CBEE3: quote, dividends and indicators for Ampla Energia e Serviços

Ampla Energia e Serviços S.A., traded on B3 under the ticker CBEE3, is a company dedicated to the distribution of electricity in the State of Rio de Janeiro. Its history dates back to the early 20th century when, in 1908, the Piabanha hydroelectric power plant was inaugurated in Entre Rios (now Três Rios), an initiative of Cândido Gaffrée and Eduardo Palassin Guinle through Guinle e Companhia. In 1909, the operation then came under the control of the newly founded Companhia Brasileira de Energia Elétrica (CBEE), which in 1927 was acquired by American and Foreign Power Company Inc., starting an expansion cycle through the acquisition of several utilities, especially in the countryside of São Paulo, and the interconnection, in 1930, with companies such as Rio de Janeiro Trainway, Light and Power Company Limited and Rio Light. In parallel, the State of Rio de Janeiro began, in 1963, a sector consolidation process through the creation of Centrais Elétricas Fluminense (CELF), which in 1967 began to serve most of the state’s territory and, in 1977, was acquired by CBEE, which assumed state control and, in 1980, changed its name to Companhia de Eletricidade do Estado do Rio de Janeiro (CERJ).

The privatization of CERJ took place in November 1996, in a public auction within the National Privatization Program, with its acquisition by a consortium formed by Grupo Endesa, Chilectra, Enersis and EDP Brasil. In 1998, the company took part in the privatization of Companhia Energética do Ceará (COELCE) through the Distriluz consortium. In 2005, the company adopted the corporate name Ampla Energia e Serviços S.A., replacing CERJ – Companhia de Eletricidade do Rio de Janeiro, and began the unbundling process in line with electricity sector legislation, segregating its indirect interest in COELCE and disposing of its generation assets, focusing on distribution activities. The shareholding structure was significantly influenced by the Enel group starting in 2009, with the acquisition of a significant stake in the Endesa group, Ampla’s indirect controlling shareholder, culminating in the consolidation of indirect control. In 2016, after corporate reorganizations involving Endesa Américas, Chilectra Américas and Enersis Américas, the name of the latter was changed to Enel Américas S.A., and Ampla adopted the trade name Enel Distribuição Rio, while keeping the corporate name Ampla Energia e Serviços S.A.

The core activity of Ampla Energia e Serviços consists of electricity distribution under a public concession regime, with exclusivity in its concession area. The company operates under Public Electricity Distribution Service Concession Contract No. 005/1996, signed with the Federal Government through the mediation of the Brazilian Electricity Regulatory Agency (ANEEL), originally valid until December 9, 2026. In 2025, the company filed for early renewal of the concession for 30 years, based on Decree No. 12.068/2024, and, in August 2025, ANEEL recommended the extension to the Ministry of Mines and Energy after assessing compliance with regulatory criteria. The concession establishes that the distributor cannot engage in generation, transmission, direct sale of energy to free consumers or other activities outside its concession, nor hold interests in subsidiaries or affiliates, so the entire operation is focused on purchasing and distributing energy to the captive market and providing network infrastructure to free consumers, who pay a distribution system use tariff (TUSD).

The company’s concession area covers 66 municipalities in the State of Rio de Janeiro, with around 33 thousand km², which corresponds to approximately three quarters of the state’s territory, including tourist regions such as Região dos Lagos and Costa Verde. On December 31, 2025, Ampla served about 3.2 million consumer units, in a population estimated at 6.5 million inhabitants, with a density of around 98 consumer units per square kilometer. At the end of 2025, the power grid comprised approximately 59.6 thousand kilometers of distribution lines, 3.8 thousand kilometers of transmission lines and 128 substations, forming a predominantly overhead system at medium and low voltage levels. In the same period, the concession area represented 3.45% of the number of consumers in Brazil and 2.05% of the total volume of energy distributed in the country, underscoring its regional relevance within the National Interconnected System.

From an operational and financial standpoint, Ampla’s revenue is concentrated in a single segment, electricity distribution. In 2025, net operating revenue reached about R$ 9.76 billion, up 11.7% compared to 2024, driven by the distribution of 11,547 GWh, including short-term energy. Gross revenue comprises supply to the captive market, system use revenue from free consumers, infrastructure sharing, construction revenue, tariff subsidies, sectoral financial assets and liabilities and other regulatory components. About 68.2% of 2025 gross operating revenue came directly from energy distribution, while the remainder was related to these other sector-based sources. Despite the revenue increase, the company posted a net loss of R$ 9 million in 2025, with EBITDA below the prior year, reflecting the dynamics of costs, sectoral charges, investments and efficiency and loss factors in the grid.

Ampla’s customer base is predominantly residential, both in number of units and in consumption. In 2025, approximately 3.17 million consumer units were billed, of which 2.93 million were residential, 143 thousand commercial, just over 3 thousand industrial, in addition to rural consumers, public services, public lighting, resellers and free consumers, the latter growing in number of units and share of consumption. In terms of energy, the residential segment consumed 4,927 GWh in 2025, followed by free consumers with 3,916 GWh, while the commercial and industrial segments declined compared to 2024. The company has no individual customers responsible for more than 10% of net revenue, which prevents risk concentration in specific large consumers. Consumption is clearly seasonal, with higher demand in the summer, between December and March, due to high temperatures, the vacation period and stronger tourist flows in coastal areas of the concession.

The grid operation process involves transferring energy from the basic network and other distribution systems to the delivery point for end consumers, through transmission, sub-transmission and distribution stages at different voltage levels. Large industrial consumers are served at high voltage from substations, while residential customers, smaller commercial customers and other classes receive energy at medium and low voltage levels. Maintenance and expansion of the network require construction of new lines and substations, subject to possible delays due to environmental and engineering issues, mitigated by a system design that can withstand temporary overloads within regulatory limits. In 2025, the company’s total power loss rate in its grid was 24.82%, and continuity indicators showed an average frequency of 4.34 outages per customer per year and an average duration of 8.11 hours per customer per year. The company is subject to financial compensation to consumers when individual quality indicators exceed limits set by ANEEL.

State regulation plays a central role in the activities of Ampla Energia e Serviços. As a public service concessionaire, the company is subject to the rules and supervision of ANEEL and the Ministry of Mines and Energy, which define tariffs, rules for energy procurement, sectoral charges, quality requirements and loss reduction targets. The concession contract and its amendments, such as the term signed in 2017, set obligations to improve quality, targets to reduce non-technical losses and adjustments to the tariff review schedule, as well as parameters for the economic and financial sustainability of the concession. The company acquires energy primarily through regulated contracts, quotas of specific projects, mechanisms such as PROINFA and allocation of quotas from Itaipu and the Angra 1 and 2 nuclear plants, under rules defined in tariff procedures, and uses contractual adjustment mechanisms to align volumes with demand trends.

In terms of capital structure, the company has been carrying out successive capital increases through common share issuances to strengthen its financial structure and convert intragroup credits, which directly affects the number of CBEE3 shares outstanding on B3. Between 2022 and 2025, several capital increases were approved, raising share capital from levels close to R$ 4.44 billion to approximately R$ 8.55 billion, with a corresponding increase in the number of common shares issued. These moves reflect the role of the controlling shareholder and related parties in providing financial support to the company, in a context of substantial investment needs in the grid, compliance with regulatory targets and technological evolution, including the digitalization of metering, maintenance and customer service processes.

In environmental, social and corporate governance matters, Ampla Energia e Serviços structures its strategy based on ESG pillars aligned with the sustainability guidelines of the controlling group. The company produces annual reports covering environmental, social and governance performance, aligned with Global Reporting Initiative standards and the UN Sustainable Development Goals. The strategy covers topics such as community well-being in its concession area, environmental conservation, ethics, safety of employees and the population, and management of social and environmental risks associated with power infrastructure. These aspects are integrated into corporate planning through an annual sustainability plan with targets and indicators monitored by the Board of Directors, which embeds the ESG agenda into decision-making governance and resource allocation, in parallel with the regulatory requirements of the Brazilian electricity sector.