For those listening to the call in English, there's an option to mute the original audio in This call is being recorded and will be made available on the company's IR website, ri.neonergia.com, where the complete earnings release material is available. It's also possible to download the presentation using the link sent via chat, including in English. During the company's presentation, all participants will have their microphones muted. We will then begin the Q and A session. The information contained in this presentation and statements that may be made during the call relating to Neoenergia's business prospects, projections and operational and financial goals, our beliefs and assumptions of the company's management as well as information currently available. Future considerations are no guarantees of performance. They involve risks, uncertainties and assumptions as they refer to future events and, therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions and other operating factors may affect NeoNazia's future performance and lead to results that differ materially from those expressed in such forward The presentation will be led by Mr. Eduardo Capelastegui, CEO of the company and Leonardo Gadellia, CFO of the company. I will now give the floor to Mr. Eduardo Capelastegui. Thank you very much, operator. Good morning to all. Thank you for joining us in our earnings release call for the second quarter of twenty twenty five. I'm Eduardo Capella Staghi, CEO of Neuronergy. I'm very proud of what we will share with you here. I'm joined by Solanja Ribeiro, VP of Regulation, Institutional Affairs and Sustainability Leonardo Gedelia CFO, Giancarlo Bazao, Executive Director of Operations Giuliano Panzanato, Executive Director of Asset Control and Planning and Renato Hoscha, IR Director. I will make a brief presentation covering the main highlights of the period, and Leonardo will present the results in more detail. We will then move on to the questions and answers, and I will conclude with my closing remarks. To begin on Slide three, we have our highlights for the second quarter results. Injected energy, considering distributed generation, performed very well in our concessions with a 2.3% growth in the quarter over the same period in the previous year. Our cost discipline is doing very well with a 4% growth in OpEx over the previous year, below the inflation. Cash EBITDA reached BRL 2,600,000,000.0 with a 7% growth in the quarter, resulting from the readjustments of the B Parcel, Neonergia Coelba and Concern, the tariff reviews for Neonetsia Pernambuco and a greater cost control expense control and the operations of the new transmission lines. We have in networks our EBITDA cash with impressive 13% growth compared to the previous year, reaching BRL 2,400,000,000.0. Net income was BRL 1,600,000,000.0 in the quarter, 100% higher than the second half of twenty twenty four, driven by the higher EBITDA and also the recognition of tax credits of BRL $869,000,000 related to the exclusion of the tax undue taxes of PISCOFINS. These BRL $869,000,000 are already being offset and therefore are now turning to cash and lower debt. As for CapEx, we reached BRL 2,800,000,000.0 in this half, meaning our net RAP reached almost BRL 42,000,000,000. These representative results, we announced the closing of the Baixiriguatu sale plant, meaning in this quarter, we had BRL 1,200,000,000.0 in cash contributing to the deleveraging process of the company. And we also had the approval by ANEEL of the anticipation of the renewal of Neo Energia and the book of concession. We are now awaiting approval for Neonergia, Coelba, Kasirn, and Electro, which should follow next. In relation to the concessions, we once again confirm the robust and predictable regulatory model of Nendergia, necessary requirement to ensure the high volume and investments and expansion needed for the Brazilian system energy system going forward. On Slide number four, you can view the evolution of our transmission projects beginning with the December 2018 lots, the Guanabara lot with 96% physical investment, one concluded section with 70,000,000 in wrap. As for the second section, it's now under construction with BRL 95,000,000 in wrap, which should is expected for the 2025 to be concluded in Vale Del Tajai. Progress is 92% with BRL 58,000,000 wrap for 2024 equivalent to 27% of the total wrap of the project. Now throughout the second quarter, we have released another BRL 72,000,000 in additional wrap totaling 49% of the released RAP. And finally, we've concluded a project in the second half. We will conclude a project in the second half with another BRL 134,000,000 with a total RAP of $264,000,000. In the Moro Do Chappeo lot from the twenty twenty auction, we have reached, well, 47% of RAP already released. We will release another BRL 60,000,000 in the second half, 25,000,000. And as for the remainder, 52,000,000 in RAP will also be released in the second half this year, 25,000,000. In regards to the June 22 auction, Alto Parnaiba, we're still to deliver the largest of all Alto Parnaiba lots with progress reaching 88% of execution. In this lot, we have BRL 7,400,000.0 already released, confirmed already the release of the remainder BRL $430,000,000 in the second half of twenty twenty five. Therefore, we have released in 2025 almost BRL 200,000,000 into new reps and will release an additional BRL 700,000,000 over the next months, amounting to BRL 900,000,000 in new release wraps in 2025. And therefore, as mentioned earlier, later this year, we will reach the relevant mark of almost BRL 2,000,000,000 in total wrap. Concluding our investment cycle in transmission, which was started partnership established with GIC in 2023 has been maintained. And ever since GIC has acquired 50% of nine transmission lots that were built by Neonergia, the last of which was acquired this year in '25. Was also also joined us in the recent transmission auction. And as you know, they hold the right to the first offer for these four lots that are being concluded now will be concluded in the second half of twenty twenty five. I will now turn it over to our CFO, Leonardo, who will provide more details on our second quarter results for 2025. Over to you, Leo. Thank you, Eduardo. Good morning, everyone. I will begin as usually looking at the consolidated results of Neoenergia on Slide six. We see the evolution of our gross margin in this quarter, 7% over the second quarter in 2024, reaching 4,415,000,000.000, driven mainly by the positive effect of the readjustments and tariff reviews in late April in the Northeast distribution companies. We have maintained our cost discipline with a 4% growth in the quarter closing with 1,980,000,000.00. Our EBITDA had an 8% growth in the quarter and cash EBITDA, a 7% growth reaching BRL 2,595,000,000.000, reflecting a better margin in distributors and cost discipline. Network discipline amounts for 90% of the consolidated EBITDA and generation and clients, customers 10%. Net income R1.6 $31,000,000,000, 100% growth. And taking out the debt effect, Eduardo has mentioned, it remains stable in relation to the second quarter of 'twenty four. As for CapEx, we reached BRL 2,800,000,000.0 in this quarter as expected according to our investment plan for the year. And as we have seen in the previous quarters, CapEx was mostly in networks to 98%. We had BRL 1,700,000,000.0 in distributions and expansions and improvements, 1,000,000,000 in the progress of transmission works. In regards to operating performance and networks on Slide nine, we have the variation of injected energy and the five distributors and disclosed to the market a 2% growth in the quarter over the second quarter twenty twenty four, slightly below the previous quarters resulting from the lower temperatures, but still with the growth in the number of consumers reaching 16,800,000, 313,000 new customers over the last twelve months. Looking at losses, we had a good performance in our loss index in Brasilia. Since the last half, we had a slight decline in the indicator. As mentioned, this should be recovered throughout the year. Pernambuco had a deviation of almost 2.67% by the end of twenty twenty four, but after the review, this deviation went down to 1.5%. And now with Coelba within limits, we are looking at three to four of our five distributors within the regulatory limits of losses. In the second quarter, the BCLD reached BRL 152,000,000 under control in relation to the previous quarters. And these charts below the collection rates have a positive trend in all distributors in relation to the previous quarters. On the next slide, have the quality indicators, neck and neck interruption, duration and frequency with downward trend in all of them within the regulatory levels. Now looking at the results of networks, the networks business on Slide 13 in the second quarter, we had an 11% growth in gross margin, once again, resulting from the readjustments in tariff reviews. And the readjustments happened late April. So we had two months actually from the quarter. Operating expenses in the quarter had a 5% growth. That is a good performance. EBITDA grew 12% and EBITDA cash in networks 13%, amounting to BRL 2,347,000,000.000 in the quarter, which once again highlights this with a strong growth in this quarter with two months mostly mainly. And going forward, we should see a stronger growth, a higher growth. On the right hand side, we break down distribution and transmission with EBITDA cash and distribution with an 11% growth in transmission, 56% growth with the new projects. And at the bottom, we see the regulatory EBITDA for transmission assets was BRL $255,000,000, BRL 125,000,000 for 100% in energy assets, 100,000,000 with the JV with GIC with the equity equivalents. On Slide 15, we see the results for generation and clients consolidating the renewables and liberalized segments. This quarter, the EBITDA in the segment was $335,000,000 with a decline of 16%, still with a negative impact from Termo Pernambuco, which operated part of the second quarter under the of 24,000,000 under the previous contract, which had a higher margin. On the right side, we see the business lines and EBITDA in hydropower plants in the second quarter twenty twenty five, 156,000,000, 11% growth. Higher inflows and adjustments to the Baixoigosu plant. EBITDA in wind farms, 162,000,000, a 13% reduction resulting from a higher OpEx in Chafaris and higher costs with energy purchases, EBITDA in solar at BRL 5,000,000, a BRL 7,000,000 reduction also resulting from higher costs in energy procurement in Luzia Complex. In Termalpay, we had EBITDA equal to zero resulting from the contract with no dispatch in the quarter. In clients, we had an EBITDA of 12,000,000 in the quarter and BRL 8,000,000 growth over twenty four second quarter of twenty twenty four. On Slide 17, we will talk about our capital structure. We closed the second quarter with an debt of 34,800,000,000.0, therefore, line with the first quarter in twenty twenty five despite the strong CapEx growth and with the cash of Baixo Iguacu sale, 1,100,000,000.0. Our net debt EBITDA ratio closed to a 3.46 times lower, below the leverage of the first quarter of twenty five, therefore, which indicates that at this time this moment in time, we are starting the so much awaited deleveraging process of Neo Energia. It might evolve faster or or more more slowly according depending on the investment levels. Fact is that it has begun now this quarter and will continue by the end of the year until the end of the year and the next half. Our debt structure is comfortable, well distributed with five point eight years in average deadline, competitive cost, average cost, an important diversification in terms of index sources. An An example is this week of concluded an operation with European Investment Bank, 2,000,000,000 for Coelba with a swap below the CDI for a ten year period and two years grace period. I will now give the floor to the operator for the Q and A session. We will now begin the Q and A session. You. Our first question is from Danielle Pawlowski from Safra. You may open your microphone, Danielle. Hello. Can you all hear me? Yes. We can hear you, Danielle. Thank you. I have two questions, if I may. The first one pertaining to the nonrecurring tax credit. Can you explain why this is being acknowledged at this point if in time? What changed in this regard? And what is the cash impact? What will this result in in higher dividends when it comes to dividend payout? And the second question relates to the asset, the transmission asset transfer to JIC. You talked about the four assets. So how do you perceive? How do you see the evolution? How do you see these activities going forward? Can you give us an idea on how and when these actions will be carried out. Thank you. Okay, Danielle. Thank you for your question. So to answer the first question on the nonrecurring registration that we talked about. Why now? Over the past month, we wanted to, of course, be more certain about this in some markets, but we we were analyzing the markets and conducting analysis. And now we feel comfortable with this opportunity with the associated risks, which is very, very low. This effect is something about we will feel in in our cash. I have some figures I can share. This year, we will have almost 100,000,000 cash, which will be compensated with taxes. We will have a positive impact of 100,000,000 real and 300,000,000. Additionally, it's relatively rapid recovery cash recovery, which will contribute to our deleveraging process, which Leonardo has already covered. As for GIC, this partnership is going very well. This year, we are closing Tebapuana, as I mentioned. We had closed a deal for Tebapuana, and we are going to conclude the or as I mentioned and should be concluded by the end of the second half this year. And the idea is that as they are concluded, we will present them to JIC. JIC has a process, the same process. We follow through the previous processes, the due diligence, economic analysis. Therefore, this process should not be concluded this year. We have several sections that will be interoperate by November this year, but twenty twenty six, yes, definitely. And may we will seek to have the signing by the first half in 2026 for the lot. As you are aware, we are not obliged to sell, so we will consider the conditions provided by JIT, and we'll then make our decision. As I've mentioned, I hope it will happen in the first half of twenty six. So, Danielle, this is what I can say about the timing we have in mind. And, yes, we have been talking to JFC on a regular basis since we are partners in these lots, and we are very much aligned to move forward with this schedule when with the four lots that we will have concluded by the end of this year. Excellent. Thank you. And yes, please. Go ahead. I would also I would only add, Daniel, to what you said before, ask whether this will impact the payout. Yes. Well, this will actually, this will be considered in the dividend payout calculation. There's a positive impact when it comes to shareholders payout, therefore. It will be computed in the profit basis. Our next question is from Guilherme Lima from Santander. Good morning, everyone. You have talked about this earlier, but can you share more about the company's appetite for growth in the short term considering the transmission auction the upcoming transmission auction? Maybe can you share more about the lots that are more interest to the company and also the leverage leveraging levels remaining at a higher level, close to 2.5 times of net debt EBITDA? And one more question, if I may. Can you give us an idea of what the financial impact will be for the company in terms of the low income exemption for the provisional measure of the expansion of the low income quantities. Thank you. Okay. Thank you for your question In relation to our growth prospects in the short and mid run, we are looking at the renewables opportunities, the prices, curtailment, different prices in the market, and other matters. And now as for growth in renewables, it's complex. We have an interesting pipeline still. We will wait when it comes to renewable generation. As for transmissions, we're together with JIC. We're participating we've been participating in the latest auctions. For this year's auction, we are considering some lots, assessing some lots. But for now, no none of them have reached the strategic and return levels, the minimum levels that we aim for. As you are aware, it's two digit minimum actual return We haven't confirmed anything 100% for now, but we should not participate in the transmission level in the second auction. We will not go for auction. As you know, we will be focusing on organic growth, distribution, and we have five concessions that require high have investments, BRL $67,000,000,000 in annual investments, and we will have, therefore, the the have this demand for expansion and quality, which is quite interesting. And I should also mention, yes, a perspective for new concessions that are we're considering. These will be confirmed to will confirm our robust returns on investments, which is very important. It's progressing well, and we are focusing on organic growth and distribution going forward mainly. As for growth level, well, these are the plans we've had so far. As for low income, the low income base, low income customer base in the Northeast, We have a large group of low income customers and which is growing. As for cash levels, we've had relevant growth in terms of the values we will receive through CDE. Leonardo and Leo can share more details on that as for clash cash flow that are secured. Now as for a result, we have lower risk. Well, in terms of delinquency, we see a positive impact of BRL 10,000,000, something small. We have more concrete data to share through Renato and Leonardo because, of course, this affects our customer base, and this is something we've calculated very accurately. Our next question is from Vitor Kunya from Itau BBA. You may open your microphone and ask your question, Vitor. Good morning, everyone. Thank you for this release call. This half has now there's nonrecurring effect in relation to the tax credit recognition, the exclusion of the ICMS of the calculation basis for PISCOFINS, and you have well, the thesis for the century. Do you have an opinion on this thesis that will still be actually assessed by the Supreme Court what will be the expected gains for the next ten, five years. Thank you for each one of these thesis. Thank you, Victor, for your questions. We are, of course, following this process closely in the Federal Supreme Court. This is there's a date that is August 13, that has been defined. We will, of course, keep that keep tracking that. As for the impacts for Neoenergia, we're looking at a ten year scenario, 1,700,000,000 probably before taxes, 1,700,000,000.0. And as for the seven year thesis, we would be close to 4,000,000,000 reals before taxes. So well, of course, we will have to review the decision, the modulation. But, basically, these are the numbers we have for ten and five year scenario. These are significant figures, of course. However, well, we have to wait now for the process to evolve in May. On August 13, we will see if it actually is concluded, and we will keep track of it. Last year, Nyondellixia opted to for registering these assets and liabilities. We did not record any gains at the time. Now we have to wait for the final decision, for the final ruling, and we will see what results from the that in terms of results in cash. Our next question is from Maria Paula from UBS. We will open your question, Maria. You may ask your question. Hello to all. I have a question. Well, thank you for the presentation. I have a question on the deleveraging of the company and the payout expectation for 2025 in the following years. And also Iberdrola announced a capital increase of BRL 5,000,000,000 to boost growth. I'd like to ask if this capital increase by the controller, well, if this strategy will impact near Energia in Brazil. Thank you. You, Mario Paula, for your questions. Well, yes, Leo had already touched on that. The second quarter, we've started the deleveraging curve with stable debt and grow growing EBITDA. And therefore, we should we expect to reach the end of the year with 3.2, 3.3. And throughout 2026, this will gradually come closer to three. Well, how rapidly it will happen? It depends on the investments. With that, the with the investments, we'll have deleveraging, but we'll see the speed. Starting in 2026, Energia should have around three times the net debt EBITDA. And through our management, we should consider alternatives. We will begin to accumulate cash. There are simple alternatives, more investment or payout. Starting in '26, we should have to focus on these activities and propose submit proposals to the board. So the second quarter, we have indicated this ratio with this decline. As for Iberdrola, yes, it has announced capital increase, €5,000,000,000 today. Yeah. Iberdrola has explained very clearly that it is aimed to boost investments in The US and UK. In the case of Brazil and Neo Energia, more particularly, our investment in organic investments in networks and distribution will not change. We've concluded this year 2025, the investment cycle and transmission. And as of '26, we will invest organically in distribution alone, say, BRL 7,000,000,000 annually. This will not change, and therefore, yes, this capital increase by Iberdrola has no relation with Brazil, will not impact our plans for the upcoming year. I would once again go back to the renewal of our concessions. They will allow us to continue and to increase investments in quality and expansion over the next years. And this is very much needed. This process is evolving well. That's very important. It should be concluded over the next months, indicating once again, this is the energy industry in Brazil as robust, predictable and attracts investments. Excellent. Thank you. The Q and A session is now adjourned. We would now turn it over to Mr. Eduardo Capilastagi for his closing remarks. Thank you once again, operator. I would like to once again, as usually, strengthen our commitment with all Neandergea stakeholders. We continue focused on three levers, efficiency and safety in our operations, value creation by allocating capital and thirdly, sustainable growth in our result. And this is very clearly representative with the growth in our EBITDA, Caixa, which has grown over a 100% since our IPO. We are confident with the robust results in Brazil, which once again has confirmed with the anticipation of our new concessions in Neonergia Pernambuco Bayanal. We are now awaiting the for the process to proceed with the renewals of Neonergia Coelba concern and electroconcession. And with this regulatory robustness, we will continue to invest in providing quality services for almost 17,000,000 customers, ensuring growth, robust growth and reliability. We will have one more quarter with progress in the construction of the four remainder lot. And as mentioned earlier, our partnership with the GIC is solid. We are negotiating the sale of 50% of these assets after these lots begin their operations, which should happen between the third and fourth quarters of twenty twenty five. Our asset representation that, as you all know, started three years ago together with the breadth of growth of cash operating generation and distribution and generation is allowing us to begin a rapid process deleveraging process, which we have announced in the past years. This reduction, together with the rising EBITDA, will soon add much value to our shareholders. I would once again like to point out to our shareholders, we have a clear strategy and direction to follow. We have engaged and committed and prepared team to deliver the result we've planned. As usual, I would like to conclude by thanking our employees at Neuron Asia for fulfilling their role, surpassing challenges, creating results and adding great value to our shareholders. Thank you very much, and have an excellent day. The earnings release related to the second quarter twenty twenty five of Neon Dagia is now adjourned. The IR department will be available to take further questions. Thank you to all, and have an excellent day.