The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the Company’s consolidated financial statements and the related notes as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023, contained elsewhere in this annual report. See Item 18: “Financial Statements”. This discussion intends to provide the reader with information that will assist in understanding the Company’s financial statements, the changes in certain key items in those financial statements from period to period and the primary factors that accounted for those changes. It also discusses certain performance metrics that management uses to assess the Company's performance. Additionally, the discussion in this section provides information about the financial results of each of the Company's business segments in order to provide a better understanding of how each of those segments and their results of operations affect the financial position and results of operations of the Company as a whole. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Item 3. Key Information” or in other parts of this annual report. The financial information discussed below has been derived from the consolidated financial statements which have been prepared and presented in accordance with IFRS Accounting Standards. Basis of Preparation Statement of compliance On April 17, 2026, the Company’s Audit Committee authorized the issuance of the consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023. Operating Segments The operating segments of the Company and its subsidiaries reflect their management and their organizational structure, in which the Company’s chief operating decision maker (CODM) evaluates the operating segments performance and monitor its results. ANNUAL REPORT AND FORM 20-F | 2025 116 Table of Contents The segment information is disclosed separately into the following 6 reportable segments: Generation: Comprises production of energy from hydroelectric, wind and solar facilities, being characterized for the sale of the energy produced by the Company itself in the Regulated Market (ACR); under physical guarantee quotas; and to the segment of Trading. Transmission: Comprises construction, operation and maintenance of transmission lines and substations. Trading: Comprises the sale of energy to free customers and the provision of related services. To serve the market, the trading segment purchases energy from the Generation segment, and/or from parties outside the CEMIG Group. Distribution: comprises the distribution and sale of energy to captive customers, and the operation and maintenance of infrastructure and related services. Gas: this business segment includes commercial operation of industrial, institutional and residential distribution and sale of piped gas in the State of Minas Gerais. Investees: Comprises management of equity interests in jointly controlled entities, in line with the Company’s business strategies. The results of CEMIG, through its holding activities, and of the subsidiary CEMIG Sim are also included in this segment. Transfer of energy from the generation activity to the trading activity comprises a transaction between segments, since it consists of obtaining of revenue from the sale of energy generated, and costs for purchase of energy to be traded - these are measured at sale prices estimated in accordance with criteria based on the Company’s model for management of these businesses, using market prices as a reference. A. Operating Results Principal Factors Affecting our Financial Performance Analysis of Energy Sales Energy rates in Brazil, related to energy distributors’ sales to regulated customers, are set by ANEEL, which has the authority to readjust and review rates in accordance with the applicable provisions of the concession contracts. See “Item 4: The Brazilian Power Industry—Tariffs”. We charge regulated customers for their actual energy consumption during each 30-day billing period at specified rates. Certain large industrial customers are charged according to the energy capacity contractually made available to them by us, with adjustments to those rates according to consumption during peak demand time, as well as capacity requirements that exceed the contracted amount. In general, rates on energy that we purchase are determined by reference to the capacity contracted for as well as the volumes actually used. ANNUAL REPORT AND FORM 20-F | 2025 117 Table of Contents The following table sets forth the average rate (in Reais per MWh) and volume (by GWh) components of energy sales for the periods indicated. The term ‘average rate’ refers to revenues for the relevant class of customers divided by the MWh used by such class and does not necessarily reflect actual rates and usage by a specific class of end-users during any particular period. Year ended December 31, 2025 2024 2023 Energy sales: Average rate to final customers (R$/ MWh) Residential rate 945.43 898.82 892.66 Industrial rate 274.61 301.74 326.35 Commercial rate 551.01 560.33 666.81 Rural rate 710.93 706.54 730.66 Public services rate and other 753.53 756.16 663.40 Total sales to final customers (GWh) Residential customers 15,082 14,430 12,092 Industrial customers 18,590 17,820 18,088 Commercial customers 12,350 11,802 9,469 Rural customers 3,750 3,578 3,063 Public services and other customers 2,832 2,924 3,057 Average rate (R$/ MWh) 588.72 587.47 595.97 Total revenues (R$ million) 30,969 29,699 27,277 Sales to concession holders: Volume (GWh) 20,709 17,192 17,328 Average rate (R$/ MWh) 239.56 261.75 241.40 Total revenues (R$ million) 4,961 4,500 4,183 ANNUAL REPORT AND FORM 20-F | 2025 118 Table of Contents Distribution Rates CEMIG D's periodic tariff review takes place every five years and has the objective of re-evaluating the Company's manageable costs, which primarily include the operating costs and the costs of fixed assets that comprise the remuneration and depreciation of these assets. In the tariff review, the grantor applies the methodology for defining efficient operating costs and evaluates the incremental investments made in the asset base since the last review, as well as the write-offs and depreciation of the existing assets, composing a new remuneration base. On May 20, 2025, ANEEL approved a readjustment which had an average effect of 7.78%. Such rate was effective starting May 28, 2025 and it will remain the same until May 27, 2026. Such updating had the following components: (i) a decrease of (2.68)% because of withdrawal of financial components of the previous process; (ii) an increase of 2.98% because of the financial components of the current process; and (iii) an increase of 7.48% related to the tariff adjustment index. The average annual tariff adjustments of CEMIG D in 2025, 2024 and 2023, and the revisions of their respective components were as follows: 2025 2024 2023 Average Effect to Be Perceived by Customers 7.78% 7.32% 13.27% Components Effect of Withdrawal of Financial Components of the Previous Process (2.68)% 2.45% 10.10% Effect of the Financial Components of the Current Process 2.98% 2.78% (2.58)% Tariff Adjustment Index 7.48% 2.09% 5.75% Transmission Rates The regulatory model of Transmission rate is the Revenue-Cap. There are two types of updates of the annual transmission revenue (RAP). The periodic tariff review, that occurs each five years, and the Annual readjustment, which occurs in every year. In 2025, the company’s concession contracts underwent only Annual readjustment processes. The total of the RAPs of CEMIG GT for the 2025–2026 cycle – for Concession Contracts 006/1997, 079/2000, 004/2005 and 006/2011 – was R$1,245 million. Further to the amounts of the RAPs, Adjustment Components (Parcelas de Ajuste, or ‘PAs’) in the amount of R$60.2 million were ratified for these concessions. In the previous cycle, the RAPs of these concession contracts totaled R$1,243 million, and the PA was equivalent to R$115.2 million. The inflation index that adjusted the RAP of the CEMIG GT (cc006/1997) and Sete Lagoas Transmissora de Energia -SLTE (cc006/2011), the IPCA, varied by 5.32%, while the inflation index for CEMIG Itajubá (cc079/2000) and Centroeste (cc004/2005), the IGPM, varied by 7.02%. The variation below the inflation index, mainly reflected the recalculation of the Financial Component (RBSE) of the RAP for CEMIG GT, cc006/1997, and the contractual reduction of Centroeste’s RAP (cc004/2005) after the 15th year of the concession. In the 12 months prior to the RAP adjustment, new projects were incorporated, contributing to a positive impact on the RAP. ANNUAL REPORT AND FORM 20-F | 2025 119 Table of Contents The RAP of CEMIG GT (006/1997) was R$1,164 million, an increase of 0.2% from the previous period. This variation below inflation was mainly due to the reduction of the Financial Component of existing assets (RBSE) by R$56 million, as defined by Homologation Resolution No. 3469/2025. In compensation, there was an increase in revenue from new works totaling R$29 million, as well as the adjustment of the RAP by the IPCA. The amount of the Adjustment Component (PA) ratified in the 2025–2026 cycle was equivalent to R$62 million, mainly due to the revision of the revenues from incremental assets, and this effect on the Adjustment Component (PA) will remain until the next review. The RAP of CEMIG GT Itajubá (cc079/2000) was R$53 million, an increase of 22% in the 2025–2026 cycle from the previous period, reflecting newly incorporated projects, whose revenue added R$6 million to the RAP in addition to the adjustment of the entire RAP by the IGPM. The amount of the Adjustment Component (PA) ratified in the 2025–2026 cycle was negative and equivalent to -R$1.1 million. CEMIG also holds the concession of Centroeste, with Concession Contract 004/2005, for which the RAP in the 2025–2026 cycle was equivalent to R$16.1 million, reduction of 38.2% compared to the previous cycle, mainly reflecting the effect of the reduction in revenue in the 16th year, defined in the concession contract to occur on 03/25/2025, that is, within the 2025-2026 cycle. The amount of the Adjustment Component (PA) ratified in the 2025–2026 cycle was negative and equivalent to -R$1.0 million. The SLTE concession Contract 006/2011 was a RAP for the 2025–2026 cycle equivalent to R$12.5 million, an increase of 5%, reflecting the variation of the IPCA, the contractual index. The Adjustment Component (PA) of this contract was negative and amounted to -R$0.15 million. Exchange Rates Substantially all of our revenues and operating expenses are denominated in Reais. The subsidiary CEMIG D is exposed to the risk of appreciation in exchange rates, with effect on suppliers (energy purchased from Itaipu) and cash flow. Foreign exchange gain or loss and monetary variation gain or loss may affect our results of operations in periods in which there are wide swings in the value of the Real relative to the U.S. dollar or high inflation. The risk exposure of CEMIG Group is mitigated by the account for compensation of variation of parcel A items (CVA). ANNUAL REPORT AND FORM 20-F | 2025 120 Table of Contents Year Ended December 31, 2025 compared to the Year Ended December 31, 2024 Consolidated Revenue Revenue increased by 7.36% to R$42,751 million in 2025 from R$39,820 million in 2024, as follows. (in millions of R$) 2025 2024 Var R$ Var % Revenue from supply of energy 35,902 34,341 1,561 4.55 Revenue from use of the electricity distribution systems – TUSD 5,844 5,134 710 13.83 CVA (compensation for changes in ‘Parcel A’ items) and Other financial components 506 423 83 19.62 Financial component arising from PIS/Pasep and Cofins taxes refunded to customers– realization - 513 (513) (100.00) Transmission revenue Transmission operation and Maintenance revenue 346 383 (37) (9.66) Transmission construction revenue 576 425 151 35.53 Interest revenue arising from the financing component in the transmission contract asset 334 433 (99) (22.86) Generation indemnity revenue 126 86 40 46.51 Distribution Construction revenues 5,657 4,712 945 20.06 Adj expectation of cash flow from indemnifiable financial asset of the distribution concession 117 104 13 12.50 Revenue on financial updating of the Concession Grant Fee 451 447 4 0.89 Energy transactions on the CCEE 268 92 176 191.30 Mechanism for the sale of surplus - - - Supply of gas 3,082 3,919 (837) (21.36) Fine for violation of service continuity indicator (155) (157) 2 (1.27) Other revenue 4,474 2,906 1,568 53.96 Deductions on revenue (14,777) (13,941) (836) 6.00 Total revenues 42,751 39,820 2,931 7.36 Revenue from supply of energy The Company’s revenue from supply of energy is composed of the delivery of energy to captive customers, free customers, supply to other concessionaires, and the energy offset by customers under the distributed micro and mini‑generation scheme. This revenue increased due to the 8.21% growth in the volume of energy supplied and as a result of CEMIG D’s Annual Tariff Adjustment. ANNUAL REPORT AND FORM 20-F | 2025 121 Table of Contents Market Evolution Sales in CEMIG’s consolidated energy market comprises sales to: (i) Captive customers in CEMIG’s concession area in the State of Minas Gerais; (ii) Free Customers in both the State of Minas Gerais and other States of Brazil, in the Free Market (Ambiente de Contratação Livre, or ‘ACL’); (iii) other agents of the energy sector – traders, generators and independent power producers, also in the Free Market; (iv) Distributors, in the ACR Market; and (v) the Wholesale Trading Exchange (Câmara de Comercialização de Energia Elétrica, or ‘CCEE’). As illustrated in the table below, the total volume of energy sold by CEMIG in 2025 increased by 8.21% as compared to 2024: GWh (1) 2025 2024 Var % Residential 15,082 14,430 4.52 Industrial 18,590 17,820 4.32 Commercial, Services and Others 12,350 11,802 4.64 Rural 3,750 3,578 4.81 Public Authorities 1,157 1,031 12.22 Public Lighting 946 973 (2.77) Public Service 729 920 (20.76) Subtotal 52,604 50,554 4.06 Own Consumption 29 30 (3.33) 52,633 50,584 4.05 Wholesale supply to other concession holders 20,709 17,192 20.46 Total 73,342 67,776 8.21 (1) Includes Sale Contracts in the Regulated Market (CCEARs – Contratos de Comercialização de Energia no Ambiente Regulado) through the Surplus and Deficits Offsetting Mechanism (MSCD: Mecanismo de Compensação de Sobras e Déficits), sales on the Free Market, and the revenues from management of generation assets (GAG – Gestão de Ativos da Geração) for the 18 hydroelectric plants of Lot D of Auction no 12/2015. The main variations considering amounts in energy supply are described below. The related amounts are disclosed in Note 3.2 to the financial statements. Residential: Increase of 4.52% in 2025 compared to 2024. This variation is mainly explained by the 3.1% growth in the number of customers, offset by a 2.5% reduction in the average monthly consumption per customer, in addition to the migration of customers to distributed micro‑ and mini‑generation. Commercial, Services and Others: Increase of 4.64% in 2025 compared to 2024, is mainly driven by the retail category, due to price adjustments in contracts, most of which are updated at the beginning of the year. Industrial: Increase of 4.32% compared to the previous year. This growth is mainly explained by the following factors: • an increase in the supply of energy to free customers, mainly related to the growth in the volume of energy sold, particularly under the retail modality; • this was partially offset by a 33.9% reduction in consumption by captive industrial customers, mainly due to the migration of customers to the free market. ANNUAL REPORT AND FORM 20-F | 2025 122 Table of Contents Revenue from Use of Distribution Systems (the TUSD charge): This is revenue from charging Free Customers the Tariff for Use of the Distribution System (TUSD) on the volume of energy distributed. In 2025, this revenue was R$5,844 million, compared to R$5,134 million in 2024, an increase of 13.83%, mainly due to the increase in the number of customer units subject to TUSD and CEMIG D’s Annual Tariff Adjustment. This was partially offset by a reduction in the amount of energy transported, impacted by the migration of two large customers to the basic network. GWh 2025 2024 2023 Industrial 21,653 22,035 20,997 Commercial 2,714 2,415 2,036 Rural 136 77 46 Public Services 775 597 439 Public authorities 46 7 2 Concessionaires 321 329 318 Total energy transported 25,645 25,460 23,838 Gas supply: Revenue from gas supply showed a decrease of 21.36% in 2025, amounting to R$3,082 million compared to R$3,919 million in 2024. This decrease is mainly due to the migration of customers to the free market and a decline in the volume sold. Further details are provided in the comments on the performance of the gas segment. CVA (compensation for changes in ‘Parcel A’ items) and Other financial components: CEMIG D recognizes in its financial statements the positive or negative variations between actual non-controllable costs and the costs that are used in calculating rates charged to customers. These balances represent the amounts that should be reimbursed to the customers or passed on to CEMIG D in the next tariff adjustments. In 2025, this represented a revenue of R$506 million, compared to the revenue of R$423 million in 2024, representing an increase of 19.48%. This variation is mainly due to higher costs related to the CDE. For more details see Note 5.4 to the consolidated financial statements. Distribution construction revenue: increased by 20.06%, R$5,657 million in 2025 compared to R$4,712 million in 2024, related to the infrastructure of the energy and gas distribution. This increase was mainly due to an increase in the number and volume of works being undertaken, mainly in distribution networks, under CEMIG’s Distribution Development Plan (PDD). The distribution construction revenue was R$5,325 million in 2025, compared to R$4,378 million in 2024. This variation is mainly due to the increase in the number of projects carried out by CEMIG D, particularly in electricity distribution networks, in line with the Distribution Development Plan (PDD), and by Gasmig in connection with the Centro Oeste project. These revenues are fully offset by construction costs, in the same amount, and correspond to the investments made by CEMIG D and Gasmig during the period in concession assets. ANNUAL REPORT AND FORM 20-F | 2025 123 Table of Contents Other revenue – Grants and subsidies: Revenue recognized as tariff flag subsidies amounted to R$427 million in 2025, compared to R$153 million in the previous year. This subsidy is affected by whether the yellow and red tariff flags are activated, as these flags include additional costs in the energy tariff. In 2025, the following flag activations occurred: “Yellow” in May; “Red – level 1” in June, July, October and November; “Red – level 2” in August and September; and “Yellow” in December. In 2024, the “Yellow” flag was activated in July, the “Red – level 1” flag in September, the “Red – level 2” flag in October, and the “Yellow” flag in November. In the remaining months, no flags were activated and the green flag remained in place. CDE subsidy revenue to fund tariff discounts amounted to R$1,969 million in 2025, compared to R$1,334 million in 2024, representing an increase of 47.60%. The amount of this subsidy is defined in the homologation resolution issued in each Annual Tariff Adjustment of the distributor. This variation is mainly due to the increase in discounts granted by CEMIG D, particularly for the “Incentivized Source Load” category. Deductions from Revenue: Taxes and charges applied to revenue in 2025 were R$14,777 million, or 6.00% higher than in 2024 (R$13,941 million). This increase is substantially due to an increase in revenue compared to the prior year. Operating costs and expenses Operating costs and expenses totaled R$36,377 million in 2025, compared to R$33,360 million in 2024, representing an increase of 9.04%. The main variations are described below. in millions of R$ 2025 Revenues (%) 2024 Revenues (%) Var. (%) Energy purchase for resale (19,177) 44.86 (16,695) 41.93 14.87 Infrastructure construction costs (6,103) 14.28 (5,002) 12.56 22.01 Charges for use of the national grid (3,062) 7.16 (3,156) 7.93 (2.98) Outsourced services (2,331) 5.45 (2,142) 5.38 8.82 Gas purchased for resale (1,442) 3.37 (2,127) 5.34 (32.20) Personnel (1,453) 3.40 (1,399) 3.51 3.86 Depreciation and amortization (1,533) 3.59 (1,376) 3.46 11.41 Other operating expenses (833) 1.95 (537) 1.35 55.12 Post-employment benefits 751 1.76 (484) 1.22 (255.17) Expected credit losses (ECL) (161) 0.38 (175) 0.44 (8.00) Employees’ and managers’ profit sharing (215) 0.50 (172) 0.43 25.00 Materials (163) 0.38 (135) 0.34 20.74 Impairment - - (46) 0.12 (100.00) Reversal of provision for doubtful with related party – Renova - - - - - Reversal (recognition) of operating provisions (655) 1.53 28 0.07 - Reversal of provision with related party - - 58 Total operating costs and expenses (36,377) 85.09 (33,360) 83.78 9.04 ANNUAL REPORT AND FORM 20-F | 2025 124 Table of Contents The following are the main variations in operating costs and expenses between 2025 and 2024: Energy purchased for resale Expenses due to energy purchased for resale in 2025 were R$19,177 million, compared to R$16,695 million in 2024, representing an increase of 14.87%. The main factors contributing to such an increase were: • an increase in the free market, mainly due to the need for a higher volume of energy purchases to close positions and the increase in market prices in 2025. • an increase in short‑term energy costs, mainly due to the sharp rise in the Spot Price for Differences (PLD) across all submarkets, with emphasis on the SE/CO PLD, which increased to R$223.46/MWh in 2025 from R$127.88/MWh in 2024, representing an increase of 75%. This increase, combined with an unfavorable hydrological scenario, raised the Company’s short‑term costs related to availability contracts and those that share hydrological risk. • an increase in distributed generation, resulting from the higher number of generating units (372,932 in 2025, compared to 301,804 in 2024) and the increase in the amount of energy injected (8,032 GWh in 2025, compared to 6,116 GWh in 2024). Post-employment benefits The impact of the Company’s post‑employment obligations on the 2025 results was a reversal of expense in the amount of R$750 million, compared to an expense of R$485 million in 2024. This variation is mainly due to the agreement entered into between the Company and the labor unions for the termination of employer contributions to the ProSaúde Integrado (PSI) and the Dental Plan (POD), in exchange for the payment of compensatory indemnification. Infrastructure construction cost Infrastructure construction costs amounted to R$6,103 million in 2025, compared to R$5,002 million in 2024, representing an increase of 22.01%. This is mainly related to the distribution segment, whose investments increased to R$5,076 million in 2025 from R$4,400 million in 2024, reflecting network expansion, construction of new substations, and reinforcement projects, as well as by additional investments in transmission infrastructure that required civil works and the acquisition of high value equipment. Operating provisions In 2025, the Company recorded operating provisions expense of R$655 million. In the previous year, there was a reversal of expense in the amount of R$82 million. This variation is mainly explained by the provisioning related to (i) the proceeding regarding the payment of Income Tax on indemnification amounts paid to employees in exchange for the right to incorporate future annual increments into salaries, and (ii) collective labor claims. Expected credit losses (ECL) In 2025, an ECL provision in the amount of R$161 million was recognized, compared to a provision of R$175 million in 2024. This variation is mainly due to the change, as of August 2024, in the threshold for the full recognition of losses, which increased from 24 to 36 months for regular‑consumption customers, and from 12 to 18 months for irregular‑consumption customers, in order to reach the best estimate of the credit risk exposure of CEMIG D’s captive customers. ANNUAL REPORT AND FORM 20-F | 2025 125 Table of Contents Net finance income (expense) Net finance expense totaled R$1,079 million in 2025, compared to net finance expenses of R$521 million in 2024, representing an increase of 107.10%. This variation is mainly associated with the following factors: Debenture charges There was an increase of 51.82% in this financial expense in 2025, rising to R$1,503 million in 2025 from R$990 million in 2024, as a result of the debenture issuances carried out in 2025. CVA monetary adjustment The net variation in the financial result related to the CVA monetary adjustment balances and other financial components was financial income of R$108 million in 2025, compared to financial income of R$16 million in the previous year. This variation is mainly due to the increase in the amounts approved in the 2025 tariff adjustment and the higher recognition of amounts to be approved in the 2026 tariff adjustment. Income Tax and the Social Contribution Income tax was an expense of R$771 million in 2025, compared to an expense of R$2,239 million in 2024 and income before income tax and social contribution in 2025 of R$5,670 million compared to R$9,358 million in 2024. This variation is mainly related to the decrease in income before income tax in 2025 and the absence of non-recurring taxable events recognized in 2024, referring to the gain on the disposal of CEMIG GT’s equity interest in Aliança Geração. In addition, income tax expense in 2025 was materially affected by changes in deferred income taxes, mainly related to the reversal of temporary differences and the recognition of tax effects arising from the Periodic Tariff Review (RAP), which resulted in a significant reduction in net deferred tax balances during the year. By segment Distribution In 2025 the Distribution segment represented net income of R$2,121 million, compared to R$2,204 million in 2024, representing a decrease of 3.77%. The main variations are presented below: ANNUAL REPORT AND FORM 20-F | 2025 126 Table of Contents Net revenue: In 2025 our distribution net revenue was R$29,043 million compared to R$26,617 million in 2024, representing an increase of 9.1%, mainly due to: Energy supply revenue: Revenue from CEMIG D’s electricity supply is composed of the delivery of energy to captive customers and the energy offset by customers under distributed micro and mini‑generation. This revenue amounted to R$25,167 million in 2025, compared to R$24,594 million in 2024, representing an increase of 2.33%. The main factors behind this variation are: • An increase in the average billed price per MWh, due to CEMIG D’s annual tariff adjustment effective as of May 28, 2025; • An increase of 4.52% in energy consumption by the residential segment, mainly due to the 3.1% increase in the number of customers; and • Conversely, there was a decrease of 24.62% in the industrial segment due to the migration of captive customers to the free market. Revenue from the use of the network - free customers: It refers to the Tariff for the Use of the Distribution System (Tarifa de Uso do Sistema de Distribuição, or ‘TUSD’), arising from the charges billed to free customers on distributed energy. In 2025, this revenue amounted to R$5,934 million, compared to R$5,169 million in the previous year, representing an increase of 14.80%, mainly due to the increase in the number of consumer units subject to TUSD and CEMIG D’s Annual Tariff Adjustment. Construction revenues: Revenues from the construction of assets related to distribution concession infrastructure amounted to R$5,325 million in 2025, compared to R$4,379 million in 2024, representing an increase of 21.60%. This variation is mainly due to the increase in the number of projects carried out under the Distribution Development Plan (PDD), particularly in distribution networks. This revenue is related to construction costs and corresponds to CEMIG D’s investment in concession assets. Costs and Expenses: Total costs and expenses for the distribution segment amounted to R$25,610 million in 2025, compared to R$23,732 million in 2024, representing an increase of 7.91%. The main reasons for this variation are presented below. Cost of energy: In 2025, the cost of energy increased by 5.27% to R$15,511 million compared to R$14,735 million in 2024, mainly due to: • an increase of 36% in CEMIG D’s short‑term energy costs, totaling R$1,190 million in 2025 compared to R$875 million in 2024. This variation was mainly caused by the sharp rise in the Spot Price for Differences (PLD) across all submarkets, particularly the SE/CO PLD, which increased to R$223.46/MWh in 2025 from R$127.88/MWh in 2024, representing an increase of 75%. This increase, combined with an unfavorable hydrological scenario, raised the Company’s short‑term costs related to availability contracts and those that share hydrological risk. • an increase of 0.43% in the cost of energy acquired in regulated‑market auctions, totaling R$4,642 million in 2025 compared to R$4,622 million in 2024. This increase reflects the annual contractual adjustments indexed to the IPCA and the entry of new contracts; ANNUAL REPORT AND FORM 20-F | 2025 127 Table of Contents • an increase of 18.18% in the cost of distributed generation, totaling R$3,828 million in 2025 compared to R$3,239 million in 2024. This increase results from the higher number of generating units (372,932 in 2025 compared to 301,988 in the previous year) and the increase in the amount of energy injected (8,032 GWh in 2025 compared to 6,176 GWh in the previous year); • the costs of electricity purchased for resale are non‑manageable, and the difference between the reference amounts used for tariff setting and the actual costs incurred is compensated in the subsequent tariff adjustment. Post‑employment obligations The impact of the Company’s post‑employment obligations on the operating result in 2025 was a reversal of expense in the amount of R$578 million, compared to an expense of R$323 million in 2024. This variation is mainly due to the agreement entered into between the Company and the labor unions for the termination of employer contributions to the ProSaúde Integrado (PSI) and the Dental Plan (POD), in exchange for the payment of indemnification. Net financial result The financial result for this segment in 2025 was an expense of R$886 million, compared to an expense of R$16 million in 2024. This variation is mainly associated with the following factors: • An increase of 13.95% in debenture monetary adjustment expense, totaling R$264 million in 2025 compared to R$231 million in 2024, and an increase in debenture charges, totaling R$1,187 million in 2025 compared to R$551 million in 2024. This variation is mainly due to the issuance of the 12th, 13th and 14th debenture series, which increased the Company’s total debt and, consequently, the monetary adjustment expense. In compensation, the variation in the IPCA — the main index, used for updating the Company’s debt — also influenced this result, with an increase of 4.26% in 2025 compared to 4.83% in the previous year. • A variation in the monetary adjustment of tax credits related to PIS/Pasep and Cofins arising from the exclusion of ICMS from their tax base, resulting in a financial expense of R$14 million in 2025, compared to financial income of R$371 million in 2024. In May 2024, the remaining balance of the liability “Amounts to be refunded to customers” was written off, as it had been returned through tariff reviews, reducing the basis for calculating this financial expense. • An increase in financial income from interest on financial investments, totaling R$256 million in 2025 compared to R$123 million in 2024. This variation is mainly due to a higher average cash balance available for investment. • An increase in financial income related to the monetary adjustment of the CVA and other financial components, totaling R$108 million in 2025 compared to financial income of R$16 million in the previous year. This variation is mainly due to the higher amount, related to items subject to financial updating, approved in the 2025 tariff adjustment compared to the value of these items in the 2024 tariff adjustment. ANNUAL REPORT AND FORM 20-F | 2025 128 Table of Contents Transmission In 2025 the Transmission segment represented a net income of R$452 million, compared to R$1,561 million in 2024. This reduction is mainly associated with the recognition of the effects of the Periodic Tariff Review (RTP) of the Allowed Annual Revenue (RAP) for CEMIG GT's concession contracts in the 2024 fiscal year and the recognition of the remeasurement of the Basic Network of the Existing System in the 2025 fiscal year. Transmission concession revenue: The Company’s transmission revenue is composed of (i) operation and maintenance revenue, (ii) construction revenue, and (iii) the financial remuneration of the contract asset. Construction, reinforcement and improvement revenue amounted to R$425 million in 2025, compared to R$383 million in 2024, representing an increase of 10.97%. This variation is mainly due to the higher volume invested in reinforcement and improvement projects, in project development, with a significant supply of equipment with high financial value. Construction cost: Construction costs for the transmission segment amounted to R$446 million in 2025, compared to R$290 million in 2024, representing an increase of 53.79%. This variation is mainly due to the higher volume invested in reinforcement and improvement projects, in project development, with a significant supply of equipment with high financial value. Financial result: The transmission segment recorded net financial expense of R$31 million in 2025, compared to net financial expense of R$108 million in the previous year. This variation is mainly associated with the settlement of the Eurobonds by CEMIG GT in December 2024. Generation In 2025 the Generation segment represented a net income of R$1,519 million, compared to R$1,280 million in 2024, representing an increase of 18.67%. This increase is primarily associated with higher hydrological risk costs, explained by the reduction in the average GSF. Trading In 2025 the Trading segment represented net income of R$163 million, compared to R$518 million in 2024, representing a decrease of 68.5%. This variation is primarily due to the following factors: • an increase in the cost of energy acquired in the free market due to the need for a higher volume of energy purchases to close positions and the rise in market prices in 2025. • an increase in short‑term energy costs, mainly due to the increase in the Spot Price for Differences (PLD) across all submarkets, particularly the SE/CO PLD, which increased to R$223.46/MWh in 2025 from R$127.88/MWh in 2024, representing an increase of 75%. This increase, combined with an unfavorable hydrological scenario, raised the Company’s short‑term costs related to availability contracts and those that share hydrological risk. ANNUAL REPORT AND FORM 20-F | 2025 129 Table of Contents Gas In 2025 the Gas segment represented net income of R$513 million, compared to R$497 million in 2024, representing an increase of 3.2%. This variation is primarily due to the following factors: Revenue: Gasmig’s revenue is composed of the supply of gas to captive customers and the provision of installed pipeline capacity to free‑market customers. Net revenue amounted to R$2,789 million in 2025, representing a decrease of 19.8% compared to the net revenue recorded in 2024 (R$3,477 million). This variation is mainly impacted by the migration of customers to the free market and the reduction in the volume sold. Costs and expenses: Total costs and expenses amounted to R$2,043 million in 2025 (R$2,714 million in 2024), corresponding to 73.25% of net revenue in 2025 (78.06% in 2024). This represents a decrease of 24.72%. This reduction in 2025 costs resulted from the reduction in the volume sold, which led to a decrease in the cost of gas purchased for resale and lower operation and maintenance costs. Investees The results of the associates and jointly controlled entities and the Holding Company are evaluated as a single segment in line with the Company's business strategies. The Investees segment presented, in 2025, a net income of R$131 million, compared to a net income of R$1,059 million in 2024. This variation is essentially due to the recognition of the gain on the sale of CEMIG GT's stake in Aliança Geração, in the amount of R$1,617 million. On August 13, 2024, the sale process of CEMIG GT’s equity interest in Aliança Geração to Vale S.A. was concluded. Year Ended December 31, 2024 compared to the Year Ended December 31, 2023 For this discussion, see our annual report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on May 1, 2025. ANNUAL REPORT AND FORM 20-F | 2025 130 Table of Contents B. Liquidity and Capital Resources Net cash from operating activities Our net cash from operating activities was R$4,077 million in the year ended December 31, 2025, compared to R$5,496 million in the year ended December 31, 2024, representing a decrease of R$1,419 million or 25.8%. This decrease in net cash from operating activities is mainly related to: • A decrease of R$373 million in net income for the year, adjusted for the reconciliation of net cash; • A net decrease of R$500 million in operating assets, primarily driven by recoverable taxes (R$434 million), income tax and social contribution tax credits (R$343 million), escrow deposits (R$140 million), contractual assets and concession financial assets (R$115 million) and other assets (R$23 million), partially offset by refund of tariff subsidy (R$420 million) and a lower increase in receivables from customers, traders and concession holders (R$135 million); • A net decrease of R$117 million in operating liabilities, primarily due to taxes payable (R$397 million) and other liabilities (R$77 million), partially offset by regulatory charges (R$136 million), suppliers (R$152 million), payroll and related charges (R$33 million) and post-employment obligations (R$46 million); and • An increase in interest paid on loans, financing and debentures (R$431 million) and a decrease in cash inflows from settlement of derivative instruments (R$436 million), partially offset by a decrease in income tax and social contribution tax paid (R$400 million) and an increase in interest received (R$120 million). Net cash used in investing activities Our net cash used in investing activities was R$6,663 million in the year ended December 31, 2025, compared to R$2,376 million in the year ended December 31, 2024, representing an increase of R$4,287 million or 180.4%. This increase in our net cash used in investing activities is mainly related to: • Lower cash generated from the sale of equity interest (R$2,736 million), as compared to 2024, together with lower proceeds from the sale of PP&E (R$8 million) and the non-recurrence of the reduction of share capital in an investee recorded in 2024 (R$57 million); and • Higher cash used in contract assets – distribution of gas and energy infrastructure (R$947 million), a net cash outflow from marketable securities (R$539 million), and higher cash applied in the acquisition of intangible assets (R$131 million) and property, plant and equipment (R$28 million), partially offset by a lower net cash outflow related to restricted cash and restricted funds (R$161 million). Net cash from (used in) financing activities Our net cash provided by financing activities was R$2,590 million in the year ended December 31, 2025, compared to net cash used in financing activities of R$2,759 million in the year ended December 31, 2024, representing an increase of R$5,349 million (193.9%). This change is mainly related to: • R$9,337 million in cash inflows from loans and debentures in 2025 (R$4,582 million in 2024); • payments of R$3,968 million in interest on capital and dividends in 2025 (R$4,294 million in 2024); and • payment of loans and debentures in R$2,697 million in 2025 (R$2,975 million in 2024) partially offset by lease liabilities paid of R$82 million in 2025 (R$72 million in 2024). ANNUAL REPORT AND FORM 20-F | 2025 131 Table of Contents Capital Management The Company has the policy of maintaining a solid capital base to maintain the confidence of investors, creditors and the market and to enable the implementation of its investment program and the maintenance of its credit quality, with access to capital markets, seeking to invest in projects that offer minimum real internal rates of return equal to or greater than those provided for in the Long Term Strategy, with the cost of capital for its various businesses as a reference. The Company monitors capital using a leverage ratio represented by Net Debt divided by Adjusted Earnings before interest, taxes, depreciation and amortization (EBITDA). Net Debt is calculated as the total of loans and debentures, less cash and cash equivalents and marketable securities. Adjusted EBITDA is calculated by non-cash effects. The Company aims to keep its consolidated net indebtedness at or below 2.5 times Adjusted EBITDA. Indebtedness The Company’s indebtedness from loans and debentures (current and non-current) as of December 31, 2025 was R$19,466 million (including interest), which was comprised of R$3,052 million of current debt and R$16,414 million of non-current debt. The Company’s indebtedness from loans and debentures (current and non-current) as of December 31, 2024 was R$12,280 million (including interest), which was comprised of R$2,877 million of current debt and R$9,403 million of non-current debt. ANNUAL REPORT AND FORM 20-F | 2025 132 Table of Contents CEMIG’s indebtedness as of December 31, 2025 and 2024, is shown in the following table (in millions of Reais): Principal Annual financial 2025 2024 Financing source maturity cost (%) Currency Current Non-current Total Total FOREIGN CURRENCY Loans 2026 SOFR + 0.53% US$ 224 - 224 - Total Debt in foreign currency 224 - 224 — LOCAL CURRENCY CEMIG DISTRIBUIÇÃO Debentures – 3rd Issuance – 3rd Series 2025 IPCA (*) + 5.10% R$ - - - 334 Debentures – 7th Issuance – 2nd Series 2026 IPCA + 4.10% R$ 1,067 - 1,067 2,049 Debentures – 8th Issuance – 1st Series 2027 CDI (**) + 1.35% R$ 3 500 503 503 Debentures – 8th Issuance – 2nd Series 2029 IPCA + 6.1052% R$ 2 579 581 557 Debentures – 9th Issuance – Single Series 2026 CDI + 2.05% R$ 1,019 - 1,019 2,030 Debentures - 10th Issuance - 1st Series 2029 CDI + 0.80% R$ 23 400 423 417 Debentures - 10th Issuance - 2nd Series 2034 IPCA + 6.1469% R$ 40 1,728 1,768 1,697 Debentures - 11th Issuance - 1st Series 2031 CDI + 0.55% R$ 44 1,000 1,044 1,029 Debentures - 11th Issuance - 2nd Series 2036 IPCA + 6.5769% R$ 30 1,592 , 1,622 1,553 Debentures - 12th Issuance - 1st Series 2032 CDI + 0.86% R$ 74 1,640 1,714 - Debentures - 12th Issuance – 2nd Series 2040 IPCA + 7.5467% R$ 19 884 903 - Debentures - 13th Issuance - 1st Series 2030 CDI + 0.64% R$ 35 1,143 1,178 - Debentures - 13th Issuance – 2nd Series 2032 CDI + 0.80% R$ 24 752 776 - Debentures - 14th Issuance - 1st Series 2037 IPCA + 6.7878% R$ 16 2,012 2,028 - Debentures - 14th Issuance – 2nd Series 2040 IPCA + 6.6504% R$ 4 503 507 - CEMIG GERAÇÃO E TRANSMISSÃO Debentures – 9th Issuance – 1st Series 2027 CDI + 1.33% R$ 236 233 469 704 Debentures – 9th Issuance – 2nd Series 2029 IPCA + 7.6245% R$ 1 345 346 332 Debentures – 10th Issuance – Single series 2030 CDI + 0.64% R$ 28 625 653 - Debentures - 11th Issuance - 1st Series 2037 IPCA + 6.7878% R$ 8 1,006 1,014 - Debentures - 11th Issuance - 2nd Series 2040 IPCA + 6.6504% R$ 4 503 507 - GASMIG Debentures – 8th Issuance – Single series 2031 IPCA + 5.27% R$ 156 780 936 1,026 Debentures – 9th Issuance – Single series 2029 CDI + 0.47% R$ 1 200 201 200 Debentures – 10th Issuance – Single series 2035 IPCA + 6.50% R$ 1 301 302 - (-) Discount on the issuance of debentures (2) (11) (13) (6) (-) Transaction costs (6) (301) (307) (145) Total, debentures 2,827 16,414 19,241 12,280 Total 3,051 16,414 19,465 12,280 (*) IPCA: Official Brazilian inflation rate. (**) CDI: It’s an interest rate practiced in the Brazilian interbank market. ANNUAL REPORT AND FORM 20-F | 2025 133 Table of Contents CEMIG Distribuição (CEMIG D) In March 2025, CEMIG D concluded its 12th debentures issuance, not convertible into shares, in the amount of R$2,500 million, in two series. The first one (R$1,640 million) has a 7-year term (amortization at 72nd and 84th months) and pays CDI plus 0.86% per year. The second series (R$860 million) have a 15-year term (amortization at 156th, 168th and 180th months) and pays IPCA plus 7.5467% per year. The total net funds raised were related to cash flow reinforcement, including investments reimbursement. In April 2025, taking advantage of market liquidity at that moment, CEMIG D concluded its 13th debentures issuance, not convertible into shares, in the amount of R$1,895 million, in two series. The first one (R$1,143 million) has a 5-year term (amortization at 48th and 60th months) and pays CDI plus 0.64% per year. The second series (R$752 million) have a 7-year term (amortization at 72nd and 84th months) and pays CDI plus 0.80% per year. The total net funds raised were related to cash flow reinforcement, including investments reimbursement. In November 2025, CEMIG D concluded its 14th debentures issuance, not convertible into shares, in the amount of R$2,500 million, in two series. The first one (R$2,000 million) has a 12-year term (amortization at 120th, 132nd and 144th months) and pay IPCA plus 6.7878% per year. The second series (R$500 million) have a 15-year term (amortization at 156th, 168th and 180th months) and pays IPCA plus 6.6504% per year. The total net funds raised were related to cash flow reinforcement, including investments reimbursement. CEMIG Geração e Transmissão (CEMIG GT) In March 2025, CEMIG GT concluded its 10th debentures issuance, not convertible into shares, in the amount of R$625 million, in a single series. This series has a 5-year term (amortization at 48th and 60th months) and pays CDI plus 0.64% per year. The total net funds raised were related to cash flow reinforcement, including investments reimbursement. In November 2025, CEMIG GT concluded its 11th debenture issuance, totaling R$1,500 million in two series. The first one (R$1,000 million) has a 12-year term (amortization at 120th, 132nd and 144th months) and pays IPCA plus 6.7878% per year, based on 252 working days. The second series (R$500 million) have a 15-year term (amortization at 156th, 168th and 180th months) and pays IPCA plus 6.6504% per year. The total net funds raised were related to cash flow reinforcement, including investments reimbursement. International Loan under Law 4,131 On August 7th, 2025, CEMIG GT entered into a credit agreement with Citibank, in the amount of US$40 million, equivalent to R$218,552 million on the contract date. The transaction was structured as a Floating Rate Loan, bearing interest in the Adjusted Dollar Interest Rate (reference rate), based on the Term SOFR (Secured Overnight Financing Rate), plus a spread of 0.53% per year, maturing on August 11, 2026. ANNUAL REPORT AND FORM 20-F | 2025 134 Table of Contents Gasmig In November 2025, Gasmig concluded its 10th debentures issuance, in the amount of R$300 million, in a single series. This series has a 10-year term (amortization at 96th, 108th and 120th months) and pays IPCA plus 6.50% per year. The total net funds raised were related to future payment and/or reimbursement of expenses, costs, grants and/or debts related to the implementation of the project described in its Issuance Indenture. CEMIG Financing Guarantees CEMIG has provided total financing guarantees for R$19,463 million on loans and debentures, as of December 31, 2025 and R$12,280 million as of December 31, 2024 as follows (in millions of Brazilian Reais): 2025 2024 Promissory notes and Sureties 224 334 Guarantees and Receivables 1,064 2,042 Corporate Guarantees 16,758 8,694 Unsecured 1,417 1,210 TOTAL 19,463 12,280 ANNUAL REPORT AND FORM 20-F | 2025 135 Table of Contents Restricted Covenant Clauses The Company has contracts with covenants related to financial ratios, as follows: Title - Security Covenant Ratio required - Issuer Ratio required CEMIG (guarantor) Compliance required 8th Debentures Issuance Gasmig Ebitda/Debt servicing Net debt / Ebitda 1.3 or more3.0 or less - AnnualAnnual 9th Debentures Issuance Gasmig Ebitda/Net financial incomeNet debt / Ebitda 1.3 or more3.0 or less - AnnualAnnual 10th Debentures IssuanceGasmig Ebitda/Net financial incomeNet debt / Ebitda 1.3 or more from December 31, 2025 onwards3.0 or less from December 31, 2025 onwards - AnnualAnnual 9th Debentures IssuanceCEMIG D (3) Net debt / Adjusted Ebitda 3.5 or less 3.0 from Dec. 31, 2022 to June 30, 2026 and 3.5 from Dec. 31, 2026 onwards Semi-annual 10th Debenture IssuanceCEMIG GT Net debt / Adjusted Ebitda Less than or equal to 3.5 up to December 31, 2029 (inclusive)4.0 or less from December 31, 2029 onwards 3.0 or less up to June 30, 2026 (inclusive)3.5 or less from July 1st, 2026 to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards Semi-annual 11th Debenture IssuanceCEMIG GT Net debt / Adjusted Ebitda Less than or equal to 3.5 up to December 31, 2029 (inclusive)4.0 or less from December 31, 2029 onwards 3.0 or less up to June 30, 2026 (inclusive)3.5 or less from July 1st, 2026 to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards Semi-annual Loan Net debt / Adjusted Ebitda 3.5 or less 3.5 or less Semi-annual 7th and 8th Debentures IssuanceCEMIG D Net debt / Adjusted Ebitda 3.5 or less 3.0 or less up to June 30,20263.5 or less from July 1st, 2026 onwards Semi-annual 9th Debentures IssuanceCEMIG D Net debt / Ebitda 3.5 or less 3.0 or less Semi-annual 10th Debentures IssuanceCEMIG D Net debt / Ebitda 3.5 or less up to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards 3.0 or less up to June 30, 2026 (inclusive)3.5 or less from July 1st, 2026 to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards Semi-annual 11th Debentures IssuanceCEMIG D Net debt / Ebitda 3.5 or less up to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards 3.0 or less up to June 30, 2026 (inclusive)3.5 or less from July 1st, 2026 to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards Semi-annual 12th Debentures IssuanceCEMIG D Net debt / Ebitda 3.5 or less up to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards 3.0 or less up to June 30, 2026 (inclusive)3.5 or less from July 1st, 2026 to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards Semi-annual 13th Debentures IssuanceCEMIG D Net debt / Ebitda 3.5 or less up to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards 3.0 or less up to June 30, 2026 (inclusive)3.5 or less from July 1st, 2026 to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards Semi-annual 14th Debentures IssuanceCEMIG D Net debt / Ebitda 3.5 or less up to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards 3.0 or less up to June 30, 2026 (inclusive)3.5 or less from July 1st, 2026 to June 30, 2029 (inclusive)4.0 or less from June 30, 2029 (exclusive) onwards Semi-annual ANNUAL REPORT AND FORM 20-F | 2025 136 Table of Contents (1) Adjusted Ebitda corresponds to earnings before interest, income taxes and social contribution on net income, depreciation and amortization, calculated in accordance with CVM Resolution 156, dated June 23, 2022, from which non-operating income, any credits and non-cash gains that increase net income are subtracted, to the extent that they are non-recurring, and any cash payments made on a consolidated basis during such period in respect of non-cash charges that were added back in the determination of Ebitda in any prior period, and increased by non-cash expenses and non-cash charges, to the extent that they are non-recurring. (2) Non-compliance with financial covenants implies non-automatic early maturity. If early maturity is declared by the debenture holders, Gasmig must make the payment upon receipt of the notification. (3) Non-compliance with financial covenants implies early maturity resulting in the immediate enforceability of payment by CEMIG GT of the Unit Nominal Value or Updated Unit Nominal Value of the Debentures, as the case may be, plus remuneration, in addition to the other charges due, regardless of judicial or extrajudicial notice, notification or interpellation. The Company is compliant with all covenants as of December 31, 2025. C. Research and Development, Patents and Licenses, etc. Continuous innovation is one of CEMIG’S core pillars. We innovate to lead the Energy Transition, exploring and developing new technologies and new business models, fostering an innovation driven culture focused on digitalization, efficiency, clean energy generation, electrification, resilience, and energy storage, supported by proprietary, regulated, and incentivized resources. CEMIG invested R$68.99 million in research and development (R\&D) projects in 2025, covering 28 R\&D initiatives across various domains. Highlights include: • Green Hydrogen H2V Project: Testing and validating the application of hydrogen (H₂), in blends with natural gas, in industrial burners and furnaces, aiming to decarbonize production processes. • Energy Pricing Project: Development of an Advanced Management Platform for Future Pricing Scenario Analysis and Trading Strategy in the Brazilian Free Energy Market. • DIN Project: Development of an individual notification device designed to address emergency situations involving dams. • Mobile BESS Project: Development of a Mobile Battery Energy Storage System (BESS) for charging and discharging operations, designed to support emergency scenarios and ensure continuity of power supply in critical situations. • EnergyGPT Project: Implementation of a generative artificial intelligence (AI) solution customized to meet the complex demands of the Brazilian electricity sector, delivering advanced predictive analytics and system optimization. • Integrated Photovoltaic Energy and Food Production System (Agrivoltaics): Development of methodologies for photovoltaic energy generation integrated with agricultural production, including best practices for crop cultivation and livestock farming. The project includes testing different technologies, assembling photovoltaic (PV) modules, and incorporating a rainwater harvesting system. • Smart Module: Development of intelligent modules for the management and optimization of commercial electric vehicle charging stations connected to 127/220 V low voltage distribution networks, along with a business model for operationalization and profitability. D. Trend information As a public service utility, we are subject to regulations issued by the Brazilian Federal Government as described in Item 4: “Information on the Company – The Brazilian Power Industry”. Therefore, any change in the regulatory framework may affect us significantly either with respect to our revenue, if the change relates to prices or with respect to our operating expenses if the change relates to costs incurred to provide service to customers. ANNUAL REPORT AND FORM 20-F | 2025 137 Table of Contents As to the question of reliability of supply of energy, the structural capacity of the system is adequate to meet the market’s needs for consumption of energy, and the expansion of generation and transmission capacity currently in development will be able to meet the expected demand for consumption from the market. Rates of growth of energy consumption in Brazil in recent years have been 5.4% (2023-2024) and 1.9% (2024-2025) due to a lower average temperature and a lesser economic growth. The Brazilian Federal Government has been successful with the ‘new supply’ auctions starting in 2005 which have made possible the construction of new projects such as the Santo Antônio hydroelectric plant (3,150 MW) and the Jirau hydroelectric plant (3,750 MW), on the Madeira River; the Belo Monte plant (11,233 MW) on the Xingu River; and the Teles Pires plant (1,820 MW) on the Teles Pires River, in accordance with the needs of the distributors for acquisition of energy. In recent years we have seen strong growth in renewable generation. In 2025, renewable generation was responsible for 89% of generation, with centralized and decentralized solar photovoltaic (15%), wind power plants (14%) and hydroelectric plants (60%). This generation expansion was mainly installed in the Northeast and North market zones, due to its natural resources’ availability. Nevertheless, the expansion of the transmission system was not reinforced to fully transfer energy amongst the Brazilian market zones, so there are constraints on energy flows, that limits the exchanges between those zones. This limitation may cause, in times of excess energy in some market zone, a mismatch in prices between regions. Regarding capital expenditures, for 2026 we plan to make capital investments in relation to our fixed assets in the amount of R$5,889 million, corresponding to our basic program. We expect to allocate this expenditure primarily to the expansion of our distribution system. For more details see item 4 “Capital Expenditures”. Commitments CEMIG and its subsidiaries have contractual obligations and commitments not yet incurred, therefore not yet recognized in our consolidated financial statements, which mainly include the purchase of electricity, as shown in the table below, in millions of Reais: 2026 2027 2028 2029 2030 2031 onwards Total Purchase of energy from Itaipu 1,208 1,226 1,235 1,257 1,266 20,687 26,879 Purchase of energy – auctions 5,306 4,910 4,899 4,997 5,168 56,630 81,910 Purchase of energy – ‘bilateral contracts’ 105 - - - - - 105 Quotas of Angra 1 and Angra 2 197 199 199 199 197 3,079 4,070 Transport of energy from Itaipu 229 234 213 193 200 3,651 4,720 Other energy purchase contracts 6,650 5,055 3,357 3,002 2,942 22,660 43,666 Physical quota guarantees 853 811 761 761 761 12,182 16,129 Total 14,548 12,435 10,664 10,409 10,534 118,889 177,479 E. Accounting Estimates For this discussion, see our audited consolidated financial statements included elsewhere in this annual report. ANNUAL REPORT AND FORM 20-F | 2025 138 Table of Contents