Thank you, operator. Good morning, everyone.

First, I would like to thank everyone for joining this results presentation for the first quarter of 2026. Joining me today are our CFO and Investor Relations Officer, Maurício Botelho, and also our vice presidents and Investor Relations team.

First, I ask that you please review the legal disclaimers at the beginning of the presentation before making any investment decisions. I will begin the presentation with the main headline from last week when the Ministry of Mines and Energy finally signed, ahead of schedule, the extension of our extensions for 30 years, which together represent nearly half of our EBITDA.

This long-awaited news should be celebrated as a demonstration of the institutional maturity of Brazil's regulatory framework, which rests on three pillars: predictability and legal certainty that encourages continued investments in distribution; economic and financial sustainability in exchange for more demanding contracts with permanent focus on service quality; and consumer protection. With greater predictability over the duration of our concession contracts, we are now prioritizing the planning of long-term actions aimed at rigorously meeting the technical, regulatory, and economic-financial requirements of these new contracts.

Moving on to the key highlights of the period results, the consolidated on this first quarter. The recurring adjusted EBITDA consolidated for the Q1 2026 reached R$1.9 billion, representing the growth of 6.6% on a quarterly basis, reflecting the consistency of our operating cash generation.

When we include equity income from Norgás, the equity adjusted EBITDA reached R$2 billion, with growth of 7%, reinforcing the growing contribution of the gas business to the group's diversification and value creation. This positive performance across virtually all of our businesses lines is explained by a 7% increase in consolidated net revenue and cost management discipline, with the PMSO remaining in control and efficient, below the inflation rate.

Energisa Distribution contributed R$1.7 billion to the EBITDA, up 7% compared to the previous quarter. Another growth highlight this quarter was the gas businesses, advancing 49% with ESGás and 29% on equity basis with Norgás.

Recurring adjusted net income totaled R$207 million, a reduction of 47% on a quarterly basis, reflecting primarily the increase in net financial expenses in a higher interest rate environment and higher cost of debt. Next slide, please.

We're going to be talking about result drivers. The consolidated PMSO remained below inflation rate for the fifth consecutive quarter.

In the first quarter of this year, it recorded a modest increase of 1.6% against an inflation rate of 4.14% over the last 12 months that ended in March. The PMSO grew only 0.4% compared to the 2025 variation.

Energisa Distribution, which accounts for the largest share of PMSO, the increase was 1.5% in the quarter. Meanwhile, the transmission and gas distribution segments maintained the trajectory of expense reduction, with decreases of 6.9% and 7.5% respectively.

On the financial front, net financial expenses, the primary driver in results, reached R$1.6 billion in the quarter, representing a growth of 36%, reflecting mainly the macroeconomic environment of higher interest rates. Even in this context, we continue with a disciplined capital strategy, active liability management, and maintenance of a healthy debt profile.

Consolidated investments totaled R$1.6 billion, up 17% this quarter, and the majority was directed toward energy distribution, which accounted 94% of the total, reflecting our commitment to investing with discipline and operating with efficiency in this scenario. In this slide, we are expanding our view of indebtedness, liquidity, and debt amortization schedule.

In the Q1, cash position totaled R$15 billion, sufficient to comfortably cover maturities over the next 3 years. This level of cash reflects the early execution of fundraising activities that were planned for 2026, reducing the need to access the market in what is typically a more volatile year.

We took advantage of favorable windows in order to preserve financial flexibility. Additionally, the debt profile was extended with an average maturity of 7%—when the global one was below the CDI rate.

Amortization are more balanced with a higher concentration in the long term, particularly after 2030. As subsequent events, on April 20 this year, Energisa entered into a memorandum of understanding for a almost-equity instrument in the amount of R$1.4 billion with Itaú.

The transaction involves the sale of minority stake in preferred shares of subsidiary Dengisa. This injection aims to strengthen the capital structure and support the investment plan, while maintaining financial discipline and health.

The agreement is subject to customary conditions precedent and CADE approval. As a result, we closed the period with a net debt of R$33 billion and a leverage of 3.5 times on a pro forma basis, factoring the almost-equity instrument injection, the leverage would be 3.15 times, remaining at a level consistent with our financial discipline and with an adequate headroom relative to our covenants.

The quarterly result reinforces the company's ability to sustain operational growth across manageable variables, even against a challenging macroeconomic backdrop, with the benchmark interest rate held at two at a double digits and pressures compounded by the geopolitical instability in the Middle East. I will conclude my remarks here and hand the floor to our CFO and IR Officer, Maurício Botelho.

Thank you, Ricardo. Good morning, everyone.

Thank you for joining yet another Grupo Energisa's earnings call this quarter. Continuing the presentation, over the next slides, I will share the key highlights for each of our businesses.

Here we're going to be working with the energy distribution highlights, we're going to be turning on. The group closed the period with a total losses of 12.34%, a result better than the same quarter of the prior year, and in line with the control trajectory observed in recent periods.

For the fourth consecutive quarter, we are operating below the group's consolidated regulatory limit that was about 12.96%, widening the positive gap and extra-regulatory losses to 0.62 percentage points. This performance reflects the constancy of our structural loss reduction initiatives, supported by integrated management, the use of analytical intelligence, network modernization, and operational discipline across all of the group's distributors.

In the period under review, seven of our nine concessionaires are already operating below their respective regulatory limits. Even in the distribution of the limit in Rondônia and Mato Grosso, we observed a downward trend in losses over the last 12 months, reinforcing the effectiveness of the initiatives implemented.

Energy sales totaled 11,037 GWh, with a growth of 3.5%, outperforming the Brazilian market, which contracted on a negative 0.3% over the same period. This was driven primarily by the residential segment, up 5.1%, and digital segment as well, up 2.8%, reflecting consumer base expansion, higher temperatures, especially in the north and in Mato Grosso.

Strong growth performance in sectors such as food, minerals, oil and gas, as well as the entry of new loads. This growth was broad-based, with eight of the nine distributors posting expansion, with notable performance from Mato Grosso, Paraíba, Sergipe, and Tocantins concessions.

On collection indicators, we recorded a consolidated collection rate of 97.18% over the last 12 months, the best historical results for a first quarter. This performance was achieved despite a more challenging environment, and reflects the evolution of our collection processes, leveraging analytical intelligence and greater operational efficiency.

The consolidated default rate closed at the period of 1.41%, and impacted by a non-recurring factor related to of a telecom client undergoing judicial reorganization. If we exclude this event, the indicator would be continue on improving trajectory, coming at 1.35%, highlighting the quality of our credit management.

Regarding quality indicators, for FEC, all group distributors have already achieved the 80% target, with particular recognition to Sergipe, Acre, Rondônia, Tocantins, and South-Southeast within they reached 100% compliance. For DEC, six of nine distributors already exceeded the regulatory target, the 80%, while the remaining ones continue to execute recovery and compliance plans.

Bear in mind this takes place early in the year. These performances is all the more significant given the regulatory evolution promoted by ANEEL since 2020, which introduced more granular indicators and higher standards for evaluating the quality of the service delivered.

To take advantage of this moment in which we are discussing quality, I would like to highlight an important aspect of our operation and regulatory discipline. Looking at the past 8 years, Energisa is among the groups that have paid the fewest regulatory fines and penalties in the sector, when considering the average in Brazilian reais per consumer unit.

This chart compares the main economic groups in the electric power sector, and clearly illustrates Energisa's consistency over time, in the long term, as well as the soundness of our strategy of preparing long-term plans, rather than relying on emergency corrective actions to address quality deviations. Also, I would like to highlight our customer satisfaction and recognition.

In the most recent IASC released by ANEEL, Paraíba was named the best distributor in Brazil for the third consecutive year, and the group was once again recognized as the most outstanding in the country. This result, in addition to reinforcing the consistency of our management model with its focus on service quality, operational efficiency, and customer centricity, represents an important milestone within the regulatory environment.

Moving on to another segment, the gas segment, we continue to strengthen our management structure and integration of businesses within the Grupo Energisa strategy. In this context, we recently announced a leadership change at ESGás, Espírito Santo Gás: Rafael Pereira, who previously served as commercial and technical director, he assumed the presidency of distributor, having nearly 20 years of experience in natural gas sector.

At the same time, Fábio Bertollo is now covering the holding of the group that covers ESGás, Norgás, and biomethane, methane, and biofertilizer businesses. This move reinforces our focus on nurturing internal talent, integration, capturing synergies, and developing new growth platforms within the segment.

I will now hand the floor to Fábio Bertollo, who now present results, and he's going to be talking about the group's gas distribution for businesses.

Thank you, Maurício. Good morning, everyone.

Thank you for joining yet another Grupo Energisa's earnings call. During this quarter, we observed progress across our key operational and financial indicators.

The equity adjusted EBITDA, an indicator that considers the equity of Norgás alongside ESGás' EBITDA, grew 39%, reflecting improved performance and the evolution of results from investees. This movement is also reflected in the expansion of the combined gross margin, which advanced 19%, sustained by operational gains and a greater efficiency in management.

On volume evolution, we expanded our customer base and distributed volumes, reinforcing Energisa's ability to transform the businesses in which it operates, as well as the role of gas in broadening the group's portfolio. We maintain investment discipline, prioritizing higher return projects and strategic expansion of infrastructure.

The lower investments in Norgás reflect the natural phasing of projects and do not compromise the structural growth of the segment. ESGás, meanwhile, maintained a significant level of investment recorded in the Q of last year, the previous year.

I would also like to highlight the strategic levers that have been underpinning our thesis, capturing opportunities in the sector. For example, LRCAP.

2026, it represented a significant advance for the Brazilian energy sector by reinforcing the security and reliability of the National Interconnected System through the contracting of gas-fired thermal plants. For Energisa's gas segment, the auction also opens important opportunities for infrastructure expansion and asset base strengthening.

The contracted projects create long-term demand for the expansion of gas distribution networks. Considering ESGás and Norgás all together, the process projects associated with the auction, they amount to estimated potential of R$367 million in revenue, in addition to significant demand growth and operational expansion opportunities.

At ESGás, for example, the project involved seven new thermoelectric plants, an estimated potential of 3 million cubic meters per day. In Norgás distributors, we observed significant capacity expansion and market potential across different states in the Northeast.

Beyond operational growth, LRCAP strengthens revenue predictability and creates conditions for the continuation of investments in the energy infrastructure, positioning Grupo Energisa to capture opportunities associated with the energy transition, supply security, and regional development. We therefore continue to advance a relevant agenda for the gas segment, combining growth, efficiency, and value creation.

This concludes our overview of the gas distribution business highlights for the Q1, which continues to advance in infrastructure expansion, opportunity capture, and the integration of the group's platforms. I now return the floor to Maurício, who will continue with the presentation.

Thank you, Fábio, with your presentation. Now turning on to the energy transmission segment, as you can see on the slide here, in this quarter, the regulatory EBITDA reached R$170 million, increase by R$10 million compared to the first quarter 2025.

The reason was driven by the RAP growth resulting from 5.32% tariff adjustment for the 25/26 cycle and the start of operations of [unclear] assets. Next slide, please.

Now speaking about (Re)energisa. In the quarter, (Re)energisa delivered operational progress across its different businesses in efficiency, commercial expansion, and value generation.

Combined EBITDA totaled R$64 million, a significant improvement compared to the negative R$11 million the first quarter 2025. We also see a notable improvement and mark-to-market variation of the trading company's portfolio as a result of its strategic repositioning.

In distributed generation, we continue to advance with EBITDA growth of 8%, customer base expansion of 33%, improvements in default indicators, and a 4% reduction in PMSO, reflecting greater excellence in sales and operational efficiency. In the free market segment, highlights include operational evolution with an additional R$69 million in EBITDA compared to the first quarter 2025, with a growth of 43.6% in energy billing and cost control with a 9% reduction in PMSO.

In value-added services, we had a 105% EBITDA growth and expansion of the operating margin compared to the first quarter 2025, reinforcing the segment's ongoing evolution. On a consolidated basis, we continue to strengthen the group's energy solutions platform, expanding recurrence and efficiency of the segment.

Finally, turning to Voltz, we maintain the trajectory of operational progress and reinforcement of its positioning within the Grupo Energisa ecosystem. Total revenue advanced 64%, reflecting the expansion of the portfolio and the ability to serve different customer profiles in both the B2C and B2B customer business segments.

With regards cash generation net income, we saw a slight contraction of 5% and 10% respectively. The main highlight of the quarter was the evolution of profitable indicators: ROI and ROIC returned to positive levels.

This movement evidences the efficiency gains, greater financial discipline, and the operational maturity of our fintech. We continue to advance in the consolidation of Voltz as financial platform integrated within Energisa ecosystem, contributing to revenue diversification, customer relationships, and value generation for the group.

This concludes the main highlights for the quarter. I would like now to open the Q&A session, please.

Could you guys speak a little bit more of the PDD that you guys see ahead? Excluding the one-off related to Oi, there is a bigger impact at EMS because of the end of the subsidiation.

Do you guys see this impacted for the second quarter of '26 ahead? How's the scenario for the other distributors?

Thank you so much.

Good morning, everyone. My name is Nilton.

I'm revenue projection collection here. Ricardo, thanks for your question.

As you said on the question, with the one-off, we have a result of 1.34%, improvement of 0.03 the previous time from last year, against a reduction from December '25. As we can see the results of the short term here, as we have reported here, the improvements, and abatements, and compliances in here in the short term that we had in here.

We had a lot of income in here at the short term. We understand that with the actions that we have in here, we have a lot of good results in bad debts and defaults, and the one-off of telecom from Oi.

In the second quarter, we're going to be looking at the good moment that we have in here with the Desenrola program. Shortly, we're going to be having a media campaign to put okay with the debts to have the interest that the population they have.

Also the media that has been generated with this theme. As the effect that you talked on the MS, we have everything complete on the results.

There's been a year with the changes of the results in here that the state had an extra expenses with the social income, and it's also reflected as in full. Anything extra to be happening in the future on the rulings.

Good morning, everyone. Thanks for accepting my question.

I have one doubt about the renewal of the concessions on the distributors. How is it going to be working with the income after the renewals?

They're going to be redimensioned and paid back, or they're going to be moving on normally as they were? Talking about the perspective of the company on the unleverage of this, as the tariff reviews they're still going to be taking some time to start having an effect on the EBITDA of the company.

Pedro, first here, you talk about VNR, yeah? As I can understand it here, the BRR, it's not going to be moving on changing anything.

It's going to be on the same way that it is. We're going to be checking only the income.

They're going to be keeping positions, and the depreciation is going to be happening, but in the long term. The big effects of VNR they're going to be moving on after as each anniversary on this As we're going to be seeing some differences, but as accountabilities in here of impacting or not having impact is going to be further ahead.

About the leverage, as you can see in here, we have a market dynamics that's so so interesting with Energisa that we had a growth of 13.5% in the Brazil market, and the Brazil market had a depreciation of 0.3%, 0.5%. We're going to be having a cash flow generation here.

Something that's going to be coming here moving on within time of the future, the tariff reviews. It's within the process.

Still because it's regulated on the cash flow that's going to be moving on within it, it's being discussed. It's going to be bringing a relief because a acknowledgement is going to be happening this at each period of 5 years.

We believe that this new and debts here it's going to be moving aligned in here as we're going to be checking the depreciation of the conditions of the market in here, on the global and Brazilian situations as well.

Yes. On this case, everything is already considered in numbers of the concessions.