This report contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include those risk factors set forth in our most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission. CEMIG undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG

By: /s/ Andrea Marques de Almeida . Name: Andrea Marques de Almeida

Title: Vice President of Finance and Investor Relations

Date: October 27, 2025

Material Fact dated August 1, 2025 – Cemig wins CCEE auction for GSF credits for concession extensions

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY-HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

COMPANY REGISTRY (NIRE): 31300040127

CEMIG GERAÇÃO E TRANSMISSÃO S.A.

PUBLICLY-HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 06.981.176/0001-58

Company Registry (NIRE): 31300020550

MATERIAL FACT

Cemig wins CCEE auction for GSF credits for concession extensions

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG” or “Company”), a publicly-held company with shares traded on the stock exchanges of São Paulo and New York, and CEMIG GERAÇÃO E TRANSMISSÃO S.A. (“Cemig GT”), a publicly-held company and the wholly-owned subsidiary of CEMIG, hereby inform its shareholders and the market in general, under CVM Resolution 44/2021, that Cemig GT, Cemig PCH S.A., and the Queimado Consortium have won the auction of Generation Scaling Factor (“GSF”) credits for concession extensions, held today by the Electric Energy Trading Chamber (“CCEE”).

As a result, the concessions for the Queimado (7 years), Pai Joaquim (7 years), and Irapé (3 years) hydroelectric power plants will be extended, with a total disbursement of approximately R$200 million.

CEMIG reaffirms its commitment to keeping shareholders and the market in general informed about this matter, following the rules issued by the CVM and the legislation in force.

Belo Horizonte, August 01, 2025.

Andrea Marques de Almeida

Vice President of Finance and Investor Relations

Material Fact dated August 1, 2025 – Official Letter Received from the Controlling Shareholder

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY-HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

Company Registry (NIRE): 31300040127

MATERIAL FACT

Official Letter Received from the Controlling Shareholder

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG” or “Company”), a publicly-held company with shares traded on the stock exchanges of São Paulo and New York, under CVM Resolution 4/2021, hereby informs its shareholders and the market in general that it has received Official Letter SEDE/ASMERC 49/2025 from the State of Minas Gerais, the Company's controlling shareholder, informing that it authorized the Brazilian Development Bank (BNDES) to initiate a Request for Information (RFI), a preliminary and non-binding stage aimed at identifying specialized technical consultants in the market interested in supporting the preparation of CEMIG’s economic and financial valuation report, for the purpose of debt amortization under the Full Debt Repayment Program for States (Propag).

CEMIG reaffirms its commitment to keeping shareholders and the market in general informed about this matter, following the rules issued by the CVM and the legislation in force.

Belo Horizonte, August 01, 2025.

Andrea Marques de Almeida

Vice President of Finance and Investor Relations

Earnings Release – 2Q2025

CONTENTS

Ebitda and NET profit by company, 2Q25	5
Profit and loss accounts	6
RESULTS BY BUSINESS SEGMENT	7
CONSOLIDATED ELECTRICITY MARKET	8
PERFORMANCE BY COMPANY	9
Cemig D	9
Billed electricity market	9
Sources and uses of electricity – MWh	10
Client base	10
Performance by sector	10
Direct Action of Unconstitutionality No. 7,324 – PIS/Cofins Credits on ICMS	11
The 2025 Annual Tariff Adjustment	11
Five-year Tariff Reviews compared	12
Opex and Ebitda: realized x Regulatory	12
Indicators of supply quality – DEC and FEC	13
Combating default	13
Energy losses	14
Cemig GT and Cemig Holding Company	15
Electricity market	15
Sources and uses of electricity	15
Gasmig	16
Consolidated results	17
Net profit	17
Operational revenue	18
Operational costs and expenses	20
Finance income and expenses	23
Gain (loss) in non-consolidated investees (Equity income)	24
CONSOLIDATED EBITDA (IFRS, and Adjusted)	25
Ebitda of Cemig D	26
Cemig GT – Ebitda	27
Investments	28
Debt	29
Cemig’s long-term ratings	31
ESG – Report on performance	32
Performance of Cemig’s shares	35
Plant	36
RAP: July 2025–June 2026 cycle	37
Transmission Regulatory Revenue and EBITDA	38
Complementary information	39
Cemig D	39
Cemig GT	41

Ebitda and NET profit by company, 2Q25

	2Q25	2Q24	Change %	2Q25	2Q24	Change %
(R$ mn)	EBITDA (IFRS)			Adjusted Ebitda
(R$ mn)	EBITDA (IFRS)			Adjusted Ebitda
Cemig D	1,210	1,329	-9.0%	1,214	872	39.2%
Cemig GT	404	641	-37.0%	602	639	-5.8%
Gasmig	243	237	2.5%	243	237	2.5%

Consolidated	2,009	2,371	-15.3%	2,212	1,916	15.4%
New replacement value (VNR)	27	22	22.7%	27	22	22.7%
Equity income (Gain (loss) in non-consolidated investees)	77	39	97.4%	77	39	97.4%
Regulatory difference, transmission, T	297	56	430.4%	99	78	26.9%
Consolidated, less VNR and equity income, plus difference IFRS/Regulatory Transmission Ebitda	2,202	2,366	-6.9%	2,207	1,933	14.2%

	2Q25	2Q24	Change %	2Q25	2Q24	Change %
(R$ mn)	Profit (IFRS)			Adjusted profit
(R$ mn)	Profit (IFRS)			Adjusted profit
Cemig D	551	1,060	-48.0%	554	434	27.6%
Cemig GT	342	328	4.3%	472	409	15.4%
Gasmig	151	138	9.4%	151	138	9.4%
Consolidated	1,188	1,689	-29.7%	1,322	1,134	16.6%

Profit and loss accounts

	2Q25	2Q24	Change, %
PROFIT AND LOSS ACCOUNTS (R$ ’000)
NET REVENUE	10,786,295	9,435,991	14.3%

COSTS
Cost of electricity and gas	-5,809,115	-5,019,191	15.7%
Infrastructure construction costs	-1,463,371	-1,226,933	19.3%
Cost of operation	-1,363,676	-686,180	98.7%
Total costs	-8,636,162	-6,932,304	24.6%

GROSS PROFIT	2,150,133	2,503,687	-14.1%

EXPENSES
Client default provision	-3,098	-77,300	-96.0%
General and administrative expenses	-177,602	-205,700	-13.7%
Other expenses	-405,801	-226,594	79.1%
Total expenses	-586,501	-509,594	15.1%

Share of gain (loss) in non-consolidated investees	77,418	38,711	100.0%
Profit before Finance income (expenses) and Taxes on profit	1,641,050	2,032,804	-19.3%

Finance income	302,444	725,474	-58.3%
Finance expenses	-565,404	-607,355	-6.9%
Net finance income (expense)	-262,960	118,119	-322.6%

Profit before income tax and Social Contribution tax	1,378,090	2,150,923	-35.9%

Income tax and Social Contribution tax	-249,538	-149,309	67.1%
Deferred income tax and Social Contribution tax	59,729	-313,028	-119.1%
Total income tax and Social Contribution tax, incl. deferred	-189,809	-462,337	-58.9%

NET PROFIT FOR THE PERIOD	1,188,281	1,688,586	-29.6%

Results by business segment

INFORMATION BY SEGMENT ON JUNE 30, 2025
	Electricity				Gas	Equity interests	Total	Eliminations	Consolidated
	Generation	Transmission	Trading	Distribution	Gas	Equity interests	Total	Eliminations	Consolidated
NET REVENUE	813,582	383,793	1,976,069	7,269,938	865,321	32,704	11,341,407	-555,112	10,786,295
Inter-segment	401,582	143,006	0	10,524	-	-	555,112	-555,112	-
External	412,000	240,787	1,976,069	7,259,414	865,321	32,704	10,786,295	-	10,786,295

COST OF ELECTRICITY AND GAS	-147,322	-115	-1,950,946	-3,772,388	-485,097	604	-6,355,264	546,149	-5,809,115
Inter-segment	-9,352	-40	-378,529	-157,538	-	-690	-546,149	546,149	-
External	-137,970	-75	-1,572,417	-3,614,850	-485,097	1,294	-5,809,115	-	-5,809,115

COSTS AND EXPENSES
People	-38,924	-41,301	-10,963	-264,524	-18,197	-14,480	-388,389	-	-388,389
Employees’ and managers’ profit shares	-4,253	-4,483	-2,949	-26,214	-2,108	-6,017	-46,024	-	-46,024
Post-employment liabilities	-11,460	-7,082	-1,623	-70,953	-	-18,206	-109,324	-	-109,324
Materials, Outsourced services and Other expenses, net	-59,877	-221,747	-8,007	-575,743	-26,744	-8,042	-900,160	8,963	-891,197
Inter-segment	-7,175	-713	-	-1,023	-50	-2	-8,963	8,963	-
External	-52,702	-221,034	-8,007	-574,720	-26,694	-8,040	-891,197	-	-891,197
Depreciation and amortization	-78,044	-4,652	-3	-254,372	-25,438	-5,884	-368,393	-	-368,393
Operating provisions / adjustments	-7,811	-1,816	-3,179	-118,655	3,058	-18,447	-146,850	-	-146,850
Infrastructure construction costs	-	-138,924	-	-1,231,704	-92,743	-	-1,463,371	-	-1,463,371
Total cost of operation	-200,369	-420,005	-26,724	-2,542,165	-162,172	-71,076	-3,422,511	8,963	-3,413,548

COSTS AND EXPENSES	-347,691	-420,120	-1,977,670	-6,314,553	-647,269	-70,472	-9,777,775	555,112	-9,222,663

Share of gain (loss) in non-consolidated investees	-	-	-	-	-	77,418	77,418	-	77,418

PROFIT BEFORE FINANCE INCOME (EXPENSES) AND TAXES ON PROFIT	465,891	-36,327	-1,601	955,385	218,052	39,650	1,641,050	-	1,641,050
Net finance income (expenses)	15,614	-3,207	4,121	-257,444	4,533	-26,577	-262,960	-	-262,960
PROFIT (LOSS) BEFORE TAXES ON PROFIT	481,505	-39,534	2,520	697,941	222,585	13,073	1,378,090	-	1,378,090
Income tax and Social Contribution tax	-31,781	36,693	3,961	-147,391	-71,765	20,474	-189,809	-	-189,809
NET PROFIT FOR THE PERIOD	449,724	-2,841	6,481	550,550	150,820	33,547	1,188,281	-	1,188,281

CONSOLIDATED ELECTRICITY MARKET

Cemig’s consolidated electricity market

In June 2025 the Cemig Group invoiced approximately 9.51 million clients – an increase of approximately 181,000 clients, or 1.9%, in its consumer base since the end of June 2024. Of this total number of consumers, 9,504,790 are final consumers, and/or represent Cemig’s own consumption; and 2,450 are other agents in the Brazilian electricity sector.

This chart shows the percentages of the Cemig Group’s sales to final consumers:

PERFORMANCE BY COMPANY

Cemig D

Billed electricity market

	2Q25	2Q24	Change %
Captive clients + Transmission for clients *(MWh)**
Residential	3,170,399	3,150,675	0.6%
Industrial	5,483,216	5,771,074	–5.0%
Captive market	179,077	278,451	–35.7%
Transport	5,304,139	5,492,623	–3.4%
Commercial, services and Others	1,521,025	1,622,287	–6.2%
Captive market	855,645	1,037,239	–17.5%
Transport	665,380	585,048	13.7%
Rural	778,749	767,562	1.5%
Captive market	745,410	752,773	–1.0%
Transport	33,339	14,789	125.4%
Public services	792,114	831,774	–4.8%
Captive market	585,326	697,111	–16.0%
Transport	206,788	134,663	53.6%
Concession holders	73,395	74,376	–1.3%
Transport	73,395	74,376	–1.3%
Own consumption	6,992	7,710	–9.3%
Total	11,825,890	12,225,458	–3.3%
Total, captive market	5,542,849	5,923,959	–6.4%
Total, energy transported for Free Clients	6,283,041	6,301,499	–0.3%

* Excludes supply offset in Distributed Generation.

In 2Q25 electricity billed to captive clients, plus transport of energy for Free Clients and distributors, excluding supply offset in Distributed Generation, totaled 11,826 GWh – or 3.3% less than in 2Q24. This was mainly the result of lower consumption by industrial clients (–287.9 GWh or –5.0%), commercial clients (–101.3 GWh or –6.2%) and public services (–33.7 GWh or –4.8%). In turn this mainly reflected migration of clients to DG, and to the transmission network. At the same time, consumption by residential clients was +19.7 GWh (+0.6%) higher, and rural consumption was +11.2 GWh (+1.5%) higher.

The reduction of 3.3% in total energy distributed comprised a 6.4% decrease (–381.1 GWh) in consumption by the captive market, and a 0.3% reduction (–18.5 GWh) in use of the network by Free Clients. Taking offset DG energy into account, total distributed energy was 1.0% lower than in 2Q24.

Sources and uses of electricity – MWh

	2Q25	2Q24	Change %
Metered market – MWh
Transported for distributors	73,395	65,408	12.2%
Transported for Free Clients	6,207,535	6,263,100	–0.9%
Own load + Distributed generation	8,792,162	8,891,020	–1.1%
Consumption by captive market	5,550,333	5,814,060	–4.5%
Distributed Generation market	1,505,218	1,487,050	1.2%
Losses in distribution network	1,736,611	1,589,910	9.2%
Total volume carried	15,073,092	15,219,528	–1.0%

Client base

In June 2025 Cemig billed 9.49 million consumers, 1.9% more than in June 2024. Of this total, 5,543 were Free Clients using the distribution network of Cemig D.

	Jun. 2025	Jun. 2024	Change %
NUMBER OF CAPTIVE CLIENTS
Residential	8,072,997	7,872,637	2.5%
Industrial	23,754	27,406	–13.3%
Commercial, services and Others	900,319	908,389	–0.9%
Rural	388,636	405,987	–4.3%
Public authorities	74,503	71,375	4.4%
Public lighting	7,354	6,896	6.6%
Public services	13,268	13,706	–3.2%
Own consumption	830	763	8.8%
Total, captive clients	9,481,661	9,307,159	1.9%
NUMBER OF FREE CLIENTS
Industrial	2,290	1,390	64.7%
Commercial	2,914	1,950	49.4%
Rural	134	34	294.1%
Public authorities	51	4	1175.0%
Public services	146	37	294.6%
Concession holders	8	7	14.3%
Total, Free Clients	5,543	3,422	62.0%
Total, Captive market + Free Clients	9,487,204	9,310,581	1.9%

Performance by sector

Industrial: Energy distributed to industrial clients was 5.0% lower than in 2Q24, and was 46.4% of Cemig D’s total distribution. The greater part was energy transported for industrial Free Clients (44.9%), which was 3.4% lower in volume than in 2Q25. Within this total, energy billed to captive industrial clients was 1.5% of the total distributed, and 35.7% less by volume than in 2Q24 – mainly due to migration of clients to the Free Market.

The reduction in consumption by industrial users reflects (i) migration of customers to the transmission network, and (ii) lower consumption, in particular by a few sectors: Ferro-alloys (down 9.3% YoY), Chemicals (down 19.2%) and Steel (down10.6%), while there was growth in consumption by Extractive Industries (+6.0%) and Foods and Beverages (+2.5%).

Residential consumption was 26.8% of the total energy distributed by Cemig D in the quarter, and 0.6% higher in total volume than in 2Q24. Average monthly consumption per consumer, at 130.9 kWh/month, was 1.9% lower than in 2Q24. On the other hand, the total number of residential clients increased by 2.6% year-on-year (+200,400 new clients).

Commerce and Services: Energy distributed to and for these consumers was 12.9% of the total distributed by Cemig D in 2Q25, and by volume 6.2% less than in 2Q24. The change has two components: a 17.5% reduction in the volume of energy billed to captive clients, and a 13.7% increase in the volume of energy transported for Free Clients. The lower figure for total consumption mainly reflects migration of clients to Distributed Generation.

Rural: Consumption by rural clients was 6.6% of the total energy distributed and was 1.5% higher by volume than in 2Q24. This mainly reflected (i) higher consumption for irrigation, and (ii) a reduction of 0.8% in the number of consumer units in this category.

Public services: consumed 6.7% of the energy distributed in 2Q25, and 4.8% less by volume than in 2Q24.

Direct Action of Unconstitutionality No. 7,324 – PIS/Cofins Credits on ICMS

On August 14, 2025, the Federal Supreme Court (STF) ruled on Direct Action of Unconstitutionality No. 7324, which challenges the constitutionality of Law No. 14,385/2022. This law addresses the reimbursement of taxes overpaid by electricity distribution companies to consumers. The Court confirmed the validity of the law, establishing that the excess amounts must be returned to consumers in the form of discounts on electricity bills. The Company is awaiting the publication of the ruling, at which point there will be sufficient elements to assess the potential accounting, financial, and operational impacts resulting from the decision.

More details at the following link: (Note to the financial statements (9) – Recoverable Taxes, from the 2022 Financial statements).

cemig-2022-12-31-r8frLRJW.pdf

The 2025 Annual Tariff Adjustment

The tariffs of Cemig D are adjusted in May each year; and every five years are subjected to a Periodic Tariff Review, also in May. The aim of the Annual Adjustment is to pass on changes in the costs defined as “non-manageable” in full, to the client, and provide inflation adjustment for the costs specified as “manageable” in the Tariff Review. Manageable costs are adjusted by the IPCA inflation index, less a factor known as the ‘X Factor’, designed to capture productivity, under a system using the price cap regulatory model.

On May 20, 2025 Aneel ratified Cemig D’s annual Tariff Adjustment, to be effective from May 28, 2025 to May 27, 2026. This resulted in an average increase, for consumers, of 7.78%. The average effect for low-voltage consumers was an increase of 7.03%, and for residential consumers, an increase of 6.86%. The component percentage of the increase corresponding to manageable costs (referred to as ‘Portion B’) was 1.36%. The increase relating to non-manageable costs (‘Portion A’ – comprising purchase of energy, transmission, sector charges and non-recoverable revenues) was 6.12%. The increase in the financial components of the tariff contributed 0.30 percentage points. The item with the greatest impact on the tariff increase was the sector charges, which contributed an effect of 4.63%, reflecting an increase in the CDE (the Energy Development Account).

Average effects of the Tariff Adjustment
High voltage – average	9.45%
Low voltage – average	7.03%
Average effect	7.78%

See more details at this link:

https://www2.aneel.gov.br/aplicacoes/tarifa/arquivo/SEI_0111327_Nota_Tecnica_116_Cemig.pdf

Five-year Tariff Reviews compared

Comparison of the Tariff Reviews made in 2023 and in the previous cycle (2018):

Five-year Tariff Reviews	2018	2023
Gross Remuneration Base R$ million	20,490	25,587
Net Remuneration Base R$ million	8,906	15,200
Average depreciation rate	3.84%	3.95%
WACC (after taxes)	8.09%	7.43%
Remuneration of ‘Special Obligations’ R$ mn	149	272
*CAIMI R$ mn**	333	484
QRR (Depreciation calculation) R$ mn**	787	1007

* CAIMI: (Cobertura Anual de Instalações Móveis e Imóveis) – Annual support for facilities.

** QRR: ‘Regulatory Reintegration Quota’ – Gross base x annual depreciation rate.

See more details at this link:

https://www2.aneel.gov.br/aplicacoes/tarifa/arquivo/NT%2012%202023%20RTP%20Cemig.pdf

Opex and Ebitda: realized x Regulatory

(R$ mn)

Realized Opex and Ebitda were both better than regulatory levels in 1H25.

	Regulatory Ebitda is calculated by reference to: (i) remuneration of capital; (ii) the QRR quota (Gross base x annual depreciation rate); and (iii) a percentage of the Annual Cost of Mobile Facilities and Real Estate, published in Aneel Technical Notes at the times of Tariff Reviews and Adjustments.

Indicators of supply quality – DEC and FEC

In the 12 months to end-June 2025 Cemig’s Outage Duration indicator (DEC) was 9.76 hours, higher than the regulatory limit of 9.48 hours. The Company’s Outage Frequency indicator (FEC), at 5.37 per year for the 12 months, remained within the regulatory parameter of 5.83 per year.

Combating default

The Company has maintained a high level of collection actions, which have helped keep the Receivables Recovery Index high – it was 98.99% in June 2025.

New payment channels, and online negotiation, have helped to increase the proportion of client payments being made via digital channels (PIX instant payments, automatic debits, payments by card and app, etc.) – which were 67.5% of the total collected in 2Q25, or 0.44 percentage points higher than in 2Q24. A highlight is Brazil’s PIX instant payment system, the method most used by clients – which was used for 33.8 % of all client payments, providing savings of R$ 34.8 million in collection expenses since it was put in place in 2021.

Energy losses

Energy losses in the 12 months to end-June 2025, at 11.43%, were within the regulatory target level of 11.48%. As from the date of the tariff adjustment (May 28, 2025) Aneel Technical Note 53/2025 updated the method for calculation of non-technical losses to include not only billed amounts of energy but also the volume of Distributed Generation, thus widening the scope of the calculation of energy losses. This change led to an increase in tariff coverage for energy losses.

Highlights of our combat of energy losses in 1H25 include: approximately 177,000 inspections; replacement of more than 173,000 obsolete meters; replacement of 49,000 conventional meters by smart meters (bringing the total of installed smart meters to 419,000 since the project began in September 2021); and regularization of 4,300 clandestine connections made by families living in ‘invaded’ and low-income areas, through our Energia Legal program, which uses ‘bulletproofed’ networks (bringing the total of connections regularized since the start of the project in February 2023 to 27,100). Planned for 2025 are: 340,000 inspections; replacement of 425,000 obsolete meters; and regularization of 54,000 families in low-income communities (using ‘BT Zero’ and ‘Bulletproofed Meter Panel’ technologies).

Cemig GT and Cemig Holding Company

Electricity market

The total volume of electricity sold in 2Q25 by Cemig GT and by the holding company (‘Cemig H’), excluding sales on the Wholesale Power Exchange (CCEE), was 17.6% higher than in 2Q24. Cemig GT billed 6,352 GWh (including quota sales) in 2Q25, 31.1% more than in 2Q24.

The holding company reported sales of 4,891 GWh in 2Q25, 3.7% more than in 2Q24. The migration of purchase contracts from Cemig GT to the holding company began in 3Q21, and has continued gradually since then. It is now around 61%.

Of the total sold by the holding company and Cemig GT in 2Q25, sales in the ‘retail market’ in 2Q25 accounted for 343.4 GWh.

	2Q25	2Q24	Change %
Cemig GT – MWh
Free Clients	3,625,816	2,930,479	23.7%
Industrial	2,441,227	1,999,042	22.1%
Commercial	1,152,685	917,519	25.6%
Rural	27,707	12,000	130.9%
Public authorities	4,197	1,918	118.8%
Free Market – Traders and Cooperatives	1,574,194	774,876	103.2%
Quota supply	565,513	560,620	0.9%
Regulated Market	554,118	545,964	1.5%
Regulated Market – Cemig D	32,580	32,617	–0.1%
Total, Cemig GT	6,352,221	4,844,556	31.1%
Cemig H – MWh
Free Clients	2,481,986	2,597,781	–4.5%
Industrial	1,978,731	2,090,040	–5.3%
Commercial	476,561	492,665	–3.3%
Rural	26,694	15,076	77.1%
Free Market – Traders and Cooperatives	2,408,829	2,116,554	13.8%
Total Cemig H	4,890,815	4,714,335	3.7%
Cemig GT + H	11,243,037	9,558,891	17.6%

Sources and uses of electricity

Gasmig

Gasmig is the exclusive distributor of piped natural gas for the whole of the state of Minas Gerais. It supplies industrial, commercial and residential users, users of compressed natural gas and vehicle natural gas, and gas as fuel for thermoelectric generation plants. Its concession expires in January 2053. Cemig owns 99.57% of Gasmig.

Gasmig’s last Tariff Review was completed in April 2022. Highlights:

The WACC adopted (real, after taxes) was reduced from 10.02% p.a. to 8.71% p.a.

The Net Remuneration Base was increased significantly, to R$ 3.48 billion.

The regulator recognized the cost of PMSO (Personnel, Materials, outsourced Services and Other expenses) in full.

Market (Volume in ’000 m³)	2022	2023	2024	1H24	1H25	Change, 1H24 –1H25
Automotive	40,950	31,907	22,511	11,518	10,241	–11.1%
Compressed vehicle natural gas	364	541	630	263	259	–1.5%
Industrial	870,667	830,943	786,363	390,394	351,814	–9.9%
Industrial compressed natural gas	13,616	12,473	10,275	4,915	4,897	–0.4%
Residential	11,392	11,912	12,095	5,749	6,296	9.5%
Co–generation	13,137	12,075	12,164	6,983	6,197	–11.3%
Commercial	23,114	21,964	23,203	11,085	11,637	5.0%
Subtotal – conventional gas	973,240	921,815	867,241	430,907	391,341	–9.2%
Thermal plants	37,991	–	–	–	–	–
Subtotal – gas sold – captive market	1,011,231	921,815	867,241	430,907	391,341	–9.2%
Industrial – Free Market	87,133	92,362	97,302	45,903	99,966	117.8%
Industrial – Free Market	–	–	10,421	5,491	4,730	–13.9%
Thermal – Free Market	7,119	19,050	58,046	11,304	34,067	201%
Total (captive market + Free Clients)	1,105,483	1,033,227	1,033,010	493,605	530,104	7.4%

Ebitda (R$ ’000)	2Q25	2Q24
Profit (loss) for the period	150,821	137,823
Income tax and Social Contribution tax	73,468	64,608
Net finance income (expenses)	–4,533	11,937
Depreciation and amortization	23,734	22,381
Ebitda per CVM Resolution 156	243,490	236,749

The volume of gas sold to captive clients in 1H25 was 9.2% (39,500 m³) lower than in 1H24, while the volume distributed to industrial Free Clients and for thermoelectric generation was 121.3% (76,100 m³) higher, resulting in total volume 7.4% higher. Considering 2Q25, total volume was up 11.8% YoY, comprising volume sold to captive clients 11.5% (25,500 m³) lower and volume distributed in the free market 202.3% (54,600 m³) higher.

Gasmig’s Ebitda in 2Q25 was 2.8% higher than in 2Q24, reflecting the higher volume of gas distributed to the free industrial customers.

The total number of Gasmig’s clients increased by 6.2% from June 2024 to a total of 106,707 consumers in June 2025 – reflecting expansion of both the commercial and the residential client bases (total addition of 6,100 clients).

Consolidated results

Net profit

For 2Q25, Cemig reports net profit of R$ 1,188.4 million in 2Q25, which compares to net profit of R$ 1,688.6 million in 2Q24. Adjusted net profit for 2Q25 is R$ 1,322.3 million, compared to R$ 1,134 million in 2Q24. The main factors in this result were:

A reduction in contractual assets, with effect of R$ 131.3 million in net profit, resulting from remeasurement of the ‘RBSE’ (national grid) component, due to the changes made by Aneel Ratifying Resolution 3,469/2025.

Negative impact of R$ 46.0 million on profit in the Trading activity, due to the exposure of approximately 544 MW_average to differences in spot prices between sub-markets, considering that a significant part of the energy purchased is in the Northeast, and a part of that energy is sold in the Southeast, Center-West and South markets. The average price difference in 2Q25 was more than R$ 60/MWh.

There was a net gain of R$ 374.9 million from subsidies in Cemig D, arising from the difference between amounts foreseen and realized in the tariff cycle ended in May 2025, especially the discounts applied to incentive-bearing sources, and Distributed Generation.

Cemig D distributed 3.3% less energy in 2Q25 than in 2Q24.

Cemig D’s annual tariff adjustment, valid from May 28, produced an average increase of 7.78%; there was also a gain from the change in Aneel’s methodology for calculating non-technical energy losses (which increased the scope of the calculation to include distributed generation).

The effective corporate income tax rate was 13.8% in 2Q25, lower than in 2Q24 (21.5%).

Equity income (share of gain/loss in non-consolidated investees) in 2Q25 was R$ 38.7 million higher than in 2Q24, reflecting a strong result in Taesa.

Effects in 2Q24

Reversal of tax provisions – referring to a judgment on Social Security contributions on profit sharing payments – added R$ 385.7 million to net profit.

Elimination of amounts to be repaid to consumers in 2Q24, with counterpart in finance income: effect of R$ 271 million on net profit

Posting of a civil liability provision of R$ 52.6 million, related to power sales transactions.

Success in legal action relating to the PAT (Workers’ Support Fund): R$ 50.2 million posted in Finance income; income tax provision reduced by R$ 31 million

R$ 95.3 million negative item in net profit from effect of variation in the US dollar exchange rate on debt in US dollars (net of hedge).

More details of these variations are given below.

Operational revenue

	2Q25	2Q24	Change %
R$ ’000
Revenue from supply of electricity	8,686,379	8,144,077	6.7%
Revenue from use of distribution systems (TUSD charge)	1,414,496	1,251,554	13.0%
CVA and Other financial components in tariff adjustments	70,394	–56,556	–224.5%
Reimbursement to consumers of PIS, Pasep and Cofins tax credits	–	190,186	–
Transmission operation and maintenance revenue	114,197	79,716	43.3%
Transmission construction revenue	179,130	104,891	70.8%
Financial remuneration of transmission contractual assets	30,416	134,430	–77.4%
Generation: capital reimbursement	31,201	20,596	51.5%
Distribution construction revenue	1,324,446	1,154,213	14.7%
Adjustment to expectation of cash flow from indemnifiable financial assets of the distribution concession	26,618	22,258	19.6%
Gain on financial updating of Concession Grant Fee	118,859	107,011	11.1%
Settlements on CCEE	39,585	14,380	175.3%
Retail supply of gas	965,491	972,424	–0.7%
Fine for continuity indicator shortfall	–39,949	–37,084	7.7%
Other revenues	1,315,539	761,856	72.7%
Taxes and charges reported as deductions from revenue	–3,490,507	–3,427,961	1.8%
Net revenue	10,786,295	9,435,991	14.3%

Revenue from supply of electricity

	2Q25			2Q24			Change, %
	MWh	R$ ’000	Average price billed – R$/MWh (1)	MWh	R$ ’000	Average price billed – R$/MWh (1)	MWh	R$ ’000
Residential	3,667,850	3,374,148	919.93	3,552,969	3,066,719	863.14	3.2%	10.0%
Industrial	4,676,668	1,278,269	273.33	4,440,313	1,326,674	298.78	5.3%	–3.6%
Commercial, services and others	3,141,492	1,650,182	525.29	3,009,442	1,609,719	534.89	4.4%	2.5%
Rural	984,250	643,413	653.71	927,534	599,558	646.4	6.1%	7.3%
Public authorities	384,704	229,246	595.9	270,497	232,496	859.51	42.2%	–1.4%
Public lighting	235,650	140,046	594.3	244,326	131,933	539.99	–3.6%	6.1%
Public services	58,262	146,260	2510.38	235,023	174,633	743.05	–75.2%	–16.2%
Subtotal	13,148,876	7,461,564	567.47	12,680,104	7,141,732	563.22	3.7%	4.5%
Own consumption	6,992	–	–	7,710	–	–	–9.3%	–
Retail supply not yet invoiced, net	–	77,702	–	–	68,410	–	–	–
	13,155,868	7,539,266	567.47	12,687,814	7,210,142	563.22	3.7%	4.6%
Wholesale supply to other concession holders	5,042,543	1,162,502	230.54	3,952,637	966,330	244.48	27.6%	20.3%
Wholesale supply not yet invoiced, net	–	–15,389	–	–	–32,395	–	–	–52.5%
Total	18,198,411	8,686,379	474.07	16,640,451	8,144,077	487.48	9.4%	6.7%

(1)

(Calculation of average price does not include revenue from supply not yet billed.)

(2)

Includes Regulated Market Electricity Sale Contracts (CCEARs) and ‘bilateral’ contracts with other agents.

* Includes offset Distributed Generation supply.

Energy sold to final consumers

Gross revenue from energy sold to final consumers in 2Q25 was R$ 7,539.3 million, a 4.6% year-on-year increase from R$ 7,210.1 million in 2Q24, mainly reflecting volume of energy sold 3.7% higher.

Wholesale supply

Revenue from wholesale supply in 2Q25 was R$ 1,147.1 million, an increase of 22.8% from R$ 933.9 million in 2Q24. This reflects volume of energy billed 27.6% higher, especially to Traders.

Transmission

	2Q25	2Q24	Change %
TRANSMISSION REVENUE (R$ ’000)
Operation and maintenance	114,197	79,716	43.3%
Infrastructure construction, updating and enhancement	179,130	104,891	70.8%
Financial remuneration of transmission contractual assets	30,416	134,430	–77.4%
Total	323,743	319,037	1.5%

Transmission revenue was R$ 4.7 million higher than in 2Q24, the increase mainly comprising construction revenue, due to the higher volume invested in reinforcement and improvement works.

Gas

Gross revenue from supply of gas in 2Q25 totaled R$ 965.5 million, compared to R$ 972.4 million in 2Q24. The difference is mainly in a lower volume of gas sold to industrial clients.

Revenue from Use of Distribution Systems – The TUSD charge

	2Q25	2Q24	Change %
TUSD (R$ ’000)
Use of the Electricity Distribution System	1,414,496	1,251,554	13.0%

In 2Q25 revenue from the TUSD – charged to Free Consumers for distribution of their energy – was R$ 162.9 million higher than in 2Q24. This reflects Cemig D’s annual tariff adjustments in May 2024 and 2025, with full effect in the quarter and from May 28, 2025, respectively.

	2Q25	2Q24	Change %
POWER TRANSPORTED – MWh
Industrial	5,304,139	5,492,623	–3.4%
Commercial	665,380	585,048	13.7%
Rural	33,339	14,789	125.4%
Public services	206,788	134,663	53.6%
Concession holders	73,395	74,376	–1.3%
Total energy transported	6,283,041	6,301,499	–0.3%

Operational costs and expenses

	2Q25	2Q24	Change %
CONSOLIDATED (R$ ’000)
Electricity bought for resale	4,547,303	3,693,227	23.1%
Charges for use of national grid	776,715	817,136	–4.9%
Gas purchased for resale	485,097	508,828	–4.7%
Construction cost	1,463,371	1,226,933	19.3%
Personnel (reversals)	388,389	416,784	–6.8%
Employees’ and managers’ profit shares	46,024	43,187	6.6%
Post-employment obligations (reversals)	109,324	98,391	11.1%
Materials	26,654	33,591	–20.7%
Outsourced services	527,007	507,706	3.8%
Depreciation and amortization	368,393	337,779	9.1%
Provisions (reversals)	113,626	–454,184	–
Impairment	–	4,438	–
Provisions for client default	3,098	77,300	–96.0%
Provision for loss on other credits	30,126	24,592	22.5%
RBSE (national grid) remeasurement	198,895	–	–
Other costs and expenses	138,641	106,190	–
Total	9,222,663	7,441,898	23.9%

Operating costs and expenses in 2Q25 totaled R$ 9.22 billion, an increase of R$ 1.78 billion compared to 2Q24. The main factors in the higher total were: (i) Cost of energy bought for resale was R$ 854.1 million higher than in 2Q24; (ii) construction cost was R$ 236.4 million higher; (ii) the effect of remeasurement of reimbursements of value for assets in the national grid (‘RBE assets’) added R$ 198.9 million; and there were reversals of tax provisions (totaling R$ 584.3 million) reducing expenses in 2Q24. See more details on costs and expenses in the following pages.

Electricity purchased for resale

	2Q25	2Q24	Change %
CONSOLIDATED (R$ ’000)
Electricity acquired in Free Market	1,656,838	1,269,988	30.5%
Electricity acquired in Regulated Market auctions	1,046,488	1,035,152	1.1%
Distributed generation	846,075	697,974	21.2%
Spot market	489,394	132,881	268.3%
Supply from Itaipu Binacional	322,822	304,286	6.1%
Physical guarantee quota contracts	200,845	214,415	–6.3%
Individual (‘bilateral’) contracts	132,433	122,958	7.7%
Proinfa	134,838	116,081	16.2%
Quotas for Angra I and II nuclear plants	83,446	94,393	–11.6%
Credits of PIS, Pasep and Cofins taxes	–365,876	–294,901	24.1%
	4,547,303	3,693,227	23.1%

The consolidated expense on electricity bought for resale in 2Q25 was R$ 4.57 billion, an increase of +23.1% (R$ 854.1 million) from 2Q24 This mainly reflects several factors:

Costs of energy acquired in the Free Market (the largest item in energy costs), at R$ 1,656.8 million, were R$ 386.8 million (+30.5%) higher than in 2Q24, due to needs for higher purchases to meet the higher volume sold by the Trading activity, and to cover contractual agreements.

The cost of energy acquired in the spot market was R$ 356.5 million, or 268.3%, higher than in 2Q24. This increase was mainly caused by the increase in the spot price (PLD) in the Southeast/Center-West submarket, which was not compensated or offset by spot prices in the Northeast and North submarkets, with an average difference between submarkets of more than R$ 60 per MW. The Company buys energy in the Northeast and North and its sales are mostly concentrated in the Southeast and Center-West, generating an exposure to the difference between spot prices between these sub-markets – with negative effect on profit of the Trading activity. In distribution, the negative effect of this exposure is mitigated by the CVA (‘Account Compensating for Variations in ‘Portion A’ items’) – which provides compensation in the next Annual Tariff Adjustment. In addition, the lower GSF in the quarter (0.95 in 2Q25 and 0.99 in 2Q24) caused a higher need for purchase of energy.

The cost of distributed generation was R$ 148.1 million (+21.2%) higher, reflecting an increase in the tariff for buying DG, and a 20.8% increase in the amount of energy injected into the system – totaling 1,797 GWh in 2Q25 – in turn caused by the rapid expansion of the number of DG facilities connected (they expanded from 273,000 in June 2024 to 336,000 in June 2025).

Note that for Cemig D, purchased energy is a non-manageable cost: the difference between the amounts used as a reference for calculation of tariffs and the costs actually incurred is compensated for in the next tariff adjustment.

	2Q25	2Q24	Change %
Cemig D (R$ ’000)
Supply acquired in auctions on the Regulated Market	1,057,434	1,045,713	1.1%
Distributed generation	846,075	697,973	21.2%
Spot supply – (CCEE power exchange)	333,854	121,879	173.9%
Supply from Itaipu Binacional	322,822	304,286	6.1%
Physical guarantee quota contracts	205,235	218,530	–6.1%
Individual (‘bilateral’) contracts	132,433	122,958	7.7%
Proinfa	134,838	116,081	16.2%
Quotas for Angra I and II nuclear plants	83,446	94,393	–11.6%
Credits of PIS, Pasep and Cofins taxes	–198,698	–177,062	12.2%
	2,917,439	2,544,751	14.6%

Charges for use of the transmission network and other system charges

Charges for use of the transmission network in 2Q25 were R$ 776.7 million, 4.9% lower than in 2Q24.

In the distribution business this is a non-manageable cost: the difference between the amounts used as a reference for calculation of tariffs and the costs actually incurred is compensated for in the next tariff adjustment.

Gas purchased for resale

The expense on acquisition of gas in 2Q25 was R$ 485.1 million, or 4.7% less than in 2Q24 – mainly reflecting lower volume acquired to meet the demand of the regulated market.

Outsourced services

Expenditure on outsourced services was 3.8% (R$ 19.3 million) higher than in 2Q24, with the following increases as the main factors: tree pruning, R$ 5.2 million (25.3%) higher; outsourced labor, R$ 5.2 million (42.7%) higher; and costs of disconnecting and reconnecting consumers’ supply R$ 2.9 million (18.7%) higher.

Client default provision

The expense on provisions for losses due to client default in 2Q25 was R$ 3.1 million, or R$ 74.2 million less than in 2Q24.This (i) reflects the Company’s actions in combating default, and (ii) results from the revision, in 3Q24 (with positive effect in the subsequent 12 months), of the criteria for accounting overdue client receivables (increasing the threshold for posting a 100% loss from 24 to 36 months, to give a more faithful estimate of the actual market practice in client payment of past due receivables).

Provisions

New provisions of R$ 113.6 million were posted in 2Q25. This compares with a R$ 454.2 million reversal of provisions in 2Q24. The main component in that amount was a reversal of R$ 584.3 million, in 2024, for a first instance court decision in relation to Social Security Contributions.

People

Expenditure on personnel was R$ 388.4 million in 2Q25, 6.8% less than in 2Q24. This reflects lower expense on the voluntary dismissal program in 2Q25, at R$ 25.4 million, compared to R$ 78.1 million in 2Q24. Excluding this effect, other main factors in the comparison were: (i) the 4.6% salary increase under the Collective Work Agreement of November 2024; and (ii) also, a lower transfer of personnel costs to investment in 2Q25.

Finance income and expenses

	2Q25	2Q24	Change %
(R$ ’000)
Finance income	302,444	725,474	–58.3%
Finance expenses	–565,404	–607,355	–6.9%
Net finance income (expenses)	–262,960	118,119	–322.6%

For 2Q25 the Company posted consolidated net financial expenses of R$ 263.0 million, compared to net financial revenue of R$ 118.1 million in 2Q24. Main factors:

Borrowing costs, and monetary updating of debentures, were a total of R$ 151.5 million higher, reflecting growth of approximately 30% in gross debt, and the increase in the Selic basic interest rate.

In 2Q24 there was a R$ 410.6 million write-down of liabilities posted as “Repayable to consumers”, with counterpart in Finance income – since the amount estimated by Cemig D for updating of the liability was higher than the amount calculated by using the criteria used by Aneel. In 2Q25, financial revenue of R$ 4.3 million was recognized for updating of credits due to the Company.

Also in 2Q24 there was a financial expense of R$ 214.5 million, from the effect on US dollar-denominated debt of 11.26% appreciation of the US dollar against the Real. There was no such effect in 2Q25, since the debt in US dollars was settled in full in December 2024.

Gain (loss) in non-consolidated investees (Equity income)

	2Q25	2Q24	Change R$ ’000
EQUITY INCOME (Gain/loss in non-consolidated investees)
Taesa	106,958	51,707	55,251
Paracambi	4,527	4,398	129
Cemig Sim (Equity interests)	3,920	3,534	386
Guanhães Energia	2,182	3,823	–1,641
Hidrelétrica Cachoeirão	1,677	832	845
Hidrelétrica Pipoca	180	6,316	–6,136
Belo Monte (Aliança Norte and Amazônia Energia)	–42,026	–27,178	–14,848
Itaocara	-	–4,721	4,721
Total	77,418	38,711	38,707

Equity income grew by R$ 38.7 million in 2Q25 compared to 2Q24. The main effects were (i) a stronger result in Taesa, and (ii) a weaker result in Belo Monte, due to higher finance expense (as a result of the higher TJLP (long-term interest rate) in 2Q25) and an increase in operating costs, which were impacted by an onerous contract related to the difference between the volumes of energy contracted for purchase and sale in future electricity transactions.

CONSOLIDATED EBITDA (IFRS, and Adjusted)

Ebitda is a non-accounting metric, prepared by the Company, reconciled with its consolidated financial statements in accordance with the specifications in CVM Circular SNC/SEP 01/2007 and CVM Resolution 156 of June 23, 2022. It comprises: Net profit adjusted for the effects of: (i) Net finance income (expenses), (ii) Depreciation and amortization, and (iii) Income tax and the Social Contribution tax. Ebitda is not a metric recognized by Brazilian GAAP nor by IFRS; it does not have a standard meaning; and it may be non-comparable with metrics with similar titles provided by other companies. Cemig publishes Ebitda because it uses it to measure its own performance. Ebitda should not be considered in isolation or as a substitute for net profit or operational profit, nor as an indicator of operational performance or cash flow, nor to measure liquidity, nor the capacity for payment of debt. The Company adjusts its Ebitda (calculated in accordance with CVM Instruction 156/2022) to exclude extraordinary items which, by their nature, do not contribute to information on the potential for gross cash flow generation.

2Q25 Consolidated Ebitda
R$ ’000	Generation	Transmission	Trading	Distribution	Gas	Holding co. and equity interests	Total
Profit (loss) for the period	449,724	-2,841	6,481	550,550	150,820	33,547	1,188,281
Income tax and Social Contr. tax	31,781	-36,693	-3,961	147,391	71,765	-20,474	189,809
Net finance income (expenses)	-15,614	3,207	-4,121	257,444	-4,533	26,577	262,960
Depreciation and amortization	78,044	4,652	3	254,372	25,438	5,884	368,393
Ebitda per CVM Resolution 156	543,935	-31,675	-1,598	1,209,757	243,490	45,534	2,009,443
Net profit attributed to	-	-	-	-	-648	-	-648
non-controlling stockholders	-	-	-	-	-648	-	-648
Remeasurement of	-2,302	-1,422	-326	-16,163	-	-948	-21,161
post-employment liabilities	-2,302	-1,422	-326	-16,163	-	-948	-21,161
RBSE (national grid) – remeasurement	-	198,895	-	-	-	-	198,895
Voluntary severance program	1,920	1,187	272	20,812	-	1,200	25,391
Adjusted Ebitda	543,553	166,985	-1,652	1,214,406	242,842	45,786	2,211,920

2Q24 Consolidated Ebitda
R$ ’000	Generation	Transmission	Trading	Distribution	Gas	Holding co. and equity interests	Total
Profit (loss) for the period	315,039	108,947	101,008	1,060,437	137,823	-34,668	1,688,586
Income tax and Social Contribution tax	58,300	27,512	–576	350,163	62,904	–35,966	462,337
Net finance income (expenses)	75,996	41,764	–6,921	–305,459	11,937	64,564	–118,119
Depreciation and amortization	83,670	–60	4	224,113	24,085	5,967	337,779
Ebitda per CVM Resolution 156	533,005	178,163	93,515	1,329,254	236,749	–103	2,370,583
Net profit attributed to non–controlling stockholders	–	–	–	–	–593	–	–593
Provision for civil claims – PPAs	–	–	52,647	–	–	–	52,647
Reversal of tax provisions – Social security contributions on profit sharing	–30,503	–32,967	–5,049	–513,331	–	–2,500	–584,350
Voluntary severance program	9,312	10,064	1,541	56,468	–	763	78,148
Adjusted Ebitda	511,814	155,260	142,654	872,391	236,156	–1,840	1,916,435

Ebitda of Cemig D

	2Q25	2Q24	Change %
Cemig D Ebitda – R$ ’000
Net profit for the period	550,554	1,060,436	-48.1
Income tax and Social Contribution tax	147,390	350,163	-57.9
Net finance income (expense)	257,443	-305,458	-184.3
Amortization	254,373	224,113	13.5
Ebitda per CVM Resolution 156	1,209,760	1,329,254	-9.0
Voluntary severance program	20,812	56,468	-63.1
Reversal of tax provisions – social security contributions on profit sharing	-	-513,331	-
Remeasurement of post–employment liabilities	-16,163	-	-
Adjusted Ebitda	1,214,409	872,391	39.2
New replacement value (VNR)	26,618	22,258	19.6
Adjusted Ebitda less VNR	1,187,791	850,133	39.7

Cemig D posted 2Q25 Ebitda of R$ 1,209.8 million, 9.0% lower than in 2Q24. Adjusted Ebitda, at R$ 1,214.4 million, was 39.2% higher than in 2Q24.

Effects on Ebitda in this YoY comparison:

The annual Tariff Adjustment, in force from May 28, 2025, provided a positive effect, as also did the change made by Aneel to its method of measuring non-technical losses – in which Aneel widened the scope of the calculation to include Distributed Generation, which increases effective loss coverage

The provision for client default in 2Q25, including expected loss on other receivables, was R$ 48.3 million lower than in 2Q24.

A net gain of R$ 374.9 million was recognized, for an adjustment related to the difference between amounts forecast and realized in the last tariff cycle, especially in the discounts applied to incentive-bearing generation sources and Distributed Generation.

Restatement of post-employment liabilities, with a positive effect of R$ 16.2 million on Ebitda, due to migration of 557 employees to the Premium Health Plan (which creates no post-employment obligation for the Company) during the window reopened for joining in April.

New Replacement Value (VNR) of R$ 26.6 million in 2Q25, vs. R$ 22.3 million in 2Q24.

Total energy distributed (excluding DG) was 3.3% lower than in 2Q24 (comprising 6.4% less in the captive market, and 0.3% less in the Free Market), mainly due to migration to DG in general, and in particular migration of two large-scale clients to the Free Market. If we include distributed-generation offsets, total energy distributed was 1.0% less than in 2Q24.

Expense on the voluntary severance program was R$ 20.8 million in 2Q25 and R$ 56.5 million in 2Q24.

The net expense on deactivation and disposal of assets was R$ 52.0 million higher than in 2Q24.

In 2Q24 there was a R$ 513.3 million reversal of provisions for a first instance judgment in favor of the Company in a case related to Social Security Contributions.

Cemig GT – Ebitda

Cemig GT: 2Q25 Ebitda
R$ ’000	Generation	Transmission	Trading	Equity interests	Total
Profit (loss) for the period	460,115	-6,031	-55,415	-56,549	342,120
Income tax and Social Contribution tax	32,081	-37,895	-16,295	3,971	-18,138
Net finance income (expenses)	-15,696	3,619	-4,081	14,204	-1,954
Depreciation and amortization	76,419	5852	3	-	82,274
Ebitda per CVM Resolution 156	552,919	-34,455	-75,788	-38,374	404,302
Voluntary severance program	1,920	1,187	272	366	3,745
RBSE (national grid) – remeasurement	-	198,895	-	-	198,895
Remeasurement of post-employment liabilities	-2,302	-1,422	-326	-438	-4,488
Adjusted Ebitda	552,537	164,205	-75,842	-38,446	602,454

Cemig GT: 2Q24 Ebitda
R$ ’000	Generation	Transmission	Trading	Equity interests	Total
Profit (loss) for the period	313,025	107,131	–22,360	–69,873	327,923
Income tax and Social Contribution tax	58,299	26,616	–13,745	–31,713	39,457
Net finance income (expenses)	75,996	41,890	–6,921	79,395	190,360
Depreciation and amortization	83,669	–	4	–	83,673
Ebitda per CVM Resolution 156	530,989	175,637	–43,022	–22,191	641,413
Reversal of tax provisions – Social security contributions on profit sharing	–30,503	–32,967	–5,049	–2,500	–71,019
Voluntary severance program	6,643	7,178	1,099	544	15,464
Provision for civil action on an energy sale	22,612	24,439	3,743	1,853	52,647
Adjusted Ebitda	529,741	174,287	–43,229	–22,294	638,505

2Q25 Adjusted Ebitda of Cemig GT was R$ 404.3 million, 37.0% lower than in 2Q24. Adjusted Ebitda was 5.6% lower. Effects on Ebitda in this YoY comparison:

Negative impact in the Trading activity due to exposure to differences in spot prices between submarkets (averaging more than R$ 60/MWh in 2Q25). This reflects that a significant part of the energy purchase is in the Northeast, while much of the sales are in other submarkets.

Recognition of a reduction of R$ 198.9 million in the value of contractual assets, net of PIS, Pasep and Cofins taxes, resulting from remeasurement of the financial component of assets in the national grid, under the changes made by Aneel Ratifying Resolution 3469/2025.

Equity income (gain/loss in non–consolidated investees) R$ 16.9 million weaker, led by a weaker result in Belo Monte result, due to higher finance expenses caused by the increase in the TJLP (long-term) interest rate in 2Q25.

A lower GSF in the quarter (0.95 in 2Q25, vs. 0.99 in 2Q24) caused a greater need for purchase of energy.

The expense on the voluntary severance program in 2Q25, at R$ 3.7 million, was lower than in 2Q24 (R$ 15.5 million).

Migration of employees to the Premium Heath Plan (which causes no post-employment obligation for the Company) caused a positive effect of R$ 4.5 million in Ebitda.

Excluding spot sales in the CCEE (wholesale Energy Exchange), the volume of energy sold was 31% more than in 2Q24.

Investments

Capex in the first half of 2025 totaled R$ 2.75 billion, 12.6% more than in 1H24. Realized investment in 2Q25 totaled R$ 1.54 billion.

Highlights in 1H25 were: Investment of R$ 2.16 billion by Cemig D (Distribution), (i) connecting more than 82,000 new clients, (ii) energizing 9 substations, (iii) installing more than 49,000 smarts, and (iv) adding 2,600 km of medium and low voltage networks; in Transmission, investment of R$ 173 million in strengthening and enhancement of the power line network; in solar Distributed Generation, addition of 21 MWac of installed capacity – and construction of 100 km of gas pipelines by Gasmig.

Execution of the largest investment program in Cemig’s history will modernize its electricity system, ensuring reliability, in line with its strategic plan of focusing on Minas Gerais and on its core businesses, and providing ever-improving service to the client. Investment totaling R$ 39.20 billion is planned for the period 2025–29, of which R$ 6.35 billion is being invested in 2025.

Debt

CONSOLIDATED (R$ ’000)	Jun. 2025	2024	Change, %
Gross debt	15,263,937	12,279,300	24.3%
Cash and equivalents + Securities	3,035,296	2,390,743	27.0%
Net debt	12,228,641	9,888,557	23.7%

CEMIG GT – R$ ’000	Jun. 2025	2024	Change, %
Gross debt	1,689,097	1,031,924	63.7%
Cash and equivalents + Securities	631,018	542,566	16.3%
Net debt	1,058,079	489,358	116.2%

CEMIG D (R$ ’000)	Jun. 2025	2024	Change, %
Gross debt	12,333,041	10,037,621	22.9%
Cash and equivalents + Securities	1,692,384	1,114,866	51.8%
Net debt	10,640,657	8,922,755	19.3%

In 2Q25, Cemig D concluded its 13^th debenture issue, for R$ 1.89 billion, in two series:

Series	Quantity	Value in R ’000	Rate	Maturity	Amortization
1^st	1,143,000	R$ 1,143,000	CDI + 0.64% p.a.	1,831 days	48^th and 60^th months
2^nd	752,000	R$ 752,000	CDI + 0.80% p.a.	2,562 days	72^nd and 84^th months

Also in 2Q25, Cemig D amortized R$ 2.05 billion of its 7^th and 9^th debenture issues.

	2Q25
DEBT AMORTIZED – R$ ’000
Cemig GT	–
Cemig D	2,368,868
Others	–
Total	2,368,868

Cemig’s long-term ratings

Cemig’s ratings have improved significantly in recent years, and are currently at their highest ever. In 2021 the three principal rating agencies upgraded their ratings for Cemig. In April 2022, Moody’s again upgraded its rating for Cemig, by one notch. In May 2024, Moody’s raised its rating to AA+. In October Fitch raised its rating to AAA, the highest of all ratings on the Brazilian scale, recognizing: (i) consistent results and cash generation, (ii) a diversified asset base, and (iii) discipline in capital allocation. More details in this table:

ESG – Report on performance

Cemig fulfills its public commitments related to sustainability by implementing strategic initiatives, monitored through corporate indicators and goals. These commitments are subdivided into several pillars: (i) The energy transition; (ii) The environment; (iii) Local development; (iv) Our people; and (v) Solid governance.

Cemig highlights

Digitalization of service channels

80% of customer service encounters between Cemig and its clients now take place via digital channels – a significant advance in modernizing processes and the efficiency of our corporate governance. This digital transformation helps increase transparency, reduce operational costs and improve clients’ experience.

Environment

Combating fire and protecting the power grid.

In 2024, Cemig suffered 1,240 fire-caused events, affecting around 1.5 million people in Minas Gerais. To reduce the risk of outages, in 2025 the Company announced preventive actions and a robust budget for tree pruning and power grid maintenance.

Investments in preventive maintenance

The Company is investing R$ 360 million in preventive maintenance in 2025, focusing on modernization of substations, strengthening of networks and actions against extreme weather events. More than 3.6 tons of telecommunication cables improperly installed on electricity poles were also removed, contributing to safety, visual quality and proper functioning of electricity infrastructure.

Social

Expansion of the Social Electricity Tariff

Cemig now serves more than 1.5 million families charged at the Social electricity rate (Tarifa Social de Energia Elétrica – TSEE), which offers up to 65% discount on the client's electricity bill. The Company has intensified communication actions to expand access to the program. In this quarter alone, 93,000 clients in the Zona da Mata region were included in the benefit.

Energy efficiency in hospitals and healthcare centers

A total of R$ 1.1 million has been invested in modernizing the lighting of 137 health units in Belo Horizonte, with replacement of existing lamps by more efficient models. This reduces energy consumption, while improving working conditions for healthcare professionals.

R$ 493,000 was allocated to replacing an autoclave at the Eliane Martins Municipal Hospital in Ipatinga. The new technology makes sterilization faster and safer, with an average saving of 52.57 MWh per year.

Solar generation was installed at the Nossa Senhora dos Anjos Hospital in Itambacuri, to reduce costs.

Menstrual Dignity campaign; Volunteering

Expanding its commitment to gender equity and social inclusion, the Cemig Volunteering Program organized a campaign to collect menstrual hygiene items, for free distribution, promoting citizenship and awareness about menstruation, combating any associated stigma, and improving health for people in situations of vulnerability.

Cemig present in the leading sustainability indices

Indicators

Performance of Cemig’s shares

Security	Jun. 30, 2025	Dec. 31, 2024	Change, %
Prices ⁽²⁾
CMIG4 (PN) at the close (R$/share)	10.8	10.06	7.39%
CMIG3 (ON) at the close (R$/share)	15.28	13.63	12.07%
CIG (ADR for PN shares), at close (US$/share)	1.96	1.65	19.15%
CIG.C (ADR for ON shares) at close (US$/share)	2.76	2.32	18.93%
XCMIG (Cemig PN shares on Latibex), close (€/share)	1.66	1.71	–2.92%
Average daily trading
CMIG4 (PN) (R$ mn)	143.02	143.11	–0.06%
CMIG3 (ON) (R$ mn)	4.18	3.75	11.58%
CIG (ADR for PN shares) (US$ mn)	5.7	4.32	31.97%
CIG.C (ADR for ON shares) (US$ mn)	0.01	0.03	–66.40%
Indices
IEE	101,295	77,455	30.78%
IBOV	138,855	120,283	15.44%
DJIA	9,554	8,974	6.47%
Indicators
Market valuation at end of period, R$ mn	35,176	35,149	0.08%
Enterprise value (EV), R$ mn (1)	45,724	42,668	7.16%
Dividend yield of CMIG4 (PN) (%) (3)	17.72	11.96	5.76 pp
Dividend yield of CMIG3 (ON) (%) (3)	12.53	9.08	3.45 pp
(1) EV = (Market valuation [= R$/share x number of shares]) + (consolidated Net debt).
(2) Share prices adjusted for corporate action payments, including dividends.
(3) (Dividends distributed in last 4 quarters) / (Share price at end of the period).

Cemig’s shares, by volume (aggregate of common (ON) and preferred (PN) shares), were the fourth most liquid in Brazil’s electricity sector, and among the most traded in the Brazilian equity market. On the New York Stock Exchange the volume traded in ADRs for Cemig’s preferred shares (CIG) in 1H25 was US$ 695.92 million: we see this as reflecting recognition by the investor market and reaffirmation of Cemig as a global investment option. The benchmark Ibovespa index of the São Paulo Stock Exchange rose 19.15% in the period, while Cemig’s preferred shares rose 7.39% and its 12.07%. In New York the ADRs for Cemig’s preferred shares rose 19.15% in the same period, and the price of the common shares rose 18.93%.

Plant

Plant	Company	Cemig power (MW)	Cemig physical guarantee (MW)	End of the concession	Type	Cemig stake
Plant	Company	Cemig power (MW)	Cemig physical guarantee (MW)	End of the concession	Type	Cemig stake
Emborcação	Cemig GT	1,192	475	May 2027	Hydro plant	100.00%
Nova Ponte	Cemig GT	510	257	Aug. 2027	Hydro plant	100.00%
Três Marias	Cemig GT	396	227	Jan. 2053	Hydro plant	100.00%
Irapé	Cemig GT	399	198	Sep. 2037	Hydro plant	100.00%
Salto Grande	Cemig GT	102	74	Jan. 2053	Hydro plant	100.00%
Sá Carvalho	Sá Carvalho	78	54	Aug. 2026	Hydro plant	100.00%
Rosal	Rosal Energia	55	28	Dec. 2035	Hydro plant	100.00%
Itutinga	Cemig Ger. Itutinga	52	27	Jan. 2053	Hydro plant	100.00%
Boa Esperança	Cemig GT	85	25	Aug. 2057	Solar plant	100.00%
Camargos	Cemig Ger. Camargos	46	22	Jan. 2053	Hydro plant	100.00%
Três Marias Jusante	Cemig GT	70	20	Feb. 2058	Solar plant	100.00%
Volta do Rio	Cemig GT	42	18	Dec. 2031	Wind plant	100.00%
Poço Fundo	Cemig GT	30	17	May 2052	Small Hydro Plant	100.00%
Pai Joaquim	Cemig PCH	23	14	Oct. 2034	Small Hydro Plant	100.00%
Piau	Cemig Ger. Sul	18	14	Jan. 2053	Hydro plant	100.00%
Praias do Parajuru	Cemig GT	29	8	Sep. 2032	Wind plant	100.00%
Gafanhoto	Cemig Ger. Oeste	14	7	Jan. 2053	Hydro plant	100.00%
Peti	Cemig Ger. Leste	9	6	Jan. 2053	Hydro plant	100.00%
Joasal	Cemig Ger. Sul	8	5	Jan. 2053	Hydro plant	100.00%
Tronqueiras	Cemig Ger. Leste	9	3	Dec. 2046	Hydro plant	100.00%
Queimado	Cemig GT	87	53	July 2034	Hydro plant	82.50%
Belo Monte	Norte	1,313	534	Jul. 2046	Hydro plant	11.69%
Paracambi	Paracambi Energética	12	10	Jan. 2034	Small Hydro Plant	49.00%
Cachoeirão	Hidrelétrica Cachoeirão	13	8	Jan. 2046	Small Hydro Plant	49.00%
Pipoca	Hidrelétrica Pipoca	10	6	Dec. 2034	Small Hydro Plant	49.00%
Others		76	37
Subtotal		4,678	2,146
Cemig Sim	Equity interests	22.6	5.5		Solar plant	49.00%
Cemig Sim	Owned	48.3	13.1		Solar plant	100.00%
Total		4,749	2,165

Note: The physical guarantees of the Boa Esperança and Jusante plants are the values certified by a certifying company, but they have not been approved by Aneel. For the plants of Cemig Sim, the installed capacity is given in MW_ac, and the physical guarantee has been estimated in the table as being equal to the estimated generation.

There are more details of Cemig Sim's expansion projects on the next page.

Expansion of solar generation

Project	Company	Installed capacity (MW_ac)	Capacity (MW_p)	Expected generation (MW_average)	Planned operational start date
Ouro Solar Project	Cemig Sim	22.5	31.9	6.2	Aug. 2025 – Apr. 2026
Bloco Azul project	Cemig Sim	20.0	28.3	4.9	Aug. 2025 – Apr. 2026
Solar do Cerrado Project	Cemig Sim	50.0	70.0	10.5	Sep. 2025 – May 2026
Total		92.5	130.3	21.6

RAP: July 2025–June 2026 cycle

The values of RAP for the 2025–2026 cycle came into effect in July 2025, incorporating the effects for Cemig of the remeasurement of the RBSE (national grid) financial component, as defined by Aneel.

ANEEL RATIFYING RESOLUTION (ReH) 3381/2025 (2025–2026 cycle)
R$ ’000	RAP	Adjustment component	Total	Expiration
Cemig	1,245,408	60,207	1,305,615
Cemig GT	1,164,296	62,435	1,226,731	Dec. 2042
Cemig Itajubá	52,484	-1,061	51,423	Oct. 2030
Centroeste	16,078	-1,017	15,061	Mar. 2035
Sete Lagoas	12,550	-150	12,401	Jun. 2041
Taesa (Cemig stake: 21.68%)	861,718	-35,288	826,430
TOTAL RAP			2,132,045

*RBSE COMPENSATION at June 2025 prices (excluding sector charges)**
R$ ’000 – by cycle	2025-2026	2026-2027	2027-2028	2028-2029	2029-2033
Economic	112,434	112,434	112,434	35,253	35,253
Financial	298,669	298,669	298,669
Total	411,102	411,102	411,102	35,253	35,253
** The figures for indemnity/reimbursement of National Grid components are included in the RAP of Cemig (first table).

Cemig currently has state environmental (REA) approval for large-scale strengthening and enhancement works, with total capex of R$ 1,088 million, and for investments of R$ 231 million related to Lot 1 of Auction 02/2022 (with completion of works planned for 2028).

Planned operational start date	Capex (R$ ’000)	RAP (R$ ’000)
2025	390,903	62,491
2026	228,929	36,908
2027	442,238	73,472
2028	256,885	23,587
Total	1,318,956	196,458

Transmission Regulatory Revenue and EBITDA

Transmission Regulatory Result - 2Q25
R$ ’000	Cemig GT	Centroeste	Sete Lagoas	Total
Revenue from Transmission operations	429,656	6,500	2,947	439,103
Taxes on revenue	-37,962	-237	-273	-38,472
Sector charges	-60,542	-271	-115	-60,928
Net Regulatory Revenue	331,152	5,992	2,559	339,703

Regulatory Profit for the period	266,338	4,744	1,312	272,394
Income tax and Social Contribution tax	-62,794	301	490	-62,003
Net finance income (expenses)	-876	-306	-370	-1,552
Depreciation and amortization	55,769	373	609	56,751
Regulatory EBITDA	258,437	5,112	2,041	265,590

Complementary information

Cemig D

CEMIG D Market
Quarter	Captive	TUSD ENERGY¹	DISTRIBUTED ENERGY	TUSD PICK²
Quarter	Consumers	TUSD ENERGY¹	DISTRIBUTED ENERGY	TUSD PICK²
1Q22	5,738	5,397	11,136	36.2
2Q22	6,050	5,853	11,904	36.7
3Q22	5,942	5,790	11,733	34.7
4Q22	6,047	5,755	11,802	40.5
1Q23	5,723	5,566	11,289	38.0
2Q23	5,949	6,058	12,007	38.5
3Q23	5,812	6,028	11,840	39.2
4Q23	6,376	6,068	12,445	39.9
1Q24	5,930	6,097	12,027	40.4
2Q24	5,924	6,301	12,225	42.4
3Q24	5,821	6,557	12,378	43.6
4Q24	5,812	6,505	12,317	42.5
1Q25	5,547	6,448	11,996	45.3
2Q25	5,543	6,283	11,826	45.9

Cemig D	2Q25	1Q25	2Q24	chg. %	chg. %
Operating Revenues (R$ million)				2Q/1Q	2Q/2Q
Revenue from supply of energy	6,090	5,886	5,882	3.5%	3.5%
Reimbursement of PIS/Pasep and Cofins credits to customers	-	-	190	-	-
Revenue from Use of Distribution Systems (the TUSD charge)	1,424	1,440	1,261	-1.1%	12.9%
CVA and Other financial components in tariff adjustment	70	126	-57	-44.4%	-222.8%
Construction revenue	1,232	1,047	1,079	17.7%	14.2%
Adjustment to expectation of cash flow from indemnifiable financial assets of distribution concession (VNR)	27	53	22	-49.1%	22.7%
Others	1,189	594	673	100.2%	76.7%
Subtotal	10,032	9,146	9,050	9.7%	10.9%
Deductions	-2,762	-2,643	-2,723	4.5%	1.4%
Net Revenues	7,270	6,503	6,327	11.8%	14.9%

Cemig D	2Q25	1Q25	2Q24	chg. %	chg. %
Operating Expenses (R$ million)				2Q/1Q	2Q/2Q
Personnel	265	233	283	13.7%	-6.4%
Employees' and managers' profit sharing	26	26	29	0.0%	-10.3%
Post-retirement obligations	71	65	64	9.2%	10.9%
Materials	17	32	26	-46.9%	-34.6%
Outsourced services	433	433	425	0.0%	1.9%
Amortization	254	248	224	2.4%	13.4%
Operating provisions	118	163	-380	-27.6%	-131.1%
Charges for Use of Basic Transmission Network	855	838	850	2.0%	0.6%
Energy purchased for resale	2,917	2,770	2,545	5.3%	14.6%
Construction Cost	1,232	1,047	1,079	17.7%	14.2%
Other Expenses	126	77	77	63.6%	63.6%
Total	6,314	5,932	5,222	6.4%	20.9%

Cemig D	2Q25	1Q25	2Q24	Var. %	Var. %
Statement of Results (R$ million)				2Q/1Q	2Q/2Q
Net Revenue	7,270	6,503	6,327	11.8%	14.9%
Operating Expenses	6,314	5,932	5,222	6.4%	20.9%
Operational profit	956	571	1,105	67.4%	-13.5%
EBITDA	1,210	819	1,329	47.7%	-9.0%
Financial Result	-257	-202	306	27.2%	-184.0%
Provision for Income Taxes, Social Cont & Deferred Income Tax	-147	-58	-350	153.4%	-58.0%
Net Income	551	311	1,060	77.2%	-48.0%

Cemig GT

Cemig GT	2Q25	1Q25	2Q24	chg. %	chg. %
Operating Revenues (R$ million)				2Q/1Q	2Q/2Q
Sales to end consumers	892	870	777	2.5%	14.8%
Supply	555	537	409	3.4%	35.7%
Revenues from Trans. Network	134	146	177	-8.2%	-24.3%
Construction revenue	179	66	100	171.2%	79.0%
Financial remuneration of transmission contractual assets	150	219	136	-31.5%	10.3%
Gain on monetary updating of Concession Grant Fee	119	138	107	-13.8%	11.2%
Transactions in the CCEE	2	21	2	-90.5%	0.0%
Generation indemnity revenue	31	27	21	14.8%	47.6%
Others	48	60	33	-20.0%	45.5%
Subtotal	2,110	2,084	1,762	1.2%	19.8%
Deductions	-358	-381	-345	-6.0%	3.8%
Net Revenues	1,752	1,703	1,417	2.9%	23.6%

Cemig GT	2Q25	1Q25	2Q24	chg. %	chg. %
Operating Expenses (R$ million)				2Q/1Q	2Q/2Q
Personnel	90	80	99	12.5%	-9.1%
Employees' and managers' profit sharing	10	9	11	11.1%	-9.1%
Post-retirement obligations	22	21	20	4.8%	10.0%
Materials	9	6	6	50.0%	50.0%
Outsourced services	61	58	62	5.2%	-1.6%
Depreciation and Amortization	82	84	84	-2.4%	-2.4%
Provisions	14	18	0	-22.2%	-
Charges for Use of Basic Transmission Network	75	74	73	1.4%	2.7%
Energy purchased for resale	697	586	390	18.9%	78.7%
Construction Cost	139	53	73	162.3%	90.4%
RBSE (national grid) remeasurement	199	0	-	-	-
Other Expenses	0	11	26	-100.0%	-100.0%
Total	1,398	1,000	844	39.8%	65.6%

Cemig GT	2Q25	1Q25	2Q24	chg. %	chg. %
Statement of Results (R$ million)				2Q/1Q	2Q/2Q
Net Revenue	1,752	1,703	1,417	2.9%	23.6%
Operating Expenses	1,398	1,000	844	39.8%	65.6%
Operational profit	354	703	573	-49.6%	-38.2%
Equity gain in subsidiaries	-33	-38	-16	-13.2%	106.3%
EBITDA	404	749	641	-46.1%	-37.0%
Financial Result	2	-16	-190	-112.5%	-101.1%
Provision for Income Taxes, Social Cont & Deferred Income Tax	18	-108	-40	0.0%	-145.0%
Net Income	342	541	328	-36.8%	4.3%

Cemig, Consolidated

Energy Sales	2Q25	1Q25	2Q24	chg. %	chg. %
(in GWh)				2Q/1Q	2Q/2Q
Residential	3,668	3,838	3,553	-4.4%	3.2%
Industrial	4,677	4,311	4,440	8.5%	5.3%
Commercial	3,141	3,063	3,009	2.5%	4.4%
Rural	984	739	928	33.2%	6.0%
Others	679	795	749	-14.6%	-9.3%
Subtotal	13,149	12,746	12,679	3.2%	3.7%
Own Consumption	6	7	8	-14.3%	-25.0%
Wholesale supply	5,043	4,826	3,953	4.5%	27.6%
TOTAL	18,198	17,579	16,640	3.5%	9.4%

Revenue from supply of electricity	2Q25	1Q25	2Q24	chg. %	chg. %
(R$ million)				2Q/1Q	2Q/2Q
Residential	3,374	3,423	3,067	-1.4%	10.0%
Industrial	1,278	1,204	1,327	6.1%	-3.7%
Commercial	1,650	1,647	1,610	0.2%	2.5%
Rural	643	517	600	24.4%	7.2%
Others	516	506	538	2.0%	-4.1%
Subtotal	7,461	7,297	7,142	2.2%	4.5%
Retail supply not yet invoiced	78	-32	68	-	14.7%
Wholesale supply	1,147	1109	934	3.4%	22.8%
TOTAL	8,686	8,374	8,144	3.7%	6.7%

Cemig	2Q25	1Q25	2Q24	chg. %	chg. %
Operating Revenues (R$ million)				2Q/1Q	2Q/2Q
Sales to end consumers	7,539	7,265	7,210	3.8%	4.6%
Wholesale supply	1,148	1,110	934	3.4%	22.9%
TUSD	1,414	1,429	1,252	-1.0%	12.9%
CVA and Other financial components in tariff adjustment	70	126	-57	-	-222.8%
Reimbursement of PIS/Pasep and Cofins over ICMS credits to customers	-	0	190	0.0%	-100.0%
Transmission revenue	114	60	80	90.0%	42.5%
Financial remuneration of transmission contract	30	173	134	-82.7%	-77.6%
Transactions in the CCEE	40	22	14	81.8%	185.7%
Gas supply	965	921	972	4.8%	-0.7%
Construction revenue	1,503	1,215	1,259	23.7%	19.4%
Others	1,454	894	876	62.6%	66.0%
Subtotal	14,277	13,215	12,864	8.0%	11.0%
Taxes and charges deductions from revenue	-3,491	-3,371	-3,428	3.6%	1.8%
Net Revenues	10,786	9,844	9,436	9.6%	14.3%

Cemig	2Q25	1Q25	2Q24	chg. %	chg. %
Operating Expenses (R$ million)				2Q/1Q	2Q/2Q
Personnel	388	346	417	12.1%	-7.0%
Employees’ and managers’ profit sharing	46	43	43	7.0%	7.0%
Post-Retirement Employee Benefits	109	102	98	6.9%	11.2%
Materials	27	39	34	-30.8%	-20.6%
Outsourced services	527	515	508	2.3%	3.7%
Energy purchased for resale	4,547	4,267	3,693	6.6%	23.1%
Charges for use of the national grid	777	767	817	1.3%	-4.9%
Gas bought for resale	485	489	509	-0.8%	-4.7%
Depreciation and Amortization	368	364	338	1.1%	8.9%
Provisions	147	197	-348	-25.4%	-142.2%
Construction costs	1,463	1,202	1,227	21.7%	19.2%
RBSE (national grid) remeasurement	199	-	0
Other Expenses	140	92	106	52.2%	32.1%
Total	9,223	8,423	7,442	9.5%	23.9%

Cemig	2Q25	1Q25	2Q24	chg. %	chg. %
Finance Income and Expenses (R$ million)				2Q/1Q	2Q/2Q
FINANCE INCOME
Income from cash investments	202	84	117	140.5%	72.6%
Arrears fees on sale of energy	81	74	74	9.5%	9.5%
Monetary variations	12	12	8	0.0%	50.0%
Monetary variations – CVA	13	18	0	-27.8%	0.0%
Monetary updating on Court escrow deposits	20	21	15	-4.8%	33.3%
Pasep and Cofins charged on finance income	-72	-53	-49	35.8%	46.9%
Gains on financial instruments - Swap	0	0	70	0.0%	-100.0%
Monetary updating on PIS/Pasep and Cofins taxes credits	4	0	406	0.0%	-99.0%
Others	42	38	84	10.5%	-50.0%
	302	194	725	55.7%	-58.3%

FINANCE EXPENSES
Costs of loans and financings	383	260	241	47.3%	58.9%
Foreign exchange variations	-	0	214	0.0%	-100.0%
Monetary updating – loans and financings	62	125	53	-50.4%	17.0%
Foreign exchange variations - Itaipu Binacional	-	0	9	0.0%	-100.0%
Monetary updating on PIS/Pasep and Cofins taxes credits	-	13	-	0.0%	0.0%
Estimated update of distributed generation credits	75	0	38	0.0%	97.4%
Others	45	46	52	-2.2%	-13.5%
	565	444	607	27.3%	-6.9%

NET FINANCE INCOME (EXPENSES)	-263	-250	118	5.2%	-322.9%

Cemig	2Q25	1Q25	2Q24	chg. %	chg. %
Statement of Results (R$ million)				2Q/1Q	2Q/2Q
Net Revenue	10,786	9,844	9,436	9.6%	14.3%
Operating Expenses	9,223	8,423	7,442	9.5%	23.9%
Operational profit	1,563	1,421	1,994	10.0%	-21.6%
Equity gain (loss) in subsidiaries	77	42	39	83.3%	97.4%
EBITDA	2,009	1,827	2,371	10.0%	-15.3%
Financial Result	-263	-250	118	5.2%	-322.9%
Provision for Income Taxes, Social Cont & Deferred Income Tax	-190	-175	-462	8.6%	-58.9%
Net profit for the period	1,188	1,039	1,689	14.3%	-29.7%

Cemig
Recurring profit: reconciliation (R$ million)	2Q25	2Q24
Net profit – IFRS	1,188	1,689
Remeasurement of post-employment liabilities	-14	-
RBSE (national grid) remeasurement	131	-
Voluntary retirement program	17	52
Reversal of tax provision – Social security contributions on profit sharing	-	-386
PIS/Cofins taxes repayable to consumers – Reversal	-	-271
Civil action provision – Power purchase agreement	-	35
Legal action on the PAT (Workers’ Food Program)	-	-80
FX exposure – Eurobond hedge	-	95
Recurring net profit	1,322	1,134

Cash Flow Statement	jun/25	jun/24
(R$ million)
Cash at beginning of period	1,898	1,537
Cash generated by operations	2,346	2,921
Net income	2,227	2,841
Depreciation and amortization	732	667
CVA and other financial components	-197	-19
Equity gain (loss) in subsidiaries	-120	-129
Remeasuring of concession financial and concession contract assets	-652	-685
Interest and monetary variations	622	418
Provisions	306	-174
Deferred income and social contribution taxes	365	811
Refund of PIS/Pasep and Cofins credits to consumers	-178	-513
Gain on disposal of investments	0	-43
Dividends receivable	108	213
Interest paid on loans and financings	-526	-442
Net gain on derivative instruments at fair value through profit or loss	-	-112
Foreign exchange variations on loans	-	273
Post-employment obligations	212	244
Others	-553	-429
Investment activity	-3,267	-2,790
Securities - Financial Investment	-746	-620
Reduction of share capital in investee	-	48
Disposal of assets	-	101
Fixed and Intangible assets/distribution and gas infrastructure	-2,521	-2,319
Financing activities	780	-104
Lease payments	-40	-36
Proceeds from Loans, financings and debentures	4,965	1,946
Interest on Equity, and dividends	-1,776	-1,438
Payments of loans and debentures	-2,369	-576
Cash at end of period	1,758	1,564

Cemig - Balance Sheets (Assets)	jun/25	2024
(R$ million)
CURRENT
Cash and cash equivalents	1,758	1,898
Marketable securities	1,221	358
Customers, traders, concession holders and Transport of energy	5,652	5,596
Concession financial assets	1,232	1,190
Concession contract assets	1,110	1,140
Tax offsetable	551	511
Income tax and Social Contribution tax recoverable	153	7
Dividends receivable	63	111
Public lighting contribution	327	296
Escrow deposits	45	235
Reimbursement of tariff subsidies	623	209
Other credits	820	625
Assets classified as held for sale	57	57
TOTAL CURRENT	13,612	12,233
NON-CURRENT
Securities	56	135
Consumers and traders	277	254
Tax offsetable	1,507	1,455
Income tax and Social Contribution tax recoverable	512	582
Deferred income tax and Social Contribution tax	2,348	2,334
Escrow deposits in legal actions	1,207	1,196
Reimbursement of tariff subsidies	16	-
Accounts receivable from the State of Minas Gerais	35	40
Financial assets of the concession	7,642	6,881
Contractual assets	11,244	10,327
Investments	3,275	3,221
Property, plant and equipment	3,910	3,715
Intangible assets	17,247	16,806
Leasing – rights of use	381	387
Other credits	142	161
TOTAL NON-CURRENT	49,799	47,494

TOTAL ASSETS	63,411	59,727

Cemig - Balance Sheets (Liabilities and Shareholders' Equity)	jun/25	2024
(R$ million)
CURRENT
Suppliers	3,080	2,952
Regulatory charges	463	344
Profit sharing	93	111
Taxes	749	725
Income tax and Social Contribution tax	159	163
Interest on Equity, and dividends, payable	2,866	3,611
Loans and debentures	2,747	2,877
Payroll and related charges	256	217
Public Lighting Contribution	497	475
Post-retirement liabilities	218	233
Accounts payable related to energy generated by consumers	1,641	1,251
Taxes to be reimbursed to customers	372	526
Leasing operations	86	79
Other obligations	446	582
TOTAL CURRENT	13,673	14,146

NON-CURRENT
Regulatory charges	128	172
Loans and debentures	12,517	9,403
Taxes	488	496
Income tax and Social Contribution tax	1,422	1,543
Provisions	1,960	1,853
Post-retirement liabilities	4,118	4,073
Taxes to be reimbursed to customers	159	166
Leasing operations	340	350
Other obligations	127	142
TOTAL NON-CURRENT	21,259	18,198
TOTAL LIABILITIES	34,932	32,344

TOTAL EQUITY
Share capital	14,309	14,309
Capital reserves	393	393
Profit reserves	13,576	13,576
Equity valuation adjustments	-899	-900
Retained earnings	1,094	-
NON-CONTROLLING INTERESTS	28,473	27,378
Non-Controlling Interests	6	5
TOTAL EQUITY	28,479	27,383
TOTAL LIABILITIES AND EQUITY	63,411	59,727

Disclaimer

Certain statements and estimates in this material may represent expectations about future events or results which are subject to risks and uncertainties that may be known or unknown. There is no guarantee that events or results will occur as referred to in these expectations.

These expectations are based on present assumptions and analyses from the point of view of our management, in accordance with their experience and other factors such as the macroeconomic environment, market conditions in the electricity sector, and expected future results, many of which are not under our control.

Important factors that could lead to significant differences between actual results and the projections about future events or results include: Cemig’s business strategy, Brazilian and international economic conditions, technology, our financial strategy, changes in the electricity sector, hydrological conditions, conditions in the financial and energy markets, uncertainty on our results from future operations, plans and objectives; and other factors. Due to these and other factors, our results may differ significantly from those indicated in or implied by such statements.

The information and opinions herein should not be understood as a recommendation to potential investors, and no investment decision should be based on the veracity, currentness or completeness of this information or these opinions. None of our staff nor any party related to any of them or their representatives shall have any responsibility for any losses that may arise as a result of use of the content of this material.

To evaluate the risks and uncertainties as they relate to Cemig, and to obtain additional information about factors that could give rise to different results from those estimated by Cemig, please consult the section on Risk Factors included in the Reference Form filed with the Brazilian Securities Commission (CVM), and in the 20-F Form filed with the US Securities and Exchange Commission (SEC).

Financial amounts are in R$ million (R$ mn) unless otherwise stated.

Financial data reflect the adoption of IFRS.

Notice to Shareholders dated September 23, 2025 – Declaration of Interest on Equity

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY-HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

COMPANY REGISTRY (NIRE): 31300040127

NOTICE TO SHAREHOLDERS

Declaration of Interest on Equity

We hereby inform our shareholders that the Executive Board approved the declaration of Interest on Equity - IoE. Detailed information about the payment is as follows:

1. Gross amount: R$604,737,000.00 (six hundred and four million, seven hundred and thirty-seven thousand reais)

2. Gross amount per share: R$0.21139610230 per share, to be paid with the mandatory minimum dividend for 2025, with a 15% withholding income tax, excluding shareholders exempt from said withholding, under the law in force;

3. Date “with rights”: common and preferred shareholders of record on September 29, 2025 will be entitled to the payment;

4. Date “ex-rights”: September 30, 2025;

5. Payment date: 2 (two) equal installments, the first of which to be paid by June 30, 2026, and the second by December 30, 2026;

Shareholders whose shares are not held in custody at CBLC and whose registration data is outdated are advised to go to a branch of Banco Itaú Unibanco S.A. (the institution managing CEMIG’s Registered Share System) bearing their personal documents for the due update of their registration data.

Belo Horizonte, September 23, 2025.

Cristiana Maria Fortini Pinto e Silva

Acting Vice President of Finance and Investor Relations

Notice to the Market dated October 16, 2025 – Conclusion of the Onerous Transfer of Four Small Power Plants

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY-HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

COMPANY REGISTRY (NIRE): 31300040127

CEMIG GERAÇÃO E TRANSMISSÃO S.A.

PUBLICLY-HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 06.981.176/0001-58

COMPANY REGISTRY (NIRE): 31300020550

NOTICE TO THE MARKET

Conclusion of the Onerous Transfer of Four Small Power Plants

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG”), a publicly-held company with shares traded on the stock exchanges of São Paulo and New York, and CEMIG GERAÇÃO E TRANSMISSÃO S.A. (“CEMIG GT”), a publicly-held company and the wholly-owned subsidiary of CEMIG, hereby inform their shareholders and the market in general that, further to the Notice to the Market disclosed on February 21, 2025, CEMIG GT and its wholly-owned subsidiaries CEMIG GERAÇÃO LESTE S.A., CEMIG GERAÇÃO OESTE S.A., CEMIG GERAÇÃO SUL S.A. have completed today the Onerous Transfer of the Machado Mineiro, Sinceridade, Martins, and Marmelos power plants to ÂMBAR HIDROENERGIA LTDA (“ÂMBAR HIDROENERGIA”), after all conditions precedent under the Onerous Transfer Agreement were fulfilled.

The amount received from the divestment was R$52.4 million.

This Onerous Transfer aims to comply with the guidelines of CEMIG’s Strategic Plan, which seeks to optimize the portfolio and operational efficiency, with better capital allocation through the divestment of small-sized assets.

CEMIG and CEMIG GT reaffirm their commitment to keeping shareholders, the market in general, and other stakeholders duly and timely informed about this matter, in accordance with the rules issued by the CVM and the legislation in force.

Belo Horizonte, October 16, 2025.

Andrea Marques de Almeida

Vice President of Finance and Investor Relations

2Q Interim Financial Information

SUMMARY

FINANCIAL RESULT
INTERIM FINANCIAL INFORMATION	21
STATEMENTS OF FINANCIAL POSITION	21
STATEMENTS OF INCOME	23
STATEMENTS OF COMPREHENSIVE INCOME	25
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY	26
STATEMENTS OF CASH FLOWS	27
STATEMENTS OF ADDED VALUE	29
NOTES TO THE INTERIM FINANCIAL INFORMATION	30
1. OPERATING CONTEXT	30
2. BASIS OF PREPARATION	31
3. PRINCIPLES OF CONSOLIDATION	32
4. OPERATING SEGMENTS	32
5. CASH AND CASH EQUIVALENTS	35
6. MARKETABLE SECURITIES	35
7. RECEIVABLES FROM CUSTOMERS, TRADERS AND CONCESSION HOLDERS	36
8. INCOME AND SOCIAL CONTRIBUTION TAXES	37
9. CONCESSION FINANCIAL AND SECTOR ASSETS AND LIABILITIES	40
10. CONCESSION CONTRACT ASSETS	43
11. INVESTMENTS	45
12. PROPERTY, PLANT AND EQUIPMENT	47
13. INTANGIBLE ASSETS	47
14. LEASING	48
15. SUPPLIERS	49
16. TAXES PAYABLE AND AMOUNTS TO BE REFUNDED TO CUSTOMERS	49
17. LOANS AND DEBENTURES	50
18. POST-EMPLOYMENT OBLIGATIONS	56
19. PROVISIONS	58
20. EQUITY AND REMUNERATION TO SHAREHOLDERS	60
21. NET REVENUE	62
22. COSTS, EXPENSES AND OTHER REVENUE	67
23. FINANCE INCOME AND EXPENSES	71
24. RELATED PARTY TRANSACTIONS	73
25. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	77
26. SALE OF ASSETS	83
27. ASSETS CLASSIFIED AS HELD FOR SALE	83
28. SUBSEQUENT EVENTS	84
Report on Review of interim Financial Information – ITR	87
OTHER INFORMATION THAT THE COMPANY BELIEVES TO BE MATERIAL	89
DIRECTORS’ STATEMENT OF REVIEW OF THE INTERIM FINANCIAL INFORMATION	97
DIRECTORS’ STATEMENT OF REVIEW OF THE REPORT BY THE EXTERNAL AUDITORS ON THE INTERIM FINANCIAL INFORMATION	98

FINANCIAL RESULTS

(Amounts expressed in thousands of Reais, unless otherwise indicated)

(The information in this performance report has not been reviewed by the independent auditors)

Consolidated results

Net income for the quarter

Cemig’s net income in 2Q25 was R$1,188,281, 29.63% lower, compared to R$1,688,586 in 2Q24.

The main changes in revenues, costs, expenses and financial results, in a consolidated and segregated manner by segment, are presented below.

Earnings before interest, taxes, depreciation, and amortization (EBITDA)

EBITDA – Apr to Jun/2025	Generation	Transmission	Trading	Distribution	Gas	Investee	Total
Net income for the year	449,724	(2,841)	6,481)	550,550	150,820	33,547	1,188,281
Income tax and Social Contribution tax	31,781	(36,693)	(3,961)	147,391	71,765	(20,474)	189,809
Net financial revenue (expenses)	(15,614)	3,207	(4,121)	257,444	(4.533)	26,577	262,960
Depreciation and amortization	78,044	4,652	3	254,372	25,438	5,884	368,393
Ebitda according to “CVM Instruction n. 156” (1)	543,935	(31,675)	(1,598)	1,209,757	243,490	45,534	2,009,443
Non-recurring and non-cash effects
Net income attributable to non-controlling interests	-	-	-	-	(648)	-	(648)
Remeasurement of post-employment benefit liabilities (Note 18)	(2,302)	(1,422)	(326)	(16,163)	-	(948)	(21,161)
Remeasurement BNES (2) (Note 10)	-	198,895	-	-	-	-	198,895
Voluntary Separation Program (Note 22c)	1,920	1,187	272	20,812	-	1,200	25,391
Adjusted EBITDA (3)	543,553	166,985	(1,652)	1,214,406	242,842	45,786	2,211,920

EBITDA – Apr to Jun/2024	Generation	Transmission	Trading	Distribution	Gas	Investee	Total
Net income for the year	315,039	108,947	101,008	1,060,437	137,823	(34,668)	1,688,586
Income tax and Social Contribution tax	58,300	27,512	(576)	350,163	62,904	(35,966)	462,337
Net financial revenue (expenses)	75,996	41,764	(6,921)	(305,459)	11,937	64,564	(118,119)
Depreciation and amortization	83,670	(60)	4	224,113	24,085	5,967	337,779
Ebitda according to “CVM Instruction n. 156” (1)	533,005	178,163	93,515	1,329,254	236,749	(103)	2,370,583
Non-recurring and non-cash effects
Net income attributable to non-controlling interests	-	-	-	-	(593)	-	(593)
Constitution of civil provisions - Purchase and sale of energy	-	-	52,647				(52,647)
Reversal of tax provisions - INSS s/ PLR	(30,503)	(32,967)	(5,049)	(513,331)	-	(2,500)	(584,350)
Voluntary Separation Program	9,312	10,064	1,541	56,468	-	763	78,148
Adjusted EBITDA (2)	511,814	155,260	142,654	872,391	236,156	(1,840)	1,916,435

(1)

Ebitda is a non-accounting measure prepared by the Company, reconciled with the consolidated interim financial information in accordance with CVM Circular SNC/SEP n. 1/2007 and CVM Resolution n. 156 of June 23, 2022. It comprises Net income adjusted by the effects of net financial revenue (expenses), Depreciation and amortization, and Income and Social Contribution taxes. Ebitda is not a measure recognized by Brazilian GAAP nor by IFRS; it does not have a standard meaning; and it may be non-comparable with measures with similar titles provided by other companies. The Company publishes Ebitda because it uses it to measure its own performance. Ebitda should not be considered in isolation or as a substitution for net income or operational income, nor as an indicator of operational performance or cash flow, nor to measure liquidity nor the capacity for payment of debt.

(2)

The Company adjusts the Ebitda for a better understanding of how its operating performance was impacted by extraordinary items which, because of their nature, do not contribute towards information on the potential of future cash generation.

Av. Barbacena, 1200 – Santo Agostinho – 30190-131 Belo Horizonte, MG – Brazil – Fax (+55-31) 3506-5026 – Tel.: (+55-31) 3506-5024

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

The Company’s Adjusted EBITDA decreased by 15.23%, primarily due to the recognition of a reduction in the contract asset, totaling R$198,895, net of PIS/Pasep and Cofins, resulting from the remeasurement of the Existing System Basic Network (RBSE), following the changes introduced by Homologation Resolution No. 3,469/2025. Further details are provided in the transmission segment performance commentary.

By excluding non-recurring effects through Adjusted EBITDA, there was a 15.42% increase, primarily driven by the following factors:

Recognition of tariff subsidy revenue in the amount of R$374,909, net of PIS/Pasep and Cofins, resulting from increased discounts granted by Cemig, primarily to the “Incentivized Source Load” and “GD II” customer classes. Further details are provided in the distribution segment performance commentary; and

The Company’s exposure to price differences between sub-markets, which negatively impacted the trading activity by R$69,091, net of PIS/Pasep and Cofins. Further details are provided in the trading segment performance commentary.

Net revenue

The breakdown of net revenue is as follows:

	Consolidated		Variation %
	Apr to Jun/2025	Apr to Jun/2024	Variation %
Revenue from supply of energy - captive customers, in Cemig's concession area	8,686,379	8,144,077	6.66
Revenue from use of the energy distribution systems (TUSD) - free customers	1,414,496	1,251,554	13.02
CVA and Other financial components	70,394	(56,556)	(224.47)
Restitution of PIS/Pasep and Cofins credits to consumers - Realization	-	190,186	-
Revenues from transmission
Revenues from operation and maintenance	114,197	79,716	43.25
Revenue of transmission construction	179,130	104,891	70.78
Financial remuneration of the transmission contract assets	30,416	134,430	(77.37)
Generation indemnity revenue	31,201	20,596	51.49
Revenue of distribution construction	1,324,446	1,154,213	14.75
Adjustment of cash flow expectation of the financial asset of distribution concession	26,618	22,258	19.59
Revenues from financial actualization of the concession bonus	118,859	107,011	11.07
Settlement in the CCEE	39,585	14,380	175.28
Gas supply	965,491	972,424	(0.71)
Fine for violation of the continuity indicator standard	(39,949)	(37,084)	7.73
Other revenues	1,315,539	761,856	72.68
Taxes and charges levied on revenue	(3,490,507)	(3,427,961)	1.82
Net revenues	10,786,295	9,435,991	14.31

Av. Barbacena, 1200 – Santo Agostinho – 30190-131 Belo Horizonte, MG – Brazil – Fax (+55-31) 3506-5026 – Tel.: (+55-31) 3506-5024

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

Revenue from supply of energy - captive customers, in Cemig's concession area

The Company's gross electricity supply revenue is comprised of the delivery of energy to regulated consumers, free consumers, supply to other concessionaires, and energy offset through net metering by micro and mini distributed generation customers. This revenue increased by 6.66%, totaling R$8,686,379 in the second quarter of 2025, compared to R$8,144,077 in the second quarter of 2024, in line with a 9.36% growth in energy volume, as detailed below:

	Apr to Jun/2025			Apr to Jun/2024			Change, %
	MWh (1)	R$	Average price/MWh billed (R$/MWh) (2)	MWh	R$	Average price/MWh billed (R$/MWh) (2)	MWh	R$
Residential	3,667,850	3,374,148	919.93	3,552,969	3,066,719	863.14	3.23	10.02
Industrial	4,676,668	1,278,269	273.33	4,440,313	1,326,674	298.78	5.32	(3.65)
Commercial, Services and Others	3,141,492	1,650,182	525.29	3,009,442	1,609,719	534.89	4.39	2.51
Rural	984,250	643,413	653.71	927,534	599,558	646.40	6.11	7.31
Public authorities	384,704	229,246	595.90	270,497	232,496	859.51	42.22	(1.40)
Public lighting	235,650	140,046	594.30	244,326	131,933	539.99	(3.55)	6.15
Public services	58,262	146,260	2,510.38	235,023	174,633	743.05	(75.21)	(16.25)
Subtotal	13,148,876	7,461,564	567.47	12,680,104	7,141,732	563.22	3.70	4.48
Own consumption	6,992	-	-	7,710	-	-	(9.31)	-
Net unbilled retail supply	-	77,702	-	-	68,410	-	-	-
	13,155,868	7,539,266	567.47	12,687,814	7,210,142	563,22	3.69	4.56
Wholesale supply to other concession holders (3)	5,042,543	1,162,502	230.54	3,952,637	966,330	244,48	27.57	20.30
Wholesale supply unbilled, net	-	(15,389)	-	-	(32,395)	-	-	(52.50)
Total	18,198,411	8,686,379	474.07	16,640,451	8,144,077	487,48	9.36	6.66

(1)

Information not reviewed by the independent auditors

(2)

The calculation of the average price does not include revenue from supply not yet billed.

(3)

Includes Sale Contracts in the Regulated Market (CCEARs – Contratos de Comercialização de Energia no Ambiente Regulado) through the Surplus and Deficits Offsetting Mechanism (MSCD: Mecanismo de Compensação de Sobras e Déficits), sales on the Free Market, and the revenues from management of generation assets (GAG – Gestão de Ativos da Geração) for the 18 hydroelectric plants of Lot D of Auction no 12/2015.

The main variations in energy supply are described below:

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Residential

Residential energy consumption increased by 3.23% in the second quarter of 2025 compared to the second quarter of 2024, totaling 114,881 MWh. This variation is primarily driven by a 23.65% increase in the volume of energy offset through net metering by micro and mini distributed generation customers — 497,451 MWh in Q2 2025 versus 402,294 MWh in the same period of the previous year.

Industrial

Industrial grade consumption increased by 5.32%, or 236,355 MWh, in the second quarter of 2025, compared to the same period of the previous year. This growth is mainly composed of the following factors:

An increase of 22.12%, or 442,185 MWh, in the supply of energy to free customers, due to the price adjustment of the contracts, which are mostly updated at the beginning of the year.

On the other hand, there was a reduction of 35.69%, or 99,374 MWh, in the consumption of captive customers of the industrial class, mainly due to the migration of customers to the free market.

Commercial, services, and others

Consumption within this customer class increased by 4.39% in the second quarter of 2025 compared to the same period of the previous year. This growth was primarily driven by the retail segment, due to contract price adjustments, most of which are indexed and updated at the beginning of the fiscal year.

Revenue from use of network – Free Consumers

This is the revenue from charging Free Consumers the Tariff for Use of the Distribution System (Tarifa de Uso do Sistema de Distribuição, or TUSD) on the volume of energy distributed. In the second quarter of 2025, this revenue amounted to R$1,414,496, compared to R$1,251,554 in the second quarter of 2024, representing a 13.02% increase. This variation is primarily attributable to the annual tariff adjustment applied by the distribution company.

CVA and Other financial components in tariff adjustments

Cemig D recognizes in its interim financial statements the positive or negative variances between actual non-manageable costs and the estimated costs used as the basis for tariff setting. These balances represent amounts that must either be reimbursed to consumers or recovered by Cemig D in future tariff adjustments. The primary purpose of the CVA (Cost Variation Account) is to restore the economic and financial balance of distribution companies.

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In the second quarter of 2025, a revenue of R$70,394 was recognized, compared to an expense of R$56,556 in the same period of 2024. This variation is mainly due to the increase in energy settlement costs at the CCEE (Electric Energy Trading Chamber).

More information on the composition and movement of CVA can be found in note 9.3.

Distribution Construction Revenue

The construction revenue, associated with construction of infrastructure for the distribution concession of energy and gas in 2Q25 totaled R$ 1,324, compared to R$ 1,154,213 in the same period of 2024, an increase of 14.75%. This variation is mainly due to the following factors:

an increase in the number of projects, mainly related to electricity distribution networks, in line with the Distribution Development Plan (PDD), resulting in construction revenue of R$1,231,705 in the second quarter of 2025, compared to R$1,078,688 in the second quarter of 2024, an increase of 14.19%; and

an increase in the number of projects carried out by Gasmig, in line with the Centro-Oeste Project, which foresees the construction of an additional 300 km of gas pipelines. In the second quarter of 2025, construction revenue totaled R$92,741, compared to R$75,525 in the same period of the previous year, an increase of 22.80%. The project is scheduled for completion in the second half of 2026.

These revenues is fully offset by construction costs, of the same amount, and corresponds to the investments by Cemig D and Gasmig in assets of the concession in the period.

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Transmission concession revenue

The Company’s transmission revenue is composed of: (i) Operation and Maintenance (O&M) Revenue; (ii) Construction Revenue and (iii) Financial Remuneration of the Contractual Asset.

This revenue totaled R$323,743 in the second quarter of 2025, compared to R$319,037 in the same period of the previous year, representing an increase of 1.48%.

Taxes and regulatory charges reported as deductions from revenue

Taxes and charges on revenue in 2Q25 totaled R$3,490,507, compared to R$3,427,961 in 2Q24 –a reduction of 1.82%.

Costs and expenses

Operational costs and expenses in 2Q25 were R$9,222,663, compared to R$7,441,898 in 2Q24, representing an increase of 23.93%. The main variations in components of this total are as described below.

Energy bought for resale

The cost of electricity purchased for resale is composed as follows:

The cost of energy purchased for resale in 2Q25 was R$4,547,303, which compares to R$3,693,227 in 2Q24, an increase of 23.13%. The main factors here were:

There was a 30.46% increase in the cost of energy purchased in the free market, totaling R$1,656,838 in the second quarter of 2025, compared to R$1,269,988 in the second quarter of 2024. This increase was mainly due to the higher purchase volume required to offset energy deficits in relation to contracted commitments, as well as the rise in market prices in 2025.

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In the second quarter of 2025, there was a 268.29% increase in short-term energy costs, totaling R$489,394 compared to R$132,881 in the second quarter of 2024. This increase was mainly driven by the sharp rise in the PLD (Settlement Price for Differences) in the Southeast/Central-West submarket, which was not offset by the PLD in the Northeast and North submarkets.

In the trading activity, the Company's exposure to price differences between submarkets negatively affected the results. Further details can be found in the 'Trading Segment Performance' section.

In the distribution activity, the negative impact of this exposure is mitigated by the CVA mechanism, which is offset in the subsequent tariff adjustment. Additionally, the unfavorable hydrological scenario in the second quarter of 2025 resulted in a low average MRE (Energy Reallocation Mechanism) of 0.95, compared to 0.99 in the same period of the previous year, leading to an increase in the values passed through related to Hydrological Risk.

a 21.22% increase in the cost of distributed generation, totaling R$846,075 in the second quarter of 2025, compared to R$697,974 in the second quarter of 2024. This variation is due to the increase in the number of generating installations (336,669 in the second quarter of 2025, compared to 273,174 in the second quarter of 2024) and the higher volume of energy injected into the grid (1,797 GWh in the second quarter of 2025, compared to 1,487 GWh in the second quarter of 2024).

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Revaluation of the Existing System Basic Network (RBSE)

In June 2025, Aneel published ReH No. 3,469, which amended the Allowed Annual Revenue (RAP) related to the financial component of the assets of the Existing System Basic Network (RBSE), previously approved by ReH No. 2,852/2021. As a result, the Company carried out a revaluation of the RBSE contractual asset, recording a reduction of R$219,168 in the contractual asset. Further details can be found in explanatory note No. 10.

Expected credit losses

In the second quarter of 2025, there was a 95.99% reduction in expected credit losses, amounting to R$3,098, compared to R$77,300 in the second quarter of 2024. This variation is mainly due to the change, effective from August 2024, in the time limit for full recognition of losses—from 24 to 36 months for regular consumption customers, and from 12 to 18 months for irregular consumption customers—in order to achieve a more accurate estimate of credit risk exposure for Cemig D's captive customers. This change is reflected over a 12-month period, impacting the second quarter of 2025. Additional information on the composition of costs, expenses, and other revenues is provided in explanatory note No. 22.

Net finance revenue

The financial result corresponded to a financial expense of R$262,960 in the second quarter of 2025, compared to a financial income of R$118,119 in the same period of 2024. This variation is mainly associated with the following factors:

Monetary variation and debenture charges

The total monetary variation and debenture charges represented an expense of R$445,093 in the second quarter of 2025, compared to an expense of R$293,606 in the same period of 2024, representing a 51.60% increase. This variation is mainly due from the contracting of Cemig D’s 11th, 12th, and 13th debenture issuances, which increased the Company's debt level and, consequently, these expenses.

The composition of financial income and expenses is presented in explanatory note No. 23.

Update of taxes refundable to consumers

The update of tax credits related to PIS/Pasep and Cofins, resulting from the exclusion of ICMS from their calculation basis, and of the liability refundable to consumers is presented at net value.

A net financial income of R$4,345 was recognized in the second quarter of 2025, compared to a net financial income of R$406,414 in the same period of the previous year. In the second quarter of 2024, the remaining balance of the liability 'Amounts refundable to consumers' was written off, as it had been returned through tariff revisions, with a corresponding entry in the financial result, which increased the financial result for that period.

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Income tax and social contribution

In 2Q25 the Company posted an expense on income tax and the Social Contribution tax of R$189,809 (R$462,337 in 2Q24), on pre-tax income of R$1,378,090 (R$2,150,923 in 2Q24) – an effective rate of 13.77% (21.49in 2Q24).

The effective rates are reconciled with the nominal rates in Note 8d.

Results by segment

The results presented separately by segment do not consider eliminations from the consolidated operations between the segments.

Distribution segment performance

For 2Q25 Cemig’s electricity distribution operations posted net income of R$550,554, compared to R$1,060,436 in 2Q24, representing a reduction of 48.08%. The main changes are presented below.

Ebitda - Distribution	Apr to Jun/2025 (R$)	Apr to Jun/2024 (R$)	Variation (%)
Net Income for the Period	550,550	1,060,437	-48.08
Income Tax and Social Contribution Expense	147,391	350,163	-57.91
Financial Result	257,444	(305,459)
Depreciation and Amortization	254,372	224,113	13.5
EBITDA (per CVM Resolution 156)	1,209,757	1,329,254	-8.99
Non-recurring and Non-cash Effects
Post-employment Liability Remeasurement	(16,163)	-	-
Voluntary Termination Program	20,812	56,468	-63.14
Reversal of Tax Provisions - INSS on Profit Sharing (Note 22)	0	(513,331)
Adjusted EBITDA	1,214,406	872,391	39.20

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Net revenue

Net revenue for this segment increased by 14.91%, reaching R$7,269,939 in the second quarter of 2025 compared to R$6,326,844 in the same period of 2024. The main variations are presented below:

Revenue from supply of electricity

Cemig D's revenue from the supply of electricity is composed of energy delivered to captive consumers and energy compensated through micro and mini distributed generation by customers. This revenue was R$6,090,187 in the second quarter of 2025, compared to R$5,881,556 in the second quarter of 2024, representing an increase of 3.55%. This variation mainly due to the following factors:

increase of 4.27% in the average billed price per MWh (R$853.44/MWh in the second quarter of 2025 compared R$805.82 in the same period of 2024), primarily due to the annual tariff adjustment of Cemig D, effective as of May 28, 2024;

increase of 3.23% in electricity consumption by the residential segment, mainly driven from the increase in the amount of energy compensated by customers through micro and mini distributed generation; and

On the other hand, there was a 35.69% reduction in the industrial class due to the migration of captive consumers to the free market.

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Revenue from charging - Free Consumers

Increase of 12.92% on revenue from charging Free Consumers the Tariff for Use of the Distribution System (Tarifa de Uso do Sistema de Distribuição, or TUSD) resulting from the charges imposed on free consumers for the use of distributed energy. In 2Q25 this revenue was R$1,424,464, compared to R$1,261,441 for the same period in the previous year. This variation results primarily due to the distributor's annual tariff adjustment.

Construction revenue

The Construction revenues associated with construction of infrastructure for the distribution concession totaled R$1.231.705 in 2Q25, compared to R$1.078.688 in the same period in the previous year, showing an increase of 14.19%. This variation is basically due to the increase in the number of works due to the Distribution Development Plan (Plano de Desenvolvilmenot da Distribuição, or PDD), mainly in distribution networks. This revenue is fully offset by construction costs and corresponds to the Cemig D’s investments in assets of the concession.

Costs and expenses

Total costs and expenses for the distribution segment amounted to R$6,314,552 in the second quarter of 2025, compared to R$5,221,703 in the same period of 2024, representing an increase of 20.93%. The main changes are presented below.

Cost of electricity purchased for resale

There was a 14.65% increase in the cost of electricity purchased for resale, totaling R$2,917,439 in the second quarter of 2025, compared to R$2,544,751 in the second quarter of 2024. This variation is mainly associated with the following factors:

An increase of 173.92% in short-term energy costs, totaling R$333,854 in the second quarter of 2025 compared to R$121,879 in the same period of 2024. This variation was mainly due to the sharp rise in the PLD (Settlement Price for the Difference) in the Southeast/Central-West submarket, which was not offset by the PLD in the Northeast and North submarkets. Additionally, the unfavorable hydrological scenario resulted in a low MRE (Energy Reallocation Mechanism). In the distribution activity, the negative effect of this exposure is mitigated by the CVA mechanism, being compensated in the subsequent tariff adjustment. Additionally, the unfavorable hydrological scenario in the second quarter of 2025 resulted in a low average MRE (Energy Reallocation Mechanism) of 0.95, compared to 0.99 in the same period of the previous year.

A increase of 21.22% in distributed generation costs, totaling R$846,075 in the second quarter of 2025, compared to R$697,973 in the same period of 2024, mainly due to the increase in the number of generating installations and the volume of energy injected into the grid.

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The costs of electricity purchased for resale are non-manageable, and the difference between the reference values used to define tariffs and the actual costs incurred is compensated in the subsequent tariff adjustment.

Expected Credit Losses

In the second quarter of 2025, there was a reduction of 96.99% in expected credit losses, totaling a provision of R$2,184, compared to a provision of R$72,477 in the same period of the previous year. This difference is primarily due to the change, effective from August 2024, in the recognition period limit for losses, which increased from 24 to 36 months for regular consumption customers, and from 12 to 18 months for irregular consumption customers, aiming to achieve a more accurate estimate of credit risk exposure for Cemig D's captive consumers. This change is reflected over a 12-month period, impacting the second quarter of 2025.

Provisions for contingencies

Cemig D recognized provisions for contingencies in the amount of R$86,353 in the second quarter of 2025, compared to a net reversal of R$459,529 in the same period of 2024.

The main variation occurred in tax-related contingencies, due to the recognition of a provision reversal of R$513,331 in the second quarter of 2024, following a favorable first-instance court decision for the Company, which ordered the cancellation of the charge and the termination of the tax enforcement process related to social security contributions on Profit Sharing (PLR).

Net financial result

In the second quarter of 2025, the financial result for this segment was a net expense of R$257,443, compared to a revenue of R$305,458 in the same period of the previous year. This variation is mainly associated with the increase in charges and monetary restatement of debentures, resulting from the issuance of the 11^th, 12^th and 13^th series of debentures, which raised Cemig D’s debt level and, consequently, its financial expenses.

More detailed information on the variations and impacts presented in this segment is available in Cemig D’s interim financial statements.

Performance of the Transmission Segment

The transmission segment recorded a loss of R$2,841 in the second quarter of 2025, compared to a net profit of R$108,947 in the second quarter of 2024. The main variations are described below.

Ebitda - Transmission	Apr to Jun/2025 (R$)	Apr to Jun/2024 (R$)	Variation (%)
Net Income for the Period	(2,841)	108,947	–
Income Tax and Social Contribution Expense	(36,693)	27,512	–
Financial Result	3,207	41,764	-92.32%
Depreciation and Amortization	4,652	(60)	–
EBITDA – per CVM Resolution 156	(31,675)	178,163	–
Non-recurring and Non-cash Effects
Post-employment Liability Remeasurement	(1,422)	–	–
RBSE Remeasurement (Note 10)	198,895	–	–
Voluntary Termination Program	1,187	10,064	-88.21%
Reversal of Tax Provisions – INSS on Profit Sharing (Note 22)	–	(32,967)	–
Adjusted EBITDA	166,985	155,260	7.55%

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The reduction in EBITDA for the transmission segment is mainly associated with the recognition of a decrease in the contract asset, in the amount of R$198,895, net of PIS/Pasep and Cofins, resulting from the remeasurement of the Existing System Basic Network (RBSE), due to changes introduced by Homologation Resolution No. 3,469/2025. Further details can be found in explanatory note No. 10.

Transmission concession revenue

The Company’s transmission revenue is composed of: (i) operation and maintenance revenue, (ii) construction revenue, and (iii) financial remuneration of the contractual asset.

Construction, reinforcement, and infrastructure improvement revenues totaled R$179,130 in the second quarter of 2025, compared to R$104,891 in the same period of 2024, representing a 70.78% increase. This variation is primarily due to the higher volume of investments in reinforcement and improvement works, project development, and the significant supply of high-value equipment.

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Construction costs

The transmission construction cost amounted to R$138,924 in the second quarter of 2025, compared to R$72,720 in the same period of 2024, representing an increase of 91.04%. The variation in value mainly reflects the largest volume was invested in reinforcement and improvement works, in the development of projects, with a significant supply of equipment that carries high financial value.

Remeasurement of the Existing System's Basic Network (RBSE)

In June 2025, ANEEL published Resolution No. 3,469, which amended the Allowed Annual Revenue (RAP) related to the financial component of the assets of the Existing System's Basic Network (RBSE), previously approved by Resolution No. 2,852/2021. As a result, the Company carried out the remeasurement of the RBSE contract asset, recording a reduction of R$219,168 in the contract asset. Further details can be found in explanatory note No. 10.

Finance income (expenses)

The transmission segment recorded a net financial expense of R$3,207 in the second quarter of 2025, compared to a net financial expense of R$41,764 in the same period of the previous year, representing a 92.32% reduction. Until December 2024, the Company recorded foreign exchange variation on loans related to Eurobonds. In accordance with the Company's policy, the allocation of this expense across segments impacted Generation, Transmission, and Equity Interests. The settlement of the Eurobonds in December 2024 eliminated Cemig’s exposure.

Detailed information on the variations and impacts presented in this segment is available in Cemig GT’s interim financial statements.

Performance of the Generation Segment

The generation segment reported a net income of R$449,724 in the second quarter of 2025, compared to R$315,039, representing a 42.75% increase, mainly due to changes in the financial result for the period.

This segment recorded net financial income of R$15,614 in the second quarter of 2025, compared to net financial expenses of R$75,996 in the same period of the previous year. Until December 2024, the Company accounted for exchange rate variations on loans related to Eurobonds. The allocation of this expense by segment, in accordance with the Company's policy, impacted the Generation, Transmission, and Holdings segments. The settlement of the Eurobonds in December 2024 eliminated Cemig’s exposure.

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Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

EBITDA – Generation Segment	Apr to jun/2025	Apr to jun/2024	Variation %
Net Income for the Period	449,724	315,039	42.75%
Income Tax and Social Contribution Expense	31,781	58,300	-45.49%
Financial Result	(15,614)	75,996	-
Depreciation and Amortization	78,044	83,670	-6.72%
EBITDA According to CVM Resolution 156	543,935	533,005	2.05%
Non-Recurring and Non-Cash Effects
Remeasurement of Post-Employment Benefit Liabilities	(2,302)	-	-
Voluntary Termination Program	1,920	9,312	-79.38%
Reversal of Tax Provisions – INSS on Profit Sharing (Note 22)	-	(30,503)	-
Adjusted EBITDA	543,553	511,814	6.20%

The EBITDA evolution is as follows:

Detailed information on the variations and impacts presented in this segment is available in Cemig GT’s interim financial statements.

Performance of the Trading Segment

The Trading Segment recorded a net profit of R$6,481 in the second quarter of 2025, compared to R$101,008 in the second quarter of 2024, representing a 93.58% decrease. This variation is mainly due to the increase in short-term electricity costs, primarily driven by the Company's exposure to price differences between submarkets.

EBITDA – Trading Segment	Apr to jun/2025	Apr to jun/2024	Variation %
Net Income for the Period	6,481	101,008	-93,58%
Income Tax and Social Contribution Expense	(3,961)	(576)	587,67%
Financial Result	(4,121)	(6,921)	-40,46%
Depreciation and Amortization	3	4	-25,00%
EBITDA According to CVM Resolution 156	(1,598)	93,515	-
Non-Recurring and Non-Cash Effects
Remeasurement of Post-Employment Benefit Liabilities	(326)	-	-
Recognition of Civil Provisions – Energy Purchase and Sale	-	52,647	-
Voluntary Termination Program	272	1,541	-82,35%
Reversal of Tax Provisions – INSS on Profit Sharing (Note 22)	-	(5,049)	-
Adjusted EBITDA	(1,652)	142,654	-

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This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

The cost of electricity purchased for resale amounted to R$1,950,946 in the second quarter of 2025, compared to R$1,469,585 in the second quarter of 2024, representing a 32.75% increase. The main reasons for this increase are detailed below.

Electricity Costs – Price Differences Between Submarkets

Due to transmission constraints, flow optimization, and system balancing, the National Interconnected System (Sistema Interligado Nacional, or SIN) is divided into four submarkets: South (S), Southeast/Central-West (SE/CO), Northeast (NE), and North (NO).

In addition to its own resources, the Company also relies on energy acquired from third parties to meet market demand. Since 2018, the Company has contracted an average of 900 MW from solar and wind energy projects located in the Northeast to supply most of its load, which is concentrated in the South and Southeast/Central-West submarkets. The current composition of the Company’s energy portfolio results in a surplus in the Northeast submarket and a deficit in the Southeast/Central-West submarket. Due to transmission constraints between submarkets, short-term prices may vary across regions.

The price received for the sale of surplus energy in the Northeast and the price paid for energy acquired to cover the deficit in the South and Southeast/Central-West is measured by the PLD (Settlement Price for the Differences) established for each of these submarkets. When the PLD is the same across submarkets, there is no impact on the Company’s results. However, in the second quarter, due to transmission constraints between submarkets, combined with changes in the system operation planning model and low inflows, there was a price divergence among the submarkets.

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The PLDs (Settlement Prices for the Differences) observed for the second quarter of 2025 and 2024 are as follows:

	Southeast/Central-West (SE/CO)	South (S)	Northeast (NE)	North (NO)
April 2024	61.07	61.07	61.07	61.07
May 2024	61.07	61.07	61.07	61.07
June 2024	66.41	66.40	66.40	66.41
April 2025	202.18	202.98	107.28	107.27
May 2025	212.58	233.39	124.98	125.19
June 2025	234.71	236.10	230.90	232.29

As presented in the previous table, during the second quarter of 2024, despite the Company's exposure to submarkets, there was no difference between the PLDs of the SE/CO, South, and Northeast submarkets, resulting in no impact on earnings. In the second quarter of 2025, however, the price differences between submarkets negatively affected the Company's results by R$76,133, increasing short-term energy purchase costs. This amount represents the residual effect between the sale of surplus energy in the Northeast and the purchase of energy in the South and Southeast submarkets.

The following chart details the Company’s exposure, in average MW (MWm), and the price difference between the SE/CO and South submarkets (analyzed jointly) compared to the Northeast submarket.

Performance of the Gas Segment

The Gas Segment recorded a net profit of R$150,820 in the second quarter of 2025, compared to R$137,823 in the second quarter of 2024, an increase of 9.43%. This variation was mainly driven by changes in financial results.

In the second quarter of 2025, the Gas Segment recorded financial income of R$4,533, compared to financial expenses of R$11,937 in the same period of the previous year. In fiscal year 2024, Gasmig did not have financial operations with interest eligible for capitalization. In December 2024, with the 9th debenture issuance, Gasmig raised funds for investments in its distribution network. The interest accrued on the operation was fully allocated to assets under construction during the period, resulting in improved financial performance.

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This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

Ebitda - Gas Segment	Apr–Jun/2025 (R$)	Apr–Jun/2024 (R$)	Variation (%)
Net Income for the Period	150,820	137,823	9.43%
Income Tax and Social Contribution Expense	71,765	62,904	14.09%
Financial Result	(4,533)	11,937	–
Depreciation and Amortization	25,438	24,085	5.62%
EBITDA – per CVM Resolution 156	243,490	236,749	2.85%
Non-recurring and Non-cash Effects
Net Income Attributable to Non-controlling Shareholders	(648)	(593)	9.27%
Adjusted EBITDA	242,842	236,156	2.83%

Additional detailed information regarding the variations and impacts presented in this segment is available in Gasmig’s interim financial statements.

Equity interests, and the holding company

The Equity Interests and Holding Segment recorded a net profit of R$33,547 in the second quarter of 2025, compared to a net loss of R$34,668 in the second quarter of 2024.

Adjusted EBITDA – Holding/Investments Segment	Apr–Jun/2025 (R$)	Apr–Jun/2024 (R$)	Variation (%)
Net Income for the Period	33,547	(34,668)	–
Income Tax and Social Contribution Expense	(20,474)	(35,966)	–
Financial Result	26,577	64,564	-58.84%
Depreciation and Amortization	5,884	5,967	-1.39%
EBITDA – per CVM Resolution 156	45,534	(103)	–
Non-recurring and Non-cash Effects
Post-employment Liability Remeasurement	(948)	–	–
Voluntary Termination Program	1,200	763	57.27%
Reversal of Tax Provisions – INSS on Profit Sharing	–	(2,500)	–
Adjusted EBITDA	45,786	(1,840)	–

Av. Barbacena, 1200 – Santo Agostinho – 30190-131 Belo Horizonte, MG – Brazil – Fax (+55-31) 3506-5026 – Tel.: (+55-31) 3506-5024

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

This variation is mainly associated with the higher equity method result recorded for the jointly controlled entity Taesa, which amounted to R$106,957 in the second quarter of 2025, compared to R$51,707 in the same period of the previous year.

Av. Barbacena, 1200 – Santo Agostinho – 30190-131 Belo Horizonte, MG – Brazil – Fax (+55-31) 3506-5026 – Tel.: (+55-31) 3506-5024

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

INTERIM FINANCIAL INFORMATION

STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2025, AND DECEMBER 31, 2024

ASSETS

(In thousands of Brazilian Reais)

	Note	Consolidated		Parent company
	Note	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2025		Dec. 31, 2024
CURRENT
Cash and cash equivalents	5	1,757,787	1,898,224	134,464		417,258
Marketable securities	6	1,221,070	357,913	291,356		3,743
Receivables from customers, traders and concession holders	7	5,651,867	5,596,248	421,758		454,286
Concession financial assets	9	1,232,360	1,190,020	-		-
Concession contract assets	10	1,109,923	1,140,037	-		-
Recoverable taxes		551,193	510,963	3,515		1,687
Income tax and social contribution tax credits	8a	152,812	7,283	-		-
Dividends receivables	24	63,382	111,367	2,192,679		2,088,913
Restricted Funds	17	45,106	235,206	2,514		11,465
Public lighting contribution		327,073	296,061	-		-
Reimbursement of tariff subsidies		623,470	208,688	-		-
Other assets		819,038	623,708	38,051		55,566
		13,555,081	12,175,718	3,084,337		3,032,918

Assets classified as held for sale	27	57,114	56,864	-		-

TOTAL CURRENT		13,612,195	12,232,582	3,084,337		3,032,918

NON-CURRENT
Long-term assets		24,985,060	23,365,059		2,506,907	2,338,017
Marketable securities	6	56,439	134,606	14,284		1,215
Receivables from customers, traders and concession holders	7	276,672	253,925	2,829		3,863
Recoverable taxes		1,507,199	1,454,662	576,003		564,822
Income tax and social contribution tax recoverable	8a	511,669	582,348	323,037		239,102
Deferred income tax and social contribution tax	8c	2,348,044	2,333,721	1,155,644		1,089,940
Escrow deposits		1,207,197	1,196,083	318,445		324,763
Reimbursement of tariff subsidies		15,620	-	-		-
Accounts receivable from the State of Minas Gerais	24	34,987	40,393	34,987		40,393
Concession financial assets	9	7,642,329	6,881,394	-		-
Concession contract assets	10	11,243,748	10,326,877	-		-
Other assets		141,156	161,050	81,678		73,919
Investments - Equity method	11	3,275,291	3,221,020	27,227,104		27,054,069
Property, plant and equipment	12	3,910,084	3,715,105	656		713
Intangible assets	13	17,247,304	16,805,900	5,332		4,004
Leasing - right of use assets	14a	381,295	387,170	2,359		2,417
TOTAL NON-CURRENT		49,799,034	47,494,254	29,742,358		29,399,220
TOTAL ASSETS		63,411,229	59,726,836	32,826,695		32,432,138

The accompanying notes are an integral part of these interim financial information.

Av. Barbacena, 1200 – Santo Agostinho – 30190-131 Belo Horizonte, MG – Brazil – Fax (+55-31) 3506-5026 – Tel.: (+55-31) 3506-5024

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2025, AND DECEMBER 31, 2024

LIABILITIES

(In thousands of Brazilian Reais)

	Note	Consolidated		Parent company
	Note	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2025	Dec. 31, 2024
CURRENT
Suppliers	15	3,080,310	2,951,571	370,204	354,177
Regulatory charges		462,985	343,944	-	-
Profit sharing		92,893	111,045	11,487	18,398
Taxes payable	16	749,371	724,521	137,322	133,146
Income tax and social contribution	8b	159,260	162,975	-	-
Interest on equity and dividends payable		2,865,571	3,611,198	2,862,904	3,608,821
Debentures	17	2,747,228	2,876,548	-	-
Payroll and related charges		255,802	217,415	13,573	11,782
Public lighting contribution		496,942	475,032	-	-
Accounts payable related to energy generated by residential consumers		1,640,563	1,251,298	-	-
Post-employment obligations	18	218,428	232,898	25,839	20,406
Concession financial liabilities	9	-	16,470	-	-
Amounts to refund to customers	16	371,510	526,499	-	-
Leasing liabilities	14b	86,030	79,228	233	233
Other liabilities		446,189	565,166	42,641	44,373
TOTAL CURRENT		13,673,082	14,145,808	3,464,203	4,191,336

NON-CURRENT
Regulatory charges		128,466	171,893	4,624	4,624
Debentures	17	12,516,709	9,402,752	-	-
Taxes payable	16	487,885	496,253	-	-
Deferred income tax and social contribution	8c	1,421,542	1,543,290	-	-
Provisions	19	1,959,945	1,853,043	346,870	333,908
Post-employment obligations	18	4,117,758	4,072,608	533,309	519,931
Amounts to refund to customers	16	158,531	166,089	-	-
Leasing liabilities	14b	340,262	349,972	2,547	2,579
Other liabilities		128,189	142,049	1,975	1,974
TOTAL NON-CURRENT		21,259,287	18,197,949	889,325	863,016
TOTAL LIABILITIES		34,932,369	32,343,757	4,353,528	5,054,352

EQUITY
Share capital	20	14,308,909	14,308,909	14,308,909	14,308,909
Capital reserves		393,093	393,093	393,093	393,093
Profit reserves		13,575,648	13,575,648	13,575,648	13,575,648
Equity valuation adjustments		(898,517)	(899,864)	(898,517)	(899,864)
Retained earnings		1,094,034	-	1,094,034	-
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT		28,473,167	27,377,786	28,473,167	27,377,786
Non-Controlling interests		5,693	5,293	-	-
TOTAL EQUITY		28,478,860	27,383,079	28,473,167	27,377,786
TOTAL LIABILITIES AND EQUITY		63,411,229	59,726,836	32,826,695	32,432,138

The accompanying notes are an integral part of these interim financial information.

Av. Barbacena, 1200 – Santo Agostinho – 30190-131 Belo Horizonte, MG – Brazil – Fax (+55-31) 3506-5026 – Tel.: (+55-31) 3506-5024

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

INCOME STATEMENTS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025, AND 2024

(In thousands of Brazilian Reais, except earnings per share)

Note	Consolidated		Parent company
Note	Jan to Jun/2025	Jan to Jun/2024	Jan to Jun/2025	Jan to Jun/2024

NET REVENUE	21	20,630,526	18,493,858	1,976,693	1,952,784

COSTS
Cost of energy and gas	22a	(11,331,859)	(9,883,222)	(1,874,653)	(1,568,732)
Infrastructure and construction cost	22b	(2,665,235)	(2,147,914)	-	-
Operating costs	22c	(2,642,633)	(1,933,575)	(12,030)	(11,940)
		(16,639,727)	(13,964,711)	(1,886,683)	(1,580,672)

GROSS PROFIT		3,990,799	4,529,147	90,010	372,112

EXPENSES AND OTHER REVENUE
Expected credit losses	22c	(53,726)	(153,153)	87	(9,309)
General and administrative expenses	22c	(371,569)	(375,446)	(36,671)	(20,956)
Other expenses	22c	(580,594)	(457,253)	(73,894)	(77,515)
Other revenue	22d	-	42,989	-
		(1,005,889)	(942,863)	(110,478)	(107,780)

Share of profit, net, of affiliates, subsidiaries and joint ventures	11	119,537	129,212	2,211,366	2,593,461
Income before financial revenue (expenses) and taxes		3,104,447	3,715,496	2,190,898	2,857,793

Finance income	23	485,442	927,008	(29,476)	26,961
Finance expenses	23	(998,033)	(989,875)	(859)	(306)
		(512,591)	(62,867)	(30,335)	26,655

Income before income tax and social contribution tax		2,591,856	3,652,629	2,160,563	2,884,448

Current income tax and social contribution tax	8d	(508,224)	(409,241)	-	(41,436)
Deferred income tax and social contribution tax	8d	143,389	(401,911)	65,318	(2,631)
		(364,835)	(811,152)	65,318	(44,067)

NET INCOME FOR THE PERIOD		2,227,021	2,841,477	2,225,881	2,840,381
Total of net income for the period attributed to:
Equity holders of the parent		2,225,881	2,840,381	2,225,881	2,840,381
Non-controlling interests		1,140	1,096	-	-
		2,227,021	2,841,477	2,225,881	2,840,381
Basic and diluted earnings per preferred share - R$	20	0,78	0.99
Basic and diluted earnings per common share - R$	20	0,78	0.99

The accompanying notes are an integral part of these interim financial information.

Av. Barbacena, 1200 – Santo Agostinho – 30190-131 Belo Horizonte, MG – Brazil – Fax (+55-31) 3506-5026 – Tel.: (+55-31) 3506-5024

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

INCOME STATEMENTS

FOR THE THREE-MONTH PERIODS ENDED JUNE 30, 2025, AND 2024

(In thousands of Brazilian Reais, except earnings per share)

	Note	Consolidated		Parent company
	Note	Apr to Jun/2025	Apr to Jun/2024	Apr to Jun/2025	Apr to Jun/2024
NET REVENUE	21	10,786,295	9,435,991	1,032,471	942,588

COSTS
Cost of energy and gas	22a	(5,809,115)	(5,019,191)	(948,688)	(773,477)
Infrastructure and construction cost	22b	(1,463,371)	(1,226,933)	-	-
Operating costs	22c	(1,363,676)	(686,180)	(5,867)	(5,990)
		(8,636,162)	(6,932,304)	(954,555)	(779,467)

GROSS PROFIT		2,150,133	2,503,687	77,916	163,121

EXPENSES AND OTHER REVENUE
Expected credit losses	22c	(3,098)	(77,300)	28	(3,315)
General and administrative expenses	22c	(177,602)	(205,700)	(14,064)	(5,437)
Other expenses	22c	(405,801)	(226,594)	(43,763)	(48,895)
		(586,501)	(509,594)	(57,799)	(57,647)

Share of profit, net, of affiliates, subsidiaries and joint ventures		77,418	38,711	1,166,096	1,578,346
Income before financial revenue (expenses) and taxes		1,641,050	2,032,804	1,186,213	1,683,820

Finance income	23	302,444	725,474	(13,578)	13,885
Finance expenses	23	(565,404)	(607,355)	(81)	(96)
		(262,960)	118,119	(13,659)	13,789

Income before income tax and social contribution tax		1,378,090	2,150,923	1,172,554	1,697,609

Current income tax and social contribution tax	8d	(249,538)	(149,309)	-	(10,930)
Deferred income tax and social contribution tax	8d	59,729	(313,028)	15,079	1,314
		(189,809)	(462,337)	15,079	(9,616)

NET INCOME FOR THE PERIOD		1,188,281	1,688,586	1,187,633	1,687,993
Total of net income for the period attributed to:
Equity holders of the parent		1,187,633	1,687,993	1,187,633	1,687,993
Non-controlling interests		648	593	-	-
		1,188,281	1,688,586	1,187,633	1,687,993
Basic and diluted earnings per preferred share - R$	20	0,42	0.59
Basic and diluted earnings per common share - R$	20	0,42	0.59

The accompanying notes are an integral part of these interim financial information.

Av. Barbacena, 1200 – Santo Agostinho – 30190-131 Belo Horizonte, MG – Brazil – Fax (+55-31) 3506-5026 – Tel.: (+55-31) 3506-5024

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025, AND 2024

(In thousands of Brazilian Reais)

	Consolidated		Parent company
	Jan to Jun/2025	Jan to Jun/2024	Jan to Jun/2025	Jan to Jun/2024
NET INCOME FOR THE PERIOD	2,227,021	2,841,477	2,225,881	2,840,381
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss in subsequent periods
Post retirement liabilities - remeasurement of obligations of the defined benefit plans	11,006	-	(1,134)	-
Income tax and social contribution tax on remeasurement of defined benefit plans	(3,742)	-	386	-
Equity gain (loss) on other comprehensive income in subsidiary and jointly controlled entity	-	-	8,012	-
Other comprehensive income	-	(734)	-	(734)
	7,264	(734)	7.264	(734)
COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAXES	2,234,285	2,840,743	2,233,145	2,839,647

Total of comprehensive income for the period attributed to:

ENERGY CO OF MINAS GERAIS 6-K