Good morning, everyone, and thank you for joining Taesa's Q4 and full year 2025 earnings release video conference. We have a simultaneous translation available for those who may need it. Just click on the interpretation button, which is the globe icon at the bottom of the screen, and choose the channel. You can choose either Portuguese or English. For those listening in English, there is an option to mute the original audio in Portuguese by clicking on Mute Original Audio. We would like to inform you that this video conference is being recorded and will be made available on the company's IR website, where you will also find the earnings release. It is possible to download the presentation in English using the chat icon. Participants will not be able to turn on their mics during the entire event.
To ask questions, click on the Q&A icon at the bottom of your screen and type in your question, which will enter the queue. Please note that questions can be submitted during the presentations and will be read out live by the IR officer, Cristiano Grangeiro, and the IR coordinator, Juliana Castelli, and then answered by the executive board during our Q&A session. We emphasize that the information contained in this presentation and any statements that may be made during the video conference regarding Taesa's business prospects, projections, and operation and financial targets are the beliefs and the assumptions of the company's management and on the information currently available. Forward-looking statements are not guarantees of performance since they involve risks, uncertainties, and assumptions as they refer to future events and therefore depend on circumstances that may or may not occur.
Investors should understand that general economic and market conditions, in addition to other operating factors, may affect the future performance of Taesa and lead to results that materially differ from those expressed in such forward-looking statements. Now, we will see a video about Taesa, and then Juliana Castelli will present the company's results. To innovate is to see beyond what exists today. It is to believe that every challenge can become an opportunity, and that the future of energy can be built now. This is the purpose behind Taesa Ventures, a movement that brings together people, technology, and a long-term vision to transform the power system and move the industry forward. We opened our doors to new ideas.
We bridged the gap between real challenges and practical solutions that make a difference in the field, in operations, and in the lives of those who depend on the energy that connects the country. To turn challenges into results, we were inspired by 3 innovation models. First, the venture client model, becoming the first client to test new technologies in real-world conditions, measuring impact and validating solutions that actually work. Second, the venture capital model brings partners closer together, sharing knowledge and accelerating solutions with strong potential to transform the sector. Third, venture building, creating what doesn't yet exist, bringing together internal and external talent to turn ideas into real solutions. At every step, from lab to field, from concept to pilot, we bring innovation to life.
Taesa Ventures is where ideas gain purpose, where technology and impact go hand in hand, and where we build the future today. Good morning, everyone. Welcome to Taesa's Q4 and full year 2025 earnings presentation. If you have any questions, you may submit them during the presentation through the platform's Q&A button. At the end of the presentation, we will open the floor for a Q&A session, and then the executive officers here will address your questions. We hope you enjoy the presentation. On slide 3, we see some highlights of our sustainability agenda. We published our 2025 sustainability report yesterday, and this is an important highlight. This year, we released the report earlier than last year, ahead of the shareholders annual meeting proposal. The report reflects meaningful progress in our ESG agenda.
One of these advancements was the expansion of our greenhouse gas emissions inventory, which now includes Scope 3 emissions. That is, emissions across the value chain. This broadens our review of the climate impacts associated with our operations. In addition, we made progress in the company's material topics, which are now based on the concept of double materiality. On the governance and ESG front, we maintain key certifications such as ISO 9001 for quality management, ISO 14001 for environmental management, ISO 45001 for occupational health and safety, and ISO 55001 for asset management, and further strengthen our alignment to relevant global initiatives such as the UN's Race is a Priority movement and the Global Compact's Anti-Corruption Collective Action.
We also made progress in other undertakings such as the Transparência 100% movement, the UN Women's Empowerment Principles, and the +Mulheres 360 movement. The 2025 report shows we advanced in incorporating the SASB framework, updating indicators aligned with ANEEL, including new financial indicators and, as I mentioned, bringing forward the publication timeline. On the climate and environmentally agenda, we expanded climate adaptation and resilience initiatives and continued to monitor impact indicators associated with our green bond emissions. Today, the company is part of relevant B3 index, indices such as IGPTW and IDiversa, reinforcing market recognition in fronts such as governance, workplace environment, and diversity. At the same time, we continue to make progress toward aligning with the new IFRS S1 and S2 sustainability reporting standards.
In summary, we continue to make consistent progress in our ESG agenda, strengthening governance, increasing transparency, and generating sustainable long-term value. Moving on to slide four with our innovation agenda, where we also made sizable progress throughout 2025. One of the key milestones of the year was the launch of Taesa Ventures, our structured innovation program. This initiative was designed to accelerate the company's strategy across key areas. In 2025, we launched 16 innovation challenges, connecting the company with universities and other stakeholders. On the risk monitoring prevention front, we implemented smart cameras with AI detection algorithms in critical sections of the Ribeirão Gonçalves - São João do Piauí 500 kV transmission line. The systems identify potential fire outbreaks and send real-time alerts to operational teams, enabling faster preventive action and reinforcing asset and environmental protection. Another key highlight is the extensive use of drones for asset inspection.
Today, we operate over 100 drones, many of them with semi-autonomous flight capabilities. This model has already increased our inspection capacity by about 50%, delivering meaningful gains in efficiency and productivity. In addition, it reduces operational risk by minimizing the need for tower climbing by field teams. We also saw expansion of smart sensors to anticipate asset failures, and it is also worth highlighting. In 2025, we installed 44 non-invasive sensors at the Rio das Águas substation, in addition to 33 accelerometers and other sensors along the Açu-Taguará II transmission line. These devices continuously monitor variables such as vibration, temperature, dissolved gases, mechanical stress, weather conditions, and magnetic fields. We had a 33% drop in unplanned outages compared to 2024, which is significant gain from an operational standpoint. In 2025, we deployed 8 AI agents supporting teams in task automation and process optimization.
One example of that is Rô, an AI agent responsible for first-level employee support in CSC demands. Today, 91% of tickets opened by Rô are resolved within less than 48 hours. Ultimately, our goal is to turn innovation into a competitive advantage, gaining efficiency, increasing asset availability, and working toward providing an increasingly efficient and safe operation. On slide 5, we see what is worth highlighting, basically focusing on Q4. We had important energization milestones. These include the commissioning of the capacitor banks at Novatrans, the Pitiguari project, the TSN reinforcement, and at the end of the year, the energization of the São Pedro reinforcement.
On a liability management front, we completed six debenture issuances during the year: the seventeenth, the eighteenth, the nineteenth, and the twentieth, in addition to the first issuances of Aimorés and Paraguaçu, including green bonds aligned with our green finance framework. The twentieth issuance stands out with a 15-year deadline and an extended grace tenor and an extended grace period for interest payments supporting both working capital and capital allocation. In addition, we would like to point out too that at year-end, we obtained approval under POLTE for 48 reinforcements, representing approximately BRL 184 million in CapEx, as well as 25 improvement projects. Finally, we are recognized for the seventh consecutive year with the Great Place to Work certification. On slide 6, we are proud to announce some of the key recognitions and awards received in 2025.
We were ranked among the top ten companies in the Brazilian power sector in the Valor 1000 ranking. We also received the ANEEL Innovation Award, as well as the ANEFAC Transparency Award 2025. In addition, Taesa secured second place at the GRI Awards 2025 in the biodiversity category with the project promotion and the strengthening of agroforestry systems in the Missões and Alto Uruguai regions. We also achieved second place at the ONS Award in the alternating current category. We will see some of the highlights of Q4 and full year 2025. The first is that 2025 was marked by improvements in operation and financial management and increased cash flow with cost control and leverage maintained even amid microeconomic pressures and higher investments.
Our EBITDA exceeded BRL 2.1 billion for the year in the consolidated view, which is a record high for the company, up 12.5% year-on-year. Excluding non-recurring items, EBITDA grew by 7.3% and the margin was up 0.7 percentage points to 84%. In the proportional consolidated view, our EBITDA totaled BRL 3 billion in 2025, which is also a record high. Our recurring OpEx increased below inflation for the second consecutive year. Over 24 months, OpEx was up about 3% versus an IPCA inflation of 9.3%, even with the startup of new projects. Regulatory variable portion represented 0.53% of our AP in the year, down 70.2% versus 2024, while maintaining high availability rate of 99.94% and reinforcing the consolidation of operational management.
Our CapEx of BRL 1.8 billion in a year, marked by projects and infrastructure updates, represented the largest investment in construction projects in the company's history, in line with the guidance released for 2025. The cycle of investments and reinforcements and improvements demonstrates the ability to generate incremental revenue from its asset base. ANEEL recently authorized more than BRL 230 million to be invested over 36 months. Our regulatory net income for the quarter was up 56% with year to date growth of 13%, and we have the management's proposal of BRL 313.1 million for the distribution of remaining earnings based on 2025 net income. Total earnings distributed for 2025 totaled BRL 1.1 billion, equivalent to 100% of the year's regulatory net income.
On slide eight, we see our regulatory net revenue. Quarter versus quarter, our revenue was up 10.8%, totaling BRL 643.7 million in Q4. Our revenue totaled approximately BRL 2.5 billion in 2025, up nearly 8% year over year. The main factor explaining the 2025 versus 2025 variation were the RAP adjustment for the 2025/2026 cycle, reflecting both IGPM and IPCA inflation indices. In category two concessions, which account for about 60% of our operational RAP, we had a 7.1% adjustment, while in category three concessions, which account for 40% of our operational RAP, we had a 5.3% adjustment. Another factor was the commissioning of Novatrans reinforcements and the Pitiguari project, which add to Taesa the respective RAPs of about BRL 42 million and BRL 23 million.
This, of course, can change in the periodic review in a few years. We also saw an improvement in variable revenue. Due to the planning focused on predictive and corrective maintenance, in addition to a reversal of our variable portion provisions from prior years. On slide nine, we see our regulatory EBITDA showing consistent growth. Our EBITDA totaled BRL 2.1 billion in 2025, up 12.5% year-over-year. We highlight the improvement in regulatory net revenue, like we said, like we mentioned in the previous slide. In OpEx, we had greater OpEx discipline due to cost optimization and non-recurring events that happened in 2024. Excluding non-recurring items, OpEx was up 2% below the 4.2% inflation over the period, over the last 12 months.
This shows a real gain in another year with positive effect in our EBITDA margin and a positive result in its cost management and control strategy. On slide 10, we see our adjusted regulatory EBITDA, which is a pro forma view and excludes known non-recurring items. This view helps better understand reflect recurring performance. It is easier for investors to understand what we expect in the future regarding our operational result. Over the last three years, we see a 24-month cumulative growth of 7.1% or BRL 138.5 million in adjusted regulatory EBITDA. Also increased margin.
When we break it down, we see that our net revenue was up 6.4% or about BRL 150 million, basically driven by new projects, higher variable portion, and inflation adjustments, even with a negative IGPM effect in 2024. Our OpEx was up about 3% over the last 24 months versus a cumulative inflation of 9.3%. Even with new undertakings over the last two years, the company maintained its operational levels, which shows innovation and efficiency as key pillars of its long-term strategy. On slide 11, we see the company's operational performance. The company's availability rate improved and moved closer to 100%. Our variable portion over our AP also showed significant improvement versus 2024 due to a few factors, a lower number of outages and improved operational stability.
We had events of greater impact in Janaúba, Novatrans, and Santana. Like we said in previous quarters, we have reversed provisions of previous years. These effects are results of initiatives implemented by the company, such as we structured a maintenance plan to optimize outages only where necessary, with a focus on maximizing asset availability. At the same time, we revised our planned outage philosophy, reducing outages to the minimum possible and prioritizing preventive and corrective actions to lower the risk of unplanned outages. We also improved processes, increasing team integration and enabling faster responses to both unplanned and scheduled events, while optimizing also maintenance CapEx allocation. Finally, we combined data from tools such as drones and sensors using predictive analytics and real-time monitoring to support on and off decisions, reducing costs and risks, and improving operational efficiency.
Now, we will see the results in terms of net income. Our net income totaled BRL 313.1 million in Q4 2025, up 56.1% quarter-over-quarter. For the full year, our net income totaled BRL 1.1 billion, up 13.4% versus 2024. In addition to the factors already mentioned, we would like to point out two different effects on the results. We saw a decline using the equity method in the period due to reversal of fines and VP in Q4, as well as the first debenture issuances of Aimorés and Progresso. Depreciation and amortization increased due to Novatrans and Pitiguari reinforcements in addition to asset unitization.
Net financial expenses improved by BRL 46.4 million quarter-over-quarter, driven by our liability management strategy and optimization of both cash and our cash strategy. On a year-over-year basis, our net financial expenses increased by approximately BRL 36 million, mainly from reflecting the financial results at the beginning of the year, which gradually stabilized over a period, a result of our focus on financial efficiency. Lastly, we recorded a positive performance in income taxes and social contributions, mainly driven by tax benefits related to interest on equity, among other factors. On slide 13, we see our IFRS net income. Our IFRS net income totaled BRL 1.6 billion in 2025, down 6.7% versus 2024. In Q4, our IFRS net income totaled BRL 364.1 million, down 28.2% versus Q4 2024.
The main drivers of this IFRS results were a BRL 141.4 million drop in inflation adjustment revenues, driven basically by lower IGPM in the periods that went from 6.33% in 2025 to 1.10% deflation in 2025. In addition, we saw a BRL 206.9 million decline in equity income due to the IGPM decline. This was driven by inflation adjustment revenues combined with interest expenses from the financings of MRs and Progresso, as well as the effects of the reversal of fines. We saw a BRL 36 million increase in net financial expenses reflecting higher net debt as already explained.
These effects were partially offset by a BRL 184.4 million increase in construction margin, basically related to the projects of Tangará, the second phase of Saíra, Ananindeua, and reinforcement of São Pedro and ATE III due to acceleration of CapEx. We also saw a BRL 50 million improvement in income tax and social contributions due to higher JCP or interest on equity in 2025 as mentioned, and also tax benefits. It is important to note that this is an accounting measure and does not reflect the company's cash generation directly. This accounting is based on the concession financial asset model, which is in line with CPC 47. Regulatory net income is more closely aligned with cash generation and, like I mentioned, we've seen consistent growth in the quarter and the year. On slide 14, we present the progress of our projects under construction.
Like we said, in the beginning of the presentation, we recorded BRL 1.8 billion in investments in 2025, in line with the guidance for the year, and engaging over 4,500 people in construction. Over the past five years, our investments total about BRL 6.3 billion, which is quite high for the country. We updated our CapEx curve to reflect recent reinforcement authorizations. In addition, it's important to point out that this CapEx outlook may change going forward and does not consider new projects. It can change in the future. Reinforcement and improvement have become a relevant growth avenue for us. We invested about BRL 557 million in reinforcements over the past five years, and we had BRL 73 million additional in our AP and BRL 24 million to be added in 2026.
We recently energized several reinforcement projects in the concessions of Novatrans, TSN, São Pedro, and at ATE III, which happened a few weeks ago. We recently received new ANEEL authorizations for the implementation of 48 reinforcements and 25 improvements through our 2025 APalte, in addition to São Pedro reinforcement, whose total CapEx is above BRL 230 million over 36 months. In addition to these reinforcements, we show the evolution of the greenfield projects throughout the year. We had the completion of Pitiguari in June. We had the final phases of the Saíra project, the connection we have with Argentina, which has an operational project well-developed. Tangará in Maranhão, where we already received some relevant RAP for the company. Ananaí, our largest greenfield project. Lastly, but not least important, we have Juruá, a substation in the center part of the state of São Paulo.
All these projects are evolving according to the plan, except for Juruá that will be delivered in the beginning of 2028. On slide 15, we present the company's debt position. Our net debt totals BRL 12.4 billion at the end of 2025, considering all our shareholdings and ownership interest. Our leverage remained stable at 4.1x since Q1 2024. We observed stabilization despite a challenging macro environment due to our operational and financial diligence. The average real cost of that is at 5.34%, and the average maturity is 5.5 years. Both indicators improved versus previous quarters due to 2025 emissions, mainly the 19th emission and the 20th emission, which had a 15-year payment conditions and also a grace period, like we've mentioned.
Our debt mix is 50% IPCA-linked, 43% in CDI-linked, and 2% is IGPM-linked. The company maintains a AAA rating with a stable outlook according to Moody's and Fitch. It is important to highlight that at the end of 2025, Fitch reaffirmed the company's AAA rating with a stable outlook, reinforcing our position among the strongest credit profiles in the market and recognizing the consistent evolution of our capital and financial strategy. On slide 16, we present the rationale for the dividend distribution. The company proposes a distribution of BRL 313.1 million in mandatory minimum dividends. This corresponds to BRL 0.91 per unit of Taesa. The record date is April 29, 2026.
For the full year 2025, if we have the approval of the shareholders meeting, total distributions for 2025 will amount to BRL 1.1 billion. This represents a 100% payout of the company's regulatory net income. This is equivalent to about 72% of the company's IFRS net income, which is higher than the minimum of 50% according to the company's articles of incorporation. If we look at the data on the chart, 2024 was the only year when we paid below 100% of our regulatory net income. Now we will start our Q&A session with our executive officers. Thank you so much, everyone. Well, good morning, everyone. Thank you so much for attending our video conference. We have about 400 participants in this video conference. Before we start, I want to introduce the executive officers.
We have Rinaldo Pecchio Jr. Our CEO. Catia Pereira, our Chief Financial and Investor Relations Officer. João Andrade, our Chief Implementation Officer. And Mauricio Pecchio, Chief Technical Officer. In addition to Juliana Castelli, who is also going to be here to address questions. I will start with the question we have received that is related to the evolution of the projects. We'll try to sum up the questions, but basically it is to understand the deliveries and what we expect to deliver in 2026 in terms of the projects under construction or under implementation. Well, before anything, I'd like to thank everyone for being here. It's a great honor to be here to be able to talk about the projects.
Today, we have 5 projects out of 7 that we have only the Juruá and Rio Grande II, there is reinforcement and improvement, and we haven't started executing. The other projects that are under execution are going to be completed on the first half of 2026. For example, we have Tangará project that is executed in the states of Maranhão and Pará. This is in the final stage. We have over 97%, about 99% of the project already completed in terms of physical advancement. We also are lacking the conclusion of the transmission lines, but the substations are already. We have about 32% of our AP of BRL 104 million, which for us is quite important. In addition, it's important to say that we had no lost time incident, which for us is also a great achievement.
It is important to point out the importance of that because safety comes first for us at Taesa. Out of all these projects, we have about 4,000 people in construction sites, and this is quite challenging from a safety standpoint. Safety is going to involve all these stakeholders and also third parties that work with us. In addition, we are also implementing a major project that is Ananindeua at almost 99% completion rate. This project will allow for greater energy flow, especially for the central region of Curitiba, so it will have a key impact in the city in that sense. In addition, we've been making progress in our construction sites, and we expect our transmission line to be implemented in the month of April in Curitiba, and in May, it should be fully completed.
This is, for sure, a major achievement. If not, the largest project Taesa has implemented, one of the largest. Probably one of the most important undertakings we have completed or we will have completed. Saíra is a project that is about to be completed. Like we have seen in the presentation, it is very important for the transmission and connection between Brazil and Argentina to distribute energy as a whole. We are doing the retrofit of two converters in the Garabi Substation. The first will be concluded now in March, and the second will be completed in June. In addition, we have the reinforcements and improvements to be implemented. If we think in terms of backlog, we should have everything completed by the end of the first half of 2026. Thank you, Jal.
We do have a few questions here about the same topic regarding our net debt leverage and also proceeds. I will ask Catia Pereira. Catia, would you please comment on leverage and on what we could expect in terms of dividend distribution? Okay, thank you for the question. It is a pleasure to be here with you this morning. Just going back to what we saw in our presentation, in our earnings release, we had a challenge over 2025 that was to maintain the leverage level, considering it was a record high of BRL 1.8 billion in CapEx throughout the year. This was the main challenge, considering also a challenging macroeconomic situation, especially in terms of interest.
The company implemented OpEx and operational efficiency strategies and was able to generate cash, review process, and optimize some contracts in a way that we were able to stabilize and keep this leverage level every quarter. When we talk about cash generation, we have exceeded over EBITDA, so about 115%. All that allowed us to maintain this leverage throughout the year. When we look into 2026, we see sort of like a contracted deleveraging that is pretty much the execution of the projects like Jal just listed. Most projects will be completed within the first half of the year, so I think we can expect our leverage below 4 , which is in line to what we had before 2025.
It is the result of a cycle of investments that will come to an end with the delivery of Tangará and Ananaí. In terms of dividend distribution, we kept our practice of distributing 100% with the debt in 2025, and it is in line with our cash generation. We changed in 2024, considering the net regulatory income, and this really reflects cash generation and allows us to keep the distribution at 100%. We were able to keep leverage levels stable over 2025, so we do believe that we can continue distributing dividend consistent to 100% of our regulatory net income. Thank you, Catia. We have received another question that is related to auctions.
We have Ricardo Bello, the sell-side analyst of Safra, that wants to know if we have listed any auctions this year and what they can expect on that end. Thank you, Ricardo. Thank you for joining our video conference. We are very optimistic regarding the opportunities overall. We've been outlining our business plans to really see how we can tap into these new opportunities. We are very careful with our risk-taking strategy and with capital allocation. I think what's most important here is that we have many opportunities to keep growing through new projects, through reinforcements and improvements, like Juliana explained. The company is really focusing on reinforcements and improvements, and also in auctions. We already have many projects that should be offered over the next years, and there are some studies to add in new projects when it comes to this factor.
I think the takeaway here, yes, there will be investment needed, and then it represents great opportunities for a company like Taesa that is highly experienced in implementing these projects and executing them. We have the call for tender that will have in March 2027 the first auction, and then later on four new projects. We have already said, I think in our last meeting, that there is also another auction expected to happen on the second half of the year. This year we should have three transmission auctions, so a good amount of new possibilities, and we are now analyzing risks and opportunities. Taesa will put forward a proposal if we are able to analyze all the risks, the conditions, and the resources needed, and then we will make a decision based on these studies.
We usually conduct these type of studies close to the deadline of the auction. Overall, we're very optimistic toward the possibilities. Thank you, Maurício. You mentioned investment opportunities, and we have a question here from Vitor Sousa from Genial Investimentos, and he asks us on what our take is on the battery auction, and if this BRL 50 billion would be distributed along the years, if there's any difference between the projects Taesa implements today and those expected. If you can give him your take on that. Yes. We're also analyzing the participation of Taesa in these type of storage systems. Taesa has approved capacity in that. It is also in complex asset implementation. We have Saíra project, for example, that is about the interconnection between Brazil and Argentina. We have an asset park with digitized stations, a quite modern operation center.
I think this is also an opportunity to explore that. When it comes to storage systems, it will allow for greater operational flexibility, resilience for the interconnected system. Consumers will be provided with greater energy, and for transmitters, I think it represents a new growth avenue. What is important to note is that this is quite a new topic for the Brazilian regulation, and the rules are not clear yet. We have a public consultation by the Ministry of Mines and Energy, and also by ANEEL, that is their regulatory agency. ANEEL has already said that part of the regulation should be discussed throughout 2026. Yes, we are interested. We are monitoring the updates. We are developing our internal capabilities.
We're basically building capacity, outlining business plans, but we will take a stand according to the rules when we have a clear definition of how things are going to play out. We have an individual investor here about the base date. When we talk about dividend distribution totaling BRL 330 million, it has to be approved by our annual shareholders meeting that will be held on April 24. We'll send a notice of meeting, and this will be the base date. Those of you who are shareholders will receive the payment on May 27. I think the presentation was quite detailed. We have really positive results we were able to produce. We don't have any more questions, so I will turn over to Paco for his final remarks. Thank you, Cristiano. Thank you, everyone.
For us, it's always an honor to be here to really take a look at this year that came to an end and realize how successful it was, especially in terms of advancements, in innovation, while gaining efficiency and producing great financial results. We do know that the market has been recognizing the great work that was done, the focus we had on project execution, reinforcement, and improvements, in addition to also what we can expect for the future. For example, what will happen when concessions come to an end. Within the company's strategic planning, we consider the termination of concessions and to renovate concessions is something we have discussed in, with the relevant boards, and we do believe that this is going to be a key topic over the years. We'll try, of course, to preserve and renew these concessions. We need further regulations.
We need further information from lawmakers. In that sense, there is a workshop that was promoted by ANEEL regarding Decree 13314, that was about what's next after this decree. I think it's really interesting if everyone check it to understand how complex this topic is. I think that the market now is in a different level when it comes to the advantages or not, and for us, as a company, we need to analyze each and all concessions for us to be able to have a better decision-making process, also to preserve the integrity of the system. There are different points of view, different interests involved, and I'm just pointing out that because this is quite relevant for the company. We have invested our time in discussions involving that, and we will continue doing that over the year.
To wrap this video conference up, I would like to thank each and every one of you who allowed for the company to produce these great results in different fronts involving different departments, and I want to say that we are very positive toward 2026. We have a very exciting year. We have a timeline and a pipeline of projects that are very exciting. We are going to increase the company's revenue. We will see growth due to all these projects being concluded, so we're quite optimistic. We will continue with our financial discipline focused on, growth. We would like, as a takeaway, for you to stay with a very positive outlook, a very promising outlook for the year. Everyone at Taesa, to all stakeholders, would like to ask you to continue doing a great job.
Thank you so much for participating, for joining our yearly conference. If you have any questions, you can just reach out to our IR channels. We are here at your disposal. Thank you so much.