Prepared remarks
Good morning, ladies and gentlemen. Welcome to the Comphania Paranaense de Energia Copel video conference call to discuss the results of the second quarter of 2026. This video conference call is being recorded, and the replay will be available on the company's website, ri.copel.com. The presentation is also available for download. Before proceeding, I would like to emphasize that any forward-looking statements made during this conference call regarding Copel's business outlook, projections and operational and financial targets are based on beliefs and assumptions of the management and on information currently available. Such forward-looking statements involve risks, uncertainties and assumptions because they refer to future events and therefore may differ materially from actual results. Presenting this video conference call are Mr. Daniel Slaviero, CEO of Copel; and Mr. Felipe Gutterres, CFO, as well as the general managers of the subsidiaries who will be available for the question-and-answer session. I would now like to turn the floor over to the CEO of the company, Daniel Slaviero, who will begin the presentation. Mr. Slaviero, you may proceed.
Good morning, ladies and gentlemen. Thank you all for joining our conference call. We have delivered another quarter of strong operating results, and this reflects our discipline in executing the company's strategic plan. The main highlight of the period is without a doubt the completion of the tariff review of Copel Distribution. This effort was led by our Vice President of Regulatory Affairs, Andre Gomes, and received the support and direct involvement of virtually the entire company. It was a flawless process conducted on strictly technical grounds and recognized the efficiency of Copel Distribution's investments during this last tariff cycle. We achieved a remuneration base of close to BRL 20 billion, a significant increase — in fact, more than double the 2021 base. This result underscores one of the key characteristics of this management team, i.e., excellence in delivering on the commitments made to the market. In this cycle that is just starting, we will maintain the same discipline in capital allocation and our constant pursuit of efficiency. However, following this tariff review, we are now facing a company of a different scale, one that is stronger and more resilient, whose primary objective is to provide better service to its customers and ensure energy quality and assurance for the state of Paraná. Speaking a bit more about the quarter's results, another very positive factor was energy sales made during the period, which allowed us to capture approximately BRL 75 million in market opportunities: BRL 52 million from hydrological modulation and BRL 23 million from submarkets. This reinforces the premium position of our Southern-based hydroelectric assets. This performance, combined with the 7.2% growth in Copel DisCo's billed market, directly contributed to boosting our second quarter results. As a result of this efficient operational performance, EBITDA reached BRL 1.6 billion, a close to 21% increase compared to the same period last year. Recurring net income reached BRL 645 million, representing a 42.6% increase. This performance reflects the robustness of our business model, the strength of being an integrated company as well as our discipline in cost management and capital allocation. This to us is a reference, a mission, a purpose. Something that is very strong about this management team: discipline in capital allocation and value creation for our shareholders and all our stakeholders. In terms of CapEx, we invested BRL 957 million, almost BRL 1 billion in the quarter, of which BRL 318 million was allocated to the start of construction at Foz do Areia and Segredo. We maintained a sound capital structure, ending the period with a leverage ratio of 2.9x net debt over EBITDA, perfectly aligned with our new optimal capital structure parameters. Finally, regarding shareholder remuneration, we declared BRL 706 million in interest on equity to be paid in September 2026, in addition to the BRL 1.0 to BRL 1.35 billion in dividends paid in June corresponding to the statement already disclosed at the end of 2025. Now I'd like to speak a little about El Niño and its impact on the sector. We would like to share how we are preparing for this climate phenomenon. First and foremost, I would like to note that NOAA, this renowned institute, has confirmed an 81% probability of strong or very strong intensity of El Niño from August through the first quarter of 2027. Our approach focuses on the preventive management of the asymmetric regional impact of this climate phenomenon. In the South, where we concentrate our main operations, high rainfall is forecast, especially between August and November, with heavy rains in the Southern and Paranapanema basins. In the Southeast and Midwest, high temperatures are expected, particularly in Q4, driving up the system load. These dynamics dictate our commercial and operational strategy. As indicated by the curve, higher rainfall tends to cause a cyclical decline in short-term prices. However, in our view, this fluctuation is temporary and will have no impact on our balance sheet nor change the expectation of higher prices in the long run. And this change will not impact our short-term contracting because our balance sheet is protected and locked at attractive prices. On the other hand, the increase in load caused by heat waves will trigger hikes in hourly prices in the short-term market due to the sudden demand for power. With our reservoirs full in the South and high operational flexibility, we will be ready to capture the short-term price spikes, converting volatility into operational margin for Copel. In summary, Copel's portfolio is protected against structural price declines and is fully positioned to extract value from our hydroelectric capacity during peak periods in the system. Not to mention our assumption: we're never short. We always have a natural hedge for GSF, so we have the possibility of supplementing the short-term market. To close, talking about Copel Distribution, our top priority is to ensure the safety of the population and the continuity of power supply and to respond quickly and in a coordinated manner to extreme weather events. We maintain a permanent contingency plan structured around four pillars. Operational reinforcement: we hired more than 100 new crews. We have practically 900 crews, both in-house and third party, to provide full service in our concession area. Vegetation management: we brought forward our annual planning and carried out more than 600 joint efforts with local governments and the agricultural sector to reduce contact between vegetation and the grid, focusing on high-risk areas. Infrastructure: we bolstered our inventory to quickly restore the grid and reinforced our inventories to repair the network with agility. And at the operations center, we expanded our team with new operators to ensure uninterrupted monitoring and a 24/7 operation. Our priority during these extreme weather events is to quickly reestablish power to our customers. And to conclude this topic, I would like to announce the arrival of a new executive to the general management of Copel, Mr. Dennis Mulica, who is sitting next to me and brings extensive experience in the electric power sector. He joins us to further improve the service we provide to our customers. He was already part of our staff and is taking over the position previously held by Marco Antonio Villela, whom we thank for his important contributions and the results he achieved for the company. We also thank Executive Karine Torres for all her dedication and hard work in the operations and maintenance division. As we move towards the final part, you will recall that we've always stated that our transformation process occurs in waves. The third wave will be marked by asset expansion with strict discipline in capital allocation. The LRC auction results are further proof of this management team's excellence in delivering results. We will expand our two largest power plants with a CapEx of around BRL 5 billion and a highly attractive return. In the second quarter, as you all know, ANEEL approved the results of the bidding process and BRL 318 million to start the construction work. The construction work is starting so that we can have mobilization and follow the schedule and follow Copel's tradition, which is always to deliver a little more than what we promised. We have adjusted our leverage benchmark from 2.8x to 2.9x net debt over EBITDA ratio and extended the convergence period to the midpoint of the range to up to 48 months; Felipe will address more about this. We believe this time frame is better suited to the characteristics of the infrastructure sector, particularly in the energy sector. Something very relevant: it is important to note that our dividend policy remains strictly unchanged. We have maintained the guidelines of a minimum payout ratio of 75% and at least two annual payments, ensuring predictability and consistency for our shareholders. In other words, we will make at least one more dividend declaration by the end of 2026. Our current capital structure balances three pillars of our strategic plan with the flawless execution of our investment plan, combined with solid financial discipline and a commitment to generous returns for our investors. Before turning the floor over to Felipe to present the financials for the quarter, I'd like to reiterate an important invitation: our Copel Day is confirmed for November 19 live from the NYSE in New York. We look forward to seeing all of you there, whether in person if you can be there or via the online broadcast. It will be an excellent opportunity for us to discuss our long-term strategy, growth opportunities, capital allocation and our value creation agenda. Now I will turn it over to Felipe to present the financials for the quarter. Thank you.
Thank you, Daniel. Good morning, everyone. I'd like to begin by reiterating the point Daniel mentioned regarding the update to our optimal capital structure. The review of these parameters takes place annually as we've widely discussed when we disclosed the optimal structure and was also driven by the success of the LRCAP 2026. The financial modeling of a robust investment plan and the cash flow from the LRCAP, which is expected to begin as planned at the end of 2030, combined with a more challenging economic environment required us to test our capital structure under multiple scenarios and stress tests. The new leverage target of 2.9x reflects this rigorous planning, ensuring the flexibility needed to capture opportunities while maintaining financial discipline and a focus on shareholder returns. The convergence timeline for the target is up to four years. I emphasize that 'up to four years' gives us a more flexible period to converge, providing us greater room to maneuver. In this regard, our minimum payout policy of 75%, which already stands out as one of the most competitive in the industry, remains unchanged. However, the flexibility provided by the new leverage ranges naturally allows us to evaluate on a case-by-case basis and, as balance sheet conditions permit, the best use of any excess cash, including potential additional distributions. Detailing our Q2 2026 results, I'll start with consolidated recurring EBITDA: BRL 1.6 billion in Q2, 21% up compared to Q2 2025. I would like to highlight the simplicity of our business model: Copel DisCo and Copel Generation & Transmission together accounted for BRL 1,603 million, representing nearly 100% of the consolidated EBITDA for the quarter. This reinforces the consistency of our results, which stem directly from our regulated assets and cogeneration operations. In terms of performance by business segment, the EBITDA of DisCo grew 34.5%, reaching BRL 765.6 million, driven by a 7.2% expansion in the billed market and the ongoing effects of the 1.3% adjustment to Parcela B related to RDA 2025. EBITDA of Generation & Transmission rose 10.1%, reaching BRL 838 million, benefiting from the adjustment to transmission ARPs and the increase in the average price under the ACL. In the other units, Elejor generated BRL 29.1 million. Copel Comercialização totaled BRL 21.4 million and the holding recorded a loss of BRL 46.2 million, a deterioration of BRL 8.7 million compared to last year. Breaking down the results by business segment, I'll start with Generation & Transmission. Looking at generation and transmission in detail, Copel G&T reported recurring EBITDA of BRL 838 million, up 10.1% or an additional BRL 76.8 million compared to Q2 2025. This performance was driven by three factors: first, an increase of BRL 85.1 million in revenue from bilateral contracts and ACL quotas resulting from an average 6.4% adjustment in sales price, offsetting the planned 7.8% decline in billed volume. Second, the BRL 70.2 million increase in revenue from grid availability, reflecting the full consolidation of Mata Santa Genebra and the inflation-adjusted increase in transmission ARPs. Third, a reduction of BRL 6.4 million in purchased energy costs, thanks to favorable hydrological conditions that generated an average GSF of 99.6%. On the management side, the segment's recurring PMSO fell by 13.7%, or BRL 6.3 million. On the downside, we saw lower revenue: a decrease of BRL 35.2 million due to the reduced impact of modulation and the impact of curtailment determined by ONS, which rose from 15.7% to 23.7% during the quarter, resulting in a negative impact of BRL 34.8 million. Talking about Copel DisCo, we reported a 34.5% increase in recurring EBITDA, reaching BRL 765.6 million. The main factors were the 7.2% growth in the billed grid market, driven by strong economic activity and higher temperatures at the start of the quarter, and the average 1.3% tariff adjustment for Parcela B approved in June 2025. We also saw an increase of BRL 15 million in other operating revenues, primarily from infrastructure sharing. On the expense side, the distributor's recurring PMSO decreased by 0.4% or BRL 1.8 million, confirming that the focus on cost management and operational optimization continues to generate consistent results. Turning to our energy trading strategy: we remain focused on capturing the best market opportunities while maintaining flexibility and creating value from our long-term energy availability. As the main highlight of the quarter, we made progress in energy sales for the 2027–2028 period, representing a volume four times greater than that achieved in Q1 2026 with a 6% higher P-MIX, reflecting our commercial discipline and our ability to take advantage of favorable market conditions to maximize the monetization of available energy. It is worth noting that most of these negotiations were focused on 2027 as part of a proactive portfolio management strategy, anticipating potential impacts from price volatility associated with the weather conditions forecast for next year, including possible effects of El Niño. Another key point is maintaining a conservative risk profile. Our operations are conducted with low credit risk, supported by a robust credit granting and monitoring policy and specific indicators aimed at mitigating commercial risks in energy sales. As a result, we recorded a delinquency rate of just 0.01%, underscoring the quality and strength of our portfolio. During the quarter, we also capitalized on opportunities arising from favorable market conditions, generating BRL 75 million in revenue from hydrological modulation and submarket activities, demonstrating our ability to extract additional value from active portfolio management. To conclude this topic, we present our energy balance sheet, which remains anchored in two pillars: protection against short-term exposures and energy availability to create long-term value. We maintain 20% hydro availability for 2026, a level consistent with our safety limits given the GSF expectations for the year. In addition, we maintain an uncontracted hydropower portfolio of over 40% starting in 2028, ensuring commercial flexibility to take advantage of future opportunities in scenarios of price volatility and hydrological risk. Moving on to PMSO: PMSO totaled BRL 701.9 million, and the main positive impact came from the 'other' line item, which saw a decrease of BRL 35.1 million due primarily to lower losses from asset decommissioning at the distribution company and a reduction in collection costs. This reduction offset one-time pressures on other fronts. We saw an increase of BRL 10.3 million in third-party services at Copel DisCo focused on network maintenance and upholding our quality indicators, DEC and FEC. We also recorded a BRL 5.4 million increase in materials at G&T for the maintenance of wind power assets. Personnel, social security and benefits category saw an increase of BRL 12.9 million, resulting mainly from the 5.1% wage adjustment under the collective bargaining agreement. This impact was partially offset by productivity gains and improvements in our administrative processes. In a nutshell, we demonstrated balanced cost management, investing in service quality and asset maintenance while maintaining strict control of operating expenses. Recurring net income totaled BRL 645.1 million, up 42.6% compared to Q2 2025. This performance was driven by operational improvements with BRL 277.6 million increase in EBITDA and by a BRL 219.8 million reduction in tax payments resulting from the tax benefit obtained when we declared interest on equity in the quarter. These positive effects offset the BRL 45 million increase in depreciation and amortization expenses in line with the expansion of our in-service asset base at DisCo and the BRL 251.4 million decrease in recurring net financial income impacted by interest expenses resulting from the company's higher average debt balance. CapEx expenditures totaled BRL 957.2 million for the quarter. Of this total, 50% was invested in Copel DisCo, around BRL 479 million, primarily directed toward grid modernization and system automation to preserve our main focus: quality indicators, DEC and FEC. At G&T, investment totaled BRL 476.4 million, notably BRL 318 million allocated to begin funding the capacity expansion of Foz do Areia and Segredo hydroelectric plants in accordance with the LRCAP. To conclude my presentation, our debt profile: we ended June with adjusted net debt of BRL 19.6 billion and a leverage ratio of 2.9x, exactly at the target set by the new optimal capital structure consolidated now in July. Our debt is primarily indexed to CDI, 65.7%, and the remaining 31% indexed to IPCA, with a small percentage in TJLP. The average nominal cost of debt fell to 12.92% per year, equivalent to 91.33% of the CDI, representing a decrease from the 13.54% recorded in June of last year. We maintain a comfortable duration of 5.2 years, which provides us with full liquidity and financial security to support our investments and expansion projects. With that, let us start the Q&A session.
Questions and answers
Our first question is from Ms. Maria Carolina Carneiro with Safra.
Actually, I have two questions. My first is — I know you mentioned in the beginning of the call the slight flexibilization so that you can have more time to comply with the leverage range that you mentioned. The dividend payout policy derives from that. But perhaps you could comment on what actually triggered that change. We had some noise in the market soon after the announcement. Some investors were concerned that this would mean a reduction in dividend payout going forward. So, could you elaborate on that? Have you changed your thoughts about the dividend payout policy? Or is there anything related to the scenario, anything that you think could trigger some changes, if that makes sense? And two, we have seen a macroeconomic environment that is deteriorating. Some companies are worried about delinquency. I think that in the energy sector, this is always present. There is a public hearing open in the regulatory calendar with some possible changes and discussions, which are relevant. I think allowance for bad debt is on the agenda. So, what can you talk about this? Can we expect a reanalysis by the regulator or the placement of electronic meters in the future, if this will be explored by the regulator? Anything that can help us understand what could be the delinquency outlook given the current scenario and how the regulator is seeing this topic?
Excellent, Carol. Thank you for the question. It's an excellent opportunity that you're raising regarding the optimal structure point. There was a small repercussion and some doubts regarding the main goal of this. Actually, Felipe is going to give us more detail. The target is that we will provide guarantees that our plan, our vision and our capital allocation strategy and shareholder remuneration strategy all remain unchanged. First, the generating factor is that annually we're going to review it. But the main generating factor this year was the win of the LRCAP, the auction that brought us a good capital allocation with excellent return and an expectation of relevant cash flow, particularly starting 2030 when the works will be completed. So, when we do this update, we moved to an optimal structure about 30 basis points higher. And the big change was the term increasing from 24 to 48 months so that we can accommodate this investment cycle. In our view, the maintenance of our commitment to the dividend policy not only remains, but this change to up to 48 months actually gives us more room for us to converge at the end of the cycle and to continue to have bold remuneration for our shareholders. So, in a way, this slight repercussion was unexpected. We saw on the day that we disclosed it some market reaction because the new structure will give us security and room for the company so that in periods of greater investment cycles, we can operate at the upper band and then have a quick deleveraging and quick cash generation. To close — and because I think that this is an important topic — with this policy and this predictability and minimum dividend payout, what we aim is that our investors will not face hiccups of having too many ups and downs. Our goal is always to have stability and predictability, always ensuring that our priority is good capital allocation, balancing this with remuneration that in our view is adequate because we're talking about a mature company with assets and high cash generation. The beauty of our business case is that we can balance both. We will have cycles where one is emphasized over the other but always having a leverage target of 2.9. I will give more detail, but I invite my officers to complement because they led this work, which provides us with a great level of transparency and predictability.
I can add. Thank you, Carol, for the question. Our interpretation is exactly different from possibly the interpretation in the market that created some noise regarding our dividend payout policy or even regarding the expansion of the band. This expansion of the band combines two key moves: a natural deleveraging of the company that came from a tariff review and the investment of BRL 5 billion for LRCAP with significant value creation post 2030 once the investments are made in Foz do Areia and Segredo. So, these four years of investments were considered in our calculation when we redefined the convergence term. It's not that we increased the period from 24 to 48 months as a mandatory extension; it's 'up to' 48 months, which includes 24, 36 or 48 months depending on how we manage convergence of the company's leverage. We envision some periods where the company may work with a higher leverage because we will need to be making a lot of investments that will create a lot of value. When we review that band, it gives us more room in the balance sheet to execute optionalities. Of course, one of the optionalities is the payment of dividends. I stress that the minimum dividend payout of 75% remains unchanged. There is no change to that. The band is slightly more flexible considering leverage and the convergence time frame. All of this gives us more room to execute the options and optionalities than in the previous version. Regarding your second question on allowance for bad debt: this is a sectoral structural discussion and we've been following it closely. For the record, I'd like to say that we see severe delinquency or liquidity problems in several trading companies and several players in the market, but Copel has a 0.01% delinquency rate in its trading operations. This is the result of discipline for the last two and a half to three years: we did a broad review of our credit processes and we always wanted to keep the company in a conservative position. I think our measures have been healthy for the company. As regards general bad debt and the macro discussion involving ANEEL, the regulator: fortunately we are in a concession area with very low levels of delinquency, below 1%. Of course, we are paying attention. We had a relevant tariff review here recently, and we will be monitoring the impacts. But I believe that Copel, given the characteristics of our concession area and the culture in Paraná, our population tends to keep bills paid. Copel has had much lower rates than the national average. I see that the regulator is very much concerned about delinquency and these discussions will progress. Over the coming months, we will be monitoring this and keeping the market up to date. But I stress Copel enjoys a privileged position in that regard.
Next question from Mr. Guilherme Bosso with Goldman Sachs.
On the results, I have two questions. First, about capital allocation: I'd like to understand how the company is thinking about possible M&A opportunities. Is there any conversation ongoing with players that may eventually come to the market? And in parallel to that, how are you thinking about capital allocation in hydropower plants that could be put into a bidding process and also about the auction of batteries? My second question is about costs. We saw PMSO performing very well. Should we continue to see reductions in the coming years? Or do you think the company is operating at adequate levels for the next few years?
Thank you, Guilherme, for the question. You have two questions, so I'll be objective. First, capital allocation and possible M&A: at this point, we don't have anything tangible either in the pipeline or in any advanced stage of studies. We are constantly monitoring the market. We have not seen any asset in the market that is worth our deep attention. Of course, the team is always paying attention to possible opportunities, but today, in practical terms, we haven't got anything concrete in our pipeline. Second, regarding discussions of hydropower plants and possible bidding processes that could be brought forward by a new administration to improve the federal fiscal situation: we understand these discussions are legitimate, but our position, which we will defend transparently, is that if these processes are brought forward they should be conducted in a competitive way because that will help generate more resources and a fair transfer of rights. We've seen this happen clearly in other sectors following guidance from the Court of Accounts. Look at what happened in the highway sector: assets that went through renegotiation were opened to competitive markets. We think it is unlikely that a different interpretation will happen for the energy sector. We believe any process should be competitive and open to potential bidders. If these discussions about advancing bidding processes for hydropower plants happen, this will be at the top of our agenda in terms of capital allocation and growth. Regarding reversible plants: the LRCAP auction, which was a reserved auction, shows we have advanced studies for reversible plants. Practically, we have advanced projects totaling around 4 GW considering semi-open and open projects. We consider reversible plants to be a great avenue for growth and a key part of our capital allocation thesis. Regarding the batteries auction and storage: reversible plants and batteries are complementary but have different profiles and contributions to the system. We do not see a competitive advantage for batteries given the low entry barrier: the number of projects announced shows competition will be aggressive. Many projects are still on paper, but there will be heavy competition, which indicates returns may be below our minimum expectations. Therefore, the probability of Copel not participating is high. This is not a final decision by management, but current indications point to us likely not taking part in the batteries auction because expected returns would be below our minimum rates. In our view, returns will likely be below returns from transmission auctions, which are already highly competitive. For the next auction in November, we do not see any lot that is strategically attractive for us in transmission or storage that would lead to good capital allocation. Felipe, on PMSO and what the market should expect going forward?
I think that in terms of PMSO, we are obviously following our target of reducing costs. Of course, there are pressures, both in terms of quality and also related to the El Niño phenomenon because that will influence the level of reduction this year. At Copel Day last year, we said that starting this year we would change the concept: we will speak more about efficiency rather than just cost reduction. Guilherme, we are reaching a level of an optimal PMSO. Then we will start debating efficiency in deeper terms, with other KPIs and metrics to measure that — for example free cash flow and return on investment, as we have mentioned. If anyone else from the team wants to comment, please feel free.
Particularly regarding generation and transmission, Felipe put this really well. The chapter of structural cost reductions is effectively closed after three years of intense work on that. The efficiency agenda is permanent: controlling costs, zero-based budgeting, always seeking efficiencies — particularly with the wave of artificial intelligence that can generate opportunities. Now we're thinking a lot more about how we can extract value. Copel will always be a benchmark for efficiency. How can we reconcile this with the extraordinary results of our remuneration base, coupled with providing high-quality service to our customers? We are a concessionaire in a state that grew 7.2% with a booming, diversified economy driven by strong agribusiness: practically one-third of Paraná state's GDP comes from agribusiness. That is a growing segment. We even launched Copel Agro. These are measures for us to provide the best service because we understand the company that provides service above regulatory requirements, always maintaining discipline in capital allocation, will have a capital advantage for expansion and growth in distribution. I wanted to emphasize that we combine a permanent efficiency agenda with excellent customer service. This is a key priority and part of Copel's strategic vision.
Next question from Bruno Amorim.
I'd like to go back to a prior point: you mentioned the base case for rebidding generation assets. In railroads, we saw some renewals. We are seeing some concessions moving to rebidding. In highways, we also had rebidding, as you mentioned. In electricity distribution, we saw a number of renewals. Could you elaborate on this trade-off for generation? In your view, where would generation sit in the spectrum of different concession models? Why would it be advantageous to rebid? What would be the pros and cons of rebidding? Is there any risk to investment in the current phase of the concessions? If you could share your views of how and why it makes more sense to rebid the assets, that would be very much appreciated.
Well, clearly, this is an excellent question. Copel's opinion is aligned with what happens in other sectors of the economy: every concession has its own characteristics. A generation concession has different cost and operational burdens than a distribution concession. That's why in distribution we see renewals as very natural. Historically, when we think about power concessions, given the characteristics of the grant, competitive processes tend to bring more benefits to the granting authority and to the public sector. Ultimately, this is a decision by the granting authority together with control bodies; they will find the best way to proceed. We believe an open competitive process, open to operators that provide the minimum conditions in terms of financial capacity and technical know-how, tends to bring more benefits to the granting authority. This is clear and transparent in our view and aims to generate better results for the granting authority. Again, the final decision is in the hands of the granting authority, but we advocate for competitive processes where appropriate because competition tends to deliver better outcomes.
The Q&A session has ended. I would now like to turn the floor to Mr. Slaviero for his final statements.
Very well. We have delivered another quarter that only reinforces our reputation as a company that has excellent operation of its assets and absolute capital allocation discipline. As we enter this new cycle of investments, as was the case of the LRCAP auction, our ultimate goal is to continue to create value for our shareholders, employees and particularly for our customers and for society as a whole. We are very proud of posting another quarter with predictable earnings, solid growth and good capital allocation. If we compare with a Swiss watch that always delivers what it promises, we are delivering on our promises, paying attention to opportunities and pursuing them. We think that this summarizes one of our main assets: the ability to deliver on the promises we make to the market, to our shareholders, to our clients and to society as a whole. Again, I would like to thank you very much for participating in our earnings conference call. Myself and all the executives and all Copel employees will continue to work to face the challenges and deliver the best results for this company. Thank you very much.
Copel's earnings conference call has come to an end. Thank you very much for participating, and we wish you all a great day. (Statements in English on this transcript were spoken by an interpreter present on the live call.)