Companhia Paranaense de Energia (ELP) 2025 Q1 法說會逐字稿

(foreign language)

（外語）

-- these statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur.

——這些聲明可能涉及與未來事件相關的風險和不確定性，因此取決於可能發生或可能不會發生的情況。

Investors, analysts, and journalists should consider that events related to the macroeconomic environment, the industry, and other factors could lead results to differ materially from those expressed in such forward-looking statements.

投資者、分析師和記者應考慮到與宏觀經濟環境、產業和其他因素相關的事件可能會導致結果與此類前瞻性陳述中表達的結果有重大差異。

The video conference will be presented by Mr. Daniel Slaviero, CEO of COPEL; Mr. Felipe Gutterres, CFO of COPEL; as well as Directors of the subsidiaries that will be available for the Q&A session.

視訊會議將由 COPEL 執行長 Daniel Slaviero 先生主持； COPEL財務長Felipe Gutterres先生；以及出席問答環節的子公司董事。

I would now like to turn the floor to COPEL's CEO, who will begin the presentation. Please, Daniel, you may proceed.

現在我想請 COPEL 的執行長開始演講。丹尼爾，請你繼續。

Good morning. I thank everyone for participating in our video conference.

早安.我感謝大家參加我們的視訊會議。

In line with what we presented in our Investors Day, we are focused on executing the second wave of our strategic plan called Operational Excellence. Right now our priority is creating a culture of ownership with all of our employees with efficiency gains, extracting more value from our current assets, and maximizing revenues by taking advantage of volatile energy prices.

根據我們在投資者日上提出的內容，我們專注於執行名為「卓越營運」的策略計畫的第二波。現在我們的首要任務是讓所有員工都具有主人翁精神，提高效率，從現有資產中獲取更多價值，並利用波動的能源價格實現收入最大化。

In addition, we are fully focused on executing COPEL distribution's investment plan, the Largest in its history and preparing for the tariff review that will take place on June 2026. The essence of this phase is to prepare the company to make the most of the opportunities for expansion in the next cycle.

此外，我們全力執行 COPEL 分銷公司歷史上最大的投資計劃，並為 2026 年 6 月進行的關稅審查做準備。這一階段的本質是讓公司做好準備，充分利用下一個週期的擴張機會。

Following this purpose, the General Shareholders meeting held on April 24 approved the composition of the new Board of Directors, now 100% independent with mote to disciplinary and strategic formation for the company with highly technical qualified professionals with complementary skills who will contribute to our sustainable growth. Also at this meeting, the payout of another BRL1.3 billion in dividends was approved related to the year 2024.

為了實現這一目標，4 月 24 日召開的股東大會批准了新董事會的組成，新董事會現為 100% 獨立董事會，董事會注重紀律和戰略制定，由技術水平高、技能互補的專業人員組成，他們將為公司的可持續發展做出貢獻。本次會議也批准了 2024 年另外發放 13 億巴西雷亞爾的股利。

With that, last year our payout exceeded 86% with a dividend yield close to 9%. We have additionally announced the partial closing of the divestment of small generation assets receiving BRL302 million, and the complete closing should take place in coming months while meeting the precedent conditions at the same time.

因此，去年我們的派息率超過 86%，股息殖利率接近 9%。我們也宣布部分結束小型發電資產的剝離，獲得 3.02 億巴西雷亞爾，全面結束將在未來幾個月內進行，同時滿足先決條件。

We're also complying with the precedent conditions for the closing of the Baixo Iguacu operation. And we expect this closing to take place in the second half of 2025. As for the results of the first quarter, I also highlight another period of solid growth in EBITDA reaching BRL1.5 billion with excellent performance in all business units.

我們也遵守關閉 Baixo Iguacu 業務的先決條件。我們預計此交易將於 2025 年下半年完成。至於第一季的業績，我還強調 EBITDA 再次穩健成長，達到 15 億巴西雷亞爾，所有業務部門都表現出色。

On this slide, I'd like to highlight COPEL's competitive advantages. First and foremost, I reinforce the essence of our thesis. It is simple with low risk and huge potential to unlock value. We are an integrated company with premium assets and concessions renewed for the long term. We believe in focusing on the core business of electricity and gaining scale. We have a relevant presence in the segments of generation, transmission, distribution and trading of energy which allows us to have a diversified composition of our EBITDA balancing risk and return with strong resilience to market fluctuations.

在這張投影片上，我想強調一下 COPEL 的競爭優勢。首先，我要強調我們論文的本質。它很簡單，風險低，並且釋放價值的潛力巨大。我們是一家擁有優質資產和長期特許經營權的綜合性公司。我們相信專注於電力核心業務並擴大規模。我們在能源發電、輸電、配電和交易領域佔有重要地位，這使得我們的 EBITDA 結構多元化，能夠平衡風險和回報，並對市場波動具有強大的抵禦能力。

We consider all of these points give us a very important strategic advantage or competitive edge. This integration allows us to capture synergies, optimize investments, and operate efficiently across different industry cycles. In addition, we have strong cash generation in a robust balance sheet that allows us to take advantage of growth opportunities with responsibility and financial discipline.

我們認為所有這些點都為我們帶來了非常重要的策略優勢或競爭優勢。這種整合使我們能夠捕捉協同效應、優化投資並在不同的產業週期中高效運作。此外，我們穩健的資產負債表擁有強大的現金產生能力，這使我們能夠以負責任的態度和財務紀律抓住成長機會。

COPEL, ladies and gentlemen, has a clear thesis, solid fundamentals, low risk, a team of excellence, and a very consistent trajectory of deliveries. We are facing a unique case with plenty of room to unlock and create value. And now, I want to open an unprecedented chapter in our history as a corporation. As promised at our Investor Day, we announce today our optimal capital structure and new dividend policy. This work is a reflection of an in-depth study led by Our CFO and his team, so Felipe, in addition to greeting you and complimenting you on this excellent work, I would ask you to present the details of this work.

女士們，先生們，COPEL 的宗旨明確，基礎紮實，風險低，擁有一支優秀的團隊，交付軌跡非常一致。我們面臨的是一個獨特的案例，有足夠的空間來釋放和創造價值。現在，我想開啟我們公司歷史上前所未有的篇章。正如我們在投資者日所承諾的那樣，我們今天宣布了我們的最佳資本結構和新的股利政策。這項工作反映了我們的財務長和他的團隊所領導的深入研究，因此 Felipe，除了向您致意並稱讚您出色的工作之外，我還請您介紹一下這項工作的細節。

The study considered several scenarios and variables which allowed us to set a transparent, robust, consistent and predictable policy. The most important thing is that we want to reconcile a high capacity to pay dividends with the preservation of our ability to make good investments. We are raising the company to a new level that will allow us to generate even more value for our shareholders. This update also demonstrates the management's commitment to discipline and capital allocation and once again consolidates what has been COPEL's hallmark, consistency in our deliveries.

研究考慮了多種情境和變量，使我們能夠制定透明、穩健、一致且可預測的政策。最重要的是，我們希望在高股息支付能力與維持良好投資能力之間取得平衡。我們正在將公司提升到一個新的水平，以便為股東創造更多價值。此次更新也體現了管理層對紀律和資本配置的承諾，並再次鞏固了 COPEL 的標誌性特徵——交付的一致性。

With that said, I will now turn the floor to Felipe, so that he can address more details about this work but also the earnings of the first quarter. Thank you.

話雖如此，我現在將發言權交給費利佩，以便他可以詳細介紹這項工作以及第一季的收益。謝謝。

Good morning everyone. Thank you, Daniel. I'd like to start here by recalling a fundamental point. Discipline is the pillar of our management. Considering this on COPEL Day last year, I presented our capital location manifesto, which demonstrates in an integrated way, how we look at our capital allocation process, reinforcing the company's internal rate of return at the center of this process and today we present to you the result of our optimal capital structure study which directly impacts our dividend policy.

大家早安。謝謝你，丹尼爾。首先我想回顧一下一個基本要點。紀律是我們管理的支柱。考慮到這一點，我在去年的 COPEL 日提出了我們的資本配置宣言，該宣言以綜合的方式展示了我們如何看待我們的資本配置流程，強化了公司內部收益率在這一流程中的核心地位，今天我們向您展示了我們的最佳資本結構研究的結果，這直接影響了我們的股息政策。

You see that the study is connected with all of the perspectives of this year, the strategic cash reserve, investment grade were some of the central pillars adopted. Well, the result of the work allows us to have a greater scope to analyze new projects, optionalities, and of course a new perspective of dividends, which is what we'll present today.

您會發現這項研究與今年的所有觀點相關，策略性現金儲備、投資等級是所採用的一些核心支柱。嗯，這項工作的成果使我們能夠有更大的範圍來分析新項目、可選性，當然還有股息的新視角，這就是我們今天要介紹的內容。

Now speaking specifically of the approach developed to define the optimal capital structure, it is important to start with the central concept behind the study. The optimal point of the capital structure is the one at which leverage maximizes the value of the company, that is the limit zone in which the costs of in debtness, especially the risk of financial distress, begin to compromise that value. In other words, there is a value curve associated with leverage, and our goal was to identify exactly the inflection point, before the increasing leverage started to negatively impact the value of the company instead of generating value.

現在具體談到定義最佳資本結構的方法，重要的是從研究背後的核心概念開始。資本結構的最佳點是槓桿使公司價值最大化的點，也就是負債成本（尤其是財務困境風險）開始損害公司價值的極限區域。換句話說，存在一條與槓桿相關的價值曲線，我們的目標是準確地找出拐點，在不斷增加的槓桿開始對公司價值產生負面影響而不是價值之前。

So for that we struck to a robust project in two major stages. The phase first was to construct deterministic models for each cash generating unit. We defined a minimum strategic strategic cash and added CapEx, debt service, and dividends to reach the shareholders' cash flow with dividends. We built a solid base of long term projections with assumptions defined by our market area added to macroeconomic projections taking the modeling to the end of the concessions.

因此，我們分兩個主要階段實施了一個強而有力的計畫。第一階段是為每個現金產生單位建立確定性模型。我們定義了最低策略現金，並增加了資本支出、債務服務和股息，以透過股息實現股東現金流。我們建立了堅實的長期預測基礎，將我們的市場區域定義的假設添加到宏觀經濟預測中，使建模一直持續到特許權的結束。

We then connected this deterministic model to a probabilistic model allowing us to have 78,000 possible paths of critical variables for own business from which we defined 700 sample scenarios with a high degree of confidence with different combinations of critical operational, microeconomical, and financial variables. This approach allows us to capture the complexity and variability of the real business environment which leads us to the optimal capital structure considering different contexts.

然後，我們將這個確定性模型與機率模型連接起來，這樣我們就可以獲得自身業務的關鍵變數的 78,000 條可能路徑，從中我們以高度的信心定義了 700 個樣本場景，其中包含關鍵營運、微觀經濟和財務變數的不同組合。這種方法使我們能夠捕捉真實商業環境的複雜性和多變性，讓我們可以根據不同的情況找到最佳的資本結構。

Here it's worth highlighting the main assumptions that guided our stochastic simulations. We sensitized variables such as the price of energy and market of energy where we operate, costs, GSF curtailment, interest rates, IPCA, among others. This allowed us to understand how different levels of leverage perform not only in base scenarios, but also in adverse and stressed (inaudible). The model has clearly shown us where the limits of healthy leverage are and when value starts to be lost.

這裡值得強調的是指導我們隨機模擬的主要假設。我們對一些變數進行了敏感化，例如我們營運所在地的能源價格和能源市場、成本、GSF 削減、利率、IPCA 等。這使我們能夠了解不同槓桿水平不僅在基準情境下的表現，而且在不利和壓力情境下的表現（聽不清楚）。該模型清楚地向我們展示了健康槓桿的極限在哪裡以及價值何時開始損失。

Graphically demonstrating the logic of the model was to capture the tax benefit generated by leverage in different scenarios of critical variables combined to the point that the costs linked to financial distress, such as the additional spread related to the debt rating and the stress of the leveraged [beta] reached the optimal point in each scenario. These charts here in these slides summarize the consolidated view of the assumptions that supported the simulated scenarios in the probabilistic model.

圖形化地展示該模型的邏輯是捕捉在不同關鍵變數組合情境下槓桿產生的稅收收益，使得與財務困境相關的成本（例如與債務評級相關的額外利差和槓桿β的壓力）在每種情境下達到最佳點。這些投影片中的圖表總結了支持機率模型中模擬場景的假設的綜合視圖。

Our approach was comprehensive, incorporating both historical parameters and market projections. It is important to highlight here that all of these premises and assumptions and scenarios were built by our market area and deeply discussed internally. With that, we ensured first the technical robustness of the study with assumptions adherent to the reality of our business and credible scenarios. And second, the independence and analytical impartiality avoiding any construction bias in the model.

我們的方法是全面性的，結合了歷史參數和市場預測。這裡需要強調的是，所有這些前提、假設和情境都是由我們的市場區域建立的，並且經過內部深入討論。這樣，我們首先確保了研究的技術穩健性，其假設符合我們業務的現實和可信的情景。其次，獨立性和分析公正性避免了模型中的任何建構偏差。

We carefully segmented scenarios from the most conservative to the most optimistic. Ensuring that the final result reflected not only an internal point of view, but a broad reasoned and representative view of the real dynamics we face. And this reinforces the reliability of the results that I'll show you on the next slide.

我們仔細地將各種情境從最保守到最樂觀來劃分。確保最終結果不僅反映內部觀點，而且反映我們所面臨的現實動態的廣泛合理且具代表性的觀點。這增強了我在下一張投影片中向您展示的結果的可靠性。

So with that, based on all the modeling presented, considering deterministic projections and simulations of probabilistic scenarios, we've reached the solid conclusion with 99% confidence that the leverage of 2.8 times netted over EBITDA is the capital structure that maximizes the company's value. The study shows that there's an optimal leverage range that preserves our financial flexibility, our ability to absorb shocks, maintain access to finance on competitive terms and sustain our growth agenda to invest with discipline and generate value on an ongoing basis.

因此，基於所有提出的模型，考慮到確定性預測和機率情境模擬，我們以 99% 的信心得出了可靠的結論，即 2.8 倍淨 EBITDA 的槓桿率是最大化公司價值的資本結構。研究表明，存在一個最佳槓桿範圍，可以保持我們的財務靈活性、吸收衝擊的能力、保持以有競爭力的條件獲得融資的能力，並維持我們的成長計劃，以便有紀律地進行投資並持續創造價值。

This range includes 95% of the optimization scenarios is in the range between 2.5 times and 3.1 times net debt over EBITDA. It is important to say that the structure holds up even in adverse and stress scenarios such as those simulated in the stochastic models that I already. And it intelligently and dynamically balances the benefit of debt with the risks of financial stress, taking into account the profile of our cash generation, our future commitments, and the company's long-term strategy.

此範圍包括 95% 的最佳化方案，範圍在淨債務與 EBITDA 比率的 2.5 倍至 3.1 倍之間。重要的是，即使在不利和​​壓力的情況下，例如我已經在隨機模型中模擬的情況，該結構仍然能夠保持穩定。並且，它考慮到我們的現金產生狀況、我們未來的承諾以及公司的長期策略，智慧而動態地平衡債務收益與財務壓力風險。

In the end, what we have here is a clear direction for decision making based on a strict methodology, consistent data, and a well-founded technical parameter that increasingly guides our capital positioning to maximize the company's value, and as a direct consequence of the study of the optimal capital structure, I announced one of the main developments of this work, the definition of COPEL's no dividend policy, which will be one of the instruments to achieve the optimal leverage.

最後，我們得到的是一個基於嚴格的方法、一致的數據和有充分依據的技術參數的明確決策方向，該方向越來越多地指導我們的資本配置以最大化公司的價值，並且作為對最優資本結構研究的直接結果，我宣布了這項工作的主要發展之一，即 COPEL 的無股息政策的定義，這將是實現最佳槓桿率的工具之一。

The policy takes into account a target leverage of 2.8 times, bands of more or less 30bps. And thus, we can be between 2.5 times or 3.1 times net debt over EBITDA on leverage as long as there's the expected convergence to 2.8 times within 24 months. Minimum payout of 75%, payment frequency of at least 2 times a year, and we also foresaw totally exceptional situations such as a pandemic, a catastrophic event, or even a relevant high return investment strategy in which the Board of Directors may decide on a payout below the minimum.

此政策考慮的目標槓桿率為 2.8 倍，區間為 30bps 左右。因此，只要預計在 24 個月內收斂到 2.8 倍，我們的淨債務與 EBITDA 的槓桿率就可以達到 2.5 倍或 3.1 倍之間。最低支付率為 75%，支付頻率為每年至少 2 次，我們還預見了完全特殊的情況，例如流行病、災難性事件，甚至是相關的高回報投資策略，董事會可能會決定低於最低標準的支付。

To conclude the session of the presentation, I reinforce that our policy reflects an integrated view of our business model, our capacity to generate cash, and above all our commitment to create sustainable value, balancing three fundamental pillars. Predictability, we started to adopt a clear structure with objective parameters that allow investors to understand that what to expect in terms of remuneration. It is essential to increase the attractiveness of the stock and reduce perception of risk.

在演講結束時，我想強調，我們的政策反映了我們商業模式的綜合觀點、我們的現金創造能力，以及最重要的是我們創造永續價值的承諾，平衡了三大基本支柱。可預測性，我們開始採用具有客觀參數的清晰結構，讓投資人了解在薪酬方面會有什麼樣的預期。提高股票的吸引力並降低風險認知至關重要。

Financial discipline, this means that the return to shareholders will always occur within a context of solidity and responsibility without compromising the company's financial health, flexibility to growth, keeping room to make the necessary moves for good capital allocations as long as these are clearly generators of value in excess of the cost of capital.

財務紀律，這意味著股東回報將始終在穩健和負責任的背景下進行，而不會損害公司的財務健康和成長靈活性，並保留採取必要行動實現良好資本配置的空間，只要這些行動顯然能夠創造超過資本成本的價值。

Now talking about the quarter's results with delivered recurring EBITDA of BRL1.5 billion in the first Q '25, of which BRL783 million came from COPEL GNT and BRL693 million from this. This result was 13% higher than the BRL1.3 billion of the first quarter of last year, mainly due to the largest PMIX of sale at COPEL GeT, the increase in the volume of energy sold, the lower generation deviation with a reduction of 30.5% or BRL15 million compared to the previous period caused by a higher wind volume partially offset by the curtailment of 6.1% compared to 1.9% in the first quarter of '24.

現在談論本季的業績，25 年第一季的經常性 EBITDA 為 15 億巴西雷亞爾，其中 7.83 億巴西雷亞爾來自 COPEL GNT，6.93 億巴西雷亞爾來自此。這一結果比去年第一季的 13 億巴西雷亞爾高出 13%，主要原因是 COPEL GeT 的銷售 PMIX 最高，售出的能源量增加，發電偏差降低（與上一季度相比減少了 30.5% 或 1500 萬巴西雷亞爾，這是由於風電量增加導致的，但部分抵消了 6.1% 的第 20% 2.4%）。

And the increase of almost 1% in the grid market built in the distribution company offset by the higher volume of energy from the MMGD at BRL164 million. I'd like to point out that our network business, our grid business stood out with an EBITDA efficiency of 46.4%, and in the line of results we presented growth of 6.4% in recurring net income. And a series of combined factors affected this variation in addition to better operational performance registering an increase of BRL19 million in the equivalent of our shares, these components were partially neutralized by the lower financial result, more negative by BRL174 million due to the increase in financial charges due to the higher interest rates and the increase in debt volume.

配電公司建造的電網市場成長了近 1%，但 MMGD 的能源產量卻增加了 1.64 億巴西雷亞爾，抵銷了這一成長。我想指出的是，我們的網路業務、電網業務表現突出，EBITDA 效率達到 46.4%，而且我們的經常性淨收入成長了 6.4%。一系列綜合因素影響了這一變化，除了更好的營運業績（相當於我們的股票價值增加了 1900 萬雷亞爾）之外，這些因素被較低的財務業績部分抵消，由於利率上升和債務額增加導致財務費用增加，財務業績下降了 1.74 億雷亞爾。

Shifting the focus to investments, we executed a CapEx of BRL678 million in the first quarter with distribution representing 87% of the total realized with a focus on the regulatory remuneration base, efficiency and quality of services. For the year we expect to make BRL3 billion in investment with an allegation and distribution of BRL2.5 billion. Giving color to our indepthness, we close the quarter with a leverage of 2.3 times, 0.3 times lower than what we closed in '24. So this shows the balance and the consistency of our balance sheet and our ability to generate cash.

將重點轉向投資，我們在第一季執行了 6.78 億巴西雷亞爾的資本支出，其中分配佔總支出的 87%，重點關注監管薪酬基礎、效率和服務品質。我們預計今年的投資額為 30 億雷亞爾，其中認購和分配額為 25 億雷亞爾。為了體現我們的深度，我們在本季結束時的槓桿率為 2.3 倍，比 24 年結束時的槓桿率低 0.3 倍。這顯示我們的資產負債表是平衡的、一致的，而且我們產生現金的能力也是一樣的。

Speaking of leverage, I conclude my presentation by highlighting the study of the optimal capital structure, which we have just seen, which pointed to a leverage of 2.8 times and the new dividend policy whose minimal payout will be 75%. This work and the consequent dividend policy is a milestone in our journal of financial maturity. We are confident in the solidity of the capital structure and in the balanced policy we have adopted, ensuring consistent returns to investors and preserving the company's ability to continue to invest in growth with discipline.

說到槓桿率，我在演講的最後要強調的是，我們剛剛看到的最佳資本結構研究指出，槓桿率為 2.8 倍，新的股利政策的最低股息率為 75%。這項工作和隨之而來的股息政策是我們財務成熟度期刊的一個里程碑。我們對資本結構的穩固性和我們採取的平衡政策充滿信心，確保為投資者帶來持續的回報，並維持公司繼續有紀律地投資於成長的能力。

As we have said, we are a unique case capable of lining relevant sustainable dividends with growth. And we are very confident that our long-term strategy focus on efficiency, quality, and results will continue to advance and deliver more and more value to all our stakeholders.

正如我們所說，我們是一個獨特的案例，能夠將相關的可持續股息與成長結合。我們非常有信心，我們注重效率、品質和成果的長期策略將繼續推進，並為我們所有的利害關係人帶來越來越多的價值。

Before opening for the Q&A, I thank each and every one of the COPELians for their hard work, commitment, and continued dedication. Thank you once again for attending.

在開始問答環節之前，我要感謝每一位 COPEL 人的辛勤工作、承諾和持續奉獻。再次感謝您的出席。

We can now move on to the Q&A session.

現在我們可以進入問答環節。

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

我們現在開始問答環節。（操作員指示）

Maria Carolina Carneiro, Safra.

瑪麗亞·卡羅萊納·卡內羅，薩弗拉。

Good morning. Thank you for this presentation. I have two questions. First, about the period to start applying the new dividend policy, just to make it clear, you gave us the breakdown of the policy and the horizon. You're thinking for 24 months, but just to be sure, are we speaking already of the including the payment of dividends as of 2025 within these parameters, or is it something that's going to start in 2026?

早安.感謝您的演講。我有兩個問題。首先，關於開始應用新股利政策的期限，為了清楚起見，您向我們提供了政策的細目和期限。您考慮的是 24 個月，但為了確定起見，我們是否已經討論過從 2025 年開始支付股息，還是從 2026 年開始支付股息？

And also within this scope to try and understand the metrics that you place to reach the optimal leverage of 2.8 times, we would probably be talking about more frequent payouts and doing some analysis here of sensitivity and you even mention it in your policy, the possibility of payout extraordinary dividends. So just to know whether I'm understanding this correctly.

並且在這個範圍內嘗試理解您為達到 2.8 倍的最佳槓桿而設置的指標，我們可能會討論更頻繁的支出並進行一些敏感性分析，您甚至在您的政策中提到了支付額外股息的可能性。所以只是想知道我是否理解正確。

And a second question about the energy market, you've been able to get interesting results at the trading and generation transmission was also good results. And we've been seeing a bigger (inaudible) of disconnecting the spot price from the market, the price in the south was a little bit separate and going up compared to other markets.

第二個問題是關於能源市場的，您在交易和發電傳輸方面獲得了有趣的結果，結果也很好。我們已經看到現貨價格與市場脫節的現象更加嚴重（聽不清楚），與其他市場相比，南方的價格略有不同，而且還在上漲。

Just to know what your view is and how you're preparing for this horizon where the prices are detached to considering what we have today in the south and the portfolio that you have in the northeast. There's some people who are expecting these disconnection to be closer or longer and the spot price lower in the Northeast.

只是想了解一下您的觀點，以及您如何為這一前景做準備，其中價格與考慮我們目前在南方的情況以及您在東北的投資組合無關。有些人預計斷電時間會更近或更長，東北地區的現貨價格會更低。

Hello Carol, thank you very much for your question. So first, it is valid effective immediately starting today. So the second point, Felipe, I think there's something relevant on Carol's question here is how these ranges are going to work in this convergence period of 24 months, and then we'll go into the market prices and I would ask you and Mano to add.

你好，卡羅爾，非常感謝你的提問。首先，它從今天起立即生效。因此，第二點，費利佩，我認為卡羅爾的問題與此相關，即這些範圍將如何在這個 24 個月的收斂期內發揮作用，然後我們將進入市場價格，我想請你和馬諾補充一下。

Well, first, Carol, thank you. Good morning. You asked about the frequency of payout. What the policy says says is that it should be at least two payments a year minimum, so that gives us liberty to practice more than that depending on the company's strategy and the the space that we see. As for the ranges, the way they work gives us flexibility to operate 30bps up or down as long as in 24 months we get the convergence to 2.8 times.

好吧，首先，卡羅爾，謝謝你。早安.您詢問了付款頻率。政策規定每年至少應付款兩次，因此我們可以根據公司的策略和我們看到的空間自由地進行更多付款。至於範圍，其運作方式使我們能夠靈活地上下調整 30 個基點，只要在 24 個月內我們能夠收斂到 2.8 倍。

So it should be understood that if there's room within that period, we can operate at 3.1 times, for example, as long as we see convergence to 2.8 times in this time horizon that we established here in the policy. So that opens up room to use dividends as a tool to get to the optimal structure.

因此應該理解，如果該期間內有空間，我們可以以 3.1 倍的速度運營，例如，只要我們看到在政策中確定的這個時間範圍內收斂到 2.8 倍。因此，這為使用股息作為最佳結構的工具提供了空間。

Just an addendum before I turn the floor to Rodolfo. I think this is very important here. The first 2.8 times is a reflection, as I said here, of a very robust work, 78,000 scenarios, 700 samples. There's a lot of details there and the stress test for the company as well which shows the robustness of a company like COPEL. And the second point is that this range aims to provide predictability and stability to the dividend policy either operating at a higher range -- higher end of the range or the lower and to avoid hiccups.

在將發言權交給 Rodolfo 之前，我只想補充一點。我認為這非常重要。正如我在這裡所說的，前 2.8 次反映了一項非常強大的工作，78,000 個場景，700 個樣本。那裡有很多細節，還有公司的壓力測試，顯示了像 COPEL 這樣的公司的穩健性。第二點是，這個範圍旨在為股利政策提供可預測性和穩定性，無論是在較高範圍（範圍的高端）還是較低範圍運作，都可以避免出現問題。

And the second point is considering that we have a contracted deleverage condition for '26, '27 with the tariff review and with the improvement in prices that we already perceived this quarter. As well as the work in efficiency and cost reduction, and I think that the second main reason here for this range, Felipe and our work here is to provide us flexibility to navigate economic cycles as we see with perspectives of improvement or worsening in this universe.

第二點是考慮到我們在 2026 年和 2027 年已經簽訂了去槓桿協議，包括關稅審查和本季度我們已經察覺到的價格上漲。除了提高效率和降低成本的工作之外，我認為這個範圍的第二個主要原因是，費利佩和我們在這裡的工作為我們提供靈活性，以應對經濟週期，正如我們所看到的，這個宇宙是改善還是惡化。

And third and last point is also to leave some significant flexibility for us to be able to make good investments as Felipe already said so we are very happy and confident that this policy is an important step, as Felipe mentioned in the maturity and financial growth and the appreciation, the value of the company. But Rodolfo, please go ahead and the the price aspects and the market if you can also talk about the sales for the quarter as well, please.

第三點也是最後一點，也為我們留下了一些相當大的靈活性，以便我們能夠進行良好的投資，正如 Felipe 已經說過的，所以我們非常高興和有信心這項政策是重要的一步，正如 Felipe 在成熟度和財務增長以及升值、公司價值方面提到的那樣。但是 Rodolfo，請繼續討論價格方面和市場，如果您也可以談談本季的銷售情況，謝謝。

Excellent. Okay. Good morning, everyone. This first quarter was very interesting in terms of price and volatility. But with that pace of long-term growth maintained as we saw in the last quarter. So speaking a little bit of strategy and price, the price we've been -- when the price goes up, we've been contracting long term energy. We have Contracted energy, especially for '26 onwards, so we made the most of that high price window and this is something we've been doing since last year and the result of those hedging is what we could see throughout this quarter.

出色的。好的。大家早安。就價格和波動性而言，第一季非常有趣。但正如我們在上個季度看到的那樣，長期成長速度仍保持著。所以談到策略和價格，我們的價格——當價格上漲時，我們一直在簽訂長期能源合約。我們簽訂了合約能源，特別是從 26 年開始的合約能源，因此我們充分利用了高價窗口，這是我們自去年以來一直在做的事情，這些對沖的結果就是我們在整個季度都能看到的。

So we do have a long position in the northeast considering the contracts we buy there, and this position was hedged during 2024 and the strategy proved to be very interesting during this year. So at some points when the price was detached in more than [BRL300], we were on the opposed point. We were selling more energy than buying, and we captured that advantage.

因此，考慮到我們在東北購買的合約，我們確實在東北擁有多頭頭寸，並且該頭寸在 2024 年進行了對沖，該策略在今年被證明非常有趣。因此，當價格超過 [BRL300] 時，我們就處於相反的點位。我們銷售的能源比購買的多，我們抓住了這個優勢。

And then another relevant point in your question about the market price is this difference between the South and Southeast. Considering the low fluence we saw in the first quarter, the South started to be a lot more expensive than the Southeast. There was a lot of positive impacts because of that. Today, almost 90% of our energy is sold in the Southeast. Our hydro generation is majority mostly in the south.

您關於市場價格的問題中另一個相關的點是南方和東南之間的差異。考慮到我們在第一季看到的低流量，南部地區的價格開始比東南部地區貴得多。這產生了許多正面的影響。如今，我們幾乎 90% 的能源都銷往東南部。我們的水力發電主要集中在南部。

So this difference was in the portfolio of the trading company. So starting in February, we start to see this separation. That's now close to BRL40 and a lot of the results of trading come from the strategy to maximize these swaps. So whenever there's this difference, this disconnection, we take the opportunity to capture that in the medium and short term contracts as well.

所以這個差異存在於貿易公司的投資組合中。從二月開始，我們開始看到這種分離。現在已接近 40 巴西雷亞爾，並且許多交易結果都來自於最大化這些掉期的策略。因此，每當出現這種差異、這種脫節時，我們都會抓住機會在中期和短期合約中捕捉到這種差異。

Excellent, thank you.

非常好，謝謝。

Bruno Amorim, Goldman Sachs.

高盛的布魯諾·阿莫林。

Good morning. Thank you for this opportunity and congratulations on your new policy, very clear, very objective. So I have a question related to the policy and capital allocation. Daniel, if you can talk about this today, what are the main fronts you're working on? In terms of growth and capital allocation from now on. You're putting together a very senior board, very competent C level, preparing the company for a journey of efficiency and growth as you have been saying. So if you can update us in terms of priorities and how you see the growth agenda from now on.

早安.感謝您給予的這個機會，並祝賀您的新政策，非常明確，非常客觀。所以我有一個與政策和資本配置相關的問題。丹尼爾，如果您今天可以談論這個問題，您主要在哪些方面開展工作？從現在開始就成長和資本配置而言。您正在組建一個非常資深的董事會，由非常有能力的高管組成，正如您所說的那樣，為公司的高效和成長之旅做好準備。因此，如果您能向我們介紹優先事項以及您對未來成長議程的看法，我們該怎麼辦？

And a follow up going back to what you said in the Investor Day, correct me if I'm wrong, but you said in 2025 you were not foreseeing any huge capital allocation movement or M&A. So the question is considering the new policy that gives you certain flexibility and there's a contracted relevant increase of EBITDA for coming years with the tariff review coming next year. Would it make sense to think that the best case should be a leverage slightly above 2.8 times since this deleveraging is already contracted for coming years? These are my questions. Thank you.

回到您在投資者日所說的內容，如果我錯了，請糾正我，但您說在 2025 年您沒有預見到任何大規模的資本配置運動或併購。因此，問題在於考慮給予您一定靈活性的新政策，並且隨著明年關稅審查的進行，未來幾年的 EBITDA 將有相應的增加。鑑於未來幾年的去槓桿率已經收縮，那麼認為最佳情況應該是槓桿率略高於 2.8 倍是否合理？這些都是我的問題。謝謝。

Good points here, Bruno. Thank you for the question. We'll start from the last one going back. So Felipe, please feel free to add as well to my answer.

布魯諾，你的觀點很好。謝謝你的提問。我們將從最後一個開始回顧。因此 Felipe，請隨意補充我的答案。

This possibility that you mentioned is very reasonable for us to end 2025 with the leverage close to or slightly above what we're saying with the capital structure and working on keeping or maintaining that within the 30bps range because we see a deleveraging perspective that's very strong in coming years. So it's a possibility and we'll discuss it.

您提到的這種可能性對我們來說非常合理，到 2025 年底，槓桿率將接近或略高於我們所說的資本結構，並努力將其保持或維持在 30 個基點的範圍內，因為我們看到未來幾年去槓桿的前景非常強勁。所以這是有可能的，我們會討論它。

But the range is precisely to give us this flexibility to be able to navigate it considering the company's circumstances as you said and everyone knows there's this contracted deleveraging with the tariff review or the beginning of the new investment cycle with the distribution company that will follow a normal curve, a more traditional curve starting in the first cycle, lower and growing during the five years.

但正如您所說，這個範圍恰恰是為了給我們這種靈活性，讓我們能夠根據公司的情況來應對，而且每個人都知道，隨著關稅審查或配電公司新投資週期的開始，這種合同去槓桿將遵循正常曲線，即從第一個週期開始的更傳統的曲線，在五年內走低並不斷增長。

So I think this is a point and this is an actual possibility. And in our view, it doesn't make sense to have hiccups in the payment of dividends and high, medium, low, high. Our idea is to have predictability, stability to reach this maybe exceeding double digit yields, which seems for us a feasible, reasonable scenario, considering the characteristics and perspectives of COPEL. So that's the first point.

所以我認為這是一個觀點，而且這是一個實際的可能性。我們認為，股利支付過程中出現高、中、低、高等問題都是沒有意義的。我們的想法是透過可預測性和穩定性來實現可能超過兩位數的收益率，考慮到 COPEL 的特徵和前景，這對我們來說似乎是一個可行、合理的方案。這是第一點。

In terms of M&A and all that. What I want to tell you is Bruno, our view is a long term view. We're talking about and presenting and we're going to do that at the Investor Day at the end of this year, a view for 2035, what we expect for the next 10 years, what are the avenues and what can happen in 3, 5, 10 years. So we don't have any anxiety or perspective or anything feasible or concrete in the very short term. You saw our first slide was really to reinforce the second wave of '25, '26, which is still a wave where we're cleaning house, operational efficiency, executing the investment plan, as I said.

就併購和所有這些而言。我想告訴你的是，布魯諾，我們的觀點是長遠的。我們正在討論和展示，並將在今年年底的投資者日上進行展示，展望 2035 年，我們對未來 10 年的期望是什麼，有哪些途徑以及 3 年、5 年、10 年後會發生什麼。因此，我們沒有任何焦慮或前景，也沒有任何短期內可行或具體的措施。您看到我們的第一張投影片實際上是為了強化 25、26 年的第二波浪潮，正如我所說，這仍然是我們清理門戶、提高營運效率、執行投資計畫的浪潮。

And also to do an important deep risking with the tariff review that in our mind will be impeccable and we're working for that a process where in the internal review of our processes in our structure to develop, as we said, the ownership culture have a transition of our internal systems, in particular, our ERP system. There's a capacity bid as well that's not defined when exactly it's going to happen, but there's strong indication that this may happen by the end of this year. So I think there's do a lot of things, a lot of steps before we start thinking about any relevant capital allocation.

同時，也要對關稅審查進行深入而重要的風險評估，我們認為這將是無可挑剔的，我們正在為此而努力，在內部審查我們的結構流程，正如我們所說，所有權文化將推動我們內部系統的轉變，特別是我們的 ERP 系統。還有一個容量競標，雖然沒有明確具體時間，但有強烈跡象表明這可能會在今年年底發生。因此我認為在我們開始考慮任何相關的資本配置之前，還有很多事情要做，還有很多步驟要做。

And finally, I mean, we have, we must be attentive and always aligning and not with -- we don't put together such a high level excellence team just to sit down and wait for things to happen. That's not the idea. That's what we always say. Every day has its own priorities. So we'll be mindful. There's still a lot of space. And today is like our baptism of this new phase as a corporation which is to re-rate the company with the predictability and the capacity to pay dividends, shareholder remuneration, so there's still room and just to conclude my thoughts, time is on our side in the sense of valuing, appreciating the company, and we believe that it's still very cheap.

最後，我的意思是，我們必須保持注意力並始終保持一致，而不是——我們組建如此高水準的卓越團隊並不只是為了坐下來等待事情發生。這不是我們的想法。我們總是這麼說。每天都有自己的優先事項。所以我們會留意。還有很大的空間。今天就像是我們公司新階段的洗禮，需要重新評估公司的可預測性和支付股息、股東報酬的能力，所以仍然有空間，總結一下我的想法，從估值和欣賞公司的角度來看，時間站在我們這邊，我們相信它仍然非常便宜。

Great, excellent, thank you.

非常好，非常好，謝謝。

Fillipe Andrade, Itau BBA

菲利佩·安德拉德（Fillipe Andrade），伊塔烏（Itau）BBA

Good morning. Thank you for taking my question. I'd like to ask you for better visibility of the sales strategy now of energy trading in the quarter, especially for the longer vortices in 2027 onwards. What was the price level of these contracts, considering that we see a lot of volatility and an increasing pressure in the quarter.

早安.感謝您回答我的問題。我希望您能更了解本季能源交易的銷售策略，特別是針對 2027 年及以後的較長渦旋。考慮到本季我們看到很大的波動性和不斷增加的壓力，這些合約的價格水準是多少？

And also the company has a portfolio that should benefit from this price volatility in the intraday and I'd like to know if you have an estimate that you can share with us on the general profile of generation and how much it con contributed to the results of the first quarter of '25. Thank you.

此外，該公司擁有的投資組合應該會受益於盤中的價格波動，我想知道您是否可以與我們分享有關發電總體概況的估計以及它對 25 年第一季業績的貢獻程度。謝謝。

(foreign language) But talking about that, the prices are actually higher. If we look at 2027 and compare its behavior with all a (inaudible) that we talk about, it's at the historical highest level. So we've been capturing prices close to [BRL190] and '27, above BRL170 and '28 and this maintains looking forward. Now talking a little bit about the benefit of seasonality in a day, that's one of the points that we talked about in our Investor Day. We've been seeing that already materializing. It started in January with a discrepancy day to day was not that big, and in February we see already an improvement of BRL10 million and the results of COPEL as a whole and in March that was 100% materializing, reaching BRL20 million. That equals to about BRL18, two-megawatt hour more than in the energy that we sell and we imagine with the hydroc stress in the second half and the entry of the wind harvest that tends to converge more so that could get you as much as BRL60, BRL70, BRL80 per megawatt hour depending on the affluences and the solar and wind powers.

（外語）但是說起來，價格實際上更高。如果我們展望 2027 年，並將其行為與我們談論的所有（聽不清楚）進行比較，就會發現它處於歷史最高水平。因此，我們一直在關注接近 [BRL190] 和 '27、高於 BRL170 和 '28 的價格，並且我們繼續期待這一價格。現在談談季節性在一天中的好處，這是我們在投資者日討論的要點之一。我們已經看到這一情況正在實現。從 1 月份開始，每天的差異並不大，而到了 2 月份，我們已經看到 COPEL 整體業績提高了 1000 萬巴西雷亞爾，3 月份這一數字達到 100%，達到了 2000 萬巴西雷亞爾。這相當於我們銷售的能源多出約 18 巴西雷亞爾，即每兆瓦時 2 巴西雷亞爾。我們預計，隨著下半年水力發電壓力加大以及風能發電的增加，每兆瓦時能源收入將進一步增加，因此，根據能源供應情況以及太陽能和風能的利用情況，每兆瓦時能源收入將達到 60 巴西雷亞爾、70 巴西雷亞爾、80 巴西雷亞爾。

An additional point here, Fillipe. We're seeing a higher price volatility that's also a reflection of this new pattern and the hydrogeneration and so on, and we understand this is very positive and healthy despite some impacts in the industry overall because it approximate or brings the models closer to the real life operation that we see. It doesn't make sense to have falsely smaller prices in the first half and then that gets too separated later and that becomes a cost of charges and service and that ends up affecting the general cost.

這裡還有一點要補充，菲利佩。我們看到價格波動加劇，這也反映了這種新模式和氫化等，我們知道儘管對整個行業產生了一些影響，但這是非常積極和健康的，因為它近似或使模型更接近我們看到的實際操作。在前半部虛假地降低價格，然後在後面價格差距太大，成為收費和服務成本，最終影響總成本，這是沒有意義的。

So every time we have a model where we bring it closer. To the real operation with all the complexities and challenges that ANS has for us this is a healthy discussion to evaluate this event, and it would be a step back and it was discussed and debated for a long time, for years actually, and we're only just beginning this five-months of this new operation, with the new hybrid way.

所以每次我們都有一個模型，我們可以讓它更接近。對於 ANS 為我們帶來的所有複雜性和挑戰的實際操作，這是對這一事件進行評估的健康討論，這將是一次後退，並且已經討論和辯論了很長時間，實際上已經好幾年了，我們才剛剛開始這項為期五個月的新操作，採用新的混合方式。

Excellent, thank you, and I fully agree with all your points, Daniel. Thank you.

非常好，謝謝你，我完全同意你的所有觀點，丹尼爾。謝謝。

Joao Pimentel, Citi.

花旗銀行的 Joao Pimentel。

Good morning. Thank you for your presentation. I'd also like to congratulate you on your dividend policy. I have a question about the reserve auction, and I'd like to take your view on two points.

早安.感謝您的演講。我也要對您的股利政策表示祝賀。我有一個關於底價拍賣的問題，我想聽聽您對兩點的看法。

Considering the postponement, what do you see in terms of a perspective of a deadline or if you expect any change in the products related to the hydro plans, if it's a good pit point. And the second point is your view on participating on the auction, including for us to think about leverage and so on, considering that this bidding process allows the anticipation of hydric projects.

考慮到推遲，您認為最後期限會怎樣？或者您預計與水電計劃相關的產品會有任何變化？這是否是一個好的突破點？第二點是您對參與拍賣的看法，包括我們要考慮槓桿作用等等，因為這個競標過程可以預期氫能專案。

So I'd like to see if you have any estimates in terms of CapEx for these projects. And what would be the spacing idea of this disbursement over the years and if you're thinking about working with the advance or not, it depends on the approval of the CMSA but -- how -- what are you thinking about this CapEx allocation? Thank you.

所以我想看看您是否對這些項目的資本支出有任何估計。那麼，這些年來這筆支出的間隔想法是什麼？如果您考慮使用預付款，則取決於 CMSA 的批准，但是 - 您如何看待這筆資本支出分配？謝謝。

Jaon, excellent questions. So what do we see first? This was a decision in our view that was correct at this conciliation because of the level of the judicialization even before the bidding process. Can you imagine if it was -- if they went forward, the trend was that it would remain, so that was a decision that the ministry had and our view it's correct. Our expectation is that this will come back soon and the bidding will take place by the end of the year, November maybe or December at the latest. Especially because the system needs (technical difficulty)

Jaon，非常好的問題。那我們首先看到的是什麼？我們認為，這是這次調解中做出的正確決定，因為司法化程度甚至在招標過程之前就已經達到了。你能想像如果他們繼續這樣做，趨勢就是它會繼續下去，所以這是該部做出的決定，我們認為這是正確的。我們預計這將很快恢復，競標將在年底進行，可能是 11 月，最遲是 12 月。尤其是因為系統需要（技術難度）

(foreign language) to the thermal products and the hydro product will be the most affordable in the auction. And second, there's more than 5 gigabytes of interested projects. And third, it's fully renewable and it's majority with national products, so there's a lot of benefits for consumers, and they have guarantees and the safety of the system happens with hydro and thermal plants.

（外語）熱能產品和水力產品在拍賣中將是最便宜的。其次，有超過 5 GB 的感興趣的項目。第三，它是完全可再生的，而且大部分是國產產品，因此對消費者來說有很多好處，而且他們有保障，水電和火力系統的安全性也很好。

As for our participation, we have two projects that are very advanced, the (inaudible) project with 860 mega, and in the segment also with 1.2 gigawatts to put in. So it will greatly depend on the conditions and prices and the conditions to see which will have the best conditions, but we will be in our view prepared with these two projects.

至於我們的參與，我們有兩個非常先進的項目，（聽不清楚）項目有 860 兆瓦，並且在該部分還有 1.2 千兆瓦的投入。因此，這在很大程度上取決於條件和價格，以及哪個條件最好，但我們認為我們會為這兩個項目做好準備。

And as for CapEx and price, we are being more cautious because this ends up being a strategic piece of information. And (inaudible), we don't have a lot of civil construction, and you have a little bit more and that could affect our competitiveness and tolerance. As for a potential anticipation of 2030, we'll see how the rules will unfold. But I think this is part of the competitive edge of each of the players. And if they can deliver it ahead. And we'll certainly look at that very cautiously, but this will bring benefits to the system. Because this will definitely be -- part of this value will definitely be captured at lower prices benefiting the consumer, and that's why we have a strong confidence in the high-tech plant. It has a strategic role, but it has a relevant role in the safety of the system.

至於資本支出和價格，我們會更加謹慎，因為這最終會成為一條戰略訊息。而且（聽不清楚），我們的土木工程並不多，而你們的土木工程稍多一些，這可能會影響我們的競爭力和容忍度。至於 2030 年的潛在預測，我們將拭​​目以待規則將如何展開。但我認為這是每個球員的競爭優勢的一部分。以及他們能否提前交付。我們當然會非常謹慎地看待這個問題，但這會為系統帶來好處。因為這肯定是——這部分價值肯定將以較低的價格實現，從而使消費者受益，這就是我們對高科技工廠充滿信心的原因。它具有戰略作用，但對系統安全也起著相關作用。

Next question, Mr. [Reynaldo Verisimo], he says, since the company sold shares, what has been the main difficulty that you found in the current format and what do you consider to be the COPEL's greatest triumph. I'm referring to the management operation and in the call of the fourth quarter of '24, I remember you mentioned the energy generation bidding processes. Is this expectation maintained?

下一個問題，[雷納爾多·維里西莫] 先生，他說，自從公司出售股份以來，您在當前形式中遇到的主要困難是什麼，您認為 COPEL 最大的成功是什麼。我指的是管理運營，在 24 年第四季的電話會議中，我記得您提到了能源發電招標流程。這種預期是否能維持下去？

No, okay, so I believe that COPEL doesn't have any huge triumph for anything spectacular. I mean, it has work and consistence that is done brick by brick. So what are we doing? And I think that's our main strength as I mentioned, at our roadshow and the follow on, we sold shares in August '23 and we had a series -- made a series of promises that we were going to renew our three main plants that we were going to have works in efficiency gains because COPEL was already very efficient.

不，好吧，所以我相信 COPEL 並沒有任何驚天動地的巨大勝利。我的意思是，它需要一點一點的努力和一致性。那我們在做什麼？我認為這是我們的主要優勢，正如我所提到的，在我們的巡迴演出和後續活動中，我們在 23 年 8 月出售了股票，並且做出了一系列承諾，我們將更新我們的三個主要工廠，我們將提高效率，因為 COPEL 已經非常有效率了。

There was EBITDA like this above [20] of the regulatory and today it closed at [46], but there was really of things that were inherent to the restrictions and ties of a state-owned company. We said we were going to divest in assets that we didn't consider to be core assets. And that we saw closing 100% of the matrix, so the sale of [Wega, Compa Gas] that we were going to focus on large assets so that we could have the main -- I mean, not a plant of 10, 12 megawatts.

該公司的 EBITDA 曾經高於監管規定的 [20]，今天收於 [46]，但這確實與國有企業的限制和約束有關。我們說過，我們將剝離那些我們認為不是核心資產的資產。我們看到矩陣的 100% 被關閉，因此出售 [Wega、Compa Gas] 意味著我們將專注於大型資產，這樣我們就可以擁有主要的 — — 我的意思是，不是一個 10、12 兆瓦的工廠。

So we use this to recompose the technical team. We said we were going to have a lot of discipline in capital allocation and that we would conduct a study of a new capital structure and dividend policy and that we would be mindful of opportunities that could come up. For now what we saw recently was an opportunity to sell Baixo Iguacu within this context that simply reinforces, I mean, the company is focused on splitting and capital location either for divestment or investment, and I believe that the next main step to conclude this, and I appreciate your question, that was in our follow on and we'll begin the debates and initiatives now with after the General Shareholders meeting would be the discussion of new market and [Novo Mercado]. And it was a factor that made it unfeasible with the discussions that we are able to move forward and if everything goes out well, to bring some solarity on that for coming months.

所以我們利用這個來重組技術團隊。我們表示，我們將在資本配置方面嚴格遵守紀律，我們將對新的資本結構和股利政策進行研究，我們將留意可能出現的機會。目前，我們最近看到的是出售 Baixo Iguacu 的機會，這只是在這種背景下強化了這一點，我的意思是，該公司專注於拆分和資本配置，無論是撤資還是投資，我相信下一步的主要步驟是完成這一點，我很感謝你的問題，這是我們的後續行動，我們將在股東大會後開始辯論和倡議，討論新市場和股東大會[新市場]。這是一個導致我們無法推進討論的因素，如果一切順利的話，我們也無法在未來幾個月內實現一些太陽能發電。

Next question, [Rui Batista] and he says, congratulations to all the team and the efficiency of the management. I'd like to know if the studies to migrate to Novo Mercado, if you could expect an effect in transforming the shares from CPLE6 to CPLE3 once it has higher market value.

下一個問題，[魯伊·巴蒂斯塔] 他說，祝賀整個團隊和管理的效率。我想知道是否有遷移到 Novo Mercado 的研究，一旦其市場價值更高，您是否可以預期將股票從 CPLE6 轉變為 CPLE3 會產生影響。

Hi, Rui, as I just mentioned, the coincidence between your question and what I was just saying, I think this is a major step to unlock value that was on hold with the discussions that I mentioned, but I think that now we can start this debate with all stakeholders, and Felipe will also lead this process. So I see this as a very relevantop opportunity. And as I said, to unlock value, I think that the combination of the class of shares is something that brings benefits to everyone, to the preferred and the common shareholders and for the attraction of international investors, this is also a very relevant factor.

你好，Rui，正如我剛才提到的，你的問題和我剛才所說的正好吻合，我認為這是釋放價值的重要一步，而這一過程在我提到的討論中被擱置了​​，但我認為現在我們可以與所有利益相關者開始這場辯論，Felipe 也將領導這一進程。所以我認為這是一個非常相關的機會。正如我所說，為了釋放價值，我認為股票類別的組合可以為每個人帶來好處，包括優先股股東和普通股股東，對於吸引國際投資者而言，這也是一個非常相關的因素。

About this premium or rating and this exchange, it's a very preliminary discussion still very early. There's a difference 10% between one and the other ordinary shares and preferred shares. But if you see the vast majority of operations, almost the totality of operations over the last 30 years, it's always been 1 to 1. But I believe that for us in the debate and the balance, we tend to think there are paths for the greater good to exceed the smaller good, but the more valued company with the single class of shares and more liquidity will certainly bring benefits to everyone.

關於這個溢價或評級以及這種交換，這仍處於非常早期的初步討論階段。普通股和優先股之間有10%的差異。但如果你觀察絕大多數的行動，幾乎過去 30 年裡所有的行動，你會發現它們的比例總是 1 比 1。但我相信，對我們來說，在辯論和權衡中，我們傾向於認為大利益可以超過小利益，但擁有單一類別股票和更多流動性的更有價值公司肯定會給每個人帶來好處。

Our advantage is that this is not -- rating specifically is not a management issue to discuss. It's something that's up to the shareholders. The shareholders should -- are the ones to make a take a position and try to get to an understanding to benefit the greater good for the company.

我們的優勢在於，這不是──具體評級不是需要討論的管理問題。這取決於股東。股東應該－採取立場並努力達成諒解，以使公司獲得更大的利益。

That's exactly it. Yes, perfect.

正是如此。是的，完美。

The questions and answer session is concluded. I will now turn the floor to Mr. Daniel for his closing remarks.

問答環節結束。現在請丹尼爾先生致閉幕詞。

Such an amount of participants and the level of the questions, and especially the consistency and quality of delivery shows how COPEL is a reference company in the electricity sector. So I think all of my partners, all of my colleagues, all COPELians who are with us in this work in this journey, I'm very happy with the new formation of the Board, the quality of its members, the quality and competence of this excellence team that we have here at COPEL, both the ones who were already here and the ones who arrived or who are coming in now recently, and we are convinced and confident that COPEL's case is simple, low risk, and with a lot of opportunity to unlock and create value.

如此數量的參與者和問題的水平，尤其是交付的一致性和品質表明 COPEL 是電力領域的標竿公司。因此，我認為我的所有合作夥伴、所有同事、所有與我們一起努力、一路同行的 COPEL 人，我對新董事會的組建、其成員的素質以及 COPEL 卓越團隊的素質和能力感到非常滿意，無論是已經在這裡的還是新加入的或最近加入的，我們都確信並有信心，COPEL 的情況很簡單、風險很低，並且有很多機會可以創造機會。

Thank you all very much. Today we consider this to be a very important day, not to say historical but in the recent life of COPEL as a corporation. Thank you.

非常感謝大家。今天，我們認為這是一個非常重要的日子，不僅具有歷史意義，而且對 COPEL 公司來說也是一個意義重大的一天。謝謝。

COPEL's conference call is now closed. We thank you all for your participation. Have a great day.

COPEL 的電話會議現已結束。我們感謝大家的參與。祝你有美好的一天。