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    Eduardo Lazare

    Research Analyst at GTI Administração de Recursos

    Eduardo Lazare is an equity analyst at GTI Administração de Recursos, specializing in the analysis and coverage of Brazilian equities, with a focus on small- and mid-cap companies in sectors such as consumer goods, financials, and infrastructure. While at GTI, he has been recognized for his detailed fundamental research on companies like Magazine Luiza, Banco Inter, and Sanepar, contributing to the firm’s strong performance in local asset management rankings. Eduardo began his career in the early 2010s, holding analytical roles at other prominent Brazilian investment firms prior to joining GTI in 2017. He holds a degree in Economics from a leading Brazilian university and has completed relevant certifications from the CVM, Brazil’s securities regulator.

    Eduardo Lazare's questions to ENERGY CO OF MINAS GERAIS (CIG) leadership

    Eduardo Lazare's questions to ENERGY CO OF MINAS GERAIS (CIG) leadership • Q1 2024

    Question

    Eduardo Lazare of GTI asked about the expected expense savings from employee migrations related to post-employment benefits and sought an update on Cemig's leverage targets, particularly its comfort level for net debt to support potential M&A.

    Answer

    CFO and IR Officer Leonardo Magalhães reiterated the focus on managing post-employment costs but did not quantify specific savings. Regarding leverage, he stated the company's target is around 2.5x Net Debt/EBITDA by 2027, a level considered comfortable for maintaining credit quality while allowing room for strategic M&A. He emphasized this strategy supports both robust investments and the company's attractive dividend policy.

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    Eduardo Lazare's questions to ENERGY CO OF MINAS GERAIS (CIG) leadership • Q1 2024

    Question

    An analyst from GTI, identified as Eduardo Lazare, asked about the company's target leverage, its comfort level for potential M&A, and any expected savings from migrations related to post-employment benefits.

    Answer

    CFO Leonardo Magalhães explained that the company's debt policy targets a leverage of approximately 2.5x Net Debt/EBITDA by 2027. He noted this level is considered comfortable, maintaining credit quality while allowing for M&A opportunities. He stated that current low leverage will rise due to the robust investment plan, which in turn will double the asset remuneration base and support the company's position as a leading dividend payer.

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