Companhia de Saneamento do Paraná - SANEPAR ($SAPR11)

[Operator Instructions] ri.sanepar.com.br where earnings release and presentation materials is accessible. You can download the presentation directly from the chat available in English as well. [Operator Instructions] The Q&A session will follow the presentation. [Operator Instructions] If your question is not addressed during the event, please feel free to mail it to [email protected]. Please be aware that the information provided during this presentation, including any forward-looking settlement statements regarding Sanepar business outlooks, projections and financial targets reflect management's current beliefs and assumptions as well as information available at the time. These statements are subject to risks, uncertainties and changes in circumstances that could cause actual results to differ materially. Investors should consider general economic conditions, market factors and other variables that could impact the company's performance and cause actual results to differ from these expressed in forward-looking statements. So now I'll hand it over to our Chief Financial and Investor Relations Officer, Abel Demetrio.

Thank you, Pedroiquo. Good morning, everyone. We are here -- we have our CEO, Wilson Bley, our investment investor Lucia and accountant Director of Costa. So to start this presentation, I hand it over to our President, our CEO.

Good morning. Good morning the Board and all our investors and shareholders, I would like to tell everyone that it's raining, heating Parana, and this is good news to all of us. We are recovering our reservoir levels we are exceeding 70% with a good expectation in the -- so to have enough rain to recover well and to have the continuity our services that we do so efficiently to all our municipalities. Another good news is that in this first quarter, we are delivering several some works in -- across the state of Parana. I have been visiting them personally yesterday, we delivered our administrative center in the Bakas neighborhood in Curitiba that serves all the North area in the region of 150,000 inhabitants, an increase of 60% of service, bringing dignity to all our workers who exercise their daily activities. So this is a very relevant fact. We also have in Curitiba Eta, which is in its final phase of conclusion. The work is accelerated in Citan we also have a reservoir that is the largest in Latin America and Tatucuara that we will deliver next week. So this shows the robustness and how our investment plan has been executed within the conformity demanded by a less we had record numbers in investments. And this year, all the movement made shows that we will keep our plan. So I believe that the most important subject is the Precatórios, the court or the government debt payment. We, for the Board supported by our Board, we will continue taking all the administrative measures and legal measures to maintain our understanding, which is the technical note seat, which is so which follows this administrative measures. We are in constant dialogues 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 do we -- and we -- and this has given us some gains because our technical node is not efficient. Therefore, the validity of our record is stronger, is taking over. So 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 will also translate no relevant fact, no extraordinary effect. Everything is within our expectation, but with very good results. So I thank all of you and let's hope we have a good day to day, and we have hit 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. So 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 BRL 1.46 billion. Our net debt also had a reduction of practically 60%, reaching a net debt of BRL 1.921 billion. In due to this court orders that we received, which reduced our net debt. The leverage is very conservative, 0.7x against 1.5x in the first quarter of 2025 and the defaulting 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 and taking the necessary commercial measures for us to always be in line which at the end of the year is 1.5%. We are working strongly with investments, expansion of the company our invoiced for volume in water increased 1.2% and the stage increased 2.4%, reflecting this obtention of universalization and expansion of connections. We had over 12,000 new connections and 15,000 new connections in switch in the first quarter of 2026. The CapEx, as the President said, they are big, BRL 588 million in the first quarter 2025, an increase of 20.8% against first quarter of 2025. Now let's talk about the operating results. About what the measured volume increased 3.4% and 1.3% -- no, 1.3% and 1.2%, then we had 2.3% and 2.4% in surge. We have an increase in the 12 months of 2,000 increase, which is 71,000 economies. It's important because sometimes we have 1 connection that attend several economies -- or several economies. For example, a building, for example, you have an economy that serves the apartments, 1 connection -- is 1 connection and serves 10 apartments. So 71,000 economies ordered is an increase of 1.6%. We have to remember that the water issue is universalized, but we still have a vegetative increase, quite robust due to the increase of the cities. About sewage is 71,293 new economies in the period of 12 months, an increase of 2.7% and 106,000 new economy. 1,000 connections and 16 new economies, an increase of 3%. Next page, talking about the reservoir levels. As you can see at the end of March, our integrated system reached about 82% average today, May 15, and is 77%, but it reflects the relevance of the reservoirs 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 foresee and the prediction of a rain above the average in the second semester brings up 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 2023. The target is 99%. The age, we added 82.6% in the line of growth of all the history shows that we are on the right path before we will reach the 90% determined by the Law 14,026 which updated the new sanitation framework. Next page, some indicators before 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 EBIT is above 40%, 43.3%, 49.8 we have to remember that last year, these indicators were affected by this court or the government debt payment. And now obviously, we have a different comparison compared to these indicators, especially Poland ROIC. Next slide, let's talk about net revenue and other results. Our net revenue increased last year in the 6.3%, this year, 7.8%. Basically, we have a tariff adjustment in 2025. It was close to 13% and the increase of connections, bringing more revenue to the company. And besides the tariff structures, 1 of the biggest consumption is so it has a progressive table in terms of tariffs, which brings good revenue in the first quarter on 8% of increase. It reached BRL 843 million, a reduction of 24.4% against the first quarter of 2025. But [indiscernible] has the net revenue Again, we have to do the disclaimer in the first quarter of 2025 and impacted by the accounting, the 25% of the precatorio or government debt. The net revenue -- the expenses increasing 60% to BRL 1.3 billion, again, if you compare with 2024, 2025 was affected by this precatorios court order payment. This semester, we have to make this to state that the comparison is compromised due to the nonrecurrent event of the that quarter, margin 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%. So we have to highlight that last year, we launched in the first quarter, the PDV, which is BRL 171 million. But still, when we compare to the first quarter of 2024, we had an expense of BRL 383 million. And we have to remember that 2 years later, in the first quarter of 2020, we had over BRL 300 million. So the relevance of these programs of layoff of -- voluntary severance programs, which is something that demand. So we always are seeking reduction, of course, PPR is a reelection of the result -- of the net result reduction and 78.8% is the cost of with material was -- were favorable, 3.9%, although we observed 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, but 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, BRL 119 million, an increase of 10.6%. Still an important reduction compared to 2024 when we spend much more and the June to do the free -- the entrance of the market. Third margin, there's a decrease of 13.1%. And and general and taxes, an increase of 12%, especially in this account of municipal funds. Severe work environment of fiscal taxes and BRL 16 million registered. We had, in this case, a decrease of 98.6%, but its provisions registered were basically due to civil action, civil law suits. Then health care and social security provisions, we had a reduction of 4.2%. Financial expenses BRL 72.463 million due to the precatorios to this quarter's payment we are in line with the expense of 2024, which was BRL 74 million. So I think it's a comfortable number for this period and other costs with BRL 177 million, although it looks like a reduction -- it appears like a reduction, but it's because the last year, we had a reversion of cost and expenses impacted by this court or the government debt payment. The main expenses that in part of this account were exactly the losses, provision of losses. In the next slide, let's talk about CapEx. The investments show a constant increase in the first quarters, which are compared 2024, BRL 425 million, '25 BRL 487 million, and this year, BRL 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 30% in water, although it's universalized. We have a strong water resilience, which meets investment for in sewage search for the investigation and the search for we spent 58% of investments in sewage. Other investments, 11%. These are administrative investments in informatics, technology. So in this volume of resources 41% of finance, all 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 the slide. Let's talk about our capital, our net debt and leverage, they are very benign, very comfortable and BRL billion in the long term, BRL 7 billion considering that at the end of March, we had in cash. We have a net debt of BRL 1 billion, almost BRL 2 billion, a reduction of compared to the net debt of the first quarter of 2025. The cash generation, a conversion of the biting cash, which is important, not only -- we not only have the bitten but to transform it in the 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 have 2 aspects. On the 1 hand, the SELIC starts lowering, reflecting in the CDI. And this red reduces the tendency of job of the debt of the -- the cost of debt. 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. So to at the beginning of the year is whether that we could go back to something close to 11%, but now we need to wait for the development of the situation. Our debt breakdown, we have -- we don't have concentrated deadlines. We have an index box that protects us quite benign and predictable. We have 36% of TR, which is the reference -- and so something extremely predictable EPCA, which is the official inflation 29%.NDI, 23%, plus 3% of euro because we make the swap in DI. So 26% in -- so we had ahead with our cash flow. So if we increase the interest. On the other hand, we have more revenue and 4% of IP and we have 2% of without monetary correction and 2% of TJLP. So this distribution causes us to have a good management of our financing and with a very good horizon. We know that it's because we have election. So sometimes to find the resources, we might have some volatility, but the company in this aspect is very comfortable. Now let's go to covenants, which has the obligations in face of fees in BDS is the finances of the ventures, direct financing, there are 2 indicators. The 3 of them are fulfilled. The first is the net bank debt, which has to -- we have a lot of margin reached by service of debt. It has to be bigger and Oricot1.5, we have -- so other onerous debt that have to be less or equal to 1 we have 0.4%. So we are in a very comfortable situation in the CAIXA contract, we adjusted by the net finance expense [indiscernible] It has -- we have 10.4%, and we have the net bank debt by adjusted EBITDA, it has to be less than equal to 3, and we are 6 so. And other onerous debt, we have 0.4 million the difference of the indicated of BNDS, which is used is just the beach. In the finance of Banco do Brasil, we have 2 covenants. One is we have 5.1% in dictadjusted by the net finance expense. We have we are fulfilling the covenants with Banco do Brasil. In the emissions with the market, which is thanks to the north, they have to be less or equal to and we have 0.6 and adjusted EBITA we have 10.4. So all very comfortable contract the avenue, the level of debt. They have to be less or equal to 60%, and we have 53%. So now the next slide, our balance sheet. The net debt increased 6.2% basically due to bigger investments, our investments reduced in this pit in 5.2%. So this brought 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 in 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 7%, reaching BRL 3.952 billion. Then net asset, BRL 2.7 billion with operating working capital of 7 days quite reasonable. And about cash flow, as we've seen the operation of activities had a reduction of 11.1%, reaching BRL 652 million. The investments had an increase of 19.4% and the activities of financing we had an increase of 60.4%. We -- in this, we had some debt paid. We paid BRL 506 million in other quarters in 2025, [indiscernible] in 2024. So part was predicted for the year was done in this first quarter. So we had a reduction of BRL 248 million, but still we have a cash flow of BRL 5,359 billion. So this is our presentation. So now I hand over to you, Rodrigo, for the question-and-answer session.

[Operator Instructions] Our first question comes from investor. Initially, he wants to congratulate SANEPAR for its results and say, what about the dealings of the Precatorios, given the expenses with electricity PPP in case, so will SANEPAR still be able to maintain the level of profit.

Let's divide this answer in 2 parts, about the results regarding the results be will talk about that, about the dealings of the precatorios, the core government that payment will continue until last minute. We are doing all the -- making all the preparations we had conversations with Java. We understand that we want to keep the understanding of what was not a set of the we have reasonable expectations. We have opinions by renowned law firms in the sense that our understanding is what should prevail. And recently, ESB, which is our association also expressed the same idea with the same understanding which was the object of the accounting recorded, the accounts recorded. So all the movements, company will always express itself in the sense of reassuring or what it understands is reasonable and what was brought to our accountings concerning the PPP and electricity, let's -- we have to remember that the precatorio is a nonrecurrent event. It's a one-off event. So the business plan of 2 years ago did not even include the fruit of these Precatórios, of this settlement of court order government payment claims. So the company is always looking at its projection and trying to create scenarios and simulations without this Precatórios. So the continuity of the company is irrespective of this Precatórios. And it's very important to have it to advance in universalization in investment more accelerated rhythm, but the company is obviously prepared to continue its life regardless of this court payments. And the decisions that come from agencies need to be implemented, and the company record in this quarter a contingent liability given its diligence disclaim for the society, for the investors. So 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.

Next question comes from [indiscernible] Banco Safra.

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 2 programs of recovery of these credits. We have a fee that we understand that is proper. So 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 Agua, our program, which are conditions for those who are in default for them to be able to regulate the situation based on this program. Of course, this the full, let's say, bar, we can always cut the water and then -- and after the recovery of this credit, we can fix the situation. So 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. So we will keep all these deletions 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 shaking this relationship between us, the concessionary and our consumers, the end consumers.

Our next question comes from [indiscernible]

Water decree impacting has impacted the company. Is there any consequences, what the impact in the revenue of the company for the next quarters?

The concern about this decrease in the sense there was -- we had a little problem. Just we are asked to wait for the reconnection. Due to some technical problems, we are asked to wait, but we think they are about to fix these technical problems. So now resuming -- sorry for the technical problem. But as I was saying that the CRE brings a 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. So we are investing in new economies, especially in sewage. So this brings a positive reflection in our revenue. and the decree reaffirms for those who have not heard is a sign of warning for the population prioritizing consumption for human consumption since the multiple use of water sometimes brings some kind of difficulty because in the economical development, irrigate, agriculture, the water might be might be used more in a more exaggerated causing losses in our capitalization. So the decreasing line in what -- the way to motivate society to make a rational use of this water.

Next question comes from [indiscernible] investor.

Congratulations for your results. As an investor, I'm very uncomfortable with the variations that happen in terms of judicial provisions every quarter. We have a few predictability and feasibility. Things are always explained in broad lens without details. Can you improve the disclose of this line and bring the legal director to detail the probabilities of success or failure. So this is Julie's question.

Yes, indeed, in the issue of provisions. I want to -- the issue of the provision, the regulatory provisions, they really created some confusion in our comparisons. Yes. But yes, we have an event that comes to 2024, which is a bigger accuracy in the closing of the legal lawsuit with several provisions being returned, so 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. So these elements, which were these write-offs and some in and some legal lawsuits, some big causes variations and some problems of -- and this causes bigger effort to understand, but everything that is necessary to clarify to bring more details will be done by the company for us to always bring more information with more details about the participation of the legal direct, we can't invite him in the following meetings. I see no problem regarding that. And I would like to end in the end the yes, he can take part in our next meetings.

The next question come from [indiscernible] an investor. Could you inform if the investment gains coming from the precatorios that incorporated in the company or the provision for future amortization of tariffs.

Thank you, Aldo, for your question. Yes, we record that in the first quarter of 2025 of the original Precatórios, and we have updated both the regulatory liability with 75% and the 25% of the company every quarter, yes. So the 75%, which goes to an amortization of tariffs, it's goes for amortization. And the last, the difference is recorded in the results in favor of the company, which is basically the 25%.

Next question comes from Giuliano Ajeje from UBS.

The line of PPP increased with the project in 2 and 3 now total fully operational, what is the run rate expected in 2026. And at what point the increase year against the 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 for your question. We have to remember that the 2 micro regions that were object of bidding of PPPs, and they were enforced in 2025, the -- so in fact, we only have the comparison, a proper comparison after the 12-month period, in other words, as of 2027. So we make all our projections of investment plan, cost projections take into consideration the contracts that were signed or the 4 contracts, the 3 micro regions that we -- that were put in practice next year. and the operational gains, they are a result of a PPP person about switch, 128 municipalities, but of course, when we see the increase in the account of third-party services, we have to remember that PPP is recorded. It's reported a third-party service, but all the issues with chemical material electricity. So we have all these issues of other accounts, they suffer the benefits of this model that goes to PPP. So I would say that we are in line with what was planned, whether it is to the installments we paid and the results are of an operation done by the companies.

Thank you. One more question by Julian. About the or in industrial water. This it reflects migration of customers or sell -- what is the structural perspective for the industrial segment?

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 use business with the possibility of reuse of water with our source complementary resource of income. We understand that this needs to be pacified together with the Precatórios issue has seen part of these resources that come from this additional revenue, additional stores, they are directed to which to this -- so this is being done or any assessment to reuse of work, and we have to understand what is necessary to make for this water to be transported to this industry. Sometimes the demand might attract be attractive as business, but the investment necessary for this kind of transportation of water, sometimes it does not pay off does not bring in a reasonable payback that's why it is necessary, a lot of responsibility in dealing with this issue. But of course, this is an object of our new businesses within our plans of new businesses. So this is very well orchestrated and being worked on.

Our next question comes from [indiscernible] investor.

Considering that the company reduced drastically its leverage 4.7x the net debt and the -- so as minister, how does the administration plan to balance the CapEx to universalization demand or increase of payout of dividends, given the scenario of higher operational costs with the new PPPs.

Thank you, Wesley, for your question. First of all, let's point out that the leverage is very low, 0.7%. It reflects the cash flow that is reserved, which is the Precatórios issue that it will be utilized, whether it is for the tariffs for the company, but 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 horizon, but we are very comfortable today to say that what is within the financing contracts, we keep 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 including in our account or the need for resources like payments of PPPs, which are hired.

And the next question comes from [indiscernible] investor.

Two questions. The first question. How is the meaning Waveserver, when the levels of this reservoir is for will be divulged? -- and the cost of personnel post PTV was well explained by the direct. And my doubt is whether this is the next level that should be kept by the company.

So 2 answers. The meaning reservoir, we had an expectation more positive expectation. And -- so we thought we would have the feeling out of the reservoir more quickly. We closed ramps. It was a very on December last year. It was a good decision and accumulation of water due to decline 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 meeting late treatment session to make the distribution. So there were moments in the -- so 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 in the found 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 meaning a reservoir will be personalized in the next few days, next few months. So as long as we have the accreditation of the information that we are receiving. The range of less broad field the reservoir, and we have some -- we are expecting some rantes for this year and what Eno is bringing. So we will see full capacity level, all the work necessary for vegetal suppression, and pavement to bring accessibility, access to the local for the locals for the residents prior to the dams, they were operationalized and they were delivered. And that is expecting to receive rain to fill its capacity. Good morning. When information for your knowledge on 1 day of rain from Tuesday to Wednesday, we had additional volume of when so our reservoir Tatura. So we had to so to figure the reservoir, we need much more. So we need time to fill it up -- fully fill it up completely. About the second part of your question about cost with personnel, the movement of was PTV, which was voluntary severance program, 127 employees left through this program. It Is important for the employees because they live with dignity because upon hiring new employees, of course, the cost is reduced. And our analysis for the future concerning hiring depends first on the need -- on the operational needs of the company of new to have workers. We have to remember that the company has been growing in its operations. So we need to serve their population well and -- but also -- so we also need sometimes outsource -- to outsource some services. It's something that might be more advantageous for the company. So I would say that there is no decision of hiring people that will impact the numbers of the company, nothing will be done without data analysis. Recently, we went through this seller renegotiations with the unions, and we approved all the unions in adjustments, salary readjustment that brings some previsibility that comfort for the numbers for the company to include in its budgets.

So next question comes [indiscernible] investor.

What is the company's strategy to mitigate the increase of 10% of electricity considering that the switch treatment is demanding more electricity.

So the issue of the free market, our expectation is that this free market can keep this decrease. When we were not in the free market, of course, the issue of the price is not the 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 the study for us to be able to have other alternatives, not to be in the current market and have a reduction that is not followed by this adjustments that are authorized by the agency. Our expectation is that continuity in the free market to be within these limits, of course, there are other initiatives like thermal combustion, which are applying in Londrina and Heinrich. And we are studying at every step with technology and innovation, the possibility of reducing these costs that impact a lot our expenses.

Next question comes from [indiscernible]

In the line of provisions of results, the expenses acknowledge of -- is net of the quarter of payments or reversions. I see a lot in payment -- and I just 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 [indiscernible] give 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. So we have to remember that any provision that is that has judicial deposit when it is written off, we have provisioned and -- and then it is -- it brings impact into 2 lines, but it makes sense, your observation that it's net, it's reported as net.

Now 1 question from [indiscernible] investor.

The level of the adjustment is below inflation. SANEPAR understand. Does Sanepar understand that this index was fair.

Yes, the readjustment given by SANEPAR, which will be enforced now in of 2.4% is in line with what was calculated by the company. It reflects basically 2 indicators. One is the issue of IPC of 4.6%. And the other is the electricity cost, which had a reduction last year that we indicated it was below the inflation. That's in line with what was calculated and requested by the company.

[Operator Instructions] Our next question comes from [indiscernible] investment.

The comp -- does the company gain anything gain from the energy saving or decisions taken into.

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

Now we close the session of Q&A question, and we hand over to our -- we hand it over to Abel Demetrio, our Chief Financial and Investor Relations Officer.

Thank you for your participation, and 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 the governance policy with a lot of responsibility, transparency, which makes the company what it is. The biggest company of sanitation in the country. So the expression I would like to leave a final message is that the 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.

The earning results of the first quarter of 2026 is concluded. Thank you for your participation, and have a very good day. [Statements in English on this transcript were Spoken by an interpreter present on the live call.]