Companhia Paranaense de Energia - COPEL (CPLE3) Earnings Call Transcript & Summary

Good morning ladies and gentlemen. It is a privilege to be with you for another [indiscernible]. We are particularly fond of Rio de Janeiro because it is a wonderful city because a good part of our investors are based in Rio de Janeiro. And because today, we are going to have a very important soccer match in addition to our investors, we have here members of the Board of Directors of Copel committees, the fiscal committee, officers and VPs of the partnering financial institutions and members of the press. Thank you to each and every one of you. I would also like to thank those joining us online. During this morning, our main goal is to show you how Copel is preparing for the future, and we have a lot of news. We will present the 2025 Strategic Planning Integration, the new elements of our culture, Copel DISCO, and Copel GenCo plans for the next cycle in our main avenues of growth. But before I begin, I would like to share something very special. I led Copel in the previous phase. I led the privatization process. We did the turnaround of the company. We attracted and retained the best talent in the market to be able to get here today right now. And this is a very, very gratifying moment for me. Myself, my partners and the whole Copel team, where we all want to grow and develop ourselves with the company because Copel is the benchmark in the Brazilian electricity sector. Having said that, let's have a look at our agenda for today. In addition to the opening with Marcel Malczewski, I'm going to have a presentation. We're going to have all our VPs of our affiliates, DISCO, [GenCo] and TradeCo. And after this whole morning session, we're going to have a Q&A session. We will then stop the online broadcast. And for those who are in here in person, you're all invited for lunch. And in the afternoon, we're going to have thematic rooms so that we can deep dive on Copel and debate. So we're going to have a lot of things to talk about, a lot of things to discuss regarding the future of our company. To start, I would like to invite our Chairman, Marcel Malczewski. Marcel, please.

A little hope. Good morning. Unfortunately, this was not the result of soccer. But as I said, Daniel, today is a Fluminense game. It's a pity. I will not stay in Rio to see how Fluminense will beat Flamengo tonight. On behalf of the Board of Directors of the company, I would like to thank all of you for joining us. I'd like to thank you for joining us here, for joining us online. We are broadcasting this session to -- we're broadcasting this Copel Day to many, many people. This is another Copel Day. And the whole [Copellion] team is to be congratulated. You will see this morning and this afternoon that there will be a lot of things happening. There's a lot of information and this one-to-one contact with the top management of the company, in my opinion, will be very fruitful, very productive to everyone attending today. So thank you for joining us. I would like to start and mention very quickly just to get things going. I'd like to say that this Board of Directors of the company has been working hand-in-hand with the management of the company. Just this week, for example, I think that Copel Day is happening in a historical week for Copel. Last Monday, we had a special general shareholders meeting during which we finally migrated Copel to the Novo Mercado of B3. This is a huge stride forward for a company. If you remember, Daniel, in 2019, this was a state-owned company, and there were a lot of issues related to a state-owned company with all the blocks involved with exactly 4 years ago in the beginning of our work today, we migrated the company to B3 Level 2. And 2 years after that, we privatized Copel, as Daniel mentioned. And that was a huge progress in terms of governance for the company. And now we're moving to Novo Mercado. And I would like to ask for a hand for the whole Copel team and our shareholders because I think we all deserve it. Congratulations. Like I said, the Board of Directors has been very active at the company. I think that our investors, our shareholders that are closer to us have seen how close together we work. And by the way, being in Rio de Janeiro today for Copel day is a reason for a lot of delight for Copel because Rio de Janeiro is special for us, mainly because we have a big base of shareholders and one that is very active, very partner and that contributes a lot, and they are here in Rio de Janeiro. Our Board of Directors is very strong, works hard and undoubtedly counted on the contribution of our shareholders, or our partners so that we can put together this Board. We have 5 Board members here, Daniel. If need, we can have a Board meeting today. We have enough to deliberate in addition to the President of our Fiscal Council, who's also here. I just would like to highlight 2 areas in which the Board has worked closely with Daniel and the whole management. There was in the development of the strategic plan, which is one of the focus of today. From the start, the Board has been present, bringing guidelines, discussing parameters kind of pushing the management to get more, to bring new interesting things because until that point, we were getting the low-hanging fruit, doing the work that was absolutely necessary. But now we needed to enter a new cycle and this new cycle needed to be designed and planned. And that's why we had our strategic planning with a 10-year look until 2035. So the Board has been working close to the management. Now without people, without the right culture, you cannot execute your plan with excellence. So another very important project led by Mauricio and also [ Viviane ] in the People Committee, they worked hard on this is the cultural transformation process of Copel have been doing a lot of work focusing on Meritocracy, compensation, performance alignment and of course, culture. And I think that Mauricio will be talking a lot about culture, the new pillars of our culture. Because our company was a state-owned company for 70 years. So the company faces difficulties for the team to start operating with a different framework, a different mindset. And I think that this work is going to be fundamental for the coming years and growth of the company. Lastly, I'd like to say that this Board of Directors is fully committed to the future growth of Copel, fully committed to innovation. In other words, implementing more and more innovation focused on our shareholders' base, improving our shareholders' base. And this Board is not happy with anything less than excellence. We are fully committed to building the best company in the energy sector in Brazil. So again, I'd like to thank you all for joining us, and let's kick the ball and let's put the show on the road.

Thank you, Daniel. And thank you, Marcel. Designing the future. A very intriguing title to kick us off, and I would like to invite you to watch a video of Copel. [Presentation]

So it is spectacular to be living this moment in the history of our company. And what drives me the most is our ability to create our own opportunities. Here at Copel, we design the future, our own future. And I think that the first question is why have a 10-year planning? It sounds so distant. But to us, it's not that distant. And the first reason is that we want to reinforce the commitment of this management and the commitment of this management is with the long-term performance of the company. And secondly, when you work with a 10-year mind frame, you start identifying opportunities that might not be so clear in the short term. You can see asymmetry, trends and opportunities for arbitration that the short term does not allow you to do. Another important ally in the 2035 vision is time, is exercising patience, and discipline for us to find the best opportunities for capital allocation. Ladies and gentlemen, we will not be growing just for the sake of growing. Our mandate as managers and shareholders of the company is to create value. Another important element in this 2035 planning, and [Diogo] is going to give us a lot more on that is that it was built with a proprietary vision. It was done by all of us, our own hands. No one knows Copel, the company's potentials better than we do because we are there. During that process, we put some beliefs to test. The first is that our industry will grow either because we have greater consumption of AI, or because we have more EVs, more electric vehicles, or because we have an increased consumption. The winning companies will be the ones that know how to position themselves that have the best teams and the ones that provide excellent service to their customers. We also stress -- we also focus on the core business of electricity on integrated business generation, transmission, distribution and trading and the synergy that these businesses have among themselves. Agility of Governance of a Corporation, coupled with our market expertise and mainly our people. Look at this photo. This is a manager in the South. She's so energized. And these are our main competitive differentials. And our sector is going through transformations and the reality is in front of us, and I'll mention some of them. The first is that people are more demanding in terms of quality of distribution. Then the need for flexibility and power in generation, price volatility, a growing need from the infrastructure and demand for transmission lines and regulatory adjustments. We are a company that has 7 decades of existence, but we have a long-term vision of the future, and we have an obligation to contribute with regulatory adjustments. I'll give you 2 examples. One in price formation. Price signals have to be connected with market prices. And I go beyond that myself and all Copel believes that we will get to a supply price that happens everywhere in the world. Eventually, we'll get there. Another element that needs to be discussed in -- and you will hear about us talk about UHR reversible hydro plants, how they can contribute to power, either by participating in storage auctions, or as reinforcements and improvements, which is something that Bertol will be speaking about. He will be speaking about these improvements. But these are all structural changes, and they take time to be built. And they need a lot of studying work and a clear vision of the future. By the way, talking about the future, let us remember a little bit of our journey to prepare for this future. One of our main characteristics has been a consistent delivery. This was so during the phase of the structuring efficiency. It has been so in the operating excellence phase. Look at the amount of milestones that we have delivered over the few -- the last few years. Marcel mentioned, but I also am keen to stress the historical fact, which was the approval of the preferred shareholders as the last phase of our migration to Novo Mercado. This alteration from Level 2 to Novo Mercado, just like the change when we became a corporation in 2023, these are in the legacy category. The benefits of these 2 moves [indiscernible], and they will be felt by us and by the future generations of Copel. And this achievement reinforces one of the main characteristics and marks of our management. We always deliver on our promises. We always deliver on our promises. And it is with the same commitment, with the same grit and determination that we start this new cycle, another strategic cycle, cycle of expansion. We have strengthened the elements of our management model so that they can be scalable. We have a solid balance sheet and excellent capital structure and efficient operations. And our growth will come, balancing substantial dividend payouts with good capital allocations, either organic or inorganic. And now I'd like to speak a little about culture. Still kind of touched on that, and we'll speak more about that. But culture is like the soul of any company. We kicked off this new cycle, this third phase on November 7 with our Culture Day. That was an event prepared with the same care, same investment and same production that we put into Copel Day. Because our external audience and internal audience have the same value. They feed on one another. And why are we doing this? Because culture changes behavior and behavior changes the needle of the earnings of the company. So during that, we revisited 3 main elements of our existence, our reason of being values and ambition. So I'll start with our reason of existing. Eliminating or lighting lives so with pure energy. All [ Copellans ] when they wake up in the morning, they know that they are committed with the state of Parana with the national energy sector and with Brazil. Lighting up lives is our connection with society because nothing, nothing works without power, without energy. And these values that you see on the screen, these are the 5 top values for this moment of the company. There are other Copel values that are important. Of course, there are. But as it said in English, these are the core values for this moment. Our strength is our people and customer matters. We deliver extraordinary results. We are moved by the future and safety and ethics are non-negotiable. And over almost 7 months of work, we have a lot of lessons learned. The first of them I mentioned that culture is the [sole] company. And it is the glue that puts us all together regardless whether you've been working for Copel for 30 years or 30 days. And secondly, culture is the only element that you cannot replicate in another company. You can copy processes, technology and our culture. Culture, a company's culture is unique. And for us at Copel culture is more than a concept. It is a competitive edge. For us at Copel, culture is more than a concept. It is a competitive edge when we compare ourselves with our competitors. No company can sustain a management model and a bold ambition if they don't have a strong culture. And talking about ambition, our ambition is to be the company that creates the most value in the Brazilian energy sector. This is a bold and challenging ambition. And that is why we're carrying out so many transformations at Copel. When we revisit our planning, we think about this. When we talk about the base of our culture, we have that in mind. When we speak about our processes for capital allocation, digital transformation, that's what we are thinking about. We want to be the company that creates the most value in the Brazilian energy sector. But the question is, how do we measure that? Because creating value has a number of dimensions. But for us, the main dimension is to create value for our shareholders. And that is why our only indicator for long-term compensation of all managers, leaders and those participating in the action plans of the company is total shareholder return, TSR. This is what better represents our strength. We want to be measured by this indicator. We want to be evaluated and compared with our peers using this indicator. Thank you very much, and I hope you enjoy the event.

I'd like to invite our VP, Diogo Mac Cord.

Thank you, Daniel. Good morning, everyone. Good morning to all of you joining us online. To me, it is a great delight to be here with you in Rio de Janeiro, the city where I was born. After having met with you in Curitiba last year, which is the city that I decided to live in about 25 years ago. That's when I moved at the first time. Now I'm going back to Curitiba. So to me, it's kind of symbolic to see you again now in Rio coming back to my origin city. So I'd like to tell you what we did at Copel since our last time in Curitiba. I mentioned that we worked hard, right, Marcel. We worked hard this year in addition to working very, very hard. We studied a lot as well. In that photo, we see all of us in Harvard. We went to Harvard. And then we brought Harvard to Brazil in this photo. We see Professor [David Shor] conducting a master class that we had with our whole leadership team. And that was the kickoff of our strategic plan. And just out of curiosity, one of the materials that we used for this metal class was a case study of Copel written by Harvard Researchers exclusively for this event, exclusively for the kickoff of the strategic planning. So this was first class material. And based on that, we started developing our strategic planning with a 10-year horizon, aiming at 2035, as Daniel mentioned. And today, after this process, we have a lot of clarity regarding where we are, where we want to get. We want to be the company that creates the most value in the Brazilian energy sector and more important than that, how we are going to get there. Each one of these 60 leaders participated directly in building this material. There was no control C, control V, no external advisers because no one knows Copel better than we do. Everything was done in-house. And now we have 28 working groups. Every group has goals, indicators, and we monitor step-by-step what we need to do to be the company that creates the most value in the Brazilian energy sector. But for us to succeed in this mission, obviously, we need to know the Brazilian energy sector itself very well. And then we have a very challenging reality. I think Andre is going to bring you a lot of other elements in a minute. But immediately, what we see is a reality that is already wasting per year something around 50 terawatts hours. So that equals to Portugal's entire consumption during a whole year. And this situation was caused by a series of different factors you all know very well. Regulatory arbitrage that lasted a lot longer than they should have, but there's no such a huge disarrangement of this magnitude that sustains over time. So the whole point is knowing from when exactly all of this math converges into something that makes sense. What is the point of inflection? For us to have this clarity, we need to study hard. There's a lot of math involved, a lot of engineering. I've said that the energy sector needs to bring math back into the equation, a lot of technical honesty so that we can know exactly what the next steps will be. And then the energy sector says a lot that we are overcapacity today on the energy supply. And people say 20% or 30% because there's a lot of different ways to calculate this. But the most common is that there's an oversupply of energy. And when we look at the chart, we see that we're getting close to 250 gigawatts of installed capacity. And when we look at the maximum load, it's not even 110. So it all seems well. We really do have a surplus of capacity. But [ Diego ], that's the wrong way to look at it. We need to look at average gigawatts. When we take the average load and look at the physical assurance of the plants, it all seems to be well, but all seems like there is no issue. But the physics is [indiscernible]. It doesn't care if on average, everything looks fine. I had a professor that said that the average is a mathematically proven lie. So what we need to look at is second-by-second. On the second-by-second basis, what's the sector look like? And I brought you here February 26, that was the maximum burden of the year. And here, we got to -- gigawatts. And in this day, solar got to -- and wind power, 8. But wind power, when we look at the history, we know that some days, there is wind and some days, there isn't. It's even different than the solar power. It may generate more or less, but solar produces every day and wind does not. So when we look at this load and bring it to a reality, where these reliable sources are, we summed all of the hydro and thermal power installed capacity with the curve of the maximum load and projected a 2% and 3.3% increases, because that's what they use in the 10-year plan. But when we look at 2030, what would happen to the load, even considering a 100% availability, which is very hard to see, even with the sound sources need a margin for contingency. But even considering 100% availability in 2030, if we grow at 3.3% a year, there will be a deficit, a clear deficit of power. And this shows us very clearly what has been repeated with the new strength in this system. When we talk about the cap of existing thermal plants, the existing thermal plants are already here. Contracting existing thermal plants may have a lower value to the system. But in terms of capacity, in terms of the capacity supply of the power supply, it's already here. We need new power. We need new capacities if we want to face this reality. When we deep dive into the hydropower plant specifically, we realized that it has been already operating in the hydro plants differently in the last few years. Hydropower plants today already have a stronger role as offering power rather than energy. And when we look at amplitude, between maximum and minimum generation in 2010, it was 24 gigawatts. But fast forward to 2025, this amplitude is already at 45 gigawatts. And when we look at the profile when we look at the profile of power plants, we see that until 2017, this was a similar profile following this load curve. When we look at today, what happens in the net load, we see already this curve and how it's requested to respond to the exit of solar power and consider that as a huge battery. It's a matter of time to officialize this maybe with capacity reserve auctions for the existing hydropower plants. But until then, what we will see power demands for storage system. This is already happening in the world. It's not only a Brazil reality, this advance of intermittent sources over the years. Considering in the case of Brazil, the problem is a lot larger than on the average for the world. We already have 40% of our intermittent source getting very close to this percentage. And the [indiscernible] is the better technology. And in the world from 2018 to '24, when intermittent source grew so much, there was 123 giga of batteries versus only 29 of reversible hydro plants. But when we look at the storage capacity, things change. When we see how much energy a battery system can deliver versus a reversible hydro energy, you see that batteries deliver 326 gigawatt hour and reversible 580. And we see that on average, every gigawatt of battery installed in the world delivers 3 hours, while reversible hydropower plants deliver 20 hours. So that shows batteries have a series of benefits. They're quick to install. They are capable of delivering power maybe in 8 months, 12 months. They're very good for a 100-meter race, but the reversibles are capable of running marathons. It takes longer to install. But once they get into operation, they can run a marathon. And what we need in a system that already has 90% of intermittent is to have a lot of marathon runners in Brazil. And there's another aspect that's the environmental disposal. What are they going to do with all those batteries? I won't even get into that. So when we look at what Copel has to offer in this environment, I have no doubt that today, we are the company that's better prepared to respond to this reality irrespective of the voltage deficit in Brazil. When we look at only the 3 main power plants, our 3 main power plants, we can see that [indiscernible] and [indiscernible], as you know, are very well prepared for that now in March next year. And when we add [indiscernible], that's a project that's in the oven for new auctions, these 3 combined already have 2.7 gigawatts of installed power. And to give you an idea of the magnitude of this number, if that was one single hydropower plant, it would be the eighth largest in Brazil. Only considering the increased capacity of these 3 power plants. And when we look at the reversible projects, Copel is a pioneer in this technology in Brazil, and we already have a pipeline of more than 4 gigawatts of installed power that could enter into new future auctions of energy storage. And there's an important point here that the reversible hydro plants have a synergy, Daniel. With our reservoirs, our transmission systems to make the most of our flow margin. So the teams that are already at the main plants have and bring a very important synergy for us to make the best use of all of that. And that's why the main path for growth in generation for us is to use the hydro source. There's -- it's not -- it's unmistakable that what Copel has as an advantage as a competitive edge is our technical body, our pipeline, our assets today, and all that makes Copel the best, most prepared company to help Brazil in this power deficit, even considering the concessions that expire or mature by 2035 with plants with more than 300 mega is 12 gigawatts and another 4 gigawatts of smaller plants. So it's 16 gigawatts in total that will mature in the next 10 years. When we look at transmission -- the power transmission, it is very clear the difference that we have in energy power generation and the load consumption is still far from the expansion frontier for generation. So for a long time, we will still have a demand for new investment in transmission. But what's the problem here? We know that the auctions have been increasingly more competitive with tighter margins. And maybe the main opportunities that we see in the transmission segment may not be in the short term with the auctions, but on the medium term in a move that can be avoided to consolidate those 25 different players that joined the auctions on recent years -- in recent years. In addition, we also have 10,000 kilometers of power lines of the grids that expire until 2035. Now when we look at distribution. The moment we have right now is unique, one of a kind. For those who follow the energy sector for longer, remembers well the first contract arrangement we had in the 1990s, breaking this verticalization, a new model, the beginning of privatization that was the first big cycle of energy distribution companies. When we go to 2015, we had the second cycle that was the renewal of those 20-year contracts of the first cycle, but already having a much higher [VaR] already including in the agreements, the obligations to deliver quality and financial economic indicators that trigger maturities even. The second cycle was also followed by some privatizations. Copel closed its cycle when it became private with a much higher [VaR]. And now in this third cycle, the renewal of those 30-year contracts from the first, the [VaR] is even higher. So what we see here is a move where only the companies that have understood how to deliver quality in the energy distribution sector will be able to make the most of it. Those who have not yet understood how to deliver quality will naturally end up leaving the market. So both in transmission and distribution, all of this move until it materializes, we believe, right, Daniel, in the organic investment, so [indiscernible], I'll show you -- they will show you how this pays for itself. And in trading, we have the imminent opening of low voltage now. Copel is one of the biggest trading companies in high voltage. We already have national presence. But when we look at the low voltage, we see that in the state of Parana, we are fully prepared to make the most of this new market opening moment. You know that we are not paid at the end of the energy fair. It's all based on the [indiscernible] So getting into the free market in low voltage, especially in Parana, considering our 71 years of history and how people in Parana like Copel, brings us a huge competitive edge when fighting for this new free market that opens in Parana. We're talking about 25 terawatt hours in the regulated market and an additional 15 in the free market. So that's a lot that we have. So I talked a lot to you about the future. And now I bring a little bit about the present, what we're doing today at Copel. And [Diogo] even the long term is made of a succession of short terms, right? What we're doing here, what we're doing right now is even to be prepared to be able to get to that future. The last Copel Day, I think you remember the move we had for the consolidation of our assets and to rearrange the portfolio. Since then, we closed the asset swap with eletrobra, the sale of small assets. And now we signed more recently our distributed generation assets leaving that segment. And we also signed and closed an operation that was very significant and a lot of you saw in record time, we signed and closed [indiscernible], where we acquired share and sold it right afterwards. And a series of moves that make it clear how Copel can respond today a lot faster to the best opportunities that show up in the market. When we look at our app, our super app, that was also one of our promises for last year so that we can have this direct connection with our customers, we also made great progress. We reformulated the app. And today, we are the app with the best evaluation, the best assessment in the app store among energy companies, and that brings better communication with our customers. We had a pilot now offering insurance to our consumers. We have 1.8 million active users in this app so far in 2025. We have 1.4 million users who opted in when they asked to receive offers of new products, new services. We had a pilot of insurance sale, and it's growing at an amazing 30% a month since launch. So it's very positive results. And this communication, the contact with the customer will be essential for us to make the most of what we had in the previous slide on our trading opportunities. And since I talked about the app, let's talk about the major systems we have at Copel. In March, Copel created Copel [ Beyond. This is where people work there. That's their area. It's the biggest digital transformation program in the electric segment right now. We are updating all of our main systems. ERP, billing, all of the main systems are being updated. But much beyond a software update, we are taking this opportunity to revisit 100% of the company's processes, all of them. It's not a platform update. It's all of the processes. They are being reanalyzed questioned, do I need this process? And those that we do need, they are being digitized, automated. So very relevant moves that we are going through in terms of digital transformation. And in innovation, those of you who are here in person walk through an immersion tunnel. If you're online, before you get to this room, there's an LED light tunnel showing 9 real-life cases, projects that Copel is developing within our innovation platform. Innovation for us must bring results. Innovation for us is not just featuring the cover of a magazine. For us, innovation is the bottom line. It's the balance sheet, it's results. It's not a buzzword simply. And each project must be classified within one of these fronts, either it brings increased revenue, or cost reduction, or operational excellence, period. So very objectively, this is how we face and deal with innovation. It's based on results. And to conclude, I think Daniel, here, we have a journey that is very objective. In 2025, we had a moment where we were gaining efficiency. And I think you will agree with us that we were very successful in this mission. We delivered excellence. We delivered efficiency at Copel. In '26 will be the year for us to scale this up to use this method, to use this new lighter efficient, profitable way of working to new projects so that we can gain scale. And with that, in 2035, we are convinced that Copel will be Daniel, Marcel, the company that generates the most value in the Brazilian energy segment. Thank you.

Congratulations. Just a second before you step down, Felipe is coming up. To summarize, congratulations on your work because it's a huge VP area with the strategy, new business innovation and digital transformation. So you saw it a lot, but he's very -- such a competent person as you have a lot of growth in terms of power and voltage with a reversible concession and distribution transmission, we see that there's going to be a consolidation of the market, and that's our competitive edge. And this also to ask you, recently, we saw [ MP ] or the [ Bill 1304 ] that's to be sanctioned by the government, and it includes the possibility of renewing and rebidding concessions.

Can you share with us our view about this?

So 1304, this bill brings the mechanism that allows these concessions that are expiring to be renewed. But this renewal in a broader sense was already permitted. So in our base scenario, nothing really changes. And the way it's written sets forth very clearly that it can be renewed or reaction, and that will depend on the regulation. And knowing the Court of accounts, as I know, I think it's very unlikely that they would allow renewal without going through a competitive process. As we see right now with -- the highway industry, for example, even with bilateral negotiations, the Federal Court of accounts still requires this path of efficiency in the market. So it doesn't change anything in our base scenario. We remain very optimistic that we will be able to make the most of this.

Thank you, Diogo. Congratulations. Now our VP of Finance, CFO, Investor Relations Officer and Supply or procurement. Congratulations on this wonderful event.

Well, I'm so glad to be here with you. I feel like I'm home and today with 50% more investors in attendance than last year, Daniel. It's amazing. Now I need to start by saying that I never imagined I would see the orange broadwalk of [indiscernible], but Copel is so extraordinary that it's not only [indiscernible] who's orange today, Rio is orange. But now I must tell you that Copel Day last year we shared a series of initiatives in the financial front. And today, we are very proud of these deliveries because our shares went up 60% in the last 12 months, 60%. As you can see here on this chart, we exceeded by far the electric sector index, Ibovespa. And these accomplishments, the -- they've resulted from important landmarks. We started the buyback program. We announced in May as promised, the optimum capital structure. We implemented a very robust dividend policy, the boldest in the sector. And we announced the migration to Novo Mercado, migration 1:1 and another ordinary shares of BRL 0.7749. And on November 17, on Monday, we approved this migration to Novo Mercado, 3 big landmarks. But we didn't stop there. We announced the value in the last 12 months. We are the best investment in the Brazilian Electrical segment in the last 5 years. We generated 162% of value. 109% came in terms of capital gains and 53% in shareholder remuneration. And how did we do that? We did that by engaging a highly specialized team, reducing costs, tackling inefficiencies, recycling low-return assets. And now in our view, for the next 10 years, and that's why I can tell you confidently that a new compounder in the sector is born, and we're going to build this compounder based on 4 main pillars: operational efficiency, which we already executed, it's tangible, and we will continue to do that. That's our focus. Reinvestments, that bring high returns, especially in our organic CapEx base, optimum leverage, a result of our optimum capital structure and consistent returns. It's the function of our analytical rigor, the discipline in capital allocation and very lucid strategic thought. But starting with efficiency, we will deliver our target to reduce 20% PMSO. As we mentioned last year, we will continue to adjust our workforce, but I'll show you the initiatives of 2026, long-term contracts, logistic optimization of our suppliers, reduction of the cost -- unit cost optimization, commercial costs and sale of real estate. These are the 5 main initiatives for 2026. So we are changing phases. We are leveling up on the game. We are coming from that strict vision in this view of cost reduction to capture financial efficiency. And here, 2 new indicators arise, free cash flow and ROIC. And these 2 dimensions, we replotted our comparative analysis. And here, we are building the gears of this compounder. We don't have a medium ambition. We have the ambition for extraordinary results on the next 5 years. We will be at the highest upper right quadrant where companies with high return and high free cash generations are found. That's where we're going to be. But the KPIs are not the only things that became sharper. We've implemented the state-of-the-art in terms of investment analysis framework. Now it has a combination of global investment analysis solutions with proprietary models, an approach that is databased, combining a deterministic and probabilistic view that strengthens our analytical process. You can see here that we have agility, the process becomes automated. It enables us to manage capital strategically in a precise way. And we start having one single methodology to analyze investments in all our business units. But it doesn't stop there. We also increased our accuracy in the minimum rate of return for every project we adopt for every investment we make, starting with the discount rate. We stack the risk spread to get to the risk of the security and anything above that spread we include the spread of the project for every project. We plotted in a risk impact matrix, and we add this spread end-to-end, we include the cost of opportunity, which we achieve by exercising market intelligence. And this ensures that our minimum rate of return required is always above the risk of the security. And that allows us to have a high return allocations. It's not just discipline. It's not just choice, but we can be very lucid in executing the CapEx, which, by the way, we monitor regularly with our post-investment review sessions. And it is with this kind of clarity that I share with you the financial structure of the company for the coming years. It's based on 3 pillars: natural deleveraging of the company when we review the remuneration base of Bradesco, a program to reduce costs, which we have implemented already, and we will continue to focus on that in a much more positive outlook for energy price than what we are living now. The other pillar is optimal capital structure with optimization of equity value and the third pillar. Our dividend payout policy, which is very robust, and it is a tool to optimize capital structure. And as Daniel said, the company has a very powerful position that allows us to be great dividend payers and also to tap into opportunities for capital allocation that will bring us high return either through organic investments or inorganic investments. So we will continue to exercise options to unlock value. And in the short term, I want to bring you 2 examples. First, migration to Novo Mercado, which will be completed by the end of December. With this migration, Copel will become one of the top 20 most liquid companies in the stock exchange, among the top 3 most liquid in the Electricity sector. And with a solid and robust remuneration of our shareholders, including the proceeds announced yesterday of BRL 1.3 billion, the redeem of the PNCs, BRL 1.3 billion plus the share buyback at the beginning of the year. We put it all together, we have BRL 2.5 billion in remuneration of our shareholders. And for the coming years, how are we going to unlock value? We have already identified a cycle of high return organic investment cycle. Investments concentrated on distribution, some improvements, reinforcements in transmission and modernization of generation. We will be investing BRL 3 billion in 2026 and BRL 17.8 billion from 2027 and 2030. And what is the rationale here? We have room to organically invest in distribution with high return. We had one of the most appreciated business in the country, and we operate in a state that has a tariff or per capita income, which is one of the lowest in Brazil? The investments in reinforcements and improvements in transmission with high return capital allocation, low risk and no competition. And in generation, the focus is modernization and increase productivity and availability, improving operating efficiency and above all, potentialize our competitive advantage of hydroelectric generation in the southern submarket. But we also unlocked value with strategic IR. And last year, Copel Day said that IR was present, and we had to work hard. Well, in the last 12 months, we attended 12 conferences -- we had 12 NDRs and site visits. We had 1 meeting every 2 business days, and we traveled 150,000 kilometers, 4 times around the earth. And by doing that with a focus and objective to bring to our shareholder base, global qualified long-term shareholders for the first time in the history of the company in June of 2025. We now have the majority of our shareholders being foreign, 53% being foreign and 47% being domestic investors, local investors. And to end my word, I would like to say, why is it that we believe and trust our ambition, our bold ambition. Well, Copel has a simple thesis, low execution risk, coupled with a very robust capital structure. We have a strong dividend payout policy. Our capital allocation is very disciplined. And we have clear tangible growth avenues for all of our business units, as you saw in Diogo's presentation. And that is why I believe, we all believe that Copel will be the company that creates the most value in the Brazilian electric -- in Brazilian energy sector.

Congratulations, Felipe. I have one question. Actually, just one comment. BRL 2.856 million that Felipe mentioned, this is a normal reference considering our 2023 Copel Day as part of the structuring efficiency. And secondly, we just communicated a second investment cycle for the next 5 years.

[indiscernible] and Diogo will speak more about that, but these are organic investments. And it was that space, we envision another very robust investment cycle with very, very low risk, and this will drive operation.

Okay. Comment is over. Another question. You talked about BRL 2.4 billion, considering dividends and optionalities, share buyback and the PNCs. And this is not considering the second event in 2025. In parallel, there is a discussion of the sanction of the taxation of dividends. Tell us about this discussion.

This is a simple issue in the market. Everyone knows how to do, actually not. This has not been approved by the President. There are many dimensions being considered. Of course, we have to consider our investors base. And of course, the company has reserves, but what is the path to follow considering our optimal capital structure and our dividend policy. So Daniel, what I can tell you is by year-end, in the coming weeks, we are going to have some news about that. So we'll have news?

Yes, we will have news on that. Now, People and Management and Marcia Bena, our VP of People and Management. Marcia?

Thank you. Good morning, everyone. Good morning, ladies and gentlemen. It is a huge pleasure to be here with you. It's beautiful to see a full room here in Rio de Janeiro. I'm very excited to be able to tell you a little bit of the work that we are doing. This is my second Copel Day. I had a little over 60 days at the company in the first Copel Day I attended, now a little over 14 months. So a lot has happened. Last year, I started my presentation saying that culture was my #1 priority, and this continues to be true. Many tangible changes have started to happen, but we still have a very important journey ahead of us. As it was mentioned, earlier today, we like to understand culture as being one of the few or perhaps the only business element, which cannot be replicated from one industry to another, from one company to another. And that's why we understand culture as being the soul of an organization. Why the soul? Because it touches beliefs, behaviors and emotions. And because it is so unique, when well worked on, culture becomes a competitive advantage for the company. And this is what we are pursuing at Copel. I do not need to speak to you about all of the changes we have lived through. We are living a new scenario, either because the world has changed,, because our segment is changing or because Copel is changing, with this as a backdrop, I can assure you that both myself and my colleagues, we are convinced that for our business to continue to gain relevance, our culture needs to change together with us. And 2025 became a year over this topic, was getting a lot of attention for several reasons, one of them because that's the year when we chose to revisit also our strategic plan. To us, culture and strategy will always be seen as 2 agendas that will get the same level of priority because they're interconnected. They feed on one another. They both look at the future, strategy, looking at our ambition, culture, looking at our reason of existing. And when they meet in the medium term, that's when the thesis is confirmed, and that's when we can deliver on our promises. And this is what we are doing at Copel. In that regard, we chose to review our culture as it was mentioned earlier today by Marcel and by Daniel. And we decided to go down this journey in a way that it would reflect what we want to be as a company. So our people are the leading role here. We chose a less hierarchical model, a less command and control model. But for this to happen, we invited the whole organization to take part in a diagnostic effort in a co-construction. The good news is that the organization responded well. We had 65% of people joining in the quantitative phases, more than 300 people participating in the qualitative phases in focus groups, interviews and workshops. And this process helped us broaden the way we see our culture. In addition to our people, the Board of Directors and CDG also here, they also played a very active role in this process. This process helped us see some things and reaffirm some of our convictions, some of them. And one of them, our people are very proud for working in our sector, and they are proud of the pioneer brand that we are and also our focus on results and on customers. And we can potentialize our passion to have this orange blood. I don't need to explain to you what is -- what it means to have orange blood, is to be working in energy. And I would like to ask for your attention to show you what happened on November 1 in Curitiba. [Presentation]

Can you tell us about how that event went?

Well, everybody was very excited, excited not just because of the event, but what it represented and the repercussions. No change happens if people are not willing to change. And that was a moment when we could trigger the goodwill of our people. Up to 600 people attending in person and more than 1,000 people who also joined online because we had an online broadcast as well. And we had this emotional connection with every Copelian, and this is going to give us traction in the changes that are coming. But I'd like to say that this is just the tip of the iceberg because what matters is everything that is underneath, everything that is sustaining this transformation. One of our values is our strength in our people. And this is a leading theme that develops with the business. In 2025, we had almost 370 promotions. Of these, more than 60 were full leadership positions, close to 1,000 internal movements and 391 scholarship. And this is just to -- for the Copelians. But 2025 was also the year where the blend started to happen. We believe in the power of blending. Those that are already with us and the newcomers. We had up to now 390 new hires, more than 60 new managers admitted. By year-end, we should reach 400 new hires. That was the year when we could test the power, the strength of our employer brand. And I can tell you, we have a strong employer brand. We attract people from several places in the country from different segments and industries with different expertise. Today, we don't speak just the Brazilian accident of Parana state. We have accents from people from all over Brazil. And here in this photo, we see Maria. She's a CSC leader. She had 4 months and with the company in training from our auditing team with 22 years of service, both of them clapping, both of them excited with everything we're building. In 2025, we reviewed 100% of our organizational structure. We continue to invest in the development of our people with more than 144,000 hours of training, and we start having other gains such as reduction of absenteeism by 25% from 1 year to the next, but these changes don't stop here. I would like to tell you a little bit about our compensation strategy. I will always talk about the importance of correct incentives to strengthen culture. Last year, I spoke about the strategy focused on the C level. The news here is now we have a new compensation strategy approved for 100% of our employees. And as you can see here, this is a strategy where short- and long-term incentives gain relevance as the position gains more weight in the organization. But please note that at all levels, there is an important part of compensation, which is linked to results delivered. This means meritocracy, meritocracy in practice. This means focus on the results, and it means alignment with our shareholders. When we speak about long-term incentives, the program maintains the same characteristics that I presented last year. It is a performance share. PSR is the only performance indicator without safety net. The news here is that this was extended to other strategic levels of the organization. Our short-term incentives or as we call them ICP, that underwent structuring changes. I have 2 programs, one that is more relevant for the individual employees and the other one for the leaders. We unified the indexer. We need to have everyone aligned on the same page, everyone moving in the same direction. In addition, we also unified a minimum trigger for payment. Copel had a trigger, but it paid. It paid less, but he paid in any situation, not now. Now we need to have minimum achievement for compensation for variable pay to be distributed. Again, we are focused on results, meritocracy again and again, alignment with our shareholders. Of course, this is in different implementation phase for the different levels in the organization. For the C level, we are close to finalizing it. For the rest, we're still on the way. You mentioned. You mentioned the PLR. The PLR is the profit sharing program. This now has been unified. Everything now is linked to performance, yes. But the work doesn't stop here. I would like to tell you that we also did a significant review, a very relevant review in the way in which we define and cascade down our goals. You can see our strategy being translated into objective targets for the whole levels of the organization, all the way to the crews. Everyone understands their role, their contribution and how they can help the company achieve our intended results. And this model balances meritocracy but without losing the sense of collaboration. So let me give the example. Vice President, 50% comes from attaining the goals. The remaining 50% would be the average of the immediate superior or manager, for example, 50% comes from their own work. The remaining 50% is the average from all the people they report to. So I have an incentive to help my bosses in addition to my own goal book. And we have more than 257 books of targets, 1,368 targets and close to 600 unique indicators. In this phase of defining and cascading down the goals, other changes were made. They are quite relevant. First, we chose to provide more focus. We reduced by 30% the number of targets in every book. Focus is fundamental in the company that wants to deliver results. In addition, we changed the goals. The goals had an almost 60% reduction in project targets. And today, 93% of our indicators can be monitored monthly. Before that, Copel has many targets that are annual in annual targets. You cannot monitor them along the year. We also ensure that these indicators will measure and cover the main strategic dimensions of the company. So we see financial dimension, 50% weight and 15% customers and market, 15% internal processes, 20% people and safety, plus a promoter or reducer with ESG that can drive our book by 5%. And lastly, we have management rituals, discipline in the way in which we follow up, we monitor our targets and our indicators. Well, to end, I would like to say that we are building something new to transform the company. We're building a way of being unique, but also a way that can be scalable and replicable to other situations. And our way of existing will always be based on 5 top dimensions, a unique, strong, energized culture, a vibrant one, high-density talent so that we can sustain our growth, leaderships, leaders who are more than just managers. Processes, which are simple and smart and innovation, which creates value and moves us towards the future. I would like to end saying that until now, we have been working with a pace, method and intensity. This will continue to be our pace, our rhythm because we're building the company that will create the most value in the Brazilian Energy sector. You can believe in that. Thank you very much.

And Marcia, being responsible for people and management is -- all of us are responsible for that, but you're leading this area. And I would like to take this moment to publicly acknowledge you for the transformation that you're leading together with all of us, but you're leading the way. Thank you.

And now to end the morning panel, we're going to have a quick break after this last part, and then we'll come back with the second block. But to close the first block, Yuri Ledra, our VP of Legal and Compliance, tell us how Legal and Compliance have been an important tool in our journey?

Good morning, everyone. I am very excited to be here with you for the first time in the history of Copel Day to speak about Legal topics and Compliance topics. In my 17 years in the Electricity sector, at Copel, I have the privilege of being able to lead a complete transformation of the VP of Legal and Compliance, implementing a new culture in an area, in a department that was seen just as a support function. The department that was called the department that puts out fire and that tells you that you cannot do anything. We want to transform this with unique and pioneering elements. And these are the unique elements that I would like to present to you today. As part of our day-to-day, based on this new culture for Legal, we have 4 pillars that base our day-to-day actions. First is a leading role; second, strategic legal; third, integrity; fourth, result-oriented management. The first and perhaps the most transformational is taking a leading role is to be working side-by-side with my colleagues in the most material topics of the company. And as a first step to achieve that leading role, we kind of changed the focus of the team. 90% of Copel lawyers worked on litigations and lawsuits. Now we have a consultative department that can provide precise consulting, clear consulting based on adequate contracting models that will ensure that will give us legal assurance regarding our decisions and actions. And also, we left the office. Institutional visits became a routine. And now we are again building strong ties with our main legal stakeholders. And by taking this leading role, both internally and externally, it was only natural that the strategic vision would come to the surface. And that is our second pillar. To illustrate the strategic vision, I would like to bring you an example brought by Diogo, our recent Baixo Iguacu deal. We had the closing on October 23. In a matter of 15 days, a record period of 15 days, we exercised the preferred option of buying that plant, 300 megawatts. And we, at the same time, sold it to a new entrant in the Brazilian market. With a completely new deal, new contract and also still the 15 days -- within the 15 days, we were efficient to map all of the risks, how to mitigate them, and we took that to the top management so that they could make a decision in record time and with safety. And this is the new phase of Copel's legal department with strategic vision, with excellent execution and an optimal balance between the lawyers' approach of being the guardians of the law in the commercial view. For the third pillar, we have integrity, a company as large and ambitious as Copel must have as a minimum license to operate integrity. And at Copel, it is present in all levels, both internally and with our third parties, our suppliers and our stakeholders. I note here that we approved this year the code of conduct for suppliers that's applicable to all of our suppliers. And finally, we have results management. Within our litigation portfolio that's significant, and I'll show it to you later, we adopt a management that's based on data-driven decisions that's a pioneering aspect that's not as common in legal departments, especially in the energy sector. And this has brought concrete results that I want to show you today. The first one -- and we have 3 objectives here in this results management. First is to reduce our portfolio of lawsuits that's always been very robust due to the distribution business. The second is to avoid losses. And the third is to increase revenue. And the first objective that's to reduce our portfolio. Since privatization, we were able to reduce 25% of our base. We had 46,000 lawsuits when we privatized. And today, we have 34,000. That's a live number. It changes every day with lawsuits coming in and going out. So we were able to reduce it consistently in a perennial way. As to preventing losses, we have another very relevant indicator to share with you. Since privatization, we've reduced 50% of the impact on the balance sheet of the company's provisioning, reducing basically BRL 1 billion in this impact. And we reached this incredible 50% result basically by the cleaning of the major actions of the company that are already at the final stages. And every month, we continue with smaller actions aimed at reducing this impact. And finally, maybe one of the most extraordinary results here, one of our objectives, as I said, is to generate revenue within Legal, even though that may not seem common, we've been able to recover BRL 160 million since privatization. And this is not about reverting the balance sheet. I'm talking about values that were accounted for as losses, especially delinquency of large customers. And through collection actions and execution actions that were very firm, we were able to bring this number to the company's cash position net. And what's most impressive is that 50% of them were achieved this current year, and we're only counting until the third quarter. So you can see the geometric progression of this growth by the end of the year. So we've only been able to reach these results as a consequence of our management based on 3 factors: rigor in this management, the cleaning house policy and finally, the excellence in execution. So what I showed you in the present of what Copel's Legal department has been doing so far. But what about the future? How will our department allow Copel with its objective growth actions? And I'd like to conclude my presentation by sharing with you our strategy for that. So for Legal, to continue to guide Copel, steering it to reach the growth -- organic and inorganic growth levers, especially with M&As, we're implementing and streamlined perennial internal team that's high performing to manage the major transactions, the M&As and the complex contracts that come up. We know that these opportunities, especially M&A opportunities are very rare, the good ones. And when they come by, we must use the same example of what we did at Baixo Iguacu to have a very fast risk assessment, bringing mitigators. And after the okay from our higher management, we must execute an impeccable contract with a lot of attention to details, guaranteeing this opportunity. And with that, we will become a unique pioneering department. And it is my commitment, myself, Yuri to always be innovative and strategic to ensure Copel's growth, but without letting go of legal security. Thank you, Daniel.

Congratulations, Yuri, for your work. So we are on time. It's 11:05. I thank you all for this first part of our meeting. We are going to go on a break because there's a lot of investors both nationally and internationally following our presentation online, and we will be back promptly at 11:20. Thank you, and everyone who's here is invited for some coffee. [Break]

So we are back for the second section. People are just getting settled for those who are seeing us online. Once again, thank you for your attendance and participation. We have a great panel right now. He is what? 6-foot what? Andre Gomes, our -- Andre, this is the clicker. Our basketball player. So Andrea, please go ahead, Regulation and Market.

Good morning, everyone. It's a pleasure. Good morning to my colleagues here. It's a huge pleasure to be here again. The second consecutive year of Copel Day, one of the better ends of the C-level. Felipe and I joined later, so so I already feel like a veteran here at Copel now. With the responsibility of keeping the energy up after the break, the first section was great, so keeping up focus and energy. People are still coming in. Please come in. Take your seat. I'll take it slow until everyone sat out. So we'll talk a little bit about Market and Regulation -- Regulation and Market. It's always a thriving subject. Everybody is curious about how the industry is and the reforms. So I'll talk a little bit about that. But before, I would like to talk a little bit about the regulatory action, Marcel and I are talking a little bit about that. We were talking about this on the break about the regulatory activity and what's the regulatory activity that brings value to the company. So I'd like to tell you a little bit of how it stands today at Copel, our view about this Market and Regulatory position. First, it's a very adequate structure. We must have a structure with the right talent to promote synergy. So what synergy do I mean? When we have a VP in charge of generation, transmission, distribution, trading and market, we start to see an integrated view. Having this integrated view guarantees a single thought or rationale for Copel. So when we talk about all of that, we're talking about Copel. We're not talking about segments. We're talking about Copel. So what Copel stands? How does Copel create levers? How does Copel create value? That's the integrated view. And why is this view important? It's because we can get ahead of things. It's not protagonism for the sake of protagonism. It's too advancing, anticipating the moves that will happen. It's how to have a prospective view of the market of the regulation that makes a difference today. It always has, but it is becoming more and more important to make a difference. So when we look at the presentation that Diogo gave with the growth avenues, for example, how do we go through all of these growth avenues, anticipating trends and prospecting new regulations. At the end of the day, what matters is the impact that we cause in the sector. Is your opinion relevant? Do people listen to you? Do people call you? Do they call Daniel? Do they call the other partners here? Do they call me to understand Copel's position on a subject? That's what at the end of the day, matters in this action. That's how we measure the market's regulatory action if you effectively are making a difference in the sector, if your opinion counts. So this regulatory actions, activities is what dictates the avenues for growth that will help build Copel as we are building it now and the Copel of the future. But obviously, we must also mention the huge novelty in the segment after many decades, we are leaving the new model terminology, and we hope that we will have a new mark, a new -- there's an injunction at 1304 that still has to be sanctioned this morning, very worried whether or not there was any news published in the official gazette because it would make things completely different. But still talking about a hypothetical scenario because it still needs to be sanctioned. But it brought -- this injunction brought some topics that are relevant in terms of Copel's business. There's a lot of different areas, but I bring the ones here that are the most relevant in our view. First is the opening of the market. Diogo talked about it. Rodolfo will talk a little bit about it as well. Of course, this was widely anticipated. We've been waiting for this to happen for a long time with more feasible terms. In the first version of 1300, the terms were very tight. Now it's feasible. There's a path for this market opening and a unique opportunity for Copel to be able to take its position in this new market that will be opened. The second point is very clear how hydroelectric power plants are valued. We talk about the operational reserves to be considered. We talk about ancillary services, the inertia of the system. We give inertia to the system for decades. But hydroelectric power plants, there's that view, Diogo said well that for a long time, it's been kind of hidden. They're there doing their work, but now is the time for the hydropower plants to show the work that they do. And this injunction 1304 brings that strongly, this -- giving value to hydroelectric power plants. And Copel with the hydro park, now is the time to make a difference. Now curtailments. Curtailments more controversial. It's been -- some people are -- want to do it and some don't. This is just an example, okay? I'm not saying who wants what here. But we have -- it's divided, but the fact is that this topic is being addressed. The question is whether it's going to be addressed extensively or not. That's the controversy here. And I think that's the main point. Everybody looking forward to the presidential sanction. On the other hand, at the same time, it's an injunction that brings inflexibility. We're talking a lot about flexibility, and we'll talk a lot about that, so the system requires, but it has some compulsory aspects to some sources still with that rationale of the electric sector is trying to fit other things into it that will bring systemic challenges. We are challenged systemically, and I think this lack of flexibility will bring additional challenges. And finally, I think that we still require -- there's an absence of economic signals and stronger prices -- price signals. I think we're still kind of uncertain here in the electric segment, and we're pushing it. And we missed the opportunities that we have to solve this. We could have given a stronger signal or an indication for microgeneration, for example, but we were not able to have that in this injunction. We need to have an indication of the economic signals. We talk about the valorization of hydropower plants. That's a very strong agenda for us, and we took the first step with the operational reserve. But what else are we going to work in the next months and years to value hydropower plants for this value. And you talked about curtailment and the discussion is whether or not this is going to go through. We're waiting. But in any way, it's already a progress to address hydroelectric power plants. And in the energy side, we don't have a position on that, but it's undeniable that if there is -- if this amendment is sanctioned, the consumer is going to pay the bill. Obviously, it's something we've been seeing. Some people argue against it, but it's something that we can't argue with facts. The first thing, I will need an additional minute here. This is a very important topic. So yes, since you're timekeeping this at a minute for my time. But I think on hydropower plants, Daniel, it is to effectively compensate the service of hydroelectric power plants. We give stability to the system, and we have, for many years, been providing this service, but it's done free of charge. And I think that's what we need to work on. That's what opens the door here with, of course, this credit regulations, and we need to work strongly to achieve this valuation. It's the effective valuation of the service that hydro provides pretty much free of charge today; And I think that's the main door or window that opens for us. So moving on. Still talking about the sector. If we consider the current scenario, we already see a marginal expansion cost in the future, BRL 250, BRL 270. I'm not talking about price. It's the marginal expansion cost, effectively considering the offer that the supply that comes in and the aggregated physical assurance. So trying to be very technical. I'm normally not as technical when I speak. But here being technical, it's this expansion marginal cost, and Rodolfo is going to talk about price. But it's a fact of how things happen. Something good came of it. First, of the hybrid. That's the first chart on the left, you see the relationship between this PLD and the charges of the system that are very much together that reflects on the system operation. Do I store water or not, thermal dispatch or not. So that brings a bigger adherence to the operation model. But on the other hand, there's still an absence of economic signals, as I said, on demand. As this chart on the middle, you see the increase, the consumers that migrate to the free market still increase consumption at night. So you don't have a clear signal of where you want them to consume or that famous duck curve that Diego showed and it stretches the neck. In 2029 on the last part of the chart here, you see there's a stretching the neck thing because there's no adequate price signaling. And we'll be talking about how we need that for the flexibility in the capacity auction and the entry of the other plants that we will add capacity to the system. And this neck here that I joke with people about, it's the ugly duckling. It's not becoming a swan with this neck. It continues even an uglier duckling than it was in the beginning in 2021. So that's I think that here, we bring the situation, what's happening. And this is clear. We changed the traditional ways of generating and consuming energy, especially with the market opening that's coming now. Forget it, it's a different sector. It's a different way of doing things, and we need to face that so that we'll be able to address it adequately, the future of the sector. The sector has changed. All of the traditional things have changed and will change with the market opening. But there are some things that are a paradox. You see here on the top that the share of hydropower plants in the mix, we project for 2040, 27%. But we are certain that HVPs will be the main players in price formation in the future. The flexibility we talk about, HVPs will bring a lot. So that's kind of a paradox, right? Those things that we see in the electric sector, this paradox that we pretend not to see, but it's there. So how this paradox occurs, if I will need hydro so much, but that's the projection we have. So today, whoever dominates climate, flexibility and new technologies is the player who will make a difference to the sector. That's the player that the sector will demand. So there will be higher -- greater price volatility and the opening of new markets on the same proportion. So to dominate the sciences here is what's going to make a difference. And we're already doing that, and we'll continue to do that. We already have an integrated research area integrated to regulation separate from middle office. So that research focuses on the model chaining and the proprietary price view, embarking AI and meteorology. We also have two meteorologists for this area, and that's what's going to make a difference. That's what is going to make a player significant in the sector. So we were talking about that, but now changing focus. Let's talk about regulation. Talking a little bit about the regulation of distribution specifically because Copel is going to have the biggest tariff review in its history. So it's a project that at Copel Day last year, we talked about that we were going to create the project with consultant companies. And I bring you now the information that the project exists, and it involves a lot of leaders, a lot of workers in all different fros, compensation basis, operating costs, losses, delinquency, tariff structure. We have the support of different consulting firms that are very specific for distribution, supporting us in this different fronts. But Andre, are you only going to work on this project? No. Today, I can bring you some numbers and all of the conversations that we have. During this time on the number of the base, the operating cost. So here is our estimate in PRR gain for Copel. Net PRR estimated for Copel will be around BRL 18.3 billion, BRL 18.5 billion on Copel basis that will make Copel one of the biggest net basis in the sector. This is a snapshot because the compensation base is a motion picture. There's reviews every year. For 2026, this net base will be one of the largest in the companies. And on the other hand, Copel is moving towards the frontier of efficiency. Of course, that you see the leap from '21 to '26, and we're measuring -- moving towards being the efficiency frontier in the sector, estimating regulatory OpEx between BRL 1 billion or BRL 2 billion to BRL 2.1 billion. And of course, there's still reports to be delivered, NAL decisions to be made, subsidies that have been used. There's all these tailwinds, but just giving you some color for the tariff review. This action that creates value that I've been talking about is an action that you anticipate solutions and there's a proprietary price view in the case of the market. There's no other way to create value if you're not -- if you don't have your price vision. The second point is that there's a sector reform that's going to demand decrease and regulations. There's 20 different bills that have been changed in the electric sector in recent years. So definitely, there will be opportunities for us to create a lot of value in the sector reform. Then obviously, last but not least, is the tariff review that's going to put Copel on a whole different level for distribution. It's a whole other level in terms of investment and efficiency and obviously creating a lot of value for Copel Distribuição.

Congratulations, Andre. For sharing how strategic our regulatory department is for the general -- for the value generational path. And you bring two information here, the regulatory OpEx of 2% to 2.1%, but mostly where our best estimate for the remuneration basis is between 18.3%, 18.5%. The average for the market is of around 8%. So yes, a lot of efficiency, a lot of work for DisCO that I'd like to say here, there's a lot of work on the final divestments here, selling the assets that we had, and we are creating a lot of different levers to bring this compensation and a lot of efficiency, yes, congratulations. Thank you. Moving on, Marco Villela with whatever is new for Copel Distribuição for the DisCO.

Thank you, Daniel. Good morning, everyone. It's a privilege for me to be here today and share with you the progress made at Copel Distribuição. It's been a unique year for Copel Distribuição, the last of the cycle. We should be [indiscernible] mobilized driven engaged to do the best tariff review of all times. And a personal satisfaction for me, is to be here at this wonderful city land of the soccer team that I support, the current champion of the Libertadores Cup and the Brazilian championship. So it's a great pleasure. If you're going to talk about Flamengo, atleast -- let's enjoy it a little longer. Anyway, so we are the fourth largest distribution company in the country with a concession renewed until 2045. The state of Paraná continues presenting economic growth being a reference in the country. We're the fourth largest GDP, the largest exporter of proteins and with a low level of delinquency and loss due to energy theft. Also thanks to a robust revenue protection plan and different modalities for the collection program, and we're being a reference in these indicators in the country. And to meet this recurring economic growth, we are now closing the largest cycle of our history with special note to this year of 2025, the last year of the cycle. Since January, we've created scenarios, mapped risks, defined strategies to ensure that the plan is fulfilled so that all the relevant works were energized and accounted for in the compensation base. The plan advanced well, and we will invest another BRL 200 million in the last 3 months of this year. We're bringing more benefits to the entire state of Paraná and more efficiency to Copel. There will be 15 new substations, 520 MDA of power. All of the works will be concluded by December. It's a big challenge, but the team is confident and there's a daily monitoring of these works. We concluded in October according to plan, the biggest tri-phase program in the country, 25,000 kilometers, BRL 3.3 billion invested I confess that I had a hard time getting the dimension of all that. I've driven from Rio to São Paulo. It's 57x that from the north to the south of Brazil, 5x. 347 of the 194 municipalities were served, 256,000 consumers benefited and where we built more than 25,000 kilometers of grid, we were able to reduce the rural DEC, and that was recognized in the energy meeting in all states as a highlight. And in addition, the government of Paraná will launch now in December. The New Pioneering projects, it's the launch of a credit line so that those customers who have not yet migrated who do not yet use this infrastructure so that they can replace their engines, do the necessary extension of their grids and change the transformers and start to benefit from this infrastructure. This is an investment that goes way beyond regulatory remuneration. It brings a lot of benefits and possibility for the customers, more market and more efficiency for Copel. We are also taking strides forward in the biggest smart grid program in Latin America. Almost BRL 1 billion worth of investments. We'll be benefiting 2 million consumers with smart meters, 157 municipalities, both in urban and rural areas. In addition to exchanging the meters, we are creating our own telecommunication network, increasing a lot the reliability of our automation. Again, more benefits for customers and more efficiency for Copel. This is intelligence that connects savings, agility and sustainability. This year alone, we had 10 million remote readings. 120,000 disconnections and reconnections all done remotely, 91% effectiveness in remote connections. And we can see that we got a lot of cash for the company. 65,000 reduction in services that were not necessary because you see there are a lot of calls that -- that are called and they actually didn't need to be called. But remotely, I can check if the household is disconnected from the grid or not, and we can expedite the dispatching with innovation, intelligence and savings. We can do this, thanks to the integrated of our billing system. So when the customers pay their electricity bill via PIX and 42% of our customers already pay their electricity bills via Pix, the systems when they talk with each other, and we can reconnect them within a minute when the regulatory time frame is 24 hours. Again, more benefits for customers, more efficiency for Copel. In addition, this has an extremely positive environmental impact and the social impact, more than 1.4 billion kilometers of traveling were minimized. We minimize road crashes and we also reduce CO2 emissions. More than 260 tons of CO2 were avoided. Well, we have the worst climate event in our history. The chart in blue shows rainfall in millimeters impacting the whole state. In yellow, the speed of wind. When there are smart meters in the city here, we know how many customers are having outages. And these sensors help us, particularly in being more accurate in our dispatches in anticipating the mobilization of crews and reduction in the time to -- in the time of interruption, duration of interruption. This is the biggest project in Latin America, showing that Copel does not just distribute power, we distribute intelligence, efficiency, sustainability. This is a project that delivers results today, but it puts Copel in the [ Vanguard ] of energy transition. If you invest in Copel, you're investing in the future of energy in Brazil. And we are advancing in many, many fronts. Of course, it wouldn't be different in the experience that our customers have. We invest in systems, process reviews. 95% of our services are digital today. And thanks to the evolution of bots in our processes, this will surprise you. 71% of the services provided are provided without human intervention, 71%, believe it or not. With the progress of smart grid. We also fostered converting bills via e-mail, where we have the smart grids, 71% has a digital statement. So on average, all over Brazil, 51% of our customers have digital statements, 40% reduction of costs, reduction of BRL 40 million in cost to serve. And as Diego said, when he spoke about the super app recognized by our customers. Well, if they have smart metering, they can enjoy this technology. They can check their consumption on an early basis. They can compare their electricity consumption with their peers with their neighbors. They can create consumption alerts. They can have actions to reduce their electricity bill. With all these investments and the investment plan we have with accuracy, expansion, modernization, maintenance, digitization of our grid investment in systems, process reviews, operating logistics. And even despite extreme climate events in the south of Brazil is being very much penalized, still considering all that, Copel is a benchmark. We are among the best in terms of DEC and FEC, equivalent duration and frequency of interruption per consumer unit and profit. In Curitiba, we have the lowest DEC in Brazil. We are a benchmark in average time of service, and we are also a benchmark in reconnection after extreme climate events. This chart shows that since the process of concession renewal, Copel has maintained its quality results below the regulatory requirement. However, the regulatory pattern is also decreasing. The level of demand by society and by the regulator, well, both society and the regulator are becoming more demanding. And by thinking of that, considering depreciation of our assets and serving the abundant growth of Paraná and improving operating efficiency for the first time in our history, we set out a pluri annual 5-year investment plan for the next whole cycle. I will look at this plant here. This is one of our biggest agribusiness customers. They are located in the countryside of Paraná. And we have room to advance our investments. Today, we have the lowest tariff among the biggest distributors. And our base is 48% depreciated in building the plant, and Felipe kind of spoke about this, gave us a spoiler. We went way beyond the technical topics, engineering, operation, financial, Felipe's team, but we all sit together, and we all look beyond regulatory remuneration. We design our cash flow for every investment item. The gain in DEC, FEC,, loss reductions, conditions of the asset, growth of our power load and cost reduction. And Felipe, you said it yourself and you put it really well, state-of-the-art. In my 35 years in the sector, never have I seen such a robust and consistent work, never before. We had to go back to the drawing board. We had to review procedures, revisit construction patterns, review time to execute the works. And then only then could we get to an IRR that was better than our reference. In the next cycle, we will be investing in electricity assets, BRL 12.6 billion. Vehicles, systems and facilities, BRL 826 million. In the first year of the investment cycle, BRL 1.7 billion in electricity assets, BRL 220 million, systems, vehicles and facilities. 15 new substations to serve the growth of the state of Paraná, market growth and to improve the quality of service, 88 expansions, 30 retrofits of substations, 1,200 kilometers of high-voltage lines. And another very important point, continuous and robust investments in distribution grids. Why? Because we cannot -- not invest in those areas. It is the heavy trucks that will help us in extreme events. They're part of our logistics operation. If we don't use them, we don't have people. We don't have people working on the networks, on the grids. And then it takes time, institutional crisis and so on and so forth. So we maintain a fixed number of crews end to end, I have no doubt that if we don't the players who do not deliver high-quality power, they will not survive in this sector, as Diego said here. And with this that I present, everything I presented here, it's all live. It's not something that is on the slide. No, it's all happening at Copel. With our new culture recently launched. With our 2025 2035 plan and mainly because we have an extremely skilled team and one which is passionate about what we do, strength of our people with the strength of our brand, we are ready to export our management to model beyond the borders of the state of Paraná. Thank you very much and have a great day.

Before you go Villela -- congratulations on the presentation. First, the photo here showed, I think that it really represents well what's happening in our state. The countryside with industry -- industrializing, agricultural production not to mention the growth of the cities in the state of Paraná. This is one of our drivers for growth. The fact that our concession area is posting growth above the national average. But in the last 10 days we had an episode, that was very much talked about in the press in Rio Bonito do Iguaçu, a tornado with winds greater than 300 kilometers an hours. It was a serious situation. And could you please tell us what Copel did in practice? Let's see some images and then he will tell us what Copel did in practice in such an extreme climate event. [Presentation]

We get goosebumps, and kind of getting emotional about this. Events like this really move us. They touches core in operations and -- at Copel. Copelians everyone raised their hand because they want to be part of the reconstruction. So we follow this extreme events since Monday. And on the Thursday, we activated our contingency plan. We were already kind of getting planned for it and the event happened on a Friday. So in this kind of event, we have to work together with the state government. This was a coordinated work for the benefit of society. We put together a crisis management on the night of Friday. It was our operations center. And we had a tornado, F3 tornado with winds of 330 kilometers an hour. For the first time in 71 years, 10 towers of 138 fell down. Of the basic networks, 20 went down. No customers were disconnected because we have reliability, and we could relocate to the power load. 400 lamps or lamp poles were destroyed in a city of 13,000 people. It is a small city. We had 400 people there, 55 light and heavy vehicles and Daniel, within 24 hours, 50% of the city have been reconnected. And in 72 hours, all of the lamp poles and all of the grid have been rebuilt. So this shows our living culture in our operations, our values. Every customer matters, our strength is our people and safety is nonnegotiable because we didn't have any safety incidents. And also, we light up lives with power, with energy. To end, I would like to acknowledge all the leaders and the heroes, both male and female, who have been working in rebuilding our grid and reconnecting our customers in the face of extreme events. Thank you for working for the benefit of our customers. Like we always say, we don't control the facts, but rather how we react to those facts. So now Bertol, let's hear the news about the Genco -- Generation and Transmission company.

Thank you. Ladies and gentlemen, good morning. I would like to thank you for the opportunity to present the news of Copel Generation and Transmission, highlighting our operating condition, our recent performance with mainly our mid- to long-term vision as well as the company's position. I started talking about operating efficiency. A driver that sustains our actions of generation and transmission with safety, sustainability and with reliability. Three pillars that put us in a new level of excellence, investments in technology and innovation. And we are committed in implementing autonomous smart solutions, which increase our capacity of monitoring and managing the asset to improve efficiency and avoid operational risks. And also, we value a culture -- a sense of ownership. We believe that people who are engaged and well prepared, they are the base of our success. And that's why we stimulate an environment where we highlight our protagonism, the engagement and a culture of safety across all departments of the company. And also focus on performance management. We adopted a new approach with modern methodologies, analytical tools that align our actions to the strategic objectives of the company, making management more precise and more agile. I would also like to highlight our operating synergy with presence in 8 states of the federation with 5.3 gigawatt of installed capacity, 9.7 kilometers of transmission lines. We have a heavy cluster of wind farms in Rio Grande to Norte the state with the best wind resource and the best power production. We have an OEM hydraulic cluster in the state of Paraná sustained by robust and reliable assets, which are considered premium assets. We maintain a transmission infrastructure, which is very robust, and it connects our operations with Santa Catarina State and Sao Paulo. Our big differential is concentration and integration. We have a privileged more resilient area with resources that are privileged and a big potential to generate value. I'd like to -- the profile of our hydroelectric power plants. That have played -- have provided a good service to the system, delivering flexibility and power when the system needs. And now I would like to mention an important highlight, the attribute of the HPP with reservoirs. Here as the case of our largest hydroelectric power plant. To give you an example, in blue, we have the generation curve of our largest HPP, Foz do Areia. It operates as a generation during the night. And when we start having micro and mini distributed generation, solar power, it starts operating as a synchronous compensator. It operates throughout the day as a synchronous compensator, stabilizing the system, voltage and the power factor. And when the load power load in the end of the afternoon, when there's no more solar or sunlight, the plants from synchronous compensator to generator, again, bringing power to the system. So it operates supplying power to the system. So here, we have a representation of the South region. And this is the Foz do Areia HPP and mini and micro distributed generation to the South. And when there is fluctuation of the power load, given the intermittence of power -- of wind power and other technical provisions, well, these plants have a flexibility to adapt to the demand profile. So this is an attribute that we consider to be fundamental of our hydroelectric power plants. It's an important value that we bring, and this is for the three large plants of Iguazu River. They all can operate as a synchronous compensator. And these concessions were renewed for another 30 years last year. That's the renewal when they renewed last year. And now I would like to speak about the availability of our assets. We evolved for a new level of excellence with operating discipline, and this is an attribute that has been integrated across the company. In the transmission segment, we have one of the lowest variable portions of the sector. The ONS average from 2022 to 2024 of all transmission companies is 1.15% for Copel in Q3. And actually, as you can see, this variable portion has been dropping. In Q3 ' 25, it was 0.52%, showing the efficiency of our transmission assets. In the hydraulic segment, we maintain constant availability, which is greater than the NAL referenced indices. In the three quarters this year, we posted superior availability, sustained by robust, reliable assets, which gives us this kind of availability for the set of our generators. And for the wind program, we are in the program of recovery. We implemented a bold recovery program to pursue a 95% availability. We have seen already an improvement of the 95% of projected certification, we are already at 89.3%, maintaining structured actions in the long term, and we will achieve this availability, which is the optimal point set by the company in order to create value in the wind segment. Now in order to maintain this availability and also this excellence in the long term, we have to look at the future. And for this, -- we have a pluri-annual investment plan in generation and transmission, which I will show you momentarily. And it shows our mid- to long-term vision. Like I said, for the maintenance and preservation of performance of our generation and transmission assets. We expected to invest in 5 years, BRL 1.3 billion in the set of our hydroelectric power plants in the cluster that mentioned in the state of Paraná. The modernization of assets in order to maintain the of lifespan and avoid problems, we will be investing BRL 894 million in this period. For the wind segment, we expect to invest BRL 419 million in that period, in a 5-year period. And for maintenance of an optimal inventory and for greater optimization of resources, we will be investing BRL 199 million. That represents attaining an optimal inventory, increasing availability to reach that availability that I mentioned of 95% and also to reduce the lead time. So here, we also have a very important investment plan in transmission reinforcements and improvements. For 2026, we have BRL 440 million approved already with authorizations defined by ANEEL to invest in transmission, organic growth with associated revenues and qualified revenue with an internal rate of return, as Felipe said, that it will bring to the company. For the period from 2027 to 2030, BRL 1.5 billion will be invested and already authorized for the 3 years are BRL 769 million. That represents our discipline in the allocation of resources that all of these efforts and improvements that we execute in the transmission asset of Copel generation and transmission company have a large efficiency index, all of them in a shorter period than what was authorized by the regulatory agency, and that captures benefits regarding the beginning of receiving the APR as well as our prospection and planning engineering process to refer to the authorities to receive these permissions, maintaining the quality of our assets. But we also have great expectations and a possibility to further expand these authorizations for transmission. I'll talk about an innovative solution developed by Copel, which we are about to get authorization for that is being studied for the approval by the Ministry and ANEEL. And it is the reversible plant in the coast of Paraná for 70 megawatts with an investment between BRL 400 million and BRL 450 million, a classical reversible plant with the upper and lower reservoir closed circuit operating a few hours per day, 4 to 6 hours. And the other hours, it remains pumping the power that is in the lower reservoir to the upper reservoir to redo the new energy generation cycle when the system requires. This generation is expected to serve the low demand for the coast of Paraná, especially in periods where the demand is larger, such as the end of the year, carnival, high season. And we're waiting for authorization. We have the potential to be the first reversible power plant in Brazil in operation as a reinforcement for the transmission system. Now we have great expectations for the expansion of our installed capacity for generation, which is the participation of the Foz do Areia and Segredo plants in the capacity reserve auction in the power form. And we have all of the conditions already adequate to participate in the auction with the prior license, installation license the granting of the hydro resources, pre contracts already defined and lower marginal cost of operation and the conditions in which we operate today, we are capable of operating with this expansion of another two machines, 860 megawatts. The plant is ready. The reservoir is defined. It's just a matter of installing machines. We also have the expected expansion of transmission at the Segredo plant. That's 1,266 megawatts with the installed power that it has today close to 1,260. So it doubles the capacity of that plant. We have all of the conditions just as we do with Foz do Areia. The installation license is about to be issued by the environmental agency of the state of Paraná. We are convinced according to our structure, our engineering and the way the conditions were managed, we're very confident that we will succeed in the participation of this auction, offering these two projects and being contracted for a 15-year project. And to conclude, everything that I was saying here represents our commitment to deliver value with quality and responsibility. Copel Generation and transmission company summing -- combining its efforts received from the national system operator, an award as the best transmitter of alternate current in Brazil in 2024, 2025. For the first time that the agency does this assessment in this award and Copel Generation and Transmission is considered the best transmission company in Brazil. I mentioned the indicators and the availability of our assets. And that confirms that we are on the right path. We are aligned with the best practices of the industry and prepared for the future. In conclusion, I thank you for your presence. It's been an honor to have the opportunity to be here right now to present to you, Copel Generation and Transmission. Thank you.

Congratulations, Bertol, for your work on the Genco, especially with the indicators and the award and the availability and with the wind plants, we are recovering. So just to say, Bertol is our Board member, along with Marcel and Cezar Jacinto and all the other Board members, and he is in an interim position right now. He had already -- since he had already worked on this and had all this excellent broad knowledge. Thank you so much for your leadership and all your work. And to conclude, Rodolfo Lima, Copel Trade Company.

The Industries segment is very easy right? Okay. So good morning, everyone. Once again, it's a pleasure to be here with you. It's a huge, great event. And I have the hard work of concluding it, but we had a lot of excellent presentations about IOC, RAB, the event in the South. And I would be in trouble if the sector was in the same place it was a couple of years ago with the low levels and all that. But the luck is that in the trading view, we are in a challenging moment. We have modulation of the hours and the discrepancy during a day is very relevant. There's a lot of detachments from the submarket and the prices are at the historical highest levels. It's an interesting moment. We always have to be in the discussions, but this is now the center of attention. And I would like to talk about the trading company. Today, we are one of the 10 largest in the companies in the country, and we are the main one, the only commercial front in the group. All energy traded in the free market goes through the TradeCo, and that represents BRL 5 billion annually in revenue, half from our own generation, 100% renewable and the other half we acquire to sell to third parties. We allocate our energy in close to 2,000 customers. And I bring an important point here that is something that makes us proud. Our accumulated delinquency in the last few years is 0.01%. If you monitor the sector, you see the recent credit events and you see how much it's been hurting the many players. This is followed by a strict credit analysis, integration with the legal team, and we see the efficacy of our back office. The idea now is to talk about how we see the future. Andre brought a slide showing how the prices reflect the operation more and more, and that's a change in the model parameter and a relevant change in the sector. So to show you the example, I bring the 3 main variables that impact the short-term price of our PLD. So the rainfall, the reservoir levels and the effective spot price. And I bring the 3 main years, '23, '24, '25 and how the spot price has been performing in that scenario. The main message here and it reflects the new dynamics of the sector. We take March, that's a good example comparing '24 to '25, we had the same level in the reservoir, the same amount of water in the reservoirs. It rains exactly the same amount and the spot price had a discrepancy of 260. And that's the new reality of the industry. There's no longer that scenario that Diogo mentioned where the operator will not use thermal plants. Irrespective of rainfall, we will always see thermal dispatch, and that impacts the price. The more thermal dispatch, the higher the spot price. And that's a new reality for the sector. The main evidence that we have are the long-term prices. There are 2 products that are widely traded in the standard in the industry, the conventional energy in the Southeast, and we bring it here with supplies for 2 to 3 years going forward, how this price of energy in 2023, that was below BRL 100. And now we are above the 95 percentile. The long-term price is always impacted by the short term, but also by a proprietary view of the sector. When we combine this new operation model plus the marginal cost or high marginal cost that Andre mentioned, this is the new scenario, the new reality. We will not see low prices in the coming years. Fine. That's very important, but that goes for everyone in the industry. Energy is a commodity. It's the same for everyone. And the idea here is to explain to you why Copel's Energy is worth more. Starting from the Southeast, the standard products, we have a location issue. If the energy was generated in the Northeast, it could be worth 25% to 35% less. But our power is generated in the South. So there's a positive spread compared to the standard product. So a lot of that is also originated from hydro sources that adds even more value. And that's the way the energy is traded, the commercial strategy behind it. So there's room to maximize value as well to our teams. And finally, when I get to the end customer and define the custom energy and understand the demands, it adds value to Copel and the customers. So when we combine all of that, there's a potential of maximization of the value base to up to 125%. But that's worth nothing if I don't have energy available to sell. So here, I bring you the current scenario at Copel. We generate 20% of all the energy in the South, 28% of all of the hydropower in the South. That's a very important point. 90% of our energy is in the free market. And now the most important part is that we have energy available to capture all of this price increase. In orange, we have the contracted volume for the coming years, always discounting the GSF hedging. It makes no sense to capture the price hike if we have to repurchase the energy at BRL 500 whenever there's a hydro prices. So if we look from 2027 going forward, we have more than BRL 300 getting to 1 giga in 2030. So the idea is to bring more color to each of the roads, how we add value to the market. It's an important point, always based on '24, '25. But all brought it very well. The plant -- our power plants are in the South, and we have a new load dynamic and interchange. The system is stressed. We have micro generation distributed, stream events, bottlenecks in the distribution, and that brings some constraints. And this is the 4 submarkets, Northeast, North, Southeast and South. This limit of interchange is very used. It's not always sufficient. We bring here at some point during this year where we meet the bottleneck. Whenever we meet the maximum of this capacity, there's a price difference. And that turns into results that's already proceed up to realize this year. And the more the system is dynamic and volatile, the more we're going to see that, and there's more space to capture this value. Talking about Hydro now. This is the slide that we brought in the previous Copel Day that was one day of [indiscernible]. It was a projection, and this is already realized values. And this year, in addition to having hydro generation plus flat generation added BRL 100 million to us. And that's about BRL 20 per megawatt hour generated. Going back to the chart, in orange, we have the power generated by plant and in dotted black the spot price of that and in blue, the flat spot price. And when we combine the 2 curves, and we can see that's always what's expected, hydropower plants always generated the highest -- the maximum of price. So there's no scenario where hydropower plant is not generating at that highest maximum. It's the one giving the power. It's the one that's generating it. Now talking about commercial strategy. It's not enough to have premium assets with uncontracted energy if I don't know the right moment to sell. And the commercial strategy is exactly about when to sell and how to do it. Andre mentioned quite well all of the developments we had in research and that combined to the capacity of our commercial team has enabled us to deliver the results above. We delivered 1.39% last year and this year, 3.37%. What does that? We compare the price sale versus the average of the world. So knowing the exact moment to sell is how we do this. And how do we do that in the market environment, weather conditions and risk management. It doesn't make sense to sell that if I cannot bill it later. So we combine all that and create our commercial intelligence. We defined it in the beginning of the year. Of course, it is all adjusted week by week, but how much we want to sell at each of the periods of the year. And then we need to have the execution capacity. It doesn't make sense to have that and say, oh, it's the great time to sell if I don't have liquidity. So we have to have a more and more active operations desk and always focused on the long term. And how do we sell it? Do we not sell it? And the result is with perpetuity, not only that level. So there's this strategy to maximize behind it, always focusing on the long-term return. It doesn't matter to know the right time to sell if I don't know who to sell it to, and that's the benefit of getting to the end customer. This year, we generated 154% above the 5.55% higher than the price when we reach the end customer. So how do I do that? I need a restructured sales force with the liquidity dispersed throughout the entire country, renewing contracts and always using Copel's brand. And it's always very powerful, not only in Paraná, but in all of the country. And with that, have very relevant risk diversification. The 0.01% includes a lot of that. I can allocate that in contracts in the different segments. and with completely different profiles and counterparts. We assess different markets. We have strategies that create different measures either via the demand on the client or in a predictive manner to say the clients we need that. I think that's the best. We capture all this value. This is very similar to the HPP. But here, we have the average consumption of our customers versus the spot price. As you can see, our customers consume more energy when the spot price is lower. So exactly in the opposite way of what we have in the Hydro. When I sell to the end customer, it can be more competitive. I can offer a contract with a relevant price for them, but I can capture that, so it's okay. We sell at the right time to the right people who have to keep them in our portfolio. And that's why we invest a lot in customer experience. Well, last year, we spoke a lot about digitization, how much we are investing in this, and we're just seeing the results. We reduced by 18%. The rate of rebilling 32% the average time to sign a contract and 100% of our customers are part of CRM. We can measure and assess each one of their demands. The reflection in practice is here. We have the NPS of the TradeCo. It was at 69 in 2023, increased to in 2024 to 74. And now we got to 77.1%. This puts us in the excellent zone in terms of customer experience and above the market benchmark. This reflects how customers trust our brand, transparency and contract credibility, signing long-term partnerships. And the training in our portfolios is one of the lowest in the country. We are part of an integrated group prepared for Novo Mercado and always committed to creating value to all of the counterparts, both internal and external. In a nutshell, we have a good power to be sold. We know when to sell it, to whom to sell it, and we retain the customers. And this is how Copel TradeCo creates value. And this is how we will be the company that will create the most value in the energy sector in Brazil.

Congratulations, Rodolfo. The chart that you showed is a premium product as part of the premium. In other words, hydropower, given the profile of modulation and everything you know, that's already a premium product. And in the markets of the South, it's almost 25% more. So before we get to the Q&A, in order to take advantage of this price volatility, we have to have more power, which is uncontracted and to have that delinquency level of 0.01. So it's a good mark. So could you give us more color on that? Well, speaking about delinquency, we work a lot with the finance department and the market department to define who are the desirable counterparts. And whenever we identify a problem in an active way with the [indiscernible] team, we are always in close contact. And speaking about the contracting strategy. Today, our revenue does not come 100% from power. Good part of the group is associated with the grid, 64% is distribution and transmission and that helps us operate in an uncontracted way to take advantage of these market volatility moments. So we use the benefit of the DisCo and of the transmission company to be a little more aggressive from a commercial standpoint. All right. So we just need 30 seconds for people to put the chairs here on the stage so that we can have our Q&A session. Okay. Let's go. So I'd like to invite all of my fellow officers to help me with this Q&A session. Of course, we are going to have the questions from people in the audience and you can also send your questions and we -- and well, everyone is in the right places, right? [indiscernible] organized. So let's have a seat here and wait for the questions. So please just raise your hand.

If anyone has a question, Carol here on the front, please. Carol, if you can say your name and then ask your question, please.

I'm Carolina Carneiro from Banco Safra. You gave a special focus to the part of investments, this new phase for the company, and you talked about the question you have with the capacity reserve auction. So if you can talk about what the ordinances that have been published brought in terms of new operation information for you to position yourselves to the new auction, trying to match it with your view of the expansion marginal cost and what these hydropower plants because they are the ones who will participate in the auction for you can actually bring in terms of impact. What would be an expectation for compensation that we could see for the auction, especially for the source?

Excellent question. So Andre, Diogo, Felipe, I can add here. I think that the ordinance is very much in line with what was in the public consultation first. So what's major for us here is the hydroelectric product first in 2030 to be negotiated separately. And I think that already came in the consultation. We worked hard for that, everyone here. And in a way, this valuation of the hydropower plants is confirmed by the ordinance. It's a product that will begin in the year 2030. In terms of the compensation and the remuneration, I think Diogo can detail it, but it's a discussion we've been having, right? It will depend. We don't have the maximum price. It will depend on the ministry itself. But Diogo, if you have anything to add with your view?

So in the beginning of the year, Carol, everybody called it the thermal auction, this capacity reserve auction. So I think we already made great progress by guaranteeing that the hydropower plants are in everyone's mind as a source that would not make sense not to be included in the capacity reserve auction. That's the first point. In addition, instead of one, we got 2 products, the 30 and the 31. So that's very important. As for the amount that will be in addition to the price, we don't have the dimension, how much is going to be contracted of each product. But I believe that even considering everything we saw with the curtailment and how things are getting more serious, more severe, it doesn't seem to make sense to include huge thermal power plant blocks with 7 hours ramp and 2 hours T1, that's going to blow up curtailment. So I think as Bertol said, on the mechanics, it's like a LEGO bricks. It's -- you connect and transform each generating unit, usually generation with a compensator 5, and you can get immediate response, and it's a lot more efficient for the system to have a hydropower plant than a thermal power plant with a ramp of 7, a lot more. So we're very excited that technically, there should be a privileged volume for hydropower plants. And in terms of cost, we defend that there should be a reasonable price, a price that is actually adequate for the type of products that we are offering. And still, it will be a lot cheaper than a thermal power plant that has a very high cost. And that's only talking about gas. I'm not even mentioning oil because then the cost increases greatly. You haven't seen and you're curious to look at our contribution for the public consultation, we have a very clear study of the benefits of hydropower plants. So even based on that study, right, Diogo, product that's broken in 30 plus 1 and 31, there must be a massive contracting of hydropower plants, even based on what we showed in the studies. And in terms of returns, we'll continue with the methodology presented here with the discount rate, the implied rate and that's very relevant, the risks of this project, the risk impact matrix and the opportunity cost that's the production process, and we need to consider the opportunity cost and how it feeds into the minimum rates that we're going to wait to expect from this auction. And that's how we're going to form our proposal. I think Copel, along with other hydro generators can achieve something unforeseen to put the hydro products for the first time in history in 2. In 30 and 31, we're going to see the size. The expectation is ours, and we're happy to have this contribution. And it's also an investment that's semi-organic even because it's very much in line with our movement that is to extract more value from the asset base at a low risk. And a lot of that we have from Foz do Areia on the turbine and Segredo has a little bit more construction work. But Carol, we believe that we will be very competitive, and we will be very disciplined when making these investments.

I'm Raul from XP. I have 2 questions. The first one for people. We don't ask as much in these events about systems, but I think they're sometimes even more important than the thesis of the moment. But my question is about the challenge of a cultural revolution that's often more difficult than actually building a culture from scratch, being able to transform a culture in the day-to-day and communicate that with unfolding targets and maintain engagements at high levels, especially in the lower levels of the company. You talked a lot about the cadence, the pace. And I'd like to understand a little bit about how this construction was and who you looked at, how this targets unfolded and how this goes when you're doing a budget process that you're doing now, right? There is some science or an art to developing a budget. How you keep people encouraged, motivated with achievable targets, but with some level of boldness that get people out of their comfort zone. So understanding a little bit of this process. And on the second part, looking for the regulatory side, we talked a little bit about the topics of the 1304. And you talked about the price signaling not being so addressed in 1304, but you're being prepared for that. Are there agendas or internal regulatory targets at Copel that maybe could be for all the Hydro to advance with a more robust agenda in improving value attribution to the hydropower plants or everything that may not be included in 13 04, but what the structuring agendas would be?

Thank you, Raul. Excellent. So Marcel, please start and then Andre will contribute.

Excellent point. Thank you, Raul. Yes, you're right. When we talk about cultural transformation, transformation is always more difficult than building from scratch. It's the same thing that happens when we remodel our houses. It's one thing to build, it's another to remodel. And it's certainly a journey, and I usually say that it has a starting point, but it doesn't necessarily have an ending point, an arrival point because the culture is always renewed. But with that said, and going specifically to your point about this unfolding of the target, we looked at different players. We had the support for external support to also bring more method in addition to the experiences we had in-house. We have no doubt that whenever we talk about the unfolding of the targets to calibrate the size of the challenge so that it's a fair challenge. A fair challenge is what gets you out of the comfort zone, yes. Otherwise, you don't generate extraordinary results is what we are speaking of, but that are achievable. Otherwise, people like [indiscernible]. They drop the bets as people say. And so this balance is an art and the science. And that's why it's important to calibrate the incentives so well. That's why we talk about the right incentives, be it financial or nonfinancial and the rhythm, the pace and the reason why people will pursue that objective makes sense to everyone. So that this objective, it needs to come from incentivized aspects such as compensation and so on. But there's a main reason that get people involved. That's the desire to be a part of it to belong. So get people to understand how they contribute and the difference that they can make. And that gives them purpose. And when they get purpose, they get engagement, and that's how we can change it more easily. So there's a series of topics being involved, but we try to balance things, a little bit of the rationale and a little bit of the emotional side and specifically about budget strategy and all of the unfoldings are done based on the strategic plan and the company's budget. These are things that communicate and connect with each other. Otherwise, it makes no sense. So there's a whole orchestration for them to work. And then for me to add, our 5-year budget is already approved. It's already done. And this year, we are 1 month ahead of time actually. Raul, culture is one of the topics that we all like very much. And as I said, it changes behaviors and behaviors directly change the final pointer. I think the first step is that we have a good basis, the foundation of Copel, the people who are there. You saw the number of engineers, people with master's degrees, PhDs, the foundation, the basis is very strong. The second is that culture and evolution, cultural transformation is medium- to the long-term process. People used to talk about 7 years to change a culture. Now we're talking about 5. But at our pace, we believe that this is going to be well grounded between 3 and 5 years. So we're kind of halfway there in this process. And I think that the last point that connects that with the other question is nobody will be the benchmark of the electrical sector as we're proposing to be the company that generates the most value simply by looking at our competitors in the energy sector itself and not even in Brazil. So what we've been seeking is who are the companies that we look up to, that we admire, and there are many. The companies who came from a regulated system who had -- who originated with legal entities as they had and who made transformations that also we're able to make good M&A moves, not losing their essence, but adding competence. So I think this is all very relevant. And when we talk about the price signaling, we have to look at what the other major markets are doing, Australia, other segments, other markets, other countries that are more involved and adapt that to our reality that we say to align the price signaling with the market prices, there's some room for that and others. The Bill 1304 has more, but there's a whole ocean. There's a lot of room to advance that more correctly. And as I said in the beginning, even migrate from what we believe in. And that will take longer and maybe with the price per offer because then you really have completely correct adjusted signals. Andre?

Yes, I think you said it all. I mean the ocean that we have, but the basis we are already working on. So you see the capacity reserve auction with 2 hydro products that we didn't have in the previous one. And there's a lot of people trying to criticize something that's obvious that brings flexibility to the system. We're already paving and the association of hydropower plants, [indiscernible], the reinforcement it had now in the last year, 1.5 years and how we are being part now of the same conversations, the relevance that hydropower plants represent in this base because hydro really for some time, people only remembered it at the GSF time when there was a GSF agreement. And the resolutions of this bill and then it died down again. Hydropower plants really did this work to sustain the sector without having a voice. So I think the first point is the voice of hydropower plants that we see a lot stronger now. That's the point. And the second point is to really work on what came in terms of the indications of the induction 1304, that's the operative reserve, the inertia and that will demand a lot of regulation. And in that regulation, we should be able to include the other compensation due to hydropower plants. So there's a path. And what was left out was the price signaling, especially repeating here for MMGD that could be a way to bring some light to other points because the matter of price, we look at a lot of the generation and the generators, but the indication of price from the side of the demand and the consumer will still require a lot of evolution. Any comment?

No, I think everything is covered.

I think it is clear, right, noting that the long term is made of a succession of short terms. It doesn't make sense to talk about 10 years or 5 years if we don't deliver year-by-year every X amount of time. I think that's essential here at our -- in our view. And as for this rearrangement, the structural arrangement, there has been progress. There's things that are public policy that will depend on the regulator. But there is one thing that's very bad, not to say horrible that was not dealing correctly with GD, the best way. I think reality will impose itself, and it is going to be -- it is already something that is physical. And to conclude, Brazil is complex. There are some things here in Brazil that always take a little bit longer, but we believe and we believe a lot that we can bring as one element. There's a lot of other companies, a lot of other stakeholders, but we create a reality. So we need to look at what we believe is the best for Brazil. There's always a philosophy that Copel is to defend what we believe is best for Brazil and brick by brick, work by work as we try to demonstrate this morning.

I have 2 questions. First, about dividends. We saw yesterday an announcement about 1 point on the IOC. I'd like to understand if the company still see room to pay extraordinary that or if you can only expect the announcement for next year in April? And the second question about the optimization of the portfolio. We saw the company with a lot of optimizations with Compagas, [indiscernible], the sale of the small hydro plants. I'd like to know if there's room for new -- more optimizations or if this wave, so to speak, has already been concluded.

We'll start from the end, and then Felipe can talk about the dividends and what we see. I think it has been 99% it's not 100. Maybe there's one transmitter or another that we have a small share, but there are small businesses that are okay there. And if there is an opportunity, we will do something that was relevant structuring strategic that show that pointer has already been concluded. And that really helped both in terms of cost reduction, mobility and you saw that there's 24% of the recycling of people and especially the synergy gains. And the dividend process, we are focused in defining after the company's structure migrates to a single class of shares. You see that the IOC that we announced yesterday refers to the results of the first half of the year, but it considers that aspect. We talked earlier about the debate of the taxing of dividends and the exercise here about this topic is what's going to define the potential extraordinary dividends, but also considering the program and the process of migrating to Novo Mercado that will happen by the end of December. So we'll define that in the coming weeks. Adding to that, it's very good actually, just as in energy, the reality imposes itself. So we have a new fact, which is the taxing 10% for individuals and foreign investors, even though there's still a lot of the majority of institutional investors and the exempt foreign investors that have a view on that, but it doesn't make sense. The second event of the year, remember that our policy determines 2 events. The second event of the year to be in April. We already have all that. That's a no-brainer. But the reserve, how much more and this balance between what's in the reserve in the medium to the long term. Felipe is with the optimum structure, deep diving. And as was said, by the end of the year, we will bring news about this. And I think we need to again seek the virtual is in the middle. It's balance. But this -- the care that we have, and I complement not only Felipe, but everyone directly involved in the Board was that excellence in the execution will be December 30. And that's because it's the last day, the last minute on the track to give the declaration of the first event of this year of the IOC in a more expressive value than what you see in last year because that's -- we had already warned that we were moving towards a single class of shares. It didn't make sense to do that earlier. And our time line in conclusion had a 15-day margin, but we had a hiccup in the beginning at CVM. But fortunately, it was a good cause, fair and just we were able to advance and everything will work out for this announcement.

This is João Pimentel at Citibank. I'd like to ask a question about transmission, please. It is clear that the auctions have been extremely competitive and perhaps focus in terms of inorganic generation on the transmission side would be more focused on mid- to long-term consolidation. So what do you want to say with this? Do you think that these are companies that will end up having problems in execution and there would be an opportunity, people who are there just for the construction. And when the asset is fully operational, they are no longer interested in operating it, and there would be a consolidation. I'm asking because these are accretive returns. These deals end up being arbitration of cost of capital. And looking from your standpoint with a good cost of capital, perhaps that wouldn't make a lot of sense. So when you talk about mid to long term, what exactly are you thinking about?

It's a good question because arbitration of cost of capital is not our business. This is the business of a sovereign fund. We are a generation company, transmission company, trading company, we are a real-world company. It's not the financial market. But Diogo, could you try to give us more color on this? And Felipe can also add.

I think that the first point to consider is the framework that Felipe showed in the short term, auctions. We can see that the companies will not pass the test. So what can pass perhaps in the medium term in that consolidation that there might some exit moves. And synergy might make sense depending on where the transmission lines are. Most of them are presumed profit and that could be included in our system in our regime, which is real profit. But today, in the auctions, it doesn't make sense. It might make sense in the future. There will be some players that will not be able to perform. There is some overoptimism. People think it's easy to build a transmission line and it is not. And many players end up being frustrated along the way and some opportunities may arise. In case an opportunity arises and it passes our framework, we'll take advantage of it. If not, our immediate action is reinforcement and improvement because we still think that we can do that. I think that has been answered, right?

Well, cost of capital is not our business. And you asked something during our quarterly call, will be dividends if we are generating sufficient cash, that's the essence. And with the premium, of the premium, we will compress the internal rate of return and we'll improve our environment so that we can make the right moves. And you know our dynamic. We are all about impeccable execution, so we won't lose ourselves on the way and step on the ball and trip on the ball.

I am from Santander. And my question is about the generation CapEx. I'd like to hear more about the investment plan and your expected return on the investment, particularly in terms of revitalization of wind farms availability and modernization CapEx for hydropower plants.

Bertol, you can start and then I'll add. Just like all business units, evaluation of generation investments go through our general investment framework and internal rates of return, even in organic CapEx. So generation follows the logic that Bertol mentioned, modernization, availability, operating efficiency that will generate cash flow that will remunerate the capital. And reinforcements and improvements. As we mentioned, it is an opportunity for capital allocation, which has high rate of return and low execution risk. Now wind, given the segment and some systemic issues of wind generation, so there's an analytical difference there. There, we have a slightly more challenging scenario where we have to maintain a minimum availability and the investments are made so we can maintain that minimum availability. And so that we can navigate the scenario while things are uncertain. And our concentration of investments in wind compared to other business units is not that big. And these investments in HPPs, well, #1 thing for us is safety. Safety and security of the assets. And then availability, our performance, 98%, way above the average. So this brings us a return. And there's one additional characteristic, which is these investments are all in the business plan involving renewal of the concessions and the returns were quite substantial. And also, we saw the concession bonuses paid at the time. And there were some investments that were pent up because we're discussing should we do it or not? Will this be renewed or not? And there was an operation transformation. But when things have more clarity, we did was to balance things out according to the needs of the assets. And Bertol, perhaps you can add. But in terms of wind, the wind farms, there's an additional element.

You see we are recovering performance, but there's an optimal level of sweet spot, the CapEx to get to that reference with curtailment with the environment as it is, that's not the best way. So we kind of where we want to get slightly above 95%, but not much more than that. So we won't need -- so actually, we can have an optimal utilization of the company's resources and our shareholders' resources. And also when we consider the wind segment, in this segment, it's never easy. We see some companies exiting suppliers and vendors exiting. So we have now less availability to renegotiate full scope contracts which had all of the costs involved and now even the manufacturers the same. No, they're going to change this. And then the negotiation changes, I have to find balance between maintenance plus ensuring a minimum inventory so as not to affect OpEx.

I'm sorry, Bertol started talking too much, and this is your business, but we are discussing all details in the framework of investments as well, and we have to take into account all of these characteristics, discipline in allocation and we have to be very disciplined or even more disciplined in organic investments when compared to inorganic investments. And Bertol?

What you and Felipe said was perfect in terms of CapEx discipline, considering HPPs in the wind farms. The investment in the business plan and the renewal of the concessions was expected for the whole period of the concession, 30 years. And it is important to mention that this was to preserve the life span of the equipment, as mentioned in the presentation. And so that we won't have undesirable unavailabilities because this could harm the company. And as regards what was mentioned to the CapEx of the HPPs have a CapEx of almost BRL 300 million. For the modernization for -- of 4 generators, one plant that has more than 50 years. It operates with efficiency, but the lifespan of the equipment is kind of getting to the limit. So at the renewal of concession in 2015, it was a competitive auction, 70% [indiscernible] and 30% free market. With that auction, we had the resources for the modernization of what we call, the GPS. So that's just to mention the level of plans that Copel has for all of its HPPs so that we can maintain that availability that was presented here. And one last question. In the interest of time, I don't know if there is any question coming from the attendees online.

I'm Alexandre Vidal from Ernst & Young. When we speak about benchmark in consolidated segments, GNT, MD and even trading, that's the most obvious exercise. When we look at the opening of the market, this customer centricity in this cultural transformation movement, what inspired you? Because there is no obvious benchmark in the sector. So how are you seeing your customers? How do you include this in your transformation discussion?

Two quick comments, and then Rodolfo can mention. I'm not going to mention any specific company for obvious reasons. But when we wanted to look beyond our industry, one other industry has an absolutely regulated environment up until recently, very concentrated, and they went through a shock, a shock of market opening. It is the financial, yes, right, the banking sector, the banking industry. So I think that there are many elements there. There are many lessons learned there that we can take advantage of. And also market opening, et cetera. We are not going to think that missed as missed or I don't know that people will be doing massively migration. And also, we are not going to be firing in all directions. We have to focus on some areas that makes us in Parana. You know, when we have this market opening, and it is pure retail, we cannot think that we are going to be the most competitive in the North and Northeast or even in the Southeast, where there's still a Red Sea. So this go-to-market and this additional time and customer experience and go-to-market, these 2 things are absolutely key. Rodolfo?

I agree. And I second, what Daniel said. I think that customer experience is important. We're not going to have great discounts. So digitization is key. We have to see what happened in other markets that opened. And I think that our app is a big differential. If you look at any other DisCo or integrated group, they do not have such a robust and very much used app. So it's all about opting in the customer experience so that the migration process can be as smooth as possible. If it's complex, if there's a little pain here and there, we'll not be able to be successful. So we want this to be as smooth as possible, as eventful as possible and using the app as part of our strategy to get there. I think that is something that we always discuss internally that our benchmarks will be beyond our sector.

Of course, we have a lot to learn in our own sector. There are many good lessons. When we look beyond our sector, we have inspirations when adequate to our reality, they can be a game changer. And this is something we've been focusing whenever we speak about benchmark. And of course, we'll always look even internationally. We recently did that. Rodolfo was recently visiting companies in England to see how this happened over there, what we can bring here or adapt to our reality. Perhaps one last question. No, there are no questions. Time is up. So I would like to have a special invitation. I'd like to invite my partners to take their seats, and then we'll remove some of the chairs here. I'd like to ask Felipe to stay with me. This is 30 seconds only. This is a special invitation for all of you who are here with us in Rio de Janeiro and for all of those who are following us online. We would like to invite everyone for Copel Day 2026 in New York on November 19, 1 year from today. Again, with this thesis, this strategy of having more and more international foreign investors. Felipe showed we have 53% foreign investors. So Felipe, what can you tell us about the spend?

November 19, 2026, in the New York Stock Exchange. It's scheduled. And why New York, Daniel? Because it is the financial hub of the whole world. For 26 years, we've been in the New York Stock Exchange and our shareholders base is becoming more and more global. So New York, that's where the big companies have their Investor Day. Why not us? And this will take place. With also an event of an important financial institution. Although we think that we are super, super-relevant, no one would take a plane to go to New York just for an Investor Day, but we couple that with the event of an important financial institution. So we wanted to end the year showing our strategic plan, our ambition and speak with you our very important shareholders and investors. We're only here because of the help of our shareholder base. But I don't want to be modest. We are spending our orders. So November 19, 2026, at the New York Stock Exchange are all invited. Thank you very much. [Statements in English on this transcript were spoken by an interpreter present on the live call.]