(Commission File Number)

(Exact name of registrant as specified in its charter)

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

(Full mailing address of principal executive offices)

(Issuer's telephone number, including area code)

Class A Investor Shares
(Title of each class of securities issued pursuant to Regulation A)

Energea Portfolio 2 LP (the "Company") is a limited partnership organized under the laws of Delaware. The Company has elected to be taxed as a "C" corporation for United States federal and state income tax purposes. The Company's day-to-day operations are managed by Energea Global LLC (the "General Partner").

The Company was created to invest in the acquisition, development, and operation of solar energy projects in Brazil (each a "Project"). The Projects will be rented to groups of households and businesses (which we collectively refer to as "Subscribers") for monthly payments based on the amount of electricity produced by the Project and credited to them. The Company may also lend money to Development Companies (which we collectively refer to as "Borrowers") and use solar projects as collateral rather than acquiring Projects for direct ownership (each a "Loan").

To date, the Projects have produced a stable and predictable stream of cash flow from Subscribers paying their monthly energy bills. As the Company earns revenue from the sale of energy to Subscribers and receives interest payments on Loans and/or Company Investments, it uses the revenue to pay for operating expenses (see Our Operating Expenses in the Offering Circular) and distributes the remaining cash to the holders of our Class A Investor Shares (our "Investors"), our Reg D Investors (as such term is defined herein and together with the Investors, the "Limited Partners") and the holders of our Common Shares (which is currently the General Partner). See Company Operations and Other Matters in the Offering Circular. To date, the Company has not issued any Loans to Borrowers.

Projects are owned by special-purpose entities (each, a "SPE"). Each SPE is organized as a Brazilian Limitada or Ltda, the Brazilian equivalent of a U.S. limited liability company. Under Brazilian law, the assets and liabilities of a Ltda are distinct. Thus, the liabilities of Projects held in one SPE will not affect the assets of another Project held in a different SPE.

The only property owned by the Company are the Projects. To date, the Company has not issued any Loans.

The following table summarizes the Company's Project acquisitions through June 30, 2026, including Projects subsequently sold or discontinued.

As of the date of this Semi-Annual Report, the Company has sold 10 Projects.

The following table summarizes the Projects owned by the Company as of June 30, 2026, including Project size and amounts invested. Please refer to the links in the column labeled "Memo" for the Investment Memorandum which gives in-depth information regarding each Project such as its location, the system size, contractors used to construct the Project, information about other stakeholders, information about the buyer of the energy and environmental commodities and the estimated economics of the Project. The Memos can also be found on the Platform.

As of June 30, 2026, the Company has determined not to pursue the development of certain Projects due to changes in regulatory and economic conditions in Brazil. Specifically, certain Projects lost eligibility for GD1 classification, resulting in reduced projected returns that no longer meet the Company's investment criteria. The Projects affected are summarized in the table below.

The following table summarizes Projects acquired by the Company after June 30, 2026 through the date of this Semi-Annual Report, including Project size, acquisition date and status. All Projects listed below are located in the State of Rio de Janeiro, Brazil. Additional information regarding the acquisition terms is provided in Item 2. Other Information.

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained in this Semi-Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed (see Caution Regarding Forward-Looking Statements and Risk Factors). Unless otherwise indicated, the latest results discussed below are as of June 30, 2026.

For financial statement purposes, the Company accounts for investments in Projects under ASC 360. The Projects are carried at cost and will be depreciated on a straight-line basis over the estimated useful life of the related assets.

The Company evaluates for impairment under ASC 360, utilizing the following required steps to identify, recognize and measure the impairment of a long-lived asset to be held and used:

The Company follows ASC 606 guidelines for Project revenue recognition. To apply this principle, the standard establishes five key steps:

Project revenue is recognized when or as control of the promised goods or services is transferred to Customers, in an amount reflecting the consideration the Company expects to receive under the respective contracts.

Loan interest income is outside the scope of ASC 606 and is recognized on the accrual basis based on the outstanding principal balance and the applicable contractual interest rate.

Brazil's distributed generation solar market continues to represent a large opportunity for the Company, but has transitioned from a phase of rapid expansion to one defined by consolidation and operational smoothing. While installed capacity has grown significantly in recent years, the pace of new development has slowed as grid constraints, interconnection delays, changes in tax law and evolving regulatory dynamics has caused some market participants to exit the segment.

These conditions are driving a shift toward consolidation. As the market matures, scale has become increasingly important, with larger platforms better positioned to navigate grid constraints, optimize asset portfolios across concession areas, and operate efficiently at lower Subscriber acquisition and financing costs. As a result, smaller developers and fragmented portfolios are increasingly seeking liquidity through asset sales, contributing to a growing pipeline of acquisition opportunities.

At the same time, Brazilian real estate investment funds (fundos de investimento imobiliário, or "FIIs") have emerged as a meaningful source of capital for operating DG solar assets. These vehicles are beginning to provide a repeatable pathway for aggregating portfolios and accessing public market equity capital, supported by contracted, long-duration cash flows. FIIs have arrived as the main competitor for the Company as both are pursuing the same project inventory. There are currently three known operating FIIs.

In parallel, certain foreign utilities and large energy companies have selectively reduced or rebalanced their exposure to Brazilian distributed generation as part of broader capital allocation priorities. This has further increased the availability of assets for acquisition by specialized operators with a dedicated focus on distributed solar.

Taken together, these trends reflect a market that is evolving from a fragmented development landscape into a more consolidated and capital-efficient sector. We believe this transition favors disciplined operators with the ability to combine origination, portfolio management, and access to scalable sources of capital. The Company is well situated to compete in a market where the number of available acquisitions far outweighs the available capital for consolidation.

The Company intends to make distributions monthly, to the extent the General Partner, in its discretion, determines that cash flow is available for distributions and in a manner consistent with the Authorizing Resolutions. Below are the activities of the Company that generate the cash flow which could be used to fund distributions:

Provided we have distributable cash flow, the General Partner may authorize and declare distributions after retaining any amounts it determines are appropriate for reserves, anticipated expenses, debt service, capital needs, redemptions or other purposes.

To the extent the Company has distributable cash flow but has no current or accumulated profit, such distributions are considered a return of capital for U.S. federal income tax purposes to the extent that the distributions do not exceed the adjusted tax basis of the U.S. Holder's Class A Investor Shares and reported to Investors on a Form 1099-B. To the extent the Company makes distributions from profits, such distributions will be classified as dividends and reported to Investors on a Form 1099-DIV.

The following table summarizes distributions paid to holders of Investor Shares for the six months ended June 30, 2026 and 2025. Total distributions represent the aggregate amounts paid to holders of each class.

The table includes distributions to holders of the Company's Investor Shares and excludes distributions to noncontrolling interests in consolidated subsidiaries, if any.

Additional information regarding distributions and the Company's cash flows is provided under Past Operating Results and Liquidity and Capital Resources and in the accompanying consolidated statements of changes in partners' equity and consolidated statements of cash flows.

The Company might borrow money to invest in Projects, depending on the circumstances at the time. If the Company needs to move quickly on a Project and has not yet raised enough capital through the Offering (or other concurrent offerings), it might make up the shortfall through borrowing. The General Partner will make this decision on an as-needed basis.

On October 5, 2020, the Company entered into a third-party Credit Agreement with Lattice Energea Global Revolver I, LLC ("Lender"), which is unaffiliated with the General Partner. This Agreement extends up to $5,000,000 of credit to the Company which can be used to construct Projects. After construction, amounts outstanding may be converted into term loans, subject to the terms of the Credit Agreement. During the six months ended June 30, 2026, the Company converted $1,900,000 of outstanding borrowings into a term loan bearing interest at 13% annually. As of June 30, 2026, the Company had $878,000 outstanding under the line of credit and $3,440,379 outstanding under term loans.

On December 22, 2023, the parties amended the above-described Credit Agreement to release the General Partner and establish the Company as the sole borrower. This included certain underlying Projects as collateral: Iguatama, Pedra do Indaiá, Divinopolis II, Divinopolis III, and Micros I.

Since the interest rate on this loan is lower than the anticipated IRR of the Projects, we expect this loan to lever returns to Investors while providing liquidity necessary to accelerate through construction to achieve distributions to Investors faster.

We are dependent upon the net proceeds from the Offering to conduct our proposed investments. We will obtain the capital required to purchase new Projects and to issue Loans and conduct our operations from the proceeds of the Offering and any future offerings we may conduct, from secured or unsecured financings from banks and other lenders, from short term advances from the General Partner and from undistributed funds from our operations.

Additional information regarding available cash, investments, borrowings and anticipated costs to complete Projects under construction is provided under Past Operating Results and Leverage and in the accompanying consolidated financial statements.

The compensation described in this section was calculated using the accrual method in accordance with U.S. GAAP.

On September 1, 2026, the Company acquired from Victory Hill Holdings Brasil S.A. 100% of the ownership interests in six entities owning five operating solar Projects, consisting of Itaguaí I, Itaguaí II, Itaguaí III, Vassouras I and Nova Friburgo I, and one solar Project under construction, Paraíba do Sul, in Brazil.

The aggregate purchase price was R$38.0 million, consisting of R$35.0 million payable at closing and R$3.0 million payable on the first anniversary of closing, subject to deductions for specified costs, liabilities and other offsets. In addition to this purchase price, separate contingent payments may become payable based on revenue received from the five operating Projects during the twelve months following the acquisition. Additional Project information is provided under Description of Property.

The Company intends to file the finalized Memos with the SEC and provide links in subsequent reports or offering circular updates once available.

F-3

June 30, 2026 and December 31, 2025

Energea Portfolio 2 LP (the "Company"), formerly known as Energea Portfolio 2 LLC is a Delaware limited partnership formed to develop, own, and manage a portfolio of renewable energy projects in Brazil. The consolidated financial statements include the accounts of Energea Portfolio 2 LP and its wholly owned Brazilian single purpose entities ("SPEs"): Energea Iguatama Aluguel de Equipamentos e Manutençao Ltda; Energea Iguatama II Ltda; Energea Pedra do Indaia Ltda; Energea Araxá I Ltda; Energea Araxá II Ltda; and Energea Divinopolis II Ltda, Energea Divinopolis III Ltda, Energea Formiga I Ltda, Energea Diamantina II Ltda, Energea Micros I Ltda, Energea Micros II Ltda; Energea Micros III Ltda, Energea Micros IV Ltda, Energea Micros V Ltda, Energea Corumbaiba Ltda and Energea Pains Ltda. The Company and its day-to-day operations are managed by Energea Global LLC ("General Partner"). The Company commenced operations on January 13, 2020.

F-5

All project costs are expensed during the development phase. Once the milestones for development are achieved, a project is moved from the development phase into the engineering and construction phases. Costs incurred in these phases are capitalized as incurred, included within construction in progress ("CIP"), and not depreciated until placed into commercial service. Once a project is placed into commercial service, all accumulated costs are reclassified from CIP to property and equipment and become subject to depreciation or amortization over a specified estimated life.

Property and equipment consist of investments in solar projects. The Company accounts for investments in solar projects under ASC 360. The property and equipment are carried at cost and are depreciated on a straight-line basis over the estimated useful life of the related assets, which range from 25 to 30 years. Additions, renewals, and betterments that significantly extend the life of the asset are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred.

Impairment of long-lived assets

To date, all of the SPEs have Equipment Rental Agreements and Operation and Maintenance Service Agreements ("O&M Agreements").

These agreements are with various subscribers who will pay a monthly fee for renewable energy upon completion of the projects. Projects are considered complete when they are tested, commissioned, interconnected to the grid, and capable of producing electricity as designed.

The Company recognizes revenue from both Equipment Rental Agreements and O&M Agreements concurrently using the same revenue recognition procedures when a single invoice is issued to the customer. Accordingly, revenue is not allocated between the Equipment Rental Agreement and O&M Agreement and is recognized as a single revenue stream.

The agreements are in effect for twenty-five years from the completion date and are expected to generate combined gross revenues of approximately $247,081,605 (unaudited) from all projects when operational.

The Company's revenue recognition policy follows ASC-606 which is a five-step procedure:

Invoices reflect the period in which electricity was delivered, and revenue is recognized in that period.

US GAAP requires the reporting of "comprehensive income/(loss)" within general purpose financial statements. Comprehensive income/(loss) is comprised of two components, net income/(loss) and other comprehensive income/(loss). For the six months ended June 30, 2026 and 2025 the Company had foreign currency exchange income/(losses) relating to currency translation from Brazilian real to U.S. dollar reported as other comprehensive income/(losses).

The Company has elected to be taxed as a C-Corporation for federal, state, and local income tax reporting purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change

in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce deferred tax assets to the amount expected to be realized.

The Company determines if an arrangement is a lease at inception. Lease right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately.

Purchases of products and services for the Brazilian subsidiaries are transacted in the local currency, Brazilian real (R$), and are recorded in U.S. dollars translated at historical exchange rates prevailing at the time of the transaction. Balances are translated into U.S. dollars using the exchange rates at the respective balance sheet date.

Foreign currency remeasurement losses and foreign exchange transaction costs are recorded in the period incurred. These balances are included in other income/(expense) on the accompanying consolidated statements of operations and comprehensive loss.

Foreign currency translation adjustments are included in other comprehensive loss on the accompanying consolidated statements of operations and comprehensive loss. These translation adjustments do not affect net income until the related foreign operations are sold or substantially liquidated.

For the six months ended June 30, 2026 and 2025:

Under Section 107 of the Jumpstart Our Business Startups Act of 2012, the Company is permitted to use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. This permits the Company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in Section 7(a)(2)(B). By electing to extend the transition period for complying with new or revised accounting standards, these consolidated financial statements may not be comparable to companies that adopt accounting standard updates upon the public business entity effective dates.

Certain prior year amounts have been reclassed to conform to the current period presentation.

In connection with the preparation of the consolidated financial statements, the Company monitored and evaluated subsequent events for the six months ended June 30, 2026, through September 28, 2026, the date on which the consolidated financial statements were available to be issued.

Interest income on held-to-maturity debt securities is included in interest income in the consolidated statements of operations. For the six months ended June 30, 2026, total interest income recognized on these investments was $752,419.

The Company's property and equipment as of June 30, 2026 and December 31, 2025, is outlined in the following roll-forward summary:

In October 2020, the Company, along with its majority member-manager, entered into a revolving credit agreement (the "Agreement") with a debt provider to finance construction projects in Brazil. The Agreement provides for a line of credit with total availability of $5,000,000 to be used solely for the purchase, development, and construction of three Brazilian projects. Interest on the line of credit is payable in quarterly installments at an annual rate of 15% through the date of conversion to a term loan.

The Company may elect to defer up to 50% of each quarterly interest installment; however, any deferred interest is treated as principal and repaid in accordance with the Agreement. The line of credit is secured by a pledge of the Manager's Class A Investor Shares and Common Shares in the Company, as well as a fiduciary lien on the assets of Energea Iguatama Aluguel de Equipamentos e Manutenção Ltda, Energea Pedra do Indaiá Ltda, and Energea Divinópolis II Ltda. As of December 31, 2025 and 2024, the Company had not deferred any interest or capitalized interest into principal.

The Company may repay or prepay outstanding borrowings with prior approval of the lender. Additionally, the Company is required to repay outstanding principal using proceeds from project sales within ten days of receipt, or if a project is canceled or cannot be completed.

Upon completion of construction, the Company may elect to convert amounts outstanding under the line of credit into a term loan, subject to compliance with financial covenants and other requirements.

During 2024, the Company converted $1,775,000 of outstanding borrowings under the line of credit into a term loan. The term loan bears interest at an annual rate of 13%. Under the terms of the credit agreement, the term loan is contractually due within 30 months of issuance and may be settled through an exchange for equity interests in the related joint venture. However, the Company has been making periodic payments of principal and interest and expects to repay the term loan in cash over time.

During 2026, the Company converted $1,900,000 of outstanding borrowings under the line of credit into a term loan. The term loan bears interest at an annual rate of 13%. Under the terms of the credit agreement, the term loan is contractually due within 30 months of issuance and may be settled through an exchange for equity interests in the related joint venture. However, the Company has been making periodic payments of principal and interest and expects to repay the term loan in cash over time.

As of June 30, 2026 and December 31, 2025, total borrowings consisted of $878,000 and 2,778,000, respectively, outstanding under the line of credit for both years and $3,440,379 and $1,598,227, respectively, outstanding under the term loan.

Interest incurred during the construction phase is capitalized as construction-in-progress (CIP) and included in property and equipment on the consolidated balance sheet. Total capitalized interest as of June 30, 2026 and December 31, 2025 was $0 and $0, respectively. Interest incurred during the operating phase is expensed.

Interest expense related to these borrowings for the six months ended June 30, 2026 and 2025 was $295,850 and $302,505, respectively.

As of June 30, 2026, the scheduled future principal payments on the Company's term note payable were as follows:

The line of credit note payable matures on June 30, 2036.

As of June 30, 2026 and December 31, 2025, the Company had receivables from related entities of $136,622 and $0, respectively, and payables to related entities of $22,382 and $17,843, respectively.

As of June 30, 2026 and 2025, the SPEs with operational projects entered into an O&M Agreement with a related party to perform continued maintenance on the projects. The agreement is in effect for ten years from the date of issuance of the Order of Service. The price is fixed based on the size of the project, adjusted on the first (1st) anniversary of the Order of Service, and each anniversary thereafter, in accordance with General Market Price Index. For the six months ended June 30, 2026 and 2025, the Company incurred total O&M fees of $162,431 and $84,112, respectively, of which $45,167 and $9,417, respectively, were charged by a related party affiliated with the General Partner. These amounts were recognized as expense and are included within total operation and maintenance expenses in the consolidated statements of operations.

As of June 30, 2026 and 2025, the SPEs with operational projects entered into a 20-year Credit Management Agreement with a related party affiliated with the General Partner to manage the Consortium responsible for commercializing project-generated energy. Services include customer onboarding, invoicing, collections, credit control, and reporting. The price is fixed based on the size of the project, adjusted on the first (1st) anniversary of the contract signature, and each anniversary thereafter. For the six months ended June 30, 2026 and 2025, the Company incurred credit management fees of $37,498 and $1,740, respectively, recognized as expense in the consolidated statement of operations.

The Company has a land lease for the Energea Iguatama Aluguel de Equipamentos e Manutenção Ltda property with an annual rent of approximately $13,776, expiring in February 2049. The monthly base rent increases each lease year by the General Market Price Index.

The Company has a second lease for Energea Iguatama II Ltda property with an annual rent of approximately $28,611, expiring in July 2047. The monthly base rent increases each lease year by the General Market Price Index.

The Company has a third lease for the Energea Pedra do Indaiá Ltda with an annual rent of approximately $18,309, expiring in April 2047. The monthly base rent increases each lease year by the Brazilian Extended National Consumer Price Index.

The Company has a fourth lease for the Divinopolis III Ltda property with an annual rent of approximately $24,025, expiring in June 2047. The monthly base rent increases each lease year by the Brazilian Extended National Consumer Price Index.

The Company has a fifth lease for the Energea Araxa I Ltda property with an annual rent of approximately $22,070, expiring in January 2047. The monthly base rent increases each lease year by the Brazilian Extended National Consumer Price Index.

The Company has a sixth lease for the Energea Araxa II Ltda property with an annual rent of approximately $22,070, expiring in January 2047. The monthly base rent increases each lease year by the Brazilian Extended National Consumer Price Index.

The Company has a seventh lease for the Energea Corumbaiba Ltda property with an annual rent of approximately $25,698, expiring in January 2048. The monthly base rent increases each lease year by the Brazilian Extended National Consumer Price Index.

The Company has an eighth lease for the Energea Divinopolis II Ltda property with an annual rent of approximately $18,657, expiring in March 2048. The monthly base rent increases each lease year by the Brazilian Extended National Consumer Price Index.

The Company has a ninth lease for the Energea Micros I Ltda property with an annual rent of approximately $21,125, expiring in May 2048. The monthly base rent increases each lease year by the Brazilian Extended National Consumer Price Index.

The Company has a tenth lease for the Energea Micros II Ltda property with an annual rent of approximately $18,473, expiring in February 2050. The monthly base rent increases each lease year by the Brazilian Extended National Consumer Price Index.

The Company has an eleventh lease for the Energea Pains Ltda property with an annual rent of approximately $5,832, expiring in February 2052. The monthly base rent increases each lease year by the Brazilian Extended National Consumer Price Index.

For the projects under construction, the total land rental costs for the six months ended June 30, 2026 and the year ended December 31, 2025 were $36,608 and $101,144, respectively, which have been capitalized and included in CIP on the accompanying consolidated balance sheets.

For the operating projects, total land rental expense for the six months ended June 30, 2026 and 2025, were $94,545 and $53,093, respectively, which have been included in the accompanying consolidated statements of operations.

The lease costs and other required disclosures as of and for the six months ended June 30, 2026 and 2025 were as follows:

In March 2025, the Company derecognized right-of-use assets and lease liabilities totaling $284,083 in connection with early lease terminations for Energea Formiga I Ltda, Energea Diamantina II Ltda, and Energea Aparecida do Taboado II Ltda. During the same period, the Company entered into new lease agreements for Energea Micros II Ltda, Energea Iguatama II Ltda, and Energea Pains Ltda and recorded adjustments related to lease escalations on existing contracts.

During the six months ended June 30, 2025, operating lease cost included the impact of lease terminations, additions, and modifications occurring during that period. No comparable material lease modifications occurred during the six months ended June 30, 2026.

Future lease payments, translated at the exchange rate in effect as of June 30, 2026, are as follows:

The Partnership has authorized 2,500,000,000 investor shares, all of which represent limited partnership interests. Of this amount, 500,000,000 have been designated as Class A investor shares. As of June 30, 2026 and December 31, 2025, 46,792,752 and 39,526,938 Class A investor shares, respectively, were issued and outstanding.

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Chester, State of Connecticut, on September 28, 2026.

By: Energea Global LLC

By /s/ MICHAEL SILVESTRINI

Name: Michael Silvestrini

Title: Co-Founder and Managing Partner

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

Name: Mike Silvestrini

Title: Co-Founder and Managing Partner of Energea Global LLC (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

Date: September 28, 2026