After. Ladies and gentlemen, welcome to the Alupar Conference Call to discuss the results for the first quarter of 2025. This event is being broadcast live, with audio and slides available simultaneously. To access the audio in English, just click the interpretation button on the bottom of your screen. The presentation is also available for download. We would like to inform that all participants will be just listening during the company's presentation. Afterwards, we will begin the Q&A session. We would like to inform you that any forecasts of future events are subject to risks and uncertainties. It may not happen. They can be different than what's expected. They only emit the opinions when they are done, and the company is not obliged to update it. We are joined today by Mr. José Luís Godoy de Pereira, Alupar's Chief Financial Officer, and Mr. Luis Coimbra, the company's Investor Relations Director. I'd like now to turn the floor over to Mr. Luis Coimbra, who will begin the presentation. Please go ahead, Mr. Luis. Boa tarde a todos e obrigado pela participação. Good afternoon, everybody, and thanks for participating in this call for the results of the first quarter of 2025. Our agenda is divided in five topics. First, we are going to talk about the highlights of the first quarter of this year, and then afterwards we are going to talk about the status of the implementation projects. Then we are going to talk about the quarter results and the destination of these results. Finally, we are going to hear a little bit about the performance of the company in the capital markets. Talking about highlights, we signed on the 29th of April the first additive term to transfer the subsidiary TAP to TSAP, which will cease to exist, the TAP. We can optimize the structure of capital of these two assets and have management more efficient in implementation and operations of these projects. Talking about the next slide, we have the second highlight of this quarter, which was the approval of a new ATVG transmission installation of this new transformer. We had an increase in load, and this reinforced the installation of this new transformer, KPAX, foreseeing BRL 62.2 million and a revenue of BRL 9.5 million based on this new cycle of 2024-2025. The relationship RAP KPAX is 13.7%, and the operation will start in the fourth quarter of 2027. The third highlight was the approval of dividends for 2024 in the annual general meeting that happened on the 16th of April. As it was being recommended before in the board meeting of the 26th of February, we approved the distribution of dividends in BRL 76.6 million, equivalent to BRL 0.24 per unit. The dividends will be paid up to the 16th of June 2025. With this distribution, the dividends of 2024 totaled BRL 275.7 million, equivalent to BRL 0.87 per unit, representing a payout of 51.5%. Now going to the last highlight in relation to the results also. At the same annual general meeting, we have a stock bonus in the BRL 349.5 million, corresponding to 38 million new shares. We emitted 38 million new shares that were given to shareholders in a rate of 4.0 stock bonus. The attributed value was BRL 9.17, equivalent to BRL 27.57 per unit. Now, talking about the next topic of our presentation, we are going to talk about the status of our projects. We have four projects that showed advances: the TCN, the first one. We had the license for installation of the last tower. With that, we are not going to have any restriction to the execution of the project. We also could make advances when compared to the last quarter. Now we have a 99% physical advances. Another project that was significant was in the north strip of IOTS transmission company. It reached 98% of physical advances. P&E also had a very expressive evolution. We evolved more than 14% when compared to the fourth quarter of last year. The works reached 84% of physical advances. Also we have the TCP. This project has 10% of physical advances, and it has its own characteristics. It has got like five stages, and we will have the recognition of revenue after every single stage is finished. Now we are in stage one, and we had BRL 8.9 million in revenue, equivalent to 11.9% of the total revenue. We have another block of projects being implemented that contemplate five projects: three in Chile, one in Peru, and one in Colombia. These projects are in the beginning. The advances we have done are in the foundation front and hiring substation equipment. Related to the other projects, we still do not have any expressive advancements. They are being developed. As we have advances, as these projects are being developed, we are going to bring more details in the next future quarters. Now, talking about the numbers of the company, we start with the numbers in FRS. We have BRL 1,223 million, a growth of 22.8% when compared to the same period last year. In the segment of transmission, it has an increase in BRL 205 million, especially because of the revenue in monetary correction. We have an increase in financial indicators. The GP is at 2.29% against 0.29% in the first quarter of 2024. IPCH also has got an increase, not so expressive, but it increased 2% in this quarter against 1.83% in the first quarter of 2024. The segment of generation grew BRL 41.9 million in revenue. I would like to highlight the main three factors. We had an increase of almost BRL 15 million in Ferreira Gomes because of the sales of a carbon credit. We also had an increase of BRL 10 million in PCH Morrazu, our company in Colombia, because of better hydrology in this quarter. Finally, we had an increase of BRL 5.3 million in La Virgen, and the price of the export market was much higher. We had an average price of BRL 256 by BRL 195. Looking at the EBIT, it totaled BRL 932.5 million. It grew 14.6% compared to the first quarter of 2024. The main impact of that was in revenue, what I just mentioned. We had a growth of BRL 89.2 million in infrastructure costs due to the investments for the transmission projects in implementation in Brazil. We also had an increase of BRL 19.7 million in the purchase of power. There are three main points here. We had a decrease, we had a difference in prices between southeast and northeast. The second impact we suffered, it was, we had an average in our assets, wind assets, 16% of impact. For our solar assets, we had 24%. Finally, the increase of the settlement price for differences in BRL 143. In the first quarter of 2023, this price was BRL 62. Finally, we had an increase of BRL 33.4 million in equivalence. The only asset that T&E, as this asset is being built, it has a growth in infrastructure, so it shows improvements in the result, a better result. So we bring this increase via equity investment, an increase of 17.2% in relation to the numbers recorded in the same period last year. The main impact was the first BRL 120 million in EBIT. Second impact, an increase of BRL 20 million in the financial results because of increased interest rates in this quarter, especially the IPCA, that represents a huge amount in our debt, 2.204% against 42% the same period last year. Another impact important to highlight, the increase of BRL 19 million because of taxes and improved and consolidated results in general, 21% aligned with the 22% that we had in the same period last year. Finally, we had an increase of BRL 39 million in the participation of the non-controlling interest, as detailed previously. Now, going to the next slide, we are going to present the variations of regulatory numbers. The net revenue was BRL 857.5 million, 8.3% above the numbers reported in the same period last year. In the transmission segment, it contributed BRL 29 million in revenue. We had two main highlights. The first one was the commercial operations in May 2024 of the south strip of the Elch transmission. The resolution of July 2024 established the cycle 2024-2025. The power generation represented a huge increase. This number was detailed before in the IFRS, the EBITDA, BRL 685 million, 2.5% above the numbers reported in the first quarter of 2024. The main impact of this was an increase in revenue that I just explained. Afterwards, we had an increase of BRL 19.7 million in energy purchase in the EBITDA. We also had an increase of BRL 8.3 million in other expenses. We had a low write-off in some projects that were discontinued. Analyzed profit, it was BRL 141 million. The impact was this million. We had an increase of BRL 20.9 million in our financial results because of the increase of our expenses, because of higher interest rates in the first quarter. Finally, we had an increase of BRL 78.4 million in the non-controlling interest. We are showing now the holding company debt. It has a gross debt of BRL 877 million. It is related to the eighth emission of the bankers, IPCA plus 6.5% and CDI. We closed with a cash position of BRL 1,203 million and a negative debt net of BRL 325 million. We presented a consolidated debt. The gross debt was BRL 12,588 million, with a cash position of BRL 3,678 million, resulting in a net debt of BRL 8,909 million. We did not have any significant variations. Most of our debt, 75%, was connected to the IPCA, followed by the CDI with 26%. Seguindo para o próximo slide, nós apresentamos a destinação dos resultados. The destination of results on the next slide. The board approved the distribution of dividends in the amount of BRL 69.2 million, which is BRL 0.21 per unit, a payout of 52%. The payment will be done to shareholders 60 days after the approval, which happened yesterday. The record date will be the 15th of May, with shares being negotiated as ex-dividends from 16th of May forward onwards. Now, the performance of the company in the capital markets, in the closing day yesterday, our shares valued 8.3%, 18.3%, IEE 24.9%, IBOVESPA 13.3%. Another thing I'd like to highlight here is an improving financial volume. We closed the year up to yesterday with a financial volume of BRL 27.8 million, which represents a growth of 7.3% when compared to the same period last year. With that, I will wrap up my presentation, and we can go to the Q&A session. Thank you. Iniciaremos agora a sessão de perguntas. Now we are going to start the Q&A session. Para fazer uma pergunta. For investors and analysts, to ask questions, please raise your hand. If your answer is responded, you can leave the queue and lower your hand to ask questions by writing. Just use the Q&A button on the screen at the bottom of the screen. First question from Mário Berto, from Banco Safra. You can proceed, please. Oi, pessoal, boa tarde. Obrigado pela oportunidade. Hello, good afternoon. Thanks for the opportunity. I'd like to understand how can you evaluate the possibility of participating in the next transmission that's going to happen in Brazil, and if you also can talk about the pipeline of opportunities of transmission in Latin America. Thank you. Com relação a possibilidades aqui. we have to analyze what is difficult for us to know. We are going to check the projects, and it depends on the conditions. And that applies to Latin America. We have less options this year. E Brasil também tem. Or bids. Less than last year. This year, there are fewer opportunities in general. Mas eu acho que, de qualquer forma, o mercado tende a crescer bastante. But anyway, the market is supposed to grow a lot with the renewable situation. I think you have seen the blackout in Europe because of this transition and the needs of reinforcement of the grid of transmission. It's a natural thing. Of course, that's not going to happen in a linear way. Some years we have more projects, some years we have less projects. Thank you. Nossa próxima pergunta. Next question. Com a resposta do Vítor Cunha, do Itaú. Comes from Vítor Cunha from Itaú BBA. You can proceed. Senhor Vítor, o seu microfone está aberto e o senhor pode prosseguir com a pergunta. Mr. Vítor, you can ask your question. Your mic's open. Nossa próxima pergunta vem do senhor Vítor. Next question comes from Vítor Souza, from Genial Investimentos. Bom dia, me escutam? Good morning, can you hear? Yes, you can proceed. Gosto de saber. Good afternoon, everybody. I would like to ask how is the process of the T&E line going? I would like to know the plans of the company after the results of this balance of this line, or if you would like to operate or until in the case of T&E. It is still ongoing. We have expectations, good expectations, but regardless of anything, we think that our thesis is right, is correct. Então a gente tem uma expectativa boa com relação a isso. We have good expectations related to that. In case of line operation, we have an agreement in place with the resumption of jet and. Nós assinamos o acordo de sienices com a Eletrobras, que já prevê. We signed agreements with Eletrobras, so we have an asset that we have a share participation together with Eletrobras. We have this order from the T&E, so our agreement foresees that we have a reduction in participation. We have been having that in social capital. It's being diluted throughout the project. Previsão para esse desclosamento com a Eletrobras. Prediction with this other asset from Eletrobras that we have together. In the end, when T&E is in operation and the arbitration is completed. A avaliação seria num outro instante. I A avaliação seria num outro instante. I can imagine that the evaluation will be in another moment. It must be completed. The project is well advanced. A execução do projeto. And the execution of the project. E a conclusão da arbitragem. And the conclusion of the arbitration to define the rep. Para além do que já foi anunciado, vocês possuem algum pipeline para fazer isso? Beyond what has been announced, do you have any other backlog or pipeline for improvements from the new side? Because from Alupar, it's a less exposed deal to this kind of thing. The idea is to leave this idea of investment more clear. I would like to know about it. These new systems, they had a. Você pega uma empresa como a CETEP ou. You get a company, just a CETEP or Furnas or Eletrobras, as they are very old lines and the lifespan of their assets is already in the final phase, there is a need for replacement of this equipment. That generates this opportunity of RBNI for older companies. Because you have resources for the expansion or replacement of equipment that are in the end of their lifespan. You can. Sistemas vão envelhecer. According to, as systems get old, this has started to happen. Until the end of the concession, you will have a few projects that might need equipment replacement because they are already in the end of their lifespan. Nós fizemos a recente. We recently had, I can raise you later the more data. We always had. A gente teve que nós concluímos, inclusive anunciamos. We completed a project that we announced recently, the RBNI of BRL 130 million from Elch project in the seaside of São Paulo. We have two RBNIs in Inch and the sum of both of them, it's something like BRL 600 million to be executed in three years. We have some other projects that we can see the need for replacement of this equipment. Anel knows, Anel knows that, and we will inform them, and then we can negotiate. Esses equipamentos aí. To change this equipment, pieces of equipment. Thank you. Nossa próxima pergunta vem do senhor Vítor. Our next question comes from Vítor Cunha from Itaú BBA. Boa tarde, pessoal. Me escutam agora? Good afternoon. Can you hear me? Obrigado, obrigado pela oportunidade. Thank you, thanks for the opportunity. I would like to know the vision of the company. Recently we had an ONS indicating that we could improve the flow in the Northeast in one gig. Para tratar do tema, onde o ONS deve apresentar estudo agora na reunião de ONS, possivelmente. Up to where the ONS must present in the June meetings. Na visão da Alupar, o quanto essas medidas aqui. Alupar vision, this measure can. Qual seria nível de que eu tenho que ser revisado, se é que a gente pode olhar assim, olhando para frente. What's a normal level looking ahead? Can you comment about the exposure of the company and the risks of the company? Sorry, I could not hear really well. What happens is. A gente tem que acompanhar. Entertainment, we have been following up with the BOL, it is very active. Related to this negotiation, and I think it is positive. Because we have a law that has been approved. The problem, we don't need to change any laws, we can just apply what the legislation has determined. What happens is that they created a regulation after the law with a series of things that kind of distorted, and it generates this issue of pertainments for all the companies. And cargo load transfers that started last year, when there was a blackout in the Northeast region. The operational system is more restricted in this load transfer. I don't have any numbers here, exact numbers, but I remember that this flexibilization of the IMS was something related to one gig or 1.5 gig of the systems between the North, South, and Southeast. That would improve in every single way. The price is high at Southeast and in the South. Só para finalizar a questão do container. Just to finalize, the pertainments situation is not an issue that must be placed only on the responsibility of the wind farms, renewable wind farms, because who is paying this bill are the renewable ones. We have thermal dispatches that are flexible, they have preference GD, so there is a lot of preferences of other agents. Why do they have that and the EOLIC doesn't have it? We have to, maybe we'll have an agreement in the sector to understand these issues of containment and the reinforcements in the basic grid. Que é uma questão que não faz o menor sentido, né? Você tem que fazer isso. It's an issue that doesn't make a lot of sense with the high prices. It means like it's being too heavy for consumers. Eu acho que isso deve encaminhar essa reforma e nessas negociações. We might have a reform and negotiations that are ongoing. Thank you. Nossa próxima pergunta vem do senhor André Sampaio do Santander. Professor André Sampaio from Santander. Boa tarde, eu queria fazer só follow-up na primeira pergunta. Just a follow-up on the first question about the issue of investments in Latin America. Pouco mais tranquilo, né? Agora em 2025. In 2025, it seems like it's a calmer year, but I would like a more optimistic prediction for 2026. I would like to know about the scenario connected to the more relevant CapEx and new investments. What's the strategy? Ou existe uma limitação onde vocês. What's going to happen? Is there a limitation where you prefer? Obrigado. Not Not to offer. Olha, isso vai depender da oportunidade. That will depend on the opportunity. Oportunidade muito interessante. If you have a very interesting opportunity, all the shareholders might, maybe an equity offer will be interesting. Planejamento, né? It's not in our planning today because we have long-term plannings and within our premises that were adopted, we don't have this need. If a very interesting project would appear with a return rate that's very attractive and it generated relevant amounts for the company, yes, maybe we could maybe go to the market. Só mais uma pergunta. Eu só queria uma coisa. Another thing, I just like to know if you have observed any other markets with potential to participate or if you're going to continue on the same markets. We have been looking at other markets, but I wouldn't like to get into the details here. We have been looking at other markets and in fact what happens is that the whole world is going through this energy transition and investments in basic networks are appearing from everywhere. So we have been trying very carefully. Algumas oportunidades, a gente acha que. We are trying to find new opportunities, but in a very cautious way. Maybe things will come up in the future in other places, but always focus in our own characteristics in what we do. Thank you. Nossa próxima pergunta vem do senhor João Augusto Santos. So the next question comes from João Augusto Santos, an investor. Good afternoon. I would like to know how can you see the results of energy generation? Are there any perspectives of improving net profits? Are there any energy generation projects in the pipeline or are you just going to focus on transmission projects in the near future? We don't have anything in our pipeline while we don't equate all the issues and it's a bit complicated. We have grown a lot in retail. Retailers, there are demands for energy. Maybe that can be a source in the future of revenue for new businesses. I can see that the market is changing. I don't know if you have been following up, but new law, projects of law, and the idea is to open the market in general for all the consumers. Então acho que isso. They can access this market freely. This market is changing. The bids of distributors will be smaller and smaller. I can see positively in at least in a macro way. Of course, there are things that don't make any sense, but in a macro way, I can see that these changes are positive. This year in the generation, we have been having a lot of problems with containment and Cevaro also last year. In short term, that will be a little bit harmful. It could harm us. From the next year onwards, with everybody using the premises, the new premises, and added volatility, that will stimulate the hiring of in long-term consumers and companies. I can see in a positive light these changes, and I can see that the generation area can be attractive. Very attractive. It depends on all these other issues that might be addressed. A sessão de perguntas e respostas está encerrada. Question and answers is closed. Now I'd like to give the floor to Mr. José Luís for the final considerations of the company. Ok, então eu gostaria mais uma vez de agradecê-los aí. I'd like to thank you once again for participating in our presentation of the first quarter results. I would like to let you know that the company is available to you. If you want to get to know the company better, to learn more, our team is available if you want to talk to someone and clarify any points that you may have questions about. Até a próxima, então. See you next time. Abraço. Thank you. A teleconferência da Alupar está encerrada. The conference of Alupar is now finished. Thank you for your participation and have a great afternoon.