Good morning, everybody. Thank you for waiting. Welcome to the teleconference of earning results of the Q4 2025 of ISA Energía Brasil. If you need simultaneous translation, all you need to do is to click on the bottom of the screen and choose the language that you need to listen the conference. You can also mute the original audio in Portuguese by clicking on Mute Original Audio. We'd like to inform that this video conference is being recorded, and it's going to be available on the IR website of the company, okay? There, you will find the complete material of our earning results. You can also download the presentation in the chat icon, including in English, okay? During the presentation of the company, all the participants will have the microphones muted. After the presentation, we will have a Q&A session. Questions need to be sent through the Q&A icon, and please identify yourself, okay? The questions will be read by the operator aloud, and the declarations in this presentation regarding the business of ISA Energia Brasil are forecasts, and based on the expectations of the administration with regard to the future of the company. These expectations are highly dependent on market changes, on the economic performance of the country, of the sector, and of the international markets, and are subject to change. Future considerations are not a guarantee of performance. They involve risks, uncertainties, and premises because they refer to future events and on circumstances that may and may not happen. Investors need to understand that general economic conditions can affect the performance of ISA Energia Brasil and impact on the results. Today, we count on the presence of the executives of the company, Rui Chammas, Director President of ISA Energía Brasil, together with Silvia Diniz Wada, Director, Executive Director and of Investor Relations of the company. I'm going to give the floor to Rui Chammas. Good morning. Thank you for participating of the web conference of earnings of Q4 2025 of ISA Energía Brasil. I'm Rui Chammas, President and Director of the company, and I'm here with our directors to present the results and bring updates on the main topics of ISA Energía Brasil. Next slide, please. In 2025, ISA Energía Brasil had made several achievements and a consistent advancement in the strategy of the company with regard to investments to ensure the comfortability of the company and be sustainable for shareholders. Doing that, we drove the energy transition, connecting energy generated by renewable sources to consumers. In the slides, we're going to go deeper a little bit into that. I start reminding you the main decision that was made by ANEEL about the methodology of calculation of the payment of RBSE that was finished in the end of the year, and that closed the administrative discussions about that. This decision made the remaining value of BRL 3.8 billion that are three tariff cycles that will finish in the end of 2028. I also remember that the annual revenue, RAP, for 2026 were enough to compensate the decision of this decision and resulted in a growth of 1.3% in our potential RAP, that now achieves BRL 6.4 billion. It's important to mention that 2025 was a record of investments in the company, more than BRL 5 billion, with a lot of discipline, and 40% more in relation to 2024. This is part of the consistent strategic plan of the company. Out of this total, BRL 1.7 billion were directed to reinforcements and improvements, with BRL 3.4 billion directed to greenfield projects, and they were three projects that allowed revenues of BRL 205 million in RAP, all anticipated in relation to the regulatory deadline. In addition, the greenfield projects were renewed and were a record with reinforcements and improvements, with a highlight for the first project facts of the kind that MSSSC, a technology, an innovative technology in the country, that allows redirecting the flow of energy already existing to new lines. These investments were connected to the integrated national system. In 2025, we invested 3 debentures in the amount of close to BRL 4 billion, and the inferior costs to NTNB. Also, would like to highlight the remuneration of shareholders, which were considering payout of 74% in the net profit. We announced BRL 1.2 billion to our shareholders, which is equal to BRL 1.85 per share, divided in 7 payments in the next, beginning in November of 2025. Next slide, please. On this slide, I bring more information about the execution of our growth project, including our greenfield projects. In October, we had the Project Tiago Guedes, that includes the implementation of 44.6 lines to supply the loads of the municipality of São Paulo and the ABC region. In addition to making available the expansion of new loads and the industrial growth in the region, this project is BRL 294 million and was initiated before the deadline established by ANEEL. In November, we had the Piraquê project, the beginning of this project to strengthen the integrated national system with renewable energy coming from photovoltaic energy, solar energy, that are connected to the region of São Paulo. R1 has a RAP of 30% of the total amount of the venture, totaling BRL 343 million, it was concluded 22 months in advance in relation to the deadline established by ANEEL. The Project Agua Vermelha energize in June, received BRL 205 million in RAP during the second semester of 2025. Next slide, please. The investments on pro- greenfield projects, in addition to increasing the longevity of the company, grew 29%, achieving BRL 132 million in Q4 2025, driving the advancement of the construction projects, Piraquê and Serra Dourada, which received BRL 475 million each. In addition to that, Projeto Piraquê, our portfolio, it still counts on three projects in execution, and they will enable more than BRL 507 million in revenues. I would like to highlight that, 'cause execution is going as planned, with an investment to be made between 2026 and 2028, that will be energized and will be around BRL 6 billion. In the projects of reinforcements and improvements, we invested BRL 567 million in Q3 2025, 38% more than the same period in the previous year. With that, we invested BRL 1.69 billion, so it's a volume that surpasses the total invested between 2018 and 2022. In 2025, we also were authorized to execute new projects that add up to BRL 2.3 billion. Added to the values already approved, these investments bring our investment portfolio authorized in this category to BRL 6.3 billion in amount of December of 2025. Also, it increases the security and the confidability of the network and minimize the risks and failures in the equipment. They diminish maintenance costs, and they update the asset bases, which is fundamental to ensure good quality services for the society. It's important to reinforce that the investments in reinforcements and improvements are concentrated in renew contracts, which is the case of Concession Paulista, projects that will receive based on the perspective of their investments, based on the tariff revision. The next RTP for Concession Paulista will happen in 2028, in it, we will reevaluate energize projects between 2023 and June 2027. Which is the cutting date for this RTP. Next slide, please. Finally, it's important to mention that the consistent investment over the past years, that meant an investment of BRL 5.1 billion in 2025, a record investment annually for our company, which is a reflect of a direct commitment with a sustainable expansion and asset modernization. In between 2026 and 2030, we distributed green, greenfield projects and reinforcements and improvements. These plans reaffirms our commitment with the modernization of the infrastructure and the creation of sustainable value in the long range. In the coming years, the company will continue with these projects, working with new cash flows to facilitate the capture of new opportunities that are aligned with our growth and financial discipline. Now, I'm going to give the floor to our CFO, Silvia Wada, that will explain the financial results for Q3. Well, thank you, Rui. I'm going to present the financial results on slide 8, where we can observe that considering the RBC, the net revenue of the company grew 3% in Q4 2025 compared to the previous year, totaling BRL 655 million. This advancement is due to the readjustment of RAP and the cycle of IPCA, and the green projects energized in Espírito Santo, with a reduction of BRL 52 million observed in the financial component of RBSE. The net revenue of the company, which total BRL 1.12 billion in Q4 2025, diminished 3% in relation to Q4 2024. We continued the trajectory of discipline and cost control, closing the year with a total PMSO of BRL 771 million, and with a efficiency indicator reaching 32%, the best score that has ever been achieved. In Q4 2025, PMSO diminished 5%, mainly to the last standard of pension plans, re-evaluated in the annual assets of December 2024, and the advancement of the investments. EBITDA in Q3, Q4 2025 grew 8% for, to BRL 854 million. In addition to the reduction of PMSO, we also had registered a contingency of BRL 70 million related to judicial suits of the Empresa Paulista de Transmissão, or EPT. The net profit of Q3 was BRL 483 million. The evaluation of Q3 is distorted due to the difference between interest and capital that were evaluated between 2024 and 2025, that were declared as in 6 months in 2025, and only once in 2024. In addition to the smaller revenue, impacted mainly by the RBSE, financial RBSE, and the reduction of the costs already explained, the net profit of the company was impacted mainly by three other factors: The depreciation that diminished BRL 83 million, mainly due to the depreciation of RBSE, between 2013 and 2017, and was conducted for 8 years until June of 2025. The financial result, that was worse than BRL 389 million, which is mainly due to the biggest gross debt, and also the problems of social contribution that was implemented in the law of 2024, that became enforced in 2025, and total BRL 65 million to the company. This is related to Pillar Two of OECD, which established taxation, a minimum taxation of 15% on the profits of multinational groups. You can see more information about that on the financial statements that we published. Our net profit diminished 22% to BRL 1,626 million in 2025. In the last quarter of 2025, we concluded the 20th emission of debentures, we had 2 series with timelines of 12 and 15 years. The costs of IPCA plus 6.62%, IPCA of 6.64%, they represented negative spreads of 88-90 BPs in relation to the bonds, public bonds of NTP that were going to mature in 2040. In addition to funding the projects ongoing, our financial management tries to identify cost opportunities and bigger deadlines. In this sense, in December, we rescued, we anticipated our 12th emission in the amount of BRL 726 million. This was one of the biggest debts of the company, with the cost of CDI plus 1.55% per year. We closed the year with the gross debt of BRL 16 billion, of which two-thirds were indexed to IPCA and 29% to CDI, resulting in an average cost of 7.56%. The net profit of the company grew 38% and closed 2025 with a total of BRL 4 billion. The leverage index of the company, measured by the EBITDA, closed the period in 3.63. This were already forecast according to our long-term planning, reflecting the rhythm of the investments associated to a very close management of the costs and advancement of the projects to have a very good management of risk and opportunity. This is what we call responsible and profitable growth, with the financial discipline to coexist in practice, and distribute at least 75% of the regulatory profit. It's important to mention that the profile amortization is long, with 82% of mature in 2030, and the average mature time of 8.2 years. Currently, only BNDES, they add up BRL 682 million. based on the financial information of December 31st. In November of 2022, the BNDES formalized the abstention of the declaration of anticipated contract of the company with regard to the indicators of the exercise of 2025. With this event and the initiatives of liability management, we concluded the first emission of debentures totaling BRL 3.9 billion in three series of four, five, and nine years, and cost of CDI of 0.55%, 0.60%, and 0.84% respectively. The resources were integrally used for the optional acquisition of emissions that are longer and more expensive, so we made this debt over three years, and we diminished the average spread in 79 BPS. In 2025, we made two announcements of JCP that added up to BRL 940 million, with payments between November 2025 and March 2026. Yesterday, we announced the complimentary dividends referring to the results of 2025, reaffirming our practice to distribute at least 75% of the net profit, the regulatory net profit, in benefits. The dividends announced yesterday totaled BRL 279 million and correspond to BRL 0.42 per share. These dividends have two ex, 2-3 different ex-dates. It's important to stay tuned to the schedule. I also highlight that today is the date of the 2nd payment, and tomorrow is the so-called data com for the last payment. That means that if you finish the day of tomorrow with shares of ISA Energia Brasil, will receive its profits in March 31st. With that, I close my presentation. I give the floor to Rui. Here we wrap up our earnings results presentation, and before we start the Q&A session, I would like to make a summary of what we have been conducting as a company over the years, and especially over the past year. ISA Energia Brasil it manages concessions in Brazil, and the Paulista concession had a historical amount to receive, and has its main payments due in June 2028. Knowing that, the company designed a strategy that has been implemented with a lot of discipline, rigor, and efficiency. We are doing that both with Concession Paulista and other concessions, and also with the efficient delivery of projects to improve our service capacity, and at the same time, they bring additional value to the basis of the Paulista concession. Added up with the financial discipline and the practice of sharing with shareholders, 75% of the regulatory profit in a consistent way over the past years, has been showing the performance of the company, and you have been appreciating the results. I believe that this strategy manifests itself very clearly with the adjustment in the definition of ANEEL, of the amounts to be received, and the maturity of the investments that bring value over the long range to this company with the portfolio of concessions. It is a pleasure to have presented these results to you. I hope you have eliminated mainly most of your potential roles. Now we will follow with a Q&A session for you to ask about anything you want to learn about the performance of the company. Thank you. We will start the Q&A session. We would like you to identify yourself and ask all the questions at once, waiting for the answer of the company. To ask questions, you click on the Q&A icon and send your question. Starting our first question is from Asis d a Costa, Investor. He wants to congratulate the company for the results of Q4 and the year of 2025, and ask two questions. The first is the venture of Jacarandá that had 76% of the venture concluded, and the ANEEL deadline is until March 2026. Is this feasible, and how is the advancement of the venture? The second is the judicial process of CESP, because the company showed that there were several meetings in 2025, and one in February 2026, and in addition to another that is forecast for 2026. He's asking: What are the expectations of ISA Energía Brasil for the advancement of an agreement in this case, and if is there a final deadline for this process? These were questions Asis asked. Good morning, Asis. Here, Dayron Urrego, director of ISA Energía Brasil, thank you for your question. I'm going to respond the first question. The Jacarandá process is in the commissioning step, and it should be ready in March, as expected. It's important here to highlight that this venture did not have an anticipated date to be in service. The way it was planned and using resources, we are using all the time that we have to energize the process, and it's going as expected. Thank you, Asis. That's it. Carlos Lopes, a legal director of the company speaking. With regard to this, suits, we have been having several hearings, and both parts are engaged in the mediation. We put a request to postpone the deadline in 180 days, and the Secretary of São Paulo has already accepted this additional time. We will have this additional time to be treating this issue. Thank you. Continuing, our next question comes from Bruno Almeida, investor. In 2025, due to the presentation exposed, we'll have the peak of the amount invested by the company. Can we consider that in 2025, we will have also the peak of leverage, so net debt for EBITDA? If not, when is this forecast to happen? This was a question from Bruno. Hi, Bruno. Well, in fact, 2025, we estimate it was the peak in terms of total CapEx. We have of the higher pipeline, we have BRL 6 billion and around BRL 3 billion in reinforcements and improvement distributed in the coming years. With relation to the leverage peak, it does not coincide with the CapEx peak, because it has to do with the net EBITDA debt. We believe that in 2024, we will have a higher standard than 2025, close to around four times. That will be reduced as the projects start operating. Out of the BRL 6 billion of CapEx, we still have in the ramp operation to start around BRL 800 million. This is a prevailing component for this leverage. Our next question comes from João Pimentel, Citi. How do you see the auction of batteries? How are you going to participate? What are the improvements that you believe that will be implemented? Do you think it's an action more favorable for transmission or for generation? This was João's question. Thank you, João. The battery auction that you're referring to, I think it's with regard to capacity reserve that is going to happen, it's forecast to happen in the end of the first semester. There are some topics that are not described yet in the technical specification of this auction, so it's hard to talk about something definite about it, but it's going to be a fundamental thing for the integrated and national system, so that the capacities can play the role of a power reserve, and this will be an investment made by both generators and transmission. We just need to wait the final documentation and the bidding so that we can get the answer. The next question comes from Ricardo Bello, Safra. Could you talk a little bit more about the impact of the globe tax impact? What we saw in this quarter should be bad, is a recurring impact. Can you explore how this talks to the JCP? Well, Ricardo, this year was the first year of the 15,079 law to be enforced that was instituted. This implements the tax changes to regulate the OECD Pillar Two rules in Brazil. Companies that have total revenue that are superior to 754 would be submitted to this taxation. In the case of ISA Energía Brasil, we were in this group of Ecopetrol that addresses these systems. What are the main aspects of this calculation? First, we put a lot of detail in our material, both in our financial statements and the releases that you can consult. In general, the calculation of social contribution and income taxes is done with the same day, with the deductibility of interest on capital. It has an additional line in which you're going to do a side calculation to see how much would be this additional of social contribution. In addition to that, it has a layer separated, that we put here in a special chart. It goes from the net profit accountable with the income to achieve what would be number before the globe income. It's going to include an exclusion, several exclusions, before it constitutes the basis to apply this additional of 15%. Why is this important for us? Because investments in infrastructure are considered exclusions. For example, in the exercise of 2025, we had this global group. Initially it was BRL 2 billion 226 million, and we had a total of exclusion of BRL 1 billion 450 million, which reduced the profit, the exceeding basis to BRL 777 million. On this basis, we compared the taxes that were included, that is like the income tax of the year, calculated conventionally, and the deferred was recalculated for the alloc quota of 15%, which is simply the calculation to make it neutral in terms of effective alloc quote. In our case, the income retained on our capital, paid and received between ISA Energía Brasil and the subsidiaries, are also contemplated in the taxes included. With that, we have the two elements to calculate the effective alloc quote, that in our case, in 2025 was 6.97%, and the additional for 15%, 8.39%, applies to the exceeding profit of BRL 777 million, resulting in this additional of BRL 65 million. Will this be recurring for the coming years? Every year we will need to make this calculation, it does not mean that it's going to be the same amount, because it's going to depend a lot on the calculation of what is taxable, and the recurring profit, and the amount of exclusive that we're going to have that tends to increase. It's linked to what's immovable, and we are linked to this growth. So in general, I think this would be it. Thank you. I would like to reinforce that to ask questions, you need to use the Q&A icon in the bottom of the line and write your question so it can be read out loud. The next question comes from Pietro Petralia, investor. He has 2 questions. With the net debt/EBITDA growing, is still feasible to remain the level of payout and remuneration, and the projects have an expectation of internal rate that can deal with this indebtedness of the long range? I'm going to talk about the internal rate of the process. I believe that that is fundamental, that the strategy of ISA Energía Brasil. We're going to try to reduce the... Sorry, I lost connection here. I apologize, we lost connection here. The payment of profit with the regulatory profit, these three elements will always be present. We are in a long range plan that allows payout to be paid dividends on our capital, and this is our design. I would like to ask Silvia to make her comment. In relation to the projects, we have a very good tracking, to search for the profitability that was searched in the moment of the auction. Our portfolio and our profit is above two digits, and according to what was planned, it is tied to this tripod that Rui mentioned, the profitability, the leverage that is necessary to have this profitability, the financial system, and the distribution of profits according to our payout practice. This all follows according to what was planned. Our next question comes from Igor Amaral: "According to the solar storms, does ISA Energía Brasil forecast an impact on maintenance, or is it protected for... Does it have a plan for critical structures? How is this approached?" I apologize. We're having problems in the connection. We're losing them. It's going on and off. I apologize, I cannot hear him. Okay, now it's better. We follow focus to maximize the availability of our assets to ensure reliability with the structure planning. We just disclose records and investments, and then reinforcements and improvements, and also directing a part of that for our resilience and infrastructure. So we're not having ma- uh, we're not, uh, expecting huge impacts on our operations, and what we expect really is, uh, that it is, uh, public consultation by ANEEL, and here in Energia, Energia Brasil, we have contributed frequently in this debate, and we understand... I apologize again, because I'm losing him. That's why it's impossible to translate. Uh, so now it's back. So continuing with the resilience of the transmission system. B efore reinforcing, I would like to reinforce that to ask questions, you need to use the Q&A, uh, icon in the bottom of the room-- of the screen, so that you stay in line. So the next question is, uh, from-- comes from Bruno Oliveira. He congratulates on the results: "And in the financial actuation within the short and long range, what is the appetite in new transmission actions, bigger or smaller?" Hi, Bruno. With regard to the appetite for auctions, we continue very careful in terms of appetite to having new commitments since 2023, when we conquered the biggest lot that we have in the pipeline. Although we have already gone through this CapEx pipeline, we still have a very good volume. We are very much focused on the execution with the BRL 6 million of RAP to go in, and it is a very robust pipeline. Always, when we identify opportunities, we look at the disbursement profile, considering the slot profile, the time of licensing, to see how this will fit. Respecting the equation of profitability and appropriate leverage and profit, when this equation fits the profile of new opportunities, we evaluate a good return. It's always something very careful to be done, considering this equation. Well, the Q&A session is over, now we're going to give the floor to Rui Chammas for him to make the final considerations of the company. I would like to thank everybody for the interest to be here to in this call. I would like to thank you for the questions, because they allow us to put more light in the work that is being conducted by the company. Our investor relation team is available to you anytime when you need, so that you can make your investment decisions in the safest way possible. Once again, you to thank you for being here to follow the evolving of our strategy. I wish you all a great day, and we're going to continue working to deliver everything that we want to deliver to you in 2026. Thank you. The earning conference of Q4 2025 of ISA Energía Brasil is finished. Reminding you that the investor relations is available to answer other questions that you might have. Have you all good.