The Company and its subsidiaries provide their current and future retirees, as well as their dependents, with post‑employment benefits, including pension benefits, health care assistance, and life insurance. These benefits are classified as Defined Benefit (DB), Defined Contribution (DC), Variable Contribution (VC), and Vested Benefit plans.

Types of post-employment benefits sponsored by AXIA companies

Pension benefit plans

Company

DB Plan

Defined Benefit Plan

DC Plan

Health plan

AXIA Energia

AXIA Energia Sul

AXIA Energia Nordeste

AXIA Energia Norte

Currently, all defined benefit, variable contribution and defined contribution plans are closed to new participants. At the end of 2024, the Company approved the maintenance of a single multi‑sponsor defined contribution (DC) plan, which does not meet the requirements of IAS 19 – Employee Benefits, as it does not expose the Company to actuarial risks.

•Investment risk: The present value of the defined benefit pension plan obligation is calculated using a discount rate determined based on the yields of high‑quality private debt securities. If the return on plan assets is lower than this rate, a plan deficit will arise. Currently, the plan has a relatively balanced investment portfolio comprising equity instruments, debt instruments, and real estate. Due to the long‑term nature of the plan obligations, the pension fund’s board considers it appropriate for a reasonable portion of plan assets to be invested in equities and real estate in order to enhance the returns generated by the fund;

•Longevity risk: The present value of the defined benefit plan obligation is calculated by reference to the best estimate of the mortality of plan participants both during and after their period of employment. An increase in the life expectancy of plan participants will increase the plan obligation; and

•Salary risk: The present value of the defined benefit plan obligation is calculated by reference to the future salaries of plan participants. Accordingly, increases in participants’ salaries will result in an increase in the plan obligation.


	12/31/2025	12/31/2024
Social security plans benefits	3,485,357	3,531,505
Health plans and life insurance	94,934	174,716
Total post-employment benefit obligations	3,580,291	3,706,221

Current	303,832	289,840
Non-current	3,276,459	3,416,381
Total	3,580,291	3,706,221


	12/31/2025	12/31/2024
Present value of partially or fully covered actuarial obligations (a)	25,224,907	24,356,023
Asset ceiling	1,560,606	1,766,372
Debt contract	537,357	687,956
(–) Fair value of plan assets (b)	(23,837,513)	(23,278,847)
Immediate available values	603	1,337
Realizable assets	585,776	546,132
Fixed‑income investments	29,298,968	27,835,826
Variable Income Investments	2,120,273	2,268,799
Real estate investments	500,274	493,307
Structured investments	999,176	1,281,812
Loans and financing	317,539	396,303
Pension fund – reserve allocation	131,586	103,483
Others	55	815
(–) Defined contribution plan assets	(8,860,515)	(8,422,867)
(–) Operational liabilities	(112,313)	(139,415)
(–) Contingent liabilities	(239,595)	(205,646)
(–) Investment funds	(225,595)	(204,902)
(–) Administrative funds	(585,776)	(546,132)
(–) Pension funds	(92,943)	(130,005)
Net liabilities (a) + (b)	3,485,357	3,531,504


	12/31/2025	12/31/2024
Opening balance as of January 1	24,356,023	29,632,116
Current service cost	14,786	40,101
Interest on actuarial obligation	2,625,021	2,559,602
Benefits paid during the fiscal year	(2,881,514)	(2,910,322)
Normal participant contributions	43,876	9,592
Gain/Loss on actuarial obligations arising from remeasurement	1,066,714	(4,975,066)
Actuarial gains/losses arising from changes in financial assumptions	1,626,301	(3,577,033)
Actuarial gains/losses arising from experience adjustments	(635,915)	(313,175)
Actuarial gains/losses – risk sharing (PED)	76,328	(1,084,858)
Final balance on December 31	25,224,906	24,356,023

The fair values of equity and debt instruments are determined based on quoted prices in active markets, whereas the fair values of investments in real estate developments held for lease and income generation are determined using the direct market comparison approach, applying the mathematical procedures recommended by ABNT Standards NBR 14,653‑1 and 14,653‑2, issued by the Brazilian Association of Technical Standards (ABNT).


	12/31/2025	12/31/2024
Opening balance as of January 1	23,278,847	25,989,959
Benefits paid during the fiscal year	(2,881,514)	(2,910,322)
Participant contributions made during the financial year	43,876	9,592
Employer contributions paid during the fiscal year	465,254	441,038
Gain/Loss on plan assets¹	2,931,050	(251,420)
Final balance on December 31	23,837,513	23,278,847
¹As of December 31, 2025, R$ 2,596,753 (R$ 2,253,077 as of December 31, 2024) relates to the expected return on assets for the year (interest income).

Economic Hypotheses

12/31/2025

12/31/2024

Actual annual actuarial discount interest rate (%)

5.49 to 7.83

5.49 to 8.10

Projection of average wage increase (%)

0.00

0.00 to 0.98

Average annual inflation rate (%)

3.50

Expected return on plan assets (%)

3.50

Demographic Assumptions

12/31/2025

12/31/2024

Table of active and inactive mortality

AT‑2000 Mortality Table (gender‑segregated), smoothed between 10% and 25%, and BR‑EMSsb‑v.2015 (Male and Female).

AT‑2000 Mortality Table (gender‑segregated), smoothed between 0.1% and 25%, and BR‑EMSsb‑v.2015 M&F

Table of mortality of disabled persons

RP‑2000 (Female); PUB‑2010 MI (gender‑segregated); RRB‑1983 (gender‑segregated); AT‑49 (Male); MI‑2006 (segregated); RP‑2000 (segregated); MI‑85 (gender‑segregated); AT‑83 IAM (Male).

Table of disability

Álvaro Vindas Mortality Table, smoothed at 50%; Light Mortality (Low); American Group Mortality Table; TASA 1927 Mortality Table, increased by 20%; Light Mortality (Medium).

Álvaro Vindas Mortality Table, smoothed at 50%; Light Mortality (Low); American Group; TASA 1927 Mortality Table, increased by 20%; Light Mortality (Medium).

The determination of the overall rate of return on plan assets considered market practice for Brazilian Federal Government securities, in accordance with the criteria recommended by national and international standards, for terms similar to the cash‑flow durations of the benefit obligations, under the so‑called duration concept.

The projected overall rate of return represents the weighted average of the expected returns for the different classes of plan assets. Management’s assessment of the expected return is based on historical return trends and market analysts’ forecasts for the assets over the term of the related obligation. As of December 31, 2025, the actual return on pension plan assets amounted to a positive R$2,931,050 on a consolidated basis (negative R$251,420 in 2024).


	12/31/2025	12/31/2024
The Actuarial Present Value obligations	94,934	174,716
Net liability / (asset)	94,934	174,716




Net current service cost	—	9,702
Net interest costs	19,132	14,544
Actuarial expense / (revenue) recognized in the year	19,132	24,246


	12/31/2025	12/31/2024
Opening balance as of January 1	174,716	162,635
Current service cost	—	9,702
Interest on actuarial obligation	19,132	14,544
Benefits paid in the year	(4,670)	(9,183)
Impact Resulting from Implementations in the Benefits Plan	13,403	—
Past service cost	—	(21,433)
Gain/Loss on actuarial obligations arising from remeasurement	(107,647)	18,451
Actuarial losses arising from changes in demographic assumptions.	(8,132)	(10,201)
Actuarial gains/losses arising from changes in financial assumptions.	3,076	(52,333)
Actuarial gains/losses resulting from adjustments based on experience.	(102,591)	80,985
Final Balance on December 31	94,934	174,716

As of December 31, 2025, the contributions made by the Company for the funding of the mathematical benefit provisions of the Defined Contribution (DC) Plan amounted to R$5,538 ( R$3,211 in 2024) and R$101,684 (R$62,479 in 2024) on a consolidated basis.

As of December 31, 2025, the contributions made by the Company for the funding of the mathematical benefit provisions of the Defined Benefit (DB) Plan amounted to R$46,704 (R$53,157 in 2024) and R$363,569 (R$373,562 in 2024) on a consolidated basis.

The significant actuarial assumptions used in determining the defined benefit plan obligations are the discount rate, expected salary increases, and mortality. The sensitivity analyses presented below were determined based on reasonably possible changes in the respective assumptions at the end of the reporting period, with all other assumptions held constant.

The sensitivity analysis presented may not be representative of the actual change in the defined benefit obligation, as it is unlikely that changes would occur in isolated assumptions, considering that certain assumptions may be correlated.

Furthermore, in preparing the sensitivity analysis, the present value of the defined benefit obligation was calculated using the projected unit credit method at the end of the reporting period, which is the same method applied in calculating the defined benefit obligation liability recognized in the balance sheet.

In the plans designated BD Eletrobras, CD Eletrobras, BD Eletrosul, BD CGTEE, BD Chesf, and CD Furnas, extraordinary contributions for the funding of coverage shortfalls in the reserves that support benefit payments are the responsibility of the Company and of the plan participants and beneficiaries, observing contribution parity, in accordance with the provisions set forth in the respective benefit plan regulations.

In the plans designated BD Chesf and BS Chesf, the subsidiary Chesf is responsible for fully funding the extraordinary contributions required to cover actuarial deficits, as provided for in the regulations of these benefit plans.

The amounts of the extraordinary contributions are subject to specific debt agreements entered into between Chesf and Fachesf, in accordance with the rules established by CNPC Resolution No. 30 of 2018, CNPC Resolution No. 42 of 2021, and Previc Resolution No. 23 of 2023. Matters related to the extraordinary funding of these plans are currently under analysis by the Company. Under the legislation governing private pension schemes in Brazil, extraordinary contributions for the funding of actuarial deficits identified in benefit plans are mandatorily required to be formalized through specific debt agreements, which establish the payment terms and the contribution ratio to be observed between the sponsoring entity and the plan participants and beneficiaries, in accordance with the funding proposal approved by the governance bodies of the private pension entity, always in compliance with the rules set forth in the respective plan regulations.

In judicial rulings involving benefit plans or the administrative management plan that impose financial responsibility on the sponsoring entity, the contribution proportions established in the respective plan regulations are observed, except in cases in which the contribution proportion itself is subject to challenge. Accordingly, even in the context of judicial decisions, the contribution parity between sponsors and plan participants and beneficiaries is respected, notwithstanding the existence of a history of default by participants arising from legal actions that challenge the extraordinary contributions.


	12/31/2025	12/31/2024
Current
Vacation allowance	160,119	282,101
Payroll	216,529	259,754
Vacation charges	70,029	80,393
13th‑salary charges provision	2,472	7,408
Profit or income sharing	556,928	230,500
13th‑salary charges	52	—
Social security contribution	28,847	48,052
Others	25,880	50,572
	1,060,856	958,780

The share‑based compensation plan based on stock options is designed to provide long‑term incentives linked to the achievement of performance targets, aligning the interests of the Company, its shareholders, and the plan beneficiaries. Under this plan, the potential gains and risks associated with the Company’s performance are shared, which contributes, in particular, to the development of a high‑performance professional culture and to decision‑making that prioritizes long‑term results, the achievement and exceeding of targets, value creation, and the Company’s sustainable growth.

The Company and its subsidiaries sponsor pension plans, which are generally funded through payments to these pension funds, as determined by periodic actuarial valuations. The Company maintains defined benefit plans, as well as defined contribution and variable contribution plans.

Under defined contribution plans, the Company makes fixed contributions to a separate entity and has no legal or constructive obligation to make additional contributions if the fund does not hold sufficient assets to pay all employee benefits related to services rendered in the current and prior periods under this type of plan.

The Company makes contributions on a mandatory, contractual, or voluntary basis. The Company has no further payment obligation once the contributions have been made. Contributions are recognized as employee benefit expenses when due.

A defined benefit plan differs from a defined contribution plan in that, under a defined benefit plan, the amount of the retirement benefit to be received by an employee is established in advance and generally depends on one or more factors such as age, length of service, and remuneration.

Under this type of plan, it is necessary to identify plans for which funding deficits are being addressed and whether the participants and/or beneficiaries bear a portion of such deficit. For plans for which a funding solution is in progress, the present value of defined benefit obligations is calculated taking into account contributions from employees or third parties that reduce the final cost of the post‑employment benefits offered by the sponsoring entities, representing the concept of risk sharing.

For plans for which no funding solution is in progress, the Company recognizes as an obligation the excess of the difference between the balance of the current obligation and the fair value of plan assets, without applying risk sharing, in accordance with the guidance set forth in CPAO Opinion No. 013 – “Risk Sharing” – Participation of employees and beneficiaries in the funding of pension plan deficits of closed private pension entities and the related impacts on the balance sheets of sponsoring companies, issued by the Actuarial Pronouncements Committee of the Brazilian Institute of Actuarial Science (IBA).

The liability recognized in the balance sheet in respect of defined benefit plans corresponds to the present value of the defined benefit obligation at the balance sheet date, less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting estimated future cash outflows. The discount rates used are consistent with market yields on securities denominated in the currency in which the benefits will be paid and with maturities similar to those of the corresponding pension plan obligations.

Certain entities within the Company provide post‑retirement health care benefits to their employees, as well as life insurance coverage for both active and inactive employees. Entitlement to such benefits is generally conditional upon continued employment until retirement age and completion of a minimum period of service, or upon disability while the employee remains in active service.

The expected costs of these benefits are accrued over the period of employment using the same accounting methodology applied to defined benefit pension plans. Actuarial gains and losses, resulting from experience adjustments and changes in actuarial assumptions, are recognized in other comprehensive income over the expected remaining service period of employees. These obligations are assessed annually by qualified independent actuaries.

Long‑term share‑based compensation programs are settled with equity instruments, under which the Company receives employee services in exchange for equity instruments. The fair value of the services received in exchange for the grant of options is recognized as an expense. The total expense is recognized over the vesting period, during which the specific vesting conditions are satisfied.