Eneva S.A. ($ENEV3)

[Interpreted] Good afternoon, everyone. Thank you for attending us for the Eneva's Conference Call on the Results for 2026 Capacity Reserve Auction. Let's now move to Slide 3, where I'll present the main highlights of 2026 that happened yesterday. In this last auction that happened on Wednesday, we have actually managed to acquired new capacity of 3.65 gigawatts aside to the 65% of its current capacity. This is the result of a consistent long-term work that has always worked on the fundamentals of the Brazilian sector that has always lacked the capacity to address the increasing intermittency. And we believe in the potential of our business models that integrate the import of natural gas and integrate our own reserves to internal energy. Those business models they basically ensure the operation of the value chain, and they have cost synergies and competitive advantages. We have prepared ourselves for this opportunity as no other companies. We have developed our project portfolio, and we have invested a lot of capital to the acquisition of critical equipment. We have adjusted our balance. And today, we are now just getting the results of this work. The results of yesterday's auction have pushed Eneva to an expansion of 56% of its capacity. And we've reinforced the presence in the areas, and we have expanded our presence to the southeast of the country. And with the revamping of the existing TTPs, we have ensured another 10 years of fixed revenue for the assets while providing firm capacity to enhance the gas reserves. And we have captured more than 31% of the total auction demand, further increasing our market share and reinforced our position as the largest thermoelectric power generator in Brazil. So our project basically include the addition of the current gas to large capacity that is going to enforce the Brazilian integrated system. Those projects, they demand large investments that are going to basically guarantee that this will remain for the next 15 years aside to this first cycle. Part of the expansion is going to guarantee the remainder of Sergipe's hub. And this is something that we have built more than 3 years ago when we first acquired those assets. And in order to meet the demand of the contracted capacity that was higher than this auction. We have developed 2 other terminals for the import of GNL. Just as we did for the Sergipe hub 3 years ago, the remaining capacity of those new terminals in the future is going to be available for gas opportunities or for new thermoelectric capacity expansions. The new terminals will expand our access to international GNL market, and that will allow us with competitive advantage for Capacity Auctions and will allow the expansion of our commercialization in the pipeline grid and to other small scales, which are not supplied by the current structure. And with the recontracting of existing assets, we were able to significantly expand our revenue, adding more than BRL 161 billion to our base of contracted fixed revenue. Our contracts have an average period of 13.7 years and contribute to stretch our cash flow, guaranteeing resilience, predictability, flexibility that creates a virtuous cycle that will allow new growth cycles for the company. Aside to that, in high dispatch scenarios, the companies have been providing positive margins with relevant upsides, particularly the Parnaiba complex that use proprietary reserves that have also produced the lowest margins of this term, and they also count on a more competitive prices if compared to the imported GNL. And our [ UVCs ] are indexed to the key international gas benchmarks, providing us a natural hedge against typical commodity market volatility. All this growth is supported by a robust and well-structured investment program that was carefully studied and planned. Altogether, we expect to invest a total of BRL 18.2 billion to fulfill our contractual commitments in order to develop new projects. And this investment program will generate jobs, income and prosperity in the regions where we operate, contributing to their socioeconomic development. As part of our forward-looking strategy, in the fourth quarter of '24, that means 17 months ago, we started procuring the key generation equipment to our projects and around BRL 1.4 billion in all were spent until December 2025. So in this way, we have basically enabled that scarce assets could be very competitive in large-sized projects in the first years, having attractive prices considering the level of risk that is associated. And here, once again, understanding the market was very assertive. And 2018 presented this very high needs and could only be met by the companies that were duly prepared. Finally, beyond an outstanding performance and a transformational milestone in the company's trajectory, 2026 capacity auction reinforced the robustness of our integrated gas and power platform as well as our ability to originate, structure and develop competitive projects. We have combined fully flexible gas supply solutions, proprietary infrastructure and thermoelectric generation. This integration is a core pillar of our long-term strategy and supports our ambition to continue to grow responsibly, contributing to the country's energy security while delivering sustainable value to our stakeholders. However, the company's investment -- this goes beyond this auction. We are now much stronger and better positioned to continue with our medium- and long-term growth cycle, always guided by the needs of the markets in which we operate and supported by the value proposition and competitive advantages of our business models. Now moving to the next slide. We would like to share with you our value creation track record for the thermoelectric market. As you can see in the chart, the success that we've accomplished in '26 despite its scale and relevance is far from being a one-off event, but rather, it's the reflect of a highly consistent history of execution, growth and value creation over the past years, driven by the continuous development of our platforms and our very unique capabilities. Since our IPO in 2017, we have expanded our thermoelectric capacity by 470%, reaching 10.1 gigawatts being consolidated as the largest thermoelectric power generator in Brazil. This is a growth that has been driven both organically through successive wins in generation auctions since 2018 and through strategic acquisitions. And each step along this journey has enabled us to raise even more ambitious and bolder goals, developing new capabilities, expanding the optionalities and strengthening our balance sheet. We are firmly committed, and we have been trying to overcome challenges along the way, getting stronger at every stage. And if yesterday, it marked the most significant milestone in this journey, securing regulated contracts for more than 5 gigawatts of capacity, including more than 3.6 of which are for new projects only. We are not stopping here. We are supported by a proven track record of delivering projects in varying complexity, including remote regions and isolated systems and in the increasing need for the flexibility and reliability in the Brazilian power system. And with that, we feel fully equipped to convert projects into operational assets and deliver consistent results with attractive returns, further reinforcing company's investment thesis and to strengthen our business model. Now I'd like to give the floor to Marcelo Habibe, who will present our updated contracted fixed revenue base.

[Interpreted] Thank you, Lino. Let's now move to Slide #5, please. And we would like to highlight that our fixed revenue base and significant contribution from the new revenues secured in 2026 capacity auction. The chart illustrates the strength of the new fixed revenues contracted yesterday, both from the recontracting of the existing assets and from the addition of projects that were expected to come online in '28 and '31. 2032 onwards, the first full year in which all the revenues from the auction will be fully recognized. Our fixed revenue measured in '25 price is expected to exceed BRL 19 billion, representing an increase of nearly 150% compared to the projected fixed revenue for '26. So the new contracts represent a structural base, reinforcing the volume visibility and the resilience of the cash flows. And as it was highlighted by Lino, starting in '26, we will add an incremental revenue stream of approximately BRL 161 billion, bringing our total contracted fixed revenue base to around BRL 297 billion. In addition, with contract terms of 10 years for existing assets and 15 with the new projects, we have extended the average duration for around 15.4 years. And the next will have contracts expiring in 2036. That means 10 years from now. So the increased volume in the long-term volume reinforces the profile of the company, and that demonstrates our growth potential. We are a unique thesis in utility that combines stability, predictability, growth with value generation and upsides given the context of the thermoelectric system with higher margins. Now moving to Slide #6. This is an overview of the recontracting of the existing assets for which we secured a new contractual cycle. Well, let's first focus on the assets in the North and Northeast regions of the country, where we successfully recontracted Parnaiba's I and III, as well as renew the contracts in Itaqui and Pecem. Well, in the first place, the new fixed revenues of these assets will exceed BRL 2.7 billion on a yearly basis above the current fixed revenue levels, in particular for the Parnaiba complex. Another key highlight is the new unit variable costs of those assets, which will allow them to operate not only in baseload but helping Brazilian power system to mitigate intermittency, especially at the end of the day with the solar generation declines. Another important point is the tax generation. And according to the tax framework, we will be exempt from the new 2 taxes, bringing gross revenues closer to the net generation value. Slide #7, we see here the details of the contract renewals for Espirito Santo. And let me highlight 3 specific points here. First, the annual fixed revenue of those plants, which have just completed their previous contracts. And as of August this year, we will start the new contractual cycle. So altogether, those plants will entitle approximately BRL 271 million in fixed revenues. The second point is the new estimated fixed margin for those assets and their cost structure has been changed as they now connected to the transportation network and subject to the capacity reservation contracting in the gas pipeline. And it's important to clarify about the concept, which we use as a proxy for the fixed EBITDA of the thermoelectric plants. So it's a fixed EBITDA that is going to be deducted from the IFRS16 and will be part of the financial statements. And finally, as just in the case of Parnaiba and [indiscernible] I'd like to highlight the new UVC of those plants, which will enable them to meet contractual obligations and operate in a sustainable manner, preserving their variable margins. Now moving to Slide #8. Let me present you with the Panorama of the projects that have been awarded in '26 and which make up the company's growth pipeline. At the Sergipe Hub, we have monetized our most competitive projects, which is Porto do Sergipe II. Sergipe Port II with a total capacity of 1.3 gigawatts, and that was fully caused by CELSE I. And this project leveraged the remaining regasification capacity and the CapEx was fully allocated to the construction and the assembly of the new thermoelectric complex. And given the company's strategy of anticipating the procurement of critical equipment and developing projects within the pipeline, we were able to monetize those projects in '28 thermoelectric products with a good combination of balanced risk return profile. And with that, we had this fixed annual revenue of BRL 3.2 billion. And given this very lean cost structure benefiting from the existing infrastructure, we expect to achieve a fixed margin between 80% and 85%, noting that only considering incremental costs and the variable unit costs are basically indexed by the JKM. The monetization of this new thermoelectric complex materializing the company investment thesis of Sergipe's Hub, not only the fixed revenues, but also the development of new business opportunities based on the gas hub platform. Since acquiring the asset, we have unlocked several synergies outlined in our business plan. We have renegotiated the debt. We integrated into our holding structure, capturing also on the goodwill and optimizing the tax structure, facing or leading projects, we can see our integrated measures, and we started to have negotiations on that. We have seen some market windows that we have taken advantage in LNG cargo transaction. And finally, we have now monetized the project pipeline acquired in 2022. Now Slide 9. Let's present Hub Ceara. Ceara Hub valued from the acquisition of a project portfolio in May 2025 will be the second gas hub in the company. The project involves the development of a regasification terminal at the Port of Pecem, which already has the port infrastructure and gas pipeline in place and will be connected to a thermoelectric complex and the gas grid, enabling supply not only of our plants, but also to third-party plants and customers connected to the system. The anchor for the project for the development of the terminal will be the Jandaia project, a complex of 1.2 gigawatts installing capacity, which won 2029 project in the 2026 capacity reserve auction and securing annual fixed revenue to 3. -- BRL 12 billion. The company expects a fixed margin in the range of 75% to 85%, demonstrating the value potential of our gas-to-power business model and its competitive advantages. We do not depend on third-party infrastructure for gas supply solutions. In addition, the project's unit variable cost is also indexed by JKM, ensuring adequate margin for value creation even in peak dispatch scenarios. The complex was developed with the support of a partner who may choose to participate in the equity structure of the thermoelectric assets with up to 30% stake. With the Ceara Hub, we capture value not only from the projects contracted in the auction, but also we opened a broad pipeline of future business opportunities supported by the monetization of future thermoelectric projects with all amortize infrastructure and by natural gas sales on grid. On Slide 10, I will present our second gas hub, the Southeast Hub. The development of Southeast Hub will implement this thermoelectric gas project, 1.5 gigawatts won the 2030 product in 2026 capacity reserve auction, the capacity contracts of the Southeast hub plants. Will secure approximately BRL 2.5 billion in annual fixed revenue for the company started in August 2031. The complex, which will operate with off-grid gas supply solution is expected to deliver a fixed margin between 65% and 75%, again, considering leasing expenses and other IFRS16 related items as part of the cost structure. As the complex will consist of multiple plants, it will have 3 different unit variable costs, which according to the auctions fuel reporting framework will range from BRL 939 (sic) [ 939.5] to BRL 1.433 per megawatt. As with the company and other hubs, the [ UVC ] levels ensure operations with positive variable margins even at the limits of the operation constraint. As with all other new projects, we have already secured turbines and other critical operation equipment for the Southeast hub. Finally, I would like to highlight that this project has also developed with the support of partners who may choose to participate in the equity structure with a total stake of up to 49%. Let's move to Slide 11. I'd like to highlight another leverage that we have unlocked by the 2026 capacity reserve. In addition to securing thermal capacity enabling the development of new gas hubs and supplier plants, the auction also allowed us to monetize part of the remaining capacity of our LNG terminals. We leverage this opportunity to enter into the gas supply agreements with players that were also successful in the auction and will require gas to operate their plants. These contracts were structured as fully flexible arrangements, combining a fixed component, remunerating the FSRU's capacity reservation throughout the contractual period, a variable component. In total, the contracted natural gas capacity reaches 5.5 million cubic meters per day for most of the period. The first contracts will become effective starting in October 2028 with a capacity of 4.2 million cubic meters per day and terms of 15 years with an additional volume of 1.3 million cubic meters per day contracted for 10 years starting in 2031. It is important to highlight that these contracts add firm revenue streams that are fully converted into the margin of the company with no incremental cost since the infrastructure has already been developed and integrated in the thermoelectric project. As a result, we increased the value generated in our terminals to maximize and maximize the return of our investments while building an increasingly strategic portfolio of hubs capable of offering customers -- customized solutions to needs of clients and to gas and power markets. Slide 12, we now show you the investment program required to support all the projects and contracts secured by in yesterday auction. We estimate a total investment of approximately BRL 18 billion in real terms to fulfill contractual commitments and structure the project awarded. This amount will include all CapEx related to the construction of new plants, the development of internal infrastructure and gas hubs, the preoperational expenses as well as contingent payment associated to project development. Of this total, approximately 58% will have dominated -- will be the nominated in Brazilian reais, while the remaining 42% will be in foreign currency. The CapEx program will be executed until 2031, and the chart shows the expected distribution of the investment. As previously said by Lino, we began the development -- developing or deploying investments for part of these projects as last year with approximately BRL 1.4 billion disbursed as payment to suppliers of turbines and critical equipment. As highlighted in previous slides, if partners exercise their option to join the projects, part of this CapEx will be funded by them in a scenario where partners enter with maximum participation across -- each cluster approximately 24% of total investment would be funded by them. From a financing perspective, it is important to highlight that 100% of this CapEx is eligible for funding through infrastructure debentures. In addition, part of the projects may benefit from financing lines provided by regional development banks, enabling the structuring of long-term funding with competitive costs aligned with the duration of the contracts. Finally, beyond the traditional financing alternatives, the robust fixed revenue streams from the new contracts also provide a strong collateral base to support receivables anticipation structures contributing to potential cash reinforcement. As a result, we can see that this can indeed reinforce our cash. Slide 13. I'd like to detail some possibilities of some opportunities for additional value creation. And we -- be it on the new hubs and this will allow that our new assets will have better dispatch. So no projects will create a good platform, a positive platform for the terminals and relevant synergies. for the gas industry. Yesterday's auction also broadens our alternatives in the natural gas. The capacity to -- for regasification allows us to anchor some of our projects for the most diverse profiles of customers and broadening the possibilities of monetization of our portfolio. Additionally, several alternatives of LNG sourcing allow us to look for this gas-to-power model. And we can see the generation in the gas and different arbitration opportunities, broadening the value capturing in several scenarios. And finally, the new integrated profiles will also reduce our operational risk. The development of new gas hubs and new locations will prevent the redundancy in our portfolio. And it also broadens our operational flexibility. We have a more balanced portfolio. With that, I will give the floor back to Lino. He will be presenting our growth vision.

[Interpreted] Thank you, Habibe. In the next Slide #14, I would like to highlight again that besides all the value generation that we've been talking about, this auction doesn't exhaust Eneva's growth opportunities. On the contrary, it paves the way for a new wave of expansion. As indicated by the planning of the process, Brazil faces a structurally increasing need for capacity over the next decade. According to the projection presented in the draft, PDE 2035, the country will require more than 40 gigawatts of firm capacity by 2035 to ensure reliability, security and balance of the energy matrix, the energy grid. This is a long-term structural need driven by demand growth, typical of developing countries and by the continued expansion of intermittent renewables resources. While yesterday's auction secured an important share of the required capacity, there is still a significant gap to be filled through the 2035 and beyond. More than ever, Eneva is well positioned to address this these needs competitively, the integrated business models that we have built, both reservoir to wire, which combines exploration and production, gas supply, infrastructure and generation and the gas to power, which integrates the LNG terminal operations with thermal generation assets provide us with a clear right to win in the expansion of the country's thermoelectric capacity. In addition to the assets already contracted in the 2026 auction, we maintain a high-quality pipeline of thermal projects at different stages of maturity, strategically located near our gas hubs, which can be monetized timely. This robust pipeline, combined with our agility, focused on proven execution capability allows us to respond quickly and competitively to system needs. We will continue to pursue growth. It's the idea it's not only the auctions. We have 2 important campaigns, exploration campaigns, one in the Amazon Basin and another one in the Parana Basin, where we intend to broaden our access to proprietary access of natural gas. We have non-monetized resources in the Solimoes Basin in the Jurua field. They are still to be monetized. We have the development of our offers of LNG in small scale that they are following an acceleration curve and also the liquefaction trend in Parnaiba complex and the growth of our capacity or skills and competencies that will allow us regionally other opportunities that we can also apply the Eneva platform and follow our mission and our regional expansion. Therefore, we'll continue to look for growth and value creation in markets in which we operate with discipline, predictability and the creation of optionality. What we have built so far gives us scale and flexibility to continue investing and developing projects while always guided by our value proposition. We have strong fundamentals, proven strategic business models and a differentiated position to continue contributing to the country's energy security while generating at the same time, consistent value, long-term value for our stakeholders. I thank you all very much, and I'll give the floor to [ Felipe Valverde ] for the Q&A session.

[Operator Instructions] And we have here Guilherme Lima from Santander.

[Interpreted] Asking, I mean, is it feasible for you to anticipate the Itaqui and Pecem contract -- sorry, Itaqui and Pecem contract? Sorry, my apologies for the very, very hoarse voice.

[Interpreted] Yes, we do believe it's feasible. However, it's too early for us to talk about that. So really, depending on the conditions, slightly closer to the deadline, this is a possibility to be regarded.

[Interpreted] Great. Guilhermeina's second question is in addition to the gas volumes that have been commercialized and announced yesterday with other developers, is there any interest in the company in having new contracts.

[Interpreted] Well, I would say that it's a bit too early to say that there are new contracts. But given the volumes that have been sourced and the variety of entrepreneurs, we will certainly have many, many discussions on the options for flexible gas offer. And we are available here to talk to all the stakeholders so that we can use what we built to contribute to the country and to offer best results.

Mr. [ Cavendish ] from [indiscernible] Is the next question.

[Interpreted] Thank you for the opportunity to take part in this conference call. And do you think that the coal plants haven't been bet on '31. Does that have any impact in the Ceara business?

[Interpreted] Not really, no. This is related to how the company decided to use its businesses. So we have our own reasons to have done that.

Yes, those -- the next 2 questions come from Bruno Amorim.

[Interpreted] Did the company prepare any sort of hedge for the dollar CapEx?

[Interpreted] Not really no. We were pretty much focused on the auction. We wanted to understand the requirements. And so those 42% that were mentioned here over the BRL 18 million due to the and now so far, we have nothing.

[Interpreted] Yes. Bruno's question is also about the CapEx. What is the percentage of this BRL 8 billion -- BRL 18.2 billion have been already included in the costs and how much has been incurred?

[Interpreted] Well, most of them have been contracted, and they represent something like 25%. I would say, the contracts themselves, especially the construction contracts for the first 2 hubs have been agreed upon and are now being negotiated with the developers. So we have a considerable portion of services that have secured prices. And well, of course, at the end of the day, we are exposed to the oscillations in basic construction materials, which is definitely a relevant part as well.

Well, the next questions come from Antonio Junqueira from BTG.

[Interpreted] The first one is the company has anticipated the turbines. I mean, does those BRL 18.2 billion include that? And how much of the CapEx has been spent up to Q4?

[Interpreted] Well, the BRL 1.4 billion that we spent until Q4 last year are within the BRL 18.2 billion. So what we still have ahead is the remaining difference. Yes. And obviously, this is part of the cost in U.S. dollars that we have incurred already. So part of this exposure to the currency has been incurred upon.

[Interpreted] Yes. And regarding the terminal, what could be an indication of both the fixed and variable margins on sales? And also, how is Qatar and the respective contracts in Qatar being affected by the current Middle East conflict.

[Interpreted] Okay. Thank you, Junqueira. But let me start with Qatar. So far, we have not been severely affected by the Middle East rule. And in our contract, we can receive loads from -- and shipments from Middle East and from United States, and we typically receive them here in the beginning of the year. So for 2026, they have been nominated already and all those shipments have been -- most of them came from the U.S. So, so far, no impact whatsoever. And depending on the outcomes, I mean, of course, if this stretches for too long, that might have an impact on us. But for the year of '26, at least, we are 100% covered. Now with regards to the gas contracts in order to provide all the assets for yesterday's auctions, we can't really anticipate much neither in terms of cost or volume, much less the margins in terms of the prices for sale. And so we better advance and whenever we have more concrete information, we will share with you. Yes, with 3 gas terminals and with the amount of power per contract, I mean the negotiation capacity and the very positive leverages for the international LNG gas, we and one of our main projects, as you've seen as a supplier of many different projects, the company will reinforce its position as an important seller of LNG here in Brazil.

Yes. So we have [ Jon Kadis ].

The question was about Termofortaleza.

[Interpreted] And this was answered in the previous question.

Now let's move to Fillipe Andrade, Itau.

[Interpreted] We would like to address 3 points. First, are the flexible contracts that were awarded by the 2026 capacity auction were backed by the firm take-or-pay agreement by Eneva. If so, is it possible the contractual indexation adopted?

[Interpreted] Well, so far, we don't have any. And as soon as we have it, we will make sure that this will reach you. Okay, Fillipe.

[Interpreted] Second question, could you please provide more details on the time line and the terms for a potential partner that will enter those new hubs in Ceara in the Southeast?

[Interpreted] Fillipe, this might vary according to the hub. But I would say that as of Q3 of this year, we should have more light on that. We are probably going to have more information, and we will make sure you are updated.

[Interpreted] And the third question is with regards to the partners. Can you tell us the names?

[Interpreted] Unfortunately not. I mean this is still -- it's still confidential information.

[Interpreted] Yes. Another question here from Bruno Amorim. We have actually answered about the impact to the company, especially with regards to the LNG supply here and the impact of the war. So we are going to skip that. The next question is [ Jon Kadis ] from BTG. And the question is, do you have a good avenue of opportunities for the acquisition of PPAs in an auction like that?

[Interpreted] I would say that we would have to speculate a bit too much, especially less than 24 hours to the closure of the auction. What we know for a fact is that we have a huge variety of bidders and maybe the largest variety of -- that has ever been seen in the auction this big. And it has happened in the past that post-auction negotiations have happened, have taken place, and we should probably follow exactly the same suit, but I think it's still too early, and it would probably be too speculative.

Yes. Raul Cavendish is adding here.

[Interpreted] So is the Ceara hub going to be connected to the grid?

[Interpreted] Not really no because the pipeline grid that reaches Ceara has some rather important constraints, and it wouldn't really make much of a sense for us to have. And if at some point, we have relevant consumers, of course, it could be connected. It's not that challenging to be done. But at first, no. So the idea is to have a the TTPs and we could use small-scale LNG being shipped via sea and being transported over land.

[Interpreted] And if we have any additional questions here, Joao Pimentel is the next one.

[Interpreted] Could you please let us know how do you see the capital structure to structure this investment plan?

[Interpreted] Thank you, Joao. Well, you see the company is now just leaving the investment cycle of the Azulao complex and Azulao will be done soon and Azulao II in the next year. So we are not going to count on the cash flow of PPAs 1 and 2. So that together with the other cash flows, they are going to fund the new businesses. So it's rather robust, and they have been disclosed in the statement. And just as we saw yesterday, BRL 1.29 and 1.31. That is going to generate an additional confidence. And with our own cash, we're going to be able to fund everything. So we are quite confident that all that is going to go rather well and the volume of revenue and results and the receivables that the company has started to generate. So that might contribute to a potential need. So anyway, the cash generation plus new debt is the way to fund all this BRL 18 billion investment plan.

[Interpreted] Yes. The next question is, could you please let us know how much of the CapEx represents the cost of capital?

[Interpreted] Well, it depends a little bit because we see the terminal is already there. So we have the Sergipe Hub project that obviously means nothing. It's not relevant at this point. But we could say something in between 10% to 15% of the overall CapEx to be invested in the gas supply structure.

[Interpreted] Well, the last question we have is from Antonio Junqueira from BTG.

[Interpreted] And if it hasn't been asked if it's 0%, the ERS. So we had a couple of players that were talking about the tax.

[Interpreted] No, it's technically not 0, Antonio. It's actually deferred. It's deferred because you see that tax is levied at some point, although it's not over the revenue. So in practice, what happens is this is deferred for the distributors. So if you check the revenue that was announced yesterday and the difference from yesterday's to the net revenue is the 1% of the [ IBP]. So -- because the gross revenue is almost corresponding to the net one, and that is what we could say about that. And if other players have understood otherwise, it's -- this does not correspond. And it was very clear according to the Paragraph #4 of the tax reform and we had a couple of questions about that situation and the answers were very clear. So again, from the practical terms, we should work with 0.

Yes. And so with this last question, we're going to close the Q&A session of this conference. Thank you very much for attending the 2026 Capacity Auction. Thank you very much, and see you next time. [Statements in English on this transcript were spoken by an interpreter present on the live call.]