Companhia Energética de Minas Gerais - CEMIG (NYSE:CIG) Q3 2023 Earnings Conference Call November 10, 2023 1:00 PM ET

Company Participants

Carolina Senna - Superintendent, IR

Reynaldo Passanezi Filho - CEO

Leonardo George de Magalhaes - CFO

Marco da Camino Ancona Lopez Soligo - Chief Participation Officer

Dimas Costa - Chief Commercial Officer

Conference Call Participants

Operator

Good afternoon, everyone, and welcome to Cemig's Third Quarter 2023 Earnings Video Conference Call. We inform that this call is being recorded, and will be available at the company's IR website, where you will also find the company's presentation. Should you need simultaneous interpreting, the feature is available by clicking on the globe icon located on the bottom of the screen, choosing interpretation, and then choose the language of your choice, Portuguese or English. For those that are following 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, Cemig's Investor Relations Superintendent. We now start Cemig's third quarter 2023 earnings call and webcast with the following executives. Reynaldo Passanezi Filho, CEO; Dimas Costa, Chief Commercial Officer; Leonardo George de Magalhaes, CFO and IR Officer; Marco da Camino Ancona Lopez Soligo, Chief Participation Officer; Marney Tadeu Antunes, Chief Distribution Officer; and Thadeu Carneiro da Silva, Chief Generation and Transmission Officer.

For the initial remarks, I now turn the floor over to our CEO, Reynaldo Passanezi Filho. Mr. Passanezi Filho, the floor is yours.

Reynaldo Passanezi Filho

Good afternoon. Good afternoon, everyone. It is a pleasure to be here with you on this new quarter, bringing consistent results, thanks to our strategy and to our discipline in terms of capital allocation and efficiency. These are the highlights for the third quarter, an EBITDA of BRL2 billion, net profit of BRL1.2 billion, annualizing it.

And I think this is the reality of the company. We are talking about an EBITDA of around BRL8 billion a year and a net profit close to BRL5 billion. These are very significant numbers that show how successful our strategy is. You see here the figure, the 28% growth in the adjusted EBITDA quarter-on-quarter, and 20% for the net profit. And how are we able to do that? And it's always important to mention our strategy here and our strategy in terms of management.