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Equity and Remuneration to Shareholders (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity And Remuneration To Shareholders |
Schedule of Share Capital | On December 31, 2024 and 2023, the Company’s issued and share capital was R$14,309 (R$11,007 on December 31, 2023) represented by 956,601,911 common shares (735,847,624 on December 31, 2023) and 1,905,179,984 preferred shares (1,465,523,064 on December 31, 2023), both of them with nominal value of R$5.00, as demonstrated below:
Shareholders | Number of shares on December 31, 2024
Common |  | % |  | Preferred |  | % |  | Total |  | %
State of Minas Gerais | 487,540,664 |  | 50.97 |  | 22,210 |  | - |  | 487,562,874 |  | 17.04
PZENA | 310,667,579 |  | 32.48 |  | 147,792,680 |  | 7.76 |  | 458,460,259 |  | 16.02
FIA Dinâmica Energia S/A | 106,610,119 |  | 11.14 |  | - |  | - |  | 106,610,119 |  | 3.73
BNDES Participações | - |  | - |  | 95,239,166 |  | 5.00 |  | 95,239,166 |  | 3.33
BlackRock | - |  | - |  | 282,815,226 |  | 14.84 |  | 282,815,226 |  | 9.88
Others |  |  |  |  |  |  |  |  |  |  |
In Brazil | 39,409,416 |  | 4.12 |  | 106,878,372 |  | 5.61 |  | 146,287,788 |  | 5.11
Foreign shareholders | 12,374,133 |  | 1.29 |  | 1,272,432,330 |  | 66.79 |  | 1,284,806,463 |  | 44.89
Total | 956,601,911 |  | 100.00 |  | 1,905,179,984 |  | 100.00 |  | 2,861,781,895 |  | 100.00
Shareholders | Number of shares on December 31, 2023
Common |  | % |  | Preferred |  | % |  | Total |  | %
State of Minas Gerais | 375,031,032 |  | 51 |  | 17,085 |  | - |  | 375,048,387 |  | 17
PZENA |  |  | - |  | 73,283,989 |  | 5 |  | 73,283,989 |  | 3
FIA Dinâmica Energia S/A | 233,004,992 |  | 31 |  | 116,951,354 |  | 8 |  | 349,956,346 |  | 16
BNDES Participações | 82,007,784 |  | 11 |  | - |  | - |  | 82,007,784 |  | 4
BlackRock | - |  | - |  | 217,550,174 |  | 15 |  | 217,550,174 |  | 10
Others |  |  |  |  |  |  |  |  |  |  |
In Brazil | 29,160,676 |  | 4 |  | 101,717,633 |  | 7 |  | 130,878,309 |  | 6
Foreign shareholders | 16,642,870 |  | 2 |  | 956,002,829 |  | 66 |  | 972,645,699 |  | 44
Total | 735,847,624 |  | 99 |  | 1,465,523,064 |  | 101 |  | 2,201,370,688 |  | 100
Schedule of Earnings Per Share | The number of shares included in the calculation of basic and diluted earnings, is described in the table below:
| Number of shares
Dec. 31, 2024 |  | Dec. 31, 2023 (Restated) |  | Dec. 31, 2022 (Restated)
Common shares already paid up | 956,601,911 |  | 956,601,911 |  | 956,601,911
Shares in treasury | (132) |  | (132) |  | (132)
| 956,601,779 |  | 956,601,779 |  | 956,601,779
Preferred shares already paid up | 1,905,179,984 |  | 1,905,179,984 |  | 1,905,179,984
Shares in treasury | (1,099,880) |  | (1,099,880) |  | (1,099,880)
| 1,904,080,104 |  | 1,904,080,104 |  | 1,904,080,104
Total | 2,860,681,883 |  | 2,860,681,883 |  | 2,860,681,883
Schedule of Basic and Diluted Earnings per Share | The calculation of basic and diluted earnings per share is as follows:
| Dec. 31, 2024 |  | Dec. 31, 2023 (Restated) |  | Dec. 31, 2022 (Restated)
Net income for the year attributed to equity holders of the parent | 7,117 |  | 5,764 |  | 4,092
Minimum mandatory dividend from net income for the year – preferred shares | 2,485 |  | 2,080 |  | 1,486
Net income for the year not distributed – preferred shares | 2,252 |  | 1,757 |  | 1,238
Total earnings - preferred shares (A) | 4,737 |  | 3,837 |  | 2,724
Minimum mandatory dividend from net income for the year - common shares | 1,248 |  | 1,045 |  | 747
Net income for the year not distributed – common shares | 1,132 |  | 883 |  | 622
Total earnings - common shares (B) | 2,380 |  | 1,928 |  | 1,369
Basic and diluted earnings per preferred share (A / number of preferred shares) | 2.49 |  | 2.02 |  | 1.43
Basic and diluted earnings per common share (B / number of common shares) | 2.49 |  | 2.02 |  | 1.43
Schedule of Minimum Dividends Proposed | The calculation of the minimum dividends proposed for distribution to Shareholders, considering the unrealized income assumption as mentioned in the previous paragraph, is as follows:
| 2024 |  | 2023 |  | 2022
Calculation of minimum dividends required by the by-laws for the preferred shares |  |  |  |  |
Nominal value of the preferred shares | 9,526 |  | 7,328 |  | 7,328
| 9,526 |  | 7,328 |  | 7,328
Percentage applied to the nominal value of the preferred shares | 10.00% |  | 10.00% |  | 10.00%
Amount of the dividends by the first payment criterion | 953 |  | 733 |  | 733
Equity | 27,378 |  | 24,649 |  | 21,777
Preferred shares as a percentage of Equity (net of shares held in Treasury) | 66.56% |  | 66.56% |  | 66.56%
Portion of Equity represented by the preferred shares | 18,223 |  | 16,406 |  | 14,495
Percentage applied to the portion of Equity represented by the preferred shares | 3.00% |  | 3.00% |  | 3.00%
Amount of the dividends by the second payment criterion | 547 |  | 492 |  | 435
Minimum Dividends required by the Bylaws for the preferred shares | 953 |  | 733 |  | 733
Calculation of the Minimum Dividend under the by-laws based on the net income for the year |  |  |  |  |
Net income for the year | 7,117 |  | 5,764 |  | 4,092
| 50% |  | 50% |  | 50%
Mandatory dividends – 50% of Net income | 3,559 |  | 2,882 |  | 2,046
Unrealized profit reserve | (835) |  | (835) |  | (835)
Reversal of the unrealized profit reserve | 835 |  | 835 |  | 835
Withholding income tax on Interest on equity | 175 |  | 242 |  | 186
| 3,734 |  | 3,124 |  | 2,232
Dividends recorded, as specified in the by-laws |  |  |  |  |
Interest on Equity | 1,849 |  | 2,592 |  | 1,983
Ordinary dividends | 1,885 |  | 532 |  | 249
| 3,734 |  | 3,124 |  | 2,232
Total dividends for the preferred shares | 2,485 |  | 2,079 |  | 1,486
Total dividends for the common shares | 1,249 |  | 1,045 |  | 746
Unit value of dividends – R$ |  |  |  |  |
Minimum dividends required by the by-laws for the preferred shares | 0.50 |  | 0.50 |  | 0.50
Mandatory dividends (including withholding income tax on Interest on Equity) | 1.31 |  | 1.42 |  | 1.01
Dividends proposed: Common (ON) shares | 1.31 |  | 1.42 |  | 1.01
Dividends proposed: Preferred (PN) shares | 1.31 |  | 1.42 |  | 1.01
Schedule of Changes on Dividends and Interest on Capital Payable | This table provides the changes on dividends and interest on capital payable:
Balances on December 31, 2021 | 1,910
Proposed dividends | 2,232
Proposed dividends - Non-controlling interests | 1
Withholding income tax on interest on capital | (186)
Dividends retained – Minas Gerais state government | -
Dividends paid | (2,094)
Balances on December 31, 2022 | 1,863
Proposed dividends | 3,124
Proposed dividends - Non-controlling interests | 2
Withholding income tax on interest on capital | (242)
Dividends retained – Minas Gerais state government | -
Dividends paid | (1,823)
Balances on December 31, 2023 | 2,924
Proposed dividends | 3,734
Mandatory dividends paid | 1,420
Proposed dividends - Non-controlling interests | 2
Withholding income tax on interest on capital | (175)
Dividends paid | (4,294)
Balances on December 31, 2024 | 3,611
Schedule of Interest on Equity Declared | The Company’s Executive Board decided to declare Interest on Equity as follows:
Declaration date | Entitled shareholders (1) | Amount |  | Income tax withheld
March 21, 2024 | March 26, 2024 | 386 |  | (36)
June 18, 2024 | June 21, 2024 | 430 |  | (41)
September 17, 2024 | September 23, 2024 | 473 |  | (44)
December 17, 2024 | December 26, 2024 | 560 |  | (54)
|  | 1,849 |  | (175)
(1) | Shareholders who have their names entered in the Register of Registered Shares on the dates indicated are entitled.
Schedule of other comprehensive income |
| Dec. 31, 2024 |  | Dec. 31, 2023 |  | Dec. 31, 2022
Adjustments to actuarial liabilities – Employee benefits | (1,306) |  | (2,072) |  | (2,303)
Deemed cost of PP&E | 405 |  | 421 |  | 427
Others | 1 |  | 3 |  | 2
Valuation adjustments | (900) |  | (1,648) |  | (1,874)
Schedule of Reserves |
| Dec. 31, 2024 |  | Dec. 31, 2023 |  | Dec. 31, 2022
Investment-related donations and subsidies (1) | - |  | 1,857 |  | 1,857
Goodwill on issuance of shares | 394 |  | 394 |  | 394
Shares in treasury | (1) |  | (1) |  | (1)
| 393 |  | 2,250 |  | 2,250
(1) | This reserve was used for a capital increase through a stock bonus, as described in this explanatory note
Schedule of Income Reserves |
| Dec. 31, 2024 |  | Dec. 31, 2023 |  | Dec. 31, 2022
Legal reserve | 2,024 |  | 1,674 |  | 1,387
Statutory reserve | 57 |  | 57 |  | 57
Profit retention reserve | 10,332 |  | 8,842 |  | 6,546
Unrealized profit reserve | 835 |  | 835 |  | 835
Incentive tax reserve | 327 |  | 213 |  | 150
Reserve for mandatory dividends not distributed | - |  | 1,420 |  | 1,420
| 13,575 |  | 13,041 |  | 10,395

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