ENERGY CO OF MINAS GERAIS Business Summary

Energy Co of Minas Gerais (CEMIG) operates as a vertically integrated utility giant, generating revenue through a diversified mix of regulated distribution tariffs, wholesale and free-market energy generation sales (PPAs), transmission concessions, and natural gas distribution via its subsidiary, Gasmig. The company’s primary business segments include Power Distribution—which accounts for nearly half of its consolidated EBITDA and serves over 9 million consumer units—alongside robust Generation, Transmission, and Energy Trading divisions. CEMIG maintains a dominant regional position, covering approximately 96% of the municipalities in Minas Gerais and representing roughly 11% of Brazil’s total consumer base. While it remains a top-tier utility, it faces stiff competition from national leaders like Eletrobras, Engie Brasil, and Neoenergia in large-scale generation, as well as distribution peers such as CPFL Energia and Energisa who benchmark operational efficiency in the Brazilian market. Founded in 1952 by then-Governor Juscelino Kubitschek, CEMIG remains under the majority control of the State of Minas Gerais, which holds approximately 51% of its common shares. The current leadership is headed by CEO Reynaldo Passanezi Filho, who brings extensive sector expertise from previous roles at GASMIG and TAESA. The executive team was further strengthened by the appointment of CFO Andrea de Almeida, a high-profile executive with a pedigree including senior leadership roles at Petrobras, Vale, and Santander Brasil. The Board of Directors is chaired by Márcio Luiz Simões Utsch, a seasoned executive with a background in retail and industrial management. This leadership team is currently overseeing a massive R$44 billion investment cycle through 2030, focused on energy transition, grid modernization, and preparing the utility for the full liberalization of the Brazilian electricity market.