Light : Press-release 1Q24

Earnings WebcastHIGHLIGHTS

				1Q24
May 16, 2024
11h00 (BRT)
Zoom Link

Judicial Reorganization progress: Agreement with a relevant group of

creditors, both national and international, on the commercial conditions for readjusting the debt, contributing to the process aimed at approving the plan. The General Meeting of Creditors, which began on April 25 and was suspended at the request of creditors, will resume on May 29, 2024, at 2pm.

In January, a critical fault in the subterranean electricity network linking the mainland to the Ilha do Governador and Paquetá caused an interruption in the power supply in the region, affecting around 78,000 customers. The event, although untimely, demonstrated the internal teams' ability to mobilize and work innovatively to solve problems and maintain the quality of the service.

1Q24 was marked by adverse weather eventsin the Company's concession area. In January, a strong 6-dayheatwave caused temperatures of up to 60ºC, generating thunderstorms and windstorms at the start of the year. These events, added to the challenges faced by the contingency mentioned above, had an impact on quality indicators in the quarter.

(1) Adjusted for non-recurring items as described in Annex I.

The company ended the quarter with a consolidated cash and equivalents position of R$2,424.6 million(+R$327.5 million compared to Dec. 23).

In the quarter, Distribution business recorded adjusted TOTEX (Capex + PMSO)(1) of R$392.6 million (compared to R$379.7 million in 1Q23), maintaining the company's commitment to efficiency. In the 12-monthperiod, adjusted TOTEX(1) in Mar/24 reached R$1,652.5 million, down 12.6%on the same period last year (R$1,889.8 million).

The Generation business's result was positively impacted by R$49 million (before taxes) relating to the payment of the earn-out installment provided for in the contract for the sale of Light Energia's stake in the Guanhães and Paracambi SHPs, concluded in 2022.

In the combined operations of Generation and Trading business, Adjusted EBITDA(1) was R$172.4 millionin 1Q24, down 14.6% on 1Q23 (R$201.8 million).

ICMS in the PIS/COFINS calculation base: cash consumption of R$140.4 million due to the refund to consumers in excess of the amount of credit used. However, Light remained adherent to its sectoral obligations.

Earnings Release |1Q24 2

Distribution

Light Serviços de Eletricidade S.A.

Operational Performance

| Adjusted Billed Sales [GWh] |

1. Includes free customers and adjustments related to distributor generation (simultaneous and compensated)
2. Adjusted for non-recurring TOI cancellations and other non-recurring billings

The Billed Sales excluding REN cancellations (retroactive energy) and non-recurring items and adjusted for compensated and simultaneous Distributed Generation (DG) totaled 7,064 GWh in 1Q24, an increase of 97 GWh (+1.4%) compared to the same period last year. The captive residential segment recorded an increase of 1.1% or +25 GWh in the period.

Consumption in the captive segment, however, fell by 154 GWh in the quarter (-3.6% y/y),impacted by the acceleration of the effect of customer migration in the commercial class with the opening of the high-voltagemarket below 500 kW in Jan/24.

| Electricity Sales |				Ã O
1Q24
| Average Temperature|		U I Ç
	27.6°C X			D I S T R I B
	27.4°C
	1Q24 average	1Q23 average

27.7°C (last 4 years average)

The impact of DG on the adjusted Billed Sales market was 259 GWh in 1Q24, of which 155 GWh was compensated energy and 104 GWh was simultaneous energy. Compared to 1Q23, compensated and simultaneous DG grew by 85 GWh or 48.9%.

The average temperature in 1Q24 was 0.2ºC higherthan in the same period last year, in line with the average of the last four quarters.

Earnings Release |1Q24 3

média no 3T22

Loss Reduction

The strategy to combat losses continues to prioritize actions aimed at greater economic and financial efficiency, in line with the current management's strategy of financial stabilization of the Distribution business.

As such, the company has emphasized the following indicators in its strategy: (i) available cash; (ii) probability of default and judicialization; and (iii) expected return period. As a result of this change in procedure, activities that were implemented or intensified in previous years and which required significant cash consumption were reduced and/or discontinued. Com base nesta estratégia, a Companhia intensificou ações de corte e proteção de caixa. Ainda assim, a Companhia observou um aumento de perdas, principalmente pelo aumento da temperatura, bem como aumento de perdas em áreas com dificuldade de acesso.

As a result, in the 12 months ended March/24, total ex-REN losses(1) rose by 1,417 GWh compared to the same period last year, in line with the 2,226 GWh increase in Grid Load in the same period. The indicator of total ex-REN losses on Grid Load reached 29.2% in the 12 months ended March/24, up 2.2 p.p. year-on-year.

The indicator of non-technical losses ex-REN and non-recurring items on the Low Voltage Market(2) (NTL/LV) reached 65.1% in the 12 months ended March/24, 6.7

1. up on the same period last year. The growth in non-technical losses ex-REN amounted to 1,130 GWh in the 12-month period.

When compared to the regulatory level, in 1Q24, the indicator of non-technical losses on the low voltage market (12 months) was 25.0 p.p. above the 40.04% recognized in the tariff, according to the parameters defined by ANEEL in the March/22 Tariff Review (RTP). The difference between the actual loss and the regulatory loss over the last 12 months represented a negative impact of R$1.19 billion on the Distribution business's EBITDA.

The expansion of DG(3) continues to contribute to the contraction of the low-voltage market and, consequently, has a negative impact on the PNT/MR indicator. In the last 12 months, DG was responsible for a reduction in the company's turnover of approximately 824 GWh (494 GWh of which was compensated energy). Considering this impact, the NTL/LV indicator adjusted for the effect of GD was 62.8% in the 12 months ended March/24.

Although the company has intensified its energy interruption actions, in the 12 months ended March/24 there were 305,000 normalizations, 33% less than in the same period last year (457,000). As a result, gross REN totaled 96 GWh in the period, compared to 219 GWh in the 12 months ended March/23. The Incorporation of Energy (IEN) carried out throughout the year contributed to a total increase of 106 GWh in turnover (compared to 198 GWh in the same year-on-year comparison).

D I S T R I B U I Ç Ã O

(1)	Indicator that excludes any retroactive charges from previous periods and/or non-recurring items.
(2) Since the March/22 RTP, the Low Voltage Market has included not only the low voltage (LV) market, but also the market served by underground systems (AS).
(3) Data relating to Distributed Generation (DG) takes into account the amount of energy compensated for in the company's billing and simultaneous consumption.	Earnings Release | 1Q24
4

Loss indicators (12 months)

[in GWh]

| Grid load

SROA CAA	| Low Voltage Market and non-recurring items
	REN effect	DG effect	Low Voltage Market (ex-REN)
	12,408	12,445	12,676	13,162	13,241

D I S T R I B U I Ç Ã O

| Total loss ex-REN(1) / Grid load

SROA

REN = Recovered power

SROA = Severely Restricted Operation Areas | CAA = Conventional Approach Areas

CAA

| Adjusted Non-Technical Losses (NTL) ex-REN /

SROA CAA

low voltage market

NTL ex-REN and non-recurring items /

Low voltage market (1)

NTL ex-REN and non-recurring items / Adjusted low voltage market (1)

(1) Adjusted for the effect of offset and simultaneous Distributed Generation (DG).

Earnings Release | 1Q24

5

Collection

Total collectionex-REN (12 months) reached 98.4% in March/24, an increase of 1.7 p.p.

compared tothe same period in 2023 (96.7%). The improvement in collection continues

to be driven by the various anti-default initiatives implemented throughout 2023, which

are generating positive results throughout 1Q24.

| Collection rate by segment |

(excluding REN / 12 months)

D I S T R I B U I Ç Ã O

Earnings Release |1Q24 6

Operational Quality

The quality of the services provided by the Distribution business continues to be one of the company's strategic priorities. Despite all the efforts to recover margins and greater financial sustainability, the company remains focused on maintaining operational quality, evolving in initiatives to modernize networks and substations, in maintenance actions, field team management solutions, among other initiatives

In 1Q24, the company faced two major challenges: (i) very adverse weather conditions, with the occurrence of windstorms and intense thunderstorms for a few days, followed by strong heat waves, as well as (ii) failures in the underground transmission network in the Ilha do Governador region.

This second event caused problems with the power supply to the islands of Governador and Paquetá, where

there was an interruption in the power supply throughout the region, affecting around 78,000 customers. The

company spared no effort and resources to maintain the supply to the entire region, and the process demonstrated the ability of the teams to mobilize, as well as the technical quality of the operational staff, in the search for solutions to the challenges faced.

The efforts to solve the Ilha do Governador challenge, coupled with the major weather events mentioned above, which led to an increase in unscheduled outages at various points, were the factors responsible for the adverse effect on meeting the other demands of the concession area in that period, with a specific impact on the service period duration index (DEC). In February and March, the DEC indicator returned to the monthly levels prior to the extraordinary events in January, converging below the regulatory limit.

EOC = Equivalent Power Outage Duration per Customer unit

EOF = Equivalent Power Outage Frequency per Customer unit

| EOD [hours] |

12 months

7,19

7,19

7,19

7,19

7,06

6,81

6,92

6,88

6,76

7,27

1Q23		2Q23	3Q23	4Q23	1Q24
		EOD (hours)		Aneel Regulatory Limit - EOD

| EOF [times] |

12 months

4,86

4,86

4,86

4,86

4,75

3,06	3,07	3,06	3,00	3,17
1Q23		2Q23	3Q23	4Q23	1Q24
		EOF (times)		Aneel Regulatory Limit - EOF

D I S T R I B U I Ç Ã O

Earnings Release |1Q24 7

| Ilha do Governador Event |

150	95	51km	+100	R$ 96million
employees	Generators	in new	Poles	impact on Totex in
mobilized	provided	cables	installed	1Q24

The islands of Governador and Paquetá are supplied by an underground transmission network that runs from the mainland under Guanabara Bay. This infrastructure dates back to the 1970s and was receiving regular maintenance. In August 2023, Light identified the need for a recovery and renovation plan for the system and began to develop it.

In January 2024, high temperatures, heavy rain and high load demand contributed to a critical failure in one of the transmission lines, causing an interruption in the supply to Ilha do Governador and the surrounding region, as well as impacting around 78,000 customers. Since then, the company has spared no effort to minimize the

inconvenienceto the population, immediately mobilizing more than 150 employees, installing generators and

adopting innovative solutions to resume the power supply with quality and without overloads.

The Companyalso promptly began work on a project to renovate the entire transmission network in the region. The project involves investments of roughly R$100 million and consists of the installation of three new distribution lines, including 51 km of cables, 100 poles and 3 feeders for partial power supply. Temporarily, 95 generators have been installed to guarantee power supply for essential services.

With power restored and the first stage completed, Light will begin the second stage, which will consist of renewing the underground high-voltage transmission network. With the total completion of the project in 2025, the company willleave a solid legacy for the Governor's and Paquetá Islands, with a modern and robust electrical system, with redundancy in its distribution lines.

In 1Q24, the company invested R$14.4 million in emergency efforts and incurred R$81.8 million in PMSO expenses in 1Q24, totaling an impact of R$96.2 million on the quarter's Totex (Capex + PMSO).

| Illustration of the affected area

(Ilha do Governador and Ilha de Paquetá) |

| Illustration of transmission system faults|

Continent

Overhead power

line built in contingency

Ilha

Earnings Release |1Q24 8

Financial Performance

In 1Q24, the Distribution business's Adjusted EBITDA(¹) totaled R$132.9 million, down 61.4% compared to the same period last year. In the quarter, the adjusted net margin fell by R$188 million compared to 1Q23, impacted mainly by (i) the increase in the disallowance of losses; and (ii) the negative effect of the variation in unbilled consumption.

PMSO expenses in 1Q24 were impacted by R$81.8 million due to the emergency operation on Ilha do Governador.The efforts to re-establishthe power supply and carry out emergency maintenance on the transmission network involved renting and supplying around 95 Generation businesses, mobilizing staff and hiring surveillance services to ensure the safety of employees and prevent the theft of materials.

Excluding these non-recurring items, PMSO expenses increased by R$61.8 million in 1Q24 when compared to the previous year due to: (i) an increase in the volume and severity of emergency services, especially in January; (ii) a reduction in the volume of investments and, consequently, lower capitalization of labor in the Personnel line; and (iii) higher expenses with consultants to support the Company's transformation process.

With regard to PECLD expenses, excluding non-recurring effects, the line presented animprovement of R$50.5 million in 1Q24 when compared to 1Q23, mainly due to the

improvement in the expectation of future loss of billing considering the gradual improvement in the company's collection rate. The reduction of the REN billing also contributed to the reduction of the PECLD expenses.

| Adjusted EBITDA(1) - DisCo |

1Q24 / 1Q23 - R$MM

344.3

50.5

127.4

(187.8)(17.8)

(61.8)

Non-recurring items	Accounting	R$ million
Canceled invoices	Net Revenues	(82.0)
Emergency expenses from Ilha do Governador	PMSO	(81.8)
Reversal of provisions from canceled invoices	PECLD	127.5
Total impact on EBITDA		(36.3)

Contingency expenses increased by R$17.8 million in the quarter when compared to 1Q23, reflecting the increase in mass civil provisions in the period. It is important to note that in 1Q24 there was a 9% reduction in new JEC and mass civil cases, as well as an 8% drop in the company's total stock of cases.

D I S T R I B U I Ç Ã O

(1) Adjusted EBITDA based on CVM EBITDA, excluding Indemnifiable Concession Assets, Other Operating Revenue/Expense , Equity Income and Non-recurring Events, as reconciled in Annex I.	Earnings Release | 1Q24	9

| Financial Result |

| Net Result |

The Distribution business ended the quarter with a loss of R$429.7 million, impacted mainly by the recording of a provision for the non-recoverabilityof complementary deferred tax credits("impairment") in the amount of R$234.2 million, in addition to the reduction in EBTIDA already mentioned. The Company's accounting practice is to review deferred tax assets at the end of each fiscal year and the provision is associated with a lower probability of appropriation of tax credits due to the proximity of the concession's expiration in 2026.

Excluding the non-recurring effects whose impact on EBITDA was R$36.3 million, the Distribution business ended 1Q24 with an adjusted loss of R$393.4 million compared to a loss of R$2.0 million in the same period of the previous year.

In 1Q24, thecost of debt fell by 5.7% compared to the same quarter of the previous year as a result of: (i) the positive effect of exchange rate variations; and (ii) lower expenses with monetary variations due to the slowdown in the IPCA (2.4% in 1Q23 to 2.09% in 1Q24).

The net financial result, however, worsened, mainly due to the variation in the CVA account.

Note: Distribution business debts have had their enforceability suspended since the Antecedent Injunction was filed on April 10, 2023. Among the issues not covered by this measure were the senior quotas of the (FIDC), which kept its amortization in progress and was fully paid off in 3Q23.

D I S T R I B U I Ç Ã O

Earnings Release |1Q24 10