Good morning, everyone. I thank you for attending our video conference.

I would like to start with the quarter's highlights when we delivered robust results, even facing an operational and market scenario that was extremely challenging. In generation, we faced an adverse environment with GSF of 92% and curtailment of almost 21%, a significant worsening compared to the first quarter of last year.

This context reflected in an average PLD of approximately 360 BRL, more than twice as much as the same period of 2025. In this context, we were still able to transform this scenario into an opportunity with relevant gains in hydro modulation of approximately 70 million BRL, and in submarket management with accumulated gain of approximately 70 million BRL.

These results reflect the commercial strategy that is efficient and translate into consistent financial performance of the quarter. Reinforces its excellence and consistent robust work and this quarter with results above expectations, and as a consequence, recurring EBITDA reached 1.8 billion BRL, an increase of almost 17%, and recurring net income of virtually 640 million BRL, 10.7% above the first quarter of 2025.

As for capital structure, we closed the month of March with leverage of 2.8 times net debt to EBITDA, preserving a healthy financial position comparable with our optimum capital structure. Before moving on, another very important topic present in our discussions is tariff review.

Work plan is on schedule, executing all of this process, expected to conclude in June 2026, in about 60 days. What's new in this quarter was the release by the regulatory agency in the level of the public consultation carried out at the beginning of April, the value of our Copel's updated RAB, which is higher than what we have been releasing to the market, but it's still pending the final approval by ANEEL.

Again, I would like to reinforce technical hard work done by our team over the past few years, which will certainly positively reflect on the next tariff cycle. I would also like to point at this quarter one of the main targets we have is to always be continuously improving customer experience.

Here has relevant news commented by the distribution Vilela and all of Copel DISCO, which was the launch of Copel Agro, a relationship front entirely dedicated to one of the most dynamic sectors of the Paraná economy, which is agribusiness. We've structured exclusive teams to serve these customers 24/7, customer service, operations center, dispatching and follow-up.

This closeness to farmers, to producers, allow us to understand more and more precisely the needs of each activity in particular in the protein sector, and to be able to respond promptly to these demands, providing better service to our customers. Finally, as for shareholder remuneration, we announced in April the IOC operation in the amount of 706 million BRLs that will be paid in September 2026, and to this amount we add the values disclosed in December last year, which will be paid in June of this year.

Now, we must mention the successful LR-CAP auction where we inaugurated the inorganic growth phase, that third wave that we've always been talking about in earnings conference calls or on Copel Days, which was the significant victory of adding 2.1 gigawatt in capacity to our portfolio to the national electrical system with the expansion of the power plants of Foz do Areia and Segredo. The results of the hydropower in the capacity auction reinforces the relevance of this source in delivering what the system needs the most: reliability, power, and high availability.

While we fulfill a strategic agenda of our strategic 2035 plan, this is growth based on discipline, focused on our core businesses with outstanding returns for the company and our shareholders. At the bottom of the slide, you can see the timeline of all the works year by year.

We've already started moving in the worksites, implementing there, which the distribution team can bring you more detail so that we can fully execute the business plan. As all works develop, we provide more details to the market.

Here we also have excellent news, very pleasing news this week that was a very special recognition that Copel received once we started to join the Dow Jones Best in Class Index in the global sector, featuring amongst the companies with the best ESG practices. This is one of the main international references for corporate sustainability.

Being part of this index means to be among approximately 10% of leading companies in their segment according to a very strict assessment run by S&P Global. More than a seal, this recognition reinforces that sustainability is integrated to our strategic decisions and the way in which we run our business in the day-to-day of Copel.

It strengthens the perception of our company in the international market, further expanding our attractiveness to investors, and confirms the soundness of our governance. To conclude my part of the opening remarks, and turn the floor to Felipe to discuss the quarter results, we've been monitoring a wider discussion in the sector regarding market security and liquidity, and we have some clarifications of our view in our position.

First is that price formation in the electrical sector is central to the good operation of the market because it connects the physical operations of the system to the economic decisions made by the agents. For this signal to be efficient, it is crucial that there is adherence between the models and the actual operation.

In this context, the mechanisms of risk aversion, like CVAR, have a crucial role. They allow us to advance situations where there is be scarcity, guaranteeing a more balanced operational trajectory, especially in an environment with more hydrological uncertainty.

We must look at the actual example of the South submarket this year. Even facing a very hydrology scenario, the operator maintained reservoirs close to the minimum operating level, slightly below 30%, and this was done following the dispatch recommended by the models with the current parameters that pointed the need for appropriate thermal dispatching.

If it had not been signaled with this risk aversion patterns, we would be in the South in a much more severe hydrological scenario. This is just another piece of evidence to show how the current parameter of 15 to 40 is well calibrated and shall not be changed in our view.

Another recurrent point relates to price volatility, especially intraday. It's important to know that the hour price went into effect only in 2021, precisely to give the proper signaling of price as there is excess or lack of energy and power throughout the day.

Again, getting closer to the challenges of the actual operation of the system to the effective costs of the operation. This reality occurs in all developed markets in the world, and the price range that we have in Brazil between the minimum and the highest PLD price is one of the smallest compared to other markets.

It's actually quite common in other countries to see negative prices throughout the day because that reflects the reality of the operation, where you have areas with surplus of energy and other times where there's scarcity, especially at the end of the afternoon. Finally, my last comment about this market liquidity and the problems that some trading companies are facing, which can be clearly noticed is that, considering the financial volume involved, it is very clear that some companies have operated beyond their economic capacity, and they are struggling to honor their commitments.

In this scenario, it's only natural that sellers and even buyers of energy are more restricted in terms of credit to these companies. With that, I turn the floor to Felipe Guterres, our CFO, to detail the earnings of the quarter, and later, we will open the Q&A session.

Thank you Daniel, good morning everyone. Turning now to the financial results, recurring EBITDA for the company reached approximately 1.8 billion BRL, up 16.7% compared to the first quarter of 2025.

This is a significant result reflecting the soundness of our operational strategy and our commercial strategy, even in a quarter marked by a higher hydrological volatility. This performance came relevantly in the GenCo, which was the main driver of growth in EBITDA, exceeding 30.7%.

The highlight here is the positive result of modulation and the difference of price in submarkets, in addition to gains in the free market with growth in volume and higher price. Copel DISCO also contributes significantly with EBITDA above 10% compared to the first quarter of 2025, sustained by the grid market result growth and the variation of costs being under control.

Moving on to the GenCo results, generation and transmission EBITDA was driven mostly by the result of modulation, totally 267 million more than the reported in the first quarter of 2025, due to the increase of average PLD in the southern submarket. The increase of 99.2 million in revenue on bilateral contracts resulted from a combination of higher volume and price of sale.

Volume grew 11.7% and price 4.7%. Greater revenue with the availability with the result of 93.3 million BRL with the consolidation of Matas de Santa Genebra in the results of Q1 2025.

In the purchases, we had a higher cost of energy purchase for resale, due to higher PLD and GSF of 92%, in addition to the wind generation deviation and the higher impact of curtailment that totaled 20.7% in the first quarter of 2026, compared to 8.8% in the first quarter of 2025. Even with this scenario, the message here is execution, active commercial management, and capturing of opportunities with cost control, including the decrease of PMSO in the segment.

In distribution, net recurring EBITDA was 10% above the first quarter of 2025, reinforcing operational results. I'd like to stress here the growth of 2.1% in the billed grid market, reflecting the greater economic activity in concession area, and the growth of customer base in the period, and the annual tariff adjustment in June 2025 with an average effect of 1.3% in the B part that we also captured in the comparative period.

The trading strategies, now on the next slide, we continue to evolve consistently, supported in three well-defined pillars: optimization of portfolio, the offer of flexibility and modulation to end customers, as well as continuous and disciplined activity in risk mitigation. In the quarter, the active management of portfolio enabled the capturing of relevant opportunities with the activity on submarkets contributing to about 70 million BRL, in addition to positive effects on our curves that added another 70 million BRL to results of the company.

These effects reflect the decisions made based on technical criteria, disciplined reading of the market, and adherence to the established risk limits. Another relevant factor was hydrology risk.

We closed the period with GSF of 92% and wind curtailment levels much higher than what we observed in the same period last year, reinforcing the importance of a structured, active, and consistent commercial strategy, especially in more challenging scenarios in operational view, as we are experiencing. In energy balance, we have a gradual balanced expansion of the availability of portfolio, starting at 16% in 2026 and reaching 53% in the horizon from 2029 to 2030, which is in line with the strategy of capturing attractive prices in different scenarios to sustain the results.

As for the hydrology risk exposure, we maintain a comfortable long position in hydro 19% in 2026. Complementing our commercial performance, I highlight our strict credit management, maintaining sound governance in the selection of counterparts, which guarantees an extremely resilient portfolio with very low levels of delinquency, which allows us to operate safely in ACL, guaranteeing that profitability captured in trading converts effectively into cash generation.

We continue maintaining flexibility, discipline, and sophistication in portfolio management, with hedging operations and customized solutions to clients, consolidating trading as an important driver of results. Now on PMSO, on cost management, we see a positive evolution and discipline of costs over the quarter.

The variations observed reflect distinct movements in the main lines. We had a 10.3 million BRLs increase in the others line, due mostly to the lease of equipment and software, focused on operational efficiency and growth; 2.9 million BRL in materials for GenCo.

On the other hand, this was offset largely by relevant reductions in manageable lines, with a drop of 26 26.3 million in third-party services. If we isolate PDD, PLR, and expenses with personnel increased 7.6 million or 4.3% in this quarter, as we capped up with the salary adjustments of 5.1 5.01% defined in the collective bargaining agreement.

In practice, discounting the inflation, the cost would be stable compared to last year. When we talk about PMSO management, we reinforce our continuous commitment to cost discipline.

This effort and discipline in a context with business that are significantly different from previous years, the increase standard of service requiring adaptation and implying additional costs. Within the rationale of efficiency and customer focus, I highlight initiatives that are relevant like Copel Agro, as Daniel mentioned, where we created a dedicated structure to enhance our relationship model with agribusiness, and increase the level of customer experience.

Our focus in cost-effective efficiency will be on optimizing the base of suppliers, dimensioning of our workforce, developing long-term contracts, and the reduction of commercial costs, and sale of non-strategic real estate. In net income, we post the result 10.7% above last year, due to the very robust operational results, partially offset by higher financial expenses.

Leverage results of a company that operated in a more structured, optimized capital structure, actually, than the first quarter of 2025. On Capex, in the quarter, we invested 881 million BRL, 75% of which were invested in the distribution company, and the remainder balance on generation and transmission.

The priority of these investments, this Capex, targeted towards operational pillars, service quality, and sustainability of long-term performance. Finally, getting into indebtedness, giving you more color on leverage, we remain in a comfortable position in line to the optimal capital structure, closing the period with 2.8 times net debt to EBITDA, which is precisely in line with the optimal point of the capital structure.

Our debt is 63% linked to the CDI, 34% to IPCA, and 3% to the long-term interest rate. We closed the month of March with nominal cost of debt of 13.05% a year, equivalent to 89% of the CDI, a result of our active management of liabilities that seek a balance between duration, cost, and profile of indexing.

This concludes the presentation, and we will move on to the Q&A session. Thank you.

Good morning, Ricardo. Starting with Felipe on ADA, and then Rodolfo can add to about the expectation of changes in the curve based on the discussions of PLD.

The increase ADA the quarter is due to a move of a customer in particular with a pole sharing, and they went bankrupt. Of course that has an impact with our ADA.

That was the most relevant one-off effect. Rodolfo?

Ricardo, to answer your question, focusing specifically on risk aversion, we understand that irrespective of what the final decision is, this is already priced, and it's important that in interactions we've been having with the operator, seeking this match between actual operation and effective costs, is on everybody's radar. We're working to be between 35 and 40%.

The main point we understand here is that irrespective of the parameter in this range, you can be a little bit higher or less, but the reality will impose itself, there's no scenario where these prices will go down artificially. This reflects in the long term, even with this oscillation of views, we won't see an impact in the long term.

That's already a hook for your next question about our strategy. We maintain our base in line with what we did last quarter, capturing some others price spikes, but without accelerating, but also without slowing down.

Just to add, Ricardo and everyone, Rodolfo mentioned, right, this definition of risk of CVAR should develop throughout the month of May to be in force by January 2027. The first comment here, adding to what I said in the opening remarks, that this has already been changed in the beginning of 2026.

Making another change different from the current parameter, in our view, changing that annually, that's already a factor of instability that brings insecurity. The second reason, we already declare, even with this parameter, the current parameter, if it weren't for that, the southern submarket is already below 30%, and signals and dispatching there, especially from thermal, were very important, not only to maintain the reservoirs and the security of the system, but to avoid the price increase through tariffs or to customers.

In our view, ONS and the government itself will conclude this debate in the coming weeks that for the security of the system, and the data here is very clear, in our view, it should be the stability should maintain that, so that we can monitor this in a longer period, monitor those results.

Good morning everyone. My question is about capital allocation now that the LR-CAP auction happened, and you talk about on Copel's view how relevant opportunities may be in terms of batteries, reversible plants, and distribution.

We know that potential M&As that may happen in the coming years or maybe months in the industry, if you can mention whether there's a preference for specific geography, and BS if there's more synergies, if there's any region that you may like to avoid, if there's any front of capital allocation that you understand is relevant, and if you can discuss. That would be very helpful for us to understand where the company is headed in coming years in terms of capital allocation.

Thank you, good day.

Hello Bruno. This question, without a doubt, is one of the most strategic ones in the company.

In addition to having an operation with excellence in our day-to-day trading operation, our operational excellence, great discipline in capital allocation is an inherent part of our value generation strategy, and be it in organic investments, both in distribution and generation and transmission, and now with the LR-CAP auction, the company has been showing a very consistent track record in terms of capital allocation discipline. As for potential future opportunities, the company's position is to always be mindful and studying and analyzing, be it batteries, that I think without a doubt, it's a big discussion coming up, and we have some views, and where we may a competitive edge in this segment, this is something that is being studied and assessed here at the company.

You mentioned other opportunities that are distribution, generation, transmission, and trading of electricity. The company will always be mindful of that.

Specifically about the distribution, today, we don't have any opportunity put forward in the market, we can say anything unless there is an actual fact. If potentially this comes to happen, it's only natural that the company analyzes it in depth, and the closer to our region it is, in the South, Southeast, Midwest, of course, there's always some type of synergy and knowledge of those regions.

Considering its presence in Brazil and being four segments of electricity, these are opportunities that will always be in our radar. Again, today, there is nothing solid and its pipeline about any opportunities, including because our agenda now for the implementation of LR-CAP and digital transformation, improvements in efficiency gain, is a permanent, ongoing agenda.

It's something that continues to bring a lot of flow to Copel. To conclude, another quarter with solid results that are predictable show a characteristic that's very clear at Copel.

Copel is a company that works like clockwork, consistent, predictable quarter by quarter, delivering the results that we promise to the market, our investors, our customers, and society.

Excellent, Daniel. Is there anything you can talk about the reversible plants?

Reversible plants, excellent, I think, for us. Please, if anyone has anything to add, but it is one of the main next avenues of growth.

We talked about this at the calls. We already have studies and a lot of that, even considering our knowledge of this segment, either for the expansion of new capacity auctions that may come up in coming years like Caxias, and possibly other plants, or a pipeline that is very relevant for our geography or our experience or the proximity to our main assets for reversible plants.

Rogério, if you have anything to add?

No, that's it, Daniel.

Bruno, for us here, and there's a very significant advantage for batteries. First that one does not rule out the other, they don't exclude the other, but reversible plants have a much greater durability, the room for it to contribute to the system, availability, operation, we've been seeing here in other places around the world, for example in China, they already have more than 90 gigawatt of reversible plants.

I think this is unavoidable route for hydro, our operators, and the electrical system.

Excellent, thank you, have a good day.

Daniel, team, good morning. I have two questions.

One is simple, maybe the answer might be a little bit more complex. We're talking about the results of this quarter with two interesting gains, the gain in modulation and the submarket gain.

What do you think could be a gain, especially in modulation, that is more recurring? You see the result of around 70 billion BRL.

Do you think the 70 in modulation is going to be recurring from that or? My first question, and the second is a little bit about Capex versus dividends.

When do you think you'd be reaching a peak of leverage, and during this leverage peak, what could be an expected payout?

Hello Giuliano, how are you? Thank you for the question.

First, we do not disclose a guidance, don't provide a guidance about our expectation of future results. Of course, hydro tends to gain in value, and the benefits of modulation tend to expand in our view.

Of course it will all depend on the PLD, the spot price at each quarter, each year, and you know that well, and that's very susceptible not only to this, but the afluences as well, so that's very dynamic. Hydro modulation and the role it plays in the system of security, reliability, this is going to be more and more valued.

In our view, this dimension is only the beginning of a next level, a next journey, always depending on those circumstances of afluents, the PLD. Conceptually, we've been seeing that the hydropower plants have been playing a role of holding or taming the power of the system at peak hours.

Rodolfo, any comment, anything to add? Then we can talk a little bit more about dividends and Capex for the market.

Excellent. No, I think I agree, this is very clear.

Quarter by quarter, we're seeing the cost of modulation going up quarter by quarter, and the expectation is for that to continue the more we see this insertion of ramp-up, and all the role that the hydropower has been playing for the system. To add Giuliano and everyone, this quarter, I think it was yet another example of a commercial strategy, a portfolio strategy that is smart, strategic, that has the number one assumption of uncontracted power, that you see GSF of 92 on the quarter, and the same period last year was about 1, this variations will be increasingly more dynamic.

The moment of curtailment was 8, flew to 9, but it got to 21, which also shows the scenario is increasingly more challenging. The fact that we have uncontracted energy and a balance, and as I said, a great reason for us to be more cautious in granting credit, shows that the company is being able to go through these turbulences in the market comfortably.

Giuliano, this is a very pertinent question. Since we add to the announced Capex last year, the five-year Capex of 17.8 and 5 billion of LR-CAP, precisely for the same five-year period between 2026 and 2030, and obviously by doing that, the company's leverage also increases to the maximum level of our optimum range for longer.

Obviously, when doing all this analysis, we need to take into account that starting in 2030, we already have very robust cash generation already contracted, the delivery of capacity of the auction itself, delivered to the system. By doing that, when we see that annually, we always say that when you go at the optimum structure, there's always a debate of the time to convergence.

We could allow, considering this aspects in this analysis, but all that reinforces that our policy of a minimum payout of 75% that's boldest in the sector.

Adding to that, right, Felipe? Two very clear things here.

First, our intention is to maintain the minimum payout of 75% policy unchanged, as Felipe said, it is the highest, the biggest one in the sector. The fact that we operate at a higher level maybe for a longer period in this construction phase, it's completely normal and natural, as Felipe mentioned, that will be very robust deleverage once Foz do Areia and Segredo get into operation.

We are very comfortable with the scenario we are experiencing today, without any other inorganic opportunity that may come up. Again, we don't have anything in our radar, but we maintain our structure both for payout and a healthy capital structure in the current conditions, and either organic or LR-CAP related investments will strengthen the company's results in the coming years.

Excellent, thank you.

Hello Felipe. That's an excellent point, very pertinent to your remarks, especially with this perspective of El Niño.

To reinforce that we maintain a long, uncontracted balance, not only for the current year, A+0, but A+1, A+2, trying to make the most of one opportunity or another in the period, this is an assumption of our trading strategy. Precisely because we're seeing an environment with a lot more volatility, a lot more challenge for the actual operation of the system.

That would be an initial point. Rodolfo, if you can add, and what we expect of El Niño impacts and modulation, price curves, that could be shared with the market?

Excellent. Felipe, first point, really, we already have strong indication that there will be action of El Niño in the second half.

What's uncertain is how intense it's going to be, and where it's going to have an actual impact. As trend have features in the South, and we're seeing the prices in the second half reflecting that.

An important point, and that's where the active portfolio management strategy is, is that during previous windows of price increases, we captured prices higher than what they are today, and the first assumption is the base never being short, that's always going to be met. There's no point having taken a long position to the minimum in a base scenario, but if there's extreme scenario, it's a possibility.

Always trying to weigh this, how to value that number, saving in the short scenarios, but capturing market spikes. We see a lot of probability of a strong El Niño in the second half, which can impact hydrology, especially in the South, and in Paraná, we tend to have higher temperatures in the Southeast that can offset that a little bit.

In this scenario, the prices may slow down, especially in the third quarter. Obviously, there's an advance of rainy periods, you may have the end of this period brought forward, a scenario where the prices start to increase again in December and beginning of next year.

That corroborates our strategy. Now getting into modulation, I think it's very important to emphasize that they run in parallel.

Irrespective of the contracting strategy, we are not letting go of the benefits of hydro modulation. We already have the consumption profile of our customers as a flat profile, never selling out this benefit.

Even if we have a scenario of 80%, 75% of contracted, the benefit of modulation will be on the physical guarantee. That's our assumption.

That's as I mentioned in the previous question, we have the expectation of attribute this more and more, the trend is to maintain that in Copel's portfolio.

To add, Felipe and everyone, if El Niño intensity is above expectation, and it has an impact in price variation that is significant for the second half or going forward in the price perspective, I would say that it may even open opportunities for us to buy more energy, increasing exposures, maybe, or closing some for liquid gaps that may come up, considering the GSF course. That only reinforces that potential one-off price adjustment resulting from El Niño may actually be opportunities for the company to purchase some other lots of energy if that does come to happen.

Excellent, thank you Clematho for your question. About PMSO, then Felipe can add to it.

Your question is very much in line with the question GS asked recently about structure. I think we gave a lot of the guidelines that we do not intend to change, and the payout is 75, not 65.

Our view is that our balance, our structure is very comfortable considering our commitments in the next three to five years, in addition to the organic investment plan of 18 billion between generation, transmission, and distribution, and this additional 5 billion for the LR-CAP. That said, as for PMSO, Clematho, the efficiency gain agenda is permanent.

In our specific vision of reduction of personnel structurally, as we did in past years, we believe this is behind us, this is already been concluded. We now get into the normal course that has turnover in the company, but without any structuring moves.

Quite the opposite, actually. We have here some studies that some areas or segments or part of our service provision that could be more efficient in terms of cost and quality of service mostly, if there's some parts, especially on, for example, electricians, first service, that's a discussion that Vilela has been running with all of us at Copel, which has been looking very interesting and attractive considering other experiences that we see in the country.

What Felipe already mentioned, we will look at our balance of the three years of our Day structure at our Copel Day. We have an agenda of real estate that may be sold because they're being underutilized.

These are permanent agenda. You have great transformation, including AI, technology, Copel has a metering base of 2 million intelligent meters, smart meters, that are bringing in quality of service, and the assessment we have here in distribution, improvements in predictive maintenance.

That's permanent efforts the company makes in seeking efficiency. That phase of structuring changes, as we said in the last Copel Day, that phase is already behind us.

It's now about how we move forward within our current base and how we grow, generating more efficiency and better customer experience in service provision.

In addition, the focus of cost efficiency is ongoing, continues. Our objective is here to develop suppliers, reduce unit costs, as I said, reducing commercial costs, and selling real estate that are non-strategic, that are underused.

Hello André, I think that the best person to answer and has already been giving statements is ANEEL, obviously, the agency. What they've been saying publicly and in some meetings with investors is that structural regulation changes will come starting in 2027.

They have some enhancements that are some very short-term needs, but the major definitions, the regulatory definitions in the transformation agenda will come in 2027. Knowing that this week it is expected to have the signing of the distribution contracts on Friday, unfortunately Copel is not in this list because our contract has already been renewed until 2045.

With these new contracts, they will have a wide range of subjects to discuss in the regulation of the decree, the review of the annual investment base, that what we are hearing from ANEEL, and we don't have any additional information, is that those discussions will begin in the technical level within the agency in the second half of the year, but they will be put forth to public debates starting in 2027. I don't know, Vilela, if you have anything to add to these points André asked about?

Oh, we've been monitoring this closely, and that's the timeline that Daniel mentioned.

Hello Pedro, I think Vilela attended, and it was an excellent opportunity to put this into context and explain everything Copel's been doing. Vilela, please go ahead.

Good morning Pedro, thank you for the question. I think, first of all, to reinforce to everyone that Copel, in 2025, complied with all of the regulatory indicators, DEC, FEC, and the plan of the results of the electrical stead.

We had a very challenging year in terms of climate. It was the worst year in our 71 years of history.

On average, Copel lost the 1 hour a year, last year, we lost 21. It has been challenging.

We are very close to our customers, at the beginning of the year, we listened to our clients through the federations, we visited all of the cities. That's where Copel Agro was born, even as was mentioned.

In Paraná today, the state of Paraná is a reference in the production of animal protein. We're the first state in poultry, second in fish, third in pork.

We listened to the society and constructed a specific plan to serve those customers that are very special to all of us here at Copel.

Adding, Pedro, to that, we are very confident. We recognize there's always room for improvement, that's only natural in a company as big as Copel, with such a broad concession area in a segment that's been making a revolution.

You can look at the 10 largest cooperatives in Brazil, seven are headquartered in the state of Paraná, and they're a very relevant base of our economy, and we've been doing extraordinary work. This proximity to the class organizations and the different segments have been allowing Copel to continue to evolve.

I have no doubt that we will continue in this process of evolution, continuous improvement. Even though we are at good levels, Curitiba today is the best capital city in terms of regulatory indices, four cities with more than 1 million inhabitants, and we also know that Copel in the state here is among the top three best in Brazil.

That's always motive for us to continue to evolve. I would like to highlight that in this new legal entity as a corporation, we have a lot of ease in some ways either to contract workforce, specialized teams, electricians, technicians, and other professionals, things that in the previous environment were only possible through bidding processes.

For more than 10 years, we've been just making moves in that sense. There's also a lot of gains in scale, being able to negotiate with suppliers and lots of factories, pluriannual plans.

In the past, in the previous configuration, to give you an example, we would take around 4 years to be able to build a large substation. The last one, especially the more than 15 substations we delivered in 2025 took, on average, between 16 to 24 months.

All of that is exceptional change and a huge opportunity for us to continue providing excellent service to our customers.

I would like to thank my colleagues here, Copelians at the director, C-suite, and all of Copel, as we mentioned during the presentation. This was a quarter with sound, consistent, predictable results, with very relevant work done by our entire team to the benefit of valuing the company and our shareholders, our customers, and society.

I see that Copel, this quarter, reinforces its reputation and consistent deliveries, always mindful of the opportunities for improvements and continuous progress regarding this new expansion phase. As has already been widely mentioned, LR-CAP, I believe, is a shift in paradigm for the national electrical system to have a hydro product offering power, and for Copel, which was able to prepare, get structured through the work, and the results came, and we're very pleased with the results of the auction.

We continue to work, myself, all of the directors, all of Copelians continue to work to continue to advance in our value generation agenda. I conclude here, reinforcing an invitation for our Copel Day on May 19th.

I'm sorry, I apologize, November 19th, in the second half of the year. It's always after the third quarter earnings, and this year specifically, we've held it in Curitiba and São Paulo, the last one was in Rio de Janeiro, with a great attendance from our investors, and now we will hold it in New York, waiting for confirmation, with online transmission, obviously, for those who are not able to attend in person.

Copel today has more than 340,000 shareholders, technology is here to make things easier and support us. Decision to go to the main financial center in the world is not only that Copel has shares traded in New York for more than 27 years, but it's also in line with our strategy to advance and attract more and more foreign investors, long-term investors that, similarly to us, have this view of generation and believe in Brazil and the electricity sector for its stability and predictability of results, but also have the view in the long term.

I'd like to reinforce this invitation to all of our investors to attend in person or online on November 19th, our 2026 Copel Day. Thank you all very much.