Good morning everyone. Thank you for joining Eneva's earnings conference call for the fourth quarter of 2025.

Moving now to slide 3, we are going to show the main highlights. Eneva ended 2025 with extraordinary results, highlighting the company's growth trajectory.

Key financial indicators reached record levels. EBITDA rose to 6.5 billion BRL in 2025, a 67% increase compared to 2024, and the operating cash flow reached 5.7 billion BRL, an increase of more than 60% year-over-year.

This result reflects the progress of the company's strategy based on execution capacity, the development of unique skills, and pioneering efforts to explore new value chains within the markets where we operate. We continue to contribute to the country's energy security and to offer new solutions in electricity and natural gas markets while we generate value for our shareholders and society.

Our growth reflects: first, the contribution of the assets acquired at the end of 2024 in a move to create value, create options, and optimize the capital structure; second, the completion and operational stability of important capital projects in a continuous CAPEX program following the success in following capacity and energy auctions since 2028; and third, the development of new business lines with the consolidation of on-grid and off-grid gas trading segments. The assets acquired at the end of 2024 contributed to an increase of more than 1.5 billion BRL in 2025 EBITDA, reflecting an excellent fixed contract revenue from these plants and anticipation of capacity contracts of some of those assets already in the second half of 2025.

In addition, we optimized the cash flow of those plants by integrating them into Eneva's portfolio. We captured synergies in three fronts: first, operationally, by incorporating the plants into Eneva's administrative structure and reducing the costs of assets previously operated on a standalone basis; second, financially, by optimizing the capital structure of those assets and their insurance costs; and third, on a tax front, by incorporating the main cash-generating assets into Eneva holding company.

Now, looking ahead, some of the acquired plants are eligible for recontracting in the 2026 capacity auction, which could further increase the value generated for the company from new contract cycles. Sergipe Hub started the first year of operation after connecting to the gas transmission network showed significant potential as an integrated platform for gas trading and power generation.

The annual EBITDA of Sergipe Hub increased 521 million BRL compared to 2024, reflecting a greater contribution from Porto de Sergipe thermoelectric power plant due to the reimbursement of costs, which did not incur in load cancellation fees in 2025. In addition to those two factors, the company's gas trading desk increased its contribution by almost 270 million BRL compared to 2024, coming from firm and flexible supply contracts in the gas pipeline network and structured operations for load operation, taking advantage of price arbitrage in international LNG market.

In addition to the results of 2025 of Sergipe Hub, which I have just highlighted, we also have excess LNG storage and regasification capacity combined to a portfolio of thermoelectric projects ready to participate in 2026 capacity auction. These are highly competitive projects as they benefit from existing proprietary infrastructure for flexible gas supply solutions without the need of incremental OPEX and CAPEX or the use of any third-party infrastructure.

In the off-grid gas segment, our small-scale LNG liquefaction and sales business line focused on customers who do not have access to the natural gas distribution network in the North and Northeast regions of the country recorded an increase of 228 million BRL in EBITDA. The 2025 market increase 100% of the capacity for the Parnaíba Complex and the beginning of activities to expand capacity with the construction of the third liquefaction train.

This positioned the company to expand its offers and capture new opportunities in a market which is still in full development but has great potential for growth and value creation. In this business model, we compete with more expensive and polluting fuels such as diesel and fuel oil, but we offer efficiency and reduced emissions, thus enabling the pursuit of higher margin for the compensation of natural gas reserves from the Parnaíba Basin.

As mentioned earlier, the 2025 results led to a record operating cash flow, causing the company's leverage to end the year stable at 2.6 times net debt-over-EBITDA, preserving the strength of the balance sheet and ensuring room for a new growth cycle. On the E&P front, we advanced in our exploration program in the three main basins where we operate.

We carried out the well drilling campaign in Parnaíba and completed the seismic data acquisition campaigns in the Amazonas and Paraná Basins. We declared the commercial availability of Gaviãozinho field in the formerly called PAD Colinas, and released the new report on the reserves of the Parnaíba Basin.

Once again, we replicated the exploratory drilling success that we have had in previous years with the addition of new reserves that slightly exceeded accumulated consumption of the last 2 years, accounting for a reserve replacement rate of 111% for the Parnaíba Basin. On our business development agenda, we had important developments in the framework for the 2026 capacity auction scheduled for the 18th of March.

In February, ANEEL approved the auction notice. We remain steadfast in our commitment to make the most of this opportunity.

We have 2 GW existing assets eligible for new contract cycles and the most competitive business models to provide capacity and energy security for the National Integrated System, combining the construction operational thermoelectric assets with proprietary solutions for 100% flexible natural gas supply. In addition, we are getting prepared in advance.

We moved forward with the development of the best opportunities in our project portfolio, we secured critical equipment, and made room for the balance sheet for investment decisions. The importance of 2026 capacity reserve auction is undoubtedly a unique opportunity for the company's business models and competencies, but Eneva's potential and ambition go far beyond a single event.

In view of everything that I have just reported about the year of 2025, it's worth highlighting Eneva's ability to develop, implemented unique business models. We are preparing to continue the company's medium- and long-term growth trajectory based on the needs of regional gas markets and supported by the value propositions and competitive advantages of our business models.

The company's investment thesis extends far beyond the upcoming capacity auction. We will continue to surprise the market with innovative ideas, resilience, but without compromising our financial discipline and rigor in capital allocation.

Now I'd like to turn it over to Marcelo Habibe, who is going to highlight the main milestones that have contributed for our financial performance in the last 5 years.

Good morning everyone, thank you so much. Going to slide number 5, you can see the evolution of our EBITDA since 2020.

As Lino said, in 2025 we achieved the highest EBITDA ever, totally 6,507 million BRL, which present an annualized growth rate of 33% in the last 5 years. This result reflects the history that has been built over time, the result of our discipline in executing our business plan, combining multiple initiatives in organic and inorganic growth and commercial development fronts, which have been materializing and creating value in recent years.

I will not go over each one of these initiatives, but I would like to highlight some of the main milestones. In terms of organic growth, since our Re-IPO in 2017, we have actively and successfully participated in capacity and energy auctions.

We have commissioned and stabilized the projects we contracted, notably Parnaíba V, Jaguatirica, and Parnaíba VI, and then this increased the volume of our fixed revenues and efficiency of our asset base, improving the way we monetize our gas in addition to providing high levels of return to our shareholders. On the inorganic growth front, we carried out several M&A transactions, notably the acquisitions of Fortaleza thermoelectric power plant, Sergipe Hub, and BTG's portfolio of thermoelectric assets.

With these transitions, in addition to ensuring robust flow of fixed contracted revenues, we were able to unlock operational, financial, and tax synergies, capturing incremental value for the company. In addition, we have created significant options in our growth avenues in our portfolio.

The potential of recontracting Fortaleza thermoelectric power plant and the assets previously contracted are examples, but the highlight is Sergipe. With the acquisition of Sergipe Hub, we gained access to 100% flexible natural gas supply solution, remaining capacity to monetize, in addition to a pipeline of thermoelectric plants to be developed.

In addition to its infrastructure to be connected to Brazilian natural gas transportation network, we have structured our gas desk straight on-grid gas segment with the terminal's remaining capacity. We will structure our new, more competitive thermoelectric projects for the March capacity auction.

On the commercial development front, in 2022 we began to diversify our revenue sources with the company's first energy export operations. In that same year, we acquired Sergipe Hub and made the decision to invest on two new liquefaction plants in Parnaíba, pillars for the development of our on-grid and off-grid marketing business lines, and the implementation of our gas trading desk.

In 2025, we generated incremental EBITDA of 550 million BRL. This trajectory demonstrates the consistency of our business models and our ability to sustain growth while generating value over time.

As highlighted by Lino, we're still far from exhausting our business models and will continue to seek over the next few years. We have projects under construction that will begin their contracts throughout '26 and '27.

We have a short-term auction that has accumulated demand for capacity since 2021, and we also have the prospects for new capacity auctions in the future to ensure energy security and address the growing intermittency of the National Interconnected System. In addition, we have great potential in the natural gas market, especially in the off-grid segment, where we're already building the expansion of the liquefaction plant in Parnaíba, targeting a potential expansion in demand for LNG replacing diesel as a fuel heavy transport.

Now I will give the floor to Marcelo Lopes, who will present some of the details for the next few years.

Thank you very much, Habibe. Good morning everyone.

Now moving to slide 6, I would like to highlight some of important drivers for this year and next year. 2026 has already begun, marked by high thermal dispatch in the National Interconnected System, similarly to the second half of 2025.

From the graph, we can see that our thermal power plants followed this trend, accumulating gross generation around 2,700 GWh by the end of February. In particular, a significant portion of this generation occurred in our gas-fired plants, where we have positive variable margins and attractive cash generation based on the monetization of our reserves.

These plants accounted for approximately 1,500 GWh of the total generated. The delay in the rainy season have kept energy prices high, and as a result, we have dispatched specially by merit order in response to higher spot prices for the period.

Reduction in reservoir levels with low rainfall compared to historical averages, combined with a growth in intermittent load in our electricity matrix, has driven the need for thermoelectric dispatch to ensure the electric security of the National Interconnected System. In this scenario, 2026 is likely to be a year with strong thermoelectric dispatch, mainly assets with their own gas given their variable costs that are more competitive.

2026 is going to be marked by PCS contracts, especially for Espírito Santo plants, which will be available for negotiating after the first reserve auction that will be held in March. In this context, it's important to note that over the next 11 months, we will implement contracts that will more than offset the effects of PCS contracts.

In the second half this year, we are going to have the start of Linhares UTL contract, a plant that will begin its new contract cycle in July 2026 with a fixed annual reserve guaranteed for the 2021 capacity reserve auction of almost 200 million BRL per year for the next 15 years. Shortly afterwards, we're going to have the start of Azulão capacity reserve contract, which begins in August 2026, guarantee a fixed annual revenue of approximately 277 million BRL for our contracted base.

In July 2027, we're going to have the start of the regulated contract for Azulão II, which will add another 2.2 billion per year for the company's fixed revenue, thus concluding the Azulão 950 Complex project. Both contracts will be in effect for 15 years.

Finally, in the second half of 2027, we're going to start the third train of Parnaíba's liquefaction plant, which is going to expand the total liquefaction capacity from the current 600,000 cubic meters per day to more than 900 cubic meters per day of natural gas. This plant will be geared primarily towards serving customers in the road transportation segment, with an expected ramp-up in sales for this segment, which is still under development.

With the operation of the contracted assets that I highlighted by 2027 will more than exceed the record EBITDA that we have had this year, continuing once again the company's growth trajectory. We will remain dedicated to capturing new capital allocation opportunities and secure new sources of revenue for the company, focusing on creating value for our shareholders, supported by the robustness and competitiveness of our business models.

Now I would like to give the floor to Andrea Monte, who's going to show a summary of our drilling program.

Thank you Marcelo. On slide 7, I'll share with you an update on our exploration program executed in 2025 and planned for the coming years.

In 2025, we made significant progress in exploration campaigns in three of the main basins where we operate: Parnaíba, Amazonas, and Paraná. In the Parnaíba Basin, we resumed drilling campaign with 16 wells drilled.

The arrival of our proprietary rig, the Eneva Explorer, in mid-2025, in addition to increasing the operational efficiency of our drilling activities with its high level of automation, gives us more flexibility and dynamism to schedule our activities with greater freedom going forward. Also in Parnaíba, as a result of our efforts, we had the declaration of commerciality of the Gaviãozinho field, prior to the PAD Colinas accumulation.

This week, we also release the 2025 reserves report, with certified 2P reserves of 37.93 Bcm of natural gas, resulting in a reserve replacement rate of 111%. With this result, we have successfully replaced the entire volume of gas produced in this basin over the last 2 years since the last certification, which was carried out at the end of 2023.

We are concluding the Parnaíba drilling campaign in the first quarter of this year to immediately begin geophysical and engineering studies, and then define new prospects and new target areas for Parnaíba. In the Amazonas Basin, throughout 2024 and 2025, we implemented an intense program of processing and analyzing seismic data acquired over time in our blocks AM-T-84, AM-T-85, and [Meia-Dois?]

. Throughout 2025, we carried out the 2D and 3D seismic acquisition campaign, mainly concentrated in the Tambaqui field region and in the area between Tambaqui and Azulão.

A portfolio of exploratory prospects was defined based on the analysis and risk assessment work that was carried out over the last 2 years. We plan to resume drilling new wells in this basin as of the second quarter of this year.

Last year, we also completed the 2D seismic campaigns in the four blocks of the Paraná Basin, and we are currently working on processing and interpreting the data acquired to develop geological models of the areas. The goal is to define the initial leads to be drilled in this frontier basin starting in the end of 2027.

Finally, I would like to highlight the importance of exploration campaigns for the company. Through our exploration activities, we are able to access onshore natural gas, the most competitive type of gas in our portfolio.

The resources discovered and the reserves developed allow us to develop our most profitable business models. We will continue to carry out our exploration campaigns on an ongoing basis, seeking to increase our reserves and their use, such as the monetization of new projects.

Now I turn over to Marcelo Habibe, who will present the financial highlights for the quarter.

Thank you Andrea. Now moving on to slide 9, I present the main effects that contributed to the change in EBITDA in the comparison between quarters.

Consolidated EBITDA reached 1,488 million BRL in the fourth quarter of 2025, an 880 million compared to the same period of '24. Should be noted that the quarter's results were affected by the one-time accounting of a large volume of exploration expenses, accounting for more than 50% of the total for the year and increasing by approximately 160 million BRL compared to the fourth quarter of '24.

Excluding the effect of the variation operating expenses, the EBITDA for the fourth quarter of '25 would have totaled 1,640 million BRL. Now moving on to the results of the business segments, the other fuels generation segment contributed with an increase of 697 million BRL, mainly due to the impairment of coal assets recorded in the fourth quarter of 2024.

In third-party gas generation, we had an increase of 143 million BRL in EBITDA due to the full contribution of the results of the thermal plants acquired in the fourth quarter of '24, in addition to positive variable margins in the advanced dispatch of Linhares. In off-grid commercialization, we saw an increase of 75 million BRL after the plants reached 100% of their capacity in commercial operation in the first quarter of this year.

The Sergipe Hub showed an increase of 39 million BRL in the period, mainly reflecting the growth in the fixed margin of the Porto de Sergipe I thermoelectric power plant. Finally, in energy trading and the holding company, the total increase was 38 million BRL, reflecting higher commercial margins generated in energy trading, partially offset by increased holding company expenses.

On slide 10, I present the main impacts on the financial results between quarters. Net financial results improved by 1,055 million BRL in the fourth quarter of 2025 compared to the same period of 2024, totaling a net expense of 403 million BRL.

The main impacts that contributed to this improvement were non-cash effects: first, the lower result of the exchange rate variation on the FSRU lease; second, the lower variation in the mark-to-market of swaps, mainly related to receivables prepayment operations. Additionally, we had a net positive effect of 259 million BRL in interest, change, and adjustment for inflation on debts, during to the retroactive capitalization of debts in the fourth quarter of 2025 and the reduction of the IPCA index between the periods.

On slide 11, I present the main changes in cash flow for the period. Operating cash flow reached 1,318 million BRL in the quarter, driven by EBITDA for the period and partially offset by working capital requirements and income tax payments, the highest results from plant dispatch.

Investment cash flow consumed 1,087 million BRL, mainly directed to contract growth projects and the development of the project pipeline for the 2026 capacity auction. Financing cash flow, in turn, recorded a net cash outflow of 734 million BRL, reflecting the amounts paid for amortization and interest on financing and operating leases, in addition to the net result of operations with preferred shares, mainly the payment of dividends in the Parnaíba Complex holding company recorded in the line others.

As a result, Eneva ended the year with a robust cash position of 2,651 million BRL. On slide 12, I present our updated capital structure.

On the left, we show the evolution of the company's consolidated net debt, which ended the fourth quarter at 17 billion BRL and a leverage ratio of 2.6 times. In the other charts, we show the quality of our debt, which ended the fourth quarter with an average term of 5.8 years and a lower average cost compared to the same period of 2024.

The improvement in our capital structure reflects our ongoing liability management process, as well as new disbursements and financing with development banks on more attractive terms throughout the period. On the right side of the slide, we see the debt profile, which currently has 83% of its total linked to the IPCA index, ensuring alignment between our financial obligations and the main index of our fixed revenues.

Similarly, the balance of our CDI-linked debt is compatible with our cash balance, creating a natural hedge between the company's obligations and rights. With that, I now turn the floor back to Andrea, who will detail Eneva's investments and capital projects.

Thank you Habibe. Moving on to slide 14, we highlight the investments made in the quarter, which totaled a record level of 2,083 million BRL.

At the holding company, we had a total investment of 839 million BRL in the period, and 718 million were allocated to the purchase of critical generation equipment for the company's pipeline projects. 53 million BRL were also invested in the acquisition of trucks and tractor units for GNL Brasil.

The Azulão 950 Complex investments totaled 739 million BRL in the quarter, with 580 million BRL allocated to construction and assembly services at the TPP, the GTU, and the substation. 131 million BRL were related to support logistics and commissioning activities.

At the gas liquefaction plants in Maranhão, investments totaled 174 million BRL, with 107 million allocated to the third train, referring to the final milestone of the contract with the supplier of advanced liquefaction system and EPC companies. In addition, 66 million BRL were allocated to the plant in operation, related to project completion milestones and the purchase of liquefaction equipment and spare parts.

Finally, in the sustaining activities of the company's operating assets, 213 million BRL were spent, mainly with the Sergipe Hub, related to the replacement of the transformer rotor and the first installment of the acquisition of the new riser and spare parts, and secondly, also to Azulão-Jaguatirica, mainly for equipment maintenance, support activities, and purchase of spare parts. Now moving on to slide 16, I will share with you the updates on the expansion project for the liquefaction plant in Parnaíba.

The physical progress of the project has evolved from 17% in November 2025 to 37%. The liquefaction equipment from the technology supplier is in the final stages of packaging this week, and it is expected to be shipped to Brazil by next week.

On the other fronts, the engineering details are being developed, and we have begun purchasing BOP equipment. In addition, we have completed the construction of the civil bases for the main equipment, and the work on the underground structures continues to progress.

As for upcoming milestones, I would like to highlight the completion of the first batch of equipment and the delivery of all plant equipment to the site during the second quarter of 2026. Mechanical completion is scheduled for the first quarter of 2027 to allow for commissioning and startup of the plant during the second quarter of 2027.

With this, we remain on schedule to begin commercial operation of the liquefaction plant expansion in the beginning of the second half of 2027. On slide 17, I present the updates of the Azulão 950 project.

This quarter, we achieved important milestones in the project for the start of operations of UT Azulão 1 and 2. At Azulão 1, we are completing the cold commissioning of almost all equipment, and we have energized the main and auxiliary transformers of the gas turbine, as well as flushing the lube oil from this turbine.

We have also completed the hot functional tests of the UTG, which are necessary to make the gas available for the hot commissioning of the plant. Regarding Azulão 2, we also made progress in assembling the boiler and the steam turbine last quarter.

In addition, we pumped water from the Urubu River to the plant, which is necessary to cool Azulão 2 combined cycle. With the progress in construction and assembly, the physical progress of the project reached 85% in this quarter.

The project remains on schedule, and commissioning of Azulão is expected to be completed in the second quarter of 2026, Azulão 2 in the first quarter of 2027. The start of the regulated contract is scheduled for August 2026 for Azulão 1 and July 2027 for Azulão 2, in accordance with the liability exclusions approved by ANEEL.

Now I turn to Felipe Valverde for the question and answer session.

Thank you Andrea. Good morning everyone.

Now let's begin our question and answer session. Remember that any questions you have should be sent in writing on the Zoom platform.

The first question comes from Guilherme Lima from Santander: Could you talk about the situation of loads with a contract with Qatar? If there is a prolonged restriction of loads, how could you be prepared to handle the situation?

Good morning Guilherme, thank you so much for your question. It's a good time for us to explain that.

Our contract with QatarEnergy does not say where they're going to bring the load, and as Qatar has many different positions on the global LNG market, they may bring loads not just from Qatar but also from the US. The cargoes planned to be received are coming from the United States, most likely the closing of the Strait of Hormuz, this should not impact the cargoes that we need to receive here in Brazil for Sergipe Hub.

Of course, if an event such as this lasts very long, the global market as a whole may suffer some type of imbalance over time, affecting prices too, but we're not seeing that in the short term. Any difficulty to receive cargo from Qatar, we're going to go to the market to buy gas from other markets.

Thank you very much Marcelo. The next two questions come from Daniel Travitzky from Safra.

Number one: The company has published a new report of reserves from Parnaíba with an increase of 2P reserves and a drop in 3P reserves. What is the expectation for Amazon reserves based on this report, and how are the E&P expenses going to evolve?

This report refers basically to the Parnaíba Basin, and we're not conducting any activity in the Amazon over the last 2 years, as justified in other questions in other conference calls with the market. In the Amazon, we need to acquire additional seismic data, and then we adapted our models, and we're going to start drilling back again after the second quarter this year.

The Eneva Explorer drill is in the last well in Maranhão, and after we're done with that well, we move to the Amazon region, and we're going to spend 1 year or 1 year and a half drilling wells in the Amazon region, where we have drilling prospects both to the west of Azulão and in other regions too. Once we identify the best drilling prospects, we're going to try and expand our reserves in the Amazon Basin after the second half of the year.

Going back to the Parnaíba, which is the main topic of that report, and we conducted drilling and surveying of the assets that we had discovered in the past, the increase in reserves reflects the company's capacity to replace the reserves that we consume. About 2P and 3P reserves, as we expand 2P reserves, uncertainty goes down for 3P.

Naturally for us to expand 3P reserves again, maybe just in the future, which we do not see to do this over the next 2 years, considering the reserves in the Parnaíba Basin is very good for us.

The second question from Daniel is also about gas supply from Sergipe Hub: Is there an impact related to the conflict in the Middle East and the block of the Strait of Hormuz?

As I said before, as I answered Guilherme, I have already answered this question.

The next three questions come from Bruno Amorim from Goldman Sachs. Number one is about the monetization of gas reserves of Parnaíba, Solimões, and Paraná: Which are the most likely pathways for the monetization of these reserves?

Is it feasible to associate thermoelectric power plants to them, or is it more LNG?

Thank you very much for the question. This thing of monetization of the reserves, it depends very much on the volume that we find and maybe there, small scales, yes, it is one of the possibility, and we do not rule out the possibility of monetizing new thermoelectric power plants.

There is another way of monetizing them. Depending on scale and positioning, we will consider, and also the network of gas pipelines.

We want to sell the gas for customers already connected to the Brazilian grid. We will have many alternatives to monetize those reserves.

The next two questions, the first one is about the Court of Accounts that has 5 days for the government to justify the price increases. Is there any likelihood of the auction being postponed?

The auction is scheduled to be in 5 days' time, we should no longer make any comments about the auction.

I apologize, but we cannot answer that question, and I cannot talk or say anything about the upcoming auction.

Thank you very much. Thank you Lino.

The last question by Amorim is about capital allocation: What are the priorities after the auction? What is Eneva's scope that is the most wide-ranging?

Did you already consider upstream M&As? Is the scope the gas chain, or is it more wide-ranging in terms of the energy chain?

I've basically said everything that I could say that is of common knowledge, of public knowledge, but the company's strategy has been determined, and we are 12 days from the auction, we need to wait. As

for the plans for future growth of the company, the company has accumulated a large portfolio because of its competence, and this is why we participate in many places of our supply chain, and we're going to continue to look for new opportunities. There are some M&A opportunities, of course, that when they are aligned with the company strategy, they are considered.

As to the question related to exploration, we have a campaign for at least the next 3 years for the Amazonas and other points, the market is familiar with our plans, and we'll keep investing on that. I would like to make an extra comment about the first question about the monetization of the gas reserves on the Parnaíba.

The Parnaíba has 2 GW of thermoelectric power plant and three gas liquefaction trains, this is a huge monetization engine for gas. In our opinion, there is no chance that the Parnaíba reserves will not be monetized one way or the other, but of course we'll try to do that as in a best way to achieve the best results for the company.

There's no doubt that those reserves will be monetized, but the company is still to determine what will be the strategy to be used in that case. Thank you.

The next two questions we received from Guilherme from Santander. First one: The Brent is falling along the fourth quarter, that put pressure on Sergipe costs.

In the first quarter, should we expect an opposite trend because the Brent is expected to rise 46% year-to-date? Thank you for the question.

Yes, this is what we expect. In the first quarter we'll have less dispatch than we had last year, the end of last year, the fourth quarter.

The Brent variation will follow this trend as you described. That's correct, your assertion is correct.

Thank you. Guilherme also has a second question about exploration expenses, that expenses of 207 million BRL concentrated in the fourth quarter of 2025, what should be expected from now on?

Out of the 207 million BRL, 90% of that relates to acquisition of seismic data that is not going to be done in 2026, and the other 10% has to do with the geophysical staff time. They're working very strongly on the interpretation of the seismic data.

This amount will drop a lot, and in 2026, probably those values will go to zero with the seismic data acquisition.

We have no further question in the Q&A, so that concludes the Q&A session. I'd like to thank everyone for their participation, and we'll meet again in the next quarter earnings call.

Thank you.