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João Pedro Herrero

Research Analyst at Santander

João Pedro Herrero is an Equity Research Analyst at Santander, specializing in coverage of major listed companies such as Energisa S/A in the Brazilian utilities and energy sector. His role involves in-depth equity analysis and investment recommendations, contributing to the firm's research presence on high-profile company coverage lists. Herrero began his career after graduating from FEA-USP and previously gained finance and analysis experience at institutions such as Deutsche Leasing before joining Santander. He possesses academic credentials from one of Brazil's leading business schools and is actively engaged in financial research, with recognized professional expertise in equity analysis.

João Pedro Herrero's questions to ENERGY CO OF PARANA (ELP) leadership

Question · Q3 2025

João Pedro Herrero with Santander asked about the most relevant points omitted from the MP 1304 text that require urgent discussion and resolution. He also inquired about the company's stance on the possibility of extraordinary dividends, considering the potential future taxation of dividends.

Answer

CFO Felipe Gutterrez stated that Copel is studying various scenarios regarding potential dividend taxation in 2026 and its impact on the shareholder base, with a defined framework expected soon. CEO Daniel Slaviero added that this is a top priority post-Novo Mercado migration, requiring diligence to find an optimal point given the company's profit reserve and focus on attracting new investors. Regarding MP 1304, Slaviero emphasized that the most pressing omitted issue is the apportionment of distributed generation (DG) curtailment, which is causing systemic problems and needs to be addressed to remove perverse subsidies. He also mentioned the need for separation of ballast and energy, as discussed in EL414, for modernizing the electric sector.

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Question · Q3 2025

João Pedro Herrero asked about the most relevant points left out of MP 1304 that require quick resolution and the company's view on the possibility of extraordinary dividends given the potential taxation of dividends.

Answer

CFO Filipe Gutierrez stated that the company is studying various scenarios and impacts of potential dividend taxation on its shareholder base, supported by external advisors, and will define a framework in the coming weeks. CEO Daniel Slaviero added that the 10% taxation for individuals and foreign investors is a new factor requiring diligence, especially considering Copel's high profit reserve and focus on attracting new investors. Regarding MP 1304, Slaviero highlighted distributed generation (DG) apportionment and curtailment as the most pressing unaddressed issue, emphasizing that the reality of system problems and subsidies necessitates a resolution. He also mentioned the unaddressed separation of ballast and energy, expected in EL414.

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