Centrais Eletricas Brasileiras S.A. - Eletrobrás' (NYSE:EBR) Q2 2024 Results Conference Call August 8, 2024 12:30 PM ET

Company Participants

Ivan de Souza Monteiro - CEO
Eduardo Haiama - VP of Finance and Investor Relations
Elio de Meirelles Wolff - Vice President
Antonio de Godoy - VP of Operations and Security
Italo de Carvalho Freitas Filho - Executive of VP of Commercialization

Conference Call Participants

Gilmar Lima - Santander
Daniel Travitzky - Safra
Bruno Amorim - GS
Maria Carolina Carneiro - Safra
Filipe Andrade - Itau BBA

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Eletrobrás' Second Quarter 2024 Earnings Conference Call. From the Eletrobrás team today with us are Mr. Ivan de Souza Monteiro, CEO of Eletrobrás; Mr. Eduardo Haiama, VP of Finance and Investor Relations; Mr. Rodrigo Limp, Vice President of Regulation and Institutional Relations; Mr. Elio Wolff, Vice President of Strategy and Business Development; Mr. Italo Freitas, Vice President of Trade; Mr. Antonio Varejão de Godoy, VP of Operations and Security; Mr. Marcelo de Siqueira Freitas, VP of Legal; Mr. Robson Pinheiro de Campos, VP of Engineering and Expansion; Camilla Araujo, VP of Governance, Risks, Compliance and Sustainability.

Mr. Renato Carreira, VP of Supply and Services; Mr. José Renato Domingues, Vice President of People, Management and Culture; and Mr. Juliano Dantas, VP of Innovation, R&D, digital and IT. We'd like to inform you that this conference call is being recorded, and the replay will be made available on the company's Investor Relations website, where you can also find the slide deck in Portuguese and English.

[Operator Instructions] Before proceeding, we would like to inform you that any statements that may be made during this conference call related to the company's business prospects, projections, operating and financial targets are based on the beliefs and assumptions made by Eletrobrás' management as well as on information currently available to the company. Forward-looking statements do not guarantee performance as they involve risks and uncertainties and therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions and other operating factors may influence the results expressed in such forward-looking statements. Now I would like to turn the conference over to Mr. Ivan de Souza Monteiro, CEO of Eletrobrás to begin the presentation.

Please, Mr. Monteiro, you may proceed, please.

Ivan de Souza Monteiro

Thank you very much, and good morning, and welcome to our 2Q '24 earnings call. I would like to start with our agenda that was disclosed to the market. It is related to the restructuring of Eletrobrás, pursuing efficiency and reduction of PMSO. We disclosed a reduction of 16% year-on-year, and we have a target for this year in the amount of BRL 7 billion for the annual PMSO, -- but we are going to have about BRL 6.3 billion in our recurring PMSO. Although the strides that we have made, we still have many gains to capture in our internal processes, and we expect to reach a profitability level and an efficiency level similar to our peers, which we still have not achieved at Eletrobrás.