ENMT3

Energisa Mato Grosso – Distribuidora de Energia S.A. is an electric power distribution utility that operates in the State of Mato Grosso and is part of Grupo Energisa. Originally incorporated on August 4, 1956 under the name Centrais Elétricas Matogrossenses S.A. – CEMAT, it was created to prevent an imminent collapse in the state’s power supply. 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 model of vertically integrated companies in the sector. On October 25, 1994, it became a publicly traded company, initiating the trading of its shares, which are currently represented by tickers ENMT3 and ENMT4 on B3 – Brasil, Bolsa, Balcão.

The corporate history of Energisa Mato Grosso has been marked by phases of state control, privatization, and changes in controlling shareholders. Between 1996 and 1997, the company was managed by the Government of the State of Mato Grosso in partnership with Eletrobras, under BNDES intervention, 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 Agência Nacional de Energia Elétrica (ANEEL) ordered an administrative intervention in the distributor, which lasted until 2014. In January 2014, the transfer of indirect controlling interest to Energisa S.A. (ESA), the operating holding company of Grupo Energisa, 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 electric power distribution, granted under 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 covering a concession area of about 903,208 km², equivalent to approximately 10.9% of Brazil’s territory, with an estimated population of 3.6 million inhabitants. The company operates as a natural monopoly in its concession area, being the only electric power distribution utility in the State of Mato Grosso. Its revenues come almost entirely from providing distribution services, including supply to captive market customers, revenue from use of the distribution system (TUSD) associated with the free market, sales to other distributors, and revenue from related services, such as construction of infrastructure tied to the concession.

Operationally, Energisa Mato Grosso procures the energy needed to serve its market through regulated contracts, mainly via Regulated Environment Power Purchase Agreements (CCEAR), executed in auctions organized by ANEEL and the Ministério de Minas e Energia (MME). The distributor is responsible for delivering energy to the final consumer and for operating and maintaining the distribution network in accordance with quality, continuity, and safety levels defined by sector regulation. In June 2025, total energy distributed, combining the captive market and system use by free consumers, reached 2,745 GWh in the quarter, with growth particularly among free consumers and in the residential class. The company is not materially dependent on any single customer, as no individual consumer unit accounts for more than 10% of its net operating revenue, which ensures diversification of the user base across residential, industrial, commercial, rural, government, public lighting, and other consumption segments.

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

As part of the organizational framework of the Brazilian power sector, Energisa Mato Grosso is subject to the rules and decisions of several institutions, notably the Ministério de Minas e Energia, ANEEL, the Conselho Nacional de Política Energética (CNPE), and the Câmara de Comercialização de Energia Elétrica (CCEE). The distribution segment is structured as a natural monopoly by concession area, with regulatory separation from generation and transmission activities, and specific rules for power contracting, serving free consumers, contract registration, and participation in short-term market settlement mechanisms. Recent and ongoing regulatory changes, such as the gradual expansion of the free power market and the review of sector subsidies and charges, may alter the consumption profile between the captive and free markets in Energisa Mato Grosso’s concession area, requiring continuous adaptation by the distributor.

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

In the environmental, social, and governance (ESG) sphere, Energisa Mato Grosso is part of Grupo Energisa’s corporate strategy, which publishes an annual Sustainability Report in compliance 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 inherent to the power distribution business, in line with commitments assumed 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 traded 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 shareholder and stakeholder expectations for transparency, including periodic disclosure of results, capital structure, debt profile, and operational performance of its power distribution concession in the State of Mato Grosso.