Debt Management
By December 31, 2025, the Company’s consolidated gross debt totaled R$ 24.5 billion, a R$ 2.5 billion decrease compared to the December 2024 closing. Average debt maturity was extended to around 6.9 years, longer than the 5.9 years at the end of 2024.
At year-end, the Net Debt/Adjusted EBITDA ratio (leverage) reached 4.8x, a 0.9 reduction of 0.9x compared to year-end 2024, mainly reflecting the results of the liability management initiatives, combined with higher asset availability and captured PMSO synergies.
Throughout 2025, Auren successfully executed and completed its liability management strategy, supported by a continuous commitment to efficiency and disciplined capital allocation. Through funding raised on attractive terms, the Company extended the average maturity of its debt compared to year-end 2024, thereby strengthening short-term liquidity. In addition, the replacement of debt instruments with more competitive alternatives resulted in a meaningful reduction in the average cost of debt, optimizing the capital structure. Compared to 3Q25, both the average maturity and the Net Debt/Adjusted EBITDA ratio remained broadly stable.
Approximately 65% of the net debt is indexed to the IPCA, the same index that restates the Company’s energy sale agreements, providing a natural hedge against future fluctuations. A small portion, representing only 22%, is indexed to CDI.
Proforma Indicators – December 2025:
Gross Debt: R$ 24.5 billion ( ↓ R$ 2.5 bi vs. Dec/24)
Average Term: 6.9 years (vs. 5.9 years in Dec/24)
Average Net Debt Cost: CDI-2.8% p.a.
Movements (R$ billion) and Gross Debt Profile
Net Debt (R$ million), Leverage, and Net Debt Profile
Gross Debt Principal Amortization Schedule (R$ million)
For more information on the Company’s indebtedness and details on its debt instruments, please access the Results Center.