Financial Data and Key Metrics Changes - The company reported a recurring EBITDA of BRL 1.5 billion, reflecting a decrease of approximately 16.3% compared to the previous year [10] - The recurring net profit saw a significant drop of around 30.2%, influenced by increased depreciation, higher interest rates, and leverage [12] - The company confirmed its triple-A rating by Moody's, indicating strong resilience in various market scenarios [5] Business Line Data and Key Metrics Changes - Distribution results were negatively impacted by large clients migrating to the basic network, leading to a decrease in revenue [5] - The company invested BRL 4.7 billion in the first nine months of 2025, with BRL 3.6 billion allocated specifically for distribution [6][8] - In generation, the company faced challenges due to lower GSF, resulting in a BRL 54 million impact from energy purchases [11] Market Data and Key Metrics Changes - The energy market experienced a drop of 4.4%, affecting all segments including rural, commercial, and industrial [18] - The company reported strong collection rates, particularly through digital channels, with a focus on instant payment methods like PIX [19] Company Strategy and Development Direction - The company is maintaining its investment plan, focusing on regulated areas to ensure future revenue growth [7][8] - There is a strategic emphasis on closing positions in the trading business rather than opening new ones, reflecting a cautious approach to market exposure [26][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in the quarter but emphasized the company's resilience and ongoing investment strategy [4][5] - The management expressed confidence in the positive outcomes of their investment program and the expected tariff reviews [7][8] Other Important Information - The company received recognition as the best energy company in Brazil by Vision Negócios and other awards for financial performance and sustainability [21] Q&A Session Summary Question: Inquiry about technical note 53 and its impact on loss reporting - The management clarified that the new method for calculating losses will not retroactively affect past calculations and that they remain within regulatory limits [24][25] Question: Question regarding trading strategy and energy balance changes - The Chief Trading Officer explained that the company is focused on closing positions rather than opening new ones, influenced by market conditions [26][27]