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    Guilherme Lima • Santander

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

    Guilherme Lima's questions to Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP (SBS) leadership • Q2 2025

    Question

    Guilherme Lima of Banco Santander sought clarification on the General and Administrative expense line, asking if the BRL 200 million reversal of legal provisions was the primary driver for its negative value and what a recurring level might be. He also asked if the revenue gains from removing large consumer tariff discounts would accelerate in the second half of 2025.

    Answer

    CFO Daniel Szlak confirmed the G&A line was impacted by the BRL 200 million reversal of legal accruals, and also by a BRL 100 million year-over-year decrease in municipal fund expenses. Regarding tariff discounts for large consumers, Szlak stated that while the benefit from the first cohort of removals is at a steady run-rate, a second round of removals has been initiated. He expects the financial benefits from this second round to ramp up throughout H2 2025 as contractual cure periods expire.

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

    Question

    Guilherme Lima asked for an explanation of the significant year-over-year decrease in general expenses, seeking details on the drivers beyond the BRL 100 million reduction from the municipal fund.

    Answer

    Daniel Szlak, an executive at SABESP, clarified that the BRL 100 million came from an anticipated municipal fund payment. He explained that the bulk of the remaining reduction was due to a large, non-recurring legal settlement that occurred in Q1 2024.

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    Guilherme Lima's questions to Companhia Paranaense de Energia (ELP) leadership

    Guilherme Lima's questions to Companhia Paranaense de Energia (ELP) leadership • Q4 2024

    Question

    Guilherme Lima asked for the specific timing for the conclusion of the optimal capital structure study and the release of the new dividend policy. He also questioned Copel's perceived competitive advantages for the upcoming capacity auction, particularly in light of the recently published bidding ordinance.

    Answer

    CEO Daniel Slaviero responded that the company plans to present its view on the optimal capital structure and a simplified dividend policy in May, concurrently with its Q1 earnings release. Regarding the capacity auction, he acknowledged it will be large and predominantly feature thermal power, but expressed confidence that the hydro product will be the most affordable source. Slaviero highlighted that Copel is well-positioned to compete with its Foz do Areia (840 MW) and Segredo (1.2 GW) hydropower plants.

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