Let's start another conference call of earnings of Aeris, the first of this year. Now moving on to slide number 4, let's talk about the market outlook, the macro and micro points that happened in the last quarter.

We had the announcement of the data centers for TikTok, which is a project that includes TikTok, Casa dos Ventos, and Patria, and a part of the supply of these projects will be made by Vestas and Aeris, as we announced in the end of the year. I think this is a positive aspect among the negative points we had in 2025.

We see that Brazil has a potential. When the need for data centers started to grow, we said that Brazil, especially the state of Ceará, had lots of potentials for the installation of data centers, and we see this becoming a reality as a first step.

This is a good indicator, and it shows that Brazil has potential for other similar projects. We believe that more projects of this size and in this industry will be made in Brazil, as well as the green hydrogen that we haven't seen any significant project so far, but I believe we'll see something happening in this area either the end of this year or beginning of next year.

About curtailment. Those who keep track of this industry know that this is a core issue for wind companies, and that has really affected the performance of wind farms throughout the year, and there is no short-term solution so far.

The good side is that the long-term solution is being addressed, and so we have more than 390,000 km of transmission lines that have been auctioned in recent years, and this year, the government promised to make the first auction for batteries that would highly improve curtailment. These are long-term measures, but we, as an industry, have to address the short-term factor that is affecting all the companies.

Those who keep track of this industry know how much this has affected the companies in 2025. Another point that affects our industry regarding new projects is the interest rate.

I believe we were for almost 2 years with a 15% per year interest rate, and yesterday we had a reduction of 0.25 percentage points, which is still low compared to what we need in order to grow consistently because we are a capital-intensive industry. When we talk about 14.75% interest rate plus the bank spread plus curtailment and the price of energy, it renders it very complex to have new energy projects, and this is reflected in the amount of new blades they're being produced in Brazil, which is very low.

Now talking about the pipeline for Aeris. This project with Vestas and Casa dos Ventos amounts to 850 MW along with the continuing project for exports that adds up to the pipeline of Aeris and Vestas to 1.3 GW, and today we have 1 more GW that's in advanced negotiation with another client.

This shows that the worst is over. I believe Aeris has been through its worst year, and now that's in the past.

We believe that new projects will appear. There will be a resumption of business, although slow.

Rio Grande do Sul has a large potential, and we see some signs of resumption of economic activity and for the industry, which is something we had not seen last year. Now moving on to slide number 5, we talk about the production lines.

We started the last quarter with two operating lines in operation only. Again, that was the worst year ever in terms of production lines because the last time we operated with only two production lines was 2013.

We ended the last quarter with two production lines active, and with this new project of Vestas, we'll probably activate four lines throughout the year. At the beginning, we won't have the four lines active.

They will mature during the year. Moving on to slide 6, we talk about delivered megawatts and blade sets produced.

We delivered 108 sets in 2025, which highly affected our operational efficiency. In 2025, we went from set seven or from 700 and something machines in 2022 — 720 — to 108 in 2025.

That's the same number of sets and megawatts produced in 2015, we went back 10 years in terms of productivity. Now moving on to slide 7, I would like to turn the floor over to our CFO, José Simão, and I'll be right back.

Thank you, Alexandre. Good morning, everyone.

Start with slide 7 with the financial highlights for the year. The fourth quarter 2025, we had a net revenue of 114.5 million reais, reflecting the reduced level of activity in the wind energy sector of Brazil.

For the full year, total revenue was 746 million, a drop of 51% compared to '24, mainly due to the lower demand for new wind farms and lower production of blades. The adjusted EBITDA for the quarter was negative at 60.6 million with a negative margin of 52.9%, which reflects the lower level of utilization of production lines and consequent lower dilution of fixed costs.

For the full year, adjusted EBITDA was negative by 115.7 million. The net loss for the quarter was 477.5 million, and here the impact, in addition to EBITDA, there's also an impact on recognition of expenses in accounts receivable and inventory totals 233.9 million as well as on deferred tax assets.

For the year, the net loss was 901 million reais. Number 8, slide number 8, talk about the revenue breakdown.

In the quarter, net revenue was 114.5 million, a reduction of 36% compared to the third quarter of 2025. This drop mainly reflects the lower production of blade sets during the period, in line with the reduced level of activity in the wind energy sector in Brazil.

We also observed a significant change in the revenue mix. The fourth quarter, exports accounted for 56% of revenue, while services 27.7% of the total revenue of the quarter, reinforcing company's move to diversify its revenue streams.

For the full year, the revenue amounted to 746 million, mainly impacted by the reduction in blade production for the domestic market, partially offset by the growth in exports and the greater contribution from the services sector. Moving on to operating expenses for the year on slide 9.

In 2025, operating expenses totaled 506 million with a significant reduction of the 886 million recorded in 2024. This difference is mainly explained by an impairment of 751 million recorded in 2024, which significantly raised the base of comparison from the previous year.

Excluding non-recurring effects, there was a reduction of 29 million in adjusted operating expenses, reflecting lower industrial activity, reduced personnel expenses, and greater cost discipline throughout the year. Sales expenses shown here are 10 million reais related to export of blades and have an associated revenue, and the depreciation of around 35 million shown on the slide is due to the change in the location of this line, which is usually in cost of goods sold, but when the production lines are idle, it goes to operating expense.

The depreciation line of the company as a whole does not change, but it changes the place it appears. On slide number 10, we talk about operating expenses.

In the quarterly analysis, operating expenses totaled 294 million in Q4 '25, and there was an increase compared to the previous quarter, mainly due to the impairment that was recognized in the period of 233.9 million reais. Excluding this effect and other non-recurring items, recurring operating expenses increased by 5 million in the quarter, explained by occasion variations in warranties, third-party services, and depreciation.

On slide 11, I'll show a snapshot of EBITDA in the year and the quarter, which is a consequence of previous slides' expenses and revenue. The adjusted EBITDA in the fourth quarter was negative at 60.6 million with a negative margin of 52.9% compared to 48 million in the third quarter of '25.

For the full year, the adjusted EBITDA totaled 115.7 million negative compared to a positive figure of 122 million in '24. This reflects the lowest production volume and the lowest dilution of fixed costs.

On slide 12, we show the debt and capital structure. In the end of the fourth quarter, the company had a gross debt of approximately 1.79 billion and free cash of 28.7 million reais.

It's important to remember that in May 2025, we completed a restructuring of approximately 90% of the debt with extension of the maturity profile and elimination of the obligation to monitor financial covenants. This significantly improved the debt profile and brought greater financial predictability to the company with greater repayments in 2026.

The summary: the 2025 results reflect the challenging period for the wind energy sector in Brazil with a lower volume of projects and a direct impact on the use of production capacity of the company. During 2025, the main areas we focused on: cash preservation, debt restructuring on May '25, and adapting the operational structure to the level of demand.

When we see the improvement in investments prospects in the sector and the visibility of newly contracted projects, we believe we're well positioned to capture this next growth cycle. Let's move to the Q&A session.

Good morning, Marcelo. As I told you, we've seen a resumption of conversations, and negotiations are now, done on a more effective way with this client that we've were went over the commercial barrier.

We're now discussing the terms of the contract, the agreement. Of course, there is an issue about volume because all the contracts are being of medium volumes, not high volumes, and for our industry, for those who manufacture components, having a a higher, consistent volume is very important for us to be competitive and be able to reduce costs.

We know that a project takes some time to mature. There's a need for working capital in the beginning, and then we enter a more effective stage.

The prospects are good. We've seen many Chinese players entering the market.

These are new players, so that shows there are more companies interested in Brazil. Again, Aeris is the main option for all the companies that come to Brazil in terms of blade supply as a blade supplier.

Something I didn't mention a lot, but it's worth pointing out that the positive aspect about 2025 is that we had more exports than local market. We exported more than provided to the local market in terms of blades, which shows a very is a very positive sign because we are resuming our exports.

In 2022, 2023, we didn't export much, it shows that we are competitive in terms of exports, and for this year, we'll maintain the export flow at significant volumes. There are new conversations and prospects, for new contracts also focused on exports.

Although we are living through a very a turmoil in terms of geopolitical aspects, but the positive side is that there is a high demand for energy globally speaking. Although there are other sources, the wind energy is still one of the cheapest and sources of energy, also one of the the one that's the sources of energy that's quicker to install.

There are conversations about contracts in Brazil as well as for exports. I would like to remind you that we have exported 50% of the 50% of our production of blades was exported — actually 60% — and in 2026, we're likely to have a similar figure.

The

Good morning, Talita. The new contract is an amendment to the previous agreement.

We are going to reactivate inactive lines, but within the scope of an old contract, and this will start in the first quarter and will become a more consistent source of revenue by the last quarter of '25. It's like I said, this is a project that will be 100% domestic, and when talking about Brazil and exports will not be half and half for blades.

About the EBITDA, we're not giving guidance. We cannot disclose this information, but the agreement will start to begin a revenue for the company in the third quarter, but will stabilize in the last quarter of 2026.

It will be a source of revenue, but the production will be stabilized by the third quarter of 2026.

"How is this first quarter of 2026? Is there any prospects for short-term improvement?

In addition, with the current contracts, is there any outlook to go back to repaying the debts in the next few years?"

This is Simão speaking. Julio, thank you for the question.

About the first quarter, as mentioned by Alexandre, we're mobilizing the company to resume production in some of the lines, and this is the time when we are mobilizing the teams. As for outlook for start to repay the debt, you probably saw in the slide where we show financial capital structure, we have no financial obligations for 2026 given the renegotiation of last year, but we'll start to repay interest in 2027.

We are focused on the discipline of capital allocation and the gradual improvement of cash generation as production is resumed. We had a relief in 2026 to start generating cash and being able to honor our liabilities in 2027.

Thank you, Laís. Thank you all for attending the call.

2025, as expected, was a very challenging year with a very low level and, of course, with the operational efficiency negatively affected. The positive point about it was the demand that started in the end of the year, and I believe that this shows that the worst period in terms of demand is in the past, and as I said, these lines are being reactivated and will become mature by the last quarter of this year.

Until then, we'll continue to suffer with challenging results. In addition, as I said also in my presentation and in the Q&A, we are in negotiation to have new projects, which indicates a growing period for the industry, although slow and gradual, especially with specific projects that were mentioned.

We expect 2026 will be a year when we'll resume production and with working capital challenges, but with the second half of the year more stable in terms of productivity and the last quarter with a generation of cash from operations at more reasonable levels. I would also like to take this opportunity to say that in this call, there are many people, many employees and partners of Aeris who are here attending this call.

I would like to take this opportunity to thank you all, all of you who believed in the company and continue to believe that we'll resume our activity, and you've been key in this journey. Thank you very much for your trust, and thank you all, and have a good day.