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[Foreign language] Para quem ouvir?
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[Foreign language] a opção de silêncio.
There's the option to mute original audio in Portuguese by clicking "Mute Original Audio. Q&A. For a Q&A, in this question and answer session, we guide you that they might be sent via the Q&A icon located at the bottom area of your screen. By dynamics, your name will then be announced so that you can ask your question live. At this moment, a request to activate your microphone will pop up on your screen. Considering that some of the panelists are remote, oscillations or stabilities may occur on the video conference, impacting on the answering time. Especially during the Q&A, we count with your comprehension. We highlight that information is obtained in this presentation and eventual statements that might be done during the video conference related to business perspectives, projections, and operational goals, and financial goals for Energisa SA based on student beliefs and premises of the administration of the company. Such as information currently available. Future statements are not proof of performance. They involve risks, uncertainties, and premises. This is a refer to future events, so they depend on circumstances that may or may not occur. Investors must comprehend that economical conditions, market conditions, and other personal factors may affect the performance of Energisa SA and conduct results that differ materially from those expressed in such future statements. I would like to give the word to Maurício Perez Botelho, CFO and Head of Investor Relations, to start the presentation.
[Foreign language] Maurício, pode prosseguir, por favor.
Please go ahead.
[Foreign language] Obrigado, operadora.
Thank you, operator.
[Foreign language] Agradeço.
I appreciate.
Good morning, everyone.
Good morning. I appreciate everyone presentation for the second quarter of 2025.
[Foreign language] Participem comigo nessa.
Participating with me in the finance, our Vice Presidents, Directors, and the Investor Relations team.
[Foreign language] Como de praxe, a clienteleza estejam atentos aqui ao audício.
Please pay attention to the disclaimers on the slide before making any investment decisions in the company.
[Foreign language] Vamos para o próximo slide.
Please let's go to the next slide.
[Foreign language] Nesse slide, eu gostaria de apontar
On the slide I would like the result of some of the highlights of the second quarter.
[Foreign language] A eficiência.
Let's start with the efficiency. And the cost management efficiency process. We completed another quarter with a reduction.
[Foreign language] Apresentamos o trimestre
We had on this quarter with a reduction of 2.8%.
[Foreign language] A PMSO consolidou.
PMSO consolidated.
[Foreign language] Isso impulsionou o foi impulsionado por performance.
The performance side of the distribution was boosted.
[Foreign language] De energia elétrica e o da
Distribution was adjusted a bit.
[Foreign language] daqui em 21.
We had a revolution of 21.5%.
[Foreign language] Bilhão de reais.
BRL 1.9 billion/ year.
[Foreign language] Ajustado recorde.
And the referring agency net income closed in quarter at BRL 440 million. It amounted to growth of more than 32%.
[Foreign language] Reduziu os destaques possíveis.
About the highlights on the segment.
[Foreign language] Energia elétrica.
And the distribution. We continue with the
[Foreign language] custo na revolução.
With the revolution in the cost with the PMSO below inflation.
[Foreign language] O segmento teve crescimento de 3%.
We had a growth of 3.9%.
[Foreign language] A evolução nas vendas de energia.
Evolution on sales.
[Foreign language] E na alta base de comparação do ano passado.
The high base that we have comparing next to last year.
[Foreign language] A redução de redução de losses on energy.
For this industry stock. We reached like the lower number.
[Foreign language] O exemplo principal de fato foi o de shortness que nós tivemos do quintal.
The tariff adjustments. The cost of tariff adjustments in reductions.
[Foreign language] Tivemos no segundo quarto.
On the second quarter last year.
[Foreign language] Isso contribuiu para uma boa evolução de dados recorrentes.
Contributed to the good evolution of recurring EBITDA.
[Foreign language] Que totalizou aqui.
Which totaled BRL 1.7 billion this quarter. A growth of almost 25%.
[Foreign language] No segmento de transmissão de energia.
I'm talking about the transmission.
[Foreign language] Houve uma melhoria aqui expressiva.
What I was saying, there's been an improvement in the regulatory EBITDA margin, which reached 81% in the quarter.
[Foreign language] Reflete no bom desempenho.
Reflecting good performance in the cost control after the internalization of third-party services.
[Foreign language] O envolvimento de distribuição de gás.
In gas distribution.
[Foreign language] A inclusão do processador.
We highlight here the flight of the gas guys. The gas distributors contributed. 54% below. We had a growth of 57% growth in margin.
[Foreign language] No trimestre.
In investments that grew in the quarter, they were like 9%.
[Foreign language] Quando comparado efetivamente.
Compared to the second quarter of 2024.
[Foreign language] Em relação a seis meses.
And related to six months.
[Foreign language] Foi isso a gente chamou da Norgas. Elas contribuíram.
The distributors at Norgás, they contributed with a BRL 22.8 million in equity equivalence with Energisa.
[Foreign language] Na Energisa, seguindo o segmento de redução do indicador.
We continue showing reduction in churn and default indicators. In addition, PMSO wanted to adjust. We'll explore these topics further ahead.
[Foreign language] Próximo slide.
Next slide, please.
[Foreign language] E vamos detalhar a evolução do custo.
Here we're going to be talking about the EBITDA for this quarter. From right to left.
[Foreign language] O contábil saiu, fechou em dois bilhões.
Cash generation in
[Foreign language] bilhões de reais.
Cash generation closed the quarter at BRL 2.1 billion. We're talking about the discount in recurring and non-cash adjustments, which totaled BRL 233 million in the quarter.
[Foreign language] Recorrente de 1,8 bilhão. We show recurring adjusted EBITDA of. Que significa crescimento.
Which means a growth of.
[Foreign language] Bilhões.
A growth of more than BRL 345 million compared to last year.
[Foreign language] Na linha mecânica, né? Saindo para a linha da direta.
Same mechanics.
[Foreign language] O lucro líquido do trimestre foi de BRL 490.
The quarter's net income was BRL 290 million.
[Foreign language] Não recorrente.
That's for the non-recurring and the non-cash adjustments.
[Foreign language] 41 bilhões.
We totaled BRL 441 million.
[Foreign language] 32% de incremento.
More than a 32% increase when compared to the second quarter of 2024.
[Foreign language] Destaque também aqui as despesas.
We highlight the sales and income that were quite financially results.
[Foreign language] Crescimento expressivo.
We rose on the net expense of BRL 1 billion, with 141% growth compared to the second quarter of 2024. Explained mainly by an increase in the balance and the average cost of net debt to.
[Foreign language] Passou aí a BRL 114,4.
Which was 14.4% in 2025 versus 11.3% in 2024.
[Foreign language] Em termos de investimento.
In terms of investments.
[Foreign language] Gostaria de destacar o crescimento.
I would like to highlight the growth in the volume of investment by SGAs.
[Foreign language] Em SGAs,
The investment volume.
[Foreign language] Designamos aqui o primeiro semestre do ano.
When we look at accumulated debt for this year, especially investments were focused mainly on the suburban expansion, construction works, and correction construction.
[Foreign language] Além das
New user connections, in addition to network expansion.
[Foreign language] E o gás, que é o que aparece aqui.
The biogas segment increases due to the proximity of completing
[Foreign language] C onstrução da planta da Agric,
The Agrico biogas plant construction.
[Foreign language] O trimestre.
The forecast for next quarter.
[Foreign language] A redução do investimento.
Reduction in transmission segments.
[Foreign language] E pela conclusão.
Investment levels do and for the transmission from Energisa to Cantinho City .
[Foreign language] Energisa Mapaá.
And part of Energisa Amazonas.
[Foreign language] Voltando aqui para falar pouco.
Moving about.
[Foreign language] O pagamento.
T alking about debt management. We maintain the net debt, adjusted EBITDA covenants indicator, live at 3.2x/ second when comparing the first quarter with the second.
[Foreign language] Uma ressalva aqui que, em final,
We had to check. Quanto. At the last quarter of 2024. A busca de GDD, we started counting the.
[Foreign language] Os credores, né?
For the customers.
[Foreign language] O impacto.
We had an impact.
[Foreign language] Nesse trimestre de 21.
The last quarter of 2024.
[Foreign language] No momento, ele é círculo não crescimento.
Or non-cash at the moment.
[Foreign language] Se a gente fizer essa linha de cálculo.
If we check this calculation. We'll be having a level of three points times, 3x .
[Foreign language] Eu queria também destacar aqui ,
This point highlighted as well.
[Foreign language] A melhoria do perfil da dívida.
Improvements.
[Foreign language] Tivemos aqui uma redução do custo.
Debt profile.
[Foreign language] Da dívida, né?
With reduction in average debt costs, despite the.
[Foreign language] A taxa de juros. Quer dizer,
Despite the higher interest rate level.
[Foreign language] A falta de CDI.
Comparing the percentage with CDI, we are being more efficient.
[Foreign language] Vamos falar pouco de distribuição, do segmento de distribuição.
The distribution.
[Foreign language] Destaque do custo.
Talk about highlighting some data.
[Foreign language] A apresentação.
And then already mentioned.
[Foreign language] Vamos aqui destacar questões de quarter.
Highlighting the loss to form a single reported quarter below safe historical level or local losses and below the regulatory level.
[Foreign language] Regulatório após esse cinturão.
After five quarters.
[Foreign language] Em relação aos limites regulatórios,
Regarding regulatory limits.
[Foreign language] Acho que a ANEEL aprovou mudanças nesse.
I should highlight here that ANEEL approved changes in regulatory non-technical loss calculation methodology.
[Foreign language] Aumentou esses patamares de limites mais favoráveis.
Commissioners voted in more favorable limits by applying those percentages over mass of market instead of dubs.
[Foreign language] É compensado da.
It just need effects of concentrated energy from the main distributed generation.
[Foreign language] A partir dos processos tarifados neuro,
Became effective for me to distribute.
[Foreign language] Temos o Mato Grosso, Mato Grosso do Sul.
We had Mato Grosso,
[Foreign language] Mato Grosso do Sul, Sergipe, em abril,
Which underwent adjustment in April. We're already applying the new methodology.
[Foreign language] Gostaria também de mencionar aqui,
It's worth highlighting, substantial reduction of 2.2 percentage points in the losses of energy in Rondônia over the last 12 months.
[Foreign language] A soma regulatória,
Approaching the regulatory limits.
[Foreign language] O percentual para chegar,
So it's like about one point.
[Foreign language] Nos indicadores operacionais de DECFEC, seguindo com o operational indicator DECFEC,
We continue with excellent performance and recording historical records in some distributors. Talking about Cantinho City , Rondônia, which achieved the best levels in both indicators.
[Foreign language] E a Energisa Paraíba conseguiu uma boa nota, and Energisa Paraíba
Achieved the best results in the historical series for DEC.
[Foreign language] Outro item é a taxa de arrecadação, considerando os items de consolidation.
Collection rate over
[Foreign language] O custo.
We reached 96.8%. That's the best historical performance for the second quarter.
[Foreign language] Mudando aqui para o item de blockchain, os distribuidores, sobretudo Sul e Paraíba.
Talking about Mato Grosso do Sul and Paraíba, have already passed their regulatory scrutiny for concession and renewal.
[Foreign language] Esse processo já foi encaminhado para o,
And the process was forwarded to the Minister of Energy and Energy.
[Foreign language] O CGP em Mato Grosso do Sul
Awaits the appreciation by ANEEL's board.
[Foreign language] Talvez que seja pautado com
As schedules do, by reporting director.
[Foreign language] Assim, a nossa expectativa é que,
We expect that all processes can be ready by September.
[Foreign language] Falando pouco aqui das vendas de energia elétrica,
Sales and electricity consumption.
[Foreign language] Ela ficou estável aqui,
It remained stable.
[Foreign language] N esse período.
Comparing the same periods, consider the 2024.
[Foreign language] F aturado.
However, in the non-billed market, there was a positive evolution of trends to 2.1% in the quarter and 1% in the semester compared.
[Foreign language] Dos fatores que a gente analisa,
One of the factors that we analyzed here is a-
[Foreign language] Q uestão de temperatura.
It was about the temperature
[Foreign language] N o ano aqui,
The weather.
[Foreign language] Temperaturas bem menos no ano aqui,
A year like 2024,
[Foreign language] Q ue foi afetado.
The temperature is way different than last year. It was like some with a lot of heat waves.
[Foreign language] E tinha o efeito aqui do El Niño.
We had the El Niño as well.
[Foreign language] 60% dos dias.
60% of the days we had like averages.
[Foreign language] Em 2024, o CIDE average indicador.
For 2024, the percentage was 80%, so way more.
[Foreign language] Vamos aqui falar da transmissão.
Our transmission portfolio, we have 13 concessions and a REF of BRL 575 million in REF and BRL 43 million of finance. In overall revenue and financial terms, we already mentioned the improvement.
[Foreign language] E o margem a 11,6%.
Reaching 11.6%.
[Foreign language] E queria também comentar aqui alguns highlights.
Highlight as well in this segment. Some operational advances.
[Foreign language] Tivemos aqui liberação da líquida da operação.
We obtained a breaking license release for.
[Foreign language] Leitura da taromante. Parte do projeto de.
Part of Energisa Amazonas project.
[Foreign language] Hoje nós estamos com a RAP.
We currently have a REF of 54% of the operating concession in the first phase.
[Foreign language] Tem prazo estabelecido.
Has the maximum deadline established by now to be March 2026. When will be implied to have.
[Foreign language] E o prazo de. 84% of the RAP.
The expectation in March.
[Foreign language] A conclusão de valores.
Will be by March.
[Foreign language] Na Energisa Maranhão.
At Energisa Maranhão.
[Foreign language] Que obteve o.
We obtained the project.
[Foreign language] Na Energisa Amazonas Sul.
We completed the assembly at transmission line tower. Obviously, we continue pursuing anticipation of entry into operation and projects under construction, as we did with concessions already delivered. Now we're going to be talking about Renegiza.
[Foreign language] Regeneração distribuída.
The distribution area. Most representative here. We had some improvements on. Door-to-door sales we grew 32% in comparison between quarters. And reduced churn by 40% from. For 92.8%, enforcing customer-based loyalty. And default also for 40%, reflecting a healthier portfolio. In the free market, second quarter of 2025, energy billing grew 58.6% in total, justified by efforts in prospecting new clients and strategic trading movements. The segment spread was -BRL 13.9 million due to the average COD that varied from 62.85 MWh in 2024 to 187.5 MWh in 2025.
[Foreign language] Segmento de serviço valor agregado.
And the value-added service segments. The previous net profit was BRL 3.1 million.
[Foreign language] Foi 63%.
63%. 66%, sorry, above the record at 2024.
[Foreign language] Em função também de.
Due to OPEX improvements and finance results.
[Foreign language] Vamos aqui no segmento de gás.
Talk about the gas distribution segments. No gás, like I presented here.
[Foreign language] Uma equivalência para PNEP. Equivalence of. De 22.8.
BRL 22.8 million.
[Foreign language] Isso aqui no trimestre. E mais de 53.
Quarter more than BRL 53 million in the ECGA. ECGA.
[Foreign language] Considerando aqui os efeitos da taxa.
Considering the.
[Foreign language] Que eu pesquei aqui no passado.
Effects.
[Foreign language] Que eles impactaram positivamente.
They were positively impacted.
[Foreign language] Então vê o 2024 result.
There was a 35% reduction in the quarter.
E 18%.
And 18%.
[Foreign language] Os marcadores operacionais destaquem aqui.
Operational indicators. ECGAs. Performance in the volume growth.
Industrial [Foreign language] e comercial cresceram.
Driven by industrial and commercial segments that grew 15% and 12% respectively.
[Foreign language] Finalmente.
And we conclude.
[Foreign language] Concluindo aqui que nós tivemos aprovada a primeira revisão tarifária do.
We conclude the ESGAs for service revenue to distribute margin of BRL 0.4725/ cu m .
[Foreign language] Tendo crescimento de 5.
Representing 57%.
[Foreign language] Apesar desse aumento, despite increase. ESGAs.
ESGAs margin.
[Foreign language] Ainda das mais competitivas.
Continues to be one of the most competitive in Brazil and the lowest in the Southeast region.
[Foreign language] A mais desenvolvida.
Which will enable more developments for this.
[Foreign language] Eu finalizo aqui os destaques desse trimestre.
We conclude here our highlights for this quarter.
[Foreign language] Para perguntas e respostas.
And we're now available for questions and answers. Operator? Please go ahead.
[Foreign language] Agora daremos início às perguntas.
Now we're going to be starting the Q&A session.
[Foreign language] Pedimos, por gentileza, que os passem.
We kindly ask that you ask them all at once.
[Foreign language] A questão da companhia.
Waiting for the company answer.
[Foreign language] Fazer perguntas.
Remembering to ask some questions.
Created in Q&A icon on the button.
We send them via the Q&A. I can locate it at the bottom area of your screen. By dynamics, your names would then be announced so that you can ask your question live.
This moment, a request to activate your microphone appears.
A request will pop up on your screen.
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Please wait while we collect the questions.
[Foreign language] Vamos à primeira pergunta, é do Daniel Traviski.
Our first question comes from Daniel Travitzky, sell-s ide analyst from Safra.
[Foreign language] Cláudio, para que faça a realizar a pergunta.
I'm going to be opening the audio so that you can ask your question live.
[Foreign language] A seguir.
Now, please go ahead.
[Foreign language] Oi, pessoal. Obrigado pela oportunidade.
Thanks for the opportunity.
[Foreign language] Eu tenho três perguntas.
I have three questions, actually.
[Foreign language] Primeira pergunta é sobre oportunidade aí no mercado.
On the auction, the transmission auction this year.
[Foreign language] Vocês estão avaliando?
To understand if you guys have any potential of being in it.
[Foreign language] Tá, né?
Second question, they're not allowed to.
[Foreign language] Então agora aqui a revisão.
You guys conclude here on the.
[Foreign language] Hora da empresa.
Division, yourself, you speak to mission. What's your perspective on investments on this next cycle of the SGAs?
[Foreign language] E a terceira pergunta é sobre dividendos.
Following years, and talking about.
[Foreign language] Eles distribuíram dividendos esse trimestre.
You guys distributed it in this quarter.
[Foreign language] A divisão dos investimentos para a frente.
Talking about conclusions on the transmission lines that you guys have been marketing.
[Foreign language] A extensão aí da alavancagem.
Maintenance.
[Foreign language] De 3.2 do 3D.
On the level.
[Foreign language] O projeto que vocês mostraram.
Yes.
[Foreign language] Com eventual queda para frente.
With eventual losses and the cash flow and everything, how you guys believe that this will be working with the politics on debts?
[Foreign language] A questão aqui é os.
On debts.
[Foreign language] Obrigado.
With this, you're going to be changing anything?
[Foreign language] Bom dia. O Daniel.
Good morning.
[Foreign language] O Daniel. Eu sou de Vigi aqui com os colegas.
We're going to be flipping here. I'm going to be starting with the last question.
[Foreign language] Os dividendos, né?
Talk about dividends.
[Foreign language] A questão de dividendos também é.
Talk about dividends. It's more or less keeping the regular.
[Foreign language] Tudo isso regular. E a Energisa, ela tem uma tradução?
Energisa, it has a translation.
Energisa, [Foreign language] ela tem.
SA has a tradition of paying dividends each semester.
[Foreign language] Que a gente já faz.
For decades, working like this.
[Foreign language] Ou, claro, quando era a Cataguás e Leopoldina, já fazia isso.
Since we were like Cataguases and Leopoldina, we were working like this.
[Foreign language] A ideia é.
[Foreign language] A ideia é.
[Foreign language] Não é que o patamar de.
Remuneration. Level.
[Foreign language] Manutenção. É correto ali.
You're right.
[Foreign language] Você vê que o dividendo.
Checking this, we talk about dividends.
[Foreign language] Contrapressivo, né?
It's not like press.
[Foreign language] O dividendo hoje é 2.1%, mais ou menos.
2.1% like an average.
[Foreign language] A gente está visando.
We are talking here.
[Foreign language] Pouco conservador, manutenção.
I'm being a little bit more conservative on the.
[Foreign language] E tem mudança na política.
Everything in changing politics, we're not changing this. Our politics, they remain the same.
[Foreign language] Entre.
Payout limits.
[Foreign language] Entre 35.
What the payout was, 35% and 50%.
[Foreign language] Ele é ajustado no final do ano. Agora, não.
It is going to be adjusted by the end of the year.
[Foreign language] Esse semestre, né?
On the semester.
[Foreign language] Se fizer a conta, ela vai dar.
We check the math.
[Foreign language] A gente vira a massa em quatro.
The payout is going to be around 44%.
[Foreign language] Mais por %. Chega lá na frente.
We're checking at the end of the year if we're going to be keeping this level or we're going to be decreasing to 35% or increasing to 50%. We're going to be checking ahead.
[Foreign language] O Fundo de.
Of course, checking the readjustments with the tariff.
[Foreign language] Mato Grosso, Mato Grosso do Sul, Sergipe.
Mato Grosso, Mato Grosso do Sul, Sergipe.
[Foreign language] Positivos assim.
They were really positive this year. In contrast. Side of the like it was highly negative, like last year because of the EPM. H elped like this. It helped.
[Foreign language] No trimestre, ele não está refletindo.
Agora, totally reflecting. It's not like reflected totally on the quarter, but.
[Foreign language] Ajustamento.
They're like readjustments like from April.
[Foreign language] Então.
Sergipe is like a little bit more by the end of April.
[Foreign language] Adiante. Nós precisamos.
The effect is going to be like a little bit more heavy.
[Foreign language] Então a gente está contente.
We had the reviews of.
[Foreign language] Temos aí a Paraíba.
On another company, to have Paraíba as well by August.
[Foreign language] Eu estou com a perspectiva de novo.
Perspective more of like improvements.
[Foreign language] A geração de caixa, tá?
On the cash flow generation.
[Foreign language] Vou responder agora sobre.
Answering right now.
[Foreign language] A comissão.
About the auction.
[Foreign language] Nós juntamos pensando.
We are not thinking.
[Foreign language] Quando os transmission auctions. Ele é Legal.
This is like a smaller auction.
[Foreign language] Mas para o momento atual aí.
With our current moments.
[Foreign language] As alturas aqui.
Like the interest rate.
[Foreign language] A gente refletiu pouco.
Makes us reflect a little bit on the needs of.
[Foreign language] Expansão desse segmento.
Expansion of the segment right now.
[Foreign language] Sobre as SGAs, eu vou.
We talk about the SGAs. I'm going to be.
Fábio Bertollo.
Providing the word to Fábio Bertollo, who is remote right now. On the phone. If he can answer the force mode issue.
[Foreign language] Daniel, bom dia, obrigado pela pergunta.
Good morning. Thanks for your question.
What is starting?
The plan.
What starts now?
The cycle starts right now on August 25, and it's going to be working from July 2030. It's not respecting the calendar.
[Foreign language] Os totais.
The total investment.
[Foreign language] 130 milhões.
They're closing BRL 970 million.
[Foreign language] Iniciado.
And.
[Foreign language] I nvestimentos consideram.
Almost half of it.
[Foreign language] Expansão.
It's going to be about expansion, market expansions.
[Foreign language] Em que a gente já tem rede.
We are already working with cities that represent another 30%. The expansion of new municipalities. The introduction of new cities and sustainable biomat.
20% [Foreign language] a gente está falando.
About 20%.
[Foreign language] A gente está falando.
Talking about.
[Foreign language] De digitalização.
Digitalization.
70% digitalization and...
30% digitalization.
[Foreign language] Onde operação é mais sustentável.
Yes. More important than that is that our movements are not necessarily. There are obligations here now, like mainly.
[Foreign language] Envolve aproximadamente 400 km de rede.
Physical.
[Foreign language] E basicamente dobrar.
More than 300 km of network.
[Foreign language] Tem hoje a conexão de 90,000 clientes.
Connections with more than 90,000 customers.
[Foreign language] Dobrou.
With these like 90,000 with industries and improving more than 50% on industries right now.
[Foreign language] Pontos de abastecimento de água.
To help provide.
[Foreign language] Tudo na frota de drogas.
Almost 20 new points on the new energy with diesel heavy duty. 200,000 tons. And eliminating.
[Foreign language] Com esse plano.
Tons of.
[Foreign language] Tons de.
Element with this.
[Foreign language] Oba, pessoal, muito obrigado.
Thank you, thank you so much.
[Foreign language] A nossa próxima pergunta.
Our next question.
It is Filipe.
Comes from Filipe Salgado.
[Foreign language] Salsayed.
Salsayed.
Filipe.
List from Itaú BBA. Filipe, please go ahead.
[Foreign language] Olá, pessoal.
Hi guys.
[Foreign language] Salsayed, obrigado por aceitarem a pergunta.
Good afternoon.
[Foreign language] Eu queria que você pudesse compartilhar um pouco mais com a equipe mais avançada na ESG.
We'd like to talk a little bit more about the marketing vision of distributed generation.
[Foreign language] A empresa considera potencialmente.
Energy. We talk about the potential recycling of.
[Foreign language] Mas pelo menos é a questão das capsules. Obrigado.
Like in the full way or like part of it?
[Foreign language] Eu vou dividir a resposta.
Are going to be including the answer.
[Foreign language] Eu vou responder a segunda pergunta.
I'm going to be answering the second question.
[Foreign language] Eu vou responder a primeira.
Fabio is going to be answering the first part. The moment, we don't know the answer. You're not thinking about recycling? No, not at all. From distributed generation now.
[Foreign language] Tem muita coisa ainda.
We believe that we have a lot.
[Foreign language] Só a lata ainda tem a gente.
To improve.
[Foreign language] Essa qualquer.
Reliability.
[Foreign language] E força.
We can't argue in this movement. Filipe, you can repeat the question here for the... Can you please repeat the first part?
Of course, please.
I saw you there.
[Foreign language] Claro, era a resposta. A resposta bem mais...
We want to understand a little bit more on the evolution of how the strategy and commercialization.
[Foreign language] A estratégia dele. A gente está aqui falando.
To continue the energy.
[Foreign language] Que o churn tinha.
On that would be helpful. I'm talking with the presentation that the churn they had at a risk of like 43% comparing to the...
[Foreign language] Os próximos... É entender aqui exatamente como é que tem sido esse...
I'd like to understand how exactly is going to be this backlog that you guys have of credit.
[Foreign language] Bom dia, Filipe, obrigado aí pela pergunta.
When Filipe answered the question.
[Foreign language] A gente continua trabalhando os valores de...
We keep on working. We have many channels, working with the sales.
[Foreign language] É, na introdução do...
Maurício already talked here.
[Foreign language] É ali no nosso papo aí também.
We work like on the door-to-door service, and we increase in money with 30%. We are also like improving.
[Foreign language] Com os selos que a gente está...
With a lot of foreigners.
[Foreign language] Também tinha a quantidade de...
To adjusted EBITDA ratio is within the expected range.
[Foreign language] A gente fez também uma melhoria grande no canal.
We had an improvement on the digital channels as well. When I compare with the market benchmark... When we compare with the market benchmarks, our volume... The value is lower. H ealthy regulatory EBITDA margin. The digital one is smaller.
[Foreign language] A gente tem que trabalhar com isso.
We can reach right now, so we are working a lot on this channel to try to improve this. was it a record? Like this July, for example, we had a record in sales on this channel.
[Foreign language] A gente vem trabalhando a melhoria de...
We're going to be working with improvements on the...
[Foreign language] No outro, como se fosse?
Channel improvements.
[Foreign language] S empre em conformidade e competitivas.
Sales. Reduction of churn, and we are like improving.
[Foreign language] Nada do cliente, né?
The journey for the customer.
[Foreign language] Depois que a gente consegue fazer a venda.
After we start doing the sales, on the post-sales.
[Foreign language] Fiz uma série de...
Dividend policy remains unchanged.
A...
A series of, like, informations. Checking the client's process.
[Foreign language] Números a fazer a...
Talk about when the customer... When he starts like us... Part of our process.
[Foreign language] Também é inadimplência que ele seleciona que também.
The follow-up.
Reduce your churn, [Foreign language] né? Então...
Debt to adjusted EBITDA ratio.
[Foreign language] Tanto na...
Market churn with this...
[Foreign language] Tá comercializando.
Work on reducing churn. Corner. On the churn and on generation.
[Foreign language] Então aumenta.
We're going to be... You're seeing that improvement on our...
[Foreign language] Objetivo, né?
Cash flow. It's going to be... It's becoming something positive.
[Foreign language] Acaba...
On the sales that we do.
[Foreign language] Então...
We lose the sales with churn. Last year in municipalities, for example, we had... We had... We lose like a record.
[Foreign language] Esse saldo foi para... Já foi para os fundos.
The last like 18 months. On this area.
Very good, [Foreign language] pessoal.
Perfect, thank you so much.
[Foreign language] A nossa próxima pergunta...
Our next question.
Paulina Alcantara.
Comes from Paulina Alcantara. by Alliance Bernstein . Paulina, please go ahead.
Good morning. I just have two questions about the transition.
You just asked two questions.
I understand that the volume increased by roughly 16% year- over- year. Could you please talk about what drove the decrease in gross margin and in EBITDA margin, or in EBITDA generally speaking? The second question is also related to this business. I understand that the investments increased by 9%. Could you talk about what the objective of those investments are? Are you hoping to have those investments result in higher margins, or is it more driven towards increasing revenue by reaching more customers? Thanks.
OK, Paulina, [Foreign language] eu vou responder em português?
Paulina is going to be answering in Portuguese, and then you can listen to the translation in English.
OK.
I'm going to be splitting the answers here. I'll talk about Bertollo, OK?
[Foreign language] Sobre a margem...
About the margins.
[Foreign language] Aconteceu mesmo.
What happened?
[Foreign language] Mede a margem.
With this EBITDA margin, can we talk?
SGAs?
With the SGAs.
[Foreign language] Nós tivemos aquela recém...
We understand.
[Foreign language] Perdão.
We had a margin with PGU that it was...
Is?
It was about BRL 13 million in 2025, in six months, OK?
[Foreign language] E ano salvo?
Last year...
[Foreign language] Tivemos uma reversão de...
We had a reversion of contingency with this, and it was about... How much? About BRL 9 million.
[Foreign language] Então você está achando mais ou menos BRL 22 million?
We had like 22.
[Foreign language] Milhões.
BRL 22 million in events that didn't repeat in the subsequent years, so...
[Foreign language] Praticamente ele explica aí a redução.
It explains the reduction that we had on the margin, that's why it has this decrease.
[Foreign language] Isso está...
It was less than this.
[Foreign language] Eu vou passar aqui para o Fábio. Fábio, por favor.
I'm going to be providing, giving the word to Fábio, so he can talk about the investments.
[Foreign language] Tá OK, Maurício. Olá, Paulinho. Eu também vou seguir...
Hi Paulina. How are you? I'm going to be speaking in Portuguese as well.
[Foreign language] Os investimentos que a gente...
About the margins.
[Foreign language] Principais...
That we had here.
[Foreign language] Trazem expansão de mercado.
It was going to be considered like an expansion market.
[Foreign language] Urbano.
When we talk about like urban markets, residential markets, and commercial markets.
[Foreign language] Eles têm...
Evolving needs of these regions.
[Foreign language] Que chegam a ser 10...
We had a margin that is like 10x bigger than the initial one.
[Foreign language] Como é uma última saída, ele tem uma revolução.
We talk about like the last mile, so we had like a bigger payout at the end.
[Foreign language] Só de escolha.
Talking about choices.
[Foreign language] E os industriais?
When they pop up, they show up here. We keep connecting with them, we keep working with them, but we're searching for markets that are more attractive, available, as you can say. Are we good?
Understood. Thank you both.
Oh, this should be perfect.
[Foreign language] Acabou então. Bem, operadora, eu estou vendo aqui, parece que já encerraram as nossas...
Since we close here, we have no more requests in here.
[Foreign language] Posso parar?
For questions in here.
[Foreign language] Vamos aqui.
I appreciate everyone for being here on this call.
[Foreign language] Até logo.
See you.
[Foreign language] Feito. Não havendo mais perguntas...
Without any more questions, we close here the Q&A session.
Concluded the videoconference.
We end here the videoconference and the results for the second quarter of Energisa in
[Foreign language] R elação às providências.
The Investor Relations department is available to answer any further doubts and questions. Thank you so much for the participants and have a good afternoon.