[Foreign language] Good morning, everyone. Thank you for waiting. Welcome to CEMIG's First-Quarter 2025 Earnings Video Conference Call. Should you need simultaneous interpretation, the feature is available on this platform. Just click on the globe icon located on the bottom of the screen and choose Interpretation, then select the language of your choice: Portuguese or English. Should you choose to follow the call in English, you may also select Mute Original Audio to mute the Portuguese original audio on the back. This video conference is being recorded and will be available on the company's IR website, ri.cemig.com.br, where you also find the full package on our earnings call. You can also download the company's presentation via the chat icon in Portuguese or in English. During the company's presentation, all participants will have their microphones muted. After the presentation, we will start the Q&A session. To ask questions, please click on the Q&A button on the bottom of your screen and write your question to get on the queue. Upon being called, a request to activate your microphone will pop up on the screen when you should unmute your mic to ask questions. Please ask all questions at once. Now, we would like to turn the floor to Carolina Senna, CEMIG's IR Superintendent. Carolina, the floor is yours. [Foreign language] Good morning, everyone. I am Carolina Senna, CEMIG's Investor Relations Superintendent. We start now the first-quarter 2025 earnings video conference call. With us, we have Reynaldo Passanezi Filho, our CEO; Andrea Marques de Almeida, CFO and IR Officer; Cristiana Maria Fortini Pinto e Silva, Chief Legal Officer; Marco da Camino Ancona Lopez Soligo, Chief Generation and Transmission Officer; Sergio Lopes Cabral, Chief Commercialization Officer; Marney Tadeu Antunes, Chief Distribution Officer; and Luís Cláudio Correa Villani, Chief Information Officer. For the initial remarks, I would like to turn the floor to our CEO, Reynaldo Passanezi Filho. [Foreign language] Good morning. Morning, everyone. Welcome to our earnings call for the first quarter of 2025. Another quarter where we post, as you can see here, resilience and results, sound results. Of course, we had some impacts in our trading company. Andrea will go into the details, but it is important to highlight that we had an EBITDA of BRL 1.8 billion, very significant EBITDA, also with positive results in all of the segments. Exception made to the trading company, also a net profit of BRL 1 billion. We are paying dividends here, interest on equity of BRL 541 million, also a very significant event to finance our investment program or the ventures, BRL 5 billion and the ventures. What I would like to highlight here is our mantras, our direction. For me, it is to carry out the largest investment program in the company's history. We will see our CapEx, the investment program, it is still ramping up. We have grown six times our investments since 2018. This is really a significant figure. We went from BRL 950 million of investments in 2018 to BRL 5.7 billion in 2024. We have a forecast of reaching BRL 6.3 billion in 2025. This is what we are showing. Investments growing 18% from 2024- 2025. As all of you know, these investments will mature in the tariff review, and then we will be able to see the financial results of these investments after the tariff review, which is going to happen in 2028. It is very important to understand the characteristics of these investments. Most of them, over 75%, is dedicated to network, to infrastructure. We are talking about investments in distribution, transmission, and also in gas. All of that involves network development. This is a topic that is currently being discussed. If you follow the energy transition, you see that investments in network are crucial for this energy transition. One-third of energy investments is on the network. This is what we are bringing to you here. 75% of our investments are dedicated to infrastructure and network. As you all know, this is a regulated investment with a profitability that is guaranteed. Therefore, it provides great stability to the company. Our second mantra, which is also very important, is efficiency. Here we have, our first mantra is focus and managers and win and managers. This is very important. These investments are in areas where we know and sectors that we know about, regulated sectors, and they have results, stability, as well as profitability. The profitability is guaranteed. The second mantra is efficiency. We move on within the regulatory standards, guaranteeing cash generation. We are within our regulatory losses. We are compliant with the regulatory expenses that we call regulatory PMSO. Therefore, everything that is in the tariff, we are complying with the expenses, and we can have cash generation to finance all this investment plan. We are not using our cash with expenses or with regulatory losses or losses above the regulatory metrics. The first mantra, once again, is to focus and manage and win following this investment program. It is very important to stress that this investment program is all contracted. In addition to being in regulated sectors, we can say that we have a lot to follow here in this growth process because today it is already contracted. We know that it takes a while to start moving, but it is already there. It is contracted. The second mantra then is efficiency. We will always be focusing on that. This is in our objectives, and we do intend to be within the regulatory expenses and losses. We are also working on an organizational restructuring already, looking for more efficiency and being closer to clients. Maybe this would be our third topic here, which is working with efficiency and being closer to clients, as well as improving the results and all the results metrics, such as SAIDI and SAIFI and the results with clients, which is the distribution regionalization. This is a very important topic. We had a company that was very centralized in the past, and today we have developed, we have created six regional areas and 17 regional high voltage management units. Here we are talking about Uberlândia, Montes Claros, Governador Valadares, Juiz de Fora, Pouso Alegre, and obviously the metro region, Belo Horizonte. What was centralized in Belo Horizonte in the past, now it is divided in six regional management units or regional superintendencies. They are larger than other concessions in some cases, considering the size of the state. We have this purpose here with these superintendencies. We want to be closer to clients to see what are the challenges in the different areas. We are aiming for more efficiency because being closer to clients allows us to see possible optimization situations. We are already realizing how much these new regional units, and I congratulate all of those that have taken up these new positions. Our Distribution Officer can talk more about that, but we can see that there is a clear objective of greater integration in the areas, more efficiency of physical spaces, always aiming for greater efficiency. We also have SEMI AGRO, which is a very important topic that goes together with investments. Agribusiness is one of the main growth drivers of Minas Gerais' economy. For us, it is very important to work driving up the agribusiness with investments. That is what we call Minas Três Fases. Also with a more efficient operation, improving service quality and providing greater agility in service. This is what we are adding here with this reinforcement of our teams with several new units, with 228 new electricians. The objective here is very clear. We are looking for greater proximity with our clients. It is very important to follow these mantras. The first one, focus in Minas Gerais and win in Minas Gerais with a prudent and cautious investment plan, but at the same time, a very bold one and always aim for our efficiency metrics, the regulatory ones, and also with metrics that are better than the regulatory ones and to improve our service to clients. I would like to include another one, which is innovation and modernization. Talking about restructuring the company, we have here this development of the regionalization. We also have an IT area. I would like to congratulate Luís Cláudio Vilani, our new Chief Information Officer. This shows how much we are investing in terms of more innovation and modernization. We are bringing in a new ADMS, a new SAP S/4HANA with great advancements in digitization. This will improve our integration between IT and OT and will bring us more simplification in processes, therefore providing more efficiency and service quality. When we talk about IT, we have a wonderful situation, right? We can be more efficient and also we can improve our service providing because it is not always like that. Welcome, Vilani. That is what I say. These are the mantras. These are the topics we have always to stress, and they are our guidelines. They are our strategy, and this is a strategy that is consolidating itself over the past years and this transformation process in the company. I also congratulate everyone in the company for their work, especially in the divestment process. Now we are in a new path and created this new area, which is the innovation and technology area and always aiming for innovation and modernization. These were my initial remarks. I would turn the floor to Andrea. She's going to talk about the wonderful figures, right? Just BRL 5 billion in the ventures. We will then be available for the Q&A session at the end of the presentation. [Foreign language] Thank you very much, Reynaldo. Good morning, everyone. I'm very happy to be here with you. And of course, to talk about our issuance, which was very successful. In the first quarter, we had just those two top parts, which was issuing BRL 2.5 billion in CEMIG Distribuição and BRL 625 million in CEMIG GT at the time. Of Of course, we compared ourselves to our peers, and in fact, we were able to have issuance lower than our peers and very close to the sovereignty. This is a very, very relevant figure for us. We were happy because the demand was huge, over 2.5x our booking. That is why we were able to issue the lower one, the one in the bottom of the page. Because of the high demand, we had an opportunity of having an additional issuance of BRL 1.9 billion. It is not in this quarter. We are just posting, showing it here. It happened in April. We were able to reduce a little bit more the rate of the issuance. It is for seven years. We were able to do something even better. The tenure helped. We were able to extend our debt from 4.8- 5.5 years. Some relevant landmarks are that we were able to maintain the AAA credit rating assigned by Fitch Ratings. This is another venture that is considered green and sustainable. We are very proud of that. Now, moving towards the results, and Reynaldo already touched up on that. We did have a drop of 9% in our EBITDA. That was because of the effect of the price difference in the submarkets in the trading company, which had an impact of around BRL 133 million. In addition, we were already expecting lower margins from the trading company. There was an additional drop of our EBITDA because of the margins of the trading company. Of course, we will start seeing that over the year. There was a non-recurring effect from 2024, for instance, SHPP sale in 2024, BRL 43 million. It did not happen in 2025. On On the upside, and this is also very relevant in considering the efficiency that Reynaldo highlighted here, that is very important for us. We have been able to migrate. We offered to our employees an opportunity to migrate from the PSI Healthcare Plan. This is a change that we are working on, and it guarantees that CEMIG keeps on paying the healthcare plan up to their retirement. They migrated to another healthcare plan. We were able to migrate over 1,000 employees, and they did not have the same conditions. With that, we were able to have a reversal of provisions of BRL 28 million. Over 700 active employees also migrated after those. Today, we have around 24% of all our employees still in the prior and the old healthcare plan, which we call PSI. Now, when we turn to our net profit, we also had effects of net equity such as Belo Monte or Allianz that was here last year, not this year anymore. Also, Belo Monte had an effect in the submarket impact. This also had an increase of our debt. We have taken funds at costs that are very competitive. We had an increase of financial expenses here. Zooming in on the submarkets, and we talked about this already in the prior quarter, we see that we start the year with no price difference. It was very close to zero. In February, there is a price difference of 35. Then March, when we in fact have a difficult hydrological situation, drier with less rainfall, we see a mismatch in price. Therefore, the price went up to BRL 272. That is a difference in the submarket price under this new model with a greater volatility. We realize that in practice, and this is what had the greater impact. If we look at April, this price difference has already dropped around BRL 120. And we already see the difference being reduced, of course, with the improvement of the hydrological conditions. Now, looking at our managerial expenses, what was more relevant already talked about, which was the reversal of the post-retirement provisions. Once again, we were working on the efficiency. Also, personnel is regular. It's normal. We have the annual adjustments. And also we have a small reduction in expenses helping in the reduction of manageable expenses in this first quarter. This is a snapshot of our debt. Now, 100% BRL denominated debt with an average tenure of 5.5 years and a leverage of 1.4. Once again, we stress the success of the ventures issuing our rating by Fitch is AAA. We have a corporate rating by another two agencies, and those are AA plus. We are in a very comfortable situation to keep on investing, to keep on working on this important investment program for CEMIG's growth. I'm sure we'll be fine in our leverage over the way. Our consolidated cash flow, we ended 2024 with BRL 2.3 billion, more or less. Our operating cash flow was BRL 1.5 billion. We have a little bit of the parcel A variation account. We also had the loans and the ventures. In the outflow, we had the payments on loans and the ventures, BRL 300 million investment activity. It's very strong, as you can see, BRL 1.2 billion. We have one of the ventures that we issued last year that we have already set aside funds for, BRL 500 million already set aside to pay for those ventures. We ended with cash at BRL 4.7 billion. Now, looking at the companies, we have, as mentioned, a greater impact in the distribution company here with a tariff increase that helped us. It also has a good effect that this migration of the healthcare plan for employees in the post-retirement had a positive effect in the net profit. We had an effect of the debt. Of course, it affected the financial expenses when we compare IPC from one year to another. Once again, the indicators are all within the regulatory limits in CEMIG Distribuição. We have operating indicators. They are all within the regulatory limits. We continue having reductions in the perceived SAIDI when we look at the 12-month rolling window of around three hours. That is a very relevant result. In the energy market, we had a 0.3% in the billed market plus a transfer to customers. Here we have a drop in the rural because there was a lot of rain in commercial. We still see migration to GD. Of course, we also have migration to the free market. We see the transfer of energy growing. These are clients from the free market that evolve in the residential. We had a slight increase in clients. Now, for regulatory losses, they are in compliance with the limits. We are doing a very relevant work. The inspections, they are extremely important. We are replacing outdated meters. They are being replaced by new smart meters. That is also part of our important investment. For GT, as I mentioned in the beginning, we had a non-recurring effect in 2024, which was SHPP sales, BRL 43 million, more or less. That was the main effect in this drop and in the net profit last year. Of course, GT had the dollar-denominated bonds, and we no longer have that because we paid those. It has a lower effect. We had lower effect with net equity, therefore, or equity income. Here we also have the effect of Allianz and Belo Monte. For Gasmig, we had a reduction of sold volume, which was the effect of the EBITDA and the net profit and is still moving on with the investment program being very well executed. We believe that this project will be concluded by the end of the year. Here, once again, we have a snapshot, and it's important to show you that in the quarter, we see that in fact, the greater effect was in the trading company. We see BRL 12 billion of impact in the EBITDA and then the submarket. Part of that, because of the difference in margin that we were already expecting from one year to another, we had that expectation of reducing margin in the contract. The other segments were also having a positive result. This is the beauty of our portfolio. It's very diversified, and it provides resiliency, as Reynaldo mentioned. That's what we had to bring to you. Thank you very much for your attention. Now we turn to our Q&A. [Foreign language] Moving on, we will now start our Q&A session. To ask a question, please click on the Q&A icon on the bottom part of your screen and write your question to get into the queue. Upon being called, a request to unlock your microphone will pop up on the screen, and then you should enable your microphone to ask questions. Please ask all your questions at once. Our first question is from Southside Analyst, Vitor Cunha, from Itaú BBA. Please, Vitor, feel free to ask your question. [Foreign language] Good morning, everyone. Good morning, Carol. And thank you for this opportunity. Now, my question is, looking at the energy balance that the company posted, we see an increase in the short position, especially for the next years. Can you share with us what was the rationale behind this decision, especially during a period of pressure for energy prices, considering also the recent adoption of the hybrid new wave and the new parameters for risk aversion? Can we consider a marginal cost of expansion that might be higher than what we have today? I just would like to have your understanding regarding this decision. What was the rationale behind it and the perspective that we have looking ahead? [Foreign language] Thank you, Victor. Now, who is going to answer the question is our Chief Trading Officer, Sergio Lopes Cabral. Please, Sergio. [Foreign language] Good morning. Good morning, everyone. Good morning, Victor. And thank you for your question. Actually, we have not increased. We still have a short exposure this year because of the deliveries that have not been carried out. For 2026 and 2027, we will maintain a short position. We should bring it over to the future a little bit more when we analyze prices, and we are already looking at a price stabilization. As Andrea said, the end of this submarket effect, but we do not intend to increase exposure. We are trying to work with the lowest exposure possible and also observing these changes and fluctuations in price. [Foreign laguage] Thank you, Sergio. Victor, anything else? [Foreign language ]No, it is very clear. Thank you. [Foreign language] Thank you, Sergio. Now, moving on, our next question is from Southside Analyst from Safra, Maria Carolina Carneiro. [Foreign language] Hello, everyone. Good morning, and thank you for the call and for this opportunity. I have two questions. The first, on the details that you mentioned and efficiency. In this quarter, we have seen, as you said, the initial impact of the healthcare plan migration effect. Can you tell us what we could expect for the next quarters? Andrea, you said that you have a new window for enrollment. I would like to understand how this is going to move forward over the year. Also, my second question on the trading company. I would like to understand if in 2025, you have been able, or if you are looking for a way of mitigating the impact of the submarket. We see that there is a mismatch of prices or a detachment of prices, not with the same strength of March, but still strong. I would like to understand if the company is trying to mitigate these impacts for the next quarters in terms of the prices for the submarket. Thank you. [Foreign language] To ask the question about the healthcare plan, Andrea Marques de Almeida, our CFO. Please, Andrea. Thank you very much for your question. What we can expect in the next quarter in terms of this migration, we have 700 employees migrating, so we will have an amount to be reduced because of this provision reversal. This is not as significant as we saw. We had a migration of 1,000, and we had BRL 28 million in reversal. As a provision, as a whole, of course, we are negotiating with our unions in order to come to an agreement. As this agreement is finalized, we might have it, but we do not have a final date for that. We do not know when it is going to happen and not even the amount because it is still something we are working on that is not possible to define right now. Now, already answering the other question on the trading, yes, of course, we are looking at mitigation tools for the current year. For the current year, of course, the instruments considering the price differences are very expensive. If we have an opportunity to have clients buying in the regions where we have that production, we will be working on it. Yes, we are always looking at it, but we have to come up to a price that is reasonable. We are also looking at the development of what is happening and also the possibility of having the energy agency being less conservative and to make a more feasible transference from the Northeast to the Southeast so that we can reduce the difference between the submarkets. This is all part of a study that we are running in-house about this issue. Thank you very much. [Foreign language] Thank you, Andrea, for your answers. If there are no further questions, we will now end. Oh, there is another one. I'm sorry. Vitor, Southside Analyst from Genial Investments. Please, you can open your microphone and ask your question. [Foreign language] Good morning, everyone. Thank you very much for taking my question. You can ask if someone wants to ask another question also. It is now being backed in discussion in the media, the decision of some regarding ProPAG. It has to do with the decision of Romeu Zema, the Minas Gerais governor. Is there anything new about this topic compared to what has already been discussed? The Legislative Assembly of Minas Gerais, is there anything new? It is a feeling like things come and go, and we are kind of lost regarding whatever has been discussed. What can we expect from this topic now? [Foreign language] I turn the floor to Reynaldo Passanezi Filho to answer this question. [Foreign language] Victor, I think the matter here is just the same. The government just sent a project to deal with ProPAG. In this project to deal with ProPAG, it included some assets. Among the assets, we have CEMIG. Just like you're asking about CEMIG, Copasa is also included here. This is a relevant topic for the Minas Gerais Legislative Assembly, and it has to be discussed there. What is new is that this topic is going to be prioritized to be discussed at this Legislative Assembly. [Foreign language] The next question comes from the analyst, Shin Lai from Trigono. Please, Xin, you may unmute and ask your question. Yes, we can hear you. [Foreign language] I would like to know if you will have any changes in the dividends policy of the company in regards to payout. What are you considering for 2025? [Foreign language] Thank you, Xin. Who is going to answer your question is Andrea Marques de Almeida, our CFO. [Foreign language] Thank you, Xin, for your question. Actually, Xin, we do not expect any changes in our dividends policy. We will keep on paying 50% of our profits. As you have seen in prior years, when we had non-recurring effects, we were able to pay, even if they were not generating cash, we were able to pay dividends as well. It is our practice. If it happens, it is also going to happen this year, but the policy is the same, 50% of net profit. That is in our bylaws. [Foreign language] Thank you, Andrea. Our next question is from Southside Analyst from HSBC, Lilyanna Young. Please, Lilyanna, you may ask your question. [Foreign language] Hello, and thank you for this opportunity. I would like to hear from you about the capital structure. This has to do with what Andrea talked about related to dividends. How do you see this indebtedness structure and capital? Because some companies in the sector are indicating that they should be more conservative considering the price volatility in the energy market. Thank you. [Foreign language] Thank you. I turn the floor to our CFO, Andrea Marques de Almeida. [Foreign language] Thank you very much for your question. I think CEMIG was already being conservative. We had a low leverage. We know that leverage over the investment period was going to reach around 2.5x net over EBITDA up to 2027. In In 2028, we have the tariff review for CEMIG Distribuição that will bring us to another level. It is fine. Our leverage will come down then. We believe we have room to adjust that additional volatility that we see now with those prices. I believe that when compared to other companies, we were already in a more conservative situation. I'm sorry, Reynaldo wants to comment as well. [Foreign language] Our results are of great resiliency. We are bringing resilient results in this quarter in spite of the volatility. I think we also mentioned that we aim to reduce risk exposure. Both banks are moving towards keeping the dividends distribution policy and not changing our investment plan. We will keep on working with our investment plan as well as our dividends distribution policy on the same terms and dates. I see the last question here, the same periods of time that the company already does. We will keep on following that. Thank you very much. [Foreign languee] Thank you, Reynaldo. If there are further questions, please feel free to ask them. Please write your name in our Q&A. Since there are no further questions, we end here our Q&A session. Thank you very much for participating in the first quarter 2025 video conference call. There is another one. It looks like it. It looks like his was not answered. Antonio Alex, the IR Superintendent, is available to answer any other questions you might have. Thank you all very much and have a nice day. If you have additional questions, our mailing and our website is available to get your questions, and we will be answering them. Thank you all very much and have a nice day.