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United States

Securities and exchange commission
washington, d.c. 20549

 

FORM 6-K

 

report of foreign private issuer
pursuant to rule 13
a-16 or 15d-16 of
the securities exchange act of 1934

 

For the month of June 2026

Commission File Number 1-15224

 

Energy Company of Minas Gerais

(Translation of Registrant’s Name into English)

Avenida Barbacena, 1200

30190-131 Belo Horizonte, Minas Gerais, Brazil

(Address of Principal Executive Offices)

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

 

Form 20-F   a  Form 40-F ___

 

 

 


  

 
 

Index

Item       Description of Items

1.Material Fact — Election of new Chief Executive Officer, dated May 7, 2026
2.Earnings Release — 1Q26
3.Notice to the Market – Changes in relevant equity interest, dated May 20, 2026
4.Notice to the Market – Cemig SIM completes the acquisition of 11 DG photovoltaic plants, dated June 3, 2026
5.Notice to Shareholders – Resolutions of the Annual Shareholders' Meeting - DIVIDENDS/IoE, dated April 30, 2026

 


 
 

 

Forward-Looking Statements

 

This report contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include those risk factors set forth in our most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission. CEMIG undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

 


 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG

 

 

 

By: /s/ Andrea Marques de Almeida . Name: Andrea Marques de Almeida

Title: Vice President of Finance and Investor Relations

Date: June 9, 2026

 
 
1.Material Fact — Election of new Chief Executive Officer, dated May 7, 2026
 
 

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

COMPANY REGISTRY (NIRE): 31300040127

 

 

MATERIAL FACT

 

Election of new Chief Executive Officer

 

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG” or “Company”), a publicly held company with shares traded on the stock exchanges of São Paulo and New York, pursuant to CVM Resolution 44/2021, hereby informs its shareholders and the market in general that, on this date, the Company’s Board of Directors resolved to elect Mr. Alexandre Ramos Peixoto as Chief Executive Officer (CEO).

 

Alexandre Ramos Peixoto is a career engineer at CEMIG, with a strong academic background and extensive experience in the power sector. He holds postgraduate degrees in Quality Engineering and Management from PUC Minas and in Strategic Management and Planning from UFMG, and has an MBA in areas related to the energy sector. He has built a professional career spanning the main segments of the Brazilian Electricity Regulatory Agency (Aneel), the Ministry of Mines and Energy (MME), and the Energy Research Company (EPE). Since 2023, he has served as Chair of the Board of Directors of the Electric Energy Trading Chamber (CCEE). Prior to his role at the CCEE, he served as Chief Regulatory and Institutional Relations Officer at CEMIG.

 

CEMIG thanks Mr. Reynaldo Passanezi Filho for his dedication and leadership throughout his term of office. His management was marked by a significant growth cycle for the Company, consistent advances in operational efficiency, and record-high levels of investments, strengthening CEMIG’s strategic position and contributing to value creation for shareholders and society.

 

 

 

Belo Horizonte, May 07, 2026.

 

Andrea Marques de Almeida

Vice President of Finance and Investor Relations

 

 

 

 
 

 

2.Earnings Release — 1Q26
 
 

 


 

 
 

  

 

 


1Q26 RESULTS

EBITDA and Adjusted EBITDA: R$1.79 billion

Net income and Adjusted net income: R$979 million

Distribution

§   R$213 million (+26.7%) increase in adjusted EBITDA, driven by the positive impact of the tariff adjustment in effect since May 2025, lower post-employment expenses and, solid performance in energy losses, offsetting the market contraction

o    Distributed energy excluding DG: -3.2% (Captive: -4.0% / Free market: -2.5%)

o    Distributed energy including DG-offset energy: -0.4%

§   Opex and EBITDA better than regulatory targets at R$65 million and R$61 million, respectively

§   Energy losses at 11.41%, below the regulatory limit of 11.48%

§   DEC showing continuous improvement: 8.75 in Mar/26 vs. 8.97 in Dec/25

 

Post-Employment

§   R$80 million reduction in adjusted post-employment expenses, due to the end of the health plan-related obligation, effective upon the agreement ratified by the Regional Labor Court (TRT) at the end of 2025

Trading

§   R$197.7 million reduction in EBITDA from the trading activity

o    Exposure to higher prices in energy purchases to close short positions in 1Q26

o    Higher impact from undelivered energy related to wind and solar power purchase agreements

 

LEADERSHIP IN THE FREE MARKET

§   First trading company to reach the milestone of 10,000 customer accounts

§   242 MW sold on average in the retail free market in March (8.82% market share)

 

Generation

§   GSF (0.92 in 1Q26 vs. 1.08 in 1Q25) with a negative impact of R$49 million in 1Q26


Capital Allocation

§   Capex of R$1.48 billion (+22.1% YoY), with a focus on regulated businesses

o    Distribution: R$1.28 billion

o    Transmission: R$106 million

§   Completion of the acquisitions of Pipoca HPP (R$39 million) and ETTM Transmission Company (R$30 million)

 


Debt Management

§   Raised R$2.61 billion at Cemig D in April

o    Debentures: R$1.15 billion

o    Loan: US$280 million, fully hedged

§  Leverage of 2.45x (net debt / adjusted EBITDA)

§  Extension of debt maturities: 76% of debt matures in 2029 or later, beyond Cemig D’s Tariff Review

 

Interest on Capital declared in March: R$658 million

 

 

  

Cemig | Earnings Release

 2
 

 

 

Key Financial and Operating Data

 

  1Q26 1Q25 % Change
Operating Highlights
Distributed Energy (MWh) 13,454,458 13,503,030 -0.4%
Total captive market 5,324,493 5,547,301 -4.0%
Total transport free market clients 6,284,468 6,448,334 -2.5%
DG2 and DG3 offset 280,999 150,270 87.0%
DG1 offset 1,564,498 1,357,125 15.3%
Energy sold GT + Holding (MWh)* 10,653,535 10,601,922 0.5%
Total distributed gas volume (thousand m³) 244,498 253,120 -3.4%
Financial Highlights (R$ million)
Net operating revenue     10,462.5 9,844.2 6.3%
PMSO 1,145.1 1,035.9 10.5%
EBITDA 1,788.7 1,827.2 -2.1%
Adjusted EBITDA 1,788.2 1,799.1 -0.6%
EBITDA Margin 17.1% 18.6% -1.5p.p.
Financial Result -338.4 -249.6 35.6%
Net Income 979.0 1,038.7 -5.8%
Adjusted Net Income 979.0 1,020.5 -4.1%
Investments 1,476.7 1,209.4 22.1%
  1Q26 2025 % Change
Net Debt 17,844.0 16,795.5 6.2%
Net Debt/Adjusted EBITDA 2.45x 2.30x 0.15x

 

*Excluding energy settled at the Brazilian Electric Energy Trading Chamber (CCEE)

**Does not include post-employment expenses

 

 

Financial statements and results spreadsheets can be accessed at the following link:

 


Results Center | Cemig IR 

 

  

Cemig | Earnings Release

 3
 

 

Table of Contents

 

EBITDA and Net Income per Company for the Quarter 5
Income Statements 6
Income Statement by Business Segment 1Q26 7
Consolidated energy market 8
Consolidated Energy Market 8
Performance by Company 9
Cemig D 9
Billed Energy Market 9
Performance by Sector 10
Sources and uses of electricity - MWh 11
Customer Base 11
2025 Tariff Adjustment 12
Tariff Review 12
OPEX and EBITDA - Actual vs. Regulatory 13
Quality Indicators – DEC/FEC 13
Combating Delinquency 13
Losses 14
Cemig GT/Holding 16
Energy Market 16
Energy Balance 16
Gasmig 17
Consolidated Financial Performance 18
Operating Revenue 18
Operating Costs and Expenses 20
Equity Income 23
Consolidated EBITDA 24
Cemig D EBITDA 25
Cemig GT EBITDA 26
Financial Income and Expenses 27
Net Income 27
Investments 28
Indebtedness 29
Evolution of Cemig's Credit Ratings 30
ESG – Performance Report 31
Share Performance 34
Power Plants 35
RAP – Cycle from July 2025 to June 2026 37
Regulatory Revenue and EBITDA from Transmission 38
Additional Information 38
Disclaimer 39

 

  

Cemig | Earnings Release

 4
 

 

 

 

  1Q26 1Q25 % Change 1Q26 1Q25 % Change
(R$ million) EBITDA (IFRS) Adjusted EBITDA
Cemig D 1,010 819 23.3% 1,010 798 26.6%
Cemig GT 575 749 -23.2% 575 744 -22.7%
Gasmig 193 213 -9.4% 193 213 -9.4%
Other 11 46 -76.1% 10 44 -77.3%
Consolidated 1,789 1,827 -2.1% 1,788 1,799 -0.6%
New Replacement Value (VNR) 65 53 22.6% 65 53 22.6%
Equity income 52 42 23.8% 52 42 23.8%
Regulatory/IFRS difference from Transco 94 59 57.9% 94 59 57.9%
Consolidated minus VNR and equity income, plus regulatory/IFRS difference from Transco 1,766 1,791 -1.4% 1,765 1,763 0.1%

 

 

  1Q26 1Q25 % Change 1Q26 1Q25 % Change
  Net Income (IFRS) Adjusted Net Income
Cemig D 398 311 28.0% 398 297 34.0%
Cemig GT 393 541 -27.4% 393 537 -26.8%
Gasmig 101 114 -11.4% 101 114 -11.4%
Other 87 73 19.2% 87 73 19.2%
Consolidated 979 1,039 -5.8% 979 1,021 -4.1%

 

* Additional details on regulatory transmission results are provided in the section “Revenue and Regulatory EBITDA for Transmission”

  

Cemig | Earnings Release

 5
 

 

Income Statements

 

INCOME STATEMENT (R$ million) 1Q26 1Q25 % Change
NET REVENUE 10,463 9,844 6.3%
COSTS      
Electricity and gas costs -5,847 -5,523 5.9%
Infrastructure construction costs -1,482 -1,202 23.3%
Operating costs -1,421 -1,279 11.1%
  -8,750 -8,004 9.3%
GROSS PROFIT 1,712 1,841 -7.0%
OTHER REVENUES AND EXPENSES      
Expected credit losses -83 -51 64.7%
General and administrative expenses -202 -194 4.2%
Other expenses -118 -175 -32.4%
Other revenues 26 - -
  -377 -419 -10.0%
Equity income 52 42 24.2%
Income before financial results and income taxes 1,387 1,463 -5.2%
Financial income 258 194 33.3%
Financial expenses -596 -443 34.6%
Net financial result -338 -250 35.6%
Income before income tax and social contribution 1,049 1,214 -13.6%
       
Current income tax and social contribution -130 -259 -49.7%
Deferred income tax and social contribution 60 84 -28.0%
       
NET INCOME FOR THE PERIOD 979 1,039 -5.8%

 

  

Cemig | Earnings Release

 6
 

 

Income Statement by Segment

(R$ million)

Electricity Gas Equity income / Holding Eliminations Consolidated
Generation Transmission Trading Distribution
NET REVENUE 806 352 2,020 7,391 492 44 -644 10,463
Intersegment 399 196 - 48 - - -644 -
Third-party 408 156 2,020 7,343 492 44 - 10,463
ELECTRICITY AND GAS COSTS -173 -0 -2,150 -3,945 -213 -0 635 -5,847
Intersegment -47 -0 -371 -216 - -1 635 -
Third-party -126 -0 -1,779 -3,730 -213 1 - -5,847
COSTS, EXPENSES, AND OTHER REVENUES -180 -178 -31 -2,710 -119 -71 9 -3,281
Personnel -37 -41 -15 -241 -15 -16 - -366
Employee and management profit sharing -4 -4 -3 -26 -3 -5 - -45
Post-employment obligations -4 -5 -1 -29 - -12 - -50
Materials, third-party services, and other expenses, net -54 -13 -9 -654 -19 -20 9 -760
Intersegment -7 -0 - -2 -0 -0 9 -
Third-party -47 -13 -9 -653 -19 -20 - -760
Depreciation and amortization -79 -5 -0 -275 -32 -10 - -401
Provisions and adjustments for operating losses -2 -4 -3 -186 2 -8 - -202
Infrastructure construction costs - -105 - -1,326 -51 - - -1,482
Other revenues - - - 26 - - - 26
COSTS, EXPENSES, AND OTHER REVENUES -353 -178 -2,181 -6,656 -332 -71 644 -9,128
Equity income - - - - - 52 - 52
INCOME BEFORE FINANCIAL INCOME AND INCOME TAX 453 174 -161 736 160 25 - 1,387
Financial result -24 -14 7 -284 -21 -3 - -338
INCOME BEFORE INCOME TAXES 429 160 -154 452 139 22 - 1,049
Income tax and social contributions -33 -21 29 -54 -39 48 - -70
NET INCOME FOR THE PERIOD 396 139 -125 398 101 70 - 979

 

  

Cemig | Earnings Release

 7
 

 

Consolidated Energy Market

The Cemig Group billed approximately 9.6 million customers in March 2026, adding 161,000 new customers YoY, up by 1.7%. Of this total, 9,624,850 are end-users and self-consumers, and 623 are other players in the Brazilian energy sector.

In the chart below, you can see the breakdown of the Cemig Group’s sales to end-users:

 

 

  

Cemig | Earnings Release

 8
 

 

 

Billed Energy Market

  1Q26 1Q25 % Change
Captive + Transport - MWh      
Residential 3,410,560 3,322,630 2.6%
Industrial 5,281,913 5,633,542 -6.2%
Captive market 123,347 191,693 -35.7%
Transport 5,158,566 5,441,849 -5.2%
Commercial, Services, and Other 1,544,105 1,603,880 -3.7%
Captive market 784,115 895,466 -12.4%
Transport 759,990 708,414 7.3%
Rural 519,590 555,100 -6.4%
Captive market 481,742 524,314 -8.1%
Transport 37,848 30,786 22.9%
Public Services 773,784 800,687 -3.4%
Captive market 516,867 605,273 -14.6%
Transport 256,917 195,414 31.5%
Utilities 71,147 71,871 -1.0%
Transport 71,147 71,871 -1.0%
Own Consumption 7,862 7,925 -0.8%
Total captive market 5,324,493 5,547,301 -4.0%
Total energy transported for free market clients 6,284,468 6,448,334 -2.5%
Total excluding DG 11,608,961 11,995,635 -3.2%
DG1 Offset 1,564,498 1,357,125 15.3%
DG2 Offset 280,206 149,349 87.6%
DG3 Offset 793 921 -13.9%
Total DG 1,845,497 1,507,395 22.4%
Total Market with DG 13,454,458 13,503,030 -0.4%

Energy supplied to captive customers, combined with energy transported to free market customers and distributors—excluding DG-offset energy—totaled 11,608 GWh in 1Q26, down 3.2% YoY. This result was primarily driven by lower consumption in the industrial (-351.6 GWh, -6.2%), rural (-35.5 GWh, -6.4%), and commercial (-59.8 GWh, -3.7%) segments, reflecting customer migration to distributed generation (DG) and the basic grid, as well as higher rainfall during the period, which reduced irrigation needs. In contrast, residential consumption increased (+87.9 GWh, +2.6%), reflecting growth in the number of customers.

Distributed energy, excluding DG, decreased by 3.2% driven by a 4.0% decline (-222.8 GWh) in captive market consumption and a 2.5% decline (-163.9 GWh) in grid usage by free-market customers.

When including DG-offset energy, total distributed energy decreased by 0.4% compared to the same period last year.

  

Cemig | Earnings Release

 9
 

 

 

 

Performance by Sector

Industrial: Energy distributed to industrial customers decreased by 6.2%* YoY and accounted for 45.5%* of Cemig D’s total. The majority relates to energy supplied to industrial free-market customers (44.4%), which declined by 5.2% YoY. Meanwhile, billed energy for captive customers, representing 1.1% of total distribution, decreased by 35.7% YoY, primarily due to customer migration to the free market.

The decline in industrial consumption was significantly impacted by the migration of two major customers to the basic grid. Excluding this effect, distributed energy would have declined by 1.5%. Lower consumption in the quarter was primarily driven by Steel (-41.6%), Chemicals (-34.9%), and Ferroalloys (-11.4%), while Non-Ferrous Metals (+12.2%), Extractive Industry (+9.5%), and Food and Beverages (+4.0%) segments reported growth in consumption.

Residential: Residential consumption, representing 29.4%* of Cemig D’s distributed energy, increased by 2.6% YoY, driven by a 2.9% growth in the customer base (+230,200), partially offset by a 1.3% decline in average consumption per customer.

Commercial and Services: The commercial segment accounted for 13.3%* of Cemig D’s distributed energy in 1Q26 and declined by 3.7% YoY. This reflects a 12.4% drop in captive customer volumes, partially offset by a 7.3% increase in free-market volumes, directly driven by migration to this market. The overall decline in this segment, in turn, was mainly due to customer migration to DG.

Rural: This sector accounted for 4.5%* of total distributed energy and declined by 6.4% YoY, mainly due to higher rainfall in 1Q26 compared to previous year, which reduced irrigation needs.

Public Services: accounted for 6.7%* of distributed energy in 1Q26, and declined by 3.4% YoY.

*Excluding DG-offset energy

  

Cemig | Earnings Release

 10
 

 

Sources and uses of electricity - MWh

  1Q26 1Q25 % Change
Metered Market - MWh      
Energy Transported to Distributors 71,147 71,871 -1.0%
Energy Transported to Free Market Customers 6,189,900 6,375,406 -2.9%
Own Load + DG 8,532,690 8,716,549 -2.1%
Captive Market Consumption 5,438,282 5,597,673 -2.8%
DG Market 1,845,136 1,507,395 22.4%
Losses in Distribution Network 1,249,272 1,611,481 -22.5%
Total Volume Carried 14,793,736 15,163,826 -2.4%

 

Customer Base

In March 2026, 9.6 million consumers were billed, up by 1.9% YoY. Of this total, 6,438 are free customers using Cemig D’s distribution network.

  Mar/26 Mar/25 % Change
NUMBER OF CAPTIVE CUSTOMERS      
Residential 8,247,521 8,017,329 2.9%
Industrial 22,455 23,926 -6.1%
Commercial, Services, and Other 875,867 910,920 -3.8%
Rural 373,448 393,234 -5.0%
Public Sector 75,148 73,991 1.6%
Street Lighting 8,186 7,220 13.4%
Public Services 13,163 13,519 -2.6%
Own Consumption 872 818 6.6%
Total captive customers 9,616,660 9,440,957 1.9%
NUMBER OF FREE MARKET CUSTOMERS      
Industrial 2,520 2,091 20.5%
Commercial 3,322 2,692 23.4%
Rural 168 115 46.1%
Public Sector 81 43 88.4%
Public Service 339 109 211.0%
Utilities 8 8 0.0%
Total free market customers 6,438 5,058 27.3%
Total Captive + Free Market 9,623,098 9,446,015 1.9%

 

  

Cemig | Earnings Release

 11
 
 

 

2025 Tariff Adjustment

Cemig D's tariffs are adjusted annually in May, with a tariff review process conducted every five years in the same month. The annual adjustment is designed to fully pass through non-manageable costs and to apply an inflation adjustment to manageable costs, as defined in the tariff review. The adjustment index for manageable costs is IPCA, from which the X Factor is deducted to capture productivity gains, in line with the price-cap regulatory model.

On May 20, 2025, ANEEL approved the result of the Company's Tariff Adjustment, effective from May 28, 2025 through May 27, 2026, with an average impact of 7.78% for consumers. The average effect for low-voltage customers was 7.03%, while for residential consumers it was 6.86%. The adjustment corresponding to the Company's manageable costs (Portion B) had an impact of 1.36 p.p. on the tariff adjustment; non-manageable costs (Portion A) related to energy purchase, transmission, sector charges, and irrecoverable revenues accounted for 6.12 p.p.; and the financial components of the tariff represented an increase of 0.30 p.p. The item with the greatest impact on the tariff adjustment was sector charges, which contributed an effect of 4.63 p.p., driven by the increase in the CDE.

Average Effect of the Tariff Adjustment
High-Voltage Average 9.45%
Low-Voltage Average 7.03%
Average Effect 7.78%

 

Additional information at:
https://www2.aneel.gov.br/aplicacoes/tarifa/arquivo/SEI_0111327_Nota_Tecnica_116_Cemig.pdf

 

Tariff Review

Highlights of the 2023 and 2018 Tariff Reviews:

Tariff Review 2018 2023
Gross remuneration base - R$ million 20,490 25,587
Net remuneration base - R$ million 8,906 15,200
Average depreciation rate 3.84% 3.95%
WACC (after taxes) 8.09% 7.43%
Remuneration on Special Obligations - R$ million 149 272
CAIMI - R$ million 333 484
QRR R$ - Depreciation (Gross base x depreciation rate) 787 1,007

* CAIMI: (Cobertura Anual de Instalações Móveis e Imóveis) – Annual support for facilities

* QRR: ‘Regulatory Reintegration Quota’: Gross base x annual depreciation rate

 

Additional information at:
https://www2.aneel.gov.br/aplicacoes/tarifa/arquivo/NT%2012%202023%20RTP%20Cemig.pdf

  

Cemig | Earnings Release

 12
 
 

 

OPEX and EBITDA - Actual vs. Regulatory

Performance exceeded regulatory OPEX and EBITDA in 1Q26 by R$65 million and R$61 million, respectively.

 

 

Regulatory Ebitda is calculated by reference to: (i) remuneration of capital; (ii) the QRR quota (Gross base x annual depreciation rate); and (iii) a percentage of the Annual Cost of Facilities and Real Estate, published in Aneel Technical Notes at the times of Tariff Reviews and Tariff Adjustments.

 

Quality Indicators – DEC/FEC

DEC (Equivalent Interruption Duration per Consumer Unit) reached 8.75 hours in 1Q26—a record low and below the regulatory limit of 9.26 hours. This result represents a reduction of 40 minutes compared to the rolling 12-month period ended March 2025. FEC (Equivalent Interruption Frequency per Consumer Unit) remained slightly below the regulatory benchmark of 5.39, reaching 4.99 on a rolling 12-month basis at the end of 1Q26 (vs. 5.14 in December 2025).

 

Combating Delinquency

The Receivables Collection Index has remained above 99% since 2022, reaching 99.18% in March 2026. This performance reflects the effectiveness of our collection tools and the successful conclusion of key negotiations, leading to improved cash collections from customers.

Digital collections (PIX, direct debit, credit cards, app, etc.) reached 70.18% of total collections, up from 67.17% in March 2025. PIX, the most widely used payment method, accounted for 36% of collections and has generated R$41.0 million in fee savings since its implementation in 2021.

 

  

Cemig | Earnings Release

 13
 
 

 

 

 

 

Losses

Energy losses remained below the regulatory target in the 12-month period ended March 2026, reaching 11.41%, compared to a target of 11.48%. Following the tariff adjustment effective May 28, 2025, an enhanced methodology for calculating non-technical loss coverage—defined by ANEEL in Technical Note No. 53/2025—was implemented. The updated methodology includes measured DG energy in the calculation, rather than billed energy, resulting in higher tariff coverage for energy losses.

Key loss-reduction measures implemented in 1Q26 included 74,000 inspections, the replacement of more than 81,000 obsolete meters and 92,000 smart meters (bringing the total to 695,000 since the project’s inception in September 2021). In addition, illegal connections were regularized for households in informal settlements and complex areas using shielded wiring, totaling 27,900 regularizations since the project’s inception in February 2023.

In 2026, the plan calls for 358,000 inspections, 400,000 smart meter installations, replacement of 150,000 obsolete meters, and the regularization of 25,000 households in low-income communities, leveraging BT Zero and Shielded Metering Panel technologies. It also includes expanding capacitor banks to enhance control of technical losses, among other structural initiatives.

 

  

Cemig | Earnings Release

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Cemig | Earnings Release

 15
 
 

 

 

 

Energy Market

Energy sold by both Cemig GT and Cemig Holding, excluding CCEE, grew (+0.5%) YoY, with energy billed by Cemig GT totaling 6,539 GWh (including quota energy), up by 12.0% YoY, and Cemig Holding recording sales of 4,114 GWh, down 13.6% YoY. The migration of third-party purchase contracts from Cemig GT to Cemig Holding began in 3Q21 and has been proceeding gradually since then, having already reached approximately 61%. Of the total sold by the Holding and Cemig GT in 1Q26, 435.7 GWh were sold in the retail market.

  1Q26 1Q25 % Change
Cemig GT - MWh      
Free Market Customers 3,629,097 3,390,177 7.0%
Industrial 2,342,687 2,232,751 4.9%
Commercial 1,207,399 1,027,676 17.5%
Rural 39,352 22,979 71.3%
Public Sector 39,659 106,771 -62.9%
Free Market (ACL) – Traders and Cooperatives 1,737,699 1,266,006 37.3%
Supply Quotas 567,622 580,100 -2,2%
Regulated Market (ACR) 571,697 570,369 0.2%
Regulated Market (ACR) – Cemig D 33,437 32,323 3.4%
Total GT 6,539,552 5,838,975 12.0%
Cemig H - MWh      
Free Market Customers 2,050,436 2,308,556 -11.2%
Industrial 1,580,159 1,805,744 -12.5%
Commercial 405,428 466,944 -13.2%
Rural 41,859 35,868 16.7%
Public Service 22,991 0 -
Free Market (ACL) – Traders and Cooperatives 2,063,547 2,454,390 -15.9%
Total H 4,113,984 4,762,946 -13.6%
Cemig GT + H 10,653,535 10,601,922 0.5%

 


  

Cemig | Earnings Release

 16
 
 

 

 

 

 

Gasmig is the exclusive distributor of piped natural gas in the state of Minas Gerais, serving industrial, commercial, residential, CNG, automotive, and thermoelectric segments. Its concession extends through January 2053. Cemig holds a 99.57% stake.

In April 2022, the Tariff Review process for Gasmig was completed. Highlights were:

·Actual post-tax WACC decreased from 10.02% p.a. to 8.71% p.a.
·Net Remuneration Base increased significantly, reaching R$3.48 billion
·PMSO costs fully recognized by the regulator

 

EBITDA - R$ thousand 1Q26 1Q25 Var.  %
Net Income 100,598 114,383 -12,1%
Income tax and social contribution expense 47,083 59,679 -21,1%
Financial result 21,138 15,627 35,3%
Depreciation and amortization 23,921 23,429 2,1%
EBITDA in accordance to “CVM Resolution 156” 192,74 213,118 -9,6%

 

The decrease in Gasmig’s EBITDA (-9.6% YoY) was driven by a 3.4% decline in distributed volume and customer migration to the free market, which carries lower margins.

Total volume of gas distributed was 3.4% lower YoY in 1Q26, with volume sold to the captive market down 53.1% (-104,100 m³) and volume distributed to industrial and thermal free-market customers up 167.0% (+95,500 m³). Sales volume declined mainly due to the migration of industrial customers to the free market, leading to higher volumes distributed to this segment. Overall, the industrial segment was the main driver of the decline, with a reduction of 7,000 m³ YoY.

Gasmig saw a 5.2% YoY increase in its client base, reaching 110,842 consumers. This growth was driven by both the residential (+4,000 customers) and commercial (+1,400 customers) segments.

 

MARKET (Volume in thousand m3) 2023 2024 2025 1Q25 1Q26 1Q26 vs. 1Q25
Automotive 31,907 22,511 19,216 5,473 3,923 -28.3%
Automotive Compressed Natural Gas 541 630 417 148 97 -34.5%
Industrial 830,943 786,363 513,509 177,025 76,892 -56.6%
Industrial Compressed Natural Gas 12,473 10,275 8,938 2,254 1,487 -34.0%
Residential 11,912 12,095 13,194 2,747 3,028 10.2%
Cogeneration 12,075 12,164 10,108 2,826 123 -95.6%
Commercial 21,964 23,203 24,598 5,477 6,281 14.7%
Subtotal - captive market 921,815 867,241 589,980 195,950 91,831 -53.1%
Industrial - free market 92,362 107,723 364,178 41,065 134,841 228.4%
Industrial Compressed Natural Gas - free market 0 7,699 10,145 2,150 2,255 4.9%
Cogeneration - free market 0 0 3,763 0 3,786 -
Thermal - free market 19,050 58,046 66,919 13,955 11,785 -15.5%
Subtotal - free market 111,412 173,468 445,005 57,170 152,667 167.0%
Total (captive + free) 1,033,227 1,040,709 1,034,985 253,120 244,498 -3.4%

 

  

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Operating Revenue

  1Q26 1Q25 % Change
 R$ thousand      
Gross electricity supply 8,995,136 8,374,412 7.4%
Revenue from the use of electrical distribution systems – TUSD 1,510,020 1,429,008 5.7%
CVA and other financial components 369,582 126,322 192.6%
Revenue from transmission operation and maintenance 49,336 60,439 -18.4%
Revenue from transmission construction and improvement 151,789 66,344 128.8%
Financial return on transmission contract assets 38,341 173,432 -77.9%
Revenue from generation compensation 35,146 26,928 30.5%
Distribution construction revenue 1,376,970 1,148,545 19.9%
Adjustment to expected cash flow from the indemnifiable financial asset of the distribution concession (VNR) 65,278 53,203 22.7%
Revenue from financial restatement of the concession grant 120,632 138,457 -12.9%
Settlement with CCEE 19,832 21,923 -9.5%
Gas supply 556,413 920,783 -39.6%
Compensation for violation of continuity indicator standard -48,017 -46,812 2.6%
Other revenue 1,030,792 722,019 42.8%
Taxes and charges levied on revenue -3,808,707 -3,370,772 13.0%
Net revenue 10,462,543 9,844,231 6.3%

 

Gross Electricity Supply

  1Q26 1Q25 % Change
  MWh R$ thousand AVERAGE BILLED PRICE (R$/MWh) (1) MWh R$ thousand AVERAGE BILLED PRICE (R$/MWh) (1) MWh R$ thousand
Residential 4,127,482 3,810,859 923.29 3,837,945 3,422,558 891.77 7.54% 11.35%
Industrial 4,129,740 1,102,746 267.03 4,311,273 1,204,333 279.35 -4.21% -8.44%
Commercial, services, and others 3,026,994 1,716,199 566.96 3,062,598 1,646,848 537.73 -1.16% 4.21%
Rural 706,355 536,824 759.99 738,830 516,804 699.49 -4.40% 3.87%
Public sector 286,640 241,090 841.09 262,961 227,803 866.3 9.00% 5.83%
Street lighting 233,039 142,727 612.46 233,904 128,335 548.67 -0.37% 11.21%
Public services 266,561 122,887 461.01 297,993 150,285 504.32 -10.55% -18.23%
Subtotal 12,776,811 7,673,332 600.57 12,745,504 7,296,966 572.51 0.25% 5.16%
Own Consumption 7,862 - - 7,925 - - -0.79% -
Net unbilled retail supply - 75,814 - - -32,457 - 0 -
Wholesale Supply 12,784,673 7,749,146 600.57 12,753,429 7,264,509 572.51 0.24% 6.67%
Wholesale supply to other utilities 4,894,581 1,242,619 253.88 4,825,648 1,191,775 246.97 1.43% 4.27%
Net unbilled wholesale supply - 3,371 - - -81,872 - - -
Total 17,679,254 8,995,136 504.54 17,579,077 8,374,412 483.11 0.57% 7.41%
(1)The average price does not include revenue from unbilled supply
  

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* Including DG-offset energy

 

Supply Revenue

Gross revenue from energy supply totaled R$8,995.1 million in 1Q26, compared to R$8,374.4 million in 1Q25, up 7.4% YoY, mainly driven by Cemig D’s annual tariff adjustment effective May 28, 2025, with an average increase of 7.78%.

Transmission

The Company’s transmission revenue consists of operating and maintenance revenue, construction revenue, and financial compensation of the contractual asset. In 1Q26, transmission revenue totaled R$239.5 million, down 20.2% YoY. Revenue from financial compensation of the contractual asset decreased by R$135.1 million due to the lower IPCA in the period (the inflation index used to adjust revenue), while construction revenue increased by R$85.4 million, driven by higher investments.

Gas

Gross revenue from gas supply totaled R$556.4 million in 1Q26, down 39.6% YoY, primarily impacted by the migration of industrial customers to the free market and the resulting reduction in sales volume.

Use of Electrical Distribution Systems - TUSD

In 1Q26, TUSD revenue derived from charges levied on free-market consumers for distributed energy increased by R$81.0 million (+5.7%) YoY. This change reflects the distribution company’s annual tariff adjustment, effective May 2025 and fully reflected in the quarter, as well as higher charges paid by consumers, partially offset by lower volumes transported to free-market customers.

CVA (Variation Compensation Account for “Portion A” Items) and other financial components

Revenue of R$369.6 million was recognized in 1Q26, up 192.6% YoY, mainly driven by higher energy purchase costs and CDE costs exceeding the level set in the tariff adjustment.

Cemig D recognizes in its financial statements the positive or negative differences between actual non-manageable costs and the estimated costs underlying tariff setting. These balances represent amounts to be refunded to consumers or passed through to the Company in future tariff adjustments.

  

Cemig | Earnings Release

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Operating Costs and Expenses

CONSOLIDATED (R$ thousand) 1Q26 1Q25 % Change
Energy purchased for resale 4,915,028 4,266,626 15.2%
Basic grid usage charges 718,658 767,266 -6.3%
Gas purchased for resale 213,270 488,852 -56.4%
Construction Cost 1,482,436 1,201,864 23.3%
Personnel 365,592 346,291 5.6%
Employee and management profit sharing 45,054 43,285 4.1%
Post-employment obligations 50,233 102,405 -50.9%
Materials 32,348 38,693 -16.4%
Third-party services 596,063 514,714 15.8%
Depreciation and amortization 401,321 363,847 10.3%
Provisions (reversals) 84,000 145,574 -42.3%
Expected credit losses 83,363 50,628 64.7%
Expected loss on other loans 34,534 0 -
Other costs and expenses 131,804 92,908 41.9%
Total costs and expenses 9,153,704 8,422,953 8.7%
Gain on disposal of intangible assets -26,191 0  
Total other revenue (reduction in expenses) -26,191 0 -
Grand total 9,127,513 8,422,953 8.4%

Operating costs and expenses totaled R$9.15 billion in 1Q26, up R$730.8 million (+8.7%). This amount excludes R$26.2 million in other revenue, related to gains on real estate sales and classified as contra-revenue.

This variation was mainly driven by a R$684.4 million increase in purchased energy costs and a R$280.6 million increase in construction costs (reflecting higher investments), partially offset by lower gas purchase costs for resale (-R$275.6 million).

Further details on costs and expenses are provided below:

Energy Purchased for Resale

CONSOLIDATED (R$ thousand) 1Q26 1Q25 % Change
Energy purchased on the free market 1,781,732 1,511,636 17.9%
Energy purchased through auction in the regulated market 1,260,776 963,255 30.9%
Distributed generation 1,018,078 950,867 7.1%
Short-term energy 593,620 319,240 85.9%
Energy from Itaipu Binacional 271,131 306,415 -11.5%
Firm energy quota contracts 187,244 202,949 -7.7%
Bilateral contracts 26,328 121,982 -78.4%
PROINFA 108,403 134,839 -19.6%
Quotas for the Angra I and II plants 54,984 83,446 -34.1%
PIS/Pasep and Cofins credits -387,268 -328,003 18.1%
Total 4,915,028 4,266,626 15.2%

 

  

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The consolidated cost of energy purchased for resale was R$4.92 billion in 1Q26, up R$648.4 million YoY. This variation is mainly due to the following factors:

·Energy purchase costs in the free market, which represent the largest share of total energy purchase costs (R$1,781.7 million), increased by 17.9% YoY, reflecting the need to manage hydrological risk and to close short positions at higher prices.
·Cost of short-term energy, which was up by R$274.4 million (+85.9%) YoY, mainly explained by higher exposure to the spot market in a scenario of higher PLD across all submarkets.
·Cost of energy purchased in regulated market auctions, up by R$297.5 million (+30.9%) YoY, reflecting new contracts and annual IPCA-linked adjustments.

 

Cemig D (R$ thousand) 1Q26 1Q25 % Change
Energy purchased in regulated market auctions 1,276,628 975,020 30.9%
Distributed generation 1,018,078 950,867 7.1%
Short-term energy - CCEE 328,894 164,403 100.1%
Itaipu Binacional Energy 271,131 306,415 -11.5%
Firm energy quota contracts      191,504 207,353 -7.6%
Bilateral contracts 26,328 121,982 -78.4%
PROINFA 108,403 134,839 -19.6%
Quotas for the Angra I and II plants 49,970 83,446 -40.1%
PIS/Pasep and Cofins credits -197,993 -174,270 13.6%
Total 3,072,943 2,770,055 10.9%

 


  

Cemig | Earnings Release

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Gas purchased for resale

The cost of gas purchases was R$213.3 million in 1Q26, down 56.4% YoY, primarily due to lower gas purchase volumes for the regulated market, reflecting the migration of major industrial customers to the free gas market.

Third-party services

Expenses with third-party services increased by 15.8% (+R$81.3 million) YoY, primarily driven by the following increases: R$43.4 million (+24.8%) in maintenance, largely due to increased preventive maintenance, R$12.3 million (+17.9%) in information technology, and R$8.8 million (+39.0%) in tree trimming.

Expected credit losses (ECL)

The R$32.8 million YoY increase is partly explained by the change to the threshold for full loss recognition, extended from 24 to 36 months effective August 2024, with a reducing effect phased in over 12 months.

Provisions

Provisions for contingencies totaled R$84.0 million in 1Q26, down R$61.6 million YoY. The decrease is primarily driven by a lower level of labor-related provisions

Post-employment obligations

Expenses related to post-employment obligations decreased by R$52.2 million YoY, and by R$79.9 million excluding the non-recurring effect of the remeasurement of the obligation in 1Q25. This reduction reflects the termination of the health plan obligation, following an agreement with unions and retirees ratified by the Regional Labor Court (TRT) at the end of 2025.

Personnel

Personnel expenses totaled R$365.6 million in 1Q26, up R$19.3 million (+5.6%) YoY. Growth was mainly driven by an approximately 5% increase in the average number of employees between the periods, as well as the annual collective wage adjustment.

  

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Employees and management profit sharing

The expense related to profit sharing was R$45.1 million in 1Q26, up R$1.8 million YoY.

 

Equity Income

EQUITY INCOME (R$ thousand) 1Q26 1Q25 Change
(R$ thousand)
Taesa 74,184 76,084 -1,900
Cemig Sim 0 4,894 -4,894
Paracambi 4,098 3,571 527
Cachoeirão HPP 2,277 1,750 527
Pipoca HPP 404 3,760 -3,356
Guanhães Energy 2,517 8,390 -5,873
Belo Monte (Aliança Norte and Amazônia Energia) -31,155 -56,330 25,175
Total 52,325 42,119 10,206

 

Equity income increased by R$10.2 million in 1Q26 vs. 1Q25. The main driver was the improvement in Belo Monte’s results, reflecting lower operating costs. In addition, following the asset unwinding at the end of 2025, Cemig Sim no longer reports equity income, as all assets are now fully owned.

  

Cemig | Earnings Release

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(1)EBITDA is a non-GAAP measure prepared by the Company and reconciled to its consolidated financial statements in accordance with Circular Letter CVM/SNC/SEP No. 01/2007 and CVM Resolution No. 156, dated June 23, 2022. It is defined as net income adjusted for net financial results, depreciation and amortization, and income tax and social contribution. EBITDA is not recognized under Brazilian Accounting Standards or IFRS, has no standardized definition, and may not be comparable to similarly titled measures reported by other companies. The Company uses EBITDA to assess performance. It should not be considered in isolation or as a substitute for net income or operating income, nor as a measure of operating performance, cash flow, liquidity, or debt repayment capacity. The Company also adjusts EBITDA to exclude non-recurring items that do not reflect underlying cash generation, in line with CVM Resolution No. 156/2022.
Consolidated EBITDA 1Q26
R$ thousand Generation Transmission Trading Distribution Gas Holding / Investments Total
Net income for the period 396,428 138,987 -125,152 397,653 100,598 70,465 978,979
Income tax and social contribution expense 33,065 20,581 -28,658 54,435 38,568 -48,039 69,952
Financial result 23,619 14,414 -7,243 283,611 21,138 2,885 338,424
Depreciation and amortization 79,143 4,610 3 274,697 32,437 10,431 401,321
EBITDA in accordance with “CVM Res. 156” 532,255 178,592 -161,050 1,010,396 192,741 35,742 1,788,676
Non-recurring and non-cash items              
Net income attributable to non-controlling shareholders - - - - -434 - -434
Adjusted EBITDA 532,255 178,592 -161,050 1,010,396 192,307 35,742 1,788,242

 

Consolidated EBITDA 1Q25
R$ thousand Generation Transmission Trading Distribution Gas Holding / Investments Total
Net income for the period 393,883 163,510 64,065 311,162 114,384 -8,264 1,038,740
Income tax and social contribution expense 82,732 33,592 -23,540 58,606 57,975 -34,339 175,026
Financial result 3,558 5,967 -3,831 202,095 15,627 26,215 249,631
Depreciation and amortization 80,295 5,043 3 247,492 25,133 5,881 363,847
EBITDA in accordance with “CVM Res. 156” 560,468 208,112 36,697 819,355 213,119 -10,507 1,827,244
Non-recurring and non-cash items  
Net income attributable to non-controlling shareholders  -  -  -  - -492  - -492
Remeasurement of post-employment liabilities -2,829 -1,747 -400 -21,599  - -1,122 -27,697
Adjusted EBITDA 557,639 206,365 36,297 797,756 212,627 -11,629 1,799,055

 

EBITDA of R$1,788.7 million in 1Q26 represented a 2.1% YoY decrease, while adjusted EBITDA decreased by 0.6%. The main effects in the comparison are as follows:

·R$191.0 million increase in Cemig D’s EBITDA, mainly driven by the positive impact of the tariff adjustment (average effect of 7.78%, effective May 2025), lower post-employment expenses, and improved performance in energy losses.
·R$197.7 million decrease in EBITDA from the trading activity, reflecting higher costs to close short positions at elevated prices, partially offset by a less negative submarket effect than in 1Q25.
·R$79.9 million reduction in adjusted post-employment expenses, excluding the R$27.7 million positive effect from the remeasurement held in 1Q25. The reduction is explained by the termination of the health plan obligation, following an agreement ratified by the Regional Labor Court (TRT) at the end of 2025.
·R$49 million negative impact from lower GSF for the quarter (0.92 in 1Q26 vs. 1.08 in 1Q25) which led to higher energy purchases at elevated PLD levels
  

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·R$20.4 million YoY reduction in Gasmig’s EBITDA, reflecting a 3.4% decline in distributed gas volume and significant customer migration to the free market, which carries lower regulatory margins.
·R$10.1 million YoY increase in Cemig Sim’s EBITDA, reaching R$19.5 million, due to increased installed capacity.

 

Cemig D EBITDA

Cemig D EBITDA - R$ thousand 1Q26 1Q25 % Change
Net income for the period 397,653 311,158 27.8%
Income tax and social contribution expense 54,435 58,607 -7.1%
Net financial income 283,611 202,096 40.3%
Amortization 274,697 247,491 11.0%
EBITDA in accordance with “CVM Resolution 156” 1,010,396 819,352 23.3%
Remeasurement of post-employment liabilities - -21,599 -
Adjusted EBITDA 1,010,396 797,753 26.7%
VNR 65,278 53,203 22.7%
Adjusted EBITDA minus VNR 945,118 744,550 26.9%

 

Cemig D reported EBITDA of R$1,010.4 million, up 23.3% YoY. Adjusted EBITDA, in turn, grew 26.7% compared to the same period last year. The main effects on EBITDA in the quarters’ comparison are as follows:

·Tariff adjustment with an average effect of 7.78%, effective May 2025, offset by a market decline YoY
oDistributed energy (excluding DG): -3.2% (comprising -4.0% in the captive market and -2.5% in the free market). The variation mainly reflects the migration to DG, lower industrial consumption (-6.2%), which was strongly influenced by the migration of two large customers to the basic grid, and the reduction in rural consumption (-6.4%), influenced by higher rainfall. Residential consumption, in turn, increased by 2.6% YoY
oTotal distributed energy, including DG-offset energy: -0.4% YoY
·R$58.0 million reduction in adjusted post-employment obligation expenses, excluding the R$21.6 million positive effect from the remeasurement held in 1Q25. The reduction is explained by the termination of the health plan post-employment obligation, following an agreement ratified by the Regional Labor Court (TRT) at the end of 2025
·Good performance in energy losses, which stood at 11.41% over the 12-month window, below the regulatory coverage of 11.48%. In 1Q25, the change in the loss calculation methodology— whereby ANEEL began incorporating the effects of energy injected from distributed generation—had not yet taken effect, which have increased regulatory coverage
·R$35.9 million YoY decrease in provision for contingencies
·R$24.7 million YoY increase in expected credit losses, in addition to the recognition of expected losses on other receivables totaling R$34.5 million in 1Q26
·R$33.7 million increase in asset retirement expenses, partially offset by the proceeds from the sale of real estate totaling R$26.2 million
·R$65.3 million in VNR in 1Q26, compared to R$53.2 million in 1Q25
  

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Cemig GT EBITDA

Cemig GT EBITDA - 1Q26
R$ thousand Generation Transmission Sales Investments Total
Net income for the period 395,359 136,979 -104,746 -34,872 392,720
Income tax and social contribution expense 33,066 19,478 -18,147 2,504 36,901
Financial result 23,619 14,971 -7,243 20,175 51,522
Depreciation and amortization 82,749 4,670 3 7,083 94,505
EBITDA in accordance with “CVM Res 156” 534,793 176,098 -130,133 -5,110 575,648
Adjusted EBITDA 534,793 176,098 -130,133 -5,110 575,648
           
Cemig GT EBITDA - 1Q25
R$ thousand Generation Transmission Sales Investments Total
Net income for the period 393,597 163,169 27,543 -43,032 541,277
Income tax and social contribution expense 82,433 33,102 2,271 -9,541 108,265
Financial result 3,639 6,196 -3,871 9,590 15,554
Depreciation and amortization 81,922 2,299 3 - 84,224
EBITDA in accordance with “CVM Res 156” 561,591 204,766 25,946 -42,983 749,320
Remeasurement of post-employment liabilities -2,829 -1,747 -400 -538 -5,514
Adjusted EBITDA 558,762 203,019 25,546 -43,521 743,806

 

Cemig GT’s EBITDA totaled R$575.6 million in 1Q26, down 23.2% YoY, while adjusted EBITDA decreased by 22.6%. The main effects on EBITDA in the quarter are as follows:

·R$49 million negative impact from lower GSF for the quarter (0.92 in 1Q26 vs. 1.08 in 1Q25) which led to higher energy purchases at elevated PLD levels
·R$156.1 million decrease in EBITDA from the trading activity, reflecting higher costs to close short positions at elevated prices, partially offset by a less negative submarket effect than in 1Q25
·R$17.0 million improvement in equity income, mainly due to less negative equity income from Belo Monte (R$31.2 million in 1Q26 vs. R$56.3 million in 1Q25)
·R$19.5 million EBITDA from Cemig Sim, reflecting its full consolidation following its acquisition by GT in late 2025
·R$16.9 million reduction in adjusted post-employment expense, excluding the positive effect of R$5.5 million from the remeasurement held in 1Q25. The reduction is explained by the termination of the post-employment health plan obligation, following an agreement ratified by the Regional Labor Court (TRT) at the end of 2025

 

  

Cemig | Earnings Release

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Financial Income and Expenses

(R$ thousand) 1Q26 1Q25 % Change
Financial Income 257,960 193,537 33.3%
Financial expenses -596,384 -443,168 34.6%
Financial result -338,424 -249,631 35.6%

 

The consolidated financial result in 1Q26 represented a net financial expense of R$338.4 million, up R$88.8 million YoY. This performance is mainly due to the following factors:

·R$143.6 million increase in financial expenses related to debentures charges, reflecting higher gross debt and a higher CDI rate during the period (3.4% in 1Q26 vs. 3.0% in 1Q25)
·R$27.7 million increase in financial income from CVA variations, reflecting a higher balance of regulatory assets to be passed through in the next tariff adjustment, driven by energy purchase costs at Cemig D exceeding those approved in the 2025 tariff adjustment.

Net Income

Cemig reported net income of R$979.0 million in 1Q26, compared to R$1,038.7 million in 1Q25. Adjusted net income was 4.1% lower than 1Q25, when it totaled R$1,020.1 million.

As discussed in the previous sections, net income was primarily impacted by the reduction in EBITDA from trading, partly offset by improved performance at the distribution unit. The financial result, in turn, was negative R$338 million, R$88.8 million higher than 1Q25, due to the increase in net debt. Offsetting this factor, the effective income tax rate was lower in 1Q26, influenced by higher declared IoC, amounting to R$658 million in 1Q26 and R$541 million in 1Q25.

Reconciliation of Consolidated Recurring Net Income
R$ thousand 1Q26 1Q25
Net income for the period (IFRS) 978,979 1,038,740
Remeasurement of post-employment liabilities - -18,280
Recurring Net Income 978,979 1,020,460

 


  

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Investments totaled R$1.48 billion in 1Q26, up 22% YoY.

The main highlights in 1Q26 were: (i) a R$1.28 billion investment by Cemig Distribuição connecting over 26,000 new customers, building 6 new and expanding 1 substations, constructing 765,000 km of low- and medium-voltage networks, and installing 92,000 smart meters; (ii) a R$103 million investment in transmission reinforcements and improvements, addition of 19 MWp of installed capacity in distributed photovoltaic generation, and the construction of 23.6 km of gas pipelines by Gasmig.

The execution of the largest investment program in Cemig’s history ensures the modernization and reliability of its electric system, in line with the Company’s strategic focus on Minas Gerais and its core businesses, while delivering an even better service to customers. Investments of R$43.70 billion are planned for 2026–2030, including R$6.72 billion in 2026.

 

  

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CONSOLIDATED (R$ thousand) Mar/26 2025 % Change
Gross Debt 19,610,517 19,465,331 0.7%
Cash and cash equivalents + marketable securities 1,792,522 2,661,338 -32.6%
Net Debt 17,817,995 16,803,993 6.0%
CEMIG GT (R$ thousand) Mar/26 2025 % Change
 Gross Debt 3,190,730 3,155,368 1.1%
 Cash and cash equivalents + marketable securities 764,837 463,891 64.9%
 Net Debt 2,425,893 2,691,477 -9.9%
CEMIG D (R$ thousand) Mar/26 2025 % Change
 Gross Debt 14,982,925 14,892,088 0.6%
 Cash and cash equivalents + marketable securities 441,369 1,268,007 -65.2%
 Net Debt 14,541,556 13,624,081 6.7

 

 

 

The Company maintains disciplined execution of its financial strategy, focused on optimizing cash flow, reducing the cost of capital, and extending its debt maturity profile.

Average debt maturity reached 6.6 years at the end of 1Q26. Notably, 76% of total debt matures in 2029 or later, positioning repayments largely beyond upcoming Tariff Review processes for the distribution and transmission businesses, enhancing predictability and financial flexibility.

Resilience and Financial Flexibility

In a potentially more selective capital markets environment, the Company remains well positioned, supported by its strong credit ratings and the defensive nature of the electric power sector. The capital structure is further reinforced by pre-approved credit lines that can be rapidly deployed during periods of volatility. Management continuously monitors funding alternatives—including multilateral agencies, development banks, receivables discounting, and Law 4,131 loans—enabling the Company to access more favorable market windows. In scenarios of widening spreads, the impact on the overall cost of debt would be limited, as the current liability profile is not directly affected by secondary market movements or NTN-B yields.

Covenant Structure

The Company reiterates that its current covenant levels are appropriate for the maturity of its projects and aligned with industry peers, ensuring security for investors and supporting the sustainability of its operations.

  

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Cemig’s credit ratings have steadily improved in recent years, reaching the highest level in the Company’s history.

In 2025, the Company received an AAA rating from an additional credit rating agency, following a Moody's upgrade, further underscoring its financial strength, consistent performance, and disciplined capital allocation.

The evolution of ratings is shown below:

 

 

 

  

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Cemig has established public sustainability commitments and is implementing strategic initiatives monitored through corporate KPIs and targets. These commitments are structured around five pillars: (i) Energy Transition, (ii) Environment, (iii) Local Development, (iv) Our People, and (v) Strong Governance.

 

 

Corporate Highlights

Energy Transition

Cemig reinforces its climate leadership by achieving 100% offsetting of Scope 1 emissions for 2024 ahead of schedule (with 2025 figures still pending) and expects to continue offsetting emissions in the coming years. In parallel, 700 municipalities are now served by dual power supply, in line with the goal of reaching full coverage of municipal seats under this system.

The company was once again selected for the CDP A List, achieving the maximum score in 10 of the 16 evaluated criteria, notably:

·Public commitment to net-zero emissions by 2040
·Development of low-carbon products
·Strong initiatives to mitigate emissions and modernize the grid

 

  

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Environmental Highlight

The diagnosis of ecosystem services impacts and dependencies for Cemig has been completed. This assessment will support the development of internal strategies to mitigate negative impacts and reduce dependencies, contributing to improved operational processes and the promotion of biodiversity conservation.

 

Corporate Governance and Risk Management

In recent months, Cemig has advanced its governance practices. For the third consecutive year, the Company obtained the ISO 31000 Statement of Conformity, reinforcing the maturity of its risk management processes. In addition, the 2025–2026 Corporate Risk Matrix was approved, developed through a collaborative process and focused on consolidating key strategic risks under senior management oversight.

 

 

 

Sustainability indicators were reorganized to better align with Cemig’s new Materiality Matrix (pp. 6–7 of the Cemig Sustainability Report), which identifies eight material topics—three considered double material, four financially material, and one impact material. This reorganization strengthens the alignment between reported indicators and the Company’s priority themes, as well as those of its stakeholders.

Climate Change

KPIs 1Q26
Renewable fuel consumption (GJ) – cumulative 1,411
Non-renewable fuel consumption (GJ) – cumulative 30,812
Basic grid loss rate (%) 2
Total distribution loss rate * 11
% of generation from renewable sources 100

 

* ANEEL revised the methodology starting in 2Q25. Public Consultation No. 09/2024 requires the use of metered market data rather than billed data. Figures are calculated based on the average of the months in each quarter.

 

Renewable Energy

KPIs 1Q26
I-RECs sold from renewable sources 1,039,088
Cemig RECs sold from renewable sources 7,530,464
Number of smart meters installed 86,575

 

Water Resources

  

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KPIs 1Q26
Surface Water Monitoring Management Indicator (IGMAS) (%) 100

 

People Health

KPIs 1Q26
Accident frequency rate (direct and third-party employees) - cumulative 3.31
Number of fatal or non-fatal accidents involving the public - cumulative 15

 

Local Communities

KPIs 1Q26
Allocation to the Fund for Children and Adolescents (FIA) (R$) 334,121
Allocation to the Fund for the Elderly (R$) 334,121
Allocation via the Sports Incentive Law (R$) 668,242
Allocation to Culture (R$) 94,675,653

 

Customer Satisfaction and Transparency

KPIs 1Q26
DEC - Equivalent Interruption Duration per Customer (hours) 8.75
FEC – Equivalent Interruption Frequency per Customer (unit) 4.94

 

Ethical Conduct and Integrity

KPIs 1Q26
Total complaints received​ 450
Total valid or partially valid complaints resolved​ 40
Number of customers, consumers, and employees affected by significant harm due to violations related to Privacy and Personal Data Protection​ 0
Number of independent directors 8
% of shares held by members of the boards and executive management 0

 

 

  

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Share Performance     Name Mar/26 2025 % Change
Share price (2)
CMIG4 (PN) closing price (R$/share) 12.61 10.99 14.73%
CMIG3 (ON) closing price (R$/share) 16.75 14.49 15.57%
CIG (ADR PN) closing price (USD/share) 2.39 2 19.35%
CIG.C (ADR ON) closing price (USD/share) 3.28 2.61 25.67%
Average daily volume
CMIG4 (PN) (R$ million) 157.89 127.52 23.82%
CMIG3 (ON) (R$ million) 1.92 3.24 -40.65%
CIG (ADR PN) (US$ million) 13.42 5.49 144.17%
CIG.C (ADR ON)  (US$ million) 0.02 0.01 54.61%
Indices
IEE 132,694 123,056 7.83%
IBOV 187,462 161,125 16.35%
CDI 10,614 10,258 3.47%
Indicators
Market value at period-end (R$ million) 40,034 35,388 13.13%
Enterprise value (EV - R$ million) (1) 56,843 48,488 17.23%
Dividend Yield CMIG4 (PN) (%)  (3) 13.41 14.74 1.45 p.p
Dividend Yield CMIG3 (ON) (%)  (3) 10.1 11.23 1.01 p.p
(1) EV = Market value (R$/share × number of shares) + consolidated net debt;  
(2) Prices adjusted for distributions, including dividends    
(3) Dividends distributed over the last four quarters / closing share price  

Considering trading volumes of common (ON) and preferred (PN) shares, Cemig ranked as the fifth most traded company in the Brazilian energy sector and among the most traded in the local capital market. On the New York Stock Exchange, trading volume of the Company’s preferred ADRs (CIG) totaled US$818.4 million in 2026, reflecting recognition from the investment market and reinforcing Cemig’s position as an attractive global investment option. The Ibovespa (the main benchmark index for the performance of B3, Brazil’s Stock Exchange) rose 16.35% during the period, while Cemig’s preferred and common shares gained 14.73% and 15.57%, respectively. The ADRs posted gains of 19.35% (preferred) and 25.67% (common).

 

  

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Power Plants Company Cemig Power (MW) Cemig
Firm Energy (MW)
End of Concession Type Cemig Stake
Reversal CEMIG GT 1,192 475 May/27 HPP 100.0%
Nova Ponte CEMIG GT 510 257 Aug/27 HPP 100.0%
Três Marias CEMIG GT 396 227 Jan/53 HPP 100.0%
Irapé CEMIG GT 399 198 Oct/40 HPP 100.0%
Salto Grande CEMIG GT 102 74 Jan/53 HPP 100.0%
Sá Carvalho      Sá Carvalho S.A 78 54 Aug/26 HPP 100.0%
Rosal Rosal Energia S. A 55 28 Dec/35 HPP 100.0%
Itutinga CEMIG G. ITUTINGA 52 27 Jan/53 HPP 100.0%
Boa Esperança CEMIG GT 85 25 Aug/57 PV 100.0%
Camargos CEMIG G. CAMARGOS 46 22 Jan/53 HPP 100.0%
Três Marias Jusante CEMIG GT 70 20 Feb/58 PV 100.0%
Volta do Rio CEMIG GT 42 18 Dec/31 WIND 100.0%
Poço Fundo CEMIG GT 30 17 Jun/52 SHPP 100.0%
Pai Joaquim              CEMIG PCH  S.A 23 14 Sep/41 SHPP 100.0%
Piau CEMIG G. SUL 18 14 Jan/53 HPP 100.0%
Parajuru Beaches CEMIG GT 29 8 Sep/32 WIND 100.0%
Locust CEMIG G. OESTE 14 7 Jan/53 HPP 100.0%
Peti CEMIG G. LESTE 9 6 Jan/53 HPP 100.0%
Joasal CEMIG G. SUL 8 5 Jan/53 HPP 100.0%
Tronqueiras CEMIG G. LESTE 9 3 Dec/46 HPP 100.0%
Queimado   CEMIG GT 87 53 Jun/41 HPP 82.5%
Belo Monte Norte 1,313 534 Jul/46 HPP 11.7%
Paracambi Lightger 12 10 Jan/34 SHPP 49.0%
Cachoeirão                         Hidrelétrica Cachoeirão 13 8 Jan/46 SHPP 49.0%
Pipoca Hidrelétrica Pipoca 20 12 Dec/34 SHPP 100.0%
Other   59 31      
Subtotal   4,672 2,146      
Distributed Generation            
Cemig GT Cemig GT 14.5 3.6   PV 100.0%
Cemig Sim Cemig Sim 113.0 29.8   PV 100.0%
Subtotal   127.5 33.4      
Total   4,799 2,179      

 

Note: The firm energy for Boa Esperança and Jusante PVs reflects values certified by an independent certification company but not yet approved by ANEEL. For Cemig Sim’s plants, installed capacity is presented in MWac, and estimated generation was used as a proxy for the firm energy in the table.

Cemig Sim also sells energy from leased plants with total capacity of 283 MWp. Further details on expansion projects for Cemig Sim and Cemig GT are provided on the following page.

 

  

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Expansion in Photovoltaic Generation

Project Company Installed Capacity (MWac) Capacity
(MWp)
Expected Generation (MWavg) Expected Commissioning Date
Ouro Solar Cemig Sim 11.5 16.3 3.3 Jun/26 to Aug/26
Bloco Azul Cemig Sim 15.0 21.3 3.8 Jun/26 to Aug/26
Solar do Cerrado Cemig Sim 30.0 42.0 8.6 Apr/26 to Nov/26
Cemig GT - Sol Central Cemig GT 17.0 22.1 4.0 Jul/26
Total   73.5 101.7 19.7  

 

 

  

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As of July, the RAP for the 2025/2026 cycle became effective, already incorporating effects of the RBSE remeasurement financial component for Cemig, as defined by ANEEL.

REH - ANEEL RESOLUTION 3,481/2025 (2025/2026 cycle)
R$ thousand RAP Adjustment Portion (PA) Total Due Date
Cemig 1,245,408 60,207 1,305,615  
Cemig GT 1,164,296 62,435 1,226,731 Dec/42
Cemig Itajuba 52,484 -1,061 51,423 Oct/30
Centroeste 16,078 -1,017 15,061 Mar/35
Sete Lagoas 12,550 -150 12,401 Jun/41
Taesa (21.68% stake held by Cemig) 956,249 -35,288 920,961  
TOTAL RAP     2,226,576  

 

RBSE* COMPENSATION at June 2025 prices. Amount excluding charges
Amounts in R$ thousand per Cycle 2025–2026 2026–2027 2027–2028 2028–2029 2029 through 2033
Economic 112,434 112,434 112,434 35,253 35,253
Financial 298,669 298,669 298,669 - -
Total 411,102 411,102 411,102 35,253 35,253
**RBSE compensation amounts are included in Cemig’s RAP (first table)

 

Cemig has already obtained approval (Authorizing Resolution - REA) for large-scale Reinforcements and Improvements, totaling R$1,158.1 million in CAPEX, in addition to R$231.3 million related to Lot 1 of Auction No. 02/2022 (completion of works expected in 2028).

Note: The 2025 projected commissioning refers to projects already completed but not yet incorporated into RAP for the tariff adjustment effective July 2025.

Projected commissioning Capex (R$ thousand) RAP (R$ thousand)
2025 141,292 22,483
2026 478,422 76,916
2027 391,092 65,088
2028 309,186 32,233
2029 69,452 11,522
Total 1,319,992 196,705

 

 

  

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1Q26 - Regulatory Revenue and EBITDA from Transmission
Amounts in R$ thousand Cemig GT Centroeste Sete Lagoas Total
Revenue from electricity transmission operations 442,464 2,821 3,452 448,737
Taxes on revenue -38,495 -103 -319 -38,917
Charges -66,549 -195 -143 -66,887
Net revenue 337,420 2,523 2,990 342,933
Regulatory net income 208,750 2,028 1,795 212,573
Income tax and social contribution 513 177 718 1,408
Financial result 13,890 -263 -557 13,070
Depreciation and amortization 44,310 366 609 45,285
Regulatory EBITDA 267,463 2,308 2,565 272,336
         
1Q25 - Regulatory Revenue and EBITDA from Transmission
Amounts in R$ thousand Cemig GT Centroeste Sete Lagoas Total
Revenue from electricity transmission operations 454,337 6,482 2,620 463,439
Taxes on revenue -39,808 -237 -242 -40,287
Charges -84,718 -213 -114 -85,045
Net revenue 329,811 6,032 2,264 338,107
Regulatory net income 189,792 2,595 1,041 193,428
Income tax and social contribution 11,711 259 381 12,351
Financial result 6,016 -186 -270 5,560
Depreciation and amortization 55,156 363 609 56,128
Regulatory EBITDA 262,675 3,031 1,761 267,467

 

 

Further details, financial statements, and spreadsheets can be found at the following link:

Results Center | Cemig IR

 

  

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Certain statements and estimates contained in this material may constitute forward-looking statements regarding future events or results, which are subject to known and unknown risks and uncertainties. There can be no assurance that such expectations will materialize.

These statements are based on the assumptions and analyses of our management, considering its experience and other factors, including the macroeconomic environment, electricity market conditions, and expected future performance, many of which are beyond our control.

Factors that may cause actual results to differ materially from those expressed or implied in these forward-looking statements include, among others, our business strategy, Brazilian and global economic conditions, technological developments, our financial strategy, changes in the electricity sector, hydrological conditions, conditions in the financial and energy markets, and uncertainties related to our future operating results, plans, and objectives. Accordingly, actual results may differ materially from those indicated or implied herein.

The information and opinions contained herein should not be construed as a recommendation to potential investors, and no investment decision should be based on the accuracy, timeliness, or completeness of such information or opinions. Neither the Company, its officers, employees, affiliates, nor their representatives shall be liable for any losses arising from the use of the content of this presentation.

For a discussion of risks and uncertainties related to Cemig, as well as additional information on factors that could cause actual results to differ materially from those estimated by the Company, please refer to the Risk Factors section of the Reference Form filed with the Brazilian Securities and Exchange Commission (CVM) and the Form 20-F filed with the U.S. Securities and Exchange Commission (SEC).

Financial figures are presented in millions of Brazilian reais (R$), unless otherwise indicated. The financial information has been prepared in accordance with IFRS.

 

 

  

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3.Notice to the Market – Changes in relevant equity interest, dated May 20, 2026
 
 
 

 

 

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

COMPANY REGISTRY (NIRE): 31300040127

 

 

 

 

NOTICE TO THE MARKET

 

Change in relevant equity interest

 

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG ("Cemig" or “Company"), a publicly held company with shares traded on B3 S.A. – Brasil, Bolsa, Balcão and the New York Stock Exchange (NYSE), hereby informs its shareholders and the market in general, pursuant to Article 12 of CVM Resolution 44, of August 23, 2021, that it has received a notice from Banco Clássico S.A. informing it of an increase in relevant equity interest in the Company’s share capital.

 

According to the notice received, as a result of a transaction carried out in the spot market on May 19, 2026, Banco Clássico S.A., through its exclusive fund Dinâmica Energia FIF Ações – Resp. Ltda. (Corporate Taxpayer’s ID (CNPJ) number 08.196.003/0001-54), acquired 7,400,000 preferred shares issued by the Company. Following the completion of this transaction, the aforementioned Investor now holds 313,988,379 (32.82%) common shares and 190,614,480 (10.00%) preferred shares.

 

Considering the total number of shares held, Banco Clássico S.A., through the aforementioned fund, now holds 17.63% of Cemig’s total share capital, according to the attached correspondence.

 

The Investor further stated that the transactions carried out are intended to diversify its investments in the electric energy sector and allocate part of its investments to the country’s infrastructure sector.

 

The Company remains available to its shareholders and the market for any additional clarifications that may be necessary.

 

 

Belo Horizonte, May 20, 2026.

 

 

 

 

 

Andrea Marques de Almeida

Vice President of Finance and Investor Relations

 

 
 
 

 

4.Notice to the Market – Cemig SIM completes the acquisition of 11 DG photovoltaic plants, dated June 3, 2026
 
 
 

 

 

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

COMPANY REGISTRY (NIRE): 31300040127

 

 

 

 

NOTICE TO THE MARKET

 

Cemig SIM completes the acquisition of 11 DG photovoltaic plants

 

 

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG” or “Company”), a publicly held company with shares traded on the stock exchanges of São Paulo and New York, hereby informs its shareholders and the market in general that its wholly owned subsidiary CEMIG SOLUÇÕES INTELIGENTES EM ENERGIA S.A. (“Cemig SIM”) has completed, on this date, the acquisition of the entire share capital of three Special Purpose Entities holding 11 distributed generation (“DG”) photovoltaic plants (“PVPs”) with a total installed capacity of 26.2 MWp.

 

The acquisition price was R$155 million. The DG assets are connected to the grid in the municipalities of Riachinho, São Romão, Brasilândia de Minas, and Porteirinha, all located in the northern region of the State of Minas Gerais.

 

The energy generated by these 11 photovoltaic plants is sufficient to supply a municipality with 20,000 inhabitants and is equivalent to avoiding 2,028 tons of CO2 emissions per year.

 

This acquisition is in line with CEMIG’s Strategic Plan, seeks to optimize the portfolio of wholly owned assets and increase operational efficiency through the capture of commercial, administrative, and operational synergies.

 

CEMIG reaffirms its commitment to keeping its shareholders, the market in general, and other stakeholders duly and timely informed, in accordance with CVM regulations and applicable legislation.

 

 

Belo Horizonte, June 03, 2026.

 

 

 

 

 

 

Andrea Marques de Almeida

Vice President of Finance and Investor Relations

 

 

 
 
 

 

5.Notice to Shareholders – Resolutions of the Annual Shareholders' Meeting - DIVIDENDS/IoE, dated April 30, 2026

 

 
 
 

 

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

COMPANY REGISTRY (NIRE): 31300040127

B3 (CMIG3, CMIG4)

NYSE (CIG, CIGC)

 

NOTICE TO SHAREHOLDERS

 

Resolutions of the ASM

DIVIDENDS/IoE

 

We hereby inform our shareholders that the Annual Shareholders’ Meeting (ASM), held today, resolved, among other matters, as follows:

 

 

Considering the net income for fiscal year 2025, of R$4,897,409 thousand, the amount of R$3,513,358 thousand shall be allocated as mandatory dividends to the Company’s shareholders, as follows:

 

üTo ratify the amount of R$2,837,219 thousand, already declared, comprising R$2,419,918 thousand in the form of interest on equity (“IoE”) and R$417,301 thousand in the form of dividends, according to the table below;

 

Description Approval Date With Date Ex Gross amount per common/preferred share Total gross amount Payment
Date
(R$) (R$ thousand)
IoE 03/20/2025 03/25/2025 03/26/2025 0.18911784746 541,006 Two equal installments:  50% by 06/30/2026 and 50% by 12/30/2026
06/17/2025 06/23/2025 06/24/2025 0.20860690716 596,758
09/23/2025 09/29/2025 09/30/2025 0.21139610230 604,737
12/18/2025 12/23/2025 12/26/2025 0.23680263228 677,417
Total IoE   0.84592348920 2,419,918
Dividends 12/17/2025 12/22/2025 12/23/2025 0.14587483160 417,301 12/30/2025
Total Dividends   0.14587483160 417,301
Total IoE/Dividends   0.99179832080 2,837,219  

 

üDeclare R$676,139 thousand in the form of dividends, according to the table below;

 

Dividends
Gross amount per share R$0.23635588564
Date “with rights” (1 04/30/2026 
Date “ex-rights”  05/04/2026 
Payment date 

2 (two) equal installments: 

  • the first by 06/30/2026 and 
  • the second by 12/30/2026 

 

(1)Common and preferred shareholders of record will be entitled to the payment.

 

Shareholders whose shares are not held in custody at CBLC and whose registration data is outdated are advised to go to a branch of Banco Itaú Unibanco S.A. (the institution managing CEMIG’s Registered Share System) bearing their personal documents for the due update of their registration data.

 

Belo Horizonte, April 30, 2026.

 

Andrea Marques de Almeida

Vice President of Finance and Investor Relations