# EDGAR Filing Document

**Accession Number:** 0001811470
**File Stem:** 0001811470-26-000001
**Filing Date:** 2026-1
**Character Count:** 54180
**Document Hash:** 1df9671fd1e7b65f7061e01a98201b21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001811470-26-000001.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001811470-26-000001

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260123

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energea Portfolio 2 LP
- **CENTRAL INDEX KEY:** 0001811470
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC, GAS & SANITARY SERVICES [4900]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 844611704
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00395
- **FILM NUMBER:** 26558108

**BUSINESS ADDRESS:**
- **STREET 1:** 52 MAIN STREET
- **CITY:** CHESTER
- **STATE:** CT
- **ZIP:** 06412
- **BUSINESS PHONE:** 8603167466

**MAIL ADDRESS:**
- **STREET 1:** 52 MAIN STREET
- **CITY:** CHESTER
- **STATE:** CT
- **ZIP:** 06412

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Energea Portfolio 2 LLC
- **DATE OF NAME CHANGE:** 20200506

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 1-U**

**CURRENT REPORT PURSUANT TO REGULATION A**

**January 23, 2026**

(Date of Report (Date of earliest event reported))

**ENERGEA PORTFOLIO 2 LP**

(Exact name of registrant as specified in its charter)

**Delaware**

(State or other jurisdiction of incorporation or organization)

**84-4611704**

(I.R.S. Employer Identification No.)

**52 Main Street, Chester, CT 06422**

(Full mailing address of principal executive offices)

**860-316-7466**

(Issuer's telephone number, including area code)

**Class A Investor Shares**<br> (Title of each class of securities issued pursuant to Regulation A)

*This Investment Committee ("<u>IC</u>") Memo includes projections and forward-looking information that represent the Manager's assumptions and expectations in light of currently available information. Except for statements of historical fact, the information contained herein constitutes forward-looking statements and they are provided to allow potential investors the opportunity to understand the Manager's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These forward-looking statements are not guarantees of future performance and necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance. For a comprehensive discussion on forward-looking statements and the risks associated with this investment, please refer to the Offering Circular.*

*All capitalized terms used herein have a meaning set forth in the Offering Circular.*

**<u>ITEM 9. OTHER EVENTS</u>**

**EXECUTIVE SUMMARY**

The Pains Project is an operational 1 MW AC / 1.312 MW DC solar power plant located at Fazenda Rabelo, Rodovia MG-170, Zona Rural, Pains, Minas Gerais, Brazil ("<u>Project</u>"). The Project is connected to the CEMIG electricity distribution grid.

This solar plant is rented to a consortium of residential and commercial Subscribers for 25 years. The Project will sign a Project Rental Contract, a Land Lease Agreement, and an Operations and Maintenance Contract.

The Company intends to invest **$1,281,121.00 USD** (R$7,085,976.00 BRL) at a projected IRR of **15.00%** in USD (see "*Financial Summary"* below).

 *Key Information*

<u>General Information</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Project Owner | &nbsp;&nbsp; Energea Portfolio 2 LP (d.b.a. Community Solar in Brazil) |
| &nbsp;&nbsp; Project Location | &nbsp;&nbsp; Pains, Minas Gerais Brazil |
| &nbsp;&nbsp; Technology | &nbsp;&nbsp; Ground-mounted solar (fixed tilt) |
| &nbsp;&nbsp; System Size (AC/DC) | &nbsp;&nbsp; 1 MW AC / 1.312 MW DC |
| &nbsp;&nbsp; Estimated Year 1 Production | &nbsp;&nbsp; 1,915 MWh's |
| &nbsp;&nbsp; Coordinates | &nbsp;&nbsp; -20.36699° S / -45.65371° W |
| &nbsp;&nbsp; Land Status | &nbsp;&nbsp; Land Lease Agreement  |
| &nbsp;&nbsp; Project Status | &nbsp;&nbsp; Operational |
| &nbsp;&nbsp; Useful Equipment Life (Years) | &nbsp;&nbsp; 25 years |

---

<u>Stakeholders</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; SPE Name  | &nbsp;&nbsp; Energea Pains Ltda. |
| &nbsp;&nbsp; SPE Address | &nbsp;&nbsp; FAZ Fazenda, 99999, Area Rural, Pains-MG, CEP 35.582-000 |
| &nbsp;&nbsp; SPE CNPJ | &nbsp;&nbsp; 62.646.938/0001-30 |
| &nbsp;&nbsp; Offtaker | &nbsp;&nbsp; Consórcio Sunrise |
| &nbsp;&nbsp; O&M Contractor  | &nbsp;&nbsp; Energea Brazil |
| &nbsp;&nbsp; O&M Contractor CNPJ | &nbsp;&nbsp; 41.161.846/0001-90 |

---

<u>Uses of Capital\*</u>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **BRL** | &nbsp;&nbsp; **USD** |
| &nbsp;&nbsp; Project Acquisition Cost | &nbsp;&nbsp; R$6,545,000.00 | &nbsp;&nbsp; $1183292.00 |
| &nbsp;&nbsp; Project Soft Costs | &nbsp;&nbsp; R$180,350.00 | &nbsp;&nbsp; $32704.00 |
| &nbsp;&nbsp; Project Hard Costs | &nbsp;&nbsp; R$40,000.00 | &nbsp;&nbsp; $7190.00 |
| &nbsp;&nbsp; Additional Costs | &nbsp;&nbsp; R$8,358.00 | &nbsp;&nbsp; $1531.00 |
| &nbsp;&nbsp; Total Equity Financing | &nbsp;&nbsp; R$7,085,976.00 | &nbsp;&nbsp; $1281121.00 |
| &nbsp;&nbsp; Projected IRR  | &nbsp;&nbsp; 15.00% | &nbsp;&nbsp; 15.00% |

---

 **<sup>\*</sup>Actual BRL/USD will vary with currency exchange rates during construction.* 

 *Technical Summary*

<u>Site</u>

Pains is a small municipality in the west-central region of Minas Gerais, Brazil, with around 8,000 residents. It lies along the MG-050 highway near Formiga and Arcos, and is well known for its limestone-rich geology. The town is part of the *Grutas e Mar de Minas* tourist circuit and contains more than 1,600 registered caves, making it one of the richest municipalities in Brazil for geological formations. The economy of Pains relies heavily on limestone mining and related industries, including cement and fertilizer production. General services and small-scale commerce support local life, while agriculture (beans, corn, rice) and cattle raising provide supplementary income. Policing in Pains is handled by the Polícia Militar and Polícia Civil of Minas Gerais, with a small local detachment. Fire and rescue services are usually provided by regional units of the Corpo de Bombeiros Militar or volunteer brigades, while ambulances are coordinated through municipal health services. As a small municipality, resources are modest, and more specialized services are accessed in neighboring towns.

José Messias do Vale Filho & Elaine Rabelo do Vale ("<u>Landowner</u>") own the Site. The SPE entered into a Surface Rights Agreement on December 16, 2024 with the Landowner to secure 2.3 hectares of land for the Project for 30 years. The agreed monthly lease payment is R2,000.00 BRL. The payments adjust on each anniversary of the signature date according to the Brazilian consumer price index ("<u>IPCA</u>").

<u>Design</u>

*Major System Components*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Component Name** | &nbsp;&nbsp; **Manufacturer and Model** | &nbsp;&nbsp; **Unit Quantity** | &nbsp;&nbsp; **Energea Notes** |
| &nbsp;&nbsp; Modules | &nbsp;&nbsp; JA Solar<br> JAM72S30 540/MR | &nbsp;&nbsp; 2430 | &nbsp;&nbsp; Tier 1 module manufacturer based in China |
| &nbsp;&nbsp; Inverters | &nbsp;&nbsp; Sungrow<br> SG125-HV | &nbsp;&nbsp; 8 | &nbsp;&nbsp; Tier 1 inverter manufacturer based in China |
| &nbsp;&nbsp; Racking/Trackers | &nbsp;&nbsp; MetalLight Solar<br> Fixed Tilt Racking | &nbsp;&nbsp; 1 | &nbsp;&nbsp; MetalLight is a Brazilian manufacturer based in Goiás, specializing in hot-dip galvanized racking structures. |

---

<u>Energy Projection</u> 

Based on the historic production of the Project, it's estimated to produce 1,915 MWh during its first year of operation post-acquisition.

The JA Solar JAM modules exhibit minimal degradation over their lifespan, ensuring reliable long-term performance. They are warrantied to experience <2% power loss in the first year of operation and an annual degradation rate of <0.5% thereafter. Enhanced resistance to light-induced degradation and elevated temperature-induced degradation further ensures minimal power loss, making them the best choice for the Project.

<u>Interconnection</u>

The Interconnection for the Project was secured through the CUSD and CCER agreements with CEMIG ("<u>Utility Company</u>"). The CUSD and CCER were signed with Consórcio Sunrise on November 2020 ("<u>Offtaker</u>").

<u>Offtaker</u>

The Offtaker is a consortium of residential and commercial Subscribers. Subscribers will be located in Minas Gerais, Brazil. Ownership and control of the Offtaker will be transferred to Energea once the acquisition is complete.

<u>Operations & Maintenance ("O&M")</u>

Energea Brazil has been selected as the O&M service provider. The team that will be responsible for the Project is comprised of experienced professionals with years of combined solar O&M experience. They are equipped with the latest technology and tools to provide the highest level of service for the Project. This field team is supported by the office staff who will provide 24/7 monitoring, performance verification and general support for all asset management requirements. The O&M Contract include monitoring, reporting, module cleaning, preventative maintenance, landscaping, emergency/corrective maintenance and technical calculations.

**Environmental, Social and Community "ESC"**

<u>Employees</u>

Energea places health and safety at the core of its operations, implementing a range of measures to mitigate the risk of accidents or incidents during the work activities. The actions outlined in the table below are specifically designed to protect our O&M employees while performing their duties on-site.

*Health and Safety Summary*

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Safety Measure** | &nbsp;&nbsp; **Description** |
| &nbsp;&nbsp; Risk Inventory | &nbsp;&nbsp; Tool to identify, eliminate, and/or mitigate risks for all O&M activities. |
| &nbsp;&nbsp; Emergency Response Plan | &nbsp;&nbsp; Procedures to respond effectively to emergencies and minimize risks to personnel, assets, and the environment. |
| &nbsp;&nbsp; Preliminary Risk Analysis | &nbsp;&nbsp; Safety guidelines and instructions for each O&M activity, applicable to employees and service providers. |
| &nbsp;&nbsp; Occupational Health Medical Control Program | &nbsp;&nbsp; Medical examinations (pre-employment and periodic) to evaluate employee fitness for field activities. |
| &nbsp;&nbsp; Personal Protective Equipment (PPE) | &nbsp;&nbsp; Equipment to protect workers against occupational hazards. |
| &nbsp;&nbsp; Safety Barriers | &nbsp;&nbsp; Physical barriers installed in Energea's SPEs to isolate risk areas and prevent unauthorized access. |
| &nbsp;&nbsp; Safety Signage | &nbsp;&nbsp; Mandatory signage installed in the plant: |
| &nbsp;&nbsp; Safety Signage | &nbsp;&nbsp; 1. Mandatory use of PPE |
| &nbsp;&nbsp; Safety Signage | &nbsp;&nbsp; 2. Risk of electric shock |
| &nbsp;&nbsp; Safety Signage | &nbsp;&nbsp; 3. Fire extinguisher |
| &nbsp;&nbsp; Safety Signage | &nbsp;&nbsp; 4. Speed limit |
| &nbsp;&nbsp; Safety Signage | &nbsp;&nbsp; 5. Construction zone |
| &nbsp;&nbsp; Safety Signage | &nbsp;&nbsp; 6. No smoking |
| &nbsp;&nbsp; Safety Signage | &nbsp;&nbsp; 7. Emergency evacuation meeting point |
| &nbsp;&nbsp; Safety Signage | &nbsp;&nbsp; 8. No Trespassing |
| &nbsp;&nbsp; Courses and Training | &nbsp;&nbsp; O&M safety trainings in compliance with Brazilian standards: |
| &nbsp;&nbsp; Courses and Training | &nbsp;&nbsp; 1. NR 10 - Electrical safety |
| &nbsp;&nbsp; Courses and Training | &nbsp;&nbsp; 2. NR 10 + SEP - High-voltage systems |
| &nbsp;&nbsp; Courses and Training | &nbsp;&nbsp; 3. NR 6 - Use of PPE |
| &nbsp;&nbsp; Courses and Training | &nbsp;&nbsp; 4. NR 12 - Machinery operation safety |
| &nbsp;&nbsp; Courses and Training | &nbsp;&nbsp; 5. NR 18 - Construction site safety |

---

<u>Service Providers</u> 

The due diligence metrics outlined below are intended to ensure the selection of reliable and economically sound companies to provide regular services for the Project. These procedures aim to verify that potential contractors are financially healthy, committed to fulfilling their tax and labor obligations, and help mitigate labor-related risks in accordance with applicable laws and regulations.

*Due Diligence* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Phase** | &nbsp;&nbsp; **Objective** | &nbsp;&nbsp; **Requirements / Actions/ Documents** |
| &nbsp;&nbsp; Pre-Contractual Due Diligence | &nbsp;&nbsp; Tax, labor obligations and financial health | &nbsp;&nbsp; 1. CND (Debt Clearance Certificate) |
| &nbsp;&nbsp; Pre-Contractual Due Diligence | &nbsp;&nbsp; Tax, labor obligations and financial health | &nbsp;&nbsp; 2. CRF (Certificate of Regularity - FGTS) |
| &nbsp;&nbsp; Pre-Contractual Due Diligence | &nbsp;&nbsp; Tax, labor obligations and financial health | &nbsp;&nbsp; 3. CNDT (Labor Debt Clearance Certificate) |
| &nbsp;&nbsp; Pre-Contractual Due Diligence | &nbsp;&nbsp; Tax, labor obligations and financial health | &nbsp;&nbsp; 4. Updated CNPJ Card |
| &nbsp;&nbsp; Pre-Contractual Due Diligence | &nbsp;&nbsp; Tax, labor obligations and financial health | &nbsp;&nbsp; 5. Social Contract |
| &nbsp;&nbsp; Pre-Contractual Due Diligence | &nbsp;&nbsp; Tax, labor obligations and financial health | &nbsp;&nbsp; 6. Financial Statements |
| &nbsp;&nbsp; Contractual  | &nbsp;&nbsp; Health, safety, and labor law obligations  | &nbsp;&nbsp; Health/safety clauses |
| &nbsp;&nbsp; Contractual  | &nbsp;&nbsp; Health, safety, and labor law obligations  | &nbsp;&nbsp; Compliance with labor laws and Regulatory Standards |

---

<u>Environmental</u> 

Energea ensures the Project's environmental compliance by conducting all required studies and securing any necessary permits required by local authorities and consultants.

*ESC Related Permits*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Permit** | &nbsp;&nbsp; **Description** | &nbsp;&nbsp; **Status** |
| &nbsp;&nbsp; Environmental Permit  | &nbsp;&nbsp; Issued by the environmental authorities responsible for authorizing and overseeing activities with potential environmental impacts. | &nbsp;&nbsp; Complete |
| &nbsp;&nbsp; Fire Department Certificate | &nbsp;&nbsp; Issued by the Fire Department confirming compliance with fire safety laws. | &nbsp;&nbsp; Incomplete |

---

<u>Stakeholders Engagement</u>

While the town of Pains is generally peaceful, the solar plant's location-isolated, unlit, and near a highway-creates security vulnerabilities. To address this, the company is already arranging private security services as an additional safeguard. The site also faces environmental challenges, primarily the high levels of dust generated by heavy truck traffic on unpaved roads. To mitigate this, the company has implemented dust control measures and has formally initiated a request with the city hall for the construction of speed bumps in front of the plant, which will reduce vehicle speeds and minimize dust dispersion. From an infrastructure point of view, the company is taking corrective actions, including the installation of restrooms to ensure a healthy and proper work environment for employees and service providers.

 *Financial Summary*

**The projected nominal IRR, in USD, of the Project is 15.00%**, with an estimated payback of 7 years, 5 months and 8 days from the Acquisition date. The projected income statement, cash flow statement and balance sheet through 2035 are shown in Exhibit I.

The baseline projected IRR is calculated assuming a 2% annual devaluation of the BRL against USD and an average Subscriber discount of 22.5%.

The Project will be rented to the Offtaker. The Offtaker is comprised of many Subscribers who each pay a rental price equal to the amount of kWh produced by the Project that they consume times an energy rate per kWh. The energy rate per kWh is calculated as a fixed discount off the rate they would have otherwise pay to the Utility Company for electricity.

Thus, the Project's monthly rental revenue will fluctuate based on Subscriber discount rates and the FX rate (expressed as a devaluation of the BRL against the USD over time). The table below demonstrates the range of potential IRRs resulting from various energy discount and currency devaluation scenarios:

<u>IRR Stress Test</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Subscriber Discount | &nbsp;&nbsp; FX Devaluation (%(y/y)) | &nbsp;&nbsp; FX Devaluation (%(y/y)) | &nbsp;&nbsp; FX Devaluation (%(y/y)) | &nbsp;&nbsp; FX Devaluation (%(y/y)) | &nbsp;&nbsp; FX Devaluation (%(y/y)) | &nbsp;&nbsp; FX Devaluation (%(y/y)) | &nbsp;&nbsp; FX Devaluation (%(y/y)) |
| &nbsp;&nbsp; Subscriber Discount | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 2.50% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; 12.50% | &nbsp;&nbsp; 15.00% |
| &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; **21.34%** | &nbsp;&nbsp; **18.41%** | &nbsp;&nbsp; **15.63%** | &nbsp;&nbsp; **12.98%** | &nbsp;&nbsp; **10.45%** | &nbsp;&nbsp; **8.03%** | &nbsp;&nbsp; **5.72%** |
| &nbsp;&nbsp; 12.00% | &nbsp;&nbsp; **20.70%** | &nbsp;&nbsp; **17.79%** | &nbsp;&nbsp; **15.02%** | &nbsp;&nbsp; **12.38%** | &nbsp;&nbsp; **9.86%** | &nbsp;&nbsp; **7.46%** | &nbsp;&nbsp; **5.16%** |
| &nbsp;&nbsp; 14.00% | &nbsp;&nbsp; **20.05%** | &nbsp;&nbsp; **17.16%** | &nbsp;&nbsp; **14.40%** | &nbsp;&nbsp; **11.78%** | &nbsp;&nbsp; **9.27%** | &nbsp;&nbsp; **6.88%** | &nbsp;&nbsp; **4.59%** |
| &nbsp;&nbsp; 16.00% | &nbsp;&nbsp; **19.40%** | &nbsp;&nbsp; **16.53%** | &nbsp;&nbsp; **13.78%** | &nbsp;&nbsp; **11.17%** | &nbsp;&nbsp; **8.68%** | &nbsp;&nbsp; **6.30%** | &nbsp;&nbsp; **4.02%** |
| &nbsp;&nbsp; 18.00% | &nbsp;&nbsp; **18.75%** | &nbsp;&nbsp; **15.89%** | &nbsp;&nbsp; **13.16%** | &nbsp;&nbsp; **10.56%** | &nbsp;&nbsp; **8.09%** | &nbsp;&nbsp; **5.72%** | &nbsp;&nbsp; **3.45%** |
| &nbsp;&nbsp; 20.00% | &nbsp;&nbsp; **18.10%** | &nbsp;&nbsp; **15.25%** | &nbsp;&nbsp; **12.54%** | &nbsp;&nbsp; **9.95%** | &nbsp;&nbsp; **7.49%** | &nbsp;&nbsp; **5.13%** | &nbsp;&nbsp; **2.88%** |
| &nbsp;&nbsp; 22.00% | &nbsp;&nbsp; **17.44%** | &nbsp;&nbsp; **14.60%** | &nbsp;&nbsp; **11.91%** | &nbsp;&nbsp; **9.34%** | &nbsp;&nbsp; **6.88%** | &nbsp;&nbsp; **4.54%** | &nbsp;&nbsp; **2.30%** |
| &nbsp;&nbsp; 24.00% | &nbsp;&nbsp; **16.77%** | &nbsp;&nbsp; **13.95%** | &nbsp;&nbsp; **11.27%** | &nbsp;&nbsp; **8.71%** | &nbsp;&nbsp; **6.27%** | &nbsp;&nbsp; **3.94%** | &nbsp;&nbsp; **1.71%** |
| &nbsp;&nbsp; 26.00% | &nbsp;&nbsp; **16.10%** | &nbsp;&nbsp; **13.30%** | &nbsp;&nbsp; **10.63%** | &nbsp;&nbsp; **8.09%** | &nbsp;&nbsp; **5.66%** | &nbsp;&nbsp; **3.34%** | &nbsp;&nbsp; **1.12%** |
| &nbsp;&nbsp; 30.00% | &nbsp;&nbsp; **14.73%** | &nbsp;&nbsp; **11.96%** | &nbsp;&nbsp; **9.32%** | &nbsp;&nbsp; **6.81%** | &nbsp;&nbsp; **4.41%** | &nbsp;&nbsp; **2.12%** | &nbsp;&nbsp; **-0.07%** |

---

For example, if the BRL depreciates against the USD by 7.5% every year of the Project's 25-year life, and the Project offers Subscribers a 16% discount against the energy rate charged by the Utility Company (as opposed to the 22.50% assumption used in the base case IRR projection), the IRR of the Project would be 11.17%.

<u>Capital Expenses ("CAPEX")</u>

The cost to construct the Project has been fixed by contract and is detailed in the table below. Actual costs will be subject to changes in FX during the construction period.

*Capital Expenditures Assumptions*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Brazilian Reais (BRL)** | &nbsp;&nbsp; **US Dollars (USD)** |
| &nbsp;&nbsp; **Acquisition Costs** | &nbsp;&nbsp; **R$6,545,000.00** | &nbsp;&nbsp; **$1183292.00** |
| &nbsp;&nbsp; **Total Hard Costs** | &nbsp;&nbsp; **R$40,000.00** | &nbsp;&nbsp; **$7190.00** |
| &nbsp;&nbsp; Civil Materials | &nbsp;&nbsp; R$40,000.00 | &nbsp;&nbsp; $7190.00 |
| &nbsp;&nbsp; **Total Soft Costs** | &nbsp;&nbsp; **R$180,350.00** | &nbsp;&nbsp; **$32704.00** |
| &nbsp;&nbsp; Commission | &nbsp;&nbsp; R$156,350.00 | &nbsp;&nbsp; $28309.00 |
| &nbsp;&nbsp; Entity Costs | &nbsp;&nbsp; R$24,000.00 | &nbsp;&nbsp; $4395.00 |
| &nbsp;&nbsp; **Developer Fee** | &nbsp;&nbsp; **R$312,268.00** | &nbsp;&nbsp; **$56405.00** |
| &nbsp;&nbsp; **Additional Costs** | &nbsp;&nbsp; **R$8,358.00** | &nbsp;&nbsp; **$1531.00** |
| &nbsp;&nbsp; **Total CapEx (All-In)** | &nbsp;&nbsp; **R$7,085,976.00** | &nbsp;&nbsp; **$1281121.00** |

---

<u>Revenue</u>

The Project's revenue comes from the Project Rental Contracts between the SPE and the Consortium of Subscribers.

The Project Rental Contracts adjust for annual inflation, which are aligned with changes in Utility Company rates, typically occurring each April. The Utility Company has historically adjusted its rates at a pace higher than IPCA. While the financial model uses the 2020 target inflation rate of 4.00% as a baseline, CEMIG cumulative rate adjustments over the past four years (2020-2024) reached 36.27%, significantly outpacing the IPCA's 29.39%. This method of calculating energy rates paid by the Subscribers ensures that the Project's revenue increases as energy rates increase.

*Revenue Assumptions*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Revenue Contract Term | &nbsp;&nbsp; 25 years |
| &nbsp;&nbsp; Fixed Discount on Credit Value | &nbsp;&nbsp; 22.50% |
| &nbsp;&nbsp; Utility Company Rate | &nbsp;&nbsp; R$1,107.99 / MWh |
| &nbsp;&nbsp; Project's Rate  | &nbsp;&nbsp; R$820.00 / MWh |
| &nbsp;&nbsp; Demand Charge (TUSD rate) | &nbsp;&nbsp; R$17.01 / kWac |
| &nbsp;&nbsp; Subscriber Default Rate | &nbsp;&nbsp; 0.00% |

---

<u>Operating Expenses ("OPEX")</u>

The model assumes the operating expenses described in the table below. All prices are re-adjusted by IPCA, currently assumed at a 5% annual rate of change.

*Operating Expenses Assumptions*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Operations & Maintenance | &nbsp;&nbsp; R$7,900.00 / month | &nbsp;&nbsp; Paid by SPE |
| &nbsp;&nbsp; Security | &nbsp;&nbsp; R$8,333.33 / month | &nbsp;&nbsp; Paid by SPE |
| &nbsp;&nbsp; Module Cleaning | &nbsp;&nbsp; R$6,000.00 / year | &nbsp;&nbsp; Paid by SPE |
| &nbsp;&nbsp; Land of Roof Rental | &nbsp;&nbsp; R$2,400.00 / month | &nbsp;&nbsp; Paid by SPE |
| &nbsp;&nbsp; Insurance (GL & Property) | &nbsp;&nbsp; R$20,000.00 / month | &nbsp;&nbsp; Paid by SPE |
| &nbsp;&nbsp; Banking & FX Fees | &nbsp;&nbsp; R$100.00 / month | &nbsp;&nbsp; Paid by SPE |
| &nbsp;&nbsp; Credit Management Software | &nbsp;&nbsp; R$1,750.00 / month | &nbsp;&nbsp; Paid by SPE |
| &nbsp;&nbsp; Utilities | &nbsp;&nbsp; R$500.00 / month | &nbsp;&nbsp; Paid by SPE |

---

*\*All values readjusted with IPCA annually.*

<u>Taxes</u>

*Tax Assumptions*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Applied Taxes** | &nbsp;&nbsp; **Applied Taxes** | &nbsp;&nbsp; **Applied Taxes** | &nbsp;&nbsp; **Applied Taxes** | &nbsp;&nbsp; **Applied Taxes** | &nbsp;&nbsp; **Applied Taxes** |
| &nbsp;&nbsp; Total Rental Revenue | &nbsp;&nbsp; Total Rental Revenue | &nbsp;&nbsp; Total Rental Revenue | &nbsp;&nbsp; R$52,253,622.91 | &nbsp;&nbsp; R$52,253,622.91 | &nbsp;&nbsp; R$52,253,622.91 |
| &nbsp;&nbsp; Total Service Revenue | &nbsp;&nbsp; Total Service Revenue | &nbsp;&nbsp; Total Service Revenue | &nbsp;&nbsp; R$0.00 | &nbsp;&nbsp; R$0.00 | &nbsp;&nbsp; R$0.00 |
| &nbsp;&nbsp; **Total Gross Revenue** | &nbsp;&nbsp; **Total Gross Revenue** | &nbsp;&nbsp; **Total Gross Revenue** | &nbsp;&nbsp; **R$52,253,622.91** | &nbsp;&nbsp; **R$52,253,622.91** | &nbsp;&nbsp; **R$52,253,622.91** |
| &nbsp;&nbsp; **Presumed profit Taxable Income (32%)** | &nbsp;&nbsp; **Presumed profit Taxable Income (32%)** | &nbsp;&nbsp; **Presumed profit Taxable Income (32%)** | &nbsp;&nbsp; **R$16,721,159.33** | &nbsp;&nbsp; **R$16,721,159.33** | &nbsp;&nbsp; **R$16,721,159.33** |
| &nbsp;&nbsp; **Taxes** | &nbsp;&nbsp; **Base Rate** | &nbsp;&nbsp; **Application** | &nbsp;&nbsp; **Application** | &nbsp;&nbsp; **$BRL Amount Calculated** | &nbsp;&nbsp; **Effective Rate on Gross Rev** |
| &nbsp;&nbsp; PIS&COFINS | &nbsp;&nbsp; 3.65% | &nbsp;&nbsp; % of Gross Revenue | &nbsp;&nbsp; % of Gross Revenue | &nbsp;&nbsp; R$1,907,257.24 | &nbsp;&nbsp; 3.65% |
| &nbsp;&nbsp; ISS | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; % of Service Revenue | &nbsp;&nbsp; % of Service Revenue | &nbsp;&nbsp; R$0.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; ICMS\*\* | &nbsp;&nbsp; 18.00% | &nbsp;&nbsp; % of Sales Revenue | &nbsp;&nbsp; % of Sales Revenue | &nbsp;&nbsp; R$0.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; IRPJ | &nbsp;&nbsp; 25.00% | &nbsp;&nbsp; % of Taxable Income | &nbsp;&nbsp; % of Taxable Income | &nbsp;&nbsp; R$3,650,289.83 | &nbsp;&nbsp; 6.98% |
| &nbsp;&nbsp; CSLL | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; % of Taxable Income | &nbsp;&nbsp; % of Taxable Income | &nbsp;&nbsp; R$1,504,904.34 | &nbsp;&nbsp; 2.88% |
| &nbsp;&nbsp; **Total Taxes** | &nbsp;&nbsp; **Total Taxes** | &nbsp;&nbsp; **Total Taxes** | &nbsp;&nbsp; **Total Taxes** | &nbsp;&nbsp; **R$7,062,451.41** | &nbsp;&nbsp; **13.51%** |

---

*\*All displayed values are sourced from Exhibit I, in BRL, and are projected for the next 10 years*

*\*\*ICMS is not charged, as these projects do not sell power, only rent the power plant to the consortium of Subscribers.*

**Legal Summary**

Each of the contracts that comprise the Project have been drafted, negotiated and reviewed by the Manager. This section specifically comments on the review of the following contracts:

a) SPE Social Contract (similar to an Operating Agreement in the U.S.)

b) Purchase Agreement of the Project

c) Surface Rights Deed

d) Operations and Maintenance Service Agreement

<u>SPE Social Contract Summary</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Contract | &nbsp;&nbsp; Social Contract of Energea Pains Ltda. |
| &nbsp;&nbsp; Incorporation Date | &nbsp;&nbsp; September 10, 2025 |
| &nbsp;&nbsp; CNPJ | &nbsp;&nbsp; 62.646.938/0001-30 |
| &nbsp;&nbsp; Address | &nbsp;&nbsp; Faz. Fazenda, No. 99999, Pains, CEP 35.582-000, Minas Gerais |
| &nbsp;&nbsp; Structure | &nbsp;&nbsp; Limited Liability Company (Brazilian Limitada) |
| &nbsp;&nbsp; Quotaholder | &nbsp;&nbsp; Energea Portfolio 2 LP (100%) |
| &nbsp;&nbsp; Management | &nbsp;&nbsp; Isabella Vieira Mendonça<br> Vivian Paim Lopes |

---

<u>Purchase Agreement</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Contract | &nbsp;&nbsp; Purchase Agreement |
| &nbsp;&nbsp; Date | &nbsp;&nbsp; September 30, 2025 |
| &nbsp;&nbsp; Parties | &nbsp;&nbsp; Invictus X Usinas Fotovoltaicas SPE S/A (as Seller)<br> Energea Pains Ltda. (as Buyer)<br> Consorcio Sunrise (as Intervening Party) |
| &nbsp;&nbsp; Object | &nbsp;&nbsp; The purchase of the assets of an operational 1.3MW photovoltaic solar power project located in Pains, Minas Gerais, Brazil. In addition to the transfer of the assets of the Project, free and clear of any and all liens or encumbrances, the Seller shall also:<br> (i) assign to Energea Pains Ltda. all rights and obligations under the Surface Rights Deed related to the Project;<br> (ii) transfer to Energea the ownership and control of Consórcio Sunrise; and<br> (iii) assign to Energea Pains Ltda. all warranties related to the Project and its equipment. |
| &nbsp;&nbsp; Purchase Price | &nbsp;&nbsp; R$6,545,000.00 - total sale price |
| &nbsp;&nbsp; Payment | &nbsp;&nbsp; R$2,025,000.00 - paid upon signing<br> R$4,520,000.00 - paid upon closing |

---

<u>Surface Rights Deed</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Contract | &nbsp;&nbsp; Surface Rights Deed |
| &nbsp;&nbsp; Date | &nbsp;&nbsp; December 16, 2024 |
| &nbsp;&nbsp; Parties | &nbsp;&nbsp; Energea Pains Ltda. - Lessor<br> José Messias do Vale Filho - Lessee |
| &nbsp;&nbsp; Term | &nbsp;&nbsp; 30 years, with the possibility of renewing it for a 25-yr period |
| &nbsp;&nbsp; Object | &nbsp;&nbsp; Lease of a rural property in the City of Pains, Minas Gerais, with a total area of 2ha |
| &nbsp;&nbsp; Monthly Payment | &nbsp;&nbsp; R$2,000.00 |
| &nbsp;&nbsp; Payment Periodicity  | &nbsp;&nbsp; Monthly |

---

<u>Operations and Maintenance Service Agreement</u> 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Contract | &nbsp;&nbsp; Agreement for the Provision of Operation and Maintenance Services |
| &nbsp;&nbsp; Parties | &nbsp;&nbsp; Energea Brasil Operações LTDA - Contractor<br> Energea Pains LTDA - Owner |
| &nbsp;&nbsp; Object | &nbsp;&nbsp; Contractor shall perform all Operations and Maintenance services including but not limited to monitoring, reporting, module cleaning, preventative maintenance, landscaping, emergency/corrective maintenance and technical calculations. |
| &nbsp;&nbsp; Contract Price | &nbsp;&nbsp; R$7,900.00 per month |
| &nbsp;&nbsp; Warranty | &nbsp;&nbsp; Contractor will be responsible for managing and supervising all repairs and replacements of equipment covered under warranty and pursue all eligible claims with equipment suppliers. |

---

<u>Documentation Checklist</u>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Document Name** | &nbsp;&nbsp; **Status** |
| &nbsp;&nbsp; SPE | &nbsp;&nbsp; Social Contract | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; SPE | &nbsp;&nbsp; National Registration | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; SPE | &nbsp;&nbsp; State and Municipal Registration | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; SPE | &nbsp;&nbsp; Purchase and Sale Agreement | &nbsp;&nbsp; In Process |
| &nbsp;&nbsp; Site | &nbsp;&nbsp; Site Photos | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; Site | &nbsp;&nbsp; Land Owner Documents | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; Site | &nbsp;&nbsp; Property Lease Agreement | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; Design and Application | &nbsp;&nbsp; Energy Resource Study | &nbsp;&nbsp; In Process |
| &nbsp;&nbsp; Interconnection | &nbsp;&nbsp; Parecer de Acesso | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; Interconnection | &nbsp;&nbsp; Interconnection Contracts | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; Permit | &nbsp;&nbsp; Environmental License | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; Permit | &nbsp;&nbsp; Installation License (LI) | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; Permit | &nbsp;&nbsp; Operational License (LO) | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; Offtaker | &nbsp;&nbsp; Offtaker Credit Analysis | &nbsp;&nbsp; Confirmed |
| &nbsp;&nbsp; Offtaker | &nbsp;&nbsp; Revenue Agreement Set | &nbsp;&nbsp; In Process |
| &nbsp;&nbsp; O&M | &nbsp;&nbsp; O&M Agreement | &nbsp;&nbsp; In Process |
| &nbsp;&nbsp; Investment | &nbsp;&nbsp; Project Model | &nbsp;&nbsp; Confirmed |

---

The Investment Committee members have performed the necessary review of the Project and hereby approve the Project for investment by the Company.

**Signatures**

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Energea Portfolio 2 LP</u>

By: Energea Global LLC

By /s/ MICHAEL SILVESTRINI

Name: Michael Silvestrini

Title: Co-Founder and Managing Partner

This document has been signed by the following person in the capacities and on the date indicated.

By /s/ MICHAEL SILVESTRINI

Name: Mike Silvestrini

Title: Co-Founder and Managing Partner of Energea Global LLC (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

Date: October 10, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** | &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** | &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** | &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** | &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** | &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** | &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** | &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** | &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** | &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** | &nbsp;&nbsp; **Exhibit 1 - Forecasted Financial Statements**<br>**ENERGEA PAINS LTDA** |
| &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME** |
|  |  |  |  |  | &nbsp;&nbsp; **December 31,** | &nbsp;&nbsp; **December 31,** |  |  |  |  |
|  | &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2026** | &nbsp;&nbsp; **2027** | &nbsp;&nbsp; **2028** | &nbsp;&nbsp; **2029** | &nbsp;&nbsp; **2030** | &nbsp;&nbsp; **2031** | &nbsp;&nbsp; **2032** | &nbsp;&nbsp; **2033** | &nbsp;&nbsp; **2034** |
| &nbsp;&nbsp; **Gross revenue** | &nbsp;&nbsp; R$239,570  | &nbsp;&nbsp; R$1,435,185  | &nbsp;&nbsp; R$1,525,669  | &nbsp;&nbsp; R$1,592,739  | &nbsp;&nbsp; R$1,662,751  | &nbsp;&nbsp; R$1,735,833  | &nbsp;&nbsp; R$1,812,119  | &nbsp;&nbsp; R$1,891,749  | &nbsp;&nbsp; R$1,974,869  | &nbsp;&nbsp; R$2,061,632  |
| &nbsp;&nbsp; **Taxes on revenue:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIS / COFINS | &nbsp;&nbsp; 8744 | &nbsp;&nbsp; 52384 | &nbsp;&nbsp; 55687 | &nbsp;&nbsp; 58135 | &nbsp;&nbsp; 60690 | &nbsp;&nbsp; 63358 | &nbsp;&nbsp; 66142 | &nbsp;&nbsp; 69049 | &nbsp;&nbsp; 72083 | &nbsp;&nbsp; 75250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ISS | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total taxes on revenue** | &nbsp;&nbsp; 8744 | &nbsp;&nbsp; 52384 | &nbsp;&nbsp; 55687 | &nbsp;&nbsp; 58135 | &nbsp;&nbsp; 60690 | &nbsp;&nbsp; 63358 | &nbsp;&nbsp; 66142 | &nbsp;&nbsp; 69049 | &nbsp;&nbsp; 72083 | &nbsp;&nbsp; 75250 |
| &nbsp;&nbsp; **Net revenue** | &nbsp;&nbsp; 230826 | &nbsp;&nbsp; 1382801 | &nbsp;&nbsp; 1469982 | &nbsp;&nbsp; 1534604 | &nbsp;&nbsp; 1602061 | &nbsp;&nbsp; 1672475 | &nbsp;&nbsp; 1745976 | &nbsp;&nbsp; 1822700 | &nbsp;&nbsp; 1902786 | &nbsp;&nbsp; 1986382 |
| &nbsp;&nbsp; **Costs and expenses:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations and maintenance | &nbsp;&nbsp; 15800 | &nbsp;&nbsp; 95590 | &nbsp;&nbsp; 100370 | &nbsp;&nbsp; 105388 | &nbsp;&nbsp; 110657 | &nbsp;&nbsp; 116190 | &nbsp;&nbsp; 122000 | &nbsp;&nbsp; 128100 | &nbsp;&nbsp; 134505 | &nbsp;&nbsp; 141230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security | &nbsp;&nbsp; 16667 | &nbsp;&nbsp; 100833 | &nbsp;&nbsp; 105875 | &nbsp;&nbsp; 111169 | &nbsp;&nbsp; 116727 | &nbsp;&nbsp; 122564 | &nbsp;&nbsp; 128692 | &nbsp;&nbsp; 135126 | &nbsp;&nbsp; 141883 | &nbsp;&nbsp; 148977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Module cleaning | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 6615 | &nbsp;&nbsp; 6946 | &nbsp;&nbsp; 7293 | &nbsp;&nbsp; 7658 | &nbsp;&nbsp; 8041 | &nbsp;&nbsp; 8443 | &nbsp;&nbsp; 8865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land or roof rental | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 29400 | &nbsp;&nbsp; 30870 | &nbsp;&nbsp; 32414 | &nbsp;&nbsp; 34034 | &nbsp;&nbsp; 35736 | &nbsp;&nbsp; 37523 | &nbsp;&nbsp; 39399 | &nbsp;&nbsp; 41369 | &nbsp;&nbsp; 43437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp; 22050 | &nbsp;&nbsp; 23153 | &nbsp;&nbsp; 24310 | &nbsp;&nbsp; 25526 | &nbsp;&nbsp; 26802 | &nbsp;&nbsp; 28142 | &nbsp;&nbsp; 29549 | &nbsp;&nbsp; 31027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 6050 | &nbsp;&nbsp; 6353 | &nbsp;&nbsp; 6670 | &nbsp;&nbsp; 7004 | &nbsp;&nbsp; 7354 | &nbsp;&nbsp; 7722 | &nbsp;&nbsp; 8108 | &nbsp;&nbsp; 8513 | &nbsp;&nbsp; 8939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit management | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 21175 | &nbsp;&nbsp; 22234 | &nbsp;&nbsp; 23345 | &nbsp;&nbsp; 24513 | &nbsp;&nbsp; 25738 | &nbsp;&nbsp; 27025 | &nbsp;&nbsp; 28377 | &nbsp;&nbsp; 29795 | &nbsp;&nbsp; 31285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking fees | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1271 | &nbsp;&nbsp; 1334 | &nbsp;&nbsp; 1401 | &nbsp;&nbsp; 1471 | &nbsp;&nbsp; 1544 | &nbsp;&nbsp; 1622 | &nbsp;&nbsp; 1703 | &nbsp;&nbsp; 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IOF tax | &nbsp;&nbsp; 26844 | &nbsp;&nbsp; 3578 | &nbsp;&nbsp; 3908 | &nbsp;&nbsp; 4069 | &nbsp;&nbsp; 4237 | &nbsp;&nbsp; 4411 | &nbsp;&nbsp; 4593 | &nbsp;&nbsp; 4783 | &nbsp;&nbsp; 4980 | &nbsp;&nbsp; 5186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total costs and expenses** | &nbsp;&nbsp; 88811 | &nbsp;&nbsp; 284837 | &nbsp;&nbsp; 299229 | &nbsp;&nbsp; 314156 | &nbsp;&nbsp; 329828 | &nbsp;&nbsp; 346283 | &nbsp;&nbsp; 363558 | &nbsp;&nbsp; 381696 | &nbsp;&nbsp; 400739 | &nbsp;&nbsp; 420733 |
| &nbsp;&nbsp; **Income from operations** | &nbsp;&nbsp; 142015 | &nbsp;&nbsp; 1097964 | &nbsp;&nbsp; 1170753 | &nbsp;&nbsp; 1220448 | &nbsp;&nbsp; 1272233 | &nbsp;&nbsp; 1326193 | &nbsp;&nbsp; 1382418 | &nbsp;&nbsp; 1441004 | &nbsp;&nbsp; 1502047 | &nbsp;&nbsp; 1565650 |
| &nbsp;&nbsp; Interest and other income (expense), net | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Depreciation and amortization | &nbsp;&nbsp; (44056) | &nbsp;&nbsp; (275891) | &nbsp;&nbsp; (275891) | &nbsp;&nbsp; (275891) | &nbsp;&nbsp; (275891) | &nbsp;&nbsp; (275891) | &nbsp;&nbsp; (275891) | &nbsp;&nbsp; (275891) | &nbsp;&nbsp; (275891) | &nbsp;&nbsp; (275891) |
| &nbsp;&nbsp; Income before provision for income taxes | &nbsp;&nbsp; 97959 | &nbsp;&nbsp; 822074 | &nbsp;&nbsp; 894862 | &nbsp;&nbsp; 944558 | &nbsp;&nbsp; 996342 | &nbsp;&nbsp; 1050302 | &nbsp;&nbsp; 1106528 | &nbsp;&nbsp; 1165113 | &nbsp;&nbsp; 1226156 | &nbsp;&nbsp; 1289759 |
| &nbsp;&nbsp; Provision for income taxes | &nbsp;&nbsp; 22065 | &nbsp;&nbsp; 132148 | &nbsp;&nbsp; 141993 | &nbsp;&nbsp; 149290 | &nbsp;&nbsp; 156907 | &nbsp;&nbsp; 164859 | &nbsp;&nbsp; 173159 | &nbsp;&nbsp; 181822 | &nbsp;&nbsp; 190866 | &nbsp;&nbsp; 200306 |
| &nbsp;&nbsp; **Net income** | &nbsp;&nbsp; R$75,894  | &nbsp;&nbsp; R$689,926  | &nbsp;&nbsp; R$752,869  | &nbsp;&nbsp; R$795,268  | &nbsp;&nbsp; R$839,435  | &nbsp;&nbsp; R$885,443  | &nbsp;&nbsp; R$933,369  | &nbsp;&nbsp; R$983,291  | &nbsp;&nbsp; R$1,035,291  | &nbsp;&nbsp; R$1,089,453  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** |
| &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF CASH FLOWS** |
|  |  |  |  |  | &nbsp;&nbsp; **December 31,** | &nbsp;&nbsp; **December 31,** |  |  |  |  |
|  | &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2026** | &nbsp;&nbsp; **2027** | &nbsp;&nbsp; **2028** | &nbsp;&nbsp; **2029** | &nbsp;&nbsp; **2030** | &nbsp;&nbsp; **2031** | &nbsp;&nbsp; **2032** | &nbsp;&nbsp; **2033** | &nbsp;&nbsp; **2034** |
| &nbsp;&nbsp; **Cash flows from operating activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | &nbsp;&nbsp; R$75,894  | &nbsp;&nbsp; R$689,926  | &nbsp;&nbsp; R$752,869  | &nbsp;&nbsp; R$795,268  | &nbsp;&nbsp; R$839,435  | &nbsp;&nbsp; R$885,443  | &nbsp;&nbsp; R$933,369  | &nbsp;&nbsp; R$983,291  | &nbsp;&nbsp; R$1,035,291  | &nbsp;&nbsp; R$1,089,453  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments in net income: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | &nbsp;&nbsp; 44056 | &nbsp;&nbsp; 275891 | &nbsp;&nbsp; 275891 | &nbsp;&nbsp; 275891 | &nbsp;&nbsp; 275891 | &nbsp;&nbsp; 275891 | &nbsp;&nbsp; 275891 | &nbsp;&nbsp; 275891 | &nbsp;&nbsp; 275891 | &nbsp;&nbsp; 275891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** | &nbsp;&nbsp; 119950 | &nbsp;&nbsp; 965816 | &nbsp;&nbsp; 1028760 | &nbsp;&nbsp; 1071158 | &nbsp;&nbsp; 1115325 | &nbsp;&nbsp; 1161334 | &nbsp;&nbsp; 1209260 | &nbsp;&nbsp; 1259182 | &nbsp;&nbsp; 1311181 | &nbsp;&nbsp; 1365344 |
| &nbsp;&nbsp; **Cash flows from investing activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment, net | &nbsp;&nbsp; (7077618) | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investing activities, net | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | &nbsp;&nbsp; (7077618) | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; **Cash flows from financing activities** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance (repayment) of debt | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance (reduction) of equity capital | &nbsp;&nbsp; 7085976 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions paid to investors | &nbsp;&nbsp; (53266) | &nbsp;&nbsp; (938050) | &nbsp;&nbsp; (1024449) | &nbsp;&nbsp; (1066664) | &nbsp;&nbsp; (1110640) | &nbsp;&nbsp; (1156450) | &nbsp;&nbsp; (1204169) | &nbsp;&nbsp; (1253875) | &nbsp;&nbsp; (1305650) | &nbsp;&nbsp; (1359579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in financing activities** | &nbsp;&nbsp; 7032710 | &nbsp;&nbsp; (938050) | &nbsp;&nbsp; (1024449) | &nbsp;&nbsp; (1066664) | &nbsp;&nbsp; (1110640) | &nbsp;&nbsp; (1156450) | &nbsp;&nbsp; (1204169) | &nbsp;&nbsp; (1253875) | &nbsp;&nbsp; (1305650) | &nbsp;&nbsp; (1359579) |
| &nbsp;&nbsp; Net increase (decrease) in cash | &nbsp;&nbsp; 75042 | &nbsp;&nbsp; 27766 | &nbsp;&nbsp; 4312 | &nbsp;&nbsp; 4495 | &nbsp;&nbsp; 4685 | &nbsp;&nbsp; 4884 | &nbsp;&nbsp; 5091 | &nbsp;&nbsp; 5307 | &nbsp;&nbsp; 5531 | &nbsp;&nbsp; 5765 |
| &nbsp;&nbsp; Cash at beginning of the period | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 75042 | &nbsp;&nbsp; 102808 | &nbsp;&nbsp; 107120 | &nbsp;&nbsp; 111615 | &nbsp;&nbsp; 116300 | &nbsp;&nbsp; 121184 | &nbsp;&nbsp; 126274 | &nbsp;&nbsp; 131581 | &nbsp;&nbsp; 137112 |
| &nbsp;&nbsp; **Cash at end of the period** | &nbsp;&nbsp; R$75,042  | &nbsp;&nbsp; R$102,808  | &nbsp;&nbsp; R$107,120  | &nbsp;&nbsp; R$111,615  | &nbsp;&nbsp; R$116,300  | &nbsp;&nbsp; R$121,184  | &nbsp;&nbsp; R$126,274  | &nbsp;&nbsp; R$131,581  | &nbsp;&nbsp; R$137,112  | &nbsp;&nbsp; R$142,878  |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** | &nbsp;&nbsp; **ENERGEA PAINS LTDA** |
| &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS** |
|  |  |  |  |  | &nbsp;&nbsp; **December 31,** | &nbsp;&nbsp; **December 31,** |  |  |  |  |
|  | &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2026** | &nbsp;&nbsp; **2027** | &nbsp;&nbsp; **2028** | &nbsp;&nbsp; **2029** | &nbsp;&nbsp; **2030** | &nbsp;&nbsp; **2031** | &nbsp;&nbsp; **2032** | &nbsp;&nbsp; **2033** | &nbsp;&nbsp; **2034** |
| &nbsp;&nbsp; **Assets** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Current assets: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | &nbsp;&nbsp; R$75,042  | &nbsp;&nbsp; R$102,808  | &nbsp;&nbsp; R$107,120  | &nbsp;&nbsp; R$111,615  | &nbsp;&nbsp; R$116,300  | &nbsp;&nbsp; R$121,184  | &nbsp;&nbsp; R$126,274  | &nbsp;&nbsp; R$131,581  | &nbsp;&nbsp; R$137,112  | &nbsp;&nbsp; R$142,878  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | &nbsp;&nbsp; 75042 | &nbsp;&nbsp; 102808 | &nbsp;&nbsp; 107120 | &nbsp;&nbsp; 111615 | &nbsp;&nbsp; 116300 | &nbsp;&nbsp; 121184 | &nbsp;&nbsp; 126274 | &nbsp;&nbsp; 131581 | &nbsp;&nbsp; 137112 | &nbsp;&nbsp; 142878 |
| &nbsp;&nbsp; Property and equipment | &nbsp;&nbsp; 7077618 | &nbsp;&nbsp; 7077618 | &nbsp;&nbsp; 7077618 | &nbsp;&nbsp; 7077618 | &nbsp;&nbsp; 7077618 | &nbsp;&nbsp; 7077618 | &nbsp;&nbsp; 7077618 | &nbsp;&nbsp; 7077618 | &nbsp;&nbsp; 7077618 | &nbsp;&nbsp; 7077618 |
| &nbsp;&nbsp; Depreciation | &nbsp;&nbsp; (44056) | &nbsp;&nbsp; (319946) | &nbsp;&nbsp; (595837) | &nbsp;&nbsp; (871728) | &nbsp;&nbsp; (1147619) | &nbsp;&nbsp; (1423509) | &nbsp;&nbsp; (1699400) | &nbsp;&nbsp; (1975291) | &nbsp;&nbsp; (2251181) | &nbsp;&nbsp; (2527072) |
| &nbsp;&nbsp; Tax credits | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Other assets | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; R$7,108,604  | &nbsp;&nbsp; R$6,860,479  | &nbsp;&nbsp; R$6,588,900  | &nbsp;&nbsp; R$6,317,504  | &nbsp;&nbsp; R$6,046,299  | &nbsp;&nbsp; R$5,775,292  | &nbsp;&nbsp; R$5,504,492  | &nbsp;&nbsp; R$5,233,908  | &nbsp;&nbsp; R$4,963,548  | &nbsp;&nbsp; R$4,693,423  |
| &nbsp;&nbsp; **Liabilities and stockholders' equity** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Current liabilities: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | &nbsp;&nbsp; R$0  | &nbsp;&nbsp; R$0  | &nbsp;&nbsp; R$0  | &nbsp;&nbsp; R$0  | &nbsp;&nbsp; R$0  | &nbsp;&nbsp; R$0  | &nbsp;&nbsp; R$0  | &nbsp;&nbsp; R$0  | &nbsp;&nbsp; R$0  | &nbsp;&nbsp; R$0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term debt | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Tax payable | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Long-term debt | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Other liabilities | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp; 7085976 | &nbsp;&nbsp; 7085976 | &nbsp;&nbsp; 7085976 | &nbsp;&nbsp; 7085976 | &nbsp;&nbsp; 7085976 | &nbsp;&nbsp; 7085976 | &nbsp;&nbsp; 7085976 | &nbsp;&nbsp; 7085976 | &nbsp;&nbsp; 7085976 | &nbsp;&nbsp; 7085976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | &nbsp;&nbsp; 22628 | &nbsp;&nbsp; (225496) | &nbsp;&nbsp; (497076) | &nbsp;&nbsp; (768472) | &nbsp;&nbsp; (1039677) | &nbsp;&nbsp; (1310684) | &nbsp;&nbsp; (1581484) | &nbsp;&nbsp; (1852068) | &nbsp;&nbsp; (2122428) | &nbsp;&nbsp; (2392553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | &nbsp;&nbsp; 7108604 | &nbsp;&nbsp; 6860479 | &nbsp;&nbsp; 6588900 | &nbsp;&nbsp; 6317504 | &nbsp;&nbsp; 6046299 | &nbsp;&nbsp; 5775292 | &nbsp;&nbsp; 5504492 | &nbsp;&nbsp; 5233908 | &nbsp;&nbsp; 4963548 | &nbsp;&nbsp; 4693423 |
| &nbsp;&nbsp; **Total liabilities and stockholders' equity** | &nbsp;&nbsp; R$7,108,604  | &nbsp;&nbsp; R$6,860,479  | &nbsp;&nbsp; R$6,588,900  | &nbsp;&nbsp; R$6,317,504  | &nbsp;&nbsp; R$6,046,299  | &nbsp;&nbsp; R$5,775,292  | &nbsp;&nbsp; R$5,504,492  | &nbsp;&nbsp; R$5,233,908  | &nbsp;&nbsp; R$4,963,548  | &nbsp;&nbsp; R$4,693,423  |

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