Daily Current Brazilian Utilities

Research evidence excerpt

Daily Current Brazilian Utilities

Global Research

24 June 2026ab

Daily Current Equities

Latin AmericaBrazilian Utilities

Utilities

Giuliano Ajeje

ANEEL approves Copel’s tariff review with a 20.5% increase Analyst

According to Agencia Infra, Aneel approved the periodic tariff review for Copel giuliano.ajeje@ubs.com

Distribuição, which serves about 5.32 million consumer units in the state of Paraná. +55-11-2767 6371

The new tariffs take effect this Wednesday (24), with an average increase of Henrique Simoes

20.51%. For residential consumers, the hike will be 20%, while the average Associate Analyst

adjustments will be 19.85% for low voltage and 21.87% for high voltage (link) henrique.simoes@ubs.com

+55-11-2767 6308

Sanepar precatorio: Agepar decides to allocate 100% of the R$4bn to tariff relief Julia Ongarato

Agepar approved, on Tuesday (23), the final Technical Note on the allocation of Associate Analyst

approximately R$4bn received by the Paraná Sanitation Company (Sanepar).The julia.ongarato@ubs.com

+55-11-2767 6694

document states that 100% of the amount should be allocated to tariff relief, with

50% (R$1,972,196,147.14) directed to non-burdensome investments and 50% (R

$1,972,196,147.14) to discounts on users’ bills. The amount stems from a court-

ordered payment (precatório) made by the Federal Government, following the

recognition of reciprocal tax immunity. (link)(see our report here)

UBS - recently published reports

On June 22 we initiated coverage of Compass - Pipeline to growth - Initiating with

Buy. We initiate coverage on PASS3 with a Buy rating and a R$38/share price target,

representing a 50% upside. Compass is Brazil's largest natural gas platform, sitting

at the intersection of two very different business models. On one side, a portfolio of