Financial Data and Key Metrics Changes - EBITDA for Q2 2025 was BRL 1.3 billion, representing a growth of 4.2% compared to the same quarter last year [4] - Recurring net income was above BRL 450 million, reflecting a decrease of 9.5% compared to the previous year [18] - CapEx for the quarter was approximately BRL 975 million, aligning with the projection of over BRL 3 billion for 2025 [4] - Leverage ratio closed at 3.1 times, but would be 2.9 times when excluding the effects of the Baixo Iguacu acquisition [5][19] Business Line Data and Key Metrics Changes - Copel G and T reported recurring EBITDA of BRL 761.4 million, up 12.6% year-over-year, driven by better short-term market results [12] - Distribution segment posted recurring EBITDA of BRL 569.3 million, a slight increase of 0.6% compared to the previous year, primarily due to tariff adjustments [14] - Copel Trading saw a 21% increase in sales compared to the previous year, although margins were impacted by market factors [15] Market Data and Key Metrics Changes - The average tariff adjustment in June 2024 was 2.7%, but the impact was neutralized by a 2.6% drop in the build grid market [14] - The company experienced a 40.2% increase in expenses related to preparing units for a new growth cycle [16] Company Strategy and Development Direction - The company is migrating to Novo Mercado to unify share classes and increase liquidity, which is expected to attract new investors [7][9] - The divestment of small hydro assets and the asset swap with Eletrobras are part of the strategy to optimize the portfolio [5][6] - Future focus includes digital transformation, restructuring, and enhancing operational efficiency [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining the timeline for the migration to Novo Mercado despite a recent delay [24] - The company is committed to delivering on its promises, including cost reductions and operational efficiency improvements [31][35] - The political and institutional environment in Brazil is seen as uncertain, impacting various operational aspects [55] Other Important Information - The company received recognition for excellence in ESG practices and ranked first in Annelle's Ombudsman award for three consecutive years [6] - Total net debt was reported at BRL 16.6 billion, with a diversified composition of financial instruments [20] Q&A Session Summary Question: Can you provide more details about the trading strategy for the quarter? - Management indicated that they focused on selling longer-term contracts and saw opportunities for better pricing in the market [26] Question: Is it feasible to conclude the migration to Novo Mercado by the end of the year? - Management believes it is still feasible to maintain the timeline for the migration, pending a favorable decision from CVM [24] Question: What is the strategic view looking forward, particularly regarding M&A? - Management stated there are no immediate plans for M&A, focusing instead on internal growth and efficiency improvements [36] Question: Can you elaborate on the measures being taken for cost efficiency? - Management highlighted ongoing efforts in procurement, digital transformation, and operational efficiency as key areas for cost management [43] Question: How is the company addressing tariff pressures and public opinion? - Management acknowledged the concern over tariffs and emphasized the importance of maintaining service quality while managing costs [45]