[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"seo:\u002Fdetalhes\u002FSNEL11\u002Fdocumentos\u002F8661":3,"fii-documento:SNEL11":88,"documento:SNEL11:8661":280},{"title":4,"description":5,"canonical":6,"image":7,"json_ld":8,"nome":33,"resumo":80},"Relatório Anual SNEL11 de 31\u002F12\u002F2025 | Kartac","Relatório Anual de 31\u002F12\u002F2025 do SNEL11 (Suno Energias Limpas IS), entrega em 23\u002F07\u002F2026. DY 12 meses de 14,63% e P\u002FVP 0,94 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNEL11\u002Fdocumentos\u002F8661","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":9,"@graph":10},"https:\u002F\u002Fschema.org",[11,17,22,31,50,65],{"@type":12,"@id":13,"name":14,"url":15,"logo":16},"Organization","https:\u002F\u002Fwww.kartac.com.br\u002F#organizacao","Kartac","https:\u002F\u002Fwww.kartac.com.br\u002F","https:\u002F\u002Fwww.kartac.com.br\u002Fandroid-chrome-512x512.png",{"@type":18,"@id":19,"name":14,"url":15,"inLanguage":20,"publisher":21},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":13},{"@type":23,"@id":24,"url":6,"name":4,"description":5,"inLanguage":20,"isPartOf":25,"dateModified":26,"mainEntity":27,"breadcrumb":29},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNEL11\u002Fdocumentos\u002F8661#pagina",{"@id":19},"2026-10-19",{"@id":28},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNEL11\u002Fdocumentos\u002F8661#documento",{"@id":30},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FSNEL11\u002Fdocumentos\u002F8661#migalhas",{"@type":32,"@id":28,"name":33,"alternateName":34,"url":6,"inLanguage":20,"about":35,"genre":37,"datePublished":38,"version":39,"dateModified":38,"temporalCoverage":40,"author":41,"publisher":47,"isBasedOn":49},"Report","Relatório Anual SNEL11 de 31\u002F12\u002F2025","(SNEL) Relatório Anual - 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Com a expansão da capacidade instalada, o avanço do ramp-up operacional e a conexão de novos projetos, as receitas financeiras reduziram sua representatividade no resultado total. As despesas do exercício somaram R$ 8,0 milhões, resultando em um lucro de R$ 46,4 milhões e uma margem de 85,2%.","O ano de 2025 foi marcado por uma expressiva expansão do portfólio do Fundo. Por meio da terceira e da quarta emissões de cotas, foram captados R$ 166 milhões e R$ 622 milhões, respectivamente, viabilizando um processo acelerado e disciplinado de alocação em ativos de geração distribuída solar. No acumulado do ano, o Fundo concluiu aquisições que ampliaram significativamente sua capacidade instalada, adentrando em novas praças como Rio de Janeiro, Bahia, Paraná e Mato Grosso do Sul, reforçando a presença em mercados já consolidados, como Minas Gerais e Goiás. O portfólio atual conta com diversificação geográfica em 11 estados, com ativos operacionais, contratos de energia compensada vigentes e taxas internas de retorno reais projetadas em dois dígitos. No campo regulatório, a escala tarifária da Lei 14.300\u002F2022 avança com a não compensação do Fio B atingindo 60% em 2026, o que impacta a economicidade dos sistemas instalados a partir de janeiro de 2023. Esse movimento reforça a relevância dos ativos enquadrados nos regimes GD-0 e GD-1, que preservam condições tarifárias mais favoráveis e representam um diferencial competitivo do portfólio do Fundo frente a projetos mais recentes.","2026 será um ano de atenção redobrada à qualidade e à performance do portfólio existente. O Fundo adotará uma postura de gestão ativa sobre seus ativos, atuando de forma direta e próxima junto aos seus inquilinos com o objetivo de maximizar a geração de receita recorrente, elevar as taxas de ocupação e assegurar que os contratos vigentes estejam performando em linha com as condições econômicas originalmente projetadas no momento de cada aquisição.",{"id":281,"descricao":34,"assunto":282,"tipo":37,"situacao":283,"texto":284,"link_pdf":285,"estruturado":259,"link_original":49,"data_referencia":40,"data_entrega":286,"versao":73},8661,"Relatório Anual","(Ativo)","\u003Cp>ENESQRESSNNE A CEARA S S RARA E T EDS NAS ES tarep RSRS NONO o A Ooa SSIS ESSA\u003C\u002Fp>\u003Ch5>\u003Cstrong>R E L A T Ó R I O A N U A L 2025\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>DY ANUALIZADO\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>com base no preço de mercado\u003C\u002Fp>\u003Cp>DISTRIBUIÇÃO\u002FCOTA (2025)\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>PATRIMÔNIO LÍQUIDO\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>42 Usinas FV – 149,4 MWp R$ 288 MM em Caixa e Equivalentes\u003C\u002Fp>\u003Ch2>ÍNDICE\u003C\u002Fh2>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Sumário Executivo\u003C\u002Fstrong>· · · · · · · · · · · · · · ·\u003C\u002Fth>\u003Cth>\u003Cstrong>03\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Tese de Investimento\u003C\u002Fstrong> · · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>04\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Carta do Gestor\u003C\u002Fstrong>· · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>05\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Desempenho da Carteira\u003C\u002Fstrong> · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>· · · ·\u003Cbr>\u003Cstrong>06\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Resumo da Carteira\u003C\u002Fstrong> · · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>07\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Detalhes dos Ativos\u003C\u002Fstrong>· · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>09\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Desempenho & Resultados\u003C\u002Fstrong>· · · · · · · ·\u003C\u002Ftd>\u003Ctd>· · · · · · ·\u003Cstrong>10\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>FAQ\u003C\u002Fstrong>· · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>12\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cem>SNEL11 Relatório Anual — 2025\u003C\u002Fem>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0002-03.png\">\u003C\u002Fp>\u003Ch3>SUMÁRIO EXECUTIVO\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cstrong>Gestora\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Suno Gestora de Recursos LTDA\u003C\u002Fp>\u003Cp>\u003Cstrong>Administrador\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>QI Corretora de Títulos e Valores Mobiliários S.A.\u003C\u002Fp>\u003Cp>\u003Cstrong>Início do Fundo\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Dezembro de 2022\u003C\u002Fp>\u003Cp>Taxa de Performance \u003Cstrong>20% acima do benchmark (IPCA + 7%)\u003C\u002Fstrong> Taxa de Gestão \u003Cstrong>1,08% a.a.\u003C\u002Fstrong> Taxa de Administração \u003Cstrong>0,12% a.a.\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch6>\u003Cstrong>DESTAQUES DE 2025\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Ao longo do período, o SNEL11 apresentou crescimento em praticamente todas as métricas. A cota patrimonial passou de R$ 7,25 para R$ 8,22, enquanto o patrimônio líquido cresceu de R$ 185,6 milhões para R$ 909,4 milhões. A base de cotistas mais que dobrou, de 25.729 para 63.023, e o Market Cap. evoluiu de R$ 220,8 milhões para R$ 946,3 milhões, refletindo tanto a capitalização via novas emissões quanto a valorização da cota no mercado secundário.\u003C\u002Fp>\u003Cp>Com a 4ª emissão encerrada e o portfólio majoritariamente maduro, o fundo entra em 2026 com espaço para focar em otimização operacional dos ativos existentes e novas aquisições oportunísticas, em vez de depender de captações adicionais para crescer.\u003C\u002Fp>\u003Cp>Dividend Yield (anualizado) Patrimônio Líquido 14,97% R$ 909,4 MM Nº de Projetos P\u002FVP 42 1,04x\u003C\u002Fp>\u003Cp>Distribuição por Cota (2025) R$ 1,20\u003C\u002Fp>\u003Cp>Valor Merc.\u002FPatrim. por Cota R$ 8,55\u002FR$ 8,22\u003C\u002Fp>\u003Cp>\u003Cem>(Incluindo projetos em aquisição)\u003C\u002Fem>\u003C\u002Fp>\u003Cp>Capacidade Instalada Valor de Mercado 149,4 MWp R$ 946,3 MM \u003Cem>(Incluindo projetos em aquisição)\u003C\u002Fem> Resultado Acumulado por Cota Retorno Total (dez\u002F25) R$ 0,012 13,93%\u003C\u002Fp>\u003Cp>Caixa & Equivalentes R$ 62,7 MM\u003C\u002Fp>\u003Cp>Número de Cotistas\u003C\u002Fp>\u003Cp>63.023\u003C\u002Fp>\u003Cp>\u003Cem>(6,7% dos Ativos)\u003C\u002Fem>\u003C\u002Fp>\u003Ch4>TESE DE INVESTIMENTO\u003C\u002Fh4>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>O SNEL11 é um FII (fundo de investimento imobiliário) focado em \u003Cstrong>empreendimentos imobiliários ligados à geração de energia limpa\u003C\u002Fstrong>, com contratos de locação de longo prazo que proporcionam \u003Cstrong>previsibilidade e estabilidade\u003C\u002Fstrong> na geração de receita.\u003C\u002Fp>\u003Cp>Seu escopo vai desde a \u003Cstrong>análise técnica e avaliação inicial dos projetos\u003C\u002Fstrong>, passando pela due diligence jurídica conduzida por escritórios de advocacia terceirizados especializados, até o \u003Cstrong>monitoramento e operação contínuos\u003C\u002Fstrong> dos ativos.\u003C\u002Fp>\u003Ch6>\u003Cstrong>ESTRUTURA DO PROJETO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0004-05.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>PROCESSO DE INVESTIMENTO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0004-07.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>VANTAGENS DA TESE\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0004-09.png\">\u003C\u002Fp>\u003Ch3>CARTA DO GESTOR\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>PRINCIPAIS FATOS E DESTAQUES PARA OS COTISTAS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>1. Captação e Capitalização do Fundo\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>\u003Cp>O ano de 2025 foi marcado por um ciclo intenso de capitalização. Em março a 3ª emissão de cotas foi formalmente encerrada: desde seu registro em outubro de 2024, foram subscritas 19.436.017 novas cotas, totalizando R$ 166.177.945,35 captados.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Ao final do ano, o SNEL11 encerrou também sua 4ª oferta pública, com captação total de R$ 622,0 M, fechando dezembro com um patrimônio líquido de R$ 909,4 M. Foram subscritas e integralizadas 72.325.934 novas cotas.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch6>\u003Cstrong>2. Alocação de Capital e Aquisições\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>\u003Cp>Sobre o processo de alocação dos recursos captados na 3ª emissão, o fundo celebrou a aquisição de 5 sociedades detentoras de direitos reais de superfície, sobre os quais estão instalados conjuntos de usinas solares fotovoltaicas (UFVs). Em conjunto, as usinas adquiridas totalizam uma capacidade instalada de 23,5 MWp, representando um investimento total de R$ 123,4 M.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Sobre o processo de alocação dos recursos captados na 4ª emissão, o fundo celebrou, ao longo de 2025, 20 contratos de aquisição de ativos de geração distribuída solar, totalizando 87,5 MWp de capacidade instalada, distribuídos em 22 cidades de 8 estados brasileiros, com preço total de aquisição de R$ 436,2 M.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch6>\u003Cstrong>3. Ganho Patrimonial\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>Em dezembro, foi realizada uma remarcação no valor dos ativos San Remo, Petrolina, Amontada e Itabira com o objetivo de refletir os valores justos apurados por meio da elaboração de laudos de avaliação para cada um dos projetos:\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0005-11.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>4. Atualização de Tarifas\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>\u003Cp>Em maio, a CEMIG (atualmente a praça de maior exposição do fundo), reajustou em 7,37% a tarifa de baixa tensão. A TUSD Geração teve reajuste mais moderado, de 3,58%.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Em agosto, a Elektro-SP elevou em 11,62% a tarifa de baixa tensão e a TUSD Geração em apenas ~3%. Esse descompasso favorece o SNEL11, já que os aluguéis recebidos acompanham o reajuste maior, enquanto os custos do fundo sobem pouco. O efeito beneficiou especificamente o aluguel do ativo Pirassununga.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Em outubro, a Equatorial GO anunciou reajuste de 19,5% na tarifa de baixa tensão e redução de 9,21% na TUSD Geração, diminuindo os custos fixos das usinas do portfólio.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Ao longo do ano, a inflação energética superou o IPCA em mais de 3 pontos percentuais, refletindo os reajustes tarifários acumulados nas praças de exposição do fundo.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch3>CARTA DO GESTOR\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>PRINCIPAIS FATOS E DESTAQUES PARA OS COTISTAS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>5. Contratação de Novos Offtakers\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>\u003Cp>Em junho, o fundo concluiu realocações contratuais nos ativos de Petrolina e Itabira. Em Petrolina, a Lemon deixou 50% do empreendimento, espaço ocupado pela Setta Energia via contrato Take or Pay. Em Itabira, houve rescisão antecipada do contrato com a CMU (com multa paga pela própria CMU), com o ativo imediatamente realocado para a Serena Energia, na modalidade compensada.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Também em outubro, foi firmado contrato de locação de 5 anos para a UFV São Bento Abade com a NUV Energia Ltda., na modalidade compensada, com cláusulas de ocupação mínima e limites de inadimplência para maior segurança. Em plena maturidade e ocupação, a receita mensal estimada é de aproximadamente R$ 500 mil.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Ainda no ano, o Fundo celebrou dois novos contratos de locação com a NUV Energia para as UFVs Catena e Malbec, concluindo a substituição do antigo inquilino (Matrix) em razão de sua baixa performance comercial — a NUV vem apresentando crescimento acelerado de ocupação na respectiva praça.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch3>NOSSOS ATIVOS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>1ª EMISSÃO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0007-03.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Itabira\u003C\u002Fstrong> Cemig - MG 3,1 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0007-05.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>San Remo I e II\u003C\u002Fstrong> Cemig - MG 4,8 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0007-07.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Petrolina\u003C\u002Fstrong> Neoenergia - PE 5,0 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0007-09.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Amontada II\u003C\u002Fstrong> ENEL - CE 1,2 MWp\u003C\u002Fp>\u003Ch6>\u003Cstrong>2ª EMISSÃO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0007-12.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>São Bento Abade\u003C\u002Fstrong> Cemig - MG 7,0 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0007-14.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Mundo Melhor\u003C\u002Fstrong> Equatorial - GO 7,0 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0007-16.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Liberdade\u003C\u002Fstrong> Equatorial - GO 7,0 MWp\u003C\u002Fp>\u003Ch3>NOSSOS ATIVOS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>3ª EMISSÃO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0008-03.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Pirassununga\u003C\u002Fstrong> Elektro - SP 3,4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0008-05.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Carmo FE\u003C\u002Fstrong> Light - RJ 5,3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0008-07.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Pains\u003C\u002Fstrong> Cemig - MG 3,7 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0008-09.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Angra\u003C\u002Fstrong> Light - RJ 4,6 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0008-11.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Malbec\u003C\u002Fstrong> Cemig - MG 0,8 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0008-13.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Carmo RBE\u003C\u002Fstrong> Light - RJ 5,3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0008-15.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Catena\u003C\u002Fstrong> Cemig - MG 3,6 MWp\u003C\u002Fp>\u003Ch3>NOSSOS ATIVOS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>4ª EMISSÃO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-03.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Paramirim\u003C\u002Fstrong> Coelba - BA 6,7 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-05.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Juti\u003C\u002Fstrong> Energisa - MS 3,4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-07.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Santa Maria\u003C\u002Fstrong> Energisa - MS 3,4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-09.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Ivinhema\u003C\u002Fstrong> Energisa - MS 3,4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-11.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Cruzeiro do Sul\u003C\u002Fstrong> Copel - PR 3,4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-13.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Poconé\u003C\u002Fstrong> Energisa - MT 3,4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-15.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Várzea\u003C\u002Fstrong> Celpe - CE 6,1 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-17.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Sete Lagoas\u003C\u002Fstrong> Cemig - MG 3,3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-19.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Soleil\u003C\u002Fstrong> Copel - PR 3,4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-21.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Tororó\u003C\u002Fstrong> Neoenergia - DF 3,4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-23.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Canoa Quebrada\u003C\u002Fstrong> Energisa - MT 6,1 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0009-25.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Jacutinga\u003C\u002Fstrong> Cemig - MG 3,5 MWp\u003C\u002Fp>\u003Ch3>NOSSOS ATIVOS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>4ª EMISSÃO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0010-03.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Matozinhos I\u003C\u002Fstrong> Cemig - MG 3,3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0010-05.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Ouro Fino\u003C\u002Fstrong> Cemig - MG 3,3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0010-07.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Padre Bernardo\u003C\u002Fstrong> Equatorial - GO 3,3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0010-09.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Matozinhos II\u003C\u002Fstrong> Cemig - MG 3,3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0010-11.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Canápolis\u003C\u002Fstrong> Cemig - MG 3,6 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0010-13.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Monte Carmelo\u003C\u002Fstrong> Cemig - MG 2,1 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0010-15.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Santa Fé\u003C\u002Fstrong> Equatorial - GO 7,0 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0010-17.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Guirái\u003C\u002Fstrong> Energisa - MS 3,4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0010-19.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Barra\u003C\u002Fstrong> Coelba - BA 3,3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0010-21.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>SGO\u003C\u002Fstrong> Energisa - MS 3,4 MWp\u003C\u002Fp>\u003Ch3>DESEMPENHO DA CARTEIRA\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cstrong>55.069 126,3 +220% ↑ Geração Total (MWh) MWh \u002F MWp Crescimento anual\u003C\u002Fstrong> Carteira consolidada — 2025 Indicador de Eficiência — Média 2025 2025 (55,0 GWh) vs. 2024 (17,2 GWh)\u003C\u002Fp>\u003Cp>Cap. instalada \u003Cstrong>149,4 MWp\u003C\u002Fstrong> | Projetos: \u003Cstrong>42\u003C\u002Fstrong> | Operacional: \u003Cstrong>91,1%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0011-04.png\">\u003C\u002Fp>\u003Cp>Após a conclusão da transferência de titularidade das Usinas FV Catena e Malbec para a NUV Energia, seu desempenho está incluído nos números acima a partir de novembro de 2025\u003C\u002Fp>\u003Ch3>RESUMO DA CARTEIRA\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>24\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cstrong>Projetos na Carteira\u003C\u002Fstrong>\u003C\u002Fp>\u003Cul>\u003Cli>18 ativos em aquisição\u003C\u002Fli>\u003C\u002Ful>\u003Ch6>\u003Cstrong>abr\u002F2037\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>149,4 MWp\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cstrong>Capacidade Instalada\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Venc. Médio Ponderado\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>sendo 70,6 MWp em aquisição dos contratos de locação\u003C\u002Fp>\u003Ch6>\u003Cstrong>CARTEIRA DE ATIVOS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Ativo\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Tipo de Ativo\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Part. SNEL\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Vol. SNEL (R$ MM)\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Ativos em Aquisição\u003C\u002Ftd>\u003Ctd>Usinas FV\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 254,40\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII de Liquidez GD*\u003C\u002Ftd>\u003Ctd>FII de Liquidez\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 226,56\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>FII Holding (Projetos)**\u003C\u002Ftd>\u003Ctd>FII de GD\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 217,82\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Caixa & Equivalentes\u003C\u002Ftd>\u003Ctd>Caixa\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 62,73\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 1,2,3,4\u003C\u002Ftd>\u003Ctd>Usina FV\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 32,79\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>San Remo 1 & 2\u003C\u002Ftd>\u003Ctd>Usina FV\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 28,78\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Paramirim\u003C\u002Ftd>\u003Ctd>Usina FV\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 21,63\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Juti\u003C\u002Ftd>\u003Ctd>Usina FV\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 18,56\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cruzeiro do Sul\u003C\u002Ftd>\u003Ctd>Usina FV\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 15,93\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Soleil\u003C\u002Ftd>\u003Ctd>Usina FV\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 15,60\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Itabira\u003C\u002Ftd>\u003Ctd>Usina FV\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 14,11\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Platão\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 13,25\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Amontada 2\u003C\u002Ftd>\u003Ctd>Usina FV\u003C\u002Ftd>\u003Ctd>90%\u003C\u002Ftd>\u003Ctd>R$ 5,59\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Pirelli\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 3,81\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Fametro\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 3,74\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Brunello\u003C\u002Ftd>\u003Ctd>Usina FV\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 0,85\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Total\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 936,14\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cul>\u003Cli>FII tático utilizado para rentabilizar o caixa enquanto os recursos aguardam alocação nas aquisições em andamento.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>** FII estrutural que detém os ativos adquiridos na 2ª e 3ª ofertas do SNEL, exceto os ativos de Micro-GD.\u003C\u002Fp>\u003Ch6>\u003Cstrong>EXPOSIÇÃO POR ATIVO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0012-15.png\">\u003C\u002Fp>\u003Ch3>RESUMO DA CARTEIRA\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>Exposição por Vencimento de Locação (% MWp)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0013-03.png\">\u003C\u002Fp>\u003Ch6>Exposição por Distribuidora (% MWp)\u003C\u002Fh6>\u003Cp>Exposição Geográfica (% MWp)\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0013-06.png\">\u003C\u002Fp>\u003Ch3>DETALHES DOS ATIVOS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>Carteira de Usinas FV — Dezembro de 2025\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Ativo\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Distribuidora\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Situação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Conexão\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>MWp\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Tipo de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Locação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Locatário\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Venc.\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>San Remo 1\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1,4\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Matrix\u003C\u002Ftd>\u003Ctd>02\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>San Remo 2\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>03\u002F2024\u003C\u002Ftd>\u003Ctd>3,4\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Matrix\u003C\u002Ftd>\u003Ctd>02\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Amontada 2\u003C\u002Ftd>\u003Ctd>ENEL-CE\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>02\u002F2024\u003C\u002Ftd>\u003Ctd>1,2\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>9Energia\u003C\u002Ftd>\u003Ctd>01\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 1\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1,3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>12\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 2\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1,3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>06\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 3\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1,3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>12\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 4\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1,3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>06\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Itabira 1\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>09\u002F2023\u003C\u002Ftd>\u003Ctd>3,1\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>Serena\u003C\u002Ftd>\u003Ctd>08\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Liberdade\u003C\u002Ftd>\u003Ctd>EQTL-GO\u003C\u002Ftd>\u003Ctd>Em conexão\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>7,0\u003C\u002Ftd>\u003Ctd>A definir\u003C\u002Ftd>\u003Ctd>A definir\u003C\u002Ftd>\u003Ctd>A definir\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Mundo Melhor\u003C\u002Ftd>\u003Ctd>EQTL-GO\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>04\u002F2025\u003C\u002Ftd>\u003Ctd>7,0\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>São Bento\u003Cbr>Abade\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>08\u002F2025\u003C\u002Ftd>\u003Ctd>7,0\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>07\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Pirassununga\u003C\u002Ftd>\u003Ctd>ELEKTRO-SP\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>08\u002F2024\u003C\u002Ftd>\u003Ctd>3,3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Safira\u003C\u002Ftd>\u003Ctd>12\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Pains\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>05\u002F2023\u003C\u002Ftd>\u003Ctd>3,7\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Carmo RBE\u003C\u002Ftd>\u003Ctd>LIGHT-RJ\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>05\u002F2024\u003C\u002Ftd>\u003Ctd>5,3\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Carmo FE\u003C\u002Ftd>\u003Ctd>LIGHT-RJ\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>05\u002F2024\u003C\u002Ftd>\u003Ctd>5,3\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Angra\u003C\u002Ftd>\u003Ctd>LIGHT-RJ\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>04\u002F2023\u003C\u002Ftd>\u003Ctd>4,6\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Catena\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>3,6\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>11\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Malbec\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>0,8\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>11\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Rutini\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>0,1\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>Juntos\u003C\u002Ftd>\u003Ctd>04\u002F2028\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Elói Mendes\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>0,1\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>Juntos\u003C\u002Ftd>\u003Ctd>04\u002F2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Paramirim\u003C\u002Ftd>\u003Ctd>COELBA-BA\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>08\u002F2025\u003C\u002Ftd>\u003Ctd>6,7\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>01\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cruzeiro do Sul\u003C\u002Ftd>\u003Ctd>COPEL-PR\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>04\u002F2025\u003C\u002Ftd>\u003Ctd>3,4\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>Nextron\u003C\u002Ftd>\u003Ctd>09\u002F2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Soleil\u003C\u002Ftd>\u003Ctd>COPEL-PR\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>3,4\u003C\u002Ftd>\u003Ctd>Compensação\u003C\u002Ftd>\u003Ctd>Nextron\u003C\u002Ftd>\u003Ctd>09\u002F2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Juti\u003C\u002Ftd>\u003Ctd>ENERGISA-MS\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>09\u002F2025\u003C\u002Ftd>\u003Ctd>3,4\u003C\u002Ftd>\u003Ctd>A definir\u003C\u002Ftd>\u003Ctd>A definir\u003C\u002Ftd>\u003Ctd>A definir\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>DETALHES DOS ATIVOS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>Carteira de Usinas FV — Dezembro de 2025\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Ativo\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Distribuidora\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Situação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Conexão\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>MWp\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Tipo de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Locação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Locatário\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Venc.\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Poconé\u003C\u002Ftd>\u003Ctd>Energisa - MT\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>08\u002F2025\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Plin\u003C\u002Ftd>\u003Ctd>11\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ivinhema\u003C\u002Ftd>\u003Ctd>Energisa - MS\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>RMG - 6 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Tororó\u003C\u002Ftd>\u003Ctd>Neoenergia - DF\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>RMG - 6 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Guiraí\u003C\u002Ftd>\u003Ctd>Energisa - MS\u003C\u002Ftd>\u003Ctd>Greenfield\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>RMG - 6 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SGO\u003C\u002Ftd>\u003Ctd>Energisa - MS\u003C\u002Ftd>\u003Ctd>Greenfield\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>RMG - 6 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Santa Maria\u003C\u002Ftd>\u003Ctd>Energisa - MS\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>RMG - 6 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Várzea\u003C\u002Ftd>\u003Ctd>Neoenergia - PE\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>06\u002F2025\u003C\u002Ftd>\u003Ctd>6.1\u003C\u002Ftd>\u003Ctd>RMG - 6 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Canoa Quebrada\u003C\u002Ftd>\u003Ctd>Energisa - MT\u003C\u002Ftd>\u003Ctd>Em Conexão\u003C\u002Ftd>\u003Ctd>10\u002F2025\u003C\u002Ftd>\u003Ctd>6.1\u003C\u002Ftd>\u003Ctd>RMG - 6 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Sete Lagoas\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>01\u002F2024\u003C\u002Ftd>\u003Ctd>2.6\u003C\u002Ftd>\u003Ctd>RMG - 13 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Matozinhos 1\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>01\u002F2025\u003C\u002Ftd>\u003Ctd>3.3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Enercooper\u003C\u002Ftd>\u003Ctd>07\u002F2033\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Matozinhos 2\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>01\u002F2025\u003C\u002Ftd>\u003Ctd>3.3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Performa\u003C\u002Ftd>\u003Ctd>06\u002F2038\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Jacutinga\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>mar-25\u003C\u002Ftd>\u003Ctd>3.5\u003C\u002Ftd>\u003Ctd>RMG - 3 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Santa Fé\u003C\u002Ftd>\u003Ctd>EQTL - GO\u003C\u002Ftd>\u003Ctd>Em Conexão\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>7.0\u003C\u002Ftd>\u003Ctd>RMG - 3 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ouro Fino\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>05\u002F2025\u003C\u002Ftd>\u003Ctd>3.3\u003C\u002Ftd>\u003Ctd>RMG - 12 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Monte Carmelo\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operacional\u003C\u002Ftd>\u003Ctd>08\u002F2025\u003C\u002Ftd>\u003Ctd>2.2\u003C\u002Ftd>\u003Ctd>RMG - 16 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Canápolis\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Em Conexão\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.6\u003C\u002Ftd>\u003Ctd>RMG - 20 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Barra\u003C\u002Ftd>\u003Ctd>Coelba - BA\u003C\u002Ftd>\u003Ctd>Greenfield\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>2.7\u003C\u002Ftd>\u003Ctd>RMG - 6 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Padre Bernardo\u003C\u002Ftd>\u003Ctd>EQTL - GO\u003C\u002Ftd>\u003Ctd>Greenfield\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>6.7\u003C\u002Ftd>\u003Ctd>RMG - 6 meses\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>TOTAL\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>149,4\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>abr\u002F2037\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>DESEMPENHO & RESULTADOS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>DEMONSTRAÇÃO DE RESULTADOS (R$)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>2024\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>2025\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Variação Anual %\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>1. Receitas\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>22.816.373\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>54.152.495\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>137.3%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.a. Receita de Locação (UFVs)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>3.801.026\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>31.124.392\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>718.8%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.b. Gestão de Caixa \u002F Aplicações\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19.015.344\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>23.028.103\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>21.1%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>2. Despesas\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-2.817.863\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-8.023.587\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>184.7%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2.a. Despesas do Fundo\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1.989.070\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-6.490.672\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>226.3%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2.b. Despesas Não Recorrentes\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-828.794\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1.532.915\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>85.0%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>3. Resultado Líquido (1+2)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19.998.509\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>46.128.908\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>130.7%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>4. Resultado Distribuível\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>21.354.541\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>47.484.938\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>122.4%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4.a. Resultado Líquido (3)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19.998.509\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>46.128.908\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>130.7%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4.b. Resultado Retido*\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1.356.032\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1.356.030\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0.0%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>5. Resultado Distribuído\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19.792.528\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>46.308.823\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>134.0%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.a. Distribuição – SNEL11\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19.459.475\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>40.170.237\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>106.4%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.b. Distribuição – Recibos\u003C\u002Ftd>\u003Ctd>\u003Cstrong>333.053\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.138.585\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1743.1%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.c. Distribuição R$\u002Fcota – SNEL11\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,45\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,20\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-85.8%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>F o n t e : Q I T e c h \u002F S u n o A s s e t\u003C\u002Fp>\u003Ch6>\u003Cstrong>RESULTADO ACUMULADO vs. DISTRIBUIÇÃO (R$\u002FCOTA)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0016-06.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>RESULTADO MENSAL DETALHADO — 2025 (R$\u002FCOTA)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0016-08.png\">\u003C\u002Fp>\u003Ch3>DESEMPENHO & RESULTADOS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0017-02.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>RETORNO ACUMULADO — SNEL vs. BENCHMARKS DESDE O INÍCIO (Base 100)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0017-04.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>VOLUME MÉDIO DIÁRIO NEGOCIADO x Nº DE COTISTAS (Dez 24–Dez25)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0017-06.png\">\u003C\u002Fp>\u003Ch3>PAPEL SOCIAL\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>A tese do veículo gera valor tanto nas frentes econômicas, quanto nas ambientais e sociais.\u003C\u002Fp>\u003Ch6>\u003Cstrong>SNEL11 E A SOCIEDADE\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>O SNEL é sinônimo de sustentabilidade, e não apenas no quesito ambiental. Através de um MOU celebrado entre a gestora e a Fortlev, nos comprometemos a colocar melhores esforços para contratar mão de obra do Instituto Água Viva, a fim de realizar os serviços de O&M (Operation and Maintenance) das usinas do fundo.\u003C\u002Fp>\u003Cp>Criado em 2015, o Instituto água viva é uma organização social sem fins lucrativos que atua no Sertão do Nordeste, sobretudo nos estados da Bahia, Piauí e Pernambuco. Um dos grandes objetivos do Instituto é gerar oportunidades de trabalho e renda aos sertanejos.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0018-06.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>GERAÇÃO DE EMPREGOS E IMPACTO POSITIVO NAS REGIÕES\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0018-08.png\">\u003C\u002Fp>\u003Cp>Com esses projetos, o instituto atende mais de 16 mil crianças em situação risco social agravante, sem nenhuma perspectiva educacional, e viabilizam reforço escolar e alfabetização. Já os adultos participam de projetos de Geração de Renda. Ao todo, mais de 130 mil pessoas são envolvidas direta e indiretamente.\u003C\u002Fp>\u003Cp>Nas usinas investidas pelo fundo que estiverem na mesma área de atuação do Instituto Água Viva, a contratação do serviço de O&M, independente do parceiro a ser escolhido para este serviço, deve prever os melhores esforços para contratar e treinar mulheres do Instituto Água Viva para ficarem aptas a trabalharem nas rotinas delimitadas pelo escopo de O&M, gerando empregos e impacto nas regiões.\u003C\u002Fp>\u003Ch3>SUNO ASSET\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0019-02.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0019-03.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0019-04.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0019-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0019-06.png\">\u003C\u002Fp>\u003Ch6>SAIBA MAIS\u003C\u002Fh6>\u003Cp>\u003Cu>IG SUNO ASSET\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cu>YT SUNO ASSET\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cu>SNEL11 - SITE SUNO ASSET\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0019-11.png\">\u003C\u002Fp>\u003Ch6>FAQ\u003C\u002Fh6>\u003Ch6>\u003Cstrong>O que é o SNEL11?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Um FII da Suno Asset focado em desenvolver e adquirir usinas fotovoltaicas (Usinas FV) sob o modelo de geração distribuída, produzindo energia limpa e renda recorrente.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Como o fundo ganha dinheiro?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Por meio de contratos de locação das Usinas FV nos modelos Take or Pay ou compensação de energia (“compensada”) — este último, um aluguel variável atrelado ao benefício auferido pelo locatário.\u003C\u002Fp>\u003Ch6>\u003Cstrong>As distribuições são tributadas?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Para pessoas físicas, os rendimentos distribuídos são isentos de imposto de renda conforme a legislação brasileira de FIIs. A estrutura de FII também permite potencial isenção tributária sobre as receitas dos projetos.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Qual é a estratégia atual do fundo?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>O fundo evoluiu do desenvolvimento greenfield para a aquisição de Usinas FV operacionais, priorizando a estabilidade dos resultados e a previsibilidade das distribuições.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Qual é a situação da Usina FV Liberdade (GO)?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>A construção está concluída; a usina de 7 MWp aguarda a conexão à rede pela Equatorial Goiás. A gestora está pressionando as partes, inclusive com possível judicialização, para acelerar a conexão.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Onde o fundo investe?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Em usinas fotovoltaicas de geração distribuída (Usinas FV): 24 projetos e 78,7 MWp de capacidade instalada em 9 estados brasileiros (MG, RJ, GO, PR, PE, BA, SP, CE, MS), além de 87,5 MWp em aquisição.\u003C\u002Fp>\u003Ch6>\u003Cstrong>As cotas têm liquidez?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Sim. Negociadas diariamente na B3 (ticker: SNEL11), com volume médio em torno de R$ 1,5 milhão\u002Fdia em dez\u002F25 e mais de 63 mil cotistas.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Como são pagas as distribuições?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Pagamentos mensais. O Fundo distribuiu R$ 0,10\u002Fcota em todos os meses de 2025 — R$ 1,20 no ano — com DY anualizado de 14,97% em dezembro.\u003C\u002Fp>\u003Ch6>\u003Cstrong>O que significa P\u002FVP?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>A relação entre o preço de mercado e o valor patrimonial por cota. O fundo encerrou 2025 em 1,04x — um prêmio de ~4% sobre o valor patrimonial.\u003C\u002Fp>\u003Ch6>\u003Cstrong>O que é geração distribuída (GD)?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Um modelo em que usinas conectadas à rede local geram créditos de energia para os consumidores, que pagam aluguel ao fundo.\u003C\u002Fp>\u003Cp>A S S E T\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0020-03.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>A N N U A L R E P O R T 2025\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>ANNUALIZED DY 14.97% based on market price\u003C\u002Fp>\u003Cp>DISTRIBUTION\u002FSHARE (2025) R$ 1.20\u003C\u002Fp>\u003Cp>NET ASSETS\u003C\u002Fp>\u003Cp>R$ 909.4 MM\u003C\u002Fp>\u003Cp>42 PV Plants – 149.4 MWp R$ 288 MM in Cash and Equivalents\u003C\u002Fp>\u003Ch2>CONTENTS\u003C\u002Fh2>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Executive Summary\u003C\u002Fstrong> · · · · · · · · · · · · · · ·\u003C\u002Fth>\u003Cth>\u003Cstrong>22\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Investment Thesis\u003C\u002Fstrong> · · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>23\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Manager's Letter\u003C\u002Fstrong>· · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>24\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Portfolio Performance\u003C\u002Fstrong> · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>· · ·\u003Cbr>\u003Cstrong>30\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Portfolio Summary\u003C\u002Fstrong> · · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>31\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Asset Details\u003C\u002Fstrong>· · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>33\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Performance & Results\u003C\u002Fstrong>· · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>· · · ·\u003Cbr>\u003Cstrong>35\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>FAQ\u003C\u002Fstrong>· · · · · · · · · · · · · · ·\u003C\u002Ftd>\u003Ctd>\u003Cstrong>38\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cem>SNEL11 Annual Report — 2025\u003C\u002Fem>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0021-03.png\">\u003C\u002Fp>\u003Ch3>EXECUTIVE SUMMARY\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cstrong>Manager\u003C\u002Fstrong> Suno Gestora de Recursos LTDA\u003C\u002Fp>\u003Cp>Performance Fee\u003C\u002Fp>\u003Cp>\u003Cstrong>20% above the benchmark (IPCA + 7%)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Administrator\u003C\u002Fstrong> QI Corretora de Títulos e Valores Mobiliários S.A. \u003Cstrong>Fund Inception\u003C\u002Fstrong> December 2022\u003C\u002Fp>\u003Cp>Management Fee\u003C\u002Fp>\u003Cp>\u003Cstrong>1.08% p.a.\u003C\u002Fstrong> Administration Fee \u003Cstrong>0.12% p.a.\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch6>\u003Cstrong>2025 HIGHLIGHTS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Over the period, SNEL11 posted growth across virtually every metric. The net asset value per share rose from R$ 7.25 to R$ 8.22, while net assets grew from R$ 185.6 million to R$ 909.4 million. The shareholder base more than doubled, from 25,729 to 63,023, and market cap advanced from R$ 220.8 million to R$ 946.3 million, reflecting both the capitalization through new issuances and the appreciation of the share in the secondary market.\u003C\u002Fp>\u003Cp>With the 4th issuance completed and the portfolio largely mature, the fund enters 2026 with room to focus on operational optimization of existing assets and opportunistic new acquisitions, rather than relying on additional fundraising to grow.\u003C\u002Fp>\u003Cp>Dividend Yield (annualized) Net Assets 14.97% R$ 909.4 MM No. of Projects P\u002FBV 42 1.04x\u003C\u002Fp>\u003Cp>Distribution per Share (2025) R$ 1.20 Market\u002FBook Value per Share R$ 8.55\u002FR$ 8.22\u003C\u002Fp>\u003Cp>\u003Cem>(Including projects under acquisition)\u003C\u002Fem> Installed Capacity Market Value Cash & Equivalents 149.4 MWp R$ 946.3 MM R$ 62.7 MM \u003Cem>(Including projects under acquisition)\u003C\u002Fem> Accumulated Result per Share Total Return (Dec\u002F25) R$ 0.012 13.93% 63,023\u003C\u002Fp>\u003Cp>Cash & Equivalents R$ 62.7 MM\u003C\u002Fp>\u003Cp>\u003Cem>(6.7% of Assets)\u003C\u002Fem>\u003C\u002Fp>\u003Cp>Number of Shareholders\u003C\u002Fp>\u003Ch3>INVESTMENT THESIS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>SNEL11 is a real estate investment fund (FII) focused on \u003Cstrong>real estate developments linked to clean energy generation\u003C\u002Fstrong>, with long-term lease contracts that provide \u003Cstrong>predictability and stability\u003C\u002Fstrong> in revenue generation.\u003C\u002Fp>\u003Cp>Its scope ranges from \u003Cstrong>technical analysis and initial project assessment\u003C\u002Fstrong>, through legal due diligence conducted by specialized outsourced law firms, to the \u003Cstrong>continuous monitoring and operation\u003C\u002Fstrong> of the assets.\u003C\u002Fp>\u003Ch6>\u003Cstrong>PROJECT STRUCTURE\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0023-05.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>INVESTMENT PROCESS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0023-07.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>THESIS ADVANTAGES\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0023-09.png\">\u003C\u002Fp>\u003Ch3>MANAGER'S LETTER\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>KEY FACTS AND HIGHLIGHTS FOR SHAREHOLDERS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>1. Fundraising and Capitalization of the Fund\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>\u003Cp>2025 was marked by an intense capitalization cycle. In March, the 3rd share issuance was formally closed: since its registration in October 2024, 19,436,017 new shares were subscribed, totaling R$ 166,2 M raised.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>At the end of the year, SNEL11 also closed its 4th public offering, with total proceeds of R$ 622.0 M, ending December with net assets of R$ 909.4 M. A total of 72,325,934 new shares were subscribed and paid in.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch6>\u003Cstrong>2. Capital Allocation and Acquisitions\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>\u003Cp>Regarding the allocation of the proceeds raised in the 3rd issuance, the fund executed the acquisition of 5 companies holding surface rights, on which sets of solar photovoltaic plants are installed (PV plants). Together, the acquired plants total an installed capacity of 23.5 MWp, representing a total investment of R$ 123.4 M.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Regarding the allocation of the proceeds raised in the 4th issuance, throughout 2025 the fund executed 20 contracts to acquire distributed solar generation assets, totaling 87.5 MWp of installed capacity, spread across 22 cities in 8 Brazilian states, with a total acquisition price of R$ 436.2 M.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch6>\u003Cstrong>3. Capital Gain\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>In December, the assets San Remo, Petrolina, Amontada and Itabira were remarked to reflect the fair values determined through the preparation of appraisal reports for each of the projects:\u003C\u002Fli>\u003C\u002Ful>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>2024 A\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>ppraisal Report\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>2025 A\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>ppraisal Report\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Variation\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Amontada 2\u003C\u002Ftd>\u003Ctd>R$\u003C\u002Ftd>\u003Ctd>6,132,000\u003Cbr>\u003C\u002Ftd>\u003Ctd>R$\u003C\u002Ftd>\u003Ctd>6,210,000\u003Cbr>\u003C\u002Ftd>\u003Ctd>1%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>San Remo\u003C\u002Ftd>\u003Ctd>R$\u003C\u002Ftd>\u003Ctd>23,538,044\u003C\u002Ftd>\u003Ctd>R$\u003C\u002Ftd>\u003Ctd>28,780,000\u003C\u002Ftd>\u003Ctd>22%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina\u003C\u002Ftd>\u003Ctd>R$\u003C\u002Ftd>\u003Ctd>34,629,180\u003Cbr>\u003C\u002Ftd>\u003Ctd>R$\u003C\u002Ftd>\u003Ctd>32,790,000\u003Cbr>\u003C\u002Ftd>\u003Ctd>-5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Itabira\u003C\u002Ftd>\u003Ctd>R$\u003C\u002Ftd>\u003Ctd>15,965,147\u003Cbr>\u003C\u002Ftd>\u003Ctd>R$\u003C\u002Ftd>\u003Ctd>14,110,000\u003Cbr>\u003C\u002Ftd>\u003Ctd>-12%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Total\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>80,264,371\u003C\u002Fstrong>\u003Cbr>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>81,890,000\u003C\u002Fstrong>\u003Cbr>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>2%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch6>\u003Cstrong>4. Tariff Updates\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>\u003Cp>In May, CEMIG (currently the fund's largest exposure region) raised the low-voltage tariff by 7.37%. The TUSD Generation had a more moderate adjustment of 3.58%.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>In August, Elektro-SP raised the low-voltage tariff by 11.62% and the TUSD Generation by only ~3%. This mismatch favors SNEL11, since the rents received track the larger adjustment while the fund's costs rise little. The effect specifically benefited the rent of the Pirassununga asset.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>In October, Equatorial GO announced a 19.5% increase in the low-voltage tariff and a 9.21% reduction in the TUSD Generation, lowering the fixed costs of the portfolio's plants.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Throughout the year, energy inflation exceeded the IPCA by more than 3 percentage points, reflecting the accumulated tariff adjustments in the fund's exposure regions.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch3>MANAGER'S LETTER\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>KEY FACTS AND HIGHLIGHTS FOR SHAREHOLDERS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>5. Signing of New Offtakers\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>\u003Cp>In June, the fund completed contractual reallocations in the Petrolina and Itabira assets. In Petrolina, Lemon exited 50% of the development, a space taken over by Setta Energia via a Take or Pay contract. In Itabira, there was an early termination of the contract with CMU (with the penalty paid by CMU itself), and the asset was immediately reallocated to Serena Energia under the compensation model.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Also in October, a 5-year lease contract was signed for the São Bento Abade PV plant with NUV Energia Ltda., under the compensation model, with minimum-occupancy clauses and default limits for greater security. At full maturity and occupancy, the estimated monthly revenue is approximately R$ 500 thousand.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>Also during the year, the Fund entered into two new lease contracts with NUV Energia for the PV plants Catena and Malbec, completing the replacement of the former tenant (Matrix) due to its poor commercial performance — NUV has been showing accelerated occupancy growth in the respective region.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch3>OUR ASSETS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>1st ISSUANCE\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0026-03.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Itabira\u003C\u002Fstrong> Cemig - MG 3.1 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0026-05.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>San Remo I & II\u003C\u002Fstrong> Cemig - MG 4.8 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0026-07.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Petrolina\u003C\u002Fstrong> Neoenergia - PE 5.0 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0026-09.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Amontada II\u003C\u002Fstrong> ENEL - CE 1.2 MWp\u003C\u002Fp>\u003Ch6>\u003Cstrong>2nd ISSUANCE\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0026-12.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>São Bento Abade\u003C\u002Fstrong> Cemig - MG 7.0 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0026-14.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Mundo Melhor\u003C\u002Fstrong> Equatorial - GO 7.0 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0026-16.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Liberdade\u003C\u002Fstrong> Equatorial - GO 7.0 MWp\u003C\u002Fp>\u003Ch3>OUR ASSETS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>3rd ISSUANCE\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0027-03.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Pirassununga\u003C\u002Fstrong> Elektro - SP 3.4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0027-05.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Carmo FE\u003C\u002Fstrong> Light - RJ 5.3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0027-07.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Pains\u003C\u002Fstrong> Cemig - MG 3.7 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0027-09.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Angra\u003C\u002Fstrong> Light - RJ 4.6 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0027-11.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Malbec\u003C\u002Fstrong> Cemig - MG 0.8 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0027-13.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Carmo RBE\u003C\u002Fstrong> Light - RJ 5.3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0027-15.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Catena\u003C\u002Fstrong> Cemig - MG 3.6 MWp\u003C\u002Fp>\u003Ch3>OUR ASSETS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>4th ISSUANCE\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-03.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Paramirim\u003C\u002Fstrong> Coelba - BA 6.7 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-05.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Juti\u003C\u002Fstrong> Energisa - MS 3.4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-07.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Santa Maria\u003C\u002Fstrong> Energisa - MS 3.4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-09.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Ivinhema\u003C\u002Fstrong> Energisa - MS 3.4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-11.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Cruzeiro do Sul\u003C\u002Fstrong> Copel - PR 3.4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-13.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Poconé\u003C\u002Fstrong> Energisa - MT 3.4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-15.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Várzea\u003C\u002Fstrong> Celpe - CE 6.1 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-17.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Sete Lagoas\u003C\u002Fstrong> Cemig - MG 3.3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-19.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Soleil\u003C\u002Fstrong> Copel - PR 3.4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-21.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Tororó\u003C\u002Fstrong> Neoenergia - DF 3.4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-23.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Canoa Quebrada\u003C\u002Fstrong> Energisa - MT 6.1 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0028-25.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Jacutinga\u003C\u002Fstrong> Cemig - MG 3.5 MWp\u003C\u002Fp>\u003Ch3>OUR ASSETS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>4th ISSUANCE\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0029-03.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Matozinhos I\u003C\u002Fstrong> Cemig - MG 3.3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0029-05.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Ouro Fino\u003C\u002Fstrong> Cemig - MG 3.3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0029-07.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Padre Bernardo\u003C\u002Fstrong> Equatorial - GO 3.3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0029-09.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Matozinhos II\u003C\u002Fstrong> Cemig - MG 3.3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0029-11.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Canápolis\u003C\u002Fstrong> Cemig - MG 3.6 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0029-13.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Monte Carmelo\u003C\u002Fstrong> Cemig - MG 2.1 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0029-15.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Santa Fé\u003C\u002Fstrong> Equatorial - GO 7.0 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0029-17.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Guirái\u003C\u002Fstrong> Energisa - MS 3.4 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0029-19.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Barra\u003C\u002Fstrong> Coelba - BA 3.3 MWp\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0029-21.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>SGO\u003C\u002Fstrong> Energisa - MS 3.4 MWp\u003C\u002Fp>\u003Ch3>PORTFOLIO PERFORMANCE\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0030-02.png\">\u003C\u002Fp>\u003Ch6>Installed cap. \u003Cstrong>149.4 MWp\u003C\u002Fstrong> | Projects: \u003Cstrong>42\u003C\u002Fstrong> | Operational: \u003Cstrong>91.1%\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0030-04.png\">\u003C\u002Fp>\u003Cp>Following the completion of the transfer of ownership of the Catena and Malbec PV plants to NUV Energia, their performance is included in the figures above from November 2025 onward\u003C\u002Fp>\u003Ch3>PORTFOLIO SUMMARY\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cstrong>24\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Projects in Portfolio\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch6>\u003Cstrong>149.4 MWp\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cstrong>Installed Capacity\u003C\u002Fstrong>\u003C\u002Fp>\u003Ch6>\u003Cstrong>Apr\u002F2037\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cstrong>Weighted Avg. Maturity\u003C\u002Fstrong>\u003C\u002Fp>\u003Cul>\u003Cli>18 assets under acquisition of which 70.6 MWp under acquisition of the lease contracts\u003C\u002Fli>\u003C\u002Ful>\u003Ch6>\u003Cstrong>ASSET PORTFOLIO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Asset\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Asset Type\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>SNEL Stake\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>SNEL Vol. (R$ MM)\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Assets under Acquisition\u003C\u002Ftd>\u003Ctd>PV Plants\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 254.40\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>GD Liquidity FII*\u003C\u002Ftd>\u003Ctd>Liquidity FII\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 226.56\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Holding FII (Projects)**\u003C\u002Ftd>\u003Ctd>GD FII\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 217.82\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cash & Equivalents\u003C\u002Ftd>\u003Ctd>Cash\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 62.73\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 1,2,3,4\u003C\u002Ftd>\u003Ctd>PV Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 32.79\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>San Remo 1 & 2\u003C\u002Ftd>\u003Ctd>PV Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 28.78\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Paramirim\u003C\u002Ftd>\u003Ctd>PV Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 21.63\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Juti\u003C\u002Ftd>\u003Ctd>PV Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 18.56\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cruzeiro do Sul\u003C\u002Ftd>\u003Ctd>PV Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 15.93\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Soleil\u003C\u002Ftd>\u003Ctd>PV Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 15.60\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Itabira\u003C\u002Ftd>\u003Ctd>PV Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 14.11\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Platão\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 13.25\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Amontada 2\u003C\u002Ftd>\u003Ctd>PV Plant\u003C\u002Ftd>\u003Ctd>90%\u003C\u002Ftd>\u003Ctd>R$ 5.59\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Pirelli\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 3.81\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>CRI Fametro\u003C\u002Ftd>\u003Ctd>CRI\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>R$ 3.74\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Brunello\u003C\u002Ftd>\u003Ctd>PV Plant\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>R$ 0.85\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Total\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 936.14\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cul>\u003Cli>Tactical FII used to earn a return on cash while funds await allocation to ongoing acquisitions.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>** Structural FII that holds the assets acquired in SNEL's 2nd and 3rd offerings, except the Micro-GD assets.\u003C\u002Fp>\u003Ch6>\u003Cstrong>EXPOSURE BY ASSET\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0031-14.png\">\u003C\u002Fp>\u003Ch3>PORTFOLIO SUMMARY\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>Exposure by Lease Maturity (% MWp)\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0032-03.png\">\u003C\u002Fp>\u003Ch6>Exposure by Distributor (% MWp)\u003C\u002Fh6>\u003Ch6>Geographic Exposure (% MWp)\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0032-06.png\">\u003C\u002Fp>\u003Ch3>ASSET DETAILS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>PV Plant Portfolio — December 2025\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Asset\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Distributor\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Status\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Connect\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>ion\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>MWp\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Lease Type\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Tenant\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Maturity\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>San Remo 1\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1.4\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Matrix\u003C\u002Ftd>\u003Ctd>02\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>San Remo 2\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>03\u002F2024\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Matrix\u003C\u002Ftd>\u003Ctd>02\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Amontada 2\u003C\u002Ftd>\u003Ctd>ENEL-CE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>02\u002F2024\u003C\u002Ftd>\u003Ctd>1.2\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>9Energia\u003C\u002Ftd>\u003Ctd>01\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 1\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1.3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>12\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 2\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1.3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>06\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 3\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1.3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>12\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Petrolina 4\u003C\u002Ftd>\u003Ctd>CELPE-PE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>06\u002F2024\u003C\u002Ftd>\u003Ctd>1.3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Setta\u003C\u002Ftd>\u003Ctd>06\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Itabira 1\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>09\u002F2023\u003C\u002Ftd>\u003Ctd>3.1\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>Serena\u003C\u002Ftd>\u003Ctd>08\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Liberdade\u003C\u002Ftd>\u003Ctd>EQTL-GO\u003C\u002Ftd>\u003Ctd>Connecting\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>7.0\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Mundo Melhor\u003C\u002Ftd>\u003Ctd>EQTL-GO\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>04\u002F2025\u003C\u002Ftd>\u003Ctd>7.0\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>São Bento\u003Cbr>Abade\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>08\u002F2025\u003C\u002Ftd>\u003Ctd>7.0\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>07\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Pirassununga\u003C\u002Ftd>\u003Ctd>ELEKTRO-SP\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>08\u002F2024\u003C\u002Ftd>\u003Ctd>3.3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Safira\u003C\u002Ftd>\u003Ctd>12\u002F2039\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Pains\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>05\u002F2023\u003C\u002Ftd>\u003Ctd>3.7\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Carmo RBE\u003C\u002Ftd>\u003Ctd>LIGHT-RJ\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>05\u002F2024\u003C\u002Ftd>\u003Ctd>5.3\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Carmo FE\u003C\u002Ftd>\u003Ctd>LIGHT-RJ\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>05\u002F2024\u003C\u002Ftd>\u003Ctd>5.3\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Angra\u003C\u002Ftd>\u003Ctd>LIGHT-RJ\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>04\u002F2023\u003C\u002Ftd>\u003Ctd>4.6\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>05\u002F2050\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Catena\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>3.6\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>11\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Malbec\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>0.8\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>11\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Rutini\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>0.1\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>Juntos\u003C\u002Ftd>\u003Ctd>04\u002F2028\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Elói Mendes\u003C\u002Ftd>\u003Ctd>CEMIG-MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>0.1\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>Juntos\u003C\u002Ftd>\u003Ctd>04\u002F2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Paramirim\u003C\u002Ftd>\u003Ctd>COELBA-BA\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>08\u002F2025\u003C\u002Ftd>\u003Ctd>6.7\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>NUV\u003C\u002Ftd>\u003Ctd>01\u002F2030\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Cruzeiro do Sul\u003C\u002Ftd>\u003Ctd>COPEL-PR\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>04\u002F2025\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>Nextron\u003C\u002Ftd>\u003Ctd>09\u002F2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Soleil\u003C\u002Ftd>\u003Ctd>COPEL-PR\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>10\u002F2024\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>Compensation\u003C\u002Ftd>\u003Ctd>Nextron\u003C\u002Ftd>\u003Ctd>09\u002F2029\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Juti\u003C\u002Ftd>\u003Ctd>ENERGISA-MS\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>09\u002F2025\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003Ctd>TBD\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>ASSET DETAILS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>PV Plant Portfolio — December 2025\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Asset\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Distributor\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Status\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Connect\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>ion\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>MWp\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Lease Type\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Tenant\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Maturity\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Poconé\u003C\u002Ftd>\u003Ctd>Energisa - MT\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>08\u002F2025\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Plin\u003C\u002Ftd>\u003Ctd>11\u002F2035\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ivinhema\u003C\u002Ftd>\u003Ctd>Energisa - MS\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>RMG - 6 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Tororó\u003C\u002Ftd>\u003Ctd>Neoenergia - DF\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>RMG - 6 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Guiraí\u003C\u002Ftd>\u003Ctd>Energisa - MS\u003C\u002Ftd>\u003Ctd>Greenfield\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>RMG - 6 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>SGO\u003C\u002Ftd>\u003Ctd>Energisa - MS\u003C\u002Ftd>\u003Ctd>Greenfield\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>RMG - 6 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Santa Maria\u003C\u002Ftd>\u003Ctd>Energisa - MS\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.4\u003C\u002Ftd>\u003Ctd>RMG - 6 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Várzea\u003C\u002Ftd>\u003Ctd>Neoenergia - PE\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>06\u002F2025\u003C\u002Ftd>\u003Ctd>6.1\u003C\u002Ftd>\u003Ctd>RMG - 6 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Canoa Quebrada\u003C\u002Ftd>\u003Ctd>Energisa - MT\u003C\u002Ftd>\u003Ctd>Connecting\u003C\u002Ftd>\u003Ctd>10\u002F2025\u003C\u002Ftd>\u003Ctd>6.1\u003C\u002Ftd>\u003Ctd>RMG - 6 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Sete Lagoas\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>01\u002F2024\u003C\u002Ftd>\u003Ctd>2.6\u003C\u002Ftd>\u003Ctd>RMG - 13 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Matozinhos 1\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>01\u002F2025\u003C\u002Ftd>\u003Ctd>3.3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Enercooper\u003C\u002Ftd>\u003Ctd>07\u002F2033\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Matozinhos 2\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>01\u002F2025\u003C\u002Ftd>\u003Ctd>3.3\u003C\u002Ftd>\u003Ctd>Take or Pay\u003C\u002Ftd>\u003Ctd>Performa\u003C\u002Ftd>\u003Ctd>06\u002F2038\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Jacutinga\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>Mar-25\u003C\u002Ftd>\u003Ctd>3.5\u003C\u002Ftd>\u003Ctd>RMG - 3 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Santa Fé\u003C\u002Ftd>\u003Ctd>EQTL - GO\u003C\u002Ftd>\u003Ctd>Connecting\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>7.0\u003C\u002Ftd>\u003Ctd>RMG - 3 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ouro Fino\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>05\u002F2025\u003C\u002Ftd>\u003Ctd>3.3\u003C\u002Ftd>\u003Ctd>RMG - 12 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Monte Carmelo\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Operational\u003C\u002Ftd>\u003Ctd>08\u002F2025\u003C\u002Ftd>\u003Ctd>2.2\u003C\u002Ftd>\u003Ctd>RMG - 16 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Canápolis\u003C\u002Ftd>\u003Ctd>CEMIG - MG\u003C\u002Ftd>\u003Ctd>Connecting\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>3.6\u003C\u002Ftd>\u003Ctd>RMG - 20 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Barra\u003C\u002Ftd>\u003Ctd>Coelba - BA\u003C\u002Ftd>\u003Ctd>Greenfield\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>2.7\u003C\u002Ftd>\u003Ctd>RMG - 6 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Padre Bernardo\u003C\u002Ftd>\u003Ctd>EQTL - GO\u003C\u002Ftd>\u003Ctd>Greenfield\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>6.7\u003C\u002Ftd>\u003Ctd>RMG - 6 months\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>TOTAL\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>149.4\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Apr\u002F2037\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch3>PERFORMANCE & RESULTS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Ch6>\u003Cstrong>INCOME STATEMENT (R$)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>2024\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>2025\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Annual Change %\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>1. Revenues\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>22,816,373\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>54,152,495\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>137.3%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.a. Lease Revenue (PV plants)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>3,801,026\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>31,124,392\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>718.8%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.b. Cash Management \u002F\u003Cbr>Investments\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19,015,344\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>23,028,103\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>21.1%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>2. Expenses\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-2,817,863\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-8,023,587\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>184.7%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2.a. Fund Expenses\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,989,070\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-6,490,672\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>226.3%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2.b. Non-Recurring Expenses\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-828,794\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,532,915\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>85.0%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>3. Net Result (1+2)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19,998,509\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>46,128,908\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>130.7%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>4. Distributable Result\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>21,354,541\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>47,484,938\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>122.4%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4.a. Net Result (3)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19,998,509\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>46,128,908\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>130.7%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4.b. Retained Result*\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,356,032\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,356,030\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0.0%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>5. Distributed Result\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19,792,528\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>46,308,823\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>134.0%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.a. Distribution – SNEL11\u003C\u002Ftd>\u003Ctd>\u003Cstrong>19,459,475\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>40,170,237\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>106.4%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.b. Distribution – Receipts\u003C\u002Ftd>\u003Ctd>\u003Cstrong>333,053\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6,138,585\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1743.1%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.c. Distribution R$\u002Fshare – SNEL11\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8.45\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1.20\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-85.8%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>S o u r c e : Q I T e c h \u002F S u n o A s s e t\u003C\u002Fp>\u003Ch6>\u003Cstrong>ACCUMULATED RESULT vs. DISTRIBUTION (R$\u002FSHARE)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0035-06.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>DETAILED MONTHLY RESULT — 2025 (R$\u002FSHARE)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0035-08.png\">\u003C\u002Fp>\u003Ch3>PERFORMANCE & RESULTS\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cstrong>72.4 % 40.1 % 33.5% Cum. Return – SNEL11 Cum. Return – IPCA+7% Cum. Return – IFIX\u003C\u002Fstrong> Since inception (12\u002F26\u002F2022) Since inception (12\u002F26\u002F2022) Since inception (12\u002F26\u002F2022)\u003C\u002Fp>\u003Ch6>\u003Cstrong>CUMULATIVE RETURN — SNEL vs. BENCHMARKS SINCE INCEPTION (Base 100)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0036-05.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>AVERAGE DAILY TRADING VOLUME x NUMBER OF SHAREHOLDERS (Dec 24–Dec 25)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0036-07.png\">\u003C\u002Fp>\u003Ch3>SOCIAL ROLE\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>The vehicle's thesis generates value on the economic front as well as on the environmental and social fronts.\u003C\u002Fp>\u003Ch6>\u003Cstrong>SNEL11 AND SOCIETY\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>SNEL is synonymous with sustainability, and not only on the environmental front. Through an MOU signed between the manager and Fortlev, we commit to using our best efforts to hire labor from the Instituto Água Viva to carry out the O&M (Operation and Maintenance) services of the fund's plants.\u003C\u002Fp>\u003Cp>Founded in 2015, Instituto Água Viva is a non-profit social organization operating in the Sertão of the Northeast, especially in the states of Bahia, Piauí and Pernambuco. One of the Institute's main goals is to generate work and income opportunities for the people of the sertão.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0037-06.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>JOB CREATION AND POSITIVE IMPACT IN THE REGIONS\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0037-08.png\">\u003C\u002Fp>\u003Cp>Through these projects, the institute serves more than 16,000 children in situations of severe social risk with no educational prospects, providing tutoring and literacy programs. Adults, in turn, take part in Income Generation projects. In total, more than 130,000 people are involved directly and indirectly.\u003C\u002Fp>\u003Cp>For the fund's plants located in the same area where Instituto Água Viva operates, the O&M service contract — regardless of the partner chosen for this service — must provide for best efforts to hire and train women from Instituto Água Viva so they are qualified to work in the routines defined by the O&M scope, generating jobs and impact in the regions.\u003C\u002Fp>\u003Ch3>SUNO ASSET\u003C\u002Fh3>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0038-02.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0038-03.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0038-04.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0038-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0038-06.png\">\u003C\u002Fp>\u003Ch6>LEARN MORE\u003C\u002Fh6>\u003Cp>\u003Cu>IG SUNO ASSET\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cu>YT SUNO ASSET\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cu>SNEL11 - SITE SUNO ASSET\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F8661\u002F8661.pdf-0038-11.png\">\u003C\u002Fp>\u003Ch6>FAQ\u003C\u002Fh6>\u003Ch6>\u003Cstrong>What is SNEL11?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>A Suno Asset FII focused on developing and acquiring photovoltaic plants (PV plants) under the distributed generation model, producing clean energy and recurring income.\u003C\u002Fp>\u003Ch6>\u003Cstrong>How does the fund make money?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Through lease contracts of the PV plants under the Take or Pay or energy compensation (“compensated”) models — the latter being a variable rent tied to the benefit obtained by the tenant. \u003Cstrong>Are distributions taxed?\u003C\u002Fstrong> For individuals, distributed income is exempt from income tax under Brazilian FII legislation. The FII structure also allows for potential tax exemption on the projects' revenues.\u003C\u002Fp>\u003Ch6>\u003Cstrong>What is the fund's current strategy?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>The fund has evolved from greenfield development to acquiring operational PV plants, prioritizing stable results and predictable distributions.\u003C\u002Fp>\u003Ch6>\u003Cstrong>What is the status of the Liberdade PV plant (GO)?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>Where does the fund invest?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>In distributed generation photovoltaic plants (PV plants): 24 projects and 78.7 MWp of installed capacity across 9 Brazilian states (MG, RJ, GO, PR, PE, BA, SP, CE, MS), plus 87.5 MWp under acquisition.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Are the shares liquid?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Yes. Traded daily on B3 (ticker: SNEL11), with average volume of around R$ 1.5 million\u002Fday in Dec\u002F25 and more than 63,000 shareholders.\u003C\u002Fp>\u003Ch6>\u003Cstrong>How are distributions paid?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Monthly payments. The Fund distributed R$ 0.10\u002Fshare every month of 2025 — R$ 1.20 for the year — with an annualized DY of 14.97% in December.\u003C\u002Fp>\u003Ch6>\u003Cstrong>What does P\u002FBV mean?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>The ratio between the market price and the book value per share. The fund ended 2025 at 1.04x — a premium of ~4% over book value.\u003C\u002Fp>\u003Ch6>\u003Cstrong>What is distributed generation (DG)?\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>A model in which plants connected to the local grid generate energy credits for consumers, who pay rent to the fund.\u003C\u002Fp>\u003Cp>Construction is complete; the 7 MWp plant awaits grid connection by Equatorial Goiás. The manager is pressing the parties, including possible litigation, to speed up the connection.\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FSNEL11\u002Fdocumentos\u002F8661\u002Fpdf","2026-07-23 10:57:00"]