Energy of Minas Gerais Co (CIG) 2025 Q2 法說會逐字稿

Good afternoon, everyone. I am Carolina Senna, Superintendent of Investor Relations at Cemig. Welcome to Cemig's second-quarter 2025 earnings video conference call. We inform you that this video conference is being recorded, and will be available on the company's IR website, ri.cemig.com.br, where you also find the full package on this call.

大家下午好。我是 Carolina Senna，Cemig 投資人關係主管。歡迎參加 Cemig 2025 年第二季財報視訊電話會議。我們通知您，此次視訊會議正在錄製，並將在該公司的 IR 網站 ri.cemig.com.br 上提供，您也可以在該網站上找到有關本次電話會議的完整內容。

Should you need simultaneous interpretation, the feature is available on the platform. Just click on the globe icon located on the bottom of the screen, chose Interpretation and then select the language of your choice: Portuguese or English. (Event Instructions)

如果您需要同聲傳譯，該平台可提供此功能。只需單擊螢幕底部的地球圖標，選擇“解釋”，然後選擇您想要的語言：葡萄牙語或英語。（活動須知）

We will now start our call with Reynaldo Passanezi Filho, our CEO; Andrea Marques de Almeida, CFO and IR Officer; Luis Cláudio Correa Villani, Chief Information Officer; Marco Da Camino Ancona Soligo, Chief Generation and Transmission Officer; Marney Tadeu Antunes, Chief Distribution Officer; and Sergio Lopes Cabral, Chief Trading Officer.

我們現在將開始與我們的執行長 Reynaldo Passanezi Filho 進行通話； Andrea Marques de Almeida，首席財務官兼投資者關係官； Luis Cláudio Correa Villani，首席資訊長； Marco Da Camino Ancona Soligo，首席發電和輸電官； Marney Tadeu Antunes，首席分銷官；

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

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

Good afternoon, everyone. It's a pleasure to be here talking to you and to show the progress of our company. I would say that as our initial video brought to you, we are now with our largest investment program at all times. Once again this quarter, with growing investments, we already have BRL2.7 billion in investments in this first half of the year and also with great consistency in resource generation, adjusted EBITDA of BRL2.2 billion, a very sound result. This is our adjusted EBITDA with the highlights.

大家下午好。我很高興在這裡與您交談並展示我們公司的進步。我想說，正如我們最初為您帶來的影片一樣，我們現在擁有我們最大的投資計劃。本季度，隨著投資的不斷增長，我們在今年上半年的投資額已經達到 27 億巴西雷亞爾，並且資源創造也非常穩定，調整後的 EBITDA 達到 22 億巴西雷亞爾，這是一個非常不錯的結果。這是我們調整後的 EBITDA，其中包含亮點。

So once again, an investment plan in full execution, we will see the opening of substations, greater grid, and conclusion of works in generation, also in gas. We are very close to starting our Midwest gas pipeline. So we are at full speed in our investment plan.

因此，再一次，一項投資計畫正在全面實施，我們將看到變電站的啟用、更大的電網，以及發電和天然氣工程的完成。我們的中西部天然氣管道即將啟動。因此，我們的投資計畫正在全速推進。

And with an adjusted EBITDA that is very sound, growing BRL2.2 billion in the quarter, I would say that this shows how sound and resilient our operating performance is. There are three topics here that we should be highlighting and they are something special for this quarter.

調整後的 EBITDA 非常穩健，本季成長了 22 億巴西雷亞爾，我想說這顯示我們的經營業績非常穩健且富有彈性。這裡有三個主題值得我們強調，它們是本季的特別內容。

The first is RBSE, the existing system basic grid and the review of the calculation methodology here. So for Cemig, we have a noncash impact for the quarter of BRL199 million. It's worth mentioning that the EBITDA that we usually disclose is the IFRS. And this EBITDA result shows, but cash will come over time. Also, there is another impact of a topic that is of concern, and we are fully alert about that. And we see positive scenarios regarding to this topic for the second half of the year.

首先是RBSE，即現有的系統基礎網格以及這裡的計算方法的回顧。因此，對於 Cemig 而言，本季的非現金影響為 1.99 億巴西雷亞爾。值得一提的是，我們通常揭露的EBITDA是IFRS。EBITDA 結果顯示，現金會隨著時間的推移而到來。此外，還有一個值得關注的話題的影響，我們對此保持充分警惕。我們看到下半年這個主題將出現正面的前景。

But for the first half of the year, specifically for the second quarter, we had difference among energy submarkets in our trading sector of negative BRL76 million. Our projections are that once we have the review of the criteria by the ONS and the greater interchange, this amount tends to be close to zero. This is what we expect; obviously, this is what we are hoping to happen. Also a tariff adjustment of 7.78% in line with other adjustments for distribution. Basically, here, we have inflation and also charges.

但今年上半年，特別是第二季度，我們貿易部門的能源子市場之間的差異為負 7,600 萬巴西雷亞爾。我們的預測是，一旦國家統計局和更大的交換中心對標準進行審查，這個數字就會接近零。這是我們所期望的；顯然，這也是我們希望發生的事情。關稅也調整了 7.78%，與其他分配調整一致。基本上，這裡有通貨膨脹和收費。

And finally, our GSF auction. Again, we participated in this auction. And we were able to ensure the concession extensions for three power plants, one for seven years and another for three years. So this is a total of funds disbursement of BRL200 million. So I would say that the -- this also shows our commitment to the company's sustainability.

最後，我們的 GSF 拍賣。我們再次參加了這次拍賣。我們也確保了三座發電廠的特許經營權延長，一座延長七年，另一座延長三年。因此，總計撥款金額為 2 億巴西雷亞爾。所以我想說，這也顯示了我們對公司永續發展的承諾。

After all, we are talking about concessions that we're doing 2037, and we are extending those worth 2044, so we are really thinking about the future. This is not an immediate decision, but this is an extension of concessions that are due in the future, but we understood that those were opportunities considering the energy sold for the companies. And the prices are very competitive.

畢竟，我們正在談論 2037 年做出的讓步，我們正在將這些讓步延長至 2044 年，所以我們確實在考慮未來。這不是一個立即的決定，而是對未來優惠的延伸，但我們明白，考慮到為公司出售的能源，這些都是機會。而且價格非常有競爭力。

And therefore, we believe that this really adds value to be part in this GSF auction. So another BRL200 million, two of them, seven years and one of them for three years. I would say that these are the main highlights I would like to start the call with.

因此，我們相信這確實為參與此次 GSF 拍賣增添了價值。因此，另外還有 2 億雷亞爾，其中兩個為期 7 年，還有一個為期 3 年。我想說的是，這些是我在通話開始時想要強調的主要要點。

Now I'll turn the floor to Andrea. And obviously, we are available to take any questions you might have shortly. Thank you.

現在我把發言權交給安德里亞。顯然，我們很快就會回答您的任何問題。謝謝。

Good afternoon, everyone I apologize, I have a cold. But we, again, are following our investment plan. It's going very well. Out of these BRL2.8 billion that we have for the year, we have concentrated investments in distribution so that we can better serve our clients, and we have been doing that in a very structured fashion. Therefore, we have energized nine substations in these initial months. Also, we have been able to build over 2,600 kilometers in low and medium voltage networks.

大家下午好，對不起，我感冒了。但我們仍將遵循我們的投資計劃。一切進展順利。我們今年的 28 億巴西雷亞爾投資都集中在分銷領域，以便更好地服務客戶，而且我們一直以非常結構化的方式進行投資。因此，我們在最初的幾個月已經為九座變電站通電。此外，我們也建造了超過2600公里的低壓和中壓電網。

In generation, also, we had relevant investments in expansion. Also, we have investments in maintenance in terms of safety as well and transmission, again, investments of BRL200 million, and especially in reinforcement and improvements for Cemig as well. As Reynaldo mentioned, we had Central West project, over 100 kilometers of gas pipelines and Cemig -- also, we added 21 megawatts following our investment plan. This is being very well executed. These are some pictures to show our substations in our Mais Energia program or more energy.

在發電方面，我們也進行了相關的擴張投資。此外，我們還在安全維護和傳輸方面進行了投資，投資金額再次達到 2 億巴西雷亞爾，特別是對 Cemig 進行了加固和改進。正如雷納爾多所提到的，我們有中西部項目、超過 100 公里的天然氣管道和 Cemig——此外，我們還根據投資計劃增加了 21 兆瓦。這項工作執行得非常好。這些圖片展示了我們的 Mais Energia 計劃或更多能源中的變電站。

And now, this is our photovoltaic plant in Advogado Eduardo Soares. We have a grand term of 35 years, CapEx of BRL464 million, and the potential of CO2 reduction that is very relevant for us.

這就是我們位於 Advogado Eduardo Soares 的光電站。我們的期限為 35 年，資本支出為 4.64 億巴西雷亞爾，並且具有與我們息息相關的二氧化碳減排潛力。

Now turning to our results. Reynaldo already mentioned that when we compare that, now whenever we look at this comparison to 2024, we will have some nonrecurring effects from '24. And if we analyze IFRS, we will see that -- some of the effects might show a reduction. But in the recurring effect, we had a great quarter with an increase of 15% in our EBITDA. And a major factor that helped us was the reimbursement of the tariff subsidies that we have received via CDE, the energy development account.

現在來看看我們的結果。雷納爾多已經提到，當我們將其與 2024 年進行比較時，我們都會發現 24 年的一些非經常性影響。如果我們分析《國際財務報告準則》，我們會發現，一些影響可能會減弱。但從循環效應來看，我們本季表現優異，EBITDA 成長了 15%。對我們有幫助的一個主要因素是透過能源發展帳戶（CDE）償還我們收到的電價補貼。

And we know that in Minas Gerais, we have this large effect. And we had a significant reimbursement that came from the CDE subsidies. Also, we had a reduction of BRL21 million and another migration of our employees to the premium plan. That was a reduction there again. And also exposure to the submarket prices already mentioned by Reynaldo.

我們知道，在米納斯吉拉斯州，我們產生了巨大的影響。我們從 CDE 補貼中獲得了一大筆補償。此外，我們還減少了 2,100 萬巴西雷亞爾，並將我們的員工遷移到高級計劃。這又是一個減少。還有雷納爾多已經提到的子市場價格。

Now, analyzing our IFRS EBITDA, talking about the nonrecurring effects, we would have a reduction. But then because we had a reversal last year, and if you remember that, those were tax provisions reversals regarding INSS in the profit sharing program that were very relevant, BRL584 million in the net profit.

現在，分析我們的 IFRS EBITDA，談論非經常性影響，我們會減少。但由於我們去年出現了逆轉，如果你還記得的話，那些是與利潤分享計劃中的 INSS 有關的稅收規定逆轉，非常相關，淨利潤為 5.84 億巴西雷亞爾。

We also had an effect of those provisions and also reversal of amounts to be reimbursed from PIS and COFINS. And there was a decision from the Supreme Court at the end of last week, and we are still waiting the final ruling to know which will be the facts for Cemig.

我們也受到了這些規定的影響，也撤銷了 PIS 和 COFINS 償還金額。最高法院已於上週末作出裁決，我們仍在等待最終裁決，以了解哪些內容對 Cemig 有利。

Now moving forward, we show a quick snapshot of the effects to the submarket exposures. And over time, we were showing you our monthly exposure, so BRL480 in April, BRL533 in May, BRL619 in June, but you see that the price difference is already coming down. We've seen June a price difference of BRL4.88. So the effect on this quarter has been much lower than the one that we had in the past quarter and a gross effect gross effect of BRL76 million regarding the price difference here in the submarkets.

現在，讓我們來簡單介紹一下對子市場風險的影響。隨著時間的推移，我們向您展示了我們的月度風險敞口，4 月份為 480 巴西雷亞爾，5 月份為 533 巴西雷亞爾，6 月份為 619 巴西雷亞爾，但您會發現價格差異已經在下降。6月份的價格差異為4.88巴西雷亞爾。因此，本季的影響遠低於上一季度，各子市場價格差異的總影響為7,600萬巴西雷亞爾。

Another positive result here in -- when we look at managerial expenses, we have increased those below inflation with some effects here in terms of the PDVP or the voluntary redundancy program, the effect was a little bit lower. In terms of outsourced services, we are still working pruning trees, also disconnection of some meters. And we are intensively working that, and we are making great investments in distribution. Therefore, we have greater deactivation and disposal of assets.

另一個積極的結果是——當我們看管理費用時，我們將其提高到低於通貨膨脹的水平，就 PDVP 或自願裁員計劃而言，其影響略低。在外包服務方面，我們仍在修剪樹木，並斷開一些電錶。我們正在努力實現這一目標，並在分銷方面進行大量投資。因此，我們有更多的資產停用和處置。

Now looking at our debt profile, it is very good. We have come to a leverage indicator of net debt over adjusted EBITDA of 1.59, now already, including all the debentures issuing the BRL5 billion that we mentioned last quarter and already counting on the amortization of a prior debenture, and that helped us to reach an average debt tenure of six years. So we are also evolving in this average term here. And obviously, we have a very comfortable position in terms of leverage to move forward with our investment plan that is ongoing.

現在看看我們的債務狀況，非常好。我們現在已經得出了淨債務與調整後 EBITDA 比率的槓桿指標，為 1.59，其中包括我們上個季度提到的發行 50 億巴西雷亞爾的所有債券，並且已經計算了前期債券的攤銷，這幫助我們達到了六年的平均債務期限。因此，我們也在這個平均期限內持續發展。顯然，我們在槓桿方面處於非常有利的地位，可以推進我們正在進行的投資計劃。

Now analyzing our cash flow for the end of the quarter, we ended at BRL3 billion, and it was well supported by our operating cash generation of BRL2.3 billion, the debentures that we talked about, the BRL5 billion. We had the payments on other debentures that were amortized around 2.3%, also payments of interest on capital and dividends and also our activities on investments.

現在分析本季末的現金流，我們的現金流最終為 30 億巴西雷亞爾，這得益於我們 23 億巴西雷亞爾的營運現金流以及我們談到的 50 億巴西雷亞爾的債券。我們支付了其他債券的款項，攤銷率約為 2.3%，也支付了資本和股息的利息，也進行了投資活動。

Now analyzing Cemig's D results, and we will go over again what we already said about the holding. For Cemig's D results, when we compare again, the adjusted EBITDA effect not considering the nonrecurring effects, we had a growth of 39%, mainly thanks to the reimbursement of the tariff subsidies, as we mentioned. Now if you analyze these results, adding the items that are nonrecurring, obviously, this effect was lower when compared to prior quarter.

現在分析 Cemig 的 D 結果，我們將再次回顧我們已經討論過的有關控股的內容。對於 Cemig 的 D 結果，當我們再次比較時，調整後的 EBITDA 效應（不考慮非經常性影響）增加了 39%，這主要歸功於我們提到的關稅補貼的償還。現在，如果您分析這些結果，請添加非經常性項目，顯然，與上一季相比，這種影響較低。

Now for the energy market for Cemig distribution, there was a drop of 3.3% this quarter. Obviously, we still see the effect of migration of clients, industrial clients going to the free market to relevant clients, this time have migrated. Large clients, they migrated to the transmission network, also affecting the transported energy. To our right, we see the development of distributed generation. We know this is growing over time. So when we look at the progress, 2Q '24 compared to 2Q '25, we see a significant growth of around 20%.

目前，對於 Cemig 分銷的能源市場而言，本季下降了 3.3%。顯然，我們仍然看到客戶遷移的影響，從工業客戶到自由市場相關的客戶，這次都遷移了。大客戶，他們遷移到輸電網絡，也影響了輸送的能源。在我們的右邊，我們看到了分散式發電的發展。我們知道這會隨著時間的推移而增長。因此，當我們觀察進展時，2024 年第二季與 2025 年第二季相比，我們看到了約 20% 的顯著成長。

Very well. For operating efficiency for Cemig D, once again, we are working in this efficiency. One of our focuses is the collection. We are aiming to collect digitally our payments, of course, Pix instantaneous payment is for Brazil as a whole, one of the most efficient way of getting paid. And today, around 67.5% collections is done via digital channels, not only Pix. And also, we have our ARFA receivables collection index of around 99%, showing that we are at a very good position vis-à-vis our collection and billing indexes.

很好。對於 Cemig D 的營運效率，我們再次以此效率開展工作。我們的重點之一是收藏。我們的目標是以數位方式收取我們的付款，當然，Pix 即時支付對於整個巴西來說，是最有效的付款方式之一。如今，約 67.5% 的收藏是透過數位管道完成的，而不僅僅是 Pix。此外，我們的 ARFA 應收帳款收款指數約為 99%，這表明我們的收款和帳單指數處於非常有利的地位。

Now our OpEx. It is, of course, in compliance with our regulatory OpEx and EBITDA as well as within the regulatory EBITDA. Very good results here. Analyzing regulatory losses, there was a change in the calculation of losses. Instead of build the market, now we are considering the measured market. And that was positive to reduce distortions that were affecting losses at the distributing companies, so that's why we see a progress here in the chart.

現在是我們的營運支出。當然，它符合我們的監管營運支出 (OpEx) 和 EBITDA，並且也在監管 EBITDA 範圍內。這裡的結果非常好。分析監管損失，損失計算發生了變化。現在我們不再考慮建設市場，而是考慮衡量市場。這對於減少影響分銷公司損失的扭曲具有積極作用，這就是我們在圖表中看到進展的原因。

And also, there was an increase, but we are still within the regulatory limits. So here, we added losses that before, they were not taken into consideration, and this is a continuous work on losses. We continue installing smart meters. We continue working with legal energy with over 4,000 families being catered by this work of loss reduction and Cemig.

而且，雖然增加，但我們仍在監管範圍內。因此，我們在這裡添加了先前未考慮的損失，這是對損失的持續研究。我們繼續安裝智慧電錶。我們繼續與合法能源公司合作，超過 4,000 個家庭透過這項減少損失和 Cemig 的工作獲得服務。

Now for Cemig GT, we have the effect of trading contracts that are in here. In a way, this was the main impact of reduction we have forecasted, and we know that. We already -- we were telling that to the market. The Commercial margins regarding 2024 to 2025, these margins of the contracts come down, and this is because the margins dropped.

現在對於 Cemig GT，我們有這裡的交易合約的效果。從某種程度上來說，這是我們預測的減排的主要影響，我們也知道這一點。我們已經——我們正在向市場傳達這一點。關於 2024 年至 2025 年的商業利潤率，這些合約的利潤率會下降，這是因為利潤率下降了。

So on the side of net profit, we have a positive effect because of the repayment of the bonds that really had a negative impact in our net profit for Cemig GT because of the FX exposure. So now we have a positive effect in our adjusted net profit for Cemig GT.

因此，在淨利潤方面，我們因償還債券而獲得了積極影響，而由於外匯風險，償還債券確實對 Cemig GT 的淨利潤產生了負面影響。因此，現在我們對 Cemig GT 的調整後淨利潤產生了積極影響。

We have already talked about the GSF auction success. Here, we have some more details regarding the BRL200 million and the three plants that we were awarded. Irapé and Queimado are two plants where we had contracts with sales price that were higher over BRL350 per megawatt that we're extending beyond the time period of the concession. So this extension was very positive for us.

我們已經討論過 GSF 拍賣的成功。這裡，我們提供了有關這筆 2 億巴西雷亞爾和我們獲得的三家工廠的更多詳細資訊。我們與 Irapé 和 Queimado 兩家電廠簽訂了合同，合約價格高於每兆瓦 350 巴西雷亞爾，而且我們已將這些價格延長至特許經營期限之外。所以這次延期對我們來說非常有利。

Therefore, obviously, we went in with a controlled premium. We were awarded these plants, and we are very happy to add three more years for Irapé and seven years more for Joaquim and Queimado. And also an important piece of news here for us: ANEEL has recommended the approval of the concession extension request for Sá Carvalho. This is a very important news in terms of renewing our concessions per quotas. It's important to say that in Pai Joaquim, we also had a benefit of discount in the TUSD.

因此，顯然，我們採取了可控的溢價策略。我們獲得了這些工廠的合同，並且非常高興地為 Irapé 延長了三年的合約期限，為 Joaquim 和 Queimado 延長了七年的合約期限。對我們來說還有一個重要消息：ANEEL 建議批准 Sá Carvalho 的特許經營延期請求。就續簽我們的配額優惠而言，這是一個非常重要的消息。值得一提的是，在 Pai Joaquim，我們也享受了 TUSD 的折扣優惠。

For Gasmig as well, we had great and positive effects. EBITDA for Gasmig is in line and net profit is much higher, especially driven by efficient cost management. And also, we had debentures issuance that allowed it to be funded, and this allowed us to have positive result for net profit, and we will keep on investing. And we believe that, very soon, we will have the opening of our Central West project.

對於 Gasmig 來說，我們也取得了巨大而正面的影響。Gasmig 的 EBITDA 符合預期，淨利潤則高得多，這主要得益於高效率的成本管理。此外，我們還發行了債券來籌集資金，這使我們的淨利潤取得了積極的成果，我們將繼續投資。我們相信，我們的中西部計畫很快就會啟動。

And of course, we would like to end this call inviting you all to our Cemig Day. It's going to happen on September 10, 2025. And we will go into more details about our strategy and how we see Cemig moving forward with the challenges and opportunities for Cemig because we are a wonderful company in the energy sector. Thank you all very much.

當然，在本次通話結束時，我們想邀請大家參加我們的 Cemig Day。它將於 2025 年 9 月 10 日發生。我們將更詳細地介紹我們的策略，以及我們如何看待 Cemig 面臨的挑戰和機遇，因為我們是能源領域的優秀公司。非常感謝大家。

So we end the presentation now, and we open the floor for the Q&A session and your questions.

我們現在結束演示，然後進入問答環節並開始提問。

(Event Instructions) Carolina Carneiro, analyst from Banco Safra.

（活動說明）Carolina Carneiro，Banco Safra 分析師。

I would like to take this opportunity and ask you to comment about capital allocation. You went into the GSF auction. Of course, you have a robust investment plan, but the cash situation of the company is very much under control. If you can give us a little bit more of visibility, what's going to be your focus for the next transmission auction. If you were looking at any other segment?

我想藉此機會請您對資本配置發表一下評論。您參加了 GSF 拍賣。當然，你有一個穩健的投資計劃，但公司的現金狀況非常可控。如果您能給我們多一點介紹的話，下次變速箱拍賣的重點是什麼？如果您正在查看其他任何部分？

And also about the concession renewals, you had that opportunity via GSF auction, but we have some important concessions that are due in the next few years. Do you have any updates in terms of regulatory changes or discussions that are on the table that would allow us to have greater visibility about the plans for these plants? That would be very interesting. Thank you.

關於特許權續簽，您曾透過 GSF 拍賣獲得這個機會，但我們還有一些重要的特許權將在未來幾年到期。您是否有任何關於監管變化或正在進行的討論的最新消息，可以讓我們更清楚地了解這些工廠的計劃？那將會非常有趣。謝謝。

Well, the best guideline is our strategic planning, our BRL59 billion of investment plan since 2019 up to 2029. As you know, as it is included in this plan, the bulk part of this investment will be in distribution. This is a regulated sector.

嗯，最好的指導方針是我們的策略規劃，我們從 2019 年到 2029 年的投資計畫為 590 億雷亞爾。如您所知，由於它包含在此計劃中，因此這項投資的大部分將用於分銷。這是一個受監管的行業。

We were in a situation in the past where we did not have enough investments and a great need of an unmet load, almost 15% of the load was unmet in the past. And also a huge connection of distributed generation. So this initial movement of growth and distribution is really a movement to address the expansion needs to cater an unmet load and also to also cater to distributed generation.

我們過去的處境是，我們沒有足夠的投資，而且有很大的負載需求，過去幾乎有 15% 的負載沒有得到滿足。還有分散式發電的巨大連接。因此，這種最初的成長和分配運動實際上是為了滿足擴張需求，滿足未滿足的負荷，同時也滿足分散式發電。

We now have almost 5 gigawatts of distributed generation that obviously needs a lot of investment. So these are known projects, Mais Energia, Minas 3-Phase, and more energy. So after we conclude this initial step to face the needs of expansion to cater these two flows, the demand and supply, we then have a need of increasing resilience and automation, ANEEL and the Ministry of Energy also are requesting that.

我們現在有近5千兆瓦的分散式發電，顯然需要大量投資。這些是已知的項目，Mais Energia、Minas 3-Phase 和更多能源。因此，在我們完成這一初步步驟以滿足擴張的需求（需求和供應）之後，我們需要提高彈性和自動化程度，ANEEL 和能源部也要求這樣做。

So in the beginning, it was expansion. Now in the second moment, we are making this investment to increase resilience and the quality of the service provided. This will be the bulk of our investments. We also have gas investments in another regulated sector.

所以一開始，它是擴張。現在，我們進行這項投資是為了提高彈性和所提供服務的品質。這將是我們投資的大部分。我們也在另一個受監管的領域進行天然氣投資。

And about the concessions generation that you asked. Here, what we have are the regulatory rules. What we have today and we like what we see is the ANEEL's recommendation to have the renewal per quotas of Sá Carvalho. The same topic is being analyzed by ANEEL regarding our other two plants. And then ANEEL recommends that to the Ministry of Mines and Energy. And then we would have the renewal for quotas. We would not need to make any disbursement and then we would leave the free market and we go to the regulated market.

還有您問到的優惠世代。這裡，我們有的是監管規則。我們今天所看到的，以及我們對所看到的是 ANEEL 的建議，即對 Sá Carvalho 的配額進行續簽。ANEEL 正在針對我們的另外兩家工廠分析同一主題。然後 ANEEL 向礦業和能源部提出了建議。然後我們就會更新配額。我們不需要進行任何支出，然後我們就會離開自由市場，進入受監管的市場。

A decision to go to the free market. It depends on the changes in the capital changes -- capital structure changes, and that does not depend on the company's management. So any other decision of maintaining the plants in the free market, obviously, they depend on decisions from the executive power and the statehouse, Minas Gerais in terms of changes in the capital structure.

決定進入自由市場。這取決於資本的變化──資本結構的變化，而這並不取決於公司的管理。因此，在自由市場中維持工廠的任何其他決定顯然都取決於行政權力和州議會以及米納斯吉拉斯在資本結構變化方面的決定。

I would say these are the main comments that I can tell you about in terms of capital allocation. I don't know if anyone else would like to add, feel free if you have any comments to add. But clearly, the main guideline here is to follow our strategic plan.

我想說這些就是我在資本配置方面可以告訴你的主要評論。我不知道是否有其他人願意補充，如果您有任何意見可以補充，請隨意。但顯然，這裡的主要指導方針是遵循我們的戰略計劃。

And there is something that I always like to highlight about our strategic plan, which is to focus in Minas Gerais and to win. So 100% of our investments will be focused in Minas Gerais. This is a role that is very strict for us, so our full investments will be done in our competitive advantages.

關於我們的戰略計劃，我總是喜歡強調一點，那就是專注於米納斯吉拉斯州並取得勝利。因此，我們的全部投資將集中在米納斯吉拉斯州。對我們來說，這是一個非常嚴格的角色，因此我們將全力投資於我們的競爭優勢。

And we understand that these involve to be here in our territory where we have the concession in most part of our assets, our plants, and that's where we have all the synergies. We take this very seriously. So any M&A possible situations, they have to happen in Minas Gerais.

我們明白，這些都涉及到我們的領土，我們在那裡擁有大部分資產、工廠的特許權，而那裡也是我們擁有所有協同效應的地方。我們對此非常重視。因此，任何可能的併購情況都必須在米納斯吉拉斯州發生。

Thank you very much, Reynaldo. If I can ask another question. Last week, the Supreme Court ruled about PIS/COFINS and ICMS. I know that it might be too early to ask you, but if you already have any comments and other companies in the sector have a significant balance in a possible credit to be transferred to tariffs or even to the company. Do you have any ruling or do you have any reading about what was decided last week? That would be great to know. Thank you.

非常感謝，雷納多。如果我可以問另一個問題。上週，最高法院就 PIS/COFINS 和 ICMS 作出了裁決。我知道現在問您這個問題可能還為時過早，但如果您已經有任何意見，並且該行業的其他公司在信用方面有相當大的餘額，那麼可能會將其轉移到關稅甚至公司。您是否有任何裁決或閱讀過有關上週判決的內容？知道這一點就太好了。謝謝。

Well, this allows the deduction of the taxes and honoraries that have been paid. And yes, this is positive. And as you said, Cemig has already reimbursed clients for over 10 years. So now we have to see how this final ruling will be to check the impacts for us, but two positive things are to be able to discount taxes and also honoraries. This is positive, yes, but we cannot calculate that without knowing the final ruling. Let's wait for that.

嗯，這可以扣除已繳的稅金和酬金。是的，這是積極的。正如您所說，Cemig 已經為客戶提供了超過 10 年的償付服務。所以現在我們必須看看這項最終裁決將如何檢查對我們的影響，但有兩件積極的事情是能夠減免稅收和榮譽。是的，這是積極的，但如果不知道最終裁決，我們就無法計算出來。讓我們等待吧。

(Event Instructions) Victor Cunha.

（活動說明） Victor Cunha。

Now looking at the energy balance that you presented, we saw a reduction in the short position for the short term, '25, '26, but an increase in the short position for '27, '28.

現在來看看您提供的能量平衡，我們發現 25 年、26 年的短期空頭部位有所減少，但 27 年、28 年的空頭部位有所增加。

Can you share with us what was the rationale and this decision to increase the short position for '27, '28, especially during a pressure for energy prices, considering the new parameters and risk aversion, but also probable higher cost and the marginal cost of expansion, considering all challenges that renewable plants are facing? If you can tell us what you have in mind for that, I would appreciate.

您能否與我們分享增加 27 年和 28 年空頭部位的理由和決定，特別是在能源價格面臨壓力的情況下，考慮到新的參數和風險規避，以及可能更高的成本和擴張的邊際成本，考慮到再生能源工廠面臨的所有挑戰？如果您能告訴我們您的想法，我將非常感激。

Actually, we have been working to close this position. We have been looking at the market and we have been closing positions and increasing our exposure. The short exposure in these two years you mentioned, still a gold effect.

實際上，我們一直在努力填補這一空缺。我們一直在關注市場，一直在平倉並增加風險敞口。你說的這兩年的短暫曝光，還是有黃金效應。

The counterpart that we had contracted and because we do not have delivered energy, we had to buy energy and to expose ourselves a little bit more. But we are looking ahead and closing our positions. This is our guide, we do not wish to open more positions.

我們已經簽約了對方，但由於我們沒有交付能源，所以我們必須購買能源，並讓自己承擔更多風險。但我們正在展望未來並平倉。這是我們的指導，我們不希望開設更多職位。

Lilyanna Yang, analyst from HSBC.

Lilyanna Yang，匯豐銀行分析師。

I can also read your question. Okay. Well, there was a problem here with transmission, but she has two questions. First, in distribution, your next tariff review will happen just in 2028. Can you comment on how the current changes in the regulatory environment might affect the profitability of the company?

我也能讀到你的問題。好的。嗯，這裡的傳輸出了問題，但她有兩個問題。首先，在分銷方面，下一次關稅審查將在 2028 年進行。您能否評論一下當前監管環境的變化可能會如何影響公司的獲利能力？

And second question, when can we expect an expense reduction in the pension plan fund?

第二個問題是，我們什麼時候可以預期退休金基金的支出會減少？

Good afternoon, Lilyanna. I can comment on those. Once again, it's too early to talk about an efficient frontier of costs. We have to be prepared to be talking about efficiency. This is one of our mantras.

下午好，莉莉安娜。我可以對此發表評論。再次強調，現在談論成本的有效前沿還為時過早。我們必須做好談論效率的準備。這是我們的口號之一。

We want to improve the quality of services provided and, at the same time, to look for more efficiency. This is something that needs to go hand in hand, and they are mantras for us, and we'll always be aiming for more efficiency.

我們希望提高所提供服務的質量，同時尋求更高的效率。這是需要齊頭並進的事情，它們是我們的口頭禪，我們將始終致力於提高效率。

And if that -- and from time to time implies tariff modes, we will welcome it because it's good for consumers as well that need to have tariff models. We have to look for efficiency, and we know that, every five years, there is a discussion on tariff modes and efficiency. We just hope that it's not only tariff modes regarding distribution parcel, but also that it is regarding CDEs, subsidies, charges, all of this discussion that we are following in the sector and we know that the line that has increased the most and that has affected the tariffs are charges and subsidies and not the parcels and generation and transmission. And the one that has moved forward the least was distribution.

如果這 — — 有時意味著關稅模式，我們會歡迎它，因為它對需要關稅模式的消費者也有好處。我們必須追求效率，我們知道，每五年都會有一次關於關稅模式和效率的討論。我們只是希望，這不僅是關於配送包裹的關稅模式，也是關於 CDE、補貼、收費的關稅模式，我們正在關注該領域的所有這些討論，我們知道，增長最多、影響關稅的是收費和補貼，而不是包裹、發電和輸電。其中進展最少的是分銷。

Therefore, we are working in order to look for efficiency. And we know that every five years, we have changes. And of course, the more automation, more technology, the better. We are now working to grow our smart meters. These are all topics that aim for better service providing. And also, they work in savings.

因此，我們工作是為了追求效率。我們知道每五年我們就會有改變。當然，自動化程度越高、技術越先進越好。我們現在正致力於發展智慧電錶。這些都是旨在提供更好服務的主題。而且他們還從事儲蓄工作。

Our IT area is looking for that. About pension funds, there was another comment from Carol about health care plans. This is the post-employment. That's a very relevant topic, a very relevant line in the company's results, and we are negotiating all of these topics, whether it is health care plan or pension funds, especially the benefits from Cemig.

我們的 IT 領域正在尋找這樣的人。關於退休基金，卡羅爾也對醫療保健計劃發表了另一條評論。這就是離職後。這是一個非常相關的話題，與公司業績非常相關，我們正在就所有這些主題進行談判​​，無論是醫療保健計劃還是退休基金，尤其是 Cemig 帶來的福利。

We will know more as soon as we conclude any of these topics. And before that, I think it is too early to say anything. I can tell you that we are all interested in coming into an agreement with all beneficiaries to make sure that both plants are guaranteed and for the healthcare plan and also the pension funds and as well as aiming Cemig's efficiency.

一旦我們結束其中任何一個主題，我們就會了解更多。在此之前，我認為現在說什麼都為時過早。我可以告訴你們，我們都希望與所有受益人達成協議，以確保兩家工廠、醫療保健計劃和退休基金都得到保障，同時提高 Cemig 的效率。

If there are no further questions, we end now our Q&A session. I would like to turn the floor to our CFO and IR Officer, Andrea Marques de Almeida, for her final remarks.

如果沒有其他問題，我們現在就結束問答環節。我想請我們的財務長兼投資者關係長 Andrea Marques de Almeida 發表最後的演講。

I would like to thank you very much for your questions and for your participation. We are here available to take any questions in the IR area and our leaders to help you at any time. Thank you very much, and have a nice afternoon.

非常感謝您的提問與參與。我們隨時準備好解答 IR 領域的任何問題，我們的領導者也隨時為您提供協助。非常感謝，祝您下午愉快。

Our media conference call for the second-quarter 2025 Cemig's results has ended. Thank you very much.

我們關於 2025 年第二季 Cemig 業績的媒體電話會議已經結束。非常感謝。

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

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。