Good afternoon, ladies and gentlemen. Welcome to the earnings conference call of Copasa MG for the earnings of the fourth quarter of 2025, and the year of 2025. This conference is being recorded, and the material can be accessed at the company's website at ri.copasa.com.br. The presentation is also available for download on the platform. We inform that all participants will be in listen-only mode during the conference, and after that, there will be a Q&A session when further instructions will be given. We inform that the presentation is being recorded, and there is simultaneous translation available by clicking on the interpretation button. For those listening to the conference in English, there is the option to silence the original audio by clicking on Mute Original Audio. Before proceeding, I would like to mention that outlook statements are made on the information available to the company and management of the company. Those statements may involve risks and uncertainties as they refer to future events, and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should take into account that macroeconomic-related facts and also industry facts can cause results to differ materially from those expressed in such forward-looking statements. I would now like to turn the floor to the CEO of the company, Marília Carvalho de Melo, who will start the presentation. Mrs. Marilia, you may start. Thank you. Good afternoon, everyone, investors, analysts, especially our dedicated team at Copasa. It's a great pleasure to be here for this first earnings call as a CEO of the company. I know that this is a crucial moment for the history of the company. A moment in which, as I have noticed, attentively in these months, it represents an important transition to the operational execution plan. I could verify that in the contacts I had with some analysts, I also stated that I highly admire the work that has been developed and implemented recently by the team. This is being recognized by the market, considering the favorable reports by the companies that keep track of our performance. The recent upgrades of ratings of Copasa are a testimony to the hard work we've been implementing. My commitment is to honor this legacy, to continue and accelerate this journey. This is a key moment for the development of Copasa. Our purpose is clear: to take care of the waters, make sanitation services universal, and improve the standards of society with objective goals and discipline in execution. In 2025, we've reached record investments in the company of BRL 2.9 billion in CapEx, an increase that accounted for 39% in the water supply systems and 13% in the sewage systems. In the next five years, from 2026 to 2030, Copasa will execute one of the largest investment cycles of its history, with a crude CapEx of BRL 21 billion, approximately. Those funds will be prioritily targeted at the universalization of sewage, treatment and services, reduction of losses, and water security. In terms of water security, I understand it's absolutely relevant, especially in this climate change environment, because we're integrating planning, operation, and investments to mitigate the risks of droughts and extreme events, to protect the watersheds, and ensure supply of water in the long run for our customers. In terms of defined initiatives and the strategic positioning I found when entering the company, is clear and consensual, and I endorse it fully. Our strategy is based on three solid pillars. The first one is a successful execution of privatization. The path is clear, the model is robust, the political risk was drastically reduced in the end of last year. My focus is to ensure an impeccable completion of our schedule to ensure that. The second pillar is a favorable environmental and regulatory environment. These are facts that we're going to use to accelerate our investments in the company and protect. A predictable and technical regulatory environment is an essential condition to make long-term investments feasible. We'll strengthen our regulatory intelligence with focus on tariff predictability. A A correct recognition of investment and reduction of risks. The third pillar that I'm very excited about, is the considerable increase in gains of efficiency. I see a huge opportunity to optimize our operations, with a goal to reduce costs, that will allow us to increase our margins and generate more cash. Regarding our ESG practices, at Copasa, sustainability has been a strategic pillar that exceeds corporate responsibilities. It boosts the business model and strengthen the value proposition of the company in the long run. This is validated by several indexes that the company maintains, especially because it was included in the Carbon Efficient Index of B3, which recognizes the effort in the transition to a low carbon economy. It also highlights companies that have followed diversity criteria. In addition, we're structuring the company to explore new business opportunities in a selective and responsible way, always aligned with our core business. To that effect, we have two important projects in execution: the reuse of treated sewage and generation of biosolids, that with the strategic partners, that bring new sources of revenue, and these projects have started in the year of 2025. Regarding our current concessions, we know that one of the points of attention of analysts is in the extension of the concession for Belo Horizonte. We can say that in technical and commercial terms of the renewal of this concession, have been 100% agreed to between the parties. Right now, we are in the part of legal approvals that involves several levels and that it has its own pace. We can remain confident that this will be signed shortly. We also understand that the BH process provides us a clear route that allows us to facilitate and expedite negotiations with other local authorities. Last month, I had a chance to welcome the leaders of 250 municipalities, to talk about the new moment of the company and listen to them, so I can improve our operations. We understand the quality of services and customer experiences is one of our key pillars for diversification. We don't want to just comply with regulatory criteria, but provide more than that. To complete, I would like to say that Copasa is a company that has several achievements and a promising future. My mission is to guarantee that this strategy is complied with and put into practice, to generate sustainable value for shareholders, and provide universalization of sanitation services for all users. I thank the board, the board of directors for the warm welcome and the team. I'm very enthusiastic about this new chapter that we'll build together in the important history of Copasa. I thank you for your attention. Now I turn the floor over to Adriano Moura, who will talk about the results of the last quarter and the year of 2025. In the end, we'll come back for the Q&A session. Thank you. Thank you, Marília. I thank you all for attending our earnings conference call. We are delivering one more quarter with solid financial results, with many challenges faced, and important advances that will work as a reference for this new cycle of Copasa, with a greater capacity of execution, more regulatory predictability, and a robust agenda of investments that will generate value, as highlighted by Marília, the CEO. Starting with the highlights of the fourth quarter of 2025. In the net revenue, we had a revenue BRL 1.9 billion, almost 7% higher than the last quarter of 2024. EBITDA of BRL 731 million, a growth of 14% compared to the fourth Q 2024, with a margin of 38.5%, reflecting a positive combination of revenue and cost discipline. It's important that the third tariff review was completed in December, that brought significant advances, among which the average tariff effect of 6.56%, that will be effective as of January 2022, and a pre-tax WACC of 13.7%, probably the highest rate for utility companies in Brazil. The recognition of annual investments, that will help us to support robust investments that we need to make in order to attain the universalization in the state. I also highlight the operating cash generation, BRL 405 million, with a growth of 5% compared to 4Q 2024. The leverage, the average leverage is a bit higher than in the end of 2024, at 2.3%, at a comfortable level that's compatible with the investment profile of the company and adequate to the capital structure. Another important fact is the completion of the protection for hedge contracts, because our debts are 20% of them are in EUR, they have been protected with swap plus IPCA plus swaps. Finally, something that we have celebrated a lot here at Copasa, which is the fact that our shares are now included in the Ibovespa Index, which reflects a great interest of investors and the strategic direction of the company. The next slide, we see the highlights of 2025 for the whole year. Net revenue of BRL 7.4 billion, approximately, a growth of 5.6% compared to 2024. The annual EBITDA of almost BRL 3 billion, short of BRL 3 billion, an increase of 5.7% versus 2024, and a margin that's quite similar to that of 2024. We faced major challenges, especially low temperatures in the state, which had a negative effect on the volume. CapEx was already mentioned by Marília, BRL 2.9 billion, which is a growth of 32%. A water loss ratio was reduced significantly in 2025 compared to the previous years. I will go into further detail about that. The goal of attaining 25% by 2033, according to the legal framework. Cash generation, BRL 2.3 billion, a growth of almost 13% compared to the previous year. Dividends totaled, if we consider what was paid as regular and extraordinary dividends, we're talking about BRL 639.853 million, some yet to be paid now in BRL 139 million payable in 2026. The delinquency rate, at a stable level of 2.91%, slightly better than that of 2024, which reflects the effective collection efforts that the sales area is implementing. The next slide. This slide consolidates our agenda of execution that supports the structural margins of Copasa. It's based on productivity, operational modernization, and a strict cost discipline. This combination has allowed the company to operate at a new efficiency level, despite a challenging environment. One of the fronts was the redesign of operating an organizational model with a new centralized operating model and the automation of treatment plans and modernization of our assets. This improved the flows, made the operations more agile. In the operational efficiency and shared services area, we work with three levers. First, the zero-based budgeting model, that now we have a pluriannual plan as of 2026, allowing for more comparability and technical rigor to the use of funds. The second area is strategic sourcing model, which has allowed us to renegotiate contracts and have important gains in scale and quality. The third one is the creation of the shared services center that's fully consolidated and operates with 150+ services centralized and 600 employees, that unites services that were scattered around the company. That makes it more, increases the administrative efficiency. In optimization of energy costs, we have increased the free market and photovoltaic energy sources. Only 15% is in the captive market of energy and management of demand, with better, more efficient models to reduce consumption of energy. Finally, the last reduction in revenue improvement. Some examples: in 2025, we were able to replace more than 700,000 water meters, so making measurements more accurate, therefore, reducing the average age of the meters. That's now three years and three months, compared to five years and two months in 2021. We are expediting the replacement in the metropolitan area of BH, Belo Horizonte, and 100 km of network were replaced in 2025. That favors operational efficiency, improves the quality of services, increases the revenue base of the company, also contributing to the incentive in the annual tariff adjustment. Simply put, this plan integrates people, processes, and technology. It reduces expenses, improves the quality of operations, makes energy consumption more effective, makes room for more consistent margins. The next slide, we see the development of EBITDA for 4Q 2025, compared to the 4th quarter of 2024. A growth of 14% for the quarter, BRL 731 million. In 4Q 2025, the net revenue grew by 7%, considering volume and a better mix in addition to the tariff adjustment as of January 2025. The costs and expenses, on average, grew slightly below inflation. Personnel costs, that reflects the collective bargaining agreements signed in 2024 and 2025. The base date is November, which were partially offset by the reduction of 170 employees, which is around 2% of the total staff. Costs of services from third parties improved because of the reduction of consulting agreements with the non-recurring demands. This growth of losses with accounts receivable, BRL 20 million, was affected by the aging of the portfolio, especially those above 180 days and 360 days. Increased the need for provisions to be made, that in this quarter was above the recovery level. Although recovery increased almost 30%, reaching BRL 60 million in the quarter, it was smaller than the increase in the provisions made. That affected the net balance of this account by BRL 20 million, compared to the fourth quarter of 2024. On the other hand, the delinquency rate, that's measured by the delays in payment or late payments in 280, 360 days, is lower and better than in 2024. Continuing, the next slide, we highlight the net income. The main positive impact is the evolution of EBITDA. Depreciation increased due to new investments as expected. Financial effects, almost no impact, although the debt increased. We were also benefited by the impact of exchange rate here. The effective rate remains at a very good value, 20%, considering the entire area of SUDENE and the interest on equity, which is now, as of the cycle of 2026, it will be integrated as a benefit for the company. Continuing. Here, I just highlight the robust operating cash generation, BRL 5.2 billion, when compared to the same period of last year. Where a CapEx, highly concentrated in the last quarter of BRL 1 billion, with the need to raise funds of BRL 105 million in the period, and payments of dividends and interest on equity, as earlier mentioned. Just financial indicators of 2025 and 2024, all with consistent growth, highlighting the robust cash generation of BRL 2.3 billion, slightly below the need for CapEx of BRL 2.8 billion. That does not include capitalizations that are part of the base. Next slide. Regular dividends had a payout of 50%, BRL 653 million have been declared, and the payment for BRL 139 million will be set in the general meeting of shareholders. Extraordinary dividends have been paid in December of 2025, and for 2026, the board of directors has defined a payout of 50%, maintaining the predictable distribution policy. Next slide. Strategic investments history since 2025, and we highlight the record investments in 2025, with almost BRL 3 billion and a growth of 32% compared to the previous year. We predict for the period from 2026 to 2030, BRL 21 billion. We've provided this guidance in previous meetings. That does not include capitalization. The focus of the investments will be in sewage universalization and water security, especially in the metropolitan area of Belo Horizonte. Loss reduction, heavy investments are being made, considering the goal of 25% by 2030, and the retrofit of wastewater treatment plants that improve the OpEx efficiency. These are essential pillars to sustain the growth cycle of the company. Continuing, the next slide, the capital structure and debt of the company. In December, the debt was almost BRL 7 billion, compared to BRL 5.4 billion in the end of 2024. A leverage of 2.3, slightly higher than in 2024, but still at a level that's compatible with the investments of Copasa. Now, considering the swap hedge, with IPCA, we have a debt that's considered debt indexed by IPCA, mostly. The last highlight of this slide is that we remain with the AAA rating, both by Moody's and Fitch. This is the, almost the last slide. With the indicators, we talked about the loss index, that had a very positive performance. Several investments are still planned that will certainly reduce these index further. Delinquency, 2.91%, it's a record low since 2020. First, and finally, employees per connection, per thousand connections of 1.18, so that does not include Copanor, and a reduction of 2% compared to the previous year. To conclude, before we start the Q&A, this last slide shows a summary of tariff review advancements now for the cycle from 2026-2029. The main advances were pre-tax WACC of 13.7%, which is equivalent to 9.80% post-tax. When compared to the previous cycle, there was a significant increase from 7.92% to 9.70%. Also, we must consider that there is a tax benefit, that after taxes, that will be equivalent to 11%, considering that we have benefits from SUDENE and interest on equity. That's also the end of PMT mechanism, investments will be recognized annually. Which means that all investments made up until June, will become the base for the next review, which will be January of 2027. Finally, the partial sharing of efficiency gains. Inside the cycle, as of January 2026, this will be shared within the cycle, which coincides with our cost reduction efforts. We are sure that there will be a regressive table regarding these gains, as happened with Sabesp in São Paulo, as highlighted in recent notes. Well, with that, we conclude the presentation of the financial and operational results of the fourth quarter, now I pass the floor on to the operator to start the Q&A session. Thank you. We'll now start the question and answer session. In order to ask a question, please click on Raise Hand. If your question is answered, you may remove yourself from the queue by lowering your hand. In order to send a question in writing, write it on the Q&A link and tell the name of the company. Please hold while we collect the question. First question is from João Pedro Herrero from Santander. João, you may speak now, and your microphone is open. Can you hear me? Yes, we hear you. Go ahead, João. Thank you for taking my question. We have two questions here. First, regarding the extra expenses on the Pró-Mananciais program, Pro Watershed program, I would like to know whether these investments could be recovered by the company in the tariff review. Also, an interview that was published in the media, saying that there are 80 towns that are considered strategic by the companies. What is the proportion of these towns for the company, and how many of these 80 towns is not served by Copasa? Right now. Thank you, João. I'll turn the floor to Cleyson to answer about the Pró-Mananciais question. The Pro Watershed Program is biannual, everything we spend is recomposed by a tariff, and the raise is because in 2024, we did not attain the investment goal. In 2025, we had this difference. Good afternoon, João. About your second question, referring to the 80 towns, these 80 towns that are considered strategic for the company are based on a study we made. These are towns that we have concessions for, obviously, they are part of our strategy to amend the agreements in this pre-desestatização moment. Thank you. Thank you, João. The next question comes from Maria Carolina, from Maria Carolina Carneiro from Safra. Go ahead, Maria. Good afternoon. Thank you for the call. I have two questions also. The first one is about the same interview that João mentioned. You said that the Belo Horizonte agreement would be in this final negotiation stages. Could you give us some more color as to what are the possible improvements to this agreement or items on this agreement that could compare to the current contract in terms of updates and modernizations? Just also, because we would like to understand if it could be replicated to other agreements. Since the second question is also related to the previous question, these 80 towns that are strategic for the company you already have agreements with, we would like to understand the scope of the municipalities in which you don't provide sewage services. Is there any type of negotiation happening in parallel to make the most of this moment? We had the tariff review recently defined with an interesting return, as Adriano mentioned. Should we expect a negotiation to include these towns in the scope of this new agreement, since now the investments will be greater? Thank you for your question, Maria Carolina. This is Marília speaking. About the contract of Belo Horizonte, the agreement. In fact, we are in the final stages, all the commercial and technical topics have been discussed and agreed upon. Now the final version is going to the city authority of Belo Horizonte, the legal department, to be signed. We have all the municipalities with the standard concession agreements. Belo Horizonte has some specific details, giving the importance of the city for the company. We'll be able to talk about it as soon as the negotiation process is completed and the contract is signed. We're talking to all municipalities. We defined a strategic front to negotiate with the 80 main towns. We are talking to all the municipalities to consider the concession agreement, considering the window of the destatization process, including in the municipalities in which we have agreements for water supply concession, but not sewage treatment. All of them are being talked and called to talk, and we would like to provide services in those municipalities to which we do not provide sewage services. Okay, that's very clear. Thank you. If I could just ask one additional question to make sure I understand the scope of what's being negotiated. You are trying to propose a model that's different from the current regulation model, let's say, from going to a tariff calculation based on a fixed return to a model of fixed tariff. Is this the idea, or are there other fronts or possibilities being negotiated? I mean, as much as you can tell, of course, just to make sure I understand. Maria Carolina, we maintain our discretionary regulation model. Okay, thank you very much for your answer. Our next question comes from Luísa Candiota, from Itaú BBA. Luísa, your microphone is open. Thank you. Thank you for allowing me to ask a question. My first question has been answered. The second question is about the CapEx plan and execution strategy, looking to the future, especially considering the guidance of BRL 21 billion recently announced. I would like to understand how you expect the pace of the monetization of the works in progress, considering that the company has a considerable amount of amounts in contract, and considering current regulations. I would like to understand the level of complexity and pace of these works in progress, and what do you intend to do to accelerate the execution to incorporate this into the asset base? Thank you for your question. Well, I believe it's clear that our investment plan is based on the enough detailing to make sure that we can guarantee the universalization goals will be complied with in a reasonable way. I'm sorry. Certainly, this is the main challenge, to incorporate that into the base. With the annual recognition, this responsibility only increases. We'll have to have a in-house structure to bring all these investments to the base. There is a calibration plan, because although these are long-term projects, they should be divided in levels so that we can have annual recognition that's much higher than depreciation per year, so that we can increase our capacity of investment. Perfect. Thank you. I would like to remind you that to ask a question, please click on Raise Hand. If your question is asked in writing, please use the Q&A icon, telling the name, your name, and company name. Once again, if you have a question, please click on Raise Hand. If you would like to ask your question in writing, use the Q&A icon and tell your name and company name. Please hold while we collect the questions. There is a question from Lucas Greco that talks about efficiency gains, post-monetization in terms of reduction of OpEx. Where will the main gains come from? As I told you, this is one of the relevant fronts of our strategic plan. We are now starting a zero-based budgeting project, That has several initiatives compared to the best practices in the market. We see potential for improvement. We're not giving any guidance regarding reductions, but I may say these are significant reductions compared to our current base. The good thing is that this is all mapped out. We have a very detailed plan, action plan, that is part of our budget for 2026, and then we have a pluriannual view for the cycle that ends in 2029. Lucas, complementing on what Moura said, this is Marilia speaking, there are three important fronts in the cost optimization process. First, reduction of losses that was presented by Moura, that today is at 32%, and our goal is to achieve 25 by 2033. The optimization of personnel structure, not by dismissals, but by gaining productivity and making optimization with the reorganization of our internal teams. The third is the review of third outsourcing and purchasing procurement contracts. We already have the shared services center operating that allows us to gain scale and optimize our hiring processes. With regards to the question from Danilo: Is there a concrete predictability for the incorporation of the new Copasa? As from what quarter should this impact financial results of the company? Danilo, the law approved in the shareholders' meeting at the end of the year, allows the incorporation of Copanor to Copasa, but we haven't yet started this process. We're focused on the desestatização process to then continue with the other processes, according to the authorization given from the end of last year. A question from Leonardo, from Unesp: I would like to know if the CapEx plan includes the payment of granting to the municipalities. No, this BRL 21 million plan does not include the payment of granting fees to the municipalities. Oh, got it.