First quarter of 2025 from Energisa. We inform that this video conference is being recorded and is going to be available at the company's IR website, where the current presentation is available. We highlight that whoever needs simultaneous translation, we have this tool available at the globe icon, written interpretation, located at the bottom area of your screen. By selecting it, choose your preferred language: Portuguese or English. For those listening to the video conference in English, there's the option to mute the original audio in Portuguese by clicking on "Mute Original Audio." For the Q&A, question-and-answer session, we guide that they might be sent via the Q&A icon located at the bottom area of your screen. By dynamics, your names will then be announced so that you can ask your question live. At this moment, a request to activate your microphone will pop up on your screen. 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Now, I would like to give the word to Ricardo Botelho, CEO of the company, to start our presentation. Ricardo, please proceed. Thank you, Operator. I appreciate the presence of everyone at this presentation of results for the first quarter of 2025. Joining me are our CFO and Investor Relations Director, Maurício Botelho, our Vice President, and the Investor Relations team. I kindly ask that you pay attention to the notices on the slide before making any investment decisions regarding the company. Beginning now the presentation of results for the first quarter of 2025, I'd like to highlight generally good operational results of the group. The Energisa Group has a history of being a good asset manager with discipline in capital allocation and efficiency in cost management. Throughout 2023, we made adjustments to our personnel, material, service, and other costs to adapt to the new quality requirements demanded by the regulator, a positive effect on quality indicators, as we will see later. In the first quarter of 2025, we achieved a 1.1% reduction in the PMSO, while in the electricity distribution segment, we had a growth of 1.2% against an inflation of 5.5% in the transmission segment. We also delivered a good reduction in the PMSO after internalizing the operation and maintaining operations, with a positive impact on the regulatory bid and margin, which reached 85% in the quarter. Yes, guys, we continue to expand the number of new connections and file the business plan proposal with the regulator for the distributor's second tariff cycle. The first under our management. The plan envisions BRL 1 billion investments by 2030, resources that will be allocated to promote the inland development of the state of Espírito Santo, energy democratization, and ensure safe, reliable, and quality operations. Investment, more than making up for years of delay in the state's infrastructure development, will generate benefits for municipalities, population, and the environment as well. Our guys, we are advancing with investment plans and cost reduction distributors, which we hold minority stakes. We achieved good process in the financial operation and performance of the group's other subsidiaries this quarter, addressing delinquency and churn in the distributed generation business. We'll highlight the next section with more details. Even with a more challenging economic environment in Brazil this year, we believe in the quality, complementary, and resilience of our portfolio assets to continue generating superior value for our shareholders even under these circumstances. Our operational and financial discipline, customer centricity, and attentive eye for innovation and growth opportunities is what has driven us for 120 years. With that, I give the word to Maurício Botelho, CFO and Investor Relations Director of the group, to continue the presentation of the results for the first quarter of 2025. Thank you. Ricardo, good afternoon. I thank everyone for your presence at the disclosure of another quarterly result from the Energisa Group. This quarter, we reported a solid net income of BRL 1.03 billion, representing a 9.5% increase compared to the same quarter of 2024. Cash generation measured by accounting EBITDA also decreased by 5.2% in total, BRL 2.4 billion. In the quarter, we had some extraordinary and/or non-recurring events, such as the recognition of the extraordinary tariff adjustments for Energisa Rondônia. This tariff review was expected to occur in 2019, but was only deliberated by Aneel in March of this year. The positive effect on EBITDA was BRL 177 million, and on net income was BRL 185 million. I highlight that the impact on net income includes BRL 103 million in financial revenue out of taxes due to monetary updating. In terms of recurring EBITDA, in the first quarter of this year, it declined 15.8% compared to the same quarter of 2024. Among the factors that contributed to the margin decrease, I highlighted negative tariff adjustments that occurred in 2024, mainly in distributors with anniversaries in April, which are adjusted by the IDPM. In the first quarter of 2024, this indicator was negative and reduced tariffs in two of the group's largest concessions, Mato Grosso EMC and Energisa Mato Grosso EMF. This effect will be upset by the positive adjustments in portion this year that happened this year. In the transmission segment, the entry-entry operation of Energisa Maranhão and the energization of projects at Energisa Amazonas and Tocantins negatively impacted to the corporate. From a regulatory perspective, the EBITDA for the segment grew 16.4%. The parent company's net income closed the quarter at BRL 775 million, 14% below the previous year, as already mentioned. The consolidated net income was BRL 0.03 billion in the quarter, down 9.5%. However, when we adjust the net income for non-cash and non-recurring effects, such as the extraordinary tariff review from Rondônia and the quasi-active items in the quarter, the recurring consolidated net income closed at BRL 390.7 million, 48% below the first quarter of 2024. As already mentioned by Ricardo, the year 2025 is already materializing as a year of stabilizing control PMSO, with growth below inflation, both in the electricity distribution segment and in the consolidated view. The decreased investments, despite inflation in the period, is partly due to the completion of some transmission projects at Energisa Tocantins, Energisa Maranhão, and Energisa Amazonas. In that debt management, we had an increase in the net debt adjusted to the covenants indicator, closing the quarter 3.2 times. With the parentheses, this indicator, with the provisions of DG credits attributed to the consumers, that we began accounting for in the last quarter of 2024, those effects is non-cash at the moment. We are going to be returning the level of three times. It's worth highlighting this quarter of improvement in the debt profile, with an average cost below 100% of CDI. In the electricity distribution segment, in addition to performance highlight and operational cost control already mentioned, it is worth noting the performance of DEC and FEC quality indicators, all within regulatory limits, with some concessions achieving historical records in this indicator, like Energisa Acre and Energisa Sergipe, both indicators. The best historical FEC for Rondônia and Southeast, and the best historical DEC for Tocantins. The market in the quarter grew 1.3% compared to the same period in 2024. The growth rate was limited due to the high comparison base of the first quarter of 2024, which at the time grew 11.9% compared to the same quarter of 2023 and represented the highest growth in 21 years. The increase in the quarter was spread across industrial segments, with emphasis on food production, minerals, and rubber, motivated by new loads of increased production. In total losses, we maintained the indicators stable in comparison with the fourth quarter of 2024 and showed a reduction of 0.39 percentage points compared to the first quarter of 2024, closing at 12.34%. It is worth highlighting the performance of Energisa Rondônia with a reduction of 21 percentage points compared to the last quarter, and also with Energisa Tocantins, with the similar evolution, any good evolution compared to the quarter of last year. Here I would like to make an observation that Aneel recently started considering the impact of distributed generation, the calculation of the regulatory non-technical losses from the tariff event of each distributor for Energisa Mato Grosso EMC and Sergipe, already considered the adjusted regulatory limit from April, the date of the last tariff adjustment. The expectation is that the regulatory limit will undergo gradual adjustments of up to 1% until 2026. Because of this plan, combined with adequate delivery of the regulatory indicators, the concessions, it is what characterizes an operator of excellence, what shows it. These results reinforce Energisa's commitment to effectively manage its related businesses, consciously focusing on process optimization and adequate regulatory management to ensure financial sustainability and enhanced profitability. I would now like to comment on the significant advances achieved by the transmission segment this quarter. In February, we requested the preliminary license for Energisa Maranhão on an important step for our licensing process, which is to reassess our activity to obtaining the license. The project is reinforcing the expense of basic network, with the full power plants already contracted in the Northeast Region in March. We completed the electromechanical assembly of the Energisa Amazonas substations, an important milestone for the utilization of the transmission function related to the Lexuga Tapamá transmission line. The forecast for the concession to enter its operation is March 26. This quarter, we can already see the benefits of internalizing the operation management services, the improvement of the PMSO reflected at a regulatory EBITDA margin of 85%, significantly increasing the results recorded in the first quarter of 2024, which was 77.8%. We are permanently seeking operational improvements and better asset performance. We will now present the results of Energisa, the group units dedicated to offering an ecosystem of innovative solutions that accelerate our customers' energy transition, promoting sustainability and efficiency in their operations. At Energisa, the distributed generation segment continues to be the most relevant result among non-regulated businesses compared to the first quarter of 2024. The reduction can be explained by a more challenging sector scenario throughout last year, which led to an increase in churn and delinquency. However, the comparison between quarters we can already observe an improvement in these two indicators, a reduction of 1.2% in churn and 1.8% in delinquency after adopting differentiated strategies that resulted in improved quality and selective sales. At this slide, we present the financial and operational indicators of the gas distribution. Norgás presented an equity income of BRL 30.5 million and the sum of the results of the companies invested by Norgás. It showed good evolution in both operational and financial indicators, with EBITDA and profit growth of 12.5% and 27.9%. At ES Gás, we ended the quarter with EBITDA of BRL 39 million, 18% below the previous quarter, explained mainly by the effects of reduced PGU. It is gas overrun price, the lead to more regular consumer demands that contributed to revenue composition on the first quarter of 2024. By the seasonality of demand in steel and mining sectors, investments grew more than 100% when comparing quarters, following the acceleration plan that started in 2024. As we talked with Ricardo in April, we filed with the agency a business plan, 2025-2030 business plan, within the scope of the second tariff revision cycle of the concession, which aims to develop gas infrastructure in the state of Espírito Santo based on four pillars: decarbonization, energy security, competitiveness, and development. We conclude our highlights for this quarter here and are available for the Q&A. Operator, please go ahead. Agora, daremos início à sessão. Now daremos início à sessão. Now we are going to be starting the Q&A session. We kindly ask that you ask all your questions at once, waiting for the company to answer it. Remembering that for you to ask your questions, we ask you to send them via the Q&A icon located at the bottom area of your screen. By dynamics, your names will then be announced so that you can ask your question live. At this moment, a request to activate your microphone will pop up on your screen. Please wait while we are collecting your questions [Foreign language] Let's go to our first question. [Foreign language] Felipe Andrade, Southside Analyst. [Foreign language] Felipe, we're going to be opening your audio so that you can answer live. Felipe, [Foreign language] Felipe, please go ahead. Hi, guys. Good afternoon. Thank you. To accept my question, we'd like to listen a little bit by your perspective, with the tendencies of the PCOD on the next month. We've been watching your growth on these, and we'd like to know about the initiatives that you guys are adopting on this to contain this growth. If you guys can check on the following months of the second quarter, any changes or tendencies or stabilization with this, with the energies, like such as it happened in 2024. Thank you. We're going to be giving the opportunity to Gioreli to answer this. Good afternoon. Thank you for your question. I think that's an important point for this question, analyzing between quarters, as it enrolls like the previous quarter. It creates a difference in the basis and a difference with the installments per Acre, as we talked about the reports and the fundings that we got. It shows a growth. It shows also an improvement of performance with the charges and with the offer of credit offer from votes. We are checking the indicators that have been showing a difference between quarters, but it is already stabilizing. Thank you. Perfect. Thank you so much. [Foreign language] we guide that they should be sent via the Q&A icon located at the bottom area of your screen. By dynamics, your names will then be announced so that you can ask your question live. Please wait while we are collecting more questions. [Foreign language] Maria Carolina. To our next question, it comes from Maria Carolina, Southside Analyst from Safra. We are going to be opening your audio so that you can ask your question live. Maria, [Foreign language] Maria, go ahead, please. [Foreign language] Good afternoon, guys. Thanks for the call. I have two questions. First one is really related to the concessions, the renewal of the concessions of Energisa. We checked in the last few weeks with the EDP Espírito Santo, like moving on, but a discussion that like showed up was about the potential of using another metric besides the back-and-fact and support for the opinion, to validate the opinion of Aneel on the renewal or not. Just to understand, with this discussion, your opinions like ended with the statement that Aneel has given us, or you believe that as a discussion point that like may still show up. If you guys could update us a little bit on the expectations on this on the calendar, or we are, or we should be close to the end of the deadlines for the Aneel renewal concessions, so the good update us on this. It will be good. The second theme, it will be on the rechecking of the ES Gás on Espírito Santo. You guys showed the CapEx plans analyzing the main premises of investments on the next few years. If you guys could give us an update on the next steps, what it should be on the review of this distributor, please. Thank you so much. [Foreign language] Carol, please, I'm going to be asking the first part, and Ana Maya to answer this, and then Fabrício Tolo, he's going to be completing the topic on the ES Gás, the second question. [Foreign language]. Hey, good afternoon, everyone. Carol, [Foreign language] It was a really interesting discussion that we had with Espírito Santo, Espírito Santo, but at the end, it happened what we were expecting, that it was limited with the indicators that were available at the statement. Our perspective for the current processes, this discussion will not be reopened. They are going to be faster, instructed with basis of the technical information on these indicators. Is it possible that Monday, you are going to be named to follow the process that is happening with the technical area? We should have a fast process on this. Maybe some processes are not going to be ended by the end of the month with this simultaneous process happening. Already 19 happening. Already over, we should have like 80 more, but maybe it's going to be taking a little bit more time, but we're going to be expecting that it'll be helping good. An update is the TCU is still in follow-up with each step on this. They already have their technical teams checking and structuring each process. They're going to be deciding who's going to be talking this, but they're still working on it. This is going to be providing us with more safety on our program. When concluded, it would already be analyzed by the TCU, so it's going to be showing safety to it. We keep the perspective of concluding the process till the end of August, by the end of August. Carolina, [Foreign language]. Carolina, [Foreign language]. Carolina, good afternoon. Related to ES Gás, we submitted the plan. As we talked about this in our plan, we have three major fronts: interiorization, democratization and operation, and a safe operation with quality. The company, the agency already got this, and they're analyzing this in technical numbers, but the agency is already checking step by step with the results, and we're going to be having updates on this in the meeting that will be happening by the end of this month, maybe the beginning of the next one, for the process to capture contributions, fundings, and a new tariff to be like available starting August. [Foreign language] Okay, thank you so much. Thank you for your answers. [Foreign language] Starting our next question. It's from Guilherme Lima, Southside Analyst from Santander. We're going to be opening your audio so that you can ask your question live. Guilherme, please go ahead. [Foreign language] Good afternoon. [Foreign language]. Thank you for your question. [Foreign language] They talked about the reforma do eletro sector already, like, went on the topics again. They had a preliminary statement on this. If you guys already checked on this, on these subjects that like are being released, and how you guys see that it might impact the company. Talking about the open market and on tariffs, and losses and losses, and how you check on this. It will be this. Thank you. [Foreign language] Guilherme. Good afternoon, Guilherme. Sim, [Foreign language] We made like analysis on this and leave like in a general way. The proposal is really interesting for the distribution business and the focus on low-income like customers, almost low-income customers, and these two segments. [Foreign language] On the second part, they have a reduction on it. [Foreign language] With this, we reach like a number, a really big number of customers on this. Within the Jesus, just for you, we have almost like 2 million customers that are on this scale. E isso like certainly reduces like the delinquency and the losses on the segment. A [Foreign language] Talking on this, we have an increase of... [Foreign language] that might be compensated with other measures like redistributions from one to one and two, changing the CDA between the tension levels that might like balance it. [Foreign language] They might suffer like an increase, but your segments with like an economical power are a little bit like bigger so that it won't like give it like controversial results. In a mineral way, we thought it was like really interesting. Of course, we have another measures that might affect another segments that we have from business, but commercialization of energy or it might affect as well like generation besides generation. We already almost like we don't have it, but the balance that we have is positive about it. [Foreign language] Fernando. Very, very great. Thank you, Fernando[Foreign language] To ask questions, we guide that you send in via the Q&A icon located at the bottom area of your screen. By dynamics, your names will then be announced so that you can ask your question live. [Foreign language] Without further questions, we end the Q&A session. [Foreign language] For the first quarter of Energisa, the Department of Investor Relations team, they are available to answer further doubts and questions. Thank you so much, and have a good afternoon. [Foreign language].