ENGI3: quote, dividends and indicators for Energisa

Energisa S.A. is a publicly traded holding company headquartered in Cataguases, Minas Gerais, with shares listed on B3 under the tickers ENGI11, ENGI3 and ENGI4. The company’s main corporate purpose is to hold equity interests in other companies and provide administrative services to its subsidiaries in the power distribution, transmission, generation and trading segments, as well as in natural gas distribution and biosolutions. The corporate structure consolidates a broad set of operating subsidiaries active in different links of the energy chain, giving Grupo Energisa a diversified position within Brazil’s electricity and gas infrastructure sector.

The group’s historical origins date back to 1905, with the founding of Companhia Força e Luz Cataguazes-Leopoldina, now Energisa Minas Rio Distribuidora de Energia S.A., created to generate and distribute energy in the Zona da Mata region of Minas Gerais. The current holding company was formed in 1995, initially as Sidepar Participações S.A., focused on investments in the power distribution sector. From 1996, it began operations serving just over 200,000 consumers and, by 1997, expanded its base through the acquisition of distributors in Rio de Janeiro and Sergipe. The name change to Energisa S.A. took place in 1998, accompanied by a cycle of acquisitions of distributors in the Northeast, which consolidated the group’s presence in the Brazilian power sector. Over the 2000s, the company carried out an unbundling process to adapt to the new regulatory model for the power sector, concentrating the control of various operating companies in the holding. The acquisition of Grupo Rede in 2014 marked a step-change in scale, with the incorporation of several regional distributors and a stronger presence in multiple regions of the country.

The core of Grupo Energisa’s business remains electricity distribution, a regulated activity that accounts for most of its net operating revenue. Through nine distributors, including Energisa Minas Rio (EMR), Energisa Sergipe (ESE), Energisa Paraíba (EPB), Energisa Mato Grosso (EMT), Energisa Mato Grosso do Sul (EMS), Energisa Sul Sudeste (ESS), Energisa Tocantins (ETO), Energisa Rondônia (ERO) and Energisa Acre (EAC), the group serves millions of consumers across large areas of Brazil. The concessions cover states in the Southeast, Center-West, North and Northeast regions, with extensive territories, hundreds of municipalities and a wide network of lines, substations, poles and transformers. These distributors purchase energy mainly through regulated contracts (CCEAR), Itaipu quotas, Proinfa, Angra, physical guarantees and bilateral agreements, structuring a supply portfolio designed to serve the captive market in both low and high voltage. Operations involve connecting new units, metering, billing, network maintenance, emergency service and energy efficiency programs.

In addition to distribution, Energisa has established itself as a relevant player in power transmission. The group has built a portfolio of 13 transmission concessions, including assets such as Linhas de Macapá Transmissora de Energia (LMTE), Linhas de Xingu (LXTE), Linhas de Taubaté (LTTE), Energisa Paranaíta Transmissora (EPTE), Energisa Amapá Transmissora (EAP), Energisa Amazonas Transmissora (EAM and EAM II) and Energisa Maranhão Transmissora (EMA). These projects comprise high-voltage lines and substations in states such as Pará, Amapá, Amazonas, São Paulo, Rio de Janeiro, Mato Grosso, Maranhão and Piauí, integrated into the National Interconnected System. In the transmission model, revenue comes from the availability of the facilities, with a focus on implementing, operating and maintaining the assets in compliance with technical and regulatory requirements, as well as investment commitments set in public auctions.

In generation, Energisa combines small-scale hydro assets, wind and solar projects, and a significant presence in distributed generation. The company controls Energisa Geração Usina Maurício S.A., which owns small hydroelectric power plants and generating stations, and a group of companies dedicated to centralized solar parks, such as Energisa Geração Central Solar Rio do Peixe I and II and Energisa Geração Central Solar Coremas, with photovoltaic plants in Paraíba and Minas Gerais. These solar parks operate under a centralized generation model, connected directly to the grid and able to sell power in the free market, including with renewable origin certification (I-REC). In distributed generation, Alsol Energias Renováveis S.A., acquired in 2019, is the group’s platform for solar farms connected to distribution networks, structured under the net metering system established by Law 14,300/2022. Alsol develops, operates and technically manages its own plants, serving mainly micro, small and medium-sized low-voltage companies through consumer consortiums.

Energisa is also active in energy trading in the Free Contracting Environment through Energisa Comercializadora de Energia Ltda. (ECOM). This subsidiary intermediates contracts between generators, independent power producers and free or special consumers, managing a power purchase portfolio from hydro, biomass and wind sources. The company registers contracts at the Electric Energy Trading Chamber, manages metering and settlements and, in some cases, provides client representation services before the CCEE. Complementing this, the group maintains specialized service companies such as Energisa Soluções S.A., Energisa Soluções Construções e Serviços em Linhas e Redes, Multi Energisa Serviços and Energisa Serviços Aéreos, responsible for operation and maintenance of plants, transmission lines, substations, distribution networks, customer service, construction works and aerial inspection of high-voltage lines. Voltz Capital S.A. offers financial and technological solutions related to payment services and other services for the energy ecosystem.

Entry into the natural gas sector represents a significant strategic diversification. In 2023, Grupo Energisa acquired Companhia de Gás do Espírito Santo (ES Gás), the piped gas distributor in that state, with a network serving the industrial, residential, commercial, automotive, air conditioning, thermoelectric generation and cogeneration segments. In 2024, it completed the purchase of 51% of Norgás, a holding company with interests in gas distributors in four Northeastern states: Cegás (Ceará), Copergás (Pernambuco), Algás (Alagoas) and Potigás (Rio Grande do Norte). These companies operate state concessions for public piped natural gas service, with networks spanning hundreds of kilometers and tens of thousands of consumer units, regulated by state agencies, with periodic tariff reviews and targets for investment, market expansion, quality and safety.

An additional, recently expanded growth avenue is biosolutions, focusing on biogas, biomethane and biofertilizers. Through subsidiaries such as Agric Adubos e Gestão de Resíduos Industriais e Comerciais S.A. and Energisa Biogás S.A., Energisa operates in integrated management of industrial and commercial organic waste, producing biofertilizers via composting and generating biogas and biomethane via biodigestion. These products can be used for thermal and electric generation or to replace natural gas in industrial, vehicle and distribution network applications. In 2025, the group expanded this front by acquiring a stake in Lurean S.A., a company engaged in organic waste treatment and biofertilizer production in Paraná. This activity is aligned with trends in circular economy, emissions reduction and diversification of the energy matrix through renewable alternatives.

Taken together, Energisa combines regulated and non-regulated businesses in electricity and natural gas distribution, transmission, centralized and distributed generation, trading, and engineering and operations services, with a presence in several Brazilian states and activities in different energy markets. The ENGI11, ENGI3 and ENGI4 shares represent an interest in the holding company that coordinates this portfolio of activities in a highly regulated sector, dependent on public concessions and characterized by long-term investments in physical infrastructure, control systems, grid digitalization and solutions related to the energy transition.