.

(Exact name of registrant as specified in its
charter)

AXIA Energia S.A.

(Translation of Registrant's name into English)

Avenida Graça Aranha, 26
Centro, CEP 20030-900
Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant
by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

  

  

 

 

 

  

  

 

 

 

  
2 

  
 

 

 

 
 TABLE OF CONTENTS
  

 
 1. AXIA ENERGIA RELEASES SECOND QUARTER 2026 RESULTS 
 4

 
 1.1. 2Q26 Main Events 
 4

 
 1.2. 2Q26 Financial Highlights 
 6

 
 2. MAIN OPERATIONAL AND FINANCIAL INDICATORS 
 8

 
 3. HIGHLIGHTS OF CONSOLIDATED RESULTS 
 9

 
 3.1. CONSOLIDATED RESULT | IFRS AND REGULATORY 
 9

 
 3.2. ADJUSTED CONSOLIDATED RESULT | IFRS AND REGULATORY 
 11

 
 3.2.1. Adjusted Regulatory Income Statement 
 11

 
 3.2.2. Non-recurring Adjustments | Regulatory Income Statement 
 12

 
 3.2.3. Regulatory Result: Adjusted EBITDA 
 12

 
 4. ENERGY TRADING 
 14

 
 5. INVESTMENTS AND EXPANSION PROJECTS 
 15

 
 6. INDEBTEDNESS 
 18

 
 7. COMPULSORY LOAN 
 19

 
 8. CASH FLOW 
 21

 
 9. FINANCIAL PERFORMANCE 
 22

 
 9.1. Operational and Financial Results 
 22

 
 9.2. Generation Segment 
 24

 
 9.3. Transmission Segment 
 28

 
 9.4. Operating Costs and Expenses - IFRS 
 30

 
 9.5. Equity Holdings - IFRS 
 34

 
 9.6. Financial Result - IFRS 
 35

 
 9.7. Current and Deferred Taxes - IFRS 
 36

 
 10. OPERATIONAL PERFORMANCE 
 37

 
 10.1. Generation Segment 
 37

 
 10.2. Transmission Segment 
 40

 
 10.3. ESG 
 40

 
 11. APPENDIX 
 41

 
 11.1. Appendix 1 - Generation and Transmission Revenue IFRS 
 41

 
 11.2. Appendix 2 - PMSO Breakdown 
 42

 
 11.3. Appendix 3 - Financing and Loans Granted (Receivables) 
 43

 
 11.4. Appendix 4 - Periodic Review of the 2026 RAP for Tendered Concession Agreements 
 44

 
 11.5. Appendix 5 - RAP Annual Adjustment, 2026/2027 Cycle 
 46

 
 11.6. Appendix 6 - RAP Annual Adjustment - Adjustment Portion (PA), 2026/2027 Cycle 
 49

 
 11.7. Appendix 7 - Transmission System Usage Tariff, 2026/2027 Cycle 
 51

 
 11.8. Appendix 8 - Accounting Statements 
 52

 
 11.9. Appendix 9 - IFRS vs. Regulatory Reconciliation 
 57

 
 

 

 

 

  
3 

  
 

 

1.             
 AXIA ENERGIA RELEASES SECOND QUARTER 2026 RESULTS

1.1.       
2Q26 Main Events

2Q26
results: Reflected the positive impact of energy sales, stronger equity income, and lower provision levels. Of note, investments
increased 53% YoY to R$ 3,117 million in 2Q26. These improvements reinforce Management’s continued focus on value creation, operational
efficiency, and proactive contingency mitigation.

Capital
Allocation Methodology: The Board of Directors approved up to R$ 3.7 billion in capital available for allocation from 2Q26
results. Combined with the previously approved 1Q26 amount of up to R$ 4.0 billion, this brings the total amount available for allocation
in 1H26 to up to R$ 7.7 billion, reinforcing the Company's commitment to financial discipline and value creation for shareholders while
preserving its investment capacity.

Migration
to B3's Novo Mercado: In June 2026, we completed the migration to the Novo Mercado, as approved in April. This milestone represents
a significant step toward simplifying the Company’s capital structure, increasing share liquidity, and continuously strengthening
its corporate governance practices. As a result, the Company’s capital structure now consists exclusively of common shares (“ON”),
traded under the ticker AXIA3, and Class C preferred shares (“PNC”), traded under the ticker AXIA7, which are fully convertible
or redeemable through 2031.

Redemption
and conversion of PNC shares: Successful completion of the first-of-its-kind redemption and conversion of PNC shares, totaling
R$ 30 million. The transaction enabled the Company to assess and refine the mechanism to be used in subsequent operations.

Transmission
Auction: We secured Lots 8, 9, and 10 in Transmission Auction No. 01/2026. Once commercial operations begin, these projects
are expected to generate additional RAP of R$ 50.8 million, with investments of R$ 668 million, as set forth in the Auction Notice.

Investments:
R$ 3,117 million in 2Q26, up 53% YoY, while in 6M26 they went up by 47% YoY to R$ 4,472 million. Notably, investments in transmission
expansion increased significantly, reaching R$ 636 million this quarter as compared to R$ 85 million in 2Q25. Investments in reinforcements
and improvements totaled R$ 1,073 million in 2Q26.

Still within the transmission
segment, 288 large-scale projects are under implementation, representing an additional RAP of R$ 2.0 billion between 2026 and 2030 with
a total estimated CAPEX of R$ 15.5 billion.

 

Chart 1 - Investments (R$ mm)

 

 

 

 

  
4 

  
 

 

Portfolio
management: Management delivered significant and consistent milestones, accelerating the Company's streamlining and de-risking
efforts. Key transactions include:

▪Completion of the sale of a 49% minority stake in transmission special-purpose entities to GEBBRAS Participações
Ltda, generating proceeds of R$ 451.4 million for AXIA Energia

▪Completion of the acquisition of all shares held by the other partners in Juno Participações
e Investimentos S.A., which holds a 50.1% interest in Tijoá Energia, for R$ 256 million. Following the transaction’s closing,
AXIA Energia now fully consolidates the Três Irmãos Hydroelectric Power Plant

▪Completion of the sale to ISA Energia of the 49% interests held by AXIA Energia and AXIA Energia Nordeste
in SPE IE Madeira, as well as AXIA Energia Nordeste’s acquisition of ISA Energia’s 51% interest in SPE IE Garanhuns. Following
the closing of the transaction, AXIA Energia began fully consolidating IE Garanhuns and received a net payment of R$ 1.167 billion

▪Notice of an Extraordinary General Meeting (EGM), to be held on August 28, 2026, to deliberate on the
proposed merger of the subsidiaries Juno Participações e Investimentos S.A., Tijoá Participações e
Investimentos S.A., Retiro Baixo Energética S.A., and SPE Nova Era Janapu Transmissora S.A. The proposed merger is intended to
consolidate operational, administrative, and tax-related activities, capture synergies and operational efficiencies, reduce costs, simplify
corporate and organizational structures, accelerate decision-making, and enhance competitiveness

Financial
management: net debt totaled R$ 45,461 million in 2Q26, down by R$ 585 million sequentially and up R$ 5,336 million YoY. The
average debt maturity decreased by 2.7 months while the average cost went down to CDI - 0.02% p.a. in 2Q26 from CDI + 0.58% p.a. in 2Q25.
Highlights include the maturity of R$ 2.2 billion in debentures in April and the raising of R$ 500 million in May 2026. In July, we also
completed our 9th, 10th, and 11th issuances of simple debentures, totaling R$ 3.5 billion.

Compulsory
loan: the provision inventory was reduced by R$ 1.3 billion YoY and R$ 278 million sequentially, totaling R$ 10.8 billion in
2Q26, even after considering the monetary restatement for the period. In addition, agreements reached and favorable decisions led to a
net reversal of R$ 98 million in the quarter.

Adjusted
Net Income, IFRS: reached R$ 1,608 million in 2Q26, broadly in line with 2Q25, as the improvement in EBITDA partially offset
the weaker financial result. In 6M26, adjusted IFRS net income totaled R$ 5,315 million, compared with R$ 1,389 million in 6M25, as the
improvement in EBITDA more than offset the weaker financial result.

 

 

  
5 

  
 

 

1.2.       
 2Q26 Financial Highlights

Contribution
margin from generation, ACL + MCP: The unit margin for energy traded in the ACL and settled in the MCP was R$ 96/MWh in 2Q26,
up from R$ 73/MWh in 2Q25, considering the resources available for allocation in both segments, resulting in a contribution margin of
R$ 2,329 million in the period.

The YoY improvement was
explained by:

▪Higher volume of energy available, reflecting the additional energy released for sale following the end
of the quota regime and the higher GSF (99.2% in 2Q26 vs 95.6% in 2Q25)

▪Higher short-term price (PLD) in the North, Northeast, and South submarkets, offsetting the drop in the
Southeast/Central-West

▪Higher contribution from hourly allocation of contracted volumes (modulação)

Contribution
margin from transmission: R$ 4,025 million in 2Q26, in line with the R$ 3,972 million recorded in 2Q25.

The increase mainly reflected
the improvement in the PA for the current tariff cycle, which shifted from a discount of R$ 382 million on revenue in 2Q25 to R$ 117 million
in 2Q26. This variation was largely due to a negative component related to the postponement of the 2023 Periodic Tariff Review (RTP),
pursuant to ANEEL Resolution No. 3,344/2024, which affected only the 2024/2025 tariff cycle and therefore had no corresponding impact
in 2Q26.

Still in 2Q26, a provision
of R$ 40 million was recognized, related to regulatory restitution assets and liabilities, arising from pass-through items amounts. In
2Q26, this provision comprised:

▪R$ 168 million related to the recognition of a provision for pass-through items collected as part of revenue
during the quarter

▪R$ 128 million related to the reversal of the provision recognized in 1Q26, corresponding to 1/4 of the
amount approved for the current tariff cycle. The provision reflects pass-through items collected during the 2024/2025 tariff cycle and
returned in the current 2025/2026 cycle

This accounting practice,
adopted since 1Q26 solely for regulatory reporting purposes, has no cash impact and is intended to smooth the effects on revenue of collecting
and returning pass-through items across different tariff cycles, making the revenue trend more closely aligned with RAP receipts.

Adjusted PMSO:

▪IFRS: R$ 1,471 million in 2Q26, stable when compared to R$
1,431 million recorded in 2Q25.

▪Regulatory: R$ 1,475 million in 2Q26, stable when compared
to R$ 1,448 million recorded in 2Q25.

◦Excluding generation costs allocated to the segment's contribution margin on a managerial basis, PMSO
was R$ 1,398 million in 2Q26, stable when compared to R$ 1,381 million in 2Q25.

Adjusted
Provision:

▪IFRS: R$ 78 million provision in 2Q26, compared to a provision
of R$ 177 million in 2Q25.

▪Regulatory: R$ 35 million provision in 2Q26, compared to a
R$ 98 million provision in 2Q25.

Adjusted
Regulatory Equity Income: totaled positive R$ 296 million in 2Q26, compared to negative R$ 205 million in 2Q25. This variation
was mainly explained by:

▪Recognition of Equatorial Maranhão’s 2Q25 results only in 3Q25

▪Eletronuclear's classification as asset held for sale in 3Q25

▪Resumption of ISA Energia’s contribution to equity income

▪IE Madeira's classification as asset held for sale in 2Q26

Adjusted
Regulatory EBITDA: EBITDA reached R$ 6,683 million in 2Q26, up 21.5% YoY, driven by:

▪A 17.5% increase in contribution margin from generation

▪A 64.0% drop in provisions

 

  
6 

  
 

 

Table 1 - Adjusted Regulatory EBITDA

 
  
 2Q26
 2Q25
 ∆%
 1Q26
 ∆%

 
 Transmission - excluding non adjusted items
 3,819
 3,702
 3.2
 3,831
 -0.3

 
 Non-adjusted revenue, transmission: pass-through items and mismatches between RAP and revenue, compensated through the Adjustment Portion (PA) in the following cycle
 246
 270
 -9.0
 320
 -23.3

 
 Non-adjusted revenue, transmission: liability refund provision
 -40
 0
 n.m.
 -725
 -94.4

 
 Transmission Contribution Margin
 4,025
 3,972
 1.3
 3,426
 17.5

 
 Energy sold in regulated market (ACR) and through quota regime
 1,324
 1,342
 -1.3
 1,383
 -4.2

 
 Energy sold in free market (ACL) and liquidated in short-term market (MCP)
 2,329
 1,531
 52.2
 4,601
 -49.4

 
 Thermal power plants
 0
 236
 -100.0
 -2
 -99.5

 
 Generation Contribution Margin
 3,653
 3,109
 17.5
 5,982
 -38.9

 
 Other Revenues
 143
 105
 36.1
 133
 6.9

 
 Personnel, Materials, Services and Others (1)
 -1,398
 -1,381
 1.2
 -1,371
 2.0

 
 Costs and expenses
 -1,398
 -1,352
 3.4
 -1,371
 2.0

 
 Costs and expenses: thermal power plants
 0
 -29
 n.m.
 0
 0.0

 
 Results before Provisions and Equity Interests
 6,422
 5,804
 10.7
 8,171
 -21.4

 
 Operating Provisions
 -35
 -98
 -64.0
 -22
 61.2

 
 Results before Equity Interests
 6,387
 5,706
 11.9
 8,149
 -21.6

 
 Equity holdings
 296
 -205
 -244.6
 452
 -34.5

 
 EBITDA
 6,683
 5,501
 21.5
 8,600
 -22.3

 
 

(1) PMSO, excluding other non-manageable
generation costs. The "RHR Hedge Cost" and "Other Operating Costs" lines, related to the generation segment costs,
make up the "Other PMSO Costs" line under the accounting view. For a better understanding of the contribution margin by segment,
from a management perspective, both lines are allocated in the composition of the contribution margin from generation. In 2Q26, the adjusted
regulatory PMSO under the accounting view totaled R$ 1,475 million, composed of R$ 52 million in RHR hedge costs and R$ 24 million in
other generation operating costs, both allocated in the margin from generation, and R$ 1,398 million in other manageable costs and expenses
components for personnel, materials, services and other. At the same time, in 2Q26, the adjusted IFRS PMSO from an accounting perspective
totaled R$ 1,471 million, comprised of R$ 52 million in RHR hedge costs and R$ 24 million in other generation operating costs, both allocated
to the margin from generation, and R$ 1,395 million in other manageable costs and expenses components related to personnel, materials,
services, and other.

 

Adjusted
Income and Social Contribution Taxes on Net Income, IFRS: reached R$ 94 million in 2Q26, compared to R$ 173 million in 2Q25.
This variation was driven by lower deferred tax recognition, partially offset by a reduction in current tax expense, mainly reflecting
a lower taxable income base at AXIA Energia Norte following the write-off of the provision for doubtful accounts related to the assignment
of receivables from Amazonas Energia during the quarter.

Adjusted
Net Income, IFRS: reached R$ 1,608 million in 2Q26, broadly in line with 2Q25, as the improvement in EBITDA partially offset
the weaker financial result. In 6M26 this line reached R$ 5,315 million, compared with R$ 1,389 million in 6M25, as the improvement in
EBITDA more than offset the weaker financial result.

  
7 

  
 

 

2.             
 MAIN OPERATIONAL AND FINANCIAL INDICATORS

Table 2 - Operating highlights

 
  
 2Q26
 2Q25
 ∆%
 1Q26
 ∆%
 6M26
 6M25
 ∆%

 
 Generation and Trading
  
  
  
  
  
  
  
  

 
 Installed Generation Capacity (MW)
 44,430
 44,368
 0.1
 44,026
 0.9
 44,430
 44,368
 0.1

 
 Assured Capacity (aMW) (1)
 21,548
 21,655
 -0.5
 21,444
 0.5
 21,548
 21,655
 -0.5

 
 Net Generation (TWh)
 41.1
 38.7
 6.2
 44.4
 -7.5
 85
 84
 1.4

 
 Energy Sold ACR (TWh) (2)
 7.5
 8.7
 -13.9
 8.0
 -6.5
 16
 19
 -17.1

 
 Energy Sold ACL (TWh) (3)
 15.0
 16.6
 -9.7
 14.6
 3.3
 30
 36
 -18.1

 
 Energy Sold Quotas (TWh) (4)
 2.6
 4.9
 -47.0
 2.7
 -5.1
 5
 10
 -48.4

 
 Average ACR Price (R$/MWh) (5)
 225.74
 220.97
 2.2
 221.67
 1.8
 225.74
 216.59
 4.2

 
 Average ACL Price (R$/MWh)
 191.11
 153.67
 24.4
 193.02
 -1.0
 191.11
 152.06
 25.7

 
 Transmission
  
  
  
  
  
  
  
  

 
 Transmission lines (km)
 74,829
 73,774
 1.4
 74,829
 0.0
 74,829
 73,774
 1.4

 
 RAP (R$ mm) (6)
 16,839
 17,209
 -2.1
 16,824
 0.1
 33,663
 34,372
 -2.1

 
(1) Assured Capacity (AC)
reflects: (a) Ordinance GM/MME 544/21, which defined the revision of AC values of the plants that had their concession renewed due to
capitalization (plants under the Quotas regime, Tucuruí, Itumbiara, Sobradinho, Mascarenhas de Moraes and Curuá-Una), with
a significant reduction in AC as from 2023; (b) Ordinance GM/MME 709/22, with an Ordinary Review of the AC of hydroelectric plants as
from 2023, affecting several AXIA Energia plants; (c) exit of Candiota III TPP as of Jan/24 and of Mauá III, Aparecida, Anamã,
Anori, Codajás e Caapiranga TPPs as of May/25; (d) inclusion of HPP Colíder and exit of HPP Mauá as of Jun/25, after
closing the uncrossing of interests/assets agreed with Copel; (e) inclusion of SPEs that started being consolidated: HPPs Teles Pires
(Sep/23), Baguari (Oct/23), Retiro Baixo (Nov/23) and Santo Antonio (Nov/23); (f) exit of Santa Cruz TPP, after the closing and conclusion
of its sale in Oct/25; (g) it does not yet reflect the consolidation of the Três Irmãos HPP, a transaction signed in Oct/25
that is still pending closing.

(2) Does not include quotas.

(3) Includes contracts under Law
13,182/2015.

(4) The figures shown are the Assured
Capacity of quotas in GWh.

(5) Excludes thermal plants and
reimbursement of ACR-d and CER contracts.

(6) Approved RAP for the current
regulatory cycle, associated with active modules at the end of each period, including those that were active at the beginning of the cycle
plus those that went into commercial operation. Includes transmission contracts of the companies AXIA Energia Holding, AXIA Energia Nordeste,
AXIA Energia Sul, AXIA Energia Norte, TMT and VSB.

 

Table 3 - Financial highlights

 
  
 2Q26
 2Q25
 ∆%
 1Q26
 ∆%
 6M26
 6M25
 ∆%

 
 Financial Indicators
  
  
  
  
  
  
  
  

 
 Gross Revenue (R$ mn)
 12,910
 12,082
 6.9
 14,586
 -11.5
 27,495
 24,304
 13.1

 
 Adjusted Gross Revenue (R$ mn)
 12,910
 12,191
 5.9
 14,586
 -11.5
 27,495
 24,413
 12.6

 
 Net Operating Revenue (R$ mn)
 11,188
 10,199
 9.7
 12,712
 -12.0
 23,900
 20,613
 15.9

 
 Adjusted Net Operating Revenue (R$ mn)
 11,188
 10,308
 8.5
 12,712
 -12.0
 23,900
 20,722
 15.3

 
 Regulatory Net Operating Revenue (R$ mn)
 10,007
 9,593
 4.3
 11,618
 -13.9
 21,625
 19,300
 12.0

 
 EBITDA (R$ mn)
 5,925
 1,259
 370.7
 7,448
 -20.5
 13,374
 5,576
 139.8

 
 Adjusted EBITDA (R$ mn)
 6,307
 5,151
 22.5
 8,540
 -26.1
 14,847
 9,567
 55.2

 
 Regulatory EBITDA (R$ mn)
 6,870
 5,820
 18.0
 8,613
 -20.2
 15,483
 11,305
 37.0

 
 Adjusted Regulatory EBITDA (R$ mn)
 6,683
 5,501
 21.5
 8,600
 -22.3
 15,283
 10,878
 40.5

 
 EBITDA Margin (%)
 53.0
 12.3
 40.6pp
 58.6
 -5.6pp
 56.0
 27.1
 28.9pp

 
 Adjusted EBITDA Margin (%)
 56.4
 50.0
 6.4pp
 67.2
 -10.8pp
 62.1
 46.2
 16.0pp

 
 Net Income (R$ mn)
 1,191
 -1,325
 -189.9
 2,631
 -54.7
 3,821
 -1,679
 -327.6

 
 Adjusted Net Income (R$ mn)
 1,608
 1,469
 9.5
 3,707
 -56.6
 5,315
 1,389
 282.6

 
 Adjusted Gross Debt (R$ mn)
 72,829
 71,042
 2.5
 74,787
 -2.6
 72,829
 71,042
 2.5

 
 Adjusted Net Debt (Adj Net Debt) (R$ mn)
 45,461
 40,125
 13.3
 46,045
 -1.3
 45,461
 40,125
 13.3

 
 Adj Net Debt/Adjusted LTM EBITDA
 1.8
 1.5
 19.0
 1.9
 -5.8
 1.8
 1.5
 19.0

 
 Investments (R$ mn)
 3,117
 2,043
 52.6
 1,355
 130.0
 4,472
 3,037
 47.2

 
 

 

  
8 

  
 

 

3.             
HIGHLIGHTS OF CONSOLIDATED RESULTS

3.1.       
CONSOLIDATED RESULT | IFRS AND REGULATORY

Table 4 - Income statement IFRS (R$ mn)

 
  
 2Q26
 2Q25
 1Q26
 6M26
 6M25

 
  
 IFRS
 Adjustment
 Adjusted
 Adjusted
 % Y/Y
 Adjusted
 % Q/Q
 Adjusted
 Adjusted
 % Y/Y

 
 Generation
 7,106
 0
 7,106
 6,960
 2.1
 9,428
 -24.6
 16,533
 13,928
 18.7

 
 Transmission
 5,657
 0
 5,657
 5,079
 11.4
 5,015
 12.8
 10,671
 10,264
 4.0

 
 Others
 147
 0
 147
 152
 -3.1
 143
 2.7
 291
 221
 31.6

 
 Gross Revenue
 12,910
 0
 12,910
 12,191
 5.9
 14,586
 -11.5
 27,495
 24,413
 12.6

 
 (-) Deductions from Revenue
 -1,721
 0
 -1,721
 -1,883
 -8.6
 -1,874
 -8.1
 -3,595
 -3,691
 -2.6

 
 Net Revenue
 11,188
 0
 11,188
 10,308
 8.5
 12,712
 -12.0
 23,900
 20,722
 15.3

 
 Energy resale, grid, fuel and construction (1)
 -3,705
 0
 -3,705
 -3,540
 4.7
 -3,327
 11.4
 -7,032
 -7,381
 -4.7

 
 Personnel, Material, Services and Others
 -1,578
 107
 -1,471
 -1,431
 2.8
 -1,441
 2.1
 -2,912
 -2,918
 -0.2

 
 Operating provisions
 -281
 204
 -78
 -177
 -56.1
 -68
 14.6
 -145
 -262
 -44.7

 
 Results from asset sale
 -83
 83
 0
 0
 0.0
 0
 0.0
 0
 0
 0

 
 Regulatory remeasurements - Transmission contracts
 0
 0
 0
 0
 0.0
 0
 0.0
 0
 -952
 n.m.

 
 Other income and expenses
 12
 -12
 0
 0
 0.0
 0
 0.0
 0
 0
 0.0

 
 Results, before Equity holdings
 5,552
 382
 5,934
 5,160
 15.0
 7,876
 -24.6
 13,810
 9,209
 50.0

 
 Equity holdings
 373
 0
 373
 -10
 n.m.
 664
 -43.9
 1,037
 358
 n.m.

 
 EBITDA
 5,925
 382
 6,307
 5,151
 22.5
 8,540
 -26.1
 14,847
 9,567
 55.2

 
 D&A
 -1,233
 0
 -1,233
 -1,131
 9.0
 -1,253
 -1.6
 -2,485
 -2,244
 10.8

 
 EBIT
 4,692
 382
 5,075
 4,019
 26.3
 7,287
 -30.4
 12,362
 7,323
 68.8

 
 Financial Result
 -3,524
 151
 -3,373
 -2,377
 41.9
 -3,079
 9.5
 -6,452
 -5,696
 13.3

 
 EBT
 1,169
 533
 1,702
 1,642
 3.6
 4,208
 -59.6
 5,910
 1,627
 n.m.

 
 Income Tax and Social Contribution
 22
 -116
 -94
 -173
 -45.8
 -501
 -81.3
 -595
 -238
 n.m.

 
 Net Income
 1,191
 417
 1,608
 1,469
 9.5
 3,707
 -56.6
 5,315
 1,389
 n.m.

 
(1) Energy purchased for resale
includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms
of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are
excluded, as they are eliminated upon consolidation.

 

 

  
9 

  
 

 

Table 5 - Regulatory IS (R$ mn)

 
  
 2Q26
 2Q25
 1Q26
 6M26
 6M25

 
  
 Regulatory
 Adjustment
 Adjusted
 Adjusted
 % Y/Y
 Adjusted
 % Q/Q
 Adjusted
 Adjusted
 % Y/Y

 
 Generation
 7,106
 0
 7,106
 6,945
 2.3
 9,428
 -24.6
 16,533
 13,968
 18.4

 
 Transmission
 4,475
 0
 4,475
 4,488
 -0.3
 3,921
 14.1
 8,396
 8,911
 -5.8

 
 Others
 147
 0
 147
 152
 -3.1
 143
 2.7
 291
 221
 31.6

 
 Gross Revenue
 11,728
 0
 11,728
 11,585
 1.2
 13,492
 -13.1
 25,220
 23,100
 9.2

 
 (-) Deductions from Revenue
 -1,721
 0
 -1,721
 -1,883
 -8.6
 -1,874
 -8.1
 -3,595
 -3,691
 -2.6

 
 Net Revenue
 10,007
 0
 10,007
 9,701
 3.1
 11,618
 -13.9
 21,625
 19,409
 11.4

 
 Energy resale, grid, fuel and construction (1)
 -2,110
 0
 -2,110
 -2,450
 -13.9
 -2,001
 5.4
 -4,112
 -5,582
 -26.3

 
 Personnel, Material, Services and Others
 -1,582
 107
 -1,475
 -1,448
 1.9
 -1,446
 2.0
 -2,920
 -2,940
 -0.7

 
 Operating provisions
 -15
 -21
 -35
 -98
 -64.0
 -22
 61.2
 -57
 -175
 -67.3

 
 Results from asset sale
 261
 -261
 0
 0
 0.0
 0
 0.0
 0
 0
 0

 
 Regulatory remeasurements - Transmission contracts
 0
 0
 0
 0
 0.0
 0
 0.0
 0
 0
 0

 
 Other income and expenses
 12
 -12
 0
 0
 0.0
 0
 0.0
 0
 0
 0.0

 
 Results, before Equity holdings
 6,574
 -187
 6,387
 5,706
 11.9
 8,149
 -21.6
 14,536
 10,711
 35.7

 
 Equity holdings
 296
 0
 296
 -205
 n.m.
 452
 -34.5
 747
 166
 n.m.

 
 EBITDA
 6,870
 -187
 6,683
 5,501
 21.5
 8,600
 -22.3
 15,283
 10,878
 40.5

 
 D&A
 -1,698
 0
 -1,698
 -1,615
 5.1
 -1,696
 0.1
 -3,394
 -3,206
 5.8

 
 EBIT
 5,172
 -187
 4,985
 3,887
 28.3
 6,904
 -27.8
 11,890
 7,672
 55.0

 
 Financial Result
 -3,770
 372
 -3,398
 -2,398
 41.7
 -3,112
 9.2
 -6,510
 -5,673
 14.7

 
 EBT
 1,402
 185
 1,587
 1,488
 6.6
 3,793
 -58.2
 5,380
 1,999
 n.m.

 
 Income Tax and Social Contribution
 90
 2
 92
 -244
 n.m.
 -580
 n.m.
 -488
 -345
 41.5

 
 Net Income
 1,491
 188
 1,679
 1,245
 34.9
 3,213
 -47.7
 4,892
 1,654
 n.m.

 
(1) Energy purchased for resale
includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms
of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are
excluded, as they are eliminated upon consolidation.

 

 

  
10 

  
 

 

  

3.2.       
ADJUSTED CONSOLIDATED RESULT | IFRS AND REGULATORY

3.2.1. Adjusted Regulatory Income Statement

This section presents the
reconciliation between Regulatory and IFRS Income Statements, along with the adjustments related to non-recurring events in the Regulatory
Income Statement.

A detailed reconciliation
is also available in the “Regulatory and IFRS Income Statement Reconciliation” spreadsheet, available on the Company’s
Investor Relations website, under Market Information > Historical Financial Information.

Table 6 - Regulatory IS x IFRS IS (R$ mn) 

 
  
 2Q26              IFRS
 Difference
 2Q26 Regulatory
 Non-recurring Adjustment
 2Q26 Regulatory Adjusted
 2Q25 Regulatory Adjusted
 % Y/Y

 
 Generation
 7,106
 0
 7,106
 0
 7,106
 6,945
 2.3

 
 Transmission
 5,657
 -1,182
 4,475
 0
 4,475
 4,488
 -0.3

 
 Others
 147
 0
 147
 0
 147
 152
 -3.1

 
 Gross Revenue
 12,910
 -1,182
 11,728
 0
 11,728
 11,585
 1.2

 
 (-) Deductions from Revenue
 -1,721
 0
 -1,721
 0
 -1,721
 -1,883
 -8.6

 
 Net Revenue
 11,188
 -1,182
 10,007
 0
 10,007
 9,701
 3.1

 
 Construction
 -1,441
 1,441
 0
 0
 0
 0
 0.0

 
 Energy resale
 -1,300
 0
 -1,300
 0
 -1,300
 -1,419
 -8.4

 
 Grid
 -964
 154
 -811
 0
 -811
 -809
 0.2

 
 Fuel
 0
 0
 0
 0
 0
 -222
 n.m.

 
 Energy resale, grid, fuel and construction (1)
 -3,705
 1,595
 -2,110
 0
 -2,110
 -2,450
 -13.9

 
 Personnel
 -820
 -2
 -821
 65
 -756
 -787
 -4.0

 
 Material
 -55
 0
 -55
 0
 -55
 -42
 30.7

 
 Services
 -556
 0
 -556
 42
 -515
 -441
 16.8

 
 Others
 -148
 -2
 -149
 0
 -149
 -177
 -15.9

 
 Personnel, Material, Services and Others
 -1,578
 -3
 -1,582
 107
 -1,475
 -1,448
 1.9

 
 Operating provisions
 -281
 267
 -15
 -21
 -35
 -98
 -64.0

 
 Results from asset sale
 -83
 344
 261
 -261
 0
 0
 0.0

 
 Regulatory remeasurements - Transmission contracts
 0
 0
 0
 0
 0
 0
 0.0

 
 Other income and expenses
 12
 0
 12
 -12
 0
 0
 0.0

 
 Results, before Equity holdings
 5,552
 1,022
 6,574
 -187
 6,387
 5,706
 11.9

 
 Equity holdings
 373
 -77
 296
 0
 296
 -205
 n.m.

 
 EBITDA
 5,925
 944
 6,870
 -187
 6,683
 5,501
 21.5

 
 D&A
 -1,233
 -465
 -1,698
 0
 -1,698
 -1,615
 5.1

 
 EBIT
 4,692
 480
 5,172
 -187
 4,985
 3,887
 28.3

 
 Financial Result
 -3,524
 -246
 -3,770
 372
 -3,398
 -2,398
 41.7

 
 EBT
 1,169
 233
 1,402
 185
 1,587
 1,488
 6.6

 
 Income Tax and Social Contribution
 22
 67
 90
 2
 92
 -244
 n.m.

 
 Net Income, continued
 1,191
 301
 1,491
 188
 1,679
 1,245
 34.9

 
(1) Energy purchased for resale
includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms
of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are
excluded, as they are eliminated upon consolidation.

 

 

 

  
11 

  
 

 

3.2.2. Non-recurring Adjustments | Regulatory
Income Statement

The following adjustments
refer to events considered non-recurring:

▪PMSO (Personnel): R$ 65 million, of which:

▪(+) R$ 57 million from severance costs

▪(+) R$ 8 million from Voluntary Dismissal Plans (VDPs)

▪PMSO (Services): R$ 42 million related to success fees tied
to legal contingency reduction

▪Operating Provisions: -R$ 21 million, including:

◦(+) R$ 78 million relating to the compulsory loan liability, reflecting the conversion of Class B preferred
shares into common shares upon the migration to B3's Novo Mercado, together with the mark-to-market effect based on the LTM average price
of those shares

◦(-) R$ 41 million in estimated losses on investments and impairment

◦(-) R$ 30 million in provisions for litigation

◦(-) R$ 28 million due to the reversal of provisions for onerous contracts

▪Asset Disposal: -R$ 261 million reflecting the results of M&A
processes carried out in the period. Each quarter, amounts recognized under this line item are treated as non-recurring and primarily
comprise fair value adjustments arising from asset remeasurement, adjustments to amounts paid or received between contract signing and
transaction closing, and transaction costs.

▪Other Revenues and Expenses: -R$ 12 million fully adjusted
as non-recurring due to the atypical nature of the underlying items. The main item was the reconciliation of judicial deposits.

▪Financial Result: R$ 372 million, mainly comprising:

◦(+) R$ 221 million from the monetary restatement of litigation-related amounts, excluding compulsory loan
proceedings

◦(+) R$ 151 million from the monetary restatement of compulsory loan proceedings

▪Income Tax and Social Contribution: R$ 2 million on non-recurring
items adjusted at the EBT level.

3.2.3. Regulatory Result: Adjusted EBITDA

In 2Q26, adjusted regulatory
EBITDA totaled R$ 6,683 million, up R$ 1,182 million YoY, reflecting:

▪R$ 901 million increase in generation results, excluding thermal power plants, which more than offset
higher costs for energy purchased for resale and electricity grid usage charges

▪R$ 500 million increase in equity income

▪R$ 63 million reduction in operating provisions

These effects more than
offset:

▪R$ 228 million decline in thermal power plant results, following the completion of their divestment

▪R$ 56 million increase in PMSO costs and expenses

▪R$ 13 million drop in transmission revenue, notably the R$ 40 million provision related to restitution
liabilities

Equity income was R$ 296
million in 2Q26, up by R$ 500 million YoY, mainly reflecting:

▪Recognition of Equatorial Maranhão’s 2Q25 results only in 3Q25

▪Eletronuclear's classification as asset held for sale in 3Q25

▪Improvement of ISA Energia’s results in the period

▪IE Madeira's classification as asset held for sale in 2Q26

It is also worth noting
that if one excludes the results from the thermal power plants sold in May and October 2025, EBITDA went up R$ 1,410 million, to R$ 6,683
million in 2Q26 from R$ 5,273 million in 2Q25.

  
12 

  
 

 

Table 7 - Adjusted regulatory EBITDA, without thermal
power plants (R$ mn)

 
  
 2Q26
 
 Thermal 

 Power 

 Plants (TPP)

 
 2Q26 Excluding 

 TPP

 2Q25
 
 Thermal 

 Power 

 Plants (TPP)

 
 2Q25 Excluding 

 TPP

 
 Generation
 7,106
 0
 7,106
 6,945
 740
 6,205

 
 Transmission
 4,475
 0
 4,475
 4,488
 0
 4,488

 
 Others
 147
 0
 147
 152
 0
 152

 
 Gross Revenue
 11,728
 0
 11,728
 11,585
 740
 10,845

 
 (-) Deductions from Revenue
 -1,721
 0
 -1,721
 -1,883
 -49
 -1,834

 
 Net Revenue
 10,007
 0
 10,007
 9,701
 691
 9,010

 
 Energy resale, grid, fuel and construction (1)
 -2,110
 0
 -2,110
 -2,450
 -434
 -2,017

 
 Personnel, Material, Services and Others
 -1,475
 0
 -1,475
 -1,448
 -29
 -1,418

 
 Operating provisions
 -35
 0
 -35
 -98
 0
 -98

 
 Results, before Equity holdings
 6,387
 0
 6,387
 5,706
 228
 5,478

 
 Equity holdings
 296
 0
 296
 -205
 0
 -205

 
 EBITDA
 6,683
 0
 6,683
 5,501
 228
 5,273

 
(1) Energy purchased for resale
includes: (a) short-term purchases under contracts with terms of less than 12 months; (b) structural purchases under contracts with terms
of 12 months or more; and (c) the results of agents with negative CCEE settlement balances during the period. Intercompany purchases are
excluded, as they are eliminated upon consolidation.

 

 

 

  
13 

  
 

 

4.             
ENERGY TRADING

AXIA Energia companies sold
25.2 TWh of energy in 2Q26, down 16.9% compared to the 30.3 TWh traded in 2Q25.

The volumes sold include
energy from plants under the quota regime, renewed under Law 12,783/2013, as well as from plants operating under the ACL and ACR exploration
regimes and consolidated Special Purpose Entities (SPEs): Teles Pires, Baguari, Retiro Baixo and Santo Antônio HPPs.

Table 8 - Energy balance 2Q26 (aMW)

 
  
 2026
 2027
 2028

 
  
  
  
  
  
  
  

 
 Resources (A)
 17,933
 18,330
 18,122

 
 Own resources (1) (2) (3) (4)
 15,541
 16,731
 16,726

 
          Hydraulic
 15,263
 16,452
 16,447

 
          Wind
 279
 279
 279

 
 Energy Purchase (5)
 2,391
 1,599
 1,396

 
 Limit =>
 Lower
 Higher
 Lower
 Higher
 Lower
 Higher

 
 Sales (B)
 11,042
 14,042
 7,649
 10,649
 5,048
 11,048

 
 ACR - Except quotas
 3,542
 3,149
 3,048

 
 ACL - Bilateral Contracts (range) + STM implemented (5)
 7,500
 10,500
 4,500
 7,500
 2,000
 8,000

 
 Average prices Contracts signed
  
  
  
  
  
  

 
 Limit =>
 Lower
 Higher
 Lower
 Higher
 Lower
 Higher

 
 Average Price of Sales Contracts (ACR and ACL - R$/MWh) (6)
 190
 210
 200
 230
 190
 230

 
 Balance (A - B)
 6,891
 3,891
 10,681
 7,681
 13,074
 7,074

 
 Balance considering estimated hedge (7)
 4,306
 1,306
 7,894
 4,894
 10,288
 4,288

 
 Uncontracted energy considering estimated hedge (7)
 24%
 7%
 43%
 27%
 57%
 24%

 
Contracts signed until 6/30/2026.

The energy balance reflects the
SPEs consolidated into AXIA Energia: Santo Antônio HPP (as of 3Q22) and Baguari and Retiro Baixo HPPs (as of 4Q23) in terms of resources,
sales, and average prices. Similarly, Teles Pires HPP, an SPE consolidated into AXIA Energia Norte (as of 4Q23), is also included.

1.Own Resources include the decotization plants (new Independent Power Producers - IPPs) and the New Grants—Sobradinho,
Itumbiara, Tucuruí, Curuá-Una, and Mascarenhas de Moraes. For hydroelectric projects, an estimated GFIS2 was considered,
that is, the Assured Capacity adjusted for Internal Loss Factors, Basic Network Loss Factors, and Availability Factors, as well as adjustments
for portfolio-specific characteristics.

2.The revised Assured Capacity values, as outlined in Ordinance No. 709/GM/MME, of November 30, 2022, have
been taken into account.

3.With the gradual phasing out of quota-based generation legacy contracts (decotization), plants currently
operating under the quota regime are gradually granted new concessions under the IPP regime over a five-year period beginning in 2023.
The Assured Capacity values were established in Ordinance GM/MME No. 544/21.

4.Considering the new concession grants from 2023 onward for the Sobradinho, Itumbiara, Tucuruí,
Curuá-Una, and Mascarenhas de Moraes plants, whose Assured Capacity values were established in Ordinance GM/MME No. 544/21.

5.Purchase balances include all energy purchased for resale: (a) short-term purchases under contracts with
terms of less than 12 months and (b) structural purchases under contracts with terms of 12 months or more; Additionally, the balances
include intercompany transactions, impacting both energy purchase and sales in the free market (ACL), in the following amounts: approximately
550 aMW in 2026, 500 aMW in 2027 and 150 aMW in 2028.

6.Average prices are gross of PIS/COFINS taxes (at 9.25%) and are not directly comparable to BBCE prices,
which are net of taxes.

7.The figures represent an estimate of uncontracted energy. The estimated value for 2026, 2027 and 2028
is 83.1%, in line with average historical GSF from 2020 to 2025. Source: CCEE, obtained from the CCEE website at the following link: https://www.ccee.org.br/dados-e-analises/dados-geracao
(in Portuguese only, select the MRE option in the panel). It is important to note that this is only an estimate, based on past events.

 

 

Table 9 - Assured capacity quotas of hydroelectric power
plants (aMW)

 
  
 2025
 2026
 2027

 
 Assured Capacity Quotas (8) (9)
 2,626
 1,313
 0

 

8.Includes only the Assured Capacity of generation assets undergoing removal from the quota regime following
the privatization of Eletrobras, now AXIA Energia. The figures exclude the Assured Capacity of the Jaguari HPP (12.7 aMW), whose concession
remains under AXIA Energia’s interim management, and the Três Irmãos HPP (206.7 aMW), which has been consolidated since
the completion of the acquisition of a 50.1% interest in Tijoá Energia on June 2, 2026, as disclosed in the Material Fact published
on the same date.

9.Decotization occurs gradually over a five-year period beginning in 2023. The Assured Capacity values applied
from 2023 onward are those established in Ordinance GM/MME No. 544/21.

 

  
14 

  
 

 

5.             
INVESTMENTS AND EXPANSION PROJECTS

Investments totaled R$ 3,117
million in 2Q26 and R$ 4,472 million in 6M26, representing increases of 52.6% and 47.2% compared
to 2Q25 and 6M25, respectively.

Of total transmission investments,
37% was allocated to expansion projects, 36% to large-scale reinforcement and improvement projects, 26% to small-scale R&I projects,
and the remaining 1% to maintenance.

The amount invested in infrastructure
was allocated as follows:

▪65% for IT

▪23% for equipment and machinery

▪12% for real estate

In the socio-environmental
area, key highlights included investments related to the maintenance of operating licenses for power plants and substations, as well as
land compensation.

A breakdown of investments
by the holding company and its main subsidiaries is available in the operating data spreadsheet in the Modeling
Guide section of the Company’s Investor Relations website.

Table 10 - Investments (R$ mn)

 
  
 2Q26
 2Q25
 %
 1Q26
 %
 6M26
 6M25
 %

 
 Generation Corporate
 297
 357
 -16.9
 185
 61.0
 482
 524
 -8.1

 
 Implementation / Expansion
 9
 45
 -81.1
 11
 -24.5
 20
 82
 -75.7

 
 Maintenance
 289
 312
 -7.5
 173
 66.6
 462
 442
 4.5

 
 Transmission Corporate
 1,721
 1,199
 43.5
 977
 76.1
 2,698
 1,854
 45.5

 
 Expansion
 636
 85
 n.m.
 263
 n.m.
 899
 139
 n.m.

 
 Reinforcements and improvements
 1,073
 1,108
 -3.2
 691
 55.3
 1,764
 1,704
 3.5

 
 Large-scale
 622
 763
 -18.4
 386
 61.2
 1,009
 1,140
 -11.5

 
 Small-scale
 451
 346
 30.4
 305
 47.9
 756
 564
 34.0

 
 Maintenance
 11
 5
 n.m.
 23
 -51.6
 35
 11
 n.m.

 
 Infrastructure
 112
 117
 -4.4
 67
 68.1
 179
 161
 11.2

 
 Environmental
 82
 67
 22.4
 86
 -3.8
 168
 114
 47.1

 
 SPEs
 733
 225
 n.m.
 0
 0.0
 733
 225
 n.m.

 
 Generation - Contributions
 0
 0
 0.0
 0
 0.0
 0
 0
 0.0

 
 Generation - Acquisition
 0
 0
 0.0
 0
 0.0
 0
 0
 0.0

 
 Transmission - Contributions
 733
 225
 n.m.
 0
 0.0
 733
 225
 n.m.

 
 Transmission - Acquisition
 0
 0
 0.0
 0
 0.0
 0
 0
 0.0

 
 Investment for Special Obligation – Itaipu HVDC
 172
 77
 n.m.
 41
 n.m.
 213
 159
 33.6

 
 Total
 3,117
 2,043
 52.6
 1,355
 n.m.
 4,472
 3,037
 47.2

 
 

  
15 

  
 

 

Expansion Projects - Transmission

Large-Scale Projects

 

▪Projects: 288[1],
including the Itaipu HVDC System Revitalization project. The sample was increased from 286 to 288 projects during the quarter, due to
the inclusion of 12 new authorizations issued by the regulator and 10 projects that were energized.

▪Estimated investment: R$ 6.86 billion, excluding the Itaipu
HVDC System Revitalization project, as AXIA Energia is responsible solely for its execution, and therefore does not benefit from associated
revenue while being fully reimbursed for the amount disbursed.

▪Auctions: Investments of R$ 8.68 billion, mainly driven by:

◦Nova Era Janapu, which was part of the sample since 2Q24

◦Nova Era Catarina, Nova Era Ceará, Nova Era Integração and Nova Era Teresina, added
in 3Q24[2]

◦AXIA Energia Transmissora Nova Ponte, AXIA Energia Transmissora Paracatu, AXIA Energia Transmissora Carnaúba
and AXIA Energia Transmissora Seridó, included in 1Q262

◦The sample also includes Lots 8, 9, and 10 of Auction No. 01/2026, awarded to AXIA Energia Sul on July
3, 2026

▪Additional associated RAP: R$ 2 billion between 2026-2030.

▪Notably, August 3, 2026 marked the beginning of commercial operations at AXIA Energia’s Chapecoense
Substation, 17 months ahead of ANEEL’s deadline. The project is part of Lot 9, awarded to the Company in ANEEL Transmission Auction
No. 001/2024 and will add R$ 12.7 million to the Company’s RAP.

Small-Scale Projects

 

▪Developments: 7,418 small-scale events under implementation
or to be implemented, of which 7,049 were improvements and 369 were reinforcements. Data from ONS Improvement and Reinforcement Plan Management
System (SGPMR).

 

 

[1]
Referring to reinforcements, improvements and auction-related projects. Considers projects registered in ANEEL's Transmission Management
System (SIGET). Projects are included when added to the system and excluded when they are either canceled or enter commercial operation.
The 288 projects will add 2,332 km of transmission lines and 20,616 MVA in substations.

[2]
Each of the 9 SPEs created holds the contracts signed in last years' transmission auctions. SPE Nova Era Janapu holds contract no. 09/2023-ANEEL
for the 4th lot of Auction 01-2023; SPE Nova Era Teresina holds contract no. 04/2024-ANEEL for the 1st lot of Auction 01-2024; SPE Nova
Era Ceará holds contract no. 06/2024-ANEEL for the 3rd lot of Auction 01-2024; SPE Nova Era Integração holds contract
no. 08/2024-ANEEL for the 5th lot of Auction 01-2024; and SPE Nova Era Catarina holds contract no. 12/2024-ANEEL for the 9th lot of Auction
01-2024. SPE AXIA Energia Transmissora Nova Ponte holds contract no. 006/2026-ANEEL for lot 6A of auction 04-2025; SPE AXIA Energia Paracatu
holds contract no. 007/2026-ANEEL for lot 6B of auction 04-2025; SPE AXIA Energia Carnaúba holds contract no. 008/2026-ANEEL for
lot 7A of auction 04-2025; and SPE AXIA Energia Seridó holds contract no. 009/2026-ANEEL for lot 7B of auction 04-2025. Lots 8,
9 and 10 of Auction No. 01/2026, awarded to AXIA Energia Sul on July 3, 2026, are expected to have their contracts signed on September
9, 2026.

  
16 

  
 

 

Table 11 - Portfolio of ongoing transmission projects

 
  
 2Q26
 2Q25
 %
 1Q26
 %

 
 Large Scale: Reinforcement and Improvement
  
  
  
  
  

 
 Estimated Portfolio Investment (R$ bi)
 6.9
 7.0
 -1.3
 7.0
 -1.3

 
 Additional RAP associated (R$ bi)
 1.1
 1.1
 -0.8
 1.1
 -2.0

 
 # of projects in the beginning of the period
 277
 235
 17.9
 215
 28.8

 
 (-) energized
 -10
 -9
 11.1
 -11
 -9.1

 
 (-) cancelled
 0
 0
 0.0
 -1
 n.m.

 
 (+) new authorizations
 9
 18
 -50.0
 74
 -87.8

 
 # of projects in the end of the period
 276
 244
 13.1
 277
 -0.4

 
 Large Scale: Expansion (Auctions in implementation)
  
  
  
  
  

 
 Estimated Portfolio Investment (R$ bi)
 8.7
 6.4
 36.4
 8.0
 8.3

 
 Additional RAP associated (R$ bi)
 0.9
 0.7
 30.5
 0.9
 5.9

 
 # of projects in the beginning of the period
 9
 6
 50.0
 9
 0.0

 
 (-) energized
 0
 0
 0.0
 0
 0.0

 
 (-) cancelled
 0
 0
 0.0
 0
 0.0

 
 (+) new authorizations
 3
 0
 0.0
 0
 0.0

 
 # of projects in the end of the period
 12
 6
 n.m.
 9
 33.3

 
 Small Scale
  
  
  
  
  

 
 # of projects in the end of the period
 7,418
 9,194
 -19.3
 7,805
 -5.0

 
 Improvement
 7,049
 8,668
 -18.7
 7,399
 -4.7

 
 Reinforcement
 369
 526
 -29.8
 406
 -9.1

 
 

  
17 

  
 

 

6.             
 INDEBTEDNESS

Net debt totaled R$ 45,461
million in 2Q26, down R$ 585 million sequentially and up R$ 5,336 million YoY. The Company's total average cost decreased to CDI - 0.02%
p.a. in 2Q26 from CDI + 0.58% p.a. in 2Q25 while average debt maturity was reduced by 2.7 months vs the same period in 2025.

In April, the 3rd series
of AXIA Energia’s 2nd debenture issuance and the 1st series of its 3rd debenture issuance matured, in the amounts of R$ 1.0 billion
and R$ 1.2 billion, respectively. In May, AXIA Energia Norte strengthened its capital structure by raising R$ 500 million with a two-year
maturity. In July, AXIA Energia completed its 9th, 10th and 11th issuances of non-convertible debentures, totaling R$ 3.5 billion, with
maturities of seven and ten years.

Table 12 - Net debt (R$ mn)

 
  
 06/30/2026
 03/31/2026
 06/30/2025

 
 (+) Gross Debt, including derivatives
 72,829
 74,787
 71,042

 
 (+) Gross Debt
 70,973
 73,524
 70,290

 
 (+) Derivatives (currency hedge) Net
 1,857
 1,263
 752

 
 (-) Cash and Cash Equivalents + Current Securities
 26,229
 27,677
 29,387

 
 (-) Restricted Cash for Loans and Financing
 941
 868
 899

 
 (-) Loans receivable
 199
 196
 632

 
 Net Debt
 45,461
 46,045
 40,125

 
 Adjusted Net Debt / Adjusted Regulatory EBITDA LTM 
 1.7x
 1.8x
 1.8x

 
 Net Debt's Average Term (months)
 53.8
 54.5
 56.5

 
Below are the gross debt
maturity schedule and its breakdown by index, according to the index profile, as well as the respective spreads over each index, considering
gross debt including derivatives. A more detailed breakdown is available in the modeling guide spreadsheet in the Results
Center on the Company’s Investor Relations website.

Chart 2 - Debt maturity schedule after hedge (R$ billion)

Table 13 - Debt breakdown, including hedge

 
 Index
 Average Cost
 Total Balance
(R$ million)
 Share of Total
(%)

 
 CDI +
 CDI + 0.92%
 41,754
 57.3

 
 IPCA
 IPCA + 5.92%
 21,843
 30.0

 
 % of CDI
 122% of CDI 
 4,965
 6.8

 
 TJLP
 TJLP + 1.98%
 2,644
 3.6

 
 Fixed Rate
 5.52% per year
 1,454
 2.0

 
 EUR
 2.63% per year
 169
 0.2

 
 Total
  
 72,829
 100.0

 
 

  
18 

  
 

 

7.             
COMPULSORY LOAN

AXIA Energia has implemented
measures to mitigate risks associated with legal proceedings related to compulsory loans on electricity[3].
To address this, the Company has strengthened its legal defense strategy and pursued settlements with discounts and full resolution of
lawsuits. As a result of the negotiations:

▪The inventory of provisions was reduced by R$ 1.3 billion YoY and R$ 278 million sequentially, totaling R$
10.8 billion in 2Q26, mainly due to the settlements

▪Net reversal of R$ 98 million due to executed agreements and favorable decisions in the quarter

▪R$ 151 million was the amount recorded in 2Q26 under financial expenses related to monetary restatements

▪With the execution of new agreements in 2Q26, R$ 25.2 million in guarantees previously deposited in court
will be released upon approval, bringing the total released since 3Q22 to R$ 2.7 billion

Since 3Q22, when negotiations
began, the provision inventory related to compulsory loan fell by R$ 15.1 billion, reaching R$ 10.8 billion in 2Q26, even considering
the accumulated R$ 3.3 billion monetary restatement in the same period. The agreements also enabled the elimination of R$ 11.2 billion
in legal risks considered "off balance", of which R$ 1.2 billion was classified as possible and R$ 10.0 billion as remote.

The significant reduction
in provisions between 2022 and 2026 reflects the successful strategy of prioritizing the highest-value and most critical legal proceedings,
thereby changing the risk profile of the compulsory loan portfolio.

The remaining portfolio
is spread across a larger number of lower-value cases and presents less concentration risk, as most cases involving significant individual
exposure have been resolved, primarily through settlements.

Following the resolution
of the cases with the greatest financial impact in previous cycles, the current strategy focuses on reducing the remaining caseload. While
this may result in a lower perceived impact on the provision balance, the Company continues to maintain a disciplined approach to negotiations
to sustain the downward trend in provisions, mitigate risks and offset the effects of monetary restatement.

 

Chart 3 - Total inventory of compulsory loan provisions
2Q26 x 2Q25 (R$ bn)

 

 

 

 

 

 

 

 

 

[3]
Starting in 3Q25, the figures presented in this section fully encompass all procedural matters related
to the topic, rather than only the book-entry credits, which represented approximately 99% of the total balance and had been the focus
of this section in previous quarters. As a result, the figures disclosed herein may show slight variations compared to those reported
in prior periods.

  
19 

  
 

 

Chart 4 - Total inventory of compulsory loan provisions
2Q26 x 1Q26 (R$ bn)

 

 

 

 

 

  
20 

  
 

 

8.             
CASH FLOW

In 2Q26, the main positive
cash flow drivers were:

▪Regulatory result of R$ 6.4 billion

▪A R$ 3.4 billion working capital release, reflecting the collection of energy revenues settled in the
short-term market in 1Q26

▪Lower litigation-related payments

These positive effects were
partially offset by:

▪Higher debt-servicing expenses

▪Increased debt repayments and privatization-related charges

▪Higher investments

▪Capital contributions to investee companies

 

Table 14 - Cash flow (R$ mn)

 
  
 2Q26
 2Q25
 ∆%

 
 Adjusted Regulatory Result, before Equity Holdings
 6,387
 5,706
 11.9

 
 EBITDA Adjustment *
 -74
 319
 n.m.

 
 Income Tax and Social Contribution
 -105
 -39
 n.m.

 
 Working Capital
 3,390
 -311
 n.m.

 
 Privatization Charges
 -2,299
 -1,803
 27.4

 
 Dividends Received
 493
 249
 97.8

 
 Operating Cash Flow
 7,792
 4,121
 89.1

 
 Investments **
 -2,834
 -1,571
 80.4

 
 Free Cash Flow
 4,958
 2,550
 94.4

 
 Debt Service
 -2,692
 -1,224
 n.m.

 
 Litigation
 -587
 -1,346
 -56.4

 
 Guarantees and Restricted Deposits
 56
 545
 -89.7

 
 Supplementary social security
 -84
 -149
 -43.9

 
 Net Funding ***
 -2,701
 -1,376
 96.3

 
 Receipt of Loans and Financial Charges
 1
 1
 -32.0

 
 Disposal and investments of equity holdings
 -682
 2,021
 n.m.

 
 Dividends
 -90
 -1,805
 -95.0

 
 Free Net Cash
 -1,821
 -782
 n.m.

 
 Change in Restricted Cash (short and long term)
 -171
 364
 n.m.

 
 Change in Financial Investments (long-term)
 39
 -1
 n.m.

 
 Net Cash
 -1,953
 -419
 n.m.

 
* Excludes the adjustment
to the gain or loss on asset disposals line item.

** Excludes capital contributions
to generation companies.

*** Net proceeds: debt raised,
net of issuance costs.

 

  
21 

  
 

 

FINANCIAL AND OPERATIONAL RESULTS ANALYSIS

9.             
FINANCIAL PERFORMANCE

9.1.       
Operational and Financial Results

The table below presents
the contribution of the AXIA Energia Group’s two main business segments—generation and transmission—based on their respective
revenue and direct costs. Other costs and expenses, equity income, net financial result and taxes are analyzed on a consolidated basis.

Table 15 - Income