Alupar Investimento S A : 2Q22 Earnings Release

São Paulo, August 09, 2022 - Alupar Investimento S.A. (B3: ALUP11), discloses today its 2Q22 results. The quarterly information (ITR) and standardized financial statements (DFP) are presented in accordance with the accounting practices adopted in Brazil, in compliance with the provisions of the Brazilian Corporate Law, the International Financial Reporting Standards (IFRS) and the standards issued by the Accounting Pronouncements Committee (CPC).

2Q22 Period Highlights

	Key Indicators "CORPORATE LAW (IFRS)"
R$ MM	1Q22	2Q22	2Q21	Var.%		6M22	6M21	Var.%
Net Revenue	1,280.5	1,168.2	1,337.1	(12.6%)		2,448.8	2,938.6	(16.7%)
EBITDA (CVM 527)	1,131.5	873.1	1,130.0	(22.7%)		2,004.7	2,238.1	(10.4%)
Alupar Net Income	431.0	180.0	332.3	(45.8%)		611.0	655.8	(6.8%)
	Key Indicators "REGULATORY"
R$ MM	1Q22	2Q22	2Q21	Var.%		6M22	6M21	Var.%
Net Revenue	713.7	701.2	579.5	21.0%		1,414.9	1,142.6	23.8%
EBITDA (CVM 527)	622.2	595.6	479.9	24.1%		1,217.8	941.0	29.4%
Alupar Net Income	166.9	50.2	79.8	(37.1%)		217.1	148.2	46.5%

2Q22 Conference Call | 08/10/2022

Portuguese	English (simultaneous translation)
3:00 p.m. (Brasilia Time)	3:00 p.m. (Brasilia Time)
2:00 p.m. (NY Time)	2:00 p.m. (NY Time)
Phone: [phone]	Phone: [phone]
[phone]

Link to webcast available on the Investor Relations website:

http://ri.alupar.com.br/en/

IR Contact

Ph.: [phone]

[e-mail]

Price on 08/09/2022

ALUP11: R$ 28.37

Total no. of UNITS¹: 293,037,090

Market-Cap: R$ 8.313 billion

1Equivalent Units

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2Q22 Significant Events

Evento

May 2021	Payment of dividends	On May 31st, 2022 the Company has paid dividends to its sharehoders, condirering the
		approval of such on April, 11th, 2021 by the Extraordinary Geral Meeting of the Company.
		The amount paid was R$131,866,690.35, which corresponds to R$0.15 of ordinary share,
		R$0.15 of preferred share, e R$0.45 per Unit.

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Key Consolidated Indicators

	Key Indicators "CORPORATE LAW (IFRS)"
R$ MM		1Q22	2Q22	2Q21	Var.%		6M22	6M21	Var.%
Net Revenue	1,280.5	1,168.2	1,337.1	(12.6%)		2,448.8	2,938.6	(16.7%)
EBITDA (CVM 527)	1,131.5	873.1	1,130.0	(22.7%)		2,004.7	2,238.1	(10.4%)
EBITDA Margin	88.4%	74.7%	84.5%	(9.8 p.p)		81.9%	76.2%	5.7 p.p
Adjusted EBITDA Margin*	92.7%	77.7%	92.1%	(14.4 p.p)		85.5%	91.9%	(6.4 p.p)
Financial Results	(225.3)	(341.0)	(201.1)	69.5%		(566.3)	(411.2)	37.7%
Consolidated Net Income	738.9	367.9	676.5	(45.6%)		1,106.8	1,337.4	(17.2%)
Subsidiaries' Minority Interest	307.9	187.9	344.1	(45.4%)		495.8	681.6	(27.3%)
Alupar Net Income	431.0	180.0	332.3	(45.8%)		611.0	655.8	(6.8%)
Earnings per UNIT (R$)**	1.47	0.61	1.13	(45.8%)		2.09	2.24	(6.8%)
Net Debt***	7,809.7	8,301.1	7,489.9	10.8%		8,301.1	7,489.9	10.8%
Net Debt / EBITDA****	1.7	2.4	1.7			2.1	1.7
	Key Indicators "REGULATORY"
R$ MM		1Q22	2Q22	2Q21	Var.%		6M22	6M21	Var.%
Net Revenue	713.7	701.2	579.5	21.0%		1,414.9	1,142.6	23.8%
EBITDA (CVM 527)	622.2	595.6	479.9	24.1%		1,217.8	941.0	29.4%
EBITDA Margin	87.2%	84.9%	82.8%	2.1 p.p		86.1%	82.4%	3.7 p.p
Financial Results	(224.3)	(339.6)	(199.9)	69.9%		(563.9)	(409.0)	37.9%
Consolidated Net Income	261.2	127.2	174.4	(27.1%)		388.4	327.4	18.6%
Subsidiaries' Minority Interest	94.3	77.0	94.6	(18.5%)		171.3	179.2	(4.4%)
Alupar Net Income	166.9	50.2	79.8	(37.1%)		217.1	148.2	46.5%
Earnings per UNIT (R$)**	0.57	0.17	0.27	(37.1%)		0.74	0.51	46.5%
Net Debt***	7,809.7	8,301.1	7,489.9	10.8%		8,301.1	7,489.9	10.8%
Net Debt / EBITDA****	3.1	3.5	3.9			3.4	4.0

• Subtracting capex made (Infrastructure Cost) from Net Revenue ** Net Income / Units Equivalents (293,037,090)
• Including Securities under Non-Current Assets / **** Annualized EBITDA

Notes:

1. "Adjusted" concept in corporate law numbers: In accordance to the Corporate Law - IFRS (ICPC 01 and CPC 47) the investments (Capex) of the transmitters should be accounted like a revenue and like a cost. Then, for Adjusted EBITDA Margincalculation, EBITDA should be divided by the Net Revenue subtracted from theInfrastructure Cost (Capex).
2. "Regulatory" concept: Refers to the figures in the regulatory financial statements of our subsidiaries, whose main difference is the non- application of ICPC 01 (IFRIC 12), CPC 47 (IFRIC 15) and CPC 06 - R2 (IFRS 16). ICPC 01 and 47 have a material impact on our transmission companies with the creation of the "Contractual Assets" account and the elimination of the "Fixed Assets" account in the balance sheet and several changes in the presentation of "Revenue" in the Statement of Income. CPC 06 - R2 introduced a single model for accounting for leases in the financial statements of lessees. As a result, the Company, as a lessee, started to recognize the rights assets (its rights to use the underlying assets) and the lease liabilities (obligations to make payments for the leases).

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Overview

Alupar Investimento S.A. is a privately held Brazilian holding company operating in the electricity transmission and generation segments, whose corporate purpose is to construct and operate infrastructure projects related to the energy sector in Brazil and other selected Latin American countries with economic, institutional and regulatory stability. Alupar is one of the largest companies in the Brazilian transmission segment in terms of Annual Permitted Revenue (RAP) and the largest one under private national control.

The Company's ownership structure is shown below:

99,90%

50,99% 60,00% 50,02%

1. 50,02% T 50,02%

62,79% 100,00%

100,00%

100,00%

100,00%

ETES

51,0%

51,0%

V 50,02%

50,01%

36,96%

68,83%

T 50,02%

Queluz

STN

ETB

TNE

EATE

EDTE

ENTE

APAETE

50,10%

Lavrinhas

61,00%

TME

86,75%

AETE

100%

ETSE

Energia dos

100%

ECTE

61,55%

20,00%

38,02%

21,96%

Ventos

15,00%

80,00%

ETEP

100%

ESDE

STC

18,45%

V 100%

Ijuí

T 86,66%

Lumitrans

ERTE

ETEM

18,08%

Ferreira

100%

ETVG

EAP 1: 42,67%

Gomes

EAP 2: 36,79%

Agreste

EAP 1: 57,29%

Foz do Rio

100%

Potiguar

Claro

ELTE

70,02%

100,0%

ESTE

EAP 2: 63,18%

ETAP

Risaralda

99,97%

Transminas

51,00%

EBTE

(PCH Morro Azul)

ETC

41,00%

10,00%

Verde 8

85,00%

Transleste

65,70%	TPE						La Virgen	84,58%
	41,00%			10,00%
		Transudeste
65,70%	TCC
						Água Limpa	90,00%
		41,00%	Transirapé	10,00%
100,00%	TCE
	(Colômbia)						UFV	100,00%
							Pitombeira
65,70%	TSM
	Transmissão	Geração	Em implantação
		Ativos da TBE
		TBE: consiste de 12 companhias de transmissão EATE, EBTE, ECTE, ENTE, ERTE, ESDE, ETEP; ETSE, LUMITRANS, STC, ESTE e EDTE

Alupar seeks to maximize shareholder returns through moderate financial leverage and a debt profile compatible with the low- risk nature of its business, high revenue predictability and the strong operating cash flow typical of the electricity transmission and generation segments.

Alupar's corporate credit ratings reflect this solid capital structure and predictable strong cash flow: AAA (bra) for national scale and BB for international scale, from Fitch Ratings.

Fully committed to creating value for its shareholders and society, Alupar is a socially responsible company with substantial technical ability and strong financial discipline, enabling it to continue growing in a sustainable manner through the development of generation and transmission system projects.

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Transmission

Alupar retains an interest in 30 electric energy transmission system concessions with a total extension of 7,929 km of transmission lines, through 30-year terms, located in Brazil, and one perpetual in Colombia, of which 27 are operational and 3 in the implementation phase, scheduled for commercial start-up by 2024.

The main features of Alupar's transmission assets are shown below:

Company	Concession Term	Start-up	Extension	RAP/RBNI	RAP/RBNI	Index
	Begin	End	Operation	Line	(Cycle 2021-22)	(Cycle 2022-23)
ETEP	06/12/2001	06/12/2031	08/25/2002	323 km	R$ 80.6	R$ 89.2	IGP-M
ENTE	12/11/2002	12/11/2032	02/12/2005	464 km	R$ 184.5	R$ 204.2	IGP-M
ERTE	12/11/2002	12/11/2032	09/15/2004	179 km	R$ 42.0	R$ 46.5	IGP-M
EATE	06/12/2001	06/12/2031	03/10/2003	924 km	R$ 358.1	R$ 396.7	IGP-M
ECTE	11/01/2000	11/01/2030	03/26/2002	252.5 km	R$ 77.9	R$ 86.2	IGP-M
STN	02/18/2004	02/18/2034	01/01/2006	541 km	R$ 149.9	R$ 168.8	IGP-M
Transleste	02/18/2004	02/18/2034	12/18/2005	150 km	R$ 33.4	R$ 37.0	IGP-M
Transudeste	03/04/2005	03/04/2035	02/23/2007	140 km	R$ 34.2	R$ 22.9	IGP-M
Transirapé	03/15/2005	03/15/2035	05/23/2007	65 km	R$ 54.4	R$ 43.5	IGP-M
STC	04/27/2006	04/27/2036	11/08/2007	195 km	R$ 52.4	R$ 43.3	IPCA
Lumitrans	02/18/2004	02/18/2034	10/03/2007	51 km	R$ 43.6	R$ 30.3	IGP-M
ETES	04/20/2007	04/20/2037	12/12/2008	107 km	R$ 20.1	R$ 23.6	IPCA
EBTE	10/16/2008	10/16/2038	07/11/2011	775 km	R$ 52.9	R$ 59.1	IPCA
TME	11/19/2009	11/19/2039	11/22/2011	348 km	R$ 58.3	R$ 65.1	IPCA
ESDE	11/19/2009	11/19/2039	01/22/2014	Substation	R$ 15.7	R$ 17.5	IPCA
ETEM	07/12/2010	07/12/2040	12/16/2011	235 km	R$ 16.2	R$ 18.1	IPCA
ETVG	12/23/2010	12/23/2040	12/23/2012	Substation	R$ 16.4	R$ 18.3	IPCA
TNE	01/25/2012	01/25/2042	Pre-Oper.	715 km	R$ 329.1*	R$ 366.0**	IPCA
ETSE	05/10/2012	05/10/2042	12/01/2014	Substation	R$ 25.4	R$ 33.0	IPCA
ELTE	09/05/2014	09/05/2044	Pre-Oper.	Substation+40km	R$ 57.5*	R$ 67.8*	IPCA
ETAP (Lote I)	09/02/2016	09/02/2046	04/06/2019	Substation+20km	R$ 61.9	R$ 68.1	IPCA
ETC (Lote T)	09/02/2016	09/02/2046	09/23/2019	Substation	R$ 36.0	R$ 39.5	IPCA
TPE (Lote 2)	02/10/2017	02/10/2047	10/25/2020	541km	R$ 263.1	R$ 287.9	IPCA
TCC (Lote 6)	02/10/2017	02/10/2047	03/19/2021	288km	R$ 178.6	R$ 195.4	IPCA
ESTE (Lote 22)	02/10/2017	02/10/2047	02/09/2022	236km	R$ 123.6	R$ 135.2	IPCA
TCE (Colombia)	11/22/2016	Perpetual	Pre-Oper.	200km	R$ 134.11	R$ 125.92	PPI
TSM (Lote 19)	08/11/2017	08/11/2047	12/23/2021	330 km	R$ 120.0	R$ 134.1	IPCA
ETB (Lote E)	09/27/2016	09/27/2046	10/16/2020	446 km	R$ 155.3	R$ 171.5	IPCA
EDTE (Lote M)	12/01/2016	12/01/2046	01/20/2020	170 km	R$ 76.1	R$ 83.6	IPCA
AETE	02/18/2004	02/18/2034	08/19/2005	193 km	R$ 38.9	R$ 43.1	IGP-M
TOTAL				7,929 km	R$ 2,889.9	R$ 3,121.4

1USD 1.0 - BRL 5.00 / 2USD 1.0 - BRL 5.24 / * Defined in the Concession Agreement / ** Values from the List of Modules Exhibit X.

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