Centrais Eletricas Brasileiras SA - Eletrobras (AXIA) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Eletrobrás' conference to discuss the results for the first quarter '25. Here with us today are Mr. Ivan de Souza Monteiro, the President of Eletrobrás; Mr. Eduardo Haiama, Executive Vice President for Finance and Investor Relations; Mr. Antônio Varejão de Godoy, Vice-President for Operations and Safety; Ms. Camila Araújo, Vice President for Governance, Risk, Compliance and Sustainability; Mr. Elio Wolff, Vice-President for Strategy and Business Development; Mr. Italo Freitas, Vice President for Trading; Mr. Juliano Dantas, Vice President for Innovation R&D, Digital and IT; Mr. Marcelo de Siqueira Freitas, VP for Legal Affairs; Mr. Renato Carreira, Vice President for Procurement and Services and Interim Vice-President for People, Management and Culture; Mr. Robson Pinheiro de Campos, Vice President (sic -- "Executive Vice President") for Expansion Engineering; Mr. Rodrigo Limp, Vice President for Regulation and Institutional Relations.

女士們、先生們，早安，歡迎參加 Eletrobrás 會議，討論 25 年第一季的業績。今天與我們在一起的有 Eletrobrás 總裁 Ivan de Souza Monteiro 先生、財務和投資者關係執行副總裁 Eduardo Haiama 先生、營運和安全副總裁 António Varejão de Godoy 先生、治理、風險、合規和可持續性副總裁 Camila Araújoº 女士、戰略和業務發展副總裁 Elio Wolff 先生副總裁 Elio 副總裁 Dan先生、法律事務副總裁 Marcelo de Siqueira Freitas 先生、採購和服務副總裁兼人員、管理和文化臨時副總裁 Renato Carreira 先生、擴建工程副總裁（原文如此 - “執行副總裁”）Robson Pinheiro de Campos 先生；監管和機構關係副總裁 Rodrigo Limp 先生。

We would like to inform you that this event is being recorded and will be made available on the company's IR website, along with the presentation being shared today, both in Portuguese and English. (Operator Instructions)

我們想通知您，此次活動正在錄製中，並將與今天分享的簡報一起以葡萄牙語和英語在公司的 IR 網站上發布。（操作員指示）

Before we proceed, we would like to clarify that any statements made during this conference regarding the company's business outlook, projections, operational and financial goals constitute the beliefs and assumptions of Eletrobrás' executive management and information currently available to the company. Forward-looking statements are not guarantees of performance as they involve risks and uncertainties and, therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions and other operational factors may affect the results expressed in such forward-looking statements.

在我們繼續之前，我們想澄清一下，本次會議期間有關公司業務前景、預測、營運和財務目標的任何聲明均構成 Eletrobrás 高管的信念和假設以及公司目前掌握的資訊。前瞻性陳述並非績效保證，因為它們涉及風險和不確定性，因此取決於可能發生或可能不會發生的情況。投資人應該明白，一般經濟狀況和其他營運因素可能會影響此類前瞻性陳述中所表達的結果。

We will now turn the floor over to Mr. Ivan Monteiro, President of Eletrobrás, who will begin the presentation.

現在我們將請 Eletrobrás 總裁 Ivan Monteiro 先生開始演講。

Good morning, everybody. Welcome to the earnings release of Eletrobrás for the first quarter '25. We have two important highlights: the conciliation between the federal government and the search for a constant dialogue that we initiated with them. After 1.5 years of negotiations, we had approval and support of the general shareholders' assembly. Another mark is the new collective bargaining agreement, a relevant tool, so that we can continue enhancing our cost and processes.

大家早安。歡迎閱讀 Eletrobrás 25 年第一季財報。我們有兩個重要的亮點：聯邦政府之間的和解以及我們與他們發起的持續對話的尋求。經過一年半的談判，我們得到了股東大會的批准和支持。另一個標誌是新的集體談判協議，這是一個相關工具，以便我們可以繼續改善我們的成本和流程。

We had very high availability of our generation and transmission equipment this quarter, looking for operational excellence and extreme reliability of operation. Now yesterday, there was a partial sale of our gas supply plants. Now generation is getting to 100% based on water, sun, and wind generation. In transmission, I draw your attention to the conclusion of the Coxilha plant and the advances in Manaus-Boa Vista, we confirm the expectation of conclusion of this work for the second semester of 2025. As part of the conciliation agreement, we have made investments for the conclusion of the Angra nuclear plant.

本季度，我們的發電和輸電設備的可用性非常高，追求卓越的營運和極高的運作可靠性。昨天，我們的天然氣供應工廠部分被出售。現在發電量已達100%依賴水力、太陽能和風力發電。在此，我提請您注意科西利亞 (Coxilha) 工廠的竣工和馬瑙斯-博阿維斯塔 (Manaus-Boa Vista) 的進展，我們確認這項工作預計將於 2025 年第二學期完成。作為調解協議的一部分，我們已經為安格拉核電廠的建設進行了投資。

We will not have to generate anything for the conclusion of this project or make new investments in Angra dos Reis Park. We will continue to pursue the sale of our stake in the nuclear plant, a process we began at the end of 2023. I would like to confirm that we're pursuing a recurrent PMSO figure for the year 2025. We have also made significant strides in training with an advance in volume, stability of processes, a good relationship, offering solutions and energy to an ever greater number of customers.

我們不需要為完成這個項目而創造任何東西，也不需要對安格拉杜斯雷斯公園進行新的投資。我們將繼續出售我們在核電廠的股份，這項進程於 2023 年底開始。我想確認我們正在追求 2025 年的經常性 PMSO 數字。我們在培訓方面也取得了重大進展，培訓量有所提高，流程更加穩定，關係更加良好，為越來越多的客戶提供解決方案和活力。

I would like to thank you and turn the floor over to Mr. Haiama.

感謝您，現在請 Haiama 先生發言。

We're going to go on to Slide 3, where we will [spill] about our financial performance for the first quarter and I will speak about the management of energy trading as well. So we go to the highlights on Slide 5. The main highlight has already been remarked by Mr. Monteiro. We concluded the discussions with the government and have approved the agreement at the shareholders' assembly.

我們將繼續看投影片 3，我們將介紹第一季的財務業績，我也會談談能源交易的管理。讓我們來看看投影片 5 的重點內容。主要的亮點已經由 Monteiro 先生指出。我們已與政府完成討論，並在股東大會上批准了協議。

Secondly, we have a partial conclusion of the sale of Amazon thermal plants receiving $2 billion in our cash. Now on Slide 6, regarding our results. We have adjusted results, a loss of $81 million, where the main impact comes from the regulatory remeasurement of Chesf for transmission.

其次，我們已部分完成出售亞馬遜熱電廠的交易，並獲得 20 億美元現金。現在來看幻燈片 6，關於我們的結果。我們調整後的結果為虧損 8,100 萬美元，主要影響來自於 Chesf 輸電的監管重新測量。

Another highlight, since the negotiation with the thermal plant, we have stopped the problem of default in Amazonas Energia in such a way that the default was $56 million in the first quarter compared to BRL432 million in the first quarter '24. A reduction in operational costs with a drop of 28% vis-a-vis the fourth quarter '24, an 8% year-on-year, with savings of $143 million in personnel.

另一個亮點是，自從與熱電廠談判以來，我們已經解決了亞馬遜能源公司的違約問題，第一季的違約金額為 5,600 萬美元，而 2024 年第一季的違約金額為 4.32 億巴西雷亞爾。營運成本下降，與 24 年第四季相比下降了 28%，與去年同期相比下降了 8%，節省了 1.43 億美元的人員成本。

In energy trading, an increase in the free market year-on-year of 35%. On Slide 7 regarding PMSO optimization. We had a drop of 28% vis-a-vis the fourth quarter, 8% year-on-year, and you see a consistent reduction in PMSO with a highlight for the drop of 15% in our personnel costs. Therefore, the annualized cost for the first quarter is somewhat below BRL6 million in 2025.

在能源交易方面，自由市場年增35%。第 7 張投影片涉及 PMSO 優化。與第四季相比，我們下降了 28%，與去年同期相比下降了 8%，而且你會看到 PMSO 持續下降，其中最突出的是我們的人員成本下降了 15%。因此，2025 年第一季的年化成本略低於 600 萬巴西雷亞爾。

As we had remarked in the fourth quarter, this seasonality that occurred in the fourth quarter, for this year, we have implemented some changes precisely to mitigate this effect. So part of this cost in the first quarter already reflects that the seasonality and this cost should remain throughout the year.

正如我們在第四季所指出的，對於今年第四季出現的這種季節性現象，我們實施了一些改變，以減輕這種影響。因此，第一季的部分成本已經反映了季節性，並且該成本應該全年保持不變。

On Slide 8, compulsory loan with a reduction in the first quarter, $400 million. Last year, a drop of almost $300 million. Now above and beyond the $400 million, we had a reduction of $336 million in the possible and remote settlements.

第 8 張投影片顯示，第一季強制貸款減少了 4 億美元。去年下降了近3億美元。現在，除了 4 億美元之外，我們在可能的和遠端解決方案中還減少了 3.36 億美元。

On Slide 9, we look at our financial figures. Revenue growing 16%, relatively flat in the regulatory, and it's important to recall that after the tariff revision that took place last year, the transmission revenue had a drop offsetting the generation revenues in EBITDA, a drop, and we go straight to the regulatory adjusted figures, a drop of 4%, partially due to the transmission revenues and partly due to a drop not only in the average sales price of ACL quarter-on-quarter, but also a greater sales exposure in the Southeast, not fully offset by volumes in the North and Northeast.

在第 9 張投影片上，我們查看了我們的財務數據。收入成長 16%，監管方面相對持平，重要的是要記住，在去年關稅修訂之後，輸電收入的下降抵消了 EBITDA 中的發電收入的下降，我們直接查看監管調整後的數字，下降了 4%，部分原因是輸電收入，部分原因是 ACL 的平均銷售價格不僅比下降，而且東南部的銷售量增加，但這並未完全銷售的平均銷售價格已被東北部的銷售量所抵消。

On Slide 10, we show you our profit dynamic. We had losses of $81 million compared to $354 million, and this is due to the regulatory remeasurement at Chesf impacting, of course, the results.

在投影片 10 上，我們向您展示了我們的利潤動態。我們的虧損為 8,100 萬美元，而去年同期為 3.54 億美元，這當然是由於 Chesf 的監管重新計量影響了結果。

On Slide 11, our operating provisions. We continue to improve our provisions in general. The highlight once again is the issue of Amazonas. Since the sale agreement with thermal plants, we have reduced the default -- the recurring defaults of the company for PCLD.

第 11 張投影片是我們的營運規定。我們總體上繼續改善我們的規定。焦點再次集中在亞馬遜問題。自從與熱電廠簽訂銷售協議以來，我們減少了PCLD公司的違約——該公司經常性的違約。

And in terms of litigations, once again, a change in constitution and withdraw we carried out through time. Thanks to all of the agreements we have reached.

在訴訟方面，我們再次隨著時間的推移進行了憲法修改和撤回。感謝我們達成的所有協議。

On Slide 12, a highlight for the sale of thermal power plants. We're receiving $2.9 billion in cash for the partial sale. We're still missing Santa Cruz that is pending approval. Now with that, based on our thermal capacity, we have a reduction of 0.6 megawatts of installed capacity, and we're on that trajectory for net zero as our commitment for 2030.

第 12 張投影片重點介紹了火力發電廠的銷售情況。我們將因部分出售而獲得 29 億美元現金。我們仍然缺少尚待批准的聖克魯斯。現在，基於我們的熱力發電能力，我們的裝置容量減少了 0.6 兆瓦，我們正朝著 2030 年淨零排放的目標前進。

In the ESG agenda, on Slide 13, we launched our sustainability report for 2024. We continue with the partnership with Estapar for electrical cars on some parking lots. The agreement with Antaq to promote decarbonization in ports and waterway terminals. And in terms of social, environmental and cultural commitment, the reconstruction of the national museum that had caught fire a few years ago, and we had the surprise of the birth of the first Amazonian manatee calf in five years at Eletrobrás preservation center.

在 ESG 議程的第 13 張投影片中，我們發布了 2024 年永續發展報告。我們繼續與 Estapar 合作，在一些停車場上提供電動車。與Antaq達成的協議旨在推動港口和水路碼頭的脫碳。在社會、環境和文化承諾方面，重建了幾年前發生火災的國家博物館，並且我們驚訝地看到 Eletrobrá 保護中心五年來第一頭亞馬遜海牛幼崽的誕生。

On Slide 15, we'll speak about our energy trading. On Slide 15, we show you that in 2025, our balance is between 0 and 2.5 gigawatts. We continue to enhance the sales in 2026, 2027 as a result of the price dynamic that we observed. It has changed levels when we compare it with '23 and the beginning of 2024 when we began to observe volatility impacting the futures market.

在第 15 張投影片上，我們將討論我們的能源交易。在第 15 張投影片上，我們向您展示了 2025 年我們的平衡點在 0 到 2.5 千兆瓦之間。根據我們觀察到的價格動態，我們將繼續提高 2026 年、2027 年的銷售額。與 23 年和 2024 年初我們開始觀察到影響期貨市場的波動時相比，它的水平已經發生了變化。

Therefore, we're accelerating our sales in places where we believe we have a more fair price. We reached 722 customers, a growth of 35% year-on-year.

因此，我們正在那些我們認為價格更公平的地方加快銷售。我們的客戶數量達到722家，年增35%。

On Slide 16, simply to help you to understand where our resources lie, our generation capacity, where all of our long-term procurement lies, momentary procurement that we need because of trading or structural issues and where we are allocating that energy presently for the long term and for the short term as well. As an example, we have 17 gigas. In the slide to the left of total capacity, we're acquiring 800 megas. So we will have 18 gigawatts to trade through time.

在第 16 張投影片上，只是為了幫助您了解我們的資源所在位置、我們的發電能力、我們所有的長期採購所在位置、由於交易或結構問題我們需要的臨時採購，以及我們目前的長期和短期能源分配情況。舉個例子，我們有 17 千兆。在總容量左側的幻燈片中，我們收購了 800 兆。因此，我們將有 18 千兆瓦的電力可供交易。

Of those 18 gigawatts, we have 2.4 gigawatts in the quotas that will be notified until 2027. In ACR sales, we have 3.4 being allocated to ACL. And in the map, therefore, you can see where the opening or breakdown of the energy is by region, Southeast, North, Northeast and Southern subsystem. This shows you the dynamic of the first quarter.

在這 18 千兆瓦中，我們有 2.4 千兆瓦的配額將在 2027 年之前公佈。在 ACR 銷售中，我們有 3.4 分配給 ACL。因此，在地圖上，您可以看到按地區、東南、北部、東北和南部子系統劃分的能量開口或細分情況。這向您展示了第一季的動態。

As I had mentioned on Slide 16, the company continuously monitors not only hydrological conditions, but also demand or mismatches among markets when there is an over-demand and transmission to fully understand the risks. In this first quarter, the Eletrobrás strategy was to hedge the risks that seem to be looming that came until mid-February. That was a very good period. And when we see these positive periods and the supply in the system, the outlook was that the prices would drop considerably. So our decision was to hedge the risk.

正如我在第 16 張幻燈片中提到的，該公司不僅持續監測水文狀況，而且還監測需求過剩和傳輸時市場之間的需求或不匹配情況，以充分了解風險。今年第一季度，Eletrobrá 的策略是對沖 2 月中旬出現的風險。那是一段非常美好的時期。當我們看到這些積極時期和系統中的供應時，前景是價格將大幅下降。因此我們的決定是對沖風險。

Now beginning in the second quarter onwards, our vision is different. The prices that were being practiced do not make much sense for trading. Therefore, we are going to allow the energy to stand without contracts, although many were made. This impacted our first quarter.

從第二季開始，我們的願景就不同了。所實行的價格對於交易來說沒有太大意義。因此，儘管已經簽訂了許多合同，但我們將允許能源在沒有合約的情況下繼續運作。這對我們的第一季產生了影響。

Why? When we put together what we saw in the map in the previous slide and what happened with the trading strategy as we have larger volumes for trading in the Southeast, there was a mismatch between what was sold in the Southeast and what was uncontracted in the Northeast. This is called the submarket risk. This is the impact we had in the first quarter.

為什麼？當我們將上一張幻燈片中的地圖上看到的內容與交易策略發生的情況結合起來時，由於我們在東南部的交易量較大，我們發現東南部銷售的數量與東北部未簽約的數量之間存在不匹配。這被稱為子市場風險。這就是我們在第一季產生的影響。

As you will see on Slide 18, we'll show you what happened, the pricing that was wrong for the second quarter. It's what you see in the dark blue curve reaching 360 presently. But for the year, when you look at the dotted curves that began below 150, at 130, 120, is presently at 290. So we hedged the first quarter impacted by that mismatch of the submarket, generating the potential results for the rest of the year.

正如您在投影片 18 上看到的，我們將向您展示發生了什麼，即第二季的錯誤定價。這就是您所看到的深藍色曲線，目前已達到 360 度。但就今年而言，當您查看從 150 以下開始的虛線曲線時，在 130、120 處，目前為 290。因此，我們對第一季受到子市場不匹配的影響進行了對沖，從而產生了今年剩餘時間的潛在業績。

With this, I would like to conclude my part, and we can go on to the question-and-answer session.

我的發言到此結束，我們可以進入問答環節。

(Operator Instructions)

（操作員指示）

Bruno Amorim, Goldman Sachs.

高盛的布魯諾·阿莫林。

I have a follow-up about the last point mentioned by Mr. Haiama. To guarantee, I understood you are working with hedging that should relevantly decrease that impact you had in the first quarter, the mismatch of prices among subregions. Now what to expect going forward from this isolated effect? And that's the first question.

關於海馬先生提到的最後一點，我有一個後續問題。為了保證，我理解您正在進行對沖，這應該會相應減少第一季的影響，即各區域之間的價格不匹配。那麼，對於這孤立效應的未來我們能期待什麼呢？這是第一個問題。

Which has been your liquidity to close contracts at these more attractive prices that did appear on the screen for this year and 2026?

您的流動性如何以今年和 2026 年螢幕上出現的更具吸引力的價格成交合約？

Thank you, Bruno. That, yes, in the first quarter, we were more concerned with the price of the PLD that we would remain at a low price for the entire semester. These were the risks we had seen and with a higher volume traded in the Southeast, we sold more in the Southeast. And in the expectation with the energy we have in the North and Northeast, this strategy would help us mitigate that minimum price.

謝謝你，布魯諾。是的，在第一季度，我們更關心 PLD 的價格，希望整個學期都能維持低價。這些是我們已經看到的風險，隨著東南部交易量的增加，我們在東南部的銷售也增加了。我們期望，憑藉我們在北部和東北部所擁有的能源，這項策略將有助於我們降低最低價格。

What happened was we had a huge mismatch in the North and Northeast vis-a-vis the Southeast. And well, this didn't nullify the exposure. Now going forward, we're not doing that, quite the contrary in the price graph. We saw that our price was wrong beginning with the second quarter, and we decided it would be more prudent to do the opposite to later negotiate the energy when the prices would truly reflect the reality. What we did at that time was not correct.

實際情況是，北部和東北部與東南部之間存在著巨大的差距。但這並沒有消除曝光。現在展望未來，我們不會這樣做，價格圖表的情況恰恰相反。從第二季開始，我們發現我們的價格是錯誤的，我們決定採取相反的措施，等到價格真正反映現實情況時再進行能源談判，這樣更為謹慎。我們當時的做法是錯誤的。

Good morning, Bruno, simply to complement what was said. We spoke about the risk of submarkets. Now we have a portfolio to show you in the presentation, and it's well balanced when it comes to market division. 50% of the resources in South and Southeast, one-fourth for the Northeast and North. Therefore, our vision is that the risk of these submarkets, well, it reached an extreme, but it will always be present and it will remain in the North and Northeast.

早安，布魯諾，我只是想補充剛才所說的內容。我們談到了子市場的風險。現在我們在演示中向您展示了一個投資組合，它在市場劃分方面非常均衡。 50％的資源在南部和東南部，四分之一在東北部和北部。因此，我們的看法是，這些子市場的風險雖然已經達到了極端，但它將始終存在，並且將一直存在於北部和東北地區。

In the North compared to the Southeast, the trend is to get to what Bruno mentioned, until the end of May. But we're still considering that risk scenario, and we can mitigate that risk in certain ways. We can perhaps work with sales in the North and Northeast, which is quite simple. We carried out swap operations once again in view of the mitigation and the effect was quite positive for that first quarter. What is important and when we look at the portfolio, or if we're looking for the entire year, we have to include more years.

與東南部相比，北部地區的趨勢正在達到布魯諾所說的水平，直到五月底。但我們仍在考慮這種風險情景，並且我們可以透過某些方式來降低這種風險。我們或許可以與華北和東北地區的銷售合作，這很簡單。有鑑於此，我們再次進行了掉期操作，第一季的效果非常正面。重要的是，當我們查看投資組合時，或者如果我們查看全年，我們必須包括更多年份。

Well, this change began in March, and it will work with a completely different price level beginning in March and ensuing years. In the second half of the year when this change began in February, the price of the second semester went up to $250 million. And presently, we are selling at $350 million. So this strategy more than offsets the present date scenario.

嗯，這一變化從三月開始，並且從三月開始以及隨後的幾年裡，它將以完全不同的價格水平運作。到了下半年，也就是2月開始出現這種變化的時候，第二學期的價格已經漲到了2.5億美元。目前，我們的售價為 3.5 億美元。因此，這項策略足以抵銷目前的情況。

Now regarding your second question, in terms of the short term, yes, we do have sufficient liquidity in 2026. We have good sales in 2027 as well. And in our vision, we begin to go towards a structural vision of prices, something that is closer to what is happening. I hope to have answered all of your questions, Bruno.

關於您的第二個問題，就短期而言，是的，到 2026 年我們確實有足夠的流動性。2027 年我們的銷售業績也很好。在我們的願景中，我們開始轉向價格的結構性願景，這更接近正在發生的事情。我希望我已經回答了你的所有問題，布魯諾。

(Operator Instructions)

（操作員指示）

Andre Sampaio, Santander.

安德烈桑帕約，桑坦德銀行。

Well, I think the first part was made very clear. I have two other topics. First of all, regarding your CapEx. You have a CapEx that has not accelerated year-on-year. I would like to understand why and which has been the work in-house to ramp up and go up to higher CapEx level for reinforcement.

嗯，我認為第一部分已經講得很清楚了。我還有另外兩個話題。首先，關於您的資本支出。您的資本支出並未逐年增加。我想了解原因，以及哪些內部工作可以加強並提高資本支出水準以進行強化。

The second question regarding the alteration of the tariffs in transmission, as mentioned in the release. Why have you reviewed these numbers downwards basically? Thank you.

第二個問題是關於輸電關稅的調整，新聞稿中提到了這一點。為什麼您基本上向下審查了這些數字？謝謝。

Andre, thank you. Elio will speak about CapEx, and then we will speak about this review.

安德烈，謝謝你。Elio 將談論資本支出，然後我們將談論這次審查。

Good morning, Andre, and thank you for the question. It's something natural for the first quarter to begin with a slightly slower pace when it comes to CapEx. In '23, we made a little more than $2 billion. In '24, $2.3 billion. In '25, we should be going beyond BRL4 billion.

早安，安德烈，謝謝你的提問。就資本支出而言，第一季的初期速度略微放緩是自然現象。1923年，我們的收入略高於20億美元。1924 年為 23 億美元。到25年，我們的收入應該會超過40億巴西雷亞爾。

Nothing besides what is usual. The first quarter is always slower and then it picks up pace.

除了通常的情況外，沒有其他情況。第一季總是比較慢，然後就會加快速度。

Thank you, Elio. And about the remeasurement -- the regulatory remeasurement of the tariffs of Chesf, this was approved last year before a period of 2023 to 2028. It is a process where we have resources for this. Now we had a remuneration base approved last year that was mistaken for Chesf.

謝謝你，艾利歐。關於重新測量——Chesf 關稅的監管重新測量，這是在 2023 年至 2028 年期間之前於去年批准的。這是一個我們擁有資源的過程。現在，我們有一個去年批准的薪酬基礎，但卻被誤認為是 Chesf。

The document that we had used years ago was correct. And this document has been legally redressed up to present. And this mistake once again was resolved in an ordinary assembly as part of our normal deliberation. So for Chesf, we will have $2.9 billion. And in terms of net remuneration, almost $1 billion. $950 million for the regulatory remeasurement.

我們幾年前使用的文件是正確的。且該文件至今已合法糾正。而這個錯誤又一次在一次普通大會上，透過正常的審議得到了解決。因此對於 Chesf，我們將有 29 億美元。就淨薪酬而言，近 10 億美元。 9.5 億美元用於監管重新計量。

Arthur Pereira, JPMorgan.

摩根大通的亞瑟·佩雷拉。

Going back to generation, you gave us a breakdown of capacity and your regulated contracts. Could you also speak about the free contracting market? Just to see if it is similar, if your load will be divided among subsystems in that way and the energy allocation decided last year for the year 2025. Is there a difference in the capacity of the subsystems?

回到發電問題，您向我們提供了發電能力和受監管合約的細目分類。您能談談自由承包市場嗎？只是想看看是否相似，您的負載是否將以這種方式在子系統之間分配，以及去年為 2025 年決定的能源分配。子系統的容量有差異嗎？

It seems that you're thinking about this for the second semester of the year. But I would like to know if you have any differences in energy allocation.

看來你正在考慮今年第二學期的事。但我想知道你們在能源分配上是否有差異。

Thank you, Arthur. Regarding the allocation where we're going to be selling more or less, of course, this is part of our strategy. We cannot disclose this. But you can be certain that we're constantly monitoring the risk and generating information and reports.

謝謝你，亞瑟。關於我們將出售更多或更少的分配，當然，這是我們策略的一部分。我們不能透露這一點。但您可以確信，我們會持續監控風險並產生資訊和報告。

In the first quarter, we were looking at things globally. We had a concern with the drop in prices of the settlement of price differences. This changed in mid-February, but once again, with a view of the entire portfolio. Having said that -- and this is the ongoing discussion in the sector at present. If you look at other companies or consumers, if everybody is concerned with these mismatches in the market, we have to look at prices.

在第一季度，我們著眼於全球局勢。我們曾擔心解決差價會導致價格下跌。這種情況在二月中旬發生了變化，但再次從整個投資組合的角度進行了觀察。話雖如此——這是目前該領域正在討論的問題。如果你看看其他公司或消費者，如果每個人都擔心市場中的這些不匹配現象，我們就必須專注於價格。

Now we believe that the price impact is offsetting the risks that we are maybe going to incur in the future. Now this is how we manage this issue. The other question, I do not remember, I'm sorry.

現在我們相信價格影響正在抵消我們將來可能面臨的風險。這就是我們處理這個問題的方法。另一個問題，我不記得了，抱歉。

About your energy allocation, if there is a difference in the assets of each region in the second half of the year, you have a long short, but is there a difference in the capacity of North and Northeast vis-a-vis what is generated in the Southeast?

關於你們的能源分配，如果下半年每個地區的資產有差異，你們就會做多做空，但是北部和東北部的產能與東南部的產能相比是否有差異？

I will need the help of experts here.

我需要這裡專家的幫忙。

Well, yes, there is a difference. And what is more important is to understand that source of the mismatch that occurred in March. We had a deterioration of our logic for the Southeast in March. And in the North, there was rainfall. And once again, there was that mismatch between the Northern region and the Southeast.

嗯，是的，有差別。更重要的是了解三月出現不匹配現象的根源。三月份，我們對東南部的邏輯性出現了惡化。北部地區有降雨。北部地區和東南部地區之間再次出現了不匹配的情況。

We're almost getting to the first half of the year as we have plants that are reservoirs. It's natural that we will have a -- bringing together the North and Southeast. In November, we expect very similar prices between the regions. And of course, this will bring about benefits as we have a great deal of resources in the North. Last year, we had a value somewhat above the price in the Southeastern region.

由於我們擁有水庫植物，我們很快就要進入上半年了。我們自然會將北方和東南聯合起來。我們預計 11 月份各地區的價格將非常相似。當然，這將帶來好處，因為我們在北方擁有大量資源。去年，我們的價值略高於東南地區的價格。

Now we think that this mismatch that began in March will continue to perhaps not at the same level, but we have a great deal of intermittency in the Northeast. And this happens during moments of large productions of solar energy. So we have to look at the system conditions for each of the regions. There are systems that are very different, especially in the Northeast. There's rainfall in December, March and April.

現在我們認為，這種始於 3 月的不匹配現象可能會持續下去，但可能不會達到同樣的水平，但東北地區的情況確實存在很大的間歇性。而這發生在太陽能大量產生的時刻。因此我們必須了解每個地區的系統狀況。有些制度非常不同，特別是在東北地區。十二月、三月和四月有降雨。

And we have the reservoirs filled in May. Now in March, the mismatch was above [BRL200 million]. It then was decreased to [BRL100 million] because of the settlement of price differences. But we will have a closening of the prices and, of course, this reduces the submarket risk. This doesn't mean that we're not always looking for ways to mitigate this, ways that will make sense for us and to increase the sales in the North and Northeast.

我們已於五月將水庫注滿水。現在到了三月，錯配率已經超過了[2億巴西雷亞爾]。隨後，由於解決了價格差異，該金額降至 [1 億巴西雷亞爾]。但我們會有一個價格限制，當然，這會降低子市場風險。這並不意味著我們沒有一直在尋找緩解這種情況的方法，尋找對我們有意義的方法並增加北部和東北地區的銷售。

Maria Carolina Carneiro, Safra.

瑪麗亞·卡羅萊納·卡內羅，薩弗拉。

We have two questions. The first, if you could share with us your priority agenda for 2025. Once you have concluded the agreement with the government, you have changed your bylaws and the Board will remain for some years.

我們有兩個問題。首先，您能否與我們分享您 2025 年的優先議程？一旦您與政府達成協議，您就改變了章程，董事會將保留幾年。

We know your agenda is focused on divestment and cost cutting. And you have expanded your dismissal plan in the last quarter. If you could update us a bit on your long-term agenda.

我們知道您的議程重點是撤資和削減成本。而你們在上個季度擴大了解僱計畫。如果您能向我們稍微介紹一下您的長期議程。

Secondly, regulatory issue for this sector. Do you have a vision that what would happen with the capacity auctions if we will still have a public hearing soon? We know that Eletrobrás as well as other electrical plants with the possibility for expansion could be very competitive. Simply to know if there is an update on that agenda and when we will hear about novelties in that field.

其次，該行業的監管問題。如果我們很快仍將舉行公開聽證會，您是否預見容量拍賣會發生什麼？我們知道，Eletrobrás 以及其他具有擴建可能性的發電廠可能非常具有競爭力。只是想知道該議程是否有更新，以及我們何時會聽到該領域的新消息。

Well, thank you very much. These are two extremely important questions. Now what was important was the conciliation and the collective bargaining agreement. And we now have a greater focus on management, which is more relevant.

嗯，非常感謝。這是兩個極為重要的問題。現在重要的是調解和集體談判協議。我們現在更加重視管理，這更為重要。

We thought about investments on our own assets that have environmental licenses. We know about their returns, and they're proving to have enormous resilience and availability. Now the investment program has gained a new dynamic as of this year, a significant dynamic. Well, this is something that was done when the company was a state company, you can expect this change.

我們考慮對擁有環境許可證的自有資產進行投資。我們了解他們的回報，事實證明他們具有強大的韌性和可用性。從今年開始，投資計畫又獲得了新的活力，而且是顯著的活力。嗯，這是在公司作為國有企業時所做的事情，你可以期待這種變化。

What we're doing is refining our participation. Last year, we had a significant participation. We're always looking at market expansion. We're going to continue with the sale stake in the electronuclear plant as well as any other new investments in the plant. So that cost reduction agenda is a continuous one.

我們正在做的是完善我們的參與。去年，我們參與度很高。我們一直在關注市場擴張。我們將繼續出售核電廠的股份以及對該電站的任何其他新投資。因此，降低成本的議程是一個持續的議程。

If we compare our performance with the goals of the state company, we're going to focus more on our comparison with peers, with partners, with competitors. And there's no reason why Eletrobrás should become the most efficient company in the sector. We're already building a relationship and implementing significant enhancements in our discussions with suppliers. In that discussion with tariffs, we're concerned with the geographies where the equipment is being manufactured, the cost being competitive.

如果我們將我們的業績與國有企業的目標進行比較，我們將更加關注與同行、合作夥伴和競爭對手的比較。而且沒有理由認為 Eletrobrás 應該成為該行業最高效的公司。我們已經在與供應商的討論中建立了關係並實施了重大改進。在討論關稅時，我們關注的是設備製造的地理位置以及成本的競爭力。

In transmission, we had a great victory last year. So this is very important, not only here, but in our entire agenda of reinforcement and enhancement to have the very best equipment. Presently, the management focus is on the investment program, participations and, of course, our quest for efficiency.

在傳動方面，我們去年取得了巨大的勝利。因此，這非常重要，不僅在這裡，而且在我們整個加強和改進計劃中，擁有最好的設備也很重要。目前，管理重點是投資計畫、參與，當然還有對效率的追求。

I will give the floor to Rodrigo Lima (sic -- "Rodrigo Limp"). If you need further clarifications, please mention it.

我將請 Rodrigo Lima 發言（原文如此－「羅德里戈‧林普」）。如果您需要進一步說明，請提及。

Thank you for the question. We have some topics here. The auction per se, the capacity auction, of course, is of supreme importance for the sector in Brazil. We do believe it will materialize in 2025. We believe that there will be more production as there is an evolution in what happens in the auction.

謝謝你的提問。我們這裡有一些主題。拍賣本身，容量拍賣，當然，對於巴西的該行業來說至關重要。我們確實相信它將在 2025 年實現。我們相信，隨著拍賣方式的演變，產量將會更高。

And as we mentioned in previous calls, Eletrobrás has capacity. It has a very broad portfolio. It goes beyond 6 gigawatt and there's possibility to add more production to the sector. So this year, we would be apt to participate. And in coming years, we could add additional capacity to the Eletrobrás portfolio.

正如我們在之前的電話會議中提到的那樣，Eletrobrás 擁有足夠的產能。該公司擁有非常廣泛的產品組合。其產量超過了 6 千兆瓦，並且有可能為該行業增加更多的產量。所以今年我們很可能會參加。未來幾年，我們可以為 Eletrobrá 的產品組合增加額外的產能。

(Operator Instructions)

（操作員指示）

Vitor Sousa, Genial Investments (sic -- "Genial Investimentos").

Vitor Sousa，Genial Investments（原文如此－「熱情的投資」）。

Most of my questions have been answered. I have a last question. I would like to know if the company will continue to buy back shares or if the priority is the payout of dividends? And can we presume that as dividends you will pay out the funds from the sale of your thermal plant. So which would be the destination of those resources? Thank you very much.

我的大部分問題都已得到解答。我還有最後一個問題。我想知道公司是否會繼續回購股票或優先發放股利？我們是否可以假設您將以股息的形式支付出售熱電廠所得的資金？那麼這些資源的目的地又是哪裡呢？非常感謝。

This goes to Elio.

這是給 Elio 的。

Thank you for the question, Vitor. Now what do you prefer, the buyback or dividends? I think at the moment, the preference would be the buyback. I always prefer that, but I would like to hear your opinion. So we are aligned.

謝謝你的提問，維托。現在您更傾向回購還是分紅？我認為目前最優先的選擇是回購。我一直比較喜歡這樣，但我想聽聽你的意見。因此我們是一致的。

Now given the size of the company, and we're always going to work with both, of course. Regarding the sale of the thermal plants and dividends per se, in general, we commented on the fourth quarter, we discussed some methodology for the allocation of capital, something that is much broader going beyond just dividend. And it implies looking at the midterm. The midterm is five years or more and always looking at which will be the cash generation during the period, investments contracted so that at the end of these five years, we can see how we're doing in terms of leverage.

現在考慮到公司的規模，我們當然會一直與兩者合作。關於熱電廠的出售和股息本身，總體而言，我們對第四季度進行了評論，討論了一些資本配置方法，這些方法的範圍比股息要廣泛得多。這意味著要關注中期選舉。中期是五年或更長時間，並且始終關注在此期間哪些將產生現金，投資將收縮，以便在五年結束時，我們可以看到我們在槓桿方面的表現如何。

Is it a healthy leverage? Is it suboptimal? So if we want to allocate more capital in the period, can we or can we not do that? And in this context, the sale of the thermal plant was part of our plan to have cash coming in. So our vision has not changed. And we gave dividends in the first quarter with an addition of $1.8 billion.

這是一個健康的槓桿嗎？它是否不夠理想？那麼如果我們想在這段時間內分配更多的資本，我們可以這樣做嗎？在這種背景下，出售熱電廠是我們獲取現金計畫的一部分。所以我們的願景沒有改變。我們在第一季額外派發了 18 億美元的股利。

As an example, simply, we had stated $2.2 billion last year, referring to the profit of 2024. We have now paid out an additional of $1.8 billion. Now at that time, what did we say? We said that we would be able to pay that additional $1.8 billion because of everything we discussed at this conference call, our vision on prices, matching this with reality for the year 2025, '26 or '27, and having sufficient liquidity to execute that mandate.

舉個簡單的例子，我們去年說的是22億美元，指的是2024年的利潤。現在我們又額外支付了18億美元。那麼當時我們說了什麼？我們表示，我們能夠支付額外的 18 億美元，因為我們在這次電話會議上討論了所有內容，我們對價格的願景與 2025 年、2026 年或 2027 年的現實相匹配，並且擁有足夠的流動性來執行該任務。

And because of this, we're quite calm and we will be able to pay that additional of $1.8 billion. We remind you that any cash flow already considered this. Any prospection of cash flow for the next five years, including the sale of the thermal plant, if anything changes in the future, if prices begin to react and they should, we'll execute the sale. And if we're sure of that cash generation so that the company will be in a healthy position to make decisions to allocate more or less; that is what we will do.

正因為如此，我們非常平靜，我們將能夠支付額外的 18 億美元。我們提醒您，任何現金流都已考慮到這一點。任何對未來五年現金流的預測，包括熱電廠的出售，如果未來有任何變化，如果價格開始做出反應，我們就會執行出售。如果我們確信能夠產生現金，那麼公司將處於健康的地位來決定分配更多或更少的現金；這就是我們會做的。

All of this to tell you that you can be calm. We're constantly looking, not at the simple picture, but the entire film. And in the film, we already had the thermal plant. Vitor, the construction of that position of liquidity, you see now, did not begin now, it began in January of 2025.

這一切都是為了告訴你，你可以保持冷靜。我們始終在看的不是簡單的畫面，而是整部電影。在電影中，我們已經有了熱力發電廠。維托，您現在看到的流動性部位的建造並不是現在開始的，而是從 2025 年 1 月就開始了。

We raised more than BRL30 billion throughout 2024. We have a sound cash position. We access funding that we had never accessed before. For example, the SACE from Italy, and this is what you can expect. We have created alternatives, and this is what is relevant.

2024 年，我們籌集了超過 300 億巴西雷亞爾。我們的現金狀況良好。我們獲得了以前從未獲得過的資金。例如來自義大利的SACE，這就是你可以期待的。我們已經創造了替代方案，這就是相關的。

And there will always be a discussion with the Board of Management. We tell the management, we have unique opportunities of investments. We have auctions foreseen for the year, and we can pay back our shareholder in the most competitive way.

並且始終會與管理委員會進行討論。我們告訴管理層，我們有獨特的投資機會。我們預計今年將舉行拍賣會，我們可以以最具競爭力的方式回報我們的股東。

But we built all of this throughout the year 2024. We built this investment strategy, and we monitor it very closely. We monitor trending, energy prices and capital allocation, not only dividends.

但我們是在 2024 年建造這一切的。我們制定了這項投資策略，並對其進行了密切監控。我們監控趨勢、能源價格和資本配置，而不僅僅是股息。

Antônio Junqueira, BTG.

安東尼奧·胡恩奎拉，BTG。

When we look at your balance, you can see that '26-'27, that discussion of the submarkets will practically disappear because you will have an abundance of energy. In the long term, what truly matters is the price behavior and the market is learning how to deal with this, the risk of the settlement of price differences. It was some time that we had not seen these mismatches. And it's clear that in the first quarter, you had a commercial strategy.

當我們查看您的餘額時，您會發現，26-27 年，對子市場的討論實際上會消失，因為您將擁有充沛的精力。從長遠來看，真正重要的是價格行為，市場正在學習如何應對這個問題，也就是解決價格差異的風險。我們已經有一段時間沒有看到這些不匹配的情況了。很明顯，在第一季度，你們有一個商業策略。

Well, every time you make a commercial decision for trading, you're running a risk. And the problem was aggravated by that strategy. And in the second semester, you were in the long position. I have a few questions.

嗯，每次你做出商業交易決策時，你都會面臨風險。但這策略卻使問題變得更加嚴重。而在第二學期，你處於多頭部位。我有幾個問題。

In the second quarter, that impact should be lower than it was in the first quarter. And the difference of the submarket will be similar to the first quarter. This is the first question, if you could answer it?

在第二季度，這種影響應該會低於第一季。而各子市場的差異將與第一季類似。這是第一個問題，你能回答嗎？

Antonio, thank you for the questions. It will go to Rodrigo Limp.

安東尼奧，謝謝你的提問。它將歸羅德里戈·林普所有。

Well, your reasoning is quite in accordance with our reality. We had a greater exposure in terms of portfolio in the Southeast in the first quarter, more than in the second quarter. That mismatch in the second quarter is materializing, but will be lower than it was in the first quarter. So on both fronts, this is a benefit for Eletrobrás compared to the first quarter. In terms of sales contribution and a lower mismatch in this market, not only a lower mismatch, but in April, for example, we had an increase in North and Northeast an increase of prices as well.

嗯，你的推理很符合我們的現實。與第二季相比，我們第一季在東南部的投資組合風險敞口更大。第二季的不匹配現象正在顯現，但將低於第一季的水平。因此，從這兩方面來看，與第一季相比，這對 Eletrobrás 來說都是有利的。就銷售貢獻和該市場錯配程度較低而言，不僅錯配程度較低，而且例如在四月份，我們在北部和東北部的價格也有所上漲。

Now a hypothetical scenario in the North with the indebtedness of Belo Monte, this is not a problem. Now what if the North is mismatched with the rest of the country as it was in other quarter? Can I understand that the impact will be lower, thinking only of the Northeast because of the volumes where you are in a longer position?

現在假設北方有貝羅蒙特的債務，這不是問題。那麼，如果北方像其他地區一樣與該國其他地區不匹配怎麼辦？我是否可以理解為，由於你們在東北地區處於較長的位置，因此影響會較小？

Exactly, there is less exposure in the Southeast in the second quarter vis-a-vis what happened now in the first quarter and the mismatch, North and South will be lower. And the Northeast, of course, will have a mismatch in all of our analysis, but a lower one.

確實，與第一季相比，第二季東南部的暴露程度較低，而且南北之間的不匹配程度也會較低。當然，在我們所有的分析中，東北地區都會存在不匹配的情況，但匹配程度較低。

And for every 100 units of money you lost in the first quarter with the submarket with the strategy, can I presume that in the second quarter, you will lose 50 units of money?

並且，對於您在第一季度使用該策略在子市場中損失的每 100 個單位的資金，我是否可以推測，在第二季度，您將損失 50 個單位的資金？

Well, I wouldn't presume that we will lose money that way. We have a better outlook because of what happened in March with a structural increase in price. In June, the price will be close to [BRL300 million], and the Southeast drives the Northeast as well. I can't give you a specific number now, but there's always a normal volatility in the scenario, especially in the short term, as we saw in the first quarter.

嗯，我不認為我們會因此而損失錢財。由於三月價格的結構性上漲，我們對前景有了更好的預期。6月價格將接近[3億雷亞爾]，東南部帶動東北部。我現在無法給出一個具體的數字，但情況總是存在正常的波動，特別是在短期內，正如我們在第一季看到的那樣。

The session for questions and answers ends here. We would like to return the floor to Mr. Ivan Monteiro for the company's closing remarks.

問答環節到此結束。我們想請伊凡·蒙泰羅先生作公司閉幕發言。

I would like to thank all of you for your attendance. Should you have additional questions, please send them to our IR team. The Eletrobrás conference call ends here. We would like to thank all of you for your attendance. Have a very good day.

我要感謝各位的出席。如果您還有其他問題，請發送給我們的 IR 團隊。Eletrobrá 的電話會議到此結束。我們感謝各位的出席。祝您有個愉快的一天。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。