Financial Data and Key Metrics Changes - In Q3 2025, Bitfarms achieved total revenue of $84 million from continuing and discontinued operations, with $69 million from continuing operations, representing a year-over-year increase of 156% [40][41] - Gross mining profit from continuing operations was $21 million, with a gross mining margin of 35% and an average direct cost of $48,200 per Bitcoin mined [41] - Adjusted EBITDA from continuing operations was $20 million, or 28% of revenue, up from $2 million, or 8% of revenue year-over-year in Q3 2024 [42] Business Line Data and Key Metrics Changes - The company confirmed the ability to convert its Bitcoin megawatts for HPC and AI, representing a strategic opportunity to increase total data center megawatts in Quebec by 25% [19] - The Washington site is set to convert to HPC and AI workloads, with a fully funded agreement for $128 million for critical IT infrastructure [20][21] Market Data and Key Metrics Changes - Lease rates for data center infrastructure have grown at an average rate of 12% since 2022, compared to an average of 3% over the last 20 years [8][10] - Analysts predict a massive shortfall of nearly 45 gigawatts of power for data centers by 2030, confirming the increasing demand for data center capacity [10][11] Company Strategy and Development Direction - Bitfarms aims to optimize lease rates and margins through prioritizing infrastructure development, locking in higher rates under multi-year agreements, and developing infrastructure for next-generation GPUs [12][13] - The company plans to transition from Bitcoin mining to HPC and AI infrastructure, with a focus on developing facilities for NVIDIA's Vera Rubin GPUs [14][30] Management's Comments on Operating Environment and Future Outlook - Management expressed high conviction in the demand for HPC and AI infrastructure, emphasizing the strategic value of their energy portfolio and the unique positioning of their megawatts [16][35] - The company is well-capitalized with over $1 billion available for funding development projects, indicating strong financial health and a clear vision for future growth [44][45] Other Important Information - The company has transitioned to U.S. GAAP for Q4 and is working towards a U.S. redomicile in 2026 to improve institutional composition [35] - Bitfarms has maintained steady mining operations, achieving approximately $8 million in monthly free cash flow after G&A, which will support HPC and AI development projects [39][40] Q&A Session Summary Question: Can you share more on how you guys are thinking about economics for the Vera Rubin GPU infrastructure? - Management indicated that the economics will improve due to the increasing shortage of infrastructure and the specific requirements of the Vera Rubin GPUs, which will command a premium [47][49] Question: What is the expected timeline for expanding power capacity at Panther Creek and Scrubgrass? - Management noted that the timeline for expansion is uncertain but could happen quickly due to existing infrastructure and regulatory approvals [59] Question: What are the biggest challenges to meeting timelines for Washington, Sharon, and Panther Creek? - Management highlighted that construction bottlenecks are hard to forecast but emphasized the importance of having strong partners and project management teams in place [75]

Financial Data and Key Metrics Changes - Overall third quarter revenue was $295.3 million, down 9.8% sequentially and 12.2% year-over-year, primarily due to the transition between major contracts in Saudi Arabia [17][18] - Adjusted EBITDA for Q3 2025 was $64 million, representing a margin of 21.7%, consistent with Q2 2025 levels despite lower revenues [18] - Adjusted EPS for Q3 2025 was $0.16, including adjustments for certain charges and credits [19] - Gross debt totaled $332.9 million, and net debt was $263.3 million, with a net debt-to-Adjusted EBITDA ratio of 0.93 [20] Business Line Data and Key Metrics Changes - Revenue decline was partially offset by solid growth in Kuwait, Qatar, and Iraq, with steady growth also noted in Oman, Egypt, Algeria, and Libya [17][18] - The company is positioned as the largest frac company in the Middle East, with the Jafurah tender representing the largest single-service contract in sector history [9][11] Market Data and Key Metrics Changes - The company is experiencing positive activity inflection beyond Jafurah, with growth in Kuwait and the return of additional rigs in Saudi Arabia [5][27] - The geopolitical relationship between the U.S. and Gulf states is strong, positively impacting energy markets and foreign investment [8] Company Strategy and Development Direction - The company is focused on a countercyclical investment strategy, allowing it to capitalize on global weaknesses and position itself for growth [11][12] - NESR aims to maintain operational readiness and efficiency while investing during downturns, contrasting with traditional industry practices [12][14] - The company plans to exit 2025 with a revenue run rate of approximately $2 billion, supported by expanding contract bases and sustained execution momentum [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a $2 billion exit run rate for 2026, with a high level of visibility on contract awards and execution [72][73] - The outlook for NESR remains favorable, supported by consistent execution on major contract wins and strategic investments [25][26] Other Important Information - The company is in the process of refinancing its debt facility, expected to enhance financial flexibility [24] - NESR is committed to maintaining disciplined debt reduction and improving working capital efficiency [25] Q&A Session Summary Question: Can you respond to comments about pricing competitiveness for the Jafurah contract? - Management highlighted their deep understanding of the local ecosystem and cost control measures that allowed them to maintain margins while being competitive [31][32] Question: What is the roadmap for development at Jafurah? - Management indicated readiness to ramp up operations with multiple crews and equipment already in place, targeting significant increases in stages delivered [34][35] Question: What is the expected incremental EBITDA from Jafurah? - Management confirmed that the incremental EBITDA for 2026 is approximately $100 million, based on the projected revenue run rate [37][38] Question: Can you provide updates on NEDA projects and water initiatives? - Management stated that several pilot projects are underway, with results expected to be shared in future calls [66][68] Question: What is the confidence level in achieving the $2 billion exit run rate for 2026? - Management expressed a 99% confidence level in achieving the target, with contracts already awarded and work commenced [72][73]

Financial Data and Key Metrics Changes - In Q4, the company generated organic net sales growth of 2.5%, aligning with expectations in international markets and showing progress in North America [7][22] - Adjusted gross margin rate decreased by 330 basis points, primarily due to higher-than-anticipated inventory adjustments and increased trade promotions [27][28] - Adjusted operating income was $40.3 million, or 7.5% of net sales, compared to $56 million, or 10.8% of net sales last year [28] Business Line Data and Key Metrics Changes - International organic net sales grew by 6.9%, driven by volume and price gains across all segments [22] - North America experienced a decline in organic net sales of approximately 1%, with Wet Shave declining by about 1% while Sun Care and Grooming showed growth [23][24] - Grooming organic net sales grew by 9%, led by over 28% growth in Cremo [26] Market Data and Key Metrics Changes - International markets represented approximately 40% of global sales and delivered strong growth for the fourth consecutive year [8] - Europe generated its third straight year of growth, and Greater China delivered double-digit growth [9] - In the U.S. razor and blades category, consumption was down 80 basis points in the quarter, although market share improved sequentially [23] Company Strategy and Development Direction - The company plans to divest its Feminine Care business to focus on core categories with competitive advantages, including Shave, Sun, and Skin Care [6][19] - A multi-year innovation roadmap is being implemented, with significant investments in brand building and marketing [11][12] - The company aims to optimize its North American Wet Shave business and manufacturing footprint to enhance productivity and efficiency [10][12] Management Comments on Operating Environment and Future Outlook - Management acknowledged significant external pressures, including tariffs and foreign exchange volatility, impacting financial performance [8][20] - The outlook for fiscal 2026 anticipates a return to organic net sales growth, driven by mid-single-digit growth in international markets and stabilization in North America [16][33] - The company expects to face challenges from inflation and tariffs but is focused on productivity gains and brand investments to support growth [16][35] Other Important Information - The company declared a $0.15 per share dividend for Q4 and returned approximately $7 million to shareholders via dividends [29] - The anticipated divestiture of the Feminine Care business is expected to impact adjusted EPS by approximately $0.40-$0.50 annually [32] Q&A Session Summary Question: Outlook and EPS in Q1 - Management indicated that the 2026 plan is balanced and achievable, with expectations for low single-digit category growth and maintaining market share [42][43] Question: Strategy and M&A Intentions - The focus is on winning in Shave, Grooming, Sun, and Skin categories, with potential for M&A as asset values decline [51][54] Question: Productivity and Gross Margin Concerns - Management expressed confidence in the second-half-oriented plan, expecting higher sales growth and productivity improvements to enhance gross margin [64][66] Question: Sun and Skin Category Outlook - The company plans conservatively for the Sun season, with clean inventory levels and new campaigns for Hawaiian Tropic and Banana Boat [82]

Financial Data and Key Metrics Changes - In Q4, the company achieved organic net sales growth of 2.5%, aligning with expectations despite external pressures [7][22] - Adjusted gross margin rate decreased by 330 basis points, primarily due to unexpected year-end inventory adjustments and increased trade promotions [27][28] - Adjusted operating income was $40.3 million, representing 7.5% of net sales, down from 10.8% in the previous year [28] Business Line Data and Key Metrics Changes - International organic net sales grew by 6.9%, driven by volume and price gains across all segments [22] - North America experienced a decline in organic net sales by 60 basis points, with wet shave sales down approximately 1% [23] - Sun and skin care organic net sales increased by approximately 11%, with robust growth across each business segment [24] Market Data and Key Metrics Changes - International markets, representing about 40% of global sales, delivered strong growth for the fourth consecutive year, with Europe achieving its third straight year of growth [8][9] - The U.S. razor and blades category saw consumption down by 80 basis points, although market share improved sequentially [23] - The Billie brand achieved a 90 basis point share growth, now holding a 15% share at Walmart and 13% at Target [24] Company Strategy and Development Direction - The company plans to divest its feminine care business to focus on core categories with competitive advantages, including shave, sun, and skincare [6][19] - A multi-year innovation roadmap is being implemented, with significant investments in brand building and marketing to restore brand equity [11][14] - The transformation plan aims to simplify the U.S. structure, enabling faster decision-making and increased investment in growth capabilities [12][15] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a challenging fiscal 2025 due to external pressures like tariffs and geopolitical tensions, but expressed confidence in the foundation for future growth [8][19] - For fiscal 2026, the company anticipates a return to organic net sales growth, driven by mid-single-digit growth in international markets and stabilization in North America [16][33] - The macro environment is expected to remain challenging, with muted category growth and cautious consumer spending [15][16] Other Important Information - The company generated productivity savings of 270 basis points in fiscal 2025, with expectations of approximately 310 basis points in fiscal 2026 [10][30] - Adjusted EBITDA for fiscal 2026 is projected to be in the range of $290 million to $310 million, approximately flat to the prior year [37] - The divestiture of the feminine care business is expected to impact adjusted EPS by approximately $0.40 to $0.50 annually [32] Q&A Session Summary Question: Outlook and EPS Expectations - The company expects a balanced and achievable plan for 2026, with low single-digit category growth assumptions and flexibility to maintain profit goals [41][43] Question: Strategy and M&A Intentions - The focus is on winning in shave, grooming, sun, and skin categories, with potential for M&A as asset values decline [51][53] Question: Productivity and Gross Margin Concerns - The company is confident in its second-half-oriented plan, expecting higher sales growth and productivity improvements to offset margin pressures [63][64] Question: Sun and Skin Category Insights - The company plans conservatively for the sun season, expecting low single-digit growth while focusing on brand campaigns and distribution gains [81][84]

Financial Data and Key Metrics Changes - The company reported revenue of $438 million for Q3 2025, representing a 14% year-over-year increase, with year-to-date revenue of $1.27 billion also up 14% [19][20] - Adjusted EBITDA for Q3 was $111 million, a 16% increase year-over-year, while year-to-date adjusted EBITDA reached $330 million, up 13% [20][21] - Net income for Q3 was $33 million, a significant improvement from a loss of $6 million in the prior year, with adjusted net income of $48 million, up 47% year-over-year [21] Business Line Data and Key Metrics Changes - North America revenue in Q3 was $331 million, an increase of 14%, driven by robust growth across all end markets [22] - International revenue was $107 million, a 12% increase, with growth balanced across mature and developing markets [25][26] - Adjusted EBITDA margin for North America was 29%, flat year-over-year, while international adjusted EBITDA margin declined modestly [23][26] Market Data and Key Metrics Changes - The U.S. commercial laundry market is estimated to be a $6 billion market, with over 20,000 retail locations [7] - The company holds approximately 40% market share in North America and is the number one pure-play commercial laundry manufacturer globally [8] Company Strategy and Development Direction - The company focuses on producing high-quality, reliable commercial laundry systems, emphasizing total cost of ownership [14] - There is a commitment to innovation, with recent product launches including a cashless payment technology and a new high-capacity tumbler [17] - The company aims to leverage its scale and market position to drive long-term sustainable performance and maintain a disciplined approach to capital allocation [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the laundry industry, noting its essential nature and ability to provide downside protection during economic downturns [6][7] - The company anticipates a moderation in growth to mid-single-digit revenue growth in Q4 2025, following two years of consecutive double-digit growth [30] Other Important Information - The company successfully reduced its net leverage ratio to approximately 3.1 times post-IPO, enhancing its financial flexibility [22][28] - A one-time non-cash charge of approximately $16 million is expected in Q4 related to stock compensation from the IPO [31] Q&A Session Summary Question: How have competitors responded to the tariffs? - Management noted that one small Asian competitor increased prices by 16.5%, but overall, there has been little notable activity from competitors [37][38] Question: What are the strategic benefits of acquiring distributors? - The company highlighted that acquiring distributors allows for closer customer relationships and opportunities for growth in dense urban markets [39] Question: How is the company managing supply chain challenges? - Management reported no significant supply chain issues, maintaining sufficient inventory and alternate sources of supply [47] Question: What is the outlook for the CIH segment given consumer activity? - Management indicated strong demand for their commercial-grade products, with no changes in delivery timelines [55] Question: What are the plans for further deleveraging? - The company aims to continue deleveraging through strong free cash flow and will provide guidance on future cash uses in early 2026 [57][84] Question: What is the margin outlook for international markets? - Management expressed confidence in maintaining margin parity between U.S. and international markets, with a focus on optimizing efficiency [68][69]

Financial Data and Key Metrics Changes - The company reported revenue of $438 million for Q3 2025, representing a 14% year-over-year increase, with year-to-date revenue of $1.27 billion also up 14% [19] - Adjusted EBITDA for Q3 was $111 million, a 16% increase year-over-year, while year-to-date adjusted EBITDA reached $330 million, up 13% [20] - Net income for Q3 was $33 million, a significant improvement from a loss of $6 million in the prior year, with adjusted net income for the quarter at $48 million, up 47% [21] Business Line Data and Key Metrics Changes - North America revenue in Q3 was $331 million, an increase of 14%, driven by robust growth across all three end markets [22] - International revenue was $107 million, a 12% increase, with growth balanced across mature and developing markets [24] - Adjusted EBITDA in North America grew to $95 million, or 13% year-over-year, while international adjusted EBITDA rose to $26 million, reflecting a 9% increase [23][25] Market Data and Key Metrics Changes - The U.S. commercial laundry market is estimated to be a $6 billion market, with over 20,000 retail locations [7] - The company holds approximately 40% market share in North America, making it the number one pure-play commercial laundry manufacturer globally [8] - Emerging markets are seen as having significant growth potential, with the company leveraging its first-mover advantage [15] Company Strategy and Development Direction - The company focuses on producing high-quality, reliable commercial laundry systems that drive repeat business and market share gains [14] - A commitment to innovation is emphasized, with recent product launches including a cashless payment technology for laundromats [17] - The company aims to maintain a disciplined approach to capital allocation, prioritizing deleveraging and investing in growth initiatives [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the laundry industry, noting its essential nature and ability to provide downside protection during economic downturns [6] - The company anticipates a moderation in growth for Q4 2025, projecting mid-single-digit revenue growth, but remains optimistic about long-term prospects [29] - Management highlighted the importance of digital solutions and service-based revenue as key areas for future growth [46] Other Important Information - The company successfully reduced its net leverage ratio to approximately 3.1x following the IPO, enhancing its financial flexibility [22][27] - A one-time non-cash charge of approximately $16 million is expected in Q4 related to stock compensation from the IPO [30] Q&A Session Summary Question: How have competitors responded to the tariffs? - Management noted that one small Asian competitor increased prices by 16.5%, but overall, there has been little notable activity in response to tariffs [36] Question: What are the strategic benefits of acquiring distributors? - The company highlighted that acquiring distributors allows for closer customer relationships and opportunities for outsized growth in dense urban markets [38] Question: How is the company managing supply chain challenges? - Management reported no significant supply chain issues, maintaining sufficient inventory and alternate sources of supply [45] Question: What is the outlook for the CIH segment given consumer spending headwinds? - Management indicated strong demand for their commercial-grade products, with no changes in delivery timelines [52] Question: What are the plans for further deleveraging? - The company aims to continue deleveraging through strong free cash flow and will provide more guidance in early 2026 [80] Question: What are the margin drivers moving into 2026? - Management emphasized the importance of product mix and ongoing cost-down initiatives as key margin drivers [84] Question: What is the M&A pipeline looking like? - The company remains capable of pursuing M&A opportunities but is currently focused on organic growth [90]

Financial Data and Key Metrics Changes - In Q3 2025, total revenue reached $1.5 billion, landing at the high end of expectations, with a gross margin of 17.2%, exceeding guidance primarily due to strong contributions from energy storage shipments [5][6][22] - Net income attributable to shareholders was $9 million, translating to a net loss of $0.07 per diluted share, impacted by preferred shareholder expenses [7][22] - Operating expenses normalized to $222 million, reflecting lower shipping costs and ongoing internal cost reductions [22] Business Line Data and Key Metrics Changes - Solar module shipments totaled 5.1 GW, in line with expectations, while energy storage shipments reached a record 2.7 GWh [5][11] - CSI Solar reported revenue of $1.4 billion with a gross margin decrease of 730 basis points to 15%, driven by margin changes in both solar and storage businesses [11][22] - Recurrent Energy generated $102 million in revenue with a gross margin of 46.1%, primarily from high-margin project sales [16][22] Market Data and Key Metrics Changes - The contracted backlog for energy storage solutions increased to $3.1 billion, supported by newly signed projects in North America and Europe [12] - The company is expanding its presence in emerging markets like Germany and Australia, while maintaining strong growth in established markets [14][15] Company Strategy and Development Direction - The company is focusing on U.S. manufacturing investments, with plans for solar cell production in Indiana and lithium battery production in Kentucky starting in 2026 [8][9] - The strategy includes balancing project ownership sales to manage cash flow and reduce debt, with an emphasis on profitable solar markets and growth in the storage business [10][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the solar industry is at an inflection point, with stabilizing market conditions following a downturn, presenting both challenges and opportunities [7] - The rise of AI-driven data centers is expected to drive unprecedented global electricity demand, with solar plus storage being the most flexible solution [9][19] Other Important Information - The company plans to increase project ownership sales in 2026 to enhance cash recycling and manage overall debt levels [25] - Total debt increased to $6.4 billion, primarily due to new borrowings tied to project development assets [24] Q&A Session Summary Question: Can you discuss the strategy of timing and leverage for project sales? - Management indicated they have enough operational projects to sell and do not need to sell early, aiming to maximize value post-COD [28][30] Question: How is the maturity of supplier relationships for U.S. manufacturing? - Management stated there are many suppliers outside China, and they are confident in meeting domestic content requirements for U.S. manufacturing [31][33] Question: Can you help bridge the gap in gross margins reported by your A-share subsidiary? - Management clarified that the gross margin for project sales was significantly higher, supporting the overall margin despite lower manufacturing margins [37][44] Question: What is the anticipated volume of asset sales in 2026? - Management noted they will be cautious and focus on cash generation, but specific numbers will be provided after board approval of the annual operation plan [58][60] Question: What is the expected installation demand for solar and energy storage in the U.S. in 2026? - Management expects stable demand for solar and strong growth for energy storage, particularly driven by data center-related storage demand [65][71]

Financial Data and Key Metrics Changes - Alvotech reported total revenues of $420 million for the first nine months of 2025, representing a strong 24% year-on-year growth [22] - Adjusted EBITDA for the first nine months was $68 million, or 16% margin, compared to 26% last year, driven by higher R&D investments [24] - The company revised its full-year revenue outlook to a range of $570 million-$600 million and adjusted EBITDA range of $130 million-$150 million following a Complete Response Letter (CRL) from the FDA [26] Business Line Data and Key Metrics Changes - Licensing revenues were at a high level of $81 million in Q3, supporting a strong gross margin of 69% [21] - The product margin was reported at 27%, reflecting softness in Q3 due to timing of orders and facility improvements [22] - Alvotech's revenue growth has averaged 127% per year from 2021 to year-end 2024, with a projected compounded average growth rate of 94% from 2021 till the end of 2025 [12] Market Data and Key Metrics Changes - In the U.S., Alvotech holds the second-largest market share in the Humira biosimilar segment, with products being the fastest-growing in this category [13] - In Europe, the biosimilar Yukindra has seen average quarter-on-quarter growth of 12% over the last four quarters and holds top positions in several major EU markets [13] - The company expects 50% of Stelara's European market to transition to biosimilars by year-end [14] Company Strategy and Development Direction - Alvotech aims to lead the biosimilar market, having invested approximately $2 billion in building a global biosimilar company with integrated R&D and manufacturing [4] - The company has expanded its R&D capabilities with a new operational base in Sweden and has a pipeline targeting over $185 billion of originated markets [6] - The strategic focus for the next 18 months includes advancing the pipeline, executing multiple global launches, and driving cost optimization for margin expansion [27] Management Comments on Operating Environment and Future Outlook - Management expressed disappointment over the CRL but remains committed to resolving outstanding issues and anticipates approval of the BLA as early as the first half of 2026 [10] - The company expects strong growth in 2026, driven by committed orders for new launches and growth momentum in currently marketed products [47] - Management emphasized the importance of maintaining in-house R&D and manufacturing to ensure quality and compliance with regulatory standards [35] Other Important Information - Alvotech has five approved biosimilars and 12 other disclosed development programs, with over 15 cell lines completed for future development [6] - The company finalized the integration of Ivers-Lee, a Swiss-based assembly and packaging service provider, to increase capacity for finished product assembly [21] - The cash balance at the end of September was $43 million, reflecting outflows related to inventory build-up and CAPEX investments [23] Q&A Session Summary Question: Can you explain the observations from the CRL and the status of improvements? - Management confirmed that there were no repeat observations from the FDA and that 93% of the commitments to address the observations have been completed [32][33] Question: How does the CRL impact conversations with customers? - Management noted that there has been no reduction in interest in their products, and they keep clients updated on quality system improvements [41] Question: What is the expected impact of the manufacturing process changes on revenue? - The revision in guidance reflects both production slowdowns and the shifting of some licensing agreements to 2026, impacting Q4 EBITDA significantly [46] Question: Can you confirm the timeline for fixing the production issues? - Management indicated clear visibility on the timeline for production adjustments and expressed confidence in meeting year-end targets [48] Question: How will regulatory changes impact earlier stage biosimilars? - Management stated that they anticipated regulatory changes and adjusted their R&D strategy accordingly, positioning themselves to leverage these changes effectively [64]

Financial Data and Key Metrics Changes - The company reported a recurring EBITDA of 1.3 billion BRL, an increase of almost 8% compared to the same period last year [6] - Recurring net income was 375 million BRL, reflecting a decrease of 36.5% year-on-year due to rising financial costs despite the EBITDA increase [18] - Capital expenditures (CapEx) for Q3 totaled 981 million BRL, with a year-to-date total of 2.6 billion BRL, indicating a strong commitment to service quality and asset modernization [6][19] Business Line Data and Key Metrics Changes - Copel Generation and Transmission (GenCo) contributed 53% to the recurring EBITDA, with GenCo's EBITDA growing 11% year-on-year due to better asset performance and strategic consolidations [14] - The distribution segment (Copel Discom) saw a recurring EBITDA increase of 7.2%, driven by a 1.7% growth in the billed energy market and efficient cost management [15] - Copel Trading (Copel Com) experienced a decline in EBITDA by 7.3% due to legacy contracts and increased expenses, although sales volume for 2026 to 2030 grew significantly by 96.2% [16] Market Data and Key Metrics Changes - The sales volume reached almost 5 gigawatt-hours, with a market growth of 1.7% in the distribution segment [8] - The spot market price (PLD) increased by nearly 50% compared to Q3 2024, reaching about 250 BRL per megawatt-hour [8] - The generation segment faced challenges with a Generation Scaling Factor (GSF) of approximately 65% and curtailment of nearly 35% [8] Company Strategy and Development Direction - The company is focused on simplifying its portfolio, as evidenced by the divestment of four photovoltaic solar plants and the Baixo Iguaçu HPP [7] - A strategic shift towards a more transparent shareholder structure is underway, with plans to unify share classes to enhance liquidity and attract new investors [11] - The company is preparing for a historical tariff review in 2026, emphasizing the importance of operational efficiency and capital allocation [18][50] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business despite challenging market conditions and expressed confidence in achieving favorable outcomes in the upcoming tariff review [50][52] - The company is committed to maintaining a healthy capital structure to support ongoing investments and value creation for shareholders [21] - Management acknowledged the impact of external factors such as rising interest rates and regulatory changes on financial performance but remains optimistic about long-term growth [18][54] Other Important Information - The company is actively preparing for the Copel Day event, where it will present its strategic vision and investment plans for the future [12][47] - The migration to the Novo Mercado is expected to be completed by the end of December 2025, which will facilitate dividend announcements [24][25] - The company is exploring opportunities in battery storage and renewable energy projects, assessing their competitiveness in future auctions [38][39] Q&A Session Summary Question: What is the expected timeline for the migration to Novo Mercado and dividend announcements? - Management confirmed that the migration is expected to be completed by the end of December 2025, with dividends anticipated to be announced thereafter [24][25] Question: How does the company plan to continue reducing costs in the future? - Management indicated ongoing efforts to capture efficiencies, with a focus on specific business units and shared services to achieve cost reductions by 2026 [26] Question: What is the strategy for the Generation and Trading segments moving forward? - Management discussed the development of an internal expertise for trading strategies and emphasized the importance of hedging and market intelligence to maximize portfolio value [28][30] Question: What are the expectations for the upcoming tariff review process? - Management highlighted the significance of the tariff review, expressing confidence in exceeding market consensus and ensuring a favorable outcome based on past performance [50][52] Question: How does the company view the impact of MP 1304 on its operations? - Management acknowledged potential impacts from compulsory contracting but remains optimistic about the long-term benefits of hydroelectric products and competitive bidding processes [54][56]

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]