SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of August, 2025

Commission File Number 1-34129

CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS

(Exact name of registrant as specified in its charter)

BRAZILIAN ELECTRIC POWER COMPANY

(Translation of Registrant's name into English)

Rua da Quitanda, 196 – 24th floor,
Centro, CEP 20091-005,
Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

ELETROBRAS RELEASES 2^ND QUARTER 2025 RESULTS

Eletrobras’ 2Q25 financial results reflected the positive impacts of energy sales and lower Personnel, Material, Services, and Other (PMSO) expenses, in line with the strategy of optimizing energy trading and the ongoing pursuit of operational efficiency.

2Q25 Main events:

Shareholder's remuneration: R$ 4,000 million in dividends, in line with Eletrobras’ capital allocation methodology. Since the release of the 4Q24 results, Management has delivered consistent performance and accelerated the Company’s risk mitigation efforts. These actions, combined with a more constructive outlook on energy prices, enabled the proposed dividend distribution, reinforcing the Company’s commitment to financial discipline and value creation for its shareholders.

Generation Contribution Margin: the contribution of generation to the results increased from R$ 2,892 million in 2Q24 to R$ 3,345 million in 2Q25. This variation is explained by the increase in gross revenue, driven by the Company's energy trading strategy, which more than offset higher expenses with energy purchased for resale. Lower network usage charges also contributed positively to the generation segment’s results in the period.

Compulsory Loan: the inventory of provisions was reduced by R$ 1.2 billion compared to 1Q25 and by R$ 3.3 billion compared to 2Q24, totaling R$ 12 billion in 2Q25. A net reversal of R$ 279 million was recorded in the quarter, related to favorable decisions and agreements signed.

Investments: R$ 1,966 million in 2Q25, in line with 2Q24 and up 116% when compared to 1Q25. Worth noting the investments in reinforcements and improvements in the transmission segment, which totaled R$ 1,108 million in 2Q25.

The Company is also currently executing 249 large-scale projects in the transmission segment with additional RAP of R$ 1.8 billion between 2025 and 2030 and total estimated CAPEX of R$13.3 billion.

In July, the company delivered the Caladinho project—its first post-privatization auction win—14 months ahead of ANEEL’s original deadline of September 2026.

Eletrobras also made capital contributions to Transnorte Energia S.A. (TNE), of R$ 225 million in April/2025 and R$ 282 million in July/2025, increasing its stake to 64.61%. The project, whose construction was resumed by Eletrobras in 2022, entails the development of a transmission line to connect the state of Roraima to the National Interconnected System (SIN).

Portfolio management: In April, Eletrobras completed the acquisition of a 51% stake in Eletronet, resulting in its control and consolidation. In May, the sale of the Amazonas thermal plants was finalized, generating R$2.9 billion in proceeds, and the asset uncrossing with Copel was also completed, adding 300 MW of hydro capacity to the Company's portfolio through full consolidation of Colíder HPP.

Financial management: Net debt totaled R$ 40.13 billion in 2Q25, up R$ 0.85 billion from 1Q25 and down R$ 2.84 billion from 2Q24. The Company's average debt maturity was extended by 2.6 months YoY, while the total average cost increased to CDI + 0.57% p.a. in 2Q25 from CDI + 0.48% p.a. in 2Q24.

In July 2025, Eletronorte raised R$ 2 billion through a debenture issuance, with final cost equivalent to CDI minus 0.56% p.a. after a swap operation.

Progress in energy trading: 781 clients in 2Q25, up 24% from 2Q24. Of this total, 688 are in the free trading environment (ACL), compared to 551 in the same period last year.

2Q25 Financial Highlights

(+) growth in generation revenue, reflecting a 9.9% increase in average price and a 1.0% increase in volume. Growth in sales was registered in both the free contracting environment (ACL) and the regulated contracting environment (ACR).

(-) R$ 483 million YoY reduction in the Annual Permitted Revenue (RAP) related to the 2024 Periodic Tariff Review (2024 RTP), of which R$ 328 million related to Postponement Adjustment Portion (PA Postergação).

(a) R$ 213 million related to Voluntary Dismissal Plans (VDPs) and severance costs;

(b) R$ 15 million in legal consulting expenses related to the contingency reduction strategy.

Excluding equity income, EBITDA reached R$ 5,706 million in 2Q25, up R$318 million YoY, reflecting:

(a) higher generation revenue;

(b) lower costs and expenses with personnel, materials, services and others;

(c) lower provisions recognized in the quarter;

These effects were partially offset by lower transmission revenue and higher costs with energy purchased for resale.

(a) an increase in generation revenue that outpaced the growth in energy production and purchase costs,

(b) higher recognition of transmission revenue, and

(c) reductions in PMSO and financial expenses. This combination more than offset the lower contribution from equity income.

Table 1 - Adjustments on Regulatory EBITDA (R$ mm)

MAIN FINANCIAL AND OPERATING INDICATORS

Table 2 - Operating Highlights

(1) Assured Capacity (AC) reflects: (a) Ordinance GM/MME 544/21, which established the revision of AC values for plants that had their concessions renewed due to the capitalization (Quota regime plants: Tucuruí, Itumbiara, Sobradinho, Mascarenhas de Moraes, and Curuá-Una), leading to a significant AC reduction, effective from 2023; (b) Ordinance GM/MME 709/22, which introduced an Ordinary Review of the AC for hydroelectric power plants effective from 2023, impacting several Eletrobras plants; (c) the AC increase at Santa Cruz TPP due to the completion of the Combined Cycle, following ANEEL Order 481 of Feb 23, 2023 that authorized the start of commercial operations for a new generating unit at the plant.

(2) Does not include quotas.

(3) Includes contracts under Law 13.182/2015.

(4) The figures presented refer to the Assured Capacity of quotas in GWh.

(5) Excludes thermoelectric power plants.

(6) Approved RAP for the current regulatory cycle, considering the modules in operation at the end of each period—including those in operation at the start of the cycle, as well as new modules that entered commercial operation. Includes transmission contracts from Eletrobras Holding, Chesf, CGT Eletrosul, Eletronorte, TMT, and VSB.

Table 3 - Financial Highlights

HIGHLIGHTS OF CONSOLIDATED RESULTS

1.             CONSOLIDATED RESULT | IFRS AND REGULATORY

Table 4 - Income Statement IFRS (R$ mm)

Table 5 - Regulatory IS (R$ mm)

2Q24 Results: reclassifications

It is worth noting that the results presented in this report for 2Q24 differ from those originally disclosed on August 7, 2024. In both the IFRS and regulatory results, two expenses were reclassified as recurring under Other PMSO and Deferred Tax—an adjustment that had already been applied retroactively in the 4Q24 disclosure.

In the regulatory results, additional differences arise from the reclassification between income statement lines: (a) transmission revenue and charges for use of the electricity grid; and (b) other operating expenses (PMSO), operating provisions, and financial result.

The table below presents the originally disclosed amounts, the reclassified figures, and the resulting differences for both IFRS and regulatory results.

Table 6 - Adjusted Income Statement Reclassifications, 2Q24 (R$ mm)

2.             ADJUSTED REGULATORY INCOME STATEMENT

This section presents the reconciliation between Regulatory and IFRS Income Statements, along with the adjustments related to non-recurring events in the Regulatory Income Statement.

Additional explanations are provided in Appendix 4 of this report to support a better understanding of the topics.

A detailed reconciliation is also available in the “Regulatory and IFRS Income Statement Reconciliation” spreadsheet, accessible on the Company’s Investor Relations website, under Market Information > Historical Financial Information.

Table 7 - Regulatory IS x IFRS IS(R$ mm)

Adjustments from non-recurring events

The following adjustments are based on events deemed non-recurring:

3.             ADJUSTED EBITDA

Adjusted Regulatory EBITDA

In 2Q25, adjusted regulatory EBITDA totaled R$ 5,501 million, down R$ 516 million YoY, reflecting lower transmission revenue and a negative contribution from equity income. These results were partially offset by higher generation revenue, lower PMSO costs and expenses, and a reduced volume of provisions recognized in the quarter, positive events that were also observed in 1Q25.

Excluding equity income, EBITDA reached R$ 5,706 million in 2Q25, up R$318 million YoY. Notably, equity income in the quarter reflected (i) the maintenance shutdown of Eletronuclear's Angra 1 Plant which included equipment modernization aimed at extending its useful life, and (ii) the negative impact on ISA Energia's net income due to a reduction in the receivables flow related to the RBSE financial component.

Table 8 - Adjusted Regulatory EBITDA (R$ mm)

(1) Recognizes the amount of R$ 432 million in 1Q24 related to revenue from Amazonas Energia. Due to default, these balances are also fully recognized in operating provisions. In 4Q24 and 1Q25, the revenue from thermal plants was recognized without any corresponding provision. As part of HPP Balbina's revenue remained—and continues to remain—in default, the amounts of R$ 32 million in 4Q24 and R$ 56 million in 1Q25 were provisioned.

Generation revenue was R$ 6,836 million in 2Q25, up R$ 526 million compared to 2Q24. The highlight was the R$ 1,000 million increase in revenue from energy settled in the short-term market, driven by higher volumes and prices. This was partially offset by a R$ 486 million decline in revenue from thermal plants, following the sale of the Amazonas thermal assets to Âmbar in May 2025.

The increase in revenue was accompanied by slightly higher costs associated with generation, of R$ 159 million, reaching R$ 2,478 million in 2Q25. Of note were expenses with energy purchased for resale, which went up by R$ 475 million, partially offset by: (i) lower spending on fuel for electricity production of R$ 242 million, reflecting the sale of Amazonas thermal plants, and (ii) a R$ 74 million reduction in spending on network usage charges.

It is also worth noting the progress in receivables related to energy sold by Eletrobras thermal plants and by Balbina HPP to Amazonas Energia (AmE) following the resumption of its recognition in 3Q24. In 2Q25 the regulatory gross revenue from energy sold by thermal plants and Balbina HPP totaled R$ 769 million, a lower amount compared to previous quarters, reflecting the completion of the sale of the Amazonas thermal plants. Approximately 52% of this revenue was billed under the Reserve Energy Contract (CER) and received through the Reserve Energy Charge, 27% under Availability Contract, and 21% billed to AmE. This latter portion was distributed across two categories:

(a) Sales contracts from thermal plants classified as Independent Power Producers, which were paid by AmE (5% of the total); and

(b) Energy sold by Balbina HPP (16% of the total).

The difference between revenues under the Regulatory and IFRS accounting environments is primarily due to the energy sold to, but not paid for by, Amazonas Energia. This amount is not recognized as revenue in the IFRS result, but is included in the Regulatory result, where it is fully provisioned.

Table 9 - Amazonas Energia (R$ mm)

Transmission revenue was R$ 4,488 million in 2Q25, down R$ 651 million from 2Q24, mainly driven by reductions in Annual Permitted Revenue (RAP) and the Adjustment Portion (PA), revised as part of the Periodic Tariff Adjustment and Annual Adjustment processes for the 2024-2025 regulatory cycle, which started in July 2024.

Personnel, Material, Services and Others (PMSO) went down by R$ 56 million YoY, totaling R$ 1,419 million in 2Q25. As in the previous quarter, this decrease is primarily driven by the gains from various initiatives implemented by the Company to improve staff efficiency, as well as adjustments to processes and the organizational structure.

Provisions in the regulatory view decreased by R$ 338 million, reaching R$ 98 million in 2Q25 from R$ 437 million in 2Q24. This reduction essentially reflects the sharp decline in defaults on energy sales to Amazonas Energia, from R$ 482 million in 2Q24 to a reversal of R$ 15 million in 2Q25.

The second quarter of 2025 was characterized by favorable effects from energy sales, reduced PMSO expenses, and lower provisioning levels, driven by the ongoing strategy to optimize the energy trading portfolio, enhance operational efficiency, and mitigate contingencies.

Adjusted IFRS EBITDA

Adjusted IFRS EBITDA reached R$ 5,151 million in 2Q25, up 19.2% from 2Q24.

The increase in transmission and generation revenues, along with reductions in PMSO expenses, more than offset the increase in costs related to energy purchased for resale, higher provisions, and the lower contribution from equity income.

Table 10 - Adjusted IFRS EBITDA (R$ mm)

The table detailing the EBITDA calculation, in accordance with CVM Resolution 156/2022, is presented in Appendix 5 of this document.

4.             ENERGY TRADING

Eletrobras companies sold 31.5 TWh of energy in 2Q25, down 5.0% compared to the 33.2 TWh traded in 2Q24.

The volumes sold include energy from plants under the quota regime, renewed under Law 12,783/2013, as well as from plants operating under the ACL and ACR exploration regimes and Special Purpose Entities - SPEs, consolidated: HPPs Teles Pires (starting Oct/23), Baguari (starting Oct/23), Retiro Baixo (starting Nov/23), and Santo Antônio (starting Nov/23).

Table 11 - Energy Balance 2Q25 (aMW)

Contracts signed until 6/30/2025.

The energy balance reflects the SPEs consolidated into Eletrobras, including Santo Antônio HPP (since 3Q22) and HPPs Baguari and Retiro Baixo (since 4Q23) in terms of resources, sales, and average prices. Similarly, Teles Pires HPP, the SPE consolidated into Eletronorte (since 4Q23), is also included.

Table 12 - Assured Capacity Quotas of Hydroelectric Power Plants (aMW)

5.             INVESTMENTS AND EXPANSION PROJECTS

Investments in 2Q25 totaled R$ 1,966 million, with R$ 1,199 million allocated to transmission, R$ 357 million to generation, R$ 117 million to infrastructure, R$ 68 million to the environmental area and R$ 225 million to SPEs.

The amount invested in infrastructure was allocated as follows: 37% to socio-environmental initiatives, 28% to IT, 25% to real estate, and 10% to equipment and vehicles.

In the socio-environmental area, key highlights included investments related to the maintenance of operating licenses for power plants and substations, as well as land compensation.

In 2Q25, Eletrobras contributed R$ 225 million to Transnorte Energia SA (TNE), increasing its stake in the venture to 59.11%. Including the additional contribution made in July 2025, the total stake now stands at 64.61%.

Table 13 - Investments (R$ mm)

Generation

Investments in generation totaled R$ 357 million in 2Q25, compared to R$ 732 million in 2Q24.

The reduction is mainly explained by decreased expenses associated with the expansion of CGT Eletrosul, as the Coxilha Negra Wind Farm project nears completion.

In 2Q25, main expenditures were allocated to:

Table 14 - Investments in Generation^[1]

^[1] For more information on Eletrobras Holding's Corporate Structure, refer to Appendix 3 of this report.

Transmission

Investments in transmission totaled R$ 1,199 million in 2Q25, mainly in reinforcements and improvements (R&I) that reached R$ 1,108 million, up 82% YoY.

Investments in expansions reached R$ 85 million, reflecting the progress of activities in transmission lines and substations related to lots won in auctions in recent years.

In 2Q25, expenditures were distributed as follows:

Table 15 - Investments in Transmission^[2]

^[2] For more information on Eletrobras Holding's Corporate Structure, refer to Appendix 3 of this report.

Expansion Projects - Transmission

Large Scale Projects

Small Scale Projects

^[3] Referring to reinforcements, improvements and auction projects. Considers projects registered in ANEEL's Transmission Management System (SIGET). Projects are included when added to the system and excluded when they are either canceled or enter commercial operation. The 249 projects will add 2,313 km of transmission lines and 13,350 MVA in substations.

^[4] Each of the 5 SPEs created holds the contracts signed in last years' transmission auctions. SPE Nova Era Janapu holds contract no. 09/2023-ANEEL for the 4th lot of Auction 01-2023; SPE Nova Era Teresina holds contract no. 04/2024-ANEEL for the 1st lot of Auction 01-2024; SPE Nova Era Ceará holds contract no. 06/2024-ANEEL for the 3rd lot of Auction 01-2024; SPE Nova Era Integração holds contract no. 08/2024-ANEEL for the 5th lot of Auction 01-2024; and SPE Nova Era Catarina holds contract no. 12/2024-ANEEL for the 9th lot of Auction 01-2024.

Expansion Projects - Generation

Two projects are currently under implementation and, once completed, will add approximately 330 MW to Eletrobras’ installed capacity.

Coxilha Negra Wind Farm (302.4 MW capacity, located in Rio Grande do Sul state)

Casa Nova B Wind Farm (27 MW capacity, located in Bahia state)

6.             INDEBTEDNESS

Net debt totaled R$ 40.13 billion in 2Q25, up R$ 0.85 billion from 1Q25 and down R$ 2.84 billion from 2Q24.

The Net Debt/Adjusted Regulatory EBITDA LTM ratio reached 1.8x in 2Q25, 1.7x in 1Q25 and 1.8x in 2Q24.

As a result of liability management and a 450 bps increase in the Brazilian basic interest rate (Selic), the Company's average debt maturity was extended by 2.6 months in 2Q25 when compared to 2Q24, while the total average cost increased to CDI + 0.57% p.a. in 2Q25 from CDI + 0.48% p.a. in 2Q24.

Table 16 - Net Debt (R$ mm)

Chart 1 - Loans and Financing Payable (R$ billion)

Table 17 - Gross Debt Breakdown

*It is important to note that the Company has carried out exchange rate hedge operations for certain foreign currency debts. The data below presents these debts along with their respective equivalent rates (post-hedge) linked to the CDI:

Bonds 2025 - 97.41% of CDI

Bonds 2030 - CDI + 1.70% p.a.

Bonds 2035 - 122.59% of CDI

Citibank - CDI + 0.19% to 1.70% p.a.

Itaú - CDI + 0.30% p.a.

** Exposure to BNDES only considers contracts under the BNDES direct line.

7.             COMPULSORY LOAN

Eletrobras has implemented measures to mitigate risks associated with legal proceedings related to compulsory loans on electricity, which involve the monetary update of book-entry credits.To address this, the Company has strengthened its legal defense strategy and pursued settlements with discounts and full resolution of lawsuits. As a result of the negotiations:

Thus, as from 3Q22, when negotiations began, the provision inventory related to this set of lawsuits fell by R$ 13.8 billion, from R$25.8 billion to the current R$ 12.0 billion, even considering the accumulated monetary update of R$ 2.7 billion in the period. It is worth noting that this reduction included R$ 4 billion that had a direct impact on the P&L, as it was recorded as a provision reversal resulting from discounts obtained through executed agreements and favorable rulings.

In addition, the agreements signed also allowed for the elimination of R$ 9.6 billion in legal risks considered "off balance", of which R$ 913 million classified as possible and R$ 8.7 billion as remote. These reductions are in line with the Company's strategy of reducing its legacy legal liabilities.

Chart 2 - Total inventory of compulsory loan provisions (R$ bn)

^[5] The amount presented considers only book-entry credits. The total result, which includes other lawsuits related to the compulsory loan, showed a net reversal of R$ 246 million, detailed in the provisions for litigation section.

8.             CASH FLOW

It is worth highlighting for 2Q25 the net inflow of R$ 2.0 billion related to the completion of asset purchase and sale transactions, as well as capital contributions—including the sale of thermal plants in Amazonas, the acquisition of control of Eletronet, and the contribution to TNE.

Table 18 - Cash Flow (R$ bn)

*Excludes generation contributions.

**Net funding: debt raised, net of issuance costs.

FINANCIAL AND OPERATING RESULTS ANALYSIS

9.             FINANCIAL PERFORMANCE

9.1.        Operating Revenue

Regulatory Generation Revenue

Recurring regulatory revenue was R$ 6,945 million in 2Q25, R$ 15 million lower than adjusted IFRS generation revenue, reflecting the different treatment of the billing portion with Amazonas Energia, involving paid and unpaid amounts for the sale of energy to this customer.

Generation Revenue by Contracting Environment

In 2Q25, a negative amount of R$ 109 million was recognized, related to adjustments to the valuation of the sale of Amazonas thermal power plants and the asset uncrossing with Copel in CGT Eletrosul. These effects involve obligations and rights with terms longer than the completion of the transactions and are treated as non-recurring amounts adjusted in gross revenue for the period.

Thus, adjusted regulatory revenue from energy sales in all contracting environments totaled R$ 6,946 million in 2Q25, representing an increase of R$ 636 million compared to 2Q24.

The positive highlights were:

Such effects more than offset the reductions of:

Considering all contracting environments, revenue went up 10.1% in 2Q25 compared to 2Q24, due to the 15.5% increase in the average price, more than offsetting the 4.7% drop in volume.

The 879 aMW reduction in total volume was mainly explained by the drop in GSF, to 95.3% in 2Q25 from 99.2% in 2Q24. Considering the energy sold and settled in different contracting environments, there was a reduction of 1,694 aMW in energy traded under the quota regime, partially offset by increases of 381 aMW in the free market and 450 aMW in the short-term market.

Table 19 - Generation Revenue by Contracting Environment (R$ mm)

(1) Short-term market: Electricity Trading Chamber (CCEE)

(2) Main effect: recognition of a negative impact of R$ XX million related to adjustments in the valuation of the sale of the Amazonas thermal plants and the asset uncrossing with Copel at CGT Eletrosul, due to obligations and rights with maturities extending beyond the transaction closing dates.

(3) The differences between IFRS and regulatory revenues in 2Q24, 1Q25, and 2Q25 are related to energy sold but not paid for by Amazonas Energia. This amount is not recognized as revenue under IFRS, but is included in the regulatory result, where it is fully provisioned.

(4) M&A: includes revenue from assets in which Eletrobras' stake has changed over the last 12 months.

Regulatory Transmission Revenue

Regulatory transmission revenue was R$ 4,488 million, down 12.7% from 2Q24. The decrease reflected the approval, in July 2024, of the 2023 periodic tariff review (RTP), which were postponed to 2024, with a particular focus on the revenue review for concession contracts extended under Law No. 12,783/2013.

It is worth noting that the eliminations, both in regulatory and IFRS revenue, refer to the portion of transmission system usage charges paid by Eletrobras’ generation companies to the Group’s own transmission companies, which receive them as RAP. For consolidation purposes, these amounts are eliminated from transmission revenue and from the cost of transmission system charges in generation. The IFRS accounting considers the portion of revenue related to operation and maintenance (O&M), whereas under regulatory accounting, the elimination considers the RAP.

Table 20 - Quarterly IFRS vs. Regulatory Revenue (R$ mm)^[7]

Chart 3 - Reconciliation RAP and Transmission Revenue 2Q25 (R$ mm)

^[6] According to ANEEL Resolutions No. 3,225/2023 (2023-2024 cycle) and No. 3,353/2024 (2024-2025 cycle), impacting Eletronorte, Chesf and Furnas.

^[7] For more information on Eletrobras Holding's Corporate Structure, refer to Appendix 3 of this report.

Definitions Approved RAP x Gross Revenue

Below is a simplified analysis of the regulatory gross revenue for the transmission segment. Additional details and explanations can be found in the “Modeling Support - Transmission” spreadsheet, available in the Results Center on the Company’s Investor Relations website.

Main Events in the Transmission Segment in 2Q25

More details on the changes, including breakdown by contract, are available in Appendix 9.

The effect on the regulatory result will only be reflected as from 3Q25, which marks the first quarter of the next tariff cycle (2025-26).

The effect on IFRS result is already reflected in 2Q25, through the recognition of a R$ 3,433 million expense accounted for as regulatory remeasurement. This expense, as well as the positive amount of R$ 882 million recognized as deferred tax associated with it, were considered as non-recurring items in 2Q25 and, therefore, adjusted in both EBITDA and Net Income.

More details on the changes, including breakdown by contract, are in Appendix 10.

More details on the changes, including breakdown by contract, are in Appendix 11.

9.2.        Operating Costs and Expenses

Table 21 - Operating Costs and Expenses (R$ mm)

PMSO - Personnel, Material, Services and Others

Personnel: adjusted balance of R$ 784 million in 2Q25, down 15% from R$ 923 million in 2Q24, with the main effects being:

Non-recurring effects: R$ 213 million, of which: (a) R$ 98 million with VDPs, (b) R$ 72 million with severance costs, and (c) R$ 44 million with severance indemnity fund (FGTS) fines linked to terminations.

Material: adjusted balance of R$ 42 million in 2Q25, up R$ 5 million when compared to R$ 37 million recorded in 2Q24. The variation reflects higher operational maintenance expenses.

There were no non-recurring effects in the quarter.

Services: adjusted balance of R$ 441 million in 2Q25, representing a 6% increase compared to R$ 415 million in 2Q24. The main highlights for the R$ 26 million increase were:

Non-recurring effects: R$ 15 million related to success fee paid to legal consulting firms as part of the contingency reduction strategy.

Others: adjusted balance of R$ 136 million in 2Q25, up R$ 53 million compared to 2Q24, mainly reflecting the R$ 28 million increase in expenses related to the generation segment, including payments for hydrological risk renegotiation insurance and association contributions.

There were no non-recurring effects in the quarter.

Table 22 - PMSO 2Q25 (R$ mm)^[8]