Good afternoon, everyone, and thank you for joining us today. Let me kick things off with the key highlights for 2025.

It was a year of solid and consistent performance. We delivered consolidated adjusted EBITDA of R$12.2 billion, up 11.6% year-over-year, and on a same-asset basis, adjusted EBITDA came in at R$10.9 billion, up 14.3%.

Consolidated investments reached R$11 billion, up 23.5% year-over-year, largely driven by continued build-out of our distribution networks. To fund these investments and take advantage of favorable market windows, we raised approximately R$19.5 billion over the year.

This allowed us to extend the average maturity of our debt from 5.4 years at the end of 2024 to 6.0 years in Q4, while also tightening CDI spreads by 40 bps. On shareholder returns, we approved R$1.98 billion in distributions, equivalent to a 185% payout.

On the awards front, Equatorial Pará was recognized as the top distributor in the country in the ABRADEE Award. As a group, we ranked for the first time in the GPTW ranking, reaching 18th place in Brazil and posted 87% favorability in our voluntary engagement survey, placing us in the top decile of the Brazilian market.

In addition, Equatorial was named by Institutional Investor as the most honored company in the Latin American utilities sector, ranking first in seven out of eight categories covered by the survey. On the operational side, we continued to make steady progress across our key metrics.

We kept consolidated losses within regulatory thresholds for the ninth consecutive quarter, with strong performance in Piauí, Alagoas, and Amapá. This underscores the effectiveness of our loss reduction efforts and supports the sustainability of strong performance going forward.

We also saw meaningful improvement in service quality, with the DEC down across all distributors, regulatory compliance in Piauí and Alagoas, and full compliance with contractual DEC and FEC. These results reflect both the investments made and the consistency of our operational execution, supported by our team's commitment to delivering increasingly reliable and efficient service.

Finally, in December 2025, ANEEL recognized the amounts due under the administrative process related to the extraordinary tariff review for Equatorial Piauí originally slated for 2019. In practice, this results in recalculating the RTE as if it hadn't taken place in 2019, replacing the annual tariff adjustments with additional revenue recognized in 2019 and carrying forward all subsequent impacts.

We'll walk you through the impact on results later in the presentation. Let's now move on to Slide 4 and take a look at our Q4 2025 highlights.

From a financial standpoint, we posted adjusted EBITDA of R$3.5 billion for the quarter, up 10.5% year-over-year or 20% on a same-asset basis. We ended the period with R$11.2 billion in cash, equivalent to 2.5 times short-term debt, reinforcing a solid liquidity position to navigate a more volatile environment.

Company leverage, measured by the net debt-to-EBITDA covenant, declined from 3.3 times in Q3 2025 to 2.6 times in Q4 2025, mainly reflecting the positive impact from the capital gain on the sale of transmission assets, which will remain in the trailing 12-month EBITDA through Q3 2026. On to investments, we deployed R$2.9 billion in Q4 2025, up 8.6% year-over-year.

We continue to focus on expanding and modernizing infrastructure, improving service quality, and bringing losses down in line with demand growth across our concession areas. During the quarter, we closed the sale of our transmission assets, generating R$2.2 billion in capital gains and bringing in R$6.4 billion in cash, related to equity value and capital reduction.

Proceeds from the transaction, along with cash on hand, were used to prepay debt in Holding CSA worth R$2.7 billion, redeeming R$2.6 billion in preferred shares at Equatorial Distribuição, and paying of R$1.8 billion in interest on equity. On the operational front, Q4 also saw steady progress, with wire B market growing 4%, driven by higher consumption across rural, residential, and industrial segments, alongside below-average rainfall in six among seven concessions.

We also continued to see positive trends in consolidated losses, which remained at 0.8 percentage points below regulatory levels, already reflecting CP09 and the updated methodology based on metered market and pass-through energy. On quality, we achieved DEC targets across all distributors in 2025, highlighting consistent improvement in service levels and the impact of our ongoing investments.

We also secured approval for a new SUDAM benefit at Equatorial Pará, with the term extended through 2034. In addition, we capitalized retained earnings totaling R$9.5 billion.

I'll now turn it over to Léo to walk you through the main drivers behind our Q4 2025 performance. Léo, please.

Thank you, Augusto. Good afternoon, everyone.

Before we get into the consolidated results, let me first walk you through the most relevant non-recurring items for the period. The first item relates to the closing of the transmission asset sale, which generated a R$2.2 billion capital gain, as Augusto mentioned earlier.

The second item relates to the Piauí RTE from the 2019 process, which had a positive impact of R$212 million on EBITDA and R$188 million on financial results, amounting to R$400 million on net income. The third item relates to the completion of our review of contingency estimates in Goiás, including PPA adjustments.

As part of the successful turnaround underway in that concession, we conducted a deep reassessment of contingencies, which led to a net reversal of provisions with a positive impact of R$42 million on EBITDA and R$57 million on financial results, and roughly R$100 million in pretax earnings. This reflects another step forward in managing contingencies, with an improved balance versus PPA levels and continued value capture along the way.

Finally, we recognized an impairment of R$3.5 billion, with R$3.2 billion related to our renewable generation platform, Echoenergia. Let's now move on to Slide 7.

I will briefly walk you through the group's consolidated and adjusted financial performance. In this quarter, consolidated margins were up 5.8%, mainly driven by the distribution segment, while EBITDA reflects the equity pick-up from Sabesp and the exit from transmission.

On a same-asset basis, margin growth would have reached 12.7%. EBITDA grew 10.5% or 20% on a same-asset basis.

Adjusted net income declined 20% in the period, reaching R$802 million. This was mainly driven by higher amortization, including increased inventory provisions, especially in Pará and Rio Grande do Sul, as they are getting closer to the tariff revision period, and worsening financial results, impacted by the CDI increase, as well as the increase of other expenses, given a greater provision for inventory losses, of which R$86 million are non-recurring.

These effects were partially offset by the EBITDA expansion, as well as equity pick-up from Sabesp. It's worth noting that the transmission deal helped bring down debt and CDI-related expenses.

Since most prepayments took place late in the quarter, the full impact will only be seen in Q1 2026. Looking at the group's debt, net debt-to-EBITDA stood at 2.6 times, reflecting the R$2.2 billion capital gain from the transmission asset sale.

Excluding this impact, leverage would have been 3.0 times. Let me point out that we remained active in the capital markets, focusing on improving our debt profile by extending maturities and tightening CDI spreads.

Lastly, investments totaled R$2.9 billion in the quarter, up 8.6% year-over-year, driven by Pará, with spending on both grid assets and universalization programs such as Luz para Todos. On to Slide 9.

This is an overview of the operational performance and commercial performance of our distribution business, along with the quarter's key financial highlights. On the left-hand side, we provide a snapshot of the consolidated performance of our distribution business.

We highlight market growth, lower losses, while still maintaining strong collections and declining PCLD. Still on market data, we recently hosted an education session to walk through the new concepts in our operational release, aligned with ANEEL's guidance following CP09, which adopts the metered market as a basis for loss calculations.

This change brings the loss delta calculation closer to reality by standardizing the market basis used. The materials, including data workbook, are available on our IR website.

Turning back to the commercial performance, adjusted PCLD improved from 1.56% of revenue to 0.86%. This was driven by renegotiations, particularly in Rio Grande do Sul with large customers and with Amapá with the public sector, on top of the new low-income tariff.

Reported figures were impacted by the update of the provision matrix and the rollout of the group-wide PCLD methodology in Goiás. On quality, we ended the year with five out of seven distributors within regulatory DEC limits.

Rio Grande do Sul met its contractual DEC, and Goiás, despite having a waiver, delivered its best DEC since 2001, a major achievement. On the right side, distributor gross margin grew 14.2% in the quarter, driven by higher wire B tariffs and strong market growth.

Adjusted PMSO increased 7.7% versus Q4 2024. However, when including compensations, growth was 3.6%, below inflation.

This last indicator shows that PMSO efforts are being redirected to bring compensations down, which is a key as these are non-tariff items and directly impact efficiency and at the same time provide the best quality possible to our customers. When we look at PMSO per customer, we see just 2.6% below inflation, impacted by the larger number of consumers, about 300,000 in the period.

On a PMSO plus compensations per customer basis, we saw a 0.3% nominal decline. This improvement reflects the shift and focus of resource allocation toward reducing compensations, boosting EBITDA and improving quality metrics, as we'll see on the next slide.

Let me walk you through the express progress we've made on quality. Let me point out DEC improved across all companies year-over-year, reinforcing consistent gains in operational performance.

Let me point out that we closed 2025 having met DEC targets across all distributors, with two already reaching the 80% threshold ahead of schedule, reflecting focused management practices, as well as investments in networks. The two companies still further from the 80% target are more recent acquisitions: Goiás, on the one hand, which has a curve extending through 2028, and Rio Grande do Sul, that had its targets reset in 2025 due to major weather-related events.

We are on track to meet the agreed milestones in 2026 once again. The improvement in quality is something we are very proud of and reflects our ongoing commitment to customers and stakeholders.

Turning to Slide 12, let's look at our other businesses. In sanitation, results continue to reflect gains in water metering and growth in billed water and sewage.

EBITDA came in at about R$8 million, supported by lower PCLD and a tariff adjustment of around 8%. In renewables, adjusted EBITDA totaled R$215 million, down 6% year-over-year, reflecting curtailment impacts.

We also provide a breakdown of curtailment by reliability, energy, and external unavailability, along with the financial impact since 2023. As a reminder, Law 15,269 addresses compensation for reliability and external curtailment, and we are actively engaged in discussions to ensure proper regulations.

I'll now turn the call over to the operator for the Q&A. Thank you.

Good afternoon, everyone. Congratulations on the results.

I have three questions. I'd like to hear about the growth in your distribution EBITDA.

What is your take on the VNR/VNC in the upcoming reviews for CEEE and CEA, considering you have not had any price adjustment so far? Second, the impairment for Echo and CSA, is this a signal that the asset is booked close to fair market value?

Are you going to bring that to market due to these difficulties, or an equity swap if we detect improvement in the renewables segment? The last question about dividend payout: are you considering retaining more cash for a possible acquisition in the future?

Thank you.

Léo, please.

Thank you, Lucas. Let me address the VNR-VNC question.

Our track record is very interesting. In that sense, based on the review in Maranhão, which was the latest that happened, when the price list hadn't been updated, we already talked to ANEEL directly and via ABRADEE.

ANEEL has been working to improve that price bank. We have considered some adjustments, some alternatives to overcome that hurdle.

We keep on working the reviews. We may have some reviews in Rio Grande do Sul, Amapá, base price, and then the review next year in Pará.

In other words, we have been working hard to update that price bank, the best VNR/VNC within that reality. At the same time, ANEEL has been working hard to issue an update on that price bank.

This is expected to come out later this year or early next year. Let me address the impairment events as some impairments due to possible divestments.

Echoenergia, we have been having that impact from the curtailment for quite some time. This has been hurting the entire industry.

There is a joint effort to improve that situation. There's the reimbursement of part of that curtailment.

This is something we've been working on, as well as some structuring measures. At some point in time in the future, we may revert the current scenario.

This is something that has to be assessed on a yearly basis. If there's something changed in that variable, that should be adjusted accordingly.

On to sanitation, a lot of greenfield operations in which we have had major progress in our requirements, covered universalization efforts in some municipalities, but revenue has been impacted, and that's why we have that move in sanitation. On the other hand, the state has been faced with a transformational opportunity with the Equatorial market, which may change that reality in the future.

Now that we understand it has to be updated on a yearly basis, and will be adjusting accordingly. As to recycling, the most obvious asset which is transmission, we have been considering with some flexibility in our planning to recycle assets.

At that point in time, transmission was the most evident item. We keep on monitoring and considering all opportunities in the marketplace to come up with the best alternative possible to our portfolio.

We have an open mind as to these opportunities. We take into account the scenario with higher interest rates, and opportunity may arise.

When we connect to them, there are many financial instruments we can resort to. Asset recycling as an opportunity.

Is there another one? Oh, yeah.

Yes, I think you've been monitoring it. When we had some acquisitions, we raised the private capital to better adjust leverage vis-à-vis the opportunities we were faced with.

Anyway, given that scenario, we came up with that proposal to give the balance sheet of the company more flexibility, more visibility. This is yet another alternative so that we can better capture these opportunities.

Very nice. Thank you.

Thank you. Thank you for my question.

I have two. One is a follow-up on this topic of growth and opportunities.

This is very clear: the company was focused on spending in sanitation, Sabesp and other assets. My question is about where are you looking at?

Are there many opportunities in sanitation, and maybe opportunities in distribution? Where are you looking at with more focus now?

That's the first question. The second question is about the reassessment of Echoenergia and CSA to recognize that impairment.

My question is, why conduct that assessment now? What's the end goal here?

Let me answer the last question first about the reassessment. There are no two ways to go about it, actually.

This is something that you have to assess every year in order to abide by the regulation. You have to make sure assets are being recovered.

Based on the test we conducted this year, assets were not fully recovered. That's why we had to make that adjustment this year.

In previous years, in which there were some moves, we had no indication that we had to do it. As to the opportunities, I'll turn it over to Augusto.

Thank you, Daniel, for your question. Yes, when you look at distribution, we are looking at it, we are considering it.

Our planning efforts indicate that, of course, we have to consider it, and it's only a natural move. We have to present that to the board our take whether we should take it or not.

Of course, sanitation is priority, a segment we made two important moves. We went all the way to CSA.

Allowed us to do the same with Sabesp, a very successful decision. An asset that we are monitoring on a case-by-case basis.

Thank you.

Thank you. To wrap up, let me once again reaffirm our commitment to driving continuous value creation for our shareholders supported by solid performance across all our businesses, and underpinned by disciplined financial management, which is the core part of Equatorial's culture.

Thank you again for interest in the company and for being with us today. Have a great afternoon.