Maria Carolina Carneiro

Andre Sampaio

Bruno Amorim

Daniel Travitzky

Marcelo Sá

Andres Ampayo

Antonio Junqueira

Arthur Pereira

Bruno Amarin

Daniel Trevitsky

Felipe Andrade

Filipe Andrade

Florent Pimentel

Gilmar Alves Lima

Henrique Peretti

Roberto Lira

Vitor Sousa

- Eletrobras' leverage is projected to **peak in 2025**, with net adjusted debt to EBITDA in the **5.0x-5.5x range**, and is expected to gradually improve to slightly below **5.0x in 2026** and around **4.5x from 2027** onward.  **[1439124_0001292814-25-003178_ebr20250828_6k1.htm:2]** **[1439124_0001292814-25-003178_ebr20250828_6k1.htm:3]** 
- The company plans annual capital expenditures of approximately **R$12 billion** in **2025-2026**, which will decrease to about **R$8.5 billion in 2027**.  **[1439124_0001292814-25-003178_ebr20250828_6k1.htm:2]** **[1439124_0001292814-25-003178_ebr20250828_6k1.htm:4]** 
- A record dividend payment of **R$8 billion** is expected in **2025**, contributing to a negative free operating cash flow of **R$5.5 billion-R$6.5 billion annually** in the next two years, primarily covered by its sizable cash position of **R$29.8 billion** as of June 2025.  **[1439124_0001292814-25-003178_ebr20250828_6k1.htm:2]** **[1439124_0001292814-25-003178_ebr20250828_6k1.htm:4]** 
- EBITDA margins are forecast at **54%-55% in 2025**, with an anticipated increase to **60%-62% from 2026** onward, driven by efficiency gains and higher profits in the generation segment.  **[1439124_0001292814-25-003178_ebr20250828_6k1.htm:3]**

Eletrobras Forecasts Leverage Peak in 2025 Amidst High Investments and Dividends

BRAZILIAN ELECTRIC POWER (EBR)