1. Consolidated Results	2
1.1 Ebitda	2
1.2 Operating Revenue	3
1.3 Operating costs and expenses	3
1.4 Equity Income Result	4
1.5 Financial Results	4
1.6 Consolidated Net Profit	4
1.7 Debt and Leverage	5
2. Investment	7
3.1 Economic and Financial Performance	8
3.1.1 IFRS effect on the Transmission segment	9
3.2 Operational Performance	10
3.2.1 Generation	10
3.2.2 Energy sold	10
3.2.3 Transmission	11
RBSE	11

 

4. Copel Distribution	12
4.1 Economic and Financial Performance	12
4.2 Operational Performance	13
4.2.1 Grid Market (TUSD)	13
4.2.2 Captive Market	13
4.2.3 Operational data	13
5. Copel Commercialization	15
5.1 Economic and Financial Performance	15
5.2 Operational Performance	16
6. ESG performance	17
6.1 ESG in Copel’s Strategy	17
6.2 Recent highlights	17
6.3 Indicators	18
6.4 Ratings, Rankings and Indexes	18
7. Other highlights from the period	19
List of Exhibits	21

 

The consolidated result is made up of Copel Holding, Copel Geração e Transmissão (GenCo), Copel Distribuição (DisCo), Copel Comercialização (TradeCo) and other equity holdings^[2]. The following analyses refer to the third quarter of 2025 (3Q25) compared to the same period in 2024 (3Q24) and, where applicable, to the accumulated periods of the first nine months of 2024 and 2025 (9M24 and 9M25, respectively).

1.1 Ebitda

Copel's Recurring Ebitda² amounted to R$ 1,337.4 million in 3Q25, 7.8% higher than the R$ 1,240.3 million recorded in 3Q24. This result reflects the company's ability to consistently generate value, supported by the strength of its assets and the efficient execution of its operational and commercial strategy. GenCo and TradeCo accounted for approximately 53.4% of this result, while DisCo accounted for 48.7%³.

Highlights in 3Q25 include:

(i)

GenCo's Ebitda grew 11.0% (+R$ 71.3 million) compared to 3Q24, totaling R$ 721.1 million, especially due to the increase in revenue from electricity grid availability, explained mainly by the incorporation of the transmission company Mata de Santa Genebra S.A. - MSG and by the increase in supply revenue driven by the positive effects of hydroelectric generation utilization in modulation with high volatility of the hourly Difference Settlement Price - PLD in the South submarket. This result was partially offset by the higher generation deviation, resulting from the increase in curtailment, which rose from 23.4% in 3Q24 to 34.4% in 3Q25. More details in section 3.1;

(ii)

DisCo' Ebitda, which increased by 7.2% (+R$ 43.6 million) compared to 3Q24 1.7% increase in the billed grid market and the Annual Tariff Adjustment - RTA of June 2025, with an average increase of 6.4% in the Distribution System Usage Tariffs - TUSD. More details in section 4.1;

(iii)

the increase of R$ 18.7 million in Elejor's Ebitda compared to 3Q24, with the effect of higher energy sold for bilateral contracts and average energy balance prices 17.0% higher between the periods.

This result was partially offset by the decrease of R$ 10.0 million in TradeCo's Ebitda, basically due to the lower sales margin, of R$ 7.3 million, and the Ebitda from discontinued operations, of R$ 20.2 million, recorded at Copel (Holding) in 3Q24 and absent in 3Q25.

The non-recurring items considered in the calculation of Recurring Ebitda are shown in the following table:

 

						R$ million
	3T25	3T24	Δ%	2025	2024	Δ%
EBITIDA	1,358.7	1,526.7	-11.0	4,678.0	4,230.8	10.6
(-/+) Fair value in the purchase and sale of energy	42.9	(17.9)	—	(25.0)	26.0	—
(-/+) Provision/Reversal of POS indemnity	—	18.4	—	21.0	18.4	14.1
(-/+) Partial disposal of assets/assets swap	(35.4)	(264.4)	(86.6)	(345.7)	(264.4)	30.7
(-/+) Ebitda Discontinued Operations Compagas and UEGA	—	20.2	—	—	58.6	—
(-/+) Equity equivalence	(37.3)	(63.2)	(40.9)	(202.0)	(225.4)	(10.4)
(-/+) NRV	(36.9)	(17.2)	114.7	(72.7)	(49.5)	46.9
(-/+) Difference Corporate/Regulatory Transfer Revenue	45.4	37.7	20.4	121.9	57.6	111.6
Recurring Ebitda	1,337.4	1,240.3	7.8	4,175.5	3,852.1	8.4

Consolidated Recurring Ebitda

 

*Includes Ebitda from discontinued operations, Copel (Holding), Copel Serviços, Elejor and eliminations and reclassifications between group companies.

1.2 Operating Revenue

Recurring Net Operating Revenue, considering the effects of IFRS on the energy transmission segment, totaled R$ 6,810.5 million in 3Q25, an increase of 18.7% compared to the R$ 5,739.7 million recorded in 3Q24. This result mainly reflects the increase:

(i)

R$ 424.73 million (+101.0%) in the result of sectorial financial assets and liabilities (CVA), because of the adherence of tariff coverage in relation to costs with Parcel A, especially with energy purchased for resale and the return of PIS/COFINS to DisCo consumers in the period;

(ii)

R$ 406.9 million (+48.8%) in electricity supply revenue, with the following highlights: i. an increase of R$ 273.8 million in supply revenue, due to a 25.0% growth in the volume of energy sold for TradeCo's bilateral contracts and higher energy sales in the Free Contracting Environment - ACL in Elejor's portfolio; ii. an increase of R$ 120.7 million in Copel DIS revenue due to higher energy sales in the short-term market (MCP) and in the Surplus and Deficit Compensation Mechanism (MSCD); and iv. an increase of R$ 12.3 million in Copel GeT, resulting from better results in transactions carried out in the short-term market in 3Q25 compared to 3Q24, especially with the modulation of the hydroelectric generation portfolio in view of the behavior of the PLD in the South submarket during the period. This result was partially offset by the increase in generation deviation (+58.7%) in wind farms;

(iii)

R$ 256.3 million (+39.9%) in construction revenue, mainly due to the enhancement in the volume of works related to DisCo's investment program (see topic 2), which includes investments aimed at improving and modernizing infrastructure and upgrading customer service; with no effect on the result given that the amount recorded in costs and expenses is equal;

(iv)

R$ 100.2 million (+5.9%) in electricity grid availability, mainly explained by the incorporation of the transmission company Mata de Santa Genebra S.A. - MSG and an average increase of 2.2% in the RAP of transmission companies with 100% participation by Copel GeT for the 2025/2026 cycle, ex-MSG.

1.3 Operating costs and expenses

In 3Q25, recurring operating costs and expenses totaled R$ 5,849.6 million, an increase of 20.2% compared to R$ 4,867.9 million recorded in 3Q24. The cost of electricity purchased for resale represents 52.7% of total costs incurred in the quarter, followed by construction costs with a 15.4% share, PMSO with 12.3%, sector charges with 11.7%, and others with a 7.9% share.

The main variations in the period are:

(i)

an increase of R$ 737.6 million (+27.3%) in electricity purchased for resale mainly due to: i. the increase of R$ 434.7 million in the purchase of energy from DisCo, with emphasis on the higher volume from the distributed generation system (+R$ 219.1 million) and the acquisition of energy from the Energy Trading Chamber (CCEE) (+R$ 191.6 million) and ii. an increase of R$ 331.7 million (+33.2%) at TradeCo due to the acquisition of electricity in bilateral contracts;

(ii)

an increase of R$ 256.3 million (+25.0%) in construction costs, mainly due to DisCo investment program, with no effect on results given the matching of the amount recorded in construction revenue.

(iii)

an increase of R$ 17.2 million in provisions and reversals due mainly to the increase of R$ 18.5 million in DisCo expected credit losses (ECL), as a result of reversals related t defaults in 3Q24, which were non-recurring in this quarter.

This result was partially offset by a 4.1% reduction (-R$ 30.6 million) in recurring manageable costs (PMSO), mainly due to an 18.4% (-R$ 47.9 million) reduction in personnel costs, influenced mainly by the departure of 209 employees, mostly through the Voluntary Dismissal Program (PDV) completed in 2024.

The graph below shows manageable costs compared between quarters and accumulated in the year:

						R$ million
Recurring Manageable Costs	3Q25	3Q24	∆%	9M25	9M24	∆%
Staff and administrators	212.6	260.5	(18.4)	683.2	839.2	(18.6)
Social security and assistance plans	57.9	63.3	(8.5)	176.9	199.0	(11.1)
Material	19.1	22.1	(13.6)	64.0	62.2	2.9
Third-party services	287.4	274.6	4.7	848.4	772.7	9.8
Other operating costs and expense *	141.7	128.8	10.0	358.8	331.6	8.2
TOTAL	718.7	749.3	(4.1)	2,131.3	2,204.7	(3.3)
*Excludes the effects of the following non-recurring items: Personnel - Reversal/provision for Voluntary Dismissal Program; and Others - disposal of assets/assets swap

Neutralizing the effects of provisions related to performance bonuses (PPD), profit sharing (PLR), long-term incentives (ILP) and PDV, there was a reduction of R$ 23.6 million (-11.2%) in personnel and management costs in the quarterly comparison, due to a reduction in headcount compared to the previous period, partially offset by the pro rata provision between October and December of the collective bargaining agreement - ACT 2024, which includes a salary readjustment by the National Consumer Price Index - INPC, of 4.09%, considering 12 months until September/2024.

						R$ million
Personnel costs	3Q25	3Q24	∆%	9M25	9M24	∆%
Staff and administrators	212.6	260.5	(18.4)	683.2	839.2	(18.6)
(-/+) Profit sharing, PPD and ILP	(25.5)	(49.8)	(48.8)	(110.0)	(156.5)	(29.7)
TOTAL	187.1	210.7	(11.2)	573.2	682.7	(16.0)

Evolution of the workforce

 

1.4 Equity Income Result

The equity income from jointly controlled companies and other affiliates of Copel in 3Q25 decreased by 40.9% compared to the same period last year (R$ 37.3 million, compared to R$ 63.2 million in 3Q24). The decrease is mainly due to the consolidation of 100% of Mata de Santa Genebra S.A. - MSG, as of June 1, 2025, with a reduction of the contract assets of the jointly owned subsidiaries in the transmission segment caused by higher inflation in the period (IPCA 0.63% compared to 1.41% in 1Q24).

1.5 Financial Results

The financial result was a negative R$ 442.5 million in 3Q25 compared to a negative R$ 222.4 million in 3Q24, an increase of R$ 220.1 million (38.7%). This variation is mainly due to the increase in expenses with charges and monetary variation of R$ 236.7 million (+41.4%), due to the increase in debt and the CDI (Copel's main debt indexer) in a higher interest rate environment. These effects were partially offset by an increase of R$ 20.0 million in fair value adjustments on debentures due to swaps.

						R$ million
Financial Results	3Q25	3Q24	∆%	9M25	9M24	∆%
Financial Income	352.60	331.20	6.50	1,025.50	857.20	19.60
Financial Expenses	(795.10)	(553.60)	43.60	(2,316.50)	(1,637.50)	41.50
Total Financial Result	(442.50)	(222.40)	99.00	(1,291.00)	(780.30)	65.40

1.6 Consolidated Net Profit

Copel recorded reported net income of R$ 364.2 million in 3Q25, compared to R$ 737.4 million in 3Q24, a decrease of 50.6%, mainly due to (i) the lower financial result presented above (-R$ 220.1 million); and (ii) the decline in income from associates (-R$ 25.9 million), mainly due to the consolidation of MSG. This result was partially offset by the decrease in taxes (-R$ 23.0 million), mainly due to the declaration of Interest on Equity in Q324 and lower financial results.

The main adjustments to net income in 3Q25 were:

 

Excluding non-recurring effects and non-cash items (VNR, MTM, IFRS in broadcasters and net income from discontinued operations), recurring net income decreased 36.5% compared to 3Q24, totaling R$ 374.8 million. This was substantially influenced by (i) a R$ 220.1 million reduction in financial income; (ii) a R$ 58,2 million increase in taxes; and (iii) a R$ 25.9 million decrease in equity income. This result was partially offset by a R$ 97.1 million increase in recurring Ebitda.

 

1.7 Debt and Leverage

Copel's total consolidated debt as of september 30, 2025, was R$ 21,091.7 million, an increase of 18.8% in relation to the amount of R$17,753.8 million recorded on December 31, 2024.

The following table and graphs show the indebtedness of Copel and its subsidiaries in 1Q25:

Debt per Subsidiary

R$ million
R$ mil	GenCo²	DisCo	Others3	Total
Total Debt 1	11,646.9	9,235.2	209.6	21,091.7
Availability	2,205.6	1,516.9	808.4	4,530.9
Adjusted Net Debt	9,441.3	7,718.3	(598.8)	16,560.8
Leverage				2.8x4
Duration (years)	3.1	3.3	3.8	3.4
1 Considers the effect of WAP on debentures. 2 Considered Copel Geração e Transmissão S.A. (parent company). 3 Includes Copel Serviços, wind farms (Brisa Potiguar, Cutia, Jandaíra, Vilas, Aventura, and SRMN) and transmission companies (Costa Oeste and Marumbi). 4 Excludes the effect of the acquisition of 70% of the HPP Baixo Iguaçu.

On September 30, 2025, consolidated leverage reached 3.0x, reflecting net debt of R$ 16,560.8 million — an increase of 0.4x compared to the end of 2024. Despite the increase, the indicator remains within the parameters defined by the optimal capital structure. The increase is mainly attributed to the completion of the acquisition of 70% of the Baixo Iguaçu Hydroelectric Plant, with a cash outflow of R$ 1.1 billion, as part of the asset divestment process, which Copel finalized on October 22, 2025. Excluding the effects of this transaction, leverage at the end of the period was 2.8x.

Adjusted Net Debt/Recurring EBITDA

*does not consider equity in earning, considers discontinued operations and excludes impairment effects, Voluntary Dismissal Program, MTM, GSF renegotiation, and gains on the disposal of assets / assets swap

The average cost of debt at nominal rates on September 30, 2025, is 13.22% (11.96% on December 31, 2024), which is equivalent to 88.73% of the CDI (98.46% of the CDI on December 31, 2024).

Debt Composition and Indexation

 

Amortization - R$ million

Average term: 4.9 years

 

In 3Q25, the investment program amounted to R$ 981.4 million, 85.6% of which was made by DisCo and 14.4% by GenCo and Copel (Holding).

				R$ million
Subsidiary / SPE	Realized
	3Q25	3Q24	9M25	9M24
DisCo	840.0	509.6	2,317.7	1,653.8
GenCo	140.5	54.5	313.7	127.7
Generation¹	75.5	22.9	121.7	48.2
Hydroelectric	20.1	8.9	40.8	28.3
Wind	55.4	14.0	80.9	19.9
Transmission	54.8	16.6	168.4	53.9
Improvements/Reinforcement²	50.4	16.5	158.7	53.1
Other Investments	4.4	0.1	9.7	0.8
Other GenCo Projects3	10.2	15.0	23.6	25.6
Copel (Holding)	0.6	0.4	1.8	1.5
TradeCo	0.1	0.1	0.6	0.4
Copel Serviços and other equities4	0.2	0.0	1.1	40.6
Total	981.4	564.6	2,634.9	1,824.0
1 Includes acquisition of R$ 196.6 million from the consolidation of Mauá HPP and MSG
2 Includes Facility Modernization Plan - PMI.
3 Includes modernization of COGT (Generation and Transmission Operations Center), modernization of GPS Parigot de Souza HPP and Marumbi and Uirapuru SPEs
4 Includes an innovation plan in the energy sector aligned with the investment thesis, Copel's innovation programs, and ESG practices

Of the amount realized by Copel’s DisCo in the quarter, 97.0% was earmarked for investments in electrical assets and 3.0% in non-electrical assets and other investments. The funds were allocated mainly within the scope of the Paraná Trifásico and Rede Elétrica Inteligente projects, with the aim of modernizing, automating and renewing the distribution grid with standardized technologies to meet the needs of automation equipment. Among the benefits of the projects are the reinforcement of rural grid to reduce disconnections and ensure support for the growth of agribusiness in the state of Paraná, a reduction in costs with O&M and commercial services and improved control of the indicators of Equivalent Duration of Interruption per Consumer Unit - DEC and Equivalent Frequency of Interruption per Consumer Unit - FEC. The program is made up of pillar projects:

•

Paraná Trifásico (Paraná Three-Phase): covers the construction of approximately 25,000 km of new grids by 2025 and represents the improvement and renewal of rural distribution grids in the company's concession area, with the implementation of a three-phase grid and the creation of redundancy in the main rural branches. By the end of September 2025, 24,510 km of network had been completed.

•

Rede Elétrica Inteligente (Smart Grid): aims to implement a private communication network with standardized technology to serve all the distribution network's automation equipment and advanced metering infrastructure. By late September 2025, 1,801,508 smart meters had already been installed. During phases 1, 2, 3, 4 and 4.1 of the program, we achieved advances for our operation, with a reduction in man-hours and km traveled, fewer non-technical losses, improvement quality and a reduction in compensation for breaches of quality performance limits.

The investments made at GenCo are mainly aimed at reinforcements and improvements to the transmission lines, as well as enhancing the performance of wind assets. These two segments accounted for 35.9% and 39.4% of the total invested in the period, respectively.

3.1     Economic and Financial Performance

GenCo reported recurring Ebitda^[4] of R$ 721.1 million, an increase 11.0% or R$ 71.3 million over the R$ 649.8 million recorded in 3Q24.

This result mainly reflects:

(i)

higher revenue from grid availability, of R$ 119.4 million, mainly due the incorporation of the Mata de Santa Genebra S.A. - MSG transmission company and an average increase of 2.2% in the RAP of transmission companies wholly owned by Copel GeT for the 2025/2026 cycle, ex-MSG;

(ii)

the decrease of R$ 33.3 million in the cost of PMSO;

(iii)

the increase of R$ 23.1 million, resulting from the positive effects on transactions carried out in the short-term market, especially the modulation of the hydroelectric generation portfolio in the face of the behavior of the PLD in the South submarket in the period;

(iv)

the reduction of R$ 17.9 million in charges for the use of the electricity grid, due to the increased participation of the locational signal in the calculation of TUST;

(v)

the increase of R$ 10.1 million, due to higher energy sales for bilateral contracts (4,009 GWh, compared to 3,307 GWh in 3Q24);

(vi)

the increase of R$ 7.1 million in revenue from Energy Purchase Contracts in the Regulated Environment - CCEAR, essentially due to the start of supply from Jandaíra and consolidation of the HPP Mauá;

(vii)

the decrease of R$ 6.4 million in provisions and reversals, mainly reflecting lower provisions for civil litigation and expected credit losses.

The positive effects mentioned above were partially offset by the:

(i)

the increase in the cost of electricity purchased for resale of R$ 113.6 million, resulting from the combination of lower GSF (64.9% in 3Q25 versus 79.2% in 3Q24) and higher PLD (R$ 253.06/MWh in 3Q25, versus R$ 171.21/MWh in 3Q24);

(ii)

greater deviation in generation, of R$ 39.1 million (+58.7%), resulting from the increase in curtailment, which rose from 23.4% in 3Q24 to 34.4% in 3Q25.

 

						R$ million
Recurring Ebitda	3Q25	3Q24	Δ%	9M25	9M24	Δ%
Ebitda	746.7	930.4	(19.7)	2,681.7	2,466.2	8.7
(-/+) Partial disposal of assets / assets swap	(35.4)	(264.4)	(86.6)	(345.8)	(264.4)	30.8
(-/+) POS indemnity reversal/provision	—	4.1	—	8.6	4.1	109.8
(-/+) Recurrent Ebitda from discontinued operations UEGA	—	—	—	—	(27.4)	—
(-/+) Equity equivalence	(35.6)	(58.0)	(38.6)	(200.9)	(222.5)	(9.7)
(-/+) Corporate/Regulatory Tra Revenue Difference (See item 3.1.1)	45.4	37.7	20.4	121.9	57.6	111.6
Recurring Ebitda	721.1	649.8	11.0	2,265.5	2,013.6	12.5

PMSO expenses (manageable costs), excluding non-recurring items, provisions, and reversals, decreased by R$ 33.3 million (-13.8%), mainly explained by: (i) a reduction in Staff and management costs of R$ 18.2 million, influenced by the departure of 58 employees, mostly under the Voluntary Dismissal Program (PDV) in 2024 and 2025; (ii) lower costs with Third-party services (-R$ 10.3 million), mainly related to maintenance of facilities and specialized services in wind assets, given the change in O&M supplier from full-scope to full-service; (iii) a decrease of R$ 5.1 million in Other operating costs and expenses, mainly due to the reduction in costs related to financial compensation for the use of water resources, given the lower generation in the period. This result was partially offset by higher costs with the acquisition of; (iv) Materials (+R$ 2.5 million), essentially intended for wind assets.

						R$ million
Recurrent Manageable Costs*	3Q25	3Q24	Δ%	9M25	9M24	Δ%
Staff and management	65.4	83.6	(21.8)	213.7	274.3	(22.1)
Social security and assistance plans	16.9	19.2	(12.0)	52.4	60.6	(13.5)
Material	8.5	6.0	41.7	24.6	14.6	68.5
Third-party services	58.2	68.5	(15.0)	191.6	202.0	(5.1)
Other operating costs and expenses*	60.2	65.3	(7.8)	34.9	160.9	(78.3)
TOTAL	209.2	242.6	(13.8)	517.2	712.4	(27.4)
*Excludes the effects of the following non-recurring items: Personnel - Reversal/provision for Voluntary Dismissal Program; and Others - disposal of assets/assets swap

Neutralizing the effects of the provisions relating to the PDV, PPD and PLR, there was a 18.3% reduction in personnel and administration costs compared to 3Q24, reflecting the already mentioned reduction in the workforce between the periods, partially offset by the pro rata provision, between October and December, for the 2024 Collective Bargaining Agreement, with a salary adjustment of 4.09% (INPC accumulated over 12 months up to September/2024).

						R$ million
Personnel costs	3Q25	3Q24	Δ%	9M25	9M24	Δ%
Staff and administrators	65.4	83.6	(21.8)	213.7	274.3	(22.1)
(-/+) Profit sharing, PPD and ILP	(9.5)	(15.2)	(37.5)	(32.8)	(45.4)	(27.8)
TOTAL	55.9	68.4	(18.3)	180.9	228.9	(21.0)

Recurring Net Income reached R$ 237.0 million in 3Q25, down 7.9% compared to 3Q24. This result mainly reflects the combination of the following effects: i. negative variation in financial results (-R$ 269.1 million in 3Q25, compared to -R$ 133.9 million in 3Q24), explained by the higher amount of debt and higher CDI (3.6% in 3Q25, compared to 2.6% in 3Q24); ii. lower income tax and social contribution expenses of R$ 46.7 million, mainly due to the payment of interest on equity capital (JCP) to Copel (Holding) in Q325; iii. higher EBITDA of R$ 71.4 million, due to the points presented above; iv. a reduction in depreciation of R$ 19.1 million, due to the renewal of concessions and the sale of assets; and v. a decrease of R$ 22.4 million in equity equivalence, mainly due to the consolidation of Mata de Santa Genebra - MSG into the portfolio, which ceased to contribute R$ 25.4 million to equivalence.

 

 

​In the year to date, GenCo recorded Recurring Ebitda of R$ 2,265.5 million, an increase of 12.5% over the same period last year.

						R$ million
Main Indicators	3Q25	3Q24	Δ%	9M25	9M24	Δ%
Net Operating Revenue (R$ million)	1,252.30	1,096.90	14.20	3,653.20	3,311.30	10.30
Operating Costs and Expenses (R$ million)	(727.60)	(430.10)	69.20	(1,713.50)	(1,693.20)	1.20
Operating Result (R$ million)	291.20	590.90	(50.70)	1,378.00	1,393.40	(1.10)
Net Profit (R$ million)	249.30	416.30	(40.10)	1,030.90	1,057.60	(2.50)
Recurring Net Profit (R$ million)	237.00	257.40	(7.90)	888.90	942.20	(7.70)
Ebitda (R$ million)	746.70	930.40	(19.70)	2,681.70	2,466.20	8.70
Recurring EBITDA (R$ million)	721.10	649.80	11.00	2,265.50	2,013.60	12.50
Operating Margin	0.23	0.54	(56.80)	0.38	0.42	(10.40)
Net Margin	0.20	0.26	(20.30)	0.24	0.27	(11.00)
Ebitda Margin	0.60	0.85	(29.70)	0.73	0.75	(1.40)
Ajusted Ebitda Margin	0.58	0.59	(2.80)	0.62	0.61	2.00
Investment Program (R$ million)	140.50	54.50	157.80	313.70	127.70	145.70

3.1.1 IFRS effect on the Transmission segment

For the calculation, an adjustment was made considering the effects of the application of ICPC 01 / IFRIC 12 on the corporate statements in the transmission segment:

						R$ million
IFRS effect in the Transmission segment	3Q25	3Q24	Δ%	9M25	9M24	Δ%
(A) Corporate revenue1	321.3	206.9	55.2	797.8	715.1	11.6
O&M revenue and effective interest	318.8	204.3	56.0	789.1	708.2	11.4
Construction revenue and margin	54.5	19.0	186.8	165.7	48.9	238.9
Cost of construction	(52.1)	(16.4)	217.8	(156.9)	(41.9)	274.2
(B) Regulatory revenue1	366.6	244.6	49.9	919.7	772.7	19.0
(B-A) Regulatory/Societal TRA Revenue/Difference	45.4	37.7	20.4	121.9	57.6	111.6
(+/-) Effects on Equity of transmission companies2	11.3	(24.5)	—	(78.7)	(107.2)	(26.5)
IFRS effect in Transmission business	56.7	13.2	330.5	43.2	(49.6)	—
1 Net of taxes and charges. 2 Difference between corporate and regulatory profit of jointly owned subsidiaries in the transmission segment, proportional to GenCo's stake in the projects.

3.2     Operational Performance

With a presence in 10 states, GenCo operates a diversified park of hydroelectric and wind power plants, totaling 6,227.0 MW of installed capacity and 2,696.2 average MW of physical guarantee. In the Transmission segment, Copel has a total grid of 9,684 km of transmission lines and 53 basic grid substations, considering its holdings.

For more information on generation and transmission operational data, see Annex IV.

3.2.1 Generation

Copel's generation park is made up of 100% renewable operating sources.

GenCo's hydro generation was 34.2% lower in 3Q25 (4,406 GWh against 6,700 GWh in 3Q24), due to a less favorable hydrological scenario and divestment in small hydroelectric plants and the HPP Colíder. At the wind farms, generation was 15.3% lower in 3Q25 (922 GWh compared to 1,089 GWh in 3Q24), despite the increase in curtailment in 3Q25 (34.4% compared to 23.5% in 3Q24) and the unavailability of some machines. In the year to date, total generation from the Company's portfolio was 22.4% lower (15,908 GWh in 9M25, compared to 20,499 GWh in 9M24).

3.2.2 Energy sold

In the 3rd quarter of 2025, GenCo recorded 3,662 GWh of electricity sold from hydroelectric sources, an increase of 1.1%, mainly due to higher sales under bilateral contracts. This was partially offset by an increase in the amount of energy purchased on the short-term market (MCP). The energy sold does not consider the generation allocated to the Energy Reallocation Mechanism (MRE), which fell by 52.9% in the quarter (1,671 GWh compared to 3,545 GWh in 3Q24), reflecting the hydrological conditions in the period.

For wind farms, the total electricity sold was 1,195 GWh, an increase of 7.4%, mainly due to the increase in sales under bilateral contracts and energy sold in the regulated environment (CCEARs), as a result of the start of supply from the Jandaíra Complex^[5].

 

Consolidated Sales (GWh)

GSF and PLD

Source: CCEE

Source: CCEE

3.2.3 Transmission

Copel has more than 9,600 km of transmission lines in eight Brazilian states, including its own assets and those in partnership with other companies. In addition to building, maintaining and operating its own extensive energy transmission network, Copel provides services for projects run by other concessionaires. The Transmission projects are listed in Annex IV, including the projects of GenCo, SPEs Costa Oeste, Marumbi, Uirapuru Transmissora and MSG (100% GenCo), as well as the 6 SPEs in which Genco has a stake.

 

RBSE

Below is a description of the flow of the portion of the Revenue relating to the Basic Network of the Existing System - RBSE^[6] for the next few cycles. It is important to note that the data may be altered in the future due to tariff revision processes and/or revision of the parameters used to compose these revenues by the regulatory body. The figures below include the revision in the methodology for calculating the financial component, established by Aneel’s homologation resolution (REH) 3,467/2025, with a negative impact of R$ 115.1 million, and have been adjusted annually by the IPCA, according to Aneel’s homologation resolution 3,481/2025.

Note:

Economic component: future values based on the 2025-2026 cycle (according to REH 3,481/2025)

Financial component: values published in REH 3.467/2025. .

RAP values up to the 2027-2028 cycle projected based on the values in REH 3,467/2025.

4.1     Economic and Financial Performance

DisCo's reported recurring Ebitda of R$650.9 million in 3Q25, up 7.2% (R$43.6 million) compared to 3Q24, mainly due to 1.7% growth in the billed grid market and the June 2025 Annual Tariff Adjustment (RTA) in June 2025, with an average increase of 6.4% in Distribution System Usage Tariffs (TUSD). The following also contributed to the result:

(i) the increase of R$ 120.7 million in Copel DisCo's supply revenue, mainly due to the improved results from settlements at the CCEE;

(ii) a R$ 424.7 million increase in revenue from sectoral assets and liabilities, mainly due to the constitution of amounts to be offset (active CVA) in the 2025-2026 cycle, driven by higher electricity costs and the effects of the June 2025 tariff adjustment; and

(iii) a R$ 10.1 million reduction in PMSO, due to the departure of 145 employees, mostly under the 2024 and 2025 PDV, partially offset by increased costs with third-party services.

These results were partially offset:

(i) a reduction of R$ 29.8 million in revenues from electricity supply (R$ - 18.4 million) and availability of the electricity grid (-R$ 11.4 million), resulting from Mini and Micro Distributed Generation (MMGD) and the migration from captive to free;

(ii) by an increase of 434.4 million due to the higher volume of energy from the MMGD compensation system and an increase in the cost of electricity purchased for resale due to higher market prices;

(iii) by a decrease of R$ 18.8 million in other operating revenues, reflecting, above all, the reduction in amounts received from infrastructure sharing rentals;

(iv) by the increase of R$ 26.7 million in provisions and reversals due to the increase of R$ 18.5 million in Estimated Losses on Doubtful Accounts - PECLD, mainly related to the default of the low voltage group and the increase of R$ 8.2 million in litigation, especially due to legal proceedings; and

(v) an increase of R$ 6.8 million in other operating costs and expenses.

For the year to date, recurring Ebitda reached R$ 1,913.1 million, an increase of 6.9%.

						R$ million
Recurring Ebitda	3Q25	3Q24	∆%	9M25	9M24	∆%
EBITDA	687.8	611.1	12.6	1,973.6	1,826.3	8.1 %
(-/+) Reversão/Provisão indenização PDV	—	13.3	(100.0)	12.2	13.3	(8.3) %
(-/+) VNR	(36.9)	(17.2)	114.5	(72.7)	(49.5)	46.9 %
Ebitda Recorrente	650.9	607.3	7.2	1,913.1	1,790.2	6.9 %

Manageable costs (PMSO), excluding provisions and reversals, decreased by R$ 10.1 million (-2.2%) compared to 3Q24, due to the effect of the reduction, mainly because: i. of R$ 40.3 million (-32.0%) in personnel, management, pension, and welfare costs; and ii. of R$ 5.2 million (-33.1%) in material expenses, mainly due to inventory reorganization and control and a reduction in fuel, parts, and equipment costs for the Company's fleet.

These effects were partially offset by an increase of (i) R$ 28.6 million (+15.2%) in third-party service costs, due to higher contracting volumes and demand, especially for electrical system maintenance services, including costs for cleaning the right-of-way (+R$ 33.1 million), partially offset by the reduction in facility maintenance services (-R$ 6.1 million) and (ii) R$ 6.8 million (+12.3%) in other operating costs and expenses, mainly due to the increase of R$ 5.2 million in losses on the decommissioning of assets associated with the investment program.

In the year to date, recurring manageable costs fell by 1.3%, mainly due to lower personnel and material costs, partially offset by higher third-party service costs and other costs and expenses, especially losses on the decommissioning of assets.

					R$ million
Manageable Costs	3Q25	3Q24	∆%	9M25	9M24	∆%
Personnel and management	115.8	166.3	(30.4)	400	514.6	(22.3)
Private pension and healthcare plans	38.1	41.2	(7.5)	115.5	129.2	(10.6)
Materials	10.3	15.4	(33.1)	38.3	46	(16.7)
Third party services	216.4	187.8	15.2	617.9	519.1	19.0
Other operating costs and expenses¹	61.8	55.1	12.2	154.7	136.2	13.6
TOTAL	442.4	465.8	(5.0)	1,326.4	1,345.1	(1.4)
1 Considers losses on the de decommissioning of assets in the amount of R$ 40.3 million in 3Q 2025.

Excluding the effects of the PDV, PPD and PLR provisions, the personnel costs line fell by 16.0%, mainly reflecting lower remuneration, charges, and expenses related to pension and welfare plans, as a result of the reduction in the number of employees, mainly through the Voluntary Dismissal Program, as already mentioned, partially offset by the pro rata provision, between October and December, of the 2024 Collective Bargaining Agreement, with a 4.09% salary adjustment (INPC accumulated over 12 months until September 2024).

					R$ million
Personnel costs	3Q25	3Q24	∆%	9M25	9M24	∆%
Staff and administrators	115.8	166.3	(30.4)	400	514.6	(22.3)
(-/+) Profit sharing, PPD and ILP	(14.8)	(32.7)	(54.7)	(72.1)	(106.4)	(32.2)
(-/+) Provision/Reversal of POS indemnity	—	(13.3)	—	(12.2)	(13.3)	(8.3)
TOTAL	101.0	120.3	(16.0)	316	395	(20.0)

In 3Q25, the following also stand out:

•

an increase of R$ 26.8 million in depreciation and amortization, due to the larger asset base resulting from the investment program carried out in the last 12 months;

•

a R$ 76.9 million reduction in financial results, mainly due to increased monetary variation and debt charges, as a result of funding raised until 2025, the main index for Copel's debts, offset by increased income from financial investments and interest on taxes to be offset; and

•

the decrease of R$ 19.9 million in income tax and social contribution, mainly due to lower financial results and higher depreciation, which reduced the tax base.

Copel DisCo's recurring net income in 3Q25 was R$ 201.0 million (16.7% lower than in 3Q24), impacted mainly by increased depreciation and amortization and lower financial income, as highlighted above.

Below are DisCo's main indicators:

						R$ million
Main Indicators	3Q25	3Q24	∆%	9M25	9M24	∆%
Net Operating Revenue (R$ million)	5,125.2	4,352.4	17.8	13,986.1	12,556.1	11.4
Operating Costs and Expenses (R$ million)	(4,616.8)	(3,893.8)	18.6	(12,532.4)	(11,163.7)	12.3
Operating Result (R$ million)	328.4	355.5	(7.6)	824.2	974.6	(15.4)
Net Profit (R$ million)	225.3	243.8	(7.6)	610.7	693.6	(12.0)
Recurring net profit (R$ million)	201.0	241.3	(16.7)	525.5	640.6	(18.0)
Ebitda (R$ million)	687.8	611.1	12.6	1,973.6	1,826.3	8.1
Recurrent Ebitda (R$ million)	650.9	607.3	7.2	1,913.1	1,790.2	6.9
Operating Margin	6.5%	8.2 %	(20.7)	5.9 %	7.8 %	(24.4)
Net Margin	4.4%	5.6 %	(21.4)	4.4 %	5.5 %	(20.0)
Ebitda margin	13.4%	14.0 %	(4.3)	14.1 %	14.5 %	(2.8)
Adjusted Ebitda margin without NRV	12.8%	14.0 %	(8.6)	13.7 %	14.3 %	(4.2)
Investment Program (R$ million)	840.0	509.6	64.8	2,317.7	1,653.8	40.1

 

4.2     Operational Performance

4.2.1 Grid Market (TUSD)

In the third quarter of 2025, electricity consumption in DisCo grid market grew 1.7% compared to the same period last year. This increase is mainly due to lower temperatures, which boosted residential consumption for heating, and greater economic activity, which favored the performance of the commercial and industrial segments in the area served by Copel. The billed grid market, which deducts part of the energy compensated by Mini and Micro Distributed Generation (MMGD), also increased by 1.7%.

4.2.2 Captive Market

The captive market saw a 5.6% decrease in electricity consumption in 3Q25 compared to the same period last year and a 6.0% drop in the year to date. The captive market billed, which considers MMGD's offset energy, fell by 6.3% in Q3 2025 and 2.3% in the year to date. This decline is mainly explained by the advance of MMGD, except for energy from Distributed Generation (DG) II and III modalities, which is compensated, and by the migration of consumers to the Free Contracting Environment (ACL), which has been directly impacting demand in the captive market.

4.2.3 Operational data

DisCo has a concession valid until July 7, 2045, whose service quality criteria (Equivalent Interruption Duration per Consumer Unit - DEC and Equivalent Interruption Frequency per Consumer Unit - FEC) are defined by ANEEL.

Despite the severe weather events in the state of Paraná in recent months, the company has acted in a timely manner to re-establish the power supply and prevent vegetation on the grid, which has contributed to maintaining the quality-of-service indices within the regulatory limits.

For DEC, the result for the last 12 months in September 2025 was 7.46 hours, while for FEC, the result for the same period was 4.90 interruptions, both within the established regulatory limit.

Losses - Distribution losses can be defined as the difference between the electricity acquired by distributors and that billed to their consumers and are segmented as Technical and Non-Technical. Technical losses are inherent to the activity of electricity distribution and non-technical losses are mainly due to theft (clandestine connection, direct detour from the grid), fraud (meter tampering or detour), and reading, measuring or billing errors. At the end of September 2025, Technical Losses for the last 12 months were 2,299 GWh, compared to 2,260 GWh for the same period last year, and Non-Technical Losses were 630 GWh, compared to 830 GWh for the same period last year. Total losses over the last 12 months amounted to 2,895 GWh.

GWh - 12 Months	Sep-21	Sep-22	Sep-23	Sep-24	Sep-25
Injected  Energy	34,374	35,216	35,781	39,056	39,610
Distribution Losses	2,651	2,651	2,743	3,090	2,895
Technical  Losses	1,989	2,038	2,070	2,260	2,292
Non-Technical Losses	662	614	673	830	603
* As established by the result of CP 09/2024 (DSP No. 1,220/2025)

Non-technical losses, calculated as the difference between total losses and technical losses, are largely associated with the concessionaire's management and the socio-economic characteristics of the concession areas. To this end, Copel maintains a Program to Combat Non-Technical Losses, through the following actions, among others:

•

use of smart meter alarms to improve the performance of selected targets;

•

improving actions to combat irregular procedures, improving the performance of targeted inspections;

•

investments aimed at providing and/or acquiring inspection equipment;

•

preparation and execution of specific training and refresher courses related to commercial losses;

•

carrying out inspections on both medium and low voltage;

•

educational notices in the press and messages on electricity bills;

•

joint operations with the Police and the Public Prosecutor's Office;

•

the opening of police investigation in regions where a significant number of irregular procedures have been found.

The tariff transfer of efficient levels of losses is provided for in the concession contracts and these losses are included in energy purchase costs up to the regulatory limit stipulated by Aneel. DisCo has remained within the regulatory limits in recent tariff processes and in September 2025, total losses were 0.84% below the regulatory limit, influenced by the revision of targets resulting from the effects of CP 09/24.

 

5.1     Economic and Financial Performance

Copel’s TradeCo reported negative recurring EBITDA of R$ 6.8 million in 3Q25, a significant drop from R$ 3.3 million in 3Q24, mainly reflecting the reduction in the sales margin of approximately R$ 7.3 million, due in particular to legacy contracts of sale of energy from intermittent sources, as well as the increase in manageable costs, as shown below.

The main adjustment in the quarter was the fair value of energy purchase and sale contracts (mark-to-market), calculated as the difference between the contracted price and the future market price estimated by the Company, which was negative at R$ 42.9 million in 3Q25 compared to a positive R$ 17.9 million in 3Q24, mainly influenced by the increase in the SE-NE (Southeast - Northeast) submarket spread in mark-to-market for the period, added to the change in the profile of the base contracts, the reduction in the long-term NTN-B discount rate, and the reduction in the Northeast submarket spread.

					R$ million
Recurring Ebitda	3Q25	3Q24	∆%	9M25	9M24	∆%
Ebitda	(49.7)	21.0	(337.3)	57.7	42.6	35.4
(-/+) Provision/Reversal of Voluntary Dismissal Program (PDV)	—	0.2	—	—		—
(-/+) Fair value on the purchase and sale of energy	42.9	(17.9)	(340)	(25.0)	26.0	(196.0)
Recurring Ebitda	(6.8)	3.3	(307,8)	32.7	68.6	(52.3)

Manageable costs, excluding non-recurring items, provisions, and reversals, increased by 39.1% in 3Q25, mainly influenced by an increase of approximately R$ 1.9 million in Personnel and Management expenses, due to the ongoing restructuring process of the trading company, in addition to R$ 1.8 million in Other Operating Costs and Expenses, due to costs with compulsory association contributions, renewable energy certification, and software rental, partially offset by a 60.8% reduction in third-party service costs compared to the same period in 2024, mainly due to the termination of software development contracts.

					R$ thousand
Recurring Manageable Costs*	3Q25	3Q24	∆%	9M25	9M24	∆%
Staff and management	5,504.0	3,423.0	60.8	14,336.0	10,983.0	30,5
Social security and assistance plans	429.0	429.0	—	1,302.0	1,321.0	(1.6)
Material	113.0	14.0	720.7	221.0	48.0	360.3
Third-party services	724.0	1,847.0	(60.8)	2,730.0	4,253.0	(35.8)
Other costs and expenses operating	2,738.0	953.0	187.3	6,530.0	3,516.0	85.6
TOTAL	9,508.0	6,665.0	42.7	25,119	20,121	24.8
*Excludes effects of non-recurring item Personnel - Reversal/provision Voluntary Dismissal Program

Personal accounts and administrators, excluding the effects of PDV, PLR, and PPD, recorded a 42.1% increase in 3Q25, mainly due to the aforementioned restructuring process of the marketing company.

					R$ thousand
Recurring Personnel Costs	3Q25	3Q24	∆%	9M25	9M24	∆%
Staff and administrators	5,504	3,591	53.3	14,340	11,152	28.6
(-/+) Profit sharing PLR, PPD and ILP	(1,770.0)	(797.0)	122.0	(3,952.0)	(2,074.0)	90.6
TOTAL	3,734	2,625	42.2	10,384	8,910	16.5

TradeCo reported a recurring net loss of R$ 43.0 million in Q3 2025, compared to a net profit of R$ 14.5 million in Q3 2024, mainly due to: (i) the operating performance already reported; (ii) a R$ 1.4 million decline in financial results (a 14.0% reduction compared to 3Q24), mainly due to lower income from financial investments.

For the year to date, the recurring net loss was R$ 17.8 million, 133.7% lower than in the same period of 2024, also due to the lower sales margin (-200%).

						R$ million
Main Indicators	3Q25	3Q24	∆%	9M25	9M24	∆%
Net Operating Revenue (R$ million)	1,122.4	901.4	24.5	3,209.8	2,590.4	23.9
Operating Costs and Expenses (R$ million)	(1,172.6)	(880.9)	33.1	(3,153.6)	(2,549.1)	23.7
Operating Result (R$ million)	(41.0)	31.1	(231.8)	85.1	71.2	19.5
Net Profit (R$ million)	(27.0)	20.5	(232.1)	56.0	47.2	18.5
Recurring Net Profit (R$ million)	(43.0)	14.5	(396.2)	(17.8)	52.7	(133.7)
Ebitda (R$ million)	(49.7)	21.0	(337.3)	54.9	42.6	28.9
Recurrent Ebitda (R$ million)	(6.8)	3.1	(321.3)	29.9	68.6	(56.4)
Operating Margin	—	—	—	—	—	(3.6)
Net Margin	—	—	—	—	—	(4.4)
Ebitda Margin	—	—	—	—	—	4.0
Investment Program (R$ million)	0.1	0.1	—	0.6	0.4	50.0

5.2     Operational Performance

In 3Q25, energy sales grew 25.0% compared to the same period in 2024, mainly due to the effect of increased sales to traders in bilateral contracts (+38.1%). The following chart shows the evolution of the Company in terms of GWh sold, demonstrating growth of 14.8% over the last four years.

 

Following the company's commercial strategy guidelines, sales in 3Q25 for the five-year horizon increased by 96.2% compared to the previous quarter, a period in which there was a jump from 219.9 to 431.4 MWm. For the 2025-2029 period, there was a 19.7% decrease, mainly due to a reduction in energy sales to free consumers.

 

6.1     ESG in Copel’s Strategy

Copel incorporates ESG (Environmental, Social, and Governance) principles into its corporate strategy, basing its actions on material issues identified through stakeholder consultation and within the guidelines established by its Sustainability Policy. Integrity is a cross-cutting value that guides all of the company's practices, reinforcing its commitment to ethics, transparency, and compliance. This approach is complemented by voluntary commitments aligned with the Global Compact Principles and the UN Sustainable Development Goals (2030 Agenda).

Priority SDGs by Copel

Copel’s ESG strategy aims to promote a broad and systemic sustainability culture. Rooted in stakeholder engagement, material topics guide programs and initiatives that generate shared value, minimize risks, and enhance opportunities.

On the environmental front, decarbonization, climate adaptation and resilience, biodiversity, and eco-efficiency are key drivers of projects and initiatives—such as the carbon neutrality plan, under which the company commits to achieving carbon neutrality for its direct emissions by 2030. Copel invests in 100% renewable energy, researches alternative sources, and reduces greenhouse gas emissions, reinforcing its commitment to combating climate change.

In the social dimension, the “people” pillar is central, with a focus on employee health and safety, human rights, and diversity. Copel promotes a healthy work environment, with a goal of zero fatal accidents, acting fairly and inclusively with employees and stakeholders, while also strengthening community engagement.

In terms of governance, Copel adopts a structured and transparent approach, highlighted by its Integrity Program, which is based on the Code of Conduct and aligned with the principles of the UN Global Compact. The program develops actions aimed at risk prevention, fostering an ethical culture, and ensuring continuous employee engagement. The company also maintains robust risk management and internal controls, ensuring compliance with laws and regulations and strengthening governance at all organizational levels.

Copel’s ESG performance is continuously monitored through indicators and external assessments, such as the B3 Corporate Sustainability Index (ISE B3), S&P Global’s CSA, and CDP.

In this way, Copel integrates ESG into its corporate strategy in a cross-cutting manner, committed to sustainable development, value creation for society, and the strengthening of corporate governance.

 

 

6.2     Recent highlights

 

•

Copel mediates panel at Brazil's largest event on GHG emissions: In August 2025, Copel was invited to mediate a panel at Brazil's largest event on climate change, promoted by the GHG Protocol program, which released the results of the 2024/25 corporate GHG emissions inventories. The invitation recognizes the company's track record in sustainable actions, such as the Carbon Neutrality Plan by 2030. As the founder of the GHG Protocol in Brazil, Copel reaffirms its prominent role in energy transition and sustainability.

•

Volunteering and Recognition: In celebration of National Volunteering Day (August 28), the Tricopel project, which operates under the umbrella of the EletriCidadania corporate program, was featured in an article produced by the UB Play newspaper (affiliated with TV Cultura). The program allows employees to dedicate up to 8 hours of their workday every two months to social and environmental actions of interest to the community.

•

Launch of the New Supplier Code of Conduct: Copel launched its Supplier Code of Conduct, a document that establishes clear guidelines for the operations of its suppliers. The Code focuses on ethics, sustainability, and corporate responsibility, presenting guidelines on topics such as integrity, social and environmental responsibility, risk prevention, and respect for human rights.

•

Pura Energia Partner Award 2025: On August 27, Copel held a ceremony to recognize the winners of the Pura Energia Partner Award 2025. This event, which falls under the Governance and Social Responsibility pillar, recognizes partners for their actions in line with the Company's values and purposes. The initiative reinforces Copel's commitment to establishing ethical and sustainable partnerships.

 

 

 

 

6.3     Indicators

Regarding the scope 1 GHG indicator (tCO2), the data refers to direct greenhouse gas emissions from Copel's operations (fleet, soil change and fugitive emissions), calculated every six months. The 2025 data will be audited later by a third party.

Environmental Indicator	Carried
	2023	2024	Δ%	1Q25	2Q25	3Q25	Δ%
Renewable sources (% Installed capacity)	94.1	94.1	—	100.00	100.00	100.00	—
Renewable sources (% Energy generated)	99.9	99.97	0.1	100.00	100.00	100.00	—
GHG Emission scope 1 (tCO2)¹	81,690.3	17,318.0	(78.8)	—	4,937.7	—	—
GHG Emission scope 2 (tCO2)²	148,798.7	229.169,5	54.0	—	169,117.0	—	—
¹Scope 1 refers to direct emissions of greenhouse gases from Copel's operations (fleet, soil change and fugitive emissions), calculated every six months. The 2025 data will be  verified later by a third party.
²Scope 2 refers to indirect greenhouse gas emissions from Copel's operations (consumption and loss of electricity) - GHG emissions are carried out every six months.

 

 

Social Indicator	Carried
	2023	2024	Δ%	1Q25	2Q25	3Q25	Δ%
Women at Copel (% Copel employees)	21.7	21.9	0.9	22.3	22.1	22.5	1.8
Women at Copel (% Contractors)	11.7	14.0	19.7	16.0	16.6	14.5	(12.7)
Frequency of occupational accidents - TF (% Company employees)	1.4	2.0	42.9	1.6	1.3	0.8	(38.5)
Frequency of occupational accidents - TF (% Contractors)	4.9	3.9	(20.4)	4.2	3.0	2.9	(3.3)
TFIFR: Frequency rate of occupational accidents with leave of absence. This rate (occurrences per one million hours/men) represents exposure to risk, number of contractors involved in accidents with leave of absence or fatalities in the period considered.
ABNT – NBR 14280: 2001

 

Governance Indicator	Carried
	2023	2024	Δ%	1Q25	2Q25	3Q25	Δ%
Women in leadership positions (%)	21.8	22.1	1.4	22.6	20.3	22.2	9.4
Women in the Board of Directors (%)	11.1	11.1	—	11.1	11.1	11.1	—
Independent Board Members (%)	88.8	88.8	—	88.8	88.8	88.8	—
Reports solved through the Whistleblowing Channel (%)	82.7	82.0	(0.8)	51.0	66.0	95.0	43.9
*The indicator considers the completion of investigations in the period analyzed/year, the Company analyzes 100% of the complaints received.

6.4     Ratings, Rankings and Indexes

Index
Ranking	82.47% Ranking 19th	CSA Score 70	B	Yes	Medium Risk	AA
Reference Year	2025	2024	2024	2024	2023	2025

 

 

Migration to the [B]³'s Novo Mercado segment

On August 22, 2025, the Extraordinary General Meeting (EGM) approved the unification of shares and admission to the [B]³'s Novo Mercado, subject to: (a) obtaining the consent of creditors whose respective financial instruments provide for early maturity of the debts of the Company or its subsidiaries as a result of the approval of the matters of the EGM (“Waivers”); (b) convening a special meeting of preferred shareholders; and (c) submitting the request for Migration to the Novo Mercado to B3, with the effective admission of the Company's shares to trading on the Novo Mercado.

Of the conditions established, the following have already been met: (i) obtaining the waivers on November 4, 2025, and (ii) approval by B3 of the request for migration to the Novo Mercado, conditional on the disclosure of documentation dealing with the operationalization of the conversion of the company's preferred shares on November 5, 2025.

We highlight that on November 10, 2025, the mandatory conversion of all class B preferred shares (PNB) into class A preferred shares (PNA) was carried out.

The migration will only take effect after approval at the Special Meeting of Preferred Shareholders (AGESP), scheduled for November 17, 2025, to ratify the conversion of preferred shares into common shares.

For more information on this matter, please refer to Material Facts 08/25, 09/25, and 12/25.

Copel recognized as Latin America's Most Honored Company in international ranking

On August 26, 2025, the Company was named Latin America's Most Honored Company, ranking second in the Electric and Other Utilities sector in the annual Latin America Executive Team survey conducted by Extel, a global leader in performance evaluations for the capital markets. For the second consecutive year, Copel is in the top 3 in the sector, with its leadership and programs serving as outstanding references: Board of Directors, CEO, CFO, Head and IR team, ESG, and Investor Day programs. The distinction highlights Copel's commitment to value creation, governance, and stakeholders.

Copel is the largest company in Paraná and the fifth largest in the South

On September 17, the ranking of the 500 largest companies in the South – Grandes & Líderes 2025 (Great & Leaders 2025) was released by Grupo Amanhã and PricewaterhouseCoopers (PwC) Brazil, consolidating Copel as the largest company in Paraná and the fifth largest in the South Region. This recognition highlights Copel's commitment to investments that generate greater reliability and availability of energy throughout the state. Since 2019, Copel has led the ranking of the 100 largest companies in Paraná and is among the five largest in the South.

Paraná Trifásico receives national recognition from the MME

The 1st Brazilian Mining and Energy Congress (CBME 2025), in preparation for CP30, took place on September 22 and 23, 2025. Paraná Trifásico, the largest rural electricity grid modernization program in Brazil, was highlighted in the area of rural electricity distribution infrastructure. This recognition demonstrates Copel's commitment to investing in a more powerful and stable power grid. By the end of this year, more than 25,000 km of three-phase networks will have been implemented throughout the state.

Copel wins award for best Energy Transmission Company in Brazil

On October 1, 2025, the Company was voted the best energy transmission company in Brazil at the 1st ONS Quality in Operation Awards, organized by the National Electric System Operator (ONS). The award recognizes the concessionaires that achieved the best performance percentages in 2024 in terms of the availability of equipment in the power transmission network that makes up the National Interconnected System (SIN).

This recognition highlights Copel's commitment to maintaining high availability rates for power transmission equipment through investment in technology for the execution of improvement and reinforcement works on its facilities.

Copel Innovation Challenge 2025 awards winning groups

On October 14, 2025, Copel announced the winners of the Copel Innovation Challenge 2025. The highlights were: a platform for reverse auctioning ICMS credits, an AI-based solution to reduce unproductive services by Copel DIS field teams, and a predictive system using AI and smart grid data to forecast failures in electrical assets. The challenge is part of Copel Beyond, a movement that has been driving the Company's digital and cultural transformation.

Closing of the Divestment in the Baixo Iguaçu Hydroelectric Plant

On October 22, 2025, the Company completed the divestment of the Baixo Iguaçu Hydroelectric Plant, whose equity value totaled R$ 1,683.3 million, after fulfilling all conditions precedent and obtaining approvals from the competent authorities. The divestment highlights Copel's agility and efficiency in recycling assets and minority interests. For more information, see Material Fact 10/25.

Copel receives award for accounting quality and transparency

On October 24, 2025, the Company received the 2024 Transparency Trophy for the ninth time, awarded by the National Association of Finance, Administration, and Accounting Executives (ANEFAC) in recognition of its financial and accounting balance sheet..

Divestment in Distributed Generation

On October 30, 2025, the Company formalized with Thopen Energia the divestment of four photovoltaic solar plants with 22 MWp in operation. The transaction, valued at R$ 78 million, encompasses Distributed Generation (DG) assets and reinforces its commitment to continuously optimize its portfolio with sustainable value creation.

Disclaimer

Information contained in this document may include forward-looking statements and reflects management's current perception and outlook on the evolution of the macroeconomic environment, industry conditions, the Company's performance and financial results. Any statements, expectations, capabilities, plans and assumptions contained in this document that do not describe historical facts, such as information regarding the declaration of payment of dividends, the future direction of operations, the implementation of relevant operational and financial strategies, the investment program, factors or trends affecting the financial condition, liquidity or results of operations are forward-looking statements of significance under the U.S. Private Securities Litigation Reform Act of 1995 and involve various risks and uncertainties. There can be no assurance that such results will occur. The statements are based on various factors and expectations, including economic and market conditions, industry competitiveness and operational factors. Any changes in such expectations and factors could cause actual results to differ materially from current expectations.

 

Investor Relations

ri@copel.com

Phone: (41) 3331-4011