CPFL Energia S A : Earnings Release 2Q23

2Q23 CPFL Results

• EBITDA of R$ 3,054 million (+7.2%)
• Net Income of R$ 1,247 million (-1.2%)
• Net Debt of R$ 23.2 billion and leverage of 1.72x Net Debt/EBITDA
• Capex of R$ 1,201 million, decrease of -10.8%
• Approval of complementary dividends in the amount of R$ 903 million, R$ 0.78/share
• RGE tariff revision in Jun-23, with +1.10% readjustment for consumers and +1.20% increase in
  Parcel B
• CPFL Piratininga tariff review, to be held in Oct-23,with preliminary net RAB of R$ 3.9 billion
• CPFL Santa Cruz was the Best Distribution Company in Brazil and RGE was the second best in ANEEL Consumer Satisfaction Award

Video Conference with Simultaneous Translation into English (Bilingual Q&A)

Friday, August 11, 2023 - 11:00 a.m. (BRT), 10:00 a.m. (ET)

Zoom platform - Click here to register:

https://cpfl-br.zoom.us/webinar/register/WN_oZpmY6doQuWbCvHVKQxFZQ#/registration

Investor Relations	[e-mail]
(+55) 19 3756.8458	www.cpfl.com.br/ir

2Q23 CPFL Results

MESSAGE FROM THE CEO

We ended another semester with consistent and solid results, reflecting the materialization of all our strategic pillars. In the quarter, we posted EBITDA of R$3.1 billion, an increase of 7.2%, and Net Income of R$1.2 billion.

The Generation segment was the biggest contributor to this result. Apart from the effects of the consolidation of Enercan, we had one more quarter with better winds than in the same prior-year period. As a result, power generation by our wind farms increased 12.3%.

In the Transmission segment, we significantly improved our results, capturing synergies while reducing our corporate and operating costs. Revenue also contributed to the results, with the 2022 tariff adjustment increasing the Permitted Annual Revenue (RAP) by 10.1%.

Highlights in the Distribution segment include the benefits brought by tariff reviews at our three largest distributors, with the recognition of assets in the new Regulatory Remuneration Base (BRR) and the maintenance of portion B at CPFL Paulista and RGE, whose processes have already been concluded. In the most recent case - RGE, concluded in June - Net BRR approved by Aneel was R$11 billion, with an adjustment to portion B of 1.20%.

Still on distributors, I wish to underline the reduction in defaults to close to our historic levels, thanks to lower tariffs and the improvement in real household income. It must also be highlighted that our teams continue to employ all efforts to control default levels. In energy sales, the residential and commercial segments registered remarkable growth of 2.2% and 1.6%, respectively, and remain strong despite the impacts of distributed generation, benefiting mainly from the macroeconomic scenario.

Our investments remain high across all segments. This quarter, we invested a total of R$1.2 billion, including R$928 million in the Distribution segment and R$184 million in the Transmission segment. We have already invested R$2.3 billion in the first half of the year and our estimated Capex across all businesses of the group is R$5.2 billion in 2023.

As regards our financial discipline, cash management and optimization of the capital structure, we ended the quarter with leverage of 1.72 times the EBITDA, based on the measurement criterion used in financial covenants, and cash balance of R$5.3 billion. Another highlight was the approval by the Board of Directors Meeting held today (August 10) of complementary dividends (related to 2022 results) amounting to R$903 million, or R$0.78/share, which will be paid by December 31, 2023.

I end this message celebrating our most recent achievements. CPFL Santa Cruz and RGE made us doubly proud at the Aneel Consumer Satisfaction Awards by coming 1st and 2nd, respectively. Such honors motivate us further to constantly seek excellence in the operational

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2Q23 CPFL Results

and financial management of our assets, while always focusing on the quality of our processes and being alert to growth opportunities with the potential to generate value for our shareholders. I thank everyone who has been with us and let us move forward together in this journey.

Gustavo Estrella

Chief Executive Officer, CPFL Energia

Indicators (R$ Million)	2Q23	2Q22	Var.	1H23	1H22	Var.
Load in the Concession Area - GWh	16,416	16,636	-1.32%	34,935	35,160	-0.6%
Sales within the Concession Area - GWh	17,216	17,231	-0.1%	34,906	35,142	-0.7%
Captive Market	9,755	9,912	-1.6%	20,359	20,925	-2.7%
Free Client	7,461	7,319	1.9%	14,547	14,217	2.3%
Gross Operating Revenue	13,646	13,952	-2.2%	27,057	27,377	-1.2%
Net Operating Revenue	9,389	9,324	0.7%	19,228	18,612	3.3%
EBITDA(1)	3,054	2,848	7.2%	6,584	5,491	19.9%
Distribution	1,804	1,848	-2.4%	4,131	3,686	12.1%
Generation	928	757	22.6%	1,865	1,430	30.4%
Transmission(2)	260	202	28.8%	489	340	43.8%
Commercialization, Services & Others	62	41	49.4%	100	36	180.0%
Net Income	1,247	1,263	-1.2%	2,898	2,425	19.5%
Net Debt(3)	(28,109)	(26,778)	5.0%	(28,109)	(26,778)	5.0%
Net Debt / EBITDA(3)	1.72	2.04	-15.5%	1.72	2.04	-15.5%
Investments(4)	1,201	1,346	-10.8%	2,283	2,558	-10.8%

Notes:

1. EBITDA is calculated from the sum of net income, taxes, financial result, depreciation/amortization, as CVM Resolution no. 156/22. See the calculation in item 3.1 of this report;
2. Includes CPFL Transmissão;
3. In financial covenants criteria, which considers CPFL Energia's stake in each generation projects and in CPFL Transmissão;
4. Does not include special obligations.

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2Q23 CPFL Results

CONTENTS

1) COMPANY PROFILE AND CORPORATE STRUCTURE	4
2) OPERATIONAL PERFORMANCE	7
2.1)	Distribution	7
2.1.1) Load net of losses in the concession area	7
2.1.2) Sales within the Distributors' Concession Area	7
2.1.3) Losses	9
2.1.4) SAIDI and SAIFI	9
2.1.5) Delinquency	10
2.2)	Generation	11
2.2.1) Operating Installed Capacity	11
2.2.2) Portfolio (adding projects under construction and under development)	11
2.3)	Transmission	12
2.3.2) CPFL Transmissão Indicators	12
3) CPFL ENERGIA ECONOMIC-FINANCIAL PERFORMANCE	13
3.1)	Economic-FinancialPerformance	13
3.2.1) Debt (IFRS)	21
3.2.2) Debt in Financial Covenants Criteria	24
3.3.1) Actual Investments	26
3.3.2) Investment Forecast	26
4) STOCK MARKETS	27
4.1)	Stock Performance	27
4.2)	Daily Average Volume	27
5) SUSTAINABILITY AND ESG INDICATORS	28
5.1)	ESG Plan 2030	28
5.2)	Key ESG Indicators aligned to the Plan	28
6) PERFORMANCE OF BUSINESS SEGMENTS	32
6.1)	Distribution Segment	32
6.1.1) Economic-FinancialPerformance	32
6.1.2) Tariff Events	42
6.2)	Commercialization and Services Segments	43
6.3)	Generation Segment	44
6.4)	Transmission Segment	51
6.4.1) Regulatory Themes	51
6.4.2) CPFL Transmissão	55
6.4.2.1) Regulatory Results	55
6.4.3) Key Differences - Regulatory vs. IFRS	59
7) ATTACHMENTS	59

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2Q23 CPFL Results

1) COMPANY PROFILE AND CORPORATE STRUCTURE

Company Operation

CPFL Energia operates in the Generation, Transmission, Distribution, Commercialization and Services segments, with presence in 11 states in all regions of the country.

CPFL is the largest distribution company in volume of energy sales, with more than 13% share of the national market, serving approximately 10.4 million customers in 687 municipalities. With 4,411 MW of installed capacity, it is the fourth largest private generator in the country, being among the leaders in renewable generation, operating in hydroelectric, solar, wind and biomass sources. The group also has a relevant role in the Transmission segment, serving 87 substations, with an installed capacity of 14,900 MVA and more than 6,000 km of transmission lines. It also has a national operation through CPFL Soluções, providing integrated solutions in energy management and commercialization, energy efficiency, distributed generation, energy infrastructure and consulting services.

Shareholders Structure

CPFL Energia is a holding company that owns stake in other companies. State Grid Corporation of China (SGCC) controls CPFL Energia through its subsidiaries State Grid International Development Co. Ltd, State Grid International Development Limited (SGID), International Grid Holdings Limited, State Grid Brazil Power Participações S.A. (SGBP) and ESC Energia S.A.

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