Morning. Thank you so much to participate at our earnings conference call, first quarter 2026, Eneva.

Slide 3, I present the key highlights of the period. Eneva began 2026 with another quarter of solid results.

Consolidated EBITDA reached the highest level ever recorded for a first quarter in the company's history, totally R$1.7 billion, an 11% increase year-over-year. This result demonstrates the robustness of our portfolio and the strength of our business models, which, even in a period marked by the end of the PCS 2021 contract flow, showed their operational strength and resilience.

At the Parnaíba Complex, our EBITDA increased by R$185 million year-over-year, primarily due to a 39 percentage point increase in dispatch from our thermal power plants. Faced with a more challenging hydrological scenario and an increasingly intermittent energy mix, our thermal plants, which offer dispatchable and flexible capacity and energy, were activated to ensure the reliability and resilience of the Brazilian power system.

We also achieved significant results at the Sergipe Hub, which increased its EBITDA by R$109 million compared to the first quarter 2025 at the Porto de Sergipe thermoelectric power plant, reflecting our discipline in cost management with an EBITDA that was above our level in relation to quarter 2025. In the gas trading desk, results were even more significant, with EBITDA increasing by nearly R$40 million compared to the record result achieved in first quarter 2025, where we expand our trading volume in the grid.

Similarly, in the off-grid segment, we saw a R$25 million increase in our EBITDA, reflecting the ramp-up of LNG sales contracts following the start of operations of the plant's first two liquefaction trains. We continue to advance in this business segment, with the new unit scheduled to begin operations in the second half of 2027.

Two other factors also contributed to the increase in our EBITDA when comparing the periods: the capacity contracts for the Viana and Geramar power plants and one-time receipts related to an agreement to settle arbitration proceedings with service providers regarding the construction of Parnaíba V and Jaguatirica II thermal power plants. On the financial front, Eneva ended the quarter with leverage under control at 2.8-fold net debt to EBITDA, preserving the strength of our balance, ensuring room for the company's contracted growth.

We also completed the raising of R$2.4 billion in the quarter to fund the projects in our pipeline. We remain committed to financial discipline across all our operations.

On the business development front, with the completion of the 2026 auction, we have reached a key milestone in our strategy, leveraging the competitive advantages of our business models and their synergies. With intensive preparatory work, we not only renewed 1.7 GW of our existing capacity, but also secured 3.7 GW, where we consolidate our position as Brazil's largest thermal power generator and largest LNG terminal operator.

With 14 new gas turbines, increasingly on a global scale, and two new LNG terminals, we will develop infrastructure projects of national significance, delivering critical infrastructure that will ensure the resilience and stability of Brazil's power sectors for decades to come. In addition, as part of the structure of our new gas hub in the state of Ceará, we enter into a commercial agreement under which Eneva sold 100% of the Pecém II plant to Diamante Energy—Diamond Energy.

The structure of the agreement includes a payment of R$872 million for the plant's enterprise value and a contingent payment structure of up to R$149 million in the event of early execution of capacity reservation contracts by Diamante of its share of the area rights for the implementation of the LNG terminal in the locality, leaving Eneva with full development rights for the project. With this move, we are recycling capital and securing yet another flexible 100% proprietary source of natural gas supply, which, in addition of supplying the thermal power plants of the Ceará Hub, we'll have remaining capacity to be monetized in the future.

The continuous improvement of our operational performance, the leverage of opportunities within our portfolio, the results achieved in the first quarter of 2026 reinforce the robustness of our integrated gas and energy platform and shows our ability to originate, structure, develop, and operate a portfolio of unique assets and capabilities, combining 100% flexible gas supply solutions, infrastructure, and thermal power generation. We will continue to advance along this path with integrated models that support our ambition to continue growing responsibly, contributing to the country's energy security and generating sustainability value for all stakeholders.

Now I turn the floor over to Marcelo Lopes, who will present the auction results and future opportunities in greater details.

Thank you, Lino. Good morning, everyone.

Moving on to slide 5, I would like to highlight the results of the capacity auction and some of the growth drivers in our business plan for future development. As Lino mentioned, the 2026 auction was a major milestone for the company, which will deliver critical infrastructure for the country in both the medium and long term.

At Eneva, we have developed vertical business models that combine flexible gas supply solutions, whether through exploration and production of LNG terminals with proprietary infrastructure and the construction and operation for thermal power assets independent of third-party infrastructure. This integrated platform gives us a unique structural advantage in the sector in terms of cost, timelines, and supply flexibility across our portfolio.

Supported by these fundamental pillars, we secure the renewal of 1.7 GW of capacity from our existing thermal power plants, and we went even further by securing 3.7 GW of capacity from new thermal power projects. We achieved this milestone by achieving ahead of most generators, believing in the fundamentals of the electricity sector and taking on the risk of early acquisition of 14 new gas turbines to strengthen the country's energy security amid intense competition and global scarcity of these assets.

These new generating units will provide firm, dispatchable capacity to strengthen the resilience of Brazil's electricity system and support the expansion of the energy mix, particularly from renewable sources over the coming years. To support the contracted power growth, we will use the remaining capacity of the Sergipe Hub and develop the two gas hubs based on the LNG terminals, which will add scale and flexible natural gas supply not only to our operation, but also to the national transmission grid, increasing the country's regasification capacity by approximately 35 million cubic meters per day.

With these additions, we strengthen our ability to ensure a flexible, competitive, and reliable gas supply, an essential element for the development of the gas market and for the country's energy security, especially in a context of greater variability in renewable sources. We won't stop there.

As we look ahead, we see a solid set of opportunities to be developed across the company's various areas of operations. Brazil's energy planning indicates a growing structural need for capacity over the next decade.

According to the draft PDE 2035, the country will still require more than 40 GW for firm capacity by 2035 to ensure the reliability, security, and balance of the energy mix after accounting for capacity contracted through the auction. With our integrated business models and their competitive advantages, the expertise we have developed in the energy and natural gas sectors, a robust pipeline of over 10 GW of projects, and contracted infrastructure with remaining capacity to be monetized, we are very well positioned to capture these opportunities in future auctions.

In the E&P segment, we are carrying out an ongoing exploration program aimed at adding new reserves to unlock new growth opportunities both in basins where we already have production in new regions. For instance, in the Paraná Basin, we are processing and interpreting 4,000 kilometers of acquired seismic data, and we expect to have concrete results starting in 2027.

In the Juruá accumulation in the Solimões Basin, we have 24 Bcm of natural gas resources and are working to monetize this volume, which should play a key role in supplying the Manaus region in the medium term, ensuring the city's energy needs are met, including the existing thermal power plants. These are just a few of the many avenues for growth we have in the company's portfolio.

We will continue in the future on our path of delivery, contributing to addressing the challenges of the Brazilian electric power sector with structural projects and value propositions aligned with our country's needs. I will now turn the floor over to Marcelo Habibe, who will present the highlights of our performance and the future value drivers already secured.

Thank you, Marcelo. On slide 6, I would like to present our adjusted financial performance and highlight other value leverages for middle to short term.

Our EBITDA reached R$1.691 billion in the first quarter of 2026, an 11% increase compared to the same quarter last year, a record high for a first quarter in the company's historical series, even with the expiration of the regulated PCS 2021 contracts. To conduct a performance analysis on a comparable basis, however, we need to adjust the results for two major effects that impacted both quarters.

First, we excluded the contribution from contracts that began or ended after first quarter 2025, the most significant of which was the termination of contracts of the PCS power plants in first quarter 2025. Second, we excluded one-off effects from the first quarter of 2026, primarily from the receipt of a financial settlement with service providers.

On a comparable basis, EBITDA first quarter 2026 would reach R$1.381 billion compared to R$1.119 billion in first quarter 2025. Normalized results showed 23% year-over-year growth, driven by the operational performance of our portfolio and the contribution of the gas chain.

In the chart on the right, we see that the first quarter of 2026 was marked by strong dispatch based on merit order, positively impacting the performance of our thermal plants, particularly plants at the Parnaíba Complex. In second quarter 2026, we observed thermal dispatch remaining steady for most of the period, with generation concentrated at our R2W thermal plants and a total generation volume that has already exceeded 750 MW.

Our asset portfolio is able to meet the needs of a national interconnected system with promptness, flexibility, and competitiveness, providing capacity. Now I'd like to call your attention to the profile where we provide incremental flow, which is related to the most intensive projects we have.

Such a dynamic reflects our financial dynamic, which drives our growth to develop new projects. This already contracted growth relies on a broad agenda of opportunities, which may be captured once we advance in our strategy.

Moving on to slide 8, I would like to show you the key effects that have contributed to the change in EBITDA when comparing quarters. The most significant positive factor was the one-time impact of receipts from the commercial agreement of [unclear] thermal power plant, which contributed to an increase of R$257 million in the period.

In upstream and gas-fired generation in Parnaíba, the combined increase of R$180 million in EBITDA was primarily driven by higher dispatch volumes and higher variable generation margins. At the Sergipe Hub, EBITDA recorded significant growth of R$109 million, reflecting the plant's improved fixed and variable margins, as well as higher results from the opportunistic LNG operations carried out by the gas trading desk this quarter.

On oil-fired generation, R$93 million increase in the plant's EBITDA reflected the early start of the regulated 2021 auction contracts beginning in the second half of 2025, in contrast with Q1 2025 when these plants were operated on a merchant basis. The off-grid trading segment reported a R$27 million increase in EBITDA for the period, reflecting the gradual increase in LNG sales contracts following the completion of the plant's commissioning in the mid of the first quarter of last year.

The positive momentum of the quarter was mitigated primarily by a R$448 million reduction in EBITDA from the third-party gas generation, as expected following the expiration of the PCS contracts for the Espírito Santo plants. As mentioned, the new regulated contracts for Linhares, Povoação, and Viana plants will begin between July and August this year, adding a new revenue stream for the company.

Finally, in energy trading, we observed a decrease of R$50 million, reflecting lower trading margins generated in trading operations during the quarter compared to the previous year. Moving on to slide 9, I will now present the main impacts on financial results between quarters.

Net financial results totaled a net expense of R$432 million in Q1 2026 compared to a total net expense of R$253 million in Q1 2025. The main factors contributing to this decline were a lower depreciation of the dollar in the first quarter this year compared to the first quarter of 2025, resulting in a smaller impact on the lease liabilities of the Sergipe Hub FSRU.

Now moving to slide 10, I would like to show the main changes in cash flow for the period. Operating cash flow reached R$1.5 billion in the quarter, driven by EBITDA for the period and partially offset by working capital requirements and income tax payments, with higher dispatch results from the power plants.

Investing cash flow consumed almost R$2 billion, directed mainly toward the company's major projects under construction. Financing cash flow, in turn, recorded a net cash inflow of R$1.3 billion, driven mainly by the raising of R$2.4 billion backed by the Azulão 950 project, partially offset by the amounts paid for amortization, interest, and lease payments, in addition to impacts in the other line related to receivables discounting operations and funding costs.

As a result, Eneva ended the quarter with a robust cash position of R$3.5 billion. Now moving to slide 11, I present our updated capital structure.

On the left, we show the evolution of the company's consolidated net debt, which ended the first quarter at R$18.5 billion, with a net debt to EBITDA ratio of 2.8 times, maintaining room on the balance sheet to absorb the company's contracted growth. In the other charts, we demonstrate the quality of our debt, which ended the first quarter with an average maturity of 6.2 years, even longer than in previous quarters, and with a weighted average cost similar to that of the same period in 2025.

On the right side of the slide, we see that the profile of our debt shows 86% of the debt is currently linked to the IPCA, ensuring alignment between our financial obligations and the main index for fixed revenues. Similarly, the balance of our debt linked to CDI is consistent with our cash balance, creating a natural hedge between the company's obligations and rights.

With that, I will hand it over to Andrea Monte, who will detail Eneva's investments and capital projects.

Thank you, Habibe, and good morning. Moving now to slide 13, we highlight the investments made in the quarter, which totaled R$2 billion and 55 million with over 90% dedicated to the company's growth projects.

At the Azulão 950 Complex, investments totaled R$929 million in the quarter, of which R$711 million were allocated to construction and assembly services performed at the TPP, TPPG, substation, and also gas pipelines, while R$132 million were related to equipment logistics and turbine commissioning. Under the 2026 auction framework, R$790 million were allocated to the development of projects awarded in the auction, primarily for the acquisition of critical generation equipment.

In upstream, investments totaled R$190 million, with R$130 million directed toward the development of Gavião Belo and Gavião Mateiro, and R$49 million allocated to the drilling of two development wells and one exploratory well. Finally, regarding the sustaining activities for the company's operating assets, R$103 million were spent and mainly allocated to two fronts: first, Azulão-Jaguatirica, the TPP, and these expenses were related to scheduled turbine maintenance and purchase of spare parts and materials; and also, in a second front, also money was spent in Parnaíba II, primarily for scheduled major overhauls of the turbines, general maintenance, and the purchase of spare parts.

Moving now to slide 15, I present updates on the Azulão 950 project. This quarter, we highlight the first fire, that is the first hot turbine startup and the achievement of full speed under no load at the Azulão thermal power plant.

At Azulão II, we completed the final positioning of the intermediate pressure inner casing for the steam turbine. In addition, we completed the commissioning of the gas treatment unit, and for water intake, we flushed the intake pipeline and began remote operation tests of the plant.

With the progress in construction, the project's physical progress reached 88% in the quarter. The project remains on schedule, with commissioning of Azulão I expected to be completed in the second quarter of 2026, while Azulão II is expected to be completed in the first quarter of 2027.

The start dates for the regulated contracts are scheduled for August 2026 for Azulão I and July 2027 for Azulão II, in accordance with liability exclusions approved by ANEEL. Moving now to slide 16, I will share updates on the expansion project for the Parnaíba liquefaction plant.

Physical progress of the project reached 44% in the first quarter of 2026. The liquefaction equipment from the technology supplier was shipped on March 19 from China and arrived in Brazil earlier this week.

On the engineering and procurement fronts, we have issued all necessary documentation and completed the purchase of the main BOP equipment. We have also begun work on the tie-ins at the Parnaíba UTG and the gas TPP and the fabrication of cold box modules, and we have continued work on the BOP bases and underground structures.

As for upcoming milestones, I highlight the delivery of all equipment to the construction site throughout the remainder of the second quarter of 2026 and the start of electromechanical assembly as early as the third quarter of 2026. Mechanical completion is scheduled for the first quarter of 2027 to allow for the 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 early second half of 2027. Moving now to slide 17, I present an update on the projects with deliveries over the next three years secured in the capacity auction this past month, March.

The Sergipe Hub expansion project, which was secured in the 2028 thermal power auction and involves the construction of the Porto de Sergipe II thermal power plant, has already made significant progress. We have made progress in signing contracts with the EPC contractor and have begun earthworks, site mobilization, and setting up of the local office, as shown in the photos in the left box of the slide.

We have also mobilized labor according to our project schedule, including Eneva direct employees and subcontractors. With a total capacity of 1.3 GW, the new thermoelectric complex already has gas supply infrastructure in place, with the FSRU vessel operating in the Sergipe Hub with a regasification capacity of 21 million cubic meters a day.

We have also made progress in the development of our next major project, the Ceará Hub, with delivery scheduled for 2029 in accordance with the commitment made in the 2026 auction. The Ceará Hub will include a 1.2 GW thermal power plant complex, which will be supplied by a new LNG terminal to be developed by Eneva at the Port of Pecém.

The FSRU for the new hub has already been chartered for the entire term of the new contracts, and the terminal will have a throughput capacity of 14 million cubic meters a day of natural gas. For this new project, regarding the construction of the TPP, we have already finalized the signing of contracts with the EPCM contractor, in addition to mobilizing engineering teams and beginning detailed engineering activities.

Topographic and surveying work in the area has already begun, too. In the box on the right of the slide, we present an image of the plant layout for the new thermal power complex for reference.

The structures in orange indicate a possible expansion through a closed-cycle steam turbines, which have not yet been contracted. Regarding the development of the Hub Ceará terminal, it's important to note that the project also utilizes part of the existing port infrastructure, as can be seen in the image on the far right of the slide, with emphasis on the area where Pier 0 will be located and the new FSRU will be connected.

As key highlights, we have finalized the signing of the equipment and EPC contractor contracts and have already held the project kickoff. We have also begun refurbishing the main equipment, the loading arm, the gangway, in addition to starting the detailed engineering designs for the FSRU and commencing topographic, bathymetric, and drilling surveys.

Finally, I would like to emphasize that for all projects monetized by the company at the auction, the main generation equipment, including turbines, generators, and also GSUs, has already been secured, mitigating implementation risks. Thus, we are moving diligently and attentively to fulfill the contractual deliverables assumed in the 2026 auction.

I will now turn over to Felippe Valverde for the question and answer session. Thank you.

Thank you, and good morning. Shall we start our Q&A session?

Please note that any questions should be submitted in writing via the Zoom platform. First question, from Daniel Travitzky, Safra Bank: First, the results of the Hub Sergipe was driven by operations of LNG.

Can you give a forecast about those operations in the future and any other business for the Southeast Hub or Ceará Hub? Marcelo, please.

Thank you for your question, Daniel. Good morning, everyone, once again.

We have already mentioned about that in prior earning calls. Those optimization operations, they are quite hard to understand about its level of replicability, but we may state that we will always have a structure to be prepared for any possible arbitrage.

If you ask about new business such as Sudeste Hub and Ceará Hub, which are different assets but from the same business, should we expect some operations where we'll be able to optimize our portfolio of LNG supply to meet the thermal plants where we will optimize that within our trading? My answer to your question is yes, of course.

We are going to search for positions which will be very competitive and which will be linked by our sales contracts, and our team will be actively working to optimize such a position, taking into account market conditions. Of course, we have to understand that it's very hard to forecast what sort of market position we may have in the future, but anyhow, we are going to find positions and we are going to be fully prepared to meet our final goal, which is ultimately to meet in a very efficient and safe way all flexible supply contracts for thermal plants, but anytime we find a possibility of arbitrage in our sector, to be able to capture part of that.

This is the way we have in our pipeline.

Thank you, Marcelo. Second question, about LRC.

ANEEL has postponed the results of the auction due to the court actions. How would that process evolve?

Daniel, the ITU/ANEEL has informed us that they are postponing the homologation, not the final dates for it, but rather they are postponing the discussion of this topic in their next steering board meeting, not just because of TCU. There is a legal issue there which ANEEL has itself to respond, and they are going through that process of results, and they hope that process to be concluded.

I think the expiring date is today or tomorrow, where, following that, they will schedule an extra meeting where they will talk furthermore about the results. Anything we have from ANEEL so far, it's just a matter of prevention, to avoid that the legal process will impact the possibility to discuss upon the homologation during the board discussion, and not really a concern about delaying the homologation process.

Therefore, I believe we won't have any changes in the expected deadlines that we have in our radar.

Thank you, Marcelo. Third question, from Bruno Amorim, Goldman Sachs: Good morning.

Could you please update us about the priorities to capital allocation in addition to the projects highlighted here? Do you see any opportunity in the middle to long run in the gas market as a result of the conflicts in the Middle East?

Good morning, Bruno, and thank you for your question. Our company's priority is to execute that CapEx of R$18.2 billion, which we announced after the auction, and R$2.2 billion of those R$18.2 billion are already met.

We still need to meet another R$16 billion, we are concentrated on the import of our equipment, and that is our priority. We are optimizing these numbers as to guarantee the quality of the projects.

As we showed in some prior slides, there is an expectation not just from our side, but also from carrier sides, and also the system planning for new capacity auctions in the next decade, something around 4 GW, and we are preparing ourselves to capture a share of that. Back in 2022, when we acquired our Sergipe Hub, we had some things similar to that.

We acquired thermal plants with a contracted flow, but with a huge space or room, opportunity to expand our new business at Sergipe Hub. We are redesigning this opportunity at both Ceará and Sudeste Hub after the auction 2026 for a promising future where we'll be able to replicate and expand new business models in new thermal plants where we'll be running our company's cycles.

That is a possibility that we see in the future for new contracts, new thermal plants at already installed hubs, and hubs that can be paid by the existing thermal plants. In addition, we concluded last year a seismic campaign at Paraná, 4,000 kilometers of seismic, and this is an year where we will be able to interpret those seismics and to decide where we are going to allocate and drill new hubs by next year, where we are going to start a new drilling campaign at Paraná's Basin.

This is another forefront for capital allocation, where we see a new window of opportunities and a new business frontier for the company, both selling directly gas or maybe implementing new thermal plants that will rely on the input of capital allocations for future business. Juruá, let's not forget that we are going through an extended phase where we are still negotiating for the monetization of Juruá, where, after unlocking that phase, we'll be able to advance to new capital allocations in that region.

We are just depending on the outcomes and how we'll be able to monetize gas at Juruá. That is a third forefront.

We are also developing our commercialization of LNG at Maranhão and close to Paraíba, and once we see a possibility to construct a fourth plant, and don't forget that our third plant is halfway to its construction, we see another pathway for capital allocation. To answer to the last bit of your question, if there are global opportunities taking into account a more tight gas market, we see the global market, but we don't have any novelties to share with you all today.

We don't have a more tight global market due to the conflict. We believe that sooner or later that conflict will be over, and the justification to deploy new business at the global market is not due to the conflict in the Middle East, but due to applicability of the company's competence, which we believe will add value.

Nothing to be shared right now.

Next question, from Guilherme, Santander Bank: Good morning. Could you please update the number of actions that you are deploying with our partner at Southeast Hub / Sudeste Hub?

Thank you for your question. We have no news about that.

In the call we had in the post-auction phase, I said that we could have a feedback by the third quarter of this year, and we are going to keep as scheduled. There is nothing else to be shared right now.

They are still undergoing assessment and better understanding of the business as a whole and to submit that to the competent governances. Whenever we have it, we are going to share with you.

Next question: we have already tackled about that, but is more specific to Juruá's plant. What are the plans and projects to Juruá after the gas monetization?

First step is to define the gas monetization plan. How can we define that that is already approved and tested gas?

We have over 100 kilometers at that area where one of the company's projects in partnership with Petrobras will be to connect that gas to Urucu, to manage it, and then take that to the pipeline Urucu to Manaus region, where we are going to run a new cycle to the thermal plants in that region, Manaus, local gas sales used for different business which are being assessed in that specific region. Once we are able to unlock it, there are several pieces still to be connected to monetize that gas.

Once we succeed on that and we match all pieces, ultimately we are going to sell that gas to different usages, since from industrial use to thermal use, driving a continuous flow with a continuous gas volume until we expand the whole Juruá's plants. Thank you.

Next question is about the 2026 auction: Eneva is starting the construction work of the 2026 auction, although the auction itself is being challenged. Do you believe that there could be some sort of setbacks related to this?

Thank you for your question. We don't think so.

We've always believed in our bases. We know that this energy is necessary.

This additional capacity is necessary for the country. Of course, it bothers us to see that some people are challenging this auction.

Of course, this is bothersome to us. It gives us a lot of work or a hard time.

We don't think that this is going to jeopardize the process because the system needs this additional capacity to ensure energy security. This is why we have prepared way back, taking various decisions to be prepared.

We're not going to be concerned right now in not moving on with what needs to be done so that we can deliver projects within the schedule.

Next question is about the 2026 auction projects: What are the licenses of new projects? Any risk of delay?

What will be the greatest engineering and project risks, and what are the mitigating factors?

Thank you for this question. The 2026 auction projects started to be addressed in 2024.

The main risk is the fact that projects have a very short execution time. They're fast-track projects, especially the one for the Sergipe Hub.

On the other hand, the company made the right choice, which is to start investing both in the acquisition of equipment and in engineering and structuring plans for this project. We did that one and a half years in advance, even before the auction.

The main mitigating factor was the fact that we started preparing way back, really early, to give us the ability to start the execution of projects the day after the auction was signed. These projects were signed before the auction, the purchase of the main equipment.

The power island, the step-up transformer, so many pieces of equipment were negotiated and purchased even before the auction. With that, we had the capacity of starting these projects, the construction stage for the Sergipe Hub, even before the 2026 auctions.

The earthworks started a month before. With that, we have the ability to look at these projects and be at ease with them, because all these measures were taken.

Now, that was our last question, this is the end of our Q&A session, and that concludes our earnings call for the first quarter of 2026. Thank you for attending.