<SEC-DOCUMENT>0001292814-25-003986.txt : 20251114
<SEC-HEADER>0001292814-25-003986.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114160418
ACCESSION NUMBER:		0001292814-25-003986
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251231
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRAZILIAN ELECTRIC POWER CO
		CENTRAL INDEX KEY:			0001439124
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34129
		FILM NUMBER:		251485707

	BUSINESS ADDRESS:	
		STREET 1:		RUA DA QUITANDA, 196, 24TH FLOOR
		STREET 2:		CENTRO
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			20091-005
		BUSINESS PHONE:		55 21 2514 5891

	MAIL ADDRESS:	
		STREET 1:		RUA DA QUITANDA, 196, 24TH FLOOR
		STREET 2:		CENTRO
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			20091-005
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ebr20251114_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" COLOR="Black" STYLE="width: 21%">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Report of Foreign Private Issuer<BR>
Pursuant to Rule 13a-16 or 15d-16 of the</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>For the month of November, 2025</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Commission File Number 1-34129</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" COLOR="Black" STYLE="width: 21%">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CENTRAIS EL&Eacute;TRICAS BRASILEIRAS S.A.
- ELETROBR&Aacute;S</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR>
<BR>
</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>BRAZILIAN ELECTRIC POWER COMPANY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Translation of Registrant's name into English)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR>
<BR>
</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Rua da Quitanda, 196 &ndash; 24th floor,<BR>
Centro, CEP 20091-005,<BR>
Rio de Janeiro, RJ, Brazil</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center">Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center">Form 20-F ___X___ Form 40-F _______</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center">Yes _______ No___X____</P>
<P STYLE="font: 12pt Verdana, Helvetica, Sans-Serif; margin: 1.1pt 165.7pt 0 2.3in; text-align: center"><B></B></P>

<P STYLE="font: 12pt Verdana, Helvetica, Sans-Serif; margin: 1.1pt 165.7pt 0 2.3in; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->






<P STYLE="font: italic 12pt Verdana,sans-serif; margin-top: 0; margin-bottom: 6pt; letter-spacing: 0.75pt; text-align: center"><IMG SRC="ebr202511146k_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 9.5pt Verdana,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Verdana,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


<P STYLE="text-align: center; margin-top: 0; font: 9.5pt Verdana,sans-serif; margin-bottom: 0"><B>CERTIFICATE</B></P>

<P STYLE="font: 9.5pt Verdana,sans-serif; margin: 0; text-align: center"><B>MINUTES FOR THE ONE THOUSAND SEVENTY-NINTH MEETING OF CENTRAIS
EL&Eacute;TRICAS BRASILEIRAS S.A.&#8217;S (&#8220;AXIA ENERGIA&#8221;) BOARD OF DIRECTORS </B></P>

<P STYLE="font: 9pt Verdana,sans-serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">NIRE 3330034676-7/CNPJ No. 00001180/0001-26</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 7pt 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 7pt 0 7.1pt; text-align: justify">We hereby certify, for all intents and purposes,
that the 1079th meeting of AXIA ENERGIA&#8217;s Board of Directors was held on 11.05.2025. A call of meeting was issued by the Chair of
the Board of Directors, pursuant to the Company&#8217;s Articles of Incorporation. President and Chair of the Board of Directors VICENTE
FALCONI CAMPOS (VFC) presided over the meeting. The Director ANA SILVIA CORSO MATTE (ASM) and Directors CARLOS MARCIO FERREIRA (CMF),
FELIPE VILLELA DIAS (FVD), JOS&Eacute; JO&Atilde;O ABDALLA FILHO (JAF), MARISETE F&Aacute;TIMA DADALD PEREIRA (MFP), MAUR&Iacute;CIO TIOMNO
TOLMASQUIM (MTT), NELSON JOS&Eacute; HUBNER MOREIRA (NHM), PEDRO BATISTA DE LIMA FILHO (PBL) and SILAS RONDEAU CAVALCANTE SILVA (SRS)
were present at the meeting. There were no recorded absences. Participants from the Corporate Governance Board: Vice President of Governance
and Sustainability CAMILA GUALDA SAMPAIO ARAUJO (CSA), Governance Secretary FERNANDO KHOURY FRANCISCO JUNIOR (FKJ) and Governance Officer
BRUNO KLAPPER LOPES (BKL). INSTRUCTION: Supporting materials were made available to the Board members through the Governance Portal. <B>QUORUMS
FOR INSTALLATION AND RESOLUTIONS:</B> The resolutions of this meeting must take place in the presence of a majority of its members, and
its resolutions are taken by a majority of those present (art. 31, head provision, Articles of Incorporation), except in cases of qualified
quorum (art. 32, Articles of Incorporation). Quorum for installation: ten members, in compliance with the minimum quorum requirement of
six members. Minimum quorum for resolutions: six members, except in cases where there is an explicit record of alteration of the quorum
of those present at the time of resolution. Advance notice of a conflict of interest on the part of the Director and/or their temporary
absence will result in their presence being discounted from calculations of minimum quorum required to pass a board resolutions.</P>

<P STYLE="font: 9.5pt Verdana,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman,serif; margin: 0 7pt 0 7.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Wingdings; font-size: 9.5pt">&Oslash;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;
</FONT><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9.5pt"><B>DEL-178/2025. Approval of the interim financial statements for
the period ended 09/30/2025. (RES 428, of 11.04.2025). </B>Axia Energia&#8217;s Board of Directors, in the use of the powers vested therein
and as part of a proposal and decision from the Executive Board and the favorable opinion issued by the Audit and Risks Committee, HEREBY
RESOLVES:</FONT></P>

<P STYLE="font: 9.5pt/115% Verdana,sans-serif; margin: 0 7pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 7pt 0 7.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9.5pt">1.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9.5pt">To authorize the filing of AXIA Energia's interim financial statements
for the period ended September 30, 2025 approved by AXIA Energia's Executive Board through RES-428, which is dated 11.04.2025.</FONT></P>

<P STYLE="font: 9.5pt Verdana,sans-serif; margin: 0 7pt 0 39.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify"><U>Quorum:</U> Unanimity, pursuant to the proposal
from the Executive Board (RES 428, of 11.04.2025) and upon a favorable manifestation on the part of the Statutory Audit and Risks Committee
being registered.</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana,sans-serif; margin: 0 7pt 0 7.1pt; text-align: justify"><FONT STYLE="font-size: 9.5pt"><B>DEL-179/2025. Distribution
of interim dividends. (RES 439, of 11.04.2025). </B></FONT>Centrais El&eacute;tricas Brasileiras S.A.&#8217;s &#8211; (&quot;AXIA Energia&#8221;)
Board of Directors, in the use of the powers vested therein and as part of a proposal and decision from Executive Board, HEREBY RESOLVES:</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 12pt Verdana,sans-serif; margin-top: 0; margin-bottom: 6pt; letter-spacing: 0.75pt; text-align: center"><IMG SRC="ebr202511146k_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 9.5pt Verdana,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Verdana,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9.5pt">1.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9.5pt">To approve the distribution of dividends&nbsp;in the amount </FONT><FONT STYLE="font-family: Verdana,sans-serif">of
<FONT STYLE="font-size: 9.5pt">$4,300,000,000.00 (four billion and three hundred million reals) under the terms provided for in art.57
of the Company's Articles of Incorporation. Dividends are to be distributed, as of the present date, in the form of interim dividends.
Part of the balance of the statutory reserve referred to in art. 56, II of the referred to Articles, as calculated on June 30, 2025, will
be used and considered part of the mandatory dividend to be calculated under the 2025 profit and loss account at the end of the fiscal
year, as shown below:</FONT></FONT></P>

<P STYLE="font: 1pt/150% Verdana,sans-serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0 0 0 35.45pt; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9.5pt">R$ 1.581534687 per class A share of preferred stock (PNA);</FONT></P>

<P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0 0 0 35.45pt; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9.5pt">R$ 2.078419036 per class B share of preferred stock (GNP);</FONT></P>

<P STYLE="font: 10pt/150% Times New Roman,serif; margin: 0 0 0 35.45pt; text-indent: 0in"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9.5pt">R$ 1.889535942 per share of common stock (ON) and <I>golden share</I>.</FONT></P>

<P STYLE="font: 10pt/150% Verdana,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9.5pt">2.</FONT><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Verdana,sans-serif; font-size: 9.5pt">The value of the shares mentioned in item 1 above may vary slightly
by the respective cut-off dates, depending </FONT><FONT STYLE="font-family: Verdana,sans-serif">on <FONT STYLE="font-size: 9.5pt">the
share repurchase program, which will impact the number of shares held in treasury to be measured and defined by the Financial and Investor
Relations Vice Chair.</FONT></FONT></P>

<P STYLE="font: 9.5pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify"><U>Quorum:</U> Unanimity, pursuant to the corresponding
proposal from the Executive Board (RES 439, of 11.04.2025).</P>

<P STYLE="font: 9.5pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify"><B>Closing and drawing up of the certificate
of the minutes: </B>It is hereby registered that materials relating to the resolutions of this Board of Directors' Meeting are filed at
the Company's headquarters. At the end of the meeting, the Chair requested that the Governance Secretary to draw up and sign this Certificate,</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0 0 0 7.1pt; text-align: justify">after its reading and approval. The remaining
resolutions were omitted because they deal with exclusively internal matters, protected by the duty of secrecy provided for in art. 155
of the Brazilian Corporations Act and not classified under &sect; 1 of art. 142 of the same Law. The following members were present at
the meeting: Director and Chair of the Board of Directors VICENTE FALCONI CAMPOS, ANA SILVIA CORSO MATTE, CARLOS MARCIO FERREIRA, FELIPE
VILLELA DIAS, JOS&Eacute; JO&Atilde;O ABDALLA FILHO, MARISETE F&Aacute;TIMA DADALD PEREIRA, MAUR&Iacute;CIO TIOMNO TOLMASQUIM, NELSON
JOS&Eacute; HUBNER MOREIRA, PEDRO BATISTA DE LIMA FILHO and SILAS RONDEAU CAVALCANTE SILVA.</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0; text-align: center">Rio de Janeiro, November 11, 2025.</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0; text-align: center">FERNANDO KHOURY FRANCISCO JUNIOR</P>

<P STYLE="font: 9.5pt/14pt Verdana,sans-serif; margin: 0; text-align: center">Governance Secretary</P>



<P STYLE="font: italic 12pt Verdana,sans-serif; margin-top: 0; margin-bottom: 6pt; letter-spacing: 0.75pt; text-align: center"></P>



<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 13.5pt; text-indent: 24.5pt">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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 24.5pt">Date: November 14, 2025</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 11pt Verdana, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">CENTRAIS EL&Eacute;TRICAS BRASILEIRAS S.A. - ELETROBR&Aacute;S</FONT></TD></TR>
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 87%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Verdana, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 11pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">S</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Eduardo Haiama</FONT></P>
<HR SIZE="1" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%"></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="font: 11pt Verdana, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Eduardo Haiama</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Vice-President of Finance and Investor Relations</B></P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">This document may contain estimates and projections that are not statements
of past events but reflect our management&rsquo;s beliefs and expectations and may constitute forward-looking statements under Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. The words &ldquo;believes&rdquo;,
&ldquo;may&rdquo;, &ldquo;can&rdquo;, &ldquo;estimates&rdquo;, &ldquo;continues&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;intends&rdquo;,
&ldquo;expects&rdquo;, and similar expressions are intended to identify estimates that necessarily involve known and unknown risks and
uncertainties. Known risks and uncertainties include, but are not limited to: general economic, regulatory, political, and business conditions
in Brazil and abroad; fluctuations in interest rates, inflation, and the value of the Brazilian Real; changes in consumer electricity
usage patterns and volumes; competitive conditions; our level of indebtedness; the possibility of receiving payments related to our receivables;
changes in rainfall and water levels in reservoirs used to operate our hydroelectric plants; our financing and capital investment plans;
existing and future government regulations; and other risks described in our annual report and other documents filed with the CVM and
SEC. Estimates and projections refer only to the date they were expressed, and we do not assume any obligation to update any of these
estimates or projections due to new information or future events. Future results of the Company&rsquo;s operations and initiatives may
differ from current expectations, and investors should not rely solely on the information contained herein. This material contains calculations
that may not reflect precise results due to rounding.</P>
<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>ebr202511146k_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ebr202511146k_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #M V\# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M4 %%%% !1110 4444 %%%% !1110 444F10 M%(2!2YH **3-&>: %HH)Q2
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M<G"D=*M44DVMAV&[%]*AAL;:WGDGBB"RR\NP)YZ?X"K%%):; %%%% !1110
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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MS4'A1]4^#>L7^HWT%IK/B*%;^[OIW\I%Y#QQLQ^[&% 7'8$UZ.WAK2'\,?\
M".&T_P")3Y M_L_FO_JQVW9W?KFKLFGVDVFMITMO')9M%Y+0N-RLF,;3GJ,4
M >,6>H:W)\4_!]SJ.E6>F1V^FW D^R7:W'F6ZQG$C%1@(3MVC)K=L)- TOX=
MZ7XL\2P//.UU)JUM&I8NT\[%D54!P[;64#/ QGBNLTKX=^%-$L[^UTW1X[>.
M_C:*Y*RN7=&&"H<MN4>P(J?7O!'AWQ/86=CJ^G_:+6S_ -1$)Y(PG '\##/
MQSF@#RKQ3H>MVOPL\:>(]2@-GJ6NS6\TME Q(MX5=5"GU;:3N/\ ]<5U-W:Z
M;>?%^SM4"&"?PO+'="%RF8#(H7YE(('7!!]*Z;0_A[X5\.6U_;:7I$<4&H((
M[J.25Y5E49P"'8\?,WYT[2? 'A?0['4+/3-)2VAU%2EULE?<ZD$%0Q;<HY/
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
=10 4444 %%%% !1110 4444 %%%% !1110!__]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
