Good afternoon, everyone. Thank you for being here, here in our conference call.

We have prepared a presentation highlighting five points. The first are the highlights for the first quarter of 2026, then we'll start about the evolution of our projects, then we'll talk about results for the first quarters, also talk about regulatory results, then results allocation, and finally, we will review the company's performance in the capital markets in the year-to-date.

First highlight is approval of dividends that we had recommended at the OEM of the 5th of March. We have approved additional dividends as opposed to 2025 in the amount of 3 cents per unit.

Now we had in our general meeting approval of those dividends. Then we have a perspective showing how dividends will be were distributed in 2025 and that was $1.08 per unit.

We had a payout above 50%, 50.8%. When we compare those dividends to the ones distributed in 2024, we can see an expressive growth.

We had distributed $275 million, 87 cents per unit, now we're paying 29% more as opposed as compared to 2024 in 2025. Next slide, we highlight something we mentioned in the conference for the fourth quarter, but the financial settlement happened in February this year.

This that is in our balance sheet. Just to remind, we have three projects ongoing in Brazil: TEP, TAP, and TPC.

TAP was incorporated into TEP. This is for the funding of TEP and TAP.

$2.45 billion were raised. The cost was NTN-B 2040 minus 0.40%.

We have raised in a very custom fashion with an amortization towards the end of the period, it was custom-made. Basically, it's important to highlight that in the debt market is complicated at this moment.

It had problems at the end of last year. It has improved a little now, this fundraising we had gives us more security and we have the TPC fundraising to do along this year because we don't have time to wait for the market to see how the market behaves.

Next slide, we highlight our sustainability report for 2025. This was the sixth report published by the company.

The first was published in 2021. This is the second report where we bring external auditing, independent external auditing reviewing the document.

What's different about this one is that it had its matrix reviewed. We had a contribution of more than 250 stakeholders, including sector agents, suppliers, collaborators, and investors.

The report has four main highlights: first, the delivery of strategic assets in 2025. Just to remind you, we have delivered the TCA, our first asset in Colombia for transmission.

We delivered TNE, a very strategic asset, and also ELTE in the Baixada Santista region. That's very important for the company as well.

The report also brings some of the expansion of our generation portfolio and projects in both Brazil and Latin America. It shows the financial evolution for 2025, and finally, it shows it has an agenda showing advancements in governance, risk management, and ESG practices.

In the next slide, we have a different session where we talk about the evolution of our project implementation. There are four axes we are working in, and regarding land, we have advancements, especially in TPC.

It has advanced 65% of contracts, and now we reached 91%. In licensing, we didn't have significant advances, but everything is advancing according to our schedule.

Also, we have licensing issued for TEP and TSIN, everything within our schedule, but also didn't have many improvements in contracting. Finally, we have specific construction progress.

We have advanced in TSIN. In the fourth trimester of '25, we had 28%, and the other project that advanced significantly was TEP, which has 31.6% of advancement.

We had 28% in the previous quarter, we have significant advance. In the second phase, we are at 28.6% concluded, and the project is phased, every time a phase is completed, we have the right to receive revenue.

When we complete phase two, we will have the right to receive 22% of the project proceeds, totaling around $18 million. Just to remind you, phase one we advanced and anticipated it in 11 months.

We delivered in the third quarter of 2025. It had revenue of $16.9 million, with that money, we had an improvement above what was expected in our planning.

Next slide, we have the evolution of regulatory results. Revenue grows 16.3%.

We leave $857.5 million in the first quarter of '25 to $996.8 million in the first quarter of 2026. The three main impacts was a variation in the transmission industry with $102 million in the sector.

We had readjustment of 5.32% of IPCA contracts and 7.02% in contracts with IGPM. We also had commercial operation of TSIN and also the start of commercial operations of ELTE, the North sector, starting in July '25 and RNB in May '25.

Besides above revenue, there was also growth in revenue in about $145 million in Brazil and in Peru. There was an increase in price in the spot market.

We had an average in the quarter of 310 reais per megawatt-hour and 160 reais megawatt-hour for the same period last year, we settled a great part of that at those price levels. In Peru, the same movement happened.

The price in the spot market there is $35 to $40. Now talking about EBITDA, it was $794.7 million this year, this quarter, sorry, and variations: the first is evidence, it's $102 million in the transmission and $44 million in energy supply.

Also, there was an increase of 17.2% in general and administrative account. We had two impacts here: the first, TCA with asset in operation, we have expenses now, we have $5.2 million due to the start of operations of TCA, and also we have $9 million in Alupar holding, which was non-recurrent in the first quarter of '25.

We had an accounting low of things that were closed that period, and we had a positive of $2 million the first quarter of 2025, and now we have an expense around $7 million. If you look at the personnel and administrators account, we had start of operations of TCA, we also had incorporation since the third quarter last year of TBO, an asset we bought from Rialma, and also we had an increase in holdings outside Brazil and due to demand in this current growth cycle we're going through.

Finally, I'd like to highlight the variation in the account of other revenues and expenses. We had in the first quarter of last year a low accounting for last year.

We had expenses there, and we didn't have this quarter. The total was $148.9 million of net income against $140.1 million we had for the first quarter of '25.

That's a growth of 6.3%. Both ends, I'd like to highlight here, there was a depreciation that grew due to the start of operations of some assets.

The financial results, well, not it's important to highlight we had an increase of $28 million in this account, and as we have some projects outside Brazil, we have currency exchange variation also in our expenses. In this quarter, we accounted a negative amount of $20 million because the Peruvian currency lost value against the dollar.

In the first quarter last year, we had a positive amount of almost $18 million because there was a valuation of the Peruvian currency as against the dollar. We have $28 million variation in financial results, $28 million due to currency exchange variations.

In taxes, we also had an increase from $35.7 million we had along last year, some financial benefits in TEP and TPN, and this first quarter, we have higher tax burden than last year. Now talking about company corporate results, besides the specific issue of IFRS in revenue, just the big difference we have here when we look at revenue, it grew a lot less than in regulatory numbers, from 1,223 to 1,225.

What we had here in monetary correction of concession asset is a sub-account for monetary correction of the asset. As in this trimester we had negative IGPM of 0.33% and positive IGPM of 29% in the first quarter last year, the account is reverted.

That's the third column here. This is the impact on EBITDA, a number we carry to our profit and reduces the level, therefore.

Next slide, we have debt profile for the holding company. We still have the same debt.

It's our eighth debenture issuance. It is due 2034, it's a long debt.

3% only will be due in the short term. The cost is IPCA plus 3%, and we have hedged it.

The total for this quarter was $915 million, and we closed cash and cash equivalents at $1 billion 116 million. We have more cash than debt here of $202 million.

This number is a little lower as compared to the fourth quarter, but we had relevant dividend payment in the beginning of this year. Next slide, you can see debt profile of the consolidated debt.

It was a total of 14 billion 549. Our cash and position was 5 million 246, and we have a debt of 9 billion 304.

Basically, this is in the debt profile. When we look at the indexing of the debt in IPCA, we had about 50% to 52% of that in IPCA and about 30% of the debt in CDI.

As we had that fundraising in the beginning of the year, we had something in IPCA, the volume was drawn there, we have 64% of the debt in IPCA and 21.4% in CDI. Another important point when we talk about leveraging for this trimester, it was 3.2% of net debt.

That's a reduction as compared to the same period last year where we had 3.4. Now results allocation, we had our board meeting and it was recommended and approved to distribute interim dividends for the first quarter of 2026.

We will be paying $69.2 million, about 21 cents per unit. These dividends will be received by shareholders that are on our basis on the 14th of May.

Our policy for payment is within 60 days of approval, the deadline was yesterday for that. Now showing the company performance against key market indices, along the year our shares have had appreciation of 9 20.26%.

I would highlight here an average of daily volume for this year, it reached $32.9 million for 2026, a growth at 19.7% as compared to the $27.5 billion last year. With that, I close my presentation, and we can continue to the Q&A session.

Thank you.

Good afternoon. I'd like to ask a question about what you see about the public audience of Civar, risk behaviors and how you see the potential impact in the price curve and effects for the marketer, and also about the second quarter, what are the prospects you can share with us?

Good afternoon, thank you for your question. About Civar, there's pressure on the part of some marketers that were at a short position, betting on a low price for the long run, and great pressure to change the Civar rules.

It's hard to say what's going to happen, but I think if we analyze the current setting of reservoirs and we look at Civar the way it was, we would be in a very critical situation nowadays, considering the possibility that's very, very likely that El Niño will come very strongly in the second semester. You can imagine the situation of our reservoirs in this period.

I think changing Civar would be running unnecessary risks, and that if it's kept the way it's calculated today, I think there's a trend for higher prices surely because of the structure of this system. You can see that in A-CAP auction, the cheapest is 800 reais.

This is the cheapest there is. We will have lots of changes in the future.

We also evaluated the costs of wind energy to create a wind plant. Nowadays, costs have raised a lot, I think prices will just go up.

This is still a very punctual perception without knowing exactly what's going to be decided. Second question, you asked about curtailment.

It's very hard to predict that. There are many variations.

Theoretically, the second quarter, if you look at retrospect of curtailment, it's lower basically because there's a reduction in the generation in the North market, which will allow for a greater supply of energy from the Northeast. That will reduce a lot in the second semester, but that's very regional.

You have a general thing, but each locality and point of access may have higher, lower curtailment, depending on the electricity status at that point in time.

Thank you.

Congratulations on your solid results. What's the strategy for auctions outside Brazil, such as in Peru and Chile this year, considering the company's moment, and is there an interest in looking at the battery auction?

Yes, there is interest. There's a lot of synergy with our strategy.

Auctions outside Brazil, it's hard to know because we must see what actually will come out, what will interest us. I still don't have that vision nowadays.

We have many projects to execute, we have to be careful about leveraging vis-à-vis our return. That's both for foreign and Brazilian auctions.

Good afternoon. Recent drops in the dollar against the real, do they influence the company's capital expenditure?

Will the CapEx be financed by debt in foreign currency?

We are a very conservative company, we don't work with that marriage of indexing. If our revenue is dollarized, we will raise funds in dollars.

If our revenue is in reais, we will fundraise in reais. That's both for CapEx in dollar and cost of debt as well.

We see some of our competitors, sometimes they consider reductions in debt betting in interest rates and sometimes currency as well. We don't work like that.

We are not a hedge fund that operates short and long and currency, inflation, interest rates. We always work everything together.

If it's in dollar, revenue in dollar, debt in dollar; in real, debt in real; revenue in peso, debt in peso, and so on.

I'd like to thank everyone for participating in another earnings call of our company. Also, we are at your disposal if you are interest, we are always open to welcome you and talk to you.

Good afternoon, and see you next time.