Eneva S A : Letter to Shareholders

Dear Fellow Shareholders,

Over the past few years, I've had the opportunity to participate in an amazing journey. Under the leadership of Pedro Zinner, Eneva endured a financial turnaround, planned and completed its first growth cycle and laid the foundations for its 2030 strategy. I would like to invite all shareholders to thank Pedro for his time as Eneva's CEO and for all his achievements during his tenure leading the company.

When I joined the company back in 2014, few people could envision to what extent it would be possible to expand our business model or the role we would play in supplying reliable and competitive energy. Yet, here we are, developing and implementing unprecedented energy solutions in Brazil, and I expect to lead the company to even more ambitious horizons as its CEO. Through the past 8 years, I have helped to build a unique company in the Brazilian energy sector. I have actively participated in the company transformation: from an organization which had just overcome a financial restructuring challenge and had yet to surpass a number of operational challenges to a company with an outstanding execution culture and a remarkable strategy implementation track record. Having helped lay out this strategy, I now have the honor and pleasure to lead it.

In honor of our tradition, this letter serves its usual purpose of reflecting through the progress in the implementation of our strategy and the efficiency of our capital allocation during the past year. It outlines the opportunities and challenges ahead, how we are planning to deal with them and our future aspirations, presented in a qualitative narrative that overviews our current performance and outlook.

Looking back to 2022, we at Eneva are very proud of our incredible evolution in a single year, having anticipated some of our 2025 milestones. As the list of achievements in 2022 is far from being small or usual, I ask for your understanding regarding the length of this letter, but it was essential to enable a deep dive into our many fronts. Throughout the pages I will guide you through what we have done towards our 2030 ambition and our must-win battles, clarifying how each one of the milestones correlates directly with our strategic pillars. Thus, I invite you to join me to look at our company through a much broader window, where the view shows a more dynamic company, developing solutions to a variety of energy needs and with the right to win the opportunities ahead.

In last year´s letter to the shareholders, we introduced our 2030 ambition and our six strategic pillars, "must-win battles (MWB)" as we refer to them:

MWB1: Extend current assets' lifecycles and replicate Reservoir to Wire (R2W) to other geographies

MWB2: Maximize reserve base and develop integrated solutions in the North Region

MWB3: Develop infrastructure Gas Hub(s)

MWB4: Commercialize energy resources and develop new business models

MWB5: Develop renewable energy portfolio and foster low carbon technologies

MWB6: Build an agile and fit for purpose organization

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MWB1 & 2: Extend current assets' lifecycles and replicate Reservoir to Wire (R2W) to other geographies & Maximize reserve base and develop integrated solutions in the North Region

The 1GW Complex dream in the Amazon Basin: the Azulão 950 MW project becomes real

When we first analyzed Azulão Field's data during the acquisition process, a hypothesis that the accumulation could hold larger volumes of gas was raised by our team. At that moment, back in 2017, we started our dream of replicating the Parnaiba complex in another geography. Fast forward to 2022 and, after a considerable amount of diligent planning and effort, it was a great satisfaction to witness the materialization of our dream. After acquiring the field, we conducted an appraisal drilling campaign, certified larger natural gas volumes and won three different energy auctions. We are now giving birth to another state-of-the-art R2W complex.

Still, in December 2021, Eneva won a public reserve capacity auction for a 15-year contract to supply 295 MW near its Azulão field. Later on, in September 2022, Eneva won another auction, this time to build 590 MW to fulfill a 15- year energy reserve contract. These two projects will be constructed as a single thermal power plant complex with gas supplied from the adjacent Azulão field, also owned and operated by Eneva. The new thermal power plant complex will have two gas-fired turbines, one in an open cycle configuration to serve the capacity auction, and the other in a combined cycle configuration to supply the energy reserve contract. Procurement for the acquisition of all technical equipment (power island) was concluded and signed with General Electric by the end of 2022. The natural gas field development and the power plant construction started in Q1 2023.

This project will grant over R$ 2.1 billion in fixed revenue to Eneva throughout its 15-year term and evidences how

Eneva can leverage competencies to generate increasing value for shareholders. Following the drilling of appraisal wells for the implementation of the Azulão-Jaguatiricaproject, our exploration team identified larger reserve volumes in the Azulão field and discovered new resources in another nearby accumulation, known as the Anebá appraisal prospect. Given these new reserves and resources and considering their monetization in upcoming auctions, our commercial and engineering teams designed the projects and the business case, which was deemed highly competitive and ended up winning two consecutive energy auctions. Eneva is the only Brazilian company that gathers all the competencies to develop these verticalized value chain solutions for the gas thermal generation, and even more challenging, in such a short period of time and in remote locations.

The project will be developed in the Amazon state, north of Brazil, adding up to our asset base in the region, where we already operate the Azulão-Jaguatirica project, hold the production rights for the Azulão gas field and the Juruá Area, and the concession for three exploration blocks around Azulão, fostering operational synergies between the assets and leveraging our operational knowledge in the Amazon region.

2022 Reserve Report. Eneva continues to deliver on its impressive exploration track record

In the first month of each year, Eneva publishes its reserve certification report to disclose the results of our previous year's exploration and appraisal efforts. We started 2022 on the right foot, with a report that unveiled a 30% increase in our total reserves compared to the 2021 report. Continually accessing a larger reserve base is of utmost importance to our strategy. Our highest return projects are derived from the R2W model, where electricity is generated from our own gas reserves with power plants built on top of the reservoirs, yielding highly competitive energy costs. Besides expanding the R2W model, the increase in our reserves will also allow Eneva to continue developing energy solutions to replace diesel and oil fuels with a less polluting and more competitive natural gas in the north of Brazil.

The evolution of annual natural gas reserves from the end of 2021 to the end of 2022 was a major highlight of our most recent certification report, released in early 2023. In the Parnaiba basin, our 2P gas reserves jumped to 33.1 bcm from 29.5 bcm, while the yearly production reached 0.927 bcm, yielding a reserve replacement ratio of 490%. For the Amazon basin, where we operate the Azulão field, the reserve certification report indicated an increase in gas reserves from 7.1 bcm to 14.5 bcm as a result of appraisal drilling inside the field ring fence and the adjacent exploratory campaign. The following table summarizes our reserves position as of December 2022.

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Table 1: Natural Gas Certified Reserves (2P) from 12/31/2021 to 12/31/2022

MWB1: Extend current assets' lifecycles and replicate Reservoir to Wire (R2W) to other geographies

Beginning of Parnaiba VI construction in June 2022. After the conclusion of the plant's construction, Eneva's Parnaiba R2W assets will stand out as Brazil's largest thermal power plant facility, delivering more reliable and sustainable energy

Parnaiba VI closes the cycle of the Parnaiba III power plant, consisting of a single gas-fired turbine rated at 178 MW. When completed, Parnaiba VI will add 92 MW of installed capacity for energy generation from steam produced in a heat recovery boiler using Parnaiba III exhaust gases. Energy generated at Parnaíba VI capacity will not require the

consumption of a single additional gas molecule, expanding our R2W capability while reducing the CO2 emissions

per MWh of energy produced. When operation starts, in January/2025, Parnaiba VI will generate yearly fixed revenues in excess of R$ 100 million and will contribute to further consolidate our positioning with the R2W model.

Parnaiba V starts commercial operation in November. New clean energy capacity in the Parnaiba complex, contributing to 2022 results through energy export contracts

Parnaiba V is a milestone for Eneva. It was the first project designed by the company to win an energy auction after our financial turnaround back in 2018 and marked the dawn of a new era: our first growth cycle. Testifying our victory in the 2019 auction and actively participating in the contracting, construction, commissioning and commercial startup of this flagship project, has been a privilege and brought immense personal satisfaction to myself and all the team which took part in this historic challenge.

Engineering-wise, Parnaíba V was an extremely complex project, as four heat recovery boilers were erected, all of which connected to a single steam turbine with 385 MW of power capacity. While the construction works were being carried out, the four gas-fired turbines of Parnaiba I, which provide exhaust gas to the boilers, remained available to operate and often generating about 670 MW of power, highlighting the project's challenging aspect.

Parnaiba V added 385 MW of power to the Complex without the need of a single additional molecule of gas consumption, improving the overall efficiency and increasing margins without further CO2 emissions. When the Power Purchase Agreement (PPA) starts, in January 2024, it will add more than R$ 350 million/year of fixed revenues while also reducing the dependence of our receivables from thermal power plant dispatch. Meanwhile, Parnaiba V is already producing results. Since November, it has been generating energy to be exported to Argentina. When turned on, the combination of Parnaiba I four gas turbines and Parnaiba V generate close to 1.1 GW of energy at very efficient heat rates given the lower gas consumption of a plant operating in a combined cycle, yielding a more competitive offering to export energy.

Gavião Mateiro is declared Commercial in November. Another hit of our experienced exploration team

The wildcat well drilled in the Gavião Mateiro structure hit gas on November 16, 2021. The structure had been mapped with seismic data acquired in the 2020 campaign. In just 12 months, we re-processed the seismic data, generated new interpreted maps and drilled the appraisal wells, in a record fast-track exploratory program, reducing the timeframe from discovery to declaration of commerciality. After the wildcat well, the exploration and drilling

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teams rushed to define four appraisal targets for the accumulation, which were drilled in April, May, September and October 2022. After the four wells were tested, with excellent results, estimations for VGIP (Volume of gas in place) were finalized. Commerciality was assured and declared to the national hydrocarbon agency (ANP). Early in 2023,

our yearly reserve certification report already accounts for 4.4 bcm of 2P reserves from Gavião Mateiro.

The new field is only 25 km away from Gavião Belo, which is already under development. The proximity of the two fields will allow them to share the same 100 Km pipeline, gas pre-treatment and compressions facilities, initially designed to connect Gavião Belo to the Parnaiba Complex, reducing the overall development and operating costs for both fields.

The ongoing addition of reserves in the Parnaiba Basin will allow the company to expand its SSLNG business in the region and grow our highly competitive R2W energy generation model.

MWB2: Maximize reserve base and develop integrated solutions in the North Region

Jaguatirica II started commercial operation in February. A first for Eneva and the Brazilian energy sector

The first KWh sold in Jaguatirica II is a hallmark milestone for Eneva´s history of pioneering the development of innovative energy solutions in Brazil. This was the first time in the country that a gas-fired power plant started operation fueled by gas produced in a 100 km-distant field without pipeline connection. Eneva developed a Liquified Natural Gas (LNG) plant in the Amazonas state, atop the Azulão field, and put together a logistics solution to transport LNG by road to Jaguatirica II TPP, in the Roraima state, to substitute obsolete diesel-fired power plants. Equally relevant, the project added new knowledge to our broad set of competencies. In one shot, we started the largest natural gas liquefaction facility and LNG logistics operation in the country and created a new business line: Small- Scale LNG (SSLNG).

When an innovative process and technology are first attempted in a new region and/or is new for an organization, one acquires new knowledge and new competencies. This usually requires great effort and comes at a cost. The Azulão-Jaguatirica project was not different and experienced some difficulties with technology during ramp-up. However, a plan to overcome these initial challenges has already been devised, and we are confident the project will reach full capacity during the first half of 2023.

When fully operational, the project will generate EBITDA of over R$ 400 million/year. However, the intangible value of the new competency development and the creation of a new business line is far from being negligible.

While intangible value by nature is hard to express in numbers, the project has already fostered further appraisal and exploration drilling in the Amazon Basin and allowed us to build the knowledge required to implement and commercialize the first solution to deliver SSLNG to substitute oil in industrial applications in the north of Brazil.

Review of the Amazon Basin reserve certification in April. The Northern Region dream becomes bigger

The thesis that the Azulão field could hold even larger reserve volumes grew amongst our exploration team after we completed the development drilling to bring the Azulão-Jaguatirica project into operation. Therefore, an appraisal/exploration drilling program for the Amazonas Basin was designed to test this thesis. The drilling campaign started in 2021 and extended to the first months of 2022, culminating with the 1-ENV-31D-AM well, drilled outside the field ring fence, which proved the extension of the gas bearing Nova-Olinda formation beyond the original field borders. This amazing discovery prompted us to anticipate a review of our reserve certification aiming to qualify our generation projects to join the upcoming reserve energy auction known in the market as the "Eletrobras privatization auction". This was the opportunity the company was chasing to expedite the construction of its dream project, a 1 GW thermal power plant complex in the Amazon basin, made public a couple of months earlier in our annual meeting with investors, the "Eneva Day 2022".

Considering the newly acquired data, the auditors were contracted to review the January 2022 report and on April

30, 2022 a new certification was published with a staggering increase in 2P gas reserves for the Azulão field, which

now is estimated at 14,6 bcm. Additionally, the report accounted for condensate reserves in Azulão and natural gas, condensate and light oil contingent resources in the Anebá discovery, located 45 Km away from Azulão.

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The revised reserves and resource volumes enabled the company to participate and win the September energy reserve auction, as detailed in the Azulão 950 MW section. Again, only a company with the set of competencies gathered by Eneva could, in such a short time frame, plan and execute a successful appraisal/exploration campaign to confirm a geological thesis, define the conceptual engineering for the entire project, build a business model to determine economic feasibility, participate in public hearing to contribute to the auction rules, win the auction, and the PPA, build and operate such a complex endeavor that converts gas molecules 2,000 m below the surface into electricity delivered to the grid. The thermal power plant complex with 950 MW capacity, now under construction and almost fully contracted, is an amazing achievement that reinforces Eneva team's unique ability.

MWB3: Develop infrastructure Gas Hub(s)

CELSE Acquisition closing in May. Expediting the implementation of our first gas hub, Sergipe Hub

The access to gas molecules is embedded in the first three of our six strategic pillars. Besides mitigating our dependence on power plant dispatch, CELSE was a major strategic acquisition: when the asset was presented to us, we understood it was the perfect opportunity to leapfrog the long-time frame necessary to develop a gas hub and to avoid the risks associated with the construction of an LNG terminal. The asset comprises a 1.6 GW gas-fired thermal power plant complex, fully contracted until Dec/2044, an LNG terminal, an FSRU (floating, storage and regasification unit) under a long-term contract and a gas supply agreement with Qatar Gas for the same period as the PPA (Power Purchase Agreement). The asset generates over R$ 2.0 billion/year of fixed revenues, greatly contributing to

reducing Eneva´s dependence on thermal power plant dispatch.

Therefore, beyond CELSE's strong cash flow, there are at least four relevant opportunities to increase the asset value and transform it into our first gas hub:

1. Pipeline of 3.4 GW greenfield projects: There are five licensed thermal power projects inside CELSE's land plot, which are ready to participate in upcoming energy or capacity auctions. These projects will benefit from sharing the LNG terminal, existing infrastructure and O&M resources.
2. FSRU idle capacity: The FSRU has the capacity to regasify and offload up to 21 MMm3/day of natural gas, out of which only 7MMm3/day are committed to the existing power plant. The remaining capacity will be used to serve industrial customers and gas distribution companies and to fuel the licensed power plants when they win PPAs.
3. Connection to national gas pipeline network: A connection between CELSE's LNG Terminal and the national gas transportation network is under construction and will enter into operation by 2Q2024, allowing Eneva to sell imported or offshore LNG or part of associated gas production to customers close to the gas distribution network.
4. Access to gas from offshore discoveries: Petrobras (operator) and partners have made significant oil and gas discoveries in offshore deep-water exploration blocks located some 100 Km in front of the Sergipe Hub power plant complex. Development plans to exploit these oil and gas reserves have been presented to the Brazilian hydrocarbon regulator (ANP) and production is expected to commence by 2027 (oil) and 2028 (gas). Eneva's goal is to gain access to these gas resources by farming into Petrobras´ partners stake or by signing gas purchase agreements with Petrobras´ partners. This would provide the Sergipe Hub with diversified access to natural gas resources and would enhance the competitive edge of our supply.

Although none of these opportunities are certain, we strongly believe we gather the competencies and motivation to capture them all, and some others, which are at very early stages and may also materialize with time.

Motivated by our strategy to increase the access to gas molecules, Eneva has been developing the TEPOR, in Macaé, and the TGMA, in São Luís, both long-term greenfield opportunities for LNG terminals. We will continue to pursue these very ambitious projects, but our most impressive achievement with CELSE is that, through the acquisition of a thermal power plant complex with an operating LNG terminal and an FSRU under a long-termcontract, we anticipated the implementation of our first gas hub by 4 years.

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