Axia Energia SA (AXIA) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, welcome to AXIA Energia's conference for the discussion of the results for the first quarter of 2026. 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 Gualda Sampaio Araujo, Executive Vice President of Governance and Sustainability; Mr. Elio Wolff, Executive Vice President of Strategy and Business Development; Mr. Italo Tadeu de Carvalho Freitas Filho, Executive Vice President of Commercialization and Energy Solutions; Mr. Juliano de Carvalho Dantas, Executive Vice President of Technology and Innovation; Mr. Marcelo de Siqueira Freitas, Executive Vice President of Legal Affairs; Mr. Renato Costa Santos Carreira, Vice President of Learning, People and Services; Mr. Robson Pinheiro Rodrigues de Campos, Executive Vice President of Engineering and Projects; Mr. Rodrigo Limp Nascimento, Executive Vice President of Regulation, Institutional and Market.

各位女士、先生，早安，歡迎參加 AXIA Energia 2026 年第一季業績說明會。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 Gualda Sampaio Araujo 女士；策略與業務發展執行副總裁 Elio Wolff 先生；商業化與能源解決方案執行副總裁 Italo Tadeu de Carvalho Freitas Filho 先生；科技與創新執行副總裁 Juliano de Carvalho Dantas 先生；法務執行副總裁 Marcelo de Siqueira Freitas 先生；學習、人員與服務副總裁 Renato Costa Santos Carreira 先生；工程與專案執行副總裁 Robson Pinheiro Rodrigues de Campos 先生；法規、機構與市場執行副總裁 Rodrigo Limp Nascimento 先生。

We would like to inform 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. To view the presentation in your preferred language, select the corresponding tab located in the upper left corner of the screen, Portuguese screen or English screen.

我們在此通知，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。若要以您偏好的語言檢視簡報，請選擇螢幕左上角對應的分頁：葡萄牙語畫面或英語畫面。

For those who require simultaneous translation, the 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. For those listening to the video conference in English, there is an option to mute original audio in Portuguese by clicking on Mute Original Audio. (Operator Instructions)

如需同步口譯，請使用螢幕下方中央、地球圖示的「Interpretation」工具。點選後，請選擇您偏好的語言。對於以英語收聽視訊會議者，可點選「Mute Original Audio」以靜音原始葡萄牙語音訊。（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 goals, constitutes the beliefs and assumptions of AXIA Energia's executive management, as well as 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.

在開始之前，我們說明：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 管理團隊的信念與假設，並基於公司目前可得之資訊。前瞻性陳述不保證未來績效，因其涉及風險與不確定性，並取決於可能發生或不發生的情況。

Investors should understand that general economic conditions and other operational factors may affect the results expressed in such forward-looking statements.

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。

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

現在，我們邀請 AXIA Energia 總裁 Ivan Monteiro 先生開始簡報。Ivan，請開始。

Good morning, and thank you all for attending AXIA's earnings conference call for the first quarter of 2026. We maintain the trajectory of consistent improvement of our results, reflecting the changes implemented by the directors after the company's privatization in 2022. We would like to highlight the simplification of administrative and operational sides focused on governance improvement, agility and adaptation to the new strategy, continuous reduction of expenses and costs and increase in productivity, active portfolio management focused on end customers, a reduction of relevant contingencies in different natures, highlighting the compulsory loan, expressive management and focused on the transmission assets and reinforcement and improvements of our assets, discipline in capital allocation and strong growth in the shareholder payment.

各位早安，感謝各位參加 AXIA 2026 年第一季財報電話會議。我們持續維持業績穩健改善的軌跡，反映公司於 2022 年民營化後，董事團隊所推動的各項變革。我們特別強調：簡化行政與營運面，聚焦提升治理、敏捷性與對新策略的適應；持續降低費用與成本並提升生產力；以終端客戶為核心的主動式投資組合管理；降低不同性質的重要或有事項，尤其是強制性貸款；對輸電資產進行積極且聚焦的管理，以及資產的強化與改善；資本配置紀律；以及股東報酬的強勁成長。

I also highlight the beginning of the succession process in the company's governance with the active participation and leadership of the Board of Directors as set forth in our bylaws.

我也要強調，公司治理的接班程序已啟動，董事會依照公司章程積極參與並主導。

I now turn the floor to our CFO to detail the earnings. Thank you.

接下來我把時間交給我們的財務長，請他詳細說明本季業績。謝謝。

Thank you, Ivan. Good morning, everyone. Moving on to the quarter highlights on slide 7. The first is EBITDA, reaching BRL8.6 billion, up 60% year on year, mainly due to the generation segment, and the prices this year are higher than last year.

謝謝 Ivan。各位早安。接著看第 7 頁的本季重點。第一項是 EBITDA，達到 86 億巴西雷亞爾（BRL8.6 billion），年增 60%，主要來自發電事業部門，且今年價格高於去年。

On the right side, along with the higher EBITDA, our investments continue to grow. We increased transmission investments in close to 50%, and global investments by 30%. Income is basically a reflection of the operational result. We maintain an avenue of growth, winning the reserve capacity auction with 190 megawatts of power.

右側顯示，隨著 EBITDA 提升，我們的投資也持續成長。輸電投資增加近 50%，整體投資增加 30%。淨利基本上反映營運成果。我們維持成長動能，在備用容量（reserve capacity）拍賣中得標 190 兆瓦（MW）。

That was the auction, but the turbine itself that will be added is larger. It's almost 250 MW of power at the plant. In terms of operational efficiency, our PMSO continues to go down by 3%, we are constantly improving our operations. As for governance, the Board has approved, along with the shareholders, the migration to B3's Novo Mercado, the highest level of governance at B3. At the same time, the Board also approved the delisting of the Level 2 ADR at the New York Stock Exchange.

那是拍賣得標容量，但實際將新增的渦輪機規模更大，電廠裝置容量接近 250MW。在營運效率方面，我們的 PMSO 持續下降 3%，營運不斷改善。治理方面，董事會已與股東共同核准遷移至 B3 的 Novo Mercado（B3 最高治理等級）。同時，董事會也核准自紐約證券交易所下市 Level 2 ADR。

Finally, at the Board meeting that assessed the results of the first quarter, as already expected in our capital allocation methodology, there was an approval of an allocation of capital of BRL4 billion, reinforcing our commitment to financial discipline for shareholder value creation and investment capacity. It is important to note that every quarter we will be running this methodology, and this number may change over time as we deliver more results.

最後，在評估第一季成果的董事會會議上，依照我們資本配置方法論的既定預期，核准了 40 億巴西雷亞爾（BRL4 billion）的資本配置，強化我們對財務紀律的承諾，以創造股東價值並維持投資能力。需要注意的是，我們每一季都會執行此方法論，隨著我們交付更多成果，該數字可能隨時間調整。

The following slide, number 8, brings a summary of our earnings, with regulatory revenue growing by 7% in generation. At the lower cost that we delivered, our EBITDA grew 60% compared to the previous year. That reflected on our IFRS net income, reaching BRL3.07 billion.

下一頁第 8 頁為業績摘要：發電業務的監管收入成長 7%。在我們所交付的較低成本下，EBITDA 較去年成長 60%。這也反映在我們的 IFRS 淨利上，達到 30.7 億巴西雷亞爾（BRL3.07 billion）。

Slide number 9, getting a little bit into the investments. As we mentioned, investments grew in transmission close to 50% this quarter compared to the previous year, and overall investments at around 36%. The chart on the left shows the investment, BRL691 million in the quarter, including investment in transmission, reinforcements and improvements, not only small, but also large scale.

第 9 頁，進一步談投資。如前所述，本季輸電投資較去年同期成長近 50%，整體投資約成長 36%。左側圖表顯示本季投資額為 6.91 億巴西雷亞爾（BRL691 million），包含輸電投資、強化與改善，不僅是小型，也包含大型專案。

On the right, we highlight the investments already approved for large scale improvement and reinforcement. When we combine all the investments in previous auctions and new lines and all the large scale investments already approved, we've reached the contracted investment of BRL15 billion that will be, once implemented, translated into an RAP of close to BRL2 billion.

右側我們重點說明已核准的大型改善與強化投資。當我們把先前拍賣與新線路的所有投資，以及所有已核准的大型投資合併計算後，已達到 150 億巴西雷亞爾（BRL15 billion）的已簽約投資；一旦落地，將轉化為接近 20 億巴西雷亞爾（BRL2 billion）的 RAP。

Slide number 10. Going back to our participation in the auction, we will be adding to our system almost 250 megawatts of installed capacity. At the auction that we participated, we offered 190, with an annual revenue of BRL1.4 million per megawatt.

第 10 頁。回到我們在拍賣中的參與，我們將為系統新增接近 250MW 的裝置容量。在我們參與的拍賣中，我們投標 190MW，每兆瓦年收入為 140 萬巴西雷亞爾（BRL1.4 million）。

Slide 11. In terms of portfolio optimization, we continue to optimize it, uncrossing our stake in IE Madeira and IE Garanhuns with ISA Energia, receiving close to BRL1.2 billion in this transaction. And on the other disposal, the divestment we made of four lines that are relatively small, receiving BRL451 million with the sale of that stake. That maintaining our focus of optimizing our minority stakes, our capital discipline, and streamlining the corporate structure.

第 11 頁。在投資組合最佳化方面，我們持續推進，與 ISA Energia 進行 IE Madeira 與 IE Garanhuns 的持股解交叉（uncrossing），本交易收取約 12 億巴西雷亞爾（BRL1.2 billion）。另外一項處分方面，我們出售了四條相對較小的線路，透過出售該持股收取 4.51 億巴西雷亞爾（BRL451 million）。這些舉措使我們得以持續聚焦於最佳化少數股權投資、維持資本紀律，並精簡公司架構。

Now on energy trading, slide number 13, and this is a slide that we always show in our earnings conference calls. Now, the position that we had in the first quarter with our own resources of approximately 16 gigawatts on the left, upper left corner, with purchases of 1.2 gigawatts and sales in the regulated market with quotas of 1.2 and ACR sales to distributors of 3.7. This usually will show the breakdown of submarkets where this power, this energy is allocated.

現在談到能源交易，第13頁，這是我們在財報電話會議中一向會展示的一頁。第一季我們以自有資源持有的部位約為16吉瓦（左側、左上角），另有1.2吉瓦的採購，以及在受監管市場中以配額方式銷售1.2吉瓦，並向配電商進行ACR銷售3.7吉瓦。這通常會顯示這些電力、這些能源分配到各個子市場的拆分情況。

What's important to note here with this breakdown by submarket is that when we look at the next two slides, we see the effects, both due to hydrology that impacted price and how that influenced the trading margin this quarter.

在此按子市場拆分的重點在於：當我們看接下來兩頁時，會看到影響本季交易毛利的效果，這些效果一方面來自水文條件對價格的衝擊，另一方面也反映在其對交易毛利的影響。

Moving on to slide 14. We have here the spot price, PLD, that went from BRL160 in the first quarter of last year to BRL300. Since about 60% of our energy are available, energy for trading is in the north and northeast regions, this increase significantly impacted the results, unlike last year when the price was more defined. On the right side, we show two charts showcasing the seasonality expected both for GSF purposes and how it would impact if we had that same curve in our portfolio.

接著看第14頁。我們這裡的現貨價格PLD，從去年第一季的160巴西雷亞爾上升到300巴西雷亞爾。由於我們約60%可用於交易的能源位於北部與東北部地區，這次上升對結果造成了顯著影響；不同於去年當時價格更為明確。右側我們展示兩張圖，呈現就GSF目的所預期的季節性，以及如果我們的投資組合採用同樣曲線時可能造成的影響。

As you can see, in the first quarter, at the bottom, we would have 12.5 average gigawatts available to allocate in the free market. This energy, as time goes by and GSF goes down, will reach 8 gigawatts in the third quarter, reaching as much as 10 gigawatts, starting again at the fourth quarter. All that to say that this first quarter had a combination, the perfect combination of the price increase and the PLD price with the larger amount of energy available, that's a seasonal aspect.

如你所見，在第一季（底部），我們平均會有12.5吉瓦可分配到自由市場。隨著時間推進且GSF下降，這個數字在第三季將降至8吉瓦，並在第四季開始回升，最高可達10吉瓦。總之，第一季同時具備了價格上升（PLD上漲）以及可用能源量較大的「完美組合」，這是一個季節性因素。

On slide number 15, we explained a little bit about this different behavior compared to the previous year. First, on the left, is the starting point of the reservoirs. We ended December of the previous year at actually 45% at the reservoirs. From 2024 to 2025, we had 53%. What happened was that the rainy season that in the previous year had been very good in December, January, and February, which influenced not only the trajectory of the level of the reservoirs, but also the price that you see on the chart in the right side.

在第15頁，我們解釋了相較前一年出現不同表現的原因。首先左側是水庫的起始水位：我們在前一年12月結束時水庫水位其實是45%。從2024到2025年，我們是53%。發生的情況是：前一年雨季在12月、1月與2月都非常好，這不僅影響了水庫水位的走勢，也影響了你在右側圖表中看到的價格。

This year, the opposite occurred. This year, we started not only from a lower level in the reservoir level, but the rainy season started with fewer rains, and it only gained speed more recently. Last year, it stopped raining at around mid-February. This year, it started raining heavily by mid-February, in such a way that the level of the reservoirs that on the bottom left side ended at the same level in March than the previous year. But the trajectory of how we reached that same level was quite different.

今年則相反。今年我們不僅從較低的水庫水位起步，而且雨季一開始降雨較少，直到最近才加速。去年大約在2月中旬左右就停止降雨；今年則在2月中旬開始出現強降雨，使得左下方所示的水庫水位在3月底達到與前一年相同的水平。但我們達到同一水位的路徑（軌跡）卻截然不同。

That's why the price trajectory that we see on the right side, showing the bars with the prices in the southeast and north, northeast sub-markets were very different. What's the price expectation? That's the table on the bottom right side for the second quarter and the second half of the year. Noting that we're at the same reservoir level as the previous year, and the rainy season's already finished.

因此，我們在右側看到的價格走勢也非常不同：圖中的柱狀顯示東南以及北部、東北子市場的價格差異。價格預期是什麼？右下方的表格列出了第二季以及下半年。請注意，我們目前的水庫水位與前一年相同，而且雨季已經結束。

When we look at the end of March 31, the market expectation for prices in the second quarter this year, BRL233. In the second half, BRL299. When we look at the actual price of the previous year, BRL216, BRL259, we see that the markets are behaving appropriately due to the risk perceived in the first quarter that changed compared to what it was or what it had been projected. Once we got to the rainy season at the same level, the numbers are very similar to what we actually had in 2025.

以3月31日為基準，市場對今年第二季價格的預期為233巴西雷亞爾；下半年為299巴西雷亞爾。對照前一年的實際價格216巴西雷亞爾與259巴西雷亞爾，我們看到市場的表現是合理的，因為第一季所感知的風險相較於原本或原先預測已經改變。一旦雨季結束且水庫水位回到相同水平，這些數字就與我們在2025年實際看到的非常接近。

Getting into sustainability and governance. Slide 17, we show our hard, intense work to improve the security level, the safety level at Colíder HPP. We're very pleased with the results, especially considering the time where this work was done. We'd also like to highlight the social projects that we do a lot, but we don't talk about so much, such as the Lagos de São Francisco project, when we have social returns close to BRL20 million, working in different municipalities around the São Francisco River, strengthening and supporting family farming, livestock breeding, and environmental protection and preservation.

接著談永續與公司治理。第17頁，我們展示了為提升Colíder水力發電廠（HPP）的保全與安全水準所做的艱鉅且密集的工作。我們對成果非常滿意，尤其考量到這項工作進行的時間點。我們也想強調一些我們做得很多、但較少對外談及的社會專案，例如Lagos de São Francisco專案，其社會回報接近2,000萬巴西雷亞爾；我們在São Francisco河周邊不同市鎮推動工作，強化並支持家庭農業、畜牧養殖，以及環境保護與保存。

On slide 18, we detail a little bit of what Ivan already mentioned about the beginning of the succession process. We will be creating, starting on June 1, a vice presidency, as you can see in the flowchart on the right, that will be led by Elio Wolff. This vice presidency will be in place until April 30 of next year, when it will be extinguished. All of this structure starts to report again directly to the CEO.

在第18頁，我們更詳細說明Ivan先前提到的接班流程啟動。我們將自6月1日起設立一個副總裁職位，如右側流程圖所示，將由Elio Wolff領導。該副總裁職位將設置至明年4月30日，屆時將予以撤銷。此一架構之後將再次直接向執行長匯報。

On June 1, with the creation of this new vice presidency, we will extinguish or dissolve the Strategy and Business Development Vice Presidency. With that, we reaffirm our commitment to the long-term strategy of always acting in a detailed, focused, planned way, always thinking about the long term.

6月1日隨著新副總裁職位的設立，我們將撤銷（或解散）策略與業務發展副總裁部門。藉此，我們重申對長期策略的承諾：始終以細緻、聚焦、規劃周延的方式行事，並始終以長期為念。

On slide 19, we have the streamlining of the corporate structure. As we had mentioned, the shareholders approved the migration to Novo Mercado, the highest governance level of B3. We expect to conclude within the next months, maybe, or within the next few weeks, concluding this migration. At the same time, the Board also approved the listing of the Level 2 ADRs at the New York Stock Exchange, consolidating the liquidity in the Brazilian market, the shares in the Brazilian market.

在第19頁，我們談到公司架構的精簡。如先前所述，股東已批准遷移至Novo Mercado（B3最高的公司治理等級）。我們預期在接下來幾個月內，或可能在未來幾週內完成此一遷移。同時，董事會也批准在紐約證券交易所掛牌第二級ADR，並巩固巴西市場的流動性，以及巴西市場的股票。

Finally, on slide number 20, we'd like to talk a little bit more about the redemptions that may occur in the [PNC] shares. As we said, in this quarter, as we do every quarter, we reassessed our capital allocation methodology, where the Board approved the capital allocation of BRL4 billion. One of the ways of allocating that capital is the return to shareholders, and one of the instruments we have available is precisely the potential redemption of PNC shares.

最後，在第20頁，我們想更進一步談談可能發生的[PNC]股份贖回。如我們所說，本季我們一如每一季，重新評估資本配置方法論，而董事會批准了40億巴西雷亞爾的資本配置。其中一種配置方式是回饋股東，而我們可用的工具之一，正是PNC股份的潛在贖回。

How will this process unfold? Noting what was approved in December was that the Board of Directors responsible for defining the amount and the timeline of the execution. If today the Board decided to redeem today PNC shares, the price we would use would be the price of the previous day, which is the second bullet.

這個流程將如何展開？請注意，12月所批准的是：由董事會負責決定金額與執行時程。若董事會今天決定贖回PNC股份，我們採用的價格將是前一交易日的價格，也就是第二個要點所述。

At this time, it triggers an entire timeline to allow shareholders who do not want to redeem to ask for conversion to ordinary shares in whole or in part so that we can continue, either with the conversion or with the redemption for those who want to do so. Noting that the conversion timeline, there is one part that's automatic. 4 percentage points annually from 2026 to 2030 will be converted, and any remaining balance in 2031 will be converted into ON shares, the PNCs will disappear.

此時，將觸發一個完整的時間表，讓不想贖回的股東可以申請全部或部分轉換為普通股，以便我們能夠繼續進行——不論是進行轉換，或是對希望贖回者進行贖回。需要注意的是，在轉換時間表中，有一部分是自動的：自 2026 年至 2030 年，每年將轉換 4 個百分點，而 2031 年的任何剩餘餘額將轉換為 ON 股，PNC 將消失。

This conversion timeline may be accelerated by the Board, or the Board has the discretion of instead of letting it be converted automatically or accelerating the conversion of [PNB] shares into ON shares, they may approve redemptions at any time in that mechanism that I was talking about.

該轉換時間表可由董事會加速；或者董事會亦可自行裁量，不採取自動轉換或加速將 [PNB] 股轉換為 ON 股，而是在我剛才提到的那個機制下，隨時批准贖回。

I think with that, we conclude the presentation, and we can move on to the Q&A session. Thank you.

我想至此，我們結束簡報，接下來可以進入問答環節。謝謝。

We will now begin the Q&A session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Maria Carolina, Banco Safra. Please,

Banco Safra 的 Maria Carolina。請。

Hello. Do you hear me now?

你好。現在聽得到我嗎？

Yes, please go ahead.

是的，請繼續。

Good morning. Thank you for this call. Two questions. First, about the trading strategy, energy trading strategy.

早安。感謝這通電話。我有兩個問題。第一個是關於交易策略，能源交易策略。

Looking at the quarter's balance compared to the fourth quarter for 2026 and 2027, the range that you included of the available balance for energy sale had a slight increase, which makes us feel like you became a little bit longer. I know it's a range, but it's more trying to understand the trend. If there's a reason for the strategy to maybe include more energy purchases, just to try and understand that a little bit better.

比較本季的餘額與 2026 年及 2027 年第四季的情況，你們所列示的可供出售能源可用餘額區間略有增加，這讓我們覺得你們的部位似乎變得稍微偏長。我知道那是一個區間，但我更想理解其趨勢。如果策略上有任何原因可能會納入更多的能源採購，想請你們協助更好地理解。

Clearly, if you can, also give us some visibility of the price trend for the short term with the possible changes of the CVAR methodology that was in public consultation recently. If there was any change in terms of the trading perspective in the market due to that. Those would be my two questions.

另外，如果可以的話，也請就短期價格趨勢提供一些能見度，尤其是近期公開諮詢中的 CVAR 方法論可能變更所帶來的影響。這是否在市場交易觀點上造成任何變化？以上是我的兩個問題。

Finally, I know you already talked about strategy a little bit, both Ivan and Haiama, but it would be interesting Ask. I mean, the company has delivered excellent results so far. You made a revolution, and that has obviously been proving great in cash generation strategy. It's a whole different company, clearly, but the succession seems to be natural, not a focus on strategy change.

最後，我知道 Ivan 和 Haiama 都已經稍微談到策略，但我覺得仍然值得再問一下。我的意思是，公司迄今交出了非常出色的成果。你們帶來了一場革命，而這顯然也在現金創造策略上證明非常成功。很明顯這已是完全不同的一家公司，但接班看起來是自然發生的，而不是以策略改變為重點。

But if you can talk a little bit more about the company's strategy. Obviously, Eletrobras today is completely different from Eletrobras two years ago, so it would be interesting to put it into context, Ivan, if you could. That here, maybe if you're thinking about Eletrobras being slightly different looking forward or not, if it's more a matter of running as the company has been doing so far. Thank you.

但如果可以的話，請再多談一些公司的策略。顯然，今天的 Eletrobras 與兩年前的 Eletrobras 完全不同，因此若能把它放在脈絡中會很有幫助，Ivan，如果你可以的話。也就是說，展望未來，你是否認為 Eletrobras 會在某種程度上有所不同，或只是延續公司迄今的運作方式？謝謝。

Thank you, Carol. Thank for your question. First, I'm to turn to Rodrigo Limp. I'll answer the second one.

謝謝你，Carol。謝謝你的提問。首先，我把第一個問題交給 Rodrigo Limp。我來回答第二個。

Good morning, Carol. Thank you for your question. Actually, yes, as you said, we provide a range -- a range with limits of energy available. One of the points we have to consider, even with a bigger position available in '26, '27 when compared to previous years, is the de-quotization as well that we had. In 2025, we had 40% in quota energy, and '26, 20%, and in 2027 onwards, we don't have quoted energy of those plants which have been privatized with the change in the de-quotization. That has an influence. Since we don't provide the energy available by sub-market, we always have to consider what was shown on the slide.

早安，Carol。謝謝你的提問。確實，如你所說，我們提供的是一個區間——也就是可用能源的上下限。即使相較於前幾年，2026、2027 年可用部位更大，其中一個需要考量的點是我們也經歷了去配額化（de-quotization）。2025 年我們有 40% 的配額能源，2026 年為 20%，而自 2027 年起，隨著去配額化的變更，那些已私有化電廠就不再有配額能源。這會產生影響。由於我們不按分市場（sub-market）提供可用能源，因此必須始終考量投影片上所呈現的內容。

The diversification of our portfolio per sub-market in terms of the de-quotization energy, a lot of it in the Northeast, and we had energy in the North as well, that are markets that have lower liquidity, naturally. The Southeast market, we have higher liquidity. That's where we concentrate a lot of our sales, although we made strong efforts to increase sales and trading in the North, Northeast sub-markets, the team led by Italo.

就去配額化能源而言，我們的投資組合按分市場的多元化配置，其中很大一部分在東北部，我們在北部也有能源；這些市場的流動性自然較低。東南部市場的流動性較高，我們的銷售多集中於此，儘管我們也大力推動在北部、東北部分市場增加銷售與交易，由 Italo 帶領的團隊負責。

With that said, we are advancing with a number of clients in those regions, which are more complex regions in terms of trading. About the future price projections and CVAR discussion. The CVAR discussion is something that we monitor very closely. It's a very relevant discussion in the context of the price formation process.

在此背景下，我們正與這些地區的多家客戶推進合作，而就交易而言，這些地區相對更複雜。至於未來價格預測與 CVAR 的討論，我們非常密切地監測。這是在價格形成流程脈絡下非常重要的討論。

Going back, what's been enhanced in many items, even getting to 2021 with the introduction of the BNT/hour, in 2024, the approval of the hybrid model and the change in parameters of risk aversion starting in 2025. Annually, there have been discussions, and the CNSA has been deciding, including ONS and ANEEL, to set the parameters for the next year, for the following year. They opened the public hearing.

回顧過去，許多項目都已強化，甚至可追溯到 2021 年引入 BNT/小時；在 2024 年，混合模型獲得批准，並自 2025 年起調整風險厭惡參數。每年都會有討論，而 CNSA 也會作出決定，並包含 ONS 與 ANEEL 在內，為下一年、再下一年設定參數。他們已開啟公開聽證。

We contributed. We have a view that the price formation process has evolved a lot. Today, we have a price formation based on the models that certainly still need to be enhanced. Today, in our view, it's a lot closer to the actual cost of the operation, which in practice is not the model, doesn't have to define higher or lower prices.

我們也有提交意見。我們認為價格形成流程已大幅演進。如今，我們的價格形成是基於模型，而這些模型當然仍需持續改進。在我們看來，現在的結果已更接近實際運行成本；實務上，模型本身不應該去定義價格偏高或偏低。

It must reflect the cost of the operation, and we have been verifying that. It's been discussed. For example, the lower amount of thermal power generation that brings a reduction of rates. We have defended the maintenance of those parameters of 1540. In our perception, that's what brings greater balance in terms of cost and energy security. We naturally work with other scenarios when we assess price projections. We consider maintenance.

它必須反映運行成本，而我們一直在驗證這一點。相關議題也一直在討論中。例如，較低的火力發電量會帶來費率下降。我們主張維持 1540 這些參數。在我們的認知中，這能在成本與能源安全之間帶來更好的平衡。當我們評估價格預測時，也會自然地採用其他情境。我們會把維持現狀納入考量。

That's the scenario that we stand for, that we understand to be the most suitable in terms of energy security and cost to the system. We work with price ranges, and we've been seeing in recent weeks a reduction of prices for this year that is a result of the increase in the rain forecast for the South region. We have that outlook for the coming weeks.

這是我們所支持的情境，也是我們認為在能源安全與系統成本方面最合適的情境。我們以價格區間來運作；而在最近幾週，我們看到今年價格下滑，原因是南部地區降雨預報增加。我們對未來幾週也持此展望。

That forecast actually combines with the entry of El Niño, that although there's expected more rains in the South, there's always a forecast of higher temperatures, which actually go to the other way in bringing prices up. What's uncertain is until when El Niño will act and how intense it's going to be. El Niño usually has higher rains, heavier rains in the South and lower rains in the North. If it goes on to the end of the year, beginning of next year, there may be relevant effects in prices for the next year.

該預報其實也與聖嬰（El Niño）的到來相互交織：雖然預期南部降雨增加，但通常也會預測氣溫較高，而這反而會推升價格。不確定的是聖嬰會持續到何時、強度會有多大。聖嬰通常會使南部降雨更多、更強，而北部降雨較少。若其延續到今年年底、明年年初，可能會對明年的價格產生顯著影響。

Thank you, Lisa. First, Carol, I would like to thank your kind observation about the work that has been done here at Axia.

謝謝你，Lisa。首先，Carol，我想感謝你對我們在 Axia 這裡所完成工作的友善肯定。

This is a joint work, a joint effort of the board and the executive directors and everyone who work here. We have the pleasure of having at Axia shareholders with long-term views and board representatives reflecting that philosophy. It could not be different. The company that we have built for 40, 50 years. The assets continue to produce, generate, and transmit and trade energy. We are very happy.

這是一項共同的工作，是董事會、執行董事以及所有在此工作的同仁共同努力的成果。我們很高興 Axia 的股東具有長期觀點，而董事會代表也反映了這樣的理念。理應如此。這家公司是我們在 40、50 年間建立起來的。這些資產持續在生產、發電、輸電並進行能源交易。我們非常高興。

There will be no change to the strategy, the strategy defined by the Board of Directors and the executive directors. We always have the perspective, Carol, of having a company that looks at decades. We are very satisfied that the Board positioned in favor of a peaceful, mature process with a timeline that allows us to make this transaction -- this transition rather, very smoothly. That's the objective.

策略不會有任何改變；策略由董事會與執行董事所制定。Carol，我們一向以數十年的視角來經營公司。我們非常滿意董事會支持一個和平、成熟且具時間表的流程，使我們能非常順利地完成這筆交易——更確切地說，是這次交接。這就是目標。

All of the decisions are a result of all the support we receive from the Board of Directors. I'd like to thank you for your remarks that have been shared by the board and the directors and all of AXIA Energia employees.

所有決策都是董事會所給予支持的結果。我也想感謝你所做的評論，這些看法已由董事會、董事們以及所有 AXIA Energia 員工共同分享。

Excellent. Thank you.

很好。謝謝。

Thank you, Carol.

謝謝你，Carol。

(Operator Instructions)

（接線員指示）

Fillipe Andrade, Itaú BBA.

Fillipe Andrade，Itaú BBA。

Good morning. Thank you for taking my questions. I'd like to hear about AXIA Energia's perception of two things.

早安。謝謝讓我提問。我想了解 AXIA Energia 對兩件事的看法。

First, how does the company see the move of some associations defending regulatory changes in the market dynamics or energy trading, the replacement of liquidity? And how AXIA understands that if there's any legal support that could be explored by those associations that could force a change in the market dynamic?

第一，公司如何看待一些協會主張在市場動態或能源交易方面進行監管變更、以替代流動性？以及 AXIA 如何理解：這些協會是否有任何可運用的法律依據，可能迫使市場動態發生改變？

The second point is precisely addressing the integration of thermal plants in the reserve capacity auction and the reviews that we see in the second quarter, how AXIA sees the modulation scenario in this horizon and the integration of those thermal plants. Thank you.

第二點是關於將火力電廠納入備用容量拍賣（reserve capacity auction）的整合，以及我們在第二季看到的相關檢討；AXIA 如何看待在此期間的調節（modulation）情境，以及這些火力電廠的整合。謝謝。

Thank you, Fillipe. I'll turn the floor to Rodrigo.

謝謝你，Fillipe。我把時間交給 Rodrigo。

Thank you, Fillipe. We've been monitoring the discussion about the liquidity in the market, but we have a very clear view or position. Going back to the previous answer about the enhancement of models and the price reflecting the cost of the operation, we see some questions about the volatility of prices. There was a point in March where we had the minimum price during the day and the maximum price at the end of the day.

謝謝你，Fillipe。我們一直在關注市場流動性的討論，但我們的觀點或立場非常明確。回到前面關於模型改進以及價格反映運行成本的回答，我們看到一些對價格波動的疑問。3 月曾出現一天之內白天是最低價、而在一天結束時是最高價的情況。

There's some criticism to that point. But when we look at our power generation throughout the day, a result of the change in matrix, our perception is that the model is responding well. We have a lot of supply throughout the day, basically sun power or solar power. We have more than 50 gigawatts of installed capacity. There's the focus of generation during the day due to a surplus of solar and wind generation. At the end of the day, it's the opposite.

對此有一些批評。但當我們觀察全天的發電情況——這是能源結構（matrix）變化的結果——我們的感受是模型反應良好。白天供給非常充足，基本上是太陽能（solar power）。我們的裝置容量超過 50 吉瓦。由於太陽能與風電發電過剩，發電重心集中在白天；到了傍晚則相反。

We need to trigger thermal plants and hydro plants being called to supply and sometimes exceeding 40 gigawatts. That's natural to see the volatility of prices. That's not an exclusive factor of Brazil. More mature markets have even higher volatility. This perception is a reflection of the matrix.

我們需要啟動火力電廠並調度水力電廠來供應，有時甚至超過 40 吉瓦。看到價格波動是很自然的。這並非巴西獨有；更成熟的市場波動甚至更高。這種觀感反映的是能源結構。

That, bringing the aspect of liquidity that's also in the discussion of price formation and the increase in volatility, in practice, there's the risk of counterparts that the agents today are more risk-averse, considering what's been happening with a lot of traders not being able to live up to their commitments, a lot getting into judicial reorganization processes. That brings higher risk aversion to the agents. Here, we've been increasing our criterion to evaluate the economic financial capacity of people or companies we trade with, especially looking at longer horizons.

至於流動性這個面向——也在價格形成與波動加劇的討論中——實務上存在交易對手風險：目前市場參與者更趨於風險趨避，因為許多交易商無法履行承諾，且不少進入司法重整程序。這使得參與者的風險趨避程度提高。在這裡，我們一直在提高評估交易對象（個人或公司）經濟與財務能力的標準，尤其是針對較長期間的交易。

We understand very clearly that we don't see a structural liquidity crisis, maybe conjunctural because of the risk of counterparts, but nothing structural in the sector. The indicators that CCEE itself releases in energy volatility, we don't see any elements that confirm that perception of a lower liquidity in terms of structure in the market.

我們非常清楚地認為，我們看不到結構性的流動性危機；也許有因交易對手風險而產生的短期（景氣性）因素，但在產業層面沒有結構性問題。就 CCEE 自身發布的能源波動指標而言，我們也看不到任何要素能證實市場在結構上流動性降低的看法。

Going back to the argument, we don't see any technical support or even legal basis to promote any regulatory change in that sense. Even the price formation process is completely detached from the agent's commercial position. If the agent's long or short, it does not influence the price formation process since our price is formed by models, and that's a variable that is not considered. The fact that the sector being more or less liquid does not influence at all the price formation process.

回到這個論點，我們看不到任何技術支持，甚至也沒有法律依據，能推動朝這個方向的監管變更。即便是價格形成機制，也完全與市場參與者的商業部位無關。參與者是多頭或空頭，並不影響價格形成，因為我們的價格是由模型形成，而該變數並未被納入考量。產業流動性高或低，完全不會影響價格形成機制。

We don't see technical basis or legal basis for these claims to proceed. About the LRCAP, the reserve capacity auction, we are waiting for the approval. Once it is registered, the thermal plants will actually enter the DAC, and that brings some effect. The model starts to see those thermal plants, even the recent ones that were not contracted, in a new horizon up to 2030 and 2031. It doesn't get into the deck this year.

我們看不到這些主張能成立的技術基礎或法律基礎。至於 LRCAP（備用容量拍賣），我們正在等待核准。一旦完成登錄，火力電廠確實會納入 DAC，並帶來一些影響。模型將開始納入這些火力電廠，甚至包括近期未簽約的機組，並在新的展望期間（至 2030、2031 年）中反映。不會在今年納入 deck。

That brings more safety to the model when it sees a higher availability or a higher generation capacity, which naturally reduces the deficit risk in the future horizon, reducing the future cost function. The modulation will have an effect considering the thermal plants. A lot of them have been raised. When they're called to dispatch, there may be a trend to effective modulation.

當模型看到更高的可用度或更高的發電能力時，會提高模型的安全性，這自然會降低未來期間的缺電風險，並降低未來成本函數。考量火力電廠後，調節（modulation）將會產生影響。許多機組已被納入；當它們被調度發電時，可能會出現有效調節的趨勢。

(Operator Instructions)

（接線員指示）

The question-and-answer session is concluded. I will turn the floor to Mr. Ivan Monteiro for the company's closing remarks.

問答環節到此結束。我將把時間交給 Ivan Monteiro 先生進行公司結語。

I thank you all for attending. Any additional questions may be submitted to the investor relations department. Thank you very much.

感謝各位出席。如有其他問題，請提交給投資人關係部門。非常感謝。

AXIA Energia's conference call is concluded. We thank you all for attending. Have a great day.

AXIA Energia 的電話會議到此結束。感謝各位參與。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 this event.

本逐字稿中以英文呈現的陳述，係由現場電話會議的口譯員所口譯。該口譯員由主辦本活動的公司提供。