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    Antonio Junqueira • BTG Pactual

    Antonio Junqueira's questions to Centrais Eletricas Brasileiras SA - Eletrobras (EBR) leadership

    Antonio Junqueira's questions to Centrais Eletricas Brasileiras SA - Eletrobras (EBR) leadership • Q1 2025

    Question

    Antonio Junqueira analyzed that the financial impact from submarket price differences should be lower in the second quarter compared to the first, due to a different commercial strategy, and asked for confirmation of this view.

    Answer

    Executive Rodrigo Nascimento confirmed the analyst's reasoning was correct. He explained that Eletrobrás has less portfolio exposure in the Southeast for Q2, and the price mismatch between submarkets is also expected to be lower than in Q1. He noted that both factors should benefit the company's results, though he declined to provide a specific quantitative estimate.

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    Antonio Junqueira's questions to Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) leadership

    Antonio Junqueira's questions to Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) leadership • Q1 2025

    Question

    Antonio Junqueira asked about the company's relationship with the regulator and the confidence level that historical gaps between regulatory and actual revenues will be closed, noting the regulator has been a source of past skepticism.

    Answer

    CEO Carlos Piani described the relationship with the regulator as strong, technical, and beneficial, stating that a strong regulator is an asset in an incentive-based system. He expressed confidence that most historical issues can be resolved over time and views the agency as an enabler, not a restriction, for performance.

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