If You Invested in Companhia Paranaense de Energia - COPEL (ELPC)

Companhia Paranaense de Energia - COPEL American Depositary Shares (each representing four (4) Common Shares), traded under the symbol ELPC, represents an interest in Companhia Paranaense de Energia (Copel), an energy company that operates in the Brazilian state of Paraná. According to available disclosures, Copel is engaged in the generation, transmission, commercialization and distribution of electric energy, and it operates its own generating plants, transmission lines, substations, and distribution grids.

The company reports several business segments. These include Power generation and transmission, Power distribution, GAS, Power sale, Services, and Holding. The power generation and transmission segment involves producing electricity and providing services of transmission and transformation of electric power and related services. Copel’s generation activities include projects that use hydraulic, wind, and thermal sources, as described in the available company profile.

Copel is identified in its filings as Companhia Paranaense de Energia – COPEL and as Energy Company of Paraná in English. The company is registered in Brazil and is associated with listings on B3 under the symbol CPLE3 and on LATIBEX under XCOPO, in addition to references to NYSE symbols ELP and ELPC in certain filings. Its SEC filings describe it as a foreign private issuer that files annual reports under Form 20-F.

Based on the Polygon description, Copel’s main revenue is generated from the Power generation and transmission segment, which covers electricity production and transmission-related services. Other segments, such as Power distribution, GAS, Power sale, Services, and Holding, are also identified as reportable segments, indicating a diversified structure within the broader electric energy sector. However, the detailed contribution of each of these segments beyond the statement that the majority of revenue comes from Power generation and transmission is not further elaborated in the provided materials.

Listing and trading status of ELPC

The ELPC ticker represents American Depositary Shares (ADSs) of Copel. A Form 25 filing (Notification of Removal From Listing and/or Registration Under Section 12(b) of the Securities Exchange Act of 1934) submitted by the New York Stock Exchange LLC on December 29, 2025, identifies "ENERGY CO OF PARANA" as the issuer and specifies that the security is American Depositary Shares (each representing four (4) Class A Preferred Shares). This Form 25 indicates the removal of that class of securities from listing and/or registration on the NYSE under Section 12(b).

The Form 25 states that the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange, and that the issuer has complied with the applicable requirements for voluntary withdrawal. This filing provides formal notice that the ADSs described in that document are being removed from listing on the New York Stock Exchange. While the Form 25 references ADSs representing Class A preferred shares, other filings reference ELPC as an NYSE symbol for Copel, so investors researching ELPC should be aware that a Form 25 delisting notice exists for a Copel-related ADS class.

Corporate governance and shareholder information

Recent Form 6-K filings provide insight into Copel’s corporate governance and shareholder base. One 6-K describes the resignation of an independent member of the Board of Directors, noting that the resignation was due to personal and professional reasons related to new responsibilities outside the Copel Group. The company states that it will take the appropriate governance measures to recompose the Board of Directors in accordance with its bylaws and applicable legislation.

Other 6-K filings disclose material shareholding disposals by institutional investors. For example, Copel reports receiving letters from GQG Partners LLC and SPX Gestão de Recursos Ltda. regarding changes in their shareholdings in Copel’s common shares, including positions held through ADRs and derivatives. These disclosures are made in line with Brazilian securities regulation (CVM Resolution No. 44/2021, as amended by CVM Resolution No. 60/2022) and illustrate how significant ownership changes are communicated to shareholders and the market.

Dividends and interest on equity

Copel also uses Form 6-K to communicate information about dividends and interest on equity (JCP) to investors. One filing describes the adjustment of the value per share of dividends and interest on capital that had already been announced. The company explains that the update in the per-share amounts results from changes in the balance of shares held in treasury on the base date for the distribution of JCP and dividends. The filing outlines the total amounts approved by the Board of Directors, the payment dates, and the relevant base and ex-vesting dates, as well as a note that certain amounts are subject to taxation under Brazilian law.

Regulatory and reporting framework

As a foreign issuer with securities registered in the United States, Copel files Form 6-K for current reports and Form 20-F for annual reports, as indicated by the check marks in its 6-K cover pages. The 6-K filings are used to furnish information such as board changes, shareholder notifications, and updates on dividends and interest on equity. The Form 25 filing, submitted by the NYSE, documents the removal of a Copel-related ADS class from listing and/or registration under Section 12(b) of the Exchange Act.

According to the Polygon description, Copel operates a structured electric system with its own generating plants and network infrastructure. Its activities span from generation to distribution and commercialization of energy, with additional segments that include gas and services. This positions the company within the electric utilities and energy infrastructure space, though the precise industry and sector labels are not specified in the provided data.