Centrais Eletricas Brasileiras SA - Eletrobras (AXIA) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Eletrobrás' earnings call for the second quarter of 2025. We have with us Mr. Ivan de Souza Monteiro, CEO of Eletrobrás; Mr. Eduardo Haiama, VP of Finance and Investor Relations; Mr. Antônio Varejão de Godoy, VP of Operations and Security; Ms. Camila Araújo, VP of Governance, Risks, Compliance and Sustainability; Mr. Elio Wolff, VP of Strategy and Business Development; Mr. Ítalo Freitas, VP of Trade and Energy Solutions; Mr. Juliano Dantas, VP of Innovation, R&D, Digital and IT; Mr. Marcelo de Siqueira Freitas, VP of Legal; Mr. Renato Carreira, VP of People and Services; Mr. Robson Pinheiro de Campos, VP of Expansion Engineering; and Mr. Rodrigo Limp, VP of Regulation, Institutional and Markets.

女士們、先生們，早安，歡迎參加 Eletrobrás 2025 年第二季財報電話會議。與我們一起出席的嘉賓有：Eletrobrás 執行長 Ivan de Souza Monteiro 先生；財務和投資者關係副總裁 Eduardo Haiama 先生；營運與安全副總裁 António Varejão de Godoy 先生；治理、風險、合規和永續性副總裁 Camila Araújo 女士；策略和業務發展副總裁 Elio Wolfita 先生和永續性副總裁 Camila Araújo 女士；策略和業務發展副總裁 Elio Wolfita 先生和永續性副總裁 Camila Araújo 女士；策略和業務發展副總裁 Elio Wolfita 先生和永續性副總裁 Camila Araújo 女士；策略和業務發展副總裁 Elio Wolfita 先生和永續性副總裁 Camila Araújo 女士；策略和業務發展副總裁 Elio Wolfita 先生和永續性副總裁 Camila Araújo；副總裁 Juliano Dantas 先生；法律副總裁 Marcelo de Siqueira Freitas 先生；人力和服務副總裁 Renato Carreira 先生；擴展工程副總裁 Robson Pinheiro de Campos 先生；以及監管、機構和市場副總裁 Rodrigo Limp 先生。

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

我們想通知您，此次活動正在錄製中，並將與此處展示的簡報一起以葡萄牙語和英語在公司的投資者關係網站上發布。（操作員指示）

Before proceeding, we would like to clarify that any statements made during this conference call concerning the company's business outlook, projections, and operational or financial goals are simply the management's beliefs and assumptions based on information that is currently available to the company. Forward-looking statements are not guarantees of performance as they involve risks and uncertainties and depend on circumstances that may or may not occur. Investors should be aware that general economic conditions and other operating factors may affect the actual results and may be different from those expressed.

在繼續之前，我們想澄清一下，本次電話會議中有關公司業務前景、預測以及營運或財務目標的任何聲明都僅僅是管理層基於公司當前掌握的資訊的信念和假設。前瞻性陳述並非績效保證，因為它們涉及風險和不確定性，並且取決於可能發生或可能不會發生的情況。投資人應注意，一般經濟狀況和其他經營因素可能會影響實際結果，並可能與所表達的結果有所不同。

I will now turn the floor over to Mr. Ivan Monteiro, CEO, who will begin the presentation. Go ahead, sir.

現在我將把發言權交給執行長 Ivan Monteiro 先生，他將開始演講。請說吧，先生。

Good morning, everyone. Thank you for being here.

大家早安。感謝您的光臨。

This is a quarter that consolidates several initiatives that the company adopted since it was privatized. I would like to list four main things. The first is the simplification of the company's shareholder structure, and cost reduction was a major example that came from this initiative. Liability management was also an example as we have been able to reduce the company's compulsory debts from BRL20 billion to now under BRL12 billion.

本季鞏固了該公司自私有化以來採取的多項措施。我想列舉四件主要的事情。首先是簡化公司的股東結構，降低成本是這項措施的一個主要例子。負債管理也是一個例子，因為我們已經能夠將公司的強制性債務從 200 億雷亞爾減少到現在的 120 億雷亞爾以下。

Another highlight is the conclusion of connected works. We have the Coxilha Negra Wind Farm concluded in the first quarter and 1,390 Manaus-Boa Vista, which is a connection we will deliver later on this year. We're also continuing investments and making record disbursements of nearly BRL2 billion, and the consistent improvement in the commercialization area is also a highlight for the quarter.

另一大亮點是連載作品的結束。我們已於第一季度完成了 Coxilha Negra 風電場的建設，並將於今年稍後完成 1,390 條馬瑙斯 - 博阿維斯塔風電線路的建設。我們也將繼續投資並創紀錄地支出近 20 億雷亞爾，商業化領域的持續改善也是本季的一大亮點。

All of these initiatives aim at increasing the predictability of our results, which allowed us to announce the BRL4 billion dividend payout yesterday. We will continue with this initiative to give more predictability, increase investments, reduce costs, and manage our liabilities.

所有這些舉措都是為了提高我們業績的可預測性，這使得我們昨天宣布了 40 億巴西雷亞爾的股息支付。我們將繼續這項舉措，以提高可預測性、增加投資、降低成本並管理我們的負債。

And with that, the company aims to improve its process and its trading to become a company directed to serving clients. We are demonstrating, with the support of the Board, that we are concluding the turnaround stage and building a budget for 2026, which will help us to overcome this stage completely.

為此，公司致力於改善流程和交易，成為一家以服務客戶為宗旨的公司。在董事會的支持下，我們正在完成轉虧為盈階段，並制定了 2026 年的預算，這將有助於我們徹底克服這一階段。

I will now hand it over to our CFO, and thank you for being here.

現在我將把它交給我們的財務官，感謝你們的到來。

Thank you, Ivan. Good morning, everyone. Looking at today's schedule on slide 3, I will be talking about the main highlights for the quarter, and then we will discuss the financial performance of the company this quarter. We'll discuss our energy trading strategy and, finally, our capital allocation strategy.

謝謝你，伊凡。大家早安。查看幻燈片 3 上的今天的日程安排，我將談論本季度的主要亮點，然後我們將討論公司本季度的財務表現。我們將討論我們的能源交易策略，最後討論我們的資本配置策略。

On slide 5, you see the main highlights for this quarter. Starting with shareholder remuneration, BRL4 billion in dividends. This was due to the reduction in risk, as Ivan said, that we were able to execute this quarter. And this is also connected to our long-term vision for energy. Our second highlight was the contribution from Generation to our margins, which went up 21% versus Q1 and 16% versus Q2 2024. And this mitigated a drop in Transmission revenue.

在第 5 張投影片上，您可以看到本季的主要亮點。從股東報酬開始，股利為 40 億巴西雷亞爾。正如伊万所說，這是因為風險降低，我們才能完成本季的任務。這也與我們對能源的長期願景有關。我們的第二個亮點是發電業務對我們利潤率的貢獻，與 2024 年第一季相比成長了 21%，與 2024 年第二季相比成長了 16%。這減輕了傳輸收入的下降。

The third point was this BRL1.2 billion reduction in compulsory loans, which is now below BRL12 billion. Investments which grew 116% versus the first quarter of 2025, and we're focusing on investments in reinforcements and improvements. And we concluded the first post-privatization transmission auction, which is the Caladinho project.

第三點是強制貸款減少12億雷亞爾，目前已低於120億雷亞爾。與 2025 年第一季相比，投資成長了 116%，我們專注於加強和改進方面的投資。我們完成了私有化後的首次輸電拍賣，即卡拉迪尼奧計畫。

We also concluded financial and economic rebalancing for Transnorte Energia. As Ivan mentioned, we concluded the last transmission line this year. Finally, in terms of capital allocation, we concluded asset uncrossing with Copel, and we acquired Eletronet's participation.

我們也完成了北方能源公司的財務和經濟再平衡。正如伊凡所說，我們今年完成了最後一條輸電線路。最後，在資本配置方面，我們與Copel完成了資產解除交叉，並獲得了Eletronet的參與。

Continuing with our financial performance on slide 7. We had a reduction in RAP. And this was partially offset by our revenue from Generation, as I had mentioned before, discussing our margin from Generation on the EBITDA line, which impacts our Generation margin. This helps to offset this reduction, but looking at our regulatory EBITDA, we remind you that we have to consider participations, SPEs, and other companies. And the variation was nearly BRL800 million in equity income, which led to this reduction in EBITDA year on year.

繼續第 7 張投影片上的財務表現。我們的 RAP 有所減少。正如我之前提到的，這部分被來自 Generation 的收入所抵消，討論了 EBITDA 線上來自 Generation 的利潤率，這影響了我們的 Generation 利潤率。這有助於抵消這種減少，但從我們的監管 EBITDA 來看，我們提醒您，我們必須考慮參與、SPE 和其他公司。股權收益的差異接近8億雷亞爾，導致EBITDA年減。

Slide 8 discusses our income. So we had a reported loss of BRL1.3 billion. And this is basically due to the regulatory remeasurement of our transmission contracts, the RBSE financial component. Adjusting for this effect and other adjustments to our adjusted IFRS, including Eletronorte, our net income would have reached BRL1.4 billion, which is around 40% higher than last year.

幻燈片 8 討論了我們的收入。因此我們報告的損失為13億巴西雷亞爾。這主要是由於我們的輸電合約（RBSE 財務部分）的監管重新衡量。考慮到這一影響以及對包括 Eletronorte 在內的調整後 IFRS 的其他調整，我們的淨收入將達到 14 億巴西雷亞爾，比去年高出約 40%。

Slide 9, as Ivan said, shows our cost reduction journey that is continuing with our PMSO of BRL1.4 billion, a reduction from Q1 and Q2 '24. And there was also a reduction in the number of employees, but we contracted a significant number during this time. So it's a cost reduction with improvements in efficiency for the entire group.

正如 Ivan 所說，投影片 9 展示了我們的成本削減歷程，我們的 PMSO 為 14 億巴西雷亞爾，較 2024 年第一季和第二季有所減少。員工數量也有所減少，但在此期間我們簽約了大量員工。因此，對於整個集團來說，這不僅降低了成本，還提高了效率。

Slide 11 discusses our energy trading strategy. First, we have to remind you where our Generation resources are present. We are present across Brazil. In the Southeast, for example, during the second quarter, we had 7 gigawatts of physical guarantees in the Southeast. And adding 6 mega in purchases, we would be at around 800 in quotas.

幻燈片 11 討論了我們的能源交易策略。首先，我們必須提醒您我們的 Generation 資源位於何處。我們的業務遍布巴西各地。例如，在東南部，第二季度，我們在東南部有 7 千兆瓦的實物擔保。再加上 6 兆噸的採購量，我們的配額將達到 800 左右。

And here, we're highlighting our ACR sales. We are doing this because purchases and quotas are not managed by us. The quotas will reduce to zero by 2027. And so we are receiving a fixed revenue from this. In order to understand our trading strategy and how it's changing, we have to look at all of these assured capacities plus purchases and subtract quotas from that. And that shows how much we are really generating per megawatt hour that we have available for trading. Slide 12 shows this effect.

在這裡，我們重點介紹我們的 ACR 銷售。我們這樣做是因為採購和配額不是由我們管理。到2027年，配額將降至零。因此，我們從中獲得了固定收入。為了了解我們的交易策略及其變化，我們必須考慮所有這些保證產能加上採購量，然後從中減去配額。這顯示了我們每兆瓦時可供交易的電力實際產生多少電力。投影片 12 展示了這種效果。

So last year, with the energy we have available for trading, we had made BRL1.1 billion in contribution margins. And in the second quarter, this went up to BRL1.6 billion, but it had been BRL1 billion in the first quarter. In addition to that, on the right-hand side graph, we are showing how the resources we have are evolving throughout the year.

因此，去年，我們利用可用於交易的能源，獲得了 11 億巴西雷亞爾的貢獻利潤。而第二季度，這一數字上升至 16 億雷亞爾，但第一季這一數字為 10 億雷亞爾。除此之外，在右側​​的圖表中，我們展示了我們擁有的資源在全年是如何演變的。

It's important to remind you that nearly 99% of our generating area is made up of hydroelectric power plants and this energy production has a seasonal pattern. So in the first quarter, we were at 12 gigawatts to be traded, generating BRL1 billion in contribution margin. But for the second quarter, it was at 9, and we still generated BRL1.6 billion. For the third quarter, because of the seasonal pattern that we have, this is the dry season in Brazil, so it will go down and then go up again in the fourth quarter.

需要提醒您的是，我們發電區的近 99% 是由水力發電廠組成的，而且這種能源生產具有季節性模式。因此，在第一季度，我們的交易量為 12 吉瓦，產生了 10 億巴西雷亞爾的貢獻利潤。但第二季度，這一數字為 9，我們仍然創造了 16 億巴西雷亞爾的收入。對於第三季度，由於我們的季節模式，現在是巴西的旱季，所以產量會下降，然後在第四季度再次上升。

On slide 13, we see some of our strategy that we had mentioned in the first quarter. Our vision is that after November and December 2024, there was a high expectation that the rainy season from April -- from December to April would be close to the historical average and that would make prices collapse. At the time, we were concerned about conserving the first quarter, as I showed in the previous slide where we have the most resources available. But if the expected rainfall did not come from the second quarter onwards, we would have a much more positive scenario for prices.

在第 13 張投影片上，我們看到了我們在第一季提到的一些策略。我們的預測是，2024 年 11 月和 12 月之後，人們普遍預計 4 月至 12 月至 4 月的雨季將接近歷史平均水平，這將導致價格暴跌。當時，我們關心的是保護第一季度，正如我在上一張投影片中所展示的那樣，我們擁有最多的可用資源。但如果從第二季開始沒有出現預期的降雨，價格前景將會更加樂觀。

And this is what happened. You can see here our price from January 2. And we drew a line on March 13, which was when we published our results for the fourth quarter of '24. You can see that prices continued to move. So for 2026 and -- the forecasted prices for 2026 and 2027 are a little bit more volatile, but we believe that this will be more constructive.

事情是這樣的。您可以在這裡看到我們 1 月 2 日起的價格。我們在 3 月 13 日劃了一條線，當天我們發布了 2024 年第四季的業績。您可以看到價格持續變動。因此，對於 2026 年和 2027 年的預測價格來說，波動性會更大一些，但我們相信這將更具建設性。

Slide 14 shows our energy balance as it currently stands. There's a slight evolution in resources for 2025. We're no longer trading this band. And this gives us a constructive vision for our prices, as I mentioned before.

幻燈片 14 顯示了我們目前的能量平衡。2025 年的資源情況將略有變化。我們不再交易這個樂團了。正如我之前提到的，這為我們的價格提供了建設性的願景。

Now, looking at capital allocation on slide 16. So here, we have our methodology guidelines to declare our first dividends in December and then complemented on March 13 with the fourth-quarter results. We got many questions about how this is being analyzed, so we decided to include these guidelines in more details in this presentation. So this is our methodology.

現在，請看一下投影片 16 上的資本配置。因此，我們有方法指南，在 12 月宣布第一次股息，然後在 3 月 13 日補充第四季度業績。我們收到了很多關於如何分析這個問題的問題，因此我們決定在本次演示中更詳細地介紹這些指導方針。這就是我們的方法。

First we're always looking at the long-term horizon. We're looking at a five-year horizon. And for these five years, we are assessing how our capital structure will be at the end of the fifth year. We're also analyzing our leverage with this capital structure. So first, we have to consider financial net debts, so bank debts, market debts, and so on. And over that, we add the inventory in compulsory loans. We are reducing these liabilities with payments, and this is all being considered in our cash flow. And finally, we also include our regulatory obligations from the privatization, CDE and basins.

首先，我們始終著眼於長遠。我們正在展望五年的未來。在這五年裡，我們正在評估第五年末的資本結構將會如何。我們也在分析這種資本結構的槓桿作用。因此，首先，我們必須考慮金融淨債務，也就是銀行債務、市場債務等等。在此基礎上，我們還增加了強制貸款的庫存。我們正在透過付款來減少這些負債，所有這些都在我們的現金流中考慮。最後，我們也包括私有化、CDE 和盆地的監管義務。

On the EBITDA side, this is just to note that besides EBITDA, regular EBITDA, we're including our proportional equity income into this calculation for leverage, how we try to define the optimal leverage range for a company like Eletrobrás. In Generation, we consider it to be between 3 and 3.5 times. That would be comfortable, of course, depending on price. And in Transmission, between 3.75 and 4.25 times. So we have a weighted average according to the size of our businesses as predicted for the fifth year that will give us the optimal target leverage. After we do that, we compare our net debt and our optimal leverage projected for the fifth year and see if there's enough space to pay for that. And that's exactly what we did.

在 EBITDA 方面，這只是為了注意，除了 EBITDA、常規 EBITDA 之外，我們還將比例股權收入納入槓桿計算中，我們如何嘗試為像 Eletrobrás 這樣的公司定義最佳槓桿範圍。在 Generation 中，我們認為它在 3 到 3.5 倍之間。當然，那會很舒服，但取決於價格。在傳輸方面，介於 3.75 到 4.25 倍之間。因此，我們根據對第五年的業務規模的預測得出加權平均值，這將為我們提供最佳的目標槓桿。完成此操作後，我們會比較第五年的淨債務和預期的最佳槓桿率，看看是否有足夠的空間來支付。我們也確實這麼做了。

Slide 17 shows this calculation. And of course, it takes into account everything I'm going to mention in slide 17. And I'm referring here to risk. Since 2022 when we had privatization taking place and there was a strong acceleration, especially in the last six months, our risk improved significantly. Compulsory loans started in 2023 at BRL24 billion, and now, we are below BRL12 billion. The investment in Transnorte Energia was complex, over BRL3 billion, and it's being concluded this year. We are repositioning the Transmission revenue, and we are extending the concession terms.

投影片 17 顯示了此計算。當然，它考慮到了我在第 17 張投影片中提到的所有內容。我這裡指的是風險。自 2022 年我們進行私有化以來，特別是在過去六個月中，私有化進程強勁加速，我們的風險顯著改善。強制貸款於 2023 年開始，為 240 億雷亞爾，而現在，我們已低於 120 億雷亞爾。對 Transnorte Energia 的投資非常複雜，超過 30 億巴西雷亞爾，今年將完成。我們正在重新定位傳輸收入，並延長特許條款。

Cost restructuring is ongoing. We had a simplification when we compare to with the furnace merger. So the corporate structure was streamlined. We also had an uncertainty for our shareholders about what disbursements we would have. There was a partial completion of the sale of thermal power plants, a completion of the RBSE financial review, and also a release of some credits that were withheld at CCEE due to the GSF auction. That was a release of nearly BRL400 million.

成本重組正在進行中。與熔爐合併相比，我們進行了簡化。因此公司結構得到了精簡。我們的股東也不確定我們會有什麼樣的支出。火力發電廠的出售已部分完成，RBSE 的財務審查已完成，同時也釋放了因 GSF 拍賣而在 CCEE 扣留的一些信用額度。這相當於釋放了近 4 億巴西雷亞爾。

So this all brings us to reduced risks, gains that we had over time with these transactions, better short-term outlooks for an energy company. We are reviewing our methodology. So despite having posted BRL4 billion in dividends for 2024 recently, being able to pay out an additional BRL4 billion in dividends is very significant.

因此，這一切都降低了我們的風險，透過這些交易，我們隨著時間的推移獲得了收益，並為能源公司帶來了更好的短期前景。我們正在審查我們的方法。因此，儘管最近已公佈了 2024 年 40 億雷亞爾的股息，但能夠額外支付 40 億雷亞爾的股息意義重大。

Slide 19 highlights the significant growth we had in investments this quarter, a growth of 116% versus the first quarter, especially in reinforcements and improvements.

幻燈片 19 突顯了我們本季投資的顯著成長，與第一季相比成長了 116%，尤其是在增強和改進方面。

And finally, on our ESG agenda, out of the main investments that we have in the company currently, we're nearly at the end of the Transnorte Energia line. So we're interconnecting the last isolated state in Brazil, which is Roraima. This had been stopped for 10 years. It had a CapEx of BRL3.3 billion. And it will be within term and within the forecasted cost.

最後，在我們的 ESG 議程上，在我們目前對公司的主要投資中，我們幾乎已經完成了 Transnorte Energia 專案。因此，我們正在將巴西最後一個孤立的州，即羅賴馬州，連接起來。這一情況已經停止了10年。其資本支出為 33 億巴西雷亞爾。並且它將在期限內和預測成本之內。

And we repositioned our revenue. Our RAP was increased from BRL395 million to BRL561 million. And we expanded our term from 17 to 27 years. This creates 3,500 direct and indirect jobs, and we're interconnecting Roraima. So that will reduce thermal generation. And that is nearly BRL2 billion in costs in CCEE and CDE. We're also reducing carbon emissions by doing this. It's a potential reduction of 612,000 tons of CO2.

我們重新定位了我們的收入。我們的 RAP 從 3.95 億巴西雷亞爾增加到 5.61 億巴西雷亞爾。我們將任期從 17 年延長至 27 年。這創造了 3,500 個直接和間接就業機會，我們正在將羅賴馬州互聯互通。這樣可以減少熱量的產生。CCEE 和 CDE 的成本接近 20 億雷亞爾。透過這樣做，我們也減少了碳排放。這意味著二氧化碳排放量將減少 612,000 噸。

So that concludes my presentation. We can continue with the Q&A. Thank you.

我的演講到此結束。我們可以繼續問答。謝謝。

(Operator Instructions) Fillipe Andrade, Itaú BBA.

（操作員說明）Filipe Andrade，義大利 BBA。

Good morning, everyone. Thank you for taking my question. I'd like to ask you to give us some more details on your trading strategy for the second quarter. In your release, you mentioned this, but I'd like to understand how each subsidiary participating in building the ACL margins for the short-term market. If you can tell us a little bit more about that. And I'd also like to know what is the recurring CapEx that you're expecting in improvements for the next quarter. Thank you.

大家早安。感謝您回答我的問題。我想請您向我們詳細介紹一下第二季的交易策略。在您的新聞稿中，您提到了這一點，但我想了解每個子公司如何參與為短期市場建立 ACL 利潤。如果您能告訴我們更多有關此內容的資訊。我還想知道您預計下一季改進的經常性資本支出是多少。謝謝。

Thank you, Fillipe. I'm going to let Ítalo answer your first question, and then Elio will answer your other question.

謝謝你，菲利佩。我會讓 Átalo 回答你的第一個問題，然後 Elio 會回答你的另一個問題。

Thank you. So about our trading strategy, obviously, we're working in trading energy for each sub-market. So we have distributed teams in each of the regions. And their focus is on finding clients that will add value to the company. The sales strategy for final customers and for traders is based on a portfolio analysis that's made by our portfolio department, where they see the highest added value for the company's revenue.

謝謝。關於我們的交易策略，顯然，我們正在為每個子市場進行交易能源。因此，我們在每個地區都有分散式團隊。他們的重點是尋找能夠為公司增值的客戶。針對最終客戶和交易商的銷售策略是基於我們的投資組合部門所做的投資組合分析，他們認為該分析可以為公司的收入帶來最高的附加價值。

So we can split this into two parts. My area looks at the market and sees what demands are being created. And we also have the supply area, which is [EPZ Area]. And he's going to tell us about how he forecasts supply of energy through with Eletrobrás. Thank you for that question.

所以我們可以將其分成兩部分。我的領域關注市場並了解正在產生哪些需求。我們還有供應區，[出口加工區]。他將向我們介紹他如何透過 Eletrobrás 預測能源供應。謝謝你的提問。

One of the points we mentioned in the first quarter's call is that in our strategy, looking at the entire year, we had a higher volume of sales in the first quarter. We had strong rainfall patterns in December, in November, and January. And our strategy was to leave less energy contracted for the following quarters. And of course, resources are a little bit less available because of the seasonal pattern. So if this had been lower, we would have been pleased with lower sales levels.

我們在第一季的電話會議上提到的一點是，在我們的策略中，縱觀全年，我們第一季的銷售量更高。十二月、十一月和一月的降雨量較大。我們的策略是減少接下來幾季的能源合約量。當然，由於季節性模式，資源供應會稍微減少一些。因此，如果這個數字較低，我們會對較低的銷售水準感到滿意。

In March, we saw a huge rise in the Southeast, with the North and Northeast being left behind by about BRL260. So for March specifically, the biggest volume in sales led to a result that was not as satisfactory for March. But since we consider the strategy for the entire year, our vision for the entire scenario, whether it was for low or high prices, had more uncontracted -- having more uncontracted energy would have been favorable for the rest of the year because that would have reduced that gap.

3 月份，我們看到東南部地區價格大幅上漲，而北部和東北部地區則落後約 260 巴西雷亞爾。因此，具體到三月份，銷售量最大，但結果卻不那麼令人滿意。但是，由於我們考慮的是全年的策略，我們對整個情景的願景，無論是低價還是高價，都有更多未簽約的能源——擁有更多未簽約的能源將對今年剩餘時間有利，因為這將縮小差距。

We mentioned during the last call that we were already seeing a reduction from July -- from June onwards. And this is exactly what happened. In the Northeast, we still see a relevant gap of about BRL30 to BRL35 in some days of the third quarter, but the North is already close to it.

我們在上次電話會議中提到，從七月到六月，我們已經看到了減少的趨勢。事實也確實如此。在東北地區，我們在第三季度的某些日子裡仍然看到約 30 巴西雷亞爾至 35 巴西雷亞爾的相關差距，但北部地區已經接近這一差距。

So actual sales for the second half of the year is offset by the energy available in the North and Northeast. So we are already seeing some results for the second quarter, and the strategy was the same for the rest of the year. With regards to margins, this is seen on a global basis by grouping all of the different companies.

因此，下半年的實際銷售將被北部和東北地區的可用能源所抵消。因此，我們已經看到了第二季的一些成果，而今年剩餘時間的策略是一樣的。就利潤率而言，這是透過將所有不同的公司分組來從全球角度來看的。

Hi, Fillipe. Thank you for your question.

你好，Fillipe。感謝您的提問。

So first, I would just like to highlight the importance of the investments that we're making. We've been mentioning this in the last few years. We are investing in our own assets, so it's extremely pertinent and appropriate for the group and it is providing the right level of returns for our shareholders. And more than that, it's creating resilience for our Transmission assets. This is an essential investment.

首先，我想強調一下我們所進行的投資的重要性。過去幾年我們一直在提到這一點。我們正在投資自己的資產，因此這對集團來說極為重要且合適，並為我們的股東提供了適當的回報。更重要的是，它為我們的傳輸資產創造了彈性。這是一項必要的投資。

As for volume, we have been growing constantly since 2022, when the company was close to BRL1 billion. We're now at -- in 2023, we were at nearly BRL3 billion. In 2024, it was at BRL3.3 billion investments in reinforcements and improvements. And clearly, for 2025, we're seeing some additional growth. We're above BRL4 billion. I think it's at BRL4.5 billion or thereabouts to be executed throughout 2025.

至於交易量，自 2022 年以來，我們一直在不斷成長，當時公司交易量接近 10 億巴西雷亞爾。現在，到 2023 年，我們的收入將接近 30 億巴西雷亞爾。2024年，其在加固和改進方面的投資達到33億巴西雷亞爾。顯然，到 2025 年，我們將看到一些額外的成長。我們的收入已超過 40 億巴西雷亞爾。我認為該項目的執行成本約為 45 億巴西雷亞爾，並將於 2025 年全年實施。

Our ambition is to truly continue growing. We have to see what the goals will be for 2026 and 2027. Of course, there's a process that we have to go through with our regulators, but we see a lot of potential in investments. We see that this is important and relevant.

我們的目標是真正地繼續成長。我們必須看看 2026 年和 2027 年的目標是什麼。當然，我們必須與監管機構一起經歷一個過程，但我們看到了巨大的投資潛力。我們認為這很重要且相關。

So our goal is to continue growing. So it's BRL4.5 billion this year. And for the future, we continue -- we believe it will continue to be higher. In the first quarter, it was a bit below in execution, but it was -- we already recovered significantly in the second quarter, and we'll do even more in the next quarters.

所以我們的目標是繼續發展。所以今年是45億巴西雷亞爾。對於未來，我們相信它會繼續走高。在第一季度，執行情況略有下降，但在第二季度我們已經有了顯著的恢復，並且在接下來的幾個季度我們會做得更多。

Perfect. Thank you.

完美的。謝謝。

Andre Sampaio, Santander.

安德烈桑帕約，桑坦德銀行。

Good morning. First, I'd like to ask a follow-up question on reinforcements and improvements. You mentioned that you still needed an internal effort to accelerate investments. And I'd like to understand if this internal process has already been concluded.

早安.首先，我想問一個關於增援和改進的後續問題。您提到，您仍然需要內部努力來加速投資。我想了解這個內部流程是否已經完成。

And I'd also like to confirm something. We've seen a difference in IFRS and regulatory. I'd just like to confirm if there's anything else that we should pay attention to for our models. Thank you.

我還想確認一些事情。我們已經看到了國際財務報告準則和監管方面的差異。我只是想確認一下我們的模型是否還有其他需要注意的地方。謝謝。

Thank you. So there are two points here. And maybe Robson can talk a little bit about this.

謝謝。所以這裡有兩點。也許羅布森可以就此稍微談一談。

The engineering team, of course, is implementing this expansion. But in summary, regarding the approval process and how we identify and pre-execute this, this is very aligned. In the company, we have a robust process: first, to identify what assets we think are important for our regulators to consider for our investments. And then in assessing these investments and planning for them, you can't only identify them. We have to include it in our budget.

當然，工程團隊正在實施這項擴展。但總而言之，關於審批流程以及我們如何識別和預先執行，這是非常一致的。在公司，我們有一個強大的流程：首先，確定我們認為哪些資產對監管機構來說很重要，值得我們考慮投資。然後在評估這些投資並進行規劃時，您不能僅僅識別它們。我們必須將其納入我們的預算中。

So the previous stages are very well laid out in the company. Of course, it's a continuous operation. We always try to improve things. And when it comes to executing these improvements, I think the numbers speak for themselves. Our second quarter was much stronger than the first. And I have to reiterate that question of Caladinho, we are delivering on time and within budget. It's small, but it's the first transmission line that we are delivering, and it was within budget and within the terms.

所以前面的階段在公司已經佈置得非常好了。當然，這是一個連續的操作。我們總是努力改進事情。當談到執行這些改進時，我認為數字不言而喻。我們第二季的表現比第一季強勁得多。我必須重申卡拉迪尼奧的問題，我們正在按時並在預算之內交付。雖然規模不大，但這是我們交付的第一條輸電線路，而且符合預算和條款。

So Andre, this adjustment is basically based on elimination, looking at revenue and cost between companies. Nothing noteworthy.

因此，安德烈，這種調整基本上是基於消除，考慮公司之間的收入和成本。沒什麼值得注意的。

All right. Thank you.

好的。謝謝。

Bruno Amorim, Goldman Sachs.

高盛的布魯諾·阿莫林。

Good morning, everyone. Thank you for taking my question. I have two. First, I'd like to ask a follow-up question on reinforcements and improvements. If you can tell us to whatever extent you can about what returns you expect for the investments made in this area. With NTN-B and SELIC rates at the current levels, what returns do you expect and what are the odds of having an outperformance with the regulatory?

大家早安。感謝您回答我的問題。我有兩個。首先，我想問一個關於增援和改進的後續問題。如果您能盡可能告訴我們您期望在該領域的投資能帶來什麼回報。在 NTN-B 和 SELIC 利率處於當前水準的情況下，您預期回報是多少？其表現超越監管水準的幾率有多大？

I'd also like to ask you to talk about liquidity in the energy market to the extent that you can. You've shown that prices for 2026 were at very attractive levels. And my question is if the decision of not selling more has been made by the company or if there are restrictions on liquidity at these price levels. Thank you.

我還想請您盡可能談談能源市場的流動性。您已經表明 2026 年的價格處於非常有吸引力的水平。我的問題是，不再出售更多股票的決定是否由公司做出，或者在這些價格水平上是否存在流動性限制。謝謝。

Thank you. Haiama will answer one of the questions, and Limp will answer your question on trading. Thank you, Bruno.

謝謝。Haiama 將回答其中一個問題，而 Limp 將回答您關於交易的問題。謝謝你，布魯諾。

On reinforcements and improvements, as with any regulated investment, it will change over time. Our vision is that over time there can always be divergences between the real interest rates. But looking at a 20-year history where regulations have been robust, this has always been constructive. So if there are any differences, over time, regulators are concerned with that and this is adjusted quickly.

關於加強和改進，與任何受監管的投資一樣，它會隨著時間而改變。我們的願景是，隨著時間的推移，實際利率之間總是存在差異。但回顧 20 年監管嚴格的歷史，這始終是建設性的。因此，如果存在任何差異，隨著時間的推移，監管機構就會關注這一點，並迅速進行調整。

So we have a robust methodology. We are constantly analyzing these parameters. And with time, we see that they tend to converge. I don't like to compare pre-fixed and post-fixed rates to see if this is being good. If it's a 30-year investment, it's important to look at the regulations that we have so that we can deliver what is expected.

因此我們有一個強大的方法。我們不斷地分析這些參數。隨著時間的推移，我們發現它們趨於融合。我不喜歡比較固定利率和固定利率之後的利率來判斷這是否是好的。如果這是一項 30 年的投資，那麼了解我們現有的法規非常重要，這樣我們才能實現預期目標。

Thank you for your question, Bruno. When it comes to liquidity, there is some liquidity because we're analyzing if the market will be open. And this liquidity will happen organically.

謝謝你的提問，布魯諾。說到流動性，存在一些流動性，因為我們正在分析市場是否會開放。這種流動性將會自然而然地發生。

When it comes to the market, we do see that liquidity will be slightly better. And of course, the company's strategy of allocating energy will depend on what we did and all the studies that EPZ Area has been doing. In summary, there will be some organic liquidity, and the wholesale market, of course, we see an improvement there for many reasons.

就市場而言，我們確實看到流動性會略有改善。當然，公司的能源分配策略將取決於我們的工作以及 EPZ Area 一直在進行的所有研究。總而言之，將會有一些有機流動性，當然，由於多種原因，我們看到批發市場有所改善。

I'll let Rodrigo answer this issue about the portfolio -- your question about the portfolio.

我請羅德里戈回答有關投資組合的問題—您關於投資組合的問題。

Thank you for your question, Bruno. So we talked about liquidity and how the market is doing. For 2026, we see some significant liquidity. It's actually slightly lower than last year.

謝謝你的提問，布魯諾。因此，我們討論了流動性以及市場表現。到 2026 年，我們將看到顯著的流動性。實際上比去年略低。

Looking at A1, maybe prices can affect our liquidity, but we have significant liquidity, especially in the Southeast. And this is related to the strategy that was discussed before. So we are trading for 2026 and 2027, but we're always keeping a technical analysis to see if there's a risk of a gap here.

從 A1 來看，價格可能會影響我們的流動性，但我們擁有大量流動性，尤其是在東南部。這與之前討論的策略有關。因此，我們正在針對 2026 年和 2027 年進行交易，但我們始終會進行技術分析，以查看是否有缺口風險。

Of course, liquidity is more concentrated in the Southeast, so we're trying to strengthen our sales in the North and Northeast. We've had some operations in the Northeast, and these are sales that contribute to reducing risks and to helping us make use of the increase in energy prices.

當然，流動性更集中在東南部，因此我們正努力加強在北部和東北部的銷售。我們在東北地區開展了一些業務，這些銷售有助於降低風險並幫助我們利用能源價格上漲。

Thank you.

謝謝。

(Operator Instructions) Daniel Travitzky, Safra.

（操作員指示）丹尼爾·特拉維茨基，Safra。

Hi, everyone. Thank you for taking my question. I'd like to ask about your vision for the future and the company. You explained many of the risks that were mitigated. You mentioned several of these elements. And looking towards the future, what will be the company's focus? Are we looking at the reduction in other risks? Or are we focusing in risk reduction and capital allocation? That's my first question.

大家好。感謝您回答我的問題。我想問一下您對未來和公司的願景。您解釋了許多已減輕的風險。您提到了其中的幾個要素。展望未來，公司的重點是什麼？我們是否正在考慮降低其他風險？或者我們專注於降低風險和資本配置？這是我的第一個問題。

And I'd also like to ask about your recent announcement of dividends. Shall we see this as a change in the dividend payout practice that you'll now do more frequent dividend payouts? Or are we continuing with the same previous strategy? Thank you.

我還想詢問一下您最近宣布的股息狀況。我們是否可以將此視為股息支付實踐的改變，即您現在將更頻繁地支付股息？還是我們繼續採用先前的策略？謝謝。

Thank you. So our vision for the future is to consolidate all of these initiatives, and our dividend strategy follows in the same line. We are now through the classic turnaround phase, and we're looking at the company in the medium and long terms. M&As will basically be about finding new opportunities for growth. The auctions for this year and for next year are also opportunities for growth. We will grow for some time, and then we'll reach a more stable investment pace for the company.

謝謝。因此，我們對未來的願景是鞏固所有這些舉措，我們的股利策略也遵循同樣的思路。我們現在已經進入了典型的轉型階段，我們正在從中長期角度看待公司。併購的根本目的在於尋找新的成長機會。今年和明年的拍賣也是成長的機會。我們將會成長一段時間，然後公司投資步伐就會達到更穩定。

And this capital allocation is allowing us to give more predictable dividends for our shareholders. So we expect to consolidate these initiatives, make our results more predictable. And we hope to, through that, make frequent payments. Of course, there's a number of initiatives behind that involving AI and other things.

這種資本配置使我們能夠為股東提供更可預測的股利。因此，我們希望鞏固這些舉措，使我們的結果更加可預測。我們希望透過這種方式來頻繁付款。當然，這背後還有許多涉及人工智慧和其他領域的舉措。

In the beginning, we had a holding with four subsidiaries, including Furnas, and we're now having one single back office for that. But one specific part of it is relationship with suppliers. We're managing the company as one company, and that gives us a better partnership with our suppliers.

一開始，我們控股了包括 Furnas 在內的四家子公司，現在我們只有一個後台辦公室。但其中一個具體部分是與供應商的關係。我們將整個公司作為一個整體進行管理，這讓我們與供應商建立了更好的合作關係。

But I'd like to ask Juliano to talk about his vision for the future, specifically on using new technologies.

但我想請朱利亞諾談談他對未來的願景，特別是關於使用新技術的願景。

Thank you, Ivan. The company has been modernizing and improving very quickly. So we're now among the top 10 most innovative companies in Brazil, and this will be published in the next few days. This is due to how we are modernizing the company's infrastructure. And this includes AI, our monitoring centers, and how we've integrated these technologies in the company from commercialization, engineering, and corporate businesses. We aim at expanding this process, doing the basics very well, and we also hope to apply these technologies to generate more value for our business.

謝謝你，伊凡。該公司正在快速實現現代化和進步。因此，我們現在是巴西十大最具創新力的公司之一，這項排名將在未來幾天內公佈。這是因為我們正在進行公司基礎設施的現代化改造。這包括人工智慧、我們的監控中心，以及我們如何將這些技術從商業化、工程和企業業務整合到公司中。我們的目標是擴展這個過程，把基礎工作做好，同時我們也希望應用這些技術為我們的業務創造更多的價值。

Thank you.

謝謝。

João Pimentel, Citi.

花旗銀行的 João Pimentel。

Good morning, everyone. Thank you. I have two questions on my side. First, I'd like to understand something. In Q1, you mentioned that you had a longer position for the second half of the year so that you could benefit from the higher energy prices, which is what we have been seeing in price curves. Considering that we're facing a challenging scenario in GSF, and the hedge in the energy balance seems to be insufficient to mitigate this impact, I'd just like to understand how much of the gains that you would potentially have have been affected, given that GSF is challenging. That's my first question.

大家早安。謝謝。我有兩個問題。首先，我想了解一些事情。在第一季度，您提到您持有下半年較長的部位，以便能夠從更高的能源價格中獲益，這正是我們在價格曲線中看到的。考慮到我們在 GSF 中面臨著挑戰​​，而能源平衡中的對沖似乎不足以減輕這種影響，我只是想了解，考慮到 GSF 具有挑戰性，您可能會受到多大影響。這是我的第一個問題。

The second question is about this decision to sell your portfolio. Given the restrictions you have on liquidity and so on, is the company's option based on sales for the short-term market? Or do you think you will have space to monetize things with contracts? I'm asking this not only for liquidity, but due to the market risks. We're going to continue seeing them for the next few months, and I think this affected you significantly in the first quarter. So do you expect to hold back on trading and have liquidations of PLD in your own market?

第二個問題是關於出售投資組合的決定。考慮到你們對流動性等的限制，公司的選擇是否基於短期市場的銷售？或者您認為您有空間透過合約將事物貨幣化嗎？我這樣做不僅是為了流動性，也是為了因應市場風險。我們將在接下來的幾個月繼續看到它們，我認為這對第一季產生了重大影響。那麼，您是否希望在自己的市場中停止交易並清算 PLD？

Thank you for that question. Haiama will answer your questions.

謝謝你的提問。Haiama 將回答您的問題。

Thank you. So what we mentioned in that slide that showed the seasonal pattern for GSF throughout the year, of course, when you have more energy, and this is usually in the first quarter, our position is that if we truly had a good rainfall and prices went down, that this could be used to mitigate the rest of the year. So that's why we concentrated sales in the first quarter.

謝謝。因此，我們在幻燈片中提到，全年 GSF 的季節性模式當然是當你有更多能源時，這通常是在第一季度，我們的立場是，如果我們真的有良好的降雨並且價格下降，那麼這可以用來緩解今年剩餘時間的影響。這就是我們集中第一季銷售的原因。

From the second quarter onwards, we did the opposite. So it seemed that the risk was asymmetrical to the price being used, and that was the next graph we showed, which was the price curve for the second half of the year, which was around BRL100 and some to BRL300 or BRL360, and now is at BRL300.

從第二季開始，我們採取了相反的做法。因此，風險似乎與所使用的價格不對稱，這就是我們展示的下一張圖表，即下半年的價格曲線，大約在 100 巴西雷亞爾左右，有的達到 300 巴西雷亞爾或 360 巴西雷亞爾，現在是 300 巴西雷亞爾。

With that being said, when we said that we were sold in the first quarter and bought from the second quarter onwards, of course, we were running many simulations to see how GSF would behave so that this energy would be available for the poorer scenarios, not for any scenario. That energy balance we showed was for the year. It was not the next exposures that we could have later. It was for the year. So that also involves a period in which we had been more contracted.

話雖如此，當我們說我們在第一季出售並從第二季度開始購買時，當然，我們正在運行許多模擬來查看 GSF 的行為方式，以便這種能量可用於較差的情況，而不是用於任何情況。我們所展示的能量平衡是針對全年的。這不是我們以後可以進行的下一次曝光。這是一年一度的。因此這也涉及到我們簽訂更多合約的時期。

And this was done purposefully. So with that being said, given that GSF is lower in the third quarter, you have to expect that although prices are high, financially, it will be spectacular, will be very good, but not to the same magnitude as if we have the volumes in the first quarter. But the strategy we were using had already been foreseeing all of these scenarios, GSF and price.

這是故意為之。因此，話雖如此，考慮到第三季的 GSF 較低，你必須預料到，儘管價格很高，但從財務角度來看，這將是驚人的，將會非常好，但不會達到與第一季交易量相同的水平。但是我們所使用的策略已經預見了所有這些情況，包括 GSF 和價格。

And to answer your question on the trading strategy, our focus is expanding our client space, whether they are large clients where we have direct connections or smaller clients that can be reached through partnerships. And of course, this is our focus. If we cannot do something at the price that would be better, then we move on to liquidation.

回答您關於交易策略的問題，我們的重點是擴大客戶空間，無論他們是我們有直接聯繫的大客戶，還是可以透過合作夥伴關係聯繫到的小客戶。當然，這是我們的重點。如果我們不能以更好的價格採取行動，那麼我們就會採取清算措施。

But I'll ask Ítalo to complement that.

但我會請阿塔洛對此進行補充。

Thank you. João, as Ivan said, we had a very detailed study of our clients based on size, market, and so on. And we mapped the best tools we could use to access these clients. Like Ivan said, partnerships, speaking to major clients, open markets channels. So our strategy for this is well defined. As we see better options of allocating energy, we are using these tools that we've prepared and are currently available to allocate energy to whatever provides the most value for the company.

謝謝。João，正如 Ivan 所說，我們對客戶的規模、市場等進行了非常詳細的研究。我們繪製了可以用來存取這些客戶端的最佳工具。就像伊凡所說的那樣，建立合作關係、與主要客戶交談、開放市場管道。因此，我們的策略是明確的。當我們看到更好的能源分配選擇時，我們正在使用這些我們準備好的、目前可用的工具將能源分配到能為公司提供最大價值的領域。

Thank you.

謝謝。

This concludes the question-and-answer session. We will now hand it over to Mr. Ivan Monteiro for his closing remarks.

問答環節到此結束。我們現在將把時間交給伊凡·蒙泰羅先生作閉幕發言。

Thank you, everyone. If you have any questions, please contact our Investor Relations department. Thank you, and have a good day.

謝謝大家。如果您有任何疑問，請聯絡我們的投資者關係部門。謝謝，祝您有美好的一天。

This concludes Eletrobrás' conference call. Thank you, and have a good day.

Eletrobrás 的電話會議到此結束。謝謝，祝您有美好的一天。

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。