Centrais Eletricas SEC Filings

Centrais Elétricas Brasileiras S.A. (Eletrobras/AXIA Energia) reported that Fitch reaffirmed its Long-Term ratings in local and foreign currency at BB-, and its Long-Term national scale rating at AA(bra), while revising the outlook from stable to positive. Fitch’s change in outlook is based on expectations of higher cash generation and improved credit metrics, supported by announced asset sales and more favorable assumptions for energy sale prices. The ratings also reflect a large and diversified asset base that spreads operational and regulatory risks, as well as strong liquidity and financial flexibility to cover debt and support planned investments.

Eletrobras (EBR) approved two Brazilian debenture offerings to refinance and fund operations. The parent will issue its 7th debentures in a single series totaling R$1,000,000,000 as of the issue date, due in 10 years on November 15, 2035. Interest will track the DI interbank rate plus a bookbuilt spread capped at 0.85% p.a., paid semiannually each May 15 and November 15, with principal amortizing annually starting in year eight.

Eletronorte, the subsidiary, will conduct its 9th debenture issue in a single series of R$2,000,000,000 with a 7‑year bullet maturity, semiannual interest, and a spread capped at DI + 0.65% p.a.. The parent company will provide an irrevocable surety, assuming joint and several liability for Eletronorte’s obligations.

Both offerings are automatically registered under CVM Resolution 160, allocated to Professional Investors, and placed via firm underwriting. Proceeds for each issuer will be used for general corporate purposes, including liability management. The terms permit optional early redemption features and standard default provisions defined in the indentures.

Centrais Elétricas Brasileiras S.A. (Eletrobras) reported that its Board approved the interim financial statements for the period ended September 30, 2025 and authorized an interim dividend distribution of R$ 4,300,000,000.

The Board set per‑share amounts of R$ 1.581534687 for class A preferred (PNA), R$ 2.078419036 for class B preferred (GNP), and R$ 1.889535942 for common (ON) and the golden share. The company noted these values may vary slightly by the respective cut‑off dates due to the share repurchase program. Part of the statutory reserve calculated on June 30, 2025 will be used, and the interim dividends will be considered toward the mandatory dividend to be calculated under the 2025 profit and loss account.

Centrais Elétricas Brasileiras (AXIA Energia) reported 3Q25 results. Adjusted regulatory EBITDA was R$ 6,382 million, down 5.8% year over year, while adjusted IFRS net income was R$ 2,176 million, a 68.0% decline reflecting a much smaller regulatory remeasurement versus 3Q24. Net operating revenue under the regulatory view was R$ 9,969 million, down 4.6%.

The company advanced its portfolio strategy: it completed the sale of its last thermal asset in October and now has a 100% renewable portfolio. It signed the sale of Eletronuclear for R$ 535 million with the buyer assuming R$ 2.4 billion in ADI debentures, sold its EMAE stake for R$ 476.5 million, and acquired the remaining 50.1% of Tijoá Energia for R$ 247 million. Energy trading margins strengthened, with ACL + MCP contribution rising to R$ 86/MWh from R$ 48/MWh. Net debt reached R$ 42,577 million after paying R$ 4.0 billion in August, totaling R$ 8.3 billion in 2025 dividends. AXIA also won lots 6A, 6B, 7A and 7B in transmission auction No. 4/2025, with RAP of R$ 138.74 million and ANEEL-projected CAPEX of R$ 1.63 billion.

Eletrobras (EBR) furnished a 6-K detailing generation and transmission metrics across its AXIA Energia companies. The portfolio shows total installed capacity of 44,368 MW and a total physical guarantee of 21,655 MW, combining full-responsibility assets, O&M‑renewed plants and interests in SPEs.

Hydro assets dominate, led by Eletronorte’s Tucuruí complex and major Furnas plants renewed under Brazilian laws 12,783/13 and 13,182/15. Wind expansion advanced with UEE Coxilha Negra 2 (96.60 MW), UEE Coxilha Negra 3 (105.00 MW) and UEE Coxilha Negra 4 (63.00 MW) entering commercial operation across late 2024–2025. Thermal capacity includes Santa Cruz at 500.00 MW with a physical guarantee of 401.20 average MW.

On transmission, for the 2025/2026 cycle (ref. Jun/25), total RAP of 14,067,643,483.23 BRL is presented across renewed contracts, with project‑by‑project detail and additional RAP from reinforcements and improvements. The filing also lists ACR/ACL contract volumes and prices, energy balance ranges through 2027, and notes the transition of Amazonas PIE contracts and related supply arrangements.

Eletrobras (EBR) announced an interim dividend of BRL 4.3 billion, approved by its board and drawn from the statutory reserve determined on September 30, 2025. These interim dividends will be counted toward the dividend calculated from 2025 results. Including amounts paid in January and August, total 2025 dividends will be BRL 8.3 billion.

Payment on December 19, 2025 will be: BRL 1.581534687 per Class A preferred share, BRL 2.078419036 per Class B preferred share, and BRL 1.889535942 per common and golden share. Per‑share amounts may be adjusted slightly by the buyback program. The record date is November 14, 2025 for B3 and November 17, 2025 for ADRs; shares trade ex‑rights from November 17, 2025. ADRs will be paid via Citibank N.A. starting December 29, 2025.

Including the August payment, proposed totals for 2025 are BRL 4.011898059 per Class A preferred share, BRL 4.011898059 per Class B preferred share, and BRL 3.647180054 per common and golden share.

Centrais Elétricas Brasileiras S.A. (Eletrobras) reported that its subsidiary AXIA Energia won lots 6A, 6B, 7A, and 7B in ANEEL Transmission Auction No. 04/2025. The awards cover synchronous compensation projects at 500 kV substations in Minas Gerais and Rio Grande do Norte with a 42‑month implementation term.

Winning bids set the following Purchase RAP (BRL million): Lot 6A 43.10 (vs. ANEEL maximum 88.25; discount 51.17; ANEEL capex 542.27), Lot 6B 23.74 (max 46.03; discount 48.43; capex 282.81), Lot 7A 48.20 (max 87.33; discount 44.81; capex 536.45), and Lot 7B 23.70 (max 43.72; discount 45.79; capex 268.54). AXIA Energia stated the outcome strengthens its leadership in transmission with focus on value creation and disciplined capital allocation.