Good morning, ladies and gentlemen. Welcome to the call for Auren Energia, who are presenting the earnings referring to Q2 2025. This conference is being recorded, and you can access the recording at the website of the company. The presentation is also available for downloading. We would like to inform all participants that after the presentation, we are going to have a Q&A session. More instructions will be provided just before Q&A. Before we continue, I'd like to repeat that the statement has as basis the premises of Auren's management as well as current information available to the company. These statements may involve risks and uncertainties given the fact that they refer to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, as well as journalists may have to take into account that events related to macroeconomics, the segment, and other factors may lead to material results that are different that have been expressed in the prospective statements. Here we have in this conference Mr. Fabio Zanfelice, CEO of Auren, as well as Mateus Ferreira, CFO and Director of Investor Relations. The Investor Relations team is also here with us. I'd like to give the floor now to Mr. Fabio Zanfelice, who is going to proceed with his presentation. Thank you very much. Good morning, ladies and gentlemen. It's a great pleasure to have you here again to release the earnings for Q2 2025. We have six items in our agenda. We have the highlights for Q2 2025, the electricity market, operational performance, trading performance, as well as final comments. Here are the highlights for Q2. We are celebrating another record result: BRL 981 million EBITDA, 18% increase compared to Q2 2024, and reducing leverage to 4.8 x net debt adjusted EBITDA below the expectations after acquiring AES. We have completed integration of our operations center as well as our shared services center, as well as unifying SAP. That That provides us with confidence to say that this process has been completed before expected with above expectation results. Same thing for wind asset availability, which was a pillar for value generation after the acquisition. We have progressed in increasing availability, leading to a 92%, 6 percentage points above the same period in 2024, reaching 93%, t his is reflecting in the good results for wind generation for the company a nother quarter above P90 generation, and also it would be above P50 if it weren't for the curtailment. I will be detailing this later on. For synergies, which is another important pillar, we continue with the BRL 55 million adding up to BRL 154 million in the semester in line, which was announced in the earnings release at the end of 2024, Q4 2024. Liability management process is a process that we consider to be completed. We have done the prepayment of the acquisition finances. We have managed the 10th issuance for Auren Operations and with a - 2.1 in terms of average. We are going to detail this later on in the presentation. This is a record quarter, BRL 2.2 billion in terms of adjusted EBITDA, first time in the history of the company. We're very happy with this result. Finally, a topic that has been widely discussed in the past, which is the CESP Vivest pension plans. We managed to carry out immunization of the portfolio that led to a reduction in extra deficit at BRL 693 million. Going into the energy market, electricity market. W e have an ENA of 78% of long-term average and the reduction of consumption, 2 GW average below the same quarter in 2024. In the first quarter, the electricity segment showed 5% in consumption growth, and then there was a reduction of 3% in electricity consumption, very connected to temperatures below average that we have seen this winter. In terms of ENA, unlike 2024, when you talk about the rainy season, 2024 was okay as of October, January a little different, and then we have a history average for the year. That has an impact on the operation of the system, which we are going to comment in the next page. Here, GSF progress as well as storage, although it was a low flow rate, it was aligned with the same trajectory in 2024, closing the quarter in 70% of maximum level. Today is at 68.5% in August, a reflex of this decrease in demand and also reflecting lower hydrology. The demand had an impact on GSF below expected and below what we saw in the second half of 2024. This year, 95% against 99% in 2024. As mentioned, this was because of reduction in consumption in this quarter. In this page, we see the PLD progress, huge difference compared to what we observed in the same quarter 2024. The Q2 2025, 216 MWh compared to the same period. This was the average. This was for reasons of pricing as well as risk aversion models. We have commented that before, and we see that this quarter, unlike what we saw in the first quarter 2024, the pricing of submarkets were a little more aligned, which was not the case. We saw a gap in pricing between North and Northeast compared to South and Southeast. This has happened as of the beginning of June this year. In the next page, when we go to operational performance, hydrogeneration above the second quarter of 2024, Q2 2024, 178 MW compared to 1,534 MW. Despite the factors we mentioned before, this was a drier period compared, and we had less revenue compared to 2024. For wind, we generated 179 average megawatts compared to 137 MW, reaching 102% of the 90 percentage certification of our complexes. If it weren't for the curtailment, we would be 3% above the P50 of certification. As for solar, we generated 29% above the same, compared to the same semester because of Jaiba operation. With high availability, we were effective with a higher curtailment in solar, where we achieved generation nearly 70% of P90 in that quarter. Here on this page, breaking down wind generation, as mentioned, our availability. Our goal was to get to 95% at the end of this year, anticipating in one year our expectation that we had set for acquiring AES, the 8% curtailment impact on our generation, and still we managed nearly 1,300 average megawatts and a generation of about 2% above P90. This has been a consistent generation in the first two quarters of the year, showing the quality of our assets. Even with this availability below our goal, we still generating above P90 and very much in line in P50 in two consecutive semesters, which shows the quality of our wind assets and the good work of the operation teams in recovering our performance of these power plants. Here, with the breakdown of the efforts carried out for improving availability compared to the last quarter, 95%. Cajuina is a highlight, 25 points above the past, with great recovery of availability. Tucan was another important asset, nearly 14% compared to the same quarter in 2024. Mandacaru is the highlight in this picture with lower availability because of replacing blades. This was a topic that we had picked up in the due diligence phase for AES acquisition, and we are now fixing some of these components, major components of Mandacaru to recover the expected availability as of the second half of the year. We started the year with about 89% availability, and in June, we completed the period with reaching nearly 93%, still below our expectation. I'd like to repeat that once these assets are in line with our expectations that we set up when we acquired the company, the AES assets, obviously, the generation figures will be above those presented previously. Here we have the benefits of an optimal portfolio. The second Q2 for 2025, the company has shown modulation gains, mainly in hydropower, BRL 40 million in this semester, and with an accumulation of BRL 58 million. When we look at the impact with curtailment, BRL 76 million, and a modulation effect, BRL 40 million, with a net impact of minus BRL 35 million, with EBITDA of over BRL 900 million, doesn't really have such major impact on our earnings. Here, trading. I ntegrated energy balance for the company, we have increased in 50 average megawatt in our long position with Cajuina, which is a project that is being built in the north. We added Cajuina trades, which is 63 average megawatts, but we did not place the sales to CBA that is just about to be signed. Here's only the resources added. There is a surplus of 250 average megawatts and 34 average megawatts for the period 2027 to 2029. We have traded about 200 average megawatts in contracts with an average of 15 years with an average price of BRL 177 MW with a number of customers. We have not placed the numbers in the balance sheet here presented because these negotiations are ongoing to close these deals. This is the first part of the presentation, and Mateus is now going to speak about our financial results. Good morning, everyone. It's a pleasure to be here. W ith you today presenting the earnings for Auren. We have an EBITDA of BRL 181 million, 18% growth compared to the same period in 2024. This growth is explained by kicking in of operation of Tucana and Cajuina, as well as the solar Jaiba project. When we look at the results, as mentioned by Fabio, these are record numbers. The semester EBITDA of BRL 2 billion, about 40% growth. When we look at the next page, when we look at PMSO, in line with previous semesters, we get to savings of over BRL 150 million per year, very aligned with the expectations to reach BRL 250 million in accumulated numbers. Remember, this is the double amount when we first announced the acquisition of BRL 120 million. We close Q2 2025 with a total PMSO of BRL 282 million versus the figure released of BRL 329 million. When we look at debt. T he company, as well mentioned by Fabio Zanfalesi in the beginning of the presentation, had a drop of nearly one time the EBITDA debt in the first balance sheet of 2024. It was the first one released for both companies for 7th and now closing the second quarter of 4.8. A 0.9 reduction in this semester and 0.2 in the second quarter. An important announcement in July through new issuances that are going to be announced: BRL 2 billion at CESP, CDI + 0.62, a seven-year debt, an issuance of BRL 1.1 billion in Auren Participações. This is an incentivized issuance with a firm guarantee from the banks. It's going to be in TNB 35, - 0.41, 12-year debt, and there's going to be a swap for CDI. And BRL 200 million, it is a MBNDS Climate Fund EPCF plus 3%, 24-year debt. Here we see the progress, how the gross debt, which was BRL 24.5 billion compared to what we had in March of BRL 26 billion. We had a reduction of gross debt for the company of BRL 1.5 billion, and we have the pro forma for these new issuances. We add the new ones, the BRL 3.5 billion in total, and then we have the prepayment of the entirety of the acquisition finance, remembering that we had paid 60% of the acquisition in April, and now we are paying the remaining in August and September. We are also doing the issue of another debt of BRL 150 million of Auren Operações. All the liability management is then completed for AES acquisition in less than a year, and the expectation was for 2028. The average cost is CDI - 2.1. If you see the reduction component of the average cost of the company, this was the CDI component. What is CDI plus zero today? At the end of last year, it was CDI + 1.1. All the payments led to a reduction of a CDI cost from 1.1 to one plus zero in the components connected to CDI. The average cost of the company is CDI - 2.1. The company ended with a healthy performance, and then it takes over these emissions and prepayments. There's nothing due, nothing relevant that is due in the next years. We're now in a speed with the normal, there's no more concentration as there was in June, and now we have around BRL 1.5 billion, BRL 2 billion, which are due in a natural speed, which is natural for the company from now forward. Now I'm going to give the floor to Gerson Santos. He's the Controller of the company, and he's going to explain the immunization of Vivest. Thank you very much, Matthias. Thank you to everyone. In the last years, the company implemented several initiatives to generate value for the fund and as a consequence to reduce the pension plan of CESP. In this quarter, we concluded one more of these processes, which is the immunization of this plan. What does this mean? It means mainly to change the assets of the fund for those that are indexed to the IPCA. We align the, we take advantage for the high interest rates and these bonds which are due aligned to the future commitments of the fund. This has already been concluded, and as a conclusion of this, we have a rate of 6.28%. This rate considers especially the expectation of the profitability of these new assets that were re-agreed with the fund. As a next step, this 6.28%, which was calculated by a special professional, which has to go through governance. We have already approved this, and now it will be approved by the Board in August, and then it will go for the approval of Previci. For us to understand the main benefits of this strategy, I would like to highlight some of them. First of all, the reduction of the deficit and also to reduce this. It reduces the volatility of the results. It equalizes the due terms, and it mitigates the reinvestments of these bonds because it's aligned to the future flows, and it brings an actual balance, and it eliminates the future deficits. Bringing a little bit or materializing a bit of this result in the table, we can show you the scenarios. One scenario where we, if we did not implement this immunization for December 31st, 2025, the actual deficit would be BRL 1,600,000 with a payment of BRL 68 million as a result of this immunization. Our estimate with the actual rate versus the expected return of the investment, 6.28%, that this would end the year with BRL 0.007 million, so a reduction of BRL 693 million or 41% in relation to the scenario without this immunization. We'll have a reduction of BRL 132 million, a reduction of BRL 136 million, which impacts the cash flow of the company from 2026, though the disbursement is much lower. This 6.26% is higher than the corridor which was disclosed by Previci, which is 5.66%. Scenario adopting just 5.66%, we would not need the approval of Previci, only the approval of the board of Vivest. With this non-approval of Previci, the actual deficit for December 2025 will be BRL 1,125 million, a reduction of BRL 500 and something million. A reduction of the deficit of 34% and a reduction in the annual disbursement of BRL 25 million estimated for 2025, BRL 143 million. I would like to reinforce the commitment of the management. In the last years, we have implemented the exchange of the index for the IGM to IPCA, payment of the plans, and voluntary migration. We continue committed with a better management of this actual deficit and the reduction of it. If things unfold, which is relevant to this topic, we will communicate this to the market. Now I'm going to give the floor to Fabio for his final considerations. Thank you very much, Gerson. The final considerations I would like to highlight are the end of the integration step of the IS, important movements that we have carried out in the last quarter to conclude this integration. Wind assets, 95% of availability, going quite well. The synergy, we've reached BRL 154 million in this quarter. As Mateus commented, we had BRL 120 million, so we're BRL 154 million over when we acquired AES, and our expectation is to reach BRL 250 million at the end of the year. Record results, BRL 2.2 billion during this semester. Also, a trend to leverage. When we acquired AES, we announced that this would be the route of leveraging for the company, and we have followed this reduction of leveraging every quarter. Here, an important moment, the change of the management of the company after six years, Mario is leaving us. Yesterday was his last day. As CEO, he's taking over as CEO for Citrosuco, and it's a recognition for the wonderful work that he carried out here ever since CESP. He worked brilliantly, and he's been cooperating a lot with the company ever since then. We are going to miss Mario a lot. We would not have reached these results without his cooperation. I admire him a lot, not only due to the results that he has helped us reach in the company, but also the example of ethics that he's always brought us. Good luck in your new challenges. You will be successful because you are a successful person. Since you like challenges, I'm sure that you'll love the new challenge in Citrosuco. Now, taking over Mario is João Guillaumon, and the strategy and innovation. Joaquin is taking over in talents of the company. These are the two talents that we have. João is working. He's been in McKinsey for 19 years in this process of integration of AES, the speed that things were done here. His leadership together with João and Priscila and all the team of Auren and Joaquin with success in M&A and closing with gold key, so to speak, and now taking over other challenges. He continues with M&A, but given the capacity, Joaquin is also taking over the positions that belong to João. We wish them both good luck, João and Joaquin. This is a bit redundant, but the company continues, as I said, cultivating its talents and demonstrating the quality of our succession plan, benefiting from the resources and the talents that we have within the company. We conclude now our presentation, and now we're going to move towards the questions and answers. We will start now the Q&A. If you wish to ask any question, please press the button, raise your hand. If your question is responded, you can leave the line clicking on lower the hand. Vitor Cunha, Itaú BBA is going to ask the first question. Good morning, everyone. Thank you very much for the opportunity. You mentioned about the presentation about the pension plan, but I would like to know if there's any legal timeframe of the definition of this new rate or if it's just expectation of the company. Does this mean that it's going to be solved up to the end of 2025? Is there any possibility of another, any other scenario? If you could give a bit more, tell a bit more about the strategy, more shorter to 2026, or if it's changed the positions of the long up to 2027. I'd like to know more about this. Thank you very much for your questions. I'm going to give the floor. He's going to, Gerson, he's going to comment on the pension plan. First of all, I think the first step in governance is we've approved as investment management of the plan unanimously the rate of 6.28%. Now, it goes normally for the approval of the Vivace board. We have good expectations that this will be approved, and then it will go to the approval of Previci, which is not a totally extraordinary process. This is something that happens yearly in a process of funds of this nature. Another scenario, which is the 5.65%, it means the corridor ceiling, which has been approved and disclosed by Vivest. This is the best scenario, is the 6.28%, but the 5.65% would be a scenario that the management does not have control of the approval of Previci. Victor, in relation to the topic of the commercialization, the balance today that you saw today, the end of the quarter, it moves, it moves rapidly. You know about the dynamism of this. What we have today is not exactly what was presented today when we closed the quarter. In short term, we have done, there were some oscillations of the market. We did a move, we contracted energy for the second quarter, and now we see a reversion of prices going up. It depends on the dynamic of the prices of the year and the second semester. Limit six, we had a short position. We didn't change this, but it's a different position than what was presented here. These are adjustments of commercialization strategies. Very clear. Thank you very much for the answer. Our next question comes from João Pimentel from Citi. Good morning, everyone. Thank you for the call. I would like to ask a question, a more sort of conceptual question. It seems that all this journey of the turnaround that you talked about, liability management, cutting costs, everything seems to be going very well. A lot of the main points have already been seen to. I would like to know what is the company's plan going forward. Once we have concluded all this, obviously, you have a limitation point of view of the balance of large movements, et cetera. I would like to understand what the company thinks after integrating all the assets of AES and solving everything that's pending. What are the next steps that we can expect from our end going forward, taking into consideration all the challenges that we have in the market, these comings and goings, politicians, regulation, et cetera? I I would like to know what the strategic position of the company is. Thank you, João. Thank you for the question. I think you mentioned very well the topics of AES and incorporation. I think these have already been dealt with. They're solved. We know that there still are opportunities within the company, management, of course, everything. These are things that we're going to do in the next month. You also commented, and we've talked about it, priority zero leverage. Any new acquisition, the return has to be exceptionally good for the company to make another acquisition. Opportunities in the future might show up. The sector is undergoing a lot of complexity, but we always want to add value to our shareholders with this component of leveraging. What we've done in the company now is to continue advancing in two fronts. The first is a lot of energy in commercialization. We've been saying this for quite a while, the creation of an ecosystem preparing the company for the evolution of the market. We have a PEM that's opening the market. We have other initiatives, other regulatory initiatives to create opportunities in the commercialization segment. We continue evolving with Esfera and E2, which are these companies that are independent companies, and we're going to keep them like that because we want to benefit from the capacity of these companies of innovating and working in an agile manner and creating products as they have done during their history. Now we're going to look with much more energy because we believe that there is value with the evolution of the market that is going to come. Another important point you mentioned, the complexity of the market. The company continues reinforcing what it's always done during history to have a company which is resilient with the fluctuations of the market. This is a bit of what we work with and independent of these alterations. The company always tries to be in a resilient and robust position. This is how we've worked in relation to the expectations of the capture of synergies. This continues being a mantra in the company. M&A, the return has to be exceptional given our leveraging. Commercialization, a lot of opportunities to unlock, and that's why we're putting all our effort now and working with the company so that it really has a higher average that the market produces with resilience and robustness. Thank you very much. The next question comes from Daniel Travitsky from Safra Bank. Hi, folks. Good morning. Thank you for the opportunity. I have two questions. The first one, I want to do a sort of a follow-up about selling energy. What is the expectation about the evolution of the results? Looking at this dynamic that took place this year, a strong result in the first quarter. Now, this result in the second quarter, a little weaker. How do you expect this to evolve during the year? That's my first question. My second question is about the curtailment, which still was quite high this quarter. I'd like to understand a bit about your perspective of how this is going to be solved and when. What are the alternatives that are on the table and what is being discussed here? If you could comment on the transmission lines, but regulatory-wise, if there's anything new, and what is the debate on this topic? Thank you. Thank you for the question, Daniel. About the commercialization, it was a strong quarter, not compared to the first one, but we have BRL 221 million EBITDA accumulated in the year. This is an expressive result for one year. The next semester, we don't expect that we'll have such expressive results. The result was very concentrated in the first semester. This is the first point. In relation to the curtailment, as you said, even though it's higher, what you mentioned is correct. Even with a more aggressive scenario in the curtailment, the assets of the company performed well given the context. A good part of the curtailment we observed in the second semester was because of the excessive aeolic resources higher than expected. This was cut above expectations, but reinforcing, we were able to be above the P90. Regulatory-wise, what has happened? Of course, the associations have talked to the government. We work through class associations. We don't work directly with this topic because given that it's a systemic problem, it has to be solved by the players of the market. These things happen. I don't want to go into details, but these conversations, they evolve every day. We look, time passes, and the conversations become more mature for a solution of this topic. Q&A is now finished. Fabio will make the final comments. Thank you so much for your time for another Auren earnings presentation. Another quarter that has made us happy in terms of our results. The market seems a little more complex. However, the company has confirmed its ability to navigate in more turbulent waters with our AES acquisition. As we mentioned, the results then have confirmed this very adequate decision that we took last year to acquire AES assets. Our Investor Relations team is available to you for any questions as for the release or the presentation. Any question that has not been made, everyone is available once more. Thank you very much. We will look forward to making the presentation for Q3 2025. This is the end of this conference call, and we'd like to thank you for your time and wish you a great day.