Good morning, everyone, and thank you for joining TAESA's Q2 2026 earnings release video conference. We have simultaneous translation available for those who may need it. Just click on the interpretation button, which is the globe icon at the bottom of your screen, and choose the channel. For those listening in English, there is an option to mute the original audio in Portuguese by clicking on mute original audio. We would like to inform you that this video conference is being recorded and will be made available on the company's IR website, where you also find the earnings release available. It is possible to download the presentation in English using the chat icon. Participants will not be able to turn on their mics during the entire event. To ask questions, click on the Q&A icon at the bottom of your screen and type in your question, which will enter the queue. Please note that questions can be submitted during the presentation and will be read out live by either the IR Officer, Cristiano Grangeiro, and the IR Specialist, Juliana Castelli, and then answered by the executive board during our Q&A session. We emphasize that the information contained in this presentation, and any statements that may be made during the video conference regarding TAESA's business prospects, projections, and operational and financial targets, are the beliefs and assumptions of the company's management and on information currently available. Forward-looking statements are not guarantees of performance, since 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 and market conditions, in addition to other operating factors, may affect the future performance of TAESA and lead to results that materially differ from those expressed in such forward-looking statements. We will start with a video about the company, and then we will have Juliana Castelli presenting the results. Good morning, everyone. My name is Juliana Castelli, and I'm TAESA's Investor Relations Coordinator. It is a pleasure to welcome you to TAESA's Q2 2026 results presentation. Throughout the presentation, we will cover the period's key operational and financial highlights, including project deliveries, the evolution of our RAP, and the announced acquisition in our first half results. You can submit questions using our platform's Q&A button. I wish you all an excellent video conference. [SEACs], 440 kV. Connection to the second transformer bank, 525/440 kV, total capacity of 1,500 MVA. 525 kV XLPE insulated cables, a pioneering project in Brazil. Underground insulated cable network, providing greater physical space for future expansions, higher reliability, safety, and operational flexibility. Southeastern and southern region. Lower environmental impact during implementation with no vegetation clearing. High, complex engineering to transmit power reliably and with quality. Innovative technology applicable to both existing assets and new facilities. A strategic reinforcement to the Brazilian interconnected power system. We will begin on slide three, where we revisit our values and, most importantly, the guiding principles of our work. We transmit energy efficiently and with quality, ensuring safety and trust in every interaction, driving sustainable development for people and for the planet. This is what defines how we operate, make decisions, and engage with our stakeholders. On slide four, I bring together the key operational, financial, and strategic milestones for the period, as well as some relevant events that took place after the quarter end. Starting with Q2 2026, we achieved important operational milestones across our projects under construction. The partial energizations of Tangará, Ananaí, and Saíra added about BRL 120 million in RAP combined, with the impact reflected in these results. We also announced the acquisition of five transmission assets. We will add about BRL 305 million in R AP in the 2026-2027 cycle. During the period, the order was also published updating R APs for the 2026-2027 cycle, and I will give you further details on that later. Moving into Q3, we completed the 22nd debenture issuance totaling BRL 1.7 billion to finance the acquisition of new assets. We energized the ATE reinforcement, adding BRL 19 million in RAP. We delivered new phases of Ananaí and Tangará. We obtained installation license to begin construction of the Juruá Project. The quarter was marked by the transformation of projects into RAP, the expansion of our portfolio, and continued discipline in capital allocation. Now, let's move to slide five to take a closer look at the most relevant deliveries from the projects that were recently energized. The recently energized projects add about BRL 507 million in RAP in the 2026-2027 cycle, with significant schedule accelerations. Starting with Ananaí, as we saw in the opening video, this is the largest project implemented by the company on a standalone basis to date. It strengthens strategic connectivity between the southern and southeastern regions, and the country's center, the Midwest region, and was energized about 10 months ahead of the regulatory deadline, adding a total of BRL 173 million in RAP. In Tangará, a project that strengthens the transmission grid in the northern and northeastern regions, we achieved energization 20 to 25 months ahead of the regulatory deadline, adding about BRL 114 million in RAP. This was a highly complex project involving the simultaneous implementation of multiple substations at different voltage levels, which presented significant logistical and weather-related challenges due to heavy rainfall in the region. This project also included installation of a synchronous condenser, which was recently energized and provides greater system reliability through dynamic voltage control using reactive power. In Saíra, another highly technologically complex project featuring back-to-back HVDC technology and an interconnection between Brazil and Argentina, we energized the final phase of the refurbishment of the second converter station, Garabi II, last week. We are now awaiting the release of revenue by the national system operator. This project adds about BRL 201 million in RAP, delivered about 20 months ahead of the announced deadline. This is a significant achievement given the complexity of the deliveries and the coordination required with ONS due to the international interconnection. Lastly, in July, we completed the ATE reinforcement, which uses insulated cables in an underground network, reducing the need for vegetation clearing, optimizing the use of space, and expanding future opportunities for facility expansion. This project adds BRL 19 million in RAP with an impact starting in Q3. These deliveries reinforce the company's track record of excellence in implementing complex projects, accelerating schedules, and generating regulated revenue. On slide six, we revisit the acquisition of five transmission assets announced in May. As I mentioned, this transaction adds BRL 305 million in RAP in the 2026-2027 cycle and increases TAESA's transformation capacity by 33%. This transaction totals BRL 1.5 billion based on December 31, 2025, subject to customary adjustments through closing. The bridge financing was provided through the 22nd debenture issuance completed in early July. From an operational standpoint, 90% of transmission lines in the acquired portfolio are located in regions where TAESA already operates, which facilitates the integration of the assets, the capture of synergies, and the application of our management, predictive maintenance, and reliability practices. The transaction also reinforces the sustainability of the company's growth. The assets have an average remaining concession term of about 22 years, supporting long-term revenue generation and the continuation of our track record of distributing shareholder returns. Integration is progressing as expected, with a focus on fulfilling the remaining closing conditions and required approvals, which have already been obtained, as well as integrating systems and back-office operations. The deal is expected to close shortly, and we will make the appropriate announcement to the market. On slide seven, we present the evolution of annual permitted revenue or RAP for the new 2026-2027 cycle, which began on July 1st, 2026. The company's total RAPs total BRL 4.9 billion in this cycle, reflecting inflation adjustment for operational assets, and most importantly, the commissioning of our projects over the past year and in July, totaling about BRL 341 million. This includes Tangará, Saíra, Ananaí, and the ATE III, São Pedro, and TSN reinforcements. This translates into current operating RAP of over BRL 4.4 billion. Looking ahead in the orange box, we have the acquisition of the five assets expected to close this month, which will add another BRL 305 million in RAP. In addition, the remaining projects under constructions will add about BRL 110 million in RAP once completed. These include the final phases of Saíra and our portfolio of reinforcements. So we are basically talking about an increase of 22.3%, or about BRL 886 million in RAP for the new cycle. On slide eight, we present the key financial and operational highlights of Q2 and the first half. Regulatory net revenue was up 9.5% versus the same period last year. This growth was driven by several energizations, including both greenfield projects and reinforcements. Asset availability remained at a very high level, at 99.91%, above the average of the past 10 years, showing the consistent strength of our operations. Variable portion of our compensation accounted for 0.73% of our AP in the first half of the year, reflecting one-off events that we'll discuss in great detail later. We also highlight that disciplined operational and administrative management capped PMSO growth below inflation, both in the quarter and the year to date results. Regulatory EBITDA totaled BRL 1.1 billion in the first half, up 10.5% year-over-year. The consolidated EBITDA margin was 85.4%, up 0.8 percentage points, while the proportionate consolidation EBITDA margin was 87.2%. Investments totaled BRL 445 million year to date, reflecting continued progress across projects under construction and deliveries already completed. Regulatory net income was BRL 206.8 million in Q2, and BRL 399 million in the first half of the year, directly reflecting the impact of the macroeconomic environment on financial results. In addition, consistent with our practice, we announced a distribution of shareholder returns equivalent to 100% of Q2's regulatory net income. On slide nine, we present the performance of our regulatory net revenue in the first half of the year. Regulatory net revenue totaled BRL 1.3 billion in the first half of 2026, up 9.5% versus the first half of 2025. The main driver of this growth was the expansion of transmission revenue, primarily driven by energizations since the second half of 2025. In addition to the RAP adjustment for the 2025/2026 cycle, which incorporated changes in the IGPM and IGPA indices. We would like to highlight Pitiguari, the reinforcements at TSN and São Pedro, and more recently, the partial energizations of Tangará, Saíra, and Ananaí, as well as the ATE III and ATE reinforcements. This performance shows the company's ability to translate this execution of its investment plan into revenue growth and reinforces the visibility of our results in the coming periods. On slide 10, we present the company's operational performance. We kept a very high asset availability rate at nearly 100% and above the average observed over the past 10 years. Our variable compensation portion as a percentage of our RAP was 0.73% in the first half, compared to 0.51% in the first half of 2025. This increase was primarily driven by a one-off planned event at Saíra related to the shutdown required to implement the refurbishment of the Garabi Converter Station, which was energized last week. Excluding this event, the variable portion related to our AP ratio was 0.48% below the first half of 2025 level. We also recorded outages, mainly in the NTE concession in April 2026, following the failure of an insulator string and at Mariana, where we replaced a conductor cable in March of this year. Despite these events, the company maintained a very high level of availability above the average of recent years, confirming the quality of our assets and the effectiveness of our operations and maintenance management. We continue to direct our investments and maintenance practices toward preventing failures, mitigating risks, and optimizing asset reliability. Moving now to slide 11, we present the year-to-date evolution of our regulatory EBITDA. Our regulatory EBITDA totaled BRL 1,139 million in the first half, up 10.5%, or BRL 108 million, versus the first half of 2025. This growth was primarily driven by an increase of BRL 125 million increase in transmission revenue resulting from project energizations and in the RAP cycle. OPEX was up 4% during the period, below the 4.6% inflation rate over the last 12 months, reflecting the company's cost discipline despite the impact of newly operational projects. As a result, the consolidated EBITDA margin was up from 84.6%- 85.4%. On a proportionate basis, the margin totaled 87.2%, also up from 86.5% last year. This confirms TAESA's ability to combine revenue growth, cost control, and continuous gains in operational efficiency. On slide 12, we present the evolution of regulatory net income for the first half of the year. Our regulatory net income totaled BRL 399.4 million in the first half of 2026 versus BRL 477 million the same period last year, down 16.4%. Despite about BRL 108 million of EBITDA growth, this result was primarily impacted by a drop in equity earnings, higher depreciations and amortization expenses, and most importantly, an about BRL 88 million increase in net financial expenses. This drop in equity earnings primarily reflects higher financial expenses at EVAE and TBE, as well as new debt raised at Aimorés and Paraguaçu. The increase in depreciation and amortization related to commissioning of new assets and the capitalization and unitization process, as we have mentioned over the past quarters. Financial results were impacted by higher macroeconomic indices, particularly IPCA and IGPM, as well as the higher average debt balance during the period. This macroeconomic impact, which was more pronounced this quarter as expected, also affected equity earnings, as you can see. It is worth noting the impact of IGPM will be offset in revenues starting in Q3 2026. The income tax and social contribution line was primarily impacted by the non-recurring write-off of deferred tax liabilities in Q1 2025, and the migration of São Pedro concession to the actual profit tax regime. It is important to emphasize that the company continues to generate solid operating cash flow supported by growth in regulated revenue and disciplined cost and capital management, despite the deterioration in financial results driven by the macroeconomic environment and higher leverage. On slide 13, we have our IFRS net income, which totaled BRL 920.8 million in the first half of the year, up 6.5% versus the first half of 2025. In Q2, our IFRS net income totaled BRL 567.1 million, up 13.5% year-over-year. The main factors behind this performance was a close to BRL 105 million increase in monetary restatement, driven by higher macroeconomic indexes during the period, particularly IGPM, which was up 3.78% in the first half of 2026 versus 1.68% in the first half of 2025. We also recorded a BRL 17 million increase in the construction margin, reflecting higher investments, particularly on Ananaí, combined with an improvement in the project's margin. Equity in earnings contributed positively by BRL 14 million as higher macroeconomic indexes more than offset higher financial expenses and new debt raised by investees. On the other hand, consistent with what I presented, net financial expenses were about BRL 88 million, reflecting higher macroeconomic indexes and a higher average debt balance. Income tax and social contribution expenses were also higher, mainly due to higher pre-tax income, the migration of São Pedro to the actual profit tax regime, and a non-recurring write-off of deferred tax liabilities in the comparative period. It is important to emphasize that the IFRS results incorporates accounting facts related to the contract asset and therefore have no cash impact, while regulatory results are more closely linked to the company's cash generation. On slide 14, we see an update on projects under construction, as well as reinforcements and improvements. As I mentioned, we had significant deliveries and energizations during Q2 and in the past month across Ananaí, Tangará, and Saíra, in addition to the ATE reinforcement. I will move more quickly through the left, where we highlight that Ananaí and Tangará were fully energized in July, which is an important milestone for the company and the completion of a significant investment cycle. For Saíra, as I already mentioned, we delivered the refurbishment of the Garabi Converter Station last week, and we are now awaiting revenue authorization, which will bring the percentage of enabled RAP to 98%. I have mentioned the variable portion of compensated associated with the shutdown required for this work, and we had coordination with the ONS, which was complex but highly successful, which will allow for the energization of this major retrofit. The completion of this important cycle will result in a higher operating cash generation and consequently lower leverage going forward. As I said, these projects represent more than BRL 500 million in total RAP. Juruá received its installation license last week, and we will start works. The project is 16.3% physically complete, in line with its schedule. During the first half, investments total BRL 0.4 billion, while our expected investment in construction projects for 2026 remain between BRL 600 million and BRL 700 million. It is worth highlighting that, as you know, we will pay about BRL 1.7 billion for the acquisition of the new five assets once the transaction closes, which is expected shortly. Accordingly, total estimated investments for 2026 should range between BRL 2.3 billion and BRL 2.4 billion. It is worth noting that this CapEx curve reflects our advanced current estimate for the contracted projects and does not include any new projects we may change in the future. On reinforcement and improvements, we completed the ATE reinforcements in July, adding BRL 19 million in our AP. As a result, the company now has five major reinforcements energized over the past year. We continue to advance reinforcements at São Pedro, ATE, NTE, TBE, EVAE, and AIE. In addition, we have reinforcements and improvements authorized under POTEE, with estimated investments of over BRL 193 million over the coming years. On slide 15, we see the company's debt position at the end of Q2. Considering proportionate consolidation, our net debt totaled BRL 13 billion as of June 30, 2026, up 1.9% versus Q1. Leverage remains stable at 4.2x based on the ratio of net debt to regulatory EBITDA, despite the completion of projects. The average debt maturity was 5.32 years, above the level observed in Q2 2025, supported by recent issuances with extended maturities ranging from seven to 15 years. The average real cost of debt was 5.81% before taxes, a highly efficient cost despite being up versus Q2 2025, reflecting the macroeconomic impact as we already discussed. In terms of indexation, the debt structure remains well aligned with the characteristics of the business, with 55% of debt indexed to IPCA, 42% indexed to CDI, and 2% to IGPM. On the right, we see the debt, other amortization profiles for the upcoming years, with a greater concentration of maturities over the long term between 2036 and 2044. Lastly, we maintain our corporate ratings at a highest level on a national scale, AAA from Fitch and AAA from Moody's, both with a stable outlook. This debt structure, combined with our credit quality and competitive access to the capital markets, preserves the financial flexibility required to execute our investment plan and the announced acquisition. Moving to slide 16, we close the presentation with the new distribution of shareholder returns approved by the board of directors. The board approved the distribution of BRL 206.8 million in interest on shareholders' equity and entering dividends. This amount is equivalent to BRL 0.60 per unit based on TAEE11. The record date will be August 14, 2026. The ex-dividend date will be August 17, 2026, and payment is scheduled for November 26, 2026. With that, shareholder returns declared for the year total BRL 1 billion, equivalent to about BRL 3 per unit. The resolution accounts for 100% of the regulatory net income for 2026. We continue to combine growth, results generation, and appropriate return to shareholders, supported by a financial structure aligned with the execution of our long-term strategy. With that, we conclude our Q2 2026 results presentation. We would like to thank everyone for joining us, and we will now begin our Q&A session. Thank you very much. Well, good morning, everyone. Thank you so much for joining our video conference. We have here over 360 investors and analysts that follow our company. Before we get to our Q&A, we have with us Rinaldo Pecchio, our CEO, Catia Pereira, our Chief Financial and IR Officers, Jell Andrade, our Implementation Director. We have remotely with us in Luis Alves, our Technical Director, and I will start with Juliana. I will turn over to you. Good morning, everyone. The first question is from Edgar Lorenzo about financial leverage. He is asking how we evaluate the payment of 100% of our regulatory net income and shareholder returns, the current leverage level over the next quarters, considering the expiration of our concessions. Catia, if you could please answer that. Thank you so much, Juliana. Thank you, Edgar, for your question. When we talk about leverage on Q2, we are well-aligned for considering what we expected for the company. Dividend distribution is based on our net regulatory income at 100% due to change we implemented in 2024, and we kept that because we considered it quite assertive. And every new investment we do considers this condition. We also need to consider what we are delivering in terms of new assets and revenue generation. We just saw in our presentation over BRL 500 million in additional RAP with this new project, projects that were greenfield and were under construction. It is important to bear in mind that we are talking about de-leveraging over time regarding contract assets. So when we start seeing these assets, we see a positive effect on our revenue and EBITDA. In addition to that, we announced in May that we acquired the Colombo project, the five new assets that are energized. With the closing, we should see in Q3 a larger leverage. But again, it has been assessed by the company. We have Fitch also evaluating that, considering our level of risk and level of credit risk exposure. So everything you see, it is well-aligned to the company's business plan without any risk that we have not taken into consideration. We need to consider the future pipeline, how promising the outlook is, the new assets. If we look into what we delivered, and once we close Colombo, these five new assets, we are going to add BRL 300 million in additional revenue. So I think this is part of our goal in 2030 or so. Thank you so much, Catia. We also have a question here from Ricardo Bello from Safra. There are three questions, so I will try to simplify the question. Maurício, I think the first question could be to you. Maurício, starting with you. When we talk about capital allocation and future auctions or transmission auctions and battery auctions, what is the outlook? Great question. Cristiano, like we have been talking in the announcements that we have made, the transmission sector offers great opportunities for investment and capital allocation. We see opportunities in reinforcements and improvements, new acquisitions, and also by participating in auctions. We've been constantly monitoring the market, looking into opportunities, but always been quite selective, evaluating projects, always analyzing value creation according to our financial position. This year, we had an auction that was split into two parts, and now there's the outlook for an auction that should happen in October. I do not see great probability for us to participate, but we also have a new auction in December in terms of storage, and we've been studying if this could be a new growth avenue for us, and we've been looking into that for a while. However, the conclusion of the studies regarding a possible participation depends also on the regulation that will be applied, and this has not been finished yet. We have public consultations going on, and over the next months, we should have a better understanding of how things will play out. It is, however, important to highlight that over the next months, the company will focus on concluding the purchase of these five new assets, which will require internal engagement for this project to be successful, for a way also to fully integrate these assets into our current operations. Thank you, Maurício. So continuing to add to that, Catia Pereira, in terms of costs, we talked about cost control, always comparing our performance versus last year's, and his question is about the contractors line, and if we could add to that. When we talk about PMSO, it's important to have a comprehensive look. The company's PMSO needs to grow below inflation. This is the goal. Not in an area of non-growth. We see new assets, new energizations, and we are still fully committed to that, considering scalability and what possible and potential synergies of our operations. When we look into the second half of the year, we see seasonality also considering services. One of the services is really cleaning the area for us to work. For ATE, one of the things we have to do is the right of way and to clear the right of way. If anything reduces the variable portion, we'll analyze. So of course, there is seasonality. You usually have a higher second half of the year or a stronger performance. But I'd like to clarify that we as a company will look into opportunities to gain efficiencies. That has been a great enabler of new investments. This is what allowed the Colombo business plan. That's my take with regards to PMSO, always below inflation. Thank you, Catia. Jell, there is one more question here. What about the pipeline for new revenues, new sources of revenues? What is our take on the future pipeline? Thank you, Cristiano. Thank you, Ricardo. Good morning. Before I answer, it's important to bear in mind that we are really proud to have completed 100% of the transmission lines of our portfolio in our projects under implementation over the last months. We have Ananaí, that's 300 km of line transmission, and also projects with a wider length of lines. So in terms of implementation, it's 100% concluded. When we talk about lines, we have a sectioning of the Juruá Project, and it should happen at the end of 2027, beginning of 2028. Basically, this is what we have. Thank you. We have [Mateus Rolim], the Sell-side Analyst, and this is a question for Pecchio. He asks, well, he actually noticed that TAESA has been investing and building solid assets, and he wants to know our take on what happens when the concessions come to an end. Mateus, thank you for joining our company. This is a topic we've been discussing, and we've been always talking about that when we talk about the expiration of our concessions. What we have done is gearing efforts into keeping concessions and to maybe renovate them when they come to an end. The company has positioned itself to try to keep these concessions. Yes, there are some discussions with regards to renovation of our concessions and a different bidding process. But the concession, per se, allows us to explore that concession for a 30-year period. When this concession expires, then a decision will be made with regards to how these assets will be used in the next contracting term. Renovation versus a different bidding process is a discussion to be had. We've been discussing that with the different firms we participate with regards to renovation. But what we have focused on is to properly manage these assets so that we are in a good place to renovate them when concessions come to an end. We want to be the concessionaire for the next contracting terms once these assets can be used for a long while still. We do have a question here about our tax reform from Guilherme and also from UBS about tax reform. I think I should ask Catia. What is the expected impact considering tax reform in the company's revenue and in CapEx? When you consider revenues, this reform for us will be sort of neutral. For us, it will be neutral, no impact. We will see a positive impact on our CapEx, of course, and the PMSO rates when we talk about credit. In our CapEx, considering rate, we already have credit from PIS and Cofins. But any other costs related to taxes will be seen as costs. We should have higher credit and IPI and other tax, and also OPEX. We see better levels in terms of costs because we will probably be able to get more credit in things that today we are not eligible to but f or revenue, the impact would be none. I do see a rather challenging situation when we see the tax reform and when this tax will be collected, and maybe it will have an impact in our cash flow, but we don't know how things will play out yet. However, we are already evaluating how we can protect ourselves, considering our contractual conditions and when this impact will be collected. But to go straight to the point, I think it will be positive on costs and other metrics and neutral for revenue. We have already answered some of these questions. We have our investors relations team at your disposal. You can just reach out, but since we don't have any other questions, I'm going to turn over to Pecchio for his final remarks. Thank you, Cristiano. I do believe that Q2 was a very positive quarter. We see growth. We participated of auctions, and we are finalizing a CapEx cycle. We have also purchased some concessions, and we are about to close these transactions. One of the pillars of our business, and we are fully committed to, is really continue growing through positive projects. We continue to gain efficiencies. We see a consolidated EBITDA margin of 87.2%, which is quite positive, an increase versus last year. We also grew PMSO below inflation, which has been something we focused on. We are also delivering in Q2, and we heard that recently, that is our award of value and innovation of value creation plus innovation. We have been talking about that, and TAESA has been recognized as one of the top five most innovative companies in the electricity industry. It's a great highlight for the company since it's excelling. We see how innovation and efficiency is really distributing, is really having a positive impact for shareholders. We have announced our growth potential considering these new assets we bought, and this is equivalent to auctions won. This is why we started the purchase of these new assets. For us, this is another important advance and progress made in this growth avenue. We will focus on fully integrating these assets into our operations to maximize returns. Then, of course, we can analyze other opportunities to continue growing. I'd like to thank everyone for the great work, everyone on the field, on site, everyone working in our headquarter. We are really happy to see things really materializing. New deliveries, great deliveries, and if you have any other questions, you can reach out to our communication channels. We have communication channels that are focused to our investors, and we hope to see you here next quarter with great news. Thank you so much.