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Francisco Navarrete

Research Analyst at Bradesco BBI

Francisco Navarrete is Head of Research at Bradesco BBI, specializing in sell-side equity analysis with a particular focus on Latin American electric and utilities companies such as Neoenergia and Light S.A. He has been recognized through Institutional Investor’s All-Brazil Research Team rankings and is noted for delivering high-quality coverage of utilities, contributing to his firm's top-tier regional reputation. Navarrete began his career at Barclays, covering Latin American Power and Utilities, before joining Bradesco and rising to leadership in research. He holds significant industry expertise and advanced financial credentials, but specific regulatory licenses are not publicly listed.

Francisco Navarrete's questions to COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP (SBS) leadership

Francisco Navarrete's questions to COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP (SBS) leadership • Q1 2025

Question

Francisco Navarrete asked if the BRL 100 million negative tariff mix impact would annualize and be recoverable in the tariff review, and also questioned if the remaining BRL 50-60 million revenue gap from discounts would become permanent in 2026.

Answer

Executive Daniel Szlak clarified that about 60% of the mix impact is from the new Cadastro Unico criteria and will be compensated in the next tariff review. CEO Carlos Piani added that the company will cease financing the discretionary portion of tariff benefits in June. Regarding commercial discounts, management aims to resolve the issue by year-end, but timing depends on contract runoffs and potential legal challenges.

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Francisco Navarrete's questions to ENERGY CO OF PARANA (ELP) leadership

Francisco Navarrete's questions to ENERGY CO OF PARANA (ELP) leadership • Q4 2024

Question

Via a written question, Francisco Navarrete requested more details on the underperformance of Copel's wind assets during the quarter and asked about the company's plans to recover this performance.

Answer

CEO Daniel Slaviero and an executive (likely Fernando Mano, Head of Generation & Transmission) explained that the weak performance was due to a combination of factors. These included continued high curtailment levels (13% in Q4), lower-than-expected wind resources, and temporary, one-off corrective maintenance issues at the Brisa and Cutia wind complexes. They emphasized that these maintenance issues are being actively addressed with suppliers and are not expected to have a recurring material impact.

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