ENMT3 Energisa Mato Grosso

Energisa Mato Grosso – Distribuidora de Energia S.A. is an electricity distribution utility that operates in the State of Mato Grosso and is part of the Energisa Group. Originally incorporated on August 4, 1956 under the name Centrais Elétricas Matogrossenses S.A. – CEMAT, it was created with the aim of preventing an imminent collapse in power supply in the state. Over the following decades, the company expanded its activities beyond distribution, also starting to operate power generation, transmission and transformation systems, in line with the then-prevailing vertically integrated model in the sector. On October 25, 1994, it became a publicly traded company, starting the trading of its shares, currently represented by tickers ENMT3 and ENMT4 on B3 – Brasil, Bolsa, Balcão.

The corporate trajectory of Energisa Mato Grosso is marked by phases of state control, privatization and changes in its controlling group. Between 1996 and 1997, the company was managed by the Government of the State of Mato Grosso in partnership with Eletrobras, under the intervention of BNDES, in a context of reorganization of the Brazilian power sector. In November 1997, then CEMAT was privatized, being acquired by Rede Energia and Inepar. Years later, in 2012, the Brazilian Electricity Regulatory Agency (ANEEL) ordered an administrative intervention in the distributor, which lasted until 2014. In January 2014, the transfer of indirect corporate control to Energisa S.A. (ESA), the operating holding company of the Energisa Group, was approved by ANEEL, ending the intervention period. In February 2015, the company adopted its current name, Energisa Mato Grosso – Distribuidora de Energia S.A., and began operating within a broader strategy of reorganization and operational strengthening of the group.

Energisa Mato Grosso’s business model is focused on electricity distribution, which is the object of a federal public concession. As of December 31, 2024, the company served approximately 1.7 million consumers in 142 municipalities in Mato Grosso, through a network that covers a concession area of around 903,208 km², equivalent to approximately 10.9% of Brazilian territory, with an estimated population of 3.6 million inhabitants. The company operates as a natural monopoly in its concession area, being the only electricity distribution concessionaire in the State of Mato Grosso. Its revenues come almost entirely from the provision of distribution services, including supply to captive market customers, revenue from the use of the distribution system (TUSD) associated with the free market, sales to other distributors, and revenues from related services, such as construction of infrastructure linked to the concession.

Operationally, Energisa Mato Grosso obtains the energy needed to serve its market through regulated contracts, mainly through Regulated Power Purchase Agreements (CCEAR), executed in auctions organized by ANEEL and the Ministry of Mines and Energy (MME). The distributor is responsible for delivering energy to the end consumer and for operating and maintaining the distribution grid at levels of quality, continuity and safety defined by sector regulation. In June 2025, the total volume of distributed energy, combining captive market and system use by free consumers, reached 2,745 GWh in the quarter, with growth especially among free consumers and in the residential class. The company does not have material dependence on any single customer, as no individual consumer unit accounts for more than 10% of its net operating revenue, which provides diversification of its user base across residential, industrial, commercial, rural, public sector, public lighting and other consumption segments.

Energisa Mato Grosso operates in a highly regulated environment. The company operates under Concession Agreement No. 03/97-ANEEL, valid until December 11, 2027, which sets out rights, obligations, asset reversion criteria and conditions for potential indemnification of non-depreciated assets at the end of the concession. Tariffs applied to consumers are defined and approved by ANEEL through annual tariff adjustment processes and periodic tariff reviews, with the purpose of preserving the economic and financial balance of the concession and ensuring tariff affordability. Brazilian sector legislation, including the Concessions Law and the New Power Sector Model Law, regulates aspects such as adequate service provision, universal access, strict liability for damages, and open access to networks for free consumers and generators, which directly impacts the distributor’s operations and investment planning.

As part of the organizational structure of the Brazilian power sector, Energisa Mato Grosso is subject to the rules and decisions of several institutions, notably the Ministry of Mines and Energy, ANEEL, the National Council for Energy Policy (CNPE) and the Electric Power Commercialization Chamber (CCEE). The distribution segment is structured as a natural monopoly per concession area, with regulatory unbundling of generation and transmission activities, and specific rules for energy contracting, service to free consumers, contract registration and participation in settlement mechanisms in the short-term market. Recent and ongoing regulatory changes, such as the gradual expansion of the free power market and the review of sectoral subsidies and charges, may alter the consumption profile between captive and free markets in Energisa Mato Grosso’s concession area, requiring continuous adaptation by the distributor.

Energisa Mato Grosso’s geographical presence is entirely concentrated within Brazilian territory and restricted to the State of Mato Grosso, with no revenues from abroad. In 2024, 100% of net operating revenue of R$ 8.214 billion was generated in Brazil, reflecting exclusively the provision of public electricity distribution services in its concession area. The company maintains an operational structure with thousands of employees, focused on grid maintenance and expansion, commercial and operational customer service, as well as technological modernization, automation and improvement initiatives related to quality indicators required by regulation, such as duration and frequency of service interruptions.

In the environmental, social and governance (ESG) field, Energisa Mato Grosso is part of the corporate strategy of the Energisa Group, which prepares an annual Sustainability Report in accordance with Global Reporting Initiative (GRI) standards and ANEEL’s social and environmental requirements. The report, audited by an independent entity, includes a materiality matrix with relevant topics such as energy transition and efficiency, service quality, worker health and safety, climate change, customer relations, biodiversity, ethics and compliance, universal access to energy, grid resilience, people management and data protection. This reporting framework seeks to systematize environmental, social and governance indicators, linking them to the management of risks and impacts of the distribution business, in line with commitments undertaken by the group, such as the UN Global Compact and the UN Sustainable Development Goals.

Energisa Mato Grosso’s presence on B3, with common and preferred shares under the tickers ENMT3 and ENMT4, places the company among the publicly listed utilities in the Brazilian capital market. Trading on the exchange involves governance practices consistent with regulatory requirements and with the transparency expectations of shareholders and other stakeholders, including periodic disclosure of results, capital structure, indebtedness profile and operational performance of its electricity distribution concession in the State of Mato Grosso.