Good afternoon, everyone, and welcome to Equatorial Group's earnings conference call for the second quarter of 2026. Joining us today are the company's CEO, Mr. Augusto Miranda da Paz Júnior, Vice President, Leonardo da Silva Lucas Tavares de Lima, Regulatory Director, Mr. Cristiano de Lima Logrado, Director of Financial Strategy and IR, Ms. Tatiana Vasques, and Mr. Liu Aquino, President of Echoenergia. At the end of the presentation, they will be available to answer your questions. Please note that simultaneous interpretation is available on the platform. To access it, simply click the interpretation button at the bottom of the screen and select your preferred language. This conference is being recorded and will be available on the company's investor relations website, along with the presentation being shown today. All participants will be in listen-only mode during the presentation. Ensuing this, we will begin the question-and-answer session when further instructions will be provided. Before proceeding, we would like to remind you that the forward-looking statements are based on the beliefs and assumptions of Equatorial Group's management and are based on information currently available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should bear in mind that factors related to the macroeconomic environment. The industry, and other factors may cause actual results to differ materially from those expressed in the respective forward-looking statements. We will now begin the presentation by turning the floor over to Mr. Augusto Miranda da Paz Júnior. You may proceed, sir. A good afternoon, everyone, and thank you for joining our earnings call. Before going through the highlights of the quarter, I would like to point out that to provide a better comparison between the figures presented here and the second quarter 2025, we have made adjustments to include the results of the transmission sector, which we divested in December 2025. We believe this approach provides a clear and more comparable view of our outgoing performance. This quarter, we reached adjusted EBITDA of BRL 3 million, representing 2.5 times our short-term debt, reinforcing our strong liquidity position as we navigate through 2026. Regarding the net debt to EBITDA ratio, we saw an increase of 0.4 times compared with the first quarter 2026, mainly due to this BRL 5.6 billion payment for the acquisition of the stake in Copasa. It is worth noting that our last 12-month EBITDA still includes the capital gain from the sale of the transmission assets, which will remain in the calculation through the third quarter 2026. Regarding compensation payments, we continued on a positive trend with a reduction of BRL 16 million, or 18.3%, reflecting our continuous focus on improving service quality. On the operational side, the second quarter was marked by solid progress. Our Fio B market grew 4.2%, driven by our concessions in Pará, Amapá, Goiás, Maranhão, Rio Grande do Sul, and Piauí. This quarter, there was a change in the billing schedule for Alagoas, which shifted one month of billing into the third quarter. Adjusting for this effect, the Fio B market would have grown 5%. There was a difference of 1.0% point in our regulatory threshold. Maranhão was a particular highlight as a return to the regulatory threshold. Regarding quality indicators, DEC improved across all of the group's distribution companies compared with the first quarter 2026. Amapá was a highlight with a 2.5-hour reduction, while Piauí moved back within the regulatory limit. This performance reinforces our commitment to quality, efficient, and continuous improvement in service delivery, supported by a disciplined execution. We added BRL 911 million of a total of BRL 2.8 billion liability in the Acordo Gaúcho program, significantly improving the terms of the company's liability. The 75% discount on interest and penalties, equivalent to BRL 355 million, is already reflected in our results on the remaining balance. Up to 60% may be settled using court-ordered government receivables purchased at a discount. Settlement is expected to take place in the H2 of the year. Finally, I would like to highlight the importance of the acquisition of the stake in Copasa, which represents an important milestone in Equatorial's growth trajectory. This achievement reinforces its ability to identify and capture value creation opportunities, reflecting more than two decades of operational excellence, disciplined capital allocation, and consistent track record. We are very proud of this strategic move, which expands our presence in a sector where we have built significant experience and delivered proven results. We are prepared to implement our value creation plan, always committed to delivering sustainable results to our shareholders and other stakeholders. I will now turn the floor to Leonardo on slide five to begin the consolidated overview of the group's financial performance. Well, thank you, Augusto, and good afternoon, everyone. I will briefly discuss the group's financial performance on a consolidated and adjusted basis. Our consolidated gross margin increased by 7.7%, mainly driven by the performance of the distribution segment, reflecting market growth and the increase in the Fio B tariff. Consolidated EBITDA increased by 0.8%, excluding Sabesp's equity income from our EBITDA. Growth would have been 4.1%, highlighting the improvement in the distribution segment that we will detail further ahead. Reported net income before minority interest totaled BRL 653 million in the quarter, driven by the recognition of the gain related to our participation in the Acordo Gaúcho program. On an adjusted basis, excluding this effect as well as the transmission segment's results, adjusted net income decreased by 80.1%. This reflects higher financial expenses during the period due both to higher interest rates and the increase of our debt balance associated with the current investment cycle. The net debt to EBITDA ratio stood at 3.1 times, an increase of 0.4 times compared with the previous quarter, mainly due as Augusto already mentioned, to the acquisition of the stake in Copasa. It is worth noting that for covenant purposes and in accordance with the contractual provisions, EBITDA considers, besides the addition of Equatorial and the equity income of Sabesp, a pro forma of equity in Copasa in the last 12 months. Thus, you will understand the true impact of this new acquisition in leverage. This quarter, we continue being very active in the capital markets, focusing on improving our debt profile by extending average maturities and reducing spreads on CDI-linked debt that presently stands at CDI +0.57 per year. During this quarter, we raised BRL 7.6 billion, of which BRL 5.1 billion were allocated to the acquisition of Copasa at an average cost of CDI + 0.8% per year. The average debt maturity, excluding the debt raised for the acquisition, would be 5.9 years, compared with 5.6 years including Copasa. Given a scenario that is traditionally more volatile due to the elections, we have worked to bring forward our funding needs, preserving financial flexibility while seeking competitive funding conditions. Finally, we will see the investments for the quarter that added approximately to BRL 2.6 billion, down 4% compared to the same quarter last year. Let's move on to slide seven. Here on slide seven, we provide an overview of the consolidated operational and commercial performance of our distribution companies, as well as the key financial highlights for the quarter. On the left side, we can see strong market growth, with injected energy increasing by 4.7% and 4.2% for the Fio B market. It is worth highlighting that even with the expansion of our market base, the company maintained a downward trend in energy losses compared to the second quarter of 2025. During the quarter, our collection rate was 97.32%, while expected credit losses stood at 1.26%, reflecting both the increase in delinquency and higher billing during the period. Regarding quality indicators, we reported improvements across all of the group's distribution companies, with five out of seven operating within the regulatory DEC limit. Among the companies that are still above this limit, we should mention Rio Grande do Sul with a specific contractual DEC target, while Goiás continues to benefit from a waiver from the DEC indicator and is currently only at 0.06 hours above the regulatory limit. Regarding FEC, all of the distribution companies remain within their regulatory limits. Reflecting this operational improvement and the higher quality of service, compensation payments decreased by 18.3% vis-à-vis the same quarter last year. To the right of slide number eight, we can see a 10.4% increase in the distribution company's gross margin, reflecting mainly the higher Fio B tariff and higher market volumes during the period. Adjusted PMSO per customer for the distribution company over the last 12 months increased 4% compared with the fourth quarter 2025, below inflation for the period. On an adjusted basis, excluding compensation payments, the increase was only 1.2%, reflecting improvements in operating quality compliant with an efficient and disciplined use of resources. In the last 12 months alone, we reduced compensation payments to customers by BRL 102 million. Adjusted EBITDA in the distribution segment increased 8%, mainly driven by the higher gross margin. It is worth noting that removal costs are included for comparison purposes, impacting adjusted EBITDA in both quarters. Let's go on to slide number nine to look at the other business segments. In the water and sanitation segment, EBITDA totaled BRL 6.6 million, down 10.4% compared to the second quarter 2025. It is worth noting, however, that the comparison was affected by an item recorded in the second quarter 2025, the provision reversal following the completion of an inventory process. Excluding this effect, EBITDA would have increased 24% compared with the same quarter last year, driven by the gross margin growth. In addition, we continue to expand water and sewage coverage and have a lower allowance for expected credit losses. In the renewable segment, adjusted EBITDA was BRL 135.3 million, down 22.6% between the periods, mainly reflected lower power generation. Here, we also present to you a breakdown of curtailment according to the reliability, energy, and external unavailability criteria, together with the financial impacts since 2023. Regarding compensation for curtailment, we made an important progress, excuse me, in recent weeks. The Ministry of Mines and Energy published Normative Ordinance 140, provided for under Law no 15269/2025, covering reliability and external unavailability events that occurred between September 2023 and November 2025. We believe this regulation represents an important step towards making the compensation process effective, and we continue to closely monitor its implementation and contribute to the next steps. I will now turn the floor back to Augusto. Thank you, Leonardo. To wrap up, I would like to share our key priorities for the coming months. At Copasa, our near-term focus is to define the management team monitoring the 100-day plan and completing the necessary steps, including the extraordinary general meeting, which should be called in the coming days. In the distribution sector, we have a highly relevant and positive regulatory agenda for our distribution companies. We are actively contributing to tariff reviews for CEEE, C. D, and CEA. We will also complete the settlement with the Acordo Gaúcho. From the operational standpoint, we will maintain strict cost discipline while continuing to allocate the resources to improve both the quality and experience of our customers. Finally, we will continue to assess opportunities that are aligned with our strategy, always maintaining the disciplined approach to capital allocation, which has always characterized Equatorial. I will now hand over the floor to the operator to go on to the question-and-answer session. Thank you. We will now go on to the question-and-answer session. Should you wish to pose a question, please click on the Q&A icon at the bottom of your screen and type in your question. To ask questions through the microphone, click on Raise Hand. Our first question comes from Mr. Lucas Guimarães from Itaú BBA. You may proceed, sir. Good afternoon. We have two quick questions here. First, if you could give us color on which will be the dynamic of CapEx, focused on quality. In the last few weeks, we have seen an increase in expenses because of the quality issue. Secondly, a question about capital structure. You have a covenant of 3.3 times, but this does not include transmission. Your ideal capital structure would be 3.5 times, but in a scenario of high interest rates, it should be threee times. Are you thinking of anything to optimize your capital structure, or are there any actions in this direction? Thank you. Lucas, thank you for the questions. Leonardo and myself will answer them. Regarding the quality, you will observe that we are improving the indicators. We have companies at several stages of life. Some are mature, some are not quite mature, and we are managing this process very happily. If you look at the indicators, we are in accordance with the FEC and DEC. Five of these seven companies are within the threshold. Goiás, as Leonardo mentioned, we are 0.4% points away, and the demand stands for 2028. In Rio Grande do Sul, which is atypical, we have a curve adjusted by the contract and we are of course, focused very much on that curve. Another thing are the sets, the curve of sets. We negotiated this very much, and quarter after quarter month after month, I would say, we are also focusing on evolution there. We have quality, we have the issue of losses, credit losses, sometimes with challenges, so DEC and FEC, and you will see that the cost is under control. We are doing this efficiently, and we will continue so, managing in this fashion with a focus on quality, of course, and PMSO. Well, thank you for the question Lucas, regarding our leverage. In fact, we are in an environment that is somewhat more deteriorated and we are proceeding somewhat more slowly. We are beginning to improve since the month of July. But oftentimes, it is in this type of environment that interesting opportunities will arise. We can say that we have a significant balance of works that were carried out, and based on the situation of this moment, they have an impact on our net debt, but they have not had an impact on our EBITDA. This year, we will have the tariff revision in Rio Grande do Sul and Amapá. This should lead to a good closing. The coming year, we have that same review in Pará. The year after that, we will have the tariff review in Goiás, then in Piauí. In such a way that based on these tariff reviews, this part that today is impacting our net debt will then begin to be part of our EBITDA once all of these bases have been fully recognized. We have interesting flexibility, and all of this because of the moment in which we make some movements to generate value, but with a great deal of responsibility, observing the speed of how things become materialized. Our next question comes from Mr. Daniel Travitzky from Safra. You may proceed, sir. Good afternoon. Thank you for taking my questions. We have two questions here. The first refers to your default levels. Which is your view of the dynamic of evolution of this indicator? Well, in the last year and in the last quarters, we seem to have a greater deterioration because of the economy. If you could comment on the evolution of the update of your bank of prices and default with ANEEL, if this could contribute to the default levels at your company. A second question, your schedule for the coming steps for Copasa, which would be your initial movements? You mentioned you would be speaking about this in greater detail. Thank you very much. Daniel, thank you. Simply to confirm your question, the first question refers to default levels. Secondly, and the price bank, the regulatory part with ANEEL. Okay. Regarding the default in the quarter, we have observed an environment with somewhat deteriorated default. We continue with a very interesting figure of collection in the high voltage, and we observe a movement in the low voltage market, where we have seen a more robust billing. Especially because of the tariff. Every two or three years, we carry out work in-house to bring in a different consultancy to carry out an analysis of all of the tools that we are using, the constitution of teams, and much more. This is one of the years that we do this every once in a while. Recently, we concluded the phase of diagnosis of separation. In the H2 of the year, we should begin to launch some of the initiatives that we prepared. We have activities that will allow us to count upon new contributions. We continue to seek an improvement in the performance in our levels of collection. Well, since April we are motivating this movement, this work that you mentioned. We're readapting our tools according to each segment, behavior in every region. Now, we're still delving into this movement to be able to face this environment where we do observe signs of deterioration. This deterioration goes very well with your other question. I will give it to Cristiano, our regulatory director, who will answer this. Recently, you must have followed the consultation that was held. The agency has a schedule to discuss these topics in September for non-recoverable collections and others. Now these topics are highly linked together. This will be applied for the tariff revision of Light that will take place in March. So in September, we're going to conclude the first step through the agency, through ANEEL. We think there will be a reformulation of this schedule. We're still lagging behind, but we're hoping for a positive signal of the distribution companies regarding this data. Thank you. If you could comment on the schedule for Copasa. You spoke about your initial movements. Simply so that we can understand what you will be doing in the coming months, I would be very thankful for that. Well, Copasa is following a ritual, a process with the antitrust agency, CADE. After CADE published this and sent out the meetings, we are now going to hold that extraordinary general meeting. We will have the elections of the board and take the other provisions or measures that will arise from this. So this meeting will be convened very soon. This is the normal process that we tend to follow. Thank you. Thank you very much. Our next question comes from Mr. Arthur Pereira from JP Morgan. You may proceed, sir. Good afternoon. We have two questions on the regulatory area. One, about the productivity factor mentioned by Cristiano. Could you speak more about the proposal that has been published already, and which are the contributions that you expect to deliver to that public consultation and for the possible enforcement of this new methodology? We went through several other topics of the regulatory area, not only for distribution but also for generation. Besides the recoverable collection and other topics, which are other agendas that can move forward in the distribution sector in the coming 12 months? There is a discussion on the price bank and other issues. Will you have sufficient time to make advances in the coming 12 months? Thank you. Good afternoon. Thank you for the question. In fact, ANEEL did begin a public consultation using some of these indicators, were all deployed over this work. This should be carried out within 2026. We believe that this is positive, especially option number three of ANEEL. There are several interesting contributions for several companies for this sector. There are some key points. The main ones are a way to extrapolate the remuneration base. Now, the approach of ANEEL tends to be highly conservative, and we would like to have more realistic work in this way and an increase in the pace of growth of investments compared to previous periods. If we can add companies of larger and smaller size, I think this will enable us to proceed in a more clear fashion. The temporary journey that we had in 2025. Now, all of this should generate interesting benefits regarding this agenda. For the coming 12 months, we are basing ourselves on regulatory issues for the remuneration base, and we are trying to work in two stages. First of all, reanalyzing our present-day database, and this will begin in the H1 of the coming year and may go on to the end of 2027. We are in a process of making ANEEL aware of this new methodology. We have had some bottlenecks in the past, and we are working along with Abradee once again to increase the awareness of ANEEL in this field because of the structural changes we observe in the market as a whole. Of course, the labor part, labor remuneration should make considerable strides in the coming months. That was very clear. Thank you very much. Our next question comes from Guilherme Lima from Santander. If you could speak about your present-day expectation on the price behavior for removals in the coming months. Well, good afternoon. Thank you, Guilherme, for the question. The cost of removal has a direct relationship with the pace of investments. Insofar as you come closer to the tariff revision processes, it is normal to speed up investments, especially the replacement investments when you carry out a replacement of equipment for those that are more degraded with new networks. So in these replacement investments, we do have that presence of the removal. Now, this is related to investments that should be higher in the second part of the tariff cycles. There is also the link with the actions that you carry out to foster the closing of works, closing that will come along with a capitalization. When you intensify this process of capitalization, naturally, the record of removal will begin to appear, and it will have a behavior linked to the level of investments and the level of capitalization close to the tariff processes, which is more or less where we are. Once this is over, it will tend to withdraw a bit. In this specific quarter, we can observe that most of the growth of generation took place in companies that are under the process of review, especially Rio Grande do Sul. There was growth in the company. We invested approximately BRL 3.5 billion during the cycle. This was a cycle in which we capitalized BRL 900 million, and it brings about a record not only of the works that were carried out, but also the removal costs associated to replacement substitutions. We would like to remind you that should you wish to pose a question, please click on the Q&A icon at the bottom of the screen and type in your question. To pose questions using the microphone, click on Raise Hand. The question and answer session ends here. We would like to return the floor to the executive for the company's closing remarks. Thank you. To close, I would like to reinforce our commitment with continuous generation, with our shareholders, and with a consistent delivery of results in the different segments we are active in for a sound and disciplined financial management. The IR team is at your entire disposal to clarify any doubt that you may have after the call. Once again, I thank you for your interest in the company, and I thank you for your attendance in our earnings result call. Have a very good afternoon. The conference ends here. We would like to thank all of you for your participation, and have a good afternoon.