Energy of Minas Gerais Co (CIG) 2025 Q1 法說會逐字稿

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Good morning, everyone. Thank you for waiting. Welcome to Cemig's first-quarter 2025 earnings video conference call. Should you need simultaneous interpretation, the feature is available on this platform. Just click on the globe icon, located on the bottom of the screen and choose interpretation, then select the language of your choice, Portuguese or English. Should you choose to follow the call in English, you may also select mute original audio to mute the Portuguese original audio on the back.

大家早安。感謝您的等待。歡迎參加 Cemig 2025 年第一季財報視訊電話會議。如果您需要同聲傳譯，該平台可提供此功能。只需點擊位於螢幕底部的地球圖示並選擇解釋，然後選擇您想要的語言，葡萄牙語或英語。如果您選擇用英語跟進通話，您也可以選擇靜音原始音頻，以將背面的葡萄牙語原始音頻靜音。

This video conference is being recorded and will be available on the company's IR website, ri.cemig.com.br, where you will also find the full package on our earnings call. You can also download the company's presentation via the chat icon in Portuguese or in English. (Operator Instructions)

該視訊會議將被錄製並將在公司的 IR 網站 ri.cemig.com.br 上提供，您還可以在我們的收益電話會議上找到完整的內容。您也可以透過聊天圖示下載葡萄牙語或英語的公司介紹。（操作員指示）

So now we would like to turn the floor to Carolina Senna, Cemig's IR Superintendent. Carolina, the floor is yours.

現在我們想請 Cemig 的 IR 主管 Carolina Senna 發言。卡羅萊納，現在請你發言。

Good morning, everyone. I'm Carolina Senna, Cemig's Investor Relations Superintendent. We'll start now the first-quarter 2025 earnings video conference call.

大家早安。我是 Carolina Senna，Cemig 的投資人關係主管。我們現在開始 2025 年第一季收益視訊電話會議。

And with us, we have Reynaldo Passanezi Filho, our CEO; Andrea Marques de Almeida, CFO and IR Officer; Cristiana Maria Fortini Pinto e Silva, Chief Legal Officer; Marco da Camino Ancona Soligo, Chief Generation and Transmission Officer; Sergio Lopes Cabral, Chief Commercialization Officer; Marney Tadeu Antunes, Chief Distribution Officer; and Luis Cláudio Correa Villani, Chief Information Officer.

與我們一起的還有我們的首席執行官 Reynaldo Passanezi Filho； Andrea Marques de Almeida，首席財務官兼投資者關係官； Cristiana Maria Fortini Pinto e Silva，首席法務官； Marco da Camino Ancona Soligo，首席發電和輸電官； Sergio Lopes Cabral，首席商業化 da Camino Ancona Soligo，首席發電和輸電官； Sergio Lopes Cabral，首席商業化 da Camino Ancona Soligo，首席發電和輸電官； Sergio Lopes 分銷官，首席商業化 da Camino Ancona Soligo，首席發電和輸電官； Cláudio Correa Villani)。

For the initial remarks, I would like to turn the floor to our CEO, Reynaldo Passanezi Filho.

首先，我想請我們的執行長 Reynaldo Passanezi Filho 發言。

Good morning. Good morning, everyone. Welcome to our earnings call for the first quarter of 2025, another quarter where we post, as you can see here, resilience and results, sound results.

早安.大家早安。歡迎參加我們 2025 年第一季的收益電話會議，正如您在此處所見，我們在本季度發布了韌性和成果以及良好的結果。

Of course, we had some impacts in our trading company. Andrea will go into the details, but it is important to highlight that we had an EBITDA of BRL1.8 billion, very significant EBITDA, also with positive results in all of the segments, exception made to the trading company. Also, net profit of BRL1 billion. We are paying dividends here, interest on equity of BRL541 million, also a very significant event to finance our investment program or debentures, BRL5 billion in debentures.

當然，這對我們的貿易公司產生了一些影響。Andrea 將詳細介紹，但必須強調的是，我們的 EBITDA 為 18 億巴西雷亞爾，這是一個非常可觀的 EBITDA，並且除貿易公司外，所有部門都取得了積極的成果。此外，淨利達10億巴西雷亞爾。我們在此支付股息，股權利息為 5.41 億巴西雷亞爾，這也是為我們的投資計畫或債券（50 億巴西雷亞爾債券）提供資金的一個非常重要的事件。

But what I would like to highlight here is our mantras, our direction. For me, it is to carry out the largest investment program in the company's history. We will see our CapEx investment program. it is still ramping up. We have grown 6 times our investments since 2018.

但我想在這裡強調的是我們的口號、我們的方向。對我來說，這是實施公司史上最大的投資計畫。我們將看到我們的資本支出投資計劃。它仍在加速發展。自 2018 年以來，我們的投資成長了 6 倍。

This is really a significant figure. We went from BRL950 million of investments in 2018 to BRL5,700 million in 2024. And we have a forecast of reaching BRL6.3 billion in 2025, and this is what we are showing, investments growing 18% from 2024 to 2025.

這確實是一個重要的數字。我們的投資金額從 2018 年的 9.5 億雷亞爾增加到了 2024 年的 57 億雷亞爾。我們預測 2025 年該投資將達到 63 億巴西雷亞爾，而我們也看到，從 2024 年到 2025 年，投資將成長 18%。

As all of you know, these investments will mature in the tariff review. And then we will be able the financial results of these investments after the tariff review, which is going to happen in 2028. And it is very important to understand the characteristic of these investments.

眾所周知，這些投資將在關稅審查時成熟。然後，我們將能夠在 2028 年關稅審查之後獲得這些投資的財務結果。了解這些投資的特點非常重要。

Most of them, over 75% is dedicated to network, to infrastructure. We are talking about investments in distribution, transmission, and also, in gas. All of that involves network development. And this is a topic that is currently being discussed.

其中大部分（超過 75%）用於網路和基礎設施。我們正在討論配電、輸電以及天然氣的投資。所有這些都涉及網路發展。這是目前正在討論的話題。

If you follow the energy transition, you see that investments in network is crucial for this energy transition. So one-third of energy's investment is on the network. And this is what we are bringing to you here. 75% of our investments is dedicated to infrastructure and network. As you all know, this is a regulated investment with a profitability that is guaranteed. Therefore, it provides great stability to the company.

如果你專注於能源轉型，你會發現網路投資對於能源轉型至關重要。因此，能源投資的三分之一是在網路上。這就是我們在這裡為您帶來的。我們 75% 的投資用於基礎設施和網路。眾所周知，這是一項受監管的投資，其獲利能力是有保證的。因此，它為公司提供了極大的穩定性。

Our second mantra, which is also very important, is efficiency. Here, we have our first mantra, is focus in Minas Gerais and win in Minas Gerais, this is very important. And these investments are in areas where we know and sectors that we know about regulated sectors, and they have results stability as well as profitability. The profitability is guaranteed.

我們的第二個口頭禪也非常重要，那就是效率。在這裡，我們的第一個口頭禪是專注於米納斯吉拉斯並在米納斯吉拉斯州取得勝利，這非常重要。這些投資都是我們熟悉的領域和受監管的行業，而且它們的結果穩定，盈利能力強。盈利能力有保證。

The second mantra is efficiency. So we move on within the regulatory standards guaranteeing cash generation. So we are -- within our regulatory losses, we are compliant with the regulatory expenses that we call regulatory PMSO. Therefore, everything that is in the tariff, we are complying with the expenses and we can have cash generation to finance all this investment plan. We are not using our cash with expenses or with the regulatory losses or losses above the regulatory metrics.

第二個口頭禪是效率。因此，我們在保證現金產生的監管標準範圍內繼續前進。因此，在我們的監管損失範圍內，我們遵守我們稱之為監管 PMSO 的監管費用。因此，對於關稅中的所有內容，我們都遵守費用，並且可以產生現金來資助所有這些投資計劃。我們不會將現金用於支出、監管損失或超出監管指標的損失。

So the first mantra, once again, is to focus in Minas Gerais and win, following this investment program. It's very important to stress that this investment program is all contracted. In addition to being in regulated sectors, we can say that we have a lot to follow here in this growth process because today, it's already contracted. We know that it takes a while to start moving, but it is already there. It's contracted.

因此，首要的口號還是要再次強調，要專注於米納斯吉拉斯州，並按照這項投資計畫取得勝利。需要強調的是，這個投資計畫全部都是承包的。除了處於受監管的行業之外，我們可以說，我們在這個成長過程中還有很多事情需要關注，因為今天它已經收縮了。我們知道要開始行動需要一段時間，但它已經存在了。已經簽約了。

The second mantra then is efficiency. We will always be focusing on that. This is in our objectives. And we do intend to be within the regulatory expenses and losses. We are also working on an organization restructuring already.

第二個口頭禪是效率。我們將始終關注這一點。這是我們的目標。我們確實打算將費用和損失控制在監管範圍內。我們也正在進行組織重組。

Looking for more efficiency and being closer to clients, maybe this would be our third topic here, which is working with efficiency and being closer to clients as well as improving the results and all the results metrics such as SAIDI and SAIFI; and the results with clients, which is the distribution regionalization.

尋求更高的效率並更貼近客戶，也許這是我們在這裡的第三個主題，即提高效率、更貼近客戶以及改善結果和所有結果指標，例如 SAIDI 和 SAIFI；以及與客戶的成果，即分銷區域化。

This is a very important topic. We had a company that was very centralized in the past. And today, we have developed, we have created six regional areas and 17 regional high-voltage management units. And here, we are talking about Uberlândia, Montes Claros, Governador Valadares, Juiz de Fora, Pouso Alegre, and obviously, the metro region, Belo Horizonte.

這是一個非常重要的主題。我們過去的公司非常集中。如今，我們已發展成為6個區域和17個區域高壓管理單位。在這裡，我們談論的是烏貝蘭迪亞、蒙蒂斯克拉魯斯、瓦拉達雷斯州長、茹伊斯德福拉、波蘇阿萊格里，當然還有貝洛奧裡藏特都市區。

So what was centralized in Belo Horizonte in the past, now, is divided in six regional management units or regional superintendencies. They are larger than other concessions in some cases, considering the size of the state. And we have this purpose here with these superintendencies. We want to be closer to the clients to see what are the challenges in the different areas. And also, we are aiming for more efficiency, because being closer to clients allows us to see possible optimization situations.

過去集中在貝洛奧裡藏特的管理現在被劃分為六個區域管理單位或區域監管局。考慮到該州的規模，在某些情況下，它們的規模比其他特許權更大。我們設立這些督導機構就是為了這個目的。我們希望更貼近客戶，了解不同領域的挑戰。而且，我們的目標是提高效率，因為更接近客戶使我們能夠看到可能的最佳化情況。

We are already realizing how much of these new regional units. And I congratulate all of those that have taken up these new positions and our Distribution Officer can talk more about that, but we can see that there is a clear objective or greater integration in the areas more efficiency of physical spaces, always aiming for greater efficiency.

我們已經意識到這些新的區域單位有多少。我祝賀所有擔任這些新職位的人，我們的分銷官員可以就此進行更多討論，但我們可以看到，有一個明確的目標，即在各個領域實現更大的整合，從而提高物理空間的效率，始終以更高的效率為目標。

And also, we have Cemig Agro, which is a very important topic, that goes together with investments. Agribusiness is one of the main growth drivers of Minas Gerais economy. And for us, it is very important to work driving up the agribusiness with investments. And that's what we call, Minas Three-phase, and also with a more efficient operation, improving service quality, and providing greater agility in service.

此外，我們還有 Cemig Agro，這是一個非常重要的主題，與投資相關。農業綜合企業是米納斯吉拉斯州經濟的主要成長動力之一。對我們來說，透過投資推動農業綜合企業的發展非常重要。這就是我們所說的米納斯三相，它具有更有效率的運營，提高了服務質量，並提供了更高的服務靈活性。

And this is what we are adding here with this reinforcement of our teams with several new units with 228 new electricians. And the objective here is very clear. We are looking for greater proximity with our clients.

這就是我們在這裡增加的，我們增加了幾個新部門來加強我們的團隊，其中有 228 名新電工。這裡的目標非常明確。我們正在尋求與客戶更加密切的聯繫。

It's very important to follow these mantras. The first one, focus in Minas Gerais and win in Minas Gerais with prudent and cautious investment plan; but at the same time, a very bold one, and always aim for our efficiency metrics, the regulatory ones, and also with metrics that are better than the regulatory ones and to improve our service to clients.

遵循這些咒語非常重要。第一個目標是專注於米納斯吉拉斯州，並透過審慎的投資計劃在米納斯吉拉斯州取得成功；但與此同時，我們要採取非常大膽的計劃，始終以我們的效率指標、監管指標為目標，同時還要以優於監管指標的指標為目標，並改善我們為客戶提供的服務。

And I would like to include another one, which is innovation and modernization. And talking about restructuring the company, we have here this development of the regionalization. And also, we will have an IT area. I would like to congratulate Luis Claudio Correa Villani, our new Chief Information Officer. And this shows how much we are investing in terms of more innovation and modernization.

我還想補充一點，那就是創新和現代化。談到公司重組，我們在這裡討論區域化的發展。此外，我們還將設有一個 IT 區域。我要祝賀我們新任資訊長 Luis Claudio Correa Villani。這表明我們在創新和現代化方面投入了多少。

We are bringing in a new ADMS, a new SAP S/4HANA with great advancements in digitization. This will improve our integration between IT and OT and will bring us more simplification and processes, therefore, providing more efficiency and service quality.

我們正在引進新的 ADMS、新的 SAP S/4HANA，其數位化方面取得了巨大進展。這將改善我們 IT 和 OT 之間的集成，並為我們帶來更多的簡化和流程，從而提供更高的效率和服務品質。

When we talk about IT, we have a wonderful situation, right? We can be more efficient. And also, we can improve our service providing because it's not always like that. So welcome, Villani.

當我們談論 IT 時，我們有一個很棒的情況，對嗎？我們可以更有效率。而且，我們可以改進我們的服務，因為情況並不總是這樣的。歡迎您，維拉尼。

And that's what I say. These are the mantras. These are the topics we have always to stress, and they are our guidelines. Our strategy -- and this is a strategy that is consolidating itself over the past years and this transformation process in the company.

這就是我要說的。這些就是咒語。這些是我們一直要強調的主題，也是我們的指導方針。我們的策略－這個策略在過去幾年和公司轉型過程中不斷鞏固。

I also congratulate everyone in the company for their work, especially in the divestment process. And now we are in a new path and it created this new area, which is the innovation and technology area and always aiming for innovation and modernization.

我也祝賀公司每個人所做的工作，特別是在撤資過程中所做的工作。現在我們走上了一條新的道路，並創造了這個新領域，即創新和技術領域，始終以創新和現代化為目標。

These were my initial remarks. So now I will turn the floor to Andrea. She is going to talk about the wonderful figures, right? Just BRL5 billion in debentures. And we will then be available for the Q&A session at the end of the presentation.

這是我最初的評論。現在我將把發言權交給安德里亞。她要講那些精彩的人物吧？僅50億巴西雷亞爾的債券。演示結束後，我們將進行問答環節。

Thank you very much, Reynaldo. Good morning, everyone. I'm very happy to be here with you. And of course, to talk about our issuance, which was very successful in the first quarter, we had just those two top parts, which was issuing BRL2.5 billion in Cemig D and BRL625 million in Cemig GT at the time, of course, we compared ourselves to our peers. And in fact, we were able to have an issuance lower than our peers, and very close to the sovereignty.

非常感謝，雷納多。大家早安。我很高興能和你們在一起。當然，說到我們的發行，第一季非常成功，我們只有兩個頂級部分，即當時發行了 25 億巴西雷亞爾的 Cemig D 和 6.25 億巴西雷亞爾的 Cemig GT，當然，我們將自己與同行進行了比較。事實上，我們的發行量低於同行，並且非常接近主權水準。

This is a very relevant figure for us. We were happy because the demand was huge, over 2.5 times our booking. And that's why we're able to issue the lower one, the one on the bottom of the page. Because of the high demand, we had an opportunity of having an additional issuance of BRL1.9 billion.

對我們來說這是一個非常重要的數字。我們很高興，因為需求量很大，是預訂量的 2.5 倍以上。這就是我們能夠發布下方內容（即頁面底部的內容）的原因。由於需求量大，我們有機會額外發行 19 億巴西雷亞爾。

It's not in this quarter. We are just posting, showing it here. It happened in April. And then we were able to reduce a little bit more the rate of the issuance. It's for seven years. So we were able to do something even better.

本季沒有。我們只是發布並在此展示。事情發生在四月。然後我們就可以稍微降低發行率。已經七年了。因此我們能夠做得更好。

So the 10-year halved, so we were able to extend our debt from 4.8 to 5.5 years. And some relevant landmarks is that we were able to maintain the AAA credit rating assigned by Fitch Ratings. And this is another debenture that is considered green and sustainable, and we are very proud about that.

因此 10 年期減半，我們得以將債務期限從 4.8 年延長至 5.5 年。一些相關的里程碑是我們能夠維持惠譽評級授予的 AAA 信用評級。這是另一種被認為是綠色和可持續的債券，我們對此感到非常自豪。

Moving towards the results and Reynaldo already touched up on that. So we did have a drop of 9% in our EBITDA. That was because of the effect of the price difference in the submarkets and the trading company, which had an impact of around BRL133 million.

談到結果，雷納爾多已經對此進行了闡述。因此我們的 EBITDA 確實下降了 9%。這是由於子市場和貿易公司的價格差異造成的，影響金額約為 1.33 億巴西雷亞爾。

In addition, we are already expecting lower margins from the trading company. So there was an additional drop of our EBITDA because of the margins of the trading company.

此外，我們已經預期貿易公司的利潤率會下降。因此，由於貿易公司的利潤率，我們的 EBITDA 進一步下降。

And of course, we will start seeing that over the year, there was a non-recurring effect from 2024. For instance, SHPP sale in 2024, BRL43 million. It did not happen in 2025. On the upside, and this is also very relevant in considering the efficiency that Reynaldo highlighted here, that's very important for us.

當然，從 2024 年開始，我們將開始看到這一年中出現非經常性效應。例如，2024 年 SHPP 銷售額為 4,300 萬巴西雷亞爾。2025年，這種情況並沒有發生。從好的方面來看，考慮到雷納爾多在這裡強調的效率，這也非常重要，這對我們來說非常重要。

We have been able to migrate. We offered to our employees an opportunity to migrate from the PSI healthcare plan. This is a change that we are working on, and it guarantees that Cemig keeps on paying healthcare plan up to their retirement, and they migrated to another healthcare plan. We were able to migrate over 1,000 employees, and they do not have same conditions.

我們已經能夠遷移。我們為員工提供了從 PSI 醫療保健計劃轉移的機會。這是我們正在進行的一項變革，它保證 Cemig 繼續支付醫療保健計劃直到他們退休，並且他們轉移到另一個醫療保健計劃。我們能夠遷移超過 1,000 名員工，而他們的條件並不相同。

And with that, we were able to have a reversal of provisions of BRL28 million. So over 700 employees, active employees also migrated after those. Today, we have around 24% of all our employees still in the prior and the old healthcare plan, which we call PSI.

這樣，我們就能夠撤銷 2,800 萬巴西雷亞爾的撥備。因此，超過 700 名員工，現役員工也隨後遷移。如今，我們約有 24% 的員工仍在享受先前的舊醫療保健計劃，我們稱之為 PSI。

Now when we turn to our net profit, we also had effects of net equity such as Belo Monte or Aliança, that was here last year, not this year anymore. And also Belo Monte had an effect in the submarket impact. And this also had an increase of our debt. We have taken funds at costs that are very competitive. And so we had an increase of financial expenses here.

現在，當我們談到淨利潤時，我們也受到了 Belo Monte 或 Aliança 等淨資產的影響，這些影響是去年才出現的，但今年已經不存在了。貝羅蒙特 (Belo Monte) 也對次市場產生了影響。這也導致我們的債務增加。我們以極具競爭力的成本獲得了資金。因此我們的財務支出增加了。

So zooming in on the submarkets. And we talked about this already in the prior quarter. And we see that we start the year with no price difference. It was very close to zero. In February, there is a price difference of BRL35 and then March, when we, in fact, have a difficult hydrological situation, dryer with less rainfall, we see a mismatch in price.

因此，放大子市場。我們在上一季就已經討論過這個問題。我們發現，今年年初時價格沒有差異。它非常接近零。2 月份的價格差異為 35 巴西雷亞爾，而 3 月份，我們的水文狀況實際上很困難，降雨較少，乾燥，因此價格出現差異。

Therefore, the price went up to BRL272. That's the difference in the submarket price under this new model with a greater volatility. We realized that in practice. And this is what had a greater impact. If we look at April, this price difference has already dropped around BRL120. And we already see the difference being reduced, of course, with the improvement of the hydrological conditions.

因此，價格上漲至272巴西雷亞爾。這就是這個新車型下子市場價格的差異，波動性比較大。我們在實踐中意識到了這一點。這才是影響更大的。如果我們看一下四月份的情況，這個價格差異已經下降了約120巴西雷亞爾。當然，隨著水文條件的改善，我們已經看到差異正在縮小。

Now looking at our managerial expenses what was more relevant, I already talked about, which was the reversal of the post-retirement provisions. Once again, we are working on the efficiency. Also, personnel is regular. It's normal. We have the annual adjustments. And also we have a small reduction in expenses and helping in the reduction of manageable expenses in this first quarter.

現在看看我們的管理費用，更相關的是，我已經談過了，那就是退休後規定的逆轉。再次強調，我們正在努力提高效率。此外，人員也很正規。這很正常。我們每年都會進行調整。而且我們也稍微減少了開支，並幫助減少第一季可控的開支。

This is a snapshot of our debt now 100% Real-denominated debt with an average tenure of 5.5 years and a leverage of 1.4. Once again, we stress the success of the debentures issuing our rating by Fitch is AAA. We have a corporate rating by another two agencies, and those are AA+. So we are in a very comfortable situation to keep on investing, to keep on working on this important investment program for Cemig's growth and I'm sure will be fine in our leverage over the way.

這是我們目前債務的概況，100% 以雷亞爾計價，平均期限為 5.5 年，槓桿率為 1.4。我們再次強調，我們發行的債券非常成功，惠譽評級為 AAA。另外有兩家機構對我們的企業評級為 AA+。因此，我們處於非常舒適的狀態，可以繼續投資，繼續致力於這項對 Cemig 成長至關重要的投資計劃，我相信我們的槓桿作用會很好。

Our consolidated cash flow, we ended 2024 with BRL2.3 billion more or less. Our operating cash flow was BRL1.5 billion. We have a little bit of the partial variation account. We also had the loans and debentures. And in the outflow, we had the payments on loans and debentures, BRL300 million investment activity.

我們的合併現金流，2024 年底約為 23 億巴西雷亞爾。我們的經營現金流為15億巴西雷亞爾。我們有一點部分變異的解釋。我們還有貸款和債券。在資金流出方面，我們有貸款和債券的支付，3億巴西雷亞爾的投資活動。

It's very strong, as you can see, BRL1.2 billion. And we have one of the debentures that we issued last year that we have already to set aside funds for that BRL500 million already set aside to pay for those debentures. And we ended with cash at BRL4.7 billion.

如您所見，它非常強勁，達到 12 億巴西雷亞爾。我們去年發行了其中一種債券，我們已經撥出 5 億巴西雷亞爾的資金來支付這些債券。我們最終的現金餘額為 47 億巴西雷亞爾。

Now looking at the companies. We have, as mentioned, a greater impact in the distribution company here with a tariff increase that helped us. And also -- it has a good effect that this migration of the healthcare plan for employment in the post-retirement that had a positive effect in the net profit. We had an effect of the debt. Of course, it affected the financial expenses when we compare IPCA from one year to another.

現在來看看這些公司。正如所提到的，關稅上調對我們這裡的分銷公司產生了更大的影響，這對我們很有幫助。而且——退休後醫療保健計劃的轉移對淨利潤產生了積極的影響。我們受到了債務的影響。當然，當我們比較不同年份的 IPCA 時，它會影響財務費用。

But once again, the indicators are all within the regulatory limits in Cemig D. We have operating indicators. They are all within the regulatory limits, and we continue having reductions in the perceived side when we look at the 12 months rolling window of around three hours. And that is a very relevant result.

但再次強調，Cemig D 的所有指標都在監管範圍內。我們有營運指標。它們都在監管限度之內，當我們觀察大約 3 小時的 12 個月滾動視窗時，我們感知到的方面繼續減少。這是一個非常相關的結果。

In the energy market, we had 0.3% in the build market plus transfer to customers. And here, we have dropped in the rural because there was a lot of rain. In commercial, we still see migration to [DG], and of course, we also have migration to the free market. And we see the transfer of energy growing. So these are plans from the free markets that evolve and the residential, we had a slight increase in clients.

在能源市場，我們在建築市場佔有 0.3% 份額，另外也轉移到客戶。這裡，由於雨水過多，我們已經進入農村。在商業領域，我們仍然看到向 [DG] 的遷移，當然，我們也有向自由市場的遷移。我們看到能量轉移正在不斷增長。因此，這些是自由市場和住宅市場不斷發展的計劃，我們的客戶數量略有增加。

Now for regulatory losses, they are in compliance with the limits. We are doing a very relevant work, the inspections. They are extremely important. We are replacing outdated meters, and they are being replaced by new smart meters and that is also part of our important investment.

現在對於監管損失來說，是符合限額的。我們正在進行一項非常相關的工作，即檢查。它們極為重要。我們正在更換過時的電錶，並用新的智慧電錶取代它們，這也是我們重要投資的一部分。

For GT, as I mentioned, in the beginning, we had a non-recurring effect in 2024, which was SHPP sales, BRL43 million more or less, and that was the main effect in this drop. And in the net profit last year, of course, GT had the dollar-denominated bonds, and we no longer have that because we paid those. So it has a lower effect. And so we had lower effects with net equity, therefore, or equity income. So here we also have the effect of Aliança and Belo Monte.

對於 GT，正如我所提到的，一開始，我們在 2024 年有一個非經常性影響，那就是 SHPP 銷售額，大約 4300 萬巴西雷亞爾，這是這次下降的主要影響。當然，在去年的淨利潤中，GT 擁有以美元計價的債券，而我們不再擁有這些債券，因為我們已經支付了這些債券。所以效果比較低。因此，我們對淨股權或股權收入的影響較低。因此，這裡我們也有 Aliança 和 Belo Monte 的影響。

For Gasmig, we had a reduction of sold volume, which was the effect of the EBITDA and the net profit, and is still moving on with the investment program being very well executed. And we believe that this project will be concluded by the end of the year.

對於 Gasmig 來說，我們的銷售量有所減少，這是 EBITDA 和淨利潤的影響，並且仍在繼續執行投資計劃，並且執行得非常好。我們相信，該項目將於今年底完成。

Here, once again, we have a snapshot, and it's important to show you that in the quarter, we see that, in fact, the greater effect was in the trading company. We see BRL12 billion of impact in the EBITDA, and then the submarket and part of that because of the difference in margin that we were already expecting from one year to another. We had that expectation of reducing margin in the contract. And the other segments were also having a positive result. And this is the beauty of our portfolio. It's very diversified and it provides resiliency as Reynaldo mentioned.

在這裡，我們再次有一個快照，重要的是向您展示，在本季度，我們看到，事實上，更大的影響是在貿易公司。我們看到 EBITDA 受到了 120 億巴西雷亞爾的影響，然後是子市場，部分原因是我們已經預料到每年的利潤率會有差異。我們預計合約中的保證金會減少。其他部分也取得了正面的成果。這就是我們產品組合的優點。正如雷納爾多所提到的，它非常多樣化並且具有彈性。

That's what we had to bring to you. Thank you very much for your attention. And now we turn to our Q&A.

這就是我們要帶給您的。非常感謝您的關注。現在我們進入問答環節。

(Operator Instructions) Victor Cunha, Itaú BBA.

（操作員說明）Victor Cunha，Itañ BBA。

Good morning, everyone. Good morning, Carol, and thank you for this opportunity. Now my question is looking at the energy balance that the company posted, we see an increase in the short position, especially for the next years. Can you share with us what was the rationale behind this decision, especially doing a period of pressure for energy prices, considering also the recent adoption of the hybrid new wave and the new parameters for risk aversion? Can we consider a marginal cost of expansion that might be higher than what we have today?

大家早安。早安，卡羅爾，謝謝你給我這個機會。現在我的問題是，透過查看該公司公佈的能源平衡表，我們發現空頭部位有所增加，尤其是未來幾年。您能否與我們分享這項決定背後的理由，特別是在對能源價格施加一段時間的壓力的情況下，同時考慮到最近採用的混合新浪潮和新的風險規避參數？我們能否考慮擴張的邊際成本可能高於目前的邊際成本？

I just would like to have your understanding regarding this decision, what was the rationale behind it, and the perspective that we have looking ahead.

我只是想聽聽您對這個決定的理解，背後的理由是什麼，以及我們對未來的展望。

Thank you, Victor. Now who is going to answer the question is our Chief Trading Officer, Sergio Cabral. Please, Sergio.

謝謝你，維克多。現在回答這個問題的是我們的首席交易官塞爾吉奧·卡布拉爾 (Sergio Cabral)。請你，塞爾吉奧。

Good morning. Good morning, everyone. Good morning, Victor, and thank you for your question. Actually, we have not increased. We still have a short exposure this year because of the deliveries that have not been carried out.

早安.大家早安。早安，維克多，謝謝你的提問。事實上，我們並沒有增加。由於尚未完成交付，我們今年的曝光仍然很短。

For 2026 and 2027, we will maintain a short position. We should bring it over to the future a little bit more when we analyze prices, and we are already looking at a price stabilization. And as Andrea said, the end of the submarket effect, but we do not intend to increase exposure. We are trying to work with the lowest exposure possible and also observing these changes and fluctuations in price.

對於2026年和2027年，我們將維持空頭部位。當我們分析價格時，我們應該更多地考慮未來，而且我們已經看到價格穩定。正如安德里亞所說，子市場效應已經結束，但我們並不打算增加曝光率。我們正在嘗試以盡可能低的曝光度開展工作，同時也在觀察價格的變化和波動。

Thank you, Sergio. Victor, anything else?

謝謝你，塞爾吉奧。維克多，還有什麼嗎？

No, it's very clear. Thank you.

不，非常清楚。謝謝。

Safra, Maria Carolina Carneiro.

薩夫拉，瑪麗亞·卡羅萊納·卡內羅。

Hello, everyone. Good morning. And thank you for the call and for this opportunity. I have two questions.

大家好。早安.感謝您的來電和給予的這次機會。我有兩個問題。

The first on the details that you mentioned and efficiency. In this quarter, we have seen, as you said, the initial impact of the healthcare plan migration impact. Can you tell us what we could expect for the next quarters? And Andrea, you said that you have a new window for enrollment. I would like to understand how this is going to move forward over the year.

首先是關於您提到的細節和效率。正如您所說，在本季度，我們已經看到了醫療保健計劃遷移影響的初步影響。您能告訴我們下一季的預期嗎？安德里亞，您說過您有一個新的註冊窗口。我想了解這項事項在今年將如何進展。

Also, my second question on the trading company. I would like to understand if in 2025, you have been able or if you're looking for a way of mitigating the impact of the submarket. We see that there is a mismatch of prices or a detachment of prices, not with the same strength of March but still strong. But I would like to understand if the company is trying to mitigate these impacts for the next quarters in terms of the prices for the submarket. Thank you.

另外，我的第二個問題是關於貿易公司的。我想了解 2025 年，您是否已經能夠或正在尋找減輕子市場影響的方法。我們看到價格不匹配或價格分離，雖然強度不如三月份，但仍然強勁。但我想了解公司是否會嘗試在下一季透過子市場的價格來減輕這些影響。謝謝。

To answer the question about the healthcare plan, Andrea Almeida, our CFO. Please, Andrea.

我們的財務長 Andrea Almeida 回答有關醫療保健計劃的問題。請吧，安德里亞。

Thank you very much for your question. What we can expect in the next quarter in terms of this migration, we have 700 employees migrating, so we will have an amount to be reduced because of this provision reversal, but this is not as significant as we saw we had a migration of 1,000. And we had BRL28 million in reversal.

非常感謝您的提問。就此次遷移而言，我們可以預期下一季度將有 700 名員工遷移，因此由於此次撥備逆轉，我們的員工數量將會減少，但這並不像我們看到的 1,000 名員工遷移那麼重要。我們獲得了 2800 萬巴西雷亞爾的逆轉。

As a provision, as a whole, of course, we are negotiating with our unions in order to come to an agreement. And as this agreement is finalized, we might have it, but we don't have a final date for that. We don't know when it's going to happen and not even the amount because it's still something we are working on that's not possible to define right now.

作為一項規定，當然，作為一個整體，我們正在與工會進行談判，以達成協議。隨著該協議的最終敲定，我們可能會得到它，但我們還沒有最終日期。我們不知道它什麼時候會發生，甚至不知道數量是多少，因為這是我們仍在努力的事情，現在無法確定。

Now already answering the other question on the trading, yes, of course, we are looking at mitigation tools for the current year. And for the current year, of course, the instruments considering the price differences are very expensive. But if we have an opportunity to have clients buying in the regions where we have that production, we will be working on it.

現在已經回答了有關交易的另一個問題，是的，當然，我們正在研究今年的緩解工具。當然，就今年而言，考慮到價格差異，這些儀器非常昂貴。但如果我們有機會讓客戶在我們生產該產品的地區購買產品，我們就會努力去做。

So yes, we are always looking at it, but we have to come up to a price that is reasonable. We are also looking at the development of what is happening and also the possibility of having the energy agency being less conservative and to make a more feasible transference from the Northeast to the Southeast and so that we can reduce the difference between the submarkets. So this is all part of a study that we are running in-house about this issue. Thank you very much.

所以是的，我們一直在關注這個問題，但我們必須給出一個合理的價格。我們也關注事態的發展，以及能源機構不那麼保守的可能性，並實現從東北到東南的更可行的轉移，以便我們能夠減少各個子市場之間的差異。所以這都是我們內部針對這個問題所做的研究的一部分。非常感謝。

Vitor, Genial Investments.

Vitor，Genial Investments。

Good morning, everyone. And thank you very much for taking my question. You can ask if someone wants to ask another question, also. Well, it's now being back in discussion in the media, the decision of Cemig regarding Propag. And it has to do with the decision of Romeu Zema, the Minas Gerais Governor.

大家早安。非常感謝您回答我的問題。如果有人想問其他問題，您也可以詢問。嗯，現在媒體又開始討論 Cemig 關於 Propag 的決定了。這與米納斯吉拉斯州長羅梅烏·澤馬的決定有關。

Is there anything new about this topic comparing to what has already been discussed? The legislative assembly Minas Gerais has anything new. It's a feeling like things come and go, and we are kind of loss regarding whatever has been discussed. What can we expect from this topic now?

與已經討論過的內容相比，這個主題有什麼新內容嗎？米納斯吉拉斯州立法議會有什麼新鮮事。感覺就像事情來了又去，對於所討論的任何事情，我們都有點迷失。我們現在對這個主題有什麼期待？

I turn the floor to Reynaldo, our CEO, to answer this question.

我請我們的執行長雷納爾多來回答這個問題。

Well, Vitor, I think the matter here is just the same. The government just sent a project to deal with Propag. And in this project, the deal with Propag, it included some assets among the assets. We have Cemig, and just like you're asking about Cemig, COPASA is also included here. So this is a relevant topic for Minas Gerais legislative assembly, and it has to be discussed there. So what is new is that this topic is going to be prioritized to be discussed at this legislative assembly.

好吧，維托，我認為這裡的情況是一樣的。政府剛剛派出了一個項目來處理 Propag。在這個專案中，與 Propag 的交易中包含了一些資產。我們有 Cemig，就像您詢問的 Cemig 一樣，COPASA 也包含在這裡。因此，這是一個與米納斯吉拉斯州立法議會相關的話題，必須在那裡進行討論。因此，新的一點是，這個主題將優先在本次立法會議上討論。

Shin Lai, Trigono.

辛萊，特里戈諾。

I would like to know if you will have any changes in the dividends policy of the company. In regards to the payout, what are you considering for 2025?

我想知道貴公司的股利政策是否會有任何變化。關於支出，您考慮 2025 年的支出是多少？

Thank you, Shin. And who's going to answer your question is Andrea Almeida, our CFO.

謝謝你，Shin。我們的財務長安德里亞·阿爾梅達 (Andrea Almeida) 將回答您的問題。

Thank you, Shin, for your question. And actually, Shin, we do not expect any changes in our dividend policy. We will keep on paying 50% of our profits. And as you have seen in prior years, when we had non-recurring effects, we were able to pay. Even if they were not generating cash, we were able to pay dividends as well.

謝謝 Shin 的提問。實際上，Shin，我們預計我們的股利政策不會發生任何變化。我們將繼續支付50%的利潤。正如您在前幾年所看到的，當我們出現非經常性影響時，我們能夠支付。即使他們沒有產生現金，我們也能夠支付股息。

So it is our practice. If it happens, is also going to happen this year, but the policy is the same, 50% of net profit. And that is in our bylaws.

這就是我們的做法。如果發生這種情況，今年也會發生，但政策是一樣的，淨利的 50%。這已經寫入我們的章程了。

Lilyanna Yang, HSBC.

匯豐銀行的 Lilyanna Yang。

Hello, and thank you for this opportunity. I would like to hear from you about the capital structure. And it has to do with what Andrea talked about related to dividends. But how do you see this indebtedness structure and capital, because some companies in the sector are indicating that they should be more conservative considering the price volatility in the energy market? Thank you.

您好，感謝您給我這次機會。我想聽聽您對資本結構的意見。這與安德里亞談論的有關股息的內容有關。但是您如何看待這種債務結構和資本，因為該行業的一些公司表示，考慮到能源市場的價格波動，他們應該更加保守？謝謝。

Thank you, and I turn the floor to our CFO, Andrea Almeida.

謝謝，我現在把發言權交給我們的財務長安德里亞·阿爾梅達 (Andrea Almeida)。

Thank you very much for your question. I think Cemig was already being conservative. We had a low leverage. We know that leverage over the investments period was going to reach around 2.5 times net debt over EBITDA up to 2027 and 2028. We have the tariff review or Cemig D that will bring us to another level.

非常感謝您的提問。我認為 Cemig 已經比較保守了。我們的槓桿率很低。我們知道，到 2027 年和 2028 年，投資期間的槓桿率將達到淨債務與 EBITDA 比率的 2.5 倍左右。我們有關稅審查或 Cemig D，這將使我們更上一層樓。

So it's fine. Our leverage will come down. And so we believe we have room to adjust that additional volatility that we see now with those prices. I believe that when compared to other companies, we are already in a more conservative situation.

所以沒關係。我們的槓桿率將會下降。因此，我們相信我們有空間來調整目前價格的額外波動。我相信，與其他公司相比，我們已經處於比較保守的狀況。

I'm sorry. Reynaldo wants to comment as well.

對不起。雷納爾多也想發表評論。

Our results are of great resiliency. So we are bringing resilient results in this quarter, and despite of the volatility. And I think we also mentioned that we aim to reduce risk exposure. So both things are moving towards keeping the dividend distribution policy and not changing our investment plan. Either way, we will keep on working with our investment plan, as well as our dividends distribution policy in the same terms and dates.

我們的成果具有很強的彈性。因此，儘管存在波動，我們在本季度仍取得了穩健的業績。我想我們也提到過，我們的目標是降低風險敞口。因此，兩件事都朝著維持股利分配政策的方向發展，而不會改變我們的投資計畫。無論如何，我們都將繼續按照相同的條款和日期執行我們的投資計劃以及股息分配政策。

I see the last question here, the same periods of time that the company already does. We'll keep on following that. Thank you very much.

我看到了這裡的最後一個問題，與公司已經做的是相同的時間段。我們將繼續關注此事。非常感謝。

Thank you, Reynaldo.

謝謝你，雷納爾多。

(Operator Instructions) Since there are no further questions, we end here our Q&A session. Thank you very much for participating in the first-quarter 2025 video conference call.

（操作員指示）由於沒有其他問題，我們的問答環節就此結束。非常感謝您參加2025年第一季視訊電話會議。

There is another one. It looks like it. It looks like his was not answered, Antonio Alex.

還有一個。看起來是這樣的。看起來他沒有得到答复，安東尼奧·亞歷克斯。

The IR Superintendents is available to answer any other questions you might have. Thank you all very much, and have a nice day. If you have additional questions, our mailing and our website is available to get your questions, and we will be answering them. Thank you all very much, and have a nice day.

IR 主管可以回答您可能有的任何其他問題。非常感謝大家，祝大家有個愉快的一天。如果您還有其他問題，可以透過我們的郵件和網站取得您的問題，我們將予以解答。非常感謝大家，祝大家有個愉快的一天。

Statements in English on this transcript were spoken by an interpreter present on the live call.

本記錄中的英文陳述是由現場翻譯人員宣讀的。