Energy of Minas Gerais Co (CIG) 2026 Q1 法說會逐字稿

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Good afternoon, everyone. I am Carolina Senna, Cemig's Investor Relations Superintendent. Welcome to Cemig's first quarter 2026 earnings video conference call. Please note that this video conference is being recorded, and it will be available on the company's IR website at ri.cemig.com.br, where you will also find the company's presentation. (Operator Instructions)

各位下午好。我是Carolina Senna，Cemig投資人關係主管。歡迎參加Cemig 2026年第一季財報視訊會議。請注意，本次視訊會議將被錄製，並將於公司投資人關係網站ri.cemig.com.br提供回放，您也可在該網站找到公司的簡報資料。(接線員指示)

Before turning to the results presentation, we would like to inform you that the appointment of Alexandre Ramos Peixoto as the new CEO of Cemig has been approved as of yesterday.

在進入業績簡報之前，我們想先告知各位，自昨日起，Alexandre Ramos Peixoto獲核准出任Cemig新任執行長。

Alexandre Ramos Peixoto replace Reynaldo Passanezi, to whom the company recognizes and expresses its gratitude for the work carried out. Under his management, Cemig conducted a consistent financial recovery process, resumed investment levels, and developed a strategic plan worth approximately BRL70 billion through 2030. During this period, the company has strengthened its infrastructure, expanded the number of substations, modernized the grid and eliminated historical [bottoms], (inaudible) resumed sustainable growth and achieved the highest market value in its history, increasing it from BRL8 billion to BRL45 million.

Alexandre Ramos Peixoto將接替Reynaldo Passanezi，公司對其所完成的工作表示肯定並致上謝意。在其任內，Cemig推動了穩健的財務復甦進程，恢復投資水準，並制定了至2030年約700億巴西雷亞爾的策略計畫。在此期間，公司強化了基礎設施、擴增變電站數量、使電網現代化並消除歷史性的[bottoms]（聽不清），恢復永續成長，並創下史上最高市值，從80億巴西雷亞爾提升至4,500萬巴西雷亞爾。

His departure extends from the term limit restriction provided for the state-owned enterprises law on [#13303/266]. It is precisely to give continuity to this trajectory that Alexandre Ramos Peixoto, a career employee of the company with solid experience in the Brazilian electric sector. He's an engineer by training. He holds a degree in quality engineering management from [Bug] University and a degree in management and strategic planning from the University of Minas Gerais in addition to specializations of -- an MBA in related areas related to generation and planning in the sector. Throughout his career, he has worked at [Anel, MME and PPE] and at Cemig has served as Regulatory and Institutional Relations Officer.

其離任係因州營企業法所規定的任期上限限制，依據[#13303/266]。正是為了延續這一發展軌跡，Alexandre Ramos Peixoto作為公司資深員工，具備在巴西電力產業的扎實經驗。他受訓背景為工程師。除擁有[Bug]大學的品質工程管理學位，以及米納斯吉拉斯大學的管理與策略規劃學位外，亦具備—在發電與產業規劃等相關領域的MBA等專業進修。其職涯期間曾任職於[Anel, MME and PPE]，並在Cemig擔任法規與機構關係主管。

Since May 2023, he has chaired the Board of Directors of CEE. So now we will start the conference. And with us, we will have Andrea Marques de Almeida, CFO and IR Officer; Luis Claudio Correa Villani, Chief Information Technology Officer; Marco da Camino Ancona Lopez Soligo, Chief Generation and Transmission Officer; Marney Tadeu Antunes, Chief Distribution Officer; Iuri Araujo de Mendonca, Cemig's CEO; and [Marcus Vinicius Venessa Loan], Trading Planning Superintendent.

自2023年5月起，他擔任CEE董事會主席。現在我們將開始會議。與會者包括：財務長暨投資人關係主管Andrea Marques de Almeida；資訊科技長Luis Claudio Correa Villani；發電與輸電長Marco da Camino Ancona Lopez Soligo；配電長Marney Tadeu Antunes；Cemig執行長Iuri Araujo de Mendonca；以及交易規劃總監[Marcus Vinicius Venessa Loan]。

For the initial remarks, we would like to bring to the floor, Andrea Marques de Almeida. She is going to be making the presentation.

接下來的開場致詞，我們邀請Andrea Marques de Almeida上台。她將進行簡報。

Good morning, and good afternoon to all of you. It's a pleasure to be here again to bring you the results for Cemig, and we are very proud of that. We always start talking about the quarterly highlights. Cemig has the benefit of being neither [risk] by company which is maintaining its results consistently.

各位早安，也向各位道午安。很高興再次在此向各位報告Cemig的業績，我們對此深感自豪。我們一向先從季度重點開始。Cemig的優勢在於並非[risk]的公司，而是能夠持續穩定地維持其業績表現。

These are the operating results. And this quarter, it is just like the others. Of course, we reached the results of BRL1.79 billion in EBITDA and BRL979 million in profit. And I usually say that we have to balance out all the plates here, and we have worked on our investment plan here of BRL1.48 billion. We also have shareholders' remuneration, another important topic of our strategy, BRL658 million. And we had a small acquisitions, [SPH Pipoco] and [Tomato] and [Mississippi] that we acquired in the quarter.

以下是營運成果。本季與以往季度相同。當然，我們達成了EBITDA 17.9億巴西雷亞爾以及淨利9.79億巴西雷亞爾的成果。我常說我們必須在這裡把所有盤子都平衡好；我們也推進了14.8億巴西雷亞爾的投資計畫。我們也進行股東報酬發放，這是我們策略的另一個重要主題，金額為6.58億巴西雷亞爾。此外，本季我們也完成了幾項小型收購，[SPH Pipoco]、[Tomato]與[Mississippi]。

And also, we talked about this at the end of the year about the post employment agreement and all the impacts that we reported at the time. But this is an agreement that in fact is going to allow us to have effects over time, and we can already see a reduction in our expenses in the amount of BRL80 million, and that's an important highlight as well.

另外，我們在去年年底也談到離職後協議及當時所揭露的各項影響。但這項協議確實將使我們在時間推移中逐步產生效果；我們已可看到費用減少8,000萬巴西雷亞爾，這也是一項重要亮點。

Now we have a snapshot of the quarter. The total of [1.48] is in the main areas here. And distribution is always carrying the highest representativeness of our investments with BRL1.28 billion. For distribution, we have more energy, [Minas 3] phase. We are delivering six new substations and one substation that was modernized and the more energy program. And now so 765 of low and average voltage networks.

現在我們來看本季概況。總額[1.48]分布於主要領域。配電一向占我們投資的最大比重，金額為12.8億巴西雷亞爾。在配電方面，我們推進更多能源計畫，[Minas 3]階段。我們交付了6座新變電站，並完成1座變電站的現代化改造，以及更多能源計畫。並新增765（項）低壓與中壓電網。

In transmission, we usually grow in reinforcements and improvements, and it was just like that, that we have investments in the quarter, BRL103 million, which added in terms of [RAP], the annual permitted revenue, and that was (inaudible) for cash generation portfolio.

在輸電方面，我們通常在增強與改善上持續成長，本季亦是如此；本季投資為1.03億巴西雷亞爾，並在[RAP]（年度允許收入）方面帶來增量，且（聽不清）用於現金創造投資組合。

For generation, I think we have a lower amount as Cemig is still moving on with project. In the Midwest as the most relevant one and Cemig SIM. Here, we start seeing that in our chart as a relevant investment with seven new solar photovoltaic plants and added 19 megawatts capacity to our portfolio.

在發電方面，由於Cemig仍在推進專案，我認為金額較低。其中以中西部專案以及Cemig SIM最為重要。在此我們開始在圖表中看到其作為重要投資：新增7座太陽能光伏電廠，為我們的投資組合增加19兆瓦裝置容量。

The quarter results are in line with the results of last year, considering that the highlights of the distributing company, the positive highlight here is that effectively we had in May, the rebuilding of Parcel B, which was 7.78%. So comparing quarter to quarter, this is the main impact in the distributing company, and we also had an increase in residential consumption, which is positive.

本季業績與去年相當；就配電公司而言，正面亮點在於我們於5月實際完成了B部分（Parcel B）的重估，幅度為7.78%。因此，以季度對季度比較，這是配電公司最主要的影響因素；同時住宅用電量增加亦屬正面。

And in terms of challenges also known already by the market, we had effect of price that starting 2025, energy prices are more volatile. And as you know, we have positions that need to be closed over time and with the higher prices, the positions closing ended up causing negative results in the trading company and the generating companies. Also, the main effect was GSF. And if we compare year against year, we had 0.92 in the first quarter of 2026. And the purchase of energy to tackle the hydrological risk allowed us to have impact in the EBITDA of BRL49 million.

至於市場已知的挑戰，自2025年起電價更為波動，價格因素對我們造成影響。如各位所知，我們有部位需要隨時間逐步平倉；在價格較高的情況下，部位平倉最終導致交易公司與發電公司出現負面結果。此外，主要影響因素為GSF。若以年對年比較，2026年第一季為0.92。而為因應水文風險所進行的購電，使EBITDA受到4,900萬巴西雷亞爾的影響。

Now we go into the details of what I just mentioned. We have the level of prices. And clearly, we can see the change in the price volatility that started in the beginning of 2025. We started from January to March of '25, the prices were around BRL59 per megawatt, and then they went up. Last year, we also had a GSF close to 1, which is no longer the reality in 2026 when we have a lower GSF and the price is much higher. So we reached levels of BRL382 per megawatt, impacting the management of the hydrological risk, that's an impact of BRL49 million.

現在我們進一步說明我剛才提到的細節。我們先看價格水準。很明顯可見，價格波動自2025年初開始出現變化。從2025年1月至3月，價格約為每兆瓦59巴西雷亞爾，之後便上升。去年我們的GSF也接近1，但在2026年已不再如此；我們的GSF較低且價格高得多。因此我們達到每兆瓦382巴西雷亞爾的水準，影響水文風險管理，造成4,900萬巴西雷亞爾的影響。

Now turning into a zoom to our cost and expenses. The main item it has been. And in the other quarters also, it was the same. So it is a recurrence. It is third-party services. This quarter, maybe we had higher expenses and preventive maintenance as well as corrective maintenance. And obviously, we have the right of way cleaning. And all of these services are in order to deliver a better quality of services to our clients. So they come with all the investments that we are making on the investment branch -- sorry, distribution branches. So this is to provide better services to our clients, and we'll go over that when we discuss our DEC.

現在轉到我們的成本與費用。主要項目一直都是如此。在其他季度也是一樣。因此這是經常性項目。也就是第三方服務。本季度，我們可能在預防性維護以及矯正性維護方面的費用較高。而且顯然，我們還有路權清理。所有這些服務都是為了向客戶提供更高品質的服務。因此，這些也伴隨著我們在投資分支——抱歉，配電分公司——所進行的各項投資。這是為了向客戶提供更好的服務，我們在討論我們的DEC時會再說明。

And other expenses also with this large investment program, we have decommissioning. And we had a disposal of asset, which has been part of our management. We are disposing of assets that in the past had some use for Cemig but no longer have.

另外，在這項大型投資計畫下，其他費用也包括除役。我們也進行了資產處置，這一直是我們管理的一部分。我們正在處置過去對Cemig有用途、但如今已不再需要的資產。

Now, talking about the impact already post-employment restructuring that we had up to December of last year. We see that if we compare that growth, including the post-employment effect, the growth has been 2.5% quarter on quarter. We will also be discussing how this increase can be seen in regards to the network kilometers, substations, which is also important for the distributing company.

現在談談截至去年12月我們已完成的離職後重整所帶來的影響。我們看到，如果比較包含離職後影響在內的成長，季對季成長為2.5%。我們也將討論，這項增加如何反映在網路公里數、變電站等方面，這對配電公司也很重要。

Now, we talk about our debt profile and all the work that we have been doing to match the profile of the debt with the profile of our investments. We know that we have five years of investments in the distributing company up to the tariff review that's going to happen in 2028.

接著我們談談我們的債務結構，以及我們一直在做的工作：讓債務期限結構與投資期限結構相匹配。我們知道，配電公司有為期五年的投資，直到2028年將進行的電價審查為止。

That's why we are increasing to extend our debt. And so we reached 6.6 years of average maturity. And also important is that 76%, that is, the bulk of our debt is due after the tariff review rebuilding in 2028. So that profile has been extended so that also, it matches with the recovery time of the tariffs that we'll have in the future.

因此我們正在延長債務期限。我們的平均到期年限已達6.6年。同樣重要的是，76%——也就是我們大部分的債務——將在2028年電價審查重建之後到期。因此，我們已延長該期限結構，使其也能與未來電價回收的時間相匹配。

The last funding that we had in the quarter was a debenture combined with a loan of [4131]. And the last issuance, they have been made lower than the sovereign risk, and we were able to include BRL2.6 billion to the distributing company in this quarter.

本季度我們最後一筆融資是一筆公司債（debenture），並搭配一筆貸款[4131]。而最近一次發行的成本低於主權風險（souvereign risk），我們在本季度為配電公司引入了26億巴西雷亞爾（BRL2.6 billion）。

We reached the leverage of 2.45 net debt over recurring EBITDA, very healthy. And this is the leverage debt, also includes the financing of the investment program, but this leverage is always going to be at very healthy levels for the whole program that, of course, will peak in 2028 when we are going to have that tariff review. And that cost also is very reasonable. It's 89% of the CDI. Of course, interest rates are high for everyone, but this is a cost that's very positive for the company.

我們的槓桿比率達到：淨負債／經常性EBITDA為2.45倍，非常健康。這個槓桿也包含投資計畫的融資，但在整個計畫期間，槓桿都將維持在非常健康的水準；當然，該計畫將在2028年達到高峰，屆時我們將進行電價審查。而該融資成本也相當合理。為CDI的89%。當然，利率對所有人都很高，但對公司而言，這樣的成本是非常正面的。

Now going over operating cash generation and how it has been used over the quarter, we start on the EBITDA of 1.79, and we discount the noncash effect. We reached the EBITDA of 1.6. We have the effect of the CDA, Parcel A variation account, which has had a relevant impact because of the higher price. The distributing company has a cash impact that is going to be recovered next year, dividends received, the working capital with a positive effect, and then you reach the operating cash flow of BRL1.5 billion and how we have used it over the quarter. Income tax, social contribution, interest, leases and our investments, which is the most representative share here of 1.6. So the cash delta was negative, and we showed that and the cash availability that we have from one quarter to another.

現在來看營運現金產生以及本季度的使用情況：我們從EBITDA 1.79開始，並扣除非現金影響。我們得到EBITDA 1.6。我們還有CDA（Parcel A變動帳戶）的影響，由於價格較高而造成顯著影響。配電公司有一項現金影響將於明年回收；另有收到的股利、營運資金的正面影響，最終得到營運現金流15億巴西雷亞爾（BRL1.5 billion），以及我們本季度如何使用這些現金。包括所得稅、社會貢獻、利息、租賃以及我們的投資，其中最具代表性的部分是1.6。因此現金變動（delta）為負，我們也展示了這點，以及我們跨季度的現金可用性。

Now, going into the details of these companies. As we said, Cemig D had a representative performance in EBITDA, an increase of [BRL26.6 million], reaching BRL1.10 billion of EBITDA in the quarter, especially because of the effect I already mentioned of that adjustment of [7.78]. And also, we had an increase in the residential market. This is nice. It is representative, significant for us. As we know, residential tariffs are higher, so that has a good impact in our revenue.

接著進入這些公司的細節。如同我們所說，Cemig D在EBITDA方面表現具代表性，增加了[2,660萬巴西雷亞爾]，使本季度EBITDA達到11.0億巴西雷亞爾（BRL1.10 billion），特別是因為我先前提到的那項調整影響[7.78]。此外，我們的住宅市場也有所成長。這很好。對我們而言具有代表性且相當顯著。如我們所知，住宅電價較高，因此對我們的營收有良好影響。

Now here, we have our energy market. So we have been saying that in the past quarters, that there is a migration in the case of the transported energy from two clients to the basic network. We will no longer see this drop effect after the second or third quarter, we will no longer be seeing this effect because it will be then -- have been integrated in the quarter, but we do see that reduction.

現在這裡是我們的能源市場。我們在過去幾個季度一直提到，就輸送電量而言，有兩個客戶遷移到基本網路的情況。在第二或第三季度之後，我們將不再看到這種下滑效應；我們將不再看到這個影響，因為它將在季度中被整合——但我們確實看到這個下降。

And we also talked about the positive effect that we had in the residential area. But we did have a period with a lot of rainfall and milder temperatures, and we see rural with a significant drop especially because of the rainfall period. And we still see the effect of GD, distribute generation and (inaudible). And a piece of information is that DG represents 26% and the captive market is very representative in our region.

我們也談到了住宅領域的正面影響。但我們確實經歷了一段降雨量很大、氣溫較溫和的期間，因此我們看到農村用電顯著下滑，特別是因為降雨期。我們仍然看到GD（分散式發電，distributed generation）以及(聽不清) 的影響。另外一項資訊是，DG占26%，而受管制市場（captive market）在我們的區域中非常具代表性。

Regarding operating efficiency for Cemig D, we have already mentioned, I believe that the main effects have already been offset. We are working on an efficient management, and we have been working on the management of right-of-way cleaning and everything that we need to do to provide a better service to clients, and we are under the regulatory limits as we should.

關於Cemig D的營運效率，我們已經提過，我認為主要影響已經被抵消。我們正在推動高效率管理，也一直在管理路權清理以及所有為了向客戶提供更好服務所需進行的工作，並且如同應有的，我們維持在監管上限之內。

Now for operating efficiency, our indicators for Cemig D are within the regulatory indicators for losses. Here, you have the losses indicator. For our spot price, we did have a change in criteria in 2025. We went from 24 to 35 months, and that's why we had a positive effect. And over the period, it balances out. So this was just because of a changing criteria, but we see that our delinquency is very low. We have positive indicators.

再談營運效率，Cemig D的損耗指標在監管指標範圍內。這裡是損耗指標。就我們的現貨價格而言，我們在2025年確實更改了準則。我們從24個月改為35個月，因此帶來正面影響。而在整個期間內會趨於平衡。所以這只是因為準則變更，但我們看到逾期率非常低。我們的指標表現正面。

And here, we are very proud to bring these results. Our DEC of [875], the best one in our history, and also FEC, that has a positive performance, bringing better services and better conditions to our clients. For Cemig GT, as I mentioned and it's important to stress, Cemig GT today, obviously, it has generation transmission. And it also has a share of the contracts coming from the trading company.

在這裡，我們非常自豪地呈現這些成果。我們的DEC為[875]，是我們歷史上最佳；同時FEC也有正面表現，為客戶帶來更好的服務與更佳的條件。至於Cemig GT，如我所提且必須強調的是，Cemig GT如今顯然涵蓋發電與輸電。它也包含來自交易公司的合約份額。

So the main facts, and we already mentioned, and I'll talk more about them. But the main one is here as the management of hydrological risk at (inaudible). But when we break it down for business for generation, in fact, here, we had that hydrological risk and energy purchase at a much higher price. And in transmission, we had a lower IPCA and we know that our contract asset is remunerated by IPCA or [inflation and that impact] in the transmission company.

所以主要事實，我們已經提到過，我也會再多談一些。但最主要的一點在於這裡的水文風險管理，位於(聽不清)。但當我們把它拆解到發電業務時，實際上，我們面臨水文風險，並以高得多的價格購買能源。而在輸電方面，IPCA 較低；我們也知道，我們的合約資產是以 IPCA（或[通膨及其影響]）計酬，這會影響輸電公司。

Now turning to the trading area. Here, we see the main challenge in the quarter. And the main impact has been the closing of positions. And that was because we did not fulfill contracts that we're not delivering [P 90] and some contracts that we are able to recover part of this amount at the end of the year because some of the positions have been sold and also because of some credit events, and I believe the whole market is seeing that. But the main effect here, yes, is really price.

現在轉到交易業務。在這裡，我們看到本季的主要挑戰。主要影響來自部位平倉。這是因為我們未履行一些合約、未能交付（[P 90]），以及部分合約我們能在年底收回其中一部分金額，因為有些部位已經出售，另外也因為一些信用事件，我相信整個市場都看到了。但這裡的主要效果，沒錯，確實是價格。

Cemig SIM is adding capacity to its portfolio, and it did have a significant increase in recurring EBITDA of around 100%. That's very nice to see Cemig SIM's growth and the addition of new operations that will be bringing more energy to our portfolio.

Cemig SIM 正在為其投資組合增加產能，其經常性 EBITDA 大幅成長，約達 100%。很高興看到 Cemig SIM 的成長，以及新增營運項目，將為我們的投資組合帶來更多能源。

And Gasmig this quarter also posted [does affect] as clients migrate to the free market, this margin is reduced, and that is the main effect that we see in Gasmig. We will be seeing that happening over time because there is a migration of clients to the free market.

而 Gasmig 本季也出現（確實會受到影響）：隨著客戶移轉至自由市場，這個利潤率會下降，這是我們在 Gasmig 看到的主要影響。隨著時間推移，我們會持續看到這種情況，因為客戶正在移轉到自由市場。

And now we end the presentation, very proudly honoring our electricians. They are the heart of Cemig. We do exist because of them. They represent us, and they were the winners of the [Rodeo] champion team in Costa Rica. We went there for the competition. We did compete, we were the winners and we did not have any safety failure. And this is the main message. We want to be efficient, we want to provide the best services to our clients, but we also want to deliver service in a safe way. So a special congratulations to our champions because they move energy -- Cemig's energy.

現在我們以非常自豪的心情結束簡報，向我們的電工致敬。他們是 Cemig 的核心。我們之所以存在，是因為他們。他們代表著我們，並且在哥斯大黎加的 [Rodeo] 競賽中贏得冠軍隊伍。我們前往那裡參賽。我們參賽並奪冠，而且沒有任何安全失誤。這就是最重要的訊息。我們希望有效率、為客戶提供最好的服務，但我們也希望以安全的方式提供服務。因此，特別恭喜我們的冠軍，因為他們輸送能量——Cemig 的能量。

So thank you all very much. And now we will open the floor for the Q&A session.

非常感謝各位。現在我們將開放問答環節。

(Operator Instructions) Our first question is from [Andre Sampayo], sell-side from Santander Bank.

(接線員指示) 我們的第一個問題來自 Santander Bank 的賣方分析師 [Andre Sampayo]。

I'm going to read his question. Andre's question is, I would like to understand how the discussion on the plant's renewal is going. I will turn that question to Marco da Camino.

我將朗讀他的問題。Andre 的問題是：我想了解電廠續約的討論進展如何。我會把這個問題交給 Marco da Camino。

Hello, Andre. Thank you very much for your question. And this discussion about the concession renewal, [Sacral in Boras and Nova point] is going well. have great contact and interaction with the Ministry of Energy and ANEEL, and we expect to renew these constructions in the next few months before they are done.

你好，Andre。非常感謝你的提問。關於特許權續約的討論，[Sacral in Boras and Nova point] 進展順利。我們與能源部及 ANEEL 保持良好聯繫與互動，並預期在未來幾個月內、在到期前完成這些續約。

Okay. Still a question to Marco Soligo. So the question is for Marco and Marcus Vinicius. How can we reduce hydrological risk with alternative energy so that we can address these efficiencies?

好的。接著仍是給 Marco Soligo 的問題。這個問題是問 Marco 和 Marcus Vinicius：我們如何透過替代能源降低水文風險，以便達成這些效率？

Good afternoon. Thank you very much for your question. Well, to reduce hydrological risks, if we diversify our portfolio, we are able to avoid the dependency of a single generation. So our portfolio is already designed like that. We have our hydrological plants. But also, we have other wind and solar components. So we do have the GSF impact. But we believe that this is at a lower proportion rather than if we have everything concentrated on HPPs.

各位下午好。非常感謝你的提問。要降低水文風險，如果我們使投資組合多元化，就能避免依賴單一發電來源。因此，我們的投資組合本來就是這樣設計的。我們有水力電廠。同時，我們也有風電與太陽能等其他組成。所以我們確實會受到 GSF 的影響。但我們相信，相較於把所有資源都集中在水力發電廠（HPPs），其占比會更低。

The other way of managing that is really to higher ahead of time, and we are paying attention to that. There was a reduction of GSF in the beginning of the year. But the second half of the year that would concern us and (inaudible) could be at a lower level, but we already have an adequate reserve for that to avoid significant impacts over the year.

另一種管理方式，確實是提前提高（對沖/預先安排），我們也正密切關注這點。年初 GSF 有所下降。但下半年才是我們會關注的部分，而（聽不清）可能會在較低水準；不過我們已經有足夠的適當準備金，以避免全年出現重大影響。

Thank you very much, Marcus Vinicius. I have two questions to our CFO and IR Officer, Andrea Almeida. The first question is what can we expect from the next tariff review in 2028? And the second question is related to the increase of the debt vis-a-vis the investments, considering that we have two digits interest rates?

非常感謝你，Marcus Vinicius。我有兩個問題要請教我們的財務長暨投資人關係主管 Andrea Almeida。第一個問題是：我們可以期待 2028 年下一次費率審查帶來什麼？第二個問題與負債相對於投資的增加有關，考量到我們目前是兩位數利率水準？

Well, talking about the tariff review, obviously, we are making the most affecting investments according to our plans in the distributing company. And we are sure that these investments will be well acknowledged in our tariff review.

關於費率審查，顯然我們正依照配電公司的規劃，進行最具影響力的投資。我們確信，這些投資會在費率審查中獲得充分認可。

And of course, and we will know that in the future, but we take into consideration the increase of the asset base discount, the depreciation, and we will see the impact of the rebuilding of the EBITDA based on what we will see in the five years. Maybe we will have BRL22 billion. So considering these investments, we will have a rebuilding of the base. We reduce depreciation, and then we will get to a variation that's going to vary the level of the EBITDA in 2028. We are very optimistic about the recognition of this investment because we are very cautious in our investments.

當然，未來我們才會更清楚，但我們會把資產基礎折現率的上升、折舊等因素納入考量；並且我們將根據未來五年所呈現的情況，看到 EBITDA 重建的影響。也許我們會達到 220 億巴西雷亞爾（BRL22 billion）。因此，考量這些投資，我們將重建資產基礎。我們降低折舊，接著會出現一個變動，進而影響 2028 年的 EBITDA 水準。我們對投資獲得認可非常樂觀，因為我們在投資上非常審慎。

Now -- and thank you for your questions. I forgot to thank you. Now moving to the other question on the leverage. Cemig finds itself at a very healthy leverage stage. And we do believe that over the investment program, leverage tends to grow so that we can carry out the investment program of BRL44 billion in the next five years.

現在——也謝謝你的提問。我忘了向你致謝。現在轉到另一個關於槓桿的問題。Cemig 目前處於非常健康的槓桿水準。我們也相信，在投資計畫期間，槓桿可能會上升，以便在未來五年執行 440 億巴西雷亞爾（BRL44 billion）的投資計畫。

Leverage tends to increase, to grow up to 2028 when it's going to come down and of course, with the tariff review of the distributing company. So always considering very healthy levels. And so much so that we got another AAA. So now we have two AAA ratings by Fitch and Moody's, proving that Cemig's credit quality is very positive.

槓桿預期會上升、一路增加到 2028 年，之後會回落；當然，也會隨著配電公司的費率審查而調整。因此，我們始終以非常健康的水準為前提。也正因如此，我們又取得了一個 AAA。所以現在我們同時獲得 Fitch 與 Moody's 的兩個 AAA 評級，證明 Cemig 的信用品質非常正面。

So yes, we have high interest rates right now in the country, but we do have a return on our investments that are higher than. And that's why we are focusing investments, especially in the regulated sectors of distribution and transmission. And yes, we do believe that these investments generate value for shareholders, and this leverage is at a level that is very comfortable for the company.

是的，目前國內利率偏高，但我們的投資回報率也高於利率。因此我們將投資重點放在投資上，尤其是配電與輸電等受監管領域。而且我們確實相信，這些投資能為股東創造價值，且目前的槓桿水準對公司而言非常舒適。

Thank you, Andrea. Our next questions are for Marcus Vinicius. First from [Ricardo Bello] from Safra. He would like to understand which are the possible impacts with the change of the risk parameters of [Sevar] in the price curve. Is that already impacting you at the trading level?

謝謝你，Andrea。接下來的問題是給 Marcus Vinicius 的。第一位是來自 Safra 的 [Ricardo Bello]。他想了解，[Sevar] 風險參數變更對價格曲線可能造成哪些影響。這是否已經在交易層面對你們產生影響？

Thank you for your question. We are following up this discussion, we did have a public hearing and the SMA is going to discuss the change of these parameters for next year. There is an initial assessment of maintaining them. But we have seen that in the public hearing, a lot of contributions arose, considering a possibility to reduce the levels of CFR. Considering that we already have a more controlled situation and simulation shows that it is possible to have a risk level, the right protection at a lower price. So we would not be so risk averse.

謝謝你的提問。我們正在追蹤這項討論；我們確實舉行過公開聽證會，而 SMA 將討論明年這些參數的變更。初步評估是維持不變。但我們也看到，在公開聽證會中出現了許多意見，考量有可能降低 CFR 的水準。鑑於目前情勢已較受控，且模擬顯示在較低價格下仍可達到適當的風險水準與保護。因此我們不會那麼偏向風險趨避。

So if that changes, of course, we are going to have prices impact. The prices could be lower, and that would be beneficial for our position because we still have open positions. We have long positions for '27, '28 which are the closure years and the ones that will be more affected in the spot price if that happens. And we are observing this movement as might be interesting for us to start closing these positions.

所以如果真的改變，當然價格會受到影響。價格可能會更低，這對我們的部位是有利的，因為我們仍有未平倉部位。我們在 '27、'28 有多頭部位，這些是結算年度；若發生上述情況，它們在現貨價格上會受到較大影響。我們正在觀察這個動向，因為這可能對我們開始平倉這些部位很有吸引力。

Thank you, Marcus. Next question is for you again from [Rafael Cohiya]. He would like to understand, he wants us to talk more about the strategy of the company's trading branch. And considering that for 2026, we have a challenging GSF and what are going to be the impact in the market?

謝謝你，Marcus。下一個問題仍是給你，來自[Rafael Cohiya]。他希望了解，想請我們多談談公司交易業務（trading branch）的策略。並且考量到 2026 年我們面臨具挑戰性的 GSF，這將對市場造成哪些影響？

Thank you. 2026 is a challenging year for us. And we did discuss that in our Cemig Day because we did have a development of our margins in '26 that would be the lower margin of our history. And is going to recover in the future. But in 2026, because of the history of prices in the market, we contract ahead of time, and we know that we had a decrease in the contracts.

謝謝。2026 年對我們而言是具挑戰的一年。我們在 Cemig Day 也討論過，因為我們在 '26 的利潤率走勢，將會是我們歷史上最低的利潤率。之後會再回升。但在 2026 年，由於市場價格的歷史走勢，我們會提前簽約，我們也知道合約量有所下降。

And the contracts had reduced the margin. And in addition to that, we have short-term elements that could reduce results. So difference in submarkets prices that are high in the beginning of the year, we expect them to drop for the rest of the year, but that's an impact, also reduction in some contracts. So there are situations, factors that could turn this year into a more challenging ones. But our vision is that in the future, these impacts will come down because of the systemic progress and our margin because of the prices of the market.

而合約也壓縮了利潤率。此外，還有一些短期因素可能降低業績。例如年初各分區市場（submarkets）價差偏高，我們預期其餘時間會回落，但這仍會造成影響；另外也有部分合約減少。因此有一些情況與因素，可能使今年變得更具挑戰。但我們的看法是，未來這些影響會因系統性改善而下降，而我們的利潤率也會受市場價格帶動。

It also is going to evolve. So the hydrological risk once again, we had in the first quarter, a realization that was lower than the expectation. So the challenging situation usually comes in the second quarter. We believe that's going to happen according to what we are planning in a way that in the second half of the year, that's not going to be an impact as we had in the first quarter.

也會持續演變。再談一次水文風險：第一季的實現結果低於預期。因此具挑戰的情況通常會出現在第二季。我們相信會依照我們的規劃發展，使得下半年不會像第一季那樣造成影響。

Thank you, Marcus. Another question now coming from [Joan Fagundes] from Banco Bradesco. Can you tell us how is the seasonal profile of our plants, if it's like MREs? And what is our discussion in the risk parameters. You already talked about this, right?

謝謝你，Marcus。接下來一個問題來自 Banco Bradesco 的 [Joan Fagundes]。你能告訴我們，我們電廠的季節性曲線（seasonal profile）如何？是否像 MRE？以及我們在風險參數方面的討論是什麼。你剛才已經談過這個了，對吧？

Well, our seasonality is very close to MRE. We did have smallest difference in January, maybe we suffered this effect a little bit more because it's compensated in the rest of the year, but it is very close. And about [Sevara], as I mentioned, there is a perception that you can see because of the contributions from the public hearing.

嗯，我們的季節性與 MRE 非常接近。我們在一月的差異最小；也許我們在一月稍微多承受了一點這個影響，因為其餘月份會補償回來，但整體非常接近。至於 [Sevara]，如我提到的，從公開聽證會的意見回饋可以看出目前有這樣的觀感。

And we see that there is room for reduction. We had 45 contributions, and two-thirds of them were force of our parameters that were not averse or less averse to risk. So we might have a review and by having a review, we will see this beneficial effect to close the positions, as I mentioned.

我們認為確實有下調空間。我們收到 45 份意見，其中三分之二支持採用對風險不那麼趨避、或較不趨避的參數。因此可能會進行檢討；一旦檢討，我們將看到如我所說的那種有利效果，來進行部位平倉。

Thank you, Marcus Vinicius. And we thank you all very much for your participation. The IR superintendents are available for any other questions you might have. So we end the videoconference for the earnings of the first quarter of 2026 for Cemig. Have a nice afternoon.

謝謝你，Marcus Vinicius。也非常感謝各位的參與。投資人關係（IR）主管團隊可就各位可能還有的其他問題提供協助。因此我們結束 Cemig 2026 年第一季財報視訊會議。祝各位下午愉快。

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.

本逐字稿中的英文陳述由現場電話會議的口譯員口譯。該口譯員由主辦本活動的公司提供。