Good morning everyone, and thank you for joining us for the 2Q26 earnings conference call. Starting on slide 3, I'll present the main highlights for this term.

We closed the first half of the year with solid results. Our EBITDA, with the sale of Pecém II, reached 1.37 million reais for a total of almost 3 billion reais to date.

This reinforces the resilience of our business model and our sustainable values, as well as our skills and competences. Our R2W assets were also promoted due to our exceptional results.

In this term, we have played an essential role in Brazil's hydroelectric grid. We were able to deliver competitive costs throughout the system.

The result of the energy sales sector also contributed significantly, with a 125 million BRL increase compared to the second quarter of '25, supported by stronger trading margins and the realization of trading book positions during the period. In on-grid gas trading, our gas trading desk delivered another quarter of strong results, generating nearly 90 million BRL in EBITDA by capturing price arbitrage opportunities in the LNG market.

The segment's EBITDA has now reached 290 million BRL in the first 6 months of '26, close to the 303 million recorded for the full year of '25. Supported by the solid performance of our operations, operating cash flow reached 1.7 billion BRL.

This was the highest figure ever recorded for a second quarter, and the second highest quarterly figure in the company's history, demonstrating our portfolio's consistent ability to convert earnings into cash. On the financial front, our balance sheet remains solid, with sufficient capacity to accommodate our contracted growth.

We ended the quarter with leverage under control at 3.2 times net debt to EBITDA. We also entered into a new financing agreement with Banco do Nordeste for the third train of our gas liquefaction plant.

We also achieved important strategic milestones that will contribute immediately to the company's results. We completed the required tests and obtained all necessary approvals for the commercial operation of the Azulão I thermal power plant, which was declared on August 4th.

Azulão I is the first plant at the Azulão complex to enter operation, and was awarded a contract in the 2021 reserve capacity auction. The plant adds fully flexible, dispatchable capacity with fast start capability to Brazil's power system, and strengthens reliability and security of supply, particularly in the country's northern region.

With its regulated contract beginning in August, the asset will generate nearly 280 million BRL in annual fixed revenue over the next 15 years. In addition, during July and August, we began a new contract cycle for our natural gas-fired thermal assets in Espírito Santo, which were awarded contracts in 2021 and 2026 reserve capacity auctions.

With these contracts taking effect, the plants will contribute more than 480 million BRL in annual fixed revenue to our contracted portfolio, beginning in the third quarter of '26. All these achievements reflect the disciplined execution of our business plan that we've pursued over the past several years, which is now becoming increasingly evident in our operating and financial results.

We are beginning this new cycle with a stronger, high-quality asset platform, a substantial base of long-term contracted revenues, and a balanced capital structure capable of supporting our growth trajectory. Now on slide 5, I'll present the results for operations, the contracted growth over the next 12 months, which will begin contributing to our results in the coming quarters.

The chart on the left shows the development of our EBITDA. Excluding the effects associated with expiration of contracts awarded under the PCS, which had shorter terms because of their emergency nature, as well as the accounting effect of the Pecém II TPP sale, EBITDA increased by approximately 14% year-over-year.

This performance demonstrates our portfolio's steadily improving earnings capacity and the resilience of Eneva's business model, even during the contractual gap preceding the start of the company's new cycle of contracted growth. This capacity becomes even clearer when we consider the contracted growth from both new and existing assets, whose results will become increasingly visible over the coming months.

The natural gas-fired thermal plants in Espírito Santo have already begun their new contract cycles. Together, they add more than 484 million in annual fixed revenue to the company's contracted portfolio under long-term contracts with 10 and 15-year terms.

In addition, commercial operation of Azulão I TPP also began in August. It's the first contracted plant at the Azulão complex to enter operation.

With the start, this asset will add 278 million BRL in annual fixed revenue to the company's contracted portfolio over the next 15 years. This provides greater visibility into our future results and marks the completion of another stage in the strategic plan we've built over the past several years.

Finally, in less than 1 year, we'll reach another transformational milestone for Eneva with the commercial operation of Azulão II TPP, the second asset at Azulão complex. Beginning in July 2027, the plant will add more than 2.2 billion BRL in AFR under a 15-year contract.

This will establish a new earnings level for the company and reinforce the growth strategy and trajectory we've built with discipline over the past several years. As a result, over the next 12 months, we will expand our contracted portfolio by more than 1.3 GW of capacity with contracts with an average term of more than 14 years.

These contracts will add more than 3 billion in annual fixed revenue for the company. This structural expansion of our long-term portfolio not only prepares the company for the new growth cycle already secured through contracts awarded in the 2026 auction, but also reinforces Eneva's potential for continued capital deployment and the resilient defensive nature of our investment thesis.

It strengthens our cash generation and creates sustainable value for our shareholders. On slide 6, I'd like to discuss the implications of the agreement reached with one of the customers in our off-grid small-scale LNG segment.

At the end of July, we reached a mutual agreement for the early termination of the LNG supply contract with one of our customers, following its decision to suspend operations at the industrial facility that consumed our gas. As part of the agreement, we received net proceeds of 340 million BRL last month.

This amount, together with approximately 150 million BRL in operating cash flow already generated by the contract between '25 and May '26, fully covers the approximately 450 million BRL invested in constructing the second train of our liquefaction plant. It's important to emphasize that the agreement not only enabled us to recover our invested capital, but also gives us the time needed to market the available volume through a structured commercial process.

In practice, these proceeds are equivalent to roughly 20 months of expected contractual net revenue. We now have roughly 250,000 cubic meters per day of capacity available for new customers.

This opportunity will expand further when our third liquefaction train enters operation, adding another 300,000 cubic meters per day of capacity beginning in the second half of 2027. Our commercial strategy for monetizing this volume remains focused on developing an LNG-powered logistics corridor for heavy-duty road freight.

We see this segment as an important avenue for growth, driven by demand for more competitive and sustainable freight solutions. In this context, LNG stands out as an alternative that can combine lower operating costs with lower emissions, creating favorable conditions for demand to expand over the coming years.

We remain confident in our investment thesis for the off-grid segment. It allows us to monetize our Parnaíba reserves at more attractive margins by competing with more expensive and polluting fuels such as diesel and fuel oil.

Moving to slide 8, I'll discuss in greater detail the main factors behind the year-over-year change in EBITDA. As I mentioned earlier, consolidated EBITDA reached 1.239 billion in the second quarter of '26, which is a decrease of 429 million compared to the same period of '25.

This mainly reflects the expiration of the PCS contracts and the accounting effects related to the sale of Pecém II TPP, partially offset by operating performance. Upstream and gas-fired generation at the Parnaíba complex contributed a combined increase of 124 million, driven by higher dispatch and stronger generation margins, as well as lower geology and geophysics expenses following completion of the seismic survey in '25.

In the energy trading segment, EBITDA increased by a substantial 125 million, reflecting stronger trading margins and the realization of positions in the contract book. In oil-fired generation, the 90 million BRL increase reflected the early start of the regulated contracts awarded in the 2021 auction, beginning in the second half of '25.

Conversely, as I mentioned earlier, EBITDA in the third-party gas-fired generation segment decreased by 484 million, reflecting the expiration of the PCS contracts. In coal-fired generation, EBITDA also decreased by 75 million following the deconsolidation of the Pecém II at the end of the first quarter of '26.

Finally, EBITDA in the holding and other segment decreased by 209 million, mainly reflecting the 128 million accounting effect of Pecém II sale and higher expenses related to long-term incentive plans. These were driven by appreciation of our share price and concentration of plan vesting during the period.

Moving to slide 9, I'll present the main changes in cash flow during the period. Operating cash flow reached 1.68 billion in the quarter, mainly driven by the period's solid operating performance and other positive effects, including working capital.

Cash flow from investing activities used 1.769 billion, mainly allocated to the company's principal projects under construction. Cash flow from financing activities recorded a net outflow of 876 million, reflecting principal repayments, interest and lease payments, as well as payments related to receivables-backed financial transactions and semiannual dividends on preferred shares.

This outflow was partially offset by 104 million BRL in new debt funding, most of it from the Amazon Development Fund for the Azulão 950 project. As a result, Eneva ended the quarter with a cash position of 2 billion 537 million BRL.

On slide 10, I'll present an update on our capital structure. On the left, we show the development of the company's consolidated net debt, which ended the second quarter at 19.8 billion BRL.

Leverage stood at 3.32 times net debt to EBITDA, leaving sufficient balance sheet capacity to accommodate our contracted growth. The other charts demonstrate the quality of our debt profile.

At the end of the second quarter, our debt had an average maturity of 6.0 years, with nearly 60% maturing after 2030. Our weighted average costs remained broadly in line.

On the right side of the slide, we see our debt profile. Currently, 86% of our total debt is indexed to the IPCA, which is also the main index used to adjust our fixed revenues.

Similarly, our debt linked to Brazil's CDI rate is closely aligned with our cash balance. With that, I'll hand the call over to Andrea Monte, who'll provide details on Eneva's investments and capital projects.

Moving to slide 12, I'll highlight the investments made during the quarter, which totaled 1.59 billion BRL. Nearly 90% of this amount was allocated to the company's growth projects.

During the period, 616 million was allocated to the development of projects awarded in the 2026 reserve capacity auction. At the Azulão 950 complex, investments totaled 492 million in the quarter.

Of this amount, 415 was allocated to construction and assembly work at the TPP, gas treatment unit, GTU, substation and pipelines, while 77 million BRL was related to support activities, operations and maintenance, and the achievement of contractual milestones. Upstream investments totaled 204 million BRL.

Of this amount, 147 million was allocated to well exploration and development activities, while 57 million was allocated to the development of Gavião Belo and Gavião Mateiro. Finally, sustaining CapEx for the company's operating assets totaled 146 million BRL.

Most of this amount was allocated to Parnaíba II TPP for major overhaul and plant improvements, and to Jaguatirica II TPP for scheduled maintenance planned for the Q3 and the purchase of spare parts. Moving to slide 14, I'll provide an update on the Azulão 950 project.

First, I'd like to highlight that Azulão I TPP reached its commercial operation date, COD, and its regulated contract began last week, following completion of testing and receipt of all required approvals for the quarter. At Azulão II, we completed the assembly of the steam turbine's outer casing and medium-pressure control valves.

We also completed and approved the water intake performance test. Following this construction progress, the project's physical completion reached 91% during the period.

The photos on the slide show that the site is now well advanced. Looking ahead, the next milestones include first fire for the gas turbine and turning gear for the steam turbine, both scheduled for Q4 of '26.

First steam for the steam turbine is then scheduled for the first quarter of '27. We will subsequently begin bringing the plant into commercial operation, with its regulated contract beginning in July of the same year.

Now on slide 15, I will provide an update on the expansion of the Parnaíba liquefaction plant, where we are building the third liquefaction train. Following the progress achieved during the period, the project cumulative physical completion reached 62%.

We continued positioning the liquefaction plant equipment on its foundation. On the engineering and procurement fronts, the first balance of plant, BOP, equipment arrived at the site, including the electrical control center and the potable water and demineralized water tanks.

We also began paving and equipment assembly, completed the tie-ins at the GTU, and completed fabrication of the cable rack modules. The photos at the bottom of the slide show some of the milestones I just mentioned.

At the top, you can see the plant layout at an updated aerial view of the site. Looking ahead, the next milestones include the delivery of the remaining BOP equipment to the site and continued electromechanical assembly, both scheduled for the third quarter of 2026.

Mechanical completion is scheduled for the first quarter of 2027, enabling commissioning and startup of the plant during the second quarter of 2027. With this, commercial operation of the liquefaction plant expansion is therefore scheduled to begin in the second half of 2027.

Continuing with slide 16, I will provide an update on one of our newest projects awarded in the 2026 reserve capacity auction, which is the Sergipe Hub expansion. We made significant progress during the period.

As a result of the work completed and the milestones achieved, the project's cumulative physical completion reached 22%. We are in the final stage of the first phase of the earthworks, as shown in the image at the top right.

During the period, we also obtained the installation license of the TPP's underground works, allowing us to begin pile driving as shown in the image at the bottom right. The remaining photos of the slide show the site of Sergipe Hub from different angles.

Looking ahead, the next milestones include the start of the BOP foundation work at the site in the third quarter of 2026, and the start of foundation work of the generator step-up transformers in the fourth quarter of 2026. Next, BOP assembly is scheduled to begin in the second quarter of 2027, followed by the turbine assembly in the third quarter of 2027, shortly after the equipment arrives at the site.

First fire of the gas turbine is scheduled for the second quarter of 2028. The plant COD and the start of its regulated contract are therefore scheduled for October 2028.

Now moving on to slide 17, I will provide an update on another of our new projects for the 2026 reserve capacity auction, the Açu Hub. Over the past several months, we have made steady progress on both the power plant and the new terminal projects.

On the power plant side, we achieved several important milestones, bringing cumulative physical completion to 27%. In particular, we completed the procurement of the generator step-up transformers, as well as the topographic survey and soil studies for the TPP site.

Looking ahead, we expect to begin earthworks in the third quarter, followed by the completion of the underground design in the final quarter of this year, and the start of foundation work in the first quarter of 2027. Gas turbine assembly is scheduled to begin in the second quarter of 2028, with first fire in the second quarter of 2029 in 2029, and commercial operation of the plants and the regulated contract are scheduled to begin in August 2029.

At the terminal, we completed the bathymetric survey and the deep sounding activities. We also dismantled and transported the gangway and the loading arm, and have already begun repair and revamp work.

The construction site has been completed, and the arrival of the support barges allowed us to begin assembling equipment on the decks. Detailed engineering activities have also begun.

Looking ahead, we will move on the pile driving in the third quarter of 2026, followed by civil works completion in the second quarter of 2027, and electromechanical completion in the first quarter of 2028. The floating storage regasification unit, the FSRU, is scheduled to arrive at the port in the third quarter of 2028, in line with the plant COD and the start of the power purchase agreement, PPA, in August 2028.

With that, I hand the call over to Felippe Valverde for the question-and-answer session.

Thank you, Andrea. We are now going to start the Q&A session, and I would like to remind you that the questions must be submitted in writing through the Zoom platform.

The first question comes from Guilherme Lima with Santander: "Can you make comments on the status of the discussion of voluntary reduction of flexibility by Eneva? What's the current status, what are the next steps, and what are the rationale economic that is defended by the company?"

Good morning, Habibe speaking. Thank you very much for the question.

We cannot make many comments on this, because this is still being discussed and this is something that is kept confidential. What we can say is that we have 70% of inflexibility in Azulão II, 50% of inflexibility in Parnaíba II and 3, three thermoelectric companies generating most part of the day.

This is what the system does not need. The system does not need inflexibility and energy during the day.

This is a discussion and the economic terms of the discussions are kept in secrecy. What we can share with you is that it's a 90-day-long discussion, and it may be extended to 30 days, amounting to 120 days.

We are completing at the end of the month the third month of discussion. In other words, we are moving to 90 days.

This can be completed, or it can be extended a little bit more, and the final term would be the end of September. This is all I can share with you.

If we get any other updates and if we get a definition, we are going to share with you.

Thank you, Habibe. The second question comes from Guilherme, also with Guilherme Lima with Santander.

Can you make a comment of what's going to be contracted in the LRCAP? What has been contracted and what has not been approved?

How the company sees this possibility?

This is a possibility? Yes, we were mentioned in the technical note about 2 weeks ago by ANEEL, and this has not been taken to the board, and nothing has been decided in this regard yet.

One of the output of the discussion may be to not approve the PPAs and call the third and fourth players in the position. If we are called, we are prepared to meet this call, both for the product '28 and product '29, we're still waiting.

Let's wait for the definition. Obviously, in the meantime, we are getting prepared, we are planning, because if we receive a call for us to implement, we'll have to start making all the necessary actions for that purpose.

We are still waiting, no decision has been made, we had just been mentioned in the technical note by ANEEL. That's all.

The next question comes from João Pimentel with Citi. Second question is about small-scale LNG: "What are you setting to replace the contract?

Is there potential industrial demand, or was the focus build in the conversion?"

Good morning, Pimentel, thank you very much for the question. There is a pipeline of clients, industrial clients in the region, and we are reassessing them, we are resuming all those discussions, and we also intensify the discussion for road transportation.

We believe that there will be a mix between some industrial clients and also a major allocation for road transportation clients. We are likely to allocate this volume of Vale within a time horizon that can be considered to be reasonable.

Thank you, Marcelo. The next questions come from Felipe with Itaú: First question: "So what would be the term that the executives will be for the LRCAP?"

We are talking about two discussions, two processes, but it's going to happen at the end of September and also a period in October. Soon we're going to have a definition.

Thank you, Habibe. Second question is about the non-qualified products.

Let's move on to the third one: "Strategies that can be used in more adverse scenarios for Selic to maintain a healthy capital structure at a moment where CapEx is being used and also the access of capital is also significant?"

In order to mitigate this high interest rate, we always resort to development banks. Our projects are mostly concentrated in the northeastern part of Brazil, especially LRCAP.

Access Banco do Nordeste is the obvious alternative, because at the end of the day, they offer a financing line which is more interesting than the debentures or any other options. That would be the first alternative to reduce the weighted capital structure.

And 100% of the projects are eligible to infrastructure debentures. This can be also an interesting instrument.

Development debentures are set based on a certain spread with a higher bid, from 7.5% to 8%. Historically, we have a weighted average cost of debt of IPCA plus 5.5%.

We have some debt of debentures and other structures that we are considering. Obviously, this debt cost is going to be higher to what we have currently.

There's no way we can move away from that. There's no way to move away from this increase in interest rate in Brazil.

We're trying to ensure that the funding will be as competitive as possible so that we can be more flexible next year. We don't know what elections will bring, we cannot have any liquidity-related risks.

This is what we have been trying to do. It's interesting to search for debt connected to IPCA plus spread, the same index that would make adjustments to our fixed expenses.

As I mentioned on the slide, and we're not going to be exposed to any specific risk.

Our next question is from Raul Cavendish from XP: "The first question is about small-scale LNG, it's been answered in part. The second part is, could you share some visibility into the pipeline and potential volumes?"

Good morning, Raul. Thanks for your question.

As I mentioned previously, since the start of the Vale and Suzano contracts, our aim has always been to expand capture capacity in the Vale do Parnaíba and potentially move forward into a fourth phase. We already had a pipeline of clients and customers that was mapped out with proposals, indicative proposals that were made, and even some initial negotiations already underway.

With the ending of the Vale contract, and now with the third train in the middle of next year, what we're going to do now is intensify our discussions with those potential customers that were hotter leads and had some more urgency on their end. We do, yes, believe that it is possible for us to replace the Vale contract within the not very long term, absolutely.

What we do think is that there's going to be a shift in time with regard to our decision to invest in the fourth train. We do continue to believe in our strategy, our thesis centered around highway transportation.

The first refueling stations for our partners are already in operation. The first set of trucks is already operational, and there is already a pipeline to develop new refueling stations for this partner, Cadete Gennari, which is going to be completed by the end of next year.

Of course, this is not what we anticipated, we didn't anticipate the conclusion of this contract, but it is something manageable within our pipeline.

Thank you, Marcelo. The second question from Raul is about future thermal merit orders: "With regard to the significant dispatch going forward, R2W plants such as P1 have a high CVU, but could potentially redeclare it compared with CELSE I.

Has the regulatory discussion around GSF started moving forward again? Is there any other way to potentially shift dispatch from LNG-fired plants to R2W plants?"

Thank you. Yes, this debate is ongoing since the Riser event, which we did away with in order to mitigate some effects.

We have been discussing this topic with ANEEL and the operator. We have been able to implement replacements and mitigate LNG.

We understand that this is possible in many different scenarios, and we are seeking improvements so that, maybe not entirely, but in even more scenarios, we will be able to optimize the situation. What you mentioned that CELSE may dispatch a lot and Parnaíba may dispatch very little, I think that needs to be looked at more carefully, because if the system includes increasingly more plants, then operators may use the more expensive plants for fewer hours and actually only use assets such as CELSE, which are less expensive, but they do require continuous dispatch for a full week.

The operator is always going to run that trade-off between the cost and the benefit, and they will analyze things based on the numbers, and they will make the best decision.

Thank you. The next question comes from Daniel from Safra: "Good morning, could you please comment on perspectives for gas and energy tradings in the context of El Niño for the second half of '26?"

Thank you, Daniel. El Niño and its impact is still quite uncertain when it comes to price.

We do foresee higher energy prices, and these higher energy prices should also increase demand for gas. As a result, this will also have an impact on gas prices.

We are already undergoing a challenging time in the market for the independent marketers and independent traders on the energy market. Those that are in business and that do business without an appropriate network, they may suffer, yes.

When it comes to gas, we don't have very many independent gas operators. Companies that don't have a very well-adjusted physical system may face challenges, it's true.

We have been seeing this structurally, especially in the energy market, and the current scenario does make things worse.

This concludes our question-and-answer section and our earnings call for the second quarter of '26. Thank you all for joining us, and have a great day.