Companhia Energética de Minas Gerais (NYSE:CIG) Q1 2023 Results Conference Call May 5, 2023 2:00 PM ET

Company Participants

Carolina Senna - Superintendent-Investor Relations

Leonardo George de Magalhaes - Chief Financial Officer

Conference Call Participants

Julia Bruton - Santander

Operator

Good afternoon and welcome to Cemig’s First Quarter 2023 Earnings Video Conference Call. We informed that this call is being recorded, and will be available at the company's IR website, where you also find the Company's presentation. Should you need simultaneous interpreting, the feature is available by clicking on the globe icon, where you find interpretation on the bottom of your screen. By choosing interpretation, you can then choose the language of your choice, Portuguese or English. Should you choose to follow the call in English, you can also select mute original audio.

Now I would like to turn the floor over to Carolina Senna, Investor Relations Superintendent. Please Ms. Senna. You may proceed.

Carolina Senna

Good afternoon, everyone. I'm Carolina Senna, Cig’s Investor Relations Superintendent. We now start Cig’s first quarter 2023 earnings call and webcast with the following executives. Dimas Costa, Chief Commercial Officer; and [indiscernible] Chief Legal and Regulatory Officer; Leonardo George de Magalhaes, CFO and IR Officer; Marco Da Camino Ancona Lopez Soligo, Chief Participation Officer; Marney Tadeu Antunes, Chief Distribution Officer; Thadeu Carneiro da Silva, Chief Generation and Transmission Officer.

For the initial remarks, we would like to turn the floor over to our CFO and IR Officer, Leonardo George de Magalhaes.

Leonardo George de Magalhaes

Good afternoon everyone. Thank you very much for being here with us in this conference call for the results of the first quarter of 2023. These are great results. Very positive. Once again, another quarter with semi -- sound results. And in this initial slide, we have some highlights for the first quarter. the EBITDA was very good, R$2.1 billion. This is a recurring EBITDA for the company 8% in the year-on-year comparison from last year, which was already a good quarter last year. And we were able to repeat in this first quarter this very good result.

A balanced portfolio, we understand that in this quarter the company needs several businesses, whether distribution, generation, and trading, especially these three areas with greater potential to generate cash and results, and the results were indeed positive over R$1.3 billion and at profit 5.7% up when we compare to last year, also a good quarter for last year. Therefore, this allows us to be very optimistic for the results in 2023.