Good morning, everyone. Thank you for being here for one more presentation of results of CPFL Energia.

Today, it's the second quarter of 2026. I'm Tiago Padeira, Director of Corporate Finance of the CPFL Group, and I will be the master of ceremonies today, together with Gustavo Estrella, our CEO, and the other executives of the company.

Two important points: if you wish, you can choose the audio channel in English or English, clicking on the interpretation button, and we will have Q&A at the end. To participate, click on "Raise Hand" on the bottom part of the platform.

We are recording this event. I'm now going to give the floor to Gustavo.

Thank you, Tiago. Good morning to everyone.

I thank you all to be—for being here in the call on the second quarter. I'm going to follow here to slide 3 as highlights here.

Let's start with the results: the EBITDA of 3,556 million, a growth of 17.4% in relation to 2025; and 1,435, a growth of 1.2%—17.4% EBITDA and 3.3% profit. The Capex, we continue with expressive volumes of investments, 1.5 billion; we hope to close with 6.4.

Our net debt closes in 32.5 billion, with a leverage of 2.36 times our financial covenants. Now here for some highlights, I think the first highlight is the energy consumption, a growth of 4%, vigorously.

This has been led by the growth of the low-tension market, residential, and especially commercial. We still have the additional effect of the growth of consumption of data centers in our area, which has grown 35% in relation to last year.

We also have the readjustment, tariff readjustment with an increase of 8.8%, inflation and all additional investments, a perspective of more positive results in transmission after this readjustment. The curtailment topic: CPFL has expressed interest in adhering to the MME's commitment agreement, which regulates the compensation mechanism for curtailment.

The perspective, I would say, is positive, of a process with no more surprises besides what we already have on the table with the criteria defined by the ministry, so that we can, when we know the final numbers, we can do this definitely. Another important of the Global Pact: we were elected to this board.

We're very active. This is one of the topics of the pact, and I think it is important one month—once more for us to be in on the board.

We also have the recognition of the World Finance Corporate Governance Awards. It's the third time that CPFL is recognized as the best corporate governance in Brazil.

Now we're going to the next slide. On slide 4, we have a bit more details about our consumption, as I said, 4% growth in relation to 2024.

Residential has a positive effect of the temperature, what we call macro and others, increase of consumption per capita. We still have a positive trend in the growth of the consumption of the residential market.

The highlight here is the commercial, with 10.7%, so as I said, a big driver here, besides the temperature which also affects, but the consumption of the data centers we can see on the top right, a growth of 35% in data centers, with a positive perspective of this continuous growth in our concession area considering the projects that are still being implemented. The expectation to continue presenting good results with the consumption of data center in our area.

Manufacturing has a flat growth, 0.9%. We have seen there's difficulty in the uptake of manufacturing in our area, the consumption of energy is flat, and the demand here 4.4% in relation to 2025.

In the next slide, we're going to talk about the semester. We had growth here 1.6%.

The second quarter was more positive with the first, with the growth of 1.6%. We still have the main growth coming from the low-tension market.

The residential one with 1.8% growth, and once more the commercial segment, due to the expansion of data centers, with a growth of 6.7%. The industry here we see with a little bit of a negative performance, but it is flat like the second trimester when we compare to 2025.

Now we're going to talk about distribution delinquency. We continue with a scenario which is more challenging.

Delinquency is 1.8%, stable in comparison for the first quarter, but a growth in comparison to the second quarter of 2025 by 0.82%, we still have the challenge, macroeconomic scenario which is challenging, indebtedness of the families, and this is a challenge to pay energy bills. This reflects on the last line and the increase of our delinquency.

The main tool we have for this is cutting. We see here, we see lower power cuts than last year.

We had some challenges the second quarter, especially commercial activities that compete our teams so that they could do these power cuts. We hope to do this from the third and fourth quarter, where there is a perspective of an improvement of these indicators.

In this scenario that we have today, I think the delinquency topic will be a challenge for 2026, but also for 2027. It's a huge challenge of maintaining the power cuts, and also huge pressure in the rate of delinquency.

Now here in distribution, talking about losses, the losses are very impacted by the macroeconomic scenario, but in this case we were able to have stability and a short drop, 0.12 percentage points in relation to 2025, but also a challenging scenario when we talk about inspections and the controls of losses in our area. Another relevant topic is we continue with the inspections that we've done with our clients of Group A, and what we've found are volumes growing volumes.

There's a perspective here not only in CPFL, but I think in all Brazil, the concession areas, where there's this perspective of a volume which is quite relevant, affected not only the segment of distribution, but especially the segment of generation, with the topic of curtailment. Now here in generation, we can see the PLD with a drop of 4.7%.

It's due to hydrology recovery at the end of this quarter, where it closed with 206 reais megawatt-hour. The GCF with 99%, in line with the values that were shown in the third quarter last year.

Now, what about wind performance? Here we have two challenges.

The first challenge is the performance of the winds itself, with a lower volume than 2025. This reflects directly on our result.

Also the curtailment: we can see that here percentage-wise, we have the same volume of curtailment from 2025, more or less 25%. Our availability closed in 92.7%, with the maintenance of some wind farms, and we hope to have the availability in the next quarter, especially in 2027.

Now let's talk about results. I'm going to give the floor to Tiago for him to explain about the results on this quarter.

Thank you, Gustavo. We're going to start to read the results of the second quarter of 2026.

We had here an EBITDA of 3,556 million in the second quarter of the year. It is a growth of 17% in relation to the same period of the previous year, especially because of the distribution.

Here we also have the distribution as the main growth vector, contributing with 2,003.1 million, a growth of 11.4%. Then we have generation, with an EBITDA of 767 million, contributing with 30 million reais during the period.

Transmission added 229 million reais, with 400 million in the IFRS, and services and others we reached 88 million reais, representing a growth of 60.6% of 33 million reais in the period. Now let's talk about distribution.

The EBITDA in distribution is 235 million reais, a growth of 11.4% during this period. The result of the distribution, it grew 235 million reais, and the impulse was especially the growth of the market, the tariff readjustment.

These gains were compensated partially by the PMSO and also impacts in delinquency that Gustavo already mentioned. I think the main highlight that we have here is tariff, which contributed positively in 290 million reais.

We had a growth of consumption, an improvement of mix of clients, capture of the tariff adjustments which were carried out in the cycle. We also had a positive contribution of financial assets of the concession.

We're having a problem with the sound. I think they are correcting it.

Yes, there's a problem with the sound. We have a technical problem, but we are adjusting it.

Just 1 minute. Coming back, in the PMSO, we had an impact especially hardware and software related to digitization of 74 million in the period, but we expect to have a growth of PMSO in line or lower than inflation.

Lastly, we had an impact in the PDD of 26 million, which is the result of this difficulty that we have found to fight delinquency. This is not comfortable, and we continue reinforcing receivables to bring this indicator lower.

We know that this is going to be difficult work in 2026 and 2027. Now let's go to the segment of generation.

Here we have the segment that contributed with 767 million reais, a variation of 30 million reais compared to the same quarter in 2025. Among the positive highlights, we have the readjustments of the contracts in 22 million reais.

We also received 34 million reais with insurance due to the incidents in Rio Grande do Sul in 2024. This base of comparison that we have is benefited by the absence of the non-recurrent effect in relation to the sale of EPASA.

Last, we have a negative effect in relation to wind performance and the curtailment of 135 million reais. Now let's talk about the transmission segment.

We had an EBITDA in IFRS of 400 million reais, influenced by the comparative base in the second quarter. We had 150 million reais of RSBE adjustment.

I think what's important on the regulatory side, we have an EBITDA of 230 million reais, a variation of 19 million reais, fruit of the update of inflation, recognition of the tariffs, investments in transmission, and also 12 million reais in PMSO. Lastly here, we have in services and others an increase of the EBITDA in 33 million reais.

This is due to the execution of works in transmission and services, also the positive contribution that we have in [Alesta?] .

Looking here at the profit, 1.4 billion reais in the second quarter of 2025, it grew because of the growth of EBITDA, but we also have an increase in financial expenses of 227 reais. The main impact is the increase of the debt in 5 million reais so we can carry out the investment in Capex.

Besides this, we had the non-cash effect of 177 million of mark-to-market, non-cash, and 16 million adjustments to the regulatory assets and liabilities. Lastly, we had an effective reduction of tax with a positive impact of about 80 million reais, and this made us have a lower value in the quarter and in the semester.

Now let's move to the results in the vision of the 6 months. The drivers are very much aligned with what happened in the quarter.

We have distribution with an EBITDA of 4.8 million reais, a better performance in the market and better performance in tariffs; generation with an EBITDA positive growth compared to the semester in 2025, but still having the curtailment effects, the main impact here of relevance is in the result; and transmission also, we have a growth of 52 million reais in the semester, and with an EBITDA of 734 million reais, and with this better performance in the transmission, we have in service an EBITDA of 161 million reais, an increase of 43 million reais if we compare to the previous semester. Now let's go here for the net income.

It's very much aligned to the trend, the same trend that we have for the quarter. We have a negative financial results of 180 million reais compared to the first semester of 2025, basically due to an effect of a higher debt in the period.

We also have non-cash mark-to-market. On the other hand, we also have the positive effects of the adjustments to the regulatory assets and liabilities.

We also have an effect of 83 million reais of adjustments to tax credits. By the same token, as we had a deductibility, mainly deductibility of tax credit passed through to consumers, this effect reaches the amount of 251 million reais.

When we talk about leverage, we have a covenant which reached 2.36 times due to this increase of 5 million reais when we compare to the second quarter of 2025. The highlight here in July, we had a series of recent fundings with a controlling shareholder of almost 2 million reais.

The average cost of all these debts from July has 2.76 years and an average cost of CDI 0.29% per year after the swap options. On the debt side, we continue with a debt of 70% indexed to the CDI.

This debt has decreased the nominal cost quarter by quarter with the reductions of the Selic by the Central Bank. Besides this, due to higher inflation, we have a lower interest rate and a lower cost of the debt in real terms.

Today, our cash covers 0.71 the short-term amortization. Since this is a vision of 30th of June, the loans are not counted here, July 2 billion reais, this coverage ends up by being even higher and an average of debt of 4.57 years.

Lastly, giving you a vision of Capex, we maintained the execution rhythm of the investments of the company, here focus especially in distribution and transmission. Distribution with 80% of the total of investments in a volume of 1.2 million reais, a growth of 1.7% compared to the same quarter of 2025; in generation, an investment of 73 million reais focused in maintenance of the generation; and transmission, 27.1%, 211 million reais, improvement and expansion of the transmission network; and lastly, an investment of 23 million reais in other business.

We have a total in the year, an investment of 2.78 million reais, and the majority in distribution and transmission. Now I'm going to give the floor again to Gustavo Estrella, and he's going to talk to us about other highlights during the semester.

Thank you, Tiago. I think two final messages that we have here from our call.

The first about the CPFL Institute: we have two projects that were relevant in our concession area. The first involves the Olodum School.

It's the first Olodum School in the state of São Paulo. It's a community here in Campinas.

Also a school, the Black Swan School, it's Cisne Negro in Portuguese, classical ballet, percussion for 570 kids. The community, and it's very similar from what we've done, social actions similar to this, impacting a lot of people.

In our concession area, we see that from '23 to '25, 131 million reais that we did in the institute with more than 600,000 people being benefited and impacted yearly. We continue with a strategy which is very clear, with several different fronts: the Café Filosófico, the CPFL Circuit, exchange programs Brazil-China, young generation, and also CPFL of hospitals.

It's a wide program and I would say with a lot of ambition of really promoting a social impact in our concession area. Lastly, I want to talk a little bit about the Ribeirão Preto event that took place at the end of last year.

This was a huge challenge, I would say, something we've never done before in that area, with 30 minutes of storms. We had winds over 160 km/h, huge challenge in our concession area.

We had over 330,000 clients disconnected, a huge capacity of mobilization of CPFL. This event took place Friday at 5:00 in the morning, and almost all the clients were connected again during the weekend.

Over 300 teams working 24 hours a week to be able to re-establish the energy the quickest possible. It reflects the challenge that we have today when we talk about resilience and climate change.

Events like these are recurrent. We went through an event similar to this one in the south recently.

The expectation of the El Niño is very strong in the second semester, the company today prepares itself to confront events such as this one. The topic of the resilience is more and more relevant so that we can respond like we did in Ribeirão Preto to re-establish the network the fastest possible.

Good morning. I would like to ask a quick question.

I would like to listen about the expectation of regulatory issues that have been discussed with ANEEL. Could you please talk about the timing, the main discussions that you believe are important?

Thank you.

Hi, André. Good morning.

I'm Jairo Barros. I'm in the distribution area.

We have some discussions with ANEEL, especially the X-factor. This is open consultation that we're following here, also a subsidy of operational costs, and now we have to wait for the opening of public hearings associated to the decree which was published yesterday about the free market.

Then we are here carrying out our analysis, our evaluations to define the best contribution strategy, which can involve if it's going to be a sample by the group of companies or if it's going to be a distributed Brazil. We want to close and conclude this discussion in the second semester so that this will be applied to the tariff in the year of 2027.

I believe these are the highlights.

Thank you.

André, adding to what Jairo just said, one aspect of generation, we have some important topics being discussed in ANEEL, which is the conclusion of the public hearing which talks about priority of cuts, and also the expectation of the opening of the discussion about the revision of 1030, which is the resolution that regulates the curtailment in ANEEL. These are the main points that we have, and it's what we hope that we'll have a solution soon.

Could you follow up here, another topic is the discussion of the renewal of the generators? How's this discussion advanced in the ministry?

Have you in fact seen an advance of this discussion?

André, this is a point that we've followed very closely with associations at the ministry, but it's important to say that our plants, none of them has a concession which is going to end in the next years. We're monitoring, but it's something that is not going to impact us directly short-term.

Thank you.

Thank you for your time. I would like to ask two questions.

The first one about batteries. I'd like to know about the thoughts of the company if you're going to participate in the auction, and what do you imagine the competition isn't connecting?

Talking about storage, which would be with generators, I'd like to know what your opinion is. The last one is what have you done preliminary about the past curtailment?

If you believe that what was said there makes this attractive to the company, an eventual acceptance of these conditions?

Hello, Hugo. Let me talk about battery.

We've been working developing projects. We understand that the battery solution is a solution here for the system.

I think this is important. We are here wanting to develop these projects, and we should participate in the auction that is going to take place now in December.

I think that this competition will be I think over 6,000 projects, almost 300 gigs of projects that have been registered. Now, when we talk about the tax here, you should analyze this group because it's a solution that attends to the sector.

Now about the commitment of the curtailment, we've already manifested an interest of the company. The conditions are reasonable.

When this is available, we can follow with signing this retroactive topic. As was mentioned already, the importance of CP and the 1030, where we also going to bring more clarity about this period, which is the retroactive area which goes to 2095, if I understood correctly.

Thank you.

Hello, good morning. My question is if there's a possibility of CPFL taking over the distribution of Enel in the metropolitan area of São Paulo?

If yes, which are the difficulties of implementation of this, and also if you imagine if there's going to be some increment of EBITDA in the future?

Fabio, I think first of all, the asset is not for sale and the operation continues with Enel. As CPFL, as one of the largest companies, and it's controlled by the largest energy company in the world, any asset that comes to the market, especially distribution, transmission, we will always be paying attention.

If there's a process for any asset, for sure we'll always be candidates and we'll work according to the strategy of the company. I would say that up to now there's no open process, there's no type of mobilization of the company here at the moment.

Now we're ending our Q&A session. We are available for any additional clarifications that you might have, and I would like also to invite everyone: we are going to do our Investor Day on the 6th of October in São Paulo.

You can save this date in your agenda and you are our guests. I would now give the floor to Gustavo Estrella for his final considerations.

Once more, I thank you all for your participation. In general, our analysis is of a robust result and due to the challenges that we find, and we're paying attention at two things: looking at the auctions, the transmission, we continue in a perspective of growth with new assets, but also the climate events.

I mentioned summer. I think today we are prepared to deal with these challenges, but we know that in many situations these are challenges that we've never gone through before, like Ribeirão Preto and our capacity of mobilizing, and also to be able to deal with this.

This is challenging because of the El Niño, but with everything that we've done, we feel prepared so that we can confront this challenge. I thank you all.

I wish you a very good day and a wonderful weekend.