This report contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those predicted in such forward-looking statements. Factors which may cause actual results to differ materially from those discussed herein include those risk factors set forth in our most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission. CEMIG undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG

By: /s/ Andrea Marques de Almeida .

Name: Andrea Marques de Almeida

Title: Vice President of Finance and Investor Relations

Date: January 20, 2026

Material Fact dated September 12, 2025 – Collective Bargaining Agreement Regarding Health Plans

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY-HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

COMPANY REGISTRY (NIRE): 31300040127

MATERIAL FACT

Collective Bargaining Agreement Regarding Health Plans

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG” or “Company”), a publicly-held company with shares traded on the stock exchanges of São Paulo and New York, hereby informs its shareholders and the market in general, under CVM Resolution 44/2021, that, in continuity to the Material Fact disclosed on February 20, 2025, it has filed, on September 11, 2025, in the records of the collective bargaining dispute Process 0011802-15.2025.5.03.0000, the agreement signed with labor unions SINDSUL – Sindicato dos Eletricitários do Sul de Minas Gerais and FTIUMG – Federação dos Trabalhadores nas Indústrias Urbanas de Minas Gerais.

The agreement establishes a buyout payment for compensatory damages in a maximum total amount of R$1,250,000,000.00 (one billion, two hundred and fifty million reais), to be paid pro rata in 6 (six) installments, the last one in 2030, relating to 15,496 (fifteen thousand, four hundred and ninety-six) retirees and pensioners, all of whom were active and enrolled in the CEMIG Saúde PSI health plan in February 2025.

The agreement, which is subject to approval by the Regional Labor Court of the 3rd Region, is resolutory in nature and applies to those who are represented or affiliated with the signing entities, as well as those who may subsequently adhere to them.

CEMIG reaffirms its commitment to keeping shareholders and the market in general informed about this matter, under CVM regulations and the applicable legislation.

Belo Horizonte, September 12, 2025.

Andrea Marques de Almeida

Vice President of Finance and Investor Relations

Material Fact dated September 19, 2025 – Collective Bargaining Agreement Regarding Health Plans

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY-HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

COMPANY REGISTRY (NIRE): 31300040127

MATERIAL FACT

Collective Bargaining Agreement Regarding Health Plans

COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG” or “Company”), a publicly-held company with shares traded on the stock exchanges of São Paulo and New York, hereby informs its shareholders and the market in general, under CVM Resolution 44/2021, that, in continuity to the Material Facts disclosed on September 12, 2025, and February 20, 2025, the collective bargaining dispute proceeding filed under Process 0011802-15.2025.5.03.0000 was approved today and an agreement has been signed with labor unions SINDSUL – Sindicato dos Eletricitários do Sul de Minas Gerais and FTIUMG – Federação dos Trabalhadores nas Indústrias Urbanas de Minas Gerais.

CEMIG reaffirms its commitment to keeping shareholders and the market in general informed about this matter, under CVM regulations and the applicable legislation.

Belo Horizonte, September 19, 2025.

Cristiana Maria Fortini Pinto e Silva

Acting Vice President of Finance and Investor Relations

Material Fact dated August 14, 2025 – Direct Action of Unconstitutionality 7,324 - Amounts to be refunded to consumers

COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

PUBLICLY-HELD COMPANY

CORPORATE TAXPAYER’S ID (CNPJ): 17.155.730/0001-64

COMPANY REGISTRY (NIRE): 31300040127

MATERIAL FACT

Direct Action of Unconstitutionality 7,324

Amounts to be refunded to consumers

A COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG (“CEMIG” or “Company”), a publicly-held company with shares traded on the stock exchanges of São Paulo and New York, hereby informs its shareholders and the market in general, under CVM Resolution 44/2021, that, on August 14, 2025, the Brazilian Federal Supreme Court (STF) ruled, within the scope of Direct Action of Unconstitutionality Number 7,324, on the constitutionality of Law 14,385/2022, which regulates the refund to electricity consumers of tax amounts overpaid by distribution companies.

The Company is awaiting the publication of the court ruling to assess the potential accounting, financial, and operational impacts arising from the decision.

CEMIG reaffirms its commitment to keeping shareholders and the market in general informed about this matter, under CVM regulations and the applicable legislation.

Belo Horizonte, August 14, 2025.

Andrea Marques de Almeida

Vice President of Finance and Investor Relations

Earnings Release – 3Q2025

CONTENTS

Ebitda and profit by company, 3Q25 and 3Q24	5
P&L, 3Q25 and 3Q24	6
RESULTS BY BUSINESS SEGMENT	7
CONSOLIDATED ELECTRICITY MARKET	8
PERFORMANCE BY COMPANY	9
Cemig D	9
Billed electricity market	9
Sources and uses of electricity – MWh	10
Client base	11
The 2025 Annual Tariff Adjustment	11
Five-year Tariff Reviews compared	12
Opex and Ebitda: Realized vs. Regulatory	12
Supply quality indicators – DEC and FEC	13
Combating default	13
Energy losses	13
Cemig GT and Cemig holding company	15
Electricity market	15
Sources and uses of electricity	15
Gasmig	16
CEMIG – Consolidated results	17
Net profit	17
Operational revenue	18
Operational costs and expenses	20
Finance income and expenses	24
Equity income (Gain (loss) in non-consolidated investees)	24
CONSOLIDATED EBITDA (IFRS, and Adjusted)	25
Cemig GT – Ebitda	26
Cemig GT – Ebitda	27
Investments	28
Debt	29
Cemig’s long-term ratings	31
ESG: Engagement and performance	32
Cemig’s shares and ADRs	36
Cemig’s generation plants	37
RAP: July 2025 – June 2026 cycle	38
Transmission: Regulatory Revenue and Ebitda	39
Complementary information	40
Cemig D	40
Cemig GT	40
Cemig, Consolidated	43
Disclaimer	49


	4

Ebitda and profit by company, 3Q25 and 3Q24

	3Q25	3Q24	Change %	3Q25	3Q24	Change %
(R$ million)	Ebitda (IFRS)			Adjusted Ebitda
Cemig D	758	773	-1.9%	737	773	-4.7%
Cemig GT	530	3,798	-86.0%	526	603	-12.8%
Gasmig	209	227	-7.9%	209	227	-7.9%
Others	4	160	-97.5%	3	159	-98.1%
Consolidated	1,501	4,958	-69.7%	1,475	1,762	-16.3%
New replacement value (VNR)	21	16	31.3%	21	16	31.3%
Equity income (Gain (loss) in Non-consolidated investees)	41	62	-33.9%	41	62	-33.9%
Regulatory difference, T* (Transmission IFRS/Regulatory)	100	-1,428	-	101	92	9.8%
Consolidated, less (VNR and equity income), plus (T)	1,539	3,452	-55.4%	1,514	1,776	-14.8%

	3Q25	3Q24	Change %	3Q25	3Q24	Change %
(R$ million)	Profit (IFRS)			Adjusted profit
Cemig D	282	372	-24.2%	268	372	-28.0%
Cemig GT	387	2,629	-85.3%	385	467	-17.6%
Gasmig	110	131	-16.0%	110	131	-16.0%
Others	18	148	-87.8%	17	148	-88.5%
Consolidated	797	3,280	-75.7%	780	1,118	-30.2%

"More details on the Transmission regulatory result can be found in the section Transmission: Regulatory Revenue and Ebitda.


	5

CEMIG: P&L, 3Q25 and 3Q24

	3Q25	3Q24	Change, %
PROFIT AND LOSS ACCOUNTS (R$ ’000)
NET REVENUE	10,619,741	10,148,88	4.6%

COSTS
Cost of electricity and gas	-6,170,023	-5,916,035	4.3%
Infrastructure construction costs	-1,602,092	-1,336,151	19.9%
Cost of operation	-1,247,001	-1,238,328	0.7%
Total costs	-9,019,116	-8,490,514	6.2%

GROSS PROFIT	1,600,625	1,658,371	-3.5%

EXPENSES and Other Revenues
Client default provision	-60,304	50,556	-
General and administrative expenses	-195,333	-206,548	-5.4%
Other expenses	-263,105	-103,549	154.1%
Other revenues	0	3,151,678	-100.0%
Total expenses	-518,742	2,892,137	-117.9%

Share of gain (loss) in non-consolidated investees	40,708	61,657	-34.0%
Profit before Finance income (expenses) and Taxes on profit	1,122,591	4,612,165	-75.7%

Finance income	256,943	262,565	26.2%
Finance expenses	-533,005	-324,110	87.4%
Net finance income (expense)	-276,062	-61,545	348.6%

Profit before income tax and Social Contribution tax	846,529	4,550,620	-81.4%

Income tax and Social Contribution tax	-140,680	-776,628	-81.9%
Deferred income tax and Social Contribution tax	90,893	-493,795	-118.4%
Total income tax and Social Contribution tax incl. deferred	-49,787	-1,270,423	-96.1%

NET PROFIT FOR THE PERIOD	796,742	3,280,197	-75.7%


	6

RESULTS BY BUSINESS SEGMENT

INFORMATION BY SEGMENT, 3Q25
Item	Electricity				Gas	Equity interests (Holding co.)	Total	Eliminations	Consolidated
Item	Generation	Transmission	Trading	Distribution	Gas	Equity interests (Holding co.)	Total	Eliminations	Consolidated
NET REVENUE	721,467	333,303	2,217,977	7,286,787	568,545	23,792	11,151,871	-532,130	10,619,741
Intersegment	350,477	149,031	-	32,622	-	-	532,130	-532,130	-
External	370,990	184,272	2,217,977	7,254,165	568,545	23,792	10,619,741	-	10,619,741

COST OF ELECTRICITY AND GAS	-182,751	-74	-2,224,789	-4,047,449	-240,910	-1,547	-6,697,520	527,497	-6,170,023
Intersegment	-31,504	-39	-331,066	-164,350	-	-538	-527,497	527,497	-
External	-151,247	-35	-1,893,723	-3,883,099	-240,910	-1,009	-6,170,023	-	-6,170,023

COSTS AND EXPENSES
People	-36,452	-39,164	-10,418	-221,850	-13,466	-15,856	-337,206	-	-337,206
Employees’ and managers’ profit shares	-4,420	-5,029	-4,063	-24,789	-2,562	-6,956	-47,819	-	-47,819
Post-employment liabilities	-11,837	-7,315	-1,677	-66,191	-	-18,277	-105,297	-	-105,297
Materials, Outsourced services and Other expenses, net	-54,339	-27,917	-7,860	-576,731	-24,468	-24,479	-715,794	4,633	-711,161
Intersegment	-2,659	-603	-	-1,310	-48	-13	-4,633	4,633	-
External	-51,680	-27,314	(7,860,00)	-575,421	-24,420	-24,466	-711,161	-	(711,161,00)
Depreciation and amortization	-78,989	-1,434	-2	-262,003	-25,805	-9,699	-377,932	-	-377,932
Operational provisions / adjustments for losses	11,384	-6,483	-3,441	-165,261	2,191	-24,718	-186,328	-	-186,328
Infrastructure construction costs	-	-95,237	-	-1,426,039	-80,816	-	-1,602,092	-	-1,602,092
Total cost of operation	(174,653,00)	-182,579	(27,461,00)	-2,742,864	-144,926	(99,985,00)	-3,372,468	4,633,00	-3,367,835

COSTS AND EXPENSES	-357,404	-182,653	-2,252,250	-6,790,313	-385,836	-101,532	-10,069,988	532,130	-9,537,858

Share of gain (loss) in non-consolidated investees	-	-	-	-	-	40,708	40,708	-	40,708

PROFIT BEFORE FINANCE INCOME (EXPENSES) AND TAXES ON PROFIT	364,063	150,650	-34,273	496,474	182,709	-37,032	1,122,591	-	1,122,591
Net finance income (expenses)	-4,093	-12,107	4,851	-208,460	-18,624	-37,629	-276,062	-	-276,062
PROFIT (LOSS) BEFORE TAXES ON PROFIT	359,970	138,543	-29,422	288,014	164,085	-74,661	846,529	-	846,529
Income tax and Social Contribution tax	-2,497	-27,906	17,761	-5,915	-53,712	22,482	-49,787	-	-49,787
NET PROFIT FOR THE PERIOD	357,473	110,637	-11,661	282,099	110,373	-52,179	796,742	-	796,742


	7

CONSOLIDATED ELECTRICITY MARKET

Cemig’s consolidated electricity market

In September 2025 the Cemig Group invoiced approximately 9.55 million clients – an increase of approximately 203,000 clients, or 2.2%, in its consumer base since the end of September 2024. Of this total number of consumers, 9,547,888 are final consumers, and/or represent Cemig’s own consumption; and 622 are other agents in the Brazilian electricity sector.

This chart shows the Cemig Group’s sales to final consumers by segment:


	8

PERFORMANCE BY COMPANY

Cemig D

Billed electricity market

	3Q25	3Q24	Change %
Captive clients + Transmission for clients *(MWh)**
Residential	3,134,386	3,051,336	2.7%
Industrial	5,491,183	5,967,158	–8.0%
Captive market	168,672	270,836	–37.7%
Transport	5,322,511	5,696,321	–6.6%
Commercial, services and Others	1,463,579	1,511,590	–3.2%
Captive market	792,184	930,862	–14.9%
Transport	671,395	580,728	15.6%
Rural	864,312	935,395	–7.6%
Captive market	818,697	914,360	–10.5%
Transport	45,615	21,035	116.9%
Public services	786,763	814,299	–3.4%
Captive market	546,178	646,371	–15.5%
Transport	240,585	167,928	43.3%
Concession holders	87,630	91,045	–3.8%
Transport	87,630	91,045	–3.8%
Own consumption	6,437	6,763	–4.8%
Total	11,834,290	12,377,586	–4.4%
Total, captive market	5,466,554	5,820,529	–6.1%
Total, energy transported for Free Clients	6,367,736	6,557,057	–2.9%

* Excludes supply compensated in Distributed Generation.

Electricity billed to captive clients plus transport of energy for Free Clients and distributors, excluding supply offset in distributed generation, totaled 11,834 GWh in 3Q25 – 4.4% less than in 3Q24. This was mainly the result of lower consumption by industrial clients (down 476.0 GWh, or 8.0%, year-on-year), rural clients (–71.1 GWh or –7.6%), commercial clients (–48.0 GWh or –3.4%), and public services (–27.5 GWh or –3.4%), mainly reflecting migration of clients to Distributed Generation and to the Free Market. On the other hand, consumption by residential clients was 83.1 GWh (+2.7%) higher than in 3Q24.

The year-on-year reduction of 4.4% in total energy distributed comprised: a reduction of 6.1% (354.0 GWh) in consumption by the captive market, and a reduction of 2.9% (189.3 GWh) in use of the network by Free Clients. Taking distributed generation offset energy into account, total distributed energy was 2.0% lower than in 3Q24.

Energy distributed, by segment (%)


	9

Distribution – volume sold, by consumer sector

Industrial: Energy distributed to/for industrial clients was 8.0% less than in 3Q24, and was 46.4% of the total volume distributed by Cemig D. A large proportion was energy transported for industrial Free Clients (45.0%), which in total was 6.6% lower in volume than in 3Q25. Within the total, energy billed to captive industrial clients was 1.4% of the total distributed, and 37.7% less by volume than in 3Q24 – mainly due to migration of clients to the Free Market.

A strong impact on this reduction in industrial consumption came from migration of two major clients to the Free Market. Without this effect the year-on-year reduction in total energy distributed would have been 3.1%. Sectors with lower consumption in 3Q25 were primarily: steel, down 36.9%YoY, chemicals (down 27.9%), and ferro-alloys (down 10.4%). Consumption was higher, YoY, in extractive industries (up 3.3%), the auto industry (up 3.5%) and foods and beverages (up 1.1%).

Residential consumption was 26.5% of the total energy distributed by Cemig D in the quarter, and 2.7% higher by volume than in 3Q24. Average monthly consumption per consumer (128.3 kWh/month) was 0.4% lower than in 3Q24. On the other hand, the total number of residential clients grew by 3.1% year-on-year (Cemig D added a significant total of 200,400 new clients in the 12-month period).

Commercial and Services: Energy distributed to these consumers was 12.4% of the total distributed by Cemig D in 3Q25, and by volume 3.2% less than in 3Q24. The change has two components: (i) energy billed to captive clients 14.9% lower; and (ii) volume transported for Free Clients 15.6% higher – reflecting migration of clients to the Free Market. The lower figure for total consumption mainly reflects migration of clients to distributed generation.

Rural: This sector received 7.3% of the energy distributed by Cemig D – totaling 7.6% less by volume than in 3Q24, mainly due to a 4.0% reduction in the number of consumer units, of which a large proportion were reclassified to the residential category.

Public services: consumed 6.6% of the energy distributed in the quarter, 3.4% less by volume than in 3Q24.

Sources and uses of electricity – MWh

	3Q25	3Q24	Change %
Metered market – MWh
Transported for distributors	87,630	91,045	–3.8%
Transported for Free Clients	6,282,695	6,537,504	–3.9%
Own load + Distributed generation	8,640,608	8,790,421	–1.7%
Consumption by captive market	5,422,122	5,836,505	–7.1%
Distributed generation market	1,543,292	1,269,813	21.5%
Losses in distribution network	1,675,194	1,684,103	–0.5%
Total volume carried	15,010,934	15,418,971	–2.6%


	10

Client base

In September 2025 Cemig billed 9.54 million consumers, or 2.2% more than in September 2024. Of this total, 5,907 were Free Clients using the distribution network of Cemig D.

	Sep. 2025	Sep. 2024	Change %
NUMBER OF CAPTIVE CLIENTS
Residential	8,145,511	7,897,895	3.1%
Industrial	23,125	28,734	–19.5%
Commercial, Services and Others	891,177	918,607	–3.0%
Rural	383,022	399,211	–4.1%
Public authorities	75,038	72,545	3.4%
Public lighting	7,788	6,995	11.3%
Public services	13,239	13,710	–3.4%
Own consumption	845	757	11.6%
Total, captive clients	9,539,745	9,338,454	2.2%
NUMBER OF FREE CLIENTS
Industrial	2,383	1,639	45.4%
Commercial	3,104	2,146	44.6%
Rural	151	46	228.3%
Public authorities	57	4	1,325.0%
Public services	204	60	240.0%
Concession holders	8	8	0.0%
Total, Free Clients	5,907	3,903	51.3%
Total, Captive market + Free Clients	9,545,652	9,342,357	2.2%

The 2025 Annual Tariff Adjustment

Cemig D’s tariffs are re-set in May each year; and every five years are subjected to a Periodic Tariff Review, also in May. The purposes of the Annual Adjustment are: (i) to pass on to the client, in full, changes in the costs defined as “non-manageable”; and (ii) to provide inflation adjustment for the costs which are specified in the Tariff Review as “manageable”. Manageable costs are adjusted by the IPCA inflation index, less a factor known as the ‘X Factor’, designed to capture productivity, under a system using a price-cap regulatory model.

Aneel (the Brazilian electricity regulator) ratified Cemig D’s last annual Tariff Adjustment on May 20, 2025, to be effective from May 28, 2025 to May 27, 2026. It resulted in an average increase, for consumers, of 7.78%. The average effect for low-voltage consumers was an increase of 7.03%, and for residential consumers, an increase of 6.86%. The component percentage of the increase corresponding to manageable costs (referred to as ‘Portion B’) was 1.36%. The increase relating to non-manageable costs (‘Portion A’ – comprising purchase of energy, transmission, sector charges and non-recoverable revenues) was 6.12%. The increase in the financial components of the tariff contributed 0.30 percentage points. The item with the greatest impact on the tariff increase was the sector charges, which contributed an effect of 4.63%, reflecting an increase in the CDE (the Energy Development Account, a government sector charge).

Average effects of the Tariff Adjustment
High voltage – average	9.45%
Low voltage – average	7.03%
Average effect	7.78%

More details at this link:

https://www2.aneel.gov.br/aplicacoes/tarifa/arquivo/SEI_0111327_Nota_Tecnica_116_Cemig.pdf


	11

Five-year Tariff Reviews compared

Comparison of the Tariff Reviews made in 2023 and in the previous cycle (2018):

Five-year Tariff Reviews	2018	2023
Gross Remuneration Base R$ million	20,490	25,587
Net Remuneration Base R$ million	8,906	15,200
Average depreciation rate %	3.84%	3.95%
WACC (after taxes) %	8.09%	7.43%
Remuneration of ‘Special Obligations’ – R$ million	149	272
*CAIMI R$ million**	333	484
QRR – Depreciation R$ million**	787	1,007

* CAIMI: (Cobertura Anual de Instalações Móveis e Imóveis) – Annual support for facilities.

* QRR: ‘Regulatory Reintegration Quota’: Gross base x annual depreciation rate.

See more details at this link: https://www2.aneel.gov.br/aplicacoes/tarifa/arquivo/NT%2012%202023%20RTP%20Cemig.pdf

Opex and Ebitda: Realized vs. Regulatory

Realized Opex and Ebitda were both better than regulatory levels in 9M25:

R$ million

Regulatory Ebitda is calculated by reference to: (i) remuneration of capital; (ii) the QRR quota (Gross base x annual depreciation rate); and (iii) a percentage of the Annual Cost of Facilities and Real Estate, published in Aneel Technical Notes at the times of Tariff Reviews and Tariff Adjustments.


	12

Supply quality indicators – DEC and FEC

Cemig’s DEC (Average Outage Duration) for the 12 months to end-September 2025, at 9.34 hours, was again within the regulatory limit of 9.48 hours (down from 9.76 hours in the 12 months to end-June). Its Average Outage Frequency indicator (FEC) for the same 12 months was 5.25, within the regulatory parameter, of 5.83 per year (down from 5.37 at end-June 2025).

Combating default

The Company has maintained a high level of collection actions, helping to keep the Receivables Recovery Index high – it was 99.09% in September 2025.

Collection of customer invoices via digital channels (Brazil’s PIX instant payment system, automatic monthly debit, payment by credit card, various apps, etc.) was 68.09% of all receivables collected – or 0.409 pp higher than in 3Q24. PIX was the method most used by clients – for a total of 33.4% of the total of all collection – providing savings of R$ 35.0 million in collection expenses since it was put in place in 2021.

Energy losses

Energy losses in the 12 months to September 2025, at 11.42%, were below the regulatory minimum of 11.47%. Aneel Technical Note 53/2025 specified an updated method for calculation of non-technical losses, in effect as from May 28, 2025 (date of the most recent tariff adjustment): this update now considers the measured energy from distributed generation (DG) in the calculation, rather than billed energy.

Some main features of our combat of energy losses in 9M25 were:

approximately 284,000 inspections;

replacement of more than 287,000 obsolete meters;

replacement of 115,000 conventional meters by smart meters (bringing the total of smart meters installed since the project began in September 2021 to 514,000); and

regularization of 4,700 clandestine connections made by families living in ‘invaded’ and low-income areas, through our Energia Legal program, using ‘bulletproofed’ networks (bringing the total of connections regularized since the start of the project in February 2023 to 27,500).

For full-year 2025, a total of 340,000 inspections are planned, with replacement of 425,000 obsolete meters, and installation of external meters where consumers have repeatedly tried to achieve irregular consumption.


	13


	14

Cemig GT and Cemig holding company

Electricity market

The total volume of electricity sold in 3Q25 by Cemig GT and by the holding company (Cemig H’), excluding sales on the wholesale power exchange (CCEE), was 16.8% higher than in 3Q24.

Cemig GT billed 6,438 GWh (including quota sales) in 3Q25, 25.6% more than in 3Q25.

The holding company reported sales of 5,122 GWh in 3Q25, 7.3% more than in 3Q24. Migration of energy purchase contracts from Cemig GT to ‘Cemig H’ was begun in 3Q21, has continued gradually since then, and is now around 61%.

Of the total sold by the holding company and Cemig GT in 3Q25, sales in the ‘retail market’ in the quarter accounted for 383.5 GWh.

	3Q25	3Q24	Change %
Cemig GT – MWh
Free Clients	3,723,919	3,070,399	21.3%
Industrial	2,552,644	2,152,180	18.6%
Commercial	1,129,355	904,242	24.9%
Rural	26,466	13,045	102.9%
Public authorities	15,454	932	1,558.1%
Free Market – Traders and cooperatives	1,648,109	950,647	73.4%
Quota supply	528,355	543,712	–2.8%
Regulated Market	504,901	527,676	–4.3%
Regulated Market – Cemig D	32,588	32,594	0.0%
Total, Cemig GT	6,437,872	5,125,028	25.6%
Cemig H – MWh
Free Clients	2,505,448	2,551,187	–1.8%
Industrial	2,056,634	2,082,965	–1.3%
Commercial	411,039	439,244	–6.4%
Rural	37,775	28,978	30.4%
Free Market – Traders and Cooperatives	2,616,481	2,223,641	17.7%
Total Cemig H	5,121,929	4,774,828	7.3%
Cemig GT + H	11,559,801	9,899,856	16.8%

Sources and uses of electricity


	15

Gasmig

Gasmig, 99.57% owned by Cemig, is the exclusive distributor of piped natural gas for the whole of Minas Gerais State. It supplies industrial, commercial and residential users, users of compressed natural gas and vehicle natural gas, and gas as fuel for thermoelectric generation plants. Its concession expires in January 2053.

Gasmig’s last Tariff Review was completed in April 2022. Highlights of that review:

The WACC used (real, after taxes) was reduced from 10.02% p.a. to 8.71% p.a.

The Net Remuneration Base was increased significantly, to R$ 3.48 billion.

The regulator recognized 100% of PMSO (Personnel, Materials, outsourced Services & Other expenses).

Market (Volume in ’000 m³)	2023	2024	3Q24	3Q25	Change, 3Q24–3Q25
Automotive	31,907	22,511	5,558	4,580	–17.6%
Compressed vehicle natural gas	541	630	206	59	–71.4%
Industrial	830,943	786,363	201,107	79,858	–60.3%
Industrial compressed natural gas	12,473	10,275	2,710	2,209	–18.5%
Residential	11,912	12,095	3,273	3,756	14.8%
Co-generation	12,075	12,164	2,606	3,819	46.5%
Commercial	21,964	23,203	6,045	6,610	9.3%
Total, captive market	921,815	867,241	221,505	100,891	–54.5%
Industrial – Free Market	92,362	97,302	20,785	129,587	523.5%
Industrial compressed natural gas – Free Market	–	10,421	2,725	2,887	5.9%
Thermal generation – Free Market	19,050	58,046	30,065	26,448	–12%
Total capacity contracted and used – Free Market	111,412	165,769	53,575	158,922	196.6%
Total (captive clients + Free Market)	1,033,227	1,033,010	275,080	259,813	–5.6%

Ebitda (R$ ’000)	3Q25	3Q24
Profit (loss) for the period	110,372	130,977
Income tax and Social Contribution tax	55,415	65,007
Net finance income (expenses)	18,624	8,168
Depreciation and amortization	24,103	23,041
Ebitda, per CVM Resolution 156	208,514	227,193

Total volume of gas distributed in 3Q25 was 5.6% lower than in 3Q24: captive market sales were 54.5% (120,600m³) lower than in 3Q24, and volume distributed to industrial and thermoelectric generation Free Clients was 196.6% (105,400 m³) higher. The main factor in these changes was migration of industrial clients to the Free Market, increasing the volume sold to that market. In terms of total volume distributed, industrial clients showed the largest reduction: approximately 13,000 m³, compared to 3Q24.

Gasmig’s 3Q25 Ebitda was 8.2% lower than in 3Q24, mainly due to the changes in volume of gas distribution to industrial clients.

Gasmig’s total number of clients increased by 6.8% from 3Q24, to a total of 108,682 consumers in 3Q25 – reflecting expansion of the commercial and the residential client bases (total addition of 6,100 clients).


	16

CEMIG – Consolidated results

Net profit

Cemig reports 3Q25 net profit of R$ 796.7 million, which compares to net profit of R$ 3,280.2 million in 3Q24. Adjusted net profit for 3Q25 is R$ 780.2 million, compared to R$ 1,118.4 million in 3Q24. The main factors in this result were:

Profit on the Trading activity R$ 106.7 million lower than in 3Q24, due to higher costs of acquisition of energy, in a period of higher prices, due to the need to close open positions in the quarter, which were increased by non-compliance with contracts by traders in difficulties.

Profit from Distribution R$ 89.6 million lower than in 3Q24, reflecting total volume of energy distributed by Cemig D (excluding distributed generation) 4.4% lower than in 3Q24.

The lower GSF (generation scaling factor) – at 0.65 in 3Q25, vs 0.79 in 3Q24 – produced a negative effect increasing the need for purchase of energy, in a scenario of higher spot prices. This resulted in total cost of acquisition of energy in the generation activity being R$ 96 million higher.

Net financial expenses were R$ 214.5 million higher than in 3Q24, reflecting (i) increased gross debt, and (ii) the higher Selic rate (15.00% in 2025, vs. 10.50%–10.75% in 3Q24).

Restatement of post-employment liabilities, due to migration of 530 employees in 3Q25 to the Premium Health Plan (which creates no post-employment obligations for the Company), produced a gain of R$ 14.9 million.

The effective rate of income tax was lower in 3Q25, at 5.9%, compared to 27.9% in 3Q24

Equity income (share of gain/loss in non-consolidated investees) in 3Q25 was R$ 20.9 million lower than in 3Q24, reflecting a weaker result in Taesa and Belo Monte.

The prior year: Effects in 3Q24

The sale of Aliança was completed in 3Q of 2024, with positive effect on net profit of R$ 1,120.8 million (comprising capital gain of R$ 1,082.7 million, plus R$ 38.2 million reversal of provisions).

The Transmission tariff review produced a positive effect of R$ 1,003.6 million – mainly reflecting (i) the investments in the period, and (ii) re-evaluation of the Aneel price bank.

The changed time limit for 100% recognition of client credit default losses, from 24 to 36 months, to provide more faithful estimation of actual losses in practice, produced a positive effect of R$ 61.3 million.

There was a gain of R$ 36.3 million from the effect (net of hedges) of US dollar exchange rate variation on the debt in US dollars.

More details on the variations in 3Q25 are given below.


	17

Operational revenue

	3Q25	3Q24	Change %
R$ ’000
Revenue from supply of electricity	9,079,299	8,556,096	6.1%
Revenue from use of distribution systems (TUSD charge)	1,451,346	1,337,614	8.5%
CVA and Other financial components in tariff adjustments	114,022	357,377	–68.1%
Operation and maintenance revenue – Transmission	96,412	144,576	–33.3%
Transmission construction revenue	132,210	112,500	17.5%
Financial remuneration of transmission contractual assets	61,035	40,422	51.0%
Generation capital reimbursement	33,555	21,218	58.1%
Distribution construction revenue	1,506,855	1,262,146	19.4%
Adjustment to expectation of cash flow from indemnifiable financial assets of the distribution concession	21,411	16,454	30.1%
Gain on financial updating of Concession Grant Fee	92,056	93,691	–1.7%
Settlements on CCEE	36,108	26,651	35.5%
Retail supply of gas	613,994	1,038,057	–40.9%
Fine for continuity indicator shortfall	–32,537	–29,163	11.6%
Other revenues	1,240,887	662,540	87.3%
Taxes and charges reported as deductions from revenue	–3,826,912	–3,491,294	9.6%
Net revenue	10,619,741	10,148,885	4.6%

Revenue from supply of electricity

	3Q25			3Q24			Change, %
	MWh	R$ ’000	Average price billed – R$/MWh (1)	MWh	R$ ’000	Average price billed – R$/MWh (1)	MWh	R$ ’000
Residential	3,658,287	3,554,363	971.59	3,449,706	3,123,509	905.44	6.0%	13.79%
Industrial	4,857,881	1,321,631	275.65	4,581,105	1,378,843	300.98	6.0%	-4.15%
Commercial, Services, Others	2,950,918	1,685,040	565.12	2,847,706	1,577,181	553.84	3.6%	6.84%
Rural	1,084,942	767,867	707.75	1,116,724	735,049	658.22	–2.8%	4.5%
Public authorities	240,475	231,541	962.85	236,491	219,664	928.85	1.7%	5.4%
Public lighting	238,830	163,736	685.58	242,328	141,116	582.33	–1.4%	16.0%
Public services	201,442	147,382	731.63	230,998	183,657	795.06	–12.8%	–19.8%
Subtotal	13,232,775	7,871,560	594.85	12,705,058	7,359,019	579.22	4.2%	7.0%
Own consumption	6,437	–	–	6,763	–	–	–4.8%	–
Retail supply not yet invoiced, net	–	–113,145	–	–	–46,050	–	–	–
	13,239,212	7,758,415	594.85	12,711,821	7,312,969	579.22	4.1%	6.1%
Wholesale supply to other concession holders (2)	5,235,258	1,254,410	239.61	4,200,330	1,143,909	272.34	24.6%	9.7%
Wholesale supply not yet invoiced, net	–	66,474	–	–	99,218	–	–	–33.0%
Total	18,474,470	9,079,299	494.15	16,912,151	8,556,096	502.97	9.2%	6.1%

(1)

Calculation of average price does not include revenue from supply not yet billed.

(2)

Includes Regulated Market Electricity Sale Contracts (CCEARs) and ‘bilateral’ contracts with other agents.


	18

* Includes offset distributed generation.

Energy sold to final consumers

Gross revenue from energy sold to final consumers in 3Q25 was R$ 7,758.4 million, a 6.1% year-on-year increase from R$ 7,313.0 million in 3Q24, mainly reflecting volume of energy sold 4.1% higher.

Wholesale supply

Revenue from wholesale supply in 3Q25 was R$ 1,320.9 million, up 6.3% from R$ 1,243.1 million in 3Q24. Volume of energy invoiced was 24.6% higher, led by sales to Traders; average price was 12.0% lower.

Transmission

Cemig’s transmission revenue comprises: (i) Operating and maintenance revenue, (ii) Construction revenue, and (iii) financial compensation of the contractual asset. In 3Q25 it totaled R$ 289.7 million, 2.6% less than in 3Q24. This mainly reflected lower Operation and maintenance revenue; while Construction revenue was higher, due to the higher volume of funds invested in strengthening and improvement works.

Gas

Gross revenue from supply of gas in 3Q25 totaled R$ 614.0 million, compared to R$ 1,038.1 million in 3Q24. The main effect was migration of industrial clients to the Free Market and consequently lower volume sold.

Revenue from Use of Distribution Systems – the TUSD charge

	3Q25	3Q24	Change %
TUSD (R$ ’000)
Use of the Electricity Distribution System	1,451,346	1,337,614	8.5%

In 3Q25 revenue from the TUSD – charged to Free Consumers for distribution of their energy – was R$ 139.6 million higher than in 3Q24. This reflects (i) the annual tariff adjustment of Cemig D, coming into effect in May 2025, and thus with full effect in this quarter, while (ii) total volume transported for Free Clients was lower.


	19

	3Q25	3Q24	Change %
POWER TRANSPORTED – MWh
Industrial	5,322,511	5,696,321	–6.6%
Commercial	671,395	580,728	15.6%
Rural	45,615	21,035	116.9%
Public services	240,585	167,928	43.3%
Concession holders	87,630	91,045	–3.8%
Total energy transported	6,367,736	6,557,057	–2.9%

Operational costs and expenses

	3Q25	3Q24	Change %
CONSOLIDATED (R$ ’000)
Electricity bought for resale	5,163,067	4,567,101	13.0%
Charges for use of the national grid	766,046	804,946	–4.8%
Gas purchased for resale	240,910	543,988	–55.7%
Construction cost	1,602,092	1,336,151	19.9%
People	337,206	326,125	3.4%
Employees’ and managers’ profit shares	47,819	40,965	16.7%
Post-employment liabilities	105,297	122,028	–13.7%
Materials	32,417	34,676	–6.5%
Outsourced services	584,209	497,493	17.4%
Depreciation and amortization	377,932	345,742	9.3%
Provisions (reversals)	101,408	85,329	18.8%
Provisions for client default	60,304	–50,556	–219.3%
Reversal of expected related-party loss	–	–57,835	–
Provision for loss on other credits	24,616	7,508	227.9%
Other costs and expenses	94,535	146,394	–35.4%
Total costs and expenses	9,537,858	8,750,055	9.0%
Gain on disposal of investments	–	–1,616,911	–
Gain on purchase	–	–14,136	–
Periodic Review of Transmission Revenue	–	–1,520,631	–
Total, other revenues (expenses reduction)		–3,151,678	–
Overall total	9,537,858	5,598,377	70.4%

Operating costs and expenses totaled R$ 9.54 billion in 3Q25, an increase of R$ 787.8 million compared to 3Q24 (after adjusting for items totaling R$ 3.15 billion included in 3Q24: R$ 1.62 billion on the sale of Aliança, and R$ 1.52 billion for the Transmission Periodic Tariff Review).

The increase reflects:

(i)

cost of electricity bought for resale R$ 596.0 million higher,

(ii)

construction cost R$ 265.9 million higher, and

(iii)

default provisions R$ 110.9 million higher; while

(iv)

the cost of gas purchased for resale was R$ 303.1 million lower

(v)

reversal of the expected loss with related party (arising from the sale of Aliança) of R$57.8 million in 3Q24

See more details on costs and expenses in the following pages.


	20

Electricity bought for resale

	3Q25	3Q24	Change %
CONSOLIDATED (R$ ’000)
Electricity acquired in Free Market	2,118,118	1,571,941	34.7%
Electricity acquired in Regulated Market auctions	1,274,192	1,225,278	4.0%
Distributed generation	933,718	838,210	11.4%
Spot market	481,447	434,033	10.9%
Supply from Itaipu Binacional	306,459	318,459	–3.8%
Physical guarantee quota contracts	200,471	213,402	–6.1%
Individual (‘bilateral’) contracts	48,827	124,309	–60.7%
Proinfa	134,839	116,080	16.2%
Quotas for Angra I and II nuclear plants	83,445	92,407	–9.7%
Credits of PIS, Pasep and Cofins taxes	–418,449	–367,018	14.0%
	5,163,067	4,567,101	13.0%

The consolidated expense on electricity bought for resale in 3Q25 was R$ 5.16 billion, an increase of 13.0% (R$ 596.0 million) from 3Q24. This mainly reflects:

Costs of energy acquired in the Free Market (the largest item in energy costs), at R$ 2,118.1 million, were R$ 546.2 million (+34.7%) higher than in 3Q24, due to: (i) the need for purchases to supply the higher volume sold by the Trading activity; (ii) purchases to cover shortfalls in relation to commitments signed; and (iii) higher prices in the market in 2025.

The total cost of distributed generation was R$ 95.5 million: 11.4% higher – reflecting the continuing significant increases in the number of distributed generation facilities (from 285,684 in 3Q24 to 353,985 in 3Q25), and the related increase in the energy injected by them (from 1,535 GWh in 3Q24 to 1,999 GWh in 3Q25).

The cost of energy acquired in the spot market was R$ 47.4 million, or 10.9%, higher than in 3Q24, mainly caused by increases in spot prices in all the submarkets: from an average of R$ 165.06/MWh in 3Q24 to R$ 249.17/MWh in 3T25 – an increase of 51.0%, associated with a lower GSF than in 2024 (0.65 in 3Q25, vs. 0.79 in 3Q24), causing increased need to purchase supply.

Note that for Cemig D, purchased energy is classified as a non-manageable cost: the difference between the amounts used as a reference for calculation of tariffs and the costs actually incurred is compensated for in the next tariff adjustment.


	21

	3Q25	3Q24	Change %
Cemig D (R$ ’000)
Supply acquired in Regulated Market auctions	1,285,720	1,236,203	4.0%
Distributed generation	933,718	838,211	11.4%
Spot supply – (CCEE power exchange)	400,025	350,492	14.1%
Supply from Itaipu Binacional	306,459	318,459	–3.8%
Physical guarantee quota contracts	205,058	217,697	–5.8%
Individual (bilateral’) contracts	48,827	124,309	–60.7%
Proinfa	134,839	116,080	16.2%
Angra I and II nuclear plants – quotas	83,445	92,407	–9.7%
Credits of PIS, Pasep and Cofins taxes	–216,301	–215,613	0.3%
	3,181,790	3,078,245	3.4%

Charges for use of the transmission network and other system charges

Charges for use of the transmission network in 3Q25 were R$ 776.7 million, 4.8% lower than in 3Q24.

This is classified as a non-manageable cost in the distribution business: the difference between the amounts used as a reference for calculation of tariffs and the costs actually incurred is compensated for in the next tariff adjustment.

Gas purchased for resale

The expense on acquisition of gas in 3Q25 was R$ 240.9 million, or 55.7% less than in 3Q24 – reflecting lower total volume of gas purchased to meet demand from the Regulated Market, due to migration of important industrial customers to purchasing in the Free Market.

Outsourced services

Expenditure on outsourced services was 17.4% (R$ 86.7 million) higher than in 3Q24, with the following increases as the main factors: expenses on maintenance R$ 35.6 million (+21.0%) higher, led by increased preventive maintenance; expenses on information technology R$ 13.5 million (+38.7%) higher; expenses on tree pruning R$ 7.6 million (+33.6%) higher; and expenses on communication R$ 7.4 million (+16.9%) higher.

Provisions for client default

A provision of R$ 60.3 million was posted for losses on receivables in 3Q25, which compares to a reversal of R$ 50.6 million in 3Q24. This mainly arises from the change, in 3Q24, of the rules for provisioning unpaid receivables: extension of the time limit for 100% recognition of unpaid receivables from 24 to 36 months, to give a more accurate estimate of actual losses on overdue client bills in practice. This review had the effect of reducing the provision made in 3Q24 by R$ 93.0 million.

Provisions, Expected loss on other credits, and Reversal of provision for related-party loss

These 3 lines totaled R$ 126.0 million in 3Q25, compared to R$ 35 million in 3Q24. The main component is the reversal, in 3Q24, of a R$ 57.8 million provision for a related party transaction, arising from a contractual obligations with Aliança Geração: together with the sale of Cemig’s share in Aliança, an agreement was made for termination and settlement of this contingency.

Post-employment liabilities

An expense of R$ 105.30 million is posted in 3Q25 for Cemig’s post-retirement obligations, 13.7% less than in 3Q24 (R$ 122.0 million). The difference reflects reversal of R$ 22.6 million in 3Q25, due to migration of 530 employees to the new health plan, which creates no post-employment obligation for the Company.

Post-employment – Health Plans: Agreement in collective bargaining; Under a September 2025 agreement between Cemig and two unions – the South Minas Gerais Electricity Workers’ Union (Sindsul) and the Minas Gerais Federation of Urban Industry Workers (FTIUMG) – current active employees migrated to the Premium Health Plan, 100% funded by the Company, effective as of October 1, 2025. Negotiations with other unions and associations continue. In 3Q25, no accounting effect was recorded as a result of the ratified agreement, other than those arising from the migration of active employees. More details about the agreement can be found at the following link:

https://ri.cemig.com.br/docs/Cemig-2025-09-19-QQdHkwTC.pdf


	22

People

The expense on personnel in 3Q25 was R$ 337.1 million, 3.4% more than in 3Q24. The main factor in the higher figure was the increase of 4.6% in salaries as from November 2024, under the Collective Work Agreement.


	23

Finance income and expenses

	3Q25	3Q24	Change %
(R$ ’000)
Finance income	256,943	262,565	–2.1%
Finance expenses	–533,005	–324,110	64.5%
Net finance income (expenses)	–276,062	–61,545	348.6%

For 3Q25 Cemig reports consolidated Net finance expenses of R$ 276.1 million, or R$ 214.5 million more than in 3Q24. Main factors in the comparison:

Financial expenditure on debentures was R$ 186.1 million higher, due to (i) higher gross debt, and (ii) the higher Selic rate (15.00% in 3Q25, compared to 10.50%–10.75% in 3Q24).

In 3Q24 there was a positive effect of R$ 42.2 million, due to depreciation (of 1.99%) in the FX rate of the US dollar against the Real. In 3Q25, there was a positive impact of R$ 5.8 million.

Equity income (Gain (loss) in non-consolidated investees)

	3Q25	3Q24	Change R$ ’000
Gain/loss on equity in non-consolidated investees (R$ ’000)
Taesa	69,990	87,359	–17,369
Cemig Sim (Equity interests)	7,132	5,354	1,778
Paracambi	4,288	3,787	501
Hidrelétrica Cachoeirão	832	1,924	–1,092
Hidrelétrica Pipoca	316	1,123	–807
Guanhães Energia	221	–1,413	1,634
Belo Monte plant (Aliança Norte and Amazônia Energia)	–42,071	–36,477	–5,594
Total	40,708	61,657	–20,949

The total of equity income was R$ 20.9 million lower in 3Q25 than 3Q24. The main effect was the improvement in the profit of Taesa, mainly due to the deflation of the IGP-M (index that adjusts part of the company’s contract asset) from June to August 2025 (with a one-month lag) while the result of Belo Monte was weaker, on higher finance expense (due to the higher TJLP in 3Q25).


	24

CONSOLIDATED EBITDA (IFRS, and Adjusted)

Ebitda is a non-accounting metric, prepared by the Company, reconciled with its consolidated financial statements in accordance with the specifications in CVM Circular SNC/SEP 01/2007 and CVM Resolution 156 of June 23, 2022. It comprises: Net profit adjusted for the effects of: (i) Net finance income (expense), (ii) Depreciation and amortization, and (iii) Income tax and the Social Contribution tax. Ebitda is not a metric recognized by Brazilian GAAP nor by IFRS; it does not have a standard meaning; and it may be non-comparable with metrics with similar titles provided by other companies. Cemig publishes Ebitda because it uses it to measure its own performance. Ebitda should not be considered in isolation or as a substitute for net profit or operational profit, nor as an indicator of operational performance or cash flow, nor to measure liquidity, nor capacity for payment of debt. The Company adjusts its Ebitda (calculated in accordance with CVM Instruction 156/2022) to exclude extraordinary items which, by their nature, do not contribute to information on the potential for gross cash flow generation.

Consolidated 3Q25 Ebitda
R$ ’000	Generation	Transmission	Trading	Distribution	Gas	Holding co. and equity interests	Total
Profit (loss) for the period	357,473	110,637	-11,661	282,099	110,373	-52,179	796,742
Income tax and Social Contribution tax	2,497	27,906	-17,761	5,915	53,712	-22,482	49,787
Net finance income (expenses)	4,093	12,107	-4,851	208,460	18,624	37,629	276,062
Depreciation and amortization	78,989	1,434	2	262,003	25,805	9,699	377,932
Ebitda per CVM Resolution 156	443,052	152,084	-34,271	758,477	208,514	-27,333	1,500,523
Net profit attributed to non-controlling stockholders	-	-	-	-	-475	-	-475
Remeasurement of post-employment liabilities	-1,669	-1,031	-236	-19,155	-	-482	-22,573
Voluntary severance program	-238	-274	-48	-1,923	-	6	-2,477
Adjusted Ebitda	441,145	150,779	-34,555	737,399	208,039	-27,809	1,474,998

Consolidated 3Q24 Ebitda
R$ ’000	Generation	Transmission	Trading	Distribution	Gas	Holding co. and equity interests	Total
Profit (loss) for the period

SEC Form 6-K filed by Comp En De Mn Cemig