Summary

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	5
1.6 Consolidated Net Profit	5
1.7 Debt and Leverage	6
2. Investment	7
3. Copel Generation and Transmission (GenCo)	8
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	12
RBSE	12
4. Copel Distribution (DisCo)	13
4.1 Economic and Financial Performance	13
4.1.1 Regulatory Efficiency	14
4.2 Operational Performance	14
4.2.1 Market-Wire (TUSD)	14

4.2.2 Captive Market	14
4.2.3 Operational data	14
5. Copel Commercialization (TradeCo)	16
5.1 Economic and Financial Performance	16
5.2 Operational Performance	17
6. ESG performance	18
6.1 Copel, a pioneer in the ESG sector	18
6.2 Recent highlights	19
6.3 Indicators	19
6.4 Ratings, Rankings and Indexes	20
7. Other highlights from the period	21

1. Consolidated Results

The consolidated result is made up of Copel Holding, Copel Geração e Transmissão (GenCo), Copel Distribuição (DisCo), Copel Comercialização (TradeCo) and other equity holdings[1]. The following analyses refer to the first quarter of 2025 (1Q25) compared to the same period in 2024 (1Q24).

1.1 EBITDA

Copel's recurring EBITDA[2] amounted to R$1,503.2 million in 1Q25, 13.0% higher than in 1Q24, demonstrating the ongoing advances in management efficiency and the consolidation of operational excellence practices. GenCo and TradeCo together accounted for 53.5% of this result, while DisCo accounted for 46.1%.[3]

The highlights of this quarter were,

(i)

DisCo’s recurring EBITDA grew 12.4% in relation to 1Q24, totaling R$692.9 million, mainly due to the 0.9% growth in the billed wire market and the average readjustment of 2.7% in June/2024 in the Tariffs for the Use of the Distribution System - TUSD; partially offset by the higher volume coming from the micro and mini distributed generation compensation system (MMGD);

(ii)

GenCo's EBITDA increased by 13.9%, driven by a higher volume of energy sold (5,971 GWh compared to 5,778 GWh in 1Q24) and the higher average energy price of the portfolio (R$173.16/MWh compared to R$171.55/MWh in 1Q24); and the reduction in the generation deviation of R$15.3 million (-30.5%), as a result of the higher volume of wind, partially offset by the increase in curtailment in 1Q25 (6.8% compared to 1.9% in 1Q24) and the unavailability of some machines; and

(iii)

the 22.3% decrease (-R$65.6 million) in personnel and administration costs, influenced by the reduction of 1,382 employees between 1Q24 and 1Q25, mostly explained by the Voluntary Dismissal Program (PDV), concluded in 2024.

Consolidated Recurrent EBITDA

Note: Considers discontinued operations

 

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

 

The non-recurring items registered in 1Q25 that adjusted Ebitda are: (i) provision for PDV compensation, instituted in February 2025, as determined in a collective bargaining agreement, with layoffs expected by June of the same year, as well as the complement to the 2023/2024 PDV; and (ii) the amount of R$109.8 million referring to the partial closing of divestments of small assets, concluded on March 31, 2025. Further information is available in Chapter 7 - Other highlights of the period.

1.2 Operating Revenue

Net operating revenue totaled R$5,892.1 million in 1Q25, an increase of 8.8% compared to the R$ 5,417.0 million recorded in 1Q24. This result mainly reflects the increase:

(i)

of R$234.7 million (+31.7%) in electricity supply revenue, primarily due to: (i) higher average price of GenCo's portfolio; (ii) the increase in the volume of energy sold by TradeCo under bilateral contracts (3,959 GWh compared to 3,213 GWh in 1Q24); and (iii) a reduction in the generation deviation in wind farms;

(ii)

of R$122.7 million (+6.8%) in grid availability revenue, mainly due to the 0.9% growth in the DisCo billed wire market, the tariff readjustment in June/2024 with an average effect of 2.7% on the TUSD, in addition to the update of transmission contract asset balances, mainly due to the higher IPCA (National Broad Consumer Price Index) between the periods (2.04% compared to 1.41% in 1Q24);

(iii)

R$66.0 million (+11.5%) in construction revenue, due to the increased volume of works related to DisCo's investment program, which includes investments aimed at infrastructure enhancement and modernization, as well as improvements in customer service (see topic 2), besides reinforcements and improvements in the transmission segment;

(iv)

R$ 20.0 million (+15.6%) in other operating revenues, mainly due to higher revenues from leases and rentals of equipment and structures from DisCo; and

(v)

of R$5.0 million (+26.6%) in the fair value of the concession's compensable asset, related to the correction of the asset base, given the 2.04% variation in the IPCA from January to March 2025.

1.3 Operating costs and expenses

 

In 1Q25, operating costs and expenses totaled R$4,611.0 million, an increase of 3.3% compared to the R$4,463.6 million recorded in 1Q24. Highlights include:

(i)

an increase of R$278.9 million in electricity purchased for resale (+14.1%) due essentially to: (a) the higher volume of energy from the distributed generation system in the amount of R$164.2 million; (b) the increase in bilateral contracts of R$93.7 million, especially at TradeCo, due to the increase in the volume of energy sale contracts; and (c) the higher cost of electricity purchased from Itaipu Binacional, in the amount of R$29.9 million, due to the monetary variation of the dollar in the period (on average R$4.96/US$ in 1Q24 against R$5.79/US$ in 1Q25);

(ii)

a decrease of R$65.6 million (-8.8%) in charges for the use of the electricity grid, mainly due to the reduction in electricity transportation costs; and

(iii)

a reduction of R$15.5 million (-18.0%) in provisions and reversals, mainly due to the drop in expected credit losses of R$20.3 million, reflecting the strengthening of the Company's collection initiatives and agreements. This effect was partially offset by the increase in provisions for litigation, especially in labor, environmental and right of way cases, despite the reduction in civil and administrative law provisions.

In relation to manageable costs, the PMSO (People, Material, Services and Other Costs) increased by R$5.7 million (+0.8%), excluding provisions and reversals, mainly due to: (i) an increase of R$38.2 million (+15.7%) in third-party services due to higher maintenance costs for the electricity system; (ii) an increase in other operating expenses of R$15.6 million (+16.6%), due to the gain on the sale of land in 1Q24 at DisCo; and (iii) the increase in costs with CFURH (financial compensation for the use of water resources) by R$11.4 million. The increase was partially offset by decreases of R$44.7 million (-15.2%) in personnel and administrators and R$8.0 million (-11.7%) in pension and assistance plans, due to the reduction of 1,382 employees in the workforce between March/2024 and March/2025, mainly as a result of the Voluntary Dismissal Program.

 

Neutralizing the effects of provisions related to performance bonuses (PPD), profit sharing (PLR), long-term incentives and PDV, there was a reduction of R$52.1 million (-22.2%) in personnel and administration costs in the quarterly comparison, the effect of the reduction the workforce in the comparison between the periods, partially offset by the collective bargaining agreement - ACT 2024, which established a salary increase of 4.09% (INPC accumulated 12 months to September/2024).

 

Evolution of the workforce

 

Breakdown of Costs and Expenses

 

1.4 Equity Income Result

The equity income of Copel's jointly controlled ventures and other affiliates in 1Q25 increased 23.0% compared to the same period last year (R$100.4 million, compared to R$81.6 million in 1Q24). The increase is mainly due to the updating of the contract assets of the jointly owned subsidiaries in the transmission segment caused by higher inflation in the period (IPCA 2.04% compared to 1.41% in 1Q24). Details of the results can be seen in Annex I.

1.5 Financial Results

The financial result was a negative R$446.5 million in 1Q25 compared to a negative R$268.2 million in 1Q24, a decrease of R$178.4 million (-66.5%), reflecting, mainly:

(iv)

an increase of R$ 177.5 million (+41.6%) in expenses with monetary variations and debt charges, due to the increase in debt and the CDI rate (the main index for Copel's debts);

(iv)

the increase of R$24.8 million (+156.9%) in net expenses with monetary variation and adjustment to present value on accounts payable linked to the concession;

(iv)

the increase of R$ 23.9 million in the update of the provision related to the lawsuit filed by Copel Distribuição in 2009, which recognized the right to exclude from the PIS and Cofins calculation basis the full amount of ICMS highlighted on outgoing invoices; and

(iv)

the updating of the remuneration of sectoral financial assets and liabilities, in the net amount of R$11.8 million.

These effects were partially offset by the increase in financial revenue, especially R$33.3 million from interest on taxes to be offset and R$31.9 million (+67.9%) from interest and late payment increases on invoices, reflecting the greater recovery of invoices, driven by the reinforcement of collection actions.

 

1.6 Consolidated Net Profit

Net income reported in 1Q25 was R$ 664.7 million, 24.6% higher than the net income reported in 1Q24, of R$ 533.5 million. Adjusting for non-recurring effects, recurring net income was R$ 576.9 million in 1Q25.

Adjustments to net income

 

Compared to 1Q24, recurring net income increased by 6.4%, from R$ 542.0 million to R$ 576.9 million in 1Q25. In addition to the changes already analyzed, the following contributed to the improved result: (i) a reduction of R$ 9.6 million in depreciation and amortization, effect of the renewal of concessions and the reclassification of assets held for sale; and (ii) lower income tax and social contribution of R$ 13.9 million, due to the reversal of litigation in 1Q24, resulting in higher deferred tax, offset by the increase in current tax due to better performance in the period.

Change in consolidated net income

1.7 Debt and Leverage

Copel's total consolidated debt in 1Q25 was R$19,417.4 million, an increase of 9.4% in relation to the amount of R$17,753.8 million recorded on December 31, 2024. The variation is mainly due to the entry of debentures, in the amount of R$2,000.0 million in GenCo in this quarter, partially neutralized by the amortization of R$677.2 million in principal and R$268.3 in charges.

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

 

Debt per Subsidiary

1The debt of Colider and Cavernoso was reclassified to liabilities held for sale.
2Considering Copel Geração e Transmissão S.A. (parent company).

3Includes Copel Serviços, wind farms (Brisa Potiguar, Cutia, Jandaíra, Vilas, Aventura and SRMN) and transmission companies (Costa Oeste and Marumbi)

 

Adjusted Net Debt/Recurring EBITDA

The company maintained a solid financial position in 1Q25, with an improvement in capital structure indicators. Leverage, as measured by the net debt/recurring EBITDA ratio, fell compared to 4Q24 (2.3x in 1Q25 compared to 2.6x in 4Q24), due to lower net debt in the period, combined with growth in recurring EBITDA. This performance reinforces the company's commitment to financial discipline and the sustainable generation of value for shareholders.

Debt Indexers

 

Amortization - R$ million

Average term: 4.4 years

 

2. Investment

In 1Q25, the investment program amounted to R$679.2 million, 88.0% of which was made by DisCo and 11.9% by GenCo.

1Includes the Transformation Program made up of the Paraná Three-Phase and Smart Grid projects.

2Includes Facilities Modernization Plan - PMI.

3Includes COGT (Generation and Transmission Operations Centre) modernization, GPS Parigot de Souza HPP modernization, Marumbi and Uirapuru SPEs, Jandaíra Wind Complex and Modernization Projects

4Includes innovation plan in the energy sector and aligned with the investment thesis, Copel's innovation programs and ESG practice.

Of the amount realized by Copel’s DisCo in the quarter, 86.2% was earmarked for investments in electrical assets and 13.8% in non-electrical assets and other investments. The funds were allocated mainly within the scope of the Paraná Trifásico and Smart Grid 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:

o

Paraná Three-Phase: this program includes 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 March 2025, 21,784 km of grid had been completed.

o

Smart Grid: the program aims to implement a private communication grid with standardized technology to serve all the distribution grid's automation equipment and advanced metering infrastructure. By the end of March 2025, 1,228,082 smart meters had already been installed. In phases 1, 2 and 3 of the program, advances were identified for our operation, with a reduction in man-hours and km traveled, fewer non-technical losses, an improvement in 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 assets, corresponding to 56.7% of the total invested in 1Q25, and maintenance and modernization of generation assets, which accounted for 25.5% of the investments.

3. Copel Generation and Transmission (GenCo)

(Consolidated Result)

3.1 Economic and Financial Performance

 

GenCo reported recurring EBITDA[4] of R$783.1 million, 13.9% higher than the R$687.7 million recorded in 1Q24. This result mainly reflects, (i) a 3.3% increase in the volume of energy sold (5,971 GWh compared to 5.778 GWh in 1Q24) and a 0.9% increase in the average price of GenCo's portfolio (R$173.16/MWh compared to R$171.55/MWh in 1Q24); (ii) lower deviation from wind generation, down R$15.3 million (-30.5%), partially offset by the increase in curtailment in 1Q25 (6.1% compared to 1.9% in 1Q24) and the unavailability of some machines; (iii) a reduction of R$20.0 million in personnel and administrative expenses, mainly as a result of the reduction of 367 employees, mostly related to the POS concluded in 2024; (iv) a decrease in charges for the use of the electricity grid of R$13.7 million (-9.4%), due to the reduction in the Tariff for the Use of the Transmission System (TUST) in July 2024; (iv) a decrease in energy purchased for resale of R$5.7 million (-19.3%), due to better hydrological conditions in the period (average GSF of 107.7% in 1Q25 compared to 90.3% in 1Q24); and (v) an increase of R$3.5 million (+1.4%) in electricity grid availability revenue, due to the updating of transmission contract asset balances, impacted by higher inflation in the period (IPCA 2.04% compared to 1.41% in 1Q24).

 

Item 3.1.1 presents the regulatory accounting of the result for analysis purposes without the IFRS (International Financial Reporting Standards) effect on transmission assets

PMSO expenses (manageable costs), excluding provisions and reversals, decreased by R$1.4 million, -0.6% when compared to 1Q24, mainly due to: (i) the reduction in costs with "Personnel and administrators" mentioned above; partially offset by (ii) the increase in "Third-party services" by R$3.0 million (+4.6%), mainly due to higher costs with maintenance of the electricity system and specialized services; and (iii) the increase in "Other operating costs and expenses" by R$9.2 million (+15.8%), mainly due to higher costs with CFURH (financial compensation for the use of water resources).

 

 

Neutralizing the effects of the provisions relating to the PDV, PPD and PLR, there was a 21.6% reduction in personnel and administration costs compared to 1Q24, reflecting the reduction in the workforce between the periods, partially offset by the 4.09% salary adjustment applied in October/2024 under the 2024 Collective Bargaining Agreement.

Recurring net income reached R$340.4 million in 1Q25, an increase of 17.2% compared to 1Q24. This result mainly reflects: (i) higher EBITDA, due to the points presented above; (ii) a reduction in depreciation of R$36.6 million, the effect of the renewal of concessions and the reclassification of assets held for sale; partially offset by (ii) higher expenditure on Income Tax and Social Contribution of R$47.3 million, due essentially to the payment of Interest on Equity (JCP) to Holding companies, which occurred in 1Q24 and not in 1Q25; and (ii) negative variation in the financial result (-R$257.1 million in 1Q25, compared to -R$166.9 million in 1Q24), explained by the higher amount of financial expenses with debt charges, due to the higher amount of debt and higher IPCA (2.04% compared to 1.41% in 1Q24) and CDI (2.94% 1Q25 compared to 2.62 in 1Q24).

 

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:

3.2 Operational Performance

With a presence in 10 states, GenCo operates a diversified park of hydroelectric and wind power plants, totaling 6,475.5 MW of installed capacity and 2,845.3 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 5.1% higher in 1Q25 (6,303 GWh against 5,998 GWh in 1Q24), due to a more favorable hydrological scenario. At the wind farms, generation was 17.3% higher in 1Q25 (752 GWh compared to 641 GWh in 1Q24), despite the increase in curtailment in 1Q25 (6.1% compared to 1.9% in 1Q24) and the unavailability of some machines.

 

3.2.2 Energy sold

 

In the 1st quarter of 2025, GenCo recorded 4,720 GWh of electricity sold from hydroelectric sources, an increase of 1.4%, mainly due to higher sales under bilateral contracts. The energy sold does not consider the generation allocated to the Energy Reallocation Mechanism (MRE), which increased by 28.6% in the quarter (1,835 GWh compared to 1,427 GWh in 1Q24), reflecting the better hydrological conditions in the period.

For wind farms, the total electricity sold was 1,251 GWh, an increase of 11.6%, mainly due to the increase in sales under bilateral contracts and energy sold in the regulated environment (CCEARs), due to the start of supply at the Jandaíra Complex[5].

 

 

GSF and PLD

 

 

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 grid, Copel provides services for projects run by other concessionaires. The Transmission projects are listed in Annex IV, including the projects 100% owned by Copel Geração e Transmissão, such as SPEs Costa Oeste, Marumbi and Uirapuru Transmissora, and the 7 SPEs in which it has a stake.

RBSE

Below is a description of the flow of the portion of the Revenue relating to the Basic Grid of the Existing System - RBSE[6] for the next few cycles. It is important to note that these figures may be altered in the future because of the tariff review processes and/or the review of the parameters used to compose these revenues by the regulatory body. The figures below underwent a periodic tariff review, in accordance with Aneel’s homologating resolution (REH) 3,344/2024, and an annual adjustment by the IPCA in accordance with Aneel’s homologating resolution 3,348/2024.

 

 

 

Note:

Economic component: future values based on the 2024-2025 cycle (according to REH 3.348/2024 of 16/07/2024)

Financial component: values published in REH 2.847/21. Subject to revision in view of the controversy over the methodology used by the regulatory agency to calculate these values.

RAP values up to the 2027-2028 cycle projected based on the values in REH 3.348/2024.

 

---

[6] This refers to concession contract 060/2001, which represents 41.6% of GenCo's annual permitted revenue (APR) for transmission and proportional stakes.

 

4. Copel Distribution (DisCo)

4.1 Economic and Financial Performance

 

DisCo posted recurring EBITDA of R$692.9 million in 1Q25, a growth of 12.4% compared to 1Q24, basically due to the 0.9% growth in the billed wire market combined with the June 2024 tariff readjustment (RTA), with an average increase of 2.7% in the Distribution System Use Tariffs (TUSD). These effects were partially offset, above all, by the higher volume of energy from the micro and mini distributed generation compensation system (MMGD), with an increase of R$164.2 million (+38.4%) in energy costs.

PMSO expenses, excluding provisions and reversals, increased by R$23.3 million (+5.6%) compared to 1Q24, due mainly to: (i) an increase of R$39.0 million (+24.1%) in third-party services due to the costs of maintenance and installation of the electrical system; (ii) an increase of R$23.0 million in other costs and expenses, mainly influenced by the gain of R$15.1 million on the sale of land in 1Q24 and (iii) an increase of R$3.2 million in materials expenses, essentially due to the reorganization of mass assets; partially offset by the decrease of R$37.5 million (-20.8%) in the cost of personnel and administrators, due to the effect of the reduction of 997 employees, mostly related to the voluntary dismissal program concluded in 2024.

Excluding the effects of the PDV, PPD and PLR provisions, the personnel costs line fell by 25.9%, reflecting the reduction in the workforce between the periods, partially offset by the 4.09% salary increase applied on October 2024 because of the 2024 Collective Bargaining Agreement.

DisCo recurring net income in 1Q25 was R$216.5 million (equivalent to the amount in 1Q24), highlighting the better operating result presented above; partially offset by i) an increase of R$26.2 million (+18.5%) in depreciation and amortization expenses due to the higher investments made in the period; and (ii) an increase of R$117.5 million in financial expenses due mainly to financial charges and monetary variations given the higher volume of loans and financing, partially offset by an increase of R$68.5 million in financial revenue due essentially to the higher volume of income financial investments.

Below are DisCo's main indicators:

Also noteworthy in 1Q25:

·

the reduction of R$ 56.3 million (-7.9%) in charges for the use of the energy grid, mainly due to a decrease in Basic Grid and Itaipu Transport costs;

·

an increase of R$ 44.3 million (+2.6%) in electricity supply revenue, resulting from an increased revenue from subsidies for tariff discounts and a decrease in Sectoral Charges (CDE Energia), offset by the Periodic Tariff Adjustment (reduction of 4.0% as of June 24, 2024) and a 2.5% reduction in the captive market;

·

an increase of R$ 27.1 million in supply revenue because of the higher volume traded on the Short-Term Market (CCEE)

·

reduction of R$11.5 million (-14.1%) in provisions, to the lower constitution of Estimated Losses on Doubtful Accounts - PECLD of R$19.9 million (-50.5%) because of the increase in the recovery of invoices due to the intensification of collection actions;

·

an increase of R$8.4 million in the provision for litigation, especially due to the reclassification of risk in a labor lawsuit.

4.1.1 Regulatory Efficiency

DisCo recorded recurring EBITDA of R$2,668.7 million in the last 12 months, plus New Replacement Value (VNR), equivalent to an efficiency of R$846.0 million, 46.4% above regulatory EBITDA.

Note: Regulatory EBITDA is calculated based on the values of WACC on Remuneration Base + Special Obligations + PLPT/RGR, and QRR published in ANEEL's Technical Notes in the events of Tariff Review or Adjustment.

4.2 Operational Performance 4.2.1 Market-Wire (TUSD) Copel DisCo's wire market, made up of the captive market, supply to concessionaires and permit holders in the state of Paraná and all the free consumers in its concession area, saw a 3.3% increase in electricity consumption in 1Q25 compared to the same period last year, mainly due to the increase in economic activity and the higher consumption pattern of the customer base. The billed wires market, which takes into account energy compensated by Mini and Micro Distributed Generation (MMGD), increased by 0.9% in 1Q25 compared to 1Q24. 4.2.2 Captive Market The captive market showed a 2.5% decrease in electricity consumption in 1Q25 compared to the same period of the previous year, mainly due to the reduction in consumption in the industrial and other classes. The billed captive market, which considers the compensated energy from MMGD, showed a 7.3% reduction in 1Q25 compared to 1Q24.

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 March 2025 was 7.52 hours, while for FEC, the result for the same period was 5.02 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 March 2025, Technical Losses for the last 12 months were 2,299 GWh, compared to 2,171 GWh for the same period last year, and Non-Technical Losses were 769 GWh, compared to 535 GWh for the same period last year. Total losses over the last 12 months amounted to 3,068 GWh.

GWh - 12 Meses	mar/21	mar/22	mar/23	mar/24	mar/25
Injected Energy	33,075	34,861	35,285	37,519	39,729
Distribution Losses	2,636	2,627	2,794	2,706	3,068
Technical Losses	2,000	2,017	2,042	2,171	2,299
Non-Technical Losses	636	610	752	773	769

* As perdas refletem a diferença entre a carga medida e o mercado faturado.

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:

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

ü  Investments aimed at providing and/or acquiring inspection equipment;

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

ü  Carrying out inspections on both medium and low voltage;

ü  Educational notices in the press and messages on electricity bills.

ü  Joint operations with the Police and the Public Prosecutor's Office;

ü  Opening a police investigation in regions where a significant number of irregular procedures have been found.

The tariff pass-through 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 March 2025, total losses were 0.2 pp above the regulatory limit, influenced by the significant increase in injected energy, notably in low-voltage consumption.

 

5. Copel Commercialization (TradeCo)

5.1 Economic and Financial Performance

 

Copel’s TradeCo presented recurring EBITDA of R$21.2 million in 1Q25 compared to R$30.6 million in 1Q24, mainly reflecting the lower commercialization margin due to the increase in the average energy purchase price between the periods (+4.2%), partially offset by the lower manageable cost (-6.0%).

The adjustment made in the quarter under review refers to the fair value of energy purchase and sale contracts (mark-to-market) - the amount calculated as the difference between the contracted price and the future market price estimated by the Company - which was positive R$6.7 million in 1Q25 compared to a negative R$12.8 million in 1Q24, influenced mainly by the increase in the number of contracts in the customer base, partially offset by the calculation of fair value which was impacted by the increase in the NTN-B discount rate.

Manageable costs, excluding provisions and reversals, fell by 6.0% in 1Q25, essentially influenced by the R$0.8 million (-38.7%) drop in other costs and expenses due to lower costs with leases, rents and association contributions, offset by the R$0.3 million increase in third-party services, due to higher spending on communication, processing and data transmission in the period.

The personnel and administrators account, excluding the effects of the PDV, PLR and PPD, recorded an increase of 8.0% in 1Q25, mainly due to the pro rata provision between October and December of the 2024 Collective Bargaining Agreement - ACT, ratified in 2025 with a salary increase of 4.09%, and the TradeCo’s restructuring process. TradeCo reported recurring net income of R$ 20.7 million in 1Q25, down 20.4% compared to 1Q24, mainly due to (i) the operating performance already mentioned above, partially offset by (ii) an increase of R$ 1.7 million (+19.5%) in financial income, reflecting higher income from financial investments, and (iii) lower income tax of R$ 2.4 million.

5.2 Operational Performance In 1Q25, the volume of energy sold for a 5-year horizon increased by 69.0% compared to 1Q24, because of capturing better prices by taking advantage of the greater opportunities in the period.     The volume of energy sold increased by 8.8% in 1Q25, due to the increase in sales to bilateral contracts (+ 23.2%), partially offset by the reduction in sales to free consumers (-13.0%)   GWh sold

 

6. ESG performance

6.1 Copel, a pioneer in the ESG sector

Copel was the first company in the energy sector to produce an Environmental Impact Report for a generation project, and the first in the sector in Brazil to become a signatory to the UN Global Compact in 2000. The company promotes actions to disseminate the UN's 2030 Agenda and implement the SDGs in the electricity sector. Copel joined the "Pact for Water and Energy Resilience" Commitment and received the Pro-Gender and Race Equality Seal from the Federal Government. The company also received the Pro-Ethics Seal, 2018-2019 and 2020-2021 editions, awarded by CGU and Instituto ETHOS, for the voluntary adoption of integrity measures, with public recognition for its commitment to implementing measures aimed at preventing, detecting and remedying acts of corruption and fraud. Copel participates in the 100% Transparency Movement of the UN Global Compact, the first and largest initiative to promote corporate transparency in Brazil.

Environmental

§	Net Zero Ambition Movement - Copel participates in the Net Zero Ambition Movement. The movement is part of the strategies developed by the Global Compact so that large companies can work together to reduce greenhouse gases by 2030;

§	It has a Copel 2030 Neutrality Plan, approved by the Board of Directors: with the purpose of neutralizing Scope 1 Greenhouse Gas (GHG) emissions for the assets that Copel has operational control over (according to the concept established in the GHG Protocol methodology) by 2030;

§	It is part of the Brazilian Business Commitment to Biodiversity with the Brazilian Business Council for Sustainable Development (CEBDS).

Social

§	Actions and Programs - Solidarity Selective Collection; Cultivar Energia Program; EletriCidadania; Good Neighbor Program; Diversity Commission; Human Rights Program; EducaODS; Iluminando Gerações; Mais que Energia, among others.

§	It has a Sustainability Policy, a People Management Policy and an Occupational Health and Safety Policy, among others.

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The Cultivar Energia (Farming Energy) program - which implements community gardens under Copel's power lines - has completed 10 years of existence, with the partnership of 10 municipalities in Paraná, in which 24 Copel gardens are distributed and which currently benefit around 4,000 people with healthy food and income generation. The gardens also protect Copel properties from irregular occupation, reinforce the company's presence and brand in the communities and beautify neighborhoods, transforming the environment and urban planning in the cities.

Governance

§	Copel is a company with dispersed capital and no controlling shareholder;

§	The Board of Directors is made up entirely of independent members and has statutory advisory committees: Statutory Audit Committee - CAE; Sustainable Development Committee - CDS, Investment and Innovation Committee - CII and People Committee - CDG;

§	CAE is composed of independent members, one of whom is an external member;

§	Establishment of variable remuneration with ESG targets -2025;

§	Listed on B3's Level 2 of Governance;

§	Adherent to the 100% Transparency Movement of the UN Global Compact.

 

Priority SDGs the Brazilian Electricity Sector: Copel prioritizes the SDGs of the Brazilian Electricity Sector and additionally SDG 4 - Quality Education.

6.2 Recent highlights

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In 2025, Copel will continue to be part of the portfolio of the Corporate Sustainability Index (ISE B3) of the Brazilian Stock Exchange. The ISE is an exclusive list of companies committed to sustainable development. This index serves as a comparative analysis tool, reflecting the return on a portfolio made up of shares in companies that perform best in ESG (Environmental, Social, and Governance) aspects. For Copel, the ISE is a strategic benchmark that guarantees the continuity and sustainability of its business.

§

Copel has reached a new milestone in its history by being included, for the first time, in the Sustainability Yearbook 2025, one of the most prestigious global corporate sustainability rankings. Prepared by S&P Global, the yearbook highlights companies with the best environmental, social and governance (ESG) practices.

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Once again, the company has been recognized as a benchmark in sustainability by being included in B3's Carbon Efficient Index (ICO2) portfolio. This recognition reinforces the company's position among the most efficient in managing greenhouse gas (GHG) emissions and solidifies its leadership in the Brazilian electricity sector, consolidating its commitment to the transition to a low-carbon economy.

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Copel stands out among the world's most sustainable companies in the Carbon Clean 200 ranking. The company is among the eight Brazilian publicly traded companies listed in the Carbon Clean 200, an international ranking of the 200 publicly traded companies that stand out most in the global energy transition, considering revenues from clean sources.

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The Company recently released its 20-F on the market, highlighting Internal Controls (Item 15). The independent audit carried out by PwC in 2024 did not identify any significant deficiencies for the second year running, and since 2020 there have been no material weaknesses. This result reaffirms the Company's commitment to maintaining an effective internal controls environment and reflects the commitment of all employees. The achievement indicates the maturity of the processes and the integrity of the financial statements.

§

Copel has maintained its ISO 37.301 certification, following an external audit that assessed the management and operation of the Integrity Program, guaranteeing that Compliance, Internal Controls and Corporate Risks activities comply with the best international practices. The certification was granted by QMS Certification (QMS do Brasil Serviços de Certificação Ltda).

6.3 Indicators

 

Regarding the scope 1 GHG indicator (tCO2), the data refers to direct greenhouse gas emissions from Copel's operations (thermal power plant, fleet, soil change and fugitive emissions) - data for 2024 will be verified later by a third party. GHG emissions are calculated every six months.

 

6.4 Ratings, Rankings and Indexes

 

Index	Ranking	Reference Year
	Not disclosed	2025
	CSA Score 70	2024
	B	2024
	Yes	2024
	Medium Risk	2023
	A	2024

 

7. Other highlights from the period

Available Cash Flow and Dividends

Available Cash Flow is defined in the Dividend Policy as: DCF = Cash generated by operating activities, minus net cash used by investment activities, where: (a) Cash generated by operating activities: cash generated by operating activities in the fiscal year, before taxes, contributions (IRCS) and financial charges; (b) Net cash used by investment activities: amount invested in the fiscal year in non-current assets. The table below shows the DCF calculation on March 31, 2025 and on December 31, 2025:

 

R$ thousand

03.31.2025			12.31.2024
CASH FLOW FROM OPERATING ACTIVITIES
CASH GENERATED BY OPERATING ACTIVITIES	992,673		5,202,716
CASH FLOW FROM INVESTING ACTIVITIES
NET CASH USED BY INVESTING ACTIVITIES		(310,612)	(5,739,414)
FCD AVAILABLE CASH FLOW	682,061		(536,698)

 

The Annual General Meeting approved the payment of supplementary dividends of R$1,250.0 million for the 2024 financial year, to be paid on May 15, 2025.

New Board of Directors

The Annual General Meeting, held on April 24, 2025, elected the members of the Board of Directors (CAD) of Companhia Paranaense de Energia (Copel) for a unified term of two years. This term of office will end at the Annual General Meeting which will consider the management accounts and the Company's financial statements for the fiscal year ending December 31, 2026. All elected members are independent.

Copel Composes IDIV B3

As of May 2025, Copel's common shares (CPLE3) and preferred shares (CPLE6) were included in the B3 Dividend Index (IDIV B3). This inclusion reflects Copel's commitment to generating value for its shareholders, standing out among the companies with the best dividend returns. Copel's presence on the IDIV B3 reinforces its position as one of the leading companies in the Brazilian electricity sector, demonstrating its financial strength and ability to distribute earnings consistently.

Copel Remains on the B3 ISE

Copel will continue to be part of the B3 Corporate Sustainability Index (ISE B3) from May 2025. Remaining on the index highlights Copel's ongoing commitment to sustainability practices and social and environmental responsibility. Copel reaffirms its prominent position and demonstrates its dedication to corporate governance and sustainable development.

Partial Closing of Small Asset Divestments

On March 31, 2025, the Company carried out the partial closing of the divestments of the small assets, receiving R$219.5 million (49.0% of the total transaction), after fulfilling all the conditions precedent relating to the assets involved in this Closing. The assets consolidating this stage of the closing comprise all of Block 1 presented in the Teaser, plus the Guaricana HPP, totaling 60.4 MW of installed capacity.

On April 30, 2025, the Chaminé SHPP, with an installed capacity of 18 MW, was partially closed in the amount of R$82.9 million. With these operations, the company completed 67.0% of its total divestment.

The value of the divestment of the other assets will be received in accordance with the usual conditions established in the Share Purchase Agreement (CCVA).