6-K 1 ebrpr4q24_6k.htm 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of March, 2025

Commission File Number 1-34129

CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS

(Exact name of registrant as specified in its charter)

BRAZILIAN ELECTRIC POWER COMPANY

(Translation of Registrant's name into English)

Rua da Quitanda, 196 – 24th floor,
Centro, CEP 20091-005,
Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

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

Form 20-F ___X___ Form 40-F _______

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

Yes _______ No___X____

TABLE OF CONTENTS |
1. CONSOLIDATED RESULT | IFRS AND REGULATORY | 7
2. EBITDA | 9
3. ENERGY TRADING | 12
4. INVESTMENTS AND EXPANSION PROJECTS | 13
5. INDEBTEDNESS | 18
6. COMPULSORY LOAN | 20
7. CASH FLOW | 21
8. FINANCIAL PERFORMANCE | 22
8.1. Operating Revenue | 22
8.2. Operating Costs and Expenses | 26
8.3. Equity Holdings | 33
8.4. Financial Results | 34
8.5. Current and Deferred Taxes | 37
9. OPERATING PERFORMANCE | 38
9.1. Generation Segment | 38
9.2. Transmission Segment | 41
9.3. ESG | 42
10. APPENDIX | 43
10.1. Appendix 1 - Accounting Statements | 43
10.2. Appendix 2 - Statement on Thermal Power Plants Sale | 48
10.3. Appendix 3 - Statement on the Incorporation of Furnas | 48
10.4. Appendix 4 - EBITDA IFRS | 49
10.5. Appendix 5 - Transmission Regulatory Revenue - Adjustment Portion (PA) | 49
10.6. Appendix 6 - IFRS Generation Revenue | 51
10.7. Appendix 7 - IFRS Transmission Revenue | 52
10.8. Appendix 8 - Financing and Loans Granted (Receivables) | 52
10.9. Appendix 9 - IFRS vs. Regulatory Reconciliation | 53

Earnings Release 4Q24 | 3

ELETROBRAS RELEASES 4TH QUARTER 2024 RESULTS

HIGHLIGHTS 4Q24

| ▪ | Regulatory Net Operating Revenue: up 4.2% from 4Q23, reaching R$ 10,704 million: (+) growth in generation revenue, reflecting both a 6.6% increase in average price and a 6.0% increase in volume. The increase in volume is explained by higher sales in both the ACL and the short-term markets. (-) R$ 483 million YoY reduction in RAP related to the 2024 Periodic Tariff Review (RTP), with R$ 328 million related to Adjustment Portion (PA) Postponement.

| ▪ | Adjusted PMSO: R$ 2,040 million (up 6.8% YoY), impacted by the following adjustments in Personnel:

(a) R$ 182 million in Voluntary Dismissal Plan (PDV) adjustments

(b) R$ 69 million in severance costs

(c) R$ 42 million for legal consulting related to the contingency reduction strategy.

| ▪ | Adjusted provisions: net provision of R$ 406 million, impacted by:

(a) lower estimated credit losses (ECL), resulting from a R$ 226 million reduction in ECL from consumers and resellers, added to the R$ 66 million increase with estimated losses for events of other natures;

(b) R$ 161 million improvement in actuarial report results. On the downside, certain reversals that impacted 4Q23 results were not recorded this quarter

| ▪ | Regulatory adjusted EBITDA: R$ 5,089 million (down 6.4% YoY), despite the increase in generation revenue, the result was negatively impacted by:

(a) higher costs from energy purchased for resale;

(b) lower transmission revenue;

(c) higher costs and expenses from personnel, materials, services and others (PMSO).

On the other hand, the positive results in the provisions and equity income lines helped mitigate these impacts.

Earnings Release 4Q24 | 4

Table 1 - Adjustments on Regulatory EBITDA (R$ mm) |
| 4Q24
Regulatory EBITDA | 5,444
PMSO | 292
Voluntary Dismissal Plan (PDV) - Provision | 182
Severance Costs | 69
Success fee for legal consulting related to the contingency reduction strategy | 42
Provisions | -552
Provision for Litigation | 427
ECL - Loans and financing | 4
Onerous contracts | -251
Estimated losses on investments | -217
Impairment | -540
Provision for the Implementation of Lawsuits - Compulsory Loan | 23
Other revenues and expenses | -95
Total Adjustments on Regulatory EBITDA | -355
Regulatory Adjusted EBITDA | 5,089

| ▪ | Adjusted IFRS Net Income: R$ 517 million[1] (92.4% sequential drop), reflecting the R$ 5,417 million impact in 3Q24 from the recognition of the transmission assets remeasurement after the 2024 RTP.

| ▪ | Investments: R$ 2,775 million in 4Q24 (-40.1% YoY), mainly due to the R$ 1,728 million contributions in 4Q23, which had no counterpart in 4Q24, and lower investments in implementation and expansion following the completion of the Coxilha Negra project. In 2024, investments totaled R$ 7,709 million (-14.5% YoY), reflecting a reduced need for contributions to SPEs due to improved management.

| ▪ | Shareholders' Remuneration: Proposed dividend distribution of R$ 4,000 million related to the 2024 results, of which R$2.202 billion was already paid as interim dividends in January 2025. The dividends represent 41% of the parent company's net income for the fiscal year 2024 after deducting the legal reserve of 5%, and 60% of the regulatory net income, marking the largest shareholder remuneration distribution in the Company's history. Total shareholder remuneration, including share buybacks, reached R$4.1 billion in 2024.

[1] The difference from the reported number in 3Q24 relates to the R$ 758 million regulatory remeasurement adjustment in the holding company. Although the remeasurement was recognized in the 3Q24, the corresponding deferred tax expense was accounted for in 4Q24.

Earnings Release 4Q24 | 5

MAIN FINANCIAL AND OPERATING INDICATORS

Table 2 - Operating Highlights

| 4Q24 | 4Q23 | ∆% | 3Q24 | ∆%
Generation and Trading |  |  |  |  |
Installed Generation Capacity (MW) | 44,246 | 44,654 | -0.9 | 44,191 | 0.1
Assured Capacity (aMW)(1) | 21,915 | 22,294 | -1.7 | 21,915 | 0.0
Net Generation (TWh) | 143.5 | 146.9 | -2.4 | 113.2 | 26.8
Energy Sold ACR (TWh)(2)(5) | 9.9 | 10.8 | -8.3 | 13.7 | -27.7
Energy Sold ACL (TWh)(3) | 18.5 | 14.3 | 29.4 | 16.4 | 12.8
Energy Sold Quotas (TWh)(4) | 8.7 | 11.6 | -25.0 | 8.7 | 0.0
Average ACR Price (R$/MWh) | 216.07 | 220.23 | -1.9 | 255.88 | -15.6
Average ACL Price (R$/MWh) | 170.48 | 193.72 | -12.0 | 154.15 | 10.6
Transmission |  |  |  |  |
Transmission lines (km) | 74,013 | 73,789 | 0.3 | 73,958 | 0.1
RAP (R$ mm) (6) | 17,095 | 17,765 | -3.8 | 17,015 | 0.5

(1) Assured Capacity (AC) reflects: (a) Ordinance GM/MME 544/21, which established the revision of AC values for plants that had their concessions renewed due to the capitalization (Quota regime plants: Tucuruí, Itumbiara, Sobradinho, Mascarenhas de Moraes, and Curuá-Una), leading to a significant AC reduction effective from 2023; (b) Ordinance GM/MME 709/22, which introduced an Ordinary Review of the AC for hydroelectric power plants effective from 2023, impacting several Eletrobras plants; (c) the AC increase at Santa Cruz TPP due to the completion of the Combined Cycle, following ANEEL Order 481 of Feb 23, 2023 that authorized the start of commercial operations for a new generating unit at the plant; (d) the decommissioning of Candiota III TPP as of Jan/2024; (e) the inclusion of newly consolidated SPEs: HPPs Teles Pires (Oct 2023), Baguari (Oct 2023), Retiro Baixo (Nov 2023), and Santo Antônio (Nov 2023); and (f) the inclusion of the expanding wind farms Casa Nova B and Coxilha Negra with full AC in 2024 (2) Does not include quotas (3) Includes contracts under Law 13.182/2015

(4) The figures presented refer to the Assured Capacity of quotas in GWh

(5) The significant increase in 3Q24 compared to 2Q24 was driven by ACR contracts resulting from the Tucuruí Hydrological Risk Renegotiation, with high amounts only in July and August

(6) Approved RAP for the current regulatory cycle, associated with active modules at the end of each period, including those operational at the start of the cycle as well as those that commenced commercial operations during the period. Includes transmission contracts from Eletrobras Holding, Chesf, CGT Eletrosul, Eletronorte, TMT, and VSB.

Table 3 - Financial Highlights

| 4Q24 | 4Q23 | ∆% | 3Q24 | ∆% | 12M24 | 12M23 | ∆%
Financial Indicators |  |  |  |  |  |  |  |
Gross Revenue | 13,914 | 11,858 | 17.3 | 12,960 | 7.4 | 47,725 | 44,475 | 7.3
Adjusted Gross Revenue | 13,914 | 11,858 | 17.3 | 12,960 | 7.4 | 47,725 | 44,495 | 7.3
Net Operating Revenue | 12,025 | 9,922 | 21.2 | 11,043 | 8.9 | 40,182 | 37,159 | 8.1
Adjusted Net Operating Revenue | 12,025 | 9,922 | 21.2 | 11,043 | 8.9 | 40,182 | 37,146 | 8.2
Regulatory Net Operating Revenue | 10,704 | 10,275 | 4.2 | 10,596 | 1.0 | 40,735 | 37,977 | 7.3
EBITDA | 5,027 | 1,055 | 376.7 | 12,159 | -58.7 | 26,237 | 17,352 | 51.2
Adjusted EBITDA | 4,672 | 3,805 | 22.8 | 11,964 | -60.9 | 25,488 | 19,262 | 32.3
Regulatory EBITDA | 5,444 | 2,856 | 90.6 | 6,970 | -21.9 | 24,235 | 20,458 | 18.5
Adjusted Regulatory EBITDA | 5,089 | 5,434 | -6.4 | 6,775 | -24.9 | 23,487 | 22,195 | 5.8
EBITDA Margin (%) | 41.8 | 10.6 | 31.2pp | 110.1 | -68.3pp | 65.3 | 46.7 | 18.6
Adjusted EBITDA Margin (%) | 38.9 | 38.4 | 0.5pp | 108.3 | -69.5pp | 63.4 | 51.9 | 11.6
Return on Equity (ROE %) | 8.5 | 3.9 | 4.6pp | 8.4 | 0.1pp | 8.5 | 3.9 | 4.6
Adjusted Gross Debt | 74,646 | 60,118 | 24.2 | 68,774 | 8.5 | 74,646 | 60,118 | 24.2
Adjusted Net Debt (Adj Net Debt) | 37,671 | 40,130 | -6.1 | 38,897 | -3.2 | 37,671 | 40,130 | -6.1
Adj Net Debt/Adjusted LTM EBITDA | 1.5 | 2.1 | -29.1 | 1.6 | -6.4 | 1.5 | 2.1 | -29.1
Net Income | 1,112 | 893 | 24.5 | 7,195 | -84.5 | 10,381 | 4,395 | 136.2
Adjusted Net Income | 517 | 1,141 | -54.7 | 6,805 | -92.4 | 8,796 | 4,715 | 86.6
Investments | 2,775 | 4,632 | -40.1 | 1,713 | 62.0 | 7,709 | 9,018 | -14.5

Earnings Release 4Q24 | 6

HIGHLIGHTS OF CONSOLIDATED RESULTS

1. CONSOLIDATED RESULT | IFRS AND REGULATORY

Table 4 - Income Statement IFRS (R$ mm)

| 4Q24 | 4Q23 | 3Q24 | 12M24 | 12M23
| IFRS | Adjustment | Adjusted | Adjusted | % Y/Y | Adjusted | % Q/Q | Adjusted | Adjusted | % Y/Y
Generation | 7,986 | 0 | 7,986 | 7,221 | 10.6 | 8,348 | -4.3 | 28,096 | 26,636 | 5.5
Transmission | 5,773 | 0 | 5,773 | 4,558 | 26.6 | 4,566 | 26.4 | 19,293 | 17,432 | 10.7
Others | 155 | 0 | 155 | 79 | 97.3 | 46 | 236.7 | 337 | 426 | -20.9
Gross Revenue | 13,914 | 0 | 13,914 | 11,858 | 17.3 | 12,960 | 7.4 | 47,725 | 44,495 | 7.3
(-) Deductions from Revenue | -1,889 | 0 | -1,889 | -1,936 | -2.4 | -1,918 | -1.5 | -7,544 | -7,348 | 2.7
Net Revenue | 12,025 | 0 | 12,025 | 9,922 | 21.2 | 11,043 | 8.9 | 40,182 | 37,146 | 8.2
Energy resale, grid, fuel and construction | -5,385 | 0 | -5,385 | -3,899 | 38.1 | -4,014 | 34.2 | -15,302 | -11,810 | 29.6
Personnel, Material, Services and Others | -2,332 | 292 | -2,040 | -1,911 | 6.8 | -1,692 | 20.6 | -6,784 | -7,354 | -7.7
Operating provisions | 146 | -552 | -406 | -571 | -28.8 | -251 | 61.7 | -1,241 | -770 | 61.1
Regulatory remeasurements - Transmission contracts | 0 | 0 | 0 | 0 | 0.0 | 6,130 | -100.0 | 6,130 | -12 | -50,576
Other income and expenses | 95 | -95 | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0
EBITDA, before Equity holdings | 4,549 | -355 | 4,194 | 3,542 | 18.4 | 11,216 | -62.6 | 22,985 | 17,200 | 33.6
Equity holdings | 478 | 0 | 478 | 264 | 81.5 | 749 | -36.1 | 2,503 | 2,062 | 21.4
EBITDA | 5,027 | -355 | 4,672 | 3,805 | 22.8 | 11,964 | -60.9 | 25,488 | 19,262 | 32.3
D&A | -1,033 | 0 | -1,033 | -899 | 14.9 | -990 | 4.3 | -3,988 | -3,621 | 10.1
EBIT | 3,995 | -355 | 3,639 | 2,906 | 25.2 | 10,974 | -66.8 | 21,500 | 15,641 | 37.5
Financial Result | -2,930 | 175 | -2,755 | -2,123 | 29.8 | -2,225 | 23.8 | -10,510 | -9,827 | 6.9
EBT | 1,064 | -180 | 884 | 784 | 12.9 | 8,749 | -89.9 | 10,990 | 5,813 | 89.0
Income Tax and Social Contribution | 48 | -415 | -367 | 358 | -202.6 | -1,944 | -81.1 | -2,195 | -1,099 | 99.8
Net Income[2] | 1,112 | -595 | 517 | 1,141 | -54.7 | 6,805 | -92.4 | 8,796 | 4,715 | 86.6

[2] The difference from the reported number in 3Q24 relates to the R$ 758 million regulatory remeasurement adjustment in the holding company. Although the remeasurement was recognized in the 3Q24, the corresponding deferred tax expense was accounted for in 4Q24.

Earnings Release 4Q24 | 7

Table 5 - Regulatory DRE (R$ mm)

| 4Q24 | 4Q23 | 3Q24 | 12M24 | 12M23
| Regulatory | Adjustment | Adjusted | Adjusted | % Y/Y | Adjusted | % Q/Q | Adjusted | Adjusted | % Y/Y
Generation | 8,018 | 0 | 8,018 | 7,221 | 11.0 | 8,001 | 0.2 | 28,694 | 26,636 | 7.7
Transmission | 4,419 | 0 | 4,419 | 4,911 | -10.0 | 4,467 | -1.1 | 19,250 | 18,250 | 5.5
Others | 156 | 0 | 156 | 79 | 98.5 | 45 | 245.4 | 335 | 426 | -21.4
Gross Revenue | 12,593 | 0 | 12,593 | 12,211 | 3.1 | 12,513 | 0.6 | 48,279 | 45,312 | 6.5
(-) Deductions from Revenue | -1,889 | 0 | -1,889 | -1,936 | -2.4 | -1,918 | -1.5 | -7,544 | -7,348 | 2.7
Net Revenue | 10,704 | 0 | 10,704 | 10,275 | 4.2 | 10,596 | 1.0 | 40,735 | 37,964 | 7.3
Energy resale, grid, fuel and construction | -3,757 | 0 | -3,757 | -2,714 | 38.4 | -3,135 | 19.8 | -11,717 | -9,243 | 26.8
Personnel, Material, Services and Others | -2,366 | 292 | -2,074 | -1,913 | 8.4 | -1,702 | 21.9 | -6,857 | -7,346 | -6.6
Operating provisions | 402 | -552 | -150 | -463 | -67.6 | 405 | -137.0 | -725 | -746 | -2.8
Regulatory remeasurements - Transmission contracts | 0 | 0 | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0
Other income and expenses | 95 | -95 | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0
EBITDA, before Equity holdings | 5,079 | -355 | 4,724 | 5,185 | -8.9 | 6,165 | -23.4 | 21,436 | 20,630 | 3.9
Equity holdings | 365 | 0 | 365 | 249 | 46.5 | 610 | -40.2 | 2,051 | 1,565 | 31.0
EBITDA | 5,444 | -355 | 5,089 | 5,434 | -6.4 | 6,775 | -24.9 | 23,487 | 22,195 | 5.8
D&A | -1,620 | 0 | -1,620 | -1,581 | 2.5 | -1,490 | 8.7 | -6,038 | -5,569 | 8.4
EBIT | 3,824 | -355 | 3,469 | 3,853 | -10.0 | 5,285 | -34.4 | 17,448 | 16,626 | 4.9
Financial Result | -3,210 | 175 | -3,035 | -2,122 | 43.0 | -2,351 | 29.1 | -11,201 | -9,409 | 19.0
EBT | 614 | -180 | 434 | 1,731 | -74.9 | 2,934 | -85.2 | 6,247 | 7,218 | -13.4
Income Tax and Social Contribution | 1,078 | -415 | 663 | 205 | 223.3 | -1,168 | -156.8 | -791 | -1,272 | -37.8
Net Income | 1,692 | -595 | 1,097 | 1,936 | -43.3 | 1,766 | -37.9 | 5,456 | 5,946 | -8.2

Earnings Release 4Q24 | 8

2. EBITDA

In 4Q24, Adjusted Regulatory EBITDA totaled R$ 5,089 million, down R$ 345 million from 4Q23. Despite the increase in generation revenue, this result was negatively impacted by:

(a) Higher costs with energy purchased for resale;

(b) Lower transmission revenue;

(c) Higher personnel, materials and services costs and expenses. However, positive results in provisions and equity income helped mitigate these effects.

Table 6 - Adjusted Regulatory EBITDA (R$ mm)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Net Revenue (1) | 10,704 | 10,275 | 4.2 | 10,596 | 1.0 | 40,735 | 37,964 | 7.3
Energy resale, grid charges, fuel | -3,757 | -2,714 | 38.4 | -3,135 | 19.8 | -11,717 | -9,243 | 26.8
- Personnel, Material, Services and Others | -2,074 | -1,913 | 8.4 | -1,702 | 21.9 | -6,857 | -7,346 | -6.6
- Operating provisions (1) | -150 | -463 | -67.6 | 405 | -137.0 | -725 | -746 | -2.8
- Other income and expenses | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0
+ Equity Holdings | 365 | 249 | 46.5 | 610 | -40.2 | 2,051 | 1,565 | 31.0
Adjusted Regulatory EBITDA | 5,089 | 5,434 | -6.4 | 6,775 | -24.9 | 23,487 | 22,195 | 5.8

(1) Amounts of R$482 million in 2Q24 and R$432 million in 1Q24 were recognized as revenue from Amazonas Energia. Due to default, these balances were also fully recorded in operating provisions. In 3Q24, revenue from Amazonas Energia continued to be recognized. Since part of Balbina’s revenue remained in default, R$29 million was provisioned in 3Q24 and R$32 million in 4Q24. Revenue from thermal plants in 3Q24 was not provisioned, while R$376 million of the previously defaulted amount before 3Q24 was reversed from the provision. In 4Q24, revenue from thermal plants was recognized without any corresponding provision.

(2) In 3Q24, a non-recurring expense of R$ 89 million, recognized under other operating expenses and related to court rulings from cases prior to 2022, was adjusted in EBITDA. During the preparation of the 2024 financial statements, it was identified that a portion of court ruling expenses recognized in 2Q24, totaling R$ 118 million, also pertained to cases prior to 2022. Since this amount had not been classified as non-recurring at the time of the 2Q24 results disclosure, the adjustment was made in this 2024 disclosure. In 3Q24, non-recurring expenses of R$89 million, recognized in other operating expenses related to court rulings in cases prior to 2022, were adjusted in EBITDA. Due to this reclassification, the amount for 9M24 in this earnings release differs by R$118 million from the previously reported figures.

Transmission revenue was R$ 4,419 million in 4Q24, down R$ 492 million from 4Q23, mainly driven by reductions in Annual Permitted Revenue (RAP) and the adjustment portion (PA), revised as part of the Periodic Tariff Adjustment and Annual Adjustment processes for the 2024-2025 regulatory cycle, which started in July 2024.

Generation revenue was R$ 8,018 million in 4Q24, up R$ 796 million compared to 4Q23, mainly due to higher revenues in the free contracting environment (ACL) of R$ 450 million and in the short-term market of R$ 981 million, which were partially offset by lower revenues in the regulated contracting environment (ACR) of R$ 190 million and from plants under the quota regime of R$ 296 million.

However, this increase in revenue was more than offset by generation-related costs, which went up by R$ 1,042 million to R$ 3,757 million in 4Q24. The main driver was energy purchased for resale, which increased by R$ 1,136 million, while the other two components of this cost line, network usage charges and fuel expenses for energy production, decreased by R$ 23 million million and R$ 71 million million, respectively.

Still on generation, it is worth noting the progress in receivables related to energy sold by Eletrobras Group’s thermal plants to Amazonas Energia (AmE) following the resumption of its recognition in 3Q24. In 4Q24 the regulatory gross revenue from energy sold by thermal plants and Balbina HPP totaled R$1.4 billion. Approximately 60% of the total was billed under the Reserve Energy Contract (CER) and was received through the Reserve Energy Charge. The remaining 40%, billed to AmE is divided into three groups:

Earnings Release 4Q24 | 9

| (a) | Contracts undergoing conversion to CER (15% of the total);

| (b) | Sales contracts from thermal plants classified as Independent Energy Producers, which were paid by AmE (15% of the total); and

| (c) | Energy sold by Balbina HPP (10% of the total).

The only unpaid portion of R$ 32 million corresponds to approximately 25% of the energy sold by Balbina HPP, and it accounts for the difference between regulatory and IFRS gross revenue. In the IFRS accounting, this portion was not recognized as revenue, whereas in the regulatory accounting, it was recognized and fully provisioned.

Table 7 - Amazonas Energia (R$ mm)

| Regulatory | IFRS
Gross Revenue, HPP Balbina | 129 | 97
Paid | 97 | 97
Outstanding | 32 | 0
Provision, HPP Balbina | -32 | 0

Personnel, Material, Services and Others (PMSO) spending went up by R$ 161 million YoY, totaling R$ 2,074 million in 4Q24. This increase is primarily driven by legal expenses related to the Company’s strategy of reducing contingencies, contributing to the structural mitigation of liabilities, as well as by the increase in taxes and charges, reflecting contributions made to the Electric Energy Research Center (CEPEL).

Provisions fell from R$ 463 million in 4Q23 to R$ 150 million in 4Q24, down R$ 313 million. Key highlights include:

| (a) | a R$161 million improvement in expected credit losses (ECL), as a result of the R$266 million reduction in ECL from consumers and resellers added to the R$66 million increase in events of other nature, and

| (b) | R$161 million improvement in gains from actuarial reports. On the downside, we note some reversals that impacted 4Q23 results and were not recorded this quarter.

Finally, equity income showed an improvement of R$ 116 million million, reaching R$ 365 million in 4Q24.

Earnings Release 4Q24 | 10

Adjusted IFRS EBITDA

Adjusted IFRS EBITDA reached R$ 4,672 million in 4Q24, up 22.8% from 4Q23. Unlike the regulatory result, there was an increase in transmission and generation revenue, which along with the reduction in provisions, and the improvement in equity income more than offset the decline in generation results, even when factoring in the costs of energy purchased for resale, fuel and network usage charges, as well as higher PMSO expenses.

Table 8 - Adjusted IFRS EBITDA (R$ mm)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Net Revenue (1) | 12,025 | 9,922 | 21.2 | 11,043 | 8.9 | 40,182 | 37,146 | 8.2
Energy resale, grid charges, fuel | -5,385 | -3,899 | 38.1 | -4,014 | 34.2 | -15,302 | -11,810 | 29.6
Regulatory remeasurement – Transmission Contracts | 0 | 0 | 0.0 | 6,130 | -100.0 | 6,130 | -12 | N/A
- Personnel, Material, Services and Others | -2,040 | -1,911 | 6.8 | -1,692 | 20.6 | -6,784 | -7,354 | -7.7
- Operating provisions (1) | -406 | -571 | -28.8 | -251 | 61.7 | -1,241 | -770 | 61.1
- Other income and expenses | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0
+ Equity Holdings | 478 | 264 | 81.5 | 749 | -36.1 | 2503 | 2062 | 21.4
Adjusted IFRS EBITDA | 4,672 | 3,805 | 22.8 | 11,964 | -60.9 | 25,488 | 19,262 | 32.3

The table detailing the EBITDA calculation, in accordance with CVM Resolution 156/2022, can be found in Appendix 4 of this document.

Earnings Release 4Q24 | 11

3. ENERGY TRADING

Eletrobras companies sold 37.1 TWh of energy in 4Q24, up 1.1% compared to the 36.7 TWh traded in 4Q23. The volumes sold include energy from plants under the quota regime, renewed under Law 12.783/2013, as well as from plants operating under the exploration regime (Free Contracting Environment – ACL and Regulated Contracting Environment – ACR). Additionally, it includes energy from the consolidated Special Purpose Entities - SPEs, specifically: HPPs Teles Pires (starting Oct/23), Baguari (starting Oct/23), Retiro Baixo (starting Nov/23), and Santo Antônio (starting Nov/23).

Table 9 - Energy Balance 4Q24 (aMW)

| 2024 | 2025 | 2026 | 2027
Resources with no impact on the balance sheet (1) | 1,192 | 0 | 0 | 0
Resources (A) | 14,523 | 15,750 | 16,540 | 17,624
Own resources (2) (3) (4) (5) | 12,894 | 14,159 | 15,406 | 16,572
Hydraulic | 12,704 | 13,911 | 15,158 | 16,324
Wind | 189 | 248 | 248 | 248
Energy Purchase | 1,629 | 1,591 | 1,134 | 1,052
Limit => |  | Lower | Higher | Lower | Higher | Lower | Higher
Sales (B) (6) | 12,882 | 10,438 | 12,938 | 8,519 | 10,519 | 6,570 | 8,070
ACR - Except quotas | 3,635 | 3,438 | 3,519 | 3,070
ACL - Bilateral Contracts + STM implemented (range) (6) | 9,247 | 7,000 | 9,500 | 5,000 | 7,000 | 3,500 | 5,000
Average prices Contracts signed |  |  |  |  |  |  |
Limit => |  | Lower | Higher | Lower | Higher | Lower | Higher
Average Price of Sales Contracts (ACR and ACL - R$/MWh) | 180 | 170 | 180 | 180 | 200 | 185 | 215
Balance (A - B) | 1,641 | 5,312 | 2,812 | 8,021 | 6,021 | 11,054 | 9,554
Balance considering estimated hedge (9) | 0 | 2,780 | 280 | 5,262 | 3,262 | 8,083 | 6,583
Uncontracted energy considering estimated hedge (9) | 0% | 18% | 2% | 32% | 20% | 46% | 37%

Contracts signed up to 12/30/2024.

The energy balance reflects the SPEs consolidated into Eletrobras, including Santo Antônio HPP (since 3Q22) and HPPs Baguari and Retiro Baixo (since 4Q23) in terms of resources, sales, and average prices. Similarly, Teles Pires HPP, the SPE consolidated into Eletronorte (since 4Q23), is also included.

| 1. | The energy balance does not include Independent Energy Producer (IEP) contracts resulting from the Amazonas Distribuidora de-verticalization process, thermal plant availability contracts, or Assured Capacity Quotas, whether in terms of resources, sales (requirements), or average prices. These resources are recorded only for 2024 and are not considered for future years due to divestments.

| 2. | Own Resources include the decotization plants (new IEPs) and the New Grants (Sobradinho, Itumbiara, Tucuruí, Curuá-Una, and Mascarenhas de Moraes). For hydroelectric projects, an estimate of GFIS2 was considered, representing the Assured Capacity while factoring in Adjustment Factors for Internal Losses, Losses in the Basic Grid, Availability, and portfolio-specific adjustments.

| 3. | The revised Assured Capacity values, as outlined in Ordinance No. 709/GM/MME, of November 30, 2022, have been taken into account.

| 4. | With decotization, plants currently operating under the quota regime are gradually granted new concessions under the IEP regime over a five-year period beginning in 2023. The Assured Capacity values were established in Ordinance GM/MME No. 544/21.

| 5. | Considering the new concession grants from 2023 onward for the Sobradinho, Itumbiara, Tucuruí, Curuá-Una, and Mascarenhas de Moraes plants, whose Assured Capacity values were established in Ordinance GM/MME No. 544/21.

| 6. | The balances for 2025 to 2027 include approximately 200 aMW of intercompany transactions, impacting both energy purchase and sales lines in the ACL.

Table 10 - Assured Capacity Quotas of Hydroelectric Power Plants (aMW)

| 2024 | 2025 | 2026 | 2027
Assured Capacity Quotas | 3,939 | 2,626 | 1,313 | 0

| 7. | This excludes the Assured Capacity of Jaguari HPP (12.7 aMW), which grant remains under Eletrobras’ provisional management.

| 8. | Decotization will occur gradually over a five-year period beginning in 2023. The Assured Capacity values applied from 2023 onward are those established in Ordinance GM/MME No. 544/21.

| 9. | The figures represent an estimate of uncontracted energy. The projected value for 2024 was 87.1%, while for subsequent years, the average historical GSF from 2018 to 2023 was 81.8% was considered.Source: CCEE, obtained from the CCEE website at the following link: CCEE Data and Analysis (in Portuguese only, select the MRE option in the panel). It is important to note that this is only an estimate, based on historical data and past events.

Earnings Release 4Q24 | 12

4. INVESTMENTS AND EXPANSION PROJECTS

Table 11 - Investments (R$ mm)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Generation Corporate | 827 | 1,238 | -33.2 | 534 | 54.8 | 2,595 | 2,727 | -4.9
Implementation / Expansion | 283 | 492 | -42.4 | 216 | 31.0 | 1,210 | 1,183 | 2.3
Maintenance | 543 | 746 | -27.1 | 318 | 70.9 | 1,385 | 1,545 | -10.3
Transmission Corporate | 1,442 | 1,372 | 5.0 | 966 | 49.3 | 3,706 | 3,528 | 5.0
Expansion | 136 | 80 | 70.1 | 93 | 46.1 | 255 | 214 | 19.1
Reinforcements and improvements | 1,266 | 1,194 | 6.0 | 830 | 52.5 | 3,304 | 3,062 | 7.9
Maintenance | 40 | 98 | -59.5 | 42 | -5.8 | 147 | 252 | -41.6
Infrastructure and Others | 507 | 295 | 72.1 | 213 | 137.5 | 922 | 552 | 67.0
SPEs1 | 0 | 1,728 | -100.0 | 0 | 0.0 | 486 | 2,211 | -78.0
Generation - Contributions | 0 | 53 | -100.0 | 0 | 0.0 | 478 | 109 | 339.2
Generation - Acquisition | 0 | 1,098 | -100.0 | 0 | 0.0 | 0 | 1,496 | -100.0
Transmission - Contributions | 0 | 0 | 0.0 | 0 | 0.0 | 8 | 29 | -72.1
Transmission - Acquisition | 0 | 577 | -100.0 | 0 | 0.0 | 0 | 577 | -100.0
Total | 2,775 | 4,632 | -40.1 | 1,713 | 62.0 | 7,709 | 9,018 | -14.5

(1) In 2Q24 and 12M24, the R$478 million capital contribution in Generation was allocated to Teles Pires HPP to rebalance its capital structure.

Earnings Release 4Q24 | 13

Transmission

Investments in transmission totaled R$ 1,442 million in 4Q24, mainly in reinforcements and improvements (R&I) that reached R$ 1,266 million, distributed as follows:

Table 12 - Investments in Transmission[3]

Transmission (R$ mm) | 4Q24
Reinforcements and Improvements | 1,266
Eletrobras Holding | 507
Eletronorte | 173
Chesf | 415
CGT Eletrosul | 170
Maintenance | 40
Eletrobras Holding | 11
Eletronorte | 25
Chesf | 0
CGT Eletrosul | 4
Expansion | 136
Eletrobras Holding | 88
Eletronorte | 48
Chesf | 0
CGT Eletrosul | 0
Total | 1,442

| ▪ | Eletrobras Holding: R$ 507 million, of which R$ 398 million is large-scale and R$ 109 million is small-scale, with emphasis on the Substations Ivaiporã, Itaberá, Grajaú, Vitória, Poços de Caldas, Adrianópolis, Araraquara, Brasília, Viana and Campinas.

| ▪ | Eletronorte: R$ 173 million, of which R$ 114 million was large-scale and R$ 59 million was small-scale, with emphasis on the Porto Velho, Imperatriz, Marabá, Vila do Conde and Colinas substations.

| ▪ | Chesf: R$ 415 million, of which R$ 207 million were large-scale and R$ 208 million were small-scale, with emphasis on the Delmiro Gouveia, Messias, Jardim and Teresina, Bongi, Poções, Piauí, Jacaracanga and Jardim substations.

| ▪ | CGT Eletrosul: R$ 170 million, of which R$ 136 million was large-scale and R$ 34 million was small-scale, with emphasis on the Gravataí, Curitiba, Areia, Assis and Blumenau substations.

[3] For more information on the Composition of Eletrobras Holding, see Appendix 3.

Earnings Release 4Q24 | 14

Generation

Investments in generation totaled R$ 827 million in 4Q24 with the main expenditures allocated to:

Table 13 - Investments in Generation[4]

Generation (R$ mm) | 4Q24
Maintenance | 543
Eletrobras Holding | 160
Eletronorte | 218
Chesf | 155
CGT Eletrosul | 11
Expansion | 283
Eletrobras Holding | 9
Eletronorte | 0
Chesf | 42
CGT Eletrosul | 233
Total | 827

| ▪ | Expansion: R$ 232 million by CGT Eletrosul for the expansion of the Coxilha Negra Wind Farm, with commercial operation of wind turbines in 3Q24, and R $41 million by Chesf for the Casa Nova B wind farm.

| ▪ | Maintenance: R$ 218 million by Eletronorte, with emphasis on the Tucuruí HPP and the Aparecida and Mauá 3 TPPs; R$ 155 million by Chesf to replace equipment at the Paulo Afonso IV and Sobradinho plants, and R$ 126 million by Furnas, with emphasis on the Itumbiara, Corumbá, Mascarenhas de Moraes, Santa Cruz and Manso HPPs.

[4] For more information on the Composition of Eletrobras Holding, see Appendix 3.

Earnings Release 4Q24 | 15

Expansion Projects - Transmission

Large-Scale Projects

| ▪ | Sampling: 241 projects[5], including the Itaipu HVDC System Revitalization project. In 4Q24, 21 projects were removed—20 were energized, and one was revoked—while 17 new authorizations were issued by the regulator.

| ▪ | Estimated investment: R$13.2 billion, excluding the Itaipu HVDC System Revitalization project, as Eletrobras is responsible solely for the execution, and therefore does not benefit from associated revenue while being fully reimbursed for the amount disbursed.

| ▪ | Additional associated RAP: R$1.8 billion between 2025-2030.

| ▪ | Auctions: the following SPEs stand out: Nova Era Janapu, which was part of the sample since 2Q24, while Nova Era Catarina, Nova Era Ceará, Nova Era Integração and Nova Era Teresina were added in 3Q24.[6]

Small-Scale Projects

| ▪ | Sampling: database of the Improvement and Reinforcement Plan Management System (SGPMR).

| ▪ | Projects: 10,003 small-scale events under implementation or to be implemented, of which 9,446 were improvements and 584 were reinforcements.

Expansion Projects - Generation

Two projects are currently under construction and, once completed, will add approximately 330 MW to Eletrobras’ installed capacity.

Coxilha Negra Wind Farm (302 MW capacity, located in Rio Grande do Sul state)

| ▪ | Estimated Investment: R$2.4 billion

| ▪ | Completion of assembly for 71 out of 72 wind turbines; 36 are already in commercial operation, while 26 are in test mode.

| ▪ | Test operations began in February 2024, with staggered commercial operations started in July 2024.

| ▪ | Physical implementation progress: 97%.

| ▪ | Expected start of full operations: 2Q25.

Casa Nova B Wind Farm (27 MW capacity, located in Bahia state)

| ▪ | Estimated Investment: R$ 151 million

| ▪ | Physical works: completion of civil construction for the Medium Voltage Network and Line Entry

| ▪ | Medium Voltage (MV) Network: MV network connections will be finalized after wind turbine assembly is completed, which is scheduled for 4Q25. By the end of 4Q24, 18 out of 35 wind turbines had been assembled.

[5] Refers to reinforcements, improvements, and auction projects. Considers projects registered in ANEEL’s Transmission Management System (SIGET). Projects are included upon entry into the system and removed when canceled or placed into commercial operation. The 241 projects will contribute approximately 2,400 km of transmission lines and 11,500 MVA in substations.

[6] Each of the 5 SPEs created holds the contracts signed in last years' transmission auctions. SPE Nova Era Janapu holds contract no. 09/2023-ANEEL for the 4th lot of auction 01-2023; SPE Nova Era Teresina holds contract no. 04/2024-ANEEL for the 1st lot of auction 01-2024; SPE Nova Era Ceará holds contract no. 06/2024-ANEEL for the 3rd lot of auction 01-2024; SPE Nova Era Integração holds contract no. 08/2024-ANEEL for the 5th lot of auction 01-2024; and SPE Nova Era Catarina holds contract no. 12/2024-ANEEL for the 9th lot of auction 01-2024.

Earnings Release 4Q24 | 16

| ▪ | Other advances: In 4Q24 equipment such as hubs, generators, as well other smaller items such as cables and connectors, were delivered.

| ▪ | Physical implementation progress: 86%, considering both phases of the project. Casa Nova A, which accounts for 60% of the project, is 100% complete, while Casa Nova B, representing the remaining 40%, is 66% complete.

| ▪ | Expected start of full operations: 1Q26

Earnings Release 4Q24 | 17

5. INDEBTEDNESS

Net debt totaled R$ 37.7 billion in 4Q24, down R$ 1,226 million from 3Q24 and R$ 2.5 billion from 4Q23. The Net Debt/Adjusted Regulatory EBITDA ratio reached 1.6x in 4Q24, 1.6x in 3Q24 and 1.8x in 4Q23.

As a result of liability management and a 50 bps increase in the Brazilian basic interest rate (Selic), the Company's average debt maturity was extended by 10.7 months, while the total average cost decreased to CDI + 0.1% p.a. from CDI + 1.5% p.a. in 4Q23.

Table 14 - Net Debt (R$ mm)

| 12/31/2024 | 9/30/2024 | 12/31/2023
(+) Gross Debt | 75,621 | 68,879 | 59,460
(+) Derivatives (currency hedge) Net | -974 | -105 | 658
(-) Cash and Cash Equivalents + Current Securities | 35,524 | 28,378 | 18,967
(-) Restricted Cash for Loans and Financing | 813 | 875 | 314
(-) Loans receivable | 639 | 624 | 628
(-) Net balance of Itaipu Financial Assets | 0 | 0 | 80
Net Debt | 37,671 | 38,897 | 40,130

Funding in 2024

Throughout 2024, several fundraising operations were carried out by the Eletrobras Group companies, totaling R$ 31 billion:

| ▪ | In April, Eletrobras’ carried out its first joint and coordinated issuance, marking the start of using standardized instruments, streamlining the issuance process and reducing costs. In total, approximately R$ 5.5 billion in debentures were issued, with around R$3.4 billion allocated for debt amortization in 2024. Also in April, SPE Transnorte Energia, through its 3rd issue of debentures, raised R$450 million at a CDI+0.94% rate and maturing in 2 years.

| ▪ | In June, the second joint issuance was concluded, consisting of: a) R$ 4.9 billion in debentures in Chesf, with a cost of IPCA+6.77% p.a. and a term of 7 years; and b) R$ 2.0 billion in Commercial Notes and R$ 4.0 billion in bank debts in the Holding, with costs of, respectively, CDI+0.75% p.a. and ranging from CDI+0.69% to 1.84% p.a., both maturing in 2 years.

| ▪ | In September, bonds were issued with a 10-year maturity at a 6.50% p.a. cost. In addition, SPE Transnorte Energia[7], through its 4th issue of debentures, raised R$ 450 million, at CDI+0.49% and maturing in 24 months, and signed a bank credit bill with Banco da Amazônia for R$ 800 million, at IPCA+4.4477% p.a. and maturing in December 2041.

| ▪ | At the same time, additional funding operations were carried out in September, including: a) the 4th issuance of Chesf debentures and the 6th issuance of Eletronorte debentures, both in the amount of R$ 1.9 billion, with costs ranging from CDI+0.85% to 1.05% p.a. and maturities of 7 and 10 years; and b) the 6th issuance of Eletrobras debentures, totaling R$1.6 billion, with a cost of IPCA+6.88% p.a. and a 10-year maturity. All debentures were settled in early October.

[7] SPE Transnorte Energia is responsible for constructing the 500 kV transmission line between Manaus and Boa Vista, which will connect the state of Roraima to the National Interconnected System (SIN). Eletronorte currently holds a 50.4% stake in the SPE, and in April 2023, a shareholders’ agreement was signed, outlining a progressive increase in Eletronorte’s stake over the coming years, subject to necessary consents, with an option to acquire the project after it becomes operational. It is worth noting that this SPE's debt is not consolidated into Eletrobras’ debt.

Earnings Release 4Q24 | 18

| ▪ | In December, CGT Eletrosul secured R$ 1.0 billion through two bank loans at costs of CDI + 0.19% and CDI + 0.30% p.a., both with a one-year maturity. In the same month, the Holding obtained US$ 400 million in financing, backed by the Italian Export Credit Agency – Servizi Assicurativi Del Commercio Estero SPA (SACE). The loan was contracted at a cost of SOFR + 1.40% p.a., with a currency swap to CDI + 1.30%, and a ten-year term.

Chart 1 - Loans and Financing Payable (R$ billion)

Table 15 - Gross Debt Breakdown

Creditor | Index | Average cost (per year) | Total Balance (R$ million) | Share of Total (%)
Debêntures e Nota comercial | CDI | CDI + 0,09% to 2,20% | 23,919 | 31.6
Debêntures e Nota comercial | IPCA | IPCA + 3,75% to 7,029% | 15,985 | 21.1
BNDES | TJLP, IPCA | IPCA + 5,38% to 6,41%; TJLP to TJLP + 3,28% | 6,741 | 8.9
Banco do Brasil | CDI, IPCA, TJLP | TJLP + 1,89% to 2,13%, CDI + 2% to 2,25%, IPCA to 6,56% | 2,099 | 2.8
Caixa Econômica Federal | IPCA | IPCA + 6,56% | 1,519 | 2.0
Bradesco | IPCA, CDI | IPCA + 6,56%; CDI + 2,09% to 2,17% | 1,369 | 1.8
Banco do Nordeste do Brasil | IPCA, TFC | IPCA + 2,33% to 6,56%, 2,94% to 9,5% | 1,506 | 2.0
Petrobras / Vibra Energia | Selic | Selic | 115 | 0.2
Itaú | IPCA, CDI | IPCA + 6,56%; CDI + 0,30% to 2,28% | 609 | 0.8
Other Creditors | CDI, IPCA, TJLP, Fixed Rate | CDI + 0,19% to 2,20%, IPCA + 6,56%; 2,94% to 10%; TJLP + 5% | 5,213 | 6.9
Foreign Currency - Bonds and other debts | USD | 1,40% a 4,63% | 15,815 | 20.9
Foreign currency - other debts | EUR | 2,00% a 4,4212% | 729 | 1.0
TOTAL |  |  | 75,621 | 100.0

*It is important to note that the Company has carried out exchange rate hedge operations for certain foreign currency debts. The data below presents these debts along with their respective equivalent rates (post-hedge) linked to the CDI:

Bonds 2025 - 97.41% of CDI

Bonds 2030 - CDI + 1.70% p.a.

Bonds 2035 - 122.59% of CDI

Citibank - CDI + 0.19% to 1.70% p.a.

Itaú - CDI + 0.30% p.a.

** Exposure to BNDES only considers contracts under the BNDES Direto line.

Earnings Release 4Q24 | 19

6. COMPULSORY LOAN

Eletrobras has implemented measures to mitigate risks associated with legal proceedings related to compulsory loans on electricity, which involve the monetary adjustment of book-entry credits.To address this, the company has strengthened its legal defense strategy and pursued settlements with discounts and full resolution of lawsuits.

As a result of the negotiations:

| ▪ | the inventory of provisions was reduced by R$ 779 million compared to 3Q24 and R$3.6 billion compared to 4Q23, totaling R$13.6 billion in 4Q24, mainly due to the agreements signed;

| ▪ | net reversal of R$ 369 million in provisions due to agreements signed and favorable decisions in 4Q24;

| ▪ | as a result of the reduction in provision inventory, financial expenses related to monetary restatement decreased from R$ 236 million in 4Q23 and R$ 214 million in 3Q24 to R$ 175 million in 4Q24.

Thus, as from 3Q22, when negotiations began, the provision inventory related to this set of lawsuits fell by R$12.2 billion, from R$25.8 billion to the current R$13.6 billion, even considering the accumulated monetary restatement of R$2.3 billion in the period. In addition, the agreements signed also allowed for the elimination of R$8.2 billion in legal risks considered "off balance", of which R$ 779 million is possible and R$ 7.4 billion is remote. These reductions are in line with the Company's strategy of reducing its legacy legal liabilities.

Chart 2 - Total inventory of compulsory loan provisions (R$ bn)

Earnings Release 4Q24 | 20

7. CASH FLOW

In 4Q24, funds generated by operating activities reached R$ 6.2 billion, up R$ 2.3 billion from the R$ 3.9 billion recorded in 4Q23.

Operating cash generation in 4Q24 was allocated to:

| ▪ | Capex execution (R$ 2.0 billion)

| ▪ | Debt service payment (R$ 1.6 billion)

| ▪ | Litigation payments (R$ 1.2 billion)

| ▪ | Dividends and share buyback (R$ 0.2 billion)

Table 16 - Cash Flow (R$ bn)

| 4Q24 | 4Q23 | ∆%
Ajusted Regulatory EBITDA, before Equity Holdings | 4.72 | 5.36 | -11.8
EBITDA Adjustment | 0.36 | -2.75 | -112.9
Income Tax and Social Contribution | -0.14 | -1.08 | -86.6
Working Capital | 0.87 | 1.89 | -54.2
Privatization Charges | 0.00 | 0.00 | -97.5
Dividends Received | 0.45 | 0.48 | -7.5
Operating Cash Flow | 6.25 | 3.90 | 60.1
Investments | -2.00 | -3.63 | -44.9
Free Cash Flow | 4.25 | 0.28 | 1,444.3
Debt Service | -1.58 | -1.69 | -6.7
Litigation | -1.23 | -0.95 | 30.2
Net Funding | 5.66 | -9.66 | -158.5
Receipt of Loans and Financial Charges | 0.01 | 0.06 | -91.1
Disposal of equity holdings | 0.00 | 0.00 | -100.0
Dividends | -0.18 | -0.24 | -25.4
Free Net Cash | 6.92 | -12.21 | -156.7
Change in Restricted Cash (short and long term) | 0.22 | 0.31 | -28.8
Change in Financial Investments (long-term) | 0.01 | -0.41 | -101.8
Net Cash | 7.15 | -12.31 | -158.1

*Excludes generation contributions.

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

Earnings Release 4Q24 | 21

FINANCIAL AND OPERATING RESULTS ANALYSIS

8. FINANCIAL PERFORMANCE

8.1. Operating Revenue

Regulatory Generation Revenue

Adjusted regulatory revenue was R$ 8,018 million in 4Q24, -R$ 32 million lower than adjusted IFRS generation revenue. This difference reflects the different treatment of the portion of revenue from Amazonas Energia related to outstanding unpaid amounts for energy sold by Balbina HPP.

Generation Revenue by Contracting Environment

Excluding the portion from construction and, primarily, the impact of eliminations from adjusted regulatory revenue, revenue from energy sales across all contracting environments totaled R$ 8,236 million in 4Q24, reflecting an YoY increase of R$ 945 million.

This growth occurred despite the negative impact of R$ 209 million from the sale or purchase of shares (M&A), either fully or partially, in generating plants, including:

| ▪ | sale of Candiota TPP, which contributed R$ 159 million in 4Q23; and

| ▪ | Reduction of R$ 50 million in revenue contribution from the Baguari and Retiro Baixo HPP plants. Although these plants were only consolidated in October and November 2023, respectively, they recorded a decline in revenue from the regulated contracting environment in 4Q24.

Excluding the M&A impact, the positive highlights were the respective increases of R$450 million and R$981 million in the free contracting and short-term market environments, driven by higher sales volumes in both environments and improved prices in the free market. On the negative side, there was an expected reduction of R$296 million in revenue from O&M energy sales from plants under the quota regime. Finally, revenue in the regulated environment saw a slight decrease R$19 million.

This 4Q24 result represented a 13% YoY growth in revenue, driven by YoY increases of 6.6% in average price and 6.0% in volume. It is worth noting that, in 4Q24, there was no increase in revenue related to contract extensions, as occurred with Tucuruí in 3Q24, valid only for a period of 50 days from July 12 to August 30, 2024.

The 1,104 MWm increase in volume is mainly explained by increases of 2,027 MWm in the free market and 863 MWm in the short-term market, more than offsetting the reductions of 1,360 MWm in energy sold in the form of quotas and 427 MWm in energy contracted in the regulated market.

Greater exposure to the short-term market provided an additional benefit due to better price performance in this environment compared to the rest of the portfolio. The Settlement Price of Differences (PLD) applied to invoiced volumes in this contracting environment increased nearly 2.8 times from 4Q23 to 4Q24, from R$77.7/MWh to R$215.0/MWh, considering the average price across the country’s four sub-markets, this performance outpaced the 2% drop in the average price observed in the other three contracting environments (from R$189.9/MWh in 4Q23 to R$186.2/MWh in 4Q24).

Earnings Release 4Q24 | 22

Table 17 - Generation Revenue by Contracting Environment (R$ mm)

Revenue Generation | Volume (aMW) (a) | Price (R$/MWh) (b) | Regulatory Revenue (c) = (a) x (b)
4Q24 | % Y/Y | % Q/Q | 4Q24 | % Y/Y | % Q/Q | 4Q24 | % Y/Y | % Q/Q
(+) Regulated Market | 4,320 | -9.0 | -31.1 | 309 | 3.2 | 4.3 | 2,946 | -6.1 | -28.1
Existing | 3,101 | -7.1 | -2.9 | 215 | 0.9 | 7.8 | 1,474 | -6.2 | 4.7
M&As (4) | 155 | -67.4 | 15.6 | 301 | 1.3 | 10.4 | 103 | -67.0 | 27.6
Tucuruí Extension | 0 | 0.0 | -100.0 | 0 | 0.0 | 0.0 | 0 | 0.0 | -100.0
Thermal | 1,065 | 13.8 | -0.4 | 582 | -4.0 | 7.3 | 1,369 | 9.3 | 6.8
(+) Free Market | 8,485 | 31.4 | 14.7 | 170 | -11.3 | 8.2 | 3,178 | 16.5 | 24.1
Existing | 8,485 | 31.4 | 14.7 | 170 | -11.3 | 8.2 | 3,178 | 16.5 | 24.1
M&As (4) | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0
(+) O&M (Quotas) | 3,901 | -25.8 | -1.0 | 86 | -3.5 | 2.5 | 745 | -28.4 | 1.5
(+) ST Market (CCEE)(1) | 2,840 | 43.7 | 60.8 | 218 | 145.9 | 22.3 | 1,368 | 253.4 | 96.7
(=) Ex others | 19,547 | 6.0 | 0.9 | 191 | 6.6 | 0.9 | 8,236 | 13.0 | 1.8
(+) Other (2) | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0 | -218 | 215.5 | 153.4
(=) Total | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0 | 8,018 | 11.0 | 0.2
Recurring | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0 | 8,018 | 11.0 | 0.2
Non-recurring | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0 | 0 | 0.0 | -100.0

Revenue Generation | Regulatory Revenue (c) | Accounting Adjustment (d) (3) | Accounting Revenue (e) = (c) + (d)
4Q24 | 4Q23 | 3Q24 | 4Q24 | 4Q23 | 3Q24 | 4Q24 | 4Q23 | 4Q24x4Q23 | 3Q24 | 4Q24x3Q24
Regulated Market | 2,946 | 3,136 | 4,097 | -32 | 0 | 347 | 2,914 | 3,136 | -7.1 | 4,444 | -34.4
Free Market | 3,178 | 2,727 | 2,560 | 0 | 0 | 0 | 3,178 | 2,727 | 16.5 | 2,560 | 24.1
O&M (Quotas) | 745 | 1,040 | 734 | 0 | 0 | 0 | 745 | 1,040 | -28.4 | 734 | 1.5
Short-term market (1) | 1,368 | 387 | 696 | 0 | 0 | 0 | 1,368 | 387 | 253.4 | 696 | 96.7
Energy Sales | 8,236 | 7,291 | 8,087 | -32 | 0 | 347 | 8,204 | 7,291 | 12.5 | 8,434 | -2.7
Others (2) | -218 | -69 | -86 | 0 | 0 | 0 | -218 | -69 | 215.5 | -86 | 153.4
Total | 8,018 | 7,221 | 8,001 | -32 | 0 | 347 | 7,986 | 7,221 | 10.6 | 8,348 | -4.3
Recurring | 8,018 | 7,221 | 8,001 | -32 | 0 | 347 | 7,986 | 7,221 | 10.6 | 8,348 | -4.3
Non-recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.0 | 0 | -100.0

(1) Short-term market: Electricity Trading Chamber (CCEE)

(2) Construction Revenues, Financial Effect of Itaipu and Elimination (accounting adjustments - internal sales). In 4Q23, it was explained by the elimination of intragroup sales: R$ 67 million in revenue from Eletronorte related to the sale of energy in the free market to Candiota, in a volume equivalent to 48% of the energy sold by Candiota in the ACR market. From 4Q23 to 4Q24, as Candiota was sold and left the sample, energy sales by Eletronorte excluding the consolidation of Teles Pires, fell by 69 aMW. In 4Q24, it was explained by the elimination of intragroup sales: sale of incentivized energy from SAESA to Eletrobras, seeking portfolio optimization.

(3) In 3Q24, the R$ 347 million variance between regulatory and IFRS revenue stems from differences in the treatment of revenue from energy sales to Amazonas Energia. This variance is explained by: (a) The recognition in regulatory revenue of R$ 58 million from Balbina HPP in 3Q24, whereas only R$ 29 million—the amount duly paid—was recorded in IFRS revenue; and (b) R$ 376 million recognized in IFRS revenue, related to revenue prior to 3Q24 that had not been previously recorded. In 4Q24, the R$ 32 million amount pertains to energy sold by Balbina HPP and defaulted by Amazonas Energia. As a result, it is not recognized as revenue in IFRS income, while in regulatory income, it is recorded and fully provisioned.

(4) M&A: involves revenue from assets in which Eletrobras' stake has changed over the last 12 months.

Earnings Release 4Q24 | 23

| ▪ | Regulated Contracting Environment (ACR): regulatory generation revenue totaled R$ 2,946 million in 4Q24, down R$ 190 million from 4Q23. Excluding the effect of the sale of Candiota TPP, which contributed R$ 159 million to revenue in 4Q23, revenue fell R$ 31 million, with the 3.6% increase in the average price more than offset by the 4.4% reduction in volume.

| ▪ | Free Contracting Environment (ACL): regulatory generation revenue totaled R$ 3,178 million in 4Q24, up by R$ 450 million from 4Q23, mainly due to the 31.4% increase in volume, which was partially offset by the 11.3% drop in the average price.

| ▪ | O&M: Operation and maintenance revenues totaled R$ 745 million, down R$ 296 million from 4Q23, mainly reflecting the decotization process, mitigated by the effects of the annual adjustment of the Annual Generation Revenue - RAG[8].

| ▪ | Short-Term Market (CCEE): revenue of R$ 1,368 million in 4Q24, an increase of R$ 981 million compared to 4Q23, explained by both the 145.9% increase in average revenue (R$/MWh) and the 43.7% increase in the settled volume.

Regulatory Transmission Revenue

Regulatory transmission revenue was R$ 4,419 million, down 10.0% from 4Q23. The decrease reflects the approval, in July 2024, of the 2023 periodic tariff review (RTP), which were postponed to 2024, with a particular focus on the revenue review for concession contracts extended under Law No. 12,783/2013.

Table 18 - Quarterly IFRS vs. Regulatory Revenue (R$ mm)[9]

| 4Q24 | 4Q23 | Regulatory
IFRS | Adjustments | Regulatory | IFRS | Adjustments | Regulatory | ∆%
Eletrobras Holding | 2,366 | -600 | 1,766 | 1,802 | 216 | 2,018 | -12
Chesf | 1,677 | -221 | 1,456 | 1,265 | 257 | 1,523 | -4
CGT Eletrosul | 665 | -183 | 482 | 527 | -18 | 509 | -5
Eletronorte | 1,209 | -350 | 859 | 1,030 | -102 | 928 | -7
Eliminations | -144 | 0 | -144 | -66 | 0 | -66 | 118
TOTAL | 5,773 | -1,354 | 4,419 | 4,558 | 353 | 4,911 | -10

[8] According to Homologatory Resolutions No. 3,068/2022 (2022-2023 cycle) and No. 3,225/2023 (2023-2024 cycle), impacting Eletronorte, Chesf and Furnas.

[9] For more information on the Composition of Eletrobras Holding, see Appendix 3.

Earnings Release 4Q24 | 24

Chart 3 - Reconciliation of RAP and Transmission Revenue 4Q24 (R$ mm)

Regulatory Transmission Revenue: Approved RAP x Gross Revenue 4Q24

| ▪ | Permitted Annual Revenue (RAP) and Adjustment Portion (PA) Approved 4Q24: Corresponds to ¼ of the RAP and PA, respectively, of R$ 16,983 million million and R$1.529 million, approved for the 2024/2025 cycle under Homologatory Resolution No. 3,348/2024 for the transmission concession contracts of Eletrobras (post-Furnas incorporation), Chesf, CGT Eletrosul, Eletronorte, TMT, and VSB. More details about PA in Appendix 5.

| ▪ | Discount of Variable Portion (VP): associated with the unavailability of transmission facilities, as regulated by Module 4 of the Transmission Services Rules (available in Portuguese only on ANEEL's website: https://www.gov.br/aneel/pt-br/centrais-de-conteudos/procedimentos-regulatorios/regras-de-transmissao).

| ▪ | Prepayment Apportionment: related to the difference arising from the deficit or surplus in revenue calculated by the ONS, as reflected in the Credit Notice (AVC) issued by the ONS, and offset through the Adjustment Portion (PA).

| ▪ | CDE/Proinfa: correspond to collections of sector charges (pass-through) from consumers directly connected to Eletrobras transmission facilities, related to the Energy Development Fund (CDE) and the Incentive Program for Alternative Sources of Electricity (Proinfa), as considered in the AVCs issued by the ONS.

| ▪ | CDE Fund: corresponds to the receipt via CCEE of amounts not collected due to discounts on tariffs, which are offset annually through an Adjustment Portion. These amounts already include a portion of PIS/COFINS taxes.

| ▪ | New Investments: Additional RAP for new installations (large-scale reinforcements and improvements) in the basic network, authorized with previously defined revenues, which entered commercial operation throughout the quarter.

| ▪ | Mismatch Between Annual Adjustment of Transmission and Distribution: associated with the discrepancy between the values approved for Other Transmission Facilities (DIT) for exclusive use in the Annual Adjustment of the RAP for transmission companies (Homologatory Resolution No. 3,348/2024) and the revenue values approved in the Annual Adjustments of the distribution companies.

Earnings Release 4Q24 | 25

| ▪ | Border Network Difference: Related to the discrepancy between the RAP values approved for the Basic Border Network and Other Transmission Facilities (DIT) for shared use in the Annual RAP Adjustment of transmission companies for the 2024/2025 cycle and the billing values reflected in the Credit Notices (AVC) issued by the ONS. These adjustments will be accounted for in the Adjustment Portion of the following cycle.

| ▪ | Other Transmission Facilities (DIT) Difference for Exclusive Use of Itaipu: refers to the discrepancy between the approved RAP for Other Transmission Facilities (DIT) for Itaipu’s exclusive use and the monthly amount collected based on the power and tariff approved by ANEEL. For each subsequent calendar year, ANEEL publishes the contracted power amounts for Itaipu in a specific Homologatory Resolution, while the monthly tariff for electricity transportation from Itaipu Binacional is published for the tariff cycle. As a result, an adjustment is required to account for variations in contracted power, arising from the mismatch between the calendar year and the tariff cycle. This adjustment is considered in the Adjustment Portion of the following cycle.

| ▪ | PIS/COFINS: related to revenue from the Basic Network, Basic Border Network and Other Transmission Facilities Shared, according to AVCs issued by the ONS.

8.2. Operating Costs and Expenses

Table 19 - Operating Costs and Expenses (R$ mm)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Energy purchased for resale | 2,082 | 942 | 121.1 | 1,452 | 43.3 | 5,068 | 3,028 | 67.4
Charges on use of the electricity grid | 968 | 984 | -1.6 | 1,016 | -4.7 | 3,955 | 3,482 | 13.6
Fuel for electricity production | 531 | 602 | -11.8 | 491 | 8.1 | 1,992 | 2,043 | -2.5
Construction | 1,804 | 1,371 | 31.5 | 1,055 | 71.0 | 4,287 | 3,291 | 30.3
Personnel, Material, Services and Others | 2,332 | 1,426 | 63.6 | 2,005 | 16.3 | 7,593 | 8,183 | -7.2
Depreciation and Amortization | 1,033 | 899 | 14.9 | 990 | 4.3 | 3,988 | 3,621 | 10.1
Operating provisions | -146 | 3,597 | -104.1 | -229 | -36.2 | -180 | 2,481 | -107.3
Regulatory remeasurements | 0 | 0 | 0.0 | -6,130 | -100.0 | -6,130 | 12 | N/A
Costs and expenses | 8,604 | 9,822 | -12.4 | 650 | 1,223.3 | 20,572 | 26,142 | -21.3
Non-recurring events |  |  |  |  |  |  |  |
(-) Non-recurring PMSO events | -292 | 485 | -160.3 | -313 | -6.6 | -809 | -829 | -2.4
(-) Non-recurring provisions | 552 | -3,027 | -118.2 | 480 | 15.1 | 1,421 | -1,711 | -183.0
(-) Retroactive Calculation ICMS increase | 0 | 0 | 0.0 | 0 | 0.0 | 0 | -34 | -100.0
(-) Regulatory remeasurements | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0
Adjusted Costs and Expenses | 8,864 | 7,280 | 21.8 | 817 | 984.8 | 21,184 | 23,568 | -10.1

Earnings Release 4Q24 | 26

| ▪ | Energy purchased for resale: totaled R$ 2,082 million in 4Q24, representing an increase of R$ 1,140 million compared to 4Q23. The main contributions to this increase are: (a) R$713 million, resulting from the settlement of energy in the Short-Term Market by plants with lower generation, fully offset by the increase in gross revenue in this contracting environment totaling R$981 million; (b) R$278 million, due to the increase in energy purchases to meet sales in the free market (ACL) and to hedge against negative exposures in the Short-Term Market, resulting from lower-than-expected energy generation performance, combined with the possibility of higher prices, which materialized briefly during the quarter; and (c) R$97 million, explained by a Power Purchase Agreement (PPA) for the purchase of incentivized energy obtained through a 2020 auction with delivery and sales in the ACL starting in 2024.

| ▪ | Charges on Use of the Grid: totaled R$ 968 million in 4Q24, down R$ 16 million from 4Q23, mainly reflecting lower Transmission System Usage Charges (EUST), effective following ANEEL’s Homologatory Resolution 3,349/2024, which replaced the previously valid values established by Homologatory Resolution 3,216/2023.

| ▪ | Fuel for electricity production: costs associated with the use of fuel for electricity production reached R$ 531 million in 4Q24, down R$ 71 million from 4Q23. The decrease is primarily due to the effects of the sale of Candiota TPP, which contributed an expense of R$ 168 million in 4Q23, partially offset by a R$ 78 million increase at Eletrobras Holding due to higher fuel consumption by Santa Cruz TPP. At Eletronorte, the R$ 55 million increase resulting from higher consumption along with the annual gas price adjustment was partially offset by an expense recovery via Fuel Consumption Account (CCC), totaling R$ 49 million.

| ▪ | Construction-related costs: totaled R$ 1,804 million in 4Q24, up by R$ 433 million compared to 4Q23, with emphasis on the R$ 249 million increase related to the agreement for the Itaipu HVDC System Revitalization, along with the R$ 118 million increase in civil construction linked to concession contracts awarded in transmission auctions in recent years.

Earnings Release 4Q24 | 27

PMSO - Personnel, Material, Services and Others

Personnel: adjusted balance of R$ 915 million in 4Q24, down 13% from R$ 1,051 million in 4Q23, with the main effects being:

| ▪ | R$ 176 million in savings from compensation and charges expenses, primarily driven by a reduction in headcount following the Voluntary Dismissal Plans (PDVs), partially offset by new hires, which added R$70 million;

| ▪ | R$ 54 million YoY increase due to a smaller volume of hours worked recognized as investments in 4Q24;

| ▪ | R$ 21 million reduction related to expenses with Profit Sharing (PLR) and Short-Term Incentive (ICP);

| ▪ | R$ 10 million in savings in 2024 resulting from the exit of 192 employees following the sale of Candiota.

Non-recurring effects: PDV totaling R$182 million in the period.

Material: adjusted balance of R$ 73 million in 4Q24, down R$ 27 million when compared to R$ 99 million recorded in 4Q23. This decline occurred across multiple lines, primarily due to the optimization of inventory management and material usage.

There were no non-recurring effects in the quarter.

Services: adjusted balance of R$ 731 million in 4Q24, representing a 27% increase compared to R$ 576 million in 4Q23. The main highlights of the quarter were:

| ▪ | R$94 million increase in expenses with advisory, legal and financial services, with a portion of this variation explained by contracts related to the Company's strategy of reducing contingencies; and

| ▪ | R$51 million increase related to two reclassifications: (a) In 4Q23, R$38 million was reclassified from services to investments; and (b) In 4Q24, R$13 million was reclassified from other costs and expenses to services.

Non-recurring effects: R$42 million related to legal consulting related to the contingency reduction strategy.

Others: adjusted balance of R$ 321 million in 4Q24, up 75% from R$ 184 million in 4Q23, mainly due to the following effects:

| ▪ | R$ 148 million increase in taxes and charges, mainly due to a R$ 74 million Electric Energy Research Center (CEPEL) reclassification to R&D in 4Q23

| ▪ | R$ 24 million increase in marketing related to annuities, contributions and institutional projects

| ▪ | R$ 57 million reduction in fines, convictions, legal costs and other losses

There were no non-recurring effects in the quarter.

Earnings Release 4Q24 | 28

Table 20 - PMSO 4Q24 (R$ mm)[10]

PMSO | 4Q24
(R$ million) | Eletrobras Holding | Chesf | Eletronorte | CGT Eletrosul | Eletropar | Total | Elimination | Consolidated IFRS
Personnel | 330 | 293 | 256 | 104 | 0 | 984 | 0 | 984
Voluntary Dismissal Plan (PDV) - Provision | 9 | 88 | 60 | 25 | 0 | 182 | 0 | 182
Material | 25 | 11 | 31 | 6 | 0 | 73 | 0 | 73
Services | 428 | 155 | 135 | 54 | 1 | 773 | 0 | 773
Other | 163 | 23 | 104 | -9 | -2 | 279 | 42 | 321
PMSO | 954 | 571 | 587 | 180 | -1 | 2,290 | 42 | 2,332
Non-recurring events |  |  |  |  |  |  |  |
Personnel: PDV, PDC | -9 | -88 | -60 | -25 | 0 | -182 | 0 | -182
Personnel: Termination Costs | -5 | -22 | -31 | -11 | 0 | -69 | 0 | -69
Services: Commissions relating to legal consulting | -42 | 0 | 0 | 0 | 0 | -42 | 0 | -42
Other: Judicial convictions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Other: Write-off of court deposits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Adjusted PMSO | 898 | 461 | 496 | 144 | -1 | 1,998 | 42 | 2,040

Table 21 - PMSO 4Q23 (R$ mm)

PMSO | 4Q23
(R$ million) | Eletrobras + Furnas and Others | Chesf | Eletronorte | CGT Eletrosul | Eletropar | Total | Elimination | Consolidated IFRS
Personnel | 544 | 314 | 274 | 106 | 0 | 1,239 | 0 | 1,239
Voluntary Dismissal Plan (PDV) - Provision | 20 | -3 | 5 | 4 | 0 | 25 | 0 | 25
Material | 22 | 17 | 46 | 14 | 0 | 99 | 0 | 99
Services | 384 | 105 | 116 | 50 | 1 | 656 | 0 | 656
Other | 80 | -144 | -567 | 28 | 2 | -602 | 8 | -594
PMSO | 1,050 | 288 | -126 | 202 | 3 | 1,417 | 8 | 1,426
Non-recurring events |  |  |  |  |  |  |  |
Personnel: PDV, PDC | -20 | 3 | -5 | -4 | 0 | -25 | 0 | -25
Personnel: Retroactive profit Sharing (PLR) | 0 | 0 | 0 | 0 | 0 | -208 | 0 | -208
Personnel: allocation to investment activities | 21 | 0 | 0 | 0 | 0 | 21 | 0 | 21
Services: Consultancies related to the transformation Plan | -80 | 0 | 0 | 0 | 0 | -80 | 0 | -80
Other: Business Combination (2) | 0 | 0 | 777 | 0 | 0 | 777 |  | 777
Adjusted PMSO | 971 | 292 | 646 | 198 | 3 | 1,902 | 8 | 1,910

(1) Result of the reclassification related to the transfer of Eletronorte’s 49% stake in EAPSA

[10] For more information on the Composition of Eletrobras Holding, see Appendix 3 .

Earnings Release 4Q24 | 29

Table 22 - PMSO IFRS (R$ mm)

| 4Q24 | 4Q23 | 3Q24 | 12M24 | 12M23
| Total (a) | Nonrecurring (b) | Adjusted (c) = (a) - (b) | Adjusted | ∆% | Adjusted | ∆% | Total (a) | Nonrecurring (b) | Adjusted (c) = (a) - (b) | Adjusted | ∆%
Personnel | 984 | -69 | 915 | 1,051 | -13.0 | 902 | 1.4 | 3,754 | -69 | 3,685 | 4,240 | -13.1
VDP | 182 | -182 | 0 | 0 | 0.0 | 0 | 0.0 | 227 | -227 | 0 | 0 | 0.0
Material | 73 | 0 | 73 | 99 | -27.0 | 64 | 12.8 | 220 | 0 | 220 | 251 | -12.4
Services | 773 | -42 | 731 | 576 | 26.9 | 569 | 28.6 | 2,238 | -84 | 2,153 | 2,173 | -0.9
Other ¹ ² | 321 | 0 | 321 | 184 | 75.1 | 157 | 105.0 | 1,154 | -429 | 725 | 691 | 5.0
Total | 2,332 | -292 | 2,040 | 1,911 | 6.8 | 1,692 | 20.6 | 7,593 | -809 | 6,784 | 7,354 | -7.7

(1) Includes, in 3Q24 and 12M24, both in total and adjusted balances, the amount of R$75 million in premiums paid for GSF insurance related to contract extensions from the 12th and 13th Existing Energy Auctions. This results from the extension of the concession term under the Regulated Contracting Environment, as part of the renegotiation of the hydrological risk in electricity generation, in accordance with ANEEL Ordinance No. 1,395, dated May 20, 2019. Revenue recorded for the period from July 12, 2024, to August 30, 2024.

(2) In 3Q24, a non-recurring expense of R$ 89 million, recognized under other operating expenses and related to court rulings from cases prior to 2022, was adjusted in EBITDA. During the preparation of the 2024 financial statements, it was identified that a portion of court ruling expenses recognized in 2Q24, totaling R$ 118 million, also pertained to cases prior to 2022. Since this amount had not been classified as non-recurring at the time of the 2Q24 results disclosure, the adjustment was made in this 2024 disclosure. In 3Q24, non-recurring expenses of R$89 million, recognized in other operating expenses related to court rulings in cases prior to 2022, were adjusted in EBITDA. Due to this reclassification, the amount for 9M24 in this earnings release differs by R$118 million from the previously reported figures.

Table 23 - Other Costs and Expenses (R$ mm)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Write-off of court deposits | 0 | 0 | 0 | 221 | -100 | 221 | 866 | -74
Gain on the sale of equity holdings | 0 | -777 | -100 | 0 | 0 | 0 | -777 | -100
Convictions, losses and legal costs | 86 | 114 | -25 | 57 | 51 | 306 | 401 | -24
GSF | 20 | 5 | 318 | 92 | -78 | 120 | 19 | 540
Insurance | 27 | 22 | 24 | 76 | -65 | 102 | 88 | 16
Equity Holding | 40 | 31 | 30 | 10 | 290 | 72 | 44 | 62
Donations and contributions | 66 | 34 | 92 | 17 | 294 | 147 | 118 | 24
Rent | 35 | 22 | 60 | 17 | 105 | 78 | 86 | -8
Recovery of expenses | -3 | -86 | -96 | -24 | -86 | -74 | -208 | -64
Taxes | 29 | 20 | 46 | -1 | 0 | 64 | 116 | -45
Others | 22 | 22 | -2 | 3 | 631 | 116 | 33 | 248
Total | 321 | -594 | -154 | 468 | -31 | 1,154 | 786 | 47

Earnings Release 4Q24 | 30

Operating Provisions

Table 24 - Operating Provisions (R$ mm)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Operating Provisions / Reversals |  |  |  |  |  |  |  |
Provision/Reversal for Litigation | -486 | -380 | 27.9 | 418 | -216.1 | 160 | 1,246 | -87.1
Estimated losses on investments | 217 | -31 | -805.2 | 11 | 1,801.9 | 199 | 107 | 86.4
Measurement at fair value of assets held for sale | -57 | -797 | -92.8 | -30 | 87.9 | -47 | -704 | -93.4
Provision for the Implementation of Lawsuits - Compulsory Loan | -23 | 22 | -204.7 | 3 | -774.9 | -70 | 39 | -280.1
ECL - Loans and financing | -4 | -9 | -50.1 | -6 | -26.7 | -15 | -22 | -32.7
ECL - Consumers and resellers | -157 | -383 | -59.1 | -59 | 163.6 | -391 | -467 | -16.1
ECL - Other credits | -44 | 22 | -303.5 | -10 | 350.6 | -169 | 40 | -523.3
Onerous contracts | 251 | -862 | -129.1 | 52 | 378.1 | 387 | -862 | -144.9
Results of actuarial reports | -106 | -268 | -60.3 | -128 | -17.0 | -490 | -560 | -12.5
Other * | 556 | -912 | -160.9 | -23 | -2,476.6 | 616 | -1,298 | -147.4
Operating Provisions / Reversals | 146 | -3,597 | -104.1 | 229 | -36.2 | 180 | -2,481 | -107.3
Non-recurring items / Adjustments | -552 | 3,027 | -118.2 | -480 | 15.1 | -1,421 | 1,711 | -183.0
Provision for Litigation | 427 | 380 | 12.5 | -418 | -202.2 | -219 | -1,246 | -82.4
Measurement at fair value of assets held for sale | 0 | 742 | -100.0 | 0 | 0.0 | -167 | 704 | -123.7
Estimated losses on investments | -217 | 31 | -805.2 | -11 | 1,801.9 | -199 | -107 | 86.4
Provision for the Implementation of Lawsuits - Compulsory Loan | 23 | -22 | -204.7 | -3 | -774.9 | 70 | -39 | -280.1
ECL - Loans and financing | 4 | 9 | -50.1 | 6 | -26.7 | 15 | 22 | -32.7
Onerous contracts | -251 | 862 | -129.1 | -52 | 378.1 | -387 | 862 | -144.9
Impairment | -540 | 956 | -156.4 | 0 | 634,654.1 | -534 | 956 | -155.8
Restitution RGR | 0 | 69 | -100.0 | 0 | 0.0 | 0 | 558 | -100.0
Adjusted Provisions/Reversals | -406 | -571 | -28.8 | -251 | 61.7 | -1,241 | -770 | 61.1

Positive values in the table above mean reversal of provision.

* Includes mainly impairment and RGR refund.

| ▪ | Onerous contracts: reversal of R$ 251 million in 4Q24, driven by reversals of R$ 113 million in CGT Eletrosul and R$ 109 million in Chesf. In contrast, the provision of R$ 862 million in 4Q23 was due to provisions also recorded in these two companies, totaling R$ 357 million and R$ 389 million, respectively, mainly related to the onerous contract with Jirau HPP.

| ▪ | Provision for litigation: provision of R$ 486 million in 4Q24 compared to R$ 380 million in 4Q23, explained by the following movements:

| ▪ | R$ 200 million reversal due to signed agreements, leading to a partial reduction in lawsuits

| ▪ | R$ 369 million reversal resulting from agreements signed related to the compulsory loan

| ▪ | R$ 58.5 million related to the payment of legal claims prior to 2022, originally recognized under the Other Expenses line in 4Q23 and treated as non-recurring at the time, later reclassified in 4Q24.

| ▪ | Result of actuarial reports: provision of R$ 106 million related to the cost of interest and current service cost, as defined in the reports for fiscal year 2024, which are now released monthly, compared to the previous practice of year-end releases.

| ▪ | Measurement at fair value of assets held for sale: a R$57 million provision was established at the Holding due to the devaluation of the equity interest in SPE Mata de Santa Genebra. The significant variation is attributed to the R$ 632 million increase in 4Q23 at former Furnas, resulting from the difference between the book value and the assessed value of Santa Cruz TPP, which was reclassified as an “Asset Held for Sale.”

Earnings Release 4Q24 | 31

| ▪ | Estimated losses on investments: constitution of a R$ 68 million provision in 4Q24 related to the sale of ISA Energia Brasil stake and losses in SPEs impairment, as well as R$ 153 million reversal in Eletronorte due to the Nova Energia impairment reversal, and of R$ 88 million in Chesf.

| ▪ | Expected Credit Losses (ECL) – Consumers and Resellers: R$66 million related to the default in the Transmission System Usage Charge (EUST).

| ▪ | Impairment: the R$ 540 million impairment recognized in 4Q24 is primarily explained by the reversal of R$ 675 million, with R$ 396 million in CGT Eletrosul and R$ 262 million in Eletronorte, following the completion of the impairment test. Table 25 below reflects the test result for fiscal year 2024.

Table 25 - Impairment Test Result (R$ mm)

| Balance on 31/12/2023 | Transactions | Balance on 31/12/2024
Hydro Division - Eletrobras | 75 | -75 | 0
Hydro Division - Eletronorte | 262 | -262 | 0
Hydro Division - Chesf | 23 | -23 | 0
Hydro Division - Eletrosul | 106 | -106 | 0
Casa Nova | 87 | 141 | 228
Casa Nova B to G | 179 | 0 | 179
Coxilha Negra | 592 | -116 | 476
Ibirapuitã | 68 | -37 | 31
Entorno 2 | 56 | -56 | 0
Others | 262 | 0 | 262
Total | 1,709 | -534 | 1,176

Earnings Release 4Q24 | 32

8.3. Equity Holdings

The equity income highlight of the quarter was ISA Energia Brasil's contribution of R$ 252 million.

Table 26 - Equity Holdings (R$ mm)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Highlights Affiliates (a) | -44 | 108 | -140.5 | 619 | -107.1 | 1,471 | 1,456 | 1.1
Eletrobras Termonuclear S.A. | 23 | -386 | -106.0 | 236 | -90.2 | 562 | 27 | 1,982.2
ISA Energia Brasil | 252 | 345 | -27.1 | 231 | 8.9 | 875 | 947 | -7.7
Other Affiliates | -318 | 149 | -313.7 | 152 | -309.5 | 35 | 482 | -92.8
Highlights SPEs ** (b) | 726 | 21 | 3,333.8 | 13 | 5,486.5 | 873 | 238 | 266.7
IE Madeira | 68 | 42 | 63.3 | 49 | 39.3 | 234 | 202 | 16.1
BMTE | 135 | 51 | 165.4 | 50 | 169.8 | 292 | 209 | 39.8
Chapecoense | 65 | 39 | 66.1 | 47 | 38.6 | 194 | 183 | 6.0
ESBR Jirau | -12 | 13 | -196.7 | 14 | -187.6 | 44 | 18 | 147.3
IE Garanhuns | 19 | 14 | 43.1 | 5 | 289.5 | 65 | 58 | 13.6
Norte Energia | 451 | -137 | -429.0 | -152 | -396.5 | 44 | -431 | -110.1
Other Holdings * (c) | -204 | 135 | -251.7 | 117 | -275.1 | 159 | 368 | -56.9
Total Equity Holdings (a) + (b) + (c) | 331 | 47 | 610.2 | 762 | -56.5 | 2,503 | 2,062 | 21.4
* Includes movements from amounts recognized in the balance sheet of associates measured at fair value/cost.
** SPE: special purpose entities

Earnings Release 4Q24 | 33

8.4. Financial Results

Table 27 - Financial Result (R$ mm)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Financial Income | 971 | 844 | 15.0 | 815 | 19.1 | 3,152 | 3,083 | 2.2
Interest income, fines, commissions and fees | 22 | -15 | -243.3 | 45 | -51.8 | 139 | 153 | -9.6
Income from financial investments | 982 | 755 | 30.1 | 835 | 17.7 | 2,938 | 2,862 | 2.6
Late payment surcharge on electricity | 23 | 51 | -55.2 | 18 | 27.8 | 120 | 166 | -28.0
Other financial income | 46 | 111 | -58.7 | -24 | -292.1 | 224 | 479 | -53.3
(-) Taxes on financial income | -103 | -58 | 75.6 | -59 | 73.8 | -268 | -578 | -53.7
Financial Expenses | -2,589 | -2,449 | 5.7 | -2,583 | 0.2 | -10,140 | -10,221 | -0.8
Debt Charges | -1,556 | -1,269 | 22.6 | -1,437 | 8.3 | -6,117 | -6,464 | -5.4
CDE obligation charges | -640 | -593 | 7.9 | -622 | 2.9 | -2,484 | -2,292 | 8.4
River basin revitalization charges | -87 | -91 | -4.3 | -85 | 2.4 | -340 | -355 | -4.4
Financial discount for early payment - ENBpar | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0
Other financial expenses | -306 | -496 | -38.4 | -440 | -30.5 | -1,199 | -1,110 | 8.0
Net Financial Items | -1,312 | -922 | 42.3 | -1,020 | 28.6 | -4,640 | -4,864 | -4.6
Monetary changes | -242 | -313 | -22.7 | 0 | -64,571 | -778 | -1,796 | -56.7
Exchange rate variations | -56 | -25 | 126.6 | 25 | -326.1 | -29 | 170 | -117.0
Change in fair value of hedged debt net of derivative | -274 | -181 | 51.6 | -729 | -62.4 | -1,566 | -908 | 72.4
Monetary updates - CDE | -508 | -217 | 133.8 | -236 | 115.6 | -1,605 | -1,384 | 15.9
Monetary updates - river basins | -92 | -89 | 3.1 | -43 | 114.9 | -288 | -332 | -13.2
Change in derivative financial instrument not linked to debt protection | -140 | -98 | 43.7 | -38 | 273.0 | -374 | -613 | -39.1
Financial Results | -2,930 | -2,527 | 16.0 | -2,788 | 5.1 | -11,628 | -12,002 | -3.1
Adjustments |  |  |  |  |  |  |  |
Income from Discos + AIC | 0 | 20 | -100.0 | 0 | 0.0 | 0 | -40 | -100.0
Regularization of tax credits / Fines and Tax Assessment Notices | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 29 | -100.0
Monetary restatement - Compulsory Loan | 175 | 238 | -26.5 | 214 | -18.3 | 769 | 1,265 | -39.2
Write-off of judicial deposits due to the conciliation project | 0 | 0 | 0.0 | 100 | -100.0 | 100 | 451 | -77.7
Adjustment of the correction rate for judicial deposits | 0 | 0 | 0.0 | 249 | -100.0 | 249 | 0 | 0.0
PIS/COFINS (Interest on Equity - JCP) | 0 | 146 | -100.0 | 0 | 0.0 | 0 | 470 | -100.0
Adjusted Financial Result | -2,755 | -2,123 | 29.8 | -2,225 | 23.8 | -10,510 | -9,827 | 6.9

(1) These obligations were established by Law 14,182/21 (Eletrobras Privatization) as a condition for obtaining new concession grants for electricity generation for an additional 30 years. The charges were calculated based on data published in CNPE Resolution 015/2021, considering (a) the present value of the obligation; (b) the future payment flow; and (c) the payment term. See Table 28 for more details.

Adjusted financial result was negative by R$ 2,755 million in 4Q24, compared to negative R$ 2,123 million in 4Q23. The main variations in this quarter were:

| ▪ | Debt charges: expense increased from R$ 1,269 million in 4Q23 to R$ 1,556 million in 4Q24, primarily due to the R$226 million reversal of debenture issuance expenses in December 2023 and the variation in Selic/CDI rates between the compared periods. Additionally, the increase in the outstanding balance from new funding during the period, along with a higher mix of debts linked to IPCA in 2024, also contributed to this variation.

Earnings Release 4Q24 | 34

| ▪ | Monetary update variation (Selic): reduction in expense to R$ 242 million in 4Q24 from R$ 313 million in 4Q23, impacted by the lower update of the compulsory loan litigation inventory, driven by a lower balance in December 2024. Eletrobras' compulsory loan update expense went down to R$ 175 million in 4Q24 from R$ 238 million in 4Q23, reflecting the inventory reduction to R$20.3 billion in December 2024 from R$21.3 billion in December 2023.

| ▪ | Energy Sector Development Fund (CDE) obligation charges and monetary updates (IPCA financial expenses + charges on the outstanding balance of obligations with the CDE, with a charge of 7.6% per year):expenses totaled R$ 1,148 million in 4Q24, up R$ 338 million from 4Q23, mainly due to the IPCA monetary update applied between the periods. Charges amounted to R$ 593 million in 4Q23 and R$ 640 million in 4Q24, while monetary update was R$ 217 million in 4Q23 and R$ 508 million in 4Q24. These obligations were established by Law 14,182/21 (Privatization of Eletrobras) as a condition for obtaining new concession grants for electricity generation for an additional 30 years. The charges were calculated based on data published in CNPE Resolution 015/2021, considering (a) the present value of the obligation; (b) the future payment flow; and (c) the payment term.

| ▪ | Charges for revitalization of river basins (charge of 5.67%), with a R$ 87 million expense in 4Q24, and monetary updates - river basins, with a R$ 92 million expense. These obligations were established by Law 14,182/21 (Privatization of Eletrobras) as a condition for obtaining new concession grants for electricity generation for an additional 30 years. The charges were calculated based on data published in CNPE Resolution 015/2021, considering (a) the present value of the obligation; (b) the future payment flow; and (c) the payment term.

Table 28 - CDE Charges and Projects - Law 14.182/2021 (R$ mm)

| 4Q24
Holding | Chesf | Eletronorte | Total
Debt charges - CDE obligations | -184 | -268 | -188 | -640
Debt charges - Revitalization of river basins | -23 | -35 | -29 | -87
Passive monetary restatement - CDE obligations | -146 | -213 | -150 | -508
Passive monetary updating - Revitalization of river basins | -24 | -37 | -31 | -92
Total CDE charges and Projects - Law 14.182/2021 | -377 | -552 | -398 | -1,327

| ▪ | Change in fair value of hedged debt, net of derivatives: expense of R$ 274 million in 4Q24, higher than the expense of R$ 181 million in 4Q23. During 4Q24, the company contracted new derivatives, with the primary instrument being a cross-currency SWAP FLOAT-FLOAT using SOFR dollar curves x CDI to hedge the R$2.34 billion funding via SACE. This had a negative impact in the quarter, resulting in R$ -131 million on Chesf and R$ -125 million on Eletrobras. In addition, there was a positive effect of R$ 32 million linked to the variation in Bonds (2025/2030/2035).

| ▪ | Variation in derivative financial instrument not linked to debt protection: expense of R$ 140 million in 4Q24, higher than the R$ 98 million expense recorded in 4Q23, reflecting updated variables in the modeling of a derivative embedded in the contract between Eletrobras and Albras, including the dollar, Selic rate, and aluminum prices on the London Metal Exchange (LME) for October and November 2024. This contract was terminated in December 2024.

Earnings Release 4Q24 | 35

| ▪ | Other financial expenses: totaled R$ 306 million in 4Q24, compared to R$ 496 million in 4Q23. The variation is explained by one-time factors specific to 4Q23 and 4Q24. In 4Q23, key impacts included an IOF expense of R$ 212 million related to the assumption of SAESA's debt and an R$ 125 million expense for fees and updates linked to the correction of the Research and Development balance. In 4Q24, significant factors included R$ 106 million in PIS/COFINS taxes on Eletronorte's IOE and the sale of a stake in Isa Brasil Energia, R$34 million from the write-off of monetary adjustments on judicial deposits, R$ 33 million from the reclassification of surety insurance related to lawsuits, and R$ 26 million due to the termination of the healthcare plan adhesion agreement (Plano Fachesf-Saúde). Additionally, banking expenses with collateral decreased to R$ 7 million in 4Q24 from R$ 87 million in 4Q23.

| ▪ | Other financial income: dropped by R$ 65 million, to R$ 46 million in 4Q24 from R$ 111 million in 4Q23, primarily due to the reclassification of the total balance of the “Interest on Debts of Subsidiaries, Affiliates, and Other” account to the Monetary Update group, which had a value of R$ 61 million in 4Q23.

Earnings Release 4Q24 | 36

8.5. Current and Deferred Taxes

Adjusted income tax and social contributions amounted to -R$ 367 million in 4Q24, compared to +R$ 358 million in 4Q23.

It is worth highlighting the expenses related to the constitution or reversal of deferred tax adjusted in the 4Q24 result:

| ▪ | Deferred tax on tax losses: net constitution of R$ 1,425 million in 4Q24, as a result of a constitution of R$ 1,594 million at the Holding, after studying the recoverability of negative tax bases and temporary differences (respectively, constitution of R$ 2,092 million and reversal of R$ 498 million), combined with the reversal of R$ 169 million at CGT Eletrosul, after analyzing the recoverability of deferred tax resulting from the sale of Candiota TPP;

| ▪ | Deferred tax, recognized in 4Q24, on the regulatory remeasurement that was recognized at the Holding in 3Q24: an expense of R$ 758 million in 4Q24, referring to the regulatory remeasurement of the Holding's contractual assets carried out in 3Q24. Although the remeasurement was recognized in that period, the corresponding deferred tax expense was considered in 4Q24. At this point, the expense was reallocated to 3Q24, respecting its recurring nature in fiscal year 2024, consistent with the treatment given to the taxable event and the expenses of the other subsidiaries recognized in 3Q24

| ▪ | Deferred tax on provision for onerous contract and impairment, considered non-recurring in 4Q24: an expense of R$ 252 million.

Table 29 - Income Tax and Social Contribution (R$ mm)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Current income tax and social contribution | 5 | -45 | -111.2 | -229 | -102.2 | -718 | -513 | 40.1
Deferred income tax and social contribution | 43 | 3310 | -99 | -957 | -104.5 | 478 | 3,511 | -86.4
Income tax and social contribution total | 48 | 3,265 | -98.5 | -1,186 | -104.0 | -240 | 2,998 | -108.0
Adjustments |  |  |  |  |  |  |  |
Constitution/Reversal of Deferred Tax on Tax Loss ¹ | -1,425 | 0 | 0 | 0 | 0 | -2,207 | 0 | 0
Deferred Tax Adjustment on Regulatory Remeasurement ² | 758 | 0 | 0 | -758 | -200 | 0 | 0 | 0
IOE - Interest on Equity ³ | 0 | -453 | -100 | 0 | 0 | 0 | -1,643 | -100
Deferred Tax on Provisions: onerous contracts and impairment | 252 | 0 | 0 | 0 | 0 | 252 | 0 | 0
Negative tax base constitution - SAESA | 0 | -2,454 | -100 | 0 | 0 | 0 | -2,454 | -100
Adjusted income tax and social contribution | -367 | 358 | -202.6 | -1,944 | -81.1 | -2,195 | -1,099 | 99.8

¹ Holding and CGT Eletrosul

² Deferred Income Tax recognized in 4Q24 on the Regulatory Remeasurement of transmission contracts in the Holding following the Furnas merger.

³ PIS/Cofins taxes related to IOC issued by Furnas and Eletronorte are recorded in the Financial Result.

Earnings Release 4Q24 | 37

9. OPERATING PERFORMANCE

9.1. Generation Segment

Generation Assets

In 4Q24, we had 87 plants, including 47 hydroelectric, 7 thermal, 32 wind and 1 solar, considering corporate ventures, shared ownership and stakes via SPEs. Compared to 3Q24, the increase of one asset was due to the commercial operation of the Coxilha Negra 3 wind farm under CGT Eletrosul

The installed capacity of the portfolio reached 44,245.72 MW in 4Q24, with 97% generated from clean sources with low greenhouse gas emissions, representing 21% of Brazil's total installed capacity.

Table 30 - Generation Assets

Source | Installed Capacity (MW) | Assured Capacity (avgMW) | Accumulated Generated Energy (GWh)
Hydro (47 plants) | 42,293.49 | 20,629.79 | 137,450.96
Thermal (7 plants) | 1,270.23 | 1,058.60 | 4,323.05
Wind Power (32 plants) | 681.07 | 226.39 | 1,712.29
Solar (1 plants) | 0.93 | 0.00 | 0.93
Total (87 plants) | 44,245.72 | 21,914.77 | 143,487.24

In 4Q24,the total energy generation by Eletrobras decreased by 5% compared to 4Q23.

Chart 4 - Eletrobras - Net Energy Generation (GWh)

Earnings Release 4Q24 | 38

System Data - Installed Capacity and Generation

In 4Q24, Brazil's installed capacity was 208,407.01 MW.

Chart 5 - Brazil’s Installed capacity - by source

Source: Sistema de Informações de Geração da ANEEL – SIGA

Chart 6 - Generated Energy SIN - National Interconnected System (GWh)

Source: Operating Results 01/01 a 12/31/2024 from the National Operator of the Electric System (ONS)

Earnings Release 4Q24 | 39

System Data - Energy Market

Table 31 - PLD

|  | 4Q24 | 4Q23 | ∆% | 3Q24 | ∆%
Market | GSF (%) | 79.91 | 83.79 | -4.6 | 79.10 | 1.0
PLD SE (R$/MWh) | 217.59 | 77.70 | 180.0 | 169.67 | 28.2
PLD S (R$/MWh) | 217.58 | 77.70 | 180.0 | 169.72 | 28.2
PLD NE (R$/MWh) | 206.71 | 77.70 | 166.0 | 142.72 | 44.8
PLD N (R$/MWh) | 218.23 | 77.70 | 180.8 | 172.55 | 26.5

Chart 7 - GSF (%)

Chart 8 - Historical Average of Affluent Natural Energy (ENA) - SIN (%)

2024 experienced low hydroelectric generation, except in April and May, primarily due to rainfall in the southern region of the country. In November and December, ENA rebounded, reaching values close to 100% of the Long-Term Average (LTA) for each month.

Earnings Release 4Q24 | 40

Chart 9 - Energy Stored in Reservoirs - SIN (%)

During 4Q24, the indicator increased, closing the quarter at 48%, slightly above the midpoint of the range based on historical data from 2020 to 2024.

9.2. Transmission Segment

The company ended 4Q24 with 74.0 thousand km of lines, of which 67.2 thousand km were owned lines and 6.8 thousand km in partnership, as well as 406 substations, considering 293 owned and 113 third-party.

Table 32 - Transmission Lines (Km)[11]

Company | Own(1) | In Partnership (2) | Total
Chesf | 22,055 | 1,831 | 23,886
Eletronorte | 10,982 | 1,073 | 12,055
CGT Eletrosul | 12,072 | 5 | 12,076
Furnas | 22,095 | 3,902 | 25,996
Total | 67,203 | 6,810 | 74,013

(1) Includes TMT (100%) and VSB (90%).

(2) Partnerships consider extensions proportional to the capital invested by Eletrobras Companies in the venture.

[11] For more information on the Composition of Eletrobras Holding, see Appendix 3.

Earnings Release 4Q24 | 41

9.3. ESG

Table 33 - ESG KPIs 4Q24

Pillar | KPI | 4Q24 | 4Q23 | YoY |
Prosperity | Investment in Technology and Innovation | R$ 561 million | R$ 534 million | 5% |
YTD (R$ mm) |
Planet | Accumulated GHG Emissions for the year | 4,456,065 | 5,665,409 | -21% |
(Scopes 1, 2 and 3) (tCO2e) |
People | Accident Frequency Rate - own Employees (with time off) | 0.75 | 2.15 | -65% |
Women in the Workforce (%) | 20% | 18% | 2.0 p.p. |
Leadership positions held by women (%) | 26% | 23% | 3.0 p.p. |
Governance | Complaints answered on time (%) | 100% | 98% | 2.3 p.p. |

The values presented are preliminary and not assured, and may be adjusted according to the data collection, verification and updating processes.

1The reduction in emissions is primarily due to the removal of coal-fired thermoelectric generation from the Company’s energy matrix.

Earnings Release 4Q24 | 42

10. APPENDIX

10.1. Appendix 1 - Accounting Statements

Table 33 - Balance Sheet (R$ Thousand)

| P A R E N T C O M P A N Y |  | C O N S O L I D A T E D
| 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
CURRENT ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | 16,387,945 |  | 5,698,457 |  | 26,572,522 |  | 13,046,371
Restricted cash | 449,865 |  | 250,060 |  | 508,734 |  | 572,869
Securities | 6,421,621 |  | 2,477,747 |  | 8,951,838 |  | 5,920,171
Clients | 1,686,293 |  | 0 |  | 5,911,477 |  | 5,210,482
Transmission contract assets | 4,634,940 |  | 0 |  | 10,539,570 |  | 11,159,426
Financing, loans and debentures | 971,555 |  | 1,099,798 |  | 475,459 |  | 367,741
Remuneration for equity holdings | 2,286,078 |  | 2,358,819 |  | 721,683 |  | 871,558
Taxes and Contributions | 1,734,020 |  | 1,448,286 |  | 2,831,414 |  | 4,207,227
Income tax and social contribution | 0 |  | 0 |  | 0 |  | 0
Right to compensation | 865,299 |  | 940,268 |  | 893,254 |  | 980,206
Warehouse | 50,576 |  | 204 |  | 441,471 |  | 426,690
Derivative financial instruments | 500,998 |  | 0 |  | 692,660 |  | 373,606
Others | 729,718 |  | 414,679 |  | 1,408,919 |  | 1,698,824
| 36,718,908 |  | 14,688,318 |  | 59,949,001 |  | 44,835,171
Assets held for sale | 1,353,723 |  | 221,972 |  | 4,502,102 |  | 3,187,141
| 38,072,631 |  | 14,910,290 |  | 64,451,103 |  | 48,022,312
NON-CURRENT ASSETS |  |  |  |  |  |  |
LONG-TERM ASSETS |  |  |  |  |  |  |
Restricted cash | 1,430,650 |  | 0 |  | 3,170,749 |  | 2,200,078
Right to compensation | 692,126 |  | 1,332,167 |  | 720,081 |  | 1,385,479
Financing, loans and debentures | 1,894,322 |  | 6,852,841 |  | 163,140 |  | 260,409
Clients | 171,017 |  | 0 |  | 602,411 |  | 649,446
Securities | 421,933 |  | 432,355 |  | 433,341 |  | 432,724
Taxes and Contributions | 2,356,369 |  | 804,582 |  | 2,715,445 |  | 1,153,616
Deferred income tax and social contribution | 0 |  | 0 |  | 5,673,011 |  | 6,725,087
Bonds and linked deposits | 3,693,298 |  | 3,337,816 |  | 5,190,344 |  | 6,246,082
Transmission contractual assets | 21,223,812 |  | 0 |  | 56,848,086 |  | 50,052,912
Derivative financial instruments | 1,269,677 |  | 0 |  | 1,544,095 |  | 0
| 181,049 |  | 0 |  | 0 |  | 0
Others | 2,000,734 |  | 1,495,993 |  | 1,645,570 |  | 1,053,164
| 35,334,987 |  | 14,255,754 |  | 78,706,273 |  | 70,158,997
INVESTMENTS |  |  |  |  |  |  |
Equity Accounted | 112,300,525 |  | 141,814,345 |  | 30,727,405 |  | 32,100,302
Held at fair value | 839,546 |  | 1,046,762 |  | 861,234 |  | 1,072,093
Held at fair value | 19,387 |  | 0 |  | 97,987 |  | 32,288
| 113,159,458 |  | 142,861,107 |  | 31,686,626 |  | 33,204,683
FIXED ASSETS | 6,137,175 |  | 201,942 |  | 36,854,056 |  | 35,805,421
INTANGIBLE | 20,779,526 |  | 129,890 |  | 78,173,273 |  | 79,866,241
| 175,411,146 |  | 157,448,693 |  | 225,420,228 |  | 219,035,342
TOTAL ASSETS | 213,483,777 |  | 172,358,983 |  | 289,871,330 |  | 267,057,654

Earnings Release 4Q24 | 43

| P A R E N T C O M P A N Y |  | C O N S O L I D A T E D
| 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
CURRENT LIABILITIES |  |  |  |  |  |  |
Loans, financing and debentures | 8,329,966 |  | 7,342,448 |  | 12,809,872 |  | 10,890,873
Compulsory loans - Agreements | 1,105,534 |  | 896,746 |  | 1,105,534 |  | 896,746
Compulsory loans | 1,326,925 |  | 1,257,291 |  | 1,326,925 |  | 1,257,291
Suppliers | 1,145,660 |  | 155,989 |  | 2,756,329 |  | 2,963,867
Taxes and Contributions | 378,569 |  | 241,541 |  | 1,146,169 |  | 1,022,562
Income tax and social contribution | 0 |  | 0 |  | 0 |  | 0
Onerous contracts | 0 |  | 0 |  | 62,711 |  | 120,660
Shareholder remuneration | 2,486,778 |  | 1,110,416 |  | 2,490,668 |  | 1,154,836
Personnel obligations | 483,779 |  | 213,767 |  | 1,065,114 |  | 1,634,933
Reimbursement Obligations | 0 |  | 0 |  | 55,517 |  | 0
Post-employment benefits | 993 |  | 0 |  | 289,840 |  | 292,990
Provision for litigation | 1,719,453 |  | 1,993,061 |  | 1,791,088 |  | 2,290,873
Sector charges | 105,352 |  | 0 |  | 820,067 |  | 765,619
Obligations under Law 14,182/2021 | 814,819 |  | 0 |  | 2,916,199 |  | 2,161,176
| 492,276 |  | 439,974 |  | 492,276 |  | 439,974
Leasing | 8,429 |  | 10,959 |  | 26,861 |  | 44,020
Derivative financial instruments | 824,125 |  | 0 |  | 1,175,652 |  | 0
Others | 458,746 |  | 89,312 |  | 1,105,095 |  | 948,907
| 19,681,404 |  | 13,751,504 |  | 31,435,915 |  | 26,885,327
Liabilities associated with assets held for sale | 0 |  | 0 |  | 194,454 |  | 274,464
| 19,681,404 |  | 13,751,504 |  | 31,630,369 |  | 27,159,791
NON-CURRENT LIABILITIES |  |  |  |  |  |  |
Loans, financing and debentures | 40,926,187 |  | 27,474,928 |  | 62,810,702 |  | 48,569,496
Suppliers | 0 |  | 0 |  | 7,959 |  | 0
Provision for litigation | 15,658,437 |  | 15,598,552 |  | 21,583,395 |  | 24,250,819
Post-employment benefits | 418,586 |  | 859,753 |  | 3,416,381 |  | 5,293,808
Obligations under Law 14,182/2021 | 11,111,765 |  | 0 |  | 39,105,924 |  | 37,358,230
| 439,974 |  | 879,947 |  | 439,974 |  | 879,947
Onerous contracts | 0 |  | 0 |  | 621,725 |  | 950,468
Reimbursement Obligations | 0 |  | 0 |  | 15,286 |  | 0
Leasing | 79,994 |  | 24,972 |  | 155,722 |  | 172,727
Concessions payable - Use of public assets | 38,175 |  | 0 |  | 543,867 |  | 566,172
Advances for future capital increases | 108,938 |  | 98,252 |  | 108,938 |  | 98,252
Derivative financial instruments | 2,283 |  | 645,302 |  | 2,283 |  | 657,514
Sector charges | 744,833 |  | 0 |  | 942,348 |  | 432,341
Taxes and Contributions | 103,682 |  | 0 |  | 372,488 |  | 574,781
Deferred income tax and social contribution | 1,566,835 |  | 440,834 |  | 4,287,021 |  | 5,721,830
Others | 739,459 |  | 251,567 |  | 1,827,171 |  | 1,906,834
| 71,939,148 |  | 46,274,107 |  | 136,241,184 |  | 127,433,219
SHAREHOLDERS' EQUITY |  |  |  |  |  |  |
Share capital | 70,099,826 |  | 70,099,826 |  | 70,099,826 |  | 70,099,826
Share issue costs | -108,186 |  | -108,186 |  | -108,186 |  | -108,186
Capital Reserves and Granted Equity Instruments | 13,910,768 |  | 13,889,339 |  | 13,910,768 |  | 13,889,339
Treasury shares | -2,223,011 |  | -2,114,256 |  | -2,223,011 |  | -2,114,256
Profit reserves | 43,905,041 |  | 37,536,595 |  | 43,905,041 |  | 37,536,595
Proposed additional dividend | 1,535,196 |  | 216,114 |  | 1,535,196 |  | 216,114
Accumulated profit | 0 |  | 0 |  | 0 |  | 0
Accumulated other comprehensive income | -5,256,409 |  | -7,186,060 |  | -5,256,409 |  | -7,186,060
Amounts recognized in other comprehensive income classified as held for sale | 0 |  | 0 |  | 0 |  | 0
Controlling shareholders | 121,863,225 |  | 112,333,372 |  | 121,863,225 |  | 112,333,372
Non-controlling shareholders | 0 |  | 0 |  | 136,551 |  | 131,272
TOTAL SHAREHOLDERS' EQUITY | 121,863,225 |  | 112,333,372 |  | 121,999,776 |  | 112,464,644
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 213,483,777 |  | 172,358,983 |  | 289,871,330 |  | 267,057,654

Earnings Release 4Q24 | 44

Table 34 - Income Statement (R$ Thousand)

| P A R E N T C O M P A N Y |  | C O N S O L I D A T E D
| 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
CONTINUING OPERATIONS |  |  |  |  |  |  |
Net operating revenue | 6,328,755 |  | 109,424 |  | 40,181,552 |  | 37,158,908
Operating costs | -4,583,697 |  | -99 |  | -22,143,030 |  | -18,673,499
GROSS PROFIT | 1,745,058 |  | 109,325 |  | 18,038,522 |  | 18,485,409
Operating expenses | -1,822,037 |  | -912,679 |  | -4,559,135 |  | -7,456,137
Regulatory Remeasurements - Transmission Contracts | 2,229,490 |  | 0 |  | 6,129,771 |  | -12,144
OPERATING RESULT BEFORE FINANCIAL RESULT | 2,152,511 |  | -803,354 |  | 19,609,158 |  | 11,017,128
FINANCIAL RESULT | -4,386,422 |  | -3,507,163 |  | -11,628,120 |  | -12,002,121
Income from interest, fines, commissions and fees | 832,164 |  | 832,301 |  | 138,666 |  | 153,458
Income from financial investments | 1,438,836 |  | 911,903 |  | 2,937,517 |  | 2,862,488
Late payment surcharge on electricity | 2,532 |  | 1,139 |  | 119,500 |  | 165,978
Other financial income | 151,194 |  | 421,533 |  | 223,898 |  | 479,159
(–) Taxes on financial income | -152,820 |  | -472,511 |  | -267,782 |  | -578,163
Financial Income | 2,271,906 |  | 1,694,365 |  | 3,151,799 |  | 3,082,920
Debt charges | -3,342,854 |  | -2,323,089 |  | -6,117,463 |  | -6,463,585
CDE obligation charges | -362,827 |  | 0 |  | -2,484,198 |  | -2,292,321
River basin revitalization charges | -45,170 |  | 0 |  | -339,854 |  | -355,430
Other financial expenses | -903,474 |  | -474,439 |  | -1,198,578 |  | -1,109,907
Financial expenses | -4,654,325 |  | -2,797,528 |  | -10,140,093 |  | -10,221,243
Monetary updates – CDE | -213,976 |  | 0 |  | -1,604,680 |  | -1,384,392
Monetary updates – river basins | -35,306 |  | 0 |  | -288,081 |  | -331,760
Monetary reliefs | -662,794 |  | -1,639,859 |  | -778,157 |  | -1,795,913
Exchange rate variations | 28,022 |  | 104,065 |  | -28,821 |  | 169,904
Change in fair value of hedged debt net of derivative | -1,119,949 |  | -868,206 |  | -1,566,482 |  | -908,381
Change in derivative financial instrument not linked to debt protection | 0 |  | 0 |  | -373,605 |  | -613,256
Financial items, net | -2,004,003 |  | -2,404,000 |  | -4,639,826 |  | -4,863,798
| -4,386,422 |  | -3,507,163 |  | -11,628,120 |  | -12,002,121
| TRUE |  | TRUE |  | TRUE |  | TRUE
PROFIT BEFORE EQUITY HOLDINGS | -2,233,911 |  | -4,310,517 |  | 7,981,038 |  | -984,993
Equity income | 10,762,871 |  | 9,172,949 |  | 2,503,205 |  | 2,062,090
Other income and expenses | 138,690 |  | 18,748 |  | 136,540 |  | 651,280
OPERATING PROFIT BEFORE TAX | 8,667,650 |  | 4,881,180 |  | 10,620,783 |  | 1,728,377
Current income tax and social contribution | 0 |  | 608 |  | -717,909 |  | -512,503
Deferred income tax and social contribution | 1,710,472 |  | 0 |  | 477,879 |  | 3,511,001
NET INCOME FOR CONTINUING OPERATIONS | 10,378,122 |  | 4,881,788 |  | 10,380,754 |  | 4,726,875
Portion attributable to controlling | 10,378,122 |  | 4,881,788 |  | 10,378,122 |  | 4,881,788
Portion attributable to non-controlling | 0 |  | 0 |  | 2,632 |  | -154,913
NET INCOME (LOSS) FOR DISCONTINUED OPERATIONS | 0 |  | -332,014 |  | 0 |  | -332,014
Portion attributable to controlling | 0 |  | -332,014 |  | 0 |  | -332,014
Portion attributable to non-controlling | 0 |  | 0 |  | 0 |  | 0
NET INCOME FOR THE YEAR | 10,378,122 |  | 4,549,774 |  | 10,380,753 |  | 4,394,861
Portion attributable to controlling | 10,378,122 |  | 4,549,774 |  | 10,378,122 |  | 4,549,774
Portion attributable to non-controlling | 0 |  | 0 |  | 2,632 |  | -154,913
EARNINGS PER SHARE |  |  |  |  |  |  |
Earnings per share - basic (ON) | 4.56 |  | 2.12 |  | 4.56 |  | 2.12
Earnings per share - basic (PN) | 5.02 |  | 2.34 |  | 5.02 |  | 2.34
Earnings per share - diluted (ON) | 4.50 |  | 2.10 |  | 4.50 |  | 2.10
Earnings per share - diluted (PN) | 4.95 |  | 2.31 |  | 4.95 |  | 2.31

Earnings Release 4Q24 | 45

Table 35 - Cash Flow Statement (R$ Thousand)

| P A R E N T C O M P A N Y |  | C O N S O L I D A T E D
| 12/31/2024 |  | 12/31/2023 |  | 12/31/2024 |  | 12/31/2023
OPERATING ACTIVITIES |  |  |  |  |  |  |
Profit for the year before income tax and social contribution | 8,667,650 |  | 4,549,166 |  | 10,620,784 |  | 1,396,363
Adjustments to reconcile profit with cash generated by operations: |  |  |  |  |  |
Depreciation and amortization | 365,691 |  | 37,213 |  | 3,987,775 |  | 3,621,342
Net exchange and monetary variations | 884,054 |  | 1,535,795 |  | 2,699,739 |  | 3,342,161
Financial charges | 1,479,851 |  | 578,885 |  | 5,865,332 |  | 6,095,390
Equity income | -10,762,871 |  | -9,172,949 |  | -2,503,207 |  | -2,062,090
Other income and expenses | -138,690 |  | -18,748 |  | -136,540 |  | -651,280
Transmission revenues | -3,927,138 |  | 0 |  | -19,292,579 |  | -17,432,037
Construction cost - transmission | 1,145,373 |  | 0 |  | 4,286,914 |  | 3,291,132
Regulatory Remeasurements - Transmission Contracts | -2,229,490 |  | 0 |  | -6,129,771 |  | 12,144
Operating provisions (reversals) | -15,097 |  | -1,148,011 |  | -180,019 |  | 2,481,054
Write-offs of PP&E and Intangible Assets | 95,193 |  | 0 |  | 157,248 |  | 632,441
Result of hedged debt and derivatives | 1,119,949 |  | 868,206 |  | 1,940,087 |  | 1,521,637
Other | 1,356,943 |  | 559,889 |  | 1,557,887 |  | 637,869
| -10,626,232 |  | -6,759,720 |  | -7,747,134 |  | 1,489,763
(Additions)/decreases in operating assets |  |  |  |  |  |  |
Clients | -91,676 |  | 1,340 |  | 1,111,674 |  | -927,096
Right to compensation | 715,010 |  | 459,642 |  | 752,350 |  | 473,496
Others | -656,660 |  | -53,392 |  | 673,834 |  | 109,683
| -33,326 |  | 407,590 |  | 2,537,858 |  | -343,917
Additions/(decreases) in operating liabilities |  |  |  |  |  |  |
Suppliers | 575,010 |  | -821,070 |  | -614,240 |  | -526,425
Advances | 0 |  | -3,243 |  | 0 |  | -162,275
Personnel obligations | 63,932 |  | 47,430 |  | -775,899 |  | -813,498
Sector charges | 651,238 |  | 0 |  | 365,508 |  | -280,680
Others | 423,719 |  | -151,856 |  | -605,675 |  | 217,985
| 1,713,899 |  | -928,739 |  | -1,630,306 |  | -1,564,893
Payment of financial charges | -4,113,742 |  | -2,430,785 |  | -6,650,869 |  | -5,512,449
Receipt of RAP revenue | 3,531,148 |  | 0 |  | 19,248,186 |  | 18,287,910
Receipt of Financial Charges from Subsidiaries | 784,913 |  | 869,712 |  | 0 |  | 0
Receipt of remuneration from investments in equity holdings | 4,412,838 |  | 6,792,347 |  | 1,506,336 |  | 1,329,703
Payment of litigation | -2,932,649 |  | -1,351,125 |  | -3,776,063 |  | -2,672,962
Bonds and linked deposits | 164,738 |  | -231,059 |  | 195,871 |  | -733,354
Payment of income tax and social contribution | -73,214 |  | -164,735 |  | -1,488,382 |  | -2,930,778
Supplementary pension payments | -49,120 |  | -14,909 |  | -430,698 |  | -510,048
Net cash provided by operating activities of discontinued operations | 0 |  | 0 |  | 0 |  | 0
Net cash provided by (used in) operating activities | 1,446,903 |  | 737,743 |  | 12,385,583 |  | 8,235,338

Earnings Release 4Q24 | 46

FINANCING ACTIVITIES |  |  |  |  |  |  |
Loans and financing obtained and debentures obtained | 17,246,220 |  | 7,000,000 |  | 29,965,839 |  | 11,821,045
Payment of loans and financing and debentures - principal | -12,412,729 |  | -8,235,969 |  | -16,009,832 |  | -13,763,329
Payment of remuneration to shareholders | -1,296,222 |  | -864,192 |  | -1,307,858 |  | -864,192
Payment to dissenting shareholders - incorporation of shares | 0 |  | -212 |  | 0 |  | -226,057
Share buybacks | -115,099 |  | -1,967,218 |  | -115,099 |  | -1,967,218
Payment of CDE obligations and revitalization of basins - principal | 0 |  | 0 |  | -1,974,965 |  | -1,433,816
Lease payments - principal | -31,101 |  | -7,916 |  | -757,196 |  | -765,525
Restricted Cash | 0 |  | 0 |  | 0 |  | 0
Others | 0 |  | 0 |  | 0 |  | 443,961
Net cash (used in) financing activities | 3,391,069 |  | -4,075,507 |  | 9,800,889 |  | -6,755,131
INVESTMENT ACTIVITIES |  |  |  |  |  |  |
Grant of advance for future capital increase | 0 |  | 0 |  | 0 |  | 0
Receipt of loans and financing | 5,128,284 |  | 2,014,687 |  | 12,675 |  | 982,425
Receipt of financial charges | 57,665 |  | 172,457 |  | 57,665 |  | 172,457
Acquisition of fixed assets | -461,441 |  | -6,776 |  | -3,099,474 |  | -3,862,770
Acquisition of intangible assets | -230,905 |  | -62,044 |  | -425,891 |  | -258,371
Restricted cash | 129,707 |  | 0 |  | -691,526 |  | 0
Financial (withdrawals)/contributions (securities) | -1,162,785 |  | 442,060 |  | -3,064,434 |  | 3,143,232
Receipt of charges (securities) | 245,654 |  | 692,097 |  | 529,802 |  | 4,066,478
Debentures Acquisition | 0 |  | -450,000 |  | 0 |  | -450,000
Transmission infrastructure - contractual asset | -1,145,373 |  | 0 |  | -4,286,914 |  | -3,269,358
Capital acquisition/contribution of equity holdings | -176,643 |  | -2,108 |  | -176,643 |  | -1,439,478
Disposal of equity holdings | 2,449,160 |  | 355,941 |  | 2,449,160 |  | 907,004
Net cash in the incorporation of subsidiaries | 1,018,193 |  | 0 |  | 0 |  | 0
Net cash in the acquisition of control of investees | 0 |  | 0 |  | 0 |  | 0
Others | 0 |  | 0 |  | 35,259 |  | -116,617
Net cash provided by investment activities of discontinued operations | 0 |  | 952,036 |  | 0 |  | 952,036
Net cash provided by (used in) investing activities | 5,851,516 |  | 4,108,350 |  | -8,660,321 |  | 827,038
Increase (decrease) in cash and cash equivalents | 10,689,488 |  | 770,586 |  | 13,526,151 |  | 2,307,245
Cash and cash equivalents at the beginning of the period | 5,698,457 |  | 4,927,871 |  | 13,046,371 |  | 10,739,126
Cash and cash equivalents at the end of the period | 16,387,945 |  | 5,698,457 |  | 26,572,522 |  | 13,046,371
| 10,689,488 |  | 770,586 |  | 13,526,151 |  | 2,307,245

Earnings Release 4Q24 | 47

10.2. Appendix 2 - Statement on Thermal Power Plants Sale

On June 10, 2024, Eletrobras signed an agreement with Âmbar Energia/J&F Group to sell its thermoelectric portfolio for R$4.7 billion, including R$1.2 billion in earn-out. J&F also immediately and fully assumed the credit risk of the energy contracts in this portfolio. Most of the transaction’s conditions precedent have already been met, while the remaining conditions are pending completion for closing.

On June 12, 2024, Provisional Measure No. 1,232 was published, introducing changes to the rules for isolated systems. The measure allows for a corporate transfer plan to be approved as an alternative to concession termination, provided that ANEEL recognizes the loss of service conditions. It also modifies the rules for energy purchase and sale contracts (CCVEEs) reimbursable by the Fuel Consumption Account (CCC).

As a result, Eletronorte entered into Reserve Energy Contracts (CERs) with the Electric Energy Commercialization Chamber (CCEE), linked to specific Company power plants[12]. In addition, the terminations of CCVEEs for these plants, along with the Term of Withdrawal and Waiver of Rights against the Union regarding energy purchases, were signed with Amazonas Distribuidora de Energia S/A before exchanging contracts for CERs.

The documents were approved sub judice in accordance with ANEEL Ordinance No. 3,025, dated October 7, 2024. Eletrobras is already receiving the new CER-related payments directly from CCEE, including retroactive amounts up to June 13, 2024, the date on which the energy supply provided for in the CERs began.

10.3. Appendix 3 - Statement on the Incorporation of Furnas

In the tables detailing the main operating subsidiaries of the Eletrobras Group, the comments on results for “Eletrobras Holding” as of 3Q24 take into account:

| a) | Furnas’ newly incorporated assets;

| b) | The generation entities: Baguari Energia, Retiro Baixo Energética, Brasil Ventos, and Madeira Energia (MESA); and

| c) | The transmission entities: Triângulo Mineiro Transmissora, Vale do São Bartolomeu Transmissora, and Nova Era Janapú.

These seven entities were previously consolidated under Furnas.

For simplicity in comparisons between 4Q24 and 4Q23, the sum of Eletrobras Holding and consolidated Furnas, including the seven SPEs, was considered for 4Q23. This approach was adopted as the eliminations have an immaterial impact on both the operating result (revenue and EBITDA) and the financial result.

[12] Aparecida, Jaraqui, Tambaqui, Cristiano Rocha, Manauara and Ponta Negra.

Earnings Release 4Q24 | 48

10.4. Appendix 4 - EBITDA IFRS

Table 37 - Adjusted IFRS EBITDA (R$ Thousand)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Results for the year | 1,112 | 893 | 24.5 | 7,195 | -84.5 | 10,381 | 4,395 | 136.2
Results for the year, discontinued operations | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 332 | -100.0
Results for the year, continued operations | 1,112 | 893 | 24.5 | 7,195 | -84.5 | 10,381 | 4,727 | 119.6
+ Provision for Income Tax and Social Contribution | -48 | -3,265 | -98.5 | 1,186 | -104.0 | 240 | -2,998 | -108.0
+ Financial Result | 2,930 | 2,527 | 16.0 | 2,788 | 5.1 | 11,628 | 12,002 | -3.1
+ Amortization and Depreciation | 1,033 | 899 | 14.9 | 990 | 4.3 | 3,988 | 3,621 | 10.1
EBITDA | 5,027 | 1,055 | 376.7 | 12,159 | -58.7 | 26,237 | 17,352 | 51.2
Revenue Adjustments | 0 | 0 | 0.0 | 0 | 0.0 | 0 | -12 | -100.0
Cost and Expense Adjustments | 292 | -485 | -160.3 | 313 | -6.6 | 809 | 863 | -6.3
Adjustments Provisions | -552 | 3,027 | -118.2 | -480 | 15.1 | -1,421 | 1,711 | -183.0
Adjustments Other Income and Expenses | -95 | 209 | -145.6 | -28 | 237.2 | -137 | -651 | -79.0
Adjusted EBITDA | 4,672 | 3,805 | 22.8 | 11,964 | -60.9 | 25,488 | 19,262 | 32.3

10.5. Appendix 5 - Transmission Regulatory Revenue - Adjustment Portion (PA)

The Adjustment Portion (PA) of the current tariff cycle is a regulatory mechanism, as outlined in the contract, designed to compensate for revenue deficits or surpluses from the previous tariff cycle. In other words, it adjusts the difference between the amounts received and those allowed in the prior cycle, which is then offset in 12 equal monthly installments during the current cycle. The AP can be positive or negative, depending on each agent’s balance.

The table below presents the PA breakdown defined by ANEEL for the 2024/2025 cycle, as established in Homologatory Resolution 3,348/2024, within the scope of the Annual RAP Readjustment for the 2024/2025 cycle. Additionally, for the upcoming tariff cycles (2025/2026 to 2027/2028), the PA Reviews established by ANEEL under the RAP periodic review processes for renewed and tendered concession contracts—approved by ANEEL up to the 2024/2025 cycle—are also included.

Earnings Release 4Q24 | 49

Table 38 - Adjustment Portion (PA) - Homologatory Resolution 3,348/2024 (R$ mm)

Concession Contracts Extended by Law 12,783/2012 As of Jun/24 | PA Cycle 24/25 | PA Cycle 25/26 | PA Cycle 26/27 | PA Cycle 27/28 | TOTAL
PA Periodic Review of RAP - 2023 (I) (1) | -811 | 480 | 480 | 480 | 628
PA Postponement RTP (Periodic Tariff Review) (2) | -1,316 |  |  |  | -1,316
RBSE - Economic Component | -1,655 |  |  |  | -1,655
RBSE - O&M - Ordinance 579/2012 | 18 |  |  |  | 18
Reinforcements and Improvements with Previous RAP | -176 |  |  |  | -176
Reinforcements and Improvements without Previous RAP (3) | 496 |  |  |  | 496
PA Retroactive of the revised revenue for Reinforcements and Improvements (4) | 349 | 349 | 349 | 349 | 1,395
Reinforcements and Improvements with Previous RAP | 50 | 50 | 50 | 50 | 201
Reinforcements and Improvements without Previous RAP | 299 | 299 | 299 | 299 | 1,194
PA Other Adjustments - RTP 2023 (5) | 26 |  |  |  | 26
PA Annual Improvements (6) | 131 | 131 | 131 | 131 | 524
PA Annual Readjustment of RAP cycle 2024/2025 (II) | -627 | 0 | 0 | 0 | -627
PA Measurement (7) | -623 |  |  |  | -623
PA Authorizations for Small-Scale Reinforcements without RAP (8) | 5 |  |  |  | 5
PA Other Adjustments | -9 |  |  |  | -9
TOTAL PA - Concession Contracts Extended (I + II) | -1,438 | 480 | 480 | 480 | 1
Concession Contracts Tendered |  |  |  |  |
PA Periodic Tariff Review of RAP (III) (9) | 19 | 15 | 10 | 6 | 49
PA Annual Readjustment of RAP cycle 2024/2025 (IV) | -110 | 0 | 0 | 0 | -110
PA Measurement (7) | -112 |  |  |  | -112
PA Authorizations for Small Reinforcements without RAP (8) | 2 |  |  |  | 2
PA Other Adjustments | 0 |  |  |  | 0
PA TOTAL - Concession Contracts Tendered (III + IV) | -91 | 15 | 10 | 6 | -61

(1) Adjustment Portion established in Homologatory Resolution No. 3,344/2024, defining the RAP Periodic Review results for Concession Contracts 057/2001, 058/2001, 061/2001, and 062/2001, extended under Law 12,783/2013, following Public Consultation (CP) ANEEL 12/2024.

(2) PA Postponement: Financial differences from postponing the RAP Periodic Review for extended concession contracts from 07/01/2023 to 07/01/2024, per Order No. 402/2023. PA to be offset in a single installment.

(3) Includes annuities (financial advances) for the execution of small-scale improvements related to the 2023-2024 cycle.

(4) PA Retroactive: Retroactive RAP additional installments for reinforcements and improvements undergoing their first Periodic Review (incremental basis), covering the period from commercial operation start until June 30, 2023, as per Submodule 9.7 of PRORET. Already adjusted for annuities related to the advance of part of the revenue associated with executing small-scale improvements that initially had no prior revenue. To be offset in equal installments until the subsequent review in July 2028.

(5) PA Other Adjustments - RTP 2023: Adjustments based on Technical Notes No. 58/2024 and No. 103/2024-STR/ANEEL, supporting CP 12/2024. To be offset in a single installment.

(6) PA Annual Improvements: Annual financial contribution for the execution of small-scale improvements to be considered from the 2024-2025 cycle up to the 2027-2028 cycle

(7) PA Calculation: Offsets differences arising from revenue deficits or surpluses in the ONS accounting process.

(8) PA Authorizations for Small-Scale Reinforcements without RAP: Covers the RAP portion from the commercial operation start date (per ONS Release Term) until June 30 of year i (June of cycle i-1), for cases where small-scale reinforcements were authorized with RAP established within the Annual RAP Adjustment.

(9) Considers only the PA Review approved by ANEEL for Tendered concession contracts reviewed until 2024.

Earnings Release 4Q24 | 50

10.6. Appendix 6 - IFRS Generation Revenue

The following table presents the breakdown of the IFRS Generation Revenue, aligned with the accounting statements. The power supply for distribution companies is revenue derived from customers who are not end consumers, such as distributors, traders, and generators, covering contracts in both the ACR and ACL, while the power supply for end consumer is revenue that comes directly from end consumers, including industries and commercial entities, and consists exclusively of contracts in the Free Contracting Environment (ACL).

Table 39 - Gross Revenue 4Q24 (R$ mm)

| 4Q24
Eletrobras Holding | Chesf | Eletronorte | CGT Eletrosul | Total | Elimination | Consolidated IFRS
Power supply for distribution companies | 2,933 | 163 | 2,012 | 258 | 5,367 | -187 | 5,180
Power supply for end consumers | 204 | 79 | 395 | 15 | 693 | 0 | 693
CCEE | 156 | 351 | 847 | 15 | 1,368 | 0 | 1,368
O&M revenue | 259 | 480 | 6 | 0 | 745 | 0 | 745
Generation Revenues | 3,552 | 1,073 | 3,260 | 288 | 8,173 | -187 | 7,986
Non-recurring items - Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0
Adjusted Generation Revenue | 3,552 | 1,073 | 3,260 | 288 | 8,173 | -187 | 7,986

Table 40 - Gross Revenue 4Q23 (R$ mm)

| 4Q23
Eletrobras + Furnas and Others | Chesf | Eletronorte | CGT Eletrosul | Total | Elimination | Consolidated IFRS
Power supply for distribution companies | 2,271 | 155 | 2,102 | 400 | 4,929 | -69 | 4,860
Power supply for end consumers | 340 | 225 | 369 | 0 | 934 | 0 | 934
CCEE | 113 | 92 | 172 | 11 | 387 | 0 | 387
O&M revenue | 355 | 677 | 8 | 0 | 1,040 | 0 | 1,040
Generation Revenues | 3,079 | 1,149 | 2,652 | 411 | 7,291 | -69 | 7,221
Non-recurring items - Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0
Adjusted Generation Revenue | 3,079 | 1,149 | 2,652 | 411 | 7,291 | -69 | 7,221

Earnings Release 4Q24 | 51

10.7. Appendix 7 - IFRS Transmission Revenue

Transmission revenue was R$ 5,773 million in 4Q24, up 27% from 4Q23, recording increases of R$ 539 million in Construction revenue, R$ 537 million in Contractual revenue and R$ 139 million in O&M revenue. O&M revenue relates to the operation and maintenance of assets in operation. Construction revenue corresponds to investments made (appropriated and allocated) in ongoing projects. Contractual (financial) revenue is derived from the application of inflation indexes to the contract asset balances of each concession.

Table 41 - Transmission Operating Revenue (R$ mm)

| 4Q24 | 4Q23 | % | 3Q24 | % | 12M24 | 12M23 | %
Transmission Revenues | 5,773 | 4,558 | 27 | 4,566 | 26 | 19,293 | 17,432 | 11
Revenue from Operation & Maintenance | 1,863 | 1,723 | 8 | 1,906 | -2 | 7,725 | 7,335 | 5
Construction Revenue | 1,811 | 1,272 | 42 | 1,044 | 73 | 4,162 | 2,961 | 41
Contractual Revenue - Transmission | 2,099 | 1,562 | 34 | 1,616 | 30 | 7,405 | 7,136 | 4
Non-recurring items - Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Adjusted Transmission Operating Revenue | 5,773 | 4,558 | 27 | 4,566 | 26 | 19,293 | 17,432 | 11

10.8. Appendix 8 - Financing and Loans Granted (Receivables)

Chart 10 - Receivables (R$ billion)

Does not include ECL of R$ 3,989 million and current charges.

Earnings Release 4Q24 | 52

10.9. Appendix 9 - IFRS vs. Regulatory Reconciliation

Table 40 - Reconciliation IFRS vs. Regulatory (R$ Thousand)

| CVM Result IFRS |  | Regulatory Result |  | Differences |  | CVM Result IFRS |  | Regulatory Result |  | Differences
| 12/31/2024 |  | 12/31/2024 |  |  |  | 12/31/2023 |  | 12/31/2023 |  |
OPERATING REVENUES |  |  |  |  |  |  |  |  |  |  |
Generation |  |  |  |  |  |  |  |  |  |  |
Power supply for distribution companies | 18,811,949 |  | 19,410,072 |  | -598,123 |  | 17,030,455 |  | 17,030,455 |  | 0
Power supply for end consumers | 2,941,312 |  | 2,941,312 |  | 0 |  | 3,853,830 |  | 3,853,830 |  | 0
CCEE revenue (short term market) | 3,278,465 |  | 3,278,465 |  | 0 |  | 1,680,285 |  | 1,680,285 |  | 0
Operation and maintenance (O&M) revenue | 3,063,896 |  | 3,063,896 |  | 0 |  | 4,052,072 |  | 4,052,072 |  | 0
Revenue from construction of Power Plants | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Rate of return updates - Generation | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Itaipu transfer | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Transmission |  |  |  |  |  |  |  |  |  |  |
Operation and maintenance revenue - Renewed Lines | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Operation and maintenance revenue | 7,725,358 |  | 7,725,358 |  | 0 |  | 7,335,165 |  | 7,335,165 |  | 0
Financial - Return on Investment - RBSE | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Construction revenue | 4,161,735 |  | 0 |  | 4,161,735 |  | 2,960,792 |  | 0 |  | 2,960,792
Contract revenue – Transmission | 7,405,486 |  | 0 |  | 7,405,486 |  | 7,136,080 |  | 0 |  | 7,136,080
Transmission System Availability (Rap) | 0 |  | 11,524,659 |  | -11,524,659 |  | 0 |  | 10,914,552 |  | -10,914,552
Other income | 337,166 |  | 335,343 |  | 1,823 |  | 426,427 |  | 426,427 |  | 0
Deductions |  |  |  |  |  |  |  |  |  |  |
(-) Sector charges | -2,484,234 |  | -2,484,234 |  | 0 |  | -2,348,976 |  | -2,348,976 |  | 0
(-) ICMS | -761,342 |  | -761,342 |  | 0 |  | -1,053,742 |  | -1,053,742 |  | 0
(-) PASEP e COFINS | -4,295,000 |  | -4,295,000 |  | 0 |  | -3,906,818 |  | -3,906,818 |  | 0
(-) Other Deductions | -3,239 |  | -3,239 |  | 0 |  | -6,662 |  | -6,662 |  | 0
Net Operating Revenue | 40,181,552 |  | 40,735,290 |  | -553,738 |  | 37,158,908 |  | 37,976,588 |  | -817,680
OPERATING COSTS |  |  |  |  |  |  |  |  |  |  |
Personnel, Material and Services | -2,879,221 |  | -2,878,195 |  | -1,026 |  | -3,356,356 |  | -3,356,356 |  | 0
Energy purchased for resale | -5,068,123 |  | -5,770,265 |  | 702,142 |  | -3,028,226 |  | -3,745,460 |  | 717,234
Charges for use of the electricity grid | -3,954,730 |  | -3,954,730 |  | 0 |  | -3,482,126 |  | -3,488,981 |  | 6,855
Fuel for electricity production | -1,991,855 |  | -1,991,855 |  | 0 |  | -2,042,867 |  | -2,042,867 |  | 0
Construction | -4,286,914 |  | 0 |  | -4,286,914 |  | -3,291,132 |  | 0 |  | -3,291,132
Depreciation | -1,770,624 |  | -3,211,221 |  | 1,440,597 |  | -1,776,909 |  | -3,724,920 |  | 1,948,011
Amortization | -1,946,844 |  | -1,961,457 |  | 14,613 |  | -1,610,698 |  | -1,615,868 |  | 5,170
Operating provisions/reversals | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Other costs | -244,719 |  | -244,719 |  | 0 |  | -85,185 |  | -92,810 |  | 7,625
Operating costs | -22,143,030 |  | -20,012,442 |  | -2,130,588 |  | -18,673,499 |  | -18,067,262 |  | -606,237
GROSS PROFIT | 18,038,522 |  | 20,722,848 |  | -2,684,326 |  | 18,485,409 |  | 19,909,326 |  | -1,423,917
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |

Earnings Release 4Q24 | 53

| CVM Result IFRS |  | Regulatory Result |  | Differences |  | CVM Result IFRS |  | Regulatory Result |  | Differences
| 12/31/2024 |  | 12/31/2024 |  |  |  | 12/31/2023 |  | 12/31/2023 |  |
Personnel, Material and Services | -3,332,559 |  | -3,397,251 |  | 64,692 |  | -3,496,049 |  | -3,496,050 |  | 1
Voluntary Dismissal Program | -226,815 |  | -226,815 |  | 0 |  | -544,609 |  | -544,609 |  | 0
Remuneration and compensation | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Depreciation | -189,801 |  | -557,024 |  | 367,223 |  | -204,932 |  | -199,159 |  | -5,773
Amortization | -80,506 |  | -308,793 |  | 228,287 |  | -28,803 |  | -28,803 |  | 0
Donations and contributions | -145,085 |  | -145,085 |  | 0 |  | -111,101 |  | -111,101 |  | 0
Operating provisions/reversals | 180,019 |  | 695,418 |  | -515,399 |  | -2,481,054 |  | -2,456,664 |  | -24,390
Other expenses | -764,388 |  | -773,919 |  | 9,531 |  | -589,589 |  | -573,516 |  | -16,073
OPERATING EXPENSES | -4,559,135 |  | -4,713,469 |  | 154,334 |  | -7,456,137 |  | -7,409,902 |  | -46,235
Regulatory Remeasurements - Transmission Contracts | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
OPERATING RESULT BEFORE FINANCIAL RESULT | 13,479,387 |  | 16,009,379 |  | -2,529,992 |  | 11,029,272 |  | 12,499,424 |  | -1,470,152
FINANCIAL RESULT | -11,628,121 |  | -12,318,591 |  | 690,470 |  | -12,002,121 |  | -11,583,590 |  | -418,531
PROFIT BEFORE EQUITY HOLDINGS | 1,851,266 |  | 3,690,788 |  | -1,839,522 |  | -972,849 |  | 915,834 |  | -1,888,683
Equity income | 2,503,207 |  | 2,050,730 |  | 452,477 |  | 2,062,090 |  | 1,565,475 |  | 496,615
Other income and expenses | 136,540 |  | 136,540 |  | 0 |  | 651,280 |  | 823,864 |  | -172,584
OPERATING PROFIT BEFORE TAX | 4,491,013 |  | 5,878,058 |  | -1,387,045 |  | 1,740,521 |  | 3,305,174 |  | -1,564,653
Current income tax and social contribution | -717,909 |  | -717,909 |  | 0 |  | -512,503 |  | -512,504 |  | 1
Deferred income tax and social contribution | 477,879 |  | 1,881,521 |  | -1,403,642 |  | 3,511,001 |  | 3,337,515 |  | 173,486
NET INCOME FOR CONTINUING OPERATIONS | 4,250,983 |  | 7,041,670 |  | -2,790,687 |  | 4,739,019 |  | 6,130,185 |  | -1,391,166
|  |  |  |  | 0 |  |  |  |  |  | 0
Portion attributable to controlling | 10,378,122 |  | 7,040,475 |  | 3,337,647 |  | 4,881,788 |  | 6,285,044 |  | -1,403,256
Portion attributable to controlling | 2,632 |  | 1,195 |  | 1,437 |  | -154,913 |  | -154,859 |  | -54
NET INCOME (LOSS) FOR DISCONTINUED OPERATIONS | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
Portion attributable to controlling | 0 |  | 0 |  | 0 |  | -332,014 |  | 0 |  | -332,014
Portion attributable to controlling | 0 |  | 0 |  | 0 |  | 0 |  | 986,785 |  | -986,785
NET INCOME FOR THE YEAR | 4,250,983 |  | 7,041,670 |  | -2,790,687 |  | 4,739,019 |  | 6,130,185 |  | -1,391,166
Portion attributable to controlling | 10,378,122 |  | 7,040,475 |  | 3,337,647 |  | 4,549,774 |  | 5,953,030 |  | -1,403,256
Portion attributable to controlling | 2,632 |  | 1,195 |  | 1,437 |  | -154,913 |  | -154,859 |  | -54

Earnings Release 4Q24 | 54

SIGNATURE

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.

Date: March 13, 2025

CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS
By: | /S/ Eduardo Haiama |
| Eduardo Haiama Vice-President of Finance and Investor Relations |

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.