Debt Management
In July 2025, Auren approved relevant transactions to extend the average maturity and reduce the cost of its debt. CESP issued R$ 2.1 billion (CDI + 0.62% p.a., 7 years, AAA rating) and Auren Participações issued R$ 1.15 billion (NTN-B 2035 – 0.41% p.a., 12 years, AAA rating). In addition, Auren Energia will raise R$ 200 million from the Fundo Clima (BNDES), with a 24-year term and a cost of approximately IPCA + 3% p.a.
The proceeds will be used for the full prepayment of more expensive and medium-term concentrated debts: the 4th Debenture Issuance of Auren Energia (R$ 2.2 billion remaining from the acquisition finance issued for the AES Brasil acquisition in 2024) and the 10th Debenture Issuance of Auren Operações (R$ 750 million). Part of the funds raised by Auren Participações will be allocated to finance the Cajuína 3 complex, under more favorable conditions than originally planned.
Proforma Indicators – August 2025:
Gross Debt: R$ 25.0 billion ( ↓ R$ 1.0 bi vs. Mar/25)
Average Term: 7.0 years (vs. 6.5 years in Mar/25 and 5.9 years in Dec/24)
Average Net Debt Cost: CDI – 2.1% p.a.
Indexation: 69% IPCA (aligned with energy sales contracts) and 18% CDI
Movements (R$ billion) and Proforma Gross Debt Profile
Net Debt (R$ million), Leverage, and Proforma Net Debt Profile
After the prepayment of the acquisition finance and the 10th Debenture Issuance of Auren Operações, as well as the settlement of the newly announced issuances, the Company will maintain a proforma cash position of R$ 6.4 billion – a robust level that ensures the full fulfillment of its financial obligations for the next four years.
Proforma Gross Debt Principal Amortization Schedule (R$ million)
For more information on the Company’s indebtedness and details on its debt instruments, please refer to the 2Q25 Earnings Release and the Interactive Spreadsheet in the Results Center.