Everyone, and welcome to the Energisa Q4 2025 Results Conference Call. Please note that this conference call is being recorded and will be made available on the company's website, where the respective presentation is also available. I would like to highlight that for those who require simultaneous translation, this feature is available via the globe icon labeled Interpretation, located at the bottom center of your screen. Once selected, please choose your preferred language, Portuguese or English. For those listening to the webcast in English, there is an option to mute the original audio, Portuguese, by clicking Mute Original Audio. For the Q&A session, we ask that the questions must be submitted via the Q&A icon at the bottom area of your screen. As part of our standard procedure, your names will then be announced so that you can ask your question live. At this point, a request to activate your microphone will appear on your screen. Please note that some speakers are joining remotely. Fluctuations or instabilities may occur, which could affect response times, particularly during the Q&A session. We appreciate your understanding. We emphasize that the information contained in this presentation and any statements that may be made during the webcast regarding Energisa's business prospects, projections, and operational and financial targets represent the beliefs and assumptions of the company's management, as well as information currently available. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties, and assumptions as they refer to future events, and therefore depend on circumstances that may or not occur. Investors should understand that general economic conditions, market conditions, and other operating factors may affect Energisa's future performance and lead to results that differ materially from those expressed in such forward-looking statements. I would like to hand the floor to Ricardo Botelho, the company's Chief Executive Officer, to begin our presentation. Ricardo, please go ahead. Good morning. Thank you, operator. Good morning, everyone. First, I would like to thank everyone for attending this results presentation for the fourth quarter of 2025. Joining me today are our CFO and investor relations officer, Maurício Botelho, our vice presidents and the investor relations team. I ask that you review the legal disclaimers at the beginning of the presentation before making any investment decisions. Going to the start of the presentation. In the year that we celebrate 120 years of history, Energisa has shown that experience and relentlessness can and should go hand in hand. We know how to navigate turbulent waters, and more than just weathering them, we advance. With financial discipline, focus on execution, and courage to innovate, we turn challenges into growth and value for those who trust in our journey. We operate in a dynamic energy landscape that demands long-term vision, executability, and a keen eye on both the customer and the driver's transformation. Energisa, we have a strategy built around the concept of energy multipotentially where electrons, molecules, and bytes coexist. Between 2021 and 2025, we recorded growth of approximately 70% adjusted recurring EBITDA, which corresponds to a CAGR of around 14% annually during the period. This performance reflects the consistent execution of the strategy, with a focus on operational efficiency, quality of revenue, and capital allocation discipline. This historical analysis reinforces the case for the strength of our economic performance, characteristic of a robust portfolio of assets that is highly resilient and has low obsolescence. We grew with predictability, strengthening margins and sustaining consistent profitability even in more challenging macroeconomic scenarios. Transforming results into cash generation strengthens our financial position and expands our investment capacity, especially in a sector experiencing energy transition. This transition is complex, marked by different global rhythms, and requires a long-term vision and adaptation capacity. Our Our strategy considers Brazil's multipotentiality, advancing in solar energy, natural gas, biomethane, distributed generation, and smart grids, always with a focus on integration and innovation. We don't just seek to develop or apply technology, but to create an environment to implement them with efficiency. This situation also results in real impact, always evolving in the situation of energy and repositioning our portfolio to help our market. On this road for the next 120 years, we will continue with our strategic positioning, balancing the strength of our core businesses with diversification that is consistent with our vision and competencies that have been with us since our founding. It was this combination of consistency and ambition that allowed us to grow from a regional operation in the early nineties to reaching 97% of the national territory today, serving more than 20 million people and offering an increasingly broad portfolio of energy solutions to drive Brazil's economy. Now I hand the floor to Maurício Botelho, CFO and Investor Relations Director, to continue our presentation. Thank you for joining us for another annual results from Grupo Energisa. I will begin by highlighting some results for a period. Starting with the factors that most impacted EBITDA and net income in the fourth quarter. Consolidated PMSO decreased 6.1% in the quarter. For the full year, the PMSO reached BRL 4 billion, a reduction of 1.7% compared to the prior year, below the 4.3% inflation rate, indicating a real efficiency gain. In energy distribution, which accounts for the largest share of our PMSO, decline was 1.6% in the quarter. In the transmission segment, the reduction was 26%, and Energisa posted a 20% decline. ES Gás, on the other hand, saw a 12% increase due to the growth of its operations. This consistent cost control reinforces our operational efficiency and reflects management approach guided by cost discipline and value creation across all business lines. The recurring adjusted EBITDA for the fourth quarter 2005 was BRL 2.3 billion, up 21.7% compared to the same quarter of the prior year. For the full year, recurring adjusted EBITDA was BRL 8.2 billion, representing 9.5% growth. Consolidated recurring adjusted net income also reflected our operations even in a challenging interest rate environment. We delivered significant growth of 151% in the quarter, reaching BRL 806 billion. For the full year, net income was BRL 2.1 billion, up 9.5%. Next slide, please. In 2025, we raised BRL 16 billion through strategic funding transactions, including BRL 3.6 billion from an exchange offer in our debt maturity profile, which in turn helped us extend the average maturity of our debt to 6.6 years. Only in the fourth quarter of 2025, we raised BRL 3.5 billion in early issuances of funding originally planned for this year, thereby reducing our financing needs for the typically more volatile year. We did this in a planned manner, taking advantage of market windows while maintaining financial flexibility. I would also like to highlight that in December 2025, we carried a corporate reorganization of the companies related to Grupo Energisa, which resulted in the consolidation of equity interests under that holding company. Additionally, we exercised the purchase option on a minority stake in EPM quasi-equity, resolving the cash entrapment of BRL 720 million, sorry, with the disbursement of BRL 1.2 billion for the acquisition of minority interests. We closed the period with net debt of BRL 32.8 billion and leverage of 3.6x. Excluding the effects of the unwinding EPM quasi-equity instrument, which occurred on the fourth quarter, leverage would stand at 3.3x. Regarding the amortization schedule, our cash position stands at BRL 12.6 billion as of the end of 2025, comfortably covering short-term maturities for the next few years. The amortization profile is well balanced with greater concentration in the long term, particularly after 2030. Moving now to investments. For the full year, investments came in 2% below the level recorded in the same period of 2024. It was largely driven by the commissioning of transmission projects that had been under construction, as well as the proximity of the end of the planned investment cycle for the distributed generation segment. Looking at the gas segment, we see a different dynamic. In gas accelerated its investments and closed the year with 29% growth, the highest CapEx volume in the company's history. This reflects network expansion, new customer connections, and the capture of wind opportunities in the Espírito Santo market. This trajectory for ES Gás continues into 2026. We expect to invest approximately 16% more than the amount deployed in 2025, maintaining focus on those two key drivers, infrastructure expansion and customer base growth. Last month, we announced to the market our consolidated investment plan for 2026 of approximately BRL 7 billion, 7% increase compared to last year. One important contributing factor to this increase is anticipating early signing of concession renewals for four of our group's key distribution companies, Mato Grosso, Mato Grosso do Sul, Sergipe and Paraíba. Of the total planned for 2026, approximately BRL 6.5 billion, about 90% of the investment plan will be directed to electricity distribution companies. These investments follow new regulatory guidelines and are focused primarily on grid modernization with direct impacts on the quality and reliability of supply. Our investment plan remains disciplined. We prioritize projects with adequate and consistent returns, aligned with market growth in our concession areas and with the continued improvement of our energy infrastructure. Next slide, please. Turning now to share performance. 2025 was marked by important developments in our relationship with investors. November, we approved a bonus share issuance of the proportion of one for each 10. The transaction was designed to reward shareholders without cash outflow, to incorporate retained earnings into share capital to simultaneously enhance unit liquidity. Also anticipating potential changes in the tax environment. Additionally, a payment of BRL 0.70 per unit was approved as an anticipation dividend, advancing the amount originally scheduled for March 2026. In this context, ENGI11 units recorded appreciation of approximately 9.49% throughout 2025, outperforming Ibovespa over the same period due to the shareholder remuneration. The dividend yield in 2025 was approximately 7.6%, maintaining our practice of recurring dividend distributions. Looking at the longer horizon, the total shareholder returns since the re-IPO in 2026 exceeds 260%. The result of the combination of share price appreciation, dividend payments over the period. We now turn to highlights from energy distribution. In the quarter, we recorded the lowest historical loss levels for a full quarter, with seven out of nine distributors operating below their regulatory limits. This result reflects the consistency of the structural actions we have been implementing over recent years. Despite the socioeconomic realities of certain areas, there were no restrictions of greater operational challenge. We also observed the progress in collections. The consolidated 12-month collection rate reached 97.25%, the best result for a fourth quarter. On the PDD indicator, we recorded improvement of seven basis points compared to the third quarter of 2025, primarily reflecting the consistent collection performance during the period. We continue to expand the use of advanced analytical methods and artificial intelligence, which have enabled us to identify the new revenue recovery opportunities and make our receivables management increasingly efficient. The tariff exemptions for low-income consumers introduced in July 2025 contributed approximately 2- basis points to the reduction of the PDD indicator. All indicators that in fact remain within regulatory limits throughout the period. One important thing we're highlighting, in 2025, all of our distributors met the regulatory that in fact targets by grid segment. Furthermore, seven of our nine concession areas already have more than 80% of their grid segments operating within the limits established by ANEEL for this year. Moving now to the energy market and electricity sales. In 2025, we recorded a consolidated growth of 1.4% compared to 2024. At first glance, this may appear to be a moderate expansion. However, it's essential to properly contextualize this comparison base. In 2024, we saw a growth of 7.6%, the highest in the past 12- years, heavily influenced by exceptionally adverse weather conditions. It was a year marked by significant heat waves and effects associated with El Niño phenomenon. In 2025, we observed a normalization of weather conditions. The cooling degree days fell 30% compared to 2024 and came in 2.6% below the historical average. Additionally, the percentage of days with temperatures above the maximum was 54% compared to 78% in the prior year. Six distributors posted consumption growth, with particular highlights to Paraíba, Tocantins, Egypt, and Mato Grosso. Growth was geographically diversified, reflecting consistent regional economic dynamism. In transmission, the regulatory EBITDA margin reached 83% in 2025, an increase of six percentage points compared to the prior year, primarily driven by a 27% reduction in PMSO. We also highlight significant events in our project implementation portfolio. We obtained the operating license for the Energisa Amazonas Dois project, which is in its final implementation phase. Upon entering operation, we're reinforcing the electrical system of the greater Manaus metropolitan area. This project passes approximately, like, 12 km of transmission line, which nine kilometers run underground. A solution that increases operational safety and reduces infrastructure exposure to external interference and weather events as well. Upon entering operation, the project is expected to add approximately BRL 20 million to the company's earnings before interest, taxes, depreciation, and amortization. I'd like to take this opportunity to highlight the strong results achieved by Voltz. Throughout 2025, we conducted an important reorganization of our fintech, with changes in management, a review of the organizational structure and cost reductions, and adjustments to the product portfolio. The focus went on streamlining governance, improving credit discipline, and operational efficiency. This work is beginning to be reflected in results. Voltz closed the year with a net income of BRL 43 million and a positive cash generation, reversing the negative results of prior years. On the front of overdue invoice financing for distributors, we expanded the offering across all channels and revised the credit granting and pricing models. In 2025, more than BRL 100 million in invoice debt was renegotiated, broadening payment alternatives for customers and contributing to the delinquency management and distributors. We also advanced on aggregated service fronts, expanding integration with partners and with the group customer base. In 2025 as well, we launched Fatura Protegida, an insurance product designed to offer customers financial security in the event of unforeseen circumstances, guaranteeing the settlement of energy bills. The main occurrences such as unemployment, disability or, like, death. The model operates in a fully digital format, integrated with Energisa's customer service journeys, and sold through proprietary channels such as the app, website, and self-service kiosks. For suppliers, we advanced in receivables anticipation and business credit solutions with progress in digital journey and automation of credit analysis. Throughout the year, Voltz processed more than BRL 2 billion in receivables anticipation and approximately BRL 85 million in business credit. The direction remains to consolidate Voltz as a financial services platform integrated with the Energisa ecosystem, contributing to revenue diversification and value generation for the group. Now speaking about Energisa, I want to reinforce a very clear message. We are executing a results recovery and strategic repositioning plan for the platform with a focus on profitability and discipline. In distributed generation, we structured a consistent plan based on three main pillars. The first was the restructuring of the sales force. We reorganized the teams, improved the commercial management, increased sales by 28%. We focused on productivity, greater efficiency, and better regional targeting. The second pillar was customer base quality, specific relationship management and preventive actions, which reflected in a 1.3 percentage points reduction in monthly churn and 0.95 percentage points reduction of delinquency. Equivalent of 30% and 25% respectively. Finally, we also advanced in operational efficiency with portfolio adjustments and integrated asset management discipline, seeking to maximize the use of installed capacity and reduce PMSO by 13.2% in the quarter. In the value-added service segment, the consistent reduction in the PMSO delivered great efficiency gain and contributed to the recovery of EBITDA and net income. We moved from a more pressured base to results that now show traction with an EBITDA of BRL 32 million, a net income of 15 million, a meaningful advance for the year. We continue to progress with the expansion. Industrial commercial clients seeking more comprehensive customized solutions with a higher level of specialization. That is precisely where Energisa differentiates itself, delivering high value-added technical services with quality and reliability. In the free market, sales grew 19%, driven by new customer prospecting and base expansion. Given the more challenging environment in the energy trading market, we chose to reposition the operating strategy, reducing exposure to directional trading and prioritizing a more balanced portfolio management approach. As a result, we reduced the trading book exposure for subsequent years by. The results, like, this move helped reduce earnings volatility in a scenario of rising prices and already reflecting performance of the trading company with a recovery of BRL 71 million, 42% in EBITDA between 2025 and 2024. This repositioning adjusts the risk profile of the operation and establishes a more consistent foundation for the results in the coming business cycles in the next few years. Next slide. Talking about ES Gás. Delivered consistent progress in both its financial and operational indicators. Reflecting management discipline and structural advancement of the business. EBITDA reached BRL 219 million, representing 38% growth compared to 2024. Gross margin also showed a positive performance with a 27% expansion over the same period. These results was driven primarily by a 15% increase in distributed volume, as well as the effects of the ordinary tariff review approved in August 2025. Even following the revision of distribution margins, three industrial customers who today represent 85% of the distributed volume, one of the highest shares in Brazil. According to publicly available data published by third- parties, the average reduction in natural gas costs was up to 40% last year. With a vibrant second half marked by a strong acceleration in investments, network construction, and new customer connections, ES Gás recorded the highest CapEx volume in its history. Total investments amounted to BRL 120 million, 29% compared to last year. Since privatization in July 2023, Energisa has already laid the equivalent of 50% of total network within the concession area. At the Norgás distributors, we observe an equally positive dynamic. Gross margin was 7% for the year, totaling BRL 560 million. EBITDA reached BRL 371 million, a 15% increase compared to the prior fiscal year. For Energisa, the equity income results was BRL 96 million for the year, reinforcing the consistent contribution of the investment to the consolidated results. Norgás made net payments of dividends and interest on equity of BRL 218 million, of which BRL 48 million was paid in 2024 and BRL 107 million in 2025, a significant year-on-year increase of 256%. We are already beginning to see the first concrete effects of implementing best management, regulatory, and operational practices brought by Energisa. The evolution of energy indicators demonstrates greater efficiency, better margin capture, and disciplined execution. This performance validates the strategic soundness of our capital allocation to the segment, reinforcing our conviction that natural gas is a significant avenue for growth and sustainable value for generation for the group. It is with great satisfaction that this month of March, our commercial biomethane plant, Agrig, begins operation. This represents an important milestone for the group, and reinforces our positioning as a provider of comprehensive low emission energy solutions. Total investment in the project was BRL 138 million, with the majority concentrated in 2025. The capacity to process 120,000 tons of organic waste per year, producing 25,000 cubic meters of biomethane per day and 50,000 tons of organic fertilizer annually. February this year, we launched E-bio Solum, our new organic based fertilizer. Produced at both of the group's plants, this product embodies the integration between energy and agri business, reinforcing Energisa's presence in sustainable solutions for the sector. Particularly relevant at the time where fertilizer supply is becoming increasingly important for the country. More than a standalone asset, our bio solutions platform represents a growth avenue aligned with decarbonization trends and energy matrix. Diversification expands our portfolio, strengthens our presence in the gas segment, our industrial waste disposal services and biofertilizers, and consolidates our position as a company capable of integrating infrastructure and innovation with a sustainable circular economy model. This concludes our main highlights for the quarter. Let's open the Q&A session. Operator, please go ahead. Now we're gonna be starting the Q&A session. We kindly ask that you ask all of them at once, waiting for the answer from the company. Remembering that to ask questions, we ask you that you 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 appear on your screen. Please wait while we collect the questions. Remembering that to ask some 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. Let's go to our first question. Comes from Daniel Travitsky, Analyst from Safra. Daniel, we're gonna be opening the audio so that you can ask your question. Daniel, please go ahead. Hi guys. Thank you for the opportunity to ask some questions. I have two questions. First one is to talk about the opportunities through the auctions for year, including the capacity reserve and transmission. I'd also like to understand Energisa's angle on these auctions. How you guys bid on these auctions, these opportunities. Talk about like, shares and I saw, like a growth on the company's net debt this quarter. How you talk about this level leverage on the net debt, like max or something that you guys aim to be comfortable to be operating, seeing the opportunities that we have here on the market, and obviously talk about the distribution of the dividends. Daniel, I'm gonna be splitting your answers. I'm gonna be starting with the second one, okay? About the endowment. Yeah. This growth, it's a temporary show on the leverage. Because we did a lot of investments in 2025 to adapt our pattern, quality patterns on the concessions. As you can see that we already reached the level of 25% of the subgroups in all the concessions. Obviously, we have an environment of like the tariff is like high, and we check about this. On the decrease of this, we're gonna be working this on the short term. It's gonna be less, but we're gonna be working on decreasing these expenses. That's a natural cycle that we're gonna be working on the readjustment and revisions on the tariffs for the next few years. They're gonna be reincorporating our assets or recovering on items of like on Parcela A. Just to remember that we had the option of to take out our some actions and when we got like some cash options, and we went through a holding with greater efficiency on operational reductions of on deleveraging number of levels on the company. We are close to the level of low-risk company at 3.5 x, so we're coming in line in our levels. It's below our goal. We believe that in time, we're gonna be able to have a reduction on this level. Now on the first question. Would you like to talk about this? About the auctions, right. Yes, we always see the options on capital allocation. In this environment of, like, tariffs and returns less attractive that we see in transmission. That is not, like, worthwhile for a company to be considering these additional investments in the transmission. This doesn't mean that we're not gonna be looking at this. Right now, we believe that it's not our priority to allocate the monies to the situational interest that we have in the market at this moment. Perfecto. Thank you. Just a comment if possible. On the auction of the reserve auctions on capacity, anything that we think that is gonna be, like, good for us, as different from the transmission one. We don't work in generation today that allows us to look at this part. What we have interest in is that this auction, that we have, like, winners that are gonna be connected with our gas distributors. Consequently, this is gonna be generating revenue, incrementing the distributors on the tariff using the transmission system. Our biggest interest is the generators that are connected, they win the auction. We, of course, as a company that is situated in energy, also expect that those assets are gonna be allocated on the system to increase our availability of energy. Given that we have an increasingly really volatile environment, in a certain way, it shows it creates more volatility integrated traditional and renewable energy, uninterrupted, like solar energy. We want that this capacity is gonna be acquired and increased, implemented. That helps the system. For the next auctions, we're examining on the batteries. That is something that we are studying with. To evaluate the possibilities on the markets on an emerging situation. On application. Of application. Thank you, Ricardo, Maurício. Thank you for your answers. Remembering that to ask some questions, we ask you to 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. Remember that to ask some questions, we ask that you send 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. We'll go to our next question. It comes from Lucas Guimarães, sell-side analyst from UBS. We're gonna be opening audio so that you can ask your question live. Lucas, please go ahead. Hi, guys. Good morning. Thanks for the results, especially on the distribution situation. My data comes from talking about our leverage. When we look at your covenants that had a growth of 3.6%, and with adjusted indicator readjusted by VNR, and the covenant comes to 3.8. We're gonna be seeing this reduction of EBITDA within the time comes by with the renewals of the concessions. My question is, on the capital situation, do you believe in anything to unlever this on the transmission? If you have any offer to those possibilities that you consider in talking about the lien on the offers. Are you guys considering this? The other point that I would like to ask about the leverage level, can it press the CapEx for the next few years? Similar to the same line that we talked with Daniel. We see the structure of capital adequate, still adequate within the patterns of covenant that we expect. We are always analyzing, and we said this, like, a lot of times, always analyzing the opportunities on the market. This can be a front for us. At the same time, all the investments that we've made in the last few years, they're gonna be turning on cash generation from here on. We have like something attenuating that on this indicator. Because you're looking only at a snapshot, like a pro forma, like with numbers without VNR. Our comps, we have VNR. We have some concessions that, yes, the VNR are gonna be zeroed or in other concessions, they're gonna be circulating with the VNR. We're gonna be carrying something. We have like an increase, that's a price increase. After, like, the signings of the contracts, concession contracts. But all within numbers for us to work with the operations, we don't see like anything impacting our program of CapEx. That is being like told. Remembering that asking questions, we ask them that you 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. Remember that to ask questions, we ask them 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. We're going to our next question. It comes from Guilherme Carvalho. We're gonna be opening your audio so that you can ask your question live. Guilherme. I'm gonna be repeating the question from Guilherme Carvalho due to technical issues. Good morning. How are you guys getting ready to the tax reform, especially to GD? Which are the main impacts? Thank you. We're gonna be sending the question to Pedro Gonçalves, because it's more like GD. Yeah, thanks for the question. In the company, we're gonna be talking about this, the tax reform with priority. We're talking like the mapping, the process, the impacts on all the verticals that we are really working with. On the specific case of GD, we have opportunities. An impact is gonna be showing up on the expenses and somewhat on revenue. But the final results on the net impacts that we're gonna be having on this, we still don't have like anything definitive. We're, like, finalizing this analysis. Thanks for your question. Ask them to send them via the Q&A. By dynamics, your names will then be announced so that you can ask your question live. Without further questions, we end our Q&A session. We end this, our earnings conference call for the fourth quarter of 2025 from Energisa.