v3.26.1
LOANS, FINANCING AND DEBENTURES
 12 Months Ended
Dec. 31, 2025
Disclosure of detailed information about borrowings [abstract]  
LOANS, FINANCING AND DEBENTURES
NOTE 24 - LOANS, FINANCING AND DEBENTURES
The composition of the loans, financings, and debentures payable by the Company is set forth below:
Average annual rates in 2025 (%)12/31/202512/31/2024
National Currency
Capital markets1
13.4944,779,707 39,904,209 
Development banks2
10.7412,483,840 14,308,971 
Banking market3
15.432,862,365 3,529,199 
Other Institutions5
4.83908,649 1,118,862 
61,034,561 58,861,241 
Foreign currency
Capital market1
5.518,497,433 11,971,847 
Development banks²7.88348,533 436,292 
Banking market3
15.294,415,237 4,351,194 
13,261,203 16,759,333 
74,295,764 75,620,574 
Financial Charges1,376,210 1,100,380 
Principal11,827,957 11,709,492 
Current13,204,167 12,809,872 
Non-current61,091,597 62,810,702 
74,295,764 75,620,574 
________________________________________________________________________
¹ The balance relates to transactions with BASA FNO, BNDES, BNB, and FINEP;
² The balance relates to loans and financings with financial institutions; and
³ The balance relates to bonds, debentures, and commercial notes.

The long-term portion of loans, financing, and debentures are scheduled to mature as follows:
20262027202820292030after 2030Total
13,204,168 7,648,470 5,864,600 7,643,378 6,669,031 33,266,117 74,295,764 
The composition related to the capital markets and its respective maturities is detailed below:
12/31/202512/31/2024
MaturityCurrentNon-currentCurrentNon-current
Bonds
AXIA Energia2/4/2025— — 3,095,646 — 
AXIA Energia2/4/2030219,432 4,171,840 248,409 4,415,847 
AXIA Energia1/11/2035264,344 3,841,818 249,206 3,962,739 
483,776 8,013,658 3,593,261 8,378,586 
Commercial Notes
AXIA Energia8/23/2025— — 520,428 — 
AXIA Energia8/23/2026529,087 — 21,379 498,118 
AXIA Energia8/23/2027370,987 332,581 377,797 665,745 
AXIA Energia8/23/202728,682 499,631 21,768 497,639 
AXIA Energia8/23/2028257,585 798,524 42,662 990,422 
1,186,341 1,630,736 984,034 2,651,924 
Debentures
AXIA Energia7/15/20357,042 996,373 — — 
AXIA Energia4/15/20261,239,532 — 31,785 1,200,000 
AXIA Energia4/25/20261,018,117 — 14,572 1,000,000 
AXIA Energia9/15/2028139,224 2,975,632 107,834 2,965,193 
AXIA Energia4/15/202961,474 1,984,185 48,659 1,982,737 
AXIA Energia5/15/20295,788 992,672 5,546 951,227 
AXIA Energia11/15/2029281,986 831,560 4,162 1,062,361 
AXIA Energia4/15/203116,802 1,929,708 18,458 1,856,017 
AXIA Energia4/15/203131,852 1,017,484 25,279 1,016,742 
AXIA Energia9/15/203181,291 4,297,860 76,849 4,087,442 
AXIA Energia9/15/2034111,601 1,527,373 97,423 1,426,282 
Madeira Energia S.A.6/28/20382,226,785 2,557,305 1,091,601 4,438,108 
AXIA Energia Nordeste1/15/202922,431 83,590 25,459 98,775 
AXIA Energia Nordeste4/15/202928,603 1,000,000 23,592 997,109 
AXIA Energia Nordeste6/15/2031321,810 4,616,781 299,048 4,357,062 
AXIA Energia Nordeste9/15/203156,199 1,336,250 36,271 1,336,250 
AXIA Energia Nordeste9/15/203424,096 566,250 15,640 566,250 
AXIA Energia Sul8/31/202896,708 165,999 10,177 248,932 
AXIA Energia Sul9/15/2028— — 14,095 95,585 
AXIA Energia Sul11/15/2028135,492 267,519 628 384,651 
AXIA Energia Sul9/15/20293,439 255,506 3,166 244,117 
AXIA Energia Sul4/15/20315,007 528,404 4,594 503,820 
AXIA Energia Norte6/28/202855,820 83,333 55,765 138,888 
AXIA Energia Norte6/28/202895,693 142,857 101,359 232,334 
AXIA Energia Norte4/15/2031— — 9,631 1,008,502 
AXIA Energia Norte9/15/203159,541 1,333,171 35,527 1,332,652 
AXIA Energia Norte9/15/203425,571 564,854 15,402 564,693 
AXIA Energia Norte7/15/203219,070 323,799 — — 
AXIA Energia Norte7/15/203242,438 619,802 — — 
AXIA Energia Norte7/15/203563,588 939,691 — — 
AXIA Energia Norte4/15/203147,045 1,022,081 — — 
AXIA Energia Norte11/15/203214,338 1,994,066 — — 
AXIA Energia Norte9/15/203531,284 638,857 — — 
6,369,66735,592,9622,172,52234,095,729
8,039,78445,237,3566,749,81745,126,239
24.1 - Changes in loans, financing and debentures
The changes presented below comprise the years ending December 31, 2025, and 2024:
12/31/202512/31/2024
Opening balance as of January 175,620,574 59,460,369 
Effect on cash flow:
Funding8,032,447 29,965,839 
Interest Paid(5,349,234)(6,411,738)
Principal Amortization(11,312,024)(16,009,832)
Non-cash effect:
Acquisition of subsidiary21,540 — 
Debt assumption459,522 — 
Interest and charges incurred5,635,332 5,651,860 
Monetary variation incurred509,150 501,819 
Exchange rate variation incurred5,819 113,072 
Fair value adjustment672,638 2,434,141 
Transfer to held for sale— (84,956)
Final balance on December 3174,295,764 75,620,574 

Funding Activities
For the year ended December 31, 2025, the Company raised funds as presented in the table below:
CompanyTransactionIssue DateMaturity DateRate (% p.a.)Amount (R$)
AXIA Energia
7th Debenture Issuance
11/13/202511/15/2035
DI + 0.85
1,000,000 
AXIA Energia Norte
7th Debenture Issuance – Series 1
07/15/202507/15/2032
DI + 0.49
338,451 
7th Debenture Issuance – Series 2
07/15/202507/15/2032
DI + 0.57
661,549 
7th Debenture Issuance – Series 3
07/15/202507/15/2035
DI + 0.58
1,000,000 
8th Debenture Issuance
10/15/202509/15/2035
DI - 1.08
700,000 
9th Debenture Issuance
11/13/202511/15/2032
DI + 0.65
2,000,000 
Foreign‑Currency Loan02/25/202502/27/2026
DI + 0.44
500,000 
AXIA Energia SulForeign‑Currency Loan8/14/20258/16/2027
DI + 0.79
400,000 
8/8/20258/11/2026
DI + 0.50
350,000 
11/25/202512/4/2027
DI + 0.20
215,040 
11/25/202512/4/2026
DI + 0.50
322,560 
12/8/202512/16/2027
DI + 0.50
216,760 
12/15/202512/21/2026
DI + 0.20
245,000 
EletronetCommercial Note09/01/202509/01/2030
DI + 1.45
83,087 
Total8,032,447 

24.2 – Guarantees
The Company participates, as an intervening guarantor, in several projects of its controlled and non‑controlled investees. The total exposure in guarantees corresponds to the sum of the commitments assumed for associates and jointly controlled entities, amounting to R$21,545,766 as of December 31, 2025 (R$25,453,409 as of December 31, 2024), as presented in the table below:
UNCONTROLLED COMPANIES
GuarantorEnterprise/ProjectGuaranteed Outstanding
Balance in
2025		Guarantee
Expiration
AXIA EnergiaAmazonas Energia45,826 2026
AXIA EnergiaAngra I44,750 2027
AXIA EnergiaAngra III2,691,188 2038
AXIA EnergiaAngra III3,106,469 2036
AXIA EnergiaCaldas Novas Transmissão1,104 2028
AXIA EnergiaTransnorte Energia - TNE466,155 2036
AXIA EnergiaTransnorte Energia - TNE484,044 2028
AXIA EnergiaTransnorte Energia - TNE593,244 2030
AXIA EnergiaTransnorte Energia - TNE519,022 2041
AXIA EnergiaUHE Belo Monte - Norte Energia13,593,964 2042
Guarantees for non-controlled companies21,545,766 
In October 2025, the Company entered into a purchase and sale agreement with J&F S.A. for the disposal of its entire interest in the associate Eletronuclear. The disposal transaction, once all conditions precedent have been fulfilled, requires the purchaser to assume the guarantees previously provided by AXIA Energia in favor of Eletronuclear. For further information, see Note 39.
The guarantees provided to controlled investees are presented separately, as their related balances are already recorded under loans and financing payable.
As of December 31, 2025, the amount guaranteed for controlled investees totaled R$29,005,780 (R$24,441,964 as of December 31, 2024), as presented in the table below:
CONTROLLED COMPANIES
GuarantorEnterprise/ProjectGuaranteed Debt
Balance on
12/31/2025		Guarantee
Termination
(year)
AXIA EnergiaCash Reinforcement – AXIA Energia Norte525,654 2026
AXIA EnergiaUHE Passo de São João – AXIA Energia Sul10,170 2026
AXIA EnergiaCash Reinforcement – AXIA Energia Sul370,565 2026
AXIA EnergiaCash Reinforcement – AXIA Energia Sul325,822 2026
AXIA EnergiaCash Reinforcement – AXIA Energia Sul245,963 2026
AXIA EnergiaRS Energia – AXIA Energia Sul4,576 2027
AXIA EnergiaRS Energia – AXIA Energia Sul2,912 2027
AXIA EnergiaCash Reinforcement – AXIA Energia Sul423,089 2027
AXIA EnergiaCash Reinforcement – AXIA Energia Sul217,261 2027
AXIA EnergiaCash Reinforcement – AXIA Energia Sul218,001 2027
AXIA EnergiaWorking Capital Strengthening – AXIA Energia Norte735,063 2028
AXIA EnergiaWorking Capital Strengthening – AXIA Energia Norte88,164 2028
AXIA EnergiaDebenture Issuance – AXIA Energia Sul406,076 2028
AXIA EnergiaDebenture Issuance – AXIA Energia Norte139,154 2028
AXIA EnergiaDebenture Issuance – AXIA Energia Norte238,550 2028
AXIA EnergiaWorking Capital Strengthening – AXIA Energia Norte487,040 2028
AXIA EnergiaDebenture Issuance – AXIA Energia Sul263,776 2028
AXIA EnergiaUHE Mauá – AXIA Energia Sul58,877 2028
AXIA EnergiaUHE São Domingos – AXIA Energia Sul44,548 2028
AXIA EnergiaDebenture Issuance – AXIA Energia Nordeste1,028,603 2029
AXIA EnergiaDebenture Issuance – AXIA Energia Nordeste108,153 2029
AXIA EnergiaCorporate Projects – AXIA Energia Nordeste23,669 2029
AXIA EnergiaLivramento Wind Complex – Entorno II – AXIA Energia Sul136,307 2029
AXIA EnergiaBelo Monte Transmissora de Energia – AXIA Energia Norte219,484 2029
AXIA EnergiaDebenture Issuance – AXIA Energia Sul261,330 2029
AXIA EnergiaUHE Santo Antônio322,770 2030
AXIA EnergiaDebenture Issuance – AXIA Energia Nordeste4,930,464 2031
AXIA EnergiaDebenture Issuance – AXIA Energia Nordeste1,982,795 2031
AXIA EnergiaDebenture Issuance – AXIA Energia Norte1,988,177 2031
AXIA EnergiaDebenture Issuance – AXIA Energia Norte1,089,041 2031
AXIA EnergiaDebenture Issuance – AXIA Energia Sul544,347 2031
AXIA EnergiaCasa Nova II and III Wind Farms – AXIA Energia Nordeste98,511 2031
AXIA EnergiaCorporate Transmission Projects – AXIA Energia Nordeste88,946 2031
AXIA EnergiaTransmissora Delmiro Gouveia – TDG37,473 2031
AXIA EnergiaDebenture Issuance – AXIA Energia Norte2,015,088 2032
AXIA EnergiaTransmissora Delmiro Gouveia – TDG77,002 2032
AXIA EnergiaDebenture Issuance – AXIA Energia Norte2,127,651 2032
AXIA EnergiaLinha Verde Transmissora – AXIA Energia Norte108,659 2033
AXIA EnergiaCorporate Transmission Projects – AXIA Energia Nordeste178,562 2034
AXIA EnergiaDebenture Issuance – AXIA Energia Norte720,568 2035
AXIA EnergiaTeles Pires1,249,555 2036
AXIA EnergiaCorporate Transmission Projects – AXIA Energia Nordeste79,270 2036
AXIA EnergiaUHE Santo Antônio4,784,094 2038
Guarantees of controlled companies29,005,780 
For the year ended December 31, 2025, the Company recorded R$138,231 (R$143,925 as of December 31, 2024) under non‑current liabilities related to guarantee provisions.
24.3 – Assumed Obligations - Covenants
The Company has restrictive clauses (covenants) in certain loan, financing and debenture agreements. The main covenants relate to:
(i) net debt to EBITDA;
(ii) debt service coverage ratio (DSCR);
(iii) corporate guarantees;
(iv) requirements relating to changes in ownership control; and
(v) restrictions on the significant sale of assets.
There were no covenant breaches for the year ended December 31, 2025.

Accounting Policy
Loans, financing and debentures are initially recognized at fair value, which in these cases corresponds to the transaction amount, and are subsequently measured at amortized cost, updated for contractual charges (interest, monetary adjustments and foreign exchange differences) and repayments, except when they are designated under hedge accounting or the fair value option, in which case measurement is based on changes in fair value.
The balances presented in the loan, financing and debenture tables reflect the measurement criteria applicable to each obligation. Note 37.3.2 presents the roll forward of debt instruments designated in hedge relationships, which are measured based on changes in fair value.
To mitigate the risk of potential enforcement of guarantees provided by AXIA Energia for financing arrangements of non‑controlled entities, the Company records a provision ranging from 1% to 5% of the outstanding principal, depending on the assessed risk level, which is determined based on the historical execution of guarantees and the net working capital of the debtor entity.