Good morning, lady and gentlemen. It is a pleasure to have you here with us for our second-quarter conference call.

These are our highlights for the quarter. This is our next slide.

The first highlight, as you probably have heard many times in our previous calls, it is the portfolio resilience. Now, we can actually see the figures.

We have modulation gains in this quarter of 71 million reais, which brought a very important result in order to mitigate a significant portion of the curtailment impacts, and a total of 98 million reais, almost 72% of the negative impact of curtailment. What is also important to highlight is financial management discipline.

We have reduced our indebtedness in 194 million reais with regards to the first quarter 2026. The leverage is now 5.3 times adjusted EBITDA, as we had already forwarded to you, stabilizing throughout 2026 with a reduction in the beginning of 2027.

We have a slight increase in this quarter due to a EBITDA that is a bit lower, which will refer to further down of this presentation. Other important impact is the corporate reorganization.

We now have the corporate reorganization with a merger of Auren Participações into Auren Operações, a second phase which is already approved. The assets will be concentrated under CESP, and this has already been approved by the company and remains subject to fulfillment conditions and regulatory approvals in order for us to finish by the end of the year this last phase of our corporate reorganization.

We should also highlight the [commitment term?] , which was published through Ordinance 140 last July.

The company will assess this document, and you know very well that until August the 10th, we will be showing our interest and intention of adhering to the commitment. This is not a binding decision.

Today, the company will understand that the compensation for the project would be of around 300 million reais. Another important topic for us is the construction of Cajuína 3.

We have already concluded 88% of this project. Today, we already have eight of the 19 are generating in a test phase.

This is 112 megawatts of installed capacity, and our expectation is until December this year, we will already be in a commercial operation. Finally, which is very important for the whole of the company, we were given the Pro-Ética Seal.

This is organized by CGU. It's the first time our company participated in this award, and it was already awarded, we're very proud of this award and this recognition.

Now, following into the energy market, talking about the natural energy inflow, ENA, you can see here in this chart that once we have concluded the second quarter, we have closed in the South region, and the South and Central-West region, we have a natural energy of almost equal to the one we had in the previous quarters of 2024 and 2025. We observed a recovery of the flows in February and which actually impacted us in the storage of the interconnected system in general.

By the end of March, we have reached the same level of storage we had in 2025. These first two months of the year are, especially with January, one of the worst months in history with regards to the reservoirs, bringing some stability, especially with the projection of prices in the year.

At the end of this month, the month of March, we have the Southeast and Central-West systems already recovered, and the South system was 30%. This was another point of attention for the sector.

With the effects of El Niño, we have important action on this system, reaching almost 65% at the end of June. Today, we already have 85% of the maximum volume of that subsystem.

It is a very comfortable situation compared with what we had in the beginning of the year. Now, on this quarter, we will probably observe what El Niño will bring us in terms of impacts on our inflow and also on the demand with an expectation of an increase in temperatures.

On the next slide, now considering the demand of GSF, we have a second quarter of 2026 with an increase in our load in 3.2% with now an average consumption of different from what we had in the first quarter. Even though there was a growth, this was the greatest growth we've had since the first quarter of 2024, when the, or 2025 compared to '24, when we had a 4.2% growth.

You can observe here that all the two quarters, we have an assessment, and even in some quarters, we have a difference of load between quarters. This is an interesting characteristic, even though the average temperature for the Southeast was below expectations, we already see a recovery for the demand.

Obviously, this is below of the ENA that was projected, and this is already an indication of the impact of El Niño on our consumption. On the GSF side, we have 99% in the second quarter of 2026 against 96% in the second quarter of '25, three percentage points higher in GSF, which contributes to our result and a positive result for hydro generation being greater this quarter when compared to the second quarter of 2025.

On the next slide, in order to talk about prices, as I said, we have now three charts representing some volatility in price and especially this year quite interesting with the execution of the full period that not as common as the previous years. We started the year, if we look into the chart on the left, we see the price evolution in 2026, and you have the dotted line with the January market and the red line is the executed PLD.

The market was actually seeing prices that were higher for the year, that was what was expected, and we already talked about there was a delay in the period. For instance, July here, we had almost 350 reais per megawatt-hour, and the price expectation for the month of June and here on January, when we forecasted the PLD with an increase in February.

What we actually see is what the company already said in the first quarter, when we closed the 2026 first quarter, we had already two important components and two stresses for the price. One would be the reservoirs, as we've shown, with a better inflow, and also a liquidity premium, which was included in this curve when we were executing our models.

We were seeing that there was no way to reach this price given the hydro trend that was actually happening throughout the first quarter. This is exactly what happened.

We see an important drop reaching almost the price of July '26 with 214 reais drop. This is also seen in the chart in the middle, where we see the long-term curve with the annual average, an important factor here, which is the price expectation for 2026 and the actual PLD.

Now with the projection of the drop until the end of the year, we have 234 reais as an expectation with the beginning of the year. We have 108 reais lower.

What matters here is that the curve for the following years did not follow the same trend, quite the contrary. It is still stable with an important increase or a slight increase in 2027.

For the company, this is important with our projections, our short productions throughout 2026. We remain stable in 2027 and then in 2028.

The positions today of our energy balance are quite favorable with regards to price variations. On the right, we see the comparison between the two quarters.

We see 216 reais megawatt-hour, practically 9 reais below the same period of the previous year, and the volatility is very close to 42% measured by the standard deviation, but with one important feature that will be interesting in terms of our time-of-day prices, which we will see in the next slides. With regards to the displacement in the market, the price displacement, we have the displacement for this quarter compared with what we've seen in the North-Northeast system with regards to the Southeast was lower than the first quarter of 2025, and 62 reais per 62 reais.

If we see the first quarter of 2026, the displacement was impacted by the increase of prices, which reduced the difference in the market. On the next page, the curtailment, we had a curtailment of 16% for wind generation, 26% for solar energy or generation.

If we see the quarter average, it was a total cut of 2.2 in the second quarter was around 2.6% 2.6 gigawatt average, the total curtailment. A slight increase with what we observed in '25.

Also, a change in the profile also with an increase of energy curtailment and a reduction of curtailment due to reliability and a slight increase also in the curtailment for external unavailability. During that quarter, we have a curtailment due to energy.

On the next slide, we will talk about operational performance. With regards to what we said before, our GSF was favorable this quarter, which also impacted our hydro generation.

Wind generation with 10% below the second quarter 2025, especially because of the wind resources. The company still have a high availability with its wind assets; however, unfortunately, wind resources were not as good as in the second quarter 2025.

In solar, we have a 7% increase with regards to the second quarter 2025, but as it only represents 10% of our capacity, as you well know, the impact is quite marginal over our results. In terms of commercial performance, our next slide, we can share with you the calculation that the price we had in PLD and what we repurchased in terms of energy to cover our curtailment, especially in our free market assets.

You can see that in the Southeast, where we have our solar projects, in the Northeast, where we have solar and also wind power, we see there is an important reduction in the cost of purchasing for curtailment. The average in the Southeast in the first quarter 2025, the average would be 128 reais per megawatt-hour, and in the second quarter 2025 2026 will be 83 reais.

There is an important reduction. However, the greatest reduction was in the Northeast market, and in the second quarter of 2025 to cover our wind position would be an average 267 reais, and in the second quarter 2026 was 102 reais.

This is related to what we've seen on the same page on the chart in the lower part of your chart, where we see the average price for the market and a behavior of January of 2025 and January to June 2026. We can see that 2025 is the lowest point.

Here in the Southeast, we have 128 reais with 222 megawatt-hour, 80% the price was 80% higher than the average during the day. In 2026, we go from 124 to 300 260% above.

This explains in a certain way both the modulation gain, a greater modulation gain, as well as a lower cost and curtailment. This always happens in this time of the day where you have a greater impact, especially the impact of the mini generation.

On this next slide, already now making this connection with the modulation curtailment, we have how much we have a modulation per source. We can see that in the wind, it was positive in 27 reais compared to zero on what we had in 2025.

For wind, it increased 8 reais, and in solar, there was a worsening of 26 reais to 53. As we said, solar power in our portfolio only contributes to 10% of our capacity, it's a very small impact in our results.

Here, we also would like to show how the curtailment evolved, the financial impact throughout this semester. We show here on the third quarter an impact and with 71 million of the benefit of modulation.

If we look into the previous quarters, we can see there is an important balance between these two benefits with the impact of curtailment. Of course, the third quarter is a quarter with the greatest curtailment because of the wind power seasonality.

We see an important modulation, an important profile which has contributed to reduce the curtailment impact, as we mentioned before in the beginning of our presentation. On this slide here, we have energy balance, and basically the company had an intense change without an impact in its longer term.

Now, our commercial activity and in 2026, we have 800 megawatts, and our position in the long term was basically intact. This has to do with the result of our trade.

We were able to meet our clients also by purchasing energy in the market with a positive energy. The idea of the company is to compete, of course, meeting the demand of our client.

We will always be talking about energy and with a strategy of given the price curve with a higher long-term price curve, the company will also preserve today its position of hired based on 2028.

These are the two factors. The first one, as Fabio said during his presentation, this is a smaller wind power, around 10%, and also a result was weaker due to the company's trading issues.

It's important also to highlight that the maintenance of the expenses was very controlled. We had a number in the first quarter of 2026 and an increase of 9% in relation of the second quarter of '25.

A large part of this increase is related to the beginning of the consolidation of a subsidiary of the company, which is E2. In the next page, we show that this quarter was not very active due to liability management.

As we said, this has already been realized during the year of '25, and we continue with indebtedness about five times. We had a small increase in relation to March '26.

As was already mentioned, we're going to have the maintenance of these levels during the year of '26, and then from '27 on, we will have a leverage process which will be stronger. From the activities of the quarter, we had the prepayment of 200 million reais, more or less 200 million reais, a debt of the company that is due in March '27.

In July, we had a post-closure event. We paid more or less 100 million reais of the same debt.

The schedule of amortization, it's quite controlled. We don't have any news here.

We don't have a lot of need up to '27. We won't need funds during this turbulent time.

The debt is very similar to the last quarter. 60% is linked to the IPCA, the same rate of conversion as the revenue of the company, and 20% for the CDI.

Now, we can move to the next slide. I'm going to give the floor to you again, Fabio.

We're now going to talk a little bit about the regulatory issues in reference to the curtailment. As the number 140 2006 was published talking about the conditions to receive the period of September '23 to November '25.

Then we have the cuts and external unavailability of the wind farms and solar energy. This was established in the Law 21569.

It's still the discussions about this energy. This was not considered by the law.

We recognize this, but it is something that the sector will have to deal with when we talk about the energy curtailment. The company contributes also to these impacts, not only the centralized generation.

We also have doubts about the regulatory treatment from November '25 on. You probably remember that after November '25, the wind farms can receive funds back.

This also should be regulated by ANEEL. It still hasn't been regulated.

Another thing that happens are the different steps that will have to be followed for the different commitments. These end, according to our estimate, in the second semester of 2027.

We're going to have the recalculation of the impacts, the presentation of the agents, and also the adhesion. This is going to be a process which, in fact, takes time.

We understand this schedule, which is a bit longer. We imagine that we have 300 million reais to receive during this process.

We are evaluating the intent declaration, which is not binding. This should be done until the next 10th of August.

We're still evaluating if we the signature. The summary in relation to this, we think we're aligned to the law, and we're following strictly what the legislation says.

I think there's a positive point that the market was expecting, the publication of the commitment term. This was published, and we see this as a favorable point in advancing the solutions of the impact of curtailment so that we can recover the sustainability of the renewable sector.

It's very important for the maintenance and for the expansion of the electrical center, it's very important. In the next slide, we're going to talk about the corporate reorganization.

This has been an incorporation of Auren Participações for Auren Operações, operations. Now, the second phase is to consolidate all these assets below CESP.

It's going to simplify things a lot for the company. Everyone knows that the number of SPEs always generate a lot of work.

That's going to help a lot. Here, we have our main goals: to concentrate all the hydroelectric assets in one place, make the society simpler, the group, and also a reduction of the listed companies, and it also brings us for the cash generation management, and it gives us space to be more efficient.

In the next slide, we are going to our final considerations. What are the main takeaways?

Looking at 2026, the company is very focused in revising costs. We had a very good integration with AES with synergy of 280 million reais.

The company continues working, optimizing processes and reducing costs. We're working here in a company called OBZ with very positive results.

Besides the reorganization that I mentioned, advancing our strategy of artificial intelligence. The company is very well positioned to take opportunity of the opportunities of the market.

As I said, our energy balance is very adherent to the movement of the market. We are short term when the price has a trend to drop and long term where the price maintained itself and higher.

The deleveraging is constant in '26, '27, and when the investments stop, the company will continue generate cash in the same way, and the decreasing trajectory, we will reach the medium level of the sector. As for the regulatory issue, we have the publication of the Law 140.

We see this positively. This is a sign for the sector which refers to the curtailment.

We still have a lot to do in terms of the energy curtailment, but I think this will already give us a goal to follow. This is a topic which is very much aligned with what the legislation defines.

We will evaluate in the next few days the adhesion or the manifestation of interest. We continue also working to receive the investments of CESP, and perhaps we're close to a solution.

We have to consult the public hearing. We already have part of the result when ANEEL recognize the amount of investments, and now we have the other recognition that has to be done with monetary connection.

These are the topics that we wanted to talk about during this semester. We are available to you for the session of questions and answers.

Now,

Hello, folks. Good morning.

Thank you for the opportunity. I have two questions.

The first question is about curtailment. I would like to talk a little bit about this.

How and when do you expect the discussion about curtailment or future curtailment will evolve? Then still on this topic about the provisions about the curtailment, at what moment do you think that you'll be able to deal with this topic and you will pay this reimbursement of this value?

When will you deal with these reimbursements? The second question is about the reorganization.

I would like you to talk about the fiscal gains, the corporate reorganization that you're going to have, what impact this can have on the results.

Thank you, Daniel, for your question. The curtailment is a topic that we have to dialogue with Congress again because the law has to do with the past.

The legislation already takes this into consideration, and this occurs next year because now we have elections and there'll be a change in relation to the congressmen. This is a topic that for sure will be discussed again in 2027.

As for the reimbursement, our decision here, once demonstrated the interest of participating, then we'll have a discussion with the board and with the shareholders about a definitive action. As the reimbursements and compensation, our forecast is that will happen in the second semester of 2027.

It can occur during the year, perhaps in 2028. Those who are going to receive the reimbursement of the regulated contracts, and these regulated contracts, they also have a limitation to be disbursed, which is the revenue of each one of the parts.

This is going to be phased out in time, there is this payment limitation because that's what the regulated contract says. From the second or third quarter of 2027, we'll have the settlement of these values based on the schedule that we've been working on.

As for the corporate reorganization, I'm going to pass the word to Mateus. Okay.

In relation to your question about this corporate realignment, it brings a lot of benefits for the company: a better management of the indebtedness, a better management of the cash flow, simplification of the structure, elimination of two companies that open capital. We don't give any guidance in relation to the cost reduction that this will bring to the company.

Okay. Thank you.

Good morning. Thank you for the space to ask these questions.

Thank you for the explanation of the results and your vision for the market, which is always very useful. I'd like to know about what expectations you have for the second semester.

There's a consensus that the El Niño is going to increase the temperature, is going to increase the demand, more rain in the South, less rain in the North, compensated perhaps for higher wind farm generation in the North of the country. Of these trends, what do you believe is already reflecting in the models?

Where do you think the options are? How the price is?

What is the direction that you think? Or do you think things is uncertain and open?

I want to know what you think about the risks towards the end of the year.

Thank you for your question. I think the scenario is very close to what we see here.

El Niño, as everyone knows, a lot of rain in the South, not a lot of rain in the Northeast in the area of the reservoirs in Southeast, it's uncertain. What we know is that in a few ways it rained a lot, a few areas it didn't rain, but the storms do not have the classical trends of rain.

It's more disorganized, the rain events in the Southeast, especially in the North of São Paulo. Having said this, first, in relation to the temperature, high temperatures, perhaps a characteristic of El Niño, as we've said, we also observe what is in the price models already has this load a bit higher than what would normally happen in a normal level of temperature.

We can see that it's 2% in relation to the projection of ONS. This is overestimated, but already brings a bit of this temperature effect, which would be neutral for a higher load in relation to price.

Positive facts, as you mentioned, probably the wind farms will be improving in the Northeast, which reverts the scenario of the second quarter, and the big unknown is the rain in the Southeast when the period of El Niño starts. Looking at the projections that we've seen, it seems that September will be above average, October average, and the unknown is November and December.

If there is a variable today, if there's any question and what we really have to refine is what happens in the month of November and December in relation to the rain. The other months are covered and consolidated.

Perfect. Thank you very much.

Good morning.

Okay. Ladies and gentlemen, thank you very much for your availability for this call of results in the second quarter of 2026.

I would like to congratulate Auren's team for the recognition that has come from the Pro-Ética CGU. It's intense work of the governance team and all the areas that are involved, it's a huge satisfaction to have this recognition.

We are at disposal if there's any question that was not clarified. The team, which is here, Marcelo, Mateus, we are available to you all to clarify whatever is need.

I'd like to thank you all, and until the next time. Thank you.