Thank you, Rodrigo. Good morning everyone.

We have our CEO, Wilson Bley, our investor, [Lúcia?] , and Accountant Director, Virgílio Costa.

To start this presentation, I hand it over to our President, our CEO.

Good morning the board and all our investors and shareholders. I would like to tell everyone that it's raining here in Paraná, and this is good news to all of us.

We are recovering our reservoir levels. We are exceeding 70% with a good expectation to have enough rain to recover well and to have the continuity of our services that we do so efficiently to all our municipalities.

Another good news is that in the first quarter, we are delivering several works across the state of Paraná. I have been visiting them personally.

Yesterday, we delivered our administrative center in the Bacacheri neighborhood in Curitiba that serves all the north area in the region, over 150,000 inhabitants, an increase of 60% of service, bringing dignity to all our workers who exercise their daily activities. This is a very relevant fact.

We also have in Curitiba our ETE Tubarão, which is in its final phase of conclusion. The work is accelerated in shift two, and we also have a reservoir that is the largest in Latin America in Tatuquara that we will deliver next week.

This shows the robustness and how our investment plan has been executed within the conformity demanded by everyone. Last year, we had record numbers in investments, and this year all the movement made shows that we will keep our plan.

I believe that the most important subject is the precatórios, the court-ordered government debt payment. We, from the board, supported by our board, we will continue taking all administrative measures and legal measures to maintain our understanding, which is a technical note which follows this administrative measures.

We are in constant dialogue with our regulating agency. We had several juridical opinions on the theme to validate our decisions regarding our accounting, and we took the necessary legal measures, and this has given us some gains because our technical note is not efficient, therefore the validity of our record is stronger, is taking over.

We will continue with the dealings in the sense of defending the understanding of our company. Therefore, the news are good.

The results that will be presented now also translate no relevant fact, no extraordinary fact. Everything is within our expectations, but with very good results.

I thank all of you. Let's hope we have a good day today, and we are here always available and working diligently to make this company the best sanitation company in Brazil.

Thank you,

President. Now, we will start our earnings presentation.

Let's discuss some highlights. In the first quarter of 2026, we had an increase of 7.8% in our net revenue compared to the first quarter of 2025, reaching the amount of R$1.946 billion.

Our net debt also had a reduction of practically 60%, reaching a net debt of R$1.921 billion due to the to this court orders that we received, which reduced our net debt. The leverage is very conservative, 0.7 times against 1.5 times in the first quarter of 2025, and default in line with what is the history of the company, especially compared to last year, which was 2.8%, this year is 2.5% of default.

We're taking the the necessary commercial measures for us to always be in line, which is at the end of the year is 1.5%. We are working strongly with investments, expansion of the company.

Our invoiced volume in water increased 1.2%, and the sewage increased 2.4%, reflecting this obtaintion of universalization and expansion of connections. We had over 12,000 new connections and 15,000 new connections in sewage in the first quarter of 2026.

The CapEx, as the President said, they are big, R$588 million in the first quarter 2026, an increase of 20.8% against Q1 of 2025. Now let's talk about the operating results.

About water, the measured volume would we increased 3.4% and 1.3%- no, 1.3% and 1.2%. Then we had 2.3% and 2.4% in sewage.

We have an increase in the 12 months of 2,000 increase, which is 71,000 economies. It's because sometimes we have one connection that attends several economies, serves several economies.

For example, a building, for example, we have an economy that serves 10 apartments, one connection is one connection and serves 10 apartments. So 71,000 economies of water is an increase of 1.6%.

We have to remember that the the water issue is universalized, but we still have a vegetative increase, quite robust, due to the increase of the cities. About sewage, it's 71,292 new economies in the period of 12 months, an increase of 2.7%, and 106,000 new economies 71,000 connections and 106,000 economies, an increase of 3%.

Next page, talking about the reservoir levels. As you can see, at the end of March, our system, integrated system with Curitiba, about 82% average.

Today, May 15, is 77%. It reflects the relevance of the reservoirs.

They are the lungs of the water necessary, and we have the fifth reservoir in phase of filling up. In last December last year, we closed the dams, and it helps in the integrated system in the region of Curitiba.

It's important to say that the rains of last week and the ones foreseen and the prediction of a rain above the average in the second semester brings a good scenario, better than what we had last year, some years ago. Our service index, we are seeking universalization and seeking to meet the legal framework.

We are universalizing water with 100%. In 2033, the target is 99%.

The sewage, we are in 82.6%. The line of growth of all the history shows that we are on the right path.

Before 2033, we will reach the 90% determined by the Law 14026, which updated the new sanitation framework. On next page, some indicators.

Default in the first quarter is usually around 2%, 2.5%. With losses, we have 221 liters, in line with last year, the first quarter of 2025.

Our margin EBITDA is above 40%, 43.3%. ROE, 9.8%.

ROE We have to remember that last year these indicators were affected by this court-ordered government debt payment. Now, obviously, we have a different comparison compared to these indicators, especially ROE and ROIC.

Next slide, let's talk about about net revenue and other results. Our net revenue increased last year in the 6.3%, this year 7.8%.

Basically, we had a tariff adjustment in 2025, it was close to 13%, and the increase of connections bringing more revenue to the company. Besides the tariff structures, one of the biggest consumptions is so it has a progressive table in terms of tariffs, which brings good revenue in the first quarter, almost 8% of increase.

EBITDA, R$843 million, a reduction of 24.4% against the first quarter of 2025. Both EBITDA as the net revenue again make We have to do the disclaimer.

The first quarter of 2025 were impacted by the accounting, the 25% of this precatórios, court-ordered government debt. The net revenue the expenses increasing 60%, R$1.123 billion, again, if compared with 2024.

2025 was affected by this precatórios court-ordered payments. This semester, we have to make this to to to state that comparison is compromised due to the nonrecurrent event of that in that quarter.

Margin EBITDA, 43.3%, and the net margin is good. Now, let's talk about the accumulated results of the quarter, indicate some accounts and its variations.

We spoke about the net revenue. Personnel, we had a decrease of 46.3%.

We have to highlight that last year we launched in the first quarter the PDV, which is R$171 million, but still when we compare to the first quarter of 2024, we had an expense of R$383 million. We have to remember that 2 years later, in the first quarter of 2026, we had 300 over R$300 million.

The the relevance of these programs of layoff of voluntary severance programs, which something that demands so we always are seeking reduction of costs. PPR is a reflection of the result of the net result, reduction and it 70.8% is a The cost of with material was favorable, 3.9%, although we observe that in the past few days we had a pressure in the increase of costs, especially because of the wars and the events that are taking place in the world.

The first quarter, especially due to chemical products that fell 7.8%, which is the main account, the main expense, we had a positive result. Electricity, R$119.59 million, an increase of 10.6%, still an important reduction compared to 2024 when we spent much more and due to the free the entrance of free market.

Third parties, there is a decrease of 13.1%. General and taxes, an increase of 12%, especially in this account, this are municipal funds.

Civil work, environmental fiscal protection, R$16 million registered. We had, in this case, a decrease of of 98.6%, but this provisions registered were basically due to civil actions, civil lawsuits.

Then healthcare and the social security provisions, we had a reduction of 4.3%. Financial expenses, R$72.463 million due to the precatórios, to this court orders payment.

We are in line with the expense of 2024, which was R$74 million. I think it's a comfortable number for this period.

Other costs and expenses, with R$177 million. Although it looks like a reduction, it appears like a reduction, but it's because last year we had a reversion of costs and expenses impacted by this court-ordered government debt payment.

The main expense that impacted this account were exactly the losses, provision of losses. In the next slide, let's talk about CapEx.

The investments show an constant increase in the first quarters which are compared. 2024, R$425 million; 2025, R$487 million; and this year, R$588 million.

Obviously, this increase of 20.8% is followed by a projection in our business plan of investments for this year, which is quite robust, and we intend to reach it as planned. The composition CapEx is 38% in water, although it's universalized.

We have a stronger water resilience, which needs investments. In sewage, a search search for universalization and the search for We spent 58% of investments in sewage.

Other investments, 11%. These are administrative investments in informatics, technology.

In this volume of resources, 41% of financed, third parties, and then own resources because we did not have the need in the first quarter to go after external money due to our provision of cash flow. Next slide, let's talk about our capital, our net debt and leverage.

They are very benign, very comfortable. Short-term debt, R$1.37 billion, R$5 billion in the long term, R$7 billion.

Considering that at the end of March we have R$5 billion in cash, we we have a net debt of R$1 billion over R$1 billion, almost R$2 billion, a reduction of compared to the net debt of the first quarter of 2025. The cash generation, conversion of EBITDA in cash, which is important, not only we not only have the EBITDA, but to transform it in in liquidity.

It's a very We have 77% of reduction. Cost of capital, 12%, an increase compared to 11.1% in 2025 of But we we have two aspects.

On the one hand, the Selic starts lowering, reflecting in the CDI, and this reduces that tendency of drop of the debt of the company, the cost of that. On the other hand, we have the inflation accumulated at the end of March, 4.14%, but there is an indication of 4.9% in inflation.

The expectation at the beginning of the year is that we could go back to something close to 11%, but now we need to wait for the development of the of the situation. Our debt breakdown, we have we don't we don't have concentrated deadlines.

We have an index basket that protects us, quite benign and predictable. We have 36% of TR, which is the reference fee, and so something extremely predictable; IPCA, which is the official inflation, 29%; and DI, 23%, plus 3% of euro because we make the swap in DI.

So 26% in so we have our hedge with our cash flow. If to increase the interest, on the other hand, we have more revenue.

And 4% of IPCA-FIPE, and we have 3% of without monetary correction, and 2% of TJLP. This distribution causes us to to have a good management of our financing and with a very good horizon.

We know that it's an atypical year because we have elections, sometimes to find resources we might have some volatility, but the company in this aspect is very comfortable. Now, let's go to covenants, which are the obligations in face of its BNDES, if they finances debentures, direct financing, there are two indicators.

The three of them are fulfilled. The first is is the net bank debt, which has to We have a lot of margin.

EBITDA by service of debt, it has to be bigger and equal to 1.5, we have 2. Other onerous debt that have to be less or equal to one time EBITDA, we have 0.4%.

We are in a very comfortable situation. In the Caixa contracts, we have EBITDA, adjusted EBITDA by the net finance expense, it has we have 10.4, and we have the net bank debt by adjusted EBITDA, which has to be less and equal to 3, and we are 6, and other onerous debt, we have 0.4.

The difference of the indicator of BNDES, which EBITDA is adjusted, is just EBITDA. In the finance of Banco do Brasil, we have two covenants.

One is we have 5.1 EBITDA adjusted by the net finance expense. We have 0.6%, we are fulfilling the covenants with Banco do Brasil.

In the emissions with the market, which is thanks to the night to the 14th, they have to be less or equal to 3, and we have 0.6, and adjusted EBITDA, we have 10.4. All very comfortable.

In contract KfW, the level of debt, they have to be less or equal to 60%, and we have 53%. Now the next slide, our balance sheet.

The net debt increased 6.2%, basically due to bigger investments. Our investments reduced in dispute in 5.2%, this brought a bigger variation in our net debt.

More investments, we reduced the cash flow, and of course the debt net increases. The operating working capital increased due to the receivables and the payments of last year, whether it's suppliers or salaries.

We had a reduction and 18.8%, and salaries, 4.3%. Other liabilities and assets, increasing 61%.

The highlight is for contracts and because of the works ongoing, which increased 72%, reaching R$3.952 billion. Then net asset, R$12.7 billion, with a operating working capital of 7 days, quite reasonable.

About cash flow, as we've seen, the operational activities has a reduction of 11.1%, reaching R$652 million. The investments had an increase of 19.4%.

The activities of financing is we had an increase of 60.4%. We in this, we have some some debts paid.

We paid R$506 million. In other quarters, in 2025, they were R$286 million, and in or R$177 million in 2024.

Part was what was predicted for the year was done in this first quarter. We had a reduction of R$248 million, but still we have a cash flow of R$5.359 billion.

This our presentation. Now I hand over to you, Rodrigo, for the question-and-answer session.

Let's divide this answer in two parts. Regarding the results, Abel will talk about that.

About the dealings of the precatórios, the court-ordered government debt payment, we'll continue until the last minute. We are making all the preparations.

We had conversations with AGEPAR. We understand that we want to keep the understanding of what was the [nota sete?]

. We have reasonable expectations.

We have opinions by renowned law firms in the sense that our understanding is what should prevail. Recently, ASBAC, which is our association, also expressed the same ideas with the same understanding, which was the object of the accounts recorded.

All the movements, the company will always express itself in the sense of reassuring what it understands as reasonable and what was brought to our accountings.

Concerning the PPP and L&L electricity, we have to remember that the precatórios is a nonrecurrent event, is an one-off event. The business plan of 2 years ago did not even include the fruit of this precatórios, of this settlement of court-ordered government payment claims.

The company is always looking at its projection and try to create scenarios and simulations without this precatórios. The continuity of the company is irrespective of this precatórios.

It's very important to have it to advance in universalization, in investment, more accelerated rhythm. The company is obviously prepared to continue its life regardless of this court payments.

The decisions that come from the agency needs to be implemented, and the company recorded in this quarter a contingent liability given its diligence in disclaimer for the society, for the investors. We say in the sense that we are very comfortable because the indicators will remain solid, but we expect to have this part which is shown in our financial reports.

Congratulations for the results. What caught our attention is the good control of default.

How have you mitigated the results? Have you seen more pressure for the next quarter, or measures, or you will remain in the same line?

All the diligences that are necessary we are taking. We created two programs of recovery of this credits.

We have a fee that we understand that is proper. Within the elasticity of normality that the society can fulfill and now recently, and it was validated yesterday in the administration board, we postponed our Água Segura, our program, which are conditions for those who are in default for them to be able to regulate their situation based on this program.

Of course, in this default, let's say, bar, we can always cut the water and after the recovery of these credits, we can fix the situation. We are in line with what is necessary to do for us to be able to keep the indicators, which I say are the most reasonable of all the national companies.

We will keep all these diligences in the sense that this default remains on the same level of normality, and we don't see any extraordinary fact that might occur in the sense of a shake in this relationship between us, the concessionary, and our consumers, the end consumer. Continuing,

The emergency water decree, has impact in the company? Is there any consequences?

What the impact in the revenue of the company for the next quarters?

The concern about this decree is in the sense-

Now, resuming, sorry for the technical problem, but as I was saying, that the decree brings an warning, and it brings an additional motivation for the society for a more conscious use of water, but we don't see the need for any kind of reduction in water. We are investing new economics, especially in sewage, this brings a positive reflection in our revenue.

The decree reaffirms for those who have not heard, it's a sign of warning for all the population, prioritizing human consumption since the multiple use of water sometimes brings us some kind of difficulty because in the economical development, irrigation, agriculture, the water might be used in a more exaggerated way, causing losses in our capitalization. The decree is in line the way we to motivate society to make a rational use of this water.

Thank you, Júlio, for your question. Yes, indeed, in the issue of provisions, the regulatory provisions, they really created some confusion in our comparisons.

Yes, we had an event that comes from 2024, which is a bigger accuracy in the closing of the legal lawsuits with several provisions being returned. Due to the conclusion of some legal lawsuits, we had some legal issues very relevant in the past which were sued recently, which caused this specific account of legal provisions, which were the labor issues, which was the engineering issues.

It caused some updates and several compensations, which caused this account to see some variations, very representative variations. These elements, which were this write-offs and some legal lawsuits, they caused this variations and this causes some bigger effort to understand.

Everything that is necessary to clarify, to bring more details, will be done by the company so for us to always bring more information with more details. About the participation of the Legal Director, we can invite him in the following meetings.

I see no problem regarding that. The answer is yes.

Yes, he can take part in our next meetings.

Could you inform if the investment gains coming from the precatórios are incorporated in the company or they provisioned for future amortization of tariff?

Thank you, Aroldo, for your question. Yes, we recorded in the first quarter of 2025 of the original precatórios, and we updated both the regulatory liability with 75% and the 25% of the company every quarter, yes.

The 75%, which goes to amortization of tariffs, goes for amortizations, and the rest, the difference, is recorded in the results in favor of the company, which is basically the 25%.

The line of PPP increased with the projects Mirante 2 and 3 now fully operational. What is the run rate expected in 2026?

At what point the increase year against year should normalize inflation? What is the expected gain of operational efficiency in the next 12, 24 months as a result of these partnerships?

Thank you, Giuliano, for your questions. We have to remember that the two microregions that were object of bidding of PPPs, they were in force in 2025.

In fact, we only have the comparison, a proper comparison after the 12-month period, in other words, as of 2027. We make all our projections of investment plan, cost projections taking into consideration the contracts that were signed of the four contracts, the three microregions that were put in practice last year.

The operational gains, they are result of PPP person about sewage, 128 municipalities. Of course, when we see the increase in the account of third-party services, we have to remember that PPP is reported as third-party service, but all the issues with chemical, material, electricity, we have all these issues of other accounts, they suffer the benefits of this model that goes to PPP.

I would say that we are in line with what was planned, whether it is due to the installments we paid, and the results are of an operation done by the PPP company.

Our perspective is to keep our service the way it is being done and in a proper way. There is no movement, extraordinary movement in the issue of migration.

We work in the line of innovation, new business, with the possibility of reuse of water with a source, complementary source of income. We understand that this needs to be pacified together with the precatórios issue, since part of these resources that come from this additional revenue, additional source, they are directed to this.

This is being done, and any assessment to reuse of water, we have to understand what is the CapEx necessary to make for this water to be transported to these industries. Sometimes the demand might be attractive as business, but the investment necessary for this kind of transportation of water, sometimes it does not pay off, does not bring any reasonable payback.

That's why it's necessary a lot of responsibility in dealing with this issue. Of course, this is an object of our new businesses within our plans of new businesses.

This is very well orchestrated and being worked on.

Considering that the company reduced drastically its leverage, 0.7 times the net debt. How does administration plan to balance the CapEx to universalization of sanitation with the maintenance or increase of payout of dividends, given the scenario of higher operational costs with the new PPPs?

Thank you, Wesley, for your question. Let's point out that the leverage is very low, 0.7%.

It reflects the cash flow that is reserved, which is the precatório issue, that it will be utilized, whether it is for the tariffs, for the company. We have to see that we have a liability, and this money will be reduced for this purpose.

Concerning our policies of investment and payout of the dividends, we always follow what is determined in the business plan. Obviously, we review it annually in the sense of always aligning it with our horizons.

We are very comfortable today to say that what is within the financing contracts, we keep a safe leverage to pay all our expenses. We make a projection of payout, of course this is not public, the company does not publish these projections, but always with an economic balance and including in our accounts all the need for resources like payments of PPPs, which are hired.

Two questions. The first question: How is the Miringuava reservoir?

When the levels of this reservoir will be divulged? The cost of personnel post-PDV was well explained by the director.

My doubt is whether this is the next level that should be kept by the company.

Two answers. The Miringuava reservoir, we had an expectation, a positive expectation, and so we thought we would have the filling out of the reservoir more quickly.

We closed the dams. It was on the December last year.

It was a good decision. The accumulation of water due to the climate did not exceed 5% to 6%, but it was enough for us to use this margin during some periods for us, together with the lack of water, to give normal flow for what we need in Miringuava treatment station to make the distribution.

There were moments we had a good flow, although this reserve is small, but it gave us some comfort, and we had no negative problem. Our expectation is very reasonable.

We are working with Sanepar to monitor this new reservoir and to bring this into a new partnership we have with people from Sanepar, and to show you, investors, what is the percentage of filling out and the reserve in this Miringuava reservoir. This will be personalized in the next few days, next few months, as long as we have the accreditation of the information that we are receiving.

The rains of last year filled the reservoir, and we are expecting some rains for this year, and what El Niño is bringing. We will see full capacity Miringuava.

All the works necessary for vegetation suppression and pavement to bring access for the residents prior to the dams, they were operationalized, and they were delivered. The dam is expecting to receive rain to fill its capacity.

Good morning to all. One information for your knowledge, on one day of rain from Tuesday to Wednesday, we had a additional volume of 120,000 so our reservoir in Tatuquara so we had 131 millimeters so to fill the reservoir, we need much more, we need time to fill it up completely.

About the second part of the question, about costs with personnel, the movement of PDV, which was the voluntary severance program, 127 employees left through this program. It's important for the employees because they leave with dignity, because upon hiring new employees, of course the cost is reduced.

Our analysis for the future concerning hirings depends first on the need, on the operational needs of the company to hire new workers. We have to remember that the company has been growing in its operations, we need to serve the population well, but also we also need sometimes to outsource some services.

It's something that might be more advantageous for the company. I would say that there is no decision of hiring people that will impact the numbers of the company.

Nothing will be done without a thorough analysis. Recently, we went through this salary negotiations with the unions, and we approved with all the unions a new salary readjustment that brings some predictability, that comfort for the numbers for the company to include in its budget.

What is the company strategy to mitigate the increase of 10% of electricity, considering that the sewage treatment is demanding more electricity?

The issue of the free market, our expectation is that the market can keep this decrease. When we were not in the free market, of course the issue of the price is not the price applied at the time of the implementation, but we are making all the efforts necessary, all the analysis, very thorough analysis for the acquisition of energy in the free market.

This corresponds to 90% of our consumption and 10% only of our consumer units. For our extensions, we are studying and we will leverage and accelerate this study for us to be able to have other alternatives not to be in the current market and have a reductions that is not followed by this adjustments that are authorized by the ANEEL agency.

Our expectation is the continuity in the free market for us to be within this limits. Of course, there are other initiatives like thermal combustion, which are applying in Londrina and here in Curitiba, and we are studying at every step with technology and innovation the possibility of reducing this cost that impact a lot our expenses.

In the line of provisions of results, the expenses is net of the quarter of payments or reversions? I see a lot in payments and I want to see if this amount is in the profit and losses or it is in write-offs liability.

Thank you. I will hand it over to Ozires for him to clarify this issue.

Good morning. Thank you, Guilherme, for your question.

We have an explanation and we have a table that brings the breakout of the provisions, and it is net of the payments. We have to remember that any provision that has judicial deposit, when it is written off, we have provision and then it brings impact in the two lines.

It makes sense your observation that it's reported as net. Now

The level of readjustment is below inflation. Does Sanepar understand that this index was fair?

Hi, Luis. Yes, the readjustment given by AGEPAR, which will be in force now of 2.4%, is in line with what was calculated by the company.

It reflects basically two indicators: one is the issue of IPCA of 4.6%, and the other is an electricity cost, which had a reduction last year. That's why the indicator was below the inflation, but it's in line with what was calculated and requested by the company.

Does the company gain anything from the energy saving, or this translated into-

Yes, the company in the reduction in the free market compared to the current market, it retains 25% for its company, and 75% goes for the benefit of the population.

Thank you for your participation. I hand it over to our CEO for his final considerations.

I thank you all. I think you could see the good result of the company and the trust you can have.

It's a management that follows a governance policy with a lot of responsibility, transparency, which makes the company what it is, the biggest company of sanitation in the country. The expression I would like to leave as final message is that trust should be kept, and we are making all the necessary efforts within our possibilities for us to be able to keep this pace of investment, of service, and quality, and efficiency in the services, which is essential to all the community.

We bring not only sanitation, but we bring public health as our biggest purpose. Thank you all.