Here with us today are Mr. Ivan de Souza Monteiro, the President of Eletrobrás. Mr. Eduardo Haiama, Executive Vice President for Finance and Investor Relations. Mr. Antonio Varejão de Godoy, Vice President for Operations and Safety. Ms. Camila Araújo, Vice President for Governance, Risk, Compliance, and Sustainability. Mr. Elio Wolff, Vice President for Strategy and Business Development. Mr. Italo Freitas, Vice President for Trading. Mr. Juliano Dantas, Vice President for Innovation, R&D, Digital, and IT. Mr. Marcelo de Siqueira Freitas, Vice President for Legal Affairs. Mr. Renato Carreira, Vice President for Procurement and Services and Interim Vice President for People, Management, and Culture. Mr. Robson Pinheiro de Campos, Vice President for Expansion Engineering. Mr. Rodrigo Limp, Vice President for Regulation and Institutional Relations. We would like to inform you that this event is being recorded and will be made available on the company's IR website, along with the presentation being shared today, both in Portuguese and English. For those who require simultaneous translation, the tool is available via the globe icon labeled "Interpretation" at the bottom center of your screen. Please choose your preferred language. For those listening to the video conference in English, there is an option to mute the original audio. For the Q&A session, if you wish to pose a question, please provide your name and company through the Q&A icon at the bottom of your screen. As per our standard procedure, your name will be announced so that you can ask your question live. At that time, a request to unmute your microphone will appear on your screen. Should you prefer not to use the microphone, please write your name and company, followed by your question in the Q&A field so that the operator can read it aloud. Before we proceed, we would like to clarify that any statements made during this conference regarding the company's business outlook, projections, operational, and financial goals constitute the beliefs and assumptions of Eletrobrás's executive management and information currently available to the company. Forward-looking statements are not guarantees of performance, as they involve risks and uncertainties and therefore depend on circumstances that may or may not occur. Investors should understand that general economic conditions and other operational factors may affect the results expressed in such forward-looking statements. We will now turn the floor over to Mr. Ivan de Souza Monteiro, President of Eletrobrás, who will begin the presentation. Good morning, everybody. Welcome to the earnings release of Eletrobrás for the first quarter, 2025. We have two important highlights: the conciliation between the federal government and the search for a constant dialogue that we initiated with them. After a year and a half of negotiations, we had approval and support of the General Shareholders' Assembly. Another mark is the new collective bargaining agreement, a relevant tool so that we can continue enhancing our costs and processes. We had very high availability of our generation and transmission equipment this quarter, looking for operational excellence and extreme reliability of operation. Now, yesterday, there was a partial sale of our gas supply plants. Now, generation is getting to 100% based on water, sun, and wind generation. In transmission, I draw your attention to the conclusion of the Coxinha plant and the advances in Manaus, Boa Vista. We confirmed the expectation of conclusion of this work for the second semester of 2025. As part of the conciliation agreement, we have made investments for the conclusion of the Angra Nuclear Plant. We will not have to generate anything for the conclusion of this project or make new investments in Angra dos Reis Park. We will continue to pursue the sale of our stake in the nuclear plant, a process we began at the end of 2023. I would like to confirm that we're pursuing a recurrent PMSO figure for the year 2025. We have also made significant strides in training with an advance in volume, stability of processes, a good relationship, offering solutions and energy to an ever greater number of customers. I would like to thank you and turn the floor over to Mr. Haiama. We're going to go on to slide number three, where we will speak about our financial performance for the first quarter, and I will speak about the management of energy trading as well. We go to the highlights on slide number five. The main highlight has already been remarked by Mr. Monteiro. We concluded the discussions with the government and have approved the agreement at the shareholders' assembly. Secondly, we have a partial conclusion of the sale of Amazonas thermal plants, receiving BRL 2 billion in our cash. Now, on slide number six, regarding our results, we have adjusted result loss of BRL 81 million, where the main impact comes from the regulatory remeasurement of Chesf for transmission. Another highlight, since the negotiation with the thermal plants, we have stopped the problem of default in Amazonas Energy in such a way that the default was BRL 56 million in the first quarter compared to BRL 432 million in the first quarter 2024. A reduction in operational costs with a drop of 28% vis-à-vis the fourth quarter 2024 and 8% year on year, with savings of BRL 143 million in personnel. In energy training, an increase in the free market year on year of 35%. On slide number seven, regarding PMSO optimization, we had a drop of 28% vis-à-vis the fourth quarter, 8% year on year, and you see a consistent reduction in PMSO, with a highlight for the drop of 15% in our personnel costs. Therefore, the annualized cost for the first quarter is somewhat below BRL 6 million in 2025. As we had remarked in the fourth quarter, the seasonality that occurred in the fourth quarter for this year, we have implemented some changes precisely to mitigate this effect. Part of this cost in the first quarter already reflects that de-seasonality and this cost should remain throughout the year. On slide number eight, compulsory loans with a reduction in the first quarter, BRL 400 million. Last year, a drop of almost BRL 300 million. Now, above and beyond the BRL 400 million, we had a reduction of $336 million in the possible and remote settlements. On slide number nine, we look at our financial figures. Revenue growing 16%, relatively flat in the regulatory, and it's important to recall that after the tariff revision that took place last year, the transmission revenue had a drop, offsetting the generation revenues in EBITDA, a drop, and we go straight to the regulatory adjusted figures, a drop of 4%, partially due to the transmission revenues and partly due to a drop not only in the average sales price of ACL quarter- on quarter, but also a greater sales exposure in the southeast, not fully offset by volumes in the north and northeast. On slide number 10, we show you our profit dynamic. We had losses of BRL 81 million compared to BRL 354 million, and this is due to the regulatory remeasurement at Chesf, impacting, of course, the results. On slide number 11, our operating provisions. We continue to improve our provisions in general. The highlight, once again, is the issue of Amazonas. Since the sale agreement with thermal plants, we have reduced the recurring default of the company for PCLD. In terms of litigations, once again, a change in constitution and withdrawals we carried out through time, thanks to all of the agreements we have reached. On slide number 12, a highlight for the sale of thermal power plants. We're receiving BRL 2.9 billion in cash for the partial sale. We're still missing Santa Cruz that is pending approval. Now, with that, based on our thermal capacity, we have a reduction of 0.6 MW of installed capacity, and we're on that trajectory for net zero as our commitment for 2030. In the ESG agenda, on slide 13, we launched our sustainability report for 2024. We continue with the partnership with Estapar for electrical cars on some parking lots, the agreement with Antak to promote decarbonization in ports and waterway terminals. In terms of social, environmental, and cultural commitment, the reconstruction of the National Museum that had caught fire a few years ago, and we had the surprise of the birth of the first Amazonian manatee calf in five years at Eletrobrás Preservation Center. On slide number 15, we will speak about our energy trading. On slide 15, we show you that in 2025, our balance is between zero and 2.5 GW. We continue to enhance the sales in 2026, 2027 as a result of the price dynamic that we observe. It has changed levels when we compare it with 2023 and the beginning of 2024 when we began to observe volatility impacting the futures market. Therefore, we're accelerating our sales in places where we believe we have a more fair price. We reached 722 customers, a growth of 35% year- on- year on slide 16. Simply to help you to understand where our resources lie, our generation capacity, where all of our long-term procurement lies, momentary procurement that we need because of trading or structural issues, and where we are allocating that energy presently for the long term and for the short term as well. As an example, we have 17 GW in the slide to the left of total capacity. We're acquiring 800 MW, so we will have 18 GW to trade through time. Of those 18 GW, we have 2.4 GW in the quotas that will be nullified until 2027. In ACR sales, we have 3.4 being allocated to ACL. In the map, therefore, you can see where the opening or breakdown of the energy is by region: Southeast, North, Northeast, and Southern subsystem. This shows you the dynamic of the first quarter. As I had mentioned on slide 16, the company continuously monitors not only hydrological conditions, but also demand or mismatches among markets when there is an over-demand and transmission. To fully understand the risks in this first quarter, the Eletrobrás strategy was to hedge the risk that seemed to be looming that came until mid-February. That was a very good period. When we see these positive periods and a supply in the system, the outlook was that the prices would drop considerably. Our decision was to hedge the risk. Now, beginning in the second quarter onwards, our vision is different. The prices that were being practiced do not make much sense for trading. Therefore, we are going to allow the energy to stand without contracts, although many were made. This impacted our first quarter. Why? When we put together what we saw in the map in the previous slide and what happened with the trading strategy, as we have larger volumes for trading in the Southeast, there was a mismatch between what was sold in the Southeast and what was uncontracted in the Northeast. This is called the submarket risk. This is the impact we had in the first quarter, as you will see on slide 18. We will show you what happened. The pricing that was wrong for the second quarter, it is what you see in the dark blue curve reaching BRL 360 presently. For the year, when you look at the dotted curve that began below BRL 150 at BRL 130, BRL 120 is presently at BRL 290. We hedged the first quarter, impacted by that mismatch of the submarket generating that potential result for the rest of the year. With this, I would like to conclude my part, and we can go on to the question and answer session. We will now go on to the answer and question session for investors and analysts. Should you wish to pose a question, please click on "Raise Hand." Give us your name and company through the Q&A icon at the bottom of your screen. Please ask all of your questions at once and await the company's response. Please wait while we pool for questions. Our first question comes from Bruno Amorim from Goldman Sachs. Good morning, and thank you for taking my question. I have a follow-up about the last point mentioned by Mr. Haiama. To guarantee I understood, you are working with hedging that should relevantly decrease that impact you had in the first quarter, the mismatch of prices among subregions. What to expect going forward from this isolated effect? That is the first question. Which has been your liquidity to close contracts at these more attractive prices that did appear on the screen for this year and 2026? Thank you, Bruno. Yes, in the first quarter, we were more concerned with the price of the PLD, that we would remain at a low price for the entire semester. These were the risks we had seen. With a higher volume traded in the southeast, we sold more in the southeast. In the expectation with the energy we have in the north and northeast, this strategy would help us mitigate that minimum price. What happened was we had a huge mismatch in the North and Northeast vis-à-vis the Southeast. This did not nullify the exposure. Now, going forward, we're not doing that. Quite the contrary. In the price graph, we saw that our price was wrong beginning with the second quarter, and we decided it would be more prudent to do the opposite, to later negotiate the energy when the prices would truly reflect the reality. What we did at that time was not correct. Good morning, Bruno. Simply to complement what was said, we spoke about the risk of submarkets. Now, we have a portfolio to show you in the presentation, and it's well balanced when it comes to market division. 50% of the resources in South and Southeast, one fourth for the Northeast and North. Therefore, our vision is that the risk of these submarkets, well, it reached an extreme, but it will always be present, and it will remain in the North and Northeast. In the North, compared to the Southeast, the trend is to get to what Bruno mentioned until the end of May. We are still considering that risk scenario, and we can mitigate that risk in certain ways. We can perhaps work with sales in the North and Northeast, which is quite simple. We carried out swap operations once again in view of the mitigation, and the effect was quite positive for that first quarter. What is important, and when we look at the portfolio, or if we are looking for the entire year, we have to include more years. This change began in March, and it will work with a completely different price level beginning in March and ensuing years. In the second half of the year, when this change began in February, the price of the second semester went up to BRL 250, and presently, we are standing at BRL 350. This strategy more than offsets the present-day scenario. Now, regarding your second question, in terms of the short term, yes, we do have sufficient liquidity in 2026. We have good sales in 2027 as well. In our vision, we begin to go towards a structural vision of prices, something that is closer to what is happening. I hope to have answered all of your questions, Bruno. Yes, that was very good. Thank you. Have a good day. Once again, should you wish to pose a question, you can click on the raise hand icon, give us your name and company in the Q&A icon. Our next question comes from Andre Sampaio from Santander. Good morning, everybody. I think the first part was made very clear. I have two other topics. First of all, regarding your CapEx, you have a CapEx that has not accelerated year on year. I would like to understand why and which has been the work in-house to ramp up and go up to higher CapEx levels for reinforcement. The second question regarding the alteration of the tariffs and transmission, as mentioned in the release. Why have you reviewed these numbers downwards, basically? Thank you. André, thank you. Elio will speak about CapEx, and then we will speak about this review. Good morning, Andre, and thank you for the question. It's something natural for the first quarter to begin with a slightly slower pace when it comes to CapEx. In 2023, we made a little more than BRL 2 billion; in 2024, BRL 2.3 billion; in 2025, we should be going beyond BRL 4 billion. Nothing besides what is usual. The first quarter is always slower, and then it picks up pace. Thank you, Elio. About the remeasurement, the regulatory remeasurement of the tariffs of Chesf, this was approved last year for a period of 2023 to 2028. It is a process where we have resources for this. Now, we had a remuneration base approved last year that was mistaken for Chesf. The document that we had used years ago was correct, and this document has been legally redressed up to present. This mistake, once again, was resolved in an ordinary assembly as part of our normal deliberation. For Chesf, we will have BRL 2.9 billion. In terms of net remuneration, almost BRL 1 billion, BRL 950 million for the regulatory remeasurement. Thank you very much. That was very clear. Our next question comes from Arthur Ferreira from JP Morgan. Good morning, everybody. Going back to generation, you gave us a breakdown of capacity and your regulated contracts. Could you also speak about the free contracting market? Just to see if it is similar, if your load will be divided among subsystems in that way, and the energy allocation decided last year for the year 2025. Is there a difference in the capacity of the subsystems? It seems that you're thinking about this for the second semester of the year, but I would like to know if you have any differences in energy allocation. Thank you, Arthur. Regarding the allocation, where we're going to be selling more or less, of course, this is part of our strategy. We cannot disclose this, but you can be certain that we're constantly monitoring the risks and generating information and reports. In the first quarter, we were looking at things globally. We had a concern with the drop in prices of the settlement of price differences, this change in mid-February, but once again, with a view of the entire portfolio. Having said that, and this is the ongoing discussion in the sector at present, if you look at other companies or consumers, if everybody is concerned with these mismatches in the market, we have to look at prices. Now, we believe that the price, in fact, is offsetting the risks that we are maybe going to incur in the future. Now, this is how we manage this issue. The other question, I do not remember. I'm sorry about your energy allocation. If there's a difference in the assets of each region in the second half of the year, you have a long term, but is there a difference in the capacity of North and Northeast vis-à-vis what is generated in the Southeast? I will need the help of experts here. Yes, there is a difference. What is more important is to understand that source of the mismatch that occurred in March. We had a deterioration of our logic for the Southeast in March. In the North, there was rainfall. Once again, there was that mismatch between the Northern region and the Southeast. We're almost getting to the first half of the year. As we have plants that are reservoirs, it's natural that we will have a bringing together of the North and Southeast. In November, we expect very similar prices between the regions. Of course, this will bring about benefits as we have a great deal of resources in the North. Last year, we had a value somewhat above the price in the Southeastern region. Now, we think that this mismatch that began in March will continue, perhaps not at the same level, but we have a great deal of intermittency in the Northeast. These happen during moments of large productions of solar energy. We have to look at the system conditions for each of the regions. There are systems that are very different, especially in the Northeast. There is rainfall in December, March, and April. We have the reservoir filled in May. In March, the mismatch was above BRL 200. It then was decreased to BRL 100 because of the settlement of price differences. We will have a closening of the prices. Of course, this reduces the submarket risk. This does not mean that we are not always looking for ways to mitigate this, ways that will make sense for us and to increase the sales in the North and Northeast. Thank you. Thank you very much. Our next question comes from Maria Carolina Carneiro from Safra. Good morning, everybody. Thank you for the call. We have two questions. The first, if you could share with us your priority agenda for 2025. Once you have concluded the agreement with the government, you have changed your bylaws, and the board will remain for some years. We know your agenda is focused on divestment and cost cutting, and you have expanded your dismissal plan in the last quarter. If you could update us a bit on your long-term agenda. Secondly, a regulatory issue for the sector. Do you have a vision of what would happen with the capacity auctions if we will still have a public hearing soon? We know that Eletrobrás, as well as other electrical plants with the possibility for expansion, could be very competitive. Simply to know if there's an update on that agenda and when we will hear about novelties in that field. Thank you. Thank you very much. These are two extremely important questions. What was important was the conciliation and the collective bargaining agreement. We now have a greater focus on management, which is more relevant. We thought about investments on our own assets that have environmental licenses. We know about their returns, and they're proving to have enormous resilience and availability. The investment program has gained a new dynamic as of this year, a significant dynamic. This is something that was done when the company was a state company. You can expect this change. What we're doing is refining our participation. Last year, we had a significant participation. We're always looking at market expansion. We're going to continue with the sale of stake in the Electronuclear plant, as well as any other new investments in the plant. That cost reduction agenda is a continuous one. If we compare our performance with the goals of the state company, we're going to focus more on our comparison with peers, with partners, with competitors. There's no reason why Eletrobrás shouldn't become the most efficient company in the sector. We're already building a relationship and implementing significant enhancements in our discussions with suppliers. In that discussion with tariffs, we're concerned with the geographies where the equipment is being manufactured, the cost being competitive in transmission. We had a great victory last year. This is very important, not only here, but in our entire agenda of reinforcement and enhancement to have the very best equipment. Presently, the management focus is on the investment program, participations, and of course, our quest for efficiency. I will give the floor to Rodrigo Limp. If you need further clarifications, please mention it. Good morning, Carol. Thank you for the question. We have some topics here. The auction per se, the capacity auction, of course, is of supreme importance for the sector in Brazil. We do believe it will materialize in 2025. We believe that there will be more production as there is an evolution in what happens in the auction. As we mentioned in previous calls, Eletrobrás has capacity. It has a very broad portfolio. It goes beyond 6 gigawatts. There is possibility to add more production to the sector. This year, we would be apt to participate. In coming years, we could add additional capacity to the Eletrobrás portfolio. I would like to remind you that should you wish to pose a question, please raise your hand and give us your name and company through the Q&A icon. Our next question comes from Vitor Sousa from Genial Investments. Good morning, everybody. Most of my questions have been answered. I have a last question. I would like to know if the company will continue to buy back shares or if the priority is the payout of dividends. Can we presume that as dividends, you will pay out the funds from the sale of your thermal plants? Which would be the destination of those resources? Thank you very much. Good morning. This goes to Elio. Thank you for the question, Vitor. Now, what do you prefer, the buyback or dividends? I think at the moment, the preference would be the buyback. I always prefer that, but I would like to hear your opinion. We are aligned now, given the size of the company, and we are always going to work with both, of course. Regarding the sale of the thermal plants and dividends per se, in general, we commented on the fourth quarter. We discussed a methodology for the allocation of capital, something that is much broader, going beyond just dividends. It implies looking at the midterm. The midterm is five years or more. Always looking at which will be the cash generation during the period, investments contracted so that at the end of these five years, we can see how we are doing in terms of leverage. Is it a healthy leverage? Is it suboptimal? If we want to allocate more capital in the period, can we or can we not do that? In this context, the sale of the thermal plants was part of our plan to have cash coming in. Our vision has not changed. We gave dividends in the fourth quarter with an additional BRL 1.8 billion. As an example, simply, we had stated BRL 2.2 billion last year, referring to the profit of 2024. We have now paid out an additional BRL 1.8 billion. At that time, what did we say? We said that we would be able to pay that additional BRL 1.8 billion because of everything we discussed at this conference call, our vision on prices, matching this with reality for the year 2025, 2026, or 2027, and having sufficient liquidity to execute that mandate. Because of this, we're quite calm, and we will be able to pay that additional BRL 1.8 billion. We remind you that any cash flow already considered this, any prospection of cash flow for the next five years, including the sale of the thermal plants. If anything changes in the future, if prices begin to react, and they should, we'll execute the sale. If we're sure of that cash generation so that the company will be in a healthy position to make decisions to allocate more or less, that is what we will do. All of this to tell you that you can be calm. We're constantly looking not at the simple picture, but the entire film. In the film, we already had the thermal plant. Victor, the construction of that position of liquidity you see now did not begin now. It began in January of 2025. We raised more than BRL 30 billion throughout 2024. We have a sound cash position. We access funding that we had never accessed before. For example, the SACE from Italy. This is what you can expect. We have created alternatives, and this is what is relevant. There will always be a discussion with the board of management. We tell the management we have unique opportunities of investments. We have auctions foreseen for the year, and we can pay back our shareholder in the most competitive way. We built all of this throughout the year 2024. We built this investment strategy, and we monitor it very closely. We monitor trending, energy prices, and capital allocation, not only dividends. Our next question comes from Antonio Junqueira from BTG. Good morning. When we look at your balance, you can see that 2026, 2027, that discussion of the submarkets will practically disappear because you will have an abundance of energy. In the long term, what truly matters is the price behavior. The market is learning how to deal with this, that risk of the settlement of price differences. It was some time that we had not seen these mismatches. It is clear that in the first quarter, you had a commercial strategy. Every time you make a commercial decision for trading, you're running a risk. The problem was aggravated by that strategy. In the second semester, you were in the long position. I have a few questions. If in the second quarter, that impact should be lower than it was in the first quarter, and the difference of the submarket will be similar to the first quarter, this is the first question, if you could answer it. Antonio, thank you for the questions. It will go to Rodrigo Limp. Your reasoning is quite in accordance with our reality. We had a greater exposure in terms of portfolio in the Southeast in the first quarter more than in the second quarter. That mismatch in the second quarter is materializing, but will be lower than it was in the first quarter. On both fronts, this is a benefit for Eletrobrás compared to the first quarter in terms of sales distribution and a lower mismatch in these submarkets. Not only a lower mismatch, but in April, for example, we had an increase in North and Northeastern increase of prices as well. Now, a hypothetical scenario in the North with the indebtedness of Belo Norte, this is not a problem. Now, what if the North is mismatched with the rest of the country as it was in other quarters? Can I understand that the impact will be lower? Thinking only of the Northeast because of the volumes, where you are in a longer position. Exactly. There is less exposure in the Southeast in the second quarter vis-à-vis what happened now in the first quarter. The mismatch, North and Southeast, will be lower. The Northeast, of course, will have a mismatch in all of our analysis, but a lower one. For every 100 units of money you lost in the first quarter with the submarket, with the strategy, can I presume that in the second quarter, you will lose 50 units of money? I would not presume that we will lose money that way. We have a better outlook because of what happened in March with a structural increase in price. In June, the price will be close to BRL 300 highs. The Southeast drives the Northeast as well. I cannot give you a specific number now, but there is always enormous volatility in the scenario, especially in the short term, as we saw in the first quarter. Thank you. Thank you very much. Thank you. The session for questions and answers ends here. We would like to return the floor to Mr. Ivan de Souza Monteiro for the company's closing remarks. I would like to thank all of you for your attendance. Should you have additional questions, please send them to our IR team. The Eletrobrás conference call ends here. We would like to thank all of you for your attendance. Have a very good day.