Good morning, everyone. Welcome, all of you, for one more presentation of results of CPFL Energia. We're going to talk about the first quarter of 2025. I'm Carlos Cyrino. I'm the Director of Investor Relations of CPFL, and I'll be the Master of Ceremonies of this event. Today we have Gustavo Estrella, our CEO; Ms. Kedi, our CFO; and also other executives of the company. During the presentation, you can use the button "Interpretation," which shows up at the bottom of the platform if you need the channels in English or Portuguese. I would also like to inform all participants that at the end of the presentation, we will start the Q&A. All the questions will be done live, and to request that, all you have to do is click on the button "Raise Hands," which is also on the bottom part of the platform. I also remind you that this event is being recorded. Now I'm going to give the floor to Gustavo Estrella, who's going to start the presentation of the results. Thank you, Cyrino. Good morning to everyone. Thank you for being president here in our call of results for the first quarter of 2024. I'm already going with a slide with the highlights of this quarter. We're going to start with the load in the concession area, a growth of 1.7% if we compare to 2024. We highlight the rural class and residential class. We will go into more details in the next slide. The distribution delinquency is a positive result. We had a reduction or decrease of 31%, reaching 0.87. This is the result of a big effort of controlling delinquency in our concession areas. Our EBITDA is BRL 3.8 million, stable in relation to last year, with a decrease of 0.4% in our net income, BRL 1.6 million, with a drop of 8% if we compare to 2024. We're also going to go through this in detail. Our net debt is BRL 26.5 billion, with a leverage of the covenants of 2.04 times the net debt EBITDA. Our CapEx, we have robust investments. We have a growth of 13%, reaching BRL 1.2 million, and the expectation is to close the year with BRL 6.5 million in this year, 2025. I think it's an important process, and we've been following this closely. It's the renewal of distribution concessions. Following, we did the manifestation of lengthening this for RGE, for Paulista, through ANEEL, and the expectation that this will be conducted by ANEEL and the Ministry during the next few weeks. Two important recognitions. We had the ANEEL Satisfaction Award. CPFL Santa Cruz was recognized for the fourth consecutive year as the best distributor, and RGE as the first one in the South region. These are two awards that recognize all the effort that the company has with the relationship with our clients. We also had the release of our yearly results of sustainability. Here you can see in detail the practices and results in relation to this, and also the ESG commitments. Here we can highlight the position, the seventh position in the ISE Sustainability Index, once more, CPFL, among the 10 best classified companies. Now we are going to move down to the next slide of energy sales. We have had an increase of sales of energy per consumption segment of 1.6%. The highlight is for the residential area, even though the temperature is cooler this year compared to last year. I don't know if you remember, we had high temperatures in 2024, especially in the first semester. If we compare, the climate is cooler, giving a negative impact in the consumption, residential-wise and commercial-wise. GD also continues with an impact over 4% in these two classes, but we've had the per capita consumption, which made us have a favorable performance of 2.7% and practically stable in the commercial, with a drop of 0.4%. In rural, we've had a growth of 4.3%, compensating the DG. It's a positive impact of the increase of consumption in irrigation, especially in the south of the country. Now let's move towards the next slide. As I had already mentioned, we've had a positive impact in the delinquency with the number of 0.37%, a drop of 30% in relation to the 1.2% that we had in the first quarter of 2024. This is a reflex of our program. We had a series of challenges, and we had a cut program last year, especially in Rio Grande do Sul because of the floods. We have now gone back to 720 and then a cut. This has brought us a positive number in our delinquency, and the expectation is to continue with our program of cuts and maintain and reduce our delinquency during this year of 2025. Another important impact is the reduction of our losses in general, 0.7%, reaching 8.47%. We have RGE and Santa Cruz in the regulatory limits. We still have challenges in Paulista, and especially in CPFL Piratininga. In generation, we have the variation of the PLD from 25 to 24, a result of the worst hydrology in the beginning of the year, and also the changes of the calculation criteria. We had an average increase of BRL 160, and the expectation is that hydrology will continue being challenging, and it will continue to pressure the PLD during this year of 2025. The GSF closes with 93% in the first quarter of 2025. In wind, we still have challenges due to the generation cut, so we had a variation, a positive red variation of 5%. This was because of the uptake of the winds in 2025 when compared to 2024, but very much influenced by the cuts. Without the curtailment, we would have a positive variation of 27%. It is important to deal with this curtailment issue short-term, given the impacts in all the renewable generation chain, not only CPFL. This is a huge challenge, a sectoral challenge, this topic of curtailment for the next months. Availability, we've been doing maintenance in some wind farms. This also brings a negative short-term impact, but we hope this will improve in the next few months. Now I'm going to give the floor to Kedi, and she's going to talk a little bit about the financial results. Thank you, Gustavo, and good morning, everyone. Now we are on page seven and talk about financial performance. Our EBITDA in the quarter was BRL 3.9 billion, which is close to the level of the same quarter last year. In the next slides, we are going to go through the performance in each of the segments. In the distribution segment, the EBITDA reached an amount of BRL 2.6 billion, a growth of 2.2% or BRL 56 million in the first quarter, which is mainly explained by the concession financial asset with an increase of IPCA and also an increase of asset base. Major upside factors also include more energy sales and a better performance in ADA, as explained by Gustavo. Comparing to last year, we see less gain in parcel A items and higher PMSO because of inflation. Now let's move to the generation segment. In the generation segment, it reached an amount of BRL 555 million, a 10.5% decrease comparing to the same quarter of last year. The result was impacted mainly by two factors. The first one is because there was a fair value adjustment related to one of our assets, Paulista, Lajeado, in the first quarter of 2024, which is a non-cash effect with an amount of about BRL 54 million. The second one was referred to the asset, some of the assets that we no longer operate in CPFL. The first one is BAESA, which is reflecting a reduction in the equity income in an amount of about BRL 21 million. The second one is a biomass station with the effect of early termination of the energy contract in the amount of BRL 30 million. Regarding the wind generation, despite we have a better wind in the first quarter, the impact of curtailment will result in a net negative effect of about BRL 4 million in the first quarter. Now transmission, let's move to the transmission segment. The efforts EBITDA reached BRL 360 million, a positive variation of BRL 104 million, was mainly due to an increase in the margin. The regulatory EBITDA reached an amount of BRL 198 million, with a drop of BRL 47 million, majorly due to a drop adjustment for the 2024 and 2025 cycle. The adjustment was negative mainly because the 2023 tariff revision was postponed. Now we move to the segment of commercial service and others. The EBITDA in this segment in the first quarter reached BRL 45 million, with a variation of BRL 74 million compared to the same quarter of last year, mainly explained by lower margin in our trading business and also the effect of ADA, about BRL 10 million. Moving to the next slides, we talk about the net income in the first quarter. Besides the movement in EBITDA, the main effects were the following. The first one is on the financial result, with a decrease of BRL 53 million due to the following reasons: increase of expenses with our net debt, and also due to higher debt balance, and also due to a higher CDI and IPCA index, which was offset by the effect of mark-to-market that is explained by the credit spread reduction and impact of our new debenture issuance. The net debt totally is about BRL 1.6 billion, with a decrease of about 8% over the same quarter of last year. Our next slide. Next slide, please. Yeah, here we show our financing activities in the first quarter. We have finished about BRL 5.4 billion fundraising in terms of bank issuance and also in terms of contracting signing, with an average term of 5.66 years and the average cost of CDI plus 0.2%. Amount of totaling funding over BRL 4 billion is for refinancing activities. We will be able to keep our key covenant, which is tied to EBITDA ratio at a very consistent level of about 2, which demonstrates a very stable leverage ratio. Next slide, please. Here we have the debt of nominal cost, which is about 14%, higher than last year, mainly affected by the increase of CDI in the first quarter. On the right side, we have a debt amortization schedule with BRL 4 billion cash. Our debt coverage ratio is roughly 0.97 for our short-term amortization. I would also like to highlight some of our debt management. We have already rolled over a big portion of our debt into a longer term, comparing to the end of last year, in which period we had a debt of about BRL 4.3 billion with a due date in 2025 and BRL 7.9 billion due in 2026. Now, after all the refinancing activities, this number was reduced to BRL 2.7 billion in 2025 and BRL 4.6 billion in 2026. Next slide, please. Here we talk about our CapEx activity in the first quarter this year. We have invested about BRL 1.2 billion, which is 13% more than the prior year in the same quarter. The amount is in line with our CapEx plan. In the breakdown of the segment, in the distribution segment, the total amount reached to about BRL 1 billion, with investment in expansion projects, system improvement, and modernization. In the generation segment, the total CapEx is BRL 44 million, which were mainly invested in maintenance plan and farms and also to the completion of our construction of Cherobim, the small hydro power plant. In the transmission section, the total CapEx is BRL 175 million, which were invested in reinforcement and improvement. In trading and service segment, investment was BRL 4 million, mainly to invest in fleet infrastructure and some energy efficiency projects. Now I give the floor back to Gustavo, please. Kedi, thank you very much. I want to share social environmental investment. It is over BRL 14 million of resources that we are destined to this biome of the Pampa in Rio Grande do Sul. It is a partnership with the state of Rio Grande do Sul. I think this talks a lot about what our program is, which is also combining the impact of the environment and also the social impact because it affects the families of the region. Because this is part of the item 12 of our ESG. It is an expectation of investing over BRL 230 million. Almost half of these investments have already been carried out. We continue with a lot of focus in a very pragmatic way in our ESG plan, always trying to combine the impacts also for our area and for the society where we work. Now I'm going to give the floor to Cyrino for his closing remarks. Thank you, Gustavo. Thank you, Kedi, for your presentations. Now we're going to have the Q&A, and it's going to follow the order of request. Press the button, raise hands, and we'll follow. I have a first question here. The question comes from Guilherme [from] Santander. Good morning, Guilherme. How are you? Please go ahead with your question. Good morning. I have a question about indemnity of 4.6, which was included in the process of readjustment of CPFL Paulista, and it was removed from ANEEL. What is your expectation for the involvement of this topic? We saw that one of the directors thought of changing the methodology of calculation. It could be 3 billion and corrected. Do you think that ANEEL is going to discuss this update methodology again that would impact the value of 4.6? Legal-wise, is there an opening to do this? Thank you for your question. I think that our understanding is that we are following a formal right of the celebration of an agreement with ANEEL. This was their recommendation. We have a legal decision which has been presented and closed. This subject is being discussed with the agents ever since August last year. We feel very secure about the numbers that were disclosed by the company. We understand that this is an adaptation to continue the agreement with the agency. We believe that the value has already been defined. What we tried to do was to match this with a tariff adjustment to avoid an impact of relevant tariffs for our clients. Unfortunately, this was not able to be done. We hope that in the next weeks or months, this process will evolve. Perhaps I think the amount, perhaps is the topic here on the table, very much taken care of by the agency. We are formally complying with this agreement, which was this is going to take place during the next weeks. We understand that there is no discussion about the value, but it is just an internal formal thing that has to be approved by the agency. Okay, thank you very much. Perfect. Thank you, Guilherme, for your question. We now have another question. Daniella from Banco Safra. Hello, Daniella. How are you? Please go ahead with your question. Hello, guys. Good morning. Thank you for the opportunity. I have two questions. The first one is about the process of renewal, concession renewal, which has already the new contracts are going to be signed. I would like to know if you what to expect in the leveraging of the distributors with the signature due to the VNR balance. Would this change the distribution of dividends in practice at short term? Another question, just a little bit of your vision about this topic of the reform of the electrical structure. How have the conversations been about this and what are the main things that you think are going to show up as a result of this? Daniella, thank you for your questions. First of all, about the concession renewal, corroborating what you said, in fact, our understanding is that today we are in the formal approval right of the renewal. The expectation is that we continue with the process like we had the process of the EDP. This is an approval process by ANEEL and also by the Ministry of Energy and Mines. We do have an impact of leveraging, which comes from the lower effect of the VNR when we sign the new contracts. We do understand that this impact is very limited. Today, we have a leveraging close to twice. We do have an impact, but remembering that our financial covenant is 3.75, so a huge low impact of the potential of leveraging. I do not think there is any big expectation about this topic due to the renewals of the concessions. As for the renovation of the sector, we are still waiting for more details. This brings a few topics that adhere to the sector that we have been talking about a long time, reduction of subsidies, opening of the market. It brings an exemption for some customers, but I think the agenda is positive. It shows a natural evolvement of the sector when we look at other markets, more mature markets. I think it's natural that we should discuss topics such as these. These are pains that the sector has, a high load of subsidy. I think that we are moving in the right direction. I think our role here is to be very close to the government at this moment, especially the Mines and Energy Ministry, so that we cooperate with our vision, with our input, and so that we have a correct macro direction. We know that sometimes details make a lot of difference in where we can contribute due to our proximity and partnership that we have with the government today so that we can advance in the right way and so that the regulations can be carried out in a sustainable way for the long term, always balancing all the agents, the investors, the consumers, the government itself, so that we have a long-term perspective for the sector in an agenda with openness, modernization, end of subsidies that do not make any more sense. We talk a lot about the subsidies. I think, yes, there is a regulation that is necessary, perhaps more updated, so that we can maintain the pillars of sustainability long term. I believe that the expectation of the announcement of this reform from everything that we saw up to now, this is moving in the right direction. It's more of a big challenge. And we who work in the sector, we know this. It's important that we be very close so that in the process of implementation, this be done in the correct and sustainable way. Thank you, Estrella. Thank you very much. Thank you, Daniella, for your question. Folks, we don't have any more questions in the call. We're going to stop this Q&A session. If there's any question that you have, investor relations here at CPFL will be available so that we can talk later and clarify. Thank you very much. I'm going to give the floor to Gustavo Estrella for his final considerations and to end this session. Thank you very much. Thank you, Cyrino. I would like to thank everyone for your participation in our call of results. I believe that we continue following our business strategy and perhaps with two main topics to be talked about. The first one is the concession renewal. I think we are continuing in a follow-up positive way. It is very important to bring back a long perspective for this business, which is so important. Companies such as ours, with such large investment plans, it is fundamental that this long-term vision continues. I think this is moving very well to have a definition short term at the end about this topic. The main topic is the curtailment. I think we continue being very pressured by the curtailment. If nothing is done, I think that we see a bigger impact this year than last year. I think this is moving towards unsustainable levels. It's most important to find a solution. I think this solution is part technical, as the government has been doing, the INS, the ministry, ANEEL, but also government policy, so that we have a route of investment in the sector for the long term. We have a history of a lot of investments in generation. Regionally, Brazil leads the renewable generation in South America. I think it's important to preserve this position that we have. We do need some adjustments so that we can follow with these investments in the future. Our agenda is very concentrated to get a solution for the curtailment. I think the positive thing, the feeling is that the government also has the same perception. There have been a lot of debates, a lot of discussions, groups of work discussing this. My expectation is positive that we're going to advance to have a long-term solution about this. I thank you all once more. I thank you for your participation, and we continue available to clarify any doubts you might have in the future. Thank you very much.