Business Context and Reporting Period
This Form 6-K filing by Energy Company of Minas Gerais (CEMIG) covers corporate events and disclosures occurring primarily in March and April 2026. The filing serves as a repository for notices regarding the Annual Shareholders' Meeting (ASM) scheduled for April 30, 2026, capital allocation decisions for the fiscal year ended December 31, 2025, and strategic corporate developments including asset acquisitions and regulatory clarifications.
Key Financial Metrics and Capital Actions
- Net Income Allocation (FY 2025): Management proposes allocating net income of R$4,897,409 thousand.
- Dividends and Interest on Equity (IoE): R$3,513,358 thousand total. This includes R$2,419,918 thousand in IoE, R$676,139 thousand in mandatory dividends, and R$417,301 thousand in dividends paid in December 2025.
- Retained Earnings: R$1,156,445 thousand retained to support the 2026 capital budget.
- Legal Reserve: R$240,911 thousand.
- Tax Incentive Reserve: R$79,194 thousand.
- Recent Interest on Equity (IoE) Declaration: On March 19, 2026, the Board approved an IoE of R$657,957,000 (approx. R$0.23 per share), payable in two installments by June 30, 2027, and December 30, 2027.
- Debt Liquidation: On April 10, 2026, subsidiary Cemig D completed the liquidation of its 15th Issue Debentures totaling R$1,150,000,000. The debt carried a rate of IPCA + 6.9416% p.a. with a 15-year term.
- Management Compensation: Proposed overall compensation for Management, the Fiscal Council, and the Audit Committee is R$45,130,000 for the period May 2026 to April 2027.
Material Changes and Strategic Developments
- Asset Acquisition: On March 25, 2026, CEMIG and its subsidiary CEMIG GT completed the acquisition of a 51% stake in Hidrelétrica Pipoca S.A. (PCH Pipoca) for R$38.87 million. The asset has an installed capacity of 20 MW and assured energy of 11.9 average MW.
- Corporate Structure Proposal: The filing addresses media reports regarding a proposal by the Government of Minas Gerais to transform CEMIG into a widely held corporation (migrating to B3's Novo Mercado). Under this model, the State would cease to be the controlling shareholder, retaining approximately 17% of total capital with a "golden share" for strategic vetoes. Management clarified this is a political discussion external to the company and not a finalized material fact.
- Regulatory Compliance: CEMIG refiled its Remote Voting Form for the ASM on April 7, 2026, following CVM inquiries regarding submission deadlines and contact details. No changes were made to the substantive matters of the meeting.
Guidance, Outlook, and Risks
The filing contains standard forward-looking statements regarding expected future events, noting that actual results may differ due to risks outlined in the most recent Form 20-F. Management emphasizes that the proposed capital budget and investment plans are aligned with the company's strategic planning for generation assets in Minas Gerais. The filing explicitly states that the company undertakes no obligation to revise forward-looking statements.
Important Facts for Investor Verification
- ASM Voting Deadlines: Remote voting forms must be submitted by April 26, 2026, for the meeting on April 30, 2026.
- Dividend Payment Schedule: Mandatory dividends for FY 2025 are proposed to be paid in two equal installments: the first by June 30, 2026, and the second by December 30, 2026.
- Privatization Status: Verify the status of the "corporation model" proposal with the Legislative Assembly of Minas Gerais (ALMG), as the company states this is a political matter under review and not a finalized transaction.
- Debt Reduction: Confirm the impact of the R$1.15 billion debenture liquidation on the consolidated debt profile of Cemig D.
- Acquisition Integration: Monitor the integration of the 20 MW PCH Pipoca asset into CEMIG's generation portfolio.