Financial Data and Key Metrics Changes - The company reported a recurring EBITDA of BRL 1.3 billion, an increase of almost 8% compared to the same period last year [6] - Recurring net income was BRL 375 million, reflecting a decrease of 36.5% year-on-year [20] - Total CapEx for Q3 2025 was BRL 981 million, with a year-to-date total of BRL 2.6 billion [6][21] - The net debt over EBITDA ratio was 3.0x, improving to 2.8x after the sale of Baixo Iguaçu HPP [22] Business Line Data and Key Metrics Changes - Copel GenCo's recurring EBITDA grew by 11% year-on-year, contributing 53% to the overall EBITDA [15] - The distribution segment (Copel DisCo) saw a recurring EBITDA increase of 7.2%, driven by a 1.7% growth in the billed energy market [17] - Copel Com's EBITDA dropped by BRL 7.3 million due to legacy contracts and a 39.1% increase in PMSO expenses [18] Market Data and Key Metrics Changes - The sales volume reached almost 5 GWh, with a 1.7% growth in the distribution market [9] - The PLD spot market increased by approximately 50% compared to Q3 2024, reaching about BRL 250/MWh [9] Company Strategy and Development Direction - The company is focused on optimizing its portfolio and simplifying operations, as evidenced by the divestment of four photovoltaic solar plants [7] - A strategic shift towards a simpler and more transparent shareholder structure is underway, with plans to unify share classes [12] - The company is preparing for a historical tariff review in 2026, emphasizing the importance of operational efficiency and capital allocation [20][50] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business despite challenging conditions, including a GSF of approximately 65% and a curtailment of almost 35% [9] - The management expressed confidence in achieving a successful tariff review, aiming to exceed market consensus [50][52] - The company is actively monitoring regulatory changes, particularly regarding MP 1304, which could impact future operations [53][70] Other Important Information - The company is committed to maintaining a healthy capital structure to support ongoing investments and operational efficiency [23] - A significant focus is placed on cost management, with a 4.1% reduction in recurring PMSO expenses year-on-year [19] Q&A Session Summary Question: Confirmation on the completion of migration to Novo Mercado and dividend payout expectations - Management expects to complete the migration by the end of December and plans to announce dividends linked to this process [26][27] Question: Insights on cost efficiency and potential for further reductions - The company aims to capture more efficiencies and anticipates cost reductions through various initiatives by 2026 [28] Question: Strategy for the Generation and Transmission segment and trading company - The company has developed a competitive trading strategy, successfully capitalizing on low energy prices [30][31] Question: Expectations for the tariff review process and its significance - Management views the upcoming tariff review as a historical milestone and is actively preparing for it [50][52] Question: Discussion on MP 1304 and its implications for the company - The management believes that while MP 1304 may affect LRCAP dynamics, it will not significantly impact the company's operations [53] Question: Potential for inorganic growth and exploration of new segments - Currently, the company is focused on organic growth and digital transformation, with no active pursuit of acquisitions [46] Question: Clarification on curtailment definitions and their potential impact - Management is closely monitoring discussions around curtailment and its implications for renewable energy sources [70]