v3.26.1
INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]  
INVESTMENTS
NOTE 16 - INVESTMENTS
16.1 - Business Combination
16.1.1 - Eletronet
In April 2025, after all conditions precedent set out in the agreement between the parties had been fulfilled, the Company completed the acquisition of 51% of the share capital of Eletronet S.A., thereby increasing its ownership interest to 100%. As a result, AXIA Energia obtained control of Eletronet. The Company previously held a 49% interest in this investee prior to obtaining control, characterizing a business combination achieved in stages.
Eletronet is a privately held corporation operating in the telecommunications sector, providing high‑capacity data transport infrastructure and services. Its operations include the transmission of information signals, as well as the provision of IP transit services and high‑speed circuits.
Upon acquisition of control, Eletronet’s assets and liabilities measured at fair value and incorporated into AXIA Energia’s consolidated balance sheet on the acquisition date were as follows:
Fair Value
Cash and cash equivalents8,432 
Trade receivables25,550 
Taxes recoverable25,806 
Other assets7,831 
Deferred taxes10,676 
Property, plant and equipment, Intangible assets, Right‑of‑use assets659,260 
Intangible asset – Concession right452,938 
Total assets1,190,493 
Loans, financing and debentures21,540 
Trade payables66,855 
Payroll, social security and labor obligations4,680 
Taxes payable8,817 
Deferred taxes44,466 
Lease liabilities250,175 
Other liabilities148,728 
Total liabilities545,261 
(a) Net assets645,232 
(b) Consideration transferred329,068 
(c) Fair value of the previously held equity interest316,164 
(a) = (b) + (c)— 
The Company is not subject to contingent consideration arrangements and does not have rights to indemnification that could affect the purchase price.
The fair value of net assets acquired was determined using the Income Approach, based on discounted future cash flows, applying the following key assumptions:
a.Projected revenue;
b.Remaining useful life of intangible assets; and
c.Discount rate.
Upon obtaining control, Eletronet’s assets and liabilities measured at fair value were incorporated into AXIA Energia’s consolidated balance sheet. Based on the valuation, R$452,938 was allocated to an intangible asset related to the right‑of‑use assignment, and R$71,776 was allocated to property, plant and equipment.
On the acquisition date, the consideration transferred for the 51% interest acquired totaled R$329,068. The previously held 49% interest was remeasured at the fair value of the net assets acquired, as required by IFRS 3 on business combinations. The remeasurement effect of R$257,109 was recognized in profit or loss under “acquisitions and divestments results”.
As of December 31, 2025, the Company’s consolidated statement of profit or loss includes Eletronet’s net operating revenue of R$146,664 from May through December 2025, and net income of R$131,535 for the same period.
Had Eletronet’s results been consolidated from January 1, 2025, net revenue would have increased by R$69,105 and net income would have decreased by R$16,019. This estimate was obtained by aggregating the values of the acquired assets and does not reflect the amounts actually consolidated during the year. (The information presented in this paragraph has not been audited by the independent auditors.)
16.1.2 - Asset swap transaction with Companhia Paranaense de Energia – COPEL
In May 2025, the Company, together with its subsidiary AXIA Energia Sul, completed the asset swap transaction with COPEL.
AXIA Energia transferred its 49.90% minority interest in Mata de Santa Genebra Transmissão S.A. (“MSG”) and its 49.00% minority interest in the Mauá Hydroelectric Plant (“UHE Mauá”) to COPEL. In exchange, the Company received the Colíder Hydroelectric Plant (“UHE Colíder”) and a financial compensation of R$196,609.
OutflowsFair value
Mata de Santa Genebra - AXIA Energia503,129 
Usina Hidrelétrica Mauá - AXIA Energia Sul813,090 
1,316,219 
InflowsFair value
Cash – AXIA Energia196,609 
UHE Colíder - AXIA Energia1,142,702 
1,339,311 
(=) Gain on bargain purchase23,092 
All interests involved in the transaction were measured at fair value on the date control was effectively transferred, and the assets and liabilities of UHE Colíder were incorporated into the Company’s balance sheet, as detailed below:
Fair value
Property, plant and equipment1,616,372 
Intangible assets19,369 
Total assets1,635,741 
Loans, financing and debentures459,521 
Trade payables427 
Other liabilities33,091 
Total liabilities493,039 
Net assets1,142,702 
The fair value of the consideration transferred was determined using the Income Approach, based on discounted future cash flows, applying the following key assumptions:
a.Concession terms;
b.Projected revenue;
c.Discount rate.
The Company recognized a gain of R$157,840 in profit or loss, composed of a loss of R$131,870 related to the disposal of MSG and a gain of R$289,710 related to the disposal of UHE Mauá, reflecting the difference between the fair values and the carrying amounts of the assets disposed of.
The agreement with COPEL provides for a payment of R$17,200 per day should the concession term of UHE Colíder be extended as a result of proceedings related to the delay in the start of commercial operation. The Company assessed the likelihood of success in obtaining such an extension as remote.
The Company is required to indemnify COPEL for any losses arising from judicial disputes related to MSG and UHE Mauá, associated with the interests previously held, up to a limit of R$250,000. In return, the Company is entitled to indemnification for losses associated with UHE Colíder arising prior to the transaction closing date, also limited to the same amount.
As of December 31, 2025, the Company’s consolidated statement of profit or loss includes net operating revenue of R$227,552 from June through December 2025, and net income of R$45,098 for the same period.
Had the acquisition of UHE Colíder occurred on January 1, 2025, consolidated net revenue would have increased by R$116,987 and consolidated net income would have increased by R$35,711. This revenue estimate was obtained by aggregating the values of the acquired asset and does not reflect the actual consolidated amounts for the year. (The information presented in this paragraph has not been audited by the independent auditors.)
16.1.2.1 - UHE Colíder
On May 30, 2025, the Company assumed the concession for the Colíder Hydroelectric Plant (UHE Colíder), a 300 MW facility located on the Teles Pires River, in the state of Mato Grosso. The plant previously belonged to Companhia Paranaense de Energia (COPEL), which remains temporarily responsible for its operation.
Between June and August 2025, technical events were recorded in the intake structure, including the sequential failure of four drains, which led to the recommendation for a controlled reservoir drawdown beginning on August 15. On August 29, a temporary suspension of the drawdown was recommended, and since then the reservoir has been maintained upstream at elevations between 266.10 and 267.10 meters.
Working alongside specialized geotechnical and geophysical diagnostic firms, the Company identified potential voids within the structure, which were addressed through grouting with colloidal mortar to halt internal erosion. This phase was completed in November 2025.
Following this intervention, the Company initiated additional tests and monitoring to assess the adequacy and effectiveness of the corrective measures. The results were satisfactory and allowed the safety classification of the dam to be reclassified from “alert” to “attention.”

In February 2026, the Company began the gradual and controlled refilling of the reservoir, in accordance with applicable safety guidelines and with a focus on protecting people and the environment. The refilling process was concluded in March 2026, when the reservoir level returned to elevation 272 meters which corresponds to the level observed prior to the commencement of the intervention works. Continuous monitoring activities and complementary technical studies remain in progress, with the objective of restoring the facility to a “normal” safety level.
16.2 - Changes in Investments
Equity interests and other investmentsShares (%)12/31/2024Capital
reduction/
increase and others		Transfer held for saleOther
comprehensive
results		Dividends and
interest on equity		Equity equivalence(Constitutions) Reversals
of estimated losses		12/31/2025
Jointly subsidiaries companies
Norte Energia S.A. - NESA49.984,786,242 — — — — (767,162)7,262 4,026,342 
Jirau Energia S.A.40.003,668,709 (300,000)— — — 155,417 - 3,524,126 
Belo Monte Transmissora de Energia S.A. - BMTE49.002,336,212 — — — (141,726)232,356 - 2,426,842 
Interligação Elétrica do Madeira S.A. - IE Madeira49.002,146,398 — — (43)(176,106)233,683 - 2,203,932 
Companhia Energética Sinop S.A. - SINOP49.00617,373 — — — — 6,331 34,247 657,951 
Empresa de Energia São Manoel S.A.33.33498,366 — — — - (4,198)81,828 575,996 
Tijoá Participações e Investimentos S.A.49.9038,885 — — — (43,073)46,340 - 42,152 
Interligação Elétrica Garanhuns S.A. - IE Garanhuns49.00561,301 — — — (48,533)67,154 - 579,922 
Transnorte Energia S.A.¹64.61378,379 590,280 — — — 590,891 - 1,559,550 
Sistema de Transmissão Nordeste S.A. - STN49.00283,121 — — — (13,660)18,745 - 288,206 
Paranaíba Transmissora de Energia S.A.24.50268,624 — — — (16,227)29,211 - 281,608 
Enerpeixe S.A.40.00254,081 — — — — (13,716)- 240,365 
Chapecoense Geração S.A.40.00268,702 — — — (199,317)211,119 - 280,504 
MGE Transmissão S.A.49.00211,812 — — — (14,494)26,739 - 224,057 
Goiás Transmissão S.A.49.00181,969 — — — (15,948)18,924 - 184,945 
Rouar S.A.50.00154,286 — — (19,859)(6,109)13,559 - 141,877 
Vamcruz I Participações S.A49.00134,817 — — — (918)3,865 - 137,764 
Transenergia Renovável S.A.49.00107,180 — — — (17,551)9,056 - 98,685 
Others49.00135,539 (42,585)— — (7,553)75,735 - 161,136 
17,031,996 247,695 — (19,902)(701,215)954,049 123,337 17,635,960 
Associates
Eletronuclear²67.957,908,603 — (7,824,762)— — (83,841)— — 
ISA Energia21.633,724,184 — — (16,496)(203,322)489,655 — 3,994,021 
Others
33.41% to 40.07%
2,062,622 — (501,008)41,562 (280,505)370,163 — 1,692,834 
13,695,409 — (8,325,770)25,066 (483,827)775,977 — 5,686,855 
30,727,405 247,695 (8,325,770)5,164 (1,185,042)1,730,026 123,337 23,322,816 
______________________________________________________________________________
1The shareholders’ agreement establishes that control is achieved when the shareholding percentage exceeds two‑thirds, i.e., 66.66%.
2The 67.95% shareholding interest in Eletronuclear—comprising 35.90% of common shares and 99.99% of preferred shares—was reclassified during the period to assets held for sale. For further information, see Note 39.
3The shareholding interest in EMAE was reclassified to assets held for sale. For further information, see Note 39.
Equity interests and other investmentsShares %12/31/2023Capital reduction/increase and othersTransfer held for saleOther
comprehensive
results		Dividends and interest on equityEquity equivalence(Constitutions) Reversals of estimated losses12/31/2024
Jointly subsidiaries companies
Norte Energia S.A. - NESA49.985,292,261 — — — — (835,909)329,890 4,786,242 
Jirau Energia S.A.40.003,581,236 — — — — 87,473 — 3,668,709 
Belo Monte Transmissora de Energia S.A. - BMTE49.002,151,544 — — — (107,223)291,891 — 2,336,212 
Interligação Elétrica do Madeira S.A. - IE Madeira49.001,961,829 — — — (49,696)234,265 — 2,146,398 
Mata de Santa Genebra Transmissão S.A.49.90733,745 — (692,276)— (89,807)48,338 — — 
Companhia Energética Sinop S.A. - SINOP49.00639,077 — — — (5,915)24,934 (40,723)617,373 
Empresa de Energia São Manoel S.A.33.33579,508 — — — — 687 (81,829)498,366 
Tijoá Participações e Investimentos S.A.49.9029,903 — — — (33,709)42,691 — 38,885 
Interligação Elétrica Garanhuns S.A. - IE Garanhuns49.00543,270 — — — (47,444)65,475 — 561,301 
Transnorte Energia S.A.¹50.38230,070 — — — — 148,309 — 378,379 
Sistema de Transmissão Nordeste S.A. - STN49.00264,072 — — — (37,416)56,465 — 283,121 
Paranaíba Transmissora de Energia S.A.24.50249,010 — — — (8,301)27,915 — 268,624 
Enerpeixe S.A.40.00263,636 — — — — (9,555)— 254,081 
Chapecoense Geração S.A.40.00215,378 — — — (140,813)194,137 — 268,702 
MGE Transmissão S.A.49.00203,715 — — — (15,383)23,480 — 211,812 
Goiás Transmissão S.A.49.00191,575 — — — (24,498)14,892 — 181,969 
Rouar S.A.50.00123,443 — — 36,139 (11,598)6,302 — 154,286 
Serra do Facão Energia54.01— (54,013)— — — 54,013 — — 
Vamcruz I Participações S.A49.00131,599 — — — (486)3,704 — 134,817 
Transenergia Renovável S.A.49.00101,563 — — — (1,681)7,298 — 107,180 
Others
49.00 to 54.01
148,084 (45,644)(25,645)— (7,089)65,833 — 135,539 
17,634,518 (45,644)(717,921)36,139 (581,059)498,625 207,338 17,031,996 
Associates
Eletronuclear²67.957,213,354 — — 133,068 — 562,181 — 7,908,603 
ISA Energia21.635,368,079 (1,511)(2,279,664)87,874 (325,103)874,509 — 3,724,184 
Others
33.41 to 40.44
1,884,351 5,030 — 3,650 (315,515)485,106 — 2,062,622 
14,465,784 3,519 (2,279,664)224,592 (640,618)1,921,796 — 13,695,409 
32,100,302 (42,125)(2,997,585)260,731 (1,221,677)2,420,421 207,338 30,727,405 
16.3 - Estimated losses on investments
When objective evidence is identified of losses in investments in associates, the Company makes an assessment of the recoverable value of those investments on the basis of the discounted cash flow (value in use) or its fair value net of sales expenses, using the greater of the two.
The assumptions used are the Company’s Management’s best estimate of future trends in the electricity sector and are based both on external sources of information and on historical data from the SPEs. The main premises are described below:
•Growth compatible with historical data and growth prospects for the Brazilian economy;
•Discount rate per year (after taxes*) specific to each SPE, respecting the capital structure and cost of debt of each one, using the WACC, using the same parameters, except for the capital structure and cost of debt, used to calculate the discount rates for corporate assets. For more information, see note 20;
•Revenues projected in accordance with the contracts, with no provision for extending the concession / authorization; and
•Expenses considering the Business Plan of each investee and the historical values realized.
12/31/202512/31/2024
Norte Energia S.A.— 7,262 
Companhia Energética Sinop S.A. - SINOP6,477 40,723 
Empresa de Energia São Manoel— 81,829 
6,477 129,814 
16.4 - Measured at fair value
Shares %Fair value
12/31/202512/31/202512/31/2024
Centrais Elétricas de Santa Catarina S.A - CELESC10.75 520,408 333,818 
Energisa Holding0.11 244,410 171,873 
Equatorial Energia Pará0.99 132,076 125,704 
Companhia Energética do Ceará - COELCE6.33 157,394 120,320 
Cia Estadual de Distribuição de Energia Elétrica - CEEE4.62 28,326 44,661 
Companhia Energética de Brasília - CEB2.11 41,064 24,350 
Rio Paranapanema Energia0.47 14,129 13,136 
Taesa0.19 27,760 21,688 
Auren Energia S.A.0.04 5,186 4,605 
Others
Between 0.01 to 0.29
4,786 1,079 
1,175,539 861,234 
16.5 - Summary of information on the main jointly controlled undertakings and affiliates
12/31/2025
Participation %Current
assets		Non-current
assets		Total
assets		Current
liabilities		Non-Current
liabilities		Net worthTotal
liabilities		Net operating
revenue		Profit / (Net loss)
Jointly subsidiaries companies
 
Norte Energia S.A. - NESA49.98 2,564,063 38,497,696 41,061,759 2,647,812 30,365,532 8,048,415 41,061,759 6,275,455 (1,543,674)
Jirau Energia S.A.40.00 1,535,893 17,134,455 18,670,348 1,236,790 8,623,245 8,810,313 18,670,348 3,625,536 (388,540)
Belo Monte Transmissora - BMTE49.00 1,270,186 8,568,229 9,838,415 724,772 4,160,904 4,952,739 9,838,415 1,083,302 459,950 
Interligação Elétrica do Madeira S.A. - IE Madeira49.00 888,487 6,336,631 7,225,118 447,305 2,279,994 4,497,819 7,225,118 768,933 476,992 
Transnorte Energia S.A.64.61 782,636 6,551,413 7,334,049 1,702,767 3,217,490 2,413,792 7,334,049 3,208,408 892,055 
Associates
ISA Energia21.63 7,087,439 40,113,933 47,201,372 1,886,771 23,877,590 21,437,011 47,201,372 9,411,153 2,511,015 
12/31/2025
Cash and cash
equivalents		Current financial
liabilities*		Non-current
financial
liabilities*		Depreciation and
amortization		Interest incomeInterest expenseIncome tax
expense
Jointly subsidiaries companies
Norte Energia S.A. - NESA847,695 1,278,988 27,008,042 (1,889,873)339,038 (2,981,496)9,178 
Jirau Energia S.A.919,023 890,672 8,317,741 (819,137)246,147 (1,053,827)(79,583)
Belo Monte Transmissora - BMTE68,950 707,142 4,143,081 (1,553,901)54,142 (308,944)(230,754)
Interligação Elétrica do Madeira S.A. - IE Madeira75 419,229 2,183,511 (1,331)45,211 (103,426)(107,793)
Transnorte Energia S.A.1,510 1,604,673 3,110,874 (78,835)18,132 (108,944)(458,980)
12/31/2024
Participation %Current
assets		Non-current
assets		Total
assets		Current
liabilities		Non-Current
liabilities		Net worthTotal
liabilities		Net operating
revenue		Profit / (Net loss)
Jointly subsidiaries companies
Norte Energia S.A. - NESA49.982,322,930 40,441,466 42,764,396 2,539,955 30,637,340 9,587,101 42,764,396 6,249,120 (1,675,978)
Jirau Energia S.A.40.001,890,657 17,564,198 19,454,855 1,141,624 9,141,462 9,171,769 19,454,855 3,582,148 218,681 
Belo Monte Transmissora - BMTE49.001,278,940 8,374,140 9,653,080 660,683 4,224,616 4,767,781 9,653,080 1,159,427 500,304 
Interligação Elétrica do Madeira S.A. - IE Madeira49.001,228,448 6,352,671 7,581,119 760,573 2,440,143 4,380,403 7,581,119 747,614 478,090 
Associates
ISA Energia21.636,942,987 35,058,267 42,001,254 3,058,587 19,228,086 19,714,581 42,001,254 6,417,562 3,498,416 
Eletronuclear67.953,817,658 20,768,853 24,586,511 3,008,197 9,939,459 11,638,855 24,586,511 4,230,830 544,787 
12/31/2024
Cash and cash
equivalents		Current financial
liabilities*		Non-current
financial
liabilities*		Depreciation and
amortization		Interest incomeInterest expenseIncome tax
expense
Jointly subsidiaries companies
Norte Energia S.A. - NESA796,6961,156,81527,456,029(1,767,877)165,471(2,531,993)(258,683)
Jirau Energia S.A.655,182828,5738,863,128(729,033)155,489(946,475)(117,962)
Belo Monte Transmissora - BMTE43,100 427,470 4,427,363 (1,257,382)46,015 (298,584)(251,698)
Interligação Elétrica do Madeira S.A. - IE Madeira41748,3972,337,740(964)48,829(119,370)(121,806)

16.6 - Market value of affiliates listed on the stock exchange
% shareholding of capital stock
Fair value
Corporate participationsONPNTotal12/31/202512/31/2024
ISA Energia9.7329.2821.634,086,8243,581,661
Equatorial Maranhão Distribuidora de Energia S.A.33.3437.2933.411,708,3321,270,047
Empresa Metropolitana de Águas e Energia S.A. - EMAE1
————627,521
______________________________________________________________________________
1The shareholding interest in EMAE was reclassified to assets held for sale. For further information, see Note 39.
16.7 – Shares in guarantee
Since the Company has several lawsuits within the scope of the Judiciary, where it appears as a defendant, equity interests are offered as a guarantee, in the resources of these lawsuits, as follows:
12/31/202512/31/2024
Participations corporateValue of
investment		Restricted percentage (%)Restricted InvestmentRestricted Investment
ISA Energia3,994,021 14.40 575,162 1,023,239 
Centrais Elétricas de Santa Catarina S.A - CELESC520,408 3.84 19,991 45,931 
Energisa Holding244,410 28.35 69,309 147,073 
Companhia Energética do Ceará - COELCE157,394 4.69 7,386 7,297 
Auren Energia5,186 100.00 5,186 958 
Companhia Energética de Brasília - CEB41,063 59.68 24,507 14,710 
Companhia Estadual de Distribuição de Energia Elétrica – CEEED28,326 32.18 9,116 14,251 
Alagar Telecon1,756 100.00 1,756 — 
Investico1,650 100.00 1,650 — 
Others1,479,893 
0.07 a 0.20
1,135 298,546 
6,474,107 715,198 1,552,005 
Accounting Policy
In the consolidated financial statements, the Company measures its investments in subsidiaries, jointly controlled entities and associates using the equity method (see Note 4.5), and other equity investments at fair value. The fair value considered for these equity interests corresponds to the current quoted price of the shares traded on the stock exchange.
Under the equity method, the investor’s share of the investee’s profit or loss for the period is recognized in the investor’s profit or loss as equity results.
Changes in the value of equity investments measured at fair value, arising from changes in share prices, are recognized directly in equity as other comprehensive income. Dividends received by the Company from these investees are recognized in profit or loss.
In the consolidated balance sheet, the assets and liabilities of the Company’s subsidiaries are presented, by nature, within the respective asset and liability captions and therefore do not form part of a consolidated balance of investments (see Note 4.5).
The Company accounts for transactions with non‑controlling interests as equity transactions with owners of the Company. For acquisitions of non‑controlling interests, the difference between any consideration paid and the acquired portion of the carrying amount of the subsidiary’s net assets is recognized directly in equity. Gains or losses arising from disposals of interests to non‑controlling interests are also recognized directly in equity, under “Other comprehensive income”.
Estimates and critical judgements
Losses from investments
For the purposes of impairment testing of its investments, except for those quoted in active markets, the Company determines the recoverable amount as the present value of estimated future cash flows, discounted using a rate that reflects current market assessments and/or the Company’s cost of opportunity, the time value of money, and the risks specific to the asset.
Combination of businesses
In the measurement process of a business combination, the Company applies assumptions and valuation techniques that involve the exercise of Management judgment, based on its business and management model and on the individual characteristics of the elements being evaluated, resulting in the measurement of the fair values of the assets acquired and the liabilities assumed.