AXIA Energia S.A. Q3 FY2025 Earnings Call

Good morning, everyone. Welcome to AXIA Energia's Third Quarter 2025 Earnings Call. Today, we have several members of our executive team with us: Mr. Ivan de Souza Monteiro, CEO; Mr. Eduardo Haiama, Executive VP of Finance and Investor Relations; Mr. Antonio Varejao de Godoy, Executive VP of Operations at Security; Ms. Camila Araujo, VP of Governance, Risk, Compliance and Sustainability; Mr. Elio Wolff, VP of Strategy and Business Development; Mr. Italo Freitas, Vice President of Commercialization and Energy Solutions; Mr. Juliano Dantas, VP of Innovation, P&D, Digital and IT; Mr. Marcelo de Siqueira Freitas, Executive VP of Legal Affairs; Mr. Renato Carreira, VP of People and Services; Mr. Robson Pinheiro De Campos, VP of Expansion Engineering; and Mr. Rodrigo Limp, Executive VP of Regulation, Institutional and Markets. This call is being recorded and will be available on the company's IR website, along with the presentation shared today, in both Portuguese and English. Before we continue, I want to note that any statements made during this conference call regarding the company's business outlook, projections, operational and financial goals are based on the beliefs and assumptions of AXIA Energia's executive management and the information currently available. Forward-looking statements are not guarantees of performance, as they involve risks and uncertainties and depend on circumstances that may or may not occur. Investors should be aware that general economic conditions and other operational factors may affect the results presented in these forward-looking statements. I will now hand the call over to Mr. Ivan Monteiro, CEO of AXIA Energia. Please proceed, Mr. Monteiro.

Good morning, everyone. Welcome to our earnings call for the third quarter. Ever since the beginning, we aimed at building an efficient company, a transparent company with predictable results aimed at serving its customers. The highlights for the quarter are an indication of this goal, record compensation for shareholders, an additional BRL 4.3 billion adding up to those BRL 5 billion we had announced previously. This was only made possible through the derisking process ever since the capitalization process. We have a greater generation margin along the lines of building a company focused on customers, teams in place with robust processes that will allow us both financially and commercially to capture the benefits of this higher margin, continuous management of our portfolio. We are divesting in EMAE and Eletronuclear after the Candiota thermal power plant and again, in the gas thermal plants, adding up to the sale of our stake in Santa Cruz. Eletronuclear is an indication of divesting our presence in nuclear power plants that started out with an agreement with the government, and we were not obligated to keep on investing in Angra 3. The acquisition of Tijoa adds up to several asset disentanglement operations we've been putting in place in the past 2 years. We are proud of this growth on investments, record highs between BRL 2.5 billion and BRL 3 billion. We are reaching a record with BRL 10 billion this year, focused on operational efficiency and an active participation in auctions. Just like we've seen in the latest auction, we were awarded 4 lots. I would like to thank you all very much for attending, and I'll turn it over to our CFO.

Good morning. On to Slide 7, please. Let me point out the financial highlights. First, with the revenue, there was a decrease both regulatory as was capital, but 3 highlights. #1, in transmission, there was an increase in revenue. After the tariff review of '24, '25, there was a major impact. We no longer have that as of this quarter. But in generation, just like Ivan mentioned, this has also impacted revenue in generation as well as that one-off effect by extending the Tucurui contract last year. As to the EBITDA impact, these impacts are smaller. On the regulatory side, there was a slight decrease in our EBITDA. That was the divestment of the thermal power plants. They were offset by our PMSO reduction and also because of the increase in revenue from transmission. On to Slide 8, net income. Now let's address that from the company point of view. The reported net income was significantly smaller than Q3 of last year, driven by the provision we had for the nuclear contract. And in the previous year, given the tariff review, there was a positive impact in transmission revenue. However, when we look at the numbers adjusted for these effects, we would have had a 68% decrease due to the effect of the sale of other assets that would impact the total number. On to Slide 10, energy trading. This is our portfolio as is today. We are operating in every region. This is the available energy and energy that has been traded in each of these markets, either through quotas or through the captive market through ACL. This will impact the energy we have available for the free market. On to Slide 11. That's the energy balance. We have boosted the hiring for '26 and '27. But let me point out that we are increasing, just like Ivan put it at the beginning, the increase in the number of customers. We are transforming the company to put even more focus on the end users. On to Slide 12, that's the contribution of our results. For the second quarter in a row, we've been having good results in commercialization. Just like we said in Q1, weak results would impact the results for the following year. And in Q4, you can see on the chart on your right, this is the amount of available energy to be traded in the free contracted or contracting environment. We expect to have yet another strong quarter. On to Slide 14, capital allocation. The highlight is the signing of the sale of Eletronuclear; we will be receiving BRL 535 million for our stake. But there's more. We'll be releasing the guarantees that we had to take over and transfer that to Eletronuclear, and the guarantees will be granted by J&F. And our debentures that we were committed to invest in Angra 1 would amount to BRL 2.4 billion. On to Slide 15 now. On top of Eletronuclear, we also signed the sale of our stake in EMEA. This marks the completion of the last thermal power plant we had, which was in Santa Cruz. We also acquired a 50.1% stake in Tres Irmaos, Tijoa Energia for BRL 247 million. On to Slide 16. This is the role the auction plays out. We were awarded the week before. So you can see the highlight on the table. That's the amount of the investment of BRL 1.6 billion and another BRL 140 million of RAP. Ever since we were privatized, when we add up all the investments made and yet to be realized, we have BRL 17.4 billion worth of investments with an increase of BRL 2.4 billion in the transmission revenue stream again indicating our competitiveness in this industry. On to Slide 17 now. When we combine everything that has happened ever since the last earnings call in which we announced a BRL 4 billion dividend payment, signing of Eletronuclear sales, selling EMAE, the acquisition of Tijoa, and our participation in the transmission auction and this announcement of a dividend payout of BRL 4.3 billion, everything is part of our capital allocation strategy. And this is how it plays out. On Slide 18, consistent deliveries, everything we've done to simplify the structure and bring risks down is an indication of the price resilience we are projecting for 2026, advances in energy trading. We are also improving our long-term pricing model that is more comforting when you look at the financial status of the company in the mid and long runs. By doing so, we've approved an additional dividend payout of BRL 4.3 billion to be paid out in December this year, adding up to BRL 8.3 billion in the fiscal year of 2025. By doing so, dividends, including what have been already paid out, will be reaching BRL 4.01 for both PNA and PNB shares and BRL 3.65 for the ordinary or common stock and golden share. Finally, on Slide 19, let me address the ESG agenda. I would like to point out our partnership with Google Cloud to develop our weather forecasting system by using AI. We'll be expanding our capacity to predict extreme events and strengthen operational and energy resilience. We are taking good care of the water resources. We have just started works to protect the source of the Sao Francisco River, which represents a BRL 51 million investment in the Canastra Mountain chain, reinforcing water conservation and environmental safety in one of the most iconic areas of our country. I would be remiss if I failed to mention that we sold our last thermal power plant back in October. The company is now 100% generating clean and renewable energy. We stand out, and we are leading the energy transition to accelerate the Net Zero 2030 goal. That concludes my part of the presentation. Thank you.

We'll now have the Q&A session for investors and analysts. Mr. Andre Sampaio from Santander asks the first question.

I have 2 questions. The first one is related to the price resilience for 2026. Can you elaborate on the reasons behind that comfort that you feel? What could be the roadblocks for prices next year? The second question is more from a strategic point of view. You've been reducing risks, thermal power plants. I believe you have addressed most of those problems you had in the turnaround process since the privatization. Can you elaborate on what the next steps should be? There's the trading portion we're all familiar with. Is there anything else? Are you considering going back to the new market as a second step in that derisking process?

Thank you, Andre. As to the resilience, I'll turn it over to Rodrigo Limp.

Well, thank you for your question. Despite greater volatility in shorter months, we've been monitoring that throughout the year. However, for 2026, prices are usually around 240, a little over that. As to rainfall, we have a wet season that has started already, but somewhat delayed. And now in November, we've received some rain in important basins. Based on the price model we have today closer to the operators that are risk-averse, changing our matrix to a more flexible matrix, especially during peak times, will bring average prices more resilience. Maybe 1 or 2 weeks on the short-term prices may come down. Those variations tend not to be as relevant for 2026.

Thank you, Limp. Well, as to your second question, Andre, that process started from the capitalization. Day one after that capitalization, we had to deal with legacy contracts from the period when it was a government-owned company. We had to wait for them to expire and then bring in new contracts. The best example, you mentioned it was the compulsory loans. The legal partner did fantastic work. We adopted a more active approach. We discussed that with the Board, and we're looking for solutions. We did not want to postpone anything or resort to the legal system. We wanted to address the problem. We were very fortunate. This number is under BRL 12 billion, and we are heading in the same direction. This is something that we can manage. It's well known, and we are in a downward trend. Well, what we can expect down the road is that the company will be completely focused on growing its business. We'll be paying close attention to the next auctions, just like we did in the transmission auction. You can expect active participation of AXIA Energia in the coming auctions. I hope I have answered your question. As to governance, of course, that will be discussed with the Board of Directors.

Mr. Bruno Amorim from Goldman Sachs asks the next question.

Congratulations on the results. I have 2 questions regarding capital allocation. My first question is whether the company’s focus will be on looking for dividends to compensate shareholders through reinforcements and improvements, or is there anything else that the company is considering for capital allocation for the near future? The second question is actually a request. I would like to know what the methodology that was adopted for the dividend payout is. The way I understand it, your methodology tries to use net debt and EBITDA. As you gain confidence, you're getting close to that goal, you pay out dividends. My question is, to what extent does leverage factor into the reduction of net debt? Why am I asking this question? One of the reasons you gave us to pay out this dividend was the sale of some assets. So I want to understand the rationale behind it. When you announce the dividend, are you considering the assets that are available for sale will be sold? Or as they are sold, can you trigger more dividends to pay out?

Thank you for your question. We do not consider assets that have not yet been traded. That is not part of our methodology. Regarding capital allocation, we recognize that the company has felt it was falling behind. We now have a better understanding of the inherent risks and are taking proactive steps to manage them with operational solutions. Ultimately, once we have a clearer picture of future cash flow, we can allocate capital more effectively. I would like to turn it over to Elio to share his insights on the M&A operations and our participation in auctions. After that, Haiama can elaborate on the methodology.

Thank you for your question. Yes, in the recent past in terms of investment allocation, we have been focusing on transmission, that's true. Our #1 focus is reinforcements and improvements. The second point is transmission auctions. They've been very profitable, and we've been involved more and more often. The next auction will be in March next year. But the agenda will include other topics. We have the capacity auction again in March 2026, and we consider being there with some hydroelectric power plants. In the second half of the year, there will be the auction for batteries. So our focus is to provide options for investments. As we see opportunities to allocate capital for this option, whether through an auction or elsewhere, we've been increasing that direction. We want to simplify, but the agenda remains robust in '25, '26. There are some assets that can be used elsewhere, and we'll be pursuing those goals to generate even more value.

Well, Bruno, let me explain how we make those simulations to understand how much capital we do have to allocate over time. M&A operations, for example, that haven't been finalized or are only on paper, we're still considering. These things are not included. We have to be conservative, be it when we spend or when we believe you're going to have that receivable. It works in both ends. Just like the energy price. Looking ahead on a midterm horizon, you include contracts that are actually signed. But everything that hasn't been signed, we adopt conservative prices because that's how the methodology was put together so that the company can be robust to face the volatility we see in the marketplace. So this is set in stone to us. We include several factors, just like we mentioned in the presentation, ever since the signing of the sale of Eletronuclear, Brazilian prices for 2026, as well as the acquisition of our stake in Tijoa; we can have better control of the cash flow of a company in which we have a stake. Everything is put together so that we can feel comfortable to run a company like ours in that kind of environment.

Maria Carolina Carneiro from Banco Safra asks the next question.

Let me go back to the question about capital allocation. You mentioned your participation in the auction on Friday. Can you give us more color as to the strategy of the auctions? It's not that common in Brazil. When we compare to other assets you've been developing, is there any synergy? Is there a possibility of anticipating some of these lots? We would like to better understand how attractive this lot is. What's your take on this opportunity? You've just mentioned that you may be part of the capacity reserve auction. Can you elaborate on that ordinance that will regulate this? Can you help us understand what assets can be regarded as competitive?

Thank you, Carol. One of the great advantages of the predictability of our cash flow in the future is, of course, being able to participate in those auctions to capture all the synergies of existing assets and the assets that will be built. We were awarded that and have a better relationship with our top customers or suppliers. This allows us to provide greater predictability as to what we will need and when suppliers can schedule their production accordingly. Let's now address the strategy of the previous auction and the position of the company for future auctions and our opinion about the ordinance or the RFP. Thank you for your question, Carol. The approach for transmission auctions is similar. We assess all opportunities, and we are very careful to ensure we're generating value for the group. This is key, and it was not all that different this time around, in this auction. Not only in those lots that we were not awarded, we remained competitive. We were awarded 6, 6A, 7A, and 7B. They are somewhat different, as you said. They have more equipment, less construction will be needed, and they are very competitive as a product. Let me try to give you more color. We look at the auction with a very positive outlook. The positive result brings us more than a 2-digit return. We like to strive for mid to low teens, around 15% in a nutshell. In March 2026, we have similar products. We'll be learning from the previous auctions to come up with the best possible strategy. For the capacity auction, on the other hand, we do not provide any details about the ones we are going to be participating in. We have a very comprehensive portfolio, almost 6 gigawatts of capacity. It's not what will qualify for the auction, but 6 gigawatts can be implemented. That's our goal. Part of it will be implemented in March. This is how far I can mention. As for products, the '31 product is a very good alternative and additional option to sell excess capacity from our hydroelectric power plant. Yes, to piggyback on Eduardo's comments, that public consultation would include just one product. Now we have the 2031 product, which presents yet another opportunity to kick start our projects. The granting power has realized that HPPs have become very important to provide flexibility to the overall system.

Mr. Antonio Junqueira from BTG is up next.

Questions about regulation and about the company. We've had the ordinance for the capacity auction and a new provisional measure. Considering the draft as is, what are the possible impacts you foresee in the next 3 to 5 years, marginal expansion costs? Are the right incentives in place? If you were to come up with public policies, what changes would you make, especially in the 1034 ordinance?

Well, thank you for your question. I'll hand it over to Elio.

That answer could take a long time, but I will try to be brief. In summary, we view the provisional measure positively as it addresses existing needs and is heading in the right direction. The industry faces significant distortions that affect growth, leading to several challenges such as reductions in energy. The draft bill approved by Congress seeks to tackle some of these issues positively by aiming to reduce subsidies and limit high production models. High production has different implications, as consumers are looking to adopt self-production models for greater predictability. Currently, this model is often used to avoid taxes. There are positive limitations, and the industry needs to organize its expansion, particularly regarding pricing policies. This provision offers important guidelines that require regulation but are heading toward a price policy aligned with the actual system needs, including flexibility and availability. Conceptually, these are positive but will need some adjustments. We have been discussing for a while the need for a complete market opening, which I believe addresses key topics, especially the sustainability of distributors and ensuring consumer needs are met without migration. The goal is to enhance flexibility and competitiveness for various consumer categories. Some elements in the provisional measure may be more controversial. For instance, a proposed charge for distributed generation was removed from the draft bill during a Congressional session. Distributed generation does not have an associated price unlike decentralized projects. After discounts are approved, we can signal the go-ahead for certain projects. We think there needs to be a model that provides more rational expansion. A major topic in the industry is the reimbursement for curtailment, which affects many wind and solar generators today. A partial solution has been attempted, with the government having the authority to increase parts of the provisional measure while maintaining some consistency between the two texts, despite contradictions. This is a critical issue, and we expect the executive branch to find a balanced solution that determines risks for generators and consumers appropriately. Congress aimed to avoid passing costs onto consumers that could be better managed by generators. In terms of distributed generation, will a breakthrough only occur during a serious issue? And can we achieve this without regulation? The provisional measure opted not to apply charges for distributed generation projects. Investments have to be considered alongside the CDE discussions that may impose limits on distributed generation, aiming for a balanced expansion, which is the objective.

Mr. Gustavo Faria from Bank of America asks the next question.

I have 2 questions. One is more operational, and the other one is more straightforward. My operational question is about the modulation gain from hydroelectric power plants. What is the trading market for that modulation hedging for other sources? Some traders say they have little liquidity for future markets as to the modulation. And the benefit is only for past prices. My question is about what's your take on the liquidity? Do you believe there will be a spread for hydro? Can you give us some color as to what the price would be for future contracts, not only on the spot market? My second question is about the recurrence of dividends payments. You've announced in Q2 and Q3. My question is about the frequency of the coming quarters. Can we expect quarterly dividends payout? I think it would be better for the market if we could have that understanding.

I'll hand it over to Italo. He will talk about the modulation.

Thank you, Ivan. Limp, I think, can field the questions as to the current status of the modulating system. Then I can address the trading issue and the product we have in the market today.

Well, modulation, just a while ago, maybe a year or 2 ago, it was not something noticeable. We've included a slide today to explain that so we can actually quantify each of these sources. Hydroelectric, for example, is the source that can supply those times when prices are higher, providing that modulation benefit. In the last quarter, it stood around BRL 14 to BRL 15. We expect it will grow, but not substantially. It will grow as the price reflects the need of the system until expansion prevents the need for those clearer cuts in pricing. Again, it's a benefit that is captured by sources, those that are regulated and those that are not end up being exposed. As for the liquidity of the modulation product and trading, I'll get back.

Well, thank you, Limp, for that explanation. This is an energy-only market, as they call it. It only impacts energy, and within that energy, we have a modular characteristic in our system in the case of hydroelectric power plants. Currently, we don't see any discussion of an actual modulation product in the market, especially if you were to modulate wind or solar. Again, it's not a product with liquidity, a product that you can place on a shelf and actually sell. In the future, there may be such an option or the possibility of having such a product, but some rules, some issues will have to be addressed in regulation so that we can actually have modulation as a product in a market like that of Brazil. Haiama will talk about the frequency of dividends payments.

Thank you, Gustavo. Well, recurrence, every quarter, we'll be updating the methodology. That's the recurrence we can guarantee. Based on the events, these events can be selling Eletronuclear, selling EMEA, acquiring Tijoa, the transmission auctions, and so forth, and the price outlook for 2026. If substantial sales occur, we'll be signing midterm or long-term contracts that will be included in that calculation. That's the only thing I can say to you now. Paying dividends every quarter will depend on the model itself. The discipline is what we're going to keep abiding by to maintain a company with the financial health that will allow us to execute only what we believe will generate value at the right time. So we have to make that very clear before we make any decision.

Isabella Pacheco from Bank of America.

There are 2 questions. What's the leverage ratio you can reach by the end of 2026? The second, what's the minimum cash position that is comfortable to you? Are there any policies associated with that?

Let me clarify your question. You're viewing 2026 as a barrier to announcing new dividends or capital allocation. Our approach does not focus on the short term; we take a 5-year perspective and feel confident doing so because our company generates significant cash flow. If we don't allocate funds, our leverage would diminish drastically. However, when we assess 2026, our leverage will not differ much from that of 2025. Why is that? In addition to the investments we're making this year, some will phase out, similar to T&E. For next year, we will invest in the auction we were awarded in 2024. The investment peak in 2026 will wrap up that cycle in 2027. The overall investment is not expected to change significantly. If the current levels remain unchanged until July, we anticipate similar dynamics from 2027 onward. As capital allocation decreases, we will start to significantly reduce our leverage. This is why we do not prioritize the short term. Regarding liquidity, we have taken steps to mitigate risks. The liquidity we required earlier this year and last year is not as critical now due to recent developments. We cannot reduce cash to zero, as we are a large corporation, even with the fixed income market expanding rapidly. We do not have a fixed minimum cash level in mind, but we are around BRL 20 billion. I would never go below BRL 10 billion; we might need BRL 20 billion or even BRL 30 billion based on our progress so far.

Raul Cavendish from XP asks the following question.

I have 3 questions. #1 is about the Tijoa acquisition you considering, being part of the capacity reserve. This could be one of the value levers that you might resort to. But I would like to know if there are others, a deleverage asset; there may be some value generation, maybe some recap, but there are other levers in Tijoa. That's my first question. The second question is about dividends. Given the BRL 1.087 billion and the BRL 4.3 billion announcement for this quarter, is it the level you expect till year's end? If you approve, if there is approval of the BRL 1.087 billion, is there any possibility of an additional dividend payout before the year's end? My third question is about storage. You talked about it already. But I believe that provisional measure provides a more comprehensive discussion, and it's under the radar of ANEEL as to how that technology is to be implemented through regulatory routes. My question is, what's the company's take? There are many different types of applications in the system, right? I would like to understand what's the company's strategic position. Is it through auctions only? Are there any alternatives, focusing more on transmission? I would like to better understand what the company is thinking about. It's an opportunity and a risk structurally speaking, if we expand on the limitation of the modulation gains.

Thank you, Raul. The first and the third questions will be addressed by Elio, and dividends will be addressed by Haiama.

Thank you for your question. I believe you've explained it very well. The acquisition has proven to be a wise and beneficial decision; 50% of the plant operates on a quota basis. Looking back in 2024, they have BRL 136 million and are debt-free, making it a positive acquisition for AXIA. Additionally, we were able to conclude the arbitration, which eliminated that issue. The main factor driving this is the opportunity to expand, as we have three more machines, and construction is complete. This is a favorable decision. Regarding the auction in March, we will not be able to participate due to regulations, as it is a fully quota-based plant. We believe the expansion is sensible for both the country and the company, and we plan to implement this in the future. Regarding the battery question, we have a strong battery pipeline and are exploring various options. However, the current structure in Brazil doesn't allow us to capture the value of intraday operations. We believe this potential is intriguing and promising. Batteries are crucial for the system and will be integrated; we observe this trend in more mature markets. However, Brazil is still in the early stages, and the immediate opportunity lies in the upcoming battery auction, even though the relevant regulations have not been released yet. We are also eager to find ways to enhance value through intraday operations, which have yet to be established. This development would greatly benefit the market by providing an effective solution for batteries.

Thank you, Elio. Well, the last payment did not take into account the taxation. But I would like to turn it over to Haiama.

Thank you, Raul. As to dividends, of course, we have been monitoring whether there will be taxation on dividends or not. What I can say to you is that any decision the company makes will take into account a look at our methodology. If there's room, if it makes sense economically for our shareholders, it makes sense to pay additional dividends before the use, but the methodology for capital allocation will determine whether there is that payment or not.

Rafael Dias from Banco do Brasil asks the next question.

What's the expected EBITDA margin and maintenance CapEx for the lots that you have just been awarded in the latest auction? Is it the same for traditional assets, transmissions, and substations? Do you expect any efficiency in the annual CapEx for these assets?

I will turn it over to Elio.

That was a very objective question. As far as margins are concerned, they are higher ROI. It's clear that the competitiveness we brought to this product, just like we've said in the past, reflect a trustworthy relationship and the commitment of our suppliers, which provide us with that capacity to invest. We implemented CapEx optimization when compared to the original CapEx from ANEEL. The numbers I've seen regarding the appreciation of what that discount would be are conservative compared to what we got. We see that possibility to optimize. We'll keep looking for partnerships with suppliers to ensure more competitiveness in the auctions.

I have 2 questions. The first one is about Eletronuclear. It needs urgent investments. Are you going to make any investments there? The second question about price dynamics. We still see prices below average. Can you talk about that price dynamic? How can the company address that issue?

Thank you, Debora. We are still partners of Eletronuclear, and we keep tracking that management, and we are aware of the company needs. I cannot tell you right now whether we are going to make additional investments there. As to price dynamics, you have to be careful when you compare ourselves to our competitors. We are 100% hydroelectric, and part of it is contracted out. Our competitors have midterm, long-term contracts, contracts that have been signed way before, and they may have included some higher prices in there. However, when you look at the hydroelectric product, I believe our prices are higher. There are many products out there with wind and solar, from when everyone was still developing those sources. But at the end of the day, they'll have to purchase energy, and we do not have to incur those purchases. So our trading margin generation will probably be higher and on a growing trend because the price dynamics we see is trending upwards.

Gustavo Pimenta from BTG Pactual.

The TPI stake in Tijoa is linked to other creditors. What are the conclusions and what are the necessary requirements for finalizing the transaction?

Elio will field that question.

Of course, Gustavo, any divestment will depend on approval. It's only natural. That's the way it is. It's a condition to finalize that sale. It has to go through the regulatory agencies to ANEEL. We are pending those approvals, and we don't expect any roadblocks. As for timing, everything is going according to plan. Maybe in 2 to 3 months, we'll be able to finalize that deal. It's a natural time frame.

This concludes the Q&A session. I'd like to turn the conference over to Mr. Ivan Monteiro for his closing remarks.

Thank you all for attending. If you have additional questions, our IR team is available to answer any questions. Thank you. Have a great day.

This concludes AXIA Energia's earnings call. Thank you. Have a great day.