We are exposed to market risk resulting from energy prices, foreign currency exchange rates and interest rates fluctuations. Foreign exchange risk CEMIG D is exposed to foreign exchange risk primarily arising from electricity purchased from the Itaipu hydroelectric plant, which is denominated in U.S. dollars (US$). Differences between the exchange rate established for tariff purposes and the amounts effectively paid by CEMIG D are recovered through annual tariff adjustments, thereby restoring the economic and financial balance of the concession. In extraordinary circumstances, such as a significant appreciation of the U.S. dollar, the concession agreement includes specific regulatory mechanisms that define how the Brazilian Electricity Regulatory Agency (ANEEL) may act to address the impact on the Company, depending on its materiality, thereby mitigating the associated foreign exchange risk. In August 2025, Cemig GT entered into an external loan in the amount of US$40 million. As the Company’s functional currency differs from the currency of the loan, a full cross‑currency swap was entered into to mitigate exposure to foreign exchange rate fluctuations. This derivative instrument has been designated as a hedging instrument under hedge accounting and, as of December 31, 2025, had a notional amount of US$40 million, equivalent to approximately R$224 million. The Company monitors its exposure to foreign exchange risk on an ongoing basis and performs sensitivity analysis to assess the potential impact of changes in exchange rates on its results and cash flows under reasonably possible market scenarios. ANNUAL REPORT AND FORM 20-F | 2025 195 Table of Contents Energy price risk The Company is exposed to market risk arising from fluctuations in energy prices, which are influenced by hydrological conditions, supply and demand dynamics, dispatch decisions and regulatory mechanisms within the Brazilian electricity sector. Energy price volatility primarily affects the Company’s activities in the free market (Ambiente de Contratação Livre – ACL) and its settlements in the short-term market. In regulated activities (Ambiente de Contratação Regulado – ACR), exposure to electricity price fluctuations is substantially mitigated through tariff mechanisms and regulatory pass throughs designed to preserve the economic and financial balance of concession contracts. As a result, changes in energy prices in regulated segments generally affect the timing of cash flow rather than the Company’s operating results. In the free market and in the short-term market, energy price fluctuations may impact revenues, costs and cash flows depending on the Company’s contracted position, portfolio balance and hydrological conditions. Short-term exposures may arise from differences between contracted and generated volumes, variations in spot market prices and settlement conditions. The Company manages energy price risk through a combination of long-term contracts, portfolio diversification, monitoring of hydrological and market conditions, and adherence to regulatory mechanisms applicable to its activities. These practices aim to mitigate the effects of energy price volatility on the Company’s results and financial position. However, there can be no assurance that such measures will fully offset the impact of adverse market conditions. Exposure to differences in energy prices between price areas The Company is exposed to market risk arising from differences in energy prices among the Brazilian electricity submarkets (North, Northeast, Southeast/Central West and South). The energy price in each price area is determined based on local supply and demand conditions, hydrological scenarios, transmission constraints and dispatch decisions made by the National System Operator (ONS). Our generation, origination and trading activities may involve power purchase and sale across different price areas. As a result, Cemig may incur losses when the generation is located in a lower price area, while the demand is located in a higher price area, or gains when the opposite occurs. The risk materializes when the pricing embedded in contractual price does not reflect the realized price difference. Differences between price areas tend to increase during periods of hydrological stress, high volatility in the optimization models used to calculate the spot price (PLD), or constraints on the transmission system that limit the physical flow of energy between regions. These conditions may cause persistent price dispersion among submarkets and increase the Company’s exposure to basis risk. The Company manages its exposure to price area differences through portfolio diversification, structured operations, continuous monitoring of the energy balance and the market, and risk management considering the limits approved by internal regulations. However, these strategies may not fully mitigate the effects of adverse movements in prices between areas. ANNUAL REPORT AND FORM 20-F | 2025 196 Table of Contents Significant and sustained adverse deviations in price differences between areas may have a material adverse effect on our results of operations, cash flows and financial condition. Exchange Rate Risk CEMIG D is exposed to the risk of an increase in the exchange rate, with an impact on the ‘suppliers’ line item (electricity purchased from Itaipu). The effect of exchange rate fluctuations associated with the Itaipu power purchase agreement is mitigated through the ‘Compensation Account for Variations in Parcel A Items’ – CVA. The Company has prepared a sensitivity analysis over the exposed liabilities with respect to the depreciation of the Real against the U.S. dollar, based on a ‘probable’ and an ‘adverse’ scenario. The table below provides summarized information regarding our exposure to exchange rate risk as of December 31, 2025: Risk: foreign exchange rate exposure (in millions of reais, except where otherwise indicated) Base scenario Probable' scenarioUS$1 = R$5.65 Adverse scenarioUS$1 = R$6.28 U.S. dollar Suppliers (Itaipu Binacional) (186) (191) (212) Net liabilities exposed (186) (191) (212) Net effect of exchange rate fluctuation - (5) (26) Interest Rate Risk This exposure occurs as a result of net assets indexed to variation in interest rates, as follows: (in millions of R$) 2025 Assets Cash equivalents - Cash investments - CDI 1,630 Marketable securities - CDI / SELIC 760 Generation indemnity revenue 997 Restricted cash - CDI 240 CVA and in tariffs - SELIC 1,962 5,589 Liabilities Loans and debentures - CDI (7,981) Sector financial liabilities - (7,981) Net liabilities exposed (2,392) ANNUAL REPORT AND FORM 20-F | 2025 197 Table of Contents In relation to the most significant interest rate risk, the Company and its subsidiaries estimate that in a probable scenario the Selic rate will be 12.5% and the TJLP rate will be 8.59% on December 31, 2026. The Company made a sensitivity analysis of the effects on results considering an adverse scenario in relation to the probable scenario, as shown in the table below. 2025 2026 Probable' scenario Adverse scenario Risk: Increase in Brazilian interest rates Book value Selic 12.5% Selic 16% (in millions of reais, except where otherwise indicated) TJLP 8.59% TJLP 9.57% Assets Cash equivalents 1,630 1,833 1,890 Marketable securities 760 855 881 Indemnifiable receivable – Generation (Note 5.2) 997 1,122 1,067 Restricted cash 240 270 278 CVA and Other financial components - SELIC 1,962 2,207 2,276 5,589 6,287 6,392 Liabilities Loans and financing (Note 15) - CDI (7,981) (8,978) (9,258) CVA and Other financial components - SELIC - - - (7,981) (8,978) (9,258) Net liabilities exposed (2,392) (2,691) (2,866) Net effect of fluctuation in interest rates (299) (474) Increase in inflation risk The Company is exposed to the risk of increase in inflation index on December 31, 2025. A portion of the loans, financing and debentures as well as the pension fund liabilities are adjusted using the IPCA (Expanded National Customer Price). The revenues are also adjusted using the IPCA and IGP-M index, mitigating part of the Company risk exposure. This table presents the Company’s net exposure to inflation index: Exposure to increase in inflation (in millions of reais) 2025 2024 Assets Concession financial assets related to Distribution infrastructure - IPCA (1) 3,929 2,807 Concession Grant Fee - IPCA (Note 9) 3,182 3,098 7,111 5,905 Liabilities Loans and debentures - IPCA and IGP-DI (11,581) (7,547) Debt with pension fund (Forluz) - IPCA - - Deficit of pension plan (Forluz) - IPCA (1,326) (494) Leasing liabilities (417) (429) (13,324) (8,470) Net liabilities exposed (6,213) (2,565) (1) Portion of the concession financial assets relating to the Regulatory Remuneration Base of Assets ratified by the grantor (ANEEL) after the 4th tariff review cycle. ANNUAL REPORT AND FORM 20-F | 2025 198 Table of Contents In relation to the most significant risk of reduction in inflation index, reflecting the consideration that the Company has more assets than liabilities indexed to inflation indexes, the Company estimates that, in a probable scenario, on December 31, 2025 the IPCA inflation index will be 4.4% and the IGPM inflation index will be 3.77%. The Company has prepared a sensitivity analysis of the effects on its net income arising from reductions in rates in an adverse scenario. (in millions of reais, except where otherwise indicated) Dec. 31, 2025 Dec. 31, 2026 Probable' scenario Adverse scenario Book value IPCA 4.4% IPCA 7.03% IGPM 3.77% IGPM 7.28% Assets Concession financial assets related to Distribution infrastructure – IPCA 3,826 3,995 4,095 Concession financial assets related to gas distribution infrastructure – IGPM 103 107 110 Concession Grant Fee – IPCA (Note 9) 3,182 3,322 3,406 7,111 7,424 7,611 Liabilities Loans, financing and debentures – IPCA and IGP-DI (Note 15) (11,581) (12,090) (12,395) Deficit of pension plan (Forluz) (1,326) (1,384) (1,419) Leasing liabilities (417) (436) (447) (13,324) (13,910) (14,261) Net liability exposed (6,213) (6,486) (6,650) Net effect of fluctuation in IPCA and IGP–M indexes (273) (437) Liquidity risk CEMIG has sufficient cash flow to cover the cash needs related to its operating activities. The Company manages liquidity risk with a group of methods, procedures and instruments that are coherent with the complexity of the business, and applied in permanent control of the financial processes, to guarantee appropriate risk management. CEMIG manages liquidity risk by permanently monitoring its cash flow in a budget-oriented manner. Balances are projected monthly, for each one of the companies, over a period of 12 months, and daily liquidity is projected over 180 days. Short-term investments must comply with investment principles established in the Company’s Cash Investment Policy. These include applying its resources to private credit investment funds, without market risk, and investment of the remainder directly in bank CDs or repo contracts which earn interest at the CDI rate. In managing cash investments, the Company seeks to obtain profitability through a rigid analysis of financial institutions’ credit risk, applying credit limits for each bank, based on assessments that take into account their ratings, exposures and balance sheet. It also seeks greater returns on investments by strategically investing in securities with longer investment maturities, while bearing in mind the Company’s minimum liquidity control requirements. ANNUAL REPORT AND FORM 20-F | 2025 199 Table of Contents Any reduction in the Company’s ratings could result in a reduction in its ability to obtain new financing and could also make refinancing of debts not yet due to more difficult or more costly. In this condition, any financing or refinancing of the Company’s debt could have higher interest rates or might require compliance with more onerous covenants, which could additionally cause restrictions on the operations of the business. The flow of payments of the Company’s obligation to suppliers, debts with the pension fund, Loans and debentures, at floating and fixed rates, including future interest up to contractual maturity dates, is as follows, in millions of reais: Up to 1 month 1 to 3 months 3 months to 1 year 1 to 5 years Over 5 years Total Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Financial instruments at interest rates: - Floating rates Loans and debentures - - - 439 2,687 1,336 5,347 5,740 13,413 4,176 33,138 Onerous concessions - - 1 - 3 - 14 - 14 - 32 Deficit of the pension plan (FORLUZ) 9 6 26 18 235 67 450 217 912 166 2,106 9 6 27 457 2,925 1,403 5,811 5,957 14,339 4,342 35,276 - Fixed rate Suppliers 1,836 - 583 - 620 - - - - - 3,039 Total 1,845 6 610 457 3,545 1,403 5,811 5,957 14,339 4,342 38,315