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6-K 1 cig20260908_6k.htm 6-K

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 September 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. Noticer to Shareholders – First payout installment, dated June 10, 2026
2. Notice to the Market – UN Global Compact's 100% Transparency Movement, dated June 12, 2026
3. Material Fact — Executive Board’s New Composition, dated June 12, 2026
4. Notice to Shareholders – Declaration of Interest on Equity, dated June 18, 2026
5. 2Q2026 Earnings Release
6. Notice to the Market – Standard & Poor’s upgrades Cemig’s Ratings to “brAAA”, dated August 18, 2026
7. Market Fact – Nominations by the Controlling Shareholder for CEMIG’s Board of Directors and Executive Board, dated August 28, 2026
8. Material Fact – Extension of the Concession for the Sá Carvalho Hydroelectric Power Plant, dated August 28, 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: September 9, 2026

 
 
1. Noticer to Shareholders – First payout installment, dated June 10, 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 SHAREHOLDERS

First payout installment

 

We hereby inform our shareholders that CEMIG will pay the first payout installment related to fiscal year 2025 on June 30, 2026, as follows:

 

Payout Approval Date Date “with rights” Date “ex-rights” Per common/preferred share (R$) Amount
Total
(R$ thousand)
 
 
 
Dividends 04/30/2026 04/30/2026 05/04/2026 0.118177943 338,069  
IoE 12/18/2025 12/23/2025 12/26/2025 0.118401316  338,709  
IoE 09/23/2025 09/29/2025 09/30/2025 0.105698051  302,368  
IoE 06/17/2025 06/23/2025 06/24/2025 0.104303454  298,379  
IoE 03/20/2025 03/25/2025 03/26/2025 0.094558924  270,503  
TOTAL 0.541139687 1,548,028  

 

Regarding the payment of Interest on Equity (IoE), a 15% income tax will be withheld, except for shareholders exempt from said withholding, as provided for in the legislation in force.

 

Pursuant to Law 15,270/2025, individual shareholders residing in Brazil who receive dividends exceeding R$50,000.00 (fifty thousand reais) in the same calendar month, paid by the same legal entity, will be subject to withholding income tax at a rate of 10% on the total amount received, considering, for purposes of this threshold, the aggregate amount of all dividends paid during the respective month.

 

Under the same Law, profits and dividends paid, credited, or remitted to beneficiaries residing outside Brazil will be subject to withholding income tax at a rate of 10%, regardless of the amount received.

 

Shareholders whose bank details are updated with Banco Itaú Unibanco S.A., the custodian institution of CEMIG's registered shares, will have their credits automatically made on the payment day.

 

If the shareholder does not receive the aforementioned credit, they should go to a branch of Banco Itaú Unibanco S.A. to update their registration data.

 

The payout related to the shares held in custody with Companhia Brasileira de Liquidação e Custódia (CBLC) will be directly credited to such entity, and the Depository Brokers will be responsible for transferring them to the respective shareholders.

 

 

Belo Horizonte, June 10, 2026.

 

 

Andrea Marques de Almeida

Vice President of Finance and Investor Relations

 

 

 

 
 

 

2. Notice to the Market – UN Global Compact's 100% Transparency Movement, dated June 12, 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

 

UN Global Compact's 100% Transparency Movement

 

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 it has achieved, ahead of schedule, all targets established by the 100% Transparency Movement ("Movement"), an initiative of the United Nations ("UN") Global Compact aimed at strengthening transparency, corporate ethics, and business integrity.

 

CEMIG joined the Movement in November 2023 and fully completed, in 2026, all commitments scheduled for implementation by 2030, demonstrating the Company's alignment with national and international best practices in corporate governance and compliance.

 

The Movement's targets cover matters related to transparency in relations with public authorities, disclosure and strengthening of whistleblowing channels, integrity in senior management compensation, ethics and anti-corruption training for strategic stakeholders, and transparency regarding governance and compliance structures.

 

In recognition of this achievement, CEMIG was honored during the Ambition 2030 Forum, held on June 02, 2026, in São Paulo. Among the 68 companies participating in the 100% Transparency Movement, only CEMIG and one other company fully met all targets established for 2030.

 

This achievement reinforces the Company's commitment to ethics, transparency, and integrity — pillars that contribute to sustainable value creation and strengthen the trust of investors, customers, partners, employees, and society as a whole.

 

 

Belo Horizonte, June 12, 2026.

 

 

 

Leonardo George de Magalhães

Vice President of Finance and Investor Relations

 

 

 
 

 

3. Material Fact — Executive Board’s New Composition, dated June 12, 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

 

Executive Board’s New Composition

 

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 June 11, 2026, the Company’s Board of Directors approved the appointment of new Vice Presidents:

 

VICE PRESIDENT OF FINANCE AND INVESTOR RELATIONS

 

Leonardo George Magalhães

 

Leonardo holds a bachelor’s degree in Accounting and has completed specialization courses in finance, management, strategy, and leadership from Brazilian and international institutions. He served as Cemig’s Vice President of Finance and Investor Relations from 2020 to 2024 and as President of Forluz from 2024 to 2026. He has more than 20 years of experience in leadership positions in the financial sector and has also served on Boards of Directors.

 

VICE PRESIDENT OF GENERATION AND TRANSMISSION

 

Demétrio Alexandre Ferreira

 

Demétrio holds a bachelor’s degree in Mechanical Engineering, an MBA in Business Management from FGV, and executive leadership training. He has 38 years of experience in the Brazilian electricity sector, including 31 years dedicated to the operation and maintenance of renewable generation assets. He built his professional career at Cemig, where he held several technical and managerial positions, including Superintendent of Generation Assets from 2019 to 2023.

 

VICE PRESIDENT OF DISTRIBUTION

 

Ernando Antunes Braga

 

Ernando holds degrees in Electrical Engineering and Occupational Safety Engineering, as well as a postgraduate degree in Electrical Power Systems from UFMG. He has 37 years of experience in the electric power sector and has built a solid career at Cemig, where he served primarily as Superintendent in the Distribution area. He stands out for his strategic expertise in planning, customer relations, performance management, operational efficiency, team leadership, and crisis management.

 

The Company also announces the new composition of its Executive Board as of June 11, 2026:

 

Executive Board
Position Name
CEO Alexandre Ramos Peixoto
Vice President of Finance and Investor Relations Leonardo George de Magalhães
Vice President of Legal Affairs Sérgio Pessoa de Paula Castro
Vice President of Distribution Ernando Antunes Braga
Vice President of Generation and Transmission Demétrio Alexandre Ferreira
Vice President of Trade Sérgio Lopes Cabral
Vice President of Information Technology Luis Cláudio Correa Villani
Vice President of Institutional Relations Marcos Montes Cordeiro

 

Belo Horizonte, June 12, 2026.

 

 

Leonardo George de Magalhães

Vice President of Finance and Investor Relations

 

 

 
 

 

4. Notice to Shareholders – Declaration of Interest on Equity, dated June 18, 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

 

Declaration of Interest on Equity

 

We hereby inform our shareholders that the Executive Board approved today the declaration of Interest on Equity (IoE) of R$630,509,000 (six hundred and thirty million, five hundred and nine thousand reais). Detailed information about the payment is as follows:

 

 

IoE
Gross amount per share R$0.22040514318
Date “with rights” (1) 06/23/2026
Date “ex-rights” 06/24/2026
Payment date

2 (two) equal installments:

·         the first by 06/30/2027 and

·         the second by 12/30/2027

 

(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 update of their registration data.

 

 

Belo Horizonte, June 18, 2026.

 

 

 

 

 

Leonardo George de Magalhães

Vice President of Finance and Investor Relations

 

 
 

 

5. 2Q2026 Earnings Release

 

 
 

 

 

 
 
 

Quarter Highlights

2Q26 RESULTS

Robust cash generation
o EBITDA: R$2.24 billion and Adjusted EBITDA: R$2.47 billion
Net income: R$945 million and Adjusted net income: R$1.12 billion

 

DISTRIBUTION

19.0% growth in EBITDA, driven by the positive impact of the tariff adjustment effective as of May 28, 2026, lower post-employment expenses, and strong performance in energy losses, offset by a decline in the billed market volume
o Energy distributed excluding DG: -1.6% (Captive: -3.9% / Free Market: +0.4%)
o Energy distributed, including DG: +1.2%
Revision of the methodology for calculating expected credit losses (ECL) with a positive impact of R$232.2 million in 2Q26
OPEX and EBITDA exceeded regulatory targets in 1H26 by R$416 million and R$666 million, respectively
Energy losses: 11.40%, below the regulatory limit of 11.48%
DEC showing continuous improvement: 8.43 in Jun/26 vs. 8.75 in Mar/26

 

POST-EMPLOYMENT

R$80.3 million reduction in adjusted post-employment expenses, due to the end of the obligation related to the healthcare plan, effective as of the agreement ratified by the Regional Labor Court (TRT) at the end of 2025

 

TRADING

A decrease of R$383.4 million in EBITDA and R$192.1 million in adjusted EBITDA from the trading business
o Exposure to higher prices when purchasing energy to close out positions in 2Q26
o Provision of $190.6 million arising from an arbitral award in proceedings brought by a customer, plus an additional R$26.2 million impact from the financial update impact related to this provision

 

CAPITAL ALLOCATION

Capex of R$3.28 billion in 1H26 (up 19.2% from 1H25), with a focus on regulated businesses
o Distribution: R$2.64 billion; 11 new substations and 3 expanded ones, addition of 1,886 km of low- and medium-voltage networks
o Transmission: R$275.2 million; with R$36.2 million in RAP added

         Cemig Sim: acquisition of 11 solar PV plants in 2Q26, totaling 26.2 MWp of installed capacity, for R$155 million

 

DEBT MANAGEMENT

Total funds of R$4.61 billion were raised in the quarter
o Cemig D: 15th debenture issue – R$1.15 billion and Loan – US$280 million (both in April 2026)
o Cemig GT: 12th debenture issue – R$2.0 billion in June 2026
Leverage of 2.58x (net debt / adjusted EBITDA)
Extension of maturities: 81% of debt maturing in 2029 or later, following the disco’s tariff review

 

SHAREHOLDER REMUNERATION

· Interest on Capital declared in June: R$630.5 million

 

DOW JONES BEST IN CLASS INDEX

· Cemig was selected to be included in the index portfolio for the 26th consecutive time since the index’s inception.
   
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Financial and Operating Indicators

Operating Highlights 2Q26 2Q25 YoY % Change Q1 2026 QoQ % Change
Distributed Energy (MWh) 13,487,648 13,331,108 1.2% 13,454,458 0.2%
    Total captive market 5,328,565 5,542,849 -3.9% 5,324,493 0.1%
    Total transport free-market clients 6,310,760 6,283,041 0.4% 6,284,468 0.4%
    DG2 and DG3 offset 296,170 164,808 79.7% 280,999 5.4%
    DG1 offset 1,552,154 1,340,410 15.8% 1,564,498 -0.8%
Energy sold GT + Holding (MWh)* 10,916,837 11,243,037 -2.9% 10,653,535 2.5%
Total distributed gas volume (thousand m³) 229,845 276,986 -17.0% 244,498 -6.0%
           
Financial Highlights (R$ million) 2Q26 2Q25 YoY % Change Q1 2026 QoQ % Change
Net operating revenue 11,156.2 10,786.3 3.4% 10,462.5 6.6%
PMSO** 1,352.5 1,236.0 9.4% 1,221.1 10.8%
EBITDA 2,239.3 2,059.1 8.8% 1,788.7 25.2%
Adjusted EBITDA 2,472.4 2,261.5 9.3% 1,788.2 38.3%
EBITDA Margin 20.1% 19.1% 1.0 p.p. 17.1% 3.0 p.p.
Financial result (795.9) (312.6) 154.6% (338.4) 135.2%
Net Income 945.4 1,188.3 -20.4% 979.0 -3.4%
Adjusted Net Income 1,116.5 1,321.9 -15.5% 979.0 14.0%
Investments 1,805.3 1,544.0 16.9% 1,476.7 22.3%
           
Net Debt 2Q26 2Q25 YoY % Change Q1 2026 QoQ % Change
Net debt 19,358.1 12,228.6 58.3% 17,844.0 8.5%
Net debt/adjusted EBITDA 2.58x 1.59x 0.99x 2.45x 0.13x

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

** Including post-employment expenses

 

Financial statements and spreadsheets are available at the following link:

Results Center | Cemig IR

 

   
  3
 
 

Table of Contents

Quarter Highlights 2
Financial and Operating Indicators 3
EBITDA and Net Income per Company for the Quarter 5
Income Statement 6
Income Statement by Segment 7
Consolidated Energy Market 8
Performance by Company 9
Cemig D 9
Cemig GT/Holding 16
Gasmig 18
Consolidated Financial Performance 19
Operating Revenue 19
Operating Costs and Expenses 21
Equity Income 24
Consolidated EBITDA 25
Cemig D EBITDA 27
Cemig GT EBITDA 28
Financial Income and Expenses 29
Net Income 29
Investments 30
Capex 30
Consolidated Debt 31
Evolution of Cemig’s Credit Ratings 32
ESG – Performance Report 33
Corporate Highlights 34
Share Performance 37
Power Plants 38
Expansion in Photovoltaic Generation 39
RAP – July 2026 to June 2027 Cycle 39
Revenue and Regulatory EBITDA from Transmission 40
Supplementary Information 40
Disclaimer 41

 

   
  4
 
 

EBITDA and Net Income per Company for the Quarter

  EBITDA (IFRS)   Adjusted EBITDA
EBITDA (IFRS) - (R$ mn) 2Q26 2Q25 YoY % Change Q1 2026 QoQ % Change   2Q26 2Q25 YoY % Change Q1 2026 QoQ % Change
Cemig D 1,476.8 1,241.0 19.0% 1,010.4 46.2%   1,508.3 1,245.6 21.1% 1,010.4 49.3%
Cemig GT 479.7 415.1 15.6% 575.6 -16.7%   678.6 613.2 10.7% 575.6 17.9%
Gasmig 205.9 243.5 -15.4% 192.7 6.8%   205.9 243.5 -15.4% 192.7 6.8%
Other 76.9 159.5 -51.8% 9.9 677.7%   79.6 159.2 -50.0% 9.5 741.6%
Consolidated 2,239.3 2,059.1 8.8% 1,788.7 25.2%   2,472.4 2,261.5 9.3% 1,788.2 38.3%
VNR 79.7 26.6 199.4% 65.3 22.1%   79.7 26.6 199.4% 65.3 22.1%
Equity Income 91.4 77.4 18.0% 52.3 74.6%   91.4 77.4 18.0% 52.3 74.6%
Regulatory/IFRS difference from Transco (23.8) 295.3 - 93.7 -   (26.4) (96.7) -72.7% 93.7 -
Consolidated (-) VNR and equity income (+) regulatory/IFRS difference from Transco 2,044.4 2,250.3 -9.1% 1,765.7 15.8%   2,274.9 2,060.8 10.4% 1,764.7 28.9%

 

  Net Income (IFRS)   Adjusted Net Income
R$ million 2Q26 2Q25 YoY % Change Q1 2026 QoQ % Change   2Q26 2Q25 YoY % Change Q1 2026 QoQ % Change
Cemig D 483.1 550.6 -12.2% 397.7 21.5% 504.0 553.6 -9.0% 397.7 26.7%
Cemig GT 269.6 342.1 -21.2% 392.7 -31.4%   418.1 472.9 -11.6% 392.7 6.5%
Gasmig 95.9 150.8 -36.4% 100.6 -4.7%   95.9 150.8 -36.4% 100.6 -4.7%
Other 96.8 144.8 -33.1% 88.0 10.0%   98.9 145.0 -31.8% 88.0 12.3%
Consolidated 945.4 1,188.3 -20.4% 979.0 -3.4%   1,116.8 1,322.3 -15.5% 979.0 14.1%

 

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

 

 

 

   
  5
 
 

Income Statement

R$ million 2Q26 2Q25 YoY % Change Q1 2026 QoQ % Change
NET REVENUE 11,156 10,786 3.4% 10,463 6.6%
COSTS (9,204) (8,587) 7.2% (8,750) 5.2%
Electricity and gas costs (5,814) (5,809) 0.1% (5,847) -0.6%
Infrastructure construction costs (1,753) (1,463) 19.8% (1,482) 18.3%
Operating costs (1,637) (1,314) 24.6% (1,421) 15.2%
GROSS PROFIT 1,952 2,200 -11.3% 1,712 14.0%
OTHER REVENUES AND EXPENSES (123) (509) -75.9% (325) -62.2%
Expected credit losses 177 (3) - (83) -
General and administrative expenses (230) (178) 29.4% (202) 13.8%
Other expenses (161) (406) -60.2% (118) 36.9%
Other revenue - - - 26 -
Equity income 91 77 18.0% 52 75.7%
Income before financial results and income taxes 1,829 1,691 8.2% 1,387 31.9%
Financial income 290 302 -4.1% 258 12.5%
Financial expenses (1,086) (615) 76.6% (596) 82.2%
Net financial results (796) (313) 154.6% (338) 135.5%
Income before income tax and social contribution 1,033 1,378 -25.0% 1,049 -1.5%
Current income tax and social contribution (84) (250) -66.5% (130) -35.6%
Deferred income tax and social contribution (4) 60 - 60 -
NET INCOME FOR THE PERIOD 945 1,188 -20.4% 979 -3.4%

 

   
  6
 
 

 

Income Statement by Segment

  Electricity Gas Equity Income Eliminations Consolidated
(R$ million) Generation Transmission Trading Distribution
NET REVENUE 923 492 2,111 7,716 500 37 (623) 11,156
Intersegment 502 94 - 26 0 - (623) -
Third-party 421 398 2,111 7,689 500 37 - 11,156
ELECTRICITY AND GAS COSTS (179) (0) (2,252) (3,799) (198) (0) 615 (5,814)
Intersegment (26) (0) (475) (114) - 0 615 -
Third-party (152) (0) (1,777) (3,686) (198) (1) - (5,814)
COSTS, EXPENSES, AND OTHER REVENUES (213) (246) (229) (2,722) (125) (78) 8 (3,604)
Personnel (42) (43) (16) (286) (17) (17) - (421)
Employee and management profit sharing (5) (5) (4) (27) (3) (10) - (53)
Post-employment obligations (6) (2) (1) (29) - (13) - (50)
Materials, third-party services, and other expenses, net (75) (23) (10) (659) (20) (49) 8 (828)
    Intersegment (6) (1) - (1) (0) (0) 8 -
    Third-party (69) (22) (10) (658) (20) (49) - (828)
Depreciation and amortization (85) (5) (0) (282) (29) (10) - (410)
Provisions and adjustments for operating losses (0) (3) (198) 96 (3) 20 - (88)
Infrastructure construction costs - (166) - (1,534) (53) - - (1,753)
COSTS, EXPENSES, AND OTHER REVENUES (391) (246) (2,482) (6,521) (323) (78) 623 (9,418)
Equity income - - - - - 91 - 91
INCOME BEFORE FINANCIAL RESULT AND INCOME TAXES 532 246 (371) 1,195 177 50 - 1,829
Financial result (42) (33) (0) (608) (32) (80) - (796)
INCOME BEFORE INCOME TAXES 490 213 (371) 587 145 (30) - 1,033
Income tax and social contribution (25) (24) 63 (104) (49) 50 - (88)
NET INCOME FOR THE PERIOD 466 189 (308) 483 96 20 - 945

 

   
  7
 
 

Consolidated Energy Market

The Cemig Group billed approximately 9.6 million customers in June 2026, an increase of 131,000 customers compared to June 2025, which represents a 1.7% increase in the customer base. Of this total, 9,637,286 are end-users and self-consumers, and 623 are other players in the Brazilian electricity sector.

 

The chart below shows the Cemig Group’s share of sales to end-users:

 

Share of Energy Sales by Segment

 

 

   
  8
 
 

 

Performance by Company

Cemig D

Billed Energy Market

Captive + Transport - MWh 2Q26 2Q25 YoY % Change Q1 2026 QoQ % Change
Residential 3,256,834 3,170,399 2.7% 3,410,560 -4.5%
Industrial 5,315,913 5,483,215 -3.1% 5,281,913 0.6%
Captive market 131,038 179,077 -26.8% 123,347 6.2%
Transport 5,184,875 5,304,139 -2.2% 5,158,566 0.5%
Commercial, Services, and Other 1,506,841 1,521,024 -0.9% 1,544,105 -2.4%
Captive market 776,963 855,645 -9.2% 784,115 -0.9%
Transport 729,878 665,380 9.7% 759,990 -4.0%
Rural 692,531 778,749 -11.1% 519,590 33.3%
Captive market 653,346 745,410 -12.4% 481,742 35.6%
Transport 39,185 33,339 17.5% 37,848 3.5%
Public Services 781,396 792,114 -1.4% 773,784 1.0%
Captive market 502,687 585,327 -14.1% 516,867 -2.7%
Transport 278,709 206,788 34.8% 256,917 8.5%
Utilities 78,113 73,395 6.4% 71,147 9.8%
Transport 78,113 73,395 6.4% 71,147 9.8%
Own Consumption 7,696 6,992 10.1% 7,862 -2.1%
Total captive market 5,328,565 5,542,849 -3.9% 5,324,493 0.1%
Total energy transported for free-market clients 6,310,760 6,283,041 0.4% 6,284,468 0.4%
Total excluding DG 11,639,325 11,825,890 -1.6% 11,608,961 0.3%
DG1 Offset 1,552,154 1,340,410 15.8% 1,564,498 -0.8%
DG2 Offset 294,463 163,221 80.4% 280,206 5.1%
DG3 Offset 1,707 1,587 7.6% 793 115.2%
Total DG 1,848,324 1,505,218 22.8% 1,845,497 0.2%
Total Market including DG 13,487,648 13,331,108 1.2% 13,454,458 0.2%

 

 

Energy supply to captive customers, combined with energy transported to free-market customers and discos—excluding DG-offset energy —totaled 11,639 GWh in 2Q26, a 1.6% decrease compared to the same period in 2025. This result was mainly due to lower consumption in the industrial (-167.3 GWh or -3.1%), rural (-86.2 GWh or -11.1%), and commercial (-14.2 GWh or -0.9%) sectors, mainly due to the migration of customers to DG and the basic grid, as well as higher rainfall during the period, which reduced the need for irrigation. In contrast, the residential sector recorded an increase in consumption of 86.4 GWh (+2.7%), reflecting growth in the number of customers.

The 1.6% decrease in distributed energy, excluding DG, resulted from a 3.9% decrease (-214.3 GWh) in consumption by the captive market and a 0.4% increase (+27.7 GWh) in grid usage by the free-market customers.

Considering DG’s offset energy, total distributed energy grew by 1.2% compared to the same period last year.

   
  9
 
 

 

Energy Distributed

By Segment (%)

 

 

 

 

Performance by Sector

Industrial: Energy distributed to industrial customers decreased by 3.1%* YoY and accounted for 45.7%* of Cemig D’s total, with the majority relating to energy supplied to industrial free-market customers (44.5%), which decreased by 2.2% YoY. Meanwhile, billed energy for captive customers—which accounted for 1.1% of total distribution—saw a 26.8% decrease in consumption YoY, primarily due to customers migrating to the free market.

The decline in industrial-sector consumption was impacted by the migration of two large customers to the basic grid. Excluding this effect, the reduction in distributed energy would have been 0.9%. The lower consumption in 2Q26 is related, in particular, to the Steel (-30.1%), Chemicals (-10.7%), and Ferroalloys (-5.9%) sectors, while the Non-Ferrous Metals (+9.4%), Food and Beverages (+3.3%), and Extractive Industry (+1.6%) sectors showed growth in energy consumption.

Residential: Residential consumption, which accounted for 28.0%* of the energy distributed by Cemig D, increased by 2.7% YoY, mainly due to a 2.6% growth in the number of customers in this segment (+208,100), as well as a 0.1% increase in average consumption per customer, which reached 131.1 kWh/month.

Commercial and Services: The commercial segment accounted for 12.9% of the total volume of energy distributed by Cemig D in 2Q26* and showed a 0.9% YoY decrease in consumption. The change in this segment’s volume reflects a 9.2% decrease in the billed volume for captive customers and a 9.7% increase in the volume transported to free-market customers, a trend directly linked to the migration of customers to the deregulated market. The decrease in the segment’s total consumption, in turn, is related to the decline in the number of customers.

Rural: This sector accounted for 5.9%* of total distributed energy and showed an 11.1% YoY decrease in consumption, mainly due to higher rainfall in 2Q26 compared to the same period in 2025, which reduced the need for irrigation.

Public Services: accounted for 6.7%* of distributed energy in 2Q26, with a 1.4% YoY decrease in consumption.

 

*Excluding DG offset energy

   
  10
 
 

 

Physical Energy Balance – MWh

Metered Market – MWh 2Q26 2Q25 YoY % Change Q1 2026 QoQ % Change
Energy transported to discos 78,113 73,395 6.4% 71,147 9.8%
Energy transported to free-market customers 6,427,521 6,207,535 3.5% 6,189,900 3.8%
Own Cargo + DG 8,867,873 8,792,162 0.9% 8,532,690 3.9%
Captive Market Consumption 5,272,543 5,550,333 -5.0% 5,438,282 -3.0%
DG Market 1,848,324 1,505,218 22.8% 1,845,136 0.2%
Losses in Distribution Network 1,747,006 1,736,611 0.6% 1,249,272 39.8%
Total Grid Load 15,373,507 15,073,092 2.0% 14,793,736 3.9%

 

Customer Base

In June 2026, 9.64 million consumers were billed, up 1.6% when compared to June 2025. Of this total, 6,488 are free-market customers who use Cemig D’s distribution network.

 

Number of captive customers Jun/26 Jun/25 YoY % Change Mar/26 QoQ % Change
Residential 8,281,118 8,072,997 2.6% 8,247,521 0.4%
Industrial 22,098 23,754 -7.0% 22,455 -1.6%
Commercial, Services, and Other 866,601 900,319 -3.7% 875,867 -1.1%
Rural 360,400 388,636 -7.3% 373,448 -3.5%
Public Sector 76,110 74,503 2.2% 75,148 1.3%
Street Lighting 8,553 7,354 16.3% 8,186 4.5%
Public Services 13,001 13,268 -2.0% 13,163 -1.2%
Own Consumption 878 830 5.8% 872 0.7%
Total captive customers 9,628,759 9,481,661 1.6% 9,616,660 0.1%
           
Number of free-market customers Jun/26 Jun/25 YoY % Change Mar/26 QoQ % Change
Industrial 2,499 2,290 9.1% 2,520 -0.8%
Commercial 3,288 2,914 12.8% 3,322 -1.0%
Rural 158 134 17.9% 168 -6.0%
Public Sector 85 51 66.7% 81 4.9%
Public Service 451 146 208.9% 339 33.0%
Utilities 7 8 -12.5% 8 -12.5%
Total free-market customers 6,488 5,543 17.0% 6,438 0.8%
Total captive + free market 9,635,247 9,487,204 1.6% 9,623,098 0.1%

 

 

 

   
  11
 
 

 

 

2026 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 26, 2026, ANEEL approved the Company’s Tariff Adjustment, effective from May 28, 2026, through May 27, 2027, with an average increase of 6.50% for consumers. The average impact on low-voltage customers was 5.21%, the same percentage applied to residential consumers. Of the total 6.50% adjustment, 1.40 percentage points correspond to costs manageable by the Company (Portion B). Non-manageable costs (Portion A)—which include energy purchases, transmission, sector-specific charges, and unrecoverable revenues—contributed 0.68 percentage points, while financial items incorporated into the rate accounted for the remaining 4.42 percentage points.

 

Average Effect of the Tariff adjustment
High-Voltage Average 9.4%
Low-Voltage Average 5.2%
Average Effect 6.5%

 

More details at the following link (in Portuguese):
Approval Resolution No. 3589/2026 - Leis.org

 

 

Tariff Review

Highlights of the 2023 Tariff Review and the previous cycle:

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%
Interest on Special Bonds - R$ million 149 272
CAIMI - R$ million 333 484
QRR R$ - Depreciation (Gross base × depreciation rate) 787 1,007

* CAIMI (Custo Anual das Instalações Móveis e Imóveis) – annual cost of movable and immovable facilities (IT, vehicles and administrative buildings)

* QRR: Regulatory Depreciation Quota: Gross base x annual depreciation rate


More details at the following link:
https://www2.aneel.gov.br/aplicacoes/tarifa/arquivo/NT%2012%202023%20RTP%20Cemig.pdf

   
  12
 
 

 

OPEX and EBITDA | Actual vs. Regulatory

OPEX and EBITDA outperformed regulatory benchmarks in 1H26, reaching R$416 million and R$666 million, respectively.

 

 

Notes:

Regulatory EBITDA comprises return on capital, the regulatory depreciation quota (QRR) and a percentage of the Annual Cost of Movable and Immovable Facilities (CAIMI), as published in ANEEL's Technical Notes at each Tariff Review or Tariff Adjustment.

Regulatory coverage considered: Regulatory PMSO + non-recoverable revenues + 78.45% of CAIMI.

 

Quality Indicators – DEC/FEC

The DEC (Equivalent Duration of Interruptions per Consumer) indicator stood at 8.43 hours at the end of 2Q26, its lowest level on record and below the regulatory limit of 9.26 hours. This represents a reduction of more than 1 hour compared with the 12-month period ended June 2025. The FEC (Equivalent Frequency of Interruptions per Consumer Unit) indicator also remained below the regulatory limit of 5.37, reaching 4.86 for the 12-month period ended in June 2026.

 


Delinquency Management

The collection rate has remained above 99% since 2022, reaching 99.14% in June 2026. This performance reflects the effectiveness of the Company’s collection tools and the successful conclusion of significant negotiations that resulted in customer payments.

 

Digital channels—including PIX, direct debit, credit cards, and the mobile app—accounted for 74.08% of total collections, compared with 67.50% in June 2025. PIX was particularly noteworthy, consolidating its position as customers’ primary payment method due to its convenience and the effectiveness of the Company’s promotional campaigns. Representing approximately 40% of total collections, PIX delivers significant efficiency gains by reducing operating expenses and improving the Company’s cash flow.

   
  13
 
 

Account Collection Rate - ARFA (%)

(Collections/Billing) – 12-Month Moving Average

 

 

Losses

Energy losses remained below the regulatory target in the 12-month period ended June 2026, reaching 11.40%, compared with the regulatory target of 11.48%. Since the previous tariff adjustment, effective May 28, 2025, the Company has applied an enhanced methodology for calculating regulatory coverage of non-technical losses, as established by ANEEL Technical Note No. 53/2025. The methodology now uses metered energy rather than billed energy as the basis for calculation, resulting in increased tariff coverage for energy losses.

Among the key loss-reduction measures implemented in the first half of the year were 169,000 inspections, the replacement of more than 145,000 obsolete meters, and the replacement of 157,000 conventional meters with smart meters. The latter brought the total number of smart meters installed since the project began in September 2021 to 760,000. The Company also continued regularizing unauthorized connections for households in informal settlements and high-complexity areas using shielded wiring, reaching 28,500 regularizations since the initiative began in February 2023.

For 2026, the Company plans to conduct 358,000 inspections, install 400,000 smart meters, replace 150,000 obsolete meters, and regularize connections for 25,000 households in low-income communities using BT Zero and Shielded Meter Panel technologies. It also plans to expand the use of capacitor banks to improve the control of technical losses, alongside other structural initiatives.

Total Losses

 

   
  14
 
 

Actual Losses

 

Regulatory Losses

 

   
  15
 
 

 

Cemig GT/Holding

Energy Market

Energy sales by Cemig GT and Cemig Holding, excluding CCEE, decreased 2.9% YoY, while energy billed by Cemig GT totaled 7,069 GWh, up 11.3% (+716.9 GWh) YoY. Cemig Holding recorded sales of 3,848 GWh, a 21.3% decrease compared to the same period last year. Of the total sold by the Holding and Cemig GT in 2Q26, 509.0 GWh were sold in the retail market.

Cemig GT - MWh 2Q26 2Q25 YoY % Change 1Q26 QoQ % Change
Free-Market Customers 3,916,242 3,625,816 8.0% 3,629,097 7.9%
Industrial 2,648,039 2,441,227 8.5% 2,342,687 13.0%
Commercial 1,167,139 1,152,685 1.3% 1,207,399 -3.3%
Rural 47,369 27,707 71.0% 39,352 20.4%
Public Sector 53,695 4,197 1,179.3% 39,659 35.4%
Free Market (ACL) – Traders and Cooperatives 1,998,179 1,574,194 26.9% 1,737,699 15.0%
Quota Supply 565,793 565,513 0.0% 567,622 -0.3%
Regulated Market (ACR) 555,750 554,118 0.3% 571,697 -2.8%
Regulated Market (ACR) – Cemig D 33,132 32,580 1.7% 33,437 -0.9%
Total GT 7,069,095 6,352,221 11.3% 6,539,552 8.1%
           
Cemig H - MWh 2Q26 2Q25 YoY % Change 1Q26 QoQ % Change
Free-Market Customers 2,103,383 2,481,986 -15.3% 2,050,436 2.6%
Industrial 1,654,713 1,978,731 -16.4% 1,580,159 4.7%
Commercial 398,634 476,561 -16.4% 405,428 -1.7%
Rural 26,800 26,694 0.4% 41,859 -36.0%
Public Service 23,236   - 22,991 1.1%
Free Market (ACL) – Traders and Cooperatives 1,744,359 2,408,829 -27.6% 2,063,547 -15.5%
Total H 3,847,741 4,890,815 -21.3% 4,113,984 -6.5%
           
Cemig GT + H 10,916,837 11,243,037 -2.9% 10,653,535 2.5%

 

   
  16
 
 

 

Energy Balance – Sales Breakdown

https://ri.cemig.com.br/en/financial-information/electric-energy-balances

 

Energy Supply and Demand Balance – Cemig Group* – Position in July 2026

 

 

 

   
  17
 
 

Gasmig

Gasmig is the exclusive distributor of piped natural gas in the state of Minas Gerais, serving the industrial, commercial, residential, compressed natural gas, automotive, and thermoelectric power generation segments. Its concession runs through January 2053, and Cemig holds a 99.57% interest in the company.

EBITDA - R$ thousand 2Q26 2Q25 YoY % Change 1Q26 QoQ % Change
Net Income 95,899 150,821 -36.4% 100,598 -4.7%
Income tax and social contribution expense 50,765 73,467 -30.9% 47,083 7.8%
Financial result 32,048 (4,533) - 21,138 51.6%
Depreciation and amortization 27,193 23,735 14.6% 23,922 13.7%
EBITDA as defined in “CVM Resolution 156” 205,905 243,490 -15.4% 192,741 6.8%

 

The decline in Gasmig’s EBITDA (-15.4%) was driven by a 17.0% drop in total gas distribution volume and by the migration of customers to the free market, which offers a lower margin.

The YoY decrease in total gas volume distributed resulted from a 55.7% reduction in volume sold to the captive market (-108,800 m³), partially offset by a 75.6% increase in volume distributed to free-market customers (+61,700 m³). Lower sales volumes reflected industrial customers’ migration to the free market, which in turn increased distributed volumes in that segment. Considering the total volume distributed, the industrial sector was primarily responsible for the reduction, with a decrease of 31,400 m³ YoY, while the thermal segment saw a decrease of 15,300 m³.

Gasmig saw a 5.9% increase in the number of customers compared to June 2025, reaching 113,057 consumers in 2Q26, mainly due to the increase of 6,300 customers in the residential sector.

MARKET
(Volume in thousand m³)
2024 2025 2Q26 2Q25 YoY % Change 1Q26 QoQ % Change
Automotive 22,511 19,216 4,768 3,939 -17.4% 3,923 0.4%
Compressed Natural Gas - Automotive 630 417 110 56 -49.1% 97 -42.3%
Industrial 786,363 513,509 174,789 69,896 -60.0% 76,892 -9.1%
Compressed Natural Gas - Industrial 10,275 8,938 2,643 2,444 -7.5% 1,487 64.4%
Residential 12,095 13,194 3,550 3,366 -5.2% 3,028 11.2%
Cogeneration 12,164 10,108 3,371 100 -97.0% 123 -18.7%
Commercial 23,203 24,598 6,161 6,790 10.2% 6,281 8.1%
Subtotal - captive market 867,241 589,980 195,392 86,591 -55.7% 91,831 -5.7%
Industrial - free market 107,723 364,178 58,901 132,849 125.5% 134,841 -1.5%
Compressed Natural Gas - Industrial
- free market
7,699 10,145 2,581 2,288 -11.4% 2,255 1.5%
Cogeneration - free market 0 3,763   3,272 - 3,786 -13.6%
Thermal - free market 58,046 66,919 20,112 4,846 -75.9% 11,785 -58.9%
Subtotal - free market 173,468 445,005 81,594 143,255 75.6% 152,667 -6.2%
Total (captive + free market) 1,040,709 1,034,985 276,986 229,845 -17.0% 244,498 -6.0%

 

It is worth noting that the most recent tariff review process for Gasmig took place in April 2022, with the following highlights:

Decrease in WACC rate (actual, after taxes) from 10.02% p.a. to 8.71% p.a.
Significant increase in Net Remuneration Base, which reached R$3.48 billion
Full recognition of PMSO costs by the regulator
   
  18
 
 

 

Consolidated Financial Performance

Operating Revenue

R$ thousand 2Q26 2Q25 YoY % Change 1Q26 QoQ % Change
Gross electricity supply 9,055,911 8,686,379 4.3% 8,995,136 0.7%
Revenue from use of the distribution system – TUSD 1,633,700 1,414,496 15.5% 1,510,020 8.2%
CVA and other financial components 213,753 70,394 203.7% 369,582 -42.2%
Revenue from transmission operation and maintenance 103,282 114,197 -9.6% 49,336 109.3%
Revenue from construction and transmission improvements 223,329 179,130 24.7% 151,789 47.1%
Financial return on transmission contract assets 180,024 30,416 491.9% 38,341 369.5%
Revenue from generation compensation 35,805 31,201 14.8% 35,146 1.9%
Revenue from distribution construction 1,587,229 1,324,446 19.8% 1,376,970 15.3%
Remeasurement of the distribution concession's indemnifiable financial asset (VNR) 79,686 26,618 199.4% 65,278 22.1%
Revenue from indexation of the concession grant bonus 147,979 118,859 24.5% 120,632 22.7%
Settlement at CCEE 65,442 39,585 65.3% 19,832 230.0%
Gas supply 563,336 965,491 -41.7% 556,413 1.2%
Customer compensation for continuity breaches (39,694) (39,949) -0.6% (48,017) -17.3%
Other revenue 1,109,677 1,315,539 -15.6% 1,030,792 7.7%
Taxes and charges levied on revenue (3,803,221) (3,490,507) 9.0% (3,808,707) -0.1%
Net revenue 11,156,238 10,786,295 3.4% 10,462,543 6.6%

 

Gross Energy Supply

(1) The average price does not include revenue from unbilled supply

   
  19
 
 

Consolidated Energy Sales*: -1.0%

GWh

 

 

*Including DG-offset energy

 

Revenue from Energy Supply

Gross revenue from energy supply went up by 4.3%, to R$9,055.9 million in 2Q26 from R$8,686.4 million in 2Q25. The change was primarily driven by the annual tariff adjustment for Cemig D and the higher volume of energy sold to residential customers.

Transmission

The Company’s transmission revenue consists of operating and maintenance revenue, construction revenue, and financial remuneration of the contract asset. In 2Q26, transmission revenue totaled R$506.6 million, up 56.5% YoY. This change is explained by the increase in revenue from financial remuneration of the contract asset, which grew by R$149.6 million due to the higher IPCA during the period (the inflation index used to adjust most of the revenue), and by the R$44.2 million increase in construction revenue, resulting from higher investments.

Gas

Gross revenue from gas supply totaled R$563.4 million in 2Q26, down 41.7%, mainly due to the migration of industrial customers to the free market, the main factor behind the 55.7% decline in sales volume.

TUSD (Tariff for Use of the Distribution System)

TUSD’s revenue—derived from charges levied on free-market consumers for distributed energy—increased by R$219.2 million (+15.5%) YoY in 2Q26. This change stems from the disco’s annual tariff adjustments, implemented on May 28, 2025—with full effect in 2Q26—and on May 28, 2026—with impact effective as of that date—as well as from the increase in charges paid by free-market consumers.

CVA (regulatory deferral account for variances in Portion A costs) and Other Financial Components

Revenue of $213.7 million was recognized in 2Q26, up 203.7% YoY, mainly because energy purchase and CDE costs exceeded the amounts incorporated into the tariff adjustment.

Cemig D recognizes in its financial statements the positive or negative variances between actual non-manageable costs and the estimated costs used as the basis for setting tariffs. These balances represent the amounts that will be reimbursed to consumers or passed on to Cemig D in future tariff adjustments.

   
  20
 
 

Operating Costs and Expenses

CONSOLIDATED - R$ thousand 2Q26 2Q25 YoY % Change 1Q26 QoQ % Change
Energy purchased for resale 4,785,257 4,547,303 5.2% 4,915,028 -2.6%
Basic grid usage charges 830,506 776,715 6.9% 718,658 15.6%
Gas purchased for resale 198,475 485,097 -59.1% 213,270 -6.9%
Construction cost 1,753,090 1,463,371 19.8% 1,482,436 18.3%
Personnel 420,807 388,389 8.3% 365,592 15.1%
Employee and management profit sharing 53,380 46,024 16.0% 45,054 18.5%
Post-employment obligations 50,233 109,324 -54.1% 50,233 0.0%
Materials 24,341 26,654 -8.7% 32,348 -24.8%
Third-party services 640,052 527,007 21.5% 596,063 7.4%
Depreciation and amortization 410,069 368,393 11.3% 401,321 2.2%
Provisions (reversals) 215,149 63,999 236.2% 84,000 156.1%
Expected credit losses (177,013) 3,098 - 83,363 -
Expected loss on other receivables 50,312 30,126 67.0% 34,534 45.7%
RBSE Remeasurement - 198,895 - - -
Other costs and expenses 163,717 138,641 18.1% 131,804 24.2%
Total Costs and Expenses 9,418,375 9,173,036 2.7% 9,153,704 2.9%
Gain on disposal of intangible assets - - - (26,191) -
Total Other Revenue (expense reduction) - - - (26,191) -
GRAND TOTAL 9,418,375 9,173,036 2.7% 9,127,513 3.2%

 

Operating costs and expenses totaled R$9.42 billion in 2Q26, an YoY increase of R$245.3 million (+2.7%). This change is primarily due to a R$238.0 million increase in the cost of energy purchased for resale and a R$289.7 million increase in construction costs (higher investments), offset by a decrease of R$286.7 million in the cost of gas purchased for resale.

Further details on costs and expenses are provided below.

 

Energy Purchased for Resale

CONSOLIDATED - R$ thousand 2Q26 2Q25 YoY % Change 1Q26 QoQ % Change
Energy purchased in the free market 1,968,106 1,656,838 18.8% 1,781,732 10.5
Energy purchased through auctions in regulated market 1,064,799 1,046,488 1.7% 1,260,776 -15.5%
Distributed generation 901,198 846,075 6.5% 1,018,078 -11.5%
Short-term energy 585,257 489,394 19.6% 593,620 -1.4%
Itaipu Binacional energy 277,364 322,822 -14.1% 271,131 2.3%
Firm energy quota contracts 176,360 200,845 -12.2% 187,244 -5.8%
Bilateral contracts 26,620 132,433 -79.9% 26,328 1.1%
PROINFA 108,404 134,838 -19.6% 108,403 0.0%
Quotas for Angra I and II power plants 62,643 83,446 -24.9% 54,984 13.9%
PIS/PASEP and COFINS credits (385,494) (365,876) 5.4% (387,268) -0.5%
TOTAL 4,785,257 4,547,303 5.2% 4,915,028 -2.6%

 

Consolidated costs for electricity purchased for resale totaled R$4.79 billion in 2Q26, an increase of R$238.0 million YoY. This change is primarily due to the following factors:

   
  21
 
 
Costs of energy purchased in the free market, which represent the largest component of energy purchase costs (R$1,968.1 million), increased by R$311.3 million (+18.8%) YoY, mainly reflecting the need to buy energy to close open positions at the higher prices prevailing through 2026.
A R$96.9 million (19.6%) increase in short-term energy costs, primarily explained by an energy deficit at Cemig D, resulting in exposure to the short-term market.
A R$105.8 million decrease in the cost of energy from bilateral contracts.
Cemig D R$ thousand 2Q26 2Q25 YoY % Change 1Q26 QoQ % Change
Energy purchased through auctions in regulated market 1,072,517 1,057,434 1.4% 1,276,628 -16.0%
Distributed generation 901,198 846,075 6.5% 1,018,078 -11.5%
Short-term energy 499,636 333,854 49.7% 328,894 51.9%
Itaipu Binacional energy 277,364 322,822 -14.1% 271,131 2.3%
Firm energy quota contracts 188,658 205,235 -8.1% 191,504 -1.5%
Bilateral contracts 26,620 132,433 -79.9% 26,328 1.1%
PROINFA 108,404 134,838 -19.6% 108,403 0.0%
Quotas for Angra I and II power plants 56,840 83,446 -31.9% 49,970 13.7%
PIS/PASEP and COFINS credits (195,527) (198,698) -1.6% (197,993) -1.2%
TOTAL 2,935,710 2,917,439 0.6% 3,072,943 -4.5%

 

Gas Purchased for Resale

In 2Q26, the cost of gas purchases was R$198.5 million, representing an YoY decrease of R$286.6 million. This change is primarily due to the reduction in the volume of gas purchased to meet demand in the regulated market, given the migration of major industrial customers to the free gas market.

Third-party Services

Expenses for third-party services rose 21.5% (+R$113.0 million) YoY, driven primarily by the following increases: R$54.8 million (+30.1%) for maintenance and upkeep of electrical equipment, largely due to an increase in preventive maintenance; R$13.5 million (+38.8%) for information technology, R$11.1 million (+42.9%) for tree trimming, and R$9.2 million (22.4%) for right-of-way cleaning. The increase in expenses is directly related to the higher volume of work performed during the period, with a focus on strengthening the grid’s resilience and improving the quality and reliability of the energy supply.

Expected Credit Losses (ECL)

Expenses related to expected credit losses represented a reversal of R$177.0 million in 2Q26, compared to losses of R$3.1 million in 2Q25. The reversal in 2Q26 resulted from a revision to the methodology for calculating Expected Credit Losses (ECL) aimed at improving the alignment of estimates with the actual recoverability of receivables, with an impact of R$232.2 million. The main changes implemented were:

extending the default recognition horizon to 60 months (previously: performing/36 months and non-performing/18 months);
improvement of the methodology applied to performing and non-performing loan portfolios through a revision of the provisioning matrix, allowing for a more accurate measurement that better reflects the historical recovery behavior of loans.

The revision was based on three main pillars: (i) the effectiveness of collection tools, as evidenced by improvements in the aging profile of outstanding receivables; (ii) benchmarking against other companies in the electric power sector; and (iii) consistency with the concepts applied by ANEEL in calculating Irrecoverable Revenues, bringing regulatory and IFRS methodologies into closer alignment.

   
  22
 
 

Provisions for Contingencies

Provisions for contingencies totaled R$215.1 million in 2Q26, up R$151.2 million YoY. The change is primarily explained by the recognition of a provision resulting from an award in an arbitration proceeding initiated by a free-market customer.

Post-employment obligations

Expenses related to post-employment obligations decreased by R$59.1 million YoY. Excluding the non-recurring effect of the remeasurement of the obligation in 2Q25, the expense would have been R$80.2 million lower. The reduction in this expense is a direct result of the termination of the obligation related to the healthcare plan, pursuant to an agreement with unions and retirees that was ratified by the Regional Labor Court (TRT) at the end of 2025.

Personnel

Personnel expenses totaled R$420.8 million in 2Q26, up R$32.4 million YoY. The main factors driving this growth were the annual collective wage adjustment and the voluntary dismissal programs (VDPs) implemented in 2Q26 and 2Q25, with expenses of R$42.8 million and R$25.4 million, respectively.

 

Personnel Costs Evolution

R$ million excluding VDPs

 

Number of Employees by Company

 

 

   
  23
 
 

Equity Income

R$ thousand 2Q26 2Q25 YoY % Change 1Q26 QoQ % Change
TAESA 120,634 106,958 13,676 74,184 46,450
Paracambi 4,935 4,527 408 4,098 837
Guanhães Energia 2,387 2,182 205 2,517 (130)
Cachoeirão HPP 548 1,677 (1,129) 2,277 (1,729)
Cemig Sim (Holdings) 0 3,920 (3,920) 0 0
Pipoca HPP 0 180 (180) 404 (404)
Belo Monte (Aliança Norte and Amazônia Energia) (37,121) (42,026) 4,905 (31,155) (5,966)
Total 91,383 77,418 13,965 52,325 39,058

 

Equity income increased by R$14.0 million in 2Q26 compared to the same period last year. This performance was primarily driven by improved results at TAESA, reflecting the energization of new transmission assets and the resulting incremental RAP, as well as higher inflation indices (IGP-M and IPCA), which positively impacted the financial remuneration of contract assets. Worth noting that Cemig Sim no longer recognizes results under the equity method, as it divested its interests in other companies at the end of 2025 and now owns all of its assets directly.

 

   
  24
 
 

 

Consolidated EBITDA

(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 consists of net income adjusted for net financial result, depreciation and amortization, and income tax and social contribution. EBITDA is not a measure recognized under Brazilian GAAP or IFRS, has no standardized definition, and may not be comparable to similarly titled measures reported by other companies. The Company discloses EBITDA because it uses the measure to assess its performance. EBITDA should not be considered in isolation or as a substitute for net income or operating income, as an indicator of operating performance or cash flow, or as a measure of liquidity or of the ability to service debt. The Company adjusts EBITDA in accordance with CVM Resolution No. 156/2022 to exclude non-recurring items that do not reflect its underlying cash generation.

Consolidated EBITDA 2Q26

R$ thousand

Generation Transmission Trading Distribution Gas Holding / Equity Interests Total
Net Income for the period 465,514 189,072 (308,139) 483,134 95,897 19,966 945,444
Income and social contribution taxes 24,737 23,769 (63,283) 103,627 49,062 (50,015) 87,897
Financial result 42,030 33,322 269 608,194 32,050 80,040 795,905
Depreciation and amortization 84,847 4,941 3 281,795 28,896 9,587 410,069
EBITDA as defined in “CVM Resolution 156” 617,128 251,104 (371,150) 1,476,750 205,905 59,578 2,239,315
Non-recurring and non-cash items              
Net income attributable to non-controlling shareholders - - - - (412) - (412)
Voluntary Dismissal Program 4,188 2,588 593 31,546 - 3,882 42,797
Provisions - Consumer Relations - - 190,653 - - - 190,653
Adjusted EBITDA 621,316 253,692 (179,904) 1,508,296 205,493 63,460 2,472,353

 

Consolidated EBITDA 2Q25

R$ thousand (Restated)

Generation Transmission Trading Distribution Gas Holding / Equity Interests Total
Net Income for the period 449,724 (2,841) 6,481 550,550 150,820 33,547 1,188,281
Income and social contribution taxes 31,781 (36,693) (3,961) 147,391 71,765 (20,474) 189,809
Financial result (11,424) 5,137 9,711 288,644 (6,058) 26,577 312,587
Depreciation and amortization 78,044 4,652 3 254,372 25,438 5,884 368,393
EBITDA as defined in “CVM Resolution 156” 548,125 (29,745) 12,234 1,240,957 241,965 45,534 2,059,070
Non-recurring and non-cash items              
Net income attributable to non-controlling shareholders - - - - (648) - (648)
Remeasurement of post-employment liabilities (2,302) (1,422) (326) (16,163) - (948) (21,161)
RBSE Remeasurement - 198,895 - - - - 198,895
Voluntary Dismissal Program 1,920 1,187 272 20,812 - 1,200 25,391
Adjusted EBITDA 547,743 168,915 12,180 1,245,606 241,317 45,786 2,261,547

 

Consolidated EBITDA 1Q26

R$ thousand

Generation Transmission Trading Distribution Gas Holding / Equity Interests Total
Net Income for the period 396,428 138,987 (125,152) 397,653 100,598 70,465 978,979
Income and social contribution taxes 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 as defined in “CVM Resolution 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

 

   
  25
 
 

 

Consolidated EBITDA grew 8.8% YoY in 2Q26 and totaled R$2.24 billion, while Adjusted EBITDA was R$2.47 billion, up 9.3% from 2Q25. The main factors affecting the comparison are as follows:

A 19.0% increase in Cemig D’s EBITDA, driven primarily by the positive impact of the tariff adjustment, the reduction in post-employment expenses, the revision of the methodology for calculating expected credit losses (ECL)—which had a positive effect of R$232.2 million in 2Q26—and strong performance in energy losses
An R$80.3 million reduction in adjusted post-employment benefit expense, excluding the positive effect of R$21.1 million from the remeasurement that occurred in 2Q25. The reduction is a result of the termination of the obligation related to the healthcare plan, pursuant to an agreement ratified by the Regional Labor Court (TRT) at the end of 2025.
A decrease of R$383.4 million in EBITDA and R$192.1 million in adjusted EBITDA from the trading business YoY, driven primarily by:
o higher costs to close out open positions at higher prices
o the negative impact of a R$190.6 million provision resulting from an award in an arbitration proceeding initiated by a free-market customer
Gasmig’s adjusted EBITDA decreased by R$35.8 million YoY, reflecting a 17.0% decline in distributed volume due to customer migration to the free market, where regulatory margins are lower.
Change in the accounting treatment of monetary restatement of provisions, which is now recognized as a financial expense, while provisions and reversals remain in operating income. In 2Q25 (restated for comparison purposes), the monetary adjustment of provisions resulted in a financial expense of R$49.6 million, compared with R$123.4 million in 2Q26, including R$26.2 million in financial updates related to a provision arising from the arbitration award mentioned above.
Recognition of net revenue from subsidies in the amount of R$374.9 million in 2Q25, relating to both the quarter and the other periods of the June 2024–May 2025 tariff cycle, resulting from an adjustment related to the difference between the projected and actual amounts in the 2024–2025 tariff cycle
Remeasurement of RBSE’s contract asset with a negative impact of R$198.9 million on 2Q25 EBITDA
   
  26
 
 

Cemig D EBITDA

R$ thousand 2Q26

2Q25

Restated

YoY % Change 1Q26 QoQ % Change
Net income for the period 483,134 550,554 -12.2% 397,653 21.5%
Income tax and social contributions 103,627 147,390 -29.7% 54,436 90.4%
Net financial income 608,194 288,643 110.7% 283,611 114.4%
Amortization 281,795 254,373 10.8% 274,697 2.6%
EBITDA as defined in “CVM Resolution 156” 1,476,750 1,240,960 19.0% 1,010,396 46.2%
Scheduled Voluntary Dismissal Program 31,546 20,812 51.6% - -
Remeasurement of post-employment liabilities - (16,163) - - -
Adjusted EBITDA 1,508,296 1,245,609 21.1% 1,010,396 49.3%
VNR 79,686 26,618 199.4% 65,278 22.1%
Adjusted EBITDA (-) VNR 1,428,610 1,218,991 17.2% 945,118 51.2%

 

Cemig D reported EBITDA of R$1,476.7 million, up 19.0% YoY. Adjusted EBITDA, in turn, grew 21.1% compared to the same period last year. The main factors affecting YoY EBITDA are as follows:

· A tariff adjustment with an average effect of 6.5% and a 4.9% adjustment to Portion B effective May 28, 2026, offset by a reduction in billed market volume YoY
o Distributed energy excluding DG: -1.6% (comprising -3.9% in the captive market and +0.4% in the free market). This change mainly reflects the shift to DG, lower industrial consumption (-3.1%)—still influenced by the migration of two large customers to the basic grid during 2Q25—and the decline in rural consumption (-11.1%) due to higher rainfall. In contrast, residential consumption increased by 2.7% compared to the same period in 2025
o Total distributed energy, including DG-offset energy, grew 1.2% YoY
A R$58.2 million reduction in adjusted post-employment benefit expenses, excluding the positive effect of R$16.2 million from the remeasurement that occurred in 2Q25. The reduction is explained by the termination of the post-employment benefit related to the health plan, effective as of the agreement ratified by the Regional Labor Court (TRT) at the end of 2025
A R$232.2 million positive effect resulting from the revision of the methodology for calculating expected credit losses (ECL). As a result, ECL in 2Q26 represented a reversal of R$175.2 million, compared to an expense of R$2.2 million in 2Q25
Improved performance in energy losses, which closed the 12-month rolling window at 11.40%, outperforming the regulatory target of 11.48%
Expenses related to the voluntary dismissal program, carried out in 2Q26 and 2Q25, were R$31.5 million and R$20.8 million, respectively
VNR of R$79.7 million in 2Q26 and R$26.6 million in 2Q25
Change in the accounting treatment of monetary restatement of provisions, which is now recognized as a financial expense, while provisions and reversals remain in operating income. In 2Q26, the monetary restatement of provisions represented a financial expense of R$69.6 million, compared to R$31.2 million in 2Q25 (reclassified for comparison purposes)
Recognition of net revenue from subsidies in the amount of R$374.9 million in 2Q25, relating to both the quarter and the other periods of the June 2024–May 2025 tariff cycle, resulting from an adjustment related to the difference between the projected and actual amounts in the 2024–2025 tariff cycle, particularly regarding discounts applied to incentivized sources and to DG

 

   
  27
 
 

Cemig GT EBITDA

2Q26
R$ thousand
Generation Transmission Trading Equity Interests Total
Net income for the period 468,395 177,113 (297,631) (78,287) 269,590
Income tax and social contribution expense 24,736 22,227 (57,828) 3,254 (7,611)
Financial result 42,030 33,907 9,792 34,131 119,860
Depreciation and amortization 86,249 5,001 3 6,649 97,902
EBITDA as defined in “CVM Resolution 156” 621,410 238,248 (345,664) (34,253) 479,741
Provision - arbitration proceedings from free-market client - - 190,653 - 190,653
Voluntary Dismissal Program 4,188 2,588 593 797 8,166
Adjusted EBITDA 625,598 240,836 (154,418) (33,456) 678,560

 

2Q25 Restated
R$ thousand
Generation Transmission Trading Equity Interests Total
Net income for the period 460,115 (6,031) (55,415) (56,549) 342,120
Income tax and social contribution expense 32,081 (37,895) (16,295) 3,971 (18,138)
Financial result (11,506) 5,549 587 14,204 8,834
Depreciation and amortization 76,419 5,852 3 - 82,274
EBITDA as defined in “CVM Resolution 156” 557,109 (32,525) (71,120) (38,374) 415,090
Voluntary Dismissal Program 1,920 1,187 272 366 3,745
RBSE Remeasurement - 198,895 - - 198,895
Remeasurement of post-employment liabilities (2,302) (1,422) (326) (438) (4,488)
Adjusted EBITDA 556,727 166,135 (71,174) (38,446) 613,242

 

Q1 2026
R$ thousand
Generation Transmission Trading Equity Interests 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 as defined in “CVM Resolution 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’s EBITDA totaled R$479.7 million in 2Q26, up 15.6% from 2Q25, while adjusted EBITDA grew by 10.7%. The main factors affecting EBITDA in 2Q26 and 2Q25 and the year-over-year change are as follows:

Higher revenue from energy supply of R$307.8 million (+21.3%) YoY, due to growth in the volume of energy sold (+11.3%) as well as in the average price (+6.0%)
A 28.4% increase in transmission revenue, driven by the implementation of reinforcements and improvements (RAP addition), an increase in financial remuneration of the contract asset due to the higher IPCA in 2Q26 (1.42% in 2Q26 and 0.93% in 2Q25), and by higher construction revenue, reflecting increased investments during the period
Positive impact of the higher GSF on generation activity (0.996 in 2Q26 vs. 0.955 in 2Q25)
Negative effect of the R$190.6 million provision on 2Q26 EBITDA, resulting from an award in an arbitration proceeding initiated by a customer
Negative impact on the trading segment due to exposure to the PLD difference between submarkets, amounting to R$66.8 million in 2Q26 and R$76.1 million in 2Q25
   
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A R$17.0 million reduction in adjusted post-employment benefit expense, excluding the R$4.5 million positive effect from the remeasurement that occurred in 2Q25. The reduction is explained by the termination of the post-employment benefit related to the healthcare plan, effective as of the agreement ratified by the Regional Labor Court (TRT) at the end of 2025
Recognition in 2Q25 of a reduction in contract assets in the amount of R$198.9 million, net of PIS/Pasep and Cofins taxes, resulting from the remeasurement of the financial component of the RBSE, due to the changes introduced by Aneel Resolution No. 3,469/2025

 

Financial Income and Expenses

FINANCIAL RESULT - R$ thousand 2Q26 2Q25 YoY % Change 1Q26 QoQ % Change
Financial income 290,189 302,444 -4.1% 257,960 12.5%
Financial expenses (1,086,094) (615,031) 76.6% (596,384) 82.1%
Financial result (795,905) (312,587) 154.6% (338,424) 135.2%

 

The consolidated financial results for 2Q26 was a net expense of R$795.9 million, up R$483.3 million YoY, primarily due to the following factors:

A R$96.8 million increase in financial expenses related to debenture charges, due to higher gross debt, which also contributed to a R$175.4 million increase in monetary variation expenses linked to the debentures. The latter was also impacted by the higher IPCA during the period (1.42% in 2Q26 vs. 0.93% in 2Q25)
A R$168.3 million financial expense which was recognized in 2Q26 for the restatement of consumer DG credits, reflecting the new tariffs approved in the May tariff adjustment, compared with R$75.3 million in 2Q25.
R$70.6 million YoY decrease in income from financial investments in 2Q26, reflecting a lower average cash balance during the period.

Net Income

Cemig reported net income of R$945.4 million in 2Q26, compared to R$1,188.3 million in 2Q25. Adjusted earnings were 15.5% lower than those recorded in 2Q25, totaling R$1.17 billion.

As discussed in the previous sections, net income was primarily impacted by lower EBITDA from the Trading business, partially offset by stronger EBITDA from the Distribution, Generation and Transmission businesses. Net income was also affected by higher financial expenses (+ R$483.3), mainly reflecting the increase in net debt, higher inflation as measured by IPCA in 2Q26, higher monetary adjustment expenses on provisions, and the restatement of DG customers’ credits.

 

RECONCILIATION OF CONSOLIDATED RECURRING NET INCOME
R$ thousand
2Q26 2Q25 1Q26
Net income for the period (IFRS) 945,444 1,188,281 978,979
Remeasurement of post-employment liabilities - (13,966) -
RBSE remeasurement - 131,271 -
Provision - arbitration proceedings from free-market client 143,130 -  
Voluntary dismissal program 28,246 16,758 -
RECURRING NET INCOME 1,116,820 1,322,344 978,979

 

   
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Investments

Total investments amounted to R$3.28 billion in 1H26, representing a 19.2% increase compared to 1H25. Of this amount, R$1.80 billion was invested in 2Q26.

The main highlights this quarter were: a R$1.36 billion investment by Cemig Distribuição, comprising a 91 MVA expansion in transformer capacity, 5 new substations and 2 expanded ones, the construction of 1,121 km of low- and medium-voltage networks, and the installation of 66,000 smart meters. In addition, there was an investment of R$165.9 million in transmission reinforcements and improvements, the addition of 26 MWp of installed capacity in distributed photovoltaic generation, and the construction of 23.8 km of gas pipelines by Gasmig.

The investment program supports the modernization and reliability of CEMIG’s electric system, in line with the Company’s strategic focus on Minas Gerais, its core businesses, and continuously improving customer service. Investments totaling BRL 43.70 billion are planned for 2026–2030, of which BRL 6.72 billion is earmarked for 2026.

Execution of the company’s investment program ensures the MODERNIZATION and RELIABILITY of CEMIG’s electric system

 

 

   
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Consolidated Debt

CONSOLIDATED - R$ thousand jun/26 2025 % Change
Gross Debt 22,352,709 19,465,331 14.8%
Cash and cash equivalents + marketable securities 3,082,109 2,661,338 15.8%
Hedge 87,526 8,508 928.7%
Net Debt 19,358,126 16,812,501 15.1%
       
CEMIG GT (R$ thousand) jun/26 2025 % Change
Gross Debt 5,224,301 3,155,368 65.6%
Cash and cash equivalents + marketable securities 1,712,398 463,891 269.1%
Hedge 32,312 8,508 279.8%
Net Debt 3,544,215 2,699,985 31.3%
       
CEMIG D (R$ thousand) jun/26 2025 % Change
Gross Debt 15,665,471 14,892,088 5.2%
Cash and cash equivalents + marketable securities 942,049 1,268,007 -25.7%
Hedge 55,212 0 -
Net Debt 14,778,634 13,624,081 8.5%

 

Consolidated Debt Amortization Profile

R$ million

 

 

The Company remains disciplined in executing its financial strategy, prioritizing cash flow optimization, a lower cost of capital, and an extended debt maturity profile.

At the end of 2Q26, the average debt maturity was 6.7 years, with 81% of total debt maturing in 2029 or later. This positions most repayments after the tariff review processes for the Disco and Transco, providing greater predictability and financial security.

Resilience and Financial Flexibility

Amid potentially more selective capital markets, the Company remains well positioned, supported by its strong credit ratings and the defensive nature of the electric power sector. Its capital structure is further supported by pre-approved credit facilities that can be quickly accessed during periods of volatility. Management continuously monitors funding alternatives—including multilateral agencies, development banks, receivables financing, and Law 4,131 loans—allowing the Company to access the market under the most favorable conditions. Even if spreads widen, the impact on the total cost of debt would be marginal, as the existing debt portfolio is not directly affected by secondary-market fluctuations or changes in NTN-B yields.

Covenant Structure

The Company reiterates that its current covenant terms are appropriate for its projects’ maturity profiles and aligned with industry peers, supporting both investor security and the long-term sustainability of its operations.

 

   
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Evolution of Cemig’s Credit Ratings

Cemig’s credit ratings have improved consistently in recent years and are now at their highest levels in the Company’s history.

In 2025, the Company received an AAA rating from an additional credit rating agency following an upgrade by Moody’s. This rating remains unchanged and reflects recognition of Cemig’s financial strength, consistent performance, and disciplined capital allocation.

The evolution of the Company’s credit ratings is shown in the figure below:

 

   
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ESG – Performance Report

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

 

ENERGY TRANSITION

         Offset 100% of Scope 1 emissions by 2026

         Achieve Net Zero by 2040 and reduce total greenhouse gas emissions by 60% by 2030

         Achieve 100% renewable power generation

         Sell 37.4 million renewable energy certificates by 2030

         100% of municipal administrative centers with dual power sources

         Connect 7 GW of distributed generation by 2028

         Install 1,250,000 smart meters by 2027

ENVIRONMENT

         Recycle and/or reuse at least 98% of the industrial waste generated by 2027

         Conduct an assessment of Cemig’s impacts on and dependence on ecosystem services.

LOCAL DEVELOPMENT

         Digitize at least 85% of customer service interactions by 2026

         Convert the single-phase grid to three-phase through the Minas Trifásico Project by 2027

         Benefit 120,000 families by regularizing their energy supply

         Benefit at least 60,000 people through projects focused on children, seniors, and sports by 2027

OUR PEOPLE

         Embed a culture of health and safe behavior within the company and across the value chain by 2030

         Establish a culture that values diversity, equity, and inclusion by 2030

STRONG GOVERNANCE

         Comply with 100% of the requirements of the Global Compact Transparency Initiative by 2026

         Maintain, through 2030, zero individuals affected by
cybersecurity breaches involving leaks of critical personal
data capable of causing material harm to the data subject.

         Implement the Sustainable Value Chain Management Program by 2027

 

   
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Corporate Highlights

Energy Transition

Cemig offset 100% of its Scope 1 emissions for the monitored cycle, achieved approximately 90% of its target for providing municipal administrative centers with dual power supply, and connected 5.3 GW of distributed generation—equivalent to 76% of its 2028 target. The Company also sold more than 13 million renewable energy certificates, representing 36% of its 2030 target. These results underscore Cemig’s ability to advance decarbonization, energy security, and renewable energy solutions simultaneously.

The Company was once again included on the CDP A List, receiving the highest score in 10 of the 16 criteria assessed. Highlights included:

A public commitment to achieve net-zero emissions by 2040
The development of low-carbon products
Strong emissions-reduction and grid-modernization initiatives

Environment Highlight

Cemig completed a report aligned with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), further integrating nature-related risks and opportunities into its business management practices.

The Company maintained strong progress toward its operational environmental commitments. The recycling and reuse rate for industrial waste reached 95%, reinforcing its commitment to circular economy principles.

Since the beginning of the monitoring cycle, the Company’s environmental restoration program has planted more than 600,000 native seedlings, achieving 60% of its target of one million seedlings by 2028. Cemig also continued to advance EcoCiente, its corporate environmental education program, which promotes social and environmental awareness among employees and local communities while fostering a culture of sustainability and ecosystem conservation across the regions where it operates.

International Recognition for Sustainability

The company was selected for inclusion in the Dow Jones Best in Class Index for the 26th consecutive time and has been part of the index since its inception.

Corporate Governance and Risk Management

Cemig consolidated its leadership in corporate governance by achieving all targets established under the Transparency 100% Movement—a UN Global Compact initiative aligned with SDG 16—four years ahead of schedule. Cemig was among the few participating companies to fulfill all commitments set for 2030, reaffirming its commitment to ethics, integrity, transparency, and accountability.

   
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Inclusion in leading sustainability indices

 

The sustainability indicators were reorganized to better reflect Cemig’s new Materiality Matrix (pages 6–7 of the Cemig Sustainability Report), which comprises eight material topics: three classified as double materiality, four as financially material, and one as impact material. This reorganization strengthens the alignment between the reported indicators and the priority topics identified by the Company and its stakeholders.

Climate Change

Indicators 1Q26 2Q26
Renewable fuel consumption (GJ) – cumulative 1,410.8 4,875.4
Non-renewable fuel consumption (GJ) – cumulative 30,811.5 30,840.4
Basic transmission grid loss rate (%) 1.9 3.0
Total distribution losses rate* 11.4 11.4
% of generation from renewable sources 100.0 100.0

* ANEEL revised the methodology starting in 2Q25. Public Consultation No. 09/2024 requires the use of metered market data rather than billed data. The figure was calculated as the average of the months in each quarter.

Renewable Energy

Indicators 1Q26 2Q26
I-RECs (renewable energy certificates) sold from renewable sources 1,016,573    125,120
Cemig RECs sold from renewable sources 7,936,934 331,916
Number of smart meters installed 86,575 86,206

Water Resources

Indicators 1Q26 2Q26
Surface Water Monitoring Management Indicator (IGMAS) (%) 100 100

   
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People’s Health

Indicators 1Q26 2Q26
Accident frequency rate (employees and contractors) - cumulative 3.31 3.26
Number of fatal and non-fatal accidents involving the public - cumulative 15 30

 

Local Communities

Indicators 1Q26 2Q26
Contributions to the Fund for Children and Adolescents (FIA) (R$) 334,121 45,818
Contributions to the Fund for Older Persons (R$) 334,121 45,818
Contributions under the Sports Incentive Act (R$) 668,242 2,957,779
Contributions to Cultural Initiatives (R$) 94,675,653 46,017,207

 

Customer Satisfaction and Transparency

Indicators 1Q26 2Q26
DEC - Equivalent Duration of Interruption per Customer (hours) 2.46 1.97
FEC – Equivalent Frequency of Interruption per Consumer (unit) 2.46 1.16

 

Ethical Conduct and Integrity

Indicators 1Q26 2Q26
Total reports received 450 394
Total substantiated or partially substantiated reports concluded 40 38
Number of clients, consumers, and employees materially affected by privacy and personal data protection violations 0 133,581
Number of independent board members 8 8
Percentage of shares held by members of the boards and executive officers 0 0

 

   
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Share Performance

  Jun/26 2025 % Change
Share Price (2)      
CMIG4 (PN) closing price (R$/share) 10.87 10.57 2.86%
CMIG3 (ON) closing price (R$/share) 15.60 14.09 10.72%
CIG (ADR PN) closing price (US$/share) 2.06 1.90 8.29%
CIG.C (ADR ON) closing price (US$/share) 3.05 2.61 16.86%
Average daily volume      
CMIG4 (PN) (R$ million) 177.06 127.52 38.85%
CMIG3 (ON) (R$ million) 2.06 3.24 -36.53%
CIG (ADR PN) (US$ million) 14.17 5.49 157.97%
CIG.C (ADR ON)  (US$ million) 0.01 0.01 30.68%
Indices      
IEE 128,089 123,056 4.09%
IBOV 172,024 161,125 6.76%
CDI 10,966 10,258 6.90%
Indicators      
Market value at period-end (R$ million) 35,620 35,388 0.66%
Enterprise value (EV - R$ million) (1) 53,444 48,488 10.22%
CMIG4 (PN) Dividend Yield  (%) (3) 11.78 14.74 -2.95 p.p.
CMIG3 (ON) Dividend Yield (%) (3) 8.21 11.23 -3.02 p.p

(1) EV = Market Capitalization (R$/share × number of shares) + consolidated net debt

(2) Share prices adjusted for distributions, including dividends

(3) Dividends paid over the last four quarters / closing share price

 

Based on the trading volume of its common (ON) and preferred (PN) shares, Cemig ranked as the fifth most actively traded company in Brazil’s electric power sector and among the most actively traded companies in the Brazilian capital market as a whole. On the New York Stock Exchange, trading volume in the Company’s preferred ADRs (CIG) totaled USD 1.74 billion in 1H26, reflecting strong investor interest and reinforcing Cemig’s position as an attractive global investment opportunity. During the period, the Ibovespa—Brazil’s main equity market benchmark—rose 6.76%, while Cemig’s preferred and common shares appreciated by 2.86% and 10.72%, respectively. The Company’s preferred and common ADRs ended the period up 8.29% and 16.86%, respectively.

 

   
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Power Plants

Power Plants Company Cemig Capacity (MW) Cemig Assured Capacity (MW) End of Concession Type Cemig's Stake
Emborcação CEMIG GT 1,192.00 474.80 46,534.00 HPP 100.00%
Nova Ponte CEMIG GT 510.00 256.60 46,613.00 HPP 100.00%
Três Marias CEMIG GT 396.00 227.10 55,890.00 HPP 100.00%
Irapé CEMIG GT 399.00 197.90 51,437.00 HPP 100.00%
Salto Grande CEMIG GT 102.00 73.80 55,890.00 HPP 100.00%
Sá Carvalho      Sá Carvalho 78.00 54.40 46,264.00 HPP 100.00%
Rosal Rosal Energia 55.00 27.70 49,659.00 HPP 100.00%
Itutinga CEMIG G. ITUTINGA 52.00 26.60 55,890.00 HPP 100.00%
Boa Esperança CEMIG GT 85.00 25.00 57,573.00 UPV 100.00%
Camargos CEMIG G. CAMARGOS 46.00 21.60 55,890.00 HPP 100.00%
Três Marias Jusante CEMIG GT 70.00 20.00 57,755.00 UPV 100.00%
Volta do Rio CEMIG GT 42.00 18.41 48,208.00 WIND 100.00%
Poço Fundo CEMIG GT 30.00 16.81 55,671.00 SHPP 100.00%
Pai Joaquim              CEMIG PCH 23.00 13.91 51,761.00 SHPP 100.00%
Piau CEMIG G. SUL 18.01 13.53 55,890.00 HPP 100.00%
Praias de Parajuru CEMIG GT 28.80 8.39 48,481.00 WIND 100.00%
Gafanhoto CEMIG G. OESTE 14.00 6.68 55,890.00 HPP 100.00%
Peti CEMIG G. LESTE 9.40 6.18 55,890.00 HPP 100.00%
 Joasal CEMIG G. SUL 8.40 5.20 55,890.00 HPP 100.00%
Tronqueiras CEMIG G. LESTE 8.50 3.39 53,671.00 HPP 100.00%
Pipoca Hidrelétrica Pipoca 20.00 11.90 49,288.00 SHPP 100.00%
Queimado   CEMIG GT 86.63 53.30 51,678.00 HPP 82.50%
Belo Monte Norte 1,313.00 534.29 53,521.00 HPP 11.69%
Paracambi Lightger 12.25 9.57 48,954.00 SHPP 49.00%
Cachoeirão                         Hidrelétrica Cachoeirão 13.23 8.02 53,329.00 SHPP 49.00%
Outras   59.43 30.69      
Subtotal   4,672 2,146      
Geração Distribuída            
Cemig GT Cemig GT 14.5 3.6   UPV 100.00%
Cemig Sim Cemig Sim 132.9 34.7   UPV 100.00%
Subtotal   147.4 38.3      
Total   4,819 2,184      

 

Note: The firm energy figures for the Boa Esperança and Jusante solar PV plants are based on values certified by an independent certification firm but not yet approved by ANEEL. For Cemig Sim’s plants, installed capacity is stated in MWac, while estimated generation is presented as firm energy in the table.

Cemig Sim also sells energy generated by leased plants with a combined capacity of 266 MWp. Further details on Cemig Sim’s and Cemig GT’s expansion projects are provided on the following page.

   
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Expansion in Photovoltaic Generation

Project Company Installed Capacity (MWac) Capacity
(MWp)
Expected Generation (MWm) Expected Commissioning Date
Ouro Solar Cemig Sim 11.50 16.33 3.33 Nov/26–Dec/26
Bloco Azul Cemig Sim 15.00 21.30 3.77 Aug/26–Dec/26
Solar do Cerrado Cemig Sim 30.00 42.00 8.57 Jul/26–Jan/27
Cemig GT - Sol Central Cemig GT 17.03 22.10 4.02 Jul/26–Nov/27
Total   73.5 101.7 19.7  

 

RAP – July 2026 to June 2027 Cycle

The RAP for the 2026/2027 cycle took effect in July, as determined by ANEEL.

ADMINISTRATIVE ORDER 2,268/2026 (2026/2027 cycle)

R$ thousand RAP Adjustment Portion Total Concession Agreement Maturity Inflation
Adjustment Index
Cemig GT 1,264,353 92,311 1,356,664 006/97 Dec-42 IPCA
Cemig Itajubá 51,494 (874) 50,620 079/00 Oct-30 IGPM
Centroeste 15,775 (453) 15,322 004/05 Mar-35 IGPM
ETTM 6,316 (829) 5,486 002/12 Jan-42 IPCA
Sete Lagoas (Holding*) 12,478 (101) 12,376 006/11 Jun-41 IPCA
Cemig 1,350,415 90,053 1,440,468      
TAESA (21.68% stake held by Cemig) 987,707 (38,270) 949,437      
TOTAL RAP 2,338,122 51,783 2,389,905      

 

RBSE COMPENSATION* at June 2026 prices. Amounts exclude charges

R$ thousand per Cycle 2025–2026 2026–2027 2027–2028 2028–2029 2029 through 2033
Economy 117,746 117,191 117,191 36,918 36,918
Financial 312,781 312,781 312,781 - -
TOTAL 430,527 429,972 429,972 36,918 36,918

**RBSE compensation amounts are included in Cemig’s RAP (first table)

 

Cemig has already received approval through ANEEL Authorizing Resolution (REA) for large-scale reinforcements and Improvements with CAPEX totaling R$924.6 million, in addition to investments of R$242.2 million related to Lot 1 of Auction 02/2022 (with completion of the works scheduled for 2028).

Expected date of commissioning CAPEX
R$ thousand
RAP
R$ thousand
2026 263,610 42,880
2027 491,349 81,093
2028 403,429 46,876
2029 8,399 1,416
Total 1,166,787 172,265

 

   
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Revenue and Regulatory EBITDA from Transmission

Regulatory Transmission Results - 2Q26 - R$ thousand Cemig GT Centroeste Sete Lagoas Total
Revenue from electricity transmission operations 450,066 3,918 3,582 457,566
Taxes on revenue (39,404) (143) (333) (39,880)
Charges (76,711) (69) (207) (76,987)
Net revenue 333,951 3,706 3,042 340,699
Regulatory net income 79,567 2,791 1,936 84,294
Income tax and social contribution 31,829 229 840 32,898
Financial results 67,672 (305) (586) 66,781
Depreciation and amortization 42,354 367 608 43,329
Regulatory EBITDA 221,422 3,082 2,798 227,302

 

Regulatory Transmission Income - 2Q25 - R$ thousand Cemig GT Centroeste Sete Lagoas Total
Revenue from electricity transmission operations 429,656 6,500 2,947 439,103
Taxes on revenue (37,962) (237) (273) (38,472)
Charges (60,542) (271) (115) (60,928)
Net revenue 331,152 5,992 2,559 339,703
Regulatory net income 266,338 4,744 1,312 272,394
Income tax and social contribution (62,794) 301 490 (62,003)
Financial results (876) (306) (370) (1,552)
Depreciation and amortization 55,769 373 609 56,751
Regulatory EBITDA 258,437 5,112 2,041 265,590

 

 

Supplementary Information

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

Earnings Center | Cemig IR

 

   
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Disclaimer

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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6. Notice to the Market – Standard & Poor’s upgrades Cemig’s Ratings to “brAAA”, dated August 18, 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

Standard & Poor’s upgrades Cemig’s Ratings to “brAAA”

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“Cemig” or “Company”), a publicly held company whose shares are traded on the São Paulo and New York stock exchanges, hereby informs its shareholders and the market in general that Standard & Poor’s Ratings do Brasil (“S&P”) has upgraded the national scale corporate rating of the Company and its wholly owned subsidiaries, Cemig Distribuição S.A. and Cemig Geração e Transmissão S.A., from “AA+” to “AAA”, with a stable outlook.

 

Accordingly, the Company is now rated “AAA” by the three major rating agencies: Moody’s, Fitch, and S&P.

 

The upgrade reflects S&P’s assessment that Cemig maintains a strong operating profile and controlled leverage. This rating action also reflects the expectation that Cemig will successfully execute its investment plans, sustaining solid operational performance and stronger cash generation over the coming years, which should lead to a gradual reduction in free operating cash flow deficits.

 

The Company reaffirms its commitment to maintaining optimized liquidity and capital structure through the extension of its average debt maturity profile, strategic liability management, and efficient cost of capital management.

 

 

Belo Horizonte, August 18, 2026.

 

 

Leonardo George de Magalhães

Vice President of Finance and Investor Relations

 

 

 
 

 

7. Market Fact – Nominations by the Controlling Shareholder for CEMIG’s Board of Directors and Executive Board, dated August 28, 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

Nominations by the Controlling Shareholder for

CEMIG’s Board of Directors and Executive Board

 

 

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 it has received from the State of Minas Gerais, the Company’s controlling shareholder, the nominations of Mr. Márcio Augusto Vasconcelos Nunes for the position of Chief Executive Officer of CEMIG, Mr. Alexandre Ramos Peixoto for the positions of Board Member and Chair of the Board of Directors of CEMIG, and Mr. Sérgio Pessoa de Paula Castro for the position of Board Member of CEMIG.

 

The nominations are subject to the applicable governance procedures pursuant to the applicable legislation and CEMIG’s Bylaws.

 

CEMIG reiterates its commitment to keeping its shareholders and the market in general informed about this matter.

 

 

Belo Horizonte, August 28, 2026.

 

 

Leonardo George de Magalhães

Vice President of Finance and Investor Relations

 

 

 
 

 

8. Material Fact – Extension of the Concession for the Sá Carvalho Hydroelectric Power Plant, dated August 28, 2026

 

 
 

 

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY HELD COMPANY

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

COMPANY REGISTRY (NIRE): 31300040127

 

CEMIG GERAÇÃO E TRANSMISSÃO S.A.

PUBLICLY HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 06.981.176/0001-58

Company Registry (NIRE): 31300020550

 

MATERIAL FACT

 

Extension of the Concession for the Sá Carvalho Hydroelectric Power Plant

 

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, and CEMIG GERAÇÃO E TRANSMISSÃO S.A. (“CEMIG GT”), a publicly held company and wholly-owned subsidiary of CEMIG, pursuant to CVM Resolution 44/2021, hereby inform the Brazilian Securities and Exchange Commission – CVM, B3 S.A. – Brasil, Bolsa, Balcão (“B3”), and the market in general that, as of this date, further to the Material Fact disclosed on July 20, 2023, the Ministry of Mines and Energy (“MME”) has decided to extend the concession for the Sá Carvalho Hydroelectric Power Plant.

 

The aforementioned extension, pursuant to Article 1 of Federal Law 12,783, of January 11, 2013, will be for a term of 30 (thirty) years, as of August 31, 2026. Following the notice to execute the agreement, CEMIG will have 210 days to execute the new amendment agreement.

 

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, August 28, 2026.

 

 

Leonardo George de Magalhães

Vice President of Finance and Investor Relations