Axia Energia SA (AXIA) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to AXIA Energia's conference for the discussion of the results of the fourth quarter of 2025.

各位女士、先生，早安。歡迎參加 AXIA Energia 2025 年第四季業績說明會。

Present here today are Mr. Ivan de Souza Monteiro, President of AXIA Energia; Mr. Eduardo Haiama, Executive Vice President of Finance and Investor Relations; Mr. Antonio Varejão de Godoy, Executive Vice President of Operations and Security; Ms. Camila Araujo, Executive Vice President of Governance and Sustainability; Mr. Elio Wolff, Executive Vice President of Strategy and Business Development; Mr. Italo Freitas, Executive Vice President of Commercialization and Energy Solutions; Mr. Juliano Dantas, Executive VP of Technology and Innovation; Mr. Marcelo de Siqueira Freitas, Executive VP of Legal Affairs; Mr. Renato Carreira, Executive VP of Learning People and Services; Mr. Robson Pinheiro De Campos, Executive VP of Expansion Engineering; and Mr. Rodrigo Limp, Executive VP of Regulation, Institutional, and Markets.

今天出席的有：AXIA Energia 總裁 Ivan de Souza Monteiro 先生；財務與投資人關係執行副總裁 Eduardo Haiama 先生；營運與安全執行副總裁 Antonio Varejão de Godoy 先生；治理與永續執行副總裁 Camila Araujo 女士；策略與業務發展執行副總裁 Elio Wolff 先生；商務化與能源解決方案執行副總裁 Italo Freitas 先生；科技與創新執行副總裁 Juliano Dantas 先生；法務執行副總裁 Marcelo de Siqueira Freitas 先生；學習、人員與服務執行副總裁 Renato Carreira 先生；擴張工程執行副總裁 Robson Pinheiro De Campos 先生；以及法規、機構與市場執行副總裁 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 Investor Relations website, along with the presentation being shared today, both in Portuguese and English.

特此告知，本活動將全程錄音，並將與今日分享之簡報一併上傳至公司投資人關係網站，提供葡萄牙語與英語版本。

To view the presentation of the slides in your preferred language, select the corresponding tab located in the upper left corner of the screen: Portuguese screen for Portuguese or English screen for the English version.

若要以您偏好的語言檢視投影片簡報，請選擇螢幕左上角的對應分頁：葡萄牙語請選 Portuguese，英語版本請選 English。

For those who require simultaneous translation, a tool is available via the globe icon labeled Interpretation located at the bottom center of your screen. Upon selecting it, please choose your preferred language.

如需同步口譯，您可透過螢幕下方中央、標示為 Interpretation 的地球圖示使用該工具。點選後，請選擇您偏好的語言。

For those listening to the video conference in English, there is an option to mute the original audio in Portuguese by clicking Mute Original Audio.

對於以英語收聽視訊會議者，可點選 Mute Original Audio 以將原始葡萄牙語音訊靜音。

(Operator Instructions)

（接線員指示）

Before we proceed, we would like to clarify that any statements made during this conference call regarding the company's business outlook, projections, operational, and financial targets constitute the beliefs and assumptions of AXIA Energia's executive management, as well as on information currently available to the company.

在開始之前，我們想說明：本次電話會議中任何關於公司業務展望、預測、營運與財務目標的陳述，均構成 AXIA Energia 執行管理層的信念與假設，並基於公司目前可取得之資訊。

Forward-looking statements are not guarantee 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.

前瞻性陳述不保證績效，因其涉及風險與不確定性；因此，取決於可能發生或不發生的情況。投資人應理解，一般經濟狀況及其他營運因素可能影響此類前瞻性陳述所表達的結果。

We now invite Mr. Ivan Monteiro, President of AXIA Energia to begin the presentation. Please, you may proceed.

現在我們邀請 AXIA Energia 總裁 Ivan Monteiro 先生開始簡報。請您開始。

Good morning, everyone. Thank you for attending AXIA's conference call for the fourth quarter of 2025 and the year 2025.

各位早安。感謝各位參加 AXIA 2025 年第四季及 2025 全年電話會議。

This was a year marked by a series of accomplishments and the construction of what we call a base for the company's sustained growth. In the executive Board, the feeling is that, the turnaround -- the traditional turnaround -- is concluded. The budget for 2026 already reflects the conclusion of this turnaround.

這一年以一連串成果為標誌，並建立了我們所稱的公司持續成長基礎。在執行董事會層面，我們的感受是，轉型——傳統意義上的轉型——已經完成。2026 年預算已反映此一轉型的完成。

Let's talk a little bit about the deliveries during 2025. There was a consistent reduction of liabilities; and the trajectory of the reduction of the compulsory loans and the liabilities related to that; as well as PMSO.

我們來談談 2025 年的交付成果。負債持續下降；強制性貸款及其相關負債的下降軌跡；以及 PMSO 亦然。

Here, I'd like to make the first comment about PMSO. The contribution we have today in the use of artificial intelligence in the reduction of PMSO is still small. But there's a huge potential to be tapped into in the coming years.

在此，我想先就 PMSO 做第一點說明。目前我們運用人工智慧來降低 PMSO 的貢獻仍然不大。但未來幾年仍有巨大的潛力可供開發。

We also began to change the level of investments. The company that invested around BRL2.3 -- BRL2.5 million to BRL3 million per year five years ago has a growth trajectory, consolidating at a level above BRL10 million; BRL9.6 million in 2025 and, now, more than BRL10 million in the projection for the coming years that we released earlier this morning.

我們也開始改變投資水準。五年前，公司每年投資約 BRL2.3——BRL2.5 百萬至 BRL3 百萬；如今已呈現成長軌跡，並在超過 BRL10 百萬的水準上趨於穩定；2025 年為 BRL9.6 百萬，而我們今天稍早發布的未來幾年預測則已超過 BRL10 百萬。

Another landmark in this consistent deliveries was the agreement with the government and the sale of our stake at Eletronuclear.

另一項持續交付的重要里程碑，是與政府達成協議並出售我們在 Eletronuclear 的持股。

Those were the two important moves in what we call the reduction of risk perceived by our investors when they decide to acquire assets, both by buying shares or fixed income assets by AXIA.

這兩項重要舉措，屬於我們所稱的降低投資人感知風險的一部分，當投資人決定收購資產時，無論是購買 AXIA 的股票或固定收益資產皆然。

Another important evolution relates to energy allocation, portfolio management, and our relationship with the customers. Those are the highlights.

另一項重要進展與能源配置、投資組合管理以及我們與客戶的關係有關。以上是重點。

In capital allocation and growth, I'd like to point to the volume of dividends paid out this year related to the result of 2025, BRL8.3 billion. Just to give you an idea: BRL8.3 billion was the nominal value or the nominal market value of the previous known Eletrobras in 2016.

在資本配置與成長方面，我想指出今年就 2025 年業績所支付的股利金額為 BRL8.3 十億。給各位一個概念：BRL8.3 十億相當於 2016 年市場上先前所熟知的 Eletrobras 的名目價值或名目市值。

Another important challenge in this acceleration of investment is the formation of a pipeline that is robust in which we express very low inorganic growth but that also becomes part of our vision for the future; and a growth in the assets that we know very well -- our own assets that we already have environmental licenses for.

在投資加速的另一項重要挑戰，是建立一個強健的專案管線；其中我們呈現非常低的非有機成長，但同時也成為我們未來願景的一部分；並在我們非常熟悉的資產上成長——也就是我們自有、且已取得環境許可的資產。

We know the behavior of those assets, bringing modernization through the reinforcement and improvement investments that we're making as a consequence of the win in the Transmission auction.

我們了解這些資產的運作特性，並透過我們因贏得輸電標案而進行的強化與改善投資，帶來現代化升級。

We continue to seek the incorporation of new technologies available to improve the management, not only of the assets but all of the [set]; the future production in our relationship with customers; and the management of our energy portfolio, where I highlight the small contribution in the PMSO reduction through the use of AI.

我們持續尋求導入可用的新技術，以改善管理——不僅是資產本身，而是整個[集合]；以及我們與客戶關係中的未來產出；並改善能源投資組合的管理；在此我再次強調，AI 在降低 PMSO 方面目前的貢獻仍然不大。

Going to the stage that takes a little bit longer, that's the cultural transformation phase. I'd like to point that this change that we promoted in the name now -- the company, AXIA -- it's not a change of name only. It's not only transforming and having a new logo. It's a change in posture. It's a ownership culture; a management that is fully focused on generating value, creating value.

接著進入需要更長時間的階段，也就是文化轉型階段。我想指出，我們現在推動的更名——公司更名為 AXIA——不只是名稱的改變。不僅是轉型並換上一個新標誌。這是一種態度的改變。這是一種主人翁文化；是一種完全聚焦於創造價值、產生價值的管理方式。

Finally, maximizing and reaffirming our commitment to governance, we have a proposal to migrate to Novo Mercado, with the meetings expected to take place where the shareholders will discuss the Directors' proposal.

最後，為了最大化並重申我們對公司治理的承諾，我們提出遷移至 Novo Mercado 的提案，預計將召開會議，由股東討論董事會的提案。

I thank all of the company's employees, the market (technical difficulty), and the performance of the company's shares in 2025 and the beginning of 2026.

我感謝公司全體員工、市場（技術困難），以及公司股票在 2025 年與 2026 年初的表現。

I now turn the floor to our Financial Director, our CFO, Eduardo Haiama. Thank you.

現在我把時間交給我們的財務主管、CFO Eduardo Haiama。謝謝。

Thank you, Ivan. Good morning, everyone.

謝謝你，Ivan。各位早安。

Before we begin the presentation on slide 7, I would like to point, as Ivan just mentioned, that, for us, it's the conclusion of the turnaround. (inaudible) step moving forward reflects in the publication of the annual results.

在我們開始第 7 張投影片的簡報之前，我想指出，正如 Ivan 剛才提到的，對我們而言，這是轉型（turnaround）的結束。（聽不清）往前邁進的一步，反映在年度業績的發布上。

I think it must have been the first time that the company was able to publish, with quality, the results in the month of February, when our results have always been published at the end of March or by mid-March. Of course, this is not only a work of the accounting department but it's a huge work done by the entire company, generating controls, processes, getting things to flow more smoothly. That results in this publication and this release in the month of February.

我認為這一定是公司第一次能夠在 2 月以高品質發布業績；過去我們的業績一直是在 3 月底或 3 月中旬才發布。當然，這不只是會計部門的工作，而是全公司共同投入的大量工作，建立控管與流程，讓事情運作更順暢。這也促成了我們在 2 月完成這次發布與揭露。

Now, getting into slide 7 and the key highlights, part was already mentioned, the allocation of the energy portfolio and the execution of the capital allocation methodology, with record dividends of BRL8.3 billion; but, also, the consistent increase in investments, winning, again, a series of lots in the Transmission auction in 2025 and reaching the highest investment level since 2015 in the company.

現在進入第 7 張投影片與重點摘要，部分內容已經提過：能源投資組合的配置與資本配置方法論的執行，並發放創紀錄的 83 億巴西雷亞爾股利；同時，投資也持續穩健增加，我們在 2025 年的輸電拍賣中再次拿下多個標段，並使公司投資水準達到自 2015 年以來的最高。

In terms of portfolio management, we completed the sale of the thermal power plant and executed the sale of our stake at Eletronuclear in efficiency. In addition to PMSO that Ivan already discussed, we are developing supplier chains that are international. We are certain that we'll be a lot more resilient when this investment level grows further, as we foresee.

在投資組合管理方面，我們完成了火力發電廠的出售，並有效率地執行了出售我們在 Eletronuclear 的持股。除了 Ivan 已談到的 PMSO 之外，我們也在打造國際化的供應商鏈。我們確信，隨著投資水準如我們所預期進一步提升，我們將更具韌性。

In people and culture, something we're very proud of -- and I'll talk more about later -- was the launch of the first stock purchase program, with a very high participation of our employees, showing their confidence in the path that the company is following.

在人員與文化方面，我們非常自豪的一件事——我稍後會再多談——是推出第一個員工股票購買計畫，員工參與度非常高，顯示他們對公司所走道路的信心。

Finally, today, 100% of our managers already have goals aligned with our strategy, thinking always in the medium and long term.

最後，目前我們 100% 的管理者都已設定與公司策略一致的目標，並始終以中長期為思考方向。

On slide 8, getting into the financial highlights, investments in the quarter reached almost BRL4 billion, a growth of almost 30%, year on year.

在第 8 張投影片，進入財務重點，本季投資接近 40 億巴西雷亞爾，年增將近 30%。

In generation margin, there was growth again, reaching BRL101 per megawatt hour, in line with our strategy that we talked about in the first quarter of 2025 that was -- by protecting a potential drop in prices because of rains that we were approaching at that time.

在發電毛利（generation margin）方面，再度成長，達到每兆瓦時 101 巴西雷亞爾，符合我們在 2025 年第一季所談的策略——透過避險來防範當時因降雨而可能出現的價格下跌。

Starting in March, the scenario changed. At that time, we said that we would then be able to reap the optimum results in the second and the fourth quarter that consolidated what we talked about in the first quarter.

從 3 月開始，情境發生了變化。當時我們表示，之後我們將能在第二季與第四季收穫最佳成果，並把第一季所談的內容加以落實與驗證。

This quarter, we recognized BRL12 million in the activation of tax assets. Everything, with the conclusion of the turnaround phase and a more constructive view that we have in the Generation segment shows our view, in terms of future profitability; and the use of these assets -- of this tax credit over the year according -- as the company's profitability increases.

本季，我們認列了 1,200 萬巴西雷亞爾的稅務資產啟用。隨著轉型階段的結束，以及我們對發電事業部更具建設性的看法，這反映了我們對未來獲利能力的觀點；而這些資產——這項稅額抵減——將在全年依公司獲利提升而逐步使用。

The Transmission auction that I mentioned, we won some lots with the investment and the investments.

我剛提到的輸電拍賣，我們在投資與相關投資方面贏得了一些標段。

Now, the numbers are BRL1.6 billion. Once that's concluded, that the [RAP] of BRL140 million per year.

目前的數字是 16 億巴西雷亞爾。一旦完成後，[RAP] 為每年 1.4 億巴西雷亞爾。

Finally, our adjusted income reached BRL1.2 billion, up 141% compared to the fourth quarter of '24.

最後，我們的調整後淨利達到 12 億巴西雷亞爾，較 2024 年第四季成長 141%。

On slide 9, talking a little bit about our revenue. It grew in Transmission. Part of it is a reflection of the adjustment portions that were lower but, also, an increase in the reinforcement and improvement revenues.

在第 9 張投影片，稍微談一下我們的營收。輸電業務營收成長。部分反映調整項目（adjustment portions）較低，但同時也來自加固與改善工程收入的增加。

In Generation, there was a decrease but it's more due to the sale of the thermal plants that were still in operation in 2024. In 2025, in the month of October, there was one single thermal plant still operating.

在發電方面，營收有所下降，但主要是因為我們出售了 2024 年仍在運轉的火力電廠。到了 2025 年 10 月，僅剩一座火力電廠仍在運轉。

In terms of our EBITDA, we present here an increase. This is a result of the increase in contribution margin in Generation, excluding thermal plants of almost BRL400 million, as well as the reduction of our PMSO costs.

就 EBITDA 而言，我們在此呈現成長。這是因為發電業務的貢獻毛利增加（排除火力電廠）接近 4 億巴西雷亞爾，以及我們 PMSO 成本的下降。

On slide 10, we show the same EBITDA of [BRL5.70 million], showing basically four items that we did not adjust in the results but generated a lot of questions, previously. Basically, the lower revenue with the reimbursement of wind farms in the fourth quarter, that's basically when the wind plants that have contracts with distributors, they produce less so we end up having to pay back the higher revenue that you made.

在第 10 張投影片，我們呈現相同的 EBITDA（[BRL5.70 million]），主要說明四個我們在結果中未做調整、但先前引發許多疑問的項目。基本上，是第四季風電場補償（reimbursement）帶來的較低營收；也就是當與配電商簽約的風電場發電量較少時，我們最終必須返還先前取得的較高營收。

That's BRL250 million in the fourth quarter of 2025. There is a variation of BRL225 million in Transmission revenue from the third to the fourth quarter of '25. But these are revenues that are temporary. They come in and out so we receive more. But then, when we get to the following adjustments, it goes back so it's transient.

這在 2025 年第四季為 2.5 億巴西雷亞爾。此外，2025 年第三季到第四季，輸電營收有 2.25 億巴西雷亞爾的變動。但這些都是暫時性的收入。它們會進出波動，因此我們有時會收到較多。但到了下一次調整時又會回到原狀，所以屬於短暫性影響。

As for cost, to align it even further, all of the company's workforce work to seek exceptional performance. We expanded the potential range of the profit sharing payment and the long-term incentive program for the company. Considering the targets that was a very good year for the company, that resulted in an increase of BRL108 million in this line compared to, for example, 2024 with the old previous metrics.

在成本方面，為了進一步對齊，公司全體員工都致力於追求卓越績效。我們擴大了公司利潤分享（profit sharing）支付的潛在區間，以及長期激勵計畫。考量到目標達成情況，這對公司而言是非常好的一年，因此相較於例如 2024 年採用舊指標時，該項目增加了 1.08 億巴西雷亞爾。

Finally, with our change in brand -- our rebranding -- in the quarter, when we implemented this rebranding, we spent BRL60 million.

最後，隨著我們在本季進行品牌變更——品牌重塑（rebranding）——在導入過程中我們支出了 6,000 萬巴西雷亞爾。

If we excluded these events, we would have achieved a regulatory EBITDA of almost BRL6.4 billion.

如果排除這些事件，我們將可達到接近 64 億巴西雷亞爾的監管口徑 EBITDA（regulatory EBITDA）。

On slide 11, talking about income, I think the main highlight here is the recognition of the deferred tax asset that I mentioned of BRL2 billion. Considering this effect, our income growth would have been 140%.

在第 11 張投影片，談到淨利，我認為這裡的主要亮點是我提到的 20 億巴西雷亞爾遞延所得稅資產的認列。若考量此影響，我們的淨利成長將達到 140%。

Slide 12, we show, as Ivan discussed, the evolution of investments over the years. Look at how interesting this is.

第 12 張投影片，我們展示如 Ivan 所討論的，歷年投資的演進。看看這有多有意思。

In 2022, we invested BRL5.4 billion in reinforcement and improvement, improvement of the grid or the network, the Transmission grid. The investments we're making now at the plants exceed that amount already so we invested BRL9.6 billion.

在 2022 年，我們在加固與改善（reinforcement and improvement）、也就是輸電電網或網路的改善上，投資了 54 億巴西雷亞爾。我們目前在各項工程（plants）上的投資已經超過該水準，因此我們投資了 96 億巴西雷亞爾。

We are expecting for 2026 and '27 to reach an annual level between BRL12 billion and BRL14 billion as a result of the beginning of the works of the auctions we have won in recent years and the growth that should continue in the line of reinforcement and improvements in transmission.

我們預期在 2026 與 2027 年，隨著近年贏得的拍賣案開始動工，以及輸電加固與改善投資線持續成長，年度投資水準將達到 120 億至 140 億巴西雷亞爾。

Now, moving to trading on Slide 14, we demonstrated we have our resources in each of the sub-markets. This is interesting to understand how the seasonality behaved in all of these over the quarters already, including purchases.

現在，轉到第14頁的交易部分，我們展示了我們在各個子市場都配置了資源。這有助於理解在這些季度中季節性在各方面（包括採購）是如何表現的。

Subtracting those long-term contracted sales, the ACR sales, that reflects, when we look at slide 15 in the evolution of our Generation margin. Generation margin, when we look at the fourth quarter of '24, excluding this aspect of the reimbursement of wind plants that in the comparison is not -- it's apples and oranges, of BRL250 million, we would have had an increase of 25% in our Generation margin in that we have to exclude thermal power plants in the fourth quarter of '24; in January, on the fourth quarter of '25, showing here that it's a very well thought-out and executed strategy to trade or sell our generation portfolio.

扣除那些長期合約銷售（ACR 銷售）後，當我們看第15頁時，這反映在我們發電毛利的演變上。就發電毛利而言，當我們看 2024 年第四季時，若排除風電場補償這一項（在比較中並非——這是蘋果比橘子）金額為 2.5 億雷亞爾，我們的發電毛利本可增加 25%；同時我們必須排除 2024 年第四季的火電廠；在這裡也展示了 2025 年第四季（以及 1 月）的情況，顯示這是一個經過深思熟慮並有效執行的策略，用於交易或出售我們的發電組合。

On slide 16, I would not get into details of the chart on the left. I think it's a reflection of what we discussed in the previous slide.

在第16頁，我不會深入講解左側圖表的細節。我認為它反映了我們在上一頁討論的內容。

But, to show you a little bit for 2026, considering our plans and the physical guarantees that we have with them using GSF, the expected GSF according to [CCEE] expectations and the physical guarantees in seasonality based on MRE -- so, as you can see in the first quarter, we have basically almost 14 gigawatts of energy of -- going to a valley in the third quarter of '26 to 8 -- this is mainly due to the expected GSF for the second half; and starting to grow again in the fourth quarter to 11 gigawatts.

不過，為了讓大家稍微了解 2026 年的情況，考慮到我們的計畫以及我們以 GSF 使用的實體保證、依據 [CCEE] 預期的 GSF，以及基於 MRE 的季節性實體保證——如你所見，在第一季我們基本上接近 14 吉瓦的能源——在 2026 年第三季降到 8 吉瓦的低谷——這主要是因為下半年預期的 GSF；並在第四季再次成長到 11 吉瓦。

Now, moving on to slide 18 with the culture and ESG agenda, as I had talked about, we launched the first share purchase program where we had 1,644 employees becoming new shareholders of the company. That represents 22% of our total employees.

現在，轉到第18頁的文化與 ESG 議程，如我先前提到的，我們推出了第一個員工購股計畫，共有 1,644 名員工成為公司的新股東。這相當於我們員工總數的 22%。

What's interesting, when we look into it, these people, 54% of them, more or less -- of the people who bought shares -- only have AXIA shares. They only own AXIA shares. This 1,600, it's the first time almost 40% -- it's the first time almost 40% of them bought shares. That shows a strong element of our employees' confidence in the company's long-term strategy.

有趣的是，當我們深入看，這些人中約 54%——也就是買股的人——只持有 AXIA 的股票。他們只擁有 AXIA 股票。在這 1,600 人中，將近 40%——這是他們第一次買股票。這顯示員工對公司長期策略具有強烈信心。

These shares remain restricted during a period of three years, okay? It's not a short-term version. It's a long-term view.

這些股票在三年期間內會受到限制，好嗎？這不是短期版本。這是一個長期觀點。

As for the compensation program, as was already discussed, we've updated this program to reinforce the alignment between performance, value generation, prioritizing the company's strategy. In both this and the previous -- our opinion reinforces that what we're seeking is the sense of ownership from each person.

至於薪酬計畫，如先前已討論，我們已更新該計畫，以強化績效與價值創造之間的對齊，並優先聚焦公司的策略。在這一點以及前述內容中——我們的看法是，我們所追求的是讓每個人都具備主人翁意識。

On slide 19, (inaudible) talk a little bit about the ESG agenda. We've proposed the migration to Novo Mercado. We'll talk a little bit about this in the next slide.

在第19頁，（聽不清）談一下 ESG 議程。我們已提議遷移至 Novo Mercado。我們會在下一頁稍微談談這件事。

With that, I think we'll improve greatly our governance, which was already good. It's going to get even better.

藉此，我認為我們將大幅提升公司治理，而我們原本的治理就已經不錯。它會變得更好。

We launched a calculator available for anyone to measure their GHG emissions, also providing solutions to help reduce or neutralize them.

我們推出了一個計算器，任何人都可以用來衡量其溫室氣體（GHG）排放，同時也提供協助減少或中和排放的解決方案。

I'm very proud to say that we are now on the A list of the CDP, which is a global benchmark for corporate environmental assessment, very much in line with our net zero 2030 trajectory. Again, we also made it in the Global Sustainability Yearbook 2026 of S&P.

我很自豪地說，我們現在已進入 CDP 的 A 名單；CDP 是企業環境評估的全球基準，這也非常符合我們 2030 年淨零路徑。此外，我們也入選了標普（S&P）《Global Sustainability Yearbook 2026》。

On slide 20, finally, just to detail that we are going to have our meeting in April 1, this year, to discuss the entry -- the migration to Novo Mercado, the highest governance level at the Brazilian stock market [in] B3.

在第20頁，最後補充說明，我們將於今年 4 月 1 日召開會議，討論進入——也就是遷移至 Novo Mercado，即巴西證券交易所 B3 的最高治理等級。

With that, the shareholders will have a right to vote all the same political rights and the same economic rights and dividends with no distinction. In our opinion, by doing that, we improve our optimization to reach the capital allocation, improve attraction for potential new investors with better ESG and ratings, as well.

如此一來，股東將享有相同的投票權等政治權利，以及相同的經濟權利與股利，沒有任何區別。我們認為，這麼做能提升我們在資本配置上的最佳化，並以更佳的 ESG 與評級，提升對潛在新投資人的吸引力。

By combining the different share classes, we improved liquidity and the overall risk perception.

透過合併不同的股票類別，我們提升了流動性以及整體風險認知。

I believe, with this, we can move on to the questions-and-answer session. Thank you.

我相信，接下來我們可以進入問答環節。謝謝。

(Operator Instructions)

（接線員指示）

Daniel Travitzky, Safra.

Daniel Travitzky，Safra。

I have two questions on my side.

我這邊有兩個問題。

The first, about the very high income that you reported this quarter, I'd like to ask how this result may reflect in future dividend pay-out and capital allocation for the company? That would be my first question.

第一個，關於你們本季公布的非常高的淨利，我想請問這個結果未來可能如何反映在公司的股利發放與資本配置上？這是我的第一個問題。

The second question, looking at the auction pipeline that we have this year, both in generation [LR caps] in March, in the future for batteries, and the Transmission auctions that will be very relevant this year, I'd like to understand how the company sees these opportunities, if you can give us some color on how you see that.

第二個問題，從我們今年的拍賣管線來看，包含 3 月的發電 [LR caps]，未來的電池，以及今年將非常重要的輸電拍賣，我想了解公司如何看待這些機會；如果可以的話，請提供一些你們的看法。

Thank you, Daniel.

謝謝你，Daniel。

To begin, in terms of capital allocation and dividends, we worked a lot in the company's structural results and its predictability. That makes us very comfortable with what we may come to capture and what we did capture, in terms of energy price.

首先，就資本配置與股利而言，我們在公司的結構性成果及其可預測性上做了大量工作。這讓我們對於在能源價格方面可能取得、以及已取得的成果感到非常安心。

Those conditions that were under the management's -- the directors' management -- were worked on. The prediction for the future don't give a lot of highlights for the net income of the fourth quarter.

那些在管理層——董事團隊的管理——可控範圍內的條件，我們都已加以處理。對未來的預測並未對第四季淨利提供太多亮點。

But I would like to mention the company's consistent results since it was privatized, with a (inaudible) an intense work to reduce liabilities, reduce PMSO, adjust the strategy, and also a change in culture that was a detailed a lot by Haiama.

不過我想提到，公司自民營化以來一直有一致且穩健的成果，並且（聽不清）透過密集的工作來降低負債、降低 PMSO、調整策略，並且在文化上也有所改變，Haiama 已經詳細說明過。

But I'll turn the floor to him. And then, Elio, to talk a little bit about our strategy in the future auctions, both on battery and capacity auctions; and Transmission.

不過我把時間交給他。接著請 Elio 談談我們在未來拍賣中的策略，包括電池與容量拍賣，以及輸電。

Haiama, please.

Haiama，請。

Thank you, Daniel.

謝謝你，Daniel。

As for dividends, considering what happened with the activation and what was acquired, it doesn't change with our capital allocation methodology. We have that capital allocation in dividends and buyback or new investments.

就股利而言，考量到啟動（activation）以及所取得的內容，這並不會改變我們的資本配置方法論。我們的資本配置會在股利、庫藏股回購或新投資之間進行配置。

We always look at a five-year horizon, based on a prediction of cash flow leverage, always using conservative prices for the uncontracted energy part.

我們一向以五年為期來看，基於對現金流槓桿的預測，且對未簽約電量部分一律採用保守的價格假設。

With that, we check whether or not we have room for that to allocate more capital, paying more dividends or buybacks or more investments. The income itself that was due to this IR activation is just a constructive view on the very long term for the company, not on the short term.

在此基礎上，我們會檢視是否還有空間分配更多資本，用於提高股利、進行庫藏股回購或增加投資。這次因 IR 啟動所帶來的收入本身，更多是對公司非常長期的正向看法，而不是著眼於短期。

On the short term, this methodology is what goes. As Ivan talked about, we have a lot of things that help in our risk perception but profit or income alone is not the driver to pay-out, more or less. That's our view. It's always from the five-year view.

就短期而言，這套方法論就是我們所採用的。如 Ivan 所提到的，有很多因素有助於我們對風險的判斷，但單靠利潤或收入並不是決定配發（股利/回購）多寡的驅動因素。這就是我們的看法。我們一向是以五年期的視角來看。

Thank you, Daniel. Good morning, everyone.

謝謝你，Daniel。各位早安。

We mentioned in the past that the Transmission auction activity is a continuous activity that we do. Since 2023, we've been actively participating in the auctions.

我們過去曾提到，輸電拍賣的參與是一項我們持續在做的活動。自 2023 年起，我們一直積極參與這些拍賣。

If you have an order of magnitude, we offered about 39 lots -- Transmission since 2023. The group -- the AXIA Group -- participates and (inaudible) always being competitive, with a lot of responsibility and a strong focus on value generation.

如果以量級來看，自 2023 年以來，我們大約投標了 39 個標段——輸電標段。本集團——AXIA 集團——參與其中並（聽不清）始終保持競爭力，以高度責任感並強烈聚焦於價值創造。

We participated in 34 of these 39. We study all of them, if not, all. We may not participate in some. But we always do that, based on technical objective factors. In this 34 that we participate, we succeeded in nine. That's the recent history.

在這 39 個標段中，我們參與了 34 個。我們會研究所有標段，若不是全部，也幾乎是全部。有些我們可能不會參與。但我們一向是基於技術面、客觀因素來做決定。在我們參與的這 34 個中，我們成功拿下了 9 個。這就是近期的紀錄。

Of course, that/this background, the future is not based on that. But that shows how competitive we are.

當然，這樣/這些背景並不代表未來就會依此發展。但這顯示了我們的競爭力有多強。

We've been growing our capacity to be competitive, especially in terms of engineering and supply. That's essential.

我們一直在提升自身的競爭能力，特別是在工程與供應鏈方面。這是關鍵。

The company's DNA is with its engineering capacity. That is something we bring to 2026, of course. In '26, we generate, in a more organized way, at least three auctions, maybe even four, five.

公司的 DNA 在於其工程能力。這當然也是我們帶到 2026 年的核心。在 2026 年，我們會以更有組織的方式，至少參與三場拍賣，甚至可能是四場、五場。

In March, there are two, already, we counted, right?

在三月就已經有兩場了，我們已經算進去了，對吧？

The first one is the capacity auction where we are able to participate on the hydropower plant. We see that we're very good -- in a very good line. Ivan mentioned that about the pipeline.

第一場是容量拍賣，我們可以以水力發電廠的身分參與。我們認為我們處於非常有利——非常好的位置。Ivan 也提到過管線（pipeline）的部分。

In the hydropower capacity alone, we look at the potential income in the medium, long term, maybe even exceeding 6 gigawatts. A portion of that, of course, will participate and try to enable these projects in the auction of March 18.

僅就水力容量而言，我們看到其中期、長期的潛在收入，可能甚至超過 6 吉瓦。其中一部分，當然，會參與並嘗試在 3 月 18 日的拍賣中推動這些專案落地。

Transmission, it's the same line, as we mentioned. We always study all of the lots. There's an auction now March 27 and another prescheduled-for October. There may be a sub-auction or something with a different player that may occur in April or May. We may look at it, as well.

輸電方面也是同樣的脈絡，如我們所提到的。我們一向會研究所有標段。目前 3 月 27 日有一場拍賣，另外還有一場預定在 10 月。4 月或 5 月可能還會有一場子拍賣或由不同參與者主導的拍賣。我們也可能會評估。

But this is a continued activity. We're always looking into it and studying. Once we get close to the auction, we decide how we're going to participate or which lots we're going to actively bid on.

但這是一項持續性的活動。我們一直在關注並研究。當接近拍賣時，我們會決定要如何參與，或要積極競標哪些標段。

We always say that very comfortable, always focused on value generation.

我們一向強調，我們很從容，並始終聚焦於價值創造。

Finally, without a date yet, but already expected, there will be the battery auction that we're also looking -- we have been studying it since the pipeline. We already exceeded with 4 gigawatts of pipeline in batteries.

最後，雖然尚未有確切日期，但已可預期將會有電池拍賣，我們也在關注——自從管線（pipeline）建立以來，我們就一直在研究。我們在電池方面的管線規模已超過 4 吉瓦。

We want to see the rules and understand how much of these 4 gigawatts we are actually able to offer. But the group has been increasing its pipeline progressively to be able to enable this with disciplined value generation. The auctions are a wonderful opportunity to materialize those investments. I think that's it.

我們希望看到規則並了解這 4 吉瓦中，我們實際能夠提出多少投標。但集團一直在逐步擴大管線，以便在有紀律的價值創造下推動落地。拍賣是將這些投資具體化的絕佳機會。我想就這些。

Bruno Amorim, GS.

Bruno Amorim，GS。

Congratulations on the results. I have two questions.

恭喜本次業績。我有兩個問題。

The first one, about the energy price dynamics. I understand that there is a view that, structurally, the energy price is going up and it may continue to increase. But, on the other hand, we are having a drier year in the cyclic point of view that puts prices at a higher level.

第一個問題是關於能源價格的動態。我理解市場有一種看法是，從結構性角度來看，能源價格正在上升，且可能會持續上升。但另一方面，從循環角度來看，我們正處於較乾旱的一年，這會把價格推到更高的水準。

My question is: How have you been operating in this environment? Are you making the most of the cyclic dynamics when it's more favorable? Or is the strategy still to wait for a materialization of higher prices, looking forward? How do you think about the cycle in the short term and the long term?

我的問題是：在這樣的環境下，你們是如何操作的？當循環因素更有利時，你們是否會充分把握這種循環動態？還是策略仍然是等待更高價格在未來逐步實現？你們如何看待短期與長期的循環？

The second question is to understand, as you can open this but how do you see the opportunities coming from data centers, if you want to have discussions going on or if you understand this as an opportunity for the country and the industry, the demand of electricity over the next three to five years? Or is it too soon to tell?1

第二個問題是想了解，你們如何看待資料中心帶來的機會；如果你們願意分享，是否已有相關討論在進行，或你們是否將其視為對國家與產業的機會——在未來三到五年內，電力需求的成長？還是現在判斷仍為時過早？1

Thank you for your question. I'll turn the floor to Pedro to talk about this view.

謝謝你的提問。我會把時間交給 Pedro，請他談談這個觀點。

And then, [LPSMG], I'd like to hear from Italo, as well. He can complement to our strategy for data centers. But thank you for your question.

然後，[LPSMG]，我也想聽聽 Italo 的看法。他可以補充我們針對資料中心的策略。不過，謝謝你的提問。

Thank you, Bruno.

謝謝你，Bruno。

Actually, we have been facing in recent years a change in the dynamics of price in the energy market. In some period in '22, '23 until mid-'24, a vision of prices very close to the lowest levels, including longer-term view.

其實，近年來我們一直面臨能源市場價格動態的變化。在 2022 年、2023 年到 2024 年年中這段期間，市場對價格的看法非常接近最低水準，甚至在較長期的視角也是如此。

Starting in the second half of 2024, we saw a big change and something that didn't exist so much in our industry as the volatility in the same day. In terms of reliability, flexibility, the prices ended up not reflecting that.

從 2024 年下半年開始，我們看到很大的變化，以及在我們產業中過去不太存在的現象：同一天內的波動性。就可靠性、彈性而言，價格最後並沒有反映這些因素。

There was no -- our metering. But, even in the first few years, we didn't have this perception.

當時沒有——我們的計量（metering）。但即使在最初幾年，我們也沒有這樣的感受。

I also think that the move to reduce subsidies, going in the right decision to have a better signaling of prices, have also contributed to this change of perception in the market. We came from a very different level that the industry saw in '23 and '24 for coming years compared to what we have today.

我也認為，逐步降低補貼、朝著更能反映價格訊號的正確決策方向前進，也促成了市場認知的改變。相較於我們今天所看到的水準，產業在 2023 年與 2024 年對未來幾年的看法，曾經處於非常不同的價位水準。

We see that not only in this current year but one, two, three -- and, naturally, for this year, as you said, we are a little bit more pressured, in terms of price, because of the hydrology. Until January, we had a weak rain season.

我們看到，不僅是在今年，而是在前一年、前兩年、前三年——當然，就今年而言，如你所說，因為水文情況，在價格方面我們承受的壓力稍微更大一些。直到一月為止，我們的雨季偏弱。

In February, we had an increase that I think brought some break for the industry, more reliability for the year. But nothing, so far, that brings any structural transformation in terms of prices throughout the year.

二月出現了增加，我認為這讓產業稍微喘了一口氣，也讓今年的供應可靠性更高。但到目前為止，仍沒有任何因素能在全年價格層面帶來結構性的轉變。

on Our side, in portfolio management, we do consider all of these scenarios. It's a fact that, now, we have a lot more volatility than we had in the past. That means that prices in the next one, two months may shift up and down strongly.

就我們這邊的投資組合管理而言，我們確實會把所有這些情境都納入考量。事實是，現在的波動性比過去大得多。這意味著未來一到兩個月的價格可能會大幅上下波動。

A point that we consider with a lot of attention in our portfolio management is the sub-market that, in our portfolio, we have it very well distributed in the sub-markets, with part of our energy in the North and Northeast.

在我們的投資組合管理中，我們非常重視的一點是分區子市場；在我們的投資組合裡，我們在各子市場的配置分布得很均衡，其中一部分能源配置在北部與東北部。

We do pay a lot of attention in January, February, having higher prices. It was very much similar to the sub-markets but March is a month where we will probably see more of a distance of higher than BRL100. We adopt a position that protects us from this volatility, from this sub-market risk.

我們在一月、二月會非常留意價格走高的情況。當時各子市場的情況非常相似，但三月可能會出現更明顯的差距，可能高出超過100巴西雷亞爾。我們採取能保護我們免受這種波動與子市場風險影響的部位配置。

In the long term, we do see a bigger price perception. We're always open to discuss with customers long-term proposals and long-term prices. As we integrate and the negotiations make sense, we move forward.

從長期來看，我們確實看到更高的價格預期。我們一直願意與客戶討論長期方案與長期價格。只要整合與談判在商業上合理，我們就會推進。

Thank you. Pedro, please.

謝謝。Pedro，請。

Thank you, Bruno. Just to add to what (inaudible) said, in terms of prices, I think Brazil, now, is entering a new phase in the electricity sector with this volatility, a lot due to a lack of capacity to meet or make up for the flexibility of the system with the intermittent, for example, especially in distributed generation.

謝謝你，Bruno。補充一下（聽不清）剛才說的，從價格角度來看，我認為巴西電力產業正進入一個新的階段，波動性上升，很大程度是因為系統缺乏足夠的能力來滿足或補足間歇性電源所需的彈性，例如，特別是在分散式發電方面。

This tends to grow. Naturally, it's a technology that has been permeating this new electrical system in Brazil. It's a structural aspect that we see a price increase, until there is the exception of technology that may stabilize the system.

這個趨勢會持續成長。自然地，這是一項正在滲透並塑造巴西新電力系統的技術。我們認為這是一個結構性因素，會推升價格，直到出現某些技術例外能讓系統穩定下來。

You will naturally see a price trajectory, especially considering Brazil, with hydrology-dependent matrix, as (inaudible) clarified.

你自然會看到價格的走勢，特別是考量到巴西的電力結構依賴水文條件，正如（聽不清）所澄清的。

In a year like that, where January was tight, already puts some price pressure. In this sense, as well, of course, we see this curtailment problem, especially in the Northeast.

像今年這樣，一月就已經偏緊，會對價格造成一些壓力。同時，當然，我們也看到限發（curtailment）問題，尤其是在東北部。

In this condition, the need for the power is huge in that region. That makes it an interesting environment for those data centers that you mentioned, Bruno.

在這種情況下，該地區對電力的需求非常大。這也使得你提到的那些資料中心在那裡會是一個很有吸引力的環境，Bruno。

We are talking to some data center players, large major players. The question is, today, all of the infrastructure challenge that Brazil needs to adapt in order to be able to receive this big load data center, a large data center, hyperscale -- more than 500-mega or 1-gigawatt or 1.5-giga brings -- operational challenges to the system, especially in the application, if it's a training application or inference.

我們正在與一些資料中心業者洽談，都是大型的主要玩家。問題在於，巴西目前面臨的基礎設施挑戰：需要如何調整，才能承接這種大型負載的資料中心——大型資料中心、超大規模（hyperscale）——超過500MW或1GW或1.5GW所帶來的負載，會對系統運行帶來挑戰，尤其取決於應用型態，是訓練（training）還是推論（inference）。

Or if it's training, it may simply stop overnight and the frequency of the system may go down. [ONS] is not prepared for that. So there is a structural challenge that must be adjusted to receive these big loads.

如果是訓練，它可能會在一夜之間直接停機，系統頻率可能會下降。[ONS] 對此尚未準備好。因此，為了接納這些大型負載，必須調整的結構性挑戰是存在的。

But, naturally, Brazil, especially the Northeast, it's a region that will help a lot to have a large load. We are talking to some players and looking at all of these points -- the operational points -- that need to be adjusted.

但自然地，巴西，尤其是東北部，會是一個非常有利於導入大型負載的地區。我們正在與一些業者洽談，並檢視所有需要調整的要點——運行層面的要點。

(Operator Instructions)

(接線員指示)

Fillipe Andrade, Itau BBA.

Fillipe Andrade，Itaú BBA。

I'm here with the AXIA team. I'd like to address two topics, if I may.

我這邊和AXIA團隊一起。如果可以的話，我想談兩個主題。

First, talking about trading. The company presented a contribution market on the ACL, the short-term market, close to BRL300 per megawatt hour. In our view, that is closer to BRL30 per megawatt hour.

第一個是交易（trading）。公司在ACL（自由市場）的短期市場呈現的貢獻（contribution）接近每兆瓦時300巴西雷亞爾。以我們的看法，這更接近每兆瓦時30巴西雷亞爾。

Considering the price level that we're seeing in the first quarter of '26, what is the level that the company sees, in terms of modulation: the same level or any change? How do you see the impact of El Niño in the prices in the second half of the year?

考量到我們在2026年第一季看到的價格水準，公司對於調節（modulation）的水準預期為何：維持同一水準，還是會有變化？你們如何看待聖嬰（El Niño）對下半年價格的影響？

Finally, also, if you can talk about the best expectation of the management for a potential conclusion of the Novo Mercado migration process.

最後，也請談談管理層對於Novo Mercado遷移流程可能完成的最佳時間預期。

Fillipe, as relating to trading, I will ask (inaudible) -- I'm sorry -- Haiama's participation for Novo Mercado migration. Haiama, Camila, please feel free.

Fillipe，關於交易部分，我會請（聽不清）——不好意思——請Haiama就Novo Mercado遷移的部分發言。Haiama、Camila，請隨意。

Fillipe, first, you were asking about modulation. In the fourth quarter, we even have in our presentation in the attachment that the fourth quarter generated close to BRL15 per megawatt hour for the hydropower plant.

Fillipe，首先，你問到的是調節（modulation）。在第四季，我們在簡報附件裡也有提到，第四季水力電廠帶來的貢獻接近每兆瓦時15巴西雷亞爾。

When you sell that to energy that we have allocated, it will run at around BRL300 million, maybe a little bit less in the quarter.

當你把這個賣到我們已配置的電量上，該季度大約會落在3億巴西雷亞爾左右，可能略低一些。

The trend, going forward, obviously, as the system is -- have more insertion, as Italo said, with more intermittent sources and demands that may have peaks due to heat waves. It may grow over time.

往後的趨勢，顯然，隨著系統——如Italo所說——納入更多間歇性電源，以及需求可能因熱浪而出現尖峰，它可能會隨時間成長。它可能會隨時間成長。

But, going forward, I'd like to ask the expert to talk about this a little bit more.

不過，往後我想請專家再多談一點。

Yeah. Even as I mentioned earlier, today, we have an increasing presence of this daily modulation; the price volatility at different hours of the day.

是的。正如我先前提到的，今天我們看到日內調節的存在感在提高；也就是一天不同時段的價格波動。

For example, in February 4, that was a very atypical time. At this time, it got to BRL1,600. Modulation exceeded BRL40. Today, we're looking, on average, BRL15 to BRL20, a slight increase in this first quarter compared to the fourth quarter.

例如在2月4日，那是一個非常不尋常的時點。當時價格達到1,600巴西雷亞爾。調節超過40巴西雷亞爾。目前我們看到的平均大約是15到20巴西雷亞爾，相較第四季在今年第一季略有上升。

The trend is for it to grow in the next few years. Of course, that new technologies, capacity auctions, storage systems in the future end up maybe attenuating or mitigating this in a relevant way.

趨勢是在未來幾年持續成長。當然，新的技術、容量拍賣、以及未來的儲能系統，可能會在相當程度上削弱或緩解這種情況。

But, today, the price indication and the daily [PLD] results bring this effect in modulation. That's always positive for hydropower plants because of the role they play and the characteristics of that source that is the only one, in fact, that provides this flexibility that the system requires so much. This must be valued.

但是，今天，價格指標與每日[PLD]結果在調節中帶來了這種效果。這對水力發電廠一向是正面的，因為它們所扮演的角色，以及該能源來源的特性——事實上，只有它能提供系統如此需要的這種彈性。這必須被重視。

Now, talking about Novo Mercado, Fillipe, our expectation in April 1 is to have the General Meeting with the Class A, B preferred shares and common shares. I think the market showed a little bit of what the meeting should be.

現在，談到Novo Mercado，Fillipe，我們的預期是在4月1日召開股東大會，涵蓋A類、B類優先股以及普通股。我認為市場已經稍微反映出這次會議應該會是什麼樣子。

I think it was very well received. The share prices went up. I think even you and the analysts present here -- I think everybody understood this movement. But it's part of the normal natural move in the company's current stage.

我認為市場反應非常好。股價上漲了。我想甚至你以及在場的分析師——我想大家都理解這個動作。但這是公司在目前階段中正常且自然的變化之一。

We are relatively confident with this process, expecting to be able to unify these but only with the future agenda, going forward.

我們對這個流程相對有信心，並期待能夠在未來的議程、往前推進時，將這些統一起來，但僅限於後續的安排。

Camila, if you'd like to add?

Camila，你想補充嗎？

I think Haiama mentioned it well. We believe in the model that we are using for the approvals. The meeting in April 1, it's not -- it's April Fool's but it's a real deal.

我認為Haiama已經說得很好了。我們相信我們用於取得核准的這個模式。4月1日的會議——雖然是愚人節，但這是認真的。

We're going to hold the three meetings with a positive expectation, considering the results we're seeing and the comments we're receiving about this move.

我們將召開三場會議，並抱持正向的期待，考量到我們看到的結果以及我們收到的、對這項動作的回饋。

Thank you.

謝謝。

Raul Cavendish, XP.

Raul Cavendish，XP。

Can you hear me well?

你們聽得到我嗎？

Yes. We do.

是的。聽得到。

I have a question here.

我這裡有一個問題。

Thinking about the energy allocations that you disclosed in your materials and considering GSF and so on, I've been noticing a difficulty to reconciliate the volume of energy sold in the quarter versus the allocations that you published ahead of time.

就你們在簡報資料中揭露的能源分配來看，並考量GSF等等，我注意到要把本季售電量與你們事先公布的分配量對起來有些困難。

Is there any element that is not captured in the disclosure of allocation that impacts the energy sale volume and we're not able to model, for example, trading activities or something like that to help us be more accurate in our modeling over the quarters, even if the annual view doesn't really change that much?

是否有任何未被分配揭露所涵蓋、但會影響售電量的因素，導致我們無法建模？例如交易活動或類似因素，讓我們能在各季度的模型更精準，即使年度視角其實變化不大？

Thank you, Raul. I'll turn to Haiama.

謝謝你，Raul。我把問題交給Haiama。

Thank you, Raul. There's an information here that's very confidential. That's our assured energy.

謝謝你，Raul。這裡有一項資訊非常機密。那就是我們的保證能源（assured energy）。

When we disclose the information, we disclose what's in the [MRE]. That's what we've included in the slide, even so from physical assurances allocated with the projected GSF.

當我們揭露資訊時，我們揭露的是[MRE]中的內容。

That's a difference that occurs. As of '27, this difference would not be there anymore. That's going to be easier.

因此會出現差異。自2027年起，這個差異就不會再存在了。那會更容易。

But, in addition -- and we have to look at how you're modeling it -- remember that our contracts that are on the [ACR] -- the long-term contracts with the distributors -- all of them have the GSF: some, 92%; others, 100%.

另外——而且我們也得看你們怎麼建模——請記得，我們在[ACR]下的合約——也就是與配電商的長期合約——全部都包含GSF：有些是92%；有些是100%。

That, of course, has an impact, when we do this calculation so that may be generating some desreption when you make your projections compared to what's realized.

當然，這在我們做計算時會產生影響，因此在你們做預測、與實際結果相比時，可能會造成一些偏差。

But, without that, everything that we release in liquidation and sales is what's, in fact, happening. But there may be these differences here from the projection to what we see.

但除此之外，我們在結算與銷售中所發布的一切，確實就是正在發生的情況。只是從預測到我們看到的實際結果之間，可能會有這些差異。

I don't know if it's clear, Raul.

我不知道這樣是否清楚，Raul。

Yes. It is Excellent. And then, I think, finally, an additional question: In addition to the [LR] cap of the hydro products, we have the storage. Maybe I'd like to take Elio's and his team's perspective.

是的。非常清楚。然後，我想最後再補一個問題：除了水電產品的[LR]上限之外，我們還有儲能。也許我想聽聽Elio和他團隊的看法。

The group's mindset about the storage auction, if it makes sense; and if this recent discussions about the battery, if it's on this range of [1.2] to [1.7]; if you think it's adherent or do you see any discrepancy considering the CapEx of batteries, anyway, to hear a little bit of your view.

集團對儲能拍賣的思維是什麼，是否有意義；以及近期關於電池的討論，如果是在[1.2]到[1.7]這個區間，你們認為是否合理、是否契合，或是考量到電池的資本支出（CapEx）等因素，你們是否看到任何落差——總之想聽聽你們的觀點。

Thank you, Raul. Please, Elio.

謝謝你，Raul。請Elio。

Okay. Good morning, Raul. This is a topic about this auction -- this capacity auction. But what we see is that the system needs more and more power. That's the first auction: to be objective.

好的。早安，Raul。這個議題是關於這次拍賣——這個容量拍賣。但我們看到的是，系統需要越來越多的電力。就客觀而言，這是第一次拍賣。

It's not the end of it. There will be others; other opportunities to sell our capacity and our potential -- our pipeline here.

這不是終點。之後還會有其他拍賣；也會有其他機會來出售我們的容量與我們的潛力——也就是我們這裡的專案儲備（pipeline）。

Batteries, it's still too soon to fine-tune what we may or may not consider. It's different. There's a lot of suppliers. We've been working alongside a lot of them for a year or two trying to develop this. We will evolve the way we participate; and, of course, as long as it makes sense for the group.

至於電池，現在仍然太早，還無法細緻地調整我們可能會或不會考慮的內容。這是不同的領域。供應商很多。我們已經與其中許多供應商合作了一到兩年，嘗試推動這方面的發展。我們會逐步演進我們參與的方式；當然，前提是對集團而言有意義。

But it's still too soon to discuss this on the battery.

但現在談電池仍然太早。

The questions-and-answer session is concluded.

問答環節結束。

We would like to turn the floor to Mr. Ivan Monteiro to deliver the company's closing remarks.

我們想把時間交給Ivan Monteiro先生，請他做公司結語。

I would like to thank you all for your participation.

我要感謝各位的參與。

Any additional doubts, please contact AXIA'S IR department.

如有任何其他疑問，請聯繫AXIA的投資人關係（IR）部門。

Thank you.

謝謝。

AXIA Energia's conference is now closed. We thank everyone for their participation. Wish you all a good day.

AXIA Energia的電話會議到此結束。感謝各位的參與。祝各位有美好的一天。

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

本逐字稿中的英文發言由現場電話會議的口譯員口譯。

this event.

本活動。